#1Global. Connected. Sustainable INVESTOR PRESENTATION June 2023 D DIGITAL REALTY The meeting place for companies, technologies and data#2L Digital Realty Overview Introduction L Г DIGITAL REALTY. L 2#3A Global Platform Supporting our Customers' Critical IT Architecture Requirements ~5,000 214,000+ 310+ 50+ Customers (1) Cross connects (1) Metros (1) Data Centers (1) EQUITY & ENTERPRISE VALUE TOP PUBLICLY TRADED U.S. REIT $29 Bn EQUITY MARKET CAPITALIZATION (2) $48 Bn ENTERPRISE VALUE (3) INVESTMENT GRADE RATINGS (5) Fitch Ratings BBB 8th 2016 May LARGEST PUBLICLY TRADED U.S. REIT (4) MOODY'S Baa2 ADDED TO THE S&P 500 INDEX S&P Global BBB L L Note: Balance sheet data as of March 31, 2023 unless otherwise indicated. 1) Data Center total includes buildings held as investments in unconsolidated joint ventures. 2) As of March 31, 2023. 3) Total enterprise value calculated as the market value of common equity as of March 31, 2023, plus liquidation value of preferred equity and total debt at balance sheet carrying value as of March 31, 2023. 4) U.S. REITs within the RMZ. Ranked by market cap as of March 31, 2023. Source: Bloomberg. 5) These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the Company's securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency's rating should be evaluated independently of any other agency's rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies. 3#4Our Strategic Vision 00 ENTERPRISES We integrate their platforms DIGITAL REALTY. THE MEETING PLACE DIGITAL L REALTY SERVICE PROVIDERS We are a part of their platform To bring companies and data together, in bold new ways, to power the innovation determining our future. 4#5Γ Executing on Strategic Vision Refining Strategy to Fuel Future Growth 1. Strengthening Customer Value Proposition Record Interconnection and Strong 0-1MW bookings in 1Q23 2. Operating Results Inflect Upward Improving Same-Capital Growth, Positive Re-Leasing Spreads, and Strong New Logos in 1Q23 3. Diversifying and Bolstering Capital Sources Funding Plan on Track Г DIGITAL REALTY. L 5#6Consistent Execution Progress Against Strategic Priorities 1 Strengthen Customer Value Proposition 52 Total As of March 31, 2023 METROS +17 Since 2019 BOOKINGS $489 mm LTM Bookings 10% Of Revenue NEW LOGOS 100+/qtr since 1Q20 Γ DIGITAL REALTY. L 2 Innovate & Integrate 3 Bolster and Diversify Capital • • Executing meeting place strategy with sustainable connectivity rich solutions Providing full spectrum product offering across a global platform Growing Connected Data Communities Building new applications on the world's largest open network platform ServiceFabric™ launch Expansion of PlatformDigital® Additional subsea cable landings Partnering with sources of private capital to improve capital efficiency Elevated focus on projects with highest risk-adjusted returns 6#7Offering a Global Data Center Platform with Local Expertise Seattle Portland San Francisco Silicon Valley Los Angeles Phoenix Chicago Dallas Austin Houston Queretaro Toronto Atlanta Boston New York Metro Northern Virginia Charlotte Miami Santiago Note: As of March 31, 2023, unless otherwise noted. Represents consolidated portfolio and investments in our unconsolidated joint ventures at our ownership percentages. 1) Based on annualized base rent - the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of March 31, 2023, multiplied by 12. 2) Based on annualized recurring revenue - the monthly contractual base rent (defined as cash base rent before abatements), and Interconnection revenue under existing leases as of March 31, 2023, multiplied by 12. 3) Based on the credit ratings of Digital Realty's top 100 customers as of March 31, 2023 against annualized recurring total revenue of $1.8 billion. Credit ratings from S&P, Moody's and Fitch reflect credit ratings of customer's parent entity. There can be no assurance that a customer's parent entity will satisfy the customer's lease or other obligations upon such customer's default. Fortaleza Dublin Stockholm Copenhagen Amsterdam Brussels Düsseldorf London Frankfurt Vienna Paris Zurich Zagreb Marseille Madrid Abuja Nairobi Lagos Rio de Janeiro Mombasa Sao Paulo Geographically Diversified (1) Latin America 5% APAC 10% EMEA 31% Johannesburg Maputo Durban Capetown Athens Customer Type (% by ARR) North America 53% Cloud 39% (2) Content 13% Financial 11% Enterprise 9% Network IT 16% 12% Singapore Primarily Owned (1) Leased 14% Hong Kong Owned 86% Seoul Osaka Melbourne Tokyo Sydney High-Quality Customer Base (3) Investment Grade or Equivalent - 49% 5,000 Global Customers 7#8Assembling Strategic Pieces of the Global Puzzle telx M. EQUINIX TELECITY DFT DATA CENTERS Ascenty interxion TERACO A DIGITAL REALTY COMPANY 2015 Telx National Provider of Data Center Colocation, Interconnection and Cloud Enablement Solutions. 2016 European Portfolio Acquisition Eight Highly-Connected Carrier-Neutral Data Centers in Europe. 2017 DuPont Fabros A Leading Provider of Enterprise-Class, Carrier-Neutral, Large Scale Multi-Tenant Data Centers. 2018 2020 2022 Ascenty A Leading Latin America Data Center Provider with a 4,500 km Fiber Network. Interxion A Leading Colocation and Interconnection Provider across Europe. Teraco A Leading Colocation and Interconnection Provider in South Africa. Γ DIGITAL REALTY. LJ 8#9Sustainability Focus and Performance Delivering Sustainable Growth for All Stakeholders Environmental Leader in the Light NAREIT Leader in the Light for sixth consecutive year Top 10 In the U.S. EPA Green Power Partnership 116 MW New renewables announced in Germany Social Newsweek's America's Most Responsible Companies of 2023 Top 100 ranking on JUST Capital America's Most JUST Companies 12 philanthropic organizations supported as part of 'Giving Tuesday' campaign Governance Removed previous ownership 2023 requirements for shareholders to amend bylaws 2022 Appointed Mary Hogan Preusse as Chairman of the Board, which aligns with Digital Realty's commitment to strong governance Formalized oversight of ESG by the Nominating & Corporate 2021 Governance Committee; Signatory to the UN Global Compact Γ DIGITAL REALTY. LJ Top Rated ESG Companies for 2023 Demonstrated senior leadership and employee commitment to Diversity, Equity & Inclusion; established five employee resource groups; signed CEO Action Pledge for Diversity and Inclusion 2020 Enhanced Board diversity with the addition of three new Directors 2019 Established proxy access for shareholders 6#10Г PlatformDIGITALⓇ Designed for an Accelerating Digital Economy Enabling Enterprises to Harness Data Growth L Г DIGITAL REALTY. L 10 10#11Γ L Digital Economy and Digital Transformation Driving Data Center Demand Growing and emerging demand drivers that have further accelerated over the past year are driving the need for digital infrastructure globally Digital Economy & Transformation Solid Demand Drivers Which Continue to Grow Cloud Computing Enterprise Modernization Digital Infrastructure Demand Accelerated Digital Trends Digitization of Customer Interactions Total Enterprise / Carrier Neutral Leased Global (2) 35,465 $M 32,960 30,600 28,388 26,291 8% CAGR 2022 - 2026 Avg. Share of Customer Interactions that are Digital (%) Streaming & Social Media E-Payment and E- Commerce Emerging Trends with Enormous Potential IIIIII Artificial Intelligence (()) Internet of Things 36% 2019 Precrisis Rate of Digital Customer Interactions has Accelerated from Prior Forecasts by 58% 2020 COVID-19 Crisis 3yrs (1) Digitization of Products & Services Avg. Share of Products and/or Services that are Partially or Fully Digitized (%) 2022 2023E 2024E 2025E 2026E Total Hyperscale Leased Global (2) $M 15,854 13,883 12,082 10,401 8,689 5G Technology Ky Edge Computing Source: Company data. McKinsey & Company report. IMR. 35% 2019 Precrisis 55% 2020 COVID-19 Crisis Rate of Products & Services that are Digitized 7 yrs (1) has Accelerated from Prior Forecasts by (1) 2022 2023E 2024E 2025E 2026E DIGITAL REALTY. 1) Years ahead of the average rate of adoption from 2017 to 2019. Based on the average percentage of adoption in each survey, McKinsey & Company calculated a trendline to represent the average rate of adoption in 2017, 2018, and just before the crisis, which respondents were asked about in the 2020 survey. The acceleration time frame was calculated from the amount of time it would have taken to reach the current level of digital adoption respondents report if the precrisis pace of change had continued. 2) Sourced from Synergy Research Group, Worldwide Forecast 2022 16% CAGR 2022- 2026 11#12PlatformDIGITALⓇ 2.0 A Full-Featured Open Global Platform Γ DIGITAL REALTY. L ** SECURITY CONTROLS Operational Data SAAS PAAS ACCESS IOT Gateway Virtualize Manage Application Infrastructure Mobile Backhaul VPN Termination IT CONTROLS Monitor Log B2B IAAS SERVICE FABRIC Partners B2B Customers Providers Internet Drain Ingress Egress Virtual Dynamic NETWORK MPLS Links Ingress Egress Policy Inspection CONTROL HUB Policy Enforcement HUB Inbound Data Data at Rest Data in Motion HOSTING Carrier Ethernet Cloud Data Center Interconnects Outbound Data Platform DIGITAL 2.0 ENTERPRISES NETWORK PROVIDERS CLOUD AND IT PROVIDERS CONTENT PROVIDERS ECOSYSTEM DATA HUB Self-Service Experience COVERAGE CONNECTIVITY CAPACITY CONTROL SERVICES Any-To-Any Interconnection HPC CLUSTER Computational Storage INTEGRATION Analytics & Streaming DATA LAKE Unstructured Data DATA WAREHOUSE Structured Data Enterprise Capacity 12#13L Connected Campus Strategy Solving for the Complete Deployment: Land and Expand L Г DIGITAL REALTY. L 13#14Multi-Tiered Cloud Architectures Solving for the Complete Deployment: Land and Expand Connected Campus Colo ☐ Hyperscale ☐ Γ DIGITAL REALTY. L Network Access Nodes High network requirements to efficiently distribute and aggregate traffic Applications: network connectivity, network peering and WAN optimization Primary networking gear installed (e.g., routers and switches) 1-20 cabinets Higher Connectivity Service Aggregation Nodes Mission-critical and latency-sensitive deployments Applications: CDN infrastructure, cloud services Servers, storage, load-balancers and cache infrastructure 10-100 cabinets Server Farms Large-scale computing and storage deployments Applications: cloud and content infrastructure, data analytics, artificial intelligence and web hosting 100+ cabinets Higher Compute Capacity 14#15Г The Connected Campus: Digital Ashburn 510+ MWs 94% Occupancy 516k Square Feet (1) DLR's in-place IT capacity in the world's largest data center market (2) in Northern Virginia, consistent with prior quarter DLR's active development pipeline L Г DIGITAL REALTY. L Note: As of March 31, 2023. 1. Represents Digital Realty's white space IT load within its consolidated Northern Virginia portfolio. 2. Source: Cushman & Wakefield's 2022 Global Data Center Market Comparison report. 3 3 二→ 5 2 NETWORK SOCIAL FINANCIAL CONTENT CLOUD INFORMATION TECHNOLOGY ENTERPRISE DATACENTER FUTURE BUILDING SUB-STATION FIBER 1 LOUDOUNI & II 2 LOUDOUN III & IV 3 LEGACY DFT DIGITAL STERLING DULLES INTERNATIONAL AIRPORT WESTERN LANDS 15#16Density at Scale and at Hubs Expand, Tether, and Densify Data Center Campuses Γ DIGITAL REALTY. L CHICAGO CAMPUS 350 E. CERMAK NEW YORK CAMPUS 111 8th AVENUE DALLAS CAMPUS 2323 BRYAN STREET FRANKFURT CAMPUS HANAUER LANDSTRABE Connect@Scale suites, Powered Base Building, Connect@Gateway colocation Connect@Scale suites, Powered Base Building, Connect@Gateway colocation Connect@Scale suites, Powered Base Building, Connect@Gateway colocation Connect@Scale suites, Powered Base Building, Connect@Gateway colocation FRANKLIN PARK PISCATAWAY RICHARDSON WILHELM-FAY-STRAẞE 16#17Digital Realty is the Edge Network Density that Promotes Innovation and Collaboration 27 Metros Globally Where Our Internet Gateways Are Located 214K+ CROSS-CONNECTS GLOBALLY 52 ASSETS With Over 1,000 Cross-Connects Each 3,340 NETWORK INSTANCES GLOBALLY Γ Note: As of March 31, 2023. DIGITAL REALTY. L L Amsterdam Science Park Johannesburg JB1 Isando Atlanta 56 Marietta St. London Sovereign House Chicago 350 E. Cermak Marseille MRS3 L New York 111 8th Ave. Seattle Westin Building 17#18Diversifying Product Offerings ServiceFabric™ Removes Complexity from Enterprise Hybrid IT Environments Orchestration Layer Interconnection Layer Data Center Layer </> Partners ☆☆☆ Customers Developers DOD DODOD DOOOD DODOL DOD 000 00 000000 INTERFACE APIs 00000000 00 D GOODDDDDD D OOOOOOOOOOOOOD D DOOOOOOD OD DDDDDD DD DDDD D DOODD DDD D □ D DO DOD Portal DO DDD DODD DD D Removes complexity םםםםם םםםםם םםםם םםם 00000000 DD ם 00 ㅁㅁ DD DDDDDDDD DOD000000 DDDDDDDD000 DDDDD DODDD DDDDDDD DDD DD DDD D 00 00 000 0000 000 DOOOOD D 000000000 DDDDDDDDDDDDDDD 00000000000000000 00000000000000000 00000 DO ㅁ ㅁㅁㅁ ㅁ ㅁ DDDDDDDDDDDDDDDD 0000000000000 000000000000000 000000000000000000 ㅁ 00000000DDDDDDDDDDM 0000000DDDDDDDDDDD DOD 00000000000... DOD000000 DDDDDDDD Го- о √---- Connect seamlessly to open partner ecosystem services built on global backbone Implemented on best-of-breed infrastructure and services in multiple metros globally DODOOOOD 18#19ServiceFabric TM Connect: Private Connections Made Easy 1 Establish a Port Customers establish a port which supports multiple virtual private connections 2 Connect Customers establish direct, private connections to multiple Cloud Service Providers, Network Providers, SaaS Providers and other participants of the platform from a single interface 3 Establish Virtual Router Customers establish a virtual router to optimize cloud-to-cloud workflows Metro SERVICE FABRIC amazon web services Microsoft Azure Google Cloud ORACLE CLOUD Γ DIGITAL REALTY. L 19#20ServiceFabric TM Connect Use Cases: Multi-Cloud Connectivity and Beyond Multi-Cloud Connectivity Redundant Cloud Connectivity Inter-metro/ Inter-region Connectivity One port to many CSPs Redundant cloud availability zones Connect to B2B Partners or your own deployments globally Connectivity to ecosystems in 3rd party facilities Connect to any of the partner- enabled data centers ServiceFabric TM Connect Disaster Recovery Set-up Service-chain Multiple Services Connect your data center deployments/ Provide redundant connection to your carrier circuits Utilize virtual router to combine multiple virtual services or exchange data directly between CSPs г DIGITAL REALTY. L 20 20#21ServiceFabric TM Connect Available in 30+ global metros Regional Launch Capabilities North America 14 Metros • 10G/100G native Service Fabric T ports . 100G backbone . Available from 35 sites • EMEA 13 Metros 10G native Service Fabric TM ports • 100G backbone • Available from 58 sites APAC 5 Metros • 10G/100G native ServiceFabric™ ports • 10G backbone Available from 6 sites AMS BRU STO SEA■ POR■ TOR ■CPH BOS DUB - CHI ■ DUS ☐ ■ NYC/NJ LON-> SFO/SJC ☐ ASH FRA PAR▪ VIE PHX LAX■ DAL ■ CHA ◉ ☐ ZUR ATL MRS■ MAD ■ Legend TM ServiceFabric ™ Availability ■MIA SIN ■HKG 130+ Digital Realty Facilities Connected 215+ 110+ Global Cloud Regions 350+ 3rd Party Enabled Data Centers On Ramps Available r Note: As of March 31, 2023. DIGITAL REALTY. L ■ KOR ■TKY OSK 21#22L Conservative Financial Strategy Committed to a Strong Investment Grade Balance Sheet Supported by Multiple Funding Sources L Г DIGITAL REALTY. L 22 22#23Proven Track Record of Sustainable Growth Disciplined Financial Management RATINGS DEBT RATIOS SIZE & DIVERSIFICATION Properties/Data Centers (1) Total Enterprise Value (2) RMZ Rank Top Tenant (% ABR) Top 20 Tenant Concentration (% of ABR) 35 metro areas Metro Areas (1) Net Debt/ Adjusted EBITDA (4) Adjusted EBITDA / Fixed Charges (5) % Unhedged Variable Rate Debt Secured Debt / Total Assets Moody's/S&P / Fitch 2018 1Q23 Better/Worse Change 214 314 47% $35 billion $48 billion 37% 53.5% 5th IG-equivalent Facebook (6.8%) AAA-rated Fortune 50 Software Company (10.0%) 49.3% 8th (3) -3 places 3.2 bps (420 bps) 52 metro areas 6.2x (4) 7.1x (4) 4.0x (5) 4.4x (5) 26% 3% 19% 2% Baa2 BBB / BBB Baa2 BBB / BBB 49% 0.9x 0.4x (700 bps) (100 bps) No Change r LJ Note: Balance sheet data as of December 31, 2018 and March 31, 2023 unless otherwise indicated. 1) Represents those locations where Digital Realty has an interest in one or more operating data centers. Excludes those locations where Digital Realty has an interest in land or JV but are not yet operational. 2) Total enterprise value calculated as the market value of common equity, plus liquidation value of preferred equity and total debt at balance sheet carrying value as of December 31, 2018 for 2018 and March 31, 2023 for 1Q23. 3) As of March 31, 2023. 4) Calculated as total debt at balance sheet carrying value, plus finance lease obligations, plus share of unconsolidated joint venture debt, less unrestricted cash and cash equivalents divided by Adjusted EBITDA (including Digital Realty's pro rata share of unconsolidated joint venture EBITDA). Adjusted EBITDA is a non- GAAP financial measure. For a description of Adjusted EBITDA and the calculation of these ratios, please see the Appendix. 5) Calculated as Adjusted EBITDA (including Digital Realty's pro rata share of unconsolidated joint venture EBITDA) divided by fixed charges. Fixed charges include GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred dividends for the quarter. Adjusted EBITDA is a non-GAAP financial measure. For a description of Adjusted EBITDA and the calculation of these ratios, please see the Appendix. DIGITAL REALTY. 23#24Consistent Access to Capital Portfolio Growth Financed by Match-Funding Debt FULL MENU OF CAPITAL OPTIONS ■ Unsecured Senior Notes U.S. Dollar Bonds Sterling Bonds Euro Bonds CHF Bonds Green Bonds Private Placement Unsecured Notes Multi-Currency Global Credit Facility Unsecured Term Loans Property-Level Secured Debt ■Common Equity Issuance ■Dispositions ■Preferred Equity Issuance Access to Capital in Multiple Currencies Enables Digital Realty to Match-Fund across its Global Portfolio EQUITY RAISED SINCE 2009 WELL-KNOWN, SEASONED ISSUER ACROSS MULTIPLE CURRENCIES Bonds Outstanding Amount in mm Year Issued 2.625% Notes due 2024 €600 2016 2.500% Notes due 2026 €1,075 2019 1.125% Notes due 2028 €500 2019 0.625% Notes due 2025 €650 2020 1.500% Notes due 2030 €750 2020 $9.5 1.25% Notes due 2031 €500 2020 $6.6 $3.0 1.00% Notes due 2032 0.625% Notes due 2031 1.375% Notes due 2032 3.70% Notes due 2027 4.45% Notes due 2028 3.60% Notes due 2029 €750 2020 €1,000 2021 €750 2022 $1,000 2017 $650 2018 $900 2019 $1.5 5.55% Notes due 2028 $900 2022 Preferred Equity Perpetual Preferred Equity $1.4 4.25% Notes due 2025 £400 2013 Convertible Preferred Equity $1.2 2.75% Notes due 2024 £250 2017 $1.1 3.30% Notes due 2029 £350 2017 3.75% Notes due 2030 £550 2018 $0.8 $0.6 0.20% Notes due 2026 F275 2021 Asset Sales $0.5 $0.5 $0.4 0.55% Notes due 2029 F270 2021 Joint Venture Capital $0.3 0.60% Notes due 2023 F100 2022 Equity ■ ATM $0.1 $0.0 1.70% Notes due 2027 F150 2022 Common Equity 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 DIGITAL REALTY. Note: Equity issuances and total bonds outstanding as of March 31, 2023. L 24 224#25Committed to Conservative Capital Structure Growing Enterprise Value While Maintaining Target Credit Metrics CREDIT METRICS Net Debt (1) / LQA Adjusted EBITDA (2) Fixed Charge Coverage (2)(3) CAPITAL STRUCTURE 7.1x 6.9x 6.4x 6.1x 6.0x 5.7x 5.9x 5.8x 5.6x 5.6x 5.4x 6.2x 5.9x 5.8x 5.7x 5.7x 5.7x 5.4x 5.1x 4.9x 4.4x 4.4x 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 As Reported As Adjusted (4) As Reported 3Q20 4Q20 1Q21 As Reported 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 As Adjusted (4) 4Q22 1Q23 As Reported Note: As of March 31, 2023 except as noted. Please see the Appendix for calculation of ratios. 1) Net debt is calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus our share of unconsolidated joint venture debt, less unrestricted cash and cash equivalents. 2) Adjusted EBITDA is a non-GAAP financial measure. LQA Adj. EBITDA is last quarter Adjusted EBITDA (including our pro rata share of unconsolidated joint venture EBITDA) multiplied by four. For a description of Adjusted EBITDA, please see the Appendix. 3) Calculated as Adjusted EBITDA divided by fixed charges. Fixed charges consist of GAAP interest expense (including our share of unconsolidated JV interest expense), capitalized interest (including our share of unconsolidated JV capitalized interest), scheduled debt principal payments and preferred dividends. 4) As adjusted for the following assumptions: the hypothetical full physical settlement of the September 2021 forward sales agreements and the proceeds therefrom repaying borrowings under our global revolving credit facilities; 4Q21 adjusted for €750mm 1.375% notes due 2032 issued in January 2022 and redemption of $450mm 4.75% notes due 2025 in February 2022. 2Q22 numbers do not reflect post-quarter end borrowings under our global revolving credit facility and partial physical settlement of forward sales agreement to fund the Teraco acquisition. 3Q22 adjusted for the full quarter contribution from Teraco. As reported Net Debt/LQA Adjusted EBITDA for 3Q21, 4Q21, 1Q22, 2Q22, and 3Q22 was 6.0x, 6.1x, 6.3x, 6.2x and 6.7x, respectively. As reported fixed charge coverage for 3Q21, 4Q21, 1Q22, 2Q22 and 3Q22 was 5.0x, 5.4x, 5.5x, 6.0x, and 5.5x, respectively. 37% Debt Debt Preferred Equity $1.3 Revolver Capacity 25 25#26Balance Sheet Update Recent Activity Enhances Liquidity Capital Structure(2) Equity Market Capitalization (1) $29 Bn Credit Metric Target 4Q22A 1Q23A Net Debt to Adj. EBITDA 5.5x Average 6.9x 7.1x Enterprise Value(1)(2) Fixed Charge Coverage > 3.0x 4.9x 4.4x $49 Bn Capital Raising Since 1Q23 Earnings ▪ Realized approximately $150 million of net proceeds from non-core disposition. ■ Raised approximately $1.1 billion of gross proceeds from the sale of 11.3 million shares of common stock under the At-The-Market ("ATM”) equity offering program. Includes net proceeds of approximately 7.8 million shares that raised gross proceeds of $750 million and 3.5 million shares in forward equity transactions for which the company did not initially receive any proceeds. Γ 1) As of March 31, 2023. DIGITAL REALTY. L 2) As of March 31, 2023, except as noted. Includes Digital's pro rata share of unconsolidated joint venture debt. Preferred 1% Floating Rate Debt 20% Fixed Rate Debt 31% Equity 59% Fixed Rate Debt 80% Variable Rate Debt 8% Debt Maturity Schedule(2) ($ in billions) $4.4 $3.0 $2.5 € $1.7 € $1.0 € € € S F $0.1 £ £ 2023 2024 2025 2026 2027 Pro Rata Share of JV Debt ■Secured Mortgage Debt ■ Unsecured Senior Notes - EUR Unsecured Senior Notes - CHF ■ Unsecured Green Senior Notes - EUR Euro Term Loan $1.6 $1.7 $1.6 $1.6 S F& f € € R € £ 2029 \$ 2028 ■ Unsecured Senior Notes - USD ■Other Unsecured Debt ■Unsecured Credit Facilities ■ Unsecured Senior Notes - GBP ■ Unsecured Green Senior Notes - CHF USD Term Loan € € 2030 2031 2032 + 26 26#27DLR Continues to Offer a Premium Dividend Seventeen Consecutive Years of Dividend Increases Cash Dividend /Common Share $4.48 $4.32 $4.04 $3.72 $3.52 $3.40 $3.32 $3.12 $2.92 $2.72 $4.64 $4.88 Г 5.0% Dividend Yield (1) $2.02 $1.47 $1.26 $1.17 $1.08 $1.00 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Γ DIGITAL REALTY. 1) Dividend yield based on March 31, 2023 closing stock price of $98.31 and annualized 2Q23 dividend. L L 10% CAGR Dividend Payout (2005 - 2022) 27 27#28Prudent Financial Management Positioning for Growth INVESTMENT GRADE BALANCE SHEET Consistently maintain balance sheet that is positioned for growth ORGANIC GROWTH Focus on driving higher same-capital cash NOI growth RISK-ADJUSTED RETURNS Leverage our full product suite and global footprint to drive premium returns BUILD AND EXPAND Continue to prudently expand to meet our customers' growing needs OPERATING EFFICIENCIES Capitalize on operating efficiencies derived from our scale and expertise DIVERSIFIED SOURCES OF CAPITAL Access to a wide variety of public and private capital from around the world STAKEHOLDER ALIGNMENT Aligned our team with stakeholders DIGITAL REALTY Data Center Solutions Γ DIGITAL REALTY. LJ#29L Financial Results 1Q23 Financial Results L Note: Certain data in this section was originally posted to the Company's Website on April 27, 2023 and has not been updated to reflect changes occurring after that date. Г DIGITAL REALTY. L 29 29#30. High-Quality, Diversified Customer Base Top customers have a presence in 45 different locations, on average Γ DIGITAL REALTY. L TOP 20 CUSTOMERS Customer Rank Locations % of Customer Rank Locations % of ARR (1) ARR (1) Fortune 50 1. 64 10.0% 11. Software Company Fortune 25 Tech Company 49 1.7% 2. Social Content Platform 21 4.0% 12. Cyxtera 15 1.7% 3. Global Cloud Provider 57 3.8% 13. Social Media Platform 8 1.6% 4. IBM 40 3.6% 14. 25 1.4% rackspace. 5. ORACLE 35 3.4% 15. LUMEN® 129 1.4% Fortune 25 Investment 6. 28 2.9% 16. JPMORGAN CHASE & CO. 17 1.1% Grade-Rated Company M 7. 17 2.3% 17. verizon 100 1.1% EQUINIX 8. Linked in 8 2.2% 18. 39 1.1% COMCAST 9. Fortune 500 15 2.2% 19. AT&T 76 1.0% SaaS Provider 10. Meta 45 1.9% 20. Zayo 118 1.0% TOTAL ANNUALIZED RECURRING REVENUE 49.4% Note: As of March 31, 2023. Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage. Our direct customers may be the entities named in this table above or their subsidiaries or affiliates. 1) Calculation based on annualized recurring revenue - the monthly contractual base rent (defined as cash base rent before abatements), and Interconnection revenue under existing leases as of March 31, 2023, multiplied by 12. 30 30#31Connected Data Communities Strong 0-1 MW + IX Bookings 122 new logos $48 million total 1Q bookings from 0-1 MW + record Interconnection 57% of total 1Q bookings from 0-1 MW Interconnection ~41% of new signed leases contained inflation-linked increases Γ LJ DIGITAL REALTY. 50 m -40 +5 XIM 1500 31#32Robust Backlog Strong 1Q Commencements • Robust Backlog of $434 Million ● $112 Million of Commencements $201 Million to Commence in the Remainder of 2023 Γ DIGITAL REALTY. L BACKLOG ROLL-FORWARD (1) $ in millions $69M $112M $59M $477M $106M $434M $420M COMMENCEMENT TIMING (2) $ in millions $72M $434M $132M $47M $146M $374M $201M 4Q22 Backlog Signed Commenced 1Q23 Backlog Digital Realty Backlog $176M $369M 2023 2024 2025+ 1Q23 Backlog ☐ Unconsolidated Joint Venture Backlog 1. 2. Note: Totals may not add up due to rounding. Amounts shown represent GAAP annualized base rent from leases signed. Amounts shown represent GAAP annualized base rent from leases signed, but not yet commenced, based on estimated future commencement date at time of signing. Actual commencement dates may vary. 32#33Lease Expirations Provide Strong Re-Pricing Opportunities Shorter term 0-1 MW 30% 25% % of Lease Expirations by Annualized Base Rent (1) 19.5% 20% >1 MW ■ 0-1 MW Other • 15.8% leases provide frequent 15% 13.5% 10.7% 9.3% opportunities to drive price increases 10% . Evenly staggered, longer term >1MW 5% leases provide stability and visibility 0% 980 Γ DIGITAL REALTY. L 4.0% 4.6% 4.9% 3.9% 3.0% 7.7% 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 >2031 Note: As of March 31, 2023. 1) Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage. Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of March 31, 2023, multiplied by 12. 2) Guidance as of April 27, 2023. >3.0% 2023 Guidance (2) for cash rental rate on renewals 4.8 years Weighted avg. remaining lease term 33 33#34Improving Pricing Environment Strong Re-Leasing Spreads 1Q23 RE-LEASING SPREADS 0-1 MW . > 1 MW OTHER (1) RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE TOTAL RENTAL RATE CHANGE 4.5% Cash Re-Leasing Spreads with Balanced Contributions Continued Strength Within 0-1 MW Segment 4.6% CASH 4.4% CASH 2.8% 4.5% CASH CASH 5.1% GAAP 11.8% GAAP 5.9% GAAP 6.4% GAAP Signed renewal leases representing $118 million of annualized CASH rental revenue Signed renewal leases representing $30 million of annualized CASH rental revenue Signed renewal leases representing $2 million of annualized CASH rental revenue Signed renewal leases representing $150 million of annualized CASH rental revenue Γ DIGITAL REALTY. L Note: Totals may not add up due to rounding. Rental rate change represents the beginning rental rate on leases renewed, relative to the ending rental rate at expiration, weighted by net rentable square feet. Other includes Powered Base BuildingⓇ shell capacity as well as storage and office space within fully improved data center facilities. 1. 34#35Power Exposure by Region Impact of Higher Energy Prices Mitigated By Lease Structures and Hedging [4] (4) [4] (4) 1,308MW (1) 85% Pass Thru 86% Hedged 130MW (1) 100% Pass Thru 676MW (1) 56% Pass Thru 92% Hedged 239MW (1) 96% Pass Thru 99% Hedged [7 North America [7 Latin America 2,351 MW 72% Pass Thru 92% Hedged (2) (1) EMEA APAC Γ DIGITAL REALTY. L ע Supply/Demand Forecasting Hedging of Power to Mitigate Price Risks Note: As of March 31, 2023 and represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage. 1) MWs represents UPS-backed utility power dedicated to Digital Realty's operated data center space. 2) Calculated by taking the weighted average % hedged in each unregulated market. Procure Renewable Energy for Long-term Pricing & Carbon Reduction 35#3651% 25% EURO GBP Revenue Exposure by Currency Currency Headwinds Abating USD Y/Y Headwind, but Modest Sequential Tailwind 6% SGD 5% ZAR 3% <1% 51% BRL EXPOSURE BY REVENUE (1) 2% 26 2% 1% 1% <1% <1% <1% <1% <1% <1% <1% <1% <1% JPY CHF AUD CAD SEK DKK HKD HRK KES KRW NGN MZN 2% <1% < 1% 6% 1% <1% 25% <1% 5% < 1% 3% <1% <1% <1% 2% 1% CORE FFO/SHARE EXPOSURE (2) 1Q22 U.S. DOLLAR INDEX 1Q23 115 110 1.74% 1.03% 0.13% 2023E $6.70 / Sh SOFR EUR +/- 100 bps GBP +/- 10% +/- 10% 105 100 95 90 85 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 April-23 Note: Totals may not add up due to rounding. As of March 31, 2023. Includes Digital Realty's share of revenue from unconsolidated joint ventures. Core FFO is a non-GAAP financial measure. For a definition of Core FFO and reconciliation to its nearest GAAP equivalent, see the Appendix. 36 Γ DIGITAL REALTY. L 1. 2.#37Constant- Currency Analysis Improving Fundamentals • Further Acceleration in Same-Capital Revenue Growth in 1Q • 5.2% CC Same-Capital Cash NOI Growth 18.8% Y/Y Growth Rate, as Reported Y/Y Growth Rate, Constant Currency 21.9% 6.6% 8.6% 5.2% 3.4% Revenue Growth Same-Capital Data Center Revenue Growth (1) Same-Capital Cash NOI Growth Note: Same-Capital Cash NOI and Constant Currency Same-Capital Cash NOI are non-GAAP financial measure. For a definition of these measures and reconciliations to their nearest GAAP equivalents, see the Appendix. Data Center Revenue is total revenue less tenant reimbursements. Γ DIGITAL REALTY. 1. L 37#38Same-Capital Cash Net Operating Income (1) Performance Year-Over-Year % Change 6% 3% 0% -3% -6% -9% FY17 FY18 FY19 FY20 FY21 1Q23 Actual: 3.4% (2) FY22 FY23E 1. 2. Same-Capital Net Operating Income is a non-GAAP financial measure. For a reconciliation of Stabilized Cash Net Operating Income to the nearest GAAP equivalent, see the Appendix. FY2023 represents Same-Capital Cash Net Operating Income guidance from February 16, 2023 at the midpoint of 3.5%. r DIGITAL REALTY. L 38#39Matching the Duration of Assets and Liabilities Modest Near-Term Maturities, Well-Laddered Debt Schedule DEBT MATURITY SCHEDULE AS OF March 31, 2023 (1)(2) (U.S. $ in billions) 5.0 YEARS Weighted Avg. Maturity (1)(2) 39 $2.5 $4.4 $ $1.7 € € $1.0 € € $0.1 WE € s F ₤ 2023 2024 2025 2026 2027 $3.0 € 2.8% Weighted Avg. Coupon (1)(3) DEBT PROFILE Unsecured 97% Unsecured Secured $1.6 $1.7 $1.6 $1.6 81% Fixed es Fixed Floating F✰ £ € € R € $ £ Euro € \ $ € USD 82% (3) GBP 2028 2029 2030 2031 2032 + Non-USD Unsecured Senior Notes - USD Other Unsecured Senior Notes - CHF Unsecured Green Senior Notes - EUR USD Term Loan Pro Rata Share of JV Debt ■ Unsecured Senior Notes - GBP ■ Other Unsecured Debt Euro Term Loan ■Secured Mortgage Debt ☐ Unsecured Senior Notes - EUR ■ Unsecured Green Senior Notes - CHF ■ Unsecured Credit Facilities Note: As of March 31, 2023. 1. Includes Digital Realty's pro rata share of unconsolidated joint venture loans and debt securities. 2. Assumes exercise of extension options. 3. Includes impact of cross-currency swaps. гу DIGITAL REALTY. LJ 39#40HISTORICAL BOOKINGS ANNUALIZED GAAP BASE RENT $ in millions Digital Transformation Driving Steady Demand Global Full-Product Spectrum Provides Broadest Solutions $150 $100 Record Interconnection Bookings in 1Q Strong 0-1 MW Bookings $50 $0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1Q23 BOOKINGS 0-1 MW $33.8 mm INTERCONNECTION $14.1 mm >1 MW $34.8 mm OTHER (1) $0.6 mm TOTAL BOOKINGS $83.3 mm Note: Totals may not add up due to rounding. Digital Realty revised its reporting categories in 2Q 2020. For prior periods, "0-1 MW" includes Colocation, ">1 MW" includes Turn-Key Flex, "Other" includes Power Base Building and Non-Technical. "Interconnection" is unchanged. Other includes Powered Base BuildingⓇ shell capacity as well as storage and office space within fully improved data center facilities.. 1. Γ DIGITAL REALTY. L 40#412023 Outlook Capital Recycling and Funding Plan Harvest Value from Core Hyperscale Assets to Redeploy into Premium Growth Opportunities • • • • Γ DIGITAL REALTY. L 1/4 Non - Core Dispositions 3/4 Hyperscale JVs Non-Campus Locations Secondary Markets Non-Technical Higher and Better Use Redevelopments Core, Stabilized, Hyperscale Assets w/Long Term Leases Hyperscale Development in Core Markets . • Dispo + JV Capital Guidance $1.5 $2.5 billion in 2023 - 0% - 10% cap rate 41#42L Appendix LJ DIGITAL REALTY#43Appendix Management Statements on Non-GAAP Measures The information included in this presentation contains certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs, and, therefore, may not be comparable. The non-GAAP financial measures should not be considered alternatives to net income or any other GAAP measurement of performance and should not be considered an alternative to cash flows from operating, investing or financing activities as a measure of liquidity. Funds From Operations (FFO): We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts, or Nareit, in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from real estate transactions, impairment of investment in real estate, real estate related depreciation and amortization (excluding amortization of deferred financing costs), depreciation related to non-controlling interests, unconsolidated JV real estate related depreciation & amortization, non-controlling interests in operating partnership and after adjustments for unconsolidated partnerships and joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITS, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the NAREIT definition and, accordingly, our FFO may not be comparable to other REITs' FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. Core Funds from Operations (Core FFO): We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) loss from early extinguishment of debt, (iv) gain on issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration, and legal expenses, (vi) gain/loss on FX revaluation, and (vii) other non-core expense adjustments. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may calculate Core FFO differently than we do and accordingly, our Core FFO may not be comparable to other REITs' Core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. EBITDA and Adjusted EBITDA: We believe that earnings before interest, loss from early extinguishment of debt, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITS' EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance. Net Operating Income (NOI) and Cash NOI: Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company's rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITS' NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance. Same-Capital Cash NOI: Same-Capital Cash NOI represents buildings owned as of December 31, 2021 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2022-2023, buildings classified as held for sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool. Constant-Currency Same-Capital Cash NOI: We calculate Constant-Currency Same-Capital Cash NOI by adjusting the Same-Capital Cash NOI for foreign currency translations. Adjustment calculated by holding currency translation rates for the current year constant with average currency translation rates that were applicable to the same periods in the prior year. r DIGITAL REALTY. L 43#44Appendix Forward-Looking Statements This information in this presentation contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook; our expected investment and expansion activity; our joint ventures; the expected benefits and timing of Platform DIGITAL®; the Service Fabric™; ServiceFabric Connect TM; public cloud services spending; our sustainability initiatives; the expected effect of foreign currency translation adjustments on our financials; anticipated continued demand for our products and services; our liquidity; demand drivers and economic growth outlook; business drivers; our expected development plans and completions, including timing, total square footage, IT capacity and raised floor space upon completion; expected availability for leasing efforts and colocation initiatives; organizational initiatives; our product offerings; our connected data communities; joint venture opportunities; occupancy and total investment; our expected investment in our properties; our estimated time to stabilization and targeted returns at stabilization of our properties; our expected future acquisitions; acquisitions strategy; available inventory and development strategy; the signing and commencement of leases, and related rental revenue; lag between signing and commencement of leases; our 2023 backlog; future rents; our expected same store portfolio growth; our expected growth and stabilization of development completions and acquisitions; lease rollovers and expected rental rate changes; our re-leasing spreads; our expected yields on investments; our expectations with respect to capital investments at lease expiration on existing data center or colocation space; debt maturities; lease maturities; our other expected future financial and other results, and the assumptions underlying such results; our customers' capital investments; our plans and intentions; future data center utilization, utilization rates, growth rates, trends, supply and demand; datacenter expansion plans; estimated KW/MW requirements; capital expenditures; the effect new leases and increases in rental rates will have on our rental revenues and results of operations; estimates of the value of our development portfolio; our ability to meet our liquidity needs, including the ability to raise additional capital; market forecasts; projected financial information and covenant metrics; Core FFO run rate and NOI growth; other forward looking financial data; leasing expectations; our exposure to tenants in certain industries; our expectations and underlying assumptions regarding our sensitivity to fluctuations in foreign exchange rates; and the sufficiency of our capital to fund future requirements. You can identify forward-looking statements by the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "pro forma," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and discussions which do not relate solely to historical matters. Such statements are based on management's beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following: reduced demand for data centers or decreases in information technology spending; increased competition or available supply of data center space; decreased rental rates, increased operating costs or increased vacancy rates; the impact on our or our customers', suppliers' or business partners' operations during a pandemic, such as COVID-19; changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate; the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services; our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers breaches of our obligations or restrictions under our contracts with our customers; our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties; the impact of current global and local economic, credit and market conditions, including impacts of inflation; global supply chain or procurement disruptions, or increased supply chain costs; our inability to retain data center space that we lease or sublease from third parties; information security and data privacy breaches; difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent acquisitions; our failure to successfully integrate and operate acquired or developed properties or businesses; difficulties in identifying properties to acquire and completing acquisitions; risks related to joint venture investments, including as a result of our lack of control of such investments; risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements; our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital; financial market fluctuations and changes in foreign currency exchange rates; adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges; our inability to manage our growth effectively; losses in excess of our insurance coverage; our inability to attract and retain talent; environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals; our inability to comply with rules and regulations applicable to our company; Digital Realty Trust, Inc.'s failure to maintain its status as a REIT for federal income tax purposes; Digital Realty Trust, L.P.'s failure to qualify as a partnership for federal income tax purposes; restrictions on our ability to engage in certain business activities; and changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws. The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. We discussed a number of additional material risks in our annual report on Form 10-K for the year ended December 31, 2022, and other filings with the Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, Platform DIGITAL, Data Gravity Index, Data Gravity Index DGx and ServiceFabric TM Connected Data Communities are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners. Γ DIGITAL REALTY. LJ 44#45Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 0000 Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO) (in thousands, except per share and unit data) (unaudited) Net income available to common stockholders Adjustments: Noncontrolling interests in operating partnership Real estate related depreciation and amortization (1) Depreciation related to non-controlling interests Real estate related depreciation and amortization related to investment in unconsolidated joint ventures (Gain) on real estate transactions FFO available to common stockholders and unitholders Basic FFO per share and unit Three Months Ended March 31, 2023 March 31, 2022 $ 58,547 $ 1,500 412,192 (13,388) 63,101 1,600 374,162 33,719 29,320 (7,825) (2,770) $ 484,745 $ 465,412 $ es is $ 1.63 $ 1.60 1.60 $ 1.60 Diluted FFO per share and unit Weighted average common stock and units outstanding Basic Diluted (1) Real estate related depreciation and amortization was computed as follows: Depreciation and amortization per income statement Non-real estate depreciation 297,180 309,026 421,198 (9,006) $ 412,192 $ FFO available to common stockholders and unitholders -- basic and diluted $ Note: The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, external growth factors, such as dispositions, and balance sheet items, such as debt issuances, that have not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non- GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. Reconciliations for additional periods can be found in 1Q22 Supplemental, 2Q22 Supplemental and 3Q22 Supplemental, which are available on our website. Add: Effect of dilutive securities Weighted average common stock and units outstanding Weighted average common stock and units outstanding -- diluted 0000 Total operating revenues less: Proforma disposition adjustment plus: Constant currency adjustment Total operating revenues (as adjusted) г\ DIGITAL REALTY. LJ 290,163 290,662 382,132 (7,970) 374,162 Three Months Ended March 31, 2023 March 31, 2022 484,745 $ 297,180 202 297,832 465,412 290,163 499 290,662 Three Months Ended March 31, 2023 March 31, 2022 $ 1,338,724 $ 1,127,323 35 (2,828) 9,413 $ 1,348,172 $ 1,124,495 45#46Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Γ DIGITAL REALTY. L Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO) (in thousands, except per share and unit data) FFO available to common stockholders and unitholders -- - diluted Other non-core revenue adjustments Transaction and integration expenses Loss from early extinguishment of debt (Gain) Loss on FX revaluation Severance accrual and equity acceleration Other non-core expense adjustments (unaudited) Three Months Ended March 31, 2023 March 31, 2022 $ 484,745 $ 465,412 (887) 13,916 12,267 11,968 51,135 (6,778) (67,676) 4,155 2,077 7,657 $ 493,500 $ 484,490 CFFO available to common stockholders and unitholders -- diluted CFFO impact of holding '22 Exchange Rates Constant 9,413 Constant Currency CFFO available to common stockholders and unitholders -- diluted Diluted CFFO per share and unit $ 502,913 $ 484,490 $ 1.66 1.67 Diluted Constant Currency CFFO per share and unit $ 1.69 $ 1.67 46 46#47Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Γ DIGITAL REALTY. L Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA (in thousands) (unaudited) Three Months Ended March 31, 2023 March 31, 2022 Net income available to common stockholders Interest Loss from early extinguishment of debt Income tax expense (benefit) $ 58,547 $ 63,101 102,220 66,725 51,135 21,454 13,244 Depreciation and amortization 421,198 382,132 EBITDA 603,419 576,337 Unconsolidated JV real estate related depreciation & amortization Unconsolidated JV interest expense and tax expense Severance accrual and equity acceleration Transaction and integration expenses (Gain)/loss on sale of investments 33,719 29,320 18,556 21,111 4,155 2,077 12,267 11,968 (2,770) Other non-core adjustments, net (14,604) (48,858) Noncontrolling interests 111 3,629 Preferred stock dividends, including undeclared dividends 10,181 10,181 (Gain) on redemption of preferred stock Adjusted EBITDA 667,804 602,994 47#48call Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Rental revenues Tenant reimbursements - Utilities. Tenant reimbursements - Other Interconnection and other Total Revenue Γ DIGITAL REALTY. L Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Same Capital Cash Net Operating Income (in thousands) (unaudited) Three Months Ended March 31, 2023 March 31, 2022 $ 684,585 $ 639,728 262,406 190,406 31,471 42,707 83,850 81,007 1,062,312 953,847 Utilities Rental property operating Property taxes Insurance Total Expenses Net Operating Income Less: Stabilized straight-line rent 281,877 205,404 169,589 155,715 30,257 37,089 4,038 3,556 485,761 401,764 $ 576,551 $ 552,083 $ 998 $ Above and below market rent 1,704 (3,449) 694 Same Capital Cash Net Operating Income $ 573,848 $ 554,838 Same Capital Cash NOI impact of holding '22 Exchange Rates Constant 10,014 Constant Currency Same Capital Cash Net Operating Income $ 583,862 554,838 48#49Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 0000 Operating income Fee income Γ DIGITAL REALTY. L Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Same Capital Cash Net Operating Income (in thousands) (unaudited) Twelve Months Ended December 31, 2022 December 31, 2021 Twelve Months Ended December 31, 2021 December 31, 2020 Twelve Months Ended December 31, 2020 December 31, 2019 $589,969 $694,010 (24,506) (13,442) $694,010 (13,442) $557,530 (15,215) $557,530 (15,215) $594,216 Other income (4,645) (19,401) (19,401) Depreciation and amortization 1,577,933 1,486,631 1,486,631 General and administrative 398,669 393,311 393,311 (1,849) 1,366,380 344,929 (1,849) 1,366,380 (11,654) (1,231) 1,163,774 344,929 207,696 Severance, equity acceleration, and legal 23,498 7,343 7,343 6,440 6,440 3,400 expenses Transaction expenses 68,766 47,426 47,426 106,661 106,661 27,925 Impairment in investments in real estate 3,000 18,291 18,291 6,482 6,482 5,351 Other expenses 12,438 2,550 2,550 1,074 1,074 14,118 Net Operating Income $2,645,122 $2,616,719 $2,616,719 $2,372,432 $2,372,432 $2,003,595 Straight-line rental revenue (70,394) (64,108) (64,108) (48,770) Straight-line rental expense 2,857 27,050 27,050 16,223 Above and below-market rent amortization (696) 6,069 6,069 12,686 (48,770) 16,223 12,686 (48,595) 1,075 17,097 Cash Net Operating Income $2,576,887 $2,585,731 $2,585,731 $2,352,571 $2,352,571 $1,973,173 Same Capital Cash Net Operating Income Non Same Capital Cash Net Operating Income 1,964,711 612,176 2,085,024 500,707 1,381,815 1,203,916 1,445,712 906,859 1,544,921 807,650 1,574,854 398,319 49 49#50Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Γ DIGITAL REALTY. L Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Same Capital Cash Net Operating Income (in thousands) (unaudited) 0000 Twelve Months Ended December 31, 2019 December 31, 2018 Twelve Months Ended December 31, 2018 December 31, 2017 Twelve Months Ended December 31, 2017 December 31, 2016 Operating income Fee Income $594,216 $549,787 $549,787 (11,654) (7,841) (7,841) $451,295 (6,372) $451,295 (6,372) $497,286 (6,285) Other income (1,231) (1,924) (1,924) (1,031) (1,031) (33,197) Depreciation and amortization 1,163,774 1,186,896 1,186,896 842,464 842,464 699,324 General and administrative 207,696 160,363 160,363 156,711 156,711 146,526 Severance, equity acceleration, and legal 3,400 3,304 3,304 4,730 4,730 6,207 expenses Transaction expenses 27,925 45,327 45,327 76,048 76,048 20,491 Impairment in investments in real estate 5,351 28,992 28,992 - Other expenses 14,118 2,818 2,818 3,077 3,077 213 Net Operating Income $2,003,595 $1,938,730 $1,938,730 $1,555,914 $1,555,914 $1,330,565 Straight-line rental revenue (50,273) Straight-line rental expense Above and below-market rent amortization 1,075 17,097 (40,423) 9,878 26,533 (40,423) (16,564) (16,564) (24,254) 9,878 12,075 12,075 26,533 1,840 1,840 22,341 (8,313) Cash Net Operating Income $1,971,495 $1,934,718 $1,934,718 $1,553,266 $1,553,266 $1,320,339 Same Capital Cash Net Operating Income 1,540,650 1,604,864 Non Same Capital Cash Net Operating Income 430,845 329,854 1,076,981 857,737 1,073,225 480,041 923,556 629,710 895,059 425,280 50 50#51Reconciliation of Non-GAAP Items To Their Closest GAA Equivalent Net Debt/LQA Adjusted EBITDA in 000's Total debt at balance sheet carrying value Add DLR share of unconsolidated joint venture debt Add Capital lease obligations Less: Unrestricted cash Net Debt as of December 31, 2018 Net Debt/ LQA Adjusted EBITDA (i) Adjusted EBITDA Net Income (loss) available to common unitholders Interest DLR share of unconsolidated joint venture interest expense (Gain) loss from early extinguishment of debt Taxes (income) expense Depreciation & amortization DLR share of unconsolidated joint venture depreciation EBITDA Γ DIGITAL REALTY. L Severance accrual, equity acceleration and legal expenses Transaction and integration expense (Gain) on real estate transactions $ 32,530 84,883 2,101 1,568 (5,843) $ 299,362 3,615 416,916 602 25,917 (7) Other non-core adjustments, net 1,471 Non-controlling interests (262) Preferred stock distributions, including undeclared distributions 20.329 Adjusted EBITDA (*) $ 466,266 LQA Adjusted EBITDA (Adjusted EBITDA x 4) $ 1,865,062 (a) Includes certain financial information from unconsolidated joint ventures. Fixed Charge Coverage Ratio (LQA Adjusted EBITDA/Total Fixed Charges) QE 12/31/2018 $ 11,101,479 GAAP interest expense plus capitalized interest, less bridge facility fees 268,692 Scheduled debt principal payments 263,844 (116,700) Preferred distributions $ 11,517,315 Total fixed charges Fixed charge coverage ratio 6.2x QE 12/31/2018 94,345 $ $ 153 20.329 114,827 4.0x 51#52Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Net Debt/LQA Adjusted EBITDA in 000's Total debt at balance sheet carrying value Add: DLR share of unconsolidated joint venture debt Add: Capital lease obligations Less: Unrestricted cash Net Debt as of June 30, 2020 Γ DIGITAL REALTY. L Net Debt/LQA Adjusted EBITDA (iii) (iii) Adjusted EBITDA QE 6/30/20 Net Debt as of June 30, 2020 $ 12,371,621 558,049 219,156 (505,174) Less: Gross Proceeds from Forward Equity Net Debt as of June 30, 2020 (As Adjusted) Net Debt/LQA Adjusted EBITDA - As Adjusted QE 6/30/20 $ 12,643,652 $ (1,104,575) $ 11,539,077 $ 12,643,652 Net Debt/LQA Adjusted EBITDA(iii) (As Adjusted) 5.2x 5.7x (iii) Adjusted EBITDA Adjusted EBITDA as of June 30, 2020 $ 558,690 No Adjustments to EBITDA Net income available to common stockholders $ 53,676 Adjusted EBITDA (As Adjusted) Interest expense Loss from early extinguishment of debt Taxes Depreciation and amortization EBITDA 79,874 LQA Adjusted EBITDA (Adjusted EBITDA x 4) 11,490 349,165 494,205 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) GAAP interest expense Capitalized interest Unconsolidated JV real estate related depreciation & amortization Unconsolidated JV interest expense and tax expense 17,123 9,203 Severance accrual and equity acceleration and legal expenses 3,642 Unconsolidated JV Interest Expense Scheduled debt principal payments Preferred dividends Transaction and integration expenses 15,618 Total fixed charges Gain on sale / deconsolidation Fixed charge ratio $ 558,690 $ 2,234,759 QE 6/30/20 79,874 13,133 6,981 57 21,155 121,200 4.6x Other non-core adjustments, net (3,404) Noncontrolling interests Preferred stock dividends, including undeclared dividends Adjusted EBITDA 1,147 21,155 $ 558,690 LQA Adjusted EBITDA (Adjusted EBITDA x 4) $ 2,234,759 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) - As Adjusted Total fixed charges Less: Lower Interest from Forward Equity Total fixed charges (As Adjusted for Mapletree and Forward Equity) Fixed charge ratio QE 06/30/20 121,200 (6,553) 114,647 4.9x 52 52#53Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Net Debt/LQA Adjusted EBITDA in 000's Total debt at balance sheet carrying value Add: DLR share of unconsolidated joint venture debt Add: Capital lease obligations Less: Unrestricted cash Net Debt as of September 30, 2020 Net Debt/LQA Adjusted EBITDA (II) (iii) Adjusted EBITDA Γ DIGITAL REALTY. Note: For quarter ended September 30, 2020 L Net loss available to common stockholders Interest expense $ (37,368) 89,499 Loss from early extinguishment of debt Taxes 53,007 16,053 Depreciation and amortization 365,842 EBITDA 487,033 Unconsolidated JV real estate related depreciation & amortization Unconsolidated JV interest expense and tax expense 19,213 9,002 Severance accrual and equity acceleration and legal expenses 920 Transaction and integration expenses 14,953 Gain on sale / deconsolidation (10,410) Other non-core adjustments, net 4,945 Impairment of investments in real estate 6,482 Noncontrolling interests (1,316) Preferred stock dividends, including undeclared dividends 20,712 Issuance costs associated with redeemed preferred stock Adjusted EBITDA 16,520 $ 568,054 LQA Adjusted EBITDA (Adjusted EBITDA x 4) $ 2,272,215 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) GAAP interest expense plus capitalized interest Scheduled debt principal payments Preferred dividends Total fixed charges Fixed charge ratio $ QE 9/30/20 12,874,760 568,757 228,486 (971,305) $ 12,700,698 5.6x QE 9/30/20 108,467 20,712 129,179 4.4x 53#54Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Net Debt/LQA Adjusted EBITDA Cadet at balance sheet carrying value Add: DLR share of unconsolidated joint venture debt Add: Capital lease obligations Less: Unrestricted cash Net Debt as of September 30, 2020 Net Debt/LQA Adjusted EBITDA (iii) Adjusted EBITDA (iii) Net loss available to common stockholders Γ DIGITAL REALTY. L Interest expense Loss from early extinguishment of debt Taxes Depreciation and amortization EBITDA $ 44,178 77,848 49,576 3,322 359,915 534,839 Unconsolidated JV real estate related depreciation & amortization Unconsolidated JV interest expense and tax expense 21,471 12,143 Severance accrual and equity acceleration and legal expenses Transaction and integration expenses 606 19,290. Gain on sale / deconsolidation Noncontrolling interests (1,684) Other non-core adjustments, net (23,842) 1,818 Preferred stock dividends, including undeclared dividends Adjusted EBITDA 13,514 $ 578,156 LQA Adjusted EBITDA (Adjusted EBITDA x 4) $ 2,312,623 $ QE 12/31/20 13,304,717 574,055 239,846 (108,501) $ 14,010,117 6.1x 0000 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) GAAP interest expense plus capitalized interest Preferred dividends. Total fixed charges QE 12/31/20 99,067 13,514 112,581 Fixed charge ratio 5.1x 54#55Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Net Debt/LOA Adjusted EBITDA in 000's Total debt at balance sheet carrying value Add: DLR share of unconsolidated joint venture debt Add: Capital lease obligations Less: Unrestricted cash (including DLR share of unconsolidated JV) Net Debt as of March 31, 2021 Net Debt/LOA Adjusted EBITDA™) (iii) Adjusted EBITDA Net income available to common stockholders Ś 372,405 QE 3/31/21 $ 13,256,839 714,111 236,358 (414,734) $ 13,792,574 5.6x Γ DIGITAL REALTY. L Interest expense 75,653 Loss from early extinguishment of debt Taxes 18,347 7,547 Depreciation and amortization 369,733 EBITDA 843,685 Unconsolidated JV real estate related depreciation & amortization Unconsolidated JV interest expense and tax expense 19,378 8,786 Severance accrual and equity acceleration and legal expenses Transaction and integration expenses 2,427 14,120 Gain on sale / deconsolidation (333,921) Other non-core adjustments, net 38,574 Impairment of investments in real estate Noncontrolling interests Preferred stock dividends, including undeclared dividends Issuance costs associated with redeemed preferred stock Adjusted EBITDA LOA Adjusted EBITDA (Adjusted EBITDA x 4) 8,756 13,514 $ 615,319 $ 2,461,276 Fixed Charged Ratio (LOA Adjusted EBITDA/total fixed charges) Interest expense (including unconsolidated JV interest expense) plus capitalized interest Preferred dividends Total fixed charges QE 3/31/21 92,900 13,514 106,414 Fixed charge ratio 5.8x 55 59#56Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Net Debt/LQA Adjusted EBITDA in 000's Total debt at balance sheet carrying value Add: DLR share of unconsolidated joint venture debt Add: Capital lease obligations Less: Unrestricted cash (including DLR share of unconsolidated JV) Net Debt as of June 30, 2021 Net Debt/LQA Adjusted EBITDA ) (iii) Adjusted EBITDA Net income available to common stockholders S 127,368 75,014 QE 6/30/21 $13,927,821 723,202 228,549 (300,093) $14,579,479 6.0x Γ DIGITAL REALTY. L Interest expense Loss from early extinguishment of debt Taxes 47,582 Depreciation and amortization 368,981 EBITDA 618,945 Unconsolidated JV real estate related depreciation & amortization Unconsolidated JV interest expense and tax expense 20,983 15,523 Severance accrual and equity acceleration and legal expenses 2,536 Transaction and integration expenses 7,075 Gain on sale/deconsolidation Other non-core adjustments, net Noncontrolling interests (499) (60,308) Impairment of investments in real estate Preferred stock dividends, including undeclared dividends 4,544 11,885 Issuance costs associated with redeemed preferred stock Adjusted EBITDA LOA Adjusted EBITDA (Adjusted EBITDA x 4) (18,000) S 602,684 $ 2,410,734 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) Interest expense (including unconsolidated JV interest expense) plus capitalized interest Preferred dividends Total fixed charges Fixed charge ratio QE 6/30/21 99,054 11,885 110,939 5.4x 56 99#57Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Net Debt/LQA Adjusted EBITDA in 000's Total debt at balance sheet carrying value Add: DLR share of unconsolidated joint venture debt Add: Capital lease obligations, net Less: Unrestricted cash Net Debt as of September 30, 2021 Net Debt/LQA Adjusted EBITDA (iii) (iii) Adjusted EBITDA QE 9/30/21 $14,087,539 684,666 221,390 (278,690) $14,714,905 Net Debt as of September 30, 2021 Net Debt/LQA Adjusted EBITDA - As Adjusted QE 9/30/21 $ 14,714,905 Less: Gross Proceeds from Forward Equity Less: Gross Proceeds from sale of assets to SREIT Plus: DLR share of SREIT debt $ (950,000) $ (960,000) $ 145,250 6.0x Net Debt as of September 30, 2021 (As Adjusted) $ 12,950,155 Net Debt/LQA Adjusted EBITDA (iii) (As Adjusted) 5.4x (iii) Adjusted EBITDA Net loss available to common stockholders Interest expense $ 124,096 Adjusted EBITDA as of September 30, 2021 $ 610,076 71,417 Loss from early extinguishment of debt Taxes 13,709 Less: EBITDA from assets sold to SREIT Adjusted EBITDA (As Adjusted) $ (10,250) $ 599,826 Depreciation and amortization 369,035 EBITDA 578,257 LQA Adjusted EBITDA (Adjusted EBITDA × 4) $ 2,399,302 Unconsolidated JV real estate related depreciation & amortization 21,293 QE 9/30/21 Unconsolidated JV interest expense and tax expense 11,008 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) Severance accrual and equity acceleration and legal expenses 1,377 Transaction and integration expenses 13,804 Gain on sale / deconsolidation 635 GAAP interest expense plus capitalized interest Preferred dividends Other non-core adjustments, net (28,745) Impairment of investments in real estate Noncontrolling interests Preferred stock dividends, including undeclared dividends Total fixed charges Fixed charge ratio 2,266 10,181 94,360 10,181 104,541 5.8x (Gain) on redemption of preferred stock Adjusted EBITDA LQA Adjusted EBITDA (Adjusted EBITDA x 4) QE 09/30/21 $ 610,076 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) - As Adjusted Total fixed charges 104,541 $2,440,302 Less: Lower Interest from debt reduction with Forward Equity proceeds (122) Less: Lower Interest from debt reduction with SREIT proceeds (2,342) 399 Γ L DIGITAL REALTY. Plus: DLR share of interest in SREIT debt Total fixed charges (As Adjusted) Fixed charge ratio (As Adjusted) 102,476 5.9x 57#58Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Net Debt/LQA Adjusted EBITDA in 000's Total debt at balance sheet carrying value Add: DLR share of unconsolidated joint venture debt Add: Capital lease obligations, net Less: Unrestricted cash Net Debt as of December 31, 2021 Net Debt/LQA Adjusted EBITDA (iii) Γ DIGITAL REALTY. L Net Debt/LQA Adjusted EBITDA - As Adjusted QE 12/31/21 QE 12/31/21 $ 13,448,210 Net Debt as of Dceember 31, 2021 $ 14,194,189 826,799 218,590 (299,410) $ 14,194,189 6.1x Less: Gross Proceeds from Forward Equity Plus: €750mm Notes Issued in January 2022 Less: Redemption of 4.75% Notes in February 2022 Less: Remaining Net Proceeds from January 2022 Notes Net Debt as of December 31, 2021 (As Adjusted) Net Debt/LQA Adjusted EBITDA (iii) (As Adjusted) (iii) Adjusted EBITDA $ (388,589) $ 13,251,803 5.7x $ (956,547) $ 852,750 $ (450,000) (iii) Adjusted EBITDA Net loss available to common stockholders Interest expense $ Taxes 1,057,629 71,762 3,961 Adjusted EBITDA as of December 31, 2021 x 4 $ 2,334,854 QE 12/31/21 Depreciation and amortization 378,883 EBITDA 1,512,560 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) GAAP interest expense plus capitalized interest Unconsolidated JV real estate related depreciation & amortizatior Unconsolidated JV interest expense and tax expense 24,146 Preferred dividends 15,222 Total fixed charges Severance accrual and equity acceleration and legal expenses 1,003 Fixed charge ratio 97,779 10,181 107,960 5.4x Transaction and integration expenses 12,427 Gain on sale / deconsolidation (1,047,010) QE 12/31/21 Other non-core adjustments, net 14,307 Noncontrolling interests 22,587 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) - As Adjusted Total fixed charges 107,960 Preferred stock dividends, including undeclared dividends Adjusted EBITDA 10,181 $ 583,713 Less: Lower Interest from debt reduction w/ proceeds from Forward Equity & Euro Notes Total fixed charges (As Adjusted) (5,553) 102,407 LQA Adjusted EBITDA (Adjusted EBITDA x 4) $ 2,334,854 Fixed charge ratio (As Adjusted) 5.7x 58#59Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Net Debt/LQA Adjusted EBITDA in 000's Total debt at balance sheet carrying value Add: DLR share of unconsolidated joint venture debt Add: Capital lease obligations, net Less: Unrestricted cash. Net Debt as of March 31, 2022 Net Debt/LQA Adjusted EBITDA (i) Γ DIGITAL REALTY. L QE 3/31/22 Net Debt as of March 31, 2022 $ 14,388,215 813,519 329,755 (347,183) Less: Gross Proceeds from Forward Equity Net Debt as of March 31, 2022 (As Adjusted) Net Debt/LQA Adjusted EBITDA - As Adjusted QE 3/31/22 $ 15,184,306 (947,405) $ 14,236,901 Net Debt/LQA Adjusted EBITDA (iii) (As Adjusted) 5.9x (iii) Adjusted EBITDA $ 15,184,306 Adjusted EBITDA as of March 31, 2022 x 4 $ 2,411,974 6.3x QE 3/31/22 (iii) Adjusted EBITDA Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) Net loss available to common stockholders $ 63,101 Interest expense 66,725 GAAP interest expense plus capitalized interest Taxes 13,244 Preferred dividends Depreciation and amortization 382,132 Total fixed charges 98,993 10,181 109,175 EBITDA 576,337 Fixed charge ratio 5.5x Unconsolidated JV real estate related depreciation & amortization 29,319 Unconsolidated JV interest expense and tax expense 21,111 Severance accrual and equity acceleration and legal expenses 2,077 QE 3/31/22 Transaction and integration expenses 11,968 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) - As Adjusted Gain on sale deconsolidation (2,770) Other non-core adjustments, net (48,858) Total fixed charges as of 3/31/22 109,175 Noncontrolling interests 3,629 Preferred stock dividends, including undeclared dividends Adjusted EBITDA 10,181 Less: Lower interest from debt reduction w/ proceeds from Forward Equity Total fixed charges (2,804) 106,371 $ 602,994 Fixed charge ratio (As Adjusted) 5.7x LQA Adjusted EBITDA (Adjusted EBITDA x 4) $ 2,411,974 59 59#60Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Net Debt/LQA Adjusted EBITDA in 000's Total debt at balance sheet carrying value Add: DLR share of unconsolidated joint venture debt Add: Capital lease obligations, net Less: Unrestricted cash Net Debt as of June 30, 2022 Net Debt/LQA Adjusted EBITDA (ii) Γ DIGITAL REALTY. L (iii) Adjusted EBITDA QE 6/30/22 $ 14,294,307 788,838 307,413 (286,240) Less: Gross Proceeds from Forward Equity Net Debt as of June 30, 2022 (As Adjusted) Net Debt/LQA Adjusted EBITDA - As Adjusted Net Debt as of June 30, 2022 QE 6/30/22 $ 15,104,319 (939,787) $ 14,164,532 Net Debt/LQA Adjusted EBITDA (iii) (As Adjusted) 5.8x $ 15,104,319 (iii) Adjusted EBITDA 6.2x Adjusted EBITDA as of June 30, 2022 x 4 $ 2,443,976 QE 6/30/22 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) Net loss available to common stockholders Interest expense $ 57,245 GAAP interest expense plus capitalized interest 69,023 Preferred dividends Taxes 12,406 Depreciation and amortization 376,967 Total fixed charges 92,269 10,181 102,450 EBITDA 515,642 Fixed charge ratio 6.0x Unconsolidated JV real estate related depreciation & amortization 29,023 Unconsolidated JV interest expense and tax expense 6,708 QE 6/30/22 Severance accrual and equity acceleration and legal expenses 3,786 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) - As Adjusted Transaction and integration expenses 13,586 Other non-core adjustments, net 31,633 Total fixed charges as of 6/30/22 Noncontrolling interests Preferred stock dividends, including undeclared dividends Adjusted EBITDA 436 10,181 $ 610,994 LQA Adjusted EBITDA (Adjusted EBITDA x 4) $ 2,443,976 Less: Lower interest from debt reduction w/ proceeds from Forward Equity Total fixed charges Fixed charge ratio (As Adjusted) 102,450 (4,579) 97,871 6.2x 60 60#61Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Net Debt/LQA Adjusted EBITDA Total debt at balance sheet carrying value Add: DLR share of unconsolidated joint venture debt Add: Capital lease obligations, net Less: Unrestricted cash Net Debt as of September 30, 2022 Net Debt/LQA Adjusted EBITDA () Γ DIGITAL REALTY. L QE 9/30/22 $15,758,509 794,087 283,086 (321,662) $16,514,021 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) GAAP interest expense plus capitalized interest Preferred dividends Total fixed charges Fixed charge ratio 6.7x QE 9/30/22 101,878 10,181 112,060 5.5x (iii) Adjusted EBITDA QE 9/30/22 Net loss available to common stockholders Interest expense $ 226,894 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges As Adjusted 76,502 Total fixed charges as of 9/30/22 112,060 Taxes 19,576 Depreciation and amortization 388,704 Less: Lower interest from debt reduction w/ proceeds from Forward Equity Plus: Interest adjustment for full quarter of Teraco debt (3,710) 1,919 EBITDA 711,676 Total fixed charges 110,269 Unconsolidated JV real estate related depreciation & amortization Unconsolidated JV interest expense and tax expense 30,831 Fixed charge ratio (As Adjusted) 5.7x 11,948 Severance accrual and equity acceleration and legal expenses 1,655 Transaction and integration expenses 25,862 (Gain) loss on sale of investments (173,990) Other non-core adjustments, net (94) Noncontrolling interests 1,716 Preferred stock dividends, including undeclared dividends Adjusted EBITDA 10,181 $ 619,786 LQA Adjusted EBITDA (Adjusted EBITDA x 4) $2,479,144 Net Debt/LQA Adjusted EBITDA - As Adjusted Net Debt as of September 30, 2022 Less: Gross proceeds from remaining equity forward Net Debt as of September 30, 2022 (As Adjusted) $ 16,514,021 (537,616) 15,976,405 6.4x Net Debt/LQA Adjusted EBITDA (iii) (As Adjusted) (iii) Adjusted EBITDA Adjusted EBITDA as of September 30, 2022 x 4 Plus: Full-quarter contribution from Teraco x 4 Adjusted EBITDA (As Adjusted) $ 2,479,144 28,248 $ 2,507,392 Note: For quarter ended September 30, 2022. 61#62Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Net Debt/LQA Adjusted EBITDA Total debt at balance sheet carrying value Add: DLR share of unconsolidated joint venture debt Add: Capital lease obligations, net Less: Unrestricted cash Net Debt as of September 30, 2022 QE 12/31/22 $ 16,596,803 906,210 325,228 (315,949) $ 17,512,292 6.9x (iii) Net Debt/LQA Adjusted EBITDA (iii) Adjusted EBITDA Net loss available to common stockholders $ (6,093) Interest expense 86,882 Taxes (17,676) Depreciation and amortization 430,130 EBITDA 493,244 Unconsolidated JV real estate related depreciation & amortization 33,927 Unconsolidated JV interest expense and tax expense 53,481 Severance accrual and equity acceleration and legal expenses 15,980 Transaction and integration expenses 17,350 (Gain) loss on sale of investments 6 Other non-core adjustments, net 15,127 Impairment of investments in real estate 3,000 Noncontrolling interests (3,326) Preferred stock dividends, including undeclared dividends Adjusted EBITDA 10,181 $ 638,969 LQA Adjusted EBITDA (Adjusted EBITDA x 4) $ 2,555,877 QE 12/31/22 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) GAAP interest expense plus capitalized interest Preferred dividends Total fixed charges Γ DIGITAL REALTY. L Fixed charge ratio 121,455 10,181 131,636 4.9x 62 62#63Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Net Debt/LQA Adjusted EBITDA 0000 Total debt at balance sheet carrying value Add: DLR share of unconsolidated joint venture debt Add: Capital lease obligations, net Less: Unrestricted cash Net Debt as of March 31, 2023 Net Debt/LQA Adjusted EBITDA (iii) (iii) Adjusted EBITDA Net loss available to common stockholders Interest expense Taxes Depreciation and amortization EBITDA $ 58,547 102,220 21,454 421,198 603,419 Unconsolidated JV real estate related depreciation & amortization 33,719 Unconsolidated JV interest expense and tax expense 18,556 Severance accrual and equity acceleration and legal expenses 4,155 Transaction and integration expenses 12,267 Other non-core adjustments, net (14,604) Noncontrolling interests 111 Preferred stock dividends, including undeclared dividends Adjusted EBITDA 10,181 $ 667,804 LQA Adjusted EBITDA (Adjusted EBITDA x 4) $ 2,671,214 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) GAAP interest expense plus capitalized interest Preferred dividends Total fixed charges Γ Fixed charge ratio DIGITAL REALTY. L $ QE 03/31/23 17,875,511 1,123,360 335,910 (361,380) $ 18,973,401 QE 03/31/23 140,702 10,181 150,884 4.4x 7.1x 80 63#64L Thank you LJ DIGITAL REALTY