Digital Realty Trust, Inc. (NYSE:DLR) Q4 2021 Earnings Conference Call February 17, 2022 5:30 PM ET Company Participants Jim Huseby – Vice President-Investor Relations Bill Stein – Chief Executive Officer Andy Power – President and Chief Financial Officer Greg Wright – Chief Investment Officer Chris Sharp – Chief Technology Officer Corey Dyer – Chief Revenue Officer Conference Call Participants Jon Atkin – RBC Capital Markets Michael Rollins – Citi Eric Luebchow – Wells Fargo Simon Flannery – Morgan Stanley ...

Call Start: 12:30 January 1, 0000 1:00 PM ET Digital Realty Trust, Inc. (NYSE:DLR) Jefferies Real Estate Conference December 16, 2021 12:30 PM ET Company Participants Andy Power - Chief Executive Officer Conference Call Participants Jonathan Petersen - Jefferies Jonathan Petersen Hey, everybody, good afternoon. Good morning to Andy over there in San Francisco. We're really glad to have Andy Power from Digital Reality here with us today. He's the President and Chief Financial Officer of DLR. First off, And ...

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, 2021 ☐ 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 ...

Portfolio and Occupancy - As of June 30, 2021, the consolidated portfolio was 84.7% leased, down from 86.3% as of December 31, 2020[165] - The average remaining lease term was approximately five years as of June 30, 2021[168] - The total portfolio consists of 291 data center buildings with a net rentable square footage of 35,812,908[166] - The occupancy rate for North America was 86.1%, Europe 76.5%, Asia Pacific 84.0%, and Africa 47.9% as of June 30, 2021[166] - The company has approximately 5.0 million square feet of available space in its portfolio, with 6.5% and 13.0% of net rentable square footage scheduled to expire during the six months ending December 31, 2021, and the year ending December 31, 2022, respectively[183] Revenue and Growth - Total operating revenues increased by approximately $100.2 million (10.1%) and $367.2 million (20.2%) for the three and six months ended June 30, 2021, respectively, compared to the same periods in 2020, primarily driven by growth in non-stabilized rental and other services revenue[187] - Non-stabilized rental and other services revenue increased by $94.1 million (24.4%) and $345.8 million (56.6%) for the three and six months ended June 30, 2021, respectively, largely due to the Interxion Combination[187] - Stabilized rental and other services revenue increased by $7.6 million (1.3%) and $23.8 million (2.0%) for the three and six months ended June 30, 2021, respectively, due to new leasing and renewals[187] - The company expects to achieve sustainable long-term growth in earnings and funds from operations per share and unit[159] - The company anticipates significant internal growth through the development of existing space and acquisition of new properties[160] Expenses and Operating Costs - Property level operating expenses increased by approximately $15.1 million (8.1%) and $42.1 million (11.4%) for the three and six months ended June 30, 2021, respectively, primarily related to higher utility consumption[190] - Total property level expenses increased by $50.6 million (13.3%) and $153.5 million (22.2%) for the three and six months ended June 30, 2021, respectively[191] - Total operating expenses for the six months ended June 30, 2021, were $1.805 billion, reflecting a 15.5% increase from $1.563 billion in the same period of 2020[193] - Total other operating expenses for the six months ended June 30, 2021, were $959.436 million, a 10.2% increase from $871.006 million in the same period of 2020[193] Capital Expenditures and Financing - The company expects to incur approximately $1.1 billion to $1.4 billion in capital expenditures for development programs during the six months ending December 31, 2021[215] - The company had open commitments related to construction contracts of approximately $1.5 billion as of June 30, 2021[214] - Total capital expenditures for the six months ended June 30, 2021, increased by approximately $217.5 million to $1,024.6 million, compared to $807.1 million for the same period in 2020[220] - Development projects accounted for approximately $945.9 million of capital expenditures, reflecting a 29% increase from the same period in 2020, primarily due to development activity at properties acquired in the Interxion Combination[222] - The company may require additional capital to finance its development activities, which may not be available on acceptable terms[182] Debt and Interest Rates - As of June 30, 2021, the company had approximately $14.0 billion of outstanding consolidated long-term debt, with a debt to total enterprise value ratio of approximately 24%[232] - The effective interest rate for fixed-rate debt, including hedged variable rate debt, was 2.40% as of June 30, 2021[232] - Approximately 90.1% of the company's total debt was fixed rate, while 9.9% was variable rate as of June 30, 2021[232] - The company utilized interest rate swap agreements to manage exposure to interest rate movements, with total fixed rate debt (including swaps) amounting to $12,649.7 million[254] Cash Flow and Investments - Net cash provided by operating activities increased to $849,922 thousand for the six months ended June 30, 2021, up from $712,370 thousand in the same period of 2020, representing a change of $137,552 thousand[238] - Net cash used in investing activities decreased by $120,170 thousand, primarily due to an increase in cash provided by proceeds from the sale of 11 data centers in Europe in March 2021[240] - Net cash used in financing activities increased by $680,176 thousand, attributed to a decrease in cash provided by proceeds from secured/unsecured debt and an increase in cash used for redemption of preferred stock and dividend payments[243] Income and Performance Metrics - Funds from Operations (FFO) available to common stockholders increased to $514,693 thousand for the three months ended June 30, 2021, compared to $414,533 thousand for the same period in 2020[250] - Basic FFO per share for the three months ended June 30, 2021, was $1.78, up from $1.50 in the same period of 2020[250] - Net income available to common stockholders for the three months ended June 30, 2021, was $127.4 million, compared to $53.7 million for the same period in 2020, representing a 137% increase[250] Foreign Operations and Currency Risk - Operating revenues from properties outside the United States for the six months ended June 30, 2021, were $806.3 million, representing 36.9% of total operating revenues, up from 29.6% in the same period of 2020[258] - The company had a net investment in properties outside the United States of $9.4 billion as of June 30, 2021, compared to $9.3 billion as of December 31, 2020[258] - The company is subject to foreign currency exchange risk, with primary exposures to the British pound, Euro, and Singapore dollar, impacting future costs and cash flows[256]

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, 2021 ☐ 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 TRU ...

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, 2020 ☐ 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 ...

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 June 30, 2020 ☐ 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 TRUS ...

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, 2020 ☐ 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 TRU ...

Table of Contents Index to Financial Statements UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2019 ☐ 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, I ...

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, 2019 ☐ 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 ...