8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 8, 2008

DIGITAL REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland	001-32336	26-0081711
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

560 Mission Street, Suite 2900 San Francisco, California	94105
(Address of principal executive offices)	(Zip Code)

(415) 738-6500

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

The information in this Item 2.02 of this Current Report is also being furnished under Item 7.01—“Regulation FD Disclosure” of Form 8-K. Such information, including the exhibits attached hereto, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act regardless of any general incorporation language in such filing.

On May 8, 2008, we issued a press release announcing our financial results for the quarter ended March 31, 2008. The text of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

On May 8, 2008, we posted certain supplemental operating and financial data on our website located at www.digitalrealtytrust.com. That supplemental operating and financial data is attached hereto as Exhibit 99.2 and is incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

The information in this Item 7.01 of this Current Report is also being furnished under Item 2.02—“Results of Operations and Financial Condition” of Form 8-K. Such information, including the exhibits attached hereto, is furnished pursuant to Item 7.01 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing.

On May 8, 2008, we issued a press release announcing our financial results for the quarter ended March 31, 2008. The text of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

On May 8, 2008, we posted certain supplemental operating and financial data on our website located at www.digitalrealtytrust.com. That supplemental operating and financial data is attached hereto as Exhibit 99.2 and is incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release dated May 8, 2008.
99.2	Supplemental Operating and Financial Data posted May 8, 2008.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Digital Realty Trust, Inc.
By:	/s/ A. William Stein
	A. William Stein Chief Financial Officer and Chief Investment Officer

Date: May 8, 2008

EXHIBITS

Exhibit No.	Description
99.1	Press Release dated May 8, 2008.
99.2	Supplemental Operating and Financial Data posted May 8, 2008.

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

For Additional Information:

A. William Stein	Pamela Matthews
Chief Financial Officer and	Investor/Analyst Information
Chief Investment Officer	Digital Realty Trust, Inc.
Digital Realty Trust, Inc.	+1 (415) 738-6500
+1 (415) 738-6500

DIGITAL REALTY TRUST, INC. REPORTS FIRST QUARTER 2008 RESULTS

Company reports FFO per diluted share and unit of $0.58, up 9.4% from previous quarter, and raises guidance

Highlights:

• Reported FFO of $0.58 per diluted share for the first quarter, up 9.4% from the fourth quarter 2007 and up 16.0% from the first quarter of 2007.

• Reported net income for the first quarter of $11.1 million and net income available to common stockholders of $2.9 million, or $0.04 per diluted share, compared to net income in the fourth quarter of 2007 of $5.6 million and net income available to common stockholders of $0.3 million, or $0.00 per diluted share, and net income in the first quarter of 2007 of $22.1 million and net income available to common stockholders of $18.6 million, or $0.32 per diluted share.

• Raised FFO guidance by $0.05 per share and unit for 2008 to $2.35—$2.45 per diluted share and unit.

• Commenced leases on approximately 334,800 square feet during the first quarter at an average annualized GAAP rent of $100.00 per square foot.

• Signed leases on approximately 260,200 square feet in the first quarter at an average annualized GAAP rent of over $75.00 per square foot.

• Completed a public offering of 13.8 million shares of Series D Cumulative Convertible Preferred Stock, generating approximately $333.6 million in net proceeds.

San Francisco, Calif. (May 8, 2008) – Digital Realty Trust, Inc. (NYSE: DLR), the leading owner and manager of corporate and Internet gateway datacenter facilities, today announced financial results for its first quarter ended March 31, 2008. The Company reported operating revenue of $114.5 million in the first quarter

5/7/2008 6:39:16 PM

560 MISSION STREET, SUITE 2900

SAN FRANCISCO, CA 94105

415-738-6500

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of 2008. For the first quarter of 2008, net income was $11.1 million and net income available to common stockholders was $2.9 million, or $0.04 per diluted share. This compares to net income in the fourth quarter of 2007 of $5.6 million and net income available to common stockholders of $0.3 million, or $0.00 per diluted share, and net income in the first quarter of 2007 of $22.1 million and net income available to common stockholders of $18.6 million, or $0.32 per diluted share. Excluding the gain on sale of $18.0 million and related minority interests, net income available to common stockholders in the first quarter of 2007 would have been approximately $3.6 million or $0.06 per diluted share.

Funds from operations (“FFO”) was $43.0 million in the first quarter in 2008, or $0.58 on a diluted per share and unit basis, up 9.4% from $0.53 per diluted share and unit in the previous quarter; and up 16.0% from $0.50 per diluted share and unit in the first quarter of 2007. FFO is a supplemental non-GAAP financial measure used by the real estate industry to measure the operating performance of real estate companies. FFO should not be considered as a substitute for net income determined in accordance with U.S. GAAP as a measure of financial performance. A reconciliation from U.S. GAAP net income available to common stockholders to FFO and a definition of FFO are included as an attachment to this press release.

“Our exceptional performance in the first quarter of 2008 reflects our ability to meet the strong demand for datacenter space even under challenging economic conditions. We are continuing to experience demand from customers across a variety of industry sectors, including financial services, Internet enterprise, system integrators and Fortune 1000 companies, for both our Turn-Key Datacenter™ and Powered Base Building™ solutions,” commented Michael F. Foust, Chief Executive Officer of Digital Realty Trust. “In addition, we recently completed a new research study which indicates a significant increase in the number of datacenter projects planned by U.S. corporations during the coming 12 months. The detailed results of this study will be made available in a separate press release to be issued later today.”

“The $0.58 of FFO per diluted share and unit includes approximately $0.02 of additional FFO from non-recurring items,” added A. William Stein, Chief Financial Officer and Chief Investment Officer of Digital Realty Trust. “We continue to maintain a strong balance sheet and currently have $474.8 million of immediate liquidity under our revolving credit facility and the ability to borrow an additional $250.0 million as secured debt to fund our planned expenditures to grow the Company. Because of the results of our leasing activities and a reduction in expected G&A expenses, we are increasing our FFO guidance for 2008 by $0.05 per share.”

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Acquisition and Leasing Activity

On February 14, 2008, the Company acquired 365 South Randolphville Road, a 265,000 square foot redevelopment project located in Piscataway, New Jersey, adjacent to the Company’s 3 Corporate Place facility. The newly acquired property is capable of supporting up to 150,000 square feet of technical datacenter space. The Company intends to make base building improvements and upgrade power to the building with initial plans to build-out two Turn-Key Datacenters™, totaling approximately 20,000 square feet of raised floor.

The Company is expecting to complete during the next week the acquisition of 650 Randolph Road in Franklin Township, New Jersey. The recently completed purpose-built datacenter shell totals 127,800 square feet, which is capable of supporting approximately 70,000 square feet of raised floor. The Company plans to contribute the property to its redevelopment inventory and make additional improvements to the building to meet its Powered Base Building™ specifications. Upon completion of the base building improvements, the Company plans to market the facility to financial service companies, system integrators and other Fortune 1000 companies looking for large blocks of high quality datacenter space in the Metro New York market.

As of May 8, 2008, the Company’s portfolio comprises 71 properties, excluding one property held in a consolidated joint venture, consisting of 93 buildings totaling approximately 12.7 million rentable square feet, including 1.9 million square feet of space held for redevelopment. The portfolio is strategically located in 26 key technology markets throughout North America and Europe.

The Company commenced leases during the quarter totaling approximately 334,800 square feet of space. This includes 256,200 square feet of Turn-Key Datacenter™ space leased at an average annual GAAP rental rate of $119.25 per square foot, 46,300 square feet of Powered Base Building™ space leased at an average annual GAAP rental rate of $52.42 per square foot, and 32,300 square feet of non-technical space leased at an average annual GAAP rental rate of $19.31 per square foot.

In addition, the Company signed leases during the quarter totaling 260,200 square feet of space. This includes 106,400 square feet of Turn-Key Datacenter™ space leased at an average annual GAAP rental rate of $100.05 per square foot, nearly 120,000 square feet of Powered Base Building™ space leased at an average annual GAAP rental rate of $67.60 per square foot, and 33,800 square feet of non-technical space leased at an average annual GAAP rental rate of $25.93 per square foot.

Balance Sheet Update

Total assets grew to approximately $2.9 billion at March 31, 2008, from $2.8 billion at December 31, 2007. Total debt at March 31, 2008 was approximately $1.2 billion compared to $1.4 billion at December 31, 2007.

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Stockholders’ equity was approximately $1.4 billion, up from $1.0 billion at December 31, 2007, primarily due to the public offering of Series D Cumulative Convertible Preferred Stock.

On February 6, 2008 the Company completed a public offering of 13,800,000 shares of Series D Cumulative Convertible Preferred Stock, including the over-allotment option that was exercised, which generated approximately $333.6 million in net proceeds. The Company utilized the net proceeds from the offering to temporarily repay borrowings under its revolving credit facility, to fund acquisitions, development and redevelopment activities, and for general corporate purposes. The Series D Cumulative Convertible Preferred Stock pays dividends quarterly at a rate of 5.500% per year on its $25.00 liquidation preference. The Series D Cumulative Convertible Preferred Stock is convertible, at the holder’s option, at an initial conversion rate of 0.5955 common shares per $25.00 liquidation preference (or an initial conversion price of $41.98 per common share), subject to adjustment upon the occurrence of certain events. The initial conversion price represents a 17.5% conversion premium over the closing sale price of the Company’s common shares on the New York Stock Exchange on January 31, 2008, the day the offering was priced, which was $35.73 per share.

2008 Revised Outlook

FFO per diluted share and unit for the year ending December 31, 2008 is projected to be between $2.35 and $2.45, increasing from the previous 2008 FFO guidance of between $2.30 and $2.40 per diluted share and unit. This revised guidance represents projected FFO growth of 14.6% to 19.5% over FFO per diluted share and unit of $2.05 for the year ended December 31, 2007. A reconciliation of the range of 2008 projected net income to projected FFO follows:

	(Low – High)
Net income available to common stockholders per diluted share	$	0.40 – 0.50
Add:
Minority interest		$0.02
Real estate depreciation and amortization		$1.93
Projected FFO per diluted share	$	2.35 – 2.45

The revised 2008 guidance provided by Digital Realty Trust in this press release is based on the following assumptions as of May 8, 2008:

• Total acquisitions for the full year in the range of $125 million to $185 million, consisting of $65 million to $75 million of vacant properties for its redevelopment program and $60 million to $110 million of income producing properties at average cash cap rate of 8.00%;

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• The commencement of leases for approximately 890,000 square feet to 990,000 square feet of Turn-Key Datacenter™ and Powered Base Building™ space at an average annualized gross rent of $90 per square foot;

• The commencement of leases for 100,000 square feet to 125,000 square feet of basic commercial space at an average annualized gross rent of $19 per square foot;

• Total capital expenditures for its redevelopment program of $550 million; and

• Total G&A of $41 million.

Investor Conference Call Details

Digital Realty Trust will host a conference call to discuss its 2008 first quarter results today, Thursday, May 8, 2008 at 1:00 p.m. ET/10:00 a.m. PT. To participate in the live call, investors are invited to dial 800-240-7305 (for domestic callers) or 303-262-2140 (for international callers) at least five minutes prior to start time. A live webcast of the call will be available via the Investor Relations section of Digital Realty Trust’s website at www.digitalrealtytrust.com. Please go to the website at least 15 minutes early to register and download and install any necessary audio software. If you are unable to listen to the live conference call, a telephone and webcast replay will be available after 12:00 pm PT on Thursday, May 8, 2008 until 11:59 pm PT on Thursday, May 15, 2008. The telephone replay can be accessed by dialing 1-800-405-2236 (for domestic callers) or 303-590-3000 (for international callers) and using reservation code 11111705#. A replay of the webcast will also be archived on Digital Realty Trust’s website.

About Digital Realty Trust, Inc.

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. Digital Realty Trust’s 71 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 datacenter tenants. Comprising approximately 12.7 million rentable square feet as of May 8, 2008, including 1.9 million square feet of space held for redevelopment, Digital Realty Trust’s portfolio is located in 26 markets throughout North America and Europe. For additional information, please visit Digital Realty Trust’s website at http://www.digitalrealtytrust.com.

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Safe Harbor Statement

This press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward looking statements include statements related to the expected acquisition of the 650 Randolph Road property, the development plans for the 650 Randolph Road property and the 365 South Randolphville Road property, the demand for datacenter space and the Company’s expected future financial and other results, and the assumptions underlying those expected results, for the year ending December 31, 2008, including projected FFO per diluted share and unit, projected net income, projected acquisitions, the mix of vacant and income producing properties to be acquired, the average cash cap rate of the income producing properties to be acquired, the commencement of leases for Turn-Key Datacenter™, Powered Base Building™ and basic commercial space, the projected rents associated with those leases, total capital expenditures for the Company’s redevelopment program and total G&A expenses. These risks and uncertainties include adverse economic or real estate developments in the Company’s markets or the technology industry; general economic conditions and the risk of recession; failure to obtain necessary outside debt, equity or other financing; defaults on or non-renewal of leases by tenants; increased interest rates and operating costs; failure to lease redeveloped or other vacant space; inability to manage domestic and international growth effectively; decreased rental rates or increased vacancy rates; impairments of or decreased property values for properties in the Company’s portfolio, difficulties in identifying properties to acquire and completing acquisitions at acceptable return levels; failure to successfully operate acquired properties and operations, failure of acquired properties to perform as expected; failure to successfully redevelop properties acquired for such purposes; increased construction costs or construction delays; changes in foreign currency exchange rates; failure to maintain the Company’s status as a REIT; environmental uncertainties and risks related to natural disasters; financial market fluctuations; risks of operating in foreign markets; and changes in real estate and zoning laws and increases in real property tax rates. For a further list and description of such risks and uncertainties, see the reports and other filings by the Company with the United States Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2007 and subsequent reports on Form 10-Q and Form 8-K. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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Digital Realty Trust, Inc.

Consolidated Statements of Operations

(in thousands, except share data)

(unaudited)

	Three Months Ended
	March 31, 2008			March 31, 2007
Operating Revenues:
Rental	$	92,746		$	73,288
Tenant reimbursements		21,787			15,679
Other		14			—
Total operating revenues		114,547			88,967
Operating Expenses:
Rental property operating and maintenance		31,564			21,239
Property taxes		8,124			7,540
Insurance		1,205			1,426
Depreciation and amortization		39,137			29,399
General and administrative		8,845			7,210
Other		451			188
Total operating expenses		89,326			67,002
Operating income		25,221			21,965
Other Income (Expenses):
Equity in earnings of unconsolidated joint venture		158			545
Interest and other income		655			513
Interest expense		(14,632	)		(16,594	)
Income from continuing operations before minority interests		11,402			6,429
Minority interests in continuing operations of operating partnership		(294	)		(501	)
Income from continuing operations		11,108			5,928
Income from discontinued operations before gain on sale of assets and minority interests		—			1,370
Gain on sale of assets		—			18,049
Minority interests attributable to discontinued operations		—			(3,261	)
Income from discontinued operations (1)		—			16,158
Net income		11,108			22,086
Preferred stock dividends		(8,258	)		(3,445	)
Net income available to common stockholders	$	2,850		$	18,641
Net income per share available to common stockholders:
Basic	$	0.04		$	0.33
Diluted	$	0.04		$	0.32
Weighted average shares outstanding:
Basic		65,431,586			56,511,200
Diluted		67,142,783			58,424,427

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

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Digital Realty Trust

Consolidated Balance Sheets

(in thousands)

	March 31, 2008			December 31, 2007
	(unaudited)
ASSETS
Investments in real estate
Properties:
Land	$	321,071		$	316,196
Acquired ground leases		2,898			2,790
Buildings and improvements		2,075,030			1,968,850
Tenant improvements		194,797			193,436
Investments in properties		2,593,796			2,481,272
Accumulated depreciation and amortization		(214,720	)		(188,099	)
Net investments in properties		2,379,076			2,293,173
Investment in unconsolidated joint venture		8,370			8,521
Net investments in real estate		2,387,446			2,301,694
Cash and cash equivalents		34,367			31,352
Accounts and other receivables, net		46,419			43,440
Deferred rent		72,664			64,639
Acquired above market leases, net		37,603			38,762
Acquired in place lease value and deferred leasing costs, net		245,609			253,642
Deferred financing costs, net		16,524			17,610
Restricted cash		37,448			41,302
Other assets		16,956			17,023
Total Assets	$	2,895,036		$	2,809,464
LIABILITIES AND STOCKHOLDERS’ EQUITY
Revolving credit facility	$	114,759		$	299,731
Mortgage loans		903,432			895,507
Exchangeable senior debentures		172,500			172,500
Accounts payable and other accrued liabilities		136,416			176,143
Accrued dividends and distributions		—			22,345
Acquired below market leases, net		90,197			93,572
Security deposits and prepaid rents		26,990			27,839
Total Liabilities		1,444,294			1,687,637
Minority interests in consolidated joint venture		10,035			4,928
Minority interests in operating partnership		73,681			72,983
Stockholders’ Equity		1,367,026			1,043,916
Total Liabilities and Stockholders’ Equity	$	2,895,036		$	2,809,464

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Digital Realty Trust, Inc.

Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO)

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

(unaudited)

	Three Months Ended									Year Ended December 31, 2007
	March 31, 2008			December 31, 2007			March 31, 2007
Net income available to common stockholders	$	2,850		$	254		$	18,641		$	21,262
Adjustments:
Minority interests in operating partnership including discontinued operations		294			28			3,762			4,073
Real estate related depreciation and amortization (1)		38,978			37,673			29,643			134,240
Real estate related depreciation and amortization related to investment in unconsolidated joint venture		894			919			1,036			3,934
Gain on sale of assets		—			—			(18,049	)		(18,049	)
FFO available to common stockholders and unitholders	$	43,016		$	38,874		$	35,033		$	145,460
Basic FFO per share and unit	$	0.60		$	0.55		$	0.52		$	2.12
Diluted FFO per share and unit (2)	$	0.58		$	0.53		$	0.50		$	2.05
Weighted average common stock and units outstanding
Basic		72,175,492			71,120,114			67,917,387			68,754,024
Diluted (2)		82,523,539			73,303,696			69,830,614			70,805,807
(1)    Real estate depreciation and amortization was computed as follows:
Depreciation and amortization per income statement		39,137			37,818			29,399			134,394
Depreciation and amortization of discontinued operations		—			—			379			379
Non real estate depreciation		(159	)		(145	)		(135	)		(533	)
	$	38,978		$	37,673		$	29,643		$	134,240

(2) At 3/31/08, we had 7,000,000 series C convertible preferred shares and 13,800,000 series D convertible preferred shares outstanding that were convertible into 3,614,800 common shares and 8,217,900 common shares, respectively. See below for calculations of diluted FFO available to common stockholders and unitholders and weighted average common stock and units outstanding.

	Three Months Ended						Year Ended December 31, 2007
	March 31, 2008		December 31, 2007		March 31, 2007
FFO available to common stockholders and unitholders	$	43,016	$	38,874	$	35,033	$	145,460
Add: Series C convertible preferred dividends		1,914		—		—		—
Add: Series D convertible preferred dividends		2,899		—		—		—
FFO available to common stockholders and unitholders — diluted	$	47,829	$	38,874	$	35,033	$	145,460
Weighted average common stock and units outstanding		72,175,492		71,120,114		67,917,387		68,754,024
Add: Effect of dilutive securities (excluding series C and D convertible preferred stock)		1,711,197		2,183,582		1,913,227		2,051,783
Add: Effect of dilutive series C convertible preferred stock		3,614,800		—		—		—
Add: Effect of dilutive series D convertible preferred stock		5,022,050		—		—		—
Weighted average common stock and units outstanding — diluted		82,523,539		73,303,696		69,830,614		70,805,807

Note Regarding Funds From Operations

Digital Realty Trust calculates 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) available to common stockholders and unitholders (computed in accordance with U.S. 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. Digital Realty Trust also believes that, as a widely recognized measure of the

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560 MISSION STREET, SUITE 2900

SAN FRANCISCO, CA 94105

415-738-6500

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.

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560 MISSION STREET, SUITE 2900

SAN FRANCISCO, CA 94105

415-738-6500

EX-99.2

Exhibit 99.2

DIGITAL REALTY TRUST, INC.

First Quarter 2008

		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 March 31, 2008	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

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DIGITAL REALTY TRUST, INC.

First Quarter 2008

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;

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

• our failure to obtain necessary outside financing;

• our dependence upon significant tenants;

• bankruptcy or insolvency of a major tenant;

• downturn of local economic conditions in our geographic markets;

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

• our ability to manage our growth effectively;

• difficulty acquiring or operating properties in foreign jurisdictions;

• defaults on or non-renewal of leases by tenants;

• increased interest rates and operating costs;

• restrictions on our ability to engage in certain business activities;

• risks related to joint venture investments;

• decreased rental rates or increased vacancy rates;

• difficulties in identifying properties to acquire and completing acquisitions;

• increased competition or available supply of data center space;

• our failure to successfully operate acquired properties;

• our inability to acquire off-market property;

• delays or unexpected costs in development or redevelopment of properties;

• our failure to maintain our status as a REIT;

• possible adverse changes to tax laws;

• environmental uncertainties and risks related to natural disasters;

• financial market fluctuations;

• changes in foreign currency exchange rates;

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

First Quarter 2008

Corporate Information

Corporate Profile

Digital Realty Trust, Inc. owns, acquires, develops, redevelops and manages technology-related real estate. The Company’s 71 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 12.7 million net rentable square feet, including approximately 1.9 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 Steve Benyik (212) 538-0239	Merrill Lynch Steve Sakwa (212) 449-0335 Ian Weissman (212) 449-6255	KeyBanc Capital Markets Jordan Sadler (917) 368-2280	Raymond James Paul D. Puryear (727) 567-2253
JMP Securities William Marks (415) 835-8944	RBC Capital Markets Dave Rodgers (216) 378-7626	Citigroup Michael Bilerman (212) 816-1685 Irwin Guzman (212) 816-1685	UBS Securities Omotayo Okusanya (212) 713-7864 Heath Binder (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):

	1st Quarter 2008			4th Quarter 2007			3rd Quarter 2007			2nd Quarter 2007			1st Quarter 2007
High Price *	$	39.20		$	44.21		$	40.62		$	42.86		$	40.42
Low Price *	$	31.28		$	35.05		$	32.04		$	36.70		$	33.76
Closing Price, end of quarter *	$	35.50		$	38.37		$	39.39		$	37.68		$	39.90
Average daily trading volume *		1,224,336			813,553			730,532			799,130			495,630
Indicated dividend per common share **	$	1.240		$	1.240		$	1.145		$	1.145		$	1.145
Closing annual dividend yield, end of quarter		3.5	%		3.2	%		2.9	%		3.0	%		2.9	%
Closing shares and units outstanding end of quarter ***		72,329,436			72,082,034			68,003,179			67,984,292			67,924,536
Closing market value of shares and units outstanding (thousands), end of quarter	$	2,567,695		$	2,765,788		$	2,678,645		$	2,561,648		$	2,710,189

* New York Stock Exchange trades only.

** On an annual basis.

*** The total number of shares and units includes 65,481,470 shares of common stock, 5,290,070 common units and 1,557,896 vested and unvested long-term incentive 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.

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.

First Quarter 2008

Ownership Structure

As of March 31, 2008

Partner	# of Units (2)	% Ownership
Digital Realty Trust, Inc.	65,481,470	90.5	%
Cambay Tele.com, LLC (3)	5,257,348	7.3	%
Wave Exchange, LLC (3)	32,722	0.0	%
Directors, Executive Officers and Others	1,557,896	2.2	%
Total	72,329,436	100.0	%

(1) Reflects limited partnership interests held by our officers and directors in the form of vested and unvested 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 65,481,470 shares of common stock, 5,290,070 common units and 1,557,896 vested and unvested long-term incentive units, and excludes Class C units and shares issuable upon the redemption of Class C units, which have not yet vested, and all unexercised common stock options.

(3) These third-party contributors received the common 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.

First Quarter 2008

Key Quarterly Financial Data

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

	For the three months ended or as of
	31-Mar-08			31-Dec-07			30-Sep-07			30-Jun-07			31-Mar-07
Shares and units at end of quarter
Common shares outstanding		65,481,470			65,406,240			60,721,750			60,713,878			60,692,858
Common units outstanding		6,847,966			6,675,794			7,281,429			7,270,414			7,231,678
Total shares and Operating Partnership units		72,329,436			72,082,034			68,003,179			67,984,292			67,924,536
Market Capitalization
Market value of common equity (1)	$	2,567,695		$	2,765,788		$	2,678,645		$	2,561,648		$	2,710,189
Stated value of preferred equity		686,750			341,750			341,750			341,750			166,750
Total debt at balance sheet carrying value		1,190,691			1,367,738			1,335,108			1,172,307			1,271,988
Total market capitalization including preferred equity and debt	$	4,445,136		$	4,475,276		$	4,355,503		$	4,075,705		$	4,148,927
Total debt/Total market capitalization including preferred equity and debt		26.8	%		30.6	%		30.7	%		28.8	%		30.7	%
Selected Balance Sheet Data
Investments in real estate (before depreciation)	$	2,602,166		$	2,489,793		$	2,231,886		$	2,044,661		$	1,967,653
Total assets		2,895,036			2,809,464			2,576,119			2,393,476			2,333,791
Total liabilities		1,444,294			1,687,637			1,580,786			1,384,223			1,481,575
Selected Operating Data
Total operating revenues from continuing operations (2)	$	114,547		$	105,903		$	104,794		$	95,583		$	88,967
Total operating expenses from continuing operations (2)		89,326			84,945			83,369			73,042			67,002
Interest expense from continuing operations (2)		14,632			15,863			16,683			15,264			16,594
Net income		11,108			5,613			5,135			7,758			22,086
Net income (loss) available to common stockholders		2,850			254			(224	)		2,591			18,641
Financial Ratios
EBITDA (3)	$	56,619		$	53,935		$	51,804		$	49,565		$	65,742
Adjusted EBITDA (4)	$	65,171		$	59,322		$	57,136		$	55,042		$	72,949
Cash interest expense (5)	$	20,093		$	17,323		$	19,464		$	14,359		$	17,882
Fixed charges (6)	$	30,737		$	24,839		$	26,679		$	21,261		$	22,967
Debt service coverage ratio (7)		3.2x			3.4x			2.9x			3.8x			4.1x
Fixed charge coverage ratio (8)		2.1x			2.4x			2.1x			2.6x			3.2x
Profitability measures
Net income (loss) per common share - basic	$	0.04		$	—		$	—		$	0.04		$	0.33
Net income (loss) per common share - diluted	$	0.04		$	—		$	—		$	0.04		$	0.32
Diluted Funds From Operations (FFO) per share and unit (9)	$	0.58		$	0.53		$	0.51		$	0.51		$	0.50
Diluted Adjusted Funds From Operations (AFFO) per share and unit (10)	$	0.37		$	0.37		$	0.35		$	0.37		$	0.41
Dividends per share and common unit	$	0.31		$	0.31		$	0.29		$	0.29		$	0.29
Diluted FFO payout ratio (11)		53.2	%		58.5	%		55.7	%		56.4	%		57.3	%
Diluted AFFO payout ratio (12)		83.8	%		83.8	%		81.8	%		77.4	%		69.8	%
Portfolio Statistics (13)
Buildings		93			92			88			83			83
Properties		71			70			67			62			61
Net rentable square feet, excluding redevelopment space		10,795,795			10,527,011			10,311,857			9,713,146			9,668,267
Square feet held for redevelopment (14)		1,863,700			1,754,228			1,708,059			1,659,133			1,710,199
Occupancy at end of quarter (15)		94.7	%		94.7	%		95.1	%		94.6	%		94.8	%
Weighted average remaining lease term (years) (16)		7.7			7.7			7.5			7.5			7.0
Same store occupancy at end of quarter (17)		94.2	%		94.2	%		94.7	%		94.3	%		94.6	%

(1) The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in the operating partnership, including vested and unvested long-term incentive 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 shares issuable upon the redemption of Class C units which have not yet vested and shares of our common stock issuable upon redemption thereof.

(2) Excludes operations for properties sold in 2007: 100 Technology Center Drive (March 2007) and 4055 Valley View Lane (March 2007), for all periods presented.

(3) 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.

(4) 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.

(5) 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.

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

(7) 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.

(8) 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.

(9) 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.

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

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

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

(13) Portfolio statistics exclude operations for properties sold in 2007: 100 Technology Center Drive (March 2007) and 4055 Valley View Lane (March 2007), for all periods presented.

(14) 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.

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

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

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

Page 6

DIGITAL REALTY TRUST, INC.

First Quarter 2008

Consolidated Balance Sheets

(Dollars in thousands, except share data)

	March 31, 2008			December 31, 2007
	(unaudited)
ASSETS
Investments in real estate
Land	$	321,071		$	316,196
Acquired ground leases		2,898			2,790
Buildings and improvements		2,075,030			1,968,850
Tenant improvements		194,797			193,436
Investments in real estate		2,593,796			2,481,272
Accumulated depreciation and amortization		(214,720	)		(188,099	)
Net investments in properties		2,379,076			2,293,173
Investment in unconsolidated joint venture		8,370			8,521
Net investments in real estate		2,387,446			2,301,694
Cash and cash equivalents		34,367			31,352
Accounts and other receivables, net		46,419			43,440
Deferred rent		72,664			64,639
Acquired above market leases, net		37,603			38,762
Acquired in place lease value and deferred leasing costs, net		245,609			253,642
Deferred financing costs, net		16,524			17,610
Restricted cash		37,448			41,302
Other assets		16,956			17,023
Total Assets	$	2,895,036		$	2,809,464
LIABILITIES AND STOCKHOLDERS’ EQUITY
Revolving credit facility	$	114,759		$	299,731
Mortgage loans		903,432			895,507
Exchangeable senior debentures		172,500			172,500
Accounts payable and other accrued liabilities		136,416			176,143
Accrued dividends and distributions		—			22,345
Acquired below market leases, net		90,197			93,572
Security deposits and prepaid rents		26,990			27,839
Total Liabilities		1,444,294			1,687,637
Commitments and contingencies		—			—
Minority interests in consolidated joint venture		10,035			4,928
Minority interests in operating partnership		73,681			72,983
Stockholders’ equity:
Preferred Stock: $0.01 par value, 30,000,000 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		169,068			169,068
Series D Cumulative Convertible Preferred Stock, 5.500%, $345,000,000 liquidation preference ($25.00 per share), 13,800,000 issued and outstanding		333,604			—
Common Stock; $0.01 par value: 125,000,000 authorized, 65,481,470 and 65,406,240 shares issued and outstanding as of March 31, 2008 and December 31, 2007, respectively		654			654
Additional paid-in capital		814,166			814,106
Dividends in excess of earnings		(120,535	)		(103,090	)
Accumulated other comprehensive income, net		10,270			3,379
Total Stockholders’ Equity		1,367,026			1,043,916
Total Liabilities and Stockholders’ Equity	$	2,895,036		$	2,809,464

Page 7

DIGITAL REALTY TRUST, INC.

First Quarter 2008

Consolidated Quarterly Statements of Operations

(unaudited and in thousands, except share data)

	Three Months Ended
	31-Mar-08			31-Dec-07			30-Sep-07			30-Jun-07			31-Mar-07
Rental	$	92,746		$	85,074		$	82,536		$	78,705		$	73,288
Tenant reimbursements		21,787			20,589			22,104			16,631			15,679
Other		14			240			154			247			—
Total operating revenues		114,547			105,903			104,794			95,583			88,967
Rental property operating and maintenance		31,564			33,101			30,539			23,865			21,239
Property taxes		8,124			4,440			7,859			7,342			7,540
Insurance		1,205			1,326			1,356			1,419			1,426
Depreciation and amortization		39,137			37,818			35,345			31,832			29,399
General and administrative		8,845			8,159			7,775			8,456			7,210
Other		451			101			495			128			188
Total operating expenses		89,326			84,945			83,369			73,042			67,002
Operating income		25,221			20,958			21,425			22,541			21,965
Equity in earnings of unconsolidated joint venture		158			(75	)		(237	)		216			545
Interest and other income		655			621			621			532			513
Interest expense		(14,632	)		(15,863	)		(16,683	)		(15,264	)		(16,594	)
Loss from early extinguishment of debt		—			—			—			—			—
Income from continuing operations before minority interests		11,402			5,641			5,126			8,025			6,429
Minority interests in continuing operations of operating partnership		(294	)		(28	)		25			(305	)		(501	)
Income from continuing operations		11,108			5,613			5,151			7,720			5,928
Income (loss) from discontinued operations before gain on sale of assets and minority interests		—			—			(18	)		43			1,370
Gain on sale of assets		—			—			—			—			18,049
Minority interests attributable to discontinued operations		—			—			2			(5	)		(3,261	)
Income (loss) from discontinued operations (1)		—			—			(16	)		38			16,158
Net income		11,108			5,613			5,135			7,758			22,086
Preferred stock dividends		(8,258	)		(5,359	)		(5,359	)		(5,167	)		(3,445	)
Net income (loss) available to common stockholders	$	2,850		$	254		$	(224	)	$	2,591		$	18,641
Net income (loss) per share available to common stockholders - basic	$	0.04		$	—		$	—		$	0.04		$	0.33
Net income (loss) per share available to common stockholders - diluted	$	0.04		$	—		$	—		$	0.04		$	0.32
Weighted-average shares outstanding - basic		65,431,586			64,098,942			60,717,153			60,697,740			56,511,200
Weighted-average shares outstanding - diluted		67,142,783			66,282,524			60,717,153			62,970,291			58,424,427
Weighted-average fully diluted shares and units		73,886,689			73,303,696			69,937,352			70,228,894			69,830,614
(1)    During 2007, we sold 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.

First Quarter 2008

Funds From Operations (FFO)

(unaudited and in thousands except per share data)

	Three Months Ended
	31-Mar-08			31-Dec-07			30-Sep-07			30-Jun-07			31-Mar-07
Reconciliation of net income available to common stockholders to FFO (Note):
Net income (loss) available to common stockholders	$	2,850		$	254		$	(224	)	$	2,591		$	18,641
Adjustments:
Minority interests in operating partnership including discontinued operations		294			28			(27	)		310			3,762
Real estate related depreciation and amortization (1)		38,978			37,673			35,216			31,708			29,643
Real estate related depreciation and amortization related to investment in unconsolidated joint venture		894			919			969			1,010			1,036
Gain on sale of assets		—			—			—			—			(18,049	)
FFO available to common stockholders and unitholders	$	43,016		$	38,874		$	35,934		$	35,619		$	35,033
FFO per share:
Basic	$	0.60		$	0.55		$	0.53		$	0.52		$	0.52
Diluted (2)	$	0.58		$	0.53		$	0.51		$	0.51		$	0.50
Weighted-average shares and units outstanding - basic		72,175			71,120			67,995			67,956			67,917
Weighted-average shares and units outstanding - diluted (2)		82,524			73,304			69,937			70,229			69,831
(1)    Real estate depreciation and amortization was computed as follows:
Depreciation and amortization per income statement	$	39,137		$	37,818		$	35,345		$	31,832		$	29,399
Depreciation and amortization of discontinued operations		—			—			—			—			379
Non-real estate depreciation		(159	)		(145	)		(129	)		(124	)		(135	)
	$	38,978		$	37,673		$	35,216		$	31,708		$	29,643
(2)    At 3/31/08, we had 7,000,000 series C convertible preferred shares and 13,800,000 series D convertible preferred shares outstanding that were convertible into 3,614,800 common shares and 8,217,900 common shares, respectively. 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	$	43,016		$	38,874		$	35,934		$	35,619		$	35,033
Add: Series C convertible preferred dividends		1,914			—			—			—			—
Add: Series D convertible preferred dividends		2,899			—			—			—			—
FFO available to common stockholders and unitholders - diluted	$	47,829		$	38,874		$	35,934		$	35,619		$	35,033
Weighted average common stock and units outstanding		72,175			71,120			67,995			67,956			67,917
Add: Effect of dilutive securities (excluding series C and D convertible preferred stock)		1,712			2,184			1,942			2,273			1,914
Add: Effect of dilutive series C convertible preferred stock		3,615			—			—			—			—
Add: Effect of dilutive series D convertible preferred stock		5,022			—			—			—			—
Weighted average common stock and units outstanding - diluted		82,524			73,304			69,937			70,229			69,831
Note: For a definition and discussion of FFO, see page 27. FFO for all periods presented above includes the results of properties sold in 2007: 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
	31-Mar-08			31-Dec-07			30-Sep-07			30-Jun-07			31-Mar-07
Reconciliation of FFO to AFFO:
Funds from operations available to common stockholders and unitholders (FFO)	$	43,016		$	38,874		$	35,934		$	35,619		$	35,033
Adjustments:
Non-real estate depreciation		159			145			129			124			135
Amortization of deferred financing costs		1,398			1,149			1,682			1,321			1,389
Non-cash compensation		1,220			1,134			1,103			836			507
Straight line rents		(7,771	)		(7,303	)		(7,204	)		(5,770	)		(5,111	)
Above and below market rent amortization		(2,685	)		(2,617	)		(2,691	)		(2,578	)		(2,338	)
Capitalized leasing compensation		(1,045	)		(416	)		(300	)		(175	)		(175	)
Recurring capital expenditures and tenant improvements		(2,868	)		(1,200	)		(2,765	)		99			(393	)
Capitalized leasing commissions		(3,936	)		(2,705	)		(1,389	)		(3,836	)		(439	)
AFFO available to common stockholders and unitholders	$	27,488		$	27,061		$	24,499		$	25,640		$	28,608
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 2007: 100 Technology Center Drive (March 2007) and 4055 Valley View Lane (March 2007).

Page 9

DIGITAL REALTY TRUST, INC.

First Quarter 2008

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

(unaudited and in thousands)

	Three Months Ended
	31-Mar-08			31-Dec-07			30-Sep-07			30-Jun-07			31-Mar-07
Net income (loss) available to common stockholders	$	2,850		$	254		$	(224	)	$	2,591		$	18,641
Interest (including discontinued operations)		14,632			15,863			16,683			15,142			17,323
Depreciation and amortization		39,137			37,818			35,345			31,832			29,778
EBITDA		56,619			53,935			51,804			49,565			65,742
Minority interests		294			28			(27	)		310			3,762
Preferred stock dividends		8,258			5,359			5,359			5,167			3,445
Adjusted EBITDA	$	65,171		$	59,322		$	57,136		$	55,042		$	72,949
(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.
Financial Ratios (unaudited and in thousands)
	31-Mar-08			31-Dec-07			30-Sep-07			30-Jun-07			31-Mar-07
Total GAAP interest expense (including discontinued operations)		14,632			15,863			16,683			15,142			17,323
Capitalized interest		4,415			4,215			3,096			2,792			1,507
Change in accrued interest and other noncash amounts		1,046			(2,755	)		(315	)		(3,575	)		(948	)
Cash interest expense (a)		20,093			17,323			19,464			14,359			17,882
Scheduled debt principal payments and preferred dividends		10,644			7,516			7,215			6,902			5,085
Total fixed charges		30,737			24,839			26,679			21,261			22,967
Debt service coverage ratio based on GAAP interest expense (b)		4.5	x		3.7	x		3.4	x		3.6	x		4.2	x
Debt service coverage ratio based on cash interest expense (b)		3.2	x		3.4	x		2.9	x		3.8	x		4.1	x
Fixed charge coverage ratio based on GAAP interest expense (c)		2.6	x		2.5	x		2.4	x		2.5	x		3.3	x
Fixed charge coverage ratio based on cash interest expense (c)		2.1	x		2.4	x		2.1	x		2.6	x		3.2	x
Debt to total market capitalization including debt and preferred equity (d)		26.8	%		30.6	%		30.7	%		28.8	%		30.7	%
Debt plus preferred stock to total market capitalization including debt and preferred equity (e)		42.2	%		38.2	%		38.5	%		37.1	%		34.7	%
Pretax income to interest expense (f)		1.8	x		1.4	x		1.3	x		1.5	x		2.5	x
(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.
(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 Valley 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.
(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.
(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.

Page 10

DIGITAL REALTY TRUST, INC.

First Quarter 2008

Net Operating Income (NOI) and Run-rate NOI

For the three months ended March 31, 2008

(unaudited and in thousands)

Rental revenues	$	92,746
Tenant reimbursements		21,787
Rental property operating and maintenance		(31,564	)
Property taxes		(8,124	)
Insurance		(1,205	)
NOI	$	73,640
Actual results of properties acquired during the quarter:
Rental revenues		—
Tenant reimbursements		—
Rental property operating and maintenance		—
Property taxes		—
Insurance		—
Projected full quarter of actual results of properties acquired during the quarter:
Rental revenues		—
Tenant reimbursements		—
Rental property operating and maintenance		—
Property taxes		—
Insurance		—
Run-rate NOI	$	73,640
Reconciliation of net income available to common stockholders to NOI
Net income available to common stockholders	$	2,850
Other revenues		(14	)
Interest expense		14,632
Depreciation and amortization		39,137
General and administrative expenses		8,845
Other expenses		451
Equity in earnings of unconsolidated joint venture		(158	)
Interest and other income		(655	)
Minority interests in continuing operations of operating partnership		294
Income from discontinued operations before minority interests		—
Gain on sale of assets		—
Minority interests attributable to discontinued operations		—
Preferred stock dividends		8,258
NOI	$	73,640

Note: For a definition and discussion of NOI and Run-rate NOI, see page 27.

Page 11

DIGITAL REALTY TRUST, INC.

First Quarter 2008

Same Store and New Properties Consolidated Quarterly Statements of Operations

(unaudited and in thousands, except share data)

	Three Months Ended
Same store (1)	31-Mar-08			31-Dec-07			30-Sep-07			30-Jun-07			31-Mar-07
Operating Revenues:
Rental	$	83,654		$	78,447		$	77,156		$	74,416		$	72,454
Tenant reimbursements		20,853			19,986			21,243			16,490			15,623
Other		14			240			154			247			—
Total operating revenues		104,521			98,673			98,553			91,153			88,077
Operating Expenses:
Rental property operating and maintenance		27,031			31,000			28,490			22,895			20,510
Property taxes		7,634			4,125			7,639			7,200			7,443
Insurance		1,140			1,310			1,361			1,406			1,413
Depreciation and amortization		34,955			34,591			32,940			30,023			29,003
General and administrative (2)		8,845			8,159			7,775			8,456			7,210
Other		381			95			491			128			188
Total operating expenses		79,986			79,280			78,696			70,108			65,767
Operating income		24,535			19,393			19,857			21,045			22,310
Other Income (Expenses):
Equity in earnings of unconsolidated joint venture		158			(75	)		(237	)		216			545
Interest and other income		426			494			462			403			386
Interest expense (3)		(13,372	)		(13,830	)		(13,785	)		(13,725	)		(12,778	)
Loss from early extinguishment of debt		—			—			—			—			—
Income from continuing operations before minority interests		11,747			5,982			6,297			7,939			10,463
Income (loss) from discontinued operations before minority interests		—			—			(18	)		43			1,370
Gain on sale of assets		—			—			—			—			18,049
Income before minority interests	$	11,747		$	5,982		$	6,279		$	7,982		$	29,882
New properties (1)
Operating Revenues:
Rental	$	9,092		$	6,627		$	5,380		$	4,289		$	834
Tenant reimbursements		934			603			861			141			56
Other		—			—			—			—			—
Total operating revenues		10,026			7,230			6,241			4,430			890
Operating Expenses:
Rental property operating and maintenance		4,533			2,101			2,049			970			729
Property taxes		490			315			220			142			97
Insurance		65			16			(5	)		13			13
Depreciation and amortization		4,182			3,227			2,405			1,809			396
General and administrative (2)		—			—			—			—			—
Other		70			6			4			—			—
Total operating expenses		9,340			5,665			4,673			2,934			1,235
Operating income		686			1,565			1,568			1,496			(345	)
Other Income (Expenses):
Equity in earnings of unconsolidated joint venture		—			—			—			—			—
Interest and other income		229			127			159			129			127
Interest expense (3)		(1,260	)		(2,033	)		(2,898	)		(1,539	)		(3,816	)
Loss from early extinguishment of debt		—			—			—			—			—
Income from continuing operations before minority interests		(345	)		(341	)		(1,171	)		86			(4,034	)
Income from discontinued operations before minority interests		—			—			—			—			—
Gain on sale of assets		—			—			—			—			—
Income before minority interests	$	(345	)	$	(341	)	$	(1,171	)	$	86		$	(4,034	)

(1) Same store properties are properties that were acquired before December 31, 2006 and new properties are properties acquired after December 31, 2006. During 2007, we sold 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.

First Quarter 2008

Same Store Operating Trend Summary

(unaudited and in thousands, except share data)

	Three Months Ended
Same store (1)	31-Mar-08			31-Dec-07			Percentage Change		31-Mar-07			Percentage Change
Rental (2)	$	83,654		$	78,447		6.6	%	$	72,454		15.5	%
Tenant reimbursements		20,853			19,986		4.3	%		15,623		33.5	%
		104,507			98,433		6.2	%		88,077		18.7	%
Rental property operating and maintenance		27,031			31,000		(12.8	%)		20,510		31.8	%
Property taxes		7,634			4,125		85.1	%		7,443		2.6	%
Insurance		1,140			1,310		(13.0	%)		1,413		(19.3	%)
		35,805			36,435		(1.7	%)		29,366		21.9	%
Net Operating Income (3)	$	68,702		$	61,998		10.8	%	$	58,711		17.0	%
Same store occupancy at end of quarter		94.2	%		94.2	%				94.6	%

(1) Same store properties were acquired before December 31, 2006.

(2) For the periods presented, same store straight-line rent was $6,174, $6,539 and $4,878, respectively and non-cash adjustments related to FAS 141 were $2,164, $2,211 and $2,361, respectively.

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

Page 13

DIGITAL REALTY TRUST, INC.

First Quarter 2008

Consolidated Debt Analysis

(unaudited, in thousands)

	Maturity Date			Principal Balance as of March 31, 2008		% of Debt		Interest Rate as of March 31, 2008		Interest Rate as of March 31, 2008 including swaps
Unhedged Floating Rate Debt
Revolving credit facility	August 31, 2010	(1	)	$	114,759	9.6	%	4.57	%	—
1500 Space Park Drive	April 5, 2008	(2	)		5,541	0.5	%	5.45	%
				$	120,300	10.1	%
Fixed Rate Mortgage Debt and Hedged Floating Rate Debt
Secured Term Debt	November 11, 2014				148,175	12.4	%	5.65	%	—
350 East Cermak Road	June 9, 2008	(3	)		97,638	8.2	%	4.90	%	6.23	%
200 Paul Avenue 1-4	October 8, 2015				80,409	6.8	%	5.74	%	—
2045 & 2055 LaFayette Street	February 6, 2017				68,000	5.7	%	5.93	%	—
600 West Seventh Street	March 15, 2016				57,734	4.8	%	5.80	%	—
2323 Bryan Street	November 6, 2009				55,636	4.7	%	6.04	%	—
34551 Ardenwood Boulevard 1-4	November 11, 2016				55,000	4.6	%	5.95	%	—
1100 Space Park Drive	December 11, 2016				55,000	4.6	%	5.89	%	—
150 South First Street	February 6, 2017				53,288	4.5	%	6.30	%	—
114 Rue Ambroise Croizat	January 18, 2012				51,008	4.3	%	6.08	%	5.13	%
2334 Lundy Place	November 11, 2016				40,000	3.4	%	5.96	%	—
Unit 9, Blanchardstown Corporate Park	January 18, 2012				43,854	3.7	%	6.08	%	5.35	%
6 Braham Street	April 10, 2011				26,185	2.2	%	6.91	%	5.84	%
Paul van Vlissingenstraat 16	July 18, 2013				17,219	1.4	%	6.33	%	5.58	%
Chemin de l’Epinglier 2	July 18, 2013				12,504	1.1	%	6.23	%	5.57	%
1125 Energy Park Drive	March 1, 2032				9,426	0.8	%	7.62	%	—
Gyroscoopweg 2E-2F	October 18, 2013				10,960	0.9	%	6.23	%	5.49	%
375 Riverside Parkway	December 1, 2008				8,511	0.7	%	4.54	%	6.87	%
731 East Trade Street	July 1, 2020				5,663	0.5	%	8.22	%	—
				$	896,210	75.3	%
Exchangeable senior debentures				$	172,500	14.5	%	4.13	%	—
3 Corporate Place construction loan				$	—	0.0	%	7.57	%	—
Total Fixed Rate Debt Including Swaps				$	1,068,710	89.8	%
Loan premium—1125 Energy Park Drive and 731 East Trade Street					1,681	0.1	%
Total Consolidated Debt				$	1,190,691	100.0	%
Weighted average cost of debt (including interest rate swaps)										5.49	%

(1) Two one-year extensions are available.

(2) A four-month extension has been exercised.

(3) The first one-year extension has been exercised, an additional one-year extension is available which we may exercise if certain conditions are met.

Credit Facility

(in thousands)

	Maximum Available		Available as of March 31, 2008		Drawn as of March 31, 2008
Unsecured Revolving Credit Facility	$	650,000	$	526,000	$	114,759

Page 14

DIGITAL REALTY TRUST, INC.

First Quarter 2008

Debt Maturities

(unaudited, in thousands)

Property			Remainder of 2008		2009		2010		2011		2012		Thereafter		Total
Revolving credit facility	(1	)	$	—	$	—	$	114,759	$	—	$	—	$	—	$	114,759
Secured Term Debt	(2	)		1,689		2,408		2,550		2,701		2,836		135,991		148,175
350 East Cermak Road	(3	)		97,638		—		—		—		—		—		97,638
200 Paul Avenue 1-4				1,077		1,533		1,624		1,721		1,812		72,642		80,409
2045 & 2055 LaFayette Street				—		729		835		886		941		64,609		68,000
600 West Seventh Street				920		1,290		1,367		1,448		1,535		51,174		57,734
2323 Bryan Street				588		55,048		—		—		—		—		55,636
1100 Space Park Drive				—		56		648		687		720		52,889		55,000
34551 Ardenwood Boulevard 1-4				—		56		639		678		711		52,916		55,000
150 South First Street				—		518		595		635		677		50,863		53,288
114 Rue Ambroise Croizat				582		777		777		777		48,095		—		51,008
2334 Lundy Place				—		40		464		493		517		38,486		40,000
Unit 9, Blanchardstown Corporate Park				500		668		668		668		41,350		—		43,854
6 Braham Street				—		595		793		24,797		—		—		26,185
Paul van Vlissingenstraat 16				199		265		265		265		265		15,960		17,219
Chemin de l’Epinglier 2				145		191		191		191		191		11,595		12,504
1125 Energy Park Drive				90		132		144		154		8,906		—		9,426
Gyroscoopweg 2E-2F				126		168		168		168		168		10,162		10,960
375 Riverside Parkway				8,511		—		—		—		—		—		8,511
731 East Trade Street				143		205		235		274		297		4,509		5,663
1500 Space Park Drive	(4	)		5,541		—		—		—		—		—		5,541
Exchangeable senior debentures	(5	)		—		—		—		172,500		—		—		172,500
Total			$	117,749	$	64,679	$	126,722	$	209,043	$	109,021	$	561,796	$	1,189,010
Weighted Average Term to Initial Maturity	(5	)										5.3 Years
Weighted Average Term to Initial Maturity (assuming exercise of extension options)	(5	)										5.7 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) The first one-year extension has been exercised, an additional one-year extension is available which we may exercise if certain conditions are met.

(4) A four-month extension has been exercised.

(5) 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 $1,681 of Loan Premiums.

Page 15

DIGITAL REALTY TRUST, INC.

First Quarter 2008

Portfolio Summary

As of March 31, 2008

	3/31/2008		12/31/2007
Number of Properties:
Domestic	58		57
International	13		13
	71	(2)	70	(2)
Number of Buildings:
Domestic	77		76
International	16		16
	93		92
Number of Markets:
Domestic	20		20
International	6		6
	26		26
Net Rentable Square Feet:
Domestic	10,071,470		9,802,686
International	724,325		724,325
	10,795,795		10,527,011
Redevelopment Square Feet:
Domestic	1,222,354		1,226,346
International	641,346		527,882
	1,863,700		1,754,228
Portfolio Occupancy (1)	94.7	%	94.7	%
Same Store Pool Occupancy	94.2	%	94.2	%
Average Original Lease Term (years)	13.6		13.6
Average Remaining Lease Term (years)	7.7		7.7
Lease Expirations (through 2009)	6.8	%	8.1	%

(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.

First Quarter 2008

Properties Acquired

For the three months ended March 31, 2008

Property	Metropolitan Area	Date Acquired	Purchase Price (in millions) (1)		Net Rentable Square Footage of Property	Total Square Footage Held for Redevelopment	Percentage of Total Rentable Square Footage of Property Occupied (2)
365 South Randolphville Rd	New York	February-08	$	20.4	264,792	264,792	Vacant

(1) Including closing costs.

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

Page 17

DIGITAL REALTY TRUST, INC.

First Quarter 2008

Occupancy Analysis

As of March 31, 2008

(Dollar amounts in thousands)

								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 03/31/2008		As of 12/31/2007		As of 9/30/07		As of 6/30/07		As of 3/31/07		Property Type		Total Portfolio		Property Type
Internet Gateways
350 East Cermak Road			May-05	Chicago	1,015,610	118,129	36,562	97.9	%	98.3	%	97.4	%	94.7	%	94.6	%	27.5	%	9.4	%	24.5	%
200 Paul Avenue 1-4			Nov-04	San Francisco	492,268	35,412	20,741	94.6	%	97.4	%	100.0	%	100.0	%	100.0	%	13.3		4.6		13.9
120 E. Van Buren Street			Jul-06	Phoenix	249,425	38,089	19,055	88.1	%	84.6	%	97.2	%	97.2	%	92.0	%	6.8		2.3		12.8
600 West Seventh Street			May-04	Los Angeles	476,784	12,938	14,672	91.2	%	89.4	%	91.8	%	91.6	%	93.4	%	12.9		4.4		9.8
2323 Bryan Street			Jan-02	Dallas	457,217	19,890	13,370	79.0	%	78.7	%	79.6	%	79.6	%	83.5	%	12.4		4.2		9.0
111 Eighth Avenue	(3	)	Mar-07	New York	116,843	—	11,156	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	3.2		1.1		7.5
1100 Space Park Drive			Nov-04	Silicon Valley	165,297	—	7,220	97.6	%	97.6	%	97.6	%	97.6	%	97.6	%	4.5		1.5		4.8
114 Rue Ambroise Croizat			Dec-06	Paris, France	130,996	221,150	6,640	100.0	%	100.0	%	91.6	%	91.6	%	91.6	%	3.6		1.2		4.4
600-780 S. Federal			Sep-05	Chicago	161,547	—	5,076	81.5	%	80.3	%	81.5	%	82.6	%	82.6	%	4.4		1.5		3.4
6 Braham Street			Jul-02	London, England	63,233	—	4,404	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	1.7		0.6		3.0
36 NE 2nd Street			Jan-02	Miami	162,140	—	4,347	95.9	%	95.9	%	95.9	%	95.9	%	95.9	%	4.4		1.5		2.9
900 Walnut Street			Aug-07	St Louis	112,266	—	3,373	97.3	%	98.6	%	98.6	%	NA		NA		3.0		1.0		2.3
731 East Trade Street			Aug-05	Charlotte	40,879	—	1,165	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	1.1		0.4		0.8
113 North Myers			Aug-05	Charlotte	20,086	9,132	763	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	0.5		0.2		0.5
125 North Myers			Aug-05	Charlotte	25,402	—	680	100.0	%	51.3	%	51.3	%	51.3	%	47.9	%	0.7		0.2		0.5
					3,689,993	454,740	149,224	93.0	%	92.6	%	94.1	%	92.8	%	93.5	%	100.0	%	34.2	%	100.0	%
Data Centers
300 Boulevard East			Nov-02	New York	311,950	—	12,782	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	5.4		2.9		9.1
3 Corporate Place			Dec-05	New York	274,562	2,369	10,725	82.9	%	88.4	%	100.0	%	100.0	%	100.0	%	4.7		2.5		7.6
833 Chestnut Street			Mar-05	Philadelphia	581,291	73,467	9,908	81.5	%	80.5	%	79.4	%	79.2	%	78.6	%	10.0		5.4		7.0
Unit 9, Blanchardstown Corporate Park			Dec-06	Dublin, Ireland	120,000	—	9,761	96.4	%	96.4	%	85.9	%	85.9	%	85.9	%	2.1		1.1		6.9
4025 Midway Road			Jan-06	Dallas	72,991	27,599	6,722	98.5	%	54.9	%	54.9	%	54.9	%	50.5	%	1.3		0.7		4.8
2045 & 2055 LaFayette Street			May-04	Silicon Valley	300,000	—	6,300	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	5.2		2.8		4.5
11830 Webb Chapel Road			Aug-04	Dallas	365,647	—	5,861	96.6	%	96.6	%	96.6	%	95.0	%	95.0	%	6.3		3.4		4.1
150 South First Street			Sep-04	Silicon Valley	179,761	—	5,101	97.7	%	97.7	%	97.7	%	97.7	%	100.0	%	3.1		1.7		3.6
14901 FAA Boulevard			Jun-06	Dallas	263,700	—	4,474	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	4.5		2.4		3.2
12001 North Freeway			Apr-06	Houston	280,483	20,222	4,333	98.5	%	98.5	%	98.5	%	98.5	%	98.5	%	4.8		2.6		3.1
2334 Lundy Place			Dec-02	Silicon Valley	130,752	—	4,253	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	2.3		1.2		3.0
44470 Chilum Place			Feb-07	Northern Virginia	95,440	—	3,906	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	1.6		0.9		2.8
2401 Walsh Street			Jun-05	Silicon Valley	167,932	—	3,308	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	2.9		1.6		2.3
115 Second Avenue			Oct-05	Boston	66,730	—	3,240	100.0	%	42.1	%	42.1	%	0.0	%	0.0	%	1.2		0.6		2.3
8534 Concord Center Drive			Jun-05	Denver	85,660	—	3,169	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	1.5		0.8		2.2
Naritaweg 52			Dec-07	Amsterdam, Netherlands	63,260	—	2,966	100.0	%	100.0	%	NA		NA		NA		1.1		0.6		2.1
21110 Ridgetop Circle			Jan-07	Northern Virginia	135,513	—	2,582	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	2.3		1.3		1.8
210 N Tucker Boulevard			Aug-07	St Louis	139,588	62,000	2,359	95.0	%	95.0	%	95.0	%	NA		NA		2.4		1.3		1.7
Paul van Vlissingenstraat 16			Aug-05	Amsterdam, Netherlands	77,472	35,000	2,345	58.8	%	58.8	%	58.8	%	58.8	%	58.8	%	1.3		0.7		1.7
1807 Michael Faraday Court			Oct-06	Northern Virginia	19,237	—	2,326	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	0.3		0.2		1.6
375 Riverside Parkway			Jun-03	Atlanta	200,442	49,749	2,303	92.9	%	92.9	%	92.9	%	92.9	%	100.0	%	3.5		1.9		1.6
3011 Lafayette Street			Jan-07	Silicon Valley	90,780	—	2,280	100.0	%	0.0	%	0.0	%	0.0	%	0.0	%	1.6		0.8		1.6
200 North Nash Street			Jun-05	Los Angeles	113,606	—	2,238	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	2.0		1.1		1.6
2403 Walsh Street			Jun-05	Silicon Valley	103,940	—	2,047	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	1.8		1.0		1.4
8100 Boone Boulevard			Oct-06	Northern Virginia	17,015	—	2,006	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	0.3		0.2		1.4
43881 Devon Shafron Drive			Mar-07	Northern Virginia	80,998	99,002	1,994	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	1.4		0.8		1.4
Chemin de l’Epinglier 2			Nov-05	Geneva, Switzerland	59,190	—	1,777	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	1.0		0.5		1.3
4700 Old Ironsides Drive			Jun-05	Silicon Valley	90,139	—	1,775	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	1.6		0.8		1.3
4650 Old Ironsides Drive			Jun-05	Silicon Valley	84,383	—	1,662	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	1.5		0.8		1.2
Clonshaugh Industrial Estate			Feb-06	Dublin, Ireland	20,000	—	1,608	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	0.3		0.2		1.1
3015 Winona Avenue			Dec-04	Los Angeles	82,911	—	1,545	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	1.4		0.8		1.1
3065 Gold Camp Drive			Oct-04	Sacramento	62,957	—	1,502	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	1.1		0.6		1.1
251 Exchange Place			Nov-05	Northern Virginia	70,982	—	1,458	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	1.2		0.7		1.0

Page 18

DIGITAL REALTY TRUST, INC.

First Quarter 2008

Occupancy Analysis

As of March 31, 2008

(Dollar amounts in thousands)

								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 03/31/2008		As of 12/31/2007		As of 9/30/07		As of 6/30/07		As of 3/31/07		Property Type		Total Portfolio		Property Type
6800 Millcreek Drive	Apr-06	Toronto, Canada	83,758		—		1,442	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	1.4		0.8		1.0
1125 Energy Park Drive	Mar-05	Minneapolis/St. Paul	112,827		—		1,437	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	1.9		1.0		1.0
101 Aquila Way	Apr-06	Atlanta	313,581		—		1,411	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	5.4		2.9		1.0
43831 Devon Shafron Drive	Mar-07	Northern Virginia	117,071		—		1,377	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	2.0		1.1		1.0
3300 East Birch Street	Aug-03	Los Angeles	68,807		—		1,374	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	1.2		0.6		1.0
Gyroscoopweg 2E-2F	Jul-06	Amsterdam, Netherlands	55,585		—		1,333	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	1.0		0.5		0.9
600 Winter Street	Sep-06	Boston	30,400		—		778	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	0.5		0.3		0.6
7620 Metro Center Drive	Dec-05	Austin	45,000		—		605	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	0.8		0.4		0.4
2300 NW 89th Place	Sep-06	Miami	64,174		—		581	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	1.1		0.6		0.4
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		—
1 St. Anne’s Boulevard	Dec-07	London, England	20,219		—		327	100.0	%	100.0	%	NA		NA		NA		0.3		0.2		0.2
Mundells Roundabout	Apr-07	London, England	—		113,464		—	0.0	%	0.0	%	NA		NA		NA		—		—		—
Cressex 1	Dec-07	London, England	—		50,848		—	0.0	%	0.0	%	NA		NA		NA		—		—		—
Clonshaugh Industrial Estate (Land)	Feb-06	Dublin, Ireland	—		124,500		—	0.0	%	0.0	%	NA		NA		NA		—		—		—
3 St. Anne’s Boulevard	Dec-07	London, England	—		96,384		—	0.0	%	0.0	%	NA		NA		NA		—		—		—
2055 East Technology Circle	Oct-06	Phoenix	76,350		—		—	0.0	%	0.0	%	—		0.0	%	0.0	%	1.3		0.7		—
43791 Devon Shafron Drive	Mar-07	Northern Virginia	—		135,000		—	0.0	%	0.0	%	—		0.0	%	0.0	%	—		—		—
1500 Space Park Drive	Sep-07	Silicon Valley	—		49,852		—	0.0	%	0.0	%	NA		NA		NA		—		—		—
365 S. Randolphville Road	Feb-08	New York	—		264,792		—	0.0	%									—		—		—
7500 Metro Center Drive	Dec-05	Austin	—		74,962		—	0.0	%	0.0	%	—		0.0	%	0.0	%	—		—		—
			5,802,584		1,408,960		141,343	94.7	%	94.8	%	94.5	%	94.4	%	94.4	%%	100.0	%	53.7	%	100.0	%
Technology Manufacturing
34551 Ardenwood Boulevard 1-4	Jan-03	Silicon Valley	307,657		—		8,290	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	48.5	%	2.8	%	54.2	%
47700 Kato Road & 1055 Page Avenue	Sep-03	Silicon Valley	183,050		—		3,684	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	28.8		1.7		24.0
2010 East Centennial Circle	May-03	Phoenix	113,405		—		2,852	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	17.9		1.1		18.6
2 St. Anne’s Boulevard	Dec-07	London, England	30,612		—		496	100.0	%	100.0	%	NA		NA		NA		4.8		0.3		3.2
			634,724		—		15,322	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	5.9	%	100.0	%
Technology Office
100 & 200 Quannapowitt Parkway	Jun-04	Boston	386,956		—		7,355	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	57.9	%	3.6	%	57.2	%
4849 Alpha Road	Apr-04	Dallas	125,538		—		2,856	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	18.8		1.2		22.2
1 Savvis Parkway	Aug-07	St Louis	156,000		—		2,644	100.0	%	100.0	%	100.0	%	NA		NA		23.3		1.4		20.6
			668,494		—		12,855	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%%	100.0	%	6.2	%	100.0	%
Portfolio Total/Weighted Average			10,795,795	(4)	1,863,700	$	318,744	94.7	%	94.7	%	95.1	%	94.6	%	94.8	%%	100.0	%	100.0	%	100.0	%

(1) Annualized rent represents the monthly contractual rent under existing leases as of March 31, 2008 multiplied by 12.

(2) Occupancy excludes space held for redevelopment.

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

(4) Net Rentable Square Feet excludes 400,369 RSF of space in joint venture located at 2001 Sixth Avenue in Seattle, WA, which was 97.0% occupied as of March 31, 2008.

Page 19

DIGITAL REALTY TRUST, INC.

First Quarter 2008

Major Tenants

as of March 31, 2008

(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	Savvis Communications			17	1,682,623	15.6	%	$	42,738	13.4	%	129
2	Qwest Communications International, Inc.			13	770,928	7.1	%	$	24,223	7.6	%	88
3	Equinix Operating Company, Inc.			4	454,672	4.2	%	$	13,308	4.2	%	104
4	AT & T			11	385,184	3.6	%	$	11,314	3.5	%	74
5	TelX Group, Inc.			10	82,581	0.8	%	$	10,185	3.2	%	224
6	NTT Communications Company			2	241,370	2.2	%	$	7,294	2.3	%	54
7	Comverse Technology, Inc.			1	367,033	3.4	%	$	7,056	2.2	%	34
8	JPMorgan Chase & Co.			2	27,377	0.3	%	$	6,960	2.2	%	102
9	Facebook			2	104,191	1.0	%	$	6,384	2.0	%	109
10	Microsoft Corporation			1	300,000	2.8	%	$	6,300	2.0	%	90
11	AboveNet, Inc.			9	150,661	1.4	%	$	5,883	1.8	%	124
12	Level 3 Communications, LLC	(3	)	12	289,788	2.7	%	$	5,873	1.8	%	49
13	Amazon			3	164,847	1.5	%	$	5,781	1.8	%	138
14	Amgen, Inc.			1	131,386	1.2	%	$	5,576	1.7	%	86
15	Leslie & Godwin Investments	(4	)	1	63,233	0.6	%	$	4,404	1.4	%	21
	Total/Weighted Average				5,215,874	48.3	%	$	163,280	51.1	%	99

(1) Occupied square footage is defined as leases that have commenced on or before March 31, 2008.

(2) Annualized rent represents the monthly contractual rent under existing leases as of March 31, 2008 multiplied by 12.

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

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

Page 20

DIGITAL REALTY TRUST, INC.

First Quarter 2008

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	1500 Space Park (3 Buildings)	Santa Clara	59
4	3 Corporate Place	New York	44
5	114 Rue Ambroise Croizat	Paris, France	40
6	2045 & 2055 LaFayette Street	Silicon Valley	40
7	44470 Chilum Place	Northern Virginia	36
8	150 South First Street	Silicon Valley	36
9	101 Aquila Way	Atlanta	30
10	365 South Randolphville Road	New York	26
11	14901 FAA Boulevard	Dallas	25
12	2401 Walsh Street	Silicon Valley	25
13	2403 Walsh Street	Silicon Valley	25
14	4700 Old Ironsides Drive	Silicon Valley	25
15	St. Anne’s Boulevard (3 Buildings)	London	25
	Total Potential Power Capacity - Top 15 Properties		761

(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.

First Quarter 2008

Lease Expirations and Lease Distribution

Lease Expirations

As of March 31, 2008

(Dollar amounts in thousands)

Year	Number of Leases Expiring (1)	Square Footage of Expiring Leases	Percentage of Net Rentable Square Feet		Annualized Rent (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		569,894	5.3	%	$	—	0.0	%
2008	244	250,723	2.3	%		17,390	5.5	%	$	69.36		70.99		17,799
2009	111	480,540	4.5	%		18,922	5.9	%	$	39.38		39.26		18,865
2010	99	899,053	8.3	%		25,590	8.0	%	$	28.46		30.01		26,980
2011	82	1,601,607	14.8	%		35,251	11.1	%	$	22.01		23.28		37,292
2012	65	154,170	1.4	%		14,889	4.7	%	$	96.58		107.68		16,602
2013	31	556,091	5.2	%		16,023	5.0	%	$	28.81		31.66		17,607
2014	29	491,359	4.6	%		12,989	4.1	%	$	26.43		31.84		15,647
2015	71	1,785,666	16.5	%		61,560	19.3	%	$	34.47		40.72		72,716
2016	55	812,947	7.5	%		25,202	7.9	%	$	31.00		36.96		30,043
2017	32	544,860	5.0	%		16,582	5.2	%	$	30.43		37.40		20,377
Thereafter	105	2,648,885	24.5	%		74,347	23.3	%	$	28.07		45.91		121,617
Portfolio Total/ Weighted Average	924	10,795,795	100.0	%	$	318,744	100.0	%	$	31.17	$	38.68	$	395,545

Lease Distribution

As of March 31, 2008

(Dollar amounts in thousands)

Square Feet Under Lease	Number of Leases	Percentage of All Leases		Total Net Rentable Square Feet	Percentage of Net Rentable Square Feet		Annualized Rent (2)		Percentage of Annualized Rent
Available				569,894	5.3	%		—	0.0	%
2,500 or less	619	67.0	%	279,618	2.6	%		56,485	17.7	%
2,501 - 10,000	135	14.6	%	803,926	7.4	%		32,049	10.1	%
10,001 - 20,000	52	5.6	%	1,036,084	9.6	%		27,248	8.5	%
20,001 - 40,000	48	5.2	%	1,484,675	13.8	%		46,735	14.7	%
40,001 - 100,000	46	5.0	%	3,018,056	28.0	%		84,454	26.5	%
Greater than 100,000	24	2.6	%	3,603,542	33.4	%		71,774	22.5	%
Portfolio Total	924	100.0	%	10,795,795	100.0	%	$	318,744	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 March 31, 2008 multiplied by 12.

Page 22

DIGITAL REALTY TRUST, INC.

First Quarter 2008

Leasing Activity

As of March 31, 2008

	For the Three Months Ended March 31, 2008		% Leased
Occupied Square Feet as of December 31, 2007	9,967,047			94.7	%
1Q 2008 Acquisitions:
365 S. Randolphville Road	—			—
Occupied Square Feet including 1Q 2008 Acquisitions (1)	9,967,047			92.3	%
Expirations, Terminations and Reductions	(56,986	) (4)		(0.5	%)
New Leases and Expansions	334,828			3.1	%
Renewals and Extensions	19,742			0.2	%
Remeasurements (2)	(38,730	)		(0.4	%)
Occupied Square Feet as of March 31, 2008	10,225,901			94.7	%
GAAP Rent Growth (3)
Expiring Rent per Square Foot			$	12.33	(5)
New Rent per Square Foot			$	100.37	(6)
Percentage Increase				713.7	%
Weighted Average Lease Term - New (in months)				114

(1) Occupancy excludes space held for redevelopment.

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

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

(4) 35,413 rentable square feet moved into redevelopment space inventory. 11,145 rentable square feet already released since March 31, 2008.

(5) Consists of cabinet space and other non-technical space.

(6) Consists primarily of Turn-Key Datacenter^™ space.

Page 23

DIGITAL REALTY TRUST, INC.

First Quarter 2008

Tenant Improvements and Leasing Commissions

	Three Months Ended								Full Year
	3/31/2008		12/31/2007		9/30/2007		6/30/2007		2007
Renewals (1)
Number of renewals		5		5		2		3		12
Square Feet		19,742		31,435		944		1,313		67,181
Tenant improvement costs per square foot (2)	$	—	$	8.43	$	—	$	—	$	3.95
Leasing commission costs per square foot (2)	$	3.00	$	11.46	$	0.33	$	1.73	$	13.69
Total renewal lease costs per square foot	$	3.00	$	19.90	$	0.33	$	1.73	$	17.64
New Leases (3)
Number of non-redevelopment leases		11		17		12		9		61
Non-Redevelopment square feet		21,585		134,031		38,082		12,014		219,381
Non-Redevelopment tenant improvement costs per square foot (2)		35.25		5.36		13.35	$	—	$	6.18
Non-Redevelopment leasing commission costs per square foot (2)		12.23		4.58		11.61		11.27	$	7.30
Number of redevelopment leases		32		3		8		10		27
Redevelopment square feet		313,243		16,041		153,571		64,197		541,525
Redevelopment tenant improvement costs per square foot (2) (4)	$	1.58	$	—	$	0.81	$	6.90	$	46.38
Redevelopment leasing commission costs per square foot (2)	$	8.80	$	0.31	$	9.18	$	12.04	$	7.69
Total Number of Leases		43		20		20		19		88
Total Square Feet		334,828		150,072		191,652		76,211		760,906
Total new lease costs per square foot	$	12.77	$	8.92	$	12.96	$	17.73	$	52.53
Total (5)
Number of leases		48		25		22		22		100
Square Feet		354,570		181,507		192,596		77,524		828,087
Tenant improvement costs per square foot (2)	$	3.54	$	5.42	$	3.28	$	5.71	$	32.29
Leasing commission costs per square foot (2)	$	8.68	$	5.40	$	9.62	$	11.75	$	8.08
Total costs per square foot	$	12.23	$	10.82	$	12.90	$	17.46	$	40.36

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

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

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DIGITAL REALTY TRUST, INC.

First Quarter 2008

Historical Capital Expenditures

	Three Months Ended
	3/31/2008		12/31/2007		9/30/2007		6/30/2007			3/31/2007
Recurring capital expenditures (1) (2)	$	2,868,000	$	1,200,000	$	2,765,000	$	(99,000	)	$	367,062
Non-recurring capital expenditures (2)	$	85,974,000	$	103,958,000	$	99,466,000	$	38,776,000		$	19,249,409
Total net rentable square feet at period end excluding redevelopment space		10,795,795		10,527,011		10,311,857		9,713,146			9,668,267
Recurring capital expenditures per square foot	$	0.27	$	0.11	$	0.27	$	(0.01	)	$	0.04
Non-recurring capital expenditures per square foot (2)	$	7.96	$	9.88	$	9.65	$	3.99		$	1.99

(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.

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DIGITAL REALTY TRUST, INC.

First Quarter 2008

Redevelopment Activity

For the quarter ended March 31, 2008

(Square feet)

Activity for the quarter ended March 31, 2008	US		Europe	Total
Redevelopment Space as of December 31, 2007	1,226,346		527,882	1,754,228
Acquired Redevelopment Space and New Construction Space	305,509		113,464	418,973
Converted Redevelopment Space:
Turn-Key Datacenter™	(262,078	)	—	(262,078	)
Powered Base Building™	(46,279	)	—	(46,279	)
Remeasurement Adjustments	(1,144	)	—	(1,144	)
Redevelopment Space as of March 31, 2008	1,222,354		641,346	1,863,700
Redevelopment Space Under Construction at Quarter End	US		Europe	Total
Turn-Key Datacenter™	199,617		130,847	330,464
Build-to-Suit	39,352		177,964	217,316
New Powered Base Building™ Shell	—		—	—
Redevelopment Space Under Construction as of March 31, 2008	238,969		308,811	547,780

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DIGITAL REALTY TRUST, INC.

First Quarter 2008

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 2007: 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, including on a per share and unit basis. 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) straight line rents (v) fair value of lease revenue amortization (vi) capitalized leasing payroll (vii) recurring tenant improvements and (viii) 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 2007: 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 2007: 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.

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