Digital Realty Trust, Inc. · NYSE:DLR
Digital Realty Trust — Investor Presentation (June 2025)
41 slides from Digital Realty Trust's investor presentation, June 2025
Slide 1: Global. Connected. Sustainable. Investor Presentation June 2025
Global. Connected. Sustainable. INVESTOR PRESENTATION JUNE 2025 The meeting place for companies, technologies and data
Slide 2: Digital Realty Overview
r Digital Realty Overview L.
Slide 3: A Global Data Center and Connectivity Platform
A Global Data Center and Connectivity Platform Supporting our Customers’ Critical IT Architecture 5,000+ 228,000+ 50+ 300+ Customers (1) Cross Connects (1) Metros (1) Data Centers (1) EQUITY & ENTERPRISE VALUE TOP PUBLICLY TRADED U.S. REIT $49 Bn $67 Bn 6th 2016 EQUITY MARKET ENTERPRISE LARGEST ADDE
Slide 4: Global Platform Focused on Execution of Strategic Priorities
Global Platform Focused on Execution of Strategic Priorities Strengthen our Innovate & Diversifying and As of March 31, 2025 1 Customer Value Proposition 2 Integrate for our Customers 3 Bolstering Capital Sources STRONG LEASING ▪ Executing Meeting ▪ Building new applications ▪ Partnering with source
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 ~2.8 GW Total In-Place IT Capacity ~800 MW Under construction Geographically Diversified (1) 4% 5% 10% North America Europe 53% APAC 28% Latin America Africa Note: As of March 31,
Slide 6: Land Bank Available to Double IT Capacity
Land Bank Available to Double IT Capacity >4 GW Future Development Capacity = >100MWs of Buildable IT Capacity = >50MWs of Buildable IT Capacity = <25MWs of Buildable IT Capacity AMERICAS EMEA APAC TOTAL Existing Capacity 1,700 MWs 800 MWs 300 MWs 2,800 MWs Buildable Capacity 2,600 MWs 1,300 MWs 400
Slide 7: Digital Realty's Competitive Advantage & Execution Strategy
Digital Realty’s Competitive Advantage & Execution Strategy ServiceFabric® Customer Relationships Connected Campus Approach Global Platform Connectivity Long-standing, deep and trusted partner Connected campus approach allows for Embedded internal expertise as the world’s Allows customers connectivi
Slide 8: Leading Data Center Partner for Sustainability
Leading Data Center Partner for Sustainability Building, Powering, and Operating Better, 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
Slide 9: Strong Secular Trends
Strong Secular Trends Artificial Intelligence Driving Next-Generation Demand 9
Slide 10: Multiple Secular Demand Drivers
Multiple Secular Demand Drivers Global Demand Across the Product Spectrum Artificial Intelligence Cloud Enterprise Digital Transformation Initial Scale Demand for Training, Hybrid IT – Combination of Scale & Connectivity Characteristics followed by Lower-Latency Demand Growing Globally Privately Man
Slide 11: Global Data Center Demand
Global Data Center Demand Cloud Transformation Fundamentals Remain Robust, While AI Has Accelerated Global Demand BOTH AI AND NON-AI WORKLOADS ESTIMATED GLOBAL DATA CENTER CAPACTY DEMAND (1) GLOBAL CAPACITY DEMAND in GW 250 3.5x 2025 – 2030 200 64 150 56 50 100 45 40 156 38 124 50 102 83 62 44 0 202
Slide 12: The PlatformDIGITAL Competitive Advantage
The PlatformDIGITAL® Competitive Advantage PlatformDIGITAL® Seeks to Generate Greater Customer Demand, Driving Significant Returns via a Differentiated Product Offering Hyperscale Enterprise / Colo Data Centers Data Centers Hyperscalers deploy cloud NECTIVITY Enterprises can connect to the CON on-ra
Slide 13: AI Platform Readiness
AI Platform Readiness As power-dense workloads grow, Digital Realty’s modular designs can accommodate advanced cooling solutions (1) Average Rack Density Increase and % of Racks above 30 kW Cooling Technology by Threshold of Rack Densities Enterprise & Enterprise & Colocation + AI / HPC / Hyperscale
Slide 14: 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 Training Demand Inference Demand Training Demand NO Building core model
Slide 15: Global Connectivity Hubs
Global Connectivity Hubs Network Density that Promotes Innovation and Collaboration 29 METROS 228K+ CROSS-CONNECTS Globally Where Our GLOBALLY Internet Gateways Are Located 55+ 4,100+ ASSETS NETWORK INSTANCES With Over 1,000 GLOBALLY Cross-Connects Each Note: As of March 31, 2025. 15
Slide 16: The ServiceFabric Differentiating Factor
The ServiceFabric® Differentiating Factor ServiceFabric® Seeks to Allow the Customer to Establish Numerous, Seamless Virtual Private Connections BUILDING SERVICEFABRIC® CONNECTIONS SERVICEFABRIC® AT A GLANCE 160+ 500+ 38 Digital Realty Facilities 3rd Party Enabled Metros Globally Connected Globally
Slide 17: Private Interconnections Enable Enterprise AI Applications
Private Interconnections Enable Enterprise AI Applications Private AI Exchange (AIPx) Powered by ServiceFabric® helps enterprises alleviate data gravity barriers FUTURE-PROOFED ORCHESTRATION HD Colo accelerates 150 kW/rack ServiceFabric® enables intelligent AI deployments in 34 markets across the gl
Slide 18: Recent Financial Results
Recent Financial Results Note: Certain data in this section was originally posted to the Company’s website on April 24, 2025 and has not been updated to reflect changes occurring after that date. 18
Slide 19: Executing on Key Strategic Priorities
Executing on Key Strategic Priorities Positioned for Long-Term Sustainable Growth 5,000+ 228,000+ Diversify and Customers Cross Connects Strengthen Our Innovate & Integrate 1 2 3 Bolster Capital Customer Value for Our Customers 50+ Sources 300+ Proposition Metros Data Centers Digital Realty and Anno
Slide 20: Demonstrating Continued Momentum
HISTORICAL TOTAL BOOKINGS ANNUALIZED GAAP BASE RENT Demonstrating $ in millions Continued Momentum $300 $800 $225 $600 • Record Pricing $244 / kW $400 • 2nd Highest 0-1MW + IX $150 Quarter Signings $75 $200 • Largest Single Lease Signing 2021 2022 2023 2024 YTD 2025 0-1MW (Left y-axis) Interconnecti
Slide 21: Enabling the Meeting Place
Enabling the Meeting Place Strong 0-1MW + IX 1Q25 Results 119 New Logos Added $69M 1Q Bookings from 0-1MW + Interconnection 28% of total 1Q bookings from 0-1 MW + Interconnection 21
Slide 22: Strong Pricing Environment
Strong Pricing Environment 1Q25 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 3.8% 4.6% 24.1% 5.6% • Renewals Heavily CASH CASH CASH CASH Weighted toward the 4.1% 11.2% 38.4% 7.1% 0-1 MW Category GAAP
Slide 23: 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 4% – 6% • Shorter term 0-1 MW 25% 2025 Guidance(2) for leases provide near cash rental rate on 20% renewals term opportunities to drive price increases 15% • Evenly staggered,
Slide 24: Record Backlog
Record Backlog BACKLOG ROLL-FORWARD (1) $ in millions COMMENCEMENT TIMING (3) $ in millions Enhanced Visibility of Future Growth $242M $119M $101M $919M $113M $919M $797M $85M $438M $110M • Record Backlog of $919M $283M • >40% Increase in 2026 $368M Backlog $696M $679M $679M $286M (2) 4Q24 Backlog S
Slide 25: High-Quality, Diversified Customer Base
High-Quality, TOP 20 CUSTOMERS Diversified Customer Rank Locations % of Customer Rank Locations % of Customer Base ARR (1) ARR (1) • Top customers have a 1. Fortune 50 Software Company 73 11.7% 11. Specialized Cloud Provider 3 1.4% presence in 42 different 2. 43 6.6% 12. Fortune 25 Tech 54 1.3% Comp
Slide 26: Bolstered, Diversified…and Evolved
Bolstered, Diversified…and Evolved Significant Progress on First U.S. Hyperscale Data Center Fund + Received subscriptions to date of over $2Bn from LPs of the targeted ~$2.5Bn equity commitments Fund + In May 2025, Digital Realty contributed initial assets and received over $900MM of gross proceeds
Slide 27: Better Growth + Balance Sheet
Capital Structure(2) Better Growth + Balance Sheet Floating Rate Debt 7% Robust Liquidity, Below Target Leverage Equity Market Capitalization $49 Bn Net Debt to Adjusted EBITDA(1) Liquidity at the end of 1Q25 Fixed Rate Debt 7.1X >$5 Bn 93% 5.1X Debt Maturity Schedule(3) ($ in billions) 1Q23 2Q23 3Q
Slide 28: Positioned for Accelerating Growth
Positioned for Accelerating Growth Core FFO Growth Ramping in 2025 and Beyond 5.8%(1) Mid Single-Digit Growth Executing on Key Strategic Priorities 1.8% GROWTH 0-1MW + IX Category UNLOCKED Development Pipeline IMPROVING Pricing and MTM 2024 2025 2026+ Note: All projections based on management’s curr
Slide 29: 2025 Financial Guidance Update
2025 Financial Guidance Update Improving Core Growth As of February 13, 2025 As of April 24, 2025 Better/Worse Total Revenue $5,800 – $5,900 $5,825 - $5,925 (1) Adjusted EBITDA $3,100 – $3,200 $3,125 - $3,225 Rental Rates on Renewals Leases (Cash) 4.0% – 6.0% 4.0% - 6.0% Year-End Portfolio Occupancy
Slide 30: Appendix
▪ Presenter Name ▪ 15/09/22 Appendix
Slide 31: 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 32: 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 33: Reconciliation of Non-GAAP Items
Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 33
Slide 34: Reconciliation of FFO to Core FFO
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 March 31, 2025 March 31, 2024
Slide 35: Reconciliation of FFO to Core FFO
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 36: Reconciliation of Net Income to FFO
Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO) (in thousands, except per share and unit data) (unaudited) Non-GAAP Items Three Months Ended March 31, 2025 March 31, 2024 To Their Closest GAAP
Slide 37: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
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 38: Reconciliation of Same Capital Cash NOI
Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Reconciliation of Same Capital Cash Net Operating Income (in thousands) (unaudited) Non-GAAP Items Three Months Ended To Their Closest GAAP Rental revenues $ March 31, 2025 719,355 $ March 31, 2024 689,987 Equivalent Tenant reimbursements
Slide 39: Reconciliation of Total Debt/Total Enterprise Value 2023
Total Debt/Total Enterprise Value QE 03/31/23 Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge Market value of common equity (i) $ 29,272,861 facility fees) Reconciliation of Liquidation value of preferred equity (ii) Total debt at balance sheet
Slide 40: Reconciliation of Total Debt/Total Enterprise Value 2025
Reconciliation of Total Debt/Total Enterprise Value Market value of common equity(i) $ 49,161,653 fees) QE 03/31/25 Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility Non-GAAP Items Liquidation value of preferred equity(ii) 755,000 Total
Slide 41: Thank you
r Thank you FN DIGITAL Lv REALTY.
Digital Realty Trust — Investor Presentation (June 2025) on 6ix