DIGITAL REALTY TRUST, INC. - FORM 8-K - EX-99.2

Attached files

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8-K - FORM 8-K - DIGITAL REALTY TRUST, INC.	d575852d8k.htm
EX-99.1 - EX-99.1 - DIGITAL REALTY TRUST, INC.	d575852dex991.htm

Exhibit 99.2

LOGO

DIGITAL REALTY TRUST, INC.

Second Quarter 2013


	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		23

Lease Expirations and Lease Distribution		24

Lease Expirations - By Product Type		25

Portfolio Overview by Product Type		26

Summary of Leasing Activity - Signed		27

Summary of Leasing Activity - Commenced		28

Historical Capital Expenditures		29

Construction Activity Report		30

Construction Projects in Progress and Total Estimated Direct Cost		31

Definitions

Management Statements on Non-GAAP Supplemental Measures		32

Page 2

DIGITAL REALTY TRUST, INC.

Second Quarter 2013

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 development 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 developed properties or businesses;

•

the suitability of our properties and data center infrastructure, delays or disruptions in connectivity, failure of our physical infrastructure or services or availability of power;

•

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

•

delays or unexpected costs in development 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 development;

•

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, 2012, 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.

Second Quarter 2013

Corporate Information

Corporate Profile

Digital Realty Trust, Inc. owns, acquires, 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 June 30, 2013, the Company’s 127 properties, including 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 23.7 million net rentable square feet, including approximately 2.8 million square feet of space held for development, 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

Matthew Miszewski: Senior Vice President, Sales

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

Baird

Bank of America Merrill Lynch

Barclays Capital

Canaccord Genuity

Cantor Fitzgerald

Citigroup

Deutsche Bank

Dave Rodgers

(216) 737-7341

James Feldman

(646) 855-5808

Stephen Douglas

(646) 855-2615

Ross Smotrich

(212) 526-2306

Greg Miller

(212) 389-8128

Eric Z. Chu

(212) 389-8129

David Toti

(212) 915-1219

Evan Smith

(212) 915-1220

Michael Bilerman

(212) 816-1685

Emmanuel Korchman

(212) 816-1382

Vincent Chao

(212) 250-6799

Evercore

Green Street

ISI

Jefferies

JMP Securities

KeyBanc Capital Markets

Macquarie

Johnathan Schildkraut

(212) 497-0864

Robert Gutman

(212) 497-0877

John Stewart

(949) 640-8780

Eric Frankel

(949) 640-8780

Steve Sakwa

(212) 446-9462

George Auerbach

(212) 446-9459

Omotayo Okusanya

(212) 336-7076

William C. Marks

(415) 835-8944

Mitch Germain

(212) 906-3546

Jordan Sadler

(917) 368-2280

Craig Mailman

(917) 368-2316

Rob Stevenson

(212) 231-8068

MLV & Co.

Morgan Stanley

Raymond James

RBC Capital Markets

Stifel Nicolaus

UBS

Jonathan M. Petersen

(646) 556-9185

Paul Morgan

(415) 576-2627

Vance Edelson

(212) 761-0078

Paul D. Puryear

(727) 567-2253

William A. Crow

(727) 567-2594

Jonathan Atkin

(415) 633-8589

Todd Weller

(443) 224-1305

Ben Lowe

(443) 224-1264

Ross Nussbaum

(212) 713-2484

Gabriel Hilmoe

(212) 713-3876

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.

Second Quarter 2013

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:


Common Stock:		DLR
Series E Preferred Stock:		DLRPRE
Series F Preferred Stock:		DLRPRF
Series G Preferred Stock:		DLRPRG

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):


	2nd Quarter 2013			1st Quarter 2013			4th Quarter 2012			3rd Quarter 2012			2nd Quarter 2012			1st Quarter 2012
High Price *	$	74.00		$	72.92		$	70.16		$	80.59		$	76.04		$	74.04
Low Price *	$	56.02		$	62.75		$	59.25		$	66.70		$	67.84		$	65.00
Closing Price, end of quarter *	$	61.00		$	66.91		$	67.89		$	69.85		$	75.07		$	73.97
Average daily trading volume *		1,680,636			1,420,527			1,389,261			1,215,760			1,073,521			1,026,947
Indicated dividend per common share **	$	3.12		$	3.12		$	2.92		$	2.92		$	2.92		$	2.92
Closing annual dividend yield, end of quarter		5.1	%		4.7	%		4.3	%		4.2	%		3.9	%		3.9	%
Closing shares and units outstanding, end of quarter ***		131,418,758			131,410,505			127,992,183			127,887,458			115,050,528			112,215,683
Closing market value of shares and units outstanding (thousands), end of quarter	$	8,016,544		$	8,792,677		$	8,689,389		$	8,932,939		$	8,636,843		$	8,300,594

*	New York Stock Exchange trades only.

**	On an annualized basis.

***

As of June 30, 2013, the total number of shares and units includes 128,421,888 common stock, 1,505,814 common units held by third parties and 1,491,056 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 E, series F and series G cumulative redeemable preferred stock upon certain change of control transactions.

Page 5

DIGITAL REALTY TRUST, INC.

Second Quarter 2013

LOGO


Partner	# of Units ⁽²⁾		% Ownership

Digital Realty Trust, Inc.		128,421,888		97.7	%
Cambay Tele.com, LLC ⁽³⁾		1,505,814		1.2	%
Directors, Executive Officers and Others		1,491,056		1.1	%


Total		131,418,758		100.0	%

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

(2)

The total number of units includes 128,421,888 common units, 1,505,814 common units held by third parties and 1,491,056 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 E, series F and series G 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.

Second Quarter 2013

Key Quarterly Financial Data

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


	30-Jun-13			31-Mar-13			31-Dec-12			30-Sep-12			30-Jun-12			31-Mar-12
Shares and Units at End of Quarter

Common shares outstanding		128,421,888			128,413,791			125,140,783			123,261,390			110,268,388			107,342,049
Common units outstanding		2,996,870			2,996,714			2,851,400			4,626,068			4,782,140			4,873,634

Total shares and operating partnership units		131,418,758			131,410,505			127,992,183			127,887,458			115,050,528			112,215,683


Enterprise Value

Market value of common equity ⁽¹⁾	$	8,016,544		$	8,792,677		$	8,689,389		$	8,932,939		$	8,636,843		$	8,300,594
Liquidation value of preferred equity		720,000			470,000			593,413			597,447			644,096			590,081
Total debt at balance sheet carrying value		4,698,248			4,682,124			4,278,565			4,080,073			3,400,212			3,271,848

Total enterprise value	$	13,434,792		$	13,944,801		$	13,561,367		$	13,610,459		$	12,681,151		$	12,162,523

Total debt/Total enterprise value		35.0	%		33.6	%		31.5	%		30.0	%		26.8	%		26.9	%

Selected Balance Sheet Data

Investments in real estate (before depreciation)	$	9,335,886		$	9,011,433		$	8,809,153		$	8,430,710		$	6,828,926		$	6,511,710
Total assets		9,184,859			8,971,492			8,819,214			8,512,598			6,717,113			6,418,061
Total liabilities		5,601,589			5,589,544			5,320,830			4,985,042			3,978,929			3,785,077

Selected Operating Data

Total operating revenues	$	363,502		$	358,370		$	349,736		$	342,479		$	303,704		$	283,148
Total operating expenses		263,508			259,784			255,098			245,404			215,255			197,232
Interest expense		47,583			48,078			40,350			41,047			37,681			38,030
Net income		59,621			51,681			55,895			56,921			53,968			49,263
Net income available to common stockholders		47,077			42,657			44,815			45,615			42,021			39,211

Financial Ratios

EBITDA ⁽²⁾	$	211,238		$	203,561		$	192,893		$	189,212		$	170,211		$	161,957
Adjusted EBITDA ⁽³⁾	$	223,782		$	212,585		$	203,973		$	200,518		$	182,158		$	172,009
Cash interest expense ⁽⁴⁾	$	35,563		$	56,163		$	30,311		$	54,517		$	27,447		$	53,876
Fixed charges ⁽⁵⁾	$	50,735		$	68,113		$	43,829		$	67,919		$	42,646		$	66,477
Debt service coverage ratio ⁽⁶⁾		6.3x			3.8x			6.7x			3.7x			6.6x			3.2x
Fixed charge coverage ratio ⁽⁷⁾		4.4x			3.1x			4.7x			3.0x			4.3x			2.6x

Profitability Measures

Net income per common share - basic	$	0.37		$	0.34		$	0.36		$	0.37		$	0.38		$	0.37
Net income per common share - diluted	$	0.37		$	0.34		$	0.36		$	0.37		$	0.38		$	0.36
Funds From Operations (FFO) per diluted share and unit ⁽⁸⁾	$	1.22		$	1.16		$	1.16		$	1.13		$	1.09		$	1.06
Adjusted Funds From Operations (AFFO) per diluted share and unit ⁽⁹⁾	$	0.95		$	0.92		$	0.88		$	0.88		$	0.86		$	0.86
Dividends per share and common unit	$	0.78		$	0.78		$	0.73		$	0.73		$	0.73		$	0.73
Diluted FFO payout ratio ⁽¹⁰⁾		64.1	%		67.5	%		63.0	%		64.8	%		67.1	%		69.1	%
Diluted AFFO payout ratio ^(9) (11)		82.1	%		85.2	%		82.6	%		82.6	%		85.4	%		84.6	%

Portfolio Statistics

Buildings⁽¹²⁾		187			178			171			164			158			152
Properties⁽¹²⁾		127			125			120			113			108			105
Net rentable square feet, excluding development space ⁽¹²⁾		20,948,042			20,606,509			19,889,396			19,322,704			18,282,226			17,629,567
Square feet held for development ⁽¹³⁾		2,798,241			2,588,034			2,427,257			2,242,204			2,177,144			2,189,203
Occupancy at end of quarter ⁽¹⁴⁾		93.1	%		94.0	%		94.4	%		94.2	%		93.5	%		94.8	%
Weighted average remaining lease term (years) ⁽¹⁵⁾		7.1			6.9			6.9			7.0			7.0			7.0
Same store occupancy at end of quarter ^(14) (16)		92.3	%		93.1	%		93.7	%		94.2	%		93.2	%		94.6	%

(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 E, series F and series G 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 32. 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 32. 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 32. 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 32. 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)	Includes properties held as investments in unconsolidated joint ventures.

(13)

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

(14)

Occupancy and same store occupancy exclude space held for development and properties held as investments in unconsolidated joint ventures. 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.

(15)	Weighted average remaining lease term excludes renewal options and is weighted by net rentable square feet.

(16)	Same store properties were acquired before December 31, 2011.

Page 7

DIGITAL REALTY TRUST, INC.

Second Quarter 2013

Consolidated Balance Sheets

(Dollars in thousands, except per share data)


	June 30, 2013			December 31, 2012
ASSETS	(unaudited)

Investments in real estate
Land	$	690,356		$	661,058
Acquired ground leases		13,216			13,658
Buildings and improvements		8,125,636			7,662,973
Tenant improvements		432,631			404,830


Investments in real estate		9,261,839			8,742,519
Accumulated depreciation and amortization		(1,377,375	)		(1,206,017	)

Net investments in properties		7,884,464			7,536,502
Investment in unconsolidated joint ventures		74,047			66,634

Net investments in real estate		7,958,511			7,603,136

Cash and cash equivalents		24,260			56,281

Accounts and other receivables, net of allowance for doubtful accounts of $3,603 and $3,609 as of June 30, 2013 and December 31, 2012, respectively		159,847			168,286
Deferred rent		360,588			321,715
Acquired above market leases, net		56,310			65,055
Acquired in place lease value and deferred leasing costs, net		492,884			495,205
Deferred financing costs, net		31,881			30,621
Restricted cash		38,977			44,050
Other assets		61,601			34,865


Total Assets	$	9,184,859		$	8,819,214


LIABILITIES AND EQUITY

Global revolving credit facility	$	610,328		$	723,729
Unsecured term loan		741,178			757,839
Unsecured senior notes, net of discount		2,342,990			1,738,221
Exchangeable senior debentures		266,400			266,400
Mortgage loans, net of premiums		737,352			792,376
Accounts payable and other accrued liabilities		617,766			646,427
Accrued dividends and distributions		—			93,434
Acquired below market leases, net		137,297			148,233
Security deposits and prepaid rents		148,278			154,171

Total Liabilities		5,601,589			5,320,830


Commitments and contingencies		—			—

EQUITY:
Stockholders’ equity:
Preferred Stock: $0.01 par value per share, 70,000,000 shares authorized:
Series D Cumulative Convertible Preferred Stock, 5.500%, $0 and $123,413 liquidation preference, respectively ($25.00 per share), 0 and 4,936,505 shares issued and outstanding as of June 30, 2013 and December 31, 2012, respectively		—			119,348
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 June 30, 2013 and December 31, 2012, respectively		277,172			277,172
Series F Cumulative Redeemable Preferred Stock, 6.625%, $182,500 and $182,500 liquidation preference, respectively ($25.00 per share), 7,300,000 and 7,300,000 shares issued and outstanding as of June 30, 2013 and December 31, 2012, respectively		176,191			176,191
Series G Cumulative Redeemable Preferred Stock, 5.875%, $250,000 and $0 liquidation preference, respectively ($25.00 per share), 10,000,000 and 0 shares issued and outstanding as of June 30, 2013 and December 31, 2012, respectively		241,565			—
Common Stock: $0.01 par value per share, 215,000,000 shares authorized, 128,421,888 and 125,140,783 shares issued and outstanding as of June 30, 2013 and December 31, 2012, respectively		1,279			1,247
Additional paid-in capital		3,681,618			3,562,642
Dividends in excess of earnings		(766,704	)		(656,104	)
Accumulated other comprehensive income, net		(64,010	)		(12,191	)

Total stockholders’ equity		3,547,111			3,468,305


Noncontrolling interests:
Noncontrolling interest in operating partnership		28,935			24,135
Noncontrolling interest in consolidated joint ventures		7,224			5,944

Total noncontrolling interests		36,159			30,079

Total Equity		3,583,270			3,498,384


Total Liabilities and Equity	$	9,184,859		$	8,819,214

Page 8

DIGITAL REALTY TRUST, INC.

Second Quarter 2013

Consolidated Quarterly Statements of Operations

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


	Three Months Ended
	30-Jun-13			31-Mar-13			31-Dec-12			30-Sep-12			30-Jun-12			31-Mar-12

Rental	$	285,953		$	281,399		$	272,906		$	260,052		$	234,923		$	222,834
Tenant reimbursements - Utilities		54,397			51,245			50,085			56,126			41,931			37,378
Tenant reimbursements - Other		22,284			24,672			25,062			22,752			18,491			20,484
Construction management		728			806			1,525			2,497			1,954			2,452
Other		140			248			158			1,052			6,405			—

Total operating revenues		363,502			358,370			349,736			342,479			303,704			283,148


Utilities		57,142			53,972			53,040			58,866			43,622			39,352
Rental property operating		26,911			29,180			25,044			25,914			24,065			19,768
Repairs and maintenance		22,283			23,628			28,011			21,880			19,889			20,725
Property taxes		19,374			21,042			19,682			17,982			15,769			16,042
Insurance		2,238			2,205			2,647			2,463			2,260			2,230
Construction management		294			384			184			623			596			193
Depreciation and amortization		115,867			111,623			107,718			101,840			89,000			83,995
General and administrative		17,891			15,951			13,441			14,409			15,109			14,250
Transactions		1,491			1,763			5,331			504			4,608			677
Other		17			36			—			923			337			—

Total operating expenses		263,508			259,784			255,098			245,404			215,255			197,232


Operating income		99,994			98,586			94,638			97,075			88,449			85,916

Equity in earnings of unconsolidated joint ventures		2,330			2,335			1,733			1,520			3,493			1,389
Gain on insurance settlement		5,597			—			—			—			—			—
Interest and other income		(6	)		41			(116	)		83			1,216			709
Interest expense		(47,583	)		(48,078	)		(40,350	)		(41,047	)		(37,681	)		(38,030	)
Tax expense		(210	)		(1,203	)		(10	)		(710	)		(1,206	)		(721	)
Loss from early extinguishment of debt		(501	)		—			—			—			(303	)		—

Net income		59,621			51,681			55,895			56,921			53,968			49,263
Net income attributable to noncontrolling interests		(1,145	)		(970	)		(1,329	)		(1,529	)		(1,634	)		(1,221	)

Net income attributable to Digital Realty Trust, Inc.		58,476			50,711			54,566			55,392			52,334			48,042
Preferred stock dividends		(11,399	)		(8,054	)		(9,751	)		(9,777	)		(10,313	)		(8,831	)

Net income available to common stockholders	$	47,077		$	42,657		$	44,815		$	45,615		$	42,021		$	39,211


Net income per share available to common stockholders - basic	$	0.37		$	0.34		$	0.36		$	0.37		$	0.38		$	0.37
Net income per share available to common stockholders - diluted	$	0.37		$	0.34		$	0.36		$	0.37		$	0.38		$	0.36
Weighted-average shares outstanding - basic		128,419,745			126,445,285			123,824,957			122,026,421			109,761,017			107,099,856
Weighted-average shares outstanding - diluted		128,623,076			126,738,339			124,145,590			122,353,511			110,166,082			107,584,856
Weighted-average fully diluted shares and units		131,177,283			129,181,095			127,835,847			126,569,841			114,505,563			111,917,822

Page 9

DIGITAL REALTY TRUST, INC.

Second Quarter 2013

Funds From Operations (FFO)

(unaudited and in thousands, except per share data)


	Three Months Ended
	30-Jun-13			31-Mar-13			31-Dec-12			30-Sep-12			30-Jun-12			31-Mar-12
Reconciliation of net income available to common stockholders to FFO (Note):

Net income available to common stockholders	$	47,077		$	42,657		$	44,815		$	45,615		$	42,021		$	39,211

Adjustments:

Noncontrolling interests in operating partnership		936			824			1,336			1,574			1,661			1,586
Real estate related depreciation and amortization ⁽¹⁾		114,913			110,690			106,797			100,994			88,186			82,993
Real estate related depreciation and amortization related to investment in unconsolidated joint ventures		797			833			727			710			866			905
Gain on sale of assets held in unconsolidated joint venture		—			—			—			—			(2,325	)		—

FFO available to common stockholders and unitholders	$	163,723		$	155,004		$	153,675		$	148,893		$	130,409		$	124,695


FFO per share and unit:
Basic	$	1.25		$	1.20		$	1.21		$	1.18		$	1.14		$	1.12
Diluted ⁽²⁾	$	1.22		$	1.16		$	1.16		$	1.13		$	1.09		$	1.06


Weighted-average shares and units outstanding - basic		130,974			128,888			127,515			126,243			114,100			111,433
Weighted-average shares and units outstanding - diluted ⁽²⁾		137,787			137,680			137,510			137,304			125,824			125,482

(1) Real estate related depreciation and amortization was computed as follows:
Depreciation and amortization per income statement	$	115,867		$	111,623		$	107,718		$	101,840		$	89,000		$	83,995
Non-real estate depreciation		(954	)		(933	)		(921	)		(846	)		(814	)		(1,002	)

	$	114,913		$	110,690		$	106,797		$	100,994		$	88,186		$	82,993

(2)

For the three months ended June 30, 2013, we have excluded the effect of dilutive series E, series F and series G preferred stock, as applicable, that may be converted upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series E, series F and series G preferred stock, as applicable, which we consider highly improbable; if included, the dilutive effect for the three months ended June 30, 2013 would be 11,949. In addition, we had a balance of $266,400 of 5.50% exchangeable senior debentures due 2029 that were exchangeable for 6,610 common shares on a weighted average basis for the three months ended June 30, 2013. 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	$	163,723	$	155,004	$	153,675	$	148,893	$	130,409	$	124,695
Add: Series C convertible preferred dividends		—		—		—		—		—		1,402
Add: Series D convertible preferred dividends		—		—		1,697		1,723		2,394		2,398
Add: 5.50% exchangeable senior debentures interest expense		4,050		4,050		4,050		4,050		4,050		4,050

FFO available to common stockholders and unitholders - diluted	$	167,773	$	159,054	$	159,422	$	154,666	$	136,853	$	132,545


Weighted average common stock and units outstanding		130,974		128,888		127,515		126,243		114,100		111,433
Add: Effect of dilutive securities (excl. series C & D convert. preferred stock & 5.50% debentures)		203		293		321		327		405		485
Add: Effect of dilutive series C convertible preferred stock		—		—		—		—		489		2,785
Add: Effect of dilutive series D convertible preferred stock		—		1,909		3,143		4,219		4,374		4,337
Add: Effect of dilutive 5.50% exchangeable senior debentures		6,610		6,590		6,531		6,515		6,456		6,442

Weighted average common stock and units outstanding - diluted		137,787		137,680		137,510		137,304		125,824		125,482

Note: For a definition and discussion of FFO, see page 32.

Adjusted Funds From Operations (AFFO)

(unaudited and in thousands)


	Three Months Ended
	30-Jun-13			31-Mar-13			31-Dec-12			30-Sep-12			30-Jun-12			31-Mar-12
Reconciliation of FFO to AFFO (Note):

FFO available to common stockholders and unitholders	$	163,723		$	155,004		$	153,675		$	148,893		$	130,409		$	124,695

Adjustments:

Non-real estate depreciation		954			933			921			846			814			1,002
Amortization of deferred financing costs		2,471			2,431			2,359			2,328			1,799			2,214
Amortization of debt discount		418			605			340			260			250			247
Non-cash compensation		3,580			2,888			2,709			2,741			3,775			3,407
Loss from early extinguishment of debt		501			—			—			—			303			—
Straight line rents		(19,892	)		(21,169	)		(20,004	)		(20,221	)		(19,649	)		(15,902	)
Above and below market rent amortization		(3,041	)		(3,045	)		(2,819	)		(2,333	)		(2,871	)		(2,239	)
Change in fair value of contingent consideration ⁽³⁾		(370	)		1,300			(1,051	)		—			—			—
Capitalized leasing compensation		(4,786	)		(5,053	) ⁽⁵⁾		(4,008	)		(3,847	)		(3,334	)		(3,913	)
Recurring capital expenditures ⁽⁴⁾		(13,429	)		(9,860	)		(14,432	)		(11,015	)		(9,229	)		(6,754	)
Capitalized internal leasing commissions		(3,331	)		(2,025	)		(1,877	)		(2,040	)		(1,100	)		(2,284	)


AFFO available to common stockholders and unitholders	$	126,799		$	122,009		$	115,813		$	115,612		$	101,167		$	100,473

(3)	Relates to earn-out contingency in connection with Sentrum Portfolio acquisition.

(4)	For a definition, see page 29.

(5)	Corrects understated amount in previously reported capitalized leasing compensation.

Note: For a definition and discussion of AFFO, see page 32. For a reconciliation of net income available to common stockholders to FFO, see above table.

Page 10

DIGITAL REALTY TRUST, INC.

Second Quarter 2013

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

(unaudited and in thousands)


	Three Months Ended
	30-Jun-13		31-Mar-13		31-Dec-12		30-Sep-12		30-Jun-12		31-Mar-12

Net income available to common stockholders	$	47,077	$	42,657	$	44,815	$	45,615	$	42,021	$	39,211

Interest		47,583		48,078		40,350		41,047		37,681		38,030
Loss from early extinguishment of debt		501		—		—		—		303		—
Taxes		210		1,203		10		710		1,206		721
Depreciation and amortization		115,867		111,623		107,718		101,840		89,000		83,995


EBITDA		211,238		203,561		192,893		189,212		170,211		161,957

Noncontrolling interests		1,145		970		1,329		1,529		1,634		1,221
Preferred stock dividends		11,399		8,054		9,751		9,777		10,313		8,831


Adjusted EBITDA	$	223,782	$	212,585	$	203,973	$	200,518	$	182,158	$	172,009

(1)

For the definition and discussion of EBITDA and Adjusted EBITDA, see page 32. EBITDA and Adjusted EBITDA for the three months ended June 30, 2012 include a gain on sale of 700 / 750 Central Expressway, held through 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-Jun-13			31-Mar-13			31-Dec-12			30-Sep-12			30-Jun-12			31-Mar-12

Total GAAP interest expense	$	47,583		$	48,078		$	40,350		$	41,047		$	37,681		$	38,030
Capitalized interest		6,617			5,343			7,833			4,496			4,602			4,526
Change in accrued interest and other non-cash amounts		(18,637	)		2,742			(17,872	)		8,974			(14,836	)		11,320

Cash interest expense (a)		35,563			56,163			30,311			54,517			27,447			53,876
Scheduled debt principal payments and preferred dividends		15,172			11,950			13,518			13,402			15,199			12,601

Total fixed charges (b)	$	50,735		$	68,113		$	43,829		$	67,919		$	42,646		$	66,477

Debt service coverage ratio based on GAAP interest expense (c)		4.7x			4.4x			5.1x			4.9x			4.8x			4.5x
Debt service coverage ratio based on cash interest expense (d)		6.3x			3.8x			6.7x			3.7x			6.6x			3.2x
Fixed charge coverage ratio based on GAAP interest expense (e)		3.6x			3.5x			3.8x			3.7x			3.4x			3.4x
Fixed charge coverage ratio based on cash interest expense (f)		4.4x			3.1x			4.7x			3.0x			4.3x			2.6x
Debt to total enterprise value including debt and preferred equity (g)		35.0	%		33.6	%		31.5	%		30.0	%		26.8	%		26.9	%
Debt plus preferred stock to total enterprise value including debt and preferred equity (h)		40.3	%		36.9	%		35.9	%		34.4	%		31.9	%		31.8	%
Pretax income to interest expense (i)		2.3x			2.1x			2.4x			2.4x			2.4x			2.3x
Net Debt to Adjusted EBITDA (j)		5.2x			5.5x			5.2x			5.0x			4.6x			4.7x

(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.

Second Quarter 2013

Same Store and New Properties Consolidated Quarterly Statements of Operations

(unaudited and in thousands)


	Three Months Ended
Same store ⁽¹⁾	30-Jun-13			31-Mar-13			31-Dec-12			30-Sep-12			30-Jun-12			31-Mar-12
Operating Revenues:

Rental	$	248,299		$	245,678		$	237,932		$	233,341		$	229,875		$	221,067
Tenant reimbursements - Utilities		44,600			42,525			41,736			47,127			40,726			36,879
Tenant reimbursements - Other		18,112			20,124			19,941			19,408			18,561			20,053
Construction management ⁽²⁾		—			—			—			—			—			—
Other		—			248			158			1,052			6,405			—

Total operating revenues		311,011			308,575			299,767			300,928			295,567			277,999


Operating Expenses:

Utilities		47,186			45,032			44,633			50,080			42,468			38,854
Rental property operating		24,633			25,559			23,602			24,040			23,614			19,664
Repairs and maintenance		20,214			21,524			25,742			20,574			19,632			20,671
Property taxes		16,796			18,695			17,249			16,589			15,428			15,925
Insurance		2,028			2,111			2,299			2,151			2,218			2,193
Construction management ⁽²⁾		—			—			—			—			—			—
Depreciation and amortization		98,953			96,177			91,993			89,279			86,886			82,956
General and administrative ⁽³⁾		17,891			15,951			13,441			14,409			15,109			14,250
Transactions ⁽⁴⁾		—			—			—			—			—			—
Other		17			36			—			923			337			—

Total operating expenses		227,718			225,085			218,959			218,045			205,692			194,513


Operating income		83,293			83,490			80,808			82,883			89,875			83,486

Other Income (Expenses):
Equity in earnings of unconsolidated joint ventures		2,346			2,346			1,743			1,531			3,493			1,389
Gain on insurance settlement		5,597			—			—			—			—			—
Interest and other income		(21	)		39			(118	)		(53	)		1,263			774
Interest expense		(40,486	)		(42,007	)		(38,383	)		(39,208	)		(37,643	)		(38,030	)
Tax expense		158			(831	)		310			(587	)		(1,083	)		(598	)
Loss from early extinguishment of debt		(501	)		—			—			—			(303	)		—

Net income	$	50,386		$	43,037		$	44,360		$	44,566		$	55,602		$	47,021

New properties ⁽¹⁾
Operating Revenues:

Rental	$	37,654		$	35,721		$	34,974		$	26,711		$	5,048		$	1,767
Tenant reimbursements - Utilities		9,797			8,720			8,349			8,999			1,205			499
Tenant reimbursements - Other		4,172			4,548			5,121			3,344			(70	)		431
Construction management ⁽²⁾		728			806			1,525			2,497			1,954			2,452
Other		140			—			—			—			—			—

Total operating revenues		52,491			49,795			49,969			41,551			8,137			5,149


Operating Expenses:

Utilities		9,956			8,940			8,407			8,786			1,154			498
Rental property operating		2,278			3,621			1,442			1,874			451			104
Repairs and maintenance		2,069			2,104			2,269			1,306			257			54
Property taxes		2,578			2,347			2,433			1,393			341			117
Insurance		210			94			348			312			42			37
Construction management ⁽²⁾		294			384			184			623			596			193
Depreciation and amortization		16,914			15,446			15,725			12,561			2,114			1,039
General and administrative ⁽³⁾		—			—			—			—			—			—
Transactions ⁽⁴⁾		1,491			1,763			5,331			504			4,608			677
Other		—			—			—			—			—			—

Total operating expenses		35,790			34,699			36,139			27,359			9,563			2,719


Operating income		16,701			15,096			13,830			14,192			(1,426	)		2,430

Other Income (Expenses):
Equity in earnings of unconsolidated joint ventures		(16	)		(11	)		(10	)		(11	)		—			—
Gain on insurance settlement		—			—			—			—			—			—
Interest and other income		15			2			2			136			(47	)		(65	)
Interest expense		(7,097	)		(6,071	)		(1,967	)		(1,839	)		(38	)		—
Tax expense		(368	)		(372	)		(320	)		(123	)		(123	)		(123	)
Loss from early extinguishment of debt		—			—			—			—			—			—

Net Income	$	9,235		$	8,644		$	11,535		$	12,355		$	(1,634	)	$	2,242

(1)	Same store properties are properties that were acquired on or before December 31, 2011 and new properties are properties acquired after December 31, 2011.

(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.

Second Quarter 2013

Same Store Operating Trend Summary

(unaudited and in thousands)


	Three Months Ended
Same store ⁽¹⁾	30-Jun-13			31-Mar-13			Percentage Change			30-Jun-12			Percentage Change

Rental ⁽²⁾	$	248,299		$	245,678			1.1	%	$	229,875			8.0	%
Tenant reimbursements - Utilities		44,600			42,525			4.9	%		40,726			9.5	%
Tenant reimbursements - Other		18,112			20,124			(10.0	%)		18,561			(2.4	%)

		311,011			308,327			0.9	%		289,162			7.6	%

Utilities		47,186			45,032			4.8	%		42,468			11.1	%
Rental property operating		24,633			25,559			(3.6	%)		23,614			4.3	%
Repairs and maintenance		20,214			21,524			(6.1	%)		19,632			3.0	%
Property taxes		16,796			18,695			(10.2	%)		15,428			8.9	%
Insurance		2,028			2,111			(3.9	%)		2,218			(8.6	%)

		110,857			112,921			(1.8	%)		103,360			7.3	%

Net Operating Income ⁽³⁾	$	200,154		$	195,406			2.4	%	$	185,802			7.7	%


Same store occupancy at end of quarter ⁽⁴⁾		92.3	%		93.1	%		(0.8	%)		93.2	%		(0.9	%)

(1)	Same store properties were acquired on or before December 31, 2011.

(2)	For the periods presented, same store straight-line rent was $17,061, $18,528 and $19,246, respectively, and non-cash purchase accounting adjustments were $2,114, $2,215, and $1,857, respectively.

(3)	For a definition and discussion of Net Operating Income, see page 32.

(4)	Occupancy excludes space held for development. 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.

Second Quarter 2013

Consolidated Debt Analysis

(unaudited, in thousands)


	Maturity Date		Principal Balance as of June 30, 2013			% of Debt			Interest Rate as of June 30, 2013			Interest Rate as of June 30, 2013 including swaps
Global Revolving Credit Facility:
Global revolving credit facility	November 2, 2016	⁽¹⁾		610,328			13.0	%		1.94	%

			$	610,328			13.0	%

Unsecured term loan:
Unsecured term loan	April 16, 2017			741,178			15.8	%		1.79	%		2.22	%

			$	741,178			15.8	%

Unsecured senior notes:
Prudential Shelf Facility:
Series B	November 5, 2013			33,000			0.7	%		9.32	%
Series C	January 6, 2016			25,000			0.5	%		9.68	%
Series D	January 20, 2015			50,000			1.1	%		4.57	%
Series E	January 20, 2017			50,000			1.1	%		5.73	%
Series F	February 3, 2015			17,000			0.4	%		4.50	%

Total Prudential Shelf Facility			$	175,000			3.8	%

Senior Notes:
4.50% notes due 2015	July 15, 2015			375,000			8.0	%		4.50	%
5.875% notes due 2020	February 1, 2020			500,000			10.6	%		5.88	%
5.25% notes due 2021	March 15, 2021			400,000			8.5	%		5.25	%
3.625% notes due 2022	October 1, 2022			300,000			6.4	%		3.63	%
4.25% notes due 2025	January 17, 2025			608,520			12.9	%		4.25	%
Unamortized discounts				(15,530	)		-0.3	%

Total senior notes			$	2,167,990			46.1	%


Total unsecured senior notes			$	2,342,990			49.9	%

Exchangeable senior debentures:
5.50% exchangeable senior debentures due 2029	April 15, 2029			266,400			5.7	%		5.50	%

Total exchangeable senior debentures			$	266,400			5.7	%

Mortgage loans:
Paul van Vlissingenstraat 16	July 18, 2013	⁽²⁾		13,041			0.3	%		1.78	%		5.58	%
Chemin de l’Epinglier 2	July 18, 2013	⁽²⁾		9,436			0.2	%		1.68	%		5.57	%
1500 Space Park Drive	October 5, 2013	⁽²⁾		34,528			0.7	%		6.15	%
Gyroscoopweg 2E-2F	October 18, 2013			8,305			0.2	%		1.68	%		5.49	%
360 Spear Street	November 8, 2013			46,103			1.0	%		6.32	%
Mundells Roundabout	November 30, 2013			65,150			1.4	%		1.71	%		4.18	%
Cressex 1	October 16, 2014			26,496			0.5	%		5.68	%
Manchester Technopark	October 16, 2014			8,060			0.2	%		5.68	%
Secured Term Debt	November 11, 2014			134,490			2.9	%		5.65	%
200 Paul Avenue 1-4	October 8, 2015			71,688			1.5	%		5.74	%
8025 North Interstate 35	March 6, 2016			6,439			0.1	%		4.09	%
600 West Seventh Street	March 15, 2016			50,373			1.1	%		5.80	%
34551 Ardenwood Boulevard 1-4	November 11, 2016			52,535			1.1	%		5.95	%
2334 Lundy Place	November 11, 2016			38,209			0.8	%		5.96	%
1100 Space Park Drive	December 11, 2016			52,504			1.1	%		5.89	%
2045 & 2055 LaFayette Street	February 6, 2017			64,124			1.3	%		5.93	%
150 South First Street	February 6, 2017			50,465			1.1	%		6.30	%
731 East Trade Street	July 1, 2020			4,351			0.1	%		8.22	%
Unamortized net premiums				1,055			0.0	%

			$	737,352			15.6	%


Total Consolidated Debt			$	4,698,248			100.0	%


Weighted average cost of debt (including interest rate swaps)													4.25	%

(1)	Assumes all extensions will be exercised.

(2)	Mortgage loans paid in full in July 2013.

Global Revolving Credit Facility

(in thousands)


	Maximum Available as of June 30, 2013		Available as of June 30, 2013 ⁽³⁾		Drawn as of June 30, 2013
Global Revolving Credit Facility	$	1,800,000	$	1,154,281	$	610,328

(3)	Net of letters of credit issued.

Page 14

DIGITAL REALTY TRUST, INC.

Second Quarter 2013

Debt Maturities

(unaudited, in thousands)


			2013		2014		2015		2016		2017		Thereafter		Total
Unsecured term loan			$	—	$	—	$	—	$	—	$	741,178	$	—	$	741,178
Global revolving credit facility	⁽¹	⁾		—		—		—		610,328		—		—		610,328
4.25% notes due 2025				—		—		—		—		—		608,520		608,520
5.875% notes due 2020				—		—		—		—		—		500,000		500,000
5.25% notes due 2021				—		—		—		—		—		400,000		400,000
4.50% notes due 2015				—		—		375,000		—		—		—		375,000
3.625% notes due 2022				—		—		—		—		—		300,000		300,000
5.50% exchangeable senior debentures due 2029	⁽²	⁾		—		266,400		—		—		—		—		266,400
Prudential shelf facility senior notes				33,000		—		67,000		25,000		50,000		—		175,000
Secured Term Debt	⁽³	⁾		1,524		132,966		—		—		—		—		134,490
200 Paul Avenue 1-4				974		2,048		68,666		—		—		—		71,688
Mundells Roundabout				65,150		—		—		—		—		—		65,150
2045 & 2055 LaFayette Street				501		1,060		1,125		1,195		60,243		—		64,124
34551 Ardenwood Boulevard 1-4				384		812		862		50,477		—		—		52,535
1100 Space Park Drive				389		821		871		50,423		—		—		52,504
150 South First Street				368		781		832		878		47,606		—		50,465
600 West Seventh Street				825		1,723		1,825		46,000		—		—		50,373
360 Spear Street				46,103		—		—		—		—		—		46,103
2334 Lundy Place				279		590		626		36,714		—		—		38,209
1500 Space Park Drive	⁽⁴	⁾		34,528		—		—		—		—		—		34,528
Cressex 1				233		26,263		—		—		—		—		26,496
Paul van Vlissingenstraat 16	⁽⁴	⁾		13,041		—		—		—		—		—		13,041
Chemin de l’Epinglier 2	⁽⁴	⁾		9,436		—		—		—		—		—		9,436
Gyroscoopweg 2E-2F				8,305		—		—		—		—		—		8,305
Manchester Technopark				71		7,989		—		—		—		—		8,060
8025 North Interstate 35				125		257		268		5,789		—		—		6,439
731 East Trade Street				164		350		418		503		546		2,370		4,351


Total			$	215,400	$	442,060	$	517,493	$	827,307	$	899,573	$	1,810,890	$	4,712,723


Weighted Average Term to Initial Maturity	⁽²	⁾				4.9 Years
Weighted Average Term to Initial Maturity (assuming exercise of extension options)	⁽²	⁾				5.1 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.

(4)	Mortgage loans paid in full in July 2013.

Note: Total excludes $1,055 of loan premiums, net and ($4,442), ($6,166), ($494), ($732), and ($3,696) of debt discount on 4.25% unsecured senior notes due 2025, 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.

Second Quarter 2013

Debt Analysis & Covenant Compliance

(unaudited)

Debt Covenant Ratios ⁽¹⁾:

As of June 30, 2013

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

5.25% Notes due 2021

3.625% Notes
due 2022 &
4.250% Notes
due 2025

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%

237

255

N/A

Consolidated EBITDA / Interest Expense ⁽⁵⁾

Greater than 1.50x

3.7x

N/A

Fixed Charge Coverage

N/A

Greater than 1.50x

3.9x

Unsecured Debt / Total Unencumbered Asset Value ⁽⁶⁾

N/A

Less than 60%

Unencumbered Assets Debt Service Coverage Ratio

N/A

Greater than 1.50x

4.9x

(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; the Indenture dated January 18, 2013, which governs the 4.250% Guaranteed Notes due 2025; 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 and 4.250% Guaranteed Notes due 2025, 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.

Second Quarter 2013

Portfolio Summary ⁽¹⁾

As of June 30, 2013


	6/30/2013			3/31/2013
Number of Properties:
Domestic		96			95
International		28			27
Unconsolidated Joint Ventures		3			3

		127			125

Number of Buildings:
Domestic		152			144
International		32			31
Unconsolidated Joint Ventures		3			3

		187			178

Number of Markets:
Domestic		20			20
International		10			10
Unconsolidated Joint Ventures		2			2

		32			32

Net Rentable Square Feet: ⁽²⁾
Domestic		17,685,861			17,371,366
International		2,814,782			2,787,474
Unconsolidated Joint Ventures		447,399			447,669

		20,948,042			20,606,509

Space Held for Development Square Feet:
Domestic		2,404,288			2,182,779
International		393,953			405,255
Unconsolidated Joint Ventures		—			—

		2,798,241			2,588,034

Portfolio Occupancy ⁽³⁾		93.1	%		94.0	%
Same Store Pool Occupancy ⁽³⁾		92.3	%		93.1	%

(1)	Includes properties held through three unconsolidated joint ventures: 2001 Sixth Avenue, Seattle; 2020 Fifth Avenue, Seattle; and 33 Chun Choi Street, Hong Kong.

(2)	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)

Occupancy excludes space held for development and three properties held as investments in unconsolidated joint ventures. 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.

Second Quarter 2013

Properties Acquired

For the three months ended June 30, 2013


Property	Metropolitan Area	Date Acquired	Purchase Price (in millions)			Net Rentable Square Feet ⁽¹⁾		Space Held For Development		Percentage of Total Net Rentable Square Feet Occupied⁽²⁾
Car Tech Land⁽³⁾	London, England	Apr-13	$	3.6	⁽⁴⁾		—		—		0.0	%
MetCenter 4-9 ⁽⁵⁾	Austin, Texas	May-13	$	31.9			336,695		—		89.9	%
Liverpoolweg 10	Amsterdam, Netherlands	Jun-13	$	3.9	⁽⁴⁾⁽⁶⁾		16,813		—		100.0	%

			$	39.4			353,508		—		90.4	%

(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 of space held for development.

(3)	Three-acre land site.

(4)	Purchase price in USD is based on the exchange rate on the date of acquisition.

(5)	Property consists of 6 buildings at two addresses: 3 buildings at 7401 E. Ben White Boulevard and 3 buildings at 8201 E. Riverside Drive.

(6)	Acquired partially-built data center for $3.9 million. An additional $3.9 million will be paid upon completion of construction, which is expected by October 2013.

Page 18

DIGITAL REALTY TRUST, INC.

Second Quarter 2013

Occupancy Analysis

As of June 30 , 2013

(Dollar amounts in thousands)


												Occupancy ⁽³⁾												Net Rentable Square Feet as a % of			Annualized Rent as a % of
Property		Buildings		Acquisition Date	Property Type	Net Rentable Square Feet ⁽¹⁾		Space Held for Development		Annualized Rent ($000) ⁽²⁾		As of 6/30/13			As of 3/31/13			As of 12/31/12			As of 9/30/12			Total Portfolio			Total Portfolio

NORTH AMERICA

Dallas
2323 Bryan Street			1	Jan-02	Internet Gateway		453,539		23,568		15,487		77.4	%		76.5	%		77.7	%		76.9	%		2.2	%		1.5	%
2501 S. State Hwy. 121			9	Feb-12	Data Center		829,372		—		13,325		98.5	%		98.5	%		99.7	%		98.5	%		4.0			1.2
2440 Marsh Lane			1	Jan-03	Data Center		135,250		—		12,059		94.7	%		94.7	%		91.9	%		91.9	%		0.6			1.1
1232 Alma Rd RS 100			1	Sep-09	Data Center		105,726		—		11,997		89.0	%		89.0	%		89.0	%		99.4	%		0.5			1.1
4849 Alpha Road			1	Apr-04	Data Center		125,538		—		11,138		100.0	%		100.0	%		100.0	%		99.7	%		0.6			1.0
4025 Midway Road			1	Jan-06	Data Center		100,590		—		10,165		98.4	%		98.4	%		98.4	%		99.9	%		0.5			1.0
400 S. Akard			1	Jun-12	Internet Gateway		269,563		—		7,921		94.7	%		94.7	%		94.7	%		94.7	%		1.3			0.7
11830 Webb Chapel Road			1	Aug-04	Data Center		365,647		—		7,877		98.0	%		96.3	%		96.3	%		88.1	%		1.7			0.7
900 Quality Way			1	Sep-09	Data Center		42,318		72,604		6,278		96.2	%		100.0	%		100.0	%		100.0	%		0.2			0.6
14901 FAA Boulevard			3	Jun-06	Data Center		263,700		—		5,188		100.0	%		100.0	%		100.0	%		100.0	%		1.3			0.5
900 Dorothy Drive			1	Aug-10	Data Center		56,176		—		1,612		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.2
1215 Integrity Drive	(4)		1	Sep-09	Data Center		61,750		—		1,310		94.6	%		94.6	%		100.0	%		100.0	%		0.3			0.1
904 Quality Way			1	Sep-09	Data Center		46,750		—		972		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.1
17201 Waterview Parkway			1	Jan-13	Data Center		61,750		—		704		100.0	%		100.0	%		N/A			N/A			0.3			0.1
905 Security Row			1	Sep-09	Data Center		—		249,657		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
1210 Integrity Drive			1	Sep-09	Data Center		—		246,940		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
1301 International Parkway			1	Sep-09	Data Center		—		20,500		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
850 East Collins			1	Sep-08	Data Center		46,723		—		—		0.0	%		N/A			N/A			N/A			0.2			0.0

							2,964,392		613,269		106,033		93.0	%		94.2	%		94.5	%		93.4	%		14.2	%		9.9	%

Northern Virginia
43881 Devin Shafron Drive			1	Mar-07	Data Center		180,000		—		18,945		100.0	%		100.0	%		100.0	%		100.0	%		0.9	%		1.8	%
43915 Devin Shafron Drive - A			1	May-09	Data Center		129,033		3,247		16,004		100.0	%		100.0	%		100.0	%		100.0	%		0.6			1.5
43940 Digital Loudoun Plaza - G			1	Apr-11	Data Center		102,838		—		10,105		100.0	%		100.0	%		N/A			N/A			0.5			0.9
43791 Devin Shafron Drive - D			1	Mar-07	Data Center		134,741		259		9,804		76.0	%		77.4	%		77.4	%		77.4	%		0.6			0.9
43830 Devin Shafron Drive - F			1	May-09	Data Center		99,652		13,598		7,879		67.8	%		84.4	%		84.4	%		84.3	%		0.5			0.7
4050 Lafayette Center Drive			1	Jul-10	Data Center		42,374		—		6,855		99.0	%		99.0	%		99.0	%		99.0	%		0.2			0.6
4030 Lafayette Center Drive			1	Jul-10	Data Center		72,696		—		5,887		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.6
45901 & 45845 Nokes Boulevard			2	Dec-09	Data Center		167,160		—		4,685		100.0	%		100.0	%		100.0	%		100.0	%		0.8			0.4
44470 Chilum Place			1	Feb-07	Data Center		95,440		—		4,419		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.4
43790 Devin Shafron Drive - E			1	May-09	Data Center		152,138		—		3,228		100.0	%		100.0	%		100.0	%		100.0	%		0.7			0.3
21110 Ridgetop Circle			1	Jan-07	Data Center		135,513		—		2,993		100.0	%		100.0	%		100.0	%		100.0	%		0.6			0.3
21561 & 21571 Beaumeade Circle			2	Dec-09	Data Center		164,453		—		2,931		100.0	%		100.0	%		100.0	%		100.0	%		0.8			0.3
1506 Moran Road			2	Dec-11	Data Center		78,295		—		2,371		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.2
21551 Beaumeade Circle			1	Dec-09	Data Center		152,504		—		2,088		100.0	%		100.0	%		100.0	%		100.0	%		0.7			0.2
1807 Michael Faraday Court			1	Oct-06	Data Center		19,237		—		1,892		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.2
7505 Mason King Court			1	Nov-08	Data Center		109,650		—		1,865		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.2
251 Exchange Place			1	Nov-05	Data Center		70,982		—		1,689		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.2
43831 Devin Shafron Drive - C			1	Mar-07	Data Center		117,071		—		1,573		100.0	%		100.0	%		100.0	%		100.0	%		0.6			0.2
8100 Boone Boulevard			2	Oct-06	Data Center		17,015		—		602		14.9	%		14.9	%		24.4	%		24.9	%		0.1			0.1
4040 Lafayette Center Drive			1	Jul-10	Data Center		—		30,333		—		N/A			N/A			N/A			N/A			0.0			0.0

							2,040,792		47,437		105,815		96.1	%		97.0	%		97.0	%		96.9	%		9.7	%		10.0	%

Silicon Valley
3011 Lafayette Street			1	Jan-07	Data Center		90,780		—		10,553		100.0	%		100.0	%		100.0	%		100.0	%		0.4	%		1.0	%
1350 Duane & 3080 Raymond			2	Oct-09	Data Center		185,000		—		10,552		100.0	%		100.0	%		100.0	%		100.0	%		0.9			1.0
1500 Space Park Drive			1	Sep-07	Data Center		51,615		—		9,325		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.9
1525 Comstock Street			1	Sep-07	Data Center		42,385		—		8,649		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.8
3105 and 3205 Alfred Street			2	May-10	Data Center		49,858		—		8,583		87.9	%		87.9	%		87.9	%		87.9	%		0.2			0.8
1100 Space Park Drive			1	Nov-04	Internet Gateway		165,297		—		7,744		92.7	%		100.0	%		100.0	%		100.0	%		0.8			0.7
2045 & 2055 LaFayette Street			2	May-04	Data Center		300,000		—		7,200		100.0	%		100.0	%		100.0	%		100.0	%		1.4			0.7
1725 Comstock Street			1	Apr-10	Data Center		39,643		—		6,870		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.6
150 South First Street			1	Sep-04	Data Center		179,761		—		6,506		93.7	%		93.7	%		93.7	%		93.7	%		0.9			0.6
1201 Comstock Street			1	Jun-08	Data Center		24,000		—		4,736		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.4
2334 Lundy Place			1	Dec-02	Data Center		130,752		—		4,525		100.0	%		100.0	%		100.0	%		100.0	%		0.6			0.4
4650 Old Ironsides Drive			1	Jun-05	Data Center		124,383		—		4,062		100.0	%		100.0	%		100.0	%		100.0	%		0.6			0.4
2401 Walsh Street			1	Jun-05	Data Center		167,932		—		3,834		100.0	%		100.0	%		100.0	%		100.0	%		0.8			0.4
2950 Zanker Road			1	Aug-10	Data Center		69,700		—		3,059		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.3
2403 Walsh Street			1	Jun-05	Data Center		103,940		—		2,373		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.2
4700 Old Ironsides Drive			1	Jun-05	Data Center		90,139		—		2,058		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.2
444 Toyama Drive			1	Sep-09	Data Center		42,083		—		1,885		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.2
2805 Lafayette Street	(5)		1	Aug-10	Data Center		38,353		111,647		148		1.2	%		0.0	%		0.0	%		1.2	%		0.2			0.0

							1,895,621		111,647		102,662		96.4	%		97.4	%		97.4	%		99.1	%		8.9	%		9.6	%

New York
111 Eighth Avenue	(6)		1	Oct-06	Internet Gateway		116,843		—		21,184		100.0	%		92.0	%		100.0	%		99.3	%		0.6	%		2.0	%
365 S Randolphville Road			1	Feb-08	Data Center		188,754		76,038		20,196		98.7	%		98.7	%		98.5	%		95.8	%		0.9			1.9
3 Corporate Place			1	Dec-05	Data Center		276,931		—		19,182		100.0	%		100.0	%		100.0	%		100.0	%		1.3			1.8
300 Boulevard East			1	Nov-02	Data Center		346,819		22,962		18,009		92.7	%		92.7	%		92.3	%		89.9	%		1.7			1.7
60 & 80 Merritt Boulevard			1	Jan-10	Data Center		192,933		—		15,288		100.0	%		100.0	%		100.0	%		100.0	%		0.9			1.4
650 Randolph Road			1	Jun-08	Data Center		—		127,790		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
410 Commerce Boulevard	(7)		0	Aug-12	Data Center		—		—		—		0.0	%		N/A			N/A			N/A			0.0			0.0
701 Union Boulevard			0	Nov-12	Data Center		—		271,000				N/A			N/A			N/A			N/A			0.0			0.0

							1,122,280		497,790		93,859		97.5	%		96.7	%		97.3	%		96.0	%		5.4	%		8.8	%

Page 19

DIGITAL REALTY TRUST, INC.

Second Quarter 2013

Occupancy Analysis

As of June 30, 2013

(Dollar amounts in thousands)


											Occupancy ⁽³⁾												Net Rentable Square Feet as a % of			Annualized Rent as a % of
Property	Buildings		Acquisition Date	Property Type	Net Rentable Square Feet ⁽¹⁾		Space Held for Development		Annualized Rent ($000) ⁽²⁾		As of 6/30/13			As of 3/31/13			As of 12/31/12			As of 9/30/12			Total Portfolio			Total Portfolio

Chicago
350 E Cermak Road		1	May-05	Internet Gateway		1,120,226		13,513		68,995		99.3	%		98.5	%		98.5	%		98.5	%		5.3	%		6.3	%
600-780 S. Federal		1	Sep-05	Internet Gateway		120,898		40,649		7,113		92.7	%		92.7	%		79.0	%		76.6	%		0.6			0.7
9333, 9355, 9377 Grand Avenue		3	May-12	Data Center		223,658		351,286		2,845		84.8	%		100.0	%		100.0	%		100.0	%		1.1			0.3

						1,464,782		405,448		78,953		96.6	%		98.5	%		97.3	%		97.1	%		7.0	%		7.3	%

San Francisco
200 Paul Avenue 1-4		4	Nov-04	Internet Gateway		494,120		33,560		27,967		99.3	%		99.0	%		99.3	%		99.3	%		2.4	%		2.6	%
365 Main Street		1	Jul-10	Internet Gateway		226,981		—		26,525		79.3	%		82.1	%		84.0	%		91.6	%		1.1			2.5
720 2nd Street		1	Jul-10	Data Center		121,220		—		15,083		87.2	%		86.0	%		89.5	%		87.7	%		0.6			1.4
360 Spear Street		1	Dec-11	Data Center		154,950		—		8,334		100.0	%		100.0	%		100.0	%		100.0	%		0.7			0.8

						997,271		33,560		77,909		93.4	%		93.8	%		94.7	%		96.2	%		4.8	%		7.3	%

Phoenix
2121 South Price Road		1	Jul-10	Data Center		367,665		151,814		38,891		81.6	%		83.1	%		80.3	%		84.1	%		1.8	%		3.6	%
120 E Van Buren		1	Jul-06	Internet Gateway		273,569		13,945		21,007		92.3	%		87.8	%		88.2	%		91.1	%		1.3			2.0
2055 East Technology Circle		1	Oct-06	Data Center		76,350		—		8,478		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.8
1900 S. Price Road		3	Jan-13	Data Center		118,348		108,926		1,450		100.0	%		100.0	%		N/A			N/A			0.6			0.1

						835,932		274,685		69,826		89.4	%		88.6	%		85.5	%		88.7	%		4.1	%		6.5	%

Boston
128 First Avenue		1	Jan-10	Data Center		274,750		—		22,993		97.5	%		97.8	%		97.3	%		97.1	%		1.3	%		2.1	%
Digital 55 Middlesex LLC		1	Jan-10	Data Center		106,000		—		12,054		95.3	%		95.1	%		96.2	%		96.2	%		0.5			1.1
100 Quannapowitt Parkway		2	Jun-04	Data Center		302,512		84,444		7,231		86.5	%		90.4	%		89.7	%		89.6	%		1.4			0.7
115 Second Avenue		1	Oct-05	Data Center		66,730		—		3,756		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.4
Cabot Street		1	Jan-10	Data Center		34,526		—		1,057		19.4	%		N/A			N/A			N/A			0.2			0.1
600 Winter Street		1	Sep-06	Data Center		30,400		—		760		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.1

						814,918		84,444		47,851		90.1	%		94.9	%		94.7	%		94.5	%		3.9	%		4.5	%

Los Angeles
600 West Seventh Street		1	May-04	Internet Gateway		489,722		—		23,439		97.8	%		98.3	%		98.4	%		98.7	%		2.3	%		2.2	%
2260 East El Segundo Boulevard		1	Jul-10	Data Center		132,240		—		11,726		90.1	%		99.6	%		99.6	%		100.0	%		0.6			1.1
200 North Nash Street		1	Jun-05	Data Center		113,606		—		2,594		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.2
3015 Winona Avenue		1	Dec-04	Data Center		82,911		—		1,706		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.2
3300 East Birch Street		1	Aug-03	Data Center		68,807		—		1,593		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.1

						887,286		—		41,058		97.3	%		99.0	%		99.1	%		99.3	%		4.1	%		3.8	%

Atlanta
375 Riverside Parkway		1	Jun-03	Data Center		250,191		—		8,534		100.0	%		100.0	%		100.0	%		99.2	%		1.2	%		0.8	%
760 Doug Davis Drive		1	Dec-11	Data Center		334,306		—		6,467		100.0	%		100.0	%		100.0	%		100.0	%		1.6			0.6
101 Aquila Way		1	Apr-06	Data Center		313,581		—		1,437		100.0	%		100.0	%		100.0	%		100.0	%		1.5			0.1

						898,078		—		16,438		100.0	%		100.0	%		100.0	%		99.8	%		4.3	%		1.5	%

Philadelphia
833 Chestnut Street		1	Mar-05	Data Center		594,747		60,011		13,319		91.6	%		91.4	%		92.0	%		92.0	%		2.8	%		1.2	%

						594,747		60,011		13,319		91.6	%		91.4	%		92.0	%		92.0	%		2.8	%		1.2	%

Houston
Digital Houston		6	Apr-06	Data Center		351,829		18,222		11,806		89.4	%		92.2	%		91.9	%		84.5	%		1.7	%		1.1	%

						351,829		18,222		11,806		89.4	%		92.2	%		91.9	%		84.5	%		1.7	%		1.1	%

Denver
11900 East Cornell Avenue		1	Sep-12	Data Center		285,840		—		6,416		94.3	%		94.3	%		94.3	%		94.3	%		1.4	%		0.6	%
8534 Concord Center Drive		1	Jun-05	Data Center		85,660		—		3,674		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.3

						371,500		—		10,090		95.6	%		95.6	%		95.6	%		95.6	%		1.8	%		0.9	%

St. Louis
900 Walnut Street		1	Aug-07	Internet Gateway		105,776		6,490		4,461		95.8	%		99.9	%		99.9	%		99.9	%		0.5	%		0.4	%
210 N Tucker Boulevard		1	Aug-07	Data Center		184,490		152,926		4,271		81.4	%		83.3	%		83.3	%		71.7	%		0.9			0.4

						290,266		159,416		8,732		86.6	%		89.3	%		89.3	%		82.0	%		1.4	%		0.8	%

Portland
3825 NW Aloclek Place		1	Aug-11	Data Center		48,574		—		7,993		100.0	%		100.0	%		100.0	%		100.0	%		0.2	%		0.7	%

						48,574		—		7,993		100.0	%		100.0	%		100	%		100	%		0.2	%		0.7	%

Minneapolis/St. Paul
1500 Towerview Road		1	Mar-13	Data Center		328,765		—		4,438		100.0	%		100.0	%		N/A			N/A			1.6	%		0.5	%
1125 Energy Park Drive		1	Mar-05	Data Center		112,827		—		1,437		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.2

						441,592		—		5,875		100.0	%		100.0	%		100.0	%		100.0	%		2.1	%		0.7	%

Miami
36 NE 2nd Street		1	Jan-02	Internet Gateway		162,140		—		5,128		99.1	%		99.1	%		99.1	%		95.9	%		0.8	%		0.5	%
2300 NW 89th Place		2	Sep-06	Data Center		64,174		—		673		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.1

						226,314		—		5,801		99.3	%		99.3	%		99.3	%		97.0	%		1.1	%		0.6	%

Sacramento
11085 Sun Center Drive		1	Sep-11	Data Center		69,048		—		2,878		100.0	%		100.0	%		100.0	%		100.0	%		0.3	%		0.3	%
3065 Gold Camp Drive		1	Oct-04	Data Center		40,394		23,397		1,912		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.2

						109,442		23,397		4,790		100.0	%		100.0	%		100.0	%		100.0	%		0.5	%		0.5	%

Page 20

DIGITAL REALTY TRUST, INC.

Second Quarter 2013

Occupancy Analysis

As of June 30, 2013

(Dollar amounts in thousands)


												Occupancy ⁽³⁾												Net Rentable Square Feet as a % of			Annualized Rent as a % of
Property		Buildings		Acquisition Date	Property Type	Net Rentable Square Feet ⁽¹⁾		Space Held for Development		Annualized Rent ($000) ⁽²⁾		As of 6/30/13			As of 3/31/13			As of 12/31/12			As of 9/30/12			Total Portfolio			Total Portfolio

Charlotte
125 North Myers			1	Aug-05	Internet Gateway		25,402		—		1,395		100.0	%		100.0	%		100.0	%		100.0	%		0.1	%		0.1	%
731 East Trade Street			1	Aug-05	Internet Gateway		40,879		—		1,351		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.1
113 North Myers			1	Aug-05	Internet Gateway		29,218		—		948		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.1

							95,499		—		3,694		100.0	%		100.0	%		100.0	%		100.0	%		0.4	%		0.3	%

Austin
7401 E. Ben White Boulevard Building 7			3	May-13	Data Center		203,235		—		1,848		100.0	%		N/A			N/A			N/A			1.0	%		0.2	%
8025 North Interstate 35			1	May-12	Data Center		62,237		—		934		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.1
7620 Metro Center Drive			1	Dec-05	Data Center		45,000		—		335		69.6	%		69.6	%		69.6	%		69.6	%		0.2			0.0
7500 Metro Center Drive			1	Dec-05	Data Center		—		74,962		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0

							310,472		74,962		3,117		95.6	%		87.2	%		87.2	%		87.2	%		1.5	%		0.3	%

Toronto, Canada
6800 Millcreek Drive			1	Apr-06	Data Center		83,758		—		2,084		100.0	%		100.0	%		100.0	%		100.0	%		0.4	%		0.2	%
371 Gough Road			1	Mar-13	Data Center		64,546		55,495		341		100.0	%		100.0	%		N/A			N/A			0.3			0.0

							148,304		55,495		2,425		100.0	%		100.0	%		100.0	%		100.0	%		0.7	%		0.2	%

EUROPE

London, England
Unit 21 Goldsworth Park Trading Estate			1	Jul-12	Data Center		360,050		119,950		51,188		99.2	%		99.4	%		99.3	%		98.9	%		1.7	%		4.8	%
Watford	⁽⁸⁾		1	Jul-12	Data Center		133,000		—		18,094		97.3	%		97.3	%		97.3	%		97.6	%		0.6			1.7
Croydon	⁽⁹⁾		1	Jul-12	Data Center		120,000		—		15,386		100.0	%		100.0	%		100.0	%		100.0	%		0.6			1.4
3 St. Anne’s Boulevard			1	Dec-07	Data Center		96,147		—		12,178		72.0	%		74.9	%		73.2	%		72.7	%		0.5			1.1
Mundells Roundabout			1	Apr-07	Data Center		113,464		—		7,743		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.7
Cressex 1			1	Dec-07	Data Center		50,847		—		7,157		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.7
6 Braham Street			1	Jul-02	Internet Gateway		63,233		—		4,729		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.4
2 St. Anne’s Boulevard			1	Dec-07	Data Center		30,612		—		3,328		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.3
Fountain Court			1	Jul-11	Data Center		41,957		89,814		901		27.2	%		16.8	%		16.8	%		37.6	%		0.2			0.1
1 St. Anne’s Boulevard			1	Dec-07	Data Center		20,219		—		275		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.0

							1,029,529		209,764		120,979		93.8	%		93.6	%		93.3	%		95.4	%		4.8	%		11.2	%

Paris, France
114 Rue Ambroise Croizat			2	Dec-06	Internet Gateway		332,795		19,351		20,472		93.5	%		93.5	%		93.5	%		93.5	%		1.6	%		1.9	%
1 Rue Jean-Pierre			1	Dec-12	Data Center		104,666		—		4,550		100.0	%		100.0	%		100.0	%		N/A			0.5			0.4
127 Rue de Paris			1	Dec-12	Data Center		59,991		—		1,950		100.0	%		100.0	%		100.0	%		N/A			0.3			0.2
Liet-dit ie Christ de Saclay			1	Dec-12	Data Center		21,337		—		650		100.0	%		100.0	%		100.0	%		N/A			0.1			0.1

							518,789		19,351		27,622		95.8	%		95.8	%		95.8	%		93.5	%		2.5	%		2.6	%

Dublin, Ireland
Unit 9 Blanchardstown Corporate Center			1	Dec-06	Data Center		120,000		—		10,240		97.1	%		97.1	%		98.4	%		97.7	%		0.6	%		1.0	%
Clonshaugh Industrial Estate II			1	Aug-05	Data Center		124,500		—		8,634		100.0	%		100.0	%		100.0	%		100.0	%		0.6			0.8
Clonshaugh Industrial Estate I			1	Feb-06	Data Center		20,000		—		1,535		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.1

							264,500		—		20,409		98.7	%		98.7	%		99.3	%		98.9	%		1.3	%		1.9	%

Amsterdam, Netherlands
Paul van Vlissingenstraat 16			1	Aug-05	Data Center		112,472		—		7,269		100.0	%		100.0	%		81.4	%		81.4	%		0.5	%		0.7	%
Cateringweg 5			1	Jun-10	Data Center		55,972		—		5,441		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.5
Naritaweg 52			1	Dec-07	Data Center		63,260		—		2,613		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.2
Gyroscoopweg 2E-2F			2	Jul-06	Data Center		55,585		—		1,232		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.1
Liverpoolweg 10			1	Jun-13	Data Center		16,813		—		—		100.0	%		N/A			N/A			N/A			0.1			0.0

							304,102		—		16,555		100.0	%		100.0	%		92.7	%		92.7	%		1.5	%		1.5	%

Manchester, England
Manchester Technopark			1	Jun-08	Data Center		38,016		—		1,823		100.0	%		100.0	%		100.0	%		100.0	%		0.2	%		0.2	%

							38,016		—		1,823		100.0	%		100.0	%		100.0	%		100.0	%		0.2	%		0.2	%

Geneva, Switzerland
Chemin de l Epinglier 2			1	Nov-05	Data Center		59,190		—		1,696		100.0	%		100.0	%		100.0	%		100.0	%		0.3	%		0.2	%

							59,190		—		1,696		100.0	%		100.0	%		100.0	%		100.0	%		0.3	%		0.2	%

ASIA PACIFIC

Singapore
29A International Business Park			1	Nov-10	Data Center		306,172		64,328		12,612		84.7	%		81.1	%		77.2	%		58.9	%		1.5	%		1.2	%

							306,172		64,328		12,612		84.7	%		81.1	%		77.2	%		58.9	%		1.5	%		1.2	%

Melbourne
98 Radnor Drive			1	Jun-11	Data Center		52,988		—		6,986		100.0	%		100.0	%		100.0	%		N/A			0.3	%		0.7	%

							52,988		—		6,986		100.0	%		100.0	%		100.0	%		N/A			0.3	%		0.7	%

Sydney
1-23 Templar Road			1	Feb-11	Data Center		41,202		45,015		3,593		43.0	%		16.8	%		16.8	%		N/A			0.2	%		0.2	%
23 Waterloo Road			1	Nov-12	Data Center		51,990		—		1,263		100.0	%		100.0	%		100.0	%		N/A			0.2			0.1

							93,192		45,015		4,856		74.8	%		63.2	%		63.2	%		N/A			0.4	%		0.3	%

Page 21

DIGITAL REALTY TRUST, INC.

Second Quarter 2013

Occupancy Analysis

As of June 30, 2013

(Dollar amounts in thousands)


											Occupancy ⁽³⁾												Net Rentable Square Feet as a % of			Annualized Rent as a % of
Property	Buildings		Acquisition Date	Property Type	Net Rentable Square Feet ⁽¹⁾		Space Held for Development		Annualized Rent ($000) ⁽²⁾		As of 6/30/13			As of 3/31/13			As of 12/31/12			As of 9/30/12			Total Portfolio			Total Portfolio

NON-DATACENTER PROPERTIES
34551 Ardenwood Boulevard		4	Jan-03	Technology Manufacturing		307,657		—		4,086		41.6	%		52.0	%		100.0	%		100.0	%		1.5	%		0.4	%
2010 East Centennial Circle		1	May-03	Technology Manufacturing		113,405		—		3,193		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.3
1 Savvis Parkway		1	Aug-07	Technology Office		156,000		—		3,041		100.0	%		100.0	%		100.0	%		100.0	%		0.7			0.3
8201 E. Riverside Drive Building 4		3	May-13	Technology Manufacturing		133,460		—		903		74.4	%		N/A			N/A			N/A			0.6			0.1
908 Quality Way		1	Sep-09	Technology Office		14,400		—		24		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.0
47700 Kato Road & 1055 Page Avenue		2	Sep-03	Technology Manufacturing		199,352		—		—		0.0	%		0.0	%		0.0	%		0.0	%		1.0			0.0

						924,274		—		11,247		55.3	%		56.1	%		74.8	%		76.4	%		4.4	%		1.1	%

Consolidated Portfolio Total/Weighted Average		184				20,500,643		2,798,241		1,042,831		93.1	%		94.0	%		94.4	%		94.2	%


UNCONSOLIDATED JOINT VENTURES

Seattle
2001 Sixth Avenue		1	Nov-06	Data Center		400,369		—		24,165		91.3	%		92.7	%		93.7	%		94.1	%
2020 Fifth Avenue		1	Oct-11	Data Center		47,030		—		3,120		100.0	%		100.0	%		N/A			N/A

						447,399		—		27,285		93.0	%		93.0	%		93.0	%		93.0	%

Hong Kong
33 Chun Choi Street		1	Oct-12	Data Center		—		—		—		N/A			N/A			N/A			N/A

						—		—		—		N/A			N/A			N/A			N/A

Unconsolidated Portfolio Total/Weighted Average		3				447,399		—		27,285

Portfolio Total/Weighted Average		187				20,948,042		2,798,241		1,070,116		93.1	%		94.0	%		94.4	%		94.2	%

(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 June 30, 2013 multiplied by 12.

(3)	Occupancy excludes space held for development. 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)	Building formerly referred to as 1215 Datacenter Park.

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

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

(7)	Includes approximately 27,943 rentable square feet from a leasehold interest acquisition.

(8)	Building formerly referred to as The Chess Building.

(9)	Building formerly referred to as Unit B Prologis Park.

Page 22

DIGITAL REALTY TRUST, INC.

Second Quarter 2013

Top 20 Tenants by Annualized Rent

As of June 30, 2013

(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⁾		36		2,794,432		13.6	%	$	93,906		9.0	%		92
2	IBM	⁽⁴⁾		11		449,608		2.2	%	$	50,206		4.8	%		98
3	TelX Group, Inc.			12		331,002		1.6	%	$	45,417		4.4	%		175
4	Equinix Operating Company, Inc.			10		887,352		4.3	%	$	36,422		3.5	%		69
5	Morgan Stanley			5		182,242		0.9	%	$	27,865		2.7	%		35
6	Facebook, Inc.			3		206,283		1.0	%	$	27,130		2.6	%		70
7	AT & T			18		660,442		3.2	%	$	26,243		2.5	%		67
8	Verizon Communications, Inc.			32		378,463		1.8	%	$	22,236		2.1	%		63
9	Deutsche Bank AG			3		113,461		0.6	%	$	21,189		2.0	%		61
10	NTT Communications Company			6		321,061		1.6	%	$	19,236		1.8	%		73
11	Level 3 Communications, LLC			39		375,887		1.8	%	$	15,334		1.5	%		87
12	Amazon			7		458,263		2.2	%	$	14,188		1.4	%		91
13	SunGard Availability Services LP			6		315,427		1.5	%	$	13,846		1.3	%		72
14	Nomura International PLC			2		63,137		0.3	%	$	11,862		1.1	%		79
15	TATA Communications (UK)			3		116,773		0.6	%	$	11,480		1.1	%		54
16	Pfizer, Inc.			1		97,069		0.5	%	$	11,202		1.1	%		54
17	JPMorgan Chase & Co.			4		147,852		0.7	%	$	11,004		1.1	%		86
18	Yahoo! Inc.			2		110,847		0.5	%	$	10,708		1.0	%		52
19	BT Americas, Inc.			3		67,685		0.3	%	$	10,028		1.0	%		48
20	Sprint Communications Co., LP			6		173,319		0.8	%	$	9,995		1.0	%		15

	Total/Weighted Average					8,250,605		40.0	%	$	489,497		47.0	%		82

(1)	Occupied square footage is defined as leases that commenced on or before June 30, 2013. 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 June 30, 2013 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.

(4)	Represents leases directly with IBM and leases directly with Softlayer. IBM acquired Softlayer in July 2013.

Page 23

DIGITAL REALTY TRUST, INC.

Second Quarter 2013

Lease Expirations and Lease Distribution

Lease Expirations

As of June 30, 2013

(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				1,422,895		6.9	%				0.0	%
Month to Month ⁽⁴⁾		110		83,428		0.4	%	$	8,071		0.8	%	$	96.74	$	100.50	$	8,384
2013		139		466,784		2.3	%		33,095		3.2	%		70.90		71.80		33,514
2014		320		1,397,728		6.8	%		101,353		9.7	%		72.51		74.21		103,725
2015		243		2,051,654		10.0	%		88,338		8.5	%		43.06		45.12		92,568
2016		238		1,927,846		9.4	%		90,493		8.7	%		46.94		50.39		97,151
2017		174		1,475,269		7.2	%		72,781		7.0	%		49.33		53.42		78,803
2018		147		1,290,734		6.3	%		81,784		7.8	%		63.36		71.65		92,480
2019		112		1,797,934		8.8	%		129,731		12.4	%		72.16		82.73		148,734
2020		97		1,038,852		5.1	%		70,481		6.8	%		67.85		83.07		86,297
2021		81		1,540,243		7.5	%		75,605		7.3	%		49.09		61.85		95,264
2022		91		1,516,172		7.4	%		68,913		6.6	%		45.45		55.06		83,476
Thereafter		286		4,491,104		21.9	%		222,186		21.2	%		49.47		68.25		306,523

Portfolio Total / Weighted Average		2,038		20,500,643		100.0	%	$	1,042,831		100.0	%	$	54.66	$	64.31	$	1,226,919

Lease Distribution

As of June 30, 2013

(Dollar amounts in thousands)


Square Feet Under Lease	Number of Leases ⁽¹⁾		Percentage of All Leases			Total Net Rentable Square Feet ⁽²⁾		Percentage of Net Rentable Square Feet (2)			Annualized Rent ⁽³⁾		Percentage of Annualized Rent

Available							1,422,895		6.9	%		—		0.0	%
2,500 or less		1,269		62.3	%		617,902		3.0	%	$	58,186		5.6	%
2,501 - 10,000		345		16.9	%		2,066,164		10.1	%		181,653		17.4	%
10,001 - 20,000		201		9.9	%		3,011,952		14.7	%		259,288		24.9	%
20,001 - 40,000		114		5.6	%		3,397,417		16.6	%		226,773		21.7	%
40,001 - 100,000		75		3.7	%		4,939,244		24.1	%		194,376		18.6	%
Greater than 100,000		34		1.6	%		5,045,069		24.6	%		122,555		11.8	%

Portfolio Total		2,038		100.0	%		20,500,643		100.0	%	$	1,042,831		100.0	%

(1)	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 June 30, 2013 multiplied by 12.

(4)	Includes leases, licenses and similar agreements that upon expiration have been automatically renewed on a month-to-month basis.

Page 24

DIGITAL REALTY TRUST, INC.

Second Quarter 2013

Lease Expirations - By Product Type

As of June 30, 2013

(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				411,927		2.0	%		—		0.0	%
Month to Month ⁽⁴⁾		52		45,604		0.2	%	$	5,388		0.5	%	$	118.15	$	118.56	$	5,407
2013		48		150,595		0.7	%		23,698		2.3	%		157.36		159.71		24,051
2014		121		358,352		1.7	%		55,253		5.3	%		154.19		158.25		56,708
2015		79		176,535		0.9	%		19,936		1.9	%		112.93		118.87		20,984
2016		107		321,896		1.6	%		49,132		4.7	%		152.63		163.93		52,768
2017		75		401,748		2.0	%		45,959		4.4	%		114.40		125.59		50,454
2018		69		446,418		2.2	%		55,415		5.3	%		124.13		141.46		63,150
2019		41		526,317		2.6	%		85,347		8.2	%		162.16		185.70		97,735
2020		47		374,888		1.8	%		49,426		4.7	%		131.84		165.32		61,975
2021		42		339,388		1.7	%		52,216		5.0	%		153.85		198.04		67,211
2022		45		365,788		1.8	%		39,715		3.8	%		108.57		131.38		48,059
Thereafter		110		1,064,373		5.2	%		114,406		11.0	%		107.49		151.69		161,458

Portfolio Total / Weighted Average		836		4,983,829		24.4	%	$	595,891		57.1	%	$	130.34	$	155.29	$	709,960

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				171,127		0.8	%		—		0.0	%
Month to Month ⁽⁴⁾		8		558		0.0	%	$	145		0.0	%	$	259.86	$	259.86	$	145
2013		11		34,252		0.2	%		1,728		0.2	%		50.45		50.45		1,728
2014		34		691,627		3.4	%		27,312		2.6	%		39.49		40.21		27,807
2015		52		1,508,892		7.4	%		52,162		5.0	%		34.57		36.24		54,677
2016		39		1,370,964		6.7	%		31,941		3.1	%		23.30		24.58		33,695
2017		18		244,914		1.2	%		7,140		0.7	%		29.15		31.79		7,786
2018		14		590,566		2.9	%		19,157		1.8	%		32.44		35.53		20,982
2019		22		1,109,600		5.4	%		40,078		3.8	%		36.12		41.55		46,102
2020		16		404,381		2.0	%		13,916		1.3	%		34.41		41.95		16,965
2021		9		766,474		3.7	%		17,752		1.7	%		23.16		28.07		21,513
2022		16		909,157		4.4	%		25,569		2.5	%		28.12		34.26		31,152
Thereafter		93		2,795,154		13.6	%		98,069		9.4	%		35.09		47.60		133,044

Portfolio Total / Weighted Average		332		10,597,666		51.7	%	$	334,969		32.1	%	$	32.13	$	37.94	$	395,596

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				133,172		0.7	%		—		0.0	%
Month to Month ⁽⁴⁾		23		9,072		0.1	%	$	1,808		0.2	%	$	199.31	$	231.27	$	2,098
2013		44		26,116		0.1	%		4,917		0.5	%		188.28		190.61		4,978
2014		96		64,905		0.3	%		13,445		1.3	%		207.15		212.94		13,821
2015		44		49,815		0.2	%		10,347		1.0	%		207.71		218.59		10,889
2016		29		26,864		0.1	%		5,198		0.5	%		193.49		231.16		6,210
2017		11		11,783		0.1	%		1,929		0.2	%		163.71		179.41		2,114
2018		12		6,298		0.0	%		1,493		0.1	%		237.06		308.67		1,944
2019		7		9,729		0.1	%		989		0.1	%		101.65		120.57		1,173
2020		2		1,105		0.0	%		304		0.0	%		275.11		329.41		364
2021		1		3,194		0.0	%		276		0.0	%		86.41		113.34		362
2022		—		—		0.0	%		—		0.0	%		—		—		—
Thereafter		1		4,534		0.0	%		265		0.0	%		58.45		171.15		776

Portfolio Total / Weighted Average		270		346,587		1.7	%	$	40,971		3.9	%	$	191.98	$	209.59	$	44,729

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				706,669		3.4	%		—		0.0	%
Month to Month ⁽⁴⁾		27		28,194		0.1	%	$	729		0.1	%	$	25.86	$	26.03	$	734
2013		36		255,821		1.2	%		2,753		0.3	%		10.76		10.77		2,756
2014		69		282,844		1.4	%		5,343		0.5	%		18.89		19.05		5,389
2015		68		316,412		1.5	%		5,893		0.6	%		18.62		19.02		6,017
2016		63		208,122		1.0	%		4,222		0.4	%		20.29		21.52		4,478
2017		70		816,824		4.0	%		17,753		1.7	%		21.73		22.59		18,449
2018		52		247,452		1.2	%		5,718		0.5	%		23.11		25.88		6,404
2019		42		152,288		0.7	%		3,317		0.3	%		21.78		24.46		3,725
2020		32		258,478		1.3	%		6,835		0.7	%		26.44		27.05		6,993
2021		29		431,187		2.1	%		5,361		0.5	%		12.43		14.33		6,177
2022		30		241,227		1.2	%		3,629		0.3	%		15.04		17.68		4,266
Thereafter		82		627,043		3.1	%		9,447		1.0	%		15.07		17.93		11,246

Portfolio Total / Weighted Average		600		4,572,561		22.2	%	$	71,000		6.9	%	$	18.37	$	19.82	$	76,634

(1)	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 June 30, 2013 multiplied by 12.

(4)	Includes leases, licenses and similar agreements that upon expiration have been automatically renewed on a month-to-month basis.

Page 25

DIGITAL REALTY TRUST, INC.

Second Quarter 2013

Portfolio Overview by Product Type

As of June 30, 2013

(Dollar amounts in thousands)


Property Type	Product Type	Annualized Rent ⁽¹⁾		Percentage of Annualized Rent			Percentage of Property Type Total

Corporate Data Center	Turn-Key Flex	$	484,023		46.4	%		63.2	%
	Power Based Building		220,398		21.1	%		28.8	%
	Colocation		12,284		1.2	%		1.6	%
	Non-Technical		49,012		4.7	%		6.4	%

	Data Center Total		765,717		73.4	%		100.0	%


Internet Gateway Data Center	Turn-Key Flex		111,868		10.7	%		42.1	%
	Power Based Building		114,570		11.0	%		43.1	%
	Colocation		28,687		2.8	%		10.8	%
	Non-Technical		10,739		1.0	%		4.0	%

	Internet Gateway Data Center Total		265,864		25.5	%		100.0	%


Non-Data Center	Non-Technical		11,250		1.1	%		100.0	%

	Non-Data Center Total		11,250		1.1	%		100.0	%

	Total	$	1,042,831		100.0	%

(1)	Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of June 30, 2013 multiplied by 12.

Page 26

DIGITAL REALTY TRUST, INC.

Second Quarter 2013

Summary of Leasing Activity

Leases Signed in the Quarter Ended June 30, 2013


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

*Leasing Activity⁽⁴⁾*

Renewals Signed
Turn-Key Flex	8		104,375	$	97.02	$	107.35		10.6	%	$	11.31		65.4
Powered Base Building	2		69,523	$	50.68	$	64.62		27.5	%	$	4.67		311.9
Colocation	18		5,686	$	219.46	$	243.35		10.9	%	$	1.62		36.3
Non-technical	8		18,834	$	28.43	$	34.67		21.9	%	$	6.45		89.8

New Leases Signed
Turn-Key Flex	8		61,393			$	209.16				$	139.02		138.7
Powered Base Building	2		38,558			$	22.61				$	7.51		82.6
Colocation	27		8,542			$	223.46				$	78.01		53.1
Non-technical	11		15,129			$	27.55				$	9.57		140.2

*Leasing Activity Summary ⁽⁴⁾*

Turn-Key Flex	16		165,768		—	$	145.06
Powered Base Building	4		108,081		—	$	49.63
Colocation	45		14,228		—	$	231.41
Non-technical	19		33,963		—	$	31.50

(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.

Page 27

DIGITAL REALTY TRUST, INC.

Second Quarter 2013

Summary of Leasing Activity

Leases Commenced in the Quarter Ended June 30, 2013


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

*Leasing Activity⁽⁴⁾*

Renewals Commenced
Turn-Key Flex	7		95,077	$	86.97	$	94.45		8.6	%	$	10.99		48.4
Powered Base Building	2		69,523	$	50.68	$	64.62		27.5	%	$	4.67		311.9
Colocation	18		14,985	$	128.14	$	147.00		14.7	%	$	1.54		36.9
Non-technical	8		18,834	$	28.43	$	34.67		21.9	%	$	6.45		89.8

New Leases Commenced
Turn-Key Flex	12		83,993			$	175.65				$	56.76		122.4
Powered Base Building	1		6,273			$	18.20				$	4.00		29.3
Custom Solutions⁽⁵⁾	3		104,538			$	70.85				$	14.53		91.2
Colocation	21		6,050			$	267.99				$	81.78		39.4
Non-technical	13		26,015			$	25.36				$	17.20		75.0

*Leasing Activity Summary ⁽⁴⁾*

Turn-Key Flex	19		179,070		—	$	132.54
Powered Base Building	3		75,796		—	$	60.78
Custom Solutions	3		104,538		—	$	70.85
Colocation	39		21,035		—	$	181.80
Non-technical	21		44,849		—	$	29.27

(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)	Formerly referred to as Build to Suit.

Page 28

DIGITAL REALTY TRUST, INC.

Second Quarter 2013

Historical Capital Expenditures


	Three Months Ended
	6/30/2013		3/31/2013		12/31/2012		9/30/2012		6/30/2012		3/31/2012

Recurring capital expenditures ⁽¹⁾	$	13,429,000	$	9,860,000	$	14,432,000	$	11,015,000	$	9,229,000	$	6,754,000
Non-recurring capital expenditures ⁽²⁾	$	289,977,000	$	232,774,000	$	216,712,000	$	176,141,000	$	187,055,000	$	167,360,000
Total net rentable square feet at period end excluding development space ⁽³⁾		20,500,643		20,158,840		19,488,757		18,922,065		17,881,857		16,923,054

(1)

Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues and external leasing commissions. Recurring capital expenditures do not include acquisition capital that was taken into consideration when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty’s “operating standards”, or internal leasing commissions.

(2)

Non-recurring capital expenditures are primarily for development of space and land not including acquisition costs. In addition, these expenditures include certain infrequent expenditures for capitalized replacements, upgrades, or other projects which enhance the existing operating portfolio (e.g., electrical, mechanical and 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 29

DIGITAL REALTY TRUST, INC.

Second Quarter 2013

Construction Activity Report

As of June 30, 2013

(in Square feet unless otherwise noted)

Construction in Progress by Market


	Construction in Progress (“CIP”)
Market	Space Under Development			Land Under Development			Total Construction In Progress			Space Held for Development		Total		Percentage Leased of CIP
Austin		74,962			—			74,962			—		74,962		0.0	%
Boston		—			71,205			71,205			84,444		155,649		0.0	%
Chicago		84,264			—			84,264			321,184		405,448		43.0	%
Dallas		—			248,164			248,164			613,269		861,433		22.6	%
Houston		—			84,097			84,097			18,222		102,319		55.5	%
New York Metro		62,104			62,776			124,880			435,686		560,566		36.5	%
Northern Virginia		—			95,005			95,005			47,437		142,442		49.7	%
Philadelphia		—			—			—			60,011		60,011		0.0	%
Phoenix		106,592			—			106,592			168,093		274,685		0.0	%
Sacramento		23,397			—			23,397			—		23,397		0.0	%
San Francisco		—			—			—			33,560		33,560		0.0	%
Silicon Valley		78,562			—			78,562			33,085		111,647		0.0	%
St. Louis		91,502			—			91,502			67,914		159,416		0.0	%
Toronto, Canada		—			—			—			55,495		55,495		0.0	%
London, England		—			106,400			106,400			209,764		316,164		100.0	%
Paris, France		—			—			—			19,351		19,351		0.0	%
Singapore		—			—			—			64,328		64,328		0.0	%
Melbourne, Australia		—			93,582			93,582			—		93,582		0.0	%
Sydney, Australia		—			—			—			45,015		45,015		0.0	%

Grand Total		521,383			761,229			1,282,612			2,276,858		3,559,470


Total US Markets		521,383			561,247			1,082,630			1,882,905		2,965,535
Total Intl Markets		—			199,982			199,982			393,953		593,935


Percentage Leased ⁽¹⁾		10.3	%		37.4	%		26.4	%

Construction in Progress by Product Type ⁽²⁾


	US		Europe		Asia/Pacific		Total		% Leased ⁽¹⁾
Turn-Key Flex^SM		554,020		—		40,000		594,020		9.2	%
Powered Base Building^®		351,338		—		53,582		404,920		0.0	%
Custom Solutions		177,272		106,400		—		283,672		100.0	%

Total Construction in Progress by Product Type		1,082,630		106,400		93,582		1,282,612		26.4	%

Total Development Activity ⁽³⁾


	US			Europe			Asia/Pacific		Total			% Leased ⁽¹⁾
Total Development and Space Held as of March 31, 2013		3,034,254			240,417			202,925		3,477,596
Acquired Space Held for Development		—			106,400			—		106,400
Operating Space Related to Development		319,889			—			—		319,889
Space Delivered During the Quarter:										—
Turn-Key Flex^SM		(150,357	)		(11,302	)		—		(161,659	)		31.8	%
Powered Base Building^®		(19,791	)		—			—		(19,791	)		27.3	%
Custom Solutions		(117,038	)		—			—		(117,038	)		100.0	%
Remeasurement Adjustments		(45,927	)		—			—		(45,927	)

Total Development and Space Held as of June 30, 2013		3,021,030			335,515			202,925		3,559,470

(1)	Represents leases signed.

(2)	Based on current estimates.

(3)	Includes space and land under development and space held for development.

Page 30

DIGITAL REALTY TRUST, INC.

Second Quarter 2013

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

For the quarter ended June 30, 2013

(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 Feet		Net Rentable Square Feet		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 June 30, 2013 ⁽²⁾		—		594,021	$	179,358	$	155,482	$	334,840	$	564
Custom Solutions Under Construction as of June 30, 2013 ⁽²⁾		—		283,672		36,923		207,472		244,395	$	862
Powered Base Building Under Construction as of June 30, 2013 ⁽²⁾		—		404,920		69,374		12,400		81,774	$	202
Base Building Improvements to Current in Progress Space Under Construction		—		—		128,323		19,122		147,445
Base Building Improvements to Support Future Development ⁽³⁾		1,023,775		—		41,173		82,592		123,765
Base Building Improvements to Support Operating Portfolio ⁽³⁾		1,767,503		—		62,915		28,728		91,643


TOTAL		2,791,278		1,282,613	$	518,066	$	505,796	$	1,023,862

(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)	Cost incurred to develop base buildings for future development and overall condition of portfolio.

Page 31

DIGITAL REALTY TRUST, INC.

Second Quarter 2013

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) change in fair value of contingent consideration, (ix) capitalized leasing payroll, (x) recurring tenant improvements, (xi) capitalized leasing commissions and (xii) 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 32

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