DIGITAL REALTY TRUST, INC. - FORM 8-K - EX-99.2 - SUPPLEMENTAL OPERATING AND FINANCIAL DATA POSTED FEBRUARY 17, 2012.

Attached files

file	filename
8-K - FORM 8-K - DIGITAL REALTY TRUST, INC.	d302658d8k.htm
EX-99.1 - PRESS RELEASE - DIGITAL REALTY TRUST, INC.	d302658dex991.htm

Exhibit 99.2

LOGO

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011


		PAGE

Corporate Data

	Corporate Information		4

	Ownership Structure		6

Consolidated Financial Information

	Key Quarterly Financial Data		7

	Consolidated Balance Sheets		8

	Consolidated Quarterly Statements of Operations		9

	Funds From Operations and Adjusted Funds From Operations		10

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

	Same Store and New Properties Consolidated Quarterly Statements of Operations		12

	Same Store Operating Trend Summary		13

	Consolidated Debt Analysis and Global Revolving Credit Facility		14

	Debt Maturities		15

	Debt Analysis & Covenant Compliance		16

Portfolio Data

	Portfolio Summary		17

	Properties Acquired		18

	Occupancy Analysis		19

	Major Tenants		22

	Lease Expirations and Lease Distribution		23

	Lease Expirations — By Product Type		24

	Summary of Leasing Activity — Signed		25

	Summary of Leasing Activity — Commenced		26

	Historical Capital Expenditures		27

	Construction Activity Report		28

	Construction Projects in Progress and Total Estimated Direct Cost		29

Definitions

	Management Statements on Non-GAAP Supplemental Measures		30

Page 2

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Statement Regarding Forward-Looking Statements

This supplemental package contains forward-looking statements within the meaning of the federal securities laws, including information related to trends, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and redevelopment activity, projected construction costs and other forward-looking financial data. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

•

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

•

current local economic conditions in our geographic markets;

•

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

•

adverse economic or real estate developments in our industry or the industry sectors that we sell to (including risks relating to decreasing real estate valuations and impairment charges);

•

our dependence upon significant tenants;

•

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

•

defaults on or non-renewal of leases by tenants;

•

our failure to obtain necessary debt and equity financing;

•

increased interest rates and operating costs;

•

risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements;

•

financial market fluctuations;

•

changes in foreign currency exchange rates;

•

our inability to manage our growth effectively;

•

difficulty acquiring or operating properties in foreign jurisdictions;

•

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

•

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

•

delays or unexpected costs in development or redevelopment of properties;

•

decreased rental rates or increased vacancy rates;

•

increased competition or available supply of data center space;

•

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

•

difficulties in identifying properties to acquire and completing acquisitions;

•

our inability to acquire off-market properties;

•

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

•

our failure to maintain our status as a REIT;

•

possible adverse changes to tax laws;

•

restrictions on our ability to engage in certain business activities;

•

environmental uncertainties and risks related to natural disasters;

•

losses in excess of our insurance coverage;

•

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

•

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

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. We discussed a number of additional material risks in our annual report on Form 10-K for the year ended December 31, 2010, and other filings with the Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise.

Page 3

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Corporate Information

Corporate Profile

Digital Realty Trust, Inc. owns, acquires, redevelops, develops and manages technology-related real estate. The Company is focused on providing Turn-Key Datacenter^® and Powered Base Building^® datacenter solutions for domestic and international tenants across a variety of industry verticals ranging from information technology and Internet enterprises, to manufacturing and financial services. The Company’s 101 properties, excluding three properties held as investments in unconsolidated joint ventures, contain applications and operations critical to the day-to-day operations of technology industry tenants and corporate enterprise datacenter tenants. Comprising approximately 18.3 million net rentable square feet, including approximately 2.4 million square feet of space held for redevelopment, Digital Realty’s portfolio is located throughout North America, Europe, Asia and Australia. For additional information, please visit the Company’s website at www.digitalrealty.com.

Corporate Headquarters

560 Mission Street, Suite 2900

San Francisco, California 94105

Telephone: (415) 738-6500

Facsimile: (415) 738-6501

Web site: www.digitalrealty.com

Senior Management

Michael F. Foust: Chief Executive Officer

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

Scott E. Peterson: Chief Acquisitions Officer

David J. Caron: Senior Vice President, Portfolio Management

Brent Behrman, Senior Vice President, Sales

Investor Relations

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

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

Analyst Coverage


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

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

Collins Stewart	Credit Suisse	Deutsche Bank	Goldman Sachs	Green Street
Greg Miller	Andrew Roslvach	John Perry	Sloan Bohlen	Lukas Hartwich
(212) 389-8128	(415) 249-7942	(212) 250-4912	(212) 902-2796	(949) 640-8780

Eric Chu	Gautam Garg	Vincent Chao
(212) 389-9129	(415) 249-7933	(212) 250-6799

ISI	Jefferies	JMP Securities	KeyBanc Capital Markets	Macquarie
Steve Sakwa	Omotayo Okusanya	William C. Marks	Jordan Sadler	Rob Stevenson
(212) 446-9462	(212) 336-7076	(415) 835-8944	(917) 368-2280	(212) 231-8068

George Auerbach	Jonathan Petersen	Mitch Germain	Craig Mailman	Nicolas Yulico
(212) 446-9459	(212) 336-7454	(212) 906-3546	(917) 368-2316	(212) 231-8028

Morgan Joseph TriArtisan	Morgan Stanley	Raymond James	RBC Capital Markets	Stifel Nicolaus
Ilya Grozovsky	Paul Morgan	Paul D. Puryear	Dave Rodgers	Todd Weller
(212) 218-3856	(415) 576-2627	(727) 567-2253	(440) 715-2647	(443) 224-1305

	Chris Caton	William A. Crow	Mike Carroll
	(415) 576-2637	(727) 567-2594	(440) 715-2649

UBS
Ross Nussbaum
(212) 713-2484

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

Page 4

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Corporate Information

Stock Listing Information

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


Common Stock:				DLR
Series E Preferred Stock:				DLRPRE



Note that symbols may vary by stock quote provider.

Credit Ratings

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

*Moody’s*
Issuer Rating	Baa2	(Stable Outlook)
Preferred Stock	Baa3

*Fitch*
Issuer Default Rating	BBB	(Stable Outlook)
Preferred Stock	BB+

These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.

Common Stock Price Performance

The following summarizes recent activity of Digital Realty’s common stock (DLR):


	4th Quarter 2011			3rd Quarter 2011			2nd Quarter 2011			1st Quarter 2011			4th Quarter 2010			3rd Quarter 2010			2nd Quarter 2010			1st Quarter 2010
High Price *	$	67.83		$	64.09		$	64.25		$	59.34		$	62.40		$	64.06		$	64.17		$	56.60
Low Price *	$	51.75		$	50.63		$	56.34		$	50.63		$	47.42		$	56.23		$	51.77		$	46.21
Closing Price, end of quarter *	$	66.67		$	55.16		$	61.78		$	58.14		$	51.54		$	61.70		$	57.68		$	54.20
Average daily trading volume *		1,259,124			1,198,958			962,400			1,192,245			1,665,345			1,094,573			1,254,652			975,779
Indicated dividend per common share **	$	2.720		$	2.720		$	2.720		$	2.720		$	2.120		$	2.120		$	1.920		$	1.920
Closing annual dividend yield, end of quarter		4.1	%		4.9	%		4.4	%		4.7	%		4.1	%		3.4	%		3.3	%		3.5	%
Closing shares and units outstanding, end of quarter ***		110,975,409			109,127,550			103,789,573			97,555,237			96,622,670			94,895,869			92,586,978			83,638,744
Closing market value of shares and units outstanding (thousands), end of quarter	$	7,398,731		$	6,019,476		$	6,412,120		$	5,671,861		$	4,979,932		$	5,855,075		$	5,340,417		$	4,533,220

*	New York Stock Exchange trades only.

**	On an annual basis.

***

As of December 31, 2011, the total number of shares and units includes 106,039,279 shares of common stock, 3,405,814 common units held by third parties and 1,530,316 common units, vested and unvested long-term incentive units and vested and unvested class C units held by officers and directors, and excludes all unexercised common stock options and all shares potentially issuable upon exchange of our 5.50% exchangeable senior debentures due 2029 or upon conversion of our series C and series D cumulative convertible preferred stock or upon conversion of our series E cumulative redeemable preferred stock upon certain changes of control.

Page 5

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

LOGO


Partner	# of Units ⁽²⁾		% Ownership
Digital Realty Trust, Inc.		106,039,279		95.6	%
Cambay Tele.com, LLC ⁽³⁾		3,405,814		3.0	%
Directors, Executive Officers and Others		1,530,316		1.4	%

Total		110,975,409		100.0	%

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

(2)

The total number of shares and units includes 106,039,279 shares of common stock, 3,405,814 common units held by third parties and 1,530,316 common units, vested and unvested long-term incentive units and vested and unvested class C units held by officers and directors, and excludes all unexercised common stock options and all shares potentially issuable upon exchange of our 5.50% exchangeable senior debentures due 2029 or upon conversion of our series C and series D cumulative convertible preferred stock or upon conversion of our series E cumulative redeemable preferred stock upon certain changes of control.

(3)

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

Page 6

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Key Quarterly Financial Data

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


	31-Dec-11			30-Sep-11			30-Jun-11			31-Mar-11			31-Dec-10			30-Sep-10			30-Jun-10			31-Mar-10
Shares and Units at End of Quarter
Common shares outstanding		106,039,279			104,102,878			98,754,727			92,078,429			91,159,221			89,419,253			87,049,946			78,176,655
Common units outstanding		4,936,130			5,024,672			5,034,846			5,476,808			5,463,449			5,476,616			5,537,032			5,462,089

Total shares and operating partnership units		110,975,409			109,127,550			103,789,573			97,555,237			96,622,670			94,895,869			92,586,978			83,638,744

Enterprise Value
Market value of common equity ⁽¹⁾	$	7,398,731		$	6,019,476		$	6,412,120		$	5,671,861		$	4,979,932		$	5,855,075		$	5,340,417		$	4,533,220
Liquidation value of preferred equity		590,085			636,312			369,715			508,619			519,681			582,931			686,611			686,637
Total debt at balance sheet carrying value		2,940,210			2,797,040			3,067,577			3,055,429			2,806,954			2,721,599			2,124,710			2,168,209

Total enterprise value	$	10,929,026		$	9,452,828		$	9,849,412		$	9,235,909		$	8,306,567		$	9,159,605		$	8,151,738		$	7,388,066

Total debt/Total enterprise value		26.9	%		29.6	%		31.1	%		33.1	%		33.8	%		29.7	%		26.1	%		29.3	%
Selected Balance Sheet Data
Investments in real estate (before depreciation)	$	6,142,559		$	5,839,696		$	5,634,381		$	5,455,314		$	5,245,177		$	4,953,540		$	4,094,476		$	4,003,523
Total assets		6,098,566			5,826,412			5,658,405			5,537,345			5,329,483			5,170,899			4,501,032			4,147,586
Total liabilities		3,518,155			3,249,532			3,524,591			3,498,272			3,274,820			3,122,030			2,469,143			2,499,081
Selected Operating Data
Total operating revenues	$	270,612		$	273,476		$	267,881		$	250,741		$	238,672		$	237,486		$	197,464		$	191,779
Total operating expenses		189,313			201,850			191,161			176,076			166,112			177,085			143,314			136,584
Interest expense		36,856			37,078			39,334			36,082			36,583			36,737			33,162			30,902
Net income		47,197			37,689			38,228			39,012			36,298			23,626			19,902			25,586
Net income available to common stockholders		35,990			31,908			31,990			30,980			24,865			9,639			9,091			14,744
Financial Ratios
EBITDA ⁽²⁾	$	152,398		$	148,500		$	148,768		$	142,023		$	138,994		$	117,930		$	104,188		$	103,894
Adjusted EBITDA ⁽³⁾	$	163,605		$	154,281		$	155,006		$	150,055		$	150,427		$	131,917		$	114,999		$	114,736
Cash interest expense ⁽⁴⁾	$	25,239		$	54,107		$	27,349		$	45,208		$	27,404		$	36,851		$	27,062		$	22,231
Fixed charges ⁽⁵⁾	$	38,794		$	62,280		$	35,750		$	55,630		$	38,831		$	49,621		$	40,613		$	35,326
Debt service coverage ratio ⁽⁶⁾		6.5x			2.9x			5.7x			3.3x			5.5x			3.6x			4.2x			5.2x
Fixed charge coverage ratio ⁽⁷⁾		4.2x			2.5x			4.3x			2.7x			3.9x			2.7x			2.8x			3.2x
Profitability Measures
Net income per common share—basic	$	0.34		$	0.32		$	0.33		$	0.34		$	0.27		$	0.11		$	0.11		$	0.19
Net income per common share—diluted	$	0.34		$	0.31		$	0.33		$	0.33		$	0.27		$	0.11		$	0.11		$	0.18
Funds From Operations (FFO) per diluted share and unit ⁽⁸⁾	$	1.02		$	1.01		$	1.02		$	1.02		$	0.98		$	0.81		$	0.76		$	0.81
Adjusted Funds From Operations (AFFO) per diluted share and unit ⁽⁹⁾	$	0.83		$	0.84		$	0.86		$	0.90		$	0.87		$	0.75		$	0.65		$	0.67
Dividends per share and common unit	$	0.68		$	0.68		$	0.68		$	0.68		$	0.53		$	0.53		$	0.48		$	0.48
Diluted FFO payout ratio ⁽¹⁰⁾		66.6	%		67.4	%		67.0	%		66.9	%		53.9	%		65.4	%		63.4	%		59.2	%
Diluted AFFO payout ratio ⁽¹¹⁾		81.9	%		81.0	%		79.1	%		75.4	%		60.8	%		70.7	%		73.3	%		71.4	%
Portfolio Statistics
Buildings		140			136			134			133			132			131			122			118
Properties		101			98			96			96			96			95			87			84
Net rentable square feet, excluding redevelopment space		15,908,059			15,262,859			14,967,288			14,628,267			14,584,914			14,456,127			13,270,035			13,211,992
Square feet held for redevelopment ⁽¹²⁾		2,384,955			2,126,131			2,107,693			2,236,745			2,166,848			1,925,135			1,916,028			1,828,598
Occupancy at end of quarter ⁽¹³⁾		94.8	%		93.7	%		93.9	%		93.5	%		94.6	%		95.0	%		95.0	%		95.2	%
Weighted average remaining lease term (years) ⁽¹⁴⁾		7.0			7.0			6.8			6.9			6.9			6.9			7.2			7.2
Same store occupancy at end of quarter ^(13)(15)		95.3	%		94.2	%		94.2	%		93.8	%		94.9	%		94.8	%		94.9	%		95.2	%

(1)

The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in our operating partnership, including common units and vested and unvested long-term incentive units (including vested and unvested class C units), for shares of our common stock. Excludes shares issuable with respect to stock options that have been granted but have not yet been exercised, and also excludes all shares potentially issuable upon exchange of our 5.50% exchangeable senior debentures due 2029 or upon conversion of our series C and series D cumulative convertible preferred stock.

(2)	EBITDA is calculated as earnings before interest, taxes, depreciation and amortization. For a discussion of EBITDA, see page 30. For a reconciliation of net income available to common stockholders to EBITDA, see page 11.

(3)	Adjusted EBITDA is EBITDA adjusted for preferred dividends and non-controlling interests. For a discussion of Adjusted EBITDA, see page 30. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 11.

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

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

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

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

(8)	For a definition and discussion of FFO, see page 30. For a reconciliation of net income available to common stockholders to FFO, see page 10.

(9)	For a definition and discussion of AFFO, see page 30. For a reconciliation of FFO to AFFO, see page 10.

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

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

(12)

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

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

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

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

Page 7

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Consolidated Balance Sheets

(Dollars in thousands, except per share data)


	December 31, 2011			December 31, 2010
	(unaudited)
ASSETS
Investments in real estate
Land	$	555,113		$	478,629
Acquired ground leases		6,214			6,374
Buildings and improvements		5,253,754			4,459,047
Tenant improvements		303,502			283,492

Investments in real estate		6,118,583			5,227,542
Accumulated depreciation and amortization		(900,044	)		(660,700	)

Net investments in properties		5,218,539			4,566,842
Investment in unconsolidated joint ventures		23,976			17,635

Net investments in real estate		5,242,515			4,584,477
Cash and cash equivalents		40,631			11,719
Accounts and other receivables, net of allowance for doubtful accounts of $2,436 and $3,250 as of December 31, 2011 and December 31, 2010, respectively		90,580			70,337
Deferred rent		246,815			190,067
Acquired above market leases, net		29,701			40,539
Acquired in place lease value and deferred leasing costs, net		335,381			334,366
Deferred financing costs, net		29,849			22,825
Restricted cash		55,165			60,062
Other assets		27,929			15,091

Total Assets	$	6,098,566		$	5,329,483

LIABILITIES AND EQUITY
Revolving credit facilities		275,106		$	333,534
Unsecured senior notes, net of discount		1,441,072			1,066,030
Exchangeable senior debentures, net of discount		266,400			353,702
Mortgage loans		947,132			1,043,188
Other secured loans		10,500			10,500
Accounts payable and other accrued liabilities		315,133			237,631
Accrued dividends and distributions		75,455			51,210
Acquired below market leases, net		85,819			93,250
Security deposits and prepaid rents		101,538			85,775

Total Liabilities		3,518,155			3,274,820

Commitments and contingencies		—			—
EQUITY:
Stockholders’ equity:
Preferred Stock: $0.01 par value, 30,000,000 authorized:
Series C Cumulative Convertible Preferred Stock, 4.375%, $128,159 and $174,999 liquidation preference, respectively ($25.00 per share), 5,126,364 and 6,999,955 shares issued and outstanding as of December 31, 2011 and December 31, 2010, respectively		123,820			169,067
Series D Cumulative Convertible Preferred Stock, 5.500%, $174,426 and $344,683 liquidation preference, respectively ($25.00 per share), 6,977,055 and 13,787,300 shares issued and outstanding as of December 31, 2011 and December 31, 2010, respectively		168,669			333,274
Series E Cumulative Redeemable Preferred Stock, 7.000%, $287,500 and $0 liquidation preference, respectively ($25.00 per share), 11,500,000 and 0 shares issued and outstanding as of December 31, 2011 and December 31, 2010, respectively		277,292			—
Common Stock: $0.01 par value, 165,000,000 authorized, 106,039,279 and 91,159,221 shares issued and outstanding as of December 31, 2011 and December 31, 2010, respectively		1,057			909
Additional paid-in capital		2,496,651			1,849,497
Dividends in excess of earnings		(488,692	)		(348,148	)
Accumulated other comprehensive income, net		(55,880	)		(42,081	)

Total stockholders’ equity		2,522,917			1,962,518

Noncontrolling interests:
Noncontrolling interest in operating partnership		45,057			52,436
Noncontrolling interest in consolidated joint ventures		12,437			39,709

Total noncontrolling interests		57,494			92,145

Total Equity		2,580,411			2,054,663

Total Liabilities and Equity	$	6,098,566		$	5,329,483

Page 8

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Consolidated Quarterly Statements of Operations

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


	Three Months Ended
	31-Dec-11			30-Sep-11			30-Jun-11			31-Mar-11			31-Dec-10			30-Sep-10			30-Jun-10			31-Mar-10
Rental	$	214,264		$	206,846		$	202,806		$	196,795		$	189,684		$	184,204		$	156,831		$	151,306
Tenant reimbursements		52,010			56,656			51,311			51,834			46,451			52,975			39,597			39,059
Construction management		4,338			9,372			13,759			1,817			2,166			307			1,036			1,414
Other		—			602			5			295			371			—			—			—

Total operating revenues		270,612			273,476			267,881			250,741			238,672			237,486			197,464			191,779

Rental property operating and maintenance		81,698			82,164			72,337			71,723			69,832			73,863			53,936			52,595
Property taxes		9,458			13,055			13,962			13,471			4,933			14,030			12,748			12,721
Insurance		2,014			1,961			1,998			2,051			2,384			2,168			1,846			1,735
Construction management		2,388			7,391			11,199			1,737			131			293			470			647
Depreciation and amortization		80,612			79,047			76,848			73,918			76,383			70,128			59,860			57,532
General and administrative		12,542			14,600			14,077			12,405			12,225			11,878			12,574			10,519
Transactions		601			3,632			740			681			224			4,666			1,715			833
Other		—			—			—			90			—			59			165			2

Total operating expenses		189,313			201,850			191,161			176,076			166,112			177,085			143,314			136,584

Operating income		81,299			71,626			76,720			74,665			72,560			60,401			54,150			55,195
Equity in earnings of unconsolidated joint ventures		1,296			1,390			1,058			1,208			1,260			1,061			955			1,978
Interest and other income		398			2,218			380			264			224			327			34			31
Interest expense		(36,856	)		(37,078	)		(39,334	)		(36,082	)		(36,583	)		(36,737	)		(33,162	)		(30,902	)
Tax benefit (expense)		1,164			(461	)		(233	)		(428	)		(258	)		(343	)		(534	)		(716	)
Loss from early extinguishment of debt		(104	)		(6	)		(363	)		(615	)		(905	)		(1,083	)		(1,541	)		—

Net income		47,197			37,689			38,228			39,012			36,298			23,626			19,902			25,586
Net income attributable to noncontrolling interests		(1,481	)		(1,345	)		(1,525	)		(1,510	)		(1,077	)		(590	)		(710	)		(741	)

Net income attributable to Digital Realty Trust, Inc.		45,716			36,344			36,703			37,502			35,221			23,036			19,192			24,845
Preferred stock dividends		(9,726	)		(4,436	)		(4,713	)		(6,522	)		(7,608	)		(9,194	)		(10,101	)		(10,101	)
Costs on redemption of preferred stock		—			—			—			—			(2,748	)		(4,203	)		—			—

Net income available to common stockholders	$	35,990		$	31,908		$	31,990		$	30,980		$	24,865		$	9,639		$	9,091		$	14,744

Net income per share available to common stockholders—basic	$	0.34		$	0.32		$	0.33		$	0.34		$	0.27		$	0.11		$	0.11		$	0.19
Net income per share available to common stockholders—diluted	$	0.34		$	0.31		$	0.33		$	0.33		$	0.27		$	0.11		$	0.11		$	0.18
Weighted-average shares outstanding—basic		105,134,719			100,588,235			96,295,585			91,428,355			90,698,033			87,908,953			80,542,329			77,770,691
Weighted-average shares outstanding—diluted		105,584,344			101,912,342			97,511,811			92,600,215			92,448,830			90,136,911			83,021,817			80,612,660
Weighted-average fully diluted shares and units		110,052,443			105,478,907			102,272,613			98,117,454			97,330,548			95,042,658			88,295,639			86,075,069

Page 9

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Funds From Operations (FFO)

(unaudited and in thousands, except per share data)


	Three Months Ended
	31-Dec-11			30-Sep-11			30-Jun-11			31-Mar-11			31-Dec-10			30-Sep-10			30-Jun-10			31-Mar-10
Reconciliation of net income available to common stockholders to FFO (Note):
Net income available to common stockholders	$	35,990		$	31,908		$	31,990		$	30,980		$	24,865		$	9,639		$	9,091		$	14,744
Adjustments:
Noncontrolling interests in operating partnership		1,530			1,421			1,582			1,652			1,336			537			560			973
Real estate related depreciation and amortization ⁽¹⁾		80,086			78,550			76,405			73,506			75,983			69,810			59,517			57,175
Real estate related depreciation and amortization related to investment in unconsolidated joint ventures		985			918			893			892			724			1,058			688			773

FFO available to common stockholders and unitholders	$	118,591		$	112,797		$	110,870		$	107,030		$	102,908		$	81,044		$	69,856		$	73,665

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

Weighted-average shares and units outstanding—basic		109,603			105,069			101,056			96,303			95,580			93,421			86,150			83,233
Weighted-average shares and units outstanding—diluted ⁽²⁾		123,875			120,235			117,845			115,730			115,618			113,235			106,386			104,142
(1) Real estate related depreciation and amortization was computed as follows:
Depreciation and amortization per income statement	$	80,612		$	79,047		$	76,848		$	73,918		$	76,383		$	70,128		$	59,860		$	57,532
Non-real estate depreciation		(526	)		(497	)		(443	)		(412	)		(400	)		(318	)		(343	)		(357	)

	$	80,086		$	78,550		$	76,405		$	73,506		$	75,983		$	69,810		$	59,517		$	57,175


(2) At December 31, 2011, we had 5,126 series C convertible preferred shares and 6,977 series D convertible preferred shares outstanding that were convertible into 2,778 common shares and 4,660 common shares on a weighted average basis for the three months ended December 31, 2011, respectively. For the three months and year ended December 31, 2011, we have excluded the effect of dilutive series E preferred stock, that may be converted upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series E preferred stock, which we consider highly improbable; if included, the dilutive effect for the three months and year ended December 31, 2011 would be 4,432 and 1,311 shares, respectively. In addition, we had a balance of $266,400 of 5.50% exchangeable senior debentures that were exchangeable for 6,384 common shares on a weighted average basis for the three months ended December 31, 2011. See below for calculations of diluted FFO available to common stockholders and unitholders and weighted average common stock and units outstanding.

FFO available to common stockholders and unitholders	$	118,591		$	112,797		$	110,870		$	107,030		$	102,908		$	81,044		$	69,856		$	73,665
Add: Series C convertible preferred dividends		1,402			1,402			1,441			1,832			1,914			1,914			1,914			1,914
Add: Series D convertible preferred dividends		2,398			3,034			3,272			4,690			4,739			4,739			4,742			4,742
Add: 5.50% exchangeable senior debentures interest expense		4,050			4,050			4,050			4,050			4,050			4,050			4,050			4,050

FFO available to common stockholders and unitholders — diluted	$	126,441		$	121,283		$	119,633		$	117,602		$	113,611		$	91,747		$	80,562		$	84,371

Weighted average common stock and units outstanding		109,603			105,069			101,056			96,303			95,580			93,421			86,150			83,233
Add: Effect of dilutive securities (excl. series C & D convert. preferred stock & 5.50% debentures)		450			410			1,216			1,172			1,751			1,622			2,146			2,842
Add: Effect of dilutive series C convertible preferred stock		2,778			2,784			2,865			3,652			3,703			3,666			3,657			3,657
Add: Effect of dilutive series D convertible preferred stock		4,660			5,604			6,419			8,333			8,314			8,316			8,238			8,215
Add: Effect of dilutive 5.50% exchangeable senior debentures		6,384			6,368			6,289			6,270			6,270			6,210			6,195			6,195

Weighted average common stock and units outstanding — diluted		123,875			120,235			117,845			115,730			115,618			113,235			106,386			104,142

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

Adjusted Funds From Operations (AFFO)

(unaudited and in thousands)


	Three Months Ended
	31-Dec-11			30-Sep-11			30-Jun-11			31-Mar-11			31-Dec-10			30-Sep-10			30-Jun-10			31-Mar-10
Reconciliation of FFO to AFFO (Note):
FFO available to common stockholders and unitholders	$	118,591		$	112,797		$	110,870		$	107,030		$	102,908		$	81,044		$	69,856		$	73,665
Adjustments:
Non-real estate depreciation		526			497			443			412			400			318			343			357
Amortization of deferred financing costs		2,209			2,285			2,510			2,451			2,410			2,715			2,929			2,406
Amortization of debt discount		244			241			749			998			933			781			1,082			1,025
Non-cash compensation		3,167			3,560			3,739			2,963			2,803			2,942			3,229			2,188
Loss from early extinguishment of debt		104			6			363			615			905			1,083			1,541			—
Straight line rents		(15,089	)		(14,166	)		(14,305	)		(12,749	)		(11,948	)		(11,861	)		(10,560	)		(11,099	)
Above and below market rent amortization		(2,274	)		(1,989	)		(1,860	)		(1,814	)		(1,813	)		(1,800	)		(2,422	)		(2,283	)
Capitalized leasing compensation		(2,610	)		(2,734	)		(2,721	)		(2,443	)		(1,930	)		(1,760	)		(2,026	)		(1,887	)
Recurring capital expenditures and tenant improvements		(3,525	)		(2,650	)		(777	)		(687	)		(2,667	)		(735	)		(178	)		(2,024	)
Capitalized leasing commissions		(6,401	)		(5,350	)		(6,486	)		(3,029	)		(4,797	)		(2,925	)		(4,866	)		(3,156	)
Costs on redemption of preferred stock		—			—			—			—			2,748			4,203			—			—

AFFO available to common stockholders and unitholders	$	94,942		$	92,497		$	92,525		$	93,747		$	89,952		$	74,005		$	58,928		$	59,192

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

Page 10

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

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

(unaudited and in thousands)


	Three Months Ended
	31-Dec-11			30-Sep-11		30-Jun-11		31-Mar-11		31-Dec-10		30-Sep-10		30-Jun-10		31-Mar-10
Net income available to common stockholders	$	35,990		$	31,908	$	31,990	$	30,980	$	24,865	$	9,639	$	9,091	$	14,744
Interest		36,856			37,078		39,334		36,082		36,583		36,737		33,162		30,902
Loss from early extinguishment of debt		104			6		363		615		905		1,083		1,541		—
Taxes		(1,164	)		461		233		428		258		343		534		716
Depreciation and amortization		80,612			79,047		76,848		73,918		76,383		70,128		59,860		57,532

EBITDA		152,398			148,500		148,768		142,023		138,994		117,930		104,188		103,894
Noncontrolling interests		1,481			1,345		1,525		1,510		1,077		590		710		741
Preferred stock dividends		9,726			4,436		4,713		6,522		7,608		9,194		10,101		10,101
Costs on redemption of preferred stock		—			—		—		—		2,748		4,203		—		—

Adjusted EBITDA	$	163,605		$	154,281	$	155,006	$	150,055	$	150,427	$	131,917	$	114,999	$	114,736

(1)	For the definition and discussion of EBITDA and Adjusted EBITDA, see page 30.

Financial Ratios

(unaudited and in thousands)


	31-Dec-11			30-Sep-11			30-Jun-11			31-Mar-11			31-Dec-10			30-Sep-10			30-Jun-10			31-Mar-10
Total GAAP interest expense	$	36,856		$	37,078		$	39,334		$	36,082		$	36,583		$	36,737		$	33,162		$	30,902
Capitalized interest		4,262			4,755			4,222			4,666			3,100			2,723			2,511			1,907
Change in accrued interest and other non-cash amounts		(15,879	)		12,274			(16,207	)		4,460			(12,279	)		(2,609	)		(8,611	)		(10,578	)

Cash interest expense (a)		25,239			54,107			27,349			45,208			27,404			36,851			27,062			22,231
Scheduled debt principal payments and preferred dividends		13,555			8,173			8,401			10,422			11,427			12,770			13,551			13,095

Total fixed charges (b)	$	38,794		$	62,280		$	35,750		$	55,630		$	38,831		$	49,621		$	40,613		$	35,326

Debt service coverage ratio based on GAAP interest expense (c)		4.4x			4.2x			3.9x			4.2x			4.1x			3.6x			3.5x			3.7x
Debt service coverage ratio based on cash interest expense (c)		6.5x			2.9x			5.7x			3.3x			5.5x			3.6x			4.2x			5.2x
Fixed charge coverage ratio based on GAAP interest expense (d)		3.2x			3.4x			3.2x			3.2x			3.1x			2.7x			2.5x			2.6x
Fixed charge coverage ratio based on cash interest expense (d)		4.2x			2.5x			4.3x			2.7x			3.9x			2.7x			2.8x			3.2x
Debt to total enterprise value including debt and preferred equity (e)		26.9	%		29.6	%		31.1	%		33.1	%		33.8	%		29.7	%		26.1	%		29.3	%
Debt plus preferred stock to total enterprise value including debt and preferred equity (f)		32.3	%		36.3	%		34.9	%		38.6	%		40.0	%		36.1	%		34.5	%		38.6	%
Pretax income to interest expense (g)		2.3x			2.0x			2.0x			2.1x			2.0x			1.6x			1.6x			1.8x
Net Debt to Adjusted EBITDA (h)		4.4x			4.5x			4.9x			5.0x			4.6x			5.0x			3.9x			4.6x

(a)

Cash interest expense is interest expense less amortization of debt discount and deferred financing fees and includes interest that we capitalized. We consider cash interest expense to be a useful measure of interest as it excludes non-cash based interest expense.

(b)

For a definition of fixed charges, see page 7.

(c)

Adjusted EBITDA divided by interest expense.

(d)

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

(e)

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

(f)

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

(g)

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

(h)

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

Page 11

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Same Store and New Properties Consolidated Quarterly Statements of Operations

(unaudited and in thousands)


	Three Months Ended
	31-Dec-11			30-Sep-11			30-Jun-11			31-Mar-11			31-Dec-10			30-Sep-10			30-Jun-10			31-Mar-10
Same store ⁽¹⁾
Operating Revenues:
Rental	$	166,966		$	160,672		$	157,650		$	153,062		$	151,846		$	148,577		$	143,031		$	141,221
Tenant reimbursements—Utilities		23,578			25,705			22,608			22,050			20,614			23,879			19,410			18,144
Tenant reimbursements—Other		12,720			15,234			15,540			16,369			13,312			16,477			16,463			17,694
Construction management ⁽²⁾		—			—			—			—			—			—			—			—
Other		—			602			—			295			371			—			—			—

Total operating revenues		203,264			202,213			195,798			191,776			186,143			188,933			178,904			177,059

Operating Expenses:
Rental property operating and maintenance—Utilities		28,262			31,326			27,353			27,860			25,290			30,487			24,417			24,876
Rental property operating and maintenance—Other		30,215			25,754			23,502			23,652			25,171			24,436			22,929			22,888
Property taxes		6,529			10,404			11,090			10,978			5,253			11,628			11,071			11,464
Insurance		1,532			1,560			1,579			1,543			1,581			1,777			1,743			1,662
Construction management ⁽²⁾		—			—			—			—			—			—			—			—
Depreciation and amortization		63,627			62,022			60,692			58,668			61,342			56,308			55,419			54,348
General and administrative ⁽³⁾		12,542			14,600			14,077			12,405			12,225			11,878			12,574			10,519
Transactions		—			—			—			—			—			—			—			—
Other		—			—			—			90			—			59			165			2

Total operating expenses		142,707			145,666			138,293			135,196			130,862			136,573			128,318			125,759

Operating income		60,557			56,547			57,505			56,580			55,281			52,360			50,586			51,300
Other Income (Expenses):
Equity in earnings of unconsolidated joint ventures		1,346			1,453			1,105			1,249			1,270			1,177			955			1,978
Interest and other income		394			2,221			370			255			213			297			34			31
Interest expense ⁽⁴⁾		(36,181	)		(36,896	)		(39,176	)		(35,914	)		(36,392	)		(36,647	)		(33,162	)		(30,902	)
Tax expense		1,295			(318	)		(205	)		(417	)		(258	)		(347	)		(530	)		(716	)
Loss from early extinguishment of debt		(104	)		(6	)		(363	)		(615	)		(905	)		(1,083	)		(1,541	)		—

Net income	$	27,307		$	23,001		$	19,236		$	21,138		$	19,209		$	15,757		$	16,342		$	21,691

New properties ⁽¹⁾
Operating Revenues:
Rental	$	47,298		$	46,174		$	45,156		$	43,733		$	37,838		$	35,627		$	13,800		$	10,085
Tenant reimbursements—Utilities		13,936			14,011			10,756			10,866			10,667			12,344			2,410			2,872
Tenant reimbursements—Other		1,776			1,706			2,407			2,549			1,858			275			1,314			349
Construction management ⁽²⁾		4,338			9,372			13,759			1,817			2,166			307			1,036			1,414
Other		—			—			5			—			—			—			—			—

Total operating revenues		67,348			71,263			72,083			58,965			52,529			48,553			18,560			14,720

Operating Expenses:
Rental property operating and maintenance—Utilities		13,721			15,031			11,153			11,305			10,776			12,045			3,540			3,787
Rental property operating and maintenance—Other		9,500			10,053			10,329			8,906			8,595			6,895			3,050			1,044
Property taxes		2,929			2,651			2,872			2,493			(320	)		2,402			1,677			1,257
Insurance		482			401			419			508			803			391			103			73
Construction management ⁽²⁾		2,388			7,391			11,199			1,737			131			293			470			647
Depreciation and amortization		16,985			17,025			16,156			15,250			15,041			13,820			4,441			3,184
General and administrative ⁽³⁾		—			—			—			—			—			—			—			—
Transactions		601			3,632			740			681			224			4,666			1,715			833
Other		—			—			—			—			—			—			—			—

Total operating expenses		46,606			56,184			52,868			40,880			35,250			40,512			14,996			10,825

Operating income		20,742			15,079			19,215			18,085			17,279			8,041			3,564			3,895
Other Income (Expenses):
Equity in earnings of unconsolidated joint ventures		(50	)		(63	)		(47	)		(41	)		(10	)		(116	)		—			—
Interest and other income		4			(3	)		10			9			11			30			—			—
Interest expense ⁽⁴⁾		(675	)		(182	)		(158	)		(168	)		(191	)		(90	)		—			—
Tax expense		(131	)		(143	)		(28	)		(11	)		—			4			(4	)		—
Loss from early extinguishment of debt		—			—			—			—			—			—			—			—

Net Income	$	19,890		$	14,688		$	18,992		$	17,874		$	17,089		$	7,869		$	3,560		$	3,895

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

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

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

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

Page 12

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Same Store Operating Trend Summary

(unaudited and in thousands)


	Three Months Ended
	31-Dec-11			30-Sep-11			Percentage Change			31-Dec-10			Percentage Change
Same store ⁽¹⁾
Rental ⁽²⁾	$	166,966		$	160,672			3.9	%	$	151,846			10.0	%
Tenant reimbursements - Utilities		23,578			25,705			(8.3	%)		20,614			14.4	%
Tenant reimbursements - Other		12,720			15,234			(16.5	%)		13,312			(4.4	%)

		203,264			201,611			0.8	%		185,772			9.4	%
Rental property operating and maintenance - Utilities		28,262			31,326			(9.8	%)		25,290			11.8	%
Rental property operating and maintenance - Other		30,215			25,754			17.3	%		25,171			20.0	%
Property taxes		6,529			10,404			(37.2	%)		5,253			24.3	%
Insurance		1,532			1,560			(1.8	%)		1,581			(3.1	%)

		66,538			69,044			(3.6	%)		57,295			16.1	%

Net Operating Income ⁽³⁾	$	136,726		$	132,567			3.1	%	$	128,477			6.4	%

Same store occupancy at end of quarter ⁽⁴⁾		95.3	%		94.2	%					94.9	%

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

(2)	For the periods presented, same store straight-line rent was $10,706, $11,072 and $9,625, respectively, and non-cash purchase accounting adjustments were $1,936, $1,903, and $1,903, respectively.

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

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

Page 13

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Consolidated Debt Analysis

(unaudited, in thousands)


	Maturity Date		Principal Balance as of December 31, 2011			% of Debt			Interest Rate as of December 31, 2011			Interest Rate as of December 31, 2011 including caps and swaps
Revolving Credit Facilities
Global revolving credit facility ^{(1) (2)}		November 2, 2016		275,106			9.4	%		1.67	%

			$	275,106			9.4	%
Unsecured senior notes:
Prudential Shelf Facility:
Series B		November 5, 2013		33,000			1.1	%		9.32	%
Series C		January 6, 2016		25,000			0.9	%		9.68	%
Series D		January 20, 2015		50,000			1.7	%		4.57	%
Series E		January 20, 2017		50,000			1.7	%		5.73	%
Series F		February 3, 2015		17,000			0.6	%		4.50	%

Total Prudential Shelf Facility			$	175,000			6.0	%
Senior Notes:
5.875% notes due 2020		February 1, 2020		500,000			17.0	%		5.88	%
4.50% notes due 2015		July 15, 2015		375,000			12.8	%		5.25	%
5.25% notes due 2021		March 15, 2021		400,000			13.6	%		4.50	%
Unamortized discounts				(8,928	)		-0.3	%

Total senior notes			$	1,266,072			43.1	%
Total unsecured senior notes			$	1,441,072			49.1	%
Exchangeable senior debentures:
5.50% exchangeable senior debentures due 2029		April 15, 2029		266,400			9.0	%		5.50	%

Total exchangeable senior debentures			$	266,400			9.0	%
Mortgage loans:
114 Rue Ambroise Croizat		January 18, 2012		⁽³⁾ 39,483			1.3	%		2.90	%		5.13	%
Unit 9, Blanchardstown Corporate Park		January 18, 2012		⁽³⁾ 33,946			1.2	%		2.90	%		5.35	%
1350 Duane Avenue/3080 Raymond Street		October 1, 2012		⁽⁴⁾ 52,800			1.8	%		5.42	%
800 Central Expressway		June 9, 2013		10,000			0.3	%		5.75	%
1201 Comstock Street		June 24, 2013		⁽²⁾ 16,163			0.5	%		3.74	%
Paul van Vlissingenstraat 16		July 18, 2013		13,319			0.5	%		3.15	%		5.58	%
Chemin de l’Epinglier 2		July 18, 2013		9,636			0.3	%		3.05	%		5.57	%
1500 Space Park Drive		October 5, 2013		37,875			1.3	%		6.15	%
Gyroscoopweg 2E-2F		October 18, 2013		8,480			0.3	%		3.05	%		5.49	%
360 Spear Street		November 8, 2013		47,569			1.6	%		6.32	%
Mundells Roundabout		November 30, 2013		66,563			2.3	%		2.15	%		4.18	%
Clonshaugh Industrial Estate II		September 4, 2014		38,883			1.3	%		6.05	%		7.20	%
Cressex 1		October 16, 2014		27,786			0.9	%		5.68	%
Manchester Technopark		October 16, 2014		8,453			0.3	%		5.68	%
Secured Term Debt		November 11, 2014		138,828			4.7	%		5.65	%
200 Paul Avenue 1-4		October 8, 2015		74,458			2.5	%		5.74	%
600 West Seventh Street		March 15, 2016		52,709			1.8	%		5.80	%
34551 Ardenwood Boulevard 1-4		November 11, 2016		53,627			1.8	%		5.95	%
2334 Lundy Place		November 11, 2016		39,003			1.3	%		5.96	%
1100 Space Park Drive		December 11, 2016		53,609			1.8	%		5.89	%
2045 & 2055 LaFayette Street		February 6, 2017		65,551			2.2	%		5.93	%
150 South First Street		February 6, 2017		51,508			1.8	%		6.30	%
731 East Trade Street		July 1, 2020		4,806			0.2	%		8.22	%
Unamortized net premiums				2,077			0.1	%

			$	947,132			32.1	%
Other secured loans:
800 Central Expressway Mezzanine		June 9, 2013		10,500			0.4	%		9.50	%		9.50	%

Total other secured loans:			$	10,500			0.4	%
Total Consolidated Debt			$	2,940,210			100.0	%

Weighted average cost of debt (including interest rate caps and swaps)													5.19	%

(1)	On November 3, 2011, the global revolving credit facility replaced the corporate revolving credit facility and Asia Pacific revolving credit facility.

(2)	Assumes all extensions will be exercised.

(3)	Mortgage loans paid off at maturity in January 2012.

(4)	We anticipate paying off this mortgage loan on September 1, 2012, without penalty.


Global Revolving Credit Facility
(in thousands)
	Maximum Available as of December 31, 2011		Available as of December 31, 2011 ⁽⁴⁾		Drawn as of December 31, 2011
Global Revolving Credit Facility	$	1,500,000	$	1,202,500	$	275,106

(4)	Net of letters of credit issued.

Page 14

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Debt Maturities

(unaudited, in thousands)


		2012		2013		2014		2015		2016		Thereafter		Total
Global revolving credit facility	⁽¹⁾	$	—	$	—	$	—	$	—	$	275,106	$	—	$	275,106
Prudential shelf facility senior notes			—		33,000		—		67,000		25,000		50,000		175,000
Secured Term Debt	⁽²⁾		2,836		3,026		132,966		—		—		—		138,828
200 Paul Avenue 1-4			1,812		1,932		2,048		68,666		—		—		74,458
Mundells Roundabout			—		66,563		—		—		—		—		66,563
2045 & 2055 LaFayette Street			941		999		1,061		1,126		1,196		60,228		65,551
34551 Ardenwood Boulevard 1-4			711		765		812		862		50,477		—		53,627
1100 Space Park Drive			720		774		821		871		50,423		—		53,609
600 West Seventh Street			1,535		1,626		1,723		1,825		46,000		—		52,709
1350 Duane Avenue/3080 Raymond Street			52,800		—		—		—		—		—		52,800
150 South First Street			679		732		781		832		878		47,606		51,508
360 Spear Street			956		46,613		—		—		—		—		47,569
114 Rue Ambroise Croizat	⁽³⁾		39,483		—		—		—		—		—		39,483
2334 Lundy Place			517		555		590		627		36,714		—		39,003
Clonshaugh Industrial Estate II			—		—		38,883		—		—		—		38,883
1500 Space Park Drive			2,192		35,683		—		—		—		—		37,875
Unit 9, Blanchardstown Corporate Park	⁽³⁾		33,946		—		—		—		—		—		33,946
Cressex 1			477		477		477		26,355		—		—		27,786
1201 Comstock Street	⁽¹⁾		867		15,296		—		—		—		—		16,163
Paul van Vlissingenstraat 16			218		13,101		—		—		—		—		13,319
800 Central Expressway Mezzanine			—		10,500		—		—		—		—		10,500
800 Central Expressway			—		10,000		—		—		—		—		10,000
Chemin de l’Epinglier 2			157		9,479		—		—		—		—		9,636
Gyroscoopweg 2E-2F			138		8,342		—		—		—		—		8,480
Manchester Technopark			145		145		145		8,018		—		—		8,453
731 East Trade Street			297		323		350		416		503		2,917		4,806
5.875% notes due 2020			—		—		—		—		—		500,000		500,000
4.50% notes due 2015			—		—		—		375,000		—		—		375,000
5.25% notes due 2021			—		—		—		—		—		400,000		400,000
5.50% exchangeable senior debentures due 2029	⁽⁴⁾		—		—		266,400		—		—		—		266,400

Total		$	141,427	$	259,931	$	447,057	$	551,598	$	486,297	$	1,060,751	$	2,947,061

Weighted Average Term to Initial Maturity	⁽⁴⁾				4.8 Years
Weighted Average Term to Initial Maturity (assuming exercise of extension options)	⁽⁴⁾				4.9 Years

(1)	Assumes all extensions will be exercised.

(2)	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.

(3)	Mortgage loans paid off at maturity in January 2012.

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

Note: Total excludes $2,077 of loan premiums, net and ($7,258), ($827), and ($843) of debt discount on 5.875% unsecured senior notes due 2020, 4.50% unsecured senior notes due 2015, and 5.25% unsecured senior notes due 2021, respectively.

Page 15

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Debt Analysis & Covenant Compliance

(unaudited)


Debt Covenant Ratios ⁽¹⁾:	As of December 31, 2011
	4.50% Notes due 2015, 5.875% Notes due 2020 & 5.25% Notes due 2021		Global Revolving Credit Facility
	Required	Actual	Required	Actual
Total Outstanding Debt / Total Assets ⁽²⁾	Less than 60%	38%	Less than 60%⁽³⁾	32%
Secured Debt / Total Assets ⁽⁴⁾	Less than 40%	12%	Less than 40%	11%
Total Unencumbered Assets / Unsecured Debt	Greater than 150%	323%		N/A
Consolidated EBITDA / Interest Expense ⁽⁵⁾	Greater than 1.50x	3.6 x		N/A
Fixed Charge Coverage		N/A	Greater than 1.50x	3.1 x
Unsecured Debt / Total Unencumbered Asset Value ⁽⁶⁾		N/A	Less than 60%	35%
Unencumbered Assets Debt Service Coverage Ratio		N/A	Greater than 1.50x	4.5 x

(1)

For a definition of the capitalized terms used in the table above and related footnotes, please refer to: the Indenture dated January 28, 2010, which governs the 5.875% Notes due 2020; the Indenture dated July 8, 2010, which governs the 4.50% Notes due 2015; the Indenture dated March 8, 2011, which governs the 5.25% Notes due 2021; and the Global Senior Credit Agreement dated as of November 3, 2011, which are or will be 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 Global Revolving Credit Facility, Total Asset Value is calculated using Adjusted Net Operating Income capped at 8.25% for Data Center Assets and 7.50% for Other Assets.

(3)

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

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

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

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

Page 16

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Portfolio Summary

As of December 31, 2011


	12/31/2011			9/30/2011
Number of Properties:
Domestic		84			81
International		17			17

		101	⁽¹⁾		98	⁽¹⁾
Number of Buildings:
Domestic		119			115
International		21			21

		140			136
Number of Markets:
Domestic ⁽²⁾		21			21
International ⁽³⁾		10			10

		31			31
Net Rentable Square Feet:
Domestic		14,343,240			13,728,652
International		1,564,819			1,534,207

		15,908,059			15,262,859
Redevelopment Square Feet:
Domestic		1,987,845			1,698,409
International		397,110			427,722

		2,384,955			2,126,131
Portfolio Occupancy ⁽⁴⁾		94.8	%		93.7	%
Same Store Pool Occupancy ⁽⁴⁾		95.3	%		94.2	%
Average Original Lease Term (years)		13.9			13.7
Average Remaining Lease Term (years)		7.0			7.0
Lease Expirations (through 2012)		3.2	%		3.5	%

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

(2)	One market includes developable land in Portland, Oregon.

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

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

Page 17

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Properties Acquired

For the three months ended December 31, 2011


Property	Metropolitan Area	Date Acquired	Purchase Price (in millions)			Net Rentable Square Footage of Property ⁽¹⁾		Total Square Footage Held for Redevelopment		Percentage of Total Rentable Square Footage of Property Occupied⁽²⁾
Profile Park ⁽³⁾	Dublin, Ireland	Oct-11		6.3			—		—		0.0	%
760 Doug Davis Drive	Atlanta	Dec-11		63.0			334,306		—		100.0	%
1506-1510 Moran Road ⁽⁴⁾	Northern Virginia	Dec-11		2.8			13,626		—		100.0	%
360 Spear Street	San Francisco	Dec-11		85.0	⁽⁵⁾		154,950		—		100.0	%

			$	157.1			502,882		—		100.0	%

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

(2)	Occupancy percentages are calculated net of square footage held for redevelopment.

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

(4)	Represents acquisition of property that was subsequently contributed to a joint venture in February 2012. We have a 75% ownership interest in the joint venture that owns the property. The property consists of a 100% occupied data center along with developable land adjacent to the data center.

(5)	Assumed mortgage loan of $47.6 million.

Page 18

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Occupancy Analysis

As of December 31, 2011

(Dollar amounts in thousands)


												Occupancy ⁽²⁾															Not Rentable Square Feet as a % of			Annualized Rent as a % of
Property			Acquisition Date		Property Type	Net Rentable Square Feet		Redevelopment Space		Annualized Rent ($000) ⁽¹⁾		As of 12/31/11			As of 09/30/11			As of 06/30/11			As of 03/31/11			As of 12/31/10			Total Portfolio			Total Portfolio
NORTH AMERICA
Silicon Valley
1350 Duane & 3080 Raymond				Oct-09	Corporate Datacenters		185,000		—		9,987		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.2	%		1.3	%
3011 Lafayette Street				Jan-07	Corporate Datacenters		90,780		—		9,948		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.6			1.3
1500 Space Park Drive				Sep-07	Corporate Datacenters		51,615		—		9,053		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			1.1
1525 Comstock Street				Sep-09	Corporate Datacenters		42,385		—		8,951		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			1.1
1100 Space Park Drive				Nov-04	Internet Gateway Datacenters		153,205		12,092		7,423		100.0	%		92.7	%		100.0	%		100.0	%		100.0	%		1.0			0.9
2045 & 2055 LaFayette Street				May-04	Corporate Datacenters		300,000		—		7,020		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.9			0.9
150 South First Street				Sep-04	Corporate Datacenters		179,761		—		6,699		99.0	%		98.3	%		98.3	%		98.3	%		98.3	%		1.1			0.9
1725 Comstock Street				Apr-10	Corporate Datacenters		39,643		—		6,534		100.0	%		100.0	%		100.0	%		66.7	%		38.6	%		0.2			0.8
3105 and 3115 Alfred Street				May-10	Corporate Datacenters		49,858		—		5,283		58.1	%		58.1	%		100.0	%		100.0	%		0.0	%		0.3			0.7
2334 Lundy Place				Dec-02	Corporate Datacenters		130,752		—		4,393		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.8			0.6
1201 Comstock Street				Jun-08	Corporate Datacenters		24,000		—		4,465		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.6
2401 Walsh Street				Jun-05	Corporate Datacenters		167,932		—		3,614		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.1			0.5
2950 Zanker Road				Aug-10	Corporate Datacenters		69,700		—		2,970		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.4
2403 Walsh Street				Jun-05	Corporate Datacenters		103,940		—		2,237		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			0.3
4700 Old Ironsides Drive				Jun-05	Corporate Datacenters		90,139		—		1,940		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.6			0.2
444 Toyama Drive				Sep-09	Corporate Datacenters		42,083		—		1,830		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.2
4650 Old Ironsides Drive				Jun-05	Corporate Datacenters		84,383		—		1,816		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.2
800 Central Expressway				Aug-10	Corporate Datacenters		—		150,000		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0

							1,805,176		162,092		94,163		98.7	%		98.0	%		99.8	%		99.1	%					11.4	%		12.0	%
Northern Virginia
43881 Devin Shafron Drive				Mar-07	Corporate Datacenters		180,000		—		18,127		100.0	%		100.0	%		100.0	%		98.5	%		98.5	%		1.1	%		2.3	%
43915 Devin Shafron Drive				May-09	Corporate Datacenters		129,033		3,247		15,413		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.8			2.0
43791 Devin Shafron Drive				Mar-07	Corporate Datacenters		132,806		2,194		10,490		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.8			1.3
4030 Lafayette Center Drive				Jul-10	Corporate Datacenters		72,696		—		5,791		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.7
45901 & 45845 Nokes Blvd				Dec-09	Corporate Datacenters		167,160		—		4,478		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.1			0.6
44470 Chilum Place				Feb-07	Corporate Datacenters		95,440		—		4,311		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.6			0.5
43790 Devin Shafron Drive				May-09	Corporate Datacenters		152,138		—		3,043		100.0	%		100.0	%		100.0	%		N/A			N/A			1.0			0.4
21110 Ridgetop Circle				Jan-07	Corporate Datacenters		135,513		—		2,822		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.9			0.4
21561 & 21571 Beaumeade Cir				Dec-09	Corporate Datacenters		164,453		—		2,763		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.0			0.4
43830 Devin Shafron Drive				May-09	Corporate Datacenters		49,759		63,491		2,547		42.2	%		42.2	%		9.1	%		27.0	%		N/A			0.3			0.3
4050 Lafayette Center Drive				Jul-10	Corporate Datacenters		42,374		—		2,203		34.2	%		34.2	%		34.2	%		34.2	%		0.0	%		0.3			0.3
21551 Beaumeade Cir				Dec-09	Corporate Datacenters		152,504		—		2,027		100.0	%		N/A			N/A			N/A			N/A			1.0			0.3
1807 Michael Faraday Court				Oct-06	Corporate Datacenters		19,237		—		1,796		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.2
7505 Mason King Court				Nov-08	Corporate Datacenters		109,650		—		1,777		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			0.2
251 Exchange Place				Nov-05	Corporate Datacenters		70,982		—		1,640		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.2
43831 Devon Shafron Drive				Mar-07	Corporate Datacenters		117,071		—		1,504		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			0.2
8100 Boone Boulevard				Oct-06	Corporate Datacenters		17,015		—		881		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.1
4040 Lafayette Center Drive				Jul-10	Corporate Datacenters		—		30,333		—		0.0	%		0.0	%		0.0	%		100.0	%		100.0	%		0.0			0.0
1506 Moran Road				Dec-11	Corporate Datacenters		13,626		—		180		100.0	%		N/A			N/A			N/A			N/A			0.1			0.0

							1,821,457		99,265		81,793		94.5	%		93.9	%		95.6	%		97.1	%					11.5	%		10.4	%
San Francisco
200 Paul Avenue 1-4				Nov-04	Internet Gateway Datacenters		509,158		18,522		27,908		99.4	%		99.4	%		99.4	%		96.3	%		96.6	%		3.2	%		3.5	%
365 Main Street				Jul-10	Corporate Datacenters		222,431		4,550		26,820		80.5	%		78.5	%		84.4	%		84.8	%		84.9	%		1.4			3.4
720 Second Street				Jul-10	Corporate Datacenters		121,220		—		14,523		86.1	%		94.5	%		95.8	%		97.3	%		97.3	%		0.8			1.8
360 Spear Street				Dec-11	Corporate Datacenters		154,950		—		8,028		100.0	%		N/A			N/A			N/A			N/A			1.0			1.0

							1,007,759		23,072		77,279		93.7	%		93.2	%		94.9	%		93.3	%					6.4	%		9.7	%
New York
3 Corporate Place				Dec-05	Corporate Datacenters		276,931		—		17,735		100.0	%		98.0	%		96.1	%		96.1	%		96.1	%		1.7	%		2.3	%
300 Boulevard East				Nov-02	Corporate Datacenters		346,819		22,962		16,336		89.9	%		89.9	%		89.9	%		100.0	%		100.0	%		2.2			2.1
111 Eighth Avenue	(3	)		Mar-07	Internet Gateway Datacenters		116,843		—		13,453		95.3	%		95.3	%		95.3	%		95.3	%		100.0	%		0.7			1.7
365 S. Randolphville Road				Feb-08	Corporate Datacenters		172,044		92,748		12,781		88.6	%		88.6	%		88.6	%		79.4	%		74.5	%		1.1			1.6
60 & 80 Merritt Boulevard				Jan-10	Corporate Datacenters		169,540		—		12,377		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.1			1.6
650 Randolph Road				Jun-08	Corporate Datacenters		—		127,790		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0

							1,082,177		243,500		72,682		94.5	%		93.9	%		93.5	%		96.3	%					6.8	%		9.3	%
Dallas
2323 Bryan Street				Jan-02	Internet Gateway Datacenters		446,044		31,063		14,325		74.8	%		73.4	%		75.0	%		73.8	%		74.2	%		2.8	%		1.8	%
2440 Marsh Lane				Jan-03	Corporate Datacenters		135,250		—		14,032		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.9			1.8
1232 Alma Road				Sep-09	Corporate Datacenters		105,726		—		11,167		99.5	%		99.5	%		99.0	%		67.7	%		81.1	%		0.7			1.4
4849 Alpha Road				Apr-04	Corporate Datacenters		125,538		—		10,867		99.7	%		99.6	%		99.6	%		100.0	%		100.0	%		0.8			1.4
4025 Midway Road				Jan-06	Corporate Datacenters		90,058		10,532		8,753		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.6			1.1
11830 Webb Chapel Road				Aug-04	Corporate Datacenters		365,647		—		6,919		88.1	%		88.4	%		88.4	%		88.4	%		96.6	%		2.3			0.9
14901 FAA Boulevard				Jun-06	Corporate Datacenters		263,700		—		4,938		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.7			0.6
900 Dorothy Drive				Aug-10	Corporate Datacenters		56,176		—		1,520		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.2
900 Quality Way				Sep-09	Corporate Datacenters		—		112,253		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
1400 N Bowser Way				Sep-09	Corporate Datacenters		—		246,940		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
1301 International Parkway				Sep-09	Corporate Datacenters		—		20,500		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
904 Quality Way				Sep-09	Corporate Datacenters		—		46,750		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
905 Quality Way				Sep-09	Corporate Datacenters		—		249,657		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0

							1,588,139		717,695		72,521		90.1	%		89.6	%		90.0	%		87.4	%					10.2	%		9.2	%

Page 19

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Occupancy Analysis

As of December 31, 2011

(Dollar amounts in thousands)


									Occupancy ⁽²⁾															Not Rentable Square Feet as a % of			Annualized Rent as a % of
Property	Acquisition Date	Property Type	Net Rentable Square Feet		Redevelopment Space		Annualized Rent ($000) ⁽¹⁾		As of 12/31/11			As of 09/30/11			As of 06/30/11			As of 03/31/11			As of 12/31/10			Total Portfolio			Total Portfolio
Chicago
350 East Cermak Road	May-05	Internet Gateway Datacenters		1,129,226		4,513		64,927		97.0	%		96.8	%		96.9	%		96.4	%		96.8	%		7.1	%		8.2	%
600-780 S. Federal	Sep-05	Internet Gateway Datacenters		161,547		—		6,787		63.5	%		64.6	%		64.6	%		64.6	%		64.6	%		1.0			0.9

				1,290,773		4,513		71,714		92.8	%		92.8	%		92.8	%		92.4	%					8.1	%		9.1	%
Phoenix
2121 South Price Road	Jul-10	Corporate Datacenters		309,244		210,235		35,165		92.9	%		96.5	%		96.5	%		96.5	%		97.8	%		1.9	%		4.5	%
120 E. Van Buren Street	Jul-06	Internet Gateway Datacenters		287,514		—		20,012		89.3	%		89.1	%		89.1	%		85.9	%		97.3	%		1.8			2.5
2055 East Technology Circle	Oct-06	Corporate Datacenters		76,350		—		8,013		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5			1.0

				673,108		210,235		63,190		92.1	%		93.7	%		93.7	%		92.3	%					4.2	%		8.0	%
Boston
128 First Avenue	Jan-10	Corporate Datacenters		274,750		—		22,228		99.4	%		99.4	%		99.6	%		99.6	%		99.6	%		1.7	%		2.7	%
55 Middlesex Turnpike	Jan-10	Corporate Datacenters		106,000		—		11,803		90.6	%		90.6	%		89.7	%		89.7	%		87.9	%		0.7			1.5
100 & 200 Quannapowitt Parkway	Jun-04	Corporate Datacenters		286,550		100,406		6,108		90.8	%		90.8	%		88.9	%		70.0	%		100.0	%		1.8			0.8
115 Second Avenue	Oct-05	Corporate Datacenters		66,730		—		3,647		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.5
600 Winter Street	Sep-06	Corporate Datacenters		30,400		—		826		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.1

				764,430		100,406		44,612		95.0	%		95.0	%		94.3	%		87.5	%					4.8	%		5.6	%
Los Angeles
600 West Seventh Street	May-04	Internet Gateway Datacenters		480,042		9,680		20,289		98.7	%		97.8	%		95.5	%		95.3	%		95.8	%		2.9	%		2.5	%
2260 East El Segundo Boulevard	Jul-10	Corporate Datacenters		132,240		—		11,519		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.8			1.5
200 North Nash Street	Jun-05	Corporate Datacenters		113,606		—		2,445		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			0.3
3015 Winona Avenue	Dec-04	Corporate Datacenters		82,911		—		1,640		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.2
3300 East Birch Street	Aug-03	Corporate Datacenters		68,807		—		1,502		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.2

				877,606		9,680		37,395		99.3	%		98.8	%		97.6	%		97.4	%					5.3	%		4.7	%
Atlanta
375 Riverside Parkway	Jun-03	Corporate Datacenters		250,191		—		7,434		99.2	%		99.2	%		99.2	%		100.0	%		100.0	%		1.6	%		0.9	%
101 Aquila Way	Apr-06	Corporate Datacenters		313,581		—		1,411		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		2.0			0.2
760 Doug Davis Road	Dec-11	Corporate Datacenters		334,306		—		6,376		100.0	%		N/A			N/A			N/A			N/A			2.1			0.8

				898,078		—		15,221		99.8	%		99.7	%		99.7	%		100.0	%					5.7	%		1.9	%
Philadelphia
833 Chestnut Street	Mar-05	Corporate Datacenters		592,295		62,463		12,770		92.0	%		88.9	%		85.0	%		84.1	%		85.5	%		3.6	%		1.6	%

				592,295		62,463		12,770		92.0	%		88.9	%		85.0	%		84.1	%					3.6	%		1.6	%
St. Louis
900 Walnut Street	Aug-07	Internet Gateway Datacenters		112,266		—		4,378		99.9	%		99.9	%		99.9	%		99.9	%		98.5	%		0.7	%		0.6	%
210 N Tucker Boulevard	Aug-07	Corporate Datacenters		161,549		175,867		3,024		74.9	%		74.3	%		78.8	%		75.8	%		80.0	%		1.0			0.4

				273,815		175,867		7,402		85.2	%		84.8	%		87.6	%		86.0	%					1.7	%		1.0	%
Houston
12001 North Freeway	Apr-06	Corporate Datacenters		246,258		54,447		6,351		88.9	%		80.6	%		78.9	%		91.9	%		75.4	%		1.5	%		0.8	%

				246,258		54,447		6,351		88.9	%		80.6	%		78.9	%		91.9	%					1.5	%		0.8	%
Miami
36 NE 2nd Street	Jan-02	Internet Gateway Datacenters		162,140		—		4,887		95.9	%		95.9	%		95.9	%		95.9	%		95.9	%		1.0	%		0.6	%
2300 NW 89th Place	Sep-06	Corporate Datacenters		64,174		—		654		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.1

				226,314		—		5,541		97.0	%		97.0	%		97.0	%		97.0	%					1.4	%		0.7	%
Denver
8534 Concord Center Drive	Jun-05	Corporate Datacenters		85,660		—		3,567		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5	%		0.5	%

				85,660		—		3,567		100.0	%		100.0	%		100.0	%		100.0	%					0.5	%		0.5	%
Charlotte
125 North Myers	Aug-05	Internet Gateway Datacenters		25,402		—		1,320		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2	%		0.2	%
731 East Trade Street	Aug-05	Internet Gateway Datacenters		40,879		—		1,273		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.2
113 North Myers	Aug-05	Internet Gateway Datacenters		29,218		—		915		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.1

				95,499		—		3,508		100.0	%		100.0	%		100.0	%		100.0	%					0.7	%		0.5	%
Sacramento
11085 Sun Center Drive	Sep-11	Corporate Datacenters		69,048		—		2,712		100.0	%		100.0	%		N/A			N/A			N/A			0.4	%		0.3	%
3065 Gold Camp Drive	Oct-04	Corporate Datacenters		13,309		49,648		289		100.0	%		21.1	%		21.1	%		21.1	%		21.1	%		0.1			0.0

				82,357		49,648		3,001		100.0	%		62.4	%		21.1	%		21.1	%					0.5	%		0.3	%
Toronto, Canada
6800 Millcreek Drive	Apr-06	Corporate Datacenters		83,758		—		1,985		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5	%		0.3	%

				83,758		—		1,985		100.0	%		100.0	%		100.0	%		100.0	%					0.5	%		0.3	%
Minneapolis/St. Paul
1125 Energy Park Drive	Mar-05	Corporate Datacenters		112,827		—		1,437		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7	%		0.2	%

				112,827		—		1,437		100.0	%		100.0	%		100.0	%		100.0	%					0.7	%		0.2	%
Austin
7620 Metro Center Drive	Dec-05	Corporate Datacenters		45,000		—		605		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3	%		0.1	%
7500 Metro Center Drive	Dec-05	Corporate Datacenters		—		74,962		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
				45,000		74,962		605		95.1	%		94.0	%		100.0	%		100.0	%					0.3	%		0.1	%

Page 20

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011


									Occupancy ⁽²⁾															Not Rentable Square Feet as a % of			Annualized Rent as a % of
Property	Acquisition Date	Property Type	Net Rentable Square Feet		Redevelopment Space		Annualized Rent ($000) ⁽¹⁾		As of 12/31/11			As of 09/30/11			As of 06/30/11			As of 03/31/11			As of 12/31/10			Total Portfolio			Total Portfolio
EUROPE
London, England
3 St. Anne’s Boulevard	Dec-07	Corporate Datacenters		96,384		—		10,589		52.4	%		52.4	%		69.9	%		80.0	%		46.9	%		0.6	%		1.3	%
Mundells Roundabout	Apr-07	Corporate Datacenters		113,464		—		7,471		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			0.9
Cressex 1	Dec-07	Corporate Datacenters		50,847		—		6,906		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.9
6 Braham Street	Jul-02	Internet Gateway Datacenters		63,233		—		4,700		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.6
2 St. Anne’s Boulevard	Dec-07	Corporate Datacenters		30,612		—		3,321		100.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.2			0.4
1 St. Anne’s Boulevard	Dec-07	Corporate Datacenters		20,219		—		273		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.0
Fountain Court	Jul-11	Corporate Datacenters		—		131,771		—		0.0	%		0.0	%		N/A			N/A			N/A			0.0			0.0

				374,759		131,771		33,260		87.8	%		86.7	%		93.2	%		96.0	%					2.3	%		4.1	%
Dublin, Ireland
Unit 9, Blanchardstown Corporate Park	Dec-06	Corporate Datacenters		120,000		—		9,909		98.8	%		99.1	%		99.1	%		92.2	%		99.0	%		0.8	%		1.3	%
Clonshaugh Industrial Estate (Eircom)	Aug-05	Corporate Datacenters		124,500		—		8,512		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.8			1.1
Clonshaugh Industrial Estate	Feb-06	Corporate Datacenters		20,000		—		1,443		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.2

				264,500		—		19,864		99.4	%		99.6	%		99.6	%		96.4	%					1.7	%		2.6	%
Paris, France
114 Rue Ambroise Croizat	Dec-06	Internet Gateway Datacenters		332,300		19,846		18,403		91.6	%		91.6	%		91.6	%		91.6	%		91.9	%		2.1	%		2.3	%

				332,300		19,846		18,403		91.6	%		91.6	%		91.6	%		91.6	%					2.1	%		2.3	%
Amsterdam, Netherlands
Paul van Vlissingenstraat 16	Aug-05	Corporate Datacenters		112,472		—		5,596		73.7	%		60.0	%		58.8	%		58.8	%		58.8	%		0.7	%		0.7	%
Cateringweg 5	Jun-10	Corporate Datacenters		55,972		—		5,371		100.0	%		100.0	%		0.0	%		0.0	%		0.0	%		0.4			0.7
Naritaweg 52	Dec-07	Corporate Datacenters		63,260		—		2,546		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.3
Gyroscoopweg 2E-2F	Jul-06	Corporate Datacenters		55,585		—		1,193		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.2

				287,289		—		14,706		89.7	%		84.3	%		83.7	%		83.7	%					1.8	%		1.9	%
Manchester, England
Manchester Technopark, Plot C1	Jun-08	Corporate Datacenters		38,016		—		1,973		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2	%		0.3	%

				38,016		—		1,973		100.0	%		100.0	%		100.0	%		100.0	%					0.2	%		0.3	%
Geneva, Switzerland
Chemin de l’Epinglier 2	Nov-05	Corporate Datacenters		59,190		—		1,642		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4	%		0.2	%

				59,190		—		1,642		100.0	%		100.0	%		100.0	%		100.0	%					0.4	%		0.2	%
ASIA PACIFIC
Singapore
29A International Business Park	Nov-10	Corporate Datacenters		125,007		245,493		4,787		55.2	%		49.3	%		16.8	%		16.8	%		16.8	%		0.8	%		0.6	%

				125,007		245,493		4,787		55.2	%		49.3	%		16.8	%		16.8	%					0.8	%		0.6	%
NON-DATACENTER PROPERTIES
34551 Ardenwood Boulevard 1-4	Jan-03	Technology Manufacturing		307,657		—		6,816		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.9	%		0.9	%
47700 Kato Road & 1055 Page Avenue	Sep-03	Technology Manufacturing		183,050		—		4,146		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.2			0.5
2010 East Centennial Circle	May-03	Technology Manufacturing		113,405		—		2,852		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			0.4
1 Savvis Pkwy	Aug-07	Technology Office		156,000		—		2,644		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.0			0.3
908 Quality Way	Sep-09	Technology Office		14,400		—		24		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.0

				774,512		—		16,482		100.0	%		100.0	%		100.0	%		100.0	%					4.9	%		2.1	%

Portfolio Total/Weighted Average				15,908,059		2,384,955		787,854		94.8	%		93.7	%		93.9	%		93.5	%		94.6	%		100.0	%		100.0	%

(1)

Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2011 multiplied by 12. We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area.

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

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

(4)	Net rentable square feet excludes square footage at two joint ventures: 2001 Sixth Avenue in Seattle, WA (400,369 rental square feet) which was 95.8% occupied and 700 -750 Central Expressway in Santa Clara, CA (306,144 rentable square feet) which was 100% occupied as of December 31, 2011.

Page 21

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Major Tenants

As of December 31, 2011

(Dollar amounts in thousands)


Tenant		Number of Locations		Total Occupied Square Feet⁽¹⁾		Percentage of Net Rentable Square Feet			Annualized Rent ⁽²⁾		Percentage of Annualized Rent			Weighted Average Remaining Lease Term in Months
1	CenturyLink, Inc. ⁽³⁾		33		2,696,292		16.9	%	$	80,233		10.2	%		88
2	Equinix Operating Company, Inc.		9		878,062		5.5	%	$	32,524		4.1	%		86
3	Facebook, Inc.		4		241,865		1.5	%	$	30,624		3.9	%		77
4	TelX Group, Inc.		11		254,314		1.6	%	$	26,890		3.4	%		171
5	Morgan Stanley		5		182,592		1.1	%	$	26,621		3.4	%		34
6	Softlayer Technoloies, Inc.		6		250,767		1.6	%	$	24,774		3.1	%		117
7	Verizon Communications, Inc.		20		307,890		1.9	%	$	18,486		2.3	%		78
8	AT & T		18		615,267		3.9	%	$	18,310		2.3	%		82
9	NTT Communications Company		5		309,759		1.9	%	$	18,000		2.3	%		84
10	Level 3 Communications, LLC		30		339,223		2.1	%	$	13,504		1.7	%		95
11	Amazon		6		448,895		2.8	%	$	12,723		1.6	%		110
12	Pfizer, Inc.		1		87,049		0.5	%	$	11,201		1.4	%		72
13	Yahoo! Inc.		2		110,847		0.7	%	$	10,357		1.3	%		70
14	TATA Communications (UK)		2		105,366		0.7	%	$	10,252		1.3	%		72
15	BT Americas, Inc.		3		67,685		0.4	%	$	9,578		1.2	%		65
16	Microsoft Corporation		3		322,587		2.0	%	$	9,447		1.2	%		46
17	Sprint Communications Co., LP		6		173,319		1.1	%	$	9,433		1.2	%		33
18	JPMorgan Chase & Co.		2		117,953		0.7	%	$	9,387		1.2	%		125
19	eircom Limited		1		124,500		0.8	%	$	8,512		1.1	%		91
20	T-Systems North America, Inc.		2		77,610		0.5	%	$	8,377		1.1	%		27

	Total/Weighted Average				7,711,842		48.2	%	$	389,233		49.3	%		87

(1)	Occupied square footage is defined as leases that commenced on or before December 31, 2011. For some of our properties, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area.

(2)	Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2011 multiplied by 12.

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

Page 22

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Lease Expirations and Lease Distribution

Lease Expirations

As of December 31, 2011

(Dollar amounts in thousands)


Year	Number of Leases Expiring (1)		Square Footage of Expiring Leases (2)		Percentage of Net Rentable Square Feet (2)			Annualized Rent (3)		Percentage of Annualized Rent			Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Available				834,522		5.2	%		—		0.00	%
2012		377		510,232		3.2	%		46,670		5.92	%	$	91.47		91.37		47,008
2013		256		939,317		6.0	%		63,964		8.12	%	$	68.10		70.61		66,325
2014		226		1,400,169		8.8	%		100,164		12.71	%	$	71.54		76.23		106,735
2015		134		1,884,022		11.8	%		82,130		10.42	%	$	43.59		47.27		89,067
2016		140		1,636,710		10.3	%		68,951		8.75	%	$	42.13		46.59		76,261
2017		60		932,046		5.9	%		42,303		5.37	%	$	45.39		51.06		47,590
2018		84		1,086,360		6.8	%		53,544		6.80	%	$	49.29		58.87		63,955
2019		77		1,599,876		10.1	%		96,559		12.26	%	$	60.35		73.20		117,105
2020		76		913,795		5.7	%		55,452		7.04	%	$	60.68		75.94		69,390
2021		56		1,032,780		6.5	%		50,093		6.36	%	$	48.50		63.25		65,324
Thereafter		153		3,138,230		19.7	%		128,024		16.25	%	$	40.79		59.15		185,627

Portfolio Total / Weighted Average		1,639		15,908,059		100.0	%	$	787,854		100.0	%	$	52.27	$	61.96	$	934,387

Lease Distribution

As of December 31, 2011

(Dollar amounts in thousands)


Square Feet Under Lease	Number of Leases (1)		Percentage of All Leases			Total Net Rentable Square Feet (2)		Percentage of Net Rentable Square Feet (2)			Annualized Rent (3)		Percentage of Annualized Rent
Available							834,522		5.2	%		—		0.0	%
2,500 or less		1,052		64.2	%		503,776		3.2	%		49,863		6.3	%
2,501- 10,000		276		16.9	%		1,657,735		10.4	%		140,879		17.9	%
10,001 - 20,000		138		8.4	%		2,137,764		13.4	%		176,605		22.4	%
20,001 - 40,000		85		5.2	%		2,476,159		15.6	%		156,638		19.9	%
40,001 - 100,000		58		3.5	%		3,816,799		24.0	%		152,064		19.3	%
Greater than 100,000		30		1.8	%		4,481,304		28.2	%		111,805		14.2	%

Portfolio Total		1,639		100.0	%		15,908,059		100.0	%	$	787,854		100.0	%

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

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

(3)

Page 23

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Lease Expirations - By Product Type

As of December 31, 2011

(Dollar amounts in thousands)

TURNKEY DATACENTER


Year	Number of Leases Expiring (1)		Square Footage of Expiring Leases (2)		Percentage of Net Rentable Square Feet (2)			Annualized Rent (3)		Percentage of Annualized Rent			Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Available				298,596		1.9	%		—		0.0	%
2012		137		160,447		1.0	%	$	23,048		2.9	%	$	143.65	$	145.33	$	23,318
2013		86		312,941		2.0	%	$	41,118		5.2	%	$	131.39	$	137.26	$	42,955
2014		93		377,651		2.4	%	$	56,869		7.2	%	$	150.59	$	160.70	$	60,688
2015		42		204,151		1.3	%	$	25,257		3.2	%	$	123.72	$	134.60	$	27,478
2016		64		310,934		2.0	%	$	39,857		5.1	%	$	128.18	$	142.22	$	44,222
2017		20		181,210		1.1	%	$	24,145		3.1	%	$	133.24	$	149.84	$	27,152
2018		36		266,370		1.7	%	$	28,892		3.7	%	$	108.47	$	134.93	$	35,942
2019		27		394,980		2.5	%	$	56,643		7.2	%	$	143.41	$	176.58	$	69,745
2020		33		260,630		1.6	%	$	35,808		4.5	%	$	137.39	$	173.80	$	45,298
2021		31		217,607		1.4	%	$	32,391		4.1	%	$	148.85	$	198.04	$	43,095
Thereafter		53		506,486		3.2	%	$	43,466		5.5	%	$	85.82	$	141.37	$	71,604

Portfolio Total / Weighted Average		622		3,492,003		22.1	%	$	407,494		51.7	%	$	127.60	$	153.91	$	491,497

POWERED BASE BUILDING


Year	Number of Leases Expiring (1)		Square Footage of Expiring Leases (2)		Percentage of Net Rentable Square Feet (2)			Annualized Rent (3)		Percentage of Annualized Rent			Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Available				254,155		1.6	%		—		0.0	%
2012		21		85,905		0.5	%	$	2,285		0.3	%	$	26.60	$	26.69	$	2,293
2013		17		280,379		1.8	%	$	8,304		1.1	%	$	29.62	$	30.11	$	8,443
2014		35		704,727		4.4	%	$	29,230		3.7	%	$	41.48	$	44.72	$	31,516
2015		46		1,533,612		9.6	%	$	52,748		6.7	%	$	34.39	$	37.31	$	57,216
2016		34		1,119,417		7.0	%	$	25,048		3.2	%	$	22.38	$	24.49	$	27,415
2017		7		133,429		0.8	%	$	4,021		0.5	%	$	30.14	$	35.62	$	4,753
2018		12		571,579		3.6	%	$	19,694		2.5	%	$	34.46	$	38.88	$	22,224
2019		18		1,121,916		7.1	%	$	37,874		4.8	%	$	33.76	$	39.96	$	44,836
2020		17		377,087		2.4	%	$	13,118		1.7	%	$	34.79	$	43.89	$	16,549
2021		10		769,816		4.8	%	$	16,399		2.1	%	$	21.30	$	26.72	$	20,572
Thereafter		64		2,179,043		13.7	%	$	76,054		9.7	%	$	34.90	$	47.75	$	104,044

Portfolio Total / Weighted Average		281		9,131,065		57.3	%	$	284,775		36.3	%	$	32.08	$	38.29	$	339,861

COLOCATION


Year	Number of Leases Expiring (1)		Square Footage of Expiring Leases (2)		Percentage of Net Rentable Square Feet (2)			Annualized Rent (3)		Percentage of Annualized Rent			Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Available				73,004		0.5	%		—		0.0	%
2012		123		113,493		0.7	%	$	18,714		2.4	%	$	164.89	$	161.92	$	18,767
2013		102		47,495		0.3	%	$	7,257		0.9	%	$	152.80	$	157.47	$	7,479
2014		44		47,310		0.3	%	$	9,630		1.2	%	$	203.55	$	208.96	$	9,886
2015		3		2,609		0.0	%	$	521		0.1	%	$	199.69	$	213.49	$	557
2016		4		4,180		0.0	%	$	656		0.1	%	$	156.94	$	213.16	$	891
2017		2		24,491		0.2	%	$	1,070		0.1	%	$	43.69	$	48.67	$	1,192
2018		—		—		0.0	%				0.0	%	$	—	$	—
2019		3		3,427		0.0	%	$	330		0.0	%	$	96.29	$	122.26	$	419
2020		—		—		0.0	%	$	15		0.0	%	$	—	$	—	$	20
2021		1		3,194		0.0	%	$	276		0.0	%	$	86.41	$	113.34	$	362
Thereafter		—		—		0.0	%	$	—		0.0	%	$	—	$	—	$	—

Portfolio Total / Weighted Average		282		319,203		2.0	%	$	38,469		4.8	%	$	156.25	$	159.15	$	39,573

NON-TECHNICAL


Year	Number of Leases Expiring (1)		Square Footage of Expiring Leases (2)		Percentage of Net Rentable Square Feet (2)			Annualized Rent (3)		Percentage of Annualized Rent			Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Available				208,767		1.3	%		—		0.0	%
2012		96		150,387		0.9	%	$	2,624		0.3	%	$	17.45	$	17.48	$	2,629
2013		51		298,502		1.9	%	$	7,285		0.9	%	$	24.41	$	24.95	$	7,448
2014		54		270,481		1.7	%	$	4,435		0.6	%	$	16.40	$	17.17	$	4,645
2015		43		143,650		0.9	%	$	3,605		0.5	%	$	25.10	$	26.56	$	3,816
2016		38		202,179		1.3	%	$	3,390		0.4	%	$	16.77	$	18.46	$	3,733
2017		31		592,916		3.7	%	$	13,066		1.7	%	$	22.04	$	24.45	$	14,494
2018		36		248,411		1.6	%	$	4,957		0.6	%	$	19.95	$	23.30	$	5,788
2019		29		79,553		0.5	%	$	1,712		0.2	%	$	21.52	$	26.46	$	2,105
2020		25		276,078		1.7	%	$	6,510		0.8	%	$	23.58	$	27.25	$	7,523
2021		14		42,163		0.3	%	$	1,027		0.1	%	$	24.36	$	30.74	$	1,296
Thereafter		37		452,701		2.8	%	$	8,505		1.1	%	$	18.79	$	22.04	$	9,979

Portfolio Total / Weighted Average		454		2,965,788		18.6	%	$	57,116		7.2	%	$	20.72	$	23.02	$	63,456

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

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

(3)

Page 24

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Summary of Leasing Activity

Leases Signed in the Quarter Ended December 31, 2011


	Number of Leases ⁽¹⁾		Rentable Square Feet ⁽²⁾		Expiring Rates ⁽³⁾		New Rates ⁽³⁾		Rental Rate Changes			TI’s/Lease Commissions Per Square Foot ⁽⁵⁾		Weighted Average Lease Terms (months)
*Leasing Activity* ⁽⁴⁾⁽⁵⁾
Renewals Signed
Turn-Key Datacenter		7		90,131	$	179.49	$	183.50		2.23	%	$	5.14		135.2
Powered Base Building		6		289,160	$	23.30	$	26.87		15.31	%	$	5.21		81.7
Non-technical		13		9,676	$	23.81	$	28.23		18.55	%	$	3.10		94.7
New Leases Signed
Turn-Key Datacenter		16		164,960		—	$	178.27		—		$	11.86		123.5
Powered Base Building		4		86,584		—	$	73.47		—		$	4.18		173.5
Build to Suit		2		177,251		—	$	83.61		—		$	4.52		166.8
Non-technical		9		16,763		—	$	17.71		—		$	1.88		131.5
*Leasing Activity Summary ⁽⁴⁾⁽⁵⁾*
Turn-Key Datacenter		23		255,091		—	$	180.12		—			—
Powered Base Building		10		375,744		—	$	37.60		—			—
Build to Suit		2		177,251		—	$	83.61		—			—
Non-technical		22		26,439		—	$	21.56		—			—

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

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

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

(4)	Excludes short term leases.

(5)	Excludes 16 renewed colocation leases for 24,049 rentable square feet at an average rate of $141.96 per square foot and 19 new colocation leases for 10,099 rentable square feet at an average rate of $206.75 per square foot.

Page 25

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Summary of Leasing Activity

Leases Commenced in the Quarter Ended December 31, 2011


	Number of Leases ⁽¹⁾		Rentable Square Feet ⁽²⁾		Expiring Rates ⁽³⁾		New Rates ⁽³⁾		Rental Rate Changes			TI’s/Lease Commissions Per Square Foot ⁽⁵⁾		Weighted Average Lease Term (months)
*Leasing Activity ⁽⁴⁾⁽⁵⁾*
Renewals Commenced
Turn-Key Datacenter		7		90,131	$	179.49	$	183.50		2.23	%	$	5.14		135.2
Powered Base Building		7		298,760	$	24.03	$	27.64		15.04	%	$	5.15		81.0
Non-technical		13		25,846	$	21.51	$	24.65		14.59	%	$	20.18		111.1
New Leases Commenced
Turn-Key Datacenter		7		56,485		—	$	217.97		—		$	38.16		113.0
Powered Base Building		2		24,483		—	$	27.72		—		$	18.37		154.7
Build to Suit		2		183,116		—	$	38.88		—		$	3.25		140.3
Non-technical		16		40,096		—	$	22.90		—		$	16.35		117.7
*Leasing Activity Summary ⁽⁴⁾⁽⁵⁾*
Turn-Key Datacenter		14		146,616		—	$	196.78		—			—
Powered Base Building		9		323,243		—	$	27.65		—			—
Build to Suit		2		183,116		—	$	38.88		—			—
Non-technical		29		65,942		—	$	23.58		—			—

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

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

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

(4)	Excludes short term leases

(5)	Excludes 18 renewed colocation leases for 29,652 rentable square feet at an average rate of $140.97 per square foot and 13 new colocation leases for 4,179 rentable square feet at an average rate of $267.38 per square foot.

Page 26

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Historical Capital Expenditures


	Three Months Ended
	12/31/2011		9/30/2011		6/30/2011		3/31/2011		12/31/2010		9/30/2010		6/30/2010		3/31/2010
Recurring capital expenditures ⁽¹⁾	$	9,926,000	$	8,000,000	$	7,263,000	$	3,716,000	$	7,464,000	$	3,660,000	$	5,044,000	$	5,180,000
Non-recurring capital expenditures ⁽²⁾	$	132,159,000	$	176,560,000	$	144,756,000	$	119,971,000	$	127,942,000	$	81,816,000	$	74,735,000	$	54,743,000
Total net rentable square feet at period end excluding redevelopment space ⁽³⁾		15,908,059		15,262,859		14,967,288		14,628,267		14,584,914		14,456,127		13,270,035		13,211,992

(1)

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

(2)

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

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

Page 27

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Construction Activity Report

As of December 31, 2011

(in square feet unless otherwise noted)

Construction in Progress by Market


	Construction in Progress (“CIP”)
Market	Redevelopment Inventory Under Construction			Development Inventory Under Construction			Redevelopment Inventory Pre-Construction			Total Construction In Progress			Space Held for Future Redevelopment			Total Inventory			Percentage Leased ⁽¹⁾
Austin		74,962			—			—			74,962			—			74,962			0.0	%
Boston		—			—			—			—			100,406			100,406			0.0	%
Chicago		—			—			—			—			4,513			4,513			0.0	%
Dallas		123,426			112,248			—			235,674			594,269			829,943			19.2	%
Houston		—			—			36,225			36,225			18,222			54,447			33.1	%
Los Angeles		9,680			3,082			—			12,762			—			12,762			37.2	%
New York Metro		—			70,300			—			70,300			243,500			313,800			0.0	%
Northern Virginia		16,481			65,000			—			81,481			82,784			164,265			39.6	%
Philadelphia		—			—			—			—			62,463			62,463			0.0	%
Phoenix		32,506			—			—			32,506			177,729			210,235			0.0	%
Portland		—			58,000			—			58,000			—			58,000			100.0	%
San Francisco		—			—			4,550			4,550			18,522			23,072			0.0	%
Sacramento		—			—			26,251			26,251			23,397			49,648			0.0	%
Silicon Valley		150,000			40,000			12,092			202,092			—			202,092			19.8	%
St. Louis		—			—			64,957			64,957			110,910			175,867			0.0	%
Melbourne, Australia		—			54,896			—			54,896			—			54,896			100.0	%
Paris, France		—			—			—			—			19,846			19,846			0.0	%
London, England		—			—			131,771			131,771			—			131,771			0.0	%
Singapore		105,858			—			—			105,858			139,635			245,493			40.5	%

Grand Total		512,913			403,526			275,846			1,192,285			1,596,196			2,788,481

Total US Markets		407,055			348,630			144,075			899,760			1,436,715			2,336,475
Total Intl Markets		105,858			54,896			131,771			292,525			159,481			452,006

Percentage Leased ^(¹)		15.1	%		81.8	%		6.5	%		35.7	%		4.6	%		17.9	%

Construction in Progress by Product Type


	US		Europe		Asia/Pacific		Total		% Leased ⁽¹⁾
Turn-Key Datacenter^®		283,868		44,000		160,754		488,622		30.7	%
Powered Base Building^®		340,644		87,771		—		428,415		0.0	%
Build-to-Suit		275,248		—		—		275,248		100.0	%

Total Construction in Progress by Product Type		899,760		131,771		160,754		1,192,285		35.7	%

Redevelopment Activity


	US			Europe			Asia/Pacific		Total			% Leased ⁽¹⁾
Redevelopment Space as of September 30, 2011		1,698,409			182,229			245,493		2,126,131
Acquired Redevelopment Space and New Construction Space		483,535			—			—		483,535
Converted Redevelopment Space:
Turn-Key Datacenter^®		(36,070	)		—			—		(36,070	)		56.3	%
Powered Base Building^®		(5,525	)		—			—		(5,525	)		100.0	%
Build-to-Suit		(152,504	)		(30,612	)		—		(183,116	)		100.0	%
Remeasurement Adjustments		—			—			—		—

Redevelopment Space as of December 31, 2011		1,987,845			151,617			245,493		2,384,955

(1)	Represents leases signed.

Page 28

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

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

For the quarter ended December 31, 2011

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


Construction Projects in Progress and Total Estimated Direct Cost	Base Building Improvement to Net Rentable Square Footage		Net Rentable Square Footage		Direct Project Cost - Spent to Date		Direct Project Cost - to Be Spent		Direct Project Total Estimated Cost		Direct Project Cost Per Net Rentable Square Foot
Turn-Key Datacenter Under Construction as of December 31, 2011 ⁽²⁾		—		488,622	$	69,289	$	170,175	$	239,464	$	490
Build-to-Suit Under Construction as of December 31, 2011 ⁽²⁾		—		275,248		14,344		149,472		163,816	$	595
Powered Base Building Under Construction as of December 31, 2011 ⁽²⁾		—		428,415		20,084		54,554		74,638	$	174
Base Building Improvements to Current in Progress Space Under Construction		—		—		31,331		13,281		44,613		—
Base Building Improvements to Support Future Development ⁽³⁾		957,750		—		18,699		59,911		78,609	$	82
Base Building Improvements to Operating Portfolio ⁽³⁾		1,807,450		—		32,409		38,333		70,742	$	39
Equipment Pool ⁽⁴⁾		—		—		34,679		—		34,679		—

TOTAL		2,765,200		1,192,285	$	220,835	$	485,726	$	706,561

Notes:

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

(2)	Represents suite-specific projects.

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

(4)	Pool account; not job specific.

Page 29

DIGITAL REALTY TRUST, INC.

Fourth Quarter 2011

Management Statements on Non-GAAP Supplemental Measures

Funds from Operations:

We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of property, impairment charges, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the NAREIT definition and, accordingly, our FFO may not be comparable to such other REITs’ FFO. Accordingly, FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Adjusted Funds from Operations:

We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs, including on a per share and unit basis. We calculate AFFO by adding to or subtracting from FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs, (iii) non-cash compensation, (iv) straight line rents, (v) fair value of lease revenue amortization, (vi) capitalized leasing payroll, (vii) recurring tenant improvements, (viii) capitalized leasing commissions and (ix) costs of redeeming our preferred stock. Other equity REITs may not calculate AFFO in a consistent manner. Accordingly, our AFFO may not be comparable to other REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

EBITDA and Adjusted EBITDA:

We believe that earnings before interest expense, income taxes, depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, preferred dividends and noncontrolling interests. Adjusted EBITDA is EBITDA excluding noncontrolling interests, preferred stock dividends and costs of redeeming our preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do; accordingly, our EBITDA and Adjusted EBITDA may not be comparable to such other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance.

NOI:

Net Operating Income (NOI)

NOI represents rental revenue and tenant reimbursement revenue less rental property operating and maintenance expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. However, because NOI excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations, the utility of NOI as a measure of our performance is limited. Other REITs may not calculate NOI in the same manner we do and, accordingly, our NOI may not be comparable to such other REITs’ NOI. Accordingly, NOI should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Page 30

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