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The meeting place for companies, technologies and data Global. Connected. Sustainable. INVESTOR PRESENTATION September 2026
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Digital Realty Overview 2
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3 6,000+ Customers (1) 25,500+ Cross Connects (1) 55+ Metros (1) 300+ Data Centers A Global Data Center and Connectivity Platform Supporting our Customers’ Critical IT Architecture EQUITY & ENTERPRISE VALUE TOP PUBLICLY TRADED U.S. REIT INVESTMENT GRADE RATINGS (5) BBB Baa2 BBB+ LARGEST PUBLICLY TRADED U.S. REIT (4) 2016 ADDED TO THE S&P 500 INDEX $68 Bn $87 Bn EQUITY MARKET CAPITALIZATION (2) ENTERPRISE VALUE (3) 5th Note: Balance sheet data as of June 30, 2026 unless otherwise indicated. 1) Totals includes buildings held as investments in unconsolidated joint ventures. 2) As of June 30, 2026. 3) Total enterprise value calculated as the market value of common equity as of June 30, 2026, plus liquidation value of pref erred equity and total debt at balance sheet carrying value as of June 30, 2026. 4) U.S. REITs within the RMZ. Ranked by market cap as of June 30, 2026. Source: Bloomberg. 5) These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the Company's securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any secur ity, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in r atings. 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. 6) Moody’s revised to Outlook Positive (OP) on October 30, 2025. 7) S&P Global upgraded to BBB+ Outlook Stable (OS) on July 30, 2025. (1) Positive Outlook (6) Stable Outlook (7)Stable Outlook 3
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Note: As of June 30, 2026. 1) Based on annualized base rent – the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of June 30, 2026, multiplied by 12. Figures may not add up to 100% due to rounding. Offering a Global Data Center Platform Capacity in World’s Major Metros to Meet Growing Customer Demand Global Capacity ~3 GW In-Place IT Capacity 53% 29% 10% 5% 4% North America Europe APAC Latin America Geographically Diversified (1) Africa ~9 GW Future Development Capacity 4 ~12 GW Total IT Capacity
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Note: As of June 30, 2026. Totals reflect Consolidated and Unconsolidated facilities at 100% Share. Totals may not add due to rounding. Buildable IT Capacity is the sum of the following: Land, Shell, and Data Center under Construction. 5 >5 GW Future Development Capacity = >25MWs and <100 MWs of Buildable Capacity = <25MWs of Buildable Capacity = >100MWs of Buildable Capacity Development Capacity For Growing Digital Transformation, Cloud and AI Workloads ~9 GW Future Development Capacity 70% 20% 10% >100 MW < 100 MW and > 25 MW < 25 MW CAPACITY BLOCKS ~1.4 GW Under Construction
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6 Digital Realty’s Competitive Advantage Scale, Connectivity, and Execution Long-standing, deep and trusted partner of many of the largest hyperscale customers, helping meet their exponentially growing needs Customer Relationships Allows customers connectivity to cloud on-ramps, service providers and networks via DLR’s proprietary network Global Platform Dedicated teams to focus on supply chain optimization and centralized vendor management inventory program to optimize across all Digital Realty assets Supply Chain Management Deep relationships with both regional & local power providers to help ensure timely power delivery Power Procurement Embedded internal expertise as the world’s largest data center owner, operator, acquiror and developer Connectivity Entitlement & Local Incentives Long-standing relationship with local governments and city council for tax exemption, rezoning, and other local incentives ServiceFabric®
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Strong Secular Trends Artificial Intelligence Driving Next-Generation Demand 7
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A New Era of Digital Infrastructure Connectivity Era1 Network Exchange We connected networks to each other. → Cloud Exchange We connected enterprises to the clouds. → AI Exchange We connect enterprises to AI, wherever it runs. The Third Wave is Different – AI Workloads Require the Underlying Space and Power Infrastructure, Positioning Digital Realty at the Center of the Digital Economy’s Evolution 5 Each wave of computing innovation has reshaped infrastructure requirements Connectivity Era The New Era2 3 8
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IT Architecture is constrained Needs to be inverted… …Deployed at global points of presence Bring Cloud & AI to the Data Bring Users & Devices to the Data IN THE CLOUDS Applications and Capacity AT THE EDGE Users and Things IN THE CLOUDS Applications and Capacity AT THE EDGE Users and Things Sends data to the clouds Receives data slowly AI Scales Where Data, Compute, and Connectivity Converge Source: Data Gravity Index 1.5, Digital Realty Market Intelligence AI workloads are inherently data-intensive, requiring proximity to data and high-performance connectivity Centers of Data Exchange 9
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38 40 45 50 56 64 23 31 40 46 53 62 21 31 44 56 72 93 82 103 128 153 181 219 2025 2026 2027 2028 2029 2030 Growing Data Center Demand 2.7x growth by 2030 2.7x Growth in AI Training 4.4x Growth in AI Inference in GW 1.7x Growth in Non-AI Both AI and non- AI workloads will be key drivers of global data center demand growth through 2030 Inference could overtake training workloads by 2027 as the dominant AI requirement Digital Realty’s Tier 1 global portfolio is well positioned to capture growth in AI inference Source: The next big shifts in AI workloads and hyperscaler strategies (McKinsey & Company, December 2025). Global Data Center Demand Inference Becoming the Dominant AI Workload by 2027 10 26% 2025 AI Inference 42% 2030 AI Inference 2027: AI Inference overtakes AI Training
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The PlatformDIGITAL® Competitive Advantage Delivering Scale, Connectivity, and Flexibility 11 Hyperscaler on-ramps enable enterprises, connectivity providers and carriers to connect to the cloud Hyperscale Data Centers Largest facilities, long-term leases with investment-grade customers Enterprise / Colo Data Centers Enterprises connect to the cloud and other enterprises via physical cross connects or virtually via ServiceFabric® Smaller to mid-size facilities with medium-term leases and hundreds of customers Public Data Sets Shared Data Sets Private Data Sets
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12 Global Connectivity Network Density that Promotes Innovation and Collaboration Note: As of June 30, 2026. Metro Establish a Port Customers establish a port which supports multiple virtual private connections Connect Customers establish direct, private connections to multiple Cloud Service Providers, Network and SaaS Providers, and other platform participants from a single interface Establish Virtual Router Customers establish a virtual router to optimize cloud-to-cloud workflows 1 2 3 The ServiceFabric® Differentiating Factor Data Center Solve Challenges with ServiceFabric® 179+ Digital Realty Facilities Connected Globally 310+ On Ramps Available Globally 530+ 3rd Party Enabled Data Centers Globally Friction connecting distributed infrastructure Hybrid Complexity Lead Times Quickly-evolving AI environments can’t wait Tracing Value Opaque pricing and lack of transparency Lock-In Lock-in with closed ecosystems or single providers Provision in minutes, with global reach across 800+ data centers. Scale on-demand. Speed & Scale Predictable, month-to-month pricing and consumption model. Transparency & Control Multi-service ports, and partner-rich platform. No lock-in. Openness & Choice Challenge Private, software-defined interconnection. Performance and SLA are tablestakes. Flexible Deployment ServiceFabric® Solution Changing Operations Human-driven self-service creates hurdles Programmability Agent-led provisioning and observability.
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DRIL- Digital Realty Innovation Lab AI-ready infrastructure on PlatformDIGITAL® State-of-the-art testing and demonstration platform Supports proof of concept evaluations, hybrid cloud design, AI benchmarking, and integrated partner showcases With seamless connectivity via ServiceFabric®, customers can confidently deploy and optimize complex architectures in a secure, interconnected, and high-density colocation environment. Global footprint across the Americas, APAC and EMEA with locations in Northern Virginia, Tokyo and London
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Recent Financial Results Note: Certain data in this section was originally posted to the Company’s website on July 23, 2026 and has not been updated to reflect changes occurring after that date. 14
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Providing the essential community that combines power, proximity, and connectivity $108M Record Bookings 0-1MW + Interconnection Developing high-capacity infrastructure for the world’s leading cloud and AI providers and digital platforms Supports scalable hyperscale capacity growth, while enhancing fee income and shareholder returns Colocation & Connectivity Hyperscale Strategic Private Capital 15 21% Bookings Growth (vs. Prior Year) Executing on Our Three Core Pillars of Growth Positioned for Long-Term Sustainable Growth 2GW Added in Kansas City Midwest Hub for AI and Cloud 34% Development Capacity Growth (vs. Prior Quarter) $9Bn AUM Acquisition of Columbia Capital 38% Fee Income Growth(1) (vs. Prior Year) 1) Excludes promote income.
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Note: Totals may not add up due to rounding. 1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facil ities. 2Q26 BOOKINGS AT DLR SHARE HISTORICAL BOOKINGS ANNUALIZED GAAP BASE RENT $ in millions Strong Demand Environment 0-1 MW $87.8M 42% of total bookings INTERCONNECTION $20.5M 10% of total bookings >1 MW $99.8M 48% of total bookings OTHER(1) $0.3M <1% of total bookings TOTAL BOOKINGS $208.5M 16 0-1MW Interconnection >1 MW Other (1) • $307M Total Bookings at 100% Share • Signed Two Hyperscale Leases for $410M at 100% share, or $205M at DLR share, post quarter end $75 $150 $225 $300 $375 2022 2023 2024 2025 YTD 2026 Partner Share $50 $250 $450 $650 $850 $1,050 $1,250 2022 2023 2024 2025 YTD 2026
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17 Enabling the Meeting Place Another Record Quarter of 0-1MW + IX Bookings 142 New Logos Added $108M Bookings from 0-1MW + Interconnection 52% of total 2Q Bookings from 0-1 MW + Interconnection 2Q26 Results Note: Metrics presented at Digital Realty’s share.
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Robust Pricing Environment Attractive Renewal Spreads 2Q26 RENEWAL SPREADS 0-1 MW > 1 MW OTHER (1) TOTAL 55% of total renewals 44% of total renewals 1% of total renewals Signed renewals representing $261 million of annualized rental revenue RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE 5.5% 66.7% GAAP Note: Totals may not add up due to rounding. Rental rate change represents the beginning rental rate on agreements renewed, relative to the ending rental rate at expiration, weighted by net rentable square feet. Signed renewals amounts represent cash annualized rental revenue. 1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facil ities. 5.2% CASH GAAP CASH 92.3% 7.6% CASH 15.2% GAAP 25.4% CASH 32.0% GAAP 18 • Record Cash MTM Led by Strength in APAC • Raised Full-Year Renewal Spread Guidance by 250 bps
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Lease Expirations Provide Re-Pricing Opportunities % of Lease Expirations by Annualized Base Rent (1) 0% 5% 10% 15% 20% 25% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 >2035 >1 MW 0-1 MW Note: As of June 30, 2026. 1) Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage. Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of June 30, 2026, multiplied by 12. 2) Guidance as of July 23, 2026 only and has not been updated. 9% – 11% 2026 Guidance(2) for cash rental rate on renewals Weighted avg. remaining lease term • Shorter term 0-1 MW leases provide near term opportunities to drive price increases • Evenly staggered, longer term >1MW leases provide stability and visibility 19 4.1 years
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BACKLOG ROLL-FORWARD (1) $ in millions Consolidated Digital Realty Backlog Unconsolidated Entities Backlog, at DLR Share COMMENCEMENT TIMING (3) $ in millions 20 1Q26 Backlog Signed Commenced 2Q26 Backlog $1,891M $239M$306M $1,827M $817M (2)(3) • Backlog = ~30% of in-place Data Center Rent at DLR Share • Record Total Backlog of $1.9B at 100% Share Record Backlog Multi-Year Visibility 2026 2027 2028+ 2Q26 Backlog 100% Backlog $1,891M$527M $638M $726M $208M $1,032M $208M $635M $480M $312M $1,427M$1,428M $1,427M Note: Totals may not add up due to rounding. 1) Amounts shown represent GAAP annualized base rent from leases signed. 2) Historical backlog adjusted for asset sales and purchases, joint venture and fund contributions and other non- material reconciling items. 3) Includes approximately $380 million of incremental backlog related to Digital Realty's acquisition of a 64% stake in three fully leased data centers in Northern Virginia. 4) Amounts shown represent GAAP annualized base rent from leases signed, but not yet commenced, based on estimated future commencem ent date at time of signing. Actual commencement dates may vary. (3)
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High-Quality, Diversified Customer Base Note: As of June 30, 2026. Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage. Our direct customers may be the entities named in this table above or their subsidiaries or affiliates. 1) Calculation based on annualized recurring revenue – the monthly contractual base rent (defined as cash base rent before abatements), and Interconnection revenue under existing leases as of June 30, 2026, multiplied by 12. 2) Based on the credit ratings of Digital Realty’s top 100 customers as of June 30, 2026 against annualized recurring total revenue of $3.5 billion. Credit ratings from S&P, Moody’s and Fitch reflect credit ratings of customer’s parent entity. There can be no assurance that a customer’s parent entity will satisfy the customer’s lease or other obligations upon such customer’s default. Customer Rank Locations % of ARR (1) Customer Rank Locations % of ARR (1) 1. 75 10.8% 11. 29 1.3% 2. 42 10.0% 12. 5 1.3% 3. 32 5.6% 13. 6 1.3% 4. 65 4.4% 14. 109 1.2% 5. 61 2.5% 15. 70 1.1% 6. 33 2.1% 16. 15 1.0% 7. 51 2.0% 17. 112 0.9% 8. 14 1.9% 18. 41 0.9% 9. 7 1.6% 19. 20 0.9% 10. 7 1.4% 20. 22 0.9% TOTAL ANNUALIZED RECURRING REVENUE 53.1% TOP 20 CUSTOMERS Fortune 50 Software Company Fortune 25 Investment Grade-Rated Company Space Technology and Connectivity Provider Fortune 25 Tech Company Global Cloud Provider Social Content Platform Global Technology and Entertainment Platform • Top customers have a presence in 42 different locations, on average Customer Type (% by ARR) (1) IT 8% Enterprise 9% Content 14% Investment Grade ~ 54% 6,000 Global Customers High-Quality Customer Base (2) Specialized Cloud Provider Network 14% Cloud 44% Financial 11% Leading AI Chip Maker Global Commerce Platform 21
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Better Growth + Balance Sheet Robust Liquidity, Below Target Leverage Debt Maturity Schedule(4)(5) Capital Structure(2) Fixed Rate Debt 94% Floating Rate Debt 6% Equity Market Capitalization $67 Bn ($ in billions) Note: Please see Appendix for calculation of ratios. 1) Adjusted EBITDA is a non-GAAP financial measures. For reconciliation of these measures to their nearest GAAP equivalents, see the Appendix. As of June 30, 2026. 2) As of June 30, 2026, except as noted. Totals include investments in unconsolidated joint ventures. 3) Liquidity represents unrestricted cash and cash equivalents plus available capacity under the Company’s revolving credit facilities as of June 30, 2026. The amount shown is rounded. 4) Includes Digital Realty’s pro rata share of unconsolidated entities’ loans and debt securities. 5) Assumes exercise of extension options. Net Debt to Adjusted EBITDA(1) Credit Metric Target FY23 2Q26 Net Debt to Adj. EBITDA 5.5x Average 6.2x 4.7x Fixed Charge Coverage > 3.0x 4.9x 5.2x Liquidity(3) ~$6 Bn 22 (1) FY23 FY24 FY25 2Q26 1.5x Total Reduction in Leverage6.2x 4.7x
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2026 Financial Guidance Update Improving Core Growth (1) (1) (2) 23 As of February 5, 2026 As of April 23, 2026 As of July 23, 2026 Better/Worse Total Revenue (excluding promote income) $6,600 – $6,700 $6,650 - $6,750 $6,850 - $6,950 Adjusted EBITDA $3,600 – $3,700 $3,650 - $3,750 $3,750 - $3,850 Rental Rates on Renewal Leases (Cash) 6.0% – 8.0% 6.5% - 8.5% 9.0% - 11.0% Year-End Portfolio Occupancy +50 – 100 bps +50 – 100 bps +75 – 125 bps Same-Capital Cash NOI Growth 4.0% – 5.0% 4.0% – 5.0% 4.25% – 5.25% Core FFO per Share (excluding net promote) $7.90 – $8.00 $8.00 – $8.10 $8.15 – $8.20 CC Core FFO per Share (excluding net promote) $7.90 – $8.00 $7.95 – $8.05 $8.10 - $8.15 (1) Note: Dollars in millions except Core FFO per Share. The Company does not provide a reconciliation for non- GAAP estimates on a forward-looking basis, as 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 vari ous 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 d ebt 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. 1) Adjusted EBITDA, Same-Capital Cash NOI Growth, Core FFO Per Share (excluding net promote), and Constant -Currency Core FFO (excluding net promote) per Share are non- GAAP financial measures. For definitions and reconciliations of these measures to their near est GAAP equivalents, see the Appendix. 2) Year-end portfolio occupancy guidance based on IT load (kW). 3) Presented on a constant currency basis. (1) (3)
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Appendix Presenter Name 15/09/22
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Appendix Management Statements on Non-GAAP Measures 25 The information included in this presentation contains certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs, and, therefore, may not be comparable. The non- GAAP financial measures should not be considered alternatives to net income or any other GAAP measurement of performance and should not be considered an alternative to cash flows from operating, investing or financing activities as a measure of liquidity. Funds From Operations (FFO): We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts (Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO 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 operatin g 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 per formance of our data centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the Nareit definition and, accordingly, our FFO may not be comparable to other REITs’ FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. Core Funds from Operations (Core FFO): We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items t hat do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FF O (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. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may calculate Core FFO differently than we do and accordingly, our Core FFO may not be comparable to other REITs’ Core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. EBITDA and Adjusted EBITDA: We believe that earnings before interest 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 accelerat ion 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, and (x) gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequent ly used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance. Net Operating Income (NOI) and Cash NOI: Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilit ies 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 per formance 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 opera ting performance on a cash basis. However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capi tal 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 m easures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance. Same–Capital Cash NOI: Same-Capital Cash NOI represents 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 expec ted 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).
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Appendix Forward-Looking Statements This information in this presentation contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook; our expected investment and expansion activity; our joint ventures; the expected benefits and timing of PlatformDIGITAL®; the Data Gravity Index ; Data Gravity Index DGx ; cloud services spending; the potential impact of artificial intelligence and data regulations; our sustainability initiatives; the expected effect of foreign currency translation adjustments on our financials; anticipated continued demand for our products and services; our liquidity; demand drivers and economic growth outlook; business drivers; our expected development plans and completions, including timing, total square footage, IT capacity and raised floor space upon completion; expected availability for leasing efforts and colocation initiatives; organizational initiatives; our product offerings; our connected data communities; joint venture opportunities; occupancy and total investment; our expected investment in our properties; our estimated time to stabilization and targeted returns at stabilization of our properties; our expected future acquisitions; acquisitions strategy; available inventory and development strategy; the signing and commencement of leases, and related rental revenue; lag between signing and commencement of leases; our backlog; future rents; our expected same store portfolio growth; our expected growth and stabilization of development completions and acquisitions; lease rollovers and expected rental rate changes; our re-leasing spreads; our expected yields on investments; our expectations with respect to capital investments at lease expiration on existing data center or colocation space; debt maturities; lease maturities; our other expected future financial and other results including guidance, and the assumptions underlying such results; our customers’ capital investments; our plans and intentions; future data center utilization, utilization rates, growth rates, trends, supply and demand; data center expansion plans; estimated kW/MW requirements; capital expenditures; the effect new leases and increases in rental rates will have on our rental revenues and results of operations; estimates of the value of our development portfolio; our ability to meet our liquidity needs, including the ability to raise additional capital; access to power; market forecasts; projected financial information and covenant metrics; Core FFO run rate and NOI growth; other forward looking financial data; leasing expectations; our exposure to tenants in certain industries; our expectations and underlying assumptions regarding our sensitivity to fluctuations in foreign exchange rates; and the sufficiency of our capital to fund future requirements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and discussions which do not relate solely to historical matters. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following: reduced demand for data centers or decreases in information technology spending; 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, cyber security, 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; and 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; 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. We discussed a number of additional material risks in our annual report on Form 10-K for the year ended December 31, 2025, and other filings with the Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, PlatformDIGITAL, Data Gravity Index, Data Gravity Index DGx, ServiceFabric, AnyScale Colo, and Pervasive Data Center Architecture (PDx), among others, 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. 26
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Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 27 June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net income available to common stockholders 443,108$ 1,021,975$ 612,201$ 1,121,768$ Adjustments: Noncontrolling interests in operating partnership 9,000 21,000 13,000 24,000 Real estate related depreciation and amortization (1) 499,106 451,050 990,071 883,700 Depreciation related to non-controlling interests (24,292) (21,038) (48,018) (40,518) Real estate related depreciation and amortization related to investment in unconsolidated entities 62,972 59,172 123,263 115,033 (Gain) loss on real estate transactions (7,988) (931,830) (8,214) (932,941) Provision for impairment - - - - FFO available to common stockholders and unitholders 981,906$ 600,329$ 1,682,303$ 1,171,044$ Basic FFO per share and unit 2.73$ 1.75$ 4.73$ 3.41$ Diluted FFO per share and unit 2.73$ 1.75$ 4.73$ 3.42$ Weighted average common stock and units outstanding Basic 360,181 343,546 355,698 343,073 Diluted 367,605 351,691 363,462 351,239 (1) Real estate related depreciation and amortization was computed as follows: Depreciation and amortization per income statement 507,106 461,167 1,006,617 904,175 Non-real estate depreciation (8,000) (10,117) (16,546) (20,473) 499,106$ 451,050$ 990,071$ 883,702$ June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 FFO available to common stockholders and unitholders -- basic and diluted 981,906$ 600,329$ 1,682,303$ 1,171,044$ Weighted average common stock and units outstanding 360,181 343,546 355,698 343,073 Add: Effect of dilutive securities 467 362 415 363 Weighted average common stock and units outstanding -- diluted 360,648 343,909 356,113 343,436 Three Months Ended Six Months Ended Six Months Ended Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO) (in thousands, except per share and unit data) (unaudited) Three Months Ended
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Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 28 June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 FFO available to common stockholders and unitholders -- diluted 981,906$ 600,329$ 1,682,303$ 1,171,044$ Other non-core revenue adjustments (80,837) 4,228 (80,866) 2,303 Transaction and integration expenses 38,703 22,546 54,388 62,448 Gain (loss) on debt extinguishment and modifications - - 4,119 - Severance, equity acceleration and legal expenses 4,384 2,262 7,219 4,690 (Gain) / Loss on FX and derivatives revaluation (1,608) 8,827 (6,006) 6,764 Other non-core expense adjustments 13,208 5,092 10,670 4,390 CFFO available to common stockholders and unitholders -- diluted 955,756$ 643,284$ 1,671,827$ 1,251,639$ Net promote (187,871) - (187,871) - Core Funds From Operations (excluding net promote) 767,885$ 643,284$ 1,483,956$ 1,251,639$ CFFO impact of holding '25 Exchange Rates Constant (7,720) - (34,138) - Constant Currency Core FFO (Excluding Net Promote) 760,165$ 643,284$ 1,449,818$ 1,251,639$ Core FFO per share (excluding net promote) - diluted 2.13$ 1.87$ 4.17$ 3.64$ Constant Currency Core FFO Per Share (Excluding Net Promote) 2.11$ 1.87$ 4.07$ 3.64$ Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO) (in thousands, except per share and unit data) (unaudited) Three Months Ended Six Months Ended
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Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 29 June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net income available to common stockholders 443,108$ 1,021,975$ 612,201$ 1,121,768$ Interest expense 113,943 109,383 230,327 207,847 (Gain) loss on debt extinguishment and modifications - - 4,119 - Income tax expense (benefit) 33,675 12,883 49,683 30,018 Depreciation and amortization 507,106 461,167 1,006,617 904,176 EBITDA 1,097,832 1,605,408 1,902,947 2,263,809 Unconsolidated JV real estate related depreciation & amortization 62,972 59,172 123,263 115,033 Unconsolidated JV interest expense and tax expense 37,142 31,243 72,956 64,633 Severance, equity acceleration and legal expenses 4,384 2,262 7,219 4,690 Transaction and integration expenses 38,703 22,546 54,388 62,448 (Gain) loss on disposition of properties, net (7,988) (931,830) (8,861) (932,940) Provision for impairment - - - - Other non-core adjustments, net (82,084) 9,545 (86,355) 5,229 Net promote (187,871) - (187,871) - Noncontrolling interests 4,318 14,790 (152) 11,212 Preferred stock dividends 10,181 10,181 20,362 20,362 Adjusted EBITDA 977,589$ 823,319$ 1,897,896$ 1,614,475$ Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA (in thousands) (unaudited) Six Months Ended Three Months Ended
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Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 30 June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Rental revenues 860,191$ 798,338$ 1,709,949$ 1,581,098$ Tenant reimbursements - Utilities 269,255 250,296 537,532 480,880 Tenant reimbursements - Other 37,983 31,524 68,536 63,512 Interconnection and other 104,210 95,640 203,460 184,840 Total Revenue 1,271,639 1,175,798 2,519,477 2,310,328 Utilities 298,503 275,249 596,279 538,301 Rental property operating 220,489 208,364 428,446 394,433 Property taxes 44,400 39,093 86,951 77,456 Insurance 5,419 5,339 10,894 10,259 Total Expenses 568,812 528,045 1,122,570 1,020,450 Net Operating Income 702,827$ 647,753$ 1,396,907$ 1,289,878$ Less: Stabilized straight-line rent 4,636$ 6,988$ 6,202$ 7,039$ Above and below market rent 683 537 1,320 1,102 Same Capital Cash Net Operating Income 697,508$ 640,228$ 1,389,385$ 1,281,737$ Same Capital Cash NOI impact of holding '25 Exchange Rates Constant (10,915) - (45,134)$ -$ Constant Currency Same Capital Cash Net Operating Income 686,593$ 640,228$ 1,344,251$ 1,281,739$ June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Total operating revenues 1,924,040$ 1,493,150$ 3,559,213$ 2,900,787$ less: Proforma disposition adjustment (52) (23,854) (1,034) (64,375) plus: Constant currency adjustment (7,720) - (34,138) - Total operating revenues (as adjusted) 1,916,268$ 1,469,296$ 3,524,041$ 2,836,412$ Three Months Ended Six Months Ended Three Months Ended Six Months Ended Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Same Capital Cash Net Operating Income (in thousands) (unaudited)
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Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 31Note: For Quarter ended December 31, 2023. Total Debt/Total Enterprise Value QE 12/31/23 Market value of common equity (i) 42,804,053$ Liquidation value of preferred equity (ii) 755,000 Total GAAP interest expense (including unconsolidated JV interest expense) 143,052 Total debt at balance sheet carrying value 17,425,908 Add: Capitalized interest 33,032 Total Enterprise Value 60,984,961$ GAAP interest expense plus capitalized interest 176,084 Total debt / total enterprise value 28.6% Debt-plus-preferred-to-total-enterprise-value 29.8% Debt Service Ratio 4.0x (i) Market Value of Common Equity Common shares outstanding 311,608 Common units outstanding 6,449 QE 12/31/23 Total Shares and Partnership Units 318,057 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) Stock price as of December 31, 2023 134.58$ Market value of common equity 42,804,053$ GAAP interest expense plus capitalized interest 176,084 Preferred dividends 10,181 (ii) Liquidation value of preferred equity ($25.00 per share) Total fixed charges 186,265 Shares O/S Liquidation Value Series J Preferred 8,000 200,000 Fixed charge ratio 3.8x Series K Preferred 8,400 210,000 Series L Preferred 13,800 345,000 755,000 (iv) QE 12/31/23 Unsecured Debt/Total Debt Net Debt/LQA Adjusted EBITDA QE 12/31/23 Global unsecured revolving credit facility 1,812,287 Total debt at balance sheet carrying value 17,425,908$ Unsecured term loans 1,560,305 Add: DLR share of unconsolidated joint venture debt 1,534,744 Unsecured senior notes, net of discount 13,422,342 Add: Capital lease obligations, net 315,178 Secured debt, including premiums 630,973 Less: Unrestricted cash (1,898,342) Capital lease obligations, net 315,178 Net Debt as of September 30, 2023 17,377,488$ Total debt at balance sheet carrying value 17,741,085 Net Debt / LQA Adjusted EBITDA (iii) 6.2x Unsecured Debt / Total Debt 96.4% (iii) Adjusted EBITDA Net Debt Plus Preferred/LQA Adjusted EBITDA QE 12/31/23 Net loss available to common stockholders 18,122$ Total debt at balance sheet carrying value 17,425,908 Interest expense 113,638 Less: Unrestricted cash (1,898,342) Taxes 20,724 Capital lease obligations, net 315,178 Depreciation and amortization 420,475 DLR share of unconsolidated joint venture debt 1,534,744 EBITDA 572,958 Net Debt as of December 31, 2023 17,377,488 Preferred Liquidation Value (iv) 755,000 Unconsolidated JV real estate related depreciation & amortization 64,833 Net Debt plus preferred 18,132,488 Unconsolidated JV interest expense and tax expense 42,140 Severance accrual and equity acceleration and legal expenses 7,565 Net Debt Plus Preferred/LQA Adjusted EBITDA (iii) 6.5x Transaction and integration expenses 40,226 (Gain) / loss on sale of investments 103 Other non-core adjustments, net (35,439) Impairment of investments in real estate 5,363 Noncontrolling interests (8,419) Preferred stock dividends 10,181 Adjusted EBITDA 699,509$ LQA Adjusted EBITDA (Adjusted EBITDA x 4) 2,798,037$ Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility fees)
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Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 32 Total Debt/Total Enterprise Value QE 3/31/26 Market value of common equity (i) 64,013,656$ Liquidation value of preferred equity (ii) 755,000 Total GAAP interest expense (including unconsolidated JV interest expense) 142,540 Total debt at balance sheet carrying value 17,996,633 Add: Capitalized interest 35,637 Total Enterprise Value 82,765,289$ GAAP interest expense plus capitalized interest 178,177 Total debt / total enterprise value 21.7% Debt-plus-preferred-to-total-enterprise-value 22.7% Debt Service Ratio 5.2x (i) Market Value of Common Equity Common shares outstanding 348,924 Common units outstanding 6,293 QE 3/31/26 Total Shares and Partnership Units 355,217 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) Stock price as of March 31, 2026 180.21$ Market value of common equity 64,013,656$ GAAP interest expense plus capitalized interest 178,177 Preferred dividends 10,181 (ii) Liquidation value of preferred equity ($25.00 per share) Total fixed charges 188,358 Shares O/S Liquidation Value Series J Preferred 8,000 200,000 Fixed charge ratio 4.9x Series K Preferred 8,400 210,000 Series L Preferred 13,800 345,000 755,000 (iv) QE 3/31/26 Unsecured Debt/Total Debt Net Debt/LQA Adjusted EBITDA QE 3/31/26 Global unsecured revolving credit facility 707,961 Total debt at balance sheet carrying value 17,996,633$ Unsecured term loans 432,450 Add: DLR share of unconsolidated joint venture debt 2,038,470 Unsecured senior notes, net of discount 16,013,977 Add: Finance lease obligations, net 330,916 Secured debt, including premiums 842,245 Less: Unrestricted cash (2,968,387) Finance lease obligations, net 330,916 Net Debt as of March 31, 2026 17,397,631$ Total debt at balance sheet carrying value 18,327,549 Net Debt / LQA Adjusted EBITDA (iii) 4.7x Unsecured Debt / Total Debt 95.4% (iii) Adjusted EBITDA Net Debt Plus Preferred/LQA Adjusted EBITDA QE 3/31/26 Net Income (Loss) Available to Common Stockholders 169,093$ Total debt at balance sheet carrying value 17,996,633 Interest expense 116,384 Less: Unrestricted cash (2,968,387) (Gain) loss on debt extinguishment and modifications 4,119 Income tax expense (benefit) 16,008 Finance lease obligations, net 330,916 Depreciation and amortization 499,511 DLR share of unconsolidated joint venture debt 2,038,470 EBITDA 805,114 Net Debt as of March 31, 2025 17,397,631 Preferred Liquidation Value (iv) 755,000 Unconsolidated JV real estate related depreciation & amortization 60,291 Net Debt plus preferred 18,152,631 Unconsolidated JV interest expense and tax expense 35,814 Severance accrual and equity acceleration and legal expenses 2,835 Net Debt Plus Preferred/LQA Adjusted EBITDA (iii) 4.9x Transaction and integration expenses 15,685 (Gain) / loss on sale of investments (873) Provision for impairment - Other non-core adjustments, net (4,270) Noncontrolling interests (4,470) Preferred stock dividends 10,181 Adjusted EBITDA 920,307$ LQA Adjusted EBITDA (Adjusted EBITDA x 4) 3,681,228$ Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility fees) Note: For quarter ended March 31, 2026
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Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 33 Note: For quarter ended June 30, 2026 Total Debt/Total Enterprise Value QE 6/30/26 Market value of common equity (i) 67,643,297$ Liquidation value of preferred equity (ii) 755,000 Total GAAP interest expense (including unconsolidated JV interest expense) 142,085 Total debt at balance sheet carrying value 18,635,349 Add: Capitalized interest 37,102 Total Enterprise Value 87,033,646$ GAAP interest expense plus capitalized interest 179,187 Total debt / total enterprise value 21.4% Debt-plus-preferred-to-total-enterprise-value 22.3% Debt Service Ratio 5.5x (i) Market Value of Common Equity Common shares outstanding 370,010 Common units outstanding 6,665 QE 6/30/26 Total Shares and Partnership Units 376,675 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) Stock price as of June 30, 2026 179.58$ Market value of common equity 67,643,297$ GAAP interest expense plus capitalized interest 179,187 Preferred dividends 10,181 (ii) Liquidation value of preferred equity ($25.00 per share) Total fixed charges 189,369 Shares O/S Liquidation Value Series J Preferred 8,000 200,000 Fixed charge ratio 5.2x Series K Preferred 8,400 210,000 Series L Preferred 13,800 345,000 755,000 (iv) QE 6/30/26 Unsecured Debt/Total Debt Net Debt/LQA Adjusted EBITDA QE 6/30/26 Global unsecured revolving credit facility 709,756 Total debt at balance sheet carrying value 18,635,349$ Unsecured term loans 427,681 Add: DLR share of unconsolidated joint venture debt 1,985,418 Unsecured senior notes, net of discount 15,906,794 Add: Finance lease obligations, net 270,433 Secured debt, including premiums 1,591,118 Less: Unrestricted cash (2,352,457) Finance lease obligations, net 270,433 Net Debt as of June 30, 2026 18,538,743$ Total debt at balance sheet carrying value 18,905,782 Net Debt / LQA Adjusted EBITDA (iii) 4.7x Unsecured Debt / Total Debt 91.6% (iii) Adjusted EBITDA Net Debt Plus Preferred/LQA Adjusted EBITDA QE 6/30/26 Net Income (Loss) Available to Common Stockholders 443,108$ Total debt at balance sheet carrying value 18,635,349 Interest expense 113,943 Less: Unrestricted cash (2,352,457) (Gain) loss on debt extinguishment and modifications - Income tax expense (benefit) 33,675 Finance lease obligations, net 270,433 Depreciation and amortization 507,106 DLR share of unconsolidated joint venture debt 1,985,418 EBITDA 1,097,832 Net Debt as of June 30, 2026 18,538,743 Preferred Liquidation Value (iv) 755,000 Unconsolidated JV real estate related depreciation & amortization 62,972 Net Debt plus preferred 19,293,743 Unconsolidated JV interest expense and tax expense 37,142 Severance accrual and equity acceleration and legal expenses 4,384 Net Debt Plus Preferred/LQA Adjusted EBITDA (iii) 4.9x Transaction and integration expenses 38,703 (Gain) / loss on sale of investments (7,988) Provision for impairment - Other non-core adjustments, net (82,084) Net promote (187,871) Noncontrolling interests 4,318 Preferred stock dividends 10,181 Adjusted EBITDA 977,589$ LQA Adjusted EBITDA (Adjusted EBITDA x 4) 3,910,357$ Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility fees)
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Thank you