Digital Realty Trust, Inc. · NYSE:DLR
Digital Realty Trust — Q3 2026 Earnings Presentation
26 slides from Digital Realty Trust's earnings presentation, Oct 29, 2026
Slide 1: 3Q26 Financial Results
3Q26 FINANCIAL RESULTS October 29, 2026 Global. Connected. Sustainable. The meeting place for companies, technologies and data
Slide 2: Executing on Our Three Core Pillars of Growth
Executing on Our Three Core Pillars of Growth Positioned for Long-Term Sustainable Growth Colocation & Connectivity Hyperscale Strategic Private Capital Growing the community that combines Developing large capacity blocks and Supports scalable hyperscale capacity power, proximity, and connectivity i
Slide 3: Offering a Global Data Center Platform
Offering a Global Data Center Platform Capacity in Major Metros to Meet Growing Customer Demand Global Capacity ~3 GW In-Place IT Capacity ~10 GW Future Development IT Capacity ~13 GW Total Data Center IT Capacity Note: As of September 30, 2026. 3Q26 Financial Results 3
Slide 4: Development Capacity
Development Capacity For Growing Digital Transformation, Cloud and AI Workloads 10 GW Future Development Capacity ~1.5 GW Under Construction = >100MWs of Buildable Capacity = >25MWs and <100 MWs of Buildable Capacity = <25MWs of Buildable Capacity >5 GW CAPACITY BLOCKS >100 MW < 100 MW and > 25 MW <
Slide 5: Strategic Private Capital
Strategic Private Capital Scaling Capital Sources to Bolster and Diversify Our Hyperscale Funding Strategy $20B+ $5B+ ~$15B+ Balance Sheet Development JVs + Available Capital Liquidity Closed–End Fund + Perpetual Capital Strategy Perpetual Capital Strategy Inaugural DC Partners NA, LP Closed-End Fun
Slide 6: Extending Double-Digit Growth
Extending Double-Digit Growth Long-Term Core FFO Growth EXECUTING on Core Pillars of Growth ~13% Double-Digit Growth 10% 1 COLO + CONTINUING CONNECTIVITY OUTPERFORMING Same Store Growth 0-1MW + Interconnection 2 HYPERSCALE ADDING Colo + Hyperscale Capacity IMPROVING Pricing and MTM 3 STRATEGIC GROWI
Slide 7: 3Q26 Financial Results
3Q26 Financial Results 3Q26 Financial Results 7
Slide 8: Enabling the Meeting Place
Enabling the Meeting Place Another Record Quarter of 0-1MW + IX Bookings 3Q26 Results On Track to Surpass Initiative $400 155 $357M $339M $320 Double Digital Initiative: New Logos Added 0-1MW+ IX to Reach $400M Annually $249M $152M $240 $204M $186M Bookings from $160 0-1MW + Interconnection $80 24%
Slide 9: Strong Demand Environment
Strong Demand HISTORICAL BOOKINGS ANNUALIZED GAAP BASE RENT Environment $ in millions $2,100 $1,868M • $855M Total Bookings at $1,700 100% Share $1,503M $1,300 • Record Bookings across $972M $1,258M Each Category $900 $1,036M $545M $500 $713M $459M $100 2023 2024 2025 YTD 2026 DLR Share Full Share 3
Slide 10: Record Backlog
Record Backlog BACKLOG ROLL-FORWARD $ in millions COMMENCEMENT TIMING (2) $ in millions Multi-Year Visibility $627M $207M $184M $1,846M $643M $1,846M • Backlog = ~40% of $408M in-place Data Center $1,427M Rent at DLR Share $831M $241M • Record Total Backlog of $665M $2.5B at 100% Share $1,229M $1,22
Slide 11: Robust Pricing Environment
Robust Pricing Environment 3Q26 RENEWAL SPREADS Attractive Renewal 0-1 MW > 1 MW OTHER (1) TOTAL Spreads RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE 4.7% 26.3% 10.1% 11.8% • Reflects Value Realized CASH CASH CASH CASH and Tight Market 6.3% 38.8% 23.7% 17.0% Conditions
Slide 12: Revenue Exposure by Currency
EXPOSURE BY REVENUE (1) Revenue Exposure 56% USD 22% EURO 5% SGD 4% GBP 4% ZAR 2% JPY 2% CHF 1% AUS 1% CAD <1% OTHER by Currency Currency Tailwinds 1% 4% <1% <1% 2% 22% <1% 56% 2% <1% <1% <1% • Local Operations Funded <1% 5% <1% <1% in Local Currencies Act as <1% <1% a Natural Hedge <1% 1% <1% 4% •
Slide 13: Strengthening the Balance Sheet While Funding Growth
Strengthening the Balance Sheet While Funding Growth NET DEBT TO ADJUSTED EBTIDA(1) BBB+ / Baa1 5.2x (0.3x) 4.9x 4.9x (1) Pro Forma Leverage $20B Capital Available to Support Future Development 3Q26 Northern Virginia DC Acq. 3Q26 Reported (Upon Stabilization) (2) As Adjusted Note: 1) Net Debt to Adj
Slide 14: 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 SEPTEMBER 30, 2026 (1)(2) DEBT PROFILE (U.S. $ in billions) $4.0 $2.4 4.6 YEARS 3.4% Unsecured Weighted Avg. Weighted Avg. 92% Maturity (1)(2) Coupon (1) Unsecured Se
Slide 15: 2026 Financial Guidance Update
2026 Financial Guidance Update Improving Core Growth As of February 5, 2026 As of April 23, 2026 As of July 23, 2026 As of October 29, 2026 Better/Worse Total Revenue (excluding promote income) $6,600 – $6,700 $6,650 - $6,750 $6,850 - $6,950 $7,050 - $7,125 (1) Adjusted EBITDA $3,600 – $3,700 $3,650
Slide 16: Consistent Execution on Strategic Vision
Consistent Execution on Strategic Vision Delivering Strong Results, Seeding Future Growth 3Q26 Key Takeaways 1. Raised Guidance on Strong Operating Performance (1) Exceeded Expectations Across Revenue, Adj. EBTIDA and Core FFO, Driving a Higher 2026 Outlook 2. Record Bookings Performance and Strong
Slide 17: Appendix
Appendix 3Q26 Financial Results 17
Slide 18: 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 19: 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 20: Reconciliation of Net Income to FFO
Reconciliation of Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO) Non-GAAP Items (in thousands, except per share and unit data) (unaudited) To Their Closest GAAP Three Months Ended September 30, 2026 September 3
Slide 21: Reconciliation of FFO to Core FFO
Reconciliation of Non-GAAP Items To Their Closest GAAP Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO) Equivalent (in thousands, except per share and unit data) (unaudited) Three Months Ended September 30, 2026 September
Slide 22: Reconciliation to EBITDA and Adjusted EBITDA
Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Digital Realty Trust, Inc. and Subsidiaries 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 23: Reconciliation of Same Capital Cash NOI
Reconciliation of Non-GAAP Items Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Same Capital Cash Net Operating Income (in thousands) To Their Closest GAAP (unaudited) Equivalent Three Months Ended September 30, 2026 September 30, 2025 Rental revenues $ 879,053 $ 827,353 Tenant reimbu
Slide 24: Net Debt / LQA Adjusted EBITDA
Reconciliation of Non-GAAP Items Net Debt/LQA Adjusted EBITDA QE 9/30/26 Pro Forma Adjustment As Adjusted Total debt at balance sheet carrying value $ 19,494,615 To Their Closest GAAP Add: DLR share of unconsolidated joint venture debt 2,131,287 Add: Finance lease obligations, net 265,526 Less: Unre
Slide 25: Total Debt / Total Enterprise Value
Total Debt/Total Enterprise Value QE 9/30/26 Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility (i) Market value of common equity $ 66,971,190 fees) Reconciliation of (ii) Liquidation value of preferred equity 755,000 Total GAAP interest
Slide 26: Thank you
r Thank you FN DIGITAL Lv REALTY.