Supplemental Operating and Financial Data posted November 6, 2007

EX-99.2 3 dex992.htm SUPPLEMENTAL OPERATING AND FINANCIAL DATA POSTED NOVEMBER 6, 2007 Supplemental Operating and Financial Data posted November 6, 2007

Exhibit 99.2

DIGITAL REALTY TRUST

Third Quarter 2007

Supplemental Operating and Financial Data

September 30, 2007

LOGO

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

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

DIGITAL REALTY TRUST, INC.

Third Quarter 2007


		PAGE
Corporate Data

	Corporate Information	4

	Ownership Structure	5

Consolidated Financial Information

	Key Financial Data	6

	Consolidated Balance Sheets	7

	Consolidated Quarterly Statements of Operations	8

	Funds From Operations and Adjusted Funds From Operations	9

	Reconciliation of Earnings Before Interest, Taxes and Depreciation and Amortization and Financial Ratios	10

	Net Operating Income (NOI) and Run-rate NOI for the three months ended September 30, 2007	11

	Same Store and New Properties Consolidated Quarterly Statements of Operations	12

	Same Store Operating Trend Summary	13

	Consolidated Debt Analysis	14

	Debt Maturities	15

Portfolio Data

	Portfolio Summary	16

	Properties Acquired	17

	Occupancy Analysis	18

	Major Tenants	20

	Utility Power Capacity	21

	Lease Expirations & Lease Distribution	22

	Leasing Activity.	23

	Tenant Improvements and Leasing Commissions	24

	Historical Capital Expenditures	25

	Redevelopment Activity	26

Definitions

	Management Statements on Non-GAAP Supplemental Measures	27

Page 2

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Statement Regarding Forward-Looking Statements

This supplemental package contains forward-looking statements within the meaning of the federal securities laws, including information related to run rate net operating income. 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:

•

adverse economic or real estate developments in our markets or the technology industry;

•

general and local economic conditions;

•

defaults on or non-renewal of leases by tenants;

•

increased interest rates and operating costs;

•

our inability to manage domestic and international growth effectively;

•

our failure to obtain necessary outside financing;

•

increased competition or increased supply of datacenter space;

•

decreased rental rates or increased vacancy rates;

•

difficulties in identifying properties to acquire and completing acquisitions at acceptable return levels;

•

our failure to successfully operate acquired properties and operations;

•

failure of acquired properties to perform as expected;

•

our failure to successfully develop or redevelop existing space held for redevelopment or new properties acquired for that purpose, or unexpected costs related to development or redevelopment;

•

our failure to maintain our status as a REIT;

•

our inability to lease space that we have developed or redeveloped;

•

possible adverse changes to tax laws;

•

environmental uncertainties and risks related to natural disasters;

•

financial market fluctuations;

•

changes in foreign currency exchange rates;

•

risks of operating in foreign countries;

•

and 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, 2006, our quarterly report on Form 10-Q for the quarter ended June 30, 2007 and other filings with the Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise.

Page 3

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Corporate Information

Corporate Profile

Digital Realty Trust, Inc. owns, acquires, develops, redevelops and manages technology-related real estate. The Company's 67 properties, excluding one property held as an investment in an unconsolidated joint venture, contain applications and operations critical to the day-to-day operations of technology industry tenants and corporate enterprise data center tenants. Comprising approximately 12.0 million net rentable square feet, including approximately 1.7 million square feet of space held for redevelopment, Digital Realty Trust's property portfolio is located in 26 markets throughout North America and Europe. For additional information, please visit the company's website at www.digitalrealtytrust.com.

Corporate Headquarters

560 Mission Street, Suite 2900

San Francisco, California 94105

Telephone: (415) 738-6500

Facsimile: (415) 738-6501

Web site: www.digitalrealtytrust.com

Senior Management

Richard A. Magnuson: Chairman

Michael F. Foust: Chief Executive Officer

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

Scott E. Peterson: Senior Vice President, Acquisitions

Christopher J. Crosby: Senior Vice President, Sales and Technical Services

James R. Trout: Senior Vice President of Portfolio and Technical Operations

Investor Relations

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

www.digitalrealtytrust.com

(Proceed to Information Request in the Investor Relations section)


Analyst Coverage
Credit Suisse	Merrill Lynch	KeyBanc Capital Markets	Raymond James
John Stewart	Steve Sakwa	Jordan Sadler	Paul D. Puryear
(212) 538-3183	(212) 449-0335	(917) 368-2280	(727) 567-2253

Michael Gorman	Ian Weissman		Ken Avalos
(212) 538-4357	(212) 449-6255		(727) 567-2660

JMP Securities	RBC Capital Markets	Citigroup	UBS Securities
William Marks	Dave Rodgers	Jonathan Litt	Omotayo Okusanya
(415) 835-8944	(216) 378-7626	(212) 816-0231	(212) 713-7864

		Michael Bilerman	Heath Binder
		(212) 816-1685	(212) 713-3226

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 A Preferred Stock:		DLRPA
Series B Preferred Stock:		DLRPB
Note that symbols may vary by stock quote provider.

Common Stock Price Performance

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


	3rd Quarter 2007			2nd Quarter 2007			1st Quarter 2007			4th Quarter 2006			3rd Quarter 2006			2nd Quarter 2006			1st Quarter 2006
High Price *	$	40.62		$	42.86		$	40.42		$	37.31		$	31.88		$	29.54		$	28.59
Low Price *	$	32.04		$	36.70		$	33.76		$	30.73		$	24.58		$	22.66		$	22.29
Closing Price, end of quarter *	$	39.39		$	37.68		$	39.90		$	34.23		$	31.32		$	24.69		$	28.17
Average daily trading volume *		730,532			799,130			495,630			321,710			365,056			224,662			194,179
Indicated dividend per common share **	$	1.145		$	1.145		$	1.145		$	1.145		$	1.06		$	1.06		$	1.06
Closing annual dividend yield, end of quarter		2.9	%		3.0	%		2.9	%		3.3	%		3.4	%		4.3	%		3.8	%
Closing shares and units outstanding end of quarter		68,003,179			67,984,292			67,924,536			67,913,155			63,110,530			63,052,653			59,052,653
Closing market value of shares and units outstanding (thousands), end of quarter	$	2,678,645		$	2,561,648		$	2,710,189		$	2,324,667		$	1,976,622		$	1,556,770		$	1,663,513

*	New York Stock Exchange trades only

**	On an annual basis

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.digitalrealtytrust.com.

Page 4

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Ownership Structure

As of September 30, 2007

LOGO


Partner	# of Units (2)	% Ownership
Digital Realty Trust, Inc.	60,721,750	89.3	%
Cambay Tele.com, LLC (3)	5,257,348	7.8	%
Wave Exchange, LLC (3)	32,722	0.0	%
Directors, Executive Officers and Others	1,991,359	2.9	%

Total	68,003,179	100.0	%

(1)	Reflects limited partnership interests held by our officers and directors in the form of vested long-term incentive units and excludes shares issuable upon the redemption of Class C units which have not yet vested and all unexercised common stock options.

(2)

The total number of units includes 60,721,750 shares of common stock and 7,281,429 common units and excludes profits interest units and Class C units and shares issuable upon the redemption of profits interest units and Class C units, which have not yet vested, and all unexercised common stock options.

(3)

These third-party contributors received the units (along with cash and the operating partnership assuming 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 629,913 common units held by the members of Cambay Tele.com, LLC.

Page 5

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Key Quarterly Financial Data

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


	For the three months ended or as of
	30-Sep-07			30-Jun-07			31-Mar-07			31-Dec-06			30-Sep-06			30-Jun-06			31-Mar-06
Shares and units at end of quarter
Common shares outstanding		60,721,750			60,713,878			60,692,858			54,257,691			36,155,367			36,104,961			31,429,296
Common units outstanding		7,281,429			7,270,414			7,231,678			13,655,464			26,955,163			26,947,692			27,623,357

Total shares and Operating Partnership units		68,003,179			67,984,292			67,924,536			67,913,155			63,110,530			63,052,653			59,052,653

Market Capitalization
Market value of common equity (1)	$	2,678,645		$	2,561,648		$	2,710,189		$	2,324,667		$	1,976,622		$	1,556,770		$	1,663,513
Stated value of preferred equity		341,750			341,750			166,750			166,750			166,750			166,750			166,750
Total debt at balance sheet carrying value (2)		1,335,108			1,172,307			1,271,988			1,122,638			1,074,757			820,501			813,655

Total market capitalization including preferred equity and debt (2)	$	4,355,503		$	4,075,705		$	4,148,927		$	3,614,055		$	3,218,129		$	2,544,021		$	2,643,918

Total debt/Total market capitalization including preferred equity and debt		30.7	%		28.8	%		30.7	%		31.1	%		33.4	%		32.3	%		30.8	%

Selected Balance Sheet Data
Investments in real estate (before depreciation) (3)		2,231,886			2,044,661			1,967,653			1,849,281			1,626,979			1,399,752			1,289,226
Total assets		2,576,119			2,393,476			2,333,791			2,186,219			1,971,762			1,713,857			1,574,041
Total liabilities		1,580,786			1,384,223			1,481,575			1,338,031			1,247,351			990,422			935,039

Selected Operating Data
Total operating revenues from continuing operations (4)		104,794			95,583			88,967			82,045			70,673			62,237			57,121
Total operating expenses from continuing operations (4)		83,369			73,042			67,002			61,102			52,222			44,452			39,733
Interest expense from continuing operations (4)		16,683			15,264			16,594			14,104			13,791			11,249			10,452
Net income		5,135			7,758			22,086			6,423			14,787			5,095			5,087
Net income (loss) available to common stockholders		(224	)		2,591			18,641			2,978			11,342			1,650			1,642

Financial Ratios
EBITDA (5)		51,804			49,565			65,742			45,720			50,614			34,106			31,286
Adjusted EBITDA (6)		57,136			55,042			72,949			50,441			62,523			38,891			36,562
Cash interest expense (7)		19,464			14,359			17,882			12,477			12,860			13,296			10,244
Fixed charges (8)		26,679			21,261			22,967			17,540			17,820			17,863			15,113
Debt service coverage ratio (9)		2.9x			3.8x			4.1x			4.0x			4.9x			2.9x			3.6x
Fixed charge coverage ratio (10)		2.1x			2.6x			3.2x			2.9x			3.5x			2.2x			2.4x

Profitability measures
Net income (loss) per common share—basic	$	—		$	0.04		$	0.33		$	0.06		$	0.31		$	0.05		$	0.06
Net income (loss) per common share—diluted	$	—		$	0.04		$	0.32		$	0.06		$	0.30		$	0.05		$	0.06
Diluted Funds From Operations (FFO) per share (11)	$	0.51		$	0.51		$	0.50		$	0.48		$	0.41		$	0.38		$	0.36
Diluted Adjusted Funds From Operations (AFFO) per share (12)	$	0.35		$	0.37		$	0.41		$	0.29		$	0.30		$	0.27		$	0.28
Dividends per share and common unit	$	0.29		$	0.29		$	0.29		$	0.29		$	0.27		$	0.27		$	0.27
Diluted FFO payout ratio (13)		55.7	%		56.4	%		57.3	%		59.6	%		65.9	%		71.1	%		75.0	%
Diluted AFFO payout ratio (14)		81.8	%		77.4	%		69.8	%		98.7	%		90.0	%		100.0	%		96.4	%

Portfolio Statistics (15)
Buildings		88			83			83			79			71			66			55
Properties		67			62			61			59			53			49			45
Net rentable square feet, excluding redevelopment space		10,311,857			9,713,146			9,668,267			9,381,860			9,111,904			8,766,173			7,769,773
Square feet held for redevelopment (16)		1,708,059			1,659,133			1,710,199			1,646,255			1,248,326			1,156,437			1,196,538
Occupancy at end of quarter (17)		95.1	%		94.6	%		94.8	%		95.0	%		94.7	%		94.4	%		92.7	%
Weighted average remaining lease term (years) (18)		7.5			7.5			7.0			6.9			7.2			7.0			7.4
Same store occupancy at end of quarter (19)		94.4	%		93.9	%		94.4	%		94.9	%		93.9	%		94.4	%		93.7	%

(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 the operating partnership 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 shares issuable upon the redemption of profits interests units and Class C units which have not yet vested and shares of our common stock issuable upon redemption thereof.

(2)	The amount for June 30, 2006 excludes the outstanding principal for a loan related to 7979 East Tufts Avenue of $26.0 million. We classified this property as held for sale at June 30, 2006. We completed its sale on July 12, 2006 and eliminated our liability for the $26.0 million loan.

(3)	The June 30, 2006 amount excludes assets held for sale at East Tufts Avenue of $37.9 million.

(4)	Excludes operations for properties sold in 2007 and 2006: 100 Technology Center Drive (March 2007), 4055 Valley View Lane (March 2007) and 7979 East Tufts Avenue (July 2006), for all periods presented.

(5)	EBITDA is calculated as earnings before interest, taxes, depreciation and amortization. For a discussion of EBITDA, see page 27. For a reconciliation of net income available to common stockholders to EBITDA, see page 10.

(6)	Adjusted EBITDA is EBITDA adjusted for preferred dividends and minority interests. For a discussion of Adjusted EBITDA, see page 27. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 10.

(7)	Cash interest expense is interest expense per our statement of operations (including interest expense on discontinued operations) adjusted for noncash interest expense and includes capitalized interest. For a reconciliation of GAAP interest expense to cash interest expense see page 10.

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

(9)

Debt service coverage ratio is Adjusted EBITDA divided by cash interest expense. Ignoring the effect of the gain on sale for 100 Technology Center Drive and 4055 Valley View Lane, debt service coverage ratio was 3.1x for the three months ended March 31, 2007. Ignoring the effect of the gain on sale of 7979 East Tufts Avenue, debt service coverage ratio was 3.5x for the three months ended September 30, 2006.

(10)

Fixed charge coverage ratio is Adjusted EBITDA divided by fixed charges. Ignoring the effect of the gain on sale for 100 Technology Center Drive and 4055 Valley View Lane, fixed charge coverage ratio was 2.4x for the three months ended March 31, 2007. Ignoring the effect of the gain on sale of 7979 East Tufts Avenue, fixed charge coverage ratio was 2.5x for the three months ended September 30, 2006.

(11)	For a definition and discussion of FFO see page 27. For a reconciliation of net income available to common stockholders to FFO, see page 9.

(12)	For a definition and discussion of AFFO, see page 27. For a reconciliation of FFO to AFFO, see page 9.

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

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

(15)	Portfolio statistics exclude operations for properties sold in 2007 and 2006; 100 Technology Center Drive (March 2007), 4055 Valley View Lane (March 2007) and 7979 East Tufts Avenue (July 2006), for all periods presented.

(16)

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.

(17)	Occupancy and same store occupancy excludes space held for redevelopment.

(18)	Average remaining lease term excludes renewal options, weighted by net rentable square feet.

(19)	Same store properties were acquired before December 31, 2005. Same store occupancy statistics exclude properties sold in 2007 and 2006: 100 Technology Center Drive (March 2007), 4055 Valley View Lane (March 2007) and 7979 East Tufts Avenue (July 2006), for all periods presented.

Page 6

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Consolidated Balance Sheets

(Dollars in thousands, except share data)


	September 30, 2007			December 31, 2006
	(unaudited)
ASSETS
Investments in real estate
Land	$	288,784		$	228,728
Acquired ground leases		1,595			3,028
Buildings and improvements		1,741,901			1,415,236
Tenant improvements		190,015			172,334

Investments in real estate		2,222,295			1,819,326
Accumulated depreciation and amortization		(164,100	)		(112,479	)

Net investments in properties		2,058,195			1,706,847
Investment in unconsolidated joint venture		9,591			29,955

Net investments in real estate		2,067,786			1,736,802
Cash and cash equivalents		49,182			22,261
Accounts and other receivables, net		30,322			31,293
Deferred rent		57,317			40,225
Acquired above market leases, net		40,254			47,292
Acquired in place lease value and deferred leasing costs, net		255,265			248,751
Deferred financing costs, net		18,319			17,500
Restricted cash		38,716			28,144
Other assets		18,958			13,951

Total Assets	$	2,576,119		$	2,186,219

LIABILITIES AND STOCKHOLDERS’ EQUITY
Unsecured revolving credit facility	$	266,726		$	145,452
Mortgage loans		895,882			804,686
Exchangeable senior debentures		172,500			172,500
Accounts payable and other accrued liabilities		104,795			88,698
Accrued dividends and distributions		24,824			19,386
Acquired below market leases, net		95,485			87,487
Security deposits and prepaid rents		20,574			19,822

Total Liabilities		1,580,786			1,338,031

Commitments and contingencies		—			—
Minority interests in consolidated joint venture		2,902			—
Minority interests in operating partnership		71,063			138,416
Stockholders’ equity:
Preferred Stock: $0.01 par value, 20,000,000 authorized:
Series A Cumulative Redeemable Preferred Stock, 8.50%, $103,500,000 liquidation preference ($25.00 per share), 4,140,000 issued and outstanding		99,297			99,297
Series B Cumulative Redeemable Preferred Stock, 7.875%, $63,250,000 liquidation preference ($25.00 per share), 2,530,000 issued and outstanding		60,502			60,502
Series C Cumulative Convertible Preferred Stock, 4.375%, $175,000,000 liquidation preference ($25.00 per share), 7,000,000 issued and outstanding		168,955			—
Common Stock; $0.01 par value: 100,000,000 authorized, 60,721,750 and 54,257,691 shares issued and outstanding as of September 30, 2007 and December 31, 2006		607			542
Additional paid-in capital		666,023			597,334
Dividends in excess of earnings		(83,069	)		(52,093	)
Accumulated other comprehensive income, net		9,053			4,190

Total Stockholders’ Equity		921,368			709,772

Total Liabilities and Stockholders’ Equity	$	2,576,119		$	2,186,219

Page 7

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Consolidated Quarterly Statements of Operations

(unaudited and in thousands, except share data)


	Three Months Ended
	30-Sep-07			30-Jun-07			31-Mar-07			31-Dec-06			30-Sep-06			30-Jun-06			31-Mar-06
Rental	$	82,536		$	78,705		$	73,288		$	68,327		$	57,394		$	49,900		$	45,750
Tenant reimbursements		22,104			16,631			15,679			13,521			13,279			12,337			11,203
Other		154			247			—			197			—			—			168

Total operating revenues		104,794			95,583			88,967			82,045			70,673			62,237			57,121

Rental property operating and maintenance		30,539			23,865			21,239			19,765			14,972			13,205			11,314
Property taxes		7,859			7,342			7,540			6,512			6,956			6,839			6,583
Insurance		1,356			1,419			1,426			827			934			1,050			872
Depreciation and amortization		35,345			31,832			29,399			27,290			23,767			18,534			16,537
General and administrative		7,775			8,456			7,210			6,535			4,986			4,674			4,246
Other		495			128			188			173			607			150			181

Total operating expenses		83,369			73,042			67,002			61,102			52,222			44,452			39,733

Operating income		21,425			22,541			21,965			20,943			18,451			17,785			17,388
Equity in earnings of unconsolidated joint venture		(237	)		216			545			177			—			—			—
Interest and other income		621			532			513			416			364			262			228
Interest expense		(16,683	)		(15,264	)		(16,594	)		(14,104	)		(13,792	)		(11,249	)		(10,452	)
Loss from early extinguishment of debt		—			—			—			(6	)		(40	)		(425	)		(57	)

Income from continuing operations before minority interests		5,126			8,025			6,429			7,426			4,983			6,373			7,107
Minority interests in continuing operations of operating partnership		25			(305	)		(501	)		(1,194	)		(657	)		(1,312	)		(1,939	)

Income from continuing operations		5,151			7,720			5,928			6,232			4,326			5,061			5,168
Income (loss) from discontinued operations before gain on sale of assets and minority interests		(18	)		43			1,370			193			250			62			(174	)
Gain on sale of assets		—			—			18,049			80			18,016			—			—
Minority interests attributable to discontinued operations		2			(5	)		(3,261	)		(82	)		(7,805	)		(28	)		93

Income (loss) from discontinued operations (1)		(16	)		38			16,158			191			10,461			34			(81	)

Net income		5,135			7,758			22,086			6,423			14,787			5,095			5,087
Preferred stock dividends		(5,359	)		(5,167	)		(3,445	)		(3,445	)		(3,445	)		(3,445	)		(3,445	)

Net income (loss) available to common stockholders	$	(224	)	$	2,591		$	18,641		$	2,978		$	11,342		$	1,650		$	1,642

Net income (loss) per share available to common stockholders—basic	$	—		$	0.04		$	0.33		$	0.06		$	0.31		$	0.05		$	0.06
Net income (loss) per share available to common stockholders—diluted	$	—		$	0.04		$	0.32		$	0.06		$	0.30		$	0.05		$	0.06
Weighted-average shares outstanding—basic		60,717,153			60,697,740			56,511,200			47,332,515			36,114,253			33,372,240			27,503,248
Weighted-average shares outstanding—diluted		60,717,153			62,970,291			58,424,427			48,940,617			37,446,893			33,872,344			28,354,597
Weighted-average fully diluted shares and units		69,937,352			70,228,894			69,830,614			69,213,230			64,397,265			60,959,350			59,873,798

(1)

During 2007 and 2006, we sold 7979 East Tufts Avenue (July 2006), 100 Technology Center Drive (March 2007) and 4055 Valley View Lane (March 2007). We have presented all activity for these properties in Income (loss) from discontinued operations for all periods presented above. This will cause individual line items above to differ from previously published information but does not affect net income available to common stockholders.

Page 8

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Funds From Operations (FFO)

(unaudited and in thousands except per share data)


	Three Months Ended
	30-Sep-07			30-Jun-07			31-Mar-07			31-Dec-06			30-Sep-06			30-Jun-06			31-Mar-06
Reconciliation of net income available to common stockholders to FFO (Note):
Net income available to common stockholders	$	(224	)	$	2,591		$	18,641		$	2,978		$	11,342		$	1,650		$	1,642
Adjustments:
Minority interests in operating partnership including discontinued operations		(27	)		310			3,762			1,276			8,464			1,340			1,846
Real estate related depreciation and amortization (1)		35,216			31,708			29,643			28,055			24,454			20,238			18,185
Real estate related depreciation and amortization related to investment in unconsolidated joint venture		969			1,010			1,036			796			—			—			—
Gain on sale of assets		—			—			(18,049	)		(80	)		(18,016	)		—			—

FFO available to common stockholders and unitholders	$	35,934		$	35,619		$	35,033		$	33,025		$	26,244		$	23,228		$	21,673

FFO per share:
Basic	$	0.53		$	0.52		$	0.52		$	0.49		$	0.42		$	0.38		$	0.37
Diluted	$	0.51		$	0.51		$	0.50		$	0.48		$	0.41		$	0.38		$	0.36

Weighted-average shares and units outstanding—basic		67,995			67,956			67,917			67,605			63,065			60,459			59,022
Weighted-average shares and units outstanding—diluted		69,937			70,229			69,831			69,213			64,397			60,959			59,874
(1) Real estate depreciation and amortization was computed as follows:
Depreciation and amortization per income statement	$	35,345		$	31,832		$	29,399		$	27,290		$	23,768		$	18,534		$	16,537
Depreciation and amortization of discontinued operations		—			—			379			883			971			1,741			1,719
Non real estate depreciation		(129	)		(124	)		(135	)		(118	)		(285	)		(37	)		(71	)

	$	35,216		$	31,708		$	29,643		$	28,055		$	24,454		$	20,238		$	18,185

Note: For a definition and discussion of FFO, see page 27. FFO for all periods presented above includes the results of properties sold in 2006 and 2007: 7979 East Tufts Avenue (July 2006), 100 Technology Center Drive (March 2007) and 4055 Valley View Lane (March 2007).

Adjusted Funds From Operations (AFFO)

(unaudited and in thousands)


	Three Months Ended
	30-Sep-07			30-Jun-07			31-Mar-07			31-Dec-06			30-Sep-06			30-Jun-06			31-Mar-06
Reconciliation of FFO to AFFO:
Funds from operations available to common stockholders and unitholders (FFO)	$	35,934		$	35,619		$	35,033		$	33,025		$	26,244		$	23,228		$	21,673
Adjustments:
Non real estate depreciation		129			124			135			118			285			37			71
Amortization of deferred financing costs		1,682			1,321			1,389			1,115			916			937			795
Non cash compensation		1,103			836			507			491			430			435			431
Loss from early extinguishment of debt		—			—			—			6			40			425			57
Straight line rents		(7,204	)		(5,770	)		(5,111	)		(5,810	)		(3,856	)		(4,233	)		(3,843	)
Above and below market rent amortization		(2,691	)		(2,578	)		(2,338	)		(2,238	)		(2,837	)		(1,504	)		(433	)
Capitalized leasing compensation		(300	)		(175	)		(175	)		(217	)		(185	)		(888	)		(764	)
Recurring capital expenditures and tenant improvements		(2,765	)		99			(393	)		(2,574	)		(344	)		(338	)		(904	)
Capitalized leasing commissions		(1,389	)		(3,836	)		(439	)		(3,716	)		(1,523	)		(1,682	)		(265	)

AFFO available to common stockholders and unitholders	$	24,499		$	25,640		$	28,608		$	20,200		$	19,170		$	16,417		$	16,818

Note: For a definition and discussion of AFFO, see page 27. For a reconciliation of net income available to common stockholders to FFO, see above table. AFFO for all periods presented above includes the results of properties sold in 2006 and 2007: 7979 East Tufts Avenue (July 2006), 100 Technology Center Drive (March 2007) and 4055 Valley View Lane (March 2007).

Page 9

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Reconciliation of Earnings before interest, taxes, depreciation and amortization (EBITDA) (1)

(unaudited and in thousands)


	Three Months Ended
	30-Sep-07			30-Jun-07		31-Mar-07		31-Dec-06		30-Sep-06		30-Jun-06		31-Mar-06
Net income (loss) available to common stockholders	$	(224	)	$	2,591	$	18,641	$	2,978	$	11,342	$	1,650	$	1,642
Interest (including discontinued operations)		16,683			15,142		17,323		14,569		14,533		12,181		11,388
Depreciation and amortization		35,345			31,832		29,778		28,173		24,738		20,275		18,256

EBITDA		51,804			49,565		65,742		45,720		50,613		34,106		31,286
Minority interests		(27	)		310		3,762		1,276		8,462		1,340		1,831
Preferred stock dividends		5,359			5,167		3,445		3,445		3,445		3,445		3,445

Adjusted EBITDA	$	57,136		$	55,042	$	72,949	$	50,441	$	62,520	$	38,891	$	36,562

(1)

For the definition and discussion of EBITDA and Adjusted EBITDA, see page 27. EBITDA and adjusted EBITDA for the three months ended March 31, 2007 include a gain on sale for 100 Technology Center Drive and 4055 Valley View Lane of approximately $18.0 million. Excluding this gain EBITDA and Adjusted EBITDA would have been $50.7 million and $54.9 million, respectively for three months ended March 31, 2007. EBITDA and adjusted EBITDA for the three months ended September 30, 2006 include a gain on sale for 7979 East Tufts Avenue of $18.0 million. Excluding this gain EBITDA and Adjusted EBITDA would have been $40.3 million and $44.5 million, respectively for three months ended September 30, 2006. EBITDA and Adjusted EBITDA for all periods presented above includes the results of 7979 East Tufts Avenue, a property which we classified as held for sale and which we sold on July 12, 2006.

Financial Ratios

(unaudited and in thousands)


	30-Sep-07		30-Jun-07		31-Mar-07		31-Dec-06		30-Sep-06		30-Jun-06		31-Mar-06
Total GAAP interest expense (including discontinued operations)	16,683		15,142		17,323		14,569		14,533		12,181		11,388
Capitalized interest	3,096		2,792		1,507		1,114		917		1,058		762
Change in accrued interest and other noncash amounts	(315	)	(3,575	)	(948	)	(3,206	)	(2,590	)	57		(1,906	)

Cash interest expense (a)	19,464		14,359		17,882		12,477		12,860		13,296		10,244
Scheduled debt principal payments and preferred dividends	7,215		6,902		5,085		5,063		4,960		4,567		4,869

Total fixed charges	26,679		21,261		22,967		17,540		17,820		17,863		15,113

Debt service coverage ratio based on GAAP interest expense (b)	3.4x		3.6x		4.2x		3.5x		4.3x		3.2x		3.2x
Debt service coverage ratio based on cash interest expense (b)	2.9x		3.8x		4.1x		4.0x		4.9x		2.9x		3.6x
Fixed charge coverage ratio based on GAAP interest expense (c)	2.4x		2.5x		3.3x		2.6x		3.2x		2.3x		2.2x
Fixed charge coverage ratio based on cash interest expense (c)	2.1x		2.6x		3.2x		2.9x		3.5x		2.2x		2.4x
Debt to total market capitalization including debt and preferred equity (d)	30.7	%	28.8	%	30.7	%	31.1	%	33.4	%	32.3	%	30.8	%
Debt plus preferred stock to total market capitalization including debt and preferred equity (e)	38.5	%	37.1	%	34.7	%	35.7	%	38.6	%	38.8	%	37.1	%
Pretax income to interest expense (f)	1.3x		1.5x		2.5x		1.5x		2.6x		1.5x		1.6x

(a)

Cash interest expense is interest expense less amortized 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)

Adjusted EBITDA divided by interest expense. Ignoring the effect of the gain on sale of 100 Technology Center Drive and 4055 Valley View Lane, debt service coverage ratio was 3.2x using GAAP interest expense and 3.1x using cash interest expense for the three months ended March 31, 2007. Ignoring the effect of the gain on sale of 7979 East Tufts Avenue, debt service coverage ratio was 3.1x using GAAP interest expense and 3.5x using cash interest expense for the three months ended September 30, 2006.

(c)

Adjusted EBITDA divided by fixed charges. Fixed charges include interest expense as per (a) above and scheduled debt principal payments and preferred dividends. Ignoring the effect of the gain on sale of 100 Technology Center Drive and 4055 Vallet View Lane, fixed charges coverage ratio was 2.5x using GAAP interest expense and 2.4x using cash interest expense for the three months ended March 31, 2007. Ignoring the effect of the gain on sale of 7979 East Tufts Avenue, fixed charges coverage ratio was 2.3x using GAAP interest expense and 2.5x using cash interest expense for the three months ended September 30, 2006.

(d)

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. Mortgage debt and other loans amount excludes the outstanding principal for a loan related to 7979 East Tufts Avenue of $26.0 million. We classified this property as held for sale at June 30, 2006. We completed its sale on July 12, 2006 and the eliminated our liability for the $26.0 million loan.

(e)

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

(f)

Calculated as income including gain on sale of assets before minority interest and interest divided by GAAP interest expense. Ignoring the effect of the gain on sale of 100 Technology Center Drive and 4055 Valley View Lane, pretax income to interest expense was 1.5x for the three months ended March 31, 2007. Ignoring the effect of the gain on sale of 7979 East Tufts Avenue, pretax income to interest expense was 1.4x for the three months ended September 30, 2006.

Page 10

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Net Operating Income (NOI) and Run-rate NOI

For the three months ended September 30, 2007

(unaudited, in thousands)


Rental revenues	$	82,536
Tenant reimbursements		22,104
Rental property operating and maintenance		(30,539	)
Property taxes		(7,859	)
Insurance		(1,356	)

NOI	$	64,886

Actual results of properties acquired during the quarter:
Rental revenues		(1,282	)
Tenant reimbursements		(407	)
Rental property operating and maintenance		566
Property taxes		94
Insurance		8

Prorated full quarter of actual results of properties acquired during the quarter:
Rental revenues		2,308
Tenant reimbursements		748
Rental property operating and maintenance		(1,002	)
Property taxes		(190	)
Insurance		(16	)

Run-rate NOI	$	65,713


Reconciliation of net income available to common stockholders to NOI


Net income available to common stockholders	$	(224	)
Other revenues		(154	)
Interest expense		16,683
Depreciation and amortization		35,345
General and administrative expenses		7,775
Other expenses		495
Equity in earnings of unconsolidated joint venture		237
Interest and other income		(621	)
Minority interests in continuing operations of operating partnership		(25	)
Income from discontinued operations before minority interests		18
Gain on sale of assets		—
Minority interests attributable to discontinued operations		(2	)
Preferred stock dividends		5,359

NOI	$	64,886

Note: NOI and run-rate NOI exclude the operations of properties sold in 2006 and 2007; 7979 East Tufts Avenue (July 2006), 100 Technology Center Drive (March 2007) and 4055 Valley View Lane (March 2007). For a definition and discussion of NOI and Run-rate NOI, see page 27.

Page 11

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Same Store and New Properties Consolidated Quarterly Statements of Operations

(unaudited and in thousands, except share data)


	Three Months Ended
Same store (1)	30-Sep-07			30-Jun-07			31-Mar-07			31-Dec-06			30-Sep-06			30-Jun-06			31-Mar-06
Operating Revenues:
Rental	$	57,033		$	54,345		$	52,698		$	51,577		$	48,827		$	47,131		$	45,517
Tenant reimbursements		18,202			14,171			13,640			12,811			12,790			11,930			11,203
Other		154			247			—			197			—			—			168

Total operating revenues		75,389			68,763			66,338			64,585			61,617			59,061			56,888

Operating Expenses:
Rental property operating and maintenance		20,229			15,545			13,561			14,385			13,388			12,573			10,999
Property taxes		6,869			6,428			6,847			5,967			6,646			6,556			6,530
Insurance		1,253			1,278			1,296			810			888			1,005			867
Depreciation and amortization		21,725			19,600			18,891			16,736			18,800			17,316			16,391
General and administrative (2)		7,775			8,456			7,210			6,535			4,986			4,674			4,246
Other		450			95			164			134			528			91			180

Total operating expenses		58,301			51,402			47,969			44,567			45,236			42,215			39,213
Operating income		17,088			17,361			18,369			20,018			16,381			16,846			17,675
Other Income (Expenses):
Equity in earnings of unconsolidated joint venture		—			—			—			—			—			—			—
Interest and other income		414			376			356			274			245			194			174
Interest expense (3)		(12,426	)		(12,248	)		(11,432	)		(10,117	)		(8,865	)		(8,546	)		(7,799	)
Loss from early extinguishment of debt		—			—			—			(6	)		(40	)		(425	)		(57	)

Income from continuing operations before minority interests		5,076			5,489			7,293			10,169			7,721			8,069			9,993
Income (loss) from discontinued operations before minority interests		(18	)		43			1,370			193			250			62			(174	)
Gain on sale of assets		—			—			18,049			80			18,016			—			—

Income before minority interests	$	5,058		$	5,532		$	26,712		$	10,442		$	25,987		$	8,131		$	9,819

New properties (1)
Operating Revenues:
Rental	$	25,503		$	24,360		$	20,590		$	16,750		$	8,567		$	2,769		$	233
Tenant reimbursements		3,902			2,460			2,039			710			489			407			—
Other		—			—			—			—			—			—			—

Total operating revenues		29,405			26,820			22,629			17,460			9,056			3,176			233

Operating Expenses:
Rental property operating and maintenance		10,310			8,320			7,678			5,380			1,584			632			315
Property taxes		990			914			693			545			310			283			53
Insurance		103			141			130			17			46			45			5
Depreciation and amortization		13,620			12,232			10,508			10,554			4,967			1,218			146
General and administrative (2)		—			—			—			—			—			—			—
Other		45			33			24			39			79			59			1

Total operating expenses		25,068			21,640			19,033			16,535			6,986			2,237			520

Operating income		4,337			5,180			3,596			925			2,070			939			(287	)
Other Income (Expenses):
Equity in earnings of unconsolidated joint venture		(237	)		216			545			177			—			—			—
Interest and other income		207			156			157			142			119			68			54
Interest expense (3)		(4,257	)		(3,016	)		(5,162	)		(3,987	)		(4,927	)		(2,703	)		(2,653	)
Loss from early extinguishment of debt		—			—			—			—			—			—			—

Income from continuing operations before minority interests		50			2,536			(864	)		(2,743	)		(2,738	)		(1,696	)		(2,886	)
Income from discontinued operations before minority interests		—			—			—			—			—			—			—
Gain on sale of assets		—			—			—			—			—			—			—

Income before minority interests	$	50		$	2,536		$	(864	)	$	(2,743	)	$	(2,738	)	$	(1,696	)	$	(2,886	)

(1)

Same store properties are properties that were acquired before December 31, 2005 and new properties are properties acquired after December 31, 2005. During 2007 and 2006, we sold 7979 East Tufts Avenue (July 2006), 100 Technology Center Drive (March 2007) and 4055 Valley View Lane (March 2007). We have presented all activity for these properties in Income (loss) from discontinued operations for all periods presented above.

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

(3)	Interest expense on our revolving credit facility is allocated entirely to new properties.

Page 12

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Same Store Operating Trend Summary

(unaudited and in thousands, except share data)


	Three Months Ended
Same store (1)	30-Sep-07			30-Jun-07			Percentage Change		30-Sep-06			Percentage Change
Rental (2)	$	57,033		$	54,345		4.9	%	$	48,827		16.8	%
Tenant reimbursements		18,202			14,171		28.4	%		12,790		42.3	%

		75,235			68,516		9.8	%		61,617		22.1	%
Rental property operating and maintenance		20,229			15,545		30.1	%		13,388		51.1	%
Property taxes		6,869			6,428		6.9	%		6,646		3.4	%
Insurance		1,253			1,278		(2.0	%)		888		41.1	%

		28,351			23,251		21.9	%		20,922		35.5	%

Net Operating Income (3)	$	46,884		$	45,265		3.6	%	$	40,695		15.2	%

Same store occupancy at end of quarter		94.4	%		93.9	%				93.9	%

(1)	Same store properties were acquired before December 31, 2005.

(2)	For the periods presented, same store straight-line rent was $5,417, $4,342 and $3,340, respectively and non-cash adjustments related to FAS 141 were $695, $689, and $1,774, respectively.

(3)	For a definition and discussion of Net Operating Income, see page 27.

Page 13

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Consolidated Debt Analysis

(unaudited, in thousands)


	Maturity Date	Principal Balance as of September 30, 2007		% of Debt		Interest Rate as of September 30, 2007		Interest Rate as of September 30, 2007 including swaps
Unhedged Floating Rate Debt
Unsecured revolving credit facility	August 31, 2010(1)	$	266,726	20.0	%	6.64	%	—

		$	266,726	20.0	%
Fixed Rate Mortgage Debt and Hedged Floating Rate Debt
Secured Term Debt	November 11, 2014		149,292	11.2	%	5.65	%	—
350 East Cermak Road	June 9, 2008(1)		98,344	7.4	%	7.32	%	6.23	%
200 Paul Avenue 1-4	October 8, 2015		81,000	6.1	%	5.74	%	—
2045 & 2055 LaFayette Street	February 6, 2017		68,000	5.1	%	5.93	%	—
600 West Seventh Street	March 15, 2016		58,325	4.4	%	5.80	%	—
2323 Bryan Street	November 6, 2009		56,026	4.2	%	6.04	%	—
34551 Ardenwood Boulevard 1-4	November 11, 2016		55,000	4.1	%	5.95	%	—
1100 Space Park Drive	December 11, 2016		55,000	4.1	%	5.89	%	—
150 South First Street	February 6, 2017		53,288	4.0	%	6.30	%	—
114 Rue Ambroise Croizat	January 18, 2012		46,445	3.5	%	6.14	%	5.13	%
2334 Lundy Place	November 11, 2016		40,000	3.0	%	5.96	%	—
Unit 9, Blanchardstown Corporate Park	January 18, 2012		39,931	3.0	%	6.14	%	5.35	%
6 Braham Street	April 10, 2011		27,024	2.0	%	7.20	%	5.84	%
Paul van Vlissingenstraat 16	July 18, 2013		15,679	1.2	%	6.39	%	5.58	%
Chemin de l'Epinglier 2	July 18, 2013		11,386	0.9	%	6.29	%	5.57	%
1125 Energy Park Drive	March 1, 2032		9,486	0.7	%	7.62	%	—
Gyroscoopweg 2E-2F	October 18, 2013		9,980	0.7	%	6.29	%	5.49	%
375 Riverside Parkway	December 1, 2008		8,617	0.6	%	7.08	%	6.87	%
731 East Trade Street	July 1, 2020		5,753	0.4	%	8.22	%	—
1500 Space Park Drive	April 5, 2008		5,511	0.4	%	7.87	%

		$	894,087	67.0	%
Exchangeable senior debentures		$	172,500	12.9	%	4.13	%	—
3 Corporate Place construction loan		$	—	0.0	%	7.57	%	—

Total Fixed Rate Debt Including Swaps		$	1,066,587	79.9	%
Loan premium— 1125 Energy Park Drive and 731 East Trade Street			1,795	0.1	%

Total Consolidated Debt		$	1,335,108	100.0	%

Weighted average cost of debt (including interest rate swaps)								5.81	%

(1)	Two one-year extensions are available.

Credit Facility

(in thousands)


	Maximum Available		Available as of September 30, 2007		Drawn as of September 30, 2007
Unsecured Revolving Credit Facility	$	650,000	$	372,000	$	266,726

Page 14

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Debt Maturities

(unaudited, in thousands)



Property	Remainder of 2007		2008		2009		2010		2011		Thereafter		Total
Unsecured revolving credit facility(1)	$	—	$	—	$	—	$	266,726	$	—	$	—	$	266,726
Secured Term Debt(2)	$	554	$	2,252	$	2,408	$	2,550	$	2,700	$	138,828		149,292
350 East Cermak Road(3)	$	342	$	98,002	$	—	$	—	$	—	$	—		98,344
200 Paul Avenue 1-4	$	231	$	1,433	$	1,533	$	1,624	$	1,721	$	74,458		81,000
2045 & 2055 LaFayette Street	$	—	$	—	$	728	$	835	$	886	$	65,551		68,000
600 West Seventh Street	$	294	$	1,218	$	1,290	$	1,367	$	1,448	$	52,708		58,325
2323 Bryan Street	$	193	$	794	$	55,039	$	—	$	—	$	—		56,026
1100 Space Park Drive	$	—	$	—	$	56	$	638	$	687	$	53,619		55,000
34551 Ardenwood Boulevard 1-4	$	—	$	—	$	55	$	639	$	678	$	53,628		55,000
150 South First Street	$	—	$	—	$	518	$	595	$	635	$	51,540		53,288
114 Rue Ambroise Croizat	$	175	$	702	$	702	$	702	$	702	$	43,462		46,445
2334 Lundy Place	$	—	$	—	$	40	$	457	$	493	$	39,010		40,000
Unit 9, Blanchardstown Corporate Park	$	151	$	603	$	603	$	603	$	603	$	37,368		39,931
6 Braham Street	$	—	$	—	$	614	$	819	$	25,591	$	—		27,024
Paul van Vlissingenstraat 16	$	60	$	240	$	240	$	240	$	240	$	14,659		15,679
Chemin de l'Epinglier 2	$	43	$	173	$	173	$	173	$	173	$	10,651		11,386
1125 Energy Park Drive	$	30	$	122	$	133	$	143	$	155	$	8,903		9,486
Gyroscoopweg 2E-2F	$	38	$	152	$	152	$	152	$	152	$	9,334		9,980
375 Riverside Parkway	$	53	$	8,564	$	—	$	—	$	—	$	—		8,617
731 East Trade Street	$	45	$	189	$	205	$	235	$	274	$	4,805		5,753
1500 Space Park Drive	$	—	$	5,511	$	—	$	—	$	—	$	—		5,511
Exchangeable senior debentures(4)	$	—	$	—	$	—	$	—	$	172,500	$	—		172,500

Total	$	2,209	$	119,955	$	64,489	$	278,498	$	209,638	$	658,524	$	1,333,313


Weighted Average Term to Initial Maturity(4)												5.5 Years
Weighted Average Term to Initial Maturity (assuming exercise of extension options)(4)										6.1 Years

(1)	Two one-year extension options are available.

(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 are cross-collateralized by the six properties.

(3)	Two one-year extensions are available.

(4)	Assumes maturity of Exchangeable senior debentures at first redemption date in August 2011. Note: Except as provided, above amounts assume no exercise of extensions and total excludes $1,795 of Loan Premiums.

Page 15

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Portfolio Summary

As of September 30, 2007


	9/30/2007		6/30/2007
Number of Properties:
Domestic	57		53
International	10		9

	67	(2)	62	(2)

Number of Buildings:
Domestic	77		73
International	11		10

	88		83
Number of Markets:
Domestic	20		19
International	6		6

	26		25
Net Rentable Square Feet:
Domestic	9,709,992		9,111,281
International	601,865		601,865

	10,311,857		9,713,146
Redevelopment Square Feet:
Domestic	1,319,040		1,394,614
International	389,019		264,519

	1,708,059		1,659,133
Portfolio Occupancy (1)	95.1	%	94.6	%
Same Store Pool Occupancy	94.4	%	93.9	%
Average Original Lease Term (years)	13.2		13.1
Average Remaining Lease Term (years)	7.5		7.5
Lease Expirations (through 2009)	9.7	%	9.4	%

(1)	Occupancy excludes space held for redevelopment.

(2)	Excludes a property held as an investment in an unconsolidated joint venture.

Page 16

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Properties Acquired

For the three months ended September 30, 2007


Property	Metropolitan Area	Date Acquired	Purchase Price (in millions)			Net Rentable Square Footage of Property	Total Square Footage Held for Redevelopment	Percentage of Total Rentable Square Footage of Property Occupied (1)
210 Tucker Boulevard	St. Louis, MO	August-07	$	20.8	(2)	201,588	62,000	95.0	%
900 Walnut Street	St. Louis, MO	August-07	$	34.5	(2)	112,266	—	98.6	%
1 Savvis Parkway (Savvis Office HQ)	St. Louis, MO	August-07	$	27.7		156,000	—	100.0	%
1500 Space Park Drive	Santa Clara, CA	September-07	$	3.7	(3)	49,852	49,852	Vacant

			$	86.7		519,706	111,852	97.9	%

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

(2)	Purchase price includes an earn-out payment made at closing: $1.8 million for 210 Tucker Boulevard and $0.5 million for 900 Walnut Street. In addition, a 3-month earn-out feature (expiring in November 2007) for new leases could allow the seller to earn another $0.7 million.

(3)	Represents the amount we paid to acquire a 50% interest in a joint venture that owns this above building.

Page 17

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Occupancy Analysis

As of September 30, 2007


								Occupancy (2)										Net Rentable Square Feet as a % of				Annualized Rent as a % of
Property			Acquisition date	Metropolitan Area	Net Rentable Square Feet	Redevelopment Space	Annualized Rent ($000) (1)	As of 9/30/07		As of 6/30/07		As of 3/31/07		As of 12/31/06		As of 9/30/06		Property Type		Total Portfolio		Property Type		Total Portfolio
Internet Gateways
350 East Cermak Road			May-05	Chicago	974,837	158,902	30,192	97.4	%	94.7	%	94.6	%	94.2	%	89.9	%	25.0	%	9.5	%	21.2	%	10.6	%
120 E. Van Buren Street			Jul-06	Phoenix	217,146	70,368	20,955	97.2	%	97.2	%	92.0	%	96.8	%	94.7	%	5.6		2.1		14.7		7.4
200 Paul Avenue 1-4			Nov-04	San Francisco	514,091	13,589	18,931	100.0	%	100.0	%	100.0	%	97.2		97.8		13.2		5.0		13.3		6.7
2323 Bryan Street			Jan-02	Dallas	457,217	19,890	12,791	79.6	%	79.6	%	83.5	%	83.7		83.0		11.7		4.4		9.0		4.5
600 West Seventh Street			May-04	Los Angeles	470,455	19,267	12,908	91.8	%	91.6	%	93.4	%	97.8		96.8		12.0		4.6		9.1		4.6
111 Eighth Avenue	(3	)	Mar-07	New York	116,843	—	11,156	100.0	%	100.0	%	100.0	%	100.0		NA		3.0		1.1		7.8		4.0
1100 Space Park Drive			Nov-04	Silicon Valley	165,297	—	7,102	97.6	%	97.6	%	97.6	%	97.6		100.0		4.2		1.6		5.0		2.5
600-780 S. Federal			Sep-05	Chicago	161,547	—	4,993	81.5	%	82.6	%	82.6	%	83.6		86.7		4.1		1.6		3.5		1.8
114 Rue Ambroise Croizat			Dec-06	Paris, France	122,627	229,519	4,894	91.6	%	91.6	%	91.6	%	56.0		NA		3.1		1.2		3.4		1.7
6 Braham Street			Jul-02	London, England	63,233	—	4,545	100.0	%	100.0	%	100.0	%	100.0		100.0		1.6		0.6		3.2		1.6
12001 North Freeway			Apr-06	Houston	280,483	20,222	4,307	98.5	%	98.5	%	98.5	%	98.1		98.8		7.2		2.7		3.0		1.5
36 NE 2nd Street			Jan-02	Miami	162,140	—	4,254	95.9	%	95.9	%	95.9	%	95.9		81.2		4.2		1.6		3.0		1.5
900 Walnut Street			Aug-07	St Louis	112,266	—	3,333	98.6	%	NA		NA		NA		NA		2.9		1.1		2.3		1.2
731 East Trade Street			Aug-05	Charlotte	40,879	—	1,131	100.0	%	100.0	%	100.0	%	100.0		100.0		1.0		0.4		0.8		0.4
113 North Myers			Aug-05	Charlotte	20,086	9,132	693	100.0	%	100.0	%	100.0	%	100.0		100.0		0.5		0.2		0.5		0.2
125 North Myers			Aug-05	Charlotte	25,402	—	390	51.3	%	51.3	%	47.9	%	100.0		100.0		0.7		0.2		0.3		0.1

					3,904,549	540,889	142,575	94.1	%	92.8	%	93.5	%	94.0	%	92.2	%	100.0	%	37.9	%	100.0	%	50.3	%
Data Centers
300 Boulevard East			Nov-02	New York	311,950	—	12,639	100.0	%	100.0	%	100.0	%	99.7		99.7		6.2		3.0		11.4		4.5
833 Chestnut Street			Mar-05	Philadelphia	568,782	85,976	9,178	79.4	%	79.2	%	78.6	%	78.6		75.5		11.3		5.5		8.3		3.3
Unit 9, Blanchardstown Corporate Park			Dec-06	Dublin, Ireland	120,000	—	6,469	85.9	%	85.9	%	85.9	%	85.9		N/A		2.4		1.2		5.9		2.3
3 Corporate Place			Dec-05	New York	181,279	95,652	6,167	100.0	%	100.0	%	100.0	%	0.0		0.0		3.6		1.8		5.6		2.2
2045 & 2055 LaFayette Street			May-04	Silicon Valley	300,000	—	6,120	100.0	%	100.0	%	100.0	%	100.0		100.0		5.9		2.9		5.5		2.2
11830 Webb Chapel Road			Aug-04	Dallas	365,647	—	5,788	96.6	%	95.0	%	95.0	%	95.0		95.0		7.2		3.5		5.2		2.1
150 South First Street			Sep-04	Silicon Valley	179,761	—	4,937	97.7	%	97.7	%	100.0	%	100.0		95.7		3.6		1.7		4.5		1.8
14901 FAA Boulevard			Jun-06	Dallas	263,700	—	4,474	100.0	%	100.0	%	100.0	%	100.0		100.0		5.2		2.6		4.0		1.6
2334 Lundy Place			Dec-02	Silicon Valley	130,752	—	4,253	100.0	%	100.0	%	100.0	%	100.0		100.0		2.6		1.3		3.8		1.5
44470 Chilum Place			Feb-07	Northern Virginia	95,440	—	3,810	100.0	%	100.0	%	100.0	%	NA		NA		1.9		0.9		3.4		1.4
2401 Walsh Street			Jun-05	Silicon Valley	167,932	—	3,211	100.0	%	100.0	%	100.0	%	100.0		100.0		3.3		1.6		2.9		1.1
8534 Concord Center Drive			Jun-05	Denver	85,660	—	3,169	100.0	%	100.0	%	100.0	%	100.0		100.0		1.7		0.8		2.9		1.1
4025 Midway Road			Jan-06	Dallas	72,991	27,599	2,459	54.9	%	54.9	%	50.5	%	100.0		100.0		1.4		0.7		2.2		0.9
210 N Tucker Boulevard			Aug-07	St Louis	139,588	62,000	2,275	95.0	%	NA		NA		NA		NA		2.8		1.4		2.1		0.8
375 Riverside Parkway			Jun-03	Atlanta	200,442	49,749	2,238	92.9	%	92.9	%	100.0	%	100.0		100.0		4.0		1.9		2.0		0.8
200 North Nash Street			Jun-05	Los Angeles	113,606	—	2,172	100.0	%	100.0	%	100.0	%	100.0		100.0		2.2		1.1		2.0		0.8
Paul van Vlissingenstraat 16			Aug-05	Amsterdam, Netherlands	77,472	35,000	2,119	58.8	%	58.8	%	58.8	%	58.8		58.8		1.5		0.8		1.9		0.8
115 Second Avenue			Oct-05	Boston	66,730	—	2,064	42.1	%	0.0	%	0.0	%	0.0		0.0		1.3		0.6		1.9		0.7
2403 Walsh Street			Jun-05	Silicon Valley	103,940	—	1,988	100.0	%	100.0	%	100.0	%	100.0		100.0		2.1		1.0		1.8		0.7
8100 Boone Boulevard			Oct-06	Northern Virginia	17,015	—	1,960	100.0	%	100.0	%	100.0	%	100.0		NA		0.3		0.2		1.8		0.7
1807 Michael Faraday Court			Oct-06	Northern Virginia	19,237	—	1,763	100.0	%	100.0	%	100.0	%	100.0		NA		0.4		0.2		1.6		0.6
4700 Old Ironsides Drive			Jun-05	Silicon Valley	90,139	—	1,724	100.0	%	100.0	%	100.0	%	100.0		100.0		1.8		0.9		1.6		0.6
Chemin de l'Epinglier 2			Nov-05	Geneva, Switzerland	59,190	—	1,559	100.0	%	100.0	%	100.0	%	100.0		100.0		1.2		0.6		1.4		0.6
3015 Winona Avenue			Dec-04	Los Angeles	82,911	—	1,500	100.0	%	100.0	%	100.0	%	100.0		100.0		1.6		0.8		1.4		0.5
3065 Gold Camp Drive			Oct-04	Sacramento	62,957	—	1,494	100.0	%	100.0	%	100.0	%	100.0		100.0		1.2		0.6		1.4		0.5
21110 Ridgetop Circle			Jan-07	Northern Virginia	135,513	—	1,480	100.0	%	100.0	%	100.0	%	NA		NA		2.7		1.3		1.3		0.5
6800 Millcreek Drive			Apr-06	Toronto, Canada	83,758	—	1,442	100.0	%	100.0	%	100.0	%	100.0		100.0		1.7		0.8		1.3		0.5
1125 Energy Park Drive			Mar-05	Minneapolis/ St. Paul	112,827	—	1,437	100.0	%	100.0	%	100.0	%	100.0		100.0		2.2		1.1		1.3		0.5
251 Exchange Place			Nov-05	Northern Virginia	70,982	—	1,415	100.0	%	100.0	%	100.0	%	100.0		100.0		1.4		0.7		1.3		0.5

Page 18

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Occupancy Analysis

As of September 30, 2007


	Acquisition date	Metropolitan Area	Net Rentable Square Feet			Redevelopment Space	Annualized Rent ($000) (1)		Occupancy (2)										Net Rentable Square Feet as a % of				Annualized Rent as a % of
Property	Acquisition date	Metropolitan Area	Net Rentable Square Feet			Redevelopment Space	Annualized Rent ($000) (1)		As of 9/30/07		As of 6/30/07		As of 3/31/07		As of 12/31/06		As of 9/30/06		Property Type		Total Portfolio		Property Type		Total Portfolio
101 Aquila Way	Apr-06	Atlanta	313,581			—		1,411	100.0	%	100.0	%	100.0	%	100.0		100.0		6.2		3.0		1.3		0.5
Clonshaugh Industrial Estate	Feb-06	Dublin, Ireland	20,000			—		1,411	100.0	%	100.0	%	100.0	%	100.0		100.0		0.4		0.2		1.3		0.5
43831 Devon Shafron Drive	Mar-07	Northern Virginia	117,071			—		1,377	100.0	%	100.0	%	100.0	%	NA		NA		2.3		1.1		1.2		0.5
3300 East Birch Street	Aug-03	Los Angeles	68,807			—		1,319	100.0	%	100.0	%	100.0	%	100.0		100.0		1.4		0.7		1.2		0.5
Gyroscoopweg 2E-2F	Jul-06	Amsterdam, Netherlands	55,585			—		1,205	100.0	%	100.0	%	100.0	%	100.0		100.0		1.1		0.5		1.1		0.4
600 Winter Street	Sep-06	Boston	30,400			—		763	100.0	%	100.0	%	100.0	%	100.0		100.0		0.6		0.3		0.7		0.3
7620 Metro Center Drive	Dec-05	Austin	45,000			—		605	100.0	%	100.0	%	100.0	%	100.0		100.0		0.9		0.4		0.5		0.2
2300 NW 89th Place	Sep-06	Miami	64,174			—		581	100.0	%	100.0	%	100.0	%	100.0		100.0		1.3		0.6		0.5		0.2
43881 Devon Shafron Drive	Mar-07	Northern Virginia	50,000			130,000		461	100.0	%	100.0	%	100.0	%	NA		NA		1.0		0.5		0.4		0.2
2440 Marsh Lane	Jan-03	Dallas	5,500			129,750		62	100.0	%	100.0	%	100.0	%	100.0		100.0		0.1		0.1		0.1		—
7500 Metro Center Drive	Dec-05	Austin	—			74,962		—	—		0.0	%	0.0	%	0.0		0.0		—		—		—		—
3011 Lafayette Street	Jan-07	Silicon Valley	—			90,780		—	—		0.0	%	0.0	%	NA		NA		—		—		—		—
2055 East Technology Circle	Oct-06	Phoenix	—			76,350		—	—		0.0	%	0.0	%	NA		NA		—		—		—		—
43791 Devon Shafron Drive	Mar-07	Northern Virginia	—			135,000		—	—		0.0	%	0.0	%	NA		NA		—		—		—		—
Clonshaugh Industrial Estate (Land)	Feb-06	Dublin, Ireland	—			124,500		NA	NA		NA		NA		NA		NA		—		—		—		—
1500 Space Park Drive	Sep-07	Silicon Valley	—			49,852		NA	NA		NA		NA		NA		NA		—		—		—		—

			5,050,319			1,167,170		110,499	94.5	%	94.4	%	94.4	%	94.4	%	95.1	%	100.0	%	48.9	%	100.0	%	39.4	%
Technology Manufacturing
34551 Ardenwood Boulevard 1-4	Jan-03	Silicon Valley	307,657			—		8,168	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	50.9	%	3.0	%	56.0	%	2.9	%
47700 Kato Road & 1055 Page Avenue	Sep-03	Silicon Valley	183,050			—		3,576	100.0	%	100.0	%	100.0	%	100.0		100.0		30.3		1.8		24.5		1.3
2010 East Centennial Circle	May-03	Phoenix	113,405			—		2,852	100.0	%	100.0	%	100.0	%	100.0		100.0		18.8		1.1		19.5		1.0

			604,112			—		14,596	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	5.9	%	100.0	%	5.2	%
Technology Office
100 & 200 Quannapowitt Parkway	Jun-04	Boston	386,956			—		7,305	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	51.4	%	3.8	%	50.7	%	2.6	%
4849 Alpha Road	Apr-04	Dallas	125,538			—		2,856	100.0	%	100.0	%	100.0	%	100.0		100.0		16.7		1.2		19.8		1.0
1 Savvis Parkway	Aug-07	St Louis	156,000			—		2,644	100.0	%	NA		NA		NA		NA		20.7		1.5		18.3		0.9
4650 Old Ironsides Drive	Jun-05	Silicon Valley	84,383			—		1,614	100.0	%	100.0	%	100.0	%	100.0		100.0		11.2		0.8		11.2		0.6

			752,877			—		14,419	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	7.3	%	100.0	%	5.1	%

Portfolio Total/Weighted Average			10,311,857	(4	)	1,708,059	$	282,089	95.1	%	94.6	%	94.8	%	95.0	%	94.7	%	100.0	%	100.0	%	100.0	%	100.0	%

(1)	Annualized rent represents the monthly contractual rent under existing leases as of September 30, 2007 multiplied by 12.

(2)	Occupancy excludes space held for redevelopment.

(3)	Includes approximately 33,700 RSF from leasehold interest acquisition.

(4)	Net Rentable Square Feet excludes 389,460 RSF of space in joint venture located at 2001 Sixth Avenue in Seattle, WA, which was 96.7% occupied as of September 30, 2007.

Page 19

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Major Tenants

as of September 30, 2007


	Tenant			Number of Locations	Total Occupied Square Feet (1)	Percentage of Net Rentable Square Feet		Annualized Rent ($000) (2)		Percentage of Annualized Rent		Weighted Average Remaining Lease Term in Months
1	Savvis Communications			17	1,567,470	15.2	%	$	34,087	12.7	%	132
2	Qwest Communications International, Inc.			13	770,928	7.5	%		23,918	8.9	%	94
3	Equinix Operating Company, Inc.			3	390,778	3.8	%		10,743	4.0	%	105
4	TelX Group, Inc.			10	76,819	0.7	%		9,650	3.6	%	230
5	AT & T			11	386,430	3.7	%		8,702	3.2	%	79
6	NTT Communications Company			2	241,370	2.3	%		7,294	2.7	%	60
7	Comverse Technology, Inc.			1	367,033	3.6	%		7,006	2.6	%	40
8	JPMorgan Chase & Co.			2	27,377	0.3	%		6,965	2.6	%	108
9	Microsoft Corporation			1	300,000	2.9	%		6,120	2.3	%	96
10	Level 3 Communications, LLC	(3	)	13	289,788	2.8	%		5,865	2.2	%	55
11	AboveNet, Inc.			8	150,661	1.5	%		5,679	2.1	%	130
12	Amgen, Inc.			1	131,386	1.3	%		5,515	2.1	%	92
13	Amazon			3	163,859	1.6	%		5,315	2.0	%	145
14	Leslie & Godwin Investments	(4	)	1	63,233	0.6	%		4,545	1.7	%	27
15	Thomas Jefferson University			1	196,039	1.9	%		3,892	1.5	%	44

	Total/Weighted Average				5,123,171	49.7	%	$	145,296	54.2	%	100

(1)	Occupied square footage is defined as leases that have commenced on or before September 30, 2007.

(2)	Annualized rent represents the monthly contractual rent under existing leases as of September 30, 2007 multiplied by 12.

(3)	Level 3 Communications includes Wiltel Communications, OnFiber Communications & Broadwing Communications.

(4)	Leslie & Godwin is a UK subsidiary of AON Corporation.

Page 20

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

UTILITY POWER CAPACITY(1)

Top 15 Properties


	Property Name	Market	Capacity (MW)
1	Devon Shafron Drive (3 Buildings)	Northern Virginia	225
2	350 East Cermak Road	Chicago	100
3	3 Corporate Place	New York	44
4	114 Rue Ambroise Croizat	Paris, France	40
5	2045 & 2055 LaFayette Street	Silicon Valley	40
6	44470 Chilum Place	Northern Virginia	36
7	150 South First Street	Silicon Valley	36
8	1500 Space Park	Santa Clara	34
9	101 Aquila Way	Atlanta	30
10	14901 FAA Boulevard	Dallas	25
11	155 Comtock Street	Santa Clara	25
12	2401 Walsh Street	Silicon Valley	25
13	2403 Walsh Street	Silicon Valley	25
14	4700 Old Ironsides Drive	Silicon Valley	25
15	8534 Concord Center Drive	Denver	23

	Total Potential Power Capacity—Top 15 Properties		733

(1)	Utility Power Capacity is defined as the power that could potentially be provided by the utility company depending upon factors such as peak demand load at the property.

Page 21

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Lease Expirations and Lease Distribution

Lease Expirations

As of September 30, 2007


Year	Number of Leases Expiring (1)	Square Footage of Expiring Leases		Percentage of Net Rentable Square Feet		Annualized Rent ($000) (1)			Percentage of Annualized Rent			Annualized Rent Per Occupied Square Foot			Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration ($000)
Available		507,496		4.9	%	$	—			0.0	%
2007	183	60,770		0.6	%		5,039			1.8	%	$	82.91			82.91		5,039
2008	135	409,834		4.0	%		21,972			7.8	%	$	53.61			53.80		22,050
2009	112	523,784		5.1	%		17,926			6.4	%	$	34.22			34.78		18,218
2010	92	872,573		8.5	%		21,507			7.6	%	$	24.65			25.80		22,512
2011	79	1,641,956		15.9	%		35,488			12.6	%	$	21.61			22.53		36,992
2012	58	151,497		1.5	%		10,396			3.7	%	$	68.62			77.68		11,768
2013	24	479,178		4.6	%		9,439			3.3	%	$	19.70			23.19		11,113
2014	30	478,985		4.6	%		12,245			4.3	%	$	25.56			32.08		15,365
2015	77	1,722,211		16.7	%		54,938			19.5	%	$	31.90			38.13		65,661
2016	51	750,336		7.3	%		23,787			8.4	%	$	31.70			38.55		28,926
Thereafter	94	2,713,236		26.3	%		69,353			24.6	%	$	25.56			39.77		107,917

Portfolio Total / Weighted Average	935	10,311,856		100.0	%	$	282,089			100.0	%	$	28.77		$	35.25	$	345,561


Lease Distribution As of September 30, 2007
Square Feet Under Lease	Number of Leases	Percentage of All Leases		Total Net Rentable Square Feet		Percentage of Net Rentable Square Feet			Annualized Rent ($000) (2)			Percentage of Annualized Rent
Available				507,496			4.9	%	$	—			0.0	%
2,500 or less	646	69.0	%	256,931			2.5	%		53,923			19.1	%
2,501 – 10,000	130	13.9	%	777,132			7.5	%		24,902			8.8	%
10,001 – 20,000	51	5.5	%	982,633			9.5	%		27,323			9.7	%
20,001 – 40,000	42	4.5	%	1,361,127			13.2	%		33,376			11.8	%
40,001 – 100,000	42	4.5	%	2,822,995			27.4	%		72,753			25.8	%
Greater than 100,000	24	2.6	%	3,603,542			35.0	%		69,812			24.8	%

Portfolio Total	935	100.0	%	10,311,856			100.0	%	$	282,089			100.0	%

(1)	Includes license and similar agreements that upon expiration will be automatically renewed, mostly on a month-to-month basis.

(2)	Annualized rent represents the monthly contractual rent under existing leases as of September 30, 2007 multiplied by 12.

Page 22

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Leasing Activity

As of September 30, 2007


	For the Three Months Ended September 30, 2007		% Leased
Occupied Square Feet as of June 30, 2007	9,184,536			94.6	%
3Q 2007 Acquisitions:
210 Tucker Blvd.	132,580			95.0	%
900 Walnut St.	110,697			98.6	%
1 Savvis Parkway (Savvis Office HQ)	156,000			100.0	%
1500 Space Park Dr./1525 Comstock St.	—			0.0	%

Occupied Square Feet including Q3 2007 Acquisitions	9,583,813			92.9	%
Expirations, Terminations and Reductions	(14,998	)		(0.1	)%
New Leases and Expansions	191,652			1.9	%
Renewals and Extensions	944			0.0	%
Remeasurements (1)	42,949			0.4	%

Occupied Square Feet as of September 30, 2007	9,804,360			95.1	%

GAAP Rent Growth (2)
Expiring Rent per Square Foot			$	32.85	(3)
New Rent per Square Foot			$	57.65	(3)
Percentage Increase				75.5	%
Weighted Average Lease Term—New (in months)				141

(1)	Represents remeasuring of building and/or specific areas to Building Owners and Managers Association (BOMA) standards.

(2)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.

(3)	Excludes space for a short-term expired lease at 350 E. Cermak Road that was released to another tenant. Expiring rent per square foot was approximately $128.00, while the new rent per square foot is approximately $146.00.

Page 23

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Tenant Improvements and Leasing Commissions


	Three Months Ended								Full Year 2006
	9/30/2007		6/30/2007		3/31/2007		12/31/2006		Full Year 2006
Renewals (1)
Number of renewals		2		3		2		6		8
Square Feet		944		1,313		33,489		9,155		12,664
Tenant improvement costs per square foot (2)	$	—	$	—	$	—	$	—	$	—
Leasing commission costs per square foot (2)	$	0.33	$	1.73	$	16.63	$	3.36	$	3.87

Total renewal lease costs per square foot	$	0.33	$	1.73	$	16.63	$	3.36	$	3.87
New Leases (3)
Number of non-redevelopment leases		12		9		23		53		197
Non-Redevelopment square feet		38,082		12,014		35,255		82,056		305,532
Non-Redevelopment tenant improvement costs per square foot (2)		13.35		—	$	3.62	$	21.03	$	56.66
Non-Redevelopment leasing commission costs per square foot (2)		11.61		11.27		11.63		7.25		10.63
Number of redevelopment leases		8		10		6		1		6
Redevelopment square feet		153,571		64,197		307,717		22,312		173,465
Redevelopment tenant improvement costs per square foot (2) (5)	$	0.81	$	6.90	$	79.78	$	—	$	68.65
Redevelopment leasing commission costs per square foot (2)	$	9.18	$	12.04	$	6.43	$	12.40	$	13.46

Total Number of Leases		20		19		29		54		203
Total Square Feet		191,652		76,211		342,972		104,368		478,997
Total new lease costs per square foot	$	12.96	$	17.73	$	101.46	$	40.68	$	26.30
Total (4)
Number of leases		22		22		31		60		211
Square Feet		192,596		77,524		376,461		113,523		491,661
Tenant improvement costs per square foot (2)	$	3.28	$	5.71	$	65.55	$	15.20	$	59.43
Leasing commission costs per square foot (2)	$	9.62	$	11.75	$	7.82	$	7.95	$	12.79

Total costs per square foot	$	12.90	$	17.46	$	73.37	$	23.15	$	72.22

(1)	Does not include retained tenants that have relocated to new space or expanded into new space.

(2)	Assumes all tenant improvement and leasing commissions are paid in the calendar year in which the lease commences, which may be different than the year in which they are actually paid.

(3)	Includes retained tenants that have relocated to new space or expanded into new space within our portfolio.

(4)	Recent property acquisitions may make a period over period comparison difficult. For a list of the acquisition dates of our properties see page 17.

(5)	Redevelopment Tenant Improvement costs include tenant-specific building improvements for square footage designated as space held for redevelopment.

Page 24

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Historical Capital Expenditures


	Three Months Ended															Full Year 2006
	9/30/2007		6/30/2007			3/31/2007		12/31/2006		9/30/2006		6/30/2006		3/31/2006		Full Year 2006
Recurring capital expenditures (1) (2)	$	2,765,000	$	(99,000	)	$	367,062	$	1,373,699	$	233,530	$	258,169	$	652,438	$	2,517,836
Non-recurring capital expenditures (2)	$	99,466,000	$	38,776,000		$	19,249,409	$	35,971,950	$	10,567,130	$	4,306,049	$	750,817	$	51,595,946
Total net rentable square feet at period end excluding redevelopment space		10,311,857		9,713,146			9,668,267		9,381,860		9,111,904		9,132,357		8,135,957		9,381,860
Recurring capital expenditures per square foot	$	0.27	$	(0.01	)	$	0.04	$	0.15	$	0.03	$	0.03	$	0.08	$	0.27
Non-recurring capital expenditures per square foot (2)	$	9.65	$	3.99		$	1.99	$	3.83	$	1.16	$	0.47	$	0.09	$	5.50

(1)

Recurring capital expenditures represents non-incremental building improvements required to maintain current revenues. 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)	Recent property acquisitions may make a period over period comparison difficult. For a list of the acquisition dates of our properties see page 17.

Page 25

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

Redevelopment Activity

For the quarter ended September 30, 2007

(Square feet)


Activity for the quarter ended September 30, 2007
Redevelopment as of June 30, 2007	1,659,133
Acquired Redevelopment	236,352

Converted Redevelopment:
Turn-Key Datacenter^™	(35,206	)
Powered Base Building^™	(152,220	)
Remeasurement Adjustments	—

Redevelopment as of September 30, 2007	1,708,059


Redevelopment Under Construction in Quarter
Turn-Key Datacenter^™	133,922
Build-to-Suit	39,394
New Powered Base Building^™ Shell	124,500

Redevelopment Under Construction as of September 30, 2007	297,816

Page 26

DIGITAL REALTY TRUST, INC.

Third Quarter 2007

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, 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, 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 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 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 as a measure of our performance. FFO for all periods presented in this supplemental information includes the results of properties sold in 2006 and 2007; 7979 East Tufts Avenue (July 2006), 100 Technology Center Drive (March 2007) and 4055 Valley View Lane (March 2007).

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. We calculate adjusted funds from operations, or AFFO, by adding to or subtracting from FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs (iii) noncash compensation (iv) loss from early extinguishment of debt (v) straight line rents (vi) fair value of lease revenue amortization (vii) capitalized leasing payroll (viii) recurring tenant improvements and (ix) capitalized leasing commissions. Other equity REITs may not calculate AFFO in a consistent manner. Accordingly, our AFFO may not be comparable to other equity REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. AFFO for all periods presented in this supplemental information includes the results of properties sold in 2006 and 2007; 7979 East Tufts Avenue (July 2006), 100 Technology Center Drive (March 2007) and 4055 Valley View Lane (March 2007).

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 noncash depreciation and amortization or the cost of debt and with respect to Adjusted EBITDA preferred dividends and minority interests. Adjusted EBITDA is EBITDA excluding minority interests and preferred stock dividends. In addition, we believe EBITDA and adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Because EBITDA and adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, 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. 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. Other equity REITs may calculate EBITDA and Adjusted EBITDA differently than we do; accordingly, our EBITDA and Adjusted EBITDA may not comparable to such other REITs’ EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA for all periods presented in this supplemental information includes the results of properties sold in 2006 and 2007; 7979 East Tufts Avenue (July 2006), 100 Technology Center Drive (March 2007) and 4055 Valley View Lane (March 2007).

NOI and Run-rate NOI:

Net Operating Income (NOI)

NOI represents rental revenue and tenant reimbursement revenue less rental property operating and maintenance, property taxes and insurance expenses (as reflected in 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 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 as a measure of our performance.

Run-rate NOI:

Run-rate NOI represents NOI as defined above adjusted for new acquisitions to show an estimate of NOI as if the property had been owned for the entire quarter. Run-rate NOI is commonly used by stockholders, company management and industry analysts as a measurement of future operating performance of the company’s rental portfolio. Run-rate NOI may not be indicative of future performance. Actual performance is subject to risks, uncertainties and assumptions. See the discussion of forward-looking statements on page 3.

Page 27