Digital AG真人官方ty Q2 Earnings Surge 1370% as Core FFO Beats Estimates

Digital AG真人官方ty Reports Second Quarter 2025 Results

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Digital AG真人官方ty delivered strong Q2 2025 results with 10% revenue growth, significant FFO gains, and raised full-year guidance.

Digital AG真人官方ty reported exceptional financial performance in Q2 2025, with $1.49 billion in quarterly revenue, representing a 10% year-over-year increase and 6% sequential growth. The company's net income available to common stockholders surged to $1.02 billion ($2.94 per share), a dramatic improvement from $0.20 per share in Q2 2024.

Core FFO, the key earnings metric for REITs, reached $1.87 per share, up from $1.65 in Q2 2024, demonstrating 13.3% year-over-year growth. This robust performance prompted management to raise their 2025 Core FFO guidance to $7.15-$7.25 per share, reflecting confidence in continued strong execution.

Leasing activity shows extraordinary demand for Digital AG真人官方ty's offerings. The company secured $135 million in new annualized rental revenue (at its share), with a notable $73 million contribution from smaller deployments (0-1 MW) and $17 million from interconnection services. This balanced leasing profile validates their full-spectrum strategy. The company also achieved impressive renewal pricing power with 7.3% cash rental increases on renewals, exceeding their original guidance of 4.0-6.0%.

Capital recycling efforts accelerated with the formation of their U.S. Hyperscale Data Center Fund, which has secured over $3 billion in commitments, exceeding initial targets. The fund strategy allows Digital AG真人官方ty to monetize stabilized assets while maintaining operational control and participation in future growth. During Q2, they contributed seven assets to this fund, generating over $900 million in proceeds that can be redeployed into higher-yielding development opportunities.

Balance sheet management remains disciplined with a net debt-to-Adjusted EBITDA ratio of 5.1x. The company strengthened its liquidity position by issuing 鈧�850 million of notes due 2034 and raised approximately $719 million through equity issuance at favorable pricing, demonstrating strong capital markets access.

The robust bookings, pricing power on renewals, and fund formation success indicate Digital AG真人官方ty is executing effectively in a data center market driven by AI computing demands, while maintaining financial discipline and improving its capital allocation model.

07/24/2025 - 04:05 PM

DALLAS, July 24, 2025 /PRNewswire/ -- Digital AG真人官方ty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation, and interconnection solutions, announced today financial results for the second quarter of 2025. All per share results are presented on a fully diluted basis.

Highlights

Reported net income available to common stockholders of $2.94 per share in 2Q25, compared to $0.20 in 2Q24
Reported FFO per share of $1.75 in 2Q25, compared to $1.57 in 2Q24
Reported Core FFO per share of $1.87 in 2Q25, compared to $1.65 in 2Q24
Reported Constant-Currency Core FFO per share of $1.84 in 2Q25
Reported rental rate increases on renewal leases of 7.3% on a cash basis in 2Q25
Signed total bookings during 2Q25 that are expected to generate $177 million of annualized GAAP rental revenue at 100% share; at Digital AG真人官方ty's share total bookings were $135 million, including a $90 million contribution from the 0鈥�1 megawatt plus interconnection category
Reported backlog of $826 million of annualized GAAP base rent at the end of 2Q25
Raised 2025 Core FFO per share outlook to $7.15 - $7.25 and 2025 Constant-Currency Core FFO per share outlook to $7.10 - $7.20

Financial Results

Digital AG真人官方ty reported revenues of $1.49 billion in the second quarter of 2025, a 6% increase from the previous quarter and a 10% increase from the same quarter last year.

The company delivered net income of $1.05 billion in the second quarter of 2025, as well as net income available to common stockholders of $1.02 billion and $2.94 per share, compared to $0.27 per share in the previous quarter and $0.20 per share in the same quarter last year.

Digital AG真人官方ty generated Adjusted EBITDA of $823 million in the second quarter of 2025, a 4% increase from the previous quarter and a 13% increase over the same quarter last year.

The company reported Funds From Operations (FFO) of $600 million in the second quarter of 2025, or $1.75 per share, compared to $1.67 per share in the previous quarter and $1.57 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital AG真人官方ty delivered Core FFO per share of $1.87 in the second quarter of 2025, compared to $1.77 per share in the previous quarter and $1.65 per share in the same quarter last year. Digital AG真人官方ty delivered Constant-Currency Core FFO per share of $1.84 in the second quarter of 2025 and $3.63 per share for the six-month period ended June 30, 2025.

"Record bookings in our 0鈥�1 megawatt plus interconnection product set underscore the strength of our full spectrum strategy and the breadth of the growing demand for digital infrastructure," said Digital AG真人官方ty President and Chief Executive Officer Andy Power.听 "Our inaugural U.S. Hyperscale Data Center Fund is oversubscribed, providing us the capital necessary to serve our customers' growing requirements and to extend Digital AG真人官方ty's runway for growth."

Leasing Activity

In the second quarter, Digital AG真人官方ty signed total bookings that are expected to generate $135 million of annualized GAAP rental revenue at its share, including a $73 million contribution from the 0鈥�1 megawatt category and a $17 million contribution from interconnection.

The weighted-average lag between new leases signed during the second quarter of 2025 and the contractual commencement date was four months. The backlog of signed-but-not-commenced leases at quarter-end was $826 million of annualized GAAP base rent at Digital AG真人官方ty's share.

In addition to new leases signed, Digital AG真人官方ty also signed renewal leases representing $177 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the second quarter of 2025 increased 7.3% on a cash basis and 9.9% on a GAAP basis.听

New leases signed during the second quarter of 2025 are summarized by region and product as follows:


	础苍苍耻补濒颈锄别诲听骋础础笔
	叠补蝉别听搁别苍迟		厂辩耻补谤别听贵别别迟	GAAP听叠补蝉别听搁别苍迟			GAAP听叠补蝉别听搁别苍迟
听础尘别谤颈肠补蝉	(颈苍听迟丑辞耻蝉补苍诲蝉)		(颈苍听迟丑辞耻蝉补苍诲蝉)	辫别谤听厂辩耻补谤别听贵辞辞迟		Megawatts	辫别谤听碍颈濒辞飞补迟迟
听0-1 MW		$30,750	128		$240	9.9		$259
听> 1 MW		16,261	41		400	10.4		130
听翱迟丑别谤 ⁽¹⁾		288	6		47	鈥�		鈥�
Total		$47,299	175		$270	20.3		$193

听贰惭贰础 ⁽²⁾
听0-1 MW		$31,024	72		$429	8.5		$304
听> 1 MW		15,609	54		290	6.6		197
听翱迟丑别谤 ⁽¹⁾		115	1		138	鈥�		鈥�
Total		$46,747	127		$368	15.1		$257

听Asia Pacific ⁽²⁾
听0-1 MW		$10,744	39		$274	3.3		$268
听> 1 MW		13,168	58		228	6.3		174
听翱迟丑别谤 ⁽¹⁾		16	2		9	鈥�		鈥�
Total		$23,927	99		$243	9.6		$207

听All Regions ⁽²⁾
听0-1 MW		$72,517	240		$303	21.7		$278
听> 1 MW		45,038	152		296	23.3		161
听翱迟丑别谤 ⁽¹⁾		419	9		48	鈥�		鈥�
Total		$117,974	401		$294	45.0		$218

Interconnection		$17,346	N/A		N/A	N/A		N/A

Grand Total		$135,320	401		$294	45.0		$218


Note:听 Totals may not foot due to rounding differences.
(1)	Other includes Powered Base Building庐 shell capacity as well as storage and office space within fully improved data center facilities.
(2)	Based on quarterly average exchange rates during the three months ended June 30, 2025.

Investment Activity

During the second quarter, Digital AG真人官方ty acquired land parcels in three metros.听 As previously disclosed, Digital AG真人官方ty acquired approximately 100 acres of land in the Atlanta metro area that is expected to support over 200 megawatts of IT capacity for approximately $120 million. Separately, Digital AG真人官方ty acquired a 167-acre land parcel in the Dallas metro area that is expected to support approximately 480 megawatts of IT capacity for approximately $11 million. Lastly, Digital AG真人官方ty acquired several land parcels as part of an assemblage in the Chicago metro area supporting the continued expansion of its Franklin Park campus for approximately $6 million.听

Digital AG真人官方ty also received additional equity commitments from a broad array of global Limited Partners for its U.S. Hyperscale Data Center Fund (the "Fund"), lifting total commitments to more than $3 billion to date. The Fund is now well ahead of its initial target for LP equity commitments and is on track for its final close. During the quarter, Digital AG真人官方ty contributed interests in five operating data centers and two development sites to the Fund. Digital AG真人官方ty received over $900 million of gross proceeds as a result of the contributions.

Subsequent to quarter end, Digital AG真人官方ty sold a five megawatt non-core data center in the Atlanta metro area for gross proceeds of $65 million.听

Balance Sheet

Digital AG真人官方ty had approximately $18.5 billion of total debt outstanding as of June 30, 2025, comprised of $17.7 billion of unsecured debt and approximately $0.8 billion of secured debt and other debt. At the end of the second quarter of 2025, net debt-to-Adjusted EBITDA was 5.1x, debt-plus-preferred-to-total enterprise value was 24.1% and fixed charge coverage was 4.7x.

In June, Digital AG真人官方ty issued 鈧�850 million of 3.875% notes due 2034, for net proceeds of approximately 鈧�837 million ($975 million). Subsequent to quarter end, the company also repaid 鈧�650 million ($754 million) in aggregate principal amount of its 0.625% senior notes.听

Since March 31, 2025, the company also sold 4.15 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $173.19 per share, for net proceeds of approximately $719 million.听

2025 Outlook

Digital AG真人官方ty raised its 2025 Core FFO per share outlook to $7.15 - $7.25 and its 2025 Constant-Currency Core FFO per share outlook to $7.10 - $7.20. The assumptions underlying the outlook are summarized in the following table.


	础蝉听辞蹿	础蝉听辞蹿	础蝉听辞蹿
听Top-Line and Cost Structure	February 13, 2025	April 24, 2025	July 24, 2025
Total revenue	$5.800 - $5.900 billion	$5.825 - $5.925 billion	$5.925 - $6.025 billion
Net non-cash rent adjustments ⁽¹⁾	($45 - $50 million)	($50 - $55 million)	($65 - $70 million)
Adjusted EBITDA	$3.100 - $3.200 billion	$3.125 - $3.225 billion	$3.200 - $3.300 billion
G&A	$500 - $510 million	$505 - $515 million	$520 - $530 million

听Internal Growth
Rental rates on renewal leases
Cash basis	4.0% - 6.0%	4.0% - 6.0%	5.0% - 6.0%
GAAP basis	6.0% - 8.0%	6.0% - 8.0%	7.0% - 8.0%
Year-end portfolio occupancy	+100 - 200 bps	+100 - 200 bps	+100 - 200 bps
"Same-Capital" cash NOI growth ⁽²⁾	3.5% - 4.5%	3.5% - 4.5%	3.5% - 4.5%

Foreign Exchange Rates
U.S. Dollar / Pound Sterling	$1.20 - $1.25	$1.25 - $1.35	$1.30 - $1.35
U.S. Dollar / Euro	$1.00 - $1.05	$1.05 - $1.15	$1.10 - $1.15

听External Growth
Dispositions / Joint Venture Capital
Dollar volume	$500 - $1,000 million	$500 - $1,000 million	$700 - $1,000 million
Cap rate	0.0% - 10.0%	0.0% - 10.0%	0.0% - 10.0%
Development
CapEx (Net of Partner Contributions) ⁽³⁾	$3,000 - $3,500 million	$3,000 - $3,500 million	$3,000 - $3,500 million
Average stabilized yields	10.0%+	10.0%+	10.0%+
Enhancements and other non-recurring CapEx听⁽⁴⁾	$30 - $35 million	$30 - $35 million	$30 - $35 million
Recurring CapEx + capitalized leasing costs ⁽⁵⁾	$320 - $335 million	$320 - $335 million	$320 - $335 million

听Balance Sheet
Long-term debt issuance
Dollar amount	$900 - $1,500 million	$900 - $1,500 million	~$2,000 million
Pricing	5.0% - 5.5%	4.0% - 5.5%	~4.0%
Timing	Mid-Year	Mid-Year	Mid-Year

听Net income per diluted share	$2.10 - $2.20	$2.15 - $2.25	$3.45 - $3.55
AG真人官方 estate depreciation and (gain) / loss on sale	$4.50 - $4.50	$4.50 - $4.50	$3.25 - $3.25
听Funds From Operations / share (NAREIT-Defined)	$6.60 - $6.70	$6.65 - $6.75	$6.70 - $6.80
Non-core expenses and revenue streams	$0.40 - $0.40	$0.40 - $0.40	$0.45 - $0.45
听Core Funds From Operations / share	$7.00 - $7.10	$7.05 - $7.15	$7.15 - $7.25
Foreign currency translation adjustments	$0.05 - $0.05	$0.00 - $0.00	($0.05) - ( $0.05)
听Constant-Currency Core Funds From Operations / share	$7.05 - $7.15	$7.05 - $7.15	$7.10 - $7.20


(1)	Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rental expense, as well as the amortization of above- and below-market leases (i.e.,听ASC 805 adjustments).
(2)	The "Same-Capital" pool includes properties owned as of December 31, 2023 with less than 5% of total rentable square feet under development. It excludes properties that were undergoing, or were expected to undergo, development activities in 2024-2025, properties classified as held for sale and contribution, and properties sold or contributed to joint ventures for all periods presented. The 2025 "Same-Capital"听cash NOI growth outlook is presented on a constant currency basis.
(3)	Excludes land acquisitions and includes Digital AG真人官方ty's share of joint venture and fund contributions. Figure is net of joint venture and fund contributions.
(4)	Other non-recurring听CapEx represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives and software development costs.
(5)	Recurring听CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions.

Note: The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. Please see Non-GAAP Financial Measures in this document for further discussion.

Non-GAAP Financial Measures

This document contains non-GAAP financial measures, including FFO, Core FFO, Constant Currency Core FFO, Adjusted FFO, Net Operating Income (NOI), "Same-Capital" Cash NOI and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, a reconciliation from Core FFO to Adjusted FFO, a reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Constant Currency Core FFO, Adjusted FFO, NOI and "Same-Capital" Cash NOI are included as an attachment to this document. A reconciliation from U.S. GAAP net income available to common stockholders to Adjusted EBITDA, a definition of Adjusted EBITDA and definitions of net debt-to-Adjusted EBITDA, debt-plus-preferred-to-total enterprise value, cash NOI, and fixed charge coverage ratio are included as an attachment to this document.

The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, external growth factors, such as dispositions, and balance sheet items such as debt issuances, that have not yet occurred, are out of the company's control and/or cannot be reasonably predicted. For the same reasons, the company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Investor Conference Call

Prior to Digital AG真人官方ty's investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on July 24, 2025, a presentation will be posted to the Investors section of the company's website at . The presentation is designed to accompany the discussion of the company's second quarter 2025 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier.

To participate in the live call, investors are invited to dial +1 (888) 317-6003 (for domestic callers) or +1 (412) 317-6061 (for international callers) and reference the conference ID# 5545220 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital AG真人官方ty's website at .

Telephone and webcast replays will be available after the call until August 24, 2025. The telephone replay can be accessed by dialing +1 (877) 344-7529 (for domestic callers) or +1 (412) 317-0088 (for international callers) and providing the conference ID# 4783857. The webcast replay can be accessed on Digital AG真人官方ty's website.

About Digital AG真人官方ty

Digital AG真人官方ty brings companies and data together by delivering the full spectrum of data center, colocation, and interconnection solutions. PlatformDIGITAL庐, the company's global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx庐) solution methodology for powering innovation, from cloud and digital transformation to emerging technologies like artificial intelligence (AI), and efficiently managing Data Gravity challenges. Digital AG真人官方ty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 50+ metros across 25+ countries on six continents. To learn more about Digital AG真人官方ty, please visit 听or follow us on 听补苍诲 .

Contact Information

Matt Mercier
Chief Financial Officer
Digital AG真人官方ty
(415) 874-2803

Jordan Sadler / Jim Huseby听
Investor Relations 听
Digital AG真人官方ty
(415) 275-5344

Consolidated Quarterly Statements of Operations
Unaudited and in Thousands, Except Per Share Data				Second Quarter 2025

	Three Months Ended						Six Months Ended
	30-Jun-25	31-Mar-25	31-Dec-24		30-Sep-24	30-Jun-24		30-Jun-25	30-Jun-24
Rental revenues	$1,003,550	$960,526	$958,892		$956,351	$912,994		$1,964,076	$1,807,402
Tenant reimbursements - Utilities	294,503	271,189	302,664		305,097	274,505		565,692	550,862
Tenant reimbursements - Other	37,355	42,177	38,591		39,624	41,964		79,532	80,398
Interconnection and other	121,952	112,969	112,360		112,655	109,505		234,921	217,576
Fee income	34,427	20,643	23,316		12,907	15,656		55,070	28,666
Other	1,363	133	40		4,581	2,125		1,496	2,987
Total Operating Revenues	$1,493,150	$1,407,637	$1,435,862		$1,431,214	$1,356,749		$2,900,787	$2,687,892

Utilities	$339,288	$313,385	$337,534		$356,063	$315,248		$652,673	$639,818
Rental property operating	267,724	238,600	273,104		249,796	237,653		506,324	462,021
Property taxes	49,570	48,856	46,044		45,633	49,620		98,426	90,776
Insurance	4,946	4,483	6,007		4,869	4,755		9,429	7,449
Depreciation and amortization	461,167	443,009	455,355		459,997	425,343		904,176	856,445
General and administration	133,755	121,112	124,470		115,120	119,511		254,867	233,931
Severance, equity acceleration and legal expenses	2,262	2,428	2,346		2,481	884		4,690	1,675
Transaction and integration expenses	22,546	39,902	11,797		24,194	26,072		62,448	57,911
Provision for impairment	鈥�	鈥�	22,881		鈥�	168,303		鈥�	168,303
Other expenses	195	112	12,002		4,774	(529)		307	10,306
Total Operating Expenses	$1,281,453	$1,211,887	$1,291,540		$1,262,928	$1,346,860		$2,493,340	$2,528,636

Operating Income	$211,697	$195,750	$144,322		$168,286	$9,889		$407,447	$159,256

Equity in earnings / (loss) of unconsolidated entities	(12,062)	(7,640)	(36,201)		(26,486)	(41,443)		(19,702)	(57,451)
Gain / (loss) on sale of investments	931,830	1,111	144,885		(556)	173,709		932,941	451,496
Interest and other income / (expense), net	37,747	32,773	44,517		37,756	62,261		70,520	71,970
Interest (expense)	(109,383)	(98,464)	(104,742)		(123,803)	(114,756)		(207,847)	(224,291)
Income tax benefit / (expense)	(12,883)	(17,135)	(4,928)		(12,427)	(14,992)		(30,018)	(37,405)
Loss on debt extinguishment and modifications	鈥�	鈥�	(2,165)		(2,636)	鈥�		鈥�	(1,070)
Net Income	$1,046,946	$106,395	$185,688		$40,134	$74,668		$1,153,341	$362,505

Net (income) / loss attributable to noncontrolling interests	(14,790)	3,579	3,881		11,059	5,552		(11,211)	(777)
Net Income Attributable to Digital AG真人官方ty Trust, Inc.	$1,032,156	$109,974	$189,569		$51,193	$80,220		$1,142,130	$361,728

Preferred stock dividends	(10,181)	(10,181)	(10,181)		(10,181)	(10,181)		(20,362)	(20,362)
Net Income / (Loss) Available to Common Stockholders	$1,021,975	$99,793	$179,388		$41,012	$70,039		$1,121,768	$341,366

Weighted-average shares outstanding - basic	337,589	336,683	333,376		327,977	319,537		337,139	315,915
Weighted-average shares outstanding - diluted	345,734	344,721	340,690		336,249	327,946		345,305	324,451
Weighted-average fully diluted shares and units	351,691	350,632	346,756		342,374	334,186		351,239	330,687

Net income / (loss) per share - basic	$3.03	$0.30	$0.54		$0.13	$0.22		$3.33	$1.08
Net income / (loss) per share - diluted	$2.94	$0.27	$0.51		$0.09	$0.20		$3.21	$1.01

Funds From Operations and Core Funds From Operations
Unaudited and in Thousands, Except Per Share Data									Second Quarter 2025

			Three Months Ended												Six Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)				30-Jun-25		31-Mar-25		31-Dec-24			30-Sep-24		30-Jun-24				30-Jun-25	30-Jun-24

Net Income / (Loss)听 Available to Common Stockholders				$1,021,975		$99,793		$179,388			$41,012		$70,039				$1,121,768	$341,366
Adjustments:
Noncontrolling interest in operating partnership				21,000		3,000		4,000			1,000		1,500				24,000	7,700
AG真人官方 estate related depreciation and amortization ⁽¹⁾				451,050		432,652		445,462			449,086		414,920				883,702	835,511
Reconciling items related to noncontrolling interests				(21,038)		(19,480)		(19,531)			(19,746)		(17,317)				(40,518)	(25,335)
Unconsolidated entities real estate related depreciation and amortization				59,172		55,861		49,463			48,474		47,117				115,033	94,993
(Gain) / loss on real estate transactions				(931,830)		(1,111)		(137,047)			556		(173,709)				(932,941)	(460,413)
Provision for impairment				鈥�		鈥�		22,881			鈥�		168,303				鈥�	168,303
Funds From Operations				$600,329		$570,715		$544,616			$520,382		$510,852				$1,171,044	$962,125

Weighted-average shares and units outstanding - basic				343,546		342,594		339,442			334,103		325,777				343,073	322,151
Weighted-average shares and units outstanding - diluted ^{(2) (3)}				351,691		350,632		346,756			342,374		334,186				351,239	330,687

Funds From Operations per share - basic				$1.75		$1.67		$1.60			$1.56		$1.57				$3.41	$2.99

Funds From Operations per share - diluted^{(2) (3)}				$1.75		$1.67		$1.61			$1.55		$1.57				$3.42	$2.98

	Three Months Ended													Six Months Ended
Reconciliation of FFO to Core FFO		30-Jun-25			31-Mar-25		31-Dec-24			30-Sep-24		30-Jun-24				30-Jun-25		30-Jun-24

Funds From Operations		$600,329			$570,715		$544,616			$520,382		$510,852				$1,171,044		$962,125
Other non-core revenue adjustments ⁽⁴⁾		4,228			(1,925)		4,537			(4,583)		(33,818)				2,303		(30,293)
Transaction and integration expenses		22,546			39,902		11,797			24,194		26,072				62,448		57,911
Loss on debt extinguishment and modifications		鈥�			鈥�		2,165			2,636		鈥�				鈥�		1,070
Severance, equity acceleration and legal expenses ⁽⁵⁾		2,262			2,428		2,346			2,481		884				4,690		1,675
(Gain) / Loss on FX and derivatives revaluation		8,827			(2,064)		7,127			1,513		32,222				6,764		65,824
Other non-core expense adjustments ⁽⁶⁾		5,092			(702)		14,229			11,120		2,271				4,390		12,323
Core Funds From Operations		$643,284			$608,354		$586,816			$557,744		$538,482				$1,251,639		$1,070,634

Weighted-average shares and units outstanding - diluted^{(2) (3)}		343,909			343,050		339,982			334,476		326,181				343,436		322,619

Core Funds From Operations per share - diluted ⁽²⁾		$1.87			$1.77		$1.73			$1.67		$1.65				$3.64		$3.32

(1)	Three Months Ended													Six Months Ended
听听听听听听听听听听听 AG真人官方 Estate Related Depreciation & Amortization		30-Jun-25			31-Mar-25		31-Dec-24			30-Sep-24		30-Jun-24				30-Jun-25		30-Jun-24

Depreciation and amortization per income statement		$461,167			$443,009		$455,355			$459,997		$425,343				$904,175		$856,445
Non-real estate depreciation		(10,117)			(10,356)		(9,894)			(10,911)		(10,424)				(20,473)		(20,935)
AG真人官方 Estate Related Depreciation & Amortization		$451,050			$432,652		$445,462			$449,086		$414,920				$883,702		$835,511

(2)

Certain of听Teraco's minority indirect shareholders have the right to put their shares in an upstream parent company of Teraco to Digital AG真人官方ty in exchange for cash or the equivalent value of shares of Digital AG真人官方ty common stock, or a combination thereof. U.S. GAAP requires Digital AG真人官方ty to assume the put right is settled in shares for purposes of calculating diluted EPS. This same approach was utilized to calculate FFO/share. The potential future dilutive impact associated with this put right will be excluded from Core FFO and AFFO until settlement occurs 鈥� causing diluted share count to be higher for FFO than for Core FFO and AFFO. When calculating diluted FFO, Teraco related noncontrolling interest is added back to the FFO numerator as the denominator assumes all shares have been put back to Digital AG真人官方ty.

Three Months Ended

Six Months Ended

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Jun-24

30-Jun-25

30-Jun-24

Teraco noncontrolling share of FFO听听听听听听听听听听听听听听听听听听听听听听听听听听听

$15,850

$13,286

$14,905

$9,828

$12,453

$29,136

$22,221

Teraco related minority interest

$15,850

$13,286

$14,905

$9,828

$12,453

$29,136

$22,221


(3)	For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of听FFO and the share count detail section that follows the reconciliation of Core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO and Core FFO, see the Definitions section.
(4)	Includes deferred rent adjustments related to a customer bankruptcy, development fees included in gains, lease termination fees and gain on sale of equity investment included in other income.
(5)	Relates to severance and other charges related to the departure of company executives and integration-related severance.
(6)	Includes write-offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interests.

Adjusted Funds From Operations (AFFO)
Unaudited and in Thousands, Except Per Share Data					Second Quarter 2025

	Three Months Ended							Six Months Ended
听Reconciliation of Core FFO to AFFO		30-Jun-25	31-Mar-25	31-Dec-24		30-Sep-24	30-Jun-24		30-Jun-25	30-Jun-24

听Core FFO available to common stockholders and unitholders		$643,284	$608,354	$586,816		$557,744	$538,482		$1,251,638	$1,070,634
Adjustments:
Non-real estate depreciation		10,117	10,356	9,894		10,911	10,424		20,473	20,935
Amortization of deferred financing costs		6,451	6,548	5,697		4,853	5,072		12,999	10,648
Amortization of debt discount/premium		1,251	1,125	1,324		1,329	1,321		2,377	3,153
Non-cash stock-based compensation expense		18,026	16,700	13,386		15,026	14,464		34,726	27,056
Straight-line rental revenue		(23,698)	(9,692)	(18,242)		(17,581)	334		(33,390)	10,310
Straight-line rental expense		(475)	(160)	(136)		1,690	782		(635)	1,893
Above- and below-market rent amortization		(752)	(706)	(269)		(742)	(1,691)		(1,458)	(2,545)
Deferred tax (benefit) / expense		(30,714)	(517)	(15,048)		(9,366)	(9,982)		(31,232)	(13,420)
Leasing compensation and internal lease commissions		14,721	13,405	10,505		10,918	10,519		28,126	23,809
Recurring capital expenditures ⁽¹⁾		(62,083)	(35,305)	(130,245)		(67,308)	(60,483)		(97,388)	(108,159)

AFFO available to common stockholders and unitholders ⁽²⁾		$576,127	$610,108	$463,682		$507,474	$509,241		$1,186,235	$1,044,314

Weighted-average shares and units outstanding - basic		343,546	342,594	339,442		334,103	325,777		343,073	322,151
Weighted-average shares and units outstanding - diluted ⁽³⁾		343,909	343,050	339,982		334,476	326,181		343,436	322,619

AFFO per share - diluted ⁽³⁾		$1.68	$1.78	$1.36		$1.52	$1.56		$3.45	$3.24

听Dividends per share and common unit		$1.22	$1.22	$1.22		$1.22	$1.22		$2.44	$2.44

Diluted AFFO Payout Ratio		72.8听%	68.6听%	89.5听%		80.4听%	78.1听%		70.6听%	75.4听%

	Three Months Ended							Six Months Ended
Share Count Detail		30-Jun-25	31-Mar-25	31-Dec-24		30-Sep-24	30-Jun-24		30-Jun-25	30-Jun-24

Weighted Average Common Stock and Units Outstanding		343,546	342,594	339,442		334,103	325,777		343,073	322,151
Add: Effect of dilutive securities		362	456	540		373	404		363	467
Weighted Avg. Common Stock and Units Outstanding - diluted		343,909	343,050	339,982		334,476	326,181		343,436	322,618


(1)	Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital AG真人官方ty's operating standards, or internal leasing commissions.
(2)	For a definition and discussion of听AFFO, see the Definitions section. For a reconciliation of net income available to common stockholders to FFO and Core FFO, see above.
(3)	For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of听FFO and for calculations of weighted average common stock and units outstanding.

Consolidated Balance Sheets
Unaudited and in Thousands, Except Per Share Data			Second Quarter 2025
	30-Jun-25			31-Mar-25		31-Dec-24		30-Sep-24		30-Jun-24
Assets
Investments in real estate:
AG真人官方 estate		$29,836,218			$27,947,964		$27,558,993		$28,808,770		$27,470,635
Construction in progress		5,080,701			4,973,266		5,164,334		5,175,054		4,676,012
Land held for future development		73,665			69,089		38,785		23,392		93,938
Investments in AG真人官方 Estate		$34,990,583			$32,990,319		$32,762,112		$34,007,216		$32,240,584
Accumulated depreciation and amortization		(9,341,719)			(8,856,535)		(8,641,331)		(8,777,002)		(8,303,070)
Net Investments in Properties		$25,648,865			$24,133,784		$24,120,781		$25,230,214		$23,937,514
Investment in unconsolidated entities		3,622,677			2,702,847		2,639,800		2,456,448		2,332,698
Net Investments in AG真人官方 Estate		$29,271,542			$26,836,631		$26,760,582		$27,686,662		$26,270,212

Operating lease right-of-use assets, net		$1,180,657			$1,165,924		$1,178,853		$1,228,507		$1,211,003
Cash and cash equivalents		3,554,126			2,321,885		3,870,891		2,175,605		2,282,062
Accounts and other receivables, net ⁽¹⁾		1,586,146			1,373,521		1,257,464		1,274,460		1,222,403
Deferred rent, net		681,375			641,290		642,456		641,778		613,749
Goodwill		9,636,513			9,174,165		8,929,431		9,395,233		9,128,811
Customer relationship value, deferred leasing costs and other intangibles, net		2,171,318			2,124,989		2,178,054		2,367,467		2,315,143
Assets held for sale and contribution		139,993			953,236		鈥�		鈥�		鈥�
Other assets		493,325			488,921		465,885		525,679		563,500
Total Assets		$48,714,995			$45,080,562		$45,283,616		$45,295,392		$43,606,883

Liabilities and Equity
Global unsecured revolving credit facilities, net		$567,699			$1,096,931		$1,611,308		$1,786,921		$1,848,167
Unsecured term loans, net		440,788			404,335		386,903		913,733		1,297,893
Unsecured senior notes, net of discount		16,641,367			14,744,063		13,962,852		13,528,061		12,507,551
Secured and other debt, net of discount		802,294			770,950		753,314		757,831		686,135
Operating lease liabilities		1,298,085			1,281,572		1,294,219		1,343,903		1,336,839
Accounts payable and other accrued liabilities		2,310,882			1,927,611		2,056,215		2,140,764		1,973,798
Deferred tax liabilities		1,137,305			1,109,294		1,084,562		1,223,771		1,132,090
Accrued dividends and distributions		鈥�			鈥�		418,661		鈥�		鈥�
Security deposits and prepaid rents		653,640			559,768		539,802		423,797		416,705
Obligations associated with assets held for sale and contribution		1,089			7,882		鈥�		鈥�		鈥�
Total Liabilities		$23,853,149			$21,902,406		$22,107,836		$22,118,781		$21,199,178

Redeemable noncontrolling interests		1,505,889			1,459,322		1,433,185		1,465,636		1,399,889

Equity
Preferred Stock:听 $0.01 par value per share, 110,000 shares authorized:
Series J Cumulative Redeemable Preferred Stock ⁽²⁾		$193,540			$193,540		$193,540		$193,540		$193,540
Series K Cumulative Redeemable Preferred Stock ⁽³⁾		203,264			203,264		203,264		203,264		203,264
Series L Cumulative Redeemable Preferred Stock ⁽⁴⁾		334,886			334,886		334,886		334,886		334,886
Common Stock: $0.01 par value per share, 502,000 shares authorized ⁽⁵⁾		3,374			3,338		3,337		3,285		3,231
Additional paid-in capital		28,720,826			28,091,661		28,079,738		27,229,143		26,388,393
Dividends in excess of earnings		(5,997,607)			(6,604,217)		(6,292,085)		(6,060,642)		(5,701,096)
Accumulated other comprehensive (loss), net		(543,756)			(926,874)		(1,182,283)		(657,364)		(884,715)
Total Stockholders' Equity		$22,914,527			$21,295,598		$21,340,397		$21,246,112		$20,537,503

Noncontrolling Interests
Noncontrolling interest in operating partnership		$431,000			$415,956		$396,099		$427,930		$434,253
Noncontrolling interest in consolidated entities		10,430			7,280		6,099		36,933		36,060

Total Noncontrolling Interests		$441,430			$423,236		$402,198		$464,863		$470,313

Total Equity		$23,355,957			$21,718,834		$21,742,595		$21,710,975		$21,007,816

Total Liabilities and Equity		$48,714,995			$45,080,562		$45,283,616		$45,295,392		$43,606,883


(1)	Net of allowance for doubtful accounts of $80,832 and $50,609 as of June 30, 2025 and June 30, 2024, respectively.
(2)	Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of June 30, 2025 and June 30, 2024.
(3)	Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of June 30, 2025 and June 30, 2024.
(4)	Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of June 30, 2025 and June 30, 2024.
(5)	Common Stock: 340,372 and 325,885 shares issued and outstanding as of June 30, 2025 and June 30, 2024, respectively.

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios
Unaudited and Dollars in Thousands			Second Quarter 2025

	Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) ⁽¹⁾		30-Jun-25		31-Mar-25	31-Dec-24	30-Sep-24	30-Jun-24

Net Income / (Loss) Available to Common Stockholders		$1,021,975		$99,793	$179,388	$41,012	$70,039
Interest		109,383		98,464	104,742	123,803	114,756
Loss on debt extinguishment and modifications		鈥�		鈥�	2,165	2,636	鈥�
Income tax expense (benefit)		12,883		17,135	4,928	12,427	14,992
Depreciation and amortization		461,167		443,009	455,355	459,997	425,343
EBITDA		$1,605,408		$658,400	$746,578	$639,875	$625,130
Unconsolidated JV real estate related depreciation and amortization		59,172		55,861	49,463	48,474	47,117
Unconsolidated JV interest expense and tax expense		31,243		33,390	32,255	34,951	27,704
Severance, equity acceleration and legal expenses		2,262		2,428	2,346	2,481	884
Transaction and integration expenses		22,546		39,902	11,797	24,194	26,072
(Gain) / loss on sale of investments		(931,830)		(1,111)	(144,885)	556	(173,709)
Provision for impairment		鈥�		鈥�	22,881	鈥�	168,303
Other non-core adjustments, net ⁽²⁾		9,545		(4,316)	24,539	8,642	743
Noncontrolling interests		14,790		(3,579)	(3,881)	(11,059)	(5,552)
Preferred stock dividends		10,181		10,181	10,181	10,181	10,181
Adjusted EBITDA		$823,319		$791,156	$751,276	$758,296	$726,874


(1)	For definitions and discussion of EBITDA and Adjusted EBITDA, see the Definitions section.
(2)	Includes foreign exchange net unrealized gains/losses attributable to remeasurement, deferred rent adjustments related to a customer bankruptcy, write offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses, gain on sale of land option and lease termination fees.

听

Three Months Ended

Financial Ratios

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Jun-24

Total GAAP interest expense

$109,383

$98,464

$104,742

$123,803

$114,756

Capitalized interest

29,393

30,095

34,442

28,312

27,592

Change in accrued interest and other non-cash amounts

(92,065)

45,416

(58,137)

43,720

(55,605)

Cash Interest Expense ⁽³⁾

$46,711

$173,975

$81,046

$195,835

$86,743

Preferred stock dividends

10,181

Total Fixed Charges ⁽⁴⁾

$148,957

$138,739

$149,364

$162,296

$152,529

Coverage

Interest coverage ratio ⁽⁵⁾

听5.0x

听5.3x

听4.5x

听4.3x

Cash interest coverage ratio ⁽⁶⁾

听11.2x

听4.1x

听6.9x

听3.4x

听6.4x

Fixed charge coverage ratio ⁽⁷⁾

听4.7x

听4.9x

听4.2x

听4.1x

Cash fixed charge coverage ratio ⁽⁸⁾

听9.9x

听3.9x

听6.3x

听3.3x

听5.9x

Leverage

Debt to total enterprise value ^(9)(10)

23.2听%

25.4听%

21.4听%

23.5听%

24.2听%

Debt-plus-preferred-stock-to-total-enterprise-value ^(10)(11)

24.1听%

26.6听%

22.3听%

24.5听%

25.3听%

Pre-tax income to interest expense ⁽¹²⁾

听10.6x

听2.1x

听2.8x

听1.3x

听1.7x

Net Debt-to-Adjusted EBITDA ⁽¹³⁾

听5.1x

听4.8x

听5.4x

听5.3x


(3)	Cash interest expense is interest expense less amortization of debt discount and deferred financing fees and includes interest that we capitalized. We consider cash interest expense to be a useful measure of interest as it excludes non-cash-based interest expense.
(4)	Fixed charges consist of GAAP interest expense, capitalized interest, and preferred stock dividends.
(5)	Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated entities interest expense).
(6)	Adjusted EBITDA divided by cash interest expense (including our pro rata share of unconsolidated entities interest expense).
(7)	Adjusted EBITDA divided by fixed charges (including our pro rata share of unconsolidated entities fixed charges).
(8)	Adjusted EBITDA divided by the sum of cash interest expense and preferred stock dividends (including our pro rata share of unconsolidated entities cash fixed charges).
(9)	Total debt divided by market value of common equity plus debt plus preferred stock.
(10)	Total enterprise value defined as market value of common equity plus debt plus preferred stock.
(11)	Same as (9), except numerator includes preferred stock.
(12)	Calculated as net income plus interest expense divided by GAAP interest expense.
(13)	Calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus Digital AG真人官方ty's pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital AG真人官方ty's pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital AG真人官方ty's pro rata share of unconsolidated entities EBITDA), multiplied by four.

Definitions

Funds From Operations (FFO):

We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of AG真人官方 Estate Investment Trusts (Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO is a non-GAAP financial measure and represents net income (loss) (computed in accordance with GAAP), excluding gain (loss) from the disposition of real estate assets, provision for impairment, real estate related depreciation and amortization (excluding amortization of deferred financing costs), our share of unconsolidated JV real estate related depreciation & amortization, net income attributable to noncontrolling interests in operating partnership and reconciling items related to noncontrolling interests. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the Nareit definition and, accordingly, our FFO may not be comparable to other REITs' FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Core Funds from Operations (Core FFO):

We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared听year over听year, captures trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii)听transaction and integration expenses, (iii)听loss on debt extinguishment and modifications, (iv) gain on /听issuance costs associated with redeemed preferred stock, (v)听severance, equity acceleration and legal expenses, (vi)听gain/loss on FX and derivatives revaluation, and (vii)听other non-core expense adjustments. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may calculate Core FFO differently than we do and accordingly, our Core FFO may not be comparable to other REITs' Core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Adjusted Funds from Operations (AFFO):

We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared听year over听year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs, including on a per share and unit basis. We calculate AFFO by adding to or subtracting from Core FFO (i)听non-real estate depreciation, (ii)听amortization of deferred financing costs, (iii)听amortization of debt discount/premium, (iv)听non-cash stock-based compensation expense, (v)听straight-line rental revenue, (vi)听straight-line rental expense, (vii)听above- and below-market rent amortization, (viii)听deferred tax expense / (benefit), (ix)听leasing compensation and internal lease commissions, and (x)听recurring capital expenditures. Other REITs may calculate AFFO differently than we do and, accordingly, our AFFO may not be comparable to other REITs' AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

EBITDA and Adjusted EBITDA:

We believe that earnings before interest, loss on debt extinguishment and modifications, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense and tax, (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, and (x) gain on / issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation听& amortization, (ii) unconsolidated entities interest expense and tax, (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, and (x) gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs' EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance.

Net Operating Income (NOI) and Cash NOI:

Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company's rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. Same-Capital Cash NOI represents buildings owned as of December 31, 2023 of the prior year with less than 5% of total rentable square feet under development and excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs' NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance.

Additional Definitions

GAAP refers to United States generally accepted accounting principles.

Net debt-to-Adjusted EBITDA ratio is calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus Digital AG真人官方ty's pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital AG真人官方ty's pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital AG真人官方ty's pro rata share of unconsolidated entities EBITDA), multiplied by four.

Debt-plus-preferred-to-total enterprise value is total debt plus preferred stock divided by total debt plus the liquidation value of preferred stock and the market value of outstanding Digital AG真人官方ty Trust,听Inc. common stock and Digital AG真人官方ty Trust,听L.P. units, assuming the redemption of Digital AG真人官方ty Trust,听L.P. units for shares of Digital AG真人官方ty Trust,听Inc. common stock.

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest and preferred stock dividends. For the quarter ended June 30, 2025, GAAP interest expense was听$109 million, capitalized interest was $29 million and preferred stock dividends was $10 million.


Reconciliation of Net Operating Income (NOI)	Three Months Ended						Six Months Ended
(in thousands)	30-Jun-25		31-Mar-25		30-Jun-24		30-Jun-25		30-Jun-24

Operating income		$211,697		$195,750		$9,889		$407,447		$159,256

听Fee income		(34,427)		(20,643)		(15,656)		(55,070)		(28,666)
听翱迟丑别谤 income		(1,363)		(133)		(2,125)		(1,496)		(2,987)
听Depreciation and amortization		461,167		443,009		425,343		904,176		856,445
听General and administrative		133,755		121,112		119,511		254,867		233,931
听Severance, equity acceleration and legal expenses		2,262		2,428		884		4,690		1,675
Transaction and integration expenses		22,546		39,902		26,072		62,448		57,911
听Provision for impairment		鈥�		鈥�		168,303		鈥�		168,303
听翱迟丑别谤 expenses		195		112		(529)		307		10,306

Net Operating Income		$795,832		$781,536		$731,692		$1,577,369		$1,456,175


听Cash Net Operating Income (Cash NOI)

Net Operating Income		$795,832		$781,536		$731,692		$1,577,369		$1,456,175

听Straight-line rental revenue		(24,015)		(9,693)		(2,873)		(33,708)		(5,395)
听Straight-line rental expense		(469)		24		959		(445)		2,328
听Above- and below-market rent amortization		(752)		(706)		(1,691)		(1,458)		(2,545)

Cash Net Operating Income		$770,596		$771,162		$728,088		$1,541,758		$1,450,563



Constant Currency CFFO Reconciliation	Three Months Ended						Six Months Ended
(in thousands, except per share data)	30-Jun-25				30-Jun-24		30-Jun-25		30-Jun-24

Core FFO ⁽¹⁾		$643,284				$538,482		$1,251,639		$1,070,634
听Core FFO impact of holding '24 Exchange Rates Constant ⁽²⁾		(11,688)				鈥�		(5,989)		鈥�

Constant Currency Core FFO		$631,596				$538,482		$1,245,650		$1,070,634
听Weighted-average shares and units outstanding - diluted		343,909				326,181		343,436		322,619
Constant Currency CFFO Per Share		$1.84				$1.65		$3.63		$3.32


1)	As reconciled to net income above.
2)	Adjustment calculated by holding currency translation rates for 2025 constant with average currency translation rates that were applicable to the same periods in 2024.

This document 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 and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and听colocation space, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company's FFO, Core FFO, constant currency Core FFO, adjusted FFO, and net income, 2025 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial data. Such statements are based on management's beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

reduced demand for data centers or decreases in information technology spending;
decreased rental rates, increased operating costs or increased vacancy rates;
increased competition or available supply of data center space;
the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services;
breaches of our obligations or restrictions under our contracts with our customers;
our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties;
the impact of current global and local economic, credit and market conditions;
increased tariffs, global supply chain or procurement disruptions, or increased supply chain costs;
the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs;
the impact on our customers' and our suppliers' operations during an epidemic, pandemic, or other global events;
our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers;
changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate;
our inability to retain data center space that we lease or sublease from third parties;
information security and data privacy breaches;
difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas;
our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions;
our failure to successfully integrate and operate acquired or developed properties or businesses;
difficulties in identifying properties to acquire and completing acquisitions;
risks related to joint venture investments, including as a result of our lack of control of such investments;
risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements;
our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital;
financial market fluctuations and changes in foreign currency exchange rates;
adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges;
our inability to manage our growth effectively;
losses in excess of our insurance coverage;
our inability to attract and retain talent;
environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;
the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations;
our inability to comply with rules and regulations applicable to our company;
Digital AG真人官方ty Trust, Inc.'s failure to maintain its status as a REIT for U.S. federal income tax purposes;
Digital AG真人官方ty Trust, L.P.'s failure to qualify as a partnership for U.S. federal income tax purposes;
restrictions on our ability to engage in certain business activities;
changes in local, state, federal and international laws, and regulations, including related to taxation, real estate, and zoning laws, and increases in real property tax rates; and
the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us.

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10鈥慘 for the year ended December 31, 2024, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital AG真人官方ty, Digital AG真人官方ty Trust, the Digital AG真人官方ty logo, Interxion, Turn-Key Flex, Powered Base Building, ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture, PlatformDIGITAL, PDx, Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital AG真人官方ty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners.

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