Digital Realty Reports Third Quarter 2025 Results

AUSTIN, Texas, Oct. 23, 2025 /PRNewswire/ -- 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 third quarter of 2025. All per share results are presented on a fully diluted basis.

Highlights

Financial Results

Digital Realty reported revenues of $1.6 billion in the third quarter of 2025, a 6% increase from the previous quarter and a 10% increase from the same quarter last year.

The company delivered net income of $64 million in the third quarter of 2025, as well as net income available to common stockholders of $58 million and $0.15 per share, compared to $2.94 per share in the previous quarter and $0.09 per share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $868 million in the third quarter of 2025, a 5% increase from the previous quarter and a 14% increase over the same quarter last year.

The company reported Funds From Operations (FFO) of $570 million in the third quarter of 2025, or $1.65 per share, compared to $1.75 per share in the previous quarter and $1.55 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 $1.89 in the third quarter of 2025, compared to $1.87 per share in the previous quarter and $1.67 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.85 in the third quarter of 2025 and $5.48 per share for the nine-month period ended September 30, 2025.

"Digital Realty delivered strong financial results this quarter, featuring record Core FFO per share and double-digit revenue and Adjusted EBITDA growth. These achievements are supported by a substantial backlog, providing clear visibility into 2026," said Digital Realty President and CEO Andy Power. "Robust enterprise demand continues to drive our 0-1 megawatt plus interconnection offering, with companies expanding on PlatformDIGITAL®. With five gigawatts of buildable IT capacity worldwide, we are well-positioned to meet our customers' evolving needs."

Leasing Activity

In the third quarter, Digital Realty signed total bookings that are expected to generate $201 million of annualized GAAP rental revenue at 100% share; at Digital Realty's share, total bookings were $162 million, including a $65 million contribution from the 0-1 megawatt category and a $20 million contribution from interconnection.

The weighted-average lag between new leases signed during the third quarter of 2025 and the contractual commencement date was eight months. The backlog of signed-but-not-commenced leases at quarter-end was $852 million of annualized GAAP base rent at Digital Realty's share.

In addition to new leases signed, Digital Realty also signed renewal leases representing $192 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the third quarter of 2025 increased 8.0% on a cash basis and 11.5% on a GAAP basis.

New leases signed during the third 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

Americas

(in thousands)

per Square Foot

Megawatts

per Kilowatt

0-1 MW

$31,606

$338

7.7

$340

> 1 MW

35,688

101

353

16.2

184

Other (1)

551

—

Total

$67,844

205

$331

23.9

$235

EMEA (2)

0-1 MW

$28,518

$359

8.4

$283

> 1 MW

26,087

288

12.0

181

Other (1)

434

—

Total

$55,040

178

$310

20.4

$223

Asia Pacific (2)

0-1 MW

$4,756

$179

2.0

$194

> 1 MW

14,373

453

3.4

348

Other (1)

142

121

—

Total

$19,271

$324

5.5

$291

All Regions (2)

0-1 MW

$64,880

200

$325

18.2

$297

> 1 MW

76,148

223

341

31.6

201

Other (1)

1,127

—

Total

$142,155

442

$321

49.8

$236

Interconnection

$19,649

N/A

Grand Total at DLR Share

$161,804

442

$321

49.8

$236

Grand Total at 100% Share

$201,471

462

$387

71.4

$209

Note: Totals may not foot due to rounding differences.

(1)

Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.

(2)

Based on quarterly average exchange rates during the three months ended September 30, 2025.

Investment Activity

During the third quarter, Digital Realty sold non-core data centers in the Atlanta, Boston and Miami metro areas for gross proceeds of approximately $90 million.

Digital Realty acquired a property containing approximately five acres of land in the Los Angeles metro area for approximately $49 million that is expected to support 32 megawatts of IT capacity. Additionally, Digital Realty acquired two land parcels near its Franklin Park campus for approximately $18 million that, together with previously acquired land parcels, are expected to support over 40 megawatts of incremental IT capacity in the Chicago metro area.

Subsequent to quarter end, Digital Realty sold a non-core data center in the Dallas metro area for gross proceeds of approximately $33 million.

Balance Sheet

Digital Realty had approximately $18.2 billion of total debt outstanding as of September 30, 2025, comprised of $17.4 billion of unsecured debt and approximately $0.8 billion of secured debt and other debt. At the end of the third quarter of 2025, net debt-to-Adjusted EBITDA was 4.9x, debt-plus-preferred-to-total enterprise value was 23.9% and fixed charge coverage was 4.6x.

In July, Digital Realty repaid €650 million ($754 million) in aggregate principal amount of its 0.625% senior notes.

Since June 30, 2025, the company also sold 2.9 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $172.46 per share, for net proceeds of approximately $501 million.

2025 Outlook

Digital Realty raised its 2025 Core FFO per share outlook to $7.32 - $7.38 and Constant-Currency Core FFO per share outlook to $7.25 - $7.30. The assumptions underlying the outlook are summarized in the following table.

As of

Top-Line and Cost Structure

February 13, 2025

April 24, 2025

July 24, 2025

October 23, 2025

Total revenue

$5.800 - $5.900 billion

$5.825 - $5.925 billion

$5.925 - $6.025 billion

$6.025 - $6.075 billion

Net non-cash rent adjustments (1)

($45 - $50 million)

($50 - $55 million)

($65 - $70 million)

($75 - $80 million)

Adjusted EBITDA

$3.100 - $3.200 billion

$3.125 - $3.225 billion

$3.200 - $3.300 billion

$3.300 - $3.350 billion

G&A

$500 - $510 million

$505 - $515 million

$520 - $530 million

$530 - $535 million

Internal Growth

Rental rates on renewal leases

Cash basis

4.0% - 6.0%

5.0% - 6.0%

5.75% - 6.25%

GAAP basis

6.0% - 8.0%

7.0% - 8.0%

7.75% - 8.25%

Year-end portfolio occupancy

+100 - 200 bps

"Same-Capital" cash NOI growth (2)

3.5% - 4.5%

4.25% - 4.75%

Foreign Exchange Rates

U.S. Dollar / Pound Sterling

$1.20 - $1.25

$1.25 - $1.35

$1.30 - $1.35

U.S. Dollar / Euro

$1.00 - $1.05

$1.05 - $1.15

$1.10 - $1.15

$1.13 - $1.18

External Growth

Dispositions / Joint Venture Capital

Dollar volume

$500 - $1,000 million

$700 - $1,000 million

Cap rate

0.0% - 10.0%

Development

CapEx (Net of Partner Contributions) (3)

$3,000 - $3,500 million

Average stabilized yields

10.0%+

Enhancements and other non-recurring CapEx (4)

$30 - $35 million

Recurring CapEx + capitalized leasing costs (5)

$320 - $335 million

$300 - $320 million

Balance Sheet

Long-term debt issuance

Dollar amount

$900 - $1,500 million

~$2,000 million

Pricing

5.0% - 5.5%

4.0% - 5.5%

~4.0%

Timing

Mid-Year

Net income per diluted share

$2.10 - $2.20

$2.15 - $2.25

$3.45 - $3.55

$3.57 - $3.62

Real estate depreciation and (gain) / loss on sale

$4.50 - $4.50

$3.25 - $3.25

$3.20 - $3.20

Funds From Operations / share (NAREIT-Defined)

$6.60 - $6.70

$6.65 - $6.75

$6.70 - $6.80

$6.77 - $6.82

Non-core expenses and revenue streams

$0.40 - $0.40

$0.45 - $0.45

$0.55 - $0.55

Core Funds From Operations / share

$7.00 - $7.10

$7.05 - $7.15

$7.15 - $7.25

$7.32 - $7.38

Foreign currency translation adjustments

$0.05 - $0.05

$0.00 - $0.00

($0.05) - ( $0.05)

($0.07) - ( $0.07)

Constant-Currency Core Funds From Operations / share

$7.05 - $7.15

$7.10 - $7.20

$7.25 - $7.30

(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)

The "Same-Capital" pool includes properties owned as of December 31, 2023 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 2024-2025, properties classified as held for sale and contribution, and properties sold or contributed to joint ventures for all periods presented. The 2025 "Same-Capital" cash NOI growth outlook is presented on a constant currency basis.

(3)

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.

(4)

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.

(5)

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.

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 October 23, 2025, a presentation will be posted to the Investors section of the company's website at https://investor.digitalrealty.com. The presentation is designed to accompany the discussion of the company's third quarter 2025 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier.

To participate in the live call, investors are invited to dial +1 (888) 317-6003 (for domestic callers) or +1 (412) 317-6061 (for international callers) and reference the conference ID# 1402737 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty's website at https://investor.digitalrealty.com.

Telephone and webcast replays will be available after the call until November 23, 2025. The telephone replay can be accessed by dialing +1 (877) 344-7529 (for domestic callers) or +1 (412) 317-0088 (for international callers) and providing the conference ID# 3414347. The webcast replay can be accessed on Digital Realty's website.

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 50+ metros across 25+ 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

(415) 275-5344

Consolidated Quarterly Statements of Operations

Third Quarter 2025

Unaudited and in Thousands, Except Per Share Data

Three Months Ended

Nine Months Ended

30-Sep-25

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Sep-25

30-Sep-24

Rental revenues

$1,045,708

$1,003,550

$960,526

$958,892

$956,351

$3,009,784

$2,763,753

Tenant reimbursements - Utilities

332,681

294,503

271,189

302,664

305,097

898,373

855,959

Tenant reimbursements - Other

37,302

37,355

42,177

38,591

39,624

116,834

120,021

Interconnection and other

120,399

121,952

112,969

112,360

112,655

355,320

330,231

Fee income

36,398

34,427

20,643

23,316

12,907

91,468

41,572

Other

4,746

1,363

133

4,581

6,242

7,568

Total Operating Revenues

$1,577,234

$1,493,150

$1,407,637

$1,435,862

$1,431,214

$4,478,021

$4,119,106

Utilities

$375,627

$339,288

$313,385

$337,534

$356,063

$1,028,301

$995,882

Rental property operating

278,292

267,724

238,600

273,104

249,796

784,615

711,817

Property taxes

51,823

49,570

48,856

46,044

45,633

150,249

136,408

Insurance

4,508

4,946

4,483

6,007

4,869

13,937

12,318

Depreciation and amortization

497,002

461,167

443,009

455,355

459,997

1,401,178

1,316,442

General and administration

139,911

133,755

121,112

124,470

115,120

394,778

349,051

Severance, equity acceleration and legal expenses

1,794

2,262

2,428

2,346

2,481

6,484

4,156

Transaction and integration expenses

86,559

22,546

39,902

11,797

24,194

149,007

82,105

Provision for impairment

—

22,881

—

168,303

Other expenses

3,297

195

112

12,002

4,774

3,604

15,080

Total Operating Expenses

$1,438,813

$1,281,453

$1,211,887

$1,291,540

$1,262,928

$3,932,153

$3,791,564

Operating Income

$138,421

$211,697

$195,750

$144,322

$168,286

$545,868

$327,542

Equity in earnings / (loss) of unconsolidated entities

(16,944)

(12,062)

(7,640)

(36,201)

(26,486)

(36,646)

(83,936)

Gain / (loss) on sale of investments

19,780

931,830

1,111

144,885

(556)

952,721

450,940

Interest and other income / (expense), net

47,735

37,747

32,773

44,517

37,756

118,255

109,726

Interest (expense)

(113,584)

(109,383)

(98,464)

(104,742)

(123,803)

(321,431)

(348,095)

Income tax benefit / (expense)

(11,695)

(12,883)

(17,135)

(4,928)

(12,427)

(41,713)

(49,832)

Loss on debt extinguishment and modifications

—

(2,165)

(2,636)

—

(3,706)

Net Income

$63,713

$1,046,946

$106,395

$185,688

$40,134

$1,217,054

$402,639

Net (income) / loss attributable to noncontrolling interests

4,099

(14,790)

3,579

3,881

11,059

(7,112)

10,282

Net Income Attributable to Digital Realty Trust, Inc.

$67,812

$1,032,156

$109,974

$189,569

$51,193

$1,209,942

$412,921

Preferred stock dividends

(10,181)

(30,543)

(30,544)

Net Income / (Loss) Available to Common Stockholders

$57,631

$1,021,975

$99,793

$179,388

$41,012

$1,179,399

$382,377

Weighted-average shares outstanding - basic

341,370

337,589

336,683

333,376

327,977

338,565

319,965

Weighted-average shares outstanding - diluted

349,234

345,734

344,721

340,690

336,249

346,631

328,641

Weighted-average fully diluted shares and units

355,165

351,691

350,632

346,756

342,374

352,571

334,830

Net income / (loss) per share - basic

$0.17

$3.03

$0.30

$0.54

$0.13

$3.48

$1.20

Net income / (loss) per share - diluted

$0.15

$2.94

$0.27

$0.51

$0.09

$3.35

$1.10

Funds From Operations and Core Funds From Operations

Third Quarter 2025

Unaudited and in Thousands, Except Per Share Data

Three Months Ended

Nine Months Ended

Reconciliation of Net Income to Funds From Operations (FFO)

30-Sep-25

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Sep-25

30-Sep-24

Net Income / (Loss) Available to Common Stockholders

$57,631

$1,021,975

$99,793

$179,388

$41,012

$1,179,399

$382,377

Adjustments:

Noncontrolling interest in operating partnership

2,000

21,000

3,000

4,000

1,000

26,000

8,700

Real estate related depreciation and amortization (1)

487,182

451,050

432,652

445,462

449,086

1,370,884

1,284,597

Reconciling items related to noncontrolling interests

(22,888)

(21,038)

(19,480)

(19,531)

(19,746)

(63,406)

(45,081)

Unconsolidated entities real estate related depreciation and amortization

65,922

59,172

55,861

49,463

48,474

180,955

143,468

(Gain) / loss on real estate transactions

(19,780)

(931,830)

(1,111)

(137,047)

556

(952,721)

(459,857)

Provision for impairment

—

22,881

—

168,303

Funds From Operations

$570,067

$600,329

$570,715

$544,616

$520,382

$1,741,111

$1,482,506

Weighted-average shares and units outstanding - basic

347,301

343,546

342,594

339,442

334,103

344,504

326,154

Weighted-average shares and units outstanding - diluted (2) (3)

355,165

351,691

350,632

346,756

342,374

352,571

334,830

Funds From Operations per share - basic

$1.64

$1.75

$1.67

$1.60

$1.56

$5.05

$4.55

Funds From Operations per share - diluted (2) (3)

$1.65

$1.75

$1.67

$1.61

$1.55

$5.07

$4.52

Three Months Ended

Nine Months Ended

Reconciliation of FFO to Core FFO

30-Sep-25

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Sep-25

30-Sep-24

Funds From Operations

$570,067

$600,329

$570,715

$544,616

$520,382

$1,741,111

$1,482,506

Other non-core revenue adjustments (4)

(4,746)

4,228

(1,925)

4,537

(4,583)

(2,443)

(34,876)

Transaction and integration expenses

86,559

22,546

39,902

11,797

24,194

149,007

82,105

Loss on debt extinguishment and modifications

—

2,165

2,636

—

3,706

Severance, equity acceleration and legal expenses (5)

1,794

2,262

2,428

2,346

2,481

6,484

4,156

(Gain) / Loss on FX and derivatives revaluation

252

8,827

(2,064)

7,127

1,513

7,015

67,337

Other non-core expense adjustments (6)

2,075

5,092

(702)

14,229

11,120

6,465

23,443

Core Funds From Operations

$656,001

$643,284

$608,354

$586,816

$557,744

$1,907,639

$1,628,377

Weighted-average shares and units outstanding - diluted (2) (3)

347,700

343,909

343,050

339,982

334,476

344,873

326,545

Core Funds From Operations per share - diluted (2)

$1.89

$1.87

$1.77

$1.73

$1.67

$5.53

$4.99

(1)

Three Months Ended

Nine Months Ended

Real Estate Related Depreciation & Amortization

30-Sep-25

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Sep-25

30-Sep-24

Depreciation and amortization per income statement

$497,002

$461,167

$443,009

$455,355

$459,997

$1,401,178

$1,316,442

Non-real estate depreciation

(9,820)

(10,117)

(10,356)

(9,894)

(10,911)

(30,294)

(31,845)

Real Estate Related Depreciation & Amortization

$487,182

$451,050

$432,652

$445,462

$449,086

$1,370,884

$1,284,597

(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

Nine Months Ended

30-Sep-25

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Sep-25

30-Sep-24

Teraco noncontrolling share of FFO

$17,018

$15,850

$13,286

$14,905

$9,828

$46,154

$32,049

Teraco related minority interest

$17,018

$15,850

$13,286

$14,905

$9,828

$46,154

$32,049

(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 and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interest.

Adjusted Funds From Operations (AFFO)

Third Quarter 2025

Unaudited and in Thousands, Except Per Share Data

Three Months Ended

Nine Months Ended

Reconciliation of Core FFO to AFFO

30-Sep-25

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Sep-25

30-Sep-24

Core FFO available to common stockholders and unitholders

$656,001

$643,284

$608,354

$586,816

$557,744

$1,907,639

$1,628,377

Adjustments:

Non-real estate depreciation

9,820

10,117

10,356

9,894

10,911

30,293

31,845

Amortization of deferred financing costs

6,565

6,451

6,548

5,697

4,853

19,564

15,501

Amortization of debt discount/premium

1,293

1,251

1,125

1,324

1,329

3,669

4,481

Non-cash stock-based compensation expense

18,174

18,026

16,700

13,386

15,026

52,900

42,083

Straight-line rental revenue

(33,351)

(23,698)

(9,692)

(18,242)

(17,581)

(66,741)

(7,271)

Straight-line rental expense

(271)

(475)

(160)

(136)

1,690

(906)

3,583

Above- and below-market rent amortization

(864)

(752)

(706)

(269)

(742)

(2,322)

(3,287)

Deferred tax (benefit) / expense

18,187

(30,714)

(517)

(15,048)

(9,366)

(13,044)

(22,786)

Leasing compensation and internal lease commissions

15,013

14,721

13,405

10,505

10,918

43,139

34,728

Recurring capital expenditures (1)

(77,998)

(62,083)

(35,305)

(130,245)

(67,308)

(175,386)

(175,467)

AFFO available to common stockholders and unitholders (2)

$612,569

$576,127

$610,108

$463,682

$507,474

$1,798,805

$1,551,787

Weighted-average shares and units outstanding - basic

347,301

343,546

342,594

339,442

334,103

344,504

326,154

Weighted-average shares and units outstanding - diluted (3)

347,700

343,909

343,050

339,982

334,476

344,873

326,545

AFFO per share - diluted (3)

$1.76

$1.68

$1.78

$1.36

$1.52

$5.22

$4.75

Dividends per share and common unit

$1.22

$3.66

Diluted AFFO Payout Ratio

69.2 %

72.8 %

68.6 %

89.5 %

80.4 %

70.2 %

77.0 %

Three Months Ended

Nine Months Ended

Share Count Detail

30-Sep-25

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Sep-25

30-Sep-24

Weighted Average Common Stock and Units Outstanding

347,301

343,546

342,594

339,442

334,103

344,504

326,154

Add: Effect of dilutive securities

399

362

456

540

373

369

391

Weighted Avg. Common Stock and Units Outstanding - diluted

347,700

343,909

343,050

339,982

334,476

344,873

326,545

(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.

Consolidated Balance Sheets

Third Quarter 2025

Unaudited and in Thousands, Except Per Share Data

30-Sep-25

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

Assets

Investments in real estate:

Real estate

$30,194,891

$29,836,218

$27,947,964

$27,558,993

$28,808,770

Construction in progress

5,422,338

5,080,701

4,973,266

5,164,334

5,175,054

Land held for future development

66,668

73,665

69,089

38,785

23,392

Investments in Real Estate

$35,683,897

$34,990,583

$32,990,319

$32,762,112

$34,007,216

Accumulated depreciation and amortization

(9,665,380)

(9,341,719)

(8,856,535)

(8,641,331)

(8,777,002)

Net Investments in Properties

$26,018,517

$25,648,865

$24,133,784

$24,120,781

$25,230,214

Investment in unconsolidated entities

3,690,749

3,622,677

2,702,847

2,639,800

2,456,448

Net Investments in Real Estate

$29,709,266

$29,271,542

$26,836,631

$26,760,582

$27,686,662

Operating lease right-of-use assets, net

$1,167,398

$1,180,657

$1,165,924

$1,178,853

$1,228,507

Cash and cash equivalents

3,299,703

3,554,126

2,321,885

3,870,891

2,175,605

Accounts and other receivables, net (1)

1,496,105

1,586,146

1,373,521

1,257,464

1,274,460

Deferred rent, net

710,624

681,375

641,290

642,456

641,778

Goodwill

9,647,754

9,636,513

9,174,165

8,929,431

9,395,233

Customer relationship value, deferred leasing costs and other intangibles, net

2,080,898

2,171,318

2,124,989

2,178,054

2,367,467

Assets held for sale and contribution

116,624

139,993

953,236

—

Other assets

500,262

493,325

488,921

465,885

525,679

Total Assets

$48,728,634

$48,714,995

$45,080,562

$45,283,616

$45,295,392

Liabilities and Equity

Global unsecured revolving credit facilities, net

$1,152,042

$567,699

$1,096,931

$1,611,308

$1,786,921

Unsecured term loans, net

438,933

440,788

404,335

386,903

913,733

Unsecured senior notes, net of discount

15,808,565

16,641,367

14,744,063

13,962,852

13,528,061

Secured and other debt, net of discount

825,894

802,294

770,950

753,314

757,831

Operating lease liabilities

1,285,067

1,298,085

1,281,572

1,294,219

1,343,903

Accounts payable and other accrued liabilities

2,377,726

2,310,882

1,927,611

2,056,215

2,140,764

Deferred tax liabilities

1,151,374

1,137,305

1,109,294

1,084,562

1,223,771

Accrued dividends and distributions

—

418,661

—

Security deposits and prepaid rents

699,528

653,640

559,768

539,802

423,797

Obligations associated with assets held for sale and contribution

283

1,089

7,882

—

Total Liabilities

$23,739,412

$23,853,149

$21,902,406

$22,107,836

$22,118,781

Redeemable noncontrolling interests

1,535,972

1,505,889

1,459,322

1,433,185

1,465,636

Equity

Preferred Stock: $0.01 par value per share, 110,000 shares authorized:

Series J Cumulative Redeemable Preferred Stock (2)

$193,540

Series K Cumulative Redeemable Preferred Stock (3)

203,264

Series L Cumulative Redeemable Preferred Stock (4)

334,886

Common Stock: $0.01 par value per share, 502,000 shares authorized (5)

3,400

3,374

3,338

3,337

3,285

Additional paid-in capital

29,182,332

28,720,826

28,091,661

28,079,738

27,229,143

Dividends in excess of earnings

(6,358,501)

(5,997,607)

(6,604,217)

(6,292,085)

(6,060,642)

Accumulated other comprehensive (loss), net

(533,891)

(543,756)

(926,874)

(1,182,283)

(657,364)

Total Stockholders' Equity

$23,025,030

$22,914,527

$21,295,598

$21,340,397

$21,246,112

Noncontrolling Interests

Noncontrolling interest in operating partnership

$420,280

$431,000

$415,956

$396,099

$427,930

Noncontrolling interest in consolidated entities

7,940

10,430

7,280

6,099

36,933

Total Noncontrolling Interests

$428,220

$441,430

$423,236

$402,198

$464,863

Total Equity

$23,453,250

$23,355,957

$21,718,834

$21,742,595

$21,710,975

Total Liabilities and Equity

$48,728,634

$48,714,995

$45,080,562

$45,283,616

$45,295,392

(1)

Net of allowance for doubtful accounts of $85,274 and $56,353 as of September 30, 2025 and September 30, 2024, 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 September 30, 2025 and September 30, 2024.

(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 September 30, 2025 and September 30, 2024.

(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 September 30, 2025 and September 30, 2024.

(5)

Common Stock: 343,041 and 331,347 shares issued and outstanding as of September 30, 2025 and September 30, 2024, respectively.

Reconciliation of Earnings Before Interest, Taxes, Depreciation &

Amortization and Financial Ratios

Third Quarter 2025

Unaudited and Dollars in Thousands

Three Months Ended

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization

(EBITDA) (1)

30-Sep-25

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

Net Income / (Loss) Available to Common Stockholders

$57,631

$1,021,975

$99,793

$179,388

$41,012

Interest

113,584

109,383

98,464

104,742

123,803

Loss on debt extinguishment and modifications

—

2,165

2,636

Income tax expense (benefit)

11,695

12,883

17,135

4,928

12,427

Depreciation and amortization

497,002

461,167

443,009

455,355

459,997

EBITDA

$679,912

$1,605,408

$658,400

$746,578

$639,875

Unconsolidated JV real estate related depreciation and amortization

65,922

59,172

55,861

49,463

48,474

Unconsolidated JV interest expense and tax expense

44,795

31,243

33,390

32,255

34,951

Severance, equity acceleration and legal expenses

1,794

2,262

2,428

2,346

2,481

Transaction and integration expenses

86,559

22,546

39,902

11,797

24,194

(Gain) / loss on sale of investments

(19,780)

(931,830)

(1,111)

(144,885)

556

Provision for impairment

—

22,881

—

Other non-core adjustments, net (2)

2,523

9,545

(4,316)

24,539

8,642

Noncontrolling interests

(4,099)

14,790

(3,579)

(3,881)

(11,059)

Preferred stock dividends

10,181

Adjusted EBITDA

$867,807

$823,319

$791,156

$751,276

$758,296

(1)

For definitions and discussion of EBITDA and Adjusted EBITDA, see the Definitions section.

(2)

Includes foreign exchange net unrealized gains/losses attributable to remeasurement, deferred rent adjustments related to a customer bankruptcy, write offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses, gain on sale of land option and lease termination fees.

Three Months Ended

Financial Ratios

30-Sep-25

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

Total GAAP interest expense

$113,584

$109,383

$98,464

$104,742

$123,803

Capitalized interest

32,923

29,393

30,095

34,442

28,312

Change in accrued interest and other non-cash amounts

41,265

(92,065)

45,416

(58,137)

43,720

Cash Interest Expense (3)

$187,772

$46,711

$173,975

$81,046

$195,835

Preferred stock dividends

10,181

Total Fixed Charges (4)

$156,687

$148,957

$138,739

$149,364

$162,296

Coverage

Interest coverage ratio (5)

4.9x

5.0x

5.3x

4.5x

4.3x

Cash interest coverage ratio (6)

3.9x

11.2x

4.1x

6.9x

3.4x

Fixed charge coverage ratio (7)

4.6x

4.7x

4.9x

4.2x

4.1x

Cash fixed charge coverage ratio (8)

3.8x

9.9x

3.9x

6.3x

3.3x

Leverage

Debt to total enterprise value (9)(10)

23.0 %

23.2 %

25.4 %

21.4 %

23.5 %

Debt-plus-preferred-stock-to-total-enterprise-value (10)(11)

23.9 %

24.1 %

26.6 %

22.3 %

24.5 %

Pre-tax income to interest expense (12)

1.6x

10.6x

2.1x

2.8x

1.3x

Net Debt-to-Adjusted EBITDA (13)

4.9x

5.1x

4.8x

5.4x

(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, 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 capital 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.

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) (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) :

We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) loss on debt extinguishment and modifications, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration and legal expenses, (vi) gain/loss on FX and derivatives revaluation, and (vii) other non-core expense adjustments. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may calculate Core FFO differently than we do and accordingly, our Core FFO may not be comparable to other REITs' Core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

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, loss on debt extinguishment and modifications, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, (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, and (x) gain on / issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense and tax, (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. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs' EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance.

Net Operating Income (NOI) and Cash NOI :

Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company's rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. Same-Capital Cash NOI represents buildings owned as of December 31, 2023 of the prior year with less than 5% of total rentable square feet under development and 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 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 capital lease obligations, plus Digital Realty's pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital Realty's pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty's pro rata share of unconsolidated entities EBITDA), multiplied by four.

Debt-plus-preferred-to-total enterprise value is total debt plus preferred stock divided by total debt plus the liquidation value of preferred stock and the market value of outstanding Digital Realty Trust, Inc. common stock and Digital Realty Trust, L.P. units, assuming the redemption of Digital Realty Trust, L.P. units for shares of Digital Realty Trust, Inc. common stock.

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest and preferred stock dividends. For the quarter ended September 30, 2025, GAAP interest expense was $114 million, capitalized interest was $33 million and preferred stock dividends were $10 million.

Reconciliation of Net Operating Income (NOI)

Three Months Ended

Nine Months Ended

(in thousands)

30-Sep-25

30-Jun-25

30-Sep-24

30-Sep-25

30-Sep-24

Operating income

$138,421

$211,697

$168,286

$545,868

$327,542

Fee income

(36,398)

(34,427)

(12,907)

(91,468)

(41,572)

Other income

(4,746)

(1,363)

(4,581)

(6,242)

(7,568)

Depreciation and amortization

497,002

461,167

459,997

1,401,178

1,316,442

General and administrative

139,911

133,755

115,120

394,778

349,051

Severance, equity acceleration and legal expenses

1,794

2,262

2,481

6,484

4,156

Transaction and integration expenses

86,559

22,546

24,194

149,007

82,105

Provision for impairment

—

168,303

Other expenses

3,297

195

4,774

3,604

15,080

Net Operating Income

$825,840

$795,832

$757,365

$2,403,209

$2,213,540

Cash Net Operating Income (Cash NOI)

Net Operating Income

$825,840

$795,832

$757,365

$2,403,209

$2,213,540

Straight-line rental revenue

(33,196)

(24,015)

(18,423)

(66,904)

(23,818)

Straight-line rental expense

(297)

(469)

1,683

(742)

4,011

Above- and below-market rent amortization

(864)

(752)

(742)

(2,322)

(3,287)

Cash Net Operating Income

$791,483

$770,596

$739,883

$2,333,241

$2,190,446

Constant Currency CFFO Reconciliation

Three Months Ended

Nine Months Ended

(in thousands, except per share data)

30-Sep-25

30-Sep-24

30-Sep-25

30-Sep-24

Core FFO (1)

$656,001

$557,744

$1,907,639

$1,628,377

Core FFO impact of holding '24 Exchange Rates Constant (2)

(11,062)

—

(17,348)

—

Constant Currency Core FFO

$644,939

$557,744

$1,890,291

$1,628,377

Weighted-average shares and units outstanding - diluted

347,700

334,476

344,873

326,545

Constant Currency CFFO Per Share

$1.85

$1.67

$5.48

$4.99

As reconciled to net income above.

Adjustment calculated by holding currency translation rates for 2025 constant with average currency translation rates that were applicable to the same periods in 2024.

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 space, 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, adjusted FFO, and net income, 2025 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:

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, 2024, 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.

SOURCE Digital Realty Trust