DIGITAL REALTY TRUST, INC. - FORM 8-K - EX-99.2 - SUPPLEMENTAL OPERATING AND FINANCIAL DATA

Attached files

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8-K - FORM 8-K - DIGITAL REALTY TRUST, INC.	d247868d8k.htm
EX-99.1 - PRESS RELEASE - DIGITAL REALTY TRUST, INC.	d247868dex991.htm

Exhibit 99.2

LOGO

DIGITAL REALTY TRUST, INC.

Third Quarter 2011


	PAGE
Corporate Data

Corporate Information		4

Ownership Structure		6

Consolidated Financial Information

Key Quarterly Financial Data		7

Consolidated Balance Sheets		8

Consolidated Quarterly Statements of Operations		9

Funds From Operations and Adjusted Funds From Operations		10

Reconciliation of Earnings Before Interest, Taxes, Depreciation and Amortization and Financial Ratios		11

Same Store and New Properties Consolidated Quarterly Statements of Operations		12

Same Store Operating Trend Summary		13

Consolidated Debt Analysis and Corporate Credit Facility		14

Corporate Revolving Credit Facility Commitments		15

Debt Maturities		16

Debt Analysis & Covenant Compliance		17

Portfolio Data

Portfolio Summary		18

Properties Acquired		19

Occupancy Analysis		20

Major Tenants		23

Lease Expirations and Lease Distribution		24

Lease Expirations — By Product Type		25

Summary of Leasing Activity - Signed		26

Summary of Leasing Activity - Commenced		27

Historical Capital Expenditures		28

Construction Activity Report		29

Construction Projects in Progress and Total Estimated Direct Cost		30

Definitions

Management Statements on Non-GAAP Supplemental Measures		31

Page 2

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Statement Regarding Forward-Looking Statements

This supplemental package contains forward-looking statements within the meaning of the federal securities laws, including information related to trends, 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 redevelopment activity, projected construction costs 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:

•

the impact of the recent deterioration in global economic, credit and market conditions, including the downgrading of the U.S. government’s credit rating;

•

current local economic conditions in our geographic markets;

•

decreases in information technology spending, including as a result of economic slowdowns or recession;

•

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);

•

our dependence upon significant tenants;

•

bankruptcy or insolvency of a major tenant or a significant number of smaller tenants;

•

defaults on or non-renewal of leases by tenants;

•

our failure to obtain necessary debt and equity financing;

•

increased interest rates and operating costs;

•

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;

•

financial market fluctuations;

•

changes in foreign currency exchange rates;

•

our inability to manage our growth effectively;

•

difficulty acquiring or operating properties in foreign jurisdictions;

•

our failure to successfully integrate and operate acquired or redeveloped properties;

•

risks related to joint venture investments, including as a result of our lack of control of such investments;

•

delays or unexpected costs in development or redevelopment of properties;

•

decreased rental rates or increased vacancy rates;

•

increased competition or available supply of data center space;

•

our inability to successfully develop and lease new properties and space held for redevelopment;

•

difficulties in identifying properties to acquire and completing acquisitions;

•

our inability to acquire off-market properties;

•

our inability to comply with the rules and regulations applicable to reporting companies;

•

our failure to maintain our status as a REIT;

•

possible adverse changes to tax laws;

•

restrictions on our ability to engage in certain business activities;

•

environmental uncertainties and risks related to natural disasters;

•

losses in excess of our insurance coverage;

•

changes in foreign laws and regulations, including those related to taxation and real estate ownership and operation; and

•

changes in local, state and federal regulatory requirements, including changes in real estate and zoning laws and increases in real property tax rates.

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. We discussed a number of additional material risks in our annual report on Form 10-K for the year ended December 31, 2010, and other filings with the Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very 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.

Page 3

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Corporate Information

Corporate Profile

Digital Realty Trust, Inc. owns, acquires, redevelops, develops and manages technology-related real estate. The Company is focused on providing Turn-Key Datacenter® and Powered Base Building® datacenter solutions for domestic and international tenants across a variety of industry verticals ranging from information technology and Internet enterprises, to manufacturing and financial services. The Company’s 98 properties, excluding two properties held as investments in unconsolidated joint ventures, contain applications and operations critical to the day-to-day operations of technology industry tenants and corporate enterprise datacenter tenants. Comprising approximately 17.4 million net rentable square feet, including approximately 2.1 million square feet of space held for redevelopment, Digital Realty Trust’s portfolio is located throughout North America, Europe, Asia and Australia. For additional information, please visit the company’s website at www.digitalrealty.com.

Corporate Headquarters

560 Mission Street, Suite 2900

San Francisco, California 94105

Telephone: (415) 738-6500

Facsimile: (415) 738-6501

Web site: www.digitalrealtytrust.com

Senior Management

Richard A. Magnuson: Chairman

Michael F. Foust: Chief Executive Officer

A. William Stein: Chief Financial Officer and Chief Investment Officer

Scott E. Peterson: Chief Acquisitions Officer

David J. Caron: Senior Vice President, Portfolio Management

Investor Relations

To request an Investor Relations package or be added to our e-mail distribution list, please visit our website:

www.digitalrealty.com (Proceed to Information Request in the Investor Relations section)

Analyst Coverage


Credit Suisse	Jefferies	JMP Securities	Deutsche Bank	Macquarie
Andrew Rosivach	Omotayo Okusanya	William C. Marks	John Perry	Rob Stevenson
(415) 249-7942	(212) 336-7076	(415) 835-8944	(212) 250-4912	(212) 231-8068

Gautam Garg	Jonathan Petersen	Mitch Germain	Vincent Chao	Nicolas Yulico
(415) 249-7933	(212) 336-7454	(212) 906-3546	(212) 250-6799	(212) 231-8028

Barclays Capital	FBR	Citigroup	Baird	Bank of America Merrill Lynch
Ross Smotrich	Sri Nagarajan	Michael Bilerman	Christopher R. Lucas	James Feldman
(212) 526-2306	(646) 885-5429	(212) 816-1685	(703) 821-5780	(646) 855-5808

Matthew Rand	Evan Smith	Emmanuel Korchman	Thomas Lesnik	Ji Zhang
(212) 526-0248	(646) 885-6431	(212) 816-1382	(703) 918-7854	(646) 855-2926

RBC Capital Markets	Raymond James	KeyBanc Capital Markets	ISI	Stifel Nicolaus
Dave Rodgers	Paul D. Puryear	Jordan Sadler	Steve Sakwa	Todd Weller
(440) 715-2647	(727) 567-2253	(917) 368-2280	(212) 446-9462	(443) 224-1305

Mike Carroll	William A. Crow	Craig Mailman	George Auerbach
(440) 715-2649	(727) 567-2594	(917) 368-2316	(212) 446-9459

UBS	Goldman Sachs	Green Street	Morgan Joseph TriArtisan
Ross Nussbaum	Sloan Bohlen	Lukas Hartwich	Ilya Grozovsky
(212) 713-2484	(212) 902-2796	(949) 640-8780	212.218.3856

This Supplemental Operating and Financial Data package supplements the information provided in our quarterly and annual reports filed with the Securities and Exchange Commission. Additional information about us and our properties is also available at our website www.digitalrealty.com.

Page 4

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Corporate Information

Stock Listing Information

The stock of Digital Realty Trust, Inc. is traded primarily on the New York Stock Exchange under the following symbol:


Common Stock:		DLR
Series E Preferred Stock:		DLRPRE

Note that symbols may vary by stock quote provider.

Credit Ratings

*Standard & Poors*
Corporate Credit Rating	BBB	(Stable Outlook)
Preferred Stock	BB+

*Moody’s*
Issuer Rating	Baa2	(Stable 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, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in 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 Trust’s common stock (DLR):


	3rd Quarter 2011			2nd Quarter 2011			1st Quarter 2011			4th Quarter 2010			3rd Quarter 2010			2nd Quarter 2010			1st Quarter 2010
High Price *	$	64.09		$	64.25		$	59.34		$	62.40		$	64.06		$	64.17		$	56.60
Low Price *	$	50.63		$	56.34		$	50.63		$	47.42		$	56.23		$	51.77		$	46.21
Closing Price, end of quarter *	$	55.16		$	61.78		$	58.14		$	51.54		$	61.70		$	57.68		$	54.20
Average daily trading volume *		1,198,958			962,400			1,192,245			1,665,345			1,094,573			1,254,652			975,779
Indicated dividend per common share **	$	2.720		$	2.720		$	2.720		$	2.120		$	2.120		$	1.920		$	1.920
Closing annual dividend yield, end of quarter		4.9	%		4.4	%		4.7	%		4.1	%		3.4	%		3.3	%		3.5	%
Closing shares and units outstanding, end of quarter ***		109,127,550			103,789,573			97,555,237			96,622,670			94,895,869			92,586,978			83,638,744
Closing market value of shares and units outstanding (thousands), end of quarter	$	6,019,476		$	6,412,120		$	5,671,861		$	4,979,932		$	5,855,075		$	5,340,417		$	4,533,220

*	New York Stock Exchange trades only.

**	On an annual basis.

***

As of September 30, 2011, the total number of shares and units includes 104,102,878 shares of common stock, 3,420,814 common units held by third parties and 1,603,858 common units, vested and unvested long-term incentive units and vested and unvested class C units held by officers and directors, and excludes all unexercised common stock options and all shares potentially issuable upon exchange of our 5.50% exchangeable senior debentures due 2029 or upon conversion of our series C and series D cumulative convertible preferred stock.

Page 5

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Ownership Structure

As of September 30, 2011

LOGO


Partner	# of Units ⁽²⁾		% Ownership
Digital Realty Trust, Inc.		104,102,878		95.4	%
Cambay Tele.com, LLC ⁽³⁾		3,420,814		3.1	%
Directors, Executive Officers and Others		1,603,858		1.5	%

Total		109,127,550		100.0	%

(1)	Reflects limited partnership interests held by our officers and directors in the form of common units and vested and unvested long-term incentive units and excludes all unexercised common stock options.

(2)

The total number of shares and units includes 104,102,878 shares of common stock, 3,420,814 common units held by third parties and 1,603,858 common units, vested and unvested long-term incentive units and vested and unvested class C units held by officers and directors, and excludes all unexercised common stock options and all shares potentially issuable upon exchange of our 5.50% exchangeable senior debentures due 2029 or upon conversion of our series C and series D cumulative convertible preferred stock.

(3)

These third-party contributors received the common units (along with cash and our operating partnership’s assumption of debt) in exchange for their interests in 200 Paul Avenue 1-4, 1100 Space Park Drive, the eXchange colocation business and other specified assets and liabilities. Includes 409,913 common units held by the members of Cambay Tele.com, LLC.

Page 6

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Key Quarterly Financial Data

(Unaudited and dollars in thousands, except per share data)


	30-Sep-11			30-Jun-11			31-Mar-11			31-Dec-10			30-Sep-10			30-Jun-10			31-Mar-10
Shares and Units at End of Quarter
Common shares outstanding		104,102,878			98,754,727			92,078,429			91,159,221			89,419,253			87,049,946			78,176,655
Common units outstanding		5,024,672			5,034,846			5,476,808			5,463,449			5,476,616			5,537,032			5,462,089

Total shares and operating partnership units		109,127,550			103,789,573			97,555,237			96,622,670			94,895,869			92,586,978			83,638,744

Enterprise Value
Market value of common equity ⁽¹⁾	$	6,019,476		$	6,412,120		$	5,671,861		$	4,979,932		$	5,855,075		$	5,340,417		$	4,533,220
Liquidation value of preferred equity		636,312			369,715			508,619			519,681			582,931			686,611			686,637
Total debt at balance sheet carrying value		2,797,040			3,067,577			3,055,429			2,806,954			2,721,599			2,124,710			2,168,209

Total enterprise value	$	9,452,828		$	9,849,412		$	9,235,909		$	8,306,567		$	9,159,605		$	8,151,738		$	7,388,066

Total debt/Total enterprise value		29.6	%		31.1	%		33.1	%		33.8	%		29.7	%		26.1	%		29.3	%

Selected Balance Sheet Data
Investments in real estate (before depreciation)	$	5,839,696		$	5,634,381		$	5,455,314		$	5,245,177		$	4,953,540		$	4,094,476		$	4,003,523
Total assets		5,826,412			5,658,405			5,537,345			5,329,483			5,170,899			4,501,032			4,147,586
Total liabilities		3,249,532			3,524,591			3,498,272			3,274,820			3,122,030			2,469,143			2,499,081

Selected Operating Data
Total operating revenues	$	273,476		$	267,881		$	250,741		$	238,672		$	237,486		$	197,464		$	191,779
Total operating expenses		201,850			191,161			176,076			166,112			177,085			143,314			136,584
Interest expense		37,078			39,334			36,082			36,583			36,737			33,162			30,902
Net income		37,689			38,228			39,012			36,298			23,626			19,902			25,586
Net income available to common stockholders		31,908			31,990			30,980			24,865			9,639			9,091			14,744

Financial Ratios
EBITDA ⁽²⁾	$	148,500		$	148,768		$	142,023		$	138,994		$	117,930		$	104,188		$	103,894
Adjusted EBITDA ⁽³⁾	$	154,281		$	155,006		$	150,055		$	150,427		$	131,917		$	114,999		$	114,736
Cash interest expense ⁽⁴⁾	$	54,107		$	27,349		$	45,208		$	27,404		$	36,851		$	27,062		$	22,231
Fixed charges ⁽⁵⁾	$	62,280		$	35,750		$	55,630		$	38,831		$	49,621		$	40,613		$	35,326
Debt service coverage ratio ⁽⁶⁾		2.9	x		5.7	x		3.3	x		5.5	x		3.6	x		4.2	x		5.2	x
Fixed charge coverage ratio ⁽⁷⁾		2.5	x		4.3	x		2.7	x		3.9	x		2.7	x		2.8	x		3.2	x

Profitability Measures
Net income per common share - basic	$	0.32		$	0.33		$	0.34		$	0.27		$	0.11		$	0.11		$	0.19
Net income per common share - diluted	$	0.31		$	0.33		$	0.33		$	0.27		$	0.11		$	0.11		$	0.18
Funds From Operations (FFO) per diluted share and unit ⁽⁸⁾	$	1.01		$	1.02		$	1.02		$	0.98		$	0.81		$	0.76		$	0.81
Adjusted Funds From Operations (AFFO) per diluted share and unit ⁽⁹⁾	$	0.84		$	0.86		$	0.90		$	0.87		$	0.75		$	0.65		$	0.67
Dividends per share and common unit	$	0.68		$	0.68		$	0.68		$	0.53		$	0.53		$	0.48		$	0.48
Diluted FFO payout ratio ⁽¹⁰⁾		67.4	%		67.0	%		66.9	%		53.9	%		65.4	%		63.4	%		59.2	%
Diluted AFFO payout ratio ⁽¹¹⁾		81.0	%		79.1	%		75.4	%		60.8	%		70.7	%		73.3	%		71.4	%

Portfolio Statistics
Buildings		136			134			133			132			131			122			118
Properties		98			96			96			96			95			87			84
Net rentable square feet, excluding redevelopment space		15,262,859			14,967,288			14,628,267			14,584,914			14,456,127			13,270,035			13,211,992
Square feet held for redevelopment ⁽¹²⁾		2,126,131			2,107,693			2,236,745			2,166,848			1,925,135			1,916,028			1,828,598
Occupancy at end of quarter ⁽¹³⁾		93.7	%		93.9	%		93.5	%		94.6	%		95.0	%		95.0	%		95.2	%
Weighted average remaining lease term (years) ⁽¹⁴⁾		7.0			6.8			6.9			6.9			6.9			7.2			7.2
Same store occupancy at end of quarter ^(13)(15)		94.2	%		94.2	%		93.8	%		94.9	%		94.8	%		94.9	%		95.2	%

(1)

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 (including vested and unvested class C units), for shares of our common stock. Excludes shares issuable with respect to stock options that have been granted but have not yet been exercised, and also excludes all shares potentially issuable upon exchange of our 5.50% exchangeable senior debentures due 2029 or upon conversion of our series C and series D cumulative convertible preferred stock.

(2)	EBITDA is calculated as earnings before interest, taxes, depreciation and amortization. For a discussion of EBITDA, see page 31. For a reconciliation of net income available to common stockholders to EBITDA, see page 11.

(3)	Adjusted EBITDA is EBITDA adjusted for preferred dividends and minority interests. For a discussion of Adjusted EBITDA, see page 31. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 11.

(4)	Cash interest expense is interest expense per our statement of operations less amortization of debt discount and deferred financing fees and includes interest that we capitalized. For a reconciliation of GAAP interest expense to cash interest expense, see page 11.

(5)	Fixed charges consist of cash interest expense, scheduled debt principal payments and preferred dividends.

(6)	Debt service coverage ratio is Adjusted EBITDA divided by cash interest expense.

(7)	Fixed charge coverage ratio is Adjusted EBITDA divided by fixed charges.

(8)	For a definition and discussion of FFO, see page 31. For a reconciliation of net income available to common stockholders to FFO, see page 10.

(9)	For a definition and discussion of AFFO, see page 31. For a reconciliation of FFO to AFFO, see page 10.

(10)	Diluted FFO payout ratio is dividends declared per common share and unit divided by diluted FFO per share and unit.

(11)	Diluted AFFO payout ratio is dividends declared per common share and unit divided by diluted AFFO per share and unit.

(12)

Redevelopment space requires significant capital investment in order to develop data center facilities that are ready for use. Most often this is shell space. However, in certain circumstances this may include partially built datacenter space that was not completed by previous ownership and requires a large capital investment in order to build out the space.

(13)	Occupancy and same store occupancy exclude space held for redevelopment. For some of our properties, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area.

(14)	Weighted average remaining lease term excludes renewal options, weighted by net rentable square feet.

(15)	Same store properties were acquired before December 31, 2009.

Page 7

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Consolidated Balance Sheets

(Dollars in thousands, except per share data)


	September 30, 2011			December 31, 2010
	(unaudited)
ASSETS
Investments in real estate
Land	$	522,309		$	478,629
Acquired ground leases		6,375			6,374
Buildings and improvements		5,001,137			4,459,047
Tenant improvements		291,452			283,492

Investments in real estate		5,821,273			5,227,542
Accumulated depreciation and amortization		(838,034	)		(660,700	)

Net investments in properties		4,983,239			4,566,842
Investment in unconsolidated joint ventures		18,423			17,635

Net investments in real estate		5,001,662			4,584,477
Cash and cash equivalents		38,732			11,719
Accounts and other receivables, net of allowance for doubtful accounts of $2,160 and $3,250 as of September 30, 2011 and December 31, 2010, respectively		90,647			70,337
Deferred rent		231,825			190,067
Acquired above market leases, net		31,822			40,539
Acquired in place lease value and deferred leasing costs, net		315,963			334,366
Deferred financing costs, net		22,084			22,825
Restricted cash		55,230			60,062
Other assets		38,447			15,091

Total Assets	$	5,826,412		$	5,329,483

LIABILITIES AND EQUITY
Revolving credit facilities	$	163,113		$	333,534
Unsecured senior notes, net of discount		1,440,828			1,066,030
Exchangeable senior debentures, net of discount		266,400			353,702
Mortgage loans		916,199			1,043,188
Other secured loans		10,500			10,500
Accounts payable and other accrued liabilities		289,560			237,631
Accrued dividends and distributions		—			51,210
Acquired below market leases, net		78,724			93,250
Security deposits and prepaid rents		84,208			85,775

Total Liabilities		3,249,532			3,274,820

Commitments and contingencies		—			—
EQUITY:
Stockholders’ equity:
Preferred Stock: $0.01 par value, 30,000,000 authorized:
Series C Cumulative Convertible Preferred Stock, 4.375%, $128,159 and $174,999 liquidation preference, respectively ($25.00 per share), 5,126,364 and 6,999,955 issued and outstanding as of September 30, 2011 and December 31, 2010, respectively		123,820			169,067
Series D Cumulative Convertible Preferred Stock, 5.500%, $220,653 and $344,683 liquidation preference, respectively ($25.00 per share), 8,826,115 and 13,787,300 issued and outstanding as of September 30, 2011 and December 31, 2010, respectively		213,361			333,274
Series E Cumulative Redeemable Preferred Stock, 7.000%, $287,500 and $0 liquidation preference, respectively ($25.00 per share), 11,500,000 and 0 issued and outstanding as of September 30, 2011 and December 31, 2010, respectively		277,402			—
Common Stock: $0.01 par value, 145,000,000 authorized, 104,102,878 and 91,159,221 shares issued and outstanding as of September 30, 2011 and December 31, 2010, respectively		1,038			909
Additional paid-in capital		2,404,305			1,849,497
Dividends in excess of earnings		(452,590	)		(348,148	)
Accumulated other comprehensive income, net		(50,993	)		(42,081	)

Total stockholders’ equity		2,516,343			1,962,518

Noncontrolling interests:
Noncontrolling interest in operating partnership		47,504			52,436
Noncontrolling interest in consolidated joint ventures		13,033			39,709

Total noncontrolling interests		60,537			92,145

Total Equity		2,576,880			2,054,663

Total Liabilities and Equity	$	5,826,412		$	5,329,483

Page 8

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Consolidated Quarterly Statements of Operations

(unaudited and in thousands, except share and per share data)


	Three Months Ended
	30-Sep-11			30-Jun-11			31-Mar-11			31-Dec-10			30-Sep-10			30-Jun-10			31-Mar-10
Rental	$	206,846		$	202,806		$	196,795		$	189,684		$	184,204		$	156,831		$	151,306
Tenant reimbursements		56,656			51,311			51,834			46,451			52,975			39,597			39,059
Construction management		9,372			13,759			1,817			2,166			307			1,036			1,414
Other		602			5			295			371			—			—			—

Total operating revenues		273,476			267,881			250,741			238,672			237,486			197,464			191,779

Rental property operating and maintenance		82,164			72,337			71,723			69,763			73,863			53,936			52,595
Property taxes		13,055			13,962			13,471			4,933			14,030			12,748			12,721
Insurance		1,961			1,998			2,051			2,384			2,168			1,846			1,735
Construction management		7,391			11,199			1,737			200			293			470			647
Depreciation and amortization		79,047			76,848			73,918			76,383			70,128			59,860			57,532
General and administrative		14,600			14,077			12,405			12,225			11,878			12,574			10,519
Transactions		3,632			740			681			224			4,666			1,715			833
Other		—			—			90			—			59			165			2

Total operating expenses		201,850			191,161			176,076			166,112			177,085			143,314			136,584

Operating income		71,626			76,720			74,665			72,560			60,401			54,150			55,195
Equity in earnings of unconsolidated joint ventures		1,390			1,058			1,208			1,260			1,061			955			1,978
Interest and other income		2,218			380			264			224			327			34			31
Interest expense		(37,078	)		(39,334	)		(36,082	)		(36,583	)		(36,737	)		(33,162	)		(30,902	)
Tax expense		(461	)		(233	)		(428	)		(258	)		(343	)		(534	)		(716	)
Loss from early extinguishment of debt		(6	)		(363	)		(615	)		(905	)		(1,083	)		(1,541	)		—

Net income		37,689			38,228			39,012			36,298			23,626			19,902			25,586
Net income attributable to noncontrolling interests		(1,345	)		(1,525	)		(1,510	)		(1,077	)		(590	)		(710	)		(741	)

Net income attributable to Digital Realty Trust, Inc.		36,344			36,703			37,502			35,221			23,036			19,192			24,845
Preferred stock dividends		(4,436	)		(4,713	)		(6,522	)		(7,608	)		(9,194	)		(10,101	)		(10,101	)
Costs on redemption of preferred stock		—			—			—			(2,748	)		(4,203	)		—			—

Net income available to common stockholders	$	31,908		$	31,990		$	30,980		$	24,865		$	9,639		$	9,091		$	14,744

Net income per share available to common stockholders - basic	$	0.32		$	0.33		$	0.34		$	0.27		$	0.11		$	0.11		$	0.19
Net income per share available to common stockholders - diluted	$	0.31		$	0.33		$	0.33		$	0.27		$	0.11		$	0.11		$	0.18
Weighted-average shares outstanding - basic		100,588,235			96,295,585			91,428,355			90,698,033			87,908,953			80,542,329			77,770,691
Weighted-average shares outstanding - diluted		101,912,342			97,511,811			92,600,215			92,448,830			90,136,911			83,021,817			80,612,660
Weighted-average fully diluted shares and units		105,478,907			102,272,613			98,117,454			97,330,548			95,042,658			88,295,639			86,075,069

Page 9

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Funds From Operations (FFO)

(unaudited and in thousands, except per share data)


	Three Months Ended
	30-Sep-11			30-Jun-11			31-Mar-11			31-Dec-10			30-Sep-10			30-Jun-10			31-Mar-10
Reconciliation of net income available to common stockholders to FFO (Note):
Net income available to common stockholders	$	31,908		$	31,990		$	30,980		$	24,865		$	9,639		$	9,091		$	14,744
Adjustments:
Noncontrolling interests in operating partnership		1,421			1,582			1,652			1,336			537			560			973
Real estate related depreciation and amortization ⁽¹⁾		78,550			76,405			73,506			75,983			69,810			59,517			57,175
Real estate related depreciation and amortization related to investment in unconsolidated joint ventures		918			893			892			724			1,058			688			773

FFO available to common stockholders and unitholders	$	112,797		$	110,870		$	107,030		$	102,908		$	81,044		$	69,856		$	73,665

FFO per share and unit:
Basic	$	1.07		$	1.10		$	1.11		$	1.08		$	0.87		$	0.81		$	0.89
Diluted ⁽²⁾	$	1.01		$	1.02		$	1.02		$	0.98		$	0.81		$	0.76		$	0.81

Weighted-average shares and units outstanding — basic		105,069			101,056			96,303			95,580			93,421			86,150			83,233
Weighted-average shares and units outstanding — diluted ⁽²⁾		120,235			117,845			115,730			115,618			113,235			106,386			104,142

(1) Real estate related depreciation and amortization was computed as follows:

Depreciation and amortization per income statement	$	79,047		$	76,848		$	73,918		$	76,383		$	70,128		$	59,860		$	57,532
Non-real estate depreciation		(497	)		(443	)		(412	)		(400	)		(318	)		(343	)		(357	)

	$	78,550		$	76,405		$	73,506		$	75,983		$	69,810		$	59,517		$	57,175


(2) At September 30, 2011, we had 5,126 series C convertible preferred shares and 8,826 series D convertible preferred shares outstanding that were convertible into 2,784 common shares and 5,604 common shares on a weighted average basis for the three months ended September 30, 2011, respectively. For the three and nine months ended September 30, 2011, we have excluded the effect of dilutive series E preferred stock, that may be converted upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series E preferred stock, which we consider highly improbable; if included, the dilutive effect for the three and nine months ended September 30, 2011 would be 914 and 308 shares, respectively. In addition, we had a balance of $266,400 of 5.50% exchangeable senior debentures that were exchangeable for 6,368 common shares on a weighted average basis for the three months ended September 30, 2011. See below for calculations of diluted FFO available to common stockholders and unitholders and weighted average common stock and units outstanding.

FFO available to common stockholders and unitholders	$	112,797		$	110,870		$	107,030		$	102,908		$	81,044		$	69,856		$	73,665
Add: Series C convertible preferred dividends		1,402			1,441			1,832			1,914			1,914			1,914			1,914
Add: Series D convertible preferred dividends		3,034			3,272			4,690			4,739			4,739			4,742			4,742
Add: 5.50% exchangeable senior debentures interest expense		4,050			4,050			4,050			4,050			4,050			4,050			4,050

FFO available to common stockholders and unitholders — diluted	$	121,283		$	119,633		$	117,602		$	113,611		$	91,747		$	80,562		$	84,371

Weighted average common stock and units outstanding		105,069			101,056			96,303			95,580			93,421			86,150			83,233
Add: Effect of dilutive securities (excl. series C & D convert. preferred stock & 5.50% debentures)		410			1,216			1,172			1,751			1,622			2,146			2,842
Add: Effect of dilutive series C convertible preferred stock		2,784			2,865			3,652			3,703			3,666			3,657			3,657
Add: Effect of dilutive series D convertible preferred stock		5,604			6,419			8,333			8,314			8,316			8,238			8,215
Add: Effect of dilutive 5.50% exchangeable senior debentures		6,368			6,289			6,270			6,270			6,210			6,195			6,195

Weighted average common stock and units outstanding — diluted		120,235			117,845			115,730			115,618			113,235			106,386			104,142

Note: For a definition and discussion of FFO, see page 31.

Adjusted Funds From Operations (AFFO)

(unaudited and in thousands)


	Three Months Ended
	30-Sep-11			30-Jun-11			31-Mar-11			31-Dec-10			30-Sep-10			30-Jun-10			31-Mar-10
Reconciliation of FFO to AFFO (Note):
FFO available to common stockholders and unitholders	$	112,797		$	110,870		$	107,030		$	102,908		$	81,044		$	69,856		$	73,665
Adjustments:
Non-real estate depreciation		497			443			412			400			318			343			357
Amortization of deferred financing costs		2,285			2,510			2,451			2,410			2,715			2,929			2,406
Amortization of debt discount		241			749			998			933			781			1,082			1,025
Non-cash compensation		3,560			3,739			2,963			2,803			2,942			3,229			2,188
Loss from early extinguishment of debt		6			363			615			905			1,083			1,541			—
Straight line rents		(14,166	)		(14,305	)		(12,749	)		(11,948	)		(11,861	)		(10,560	)		(11,099	)
Above and below market rent amortization		(1,989	)		(1,860	)		(1,814	)		(1,813	)		(1,800	)		(2,422	)		(2,283	)
Capitalized leasing compensation		(2,734	)		(2,721	)		(2,443	)		(1,930	)		(1,760	)		(2,026	)		(1,887	)
Recurring capital expenditures and tenant improvements		(2,650	)		(777	)		(687	)		(2,667	)		(735	)		(178	)		(2,024	)
Capitalized leasing commissions		(5,350	)		(6,486	)		(3,029	)		(4,797	)		(2,925	)		(4,866	)		(3,156	)
Costs on redemption of preferred stock		—			—			—			2,748			4,203			—			—

AFFO available to common stockholders and unitholders	$	92,497		$	92,525		$	93,747		$	89,952		$	74,005		$	58,928		$	59,192

Note: For a definition and discussion of AFFO, see page 31. For a reconciliation of net income available to common stockholders to FFO, see above table.

Page 10

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Reconciliation of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) ⁽¹⁾

(unaudited and in thousands)


	Three Months Ended
	30-Sep-11			30-Jun-11			31-Mar-11			31-Dec-10			30-Sep-10			30-Jun-10			31-Mar-10
Net income available to common stockholders	$	31,908		$	31,990		$	30,980		$	24,865		$	9,639		$	9,091		$	14,744
Interest		37,078			39,334			36,082			36,583			36,737			33,162			30,902
Loss from early extinguishment of debt		6			363			615			905			1,083			1,541			—
Taxes		461			233			428			258			343			534			716
Depreciation and amortization		79,047			76,848			73,918			76,383			70,128			59,860			57,532

EBITDA		148,500			148,768			142,023			138,994			117,930			104,188			103,894
Noncontrolling interests		1,345			1,525			1,510			1,077			590			710			741
Preferred stock dividends		4,436			4,713			6,522			7,608			9,194			10,101			10,101
Costs on redemption of preferred stock		—			—			—			2,748			4,203			—			—

Adjusted EBITDA	$	154,281		$	155,006		$	150,055		$	150,427		$	131,917		$	114,999		$	114,736


(1) For the definition and discussion of EBITDA and Adjusted EBITDA, see page 31.

Financial Ratios (unaudited and in thousands)
	30-Sep-11			30-Jun-11			31-Mar-11			31-Dec-10			30-Sep-10			30-Jun-10			31-Mar-10
Total GAAP interest expense	$	37,078		$	39,334		$	36,082		$	36,583		$	36,737		$	33,162		$	30,902
Capitalized interest		4,755			4,222			4,666			3,100			2,723			2,511			1,907
Change in accrued interest and other non-cash amounts		12,274			(16,207	)		4,460			(12,279	)		(2,609	)		(8,611	)		(10,578	)

Cash interest expense ^(a)		54,107			27,349			45,208			27,404			36,851			27,062			22,231
Scheduled debt principal payments and preferred dividends		8,173			8,401			10,422			11,427			12,770			13,551			13,095

Total fixed charges ^(b)	$	62,280		$	35,750		$	55,630		$	38,831		$	49,621		$	40,613		$	35,326

Debt service coverage ratio based on GAAP interest expense ^(c)		4.2x			3.9x			4.2x			4.1x			3.6x			3.5x			3.7x
Debt service coverage ratio based on cash interest expense ^(c)		2.9x			5.7x			3.3x			5.5x			3.6x			4.2x			5.2x
Fixed charge coverage ratio based on GAAP interest expense ^(d)		3.4x			3.2x			3.2x			3.1x			2.7x			2.5x			2.6x
Fixed charge coverage ratio based on cash interest expense ^(d)		2.5x			4.3x			2.7x			3.9x			2.7x			2.8x			3.2x
Debt to total enterprise value including debt and preferred equity ^(e)		29.6	%		31.1	%		33.1	%		33.8	%		29.7	%		26.1	%		29.3	%
Debt plus preferred stock to total enterprise value including debt and preferred equity ^(f)		36.3	%		34.9	%		38.6	%		40.0	%		36.1	%		34.5	%		38.6	%
Pretax income to interest expense ^(g)		2.0x			2.0x			2.1x			2.0x			1.6x			1.6x			1.8x
Net Debt to Adjusted EBITDA ^(h)		4.5x			4.9x			5.0x			4.6x			5.0x			3.9x			4.6x

(a)

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.

(b)

For a definition of Fixed Charges, see page 7.

(c)

Adjusted EBITDA divided by interest expense.

(d)

Adjusted EBITDA divided by fixed charges. Fixed charges include interest expense as per (a) above and scheduled debt principal payments and preferred dividends.

(e)

Mortgage debt and other loans divided by mortgage debt and other loans plus the liquidation value of preferred stock and the market value of outstanding common stock and operating partnership units, assuming the redemption of operating partnership units for shares of our common stock.

(f)

Same as (e), except numerator includes preferred stock.

(g)

Calculated as income, including interest, divided by GAAP interest expense.

(h)

Calculated as total debt at balance sheet carrying value (see page 7) less unrestricted cash and cash equivalents divided by Adjusted EBITDA multiplied by four.

Page 11

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Same Store and New Properties Consolidated Quarterly Statements of Operations

(unaudited and in thousands)


	Three Months Ended
Same store ⁽¹⁾	30-Sep-11			30-Jun-11			31-Mar-11			31-Dec-10			30-Sep-10			30-Jun-10			31-Mar-10
Operating Revenues:
Rental	$	160,672		$	157,650		$	153,062		$	151,846		$	148,577		$	143,031		$	141,221
Tenant reimbursements - Utilities		25,705			22,608			22,050			20,614			23,879			19,410			18,144
Tenant reimbursements - Other		15,234			15,540			16,369			13,312			16,477			16,463			17,694
Construction management		—			—			—			—			—			—			—
Other		602			—			295			371			—			—			—

Total operating revenues		202,213			195,798			191,776			186,143			188,933			178,904			177,059

Operating Expenses:
Rental property operating and maintenance - Utilities		31,326			27,353			27,860			25,290			30,487			24,417			24,876
Rental property operating and maintenance - Other		25,754			23,502			23,652			25,172			24,436			22,929			22,888
Property taxes		10,404			11,090			10,978			5,253			11,628			11,071			11,464
Insurance		1,560			1,579			1,543			1,581			1,777			1,743			1,662
Construction management		—			—			—			—			—			—			—
Depreciation and amortization		62,022			60,692			58,668			61,342			56,308			55,419			54,348
General and administrative ⁽²⁾		14,600			14,077			12,405			12,225			11,878			12,574			10,519
Transactions		—			—			—			—			—			—			—
Other		—			—			90			—			59			165			2

Total operating expenses		145,666			138,293			135,196			130,863			136,573			128,318			125,759

Operating income		56,547			57,505			56,580			55,280			52,360			50,586			51,300
Other Income (Expenses):
Equity in earnings of unconsolidated joint ventures		1,453			1,105			1,249			1,270			1,177			955			1,978
Interest and other income		2,221			370			255			213			297			34			31
Interest expense ⁽³⁾		(36,896	)		(39,176	)		(35,914	)		(36,392	)		(36,647	)		(33,162	)		(30,902	)
Tax expense		(318	)		(205	)		(417	)		(258	)		(347	)		(530	)		(716	)
Loss from early extinguishment of debt		(6	)		(363	)		(615	)		(905	)		(1,083	)		(1,541	)		—

Net income	$	23,001		$	19,236		$	21,138		$	19,208		$	15,757		$	16,342		$	21,691

New properties ⁽¹⁾
Operating Revenues:
Rental	$	46,174		$	45,156		$	43,733		$	37,838		$	35,627		$	13,800		$	10,085
Tenant reimbursements - Utilities		14,011			10,756			10,866			10,667			12,344			2,410			2,872
Tenant reimbursements - Other		1,706			2,407			2,549			1,858			275			1,314			349
Construction management		9,372			13,759			1,817			2,166			307			1,036			1,414
Other		—			5			—			—			—			—			—

Total operating revenues		71,263			72,083			58,965			52,529			48,553			18,560			14,720

Operating Expenses:
Rental property operating and maintenance - Utilities		15,031			11,153			11,305			10,776			12,045			3,540			3,787
Rental property operating and maintenance - Other		10,053			10,329			8,906			8,495			6,895			3,050			1,044
Property taxes		2,651			2,872			2,493			(320	)		2,402			1,677			1,257
Insurance		401			419			508			803			391			103			73
Construction management		7,391			11,199			1,737			231			293			470			647
Depreciation and amortization		17,025			16,156			15,250			15,041			13,820			4,441			3,184
General and administrative ⁽²⁾		—			—			—			—			—			—			—
Transactions		3,632			740			681			224			4,666			1,715			833
Other		—			—			—			—			—			—			—

Total operating expenses		56,184			52,868			40,880			35,250			40,512			14,996			10,825

Operating income		15,079			19,215			18,085			17,279			8,041			3,564			3,895
Other Income (Expenses):
Equity in earnings of unconsolidated joint ventures		(63	)		(47	)		(41	)		(10	)		(116	)		—			—
Interest and other income		(3	)		10			9			11			30			—			—
Interest expense ⁽³⁾		(182	)		(158	)		(168	)		(191	)		(90	)		—			—
Tax expense		(143	)		(28	)		(11	)		—			4			(4	)		—
Loss from early extinguishment of debt		—			—			—			—			—			—			—

Net Income	$	14,688		$	18,992		$	17,874		$	17,089		$	7,869		$	3,560		$	3,895

(1)	Same store properties are properties that were acquired on or before December 31, 2009 and new properties are properties acquired after December 31, 2009.

(2)	General and administrative expenses are included entirely in same store properties as they are not allocable to specific properties.

(3)	Interest expense on our revolving credit facilities is allocated entirely to same store properties.

Page 12

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Same Store Operating Trend Summary

(unaudited and in thousands)


	Three Months Ended
Same store ⁽¹⁾	30-Sep-11			30-Jun-11			Percentage Change			30-Sep-10			Percentage Change
Rental ⁽²⁾	$	160,672		$	157,650			1.9	%	$	148,577			8.1	%
Tenant reimbursements - Utilities		25,705			22,608			13.7	%		23,879			7.6	%
Tenant reimbursements - Other		15,234			15,540			(2.0	%)		16,477			(7.5	%)

		201,611			195,798			3.0	%		188,933			6.7	%
Rental property operating and maintenance - Utilities		31,326			27,353			14.5	%		30,487			2.8	%
Rental property operating and maintenance - Other		25,754			23,502			9.6	%		24,436			5.4	%
Property taxes		10,404			11,090			(6.2	%)		11,628			(10.5	%)
Insurance		1,560			1,579			(1.2	%)		1,777			(12.2	%)

		69,044			63,524			8.7	%		68,328			1.0	%

Net Operating Income ⁽³⁾	$	132,567		$	132,274			0.2	%	$	120,605			9.9	%

Same store occupancy at end of quarter ⁽⁴⁾		94.2	%		94.2	%					94.8	%

(1)	Same store properties were acquired on or before December 31, 2009.

(2)	For the periods presented, same store straight-line rent was $11,072, $11,828, and $9,733, respectively, and non-cash purchase accounting adjustments were $1,903, $1,892, and $1,976, respectively.

(3)	For a definition and discussion of Net Operating Income, see page 31.

(4)	Occupancy excludes space held for redevelopment. For some of our properties, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area.

Page 13

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Consolidated Debt Analysis

(unaudited, in thousands)


	Maturity Date	Principal Balance as of September 30, 2011			% of Debt			Interest Rate as of September 30, 2011			Interest Rate as of September 30, 2011 including caps and swaps
Revolving Credit Facilities
Corporate revolving credit facility	August 31, 2012		148,760			5.3	%		1.84	%
Asia Pacific revolving credit facility	August 17, 2012		14,353			0.5	%		1.74	%

		$	163,113			5.8	%
Unsecured senior notes:
Prudential Shelf Facility:
Series A	July 24, 2011		—			0.0	%		—
Series B	November 5, 2013		33,000			1.2	%		9.32	%
Series C	January 6, 2016		25,000			0.9	%		9.68	%
Series D	January 20, 2015		50,000			1.8	%		4.57	%
Series E	January 20, 2017		50,000			1.8	%		5.73	%
Series F	February 3, 2015		17,000			0.6	%		4.50	%

Total Prudential Shelf Facility		$	175,000			6.3	%
Senior Notes:
5.875% notes due 2020	February 1, 2020		500,000			17.9	%		5.88	%
4.50% notes due 2015	July 15, 2015		375,000			13.4	%		5.25	%
5.25% notes due 2021	March 15, 2021		400,000			14.3	%		4.50	%
Unamortized discounts			(9,172	)		-0.3	%

Total senior notes		$	1,265,828			45.3	%
Total unsecured senior notes		$	1,440,828			51.6	%
Exchangeable senior debentures:
4.125% exchangeable senior debentures due 2026	August 15, 2026		—			0.0	%		—
5.50% exchangeable senior debentures due 2029	April 15, 2029		266,400			9.5	%		5.50	%
Unamortized discount			—			0.0	%

Total exchangeable senior debentures		$	266,400			9.5	%
Mortgage loans:
114 Rue Ambroise Croizat	January 18, 2012		40,945			1.5	%		2.90	%		5.13	%
Unit 9, Blanchardstown Corporate Park	January 18, 2012		35,203			1.3	%		2.90	%		5.35	%
1350 Duane Avenue	October 1, 2012		52,800			1.8	%		5.42	%
800 Central Expressway	June 9, 2013		10,000			0.4	%		5.75	%
1201 Comstock Street	June 24, 2012 ⁽¹⁾		16,372			0.6	%		3.74	%
Paul van Vlissingenstraat 16	July 18, 2013		13,813			0.5	%		3.15	%		5.58	%
Chemin de l’Epinglier 2	July 18, 2013		9,994			0.4	%		3.05	%		5.57	%
1500 Space Park Drive	October 5, 2013		38,405			1.4	%		6.15	%
Gyroscoopweg 2E-2F	October 18, 2013		8,795			0.2	%		3.05	%		5.49	%
Mundells Roundabout	November 30, 2013		66,738			2.4	%		2.15	%		4.18	%
Clonshaugh Industrial Estate II	September 4, 2014		40,161			1.4	%		6.05	%		7.20	%
Cressex 1	October 16, 2014		27,978			1.0	%		5.68	%
Manchester Technopark	October 16, 2014		8,512			0.3	%		5.68	%
Secured Term Debt	November 11, 2014		139,522			5.0	%		5.65	%
200 Paul Avenue 1-4	October 8, 2015		74,900			2.7	%		5.74	%
600 West Seventh Street	March 15, 2017		53,079			1.9	%		5.80	%
34551 Ardenwood Boulevard 1-4	November 11, 2016		53,803			1.9	%		5.95	%
2334 Lundy Place	November 11, 2016		39,130			1.4	%		5.96	%
1100 Space Park Drive	December 11, 2016		53,787			1.9	%		5.89	%
2045 & 2055 LaFayette Street	February 6, 2017		65,780			2.4	%		5.93	%
150 South First Street	February 6, 2017		51,676			1.8	%		6.30	%
731 East Trade Street	July 1, 2020		4,877			0.2	%		8.22	%
1125 Energy Park Drive	March 1, 2032		8,946			0.3	%		7.62	%
Unamortized net premiums			983			0.0	%

		$	916,199			32.7	%
Other secured loans:
800 Central Expressway Mezzanine	June 9, 2013		10,500			0.4	%		9.50	%		9.50	%

Total other secured loans:		$	10,500			0.4	%
Total Consolidated Debt		$	2,797,040			100.0	%

Weighted average cost of debt (including interest rate caps and swaps)												5.33	%

(1)	Assumes all extensions will be exercised.

Corporate Credit Facility

(in thousands)

Maximum Available as of
September 30, 2011

Available as of
September 30, 2011 ⁽¹⁾

Drawn as of
September 30, 2011

Corporate Revolving Credit Facility

750,000

571,000

148,760

(1)	Net of letters of credit issued.

Page 14

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

CORPORATE REVOLVING CREDIT FACILITY COMMITMENTS

(Dollar amounts in thousands)


	Lender / Issuing Bank	Amount Committed
1	Bank of America, N.A. / Merrill Lynch Capital Corporation	$	130,000
2	Credit Suisse, Cayman Islands Branch		90,000
3	Citicorp North America, Inc.		85,000
4	Morgan Stanley Bank, National Association		75,000
5	Deutsche Bank		70,000
6	The Royal Bank of Scotland PLC		70,000
7	Royal Bank of Canada, New York Branch		65,000
8	Raymond James Bank, FSB		50,000
9	UBS Loan Finance LLC		25,000
10	JPMorgan Chase		25,000
11	Allied Irish Banks, p.l.c.		15,000
12	Chang Hwa Commercial Bank, Ltd., New York Branch		15,000
13	Mega International Commercial Bank Co., Ltd Los Angeles Branch		15,000
14	Comerica Bank		10,000
15	First Commercial Bank New York Agency		10,000
	Total Commitments - Revolving Credit Facility	$	750,000

Note: The corporate revolving credit facility has a $515.0 million sub-facility for multi-currency advances.

Page 15

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Debt Maturities

(unaudited, in thousands)


	Remainder of 2011		2012		2013		2014		2015		Thereafter		Total
Corporate revolving credit facility	$	—	$	148,760	$	—	$	—	$	—	$	—	$	148,760
Asia Pacific revolving credit facility		—		14,353		—		—		—		—		14,353
Unsecured senior notes		—		—		33,000		—		67,000		75,000		175,000
Secured Term Debt ⁽¹⁾		695		2,836		3,025		132,966		—		—		139,522
200 Paul Avenue 1-4		443		1,812		1,932		2,048		68,665		—		74,900
Mundells Roundabout		—		—		66,738		—		—		—		66,738
2045 & 2055 LaFayette Street		229		941		999		1,061		1,126		61,424		65,780
34551 Ardenwood Boulevard 1-4		176		711		765		812		862		50,477		53,803
1100 Space Park Drive		178		720		774		821		871		50,423		53,787
600 West Seventh Street		370		1,535		1,626		1,723		1,825		46,000		53,079
1350 Duane Avenue/3080 Raymond Street		—		52,800		—		—		—		—		52,800
150 South First Street		167		679		733		781		832		48,484		51,676
114 Rue Ambroise Croizat		165		40,780		—		—		—		—		40,945
Clonshaugh Industrial Estate II		—		—		—		40,161		—		—		40,161
1500 Space Park Drive		530		2,193		35,682		—		—		—		38,405
2334 Lundy Place		128		517		555		590		627		36,713		39,130
Unit 9, Blanchardstown Corporate Park		141		35,062		—		—		—		—		35,203
Cressex 1		119		478		478		26,903		—		—		27,978
1201 Comstock Street ⁽²⁾		209		867		15,296		—		—		—		16,372
Paul van Vlissingenstraat 16		56		225		13,532		—		—		—		13,813
800 Central Expressway Mezzanine		—		—		10,500		—		—		—		10,500
Chemin de l’Epinglier 2		41		162		9,791		—		—		—		9,994
800 Central Expressway		—		—		10,000		—		—		—		10,000
Gyroscoopweg 2E-2F		36		143		8,616		—		—		—		8,795
1125 Energy Park Drive		39		165		180		194		211		8,157		8,946
Manchester Technopark		37		145		145		8,185		—		—		8,512
731 East Trade Street		70		297		323		350		417		3,420		4,877
5.875% notes due 2020		—		—		—		—		—		500,000		500,000
4.50% notes due 2015		—		—		—		—		375,000		—		375,000
5.25% notes due 2021		—		—		—		—		—		400,000		400,000
5.50% exchangeable senior debentures due 2029 ⁽³⁾		—		—		—		266,400		—		—		266,400

Total	$	3,829	$	306,181	$	214,690	$	482,995	$	517,436	$	1,280,098	$	2,805,229

Weighted Average Term to Initial Maturity ⁽³⁾				5.0 Years
Weighted Average Term to Initial Maturity (assuming exercise of extension options) ⁽³⁾				5.0 Years

(1)	This amount represents six mortgage loans secured by our interests in 36 NE 2nd Street, 3300 East Birch Street, 100 & 200 Quannapowitt Parkway, 300 Boulevard East, 4849 Alpha Road, and 11830 Webb Chapel Road. Each of these loans is cross-collateralized by the six properties.

(2)	Assumes all extensions will be exercised.

(3)	Assumes maturity of 5.50% exchangeable senior debentures due 2029 at first redemption date in April 2014.

Note: Total excludes $983 of loan premiums, net and ($7,430), ($881), and ($861) of debt discount on 5.875% unsecured senior notes due 2020, 4.50% unsecured senior notes due 2015, and 5.25% unsecured senior notes due 2021, respectively.

Page 16

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Debt Analysis & Covenant Compliance

(unaudited)

Debt Covenant Ratios ⁽¹⁾:

As of September 30, 2011

4.50% Notes due 2015,
5.875% Notes due 2020 &
5.25% Notes due 2021

Corporate Revolving Credit Facility ⁽²⁾

Required

Actual

Required

Actual

Total Outstanding Debt / Total Assets ⁽³⁾

Less than 60%

Less than 65%⁽⁴⁾

Secured Debt / Total Assets ⁽⁵⁾

Less than 40%

Less than 60%

Total Unencumbered Assets / Unsecured Debt

Greater than 150%

314

N/A

Consolidated EBITDA / Interest Expense ⁽⁶⁾

Greater than 1.50x

3.5

N/A

Fixed Charge Coverage

N/A

Greater than 1.40x

2.8

Unsecured Debt / Total Unencumbered Asset Value ⁽⁷⁾

N/A

Less than 70%

Unencumbered Assets Debt Service Coverage Ratio

N/A

Greater than 1.50x

3.6

(1)

For a definition of the capitalized terms used in the table above and related footnotes, please refer to: the Indenture dated January 28, 2010, which governs the 5.875% Notes due 2020; the Indenture dated July 8, 2010, which governs the 4.50% Notes due 2015; the Indenture dated March 8, 2011 which governs the 5.25% Notes due 2021; and the Corporate Revolving Credit Facility Agreement dated August 31, 2007, as amended (the Corporate Revolving Credit Agreement), which are filed as exhibits to our reports filed with the Securities and Exchange Commission.

(2)	Under the Corporate Revolving Credit Agreement, no rent leveling adjustments are included in the calculation of Adjusted EBITDA or Adjusted Net Operating Income.

(3)

This ratio is referred to as the Leverage Ratio, defined as Consolidated Debt / Total Asset Value, under the Corporate Revolving Credit Facility. Under the 4.50% Notes due 2015, 5.875% Notes due 2020, and 5.25% Notes due 2021, Total Assets is calculated using Consolidated EBITDA capped at 9.0%. Under the Corporate Revolving Credit Facility, Total Asset Value is calculated using Adjusted Net Operating Income capped at 8.25% for Data Center Assets and 7.25% for all other Assets.

(4)	A one-time right exists to maintain Consolidated Debt to Total Asset Value greater than 65.0% but less than 70.0% for up to two consecutive fiscal quarters.

(5)	This ratio is referred to as the Secured Debt Leverage Ratio, defined as Consolidated Secured Debt / Total Asset Value, under the Corporate Revolving Credit Facility.

(6)	Calculated as current quarter annualized Consolidated EBITDA to current quarter annualized Interest Expense (including capitalized interest and debt discounts).

(7)	Assets must satisfy certain conditions to qualify for inclusion in the Unencumbered Asset pool under the Corporate Revolving Credit Facility.

Page 17

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Portfolio Summary

As of September 30, 2011


	9/30/2011			6/30/2011
Number of Properties:
Domestic		81			80
International		17			16

		98	⁽¹⁾		96	⁽¹⁾
Number of Buildings:
Domestic		115			114
International		21			20

		136			134
Number of Markets:
Domestic		21			21
International		10	⁽²⁾		8

		31			29
Net Rentable Square Feet:
Domestic		13,728,652			13,611,613
International		1,534,207			1,355,675

		15,262,859			14,967,288
Redevelopment Square Feet:
Domestic		1,698,409			1,633,210
International		427,722			474,483

		2,126,131			2,107,693
Portfolio Occupancy ⁽³⁾		93.7	%		93.9	%
Same Store Pool Occupancy ⁽³⁾		94.2	%		94.2	%
Average Original Lease Term (years)		13.7			13.6
Average Remaining Lease Term (years)		7.0			6.8
Lease Expirations (through 2012)		3.5	%		7.9	%

(1)	Excludes two properties held as investments in unconsolidated joint ventures and developable land.

(2)	Two markets include developable land in Sydney, Australia and Melbourne, Australia.

(3)	Occupancy excludes space held for redevelopment. For some of our properties, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area.

Page 18

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Properties Acquired

For the three months ended September 30, 2011


Property	Metropolitan Area	Date Acquired	Purchase Price (in millions)		Net Rentable Square Footage of Property ⁽¹⁾		Total Square Footage Held for Redevelopment		Percentage of Total Rentable Square Footage of Property Occupied⁽²⁾
Erskine Park ⁽³⁾	Sydney, Australia	Jul-11	$	10.9		—		—		—
Fountain Court, Chessington	London, England	Jul-11		21.1		—		131,771		—
162/163 Radnor Drive⁽³⁾	Melbourne, Australia	Aug-11		4.3		—		—		—
3825 NW Aloclek Place⁽³⁾	Portland, OR	Aug-11		1.6		—		—		—
11085 Sun Center Drive	Sacramento, CA	Sep-11		30.0		69,048		—		100.0	%

			$	67.9		69,048		131,771		100.0	%

(1)	We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area.

(2)	Occupancy percentages are calculated net of square footage held for redevelopment. For some of our properties, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area.

(3)	Represents developable land which is not included in our operating property count.

Page 19

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Occupancy Analysis

As of September 30, 2011

(Dollar amounts in thousands)


									Occupancy ⁽²⁾															Net Rentable Square Feet as a % of Total Portfolio			Annualized Rent as a % of Total Portfolio
Property	Acquisition date	Property Type	Net Rentable Square Feet		Redevelopment Space		Annualized Rent ($000) ⁽¹⁾		As of 09/30/11			As of 06/30/11			As of 03/31/11			As of 12/31/10			As of 9/30/10			Net Rentable Square Feet as a % of Total Portfolio			Annualized Rent as a % of Total Portfolio
NORTH AMERICA

Silicon Valley

1350 Duane & 3080 Raymond	Oct-09	Corporate Datacenters		185,000		—		9,972		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.2	%		1.3	%
3011 Lafayette Street	Jan-07	Corporate Datacenters		90,780		—		9,948		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.6			1.3
1500 Space Park Drive	Sep-07	Corporate Datacenters		51,615		—		9,053		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			1.2
1525 Comstock Street	Sep-09	Corporate Datacenters		42,385		—		8,951		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			1.2
1100 Space Park Drive	Nov-04	Internet Gateway Datacenters		165,297		—		7,313		92.7	%		100.0	%		100.0	%		100.0	%		100.0	%		1.1			1.0
2045 & 2055 LaFayette Street	May-04	Corporate Datacenters		300,000		—		6,840		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		2.0			0.9
150 South First Street	Sep-04	Corporate Datacenters		179,761		—		6,656		98.3	%		98.3	%		98.3	%		98.3	%		98.3	%		1.2			0.9
1725 Comstock Street	Apr-10	Corporate Datacenters		39,643		—		6,534		100.0	%		100.0	%		66.7	%		38.6	%		0.0	%		0.3			0.9
2334 Lundy Place	Dec-02	Corporate Datacenters		130,752		—		4,928		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.9			0.7
1201 Comstock Street	Jun-08	Corporate Datacenters		24,000		—		4,465		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.6
2401 Walsh Street	Jun-05	Corporate Datacenters		167,932		—		3,614		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.1			0.5
3105 & 3115 Alfred Street	May-10	Corporate Datacenters		49,858		—		3,015		58.1	%		100.0	%		100.0	%		0.0	%		0.0	%		0.3			0.4
2950 Zanker Road	Aug-10	Corporate Datacenters		69,700		—		2,884		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.4
2403 Walsh Street	Jun-05	Corporate Datacenters		103,940		—		2,237		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			0.3
4700 Old Ironsides Drive	Jun-05	Corporate Datacenters		90,139		—		1,940		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.6			0.3
444 Toyama Drive	Sep-09	Corporate Datacenters		42,083		—		1,830		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.2
4650 Old Ironsides Drive	Jun-05	Corporate Datacenters		84,383		—		1,816		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.6			0.2
800 Central Expressway	Aug-10	Corporate Datacenters		—		150,000		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0

				1,817,268		150,000		91,996		98.0	%		99.8	%		99.1	%								12.2	%		12.3	%

Northern Virginia
43881 Devin Shafron Drive	Mar-07	Corporate Datacenters		180,000		—		18,790		100.0	%		100.0	%		98.5	%		98.5	%		98.5	%		1.2	%		2.5	%
43915 Devin Shafron Drive	May-09	Corporate Datacenters		129,033		3,247		15,413		100.0	%		100.0	%		100.0	%		100.0	%		75.6	%		0.8			2.1
43791 Devin Shafron Drive	Mar-07	Corporate Datacenters		132,806		2,194		10,346		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.9			1.4
4030 Lafayette Center Drive	Jul-10	Corporate Datacenters		72,696		—		5,791		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.8
45901 & 45845 Nokes Blvd	Dec-09	Corporate Datacenters		167,160		—		4,478		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.1			0.6
44470 Chilum Place	Feb-07	Corporate Datacenters		95,440		—		4,206		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.6			0.6
43790 Devin Shafron Drive - E	May-09	Corporate Datacenters		152,138		—		3,043		100.0	%		100.0	%		N/A			N/A			N/A			1.0			0.4
21110 Ridgetop Circle	Jan-07	Corporate Datacenters		135,513		—		2,822		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.9			0.4
21561 & 21571 Beaumeade Cir	Dec-09	Corporate Datacenters		164,453		—		2,763		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.1			0.4
43830 Devin Shafron Drive—F	May-09	Corporate Datacenters		49,759		63,491		2,547		42.2	%		9.1	%		27.0	%		N/A			N/A			0.3			0.3
4050 Lafayette Center Drive	Jul-10	Corporate Datacenters		42,374		—		2,203		34.2	%		34.2	%		34.2	%		0.0	%		0.0	%		0.3			0.3
1807 Michael Faraday Court	Oct-06	Corporate Datacenters		19,237		—		1,796		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.2
7505 Mason King Court	Nov-08	Corporate Datacenters		109,650		—		1,777		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			0.2
251 Exchange Place	Nov-05	Corporate Datacenters		70,982		—		1,593		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.2
43831 Devin Shafron Drive	Mar-07	Corporate Datacenters		117,071		—		1,504		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.8			0.2
8100 Boone Boulevard	Oct-06	Corporate Datacenters		17,015		—		974		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.1
4040 Lafayette Center Drive	Jul-10	Corporate Datacenters		—		30,333		—		0.0	%		0.0	%		100.0	%		100.0	%		100.0	%		0.0			0.0

				1,655,327		99,265		80,046		93.9	%		95.6	%		97.1	%								10.9	%		10.7	%

New York Metro/Connecticut
3 Corporate Place	Dec-05	Corporate Datacenters		276,931		—		17,059		98.0	%		96.1	%		96.1	%		96.1	%		96.1	%		1.8	%		2.3	%
300 Boulevard East	Nov-02	Corporate Datacenters		346,819		22,962		16,330		89.9	%		89.9	%		100.0	%		100.0	%		100.0	%		2.3			2.2
111 Eighth Avenue (3)	Mar-07	Internet Gateway Datacenters		116,843		—		13,305		95.3	%		95.3	%		95.3	%		100.0	%		100.0	%		0.8			1.8
365 S. Randolphville Road	Feb-08	Corporate Datacenters		172,044		92,748		12,743		88.6	%		88.6	%		79.4	%		74.5	%		74.5	%		1.1			1.7
60 & 80 Merritt Boulevard	Jan-10	Corporate Datacenters		169,540		—		12,375		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.1			1.6
650 Randolph Road	Jun-08	Corporate Datacenters		—		127,790		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0

				1,082,177		243,500		71,812		93.9	%		93.5	%		96.3	%								7.1	%		9.6	%

San Francisco
200 Paul Avenue 1-4	Nov-04	Internet Gateway Datacenters		509,158		18,522		27,782		99.4	%		99.4	%		96.3	%		96.6	%		96.3	%		3.3	%		3.7	%
365 Main Street	Jul-10	Internet Gateway Datacenters		226,981		—		26,249		78.5	%		84.4	%		84.8	%		84.9	%		86.1	%		1.5			3.5
720 Second Street	Jul-10	Corporate Datacenters		121,220		—		17,507		94.5	%		95.8	%		97.3	%		97.3	%		97.5	%		0.8			2.3

				857,359		18,522		71,538		93.2	%		94.9	%		93.3	%								5.6	%		9.5	%

Chicago
350 East Cermak Road	May-05	Internet Gateway Datacenters		1,129,226		4,513		64,417		96.8	%		96.9	%		96.4	%		96.8	%		96.3	%		7.4	%		8.5	%
600-780 S. Federal	Sep-05	Internet Gateway Datacenters		161,547		—		6,712		64.6	%		64.6	%		64.6	%		64.6	%		65.8	%		1.1			0.9

				1,290,773		4,513		71,129		92.8	%		92.8	%		92.4	%								8.5	%		9.4	%

Page 20

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Occupancy Analysis

As of September 30, 2011

(Dollar amounts in thousands)


									Occupancy (2)															Net Rentable Square Feet as a % of Total Portfolio			Annualized Rent as a % of Total Portfolio
Property	Acquisition date	Property Type	Net Rentable Square Feet		Redevelopment Space		Annualized Rent ($000) (1)		As of 09/30/11			As of 06/30/11			As of 03/31/11			As of 12/31/10			As of 9/30/10			Net Rentable Square Feet as a % of Total Portfolio			Annualized Rent as a % of Total Portfolio

Dallas
2323 Bryan Street	Jan-02	Internet Gateway Datacenters		457,217		19,890		14,214		73.4	%		75.0	%		73.8	%		74.2	%		74.5	%		3.0	%		1.9	%
2440 Marsh Lane	Jan-03	Corporate Datacenters		135,250		—		14,030		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.9			1.9
1232 Alma Road	Sep-09	Corporate Datacenters		105,726		—		11,167		99.5	%		99.0	%		67.7	%		81.1	%		100.0	%		0.7			1.5
4025 Midway Road	Jan-06	Corporate Datacenters		90,058		10,532		8,753		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.6			1.2
11830 Webb Chapel Road	Aug-04	Corporate Datacenters		365,647		—		6,803		88.4	%		88.4	%		88.4	%		96.6	%		96.6	%		2.4			0.9
4849 Alpha Road	Apr-04	Corporate Datacenters		105,233		20,305		6,173		99.6	%		99.6	%		100.0	%		100.0	%		100.0	%		0.7			0.8
14901 FAA Boulevard	Jun-06	Corporate Datacenters		263,700		—		4,938		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.7			0.7
900 Dorothy Drive	Aug-10	Corporate Datacenters		56,176		—		1,520		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.2
900 Quality Way	Sep-09	Corporate Datacenters		—		112,253		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
1400 N Bowser Way	Sep-09	Corporate Datacenters		—		246,940		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
1301 International Parkway	Sep-09	Corporate Datacenters		—		20,500		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
904 Quality Way	Sep-09	Corporate Datacenters		—		46,750		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
905 Quality Way	Sep-09	Corporate Datacenters		—		249,657		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0

				1,579,007		726,827		67,598		89.6	%		90.0	%		87.4	%								10.4	%		9.1	%

Phoenix
2121 South Price Road	Jul-10	Corporate Datacenters		293,479		—		34,239		96.5	%		96.5	%		96.5	%		97.8	%		97.3	%		1.9	%		4.6	%
120 E. Van Buren Street	Jul-06	Internet Gateway Datacenters		287,514		—		20,853		89.1	%		89.1	%		85.9	%		97.3	%		97.5	%		1.9			2.8
2055 East Technology Circle	Oct-06	Corporate Datacenters		76,350		—		8,002		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5			1.1

				657,343		—		63,094		93.7	%		93.7	%		92.3	%								4.3	%		8.5	%

Boston
128 First Avenue CDO	Jan-10	Corporate Datacenters		274,750		—		22,103		99.4	%		99.6	%		99.6	%		99.6	%		99.6	%		1.8	%		2.8	%
55 Middlesex Turnpike	Jan-10	Corporate Datacenters		106,000		—		11,798		90.6	%		89.7	%		89.7	%		87.9	%		87.9	%		0.7			1.6
100 & 200 Quannapowitt Parkway	Jun-04	Corporate Datacenters		286,550		100,406		6,090		90.8	%		88.9	%		70.0	%		100.0	%		94.9	%		1.9			0.8
115 Second Avenue	Oct-05	Corporate Datacenters		66,730		—		3,647		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.5
600 Winter Street	Sep-06	Corporate Datacenters		30,400		—		826		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.1

				764,430		100,406		44,464		95.0	%		94.3	%		87.5	%								5.0	%		5.8	%

Los Angeles
600 West Seventh Street	May-04	Internet Gateway Datacenters		484,972		4,750		20,056		97.8	%		95.5	%		95.3	%		95.8	%		95.8	%		3.1	%		2.6	%
2260 East El Segundo Boulevard	Jul-10	Corporate Datacenters		132,240		—		11,471		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.9			1.5
200 North Nash Street	Jun-05	Corporate Datacenters		113,606		—		2,445		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			0.3
3015 Winona Avenue	Dec-04	Corporate Datacenters		82,911		—		1,640		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.2
3300 East Birch Street	Aug-03	Corporate Datacenters		68,807		—		1,502		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.2

				882,536		4,750		37,114		98.8	%		97.6	%		97.4	%								5.7	%		4.8	%

Philadelphia
833 Chestnut Street	Mar-05	Corporate Datacenters		588,770		65,988		12,356		88.9	%		85.0	%		84.1	%		85.5	%		85.7	%		3.8	%		1.5	%

				588,770		65,988		12,356		88.9	%		85.0	%		84.1	%								3.8	%		1.5	%
Atlanta
375 Riverside Parkway	Jun-03	Corporate Datacenters		250,191		—		7,369		99.2	%		99.2	%		100.0	%		100.0	%		100.0	%		1.6	%		1.0	%
101 Aquila Way	Apr-06	Corporate Datacenters		313,581		—		1,411		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		2.1			0.2

				563,772		—		8,780		99.7	%		99.7	%		100.0	%								3.7	%		1.2	%

St. Louis
900 Walnut Street	Aug-07	Internet Gateway Datacenters		112,266		—		4,351		99.9	%		99.9	%		99.9	%		98.5	%		90.6	%		0.7	%		0.6	%
210 N Tucker Boulevard	Aug-07	Corporate Datacenters		161,549		153,229		2,854		74.3	%		78.8	%		75.8	%		80.0	%		82.0	%		1.1			0.4

				273,815		153,229		7,205		84.8	%		87.6	%		86.0	%								1.8	%		1.0	%

Miami
36 NE 2nd Street	Jan-02	Internet Gateway Datacenters		162,140		—		4,880		95.9	%		95.9	%		95.9	%		95.9	%		95.9	%		1.1	%		0.6	%
2300 NW 89th Place	Sep-06	Corporate Datacenters		64,174		—		654		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.1

				226,314		—		5,534		97.0	%		97.0	%		97.0	%								1.5	%		0.7	%

Houston
12001 North Freeway	Apr-06	Corporate Datacenters		244,258		56,447		4,117		80.6	%		78.9	%		91.9	%		75.4	%		75.4	%		1.5	%		0.5	%

				244,258		56,447		4,117		80.6	%		78.9	%		91.9	%								1.5	%		0.5	%

Denver
8534 Concord Center Drive	Jun-05	Corporate Datacenters		85,660		—		3,567		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.6	%		0.5	%

				85,660		—		3,567		100.0	%		100.0	%		100.0	%								0.6	%		0.5	%

Charlotte
125 North Myers	Aug-05	Internet Gateway Datacenters		25,402		—		1,320		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2	%		0.2	%
731 East Trade Street	Aug-05	Internet Gateway Datacenters		40,879		—		1,273		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.2
113 North Myers	Aug-05	Internet Gateway Datacenters		29,218		—		902		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.1

				95,499		—		3,495		100.0	%		100.0	%		100.0	%								0.7	%		0.5	%

Sacramento
11085 Sun Center Drive	Sep-11	Corporate Datacenters		69,048		—		2,712		100.0	%		N/A			N/A			N/A			N/A			0.5	%		0.4	%
3065 Gold Camp Drive	Oct-04	Corporate Datacenters		62,957		—		280		21.1	%		21.1	%		21.1	%		21.1	%		21.1	%		0.4			0.0

				132,005		—		2,992		62.4	%		21.1	%		21.1	%								0.9	%		0.4	%

Toronto, Canada
6800 Millcreek Drive	Apr-06	Corporate Datacenters		83,758		—		1,985		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5	%		0.3	%

				83,758		—		1,985		100.0	%		100.0	%		100.0	%								0.5	%		0.3	%

Minneapolis/St. Paul
1125 Energy Park Drive	Mar-05	Corporate Datacenters		112,827		—		1,437		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7	%		0.2	%

				112,827		—		1,437		100.0	%		100.0	%		100.0	%								0.7	%		0.2	%

Austin
7620 Metro Center Drive	Dec-05	Corporate Datacenters		45,000		—		605		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3	%		0.1	%
7500 Metro Center Drive	Dec-05	Corporate Datacenters		—		74,962		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0

				45,000		74,962		605		94.0	%		100.0	%		100.0	%								0.3	%		0.1	%

Page 21

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Occupancy Analysis

As of September 30, 2011

(Dollar amounts in thousands)


										Occupancy (2)															Net Rentable Square Feet as a % of Total Portfolio			Annualized Rent as a % of Total Portfolio
Property	Acquisition date	Property Type	Net Rentable Square Feet			Redevelopment Space		Annualized Rent ($000) (1)		As of 09/30/11			As of 06/30/11			As of 03/31/11			As of 12/31/10			As of 9/30/10			Net Rentable Square Feet as a % of Total Portfolio			Annualized Rent as a % of Total Portfolio

EUROPE

London, England
3 St. Anne’s Boulevard	Dec-07	Corporate Datacenters		96,384			—		10,494		52.4	%		69.9	%		80.0	%		46.9	%		79.5	%		0.6	%		1.4	%
Mundells Roundabout	Apr-07	Corporate Datacenters		113,464			—		7,490		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			1.0
Cressex 1	Dec-07	Corporate Datacenters		50,847			—		6,924		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.9
6 Braham Street	Jul-02	Internet Gateway Datacenters		63,233			—		4,575		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.6
1 St. Anne’s Boulevard	Dec-07	Corporate Datacenters		20,219			—		266		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.0
2 St. Anne’s Boulevard	Dec-07	Corporate Datacenters		—			30,612		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
Fountain Court	Jul-11	Corporate Datacenters		—			131,771		—		0.0	%		N/A			N/A			N/A			N/A			0.0			0.0

				344,147			162,383		29,749		86.7	%		93.2	%		96.0	%								2.1	%		3.9	%

Dublin, Ireland
Unit 9, Blanchardstown Corporate Park	Dec-06	Corporate Datacenters		120,000			—		10,221		99.1	%		99.1	%		92.2	%		99.0	%		99.0	%		0.8	%		1.4	%
Clonshaugh Industrial Estate II	Feb-06	Corporate Datacenters		124,500			—		8,791		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.8			1.2
Clonshaugh Industrial Estate	Feb-06	Corporate Datacenters		20,000			—		1,491		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.2

				264,500			—		20,503		99.6	%		99.6	%		96.4	%								1.7	%		2.8	%

Paris, France
114 Rue Ambroise Croizat	Dec-06	Internet Gateway Datacenters		332,300			19,846		18,372		91.6	%		91.6	%		91.6	%		91.9	%		91.9	%		2.2	%		2.4	%

				332,300			19,846		18,372		91.6	%		91.6	%		91.6	%								2.2	%		2.4	%

Amsterdam, Netherlands
Paul van Vlissingenstraat 16	Aug-05	Corporate Datacenters		112,472			—		2,958		60.0	%		58.8	%		58.8	%		58.8	%		58.8	%		0.7			0.4
Naritaweg 52	Dec-07	Corporate Datacenters		63,260			—		2,597		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4	%		0.3	%
Gyroscoopweg 2E-2F	Jul-06	Corporate Datacenters		55,585			—		1,201		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.2
Cateringweg 5	Jun-10	Corporate Datacenters		55,972			—		—		100.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.4			0.0

				287,289			—		6,756		84.3	%		83.7	%		83.7	%								1.9	%		0.9	%

Manchester, England
Manchester Technopark, Plot C1	Jun-08	Corporate Datacenters		38,016			—		1,978		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2	%		0.3	%

				38,016			—		1,978		100.0	%		100.0	%		100.0	%								0.2	%		0.3	%

Geneva, Switzerland
Chemin de l’Epinglier 2	Nov-05	Corporate Datacenters		59,190			—		1,646		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4	%		0.2	%

				59,190			—		1,646		100.0	%		100.0	%		100.0	%								0.4	%		0.2	%

ASIA PACIFIC

Singapore
29A International Business Park	Nov-10	Corporate Datacenters		125,007			245,493		4,599		49.3	%		16.8	%		16.8	%		16.8	%		N/A			0.8	%		0.6	%

				125,007			245,493		4,599		49.3	%		16.8	%		16.8	%								0.8	%		0.6	%

NON-DATACENTER PROPERTIES

34551 Ardenwood Boulevard 1-4	Jan-03	Technology Manufacturing		307,657			—		6,814		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		2.0	%		0.9	%
47700 Kato Road & 1055 Page Avenue	Sep-03	Technology Manufacturing		183,050			—		4,146		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.2			0.6
2010 East Centennial Circle	May-03	Technology Manufacturing		113,405			—		2,852		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			0.4
1 Savvis Parkway	Aug-07	Technology Office		156,000			—		2,644		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.0			0.4
908 Quality Way	Sep-09	Technology Office		14,400			—		24		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.0

				774,512			—		16,480		100.0	%		100.0	%		100.0	%								5.0	%		2.3	%

Portfolio Total/Weighted Average				15,262,859	(4)		2,126,131		750,947		93.7	%		93.9	%		93.5	%		94.6	%		95.0	%		100.0	%		100.0	%

(1)

Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 2011 multiplied by 12. We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area.

(2)	Occupancy excludes space held for redevelopment. For some of our properties, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area.

(3)	Includes approximately 33,700 rentable square feet from a leasehold interest acquisition.

(4)	Net rentable square feet excludes square footage at two joint ventures: 2001 Sixth Avenue in Seattle, WA (400,369 rental square feet) which was 95.76% occupied and 700 -750 Central Expressway in Santa Clara, CA (306,144 rentable square feet) which was 100% occupied as of September 30, 2011.

Page 22

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Major Tenants

As of September 30, 2011

(Dollar amounts in thousands)


	Tenant	Number of Locations		Total Occupied Square Feet (1)		Percentage of Net Rentable Square Feet			Annualized Rent (2)		Percentage of Annualized Rent			Weighted Average Remaining Lease Term in Months
1	CenturyLink, Inc. ⁽³⁾		33		2,696,292		17.7	%	$	80,169		10.7	%		91
2	Facebook, Inc.		4		231,488		1.5	%	$	30,624		4.1	%		83
3	Equinix Operating Company, Inc.		8		725,558		4.8	%	$	30,390		4.0	%		77
4	TelX Group, Inc.		11		254,314		1.7	%	$	26,479		3.5	%		174
5	Morgan Stanley		5		182,592		1.2	%	$	26,479		3.5	%		37
6	NTT Communications Company		5		309,759		2.0	%	$	19,215		2.6	%		44
7	AT & T		17		598,292		3.9	%	$	17,202		2.3	%		87
8	Softlayer Technoloies, Inc.		5		215,074		1.4	%	$	15,075		2.0	%		118
9	Amazon		6		448,895		2.9	%	$	12,846		1.7	%		113
10	Level 3 Communications, LLC		28		303,583		2.0	%	$	12,186		1.6	%		103
11	Pfizer, Inc.		1		87,049		0.6	%	$	11,201		1.5	%		75
12	Yahoo! Inc.		2		110,847		0.7	%	$	10,357		1.4	%		73
13	TATA Communications (UK)		2		105,366		0.7	%	$	10,173		1.4	%		75
14	Sprint Communications Co., LP		6		173,319		1.1	%	$	9,422		1.3	%		36
15	BT Americas, Inc.		3		67,685		0.4	%	$	9,418		1.3	%		68
16	JPMorgan Chase & Co.		2		117,953		0.8	%	$	9,387		1.3	%		128
17	Microsoft Corporation		3		322,587		2.1	%	$	9,267		1.2	%		49
18	eircom Limited		1		124,500		0.8	%	$	8,791		1.2	%		94
19	T-Systems North America, Inc.		2		77,610		0.5	%	$	8,377		1.1	%		30
20	Carpathia Hosting		3		51,784		0.3	%	$	8,147		1.1	%		67

	Total/Weighted Average				7,204,547		47.1	%	$	365,205		48.8	%		87

(1)	Occupied square footage is defined as leases that commenced on or before September 30, 2011. For some of our properties, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area.

(2)	Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 2011 multiplied by 12.

(3)	Represents leases with Savvis Communications Corporation and Qwest Communications International Inc. (or affiliates thereof), which are our direct tenants. CenturyLink, Inc. acquired Qwest in Q2 2011 and Savvis in Q3 2011, and Qwest and Savvis are now wholly owned subsidiaries of CenturyLink.

Page 23

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Lease Expirations and Lease Distribution

Lease Expirations

As of September 30, 2011

(Dollar amounts in thousands)


Year	Number of Leases Expiring (1)		Square Footage of Expiring Leases (2)		Percentage of Net Rentable Square Feet (2)			Annualized Rent (3)		Percentage of Annualized Rent			Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Available				961,057		6.3	%		—		0.00	%
2011		152		140,497		0.9	%		14,162		1.89	%	$	100.80		100.80		14,162
2012		243		400,348		2.6	%		38,001		5.06	%	$	94.92		96.12		38,482
2013		247		974,871		6.4	%		68,954		9.18	%	$	70.73		73.89		72,030
2014		214		1,350,386		8.9	%		97,844		13.03	%	$	72.46		77.64		104,839
2015		128		1,957,003		12.8	%		82,118		10.94	%	$	41.96		45.79		89,613
2016		131		1,632,150		10.7	%		68,146		9.07	%	$	41.75		46.52		75,922
2017		59		936,546		6.1	%		41,064		5.47	%	$	43.85		49.43		46,294
2018		83		1,080,373		7.1	%		53,489		7.12	%	$	49.51		60.15		64,985
2019		78		1,618,451		10.6	%		96,675		12.87	%	$	59.73		72.83		117,864
2020		75		913,495		6.0	%		55,483		7.39	%	$	60.74		76.33		69,730
Thereafter		176		3,297,682		21.6	%		135,010		17.98	%	$	40.94		60.93		200,930

Portfolio Total /Weighted Average		1,586		15,262,859		100.0	%	$	750,946		100.0	%	$	52.51	$	62.57	$	894,851

Lease Distribution

As of September 30, 2011

(Dollar amounts in thousands)


Square Feet Under Lease	Number of Leases (1)		Percentage of All Leases			Total Net Rentable Square Feet (2)		Percentage of Net Rentable Square Feet (2)			Annualized Rent (3)		Percentage of Annualized Rent
Available							961,057		6.3	%		—		0.0	%
2,500 or less		1,022		64.4	%		472,586		3.1	%		54,515		7.3	%
2,501 - 10,000		270		17.0	%		1,600,012		10.5	%		138,393		18.4	%
10,001 - 20,000		128		8.1	%		2,070,677		13.6	%		160,971		21.4	%
20,001 - 40,000		81		5.1	%		2,347,051		15.4	%		147,016		19.6	%
40,001 - 100,000		58		3.7	%		3,816,799		25.0	%		146,115		19.5	%
Greater than 100,000		27		1.7	%		3,994,677		26.1	%		103,936		13.8	%

Portfolio Total		1,586		100.0	%		15,262,859		100.0	%	$	750,946		100.0	%

(1)	Includes license and similar agreements that upon expiration will be automatically renewed, mostly on a month-to-month basis. Number of leases represents the leased-unit count; a lease could include multiple units.

(2)	For some of our properties, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common area.

(3)

Page 24

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Lease Expirations—By Product Type

As of September 30, 2011

(Dollar amounts in thousands)


TURN-KEY DATACENTER

Year	Number of Leases Expiring (1)		Square Footage of Expiring Leases (2)		Percentage of Net Rentable Square Feet (2)			Annualized Rent (3)		Percentage of Annualized Rent			Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Available				322,870		2.1	%		—		0.0	%
2011		46		18,555		0.1	%	$	3,181		0.4	%	$	171.44	$	171.44	$	3,181
2012		83		123,668		0.8	%		19,029		2.5	%		153.87		155.61		19,244
2013		89		353,563		2.3	%		46,859		6.2	%		132.53		139.70		49,394
2014		94		370,258		2.4	%		57,775		7.7	%		156.04		166.84		61,775
2015		41		204,151		1.3	%		25,263		3.4	%		123.75		134.79		27,518
2016		60		295,178		1.9	%		35,261		4.7	%		119.46		133.70		39,464
2017		18		182,444		1.2	%		20,177		2.7	%		110.59		123.10		22,459
2018		37		264,087		1.7	%		28,959		3.9	%		109.66		140.12		37,003
2019		27		404,109		2.6	%		56,304		7.5	%		139.33		172.76		69,815
2020		34		260,661		1.7	%		35,854		4.8	%		137.55		174.29		45,431
Thereafter		71		604,536		4.1	%		53,208		7.0	%		88.01		148.12		89,543

Portfolio Total /Weighted Average		600		3,404,080		22.2	%	$	381,870		50.8	%	$	123.94	$	150.86	$	464,827


COLOCATION

Year	Number of Leases Expiring (1)		Square Footage of Expiring Leases (2)		Percentage of Net Rentable Square Feet (2)			Annualized Rent (3)		Percentage of Annualized Rent			Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Available				75,431		0.5	%		—		0.0	%
2011		45		50,272		0.3	%	$	9,641		1.3	%	$	191.78	$	191.78	$	9,641
2012		92		79,285		0.5	%		14,110		1.9	%		177.97		181.04		14,354
2013		93		43,394		0.3	%		6,588		0.9	%		151.82		156.40		6,787
2014		37		41,563		0.3	%		7,954		1.1	%		191.37		199.43		8,289
2015		2		2,342		0.0	%		377		0.1	%		160.97		176.35		413
2016		2		2,424		0.0	%		385		0.1	%		158.83		176.98		429
2017		2		5,456		0.0	%		625		0.1	%		114.55		122.25		667
2018		—		—		0.0	%		—		0.0	%		—		—		—
2019		3		—		0.0	%		330		0.0	%		—		—		419
2020		1		—		0.0	%		15		0.0	%		—		—		20
Thereafter		1		3,194		0.0	%		276		0.0	%		86.41		113.34		362

Portfolio Total /Weighted Average		278		303,361		1.9	%	$	40,301		5.5	%	$	176.81	$	181.55	$	41,381


POWERED BASE BUILDING

Year	Number of Leases Expiring (1)		Square Footage of Expiring Leases (2)		Percentage of Net Rentable Square Feet (2)			Annualized Rent (3)		Percentage of Annualized Rent			Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Available				322,552		2.1	%		—		0.0	%
2011		11		47,526		0.3	%	$	638		0.1	%	$	13.42	$	13.42	$	638
2012		13		60,071		0.4	%		2,750		0.4	%		45.78		45.98		2,762
2013		15		279,072		1.8	%		8,286		1.1	%		29.69		30.20		8,428
2014		33		669,834		4.4	%		27,766		3.7	%		41.45		45.07		30,192
2015		45		1,610,385		10.6	%		52,971		7.1	%		32.89		35.99		57,950
2016		35		1,135,721		7.4	%		29,172		3.9	%		25.69		28.49		32,355
2017		9		156,094		1.0	%		7,317		1.0	%		46.88		55.70		8,695
2018		10		571,579		3.7	%		19,673		2.6	%		34.42		39.02		22,305
2019		21		1,138,829		7.5	%		38,503		5.1	%		33.81		40.15		45,726
2020		17		354,651		2.3	%		12,639		1.7	%		35.64		45.61		16,177
Thereafter		59		2,225,021		14.7	%		71,628		9.5	%		32.19		44.65		99,350

Portfolio Total /Weighted Average		268		8,571,335		56.2	%	$	271,343		36.2	%	$	32.89	$	39.35	$	324,578


NON-TECHNICAL

Year	Number of Leases Expiring (1)		Square Footage of Expiring Leases (2)		Percentage of Net Rentable Square Feet (2)			Annualized Rent (3)		Percentage of Annualized Rent			Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Available				240,204		1.6	%		—		0.0	%
2011		50		24,144		0.2	%	$	701		0.1	%	$	29.03	$	29.03	$	701
2012		55		137,324		0.9	%		2,112		0.3	%		15.38		15.45		2,122
2013		50		298,842		2.0	%		7,222		1.0	%		24.17		24.84		7,422
2014		50		268,731		1.8	%		4,348		0.6	%		16.18		17.05		4,582
2015		40		140,125		0.9	%		3,509		0.5	%		25.04		26.63		3,732
2016		34		198,827		1.3	%		3,328		0.4	%		16.74		18.48		3,674
2017		30		592,552		3.9	%		12,945		1.7	%		21.85		24.42		14,473
2018		36		244,707		1.6	%		4,858		0.6	%		19.85		23.20		5,678
2019		27		75,513		0.5	%		1,537		0.2	%		20.35		25.21		1,904
2020		23		298,183		2.0	%		6,975		0.9	%		23.39		27.17		8,103
Thereafter		45		464,931		3.0	%		9,897		1.3	%		21.29		25.11		11,674

Portfolio Total /Weighted Average		440		2,984,083		19.7	%	$	57,432		7.6	%	$	20.93	$	23.35	$	64,065

(1)	Includes license and similar agreements that upon expiration will be automatically renewed, mostly on a month-to-month basis. Number of leases represents the leased-unit count; a lease could include multiple units.

(2)	For some of our properties, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common area.

(3)

Page 25

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Summary of Leasing Activity

Leases Signed in the Quarter Ended September 30, 2011


	Number of Leases ⁽¹⁾		Rentable Square Feet ⁽²⁾		Expiring Rates ⁽³⁾		New Rates ⁽³⁾		Rental Rate Changes			TI’s/Lease Commissions Per Square Foot		Weighted Average Lease Terms (months)
*Leasing Activity ⁽⁴⁾*
Renewals Signed
Turn-Key Datacenter		6		73,965	$	147.69	$	158.88		7.58	%	$	0.75		66.4
Powered Base Building		9		557,049	$	12.97	$	17.16		32.36	%	$	1.93		83.3
Non-technical		3		2,362	$	35.84	$	41.32		15.29	%	$	0.17		66.0
New Leases Signed
Turn-Key Datacenter		9		53,502		—	$	164.26		—		$	15.51		109.7
Powered Base Building		0		0		—	$	0.00		—		$	0.00		0.0
Build to Suit		2		96,000		—	$	111.84		—		$	7.22		141.8
Non-technical		15		36,932		—	$	33.12		—		$	15.43		19.9
*Leasing Activity Summary ⁽⁴⁾*
Excludes Short Term Leases
Turn-Key Datacenter		15		127,467		—	$	161.14		—			—
Powered Base Building		9		557,049		—	$	17.16		—			—
Build to Suit		2		96,000		—	$	111.84		—			—
Non-technical		18		39,294		—	$	33.61		—			—

(1)	The number of leases represents the leased-unit count; a lease could include multiple units.

(2)	For some of our properties, we calculate square footage based on factors in addition to contractually leased square feet, including power, required support space and common area.

(3)	Rental rates represent annual estimated cash rent per rentable square foot adjusted for straight line rents in accordance with GAAP rent.

(4)	Excludes 23 colocation leases signed for 16,428 rentable square feet at an average rate of $206.77 per square foot.

Page 26

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Summary of Leasing Activity

Leases Commenced in the Quarter Ended September 30, 2011


	Number of Leases ⁽¹⁾		Rentable Square Feet ⁽²⁾		Expiring Rates ⁽³⁾		New Rates ⁽³⁾		Rental Rate Changes			TI’s/Lease Commissions Per Square Foot		Weighted Average Lease Term (months)
*Leasing Activity ⁽⁴⁾*

Renewals Commenced
Turn-Key Datacenter		5		41,003	$	114.26	$	131.21		14.83	%	$	1.03		29.8
Powered Base Building		6		326,942	$	6.16	$	7.15		16.02	%	$	0.23		68.9
Non-technical		3		2,362	$	35.84	$	41.32		15.29	%	$	0.17		66.0
New Leases Commenced
Turn-Key Datacenter		11		101,372		—	$	161.00		—		$	34.49		101.2
Powered Base Building		2		47,464		—	$	23.87		—		$	4.40		145.6
Build to Suit		1		55,972		—	$	100.40		—		$	0.00		115.0
Non-technical		15		44,086		—	$	30.62		—		$	25.43		36.9

*Leasing Activity Summary ⁽⁴⁾*

Excludes Short Term Leases
Turn-Key Datacenter		16		142,375		—	$	152.42		—			—
Powered Base Building		8		374,406		—	$	9.27		—			—
Build to Suit		1		55,972		—	$	100.40		—			—
Non-technical		18		46,448		—	$	31.17		—			—

(1)	The number of leases represents the leased-unit count; a lease could include multiple units.

(2)	For some of our properties, we calculate square footage based on factors in addition to contractually leased square feet, including power, required support space and common area.

(3)	Rental rates represent annual estimated cash rent per rentable square foot adjusted for straight line rents in accordance with GAAP rent.

(4)	Excludes 26 colocation leases commenced for 12,911 rentable square feet at an average rate of $217.37 per square foot.

Page 27

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Historical Capital Expenditures


	Three Months Ended
	9/30/2011		6/30/2011		3/31/2011		12/31/2010		9/30/2010		6/30/2010		3/31/2010
Recurring capital expenditures ⁽¹⁾	$	8,000,000	$	7,263,000	$	3,716,000	$	7,464,000	$	3,660,000	$	5,044,000	$	5,180,000
Non-recurring capital expenditures ⁽²⁾	$	176,560,000	$	144,756,000	$	119,971,000	$	127,942,000	$	81,816,000	$	74,735,000	$	54,743,000
Total net rentable square feet at period end excluding redevelopment space ⁽³⁾		15,262,859		14,967,288		14,628,267		14,584,914		14,456,127		13,270,035		13,211,992

(1)

Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues along with leasing commissions. Recurring capital expenditures do not include acquisition capital that was taken into consideration when underwriting the purchase of a building or which are incurred to bring a building up to “operating standard”.

(2)

These expenditures are primarily for development and redevelopment projects. In addition these expenditures include certain infrequent expenditures for capitalized replacement, repair, maintenance, or other projects which enhance the existing operating portfolio (e.g. electrical and mechanical upgrades including battery replacement, building upgrades).

(3)	For some of our properties, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common area.

Page 28

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Construction Activity Report

As of September 30, 2011

(in square feet unless otherwise noted)

Construction in Progress by Market


	Construction in Progress (“CIP”)
Market	Redevelopment Inventory Under Construction			Development Inventory Under Construction			Redevelopment Inventory Pre- Construction			Total Construction In Progress			Space Held for Future Redevelopment			Total Inventory			Percentage Leased ⁽¹⁾
Austin		—			—			—			—			74,962			74,962			0.0	%
Boston		—			—			—			—			100,406			100,406			0.0	%
Chicago		—			—			—			—			4,513			4,513			0.0	%
Connecticut		—			70,300			—			70,300			—			70,300			0.0	%
Dallas		132,558			—			—			132,558			594,269			726,827			2.8	%
Houston		—			—			—			—			56,447			56,447			64.2	%
Los Angeles		4,750			3,082			—			7,832			—			7,832			0.0	%
New York Metro		—			—			—			—			243,500			243,500			0.0	%
Northern VA		—			153,000			16,481			169,481			82,784			252,265			60.7	%
Philadelphia		—			—			—			—			65,988			65,988			5.3	%
Phoenix		—			226,143			—			226,143			—			226,143			0.0	%
Portland		—			58,000			—			58,000			—			58,000			100.0	%
San Francisco		—			—			—			—			18,522			18,522			0.0	%
Silicon Valley		150,000			40,000			—			190,000			—			190,000			21.1	%
St. Louis		—			—			21,961			21,961			131,268			153,229			0.0	%
Paris, France		—			—			—			—			19,846			19,846			0.0	%
London, England		30,612			—			131,771			162,383			—			162,383			18.9	%
Singapore		—			—			105,858			105,858			139,635			245,493			16.9	%

Grand Total		317,920			550,525			276,071			1,144,516			1,532,140			2,676,656

Total US Markets		287,308			550,525			38,442			876,275			1,372,659			2,248,934
Total Intl Markets		30,612			—			237,629			268,241			159,481			427,722

Percentage Leased ⁽¹⁾		16.0	%		45.6	%		7.5	%		28.2	%		3.9	%		14.3	%

Construction in Progress by Product Type


	US			Europe			Asia/Pacific			Total			% Leased ⁽¹⁾
Turn-Key Datacenter®		229,433			14,747			105,858			350,038			15.9	%
Powered Base Building®		395,842			147,636			—			543,478			2.9	%
Build-to-Suit		251,000			—			—			251,000			100.0	%

Total Construction in Progress by Product Type		876,275			162,383			105,858			1,144,516			28.2	%


Redevelopment Activity

	US			Europe			Asia/Pacific			Total			% Leased ⁽¹⁾
Redevelopment Space as of June 30, 2011		1,633,210			165,561			308,922			2,107,693
Acquired Redevelopment Space and New Construction Space		113,190			131,771			—			244,961
Converted Redevelopment Space:
Turn-Key Datacenter®		(45,892	)		(51,412	)		(58,429	)		(155,733	)		78.2	%
Powered Base Building®		(2,099	)		(7,719	)		(5,000	)		(14,818	)		86.5	%
Build to Suit		—			(55,972	)		—			(55,972	)		100.0	%
Remeasurement Adjustments		—			—			—			—

Redevelopment Space as of September 30, 2011		1,698,409			182,229			245,493			2,126,131

(1)	Represents leases signed.

Page 29

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Construction Projects in Progress and Total Estimated Direct Cost⁽¹⁾

For the quarter ended September 30, 2011

(Dollar amounts in thousands except for cost per square foot)


Construction Projects in Progress and Total Estimated Direct Cost	Base Building Improvement to Net Rentable Square Footage		Net Rentable Square Footage		Direct Project Cost - Spent to Date		Direct Project Cost - to Be Spent		Direct Project Total Estimated Cost		Direct Project Cost Per Net Rentable Square Foot
Turn-Key Datacenter Under Construction as of September 30, 2011 ⁽²⁾		—		350,038	$	53,904	$	148,585	$	202,489	$	578
Build-to-Suit Under Construction as of September 30, 2011⁽²⁾		—		251,000		10,231		76,886		87,117	$	347
Powered Base Building Under Construction as of September 30, 2011 ⁽²⁾		—		543,478		19,930		48,370		68,300	$	126
Base Building Improvements to Current in Progress Space Under Construction		—		—		9,432		8,008		17,440		—
Base Building Improvements to Support Future Development ⁽³⁾		1,396,369		—		10,530		163,531		174,061	$	125
Base Building Improvements to Operating Portfolio ⁽³⁾		1,526,735		—		35,513		23,089		58,602	$	38
Equipment Pool ⁽⁴⁾		—		—		33,883		—		33,883		—

TOTAL		2,923,104		1,144,516	$	173,423	$	468,469	$	641,892

Notes:

(1)	Includes direct project cash disbursements and project accruals; does not include capitalized costs (i.e. interest and general & administrative) or pro-rata acquisition cost.

(2)	Represents suite-specific projects.

(3)	Square footage represents square feet that will benefit from these base building improvements.

(4)	Pool account; not job specific.

Page 30

DIGITAL REALTY TRUST, INC.

Third Quarter 2011

Management Statements on Non-GAAP Supplemental Measures

Funds from Operations:

We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of property, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. 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 properties 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 properties, 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 such other REITs’ FFO. Accordingly, 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:

We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over 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 FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs, (iii) non-cash compensation, (iv) straight line rents, (v) fair value of lease revenue amortization, (vi) capitalized leasing payroll, (vii) recurring tenant improvements, (viii) capitalized leasing commissions and (ix) costs of redeeming our preferred stock. Other equity REITs may not calculate AFFO in a consistent manner. 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 expense, income taxes, 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, preferred dividends and noncontrolling interests. Adjusted EBITDA is EBITDA excluding noncontrolling interests, preferred stock dividends and costs of redeeming our 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; accordingly, our EBITDA and Adjusted EBITDA may not be comparable to such 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.

NOI:

Net Operating Income (NOI)

NOI represents rental revenue and tenant reimbursement revenue less rental property operating and maintenance 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. However, because NOI excludes depreciation and amortization and captures neither the changes in the value of our properties 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 properties, all of which have real economic effect and could materially impact our results from operations, the utility of NOI as a measure of our performance is limited. Other REITs may not calculate NOI in the same manner we do and, accordingly, our NOI may not be comparable to such other REITs’ NOI. Accordingly, NOI should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Page 31

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