Digital Realty Trust (DLR) investor relations material

Development pipeline and capacity

• Operating portfolio includes 3 GW of capacity, with 750 MW under construction (60% leased), and 600 MW of shell construction preparing for future growth, mainly delivering from late 2026 through 2028.

• Land bank totals 3.5 GW globally, with significant holdings in North America and key international markets, supporting long-term expansion.

• Demand remains robust, especially for AI-related workloads, with high pre-leasing rates and a strong backlog exceeding $850 million.

Power and supply chain dynamics

• Power constraints persist in major markets, but some relief is emerging in Northern Virginia, with new capacity expected from late 2026 onward.

• Expansion into markets like Charlotte and Atlanta helps offset constraints in traditional hubs such as Chicago.

• APAC markets like Singapore face power and land constraints, while Japan and Seoul see steady development; EMEA mirrors North America with mixed constraints and opportunities.

• Supply chain for critical equipment remains tight, with 12–24 month lead times, but established vendor relationships and pre-ordering strategies support timely delivery.

Financial outlook and growth strategy

• Bottom-line growth guidance for 2025 has accelerated from 5% to nearly 6.5%, driven by a strong development pipeline and leasing backlog.

• Positive releasing spreads (4–6%) are expected, with higher spreads in the >1 MW segment, supporting multi-year growth.

• Regional revenue mix is shifting toward North America due to AI demand, though EMEA and APAC remain active.

• Focus remains on core major markets and a diverse product spectrum, with sufficient capacity to meet demand and support compounding per-share growth.