Digital Realty Trust, Inc. (NYSE:DLR) Citi Communications, Media & Entertainment Conference January 5, 2023 1:15 PM ET Company Participants Matthew Mercier - CFO Jordan Sadler - SVP, Public & Private IR Conference Call Participants Michael Rollins - Citigroup Michael Rollins Good morning. And for those of you web-streaming, welcome back to Citi's 2023 Communications Media and Entertainment Conference. For those of you who haven't met, I'm Mike Rollins, and I cover communication services and infrastructure c ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2022 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period From to . Commission file number 001-32336 (Digital Realty Trust, Inc.) 000-54023 (Digital Realty Trust, L.P.) DIGITAL REALTY TRUST, INC. DIGITAL REALTY TR ...

Digital Realty Trust, Inc. (NYSE:DLR) Q3 2022 Earnings Conference Call October 26, 2022 5:00 PM ET Company Participants Jordan Sadler - SVP, Public & Private IR Arthur Stein - CEO & Director Andrew Power - President & CFO Christopher Sharp - CTO Gregory Wright - CIO Corey Dyer - Chief Revenue Officer Conference Call Participants Jonathan Atkin - RBC Capital Markets Frank Louthan - Raymond James & Associates David Barden - Bank of America Merrill Lynch Michael Rollins - Citigroup Michael Elias - Cowen and Co ...

Summary of Digital Realty Trust, Inc. Conference Call Company Overview - **Company**: Digital Realty Trust, Inc. (NYSE: DLR) - **Industry**: Data Center Real Estate Investment Trust (REIT) Key Points and Arguments 1. **Macro Environment**: The current macroeconomic environment is described as "tenuous," with significant volatility in capital markets and inflation concerns impacting investor sentiment [4][8][9]. 2. **Business Resilience**: Despite market volatility, Digital Realty continues to demonstrate resilience, supported by strong secular demand drivers. The company maintains a robust demand pipeline, which is at an all-time high [4][6]. 3. **Leasing Performance**: Although the second quarter did not yield record bookings, the company has a positive outlook on leasing performance, with improvements in renewal spreads and decreasing vacancy rates globally [6][42]. 4. **Stock Performance**: The stock has declined from nearly $180 to around $116, attributed to rising treasury yields and increased cost of capital, which historically correlates with REIT performance [8][9]. 5. **Recent Acquisitions**: Digital Realty's acquisition of Teraco, a leading colocation and connectivity provider in Africa, is noted as a significant investment that is expected to drive growth in the long term, despite being initially dilutive [9][10]. 6. **Energy Supply Issues**: Challenges in Northern Virginia regarding power availability and utility issues have created uncertainty for data center operations, impacting tenant flow-through [11][12]. 7. **Development Constraints**: The company anticipates potential delays in development due to transmission constraints in key markets, particularly in Loudoun County, which may affect future capacity [15][16]. 8. **Inflation Impact**: Inflation is affecting development costs and lease agreements. Digital Realty is working to ensure new leases are tied to CPI to mitigate the impact of rising costs [26][27]. 9. **Pricing Power**: The company asserts it has pricing power in the current inflationary environment, with broad-based ability to pass on costs to customers [28][30]. 10. **Recession Concerns**: While there may be disruptions due to economic conditions, the demand for data centers remains resilient. Historical trends suggest that data center demand can thrive even during recessionary periods [31][34]. 11. **Hyperscaler Competition**: Concerns about hyperscalers potentially undermining the data center business are addressed. Digital Realty emphasizes its diverse customer base and the importance of being cloud-neutral, allowing customers to choose their cloud providers [40][41]. 12. **Renewal Spreads**: Positive renewal spreads have been observed in the last two quarters, indicating a potential shift towards a more favorable business environment [42][45]. Additional Important Insights - **Market Dynamics**: The data center market is characterized by significant demand and limited supply, which may lead to increased pricing power for Digital Realty [19][20]. - **Investment in Infrastructure**: There is an expectation of increased investment in data center infrastructure, particularly in response to current market challenges [21][22]. - **Customer Resilience**: The company has observed that its customers are continuing to drive their businesses, indicating a strong demand for data center services despite economic pressures [33][34]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic positioning, market challenges, and outlook for the future.

Digital Realty Trust, Inc. (NYSE:DLR) Bank of America 2022 Media, Communications & Entertainment Conference September 8, 2022 2:40 PM ET Company Participants Bill Stein - Chief Executive Officer Andy Power - President and Chief Financial Officer Conference Call Participants David Barden - Bank of America David Barden Okay. Well, thank you guys for continuing the comm infrastructure track here. Really appreciate to see you guys here again. Bill Stein, CEO of Digital Realty. Thank you for coming. Andy Power, ...

Acquisition and Investments - The company completed the acquisition of a majority stake in Teraco, valued at approximately $3.5 billion, on August 1, 2022[177]. - The company completed the acquisition of a 55% majority interest in Teraco for $1.7 billion, funded by its global revolving credit facility[243]. - The company’s investment in Ascenty, primarily located in Brazil, represents a significant portion of its equity in earnings of unconsolidated entities[197]. - The company plans to continue acquiring additional assets as part of its growth strategy[174]. - The company operates a joint venture with Mivne Real Estate to develop a multi-tenant data center campus in Israel[181]. Financial Performance - Total operating revenues increased by approximately $46.1 million (4.2%) and $83.1 million (3.8%) in the three and six months ended June 30, 2022, respectively, compared to the same periods in 2021[203]. - Non-stabilized rental and other services revenue increased by $66.6 million (33.0%) in the three months ended June 30, 2022, and by $120.2 million (30.2%) in the six months ended June 30, 2022, compared to the same periods in 2021[206]. - The company reported a decrease in stabilized rental and other services revenue of $24.5 million (2.8%) for the three months and $44.5 million (2.5%) for the six months ended June 30, 2022, primarily due to unfavorable foreign currency translation effects[204][205]. - The company reported a net income available to common stockholders of $116,346 for the six months ended June 30, 2022, down from $499,775 in 2021[275]. - Funds from Operations (FFO) available to common stockholders for the six months ended June 30, 2022, was $917,362, a decrease from $947,053 in the same period of 2021[275]. - Basic FFO per share for the six months ended June 30, 2022, was $3.16, down from $3.28 in the prior year[275]. Debt and Financing - The company issued €750 million of 1.375% Guaranteed Notes due 2032, with net proceeds of approximately $835.3 million[178]. - The company redeemed $450 million of 4.750% Notes due 2025, recording a $51.1 million loss on extinguishment of debt[179]. - The company issued CHF 100 million of 0.600% Guaranteed Notes due 2023 and CHF 150 million of 1.700% Guaranteed Notes due 2027, with net proceeds of approximately $269.2 million[180]. - The company’s total outstanding debt as of June 30, 2022, was $14.4 billion, with 87.6% being fixed-rate debt[262]. - The effective interest rate for fixed-rate debt, including hedged variable rate debt, was 2.19% as of June 30, 2022[262]. - The company’s ratio of debt to total enterprise value was approximately 27% as of June 30, 2022[259]. - The company has approximately $0.8 billion of borrowings available under its global revolving credit facilities as of August 3, 2022[254]. - The company anticipates that near-term single asset acquisitions will comprise a smaller percentage of growth due to market dynamics[252]. Operational Metrics - The consolidated portfolio includes 246 data center buildings with a total of 31,619,051 net rentable square feet and an occupancy rate of 82.8% as of June 30, 2022[184]. - The average remaining lease term for customers was approximately five years as of June 30, 2022[186]. - The total net rentable square feet increased to 31,619,051 as of June 30, 2022, from 30,681,914 as of December 31, 2021[201]. - The geographic concentration of annualized rent shows Northern Virginia at 18.7%, Chicago at 9.1%, and New York at 6.2% as of June 30, 2022[192]. - Rental rates for new leases signed for 0 — 1 MW space averaged $229.02 per rentable square foot, while rates for > 1 MW space averaged $136.60[189]. Expenses and Costs - Total property level expenses rose to $472.6 million in Q2 2022, an increase of $40.8 million (9.5%) from Q2 2021[218]. - Stabilized property operating and maintenance expenses increased by approximately $5.4 million (1.7%) in Q2 2022 compared to Q2 2021, primarily due to a $17.6 million increase in utility consumption[213]. - Non-stabilized property operating and maintenance expenses increased by $32.9 million (46.4%) in Q2 2022 compared to Q2 2021, driven by higher utility consumption in recently completed development sites[214]. - Depreciation and amortization expenses increased by $8.0 million (2.2%) in Q2 2022 compared to Q2 2021, totaling $377.0 million[218]. - Total operating expenses for the first half of 2022 were $1.96 billion, an increase of $149.6 million (8.3%) compared to the first half of 2021[218]. Cash Flow - Net cash provided by operating activities for the six months ended June 30, 2022, was $783,578, a decrease of $66,913 compared to $850,491 for the same period in 2021[266]. - Net cash used in investing activities increased by $869,187, totaling $(1,427,832) for the six months ended June 30, 2022, compared to $(558,645) in the prior year[266]. - Net cash provided by financing activities increased by $908,439, reaching $633,091 for the six months ended June 30, 2022, compared to $(275,348) in 2021[268]. Risk Management and Controls - The company is exposed to foreign currency exchange risks primarily related to the Euro, Japanese yen, British pound sterling, and Singapore dollar, which may impact future costs and cash flows[282]. - The company attempts to mitigate foreign exchange risks by financing investments in local currencies and may use foreign currency forwards or options for hedging[282]. - The company does not use derivatives for trading or speculative purposes, focusing instead on contracts with major financial institutions[280]. - The company recognizes that its disclosure controls may be limited for unconsolidated entities accounted for using the equity method[284][288]. - The company has not made any changes to its internal control over financial reporting that would materially affect its reporting during the most recent fiscal quarter[286][290]. - The company's management evaluated the effectiveness of its disclosure controls and procedures, concluding they were effective at the reasonable assurance level[285][289].

Summary of Digital Realty Trust, Inc. Conference Call Company Overview - **Company**: Digital Realty Trust, Inc. (NYSE: DLR) and Digital Core REIT - **Event**: RBC Global Communications Infrastructure Conference - **Date**: May 25, 2022 - **Participants**: John Stewart (CEO of Digital Core REIT), Matthew Mercier (SVP of Global Finance & Accounting) Key Points Company Profile and Financial Metrics - Digital Core REIT went public on the Singapore Stock Exchange in December 2021 with a portfolio of 10 core assets in North America, including Northern Virginia, Los Angeles, Silicon Valley, and Toronto [4] - Investors prioritize DPU yield and growth, with a focus on cap rates for potential DPU growth from acquisitions [4] Ownership and Investor Base - Digital Realty holds 35% of Digital Core REIT, with 15% held by retail investors and the remainder by institutions, primarily from North America and Singapore [6] Financial Performance and Guidance - Same-store revenue and NOI growth are expected to reflect built-in rental rate escalators and timing factors, with a faster growth anticipated in cash NOI [8] - Same-store guidance for 2022 is projected at negative 2.5% to 3.5%, but adjusted for constant currency, it improves to approximately negative 1% [21] Contract Structures - Approximately two-thirds of contracts are triple-net, with energy costs passed through to customers, insulating the company from rising energy costs [10] Acquisition Strategy - Digital Core REIT has a right of first refusal (ROFR) on assets Digital Realty wants to sell, providing a significant growth runway [12] - The company is focused on acquiring stabilized income-producing assets, primarily avoiding development projects [14] Market Dynamics and Pricing Trends - Demand for data center space remains strong, with over $100 million in signings in seven of the last eight quarters [18] - Pricing power is improving, particularly in Northern Virginia, where prices have increased by approximately 6% on a like-for-like basis [39] - The company has seen good pricing dynamics in Singapore and parts of EMEA due to tightening supply and demand [40] Capital Recycling and M&A Activity - Digital Realty expects to dispose of $500 million to $1 billion in non-core assets this year, with a focus on partnerships with Digital Core REIT [25] - The acquisition of Teraco in South Africa is underway, expected to close in Q3 2022, enhancing Digital Realty's presence in the African market [28] Interest Rate and Cost Management - The majority of Digital Realty's debt is long-term fixed rate, mitigating the impact of rising interest rates [18] - The company has been able to pass through nearly 90% of power costs to customers, insulating it from recent increases [17] Future Outlook - The company is optimistic about improving same-store results due to enhanced pricing power and leasing efforts [23] - There is potential for higher fixed rent bumps in contracts, reflecting current inflation pressures [46] Conclusion - Digital Realty Trust, Inc. is well-positioned in the data center market with a strong focus on yield-oriented investments, strategic acquisitions, and effective cost management, while navigating challenges such as rising interest rates and energy costs. The company anticipates continued growth driven by strong demand and improved pricing dynamics across its portfolio.

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2022 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period From to . Commission file number 001-32336 (Digital Realty Trust, Inc.) 000-54023 (Digital Realty Trust, L.P.) DIGITAL REALTY TRUST, INC. DIGITAL REALTY TRUST, ...

Digital Realty Trust, Inc. (NYSE:DLR) Q1 2022 Earnings Conference Call April 28, 2022 5:30 PM ET Company Participants Jordan Sadler - Senior Vice President of Public & Private Investor Relations Bill Stein - Chief Executive Officer & Director Andy Power - President & Chief Financial Officer Chris Sharp - Chief Technology Officer Corey Dyer - Chief Revenue Officer Greg Wright - Chief Investment Officer Conference Call Participants Jon Atkin - RBC Capital Markets Michael Rollins - Citi Matt Niknam - Deutsche ...

Digital Realty Trust Inc. (NYSE:DLR) Deutsche Bank 30th Annual Media, Internet & Telecom Conference March 15, 2022 8:50 AM ET Company Participants Matt Mercier - SVP, Finance Conference Call Participants Matt Niknam - Deutsche Bank Matt Niknam I'm Matt Niknam, com infrastructure analyst here at Deutsche Bank, and we're very pleased to be joined by Digital Realty's SVP of Finance, Matt Mercier. Matt, welcome. Matt Mercier Thank you. Matt Niknam So maybe to start, Matt is going to give a brief presentation b ...