Digital Realty Trust, Inc. · NYSE:DLR
Digital Realty Trust — Q2 2025 Earnings Presentation
24 slides from Digital Realty Trust's earnings presentation, Jul 24, 2025
Slide 1: 2Q25 Financial Results
2Q25 FINANCIAL RESULTS July 24, 2025 Global. Connected. Sustainable. The meeting place for companies, technologies and data
Slide 2: Executing on Key Strategic Priorities
Executing on Key Strategic Priorities Positioned for Long-Term Sustainable Growth 5,000+ 229,000+ Diversify and Customers Cross Connects Strengthen Our Innovate & Integrate 1 2 3 Bolster Capital Customer Value for Our Customers 50+ 300+ Proposition Sources Metros Data Centers $228M U.S. Hyperscale D
Slide 3: Offering a Global Data Center Platform
Offering a Global Data Center Platform Capacity in World’s Major Metros to Meet Growing Customer Demand Global Capacity ~2,850 MW in place IT capacity ~5,000 MW buildable IT capacity(1) 734 MW under construction 16 MW 96 MW new starts in 2Q delivered in 2Q Note: As of June 30, 2025. 2Q25 Financial R
Slide 4: Enabling the Meeting Place
Enabling the Meeting Place 0-1MW + Interconnection Driven by Record Exports 2Q25 Results 139 New Logos Added $90M Record 2Q Bookings from 0-1MW + IX 66% of total 2Q bookings from 0-1 MW + IX 2Q25 Financial Results 4
Slide 5: Bolstered, Diversified…and Evolved
Bolstered, Diversified…and Evolved First U.S. Hyperscale Data Center Fund >$3B >$900M LP Equity Commitments Of Gross Proceeds To Date Realized in 2Q The Fund is oversubscribed and expected to close ahead of schedule, supported by leading global investors. Exceeded target for LP equity commitments
Slide 6: Leading Data Center Partner for Sustainability
Leading Data Center Partner for Sustainability Building, Powering, and Operating More Sustainable Data Centers Renewable Energy Green Buildings Resource Efficiency Green Bonds Leading data center purchaser of More green building certified IT capacity More Energy Star certifications than any Leading
Slide 7: 2Q25 Financial Results
2Q25 Financial Results 2Q25 Financial Results 7
Slide 8: Strong Demand Environment
HISTORICAL BOOKINGS AT DLR SHARE ANNUALIZED GAAP BASE RENT Strong Demand $ in millions Environment $300 $800 $225 $600 • Record 0-1MW + IX Bookings $150 $400 • $177M Bookings at 100% Share $75 $200 • Bookings Well Distributed Across Regions 2021 2022 2023 2024 YTD 2025 0-1MW (Left y-axis) Interconne
Slide 9: Multi-Year Backlog Enhances Visibility
Multi-Year Backlog BACKLOG ROLL-FORWARD (1) $ in millions COMMENCEMENT TIMING (3) $ in millions Enhances Visibility $135M $228M $919M $109M $206M $826M $124M $826M • Record Commencements $114M $461M of $228M • 29% of Backlog Expected to Commence in 2H25 $300M $674M $577M $241M $577M $162M (2) 1Q25 B
Slide 10: Robust Pricing Environment
Robust Pricing Environment 2Q25 RENEWAL SPREADS Healthy Renewal 0-1 MW > 1 MW OTHER (1) TOTAL Spreads RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE 4.2% 14.0% 40.9% 7.3% • Renewal Spreads CASH CASH CASH CASH Increase Q/Q 5.0% 20.5% 73.0% 9.9% GAAP GAAP GAAP GAAP • Guida
Slide 11: Revenue Exposure by Currency
EXPOSURE BY REVENUE (1) Revenue Exposure 51% USD 24% EURO 5% GBP 5% SGD 4% ZAR 3% JPY 2% BRL 2% CHF 1% CAD <1% OTHER by Currency Currency Tailwinds 1% 5% <1% <1% 2% 24% <1% 51% 3% <1% <1% • Local Operations Funded <1% 5% <1% in Local Currencies Act as 2% a Natural Hedge <1% <1% 4% • 3 cents per shar
Slide 12: 2025 Quarterly Cadence
2025 Quarterly 2025E CORE FFO PER SHARE Cadence Strong Underlying Momentum • 2Q Fee Upside Tied to Record Commencements • Seasonally Higher OpEx in 2H25 • July Refi Drives Interest Expense Increase 1Q25 2Q25 Fee Operating Interest 3Q25 4Q25 Income Expense Expense Note: Based on management estimates;
Slide 13: Matching the Duration of Assets and Liabilities
Matching the Duration of Assets and Liabilities Modest Near-Term Maturities, Well-Laddered Debt Schedule DEBT MATURITY SCHEDULE AS OF JUNE 30, 2025 (1)(2) DEBT PROFILE (U.S. $ in billions) 4.6 YEARS 2.7% Weighted Avg. Weighted Avg. Unsecured Maturity (1)(2) Coupon (1) 96% Unsecured Secured $3.1 $3.1
Slide 14: 2025 Financial Guidance Update
2025 Financial Guidance Update Improving Core Growth As of Feb. 13, 2025 As of April 24, 2025 As of July 24, 2025 Better/Worse Total Revenue $5,800 – $5,900 $5,825 - $5,925 $5,925 - $6,025 (1) Adjusted EBITDA $3,100 – $3,200 $3,125 - $3,225 $3,200 - $3,300 Rental Rates on Renewal Leases (Cash) 4.0%
Slide 15: Consistent Execution on Strategic Vision
Consistent Execution on Strategic Vision Delivering Current Results, Seeding Future Growth Strengthening Innovating Diversifying Customer and and Bolstering Value Integrating Capital Proposition Sources Successful 2Q25 Initiatives • Record $90M 0-1MW + IX Bookings • Acquired Land in 3 Key US Metros
Slide 16: Appendix
Appendix 2Q25 Financial Results 16
Slide 17: Management Statements on Non-GAAP Measures
Appendix Management Statements on Non-GAAP Measures The information included in this presentation contains certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures
Slide 18: Forward-Looking Statements
Appendix Forward-Looking Statements This information in this presentation 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 an
Slide 19: Reconciliation of Non-GAAP Items
Reconciliation of Non-GAAP Items Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO) (in thousands, except per share and unit data) (unaudited) To Their Closest GAAP Three Months Ended Equivalent June 30, 2025 June
Slide 20: Reconciliation of Non-GAAP Items
Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO) (in thousands, except per share and unit data) (unaudited) Three Months Ended June 30, 2025 June 30, 2024 F
Slide 21: Reconciliation of Non-GAAP Items
Reconciliation of Non-GAAP Items To Their Closest GAAP Digital Realty Trust, Inc. and Subsidiaries Equivalent Reconciliation of Net Income Available to Common Stockholders to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA (in thousands) (unaudited) Three
Slide 22: Reconciliation of Non-GAAP Items
Reconciliation of Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Same Capital Cash Net Operating Income Non-GAAP Items (in thousands) (unaudited) To Their Closest GAAP Three Months Ended June 30, 2025 June 30, 2024 Equivalent Rental revenues Tenant reimbursements - Utilities $ 729,369
Slide 23: Reconciliation of Non-GAAP Items
Reconciliation of Total Debt/Total Enterprise Value QE 06/30/25 Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge Non-GAAP Items Market value of common equity(i) $ 60,430,449 facility fees) Liquidation value of preferred equity(ii) 755,000 Total
Slide 24: Thank you
r Thank you FN DIGITAL Lv REALTY.