DIGITAL REALTY TRUST, INC. - FORM 8-K - EX-99.2 - SUPPLEMENTAL OPERATING AND FINANCIAL DATA POSTED OCTOBER 26, 2012

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8-K - FORM 8-K - DIGITAL REALTY TRUST, INC.	d430007d8k.htm
EX-99.1 - PRESS RELEASE DATED OCTOBER 26,2012 - DIGITAL REALTY TRUST, INC.	d430007dex991.htm

Exhibit 99.2

LOGO

DIGITAL REALTY TRUST, INC.

Third Quarter 2012


	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 Global Revolving Credit Facility		14

Debt Maturities		15

Debt Analysis & Covenant Compliance		16

Portfolio Data

Portfolio Summary		17

Properties Acquired		18

Occupancy Analysis		19

Top 20 Tenants by Annualized Rent		22

Lease Expirations and Lease Distribution		23

Lease Expirations - By Product Type		24

Summary of Leasing Activity - Signed		25

Summary of Leasing Activity - Commenced		26

Historical Capital Expenditures		27

Construction Activity Report		28

Construction Projects in Progress and Total Estimated Direct Cost		29

Definitions

Management Statements on Non-GAAP Supplemental Measures		30

Page 2

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

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 downgrade 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 or businesses;

•

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, 2011, 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 2012

Corporate Information

Corporate Profile

Digital Realty Trust, Inc. owns, acquires, redevelops, develops and manages technology-related real estate. The Company is focused on providing 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. As of September 30, 2012, the Company’s 110 properties, excluding three 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 21.2 million net rentable square feet, including approximately 2.2 million square feet of space held for redevelopment, Digital Realty’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

Four Embarcadero Center, Suite 3200

San Francisco, California 94111

Telephone: (415) 738-6500

Facsimile: (415) 738-6501

Web site: www.digitalrealty.com

Senior Management

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


Bank of America Merrill Lynch	Barclays Capital	Canaccord Genuity	Cantor Fitzgerald	Citigroup
James Feldman	Ross Smotrich	Greg Miller	Evan Smith	Michael Bilerman
(646) 855-5808	(212) 526-2306	(212) 389-8128	(212) 915-1220	(212) 816-1685

Ji Zhang		Eric Z. Chu		Emmanuel Korchman
(646) 855-2926		(212) 389-8129		(212) 816-1382

Deutsche Bank	Evercore	Green Street	ISI	Jefferies
John Perry	Johnathan Schildkraut	Lukas Hartwich	Steve Sakwa	Omotayo Okusanya
(212) 250-4912	(212) 497-0864	(949) 640-8780	(212) 446-9462	(212) 336-7076

Vincent Chao	Robert Gutman		George Auerbach
(212) 250-6799	(212) 497-0877		(212) 446-9459

JMP Securities	KeyBanc Capital Markets	Macquarie	Morgan Joseph TriArtisan	Morgan Stanley
William C. Marks	Jordan Sadler	Rob Stevenson	Ilya Grozovsky	Paul Morgan
(415) 835-8944	(917) 368-2280	(212) 231-8068	(212) 218-3856	(415) 576-2627

Mitch Germain	Craig Mailman	Nicolas Yulico		Chris Caton
(212) 906-3546	(917) 368-2316	(212) 231-8028		(415) 576-2637

Raymond James	RBC Capital Markets	Stifel Nicolaus	UBS
Paul D. Puryear	Dave Rodgers	Todd Weller	Ross Nussbaum
(727) 567-2253	(440) 715-2647	(443) 224-1305	(212) 713-2484

William A. Crow	Jonathan Atkin
(727) 567-2594	(415) 633-8589

	Mike Carroll
	(440) 715-2649

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 2012

Corporate Information

Stock Listing Information

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

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’s common stock (DLR):


	3rd Quarter 2012			2nd Quarter 2012			1st Quarter 2012			4th Quarter 2011			3rd Quarter 2011			2nd Quarter 2011			1st Quarter 2011
High Price *	$	80.59		$	76.04		$	74.04		$	67.83		$	64.09		$	64.25		$	59.34
Low Price *	$	66.70		$	67.84		$	65.00		$	51.75		$	50.63		$	56.34		$	50.63
Closing Price, end of quarter *	$	69.85		$	75.07		$	73.97		$	66.67		$	55.16		$	61.78		$	58.14
Average daily trading volume *		1,215,760			1,073,521			1,026,947			1,259,124			1,198,958			962,400			1,192,245
Indicated dividend per common share **	$	2.92		$	2.92		$	2.92		$	2.72		$	2.72		$	2.72		$	2.72
Closing annual dividend yield, end of quarter		4.2	%		3.9	%		3.9	%		4.1	%		4.9	%		4.4	%		4.7	%
Closing shares and units outstanding, end of quarter ***		127,887,458			115,050,528			112,215,683			110,975,409			109,127,550			103,789,573			97,555,237
Closing market value of shares and units outstanding (thousands), end of quarter	$	8,932,939		$	8,636,843		$	8,300,594		$	7,398,731		$	6,019,476		$	6,412,120		$	5,671,861

*	New York Stock Exchange trades only.

**	On an annual basis.

***

As of September 30, 2012, the total number of shares and units includes 123,261,390 shares of common stock, 3,131,814 common units held by third parties and 1,494,254 common units, vested and unvested long-term incentive units and vested 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 D cumulative convertible preferred stock or upon conversion of our series E and series F cumulative redeemable preferred stock upon certain change of control transactions.

Page 5

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

Ownership Structure

As of September 30, 2012

LOGO


Partner	# of Units ⁽²⁾		% Ownership

Digital Realty Trust, Inc.		123,261,390		96.4	%
Cambay Tele.com, LLC ⁽³⁾		3,131,814		2.4	%
Directors, Executive Officers and Others		1,494,254		1.2	%


Total		127,887,458		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 units includes 123,261,390 common units, 3,131,814 common units held by third parties and 1,494,254 common units, vested and unvested long-term incentive units and vested 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 D cumulative convertible preferred stock or upon conversion of our series E and series F cumulative redeemable preferred stock upon certain change of control transactions.

(3)

This third-party contributor 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 2012

Key Quarterly Financial Data

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


	30-Sep-12			30-Jun-12			31-Mar-12			31-Dec-11			30-Sep-11			30-Jun-11			31-Mar-11
Shares and Units at End of Quarter

Common shares outstanding		123,261,390			110,268,388			107,342,049			106,039,279			104,102,878			98,754,727			92,078,429
Common units outstanding		4,626,068			4,782,140			4,873,634			4,936,130			5,024,672			5,034,846			5,476,808

Total shares and operating partnership units		127,887,458			115,050,528			112,215,683			110,975,409			109,127,550			103,789,573			97,555,237


Enterprise Value

Market value of common equity ⁽¹⁾	$	8,932,939		$	8,636,843		$	8,300,594		$	7,398,731		$	6,019,476		$	6,412,120		$	5,671,861
Liquidation value of preferred equity		597,447			644,096			590,081			590,085			636,312			369,715			508,619
Total debt at balance sheet carrying value		4,080,073			3,400,212			3,271,848			2,940,210			2,797,040			3,067,577			3,055,429

Total enterprise value	$	13,610,459		$	12,681,151		$	12,162,523		$	10,929,026		$	9,452,828		$	9,849,412		$	9,235,909

Total debt/Total enterprise value		30.0	%		26.8	%		26.9	%		26.9	%		29.6	%		31.1	%		33.1	%

Selected Balance Sheet Data

Investments in real estate (before depreciation)	$	8,430,710		$	6,828,926		$	6,511,710		$	6,142,559		$	5,839,696		$	5,634,381		$	5,455,314
Total assets		8,512,598			6,717,113			6,418,061			6,098,566			5,826,412			5,658,405			5,537,345
Total liabilities		4,985,042			3,978,929			3,785,077			3,518,155			3,249,532			3,524,591			3,498,272

Selected Operating Data

Total operating revenues	$	342,479		$	303,704		$	283,148		$	270,612		$	273,476		$	267,881		$	250,741
Total operating expenses		245,404			215,255			197,232			189,313			201,850			191,161			176,076
Interest expense		41,047			37,681			38,030			36,856			37,078			39,334			36,082
Net income		56,921			53,968			49,263			47,197			37,689			38,228			39,012
Net income available to common stockholders		45,615			42,021			39,211			35,990			31,908			31,990			30,980

Financial Ratios

EBITDA ⁽²⁾	$	189,212		$	170,211		$	161,957		$	152,398		$	148,500		$	148,768		$	142,023
Adjusted EBITDA ⁽³⁾	$	200,518		$	182,158		$	172,009		$	163,605		$	154,281		$	155,006		$	150,055
Cash interest expense ⁽⁴⁾	$	54,517		$	27,447		$	53,876		$	25,239		$	54,107		$	27,349		$	45,208
Fixed charges ⁽⁵⁾	$	67,919		$	42,646		$	66,477		$	38,794		$	62,280		$	35,750		$	55,630
Debt service coverage ratio ⁽⁶⁾		3.7	x		6.6	x		3.2	x		6.5	x		2.9	x		5.7	x		3.3	x
Fixed charge coverage ratio ⁽⁷⁾		3.0	x		4.3	x		2.6	x		4.2	x		2.5	x		4.3	x		2.7	x

Profitability Measures

Net income per common share - basic	$	0.37		$	0.38		$	0.37		$	0.34		$	0.32		$	0.33		$	0.34
Net income per common share - diluted	$	0.37		$	0.38		$	0.36		$	0.34		$	0.31		$	0.33		$	0.33
Funds From Operations (FFO) per diluted share and unit ⁽⁸⁾	$	1.13		$	1.09		$	1.06		$	1.02		$	1.01		$	1.02		$	1.02
Adjusted Funds From Operations (AFFO) per diluted share and unit ⁽⁹⁾	$	0.88		$	0.86		$	0.86		$	0.82		$	0.82		$	0.85		$	0.90
Dividends per share and common unit	$	0.73		$	0.73		$	0.73		$	0.68		$	0.68		$	0.68		$	0.68
Diluted FFO payout ratio ⁽¹⁰⁾		64.8	%		67.1	%		69.1	%		66.6	%		67.4	%		67.0	%		66.9	%
Diluted AFFO payout ratio ⁽⁹⁾⁽¹¹⁾		82.5	%		85.4	%		84.6	%		83.0	%		82.6	%		80.1	%		76.0	%

Portfolio Statistics

Buildings		161			155			148			140			136			134			133
Properties		110			105			102			101			98			96			96
Net rentable square feet, excluding redevelopment space		18,922,065			17,881,857			16,923,054			15,908,059			15,262,859			14,967,288			14,628,267
Square feet held for redevelopment ⁽¹²⁾		2,242,204			2,177,144			2,189,203			2,384,955			2,126,131			2,107,693			2,236,745
Occupancy at end of quarter ⁽¹³⁾		94.2	%		93.5	%		94.8	%		94.8	%		93.7	%		93.9	%		93.5	%
Weighted average remaining lease term (years) ⁽¹⁴⁾		7.0			7.0			7.0			7.0			7.0			6.8			6.9
Same store occupancy at end of quarter ^(13)(15)		93.4	%		92.9	%		94.4	%		94.6	%		93.7	%		93.9	%		93.5	%

(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 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 D cumulative convertible preferred stock or upon conversion of our series E and series F cumulative redeemable preferred stock upon certain change of control transactions.

(2)	EBITDA is calculated as earnings before interest, taxes, depreciation and amortization. For a discussion of EBITDA, see page 30. 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 non-controlling interests. For a discussion of Adjusted EBITDA, see page 30. 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 30. For a reconciliation of net income available to common stockholders to FFO, see page 10.

(9)

All periods presented include internal leasing commissions, the amounts of which have historically been included in capitalized leasing commissions and were previously excluded from recurring capital expenditures. For a definition and discussion of AFFO, see page 30. 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 data center 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 and is weighted by net rentable square feet.

(15)	Same store properties were acquired before December 31, 2010.

Page 7

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

Consolidated Balance Sheets

(Dollars in thousands, except per share data)


	September 30, 2012			December 31, 2011
	(unaudited)
ASSETS

Investments in real estate
Land	$	621,279		$	555,113
Acquired ground leases		13,492			6,214
Buildings and improvements		7,363,430			5,253,754
Tenant improvements		383,627			303,502


Investments in real estate		8,381,828			6,118,583
Accumulated depreciation and amortization		(1,116,600	)		(900,044	)


Net investments in properties		7,265,228			5,218,539
Investment in unconsolidated joint ventures		48,882			23,976

Net investments in real estate		7,314,110			5,242,515

Cash and cash equivalents		76,115			40,631

Accounts and other receivables, net of allowance for doubtful accounts of $2,362 and $2,436 as of September 30, 2012 and December 31, 2011, respectively		146,025			90,580
Deferred rent		301,535			246,815
Acquired above market leases, net		68,269			29,701
Acquired in place lease value and deferred leasing costs, net		492,393			335,381
Deferred financing costs, net		32,163			29,849
Restricted cash		43,217			55,165
Other assets		38,771			27,929


Total Assets	$	8,512,598		$	6,098,566


LIABILITIES AND EQUITY

Global revolving credit facility	$	526,372		$	275,106
Unsecured term loan		754,935			—
Unsecured senior notes, net of discount		1,737,881			1,441,072
Exchangeable senior debentures		266,400			266,400
Mortgage loans, net of premiums		794,485			947,132
Other secured loans		—			10,500
Accounts payable and other accrued liabilities		616,042			315,133
Accrued dividends and distributions		—			75,455
Acquired below market leases, net		152,876			85,819
Security deposits and prepaid rents		136,051			101,538

Total Liabilities		4,985,042			3,518,155


Commitments and contingencies		—			—

EQUITY:
Stockholders’ equity:
Preferred Stock: $0.01 par value per share, 30,000,000 shares authorized:

Series C Cumulative Convertible Preferred Stock, 4.375%, $0 and $128,159 liquidation preference, respectively ($25.00 per share), 0 and 5,126,364 shares issued and outstanding as of September 30, 2012 and December 31, 2011, respectively		—			123,820

Series D Cumulative Convertible Preferred Stock, 5.500%, $127,447 and $174,426 liquidation preference, respectively ($25.00 per share), 5,097,898 and 6,977,055 shares issued and outstanding as of September 30, 2012 and December 31, 2011, respectively		123,250			168,669

Series E Cumulative Redeemable Preferred Stock, 7.000%, $287,500 and $287,500 liquidation preference, respectively ($25.00 per share), 11,500,000 and 11,500,000 shares issued and outstanding as of September 30, 2012 and December 31, 2011, respectively		277,172			277,292

Series F Cumulative Redeemable Preferred Stock, 6.625%, $182,500 and $0 liquidation preference, respectively ($25.00 per share), 7,300,000 and 0 shares issued and outstanding as of September 30, 2012 and December 31, 2011, respectively		176,191			—

Common Stock: $0.01 par value per share, 165,000,000 shares authorized, 123,261,390 and 106,039,279 shares issued and outstanding as of September 30, 2012 and December 31, 2011, respectively		1,228			1,057
Additional paid-in capital		3,536,463			2,496,651
Dividends in excess of earnings		(610,337	)		(488,692	)
Accumulated other comprehensive income, net		(24,524	)		(55,880	)

Total stockholders’ equity		3,479,443			2,522,917


Noncontrolling interests:
Noncontrolling interest in operating partnership		44,141			45,057
Noncontrolling interest in consolidated joint ventures		3,972			12,437

Total noncontrolling interests		48,113			57,494

Total Equity		3,527,556			2,580,411


Total Liabilities and Equity	$	8,512,598		$	6,098,566

Page 8

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

Consolidated Quarterly Statements of Operations

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


	Three Months Ended
	30-Sep-12			30-Jun-12			31-Mar-12			31-Dec-11			30-Sep-11			30-Jun-11			31-Mar-11

Rental	$	260,052		$	234,923		$	222,834		$	214,264		$	206,846		$	202,806		$	196,795
Tenant reimbursements		78,878			60,422			57,862			52,010			56,656			51,311			51,834
Construction management		2,497			1,954			2,452			4,338			9,372			13,759			1,817
Other		1,052			6,405			—			—			602			5			295

Total operating revenues		342,479			303,704			283,148			270,612			273,476			267,881			250,741


Rental property operating and maintenance		106,660			87,576			79,845			81,698			82,164			72,337			71,723
Property taxes		17,982			15,769			16,042			9,458			13,055			13,962			13,471
Insurance		2,463			2,260			2,230			2,014			1,961			1,998			2,051
Construction management		623			596			193			2,388			7,391			11,199			1,737
Depreciation and amortization		101,840			89,000			83,995			80,612			79,047			76,848			73,918
General and administrative		14,409			15,109			14,250			12,542			14,600			14,077			12,405
Transactions		504			4,608			677			601			3,632			740			681
Other		923			337			—			—			—			—			90

Total operating expenses		245,404			215,255			197,232			189,313			201,850			191,161			176,076


Operating income		97,075			88,449			85,916			81,299			71,626			76,720			74,665

Equity in earnings of unconsolidated joint ventures		1,520			3,493			1,389			1,296			1,390			1,058			1,208
Interest and other income		83			1,216			709			398			2,218			380			264
Interest expense		(41,047	)		(37,681	)		(38,030	)		(36,856	)		(37,078	)		(39,334	)		(36,082	)
Tax (expense) benefit		(710	)		(1,206	)		(721	)		1,164			(461	)		(233	)		(428	)
Loss from early extinguishment of debt		—			(303	)		—			(104	)		(6	)		(363	)		(615	)

Net income		56,921			53,968			49,263			47,197			37,689			38,228			39,012
Net income attributable to noncontrolling interests		(1,529	)		(1,634	)		(1,221	)		(1,481	)		(1,345	)		(1,525	)		(1,510	)

Net income attributable to Digital Realty Trust, Inc.		55,392			52,334			48,042			45,716			36,344			36,703			37,502
Preferred stock dividends		(9,777	)		(10,313	)		(8,831	)		(9,726	)		(4,436	)		(4,713	)		(6,522	)

Net income available to common stockholders	$	45,615		$	42,021		$	39,211		$	35,990		$	31,908		$	31,990		$	30,980


Net income per share available to common stockholders - basic	$	0.37		$	0.38		$	0.37		$	0.34		$	0.32		$	0.33		$	0.34
Net income per share available to common stockholders - diluted	$	0.37		$	0.38		$	0.36		$	0.34		$	0.31		$	0.33		$	0.33
Weighted-average shares outstanding - basic		122,026,421			109,761,017			107,099,856			105,134,719			100,588,235			96,295,585			91,428,355
Weighted-average shares outstanding - diluted		122,353,511			110,166,082			107,584,856			105,584,344			101,912,342			97,511,811			92,600,215
Weighted-average fully diluted shares and units		126,569,841			114,505,563			111,917,822			110,052,443			105,478,907			102,272,613			98,117,454

Page 9

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

Funds From Operations (FFO)

(unaudited and in thousands, except per share data)


	Three Months Ended
	30-Sep-12			30-Jun-12			31-Mar-12			31-Dec-11			30-Sep-11			30-Jun-11			31-Mar-11
Reconciliation of net income available to common stockholders to FFO (Note):

Net income available to common stockholders	$	45,615		$	42,021		$	39,211		$	35,990		$	31,908		$	31,990		$	30,980

Adjustments:

Noncontrolling interests in operating partnership		1,574			1,661			1,586			1,530			1,421			1,582			1,652
Real estate related depreciation and amortization ⁽¹⁾		100,994			88,186			82,993			80,086			78,550			76,405			73,506
Real estate related depreciation and amortization related to investment in unconsolidated joint ventures		710			866			905			985			918			893			892
Gain on sale of assets held in unconsolidated joint venture		—			(2,325	)		—			—			—			—			—

FFO available to common stockholders and unitholders	$	148,893		$	130,409		$	124,695		$	118,591		$	112,797		$	110,870		$	107,030


FFO per share and unit:
Basic	$	1.18		$	1.14		$	1.12		$	1.08		$	1.07		$	1.10		$	1.11
Diluted ⁽²⁾	$	1.13		$	1.09		$	1.06		$	1.02		$	1.01		$	1.02		$	1.02


Weighted-average shares and units outstanding - basic		126,243			114,100			111,433			109,603			105,069			101,056			96,303
Weighted-average shares and units outstanding - diluted ⁽²⁾		137,304			125,824			125,482			123,875			120,235			117,845			115,730

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

Depreciation and amortization per income statement	$	101,840		$	89,000		$	83,995		$	80,612		$	79,047		$	76,848		$	73,918
Non-real estate depreciation		(846	)		(814	)		(1,002	)		(526	)		(497	)		(443	)		(412	)

	$	100,994		$	88,186		$	82,993		$	80,086		$	78,550		$	76,405		$	73,506

(2) At September 30, 2012, we had 5,098 series D convertible preferred shares outstanding that were convertible into 4,219 common shares on a weighted average basis for the three months ended September 30, 2012. For the three months ended September 30, 2012, we have excluded the effect of dilutive series E and series F 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 and series F preferred stock, which we consider highly improbable; if included, the dilutive effect for the three months ended September 30, 2012 would be 6,784 shares. In addition, we had a balance of $266,400 of 5.50% exchangeable senior debentures due 2029 that were exchangeable for 6,515 common shares on a weighted average basis for the three months ended September 30, 2012. 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	$	148,893	$	130,409	$	124,695	$	118,591	$	112,797	$	110,870	$	107,030

Add: Series C convertible preferred dividends		—		—		1,402		1,402		1,402		1,441		1,832
Add: Series D convertible preferred dividends		1,723		2,394		2,398		2,398		3,034		3,272		4,690
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	$	154,666	$	136,853	$	132,545	$	126,441	$	121,283	$	119,633	$	117,602


Weighted average common stock and units outstanding		126,243		114,100		111,433		109,603		105,069		101,056		96,303
Add: Effect of dilutive securities (excl. series C & D convert. preferred stock & 5.50% debentures)		327		405		485		450		410		1,216		1,172
Add: Effect of dilutive series C convertible preferred stock		—		489		2,785		2,778		2,784		2,865		3,652
Add: Effect of dilutive series D convertible preferred stock		4,219		4,374		4,337		4,660		5,604		6,419		8,333
Add: Effect of dilutive 5.50% exchangeable senior debentures		6,515		6,456		6,442		6,384		6,368		6,289		6,270

Weighted average common stock and units outstanding - diluted		137,304		125,824		125,482		123,875		120,235		117,845		115,730

Note: For a definition and discussion of FFO, see page 30.

Adjusted Funds From Operations (AFFO)

(unaudited and in thousands)


	Three Months Ended
	30-Sep-12			30-Jun-12			31-Mar-12			31-Dec-11			30-Sep-11			30-Jun-11			31-Mar-11
Reconciliation of FFO to AFFO (Note):

FFO available to common stockholders and unitholders	$	148,893		$	130,409		$	124,695		$	118,591		$	112,797		$	110,870		$	107,030

Adjustments:

Non-real estate depreciation		846			814			1,002			526			497			443			412
Amortization of deferred financing costs		2,328			1,799			2,214			2,209			2,285			2,510			2,451
Amortization of debt discount		260			250			247			244			241			749			998
Non-cash compensation		2,741			3,775			3,407			3,167			3,560			3,739			2,963
Loss from early extinguishment of debt		—			303			—			104			6			363			615
Straight line rents		(20,221	)		(19,649	)		(15,902	)		(15,089	)		(14,166	)		(14,305	)		(12,749	)
Above and below market rent amortization		(2,333	)		(2,871	)		(2,239	)		(2,274	)		(1,989	)		(1,860	)		(1,814	)
Capitalized leasing compensation		(3,847	)		(3,334	)		(3,913	)		(2,610	)		(2,734	)		(2,721	)		(2,443	)
Recurring capital expenditures and tenant improvements ⁽³⁾		(3,562	)		(6,128	)		(5,431	)		(4,870	)		(4,678	)		(2,026	)		(1,395	)
Capitalized leasing commissions ⁽³⁾		(9,493	)		(4,201	)		(3,607	)		(6,401	)		(5,350	)		(6,486	)		(3,029	)


AFFO available to common stockholders and unitholders	$	115,612		$	101,167		$	100,473		$	93,597		$	90,469		$	91,276		$	93,039

(3)	All periods presented include internal leasing commissions, the amounts of which have historically been included in capitalized leasing commissions and were previously excluded from recurring capital expenditures.

Note: For a definition and discussion of AFFO, see page 30. For a reconciliation of net income available to common stockholders to FFO, see above table.

Page 10

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

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

(unaudited and in thousands)


	Three Months Ended
	30-Sep-12		30-Jun-12		31-Mar-12		31-Dec-11			30-Sep-11		30-Jun-11		31-Mar-11

Net income available to common stockholders	$	45,615	$	42,021	$	39,211	$	35,990		$	31,908	$	31,990	$	30,980

Interest		41,047		37,681		38,030		36,856			37,078		39,334		36,082
Loss from early extinguishment of debt		—		303		—		104			6		363		615
Taxes		710		1,206		721		(1,164	)		461		233		428
Depreciation and amortization		101,840		89,000		83,995		80,612			79,047		76,848		73,918


EBITDA		189,212		170,211		161,957		152,398			148,500		148,768		142,023

Noncontrolling interests		1,529		1,634		1,221		1,481			1,345		1,525		1,510
Preferred stock dividends		9,777		10,313		8,831		9,726			4,436		4,713		6,522


Adjusted EBITDA	$	200,518	$	182,158	$	172,009	$	163,605		$	154,281	$	155,006	$	150,055

(1)

For the definition and discussion of EBITDA and Adjusted EBITDA, see page 30. EBITDA and Adjusted EBITDA for the three months ended June 30, 2012 include a gain on sale for 700 / 750 Central Expressway, an unconsolidated joint venture, of approximately $2.3 million. Excluding this gain, EBITDA and Adjusted EBITDA would have been $167.9 million and $179.9 million, respectively, for three months ended June 30, 2012.

Financial Ratios

(unaudited and in thousands)

30-Sep-12

30-Jun-12

31-Mar-12

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

Total GAAP interest expense

41,047

37,681

38,030

36,856

37,078

39,334

36,082

Capitalized interest

4,496

4,602

4,526

4,262

4,755

4,222

4,666

Change in accrued interest and other non-cash amounts

8,974

(14,836

)

11,320

(15,879

)

12,274

(16,207

)

4,460

Cash interest expense (a)

54,517

27,447

53,876

25,239

54,107

27,349

45,208

Scheduled debt principal payments and preferred dividends

13,402

15,199

12,601

13,555

8,173

8,401

10,422

Total fixed charges (b)

67,919

42,646

66,477

38,794

62,280

35,750

55,630

Debt service coverage ratio based on GAAP interest expense (c)

4.9

4.8

4.5

4.4

4.2

3.9

4.2

Debt service coverage ratio based on cash interest expense (d)

3.7

6.6

3.2

6.5

2.9

5.7

3.3

Fixed charge coverage ratio based on GAAP interest expense (e)

3.7

3.4

3.2

3.4

3.2

Fixed charge coverage ratio based on cash interest expense (f)

3.0

4.3

2.6

4.2

2.5

4.3

2.7

Debt to total enterprise value including debt and preferred equity (g)

30.0

26.8

26.9

29.6

31.1

33.1

Debt plus preferred stock to total enterprise value including debt and preferred equity (h)

34.4

31.9

31.8

32.3

36.3

34.9

38.6

Pretax income to interest expense (i)

2.4

2.3

2.0

2.1

Net Debt to Adjusted EBITDA (j)

5.0

4.6

4.7

4.4

4.5

4.9

5.0

(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)

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

(c)

Adjusted EBITDA divided by GAAP interest expense.

(d)

Adjusted EBITDA divided by cash interest expense.

(e)

Adjusted EBITDA divided by the sum of GAAP interest expense, scheduled debt principal payments and preferred dividends.

(f)

Adjusted EBITDA divided by fixed charges.

(g)

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.

(h)

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

(i)

Calculated as net income, adding back interest expense and divided by GAAP interest expense.

(j)

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

Page 11

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

Same Store and New Properties Consolidated Quarterly Statements of Operations

(unaudited and in thousands)


	Three Months Ended
Same store ⁽¹⁾	30-Sep-12			30-Jun-12			31-Mar-12			31-Dec-11			30-Sep-11			30-Jun-11			31-Mar-11
Operating Revenues:

Rental	$	227,587		$	224,804		$	216,061		$	213,016		$	206,634		$	202,806		$	196,795
Tenant reimbursements - Utilities		45,931			39,522			35,980			38,699			36,374			37,578			37,386
Tenant reimbursements - Other		17,916			17,616			18,994			12,925			20,282			13,733			14,448
Construction management ⁽²⁾		—			—			—			—			—			—			—
Other		1,052			6,405			—			—			602			5			295

Total operating revenues		292,486			288,347			271,035			264,640			263,892			254,122			248,924


Operating Expenses:

Rental property operating and maintenance - Utilities		48,760			41,266			37,905			38,915			39,714			41,055			38,427
Rental property operating and maintenance - Other		43,218			42,106			39,211			42,129			42,324			31,785			33,003
Property taxes		15,988			14,840			15,347			9,333			13,006			13,922			13,471
Insurance		2,069			2,126			2,101			1,908			1,917			1,933			1,921
Construction management ⁽²⁾		—			—			—			—			—			—			—
Depreciation and amortization		86,588			84,645			80,736			80,332			79,038			76,848			73,918
General and administrative ⁽³⁾		14,409			15,109			14,250			12,542			14,600			14,077			12,405
Transactions ⁽⁴⁾		—			—			—			—			—			—			—
Other		923			337			—			—			—			—			90

Total operating expenses		211,955			200,429			189,550			185,159			190,599			179,620			173,235


Operating income		80,531			87,918			81,485			79,481			73,293			74,502			75,689

Other Income (Expenses):
Equity in earnings of unconsolidated joint ventures		1,533			3,500			1,394			1,295			1,390			1,058			1,208
Interest and other income		(62	)		1,267			772			395			2,221			380			264
Interest expense		(37,299	)		(36,361	)		(36,841	)		(36,594	)		(37,075	)		(39,334	)		(36,082	)
Tax expense		(586	)		(1,083	)		(596	)		1,288			(378	)		(233	)		(428	)
Loss from early extinguishment of debt		—			(303	)		—			(104	)		(6	)		(363	)		(615	)

Net income	$	44,117		$	54,938		$	46,214		$	45,761		$	39,445		$	36,010		$	40,036


New properties ⁽¹⁾
Operating Revenues:

Rental	$	32,465		$	10,119		$	6,773		$	1,248		$	212		$	—		$	—
Tenant reimbursements - Utilities		10,195			2,408			1,398			—			—			—			—
Tenant reimbursements - Other		4,836			876			1,490			386			—			—			—
Construction management ⁽²⁾		2,497			1,954			2,452			4,338			9,372			13,759			1,817
Other		—			—			—			—			—			—			—

Total operating revenues		49,993			15,357			12,113			5,972			9,584			13,759			1,817


Operating Expenses:

Rental property operating and maintenance - Utilities		10,107			2,355			1,446			—			—			—			—
Rental property operating and maintenance - Other		4,575			1,849			1,283			654			126			(503	)		293
Property taxes		1,994			929			695			125			49			40			—
Insurance		394			134			129			106			44			65			130
Construction management ⁽²⁾		623			596			193			2,388			7,391			11,199			1,737
Depreciation and amortization		15,252			4,355			3,259			280			9			—			—
General and administrative ⁽³⁾		—			—			—			—			—			—			—
Transactions ⁽⁴⁾		504			4,608			677			601			3,632			740			681
Other		—			—			—			—			—			—			—

Total operating expenses		33,449			14,826			7,682			4,154			11,251			11,541			2,841


Operating income		16,544			531			4,431			1,818			(1,667	)		2,218			(1,024	)

Other Income (Expenses):
Equity in earnings of unconsolidated joint ventures		(13	)		(7	)		(5	)		1			—			—			—
Interest and other income		145			(51	)		(63	)		3			(3	)		—			—
Interest expense		(3,748	)		(1,320	)		(1,189	)		(262	)		(3	)		—			—
Tax expense		(124	)		(123	)		(125	)		(124	)		(83	)		—			—
Loss from early extinguishment of debt		—			—			—			—			—			—			—

Net Income	$	12,804		$	(970	)	$	3,049		$	1,436		$	(1,756	)	$	2,218		$	(1,024	)

(1)	Same store properties are properties that were acquired on or before December 31, 2010 and new properties are properties acquired after December 31, 2010.

(2)	Construction management revenues and expenses are included entirely in new properties as they are not allocable to specific properties.

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

(4)	Transaction expenses are included entirely in new properties as they are not allocable to specific properties.

Page 12

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

Same Store Operating Trend Summary

(unaudited and in thousands)


	Three Months Ended
Same store ⁽¹⁾	30-Sep-12			30-Jun-12			Percentage Change			30-Sep-11			Percentage Change

Rental ⁽²⁾	$	227,587		$	224,804			1.2	%	$	206,634			10.1	%
Tenant reimbursements - Utilities		45,931			39,522			16.2	%		36,374			26.3	%
Tenant reimbursements - Other		17,916			17,616			1.7	%		20,282			(11.7	%)

		291,434			281,942			3.4	%		263,290			10.7	%

Rental property operating and maintenance - Utilities		48,760			41,266			18.2	%		39,714			22.8	%
Rental property operating and maintenance - Other		43,218			42,106			2.6	%		42,324			2.1	%
Property taxes		15,988			14,840			7.7	%		13,006			22.9	%
Insurance		2,069			2,126			(2.7	%)		1,917			7.9	%

		110,035			100,338			9.7	%		96,961			13.5	%

Net Operating Income ⁽³⁾	$	181,399		$	181,604			(0.1	%)	$	166,329			9.1	%


Same store occupancy at end of quarter ⁽⁴⁾		93.4	%		92.9	%		0.5	%		93.7	%		(0.3	%)

(1)	Same store properties were acquired on or before December 31, 2010.

(2)	For the periods presented, same store straight-line rent was $18,085, $18,980 and $14,093, respectively, and non-cash purchase accounting adjustments were $1,580, $1,535, and $1,989, respectively.

(3)	For a definition and discussion of Net Operating Income, see page 30.

(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 2012

Consolidated Debt Analysis

(unaudited, in thousands)


	Maturity Date			Principal Balance as of September 30, 2012			% of Debt			Interest Rate as of September 30, 2012			Interest Rate as of September 30, 2012 including swaps
Revolving Credit Facility
Global revolving credit facility	November 2, 2016	⁽¹	⁾		526,372			12.9	%		1.99	%

				$	526,372			12.9	%
Unsecured term loan:
Unsecured term loan	April 16, 2017				754,935			18.5	%		1.89	%		2.27	%

				$	754,935			18.5	%

Unsecured senior notes:
Prudential Shelf Facility:
Series B	November 5, 2013				33,000			0.8	%		9.32	%
Series C	January 6, 2016				25,000			0.6	%		9.68	%
Series D	January 20, 2015				50,000			1.2	%		4.57	%
Series E	January 20, 2017				50,000			1.2	%		5.73	%
Series F	February 3, 2015				17,000			0.4	%		4.50	%

Total Prudential Shelf Facility				$	175,000			4.2	%

Senior Notes:
4.50% notes due 2015	July 15, 2015				375,000			9.2	%		4.50	%
5.875% notes due 2020	February 1, 2020				500,000			12.3	%		5.88	%
5.25% notes due 2021	March 15, 2021				400,000			9.8	%		5.25	%
3.625% notes due 2022	October 1, 2022				300,000			7.4	%		3.63	%
Unamortized discounts					(12,119	)		-0.3	%

Total senior notes				$	1,562,881			38.4	%

Total unsecured senior notes				$	1,737,881			42.6	%

Exchangeable senior debentures:
5.50% exchangeable senior debentures due 2029	April 15, 2029				266,400			6.5	%		5.50	%

Total exchangeable senior debentures				$	266,400			6.5	%

Mortgage loans:
Paul van Vlissingenstraat 16	July 18, 2013				13,053			0.3	%		2.38	%		5.58	%
Chemin de l’Epinglier 2	July 18, 2013				9,444			0.2	%		2.28	%		5.57	%
1500 Space Park Drive	October 5, 2013				36,247			0.9	%		6.15	%
Gyroscoopweg 2E-2F	October 18, 2013				8,312			0.2	%		2.28	%		5.49	%
360 Spear Street	November 8, 2013				46,862			1.1	%		6.32	%
Mundells Roundabout	November 30, 2013				69,235			1.7	%		2.23	%		4.18	%
Clonshaugh Industrial Estate II	September 4, 2014				38,580			0.9	%		5.28	%		7.20	%
Cressex 1	October 16, 2014				28,529			0.7	%		5.68	%
Manchester Technopark	October 16, 2014				8,679			0.2	%		5.68	%
Secured Term Debt	November 11, 2014				136,726			3.4	%		5.65	%
200 Paul Avenue 1-4	October 8, 2015				73,114			1.8	%		5.74	%
600 West Seventh Street	March 15, 2016				51,566			1.3	%		5.80	%
34551 Ardenwood Boulevard 1-4	November 11, 2016				53,102			1.3	%		5.95	%
2334 Lundy Place	November 11, 2016				38,621			0.9	%		5.96	%
1100 Space Park Drive	December 11, 2016				53,078			1.3	%		5.89	%
2045 & 2055 LaFayette Street	February 6, 2017				64,864			1.6	%		5.93	%
150 South First Street	February 6, 2017				51,008			1.3	%		6.30	%
8025 North Interstate 35	March 6, 2017				6,621			0.2	%		4.09	%
731 East Trade Street	July 1, 2020				4,586			0.1	%		8.22	%
Unamortized net premiums					2,258			0.1	%

				$	794,485			19.5	%

Total Consolidated Debt				$	4,080,073			100.0	%


Weighted average cost of debt (including interest rate swaps)														4.35	%

(1)	Assumes all extensions will be exercised.

Global Revolving Credit Facility

(in thousands)


	Maximum Available as of September 30, 2012		Available as of September 30, 2012⁽²⁾		Drawn as of September 30, 2012
Global Revolving Credit Facility	$	1,800,000	$	1,251,224	$	526,372

(2)	Net of letters of credit issued.

Page 14

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

Debt Maturities

(unaudited, in thousands)


		2012		2013		2014		2015		2016		Thereafter		Total

Global revolving credit facility	⁽¹⁾	$	—	$	—	$	—	$	—	$	526,372	$	—	$	526,372
Unsecured term loan			—		—		—		—		—		754,935		754,935
Prudential shelf facility senior notes			—		33,000		—		67,000		25,000		50,000		175,000
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
3.625% notes due 2022			—		—		—		—		—		300,000		300,000
5.50% exchangeable senior debentures due 2029	⁽²⁾		—		—		266,400		—		—		—		266,400
Secured Term Debt	⁽³⁾		734		3,026		132,966		—		—		—		136,726
200 Paul Avenue 1-4			469		1,932		2,048		68,665		—		—		73,114
Mundells Roundabout			—		69,235		—		—		—		—		69,235
2045 & 2055 LaFayette Street			243		998		1,060		1,125		1,195		60,243		64,864
34551 Ardenwood Boulevard 1-4			186		765		812		862		50,477		—		53,102
1100 Space Park Drive			188		774		821		872		50,423		—		53,078
600 West Seventh Street			392		1,626		1,723		1,825		46,000		—		51,566
150 South First Street			178		733		781		832		878		47,606		51,008
360 Spear Street			249		46,613		—		—		—		—		46,862
2334 Lundy Place			135		555		590		627		36,714		—		38,621
Clonshaugh Industrial Estate II			—		—		38,580		—		—		—		38,580
1500 Space Park Drive			564		35,683		—		—		—		—		36,247
Cressex 1			124		495		27,910		—		—		—		28,529
Paul van Vlissingenstraat 16			54		12,999		—		—		—		—		13,053
Chemin de l’Epinglier 2			39		9,405		—		—		—		—		9,444
Gyroscoopweg 2E-2F			35		8,277		—		—		—		—		8,312
Manchester Technopark			38		151		8,490		—		—		—		8,679
8025 North Interstate 35			60		247		257		268		5,789		—		6,621
731 East Trade Street			77		323		350		416		504		2,916		4,586


Total		$	3,765	$	226,837	$	482,788	$	517,492	$	743,352	$	2,115,700	$	4,089,934


Weighted Average Term to Initial Maturity	⁽²⁾	4.7 Years
Weighted Average Term to Initial Maturity (assuming exercise of extension options)	⁽²⁾	4.8 Years

(1)	Assumes all extensions will be exercised.

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

(3)	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.

Note: Total excludes $2,258 of loan premiums, net and ($6,724), ($663), ($790), and ($3,943) of debt discount on 5.875% unsecured senior notes due 2020, 4.50% unsecured senior notes due 2015, 5.25% unsecured senior notes due 2021, and 3.625% unsecured senior notes due 2022, respectively.

Page 15

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

Debt Analysis & Covenant Compliance

(unaudited)

Debt Covenant Ratios ⁽¹⁾:

As of September 30, 2012

4.50% Notes due 2015,

5.875% Notes due 2020 &

5.25% Notes due 2021

3.625%
Notes
due
2022

Global Revolving Credit Facility

Required

Actual

Required

Actual

Total Outstanding Debt / Total Assets ⁽²⁾

Less than 60%

Less than 60%⁽³⁾

Secured Debt / Total Assets ⁽⁴⁾

Less than 40%

Total Unencumbered Assets / Unsecured Debt

Greater than 150%

247

266

N/A

Consolidated EBITDA / Interest Expense ⁽⁵⁾

Greater than 1.50x

4.1

N/A

Fixed Charge Coverage

N/A

Greater than 1.50x

3.2

Unsecured Debt / Total Unencumbered Asset Value ⁽⁶⁾

N/A

Less than 60%

Unencumbered Assets Debt Service Coverage Ratio

N/A

Greater than 1.50x

5.5

(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 and Supplemental Indenture No. 1 dated March 8, 2011, which governs the 5.25% Notes due 2021; the Indenture and Supplemental Indenture No. 1 dated September 24, 2012, which governs the 3.625% Notes due 2022; and the Global Senior Credit Agreement dated as of November 3, 2011, which are filed as exhibits to our reports filed with the Securities and Exchange Commission.

(2)

This ratio is referred to as the Leverage Ratio, defined as Consolidated Debt / Total Asset Value, under the Global 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 3.625% Notes due 2022, Total Assets is calculated using Consolidated EBITDA capped at 8.25%. Under the Global Revolving Credit Facility, Total Asset Value is calculated using Adjusted Net Operating Income capped at 8.25% for Data Center Assets and 7.50% for Other Assets.

(3)

The Company has the right to maintain a Leverage Ratio of greater than 60.0% but less than or equal to 65.0% for up to four consecutive fiscal quarters during the term of the Facility following an acquisition of one or more Assets for a purchase price and other consideration in an amount not less than 5% of Total Asset Value.

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

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

(6)	Assets must satisfy certain conditions to qualify for inclusion as an Unencumbered Asset under the Global Revolving Credit Facility.

Page 16

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

Portfolio Summary

As of September 30, 2012


	9/30/2012			6/30/2012

Number of Properties:
Domestic		90	⁽¹⁾		88
International		20			17

		110	⁽²⁾		105	⁽²⁾

Number of Buildings:
Domestic		137			134
International		24			21

		161			155

Number of Markets:
Domestic		21			21
International ⁽³⁾		11			11

		32			32

Net Rentable Square Feet: ⁽⁴⁾
Domestic		16,584,357			16,157,756
International		2,337,708			1,724,101

		18,922,065			17,881,857

Redevelopment Square Feet:
Domestic		1,885,220			1,939,316
International		356,984			237,828

		2,242,204			2,177,144

Portfolio Occupancy ⁽⁵⁾		94.2	%		93.5	%

Same Store Pool Occupancy ⁽⁵⁾		93.4	%		92.9	%

Average Original Lease Term (years)		13.5			13.7

Average Remaining Lease Term (years)		7.0			7.0

Lease Expirations (through 2013)		4.9	%		6.2	%

(1)	Developable land in 3825 NW Aloclek Place, Portland, Oregon added to property count due to build-out.

(2)	Excludes three properties held as investments in unconsolidated joint ventures and developable land.

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

(4)	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.

(5)	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 17

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

Properties Acquired

For the three months ended September 30, 2012


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 Net Rentable Square Footage of Property Occupied⁽²⁾
11900 East Cornell Ave		Denver, CO	Sep-12	$	90.8		285,840		—		94.3	%
Sentrum Portfolio	⁽³⁾	London, England	Jul-12	$	1,114.1		593,083		139,917		98.9	%

				$	1,204.9		878,923		139,917		97.4	%

(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.

(3)	The Sentrum Portfolio consists of Unit B Prologis Park, Watford, The Chess Building, Croydon, and Unit 21 Goldsworth Park, Woking, which are located in the greater London, United Kingdom, metropolitan area. The Sentrum Portfolio is considered three properties for our property count.

Page 18

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

Occupancy Analysis

As of September 30, 2012

(Dollar amounts in thousands)


											Occupancy ⁽³⁾																					Net Rentable Square Feet as a % of			Annualized Rent as a % of
Property			Acquisition Date	Property Type	Net Rentable Square Feet ⁽¹⁾		Redevelopment Space		Annualized Rent ($000) ⁽²⁾		As of 9/30/12			As of 6/30/12			As of 3/31/12			As of 12/31/11			As of 09/30/11			As of 06/30/11			As of 03/31/11			Total PoTtfolio			Total PoTtfolio

NORTH AMERICA

Dallas
2323 Bryan Street			Jan-02	Internet Gateway		453,539		23,568		14,979		76.9	%		76.1	%		75.2	%		74.8	%		73.4	%		75.0	%		73.8	%		2.4	%		1.5	%
2501 S. State Highway 121			Feb-12	Data Center		819,243		—		12,966		98.5	%		98.5	%		98.5	%		N/A			N/A			N/A			N/A			4.3			1.3
2440 Marsh Lane			Jan-03	Data Center		135,250		—		11,763		91.9	%		85.9	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			1.2
1232 Alma Road			Sep-09	Data Center		90,926		14,800		11,137		99.4	%		99.5	%		99.5	%		99.5	%		99.5	%		99.0	%		67.7	%		0.5			1.1
4849 Alpha Road			Apr-04	Data Center		125,538		—		11,001		99.7	%		99.7	%		99.7	%		99.7	%		99.6	%		99.6	%		100.0	%		0.7			1.1
4025 Midway Road			Jan-06	Data Center		90,058		10,532		8,798		99.9	%		99.9	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.9
400 S. Akard	(4	)	Jun-12	Internet Gateway		269,563		—		7,890		94.7	%		84.6	%		N/A			N/A			N/A			N/A			N/A			1.4			0.8
11830 Webb Chapel Road			Aug-04	Data Center		365,647		—		7,002		88.1	%		88.1	%		88.1	%		88.1	%		88.4	%		88.4	%		88.4	%		1.9			0.7
900 Quality Way			Sep-09	Data Center		33,680		81,242		6,278		100.0	%		100.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.2			0.6
1215 Datacenter Park			Sep-12	Data Center		56,124		—		5,972		100.0	%		N/A			N/A			N/A			N/A			N/A			N/A			0.3			0.6
14901 FAA Boulevard			Jun-06	Data Center		263,700		—		5,061		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.4			0.5
900 Dorothy Drive			Aug-10	Data Center		56,176		—		1,565		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.2
904 Quality Way			Sep-09	Data Center		46,750		—		1,060		100.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.2			0.1
1400 N. Bowser Road			Sep-09	Data Center		—		246,940		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
1301 International Parkway			Sep-09	Data Center		—		20,500		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
905 Security Row			Sep-09	Data Center		—		249,657		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0

						2,806,194		647,239		105,472		93.4	%		91.7	%		93.0	%		90.1	%		89.6	%		90.0	%		87.4	%		14.8	%		10.6	%

Silicon Valley
1350 Duane & 3080 Raymond			Oct-09	Data Center		185,000		—		10,258		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.0	%		1.1	%
3011 Lafayette Street			Jan-07	Data Center		90,780		—		10,246		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5			1.1
1100 Space Park Drive			Nov-04	Internet Gateway		165,297		—		9,607		100.0	%		92.7	%		100.0	%		100.0	%		92.7	%		100.0	%		100.0	%		0.9			1.0
1500 Space Park Drive			Sep-07	Data Center		51,615		—		9,325		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			1.0
1525 Comstock Street			Sep-07	Data Center		42,385		—		8,532		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.9
3105 and 3205 Alfred Street			May-10	Data Center		49,858		—		8,369		87.9	%		87.9	%		64.1	%		58.1	%		58.1	%		100.0	%		100.0	%		0.3			0.9
2045 & 2055 LaFayette Street			May-04	Data Center		300,000		—		7,020		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.6			0.7
1725 Comstock Street			Apr-10	Data Center		39,643		—		6,670		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		66.7	%		0.2			0.7
150 South First Street			Sep-04	Data Center		179,761		—		6,493		93.7	%		93.7	%		99.0	%		99.0	%		98.3	%		98.3	%		98.3	%		1.0			0.7
1201 Comstock Street			Jun-08	Data Center		24,000		—		4,598		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.5
2334 Lundy Place			Dec-02	Data Center		130,752		—		4,393		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			0.5
4650 Old Ironsides Drive			Jun-05	Data Center		124,383		—		3,954		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			0.4
2401 Walsh Street			Jun-05	Data Center		167,932		—		3,723		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.9			0.4
2950 Zanker Road			Aug-10	Data Center		69,700		—		2,970		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.3
2403 Walsh Street			Jun-05	Data Center		103,940		—		2,304		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.2
4700 Old Ironsides Drive			Jun-05	Data Center		90,139		—		1,998		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.2
444 Toyama Drive			Sep-09	Data Center		42,083		—		1,885		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.2
2805 Lafayette Street	(5	)	Aug-10	Data Center		—		150,000		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0

						1,857,268		150,000		102,345		99.1	%		98.4	%		98.9	%		98.7	%		98.0	%		99.8	%		99.1	%		10.0	%		10.8	%

Northern Virginia
43881 Devin Shafron Drive			Mar-07	Data Center		180,000		—		18,543		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		98.5	%		0.9	%		1.9	%
43915 Devin Shafron Drive			May-09	Data Center		129,033		3,247		15,876		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			1.6
43830 Devin Shafron Drive			May-09	Data Center		99,202		14,048		9,708		84.3	%		74.6	%		31.7	%		42.2	%		42.2	%		9.1	%		27.0	%		0.5			1.0
43791 Devin Shafron Drive			Mar-07	Data Center		132,806		2,194		9,505		77.4	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			1.0
4030 Lafayette Center Drive			Jul-10	Data Center		72,696		—		5,837		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.6
45901 & 45845 Nokes Boulevard			Dec-09	Data Center		167,160		—		4,612		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.9			0.5
44470 Chilum Place			Feb-07	Data Center		95,440		—		4,311		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.4
4050 Lafayette Center Drive			Jul-10	Data Center		42,374		—		3,396		99.0	%		99.0	%		99.0	%		34.2	%		34.2	%		34.2	%		34.2	%		0.2			0.3
43790 Devin Shafron Drive			May-09	Data Center		152,138		—		3,134		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		N/A			0.8			0.3
21110 Ridgetop Circle			Jan-07	Data Center		135,513		—		2,906		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			0.3
21561 & 21571 Beaumeade Circle			Dec-09	Data Center		164,453		—		2,846		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.9			0.3
21551 Beaumeade Circle			Dec-09	Data Center		152,504		—		2,027		100.0	%		100.0	%		100.0	%		100.0	%		N/A			N/A			N/A			0.8			0.2
1807 Michael Faraday Court			Oct-06	Data Center		19,237		—		1,861		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.2
7505 Mason King Court			Nov-08	Data Center		109,650		—		1,820		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.6			0.2
251 Exchange Place			Nov-05	Data Center		70,982		—		1,640		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.2
43831 Devin Shafron Drive			Mar-07	Data Center		117,071		—		1,538		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.6			0.2
8100 Boone Boulevard			Oct-06	Data Center		17,015		—		952		24.9	%		24.9	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.1
1506 Moran Road			Dec-11	Data Center		13,626		—		180		100.0	%		100.0	%		100.0	%		100.0	%		N/A			N/A			N/A			0.1			0.0
4040 Lafayette Center Drive			Jul-10	Data Center		—		30,333		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		100.0	%		0.0			0.0

						1,870,900		49,822		90,692		96.9	%		98.4	%		97.5	%		94.5	%		93.9	%		95.6	%		97.1	%		9.9	%		9.3	%
New York
111 Eighth Avenue	(6	)	Oct-06	Internet Gateway		116,843		—		20,315		99.3	%		99.3	%		95.3	%		95.3	%		95.3	%		95.3	%		95.3	%		0.6	%		2.1	%
3 Corporate Place			Dec-05	Data Center		276,931		—		18,757		100.0	%		100.0	%		100.0	%		100.0	%		98.0	%		96.1	%		96.1	%		1.5			1.9
365 S Randolphville Road			Feb-08	Data Center		172,044		92,748		17,887		95.8	%		88.6	%		88.6	%		88.6	%		88.6	%		88.6	%		79.4	%		0.9			1.8
300 Boulevard East			Nov-02	Data Center		346,819		22,962		16,814		89.9	%		89.9	%		89.9	%		89.9	%		89.9	%		89.9	%		100.0	%		1.8			1.7
60 & 80 Merritt Boulevard			Jan-10	Data Center		169,540		—		12,760		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.9			1.3
650 Randolph Road			Jun-08	Data Center		—		127,790		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0

						1,082,177		243,500		86,533		96.0	%		94.9	%		94.5	%		94.5	%		93.9	%		93.5	%		96.3	%		5.7	%		8.8	%
San Francisco
200 Paul Avenue			Nov-04	Internet Gateway		494,120		33,560		28,891		99.3	%		96.3	%		99.3	%		99.4	%		99.4	%		99.4	%		96.3	%		2.6	%		3.0	%
Digital 365 Main Street			Jul-10	Data Center		226,981		—		27,536		91.6	%		91.7	%		81.3	%		80.5	%		78.5	%		84.4	%		84.8	%		1.2			2.8
Digital 720 2nd Street			Jul-10	Data Center		121,011		—		15,095		87.7	%		87.4	%		86.9	%		86.1	%		94.5	%		95.8	%		97.3	%		0.6			1.5
360 Spear Street			Dec-11	Data Center		154,950		—		8,185		100.0	%		100.0	%		100.0	%		100.0	%		N/A			N/A			N/A			0.8			0.8

						997,062		33,560		79,707		96.2	%		94.8	%		93.9	%		93.7	%		93.2	%		94.9	%		93.3	%		5.2	%		8.1	%

Page 19

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

Occupancy Analysis

As of September 30, 2012

(Dollar amounts in thousands)


									Occupancy ⁽³⁾																					Net Rentable Square Feet as a % of			Annualized Rent as a % of
Property	Acquisition Date	Property Type	Net Rentable Square Feet ⁽¹⁾		Redevelopment Space		Annualized Rent ($000) ⁽²⁾		As of 9/30/12			As of 6/30/12			As of 3/31/12			As of 12/31/11			As of 09/30/11			As of 06/30/11			As of 03/31/11			Total PoTtfolio			Total PoTtfolio

Chicago
350 E Cermak Road	May-05	Internet Gateway		1,129,226		4,513		68,984		98.5	%		98.3	%		98.7	%		97.0	%		96.8	%		96.9	%		96.4	%		6.0	%		7.1	%
600-780 S. Federal	Sep-05	Internet Gateway		142,166		19,381		6,899		76.6	%		76.6	%		67.5	%		63.5	%		64.6	%		64.6	%		64.6	%		0.7			0.7
9333, 9355, 9377 Grand Avenue	May-12	Data Center		457,429		117,515		1,895		100.0	%		100.0	%		N/A			N/A			N/A			N/A			N/A			2.4			0.2

				1,728,821		141,409		77,778		97.1	%		97.0	%		94.8	%		92.8	%		92.8	%		92.8	%		92.4	%		9.1	%		8.0	%

Phoenix
2121 South Price Road	Jul-10	Data Center		338,655		180,824		34,952		84.1	%		84.1	%		83.8	%		92.9	%		96.5	%		96.5	%		96.5	%		1.8	%		3.6	%
120 E Van Buren Street	Jul-06	Internet Gateway		287,514		—		22,099		91.1	%		91.2	%		90.1	%		89.3	%		89.1	%		89.1	%		85.9	%		1.5			2.3
2055 East Technology Circle	Oct-06	Data Center		76,350		—		8,245		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.8

				702,519		180,824		65,296		88.7	%		88.7	%		88.1	%		92.1	%		93.7	%		93.7	%		92.3	%		3.7	%		6.7	%

Boston
128 First Avenue	Jan-10	Data Center		273,255		—		21,995		97.1	%		99.2	%		99.5	%		99.4	%		99.4	%		99.6	%		99.6	%		1.4	%		2.3	%
55 Middlesex Turnpike	Jan-10	Data Center		106,000		—		12,856		96.2	%		90.5	%		90.6	%		90.6	%		90.6	%		89.7	%		89.7	%		0.6			1.3
100 Quannapowitt Parkway	Jun-04	Data Center		286,550		100,406		6,341		89.6	%		88.7	%		88.0	%		90.8	%		90.8	%		88.9	%		70.0	%		1.5			0.7
115 Second Ave	Oct-05	Data Center		66,730		—		3,756		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.4
600 Winter Street	Sep-06	Data Center		30,400		—		842		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.1

				762,935		100,406		45,790		94.5	%		94.2	%		94.0	%		95.0	%		95.0	%		94.3	%		87.5	%		4.1	%		4.8	%

Los Angeles
600 West Seventh Street	May-04	Internet Gateway		489,722		—		22,671		98.7	%		98.4	%		98.7	%		98.7	%		97.8	%		95.5	%		95.3	%		2.6	%		2.3	%
2260 East El Segundo Boulevard	Jul-10	Data Center		132,240		—		12,936		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			1.3
200 North Nash Street	Jun-05	Data Center		113,606		—		2,518		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.6			0.3
3015 Winona Avenue	Dec-04	Data Center		82,911		—		1,672		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.2
3300 East Birch Street	Aug-03	Data Center		68,807		—		1,547		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.2

				887,286		—		41,344		99.3	%		99.1	%		99.3	%		99.3	%		98.8	%		97.6	%		97.4	%		4.7	%		4.3	%

Atlanta
375 Riverside Parkway	Jun-03	Data Center		250,191		—		8,345		99.2	%		99.2	%		99.2	%		99.2	%		99.2	%		99.2	%		100.0	%		1.3	%		0.9	%
760 Doug Davis Road	Dec-11	Data Center		334,306		—		6,376		100.0	%		100.0	%		100.0	%		100.0	%		N/A			N/A			N/A			1.8			0.7
101 Aquila Way	Apr-06	Data Center		313,581		—		1,411		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.7			0.1

				898,078		—		16,132		99.8	%		99.8	%		99.8	%		99.8	%		99.7	%		99.7	%		100.0	%		4.8	%		1.7	%

Philadelphia
833 Chestnut Street	Mar-05	Data Center		592,295		62,463		13,013		92.0	%		92.0	%		92.0	%		92.0	%		88.9	%		85.0	%		84.1	%		3.1	%		1.3	%

				592,295		62,463		13,013		92.0	%		92.0	%		92.0	%		92.0	%		88.9	%		85.0	%		84.1	%		3.1	%		1.3	%

Denver
11900 East Cornell Avenue	Sep-12	Data Center		285,840		—		5,850		94.3	%		N/A			N/A			N/A			N/A			N/A			N/A			1.5	%		0.6	%
8534 Concord Center Drive	Jun-05	Data Center		85,660		—		3,674		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.4

				371,500		—		9,524		95.6	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		2.0	%		1.0	%

Houston
12001 - 12245 North Freeway	Apr-06	Data Center		282,483		18,222		9,105		84.5	%		77.1	%		88.9	%		88.9	%		80.6	%		78.9	%		91.9	%		1.4	%		0.9	%

				282,483		18,222		9,105		84.5	%		77.1	%		88.9	%		88.9	%		80.6	%		78.9	%		91.9	%		1.4	%		0.9	%

St. Louis
900 Walnut Street	Aug-07	Internet Gateway		105,776		6,490		4,377		99.9	%		99.9	%		99.9	%		99.9	%		99.9	%		99.9	%		99.9	%		0.6	%		0.4	%
210 N Tucker Boulevard	Aug-07	Data Center		184,490		152,926		3,327		71.7	%		76.2	%		75.4	%		74.9	%		74.3	%		78.8	%		75.8	%		1.0			0.3

				290,266		159,416		7,704		82.0	%		85.5	%		85.4	%		85.2	%		84.8	%		87.6	%		86.0	%		1.6	%		0.7	%
Miami
36 NE 2nd Street	Jan-02	Internet Gateway		162,140		—		4,983		95.9	%		95.9	%		95.9	%		95.9	%		95.9	%		95.9	%		95.9	%		0.9	%		0.5	%
2300 NW 89th Place	Sep-06	Data Center		64,174		—		673		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.1

				226,314		—		5,656		97.0	%		97.0	%		97.0	%		97.0	%		97.0	%		97.0	%		97.0	%		1.2	%		0.6	%

Sacramento
11085 Sun Center Drive	Sep-11	Data Center		69,048		—		2,794		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		N/A			N/A			0.4	%		0.3	%
3065 Gold Camp Drive	Oct-04	Data Center		40,394		23,397		1,904		100.0	%		33.6	%		100.0	%		100.0	%		21.1	%		21.1	%		21.1	%		0.2			0.2

				109,442		23,397		4,698		100.0	%		75.8	%		100.0	%		100.0	%		62.4	%		21.1	%		21.1	%		0.6	%		0.5	%

Portland
3825 NW Aloclek Place	Aug-11	Data Center		28,742		—		4,006		100.0	%		N/A			N/A			N/A			N/A			N/A			N/A			0.1	%		0.4	%

				28,742		—		4,006		100	%		N/A			N/A			N/A			N/A			N/A			N/A			0.1	%		0.4	%

Charlotte
125 North Myers	Aug-05	Internet Gateway		25,402		—		1,392		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1	%		0.1	%
731 East Trade Street	Aug-05	Internet Gateway		40,879		—		1,311		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.1
113 North Myers	Aug-05	Internet Gateway		29,218		—		923		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.1

				95,499		—		3,626		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5	%		0.3	%

Toronto, Canada
6800 Millcreek Drive	Apr-06	Data Center		83,758		—		2,034		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4	%		0.2	%

				83,758		—		2,034		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4	%		0.2	%

Minneapolis/St. Paul
1125 Energy Park Drive	Mar-05	Data Center		112,827		—		1,437		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.6	%		0.2	%

				112,827		—		1,437		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.6	%		0.2	%

Austin
8025 North Interstate 35	May-12	Data Center		62,237		—		934		100.0	%		100.0	%		N/A			N/A			N/A			N/A			N/A			0.3	%		0.1	%
7620 Metro Center Drive	Dec-05	Data Center		45,000		—		325		69.6	%		67.1	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.0
7500 Metro Center Drive	Dec-05	Data Center		—		74,962		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0

				107,237		74,962		1,259		87.2	%		86.2	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5	%		0.1	%

Page 20

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

Occupancy Analysis

As of September 30, 2012

(Dollar amounts in thousands)


										Occupancy ⁽³⁾																					Net Rentable Square Feet as a % of			Annualized Rent as a % of
Property	Acquisition Date	Property Type	Net Rentable Square Feet ⁽¹⁾			Redevelopment Space		Annualized Rent ($000) ⁽²⁾		As of 9/30/12			As of 6/30/12			As of 3/31/12			As of 12/31/11			As of 09/30/11			As of 06/30/11			As of 03/31/11			Total PoTtfolio			Total PoTtfolio

EUROPE

London, England
Unit 21 Goldworth Park Trading Est	Jul-12	Data Center		340,083			139,917		50,931		98.9	%		N/A			N/A			N/A			N/A			N/A			N/A			1.8	%		5.2	%
The Chess Building	Jul-12	Data Center		133,000			—		17,916		97.6	%		N/A			N/A			N/A			N/A			N/A			N/A			0.7			1.8
Unit B Prologis Park	Jul-12	Data Center		120,000			—		16,302		100.0	%		N/A			N/A			N/A			N/A			N/A			N/A			0.6			1.7
3 St. Anne’s Boulevard	Dec-07	Data Center		96,147			—		12,470		72.7	%		65.7	%		60.3	%		52.4	%		52.4	%		69.9	%		80.0	%		0.5			1.3
Mundells Roundabout	Apr-07	Data Center		113,464			—		8,004		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.6			0.8
Cressex 1	Dec-07	Data Center		50,847			—		7,398		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.8
6 Braham Street	Jul-02	Internet Gateway		63,233			—		4,888		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.5
2 St. Anne’s Boulevard	Dec-07	Data Center		30,612			—		3,454		100.0	%		100.0	%		100.0	%		100.0	%		0.0	%		0.0	%		0.0	%		0.2			0.4
1 St. Anne’s Boulevard	Dec-07	Data Center		20,219			—		284		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.0
Fountain Court	Jul-11	Data Center		19,080			112,691		79		37.6	%		0.0	%		0.0	%		0.0	%		0.0	%		N/A			N/A			0.1			0.0

				986,685			252,608		121,726		95.4	%		91.2	%		89.8	%		87.8	%		86.7	%		93.2	%		96.0	%		5.2	%		12.5	%

Paris, France
114 Rue Ambroise Croizat	Dec-06	Internet Gateway		332,795			19,351		19,675		93.5	%		93.5	%		93.4	%		91.6	%		91.6	%		91.6	%		91.6	%		1.8	%		2.0	%

				332,795			19,351		19,675		93.5	%		93.5	%		93.4	%		91.6	%		91.6	%		91.6	%		91.6	%		1.8	%		2.0	%

Dublin, Ireland
Unit 9 Blanchardstown Corporate Center	Dec-06	Data Center		120,000			—		9,654		97.7	%		98.8	%		99.0	%		98.8	%		99.1	%		99.1	%		92.2	%		0.6	%		1.0	%
Clonshaugh Industrial Estate II	Aug-05	Data Center		124,500			—		8,541		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			0.9
Clonshaugh Industrial Estate I	Feb-06	Data Center		20,000			—		1,475		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.2

				264,500			—		19,670		98.9	%		99.4	%		99.4	%		99.4	%		99.6	%		99.6	%		96.4	%		1.4	%		2.1	%

Amsterdam, Netherlands
Paul van Vlissingenstraat 16	Aug-05	Data Center		112,472			—		5,916		81.4	%		81.0	%		73.7	%		73.7	%		60.0	%		58.8	%		58.8	%		0.6	%		0.6	%
Cateringweg 5	Jun-10	Data Center		55,972			—		5,329		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.0	%		0.0	%		0.3			0.6
Naritaweg 52	Dec-07	Data Center		63,260			—		2,526		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.3
Gyroscoopweg 2E-2F	Jul-06	Data Center		55,585			—		1,184		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.1

				287,289			—		14,955		92.7	%		92.4	%		89.7	%		89.7	%		84.3	%		83.7	%		83.7	%		1.5	%		1.6	%

Manchester, England
Manchester Technopark	Jun-08	Data Center		38,016			—		1,905		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2	%		0.2	%

				38,016			—		1,905		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2	%		0.2	%

Geneva, Switzerland
Chemin de l Epinglier 2	Nov-05	Data Center		59,190			—		1,629		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3	%		0.2	%

				59,190			—		1,629		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3	%		0.2	%

ASIA PACIFIC

Singapore
29A International Business Park	Nov-10	Data Center		285,475			85,025		8,136		58.9	%		55.9	%		55.9	%		55.2	%		49.3	%		16.8	%		16.8	%		1.5	%		0.8	%

				285,475			85,025		8,136		58.9	%		55.9	%		55.9	%		55.2	%		49.3	%		16.8	%		16.8	%		1.5	%		0.8	%

NON-DATACENTER PROPERTIES

34551 Ardenwood Boulevard	Jan-03	Technology Manufacturing		307,657			—		6,998		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.6	%		0.7	%
2010 East Centennial Circle	May-03	Technology Manufacturing		113,405			—		3,194		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.6			0.3
1 Savvis Parkway	Aug-07	Technology Office		156,000			—		3,042		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.8			0.3
908 Quality Way	Sep-09	Technology Office		14,400			—		24		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.0
47700 Kato Road & 1055 Page Avenue	Sep-03	Technology Manufacturing		183,050			—		—		0.0	%		0.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.0			0.0

				774,512			—		13,258		76.4	%		76.4	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		4.1	%		1.3	%


Portfolio Total/Weighted Average				18,922,065	(7)		2,242,204		974,108		94.2	%		93.5	%		94.8	%		94.8	%		93.7	%		93.9	%		93.5	%		100.0	%		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)	Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 2012 multiplied by 12.

(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.

(4)	Includes 27,098 square feet currently subject to remeasurement.

(5)	Property formerly referred to as 800 Central Expressway.

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

(7)	Net rentable square feet excludes square footage at one joint venture: 2001 Sixth Avenue in Seattle, WA (400,369 net rentable square feet) which was 93.0% occupied as of September 30, 2012.

Page 21

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

Top 20 Tenants by Annualized Rent

As of September 30, 2012

(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	⁾		35		2,784,477		14.7	%	$	92,536		9.5	%		90
2	Softlayer Technologies, Inc.				8		372,979		2.0	%	$	36,556		3.8	%		111
3	TelX Group, Inc.				11		259,294		1.4	%	$	34,289		3.5	%		162
4	Equinix Operating Company, Inc.				9		878,062		4.6	%	$	33,430		3.4	%		77
5	Facebook, Inc.				4		241,865		1.3	%	$	31,704		3.3	%		68
6	Morgan Stanley				5		182,592		1.0	%	$	27,273		2.8	%		25
7	AT & T				18		660,119		3.5	%	$	26,154		2.7	%		77
8	Verizon Communications, Inc.				31		378,463		2.0	%	$	21,891		2.2	%		71
9	NTT Communications Company				6		321,061		1.7	%	$	18,941		1.9	%		82
10	Deutsche Bank AG				2		92,789		0.5	%	$	18,645		1.9	%		71
11	Level 3 Communications, LLC				34		375,223		2.0	%	$	15,224		1.6	%		94
12	Amazon				7		457,135		2.4	%	$	13,845		1.4	%		100
13	SunGard Availability Services LP				6		315,427		1.7	%	$	13,685		1.4	%		81
14	Nomura International PLC				2		63,137		0.3	%	$	12,268		1.3	%		94
15	Pfizer, Inc.				1		87,049		0.5	%	$	11,202		1.1	%		63
16	TATA Communications (UK)				3		112,533		0.6	%	$	10,824		1.1	%		63
17	Yahoo! Inc.				2		110,847		0.6	%	$	10,668		1.1	%		61
18	Sprint Communications Co., LP				6		173,319		0.9	%	$	9,704		1.0	%		24
19	BT Americas, Inc.				3		67,685		0.4	%	$	9,698		1.0	%		57
20	Rackspace US, Inc.				2		89,237		0.5	%	$	9,518		1.0	%		136

	Total/Weighted Average						8,023,293		42.6	%	$	458,055		47.0	%		86

(1)	Occupied square footage is defined as leases that commenced on or before September 30, 2012. 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, 2012 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 22

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

Lease Expirations and Lease Distribution

Lease Expirations

As of September 30, 2012

(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				1,093,702		5.8	%				0.00	%
2012		198		224,024		1.2	%	$	23,231		2.4	%	$	103.70	$	96.31	$	21,576
2013		280		701,686		3.7	%	$	57,749		5.9	%		82.30		83.66	$	58,706
2014		259		1,419,572		7.5	%	$	102,837		10.6	%		72.44		75.25	$	106,829
2015		192		2,424,508		12.8	%	$	88,909		9.1	%		36.67		39.20	$	95,032
2016		170		1,750,030		9.2	%	$	77,578		8.0	%		44.33		47.79	$	83,641
2017		145		1,374,099		7.3	%	$	68,733		7.1	%		50.02		53.78	$	73,896
2018		104		1,161,985		6.1	%	$	69,618		7.2	%		59.91		68.33	$	79,402
2019		102		1,819,777		9.6	%	$	135,330		13.9	%		74.37		86.07	$	156,619
2020		85		931,301		4.9	%	$	67,408		6.9	%		72.38		88.85	$	82,748
2021		70		1,193,010		6.3	%	$	67,053		6.9	%		56.21		71.70	$	85,543
Thereafter		263		4,828,371		25.6	%	$	215,662		22.1	%		44.67		60.36	$	291,422

Portfolio Total / Weighted Average		1,868		18,922,065		100.0	%	$	974,108		100.0	%	$	54.64	$	63.69	$	1,135,412


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							1,093,702		5.8	%		—		0.0	%
2,500 or less		1,161		62.2	%		578,540		3.1	%	$	55,020		5.6	%
2,501 - 10,000		316		16.9	%		1,861,262		9.8	%	$	157,631		16.2	%
10,001 - 20,000		184		9.9	%		2,795,046		14.8	%	$	246,566		25.3	%
20,001 - 40,000		106		5.7	%		3,155,723		16.7	%	$	216,619		22.2	%
40,001 - 100,000		69		3.7	%		4,552,850		24.1	%	$	183,907		18.9	%
Greater than 100,000		32		1.6	%		4,884,942		25.7	%	$	114,365		11.8	%

Portfolio Total		1,868		100.0	%		18,922,065		100.0	%	$	974,108		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. 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.

(3)	Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 2012 multiplied by 12.

Page 23

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

Lease Expirations - By Product Type

As of September 30, 2012

(Dollar amounts in thousands)

TURN-KEY FLEX


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				319,438		1.7	%		—		0.0	%
2012		85		83,137		0.4	%	$	11,978		1.2	%	$	144.08	$	145.46	$	12,093
2013		88		285,183		1.5	%		36,351		3.7	%		127.47		130.11		37,106
2014		106		376,143		2.0	%		58,112		6.1	%		154.49		161.53		60,758
2015		61		192,708		1.0	%		24,162		2.5	%		125.38		134.61		25,940
2016		73		318,876		1.7	%		43,410		4.5	%		136.13		146.24		46,633
2017		61		429,101		2.3	%		44,473		4.6	%		103.64		111.27		47,747
2018		46		348,307		1.8	%		44,066		4.5	%		126.51		145.86		50,803
2019		38		574,761		3.0	%		92,193		9.5	%		160.40		184.86		106,253
2020		36		303,533		1.6	%		47,177		4.8	%		155.43		193.93		58,865
2021		40		319,205		1.7	%		48,728		5.1	%		152.65		197.89		63,168
Thereafter		94		903,738		4.8	%		93,851		9.6	%		103.85		146.28		132,199

Portfolio Total / Weighted Average		728		4,454,130		23.5	%	$	544,501		56.1	%	$	131.69	$	155.17	$	641,565

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				228,177		1.2	%		—		0.0	%
2012		10		12,383		0.1	%	$	266		0.0	%	$	21.48	$	21.48	$	266
2013		17		89,824		0.5	%		4,630		0.5	%		51.55		52.15		4,684
2014		35		702,394		3.7	%		27,622		2.8	%		39.33		40.05		28,132
2015		51		1,610,142		8.5	%		55,735		5.7	%		34.61		36.93		59,466
2016		37		1,215,739		6.4	%		28,912		3.0	%		23.78		25.56		31,080
2017		18		244,914		1.3	%		7,000		0.7	%		28.58		31.79		7,786
2018		11		571,593		3.0	%		19,970		2.1	%		34.94		38.85		22,205
2019		20		1,106,612		5.8	%		39,376		4.0	%		35.58		41.50		45,923
2020		15		354,381		1.9	%		13,145		1.3	%		37.09		46.32		16,414
2021		7		680,655		3.6	%		14,619		1.5	%		21.48		26.68		18,162
Thereafter		99		3,211,139		17.0	%		111,526		11.4	%		34.73		45.69		146,707

Portfolio Total / Weighted Average		320		10,027,953		53.0	%	$	322,801		33.0	%	$	32.94	$	38.86	$	380,825

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				72,734		0.4	%		—		0.0	%
2012		50		60,137		0.3	%	$	9,959		1.0	%	$	165.61	$	136.26	$	8,194
2013		124		62,084		0.3	%		10,471		1.1	%		168.66		170.61		10,592
2014		57		58,911		0.3	%		11,910		1.2	%		202.17		212.80		12,536
2015		25		16,521		0.1	%		3,281		0.3	%		198.60		224.14		3,703
2016		7		7,588		0.0	%		1,337		0.1	%		176.20		218.90		1,661
2017		13		11,118		0.1	%		1,720		0.2	%		154.70		198.78		2,210
2018		—		—		0.0	%		—		0.0	%		—		—		—
2019		6		8,414		0.0	%		675		0.1	%		80.22		107.32		903
2020		1		—		0.0	%		16		0.0	%		—		—		20
2021		1		3,194		0.0	%		276		0.0	%		86.41		113.34		362
Thereafter		1		4,534		0.0	%		168		0.0	%		37.05		170.93		775

Portfolio Total / Weighted Average		285		305,235		1.5	%	$	39,813		4.0	%	$	171.24	$	176.15	$	40,956

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				473,353		2.5	%		—		0.0	%
2012		53		68,367		0.4	%	$	1,028		0.1	%	$	15.04	$	14.96	$	1,023
2013		51		264,595		1.4	%		6,297		0.7	%		23.80		23.90		6,323
2014		61		282,124		1.5	%		5,193		0.5	%		18.41		19.15		5,404
2015		55		605,137		3.2	%		5,732		0.6	%		9.47		9.79		5,923
2016		53		207,827		1.1	%		3,919		0.4	%		18.86		20.53		4,267
2017		53		688,966		3.6	%		15,540		1.6	%		22.56		23.45		16,153
2018		47		242,085		1.3	%		5,581		0.6	%		23.05		26.41		6,394
2019		38		129,990		0.7	%		3,086		0.3	%		23.74		27.23		3,540
2020		33		273,387		1.5	%		7,070		0.7	%		25.86		27.25		7,449
2021		22		189,956		1.0	%		3,431		0.4	%		18.06		20.28		3,852
Thereafter		69		708,960		3.8	%		10,116		1.0	%		14.27		16.56		11,738

Portfolio Total / Weighted Average		535		4,134,747		22.0	%	$	66,993		6.9	%	$	18.30	$	19.68	$	72,066

(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)

(3)	Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 2012 multiplied by 12.

Page 24

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

Summary of Leasing Activity

Leases Signed in the Quarter Ended September 30, 2012


	Number of Leases ⁽¹⁾	Rentable Square Feet ⁽²⁾		Expiring Rates ⁽³⁾		New Rates ⁽³⁾		Rental Rate Changes			TI’s/Lease Commissions Per Square Foot ⁽⁵⁾		Weighted Average Lease Terms (months)

*Leasing Activity ⁽⁴⁾⁽⁵⁾*

Renewals Signed
Turn-Key Flex	5		14,345	$	109.67	$	127.24		16.0	%	$	0.22		45.3
Powered Base Building	1		12,133	$	15.97	$	18.11		13.4	%	$	2.45		37.8
Non-technical	8		65,449	$	23.83	$	25.61		7.5	%	$	2.30		94.0

New Leases Signed
Turn-Key Flex	14		133,849		—	$	146.52		—		$	83.77		116.4
Custom Solutions⁽⁶⁾	2		86,691		—	$	65.39		—		$	33.08		116.3
Non-technical	10		22,701		—	$	19.98		—		$	9.84		94.0

*Leasing Activity Summary ⁽⁴⁾⁽⁵⁾*

Turn-Key Flex	19		148,194		—	$	144.65		—			—
Powered Base Building	1		12,133		—	$	18.11		—			—
Custom Solutions	2		86,691		—	$	65.39		—			—
Non-technical	18		88,150		—	$	24.16		—			—

(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 short term, roof and garage leases.

(5)	Excludes 13 renewed colocation leases for 7,863 rentable square feet at an average GAAP rental rate of $142.58 per square foot and 22 new colocation leases for 7,884 rentable square feet at an average GAAP rental rate of $165.41 per square foot.

(6)	Formerly referred to as Build to Suit.

Page 25

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

Summary of Leasing Activity

Leases Commenced in the Quarter Ended September 30, 2012


	Number of Leases ⁽¹⁾	Rentable Square Feet ⁽²⁾		Expiring Rates ⁽³⁾		New Rates ⁽³⁾		Rental Rate Changes			TI’s/Lease Commissions Per Square Foot ⁽⁵⁾		Weighted Average Lease Term (months)

*Leasing Activity ⁽⁴⁾⁽⁵⁾*

Renewals Commenced
Turn-Key Flex	5		14,345	$	109.67	$	127.24		16.0	%	$	0.22		45.3
Powered Base Building	1		12,133	$	15.97	$	18.11		13.4	%	$	2.45		37.8
Non-technical	8		65,449	$	23.83	$	25.61		7.5	%	$	2.30		94.0

New Leases Commenced
Turn-Key Flex	12		105,355		—	$	140.25		—		$	56.31		95.9
Powered Base Building	1		46,750		—	$	22.68		—		$	3.68		180.0
Custom Solutions⁽⁶⁾	4		84,866		—	$	118.75		—		$	9.69		160.2
Non-technical	8		7,864		—	$	20.52		—		$	4.52		68.3

*Leasing Activity Summary ⁽⁴⁾⁽⁵⁾*

Turn-Key Flex	17		119,700		—	$	138.69		—			—
Powered Base Building	2		58,883		—	$	21.74		—			—
Custom Solutions	4		84,866		—	$	62.22		—			—
Non-technical	16		73,313		—	$	25.07		—			—

(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 short term, roof and garage leases.

(5)	Excludes 8 renewed colocation leases for 5,186 rentable square feet at an average GAAP rental rate of $134.92 per square foot and 15 new colocation leases for 3,957 rentable square feet at an average GAAP rental rate of $205.62 per square foot.

(6)	Formerly referred to as Build to Suit.

Page 26

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

Historical Capital Expenditures


	Three Months Ended
	9/30/2012		6/30/2012		3/31/2012		12/31/2011		9/30/2011		6/30/2011		3/31/2011

Recurring capital expenditures ⁽¹⁾	$	11,015,000	$	9,229,000	$	6,754,000	$	9,926,000	$	8,000,000	$	7,263,000	$	3,716,000
Non-recurring capital expenditures ⁽²⁾	$	176,141,000	$	187,055,000	$	167,360,000	$	132,159,000	$	176,560,000	$	144,756,000	$	119,971,000
Total net rentable square feet at period end excluding redevelopment space ⁽³⁾		18,922,065		17,881,857		16,923,054		15,908,059		15,262,859		14,967,288		14,628,267

(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 27

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

Construction Activity Report

As of September 30, 2012

(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			—			74,962			0.0	%
Boston		—			130,335			14,097			144,432			86,309			230,741			0.0	%
Chicago		—			—			117,515			117,515			23,894			141,409			20.0	%
Dallas		14,800			298,866			10,532			324,198			621,907			946,105			7.3	%
Houston		—			77,400			—			77,400			18,222			95,622			41.8	%
New York Metro		—			70,300			54,346			124,646			189,154			313,800			6.5	%
Northern Virginia		—			279,000			—			279,000			49,822			328,822			19.8	%
Philadelphia		—			—			—			—			62,463			62,463			0.0	%
Phoenix		48,385			—			—			48,385			132,439			180,824			0.0	%
Portland		—			29,000			—			29,000			—			29,000			100.0	%
Sacramento		—			—			23,397			23,397			—			23,397			0.0	%
San Francisco		—			—			—			—			33,560			33,560			0.0	%
Silicon Valley		150,000			—			—			150,000			—			150,000			0.0	%
St. Louis		—			—			49,486			49,486			109,930			159,416			0.0	%
Melbourne, Australia		—			54,896			—			54,896			—			54,896			100.0	%
Sydney, Australia		—			86,218			—			86,218			—			86,218			8.3	%
Paris, France		—			—			—			—			19,351			19,351			0.0	%
London, England		112,691			—			—			112,691			139,917			252,608			4.2	%
Singapore		—			—			20,697			20,697			64,328			85,025			24.3	%

Grand Total		400,838			1,026,015			290,070			1,716,923			1,551,296			3,268,219



Total US Markets		288,147			884,901			269,373			1,442,421			1,327,700			2,770,121
Total Intl Markets		112,691			141,114			20,697			274,502			223,596			498,098


Percentage Leased ⁽¹⁾		0.6	%		26.6	%		20.5	%		19.5	%		0.7	%		10.6	%

Construction in Progress by Product Type⁽²⁾


	US		Europe		Asia/ Pacific		Total		% Leased ⁽¹⁾
Turn-Key Flex^SM		332,142		22,000		114,010		468,152		30.8	%
Powered Base Building^®		920,153		90,691		47,801		1,058,645		0.0	%
Custom Solutions		190,126		—		—		190,126		100.0	%

Total Construction in Progress by Product Type		1,442,421		112,691		161,811		1,716,923		19.5	%

Redevelopment Activity


	US			Europe			Asia/ Pacific			Total			% Leased ⁽¹⁾
Redevelopment Space as of June 30, 2012		1,939,316			151,122			86,706			2,177,144
Acquired Redevelopment Space and New Construction Space		35,348			139,917			—			175,265
Converted Redevelopment Space:		—			—			—			—
Turn-Key Flex^SM		(42,694	)		(19,080	)		(1,681	)		(63,455	)		47.6	%
Powered Base Building^®		(46,750	)		—			—			(46,750	)		100.0	%
Custom Solutions		—			—			—			—			0.0	%
Remeasurement Adjustments		—			—			—			—

Redevelopment Space as of September 30, 2012		1,885,220			271,959			85,025			2,242,204

(1)	Represents leases signed.

(2)	Based on current estimates.

Page 28

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

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

For the quarter ended September 30, 2012

(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 Flex Under Construction as of September 30, 2012 ⁽²⁾		—		468,152	$	118,697	$	160,128	$	278,825	$	596
Custom Solutions Under Construction as of September 30, 2012 ⁽²⁾		—		190,126		38,773		54,368		93,141	$	490
Powered Base Building Under Construction as of September 30, 2012 ⁽²⁾		—		1,058,645		104,042		87,788		191,830	$	181
Base Building Improvements to Current in Progress Space Under Construction		—		—		44,897		25,013		69,910		—
Base Building Improvements to Support Future Development ⁽³⁾		559,294		—		18,559		19,545		38,104	$	68
Base Building Improvements to Support Operating Portfolio ⁽³⁾		1,725,392		—		20,264		31,574		51,838	$	30
Equipment Pool ⁽⁴⁾		—		—		52,915		—		52,915		—

TOTAL		2,284,686		1,716,923	$	398,147	$	378,416	$	776,563

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 based on current estimates.

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

(4)	Pool account; not job specific.

Page 29

DIGITAL REALTY TRUST, INC.

Third Quarter 2012

Management Statements on Non-GAAP Supplemental Measures

Funds from Operations (FFO):

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, impairment charges, 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 (AFFO):

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) amortization of debt discount, (iv) non-cash compensation, (v) loss from early extinguishment of debt, (vi) straight line rents, (vii) fair value of lease revenue amortization, (viii) capitalized leasing payroll, (ix) recurring tenant improvements, (x) capitalized leasing commissions and (xi) costs of redeeming our preferred stock. Other 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.

Net Operating Income (NOI):

Net operating income, or 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 30

Common Stock:

Series E Preferred Stock:

Series F Preferred Stock: