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

Attached files

file	filename
8-K - 8-K - DIGITAL REALTY TRUST, INC.	d721090d8k.htm
EX-99.1 - EX-99.1 - DIGITAL REALTY TRUST, INC.	d721090dex991.htm

Exhibit 99.2

LOGO

Table of Contents

Financial Supplement

First Quarter 2014


	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 and Investments in Real Estate		33

Development Lifecycle - Held for Development		34

Acquisitions / Dispositions / Joint Ventures		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

Financial Supplement

First Quarter 2014

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 March 31, 2014, the Company’s 131 properties, including 13 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 21.8 million square feet, excluding approximately 1.3 million square feet of space under active development and 1.4 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

A. William Stein: Interim Chief Executive Officer and Chief Financial Officer

Scott E. Peterson: Chief Investment 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 (216) 737-7341	Stephen Douglas (646) 855-2615 Jeffery Spector (646) 855-1363	Ross Smotrich (212) 526-2306 Charles Croson (212) 526-7164	Greg Miller (212) 389-8128 Eric Z. Chu (212) 389-8129	David Toti (212) 915-1219 Evan Smith (212) 915-1220	Michael Bilerman (212) 816-1383 Emmanuel Korchman (212) 816-1382

Deutsche Bank	Evercore	Green Street	ISI	Jefferies	JMP Securities
Vincent Chao (212) 250-6799	Johnathan Schildkraut (212) 497-0864 Robert Gutman (212) 497-0877	Michael Knott (949) 640-8780 John Bejjani (949) 640-8780	Steve Sakwa (212) 446-9462 George Auerbach (212) 446-9459	Omotayo Okusanya (212) 336-7076 David Shamis (212) 284-1796	Mitch Germain (212) 906-3546 Peter Lunenburg (212) 906-3537

KeyBanc Capital	MLV & Co.	Morgan Stanley	Raymond James	RBC Capital Markets	UBS
Jordan Sadler (917) 368-2280	Jonathan M. Petersen (646) 556-9185	Vance Edelson (212) 761-0078	Paul D. Puryear (727) 567-2253	Jonathan Atkin (415) 633-8589	Ross Nussbaum (212) 713-2484

Austin Wurschmidt (917) 368-2311	Ryan Meliker (212) 542-5872	Landon Park (212) 761-6368	William A. Crow (727) 567-2594	Michael Carroll (440) 715-2649	Gabriel Hilmoe (212) 713-3876

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

Page 3

Corporate Information (Continued)

Financial Supplement

First Quarter 2014

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
Series H Preferred Stock:		DLRPRH

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-Mar-14			31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13
High price ⁽¹⁾	$	57.52		$	58.35		$	65.43		$	74.00		$	72.92
Low price ⁽¹⁾	$	48.85		$	43.04		$	50.98		$	56.02		$	62.75
Closing price, end of quarter ⁽¹⁾	$	53.08		$	49.12		$	53.10		$	61.00		$	66.91
Average daily trading volume ⁽¹⁾		1,519,608			1,814,127			1,571,339			1,680,636			1,420,527
Indicated dividend per common share ⁽²⁾	$	3.32		$	3.12		$	3.12		$	3.12		$	3.12
Closing annual dividend yield, end of quarter		6.3	%		6.4	%		5.9	%		5.1	%		4.7	%
Shares and units outstanding, end of quarter ⁽³⁾		131,732,073			131,422,371			131,421,001			131,418,758			131,410,505
Closing market value of shares and units outstanding ⁽⁴⁾	$	6,992,338		$	6,455,467		$	6,978,455		$	8,016,544		$	8,792,677

(1)	New York Stock Exchange trades only.

(2)	On an annualized basis.

(3)

As of March 31, 2014, the total number of shares and units includes 128,606,462 shares of common stock, 1,491,814 common units held by third parties and 1,633,797 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, series G and series H 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

As of March 31, 2014

Financial Supplement

First Quarter 2014

LOGO


Partner	# of Units ⁽²⁾		% Ownership

Digital Realty Trust, Inc.		128,606,462		97.6	%
Cambay Tele.com, LLC ⁽³⁾		1,491,814		1.1	%
Directors, Executive Officers and Others		1,633,797		1.3	%


Total		131,732,073		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 128,606,462 general partnership common units, 1,491,814 common units held by third parties and 1,633,797 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, series G and series H 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

Unaudited and dollars in thousands, except per share data

Financial Supplement

First Quarter 2014


	31-Mar-14			31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13
Shares and Units at End of Quarter

Common shares outstanding		128,606,462			128,455,350			128,438,970			128,421,888			128,413,791
Common units outstanding		3,125,611			2,967,021			2,982,031			2,996,870			2,996,714

Total Shares and Partnership Units		131,732,073			131,422,371			131,421,001			131,418,758			131,410,505

Enterprise Value

Market value of common equity ⁽¹⁾	$	6,992,338		$	6,455,467		$	6,978,455		$	8,016,544		$	8,792,677
Liquidation value of preferred equity		1,020,000			720,000			720,000			720,000			470,000
Total debt at balance sheet carrying value		5,007,381			4,961,892			4,780,397			4,698,248			4,682,124

Total Enterprise Value	$	13,019,719		$	12,137,359		$	12,478,852		$	13,434,792		$	13,944,801
Total debt / total enterprise value		38.5	%		40.9	%		38.3	%		35.0	%		33.6	%

Selected Balance Sheet Data

Investments in real estate (before depreciation)	$	10,107,121		$	9,950,082		$	9,576,467		$	9,335,886		$	9,011,433
Total Assets		9,805,394			9,685,745			9,426,041			9,184,859			8,971,492
Total Liabilities		5,929,674			6,039,233			5,745,472			5,601,589			5,589,544

Selected Operating Data

Total operating revenues	$	390,590		$	380,931		$	379,456		$	363,502		$	358,370
Total operating expenses		300,583			282,876			294,279			263,508			259,784
Interest expense		47,374			45,996			47,742			47,583			48,078
Net income		46,717			55,667			153,480			59,621			51,681
Net income available to common stockholders		34,186			42,977			138,872			47,077			42,657

Financial Ratios

EBITDA ⁽²⁾	$	214,310		$	215,884		$	308,868		$	211,238		$	203,561
Adjusted EBITDA ⁽³⁾		233,962			226,270			216,634			223,412			213,885
Net Debt to Adjusted EBITDA ⁽⁴⁾		5.3x			5.4x			5.5x			5.2x			5.4x
GAAP interest expense		47,374			45,996			47,742			47,583			48,078
Fixed charges ⁽⁵⁾		67,754			68,207			69,498			69,372			65,371
Interest coverage ratio ⁽⁶⁾		4.4x			4.2x			4.0x			4.1x			4.0x
Fixed charge coverage ratio ⁽⁷⁾		3.5x			3.3x			3.1x			3.2x			3.3x

Profitability Measures

Net income per common share - basic	$	0.27		$	0.33		$	1.08		$	0.37		$	0.34
Net income per common share - diluted		0.26			0.33			1.06			0.37			0.34
Funds from operations (FFO) / diluted share and unit ⁽⁸⁾		1.22			1.26			1.10			1.22			1.16
Core funds from operations (CFFO) / diluted share and unit ⁽⁸⁾		1.28			1.26			1.16			1.19			1.18
Adj. funds from operations (AFFO) / diluted share and unit ⁽⁹⁾		0.97			0.94			0.92			0.95			0.92
Dividends per share and common unit		0.83			0.78			0.78			0.78			0.78
Diluted FFO payout ratio ⁽¹⁰⁾		68.2	%		61.7	%		71.0	%		64.1	%		67.5	%
Diluted CFFO payout ratio ⁽¹¹⁾		65.0	%		61.7	%		67.0	%		65.7	%		66.3	%
Diluted AFFO payout ratio ⁽⁹⁾⁽¹²⁾		85.5	%		83.1	%		85.2	%		82.1	%		85.2	%

Portfolio Statistics

Buildings ⁽¹³⁾		188			187			188			187			178
Properties ⁽¹³⁾		131			131			130			129			127
Net rentable square feet, excluding development space ⁽¹³⁾		21,711,427			21,399,551			21,033,398			20,948,042			20,606,509
Occupancy at end of quarter ⁽¹⁴⁾		92.1	%		92.6	%		93.0	%		93.1	%		94.0	%
Occupied square footage		19,987,044			19,821,269			19,563,183			19,490,315			19,362,123
Space under active development ⁽¹⁵⁾		1,335,358			1,759,681			1,532,902			1,282,612			1,389,795
Space held for development ⁽¹⁶⁾		1,422,244			1,331,685			2,127,025			2,276,858			2,087,801
Weighted average remaining lease term (years) ⁽¹⁷⁾		6.9			7.0			6.9			7.1			6.9
Same-store occupancy at end of quarter ⁽¹⁴⁾⁽¹⁸⁾		91.4	%		92.0	%		92.4	%		92.5	%		93.4	%

(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, series G and series H 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 EBITDA excluding straight-line rent expense adjustment attributable to prior periods, change in fair value of contingent consideration, severance accrual and equity acceleration, gain on contribution of properties to unconsolidated joint venture, noncontrolling interests, and preferred stock dividends. 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 and CFFO, 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 on or before December 31, 2012.

Page 6

2014 Guidance

Financial Supplement

First Quarter 2014


	As of January 6, 2014	As of February 25, 2014	As of May 6, 2014
Internal Growth
Rental rates on renewal leases
Cash basis	Roughly flat	Roughly flat	Roughly flat
GAAP basis	Modestly Positive	Modestly Positive	Modestly Positive
Year-end portfolio occupancy	N/A	N/A	92.0% - 93.0%
“Same-capital” cash NOI growth ⁽¹⁾	N/A	N/A	4.0% - 5.0%
Operating margin	25 - 75 bps < historical run-rate	25 - 75 bps < historical run-rate	25 - 75 bps < historical run-rate
Incremental revenue from speculative leasing ⁽²⁾	$20 - $30 million	$20 - $30 million	$10 - $15 million
Overhead load⁽³⁾	75 - 85 bps on total assets	75 - 85 bps on total assets	75 - 85 bps on total assets

External Growth
Acquisitions
Dollar volume	$0 - $400 million	$0 - $400 million	$0 - $400 million
Cap rate	7.5% - 8.5%	7.5% - 8.5%	7.5% - 8.5%
Joint ventures
Dollar volume	$0 - $400 million	$0 - $400 million	$40 - $400 million
Cap rate	6.75% - 7.25%	6.75% - 7.25%	6.75% - 7.25%
Development
Capex	$600 - $800 million	$600 - $800 million	$600 - $800 million
Average stabilized yields	10% - 12%	10% - 12%	10% - 12%
Enhancements and other non-recurring capex ⁽⁴⁾	$85 - $90 million	$85 - $90 million	$85 - $90 million
Recurring capex + capitalized leasing costs ⁽⁵⁾	$75 - $80 million	$75 - $80 million	$75 - $80 million

Balance Sheet
Preferred equity
Dollar amount	$100 - $250 million	$100 - $250 million	$365 million
Pricing	8.0% - 8.5%	8.0% - 8.5%	7.375%
Timing	Early 2014	Early 2014	Early 2014
Long-term debt
Dollar amount	$700 - $900 million	$700 - $900 million	$700 - $900 million
Pricing	4.75% - 5.50%	4.75% - 5.50%	4.75% - 5.50%
Timing	Early 2014	Early 2014	Mid 2014

Core Funds From Operations / share	$4.75 - $4.90	$4.75 - $4.90	$4.80 - $4.90

(1)

The “same-capital” pool includes properties owned as of December 31, 2012 with less than 5% of total rentable square feet under development. It also excludes properties that were undergoing, or were expected to undergo, development activities in 2013-2014. 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), and cash NOI is NOI less straight-line rents and above and below market rent amortization.

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

(3)	Overhead load is defined as General & Administrative expense divided by Total Assets.

(4)

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.

(5)

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				Financial Supplement
Unaudited and in thousands, except share and per share data				First Quarter 2014


	Three Months Ended
	31-Mar-14			31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13

Rental revenues	$	305,786		$	296,987		$	290,712		$	285,953		$	281,399
Tenant reimbursements - Utilities		59,183			55,319			59,936			54,397			51,245
Tenant reimbursements - Other		24,438			27,310			28,123			22,284			24,672
Fee income		1,183			1,315			671			728			806
Other		—			—			14			140			248

Total Operating Revenues	$	390,590		$	380,931		$	379,456		$	363,502		$	358,370

Utilities	$	62,087		$	58,773		$	65,055		$	57,142		$	53,972
Rental property operating		30,659			29,294			29,403			27,281			27,880
Repairs & maintenance		25,150			27,109			24,788			22,283			23,628
Non-cash straight-line rent expense adjustment		—			—			9,988			—			—
Property taxes		22,125			23,831			26,074			19,374			21,042
Insurance		2,422			2,156			2,144			2,238			2,205
Construction management		164			35			51			294			384
Change in fair value of contingent consideration		(3,403	)		(1,749	)		(943	)		(370	)		1,300
Depreciation & amortization		130,620			126,776			121,198			115,867			111,623
General & administrative		18,248			15,536			16,275			17,891			15,951
Severance accrual and equity acceleration		12,430			—			—			—			—
Transactions		81			1,108			243			1,491			1,763
Other		—			7			3			17			36

Total Operating Expenses	$	300,583		$	282,876		$	294,279		$	263,508		$	259,784


Operating Income	$	90,007		$	98,055		$	85,177		$	99,994		$	98,586

Equity in earnings of unconsolidated joint ventures	$	2,581		$	2,957		$	2,174		$	2,330		$	2,335
Gain on insurance settlement		—			—			—			5,597			—
Gain on contribution of properties to unconsolidated JV		1,906			555			115,054			—			—
Interest and other income		1,727			231			(127	)		(6	)		41
Interest expense		(47,374	)		(45,996	)		(47,742	)		(47,583	)		(48,078	)
Tax benefit (expense)		(1,838	)		473			(352	)		(210	)		(1,203	)
Loss from early extinguishment of debt		(292	)		(608	)		(704	)		(501	)		—

Net Income	$	46,717		$	55,667		$	153,480		$	59,621		$	51,681
Net income attributable to noncontrolling interests		(805	)		(964	)		(2,882	)		(1,145	)		(970	)

Net Income Attributable to Digital Realty Trust, Inc.	$	45,912		$	54,703		$	150,598		$	58,476		$	50,711
Preferred stock dividends		(11,726	)		(11,726	)		(11,726	)		(11,399	)		(8,054	)

Net Income Available to Common Stockholders	$	34,186		$	42,977		$	138,872		$	47,077		$	42,657


Weighted-average shares outstanding - basic		128,535,995			128,444,744			128,427,444			128,419,745			126,445,285
Weighted-average shares outstanding - diluted		129,136,961			128,641,470			135,301,765			128,623,076			126,738,339
Weighted-average fully diluted shares and units		138,161,544			137,890,892			137,851,514			131,177,283			129,181,095
Net income per share - basic	$	0.27		$	0.33		$	1.08		$	0.37		$	0.34
Net income per share - diluted		0.26			0.33			1.06			0.37			0.34

Page 8



Funds From Operations and Core Funds From Operations				Financial Supplement
Unaudited and in thousands, except per share data				First Quarter 2014


	Three Months Ended
	31-Mar-14			31-Dec-13			30-Sep-13			30-Jun-13		31-Mar-13
Reconciliation of Net Income to Funds From Operations (FFO)

Net Income Available to Common Stockholders	$	34,186		$	42,977		$	138,872		$	47,077	$	42,657

Adjustments:

Noncontrolling interests in operating partnership		693			849			2,757			936		824
Real estate related depreciation & amortization ⁽¹⁾		129,496			125,671			120,006			114,913		110,690
Unconsolidated JV real estate related depreciation & amortization		1,628			1,387			788			797		833
Gain on contribution of properties to unconsolidated joint venture		(1,906	)		(555	)		(115,054	)		—		—

Funds From Operations	$	164,097		$	170,329		$	147,369		$	163,723	$	155,004
Add: Interest and amortization of debt issuance costs on 2029 Debentures		4,050			4,050			4,050			4,050		4,050

Funds From Operations - diluted	$	168,147		$	174,379		$	151,419		$	167,773	$	159,054


Weighted-average shares and units outstanding - basic		131,143			130,982			130,977			130,974		128,888
Weighted-average shares and units outstanding - diluted ⁽²⁾		138,162			137,891			137,851			137,787		137,680
Funds From Operations per share - basic	$	1.25		$	1.30		$	1.13		$	1.25	$	1.20
Funds From Operations per share - diluted ⁽²⁾	$	1.22		$	1.26		$	1.10		$	1.22	$	1.16


	Three Months Ended
	31-Mar-14			31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13
Reconciliation of FFO to CFFO
Funds From Operations - diluted	$	168,147		$	174,379		$	151,419		$	167,773		$	159,054
Termination fees and other non-core revenues ⁽³⁾		(2,047	)		—			(14	)		(140	)		(248	)
Gain on insurance settlement		—			—			—			(5,597	)		—
Significant transaction expenses		81			1,108			243			1,491			1,763
Loss from early extinguishment of debt		292			608			704			501			—
Straight-line rent expense adjustment attributable to prior periods ⁽⁴⁾		—			—			9,155			—			—
Change in fair value of contingent consideration ⁽⁵⁾		(3,403	)		(1,749	)		(943	)		(370	)		1,300
Equity in earnings adjustment for non-core items		843			—			—			—			—
Severance accrual and equity acceleration ⁽⁶⁾		12,430			—			—			—			—
Other non-core expense adjustments ⁽⁷⁾		—			7			3			17			36

Core Funds From Operations - diluted	$	176,343		$	174,353		$	160,567		$	163,675		$	161,905

Weighted-average shares and units outstanding - diluted ⁽²⁾		138,162			137,891			137,851			137,787			137,680
Core Funds From Operations per share - diluted ⁽²⁾	$	1.28		$	1.26		$	1.16		$	1.19		$	1.18

				Three Months Ended
	31-Mar-14			31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13
(1) Real Estate Related Depreciation & Amortization
Depreciation & amortization per income statement	$	130,620		$	126,776		$	121,198		$	115,867		$	111,623
Non-real estate depreciation		(1,124	)		(1,105	)		(1,192	)		(954	)		(933	)

Real Estate Related Depreciation & Amortization	$	129,496		$	125,671		$	120,006		$	114,913		$	110,690

(2)

At March 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 calculates into 1,909 common shares on a weighted average basis for the three months ended March 31, 2013. For the three months ended March 31, 2014, December 31, 2013 and March 31, 2013, we have excluded the effect of dilutive series E, series F, series G and series H 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, series G and series H preferred stock, as applicable, which we consider highly improbable; if included, the dilutive effect for the three months ended March 31, 2014, December 31, 2013 and March 31, 2013 would be 14,582, 15,372 and 7,161 shares, respectively. In addition, we had a balance of $266,400 of 5.50% exchangeable senior debentures due 2029 that were exchangeable for 6,806, 6,712 and 6,590 common shares on a weighted average basis for the three months ended March 31, 2014, December 31, 2013 and March 31, 2013, respectively. See page 10 for calculations of 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 both the three months ended June 30, 2013 and March 31, 2013 would have resulted in additional expense of $833. CFFO per share and unit, as adjusted, would have been $1.18 and $1.17 for the above periods, respectively.

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

(6)	Relates to severance charge of approximately $12.4 million, or $0.09 per share and unit, related to the departure of the company’s former Chief Executive Officer.

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

Page 9



Adjusted Funds From Operations (AFFO)				Financial Supplement
Unaudited and in thousands, except per share data				First Quarter 2014


	Three Months Ended
	31-Mar-14			31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13
Reconciliation of FFO to AFFO
FFO available to common stockholders and unitholders	$	164,097		$	170,329		$	147,369		$	163,723		$	155,004
Adjustments:
Non-real estate depreciation	$	1,124		$	1,105		$	1,192		$	954		$	933
Amortization of deferred financing costs		2,085			2,925			2,831			2,471			2,431
Amortization of debt discount/premium		357			338			418			418			605
Non-cash compensation		3,153			2,183	⁽⁵⁾		2,877			3,580			2,888
Deferred compensation related to equity acceleration		5,832			—			—			—			—
Loss from early extinguishment of debt		292			608			704			501			—
Straight-line rents, net		(20,471	)		(21,858	)		(19,661	)		(19,892	)		(21,169	)
Non-cash straight-line rent expense adjustment		—			—			9,988			—			—
Above- and below-market rent amortization		(2,787	)		(2,887	)		(2,746	)		(3,041	)		(3,045	)
Change in fair value of contingent consideration ⁽¹⁾		(3,403	)		(1,749	)		(943	)		(370	)		1,300
Capitalized leasing compensation		(6,891	)		(4,214	)		(4,924	)		(4,786	)⁽⁶⁾		(5,053	)
Recurring capital expenditures ⁽²⁾		(8,685	)		(17,025	)		(12,895	)		(13,429	)		(9,860	)
Capitalized internal leasing commissions		(4,670	)		(4,435	)		(2,077	)		(3,331	)		(2,025	)

AFFO available to common stockholders and unitholders - basic ⁽³⁾	$	130,033		$	125,320		$	122,133		$	126,798		$	122,009

Weighted-average shares and units outstanding - basic		131,143			130,982			130,977			130,974			128,888
Weighted-average shares and units outstanding - diluted ⁽⁴⁾		138,162			137,891			137,851			137,787			137,680

AFFO available to common stockholders and unitholders - basic	$	130,033		$	125,320		$	122,133		$	126,798		$	122,009
Add: Interest and amortization of debt issuance costs on 2029 Debentures		4,050			4,050			4,050			4,050			4,050

AFFO available to common stockholders and unitholders - diluted	$	134,083		$	129,370		$	126,183		$	130,848		$	126,059
AFFO per share - diluted ⁽³⁾	$	0.97		$	0.94		$	0.92		$	0.95		$	0.92
Dividends per share and common unit	$	0.83		$	0.78		$	0.78		$	0.78		$	0.78
Diluted AFFO Payout Ratio		85.5	%		83.1	%		85.2	%		82.1	%		85.2	%

				Three Months Ended
	31-Mar-14			31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13
Share Count Detail
Weighted Average Common Stock and Units Outstanding		131,143			130,982			130,977			130,974			128,888
Add: Effect of dilutive securities (excludes series D convertible preferred stock & 5.50% debentures)		213			197			190			203			293
Add: Effect of dilutive series D convertible preferred stock		—			—			—			—			1,909
Add: Effect of dilutive 5.50% exchangeable senior debentures		6,806			6,712			6,684			6,610			6,590

Weighted Avg. Common Stock and Units Outstanding - diluted		138,162			137,891			137,851			137,787			137,680

(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				Financial Supplement
Dollars in thousands, except share and per share data				First Quarter 2014


	Unaudited			Audited			Unaudited
	31-Mar-14			31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13
Assets
Investments in real estate:
Land	$	685,640		$	693,791		$	684,644		$	690,356		$	679,803
Acquired ground leases		14,680			14,618			14,355			13,216			13,137
Buildings and improvements		8,834,693			8,680,677			8,357,786			8,125,636			7,826,501
Tenant improvements		490,697			490,492			466,616			432,631			419,062


Investments in Real Estate	$	10,025,710		$	9,879,578		$	9,523,401		$	9,261,839		$	8,938,503
Accumulated depreciation & amortization		(1,665,421	)		(1,565,996	)		(1,459,055	)		(1,377,375	)		(1,288,440	)

Net Investments in Properties	$	8,360,289		$	8,313,582		$	8,064,346		$	7,884,464		$	7,650,063
Land held for sale		—			—			11,015			—			—
Investment in unconsolidated joint ventures		81,411			70,504			53,066			74,047			72,930

Net Investments in Real Estate	$	8,441,700		$	8,384,086		$	8,128,427		$	7,958,511		$	7,722,993

Cash and cash equivalents	$	70,242		$	56,808		$	55,118		$	24,260		$	42,130

Accounts and other receivables ⁽¹⁾		181,433			181,163			191,715			159,847			177,951
Deferred rent		415,515			393,504			369,979			360,588			340,753
Acquired above-market leases, net		49,521			52,264			54,446			56,310			59,079
Acquired in-place lease value and deferred leasing costs, net		479,940			489,456			484,445			492,884			494,384
Deferred financing costs, net		34,295			36,475			39,132			31,881			33,393
Restricted cash		42,842			40,362			42,457			38,977			43,929
Assets held for sale		25,070			—			—			—			—
Other assets		64,836			51,627			60,322			61,601			56,880


Total Assets	$	9,805,394		$	9,685,745		$	9,426,041		$	9,184,859		$	8,971,492


Liabilities and Equity

Global revolving credit facility	$	790,500		$	724,668		$	498,082		$	610,328		$	546,649
Unsecured term loan		1,026,891			1,020,984			950,205			741,178			747,830
Unsecured senior notes, net of discount		2,368,848			2,364,232			2,382,059			2,342,990			2,341,972
Exchangeable senior debentures		266,400			266,400			266,400			266,400			266,400
Mortgage loans, net of premiums		554,742			585,608			683,651			737,352			779,273
Accounts payable and other accrued liabilities		614,645			662,687			652,720			617,766			613,537
Accrued dividends and distributions		—			102,509			—			—			—
Acquired below market leases, net		123,152			130,269			133,625			137,297			141,257
Security deposits and prepaid rents		180,886			181,876			178,730			148,278			152,626
Liabilities associated with assets held for sale		3,610			—			—			—			—

Total Liabilities	$	5,929,674		$	6,039,233		$	5,745,472		$	5,601,589		$	5,589,544

Equity
Preferred Stock: $0.01 par value per share, 70,000,000 shares authorized:
Series E Cumulative Redeemable Preferred Stock ⁽²⁾	$	277,172		$	277,172		$	277,172		$	277,172		$	277,172
Series F Cumulative Redeemable Preferred Stock ⁽³⁾		176,191			176,191			176,191			176,191			176,191
Series G Cumulative Redeemable Preferred Stock ⁽⁴⁾		241,468			241,468			241,511			241,565			—
Series H Cumulative Redeemable Preferred Stock ⁽⁵⁾		289,857			—			—			—			—
Common Stock: $0.01 par value per share ⁽⁶⁾		1,279			1,279			1,279			1,279			1,279
Additional paid-in capital		3,689,098			3,688,937			3,685,668			3,681,618			3,677,070
Dividends in excess of earnings		(857,779	)		(785,222	)		(728,012	)		(766,704	)		(713,612	)
Accumulated other comprehensive income, net		13,947			10,691			(10,327	)		(64,010	)		(72,473	)

Total Stockholders’ Equity	$	3,831,233		$	3,610,516		$	3,643,482		$	3,547,111		$	3,345,627

Noncontrolling Interests
Noncontrolling interest in operating partnership	$	37,406		$	29,027		$	30,264		$	28,935		$	30,186
Noncontrolling interest in consolidated joint ventures		7,081			6,969			6,823			7,224			6,135

Total Noncontrolling Interests	$	44,487		$	35,996		$	37,087		$	36,159		$	36,321
Total Equity	$	3,875,720		$	3,646,512		$	3,680,569		$	3,583,270		$	3,381,948


Total Liabilities and Equity	$	9,805,394		$	9,685,745		$	9,426,041		$	9,184,859		$	8,971,492

(1)	Net of allowance for doubtful accounts of $7,156 and $5,576 as of March 31, 2014 and December 31, 2013, respectively.

(2)	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 March 31, 2014 and December 31, 2013, respectively.

(3)	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 March 31, 2014 and December 31, 2013, respectively.

(4)	Series G Cumulative Redeemable Preferred Stock, 5.875%, $250,000 and $250,000 liquidation preference, respectively ($25.00 per share), 10,000,000 and 10,000,000 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively.

(5)	Series H Cumulative Redeemable Preferred Stock, 7.375%, $300,000 and $0 liquidation preference, respectively ($25.00 per share), 12,000,000 and 0 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively.

(6)	Common Stock: $0.01 par value per share, 215,000,000 shares authorized, 128,606,462 and 128,455,350 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively.

Page 11



Components of NAV ⁽¹⁾				Financial Supplement
In thousands				First Quarter 2014


Consolidated Properties Cash Net Operating Income (NOI)⁽²⁾, Annualized ⁽³⁾
Internet Gateway ⁽⁴⁾	$	178,965
Turn-Key Flex^® ⁽⁴⁾		447,412
Powered Base Building^® ⁽⁴⁾		178,965
Colo & Non-tech ⁽⁴⁾		89,482
less: Partners’ share of consolidated JV’s		(565	)
Dispositions & expirations		(9,558	)
1Q14 carry-over & 2Q-4Q14 backlog Cash NOI (stabilized) ⁽⁵⁾		49,830

Total Consolidated Cash NOI, Annualized	$	934,531


Digital Realty’s Pro Rata Share of Unconsolidated Joint Venture Cash NOI
Turn-Key Flex^®	$	13,986
Powered Base Building^®		7,711

Total Unconsolidated Cash NOI, Annualized	$	21,697


Other Income
Development and Management Fees (net), Annualized	$	4,076


Other Assets
Pre-stabilized inventory, at cost	$	497,954
Land held for development		113,543
Development CIP ⁽⁶⁾		826,609
less: CIP associated with FY14 Backlog NOI		(186,900	)
Cash and cash equivalents		70,242
Restricted cash		42,842
Accounts and other receivables, net		181,433
Other assets		64,836
less: Partners’ share of consolidated JV assets		(428	)

Total Other Assets	$	1,610,130


Liabilities
Global revolving credit facility ⁽⁷⁾	$	752,700
Unsecured term loan		1,026,891
Unsecured senior notes		2,368,848
add: Unamortized discounts		14,632
Mortgage loans, net of premiums		554,742
Accounts payable and other accrued liabilities ⁽⁸⁾		614,645
Security deposits and prepaid rents		180,886
FY14 backlog NOI cost to complete ⁽⁹⁾		147,800
Preferred stock, at liquidation value		1,020,000
Digital Realty’s share of unconsolidated JV debt		117,891

Total Liabilities	$	6,799,035


Diluted Shares and Units Outstanding		138,751

(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 43.

(3)

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.

(4)	Reflects annualized 1Q14 Cash NOI of $895 million. NOI is allocated 20% to Powered Base Building^®, 50% to Turn-Key Flex^®, 20% to Internet Gateway, and 10% to Colo/Non-tech. Actual Cash NOI allocable to each product or property type may be different.

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

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

(7)	Reflects proforma revolver balance after deducting $37.8 million from proceeds of Q2 2014 asset sale.

(8)	Includes net deferred tax liability of approximately $148.4 million.

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

Page 12



Consolidated Debt Analysis				Financial Supplement
Unaudited, in thousands				First Quarter 2014


	As of March 31, 2014
	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	$	790,500

Total Global Revolving Credit Facility		$	790,500			16	%		1.61	%

Unsecured Term Loan ⁽¹⁾
Unhedged variable rate portion of term loan	April 16, 2018	$	465,290
Hedged variable rate portion of term loan	April 16, 2018		561,601

Total Unsecured Term Loan		$	1,026,891			21	%		1.68	%		2.01	%

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		666,480						4.25	%
Unamortized discounts			(14,632	)

Total Senior Notes		$	2,226,848			44	%


Total Unsecured Senior Notes		$	2,368,848			47	%


Exchangeable Senior Debentures
5.50% exchangeable senior debentures due 2029 ⁽²⁾	April 15, 2029	$	266,400						5.50	%

Total Exchangeable Senior Debentures		$	266,400			5	%

Mortgage Loans
Cressex 1	October 16, 2014	$	28,636						5.68	%
Manchester Technopark	October 16, 2014		8,712						5.68	%
Secured Term Debt	November 11, 2014		132,157						5.65	%
200 Paul Avenue	October 8, 2015		70,198						5.74	%
8025 North Interstate 35	March 6, 2016		6,251						4.09	%
600 West Seventh Street	March 15, 2016		49,127						5.80	%
34551 Ardenwood Boulevard	November 11, 2016		51,942						5.95	%
2334 Lundy Place	November 11, 2016		37,778						5.96	%
1100 Space Park Drive	December 11, 2016		51,904						5.89	%
2045 & 2055 LaFayette Street	February 6, 2017		63,351						5.93	%
150 South First Street	February 6, 2017		49,896						6.30	%
731 East Trade Street	July 1, 2020		4,101						8.22	%
636 Pierce Street ⁽³⁾	April 15, 2023		—						5.27	%
Unamortized net premiums			689

Total Mortgage Loans		$	554,742			11	%

Debt Summary
Total unhedged variable rate debt		$	1,255,790			25	%
Total fixed rate / hedged variable rate debt			3,751,591			75	%


Total Consolidated Debt		$	5,007,381			100	%					3.89	%

Global Revolving Credit Facility Detail as of March 31, 2014

Maximum Available

Existing Capacity ⁽⁴⁾

Currently Drawn

Global Revolving Credit Facility

2,000,000

1,186,430

790,500

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

(2)	On April 18, 2014, we redeemed approximately $5.2 million of the debentures pursuant to our redemption option. In connection with the redemption approximately $261.2 million of the debentures were tendered for exchange into approximately 6.7 million shares of common stock.

(3)

On March 5, 2014, we contributed this property to our joint venture with an investment fund managed by Prudential Real Estate Investors which was formed in September 2013. Also on March 5, 2014, the joint venture assumed the debt and repaid in full the outstanding balance of $26.1 million on the mortgage loan.

(4)	Net of letters of credit issued of $23.1 million.

Page 13

Debt Maturities

Unaudited, in thousands

Financial Supplement

First Quarter 2014


	As of March 31, 2014
	Interest Rate			2014			2015			2016			2017			2018			Thereafter			Total
Global Revolving Credit Facility ⁽¹⁾
Global revolving credit facility					—			—			—			—		$	790,500			—		$	790,500

Total Global Revolving Credit Facility		1.61	%		—			—			—			—		$	790,500			—		$	790,500

Unsecured Term Loan ⁽¹⁾
Unhedged variable rate portion of term loan					—			—			—			—		$	465,290			—		$	465,290
Hedged variable rate portion of term loan					—			—			—			—			561,601			—			561,601

Total Unsecured Term Loan		2.01	%		—			—			—			—		$	1,026,891			—		$	1,026,891

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

Senior Notes
4.50% notes due 2015		4.50	%		—		$	375,000			—			—			—			—		$	375,000
5.875% notes due 2020		5.88	%		—			—			—			—			—			500,000			500,000
5.25% notes due 2021		5.25	%		—			—			—			—			—			400,000			400,000
3.625% notes due 2022		3.63	%		—			—			—			—			—			300,000			300,000
4.25% notes due 2025		4.25	%		—			—			—			—			—			666,480			666,480

Total Senior Notes		4.75	%		—		$	375,000			—			—			—		$	1,866,480		$	2,241,480

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

Mortgage Loans
Secured Term Debt ⁽³⁾		5.65	%	$	132,157			—			—			—			—			—		$	132,157
200 Paul Avenue		5.74	%		1,533			68,665			—			—			—			—			70,198
2045 & 2055 LaFayette Street		5.93	%		788			1,125			1,195			60,243			—			—			63,351
34551 Ardenwood Boulevard		5.95	%		603			862			50,477			—			—			—			51,942
1100 Space Park Drive		5.89	%		610			871			50,423			—			—			—			51,904
150 South First Street		6.30	%		580			832			878			47,606			—			—			49,896
600 West Seventh Street		5.80	%		1,302			1,825			46,000			—			—			—			49,127
2334 Lundy Place		5.96	%		438			627			36,713			—			—			—			37,778
Cressex 1		5.68	%		28,636			—			—			—			—			—			28,636
636 Pierce Street ⁽⁴⁾		5.27	%		—			—			—			—			—			—			—
Manchester Technopark		5.68	%		8,712			—			—			—			—			—			8,712
8025 North Interstate 35		4.09	%		194			268			5,789			—			—			—			6,251
731 East Trade Street		8.22	%		265			416			504			546			593			1,777			4,101

Total Mortgage Loans		5.84	%	$	175,818			75,491		$	191,979		$	108,395		$	593		$	1,777		$	554,053

Total unhedged variable rate debt					—			—			—			—		$	1,255,790			—		$	1,255,790

Total fixed rate / hedged variable rate debt					442,218			517,491			216,979			158,395			562,194			1,868,257			3,765,534

Total Debt		3.89	%	$	442,218		$	517,491		$	216,979		$	158,395		$	1,817,984		$	1,868,257		$	5,021,324



Weighted Avg. Interest Rate					5.56	%		4.68	%		6.27	%		5.98	%		1.83	%		4.81	%		3.89	%

Summary

Weighted Average Term to Initial Maturity											4.6 Years

Weighted Average Maturity (assuming exercise of extension options)											5.0 Years

(1)	Assumes all extensions will be exercised.

(2)	On April 18, 2014, we redeemed approximately $5.2 million of the debentures pursuant to our redemption option. In connection with the redemption approximately $261.2 million of the debentures were tendered for exchange into approximately 6.7 million shares of common stock.

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

(4)

Note: Total excludes $689 of loan premiums, net and ($4,617), ($5,582), ($318), ($673), and ($3,442) 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				First Quarter 2014

As of March 31, 2014

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%

240

258

N/A

N/A

Consolidated EBITDA / interest expense ⁽⁵⁾

Greater than 1.5x

4.2x

N/A

N/A

Fixed charge coverage

N/A

Greater than 1.5x

3.3x

Unsecured debt / total unencumbered asset value ⁽⁶⁾

N/A

Less than 60%

Unencumbered assets debt service coverage ratio

N/A

Greater than 1.5x

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, as amended by Amendment No. 1 dated December 11, 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				First Quarter 2014

Same-Store Portfolio ⁽¹⁾


	Three Months Ended
	31-Mar-14			31-Mar-13			% Change			31-Dec-13			% Change
Rental	$	301,505		$	274,052			10.0	%	$	293,684			2.7	%
Tenant reimbursements - Utilities		59,183			51,284			15.4	%		55,319			7.0	%
Tenant reimbursements - Other		23,940			23,438			2.1	%		26,793			(10.6	%)

Total Revenue	$	384,628		$	348,774			10.3	%	$	375,796			2.4	%

Utilities	$	62,060		$	53,957			15.0	%	$	58,718			5.7	%
Rental property operating		30,718			27,482			11.8	%		28,532			7.7	%
Repairs & maintenance		25,039			23,561			6.3	%		26,992			(7.2	%)
Property taxes		21,603			20,046			7.8	%		23,429			(7.8	%)
Insurance		2,403			2,039			17.9	%		2,127			13.0	%

Total Expenses	$	141,823		$	127,085			11.6	%	$	139,798			1.4	%

Net Operating Income ⁽²⁾	$	242,805		$	221,689			9.5	%	$	235,998			2.9	%

Same-store straight-line rent		20,989		$	20,633			1.7	%	$	21,659			(3.1	%)
Above and below market rent		2,651			3,079			(13.9	%)		2,768			(4.2	%)

Cash Net Operating Income ⁽³⁾	$	219,165		$	197,977			10.7	%	$	211,571			3.6	%

Same-store occupancy at period end ⁽⁴⁾		91.4	%		93.4	%		(2.1	%)		92.0	%		(0.6	%)

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


	Three Months Ended
	31-Mar-14			31-Mar-13			% Change			31-Dec-13			% Change
Rental	$	198,531		$	196,440			1.1	%	$	199,310			(0.4	%)
Tenant reimbursements - Utilities		39,497			36,827			7.3	%		37,670			4.9	%
Tenant reimbursements - Other		17,546			18,793			(6.6	%)		18,805			(6.7	%)

Total Revenue	$	255,574		$	252,060			1.4	%	$	255,785			(0.1	%)

Utilities	$	41,090		$	37,966			8.2	%	$	39,391			4.3	%
Rental property operating		19,490			19,141			1.8	%		19,133			1.9	%
Repairs & maintenance		14,453			15,977			(9.5	%)		16,807			(14.0	%)
Property taxes		14,324			14,850			(3.5	%)		15,611			(8.2	%)
Insurance		1,832			1,519			20.6	%		1,626			12.7	%

Total Expenses	$	91,189		$	89,453			1.9	%	$	92,568			(1.5	%)

Net Operating Income ⁽²⁾	$	164,385		$	162,607			1.1	%	$	163,217			0.7	%

Stabilized straight-line rent		7,558		$	9,985			(24.3	%)	$	8,905			(15.1	%)
Above and below market rent		3,593			3,905			(8.0	%)		3,690			(2.6	%)

Cash Net Operating Income ⁽³⁾	$	153,234		$	148,717			3.0	%	$	150,622			1.7	%

Stabilized portfolio occupancy at period end ⁽⁴⁾		93.5	%		94.2	%		(0.8	%)		94.1	%		(0.6	%)

(1)	Same-store properties were acquired on or before December 31, 2012.

(2)	For a definition and discussion of net operating income, see page 43.

(3)	For a definition and discussion of cash net operating income, see page 43.

(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, 2012 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 2013-2014.

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

Page 16


Summary of Leasing Activity				Financial Supplement
Leases Signed in the Quarter Ended March 31, 2014				First Quarter 2014


	Turn-Key Flex^®						Powered Base Building^®						Colocation						Custom Solutions				Non-Tech						Total
	1Q14			LTM			1Q14			LTM			1Q14			LTM			1Q14		LTM		1Q14			LTM			1Q14			LTM
Leasing Activity - New ⁽¹⁾⁽⁶⁾
Number of leases ⁽²⁾		12			61			2			8			46			165			—		3		12			57			72			294
Rentable Square Feet Leased ⁽³⁾		147,410			777,923			160,632			233,995			24,187			94,318			—		38,642		36,377			138,753			368,606			1,283,631
Initial stabilized cash rent per square foot	$	193		$	145		$	62		$	51		$	158		$	174			—	$	166	$	17		$	22		$	116		$	118
GAAP rent per square foot ⁽⁴⁾	$	202		$	156		$	75		$	60		$	171		$	182			—	$	159	$	18		$	25		$	126		$	126
Leasing cost per square foot	$	35		$	49		$	0		$	2		$	38		$	49			—	$	64	$	4		$	20		$	17		$	38
Weighted Average Lease Term (years)		5.1			7.6			15.0			13.7			4.4			4.6			—		6.6		5.4			7.1			9.4			8.4

	Turn-Key Flex^®						Powered Base Building^®						Colocation						Custom Solutions				Non-Tech						Total
	1Q14			LTM			1Q14			LTM			1Q14			LTM			1Q14		LTM		1Q14			LTM			1Q14			LTM
Leasing Activity - Renewals ⁽¹⁾
Number of leases ⁽²⁾		4			24			7			30			19			73			N/A		N/A		6			36			36			163
Rentable square feet renewed ⁽³⁾		22,235			349,249			142,459			765,064			18,644			49,769			N/A		N/A		5,600			143,412			188,938			1,307,494
Expiring cash rent per square foot	$	107		$	128		$	57		$	45		$	201		$	193			N/A		N/A	$	29		$	27		$	77		$	71
Renewed cash rent per square foot	$	111		$	125		$	58		$	48		$	196		$	194			N/A		N/A	$	31		$	28		$	77		$	72
Cash Rental Rate Change		3.3	%		(1.8	%)		0.6	%		7.1	%		(2.6	%)		0.6	%		N/A		N/A		5.8	%		3.3	%		0.2	%		2.0	%

Expiring GAAP rent per square foot ⁽⁴⁾	$	100		$	117		$	53		$	39		$	200		$	186			N/A		N/A	$	28		$	25		$	72		$	64
Renewed GAAP rent per square foot ⁽⁴⁾	$	115		$	127		$	64		$	54		$	198		$	200			N/A		N/A	$	32		$	29		$	82		$	76
GAAP Rental Rate Change		14.3	%		8.9	%		20.5	%		37.3	%		(1.2	%)		7.4	%		N/A		N/A		14.9	%		14.4	%		13.5	%		19.2	%

Leasing cost per square foot	$	4		$	7		$	10		$	4		$	3		$	14			N/A		N/A	$	3		$	4		$	9		$	5
Weighted Average Lease Term (years)		1.4			5.0			6.8			15.0			2.3			3.6			N/A		N/A		4.8			8.2			5.6			11.1

Retention Ratio ⁽⁵⁾		77	%		85	%		51	%		84	%		80	%		68	%		N/A		N/A		46	%		60	%		55	%		80	%

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

(2)	The number of leases represents the leased-unit count; a lease may 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.

(6)	Includes leases for new and re-leased space. $12 million of the Q1 signings is associated with re-leasing.

Note: LTM is last twelve months, including current quarter.

Page 17


Summary of Leasing Activity				Financial Supplement
Leases Commenced in the Quarter Ended March 31, 2014				First Quarter 2014


	Turn-Key Flex^®						Powered Base Building^®						Colocation						Custom Solutions				Non-Tech						Total
	1Q14			LTM			1Q14			LTM			1Q14			LTM			1Q14		LTM		1Q14			LTM			1Q14			LTM
Leasing Activity - New ⁽¹⁾
Number of leases ⁽²⁾		16			53			2			6			52			148			3		11		15			53			88			271
Rentable Square Feet Leased ⁽³⁾		188,106			567,198			11,632			73,995			30,484			78,306			40,082		251,295		81,319			134,728			351,623			1,105,522
Initial stabilized cash rent per square foot	$	136		$	145		$	26		$	24		$	175		$	181		$	137	$	99	$	28		$	26		$	111		$	114
GAAP rent per square foot ⁽⁴⁾	$	140		$	155		$	27		$	26		$	197		$	188		$	149	$	100	$	28		$	27		$	116		$	121
Leasing cost per square foot	$	45		$	50		$	8		$	7		$	50		$	49		$	53	$	26	$	8		$	10		$	36		$	37
Weighted Average Lease Term (years)		7.3			8.3			5.3			10.9			4.3			4.3			8.4		8.5		7.9			7.3			7.2			8.1

	Turn-Key Flex^®						Powered Base Building^®						Colocation						Custom Solutions				Non-Tech						Total
	1Q14			LTM			1Q14			LTM			1Q14			LTM			1Q14		LTM		1Q14			LTM			1Q14			LTM
Leasing Activity - Renewals ⁽¹⁾
Number of leases ⁽²⁾		3			24			6			29			21			67			N/A		N/A		5			32			35			152
Rentable square feet renewed ⁽³⁾		18,510			374,331			98,484			721,089			19,089			48,753			N/A		N/A		9,082			87,245			145,165			1,231,418
Expiring cash rent per square foot	$	96		$	134		$	52		$	43		$	203		$	179			N/A		N/A	$	26		$	27		$	76		$	75
Renewed cash rent per square foot	$	99		$	132		$	53		$	47		$	188		$	177			N/A		N/A	$	27		$	28		$	75		$	77
Cash Rental Rate Change		3.1	%		(1.3	%)		2.7	%		8.1	%		(7.1	%)		(1.2	%)		N/A		N/A		3.8	%		4.4	%		(0.7	%)		2.1	%

Expiring GAAP rent per square foot ⁽⁴⁾	$	90		$	124		$	49		$	38		$	201		$	175			N/A		N/A	$	25		$	25		$	73		$	69
Renewed GAAP rent per square foot ⁽⁴⁾	$	99		$	134		$	59		$	53		$	190		$	178			N/A		N/A	$	28		$	29		$	79		$	81
GAAP Rental Rate Change		10.0	%		8.3	%		20.0	%		38.8	%		(5.5	%)		1.7	%		N/A		N/A		9.2	%		16.8	%		8.9	%		17.8	%

Leasing cost per square feet	$	1		$	7		$	15		$	4		$	8		$	2			N/A		N/A	$	2		$	6		$	11		$	5
Weighted Average Lease Term (years)		1.2			4.7			9.2			15.8			2.3			2.4			N/A		N/A		4.1			6.7			6.9			11.3

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

(2)	The number of leases represents the leased-unit count; a lease may 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 is last twelve months, including current quarter.

Page 18

Lease Expirations and Lease Distribution

Dollars in thousands, except per square foot

Financial Supplement

First Quarter 2014

Lease Expirations


Year	Number of Leases Expiring ⁽¹⁾		Square Footage of Expiring Leases ⁽²⁾		% of Net Rentable Square Feet			Annualized Rent ⁽³⁾		% of Annualized Rent			Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration

Available				1,705,546		8.4	%				0.0	%
Month to Month ⁽⁴⁾		84		46,488		0.2	%	$	2,977		0.3	%	$	64	$	64	$	2,977
2014		236		735,607		3.6	%		75,131		6.5	%		102		103		75,849
2015		325		1,856,685		9.1	%		95,156		8.3	%		51		53		97,489
2016		307		1,622,958		8.0	%		97,057		8.5	%		60		62		101,421
2017		246		1,598,191		7.9	%		79,259		6.9	%		50		55		87,270
2018		223		1,506,038		7.4	%		106,998		9.3	%		71		81		121,460
2019		191		1,914,740		9.4	%		126,366		11.0	%		66		77		146,937
2020		157		1,255,722		6.2	%		104,063		9.1	%		83		98		123,495
2021		86		1,317,495		6.5	%		78,399		6.8	%		60		73		96,012
2022		110		1,447,943		7.1	%		70,373		6.1	%		49		58		84,675
2023		103		863,452		4.3	%		56,370		4.9	%		65		89		77,124
Thereafter		299		4,431,300		21.9	%		256,029		22.3	%		58		82		361,306

Total / Wtd. Avg.		2,367		20,302,166		100.0	%	$	1,148,178		100.0	%	$	62	$	74	$	1,376,014

Lease Distribution


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

Available				1,705,546		8.4	%		—		0.0	%
2,500 or less		1,544		709,214		3.5	%	$	66,660		5.8	%
2,501 - 10,000		365		2,189,513		10.8	%		211,304		18.4	%
10,001 - 20,000		236		3,450,156		17.0	%		319,909		27.9	%
20,001 - 40,000		113		3,306,711		16.3	%		239,927		20.9	%
40,001 - 100,000		76		4,665,259		23.0	%		196,089		17.1	%
Greater than 100,000		33		4,275,766		21.0	%		114,289		9.9	%

Total / Wtd. Avg.		2,367		20,302,166		100.0	%	$	1,148,178		100.0	%

(1)	Number of leases represents the leased-unit count; a lease may 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 March 31, 2014 multiplied by 12.

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

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on our ownership percentage.

Page 19

Lease Expirations - By Product Type

Dollars in thousands, except per square foot

Financial Supplement

First Quarter 2014

Turn-Key Flex^®


Year	Square Footage of Expiring Leases ⁽¹⁾		Annualized Rent ⁽²⁾		% of Annualized Rent			Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration

Available		543,777		—		0.0	%
Month to Month ⁽³⁾		5,770	$	1,404		0.1	%	$	243	$	243	$	1,404
2014		249,792		45,114		3.9	%		181		181		45,296
2015		277,629		33,206		2.9	%		120		121		33,705
2016		362,905		53,481		4.7	%		147		153		55,585
2017		382,264		54,429		4.7	%		142		161		61,459
2018		584,561		75,475		6.6	%		129		148		86,521
2019		498,179		78,181		6.8	%		157		186		92,653
2020		561,619		80,158		7.0	%		143		171		95,834
2021		361,923		59,079		5.0	%		163		203		73,414
2022		272,060		40,258		3.5	%		148		179		48,685
2023		346,051		44,999		3.9	%		130		185		64,001
Thereafter		1,178,974		134,356		11.7	%		114		165		195,076

Total / Wtd. Avg.		5,625,504	$	700,140		60.8	%	$	138	$	168	$	853,633

Powered Base Building^®
Available		203,551		—		0.0	%
Month to Month ⁽³⁾		40,546	$	1,033		0.1	%	$	25	$	25	$	1,033
2014		252,107		14,858		1.3	%		59		60		15,145
2015		1,204,046		41,548		3.6	%		35		35		42,431
2016		966,077		29,497		2.6	%		31		32		30,747
2017		514,722		5,300		0.5	%		10		11		5,523
2018		648,395		21,312		1.9	%		33		35		22,847
2019		1,072,999		38,861		3.4	%		36		41		43,777
2020		409,562		14,904		1.3	%		36		43		17,815
2021		511,435		13,206		1.2	%		26		30		15,562
2022		887,353		24,856		2.2	%		28		34		29,868
2023		420,923		9,087		0.8	%		22		25		10,506
Thereafter		2,524,860		110,304		9.6	%		44		60		151,867

Total / Wtd. Avg.		9,656,576	$	324,766		28.5	%	$	34	$	41	$	387,121

Colocation
Available		191,488		—		0.0	%
Month to Month ⁽³⁾		1,016	$	314		0.0	%	$	309	$	309	$	314
2014		51,553		11,119		1.0	%		216		220		11,367
2015		69,586		14,723		1.3	%		212		224		15,581
2016		41,887		8,489		0.7	%		203		221		9,240
2017		28,139		4,568		0.4	%		162		178		5,014
2018		18,626		3,473		0.3	%		186		254		4,734
2019		27,737		3,775		0.3	%		136		160		4,445
2020		9,854		1,390		0.1	%		141		206		2,031
2021		3,839		395		0.0	%		103		121		466
2022		—		—		0.0	%		—		—		—
2023		—		—		0.0	%		—		—		—
Thereafter		17,493		1,525		0.1	%		87		164		2,868

Total / Wtd. Avg.		461,218	$	49,771		4.2	%	$	185	$	208	$	56,060

Non-Technical
Available		766,730		—		0.0	%
Month to Month ⁽³⁾		8,326	$	226		0.0	%	$	27	$	27	$	226
2014		172,985		4,040		0.4	%		23		23		4,041
2015		305,424		5,678		0.5	%		19		19		5,772
2016		252,089		5,590		0.5	%		22		23		5,849
2017		673,066		14,962		1.3	%		22		23		15,274
2018		254,456		6,739		0.6	%		26		29		7,359
2019		315,825		5,549		0.5	%		18		19		6,062
2020		274,687		7,611		0.7	%		28		28		7,815
2021		440,298		5,719		0.5	%		13		15		6,570
2022		288,530		5,259		0.5	%		18		21		6,123
2023		96,478		2,285		0.2	%		24		27		2,616
Thereafter		709,974		9,843		0.8	%		14		16		11,493

Total / Wtd. Avg.		4,558,868	$	73,501		6.5	%	$	19	$	21	$	79,200

(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 March 31, 2014 multiplied by 12.

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

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on our ownership percentage.

Page 20

Top 20 Tenants by Annualized Rent

Dollar amounts in thousands

Financial Supplement

First Quarter 2014


	Tenant			Number of Locations		Total Occupied Square Feet ⁽¹⁾		% of Net Rentable Square Feet			Annualized Rent ⁽²⁾		% of Annualized Rent			Weighted Average Remaining Lease Term in Months

1	CenturyLink, Inc.	⁽³	⁾		38		2,373,118		11.7	%	$	88,208		7.7	%		80
2	IBM	⁽⁴	⁾		14		524,342		2.6	%		67,982		5.9	%		92
3	TelX Group, Inc.				12		341,202		1.7	%		47,839		4.2	%		168
4	Equinix Operating Company, Inc.				10		736,932		3.6	%		36,181		3.2	%		152
5	Morgan Stanley				5		198,670		1.0	%		30,548		2.7	%		37
6	Facebook, Inc.				3		206,283		1.0	%		27,943		2.4	%		61
7	AT & T				18		614,647		3.0	%		26,021		2.3	%		62
8	Deutsche Bank AG				3		113,461		0.6	%		23,651		2.1	%		52
9	Verizon Communications, Inc.				32		320,703		1.6	%		20,491		1.8	%		67
10	SunGard Availability Services LP				9		386,233		1.9	%		20,454		1.8	%		80
11	JPMorgan Chase & Co.				6		198,012		1.0	%		20,417		1.8	%		78
12	NTT Communications Company				7		319,189		1.6	%		19,957		1.7	%		65
13	Level 3 Communications, LLC				43		375,942		1.9	%		16,650		1.5	%		80
14	TATA Communications (UK)				6		131,065		0.6	%		14,532		1.3	%		50
15	Nomura International PLC				2		63,137		0.3	%		13,334		1.2	%		70
16	LinkedIn Corporation				2		161,620		0.8	%		12,494		1.1	%		124
17	Pfizer, Inc.				1		97,069		0.5	%		11,886		1.0	%		45
18	Amazon				8		281,118		1.4	%		11,144		1.0	%		70
19	Yahoo! Inc.				2		110,847		0.5	%		10,988		1.0	%		43
20	BT Americas, Inc.				3		67,685		0.3	%		10,368		0.9	%		39

	Total / Weighted Average						7,621,275		37.6	%	$	531,090		46.6	%		85

(1)	Occupied square footage is calculated based on leases that commenced on or before March 31, 2014. 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 March 31, 2014 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.

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on ownership percentage.

Page 21

Portfolio Summary

As of March 31, 2014

Financial Supplement

First Quarter 2014


	31-Mar-14			31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13
Number of Properties ⁽¹⁾
Domestic ⁽²⁾		90			91			90			98			97
International		28			28			28			28			27
Unconsolidated joint ventures ⁽¹⁾		13			12			12			3			3

Total		131			131			130			129			127

Number of Buildings
Domestic		141			141			142			152			144
International		32			32			32			32			31
Unconsolidated joint ventures		15			14			14			3			3

Total		188			187			188			187			178

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

Total		33			33			33			32			32

Net Rentable Square Feet ⁽³⁾
Domestic		17,177,396			17,056,741			16,705,106			17,685,861			17,371,366
International		2,868,163			2,830,968			2,816,450			2,814,782			2,787,474
Unconsolidated joint ventures		1,665,868			1,511,842			1,511,842			447,399			447,669

Total		21,711,427			21,399,551			21,033,398			20,948,042			20,606,509

Active Development Square Feet ⁽⁴⁾
Domestic		1,067,030			1,442,177			1,220,888			1,082,630			1,284,911
International		268,328			317,504			312,014			199,982			104,884

Total		1,335,358			1,759,681			1,532,902			1,282,612			1,389,795

Space Held for Development ⁽⁵⁾
Domestic		1,094,152			1,015,574			1,791,277			1,827,410			1,638,353
International		328,092			316,111			335,748			449,448			449,448

Total		1,422,244			1,331,685			2,127,025			2,276,858			2,087,801

Portfolio occupancy ⁽⁶⁾		92.1	%		92.6	%		93.0	%		93.1	%		94.0	%
Digital Realty’s share occupancy ⁽⁶⁾		91.6	%		92.2	%		92.7	%		93.1	%		94.0	%
Same-store portfolio occupancy ⁽⁶⁾		91.4	%		92.0	%		92.4	%		92.5	%		93.4	%
Stabilized “same-capital” pool occupancy ⁽⁶⁾		93.5	%		94.1	%		94.3	%		94.0	%		94.2	%

(1)

Includes 11 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, 33 Chun Choi Street, Hong Kong and 636 Pierce Street, Somerset, NJ; and two unconsolidated non-managed joint ventures: 2001 Sixth Avenue, Seattle, WA and 2020 Fifth Avenue, Seattle, WA.

(2)	43790 Devin Shafron Drive - E and 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 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)

Represents consolidated portfolio. 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 areas.

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on our ownership percentage.

Page 22

Portfolio Overview by Product Type

Dollars in thousands

Financial Supplement

First Quarter 2014


Property	Annualized Rent ⁽¹⁾		% of Annualized Rent			% of Property Type Total
Corporate Data Center
Turn-Key Flex^®	$	581,730		50.7	%		67.3	%
Powered Base Building^®		210,745		18.4	%		24.4	%
Colocation		20,484		1.8	%		2.4	%
Non-technical		51,113		4.3	%		5.9	%

Data Center Total	$	864,071		75.2	%		100.0	%

Internet Gateway Data Center
Turn-Key Flex^®	$	118,410		10.3	%		43.4	%
Powered Base Building^®		114,020		9.9	%		41.8	%
Colocation		29,288		2.6	%		10.7	%
Non-technical		11,243		1.0	%		4.1	%

Internet Gateway Data Center Total	$	272,960		23.8	%		100.0	%

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

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

Total	$	1,148,178		100.0	%

(1)	Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of March 31, 2014, multiplied by 12.

Note: Represents consolidated portfolio in addition to 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

First Quarter 2014


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

Northern Virginia		53.5		765,655		96.9	%		741,880
Phoenix		45.2		695,945		79.4	%		552,570
Dallas		39.9		619,339		85.4	%		528,606
Silicon Valley		32.7		372,961		89.1	%		332,210
New York		29.9		533,973		93.2	%		497,778
Chicago		25.3		390,633		94.6	%		369,565
San Francisco		22.5		381,153		83.4	%		317,893
Boston		21.1		393,750		91.0	%		358,188
Los Angeles		13.3		238,220		91.9	%		219,019
Houston		11.6		155,981		81.9	%		127,759
Other Markets		19.6		299,526		60.6	%		181,636

Total North America		314.6		4,847,136		87.2	%		4,227,104

London, United Kingdom		58.6		740,704		96.9	%		717,496
Other Markets		11.8		183,437		92.7	%		170,053

Total Europe		70.4		924,141		96.0	%		887,549

Singapore		12.1		175,217		86.5	%		151,538
Other Markets		11.5		140,228		60.8	%		85,266

Total Asia/Pacific		23.6		315,445		75.1	%		236,804


Total		408.6		6,086,722		87.9	%		5,351,457

(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’s 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.

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on our ownership percentage.

Page 24

Occupancy Analysis

Dollars in thousands

Financial Supplement

First Quarter 2014


Property	Property Type	Net Rentable Square Feet ⁽¹⁾		Space Under Active Development ⁽²⁾		Space Held for Development ⁽³⁾		Annualized Rent ⁽⁴⁾		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 3/31/14			As of 12/31/13

North America

Northern Virginia
43940 Digital Loudoun Plaza (Bldg G)	Data Center		216,140		176,571		—		21,703		96.9	%		100.0	%
43881 Devin Shafron Drive (Bldg B)	Data Center		180,000		—		—		19,310		99.0	%		99.0	%
43915 Devin Shafron Drive (Bldg A)	Data Center		130,789		—		1,491		16,388		100.0	%		100.0	%
43791 Devin Shafron Drive (Bldg D)	Data Center		134,741		—		259		13,291		100.0	%		100.0	%
43830 Devin Shafron Drive (Bldg F)	Data Center		101,300		—		11,950		11,597		95.6	%		95.6	%
4050 Lafayette Center Drive	Data Center		42,374		—		—		6,855		99.0	%		99.0	%
4030 Lafayette Center Drive	Data Center		72,696		—		—		5,935		100.0	%		100.0	%
45901 & 45845 Nokes Boulevard	Data Center		167,160		—		—		4,826		100.0	%		100.0	%
44470 Chilum Place	Data Center		95,440		—		—		4,529		100.0	%		100.0	%
21110 Ridgetop Circle	Data Center		135,513		—		—		3,095		100.0	%		100.0	%
21561 & 21571 Beaumeade Circle	Data Center		164,453		—		—		3,019		100.0	%		100.0	%
1506 Moran Road	Data Center		78,295		—		—		2,370		100.0	%		100.0	%
1807 Michael Faraday Court	Data Center		19,237		—		—		1,923		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		—		—		573		23.8	%		15.4	%
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			1,743,206		488,335		13,700	$	118,727		98.5	%		98.7	%

Dallas
2323 Bryan Street	Internet Gateway		453,539		—		23,568		15,767		74.3	%		74.3	%
2501 S. State Hwy. 121	Data Center		829,372		—		—		13,412		98.5	%		98.5	%
2440 Marsh Lane	Data Center		135,250		—		—		13,238		94.7	%		94.7	%
1232 Alma Road	Data Center		105,726		—		—		12,741		95.3	%		95.3	%
4849 Alpha Road	Data Center		125,538		—		—		11,418		100.0	%		100.0	%
4025 Midway Road	Data Center		100,590		—		—		10,475		98.4	%		98.4	%
11830 Webb Chapel Road	Data Center		365,647		—		—		8,041		98.0	%		98.0	%
400 S. Akard	Internet Gateway		269,563		—		—		8,002		94.7	%		94.4	%
900 Quality Way	Data Center		42,318		—		72,604		6,466		96.2	%		96.2	%
950 East Collins	Data Center		69,727		51,559		—		3,139		100.0	%		N/A
1215 Integrity Drive ⁽⁶⁾	Data Center		61,750		56,126		—		2,658		95.7	%		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	%		3.5	%
905 Security Row ⁽⁷⁾	Data Center		—		—		—		—		N/A			N/A
1210 Integrity Drive ⁽⁷⁾	Data Center		—		—		—		—		N/A			N/A
1301 International Parkway	Data Center		—		—		20,500		—		N/A			N/A

Total			2,747,869		141,524		116,672	$	107,382		91.1	%		90.8	%

New York
365 South Randolphville Road	Data Center		245,039		86,656		19,753		26,432		93.8	%		92.2	%
111 Eighth Avenue ⁽⁸⁾	Internet Gateway		116,843		—		—		21,514		100.0	%		100.0	%
3 Corporate Place	Data Center		276,931		—		—		19,589		100.0	%		100.0	%
300 Boulevard East	Data Center		346,819		—		22,962		16,896		93.6	%		93.6	%
60 & 80 Merritt Boulevard	Data Center		209,807		—		17,959		15,593		92.4	%		92.2	%
410 Commerce Boulevard ⁽⁹⁾	Data Center		27,943		—		—		4,847		100.0	%		100.0	%
650 Randolph Road	Data Center		—		—		127,790		—		N/A			N/A
701 Union Boulevard	Data Center		—		—		—		—		N/A			N/A
3 Corporate Place Annex	Data Center		—		100,515		—		—		N/A			N/A

Total			1,223,382		187,171		188,464	$	104,871		95.6	%		95.7	%

Page 25



Occupancy Analysis				Financial Supplement
Dollars in thousands				First Quarter 2014


Property	Property Type	Net Rentable Square Feet ⁽¹⁾		Space Under Active Development ⁽²⁾		Space Held for Development ⁽³⁾		Annualized Rent ⁽⁴⁾		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 3/31/14			As of 12/31/13

Silicon Valley
3011 Lafayette Street	Data Center		90,780		—		—		10,869		100.0	%		100.0	%
1350 Duane & 3080 Raymond	Data Center		185,000		—		—		10,587		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		—		—		8,908		100.0	%		100.0	%
3105 and 3205 Alfred Street	Data Center		49,858		—		—		8,622		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		—		—		7,077		100.0	%		100.0	%
150 South First Street	Data Center		179,761		—		—		6,676		97.2	%		97.2	%
1201 Comstock Street	Data Center		24,000		—		—		4,877		100.0	%		100.0	%
2334 Lundy Place	Data Center		130,752		—		—		4,661		100.0	%		100.0	%
2401 Walsh Street	Data Center		167,932		—		—		3,950		100.0	%		100.0	%
2805 Lafayette Street⁽¹⁰⁾	Data Center		53,240		—		84,180		2,968		57.5	%		25.2	%
2403 Walsh Street	Data Center		103,940		—		—		2,445		100.0	%		100.0	%

Total			1,584,203		—		84,180	$	96,486		97.1	%		96.0	%

Chicago
350 E Cermak Road	Internet Gateway		1,133,739		—		—		70,864		98.9	%		98.9	%
600-780 S. Federal	Internet Gateway		131,930		—		29,617		7,508		86.7	%		86.5	%
9333, 9355, 9377 Grand Avenue	Data Center		108,838		250,000		176,886		6,276		92.2	%		81.5	%

Total			1,374,507		250,000		206,503	$	84,648		97.2	%		96.3	%

San Francisco
200 Paul Avenue	Internet Gateway		494,120		—		18,522		28,450		92.1	%		95.0	%
365 Main Street	Internet Gateway		226,981		—		—		26,473		73.6	%		74.5	%
720 2nd Street	Data Center		121,220		—		—		16,513		90.6	%		90.6	%
360 Spear Street	Data Center		154,950		—		—		8,178		100.0	%		100.0	%

Total			997,271		—		18,522	$	79,614		88.9	%		90.5	%

Phoenix
2121 South Price Road	Data Center		508,173		—		—		44,222		74.6	%		71.8	%
120 E. Van Buren	Internet Gateway		287,514		—		—		21,361		87.8	%		88.0	%
2055 East Technology Circle	Data Center		76,350		—		—		8,718		100.0	%		100.0	%
1900 S. Price Road	Data Center		118,348		—		108,926		1,450		100.0	%		100.0	%

Total			990,385		—		108,926	$	75,751		83.4	%		82.4	%

Boston
128 First Avenue	Data Center		274,750		—		—		23,731		97.0	%		97.5	%
55 Middlesex Turnpike	Data Center		101,067		—		—		12,063		96.8	%		96.8	%
100 Quannapowitt Parkway	Data Center		307,503		—		79,453		8,320		87.6	%		86.9	%
115 Second Avenue	Data Center		66,730		—		—		3,869		100.0	%		100.0	%
105 Cabot Street	Data Center		34,526		—		71,205		1,918		45.8	%		41.5	%
600 Winter Street	Data Center		30,400		—		—		775		100.0	%		100.0	%

Total			814,976		—		150,658	$	50,676		91.6	%		91.4	%

Los Angeles
600 West Seventh Street	Internet Gateway		489,722		—		—		23,922		98.1	%		97.8	%
2260 East El Segundo Boulevard	Data Center		132,240		—		—		11,020		85.5	%		90.2	%
200 North Nash Street	Data Center		113,606		—		—		2,672		100.0	%		100.0	%
3015 Winona Avenue	Data Center		82,911		—		—		1,740		100.0	%		100.0	%
3300 East Birch Street	Data Center		68,807		—		—		1,641		100.0	%		100.0	%

Total			887,286		—		—	$	40,995		96.8	%		97.3	%

Houston
Digital Houston	Data Center		404,235		—		22,722		16,712		90.9	%		90.8	%

Total			404,235		—		22,722	$	16,712		90.9	%		90.8	%

Atlanta
375 Riverside Parkway	Data Center		250,191		—		—		8,454		100.0	%		100.0	%
760 Doug Davis Drive	Data Center		334,306		—		—		6,566		100.0	%		100.0	%
101 Aquila Way	Data Center		313,581		—		—		1,437		100.0	%		100.0	%

Total			898,078		—		—	$	16,457		100.0	%		100.0	%

Page 26



Occupancy Analysis				Financial Supplement
Dollars in thousands				First Quarter 2014


Property	Property Type	Net Rentable Square Feet ⁽¹⁾		Space Under Active Development ⁽²⁾		Space Held for Development ⁽³⁾		Annualized Rent ⁽⁴⁾		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 3/31/14			As of 12/31/13

Philadelphia
833 Chestnut Street	Data Center		594,747		—		60,011		13,555		91.7	%		91.7	%

Total			594,747		—		60,011	$	13,555		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		259,638		—		77,778		5,212		60.7	%		73.2	%
900 Walnut Street	Internet Gateway		105,776		—		6,490		4,597		95.8	%		95.8	%

Total			365,414		—		84,268	$	9,809		70.9	%		80.9	%

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

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

Austin
7500 Metro Center Drive	Data Center		58,833		—		16,129		3,822		40.7	%		0.0	%
7401 E. Ben White Blvd Buildings 7-9	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	%

Total			369,305		—		16,129	$	6,939		86.8	%		87.2	%

Miami
36 NE 2nd Street	Internet Gateway		162,140		—		—		4,492		85.5	%		100.0	%
2300 NW 89th Place	Data Center		64,174		—		—		694		100.0	%		100.0	%

Total			226,314		—		—	$	5,186		89.6	%		100.0	%

Minneapolis/St. Paul
1500 Towerview Road	Data Center		328,765		—		—		4,438		100.0	%		100.0	%
1125 Energy Park Drive	Data Center		78,164		—		—		407		22.2	%		100.0	%

Total			406,929		—		—	$	4,845		85.1	%		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		—		—		1,436		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		—		—		966		100.0	%		100.0	%

Total			95,499		—		—	$	3,753		100.0	%		100.0	%

Toronto, Canada
6800 Millcreek Drive	Data Center		83,758		—		—		2,084		100.0	%		100.0	%
371 Gough Road	Data Center		25,515		44,411		50,115		636		100.0	%		100.0	%

Total			109,273		44,411		50,115	$	2,720		100.0	%		100.0	%

Page 27



Occupancy Analysis				Financial Supplement
Dollars in thousands				First Quarter 2014


Property	Property Type	Net Rentable Square Feet ⁽¹⁾		Space Under Active Development ⁽²⁾		Space Held for Development ⁽³⁾		Annualized Rent ⁽⁴⁾		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 3/31/14			As of 12/31/13

EUROPE

London, United Kingdom
Unit 21 Goldsworth Park Trading Estate	Data Center		386,281		—		93,719		58,375		96.7	%		96.7	%
Watford⁽¹¹⁾	Data Center		133,000		—		—		21,045		97.3	%		97.3	%
3 St. Anne’s Boulevard	Data Center		96,147		—		—		17,300		84.9	%		84.5	%
Croydon⁽¹²⁾	Data Center		120,000		—		—		17,003		100.0	%		100.0	%
Mundells Roundabout	Data Center		113,464		—		—		8,751		100.0	%		100.0	%
Cressex 1	Data Center		50,847		—		—		8,089		100.0	%		100.0	%
6 Braham Street	Internet Gateway		63,233		—		—		5,345		100.0	%		100.0	%
Fountain Court	Data Center		42,059		20,000		69,712		4,318		67.3	%		27.2	%
2 St. Anne’s Boulevard	Data Center		30,612		—		—		4,055		100.0	%		100.0	%
1 St. Anne’s Boulevard	Data Center		20,219		—		—		310		100.0	%		100.0	%
Principal Park, Crawley	Data Center		—		106,400		—		—		N/A			N/A

Total			1,055,862		126,400		163,431	$	144,591		95.8	%		94.2	%

Paris, France
114 Rue Ambroise Croizat	Internet Gateway		360,920		—		—		23,049		96.0	%		95.6	%
1 Rue Jean-Pierre	Data Center		104,666		—		—		4,940		100.0	%		100.0	%
127 Rue de Paris	Data Center		59,991		—		—		2,117		100.0	%		100.0	%
Liet-dit ie Christ de Saclay	Data Center		21,337		—		—		706		100.0	%		100.0	%

Total			546,914		—		—	$	30,812		97.4	%		97.2	%

Dublin, Ireland
Unit 9 Blanchardstown Corporate Center	Data Center		120,000		—		—		10,888		95.2	%		95.2	%
Clonshaugh Industrial Estate (Eircom)	Data Center		124,500		—		—		9,251		100.0	%		100.0	%
Clonshaugh Industrial Estate IE	Data Center		20,000		—		—		1,675		100.0	%		100.0	%
Profile Park	Data Center		—		47,092		—		—		N/A			N/A

Total			264,500		47,092		—	$	21,814		97.8	%		97.8	%

Amsterdam, Netherlands
Paul van Vlissingenstraat 16	Data Center		112,472		—		—		7,858		100.0	%		100.0	%
Cateringweg 5	Data Center		55,972		—		—		5,820		100.0	%		100.0	%
Naritaweg 52	Data Center		63,260		—		—		2,837		100.0	%		100.0	%
Gyroscoopweg 2E-2F	Data Center		55,585		—		—		1,344		100.0	%		100.0	%
Liverpoolweg 10 - The Netherlands	Data Center		16,813		—		—		855		100.0	%		100.0	%

Total			304,102		—		—	$	18,714		100.0	%		100.0	%

Manchester, United Kingdom
Manchester Technopark	Data Center		38,016		—		—		2,000		100.0	%		100.0	%

Total			38,016		—		—	$	2,000		100.0	%		100.0	%

Geneva, Switzerland
Chemin de l Epinglier 2	Data Center		59,190		—		—		1,850		100.0	%		100.0	%

Total			59,190		—		—	$	1,850		100.0	%		100.0	%

ASIA PACIFIC

Singapore
29A International Business Park	Data Center		306,172		50,425		13,903		33,520		87.6	%		86.9	%

Total			306,172		50,425		13,903	$	33,520		87.6	%		86.9	%

Melbourne
98 Radnor Drive	Data Center		52,988		—		—		7,349		100.0	%		100.0	%
Deer Park 2 (72 Radnor Drive)	Data Center		40,000		—		53,582		645		7.9	%		N/A

Total			92,988		—		53,582	$	7,994		60.4	%		100.0	%

Sydney
1-11 Templar Road⁽¹³⁾	Data Center		39,156		—		47,061		4,693		70.1	%		69.8	%
23 Waterloo Road	Data Center		51,990		—		—		1,282		100.0	%		100.0	%

Total			91,146		—		47,061	$	5,975		87.1	%		87.0	%

Page 28



Occupancy Analysis				Financial Supplement
Dollars in thousands				First Quarter 2014


Property	Property Type	Net Rentable Square Feet ⁽¹⁾		Space Under Active Development ⁽²⁾		Space Held for Development ⁽³⁾		Annualized Rent ⁽⁴⁾		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 3/31/14			As of 12/31/13

NON-DATACENTER 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 Buildings 4-6	Technology Manufacturing		133,460		—		—		821		67.4	%		67.4	%
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	%		54.1	%

Consolidated Portfolio Total / Weighted Average			20,045,559		1,335,358		1,422,244	$	1,140,570		91.5	%		92.2	%

MANAGED UNCONSOLIDATED JOINT VENTURES

Silicon Valley
4650 Old Ironsides Drive	Data Center		124,383		—		—		4,120		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		—		—		2,120		100.0	%		100.0	%
444 Toyama Drive	Data Center		42,083		—		—		1,942		100.0	%		100.0	%

Total			326,305		—		—	$	11,333		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		—		—		2,150		100.0	%		100.0	%
7505 Mason King Court	Data Center		109,650		—		—		1,911		100.0	%		100.0	%

Total			414,292		—		—	$	7,289		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		—		—		1,661		100.0	%		100.0	%

Total			319,876		—		—	$	6,849		100.0	%		100.0	%

Hong Kong
33 Chun Choi Street	Data Center		45,690		—		—		3,747		69.9	%		N/A

Total			45,690		—		—	$	3,747		69.9	%		N/A

New York
636 Pierce Street	Data Center		108,336		—		—		3,190		100.0	%		100.0	%

Total			108,336		—		—	$	3,190		100.0	%		100.0	%

Unconsolidated Portfolio Total / Weighted Average			1,214,499		—		—	$	32,408		98.9	%		100.0	%

Managed Portfolio Total / Weighted Average			21,260,058		1,335,358		1,422,244	$	1,172,978		91.9	%		92.6	%

Digital Realty Share Total / Weighted Average ⁽¹⁴⁾			20,302,166		1,335,358		1,422,244	$	1,148,178		91.6	%		92.2	%

NON-MANAGED UNCONSOLIDATED JOINT VENTURES

Seattle
2001 Sixth Avenue	Data Center		400,369		—		—		32,601		97.0	%		95.3	%
2020 Fifth Avenue	Data Center		51,000		—		—		4,809		100.0	%		100.0	%

			451,369		—		—	$	37,410		97.4	%		95.8	%

Non-Managed Portfolio Total / Weighted Average			451,369		—		—	$	37,410		97.4	%		95.8	%

Portfolio Total / Weighted Average			21,711,427		1,335,358		1,422,244	$	1,210,388		92.1	%		92.6	%

(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 Center 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 March 31, 2014 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)	Building formerly referred to as 1215 Datacenter Park.

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

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

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

(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				Financial Supplement
Dollars in thousands				First Quarter 2014


	Base Building Construction										Data Center Construction
	# of Locations		Total Square Feet		A		B		A + B		# of Locations		Total Square Feet		kW		A		B		A + B		% Leased			Average Completion Period		Est. GAAP Yield. ⁽⁴⁾			Est. Stabilized Cash Yield ⁽⁴⁾
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⁾
Chicago		1		225,000	$	56,101	$	23,413	$	79,514		1		25,000		1,800	$	13,375	$	7,285	$	20,661		0.0	%		2Q14
Dallas												3		141,524		9,375		36,840		68,957		105,797		100.0	%		4Q15
New York		2		173,898		58,231		14,826		73,056		1		13,273		600		4,451		13,503		17,954		100.0	%		1Q15
N. Virginia		2		377,296		28,093		35,736		63,829		2		111,039		8,400		49,252		54,217		103,469		100.0	%		2Q15
Toronto												1		44,411		4,050		14,422		59,403		73,826		100.0	%		3Q14

North America		5		776,194	$	142,425	$	73,975	$	216,400		8		335,247		24,225	$	118,340	$	203,366	$	321,706		92.5	%				10.3	%		9.8	%
Dublin		1		27,430	$	13,121	$	6,003	$	19,124		1		19,662		1,920	$	9,680	$	15,638	$	25,318		0.0	%		3Q14
London												2		126,400		11,920		41,414		137,053		178,467		92.4	%		1Q17

Europe		1		27,430	$	13,121	$	6,003	$	19,124		3		146,062		13,840	$	51,094	$	152,691	$	203,785		80.0	%				10.2	%		9.2	%
Singapore												1		50,425		6,000	$	23,281	$	49,764	$	73,045		100.0	%		4Q14

Asia Pacific												1		50,425		6,000	$	23,281	$	49,764	$	73,045		100.0	%				13.5	%		13.2	%

Total		6		803,624	$	155,546	$	79,978	$	235,524		12		531,734		44,065	$	192,715	$	405,821	$	598,536		89.8	%				10.6	%		10.1	%


	Total Active Development
	# of Locations		Total Square Feet		A		B		A + B
Market	# of Locations		Total Square Feet		Current Investment ⁽¹⁾		Future Funding Req. ⁽²⁾		Total Expected Investment ⁽³⁾
Chicago		1		250,000	$	69,477	$	30,698	$	100,175
Dallas		3		141,524		36,840		68,957		105,797
New York		2		187,171		62,681		28,329		91,011
N. Virginia		3		488,335		77,345		89,953		167,298
Toronto		1		44,411		14,422		59,403		73,826

North America		10		1,111,441	$	260,765	$	277,341	$	538,106
Dublin		1		47,092	$	22,801	$	21,641	$	44,442
London		2		126,400		41,414		137,053		178,467

Europe		3		173,492	$	64,215	$	158,694	$	222,909
Singapore		1		50,425	$	23,281	$	49,764	$	73,045

Asia Pacific		1		50,425	$	23,281	$	49,764	$	73,045

Total		14		1,335,358	$	348,261	$	485,799	$	834,060

(1)	Represents balances incurred through March 31, 2014.

(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.

Note: Square footage is based on current estimates and project plans, and may change upon completion of the project and due to remeasurement.

Page 30



Development Lifecycle - In Service				Financial Supplement
				First Quarter 2014


	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		34,884		2,250	$	33,875		0.0	%
Boston		2		30,707		2,262		33,286		0.9	%
Chicago		2		17,169		1,325		23,226		27.1	%
Dallas		2		54,872		4,256		48,629		71.9	%
Houston		1		30,992		2,337		29,686		0.0	%
New York		3		36,168		2,402		35,571		0.7	%
Northern Virginia		1		6,655		500		5,285		29.7	%
Phoenix		1		85,767		6,738		79,869		3.8	%
Silicon Valley		3		38,191		3,416		49,326		8.4	%
St. Louis		1		60,454		2,686		45,843		0.0	%

North America		17		395,859		28,172	$	384,596		13.4	%		10.7	%		10.1	%

London		2		23,208		1,800	$	28,908		0.0	%
Paris		1		12,353		930		13,172		0.0	%

Europe		3		35,561		2,730	$	42,080		0.0	%		11.2	%		10.5	%

Melbourne		1		29,419		2,640	$	38,279		0.0	%
Singapore		1		22,822		1,713		20,678		0.0	%
Sydney		1		11,323		834		12,321		0.0	%

Asia Pacific		3		63,564		5,187	$	71,278		0.0	%		16.2	%		15.2	%

Total		23		494,894		36,089	$	497,954		10.7	%		11.5	%		10.9	%

(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.

Note: Square footage is based on current estimates and project plans, and may change upon completion of the project and due to remeasurement.

Page 31



Construction Projects in Progress - Total Investments				Financial Supplement
Dollars in thousands, except per square foot				First Quarter 2014


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	$	113,543		—	$	113,543		—
Space Held for Development ⁽¹⁾		1,422,244		N/A		390,477		—		390,477	$	275
Base Building Construction ⁽²⁾		803,624		N/A		155,546	$	79,978		235,524		293
Data Center Construction ⁽³⁾		531,734		N/A		192,715		405,821		598,536		1,126
Equipment Pool & Other Inventory ⁽⁴⁾				N/A		30,696		—		30,696		—
Campus, Tenant Improvements & Other ⁽⁵⁾				N/A		57,175		43,842		101,017		—

Total Development		2,757,602		153.7	$	940,152	$	529,641	$	1,469,793

Enhancement & Other					$	61,148	$	38,595	$	99,743
Recurring						8,992		8,858		17,850

Total Construction in Progress					$	1,010,292	$	577,094	$	1,587,386

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

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

(3)	Data Center Construction includes 531,734 square 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 data center fit-out.

(5)	Represents improvements in progress as of March 31, 2014 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 March 31, 2014.

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

Note: We capitalize interest on active construction work. Base Building Construction, Data Center Construction, Equipment Pool, Campus Improvements, Enhancements and Recurring are considered active construction work.

Page 32



Historical Capital Expenditures and Investments in Real Estate				Financial Supplement
Dollars in thousands				First Quarter 2014


	Three Months Ended
	31-Mar-14			31-Dec-13		30-Sep-13		30-Jun-13			31-Mar-13
Non-Recurring ⁽¹⁾
Development	$	185,554		$	204,796	$	247,648	$	272,558		$	201,513

Enhancements and Other Non-Recurring		18,179			32,773		30,049		17,419			31,261

Total Non-Recurring	$	203,733		$	237,569	$	277,697	$	289,977		$	232,774

Recurring ⁽²⁾	$	8,685		$	17,025	$	12,895	$	13,429		$	9,860

Recurring	$	8,685		$	17,025	$	12,895	$	13,429		$	9,860

Total Direct	$	212,418		$	254,594	$	290,592	$	303,406		$	242,634


Capitalized interest	$	5,311		$	7,435	$	6,882	$	6,617		$	5,343

Capitalized Overhead		11,406			8,888		9,661		9,927			9,969

Total Indirect Capital Expenditures	$	16,717		$	16,323	$	16,543	$	16,544		$	15,312

Timing / FX adjustments		(5,017	)		33,789		594		(1,608	)		787

Total Improvements to and Advances for Investment in Real Estate	$	224,118		$	304,706	$	307,729	$	318,342		$	258,733

Consolidated Portfolio Net Rentable Square Feet ⁽³⁾		20,045,559			19,887,709		19,521,556		20,500,643			20,158,840

(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				First Quarter 2014


	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	$	1,928		1		16,129	$	5,240
Boston		—		—		—		2		150,658		48,501
Chicago		—		—		—		2		206,503		28,147
Dallas		3		69.5		27,446		3		116,672		16,566
Houston		—		—		—		1		22,722		4,652
New York		1		34.2		31,797		4		188,464		40,463
N. Virginia		1		15.6		8,294		3		13,700		2,375
Philadelphia		—		—		—		1		60,011		5,161
Phoenix		—		—		—		1		108,926		11,672
Sacramento		—		—		—		1		23,397		8,936
San Francisco		—		—				1		18,522		4,082
Silicon Valley		2		9.5		13,387		1		84,180		51,221
St. Louis		—		—				2		84,268		11,721
Toronto		—		—		—		1		50,115		7,866

North America ⁽³⁾		8		136.0	$	82,852		24		1,144,267	$	246,603

Amsterdam		1		5.4	$	13,031		—		—		—
London		—		—		—		2		163,431	$	104,672

Europe		1		5.4	$	13,031		2		163,431	$	104,672

Melbourne		—		—		—		1		53,582	$	15,569
Osaka		1		3.7	$	13,179		—		—		—
Singapore		—		—		—		1		13,903		8,066
Sydney		1		8.6		4,481		1		47,061		15,567

Asia Pacific		2		12.3	$	17,660		3		114,546	$	39,202

Total		11		153.7	$	113,543		29		1,422,244	$	390,477

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

(2)

Represents balances incurred through March 31, 2014. 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 with 271,000 square feet of development space, and 1210 Integrity and 905 Security Row parcels with 246,940 and 249,657 square feet of development space, respectively, previously reported in Occupancy Analysis. Buildings have been razed pursuant to our business plan.

Note: Square footage is based on current estimates and project plans, and may change upon completion of the project and due to remeasurement.

Page 34



Acquisitions/Dispositions/Joint Ventures				Financial Supplement
Dollars in thousands				First Quarter 2014

Acquisitions:

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⁾

Total

—

0.0

Dispositions:

Property

Metropolitan
Area

Date Sold

Selling Price

Disposition
Cap Rate ⁽¹⁾

Net Rentable
Square Feet ⁽²⁾

Space Held For
Development

% of Total
Net Rentable Square
Feet Occupied ⁽³⁾

Total

—

0.0

Joint Ventures:

Property

Metropolitan
Area

Date
Contributed to
Joint Venture

Contribution Price

Contribution
Cap Rate ⁽¹⁾

Net Rentable
Square Feet ⁽²⁾

Space Held For
Development

% of Total
Net RentableSquare
Feet Occupied ⁽³⁾

636 Pierce Street

Somerset, NJ
(NY Metro)

March 5,
2014

40,400

7.1

108,336

100.0

Total

40,400

108,336

—

100.0

LOGO

(1)

We calculate the cash capitalization rate on acquisitions, dispositions and joint venture contributions by dividing anticipated annual net operating income by the purchase/sales 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 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				First Quarter 2014


	As of March 31, 2014
	2001 Sixth Avenue			2020 Fifth Avenue			33 Chun Choi Street (Hong Kong)			Prudential			Total
Summary Balance Sheet - at the JV’s 100% Share

Undepreciated book value of operating real estate	$	110,512		$	48,512		$	107,628		$	441,281		$	707,933

Accumulated depreciation & amortization		(77,253	)		(775	)		(296	)		(4,533	)		(82,857	)

Net Book Value of Operating Real Estate	$	33,259		$	47,737		$	107,332		$	436,748		$	625,076

Other assets		5,613			6,096			29,175			62,784			103,668

Total Assets	$	38,872		$	53,833		$	136,507		$	499,532		$	728,744

Debt	$	105,581		$	47,000		$	0		$	208,000		$	360,581

Other liabilities		4,267			556			3,903			89,681			98,407

Equity / (deficit)		(70,976	)		6,277			132,604			201,851			269,756

Total Liabilities and Equity	$	38,872		$	53,833		$	136,507		$	499,532		$	728,744

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

Digital Realty’s Pro Rata Share of Unconsolidated JV Debt	$	52,791		$	23,500		$	0		$	41,600		$	117,891

	Three Months Ended March 31, 2014
	2001 Sixth Avenue			2020 Fifth Avenue			33 Chun Choi Street (Hong Kong)			Prudential			Total
Summary Statement of Operations - at the JV’s 100% Share

Rental revenue	$	9,861		$	1,269		$	316		$	8,651		$	20,097

Straight-line rent		28			748			244			830			1,850

Operating expenses		(2,996	)		(239	)		(188	)		(1,587	)		(5,010	)

Net Operating Income (NOI)	$	6,893		$	1,778		$	372		$	7,894		$	16,937

Interest expense	($	1,684	)	($	377	)	$	0		($	1,383	)	($	3,444	)

Depreciation & amortization		(1,591	)		(208	)		(296	)		(2,919	)		(5,014	)

Other (income) / expense		1			—			(39	)		(2,518	)		(2,557	)

Total Non-Operating Expenses	($	3,274	)	($	585	)	($	335	)	($	6,820	)	($	11,014	)

Net Income	$	3,619		$	1,193		$	37		$	1,074		$	5,923

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

Digital Realty’s Pro Rata Share of Unconsolidated JV NOI	$	3,447		$	889		$	186		$	1,579		$	6,101

Digital Realty’s Earnings (loss) from unconsolidated joint ventures ⁽¹⁾	$	1,683		$	593		($	19	)	$	324		$	2,581

Digital Realty’s Pro Rata Share of FFO ⁽²⁾	$	2,475		$	697		$	129		$	908		$	4,209

Digital Realty’s Fee Income from Joint Venture	$	0		$	0		$	0		$	559		$	559

(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				First Quarter 2014

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		87.2	%	Completed
9355 W. Grand Ave., Franklin Park, IL		250,000		14.4		0.0	%	Active development - base building and data center
9377 W. Grand Ave., Franklin Park, IL		175,000		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

•

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

•

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 limited supply of competitive space along with strong leasing activity in phase one, redevelopment of the 9355 W. Grand Ave. building commenced in June 2013 to accommodate 250,000 rentable square feet and 14.4 MW of IT Load in eight data centers.

Opportunity

•

Upon completion, the Digital Chicago Campus will have development potential of 548,275 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 87.2% leased.

•

The second phase, 9355 W. Grand Ave., is currently under redevelopment to deliver the first 1.8 MW data center of the eight planned.

•

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 a 175,000 rentable square foot future development to accomodate 10.8 MW of IT Load capacity in six Turn-Key Flex^® data centers.

Page 37



External Growth Pipeline				Financial Supplement
Central - Dallas				First Quarter 2014

Master Plan

LOGO


Property Address	Sq. Ft.		IT Load MW Capacity		Leased %			Development Status
850 E. Collins Blvd., Richardson, TX		114,188		6.9		76.0	%	Active Development - data centers. Additional 1.1 MW under LOI and 0.6 MW under option will increase Leased % to 100%

950 E. Collins Blvd., Richardson, TX		121,286		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		100.0	%	Completed
908 Quality Way, Richardson, TX		66,000		4.8		0.0	%	Planned for future ground-up development
900 Quality Way, Richardson, TX		114,922		7.0		48.0	%	Completed with 3 shell data centers under option to expire 6/2014. Expect option exercise and Leased % to increase to 100%

750 Collins Boulevard, Richardson, TX		N/A		N/A		0.0	%	Planned for future management office

Background

•

Digital Dallas Data campus is a 70-acre master-planned 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 subsquently acquired the entire ownership interest in 2011.

•

Development has included a mix of redevelopment and ground-up construction of Powered Base Buildings and multi-tenant data centers, and a privately-owned 122 MW sub-station.

•

In four years, Digital Realty has completed or has actively developed 621,000 square feet in six buildings.

•

The campus has about 23.9 MW of IT Load currently in operation with approximately 6.0 MW of data center space that is under construction and 100% pre-leased.

Opportunity

•

The campus has a little over 25 acres of land available 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 652,000 square feet.

•

Including new buildings and shell space in existing buildings being held for construction, the site has the potential to add another 45 MW of IT Load to the Digital Dallas Data campus.

Page 38



External Growth Pipeline				Financial Supplement
East – Northern Virginia				First Quarter 2014

Master Plan

LOGO


Property Address	Sq. Ft.		IT Load MW Capacity		Leased %			Development Status
43940 Digital Loudoun Plaza (Bldg. G)		392,711		25.7		75.9	%	Active development - base building and data center with 5.2 MW under option and backlog that will increase Leased % to 94%.

44060 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 and 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 sub-station capable of supplying 150 MW of power.

•

The first building on the expanded campus, Building G, was designed and constructed in two phases. The first phase is complete and the data center space is 100% leased and includes 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 63.7% preleased. The combined first and second phases are 75.9% leased. Upon exercise of an existing tenant’s options and commencement of backlog for 5.2 MW of Turn-Key Flex® data centers, Building G will be 94% leased. The remaining vacant 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 one Turn-Key Flex® data center 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 based on demand.

Page 39



External Growth Pipeline				Financial Supplement
East – New York				First Quarter 2014

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 and data center
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 Data campus 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 S. 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 S. Randolphville Road will expand the existing 264,792 rentable square foot building to 351,448 rentable square feet and provide an additional 5.4 MW of leasable IT Load.

•

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

•

Upon completion, 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 significant opportunities in the health care, telecommunications & 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				First Quarter 2014


Reconciliation of Earnings Before Interest, Taxes, Depreciation	Three Months Ended
& Amortization (EBITDA) ⁽¹⁾	31-Mar-14			31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13

Net Income Available to Common Stockholders	$	34,186		$	42,977		$	138,872		$	47,077		$	42,657

Interest		47,374			45,996			47,742			47,583			48,078

Loss from early extinguishment of debt		292			608			704			501			—

Taxes		1,838			(473	)		352			210			1,203

Depreciation & amortization		130,620			126,776			121,198			115,867			111,623

EBITDA	$	214,310		$	215,884		$	308,868		$	211,238		$	203,561
Straight-line rent expense adjustment attributable to prior periods		—			—			9,155			—			—

Change in fair value of contingent consideration		(3,403	)		(1,749	)		(943	)		(370	)		1,300

Severance accrual and equity acceleration		12,430			—			—			—			—

Gain on contribution of properties to unconsolidated joint venture		(1,906	)		(555	)		(115,054	)		—			—

Noncontrolling interests		805			964			2,882			1,145			970

Preferred stock dividends		11,726			11,726			11,726			11,399			8,054

Adjusted EBITDA	$	233,962		$	226,270		$	216,634		$	223,412		$	213,885

	Three Months Ended
Financial Ratios	31-Mar-14			31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13

Total GAAP interest expense	$	47,374		$	45,996		$	47,742		$	47,583		$	48,078

Capitalized interest		5,311			7,435			6,882			6,617			5,343

Change in accrued interest and other non-cash amounts		15,139			(20,423	)		13,396			(18,637	)		2,742

Cash Interest Expense ⁽²⁾	$	67,824		$	33,008		$	68,020		$	35,563		$	56,163


Scheduled debt principal payments and preferred dividends		15,069			14,776			14,874			15,172			11,950
Total Fixed Charges ⁽³⁾	$	67,754		$	68,207		$	69,498		$	69,372		$	65,371

Coverage

Interest coverage ratio ⁽⁴⁾		4.4x			4.2x			4.0x			4.1x			4.0x
Cash interest coverage ratio ⁽⁵⁾		3.4x			6.9x			3.2x			6.3x			3.8x
Fixed charge coverage ratio ⁽⁶⁾		3.5x			3.3x			3.1x			3.2x			3.3x
Cash fixed charge coverage ratio ⁽⁷⁾		2.8x			4.7x			2.6x			4.4x			3.1x

Leverage

Debt to total enterprise value ⁽⁸⁾⁽⁹⁾		38.5	%		40.9	%		38.3	%		35.0	%		33.6	%
Debt plus preferred stock to total enterprise value ⁽¹⁰⁾		46.3	%		46.8	%		44.1	%		40.3	%		36.9	%
Pre-tax income to interest expense ⁽¹¹⁾		2.0x			2.2x			4.2x			2.3x			2.1x
Net Debt to Adjusted EBITDA ⁽¹²⁾		5.3x			5.4x			5.5x			5.2x			5.4x

(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
				First Quarter 2014

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, change in fair value of contingent consideration, severance accrual and equity acceleration, 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, change in fair value of contingent consideration, severance accrual and equity acceleration, 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.

Page 42



Management Statements on Non-GAAP Measures				Financial Supplement
				First Quarter 2014

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 March 31, 2014
Reconciliation of Net Operating Income (NOI)

Operating income	$	90,007

Less:
Fee income		(1,183	)

Add:
Construction management expenses		164
Change in fair value of contingent consideration		(3,403	)
Depreciation and amortization		130,620
General and administrative		18,248
Severance accrual and equity acceleration		12,430
Transactions		81


Net Operating Income	$	246,964


Cash Net Operating Income (Cash NOI)

Net Operating Income	$	246,964
Add:
Straight-line rent expense		864

Less:
Straight-line rent revenue		(21,335	)
Purchase accounting adjustments		(2,786	)


Cash Net Operating Income	$	223,707

Page 43



Statement Regarding Forward-Looking Statements				Financial Supplement
				First Quarter 2014

This supplemental package contains forward-looking statements within the meaning of the federal securities laws, including information related to trends, our strategy and plans, 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 and plans, projected construction costs, estimated yields on investment, supply and demand, expected occupancy, expected square footage and IT load capacity upon completion of development projects, 2014 backlog NOI, NAV components, 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 current global economic, credit and market conditions

•

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;

•

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, increased operating costs or increased vacancy rates;

•

increased competition or available supply of data center space;

•

our inability to successfully develop and lease new properties and development space;

•

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, 2013, as amended 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 44

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