Exhibit 99.1

		Financial Supplement
Table of Contents			Fourth Quarter 2025

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

Debt Analysis and Covenant Compliance	18

Internal Growth

Same-Capital Operating Trend Summary	19

Summary of Leasing Activity - Signed	20

Summary of Leasing Activity - Renewed	21

Lease Expirations - By Size	22

Top 20 Customers by Annualized Rent	23

Occupancy Analysis	24

External Growth

Development Lifecycle	25

Construction Projects in Progress	26

Historical Capital Expenditures and Investments in Real Estate	27

Acquisitions / Dispositions / Joint Ventures	28

Unconsolidated Entities	29

Additional Information

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios	30

Management Statements on Non-GAAP Measures	31

Forward-Looking Statements	33

Table of Contents

		Financial Supplement
Corporate Information			Fourth Quarter 2025

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 December 31, 2025, 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 portfolio is comprised of approximately 43.2 million square feet, excluding approximately 9.7 million square feet of space under active development and 4.7 million square feet of space 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

Austin, TX
Website: 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

BofA Securities

Barclays

Markets

Exane

Citigroup

Citizens JMP

Deutsche Bank

Michael Funk

Brendan Lynch

Ari Klein

Nate Crossett

Michael Rollins

Greg Miller

Benjamin Soff

(646) 855-5664

(212) 526-9428

(212) 885-4103

(646) 725-3716

(212) 816-1116

(212) 699-2917

(212) 250-3716

Evercore ISI

Goldman Sachs

Green Street Advisors

Guggenheim

HSBC

Jefferies

J.P. Morgan

Irvin Liu

Michael Ng

David Guarino

Joseph Osha

Phani Kanumuri

Jonathan Petersen

Richard Choe

(415) 800-0183

(212) 902-8618

(949) 640-8780

(415) 852-6468

(240) 709-8135

(212) 284-1705

(212) 662-6708

KeyBanc

Mizuho Group

MoffettNathanson

Morgan Stanley

Oppenheimer

Raymond James

RBC Capital Markets

Brandon Nispel

Vikram Malhotra

Nick Del Deo

Cameron McVeigh

Timothy Horan

Frank Louthan

Jonathan Atkin

(503) 821-3871

(212) 282-3827

(212) 519-0025

(212) 761-4209

(212) 667-8137

(404) 442-5867

(415) 633-8589

Scotiabank

Stifel

TD Cowen

Truist Securities

UBS

Wells Fargo

Wolfe Research

Maher Yaghi

Erik Rasmussen

Michael Elias

Anthony Hau

John Hodulik

Eric Luebchow

Andrew Rosivach

(437) 995-5548

(212) 271-3461

(646) 562-1358

(212) 303-4176

(212) 713-4226

(312) 630-2386

(646) 582-9250

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


February 25, 2026	Wolfe Fifth Annual Real Estate Conference	Virtual
March 2 - 3, 2026	Citi's 2026 Global Property CEO Conference	Hollywood, FL
March 2, 2026	Morgan Stanley Technology, Media & Telecom Conference	San Francisco, CA
March 3, 2026	Raymond James & Associates’ 47th Annual Institutional Investors Conference	Orlando, FL
March 9, 2026	Deutsche Bank's 34th Annual Media, Internet & Telecom Conference	Palm Beach, FL

Webcasts for these events are available through the Digital Realty Investor Relations website when possible. Please check our website for additional information.

Table of Contents

		Financial Supplement
Corporate Information (Continued)			Fourth Quarter 2025

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
	31-Dec-25		30-Sep-25		30-Jun-25		31-Mar-25		31-Dec-24
High price		$182.48		$182.00		$178.85		$187.74		$198.00
Low price		$146.23		$159.22		$129.95		$139.27		$155.16
Closing price, end of quarter		$154.71		$172.88		$174.33		$143.29		$177.33
Average daily trading volume ⁽¹⁾		1,826		1,520		2,034		2,529		1,911
Indicated dividend per common share ⁽²⁾		$4.88		$4.88		$4.88		$4.88		$4.88
Closing annual dividend yield, end of quarter		3.2%		2.8%		2.8%		3.4%		2.8%
Shares and units outstanding, end of quarter ^{(1) (3)}		349,746		349,244		346,644		343,092		342,772
Closing market value of shares and units outstanding ⁽⁴⁾		$54,109,204		$60,377,303		$60,430,449		$49,161,653		$60,783,759

(1)	Shares or shares and units in thousands.

(2)	On an annualized basis.

(3)

As of December 31, 2025, the total number of shares and units includes 343,557 shares of common stock, 4,045 common units held by third parties and 2,144 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.

Table of Contents

Key Quarterly Financial Data		Financial Supplement
Unaudited, Dollars (except per share data) and Square Feet in Thousands			Fourth Quarter 2025


Shares and Units at End of Quarter		31-Dec-25			30-Sep-25			30-Jun-25			31-Mar-25			31-Dec-24
Common shares outstanding			343,557			343,041			340,372			336,743			336,637
Common partnership units outstanding			6,189			6,203			6,272			6,349			6,135
Total Shares and Units			349,746			349,244			346,644			343,092			342,772

Enterprise Value
Market value of common equity ⁽¹⁾			$54,109,204			$60,377,303			$60,430,449			$49,161,653			$60,783,759
Liquidation value of preferred equity			755,000			755,000			755,000			755,000			755,000
Total debt at balance sheet carrying value			18,402,135			18,225,434			18,452,148			17,016,279			16,714,377
Total Enterprise Value			$73,266,339			$79,357,737			$79,637,597			$66,932,932			$78,253,136
Total debt / total enterprise value			25.1%			23.0%			23.2%			25.4%			21.4%
Debt-plus-preferred-to-total-enterprise-value			26.1%			23.9%			24.1%			26.6%			22.3%

Selected Balance Sheet Data
Investments in real estate (before depreciation)			$39,855,116			$39,374,646			$38,613,260			$35,693,166			$35,401,912
Total Assets			49,410,468			48,728,634			48,714,995			45,080,562			45,283,616
Total Liabilities			24,564,494			23,739,412			23,853,149			21,902,406			22,107,836

Selected Operating Data
Total operating revenues			$1,634,671			$1,577,234			$1,493,150			$1,407,637			$1,435,862
Total operating expenses			1,522,047			1,438,813			1,281,453			1,211,887			1,291,540
Net income			96,111			63,713			1,046,946			106,395			185,688
Net income / (loss) available to common stockholders			88,466			57,631			1,021,975			99,793			179,388

Financial Ratios
EBITDA ⁽²⁾			$688,758			$679,912			$1,605,408			$658,400			$746,578
Adjusted EBITDA⁽³⁾			856,836			867,807			823,319			791,156			751,276
Net Debt-to-Adjusted EBITDA ⁽⁴⁾			4.9x			4.9x			5.1x			5.1x			4.8x
Interest expense			116,516			113,584			109,383			98,464			104,742
Fixed charges ⁽⁵⁾			161,479			156,687			148,957			138,739			149,364
Interest coverage ratio ⁽⁶⁾			4.8x			4.9x			5.0x			5.3x			4.5x
Fixed charge coverage ratio ⁽⁷⁾			4.5x			4.6x			4.7x			4.9x			4.2x

Profitability Measures
Net income / (loss) per common share - basic			$0.26			$0.17			$3.03			$0.30			$0.54
Net income / (loss) per common share - diluted			$0.24			$0.15			$2.94			$0.27			$0.51
Funds from operations (FFO) / diluted share and unit ⁽⁸⁾			$1.89			$1.65			$1.75			$1.67			$1.61
Core funds from operations (Core FFO) / diluted share and unit ⁽⁸⁾			$1.86			$1.89			$1.87			$1.77			$1.73
Adjusted funds from operations (AFFO) / diluted share and unit ⁽⁹⁾			$1.34			$1.76			$1.68			$1.78			$1.36
Dividends per share and common unit			$1.22			$1.22			$1.22			$1.22			$1.22
Diluted FFO payout ratio ^(8) (10)			64.5%			73.8%			69.6%			73.2%			75.6%
Diluted Core FFO payout ratio ^(8) (11)			65.6%			64.7%			65.2%			68.8%			70.7%
Diluted AFFO payout ratio ^(9) (12)			90.9%			69.2%			72.8%			68.6%			89.5%

Portfolio Statistics
Buildings ⁽¹³⁾			329			330			330			328			328
Data Centers ⁽¹³⁾			310			311			310			308			308
Cross-connects^{(13) (14)}			232,500			231,000			229,000			228,000			227,000
Net rentable square feet, excluding development space ⁽¹³⁾			43,208			42,706			42,529			41,778			41,326
Occupancy at end of quarter ⁽¹⁵⁾			84.7%			84.8%			84.8%			84.0%			84.1%
Occupied square footage ⁽¹³⁾			36,582			36,197			36,073			35,100			34,741
Space under active development ⁽¹⁶⁾			9,679			10,230			9,848			9,463			8,904
Space held for development ⁽¹⁷⁾			4,696			4,758			4,616			5,062			4,686
Weighted average remaining lease term (years) ⁽¹⁸⁾			5.0			5.0			5.1			4.9			4.8
Same-capital occupancy at end of quarter ^{(15) (19)}			83.7%			83.7%			83.7%			83.4%			83.5%

Table of Contents

Key Quarterly Financial Data		Financial Supplement
Unaudited, Dollars (except per share data) and Square Feet in Thousands			Fourth Quarter 2025

(1)

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.

(2)	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 31. For a reconciliation of net income available to common stockholders to EBITDA, see page 30.

(3)

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, and (x) gain on / issuance costs associated with redeemed preferred stock. For a discussion of Adjusted EBITDA, see page 31. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 30.

(4)

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.

(5)	Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred stock dividends.

(6)	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).

(7)	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).

(8)	For definitions and discussion of FFO and Core FFO, see page 31. For reconciliations of net income available to common stockholders to FFO and Core FFO, see page 13.

(9)	For a definition and discussion of AFFO, see page 31. For a reconciliation of Core FFO to AFFO, see page 14.

(10)	Diluted FFO payout ratio is dividends declared per common share and unit divided by diluted FFO per share and unit.

(11)	Diluted Core FFO payout ratio is dividends declared per common share and unit divided by diluted Core FFO per share and unit.

(12)	Diluted AFFO payout ratio is dividends declared per common share and unit divided by diluted AFFO per share and unit.

(13)	Includes buildings held as investments in unconsolidated entities. Excludes buildings held for sale and contribution.

(14)	Represents approximate amounts.

(15)

Occupancy and same-capital occupancy exclude space under active development and space 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 buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. Excludes buildings held for sale and contribution.

(16)	Space under active development includes current Base Building and Data Centers projects in progress. Excludes buildings held for sale and contribution.

(17)	Space held for development includes space held for future Data Center development and excludes space under active development. Excludes buildings held for sale and contribution.

(18)	Weighted average remaining lease term excludes renewal options and is weighted by net rentable square feet.

(19)

Represents buildings owned as of December 31, 2023, with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Fourth Quarter 2025

Digital Realty Reports Fourth Quarter 2025 Results

Austin, TX — February 5, 2026 — Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today financial results for the fourth quarter of 2025. All per share results are presented on a fully diluted basis.

Highlights

◾

Reported net income available to common stockholders of $0.24 per share in 4Q25, compared to $0.51 in 4Q24

◾

Reported FFO per share of $1.89 in 4Q25, compared to $1.61 in 4Q24

◾

Reported Core FFO per share of $1.86 in 4Q25, compared to $1.73 in 4Q24; reported Constant-Currency Core FFO per share of $1.81 in 4Q25

◾

Reported rental rate increases on renewal leases of 6.1% on a cash basis in 4Q25

◾

Signed total bookings during 4Q25 that are expected to generate $400 million of annualized GAAP rental revenue at 100% share; at Digital Realty’s share, total bookings were $175 million, including a $96 million contribution from the 0-1 megawatt plus interconnection category

◾

Reported a backlog of $817 million of annualized GAAP base rent, at Digital Realty’s share, at the end of 2025

◾

Introduced 2026 Core FFO per share outlook of $7.90 - $8.00 on a reported and Constant-Currency basis

Financial Results

Digital Realty reported revenues of $1.6 billion in the fourth quarter of 2025, a 4% increase from the previous quarter and a 14% increase from the same quarter last year.

The company delivered net income of $96 million in the fourth quarter of 2025, as well as net income available to common stockholders of $88 million and $0.24 per share, compared to $0.15 per share in the previous quarter and $0.51 per share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $857 million in the fourth quarter of 2025, a 1% decrease from the previous quarter and a 14% increase over the same quarter last year.

The company reported Funds From Operations (FFO) of $658 million in the fourth quarter of 2025, or $1.89 per share, compared to $1.65 per share in the previous quarter and $1.61 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered Core FFO per share of $1.86 in the fourth quarter of 2025, compared to $1.89 per share in the previous quarter and $1.73 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.81 in the fourth quarter of 2025 and $7.29 per share for the twelve-month period ended December 31, 2025.

“Digital Realty delivered strong financial results in 2025, with robust top‑line growth, record leasing across our 0‑1 megawatt plus interconnection offering, and a substantial backlog that provides clear revenue visibility into 2026 and beyond,” said Digital Realty President and CEO Andy Power. “The evolution of our private capital strategy is enabling us to efficiently scale development while maintaining a flexible balance sheet positioned for growth. At the same time, we’re expanding the PlatformDIGITAL footprint to meet rising global demand. Together, these initiatives strengthen our ability to support our customers’ cloud and AI roadmaps while driving long term value for shareholders.”

Leasing Activity

In the fourth quarter, Digital Realty signed total bookings that are expected to generate $400 million of annualized GAAP rental revenue, at 100% share; at Digital Realty’s share, total bookings were $175 million, including a $77 million contribution from the 0-1 megawatt category and a $19 million contribution from interconnection.

The weighted-average lag between new leases signed during the fourth quarter of 2025 and the contractual commencement date was eight months. The backlog of signed-but-not-commenced leases at quarter-end was $817 million of annualized GAAP base rent, at Digital Realty’s share.

In addition, Digital Realty also signed renewal leases representing $269 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the fourth quarter of 2025 increased 6.1% on a cash basis and 12.0% on a GAAP basis.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Fourth Quarter 2025

New leases signed during the fourth quarter of 2025 at Digital Realty’s share are summarized by region and product as follows:


	Annualized GAAP
	Base Rent		Square Feet	GAAP Base Rent			GAAP Base Rent
Americas	(in thousands)		(in thousands)	per Square Foot		Megawatts	per Kilowatt
0-1 MW		$39,317	112		$351	12.2		$269
> 1 MW		64,759	207		313	29.0		186
Other ⁽¹⁾		385	7		53	—		—
Total		$104,461	326		$320	41.2		$211

EMEA ⁽²⁾
0-1 MW		$30,107	89		$337	8.4		$300
> 1 MW		5,585	21		266	2.3		199
Other ⁽¹⁾		291	1		289	—		—
Total		$35,982	111		$323	10.7		$278

Asia Pacific ⁽²⁾
0-1 MW		$7,693	17		$443	2.2		$286
> 1 MW		7,643	42		181	4.5		142
Other ⁽¹⁾		46	1		45	—		—
Total		$15,382	61		$254	6.7		$190

All Regions ⁽²⁾
0-1 MW		$77,118	219		$352	22.8		$282
> 1 MW		77,987	270		289	35.9		181
Other ⁽¹⁾		722	9		78	—		—
Total		$155,826	498		$313	58.6		$220

Interconnection		$18,890	N/A		N/A	N/A		N/A

Grand Total at DLR Share		$174,716	498		$313	58.6		$220

Grand Total at 100% Share		$400,330	1,291		$294	159.1		$198

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 December 31, 2025.

Investment Activity

During the fourth quarter, Digital Realty sold a non-core data center in the Dallas metro area for gross proceeds of approximately $33 million, as previously disclosed.

Digital Realty acquired the following:

●

Two parcels of land totaling approximately 20 acres in the Portland metro area, one acquired in the fourth quarter and the other in January, that are expected to support up to 85 megawatts of IT capacity for approximately $23.6 million; and

●

A building and land in Lisbon, Portugal which can support up to 2.4 megawatts of IT capacity for approximately €7.1 million or $8.3 million, marking Digital Realty's entry into the Portugal market.

Further, Digital Realty Mivne established a new joint venture with MedOne Ltd., the leading data center operator in Israel. The joint venture acquired approximately 2.5 acres of land in Petah Tikvah, the primary connectivity hub in Israel, with the intention of developing an 18-megawatt campus for ILS90 million, or $29 million at 100% share. Digital Realty’s share of the land was $7.1 million.

Additionally, Digital Realty contributed an incremental 40% interest in five operating data centers to its Digital Realty DC Partners NA Fund, increasing the Fund's stake to 80% at year end. Digital Realty received approximately $427 million of additional proceeds as a result of the contribution.

Subsequent to quarter end, Digital Realty announced an agreement to acquire the TelcoHub 1 data center located in Cyberjaya, Malaysia, one of Greater Kuala Lumpur’s most established data center hubs. TelcoHub 1 is an operational 1.5 megawatt data center that is one of Malaysia's leading connectivity hubs. In conjunction with this transaction, Digital Realty also agreed to acquire adjacent land that can support up to 14 megawatts of IT capacity, providing clear capacity for future expansion. The transactions are expected to close in the first half of 2026, subject to customary closing conditions.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Fourth Quarter 2025

Balance Sheet

Digital Realty had approximately $18.4 billion of total debt outstanding as of December 31, 2025, comprised of $17.5 billion of unsecured debt and approximately $0.9 billion of secured debt and other debt. At the end of the fourth quarter of 2025, net debt-to-Adjusted EBITDA was 4.9x, debt-plus-preferred-to-total enterprise value was 26.1% and fixed charge coverage was 4.5x.

In October, the company sold 0.4 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $175.68 per share, for net proceeds of approximately $77 million.

In November, Digital Realty issued €600 million of 3.750% notes due 2033 and €800 million of 4.250% notes due 2037, for aggregate net proceeds of approximately €1.4 billion ($1.6 billion).

In December, Digital Realty repaid early €1.075 billion ($1.3 billion) in aggregate principal amount of its 2.500% senior notes due 2026.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Fourth Quarter 2025

2026 Outlook

Digital Realty introduced its 2026 Core FFO per share outlook on a reported and Constant-Currency basis of $7.90 - $8.00. The assumptions underlying the outlook are summarized in the following table.


		As of
Top-Line and Cost Structure		February 5, 2026
Total revenue		$6.600 - $6.700 billion
Net non-cash rent adjustments ⁽¹⁾		($90 - $95 million)
Adjusted EBITDA		$3.600 - $3.700 billion
G&A		$610 - $620 million

Internal Growth
Rental rates on renewal leases
Cash basis		6.0% - 8.0%
GAAP basis		8.5% - 10.5%
Year-end portfolio occupancy ⁽²⁾		+50 - 100 bps
"Same-Capital" cash NOI growth ⁽³⁾		4.0% - 5.0%

Foreign Exchange Rates
U.S. Dollar / Pound Sterling		$1.30 - $1.35
U.S. Dollar / Euro		$1.13 - $1.18

External Growth
Dispositions / Joint Venture Capital
Dollar volume		$500 - $1,000 million
Cap rate		0.0% - 10.0%
Development
CapEx (Net of Partner Contributions) ⁽⁴⁾		$3,250 - $3,750 million
Average stabilized yields		10.0%+
Enhancements and other non-recurring CapEx ⁽⁵⁾		$30 - $35 million
Recurring CapEx + capitalized leasing costs ⁽⁶⁾		$400 - $425 million

Balance Sheet
Long-term debt issuance
Dollar amount		$1,000 - $1,500 million
Pricing		4.0% - 4.5%
Timing		Mid-Year

Net income per diluted share		$2.55 - $2.65
Real estate depreciation and (gain) / loss on sale		$4.90 - $4.90
Funds From Operations / share (NAREIT-Defined)		$7.45 - $7.55
Non-core expenses and revenue streams		$0.45 - $0.45
Core Funds From Operations / share		$7.90 - $8.00
Foreign currency translation adjustments		$0.00 - $0.00
Constant-Currency Core Funds From Operations / share		$7.90 - $8.00

(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.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Fourth Quarter 2025

Non-GAAP Financial Measures

This document contains non-GAAP financial measures, including FFO, Core FFO, Constant Currency Core FFO, 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 to Adjusted FFO, a reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Constant Currency Core FFO, 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 February 5, 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 fourth quarter 2025 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 until February 5, 2027 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 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

(214) 231-1350

Table of Contents

Consolidated Quarterly Statements of Operations		Financial Supplement
Unaudited and in Thousands, Except Per Share Data			Fourth Quarter 2025


	Three Months Ended					Twelve Months Ended
	31-Dec-25	30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24		31-Dec-25	31-Dec-24
Rental revenues	$1,074,703	$1,045,708	$1,003,550	$960,526	$958,892		$4,084,487	$3,722,646
Tenant reimbursements - Utilities	356,084	332,681	294,503	271,189	302,664		1,254,457	1,158,623
Tenant reimbursements - Other	34,406	37,302	37,355	42,177	38,591		151,240	158,612
Interconnection and other	123,414	120,399	121,952	112,969	112,360		478,734	442,591
Fee income	45,692	36,398	34,427	20,643	23,316		137,160	64,888
Other	372	4,746	1,363	133	40		6,614	7,608
Total Operating Revenues	$1,634,671	$1,577,234	$1,493,150	$1,407,637	$1,435,862		$6,112,692	$5,554,968

Utilities	$398,185	$375,627	$339,288	$313,385	$337,534		$1,426,485	$1,333,416
Rental property operating	295,948	278,292	267,724	238,600	273,104		1,080,564	984,921
Property taxes	50,791	51,823	49,570	48,856	46,044		201,040	182,453
Insurance	4,711	4,508	4,946	4,483	6,007		18,648	18,325
Depreciation and amortization	493,458	497,002	461,167	443,009	455,355		1,894,636	1,771,797
General and administration	159,283	139,911	133,755	121,112	124,470		554,061	473,521
Severance, equity acceleration and legal expenses	4,937	1,794	2,262	2,428	2,346		11,421	6,502
Transaction and integration expenses	36,083	86,559	22,546	39,902	11,797		185,090	93,902
Provision for impairment	78,553	—	—	—	22,881		78,553	191,184
Other expenses	98	3,297	195	112	12,002		3,702	27,083
Total Operating Expenses	$1,522,047	$1,438,813	$1,281,453	$1,211,887	$1,291,540		$5,454,200	$5,083,104

Operating Income	$112,624	$138,421	$211,697	$195,750	$144,322		$658,492	$471,864

Equity in earnings / (loss) of unconsolidated entities	4,659	(16,944)	(12,062)	(7,640)	(36,201)		(31,987)	(120,138)
Gain / (loss) on sale of investments	42,865	19,780	931,830	1,111	144,885		995,586	595,825
Interest and other income / (expense), net	42,797	47,735	37,747	32,773	44,517		161,052	154,243
Interest (expense)	(116,516)	(113,584)	(109,383)	(98,464)	(104,742)		(437,947)	(452,836)
Income tax benefit / (expense)	9,673	(11,695)	(12,883)	(17,135)	(4,928)		(32,040)	(54,760)
Gain (loss) on debt extinguishment and modifications	9	—	—	—	(2,165)		9	(5,871)
Net Income	$96,111	$63,713	$1,046,946	$106,395	$185,688		$1,313,165	$588,327

Net (income) / loss attributable to noncontrolling interests	2,536	4,099	(14,790)	3,579	3,881		(4,576)	14,163
Net Income Attributable to Digital Realty Trust, Inc.	$98,647	$67,812	$1,032,156	$109,974	$189,569		$1,308,589	$602,490

Preferred stock dividends	(10,181)	(10,181)	(10,181)	(10,181)	(10,181)		(40,724)	(40,725)
Net Income / (Loss) Available to Common Stockholders	$88,466	$57,631	$1,021,975	$99,793	$179,388		$1,267,865	$561,766

Weighted-average shares outstanding - basic	343,493	341,370	337,589	336,683	333,376		339,807	323,336
Weighted-average shares outstanding - diluted	351,570	349,234	345,734	344,721	340,690		347,810	331,547
Weighted-average fully diluted shares and units	357,430	355,165	351,691	350,632	346,756		353,720	337,697

Net income / (loss) per share - basic	$0.26	$0.17	$3.03	$0.30	$0.54		$3.73	$1.74
Net income / (loss) per share - diluted	$0.24	$0.15	$2.94	$0.27	$0.51		$3.58	$1.61

Table of Contents

Funds From Operations and Core Funds From Operations		Financial Supplement
Unaudited and in Thousands, Except Per Share Data			Fourth Quarter 2025


	Three Months Ended						Twelve Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)		31-Dec-25	30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24		31-Dec-25	31-Dec-24

Net Income / (Loss) Available to Common Stockholders		$88,466	$57,631	$1,021,975	$99,793	$179,388		$1,267,865	$561,766
Adjustments:
Noncontrolling interest in operating partnership		2,000	2,000	21,000	3,000	4,000		28,000	12,700
Real estate related depreciation and amortization ⁽¹⁾		484,260	487,182	451,050	432,652	445,462		1,855,144	1,730,059
Reconciling items related to noncontrolling interests		(22,753)	(22,888)	(21,038)	(19,480)	(19,531)		(86,159)	(64,612)
Unconsolidated entities real estate related depreciation and amortization		70,260	65,922	59,172	55,861	49,463		251,215	192,931
(Gain) / loss on real estate transactions		(42,865)	(19,780)	(931,830)	(1,111)	(137,047)		(995,586)	(596,904)
Provision for impairment		78,553	—	—	—	22,881		78,553	191,185
Funds From Operations		$657,921	$570,067	$600,329	$570,715	$544,616		$2,399,032	$2,027,122

Weighted-average shares and units outstanding - basic		349,354	347,301	343,546	342,594	339,442		345,717	329,485
Weighted-average shares and units outstanding - diluted ^{(2) (3)}		357,430	355,165	351,691	350,632	346,756		353,720	337,697

Funds From Operations per share - basic		$1.88	$1.64	$1.75	$1.67	$1.60		$6.94	$6.15

Funds From Operations per share - diluted^{(2) (3)}		$1.89	$1.65	$1.75	$1.67	$1.61		$6.96	$6.14


	Three Months Ended						Twelve Months Ended
Reconciliation of FFO to Core FFO		31-Dec-25	30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24		31-Dec-25	31-Dec-24

Funds From Operations		$657,921	$570,067	$600,329	$570,715	$544,616		$2,399,032	$2,027,122
Other non-core revenue adjustments ⁽⁴⁾		(10,633)	(4,746)	4,228	(1,925)	4,537		(13,076)	(30,339)
Transaction and integration expenses		36,083	86,559	22,546	39,902	11,797		185,090	93,902
Gain (loss) on debt extinguishment and modifications		(9)	—	—	—	2,165		(9)	5,871
Severance, equity acceleration and legal expenses ⁽⁵⁾		4,937	1,794	2,262	2,428	2,346		11,421	6,502
(Gain) / Loss on FX and derivatives revaluation		(16,295)	252	8,827	(2,064)	7,127		(9,280)	74,464
Other non-core expense adjustments ⁽⁶⁾		(21,794)	2,075	5,092	(702)	14,229		(15,329)	37,671
Core Funds From Operations		$650,210	$656,001	$643,284	$608,354	$586,816		$2,557,849	$2,215,194

Weighted-average shares and units outstanding - diluted^{(2) (3)}		349,740	347,700	343,909	343,050	339,982		346,086	329,899

Core Funds From Operations per share - diluted ⁽²⁾		$1.86	$1.89	$1.87	$1.77	$1.73		$7.39	$6.71


(1)	Three Months Ended						Twelve Months Ended
Real Estate Related Depreciation & Amortization		31-Dec-25	30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24		31-Dec-25	31-Dec-24

Depreciation and amortization per income statement		$493,458	$497,002	$461,167	$443,009	$455,355		$1,894,636	$1,771,798
Non-real estate depreciation		(9,198)	(9,820)	(10,117)	(10,356)	(9,894)		(39,492)	(41,739)
Real Estate Related Depreciation & Amortization		$484,260	$487,182	$451,050	$432,652	$445,462		$1,855,144	$1,730,059

(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

Twelve Months Ended

31-Dec-25

30-Sep-25

30-Jun-25

31-Mar-25

31-Dec-24

31-Dec-25

31-Dec-24

Teraco noncontrolling share of FFO

$18,240

$17,018

$15,850

$13,286

$14,905

$64,394

$46,954

Teraco related minority interest

$18,240

$17,018

$15,850

$13,286

$14,905

$64,394

$46,954

(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 and Core FFO, see the Definitions section.

(4)	Includes deferred rent adjustments related to a customer bankruptcy, development fees included in gains, lease termination fees and gain on sale of equity investment included in other income.

(5)	Relates to severance and other charges related to the departure of company executives and integration-related severance.

(6)	Includes write-offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses, impact of foreign tax rate changes and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interests.

Table of Contents

Adjusted Funds From Operations (AFFO)		Financial Supplement
Unaudited and in Thousands, Except Per Share Data			Fourth Quarter 2025


	Three Months Ended						Twelve Months Ended
Reconciliation of Core FFO to AFFO		31-Dec-25	30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24		31-Dec-25	31-Dec-24

Core FFO available to common stockholders and unitholders		$650,210	$656,001	$643,284	$608,354	$586,816		$2,557,849	$2,215,194
Adjustments:
Non-real estate depreciation		9,198	9,820	10,117	10,356	9,894		39,492	41,739
Amortization of deferred financing costs		6,781	6,565	6,451	6,548	5,697		26,345	21,198
Amortization of debt discount/premium		1,341	1,293	1,251	1,125	1,324		5,010	5,805
Non-cash stock-based compensation expense		17,327	18,174	18,026	16,700	13,386		70,227	55,468
Straight-line rental revenue		(34,351)	(33,351)	(23,698)	(9,692)	(18,242)		(101,092)	(25,513)
Straight-line rental expense		(97)	(271)	(475)	(160)	(136)		(1,003)	3,447
Above- and below-market rent amortization		(972)	(864)	(752)	(706)	(269)		(3,294)	(3,555)
Deferred tax (benefit) / expense		(26,184)	18,187	(30,714)	(517)	(15,048)		(39,228)	(37,834)
Leasing compensation and internal lease commissions		14,644	15,013	14,721	13,405	10,505		57,783	45,233
Recurring capital expenditures ⁽¹⁾		(168,539)	(77,998)	(62,083)	(35,305)	(130,245)		(343,925)	(305,712)

AFFO available to common stockholders and unitholders ⁽²⁾		$469,358	$612,569	$576,127	$610,108	$463,682		$2,268,164	$2,015,471

Weighted-average shares and units outstanding - basic		349,354	347,301	343,546	342,594	339,442		345,717	329,485
Weighted-average shares and units outstanding - diluted ⁽³⁾		349,740	347,700	343,909	343,050	339,982		346,086	329,899

AFFO per share - diluted ⁽³⁾		$1.34	$1.76	$1.68	$1.78	$1.36		$6.55	$6.11

Dividends per share and common unit		$1.22	$1.22	$1.22	$1.22	$1.22		$4.88	$4.88

Diluted AFFO Payout Ratio		90.9%	69.2%	72.8%	68.6%	89.5%		74.5%	79.9%

Three Months Ended

Twelve Months Ended

Share Count Detail

31-Dec-25

30-Sep-25

30-Jun-25

31-Mar-25

31-Dec-24

31-Dec-25

31-Dec-24

Weighted Average Common Stock and Units Outstanding

349,354

347,301

343,546

342,594

339,442

345,717

329,485

Add: Effect of dilutive securities

386

399

362

456

540

369

413

Weighted Avg. Common Stock and Units Outstanding - diluted

349,740

347,700

343,909

343,050

339,982

346,086

329,899

(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 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.

Table of Contents

Consolidated Balance Sheets		Financial Supplement
Unaudited and in Thousands, Except Per Share Data			Fourth Quarter 2025


	31-Dec-25		30-Sep-25		30-Jun-25		31-Mar-25		31-Dec-24
Assets
Investments in real estate:
Real estate		$31,359,298		$30,194,891		$29,836,218		$27,947,964		$27,558,993
Construction in progress		4,976,785		5,422,338		5,080,701		4,973,266		5,164,334
Land held for future development		91,130		66,668		73,665		69,089		38,785
Investments in Real Estate		$36,427,213		$35,683,897		$34,990,583		$32,990,319		$32,762,112
Accumulated depreciation and amortization		(9,993,596)		(9,665,380)		(9,341,719)		(8,856,535)		(8,641,331)
Net Investments in Properties		$26,433,617		$26,018,517		$25,648,865		$24,133,784		$24,120,781
Investment in unconsolidated entities		3,427,903		3,690,749		3,622,677		2,702,847		2,639,800
Net Investments in Real Estate		$29,861,520		$29,709,266		$29,271,542		$26,836,631		$26,760,582

Operating lease right-of-use assets, net		$1,135,645		$1,167,398		$1,180,657		$1,165,924		$1,178,853
Cash and cash equivalents		3,451,647		3,299,703		3,554,126		2,321,885		3,870,891
Accounts and other receivables, net ⁽¹⁾		1,358,895		1,496,105		1,586,146		1,373,521		1,257,464
Deferred rent, net		750,907		710,624		681,375		641,290		642,456
Goodwill		9,711,953		9,647,754		9,636,513		9,174,165		8,929,431
Customer relationship value, deferred leasing costs and other intangibles, net		2,134,698		2,080,898		2,171,318		2,124,989		2,178,054
Assets held for sale and contribution		349,826		116,624		139,993		953,236		—
Other assets		655,377		500,262		493,325		488,921		465,885
Total Assets		$49,410,468		$48,728,634		$48,714,995		$45,080,562		$45,283,616

DIGITAL REALTY TRUST, INC. 8-K