EX-99.12dlr-20260723xex99d1.htmEX-99.1
Table of Contents
Exhibit 99.1
Table of Contents
Financial Supplement
Table of Contents
Second 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 Operations
13
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 Real Estate
24
Acquisitions / Dispositions / Joint Ventures
25
Unconsolidated Entities
26
Additional Information
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios
27
Management Statements on Non-GAAP Measures
28
Forward-Looking Statements
30
Table of Contents
Financial Supplement
Corporate Information
Second 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 June 30, 2026, the company’s 310 data centers, including 89 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 T1portfolio is comprised of approximately 3.1 gigawatts of IT capacity, as well as approximately 8.5 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.
Corporate Headquarters
601 W 2nd St., 32nd Floor
Austin, TX
(737) 281-0101
digitalrealty.com
Senior Management
President & Chief Executive Officer: Andrew P. Power
Chief Financial Officer: Matthew R. Mercier
Chief Investment Officer: Gregory S. 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 Capital
BNP Paribas
Barclays
Bernstein
Markets
Exane
BofA Securities
BTIG
Cantor
Brendan Lynch
Madison Rezaei
Ari Klein
Nate Crossett
Michael Funk
Thomas Catherwood
Brett Knoblauch
Citigroup
Citizens JMP
Deutsche Bank
Evercore ISI
Goldman Sachs
Green Street Advisors
Guggenheim
Michael Rollins
Greg Miller
Benjamin Soff
Irvin Liu
Michael Ng
David Guarino
Joseph Osha
HSBC
Jefferies
J.P. Morgan
KeyBanc
Mizuho Group
MoffettNathanson
Morgan Stanley
Phani Kanumuri
Jonathan Petersen
Richard Choe
Brandon Nispel
Vikram Malhotra
Nick Del Deo
Cameron McVeigh
Oppenheimer
Raymond James
RBC Capital Markets
Scotiabank
Stifel
TD Cowen
Truist Securities
Timothy Horan
Frank Louthan
Jonathan Atkin
Maher Yaghi
Erik Rasmussen
Michael Elias
Matthew Niknam
UBS
Wells Fargo
Wolfe Research
John Hodulik
Eric Luebchow
Andrew Rosivach
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
August 4, 2026
Deutsche Bank Data Center Summit
New York City, NY
August 11, 2026
Oppenheimer Annual Technology, Internet & Communications Conference
Virtual
August 18, 2026
Raymond James Park City Summer Summit
Park City, UT
September 8, 2026
Citi’s Global TMT Conference
New York City, NY
September 9, 2026
Bank of America Media, Communications & Entertainment Conference
New York City, NY
September 16, 2026
Bank of America Global Real Estate Conference
New York City, NY
September 29, 2026
RBC Global Communications Infrastructure Conference
Chicago, IL
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)
Second 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:
Baa2
(Positive Outlook)
Preferred Stock:
Baa3
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):
Three Months Ended
30-Jun-26
31-Mar-26
31-Dec-25
30-Sep-25
30-Jun-25
High price
$208.14
$184.79
$182.48
$182.00
$178.85
Low price
$178.41
$151.50
$146.23
$159.22
$129.95
Closing price, end of quarter
$179.58
$180.21
$154.71
$172.88
$174.33
Average daily trading volume (1)
2,433
2,060
1,826
1,520
2,034
Indicated dividend per common share (2)
$4.88
$4.88
$4.88
$4.88
$4.88
Closing annual dividend yield, end of quarter
2.7%
2.7%
3.2%
2.8%
2.8%
Shares and units outstanding, end of quarter (1) (3)
376,675
355,217
349,746
349,244
346,644
Closing market value of shares and units outstanding (4)
$67,643,297
$64,013,656
$54,109,204
$60,377,303
$60,430,449
(1)
Shares or shares and units in thousands.
(2)
On an annualized basis.
(3)
As of June 30, 2026, the total number of shares and units includes 370,010 shares of common stock, 4,294 common units held by third parties and 2,371 common units and vested and unvested long-term 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.
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Table of Contents
Key Quarterly Financial Data
Financial Supplement
Unaudited, Dollars (except per share data) in Thousands
Second Quarter 2026
Shares and Units at End of Quarter (1)
30-Jun-26
31-Mar-26
31-Dec-25
30-Sep-25
30-Jun-25
Common shares outstanding
370,010
348,924
343,557
343,041
340,372
Common partnership units outstanding
6,665
6,293
6,189
6,203
6,272
Total Shares and Units
376,675
355,217
349,746
349,244
346,644
Enterprise Value
Market value of common equity (1) (2)
$67,643,297
$64,013,656
$54,109,204
$60,377,303
$60,430,449
Liquidation value of preferred equity
755,000
755,000
755,000
755,000
755,000
Total debt at balance sheet carrying value
18,635,349
17,996,633
18,402,135
18,225,434
18,452,148
Total Enterprise Value
$87,033,646
$82,765,289
$73,266,339
$79,357,737
$79,637,597
Total debt / total enterprise value
21.4%
21.7%
25.1%
23.0%
23.2%
Debt-plus-preferred-to-total-enterprise-value
22.3%
22.7%
26.1%
23.9%
24.1%
Selected Balance Sheet Data
Investments in real estate (before depreciation)
$47,141,825
$40,751,409
$39,855,116
$39,374,646
$38,613,260
Total Assets
54,517,914
48,859,973
49,410,468
48,728,634
48,714,995
Total Liabilities
25,652,511
23,462,959
24,564,494
23,739,412
23,853,149
Selected Operating Data
Total operating revenues
$1,924,040
$1,635,173
$1,634,671
$1,577,234
$1,493,150
Total operating expenses
1,464,783
1,368,240
1,522,047
1,438,813
1,281,453
Net income
457,607
174,804
96,111
63,713
1,046,946
Net income / (loss) available to common stockholders
443,108
169,093
88,466
57,631
1,021,975
Financial Ratios
EBITDA (3)
$1,097,832
$805,115
$688,758
$679,912
$1,605,408
Adjusted EBITDA (4)
977,589
920,307
856,836
867,807
823,319
Net Debt-to-Adjusted EBITDA (5)
4.7x
4.7x
4.9x
4.9x
5.1x
Interest expense
113,943
116,384
116,516
113,584
109,383
Fixed charges (6)
161,226
162,202
161,479
156,687
148,957
Interest coverage ratio (7)
5.5x
5.2x
4.8x
4.9x
5.0x
Fixed charge coverage ratio (8)
5.2x
4.9x
4.5x
4.6x
4.7x
Profitability Measures
Net income / (loss) per common share - basic
$1.25
$0.49
$0.26
$0.17
$3.03
Net income / (loss) per common share - diluted
$1.21
$0.46
$0.24
$0.15
$2.94
Funds from operations (FFO) / diluted share and unit (9)
$2.73
$1.99
$1.89
$1.65
$1.75
Core funds from operations (Core FFO) / diluted share and unit (9)
$2.65
$2.04
$1.86
$1.89
$1.87
Core FFO (excluding net promote) / diluted share and unit (9)
$2.13
$2.04
$1.86
$1.89
$1.87
Adjusted funds from operations (AFFO) / diluted share and unit (10)
$2.47
$1.92
$1.34
$1.76
$1.68
Dividends per share and common unit
$1.22
$1.22
$1.22
$1.22
$1.22
Diluted FFO payout ratio (9) (11)
44.8%
61.2%
64.5%
73.8%
69.6%
Diluted Core FFO payout ratio (9) (11)
46.0%
59.9%
65.6%
64.7%
65.2%
Diluted AFFO payout ratio (10) (11)
49.5%
63.6%
90.9%
69.2%
72.8%
Portfolio Statistics
Data Centers (12)
310
309
310
311
310
Cross-connects (12) (13)
235,500
234,000
232,500
231,000
229,000
Occupied MWs (12)
2,799
2,725
2,663
2,602
2,565
IT Load Capacity MWs (12)
3,102
3,024
2,963
2,879
2,858
Occupancy at end of quarter (14)
90.2%
90.1%
89.9%
90.4%
89.7%
Same-capital occupancy at end of quarter (14) (15)
92.5%
91.6%
91.6%
91.9%
91.5%
Weighted average remaining lease term (years) (16)
4.1
4.3
3.9
4.2
4.2
5
Table of Contents
Key Quarterly Financial Data
Financial Supplement
Unaudited, Dollars (except per share data) in Thousands
Second Quarter 2026
(1)
Shares and units are in thousands.
(2)
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 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.
(3)
EBITDA is calculated as earnings before interest expense, loss on debt extinguishment and modifications, tax expense, and depreciation and amortization. For a discussion of EBITDA, see page 28. For a reconciliation of net income available to common stockholders to EBITDA, see page 27.
(4)
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 (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.
(5)
Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 5), plus finance lease obligations, plus 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.
(7)
Interest coverage ratio is Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our share of unconsolidated entities interest expense).
(8)
Fixed charge coverage ratio is Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by fixed charges (including our share of unconsolidated entities fixed charges).
(9)
For definitions and discussion of FFO, Core FFO and Core FFO (excluding 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.
(11)
Diluted payout ratios for FFO, Core FFO and AFFO are calculated as 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.
(14)
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 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.
(15)
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 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.
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Table of Contents
Digital Realty Trust
Financial Supplement
Earnings Release
Second Quarter 2026
Digital Realty Reports Second Quarter 2026 Results
Austin, TX — July 23, 2026 — Digital Realty (NYSE: DLR), the world’s largest cloud- and carrier-neutral data center platform, announced today financial results for the second quarter of 2026. All per share results are presented on a fully diluted basis.
Highlights
◾
Reported net income available to common stockholders of $1.21 per share in 2Q26, compared to $2.94 in 2Q25
◾
Reported FFO per share of $2.73 in 2Q26, compared to $1.75 in 2Q25
◾
Reported Core FFO per share of $2.65 in 2Q26, compared to $1.87 in 2Q25; reported Core FFO per share (excluding net promote) of $2.13 in 2Q26
◾
Signed total bookings during 2Q26 that are expected to generate $307 million of annualized GAAP base rent at 100% share; at Digital Realty’s share, bookings were $208 million, including a $108 million contribution from the 0-1 megawatt plus interconnection category
◾
T2In July, signed two hyperscale leases, representing $410 million of annualized GAAP base rent at 100% share, or $205 million at Digital Realty’s share
◾
T3Reported rental rate increases on renewal leases of 25.4% on a cash basis in 2Q26
◾
Reported a record total backlog of $1.9 billion of annualized GAAP base rent at 100% share, at the end of 2Q26; at Digital Realty’s share, the backlog was $1.4 billion
◾
Raised 2026 Core FFO per share (excluding net promote) outlook to $8.15 - $8.20 and 2026 Constant-Currency Core FFO per share (excluding net promote) outlook to $8.10 - $8.15
Financial Results
Digital Realty reported total revenues of $1.9 billion in the second quarter of 2026, an 18% increase from the previous quarter and a 29% increase from the same quarter last year.
During the second quarter, Digital Realty recognized $188 million of net promote income in Core FFO related to the successful development and leasing of three data centers in its development joint venture. The company also recognized a $94 million insurance settlement, net of income tax, related to a previously disclosed 2024 matter, of which approximately $27 million was recognized in Core FFO as business interruption recovery; the remainder related to property damage recoveries, was excluded from Core FFO.
The company delivered net income of $458 million in the second quarter of 2026, as well as net income available to common stockholders of $443 million and $1.21 per share, compared to $0.46 per share in the previous quarter and $2.94 per share in the same quarter last year.
Digital Realty generated Adjusted EBITDA of $978 million in the second quarter of 2026, a 6% increase from the previous quarter and a 19% increase over the same quarter last year.
The company reported Funds From Operations (FFO) of $982 million in the second quarter of 2026, or $2.73 per share, compared to $1.99 per share in the previous quarter and $1.75 per share in the same quarter last year.
Digital Realty delivered Core FFO per share (excluding net promote) of $2.13 in the second quarter of 2026, compared to $2.04 per share in the previous quarter and $1.87 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share (excluding net promote) of $2.11 in the second quarter of 2026 and $4.07 per share for the six-month period ended June 30, 2026.
“T4Digital Realty delivered record Core FFO per share in the quarter, reflecting robust customer demand and strong execution across our core pillars of growth,” said President and Chief Executive Officer Andy Power. “T5We signed more than $100 million of 0-1 MW plus Interconnection bookings for the first time, demonstrating the strength of our connectivity-rich portfolio and boosting near-term growth. We also continued to make strides in our hyperscale and strategic private capital verticals, as we added powered land in the Kansas City metro, accretively purchased interests in three hyperscale data centers in Northern Virginia, and announced the deal to acquire Columbia Capital, a leading investment firm in the digital infrastructure space. Together, these growth vectors are driving double-digit bottom line growth, and we are focused on extending this runway for years to come.”
Leasing Activity
In the second quarter, Digital Realty signed total bookings that are expected to generate $307 million of annualized GAAP rental revenue, at 100% share; at Digital Realty’s share, total bookings were $208 million, including an $88 million contribution from the 0-1 MW category and a $20 million contribution from interconnection.
The weighted-average lag between new leases signed during the second quarter of 2026 and the contractual commencement date was nine months. The backlog of signed-but-not-commenced leases at quarter-end was $1.9 billion of annualized GAAP base rent at 100% share, and $1.4 billion at Digital Realty’s share. In addition, Digital Realty also signed renewal leases representing $262 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the second quarter of 2026 increased 25.4% on a cash basis and 32.0% on a GAAP basis.
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Table of Contents
Digital Realty Trust
Financial Supplement
Earnings Release
Second Quarter 2026
New leases signed during the second 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 thousands)
Megawatts
per Kilowatt
0-1 MW
$37,131
10.6
$293
> 1 MW
82,706
44.2
156
Other (1)
142
—
—
Total
$119,980
54.8
$182
EMEA (2)
0-1 MW
$42,149
13.0
$269
> 1 MW
4,999
2.5
167
Other (1)
21
—
—
Total
$47,168
15.5
$253
Asia Pacific (2)
0-1 MW
$8,541
2.5
$286
> 1 MW
12,141
6.2
165
Other (1)
170
—
—
Total
$20,851
8.6
$199
All Regions (2)
0-1 MW
$87,821
26.1
$280
> 1 MW
99,846
52.9
157
Other (1)
332
—
—
Total
$187,999
79.0
$198
Interconnection
$20,497
N/A
N/A
Grand Total at DLR Share
$208,495
79.0
$198
Grand Total at 100% Share
$306,944
129.8
$183
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 June 30, 2026.
Investment Activity
During the second quarter of 2026, Digital Realty acquired:
●
Land in Marseille, France for approximately €46.5 million, or $53.1 million, that is expected to support the development of up to 48 megawatts of IT capacity.
●
Land in the Atlanta metro area for approximately $20 million. Together with an adjacent parcel that was acquired in the first quarter, this campus is expected to support over one gigawatt of IT capacity.
As previously announced, during the quarter, Digital Realty also acquired:
●
Land in the Kansas City metro area for approximately $475 million to support hyperscale data center development for up to two gigawatts of utility power.
●
Two data centers in Malaysia containing 16.5 megawatts of IT capacity, and a land parcel that is expected to support the development of up to 14 megawatts of IT capacity, for total consideration of approximately $134 million.
●
A 64% stake in three fully leased data centers in Northern Virginia containing 288 megawatts of IT capacity, at a gross value of approximately $7.8 billion, reflecting an expected initial stabilized cap rate of over 6.5%. The newly developed assets are expected to be fully stabilized in the first half of 2027 and first half of 2028. Total consideration for our joint venture partners’ equity interest in the assets was approximately $3.5 billion, including $1.2 billion of cash and 12.3 million shares of Digital Realty common stock.
As previously disclosed, during the quarter, Digital Realty sold a non-core asset in the Atlanta metro area for $24 million.
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Table of Contents
Digital Realty Trust
Financial Supplement
Earnings Release
Second Quarter 2026
Balance Sheet
Digital Realty had approximately $18.6 billion of total debt outstanding as of June 30, 2026, comprised of $17.0 billion of unsecured debt and approximately $1.6 billion of secured debt and other debt. At the end of the second quarter of 2026, net debt-to-Adjusted EBITDA was 4.7x, debt-plus-preferred-to-total enterprise value was 22.3% and fixed charge coverage was 5.2x.
From our first quarter earnings report on April 23, 2026 through June 30, 2026, the company sold approximately 6.2 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $191.63 per share, for net proceeds of approximately $1.2 billion. Year-to-date, the company has sold approximately 13.5 million shares under its ATM equity issuance program at a weighted average price of $184.94 per share, for net proceeds of approximately $2.5 billion.
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Table of Contents
Digital Realty Trust
Financial Supplement
Earnings Release
Second Quarter 2026
2026 Outlook
Digital Realty raised its 2026 Core FFO per share (excluding net promote) outlook to $8.15 - $8.20 and its 2026 Constant-Currency Core FFO per share (excluding net promote) outlook to $8.10 - $8.15. The assumptions underlying the outlook are summarized in the following table.
As of
As of
As of
Top-Line and Cost Structure
February 5, 2026
April 23, 2026
July 23, 2026
Total revenue (excluding promote income)
$6.600 - $6.700 billion
$6.650 - $6.750 billion
$6.850 - $6.950 billion
G1Net non-cash rent adjustments (1)
($90 - $95 million)
($90 - $95 million)
($145 - $150 million)
Adjusted EBITDA
$3.600 - $3.700 billion
$3.650 - $3.750 billion
$3.750 - $3.850 billion
G2G&A
$610 - $620 million
$615 - $625 million
$620 - $630 million
Internal Growth
G3Rental rates on renewal leases
Cash basis
6.0% - 8.0%
6.5% - 8.5%
9.0% - 11.0%
G4GAAP basis
8.5% - 10.5%
9.5% - 11.5%
12.0% - 14.0%
G5Year-end portfolio occupancy (2)
+50 - 100 bps
+50 - 100 bps
+75 - 125 bps
G6"Same-Capital" cash NOI growth (3)
4.0% - 5.0%
4.0% - 5.0%
4.25% - 5.25%
Foreign Exchange Rates
G7U.S. Dollar / Pound Sterling
$1.30 - $1.35
$1.32 - $1.37
$1.32 - $1.37
G8U.S. Dollar / Euro
$1.13 - $1.18
$1.15 - $1.20
$1.13 - $1.18
External Growth
G9Dispositions / Joint Venture Capital
Dollar volume
$500 - $1,000 million
$500 - $1,000 million
$1,000 - $1,500 million
G10Cap rate
0.0% - 10.0%
0.0% - 10.0%
0.0% - 10.0%
Development
G11CapEx (Net of Partner Contributions) (4)
$3,250 - $3,750 million
$3,500 - $4,000 million
$4,250 - $4,750 million
G12Average stabilized yields
10.0%+
10.0%+
10.0%+
G13Enhancements and other non-recurring CapEx (5)
$30 - $35 million
$30 - $35 million
$30 - $35 million
G14Recurring CapEx + capitalized leasing costs (6)
$400 - $425 million
$400 - $425 million
$400 - $425 million
Balance Sheet
G15Long-term debt issuance
Dollar amount
$1,000 - $1,500 million
$1,500 - $2,000 million
$1,500 - $2,000 million
Pricing
4.0% - 4.5%
4.0% - 4.5%
4.5% - 5.5%
Timing
Mid-Year
Mid-Year
2H-2026
G16Net income per diluted share
$2.55 - $2.65
$2.65 - $2.75
$3.10 - $3.15
Real estate depreciation and (gain) / loss on sale
$4.90 - $4.90
$4.95 - $4.95
$5.30 - $5.30
G17Funds From Operations / share (NAREIT-Defined)
$7.45 - $7.55
$7.60 - $7.70
$8.40 - $8.45
Non-core expenses and revenue streams
$0.45 - $0.45
$0.40 - $0.40
$0.25 - $0.25
Net Promote
$0.00 - $0.00
$0.00 - $0.00
($0.50) - ($0.50)
G18Core Funds From Operations / share (excluding net promote)
$7.90 - $8.00
$8.00 - $8.10
$8.15 - $8.20
Foreign currency translation adjustments
$0.00 - $0.00
($0.05) - ($0.05)
($0.05) - ($0.05)
G19Constant-Currency Core FFO / share (excluding net promote)
$7.90 - $8.00
$7.95 - $8.05
$8.10 - $8.15
(1)
Net non-cash rent adjustments represent the sum of straight-line rental 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).
(3)
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 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.
(4)
Excludes land acquisitions and includes Digital Realty’s share of joint venture and fund contributions. Figure is net of joint venture and fund partners’ share of contributions.
(5)
Other non-recurring CapEx represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives and software development costs.
(6)
Recurring CapEx represents non-incremental improvements required to 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
Second 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 July 23, 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 second 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.com or follow us on LinkedIn and 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
Second Quarter 2026
Three Months Ended
Six Months Ended
30-Jun-26
31-Mar-26
31-Dec-25
30-Sep-25
30-Jun-25
30-Jun-26
30-Jun-25
Rental revenues
$1,145,936
$1,103,946
$1,074,703
$1,045,708
$1,003,550
$2,249,882
$1,964,076
Tenant reimbursements - Utilities
352,897
333,909
356,084
332,681
294,503
686,807
565,692
Tenant reimbursements - Other
45,391
38,093
34,406
37,302
37,355
83,484
79,532
Interconnection and other
130,409
124,278
123,414
120,399
121,952
254,687
234,921
Fee income
248,927
34,899
45,692
36,398
34,427
283,826
55,070
Other
480
47
372
4,746
1,363
527
1,496
Total Operating Revenues
$1,924,040
$1,635,173
$1,634,671
$1,577,234
$1,493,150
$3,559,213
$2,900,787
Utilities
$396,454
$372,385
$398,185
$375,627
$339,288
$768,839
$652,673
Rental property operating
291,408
266,115
295,948
278,292
267,724
557,523
506,324
Property taxes
55,160
54,964
50,791
51,823
49,570
110,124
98,426
Insurance
4,744
4,799
4,711
4,508
4,946
9,543
9,429
Depreciation and amortization
507,106
499,511
493,458
497,002
461,167
1,006,617
904,176
General and administration
153,316
151,923
159,283
139,911
133,755
305,239
254,867
Severance, equity acceleration and legal expenses
4,384
2,835
4,937
1,794
2,262
7,219
4,690
Transaction and integration expenses
38,703
15,685
36,083
86,559
22,546
54,388
62,448
Provision for impairment
—
—
78,553
—
—
—
—
Other expenses
13,508
23
98
3,297
195
13,531
307
Total Operating Expenses
$1,464,783
$1,368,240
$1,522,047
$1,438,813
$1,281,453
$2,833,023
$2,493,340
Operating income before gain (loss) on disposition of properties, net
$459,257
$266,933
$112,624
$138,420
$211,698
$726,190
$407,447
Gain (loss) on disposition of properties, net
7,988
873
42,865
19,780
931,830
8,861
932,941
Operating Income
$467,245
$267,806
$155,489
$158,200
$1,143,527
$735,051
$1,340,388
Equity in earnings (loss) of unconsolidated entities
36
(1,833)
4,659
(16,944)
(12,062)
(1,797)
(19,702)
Interest and other income (expense), net
137,944
45,342
42,797
47,735
37,747
183,286
70,520
Interest (expense)
(113,943)
(116,384)
(116,516)
(113,584)
(109,383)
(230,327)
(207,847)
Income tax benefit (expense)
(33,675)
(16,008)
9,673
(11,695)
(12,883)
(49,683)
(30,018)
Gain (loss) on debt extinguishment and modifications
—
(4,119)
9
—
—
(4,119)
—
Net Income
$457,607
$174,804
$96,111
$63,713
$1,046,946
$632,411
$1,153,341
Net (income) loss attributable to noncontrolling interests
(4,318)
4,470
2,536
4,099
(14,790)
152
(11,211)
Net Income Attributable to Digital Realty Trust, Inc.
$453,289
$179,274
$98,647
$67,812
$1,032,156
$632,563
$1,142,130
Preferred stock dividends
(10,181)
(10,181)
(10,181)
(10,181)
(10,181)
(20,362)
(20,362)
Net Income (Loss) Available to Common Stockholders
$443,108
$169,093
$88,466
$57,631
$1,021,975
$612,201
$1,121,768
Weighted-average shares outstanding - basic
354,118
345,013
343,493
341,370
337,589
349,591
337,139
Weighted-average shares outstanding - diluted
361,542
353,255
351,570
349,234
345,734
357,355
345,305
Weighted-average fully diluted shares and units
367,605
359,300
357,430
355,165
351,691
363,462
351,239
Net income / (loss) per share - basic
$1.25
$0.49
$0.26
$0.17
$3.03
$1.75
$3.33
Net income / (loss) per share - diluted
$1.21
$0.46
$0.24
$0.15
$2.94
$1.68
$3.21
12
Table of Contents
Funds From Operations and Core Funds From Operations
Financial Supplement
Unaudited and in Thousands, Except Per Share Data
Second Quarter 2026
Three Months Ended
Six Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)
30-Jun-26
31-Mar-26
31-Dec-25
30-Sep-25
30-Jun-25
30-Jun-26
30-Jun-25
Net Income (Loss) Available to Common Stockholders
$443,108
$169,093
$88,466
$57,631
$1,021,975
$612,201
$1,121,768
Adjustments:
Noncontrolling interest in operating partnership
9,000
4,000
2,000
2,000
21,000
13,000
24,000
Real estate related depreciation and amortization (1)
499,106
490,965
484,260
487,182
451,050
990,071
883,700
Reconciling items related to noncontrolling interests
(24,292)
(23,726)
(22,753)
(22,888)
(21,038)
(48,018)
(40,518)
Unconsolidated entities real estate related depreciation and amortization
62,972
60,291
70,260
65,922
59,172
123,263
115,033
(Gain) loss on real estate transactions
(7,988)
(226)
(42,865)
(19,780)
(931,830)
(8,214)
(932,941)
Provision for impairment
—
—
78,553
—
—
—
—
Funds From Operations
$981,906
$700,398
$657,921
$570,067
$600,329
$1,682,303
$1,171,044
Weighted-average shares and units outstanding - basic
360,181
351,059
349,354
347,301
343,546
355,698
343,073
Weighted-average shares and units outstanding - diluted (2) (3)
367,605
359,300
357,430
355,165
351,691
363,462
351,239
Funds From Operations per share - basic
$2.73
$2.00
$1.88
$1.64
$1.75
$4.73
$3.41
Funds From Operations per share - diluted (2) (3)
$2.73
$1.99
$1.89
$1.65
$1.75
$4.73
$3.42
s
Reconciliation of FFO to Core FFO
30-Jun-26
31-Mar-26
31-Dec-25
30-Sep-25
30-Jun-25
30-Jun-26
30-Jun-25
Funds From Operations
$981,906
$700,398
$657,921
$570,067
$600,329
$1,682,303
$1,171,044
Other non-core revenue adjustments (4)
(80,837)
(29)
(10,633)
(4,746)
4,228
(80,866)
2,303
Transaction and integration expenses
38,703
15,685
36,083
86,559
22,546
54,388
62,448
Gain (loss) on debt extinguishment and modifications
—
4,119
(9)
—
—
4,119
—
Severance, equity acceleration and legal expenses (5)
4,384
2,835
4,937
1,794
2,262
7,219
4,690
(Gain) loss on FX and derivatives revaluation
(1,608)
(4,398)
(16,295)
252
8,827
(6,006)
6,764
Other non-core expense adjustments (6)
13,208
(2,538)
(21,794)
2,075
5,092
10,670
4,390
Core Funds From Operations
$955,756
$716,071
$650,210
$656,001
$643,284
$1,671,827
$1,251,639
Net promote
(187,871)
—
—
—
—
(187,871)
—
Core Funds From Operations (excluding net promote)
$767,885
$716,071
$650,210
$656,001
$643,284
$1,483,956
$1,251,639
Weighted-average shares and units outstanding - diluted (2) (3)
360,648
351,293
349,740
347,700
343,909
356,113
343,436
Core Funds From Operations per share - diluted (2)
$2.65
$2.04
$1.86
$1.89
$1.87
$4.69
$3.64
Core FFO per share (excluding net promote) - diluted (2)
$2.13
$2.04
$1.86
$1.89
$1.87
$4.17
$3.64
(1) Real Estate Related Depreciation & Amortization
30-Jun-26
31-Mar-26
31-Dec-25
30-Sep-25
30-Jun-25
30-Jun-26
30-Jun-25
Depreciation and amortization per income statement
$507,106
$499,511
$493,458
$497,002
$461,167
$1,006,617
$904,175
Non-real estate depreciation
(8,000)
(8,546)
(9,198)
(9,820)
(10,117)
(16,546)
(20,473)
Real Estate Related Depreciation & Amortization
$499,106
$490,965
$484,259
$487,182
$451,050
$990,071
$883,702
(2)
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 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.
Three Months Ended
Six Months Ended
30-Jun-26
31-Mar-26
31-Dec-25
30-Sep-25
30-Jun-25
30-Jun-26
30-Jun-25
Teraco noncontrolling share of FFO
$19,979
$15,410
$18,240
$17,018
$15,850
$35,389
$29,136
Teraco related minority interest
$19,979
$15,410
$18,240
$17,018
$15,850
$35,389
$29,136
(3)
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 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.
(4)
Includes development fees included in gains, lease termination fees, 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.
(6)
Includes write-offs associated with non-recurring legal and insurance expenses, impact of foreign tax 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
Second Quarter 2026
Three Months Ended
Six Months Ended
Reconciliation of Core FFO to AFFO
30-Jun-26
31-Mar-26
31-Dec-25
30-Sep-25
30-Jun-25
30-Jun-26
30-Jun-25
Core Funds From Operations
$955,756
$716,071
$650,210
$656,001
$643,284
$1,671,827
$1,251,638
Adjustments:
Non-real estate depreciation
8,000
8,546
9,198
9,820
10,117
16,546
20,473
Amortization of deferred financing costs
6,343
6,443
6,781
6,565
6,451
12,786
12,999
Amortization of debt discount/premium
1,595
1,581
1,341
1,293
1,251
3,176
2,377
Non-cash stock-based compensation expense
21,379
20,908
17,327
18,174
18,026
42,287
34,726
Straight-line rental revenue
(26,955)
(21,741)
(34,351)
(33,351)
(23,698)
(48,696)
(33,390)
Straight-line rental expense
(602)
(1,410)
(97)
(271)
(475)
(2,012)
(635)
Above- and below-market rent amortization
(962)
(1,007)
(972)
(864)
(752)
(1,969)
(1,458)
Deferred tax (benefit) / expense
(12,681)
(10,919)
(26,184)
18,187
(30,714)
(23,600)
(31,232)
Leasing compensation and internal lease commissions
13,857
15,476
14,644
15,013
14,721
29,333
28,126
Recurring capital expenditures (1)
(76,674)
(59,665)
(168,539)
(77,998)
(62,083)
(136,339)
(97,388)
Adjusted Funds From Operations (2)
$889,056
$674,283
$469,358
$612,569
$576,127
$1,563,339
$1,186,235
Weighted-average shares and units outstanding - basic
360,181
351,059
349,354
347,301
343,546
355,698
343,073
Weighted-average shares and units outstanding - diluted (3)
360,648
351,293
349,740
347,700
343,909
356,113
343,436
AFFO per share - diluted (3)
$2.47
$1.92
$1.34
$1.76
$1.68
$4.39
$3.45
Dividends per share and common unit
$1.22
$1.22
$1.22
$1.22
$1.22
$2.44
$2.44
Diluted AFFO Payout Ratio
49.5%
63.6%
90.9%
69.2%
72.8%
55.6%
70.6%
Three Months Ended
Six Months Ended
Share Count Detail
30-Jun-26
31-Mar-26
31-Dec-25
30-Sep-25
30-Jun-25
30-Jun-26
30-Jun-25
Weighted Average Common Stock and Units Outstanding
360,181
351,059
349,354
347,301
343,546
355,698
343,073
Add: Effect of dilutive securities
467
234
386
399
362
415
363
Weighted Avg. Common Stock and Units Outstanding - diluted
360,648
351,293
349,740
347,700
343,909
356,113
343,436
(1)
Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. 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.
(2)
For a definition and discussion of AFFO, see the Definitions section. For a reconciliation of net income (loss) available to common stockholders to FFO and Core FFO, see above.
(3)
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 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
Second Quarter 2026
30-Jun-26
31-Mar-26
31-Dec-25
30-Sep-25
30-Jun-25
Assets
Investments in real estate:
Real estate
$33,700,303
$31,633,899
$31,359,298
$30,194,891
$29,836,218
Construction in progress
9,770,384
5,381,071
4,976,785
5,422,338
5,080,701
Land held for future development
122,841
199,681
91,130
66,668
73,665
Investments in Real Estate
$43,593,528
$37,214,651
$36,427,213
$35,683,897
$34,990,583
Accumulated depreciation and amortization
(10,736,127)
(10,355,181)
(9,993,596)
(9,665,380)
(9,341,719)
Net Investments in Properties
$32,857,401
$26,859,470
$26,433,617
$26,018,517
$25,648,865
Investment in unconsolidated entities
3,548,297
3,536,757
3,427,903
3,690,749
3,622,677
Net Investments in Real Estate
$36,405,698
$30,396,227
$29,861,520
$29,709,266
$29,271,542
Operating lease right-of-use assets, net
$1,093,015
$1,105,080
$1,135,645
$1,167,398
$1,180,657
Cash and cash equivalents
1,864,796
2,426,631
3,451,647
3,299,703
3,554,126
Accounts and other receivables, net (1)
1,564,955
1,430,242
1,358,895
1,496,105
1,586,146
Deferred rent, net
792,045
765,198
750,907
710,624
681,375
Goodwill
9,592,127
9,591,250
9,711,953
9,647,754
9,636,513
Customer relationship value, deferred leasing costs and other intangibles, net
2,595,046
2,053,368
2,134,698
2,080,898
2,171,318
Assets held for sale and contribution
—
441,064
349,826
116,624
139,993
Other assets
610,232
650,913
655,377
500,262
493,325
Total Assets
$54,517,914
$48,859,973
$49,410,468
$48,728,634
$48,714,995
Liabilities and Equity
Global unsecured revolving credit facilities, net
$709,756
$707,961
$899,090
$1,152,042
$567,699
Unsecured term loans, net
427,681
432,450
439,536
438,933
440,788
Unsecured senior notes, net of discount
15,906,794
16,013,977
16,194,441
15,808,565
16,641,367
Secured and other debt, net of discount
1,591,118
842,245
869,068
825,894
802,294
Operating lease liabilities
1,209,459
1,218,509
1,253,217
1,285,067
1,298,085
Accounts payable and other accrued liabilities
3,922,825
2,419,888
2,600,979
2,377,726
2,310,882
Deferred tax liabilities
1,124,899
1,093,955
1,124,724
1,151,374
1,137,305
Accrued dividends and distributions
—
—
428,337
—
—
Security deposits and prepaid rents
759,979
733,974
754,920
699,528
653,640
Obligations associated with assets held for sale and contribution
—
—
182
283
1,089
Total Liabilities
$25,652,511
$23,462,959
$24,564,494
$23,739,412
$23,853,149
Redeemable noncontrolling interests
886,249
1,594,718
1,498,975
1,535,972
1,505,889
Equity
Preferred Stock: $0.01 par value per share, 110,000 shares authorized:
Series J Cumulative Redeemable Preferred Stock (2)
$193,540
$193,540
$193,540
$193,540
$193,540
Series K Cumulative Redeemable Preferred Stock (3)
203,264
203,264
203,264
203,264
203,264
Series L Cumulative Redeemable Preferred Stock (4)
334,886
334,886
334,886
334,886
334,886
Common Stock: $0.01 par value per share, 502,000 shares authorized (5)
3,669
3,459
3,406
3,400
3,374
Additional paid-in capital
34,160,613
30,093,165
29,350,487
29,182,332
28,720,826
Dividends in excess of earnings
(6,939,476)
(6,946,676)
(6,690,722)
(6,358,501)
(5,997,607)
Accumulated other comprehensive loss, net
(522,024)
(512,885)
(469,198)
(533,891)
(543,756)
Total Stockholders' Equity
$27,434,472
$23,368,753
$22,925,663
$23,025,030
$22,914,527
Noncontrolling Interests
Noncontrolling interest in operating partnership
$533,620
$426,853
$415,456
$420,280
$431,000
Noncontrolling interest in consolidated entities
11,062
6,690
5,880
7,940
10,430
Total Noncontrolling Interests
$544,682
$433,543
$421,336
$428,220
$441,430
Total Equity
$27,979,154
$23,802,296
$23,346,999
$23,453,250
$23,355,957
Total Liabilities and Equity
$54,517,914
$48,859,973
$49,410,468
$48,728,634
$48,714,995
(1)
Net of allowance for doubtful accounts of $73,428 and $80,832 as of June 30, 2026 and June 30, 2025, respectively.
(2)
Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of June 30, 2026 and June 30, 2025.
(3)
Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of June 30, 2026 and June 30, 2025.
(4)
Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of June 30, 2026 and June 30, 2025.
(5)
Common Stock: 370,010 and 340,372 shares issued and outstanding as of June 30, 2026 and June 30, 2025, respectively.
15
Table of Contents
Components of Net Asset Value (NAV) (1)
Financial Supplement
Unaudited and in Thousands
Second Quarter 2026
44
Consolidated Properties Cash Net Operating Income (NOI)(2), Annualized (3)
Network-Dense
$1,443,042
Campus
2,068,433
Other (4)
81,858
Total Cash NOI, Annualized
$3,593,333
less: Partners' share of consolidated JVs
(100,654)
Acquisitions / dispositions / expirations
77,280
FY 2026 backlog cash NOI and 2Q26 carry-over (stabilized) (5)
336,841
Total Consolidated Cash NOI, Annualized
$3,906,800
Digital Realty's Pro Rata Share of Unconsolidated Entities Cash NOI (3) (6)
$375,581
Other Income
Development and Management Fees (net), Annualized (excluding promote income)
$190,182
Other Assets
Pre-stabilized inventory, at cost (7)
$917,416
Land held for development
122,841
Development CIP
9,770,384
less: Investment associated with FY26 Backlog NOI (8)
(2,152,379)
Cash and cash equivalents
1,864,796
Accounts and other receivables, net
1,564,955
Other assets
610,232
less: Partners' share of consolidated entities assets
(166,589)
Total Other Assets
$12,531,656
Liabilities
Global unsecured revolving credit facilities
$726,207
Unsecured term loans
428,325
Unsecured senior notes
16,019,337
Secured and other debt
1,593,736
Accounts payable and other accrued liabilities
3,393,133
Deferred tax liabilities
1,124,899
Security deposits and prepaid rents
759,979
Backlog NOI cost to complete (8)
486,827
Preferred stock
755,000
Digital Realty's share of unconsolidated entities debt
1,985,418
less: Partners' share of consolidated entities liabilities
(502,009)
Total Liabilities
$26,770,852
(1)
Backlog and associated financial line items include activity related to properties held in unconsolidated entities.
(2)
For definitions and discussion of NOI and cash NOI and a reconciliation of operating income before gain (loss) on disposition of properties, net to NOI and cash NOI, see page 29.
(3)
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 expirations, among other things. Annualized data is presented for illustrative purposes only. Reflects annualized 2Q26 Cash NOI of $3.6 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.
(5)
Estimated cash NOI related to signed leases that are expected to 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)
Excludes Digital Realty’s share of cost at properties held in unconsolidated entities.
(8)
Includes Digital Realty’s share of construction in progress and expected cost to complete at properties held in unconsolidated entities.
16
Table of Contents
Debt Maturities
Financial Supplement
Unaudited and Dollars in thousands
Second Quarter 2026
66
As of June 30, 2026
Interest Rate
Interest
Including
Rate
Swaps
2026
2027
2028
2029
2030
Thereafter
Total
Global Unsecured Revolving Credit Facilities (1)
Global unsecured revolving credit facility
1.713%
1.713%
—
—
—
—
$627,160
—
$627,160
Yen revolving credit facility
1.597%
1.597%
—
—
—
—
99,047
—
99,047
Deferred financing costs, net
—
—
—
—
—
—
—
—
(16,451)
Total Global Unsecured Revolving Credit Facilities
1.697%
1.697%
—
—
—
—
$726,207
—
$709,756
Unsecured Term Loans (1)
Euro term loan facility
3.075%
3.075%
—
$428,325
—
—
—
—
$428,325
Deferred financing costs, net
—
—
—
—
—
—
—
—
(644)
Total Unsecured Term Loans
3.075%
3.075%
—
$428,325
—
—
—
—
$427,681
Senior Notes
₣275 million 0.200% Notes due 2026
0.200%
0.200%
$340,176
—
—
—
—
—
$340,176
₣150 million 1.700% Notes due 2027
1.700%
1.700%
—
$185,550
—
—
—
—
185,550
$1.00 billion 3.700% Notes due 2027 (2)
3.700%
2.485%
—
1,000,000
—
—
—
—
1,000,000
€500 million 1.125% Notes due 2028
1.125%
1.125%
—
—
$571,100
—
—
—
571,100
$900 million 5.550% Notes due 2028 (2)
5.550%
3.996%
—
—
900,000
—
—
—
900,000
$650 million 4.450% Notes due 2028
4.450%
4.450%
—
—
650,000
—
—
—
650,000
₣270 million 0.550% Notes due 2029
0.550%
0.550%
—
—
—
$333,991
—
—
333,991
$900 million 3.600% Notes due 2029
3.600%
3.600%
—
—
—
900,000
—
—
900,000
£350 million 3.300% Notes due 2029
3.300%
3.300%
—
—
—
464,170
—
—
464,170
$1.15 billion 1.875% Exchangeable Notes due 2029 (2)
1.875%
1.263%
—
—
—
1,150,000
—
—
1,150,000
€750 million 1.500% Notes due 2030
1.500%
1.500%
—
—
—
—
$856,650
—
856,650
£550 million 3.750% Notes due 2030
3.750%
3.750%
—
—
—
—
729,410
—
729,410
€500 million 1.250% Notes due 2031
1.250%
1.250%
—
—
—
—
—
$571,100
571,100
€1.00 billion 0.625% Notes due 2031
0.625%
0.625%
—
—
—
—
—
1,142,200
1,142,200
€750 million 1.000% Notes due 2032
1.000%
1.000%
—
—
—
—
—
856,650
856,650
€750 million 1.375% Notes due 2032
1.375%
1.375%
—
—
—
—
—
856,650
856,650
€600 million 3.750% Notes due 2033
3.750%
3.750%
—
—
—
—
—
685,320
685,320
€850 million 3.875% Notes due 2033
3.875%
3.875%
—
—
—
—
—
970,870
970,870
€850 million 3.875% Notes due 2034
3.875%
3.875%
—
—
—
—
—
970,870
970,870
€850 million 3.875% Notes due 2035
3.875%
3.875%
—
—
—
—
—
970,870
970,870
€800 million 4.250% Notes due 2037
4.250%
4.250%
—
—
—
—
—
913,760
913,760
Unamortized discounts, net
—
—
—
—
—
—
—
—
(41,662)
Deferred financing costs, net
—
—
—
—
—
—
—
—
(70,882)
Total Senior Notes
2.806%
2.599%
$340,176
$1,185,550
$2,121,100
$2,848,161
$1,586,060
$7,938,290
$15,906,793
Secured Debt
ICN10 Facilities
4.970%
3.228%
—
—
—
—
$10,753
—
$10,753
Westin
3.290%
3.290%
—
$135,000
—
—
—
—
135,000
Teraco Loans
8.978%
10.050%
$56,668
113,335
$406,741
$20,135
70,472
$34,367
701,719
Telepoint
3.918%
3.918%
—
—
811
438
—
—
1,249
N. Virginia credit facility
5.725%
5.725%
—
—
—
725,638
—
—
725,638
Deferred financing costs, net
—
—
—
—
—
—
—
—
(2,618)
Total Secured Debt
6.959%
7.426%
$56,668
$248,335
$407,552
$746,211
$81,225
$34,367
$1,571,741
Other Debt
Icolo loans
12.741%
12.741%
—
$5,175
$1,263
$6,133
—
$6,806
$19,377
Total Other Debt
12.741%
12.741%
—
$5,175
$1,263
$6,133
—
$6,806
$19,377
Total unhedged variable rate debt
—
—
$2,319
$432,962
$17,145
$727,468
$736,725
$11,193
$1,927,812
Total fixed rate / hedged variable rate debt
—
—
394,525
1,434,423
2,512,770
2,873,037
1,656,767
7,968,270
16,839,794
Total Debt
3.128%
2.990%
$396,844
$1,867,385
$2,529,915
$3,600,505
$2,393,492
$7,979,463
$18,767,606
Weighted Average Interest Rate
1.607%
3.088%
4.442%
3.012%
2.505%
2.711%
2.990%
Summary
Weighted Average Term to Initial Maturity
4.4 Years
Weighted Average Maturity (assuming exercise of extension options)
4.5 Years
Global Unsecured Revolving Credit Facilities Detail As of June 30, 2026
Maximum Available
Existing Capacity (3)
Currently Drawn
Global Unsecured Revolving Credit Facilities
$4,452,064
$3,643,855
$726,207
(1)
Assumes all extensions will be exercised.
(2)
Subject to cross-currency swaps.
(3)
Net of letters of credit issued of $82.0 million.
17
Table of Contents
Same-Capital Operating Trend Summary
Financial Supplement
Unaudited and Dollars in Thousands
Second Quarter 2026
Stabilized (“Same-Capital”) Portfolio (1)
Three Months Ended
Six Months Ended
30-Jun-26
30-Jun-25
% Change
31-Mar-26
% Change
30-Jun-26
30-Jun-25
% Change
Rental revenues
$860,191
$798,338
7.7%
$849,758
1.2%
$1,709,949
$1,581,098
8.1%
Tenant reimbursements - Utilities
269,255
250,296
7.6%
268,277
0.4%
537,532
480,880
11.8%
Tenant reimbursements - Other
37,983
31,524
20.5%
30,553
24.3%
68,536
63,512
7.9%
Interconnection and other
104,210
95,640
9.0%
99,250
5.0%
203,460
184,840
10.1%
Total Revenue
$1,271,639
$1,175,798
8.2%
$1,247,838
1.9%
$2,519,477
$2,310,329
9.1%
Utilities
$298,503
$275,249
8.4%
$297,775
0.2%
$596,279
$538,301
10.8%
Rental property operating
220,489
208,364
5.8%
207,957
6.0%
428,446
394,433
8.6%
Property taxes
44,400
39,093
13.6%
42,551
4.3%
86,951
77,456
12.3%
Insurance
5,419
5,339
1.5%
5,474
(1.0%)
10,894
10,259
6.2%
Total Expenses
$568,812
$528,045
7.7%
$553,757
2.7%
$1,122,570
$1,020,449
10.0%
Net Operating Income (2)
$702,827
$647,753
8.5%
$694,081
1.3%
$1,396,907
$1,289,880
8.3%
Less:
Stabilized straight-line rent
$4,636
$6,988
(33.7%)
$1,566
196.1%
$6,202
$7,039
(11.9%)
Above- and below-market rent
683
537
27.3%
637
7.3%
1,320
1,102
19.8%
Cash Net Operating Income (2)
$697,508
$640,228
8.9%
$691,878
0.8%
$1,389,385
$1,281,739
8.4%
Constant Currency Cash Net Operating Income (3)
$686,593
$640,228
7.2%
$1,344,251
$1,281,739
4.9%
Stabilized Portfolio Occupancy at period end (4)
92.5%
91.5%
1.1%
91.6%
1.0%
92.5%
91.5%
1.1%
(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 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.
(2)
For definitions and discussion of NOI and cash NOI and a reconciliation of operating income before gain (loss) on disposition of properties, net to NOI and cash NOI, see page 29.
(3)
Adjustment calculated by holding currency translation rates for 2026 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
Financial Supplement
Leases Signed and Renewed in the Quarter End June 30, 2026
Second Quarter 2026
0-1 MW (Based on kW)
> 1 MW (Based on kW)
Data Center Total
Other (Based on NRSF) (3)
Leasing Activity - New (1) (2)
2Q26
YTD
LTM
2Q26
YTD
LTM
2Q26
YTD
LTM
2Q26
YTD
LTM
Annualized GAAP Rent at 100% Share (in thousands)
$95,861
$182,528
$334,616
$188,674
$787,469
$1,190,753
$284,534
$969,997
$1,525,369
$424
$1,368
$3,925
At Digital Realty Share
Annualized GAAP Rent (in thousands)
$87,821
$166,774
$308,772
$99,846
$424,327
$578,462
$187,666
$591,102
$887,234
$332
$1,060
$2,909
Kilowatt Leased / NRSF (in thousands)
26,117
52,745
93,720
52,875
202,219
269,684
78,992
254,964
363,404
9
22
51
Weighted Average Lease Term (years)
4.1
4.2
4.3
8.8
12.2
11.5
6.6
10.0
9.1
4.4
4.3
6.1
Initial Stabilized cash rent per Kilowatt / NRSF
$278
$261
$271
$147
$151
$156
$190
$174
$185
$35
$45
$54
GAAP Rent per Kilowatt / NRSF
$280
$263
$275
$157
$175
$179
$198
$193
$203
$37
$47
$57
Leasing cost per Kilowatt / NRSF
$25
$21
$32
—
$0
$1
$8
$4
$9
$3
$2
$3
0-1 MW (Based on kW)
> 1 MW (Based on kW)
Data Center Total
Other (Based on NRSF) (3)
Leasing Activity - Renewals (1) (2)
2Q26
YTD
LTM
2Q26
YTD
LTM
2Q26
YTD
LTM
2Q26
YTD
LTM
At Digital Realty Share
Leases renewed Kilowatt / NRSF (in thousands)
34,788
79,367
153,323
35,835
50,209
108,392
70,623
129,576
261,715
35
167
296
Leasing cost per Kilowatt / NRSF
$2
$1
$1
—
—
$3
$1
$1
$2
$1
$1
$1
Weighted Average Lease Term (years)
1.4
1.4
1.5
4.6
4.2
5.0
2.8
2.3
2.8
2.9
4.5
4.1
Cash Rent
Expiring cash rent per Kilowatt / NRSF
$331
$303
$320
$159
$163
$170
$244
$249
$258
$57
$32
$48
Renewed cash rent per Kilowatt / NRSF
$348
$318
$334
$265
$243
$218
$306
$289
$286
$61
$36
$57
Cash Rent % Change kW / NRSF
5.2%
4.7%
4.5%
66.7%
48.7%
28.4%
25.6%
15.9%
11.0%
7.6%
13.2%
19.4%
GAAP Rent
Expiring GAAP rent per Kilowatt / NRSF
$330
$302
$319
$142
$150
$153
$235
$243
$250
$55
$31
$45
Renewed GAAP rent per Kilowatt / NRSF
$349
$318
$335
$272
$248
$223
$310
$291
$289
$64
$37
$59
GAAP Rent % Change kW / NRSF
5.5%
5.3%
5.0%
92.3%
65.6%
46.0%
32.1%
19.7%
15.4%
15.2%
21.9%
30.3%
Churn (4)
2.0%
4.4%
8.3%
0.4%
0.9%
3.3%
1.1%
2.4%
5.5%
2.6%
5.6%
6.3%
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.
(4)
Churn is defined as recurring revenue lost during the period due to 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)
Second Quarter 2026
% of
Rent Per kW
Annualized
Annualized
Annualized Rent
kW of Expiring
Rent per kW
Per Month at
Year
Rent (1)
Rent
at Expiration
Leases
Per Month
Expiration
0-1 MW
Month to Month (2)
$70,777
1.5%
$69,153
12,831
$460
$449
2026
422,830
8.8%
421,602
92,044
383
382
2027
553,360
11.5%
549,945
139,079
332
330
2028
183,932
3.8%
188,815
51,266
299
307
2029
140,233
2.9%
148,541
40,610
288
305
2030
88,266
1.8%
93,449
26,439
278
295
2031
61,964
1.3%
70,506
21,030
246
279
2032
33,941
0.7%
38,120
9,254
306
343
2033
13,440
0.3%
16,339
4,410
254
309
2034
2,596
0.1%
2,629
814
266
269
2035
10,025
0.2%
13,078
3,779
221
288
Thereafter
5,800
0.1%
6,847
2,822
171
202
Total / Wtd. Avg.
$1,587,165
33.0%
$1,619,023
404,377
$327
$334
> 1 MW
Annualized
Month to Month (2)
$8,105
0.2%
$8,254
4,730
$143
$145
2026
148,258
3.1%
148,381
96,545
128
128
2027
321,151
6.7%
325,066
181,301
148
149
2028
268,868
5.6%
276,823
172,279
130
134
2029
375,859
7.8%
393,047
236,980
132
138
2030
304,121
6.3%
321,302
197,116
129
136
2031
293,350
6.1%
339,237
176,891
138
160
2032
203,067
4.2%
224,015
130,540
130
143
2033
115,123
2.4%
125,691
67,144
143
156
2034
162,763
3.4%
183,183
124,019
109
123
2035
82,186
1.7%
85,150
51,814
132
137
Thereafter
721,062
15.0%
1,052,299
413,681
145
212
Total / Wtd. Avg.
$3,003,914
62.5%
$3,482,448
1,853,040
$135
$157
Data Center Total
Annualized
Month to Month (2)
$78,882
1.6%
$77,407
17,562
$374
$367
2026
571,088
11.9%
569,983
188,588
252
252
2027
874,512
18.2%
875,011
320,380
227
228
2028
452,800
9.4%
465,638
223,545
169
174
2029
516,092
10.7%
541,588
277,590
155
163
2030
392,388
8.2%
414,752
223,554
146
155
2031
355,314
7.4%
409,743
197,921
150
173
2032
237,009
4.9%
262,135
139,794
141
156
2033
128,562
2.7%
142,029
71,554
150
165
2034
165,359
3.4%
185,812
124,832
110
124
2035
92,211
1.9%
98,228
55,593
138
147
Thereafter
726,861
15.1%
1,059,145
416,503
145
212
Total / Wtd. Avg.
$4,591,078
95.5%
$5,101,471
2,257,417
$169
$188
Other (3)
Annualized
Total
$217,769
4.5%
$228,855
—
—
—
Grand Total
Annualized
Total
$4,808,848
100.0%
$5,330,326
—
—
—
(1)
Annualized 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)
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
Second Quarter 2026
Weighted
Average
Annualized
% of Annualized
Remaining
Number of
Recurring
Recurring
Lease Term in
Customer
Locations
Revenue (1)
Revenue
Years
1
Fortune 50 Software Company
75
$550,059
10.8%
8.4
2
Oracle Corporation
42
509,151
10.0%
10.8
3
Social Content Platform
32
282,065
5.6%
2.5
4
Global Cloud Provider
65
225,391
4.4%
2.7
5
Fortune 25 Tech Company
61
128,884
2.5%
8.9
6
IBM
33
105,623
2.1%
2.4
7
Meta Platforms, Inc.
51
103,305
2.0%
2.9
8
Equinix
14
97,616
1.9%
2.9
9
Leading AI Chip Maker
7
81,255
1.6%
13.7
10
LinkedIn Corporation
7
71,757
1.4%
1.7
11
Fortune 25 Investment Grade-Rated Company
29
68,365
1.3%
3.1
12
Specialized Cloud Provider
5
67,130
1.3%
3.3
13
Space Technology and Connectivity Provider
6
64,739
1.3%
5.0
14
Lumen Technologies, Inc.
109
59,073
1.2%
2.9
15
AT&T
70
50,124
1.0%
1.3
16
Global Commerce Platform
15
49,528
1.0%
5.3
17
Zayo
112
48,227
0.9%
0.8
18
Comcast Corporation
41
47,762
0.9%
1.9
19
JPMorgan Chase & Co.
20
44,449
0.9%
1.3
20
Global Technology and Entertainment Platform
22
43,600
0.9%
2.3
Total / Weighted Average
$2,698,103
53.1%
6.3
(1)
Annualized recurring revenue represents 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.
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
Occupancy Analysis
Financial Supplement
Dollars in Thousands
Second Quarter 2026
100% Share
Digital Realty Share
White Space
Annualized
Occupancy (3)
White Space
Annualized
Occupancy (3)
Data Center
Metropolitan Area
IT Load (1)
Rent (2)
30-Jun-26
31-Mar-26
IT Load (1)
Rent (2)
30-Jun-26
31-Mar-26
Count
Americas
Northern Virginia
842
$1,299,128
98.6%
98.6%
656
$1,054,237
98.8%
98.7%
32
Chicago
177
403,447
97.1%
95.9%
103
298,307
95.4%
94.2%
10
Dallas
123
238,586
93.9%
93.2%
102
205,848
92.6%
91.8%
20
New York
67
214,053
85.4%
84.9%
61
197,485
84.0%
83.5%
10
Silicon Valley
99
213,624
92.4%
78.8%
95
192,410
92.1%
78.0%
15
Other Markets
502
903,863
92.7%
92.7%
405
742,482
92.3%
92.1%
69
Americas Total
1,809
$3,272,701
95.7%
94.7%
1,421
$2,690,768
95.2%
93.8%
156
EMEA
Frankfurt
184
$341,532
93.3%
93.5%
154
$299,488
93.4%
93.6%
29
London
96
239,500
71.9%
72.0%
96
239,500
71.9%
72.0%
13
Amsterdam
140
221,966
79.7%
87.0%
140
221,966
79.7%
87.0%
13
Paris
153
243,902
86.2%
83.3%
129
202,735
85.2%
83.9%
13
Johannesburg
97
193,357
80.1%
79.9%
59
117,948
80.1%
79.9%
5
Other Markets
308
597,127
78.2%
81.2%
292
567,375
79.2%
81.8%
57
EMEA Total
978
$1,837,384
82.1%
83.6%
870
$1,649,011
81.9%
83.7%
130
Asia Pacific
Singapore
72
$276,174
93.9%
93.3%
72
$276,174
93.9%
93.3%
3
Tokyo
89
116,216
90.3%
90.3%
44
58,108
90.3%
90.3%
5
Osaka
65
81,449
89.3%
89.2%
32
40,724
89.3%
89.2%
4
Sydney
30
31,203
81.7%
74.8%
30
31,000
81.7%
74.8%
4
Hong Kong
24
30,461
59.6%
59.7%
19
26,957
71.4%
71.4%
2
Other Markets
35
38,666
57.7%
54.3%
27
36,103
68.3%
64.1%
6
Asia Pacific Total
315
$574,169
84.1%
83.1%
225
$469,068
85.9%
84.6%
24
Portfolio Total/Weighted Average
3,102
$5,684,254
90.2%
90.1%
2,515
$4,808,848
89.8%
89.4%
310
Unconsolidated Portfolio Total
817
$1,168,106
92.9%
92.6%
282
$401,275
91.2%
91.1%
88
Consolidated Portfolio Total
2,285
$4,516,148
89.3%
89.2%
2,234
$4,407,573
89.6%
89.2%
222
(1)
White Space IT Load represents UPS-backed utility power in megawatts dedicated to Digital Realty’s operated data center capacity.
(2)
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.
(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
Second Quarter 2026
Future Development Capacity
Data Center Construction
IT Capacity (100% Share) (2)
Total Investment (3)
Project Summary (4)
100% Share (4)
DLR Share (5)
Under
Average
Current
Future
Total
Current
Future
Total
100% Share
DLR Share
Construction
Expected
Investment
Investment
Investment
Investment
Investment
Investment
Yields
Region
Land (MW)
Shell (MW)
(4) (10)
(5) (11)
(MW)
% Leased
Completion
(6)
(7)
(8)
(6)
(7)
(8)
(9)
Northern Virginia
780
30
$1,785,120
$1,590,669
422
56%
3Q27
$1,731,109
$3,654,947
$5,386,056
$1,392,496
$2,334,714
$3,727,211
Charlotte
200
—
392,436
392,436
212
94%
2Q28
294,694
3,076,840
3,371,534
177,269
1,847,784
2,025,053
Atlanta
1,080
—
616,762
616,762
192
—
1Q29
297,128
2,934,645
3,231,773
141,136
1,393,956
1,535,092
Other
3,360
150
2,106,477
1,630,465
314
85%
2Q27
1,198,324
2,885,540
4,083,864
979,514
1,913,797
2,893,311
Americas
5,420
180
$4,900,795
$4,230,332
1,140
62%
$3,521,255
$12,551,971
$16,073,227
$2,690,415
$7,490,252
$10,180,667
11.8%
Marseille
—
30
$220,431
$220,431
36
—
2Q28
$145,943
$476,457
$622,400
$145,943
$476,457
$622,400
Frankfurt
90
60
1,155,462
934,817
26
16%
1Q27
381,558
214,562
596,120
381,558
214,562
596,120
Zurich
—
—
—
—
15
—
3Q28
48,167
347,552
395,719
48,167
347,552
395,719
Other
810
150
1,446,137
1,225,549
106
17%
2Q27
660,294
941,647
1,601,941
588,347
678,466
1,266,813
EMEA
900
240
$2,822,030
$2,380,797
183
12%
$1,235,963
$1,980,218
$3,216,181
$1,164,016
$1,717,037
$2,881,053
10.4%
Tokyo
30
—
$32,768
$16,384
34
84%
1Q27
$242,585
$130,200
$372,785
$121,292
$65,100
$186,392
Seoul
—
50
365,342
365,342
12
—
4Q27
29,943
114,259
144,202
29,943
114,259
144,202
Osaka
20
10
200,741
100,370
18
50%
4Q27
79,995
152,324
232,319
39,998
76,162
116,160
Other
190
70
388,809
255,590
16
—
1Q28
52,183
88,745
140,928
40,546
63,409
103,955
APAC
240
130
$987,660
$737,686
80
47%
$404,706
$485,527
$890,233
$231,779
$318,930
$550,709
11.2%
Total
6,560
550
$8,710,485
$7,348,816
1,402
54%
$5,161,924
$15,017,717
$20,179,641
$4,086,209
$9,526,219
$13,612,428
11.5%
(1)
Includes development projects in consolidated and unconsolidated entities.
(2)
Represents the expected megawatt capacity to be developed based on our 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.
(3)
Represents cost incurred through June 30, 2026, plus remaining 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.
(6)
Represents cost incurred through June 30, 2026. Excludes $2.3 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.
(8)
Represents total cost to develop a data center, including pro-rata share of acquisition, shell and infrastructure costs, plus the direct investment in the data center fit-out.
(9)
Represents pre-tax estimated stabilized cash yields, which are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions.
(10)
Includes $4.2 billion of current investment.
(11)
Includes $3.7 billion of current investment.
23
Table of Contents
Historical Capital Expenditures and Investments in Real Estate
Financial Supplement
Dollars in Thousands
Second Quarter 2026
Three Months Ended
Six Months Ended
30-Jun-26
31-Mar-26
31-Dec-25
30-Sep-25
30-Jun-25
30-Jun-26
30-Jun-25
Non-Recurring Capital Expenditures (1)
Development (2)
$747,113
$729,959
$756,758
$532,590
$565,168
$1,477,072
$1,251,790
Enhancements and Other Non-Recurring
7,913
5,760
4,385
8,114
10,234
13,673
15,822
Total Non-Recurring Capital Expenditures
$755,026
$735,719
$761,143
$540,704
$575,402
$1,490,745
$1,267,612
Recurring Capital Expenditures (3)
$76,674
$59,665
$168,539
$77,998
$62,083
$136,339
$97,388
Total Direct Capital Expenditures
$831,700
$795,384
$929,682
$618,702
$637,485
$1,627,084
$1,365,000
Indirect Capital Expenditures
Capitalized Interest
$37,102
$35,637
$34,783
$32,923
$29,393
$72,739
$59,488
Capitalized Overhead
45,389
39,017
37,696
35,767
37,445
84,406
67,138
Total Indirect Capital Expenditures
$82,491
$74,654
$72,479
$68,690
$66,838
$157,145
$126,626
Total Improvements to and Advances for Investment in Real Estate
$914,191
$870,038
$1,002,161
$687,392
$704,323
$1,784,229
$1,491,626
(1)
Non-recurring capital expenditures are primarily for development of land and capacity, excluding acquisition costs.
(2)
Amount reflects the total capital expenditures on consolidated development projects during the quarter. The total includes 100% of spending on projects contributed to joint ventures and fund prior to their contribution.
(3)
Recurring capital expenditures represent non-incremental data center improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. 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
Second Quarter 2026
Closed Acquisitions:
Acquisition
Metropolitan
Date
Purchase
Cap
Property
Type
Area
Acquired
Price (1)
Rate (2)
15 MW Development
Building
Malaysia
4/2/2026
$117,000
NA
2 GW Hyperscale Development
Land
Kansas City
4/30/2026
475,000
NA
48 MW Development
Land
Marseille
5/18/2026
53,112
NA
1.5 MW Data Center and 14 MW Development
Building and Land
Malaysia
6/9/2026
17,040
NA
Assemblage for 1 GW+ Campus
Land
Atlanta
6/11/2026
5,500
NA
Assemblage for 1 GW+ Campus
Land
Atlanta
6/30/2026
15,000
NA
Three Hyperscale Assets (3)
Building
Northern Virginia
6/30/2026
4,127,398
> 6.5%
Total
$4,810,050
—
Closed Dispositions:
Disposition
Metropolitan
Date
Sale
Cap
Property
Type
Area
Disposed
Price (1)
Rate (2)
Non-Core Asset
Building
Atlanta, GA
4/15/2026
$24,000
NA
Total
$24,000
—
Closed Joint Venture / Fund Contributions:
Metropolitan
Contribution
Cap
Property
Area
Date
Price
Rate (2)
U.S. Hyperscale Data Center Fund (4)
Charlotte and Atlanta
5/1/2026
$436,000
NA
Total
$436,000
—
(1)
Represents the purchase price or sale price, as applicable before contractual price adjustments, transaction expenses, taxes, and potential currency fluctuations. All prices were converted to USD based on FX rate as of June 30, 2026.
(2)
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 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.
(3)
Reflects Digital Realty’s purchase of its partner's 64% interest in three hyperscale data centers in Northern Virginia including cash, equity and assumed debt; excludes $900 million of remaining capex spend.
(4)
Digital Realty contributed interests in two development sites to the Fund, the value of which are presented at 100% share. Digital Realty received approximately $170 million of proceeds as a result of the contribution.
25
Table of Contents
Unconsolidated Entities
Financial Supplement
Dollars in Thousands
Second Quarter 2026
Summary Balance Sheet -
As of June 30, 2026
at the JV's 100% Share
Total (1)
Gross cost of operating real estate
$14,762,195
Accumulated depreciation and amortization
(2,121,799)
Net Book Value of Operating Real Estate
$12,640,396
Cash
1,111,577
Other assets
2,827,601
Total Assets
$16,579,574
Debt
5,939,413
Other liabilities
2,244,218
Equity / (deficit)
8,395,942
Total Liabilities and Equity
$16,579,574
Digital Realty's Pro Rata Share of Unconsolidated entities Debt
$1,985,418
Summary Statement of Operations -
Three Months Ended June 30, 2026
at the JV's 100% Share
Total (1)
Total revenues
$513,779
Operating expenses
(212,210)
Net Operating Income (NOI)
$301,569
Straight-line rent
(20,267)
Above and below market rent
(8,203)
Cash Net Operating Income (NOI)
$273,099
Interest expense
($91,704)
Depreciation and amortization
(193,084)
Other income / (expense)
(12,251)
FX remeasurement on USD debt
15,152
Total Other Expenses, net
($281,888)
Net Income / (Loss)
$19,681
Digital Realty's Pro Rata Share of Unconsolidated entities NOI
$102,776
Digital Realty's Pro Rata Share of Unconsolidated entities Cash NOI
$93,894
Digital Realty's Earnings (loss) from unconsolidated entities
$36
Digital Realty's Pro Rata Share of Core FFO (2)
$58,143
Digital Realty's Fee Income from Unconsolidated entities
$44,821
(1)
Includes Ascenty, Blackstone NoVa, Clise, Digital Realty DC Partners NA Fund, GI Partners, Mapletree, Menlo, Mitsubishi, Realty Income, TPG Real Estate, Walsh, Digital Realty Bersama, Digital Connexion, Lumen, MC Digital Realty, Blackstone Frankfurt, Blackstone Paris, Medallion, Mivne and Digital Core REIT.
(2)
For a definition of Core FFO, see page 28.
26
Table of Contents
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios
Financial Supplement
Unaudited and Dollars in Thousands
Second Quarter 2026
Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1)
30-Jun-26
31-Mar-26
31-Dec-25
30-Sep-25
30-Jun-25
Net Income (Loss) Available to Common Stockholders
$443,108
$169,093
$88,466
$57,631
$1,021,975
Interest expense
113,943
116,384
116,516
113,584
109,383
(Gain) loss on debt extinguishment and modifications
—
4,119
(9)
—
—
Income tax expense (benefit)
33,675
16,008
(9,673)
11,695
12,883
Depreciation and amortization
507,106
499,511
493,458
497,002
461,167
EBITDA
$1,097,832
$805,115
$688,758
$679,912
$1,605,408
Unconsolidated JV real estate related depreciation and amortization
62,972
60,291
70,260
65,922
59,172
Unconsolidated JV interest expense and tax expense
37,142
35,814
38,498
44,795
31,243
Severance, equity acceleration and legal expenses
4,384
2,835
4,937
1,794
2,262
Transaction and integration expenses
38,703
15,685
36,083
86,559
22,546
(Gain) loss on disposition of properties, net
(7,988)
(873)
(42,865)
(19,780)
(931,830)
Provision for impairment
—
—
78,553
—
—
Other non-core adjustments, net (2)
(82,084)
(4,270)
(25,033)
2,523
9,545
Net promote
(187,871)
—
—
—
—
Noncontrolling interests
4,318
(4,470)
(2,536)
(4,099)
14,790
Preferred stock dividends
10,181
10,181
10,181
10,181
10,181
Adjusted EBITDA
$977,589
$920,307
$856,836
$867,807
$823,319
(1)
For definitions and discussion of EBITDA and Adjusted EBITDA, see the Definitions section.
(2)
Includes foreign exchange remeasurement (gain) loss, net, impact of 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
Financial Ratios
30-Jun-26
31-Mar-26
31-Dec-25
30-Sep-25
30-Jun-25
Total GAAP interest expense
$113,943
$116,384
$116,516
$113,584
$109,383
Capitalized interest expense
37,102
35,637
34,783
32,923
29,393
Change in accrued interest and other non-cash amounts
(104,924)
30,268
(52,014)
41,265
(92,065)
Cash Interest Expense (3)
$46,121
$182,289
$99,285
$187,772
$46,711
Preferred stock dividends
10,181
10,181
10,181
10,181
10,181
Total Fixed Charges (4)
$161,226
$162,202
$161,479
$156,687
$148,957
Coverage
Interest coverage ratio (5)
5.5x
5.2x
4.8x
4.9x
5.0x
Cash interest coverage ratio (6)
13.2x
4.4x
6.8x
3.9x
11.2x
Fixed charge coverage ratio (7)
5.2x
4.9x
4.5x
4.6x
4.7x
Cash fixed charge coverage ratio (8)
11.6x
4.2x
6.3x
3.8x
9.9x
Leverage
Debt to total enterprise value (9)(10)
21.4%
21.7%
25.1%
23.0%
23.2%
Debt-plus-preferred-stock-to-total-enterprise-value (10)(11)
22.3%
22.7%
26.1%
23.9%
24.1%
Pre-tax income to interest expense (12)
5.0x
2.5x
1.8x
1.6x
10.6x
Net Debt-to-Adjusted EBITDA (13)
4.7x
4.7x
4.9x
4.9x
5.1x
(3)
Cash interest expense is interest expense less amortization of debt 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.
(5)
Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated entities interest expense).
(6)
Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by cash interest expense (including our pro rata share of unconsolidated entities interest expense).
(7)
Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by fixed charges (including our pro rata share of unconsolidated entities fixed charges).
(8)
Adjusted EBITDA (including our pro rata share of unconsolidated 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.
(13)
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.
27
Table of Contents
Management Statements on Non-GAAP Measures
Financial Supplement
Unaudited
Second Quarter 2026
Definitions
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, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) 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
Second 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 June 30, 2026, GAAP interest expense was $114 million, capitalized interest was $37 million and preferred stock dividends were $10 million.
Reconciliation of Net Operating Income (NOI)
Three Months Ended
Six Months Ended
(in thousands)
30-Jun-26
31-Mar-26
30-Jun-25
30-Jun-26
30-Jun-25
Operating income before gain (loss) on disposition of properties, net
$459,257
$266,933
$211,698
$726,190
$407,447
Fee income
(248,927)
(34,899)
(34,427)
(283,826)
(55,070)
Other income
(480)
(47)
(1,363)
(527)
(1,496)
Depreciation and amortization
507,106
499,511
461,167
1,006,617
904,176
General and administrative
153,316
151,923
133,755
305,239
254,867
Severance, equity acceleration and legal expenses
4,384
2,835
2,262
7,219
4,690
Transaction and integration expenses
38,703
15,685
22,546
54,388
62,448
Provision for impairment
—
—
—
—
—
Other expenses
13,508
23
195
13,531
307
Net Operating Income
$926,867
$901,963
$795,832
$1,828,831
$1,577,368
Cash Net Operating Income (Cash NOI)
Net Operating Income
$926,867
$901,963
$795,832
$1,828,831
$1,577,368
Straight-line rental revenue
(26,955)
(21,813)
(24,015)
(48,767)
(33,708)
Straight-line rental expense
(617)
(1,423)
(469)
(2,040)
(445)
Above- and below-market rent amortization
(962)
(1,007)
(752)
(1,969)
(1,458)
Cash Net Operating Income
$898,333
$877,720
$770,595
$1,776,055
$1,541,757
Constant Currency Core FFO (Excluding Net Promote) Reconciliation
Three Months Ended
Six Months Ended
(in thousands, except per share data)
30-Jun-26
30-Jun-25
30-Jun-26
30-Jun-25
Core FFO (Excluding Net Promote) (1)
$767,885
$643,284
$1,483,956
$1,251,639
Core FFO impact of holding '25 Exchange Rates Constant (2)
(7,720)
—
(34,138)
—
Constant Currency Core FFO (Excluding Net Promote)
$760,165
$643,284
$1,449,818
$1,251,639
Weighted-average shares and units outstanding - diluted
360,648
343,909
356,113
343,436
Constant Currency Core FFO Per Share (Excluding Net Promote)
$2.11
$1.87
$4.07
$3.64
1)
As reconciled to net income above.
2)
Adjustment calculated by holding currency translation rates for 2026 constant with average currency translation rates that were applicable to the same periods in 2025.
29
Table of Contents
Forward-Looking Statements
Financial Supplement
Second 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
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 3 | 3 | 1 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 0 | 0 | 0 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 1 | 1 | 0 |
| Buybacks share repurchase, buyback program | 0 | — | 0 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Not placed in the text
These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.
Theme · Guidance raise
“Digital Realty raised its 2026 Core FFO per share (excluding net promote) outlook to $8.15 - $8.20 and 2026 Constant-Currency Core FFO per share (excluding net promote) outlook to $8.10 - $8.15.”
Source: SEC EDGAR · public domain · Highlights by Palanor