Digital Realty Trust, Inc. · NYSE:DLR
Digital Realty Trust — Investor Presentation (September 2025)
38 slides from Digital Realty Trust's investor presentation, September 2025
Slide 1: Global. Connected. Sustainable. Investor Presentation September 2025
Global. Connected. Sustainable. INVESTOR PRESENTATION SEPTEMBER 2025 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
A Global Data Center and Connectivity Platform Supporting our Customers’ Critical IT Architecture 5,000+ 229,000+ 50+ 300+ Customers (1) Cross Connects (1) Metros (1) Data Centers (1) EQUITY & ENTERPRISE VALUE TOP PUBLICLY TRADED U.S. REIT $60 Bn $80 Bn 4th 2016 EQUITY MARKET ENTERPRISE LARGEST ADDE
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 June 30, 2025 Customer Value Integrate for our Bolstering Proposition Customers Capital Sources STRONG LEASING Executing Meeting Building new applications Partnering with private
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 ~750 MW Under construction Geographically Diversified (1) 4% 5% 10% North America Europe 52% APAC Latin America 29% Africa Note: As of June 30, 2
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 2,800 MWs 1,100 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 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 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 Enterprises connect to the on-ramps which allow cl
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 AI Training Demand Inference Demand Building core models Training Infer
Slide 15: Global Connectivity Hubs
Global Connectivity Hubs Network Density that Promotes Innovation and Collaboration 29 METROS 229K+ 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 June 30, 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+ 30+ 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 30+ markets across the g
Slide 18: Recent Financial Results
Recent Financial Results Note: Certain data in this section was originally posted to the Company’s website on July 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+ 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 $228Mm U.S. Hyperscale
Slide 20: 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 • $177Mm Bookings at 100% Share $75 $200 • Bookings Well Distributed Across Regions 2021 2022 2023 2024 YTD 2025 0-1MW (Left y-axis) Interconn
Slide 21: Enabling the Meeting Place
Enabling the Meeting Place 0-1MW + Interconnection Driven by Record Exports 2Q25 Results 139 New Logos Added $90Mm Record 2Q Bookings from 0-1MW + IX 66% of total 2Q bookings from 0-1 MW + IX 21
Slide 22: 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 Increased Q/Q 5.0% 20.5% 73.0% 9.9% GAAP GAAP GAAP GAAP • Guid
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 5% – 6% • Shorter term 0-1 MW 25% 2025 Guidance(2) for leases provide near cash rental rate on renewals term opportunities to 20% drive price increases 15% • Evenly staggered,
Slide 24: 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 $228Mm in 2Q25 • 29% of Backlog Expected to Commence in 2H25 $300M $674M $577M $241M $577M $162M (
Slide 25: 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 11.7% 11. Specialized Cloud Provider 3 1.3% presence in 42 different 2. 43 8.2% 12. 113 1.1% locations, on avera
Slide 26: Bolstered, Diversified…and Evolved: U.S. Hyperscale Data Center Fund
Bolstered, Diversified…and Evolved First U.S. Hyperscale Data Center Fund >$3Bn >$900Mm 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 commitment
Slide 27: Better Growth + Balance Sheet
Capital Structure(2) Better Growth + Balance Sheet Floating Rate Debt Robust Liquidity, Below Target Leverage Equity Market Capitalization 7% $60 Bn Net Debt to Adjusted EBITDA(1) Liquidity at the end of 2Q25 >$7 Bn Fixed Rate Debt 93% 7.1X 5.1X Debt Maturity Schedule(3) ($ in billions) 1Q23 2Q23 3Q
Slide 28: 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 29: Appendix
Presenter Name 15/09/22 Appendix
Slide 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: Reconciliation of Non-GAAP Items
Reconciliation of Total Debt/Total Enterprise Value QE 03/31/23 Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge (i) Market value of common equity $ 29,272,861 facility fees) Liquidation value of preferred equity(ii) 755,000 Total GAAP interest
Slide 37: Reconciliation of Non-GAAP Items
Total Debt/Total Enterprise Value QE 06/30/25 Reconciliation of Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge Market value of common equity(i) $ 60,430,449 facility fees) Liquidation value of preferred equity(ii) 755,000 Total GAAP interest e
Slide 38: Thank you
r Thank you FN DIGITAL Lv REALTY.
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