EX-99.1 2 dlr-20260723xex99d1.htm EX-99.1 Table of Contents Exhibit 99.1 ​ ​ ​ Table of Contents ​ Financial Supplement Table of Contents ​ Second Quarter 2026 ​ ​ Overview PAGE ​ ​ Corporate Information 3 ​ ​ Key Quarterly Financial Data 5 ​ ​ Consolidated Statements of Operations ​ ​ ​ Earnings Release 7 ​ ​ 2026 Outlook 10 ​ ​ Consolidated Quarterly Statements of Operations 12 ​ ​ Funds From Operations and Core Funds From Operations 13 ​ ​ Adjusted Funds From Operations 14 ​ ​ Balance Sheet Information ​ ​ ​ Consolidated Balance Sheets 15 ​ ​ Components of Net Asset Value 16 ​ ​ Debt Maturities 17 ​ ​ Internal Growth ​ ​ ​ Same-Capital Operating Trend Summary 18 ​ ​ Summary of Leasing Activity   - Signed and Renewed 19 ​ ​ Lease Expirations   - By Si z e 20 ​ ​ Top 20 Customers by Annualized Rent 21 ​ ​ Occupancy Analysis 22 ​ ​ External Growth ​ ​ ​ Development Lifecycle 23 ​ ​ Historical Capital Expenditures and Investments in Real Estate 24 ​ ​ Acquisitions / Dispositions / Joint Ventures 25 ​ ​ Unconsolidated Entities 26 ​ ​ Additional Information ​ ​ ​ Reconciliation of Earnings Before Interest, Taxes, Depreciation   & Amortization and Financial Ratios 27 ​ ​ Management Statements on Non-GAAP Measures 28 ​ ​ Forward-Looking Statements 30 ​ ​ ​ ​ Table of Contents ​ Financial Supplement Corporate Information ​ Second Quarter 2026 ​ Corporate Profile Digital Realty Trust, Inc. (“Digital Realty” or the “company”) owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. (the “operating partnership”). The company is focused on providing data center, colocation, and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of June 30, 2026, the company’s 310 data centers, including 89 data centers held as investments in unconsolidated entities, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty’s portfolio is comprised of approximately 3.1 gigawatts of IT capacity, as well as approximately 8.5 gigawatts of buildable IT capacity under active development and held for future development, located throughout North America, Europe, South America, Asia, Australia, and Africa. For additional information, please visit the company’s website at digitalrealty.com . ​ ​ ​ Corporate Headquarters 601 W 2nd St., 32 nd Floor Austin, TX (737) 281-0101 digitalrealty.com Senior Management President & Chief Executive Officer: Andrew P. Power Chief Financial Officer: Matthew R. Mercier Chief Investment Officer: Gregory S. Wright Chief Technology Officer: Christopher L. Sharp Chief Revenue Officer: Colin M. McLean ​ Investor Relations To request more information or to be added to our e-mail distribution list, please visit the Investor Relations section of our website at https://investor.digitalrealty.com . ​ Analyst Coverage BMO ​ ​ ​ ​   ​ ​ ​ ​   ​ ​ BMO Capital   ​ ​ BNP Paribas   ​ ​ ​   ​ ​ ​   ​ ​ ​ Barclays ​ Bernstein ​ Markets ​ Exane ​ BofA Securities ​ BTIG ​ Cantor Brendan Lynch ​ Madison Rezaei ​ Ari Klein ​ Nate Crossett ​ Michael Funk ​ Thomas Catherwood ​ Brett Knoblauch ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Citigroup ​ Citizens JMP ​ Deutsche Bank ​ Evercore ISI ​ Goldman Sachs ​ Green Street Advisors ​ Guggenheim Michael Rollins ​ Greg Miller ​ Benjamin Soff ​ Irvin Liu ​ Michael Ng ​ David Guarino ​ Joseph Osha ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ HSBC ​ Jefferies ​ J.P. Morgan ​ KeyBanc ​ Mizuho Group ​ MoffettNathanson ​ Morgan Stanley Phani Kanumuri ​ Jonathan Petersen ​ Richard Choe ​ Brandon Nispel ​ Vikram Malhotra ​ Nick Del Deo ​ Cameron McVeigh ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oppenheimer ​ Raymond James ​ RBC Capital Markets ​ Scotiabank ​ Stifel ​ TD Cowen ​ Truist Securities Timothy Horan ​ Frank Louthan ​ Jonathan Atkin ​ Maher Yaghi ​ Erik Rasmussen ​ Michael Elias ​ Matthew Niknam ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UBS ​ Wells Fargo ​ Wolfe Research ​ ​ ​ ​ ​ ​ ​ ​ John Hodulik ​ Eric Luebchow ​ Andrew Rosivach ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about Digital Realty and our business is also available on our website at digitalrealty.com . Upcoming Conference Schedule ​ ​ ​ August 4, 2026 Deutsche Bank Data Center Summit New York City, NY August 11, 2026 Oppenheimer Annual Technology, Internet & Communications Conference Virtual August 18, 2026 Raymond James Park City Summer Summit Park City, UT September 8, 2026 Citi’s Global TMT Conference New York City, NY September 9, 2026 Bank of America Media, Communications & Entertainment Conference New York City, NY September 16, 2026           Bank of America Global Real Estate Conference New York City, NY September 29, 2026          RBC Global Communications Infrastructure Conference Chicago, IL ​ Webcasts for these events are available through the Digital Realty Investor Relations website when possible. Please check our website for additional information. 3 Table of Contents ​ Financial Supplement Corporate Information (Continued) ​ Second Quarter 2026 ​ Stock Listing Information The stock of Digital Realty Trust, Inc. is traded primarily on the New York Stock Exchange under the following symbols: Common Stock: ​ DLR Series J Preferred Stock: ​ DLRPRJ Series K Preferred Stock: ​ DLRPRK Series L Preferred Stock: ​ DLRPRL ​ Symbols may vary by stock quote provider. Credit Ratings Standard & Poor ’ s ​ ​ ​ Corporate Credit Rating: ​ BBB+ (Stable Outlook) Preferred Stock: ​ BBB- ​ ​ ​ ​ ​ Moody ’ s ​ ​ ​ Issuer Rating: ​ Baa2 (Positive Outlook) Preferred Stock: ​ Baa3 ​ ​ ​ ​ ​ Fitch ​ ​ ​ Issuer Default Rating: ​ BBB (Stable Outlook) Preferred Stock: ​ BB+ ​ ​ These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. The company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies. ​ Common Stock Price Performance The following summarizes recent activity of Digital Realty’s common stock (DLR): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended   ​ ​ 30-Jun-26 ​ 31-Mar-26 ​ 31-Dec-25 ​ 30-Sep-25 ​ 30-Jun-25 ​  High price ​   $208.14 ​   $184.79 ​   $182.48 ​   $182.00 ​   $178.85    Low price   ​ ​ ​ $178.41   ​ ​ ​ $151.50   ​ ​ ​ $146.23   ​ ​ ​ $159.22   ​ ​ ​ $129.95 ​  Closing price, end of quarter ​ ​ $179.58 ​ ​ $180.21 ​ ​ $154.71 ​ ​ $172.88 ​ ​ $174.33 ​  Average daily trading volume (1) ​ ​ 2,433 ​ ​ 2,060 ​ ​ 1,826 ​ ​ 1,520 ​ ​ 2,034 ​  Indicated dividend per common share (2) ​ ​ $4.88 ​ ​ $4.88 ​ ​ $4.88 ​ ​ $4.88 ​ ​ $4.88 ​  Closing annual dividend yield, end of quarter ​ ​ 2.7% ​ ​ 2.7% ​ ​ 3.2% ​ ​ 2.8% ​ ​ 2.8% ​  Shares and units outstanding, end of quarter (1) (3) ​ ​ 376,675 ​ ​ 355,217 ​ ​ 349,746 ​ ​ 349,244 ​ ​ 346,644 ​  Closing market value of shares and units outstanding (4) ​ ​ $67,643,297 ​ ​ $64,013,656 ​ ​ $54,109,204 ​ ​ $60,377,303 ​ ​ $60,430,449 ​ ​ (1) Shares or shares and units in thousands. (2) On an annualized basis. (3) As of June 30, 2026, the total number of shares and units includes 370,010 shares of common stock, 4,294 common units held by third parties and 2,371 common units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions. (4) Dollars in thousands as of the end of the quarter. ​ This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about us and our data centers is also available on our website at digitalrealty.com . ​ ​ ​ 4 Table of Contents Key Quarterly Financial Data Financial Supplement Unaudited, Dollars (except per share data) in Thousands ​ Second Quarter 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Shares and Units at End of Quarter (1)   ​ ​ ​ 30-Jun-26   ​ ​ ​ 31-Mar-26   ​ ​ ​ 31-Dec-25   ​ ​ ​ 30-Sep-25   ​ ​ ​ 30-Jun-25  Common shares outstanding   ​ 370,010   ​ 348,924   ​ 343,557   ​ 343,041   ​ 340,372  Common partnership units outstanding   ​ 6,665   ​ 6,293   ​ 6,189   ​ 6,203   ​ 6,272 Total Shares and Units   ​ 376,675   ​ 355,217   ​ 349,746   ​ 349,244   ​ 346,644 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Enterprise Value   ​   ​   ​   ​   ​   ​   ​   ​   ​   ​  Market value of common equity (1) (2) ​ ​ $67,643,297 ​ ​ $64,013,656 ​ ​ $54,109,204 ​ ​ $60,377,303 ​ ​ $60,430,449  Liquidation value of preferred equity ​   755,000 ​   755,000 ​   755,000 ​   755,000 ​   755,000  Total debt at balance sheet carrying value ​   18,635,349 ​   17,996,633 ​   18,402,135 ​   18,225,434 ​   18,452,148 Total Enterprise Value ​ ​ $87,033,646 ​ ​ $82,765,289 ​ ​ $73,266,339 ​ ​ $79,357,737 ​ ​ $79,637,597  Total debt / total enterprise value ​   21.4% ​   21.7% ​   25.1% ​   23.0% ​   23.2% Debt-plus-preferred-to-total-enterprise-value ​ ​ 22.3% ​ ​ 22.7% ​ ​ 26.1% ​ ​ 23.9% ​ ​ 24.1% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Selected Balance Sheet Data ​     ​ ​     ​ ​     ​ ​     ​ ​     ​  Investments in real estate (before depreciation) ​ ​ $47,141,825 ​ ​ $40,751,409 ​ ​ $39,855,116 ​ ​ $39,374,646 ​ ​ $38,613,260  Total Assets ​   54,517,914 ​   48,859,973 ​   49,410,468 ​   48,728,634 ​   48,714,995  Total Liabilities ​   25,652,511 ​   23,462,959 ​   24,564,494 ​   23,739,412 ​   23,853,149 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Selected Operating Data ​     ​ ​     ​ ​     ​ ​     ​ ​     ​  Total operating revenues ​ ​ $1,924,040 ​ ​ $1,635,173 ​ ​ $1,634,671 ​ ​ $1,577,234 ​ ​ $1,493,150  Total operating expenses ​   1,464,783 ​   1,368,240 ​   1,522,047 ​   1,438,813 ​   1,281,453  Net income ​   457,607 ​   174,804 ​   96,111 ​   63,713 ​   1,046,946  Net income / (loss) available to common stockholders ​   443,108 ​   169,093 ​   88,466 ​   57,631 ​   1,021,975 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Financial Ratios ​     ​ ​     ​ ​     ​ ​     ​ ​     ​  EBITDA (3) ​ ​ $1,097,832 ​ ​ $805,115 ​ ​ $688,758 ​ ​ $679,912 ​ ​ $1,605,408  Adjusted EBITDA (4) ​   977,589 ​   920,307 ​   856,836 ​   867,807 ​   823,319  Net Debt-to-Adjusted EBITDA (5) ​   4.7x ​   4.7x ​   4.9x ​   4.9x ​   5.1x Interest expense ​   113,943 ​   116,384 ​   116,516 ​   113,584 ​   109,383  Fixed charges (6) ​   161,226 ​   162,202 ​   161,479 ​   156,687 ​   148,957  Interest coverage ratio (7) ​   5.5x ​   5.2x ​   4.8x ​   4.9x ​   5.0x  Fixed charge coverage ratio (8) ​   5.2x ​   4.9x ​   4.5x ​   4.6x ​   4.7x ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Profitability Measures ​     ​ ​     ​ ​     ​ ​     ​ ​     ​  Net income / (loss) per common share - basic ​ ​ $1.25 ​ ​ $0.49 ​ ​ $0.26 ​ ​ $0.17 ​ ​ $3.03  Net income / (loss) per common share - diluted ​ ​ $1.21 ​ ​ $0.46 ​ ​ $0.24 ​ ​ $0.15 ​ ​ $2.94  Funds from operations (FFO) / diluted share and unit (9) ​ ​ $2.73 ​ ​ $1.99 ​ ​ $1.89 ​ ​ $1.65 ​ ​ $1.75  Core funds from operations (Core FFO) / diluted share and unit (9) ​ ​ $2.65 ​ ​ $2.04 ​ ​ $1.86 ​ ​ $1.89 ​ ​ $1.87  Core FFO (excluding net promote) / diluted share and unit (9) ​ ​ $2.13 ​ ​ $2.04 ​ ​ $1.86 ​ ​ $1.89 ​ ​ $1.87  Adjusted funds from operations (AFFO) / diluted share and unit (10) ​ ​ $2.47 ​ ​ $1.92 ​ ​ $1.34 ​ ​ $1.76 ​ ​ $1.68  Dividends per share and common unit ​ ​ $1.22 ​ ​ $1.22 ​ ​ $1.22 ​ ​ $1.22 ​ ​ $1.22  Diluted FFO payout ratio (9) (11) ​   44.8% ​   61.2% ​   64.5% ​   73.8% ​   69.6%  Diluted Core FFO payout ratio (9) (11) ​   46.0% ​   59.9% ​   65.6% ​   64.7% ​   65.2%  Diluted AFFO payout ratio (10) (11) ​   49.5% ​   63.6% ​   90.9% ​   69.2% ​   72.8% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Portfolio Statistics ​     ​ ​     ​ ​     ​ ​     ​ ​     ​  Data Centers (12) ​   310 ​   309 ​   310 ​   311 ​   310  Cross-connects (12) (13) ​   235,500 ​   234,000 ​   232,500 ​   231,000 ​   229,000  Occupied MWs (12) ​   2,799 ​   2,725 ​   2,663 ​   2,602 ​   2,565 IT Load Capacity MWs (12) ​   3,102 ​   3,024 ​   2,963 ​   2,879 ​   2,858  Occupancy at end of quarter (14) ​   90.2% ​   90.1% ​   89.9% ​   90.4% ​   89.7%  Same-capital occupancy at end of quarter (14) (15) ​   92.5% ​   91.6% ​   91.6% ​   91.9% ​   91.5%  Weighted average remaining lease term (years) (16) ​   4.1 ​   4.3 ​   3.9 ​   4.2 ​   4.2 ​ ​ ​ ​ 5 Table of Contents Key Quarterly Financial Data Financial Supplement Unaudited, Dollars (except per share data) in Thousands ​ Second Quarter 2026 ​ (1) Shares and units are in thousands. (2) The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in our operating partnership, including common units and vested and unvested long-term incentive units, for shares of our common stock on a one-for-one basis. Excludes shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions, as applicable. (3) EBITDA is calculated as earnings before interest expense, loss on debt extinguishment and modifications, tax expense, and depreciation and amortization. For a discussion of EBITDA, see page 28 . For a reconciliation of net income available to common stockholders to EBITDA, see page 27 . (4) Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, (x) gain on / issuance costs associated with redeemed preferred stock and (xi) net promote. For a discussion of Adjusted EBITDA, see page 28 . For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 27 . (5) Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 5 ), plus finance lease obligations, plus our share of unconsolidated entities debt at carrying value, less cash and cash equivalents (including our share of unconsolidated entities cash), divided by the product of Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), multiplied by four. (6) Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred stock dividends. (7) Interest coverage ratio is Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our share of unconsolidated entities interest expense). (8) Fixed charge coverage ratio is Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by fixed charges (including our share of unconsolidated entities fixed charges). (9) For definitions and discussion of FFO, Core FFO and Core FFO (excluding net promote), see page 28 . For reconciliations of net income available to common stockholders to FFO, Core FFO and Core FFO (excluding net promote), see page 13 . (10) For a definition and discussion of AFFO, see page 28 . For a reconciliation of Core FFO to AFFO, see page 14 . (11) Diluted payout ratios for FFO, Core FFO and AFFO are calculated as dividends declared per common share and unit divided by the corresponding diluted FFO, diluted Core FFO and diluted AFFO per share and unit, respectively. (12) Includes data centers held as investments in unconsolidated entities. Excludes data centers held for sale and contribution. (13) Represents approximate amounts. (14) Occupancy and same-capital occupancy exclude capacity under active development and capacity held for development. Occupancy represents our consolidated portfolio in addition to our managed portfolio of unconsolidated entities and non-managed unconsolidated entities. For some of our data centers, we calculate occupancy based on factors including available power, required support capacity and common area. Excludes data centers held for sale and contribution. (15) Represents data centers owned as of December 31, 2024, with less than 5% of total rentable square feet under development. Excludes data centers that were undergoing, or were expected to undergo, development activities in 2025-2026, data centers classified as held for sale and contribution, and data centers sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool. (16) Weighted average remaining lease term excludes renewal options and is weighted by annualized recurring revenue. ​ ​ ​ ​ ​ ​ ​ 6 Table of Contents Digital Realty Trust Financial Supplement Earnings Release ​ Second Quarter 2026 ​ Digital Realty Reports Second Quarter 2026 Results Austin, TX — July 23, 2026 — Digital Realty (NYSE: DLR), the world’s largest cloud- and carrier-neutral data center platform, announced today financial results for the second quarter of 2026. All per share results are presented on a fully diluted basis. Highlights ◾ Reported net income available to common stockholders of $1.21 per share in 2Q26, compared to $2.94 in 2Q25 ◾ Reported FFO per share of $2.73 in 2Q26, compared to $1.75 in 2Q25 ◾ Reported Core FFO per share of $2.65 in 2Q26, compared to $1.87 in 2Q25; reported Core FFO per share (excluding net promote) of $2.13 in 2Q26 ◾ Signed total bookings during 2Q26 that are expected to generate $307 million of annualized GAAP base rent at 100% share ; at Digital Realty ’ s share, bookings were $208 million, including a $108 million contribution from the 0 - 1 megawatt plus interconnection category ◾ In July, signed two hyperscale leases, representing $410 million of annualized GAAP base rent at 100% share, or $205 million at Digital Realty ’ s share ◾ Reported rental rate increases on renewal leases of 25.4% on a cash basis in 2Q26 ◾ Reported a record total backlog of $1.9 billion of annualized GAAP base rent at 100% share, at the end of 2Q26; at Digital Realty ’ s share, the backlog was $1.4 billion ◾ Raised 2026 Core FFO per share (excluding net promote) outlook to $8.15 - $8.20 and 2026 Constant-Currency Core FFO per share (excluding net promote) outlook to $8.10 - $8.15 Financial Results Digital Realty reported total revenues of $1.9 billion in the second quarter of 2026, an 18% increase from the previous quarter and a 29% increase from the same quarter last year. During the second quarter, Digital Realty recognized $188 million of net promote income in Core FFO related to the successful development and leasing of three data centers in its development joint venture. The company also recognized a $94 million insurance settlement, net of income tax, related to a previously disclosed 2024 matter, of which approximately $27 million was recognized in Core FFO as business interrup