Financial Supplement
Table of Contents		Third Quarter 2018

Overview	PAGE
Corporate Information	3
Ownership Structure	5
Key Quarterly Financial Data	6
Consolidated Statements of Operations
Earnings Release	8
2018 Outlook	10
Consolidated Quarterly Statements of Operations	12
Funds From Operations and Core Funds From Operations	13
Adjusted Funds From Operations	14
Balance Sheet Information
Consolidated Balance Sheets	15
Components of Net Asset Value	16
Consolidated Debt Analysis and Global Unsecured Revolving Credit Facility	17
Debt Maturities	18
Debt Analysis & Covenant Compliance	19
Internal Growth
Same-Capital Operating Trend Summary	20
Summary of Leasing Activity - Signed	21
Summary of Leasing Activity - Commenced	22
Lease Expirations and Lease Distribution	23
Lease Expirations - By Product Type	24
Top 20 Customers by Annualized Rent	25
Portfolio Summary	26
Portfolio Overview by Product Type	27
Product Overview by Metropolitan Area	28
Occupancy Analysis	29
External Growth
Development Lifecycle - Committed Active Development	30
Development Lifecycle - In Service	31
Construction Projects in Progress	32
Historical Capital Expenditures and Investments in Real Estate	33
Development Lifecycle - Held for Development	34
Acquisitions / Dispositions / Joint Ventures	35
Unconsolidated Joint Ventures	36
Additional Information
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios	37
Management Statements on Non-GAAP Measures	38
Forward-Looking Statements	40

		Financial Supplement
Corporate Information		Third Quarter 2018

Corporate Profile

Digital Realty Trust, Inc. owns, acquires, develops and operates data centers. The company is focused on providing data center, colocation and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of September 30, 2018, the company's 198 data centers, including 18 data centers held as investments in unconsolidated joint ventures, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty's portfolio is comprised of approximately 27.9 million square feet, excluding approximately 3.6 million square feet of space under active development and 1.8 million square feet of space held for future development, located throughout North America, Europe, Asia and Australia. For additional information, please visit the company's website at www.digitalrealty.com.

Corporate Headquarters

Four Embarcadero Center, Suite 3200

San Francisco, California 94111

Telephone: (415) 738-6500

Website: www.digitalrealty.com

Senior Management

A. William Stein: Chief Executive Officer

Andrew P. Power: Chief Financial Officer

Chris Sharp: Chief Technology Officer

Erich Sanchack: Executive Vice President, Operations

Investor Relations

To request more information or to be added to our e-mail distribution list, please visit our website: www.digitalrealty.com

(Please proceed to the Investor Relations section)

Analyst Coverage

	Bank of America
BMO Capital Markets	Merrill Lynch	Barclays Capital	Berenberg	Citigroup
Ari Klein	Michael Funk	Ross Smotrich	Nate Crossett	Michael Rollins
(212) 885-4103	(646) 855-5664	(212) 526-2306	(646) 949-9030	(212) 816-1116
Cowen & Company	Credit Suisse	Deutsche Bank	Green Street Advisors	Guggenheim Securities
Colby Synesael	Sami Badri	Matthew Niknam	Lukas Hartwich	Robert Gutman
(646) 562-1355	(212) 538-1727	(212) 250-4711	(949) 640-8780	(212) 518-9148
J.P. Morgan	Jefferies	KeyBanc Capital	MoffettNathanson	Morgan Stanley
Richard Choe	Jonathan Petersen	Jordan Sadler	Nick Del Deo	Simon Flannery
(212) 662-6708	(212) 284-1705	(917) 368-2280	(212) 519-0025	(212) 761-6432
Morningstar	New Street Research	RBC Capital Markets	Raymond James	Robert W. Baird
Matthew Dolgin	Spencer Kurn	Jonathan Atkin	Frank Louthan	David Rodgers
(312) 696-6783	(212) 921-2067	(415) 633-8589	(404) 442-5867	(216) 737-7341
Stifel	SunTrust	UBS	Wells Fargo	William Blair
Erik Rasmussen	Gregory Miller	John Hodulik	Jennifer Fritzsche	James Breen
(212) 271-3461	(212) 303-4169	(212) 713-4226	(312) 920-3548	(617) 235-7513

This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the Securities and Exchange Commission. Additional information about us and our data centers is also available on our website at www.digitalrealty.com.

3

		Financial Supplement
Corporate Information (Continued)		Third Quarter 2018

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 C Preferred Stock:	DLRPRC
Series G Preferred Stock:	DLRPRG
Series H Preferred Stock:	DLRPRH
Series I Preferred Stock:	DLRPRI
Series J Preferred Stock:	DLRPRJ

Symbols may vary by stock quote provider.

Credit Ratings

Standard & Poors
Corporate Credit Rating:	BBB	(Positive 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, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. The company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.

Common Stock Price Performance

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

	Three Months Ended
	30-Sep-18			30-Jun-18			31-Mar-18			31-Dec-17			30-Sep-17
High price		$125.10			$112.07			$115.08			$124.16			$127.23
Low price		$110.80			$100.50			$96.56			$109.19			$108.73
Closing price, end of quarter		$112.48			$111.58			$105.38			$113.90			$118.33
Average daily trading volume	1,192,244			1,121,334			1,565,456			1,206,103			1,405,287
Indicated dividend per common share(1)		$4.04			$4.04			$4.04			$3.72			$3.72
Closing annual dividend yield, end of quarter	3.6		%	3.6		%	3.8		%	3.3		%	3.1		%
Shares and units outstanding, end of quarter(2)	214,607,642			214,553,149			214,611,402			213,959,395			213,916,456
Closing market value of shares and units outstanding (3)		$24,139,068			$23,939,840			$22,615,749			$24,369,975			$25,312,734

(1) On an annualized basis.

(2) As of September 30, 2018, the total number of shares and units includes 206,267,055 shares of common stock, 6,411,484 common units held by third parties and 1,929,103 common units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable upon conversion of our series C, series G, series H, series I, and series J cumulative redeemable preferred stock upon certain change of control transactions. Also excludes 9,775,000 shares of common stock that may be issued upon full physical settlement of the September 2018 forward sales agreements.

(3) Dollars in thousands as of the end of the quarter.

This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the Securities and Exchange Commission. Additional information about us and our data centers is also available on our website at www.digitalrealty.com.

4

Ownership Structure		Financial Supplement
As of September 30, 2018		Third Quarter 2018

Partner	# of Units (1)	% Ownership
Digital Realty Trust, Inc.	206,267,055	96.1	%
Third-Party Unitholders	6,411,484	3.0	%
Directors, Officers and Others (2)	1,929,103	0.9	%
Total	214,607,642	100.0	%

(1) The total number of units includes 206,267,055 general partnership common units, 6,411,484 common units held by third parties and 1,929,103 common units and vested and unvested long-term incentive units held by directors, officers and others, and excludes all shares of common stock potentially issuable upon conversion of our series C, series G, series H, series I, and series J cumulative redeemable preferred stock upon certain change of control transactions. Also excludes 9,775,000 shares of common stock that may be issued upon full physical settlement of the September 2018 forward sales agreements.

(2) Reflects limited partnership interests held by our directors, officers and others in the form of common units, and vested and unvested long-term incentive units.

5

Key Quarterly Financial Data		Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		Third Quarter 2018

Shares and Units at End of Quarter	30-Sep-18		30-Jun-18		31-Mar-18		31-Dec-17		30-Sep-17
Common shares outstanding	206,267,055		206,055,117		205,874,914		205,470,300		205,433,495
Common units outstanding	8,340,587		8,498,032		8,736,488		8,489,095		8,482,961
Total Shares and Partnership Units	214,607,642		214,553,149		214,611,402		213,959,395		213,916,456
Enterprise Value
Market value of common equity (1)	$24,139,068		$23,939,840		$22,615,749		$24,369,975		$25,312,734
Liquidation value of preferred equity	1,266,250		1,266,250		1,266,250		1,266,250		1,266,250
Total debt at balance sheet carrying value	9,179,871		9,106,084		9,147,712		8,648,618		8,484,244
Total Enterprise Value	$34,585,189		$34,312,174		$33,029,711		$34,284,843		$35,063,228
Total debt / total enterprise value	26.5	%	26.5	%	27.7	%	25.2	%	24.2	%
Selected Balance Sheet Data
Investments in real estate (before depreciation)	$17,981,293		$17,722,610		$17,528,976		$17,079,413		$16,535,694
Total Assets	21,462,110		21,411,423		21,581,917		21,404,345		21,232,498
Total Liabilities	10,681,095		10,561,690		10,595,502		10,300,993		9,994,566
Selected Operating Data
Total operating revenues	$768,924		$754,919		$744,368		$731,445		$609,925
Total operating expenses	629,859		610,857		600,555		614,247		543,768
Interest expense	80,851		78,810		76,985		73,989		71,621
Net income (loss)	90,264		88,159		110,095		79,658		12,476
Net income (loss) available to common stockholders	67,268		65,134		86,298		53,306		(4,139)
Financial Ratios
EBITDA (2)	$444,508		$444,853		$461,446		$415,813		$296,892
Adjusted EBITDA (3)	453,467		458,130		450,813		428,311		351,904
Net Debt to Adjusted EBITDA (4)	5.2x		5.2x		5.3x		5.2x		6.0x
GAAP interest expense	80,851		78,810		76,985		73,989		71,621
Fixed charges (5)	111,055		107,401		104,892		102,504		93,619
Interest coverage ratio (6)	5.0x		5.3x		5.3x		5.2x		4.8x
Fixed charge coverage ratio (7)	4.1x		4.3x		4.3x		4.2x		3.9x
Profitability Measures
Net income (loss) per common share - basic	$0.33		$0.32		$0.42		$0.26		($0.02)
Net income (loss) per common share - diluted	$0.33		$0.32		$0.42		$0.26		($0.02)
Funds from operations (FFO) / diluted share and unit (8)	$1.57		$1.64		$1.61		$1.48		$1.23
Core funds from operations (Core FFO) / diluted share and unit (8)	$1.63		$1.66		$1.63		$1.55		$1.51
Adjusted funds from operations (AFFO) / diluted share and unit (9)	$1.54		$1.55		$1.53		$1.35		$1.37
Dividends per share and common unit	$1.01		$1.01		$1.01		$0.93		$0.93
Diluted FFO payout ratio (8) (10)	64.2	%	61.5	%	62.8	%	62.9	%	75.5	%
Diluted Core FFO payout ratio (8) (11)	62.0	%	60.8	%	62.0	%	60.0	%	61.6	%
Diluted AFFO payout ratio (9) (12)	65.4	%	65.4	%	66.0	%	68.7	%	68.1	%
Portfolio Statistics
Data Centers (13)	198		198		199		198		193
Cross-connects	77,000		76,000		75,000		74,000		73,000
Net rentable square feet, excluding development space (13)	27,918,778		27,847,819		27,115,634		26,588,569		26,056,085
Occupancy at end of quarter (14)	89.5	%	89.4	%	89.2	%	90.2	%	90.8	%
Occupied square footage	25,001,127		24,906,210		24,195,848		23,991,756		23,659,177
Space under active development (15)	3,634,830		3,325,092		3,629,821		2,700,156		2,759,858
Space held for development (16)	1,816,366		1,455,841		1,532,682		1,645,175		1,636,300
Weighted average remaining lease term (years) (17)	4.5		4.7		4.9		4.9		5.1
Same-capital occupancy at end of quarter (14) (18)	88.4	%	88.7	%	88.7	%	89.8	%	90.1	%

6

Key Quarterly Financial Data		Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		Third Quarter 2018

(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, for shares of our common stock. Excludes shares of common stock potentially issuable upon conversion of our series C, series G, series H, series I, and series J cumulative redeemable preferred stock upon certain change of control transactions, as applicable.

(2) EBITDA is calculated as earnings before interest expense, loss from early extinguishment of debt, tax expense, depreciation and amortization and impairment of investments in real estate. For a discussion of EBITDA, see page 38. For a reconciliation of net income available to common stockholders to EBITDA, see page 37.

(3) Adjusted EBITDA is EBITDA excluding severance-related expense, equity acceleration, and legal expenses, transaction and integration expenses, (gain) loss on real estate transactions, equity in earnings adjustment for non-core items, other non-core expense adjustments, non-controlling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with redeemed preferred stock. For a discussion of Adjusted EBITDA, see page 38. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 37.

(4) Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 6), plus capital lease obligations, plus our share of joint venture debt, less unrestricted cash and cash equivalents, divided by the product of Adjusted EBITDA (inclusive of our share of joint venture EBITDA), multiplied by four. For the quarter ended September 30, 2017, Net Debt to Adjusted EBITDA includes all of the debt associated with the DuPont Fabros merger while the annualized third quarter Adjusted EBITDA includes only 17 days of DuPont Fabros operations during the quarter.

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

(6) Interest coverage ratio is Adjusted EBITDA divided by GAAP interest expense plus capitalized interest.

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

(8) For definitions and discussion of FFO and core FFO, see page 38. For reconciliations of net income available to common stockholders to FFO and core FFO, see page 13.

(9) For a definition and discussion of AFFO, see page 38. For a reconciliation of core FFO to AFFO, see page 14.

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

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

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

(13) Includes buildings held as investments in unconsolidated joint ventures. Excludes buildings held-for-sale.

(14) Occupancy and same-capital occupancy exclude space under active development and space held for development. Occupancy represents our consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures and non-managed unconsolidated joint ventures. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. Excludes buildings held-for-sale.

(15) Space under active development includes current Base Building and Data Centers projects in progress (see page 30). Excludes buildings held-for-sale.

(16) Space held for development includes space held for future Data Center development, and excludes space under active development (see page 34). Excludes buildings held-for-sale.

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

(18) Represents buildings owned as of December 31, 2016 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2017-2018, buildings classified as held-for-sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool.

7

Digital Realty Trust
Earnings Release		Third Quarter 2018

DIGITAL REALTY REPORTS THIRD QUARTER 2018 RESULTS

San Francisco, CA — October 25, 2018 — Digital Realty (NYSE: DLR), a leading global provider of data center, colocation and interconnection solutions, announced today financial results for the third quarter of 2018. All per-share results are presented on a fully-diluted share and unit basis.

Highlights

• Reported net income available to common stockholders of $0.33 per share in 3Q18, compared to ($0.02) in 3Q17

• Reported FFO per share of $1.57 in 3Q18, compared to $1.23 in 3Q17

• Reported core FFO per share of $1.63 in 3Q18, compared to $1.51 in 3Q17

• Signed total bookings during 3Q18 expected to generate $69 million of annualized GAAP rental revenue, including an $8 million contribution from interconnection

• Reiterated 2018 core FFO per share outlook of $6.55 - $6.65

Financial Results

Digital Realty reported revenues for the third quarter of 2018 of $769 million, a 2%increase from the previous quarter and a 26%increase from the same quarter last year.

The company delivered third quarter of 2018 net income of $90 million, and net income available to common stockholders of $67 million, or $0.33 per diluted share, compared to $0.32 per diluted share in the previous quarter and ($0.02) per diluted share in the same quarter last year.

Digital Realty generated third quarter of 2018 adjusted EBITDA of $453 million, a 1%decrease from the previous quarter and a 29%increase over the same quarter last year.

The company reported third quarter of 2018 funds from operations of $338 million, or $1.57 per share, compared to $1.64 per share in the previous quarter and $1.23 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered third quarter of 2018 core FFO of $1.63 per share, a 2%decrease from $1.66 per share in the previous quarter, and an 8%increase from $1.51 per share in the same quarter last year.

Leasing Activity

“In the third quarter, we signed total bookings expected to generate $69 million of annualized GAAP rental revenue, including an $8 million contribution from interconnection,” said Chief Executive Officer A. William Stein. “This represents the second-highest bookings in the company's history, close on the heels of our record in the prior quarter.  We also announced our entry into the rapidly growing Brazilian market, and we took proactive steps to secure our supply chain and further strengthen our balance sheet.  We look forward to building on this momentum in the months ahead, setting the stage for sustainable growth into 2019 and beyond.”  

The weighted-average lag between leases signed during the third quarter of 2018 and the contractual commencement date was five months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $61 million of annualized GAAP rental revenue during the quarter. Rental rates on renewal leases signed during the third quarter of 2018 rolled up 0.2% on a cash basis and up 1.6% on a GAAP basis.

8

Digital Realty Trust
Earnings Release		Third Quarter 2018

New leases signed during the third quarter of 2018 by region and product type are summarized as follows:

	Annualized GAAP
	Base Rent			GAAP Base Rent			GAAP Base Rent
North America	(in thousands)		Square Feet	per Square Foot		Megawatts	per Kilowatt
Turn-Key Flex		$40,958	330,137		$124	33.3		$103
Colocation	8,527		45,081	189		2.4	294
Non-Technical	978		53,916	18		—	—
Total		$50,463	429,134		$118	35.7		$116
Europe (1)
Turn-Key Flex		$5,076	32,431		$157	3.3		$130
Colocation	1,800		1,869	963		0.4	353
Non-Technical	51		1,715	30		—	—
Total		$6,927	36,015		$192	3.7		$155
Asia Pacific (1)
Turn-Key Flex		$4,163	23,300		$179	2.4		$146
Total		$4,163	23,300		$179	2.4		$146
Interconnection		$7,610	N/A	N/A		N/A	N/A
Grand Total		$69,163	488,449		$126	41.7		$121

Note: Totals may not foot due to rounding differences.

(1)    Based on quarterly average exchange rates during the three months ended September 30, 2018.

Investment Activity

During the third quarter of 2018, Digital Realty closed on the sale of 360 Spear Street, a 155,000 square foot data center in San Francisco, California, for $92 million. The facility was 39% leased and was expected to generate cash net operating income of approximately $2 million in 2018, representing a nominal exit cap rate of 1.9%. The sale generated net proceeds of $91 million, and Digital Realty recognized a gain on the sale of approximately $27 million in the third quarter of 2018.

Likewise during the third quarter of 2018, Digital Realty acquired three separate sites in Manassas, Virginia, Sterling, Virginia and Sydney, Australia, totaling 51.5 acres for a combined investment of $40 million, or approximately $773,000 per acre. The three sites are expected to support the development of approximately 138 megawatts of critical power. Digital Realty also entered into an agreement to acquire 424 acres of undeveloped land in Loudoun County, Virginia for a purchase price of $236.5 million, or approximately $558,000 per acre. The site is adjacent to Washington Dulles International Airport and located near bulk transmission lines as well as a major fiber path. The site is also located less than four miles from Digital Realty's existing data center campuses in Ashburn, Virginia. Commencement of development on these various land parcels will be subject to market demand, and delivery will be phased to meet future growth requirements upon build-out and lease-up of the company's existing campuses in Northern Virginia and Sydney, Australia.

Likewise during the third quarter of 2018, Digital Realty entered into a definitive agreement to acquire Ascenty, the leading data center provider in Brazil, from private equity firm Great Hill Partners in a transaction valued at approximately $1.8 billion. Digital Realty separately entered into an independent bilateral equity commitment letter with Brookfield Infrastructure, an affiliate of Brookfield Asset Management, one of the largest owners and operators of infrastructure assets globally, under which Brookfield has committed to fund half of the required initial equity investment, currently estimated to be approximately $613 million, excluding Brookfield’s share of the transaction costs, in exchange for 49% of the total equity interests in a joint venture entity expected to ultimately own Ascenty. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2018.

Balance Sheet

Digital Realty had approximately $9.2 billion of total debt outstanding as of September 30, 2018, comprised of $9.1 billion of unsecured debt and approximately $0.1 billion of secured debt. At the end of the third quarter of 2018, net debt-to-adjusted EBITDA was 5.2x, debt-plus-preferred-to-total enterprise value was 30.2% and fixed charge coverage was 4.1x.

During the third quarter, Digital Realty executed an offering of 9,775,000 shares of common stock (including 1,275,000 shares from the exercise in full of the underwriters' over-allotment option) at a price of $113.00 per share, subject to forward sale agreements. The company expects to receive net proceeds of approximately $1.1 billion (net of fees and estimated expenses) upon full physical settlement of the forward sale agreements, expected to be no later than September 27, 2019.

Subsequent to quarter-end, Digital Realty closed a £400 million pound sterling-denominated bond offering of 12-year senior unsecured notes at 3.750% per annum.

Likewise subsequent to quarter-end, Digital Realty completed the refinancing of its global credit facilities. The combined facilities total $3.3 billion, comprised of a $2.35 billion global revolving credit facility and approximately $916 million of multi-currency term loans. The company

9

Digital Realty Trust
Earnings Release		Third Quarter 2018

also completed a five-year, ¥33.3 billion (approximately $300 million) Japanese yen-denominated revolving credit facility. In conjunction with the refinancing, pricing for the global revolving credit facility was tightened by 10 basis points at the company's BBB / Baa2 senior unsecured debt rating, the maturity date was extended by three years and total availability was expanded by $350 million. The refinancing provides funds for acquisitions, development, debt repayment, working capital and general corporate purposes.

2018 Outlook

Digital Realty reiterated its 2018 core FFO per share outlook of $6.55 - $6.65. The assumptions underlying this guidance are summarized in the following table.

	As of	As of	As of	As of	As of
Top-Line and Cost Structure	January 8, 2018	February 15, 2018	April 26, 2018	July 26, 2018	October 25, 2018
2018 total revenue	$3.0 - $3.2 billion	$3.0 - $3.2 billion	$3.0 - $3.2 billion	$3.0 - $3.2 billion	$3.0 - $3.2 billion
2018 net non-cash rent adjustments (1)	($5 - $15 million)	($5 - $15 million)	($5 - $15 million)	($5 - $15 million)	($5 - $15 million)
2018 Adjusted EBITDA margin	58.0% - 60.0%	58.0% - 60.0%	58.0% - 60.0%	58.0% - 60.0%	58.0% - 60.0%
2018 G&A margin	5.5% - 6.5%	5.5% - 6.5%	5.5% - 6.5%	5.5% - 6.5%	5.5% - 6.5%
Internal Growth
Rental rates on renewal leases
Cash basis	Slightly negative	Slightly negative	Slightly negative	Slightly negative	Slightly negative
GAAP basis	Up mid-single-digits	Up mid-single-digits	Up mid-single-digits	Up mid-single-digits	Up mid-single-digits
Year-end portfolio occupancy	+/- 50 bps	+/- 50 bps	+/- 50 bps	+/- 50 bps	+/- 50 bps
"Same-capital" cash NOI growth (2)	0% - 3.0%	0% - 3.0%	1.0% - 3.0%	1.0% - 3.0%	1.0% - 3.0%
Foreign Exchange Rates
U.S. Dollar / Pound Sterling	$1.28 - $1.32	$1.28 - $1.32	$1.35 - $1.40	$1.30 - $1.35	$1.30 - $1.35
U.S. Dollar / Euro	$1.10 - $1.20	$1.10 - $1.20	$1.18 - $1.22	$1.15 - $1.20	$1.15 - $1.20
External Growth
Dispositions
Dollar volume	$0 - $200 million	$88 - $200 million	$187 - $300 million	$199 - $300 million	$292 million
Cap rate	0.0% - 10.0%	0.0% - 10.0%	0.0% - 10.0%	0.0% - 10.0%	0.0% - 10.0%
Development
CapEx	$0.9 - $1.1 billion	$0.9 - $1.1 billion	$0.9 - $1.1 billion	$1.0 - $1.2 billion	$1.2 - $1.4 billion
Average stabilized yields	10.0% - 12.0%	10.0% - 12.0%	10.0% - 12.0%	10.0% - 12.0%	10.0% - 12.0%
Enhancements and other non-recurring CapEx (3)	$25 - $30 million	$25 - $30 million	$25 - $30 million	$25 - $30 million	$25 - $30 million
Recurring CapEx + capitalized leasing costs (4)	$160 - $170 million	$160 - $170 million	$160 - $170 million	$160 - $170 million	$160 - $170 million
Balance Sheet
Long-term debt issuance
Dollar amount	$0 - $500 million	$0 - $500 million	$0 - $500 million	$650 million - $1 billion	$1.2 - $1.8 billion
Pricing	3.25% - 4.25%	3.25% - 4.25%	3.25% - 4.25%	3.25% - 4.50%	3.25% - 4.50%
Timing	Mid-to-late 2018	Mid-to-late 2018	Mid-to-late 2018	Mid-to-late 2018	Mid-to-late 2018
Net income per diluted share	$1.50 - $1.55	$1.50 - $1.55	$1.55 - $1.55	$1.55 - $1.60	$1.55 - $1.60
Real estate depreciation and (gain)/loss on sale	$4.90 - $4.95	$4.90 - $4.95	$4.90 - $4.95	$4.95 - $4.95	$4.95 - $4.95
Funds From Operations / share (NAREIT-Defined)	$6.40 - $6.50	$6.40 - $6.50	$6.45 - $6.50	$6.50 - $6.55	$6.50 - $6.55
Non-core expenses and revenue streams	$0.05 - $0.10	$0.05 - $0.10	$0.05 - $0.10	$0.05 - $0.10	$0.05 - $0.10
Core Funds From Operations / share	$6.45 - $6.60	$6.45 - $6.60	$6.50 - $6.60	$6.55 - $6.65	$6.55 - $6.65

(1) Net non-cash rent adjustments represent the sum of straight-line rental revenue, straight-line rent expense as well as the amortization of above- and below-market leases (i.e., FAS 141 adjustments).

(2) The "same-capital" pool includes buildings owned as of December 31, 2016 with less than 5% of the total rentable square feet under development. It also excludes buildings that were undergoing, or were expected to undergo, development activities in 2017-2018, buildings classified as held for sale, and buildings sold or contributed to joint ventures for all periods presented.

(3) Other non-recurring CapEx represents costs incurred to enhance the capacity or marketability of operating data centers, such as network fiber initiatives and software development costs.

(4) Recurring CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions. Capitalized leasing costs include capitalized leasing compensation as well as capitalized internal leasing commissions.

10

Digital Realty Trust
Earnings Release		Third Quarter 2018

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, including FFO, core FFO, and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to core FFO, and definitions of FFO, and core FFO are included as an attachment to this document. A reconciliation from U.S. GAAP net income available to common stockholders to Adjusted EBITDA, a definition of Adjusted EBITDA and definitions of net debt-to-Adjusted EBITDA, debt-plus-preferred-to-total enterprise value, cash NOI, and fixed charge coverage ratio are included as an attachment to this document.

Investor Conference Call

Prior to Digital Realty’s investor conference call at 5:30 p.m. EDT / 2:30 p.m. PDT on October 25, 2018, a presentation will be posted to the Investors section of the company’s website at http://investor.digitalrealty.com. The presentation is designed to accompany the discussion of the company's third quarter2018 financial results and operating performance. The conference call will feature Chief Executive Officer A. William Stein and Chief Financial Officer Andrew P. Power.

To participate in the live call, investors are invited to dial (888) 317-6003 (for domestic callers) or (412) 317-6061 (for international callers) and reference the conference ID# 0813657 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 http://investor.digitalrealty.com.

Telephone and webcast replays will be available after the call until November 27, 2018. The telephone replay can be accessed by dialing (877) 344-7529 (for domestic callers) or (412) 317-0088 (for international callers) and providing the conference ID# 10124567. The webcast replay can be accessed on Digital Realty’s website.

About Digital Realty

Digital Realty supports the data center, colocation and interconnection strategies of more than 2,300 firms across its secure, network-rich portfolio of data centers located throughout North America, Europe, Asia and Australia. Digital Realty's clients include domestic and international companies of all sizes, ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products.

Contact Information

Andrew P. Power

Chief Financial Officer

Digital Realty

(415) 738-6500

John J. Stewart / Maria S. Lukens

Investor Relations

Digital Realty

(415) 738-6500

11

Consolidated Quarterly Statements of Operations		Financial Supplement
Unaudited and in Thousands, Except Share and Per Share Data		Third Quarter 2018

	Three Months Ended															Nine Months Ended
	30-Sep-18			30-Jun-18			31-Mar-18			31-Dec-17			30-Sep-17			30-Sep-18			30-Sep-17
Rental revenues		$541,073			$534,556			$530,925			$517,356			$440,591			$1,606,554			$1,257,293
Tenant reimbursements - Utilities	105,822			100,084			98,576			97,657			78,134			304,482			209,939
Tenant reimbursements - Other	57,282			55,639			51,503			54,324			29,479			164,424			78,304
Interconnection & other	62,760			61,770			61,373			60,275			59,851			185,903			175,377
Fee income	1,469			2,343			1,133			1,386			1,662			4,945			4,986
Other	518			527			858			447			208			1,903			584
Total Operating Revenues	$768,924			$754,919			$744,368			$731,445			$609,925			$2,268,211			$1,726,483
Utilities		$127,239			$115,470			$112,230			$112,055			$95,619			$354,939			$255,556
Rental property operating	118,732			114,852			113,410			113,445			94,442			346,994			278,560
Property taxes	34,871			27,284			35,263			36,348			32,586			97,418			87,666
Insurance	2,653			2,606			3,731			3,223			2,590			8,990			7,758
Depreciation & amortization	293,957			298,788			294,789			287,973			199,914			887,534			554,491
General & administration	40,997			44,277			36,289			44,311			41,477			121,563			112,399
Severance, equity acceleration, and legal expenses	645			1,822			234			1,209			2,288			2,701			3,522
Transaction and integration expenses	9,626			5,606			4,178			15,681			42,809			19,410			60,367
Impairment of investments in real estate	—			—			—			—			28,992			—			28,992
Other expenses	1,139			152			431			2			3,051			1,722			3,075
Total Operating Expenses	$629,859			$610,857			$600,555			$614,247			$543,768			$1,841,271			$1,392,386
Operating Income	$139,065			$144,062			$143,813			$117,198			$66,157			$426,940			$334,097
Equity in earnings of unconsolidated joint venture		$8,886			$7,438			$7,410			$5,924			$5,880			$23,734			$19,592
Gain on real estate transactions	26,577			14,192			39,273			30,746			9,751			80,042			9,609
Interest and other income	(981		)	3,398			(42		)	324			2,813			2,375			3,331
Interest (expense)	(80,851		)	(78,810		)	(76,985		)	(73,989		)	(71,621		)	(236,646		)	(184,653		)
Tax (expense)	(2,432		)	(2,121		)	(3,374		)	(545		)	(2,494		)	(7,927		)	(7,356		)
Gain from early extinguishment of debt	—			—			—			—			1,990			—			1,990
Net Income	$90,264			$88,159			$110,095			$79,658			$12,476			$288,518			$176,610
Net (income) attributable to noncontrolling interests	(2,667		)	(2,696		)	(3,468		)	(6,023		)	(40		)	(8,831		)	(1,985		)
Net Income Attributable to Digital Realty Trust, Inc.	$87,597			$85,463			$106,627			$73,635			$12,436			$279,687			$174,625
Preferred stock dividends, including undeclared dividends	(20,329		)	(20,329		)	(20,329		)	(20,329		)	(16,575		)	(60,987		)	(48,473		)
Issuance costs associated with redeemed preferred stock	—			—			—			—			—			—			(6,309		)
Net Income (Loss) Available to Common Stockholders	$67,268			$65,134			$86,298			$53,306			($4,139)			$218,700			$119,843
Weighted-average shares outstanding - basic	206,118,472			205,956,005			205,714,173			205,448,689			170,194,254			205,931,031			163,481,306
Weighted-average shares outstanding - diluted	206,766,256			206,563,079			206,507,476			206,185,084			170,194,254			206,555,627			164,371,096
Weighted-average fully diluted shares and units	214,937,168			214,895,273			214,802,763			214,424,363			174,169,511			214,824,010			166,937,862
Net income (loss) per share - basic	$0.33			$0.32			$0.42			$0.26			($0.02)			$1.06			$0.73
Net income (loss) per share - diluted	$0.33			$0.32			$0.42			$0.26			($0.02)			$1.06			$0.73

12

Funds From Operations and Core Funds From Operations		Financial Supplement
Unaudited and in Thousands, Except Per Share Data		Third Quarter 2018

Reconciliation of Net Income to Funds From Operations (FFO)	Three Months Ended															Nine Months Ended
	30-Sep-18			30-Jun-18			31-Mar-18			31-Dec-17			30-Sep-17			30-Sep-18			30-Sep-17
Net Income (Loss) Available to Common Stockholders		$67,268			$65,134			$86,298			$53,306			($4,139	)		$218,700			$119,843
Adjustments:
Non-controlling interests in operating partnership	2,700			2,700			3,480			2,138			(79		)	8,880			1,632
Real estate related depreciation & amortization (1)	290,757			295,750			291,686			284,924			196,871			878,193			545,328
Unconsolidated JV real estate related depreciation & amortization	3,775			3,722			3,476			3,323			2,732			10,973			8,243
(Gain) on real estate transactions	(26,577		)	(14,192		)	(39,273		)	(30,746		)	(9,751		)	(80,042		)	(9,609		)
Non-controlling interests share of gain on sale of property	—			—			—			3,900			—			—			—
Impairment of investments in real estate	—			—			—			—			28,992			—			28,992
Funds From Operations		$337,923			$353,114			$345,667			$316,845			$214,626			$1,036,704			$694,429
Funds From Operations - diluted		$337,923			$353,114			$345,667			$316,845			$214,626			$1,036,704			$694,429
Weighted-average shares and units outstanding - basic	214,289			214,288			214,009			213,688			173,461			214,199			166,048
Weighted-average shares and units outstanding - diluted (2)	214,937			214,895			214,803			214,424			174,170			214,824			166,938
Funds From Operations per share - basic	$1.58			$1.65			$1.62			$1.48			$1.24			$4.84			$4.18
Funds From Operations per share - diluted (2)	$1.57			$1.64			$1.61			$1.48			$1.23			$4.83			$4.16

	Three Months Ended															Nine Months Ended
Reconciliation of FFO to Core FFO	30-Sep-18			30-Jun-18			31-Mar-18			31-Dec-17			30-Sep-17			30-Sep-18			30-Sep-17
Funds From Operations - diluted		$337,923			$353,114			$345,667			$316,845			$214,626			$1,036,704			$694,429
Adjustments:
Termination fees and other non-core revenues (3)	(518		)	(3,663		)	(858		)	(447		)	(208		)	(5,039		)	(584)
Transaction and integration expenses	9,626			5,606			4,178			15,681			42,809			19,410			60,367
Gain from early extinguishment of debt	—			—			—			—			(1,990		)	—			(1,990		)
Issuance costs associated with redeemed preferred stock	—			—			—			—			—			—			6,309
Equity in earnings adjustment for non-core items	—			—			—			—			—			—			(3,285		)
Severance, equity acceleration, and legal expenses (4)	645			1,822			234			1,209			2,288			2,701			3,522
Bridge facility fees (5)	—			—			—			—			3,182			—			3,182
Other non-core expense adjustments	2,269			152			431			2			3,051			2,852			3,075
Core Funds From Operations - diluted		$349,945			$357,031			$349,652			$333,290			$263,758			$1,056,628			$765,025
Weighted-average shares and units outstanding - diluted (2)	214,937			214,895			214,803			214,424			174,170			214,824			166,938
Core Funds From Operations per share - diluted (2)	$1.63			$1.66			$1.63			$1.55			$1.51			$4.92			$4.58

(1) Real Estate Related Depreciation & Amortization:	Three Months Ended															Nine Months Ended
	30-Sep-18			30-Jun-18			31-Mar-18			31-Dec-17			30-Sep-17			30-Sep-18			30-Sep-17
Depreciation & amortization per income statement		$293,957			$298,788			$294,789			$287,973			$199,914			$887,534			$554,491
Non-real estate depreciation	(3,200		)	(3,038		)	(3,103		)	(3,049		)	(3,043		)	(9,341		)	(9,163		)
Real Estate Related Depreciation & Amortization		$290,757			$295,750			$291,686			$284,924			$196,871			$878,193			$545,328

(2) For all periods presented, we have excluded the effect of dilutive series C, series F, series G, series H, series I and series J preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series C, series F, series G, series H, series I, and series J preferred stock, as applicable, which we consider highly improbable. See above for calculations of diluted FFO available to common stockholders and unitholders and the share count detail section of the reconciliation of core FFO to AFFO for calculations of weighted average common stock and units outstanding.

(3) Includes lease termination fees and certain other adjustments that are not core to our business.

(4) Relates to severance and other charges related to the departure of company executives and integration-related severance.

(5) Bridge facility fees are included in interest expense.

13

Adjusted Funds From Operations (AFFO)		Financial Supplement
Unaudited and in Thousands, Except Per Share Data		Third Quarter 2018

	Three Months Ended															Nine Months Ended
Reconciliation of Core FFO to AFFO	30-Sep-18			30-Jun-18			31-Mar-18			31-Dec-17			30-Sep-17			30-Sep-18			30-Sep-17
Core FFO available to common stockholders and unitholders		$349,945			$357,031			$349,652			$333,290			$263,758			$1,056,628			$765,025
Adjustments:
Non-real estate depreciation	3,200			3,038			3,103			3,049			3,043			9,341			9,163
Amortization of deferred financing costs	3,066			2,953			3,060			3,092			2,611			9,079			7,572
Amortization of debt discount/premium	902			882			875			858			816			2,659			2,226
Non-cash stock-based compensation expense	5,823			8,419			5,497			3,923			4,636			19,741			13,977
Straight-line rental revenue	(10,511		)	(8,489		)	(10,266		)	(8,705		)	(1,692		)	(29,266		)	(7,860		)
Straight-line rental expense	2,482			2,669			2,547			(635		)	4,212			7,698			12,742
Above- and below-market rent amortization	6,552			6,794			6,666			6,562			(873		)	20,012			(4,792		)
Deferred non-cash tax expense	(1,783		)	(1,137		)	(216		)	(1,100		)	284			(3,135		)	(1,812		)
Capitalized leasing compensation (1)	(2,606		)	(2,825		)	(2,998		)	(3,567		)	(2,945		)	(8,429		)	(8,319		)
Recurring capital expenditures (2)	(22,500		)	(34,447		)	(27,328		)	(45,298		)	(34,664		)	(84,275		)	(90,992		)
Capitalized internal leasing commissions (1)	(2,547		)	(2,822		)	(2,049		)	(1,217		)	(1,225		)	(7,418		)	(4,073		)
AFFO available to common stockholders and unitholders (3)		$332,023			$332,066			$328,543			$290,252			$237,961			$992,635			$692,857
Weighted-average shares and units outstanding - basic	214,289			214,288			214,009			213,688			173,461			214,199			166,048
Weighted-average shares and units outstanding - diluted (4)	214,937			214,895			214,803			214,424			174,170			214,824			166,938
AFFO per share - diluted (4)		$1.54			$1.55			$1.53			$1.35			$1.37			$4.62			$4.15
Dividends per share and common unit		$1.01			$1.01			$1.01			$0.93			$0.93			$3.03			$2.79
Diluted AFFO Payout Ratio	65.4		%	65.4		%	66.0		%	68.7		%	68.1		%	65.6		%	67.2		%

	Three Months Ended					Nine Months Ended
Share Count Detail	30-Sep-18	30-Jun-18	31-Mar-18	31-Dec-17	30-Sep-17	30-Sep-18	30-Sep-17
Weighted Average Common Stock and Units Outstanding	214,289	214,288	214,009	213,688	173,461	214,199	166,048
Add: Effect of dilutive securities (excludes 5.50% debentures)	648	607	794	736	709	625	890
Weighted Avg. Common Stock and Units Outstanding - diluted	214,937	214,895	214,803	214,424	174,170	214,824	166,938

(1) Includes only second-generation leasing costs.

(2) Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty's operating standards, or internal leasing commissions.

(3) For a definition and discussion of AFFO, see the definitions section. For a reconciliation of net income available to common stockholders to FFO and core FFO, see above.

(4) For all periods presented, we have excluded the effect of dilutive series C, series F, series G, series H, series I and series J preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series C, series F, series G, series H, series I, and series J preferred stock, as applicable, which we consider highly improbable. See above for calculations of diluted FFO available to common stockholders and unitholders and for calculations of weighted average common stock and units outstanding.

14

Consolidated Balance Sheets		Financial Supplement
Unaudited and in Thousands, Except Share and Per Share Data		Third Quarter 2018

	30-Sep-18			30-Jun-18			31-Mar-18			31-Dec-17			30-Sep-17
Assets
Investments in real estate:
Real estate		$16,062,402			$15,969,938			$15,654,932			$15,163,846			$14,693,479
Construction in progress	1,464,010			1,323,998			1,470,065			1,399,684			1,405,740
Land held for future development	284,962			261,368			236,415			352,406			330,101
Investments in real estate		$17,811,374			$17,555,304			$17,361,412			$16,915,936			$16,429,320
Accumulated depreciation and amortization	(3,755,596		)	(3,588,124		)	(3,439,050		)	(3,238,227		)	(3,075,294		)
Net Investments in Properties		$14,055,778			$13,967,180			$13,922,362			$13,677,709			$13,354,026
Investment in unconsolidated joint ventures	169,919			167,306			167,564			163,477			106,374
Net Investments in Real Estate		$14,225,697			$14,134,486			$14,089,926			$13,841,186			$13,460,400
Cash and cash equivalents		$46,242			$17,589			$22,370			$51			$192,578
Accounts and other receivables (1)	308,709			282,287			309,328			276,347			258,490
Deferred rent	454,412			445,766			442,887			430,026			420,348
Acquired in-place lease value, deferred leasing costs and other real estate intangibles, net	2,734,158			2,823,275			2,928,566			2,998,806			3,052,277
Acquired above-market leases, net	135,127			150,084			165,568			184,375			178,190
Goodwill	3,373,342			3,378,325			3,405,110			3,389,595			3,384,394
Restricted cash	8,068			9,443			7,330			13,130			17,753
Assets associated with real estate held for sale	—			—			41,707			139,538			132,818
Other assets	176,355			170,168			169,125			131,291			135,250
Total Assets		$21,462,110			$21,411,423			$21,581,917			$21,404,345			$21,232,498
Liabilities and Equity
Global unsecured revolving credit facility		$590,289			$466,971			$952,121			$550,946			$138,477
Unsecured term loans	1,352,969			1,376,784			1,428,498			1,420,333			1,432,659
Unsecured senior notes, net of discount	7,130,541			7,156,084			6,660,727			6,570,757			6,806,333
Mortgage loans, net of premiums	106,072			106,245			106,366			106,582			106,775
Accounts payable and other accrued liabilities	1,059,355			1,031,794			1,012,490			980,218			1,024,394
Accrued dividends and distributions	—			—			—			199,761			—
Acquired below-market leases	208,202			216,520			225,674			249,465			257,732
Security deposits and prepaid rent	233,667			207,292			207,859			217,898			223,536
Liabilities associated with assets held for sale	—			—			1,767			5,033			4,660
Total Liabilities		$10,681,095			$10,561,690			$10,595,502			$10,300,993			$9,994,566
Redeemable non-controlling interests - operating partnership	17,553			52,805			49,871			53,902			64,509
Equity
Preferred Stock: $0.01 par value per share, 110,000,000 shares authorized:
Series C Cumulative Redeemable Preferred Stock (2)		$219,250			$219,250			$219,250			$219,250			$219,250
Series G Cumulative Redeemable Preferred Stock (3)	241,468			241,468			241,468			241,468			241,468
Series H Cumulative Redeemable Preferred Stock (4)	353,290			353,290			353,290			353,290			353,290
Series I Cumulative Redeemable Preferred Stock (5)	242,012			242,012			242,012			242,012			242,012
Series J Cumulative Redeemable Preferred Stock (6)	193,540			193,540			193,540			193,540			193,667
Common Stock: $0.01 par value per share, 315,000,000 shares authorized (7)	2,049			2,047			2,045			2,044			2,043
Additional paid-in capital	11,333,035			11,310,132			11,285,611			11,261,462			11,250,322
Dividends in excess of earnings	(2,455,189		)	(2,314,291		)	(2,177,269		)	(2,055,552		)	(1,917,791		)
Accumulated other comprehensive (loss), net	(103,201		)	(107,070		)	(106,096		)	(108,432		)	(116,732		)
Total Stockholders' Equity		$10,026,254			$10,140,378			$10,253,851			$10,349,082			$10,467,529
Noncontrolling Interests
Noncontrolling interest in operating partnership		$671,269			$654,261			$680,400			$698,125			$699,308
Noncontrolling interest in consolidated joint ventures	65,939			2,289			2,293			2,243			6,586
Total Noncontrolling Interests		$737,208			$656,550			$682,693			$700,368			$705,894
Total Equity		$10,763,462			$10,796,928			$10,936,544			$11,049,450			$11,173,423
Total Liabilities and Equity		$21,462,110			$21,411,423			$21,581,917			$21,404,345			$21,232,498

(1) Net of allowance for doubtful accounts of $9,060 and $6,737, as of September 30, 2018 and December 31, 2017, respectively.

(2) Series C Cumulative Redeemable Perpetual Preferred Stock, 6.625%, $201,250 and $201,250 liquidation preference, respectively ($25.00 per share), 8,050,000 and 8,050,000 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively.

(3) Series G Cumulative Redeemable Preferred Stock, 5.875%, $250,000 and $250,000 liquidation preference, respectively ($25.00 per share), 10,000,000 and 10,000,000 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively.

(4) Series H Cumulative Redeemable Preferred Stock, 7.375%, $365,000 and $365,000 liquidation preference, respectively ($25.00 per share), 14,600,000 and 14,600,000 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively.

(5) Series I Cumulative Redeemable Preferred Stock, 6.350%, $250,000 and $250,000 liquidation preference, respectively ($25.00 per share), 10,000,000 and 10,000,000 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively.

(6) Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 and $200,000 liquidation preference, respectively ($25.00 per share), 8,000,000 and 8,000,000 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively.

(7) Common Stock: 206,267,055 and 205,470,300 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively.

15

Components of Net Asset Value (NAV) (1)		Financial Supplement
Unaudited and in Thousands		Third Quarter 2018

Consolidated Data Centers Cash Net Operating Income (NOI) (2), Annualized (3)
Internet Gateway (4)		$337,533
Turn-Key Flex® (4)	1,125,480
Powered Base Building® (4)	217,444
Colo & Non-tech (4)	120,303
Internet Gateway Leaseholds (4)	127,089
Total Cash NOI, Annualized		$1,927,849
less: Partners' share of consolidated JVs	(37		)
Dispositions / expirations	(11,800		)
3Q18 carry-over & remaining FY18 backlog cash NOI (stabilized) (5)	56,431
Total Consolidated Cash NOI, Annualized		$1,972,443
Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI (3)(6)
Turn-Key Flex®		$49,500
Powered Base Building®	9,684
Total Unconsolidated Cash NOI, Annualized		$59,184
Other Income
Development and Management Fees (net), Annualized		$5,876
Other Assets
Pre-stabilized inventory, at cost (7)		$313,182
Land held for development	284,962
Development CIP (8)	1,464,010
less: Investment associated with FY18 Backlog NOI	(366,056		)
Cash and cash equivalents	46,242
Restricted cash	8,068
Accounts and other receivables, net	308,709
Other assets	176,355
less: Partners' share of consolidated JV assets	(58		)
Total Other Assets		$2,235,414
Liabilities
Global unsecured revolving credit facility		$594,983
Unsecured term loans	1,356,702
Unsecured senior notes	7,185,320
Mortgage loans, excluding premiums	105,930
Accounts payable and other accrued liabilities (9)	1,059,355
Security deposits and prepaid rents	233,667
Backlog NOI cost to complete (10)	146,661
Preferred stock, at liquidation value	1,266,250
Digital Realty's share of unconsolidated JV debt	264,535
Total Liabilities		$12,213,403
Diluted Shares and Units Outstanding	215,256

(1) Includes Digital Realty's share of backlog leasing at unconsolidated joint venture buildings.

(2) For definitions and discussion of NOI and cash NOI and a reconciliation of operating income to NOI and cash NOI, see page 39.

(3) Annualized cash NOI is calculated by multiplying results for the most recent quarter by four. Annualized results may not be indicative of any four-quarter period and do not take into account scheduled lease expirations, among other things. Annualized data is presented for illustrative purposes only.

(4) Reflects annualized 3Q18 Cash NOI of $1,927.8 million. NOI is allocated based on management’s best estimates derived using contractual ABR and stabilized margins.

(5) Estimated cash NOI related to signed leasing expected to commence through December 31, 2018. Includes Digital Realty's share of signed leases at unconsolidated joint venture buildings.

(6) For a reconciliation of Digital Realty's pro rata share of unconsolidated joint venture operating income to cash NOI, see page 36.

(7) Includes Digital Realty's share of cost at unconsolidated joint venture buildings.

(8) See page 32 for further details on the breakdown of the construction in progress balance.

(9) Includes net deferred tax liability of approximately $159.3 million.

(10) Includes Digital Realty's share of expected cost to complete at unconsolidated joint venture buildings.

16

Consolidated Debt Analysis and Global Unsecured Revolving Credit Facility		Financial Supplement
Unaudited and in Thousands		Third Quarter 2018

	As of September 30, 2018
	Maturity Date	Principal Balance			% of Total Debt		Interest Rate		Interest Rate Including Swaps
Global Unsecured Revolving Credit Facility
Global unsecured revolving credit facility	January 15, 2021 (1)		$594,983
Deferred financing costs, net		(4,694		)
Total Global Unsecured Revolving Credit Facility			$590,289		6	%	2.349	%
Unsecured Term Loan
Hedged variable rate portion of five-year term loan	January 15, 2021		$604,046				2.684	%	2.176	%
Unhedged variable rate portion of five-year term loan	January 15, 2021	452,656					2.757	%
Hedged variable rate portion of seven-year term loan	January 15, 2023	300,000					3.708	%	2.985	%
Deferred financing costs, net		(3,733		)
Total Unsecured Term Loan			$1,352,969		15	%	2.935	%	2.549	%
Senior Notes
Floating rate guaranteed notes due 2019	May 22, 2019		$145,050				0.181	%
5.875% notes due 2020	February 1, 2020	500,000					5.875	%
3.400% notes due 2020	October 1, 2020	500,000					3.400	%
5.250% notes due 2021	March 15, 2021	400,000					5.250	%
3.950% notes due 2022	July 1, 2022	500,000					3.950	%
3.625% notes due 2022	October 1, 2022	300,000					3.625	%
2.750% notes due 2023	February 1, 2023	350,000					2.750	%
4.750% notes due 2023	October 13, 2023	390,930					4.750	%
2.625% notes due 2024	April 15, 2024	696,240					2.625	%
2.750% notes due 2024	July 19, 2024	325,775					2.750	%
4.250% notes due 2025	January 17, 2025	521,240					4.250	%
4.750% notes due 2025	October 1, 2025	450,000					4.750	%
3.700% notes due 2027	August 15, 2027	1,000,000					3.700	%
4.450% notes due 2028	July 15, 2028	650,000					4.450	%
3.300% notes due 2029	July 19, 2029	456,085					3.300	%
Unamortized discounts		(16,495		)
Deferred financing costs, net		(38,284		)
Total Senior Notes			$7,130,541		78	%	3.872	%
Total Unsecured Senior Notes			$7,130,541		78	%	3.872	%
Mortgage Loans
731 East Trade Street	July 1, 2020		$1,930				8.220	%
Secured note due 2023	March 1, 2023	104,000					3.258	%	2.711	%
Unamortized net premiums		171
Deferred financing costs, net		(29		)
Total Mortgage Loans			$106,072		1	%	3.349	%	2.811	%
Total Indebtedness			$9,179,871		100	%	3.630	%	3.567	%
Debt Summary
Total unhedged variable rate debt			$1,192,689		13	%
Total fixed rate / hedged variable rate debt		8,050,246			87	%
Total Consolidated Debt			$9,242,935		100	%	3.630	%	3.567% (2)

Global Unsecured Revolving Credit Facility Detail as of September 30, 2018
	Maximum Available		Existing Capacity(3)		Currently Drawn
Global Unsecured Revolving Credit Facility		$2,020,497		$1,380,957		$594,983

(1) Maturity date assumes that all extensions will be exercised.

(2) Debt instruments shown at coupon rates.

(3) Net of letters of credit issued of $44.6 million.

17

Debt Maturities		Financial Supplement
Unaudited and in Thousands		Third Quarter 2018

	As of September 30, 2018
	Interest Rate	2018			2019			2020			2021			2022			Thereafter			Total
Global Unsecured Revolving Credit Facility (1)
Global unsecured revolving credit facility		—			—			—				$594,983		—			—				$594,983
Total Global Unsecured Revolving Credit Facility	2.349%	—			—			—				$594,983		—			—				$594,983
Unsecured Term Loan
Hedged variable rate portion of five-year term loan	2.176% (2)	—			—			—				$604,046		—			—				$604,046
Unhedged variable rate portion of five-year term loan	2.757%	—			—			—			452,656			—			—			452,656
Hedged variable rate portion of seven-year term loan	2.985% (2)	—			—			—			—			—				$300,000		300,000
Total Unsecured Term Loan	2.549% (2)	—			—			—				$1,056,702		—				$300,000			$1,356,702
Senior Notes
Floating rate guaranteed notes due 2019	0.181%	—				$145,050		—			—			—			—				$145,050
5.875% notes due 2020	5.875%	—			—				$500,000		—			—			—			500,000
3.400% notes due 2020	3.400%	—			—			500,000			—			—			—			500,000
5.250% notes due 2021	5.250%	—			—			—				$400,000		—			—			400,000
3.950% notes due 2022	3.950%	—			—			—			—				$500,000		—			500,000
3.625% notes due 2022	3.625%	—			—			—			—			300,000			—			300,000
2.750% notes due 2023	2.750%	—			—			—			—			—				$350,000		350,000
4.750% notes due 2023	4.750%	—			—			—			—			—			390,930			390,930
2.625% notes due 2024	2.625%	—			—			—			—			—			696,240			696,240
2.750% notes due 2024	2.750%	—			—			—			—			—			325,775			325,775
4.250% notes due 2025	4.250%	—			—			—			—			—			521,240			521,240
4.750% notes due 2025	4.750%	—			—			—			—			—			450,000			450,000
3.700% notes due 2027	3.700%	—			—			—			—			—			1,000,000			1,000,000
4.450% notes due 2028	4.450%	—			—			—			—			—			650,000			650,000
3.300% notes due 2029	3.300%	—			—			—			—			—			456,085			456,085
Total Senior Notes	3.872%	—				$145,050			$1,000,000			$400,000			$800,000			$4,840,270			$7,185,320
Mortgage Loans
Secured note due 2023	2.711% (2)	—			—			—			—			—				$104,000			$104,000
731 East Trade Street	8.220%		$153			$644			$1,133		—			—			—			1,930
Total Mortgage Loans	2.811%		$153			$644			$1,133		—			—				$104,000			$105,930
Total unhedged variable rate debt		—				$145,050		—				$1,047,639		—			—				$1,192,689
Total fixed rate / hedged variable rate debt			$153		644				$1,001,133		1,004,046				$800,000			$5,244,270		8,050,246
Total Debt	3.567%		$153			$145,694			$1,001,133			$2,051,685			$800,000			$5,244,270			$9,242,935
Weighted Average Interest Rate		8.220		%	0.217		%	4.642		%	2.954		%	3.828		%	3.656		%	3.567		%
Summary
Weighted Average Term to Initial Maturity																				5.0 Years
Weighted Average Maturity (assuming exercise of extension options)																				5.1 Years

(1) Assumes all extensions will be exercised.

(2) Interest rate including swaps.

Note: Totals exclude net premiums/(discounts) and deferred financing costs.

18

Debt Analysis & Covenant Compliance		Financial Supplement
Unaudited		Third Quarter 2018

	As of September 30, 2018
	5.875% Notes due 2020 5.250% Notes due 2021			Floating Rate Notes due 2019 3.400% Notes due 2020 3.950% Notes due 2022 3.625% Notes due 2022 4.750% Notes due 2023 2.750% Notes due 2023 2.625% Notes due 2024 2.750% Notes due 2024 4.250% Notes due 2025 4.750% Notes due 2025 3.700% Notes due 2027 4.450% Notes due 2028 3.300% Notes due 2029		Global Unsecured Revolving Credit Facility
Debt Covenant Ratios (1)	Required	Actual		Actual		Required	Actual
Total outstanding debt / total assets (2)	Less than 60%	44	%	40	%	Less than 60% (3)	37	%
Secured debt / total assets (4)	Less than 40%	< 1%		< 1%		Less than 40%	1	%
Total unencumbered assets / unsecured debt	Greater than 150%	219	%	239	%	N/A	N/A
Consolidated EBITDA / interest expense (5)	Greater than 1.5x	4.6x		4.6x		N/A	N/A
Fixed charge coverage		N/A		N/A		Greater than 1.5x	4.4x
Unsecured debt / total unencumbered asset value (6)		N/A		N/A		Less than 60%	39%
Unencumbered assets debt service coverage ratio		N/A		N/A		Greater than 1.5x	5.7x

(1) For a definition of the terms used in the table above and related footnotes, please refer to the indentures which govern the notes and the Global Senior Credit Agreement dated as of January 15, 2016, as amended, 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 Unsecured Revolving Credit Facility. For the calculation of Total Assets, please refer to the indentures which govern the notes and the Global Senior Credit Agreement dated as of January 15, 2016, as amended, which are filed as exhibits to our reports filed with the Securities and Exchange Commission.

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

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

19

Same-Capital Operating Trend Summary		Financial Supplement
Unaudited and in Thousands		Third Quarter 2018

Stabilized ("Same-Capital") Portfolio (1)

	Three Months Ended										Nine Months Ended
	30-Sep-18		30-Sep-17		% Change		30-Jun-18		% Change		30-Sep-18		30-Sep-17		% Change
Rental revenues	$293,240		$297,460		(1.4	%)	$295,510		(0.8	%)	$886,014		$888,614		(0.3	%)
Tenant reimbursements - Utilities	51,915		48,657		6.7	%	48,986		6.0	%	146,315		138,017		6.0	%
Tenant reimbursements - Other	18,142		18,038		0.6	%	17,640		2.8	%	50,189		50,610		(0.8	%)
Interconnection & other	56,168		53,430		5.1	%	55,423		1.3	%	166,636		156,787		6.3	%
Total Revenue	$419,465		$417,585		0.5	%	$417,559		0.5	%	$1,249,154		$1,234,028		1.2	%
Utilities	$67,191		$64,260		4.6	%	$60,151		11.7	%	$183,654		$176,527		4.0	%
Rental property operating	66,294		63,277		4.8	%	62,518		6.0	%	193,307		193,224		—
Property taxes	20,499		21,300		(3.8	%)	14,844		38.1	%	55,518		58,601		(5.3	%)
Insurance	1,921		2,082		(7.7	%)	2,025		(5.1	%)	6,155		6,362		(3.3	%)
Total Expenses	$155,905		$150,919		3.3	%	$139,538		11.7	%	$438,634		$434,714		0.9	%
Net Operating Income (2)	$263,560		$266,666		(1.2	%)	$278,021		(5.2	%)	$810,520		$799,314		1.4	%
Less:
Stabilized straight-line rent	($5,089)		($6,270)		(18.8	%)	($4,015)		26.7	%	($12,368)		($15,640)		(20.9	%)
Above- and below-market rent	2,032		2,060		(1.4	%)	1,846		10.1	%	5,857		6,203		(5.6	%)
Cash Net Operating Income (3)	$266,617		$270,876		(1.6	%)	$280,190		(4.8	%)	$817,031		$808,751		1.0	%
Stabilized Portfolio occupancy at period end (4)	88.4	%	90.1	%	(1.7	%)	88.7	%	(0.3	%)	88.4	%	90.1	%	(1.7	%)

(1) Represents buildings owned as of December 31, 2016 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2017-2018, buildings classified as held for sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool.

(2) For a definition and discussion of net operating income and a reconciliation of operating income to NOI, see page 39.

(3) For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page 39.

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

20

Summary of Leasing Activity		Financial Supplement
Leases Signed in the Quarter Ended September 30, 2018		Third Quarter 2018

	Turn-Key Flex®				Powered Base Building®			Colocation				Non-Tech				Total
Leasing Activity - New (1) (2)	3Q18		LTM		3Q18	LTM		3Q18		LTM		3Q18		LTM		3Q18		LTM
Number of leases (3)	38		142		—	2		186		670		3		26		227		840
Rentable Square Feet Leased (4)	385,868		1,552,009		—	199,103		46,950		127,363		55,631		89,810		488,449		1,968,285
Initial stabilized cash rent per square foot		$129		$135	—		$18		$222		$262		$19		$21		$125		$126
GAAP base rent per square foot (5)		$130		$136	—		$24		$220		$261		$18		$21		$126		$128
Leasing cost per square foot		$12		$27	—		$2		$20		$24		$21		$15		$13		$24
Weighted Average Lease Term (years)	10.7		8.3		—	10.0		2.1		1.8		9.8		8.3		9.7		8.0
Net Effective Leasing Economics (6)
Base rent		$134		$143	—		$24		$221		$262		$19		$22		$129		$133
Rental concessions		$4		$7	—	—			$2		$1		$1	—			$3		$5
Estimated operating expense		$35		$29	—	—			$93		$97		$6		$5		$37		$29
Net Rent		$95		$107	—		$24		$127		$164		$12		$16		$89		$98
Tenant improvements		$1		$2	—	—		—		—			$2		$1		$1		$2
Leasing commissions		$2		$2	—	—			$16		$21		$1		$1		$3		$3
Net Effective Rent		$92		$103	—		$24		$111		$144		$10		$14		$85		$93

	Turn-Key Flex®				Powered Base Building®				Colocation				Non-Tech				Total
Leasing Activity - Renewals (1)	3Q18		LTM		3Q18		LTM		3Q18		LTM		3Q18		LTM		3Q18		LTM
Number of leases (3)	43		138		1		9		428		1,502		5		44		477		1,693
Rentable square feet renewed (4)	170,711		749,566		1,199		61,289		133,008		464,297		14,379		247,782		319,297		1,522,934
Expiring cash rent per square foot	$164		$160		$85		$54		$251		$274		$34		$17		$194		$167
Renewed cash rent per square foot	$161		$163		$90		$56		$257		$282		$21		$16		$194		$171
Cash Rental Rate Change	(1.9	%)	2.0	%	5.9	%	3.8	%	2.5	%	3.0	%	(37.4	%)	(3.0	%)	0.2	%	2.5	%
Expiring GAAP base rent per square foot (5)	$151		$146		$85		$50		$251		$274		$30		$16		$187		$160
Renewed GAAP base rent per square foot (5)	$152		$158		$92		$59		$258		$282		$24		$16		$190		$169
GAAP Base Rental Rate Change	0.7	%	8.2	%	8.0	%	18.5	%	2.6	%	3.1	%	(22.1	%)	3.6	%	1.6	%	5.6	%
Leasing cost per square foot	$6		$5		$0		$15		$0		$0		$5		$1		$3		$3
Weighted Average Lease Term (years)	6.3		5.4		1.0		8.7		1.4		1.4		5.4		3.2		4.2		3.9
Retention Ratio (7)	72.4	%	67.2	%	1.3	%	24.9	%	85.9	%	87.5	%	98.8	%	88.9	%	64.0	%	70.2	%

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

(2) Includes leases for new and re-leased space.

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

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

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

(6) All dollar amounts are per square foot averaged over lease term.

(7) Based on square feet.

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

21

Summary of Leasing Activity		Financial Supplement
Leases Commenced in the Quarter Ended September 30, 2018		Third Quarter 2018

	Turn-Key Flex®				Powered Base Building®			Colocation				Non-Tech				Total
Leasing Activity - New (1) (2)	3Q18		LTM		3Q18	LTM		3Q18		LTM		3Q18		LTM		3Q18		LTM
Number of leases (3)	43		148		—	1		140		602		7		27		190		778
Rentable Square Feet Leased (4)	313,389		1,256,360		—	534		16,502		90,651		7,222		35,501		337,113		1,383,046
Initial stabilized cash rent per square foot		$155		$138	—		$66		$354		$291		$31		$26		$162		$145
GAAP base rent per square foot (5)		$154		$141	—		$73		$354		$291		$32		$27		$161		$148
Leasing cost per square foot		$57		$26	—		$16		$30		$27		$8		$6		$55		$25
Weighted Average Lease Term (years)	7.5		7.2		—	8.6		2.7		2.2		3.7		5.4		7.2		6.9
Net Effective Leasing Economics (6)
Base rent		$171		$148	—		$73		$353		$291		$33		$27		$177		$154
Rental concessions		$16		$7	—	—		—		—		—			$1		$15		$7
Estimated operating expense		$36		$27	—		$10		$112		$108		$15		$9		$39		$32
Net Rent		$118		$114	—		$63		$241		$182		$18		$18		$122		$116
Tenant improvements		$7		$2	—	—		—		—			$1	—			$6		$2
Leasing commissions		$3		$2	—		$2		$21		$23		$4		$2		$4		$3
Net Effective Rent		$109		$110	—		$61		$221		$160		$13		$16		$112		$111

	Turn-Key Flex®				Powered Base Building®				Colocation				Non-Tech				Total
Leasing Activity - Renewals (1)	3Q18		LTM		3Q18		LTM		3Q18		LTM		3Q18		LTM		3Q18		LTM
Number of leases (3)	44		136		2		10		429		1,506		7		41		482		1,693
Rentable square feet renewed (4)	189,326		652,692		70,899		130,989		140,518		464,418		14,820		239,001		415,563		1,487,100
Expiring cash rent per square foot	$159		$162		$11		$30		$257		$276		$35		$16		$163		$162
Renewed cash rent per square foot	$157		$164		$12		$32		$264		$284		$23		$15		$163		$166
Cash Rental Rate Change	(1.7	%)	1.3	%	3.4	%	3.6	%	2.6	%	3.1	%	(34.6	%)	(3.6	%)	0.4	%	2.2	%
Expiring GAAP base rent per square foot (5)	$147		$147		$11		$29		$257		$276		$32		$15		$157		$156
Renewed GAAP base rent per square foot (5)	$150		$159		$12		$33		$264		$284		$26		$15		$161		$164
GAAP Base Rental Rate Change	2.1	%	7.9	%	10.4	%	17.1	%	2.6	%	3.2	%	(19.7	%)	3.2	%	2.4	%	5.4	%
Leasing cost per square foot	$5		$6		$1		$8		$0		$0		$5		$1		$3		$4
Weighted Average Lease Term (years)	6.7		4.9		4.2		6.3		1.4		1.4		5.5		3.0		4.5		3.6

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

(2) Includes leases for new and re-leased space.

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

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

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

(6) All dollar amounts are per square foot averaged over lease term.

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

22

Lease Expirations and Lease Distribution		Financial Supplement
Dollars in Thousands, Except Per Square Foot		Third Quarter 2018

Lease Expirations

Year	Square Footage of Expiring Leases (1)	% of Net Rentable Square Feet		Annualized Rent (2)		% of Annualized Rent		Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Available	2,832,923	11.0	%
Month to Month (3)	282,268	1.1	%		$48,798	2.2	%		$173		$173		$48,798
2018	680,221	2.6	%	55,064		2.5	%	81		81		55,064
2019	3,909,662	15.1	%	496,050		22.5	%	127		128		498,815
2020	2,351,002	9.1	%	265,120		12.0	%	113		116		273,248
2021	2,798,937	10.8	%	249,752		11.3	%	89		95		264,777
2022	2,623,348	10.2	%	252,106		11.5	%	96		105		274,296
2023	1,713,666	6.6	%	182,887		8.3	%	107		116		199,355
2024	1,735,065	6.7	%	151,407		6.9	%	87		101		176,107
2025	1,729,021	6.7	%	138,308		6.3	%	80		92		159,451
2026	1,203,540	4.7	%	111,594		5.1	%	93		110		132,010
2027	790,982	3.1	%	69,994		3.2	%	88		107		84,949
Thereafter	3,188,812	12.3	%	181,308		8.2	%	57		73		234,329
Total / Wtd. Avg.	25,839,447	100.0	%		$2,202,388	100.0	%		$96		$104		$2,401,199

Lease Distribution

Square Feet Under Lease	Total Net Rentable Square Feet (1)	% of Net Rentable Square Feet		Annualized Rent (2)		% of Annualized Rent
Available	2,832,923	11.0	%	—		—
2,500 or less	1,631,283	6.3	%		$322,790	14.7	%
2,501 - 10,000	2,672,047	10.3	%	329,983		15.0	%
10,001 - 20,000	6,104,384	23.6	%	740,409		33.6	%
20,001 - 40,000	4,403,976	17.0	%	468,199		21.3	%
40,001 - 100,000	4,299,144	16.6	%	220,145		10.0	%
Greater than 100,000	3,895,690	15.2	%	120,860		5.4	%
Total / Wtd. Avg.	25,839,447	100.0	%		$2,202,386	100.0	%

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

(2) Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 2018, multiplied by 12.

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

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

23

Lease Expirations - By Product Type		Financial Supplement
Dollars in Thousands, Except Per Square Foot		Third Quarter 2018

Year	Square Footage of Expiring Leases (1)	Annualized Rent (2)		% of Annualized Rent		Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Turn-Key Flex®
Available	1,117,871	—		—		—		—		—
Month to Month (3)	126,031		$21,737	1.0	%		$172		$172		$21,737
2018	98,553	15,396		0.7	%	156		156		15,396
2019	1,625,178	250,261		11.4	%	154		155		252,708
2020	1,388,053	200,863		9.1	%	145		150		207,766
2021	1,277,322	199,448		9.1	%	156		167		212,943
2022	1,373,410	209,409		9.5	%	152		166		228,505
2023	1,208,709	165,453		7.5	%	137		150		180,961
2024	840,079	114,488		5.2	%	136		161		135,202
2025	710,502	94,585		4.3	%	133		157		111,215
2026	736,415	90,574		4.1	%	123		146		107,777
2027	394,799	56,427		2.6	%	143		172		67,727
Thereafter	1,287,403	123,122		5.6	%	96		122		156,488
Total / Wtd. Avg.	12,184,325		$1,541,763	70.1	%		$139		$153		$1,698,425
Powered Base Building®
Available	523,329	—		—		—		—		—
Month to Month (3)	39,887		$1,611	0.1	%		$40		$40		$1,611
2018	256,949	9,934		0.5	%	39		39		9,934
2019	1,068,322	45,125		2.0	%	42		43		45,413
2020	586,408	20,581		0.9	%	35		37		21,476
2021	915,791	22,630		1.0	%	25		26		23,825
2022	868,615	32,673		1.5	%	38		41		35,365
2023	328,061	8,433		0.4	%	26		28		9,176
2024	519,978	23,516		1.1	%	45		52		27,163
2025	792,131	33,872		1.5	%	43		48		38,015
2026	379,935	16,842		0.8	%	44		52		19,823
2027	305,001	11,865		0.5	%	39		50		15,104
Thereafter	1,253,328	53,376		2.5	%	43		57		71,973
Total / Wtd. Avg.	7,837,735		$280,458	12.8	%		$38		$44		$318,878
Colocation
Available	661,362	—		—		—		—		—
Month to Month (3)	87,896		$23,950	1.1	%		$272		$272		$23,950
2018	80,640	23,087		1.0	%	286		286		23,087
2019	600,382	192,978		8.8	%	321		321		192,979
2020	179,980	38,439		1.7	%	214		214		38,440
2021	92,083	19,462		0.9	%	211		211		19,462
2022	23,298	3,973		0.2	%	171		171		3,973
2023	32,333	7,197		0.3	%	223		223		7,197
2024	76,022	8,079		0.4	%	106		106		8,079
2025	25,418	6,768		0.3	%	266		266		6,768
2026	12,611	3,200		0.1	%	254		254		3,200
2027	—	—		—		—		—		—
Thereafter	350	308		—		879		879		308
Total / Wtd. Avg.	1,872,375		$327,441	14.8	%		$270		$270		$327,443
Non-Technical
Available	530,361	—		—		—		—		—
Month to Month (3)	28,454		$1,499	0.1	%		$53		$53		$1,499
2018	244,079	6,647		0.3	%	27		27		6,647
2019	615,780	7,685		0.3	%	12		13		7,715
2020	196,560	5,237		0.2	%	27		28		5,566
2021	513,742	8,213		0.4	%	16		17		8,546
2022	358,025	6,051		0.3	%	17		18		6,454
2023	144,563	1,804		0.1	%	12		14		2,021
2024	298,986	5,325		0.2	%	18		19		5,664
2025	200,970	3,083		0.1	%	15		17		3,454
2026	74,579	978		—		13		16		1,210
2027	91,182	1,701		0.1	%	19		23		2,118
Thereafter	647,731	4,503		0.2	%	7		9		5,559
Total / Wtd. Avg.	3,945,012		$52,726	2.3	%		$15		$17		$56,453

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

(2) Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 2018, multiplied by 12.

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

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

24

Top 20 Customers by Annualized Rent		Financial Supplement
Dollars in Thousands		Third Quarter 2018

Customer		Number of Locations	Total Occupied Square Feet (1)	% of Net Rentable Square Feet		Annualized Rent (2)		% of Annualized Rent		Weighted Average Remaining Lease Term in Years
1	IBM	27	1,040,525	4.5	%		$141,853	6.4	%	3.4
2	Fortune 50 Software Company	17	1,714,762	7.5	%	139,823		6.3	%	5.4
3	Facebook, Inc.	17	1,001,727	4.4	%	139,541		6.3	%	4.5
4	Cyxtera Technologies, Inc. (3)	19	1,938,657	8.4	%	80,373		3.6	%	3.9
5	Fortune 25 Investment Grade-Rated Company	11	672,183	2.9	%	77,303		3.5	%	5.4
6	Oracle America, Inc.	20	589,955	2.6	%	72,365		3.3	%	3.1
7	Rackspace	12	657,671	2.9	%	59,017		2.7	%	8.3
8	Equinix	20	959,683	4.2	%	58,117		2.6	%	10.6
9	Verizon	65	375,293	1.6	%	51,856		2.4	%	3.1
10	LinkedIn Corporation	7	418,693	1.8	%	50,949		2.3	%	5.9
11	Fortune 500 SaaS Provider	7	277,088	1.2	%	41,046		1.9	%	4.5
12	AT&T	58	649,481	2.8	%	40,157		1.8	%	3.8
13	DXC Technology Company (4)	11	244,489	1.1	%	32,660		1.5	%	1.2
14	JPMorgan Chase & Co.	16	261,022	1.1	%	32,074		1.5	%	3.0
15	Comcast Corporation	26	166,373	0.7	%	32,042		1.5	%	6.4
16	CenturyLink, Inc.	80	427,719	1.9	%	26,994		1.2	%	5.0
17	SunGard Availability Services LP	11	222,184	1.0	%	25,161		1.1	%	6.5
18	Uber Technologies, Inc.	3	167,499	0.7	%	24,611		1.1	%	3.6
19	Charter Communications	18	144,935	0.6	%	24,101		1.1	%	6.0
20	NTT Communications Company	16	232,813	1.0	%	23,251		1.1	%	3.2
	Total / Weighted Average		12,162,752	52.9	%		$1,173,294	53.2	%	5.0

(1) Occupied square footage is calculated based on leases that commenced on or before September 30, 2018. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.

(2) Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 2018, multiplied by 12.

(3) Represents leases with former CenturyLink, Inc. affiliates, which are our direct customers. Cyxtera Technologies, Inc. acquired the data center and colocation business, including such direct customers, of CenturyLink, Inc. in 2Q 2017.

(4) Represents leases with former Hewlett Packard Enterprises affiliates, which are our direct customers. DXC Technology Company was formed in 2Q 2017 from the merger of Computer Sciences Corporation (CSC) and the Enterprise Services business of Hewlett Packard Enterprise.

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on ownership percentage. Our direct customers may be the entities named in the table above or their subsidiaries or affiliates.

25

Portfolio Summary		Financial Supplement
As of September 30, 2018		Third Quarter 2018

	As of
	Sep 30, 2018		Jun 30, 2018		Mar 31, 2018		Dec 31, 2017		Sep 30, 2017
Number of Data Centers (1)
Domestic (2)	131		132		133		131		130
International	49		48		48		49		48
Unconsolidated joint ventures (1)	18		18		18		18		15
Held-for-sale	—		—		4		7		9
Total	198		198		203		205		202
Number of Buildings (1)
Domestic (2)	143		144		144		142		145
International	49		48		48		49		48
Unconsolidated joint ventures (1)	19		19		19		19		16
Held-for-sale	—		—		8		15		14
Total	211		211		219		225		223
Number of Metropolitan Areas
Domestic	18		18		18		18		18
International	12		12		12		12		12
Unconsolidated joint ventures	2		2		2		2		1
Held-for-sale	—		—		—		1		2
Total	32		32		32		33		33
Net Rentable Square Feet (3)
Domestic	21,846,036		21,879,574		21,261,798		20,920,679		20,758,073
International	3,668,463		3,563,966		3,464,131		3,430,671		3,430,671
Unconsolidated joint ventures	2,404,279		2,404,279		2,389,705		2,237,219		1,867,341
Held-for-sale	—		—		490,936		1,067,704		979,242
Total	27,918,778		27,847,819		27,606,570		27,656,273		27,035,327
Active Development (4)
Domestic	2,650,862		1,820,641		2,138,421		1,189,852		1,467,163
International	927,125		1,447,608		1,491,400		1,510,304		1,292,695
Unconsolidated joint ventures	56,843		56,843		—		—		—
Total	3,634,830		3,325,092		3,629,821		2,700,156		2,759,858
Space Held for Development (5)
Domestic	1,129,834		1,258,556		1,209,712		1,283,632		1,253,516
International	686,532		197,284		251,553		290,126		311,367
Unconsolidated joint ventures	—		—		71,417		71,417		71,417
Held-for-sale	—		—		—		89,923		89,923
Total	1,816,366		1,455,840		1,532,682		1,735,098		1,726,223
Portfolio occupancy (6)	89.5	%	89.4	%	89.2	%	90.2	%	90.8	%
Digital Realty's share occupancy (7)	89.0	%	88.9	%	88.7	%	89.7	%	90.3	%
Stabilized "same-capital" pool occupancy (8)	88.4	%	88.7	%	88.7	%	89.8	%	90.1	%

(1) Includes 13 data centers held in our managed portfolio of unconsolidated joint ventures consisting of 4650 Old Ironsides Drive, Santa Clara, CA; 2950 Zanker Road, San Jose, CA; 4700 Old Ironsides Drive, Santa Clara, CA; 444 Toyama Drive, Sunnyvale, CA; 43915 Devin Shafron Drive (Bldg A), Ashburn, VA; 43790 Devin Shafron Drive (Bldg E), Ashburn, VA; 21551 Beaumeade Circle, Ashburn, VA; 7505 Mason King Court, Manassas, VA; 14901 FAA Boulevard, Fort Worth, TX; 900 Dorothy Drive, Richardson, TX; 33 Chun Choi Street, Hong Kong; and 636 Pierce Street, Somerset, NJ; and five data centers held in our unconsolidated non-managed joint ventures consisting of 2001 Sixth Avenue, Seattle, WA, 2020 Fifth Avenue, Seattle, WA; Digital Osaka; Mitaka North; and Mitaka South.

(2) 43915 Devin Shafron Drive (Bldg A) is included in the data center count for all periods presented because it was separately contributed to our managed unconsolidated joint venture. Not previously included in our data center count.

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

(4) Space under active development includes current Base Building and Data Centers projects in progress (see page 30).

(5) Space held for development includes space held for future Data Center development, and excludes space under active development (see page 34).

(6) Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures and non-managed unconsolidated joint ventures. Excludes buildings classified as held-for-sale. Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.

(7) Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on our ownership percentage. Excludes buildings classified as held-for-sale. Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.

(8) Represents consolidated portfolio of buildings owned as of December 31, 2016 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2017-2018, buildings classified as held for sale, and buildings sold or contributed to joint ventures. Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.

26

Portfolio Overview by Product Type		Financial Supplement
Dollars in Thousands		Third Quarter 2018

Property	Annualized Rent (1)		Interconnection / Other		Total		Percent of Total
Corporate Data Center
Turn-Key Flex®		$1,439,943		$3,990		$1,443,933	58.6	%
Powered Base Building®	203,616		32		203,648		8.3	%
Colocation	90,411		26,472		116,883		4.8	%
Non-Technical	39,242		3		39,245		1.6	%
Corporate Data Center Total		$1,773,212		$30,497		$1,803,709	73.3	%
Internet Gateway Data Center
Turn-Key Flex®		$101,951		$1,106		$103,057	4.2	%
Powered Base Building®	76,842		—		76,842		3.1	%
Colocation	237,030		225,396		462,426		18.8	%
Non-Technical	8,654		4		8,658		0.4	%
Internet Gateway Data Center Total		$424,477		$226,506		$650,983	26.5	%
Non-Data Center
Non-Technical		$4,829	—			$4,829	0.2	%
Non-Data Center Total		$4,829	—			$4,829	0.2	%
Total		$2,202,518		$257,003		$2,459,520	100.0	%

(1) Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 2018, multiplied by 12.

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

27

Product Overview by Metropolitan Area (1)		Financial Supplement
Turn-Key Flex® & Colocation		Third Quarter 2018

Metropolitan Area	IT Load / MW Capacity (2)	Leased Square Feet	Net Rentable Square Feet (3)	Occupancy % 9/30/18 (4)		Occupancy % 6/30/18 (4)
Northern Virginia	380.5	3,931,752	4,174,676	94.2	%	93.5	%
Chicago	155.2	1,750,256	1,923,577	91.0	%	89.4	%
Silicon Valley	99.5	924,895	961,573	96.2	%	96.2	%
Dallas	82.2	1,042,511	1,216,932	85.7	%	79.4	%
New York	48.1	848,612	1,094,376	77.5	%	79.5	%
Phoenix	45.7	551,396	699,556	78.8	%	79.6	%
San Francisco	26.7	364,024	494,695	73.6	%	74.9	%
Boston	19.0	226,140	375,026	60.3	%	61.2	%
Los Angeles	12.9	192,099	235,659	81.5	%	82.2	%
Houston	12.6	143,380	163,109	87.9	%	87.9	%
Other Metropolitan Areas	32.7	436,799	630,499	69.3	%	86.8	%
Total North America	915.1	10,411,864	11,969,678	87.0	%	87.1	%
London, United Kingdom	93.4	1,021,627	1,146,040	89.1	%	87.3	%
Amsterdam, Netherlands	19.6	100,922	130,312	77.4	%	77.6	%
Other Metropolitan Areas	15.0	182,421	224,456	81.3	%	79.1	%
Total Europe	128.0	1,304,970	1,500,808	87.0	%	85.2	%
Singapore	31.9	331,153	348,589	95.0	%	95.4	%
Other Metropolitan Areas	16.6	229,478	237,624	96.6	%	95.1	%
Total Asia/Pacific	48.4	560,631	586,213	95.6	%	95.2	%
Total	1,091.5	12,277,465	14,056,699	87.3	%	87.2	%

(1) Excludes any power associated with Powered Base Building® and Non-Technical product types.

(2) IT Load/MW Capacity represents UPS-backed utility power dedicated to Digital Realty's operated data center space. Excludes buildings classified as held-for-sale.

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

(4) Occupancy excludes space under active development and space held for development. Excludes buildings classified as held-for-sale. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.

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

28

Occupancy Analysis		Financial Supplement
Dollars in Thousands		Third Quarter 2018

						Occupancy (5)
Metropolitan Area	Net Rentable Square Feet (1)	Space Under Active Development (2)	Space Held for Development (3)	Annualized Rent (4)		30-Sep-18		30-Jun-18		TKF & Colo IT Load (6)
North America
Northern Virginia	5,273,101	1,870,072	84,852		$514,514	94.8	%	94.3	%	378.7
Chicago	2,962,168	459,250	154,044	291,917		92.5	%	91.5	%	155.2
New York	1,955,972	17,000	247,225	203,859		83.8	%	85.1	%	47.4
Silicon Valley	2,185,341	65,680	—	196,503		97.0	%	97.0	%	99.5
Dallas	3,365,701	201,669	81,206	186,311		86.6	%	84.7	%	81.9
Phoenix	990,385	—	108,926	88,553		66.3	%	66.9	%	45.7
San Francisco	834,540	13,753	—	68,778		72.3	%	73.1	%	26.7
Atlanta	775,606	—	313,581	51,435		90.1	%	94.8	%	9.4
Los Angeles	795,041	23,438	—	40,914		91.0	%	89.5	%	12.9
Boston	534,249	—	50,649	30,983		66.7	%	67.3	%	19.0
Houston	392,816	—	13,969	21,834		87.9	%	87.9	%	12.6
Toronto, Canada	326,591	60,506	513,741	18,535		75.0	%	95.5	%	9.8
Denver	371,500	—	—	11,481		95.6	%	95.6	%	—
Austin	85,688	—	—	8,286		64.1	%	61.6	%	4.3
Miami	226,314	—	—	7,033		87.0	%	95.9	%	1.3
Portland	48,574	—	—	6,165		83.5	%	83.5	%	4.5
Minneapolis/St. Paul	328,765	—	—	5,644		100.0	%	100.0	%	—
Charlotte	95,499	—	—	4,585		89.5	%	89.4	%	1.5
Seattle	40,564	—	75,382	2,578		76.8	%	77.0	%	2.0
North America Total/Weighted Average	21,588,415	2,711,368	1,643,575		$1,759,908	88.6	%	88.7	%	912.4
EUROPE
London, United Kingdom	1,430,108	92,560	104,606		$210,456	89.4	%	87.9	%	93.4
Amsterdam, Netherlands	471,338	91,859	68,185	45,423		93.7	%	93.7	%	19.6
Dublin, Ireland	307,775	49,051	—	24,762		91.5	%	89.7	%	8.1
Frankfurt, Germany	83,981	157,056	—	12,301		75.4	%	74.9	%	6.9
Paris, France	185,994	—	—	7,249		100.0	%	100.0	%	—
Manchester, England	38,016	—	—	1,806		100.0	%	100.0	%	—
Geneva, Switzerland	59,190	—	—	1,762		100.0	%	100.0	%	—
Europe Total/Weighted Average	2,576,402	390,526	172,791		$303,759	91.1	%	90.1	%	128.0
ASIA PACIFIC
Singapore	501,935	38,703	—		$79,364	88.4	%	87.3	%	31.9
Melbourne, Australia	125,329	21,241	—	16,728		92.4	%	92.3	%	7.2
Sydney, Australia	138,207	176,150	—	15,960		97.9	%	97.9	%	6.5
Osaka, Japan	—	239,999	—	—		—		—		—
Asia Pacific Total/Weighted Average	765,471	476,093	—		$112,052	90.8	%	90.1	%	45.6
Non-Data Center Properties	584,212	—	—		$4,829	100.0	%	100.0	%	—
Consolidated Portfolio Total/Weighted Average	25,514,500	3,577,987	1,816,366		$2,180,548	89.2	%	89.2	%	1,086.0
MANAGED UNCONSOLIDATED JOINT VENTURES
Northern Virginia	546,572	—	—		$27,487	99.5	%	99.5	%	9.0
Hong Kong	129,457	56,843	—	23,071		92.3	%	82.5	%	5.8
Silicon Valley	326,305	—	—	12,833		100.0	%	100.0	%	—
Dallas	319,876	—	—	7,739		100.0	%	100.0	%	—
New York	108,336	—	—	3,460		100.0	%	100.0	%	3.4
Managed Unconsolidated Portfolio Total/Weighted Average	1,430,546	56,843	—		$74,590	99.1	%	98.2	%	18.2
Managed Portfolio Total/Weighted Average	26,945,046	3,634,830	1,816,366		$2,255,138	89.7	%	89.6	%	1,104.2
Digital Realty Share Total/Weighted Average (7)	25,839,445	3,606,408	1,816,366		$2,202,387	89.0	%	89.2	%	1,091.6
NON-MANAGED JOINT VENTURES
Seattle	451,369	—	—		$54,115	97.5	%	97.5	%	28.5
Tokyo, Japan	430,277	—	—	21,927		86.9	%	86.9	%	15.5
Osaka, Japan	92,087	—	—	14,798		89.2	%	89.2	%	7.6
Non-Managed Portfolio Total/Weighted Average	973,733	—	—		$90,840	92.0	%	92.0	%	51.6
Portfolio Total/Weighted Average	27,918,779	3,634,830	1,816,366		$2,345,978	89.8	%	89.7	%	1,155.8

(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 areas.

(2) Space under active development includes current Base Building and Data Center projects in progress (see page 30).

(3) Space held for development includes space held for future Data Center development, and excludes space under active development (see page 34).

(4) Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 2018, multiplied by 12.

(5) Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.

(6) TKF & Colo IT Load represents UPS-backed utility power dedicated to Digital Realty's operated data center space. Excludes any power associated with Powered Base Building® and Non-Technical product types.

(7) Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage.

29

Development Lifecycle - Committed Active Development		Financial Supplement
Dollars in Thousands		Third Quarter 2018

	Base Building Construction								Data Center Construction
			A		B		A + B					A		B		A + B											A		B		A + B
Metropolitan Area	# of Locations	Total Square Feet	Current Investment (1)		Future Funding Req. (2)		Total Expected Investment (3)		# of Locations	Total Square Feet	kW	Current Investment (1)		Future Funding Req. (2)		Total Expected Investment (3)		% Leased		Average Expected Completion Period	Est. GAAP Yield. (4)		Est. Stabilized Cash Yield (4)		# of Locations	Total Square Feet	Current Investment (1)		Future Funding Req. (2)		Total Expected Investment (3)
Chicago	1	382,892		$79,363		$93,218		$172,581	1	76,358	6,400		$45,115		$23,093		$68,208	11.7	%	1Q19					2	459,250		$124,478		$116,311		$240,789
Dallas	1	132,310	1,431		13,269		14,700		1	69,359	6,000	44,483		4,864		49,347		33.3	%	4Q18					1	201,669	45,914		18,133		64,047
Los Angeles	—	—	—		—		—		1	23,438	500	1,081		6,221		7,302		70.0	%	1Q19					1	23,438	1,081		6,221		7,302
Northern Virginia	3	1,175,312	71,994		133,552		205,546		5	694,760	73,600	297,326		309,574		606,900		89.1	%	1Q19					5	1,870,072	369,320		443,126		812,446
New York	—	—	—		—		—		1	17,000	1,200	15,846		1,184		17,030		—		4Q18					1	17,000	15,846		1,184		17,030
San Francisco	—	—	—		—		—		1	13,753	1,200	1,355		16,104		17,459		—		2Q19					1	13,753	1,355		16,104		17,459
Silicon Valley	—	—	—		—		—		1	65,680	6,000	73,077		4,783		77,860		100.0	%	4Q18					1	65,680	73,077		4,783		77,860
Toronto	1	60,506	27,510		47		27,557		—	—	—	—		—		—		—		—					1	60,506	27,510		47		27,557
North America	6	1,751,020		$180,298		$240,086		$420,384	11	960,348	94,900		$478,283		$365,823		$844,106	78.7	%		10.1	%	9.7	%	13	2,711,368		$658,581		$605,909		$1,264,490
Amsterdam, Netherlands	—	—	—		—		—		1	91,859	9,000		$44,509		$42,657		$87,166	22.2	%	1Q19					1	91,859		$44,509		$42,657		$87,166
Dublin, Ireland	1	27,432	9,338		1,302			$10,640	1	21,619	3,000	21,685		5,769		27,454		43.3	%	4Q18					1	49,051	31,023		7,071		38,094
Frankfurt, Germany	—	—	—		—		—		2	157,056	15,000	39,879		128,694		168,573		—		3Q19					2	157,056	39,879		128,694		168,573
London, United Kingdom	—	—	—		—		—		2	92,560	7,000	42,767		45,667		88,434		57.1	%	1Q20					2	92,560	42,767		45,667		88,434
Europe	1	27,432		$9,338		$1,302		$10,640	6	363,094	34,000		$148,840		$222,787		$371,627	21.5	%		9.9	%	9.2	%	6	390,526		$158,178		$224,089		$382,267
Hong Kong	—	—	—		—		—		1	56,843	5,200		$43,510		$18,498		$62,008	50.0	%	4Q19					1	56,843		$43,510		$18,498		$62,008
Melbourne, Australia	—	—	—		—		—		1	21,241	2,400	19,185		1,852		21,037		—		4Q18					1	21,241	19,185		1,852		21,037
Osaka, Japan	1	127,499		$27,903		$32,056		$59,959	1	112,500	14,000	44,020		139,431		183,451		—		2Q19					1	239,999	71,923		171,487		243,410
Singapore	—	—	—		—		—		1	38,703	6,000	66,722		17,680		84,402		—		1Q19					1	38,703	66,722		17,680		84,402
Sydney, Australia	1	94,937	15,835		6,359		22,194		1	81,213	7,800	48,914		34,078		82,992		49.9	%	4Q18					1	176,150	64,749		40,437		105,186
Asia Pacific	2	222,436	43,738		38,415		82,153		5	310,500	35,400		$222,351		$211,539		$433,890	18.3	%		9.8	%	9.3	%	5	532,936		$266,089		$249,954		$516,043
Total	9	2,000,888		$233,374		$279,803		$513,177	22	1,633,942	164,300		$849,474		$800,149		$1,649,623	53.9	%		10.0	%	9.5	%	24	3,634,830		$1,082,848		$1,079,952		$2,162,800

(1) Represents costs incurred through September 30, 2018.

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

(3) For Base Building Construction, represents the pro rata share of the acquisition and infrastructure costs related to the specific Base Building project. For Data Center Construction, represents the pro rata share of the acquisition and infrastructure costs, or Base Building Construction costs, applicable to the specific Data Center project, plus the total direct investment in the specific Data Center project.

(4) Estimated yields are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions. Yields on international development assets are net of income taxes where applicable. These yields are based on current estimates and actual results may vary.

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

30

Development Lifecycle - In Service		Financial Supplement
Dollars in Thousands		Third Quarter 2018

	Pre-Stabilized (1)
Metropolitan Area	# of Locations	Total Square Feet	kW	Total Current Investment (2)		% Leased		Est. GAAP Yield. (3)		Est. Stabilized Cash Yield (3)
Austin	1	6,680	190		$2,858	100.0	%
Boston	1	6,413	217	3,399		—
Chicago	2	99,873	10,994	94,953		—
Dallas	1	70,498	6,000	51,048		66.7	%
Houston	1	14,936	1,101	12,658		—
Northern Virginia	2	106,178	8,918	66,919		94.2	%
Toronto, Canada	1	70,222	3,000	36,171		—
North America	9	374,800	30,420		$268,006	41.4	%	10.9	%	10.5	%
Dublin, Ireland	1	1,851	370	4,304		—
London, United Kingdom	2	35,924	3,992	38,984		—
Europe	3	37,775	4,362		$43,288	—		12.0	%	11.3	%
Subtotal Consolidated Portfolio	12	412,575	34,782		$311,294	36.2	%	11.1	%	10.6	%
Hong Kong	1	2,200	230		$3,775	—
Subtotal Unconsolidated JV (4)	1	2,200	230		$3,775	—		14.0	%	13.2	%
Grand Total	13	414,775	35,012		$315,070	36.0	%	11.1	%	10.6	%

(1) In-service inventory requiring lease commencement.

(2) Represents the pro rata share of the acquisition and infrastructure costs, or Base Building construction costs, applicable to the specific Data Center project plus the total direct investment in the specific Data Center project as of September 30, 2018.

(3) Estimated yields are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions. Yields on international development assets are net of income taxes where applicable. These yields are based on current estimates and actual results may vary.

(4) Square footage, kW and investment figures shown in the table above represent the gross amounts at the joint venture level. For Hong Kong, Digital Realty's ownership percentage is 50%.

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

31

Construction Projects in Progress		Financial Supplement
Dollars in Thousands, Except Per Square Foot		Third Quarter 2018

Construction Projects in Progress	Net Rentable Square Feet (5)	Acreage	Current Investment (6)		Future Investment (7)		Total Investment		Total Cost/ Net Rentable Square Foot
Development Lifecycle
Land Held for Development (1)	N/A	527.2		$284,962	—			$284,962
Development Construction in Progress
Space Held for Development (1)	1,816,366	N/A	411,157		—		411,157			$226
Base Building Construction (2)	2,000,888	N/A	233,374			$279,803	513,177		256
Data Center Construction	1,577,099	N/A	805,964		781,651		1,587,615		1,007
Equipment Pool & Other Inventory (3)	N/A	N/A	4,811		—		4,811
Campus, Tenant Improvements & Other (4)	N/A	N/A	8,704		17,552		26,256
Total Development Construction in Progress	5,394,353			$1,464,010		$1,079,006		$2,543,016
Enhancement & Other				$8,036		$18,548		$26,584
Recurring			11,543		32,988		44,531
Total Construction in Progress				$1,768,551		$1,130,542		$2,899,093

(1) Land and Space Held for Development reflect cumulative cost spent to date pending future development. Excludes square footage and cost incurred on unconsolidated joint ventures.

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

(3) Represents long-lead time equipment and materials required for timely deployment and delivery of data center fit-out.

(4) Represents improvements in progress as of September 30, 2018 which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements.

(5) We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas. Excludes square footage of properties held in unconsolidated joint ventures.

(6) Represents costs incurred through September 30, 2018. Excludes costs incurred by unconsolidated joint ventures.

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

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

32

Historical Capital Expenditures and Investments in Real Estate		Financial Supplement
Dollars in Thousands		Third Quarter 2018

	Three Months Ended										Nine Months Ended
	30-Sep-18		30-Jun-18		31-Mar-18		31-Dec-17		30-Sep-17		30-Sep-18		30-Sep-17
Non-Recurring Capital Expenditures (1)
Development		$279,255		$260,673		$231,334		$314,580		$226,767		$771,262		$597,637
Enhancements and Other Non-Recurring	1,537		3,018		6,030		443		1,359		10,585		5,897
Total Non-Recurring Capital Expenditures		$280,792		$263,691		$237,364		$315,023		$228,126		$781,847		$603,534
Recurring Capital Expenditures (2)		$22,500		$34,447		$27,328		$45,298		$34,664		$84,275		$90,992
Total Direct Capital Expenditures		$303,292		$298,138		$264,692		$360,321		$262,791		$866,122		$694,526
Indirect Capital Expenditures
Capitalized Interest		$9,725		$8,164		$7,385		$8,045		$5,285		$25,274		$13,669
Capitalized Overhead	19,214		17,699		17,763		18,376		19,731		54,676		55,681
Total Indirect Capital Expenditures		$28,939		$25,863		$25,148		$26,421		$25,016		$79,950		$69,350
Total Improvements to and Advances for Investment in Real Estate		$332,231		$324,001		$289,840		$386,742		$287,807		$946,072		$763,876
Consolidated Portfolio Net Rentable Square Feet (3)	25,839,445		25,767,893		25,043,589		24,669,010		24,506,404		25,839,445		24,506,404

(1) Non-recurring capital expenditures are primarily for development of space and land, excluding acquisition costs.

(2) Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty's operating standards, or internal leasing commissions.

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

33

Development Lifecycle - Held for Development		Financial Supplement
Dollars in Thousands		Third Quarter 2018

	Land Inventory (1)				Space Held for Development
Metropolitan Area	# of Locations	Acres	Current Investment (2)		# of Locations	Total Square Feet	Current Investment (2)
Atlanta	—	—	—		1	313,581		$24,181
Boston	—	—	—		1	50,649	23,645
Chicago	1	1.4	$25,247		6	154,044	60,679
Dallas	3	116.3	31,055		4	81,206	3,983
Houston	—	—	—		1	13,969	2,726
New York	1	34.2	42,201		7	247,225	84,908
Northern Virginia	6	239.5	102,080		4	84,852	2,128
Phoenix	2	56.5	12,732		1	108,926	12,385
Portland	2	46.7	19,387		—	—	—
Seattle	—	—	—		1	75,382	7,736
Silicon Valley	1	2.0	5,716		—	—	—
Toronto, Canada	—	—	—		1	513,741	123,303
North America	16	496.6		$238,418	27	1,643,575		$345,674
Amsterdam, Netherlands	1	5.1		$8,725	2	68,185		$28,868
Dublin, Ireland	2	5.0	6,750		—	—	—
Frankfurt, Germany	1	2.0	5,921		—	—	—
London, United Kingdom	1	6.7	10,935		4	104,606	36,615
Europe	5	18.8		$32,331	6	172,791		$65,483
Melbourne, Australia	1	4.1		$1,639	—	—	—
Osaka, Japan	1	4.2	4,784		—	—	—
Sydney, Australia	1	3.5	7,790		—	—	—
Asia Pacific	3	11.8		$14,213	—	—	—
Consolidated Portfolio	24	527.2		$284,962	33	1,816,366		$411,157

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

(2) Represents costs incurred through September 30, 2018. Includes the cost of acquisition as well as cost of improvements since acquisition to prepare for future building construction.

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

34

Acquisitions / Dispositions / Joint Ventures		Financial Supplement
Dollars in Thousands		Third Quarter 2018

Acquisitions:
Property	Metropolitan Area	Date Acquired	Purchase Price	Cap Rate (1)	Net Rentable Square Feet (2)	Space Held For Development	% of Total Net Rentable Square Feet Occupied (3)
9905 Godwin Drive	Northern Virginia	7/11/2018	$5,750	—	—	—	—
Pacific Blvd & South Sterling Blvd	Northern Virginia	7/17/2018	26,756	—	—	—	—
16 Lockwood Road (4)	Sydney	9/7/2018	7,302	—	—	—	—
Total			$39,808	—	—	—	—

Dispositions:
Property	Metropolitan Area	Date Sold	Sale Price	Cap Rate (1)		Net Rentable Square Feet(2)	Space Held For Development	% of Total Net Rentable Square Feet Occupied (3)
360 Spear Street	San Francisco	9/21/2018	$92,325	1.9	%	154,951	—	39	%
Total			$92,325	1.9	%	154,951	—	39	%

Joint Venture Contributions:
Property	Metropolitan Area	Date Invested	Contribution Price	Cap Rate (1)	Net Rentable Square Feet (2)	Space Held For Development	% of Total Net Rentable Square Feet Occupied (3)
None
Total	—	—	—	—	—	—	—

(1) We calculate the cash capitalization rate on acquisitions, dispositions and joint venture contributions by dividing anticipated annual net operating income by the purchase/sale/contribution price, including assumed debt and related pre-payment penalties. Net operating income represents rental revenue and tenant reimbursement revenue from in-place leases, less rental property operating and maintenance expenses, property taxes and insurance expenses, and is not a financial measure calculated in accordance with GAAP. We caution you not to place undue reliance on our cash capitalization rates because they are based solely on data made available to us in the diligence process in connection with the relevant acquisitions and are calculated on a non-GAAP basis. Our calculation of the cash capitalization rate on acquisitions may change, based on our experience operating the data centers subsequent to closing of the acquisitions. In addition, the actual cash capitalization rates may differ from our expectations based on numerous other factors, including the results of our final purchase price allocation, difficulties collecting anticipated rental revenues, tenant bankruptcies, property tax reassessments and unanticipated expenses at the data centers that we cannot pass on to tenants.

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

(3) Occupancy excludes space under active development and space held for development.

(4) Reflects purchase price of AUD10.1 million and AUD/USD exchange rate of 0.723 as of September 28, 2018.

35

Unconsolidated Joint Ventures ("JVs")		Financial Supplement
Dollars in Thousands		Third Quarter 2018

	As of September 30, 2018
Summary Balance Sheet - at the JV's 100% Share	2001 Sixth Avenue			2020 Fifth Avenue			33 Chun Choi Street			Mitsubishi			Prudential			Griffin			Colovore			Total
Undepreciated book value of operating real estate		$139,453			$48,575			$182,994			$301,481			$426,338			$125,087			$26,424			$1,250,352
Accumulated depreciation & amortization	(106,601		)	(3,764		)	(24,359		)	(4,693		)	(48,960		)	(12,634		)	(3,398		)	(204,409		)
Net Book Value of Operating Real Estate		$32,852			$44,811			$158,635			$296,788			$377,378			$112,453			$23,026			$1,045,943
Other assets	18,420			10,130			55,809			118,092			58,303			30,416			1,182			292,352
Total Assets		$51,272			$54,941			$214,444			$414,880			$435,681			$142,869			$24,208			$1,338,295
Debt	134,513			48,000			—			219,900			210,554			101,834			5,000			719,801
Other liabilities	5,498			160			23,936			22,029			73,650			2,533			207			128,013
Equity / (deficit)	(88,739		)	6,781			190,508			172,951			151,477			38,502			19,001			490,481
Total Liabilities and Equity		$51,272			$54,941			$214,444			$414,880			$435,681			$142,869			$24,208			$1,338,295
Digital Realty's ownership percentage	50.0		%	50.0		%	50.0		%	50.0		%	20.0		%	20.0		%	17.0		%
Digital Realty's Pro Rata Share of Unconsolidated JV Debt		$67,257			$24,000		—				$109,950			$42,111			$20,367			$850			$264,535

	Three Months Ended September 30, 2018
Summary Statement of Operations - at the JV's 100% Share	2001 Sixth Avenue			2020 Fifth Avenue			33 Chun Choi Street			Mitsubishi			Prudential			Griffin			Colovore			Total
Total revenues		$13,155			$2,376			$5,421			$14,769			$10,344			$5,172			$2,339			$53,576
Operating expenses	(4,407		)	(546		)	(1,662		)	(5,737		)	(2,062		)	(2,178		)	(1,225		)	(17,817		)
Net Operating Income (NOI)		$8,748			$1,830			$3,759			$9,032			$8,282			$2,994			$1,114			$35,759
Straight-line rental revenue		$159		—				$1,288			($222	)		($1	)		$96		—				$1,320
Above- and below-market rent	—			—			—			—			(749		)	924			—			175
Cash Net Operating Income (NOI)		$8,907			$1,830			$5,047			$8,810			$7,532			$4,014			$1,114			$37,254
Interest expense		($1,198	)		($480	)		($1	)		($847	)		($2,281	)		($1,179	)		($298	)		($6,284	)
Depreciation & amortization	(1,409		)	(211		)	(1,709		)	(1,381		)	(4,500		)	(2,272		)	(387		)	(11,869		)
Other income / (expense)	24			1			743			(1,851		)	(15,084		)	(108		)	(35		)	(16,310		)
Total Non-Operating Expenses		($2,583	)		($690	)		($967	)		($4,079	)		($21,865	)		($3,559	)		($720	)		($34,463	)
Net Income / (Loss)		$6,165			$1,140			$2,792			$4,953			($13,583	)		($565	)		$394			$1,296
Digital Realty's ownership percentage	50.0		%	50.0		%	50.0		%	50.0		%	20.0		%	20.0		%	17.0		%
Digital Realty's Pro Rata Share of Unconsolidated JV NOI		$4,374			$915			$1,880			$4,516			$1,656			$599			$189			$14,129
Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI		$4,454			$915			$2,524			$4,405			$1,506			$803			$189			$14,796
Digital Realty's income (loss) from unconsolidated JVs (1)		$3,250			$570			$1,396			$2,476			$954			$174			$67			$8,887
Digital Realty's Pro Rata Share of FFO (2)		$3,955			$676			$2,251			$3,167			$1,854			$628			$133			$12,664
Digital Realty's Fee Income from JV	—			—				$417			$290			$701			$429		—				$1,837

(1) Values represent Digital Realty's basis and may not be comparable to values reflected in the entities' standalone financial statements calculated on a different basis.

(2) For a definition of FFO, see page 38.

36

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios		Financial Supplement
Unaudited and in Thousands		Third Quarter 2018

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1)	Three Months Ended
	30-Sep-18			30-Jun-18			31-Mar-18			31-Dec-17			30-Sep-17
Net Income (Loss) Available to Common Stockholders	$67,268				$65,134			$86,298			$53,306		($4,139)
Interest	80,851			78,810			76,985			73,989			71,621
(Gain) from early extinguishment of debt	—			—			—			—			(1,990		)
Tax expense	2,432			2,121			3,374			545			2,494
Depreciation & amortization	293,957			298,788			294,789			287,973			199,914
Impairment of investments in real estate	—			—			—			—			28,992
EBITDA		$444,508			$444,853			$461,446			$415,813			$296,892
Severance, equity acceleration, and legal expenses	645			1,822			234			1,209			2,288
Transaction and integration expenses	9,626			5,606			4,178			15,681			42,809
(Gain) on real estate transactions	(26,577		)	(14,192		)	(39,273		)	(30,746		)	(9,751		)
Other non-core adjustments, net	2,269			(2,984		)	431			2			3,051
Non-controlling interests	2,667			2,696			3,468			6,023			40
Preferred stock dividends, including undeclared dividends	20,329			20,329			20,329			20,329			16,575
Adjusted EBITDA		$453,467			$458,130			$450,813			$428,311			$351,904

(1) For definitions and discussion of EBITDA and Adjusted EBITDA, see the definitions section.

	Three Months Ended
Financial Ratios	30-Sep-18			30-Jun-18			31-Mar-18			31-Dec-17			30-Sep-17
Total GAAP interest expense		$80,851			$78,810			$76,985			$73,989			$71,621
Bridge facility fees	—			—			—			—			(3,182		)
Capitalized interest	9,725			8,164			7,385			8,045			5,285
Change in accrued interest and other non-cash amounts	20,151			(10,888		)	1,743			(29,588		)	(15,643		)
Cash Interest Expense (2)		$110,727			$76,086			$86,113			$52,446			$58,081
Scheduled debt principal payments	150			98			193			141			138
Preferred dividends	20,329			20,329			20,329			20,329			16,575
Total Fixed Charges (3)		$111,055			$107,401			$104,892			$102,504			$93,619
Coverage
Interest coverage ratio (4)	5.0x			5.3x			5.3x			5.2x			4.8x
Cash interest coverage ratio (5)	4.1x			6.0x			5.2x			8.2x			6.1x
Fixed charge coverage ratio (6)	4.1x			4.3x			4.3x			4.2x			3.9x
Cash fixed charge coverage ratio (7)	3.5x			4.7x			4.2x			5.9x			4.7x
Leverage
Debt to total enterprise value (8) (9)	26.5		%	26.5		%	27.7		%	25.2		%	24.2		%
Debt plus preferred stock to total enterprise value (9)(10)	30.2		%	30.2		%	31.5		%	28.9		%	27.8		%
Pre-tax income to interest expense (11)	2.1x			2.1x			2.4x			2.1x			1.2x
Net Debt to Adjusted EBITDA (12)	5.2x			5.2x			5.3x			5.2x			6.0x

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

(3) Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred dividends.

(4) Adjusted EBITDA divided by GAAP interest expense plus capitalized interest, excluding bridge facility fees.

(5) Adjusted EBITDA divided by cash interest expense.

(6) Adjusted EBITDA divided by fixed charges excluding bridge facility fees.

(7) Adjusted EBITDA divided by the sum of cash interest expense, scheduled debt principal payments and preferred dividends.

(8) Mortgage debt and other loans divided by market value of equity plus debt plus preferred stock.

(9) Total enterprise value defined as market value of common equity plus debt plus preferred stock. See page 7 for definition of market value of common equity.

(10) Same as (8), except numerator includes preferred stock.

(11) Calculated as net income plus interest expense divided by GAAP interest expense.

(12) Calculated as total debt at balance sheet carrying value (see page 6), plus capital lease obligations, plus Digital Realty's share of joint venture debt, less unrestricted cash and cash equivalents divided by the product of Adjusted EBITDA (inclusive of our share of joint venture EBITDA), multiplied by four.

37

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited		Third Quarter 2018

Definitions

Funds From Operations (FFO):

We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from real estate transactions, non-controlling interests share of gain on sale of property, impairment of investment in real estate, real estate related depreciation and amortization (excluding amortization of deferred financing costs), unconsolidated JV real estate related depreciation & amortization, non-controlling interests in operating partnership 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 data centers 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 data centers, 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 other REITs’ FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Core Funds from Operations (Core FFO):

We present core funds from operations, or core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate core FFO by adding to or subtracting from FFO (i) termination fees and other non-core revenues, (ii) transaction and integration expenses, (iii) gain from early extinguishment of debt, (iv) issuance costs associated with redeemed preferred stock, (v) equity in earnings adjustment for non-core items, (vi) severance, equity acceleration, and legal expenses, (vii) bridge facility fees and (viii) 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 core FFO as a measure of our performance is limited. Other REITs may calculate core FFO differently than we do and accordingly, our core FFO may not be comparable to other REITs' core FFO. Core 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 (AFFO):

We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs, including on a per share and unit basis. We calculate AFFO by adding to or subtracting from core FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs, (iii) amortization of debt discount/premium, (iv) non-cash stock-based compensation expense, (v) straight-line rental revenue, (vi) straight-line rental expense, (vii) above- and below-market rent amortization, (viii) deferred non-cash tax expense, (ix) capitalized leasing compensation, (x) recurring capital expenditures and (xi) capitalized internal leasing commissions. Other REITs may calculate AFFO differently than we do and 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, loss from early extinguishment of debt, income taxes, depreciation and amortization, and impairment of investments in real estate, 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, severance, equity acceleration, and legal expenses, transaction and integration expenses, (gain) loss on real estate transactions, equity in earnings adjustment for non-core items, other non-core adjustments, net, noncontrolling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding severance, equity acceleration, and legal expenses, transaction and integration expenses, (gain) on real estate transactions, other non-core adjustments, net, non-controlling interests, and preferred stock dividends, including undeclared dividends. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and accordingly, our EBITDA and Adjusted EBITDA may not be comparable to 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.

38

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited		Third Quarter 2018

Net Operating Income (NOI) and Cash NOI:

Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers 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 data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance.

Additional Definitions

Net debt-to-Adjusted EBITDA ratio is calculated using total debt at balance sheet carrying value, plus capital lease obligations, plus our share of JV debt, less unrestricted cash and cash equivalents divided by the product of Adjusted EBITDA (inclusive of our share of JV EBITDA) multiplied by four.

Debt-plus-preferred-to-total enterprise value is mortgage debt and other loans plus preferred stock divided by mortgage debt and other loans plus the liquidation value of preferred stock and the market value of outstanding Digital Realty Trust, Inc. common stock and Digital Realty Trust, L.P. units, assuming the redemption of Digital Realty Trust, L.P. units for shares of Digital Realty Trust, Inc. common stock.

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred dividends. For the quarter ended September 30, 2018, GAAP interest expense was $81 million, capitalized interest was $10 million and scheduled debt principal payments and preferred dividends was $20 million.

	Three Months Ended									Nine Months Ended
Reconciliation of Net Operating Income (NOI) (in thousands)	30-Sep-18			30-Jun-18			30-Sep-17			30-Sep-18			30-Sep-17
Operating income		$139,065			$144,062			$66,157			$426,940			$334,097
Fee income	(1,469		)	(2,343		)	(1,662		)	(4,945		)	(4,986		)
Other income	(518		)	(527		)	(208		)	(1,903		)	(584		)
Depreciation and amortization	293,957			298,788			199,914			887,534			554,491
General and administrative	40,997			44,277			41,477			121,563			112,399
Severance, equity acceleration, and legal expenses	645			1,822			2,288			2,701			3,522
Transaction expenses	9,626			5,606			42,809			19,410			60,367
Impairment in investments in real estate	—			—			28,992			—			28,992
Other expenses	1,139			152			3,051			1,722			3,075
Net Operating Income		$483,442			$491,837			$382,818			$1,453,022			$1,091,373
Cash Net Operating Income (Cash NOI)
Net Operating Income		$483,442			$491,837			$382,818			$1,453,022			$1,091,373
Straight-line rental revenue	(10,511		)	(8,489		)	(1,692		)	(29,266		)	(7,859		)
Straight-line rental expense	2,479			2,691			4,128			7,770			12,701
Above- and below-market rent amortization	6,552			6,794			(873		)	20,012			(4,792		)
Cash Net Operating Income		$481,962			$492,833			$384,381			$1,451,538			$1,091,423

39

Forward-Looking Statements		Financial Supplement
		Third Quarter 2018

This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: the Ascenty acquisition and related financings, the proposed joint venture with Brookfield, expected physical settlement of the forward sale agreements and use of proceeds from any such settlement,

our expected investment and expansion activity, supply and demand for data center and colocation space, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company's FFO, core FFO and net income 2018 outlook and underlying assumptions, information related to trends, our strategy and plans, 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 development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, 2018 backlog NOI, NAV components, 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:

• reduced demand for data centers or decreases in information technology spending;

• decreased rental rates, increased operating costs or increased vacancy rates;

• increased competition or available supply of data center space;

• the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services;

• our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers;

• breaches of our obligations or restrictions under our contracts with our customers;

• our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties;

• the impact of current global and local economic, credit and market conditions;

• our inability to retain data center space that we lease or sublease from third parties;

• difficulty acquiring or operating properties in foreign jurisdictions;

• our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent acquisitions;

• our failure to successfully integrate and operate acquired or developed properties or businesses, including Ascenty;

• difficulties in identifying properties to acquire and completing acquisitions;

• risks related to joint venture investments (including the proposed joint venture with Brookfield), including as a result of our lack of control of such investments;

• 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;

• our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital;

• financial market fluctuations and changes in foreign currency exchange rates;

• 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 and goodwill and other intangible asset impairment charges;

• our inability to manage our growth effectively;

• losses in excess of our insurance coverage;

• environmental liabilities and risks related to natural disasters;

• our inability to comply with rules and regulations applicable to our company;

• Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for federal income tax purposes;

• Digital Realty Trust, L.P.’s failure to qualify as a partnership for federal income tax purposes;

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

• changes in local, state, federal and international laws and regulations, including related to taxation, 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, 2017, our current report on Form 8-K filed on September 24, 2018 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. Digital Realty, Digital Realty Trust, the Digital Realty logo, Turn-Key Flex and Powered Base Building are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries.

40