Digital Realty Trust, Inc. · NYSE:DLR
Digital Realty Trust — Investor Presentation (March 2026)
35 slides from Digital Realty Trust's investor presentation, March 2026
Slide 1: Global. Connected. Sustainable.
Global. Connected. Sustainable. INVESTOR PRESENTATION March 2026 The meeting place for companies, technologies and data
Slide 2: Digital Realty Overview
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Slide 3: A Global Data Center and Connectivity Platform Supporting our Customers' Critical IT Architecture
A Global Data Center and Connectivity Platform Supporting our Customers’ Critical IT Architecture 5,500+ 232,500 55+ 300+ Customers (1) Cross Connects (1) Metros (1) Data Centers (1) EQUITY & ENTERPRISE VALUE TOP PUBLICLY TRADED U.S. REIT $54 Bn $73 Bn 5th 2016 EQUITY MARKET ENTERPRISE LARGEST ADDED
Slide 4: Global Platform Focused on Execution of Strategic Priorities
Global Platform Focused on Execution of Strategic Priorities 1 2 3 Strengthen our Innovate & Diversifying and As of December 31, 2025 Customer Value Integrate for our Bolstering Proposition Customers Capital Sources STRONG LEASING at 100% share Executing Meeting Building new applications Partn
Slide 5: 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 ~8 GW Total IT Capacity ~3 GW In-Place IT Capacity ~5 GW Future Development Capacity Geographically Diversified (1) 5% 5% 10% North America Europe 52% APAC Latin America 29% Africa
Slide 6: Development Capacity
Development Capacity For Growing Cloud and AI Workloads ~5 GW Future Development Capacity = >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 < 25 MW 12% Capacity Future Development 53% 35% Note
Slide 7: Digital Realty's Competitive Advantage
Digital Realty’s Competitive Advantage Scale, Connectivity, and Execution ServiceFabric® Global Platform Connectivity Customer Relationships Embedded internal expertise as the Allows customers connectivity to Long-standing, deep and trusted world’s largest data center owner, cloud on-ramps, service
Slide 8: Strong Secular Trends
Strong Secular Trends Artificial Intelligence Driving Next-Generation Demand 8
Slide 9: Multiple Secular Demand Drivers
Multiple Secular Demand Drivers Global Demand Across the Product Spectrum Enterprise Digital Cloud Enterprise Artificial Digital Intelligence Transformation Transformation Hybrid IT – Combination of Initial Scale Demand for Training, Scale & Connectivity Characteristics Privately Managed IT plus Gro
Slide 10: Global Data Center Demand
Global Data Center Demand Inference Becoming the Dominant AI Workload by 2027 Growing Data Center Demand 2.7x growth by 2030 26% 42% 2025 2030 in GW AI Inference AI Inference 219 2027: AI Inference overtakes AI Training 181 4.4x Both AI and non-AI workloads will be key drivers of 93 153 2025-2030
Slide 11: The PlatformDIGITAL Competitive Advantage
The PlatformDIGITAL® Competitive Advantage Delivering Scale, Connectivity, and Flexibility Hyperscale Enterprise / Colo Data Centers Data Centers Hyperscalers deploy cloud on-ramps Shared Data Sets Enterprises connect to the which allow enterprises, connectivity cloud and other enterprises providers
Slide 12: AI Platform Readiness
AI Platform Readiness As power-dense workloads increase, Digital Realty’s modular designs support advanced cooling solutions (1) Increase in Average Rack Density Cooling Technology by Threshold of Rack Densities Average rack density has Enterprise & Enterprise & AI / HPC / Hyperscaler risen sharpl
Slide 13: AI Continues To Accelerate and Evolve
AI ContinuesTo Accelerate and Evolve AI Impacts How We Engage with Customers, Build our Data Centers, and Develop Our Product Offerings 1 Time to Market & Capacity are Key 2 Location Agnostic, for Now 3 Strong and Growing Demand AI Training Demand Inference Demand Building core models Training Infer
Slide 14: Global Connectivity
Global Connectivity Network Density that Promotes Innovation and Collaboration The ServiceFabric® Differentiating Factor Interconnection Hubs 179+ Digital Realty Facilities Metro Connected Globally 310+ On Ramps Available Globally 30+ METROS 232K+ CROSS-CONNECTS Where Our Internet 530+ Gateways Are
Slide 15: Digital Realty Innovation Lab (DRIL)
Digital Realty Innovation Lab (DRIL) State-of-the-art testing and demonstration platform for customers and partners to validate next-gen, AI- ready infrastructure on PlatformDIGITAL®. Built to accelerate innovation, the DRIL supports proof of concept evaluations, hybrid cloud design, AI benchmarking
Slide 16: Recent Financial Results
Recent Financial Results Note: Certain data in this section was originally posted to the Company’s website on February 5, 2026 and has not been updated to reflect changes occurring after that date. 16
Slide 17: Strong Execution Throughout 2025
Strong Execution Throughout 2025 Positioned for Long-Term Sustainable Growth 4Q25 Highlights FY 2025 Highlights 5,500+ 232,500 $400M $1.2Bn Customers Cross Connects 55+ 300+ Total Bookings at Total Bookings at Metros Data Centers 100% share 100% share Coverage Deploy Where You Capacity Host What You
Slide 18: Strong Demand Environment
HISTORICAL BOOKINGS ANNUALIZED GAAP BASE RENT Strong Demand $ in millions Environment 0-1MW Interconnection Partner Share Total Bookings at DLR Share $1,300 $375 $1,050 $300 • Record $96M Bookings in 0-1MW + IX Category $225 $800 • $400M Total Bookings at $150 $550 100% Share in 4Q $75 $300 $50 2021
Slide 19: Enabling the Meeting Place
Enabling the Meeting Place Record 0-1MW + Interconnection Bookings 4Q25 Results 2025 Full-Year Results 155 569 new logos new logos $96M $339M Record total 4Q bookings from total 2025 bookings from 0-1 MW + Interconnection 0-1 MW + Interconnection 55% 35%+ of total 4Q bookings from Y/Y increase in to
Slide 20: Robust Pricing Environment
Robust Pricing Environment 4Q25 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 4.3% 8.1% 33.8% 6.1% • Healthy >1MW Spreads CASH CASH CASH CASH Drives Upside 4.9% 26.4% 52.0% 12.0% GAAP GAAP GAAP GAA
Slide 21: Lease Expirations Provide Re-Pricing Opportunities
Lease Expirations % of Lease Expirations by Annualized Base Rent (1) Provide Re-Pricing Opportunities 30% >1 MW 0-1 MW Other 6.0% – 8.0% • Shorter term 0-1 MW 25% 2026 Guidance(2) for leases provide near cash rental rate on renewals term opportunities to 20% drive price increases 15% • Evenly stagge
Slide 22: Multi-Year Backlog Enhances Visibility
Multi-Year Backlog BACKLOG ROLL-FORWARD (1) $ in millions COMMENCEMENT TIMING (3) $ in millions Enhances Visibility $175M $209M • Backlog Represents $852M $104M $163M $817M $29M $817M 20% of in-place $152M $19M Annualized Rent $634M $103M • Record Total Backlog of $1.4Bn $602M $543M $543M $421M (2)
Slide 23: High-Quality, Diversified Customer Base
High-Quality, TOP 20 CUSTOMERS Diversified Customer Base Customer Rank Locations % of Customer Rank Locations % of ARR (1) ARR (1) • Top customers have a 1. Fortune 50 Software Company 76 11.8% 11. Fortune Company 25 Tech 57 1.3% presence in 36 different 2. 42 9.0% 12. Specialized Cloud 4 1.3% Provi
Slide 24: Better Growth + Balance Sheet
Capital Structure(2) Better Growth + Balance Sheet Floating Rate Debt Robust Liquidity, Below Target Leverage Equity Market Capitalization 8% $54 Bn Net Debt to Adjusted EBITDA(1) Liquidity ~$7 Bn Fixed Rate Debt 92% 6.2x 4.9x Debt Maturity Schedule(3)(4) ($ in billions) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q2
Slide 25: 2026 Financial Guidance
2026 Financial Guidance Improving Core Growth (1) Actual 2025 Full Year 2026 Total Revenue $6,112 $6,600 – $6,700 (1) Adjusted EBITDA $3,339 $3,600 – $3,700 Rental Rates on Renewals Leases (Cash) 6.7% 6.0% – 8.0% (2) Year-End Portfolio Occupancy 84.7% +50 – 100 bps Same-Capital Cash NOI Growth (1) (
Slide 26: Appendix
Presenter Name 15/09/22 Appendix
Slide 27: 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 28: 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 29: Reconciliation of Non-GAAP Items
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 Twelve Months Ended December 3
Slide 30: 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 Twelve Months Ended December
Slide 31: Reconciliation of Non-GAAP Items
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 32: Reconciliation of Non-GAAP Items
Reconciliation of Non-GAAP Items Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Same Capital Cash Net Operating Income To Their Closest GAAP (in thousands) (unaudited) Equivalent Three Months Ended December 31, 2025 December 31, 2024 Twelve Months Ended December 31, 2025 December 31,
Slide 33: Reconciliation of Non-GAAP Items
Total Debt/Total Enterprise Value QE 12/31/23 Reconciliation of Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge (i) Market value of common equity $ 42,804,053 facility fees) Liquidation value of preferred equity(ii) 755,000 Total GAAP interest
Slide 34: Reconciliation of Non-GAAP Items
Total Debt/Total Enterprise Value QE 12/31/25 Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility Market value of common equity(i) $ 54,109,204 fees) Liquidation value of preferred equity(ii) 755,000 Total GAAP interest expense (including
Slide 35: Thank you
r Thank you FN DIGITAL Lv REALTY.
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