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

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8-K - FORM 8-K - DIGITAL REALTY TRUST, INC.	d681377d8k.htm
EX-99.1 - EX-99.1 - DIGITAL REALTY TRUST, INC.	d681377dex991.htm

Exhibit 99.2

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Supplemental Operating and Financial Data

FOURTH QUARTER: DECEMBER 31, 2013

This Supplemental Operating and Financial Data package is not an offer to sell or solicitation to buy securities of Digital Realty Trust, Inc.

Any offers to sell or solicitations to buy securities of Digital Realty Trust, Inc. shall be made only by means of a prospectus approved for that purpose.

Table of Contents

Financial Supplement

Fourth Quarter 2013


	PAGE
Overview

Corporate Information		3

Ownership Structure		5

Key Quarterly Financial Data		6

Consolidated Statements of Operations

2014 Guidance		7

Consolidated Quarterly Statements of Operations		8

Funds From Operations		9

Adjusted Funds From Operations		10

Balance Sheet

Consolidated Balance Sheets		11

Components of Net Asset Value		12

Consolidated Debt Analysis and Global Revolving Credit Facility		13

Debt Maturities		14

Debt Analysis & Covenant Compliance		15

Internal Growth

Same-Store Operating Trend Summary		16

Summary of Leasing Activity - Signed		17

Summary of Leasing Activity - Commenced		18

Lease Expirations and Lease Distribution		19

Lease Expirations - By Product Type		20

Top 20 Tenants by Annualized Rent		21

Portfolio Summary		22

Portfolio Overview by Product Type		23

Turn-Key Flex & Colocation Product Overview by Market		24

Occupancy Analysis		25

External Growth

Development Lifecycle - Committed Active Development		30

Development Lifecycle - In Service		31

Construction in Projects in Progress - Total Investments		32

Historical Capital Expenditures Incurred and Paid		33

Development Lifecycle - Held for Development		34

Acquisitions		35

Unconsolidated Joint Ventures		36

External Growth Pipeline		37

Definitions

Reconciliation of Earnings Before Interest, Taxes, Depreciation, and Amortization and Financial Ratios		41

Management Statements on Non-GAAP Supplemental Measures		42

Page 2

Corporate Information

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Financial Supplement

Fourth Quarter 2013

Corporate Profile

Digital Realty Trust, Inc. owns, acquires, develops and manages technology-related real estate. The Company is focused on providing data center solutions for domestic and international tenants across a variety of industry verticals ranging from financial services, cloud and information technology services, to manufacturing, energy, healthcare, and consumer products. As of December 31, 2013, the Company’s 131 properties, including 12 properties held as investments in unconsolidated joint ventures, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center tenants. Digital Realty’s portfolio is comprised of approximately 21.4 million square feet, excluding approximately 1.8 million square feet of space under active development and 1.3 million square feet of space held for future development, 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

Website: 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

Jim Smith: Chief Technology Officer

David J. Caron: Senior Vice President, Portfolio Management

Matthew Miszewski: Senior Vice President, Sales

Investor Relations

To request an Investor Relations package or to 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
Dave Rodgers	Stephen Douglas	Ross Smotrich	Greg Miller	David Toti	Michael Bilerman
(216) 737-7341	(646) 855-2615	(212) 526-2306	(212) 389-8128	(212) 915-1219	(212) 816-1383

	Jeffery Spector	Charles Croson	Eric Z. Chu	Evan Smith	Emmanuel Korchman
	(646) 855-1363	(212) 526-7164	(212) 389-8129	(212) 915-1220	(212) 816-1382

Deutsche Bank	Evercore	Green Street	ISI	Jefferies	JMP Securities
Vincent Chao	Johnathan Schildkraut	Michael Knott	Steve Sakwa	Omotayo Okusanya	Mitch Germain
(212) 250-6799	(212) 497-0864	(949) 640-8780	(212) 446-9462	(212) 336-7076	(212) 906-3546

Jeremy Metz	Robert Gutman	John Bejjani	George Auerbach	David Shamis	Peter Lunenburg
(212) 250-4667	(212) 497-0877	(949) 640-8780	(212) 446-9459	(212) 284-1796	(212) 906-3537

KeyBanc Capital	Macquarie	MLV & Co.	Morgan Stanley	Raymond James	RBC Capital Markets
Jordan Sadler	Kevin Smithen	Jonathan M. Petersen	Vance Edelson	Paul D. Puryear	Jonathan Atkin
(917) 368-2280	(212) 231-0695	(646) 556-9185	(212) 761-0078	(727) 567-2253	(415) 633-8589

Austin Wurschmidt		Ryan Meliker	Landon Park	William A. Crow	Michael Carroll
(917) 368-2311		(212) 542-5872	(212) 761-6368	(727) 567-2594	(440) 715-2649

Stifel Nicolaus	UBS
Todd Weller	Ross Nussbaum
(443) 224-1305	(212) 713-2484

Ben Lowe	Gabriel Hilmoe
(443) 224-1264	(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 on our website www.digitalrealty.com.

Page 3

Corporate Information (Continued)

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Financial Supplement

Fourth Quarter 2013

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	(Negative Watch)
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 at 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):


	31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13			31-Dec-12
High Price ⁽¹⁾	$	58.35		$	65.43		$	74.00		$	72.92		$	70.16
Low Price ⁽¹⁾	$	43.04		$	50.98		$	56.02		$	62.75		$	59.25
Closing Price, end of quarter ⁽¹⁾	$	49.12		$	53.10		$	61.00		$	66.91		$	67.89
Average daily trading volume ⁽¹⁾		1,814,127			1,571,339			1,680,636			1,420,527			1,389,261
Indicated dividend per common share ⁽²⁾	$	3.12		$	3.12		$	3.12		$	3.12		$	2.92
Closing annual dividend yield, end of quarter		6.4	%		5.9	%		5.1	%		4.7	%		4.3	%
Shares and units outstanding, end of quarter ⁽³⁾		131,422,371			131,421,001			131,418,758			131,410,505			127,992,183
Closing market value of shares and units outstanding ⁽⁴⁾	$	6,455,467		$	6,978,455		$	8,016,544		$	8,792,677		$	8,689,389

(1)	New York Stock Exchange trades only.

(2)	On an annualized basis.

(3)

As of December 31, 2013, the total number of shares and units includes 128,455,350 shares of common stock, 1,491,814 common units held by third parties and 1,475,207 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.

(4)	Dollars in thousands as of the end of the quarter.

Page 4

Ownership Structure

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Financial Supplement

As of December 31, 2013

Fourth Quarter 2013

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Partner	# of Units ⁽²⁾		% Ownership
Digital Realty Trust, Inc.		128,455,350		97.7	%
Cambay Tele.com, LLC ⁽³⁾		1,491,814		1.2	%
Directors, Executive Officers and Others		1,475,207		1.1	%

Total		131,422,371		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 128,455,350 general partnership common units, 1,491,814 common units held by third parties and 1,475,207 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, 1100 Space Park Drive, the eXchange colocation business and other specified assets and liabilities. Includes 403,913 common units held by the members of Cambay Tele.com, LLC.

Page 5

Key Quarterly Financial Data

Financial Supplement

Unaudited and dollars in thousands, except per share data

Fourth Quarter 2013


	31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13			31-Dec-12
Shares and Units at End of Quarter
Common shares outstanding		128,455,350			128,438,970			128,421,888			128,413,791			125,140,783
Common units outstanding		2,967,021			2,982,031			2,996,870			2,996,714			2,851,400

Total Shares and Partnership Units		131,422,371			131,421,001			131,418,758			131,410,505			127,992,183

Enterprise Value
Market value of common equity ⁽¹⁾	$	6,455,467		$	6,978,455		$	8,016,544		$	8,792,677		$	8,689,389
Liquidation value of preferred equity		720,000			720,000			720,000			470,000			593,413
Total debt at balance sheet carrying value		4,961,892			4,780,397			4,698,248			4,682,124			4,278,565

Total Enterprise Value	$	12,137,359		$	12,478,852		$	13,434,792		$	13,944,801		$	13,561,367
Total debt / total enterprise value		40.9	%		38.3	%		35.0	%		33.6	%		31.5	%

Selected Balance Sheet Data
Investments in real estate (before depreciation)	$	9,950,082		$	9,576,467		$	9,335,886		$	9,011,433		$	8,809,153
Total Assets		9,685,745			9,426,041			9,184,859			8,971,492			8,819,214
Total Liabilities		6,039,233			5,745,472			5,601,589			5,589,544			5,320,830

Selected Operating Data
Total operating revenues	$	380,931		$	379,456		$	363,502		$	358,370		$	349,736
Total operating expenses		282,876			294,279			263,508			259,784			255,098
Interest expense		45,996			47,742			47,583			48,078			40,350
Net income		55,667			153,480			59,621			51,681			55,895
Net income available to common stockholders		42,977			138,872			47,077			42,657			44,815

Financial Ratios
EBITDA ⁽²⁾	$	215,884		$	308,868		$	211,238		$	203,561		$	192,893
Adjusted EBITDA ⁽³⁾		228,019			217,577			223,782			212,585			203,973
Net Debt to Adjusted EBITDA ⁽⁴⁾		5.4x			5.4x			5.2x			5.5x			5.2x
GAAP interest expense		45,996			47,742			47,583			48,078			40,350
Fixed charges ⁽⁵⁾		68,207			69,498			69,372			65,371			61,701
Interest coverage ratio ⁽⁶⁾		4.3x			4.0x			4.1x			4.0x			4.2x
Fixed charge coverage ratio ⁽⁷⁾		3.3x			3.1x			3.2x			3.3x			3.3x

Profitability Measures
Net income per common share - basic	$	0.33		$	1.08		$	0.37		$	0.34		$	0.36
Net income per common share - diluted	$	0.33		$	1.06		$	0.37		$	0.34		$	0.36
Funds from operations (FFO) / diluted share and unit ⁽⁸⁾	$	1.26		$	1.10		$	1.22		$	1.16		$	1.16
Core funds from operations (CFFO) / diluted share and unit ⁽⁸⁾	$	1.26		$	1.16		$	1.19		$	1.18		$	1.19
Adj. funds from operations (AFFO) / diluted share and unit ⁽⁹⁾	$	0.94		$	0.92		$	0.95		$	0.92		$	0.88
Dividends per share and common unit	$	0.78		$	0.78		$	0.78		$	0.78		$	0.73
Diluted FFO payout ratio ⁽¹⁰⁾		61.7	%		71.0	%		64.1	%		67.5	%		63.0	%
Diluted CFFO payout ratio ⁽¹¹⁾		61.7	%		67.0	%		65.7	%		66.3	%		61.4	%
Diluted AFFO payout ratio ^{(9) (12)}		83.1	%		85.2	%		82.1	%		85.2	%		82.6	%

Portfolio Statistics
Buildings ⁽¹³⁾		187			188			187			178			171
Properties ⁽¹³⁾		131			130			129			127			122
Net rentable square feet, excluding development space ⁽¹³⁾		21,399,551			21,033,398			20,948,042			20,606,509			19,889,396
Occupancy at end of quarter ⁽¹⁴⁾		92.6	%		93.0	%		93.1	%		94.0	%		94.4	%
Occupied square footage		19,821,269			19,563,183			19,490,315			19,362,123			18,769,656
Space under active development ⁽¹⁵⁾		1,759,681			1,532,902			1,282,612			1,389,795			1,372,006
Space held for development ⁽¹⁶⁾		1,331,685			2,127,025			2,276,858			2,087,801			2,014,354
Weighted average remaining lease term (years) ⁽¹⁷⁾		7.0			6.9			7.1			6.9			6.9
Same-store occupancy at end of quarter ^{(14) (18)}		91.2	%		91.8	%		91.8	%		92.6	%		93.3	%

(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 & amortization. For a discussion of EBITDA, see page 42. For a reconciliation of net income available to common stockholders to EBITDA, see page 41.

(3)

Adjusted EBITDA is adjusted for straight-line rent expense adjustment attributable to prior periods, gain on contribution of properties to unconsolidated joint venture, preferred dividends and non-controlling interests. For a discussion of Adjusted EBITDA, see page 42. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 41.

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

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

(6)	Interest coverage ratio is Adjusted EBITDA divided by GAAP interest expense plus capitalized interest.

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

(8)	For a definition and discussion of FFO and CFFO, see page 42. For a reconciliation of net income available to common stockholders to FFO, see page 9.

(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 42. 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 CFFO payout ratio is dividends declared per common share and unit divided by diluted CFFO per share and unit.

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

(13)	Includes properties held as investments in unconsolidated joint ventures.

(14)	Occupancy and same-store occupancy exclude space under active development and 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.

(15)	Space under active development includes current Base Building and Data Centers projects in progress. See page 30.

(16)	Space held for development includes space held for future Data Center development, and excludes space under active development. See page 34.

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

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

Page 6

2014 Guidance

Financial Supplement

Fourth Quarter 2013

As of October 29, 2013

As of January 6, 2014

As of February 25, 2014

Internal Growth

Rental rates on renewal leases

Cash basis

Roughly flat

GAAP basis

Modestly Positive

Operating margin

25 - 75 bps < historical run-rate

Incremental revenue from speculative leasing ⁽¹⁾

N/A

$20 - $30 million

Overhead load

75 - 85 bps on total assets

External Growth

Acquisitions

Dollar volume

$0 - $400 million

Cap Rate

7.5% - 8.5

Joint ventures

Dollar volume

$0 - $400 million

Cap rate

6.75% - 7.25

Development

Capex

$600 - $800 million

Average stabilized yields

10% - 12

Enhancements and other non-recurring capex ⁽²⁾

N/A

$85 - $90 million

Recurring capex + capitalized leasing costs ⁽³⁾

$75 - $80 million

Balance Sheet

Preferred equity

Dollar amount

$100 - $250 million

Pricing

7.5% - 8.0

8.0% - 8.5

Timing

Late 2013 or early 2014

Early 2014

Long-term debt

Dollar amount

$700 - $900 million

Pricing

4.75% - 5.25

4.75% - 5.50

Timing

Late 2013 or early 2014

Early 2014

Core Funds From Operations / share

Mid-single digit growth

$4.75 - $4.90

(1)	Incremental revenue from speculative leasing represents revenue expected to be recognized in the current year from leases that have not yet been signed.

(2)

Other non-recurring CapEx represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives, the build-out of an additional sub-station or installation of a new security system, in addition to major remediation costs on recently-acquired properties, whether or not contemplated in the original acquisition underwriting. Other non-recurring CapEx also includes infrequent and major component replacements.

(3)

Recurring CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions. Capitalized leasing costs include capitalized leasing compensation as well as capitalized internal leasing commissions, as disclosed in the AFFO reconciliation on page 10.

Page 7

Consolidated Quarterly Statements of Operations

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Financial Supplement

Unaudited and in thousands, except share and per share data

Fourth Quarter 2013


	Three Months Ended															Twelve Months Ended
	31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13			31-Dec-12			31-Dec-13			31-Dec-12
Rental revenues	$	296,987		$	290,712		$	285,953		$	281,399		$	272,906		$	1,155,051		$	990,715
Tenant reimbursements - Utilities		55,319			59,936			54,397			51,245			50,085			220,897			185,520
Tenant reimbursements - Other		27,310			28,123			22,284			24,672			25,062			102,389			86,789
Fee income		1,315			671			728			806			1,525			3,520			8,428
Other		—			14			140			248			158			402			7,615

Total Operating Revenues	$	380,931		$	379,456		$	363,502		$	358,370		$	349,736		$	1,482,259		$	1,279,067

Utilities	$	58,773		$	65,055		$	57,142		$	53,972		$	53,040		$	234,942		$	194,880
Rental property operating		27,545			28,460			26,911			29,180			25,044			112,096			94,791
Repairs & maintenance		27,109			24,788			22,283			23,628			28,011			97,808			90,505
Non-cash straight-line rent expense adjustment		—			9,988			—			—			—			9,988			—
Property taxes		23,831			26,074			19,374			21,042			19,682			90,321			69,475
Insurance		2,156			2,144			2,238			2,205			2,647			8,743			9,600
Construction management		35			51			294			384			184			764			1,596
Depreciation & amortization		126,776			121,198			115,867			111,623			107,718			475,464			382,553
General & administrative		15,536			16,275			17,891			15,951			13,441			65,653			57,209
Transactions		1,108			243			1,491			1,763			5,331			4,605			11,120
Other		7			3			17			36			—			63			1,260

Total Operating Expenses	$	282,876		$	294,279		$	263,508		$	259,784		$	255,098		$	1,100,447		$	912,989

Operating Income	$	98,055		$	85,177		$	99,994		$	98,586		$	94,638		$	381,812		$	366,078


Equity in earnings of unconsolidated joint ventures	$	2,957		$	2,174		$	2,330		$	2,335		$	1,733		$	9,796		$	8,135
Gain on insurance settlement		—			—			5,597			—			—			5,597			—
Gain on contribution of properties to unconsol. JV		555			115,054			—			—			—			115,609			—
Interest and other income		231			(127	)		(6	)		41			(116	)		139			1,892
Interest expense		(45,996	)		(47,742	)		(47,583	)		(48,078	)		(40,350	)		(189,399	)		(157,108	)
Tax benefit (expense)		473			(352	)		(210	)		(1,203	)		(10	)		(1,292	)		(2,647	)
Loss from early extinguishment of debt		(608	)		(704	)		(501	)		—			—			(1,813	)		(303	)

Net Income	$	55,667		$	153,480		$	59,621		$	51,681		$	55,895		$	320,449		$	216,047

Net income attributable to noncontrolling interests		(964	)		(2,882	)		(1,145	)		(970	)		(1,329	)		(5,961	)		(5,713	)

Net Income Attributable to Digital Realty Trust, Inc.	$	54,703		$	150,598		$	58,476		$	50,711		$	54,566		$	314,488		$	210,334

Preferred stock dividends		(11,726	)		(11,726	)		(11,399	)		(8,054	)		(9,751	)		(42,905	)		(38,672	)

Net Income Available to Common Stockholders	$	42,977		$	138,872		$	47,077		$	42,657		$	44,815		$	271,583		$	171,662


Weighted-average shares outstanding - basic		128,444,744			128,427,444			128,419,745			126,445,285			123,824,957			127,941,134			115,717,667
Weighted-average shares outstanding - diluted		128,641,470			135,301,765			128,623,076			126,738,339			124,145,590			128,127,641			116,006,577
Weighted-average fully diluted shares and units		137,890,892			137,851,514			131,177,283			129,181,095			127,835,847			137,769,299			131,467,271

Net income per share - basic	$	0.33		$	1.08		$	0.37		$	0.34		$	0.36		$	2.12		$	1.48
Net income per share - diluted	$	0.33		$	1.06		$	0.37		$	0.34		$	0.36		$	2.12		$	1.48

Page 8

Funds From Operations and Core Funds From Operations

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Financial Supplement

Unaudited and in thousands, except per share data

Fourth Quarter 2013


	Three Months Ended												Twelve Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)	31-Dec-13			30-Sep-13			30-Jun-13		31-Mar-13		31-Dec-12		31-Dec-13			31-Dec-12

Net Income Available to Common Stockholders	$	42,977		$	138,872		$	47,077	$	42,657	$	44,815	$	271,583		$	171,662
Adjustments:
Noncontrolling interests in operating partnership		849			2,757			936		824		1,336		5,366			6,157
Real estate related depreciation & amortization ⁽¹⁾		125,671			120,006			114,913		110,690		106,797		471,281			378,970
Unconsolidated JV real estate related depreciation & amortization		1,387			788			797		833		727		3,805			3,208
Gain on contribution of properties to unconsolidated joint venture		(555	)		(115,054	)		—		—		—		(115,609	)		—
Gain on sale of assets held in unconsolidated joint venture		—			—			—		—		—		—			(2,325	)

Funds From Operations	$	170,329		$	147,369		$	163,723	$	155,004	$	153,675	$	636,426		$	557,672
Add: Series C convertible preferred dividends		—			—			—		—		—		—			1,402
Add: Series D convertible preferred dividends		—			—			—		—		1,697		—			8,212
Add: 5.50% exchangeable senior debentures interest expense		4,050			4,050			4,050		4,050		4,050		16,200			16,200

Funds From Operations - diluted	$	174,379		$	151,419		$	167,773	$	159,054	$	159,422	$	652,626		$	583,486

Weighted-average shares and units outstanding - basic		130,982			130,977			130,974		128,888		127,515		130,463			119,861
Weighted-average shares and units outstanding - diluted ⁽²⁾		137,891			137,851			137,787		137,680		137,510		137,771			131,467
Funds From Operations per share - basic	$	1.30		$	1.13		$	1.25	$	1.20	$	1.21	$	4.88		$	4.65
Funds From Operations per share - diluted ⁽²⁾	$	1.26		$	1.10		$	1.22	$	1.16	$	1.16	$	4.74		$	4.44



Reconciliation of FFO to CFFO	Three Months Ended															Twelve Months Ended
	31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13			31-Dec-12			31-Dec-13			31-Dec-12

Funds From Operations - diluted	$	174,379		$	151,419		$	167,773		$	159,054		$	159,422		$	652,626		$	583,486
Termination fees and other non-core revenues ⁽³⁾		—			(14	)		(140	)		(248	)		(158	)		(402	)		(9,034	)
Gain on insurance settlement		—			—			(5,597	)		—			—			(5,597	)		—
Significant transaction expenses		1,108			243			1,491			1,763			5,331			4,605			11,120
Loss from early extinguishment of debt		608			704			501			—			—			1,813			303
Straight-line rent expense adjustment attributable to prior periods ⁽⁴⁾		—			9,155			—			—			—			7,489			—
Change in fair value of contingent consideration ⁽⁵⁾		(1,749	)		(943	)		(370	)		1,300			(1,051	)		(1,762	)		(1,051	)
Other non-core expense adjustments ⁽⁶⁾		7			3			17			36			—			63			1,260

Core Funds From Operations - diluted	$	174,353		$	160,567		$	163,675		$	161,905		$	163,544		$	658,835		$	586,084

Weighted-average shares and units outstanding - diluted ⁽²⁾		137,891			137,851			137,787			137,680			137,510			137,771			131,467
Core Funds From Operations per share - diluted ⁽²⁾	$	1.26		$	1.16		$	1.19		$	1.18		$	1.19		$	4.78		$	4.46


		Three Months Ended															Twelve Months Ended
(1)	Real Estate Related Depreciation & Amortization	31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13			31-Dec-12			31-Dec-13			31-Dec-12
	Depreciation & amortization per income statement	$	126,776		$	121,198		$	115,867		$	111,623		$	107,718		$	475,464		$	382,553
	Non-real estate depreciation		(1,105	)		(1,192	)		(954	)		(933	)		(921	)		(4,183	)		(3,583	)

	Real Estate Related Depreciation & Amortization	$	125,671		$	120,006		$	114,913		$	110,690		$	106,797		$	471,281		$	378,970

(2)

At December 31, 2013, we had 0 series D convertible preferred shares outstanding, as a result of the conversion of all remaining shares on February 26, 2013, which translates into 471 common shares on a weighted average basis for the year ended December 31, 2013. At December 31, 2012, we had 4,937 series D convertible preferred shares outstanding that were convertible into 3,143 common shares on a weighted average basis for the three months ended December 31, 2012. At December 31, 2012, we had 0 series C convertible preferred shares (as a result of the conversion of all remaining shares on April 17, 2012) and 4,937 series D convertible preferred shares outstanding that were convertible into 814 common shares and 4,017 common shares on a weighted average basis for the year ended December 31, 2012, respectively. For the three months ended December 31, 2013, September 30, 2013 and December 31, 2012, 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 December 31, 2013, September 30, 2013 and December 31, 2012 would be 15,372, 12,734 and 7,116 shares, respectively. For the year ended December 31, 2013 and December 31, 2012, 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 year ended December 31, 2013 and December 31, 2012 would be 12,358 and 5,428 shares, respectively. In addition, we had a balance of $266,400 of 5.50% exchangeable senior debentures due 2029 that were exchangeable for 6,712, 6,684 and 6,531 common shares on a weighted average basis for the three months ended December 31, 2013, September 30, 2013 and December 31, 2012, respectively, and were exchangeable for 6,650 and 6,486 common shares on a weighted average basis for the year ended December 31, 2013 and December 31, 2012, respectively. See below for calculations of diluted FFO available to common stockholders and unitholders and weighted average common stock and units outstanding.

(3)	Includes one-time fees, proceeds and certain other adjustments that are not core to our business.

(4)	Impact for the three months ended December 31, 2012 and the year ended December 31, 2012 would have resulted in additional expense of $833 and $3,333, respectively. CFFO per share and unit, as adjusted, would have been $1.18 and $4.43 for the above periods, respectively.

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

(6)	Includes reversal of accruals and certain other adjustments that are not core to our business.

Page 9

Adjusted Funds From Operations (AFFO)

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Financial Supplement

Unaudited and in thousands, except per share data

Fourth Quarter 2013


	Three Months Ended															Twelve Months Ended
Reconciliation of FFO to AFFO	31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13			31-Dec-12			31-Dec-13			31-Dec-12

FFO available to common stockholders and unitholders	$	170,329		$	147,369		$	163,723		$	155,004		$	153,675		$	636,425		$	557,672
Adjustments:
Non-real estate depreciation	$	1,105		$	1,192		$	954		$	933		$	921		$	4,184		$	3,583
Amortization of deferred financing costs		2,925			2,831			2,471			2,431			2,359			10,658			8,700
Amortization of debt discount/premium		338			418			418			605			340			1,779			1,097
Non-cash compensation		2,183			2,877	⁽⁵⁾		3,580			2,888			2,709			11,528			12,632
Loss from early extinguishment of debt		608			704			501			—			—			1,813			303
Straight-line rents		(21,858	)		(19,661	)		(19,892	)		(21,169	)		(20,004	)		(82,580	)		(75,776	)
Non-cash straight-line rent expense adjustment		—			9,988			—			—			—			9,988			—
Above- and below-market rent amortization		(2,887	)		(2,746	)		(3,041	)		(3,045	)		(2,819	)		(11,719	)		(10,262	)
Change in fair value of contingent consideration ⁽¹⁾		(1,749	)		(943	)		(370	)		1,300			(1,051	)		(1,762	)		(1,051	)
Capitalized leasing compensation		(4,214	)		(4,924	)		(4,786	)		(5,053	)⁽⁶⁾		(4,008	)		(18,977	)		(15,102	)
Recurring capital expenditures ⁽²⁾		(17,025	)		(12,895	)		(13,429	)		(9,860	)		(14,432	)		(53,209	)		(41,430	)
Capitalized internal leasing commissions		(4,435	)		(2,077	)		(3,331	)		(2,025	)		(1,877	)		(11,868	)		(7,301	)

AFFO available to common stockholders and unitholders⁽³⁾	$	125,320		$	122,133		$	126,798		$	122,009		$	115,813		$	496,260		$	433,065

Weighted-average shares and units outstanding - basic		130,982			130,977			130,974			128,888			127,515			130,463			119,861
Weighted-average shares and units outstanding - diluted ⁽⁴⁾		137,891			137,851			137,787			137,680			137,510			137,771			131,467

AFFO available to common stockholders and unitholders - basic		125,320			122,133			126,798			122,009			115,813			496,260			433,065
Add: Convertible preferred dividends and Interest and amortization of debt issuance costs on 2029 Debentures		4,050			4,050			4,050			4,050			5,747			16,200			25,814

AFFO available to common stockholders and unitholders - diluted		129,370			126,183			130,848			126,059			121,560			512,460			458,879

AFFO per share - diluted ⁽³⁾	$	0.94		$	0.92		$	0.95		$	0.92		$	0.88		$	3.72		$	3.49

Dividends per share and common unit	$	0.78		$	0.78		$	0.78		$	0.78		$	0.73		$	3.12		$	2.92

Diluted AFFO Payout Ratio		83.1	%		85.2	%		82.1	%		85.2	%		82.6	%		83.9	%		83.7	%


	Three Months Ended										Twelve Months Ended
Share Count Detail	31-Dec-13		30-Sep-13		30-Jun-13		31-Mar-13		31-Dec-12		31-Dec-13		31-Dec-12
Weighted Average Common Stock and Units Outstanding		130,982		130,977		130,974		128,888		127,515		130,463		119,861
Add: Effect of dilutive securities (excl. series C & D convert. preferred stock & 5.50% debentures)		197		190		203		293		321		187		289
Add: Effect of dilutive series C convertible preferred stock		—		—		—		—		—		—		814
Add: Effect of dilutive series D convertible preferred stock		—		—		—		1,909		3,143		471		4,017
Add: Effect of dilutive 5.50% exchangeable senior debentures		6,712		6,684		6,610		6,590		6,531		6,650		6,486

Weighted Avg. Common Stock and Units Out. - diluted		137,891		137,851		137,787		137,680		137,510		137,771		131,467

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

(2)	For a definition of recurring capital expenditures, see page 33.

(3)	For a definition and discussion of AFFO, see page 42. For a reconciliation of net income available to common stockholders to FFO, see page 9.

(4)

(5)	Corrects overstated amount in previously reported non-cash compensation.

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

Page 10

Consolidated Balance Sheets

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Financial Supplement

Dollars in thousands, except per share data

Fourth Quarter 2013


	Unaudited
	31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13			31-Dec-12
Assets
Investments in real estate:
Land	$	693,791		$	684,644		$	690,356		$	679,803		$	661,058
Acquired ground leases		14,618			14,355			13,216			13,137			13,658
Buildings and improvements		8,680,677			8,357,786			8,125,636			7,826,501			7,662,973
Tenant improvements		490,492			466,616			432,631			419,062			404,830

Investments in Real Estate	$	9,879,578		$	9,523,401		$	9,261,839		$	8,938,503		$	8,742,519
Accumulated depreciation & amortization		(1,565,996	)		(1,459,055	)		(1,377,375	)		(1,288,440	)		(1,206,017	)

Net Investments in Properties	$	8,313,582		$	8,064,346		$	7,884,464		$	7,650,063		$	7,536,502
Land held for sale		—			11,015			—			—			—
Investment in unconsolidated joint ventures		70,504			53,066			74,047			72,930			66,634

Net Investments in Real Estate	$	8,384,086		$	8,128,427		$	7,958,511		$	7,722,993		$	7,603,136
Cash and cash equivalents	$	56,808		$	55,118		$	24,260		$	42,130		$	56,281
Accounts and other receivables ⁽¹⁾		181,163			191,715			159,847			177,951			168,286
Deferred rent		393,504			369,979			360,588			340,753			321,715
Acquired above market leases, net		52,264			54,446			56,310			59,079			65,055
Acquired in place lease value and deferred leasing costs, net		489,456			484,445			492,884			494,384			495,205
Deferred financing costs, net		36,475			39,132			31,881			33,393			30,621
Restricted cash		40,362			42,457			38,977			43,929			44,050
Other assets		51,627			60,322			61,601			56,880			34,865

Total Assets	$	9,685,745		$	9,426,041		$	9,184,859		$	8,971,492		$	8,819,214


Liabilities and Equity
Global revolving credit facility	$	724,668		$	498,082		$	610,328		$	546,649		$	723,729
Unsecured term loan		1,020,984			950,205			741,178			747,830			757,839
Unsecured senior notes, net of discount		2,364,232			2,382,059			2,342,990			2,341,972			1,738,221
Exchangeable senior debentures		266,400			266,400			266,400			266,400			266,400
Mortgage loans, net of premiums		585,608			683,651			737,352			779,273			792,376
Accounts payable and other accrued liabilities		662,687			652,720			617,766			613,537			646,427
Accrued dividends and distributions		102,509			—			—			—			93,434
Acquired below market leases, net		130,269			133,625			137,297			141,257			148,233
Security deposits and prepaid rents		181,876			178,730			148,278			152,626			154,171

Total Liabilities	$	6,039,233		$	5,745,472		$	5,601,589		$	5,589,544		$	5,320,830

Equity
Preferred Stock: $0.01 par value per share, 70,000,000 shares authorized:
Series D Cumulative Convertible Preferred Stock ⁽²⁾		—			—			—			—		$	119,348
Series E Cumulative Redeemable Preferred Stock ⁽³⁾		277,172			277,172			277,172			277,172			277,172
Series F Cumulative Redeemable Preferred Stock ⁽⁴⁾		176,191			176,191			176,191			176,191			176,191
Series G Cumulative Redeemable Preferred Stock ⁽⁵⁾		241,468			241,511			241,565			—			—
Common Stock: $0.01 par value per share ⁽⁶⁾		1,279			1,279			1,279			1,279			1,247
Additional paid-in capital		3,688,937			3,685,668			3,681,618			3,677,070			3,562,642
Dividends in excess of earnings		(785,222	)		(728,012	)		(766,704	)		(713,612	)		(656,104	)
Accumulated other comprehensive income, net		10,691			(10,327	)		(64,010	)		(72,473	)		(12,191	)

Total Stockholders’ Equity	$	3,610,516		$	3,643,482		$	3,547,111		$	3,345,627		$	3,468,305

Noncontrolling Interests
Noncontrolling interest in operating partnership	$	29,027		$	30,264		$	28,935		$	30,186		$	24,135
Noncontrolling interest in consolidated joint ventures		6,969			6,823			7,224			6,135			5,944

Total Noncontrolling Interests	$	35,996		$	37,087		$	36,159		$	36,321		$	30,079

Total Equity	$	3,646,512		$	3,680,569		$	3,583,270		$	3,381,948		$	3,498,384

Total Liabilities and Equity	$	9,685,745		$	9,426,041		$	9,184,859		$	8,971,492		$	8,819,214

(1)	Net of allowance for doubtful accounts of $5,576 and $3,609 as of December 31, 2013 and December 31, 2012, respectively.

(2)	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 December 31, 2013 and December 31, 2012, respectively.

(3)	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 December 31, 2013 and December 31, 2012, respectively.

(4)	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 December 31, 2013 and December 31, 2012, respectively.

(5)	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 December 31, 2013 and December 31, 2012, respectively.

(6)	Common Stock: $0.01 par value per share, 215,000,000 shares authorized, 128,455,350 and 125,140,783 shares issued and outstanding as of December 31, 2013 and December 31, 2012, respectively.

Page 11

Components of NAV ⁽¹⁾

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Financial Supplement

In Thousands

Fourth Quarter 2013

Consolidated Properties Cash Net Operating Income (NOI)⁽²⁾, Annualized ⁽⁸⁾


Internet Gateway ⁽³⁾	$	169,766
Turn-Key Flex ⁽³⁾		424,416
Powered Base Building⁽³⁾		169,766
Colo & Non-tech ⁽³⁾		84,883
less: Partner’s share of consolidated JV’s		(497	)
4Q13 acquisitions, annualized adjustment		3,067
4Q13 & FY14 backlog Cash NOI (stabilized) ⁽⁴⁾		49,258

Total Consolidated Cash NOI, Annualized	$	900,659


Digital Realty’s Pro Rata Share of Unconsolidated Joint Venture Cash NOI
Turn-Key Flex	$	12,832
PBB		6,349

Total Unconsolidated Cash NOI, Annualized	$	19,181


Other Income
Development and Management Fees (net), Annualized	$	5,120


Other Assets
Pre-stabilized inventory, at cost	$	465,293
Land held for development		106,327
Development CIP ⁽⁵⁾		876,803
less: CIP associated with FY14 Backlog NOI		(141,805	)
Cash and cash equivalents		56,808
Restricted cash		40,362
Accounts and other receivables, net		181,163
Other assets		51,627
less: Partner’s share of consolidated JV assets		(2,400	)

Total Other Assets	$	1,634,178


Liabilities
Global revolving credit facility	$	724,668
Unsecured term loan		1,020,984
Unsecured senior notes		2,364,232
add: Unamortized discounts		15,048
Mortgage loans, net of premiums		585,608
Accounts payable and other accrued liabilities ⁽⁶⁾		662,687
Accrued dividends and distributions		102,509
Security deposits and prepaid rents		181,876
FY14 backlog NOI cost to complete ⁽⁷⁾		160,111
Preferred stock, at liquidation value		720,000
Digital Realty’s share of unconsolidated JV debt		113,477

Total Liabilities	$	6,651,200


Diluted Shares and Units Outstanding		138,323

(1)	Includes Digital Realty’s share of backlog leasing at unconsolidated joint venture properties.

(2)	For a definition and discussion of NOI and Cash NOI, see page 42.

(3)

Reflects annualized 4Q13 Cash NOI of $855M less $6M of run-rate adjustments related to the reversal of a bonus accrual which is not expected to recur. NOI is allocated 20% to PBB, 50% to TKF, 20% to Internet Gateway, and 10% to Colo/Non-tech. Actual Cash NOI allocable to each product or property type may be different.

(4)	Estimated Cash NOI related to signed leasing expected to commence in FY14. Includes DLR’s share of signed leasing at unconsolidated JV properties.

(5)	See page 32 for further details on the breakdown of the CIP balance.

(6)	Includes net deferred tax liability of approximately $146.6 million.

(7)	Includes Digital Realty’s share of cost to complete at unconsolidated joint venture properties.

(8)

Annualized Cash NOI is calculated by multiplying results for the most recent quarter by four. Annualized results may not be indicative of any four-quarter period and do not take into account scheduled lease expirations, among other things. Annualized data is presented for illustrative purposes only.

Page 12

Consolidated Debt Analysis

Financial Supplement

Unaudited, in thousands

Fourth Quarter 2013


	Figures as of December 31, 2013
	Maturity Date	Principal Balance			% of Total Debt			Interest Rate			Interest Rate Including swaps
Global Revolving Credit Facility ⁽¹⁾
Global revolving credit facility	November 3, 2018	$	724,668

Total Global Revolving Credit Facility		$	724,668			15	%		1.60	%

Unsecured Term Loan ⁽¹⁾
Unhedged variable rate portion of term loan	April 16, 2018	$	460,040
Hedged variable rate portion of term loan	April 16, 2018		560,944

Total Unsecured Term Loan		$	1,020,984			20	%		1.67	%		2.00	%

Prudential Unsecured Senior Notes
Series C	January 6, 2016	$	25,000						9.68	%
Series D	January 20, 2015		50,000						4.57	%
Series E	January 20, 2017		50,000						5.73	%
Series F	February 3, 2015		17,000						4.50	%

Total Prudential Unsecured Senior Notes		$	142,000			3	%

Senior Notes
4.50% notes due 2015	July 15, 2015	$	375,000						4.50	%
5.875% notes due 2020	February 1, 2020		500,000						5.88	%
5.25% notes due 2021	March 15, 2021		400,000						5.25	%
3.625% notes due 2022	October 1, 2022		300,000						3.63	%
4.25% notes due 2025	January 17, 2025		662,280						4.25	%
Unamortized discounts			(15,048	)

Total Senior Notes		$	2,222,232			45	%

Total Unsecured Senior Notes		$	2,364,232			48	%


Exchangeable Senior Debentures
5.50% exchangeable senior debentures due 2029	April 15, 2029	$	266,400						5.50	%
Unamortized discount			—

Total Exchangeable Senior Debentures		$	266,400			5	%

Mortgage Loans
Cressex 1	October 16, 2014	$	28,583						5.68	%
Manchester Technopark	October 16, 2014		8,695						5.68	%
Secured Term Debt	November 11, 2014		132,966						5.65	%
200 Paul Avenue	October 8, 2015		70,713						5.74	%
8025 North Interstate 35	March 6, 2016		6,314						4.09	%
600 West Seventh Street	March 15, 2016		49,548						5.80	%
34551 Ardenwood Boulevard	November 11, 2016		52,152						5.95	%
2334 Lundy Place	November 11, 2016		37,930						5.96	%
1100 Space Park Drive	December 11, 2016		52,115						5.89	%
2045 & 2055 LaFayette Street	February 6, 2017		63,623						5.93	%
150 South First Street	February 6, 2017		50,097						6.30	%
731 East Trade Street	July 1, 2020		4,186						8.22	%
636 Pierce Street	April 15, 2023		26,327						5.27	%
Unamortized net premiums			2,359

Total Mortgage Loans		$	585,608			12	%


Debt Summary
Total unhedged variable rate debt		$	1,184,708			24	%
Total fixed rate / hedged variable rate debt			3,777,184			76	%

Total Consolidated Debt		$	4,961,892			100	%					3.92	%

Global Revolving Credit Facility Detail as of December 31, 2013

(in thousands)

Maximum Available

Existing Capacity ⁽²⁾

Currently Drawn

Global Revolving Credit Facility

2,000,000

1,254,763

724,668

(1)	Maturity dates assume that all extensions will be exercised.

(2)	Net of letters of credit issued of $20.6 million.

Page 13

Debt Maturities

Financial Supplement

Unaudited, in thousands

Fourth Quarter 2013


	Figures as of December 31, 2013
	Interest Rate			2014		2015		2016		2017		2018		Thereafter		Total
Global Revolving Credit Facility ⁽¹⁾
Global revolving credit facility					—		—		—		—	$	724,668		—	$	724,668

Total Global Revolving Credit Facility		1.60	%		—		—		—		—	$	724,668		—	$	724,668

Unsecured Term Loan ⁽¹⁾
Unhedged variable rate portion of term loan					—		—		—		—	$	460,040		—	$	460,040
Hedged variable rate portion of term loan					—		—		—		—		560,944		—		560,944

Total Unsecured Term Loan		2.00	%		—		—		—		—	$	1,020,984		—	$	1,020,984

Senior Notes
4.25% notes due 2025		4.25	%		—		—		—		—		—	$	662,280	$	662,280
5.875% notes due 2020		5.88	%		—		—		—		—		—		500,000		500,000
5.25% notes due 2021		5.25	%		—		—		—		—		—		400,000		400,000
4.50% notes due 2015		4.50	%		—		375,000		—		—		—		—		375,000
3.625% notes due 2022		3.63	%		—		—		—		—		—		300,000		300,000

Total Senior Notes		4.75	%		—	$	375,000		—		—		—	$	1,862,280	$	2,237,280

Exchangeable Senior Debentures
5.50% exchangeable senior debentures due 2029 ⁽²⁾		5.50	%	$	266,400		—		—		—		—		—	$	266,400

Total Exchangeable Senior Debentures		5.50	%	$	266,400		—		—		—		—		—	$	266,400

Prudential Unsecured Senior Notes
Series C		9.68	%		—		—	$	25,000		—		—		—	$	25,000
Series D		4.57	%		—		50,000		—		—		—		—		50,000
Series E		5.73	%		—		—		—		50,000		—		—		50,000
Series F		4.50	%		—		17,000		—		—		—		—		17,000

Total Prudential Unsecured Senior Notes		5.87	%		—	$	67,000	$	25,000	$	50,000		—		—	$	142,000

Mortgage Loans
Secured Term Debt ⁽⁴⁾		5.65	%	$	132,966		—		—		—		—		—	$	132,966
200 Paul Avenue		5.74	%		2,048		68,665		—		—		—		—		70,713
2045 & 2055 LaFayette Street		5.93	%		1,060		1,125		1,195		60,243		—		—		63,623
34551 Ardenwood Boulevard		5.95	%		812		862		50,478		—		—		—		52,152
1100 Space Park Drive		5.89	%		821		871		50,423		—		—		—		52,115
150 South First Street		6.30	%		781		832		878		47,606		—		—		50,097
600 West Seventh Street		5.80	%		1,723		1,825		46,000		—		—		—		49,548
2334 Lundy Place		5.96	%		590		627		36,713		—		—		—		37,930
Cressex 1		5.68	%		28,583		—		—		—		—		—		28,583
636 Pierce Street		5.27	%		1,778		1,940		2,043		2,155		2,454		15,957		26,327
Manchester Technopark		5.68	%		8,695		—		—		—		—		—		8,695
8025 North Interstate 35		4.09	%		257		268		5,789		—		—		—		6,314
731 East Trade Street		8.22	%		350		416		504		546		593		1,777		4,186

Total Mortgage Loans		5.81	%	$	180,464	$	77,431	$	194,023	$	110,550	$	3,047	$	17,734	$	583,249

Total unhedged variable rate debt					—		—		—		—	$	1,184,708		—	$	1,184,708

Total fixed rate / hedged variable rate debt					446,864		519,431		219,023		160,550		563,991		1,880,014		3,789,873

Total Debt		3.92	%	$	446,864	$	519,431	$	219,023	$	160,550	$	1,748,699	$	1,880,014	$	4,974,581

Summary


Weighted Average Term to Initial Maturity ⁽²⁾		4.9 Years

Weighted Average Maturity (assuming exercise of extension options) ⁽³⁾		5.2 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)	Assumes exercise of extension options and maturity of 5.50% exchangeable senior debentures due 2029 at first redemption date in April 2014.

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


Note:		Total excludes $2,359 of loan premiums, net and ($4,672), ($5,779), ($377), ($693), and ($3,527) 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 14


Debt Analysis & Covenant Compliance				Financial Supplement
Unaudited				Fourth Quarter 2013

As of December 31, 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

Debt Covenant Ratios ⁽¹⁾

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%

233

251

N/A

Consolidated EBITDA / interest expense ⁽⁵⁾

Greater than 1.50x

4.0x

N/A

Fixed charge coverage

N/A

Greater than 1.50x

3.3x

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 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% Notes due 2025; and the Global Senior Credit Agreement dated as of August 15, 2013, 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% 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 8.00% 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 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 15


Same-Store Operating Trend Summary				Financial Supplement
Unaudited and in thousands				Fourth Quarter 2013

Same-Store Portfolio ⁽¹⁾



	Three Months Ended															Twelve Months Ended
	31-Dec-13			31-Dec-12			% Change			30-Sep-13			% Change			31-Dec-13			31-Dec-12			% Change
Rental	$	254,430		$	231,214			10.0	%	$	244,617			4.0	%	$	979,532		$	895,981			9.3	%
Tenant reimbursements - Utilities		46,394			41,736			11.2	%		51,075			(9.2	%)		184,594			166,468			10.9	%
Tenant reimbursements - Other		21,636			18,718			15.6	%		20,022			8.1	%		77,627			73,474			5.7	%

Total Revenue	$	322,460		$	291,668			10.6	%	$	315,714			2.1	%	$	1,241,753		$	1,135,923			9.3	%

Utilities	$	49,768		$	44,633			11.5	%	$	55,620			(10.5	%)	$	197,606		$	176,035			12.3	%
Rental property operating		25,852			23,216			11.4	%		25,795			0.2	%		101,199			89,506			13.1	%
Repairs & maintenance		24,162			25,664			(5.9	%)		22,351			8.1	%		88,113			86,491			1.9	%
Non-cash straight-line rent expense adjustment		—			—			0.0	%		9,988			(100.0	%)		9,988			—			0.0	%
Property taxes		21,768			16,455			32.3	%		21,397			1.7	%		76,997			62,089			24.0	%
Insurance		1,936			2,142			(9.6%)			1,778			8.9%			7,535			8,234			(8.5%)

Total Expenses	$	123,486		$	112,110			10.1	%	$	136,929			(9.8	%)	$	481,438		$	422,355			14.0	%

Net Operating Income ⁽²⁾	$	198,974		$	179,558			10.8	%	$	178,785			11.3	%	$	760,315		$	713,568			6.6	%

Same-store straight-line rent		$18,010			$17,894			0.6%			$15,504			16.2%			$67,938			$68,053			(0.2%)
Non-cash straight-line rent expense adjustment		—			—			0.0	%		(9,988	)		(100.0	%)		(9,988	)		—			0.0	%
Above and below market rent		1,971			2,169			(9.1	%)		1,849			6.6	%		8,216			7,833			4.9	%

Cash Net Operating Income ⁽³⁾	$	178,993		$	159,495			12.2	%	$	171,420			4.4	%	$	694,149		$	637,682			8.9	%

Same-store occupancy at period end ⁽⁴⁾		91.2	%		93.3	%		(2.1	%)		91.8	%		(0.6	%)		91.2	%		93.3	%		(2.1	%)

Stabilized (“Same-Capital”) Portfolio ⁽⁵⁾

	Three Months Ended															Twelve Months Ended
	31-Dec-13			31-Dec-12			% Change			30-Sep-13			% Change			31-Dec-13			31-Dec-12			% Change
Rental	$	172,145		$	168,999			1.9	%	$	167,972			2.5	%	$	673,437		$	669,130			0.6	%
Tenant reimbursements - Utilities		32,868			32,053			2.5	%		36,894			(10.9	%)		134,100			128,710			4.2	%
Tenant reimbursements - Other		16,119			14,362			12.2	%		15,820			1.9	%		57,606			56,414			2.1	%

Total Revenue	$	221,132		$	215,414			2.7	%	$	220,686			0.2	%	$	865,143		$	854,254			1.3	%

Utilities	$	34,406		$	33,097			4.0	%	$	39,263			(12.4	%)	$	140,287		$	133,403			5.2	%
Rental property operating		16,923			14,480			16.9	%		16,581			2.1	%		65,225			56,872			14.7	%
Repairs & maintenance		14,006			17,479			(19.9	%)		12,654			10.7	%		51,143			60,959			(16.1	%)
Non-cash straight-line rent expense adjustment		—			—			0.0	%		9,988			(100.0	%)		9,988			—			0.0	%
Property taxes		16,616			11,436			45.3	%		14,683			13.2	%		55,221			45,728			20.8	%
Insurance		1,600			1,829			(12.5	%)		1,484			7.8	%		6,310			7,155			(11.8	%)

Total Expenses	$	83,551		$	78,321			6.7	%	$	94,653			(11.7	%)	$	328,174		$	304,117			7.9	%

Net Operating Income ⁽²⁾	$	137,581		$	137,093			0.4	%	$	126,033			9.2	%	$	536,969		$	550,137			(2.4	%)

Stabilized straight-line rent	$	7,461		$	7,731			(3.5	%)	$	7,261			2.8	%	$	30,003		$	34,027			(11.8	%)
Non-cash straight-line rent expense adjustment		—			—			0.0	%		(9,988	)		(100.0	%)		(9,988	)		—			0.0	%
Above and below market rent		2,019			2,223			(9.2	%)		1,867			8.1	%		8,284			8,145			1.7	%

Cash Net Operating Income ⁽³⁾	$	128,101		$	127,139			0.8	%	$	126,893			1.0	%	$	508,670		$	507,965			0.1	%

Stabilized portfolio occupancy at period end ⁽⁴⁾		93.6	%		95.0	%		(1.4	%)		93.8	%		(0.1	%)		93.6	%		95.0	%		(1.4	%)

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

(2)	For a definition and discussion of net operating income, see page 42.

(3)	For a definition and discussion of cash net operating income, see page 42.

(4)	Occupancy excludes space under active development and 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.

(5)	Represents properties owned as of December 31, 2011 with less than 5% of total rentable square feet under development. Also excludes properties that were undergoing, or were expected to undergo, development activities in 2012-2013.

Note: Unconsolidated joint ventures excluded from same-store / stabilized in all periods.

Page 16

Summary of Leasing Activity

LOGO

Financial Supplement

Leases Signed in the Period Ended December 31, 2013

Fourth Quarter 2013


							Powered Base
	Turn-Key Flex						Building						Colocation						Custom Solutions				Non-Tech						Total
Leasing Activity - New ⁽¹⁾	4Q13			LTM			4Q13			LTM			4Q13			LTM			4Q13		LTM		4Q13			LTM			4Q13			LTM
Number of leases ⁽²⁾		22			60			4			6			57			139			1		17		11			58			95			280
Rentable Square Feet Leased ⁽³⁾		320,323			694,302			34,805			73,363			41,429			79,160			15,320		311,395		57,460			157,052			469,337			1,315,272
Initial stabilized cash rent per square foot	$	123		$	135		$	39		$	29		$	176		$	183		$	165	$	117	$	24		$	26		$	111		$	115
GAAP rent per square foot ⁽⁴⁾	$	130		$	146		$	35		$	28		$	185		$	190		$	139	$	124	$	29		$	28		$	115		$	123
Leasing cost per square foot	$	38		$	51		$	5		$	6		$	55		$	52		$	40	$	22	$	46		$	23		$	38		$	38
Weighted Average Lease Term (years)		7.8			8.2			15.3			10.9			4.6			4.3			5.0		12.5		8.0			7.8			8.0			9.1



							Powered Base
	Turn-Key Flex						Building						Colocation						Custom Solutions				Non-Tech						Total
Leasing Activity - Renewals ⁽¹⁾	4Q13			LTM			4Q13			LTM			4Q13			LTM			4Q13		LTM		4Q13			LTM			4Q13			LTM
Number of leases ⁽²⁾		5			24			6			26			22			63			N/A		N/A		12			37			45			150
Leases renewed (square feet) ⁽³⁾		74,593			373,585			73,267			767,714			15,313			34,806			N/A		N/A		52,452			166,608			215,625			1,342,713
Expiring cash rent per square foot	$	185		$	134		$	36		$	40		$	191		$	187			N/A		N/A	$	28		$	27		$	97		$	69
Renewed cash rent per square foot	$	184		$	126		$	46		$	43		$	190		$	194			N/A		N/A	$	30		$	28		$	100		$	68
Cash Rental Rate Change		(0.9	%)		(6.3	%)		27.3	%		7.8	%		(0.7	%)		3.8	%		N/A		N/A		6.2	%		3.1	%		3.2	%		(0.4	%)
Expiring GAAP rent per square foot ⁽⁴⁾	$	160		$	123		$	32		$	35		$	177		$	177			N/A		N/A	$	25		$	24		$	85		$	62
Renewed GAAP rent per square foot ⁽⁴⁾	$	180		$	130		$	49		$	49		$	194		$	201			N/A		N/A	$	31		$	28		$	100		$	73
GAAP Rental Rate Change		12.4	%		5.2	%		51.1	%		40.0	%		10.0	%		13.7	%		N/A		N/A		21.9	%		15.4	%		17.8	%		17.6	%
Leasing cost per square foot	$	8		$	8		$	9		$	9		$	27		$	29			N/A		N/A	$	5		$	4		$	9		$	9
Weighted Average Lease Term (years)		9.6			5.7			9.8			16.0			3.0			4.2			N/A		N/A		4.9			8.5			8.0			11.9
Retention Ratio ⁽⁵⁾		74	%		79	%		97	%		99	%		75	%		54	%		N/A		N/A		57	%		40	%		74	%		77	%

(1)	Excludes short term, roof and garage leases.

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

(3)	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.

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

(5)	Based on square feet.

Note: LTM represents last twelve months including current quarter.

Page 17

Summary of Leasing Activity

LOGO

Financial Supplement

Leases Commenced in the Period Ended December 31, 2013

Fourth Quarter 2013


							Powered Base
	Turn-Key Flex						Building						Colocation						Custom Solutions				Non-Tech						Total
Leasing Activity - New ⁽¹⁾	4Q13			LTM			4Q13			LTM			4Q13			LTM			4Q13		LTM		4Q13			LTM			4Q13			LTM
Number of leases ⁽²⁾		16			50			2			6			46			117			1		10		8			45			73			228
Rentable Square Feet Leased ⁽³⁾		183,648			479,616			23,805			102,125			27,002			53,722			15,320		242,152		11,277			75,742			261,052			953,357
Initial stabilized cash rent per square foot	$	135		$	152		$	29		$	54		$	165		$	200		$	165	$	93	$	30		$	25		$	125		$	119
GAAP rent per square foot ⁽⁴⁾	$	154		$	165		$	31		$	59		$	160		$	200		$	139	$	93	$	25		$	26		$	137		$	127
Leasing cost per square foot	$	52		$	51		$	5		$	7		$	38		$	47		$	40	$	22	$	20		$	13		$	44		$	36
Weighted Average Lease Term (years)		8.8			9.8			20.1			13.2			4.5			4.3			5.0		8.8		5.8			7.2			9.0			9.4



							Powered Base
	Turn-Key Flex						Building						Colocation						Custom Solutions				Non-Tech						Total
Leasing Activity - Renewals ⁽¹⁾	4Q13			LTM			4Q13			LTM			4Q13			LTM			4Q13		LTM		4Q13			LTM			4Q13			LTM
Number of leases ⁽²⁾		6			26			6			26			18			60			N/A		N/A		10			36			40			148
Leases renewed (square feet) ⁽³⁾		83,891			418,256			73,267			767,714			10,480			36,723			N/A		N/A		30,313			144,612			197,951			1,367,305
Expiring cash rent per square foot	$	190		$	137		$	36		$	40		$	176		$	172			N/A		N/A	$	31		$	28		$	108		$	72
Renewed cash rent per square foot	$	186		$	130		$	46		$	43		$	179		$	178			N/A		N/A	$	33		$	28		$	111		$	72
Cash Rental Rate Change		(1.9	%)		(5.0	%)		27.3	%		7.8	%		2.0	%		3.6	%		N/A		N/A		5.5	%		2.5	%		2.4	%		(0.1	%)
Expiring GAAP rent per square foot ⁽⁴⁾	$	165		$	127		$	32		$	35		$	174		$	168			N/A		N/A	$	29		$	25		$	95		$	66
Renewed GAAP rent per square foot ⁽⁴⁾	$	187		$	134		$	49		$	49		$	180		$	180			N/A		N/A	$	34		$	28		$	112		$	76
GAAP Rental Rate Change		13.4	%		5.9	%		51.1	%		40.0	%		3.1	%		7.1	%		N/A		N/A		19.1	%		13.9	%		17.4	%		16.5	%
Leasing cost per square feet	$	9		$	7		$	9		$	9		$	4		$	2			N/A		N/A	$	7		$	4		$	8		$	8
Weighted Average Lease Term (years)		10.7			5.6			9.8			16.0			1.3			2.3			N/A		N/A		7.2			7.6			9.3			11.7

(1)	Excludes short term, roof and garage leases.

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

(3)	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.

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

Note: LTM represents last twelve months including current quarter.

Page 18

Lease Expirations and Lease Distribution

LOGO

Financial Supplement

Dollars in thousands

Fourth Quarter 2013

Lease Expirations


Year	Number of Leases Expiring ⁽¹⁾⁽⁵⁾		Square Footage of Expiring Leases ⁽²⁾⁽⁵⁾		% of Net Rentable Square Feet			Annualized Rent ⁽³⁾⁽⁵⁾		% of Annualized Rent			Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Available				1,559,538		7.8	%				0.0	%
Month to Month ⁽⁴⁾		95		28,766		0.2	%	$	4,991		0.5	%	$	174	$	178	$	5,123
2014		311		984,610		4.9	%		84,983		7.6	%		86		87		85,893
2015		311		1,899,195		9.4	%		94,542		8.5	%		50		52		98,007
2016		292		1,617,241		8.0	%		94,726		8.5	%		59		62		99,992
2017		205		1,607,713		8.0	%		73,858		6.6	%		46		50		80,329
2018		217		1,505,365		7.5	%		105,043		9.4	%		70		80		120,154
2019		130		1,759,973		8.8	%		111,969		10.1	%		64		74		130,353
2020		147		1,249,072		6.2	%		101,318		9.1	%		81		97		121,088
2021		81		1,292,901		6.4	%		73,739		6.6	%		57		70		91,041
2022		105		1,428,234		7.1	%		67,929		6.1	%		48		58		82,605
2023		101		912,133		4.5	%		55,266		4.9	%		61		83		76,028
Thereafter		268		4,255,064		21.2	%		245,641		22.1	%		58		81		345,815

Total / Wtd. Avg.		2,263		20,099,805		100.0	%		1,114,005		100.0	%	$	60	$	72	$	1,336,428

Lease Distribution


Square Feet Under Lease	Number of Leases ⁽¹⁾⁽⁵⁾		Total Net Rentable Square Feet ⁽²⁾⁽⁵⁾		% of Net Rentable Square Feet			Annualized Rent ⁽³⁾⁽⁵⁾		% of Annualized Rent

Available				1,559,538		7.8	%		—		0.0	%
2,500 or less		1,461		667,487		3.3	%	$	64,614		5.8	%
2,501 - 10,000		357		2,154,548		10.7	%		204,335		18.3	%
10,001 - 20,000		221		3,249,211		16.2	%		296,643		26.6	%
20,001 - 40,000		114		3,328,498		16.5	%		236,758		21.3	%
40,001 - 100,000		76		4,665,259		23.2	%		194,465		17.5	%
Greater than 100,000		34		4,475,264		22.3	%		117,190		10.5	%

Total / Wtd. Avg.		2,263		20,099,805		100.0	%	$	1,114,005		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 December 31, 2013 multiplied by 12.

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

(5)	Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage.

Page 19


Lease Expirations - By Product Type				Financial Supplement
Dollars in thousands, except per square foot				Fourth Quarter 2013


Turn-Key Flex
Year	Square Footage of Expiring Leases ⁽¹⁾⁽⁴⁾		Annualized Rent ⁽²⁾⁽⁴⁾		% of Annualized Rent			Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration

Available		541,542		—		0.0	%
Month to Month ⁽³⁾		11,286	$	2,247		0.2	%	$	199	$	211	$	2,379
2014		278,050		48,169		4.3	%		173		175		48,745
2015		257,994		31,081		2.8	%		120		123		31,780
2016		362,905		52,891		4.7	%		146		153		55,425
2017		350,452		50,336		4.5	%		144		160		55,975
2018		584,516		74,134		6.7	%		127		147		86,152
2019		414,447		67,513		6.2	%		163		192		79,627
2020		561,619		78,172		7.0	%		139		168		94,586
2021		337,974		54,542		4.9	%		161		203		68,556
2022		269,775		39,190		3.5	%		145		177		47,870
2023		427,002		43,893		3.9	%		103		147		62,556
Thereafter		1,100,199		129,298		11.6	%		118		168		184,862

Total / Wtd. Avg.		5,497,761	$	671,466		60.3	%	$	135	$	165	$	818,513


Powered Base Building

Available		120,341		—		0.0	%
Month to Month ⁽³⁾		471	$	87		0.0	%	$	185	$	185	$	87
2014		452,073		18,634		1.7	%		41		42		18,922
2015		1,280,449		45,800		4.1	%		36		37		47,061
2016		966,074		29,275		2.6	%		30		32		30,662
2017		514,712		5,272		0.5	%		10		11		5,514
2018		648,395		21,038		1.9	%		32		35		22,581
2019		1,038,399		37,365		3.4	%		36		41		42,569
2020		409,562		14,819		1.3	%		36		43		17,797
2021		511,435		13,202		1.2	%		26		30		15,558
2022		870,416		23,538		2.1	%		27		33		28,644
2023		420,923		9,087		0.8	%		22		25		10,506
Thereafter		2,464,762		105,456		9.5	%		43		60		147,407

Total / Wtd. Avg.		9,698,012	$	323,573		29.1	%	$	34	$	40	$	387,308


Colocation

Available		134,384		—		0.0	%
Month to Month ⁽³⁾		8,920	$	2,485		0.2	%	$	279	$	279	$	2,485
2014		62,871		13,684		1.2	%		218		218		13,724
2015		57,791		12,068		1.1	%		209		233		13,458
2016		36,173		7,025		0.6	%		194		223		8,056
2017		21,101		3,357		0.3	%		159		171		3,618
2018		17,998		3,231		0.3	%		180		226		4,065
2019		18,864		2,412		0.2	%		128		155		2,933
2020		5,141		815		0.1	%		159		188		967
2021		3,194		300		0.0	%		94		113		362
2022		—		—		0.0	%		—		—		—
2023		—		—		0.0	%		—		—		—
Thereafter		15,903		1,403		0.1	%		88		155		2,469

Total / Wtd. Avg.		382,340	$	46,780		4.1	%	$	189	$	210	$	52,137


Non-Technical

Available		763,272		—		0.0	%
Month to Month ⁽³⁾		8,089	$	171		0.0	%	$	21	$	21	$	171
2014		191,616		4,497		0.4	%		23		24		4,504
2015		302,961		5,593		0.5	%		18		19		5,708
2016		252,089		5,535		0.5	%		22		23		5,848
2017		721,448		14,894		1.3	%		21		21		15,222
2018		254,456		6,639		0.6	%		26		29		7,356
2019		288,263		4,679		0.4	%		16		18		5,224
2020		272,750		7,512		0.7	%		28		28		7,738
2021		440,298		5,695		0.5	%		13		15		6,565
2022		288,043		5,201		0.5	%		18		21		6,091
2023		64,208		2,286		0.2	%		36		46		2,966
Thereafter		674,199		9,484		0.9	%		14		16		11,077

Total / Wtd. Avg.		4,521,692	$	72,186		6.5	%	$	19	$	21	$	78,470

(1)

For some 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.

(2)	Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2013 multiplied by 12.

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

(4)	Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage.

Page 20

Top 20 Tenants by Annualized Rent

Financial Supplement

Dollar amounts in thousands

Fourth Quarter 2013


Tenant		Number of Locations		Total Occupied Square Feet ⁽¹⁾⁽⁵⁾		% of Net Rentable Square Feet			Annualized Rent ⁽²⁾⁽⁵⁾		% of Annualized Rent			Weighted Average Remaining Lease Term in Months
1	CenturyLink, Inc. ⁽³⁾		37		2,387,212		11.9	%	$	87,129		7.8	%		81
2	IBM ⁽⁴⁾		11		448,525		2.2	%		61,652		5.5	%		96
3	TelX Group, Inc.		12		341,202		1.7	%		47,745		4.3	%		171
4	Equinix Operating Company, Inc.		10		736,932		3.7	%		36,020		3.2	%		155
5	Morgan Stanley		5		198,670		1.0	%		30,548		2.7	%		40
6	Facebook, Inc.		3		206,283		1.0	%		27,626		2.5	%		64
7	AT & T		18		614,647		3.1	%		25,782		2.3	%		62
8	Deutsche Bank AG		3		113,461		0.6	%		23,511		2.1	%		55
9	Verizon Communications, Inc.		31		320,703		1.6	%		20,431		1.8	%		58
10	NTT Communications Company		7		319,189		1.6	%		19,825		1.8	%		68
11	SunGard Availability Services LP		7		343,370		1.7	%		19,317		1.7	%		72
12	JPMorgan Chase & Co.		6		198,012		1.0	%		19,228		1.7	%		81
13	Level 3 Communications, LLC		43		375,887		1.9	%		16,484		1.5	%		83
14	TATA Communications (UK)		6		131,065		0.7	%		14,232		1.3	%		53
15	Nomura International PLC		2		63,137		0.3	%		13,073		1.2	%		73
16	Pfizer, Inc.		1		97,069		0.5	%		11,886		1.1	%		48
17	Amazon		8		281,118		1.4	%		11,077		1.0	%		73
18	Yahoo! Inc.		2		110,847		0.6	%		10,988		1.0	%		46
19	BT Americas, Inc.		3		67,685		0.3	%		10,199		0.9	%		42
20	Sprint Communications Co., LP		6		173,319		0.9	%		10,007		0.9	%		14

	Total / Weighted Average				7,528,333		37.7	%	$	516,760		46.3	%		84

(1)	Occupied square footage is calculated based on leases that commenced on or before December 31, 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 December 31, 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 with IBM and leases with SoftLayer. IBM acquired SoftLayer in July 2013.

(5)	Represents consolidated portfolio plus managed portfolio of unconsolidated joint ventures based on ownership percentage.

Page 21


Portfolio Summary				Financial Supplement
As of December 31, 2013				Fourth Quarter 2013


	31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13			31-Dec-12
Number of Properties ⁽¹⁾
Domestic⁽²⁾		91			90			98			97			93
International		28			28			28			27			26
Unconsolidated joint ventures		12			12			3			3			3

Total		131			130			129			127			122

Number of Buildings
Domestic		141			142			152			144			138
International		32			32			32			31			30
Unconsolidated joint ventures		14			14			3			3			3

Total		187			188			187			178			171

Number of Markets
Domestic		20			20			20			20			20
International		11			11			10			10			10
Unconsolidated joint ventures		2			2			2			2			2

Total		33			33			32			32			32

Net Rentable Square Feet ⁽³⁾
Domestic		17,056,741			16,705,106			17,685,861			17,371,366			16,774,252
International		2,830,968			2,816,450			2,814,782			2,787,474			2,714,505
Unconsolidated joint ventures		1,511,842			1,511,842			447,399			447,669			400,639

Total		21,399,551			21,033,398			20,948,042			20,606,509			19,889,396

Active Development Square Feet ⁽⁴⁾
Domestic		1,442,177			1,220,888			1,082,630			1,284,911			1,267,776
International		317,504			312,014			199,982			104,884			104,230

Total		1,759,681			1,532,902			1,282,612			1,389,795			1,372,006

Space Held for Development ⁽⁵⁾
Domestic		1,015,574			1,791,277			1,827,410			1,638,353			1,666,577
International		316,111			335,748			449,448			449,448			347,777

Total		1,331,685			2,127,025			2,276,858			2,087,801			2,014,354

Portfolio occupancy ⁽⁶⁾		92.6	%		93.0	%		93.1	%		94.0	%		94.4	%
Digital Realty’s share occupancy ^{(6) (7)}		92.2	%		92.7	%		93.1	%		94.0	%		94.4	%
Same-store portfolio occupancy ⁽⁶⁾		91.2	%		91.8	%		91.8	%		92.6	%		93.3	%
Stabilized “same-capital” pool occupancy ⁽⁶⁾		93.6	%		93.8	%		93.4	%		93.7	%		95.0	%

(1)

Includes 10 properties held in our managed portfolio of unconsolidated joint ventures consisting of 4650 Old Ironsides Drive, Santa Clara, CA, 2950 Zanker Road, San Jose, CA, 4700 Old Ironsides Drive, Santa Clara, CA, 444 Toyama Drive, Sunnyvale, CA, 43790 Devin Shafron Drive - E, Ashburn, VA, 21551 Beaumeade Circle, Ashburn, VA, 7505 Mason King Court, Manassas, VA, 14901 FAA Boulevard, Fort Worth, TX, 900 Dorothy Drive, Richardson, TX and 33 Chun Choi Street, Hong Kong; and two unconsolidated non-managed joint ventures: 2001 Sixth Avenue, Seattle, WA and 2020 Fifth Avenue, Seattle, WA.

(2)	43790 Devin Shafron Drive - E & 21551 Beaumeade Circle are included in the property count because they were separately contributed to our managed unconsolidated joint venture in September 2013. Not included in quarters ended December 31, 2012, March 31, 2013, and June 30, 2013.

(3)	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 areas.

(4)	Space under active development includes current Base Building and Data Centers projects in progress. See page 30.

(5)	Space held for development includes space held for future Data Center development, and excludes space under active development. See page 34.

(6)

Occupancy excludes space under active development, space held for development and two unconsolidated joint ventures that we do not manage. 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 areas.

(7)	Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage.

Page 22

Portfolio Overview by Product Type

Financial Supplement

Dollars in thousands

Fourth Quarter 2013


Property	Annualized Rent ⁽¹⁾⁽²⁾		% of Annualized Rent			% of Property Type Total

Corporate Data Center
Turn-Key Flex	$	554,270		49.8	%		66.7	%
Powered Base Building		209,766		18.8	%		25.2	%
Colocation		17,025		1.5	%		2.0	%
Non-technical		51,153		4.6	%		6.1	%

Data Center Total	$	832,214		74.7	%		100.0	%

Internet Gateway Data Center
Turn-Key Flex	$	117,198		10.5	%		43.3	%
Powered Base Building		113,806		10.2	%		42.0	%
Colocation		29,755		2.7	%		11.0	%
Non-technical		9,885		0.9	%		3.7	%

Internet Gateway Data Center Total	$	270,644		24.3	%		100.0	%

Non-Data Center
Non-technical	$	11,147		1.0	%		100.0	%

Non-Data Center Total	$	11,147		1.0	%		100.0	%

Total	$	1,114,005		100.0	%

(1)	Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2013 multiplied by 12.

(2)	Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage.

Page 23

Turn-Key Flex & Colocation Product Overview by Market ⁽¹⁾

Financial Supplement

Dollars in thousands

Fourth Quarter 2013


Market	IT Load MW Capacity ⁽²⁾		Net Rentable Square Feet ⁽³⁾		Occupancy % ⁽⁴⁾			Leased SF

Northern Virginia		49.9		717,629		97.4	%		699,093
Phoenix		42.5		660,222		77.8	%		513,345
Dallas		36.3		566,181		83.8	%		474,631
Silicon Valley		32.7		373,607		84.4	%		315,175
New York		29.6		620,642		93.5	%		580,073
Chicago		25.3		390,633		91.8	%		358,654
San Francisco		22.6		383,136		83.6	%		320,158
Boston		21.1		393,750		90.3	%		355,687
Houston		13.6		155,981		81.9	%		127,719
Los Angeles		13.3		238,220		94.6	%		225,267
Other Markets		13.9		201,078		70.8	%		142,269

Total North America		300.8		4,701,079		87.5	%		4,112,071

London, England		58.4		740,704		95.1	%		704,439
Other Markets		11.8		183,437		92.7	%		170,053

Total Europe		70.2		924,141		94.6	%		874,492

Singapore		12.1		175,217		85.2	%		149,359
Other Markets		5.8		79,664		85.7	%		68,253

Total Asia		17.9		254,881		85.4	%		217,612

Total		388.9		5,880,101		88.5	%		5,204,175

(1)	Excludes any power associated with Powered Base Building and Non-Technical product types.

(2)	IT Load MW Capacity represents “UPS-backed” utility power dedicated to Digital Realty operated data center space.

(3)	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.

(4)	Occupancy excludes space under active development and 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 24

Occupancy Analysis

Financial Supplement

Dollars in thousands

Fourth Quarter 2013


										Occupancy ⁽⁵⁾
Property	Property Type	Net Rentable Square Feet ⁽¹⁾		Space Under Active Development ⁽²⁾		Space Held for Development ⁽³⁾		Annualized Rent ⁽⁴⁾		As of 12/31/13			As of 9/30/13

North America

Northern Virginia
43881 Devin Shafron Drive (Bldg B)	Data Center		180,000		—		—	$	19,188		99.0	%		100.0	%
43940 Digital Loudoun Plaza (Bldg G)	Data Center		160,007		232,704		—		16,714		100.0	%		100.0	%
43915 Devin Shafron Drive (Bldg A)	Data Center		129,033		—		3,247		16,377		100.0	%		100.0	%
43791 Devin Shafron Drive (Bldg D)	Data Center		134,741		—		259		13,187		100.0	%		100.0	%
43830 Devin Shafron Drive (Bldg F)	Data Center		101,300		—		11,950		11,622		95.6	%		93.9	%
4050 Lafayette Center Drive	Data Center		42,374		—		—		6,855		99.0	%		99.0	%
4030 Lafayette Center Drive	Data Center		72,696		—		—		5,887		100.0	%		100.0	%
45901 & 45845 Nokes Boulevard	Data Center		167,160		—		—		4,751		100.0	%		100.0	%
44470 Chilum Place	Data Center		95,440		—		—		4,529		100.0	%		100.0	%
21110 Ridgetop Circle	Data Center		135,513		—		—		2,993		100.0	%		100.0	%
21561 & 21571 Beaumeade Circle	Data Center		164,453		—		—		2,931		100.0	%		100.0	%
1506 Moran Road	Data Center		78,295		—		—		2,371		100.0	%		100.0	%
1807 Michael Faraday Court	Data Center		19,237		—		—		1,892		100.0	%		100.0	%
251 Exchange Place	Data Center		70,982		—		—		1,740		100.0	%		100.0	%
43831 Devin Shafron Drive (Bldg C)	Data Center		117,071		—		—		1,573		100.0	%		100.0	%
8100 Boone Boulevard	Data Center		17,015		—		—		535		15.4	%		14.9	%
4040 Lafayette Center Drive	Data Center		—		30,333		—		—		N/A			N/A
44060 Digital Loudoun Plaza (Bldg K)	Data Center		—		281,431		—		—		N/A			N/A

Total			1,685,317		544,468		15,456	$	113,145		98.7	%		98.7	%

New York
365 S Randolphville Road	Data Center		245,039		86,656		19,753	$	24,763		92.2	%		98.8	%
111 Eighth Avenue⁽⁶⁾	Internet Gateway		116,843		—		—		21,345		100.0	%		100.0	%
3 Corporate Place	Data Center		276,931		—		—		19,318		100.0	%		100.0	%
300 Boulevard East	Data Center		346,819		—		22,962		16,853		93.6	%		92.7	%
60 & 80 Merritt Boulevard	Data Center		209,807		—		34,833		15,468		92.2	%		100.0	%
410 Commerce Boulevard⁽⁷⁾	Data Center		27,943		—		—		4,847		100.0	%		100.0	%
636 Pierce Street	Data Center		108,336		—		—		3,190		100.0	%		N/A
650 Randolph Road	Data Center		—		—		127,790		—		N/A			N/A
3 Corporate Place Annex	Data Center		—		100,515		—		—		N/A			N/A

Total			1,331,718		187,171		205,338	$	105,784		95.7	%		97.6	%

Dallas
2323 Bryan Street	Internet Gateway		453,539		—		23,568	$	15,383		74.3	%		77.7	%
2501 S. State Hwy. 121	Data Center		829,372		—		—		13,412		98.5	%		98.5	%
1232 Alma Rd RS 100	Data Center		105,726		—		—		12,699		95.3	%		92.8	%
2440 Marsh Lane	Data Center		135,250		—		—		12,619		94.7	%		94.7	%
4849 Alpha Road	Data Center		125,538		—		—		11,418		100.0	%		99.8	%
4025 Midway Road	Data Center		100,590		—		—		10,204		98.4	%		98.4	%
11830 Webb Chapel Road	Data Center		365,647		—		—		8,021		98.0	%		98.0	%
400 S. Akard	Internet Gateway		269,563		—		—		7,980		94.4	%		94.7	%
900 Quality Way	Data Center		42,318		—		72,604		6,466		96.2	%		96.2	%
1215 Integrity Drive⁽⁸⁾	Data Center		61,750		56,126		—		2,658		94.6	%		94.6	%
904 Quality Way	Data Center		46,750		—		—		978		100.0	%		100.0	%
17201 Waterview Parkway	Data Center		61,750		—		—		704		100.0	%		100.0	%
850 East Collins	Data Center		80,349		33,839		—		343		3.5	%		6.1	%
905 Security Row ⁽⁹⁾	Data Center		—		—		—		—		N/A			N/A
1210 Integrity Drive⁽⁹⁾	Data Center		—		—		—		—		N/A			N/A
1301 International Parkway	Data Center		—		—		20,500		—		N/A			N/A
950 East Collins	Data Center		—		112,500		—		—		N/A			N/A

Total			2,678,142		202,465		116,672	$	102,885		90.8	%		92.4	%

Page 25

Occupancy Analysis

Financial Supplement

Dollars in thousands

Fourth Quarter 2013


										Occupancy ⁽⁵⁾
Property	Property Type	Net Rentable Square Feet ⁽¹⁾		Space Under Active Development ⁽²⁾		Space Held for Development ⁽³⁾		Annualized Rent ⁽⁴⁾		As of 12/31/13			As of 9/30/13

Silicon Valley
1350 Duane & 3080 Raymond	Data Center		185,000		—		—	$	10,587		100.0	%		100.0	%
3011 Lafayette Street	Data Center		90,780		—		—		10,553		100.0	%		100.0	%
1500 Space Park Drive	Data Center		51,615		—		—		9,605		100.0	%		100.0	%
1525 Comstock Street	Data Center		42,385		—		—		8,786		100.0	%		100.0	%
3105 and 3205 Alfred Street	Data Center		49,858		—		—		8,621		87.9	%		87.9	%
1100 Space Park Drive	Internet Gateway		165,297		—		—		7,861		92.7	%		92.7	%
2045 & 2055 LaFayette Street	Data Center		300,000		—		—		7,380		100.0	%		100.0	%
1725 Comstock Street	Data Center		39,643		—		—		6,870		100.0	%		100.0	%
150 South First Street	Data Center		179,761		—		—		6,670		97.2	%		94.6	%
1201 Comstock Street	Data Center		24,000		—		—		4,736		100.0	%		100.0	%
2334 Lundy Place	Data Center		130,752		—		—		4,661		100.0	%		100.0	%
2401 Walsh Street	Data Center		167,932		—		—		3,834		100.0	%		100.0	%
2403 Walsh Street	Data Center		103,940		—		—		2,373		100.0	%		100.0	%
2805 Lafayette Street⁽¹⁰⁾	Data Center		53,886		84,180		—		322		25.2	%		34.4	%

Total			1,584,849		84,180		—	$	92,859		96.0	%		96.6	%

Chicago
350 E Cermak Road	Internet Gateway		1,133,739		—		—	$	70,419		98.9	%		98.7	%
600-780 S. Federal	Internet Gateway		131,930		—		29,617		7,424		86.5	%		84.9	%
9333, 9355, 9377 Grand Avenue	Data Center		108,838		289,220		176,886		4,862		81.5	%		66.8	%

Total			1,374,507		289,220		206,503	$	82,705		96.3	%		94.9	%

San Francisco
200 Paul Avenue	Internet Gateway		479,082		—		18,522	$	28,243		95.0	%		95.0	%
365 Main Street	Internet Gateway		226,981		—		—		26,709		74.5	%		77.7	%
720 2nd Street	Data Center		121,220		—		—		16,227		90.6	%		90.6	%
360 Spear Street	Data Center		154,950		—		—		8,269		100.0	%		100.0	%

Total			982,233		—		18,522	$	79,448		90.5	%		91.2	%

Phoenix
2121 South Price Road	Data Center		472,449		35,723		—	$	40,367		71.8	%		79.9	%
120 E Van Buren	Internet Gateway		287,514		—		—		21,443		88.0	%		92.1	%
2055 East Technology Circle	Data Center		76,350		—		—		8,478		100.0	%		100.0	%
1900 S. Price Road	Data Center		118,348		—		108,926		1,450		100.0	%		100.0	%

Total			954,661		35,723		108,926	$	71,738		82.4	%		88.5	%

Boston
128 First Avenue	Data Center		274,750		—		—	$	23,779		97.5	%		97.5	%
Digital 55 Middlesex LLC	Data Center		101,067		—		—		12,172		96.8	%		95.3	%
100 Quannapowitt Parkway	Data Center		304,402		—		82,554		7,799		86.9	%		86.5	%
115 Second Avenue	Data Center		66,730		—		—		3,869		100.0	%		100.0	%
105 Cabot Street	Data Center		34,526		—		71,205		1,687		41.5	%		39.4	%
600 Winter Street	Data Center		30,400		—		—		760		100.0	%		100.0	%

Total			811,875		—		153,759	$	50,066		91.4	%		91.0	%

Los Angeles
600 West Seventh Street	Internet Gateway		489,722		—		—	$	23,731		97.8	%		97.8	%
2260 East El Segundo Boulevard	Data Center		132,240		—		—		11,616		90.2	%		90.2	%
200 North Nash Street	Data Center		113,606		—		—		2,594		100.0	%		100.0	%
3015 Winona Avenue	Data Center		82,911		—		—		1,706		100.0	%		100.0	%
3300 East Birch Street	Data Center		68,807		—		—		1,593		100.0	%		100.0	%

Total			887,286		—		—	$	41,240		97.3	%		97.3	%

Houston
Digital Houston	Data Center		404,235		—		22,722	$	16,588		90.8	%		84.5	%

Total			404,235		—		22,722	$	16,588		90.8	%		84.5	%

Page 26

Occupancy Analysis

Financial Supplement

Dollars in thousands

Fourth Quarter 2013


										Occupancy ⁽⁵⁾
Property	Property Type	Net Rentable Square Feet ⁽¹⁾		Space Under Active Development ⁽²⁾		Space Held for Development ⁽³⁾		Annualized Rent ⁽⁴⁾		As of 12/31/13			As of 9/30/13

Atlanta
375 Riverside Parkway	Data Center		250,191		—		—	$	8,388		100.0	%		100.0	%
760 Doug Davis Drive	Data Center		334,306		—		—		6,473		100.0	%		100.0	%
101 Aquila Way	Data Center		313,581		—		—		1,437		100.0	%		100.0	%

Total			898,078		—		—	$	16,298		100.0	%		100.0	%

Philadelphia
833 Chestnut Street	Data Center		594,747		—		60,011	$	13,424		91.7	%		91.7	%

Total			594,747		—		60,011	$	13,424		91.7	%		91.7	%

Denver
11900 East Cornell Avenue	Data Center		285,840		—		—	$	6,449		94.3	%		94.3	%
8534 Concord Center Drive	Data Center		85,660		—		—		3,784		100.0	%		100.0	%

Total			371,500		—		—	$	10,233		95.6	%		95.6	%

St. Louis
210 N Tucker Boulevard	Data Center		205,650		53,988		77,778	$	4,661		73.2	%		75.2	%
900 Walnut Street	Internet Gateway		105,776		—		6,490		4,540		95.8	%		95.8	%

Total			311,426		53,988		84,268	$	9,201		80.9	%		82.3	%

Portland
3825 NW Aloclek Place	Data Center		48,574		—		—	$	7,993		100.0	%		100.0	%

Total			48,574		—		—	$	7,993		100.0	%		100.0	%

Miami
36 NE 2nd Street	Internet Gateway		162,140		—		—	$	5,193		100.0	%		99.1	%
2300 NW 89th Place	Data Center		64,174		—		—		694		100.0	%		100.0	%

Total			226,314		—		—	$	5,887		100.0	%		99.3	%

Minneapolis/St. Paul
1500 Towerview Road	Data Center		328,765		—		—	$	4,438		100.0	%		100.0	%
1125 Energy Park Drive	Data Center		112,827		—		—		1,437		100.0	%		100.0	%

Total			441,592		—		—	$	5,875		100.0	%		100.0	%

Sacramento
11085 Sun Center Drive	Data Center		69,048		—		—	$	2,878		100.0	%		100.0	%
3065 Gold Camp Drive	Data Center		40,394		—		23,397		1,923		100.0	%		100.0	%

Total			109,442		—		23,397	$	4,801		100.0	%		100.0	%

Charlotte
125 North Myers	Internet Gateway		25,402		—		—	$	1,400		100.0	%		100.0	%
731 East Trade Street	Internet Gateway		40,879		—		—		1,351		100.0	%		100.0	%
113 North Myers	Internet Gateway		29,218		—		—		961		100.0	%		100.0	%

Total			95,499		—		—	$	3,712		100.0	%		100.0	%

Austin
7401 E. Ben White Blvd Building 7	Data Center		203,235		—		—	$	1,848		100.0	%		100.0	%
8025 North Interstate 35	Data Center		62,237		—		—		934		100.0	%		100.0	%
7620 Metro Center Drive	Data Center		45,000		—		—		335		69.6	%		69.6	%
7500 Metro Center Drive	Data Center		30,000		44,962		—		30		0.0	%		0.0	%

Total			340,472		44,962		—	$	3,147		87.2	%		87.2	%

Toronto, Canada
6800 Millcreek Drive	Data Center		83,758		—		—	$	2,084		100.0	%		100.0	%
371 Gough Road	Data Center		64,546		34,306		21,189		337		100.0	%		100.0	%

Total			148,304		34,306		21,189	$	2,421		100.0	%		100.0	%

Page 27

Occupancy Analysis

Financial Supplement

Dollars in thousands

Fourth Quarter 2013


										Occupancy ⁽⁵⁾
Property	Property Type	Net Rentable Square Feet ⁽¹⁾		Space Under Active Development ⁽²⁾		Space Held for Development ⁽³⁾		Annualized Rent ⁽⁴⁾		As of 12/31/13			As of 9/30/13

Europe

London, England
Unit 21 Goldsworth Park Trading Estate	Data Center		386,281		—		93,719	$	57,265		96.7	%		96.6	%
Watford⁽¹¹⁾	Data Center		133,000		—		—		20,736		97.3	%		97.3	%
3 St. Anne’s Boulevard	Data Center		96,147		—		—		16,990		84.5	%		84.2	%
Croydon ⁽¹²⁾	Data Center		120,000		—		—		16,895		100.0	%		100.0	%
Mundells Roundabout	Data Center		113,464		—		—		8,443		100.0	%		100.0	%
Cressex 1	Data Center		50,847		—		—		7,804		100.0	%		100.0	%
6 Braham Street	Internet Gateway		63,233		—		—		5,311		100.0	%		100.0	%
2 St. Anne’s Boulevard	Data Center		30,612		—		—		4,030		100.0	%		100.0	%
Fountain Court	Data Center		41,957		—		89,814		2,111		27.2	%		27.2	%
1 St. Anne’s Boulevard	Data Center		20,219		—		—		308		100.0	%		100.0	%
Principal Park, Crawley	Data Center		—		106,400		—		—		N/A			N/A

Total			1,055,760		106,400		183,533	$	139,893		94.2	%		94.0	%

Paris, France
114 Rue Ambroise Croizat	Internet Gateway		324,796		36,124		—	$	21,351		95.6	%		96.9	%
1 Rue Jean-Pierre	Data Center		104,666		—		—		4,810		100.0	%		100.0	%
127 Rue de Paris	Data Center		59,991		—		—		2,061		100.0	%		100.0	%
Liet-dit ie Christ de Saclay	Data Center		21,337		—		—		687		100.0	%		100.0	%

Total			510,790		36,124		—	$	28,909		97.2	%		98.0	%

Dublin, Ireland
Unit 9 Blanchardstown Corporate Center	Data Center		120,000		—		—	$	10,856		95.2	%		97.1	%
Clonshaugh Industrial Estate (Eircom)	Data Center		124,500		—		—		9,234		100.0	%		100.0	%
Clonshaugh Industrial Estate IE	Data Center		20,000		—		—		1,623		100.0	%		100.0	%
Profile Park	Data Center		—		47,092		—		—		N/A			N/A

Total			264,500		47,092		—	$	21,713		97.8	%		98.7	%

Amsterdam, Netherlands
Paul van Vlissingenstraat 16	Data Center		112,472		—		—	$	7,843		100.0	%		100.0	%
Cateringweg 5	Data Center		55,972		—		—		5,809		100.0	%		100.0	%
Naritaweg 52	Data Center		63,260		—		—		2,832		100.0	%		100.0	%
Gyroscoopweg 2E-2F	Data Center		55,585		—		—		1,342		100.0	%		100.0	%
Liverpoolweg 10 - The Netherlands	Data Center		16,813		—		—		853		100.0	%		100.0	%

Total			304,102		—		—	$	18,679		100.0	%		100.0	%

Manchester, England
Manchester Technopark	Data Center		38,016		—		—	$	1,987		100.0	%		100.0	%

Total			38,016		—		—	$	1,987		100.0	%		100.0	%

Geneva, Switzerland
Chemin de l Epinglier 2	Data Center		59,190		—		—	$	1,847		100.0	%		100.0	%

Total			59,190		—		—	$	1,847		100.0	%		100.0	%

Asia Pacific

Singapore
29A International Business Park	Data Center		306,172		—		64,328	$	32,811		86.9	%		82.7	%

Total			306,172		—		64,328	$	32,811		86.9	%		82.7	%

Melbourne, Australia
98 Radnor Drive	Data Center		52,988		—		—	$	6,827		100.0	%		100.0	%
Deer Park 2 (72 Radnor Drive)	Data Center		—		93,582		—		—		N/A			N/A

Total			52,988		93,582		—	$	6,827		100.0	%		100.0	%

Sydney, Australia
1-11 Templar Road⁽¹³⁾	Data Center		39,156		—		47,061	$	4,469		69.8	%		43.0	%
23 Waterloo Road	Data Center		51,990		—		—		1,234		100.0	%		100.0	%

Total			91,146		—		47,061	$	5,703		87.0	%		74.8	%

Page 28

Occupancy Analysis

Financial Supplement

Dollars in thousands

Fourth Quarter 2013


										Occupancy ⁽⁵⁾
Property	Property Type	Net Rentable Square Feet ⁽¹⁾		Space Under Active Development ⁽²⁾		Space Held for Development ⁽³⁾		Annualized Rent ⁽⁴⁾		As of 12/31/13			As of 9/30/13

Non-Data Center Properties

34551 Ardenwood Boulevard	Technology Manufacturing		307,657		—		—	$	4,090		41.6	%		41.6	%
2010 East Centennial Circle	Technology Manufacturing		113,405		—		—		3,194		100.0	%		100.0	%
1 Savvis Parkway	Technology Office		156,000		—		—		3,042		100.0	%		100.0	%
8201 E. Riverside Drive Building 4	Technology Manufacturing		133,460		—		—		821		67.4	%		74.4	%
908 Quality Way	Technology Office		14,400		—		—		—		86.1	%		86.1	%
47700 Kato Road & 1055 Page Avenue	Technology Manufacturing		199,352		—		—		—		0.0	%		0.0	%

Total			924,274		—		—	$	11,147		54.1	%		55.1	%

Consolidated Portfolio Total / Weighted Average			19,887,709		1,759,681		1,331,685	$	1,108,966		92.2	%		92.6	%


Unconsolidated Joint Ventures

Silicon Valley
4650 Old Ironsides Drive	Data Center		124,383		—		—	$	4,062		100.0	%		100.0	%
2950 Zanker Road	Data Center		69,700		—		—		3,151		100.0	%		100.0	%
4700 Old Ironsides Drive	Data Center		90,139		—		—		2,058		100.0	%		100.0	%
444 Toyama Drive	Data Center		42,083		—		—		1,942		100.0	%		100.0	%

Total			326,305		—		—	$	11,213		100.0	%		100.0	%

Northern Virginia
43790 Devin Shafron Drive (Bldg E)	Data Center		152,138		—		—	$	3,228		100.0	%		100.0	%
21551 Beaumeade Circle	Data Center		152,504		—		—		2,088		100.0	%		100.0	%
7505 Mason King Court	Data Center		109,650		—		—		1,865		100.0	%		100.0	%

Total			414,292		—		—	$	7,181		100.0	%		100.0	%

Dallas
14901 FAA Boulevard	Data Center		263,700		—		—	$	5,188		100.0	%		100.0	%
900 Dorothy Drive	Data Center		56,176		—		—		1,612		100.0	%		100.0	%

Total			319,876		—		—	$	6,800		100.0	%		100.0	%

Hong Kong
33 Chun Choi Street	Data Center		—		—		—		—		N/A			N/A

Total			—		—		—		—		0.0	%		N/A

Unconsolidated Portfolio Total / Weighted Average			1,060,473		—		—	$	25,194		100.0	%		100.0	%

Managed Portfolio Total / Weighted Average			20,948,182		1,759,681		1,331,685	$	1,134,160		92.6	%		93.0	%

Digital Realty Share Total / Weighted Average ⁽¹⁴⁾			20,099,805		1,759,681		1,331,685	$	1,114,005		92.2	%		92.7	%


Non-Managed Joint Ventures

Seattle
2001 Sixth Avenue	Data Center		400,369		—		—	$	31,534		95.3	%		95.0	%
2020 Fifth Avenue	Data Center		51,000		—		—		3,338		100.0	%		100.0	%

Total			451,369		—		—	$	34,872		95.8	%		95.6	%

Non-Managed Portfolio Total / Weighted Average			451,369		—		—	$	34,872		95.8	%		95.6	%

Portfolio Total / Weighted Average			21,399,551		1,759,681		1,331,685	$	1,169,032		92.6	%		93.0	%

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

(2)	Space under active development includes current Base Building and Data Centers projects in progress. See page 30.

(3)	Space held for development includes space held for future Data Center development, and excludes space under active development. See page 34.

(4)	Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2013 multiplied by 12.

(5)	Occupancy excludes space under active development and 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.

(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 1215 Datacenter Park.

(9)	Building was razed during Q4 2013 and entered into the Land Inventory pursuant to our business plan. See page 34.

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

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

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

(13)	Building formerly referred to as 1-23 Templar Road.

(14)	Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage.

Page 29

Development Lifecycle - Committed Active Development

LOGO

Financial Supplement

Dollars in thousands, except where otherwise noted

Fourth Quarter 2013


	Base Building Construction										Data Center Construction
					A		B		A+B								A		B		A+B
Market	# of Locations		Total Square Feet		Current Investment ⁽¹⁾		Future Funding Req.⁽²⁾		Total Expected Investment⁽³⁾		# of Locations		Total Square Feet		kW		Current Investment⁽¹⁾		Future Funding Req.⁽²⁾		Total Expected Investment⁽³⁾		% Leased			Average Completion Period		Est. GAAP Yield⁽⁴⁾			Est. Stabilized Cash Yield⁽⁴⁾
Austin		1		21,640	$	7,980	$	1,019	$	8,999		1		23,322		2,000	$	26,166	$	9,071	$	35,237		100.0	%		1Q14
Chicago		1		263,013		40,368		34,945		75,312		1		26,207		1,800		9,177		12,647		21,824		83.3	%		2Q14
Dallas		1		33,839		7,716		322		8,038		2		168,626		10,575		45,978		71,591		117,569		100.0	%		1Q15
New York		2		173,898		42,345		28,888		71,233		1		13,273		600		3,554		14,116		17,670		100.0	%		2Q15
N. Virginia		2		385,403		23,983		40,075		64,057		2		159,065		12,000		40,478		96,024		136,502		93.9	%		1Q15
Phoenix												1		35,723		2,700		28,255		2,843		31,098		0.0	%		1Q14
Silicon Valley		1		84,180		51,325		344		51,669
St. Louis												1		53,988		2,250		33,221		4,265		37,486		0.0	%		1Q14
Toronto												1		34,306		2,700		11,003		41,844		52,847		100.0	%		2Q14

North America		8		961,973	$	173,717	$	105,592	$	279,308		10		514,510		34,625	$	197,832	$	252,399	$	450,231		79.8	%				10.4	%		9.6	%
Dublin		1		47,092	$	17,080	$	13,278	$	30,358
London												1		106,400		10,000	$	23,383	$	108,850	$	132,233		100.0	%		1Q17
Paris												1		36,124				11,130		4,212		15,342		100.0	%		2Q14

Europe		1		47,092	$	17,080	$	13,278	$	30,358		2		142,524		10,000	$	34,513	$	113,062	$	147,575		100.0	%				10.6	%		8.9	%
Melbourne		1		53,582	$	16,772	$	1,938	$	18,710		1		40,000		2,880	$	37,323	$	8,100	$	45,423		0.0	%		1Q14

Asia Pacific		1		53,582	$	16,772	$	1,938	$	18,710		1		40,000		2,880	$	37,323	$	8,100	$	45,423		0.0	%				13.9	%		12.7	%

Total		10		1,062,647	$	207,568	$	120,808	$	328,376		13		697,034		47,505	$	269,669	$	373,560	$	643,229		79.4	%				10.7	%		9.6	%


	Total Active Development
					A		B		A + B
Market	# of Locations		Total Square Feet		Current Investment⁽¹⁾		Future Funding Req.⁽²⁾		Total Expected Investment⁽³⁾
Austin		1		44,962	$	34,146	$	10,089	$	44,235
Chicago		1		289,220		49,545		47,591		97,136
Dallas		3		202,465		53,694		71,913		125,607
New York		2		187,171		45,899		43,004		88,903
N. Virginia		3		544,468		64,461		136,098		200,559
Phoenix		1		35,723		28,255		2,843		31,098
Silicon Valley		1		84,180		51,325		344		51,669
St. Louis		1		53,988		33,221		4,265		37,486
Toronto		1		34,306		11,003		41,844		52,847

North America		14		1,476,483	$	371,549	$	357,990	$	729,539
Dublin		1		47,092	$	17,080	$	13,278	$	30,358
London		1		106,400		23,383		108,850		132,233
Paris		1		36,124		11,130		4,212		15,342

Europe		3		189,616	$	51,593	$	126,340	$	177,933
Melbourne		1		93,582	$	54,096	$	10,038	$	64,134

Asia Pacific		1		93,582	$	54,096	$	10,038	$	64,134

Total		18		1,759,681	$	477,237	$	494,368	$	971,605

(1)	Represents balances incurred through December 31, 2013.

(2)	Represents estimated cost to complete specific scope of work pursuant to contract, budget or approved capital plan.

(3)

For Base Building construction, represents the pro rata share of the acquisition and infrastructure costs related to the specific Base Building project. For Data Center construction, represents the pro rata share of the acquisition and infrastructure costs, or Base Building construction costs, applicable to the specific Data Center project plus the total direct investment in the specific Data Center project.

(4)	Estimated yields are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions. These yields are based on current estimates and actual results may vary.

Page 30


Development Lifecycle - In Service				Financial Supplement
Dollars in thousands, except where otherwise noted				Fourth Quarter 2013


	Pre-Stabilized ⁽¹⁾
Market	# of Locations		Total Square Feet		kW		Total Expected Investment⁽²⁾		% Leased			Est. GAAP Yield ⁽³⁾			Est. Stabilized Cash Yield ⁽³⁾
Austin		1		30,000		2,250	$	32,798		0.0	%
Boston		2		32,940		2,328		33,039		2.0	%
Chicago		2		29,278		2,085		35,452		25.2	%
Dallas		3		65,834		4,451		50,316		43.9	%
Houston		1		31,632		2,412		29,541		0.0	%
New York		3		40,212		2,671		39,632		9.9	%
Phoenix		1		87,346		7,388		77,122		25.9	%
Silicon Valley		3		55,522		4,991		71,643		28.4	%
St. Louis		1		2,814		190		4,558		0.0	%

North America		17		375,578		28,766	$	374,101		21.1	%		10.6	%		10.0	%

London		2		36,265		2,820	$	43,855		0.0	%
Paris		1		12,353		930		13,139		0.0	%

Europe		3		48,618		3,750	$	56,995		0.0	%		11.6	%		11.0	%

Singapore		1		22,820		1,713	$	21,214		0.0	%
Sydney		1		11,948		834		12,982		0.0	%

Asia Pacific		2		34,768		2,547	$	34,197		0.0	%		16.8	%		15.8	%

Total		22		458,964		35,063	$	465,293		17.3	%		11.2	%		10.5	%

(1)	In service inventory requiring lease commencement.

(2)	For Data Center construction, represents the pro rata share of the acquisition and infrastructure costs, or Base Building construction costs, applicable to the specific Data Center project plus the total direct investment in the specific Data Center project.

(3)	Estimated yields are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions. These yields are based on current estimates and actual results may vary.

Page 31

Construction Projects in Progress -

Total Investments

Financial Supplement

Dollars in thousands

Fourth Quarter 2013


Construction Projects in Progress - Total Investments	Net Rentable Square Feet		Acreage		Current Investment ⁽⁶⁾		Future Investment ⁽⁷⁾		Total Investment		Total Cost/ Net Rentable Square Feet
Development Lifecycle
Land Inventory ⁽¹⁾		N/A		153.7	$	106,327		—	$	106,327		—
Space Held for Development ⁽¹⁾		1,331,685		N/A		340,076		—		340,076	$	255
Base Building Construction ⁽²⁾		1,062,647		N/A		207,568	$	120,808		328,376		309
Datacenter Construction ⁽³⁾		697,034		N/A		269,669		373,560		643,229		923
Equipment Pool & Other Inventory ⁽⁴⁾				N/A		26,361		—		26,361		—
Campus, Tenant Improvements & Other ⁽⁵⁾				N/A		33,129		10,719		43,848		—

Total Development		3,091,366		153.7	$	983,130	$	505,087	$	1,488,217

Enhancement & Other					$	60,619	$	37,594	$	98,213
Recurring						9,482		7,036		16,518

Total Construction in Progress					$	1,053,231	$	549,717	$	1,602,948

(1)	Land Inventory and Space Held for Development reflect cumulative cost on space pending future development.

(2)	Base Building Construction consists of ongoing improvements to building infrastructure in preparation for future datacenter fit-out.

(3)	Data center under construction includes 697,084 feet of Turn-Key Flex, Custom Solutions and Powered Base Building space.

(4)	Equipment pool and other inventory represents long-lead equipment and materials required for timely deployment and delivery of datacenter fit-out.

(5)	Represents improvements in progress as of December 31, 2013 which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first generation tenant improvements.

(6)	Represents balances incurred through December 31, 2013.

(7)	Represents estimated cost to complete specific scope of work pursuant to contract, budget or approved capital plan.

Page 32

Historical Capital Expenditures Incurred and Paid

LOGO

Financial Supplement

Dollars in thousands

Fourth Quarter 2013


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

Non-Recurring ⁽¹⁾
Development	$	204,796	$	247,648	$	272,558		$	201,513	$	179,417	$	926,515	$	631,881
Enhancements and Other Non-Recurring		32,773		30,049		17,419			31,261		37,295		111,502		115,387

Total Non-Recurring	$	237,569	$	277,697	$	289,977		$	232,774	$	216,712	$	1,038,017	$	747,268

Recurring ⁽²⁾	$	17,025	$	12,895	$	13,429		$	9,860	$	14,432	$	53,209	$	41,430

Recurring	$	17,025	$	12,895	$	13,429		$	9,860	$	14,432	$	53,209	$	41,430

Total Direct	$	254,594	$	290,592	$	303,406		$	242,634	$	231,144	$	1,091,226	$	788,698


Indirect
Capitalized interest	$	7,435	$	6,882	$	6,617		$	5,343	$	7,833	$	26,277	$	21,457
Capitalized overhead		8,888		9,661		9,927			9,969		8,900		38,445		32,239

Total Indirect	$	16,323	$	16,543	$	16,544		$	15,312	$	16,733	$	64,722	$	53,696

Timing / FX adjustments	$	33,789	$	594	($	1,608	)	$	787	$	842	$	33,562	$	3,367

Total Improvements to and Advances for Investment in Real Estate	$	304,706	$	307,729	$	318,342		$	258,733	$	248,719	$	1,189,510	$	845,761


Consolidated Portfolio Net Rentable Square Feet ⁽³⁾		19,887,709		19,521,556		20,500,643			20,158,840		19,488,757		19,887,709		19,488,757

(1)

Non-recurring capital expenditures are primarily for development of space and land excluding 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).

(2)

Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and 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.

(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 33


Development Lifecycle - Held for Development				Financial Supplement
Dollars in thousands				Fourth Quarter 2013


	Land Inventory ⁽¹⁾						Space Held for Development
Market	# of Locations		Acres		Current Investment ⁽²⁾		# of Locations		Total Square Feet		Current Investment ⁽²⁾
Austin		1		7.2	$	1,721		—		—		—
Boston		—		—		—		2		153,759	$	48,719
Chicago		—		—		—		2		206,503		27,220
Dallas		3		69.5		24,165		3		116,672		16,458
Houston		—		—		—		1		22,722		5,135
New York		1		34.2		29,015		4		205,338		31,660
N. Virginia		1		15.6		8,331		3		15,456		2,592
Philadelphia		—		—		—		1		60,011		5,161
Phoenix		—		—		—		1		108,926		11,639
Sacramento		—		—		—		1		23,397		8,736
San Francisco		—		—		—		1		18,522		4,077
Silicon Valley		2		9.5		13,426		—		—		—
St. Louis		—		—		—		2		84,268		13,271
Toronto		—		—		—		1		21,189		5,103

North America⁽³⁾		8		136.0	$	76,658		22		1,036,763	$	179,770

Amsterdam		1		5.4	$	12,756		—		—		—
London		—		—		—		2		183,533		112,956

Europe		1		5.4	$	12,756		2		183,533	$	112,956

Osaka		1		3.7	$	12,471		—		—		—
Singapore		—		—		—		1		64,328		31,793
Sydney		1		8.6		4,442		1		47,061		15,556

Asia Pacific		2		12.3	$	16,913		2		111,389	$	47,349

Total		11		153.7	$	106,327		26		1,331,685	$	340,076

(1)	Represents properties acquired to support ground up development.

(2)

Represents balances incurred through December 31, 2013. For Base Building construction, represents the pro rata share of the acquisition and infrastructure costs related to the specific Base Building project. For Data Center construction, represents the pro rata share of the acquisition and infrastructure costs, or Base Building construction costs, applicable to the specific Data Center project plus the total direct investment in the specific Data Center project.

(3)

Includes 701 Union Property previously reported on Occupancy Analysis with 271,000 square feet of development space. Building has been razed pursuant to our business plan. Includes 1210 Integrity and 905 Security Row parcels previously reported on Occupancy Analysis with 246,940 and 249,657 square feet of development space, respectively. Buildings have been razed pursuant to our business plan.

Page 34

Properties Acquired

Financial Supplement

Dollars in thousands

Fourth Quarter 2013


Property	Metropolitan Area	Date Acquired	Purchase Price		Acquisition Cap Rate⁽¹⁾			Net Rentable Square Feet ⁽²⁾		Space Held For Development		% of Total Net Rentable Square Feet Occupied⁽³⁾
636 Pierce Street	Somerset, NJ (NY Metro)	19 Dec-13	$	35,250		8.0	%		108,336		—		100.0	%

Total			$	35,250					108,336		—		100.0	%

LOGO

(1)

We calculate the cash capitalization rate on acquisitions by dividing anticipated annual net operating income by the purchase price including assumed debt and related pre-payment penalties. Net operating income represents rental revenue and tenant reimbursement revenue from in place leases less rental property operating and maintenance expenses, property taxes and insurance expenses and is not a financial measure calculated in accordance with GAAP. Our calculation of the cash capitalization rate on acquisitions may change based on our experience operating the properties subsequent to the closing of the acquisitions.

(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 under active development and space held for development.

Page 35

Unconsolidated Joint Ventures (JVs)

Financial Supplement

Dollars in thousands

Fourth Quarter 2013


	As of December 31, 2013
	2001 Sixth Avenue			700/750 Central Expressway			2020 Fifth Avenue			33 Chun Choi Street (Hong Kong)			Prudential			Total
Summary Balance Sheet - at the JV’s 100% Share
Construction in progress	$	2,089		$	0		$	0		$	0		$	0		$	2,089
Undepreciated book value of operating real estate		107,975			—			48,509			102,448			402,755			661,687
Accumulated depreciation & amortization		(76,084	)		—			(608	)		(20	)		(2,227	)		(78,939	)

Net Book Value of Operating Real Estate	$	33,980		$	0		$	47,901		$	102,428		$	400,528		$	584,837
Other assets		5,694			—			5,488			20,462			59,534			91,178

Total Assets	$	39,674		$	0		$	53,389		$	122,890		$	460,062		$	676,015

Debt	$	105,953		$	0		$	47,000		$	0		$	185,000		$	337,953
Other liabilities		5,990			—			525			8,382			91,212			106,109
Equity / (deficit)		(72,269	)		—			5,864			114,508			183,850			231,953

Total Liabilities and Equity	$	39,674		$	0		$	53,389		$	122,890		$	460,062		$	676,015

Digital Realty’s ownership percentage		50.0	%		50.0	%		50.0	%		50.0	%		20.0	%

Digital Realty’s Pro Rata Share of Unconsolidated JV Debt	$	52,977		$	0		$	23,500		$	0		$	37,000		$	113,477



Summary Statement of Operations - at the JV’s 100% Share	Twelve Months Ended December 31, 2013
	2001 Sixth Avenue			700/750 Central Expressway			2020 Fifth Avenue			33 Chun Choi Street (Hong Kong)			Prudential			Total
Rental revenue	$	37,625		$	55		$	7,513		$	0		$	9,577		$	54,770
Operating expenses		(11,981	)		(1	)		(522	)		(44	)		(1,686	)		(14,234	)

Net Operating Income (NOI)	$	25,644		$	54		$	6,991		($	44	)	$	7,891		$	40,536

Interest expense	($	6,883	)	$	0		($	539	)	$	0		($	1,354	)	($	8,776	)
Depreciation & amortization		(6,419	)		—			(696	)		(28	)		(2,793	)		(9,936	)
Other (income) / expense		4			4			—			(78	)		(1,103	)		(1,173	)

Total Non-Operating Expenses	($	13,298	)	$	4		($	1,235	)	($	106	)	($	5,250	)	($	19,885	)

Net Income	$	12,346		$	58		$	5,756		($	150	)	$	2,641		$	20,651

Digital Realty’s ownership percentage		50.0	%		50.0	%		50.0	%		50.0	%		20.0	%

Digital Realty’s Pro Rata Share of Unconsolidated JV NOI	$	12,822		$	27		$	3,496		($	22	)	$	1,578		$	17,901

Digital Realty’s Earnings (loss) from unconsolidated joint ventures ⁽¹⁾	$	6,581		$	29		$	2,626		($	75	)	$	635		$	9,796

Digital Realty’s Pro Rata Share of FFO ⁽²⁾	$	9,484		$	29		$	2,969		($	75	)	$	1,194		$	13,601

Digital Realty’s Fee Income from Joint Venture	$	0		$	0		$	0		$	0		$	607		$	607

(1)	Values represent Digital Realty’s stepped up basis and may not be comparable to values reflected in the entities’ stand alone financial statements calculated on a different basis.

(2)	For a definition of FFO, see page 42.

Page 36

External Growth Pipeline

Financial Supplement

Central - Chicago

Fourth Quarter 2013

Master Plan

LOGO


Property Address	Sq. Ft.		IT Load MW Capacity		Leased %			Development Status
9333 W Grand Ave., Franklin Park, IL		123,275		6.8		92.0	%	Completed
9355 W Grand Ave., Franklin Park, IL		237,419		14.4		10.4	%	Active development - base building and data center
9377 W Grand Ave., Franklin Park, IL		175,100		10.8		0.0	%	Planned for future ground up development

Asset

•

Digital Chicago Campus – 9333, 9355 and 9377 W. Grand Avenue, Franklin Park IL 60131

Background

•

Digital acquired the three-building, 22-acre campus and created the Digital Chicago Campus in May 2012.

•

Based on strong demand for our Turn-Key Flex data center product, as well as limited supply, the first phase of construction began with the redevelopment of the 9333 W Grand Ave. building in August 2012 to accommodate 123,275 rentable square feet and provide 6.8 MW of IT Load.

•

As market conditions continued to show a limited supply of competitive space along with strong leasing activity in phase one, redevelopment of the 9355 W Grand Ave. building commenced June 2013 to accommodate 237,419 rentable square feet and and provide 14.4 MW of IT Load in eight data centers.

Opportunity

•

Upon completion, the Digital Chicago Campus will have a development potential of 535,794 rentable square feet to support 18 Turn-Key Flex data centers and provide 32 MW of IT Load.

•

Campus utility service is provided by ComEd with 60 MW delivered by multiple 34.5 kV services.

•

The 9333 W Grand Ave. building includes four Turn-Key Flex data centers and is 92% leased.

•

The second phase, 9355 W Grand Ave., is currently under redevelopment to deliver the PBB and the first 1.8 MW data center of the eight planned. 1.5 MW of the 1.8 MW is pre-leased to a cloud services provider.

•

The third phase will be a future ground-up development located where the 9377 W Grand Ave. building is sited today. The site is planned for future development, as demand continues for development of 10.8 MW of IT Load capacity in six Turn-Key Flex data centers.

Page 37

External Growth Pipeline

Financial Supplement

Central - Dallas

Fourth Quarter 2013

Master Plan

LOGO


Property Address	Sq. Ft.		IT Load MW Capacity		Leased %			Development Status
850 E. Collins Blvd., Richardson, TX		114,188		6.9		32.1	%	Active Development - data centers. Additional 3.5 MW under LOI to increase Leased % to 83.2%
950 E. Collins Blvd., Richardson, TX		112,500		7.2		100.0	%	Active Development - data centers
904 Quality Way, Richardson, TX		46,750		4.5		100.0	%	Completed
907 Security Way (aka 1301 International Pkwy, Richardson, TX		120,000		7.2		0.0	%	Planned for future ground up development
1210 Integrity Drive & 905 Security Way, Richardson, TX		466,000		28.8		0.0	%	Planned for future ground up development
1215 Integrity Drive, Richardson, TX		117,876		6.8		100.0	%	Active Development - data centers
1232 Alma Rd., Richardson, TX		105,726		6.8		95.3	%	Completed
908 Quality Way, Richardson, TX		42,318		4.8		0.0	%	Planned for future ground up development
900 Quality Way, Richardson, TX		114,922		6.8		35.4	%	Completed with 3 shell data centers under option to expire 6/2014. Expect option exercise and Leased % increased to 100%
750 Collins Boulevard, Richardson, TX		tbd		0		0.0	%	Planned for future management office

Background

•

Digital Dallas Datacampus is a 70-acre property located within the renowned “Telecom Corridor” of Richardson, TX, a suburb of Dallas.

•

Originally acquired in 2009 as part of a 60/40 joint-venture, Digital Realty acquired a 100% ownership interest in 2011.

•

Development has included a mix of redevelopment and ground-up construction on a Powered Base Building and multi-tenant data center basis with a privately-owned 122 MW substation.

•

In four years, Digital has completed or has active development on 612,000 square feet six buildings.

•

The campus has about 19.3 MW of IT Load currently in operation with about 7 MW of data center space that is under construction and 100% pre-leased.

Opportunity

•

The campus has a little over 25 acres of land left for new one and two-story ground-up development that could support five new buildings and doubling the size of the campus with another 628,000 square feet.

•

Including new buildings and shell space in existing buildings being held for construction, the site has the potential to add another 50 MW of IT Load to the Digital Dallas Datacampus.

Page 38

External Growth Pipeline

Financial Supplement

East – Northern Virginia

Fourth Quarter 2013

Master Plan

LOGO


Property Address	Sq. Ft.		IT Load MW Capacity		Leased %			Development Status
43940 Digital Loudoun Plaza (Bldg. G)		392,711		25.7		74.9	%	Active development - base building and data center. 5.5 MW under option and back log will increase Leased % to 94%
43940 Digital Loudoun Plaza (Bldg. K)		281,431		19.2		0.0	%	Active development - base building and data center
Digital Loudoun Plaza (Bldg. J)		216,000		14.4		0.0	%	Planned for future ground up development
Digital Loudoun Plaza (Bldg. H)		244,000		14.4		0.0	%	Planned for future ground up development

Asset

•

Existing Campus - Digital Ashburn Campus (Buildings A, B, C, D, E & F), Devin Shafron Drive, Ashburn VA 20147

•

Current Development - Digital Ashburn Campus (Buildings G and K), Digital Loudoun Plaza, Ashburn VA 20147

Background

•

Digital Realty originally acquired three existing shell buildings and developed the Digital Ashburn Campus in 2007.

•

Based on strong demand for Turn-Key Flex data center space in the market, the existing campus was expanded through a land acquisition in 2009 and Digital Realty developed three additional single-story buildings, bringing the existing campus to 829,739 rentable square feet (Buildings A, B, C, D, E & F).

•

The campus was expanded in 2011 with the Loudoun Parkway North acquisition, bringing the total campus to 98 acres.

Opportunity

•

Loudoun Parkway North campus is master-planned for four, two-story buildings (G, K, H & J), that upon completion, will provide 1,134,142 rentable square feet to support 62 Turn-Key Flex data centers capable of supporting 73.7 MW of IT Load.

•

The site is supported by a dedicated substation capable of supplying 150 MW of power.

•

The first building on the campus, Building G, was designed and constructed in two phases. The first phase is complete and the data center space is 100% leased and included 10 Turn-Key Flex data centers which provide 11.25 MW of IT Load. The second phase is under construction and will include 12 Turn-Key Flex data centers which will provide 14.4 MW of IT Load and is currently 61.7% preleased. The combined first and second phases are 74.9% leased. Upon exercise of existing tenant’s options and back log for 5.5 MW of Turn Key Flex data centers, Building G will be 94% leased. The remaining space relates to non-technical space.

•

Building K’s shell, with capacity for 16 Turn-Key Flex data centers and 19.2 MW of IT Load, is under construction with the first phase of two Turn-Key Flex data centers scheduled for delivery in September 2014.

•

Buildings H and J are each designed to accommodate 14.4 MW of IT Load and will be developed as demand continues for Digital Realty’s product in this market.

Page 39

External Growth Pipeline

Financial Supplement

East – New York

Fourth Quarter 2013

Master Plan

LOGO


Property Address	Sq. Ft.		IT Load mW Capacity		Leased %			Development Status
365 S Randolphville (Existing)		264,792		9.0		93.8	%	Completed
365 S Randolphville (Expansion)		86,656		5.4		11.1	%	Active development - base building
3 Corporate Place		276,931		3.3		100.0	%	Completed
3 Corporate Place Annex		100,515		7.2		0.0	%	Active development - base building

Asset

•

3 Corporate Place, Piscataway, NJ 08854

•

365 South Randolphville Road, Piscataway, NJ 08854

Background

•

Located in the New York metropolitan market within close proximity to Rutgers University, Digital Piscataway Datacampus is an existing two-building campus in the process of being expanded by 187,171 rentable square feet.

•

Improvements underway include a 86,656 rentable square foot expansion of 365 South Randolphville Road and a free-standing 100,515 rentable square foot expansion at 3 Corporate Place.

Opportunity

•

The 86,656 rentable square foot addition to 365 South Randolphville Road will expand the existing 264,792 rentable square foot building to 351,448 rentable square feet and provide an additional 5.4 megawatts of leasable IT Load.

•

The 100,515 rentable square foot Annex at 3 Corporate Place will provide an additional 7.2 megawatts of leasable IT Load.

•

Upon completion of construction, the campus will be a premier state-of-the-art facility positioned to serve the expanding requirements of the financial services industry, and take advantage of the significant opportunities in the health care, telecommunications and government sectors in the New York metro area.

Page 40

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

Financial Supplement

Unaudited and in thousands

Fourth Quarter 2013


Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) ⁽¹⁾	Three Months Ended
	31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13			31-Dec-12

Net Income Available to Common Stockholders	$	42,977		$	138,872		$	47,077		$	42,657		$	44,815
Interest		45,996			47,742			47,583			48,078			40,350
Loss from early extinguishment of debt		608			704			501			—			—
Taxes		(473	)		352			210			1,203			10
Depreciation & amortization		126,776			121,198			115,867			111,623			107,718

EBITDA	$	215,884		$	308,868		$	211,238		$	203,561		$	192,893
Straight-line rent expense adjustment attributable to prior periods		—			9,155			—			—			—
Gain on contribution of properties to unconsolidated joint venture		(555	)		(115,054	)		—			—			—
Noncontrolling interests		964			2,882			1,145			970			1,329
Preferred stock dividends		11,726			11,726			11,399			8,054			9,751

Adjusted EBITDA	$	228,019		$	217,577		$	223,782		$	212,585		$	203,973



	Three Months Ended
Financial Ratios	31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13			31-Dec-12
Total GAAP interest expense	$	45,996		$	47,742		$	47,583		$	48,078		$	40,350
Capitalized interest		7,435			6,882			6,617			5,343			7,833
Change in accrued interest and other non-cash amounts		(20,423	)		13,396			(18,637	)		2,742			(17,872	)

Cash Interest Expense ⁽²⁾	$	33,008		$	68,020		$	35,563		$	56,163		$	30,311


Scheduled debt principal payments and preferred dividends		14,776			14,874			15,172			11,950			13,518
Total Fixed Charges ⁽³⁾	$	68,207		$	69,498		$	69,372		$	65,371		$	61,701

Coverage
Interest coverage ratio ⁽⁴⁾		4.3x			4.0x			4.1x			4.0x			4.2x
Cash interest coverage ratio ⁽⁵⁾		6.9x			3.2x			6.3x			3.8x			6.7x
Fixed charge coverage ratio ⁽⁶⁾		3.3x			3.1x			3.2x			3.3x			3.3x
Cash fixed charge coverage ratio ⁽⁷⁾		4.8x			2.6x			4.4x			3.1x			4.7x

Leverage
Debt to total enterprise value ⁽⁸⁾⁽⁹⁾		40.9	%		38.3	%		35.0	%		33.6	%		31.5	%
Debt plus preferred stock to total enterprise value ⁽¹⁰⁾		46.8	%		44.1	%		40.3	%		36.9	%		35.9	%
Pre-tax income to interest expense ⁽¹¹⁾		2.2x			4.2x			2.3x			2.1x			2.4x
Net Debt to Adjusted EBITDA ⁽¹²⁾		5.4x			5.4x			5.2x			5.5x			5.2x

(1)	For definition and discussion of EBITDA and Adjusted EBITDA, see page 42.

(2)	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.

(3)	Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred dividends.

(4)	Adjusted EBITDA divided by GAAP interest expense plus capitalized interest.

(5)	Adjusted EBITDA divided by cash interest expense.

(6)	Adjusted EBITDA divided by fixed charges.

(7)	Adjusted EBITDA divided by the sum of cash interest expense, scheduled debt principal payments and preferred dividends.

(8)	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.

(9)	Enterprise value defined as market value equity plus debt plus preferred stock plus minority interest less cash and equivalents.

(10)	Same as (8), except numerator includes preferred stock.

(11)	Calculated as net income plus interest expense divided by GAAP interest expense.

(12)	Calculated as total debt at balance sheet carrying value (see page 6) less unrestricted cash and cash equivalents divided by the product of Adjusted EBITDA multiplied by four.

Page 41

Management Statements on Non-GAAP Measures

Financial Supplement

Fourth Quarter 2013

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.

Core Funds from Operations (CFFO):

We present core funds from operations, or CFFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate CFFO by adding to or subtracting from FFO (i) termination fees and other non-core revenues, (ii) significant transaction expenses, (iii) loss from early extinguishment of debt, (iv) costs on redemption of preferred stock, (v) significant property tax adjustments, net and (vi) other non-core expense adjustments. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of CFFO as a measure of our performance is limited. Other REITs may not calculate CFFO in a consistent manner. Accordingly, our CFFO may not be comparable to other REITs’ CFFO. CFFO 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, straight-line rent expense adjustment attributable to prior periods, gain on contribution of properties to unconsolidated joint venture, noncontrolling interests, and preferred stock dividends. Adjusted EBITDA is EBITDA excluding straight-line rent expense adjustment attributable to prior periods, gain on contribution of properties to unconsolidated joint venture, noncontrolling interests, and preferred stock dividends. 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) and Cash 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. Cash NOI is NOI less straight-line rents and above and below market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. However, because NOI and cash NOI exclude depreciation and amortization and capture 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 and cash NOI as measures of our performance is limited. Other REITs may not calculate NOI and cash NOI in the same manner we do and, accordingly, our NOI and cash NOI may not be comparable to such other REITs’ NOI and cash NOI. Accordingly, NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance.


	Three Months Ended December 31, 2013
Reconciliation of Net Operating Income (NOI)
Operating income	$	98,055
Less:
Fee income		(1,315	)
Add:
Construction management expenses		35
Depreciation and amortization		126,776
General and administrative		15,536
Transactions		1,108
Other expenses		7

Net Operating Income	$	240,202

Cash Net Operating Income (Cash NOI)
Net Operating Income	$	240,202
Add:
Straight-line rent expense		881
Less:
Straight-line rent revenue		(22,739	)
Purchase accounting adjustments		(2,887	)
Change in fair value of contingent consideration		(1,749	)

Cash Net Operating Income	$	213,708

Page 42

Statement Regarding Forward-Looking Statements

Financial Supplement

Fourth Quarter 2013

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, cap rates, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, rent to be received in future periods, our credit ratings, construction and development activity, projected construction costs, estimated yields on investment, 2014 backlog NOI, 2014 guidance and underlying assumptions, 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 43

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