Table of Contents Third Quarter 2026
Overview PAGE Corporate Information 3 Key Quarterly Financial Data 5 Consolidated Statements of Operations Earnings Release 7 2026 Outlook 10 Consolidated Quarterly Statements of Operations 12 Funds From Operations and Core Funds From 13 Operations Adjusted Funds From Operations 14 Balance Sheet Information Consolidated Balance Sheets 15 Components of Net Asset Value 16 Debt Maturities 17 Internal Growth Same-Capital Operating Trend Summary 18 Summary of Leasing Activity - Signed and Renewed 19 Lease Expirations - By Size 20 Top 20 Customers by Annualized Rent 21 Occupancy Analysis 22 External Growth Development Lifecycle 23 Historical Capital Expenditures and Investments in 24 Real Estate Acquisitions / Dispositions / Joint Ventures 25 Unconsolidated Entities 26 Additional Information Reconciliation of Earnings Before Interest, Taxes, 27 Depreciation & Amortization and Financial Ratios Management Statements on Non-GAAP Measures 28 Forward-Looking Statements 30
Corporate Profile Digital Realty Trust, Inc. (“Digital Realty” or the “company”) owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. (the “operating partnership”). The company is focused on providing data center, colocation, and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of September 30, 2026, the company’s 311 data centers, including 88 data centers held as investments in unconsolidated entities, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty’s portfolio is comprised of approximately 3.2 gigawatts of IT capacity, as well as approximately 9.8 gigawatts of buildable IT capacity under active development and held for future development, located throughout North America, Europe, South America, Asia, Australia, and Africa. For additional information, please visit the company’s website at digitalrealty.com.
Senior ManagementPresident & Chief Executive Officer: Andrew P. Power Chief Financial Officer: Matthew R. Corporate Headquarters601 W 2nd St., Mercier 32nd FloorAustin, TX(737) 281-0101 Chief Investment Officer: Gregory S. digitalrealty.com Wright Chief Technology Officer: Christopher L. Sharp Chief Revenue Officer: Colin M. McLean
Investor Relations To request more information or to be added to our e-mail distribution list, please visit the Investor Relations section of our website at https://investor.digitalrealty.com. Analyst Coverage
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This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about Digital Realty and our business is also available on our website at digitalrealty.com. Upcoming Conference Schedule
Webcasts for these events are available through the Digital Realty Investor Relations website when possible. Please check our website for additional information.
Stock Listing Information The stock of Digital Realty Trust, Inc. is traded primarily on the New York Stock Exchange under the following symbols:
Common Stock: DLR Series J Preferred Stock: DLRPRJ Series K Preferred Stock: DLRPRK Series L Preferred Stock: DLRPRL
Standard & Poor’s Corporate Credit Rating: BBB+ -Stable Outlook Preferred Stock: BBB- Moody’s Issuer Rating: Baa1 -Stable Outlook Preferred Stock: Baa2 Fitch Issuer Default Rating: BBB -Stable Outlook Preferred Stock: BB+
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, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at 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. Common Stock Price Performance The following summarizes recent activity of Digital Realty’s common stock (DLR):
As of September 30, 2026, the total number of shares and units includes 374,888 shares of common stock, 4,294 common units held by third parties and 2,355 common units and vested and unvested long-term (3) incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions.
This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about us and our data centers is also available on our website at digitalrealty.com .
Key Quarterly Financial Data Financial Supplement Unaudited, Dollars (except per share data) in Third Quarter 2026 Thousands
Key Quarterly Financial Data Financial Supplement Unaudited, Dollars (except per share data) in Third Quarter 2026 Thousands
The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in our operating partnership, including common units (2) and vested and unvested long-term incentive units, for shares of our common stock on a one-for-one basis. Excludes shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions, as applicable.
EBITDA is calculated as earnings before interest expense, loss on debt extinguishment and modifications, tax expense, and depreciation and (3) amortization. For a discussion of EBITDA, see page 28. For a reconciliation of net income available to common stockholders to EBITDA, see page 27.
Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (4) (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, (x) gain on / issuance costs associated with redeemed preferred stock and (xi) net promote. For a discussion of Adjusted EBITDA, see page 28. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 27.
Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 5), plus finance lease obligations, plus (5) our share of unconsolidated entities debt at carrying value, less cash and cash equivalents (including our share of unconsolidated entities cash), divided by the product of Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), multiplied by four.
(6) Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred stock dividends.
Interest coverage ratio is Adjusted EBITDA (including our pro rata (7) share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our share of unconsolidated entities interest expense).
Fixed charge coverage ratio is Adjusted EBITDA (including our pro rata (8) share of unconsolidated entities EBITDA), divided by fixed charges (including our share of unconsolidated entities fixed charges).
For definitions and discussion of FFO, Core FFO and Core FFO (excluding (9) net promote), see page 28. For reconciliations of net income available to common stockholders to FFO, Core FFO and Core FFO (excluding net promote), see page 13.
(10) For a definition and discussion of AFFO, see page 28. For a reconciliation of Core FFO to AFFO, see page 14.
Diluted payout ratios for FFO, Core FFO and AFFO are calculated as (11) dividends declared per common share and unit divided by the corresponding diluted FFO, diluted Core FFO and diluted AFFO per share and unit, respectively.
Occupancy and same-capital occupancy exclude capacity under active development and capacity held for development. Occupancy represents our consolidated portfolio in addition to our managed portfolio of (14) unconsolidated entities and non-managed unconsolidated entities. For some of our data centers, we calculate occupancy based on factors including available power, required support capacity and common area. Excludes data centers held for sale and contribution.
Represents data centers owned as of December 31, 2024, with less than 5% of total rentable square feet under development. Excludes data centers that were undergoing, or were expected to undergo, development (15) activities in 2025-2026, data centers classified as held for sale and contribution, and data centers sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool.
(16) Weighted average remaining lease term excludes renewal options and is weighted by annualized recurring revenue.
Digital Realty Reports Third Quarter 2026 Results Austin, TX — October 29, 2026 — Digital Realty (NYSE: DLR),the world’s largest cloud- and carrier-neutral data center platform, announced today its financial results for the third quarter of 2026. All per share results are presented on a fully diluted basis. Highlights
◾ Reported net income available to common stockholders of $0.48 per share in 3Q26, compared to $0.15 in 3Q25
Signed record total bookings during 3Q26 that are expected to generate ◾ $855 million of annualized GAAP base rent at 100% share; at Digital Realty’s share, bookings were a record $627 million, including a record $152 million within the 0-1 megawatt plus interconnection category
◾ Reported rental rate increases on renewal leases of 11.8% on a cash basis in 3Q26
Reported a record total backlog of $2.5 billion of annualized GAAP base ◾ rent at 100% share at the end of 3Q26; at Digital Realty’s share, the backlog was a record $1.8 billion
Raised 2026 Core FFO per share (excluding net promote) outlook to $8.30 ◾ - $8.35 and 2026 Constant-Currency Core FFO per share (excluding net promote) outlook to $8.25 - $8.30
Financial Results Digital Realty reported total revenues of $1.9 billion in the third quarter of 2026, 10% higher than the previous quarter when excluding $201 million of promote income in the second quarter and 21% above the same quarter last year. The company delivered net income of $194 million in the third quarter of 2026, as well as net income available to common stockholders of $185 million and $0.48 per share, compared to $1.21 per share in the previous quarter and $0.15 per share in the same quarter last year. Digital Realty generated Adjusted EBITDA of $978 million in the third quarter of 2026, which was in line with the previous quarter and a 13% increase over the same quarter last year. The company reported Funds From Operations (FFO) of $742 million in the third quarter of 2026, or $1.97 per share, compared to $2.73 per share in the previous quarter and $1.65 per share in the same quarter last year. Digital Realty delivered Core FFO per share (excluding net promote) of $2.10 in the third quarter of 2026, compared to $2.13 per share in the previous quarter and $1.89 per share in the same quarter last year.Digital Realty delivered Core FFO per share (excluding net promote) of $6.27 for the nine-month period ended September 30, 2026. Digital Realty delivered Constant-Currency Core FFO per share (excluding net promote) of $2.10 in the third quarter of 2026 and $6.18 per share for the nine- month period ended September 30, 2026. “Digital Realty extended its track record of execution in the third quarter with record leasing, an expanding backlog, and another quarter of double-digit earnings growth,” said Digital Realty President and Chief Executive Officer Andy Power. “These results underscore the global strength of customer demand for connectivity-rich environments, trusted execution, and a well-capitalized partner with the reach and capabilities to support their evolving requirements across the digital infrastructure landscape.” Leasing Activity In the third quarter, Digital Realty signed total bookings that are expected to generate $855 million of annualized GAAP rental revenue, at 100% share; at Digital Realty’s share, total bookings were $627 million, including a $130 million contribution from the 0-1 MW category and a $22 million contribution from interconnection. The weighted-average lag between new leases signed during the third quarter of 2026 and the contractual commencement date was 17 months. The backlog of signed-but-not-commenced leases at quarter-end was $2.5 billion of annualized GAAP base rent at 100% share, and $1.8 billion at Digital Realty’s share. In addition, Digital Realty also signed renewal leases representing $261 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the third quarter of 2026 increased 11.8% on a cash basis and 17.0% on a GAAP basis.
New leases signed during the third quarter of 2026, at Digital Realty’s share, are summarized by region and product as follows:
(1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.
(2) Based on quarterly average exchange rates during the three months ended September 30, 2026.
Investment Activity During the third quarter of 2026, Digital Realty acquired $742 million of land:
● Near the Indianapolis metro area, to support over one gigawatt of IT capacity.
● Adjacent to Digital Realty’s Fort Gillem campus in Atlanta to support hyperscale and enterprise colocation IT capacity.
● Two parcels in the Chicago metro area to support hyperscale and enterprise colocation for an aggregate of 360 megawatts of IT capacity .
● In the Charlotte metro area to support development of up to 600 megawatts of IT capacity.
● Near Digital Realty’s Ostend campus in Frankfurt, Germany to support up to 14 megawatts of IT capacity.
As previously disclosed, during the quarter, Digital Realty entered into a new joint venture with Rönesans Infrastructure to develop data centers across Türkiye for $33 million. The joint venture's first investment will be a data center in Ankara, expected to support more than 22 megawatts of IT capacity. Subsequent to quarter end, Digital Realty also closed on the following acquisitions:
● The freehold interest in the land underlying our campus in Dugny, France for approximately €80 million or $90 million.
An additional 16% stake in Teraco for approximately $688 million from certain minority shareholders, principally through the issuance of 3.4 million shares of common stock, increasing Digital Realty’s ownership from 61% to approximately 77%. Subsequent to quarter end, we closed $1.4 billion of initial cornerstone equity commitments to our new perpetual capital strategy focused on stabilized hyperscale data centers in North America.
Balance Sheet Digital Realty had approximately $19.5 billion of total debt outstanding as of September 30, 2026, comprised of $17.9 billion of unsecured debt and approximately $1.6 billion of secured debt and other debt. At the end of the third quarter of 2026, net debt-to-Adjusted EBITDA was 5.2x, debt-plus- preferred-to-total enterprise value was 23.2% and fixed charge coverage was 4.8x. During the quarter, the company sold approximately 2.4 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $191.84 per share, for net proceeds of approximately $450 million. Year-to-date, the company has sold approximately 15.9 million shares under its ATM equity issuance program at a weighted average price of $185.98 per share, for net proceeds of approximately $2.9 billion. In October, the company issued:
● €1 billion of 5.125% euro notes due 2036, for net proceeds of approximately €1 billion ($1.1 billion); and
CHF225 million of 1.6803% Swiss bonds due 2029, CHF185 million of 2.0600% ● due 2032 and CHF100 million of 2.4150% due 2036, for aggregate net proceeds of approximately CHF508 million ($611 million).
2026 Outlook Digital Realty raised its 2026 Core FFO per share (excluding net promote) outlook to $8.30 - $8.35 and its 2026 Constant-Currency Core FFO per share (excluding net promote) outlook to $8.25 - $8.30. The assumptions underlying the outlook are summarized in the following table.
Net non-cash rent adjustments represent the sum of straight-line rental (1) revenue and straight-line rental expense, as well as the amortization of above- and below-market leases (i.e., ASC 805 adjustments).
The “Same-Capital” pool includes properties owned as of December 31, 2024 with less than 5% of total rentable square feet under development. It excludes properties that were undergoing, or were expected to (3) undergo, development activities in 2025-2026, properties classified as held for sale and contribution, and properties sold or contributed to joint ventures for all periods presented. The 2026 “Same-Capital” cash NOI growth outlook is presented on a constant currency basis.
Excludes land acquisitions and includes Digital Realty’s share of joint (4) venture and fund contributions. Figure is net of joint venture and fund partners’ share of contributions.
Other non-recurring CapEx represents costs incurred to enhance the (5) capacity or marketability of operating properties, such as network fiber initiatives and software development costs.
Recurring CapEx represents non-incremental improvements required to (6) maintain current revenues, including second-generation tenant improvements and leasing commissions.
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. Please see Non-GAAP Financial Measures in this document for further discussion.
Non-GAAP Financial Measures This document contains non-GAAP financial measures, including FFO, Core FFO, Core FFO (excluding net promote), Constant Currency Core FFO (excluding net promote), Adjusted FFO, Net Operating Income (NOI), “Same-Capital” Cash NOI and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, a reconciliation from Core FFO (excluding net promote) to Constant Currency Core FFO (excluding net promote), a reconciliation from Core FFO to Adjusted FFO, a reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Constant Currency Core FFO, Core FFO (excluding net promote), Adjusted FFO, NOI and “Same-Capital” Cash NOI are included as an attachment to this document. A reconciliation from U.S. GAAP net income available to common stockholders to Adjusted EBITDA, a definition of Adjusted EBITDA and definitions of net debt-to-Adjusted EBITDA, debt-plus-preferred-to-total enterprise value, cash NOI, and fixed charge coverage ratio are included as an attachment to this document. 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. Investor Conference Call Prior to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on October 29, 2026, a presentation will be posted to the Investors section of the company’s website at https://investor.digitalrealty.com. The presentation is designed to accompany the discussion of the company’s third quarter 2026 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier. A live webcast of the call will be available on the Investors section of Digital Realty’s website at https://investor.digitalrealty.com . The webcast will be archived for one year and the replay will be available shortly after the conclusion of the live event. About Digital Realty Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation, from cloud and digital transformation to emerging technologies like artificial intelligence (AI), and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 55+ metros across 30+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.comor follow us on LinkedInand X. Contact Information Matt Mercier Chief Financial Officer Digital Realty Jordan Sadler / Jim Huseby Investor Relations Digital Realty InvestorRelations@digitalrealty.com 11
Consolidated Quarterly Statements of Operations Financial Supplement Unaudited and in Thousands, Except Per Share Data Third Quarter 2026
Funds From Operations and Core Funds From Financial Supplement Operations Unaudited and in Thousands, Except Per Share Data Third Quarter 2026
Certain of Teraco's minority indirect shareholders have the right to put their shares in an upstream parent company of Teraco to Digital Realty in exchange for cash or the equivalent value of shares of Digital Realty common stock, or a combination thereof. U.S. GAAP requires Digital Realty to assume the put right is settled in shares for purposes of calculating diluted EPS. This same approach was (2) utilized to calculate FFO/share. The potential future dilutive impact associated with this put right will be excluded from Core FFO and AFFO until settlement occurs – causing diluted share count to be higher for FFO than for Core FFO and AFFO. When calculating diluted FFO, Teraco related noncontrolling interest is added back to the FFO numerator as the denominator assumes all shares have been put back to Digital Realty.
For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred (3) stock, as applicable, which we consider highly improbable. See above for calculations of FFO and the share count detail section that follows the reconciliation of Core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO, Core FFO and Core FFO (excluding net promote), see the Definitions section.
Includes development fees included in gains, lease termination fees, (4) gain on sale of equity investment included in other income, insurance proceeds related to property damage and unconsolidated entities non-core adjustments within equity in earnings.
(5) Relates to severance and other charges related to the departure of company executives and integration-related severance.
Includes non-real estate amortization expense, write-offs associated with non-recurring legal and insurance expenses, impact of foreign tax (6) rate changes, non-core adjustments attributable to noncontrolling interests, impact on tax expense due to insurance proceeds related to property damage and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interests.
Adjusted Funds From Operations (AFFO) Financial Supplement Unaudited and in Thousands, Except Per Share Data Third Quarter 2026
Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. (1) Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions.
For a definition and discussion of AFFO, see the Definitions section. (2) For a reconciliation of net income (loss) available to common stockholders to FFO and Core FFO, see above.
For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified (3) change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and for calculations of weighted average common stock and units outstanding.
Consolidated Balance Sheets Financial Supplement Unaudited and in Thousands, Except Per Share Data Third Quarter 2026
(1) Net of allowance for doubtful accounts of $78,043 and $85,274 as of September 30, 2026 and September 30, 2025, respectively.
Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 (2) liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of September 30, 2026 and September 30, 2025.
Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 (3) liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of September 30, 2026 and September 30, 2025.
Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 (4) liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of September 30, 2026 and September 30, 2025.
(5) Common Stock: 374,888 and 343,041 shares issued and outstanding as of September 30, 2026 and September 30, 2025, respectively.
Components of Net Asset Value (NAV) (1) Financial Supplement Unaudited and in Thousands Third Quarter 2026
Consolidated Properties Cash Net Operating Income (NOI)(2), Annualized (3) Network-Dense $1,427,384 Campus 2,228,685 Other (4) 79,784 Total Cash NOI, Annualized $3,735,853 less: Partners' share of consolidated JVs -104,871 Acquisitions / dispositions / expirations -29,263 FY 2026 backlog cash NOI and 3Q26 carry-over 221,924 (stabilized) (5) Total Consolidated Cash NOI, Annualized $3,823,643 Digital Realty's Pro Rata Share of Unconsolidated $341,371 Entities Cash NOI (3) (6) Other Income Development and Management Fees (net), Annualized $326,967 (excluding promote income) (7) Other Assets Pre-stabilized inventory, at cost (8) $913,663 Land held for development 769,433 Development CIP 10,634,707 less: Investment associated with FY26 Backlog NOI -1,774,038 (9) Cash and cash equivalents 802,903 Accounts and other receivables, net 1,809,964 Other assets 783,719 less: Partners' share of consolidated entities -205,977 assets Total Other Assets $13,734,374 Liabilities Global unsecured revolving credit facilities $1,655,570 Unsecured term loans 424,875 Unsecured senior notes 15,915,981 Secured and other debt 1,622,549 Accounts payable and other accrued liabilities 2,862,960 Deferred tax liabilities 1,100,877 Security deposits and prepaid rents 886,252 Backlog NOI cost to complete (9) 270,276 Preferred stock 755,000 Digital Realty's share of unconsolidated entities 2,131,287 debt less: Partners' share of consolidated entities -505,538 liabilities Total Liabilities $27,120,089
(1) Backlog and associated financial line items include activity related to properties held in unconsolidated entities.
For definitions and discussion of NOI and cash NOI and a reconciliation (2) of operating income before gain (loss) on disposition of properties, net to NOI and cash NOI, see page 29.
Annualized cash NOI is calculated by multiplying results for the most recent quarter by four. Annualized results may not be indicative of any four-quarter period and do not take into account scheduled lease (3) expirations, among other things. Annualized data is presented for illustrative purposes only. Reflects annualized 3Q26 Cash NOI of $3.7 billion. NOI is allocated based on management’s estimates derived using contractual ABR and stabilized margins.
(4) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.
Estimated cash NOI related to signed leases that are expected to (5) commence through December 31, 2026. Includes Digital Realty’s share of signed leases at properties held in unconsolidated entities.
(6) For a reconciliation of Digital Realty’s pro rata share of unconsolidated entities operating income to cash NOI, see page 26.
(8) Excludes Digital Realty’s share of cost at properties held in unconsolidated entities.
Includes Digital Realty’s share of construction in progress and (9) expected cost to complete at properties held in unconsolidated entities.
Debt Maturities Financial Supplement Unaudited and Dollars in thousands Third Quarter 2026
Same-Capital Operating Trend Summary Financial Supplement Unaudited and Dollars in Thousands Third Quarter 2026
Represents data centers owned as of December 31, 2024 with less than 5% of total rentable square feet under development. Excludes data centers that were undergoing, or were expected to undergo, development (1) activities in 2025-2026, data centers classified as held for sale and contribution, and data centers sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool.
For definitions and discussion of NOI and cash NOI and a reconciliation (2) of operating income before gain (loss) on disposition of properties, net to NOI and cash NOI, see page 29.
Adjustment calculated by holding currency translation rates for 2026 (3) constant with average currency translation rates that were applicable to the same periods in 2025.
(4) Occupancy excludes capacity under active development and capacity held for development.
(3) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.
Churn is defined as recurring revenue lost during the period due to (4) leases terminated or not renewed, divided by recurring revenue at the beginning of the period.
Note: LTM is last twelve months, including current quarter. Weighted average lease term excludes renewal options and is weighted by annualized GAAP rent.
Lease Expirations - By Size Financial Supplement Dollars in Thousands (except per kW data) Third Quarter 2026
Annualized rent represents the monthly contractual base rent (defined (1) as cash base rent before abatements) under existing leases as of September 30, 2026, multiplied by 12.
(2) Includes leases, licenses, and similar agreements that upon expiration have been automatically renewed on a month-to-month basis.
(3) Other includes unimproved data center shell capacity as well as storage and office space within fully improved data center facilities.
Note: Represents consolidated portfolio in addition to our managed and non- managed portfolio of unconsolidated entities based on our ownership percentage.
Top 20 Customers by Annualized Rent Financial Supplement Dollars in Thousands Third Quarter 2026
Annualized recurring revenue represents the monthly contractual base (1) rent (defined as cash base rent before abatements) and interconnection revenue under existing leases as of September 30, 2026, multiplied by 12.
Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated entities based on ownership percentage. Our direct customers may be the entities named in the table above or their subsidiaries or affiliates.
(1) White Space IT Load represents UPS-backed utility power in megawatts dedicated to Digital Realty’s operated data center capacity.
Annualized base rent represents the monthly contractual base rent (2) (defined as cash base rent before abatements) under existing leases as of September 30, 2026, multiplied by 12.
(3) Occupancy excludes capacity under active development and capacity held for development.
Development Lifecycle (1) Financial Supplement Dollars in Thousands Third Quarter 2026
Represents the expected megawatt capacity to be developed based on our (2) current plans and estimates; actual megawatt capacity developed may differ. Includes land and capacity held or actively under construction in preparation for future data center fit-out.
Represents cost incurred through September 30, 2026, plus remaining (3) cost to complete on approved phases in preparation for future data center fit-out, including pro-rata share of acquisition, shell and infrastructure costs.
(4) Includes Digital Realty's and partners' shares in development joint ventures projects.
(5) Includes only Digital Realty's share in development joint ventures projects.
Represents cost incurred through September 30, 2026. Excludes $2.2 (6) billion related to the impact of purchase accounting on the acquisition of three joint venture development projects in Northern Virginia acquired on June 30, 2026.
(7) Represents estimated cost to complete scope of work pursuant to approved development budget.
Represents total cost to develop a data center, including pro-rata (8) share of acquisition, shell and infrastructure costs, plus the direct investment in the data center fit-out.
Represents pre-tax estimated stabilized cash yields, which are based on (9) total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions.
Historical Capital Expenditures and Investments in Financial Supplement Real Estate Dollars in Thousands Third Quarter 2026
(1) Non-recurring capital expenditures are primarily for development of land and capacity, excluding acquisition costs.
Amount reflects the total capital expenditures on consolidated (2) development projects during the quarter. The total includes 100% of spending on projects contributed to joint ventures and fund prior to their contribution.
Recurring capital expenditures represent non-incremental data center improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. (3) Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a data center, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions.
Acquisitions / Dispositions/ Joint Ventures Financial Supplement Dollars in Thousands Third Quarter 2026
Acquisiti… Metropoli… Date Purchase Cap Property Type Area Acquired Price (1) Rate (2) Campus Building Atlanta Jul-26 NA Expansion and Land Colocati… Land Crete Jul-26 NA Developm… 600 MW Hypersca… Land Charlotte Jul-26 NA Developm… 1+ GW Hypersca… Land Indianapo… Jul-26 NA Developm… Colocati… and Hypersca… Land Chicago Sep-26 NA Developm… (Two Parcels) Colocati… Land Frankfurt Sep-26 NA Developm… Total $741,944
Dispositi… Metropolit… Date Sale Cap Property Type Area Disposed Price Rate (2) (1) Non-Core Land Dallas Jul-26 $750 NA Asset Total $750
Represents the purchase price or sale price, as applicable before (1) contractual price adjustments, transaction expenses, taxes, and potential currency fluctuations. All prices were converted to USD based on FX rate as of September 30, 2026.
We calculate the cash capitalization rate on acquisitions, dispositions, and joint venture and fund contributions by dividing anticipated annual net operating income by the purchase/sale/contribution price, including assumed debt and related pre-payment penalties. Net operating income represents rental revenue and tenant reimbursement revenue from in-place leases, less rental property operating and maintenance expenses, property taxes and insurance expenses, and is not a financial measure calculated in accordance with GAAP. We caution you not to place undue reliance on our (2) cash capitalization rates because they are based solely on data made available to us in the diligence process in connection with the relevant acquisitions and are calculated on a non-GAAP basis. Our calculation of the cash capitalization rate on acquisitions may change, based on our experience operating the data centers subsequent to closing of the acquisitions. In addition, the actual cash capitalization rates may differ from our expectations based on numerous other factors, including the results of our final purchase price allocation, difficulties collecting anticipated rental revenues, tenant bankruptcies, property tax reassessments and unanticipated expenses at the data centers that we cannot pass on to tenants.
Unconsolidated Entities Financial Supplement Dollars in Thousands Third Quarter 2026
Includes Ascenty, Blackstone NoVa, Clise, Digital Realty DC Partners NA (1) Fund, GI Partners, Mapletree, Menlo, Mitsubishi, Realty Income, TPG Real Estate and Walsh.
(2) Includes Digital Realty Bersama, Digital Connexion, Lumen and MC Digital Realty.
Note: Digital Realty’s ownership percentages in the unconsolidated entities vary.
Reconciliation of Earnings Before Interest, Taxes, Financial Supplement Depreciation & Amortization and Financial Ratios Unaudited and Dollars in Thousands Third Quarter 2026
(1) For definitions and discussion of EBITDA and Adjusted EBITDA, see the Definitions section.
Includes foreign exchange remeasurement (gain) loss, net, impact of (2) foreign tax rate changes, non-recurring legal and insurance expenses, lease termination fees, insurance proceeds related to property damage and similar adjustments on unconsolidated entities.
Cash interest expense is interest expense less amortization of debt (3) discount and deferred financing fees and includes interest that we capitalized. We consider cash interest expense to be a useful measure of interest as it excludes non-cash-based interest expense.
(4) Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred stock dividends.
Adjusted EBITDA (including our pro rata share of unconsolidated (5) entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated entities interest expense).
Adjusted EBITDA (including our pro rata share of unconsolidated (6) entities EBITDA), divided by cash interest expense (including our pro rata share of unconsolidated entities interest expense).
Adjusted EBITDA (including our pro rata share of unconsolidated (7) entities EBITDA), divided by fixed charges (including our pro rata share of unconsolidated entities fixed charges).
Adjusted EBITDA (including our pro rata share of unconsolidated (8) entities EBITDA), divided by the sum of cash interest expense and preferred stock dividends (including our pro rata share of unconsolidated entities cash fixed charges).
(9) Total debt divided by market value of common equity plus debt plus preferred stock.
(10) Total enterprise value defined as market value of common equity plus debt plus preferred stock.
(12) Calculated as net income plus interest expense divided by GAAP interest expense.
Calculated as total debt at balance sheet carrying value, plus finance lease obligations, plus Digital Realty’s pro rata share of unconsolidated entities debt, less cash and cash equivalents (13) (including Digital Realty’s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated entities EBITDA), multiplied by four.
Management Statements on Non-GAAP Measures Financial Supplement Unaudited Third Quarter 2026
Definition s 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 (Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO is a non-GAAP financial measure and represents net income (loss) available to common stockholders (computed in accordance with GAAP), excluding gain (loss) from the disposition of real estate assets, provision for impairment, real estate related depreciation and amortization (excluding amortization of deferred financing costs), our share of unconsolidated JV real estate related depreciation & amortization, net income attributable to noncontrolling interests in operating partnership and reconciling items related to noncontrolling interests. 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) and Core FFO (excluding net promote) : We present core funds from operations, or Core FFO, and Core FFO (excluding net promote) as supplemental operating measures because, in excluding certain items that do not reflect core revenue or expense streams, they provide a performance measure that, when compared year over year, capture 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) gain (loss) on debt extinguishment and modifications, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration and legal expenses, (vi) gain/loss on FX and derivatives revaluation, and (vii) other non-core expense adjustments. We calculate Core FFO (excluding net promote) by adding to Core FFO the net impact of (i) promote income and (ii) promote expense (collectively “net promote”). Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO and Core FFO (excluding net promote) as a measure of our performance is limited. Other REITs may calculate Core FFO and Core FFO (excluding net promote) differently than we do and accordingly, our Core FFO and Core FFO (excluding net promote) may not be comparable to other REITs’ Core FFO and Core FFO (excluding net promote). Core FFO and Core FFO (excluding net promote) should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. Adjusted Funds from Operations (AFFO) : We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs, including on a per share and unit basis. We calculate AFFO by adding to or subtracting from Core FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs, (iii) amortization of debt discount/premium, (iv) non-cash stock-based compensation expense, (v) straight- line rental revenue, (vi) straight-line rental expense, (vii) above- and below- market rent amortization, (viii) deferred tax expense / (benefit), (ix) leasing compensation and internal lease commissions, and (x) recurring capital expenditures. Other REITs may calculate AFFO differently than we do and, accordingly, our AFFO may not be comparable to other REITs’ AFFO. AFFO 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 expense, gain (loss) on debt extinguishment and modifications, income tax expense (benefit), 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, (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, (x) gain on / issuance costs associated with redeemed preferred stock and (xi) net promote. 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. 28
Management Statements on Non-GAAP Measures Financial Supplement Unaudited Third Quarter 2026
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. Same- Capital Cash NOI represents data centers owned as of December 31, 2024 with less than 5% of total rentable square feet under development and excludes data centers that were undergoing, or were expected to undergo, development activities in 2025-2026, data centers classified as held for sale and contribution, and data centers sold or contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). 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. Additional Definitions GAAP refers to United States generally accepted accounting principles. Net debt-to-Adjusted EBITDA ratio is calculated as total debt at balance sheet carrying value, plus finance lease obligations, plus Digital Realty’s pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated entities EBITDA), multiplied by four. Debt-plus-preferred-to-total enterprise value is total debt plus preferred stock divided by total debt plus the liquidation value of preferred stock and the market value of outstanding Digital Realty Trust, Inc. common stock and Digital Realty Trust, L.P. units, assuming the redemption of Digital Realty Trust, L.P. units for shares of Digital Realty Trust, Inc. common stock. Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest and preferred stock dividends. For the quarter ended September 30, 2026, GAAP interest expense was $93 million, capitalized interest was $71 million and preferred stock dividends were $10 million.
Adjustment calculated by holding currency translation rates for 2026 2) constant with average currency translation rates that were applicable to the same periods in 2025.
This document 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, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation capacity, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company’s FFO, Core FFO, constant currency Core FFO, Core FFO (excluding net promote), Constant Currency Core FFO (excluding net promote), adjusted FFO, adjusted EBITDA, net income, 2026 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial data. 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;
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;
● breaches of our obligations or restrictions under our contracts with our customers;
our inability to successfully develop and lease new properties and ● development capacity, and delays or unexpected costs in development of properties;
● the impact of current global and local economic, credit and market conditions;
● increased tariffs, global supply chain or procurement disruptions, or increased supply chain costs;
the impact from periods of heightened inflation on our costs, such as ● operating and general and administrative expenses, interest expense and real estate acquisition and construction costs;
● the impact on our customers’ and our suppliers’ operations during an epidemic, pandemic, or other global events;
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;
changes in political conditions, geopolitical turmoil, political ● instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate;
● our inability to retain data center capacity that we lease or sublease from third parties;
● information security, cyberattacks, security breaches 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 and future 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;
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;
● environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;
● the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations;
● Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for U.S. federal income tax purposes;
changes in local, state, federal and international laws and regulations, ● including related to taxation, real estate and zoning laws, and increases in real property tax rates; and
● the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us.
The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10-K for the year ended December 31, 2025, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a 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, ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture, PlatformDIGITAL, PDx, Data Gravity Index and Data Gravity Index DGx 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.
Full text with the tables
Table of Contents
Exhibit 99.1
Table of Contents
Financial Supplement
Table of Contents Third Quarter 2026
Overview PAGE
Corporate Information 3
Key Quarterly Financial Data 5
Consolidated Statements of Operations
Earnings Release 7
2026 Outlook 10
Consolidated Quarterly Statements of Operations 12
Funds From Operations and Core Funds From 13
Operations
Adjusted Funds From Operations 14
Balance Sheet Information
Consolidated Balance Sheets 15
Components of Net Asset Value 16
Debt Maturities 17
Internal Growth
Same-Capital Operating Trend Summary 18
Summary of Leasing Activity - Signed and Renewed 19
Lease Expirations - By Size 20
Top 20 Customers by Annualized Rent 21
Occupancy Analysis 22
External Growth
Development Lifecycle 23
Historical Capital Expenditures and Investments in 24
Real Estate
Acquisitions / Dispositions / Joint Ventures 25
Unconsolidated Entities 26
Additional Information
Reconciliation of Earnings Before Interest, Taxes, 27
Depreciation & Amortization and Financial Ratios
Management Statements on Non-GAAP Measures 28
Forward-Looking Statements 30
Table of Contents
Financial Supplement
Corporate Information Third Quarter 2026
Corporate Profile Digital Realty Trust, Inc. (“Digital Realty” or the “company”)
owns, acquires, develops, and operates data centers through its operating
partnership subsidiary, Digital Realty Trust, L.P. (the “operating
partnership”). The company is focused on providing data center, colocation, and
interconnection solutions for domestic and international customers across a
variety of industry verticals ranging from cloud and information technology
services, communications and social networking to financial services,
manufacturing, energy, healthcare, and consumer products. As of September 30,
2026, the company’s 311 data centers, including 88 data centers held as
investments in unconsolidated entities, contain applications and operations
critical to the day-to-day operations of technology industry and corporate
enterprise data center customers. Digital Realty’s portfolio is comprised of
approximately 3.2 gigawatts of IT capacity, as well as approximately 9.8
gigawatts of buildable IT capacity under active development and held for future
development, located throughout North America, Europe, South America, Asia,
Australia, and Africa. For additional information, please visit the company’s
website at digitalrealty.com.
Senior ManagementPresident & Chief
Executive Officer: Andrew P. Power
Chief Financial Officer: Matthew R.
Corporate Headquarters601 W 2nd St., Mercier
32nd FloorAustin, TX(737) 281-0101 Chief Investment Officer: Gregory S.
digitalrealty.com Wright
Chief Technology Officer:
Christopher L. Sharp
Chief Revenue Officer: Colin M.
McLean
Investor Relations To request more information or to be added to our e-mail
distribution list, please visit the Investor Relations section of our website at
https://investor.digitalrealty.com. Analyst Coverage
BMO
BMO BNP
Capit… Paribas
Barcl… Bernst… Marke… Exane BofA BTIG Cantor
Secur…
Brend… Madison Ari Nate Micha… Thomas Brett
Lynch Rezaei Klein Crosse… Funk Cather… Knobl…
Citiz… Deutsc… Everc… Goldman Green
CIBC Citigr… JMP Bank ISI Sachs Street
Advis…
Steph… Michael Greg Benjam… Irvin Michael David
Price Rollins Miller Soff Liu Ng Guari…
Gugge… HSBC Jeffe… J.P. KeyBa… Mizuho Moffe…
Morgan Group
Joseph Phani Jonat… Richard Brand… Vikram Nick
Osha Kanumu… Peter… Choe Nispel Malhot… Del
Deo
Morgan Oppenh… Raymo… Rothsc… Scoti… Stifel TD
Stanl… James & Co Cowen
Camer… Timothy Frank Alex Maher Erik Micha…
McVei… Horan Louth… Haissl Yaghi Rasmus… Elias
Truist UBS Wells Wolfe
Secur… Fargo Resear…
Matth… John Eric Andrew
Niknam Hodulik Luebc… Rosiva…
This Earnings Press Release and Supplemental Information package supplements the
information provided in our quarterly and annual reports filed with the U.S.
Securities and Exchange Commission. Additional information about Digital Realty
and our business is also available on our website at digitalrealty.com. Upcoming
Conference Schedule
Nareit REITworld
UBS Global Real Estate
November 17 – 18, 2026 CEO/CFO Conference Atlanta, GA
December 1, 2026 Wells Fargo Annual TMT London, UK
December 7, 2026 Summit Rancho Palos Verdes, CA
──────────────────────────────────────────────────────────────────────────────
Webcasts for these events are available through the Digital Realty Investor
Relations website when possible. Please check our website for additional
information.
3
Table of Contents
Financial Supplement
Corporate Information (Continued) Third Quarter 2026
Stock Listing Information The stock of Digital Realty Trust, Inc. is traded
primarily on the New York Stock Exchange under the following symbols:
Common Stock: DLR
Series J Preferred Stock: DLRPRJ
Series K Preferred Stock: DLRPRK
Series L Preferred Stock: DLRPRL
Symbols may vary by stock quote provider. Credit Ratings
Standard & Poor’s
Corporate Credit Rating: BBB+ -Stable Outlook
Preferred Stock: BBB-
Moody’s
Issuer Rating: Baa1 -Stable Outlook
Preferred Stock: Baa2
Fitch
Issuer Default Rating: BBB -Stable Outlook
Preferred Stock: BB+
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, hold or
sell any security, and may be revised or withdrawn at any time by the issuing
rating agency at 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. Common Stock Price Performance The following summarizes
recent activity of Digital Realty’s common stock (DLR):
Thr…
Mon…
End…
30-… 30… 31… 31… 30…
Hi… $20… $20… $18… $18… $18…
pr…
Low $17… $17… $15… $14… $15…
pr…
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end $17… $17… $18… $15… $17…
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end
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and
un…
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(4)
(1) Shares or shares and units in thousands.
(2) On an annualized basis.
As of September 30, 2026, the total number of shares and units includes
374,888 shares of common stock, 4,294 common units held by third
parties and 2,355 common units and vested and unvested long-term
(3) incentive units held by directors, officers and others and excludes all
shares of common stock potentially issuable upon conversion of our
series J, series K and series L cumulative redeemable preferred stock
upon certain change of control transactions.
(4) Dollars in thousands as of the end of the quarter.
This Earnings Press Release and Supplemental Information package supplements the
information provided in our quarterly and annual reports filed with the U.S.
Securities and Exchange Commission. Additional information about us and our data
centers is also available on our website at digitalrealty.com .
4
Table of Contents
Key Quarterly Financial Data Financial Supplement
Unaudited, Dollars (except per share data) in Third Quarter 2026
Thousands
S…
a…
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at 30… 30… 31… 31… 30…
E…
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Q…
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a…
u…
(…
A…
f…
f…
o…
(…
/ $1… $2.… $1.… $1.… $1.…
d…
s…
a…
u…
(…
D…
p…
s… $1… $1.… $1.… $1.… $1.…
a…
c…
u…
D…
F…
p… 61… 44.… 61.… 64.… 73.…
r…
(…
(…
D…
C…
F…
p… 58… 46.… 59.… 65.… 64.…
r…
(…
(…
D…
A…
p… 67… 49.… 63.… 90.… 69.…
r…
(…
(…
P…
S…
D…
C… 311 310 309 310 311
(…
C…
(… 23… 235… 234… 232… 231…
(…
O…
M… 2,… 2,7… 2,7… 2,6… 2,6…
(…
IT
L…
C… 3,… 3,1… 3,0… 2,9… 2,8…
M…
(…
O…
at
e… 91… 90.… 90.… 89.… 90.…
of
q…
(…
S…
o…
at
e… 93… 92.… 91.… 91.… 91.…
of
q…
(…
(…
W…
a…
r…
l… 4.4 4.1 4.3 3.9 4.2
t…
(…
(…
5
Table of Contents
Key Quarterly Financial Data Financial Supplement
Unaudited, Dollars (except per share data) in Third Quarter 2026
Thousands
(1) Shares and units are in thousands.
The market value of common equity is based on the closing stock price
at the end of the quarter and assumes 100% redemption of the limited
partnership units in our operating partnership, including common units
(2) and vested and unvested long-term incentive units, for shares of our
common stock on a one-for-one basis. Excludes shares of common stock
potentially issuable upon conversion of our series J, series K and
series L cumulative redeemable preferred stock upon certain change of
control transactions, as applicable.
EBITDA is calculated as earnings before interest expense, loss on debt
extinguishment and modifications, tax expense, and depreciation and
(3) amortization. For a discussion of EBITDA, see page 28. For a
reconciliation of net income available to common stockholders to
EBITDA, see page 27.
Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real
estate related depreciation & amortization, (ii) unconsolidated
entities interest and tax expense, (iii) severance, equity acceleration
and legal expenses, (iv) transaction and integration expenses, (v) gain
(4) (loss) on sale / deconsolidation, (vi) provision for impairment, (vii)
other non-core adjustments, net, (viii) noncontrolling interests, (ix)
preferred stock dividends, (x) gain on / issuance costs associated with
redeemed preferred stock and (xi) net promote. For a discussion of
Adjusted EBITDA, see page 28. For a reconciliation of net income
available to common stockholders to Adjusted EBITDA, see page 27.
Net Debt to Adjusted EBITDA is calculated as total debt at balance
sheet carrying value (see page 5), plus finance lease obligations, plus
(5) our share of unconsolidated entities debt at carrying value, less cash
and cash equivalents (including our share of unconsolidated entities
cash), divided by the product of Adjusted EBITDA (including our pro
rata share of unconsolidated entities EBITDA), multiplied by four.
(6) Fixed charges consist of GAAP interest expense, capitalized interest,
scheduled debt principal payments and preferred stock dividends.
Interest coverage ratio is Adjusted EBITDA (including our pro rata
(7) share of unconsolidated entities EBITDA), divided by GAAP interest
expense plus capitalized interest (including our share of
unconsolidated entities interest expense).
Fixed charge coverage ratio is Adjusted EBITDA (including our pro rata
(8) share of unconsolidated entities EBITDA), divided by fixed charges
(including our share of unconsolidated entities fixed charges).
For definitions and discussion of FFO, Core FFO and Core FFO (excluding
(9) net promote), see page 28. For reconciliations of net income available
to common stockholders to FFO, Core FFO and Core FFO (excluding net
promote), see page 13.
(10) For a definition and discussion of AFFO, see page 28. For a
reconciliation of Core FFO to AFFO, see page 14.
Diluted payout ratios for FFO, Core FFO and AFFO are calculated as
(11) dividends declared per common share and unit divided by the
corresponding diluted FFO, diluted Core FFO and diluted AFFO per share
and unit, respectively.
(12) Includes data centers held as investments in unconsolidated entities.
Excludes data centers held for sale and contribution.
(13) Represents approximate amounts.
Occupancy and same-capital occupancy exclude capacity under active
development and capacity held for development. Occupancy represents
our consolidated portfolio in addition to our managed portfolio of
(14) unconsolidated entities and non-managed unconsolidated entities. For
some of our data centers, we calculate occupancy based on factors
including available power, required support capacity and common area.
Excludes data centers held for sale and contribution.
Represents data centers owned as of December 31, 2024, with less than
5% of total rentable square feet under development. Excludes data
centers that were undergoing, or were expected to undergo, development
(15) activities in 2025-2026, data centers classified as held for sale and
contribution, and data centers sold or contributed to joint ventures
for all periods presented. Prior period results have been adjusted to
reflect current same-capital pool.
(16) Weighted average remaining lease term excludes renewal options and is
weighted by annualized recurring revenue.
6
Table of Contents
Digital Realty Trust Financial Supplement
Earnings Release Third Quarter 2026
Digital Realty Reports Third Quarter 2026 Results Austin, TX — October 29, 2026
— Digital Realty (NYSE: DLR),the world’s largest cloud- and carrier-neutral data
center platform, announced today its financial results for the third quarter of
2026. All per share results are presented on a fully diluted basis. Highlights
◾ Reported net income available to common stockholders of $0.48 per share
in 3Q26, compared to $0.15 in 3Q25
◾ Reported FFO per share of $1.97 in 3Q26, compared to $1.65 in 3Q25
◾ Reported Core FFO per share of $2.10 in 3Q26, compared to $1.89 in 3Q25
Signed record total bookings during 3Q26 that are expected to generate
◾ $855 million of annualized GAAP base rent at 100% share; at Digital
Realty’s share, bookings were a record $627 million, including a record
$152 million within the 0-1 megawatt plus interconnection category
◾ Reported rental rate increases on renewal leases of 11.8% on a cash
basis in 3Q26
Reported a record total backlog of $2.5 billion of annualized GAAP base
◾ rent at 100% share at the end of 3Q26; at Digital Realty’s share, the
backlog was a record $1.8 billion
Raised 2026 Core FFO per share (excluding net promote) outlook to $8.30
◾ - $8.35 and 2026 Constant-Currency Core FFO per share (excluding net
promote) outlook to $8.25 - $8.30
Financial Results Digital Realty reported total revenues of $1.9 billion in the
third quarter of 2026, 10% higher than the previous quarter when excluding $201
million of promote income in the second quarter and 21% above the same quarter
last year. The company delivered net income of $194 million in the third quarter
of 2026, as well as net income available to common stockholders of $185 million
and $0.48 per share, compared to $1.21 per share in the previous quarter and
$0.15 per share in the same quarter last year. Digital Realty generated Adjusted
EBITDA of $978 million in the third quarter of 2026, which was in line with the
previous quarter and a 13% increase over the same quarter last year. The company
reported Funds From Operations (FFO) of $742 million in the third quarter of
2026, or $1.97 per share, compared to $2.73 per share in the previous quarter
and $1.65 per share in the same quarter last year. Digital Realty delivered Core
FFO per share (excluding net promote) of $2.10 in the third quarter of 2026,
compared to $2.13 per share in the previous quarter and $1.89 per share in the
same quarter last year.Digital Realty delivered Core FFO per share (excluding
net promote) of $6.27 for the nine-month period ended September 30, 2026.
Digital Realty delivered Constant-Currency Core FFO per share (excluding net
promote) of $2.10 in the third quarter of 2026 and $6.18 per share for the nine-
month period ended September 30, 2026. “Digital Realty extended its track record
of execution in the third quarter with record leasing, an expanding backlog, and
another quarter of double-digit earnings growth,” said Digital Realty President
and Chief Executive Officer Andy Power. “These results underscore the global
strength of customer demand for connectivity-rich environments, trusted
execution, and a well-capitalized partner with the reach and capabilities to
support their evolving requirements across the digital infrastructure
landscape.” Leasing Activity In the third quarter, Digital Realty signed total
bookings that are expected to generate $855 million of annualized GAAP rental
revenue, at 100% share; at Digital Realty’s share, total bookings were $627
million, including a $130 million contribution from the 0-1 MW category and a
$22 million contribution from interconnection. The weighted-average lag between
new leases signed during the third quarter of 2026 and the contractual
commencement date was 17 months. The backlog of signed-but-not-commenced leases
at quarter-end was $2.5 billion of annualized GAAP base rent at 100% share, and
$1.8 billion at Digital Realty’s share. In addition, Digital Realty also signed
renewal leases representing $261 million of annualized cash rental revenue
during the quarter. Rental rates on renewal leases signed during the third
quarter of 2026 increased 11.8% on a cash basis and 17.0% on a GAAP basis.
7
Table of Contents
Digital Realty Trust Financial Supplement
Earnings Release Third Quarter 2026
New leases signed during the third quarter of 2026, at Digital Realty’s share,
are summarized by region and product as follows:
Annualized
GAAP
Base Rent GAAP Base
Rent
Americas -in Megawatts per
thousands Kilowatt
0-1 MW $39,587 11.6 $284
> 1 MW 203,002 64.0 264
Other (1) 357 — —
Total $242,947 75.6 $267
EMEA (2)
0-1 MW $68,062 23.1 $245
> 1 MW 9,906 6.4 129
Other (1) 94 — —
Total $78,062 29.5 $220
Asia
Pacific
(2)
0-1 MW $21,979 6.5 $282
> 1 MW 261,271 73.2 297
Other (1) 136 — —
Total $283,386 79.7 $296
All
Regions
(2)
0-1 MW $129,628 41.2 $262
> 1 MW 474,180 143.6 275
Other (1) 587 — —
Total $604,395 184.8 $272
Interconn… $22,209 N/A N/A
Grand
Total at $626,604 184.8 $272
DLR Share
Grand
Total at $855,275 267.2 $259
100% Share
Note: Totals may not foot due to rounding differences.
(1) Other includes Powered Base Building® shell capacity as well as storage
and office space within fully improved data center facilities.
(2) Based on quarterly average exchange rates during the three months ended
September 30, 2026.
Investment Activity During the third quarter of 2026, Digital Realty acquired
$742 million of land:
● Near the Indianapolis metro area, to support over one gigawatt of IT
capacity.
● Adjacent to Digital Realty’s Fort Gillem campus in Atlanta to support
hyperscale and enterprise colocation IT capacity.
● Two parcels in the Chicago metro area to support hyperscale and
enterprise colocation for an aggregate of 360 megawatts of IT capacity .
● In the Charlotte metro area to support development of up to 600 megawatts
of IT capacity.
● Near Digital Realty’s Ostend campus in Frankfurt, Germany to support up
to 14 megawatts of IT capacity.
● Near Crete, Greece to support up to 5 megawatts of IT capacity.
As previously disclosed, during the quarter, Digital Realty entered into a new
joint venture with Rönesans Infrastructure to develop data centers across
Türkiye for $33 million. The joint venture's first investment will be a data
center in Ankara, expected to support more than 22 megawatts of IT capacity.
Subsequent to quarter end, Digital Realty also closed on the following
acquisitions:
● Land near Brussels, Belgium for approximately €15 million or $17 million.
● The freehold interest in the land underlying our campus in Dugny, France
for approximately €80 million or $90 million.
An additional 16% stake in Teraco for approximately $688 million from certain
minority shareholders, principally through the issuance of 3.4 million shares of
common stock, increasing Digital Realty’s ownership from 61% to approximately
77%. Subsequent to quarter end, we closed $1.4 billion of initial cornerstone
equity commitments to our new perpetual capital strategy focused on stabilized
hyperscale data centers in North America.
8
Table of Contents
Digital Realty Trust Financial Supplement
Earnings Release Third Quarter 2026
Balance Sheet Digital Realty had approximately $19.5 billion of total debt
outstanding as of September 30, 2026, comprised of $17.9 billion of unsecured
debt and approximately $1.6 billion of secured debt and other debt. At the end
of the third quarter of 2026, net debt-to-Adjusted EBITDA was 5.2x, debt-plus-
preferred-to-total enterprise value was 23.2% and fixed charge coverage was
4.8x. During the quarter, the company sold approximately 2.4 million shares of
common stock under its At-The-Market (ATM) equity issuance program at a weighted
average price of $191.84 per share, for net proceeds of approximately $450
million. Year-to-date, the company has sold approximately 15.9 million shares
under its ATM equity issuance program at a weighted average price of $185.98 per
share, for net proceeds of approximately $2.9 billion. In October, the company
issued:
● €1 billion of 5.125% euro notes due 2036, for net proceeds of
approximately €1 billion ($1.1 billion); and
CHF225 million of 1.6803% Swiss bonds due 2029, CHF185 million of 2.0600%
● due 2032 and CHF100 million of 2.4150% due 2036, for aggregate net
proceeds of approximately CHF508 million ($611 million).
9
Table of Contents
Digital Realty Trust Financial Supplement
Earnings Release Third Quarter 2026
2026 Outlook Digital Realty raised its 2026 Core FFO per share (excluding net
promote) outlook to $8.30 - $8.35 and its 2026 Constant-Currency Core FFO per
share (excluding net promote) outlook to $8.25 - $8.30. The assumptions
underlying the outlook are summarized in the following table.
Top-Line As of As of As of As of
and Cost February 5, April 23, July 23, October 29,
Structure 2026 2026 2026 2026
──────────────────────────────────────────────────────────────────────────────
Total
revenue $6.600 - $6.650 - $6.850 - $7.050 -
(excluding $6.700 $6.750 $6.950 $7.125
promote billion billion billion billion
income)
Net
non-cash -$90 - $95 -$90 - $95 -$145 - -$145 - $150
rent million million $150 million
adjustments million
(1)
Adjusted $3.600 - $3.650 - $3.750 - $3.800 -
EBITDA $3.700 $3.750 $3.850 $3.850
billion billion billion billion
G&A $610 - $620 $615 - $625 $620 - $630 $640 - $650
million million million million
Internal
Growth
Rental
rates on
renewal
leases
Cash basis 6.0% - 8.0% 6.5% - 8.5% 9.0% - 10.0% -
11.0% 12.0%
GAAP basis 8.5% - 9.5% - 11.5% 12.0% - 13.0% -
10.5% 14.0% 15.0%
Year-end
portfolio +50 - 100 +50 - 100 +75 - 125 +75 - 125
occupancy bps bps bps bps
(2)
"Same-Capi… 4.25% - 5.25% -
cash NOI 4.0% - 5.0% 4.0% - 5.0% 5.25% 5.75%
growth (3)
Foreign
Exchange
Rates
U.S. Dollar $1.30 - $1.32 - $1.32 - $1.32 -
/ Pound $1.35 $1.37 $1.37 $1.37
Sterling
U.S. Dollar $1.13 - $1.15 - $1.13 - $1.13 -
/ Euro $1.18 $1.20 $1.18 $1.18
External
Growth
Dispositio…
/ Asset
Contributi…
Dollar $500 - $500 - $1,000 - $1,500 -
volume $1,000 $1,000 $1,500 $2,000
million million million million
Cap rate 0.0% - 0.0% - 10.0% 0.0% - 0.0% - 10.0%
10.0% 10.0%
Development
CapEx (Net $3,250 - $3,500 - $4,250 - $4,250 -
of Partner $3,750 $4,000 $4,750 $4,750
Contributi… million million million million
(4)
Average
stabilized 10.0%+ 10.0%+ 10.0%+ 10.0%+
yields
Enhancemen…
and other $30 - $35 $30 - $35 $30 - $35 $30 - $35
non-recurr… million million million million
CapEx (5)
Recurring
CapEx + $400 - $425 $400 - $425 $400 - $425 $400 - $425
capitalized million million million million
leasing
costs (6)
Balance
Sheet
Long-term
debt
issuance
Dollar $1,000 - $1,500 - $1,500 - ~$1,750
amount $1,500 $2,000 $2,000 million
million million million
Pricing 4.0% - 4.5% 4.0% - 4.5% 4.5% - 5.5% ~4.0%
Timing Mid-Year Mid-Year 2H-2026 October
Net income $2.55 - $2.65 - $3.10 - $2.90 -
per diluted $2.65 $2.75 $3.15 $2.95
share
Real estate
depreciati…
and (gain) $4.90 - $4.95 - $5.30 - $5.65 -
/ $4.90 $4.95 $5.30 $5.65
loss on
sale
Funds From
Operations $7.45 - $7.60 - $8.40 - $8.55 -
/ share $7.55 $7.70 $8.45 $8.60
(NAREIT-De…
Non-core
expenses $0.45 - $0.40 - $0.25 - $0.25 -
and revenue $0.45 $0.40 $0.25 $0.25
streams
Net Promote $0.00 - $0.00 - -$0.50) - -$0.50) -
$0.00 $0.00 ($0.50 ($0.50
Core Funds
From
Operations $7.90 - $8.00 - $8.15 - $8.30 -
/ share $8.00 $8.10 $8.20 $8.35
(excluding
net
promote)
Foreign
currency $0.00 - -$0.05) - -$0.05) - -$0.05) -
translation $0.00 ($0.05 ($0.05 ($0.05
adjustments
Constant-C…
Core FFO /
share $7.90 - $7.95 - $8.10 - $8.25 -
(excluding $8.00 $8.05 $8.15 $8.30
net
promote)
Net non-cash rent adjustments represent the sum of straight-line rental
(1) revenue and straight-line rental expense, as well as the amortization
of above- and below-market leases (i.e., ASC 805 adjustments).
(2) Year-end portfolio occupancy guidance based on IT load (kW).
The “Same-Capital” pool includes properties owned as of December 31,
2024 with less than 5% of total rentable square feet under development.
It excludes properties that were undergoing, or were expected to
(3) undergo, development activities in 2025-2026, properties classified as
held for sale and contribution, and properties sold or contributed to
joint ventures for all periods presented. The 2026 “Same-Capital” cash
NOI growth outlook is presented on a constant currency basis.
Excludes land acquisitions and includes Digital Realty’s share of joint
(4) venture and fund contributions. Figure is net of joint venture and fund
partners’ share of contributions.
Other non-recurring CapEx represents costs incurred to enhance the
(5) capacity or marketability of operating properties, such as network
fiber initiatives and software development costs.
Recurring CapEx represents non-incremental improvements required to
(6) maintain current revenues, including second-generation tenant
improvements and leasing commissions.
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. Please see Non-GAAP Financial Measures in
this document for further discussion.
10
Table of Contents
Digital Realty Trust Financial Supplement
Earnings Release Third Quarter 2026
Non-GAAP Financial Measures This document contains non-GAAP financial measures,
including FFO, Core FFO, Core FFO (excluding net promote), Constant Currency
Core FFO (excluding net promote), Adjusted FFO, Net Operating Income (NOI),
“Same-Capital” Cash NOI and Adjusted EBITDA. A reconciliation from U.S. GAAP net
income available to common stockholders to FFO, a reconciliation from FFO to
Core FFO, a reconciliation from Core FFO (excluding net promote) to Constant
Currency Core FFO (excluding net promote), a reconciliation from Core FFO to
Adjusted FFO, a reconciliation from NOI to Cash NOI, and definitions of FFO,
Core FFO, Constant Currency Core FFO, Core FFO (excluding net promote), Adjusted
FFO, NOI and “Same-Capital” Cash NOI are included as an attachment to this
document. A reconciliation from U.S. GAAP net income available to common
stockholders to Adjusted EBITDA, a definition of Adjusted EBITDA and definitions
of net debt-to-Adjusted EBITDA, debt-plus-preferred-to-total enterprise value,
cash NOI, and fixed charge coverage ratio are included as an attachment to this
document. 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. Investor Conference Call Prior
to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on
October 29, 2026, a presentation will be posted to the Investors section of the
company’s website at https://investor.digitalrealty.com. The presentation is
designed to accompany the discussion of the company’s third quarter 2026
financial results and operating performance. The conference call will feature
President & Chief Executive Officer Andy Power and Chief Financial Officer Matt
Mercier. A live webcast of the call will be available on the Investors section
of Digital Realty’s website at https://investor.digitalrealty.com . The webcast
will be archived for one year and the replay will be available shortly after the
conclusion of the live event. About Digital Realty Digital Realty brings
companies and data together by delivering the full spectrum of data center,
colocation and interconnection solutions. PlatformDIGITAL®, the company’s global
data center platform, provides customers with a secure data meeting place and a
proven Pervasive Datacenter Architecture (PDx®) solution methodology for
powering innovation, from cloud and digital transformation to emerging
technologies like artificial intelligence (AI), and efficiently managing Data
Gravity challenges. Digital Realty gives its customers access to the connected
data communities that matter to them with a global data center footprint of 300+
facilities in 55+ metros across 30+ countries on six continents. To learn more
about Digital Realty, please visit digitalrealty.comor follow us on LinkedInand
X. Contact Information Matt Mercier Chief Financial Officer Digital Realty
Jordan Sadler / Jim Huseby Investor Relations Digital Realty
InvestorRelations@digitalrealty.com 11
Table of Contents
Consolidated Quarterly Statements of Operations Financial Supplement
Unaudited and in Thousands, Except Per Share Data Third Quarter 2026
Thr… Ni…
Mon… Mo…
End… En…
30-… 30… 31-… 31… 30-… 30-… 30…
R… $1,… $1… $1,… $1… $1,… $3,… $3…
r…
T…
r… 423… 35… 333… 35… 332… 1,1… 89…
-
U…
T…
r… 47,… 45… 38,… 34… 37,… 130… 11…
-
O…
I…
a… 131… 13… 124… 12… 120… 386… 35…
o…
F… 75,… 24… 34,… 45… 36,… 359… 91…
i…
O… 11 480 47 372 4,7… 538 6,…
T…
O… $1,… $1… $1,… $1… $1,… $5,… $4…
R…
U… $47… $3… $37… $3… $37… $1,… $1…
R…
p… 304… 29… 266… 29… 278… 861… 78…
o…
P… 60,… 55… 54,… 50… 51,… 170… 15…
t…
I… 4,6… 4,… 4,7… 4,… 4,5… 14,… 13…
D…
a… 539… 50… 499… 49… 497… 1,5… 1,…
a…
G…
a… 170… 15… 151… 15… 139… 475… 39…
a…
S…
e…
a… 2,6… 4,… 2,8… 4,… 1,7… 9,8… 6,…
a…
l…
e…
T…
a… 48,… 38… 15,… 36… 86,… 103… 14…
i…
e…
P…
f… — — — 78… — — —
i…
O… 179 13… 23 98 3,2… 13,… 3,…
e…
T…
O… $1,… $1… $1,… $1… $1,… $4,… $3…
E…
O…
i…
b…
g…
(… $29… $4… $26… $1… $13… $1,… $5…
on
d…
of
p…
n…
G…
(…
on
d… 8,4… 7,… 873 42… 19,… 17,… 95…
of
p…
n…
O… $30… $4… $26… $1… $15… $1,… $1…
I…
E…
in
e…
(… -18… 36 -1,… 4,… -16… -20… -3…
of
u…
e…
I…
a…
o… 11,… 13… 45,… 42… 47,… 195… 11…
i…
(…
n…
I… -93… -1… -11… -1… -11… -32… -3…
(…
I…
t… -8,… -3… -16… 9,… -11… -58… -4…
b…
(…
G…
(…
on
d… — — -4,… 9 — -4,… —
e…
a…
m…
N… $19… $4… $17… $9… $63… $82… $1…
I…
N…
i…
(…
a… 1,7… -4… 4,4… 2,… 4,0… 1,8… -7…
to
n…
i…
N…
I…
A…
to $19… $4… $17… $9… $67… $82… $1…
D…
R…
T…
I…
P…
s… -10… -1… -10… -1… -10… -30… -3…
d…
N…
I…
(…
A… $18… $4… $16… $8… $57… $79… $1…
to
C…
S…
W…
s…
o… 372… 35… 345… 34… 341… 357… 33…
-
b…
W…
s…
o… 379… 36… 353… 35… 349… 364… 34…
-
d…
W…
f…
d… 385… 36… 359… 35… 355… 370… 35…
s…
a…
u…
N…
i…
/
(… $0.… $1… $0.… $0… $0.… $2.… $3…
p…
s…
-
b…
N…
i…
/
(… $0.… $1… $0.… $0… $0.… $2.… $3…
p…
s…
-
d…
12
Table of Contents
Funds From Operations and Core Funds From Financial Supplement
Operations
Unaudited and in Thousands, Except Per Share Data Third Quarter 2026
Th… Nine
Mo… Mon…
En… End…
R…
of
N…
I…
to 30… 30… 31… 31-… 30… 30… 30-…
F…
F…
O…
(…
N…
I…
(…
A… $1… $4… $1… $88… $5… $7… $1,…
to
C…
S…
A…
N…
i…
in 4,… 9,… 4,… 2,0… 2,… 17… 26,…
o…
p…
R…
e…
r…
d… 52… 49… 49… 484… 48… 1,… 1,3…
a…
a…
(…
R…
i…
r… -2… -2… -2… -22… -2… -7… -63…
to
n…
i…
U…
e…
r…
e… 57… 62… 60… 70,… 65… 18… 180…
r…
d…
a…
a…
(…
l…
on -8… -7… -2… -42… -1… -1… -95…
r…
e…
t…
P…
f… — — — 78,… — — —
i…
F…
F… $7… $9… $7… $65… $5… $2… $1,…
O…
W…
s…
a…
u… 37… 36… 35… 349… 34… 36… 344…
o…
-
b…
W…
s…
a…
u…
o… 38… 36… 35… 357… 35… 37… 352…
-
d…
(…
(…
F…
F…
O…
p… $1… $2… $2… $1.… $1… $6… $5.…
s…
-
b…
F…
F…
O…
p…
s… $1… $2… $1… $1.… $1… $6… $5.…
-
d…
(…
(…
s
Re…
of
FFO 30-… 30-… 31-… 31-… 30-… 30-S… 30-…
to
Co…
FFO
Fu…
Fr… $74… $98… $70… $65… $57… $2,4… $1,…
Op…
Ot…
no…
re… -3,… -80… -29 -10… -4,… -84,… -2,…
ad…
(4)
Tr…
and 48,… 38,… 15,… 36,… 86,… 103,… 149…
in…
ex…
Ga…
(l…
on
de… — — 4,1… -9 — 4,119 —
ex…
and
mo…
Se…
eq…
ac…
and 2,6… 4,3… 2,8… 4,9… 1,7… 9,862 6,4…
le…
ex…
(5)
(G…
lo…
on
FX 7,5… -1,… -4,… -16… 252 1,509 7,0…
and
de…
re…
Ot…
no…
ex… -2,… 13,… -2,… -21… 2,0… 8,521 6,4…
ad…
(6)
Co…
Fu… $79… $95… $71… $65… $65… $2,4… $1,…
Fr…
Op…
Net — -18… — — — -187… —
pr…
Co…
Fu…
Fr…
Op… $79… $76… $71… $65… $65… $2,2… $1,…
(e…
net
pr…
We…
sh…
and
un…
ou… 378… 360… 351… 349… 347… 363,… 344…
-
di…
(2)
(3)
Co…
Fu…
Fr…
Op…
per $2.… $2.… $2.… $1.… $1.… $6.78 $5.…
sh…
-
di…
(2)
Co…
FFO
per
sh…
(e… $2.… $2.… $2.… $1.… $1.… $6.27 $5.…
net
pr…
-
di…
(2)
(1)
Re…
Es…
Re… 30-… 30-… 31-… 31-… 30-… 30-S… 30-…
De…
&
Am…
De…
and
am… $53… $50… $49… $49… $49… $1,5… $1,…
per
in…
st…
No…
es…
de… -11… -8,… -8,… -9,… -9,… -28,… -30…
&
am…
Re…
Es…
Re… $52… $49… $49… $48… $48… $1,5… $1,…
De…
&
Am…
Certain of Teraco's minority indirect shareholders have the right to
put their shares in an upstream parent company of Teraco to Digital
Realty in exchange for cash or the equivalent value of shares of
Digital Realty common stock, or a combination thereof. U.S. GAAP
requires Digital Realty to assume the put right is settled in shares
for purposes of calculating diluted EPS. This same approach was
(2) utilized to calculate FFO/share. The potential future dilutive impact
associated with this put right will be excluded from Core FFO and AFFO
until settlement occurs – causing diluted share count to be higher for
FFO than for Core FFO and AFFO. When calculating diluted FFO, Teraco
related noncontrolling interest is added back to the FFO numerator as
the denominator assumes all shares have been put back to Digital
Realty.
Th… Nine
Mo… Mon…
En… End…
30… 30… 31… 31-… 30… 30… 30-…
T…
n…
s… $1… $1… $1… $18… $1… $5… $46…
of
F…
T…
r… $1… $1… $1… $18… $1… $5… $46…
m…
i…
For all periods presented, we have excluded the effect of dilutive
series J, series K and series L preferred stock, as applicable, that
may be converted into common stock upon the occurrence of specified
change in control transactions as described in the articles
supplementary governing the series J, series K and series L preferred
(3) stock, as applicable, which we consider highly improbable. See above
for calculations of FFO and the share count detail section that follows
the reconciliation of Core FFO to AFFO for calculations of weighted
average common stock and units outstanding. For definitions and
discussion of FFO, Core FFO and Core FFO (excluding net promote), see
the Definitions section.
Includes development fees included in gains, lease termination fees,
(4) gain on sale of equity investment included in other income, insurance
proceeds related to property damage and unconsolidated entities
non-core adjustments within equity in earnings.
(5) Relates to severance and other charges related to the departure of
company executives and integration-related severance.
Includes non-real estate amortization expense, write-offs associated
with non-recurring legal and insurance expenses, impact of foreign tax
(6) rate changes, non-core adjustments attributable to noncontrolling
interests, impact on tax expense due to insurance proceeds related to
property damage and adjustments to reflect our proportionate share of
transaction costs associated with noncontrolling interests.
13
Table of Contents
Adjusted Funds From Operations (AFFO) Financial Supplement
Unaudited and in Thousands, Except Per Share Data Third Quarter 2026
Th… Nine
Mo… Mon…
En… End…
R…
of
C… 30… 30… 31… 31-… 30… 30… 30-…
F…
to
A…
C…
F… $7… $9… $7… $65… $6… $2… $1,…
F…
O…
A…
N…
e… 7,… 8,… 8,… 9,1… 9,… 23… 30,…
d…
A…
of
d… 6,… 6,… 6,… 6,7… 6,… 19… 19,…
f…
c…
A…
of 1,… 1,… 1,… 1,3… 1,… 4,… 3,6…
d…
d…
N…
s… 22… 21… 20… 17,… 18… 65… 52,…
c…
e…
S…
r… -4… -2… -2… -34… -3… -9… -66…
r…
S…
r… 1,… -6… -1… -97 -2… -2… -906
e…
A…
a…
b… -2… -9… -1… -972 -8… -4… -2,…
r…
a…
D…
t…
(… -1… -1… -1… -26… 18… -3… -13…
/
e…
L…
c…
a… 15… 13… 15… 14,… 15… 45… 43,…
i…
l…
c…
R…
c… -1… -7… -5… -16… -7… -2… -17…
e…
(…
A…
F…
F… $6… $8… $6… $46… $6… $2… $1,…
O…
(…
W…
s…
a…
u… 37… 36… 35… 349… 34… 36… 344…
o…
-
b…
W…
s…
a…
u… 37… 36… 35… 349… 34… 36… 344…
o…
-
d…
(…
A…
p…
s… $1… $2… $1… $1.… $1… $6… $5.…
-
d…
(…
D…
p…
s… $1… $1… $1… $1.… $1… $3… $3.…
a…
c…
u…
D…
A… 67… 49… 63… 90.… 69… 59… 70.…
P…
R…
Th… Nine
Mo… Mon…
En… End…
S…
C… 30… 30… 31… 31-… 30… 30… 30-…
D…
W…
A…
C…
S… 37… 36… 35… 349… 34… 36… 344…
a…
U…
O…
A…
E…
of 439 467 234 386 399 419 369
d…
s…
W…
A…
C…
S…
a… 37… 36… 35… 349… 34… 36… 344…
U…
O…
-
d…
Recurring capital expenditures represent non-incremental building
improvements required to maintain current revenues, including
second-generation tenant improvements and external leasing commissions.
(1) Recurring capital expenditures do not include acquisition costs
contemplated when underwriting the purchase of a building, costs which
are incurred to bring a building up to Digital Realty’s operating
standards, or internal leasing commissions.
For a definition and discussion of AFFO, see the Definitions section.
(2) For a reconciliation of net income (loss) available to common
stockholders to FFO and Core FFO, see above.
For all periods presented, we have excluded the effect of dilutive
series J, series K and series L preferred stock, as applicable, that
may be converted into common stock upon the occurrence of specified
(3) change in control transactions as described in the articles
supplementary governing the series J, series K and series L preferred
stock, as applicable, which we consider highly improbable. See above
for calculations of FFO and for calculations of weighted average common
stock and units outstanding.
14
Table of Contents
Consolidated Balance Sheets Financial Supplement
Unaudited and in Thousands, Except Per Share Data Third Quarter 2026
30-… 30-… 31-M… 31-D… 30-S…
As…
In…
in
re…
es…
Re… $34… $33… $31… $31… $30…
es…
Co…
in 10,… 9,7… 5,3… 4,9… 5,4…
pr…
La…
he…
for 769… 122… 199… 91,… 66,…
fu…
de…
In…
in $45… $43… $37… $36… $35…
Re…
Es…
Ac…
de… -11… -10… -10… -9,… -9,…
and
am…
Net
In… $34… $32… $26… $26… $26…
in
Pr…
In…
in 3,8… 3,5… 3,5… 3,4… 3,6…
un…
en…
Net
In…
in $38… $36… $30… $29… $29…
Re…
Es…
Op…
le…
ri… $1,… $1,… $1,… $1,… $1,…
as…
net
Ca…
and 802… 1,8… 2,4… 3,4… 3,2…
ca…
eq…
Ac…
and
ot… 1,8… 1,5… 1,4… 1,3… 1,4…
re…
net
(1)
De…
re… 832… 792… 765… 750… 710…
net
Go… 10,… 9,5… 9,5… 9,7… 9,6…
Cu…
re…
va…
de…
le… 2,7… 2,5… 2,0… 2,1… 2,0…
co…
and
ot…
in…
net
As…
he…
for — — 441… 349… 116…
sa…
and
co…
Ot… 783… 610… 650… 655… 500…
as…
To… $56… $54… $48… $49… $48…
As…
Li…
and
Eq…
Gl…
un…
re… $1,… $70… $70… $89… $1,…
cr…
fa…
net
Un…
te… 424… 427… 432… 439… 438…
lo…
net
Un…
se…
no… 15,… 15,… 16,… 16,… 15,…
net
of
di…
Se…
and
ot…
de… 1,6… 1,5… 842… 869… 825…
net
of
di…
Op…
le… 1,1… 1,2… 1,2… 1,2… 1,2…
li…
Ac…
pa…
and 3,6… 3,2… 2,4… 2,6… 2,3…
ot…
ac…
li…
De…
tax 1,1… 1,1… 1,0… 1,1… 1,1…
li…
Ac…
di… — — — 428… —
and
di…
Se…
de…
and 886… 759… 733… 754… 699…
pr…
re…
Ob…
as…
wi…
as…
he… — — — 182 283
for
sa…
and
co…
To… $26… $24… $23… $24… $23…
Li…
Re…
no… 1,5… 1,5… 1,5… 1,4… 1,5…
in…
Eq…
Pr…
St…
$0…
par
va…
per
sh…
11…
sh…
au…
Se…
J
Cu…
Re… $19… $19… $19… $19… $19…
Pr…
St…
(2)
Se…
K
Cu…
Re… 203… 203… 203… 203… 203…
Pr…
St…
(3)
Se…
L
Cu…
Re… 334… 334… 334… 334… 334…
Pr…
St…
(4)
Co…
St…
$0…
par
va…
per 3,7… 3,6… 3,4… 3,4… 3,4…
sh…
50…
sh…
au…
(5)
Ad…
pa… 35,… 34,… 30,… 29,… 29,…
ca…
Di…
in
ex… -7,… -6,… -6,… -6,… -6,…
of
ea…
Ac…
ot…
co… -48… -52… -51… -46… -53…
lo…
net
To…
St… $28… $27… $23… $22… $23…
Eq…
No…
In…
No…
in…
in $52… $53… $42… $41… $42…
op…
pa…
No…
in…
in 9,8… 11,… 6,6… 5,8… 7,9…
co…
en…
To…
No… $53… $54… $43… $42… $42…
In…
To… $28… $27… $23… $23… $23…
Eq…
To…
Li… $56… $54… $48… $49… $48…
and
Eq…
(1) Net of allowance for doubtful accounts of $78,043 and $85,274 as of
September 30, 2026 and September 30, 2025, respectively.
Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000
(2) liquidation preference ($25.00 per share), 8,000 shares issued and
outstanding as of September 30, 2026 and September 30, 2025.
Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000
(3) liquidation preference ($25.00 per share), 8,400 shares issued and
outstanding as of September 30, 2026 and September 30, 2025.
Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000
(4) liquidation preference ($25.00 per share), 13,800 shares issued and
outstanding as of September 30, 2026 and September 30, 2025.
(5) Common Stock: 374,888 and 343,041 shares issued and outstanding as of
September 30, 2026 and September 30, 2025, respectively.
15
Table of Contents
Components of Net Asset Value (NAV) (1) Financial Supplement
Unaudited and in Thousands Third Quarter 2026
44
Consolidated Properties Cash Net Operating Income
(NOI)(2), Annualized (3)
Network-Dense $1,427,384
Campus 2,228,685
Other (4) 79,784
Total Cash NOI, Annualized $3,735,853
less: Partners' share of consolidated JVs -104,871
Acquisitions / dispositions / expirations -29,263
FY 2026 backlog cash NOI and 3Q26 carry-over 221,924
(stabilized) (5)
Total Consolidated Cash NOI, Annualized $3,823,643
Digital Realty's Pro Rata Share of Unconsolidated $341,371
Entities Cash NOI (3) (6)
Other Income
Development and Management Fees (net), Annualized $326,967
(excluding promote income) (7)
Other Assets
Pre-stabilized inventory, at cost (8) $913,663
Land held for development 769,433
Development CIP 10,634,707
less: Investment associated with FY26 Backlog NOI -1,774,038
(9)
Cash and cash equivalents 802,903
Accounts and other receivables, net 1,809,964
Other assets 783,719
less: Partners' share of consolidated entities -205,977
assets
Total Other Assets $13,734,374
Liabilities
Global unsecured revolving credit facilities $1,655,570
Unsecured term loans 424,875
Unsecured senior notes 15,915,981
Secured and other debt 1,622,549
Accounts payable and other accrued liabilities 2,862,960
Deferred tax liabilities 1,100,877
Security deposits and prepaid rents 886,252
Backlog NOI cost to complete (9) 270,276
Preferred stock 755,000
Digital Realty's share of unconsolidated entities 2,131,287
debt
less: Partners' share of consolidated entities -505,538
liabilities
Total Liabilities $27,120,089
(1) Backlog and associated financial line items include activity related to
properties held in unconsolidated entities.
For definitions and discussion of NOI and cash NOI and a reconciliation
(2) of operating income before gain (loss) on disposition of properties,
net to NOI and cash NOI, see page 29.
Annualized cash NOI is calculated by multiplying results for the most
recent quarter by four. Annualized results may not be indicative of any
four-quarter period and do not take into account scheduled lease
(3) expirations, among other things. Annualized data is presented for
illustrative purposes only. Reflects annualized 3Q26 Cash NOI of $3.7
billion. NOI is allocated based on management’s estimates derived using
contractual ABR and stabilized margins.
(4) Other includes Powered Base Building® shell capacity as well as storage
and office space within fully improved data center facilities.
Estimated cash NOI related to signed leases that are expected to
(5) commence through December 31, 2026. Includes Digital Realty’s share of
signed leases at properties held in unconsolidated entities.
(6) For a reconciliation of Digital Realty’s pro rata share of
unconsolidated entities operating income to cash NOI, see page 26.
(7) Includes a full year adjustment related to Columbia Capital fee income.
(8) Excludes Digital Realty’s share of cost at properties held in
unconsolidated entities.
Includes Digital Realty’s share of construction in progress and
(9) expected cost to complete at properties held in unconsolidated
entities.
16
Table of Contents
Debt Maturities Financial Supplement
Unaudited and Dollars in thousands Third Quarter 2026
66
As
of
Sep…
30,
2026
──────────────────────────────────────────────────────────────────────────────
Int…
Rate
Int… Inc…
Rate Swa… 2026 2027 2028 2029 2030 The… Total
Gl…
Un…
Re…
Cr…
Fa…
(1)
Gl…
un…
re… 3.1… 3.1… — — — — $1,… — $1,5…
cr…
fa…
Yen
re… 1.8… 1.8… — — — — 101… — 101,…
cr…
fa…
De…
fi… — — — — — — — — -15,…
co…
net
To…
Gl…
Un… 3.0… 3.0… — — — — $1,… — $1,6…
Re…
Cr…
Fa…
Un…
Te…
Lo…
Eu…
te… 3.2… 3.2… — $42… — — — — $424…
lo…
fa…
De…
fi… — — — — — — — — -511
co…
net
To…
Un… 3.2… 3.2… — $42… — — — — $424…
Te…
Lo…
Se…
No…
₣2…
mi…
0.… 0.2… 0.2… $32… — — — — — $329…
No…
due
20…
₣1…
mi…
1.… 1.7… 1.7… — $17… — — — — 179,…
No…
due
20…
$1…
bi…
3.…
No… 3.7… 2.4… — 1,0… — — — — 1,00…
due
20…
(2)
€5…
mi…
1.… 1.1… 1.1… — — $56… — — — 566,…
No…
due
20…
$9…
mi…
5.…
No… 5.5… 3.9… — — 900… — — — 900,…
due
20…
(2)
$6…
mi…
4.… 4.4… 4.4… — — 650… — — — 650,…
No…
due
20…
₣2…
mi…
0.… 0.5… 0.5… — — — $32… — — 323,…
No…
due
20…
$9…
mi…
3.… 3.6… 3.6… — — — 900… — — 900,…
No…
due
20…
£3…
mi…
3.… 3.3… 3.3… — — — 464… — — 464,…
No…
due
20…
$1…
bi…
1.…
Ex… 1.8… 1.2… — — — 1,1… — — 1,15…
No…
due
20…
(2)
€7…
mi…
1.… 1.5… 1.5… — — — — $84… — 849,…
No…
due
20…
£5…
mi…
3.… 3.7… 3.7… — — — — 729… — 729,…
No…
due
20…
€5…
mi…
1.… 1.2… 1.2… — — — — — $56… 566,…
No…
due
20…
€1…
bi…
0.… 0.6… 0.6… — — — — — 1,1… 1,13…
No…
due
20…
€7…
mi…
1.… 1.0… 1.0… — — — — — 849… 849,…
No…
due
20…
€7…
mi…
1.… 1.3… 1.3… — — — — — 849… 849,…
No…
due
20…
€6…
mi…
3.… 3.7… 3.7… — — — — — 679… 679,…
No…
due
20…
€8…
mi…
3.… 3.8… 3.8… — — — — — 963… 963,…
No…
due
20…
€8…
mi…
3.… 3.8… 3.8… — — — — — 963… 963,…
No…
due
20…
€8…
mi…
3.… 3.8… 3.8… — — — — — 963… 963,…
No…
due
20…
€8…
mi…
4.… 4.2… 4.2… — — — — — 906… 906,…
No…
due
20…
Un…
di… — — — — — — — — -39,…
net
De…
fi… — — — — — — — — -66,…
co…
net
To…
Se… 2.8… 2.6… $32… $1,… $2,… $2,… $1,… $7,… $15,…
No…
Se…
De…
IC… 5.0… 3.2… — — — — $11… — $11,…
Fa…
We… 3.2… 3.2… — $13… — — — — 135,…
Te… 9.2… 10.… $57… 114… $41… $20… 70,… $34… 709,…
Lo…
Te… 3.9… 3.9… — — 677 404 — — 1,081
N.
Vi… 5.9… 5.9… — — — 744… — — 744,…
cr…
fa…
De…
fi… — — — — — — — — -2,2…
co…
net
To…
Se… 7.1… 7.5… $57… $24… $41… $76… $82… $34… $1,6…
De…
Ot…
De…
Ic… 12.… 12.… — $5,… $1,… $6,… — $7,… $19,…
lo…
To…
Ot… 12.… 12.… — $5,… $1,… $6,… — $7,… $19,…
De…
To…
un…
va… — — $3,… $43… $23… $1,… $1,… $11… $2,1…
ra…
de…
To…
fi…
ra…
/ — — 383… 1,4… 2,5… 3,6… 1,6… 7,9… 17,4…
he…
va…
ra…
de…
To… 3.2… 3.0… $38… $1,… $2,… $3,… $3,… $7,… $19,…
De…
We…
Av… 1.6… 3.1… 4.4… 3.0… 2.9… 2.7… 3.06…
In…
Ra…
Su…
We…
Av…
Te… 4.0
to Years
In…
Ma…
We…
Av…
Ma…
(a… 4.2
ex… Years
of
ex…
op…
Global
Unsecured
Revolving
Credit
Facilities
Detail As of
September
30, 2026
──────────────────────────────────────────────────────────────────────────────
Maximum Existing Currently
Available Capacity (3) Drawn
Global
Unsecured
Revolving $4,480,848 $2,724,528 $1,655,570
Credit
Facilities
(1) Assumes all extensions will be exercised.
(2) Subject to cross-currency swaps.
(3) Net of letters of credit issued of $100.8 million.
17
Table of Contents
Same-Capital Operating Trend Summary Financial Supplement
Unaudited and Dollars in Thousands Third Quarter 2026
Stabilized (“Same-Capital”) Portfolio (1)
… …
… …
… …
… … % … % … … %
… … …
$… $… 6… $… 2… $… $… 7…
3… 2… 1… 2… 1… 8… 7… 1…
3… 3… 1… 3… -… 1… 9… 9…
1… 9… 6… 1… -… 3… 2… 8…
$… $… 8… $… 5… $… $… 9…
$… $… 2… $… 2… $… $… 1…
2… 2… 3… 2… 0… 6… 6… 6…
4… 4… 5… 4… 5… 1… 1… 1…
5… 5… -… 5… -… 1… 1… 3…
$… $… 1… $… 1… $… $… 1…
$… $… 5… $… -… $… $… 7…
$… $… -… $… 1… $… $… -…
6… 5… 1… 6… 0… 2… 1… 1…
$… $… 5… $… -… $… $… 7…
$… $… 5… $… $… 5…
9… 9… 1… 9… 0… 9… 9… 1…
Represents data centers owned as of December 31, 2024 with less than 5%
of total rentable square feet under development. Excludes data centers
that were undergoing, or were expected to undergo, development
(1) activities in 2025-2026, data centers classified as held for sale and
contribution, and data centers sold or contributed to joint ventures
for all periods presented. Prior period numbers adjusted to reflect
current same-capital pool.
For definitions and discussion of NOI and cash NOI and a reconciliation
(2) of operating income before gain (loss) on disposition of properties,
net to NOI and cash NOI, see page 29.
Adjustment calculated by holding currency translation rates for 2026
(3) constant with average currency translation rates that were applicable
to the same periods in 2025.
(4) Occupancy excludes capacity under active development and capacity held
for development.
18
Table of Contents
Summary of Leasing Activity
Leases Signed and Renewed in the Quarter End Financial Supplement
September 30, 2026 Third Quarter 2026
──────────────────────────────────────────────────────────────────────────────
… … …
… … …
… … …
9 … …
… … …
… … …
… … …
… … …
…
…
…
…
…
… … …
… … …
… … …
… … …
… … …
… … …
… … …
… … …
… … …
… … …
… … …
Note: Data center totals may not foot due to rounding differences.
(1) Excludes short-term, roof, storage, and garage leases.
(2) Includes leases for new and re-leased capacity.
(3) Other includes Powered Base Building® shell capacity as well as storage
and office space within fully improved data center facilities.
Churn is defined as recurring revenue lost during the period due to
(4) leases terminated or not renewed, divided by recurring revenue at the
beginning of the period.
Note: LTM is last twelve months, including current quarter. Weighted average
lease term excludes renewal options and is weighted by annualized GAAP rent.
19
Table of Contents
Lease Expirations - By Size Financial Supplement
Dollars in Thousands (except per kW data) Third Quarter 2026
Rent
% of Per
kW
Annua… kW of Rent Per
Annua… Annu… Rent Expi… per kW Month
at
Year Rent Rent at Leas… Per Expi…
(1) Expir… Month
0-1
MW
Month
to $79,7… 1.6% $80,2… 14,0… $471 $474
Month
(2)
2026 221,2… 4.4% 221,2… 47,6… 387 387
2027 728,2… 14.6% 731,1… 174,… 348 350
2028 194,7… 3.9% 200,9… 54,8… 296 305
2029 182,6… 3.7% 195,1… 55,0… 276 295
2030 95,605 1.9% 104,4… 29,6… 269 293
2031 93,662 1.9% 106,7… 31,3… 249 284
2032 37,058 0.7% 41,979 10,6… 289 328
2033 21,099 0.4% 25,275 6,321 278 333
2034 2,761 0.1% 2,791 887 259 262
2035 10,324 0.2% 13,113 3,780 228 289
Ther… 6,615 0.1% 7,032 2,784 198 211
Total
/ $1,67… 33.6% $1,73… 431,… $323 $334
Wtd.
Avg.
> 1 MW Annuali…
Month to
Month $9,111 0.2% $9,135 5,238 $145 $145
(2)
2026 67,286 1.4% 67,287 41,946 134 134
2027 309,318 6.2% 314,073 175,379 147 149
2028 270,323 5.4% 278,596 171,461 131 135
2029 395,157 7.9% 416,181 247,316 133 140
2030 311,094 6.2% 332,150 199,703 130 139
2031 324,477 6.5% 401,335 195,136 139 171
2032 236,820 4.8% 266,393 149,612 132 148
2033 132,785 2.7% 146,922 75,824 146 161
2034 177,976 3.6% 202,165 130,580 114 129
2035 82,575 1.7% 85,546 51,814 133 138
Thereaf… 785,480 15.8% 1,162,197 440,745 149 220
Total /
Wtd. $3,102,4… 62.3% $3,681,9… 1,884,7… $137 $163
Avg.
Data
Center Annuali…
Total
Month to
Month $88,835 1.8% $89,345 19,333 $383 $385
(2)
2026 288,505 5.8% 288,519 89,640 268 268
2027 1,037,593 20.8% 1,045,183 349,550 247 249
2028 465,121 9.3% 479,516 226,305 171 177
2029 577,775 11.6% 611,358 302,394 159 168
2030 406,699 8.2% 436,570 229,362 148 159
2031 418,139 8.4% 508,108 226,466 154 187
2032 273,878 5.5% 308,372 160,287 142 160
2033 153,884 3.1% 172,198 82,145 156 175
2034 180,737 3.6% 204,956 131,467 115 130
2035 92,899 1.9% 98,659 55,594 139 148
Thereaf… 792,095 15.9% 1,169,229 443,529 149 220
Total /
Wtd. $4,776,1… 95.8% $5,412,0… 2,316,0… $172 $195
Avg.
Other (3) Annualized
Total $207,474 4.2% $232,527 — — —
Grand Total Annualized
Total $4,983,634 100.0% $5,644,539 — — —
Annualized rent represents the monthly contractual base rent (defined
(1) as cash base rent before abatements) under existing leases as of
September 30, 2026, multiplied by 12.
(2) Includes leases, licenses, and similar agreements that upon expiration
have been automatically renewed on a month-to-month basis.
(3) Other includes unimproved data center shell capacity as well as storage
and office space within fully improved data center facilities.
Note: Represents consolidated portfolio in addition to our managed and non-
managed portfolio of unconsolidated entities based on our ownership percentage.
20
Table of Contents
Top 20 Customers by Annualized Rent Financial Supplement
Dollars in Thousands Third Quarter 2026
Weighted
Average
Annual… % of Remaini…
Annual…
Number Recurr… Recurr… Lease
of Term in
Customer Locatio… Revenue Revenue Years
(1)
Fortune
1 50 75 $554,139 10.6% 8.2
Software
Company
2 Oracle 42 518,040 9.9% 10.6
Corpora…
Social
3 Content 32 284,682 5.4% 2.3
Platform
Global
4 Cloud 64 225,104 4.3% 2.8
Provider
Fortune
5 25 Tech 61 181,426 3.5% 10.4
Company
Meta
6 Platfor… 52 106,373 2.0% 2.7
Inc.
7 IBM 33 105,888 2.0% 2.3
8 Equinix 15 98,455 1.9% 2.6
Leading
9 AI Chip 7 81,999 1.6% 13.4
Maker
Space
Technol…
10 and 24 78,876 1.5% 4.0
Connect…
Provider
11 LinkedIn 7 71,789 1.4% 1.5
Corpora…
Fortune
25
12 Investm… 30 68,470 1.3% 4.1
Grade-R…
Company
Special…
13 Cloud 5 67,698 1.3% 3.0
Provider
Global
14 Commerce 18 61,456 1.2% 5.1
Platform
Lumen
15 Technol… 110 59,451 1.1% 2.7
Inc.
16 AT&T 70 50,549 1.0% 1.1
17 Zayo 112 49,180 0.9% 0.9
18 Comcast 41 48,482 0.9% 1.7
Corpora…
19 Morgan 13 46,929 0.9% 4.2
Stanley
JPMorgan
20 Chase & 20 45,100 0.9% 2.3
Co.
Total /
Weighted $2,804,… 53.5% 6.4
Average
Annualized recurring revenue represents the monthly contractual base
(1) rent (defined as cash base rent before abatements) and interconnection
revenue under existing leases as of September 30, 2026, multiplied by
12.
Note: Represents consolidated portfolio in addition to our managed portfolio of
unconsolidated entities based on ownership percentage. Our direct customers may
be the entities named in the table above or their subsidiaries or affiliates.
21
Table of Contents
Occupancy Analysis Financial Supplement
Dollars in Thousands Third Quarter 2026
100% Dig…
Sha… Rea…
Sha…
Whi… Ann… Occ… Whi… Ann… Occ… Data
Spa… (3) Spa… (3) Cen…
Me… IT Rent IT Rent
Ar… Load (2) 30-… 30-… Load (2) 30-… 30-J… Cou…
(1) (1)
Am…
No… 876 $1,… 99.… 98.… 683 $1,… 99.… 98.8% 32
Vi…
Ch… 177 413… 97.… 97.… 103 305… 95.… 95.4% 10
Da… 123 244… 95.… 93.… 102 211… 94.… 92.6% 20
New 67 227… 91.… 85.… 61 209… 90.… 84.0% 10
Yo…
Si… 99 212… 93.… 92.… 95 191… 93.… 92.1% 15
Va…
Ot… 509 921… 92.… 92.… 409 759… 92.… 92.3% 69
Ma…
Am… 1,8… $3,… 96.… 95.… 1,4… $2,… 95.… 95.2% 156
To…
EM…
Fr… 184 $34… 93.… 93.… 154 $30… 93.… 93.4% 29
Lo… 96 244… 72.… 71.… 96 244… 72.… 71.9% 13
Am… 140 232… 82.… 79.… 140 232… 82.… 79.7% 13
Pa… 153 249… 87.… 86.… 129 208… 87.… 85.2% 13
Jo… 97 201… 80.… 80.… 59 122… 80.… 80.1% 5
Ot… 308 604… 79.… 78.… 292 572… 79.… 79.2% 57
Ma…
EM… 978 $1,… 83.… 82.… 870 $1,… 83.… 81.9% 130
To…
As…
Pa…
Si… 72 $28… 94.… 93.… 72 $28… 94.… 93.9% 3
To… 101 134… 88.… 90.… 50 67,… 88.… 90.3% 5
Os… 65 90,… 94.… 89.… 32 45,… 94.… 89.3% 4
Sy… 30 32,… 82.… 81.… 30 32,… 82.… 81.7% 4
Ho… 24 30,… 59.… 59.… 19 27,… 71.… 71.4% 2
Ko…
Ot… 37 45,… 60.… 57.… 29 42,… 70.… 68.3% 7
Ma…
As…
Pa… 329 $61… 85.… 84.… 232 $49… 86.… 85.9% 25
To…
Po…
To… 3,1… $5,… 91.… 90.… 2,5… $4,… 90.… 89.8% 311
Av…
Un…
Po… 843 $1,… 93.… 92.… 292 $42… 91.… 91.2% 88
To…
Co…
Po… 2,3… $4,… 90.… 89.… 2,2… $4,… 90.… 89.6% 223
To…
(1) White Space IT Load represents UPS-backed utility power in megawatts
dedicated to Digital Realty’s operated data center capacity.
Annualized base rent represents the monthly contractual base rent
(2) (defined as cash base rent before abatements) under existing leases as
of September 30, 2026, multiplied by 12.
(3) Occupancy excludes capacity under active development and capacity held
for development.
Note: Totals may not foot due to rounding differences. s
22
Table of Contents
Development Lifecycle (1) Financial Supplement
Dollars in Thousands Third Quarter 2026
… …
… … …
… …
…
…
…
…
(1) Includes development projects in consolidated and unconsolidated
entities.
Represents the expected megawatt capacity to be developed based on our
(2) current plans and estimates; actual megawatt capacity developed may
differ. Includes land and capacity held or actively under construction
in preparation for future data center fit-out.
Represents cost incurred through September 30, 2026, plus remaining
(3) cost to complete on approved phases in preparation for future data
center fit-out, including pro-rata share of acquisition, shell and
infrastructure costs.
(4) Includes Digital Realty's and partners' shares in development joint
ventures projects.
(5) Includes only Digital Realty's share in development joint ventures
projects.
Represents cost incurred through September 30, 2026. Excludes $2.2
(6) billion related to the impact of purchase accounting on the acquisition
of three joint venture development projects in Northern Virginia
acquired on June 30, 2026.
(7) Represents estimated cost to complete scope of work pursuant to
approved development budget.
Represents total cost to develop a data center, including pro-rata
(8) share of acquisition, shell and infrastructure costs, plus the direct
investment in the data center fit-out.
Represents pre-tax estimated stabilized cash yields, which are based on
(9) total expected investment amounts and anticipated net operating income
from leases signed or other assumptions based on market conditions.
(10) Includes $5.2 billion of current investment.
(11) Includes $4.6 billion of current investment.
23
Table of Contents
Historical Capital Expenditures and Investments in Financial Supplement
Real Estate
Dollars in Thousands Third Quarter 2026
T… N…
M… M…
E… E…
3… 3… 3… 3… 3… 3… 3…
…
…
…
…
… $… $… $… $… $… $… $1…
…
…
… 2… 7… 5… 4… 8… 1… 23…
…
…
…
… $… $… $… $… $… $… $1…
…
…
…
… $… $… $… $… $… $… $1…
…
…
…
… $… $… $… $… $… $… $1…
…
…
…
…
…
… $… $… $… $… $… $… $9…
…
… 4… 4… 3… 3… 3… 1… 10…
…
…
… $… $… $… $… $… $… $1…
…
…
…
…
…
…
… $… $… $… $… $… $… $2…
…
…
…
…
…
(1) Non-recurring capital expenditures are primarily for development of
land and capacity, excluding acquisition costs.
Amount reflects the total capital expenditures on consolidated
(2) development projects during the quarter. The total includes 100% of
spending on projects contributed to joint ventures and fund prior to
their contribution.
Recurring capital expenditures represent non-incremental data center
improvements required to maintain current revenues, including
second-generation tenant improvements and external leasing commissions.
(3) Recurring capital expenditures do not include acquisition costs
contemplated when underwriting the purchase of a data center, costs
which are incurred to bring a building up to Digital Realty’s operating
standards, or internal leasing commissions.
24
Table of Contents
Acquisitions / Dispositions/ Joint Ventures Financial Supplement
Dollars in Thousands Third Quarter 2026
Closed Acquisitions:
Acquisiti… Metropoli… Date Purchase Cap
Property Type Area Acquired Price (1) Rate (2)
Campus Building Atlanta Jul-26 NA
Expansion and Land
Colocati… Land Crete Jul-26 NA
Developm…
600 MW
Hypersca… Land Charlotte Jul-26 NA
Developm…
1+ GW
Hypersca… Land Indianapo… Jul-26 NA
Developm…
Colocati…
and
Hypersca… Land Chicago Sep-26 NA
Developm…
(Two
Parcels)
Colocati… Land Frankfurt Sep-26 NA
Developm…
Total $741,944
Closed Dispositions:
Dispositi… Metropolit… Date Sale Cap
Property Type Area Disposed Price Rate (2)
(1)
Non-Core Land Dallas Jul-26 $750 NA
Asset
Total $750
Closed Joint Venture / Fund Contributions:
Metropolitan Contribution Cap
Property Area Date Price Rate (2)
Turkish Ankara Sep-26 $33,031 NA
Development JV
Total $33,031
Represents the purchase price or sale price, as applicable before
(1) contractual price adjustments, transaction expenses, taxes, and
potential currency fluctuations. All prices were converted to USD based
on FX rate as of September 30, 2026.
We calculate the cash capitalization rate on acquisitions,
dispositions, and joint venture and fund contributions by dividing
anticipated annual net operating income by the
purchase/sale/contribution price, including assumed debt and related
pre-payment penalties. Net operating income represents rental revenue
and tenant reimbursement revenue from in-place leases, less rental
property operating and maintenance expenses, property taxes and
insurance expenses, and is not a financial measure calculated in
accordance with GAAP. We caution you not to place undue reliance on our
(2) cash capitalization rates because they are based solely on data made
available to us in the diligence process in connection with the
relevant acquisitions and are calculated on a non-GAAP basis. Our
calculation of the cash capitalization rate on acquisitions may change,
based on our experience operating the data centers subsequent to
closing of the acquisitions. In addition, the actual cash
capitalization rates may differ from our expectations based on numerous
other factors, including the results of our final purchase price
allocation, difficulties collecting anticipated rental revenues, tenant
bankruptcies, property tax reassessments and unanticipated expenses at
the data centers that we cannot pass on to tenants.
25
Table of Contents
Unconsolidated Entities Financial Supplement
Dollars in Thousands Third Quarter 2026
Summ… As of
Bala… Septe…
Sheet 30,
- 2026
──────────────────────────────────────────────────────────────────────────────
at
the Americ… APAC EMEA Global
JV's (1) (2) (3) (4) Total
100%
Share
Gross
cost
of $10,25… $2,50… $1,222… $1,70… $15,68…
oper…
real
esta…
Accu…
depr… -1,574… -430,… -42,049 -223,… -2,271…
and
amor…
Net
Book
Value
of $8,676… $2,07… $1,180… $1,47… $13,41…
Oper…
Real
Esta…
Cash 841,646 448,5… 115,830 38,713 1,444,…
Other 1,853,… 291,8… 191,011 595,7… 2,931,…
asse…
Total $11,37… $2,81… $1,486… $2,11… $17,78…
Asse…
Debt 3,869,… 1,092… 454,717 783,5… 6,200,…
Other 1,349,… 242,0… 426,775 512,1… 2,530,…
liab…
Equi…
/ 6,151,… 1,482… 605,400 816,4… 9,056,…
(def…
Total
Liab… $11,37… $2,81… $1,486… $2,11… $17,78…
and
Equi…
Digi…
Real…
Pro
Rata
Share $1,262… $524,… $90,943 $252,… $2,131…
of
Unco…
enti…
Debt
Three
Summ… Months
Stat… Ended
of Septe…
Oper… 30,
- 2026
──────────────────────────────────────────────────────────────────────────────
at
the Americ… APAC EMEA Global
JV's (1) (2) (3) (4) Total
100%
Share
Total $316,3… $100,… $25,968 $48,7… $492,0…
reve…
Oper… -134,4… -52,2… -9,091 -24,6… -220,3…
expe…
Net
Oper… $181,9… $48,7… $16,877 $24,1… $271,6…
Inco…
(NOI)
Stra… -3,676 -3,224 -2,595 -608 -10,103
rent
Above
and
below -5,907 — -929 -2,912 -9,748
mark…
rent
Cash
Net
Oper… $172,3… $45,4… $13,353 $20,6… $251,8…
Inco…
(NOI)
Inte… -$64,3… -$4,6… -$8,709 -$9,4… -$87,1…
expe…
Depr…
and -123,2… -24,7… -7,513 -21,2… -176,8…
amor…
Other
inco… 17,049 -4,864 -1,596 -2,133 8,456
/
(exp…
FX
reme…
on -8,161 -90 1,571 -1,794 -8,474
USD
debt
Total
Other -$178,… -$34,… -$16,2… -$34,… -$264,…
Expe…
net
Net
Inco… $3,252 $14,2… $630 -$10,… $7,685
/
(Los…
Digi…
Real…
Pro
Rata
Share $52,049 $24,3… $3,729 $11,4… $91,508
of
Unco…
enti…
NOI
Digi…
Real…
Pro
Rata
Share $50,067 $22,6… $3,025 $9,557 $85,343
of
Unco…
enti…
Cash
NOI
Digi…
Real…
Earn…
(los… -$22,1… $6,822 $255 -$3,3… -$18,4…
from
unco…
enti…
Digi…
Real…
Pro
Rata
Share $14,661 $19,2… $886 $7,534 $42,289
of
Core
FFO
(5)
Digi…
Real…
Fee
Inco… $44,395 $921 $3,572 $4,153 $53,041
from
Unco…
enti…
Includes Ascenty, Blackstone NoVa, Clise, Digital Realty DC Partners NA
(1) Fund, GI Partners, Mapletree, Menlo, Mitsubishi, Realty Income, TPG
Real Estate and Walsh.
(2) Includes Digital Realty Bersama, Digital Connexion, Lumen and MC
Digital Realty.
(3) Includes Blackstone Frankfurt, Blackstone Paris, Medallion and Mivne.
(4) Includes Digital Core REIT.
(5) For a definition of Core FFO, see page 28.
Note: Digital Realty’s ownership percentages in the unconsolidated entities
vary.
26
Table of Contents
Reconciliation of Earnings Before Interest, Taxes, Financial Supplement
Depreciation & Amortization and Financial Ratios
Unaudited and Dollars in Thousands Third Quarter 2026
Three
Months
Ended
Recon…
of
Earni…
Before
Inter…
Taxes, 30-Sep… 30-Jun… 31-Ma… 31-Dec… 30-Se…
Depre…
&
Amort…
(EBIT…
(1)
Net
Income
(Loss)
Avail… $185,1… $443,1… $169,… $88,466 $57,6…
to
Common
Stock…
Inter… 93,273 113,943 116,3… 116,516 113,5…
expen…
(Gain)
loss
on
debt — — 4,119 -9 —
extin…
and
modif…
Income
tax 8,751 33,675 16,008 -9,673 11,695
expen…
(bene…
Depre…
and 539,471 507,106 499,5… 493,458 497,0…
amort…
EBITDA $826,6… $1,097… $805,… $688,7… $679,…
Uncon…
JV
real
estate 57,047 62,972 60,291 70,260 65,922
relat…
depre…
and
amort…
Uncon…
JV
inter…
expen… 37,874 37,142 35,814 38,498 44,795
and
tax
expen…
Sever…
equity
accel… 2,643 4,384 2,835 4,937 1,794
and
legal
expen…
Trans…
and 48,961 38,703 15,685 36,083 86,559
integ…
expen…
(Gain)
loss
on
dispo… -8,403 -7,988 -873 -42,865 -19,7…
of
prope…
net
Provi…
for — — — 78,553 —
impai…
Other
non-c…
adjus… 4,474 -82,084 -4,270 -25,033 2,523
net
(2)
Net — -187,8… — — —
promo…
Nonco… -1,735 4,318 -4,470 -2,536 -4,099
inter…
Prefe…
stock 10,181 10,181 10,181 10,181 10,181
divid…
Adjus… $977,7… $977,5… $920,… $856,8… $867,…
EBITDA
(1) For definitions and discussion of EBITDA and Adjusted EBITDA, see the
Definitions section.
Includes foreign exchange remeasurement (gain) loss, net, impact of
(2) foreign tax rate changes, non-recurring legal and insurance expenses,
lease termination fees, insurance proceeds related to property damage
and similar adjustments on unconsolidated entities.
Three
Months
Ended
Finan… 30-Sep… 30-Jun… 31-Ma… 31-Dec… 30-Se…
Ratios
Total
GAAP $93,273 $113,9… $116,… $116,5… $113,…
inter…
expen…
Capit…
inter… 70,964 37,102 35,637 34,783 32,923
expen…
Change
in
accru…
inter… 61,617 -104,9… 30,268 -52,014 41,265
and
other
non-c…
amoun…
Cash
Inter… $225,8… $46,121 $182,… $99,285 $187,…
Expen…
(3)
Prefe…
stock 10,181 10,181 10,181 10,181 10,181
divid…
Total
Fixed $174,4… $161,2… $162,… $161,4… $156,…
Charg…
(4)
Cover…
Inter…
cover… 5.1x 5.5x 5.2x 4.8x 4.9x
ratio
(5)
Cash
inter…
cover… 3.8x 13.2x 4.4x 6.8x 3.9x
ratio
(6)
Fixed
charge
cover… 4.8x 5.2x 4.9x 4.5x 4.6x
ratio
(7)
Cash
fixed
charge 3.7x 11.6x 4.2x 6.3x 3.8x
cover…
ratio
(8)
Lever…
Debt
to
total 22.4% 21.4% 21.7% 25.1% 23.0%
enter…
value
(9)(1…
Debt-…
rpris… 23.2% 22.3% 22.7% 26.1% 23.9%
(10)(…
Pre-t…
income
to 3.1x 5.0x 2.5x 1.8x 1.6x
inter…
expen…
(12)
Net
Debt-… 5.2x 4.7x 4.7x 4.9x 4.9x
EBITDA
(13)
Cash interest expense is interest expense less amortization of debt
(3) discount and deferred financing fees and includes interest that we
capitalized. We consider cash interest expense to be a useful measure
of interest as it excludes non-cash-based interest expense.
(4) Fixed charges consist of GAAP interest expense, capitalized interest,
scheduled debt principal payments and preferred stock dividends.
Adjusted EBITDA (including our pro rata share of unconsolidated
(5) entities EBITDA), divided by GAAP interest expense plus capitalized
interest (including our pro rata share of unconsolidated entities
interest expense).
Adjusted EBITDA (including our pro rata share of unconsolidated
(6) entities EBITDA), divided by cash interest expense (including our pro
rata share of unconsolidated entities interest expense).
Adjusted EBITDA (including our pro rata share of unconsolidated
(7) entities EBITDA), divided by fixed charges (including our pro rata
share of unconsolidated entities fixed charges).
Adjusted EBITDA (including our pro rata share of unconsolidated
(8) entities EBITDA), divided by the sum of cash interest expense and
preferred stock dividends (including our pro rata share of
unconsolidated entities cash fixed charges).
(9) Total debt divided by market value of common equity plus debt plus
preferred stock.
(10) Total enterprise value defined as market value of common equity plus
debt plus preferred stock.
(11) Same as (9), except numerator includes preferred stock.
(12) Calculated as net income plus interest expense divided by GAAP
interest expense.
Calculated as total debt at balance sheet carrying value, plus finance
lease obligations, plus Digital Realty’s pro rata share of
unconsolidated entities debt, less cash and cash equivalents
(13) (including Digital Realty’s pro rata share of unconsolidated entities
cash) divided by the product of Adjusted EBITDA (including Digital
Realty’s pro rata share of unconsolidated entities EBITDA), multiplied
by four.
27
Table of Contents
Management Statements on Non-GAAP Measures Financial Supplement
Unaudited Third Quarter 2026
Definition s 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 (Nareit) in the Nareit Funds From Operations White
Paper - 2018 Restatement. FFO is a non-GAAP financial measure and represents net
income (loss) available to common stockholders (computed in accordance with
GAAP), excluding gain (loss) from the disposition of real estate assets,
provision for impairment, real estate related depreciation and amortization
(excluding amortization of deferred financing costs), our share of
unconsolidated JV real estate related depreciation & amortization, net income
attributable to noncontrolling interests in operating partnership and
reconciling items related to noncontrolling interests. 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) and Core FFO (excluding net promote) : We present
core funds from operations, or Core FFO, and Core FFO (excluding net promote) as
supplemental operating measures because, in excluding certain items that do not
reflect core revenue or expense streams, they provide a performance measure
that, when compared year over year, capture 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) gain (loss) on debt extinguishment and modifications, (iv) gain
on / issuance costs associated with redeemed preferred stock, (v) severance,
equity acceleration and legal expenses, (vi) gain/loss on FX and derivatives
revaluation, and (vii) other non-core expense adjustments. We calculate Core FFO
(excluding net promote) by adding to Core FFO the net impact of (i) promote
income and (ii) promote expense (collectively “net promote”). Because certain of
these adjustments have a real economic impact on our financial condition and
results from operations, the utility of Core FFO and Core FFO (excluding net
promote) as a measure of our performance is limited. Other REITs may calculate
Core FFO and Core FFO (excluding net promote) differently than we do and
accordingly, our Core FFO and Core FFO (excluding net promote) may not be
comparable to other REITs’ Core FFO and Core FFO (excluding net promote). Core
FFO and Core FFO (excluding net promote) should be considered only as a
supplement to net income computed in accordance with GAAP as a measure of our
performance. Adjusted Funds from Operations (AFFO) : We present adjusted funds
from operations, or AFFO, as a supplemental operating measure because, when
compared year over year, it assesses our ability to fund dividend and
distribution requirements from our operating activities. We also believe that,
as a widely recognized measure of the operations of REITs, AFFO will be used by
investors as a basis to assess our ability to fund dividend payments in
comparison to other REITs, including on a per share and unit basis. We calculate
AFFO by adding to or subtracting from Core FFO (i) non-real estate depreciation,
(ii) amortization of deferred financing costs, (iii) amortization of debt
discount/premium, (iv) non-cash stock-based compensation expense, (v) straight-
line rental revenue, (vi) straight-line rental expense, (vii) above- and below-
market rent amortization, (viii) deferred tax expense / (benefit), (ix) leasing
compensation and internal lease commissions, and (x) recurring capital
expenditures. Other REITs may calculate AFFO differently than we do and,
accordingly, our AFFO may not be comparable to other REITs’ AFFO. AFFO 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 expense, gain (loss) on debt extinguishment and
modifications, income tax expense (benefit), 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, (i) unconsolidated entities real estate
related depreciation & amortization, (ii) unconsolidated entities interest
expense and tax expense, (iii) severance, equity acceleration and legal
expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale /
deconsolidation, (vi) provision for impairment, (vii) other non-core
adjustments, net, (viii) noncontrolling interests, (ix) preferred stock
dividends, (x) gain on / issuance costs associated with redeemed preferred stock
and (xi) net promote. 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. 28
Table of Contents
Management Statements on Non-GAAP Measures Financial Supplement
Unaudited Third Quarter 2026
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. Same-
Capital Cash NOI represents data centers owned as of December 31, 2024 with less
than 5% of total rentable square feet under development and excludes data
centers that were undergoing, or were expected to undergo, development
activities in 2025-2026, data centers classified as held for sale and
contribution, and data centers sold or contributed to joint ventures for all
periods presented (prior period numbers adjusted to reflect current same-capital
pool). 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. Additional Definitions GAAP refers to United States
generally accepted accounting principles. Net debt-to-Adjusted EBITDA ratio is
calculated as total debt at balance sheet carrying value, plus finance lease
obligations, plus Digital Realty’s pro rata share of unconsolidated entities
debt, less cash and cash equivalents (including Digital Realty’s pro rata share
of unconsolidated entities cash) divided by the product of Adjusted EBITDA
(including Digital Realty’s pro rata share of unconsolidated entities EBITDA),
multiplied by four. Debt-plus-preferred-to-total enterprise value is total debt
plus preferred stock divided by total debt plus the liquidation value of
preferred stock and the market value of outstanding Digital Realty Trust, Inc.
common stock and Digital Realty Trust, L.P. units, assuming the redemption of
Digital Realty Trust, L.P. units for shares of Digital Realty Trust, Inc. common
stock. Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP
interest expense, capitalized interest and preferred stock dividends. For the
quarter ended September 30, 2026, GAAP interest expense was $93 million,
capitalized interest was $71 million and preferred stock dividends were $10
million.
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1) As reconciled to net income above.
Adjustment calculated by holding currency translation rates for 2026
2) constant with average currency translation rates that were applicable to
the same periods in 2025.
29
Table of Contents
Forward-Looking Statements Financial Supplement
Third Quarter 2026
This document 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, anticipated continued demand for our products and
service, our liquidity, our joint ventures, supply and demand for data center
and colocation capacity, our acquisition and disposition activity, pricing and
net effective leasing economics, market dynamics and data center fundamentals,
our strategic priorities, our product offerings, available inventory, rent from
leases that have been signed but have not yet commenced and other contracted
rent to be received in future periods, rental rates on future leases, lag
between signing and commencement, cap rates and yields, investment activity, the
company’s FFO, Core FFO, constant currency Core FFO, Core FFO (excluding net
promote), Constant Currency Core FFO (excluding net promote), adjusted FFO,
adjusted EBITDA, net income, 2026 outlook and underlying assumptions,
information related to trends, our strategy and plans, leasing expectations,
weighted average lease terms, the exercise of lease extensions, lease
expirations, debt maturities, annualized rent at expiration of leases, the
effect new leases and increases in rental rates will have on our rental revenue,
our credit ratings, construction and development activity and plans, projected
construction costs, estimated yields on investment, expected occupancy, expected
square footage and IT load capacity upon completion of development projects,
backlog NOI, NAV components, and other forward-looking financial data. 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;
● decreased rental rates, increased operating costs or increased vacancy
rates;
● increased competition or available supply of data center capacity;
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;
● breaches of our obligations or restrictions under our contracts with our
customers;
our inability to successfully develop and lease new properties and
● development capacity, and delays or unexpected costs in development of
properties;
● the impact of current global and local economic, credit and market
conditions;
● increased tariffs, global supply chain or procurement disruptions, or
increased supply chain costs;
the impact from periods of heightened inflation on our costs, such as
● operating and general and administrative expenses, interest expense and
real estate acquisition and construction costs;
● the impact on our customers’ and our suppliers’ operations during an
epidemic, pandemic, or other global events;
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;
changes in political conditions, geopolitical turmoil, political
● instability, civil disturbances, restrictive governmental actions or
nationalization in the countries in which we operate;
● our inability to retain data center capacity that we lease or sublease
from third parties;
● information security, cyberattacks, security breaches 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 and future 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;
● the expected operating performance of anticipated near-term acquisitions
and descriptions relating to these expectations;
● 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
U.S. federal income tax purposes;
● Digital Realty Trust, L.P.’s failure to qualify as a partnership for U.S.
federal income tax purposes;
● restrictions on our ability to engage in certain business activities;
changes in local, state, federal and international laws and regulations,
● including related to taxation, real estate and zoning laws, and increases
in real property tax rates; and
● the impact of any financial, accounting, legal or regulatory issues or
litigation that may affect us.
The risks included here are not exhaustive, and additional factors could
adversely affect our business and financial performance. Several additional
material risks are discussed in our annual report on Form 10-K for the year
ended December 31, 2025, and other filings with the U.S. Securities and Exchange
Commission. Those risks continue to be relevant to our performance and financial
condition. Moreover, we operate in a 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,
ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture,
PlatformDIGITAL, PDx, Data Gravity Index and Data Gravity Index DGx 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.
30