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): April 26, 2012

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)	(IRS Employer Identification No.)
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 filing 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, or 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, or the Securities Act, or the Exchange Act regardless of any general incorporation language in such filing.

On April 26, 2012, we issued a press release announcing our financial results for the quarter ended March 31, 2012. The text of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

On April 26, 2012, we posted certain supplemental operating and financial data on our website located at www.digitalrealty.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 April 26, 2012, we issued a press release announcing our financial results for the quarter ended March 31, 2012. The text of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

On April 26, 2012, we posted certain supplemental operating and financial data on our website located at www.digitalrealty.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 April 26, 2012.
99.2	Supplemental Operating and Financial Data posted April 26, 2012.

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/    JOSHUA A. MILLS
	Joshua A. Mills
	Senior Vice President, General Counsel and Assistant Secretary

Date: April 26, 2012

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated April 26, 2012.
99.2	Supplemental Operating and Financial Data posted April 26, 2012.

EX-99.1

Exhibit 99.1

560 Mission Street, Suite 2900 San Francisco, CA 94105 USA Tel: +1 415 738 6500 Fax: +1 415 738 6501 www.digitalrealty.com

For Additional Information:

A. William Stein	Pamela M. Garibaldi
Chief Financial Officer and	Vice President, Investor Relations and
Chief Investment Officer	Corporate Marketing
Digital Realty Trust, Inc.	Digital Realty Trust, Inc.
+1 (415) 738-6500	+1 (415) 738-6500

DIGITAL REALTY TRUST, INC. REPORTS FIRST QUARTER FFO OF $1.06 PER SHARE

Strong performance yields 3.9% growth in FFO over fourth quarter 2011

San Francisco, Calif. (April 26, 2012) – Digital Realty Trust, Inc. (NYSE: DLR), a leading global provider of data center solutions, today announced financial results for the first quarter of 2012. All per share results are on a diluted share and unit basis.

Recent Highlights:

• Reported FFO of $1.06 per share for the first quarter of 2012, up 3.9% from $1.02 per share for the first quarter of 2011. Excluding certain items that do not represent ongoing expenses or revenue streams in each quarter, first quarter 2012 core FFO was $1.06 per share, up 2.9% from first quarter 2011 core FFO of $1.03 per share;

• Reported net income for the first quarter of 2012 of $49.3 million and net income available to common stockholders of $39.2 million, or $0.36 per share, up 9.1% from $0.33 per share for the first quarter of 2011;

• Closed a new $750 million U.S. dollar equivalent Unsecured Multicurrency 5-year Term Loan, which can be increased by $100 million to $850 million U.S. dollar equivalent;

• Completed the sale of 7.3 million shares of 6.625% Series F Cumulative Redeemable Preferred Stock, including partial exercise of the underwriter’s over-allotment option, and raising net proceeds of $175.8 million;

• Generated approximately $62.7 million of net proceeds from the issuance of approximately 957,000 shares of common stock under the At-the-Market (“ATM”) equity distribution program at an average price of $66.19 per share during the first quarter of 2012;

• Acquired a data center and office campus in suburban Dallas, consisting of eight buildings totaling approximately 819,000 square feet and 39 acres of developable land for approximately $123.0 million;

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• Announced a joint venture partnership with Savvis to acquire a 165,000-square-foot (15,247-square-meter) property in Hong Kong. Subject to certain conditions, the acquisition is expected to close in the second quarter of 2012;

• Signed leases during the first quarter of 2012, including leases signed for colocation space, expected to generate approximately $18.2 million in annualized GAAP rental revenue;

• Commenced leases during the first quarter of 2012, including leases commenced for colocation space, totaling over $25.8 million of annualized GAAP rental revenue; and

• Increased quarterly common stock dividend by 7.4% for the first quarter of 2012 to $0.73 per share.

Funds from operations (“FFO”) was $132.5 million in the first quarter of 2012, or $1.06 per share, up 3.9% from $1.02 per share in both the previous quarter and in the first quarter of 2011. First quarter 2012 FFO results were not significantly impacted by items that do not represent ongoing expenses or revenues streams.

FFO is a supplemental non-GAAP performance measure used by the real estate industry to measure the operating performance of real estate investment trusts. FFO and core FFO should not be considered as substitutes for net income determined in accordance with U.S. GAAP as measures of financial performance. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a definition of FFO, a reconciliation from FFO to core FFO, and a definition of core FFO are included as an attachment to this press release.

Net income for the first quarter of 2012 was $49.3 million, compared to $47.2 million for the fourth quarter of 2011 and $39.0 million for the first quarter of 2011. Net income available to common stockholders in the first quarter of 2012 was $39.2 million, or $0.36 per share, compared to $36.0 million, or $0.34 per share, in the fourth quarter of 2011, and $31.0 million, or $0.33 per share, in the first quarter of 2011.

The Company reported total operating revenues of $283.1 million in the first quarter of 2012, up 12.9% from $250.7 million in the first quarter of 2011, and up 4.6% from $270.6 million in the fourth quarter of 2011.

“With now over seven years of industry leading performance as a data center REIT, we are very pleased to report another quarter of solid results,” said Michael F. Foust, Chief Executive Officer of Digital Realty. “These results are primarily driven by our unique value proposition, consisting of our suite of customer-driven solutions, financial strength and data center expertise, global footprint and supply chain management. As our portfolio expands in both domestic and international markets, we believe that these unique attributes will continue to serve our customers and shareholders alike.”

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Acquisitions Activity

In February 2012, the Company acquired an 819,000 square foot operating data center and office campus, located in Lewisville, Texas, a suburb of Dallas. The purchase price was approximately $123.0 million. The campus totals over 168 acres, which includes eight buildings and 39 acres of land for future development. The property, currently known as Convergence Business Park, is 99% leased on a long-term basis to eight tenants.

Subsequent to the end of the first quarter, in April 2012 Digital Realty and Savvis, a CenturyLink company, announced their joint venture partnership, formed to acquire a 165,000-square-foot (15,247-square-meter) property in Hong Kong. Subject to certain conditions, the acquisition is expected to close in the second quarter of 2012. The property is located at Tseung Kwan O Industrial Estate in New Territories, approximately 12 miles from downtown Hong Kong. Upon redevelopment, the building will be capable of supporting approximately 5.76 megawatts of IT load capacity.

As of April 26, 2012, the Company’s portfolio comprised 102 properties, excluding three properties held in unconsolidated joint ventures, consisting of 148 buildings totaling approximately 19.1 million net rentable square feet, including 2.2 million square feet of space held for redevelopment. The portfolio is strategically located in 31 key data center markets throughout North America, Europe, Singapore and Australia.

Balance Sheet Update

Total assets grew to approximately $6.4 billion at March 31, 2012 from $6.1 billion at December 31, 2011. Total debt increased to $3.3 billion at March 31, 2012 from $2.9 billion at December 31, 2011. Stockholders’ equity was approximately $2.6 billion at March 31, 2012, up slightly from approximately $2.5 billion at December 31, 2011.

During the first quarter of 2012, under its ATM equity distribution program, the Company generated approximately $62.7 million of net proceeds from the issuance of approximately 957,000 shares of common stock at an average price of $66.19 per share.

On April 17, 2012, the Company closed a new $750 million U.S. dollar equivalent Unsecured Multicurrency Term Loan. The term loan matures in April 2017 and can be increased by $100 million to $850 million U.S. dollar equivalent. Pricing is based on the Company’s unsecured debt ratings and is currently 145 basis points over the applicable index for floating rate advances. Funds may be drawn in U.S, Singapore and Australian dollars, as well as Euro and Pound Sterling denominations with the option

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to add Hong Kong dollars and Yen upon an accordion exercise. The new term loan provides funds for acquisitions, repayment of indebtedness, development and redevelopment, working capital and general corporate purposes.

On April 17, 2012, the Company completed the conversion of all of its outstanding Series C Cumulative Convertible Preferred Stock into its common stock. Year to date through April 16, 2012, holders of the Company’s Series D Cumulative Convertible Preferred Stock converted 13,207 shares with a liquidation preference value of $330,175 into 8,293 newly issued shares of common stock. Approximately 49.5% of the shares of Series D Preferred Stock originally issued remain outstanding.

“Our disciplined approach to managing our balance sheet includes accessing capital from a variety of sources that enable us to fund the growth of the Company at the most favorable terms available,” said A. William Stein, CFO and Chief Investment Officer for Digital Realty. “As important as prudently funding our growth, our financial resources are also a key differentiator with customers, making us a stable, reliable long-term partner. These resources give us the ability to help finance and support our customers’ growth while continuing to grow our portfolio.”

The Company is not revising its 2012 FFO guidance range of $4.34 to $4.48 per share and its underlying assumptions at this time.

Investor Conference Call Details

Digital Realty will host a conference call on Thursday, April 26, 2012 at 10:00 am PT / 1:00 pm ET to discuss its first quarter 2012 financial results and operating performance. The conference call will feature Chief Executive Officer, Michael F. Foust, and Chief Financial Officer and Chief Investment Officer, A. William Stein. To participate in the live call, investors are invited to dial +1 (888) 701-6680 (for domestic callers) or +1 (706) 634-5758 (for international callers) and quote the conference ID # 68386062 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty’s website at www.digitalrealty.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 until 11:59 pm ET on Thursday, May 17, 2012. The telephone replay can be accessed two hours after the call by dialing +1 (855) 859-2056 (for domestic callers) or +1 (404) 537-3406 (for international callers) and using the conference ID # 68386062. The webcast replay can be accessed on Digital Realty’s website immediately after the live call has concluded.

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About Digital Realty

Digital Realty Trust, Inc. focuses on delivering customer driven data center solutions by providing secure, reliable and cost effective facilities that meet each customer’s unique data center needs. Digital Realty’s customers include domestic and international companies across multiple industry verticals ranging from information technology and Internet enterprises, to manufacturing and financial services. Digital Realty’s 102 properties, excluding three properties held as investments in unconsolidated joint ventures, comprise approximately 19.1 million square feet as of April 26, 2012, including 2.2 million square feet of space held for redevelopment. Digital Realty’s portfolio is located in 31 markets throughout Europe, North America, Singapore and Australia. Additional information about Digital Realty is included in the Company Overview, which is available on the Investors page of Digital Realty’s website at http://www.digitalrealty.com.

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, including statements related to the Company’s 2012 guidance and its underlying assumptions, the Company’s joint venture partnership with Savvis and the expected closing of the acquisition of a property in Hong Kong, supply and demand for data center space, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, development and redevelopment plans, and expected timing, size and IT capacity of development and redevelopment projects, and expectations regarding the Company’s future growth, financial resources and success. These risks and uncertainties include, among others, the following: the impact of the recent deterioration in global economic, credit and market conditions, including the downgrade of the U.S. government’s credit rating; current local economic conditions in our geographic markets; decreases in information technology spending, including as a result of economic slowdowns or recession; adverse economic or real estate developments in our industry or the industry sectors that we sell to (including risks relating to decreasing real estate valuations and impairment charges); our dependence upon significant tenants; bankruptcy or insolvency of a major tenant or a significant number of smaller tenants; defaults on or non-renewal of leases by tenants; our failure to obtain necessary debt and equity financing; increased interest rates and operating costs; risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our

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loan facilities and agreements; financial market fluctuations; changes in foreign currency exchange rates; our inability to manage our growth effectively; difficulty acquiring or operating properties in foreign jurisdictions; our failure to successfully integrate and operate acquired or redeveloped properties or businesses; risks related to joint venture investments, including as a result of our lack of control of such investments; delays or unexpected costs in development or redevelopment of properties; decreased rental rates or increased vacancy rates; increased competition or available supply of data center space; our inability to successfully develop and lease new properties and space held for redevelopment; difficulties in identifying properties to acquire and completing acquisitions; our inability to acquire off-market properties; our inability to comply with the rules and regulations applicable to reporting companies; our failure to maintain our status as a REIT; possible adverse changes to tax laws; restrictions on our ability to engage in certain business activities; environmental uncertainties and risks related to natural disasters; losses in excess of our insurance coverage; changes in foreign laws and regulations, including those related to taxation and real estate ownership and operation; and changes in local, state and federal regulatory requirements, including changes in real estate and zoning laws and increases in real property tax rates. For a further list and description of such risks and uncertainties, see the reports and other filings by the Company with the U.S. Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2011. 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. and Subsidiaries

Condensed Consolidated Income Statements

(in thousands, except share and per share data)

(unaudited)

	Three Months Ended
	March 31, 2012			March 31, 2011
Operating Revenues:
Rental	$	222,834		$	196,795
Tenant reimbursements		57,862			51,834
Construction management		2,452			1,817
Other		—			295
Total operating revenues		283,148			250,741
Operating Expenses:
Rental property operating and maintenance		79,845			71,723
Property taxes		16,042			13,471
Insurance		2,230			2,051
Construction management		193			1,737
Depreciation and amortization		83,995			73,918
General and administrative		14,250			12,405
Transactions		677			681
Other		—			90
Total operating expenses		197,232			176,076
Operating income		85,916			74,665
Other Income (Expenses):
Equity in earnings of unconsolidated joint ventures		1,389			1,208
Interest and other income		709			264
Interest expense		(38,030	)		(36,082	)
Tax expense		(721	)		(428	)
Loss from early extinguishment of debt		—			(615	)
Net Income		49,263			39,012
Net income attributable to noncontrolling interests		(1,221	)		(1,510	)
Net Income Attributable to Digital Realty Trust, Inc.		48,042			37,502
Preferred stock dividends		(8,831	)		(6,522	)
Net Income Available to Common Stockholders	$	39,211		$	30,980
Net income per share available to common stockholders:
Basic	$	0.37		$	0.34
Diluted	$	0.36		$	0.33
Weighted average shares outstanding:
Basic		107,099,856			91,428,355
Diluted		107,584,856			92,600,215

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Digital Realty Trust, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands)

	March 31, 2012			December 31, 2011
	(unaudited)
ASSETS
Investments in real estate
Properties:
Land	$	580,411		$	555,113
Acquired ground leases		6,358			6,214
Buildings and improvements		5,552,398			5,253,754
Tenant improvements		344,882			303,502
Total investments in properties		6,484,049			6,118,583
Accumulated depreciation and amortization		(970,169	)		(900,044	)
Net investments in properties		5,513,880			5,218,539
Investment in unconsolidated joint ventures		27,661			23,976
Net investments in real estate		5,541,541			5,242,515
Cash and cash equivalents		26,243			40,631
Accounts and other receivables, net		91,132			90,580
Deferred rent		261,197			246,815
Acquired above market leases, net		27,595			29,701
Acquired in place lease value and deferred leasing costs, net		353,398			335,381
Deferred financing costs, net		27,695			29,849
Restricted cash		43,810			55,165
Other assets		45,450			27,929
Total Assets	$	6,418,061		$	6,098,566
LIABILITIES AND EQUITY
Global revolving credit facility	$	678,554		$	275,106
Unsecured senior notes, net of discount		1,441,319			1,441,072
Exchangeable senior debentures		266,400			266,400
Mortgage loans, net of premiums		875,075			947,132
Other secured loan		10,500			10,500
Accounts payable and other accrued liabilities		313,968			315,133
Accrued dividends and distributions		—			75,455
Acquired below market leases, net		108,270			85,819
Security deposits and prepaid rents		90,991			101,538
Total Liabilities		3,785,077			3,518,155
Equity:
Stockholders’ equity		2,564,703			2,522,917
Noncontrolling interests		68,281			57,494
Total Equity		2,632,984			2,580,411
Total Liabilities and Equity	$	6,418,061		$	6,098,566

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Digital Realty Trust, Inc. and Subsidiaries

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

(in thousands, except per share and unit data)

(unaudited)

	Three Months Ended
	March 31, 2012			December 31, 2011			March 31, 2011
Net income available to common stockholders	$	39,211		$	35,990		$	30,980
Adjustments:
Noncontrolling interests in operating partnership		1,586			1,530			1,652
Real estate related depreciation and amortization (1)		82,993			80,086			73,506
Real estate related depreciation and amortization related to investment in unconsolidated joint ventures		905			985			892
FFO available to common stockholders and unitholders (2)	$	124,695		$	118,591		$	107,030
Basic FFO per share and unit	$	1.12		$	1.08		$	1.11
Diluted FFO per share and unit (2)	$	1.06		$	1.02		$	1.02
Weighted average common stock and units outstanding
Basic		111,433			109,603			96,303
Diluted (2)		125,482			123,875			115,730
(1)    Real estate related depreciation and amortization was computed as follows:
Depreciation and amortization per income statement		83,995			80,612			73,918
Non-real estate depreciation		(1,002	)		(526	)		(412	)
	$	82,993		$	80,086		$	73,506

(2) At March 31, 2012, we had 5,126 series C convertible preferred shares and 6,977 series D convertible preferred shares outstanding that were convertible into 2,785 common shares and 4,337 common shares on a weighted average basis for the three months ended March 31, 2012, respectively. For the three months ended March 31, 2012, we have excluded the effect of dilutive series E preferred stock, that may be converted upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series E preferred stock, which we consider highly improbable; if included, the dilutive effect for the three months ended March 31, 2012 would be 4,026 shares. In addition, we had a balance of $266,400 of 5.50% exchangeable senior debentures due 2029 that were exchangeable for 6,442 common shares on a weighted average basis for the three months ended March 31, 2012. See below for calculations of diluted FFO available to common stockholders and unitholders and weighted average common stock and units outstanding.

	Three Months Ended
	March 31, 2012		December 31, 2011		March 31, 2011
FFO available to common stockholders and unitholders	$	124,695	$	118,591	$	107,030
Add: Series C convertible preferred dividends		1,402		1,402		1,832
Add: Series D convertible preferred dividends		2,398		2,398		4,690
Add: 5.50% exchangeable senior debentures interest expense		4,050		4,050		4,050
FFO available to common stockholders and unitholders—diluted	$	132,545	$	126,441	$	117,602
Weighted average common stock and units outstanding		111,433		109,603		96,303
Add: Effect of dilutive securities (excluding series C and D convertible preferred stock and 5.50% exchangeable senior debentures)		485		450		1,172
Add: Effect of dilutive series C convertible preferred stock		2,785		2,778		3,652
Add: Effect of dilutive series D convertible preferred stock		4,337		4,660		8,333
Add: Effect of dilutive 5.50% exchangeable senior debentures		6,442		6,384		6,270
Weighted average common stock and units outstanding—diluted		125,482		123,875		115,730

Digital Realty Trust, Inc. and Subsidiaries

Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO)

(in thousands, except per share and unit data)

(unaudited)

	Three Months Ended
	March 31, 2012		December 31, 2011			March 31, 2011
FFO available to common stockholders and unitholders—diluted	$	132,545	$	126,441		$	117,602
Termination fees and other non-core revenues (3)		—		(111	)		(295	)
Significant transaction expenses		677		601			681
Loss from early extinguishment of debt		—		104			615
Other non-core expense adjustments (4)		—		—			174
CFFO available to common stockholders and unitholders—diluted	$	133,222	$	127,035		$	118,777
Diluted CFFO per share and unit	$	1.06	$	1.03		$	1.03

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

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

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A reconciliation of the range of 2012 projected net income to projected FFO follows:

	Low - High
Net income available to common stockholders per diluted share	$	1.51 – 1.65
Add:
Real estate depreciation and amortization as adjusted for noncontrolling interests	$	3.10
Less:
Dilutive impact of convertible stock and exchangeable debentures	$	(0.27)
Projected FFO per diluted share	$	4.34 – 4.48

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Note Regarding Funds From Operations

Digital Realty 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, impairment charges, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. Digital Realty also believes 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 financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the NAREIT definition and, accordingly, our FFO may not be comparable to such other REITs’ FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of our performance.

Core Funds from Operations

We present core funds from operations, or CFFO, as a supplemental operating measure because, in excluding certain items that do not reflect ongoing revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate CFFO by adding to or subtracting from FFO (i) termination fees and other non-core revenues, (ii) significant transaction expenses, (iii) loss from early extinguishment of debt, (iv) costs on redemption of preferred stock, (v) significant property tax adjustments, net and (vi) other non-core expense adjustments. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of CFFO as a measure of our performance is limited. Other REITs may not calculate CFFO in a consistent manner. Accordingly, our CFFO may not be comparable to other REITs’ CFFO. CFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

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EX-99.2

Exhibit 99.2

DIGITAL REALTY TRUST, INC.

First Quarter 2012

		PAGE
Corporate Data
	Corporate Information		4
	Ownership Structure		6
Consolidated Financial Information
	Key Quarterly Financial Data		7
	Consolidated Balance Sheets		8
	Consolidated Quarterly Statements of Operations		9
	Funds From Operations and Adjusted Funds From Operations		10
	Reconciliation of Earnings Before Interest, Taxes, Depreciation and Amortization and Financial Ratios		11
	Same Store and New Properties Consolidated Quarterly Statements of Operations		12
	Same Store Operating Trend Summary		13
	Consolidated Debt Analysis and Global Revolving Credit Facility		14
	Debt Maturities		15
	Debt Analysis & Covenant Compliance		16
Portfolio Data
	Portfolio Summary		17
	Properties Acquired		18
	Occupancy Analysis		19
	Major Tenants		22
	Lease Expirations and Lease Distribution		23
	Lease Expirations — By Product Type		24
	Summary of Leasing Activity — Signed		25
	Summary of Leasing Activity — Commenced		26
	Historical Capital Expenditures		27
	Construction Activity Report		28
	Construction Projects in Progress and Total Estimated Direct Cost		29
Definitions
	Management Statements on Non-GAAP Supplemental Measures		30

Page 2

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Statement Regarding Forward-Looking Statements

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

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

• current local economic conditions in our geographic markets;

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

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

• our dependence upon significant tenants;

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

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

• our failure to obtain necessary debt and equity financing;

• increased interest rates and operating costs;

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

• financial market fluctuations;

• changes in foreign currency exchange rates;

• our inability to manage our growth effectively;

• difficulty acquiring or operating properties in foreign jurisdictions;

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

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

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

• decreased rental rates or increased vacancy rates;

• increased competition or available supply of data center space;

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

• difficulties in identifying properties to acquire and completing acquisitions;

• our inability to acquire off-market properties;

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

• our failure to maintain our status as a REIT;

• possible adverse changes to tax laws;

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

• environmental uncertainties and risks related to natural disasters;

• losses in excess of our insurance coverage;

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

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

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. We discussed a number of additional material risks in our annual report on Form 10-K for the year ended December 31, 2011, 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 2012

Corporate Information

Corporate Profile

Digital Realty Trust, Inc. owns, acquires, redevelops, develops and manages technology-related real estate. The Company is focused on providing Turn-Key Datacenter^® and Powered Base Building^® datacenter solutions for domestic and international tenants across a variety of industry verticals ranging from information technology and Internet enterprises, to manufacturing and financial services. The Company’s 102 properties, excluding three properties held as investments in unconsolidated joint ventures, contain applications and operations critical to the day-to-day operations of technology industry tenants and corporate enterprise datacenter tenants. Comprising approximately 19.1 million net rentable square feet, including approximately 2.2 million square feet of space held for redevelopment, Digital Realty’s portfolio is located throughout North America, Europe, Asia and Australia. For additional information, please visit the Company’s website at www.digitalrealty.com.

Corporate Headquarters

560 Mission Street, Suite 2900

San Francisco, California 94105

Telephone: (415) 738-6500

Facsimile: (415) 738-6501

Web site: www.digitalrealty.com

Please note as of May 14, 2012 our new address will be as follows:

Four Embarcadero Center, Suite 3200

San Francisco, California 94111

Senior Management

Michael F. Foust: Chief Executive Officer

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

Scott E. Peterson: Chief Acquisitions Officer

David J. Caron: Senior Vice President, Portfolio Management

Investor Relations

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

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

Analyst Coverage

Bank of America Merrill Lynch	Barclays Capital	Canaccord Genuity	Cantor Fitzgerald	Citigroup
James Feldman	Ross Smotrich	Greg Miller	Sri Nagarajan	Michael Bilerman
(646) 855-5808	(212) 526-2306	(212) 389-8128	(212) 915-1223	(212) 816-1685
Ji Zhang	Matthew Rand	Eric Z. Chu	Evan Smith	Emmanuel Korchman
(646) 855-2926	(212) 526-0248	(212) 389-8129	(212) 915-1220	(212) 816-1382
Deutsche Bank	Evercore	Green Street	ISI	Jefferies
John Perry	Johnathan Schildkraut	Lukas Hartwich	Steve Sakwa	Omotayo Okusanya
(212) 250-4912	(212) 497-0864	(949) 640-8780	(212) 446-9462	(212) 336-7076
Vincent Chao	Robert Gutman		George Auerbach	Jonathan Petersen
(212) 250-6799	(212) 497-0877		(212) 446-9459	(212) 336-7454
JMP Securities	KeyBanc Capital Markets	Macquarie	Morgan Joseph TriArtisan	Morgan Stanley
William C. Marks	Jordan Sadler	Rob Stevenson	Ilya Grozovsky	Paul Morgan
(415) 835-8944	(917) 368-2280	(212) 231-8068	(212) 218-3856	(415) 576-2627
Mitch Germain	Craig Mailman	Nicolas Yulico		Chris Caton
(212) 906-3546	(917) 368-2316	(212) 231-8028		(415) 576-2637
Raymond James	RBC Capital Markets	Stifel Nicolaus	UBS
Paul D. Puryear	Dave Rodgers	Todd Weller	Ross Nussbaum
(727) 567-2253	(440) 715-2647	(443) 224-1305	(212) 713-2484
William A. Crow	Mike Carroll	Ben Lowe	Gabriel Hilmoe
(727) 567-2594	(440) 715-2649	(443) 224-1264	(202) 713-3876

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

Page 4

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Corporate Information

Stock Listing Information

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

Common Stock:	DLR
Series E Preferred Stock:	DLRPRE

Note that symbols may vary by stock quote provider.
Credit Ratings
Standard & Poors
Corporate Credit Rating	BBB	(Stable Outlook)
Preferred Stock	BB+
Moody’s
Issuer Rating	Baa2	(Stable Outlook)
Preferred Stock	Baa3
Fitch
Issuer Default Rating	BBB	(Stable Outlook)
Preferred Stock	BB+

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

Common Stock Price Performance

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

	1st Quarter 2012			4th Quarter 2011			3rd Quarter 2011			2nd Quarter 2011			1st Quarter 2011
High Price *	$	74.04		$	67.83		$	64.09		$	64.25		$	59.34
Low Price *	$	65.00		$	51.75		$	50.63		$	56.34		$	50.63
Closing Price, end of quarter *	$	73.97		$	66.67		$	55.16		$	61.78		$	58.14
Average daily trading volume *		1,026,947			1,259,124			1,198,958			962,400			1,192,245
Indicated dividend per common share **	$	2.920		$	2.720		$	2.720		$	2.720		$	2.720
Closing annual dividend yield, end of quarter		3.9	%		4.1	%		4.9	%		4.4	%		4.7	%
Closing shares and units outstanding, end of quarter ***		112,215,683			110,975,409			109,127,550			103,789,573			97,555,237
Closing market value of shares and units outstanding (thousands), end of quarter	$	8,300,594		$	7,398,731		$	6,019,476		$	6,412,120		$	5,671,861

* New York Stock Exchange trades only.

** On an annual basis.

*** As of March 31, 2012, the total number of shares and units includes 107,342,049 shares of common stock, 3,240,814 common units held by third parties and 1,632,820 common units, vested and unvested long-term incentive units and vested and unvested class C units held by officers and directors, and excludes all unexercised common stock options and all shares potentially issuable upon exchange of our 5.50% exchangeable senior debentures due 2029 or upon conversion of our series C and series D cumulative convertible preferred stock or upon conversion of our series E cumulative redeemable preferred stock upon certain change of control transactions. On April 17, 2012, we converted all outstanding shares of our series C preferred stock into shares of our common stock at a conversion rate of 0.5480 shares of common stock per $25.00 liquidation preference of series C preferred stock.

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

Page 5

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Partner	# of Units (2)		% Ownership
Digital Realty Trust, Inc.		107,342,049		95.7	%
Cambay Tele.com, LLC (3)		3,240,814		2.8	%
Directors, Executive Officers and Others		1,632,820		1.5	%
Total		112,215,683		100.0	%

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

(2) The total number of shares and units includes 107,342,049 shares of common stock, 3,240,814 common units held by third parties and 1,632,820 common units, vested and unvested long-term incentive units and vested and unvested class C units held by officers and directors, and excludes all unexercised common stock options and all shares potentially issuable upon exchange of our 5.50% exchangeable senior debentures due 2029 or upon conversion of our series C and series D cumulative convertible preferred stock or upon conversion of our series E cumulative redeemable preferred stock upon certain change of control transactions. On April 17, 2012, we converted all outstanding shares of our series C preferred stock into shares of our common stock at a conversion rate of 0.5480 shares of common stock per $25.00 liquidation preference of series C preferred stock.

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

Page 6

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Key Quarterly Financial Data

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

	31-Mar-12			31-Dec-11			30-Sep-11			30-Jun-11			31-Mar-11
Shares and Units at End of Quarter
Common shares outstanding		107,342,049			106,039,279			104,102,878			98,754,727			92,078,429
Common units outstanding		4,873,634			4,936,130			5,024,672			5,034,846			5,476,808
Total shares and operating partnership units		112,215,683			110,975,409			109,127,550			103,789,573			97,555,237
Enterprise Value
Market value of common equity (1)	$	8,300,594		$	7,398,731		$	6,019,476		$	6,412,120		$	5,671,861
Liquidation value of preferred equity		590,081			590,085			636,312			369,715			508,619
Total debt at balance sheet carrying value		3,271,848			2,940,210			2,797,040			3,067,577			3,055,429
Total enterprise value	$	12,162,523		$	10,929,026		$	9,452,828		$	9,849,412		$	9,235,909
Total debt/Total enterprise value		26.9	%		26.9	%		29.6	%		31.1	%		33.1	%
Selected Balance Sheet Data
Investments in real estate (before depreciation)	$	6,511,710		$	6,142,559		$	5,839,696		$	5,634,381		$	5,455,314
Total assets		6,418,061			6,098,566			5,826,412			5,658,405			5,537,345
Total liabilities		3,785,077			3,518,155			3,249,532			3,524,591			3,498,272
Selected Operating Data
Total operating revenues	$	283,148		$	270,612		$	273,476		$	267,881		$	250,741
Total operating expenses		197,232			189,313			201,850			191,161			176,076
Interest expense		38,030			36,856			37,078			39,334			36,082
Net income		49,263			47,197			37,689			38,228			39,012
Net income available to common stockholders		39,211			35,990			31,908			31,990			30,980
Financial Ratios
EBITDA (2)	$	161,957		$	152,398		$	148,500		$	148,768		$	142,023
Adjusted EBITDA (3)	$	172,009		$	163,605		$	154,281		$	155,006		$	150,055
Cash interest expense (4)	$	53,876		$	25,239		$	54,107		$	27,349		$	45,208
Fixed charges (5)	$	66,477		$	38,794		$	62,280		$	35,750		$	55,630
Debt service coverage ratio (6)		3.2x			6.5x			2.9x			5.7x			3.3x
Fixed charge coverage ratio (7)		2.6x			4.2x			2.5x			4.3x			2.7x
Profitability Measures
Net income per common share—basic	$	0.37		$	0.34		$	0.32		$	0.33		$	0.34
Net income per common share—diluted	$	0.36		$	0.34		$	0.31		$	0.33		$	0.33
Funds From Operations (FFO) per diluted share and unit (8)	$	1.06		$	1.02		$	1.01		$	1.02		$	1.02
Adjusted Funds From Operations (AFFO) per diluted share and unit (9)	$	0.88		$	0.83		$	0.84		$	0.86		$	0.90
Dividends per share and common unit	$	0.73		$	0.68		$	0.68		$	0.68		$	0.68
Diluted FFO payout ratio (10)		69.1	%		66.6	%		67.4	%		67.0	%		66.9	%
Diluted AFFO payout ratio (11)		82.8	%		81.9	%		81.0	%		79.1	%		75.4	%
Portfolio Statistics
Buildings		148			140			136			134			133
Properties		102			101			98			96			96
Net rentable square feet, excluding redevelopment space		16,923,054			15,908,059			15,262,859			14,967,288			14,628,267
Square feet held for redevelopment (12)		2,189,203			2,384,955			2,126,131			2,107,693			2,236,745
Occupancy at end of quarter (13)		94.8	%		94.8	%		93.7	%		93.9	%		93.5	%
Weighted average remaining lease term (years) (14)		7.0			7.0			7.0			6.8			6.9
Same store occupancy at end of quarter (13)(15)		94.4	%		94.6	%		93.7	%		93.9	%		93.5	%

(1) The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in our operating partnership, including common units and vested and unvested long-term incentive units (including vested and unvested class C units), for shares of our common stock. Excludes shares issuable with respect to stock options that have been granted but have not yet been exercised, and also excludes all shares potentially issuable upon exchange of our 5.50% exchangeable senior debentures due 2029 or upon conversion of our series C and series D cumulative convertible preferred stock or upon conversion of our series E cumulative redeemable preferred stock upon certain change of control transactions. On April 17, 2012, we converted all outstanding shares of our series C preferred stock into shares of our common stock at a conversion rate of 0.5480 shares of common stock per $25.00 liquidation preference of series C preferred stock.

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

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

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

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

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

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

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

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

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

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

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

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

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

(15) Same store properties were acquired before December 31, 2010.

Page 7

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Consolidated Balance Sheets

(Dollars in thousands, except per share data)

	March 31, 2012			December 31, 2011
	(unaudited)
ASSETS
Investments in real estate
Land	$	580,411		$	555,113
Acquired ground leases		6,358			6,214
Buildings and improvements		5,552,398			5,253,754
Tenant improvements		344,882			303,502
Investments in real estate		6,484,049			6,118,583
Accumulated depreciation and amortization		(970,169	)		(900,044	)
Net investments in properties		5,513,880			5,218,539
Investment in unconsolidated joint ventures		27,661			23,976
Net investments in real estate		5,541,541			5,242,515
Cash and cash equivalents		26,243			40,631
Accounts and other receivables, net of allowance for doubtful accounts of $3,461 and $2,436 as of March 31, 2012 and December 31, 2011, respectively		91,132			90,580
Deferred rent		261,197			246,815
Acquired above market leases, net		27,595			29,701
Acquired in place lease value and deferred leasing costs, net		353,398			335,381
Deferred financing costs, net		27,695			29,849
Restricted cash		43,810			55,165
Other assets		45,450			27,929
Total Assets	$	6,418,061		$	6,098,566
LIABILITIES AND EQUITY
Global revolving credit facility	$	678,554		$	275,106
Unsecured senior notes, net of discount		1,441,319			1,441,072
Exchangeable senior debentures, net of discount		266,400			266,400
Mortgage loans		875,075			947,132
Other secured loans		10,500			10,500
Accounts payable and other accrued liabilities		313,968			315,133
Accrued dividends and distributions		—			75,455
Acquired below market leases, net		108,270			85,819
Security deposits and prepaid rents		90,991			101,538
Total Liabilities		3,785,077			3,518,155
Commitments and contingencies		—			—
EQUITY:
Stockholders’ equity:
Preferred Stock: $0.01 par value per share, 30,000,000 shares authorized:
Series C Cumulative Convertible Preferred Stock, 4.375%, $128,155 and $128,159 liquidation preference, respectively ($25.00 per share), 5,126,214 and 5,126,364 shares issued and outstanding as of March 31, 2012 and December 31, 2011, respectively		123,816			123,820
Series D Cumulative Convertible Preferred Stock, 5.500%, $174,426 and $174,426 liquidation preference, respectively ($25.00 per share), 6,977,055 and 6,977,055 shares issued and outstanding as of March 31, 2012 and December 31, 2011, respectively		168,669			168,669
Series E Cumulative Redeemable Preferred Stock, 7.000%, $287,500 and $287,500 liquidation preference, respectively ($25.00 per share), 11,500,000 and 11,500,000 shares issued and outstanding as of March 31, 2012 and December 31, 2011, respectively		277,172			277,292
Common Stock: $0.01 par value per share, 165,000,000 shares authorized, 107,342,049 and 106,039,279 shares issued and outstanding as of March 31, 2012 and December 31, 2011, respectively		1,069			1,057
Additional paid-in capital		2,558,968			2,496,651
Dividends in excess of earnings		(527,816	)		(488,692	)
Accumulated other comprehensive income, net		(37,175	)		(55,880	)
Total stockholders’ equity		2,564,703			2,522,917
Noncontrolling interests:
Noncontrolling interest in operating partnership		49,639			45,057
Noncontrolling interest in consolidated joint ventures		18,642			12,437
Total noncontrolling interests		68,281			57,494
Total Equity		2,632,984			2,580,411
Total Liabilities and Equity	$	6,418,061		$	6,098,566

Page 8

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Consolidated Quarterly Statements of Operations

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

	Three Months Ended
	31-Mar-12			31-Dec-11			30-Sep-11			30-Jun-11			31-Mar-11
Rental	$	222,834		$	214,264		$	206,846		$	202,806		$	196,795
Tenant reimbursements		57,862			52,010			56,656			51,311			51,834
Construction management		2,452			4,338			9,372			13,759			1,817
Other		—			—			602			5			295
Total operating revenues		283,148			270,612			273,476			267,881			250,741
Rental property operating and maintenance		79,845			81,698			82,164			72,337			71,723
Property taxes		16,042			9,458			13,055			13,962			13,471
Insurance		2,230			2,014			1,961			1,998			2,051
Construction management		193			2,388			7,391			11,199			1,737
Depreciation and amortization		83,995			80,612			79,047			76,848			73,918
General and administrative		14,250			12,542			14,600			14,077			12,405
Transactions		677			601			3,632			740			681
Other		—			—			—			—			90
Total operating expenses		197,232			189,313			201,850			191,161			176,076
Operating income		85,916			81,299			71,626			76,720			74,665
Equity in earnings of unconsolidated joint ventures		1,389			1,296			1,390			1,058			1,208
Interest and other income		709			398			2,218			380			264
Interest expense		(38,030	)		(36,856	)		(37,078	)		(39,334	)		(36,082	)
Tax benefit (expense)		(721	)		1,164			(461	)		(233	)		(428	)
Loss from early extinguishment of debt		—			(104	)		(6	)		(363	)		(615	)
Net income		49,263			47,197			37,689			38,228			39,012
Net income attributable to noncontrolling interests		(1,221	)		(1,481	)		(1,345	)		(1,525	)		(1,510	)
Net income attributable to Digital Realty Trust, Inc.		48,042			45,716			36,344			36,703			37,502
Preferred stock dividends		(8,831	)		(9,726	)		(4,436	)		(4,713	)		(6,522	)
Net income available to common stockholders	$	39,211		$	35,990		$	31,908		$	31,990		$	30,980
Net income per share available to common stockholders—basic	$	0.37		$	0.34		$	0.32		$	0.33		$	0.34
Net income per share available to common stockholders—diluted	$	0.36		$	0.34		$	0.31		$	0.33		$	0.33
Weighted-average shares outstanding—basic		107,099,856			105,134,719			100,588,235			96,295,585			91,428,355
Weighted-average shares outstanding—diluted		107,584,856			105,584,344			101,912,342			97,511,811			92,600,215
Weighted-average fully diluted shares and units		111,917,822			110,052,443			105,478,907			102,272,613			98,117,454

Page 9

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Funds From Operations (FFO)

(unaudited and in thousands, except per share data)

	Three Months Ended
	31-Mar-12			31-Dec-11			30-Sep-11			30-Jun-11			31-Mar-11
Reconciliation of net income available to common stockholders to FFO (Note):
Net income available to common stockholders	$	39,211		$	35,990		$	31,908		$	31,990		$	30,980
Adjustments:
Noncontrolling interests in operating partnership		1,586			1,530			1,421			1,582			1,652
Real estate related depreciation and amortization (1)		82,993			80,086			78,550			76,405			73,506
Real estate related depreciation and amortization related to investment in unconsolidated joint ventures		905			985			918			893			892
FFO available to common stockholders and unitholders	$	124,695		$	118,591		$	112,797		$	110,870		$	107,030
FFO per share and unit:
Basic	$	1.12		$	1.08		$	1.07		$	1.10		$	1.11
Diluted (2)	$	1.06		$	1.02		$	1.01		$	1.02		$	1.02
Weighted-average shares and units outstanding—basic		111,433			109,603			105,069			101,056			96,303
Weighted-average shares and units outstanding—diluted (2)		125,482			123,875			120,235			117,845			115,730
(1)    Real estate related depreciation and amortization was computed as follows:
Depreciation and amortization per income statement	$	83,995		$	80,612		$	79,047		$	76,848		$	73,918
Non-real estate depreciation		(1,002	)		(526	)		(497	)		(443	)		(412	)
	$	82,993		$	80,086		$	78,550		$	76,405		$	73,506

(2) At March 31, 2012, we had 5,126 series C convertible preferred shares and 6,977 series D convertible preferred shares outstanding that were convertible into 2,785 common shares and 4,337 common shares on a weighted average basis for the three months ended March 31, 2012, respectively. For the three months ended March 31, 2012, we have excluded the effect of dilutive series E preferred stock, that may be converted upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series E preferred stock, which we consider highly improbable; if included, the dilutive effect for the three months ended March 31, 2012 would be 4,026 shares. In addition, we had a balance of $266,400 of 5.50% exchangeable senior debentures due 2029 that were exchangeable for 6,442 common shares on a weighted average basis for the three months ended March 31, 2012. 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	$	124,695	$	118,591	$	112,797	$	110,870	$	107,030
Add: Series C convertible preferred dividends		1,402		1,402		1,402		1,441		1,832
Add: Series D convertible preferred dividends		2,398		2,398		3,034		3,272		4,690
Add: 5.50% exchangeable senior debentures interest expense		4,050		4,050		4,050		4,050		4,050
FFO available to common stockholders and unitholders — diluted	$	132,545	$	126,441	$	121,283	$	119,633	$	117,602
Weighted average common stock and units outstanding		111,433		109,603		105,069		101,056		96,303
Add: Effect of dilutive securities (excl. series C & D convert. preferred stock & 5.50% debentures)		485		450		410		1,216		1,172
Add: Effect of dilutive series C convertible preferred stock		2,785		2,778		2,784		2,865		3,652
Add: Effect of dilutive series D convertible preferred stock		4,337		4,660		5,604		6,419		8,333
Add: Effect of dilutive 5.50% exchangeable senior debentures		6,442		6,384		6,368		6,289		6,270
Weighted average common stock and units outstanding — diluted		125,482		123,875		120,235		117,845		115,730

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

Adjusted Funds From Operations (AFFO)

(unaudited and in thousands)

	Three Months Ended
	31-Mar-12			31-Dec-11			30-Sep-11			30-Jun-11			31-Mar-11
Reconciliation of FFO to AFFO (Note):
FFO available to common stockholders and unitholders	$	124,695		$	118,591		$	112,797		$	110,870		$	107,030
Adjustments:
Non-real estate depreciation		1,002			526			497			443			412
Amortization of deferred financing costs		2,214			2,209			2,285			2,510			2,451
Amortization of debt discount		247			244			241			749			998
Non-cash compensation		3,407			3,167			3,560			3,739			2,963
Loss from early extinguishment of debt		—			104			6			363			615
Straight line rents		(15,902	)		(15,089	)		(14,166	)		(14,305	)		(12,749	)
Above and below market rent amortization		(2,239	)		(2,274	)		(1,989	)		(1,860	)		(1,814	)
Capitalized leasing compensation		(3,913	)		(2,610	)		(2,734	)		(2,721	)		(2,443	)
Recurring capital expenditures and tenant improvements		(3,147	)		(3,525	)		(2,650	)		(777	)		(687	)
Capitalized leasing commissions		(3,607	)		(6,401	)		(5,350	)		(6,486	)		(3,029	)
AFFO available to common stockholders and unitholders	$	102,757		$	94,942		$	92,497		$	92,525		$	93,747

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

Page 10

DIGITAL REALTY TRUST, INC.

First Quarter 2012

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

(unaudited and in thousands)

	Three Months Ended
	31-Mar-12		31-Dec-11			30-Sep-11		30-Jun-11		31-Mar-11
Net income available to common stockholders	$	39,211	$	35,990		$	31,908	$	31,990	$	30,980
Interest		38,030		36,856			37,078		39,334		36,082
Loss from early extinguishment of debt		—		104			6		363		615
Taxes		721		(1,164	)		461		233		428
Depreciation and amortization		83,995		80,612			79,047		76,848		73,918
EBITDA		161,957		152,398			148,500		148,768		142,023
Noncontrolling interests		1,221		1,481			1,345		1,525		1,510
Preferred stock dividends		8,831		9,726			4,436		4,713		6,522
Adjusted EBITDA	$	172,009	$	163,605		$	154,281	$	155,006	$	150,055

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

Financial Ratios

(unaudited and in thousands)

	31-Mar-12			31-Dec-11			30-Sep-11			30-Jun-11			31-Mar-11
Total GAAP interest expense	$	38,030		$	36,856		$	37,078		$	39,334		$	36,082
Capitalized interest		4,526			4,262			4,755			4,222			4,666
Change in accrued interest and other non-cash amounts		11,320			(15,879	)		12,274			(16,207	)		4,460
Cash interest expense (a)		53,876			25,239			54,107			27,349			45,208
Scheduled debt principal payments and preferred dividends		12,601			13,555			8,173			8,401			10,422
Total fixed charges (b)	$	66,477		$	38,794		$	62,280		$	35,750		$	55,630
Debt service coverage ratio based on GAAP interest expense (c)		4.5x			4.4x			4.2x			3.9x			4.2x
Debt service coverage ratio based on cash interest expense (c)		3.2x			6.5x			2.9x			5.7x			3.3x
Fixed charge coverage ratio based on GAAP interest expense (d)		3.4x			3.2x			3.4x			3.2x			3.2x
Fixed charge coverage ratio based on cash interest expense (d)		2.6x			4.2x			2.5x			4.3x			2.7x
Debt to total enterprise value including debt and preferred equity (e)		26.9	%		26.9	%		29.6	%		31.1	%		33.1	%
Debt plus preferred stock to total enterprise value including debt and preferred equity (f)		31.8	%		32.3	%		36.3	%		34.9	%		38.6	%
Pretax income to interest expense (g)		2.3x			2.3x			2.0x			2.0x			2.1x
Net Debt to Adjusted EBITDA (h)		4.7x			4.4x			4.5x			4.9x			5.0x

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

(b) For a definition of fixed charges, see page 7.

(c) Adjusted EBITDA divided by interest expense.

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

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

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

(g) Calculated as income, including interest, divided by GAAP interest expense.

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

Page 11

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Same Store and New Properties Consolidated Quarterly Statements of Operations

(unaudited and in thousands)

	Three Months Ended
	31-Mar-12			31-Dec-11			30-Sep-11			30-Jun-11			31-Mar-11
Same store (1)
Operating Revenues:
Rental	$	216,061		$	213,016		$	206,634		$	202,806		$	196,795
Tenant reimbursements—Utilities		35,980			38,699			36,374			37,578			37,386
Tenant reimbursements—Other		18,994			12,925			20,282			13,733			14,448
Construction management (2)		—			—			—			—			—
Other		—			—			602			5			295
Total operating revenues		271,035			264,640			263,892			254,122			248,924
Operating Expenses:
Rental property operating and maintenance—Utilities		37,905			38,915			39,714			41,055			38,427
Rental property operating and maintenance—Other		39,211			42,129			42,324			31,785			33,003
Property taxes		15,347			9,333			13,006			13,922			13,471
Insurance		2,101			1,908			1,917			1,933			1,921
Construction management (2)		—			—			—			—			—
Depreciation and amortization		80,736			80,332			79,038			76,848			73,918
General and administrative (3)		14,250			12,542			14,600			14,077			12,405
Transactions (4)		—			—			—			—			—
Other		—			—			—			—			90
Total operating expenses		189,550			185,159			190,599			179,620			173,235
Operating income		81,485			79,481			73,293			74,502			75,689
Other Income (Expenses):
Equity in earnings of unconsolidated joint ventures		1,394			1,295			1,390			1,058			1,208
Interest and other income		772			395			2,221			380			264
Interest expense		(36,841	)		(36,594	)		(37,075	)		(39,334	)		(36,082	)
Tax expense		(596	)		1,288			(378	)		(233	)		(428	)
Loss from early extinguishment of debt		—			(104	)		(6	)		(363	)		(615	)
Net income	$	46,214		$	45,761		$	39,445		$	36,010		$	40,036
New properties (1)
Operating Revenues:
Rental	$	6,773		$	1,248		$	212		$	—		$	—
Tenant reimbursements—Utilities		1,398			—			—			—			—
Tenant reimbursements—Other		1,490			386			—			—			—
Construction management (2)		2,452			4,338			9,372			13,759			1,817
Other		—			—			—			—			—
Total operating revenues		12,113			5,972			9,584			13,759			1,817
Operating Expenses:
Rental property operating and maintenance—Utilities		1,446			—			—			—			—
Rental property operating and maintenance—Other		1,283			654			126			(503	)		293
Property taxes		695			125			49			40			—
Insurance		129			106			44			65			130
Construction management (2)		193			2,388			7,391			11,199			1,737
Depreciation and amortization		3,259			280			9			—			—
General and administrative (3)		—			—			—			—			—
Transactions (4)		677			601			3,632			740			681
Other		—			—			—			—			—
Total operating expenses		7,682			4,154			11,251			11,541			2,841
Operating income		4,431			1,818			(1,667	)		2,218			(1,024	)
Other Income (Expenses):
Equity in earnings of unconsolidated joint ventures		(5	)		1			—			—			—
Interest and other income		(63	)		3			(3	)		—			—
Interest expense		(1,189	)		(262	)		(3	)		—			—
Tax expense		(125	)		(124	)		(83	)		—			—
Loss from early extinguishment of debt		—			—			—			—			—
Net Income	$	3,049		$	1,436		$	(1,756	)	$	2,218		$	(1,024	)

(1) Same store properties are properties that were acquired on or before December 31, 2010 and new properties are properties acquired after December 31, 2010.

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

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

(4) Transaction expenses are included entirely in new properties as they are not allocable to specific properties.

Page 12

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Same Store Operating Trend Summary

(unaudited and in thousands)

	Three Months Ended
	31-Mar-12			31-Dec-11			Percentage Change			31-Mar-11			Percentage Change
Same store (1)
Rental (2)	$	216,061		$	213,016			1.4	%	$	196,795			9.8	%
Tenant reimbursements - Utilities		35,980			38,699			(7.0	%)		37,386			(3.8	%)
Tenant reimbursements - Other		18,994			12,925			47.0	%		14,448			31.5	%
		271,035			264,640			2.4	%		248,629			9.0	%
Rental property operating and maintenance - Utilities		37,905			38,915			(2.6	%)		38,427			(1.4	%)
Rental property operating and maintenance - Other		39,211			42,129			(6.9	%)		33,003			18.8	%
Property taxes		15,347			9,333			64.4	%		13,471			13.9	%
Insurance		2,101			1,908			10.1	%		1,921			9.4	%
		94,564			92,285			2.5	%		86,822			8.9	%
Net Operating Income (3)	$	176,471		$	172,355			2.4	%	$	161,807			9.1	%
Same store occupancy at end of quarter (4)		94.4	%		94.6	%					93.5	%

(1) Same store properties were acquired on or before December 31, 2010.

(2) For the periods presented, same store straight-line rent was $15,318, $14,240 and $12,749, respectively, and non-cash purchase accounting adjustments were $1,484, $2,259, and $1,814, respectively.

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

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

Page 13

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Consolidated Debt Analysis

(unaudited, in thousands)

	Maturity Date		Principal Balance as of March 31, 2012			% of Debt			Interest Rate as of March 31, 2012			Interest Rate as of March 31, 2012 including caps  and swaps
Revolving Credit Facilities
Global revolving credit facility (1)		November 2, 2016		678,554			20.7	%		1.65	%
			$	678,554			20.7	%
Unsecured senior notes:
Prudential Shelf Facility:
Series B		November 5, 2013		33,000			1.0	%		9.32	%
Series C		January 6, 2016		25,000			0.8	%		9.68	%
Series D		January 20, 2015		50,000			1.5	%		4.57	%
Series E		January 20, 2017		50,000			1.5	%		5.73	%
Series F		February 3, 2015		17,000			0.5	%		4.50	%
Total Prudential Shelf Facility			$	175,000			5.3	%
Senior Notes:
5.875% notes due 2020		February 1, 2020		500,000			15.3	%		5.88	%
4.50% notes due 2015		July 15, 2015		375,000			11.5	%		5.25	%
5.25% notes due 2021		March 15, 2021		400,000			12.2	%		4.50	%
Unamortized discounts				(8,681	)		-0.3	%
Total senior notes			$	1,266,319			38.7	%
Total unsecured senior notes			$	1,441,319			44.0	%
Exchangeable senior debentures:
5.50% exchangeable senior debentures due 2029		April 15, 2029		266,400			8.1	%		5.50	%
Total exchangeable senior debentures			$	266,400			8.1	%
Mortgage loans:
1201 Comstock Street		June 24, 2012		15,952			0.5	%		3.74	%
1350 Duane Avenue/3080 Raymond Street		October 1, 2012(2)		52,800			1.6	%		5.42	%
800 Central Expressway		June 9, 2013		10,000			0.3	%		5.75	%
Paul van Vlissingenstraat 16		July 18, 2013		13,655			0.4	%		2.38	%		5.58	%
Chemin de l’Epinglier 2		July 18, 2013		9,880			0.3	%		2.28	%		5.57	%
1500 Space Park Drive		October 5, 2013		37,337			1.1	%		6.15	%
Gyroscoopweg 2E-2F		October 18, 2013		8,695			0.3	%		2.28	%		5.49	%
360 Spear Street		November 8, 2013		47,331			1.5	%		6.32	%
Mundells Roundabout		November 30, 2013		68,554			2.1	%		2.23	%		4.18	%
Clonshaugh Industrial Estate II		September 4, 2014		40,029			1.2	%		5.28	%		7.20	%
Cressex 1		October 16, 2014		28,494			0.9	%		5.68	%
Manchester Technopark		October 16, 2014		8,668			0.3	%		5.68	%
Secured Term Debt		November 11, 2014		138,123			4.2	%		5.65	%
200 Paul Avenue 1-4		October 8, 2015		74,009			2.3	%		5.74	%
600 West Seventh Street		March 15, 2016		52,334			1.6	%		5.80	%
34551 Ardenwood Boulevard 1-4		November 11, 2016		53,449			1.6	%		5.95	%
2334 Lundy Place		November 11, 2016		38,873			1.2	%		5.96	%
1100 Space Park Drive		December 11, 2016		53,429			1.6	%		5.89	%
2045 & 2055 LaFayette Street		February 6, 2017		65,318			2.0	%		5.93	%
150 South First Street		February 6, 2017		51,339			1.6	%		6.30	%
731 East Trade Street		July 1, 2020		4,734			0.2	%		8.22	%
Unamortized net premiums				2,072			0.1	%
			$	875,075			26.9	%
Other secured loans:
800 Central Expressway Mezzanine		June 9, 2013		10,500			0.3	%		9.50	%		9.50	%
Total other secured loans:			$	10,500			0.3	%
Total Consolidated Debt			$	3,271,848			100.0	%
Weighted average cost of debt (including interest rate caps and swaps)													4.75	%

(1) Assumes all extensions will be exercised.

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

Global Revolving Credit Facility
(in thousands)
	Maximum Available as of March 31, 2012		Available as of March 31, 2012 (3)		Drawn as of March 31, 2012
Global Revolving Credit Facility	$	1,500,000	$	798,400	$	678,554

(3) Net of letters of credit issued.

Page 14

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Debt Maturities

(unaudited, in thousands)

		2012		2013		2014		2015		2016		Thereafter		Total
Global revolving credit facility	(1)	$	—	$	—	$	—	$	—	$	678,554	$	—	$	678,554
Prudential shelf facility senior notes			—		33,000		—		67,000		25,000		50,000		175,000
Secured Term Debt	(2)		2,132		3,025		132,966		—		—		—		138,123
200 Paul Avenue 1-4			1,364		1,932		2,048		68,665		—		—		74,009
Mundells Roundabout			—		68,554		—		—		—		—		68,554
2045 & 2055 LaFayette Street			697		998		1,060		1,125		1,195		60,243		65,318
34551 Ardenwood Boulevard 1-4			533		765		812		862		50,477		—		53,449
1100 Space Park Drive			540		774		821		871		50,423		—		53,429
600 West Seventh Street			1,159		1,626		1,723		1,826		46,000		—		52,334
1350 Duane Avenue/3080 Raymond Street			52,800		—		—		—		—		—		52,800
150 South First Street			509		733		781		832		878		47,606		51,339
360 Spear Street			718		46,613		—		—		—		—		47,331
2334 Lundy Place			387		555		590		627		36,714		—		38,873
Clonshaugh Industrial Estate II			—		—		40,029		—		—		—		40,029
1500 Space Park Drive			1,654		35,683		—		—		—		—		37,337
Cressex 1			368		491		27,635		—		—		—		28,494
1201 Comstock Street			15,952		—		—		—		—		—		15,952
Paul van Vlissingenstraat 16			168		13,487		—		—		—		—		13,655
800 Central Expressway Mezzanine			—		10,500		—		—		—		—		10,500
800 Central Expressway			—		10,000		—		—		—		—		10,000
Chemin de l’Epinglier 2			121		9,759		—		—		—		—		9,880
Gyroscoopweg 2E-2F			107		8,588		—		—		—		—		8,695
Manchester Technopark			112		149		8,407		—		—		—		8,668
731 East Trade Street			225		323		350		416		504		2,916		4,734
5.875% notes due 2020			—		—		—		—		—		500,000		500,000
4.50% notes due 2015			—		—		—		375,000		—		—		375,000
5.25% notes due 2021			—		—		—		—		—		400,000		400,000
5.50% exchangeable senior debentures due 2029	(3)		—		—		266,400		—		—		—		266,400
Total		$	79,546	$	247,555	$	483,622	$	517,224	$	889,745	$	1,060,765	$	3,278,457
Weighted Average Term to Initial Maturity	(3)				4.6 Years
Weighted Average Term to Initial Maturity (assuming exercise of extension options)	(3)				4.8 Years

(1) Assumes all extensions will be exercised.

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

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

Note: Total excludes $2,072 of loan premiums, net and ($7,083), ($773), and ($825) of debt discount on 5.875% unsecured senior notes due 2020, 4.50% unsecured senior notes due 2015, and 5.25% unsecured senior notes due 2021, respectively.

Page 15

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Debt Analysis & Covenant Compliance

(unaudited)

Debt Covenant Ratios (1):	As of March 31, 2012
	4.50% Notes due 2015, 5.875% Notes due 2020 & 5.25% Notes due 2021		Global Revolving Credit Facility
	Required	Actual	Required	Actual
Total Outstanding Debt / Total Assets (2)	Less than 60%	40%	Less than 60% (3)	34%
Secured Debt / Total Assets (4)	Less than 40%	11%	Less than 40%	10%
Total Unencumbered Assets / Unsecured Debt	Greater than 150%	289%		N/A
Consolidated EBITDA / Interest Expense (5)	Greater than 1.50x	3.6 x		N/A
Fixed Charge Coverage		N/A	Greater than 1.50x	3.1 x
Unsecured Debt / Total Unencumbered Asset Value (6)		N/A	Less than 60%	39%
Unencumbered Assets Debt Service Coverage Ratio		N/A	Greater than 1.50x	4.7 x

(1) For a definition of the capitalized terms used in the table above and related footnotes, please refer to: the Indenture dated January 28, 2010, which governs the 5.875% Notes due 2020; the Indenture dated July 8, 2010, which governs the 4.50% Notes due 2015; the Indenture and Supplemental Indenture No.1 dated March 8, 2011, which govern the 5.25% Notes due 2021; and the Global Senior Credit Agreement dated as of November 3, 2011, which are filed as exhibits to our reports filed with the Securities and Exchange Commission.

(2) This ratio is referred to as the Leverage Ratio, defined as Consolidated Debt / Total Asset Value, under the Global Revolving Credit Facility. Under the 4.50% Notes due 2015, 5.875% Notes due 2020, and 5.25% Notes due 2021, Total Assets is calculated using Consolidated EBITDA capped at 9.0%. Under the Global Revolving Credit Facility, Total Asset Value is calculated using Adjusted Net Operating Income capped at 8.25% for Data Center Assets and 7.50% for Other Assets.

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

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

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

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

Page 16

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Portfolio Summary

As of March 31, 2012

	3/31/2012			12/31/2011
Number of Properties:
Domestic		85			84
International		17			17
		102	(1)		101	(1)
Number of Buildings:
Domestic		127			119
International		21			21
		148			140
Number of Markets:
Domestic (2)		21			21
International (3)		10			10
		31			31
Net Rentable Square Feet:
Domestic		15,220,620			14,343,240
International		1,702,434			1,564,819
		16,923,054			15,908,059
Redevelopment Square Feet:
Domestic		1,929,708			1,987,845
International		259,495			397,110
		2,189,203			2,384,955
Portfolio Occupancy (4)		94.8	%		94.8	%
Same Store Pool Occupancy (4)		94.4	%		94.6	%
Average Original Lease Term (years)		13.7			13.9
Average Remaining Lease Term (years)		7.0			7.0
Lease Expirations (through 2013)		7.4	%		9.2	%

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

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

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

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

Page 17

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Properties Acquired

For the three months ended March 31, 2012

Property	Metropolitan Area	Date Acquired	Purchase Price (in millions)		Net Rentable Square Footage of Property (1)		Total Square Footage Held for Redevelopment		Percentage of Total Rentable Square Footage of Property Occupied (2)
Convergence Business Park	Dallas, TX	Feb-12	$	123.0		819,243		—		98.5	%

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

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

Page 18

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Occupancy Analysis

As of March 31, 2012

(Dollar amounts in thousands)

												Occupancy (3)															Net Rentable Square Feet as a % of			Annualized Rent as a % of
Property			Acquisition Date		Property Type	Net Rentable Square Feet (1)		Redevelopment Space		Annualized Rent ($000) (2)		As of 3/31/12			As of 12/31/11			As of 09/30/11			As of 06/30/11			As of 03/31/11			Total Portfolio			Total Portfolio
NORTH AMERICA
Silicon Valley
3011 Lafayette Street				Jan-07	Corporate Datacenters		90,780		—		10,246		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5	%		1.2	%
1350 Duane & 3080 Raymond				Oct-09	Corporate Datacenters		185,000		—		9,987		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.1			1.2
1500 Space Park Drive				Sep-07	Corporate Datacenters		51,615		—		9,053		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			1.1
1525 Comstock Street				Sep-09	Corporate Datacenters		42,385		—		8,398		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			1.0
1100 Space Park Drive				Nov-04	Internet Gateway Datacenters		153,205		12,092		7,423		100.0	%		100.0	%		92.7	%		100.0	%		100.0	%		0.9			0.9
2045 & 2055 LaFayette Street				May-04	Corporate Datacenters		300,000		—		7,020		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.8			0.8
150 South First Street				Sep-04	Corporate Datacenters		179,761		—		6,701		99.0	%		99.0	%		98.3	%		98.3	%		98.3	%		1.1			0.8
1725 Comstock Street				Apr-10	Corporate Datacenters		39,643		—		6,664		100.0	%		100.0	%		100.0	%		100.0	%		66.7	%		0.2			0.8
3105 and 3115 Alfred Street				May-10	Corporate Datacenters		49,858		—		5,858		64.1	%		58.1	%		58.1	%		100.0	%		100.0	%		0.3			0.7
1201 Comstock Street				Jun-08	Corporate Datacenters		24,000		—		4,598		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.6
2334 Lundy Place				Dec-02	Corporate Datacenters		130,752		—		4,393		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.8			0.5
2401 Walsh Street				Jun-05	Corporate Datacenters		167,932		—		3,723		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.0			0.5
2950 Zanker Road				Aug-10	Corporate Datacenters		69,700		—		2,970		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.4
2403 Walsh Street				Jun-05	Corporate Datacenters		103,940		—		2,304		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.6			0.3
4700 Old Ironsides Drive				Jun-05	Corporate Datacenters		90,139		—		1,998		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.2
4650 Old Ironsides Drive				Jun-05	Corporate Datacenters		84,383		—		1,871		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.2
444 Toyama Drive				Sep-09	Corporate Datacenters		42,083		—		1,830		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.2
2805 Lafayette Street				Aug-10	Corporate Datacenters		—		150,000		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
							1,805,176		162,092		95,037		98.9	%		98.7	%		98.0	%		99.8	%		99.1	%		10.6	%		11.4	%
Dallas
2323 Bryan Street				Jan-02	Internet Gateway Datacenters		453,539		23,568		14,936		75.2	%		74.8	%		73.4	%		75.0	%		73.8	%		2.7	%		1.8	%
2440 Marsh Lane				Jan-03	Corporate Datacenters		135,250		—		14,390		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.8			1.7
Convergence Business Parkway				Feb-12	Corporate Datacenters/ Technology Office		819,243		—		12,010		98.5	%		N/A			N/A			N/A			N/A			4.8			1.5
1232 Alma Road				Sep-09	Corporate Datacenters		105,726		—		11,167		99.5	%		99.5	%		99.5	%		99.0	%		67.7	%		0.6			1.4
4849 Alpha Road				Apr-04	Corporate Datacenters		125,538		—		10,867		99.7	%		99.7	%		99.6	%		99.6	%		100.0	%		0.7			1.3
4025 Midway Road				Jan-06	Corporate Datacenters		90,058		10,532		8,954		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5			1.1
11830 Webb Chapel Road				Aug-04	Corporate Datacenters		365,647		—		7,073		88.1	%		88.1	%		88.4	%		88.4	%		88.4	%		2.2			0.9
14901 FAA Boulevard				Jun-06	Corporate Datacenters		263,700		—		4,938		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.6			0.6
900 Dorothy Drive				Aug-10	Corporate Datacenters		56,176		—		1,565		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.2
900 Quality Way				Sep-09	Corporate Datacenters		—		112,253		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
1400 N. Bowser Way				Sep-09	Corporate Datacenters		—		246,940		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
1301 International Parkway				Sep-09	Corporate Datacenters		—		20,500		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
904 Quality Way				Sep-09	Corporate Datacenters		—		46,750		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
905 Quality Way				Sep-09	Corporate Datacenters		—		249,657		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
							2,414,877		710,200		85,900		93.0	%		90.1	%		89.6	%		90.0	%		87.4	%		14.2	%		10.5	%
Northern Virginia
43881 Devin Shafron Drive				Mar-07	Corporate Datacenters		180,000		—		18,247		100.0	%		100.0	%		100.0	%		100.0	%		98.5	%		1.1	%		2.2	%
43915 Devin Shafron Drive				May-09	Corporate Datacenters		129,033		3,247		15,415		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.8			1.9
43791 Devin Shafron Drive				Mar-07	Corporate Datacenters		132,806		2,194		10,662		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.8			1.3
4030 Lafayette Center Drive				Jul-10	Corporate Datacenters		72,696		—		5,837		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.7
45901 & 45845 Nokes Blvd				Dec-09	Corporate Datacenters		167,160		—		4,549		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.0			0.6
44470 Chilum Place				Feb-07	Corporate Datacenters		95,440		—		4,311		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.6			0.5
43790 Devin Shafron Drive				May-09	Corporate Datacenters		152,138		—		3,043		100.0	%		100.0	%		100.0	%		100.0	%		N/A			0.9			0.4
21110 Ridgetop Circle				Jan-07	Corporate Datacenters		135,513		—		2,906		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.8			0.4
21561 & 21571 Beaumeade Cir				Dec-09	Corporate Datacenters		164,453		—		2,846		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.0			0.3
43830 Devin Shafron Drive				May-09	Corporate Datacenters		66,240		47,010		2,547		31.7	%		42.2	%		42.2	%		9.1	%		27.0	%		0.4			0.3
4050 Lafayette Center Drive				Jul-10	Corporate Datacenters		42,374		—		3,329		99.0	%		34.2	%		34.2	%		34.2	%		34.2	%		0.3			0.4
21551 Beaumeade Cir				Dec-09	Corporate Datacenters		152,504		—		2,027		100.0	%		100.0	%		N/A			N/A			N/A			0.9			0.2
1807 Michael Faraday Court				Oct-06	Corporate Datacenters		19,237		—		1,861		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.2
7505 Mason King Court				Nov-08	Corporate Datacenters		109,650		—		1,820		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.6			0.2
251 Exchange Place				Nov-05	Corporate Datacenters		70,982		—		1,640		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.2
43831 Devon Shafron Drive				Mar-07	Corporate Datacenters		117,071		—		1,504		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			0.2
8100 Boone Boulevard				Oct-06	Corporate Datacenters		17,015		—		946		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.1
1506 Moran Road				Dec-11	Corporate Datacenters		13,626		—		180		100.0	%		100.0	%		N/A			N/A			N/A			0.0			0.0
4040 Lafayette Center Drive				Jul-10	Corporate Datacenters		—		30,333		—		0.0	%		0.0	%		0.0	%		0.0	%		100.0	%		0.1			0.0
							1,837,938		82,784		83,670		97.5	%		94.5	%		93.9	%		95.6	%		97.1	%		11.0	%		10.1	%
New York
111 Eighth Avenue	(4	)		Mar-07	Internet Gateway Datacenters		116,843		—		19,648		95.3	%		95.3	%		95.3	%		95.3	%		95.3	%		0.7	%		2.4	%
3 Corporate Place				Dec-05	Corporate Datacenters		276,931		—		17,990		100.0	%		100.0	%		98.0	%		96.1	%		96.1	%		1.6			2.2
300 Boulevard East				Nov-02	Corporate Datacenters		346,819		22,962		16,339		89.9	%		89.9	%		89.9	%		89.9	%		100.0	%		2.0			2.0
365 S. Randolphville Road				Feb-08	Corporate Datacenters		172,044		92,748		13,697		88.6	%		88.6	%		88.6	%		88.6	%		79.4	%		1.0			1.7
60 & 80 Merritt Boulevard				Jan-10	Corporate Datacenters		169,540		—		12,378		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.0			1.5
650 Randolph Road				Jun-08	Corporate Datacenters		—		127,790		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
							1,082,177		243,500		80,052		94.5	%		94.5	%		93.9	%		93.5	%		96.3	%		6.3	%		9.8	%
San Francisco
200 Paul Avenue 1-4				Nov-04	Internet Gateway Datacenters		509,158		18,522		28,487		99.3	%		99.4	%		99.4	%		99.4	%		96.3	%		3.0	%		3.5	%
365 Main Street				Jul-10	Corporate Datacenters		222,431		4,550		26,506		81.3	%		80.5	%		78.5	%		84.4	%		84.8	%		1.3			3.2
720 Second Street				Jul-10	Corporate Datacenters		121,220		—		14,961		86.9	%		86.1	%		94.5	%		95.8	%		97.3	%		0.7			1.8
360 Spear Street				Dec-11	Corporate Datacenters		154,950		—		7,997		100.0	%		100.0	%		N/A			N/A			N/A			0.9			1.0
							1,007,759		23,072		77,951		93.9	%		93.7	%		93.2	%		94.9	%		93.3	%		5.9	%		9.5	%

Page 19

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Occupancy Analysis

As of March 31, 2012

(Dollar amounts in thousands)

									Occupancy (3)															Net Rentable Square Feet as a % of			Annualized Rent as a % of
Property	Acquisition Date	Property Type	Net Rentable Square Feet (1)		Redevelopment Space		Annualized Rent ($000) (2)		As of 3/31/12			As of 12/31/11			As of 09/30/11			As of 06/30/11			As of 03/31/11			Total Portfolio			Total Portfolio
Chicago
350 East Cermak Road	May-05	Internet Gateway Datacenters		1,129,226		4,513		68,094		98.7	%		97.0	%		96.8	%		96.9	%		96.4	%		6.2	%		8.2	%
600-780 S. Federal	Sep-05	Internet Gateway Datacenters		161,547		—		6,797		67.5	%		63.5	%		64.6	%		64.6	%		64.6	%		1.0			0.8
				1,290,773		4,513		74,891		94.8	%		92.8	%		92.8	%		92.8	%		92.4	%		7.2	%		9.0	%
Phoenix
2121 South Price Road	Jul-10	Corporate Datacenters		338,655		180,824		35,357		83.8	%		92.9	%		96.5	%		96.5	%		96.5	%		2.0	%		4.3	%
120 E. Van Buren Street	Jul-06	Internet Gateway Datacenters		287,514		—		20,769		90.1	%		89.3	%		89.1	%		89.1	%		85.9	%		1.7			2.5
2055 East Technology Circle	Oct-06	Corporate Datacenters		76,350		—		8,239		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5			1.0
				702,519		180,824		64,365		88.1	%		92.1	%		93.7	%		93.7	%		92.3	%		4.2	%		7.8	%
Boston
128 First Avenue	Jan-10	Corporate Datacenters		274,750		—		22,522		99.5	%		99.4	%		99.4	%		99.6	%		99.6	%		1.6	%		2.7	%
55 Middlesex Turnpike	Jan-10	Corporate Datacenters		106,000		—		11,732		90.6	%		90.6	%		90.6	%		89.7	%		89.7	%		0.6			1.4
100 & 200 Quannapowitt Parkway	Jun-04	Corporate Datacenters		286,550		100,406		6,001		88.0	%		90.8	%		90.8	%		88.9	%		70.0	%		1.7			0.7
115 Second Avenue	Oct-05	Corporate Datacenters		66,730		—		3,647		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.4
600 Winter Street	Sep-06	Corporate Datacenters		30,400		—		842		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.1
				764,430		100,406		44,744		94.0	%		95.0	%		95.0	%		94.3	%		87.5	%		4.5	%		5.3	%
Los Angeles
600 West Seventh Street	May-04	Internet Gateway Datacenters		484,792		4,930		21,837		98.7	%		98.7	%		97.8	%		95.5	%		95.3	%		2.9	%		2.6	%
2260 East El Segundo Boulevard	Jul-10	Corporate Datacenters		132,240		—		11,628		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.8			1.4
200 North Nash Street	Jun-05	Corporate Datacenters		113,606		—		2,518		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			0.3
3015 Winona Avenue	Dec-04	Corporate Datacenters		82,911		—		1,672		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5			0.2
3300 East Birch Street	Aug-03	Corporate Datacenters		68,807		—		1,547		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.2
				882,356		4,930		39,202		99.3	%		99.3	%		98.8	%		97.6	%		97.4	%		5.3	%		4.7	%
Atlanta
375 Riverside Parkway	Jun-03	Corporate Datacenters		250,191		—		7,525		99.2	%		99.2	%		99.2	%		99.2	%		100.0	%		1.5	%		0.9	%
760 Doug Davis Road	Dec-11	Corporate Datacenters		334,306		—		6,376		100.0	%		100.0	%		N/A			N/A			N/A			2.0			0.8
101 Aquila Way	Apr-06	Corporate Datacenters		313,581		—		1,411		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.9			0.2
				898,078		—		15,312		99.8	%		99.8	%		99.7	%		99.7	%		100.0	%		5.4	%		1.9	%
Philadelphia
833 Chestnut Street	Mar-05	Corporate Datacenters		592,295		62,463		12,936		92.0	%		92.0	%		88.9	%		85.0	%		84.1	%		3.5	%		1.6	%
				592,295		62,463		12,936		92.0	%		92.0	%		88.9	%		85.0	%		84.1	%		3.5	%		1.6	%
St. Louis
900 Walnut Street	Aug-07	Internet Gateway Datacenters		112,266		—		4,459		99.9	%		99.9	%		99.9	%		99.9	%		99.9	%		0.7	%		0.5	%
210 N Tucker Boulevard	Aug-07	Corporate Datacenters		161,549		175,867		3,234		75.4	%		74.9	%		74.3	%		78.8	%		75.8	%		1.0			0.4
				273,815		175,867		7,693		85.4	%		85.2	%		84.8	%		87.6	%		86.0	%		1.7	%		0.9	%
Houston
12001 North Freeway	Apr-06	Corporate Datacenters		246,258		54,447		6,865		88.9	%		88.9	%		80.6	%		78.9	%		91.9	%		1.5	%		0.8	%
				246,258		54,447		6,865		88.9	%		88.9	%		80.6	%		78.9	%		91.9	%		1.5	%		0.8	%
Miami
36 NE 2nd Street	Jan-02	Internet Gateway Datacenters		162,140		—		4,962		95.9	%		95.9	%		95.9	%		95.9	%		95.9	%		1.0	%		0.6	%
2300 NW 89th Place	Sep-06	Corporate Datacenters		64,174		—		654		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.1
				226,314		—		5,616		97.0	%		97.0	%		97.0	%		97.0	%		97.0	%		1.4	%		0.7	%
Charlotte
125 North Myers	Aug-05	Internet Gateway Datacenters		25,402		—		1,387		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2	%		0.2	%
731 East Trade Street	Aug-05	Internet Gateway Datacenters		40,879		—		1,273		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.2
113 North Myers	Aug-05	Internet Gateway Datacenters		29,218		—		917		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2			0.1
				95,499		—		3,577		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.6	%		0.5	%
Denver
8534 Concord Center Drive	Jun-05	Corporate Datacenters		85,660		—		3,567		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5	%		0.4	%
				85,660		—		3,567		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5	%		0.4	%
Sacramento
11085 Sun Center Drive	Sep-11	Corporate Datacenters		69,048		—		2,712		100.0	%		100.0	%		100.0	%		N/A			N/A			0.4	%		0.3	%
3065 Gold Camp Drive	Oct-04	Corporate Datacenters		13,309		49,648		289		100.0	%		100.0	%		21.1	%		21.1	%		21.1	%		0.1			0.0
				82,357		49,648		3,001		100.0	%		100.0	%		62.4	%		21.1	%		21.1	%		0.5	%		0.3	%
Toronto, Canada
6800 Millcreek Drive	Apr-06	Corporate Datacenters		83,758		—		1,985		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5	%		0.2	%
				83,758		—		1,985		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.5	%		0.2	%
Minneapolis/St. Paul
1125 Energy Park Drive	Mar-05	Corporate Datacenters		112,827		—		1,437		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7	%		0.2	%
				112,827		—		1,437		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7	%		0.2	%
Austin
7620 Metro Center Drive	Dec-05	Corporate Datacenters		45,000		—		605		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3	%		0.1	%
7500 Metro Center Drive	Dec-05	Corporate Datacenters		—		74,962		—		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0			0.0
				45,000		74,962		605		95.2	%		95.1	%		94.0	%		100.0	%		100.0	%		0.3	%		0.1	%

Page 20

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Occupancy Analysis

As of March 31, 2012

(Dollar amounts in thousands)

										Occupancy (3)															Net Rentable Square Feet as a % of			Annualized Rent as a % of
Property	Acquisition Date	Property Type	Net Rentable Square Feet (1)			Redevelopment Space		Annualized Rent ($000) (2)		As of 3/31/12			As of 12/31/11			As of 09/30/11			As of 06/30/11			As of 03/31/11			Total Portfolio			Total Portfolio
EUROPE
London, England
3 St. Anne’s Boulevard	Dec-07	Corporate Datacenters		96,384			—		11,201		60.3	%		52.4	%		52.4	%		69.9	%		80.0	%		0.6	%		1.4	%
Mundells Roundabout	Apr-07	Corporate Datacenters		113,464			—		7,925		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			1.0
Cressex 1	Dec-07	Corporate Datacenters		50,847			—		7,325		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.9
6 Braham Street	Jul-02	Internet Gateway Datacenters		63,233			—		4,840		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.6
2 St. Anne’s Boulevard	Dec-07	Corporate Datacenters		30,612			—		3,420		100.0	%		100.0	%		0.0	%		0.0	%		0.0	%		0.2			0.4
1 St. Anne’s Boulevard	Dec-07	Corporate Datacenters		20,219			—		281		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.0
Fountain Court	Jul-11	Corporate Datacenters		—			131,771		—		0.0	%		0.0	%		0.0	%		N/A			N/A			0.0			0.0
				374,759			131,771		34,992		89.8	%		87.8	%		86.7	%		93.2	%		96.0	%		2.3	%		4.3	%
Dublin, Ireland
Unit 9, Blanchardstown Corporate Park	Dec-06	Corporate Datacenters		120,000			—		10,259		99.0	%		98.8	%		99.1	%		99.1	%		92.2	%		0.7	%		1.2	%
Clonshaugh Industrial Estate (Eircom)	Aug-05	Corporate Datacenters		124,500			—		8,762		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			1.1
Clonshaugh Industrial Estate	Feb-06	Corporate Datacenters		20,000			—		1,531		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.2
				264,500			—		20,552		99.4	%		99.4	%		99.6	%		99.6	%		96.4	%		1.5	%		2.5	%
Paris, France
114 Rue Ambroise Croizat	Dec-06	Internet Gateway Datacenters		332,300			19,846		20,115		93.4	%		91.6	%		91.6	%		91.6	%		91.6	%		2.0	%		2.4	%
				332,300			19,846		20,115		93.4	%		91.6	%		91.6	%		91.6	%		91.6	%		2.0	%		2.4	%
Amsterdam, Netherlands
Paul van Vlissingenstraat 16	Aug-05	Corporate Datacenters		112,472			—		5,761		73.7	%		73.7	%		60.0	%		58.8	%		58.8	%		0.7	%		0.7	%
Cateringweg 5	Jun-10	Corporate Datacenters		55,972			—		5,529		100.0	%		100.0	%		100.0	%		0.0	%		0.0	%		0.3			0.7
Naritaweg 52	Dec-07	Corporate Datacenters		63,260			—		2,621		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.4			0.3
Gyroscoopweg 2E-2F	Jul-06	Corporate Datacenters		55,585			—		1,228		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3			0.1
				287,289			—		15,139		89.7	%		89.7	%		84.3	%		83.7	%		83.7	%		1.7	%		1.8	%
Manchester, England
Manchester Technopark, Plot C1	Jun-08	Corporate Datacenters		38,016			—		2,058		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2	%		0.2	%
				38,016			—		2,058		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.2	%		0.2	%
Geneva, Switzerland
Chemin de l’Epinglier 2	Nov-05	Corporate Datacenters		59,190			—		1,690		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3	%		0.2	%
				59,190			—		1,690		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.3	%		0.2	%
ASIA PACIFIC
Singapore
29A International Business Park	Nov-10	Corporate Datacenters		262,622			107,878		7,101		55.9	%		55.2	%		49.3	%		16.8	%		16.8	%		1.6	%		0.9	%
				262,622			107,878		7,101		55.9	%		55.2	%		49.3	%		16.8	%		16.8	%		1.6	%		0.9	%
NON-DATACENTER PROPERTIES
34551 Ardenwood Boulevard 1-4	Jan-03	Technology Manufacturing		307,657			—		6,886		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.8			0.8
47700 Kato Road & 1055 Page Avenue	Sep-03	Technology Manufacturing		183,050			—		4,146		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1.1			0.5
2010 East Centennial Circle	May-03	Technology Manufacturing		113,405			—		3,194		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.7			0.4
1 Savvis Pkwy	Aug-07	Technology Office		156,000			—		2,644		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.9			0.3
908 Quality Way	Sep-09	Technology Office		14,400			—		24		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		0.1			0.0
				774,512			—		16,894		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		4.6	%		2.0	%
Portfolio Total/Weighted Average				16,923,054	(5)		2,189,203		826,947		94.8	%		94.8	%		93.7	%		93.9	%		93.5	%		100.0	%		100.0	%

(1) Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of March 31, 2012 multiplied by 12.

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

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

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

(5) Net rentable square feet excludes square footage at two joint ventures: 2001 Sixth Avenue in Seattle, WA (400,369 rental square feet) which was 93.0% occupied and 700-750 Central Expressway in Santa Clara, CA (306,144 rentable square feet) which was 100% occupied as of March 31, 2012.

Page 21

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Major Tenants

As of March 31, 2012

(Dollar amounts in thousands)

Tenant		Number of Locations		Total Occupied Square Feet (1)		Percentage of Net Rentable Square Feet			Annualized Rent (2)		Percentage of Annualized Rent			Weighted Average Remaining Lease Term in Months
1	CenturyLink, Inc.(3)		33		2,769,321		16.4	%	$	86,330		10.4	%		91
2	Equinix Operating Company, Inc.		9		878,062		5.2	%		33,436		4.0	%		83
3	TelX Group, Inc.		11		254,364		1.5	%		33,082		4.0	%		168
4	Facebook, Inc.		4		241,865		1.4	%		31,129		3.8	%		74
5	Morgan Stanley		5		182,592		1.1	%		26,621		3.2	%		31
6	Softlayer Technologies, Inc.		6		299,415		1.8	%		26,407		3.2	%		120
7	Verizon Communications, Inc.		29		378,463		2.2	%		21,824		2.6	%		76
8	AT & T		17		615,267		3.6	%		18,572		2.2	%		79
9	NTT Communications Company		5		309,759		1.8	%		17,447		2.1	%		87
10	Level 3 Communications, LLC		30		339,223		2.0	%		13,649		1.7	%		92
11	Amazon		6		448,895		2.7	%		12,921		1.6	%		107
12	Pfizer, Inc.		1		87,049		0.5	%		11,201		1.4	%		69
13	TATA Communications (UK)		2		105,366		0.6	%		10,672		1.3	%		69
14	JPMorgan Chase & Co.		3		170,085		1.0	%		10,452		1.3	%		110
15	Yahoo! Inc.		2		110,847		0.7	%		10,357		1.3	%		67
16	BT Americas, Inc.		3		67,685		0.4	%		9,698		1.2	%		62
17	Microsoft Corporation		3		322,587		1.9	%		9,473		1.1	%		43
18	Sprint Communications Co., LP		6		173,319		1.0	%		9,433		1.1	%		30
19	eircom Limited		1		124,500		0.7	%		8,762		1.1	%		89
20	T-Systems North America, Inc.		2		77,610		0.5	%		8,615		1.0	%		24
	Total/Weighted Average				7,956,274		47.0	%	$	410,081		49.6	%		86

(1) Occupied square footage is defined as leases that commenced on or before March 31, 2012. For some of our properties, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area.

(2) Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of March 31, 2012 multiplied by 12.

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

Page 22

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Lease Expirations and Lease Distribution

Lease Expirations

As of March 31, 2012

(Dollar amounts in thousands)

Year	Number of Leases Expiring (1)		Square Footage of Expiring Leases (2)		Percentage of Net Rentable Square Feet (2)			Annualized Rent (3)		Percentage of Annualized Rent			Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Available				887,493		5.2	%				0.0	%
2012		322		411,602		2.4	%	$	38,876		4.7	%	$	94.45	$	95.00	$	39,101
2013		260		845,416		5.0	%		60,210		7.3	%		71.22		73.93		62,501
2014		235		1,506,917		8.9	%		101,665		12.3	%		67.47		71.15		107,219
2015		148		1,893,617		11.2	%		85,023		10.3	%		44.90		48.71		92,240
2016		150		1,668,481		9.9	%		71,293		8.6	%		42.73		46.93		78,296
2017		81		1,201,041		7.1	%		49,248		6.0	%		41.00		45.65		54,825
2018		85		1,096,081		6.5	%		56,458		6.8	%		51.51		61.32		67,213
2019		86		1,692,221		10.0	%		104,767		12.7	%		61.91		74.00		125,220
2020		77		922,835		5.5	%		56,555		6.8	%		61.28		75.76		69,916
2021		63		1,121,075		6.6	%		55,580		6.7	%		49.58		66.18		74,197
Thereafter		176		3,676,275		21.7	%		147,272		17.8	%		40.06		56.33		207,070
Portfolio Total / Weighted Average		1,683		16,923,054		100.0	%	$	826,947		100.0	%	$	51.57	$	60.98	$	977,798

Lease Distribution

As of March 31, 2012

(Dollar amounts in thousands)

Square Feet Under Lease	Number of Leases (1)		Percentage of All Leases			Total Net Rentable Square Feet (2)		Percentage of Net Rentable Square Feet (2)			Annualized Rent (3)		Percentage of Annualized Rent
Available							887,493		5.2	%		—		0.0	%
2,500 or less		1,067		63.4	%		510,836		3.0	%	$	51,920		6.3	%
2,501 - 10,000		280		16.6	%		1,693,892		10.0	%		145,352		17.6	%
10,001 - 20,000		152		9.0	%		2,376,747		14.0	%		187,219		22.6	%
20,001 - 40,000		89		5.3	%		2,605,506		15.4	%		163,885		19.8	%
40,001 - 100,000		64		3.8	%		4,238,017		25.0	%		163,146		19.7	%
Greater than 100,000		31		1.9	%		4,610,563		27.4	%		115,425		14.0	%
Portfolio Total		1,683		100.0	%		16,923,054		100.0	%	$	826,947		100.0	%

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

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

(3) Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of March 31, 2012 multiplied by 12. We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area.

Page 23

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Lease Expirations - By Product Type

As of March 31, 2012

(Dollar amounts in thousands)

TURNKEY DATACENTER

Year	Number of Leases Expiring (1)		Square Footage of Expiring Leases (2)		Percentage of Net Rentable Square Feet (2)			Annualized Rent (3)		Percentage of Annualized Rent			Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Available				337,813		2.0	%		—		0.0	%
2012		131		139,566		0.8	%	$	20,592		2.5	%	$	147.54	$	148.98	$	20,793
2013		82		291,943		1.7	%		37,061		4.5	%		126.95		132.72		38,747
2014		96		365,304		2.2	%		54,569		6.6	%		149.38		158.00		57,717
2015		44		204,929		1.2	%		25,718		3.1	%		125.50		136.67		28,008
2016		65		316,546		1.9	%		40,848		4.9	%		129.04		142.58		45,134
2017		27		196,283		1.2	%		26,014		3.2	%		132.53		150.31		29,503
2018		37		276,091		1.6	%		31,578		3.8	%		114.38		141.62		39,100
2019		30		427,297		2.5	%		63,004		7.6	%		147.45		178.20		76,145
2020		34		260,930		1.5	%		36,338		4.4	%		139.26		175.30		45,742
2021		35		246,023		1.5	%		37,085		4.5	%		150.74		207.03		50,933
Thereafter		57		560,482		3.3	%		52,477		6.3	%		93.63		144.18		80,808
Portfolio Total / Weighted Average		638		3,623,207		21.4	%	$	425,284		51.4	%	$	129.45	$	156.03	$	512,630

POWERED BASE BUILDING

Year	Number of Leases Expiring (1)		Square Footage of Expiring Leases (2)		Percentage of Net Rentable Square Feet (2)			Annualized Rent (3)		Percentage of Annualized Rent			Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Available				253,810		1.5	%		—		0.0	%
2012		19		63,717		0.4	%	$	1,864		0.2	%	$	29.25	$	29.25	$	1,864
2013		16		167,552		1.0	%		6,887		0.8	%		41.10		41.84		7,010
2014		37		816,216		4.8	%		31,506		3.8	%		38.60		40.88		33,367
2015		47		1,533,988		9.1	%		53,914		6.5	%		35.15		37.97		58,244
2016		36		1,141,002		6.7	%		25,659		3.1	%		22.49		24.47		27,917
2017		13		229,247		1.4	%		5,923		0.7	%		25.84		28.75		6,590
2018		13		571,579		3.4	%		19,847		2.4	%		34.72		39.01		22,296
2019		20		1,125,201		6.6	%		38,558		4.7	%		34.27		40.22		45,250
2020		17		377,087		2.2	%		13,521		1.6	%		35.86		45.18		17,037
2021		10		769,816		4.5	%		16,459		2.0	%		21.38		27.00		20,787
Thereafter		76		2,422,947		14.3	%		82,072		10.0	%		33.87		45.53		110,311
Portfolio Total / Weighted Average		304		9,472,162		55.9	%	$	296,210		35.8	%	$	32.13	$	38.04	$	350,673

COLOCATION

Year	Number of Leases Expiring (1)		Square Footage of Expiring Leases (2)		Percentage of Net Rentable Square Feet (2)			Annualized Rent (3)		Percentage of Annualized Rent			Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Available				73,926		0.4	%		—		0.0	%
2012		94		91,651		0.5	%	$	14,478		1.8	%	$	157.97	$	158.30	$	14,508
2013		109		54,545		0.3	%		8,447		1.0	%		154.86		161.99		8,836
2014		48		55,083		0.3	%		11,132		1.3	%		202.10		208.45		11,482
2015		11		8,856		0.1	%		1,642		0.2	%		185.41		228.88		2,027
2016		5		4,572		0.0	%		890		0.1	%		194.66		216.54		990
2017		4		25,572		0.2	%		1,192		0.1	%		46.61		56.47		1,444
2018		—		—		0.0	%		—		0.0	%		—		—		—
2019		5		7,127		0.1	%		504		0.1	%		70.72		98.08		699
2020		1		—		0.0	%		16		0.0	%		—		—		20
2021		1		3,194		0.0	%		276		0.0	%		86.41		113.34		362
Thereafter		1		3,705		0.0	%		576		0.1	%		155.47		210.26		779
Portfolio Total / Weighted Average		279		328,231		1.9	%	$	39,153		4.7	%	$	153.96	$	161.80	$	41,147

NON-TECHNICAL

Year	Number of Leases Expiring (1)		Square Footage of Expiring Leases (2)		Percentage of Net Rentable Square Feet (2)			Annualized Rent (3)		Percentage of Annualized Rent			Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Available				221,944		1.3	%		—		0.0	%
2012		78		116,668		0.7	%	$	1,942		0.2	%	$	16.65	$	16.59	$	1,935
2013		53		331,376		2.0	%		7,815		1.0	%		23.58		23.86		7,908
2014		54		270,314		1.6	%		4,458		0.5	%		16.49		17.21		4,652
2015		46		145,844		0.9	%		3,749		0.5	%		25.71		27.16		3,961
2016		44		206,361		1.2	%		3,896		0.5	%		18.88		20.62		4,255
2017		37		749,939		4.4	%		16,119		2.0	%		21.49		23.05		17,287
2018		35		248,411		1.5	%		5,033		0.6	%		20.26		23.42		5,817
2019		31		132,596		0.8	%		2,701		0.3	%		20.37		23.58		3,126
2020		25		284,818		1.7	%		6,680		0.8	%		23.45		24.99		7,117
2021		17		102,042		0.6	%		1,761		0.2	%		17.26		20.73		2,115
Thereafter		42		689,141		4.1	%		12,146		1.5	%		17.62		22.02		15,175
Portfolio Total / Weighted Average		462		3,499,454		20.8	%	$	66,300		8.1	%	$	20.23	$	22.38	$	73,348

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

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

(3) Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of March 31, 2012 multiplied by 12. We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area.

Page 24

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Summary of Leasing Activity

Leases Signed in the Quarter Ended March 31, 2012

	Number of Leases (1)		Rentable Square Feet (2)		Expiring Rates (3)		New Rates  (3)		Rental Rate Changes			TI’s/Lease Commissions Per Square Foot (5)		Weighted Average Lease Terms (months)
Leasing Activity (4)(5)
Renewals Signed
Turn-Key Datacenter		6		78,209	$	186.76	$	186.20		(0.3	%)	$	18.08		103.6
Powered Base Building		4		119,935	$	30.17	$	36.35		20.5	%	$	15.88		82.2
Non-technical		17		54,529	$	23.93	$	23.80		(0.5	%)	$	1.98		102.1
New Leases Signed
Turn-Key Datacenter		15		93,919		—	$	163.23		—		$	12.55		132.2
Powered Base Building		3		46,800		—	$	26.44		—		$	5.09		180.0
Non-technical		6		7,476		—	$	27.49		—		$	1.61		63.7
Leasing Activity Summary (4)(5)
Turn-Key Datacenter		21		172,128		—	$	173.67		—			—
Powered Base Building		7		166,735		—	$	33.57		—			—
Non-technical		23		62,005		—	$	24.25		—			—

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

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

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

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

(5) Excludes 15 renewed colocation leases for 11,790 rentable square feet at an average GAAP rental rate of $185.65 per square foot and 8 new colocation leases for 4,322 rentable square feet at an average GAAP rental rate of $232.32 per square foot.

Page 25

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Summary of Leasing Activity

Leases Commenced in the Quarter Ended March 31, 2012

	Number of Leases (1)		Rentable Square Feet (2)		Expiring Rates (3)		New Rates  (3)		Rental Rate Changes			TI’s/Lease Commissions Per Square Foot (5)		Weighted Average Lease Term (months)
Leasing Activity (4)(5)
Renewals Commenced
Turn-Key Datacenter		8		101,492	$	170.37	$	172.42		1.2	%	$	14.08		82.6
Powered Base Building		4		119,935	$	30.17	$	36.35		20.5	%	$	15.88		82.2
Non-technical		18		27,658	$	34.34	$	36.38		6.0	%	$	1.96		84.2
New Leases Commenced
Turn-Key Datacenter		12		99,366		—	$	177.17		—		$	27.16		123.4
Powered Base Building		3		52,979		—	$	107.55		—		$	5.75		180.0
Non-technical		6		7,244		—	$	24.51		—		$	1.40		63.3
Leasing Activity Summary (4)(5)
Turn-Key Datacenter		20		200,858		—	$	174.77		—			—
Powered Base Building		7		172,914		—	$	58.16		—			—
Non-technical		24		34,902		—	$	33.92		—			—

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

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

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

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

(5) Excludes 13 renewed colocation leases for 10,986 rentable square feet at an average GAAP rental rate of $196.24 per square foot and 12 new colocation leases for 8,628 rentable square feet at an average GAAP rental rate of $220.52 per square foot.

Page 26

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Historical Capital Expenditures

	Three Months Ended
	3/31/2012		12/31/2011		9/30/2011		6/30/2011		3/31/2011
Recurring capital expenditures (1)	$	6,754,000	$	9,926,000	$	8,000,000	$	7,263,000	$	3,716,000
Non-recurring capital expenditures (2)	$	167,360,000	$	132,159,000	$	176,560,000	$	144,756,000	$	119,971,000
Total net rentable square feet at period end excluding redevelopment space (3)		16,923,054		15,908,059		15,262,859		14,967,288		14,628,267

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

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

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

Page 27

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Construction Activity Report

As of March 31, 2012

(in square feet unless otherwise noted)

Construction in Progress by Market

	Construction in Progress (“CIP”)
Market	Redevelopment Inventory Under Construction			Development Inventory Under Construction			Redevelopment Inventory Pre-Construction			Total Construction In Progress			Space Held for Future Redevelopment			Total Inventory			Percentage Leased (1)
Austin		74,962			—			—			74,962			—			74,962			0.0	%
Boston		—			130,335			14,097			144,432			86,309			230,741			0.0	%
Chicago		—			—			—			—			4,513			4,513			0.0	%
Dallas		112,253			112,248			46,750			271,251			551,197			822,448			24.6	%
Houston		—			—			36,225			36,225			18,222			54,447			33.1	%
Los Angeles		4,930			—			—			4,930			—			4,930			100.0	%
New York Metro		—			70,300			—			70,300			243,500			313,800			0.0	%
Northern Virginia		—			65,000			32,962			97,962			49,822			147,784			44.0	%
Philadelphia		—			—			—			—			62,463			62,463			0.0	%
Phoenix		—			—			48,385			48,385			132,439			180,824			0.0	%
Portland		—			58,000			—			58,000			—			58,000			100.0	%
Sacramento		26,251			—			—			26,251			23,397			49,648			0.0	%
San Francisco		4,550			—			—			4,550			18,522			23,072			0.0	%
Silicon Valley		162,092			40,000			—			202,092			—			202,092			19.8	%
St. Louis		21,961			—			42,996			64,957			110,910			175,867			0.0	%
Melbourne, Australia		—			54,896			—			54,896			—			54,896			100.0	%
Sydney, Australia		—			86,218			—			86,218			—			86,218			0.0	%
Paris, France		—			—			—			—			19,846			19,846			0.0	%
London, England		131,771			—			—			131,771			—			131,771			0.0	%
Singapore		21,172			—			—			21,172			86,706			107,878			0.0	%
Grand Total		559,942			616,997			221,415			1,398,354			1,407,846			2,806,200
Total US Markets		406,999			475,883			221,415			1,104,297			1,301,294			2,405,591
Total Intl Markets		152,943			141,114			—			294,057			106,552			400,609
Percentage Leased (¹)		8.6	%		53.5	%		29.3	%		31.7	%		0.0	%		15.8	%

Construction in Progress by Product Type

	US		Europe		Asia/Pacific		Total		% Leased  (1)
Turn-Key Datacenter®		326,421		44,000		114,485		484,906		24.9	%
Powered Base Building®		502,628		87,771		47,801		638,200		7.3	%
Build-to-Suit		275,248		—		—		275,248		100.0	%
Total Construction in Progress by Product Type		1,104,297		131,771		162,286		1,398,354		31.7	%

Redevelopment Activity

	US			Europe		Asia/Pacific			Total			% Leased  (1)
Redevelopment Space as of December 31, 2011		1,987,845			151,617		245,493			2,384,955
Acquired Redevelopment Space and New Construction Space		6,787			—		—			6,787
Converted Redevelopment Space:										—
Turn-Key Datacenter®		(68,022	)		—		(84,686	)		(152,708	)		35.2	%
Powered Base Building®		—			—		(52,929	)		(52,929	)		100.0	%
Build-to-Suit		—			—		—			—			0.0	%
Remeasurement Adjustments		3,098			—		—			3,098
Redevelopment Space as of March 31, 2012		1,929,708			151,617		107,878			2,189,203

(1) Represents leases signed.

Page 28

DIGITAL REALTY TRUST, INC.

First Quarter 2012

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

For the quarter ended March 31, 2012

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

Construction Projects in Progress and Total Estimated Direct Cost	Base Building Improvement to Net Rentable Square Footage		Net Rentable Square Footage		Direct Project Cost - Spent to Date		Direct Project Cost - to Be Spent		Direct Project Total Estimated Cost		Direct Project Cost Per Net Rentable Square Foot
Turn-Key Datacenter Under Construction as of March 31, 2012 (2)		—		484,906	$	77,205	$	169,616	$	246,821	$	509
Build-to-Suit Under Construction as of March 31, 2012 (2)		—		275,248		50,820		117,013		167,833	$	610
Powered Base Building Under Construction as of March 31, 2012 (2)		—		638,200		43,048		80,463		123,511	$	194
Base Building Improvements to Current in Progress Space Under Construction		—		—		27,481		33,103		60,584		—
Base Building Improvements to Support Future Development (3)		554,418		—		21,754		16,876		38,630	$	70
Base Building Improvements to Support Operating Portfolio (3)		1,312,378		—		40,626		30,279		70,905	$	54
Equipment Pool (4)		—		—		44,108		—		44,108		—
TOTAL		1,866,796		1,398,354	$	305,042	$	447,350	$	752,392

Notes:

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

(2) Represents suite-specific projects.

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

(4) Pool account; not job specific.

Page 29

DIGITAL REALTY TRUST, INC.

First Quarter 2012

Management Statements on Non-GAAP Supplemental Measures

Funds from Operations:

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

Adjusted Funds from Operations:

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

EBITDA and Adjusted EBITDA:

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

Net Operating Income (NOI):

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

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