8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported):

June 8, 2005 (June 3, 2005)

DIGITAL REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland	1-32336	26-0081711
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

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

(415) 738-6500

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

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

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

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

Forward Looking Statements

The information included and incorporated by reference in this Current Report on Form 8-K contains forward-looking statements within the meaning of the federal securities laws. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following: adverse economic or real estate developments in our markets or the technology industry; general and local economic conditions; defaults on or non-renewal of leases by tenants; increased interest rates and operating costs; inability to acquire new properties (including those for which we are in the process of acquiring); our failure to obtain necessary outside financing; decreased rental rates or increased vacancy rates; difficulties in identifying properties to acquire and completing acquisitions; our failure to successfully operate acquired properties and operations; our failure to maintain our status as a REIT; possible adverse changes to tax law; environmental uncertainties and risks related to natural disasters; financial market fluctuations; changes in foreign currency exchange rates; and changes in real estate and zoning laws and increases in real property tax rates. The risks described above 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, 2004 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.

Section 2 Business Operations

Item 2.02 Results of Operations and Financial Condition

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

On June 8, 2005, Digital Realty Trust, Inc. (the “Company”) posted certain supplemental operating and financial data on its website located at www.digitalrealtytrust.com. That supplemental operating and financial data is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

Item 7 Regulation FD

Item 7.01 Regulation FD Disclosure

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

(a) Supplemental Operating and Financial Data

On June 8, 2005, the Company posted certain supplemental operating and financial data on its website located at www.digitalrealtytrust.com. That supplemental operating and financial data is attached hereto as Exhibit 99.1 is incorporated by reference herein.

(b) Presentation Materials

On June 8, 2005 we will present materials at the 2005 NAREIT Institutional Investor Forum. A copy of the materials are attached hereto as Exhibit 99.2 and incorporated herein by reference. These materials may also be obtained free of charge from the Company’s website at www.digitalrealtytrust.com.

Item 8.01 Other Events

On June 3, 2005, Digital Concord Center, LLC, a wholly-owned subsidiary of the Operating Partnership completed the acquisition of the property known as the Ameriquest Data Center from Global Concord Operating Company, LLC, a wholly-owned subsidiary of Global Innovation Partners, LLC (“GI Partners”). Located in Englewood, Colorado (Denver metropolitan area), the Ameriquest Data Center is a single story data center building totaling approximately 82,000 net rentable square feet. The Ameriquest Data Center is 100% leased to Ameriquest Mortgage Company. The $16.5 million purchase price was determined through negotiations between us and GI Partners and was less than the value determined by Cushman & Wakefield, an independent third party appraiser retained in connection with the acquisition. The purchase price was paid in cash at closing. The Operating Partnership funded the purchase price with borrowings under its $210 million unsecured revolving credit facility.

GI Partners is a private equity fund that was formed to pursue investment opportunities that intersect the real estate and technology industries. GI Partners contributed a substantial portion of our initial properties to us in connection with our initial public offering in November 2004 in exchange for partnership common limited units in the Operating Partnership, 23,699,359 of which it continues to hold. Richard Magnuson, the Executive Chairman of our board of directors, is also the chief executive officer of the advisor to GI Partners. Mr. Magnuson, Michael Foust, our Chief Executive Officer and a member of its board of directors, and Scott Peterson, our Senior Vice President, Acquisitions, are minority investors in GI Partners. Additional information regarding the relationship between us and GI Partners can be found in our annual report filed on form 10-K for the year ended December 31, 2005 and the proxy statement for our 2005 annual meeting of stockholders, both of which have been filed with the SEC. The acquisition of the Ameriquest Data Center was approved by the independent members of our board of directors.

Section 9 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(c) Exhibits.

The following exhibits are filed with this Form 8-K:

Exhibit No.	Description
99.1	Supplemental Operating and Financial Data
99.2	Material to be presented by Digital Realty Trust, Inc. on June 8, 2005 at the 2005 NAREIT Institutional Investor Forum

SIGNATURES

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

/s/ A. William Stein

A. William Stein

Chief Financial Officer and

Chief Investment Officer

Dated: June 8, 2005

EXHIBIT INDEX

Exhibit No.	Description
99.1	Supplemental Operating and Financial Data
99.2	Material to be presented by Digital Realty Trust, Inc. on June 8, 2005 at the 2005 NAREIT Institutional Investor Forum

EX-99.1

Exhibit 99.1

Digital Realty Trust, Inc.

First Quarter 2005

Supplemental Operating and Financial Data

March 31, 2005

This Supplemental Operating and Financial Data package is not an offer to sell or solicitation to

buy securities of Digital Realty Trust, Inc. Any offers to sell or solicitation to buy securities of

Digital Realty Trust, Inc. shall be made only by means of a prospectus approved for that purpose.

Digital Realty Trust, Inc.

First Quarter 2005

Table of Contents

	PAGE
Corporate Data
Corporate Information	3
Investor Information	4
Stock Performance	5
Ownership Structure	6
Consolidated Financial Results
Acquisitions	7
Key Financial Data	8
Consolidated Balance Sheets	9
Consolidated Statements of Operations	10
Funds From Operations	11
Reconciliation of Earnings Before Interest, Taxes and Depreciation and Amortization	12
Capital Structure	13
Debt Summary	14
Debt Maturities	15
Portfolio Data
Occupancy Analysis	16
Major Tenants	17
Lease Expirations	18
Lease Distribution	19
Leasing Activity	20
Tenant Improvements and Leasing Commissions	21
Historical Capital Expenditures	22
Management Statements on Non-GAAP Supplemental Measures	23

This supplemental package contains forward-looking statements within the meaning of the federal securities laws. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following: adverse economic or real estate developments in our markets or the technology industry; general and local economic conditions; defaults on or non-renewal of leases by tenants; increased interest rates and operating costs; inability to acquire new properties (including those for which we have signed purchase and sale agreements but have not yet completed); our failure to obtain necessary outside financing; decreased rental rates or increased vacancy rates; difficulties in identifying properties to acquire and completing acquisitions; our failure to successfully operate acquired properties and operations; our failure to maintain our status as a REIT; possible adverse changes to tax law; environmental uncertainties and risks related to natural disasters; financial market fluctuations; changes in foreign currency exchange rates; and changes in real estate and zoning laws and increases in real property tax rates. The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. We discussed a number of additional material risks in our annual report on Form 10-K for the year ended December 31, 2004 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.

2

Digital Realty Trust, Inc.

First Quarter 2005

Corporate Information

Corporate Profile

Digital Realty Trust is firmly positioned at the crossroads of real estate and technology and focuses solely on the ownership of technology real estate:

• We own and operate on properties that are critical to the operations of our tenants;

• As of March 31, 2005, our portfolio is primarily located in 15 major metropolitan areas in the United States and Europe;

• We concentrate on areas within the technology industry that we believe have growth potential. As such, we emphasize properties that provide the infrastructure for sectors such as corporate enterprise data centers, disaster recovery and business continuity, electronic commerce and the security of stored or transmitted electronic data.

As of March 31, 2005, our 26 property portfolio, totaling 6.3 million square feet, consists mainly of highly improved properties containing specialized facilities that play a critical role in our tenants’ operations and in the delivery of services to their customers. We maintain a significant focus on Internet gateway and data center properties that are located at the junction of major high-speed data networks that deliver Internet, data, voice, video, wireless and satellite services.

Our tenant base includes media, communications and technology-based businesses, Internet enterprises and Fortune 1000 companies. Our tenants’ operations typically require specially designed and engineered facilities that maintain sophisticated security systems, robust and redundant power services, backup power systems, redundant air conditioning systems and advanced fire suppression systems.

Corporate Headquarters

560 Mission Street, Suite 2900
San Francisco, California 94105
Telephone:	(415) 738-6500
Facsimile:	(415) 738-6501
Web site:	www.digitalrealtytrust.com

Senior Management

Richard A. Magnuson	Executive Chairman
Michael F. Foust	Chief Executive Officer
A. William Stein	Chief Financial Officer and Chief Investment Officer
Scott E. Peterson	Senior Vice President, Acquisitions
Christopher J. Crosby	Vice President, Sales

Investor Relations

To request an Investor Relations package or be added to our e-mail distribution list, please contact us at:

Web site:            www.digitalrealtytrust.com            (Go to Information Request in the Investor Relations section)

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

3

Digital Realty Trust, Inc.

First Quarter 2005

Investor Information

Analyst Coverage
Credit Suisse First Boston	Merrill Lynch
Andrew Rosivach	Brian Legg
(212) 325-6205	(212) 449-1153
JMP Securities	RBC Capital Markets
William Marks	David Copp
(415) 835-8944	(415) 633-8558
KeyBanc Capital Markets	SmithBarney Citigroup
Richard Moore	Jonathan Litt
(216) 443-2815	(212) 816-0231

Quarterly Reporting Schedule

Quarterly results will be announced according to the following anticipated schedule:

First Quarter	May 12, 2005
Second Quarter	Mid August 2005
Third Quarter	Mid November 2005
Fourth Quarter and Year End	TBD

Stock Listing

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

Common Stock:	DLR
Series A Preferred Stock:	DLR.A

Note that symbols may vary by stock quote provider.

4

Digital Realty Trust, Inc.

First Quarter 2005

Stock Performance

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

	11/3/04 to 12/31/04			1st Quarter 2005
High Price *	$	14.10		$	14.81
Low Price *	$	12.00		$	12.50
Closing Price, end of period *	$	13.47		$	14.37
Average daily trading volume *		193,433			94,884
Indicated dividend per share **	$	0.975		$	0.975
Closing dividend yield, end of period		7.2	%		6.8	%
Closing shares and units outstanding (thousands), end of period		52,943			52,943
Closing market value of shares and units outstanding (thousands), end of period	$	713,139		$	760,787

The following summarizes recent activity of Digital Realty’s Series A preferred stock (DLR.A):

	2/9/05 to 3/31/05
High Price *	$	26.63
Low Price *	$	25.90
Closing Price, end of period *	$	26.00
Indicated dividend per share **	$	2.125
Closing dividend yield, end of period		8.2	%
Closing shares outstanding (thousands), end of period		4,140
Closing market value of shares outstanding (thousands), end of period	$	107,640

* New York Stock Exchange trades only

** On an annual basis

5

Digital Realty Trust, Inc.

Ownership Structure

As of March 31, 2005

Limited Partner	# of Units (5)	% Ownership (1)
Digital Realty Trust, Inc.	21,421,300	40.5	%
GI Partners, LLC	23,699,359	44.8	%
Cambay Tele.com, LLC (6)	5,903,124	11.1	%
Wave Exchange, LLC (6)	32,722	0.1	%
Pacific-Bryan Partners, L.P. (7)	395,665	0.7	%
Directors, Executive Officers and Others	1,490,561	2.8	%
Total	52,942,731	100.0	%

⁽¹⁾ Excludes shares issuable with respect to stock options that have been granted but are not yet exercisable.

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

⁽³⁾ This property is held through a taxable REIT subsidiary.

⁽⁴⁾ We indirectly own a 98% interest in a subsidiary that holds the fee simple interest in this property. An unrelated third party holds the remaining 2% interest in this subsidiary.

⁽⁵⁾ The total number of units includes 21,421,300 shares of common stock and 31,521,431 common units.

⁽⁶⁾ These third-party contributors received the units (along with cash and the operating partnership assuming debt) in exchange for their interests in 200 Paul Avenue, 1100 Space Park Drive, the eXchange colocation business and other specified assets and liabilities.

⁽⁷⁾ These third-party contributor received the units in exchange for a 10% minority interest in the Univison Tower property.

6

Digital Realty Trust, Inc.

First Quarter 2005

Properties Acquired

For the three months ended March 31, 2005

Property	Metropolitan Area	Date Acquired	Purchase Price (in millions)			Total Rentable Square Footage of Property	Total Square Footage Held for Redevelopment	Percentage of Total Rentable Square Footage of Property Occupied (1)		Major Tenant(s)
833 Chestnut Street	Philadelphia	March 2005	$	59.0		547,195	107,563	91.5	%	Thomas Jefferson University
MAPP Building	Minneapolis/St. Paul	March 2005	$	15.6	(2)	88,134	—	100.0	%	Midwest Independent System Operator

(1) The property at 833 Chestnut Street has a total of 654,758 square feet, including 107,563 square feet held for redevelopment. The occupancy percentage presented excludes the space held for redevelopment.

(2) Includes assumption of $9.7 million of debt.

7

Digital Realty Trust, Inc. and Predecessor

First Quarter 2005

Key Financial Data

(Dollars in thousands, except per share data)

	For the three months ended or as of
	3/31/2005			12/31/2004			9/30/2004		6/30/2004		3/31/2004
Shares and Units
Common Shares Outstanding		21,421,300			21,421,300		N/A		N/A		N/A
Common Units Outstanding		31,521,431			31,521,431		N/A		N/A		N/A
Total Shares and Operating Partnership Units		52,942,731			52,942,731		N/A		N/A		N/A
Market Capitalization
Market Value of Common Equity (1)		760,787			713,139		N/A		N/A		N/A
Stated Value of Preferred Equity		103,500			N/A		N/A		N/A		N/A
Total Debt		515,701			519,498		551,351		473,896		318,199
Total Market Capitalization		1,379,988			1,232,637		N/A		N/A		N/A
Total Debt/Total Market Capitalization		37.4	%		42.1	%	N/A		N/A		N/A
Selected Balance Sheet Data
Book Value of Real Estate Assets before Depreciation		889,803			818,392		675,204		602,805		433,123
Total Assets		1,099,727			1,013,287		822,189		731,237		513,968
Total Liabilities		579,393			584,229		593,699		509,684		346,545
Selected Operating Data
Revenue		39,643			36,205		29,346		22,800		18,770
Expenses (including interest expense)		34,748			51,774		25,959		19,806		15,263
Interest Expense		8,121			8,657		7,926		4,065		3,813
Net Income (Loss)		2,739			(5,359	)	3,359		3,096		3,461
Net Income Allocable to Common Stockholders		1,468			—		—		—		—
Financial Ratios
Debt Service Coverage Ratio (2)		3.4			N/A		N/A		N/A		N/A
Fixed Charge Coverage Ratio (3)		2.4			N/A		N/A		N/A		N/A
EPS and FFO
Basic Net Income per share	$	0.07		$	(0.30	)(6)	N/A		N/A		N/A
Diluted Net Income per share	$	0.07		$	(0.30	)(6)	N/A		N/A		N/A
Diluted FFO per share (4)	$	0.30		$	(0.17	)	N/A		N/A		N/A
Dividends per share and common unit	$	0.24		$	0.16		N/A		N/A		N/A
Diluted FFO payout ratio (5)		81.3	%		N/A		N/A		N/A		N/A
Portfolio Statistics
Properties		26			24		20		18		14
Net rentable square feet		6,303,226			5,652,700		4,796,996		4,252,058		2,989,266
Occupancy at end of quarter		88.9	%		88.4	%	89.4	%	89.3	%	88.8	%

(1) Assuming 100% conversion of the limited partnership units in the operating partnership into shares of our common stock.

(2) Calculated as earnings before interest, taxes and depreciation and amortization and preferred dividends, or EBITDA, of $25,159 divided by cash interest expense of $7,416. For a definition of cash interest expense, see page 14. For a discussion of EBITDA, see page 23. For a quantitative reconciliation of the differences between EBITDA and net income, see page 12.

(3) Calculated as EBITDA, of $25,159 divided by fixed charges of $10,525. For a definition of fixed charges, see page 14.

(4) For a definition and discussion of FFO, see page 23. For a quantitative reconciliation of the differences between FFO and net income, see page 11.

(5) Calculated as dividend declared per common share divided by FFO per common share - diluted.

(6) The net loss per common share - basic and diluted is for the period from November 3, 2004 to December 31, 2004. This may not be comparable future net income (loss) per common share since it includes the effect of various IPO-related charges.

Note: The Predecessor is not a legal entity; rather it is a combination of certain of the real estate subsidiaries of Global Innovation Partners, LLC, a Delaware limited liability company (GI Partners) along with an allocation of certain assets, liabilities, revenues and expenses of GI Partners related to the real estate held by such subsidiaries. The financial statements presented for periods prior to the Company’s initial public offering on November 3, 2004, are the combined financial statements of the Predecessor.

8

Digital Realty Trust, Inc.

First Quarter 2005

Consolidated Balance Sheets

(in thousands, except share data)

	March 31, 2005			December 31, 2004
	(unaudited)
ASSETS
Investments in real estate
Land	$	138,014		$	129,112
Acquired ground lease		1,477			1,477
Buildings and improvements		667,904			613,058
Tenant improvements		82,408			74,745
Investments in real estate		889,803			818,392
Accumulated depreciation and amortization		(37,691	)		(30,980	)
Net investments in real estate		852,112			787,412
Cash and cash equivalents		2,875			4,557
Accounts and other receivables		3,353			3,051
Deferred rent		14,633			12,236
Acquired above market leases, net		41,485			43,947
Acquired in place lease value and deferred leasing costs, net		157,957			136,721
Deferred financing costs, net		7,333			8,236
Restricted cash		13,773			14,207
Other assets		6,206			2,920
Total Assets	$	1,099,727		$	1,013,287
LIABILITIES AND STOCKHOLDERS’ EQUITY
Notes payable under line of credit	$	36,000		$	44,000
Mortgage loans		457,701			453,498
Other secured loans		22,000			22,000
Accounts payable and other accrued liabilities		13,513			12,789
Accrued dividends and distributions		—			8,276
Acquired below market leases, net		44,868			37,390
Security deposits and prepaid rents		5,311			6,276
Total Liabilities		579,393			584,229
Commitments and contingencies		—			—
Minority interests in consolidated joint ventures		149			997
Minority interests in operating partnership		250,592			254,862
Stockholders’ equity:
Preferred Stock, $0.01 par value, 20,000,000 authorized, 8.50% Series A Cumulative Redeemable Preferred Stock, $103,500,000 liquidation preference ($25.00 per share), 4,140,000 shares issued and outstanding		99,297			—
Common Stock, $0.01 par value, 100,000,000 authorized, 21,421,300 and 21,421,300 shares issued and outstanding, respectively		214			214
Additional paid-in capital		182,095			182,411
Dividends in excess of earnings		(13,271	)		(9,517	)
Accumulated other comprehensive income, net		1,258			91
Total Stockholders’ Equity		269,593			173,199
Total Liabilities and Stockholders’ Equity	$	1,099,727		$	1,013,287

9

Digital Realty Trust, Inc. and Predecessor

First Quarter 2005

Consolidated and Combined Statements of Operations

(unaudited and in thousands, except share data)

	Three Months Ended
	3/31/2005			12/31/2004			9/30/2004		6/30/2004			3/31/2004
Revenues
Rental	$	32,691		$	29,981		$	24,666	$	18,433		$	16,028
Tenant reimbursements		6,520			6,174			4,658		2,669			2,728
Other		432			50			22		1,698			14
Total revenues		39,643			36,205			29,346		22,800			18,770
Expenses
Rental property operating and maintenance		7,145			7,349			5,336		3,283			3,006
Property taxes		3,681			3,084			2,417		2,115			1,718
Insurance		599			696			617		321			241
Interest		8,121			8,657			7,926		4,065			3,813
Asset management fees to related party		—			266			797		796			796
Depreciation and amortization		12,143			10,576			8,604		6,711			5,507
General and administrative		2,413			20,774			86		65			92
Net loss from early extinguishment of debt		125			283			—		—			—
Other		521			89			176		2,450			90
Total expenses		34,748			51,774			25,959		19,806			15,263
Income (loss) before minority interests		4,895			(15,569	)		3,387		2,994			3,507
Minority interests in consolidated joint ventures		(3	)		4			28		(102	)		46
Minority interests in operating partnership		2,159			(10,214	)		—		—			—
Net income (loss)		2,739		$	(5,359	)	$	3,359	$	3,096		$	3,461
Dividends to preferred stockholders		(1,271	)
Net income allocable to common stockholders	$	1,468
Net income (loss) per common share - basic and diluted	$	0.07		$	(0.30	)(1)
Weighted-average shares outstanding - basic		21,421,300			20,770,875
Weighted-average shares outstanding - diluted		21,535,485			20,770,875
Weighted-average fully diluted shares and units		53,056,916			52,942,731

(1) The net loss per common share - basic and diluted is for the period from November 3, 2004 to December 31, 2004. This may not be comparable future net income (loss) per common share since it includes the effect of various IPO-related charges.

10

Digital Realty Trust, Inc.

First Quarter 2005

Funds From Operations

(unaudited and in thousands, except share data)

	Three Months Ended
	3/31/2005		12/31/2004			9/30/2004		6/30/2004		3/31/2004
Reconciliation of net income (loss) to funds from operations:
Net income (loss) allocable to common stockholders	$	1,468	$	(5,359	)	$	3,359	$	3,096	$	3,461
Adjustments:
Minority interests in operating partnership		2,159		(10,214	)		—		—		—
Real estate related depreciation and amortization		12,143		10,576			8,604		6,711		5,507
Funds from operations available to common stockholders and unitholders (FFO)	$	15,770	$	(4,997	)	$	11,963	$	9,807	$	8,968
FFO per share - basic and diluted	$	0.30	$	(0.17	)(1)		N/A		N/A		N/A
Weighted-average shares outstanding - basic		52,943		52,943			N/A		N/A		N/A
Weighted-average shares outstanding - diluted		53,057		52,943			N/A		N/A		N/A

(1) The FFO per share - basic and diluted is for the period from November 3, 2004 to December 31, 2004. This may not be comparable future net income (loss) per common share since it includes the effect of various IPO-related charges.

Note: For a definition and discussion of FFO, see page 23.

11

Digital Realty Trust, Inc.

First Quarter 2005

Reconciliation of Earnings Before Interest Taxes and Depreciation and Amortization

(unaudited and in thousands)

	Three Months Ended
	3/31/2005		12/31/2004			9/30/2004		6/30/2004			3/31/2004
Reconciliation of net income (loss) to earnings before interest, taxes and depreciation and amortization (EBITDA(1)):
Net income (loss)	$	2,739	$	(5,359	)	$	3,359	$	3,096		$	3,461
Add: Minority interests		2,156		(10,210	)		28		(102	)		46
Interest		8,121		8,657			7,926		4,065			3,813
Depreciation and amortization		12,143		10,576			8,604		6,711			5,507
EBITDA	$	25,159	$	3,664		$	19,917	$	13,770		$	12,827

(1) For the definition and discussion of EBITDA, see page 23.

12

Digital Realty Trust, Inc.

First Quarter 2005

Capital Structure

As of March 31, 2005

Consolidated Debt

(in thousands)

		Aggregate Principal March 31, 2005
Mortgage and Other Secured Loans Payable		$	479,701
Unsecured Credit Facility			36,000
Total Debt		$	515,701
Equity (in thousands)
	Shares Outstanding	Total Liquidation Preference
Preferred Stock	4,140	$	103,500
	Shares & Units Outstanding	Market Value (1)
Common Stock	21,421	$	307,824
Operating Partnership Units	31,521		452,963
Total Common Equity	52,943	$	760,787
Total Market Capitalization		$	1,379,988

(1) Value based on March 31, 2005 closing price of $14.37.

13

Digital Realty Trust, Inc.

First Quarter 2005

Consolidated Debt Analysis

(in thousands)

	Maturity Date	Principal Balance as of March 31, 2005			% of Debt		Interest Rate as of March 31, 2005
Floating Rate Debt
Carrier Center-Mortgage	November 11, 2007 (1)	$	25,854		5.0	%	6.75	%
Maxtor Manufacturing Facility-Mortgage	December 31, 2006 (2)		17,894		3.5	%	4.54	%
Ardenwood Corporate Park, NTT/Verio Premier Data Center, VarTec Building-Mezzanine	August 9, 2006 (3)		22,000		4.3	%	8.18	%
Unsecured Credit Facility	November 3, 2007		36,000		7.0	%	4.45	%
Total Unhedged Floating Rate Debt			101,748		19.8	%
Fixed Rate Debt
Secured Term Debt	November 11, 2014		154,336		29.9	%	5.65	%
Univision Tower-Mortgage	November 6, 2009		57,769		11.2	%	6.04	%
200 Paul Avenue-Mortgage	July 1, 2006 (2)		46,268		9.0	%	6.04	%(4)
Ardenwood Corporate Park, NTT/Verio Premier Data Center, VarTec Building-Mortgage	August 9, 2006 (3)		43,000		8.2	%	4.46	%(4)
Stanford Place II-Mortgage	January 1, 2009		26,000		5.0	%	5.14	%
Camperdown House-Mortgage	October 31, 2009		25,566	(5)	5.0	%	6.85	%
Granite Tower-Mortgage	January 1, 2009		21,555		4.2	%	4.32	%(4)
100 Technology Center Drive-Mortgage	April 1, 2009		20,000		3.9	%	4.82	%(4)
MAPP Building-Mortgage	March 1, 2032		9,746		1.9	%	7.62	%
AT&T Web Hosting Facility-Mortgage	December 1, 2006 (2)		8,775		1.7	%	4.97	%(4)
Total Fixed Rate Debt			413,015		80.0	%
Debt Premium - MAPP Building			938		0.2	%
Total Consolidated Debt		$	515,701		100.0	%

(1) A one-year extension option is available.

(2) Two one-year extensions are available.

(3) A 13-month extension and a one-year extension are available.

(4) Mortgage loans subject to interest rate swap agreements. The interest rates on the mortgage loans, adjusted for the interest rate swap agreements are as follows:

200 Paul Avenue-Mortgage	6.35	%
Ardenwood Corporate Park, NTT/Verio Premier Data Center, VarTec Building-Mortgage	4.84	%
Granite Tower-Mortgage	4.95	%
100 Technology Center Drive-Mortgage	5.52	%
AT&T Web Hosting Facility-Mortgage	5.18	%

(5) Based on the company’s hedged exchange rate of $1.8472 to £l.00 as of March 31, 2005.

Credit Facility

(in thousands)

	Maximum Available		Available as of March 31, 2005		Drawn
Unsecured Credit Facility	$	200,000	$	84,900	$	36,000

Financial Ratios

Debt service coverage ratio (a)	3.4
Fixed charged coverage ratio (b)	2.4
Debt to total market capitalization (c)	37.4%
Debt plus preferred stock to total market capitalization (d)	44.9%

(a) EBITDA divided by cash interest expense. Cash interest expense relates to indebtedness less amortized deferred financing fees.

(b) Same as (a), except denominator includes scheduled debt principal payments and preferred dividends.

(c) Mortgage debt and other loans divided by mortgage debt and other loans plus preferred stock and the market value of outstanding common stock and operating partnership units, assuming the conversion of operating partnership units into shares of our common stock.

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

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Digital Realty Trust, Inc.

First Quarter 2005

Debt Maturities

(in thousands)

Property	Remainder of 2005	2006	2007	2008	2009	Thereafter	Total
Secured Term Debt (1)	1,418	2,030	2,150	2,276	2,410	144,052	154,336
Univision Tower-Mortgage	537	755	801	851	54,825	—	57,769
200 Paul Avenue-Mortgage (2)	1,451	44,817	—	—	—	—	46,268
Ardenwood Corporate Park, NTT/Verio Premier Data Center, VarTec Building-Mortgage (3)	—	43,000	—	—	—	—	43,000
Stanford Place II-Mortgage	—	—	—	—	26,000	—	26,000
Carrier Center-Mortgage (4)	331	442	25,081	—	—	—	25,854
Camperdown House-Mortgage	1,475	2,085	2,233	2,390	17,383	—	25,566
Ardenwood Corporate Park, NTT/Verio Premier Data Center, VarTec Building-Mezzanine (3)	—	22,000	—	—	—	—	22,000
Granite Tower-Mortgage	405	540	540	540	19,530	—	21,555
100 Technology Center Drive-Mortgage	—	—	—	—	20,000	—	20,000
Maxtor Manufacturing Facility-Mortgage (2)	318	17,576	—	—	—	—	17,894
MAPP Building-Mortgage	71	105	114	121	132	9,203	9,746
AT&T Web Hosting Facility-Mortgage (2)	—	8,775	—	—	—	—	8,775
Unsecured Credit Facility	—	—	36,000	—	—	—	36,000
Total	6,006	142,125	66,919	6,178	140,280	153,255	514,763

(1) This amount represents six mortgage loans secured by the Company’s interests in 36 Northeast Second Street, Brea Data Center, Comverse Technology Building, Hudson Corporate Center, Siemens Building, and Webb at LBJ. Each of these loans are cross-collateralized by the six properties.

(2) Two one-year extensions are available.

(3) A 13-month extension and a one-year extension are available.

(4) A one-year extension option is available.

Note: Above amounts assume no exercise of extensions.

15

Digital Realty Trust, Inc.

First Quarter 2005

Occupancy Analysis

As of March 31, 2005

	Metropolitan Area	Net Rentable Square Feet	Annualized Rent (1)		Occupancy				Square Feet as a% of				Annualized Rent as a % of
Property					As of 3/31/05		As of 12/31/04		Property Type		Total Portfolio		Property Type		Total Portfolio
Telecommunications Infrastructure
200 Paul Avenue	San Francisco	532,238	$	10,871,302	83.4	%	83.1	%	25.7	%	8.4	%	27.5	%	10.1	%
Univision Tower	Dallas	477,107		7,939,006	79.9		80.5		23.0		7.6		20.1		7.4
Carrier Center	Los Angeles	450,021		7,367,380	79.7		81.7		21.7		7.1		18.7		6.8
Camperdown House	London, UK	63,233		4,016,624	100.0		100.0		3.1		1.0		10.2		3.7
1100 Space Park Drive	Silicon Valley	167,951		3,525,347	46.6		46.6		8.1		2.7		8.9		3.3
36 Northeast Second Street	Miami	162,140		3,007,472	81.2		81.2		7.8		2.6		7.6		2.8
Burbank Data Center	Los Angeles	82,911		1,414,300	100.0		100.0		4.0		1.3		3.6		1.3
VarTec Building	Dallas	135,250		1,352,500	100.0		100.0		6.6		2.1		3.4		1.3
		2,070,851		39,493,931	80.9		81.4		100.0		32.8		100.0		36.7
Information Technology Infrastructure
Hudson Corporate Center	New York	311,950		6,853,399	87.4		88.7		13.5		4.9		18.6		6.4
833 Chestnut Street	Philadelphia	547,195		7,105,469	91.5	(2)	N/A		23.7		8.7		19.3		6.6
Savvis Data Center	Silicon Valley	300,000		5,580,000	100.0		100.0		13.0		4.8		15.1		5.2
AboveNet Data Center	Silicon Valley	187,085		4,287,918	96.2		97.1		8.1		3.0		11.6		4.0
Webb at LBJ	Dallas	365,449		4,482,911	90.6		89.0		15.8		5.8		12.2		4.2
NTT/Verio Premier Data Center	Silicon Valley	130,752		3,781,200	100.0		100.0		5.7		2.1		10.3		3.5
MAPP Building	Minneapolis/St. Paul	88,134		1,339,637	100.0		N/A		3.8		1.4		3.6		1.2
eBay Data Center	Sacramento	62,957		1,133,226	100.0		100.0		2.7		1.0		3.1		1.0
Brea Data Center	Los Angeles	68,807		1,176,600	100.0		100.0		3.0		1.1		3.2		1.1
AT&T Web Hosting Facility	Atlanta	250,191		1,098,036	50.5		50.0		10.7		4.0		3.0		1.0
		2,312,520		36,838,396	89.1		87.7		100.0		36.8		100.0		34.2
Technology Manufacturing
Ardenwood Corporate Park	Silicon Valley	307,657		7,624,739	100.0		100.0		50.9		4.9		56.7		7.1
Maxtor Manufacturing Facility	Silicon Valley	183,050		3,272,934	100.0		100.0		30.3		2.9		24.3		3.0
ASM Lithography Training Facility	Phoenix	113,405		2,549,165	100.0		100.0		18.8		1.8		19.0		2.4
		604,112		13,446,838	100.0		100.0		100.0		9.6		100.0		12.5
Technology Office/Corporate Headquarters
Comverse Technology Building	Boston	386,956		5,891,393	100.0		100.0		29.4		6.1		33.0		5.5
Stanford Place II	Denver	366,184		2,952,066	88.4		85.7		27.8		5.8		16.5		2.7
100 Technology Center Drive	Boston	197,000		3,743,000	100.0		100.0		15.0		3.1		21.0		3.5
Granite Tower	Dallas	240,065		3,344,077	94.6		95.5		18.2		3.8		18.7		3.1
Siemens Building	Dallas	125,538		1,917,505	100.0		100.0		9.6		2.0		10.8		1.8
		1,315,743		17,848,041	95.8		95.2		100.0		20.8		100.0		16.6
Portfolio Total/Weighted Average		6,303,226	$	107,627,206	88.9	%	88.4	%	100.0	%	100.0	%	100.0	%	100.0	%

(1) Annualized rent represents the annualized monthly contractual rent under existing leases as of March 31, 2005. This amount reflects total base rent before any one-time or non-recurring rent abatements, but after annually recurring rent credits and is shown on a net basis; thus, for any tenant under a partial gross lease, the expense stop, or under a full gross lease, the current year operating expenses (which may be estimates as of such date), are subtracted from gross rent.

(2) The property at 833 Chestnut Street has an additional 107,563 square feet of vacant space in shell condition available for redevelopment. The occupancy percentage presented excludes the space available for redevelopment.

16

Digital Realty Trust, Inc.

First Quarter 2005

Major Tenants

As of March 31, 2005

Tenant	Number of Locations	Total Occupied Square Feet (1)	Percentage of Net Rentable Square Feet		Annualized Rent		Percentage of Annualized Rent		Weighted Average Remaining Lease Term in Months
1 Savvis Communications	4	560,409	8.9	%	$	12,680,700	11.8	%	103
2 Qwest Communications International, Inc.	6	343,383	5.4	%		9,195,205	8.5	%	106
3 Comverse Network Systems	1	367,033	5.8	%		5,592,548	5.2	%	71
4 Abgenix	1	131,386	2.1	%		4,925,265	4.6	%	73
5 Leslie & Godwin	1	63,233	1.0	%		4,016,624	3.7	%	57
6 Verio, Inc.	1	130,752	2.1	%		3,781,200	3.5	%	62
7 Stone & Webster, Inc.	1	197,000	3.1	%		3,743,000	3.5	%	96
8 AboveNet	2	135,093	2.1	%		3,499,536	3.3	%	174
9 Maxtor Corporation	1	183,050	2.9	%		3,272,934	3.0	%	78
10 SBC Communications	1	141,663	2.2	%		2,773,762	2.6	%	68
11 Thomas Jefferson University	1	184,701	2.9	%		2,737,144	2.5	%	56
12 Tycom Networks, Inc.	1	59,289	0.9	%		2,721,041	2.5	%	140
13 ASM Lithography	1	113,405	1.8	%		2,549,165	2.4	%	142
14 XO Communications	3	96,546	1.5	%		2,457,344	2.3	%	118
15 Logitech	1	144,271	2.3	%		2,307,794	2.1	%	96
16 Equinix, Inc.	1	129,254	2.1	%		2,257,142	2.1	%	126
17 Siemens Subscriber Networks	1	125,538	2.0	%		1,917,505	1.8	%	62
18 AT&T	4	142,612	2.3	%		1,825,904	1.7	%	125
19 VarTec Telecom, Inc.	2	143,882	2.3	%		1,521,738	1.4	%	102
20 Midwest ISO	1	88,134	1.4	%		1,339,637	1.2	%	30
Total/Weighted Average		3,480,634	55.2	%	$	75,115,189	69.8	%	94

(1) Occupied square footage is defined as leases that have commenced on or before March 31, 2005.

17

Digital Realty Trust, Inc.

First Quarter 2005

Lease Expirations

As of March 31, 2005

Year	Number of Leases Expiring	Square Footage of Expiring Leases	Percentage of Net Rentable Square Feet		Annualized Rent		Percentage of Annualized Rent		Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Available		702,756	11.1	%	$	—	0.0	%
2005	17	54,110	0.9	%		800,544	0.7	%	$	14.79	$	18.00	$	973,750
2006	25	107,456	1.7	%		1,883,694	1.8	%	$	17.53	$	18.16		1,951,371
2007	31	232,725	3.7	%		3,909,099	3.5	%	$	16.80	$	18.91		4,401,804
2008	28	293,295	4.7	%		4,633,752	4.3	%	$	15.80	$	17.07		5,007,870
2009	37	496,526	7.9	%		10,179,052	9.5	%	$	20.50	$	22.19		11,016,358
2010	29	812,668	12.9	%		14,368,621	13.4	%	$	17.68	$	20.72		16,835,917
2011	26	1,156,425	18.3	%		23,941,287	22.2	%	$	20.70	$	24.05		27,814,311
2012	8	52,511	0.8	%		1,109,541	1.0	%	$	21.13	$	23.94		1,257,119
2013	15	580,530	9.2	%		9,750,927	9.1	%	$	16.80	$	18.98		11,020,953
2014	19	454,308	7.2	%		6,942,476	6.5	%	$	15.28	$	19.56		8,888,109
Thereafter	32	1,359,916	21.6	%		30,108,213	28.0	%	$	22.14	$	31.80		43,247,778
Portfolio Total/Weighted Average	267	6,303,226	100.0	%	$	107,627,206	100.0	%	$	19.22	$	23.64	$	132,415,340

18

Digital Realty Trust, Inc.

First Quarter 2005

Lease Distribution

As of March 31, 2005

Square Feet Under Lease	Number of Leases	Percentage of All Leases		Total Net Rentable Square Feet	Percentage of Net Rentable Square Feet		Annualized Rent		Percentage of Annualized Rent
Available				702,756	11.1	%	$	—	0.0	%
2,500 or less	94	35.2	%	86,016	1.4	%		3,134,220	2.9	%
2,501 - 10,000	68	25.5	%	362,767	5.7	%		6,531,984	6.1	%
10,001 - 20,000	36	13.5	%	541,372	8.6	%		9,833,606	9.1	%
20,001 - 40,000	35	13.1	%	944,178	15.0	%		13,947,537	12.9	%
40,001 - 100,000	20	7.5	%	1,352,472	21.5	%		30,748,386	28.6	%
Greater than 100,000	14	5.2	%	2,313,665	36.7	%		43,431,473	40.4	%
Portfolio Total	267	100.0	%	6,303,226	100.0	%	$	107,627,206	100.0	%

19

Digital Realty Trust, Inc.

First Quarter 2005

Leasing Activity

As of March 31, 2005

	For the Three Months Ended March 31, 2005		% Leased
Occupied Square Feet as of December 31, 2004	4,999,467			88.4	%
Q1 2005 Acquisition: 833 Chestnut Street (1)	500,538
Q1 2005 Acquisition: MAPP Building	88,134
Occupied Square Feet including Q1 2005 Acquisitions	5,588,139			88.7	%
Expirations	(23,839	)		(0.4	)%
New Leases	15,762			0.3	%
Renewals/Expansions	20,408			0.3	%
Occupied Square Feet as of March 31, 2005	5,600,470			88.9	%
Cash Rent Growth (2)
Expiring Rate per Square Foot			$	23.22
New / Renewed Rate per Square Foot			$	25.78
Percentage Increase				11.1	%
GAAP Rent Growth (3)
Expiring Rate per Square Foot			$	23.22
New / Renewed Rate per Square Foot			$	27.92
Percentage Increase				20.2	%
Weighted Average Lease Term - New (in months)				52
Weighted Average Lease Term - Renewal (in months)				75

⁽¹⁾ Excludes space held for redevelopment.

⁽²⁾ Represents the difference between (i) initial contractual rents on new and renewed leases and (ii) the cash rents on expiring leases immediately prior to the expiration or termination.

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

20

Digital Realty Trust, Inc.

First Quarter 2005

Tenant Improvements and Leasing Commissions

As of March 31, 2005

			Full Year
	Q1 2005		2004		2003		2002
Renewals (1)
Number of renewals		3		4		10		5
Square Feet		12,295		19,079		78,172		28,418
Tenant improvement costs per square foot (2)	$	3.93	$	15.06	$	1.83	$	4.12
Leasing commission costs per square foot (2)		9.11		6.78		6.09		5.08
Total tenant improvement and leasing commission costs per square foot	$	13.04	$	21.84	$	7.92	$	9.20
New Leases (3)
Number of leases		6		34		18		4
Square Feet		15,762		220,868		229,211		34,794
Tenant improvement costs per square foot (2)	$	13.01	$	14.55	$	2.27	$	14.34
Leasing commission costs per square foot (2)		4.54		10.08		12.55		12.37
Total tenant improvement and leasing commission costs per square foot	$	17.55	$	24.63	$	14.82	$	26.71
Total
Number of leases/renewals		9		38		28		9
Square Feet		28,057		239,947		307,383		63,212
Tenant improvement costs per square foot (2)	$	9.03	$	14.59	$	2.16	$	9.75
Leasing commission costs per square foot (2)		6.54		9.82		10.91		9.09
Total tenant improvement and leasing commission costs per square foot	$	15.57	$	24.41	$	13.07	$	18.84

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

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

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

21

Digital Realty Trust, Inc.

First Quarter 2005

Historical Capital Expenditures

As of March 31, 2005

			Full Year
	Q1 2005		2004		2003		2002
Recurring capital expenditures	$	266,974	$	711,998	$	388,636	$	208,758
Total square feet at period end		6,303,226		5,652,700		2,792,266		1,145,182
Recurring capital expenditures per square foot	$	0.04	$	0.13	$	0.14	$	0.18
Non-recurring capital expenditures	$	1,352,219	$	2,168,837	$	765,587	$	430,183
Total square feet at period end		6,303,226		5,652,700		2,792,266		1,145,182
Non-recurring capital expenditures per square foot	$	0.21	$	0.38	$	0.27	$	0.38

22

Digital Realty Trust, Inc.

First Quarter 2005

MANAGEMENT STATEMENTS ON NON-GAAP SUPPLEMENTAL MEASURES

Funds from Operations:

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

EBITDA:

We believe that earnings before interest, income taxes, depreciation and amortization, or EBITDA, is a useful supplemental performance measure. Management uses EBITDA as an indicator of our ability to incur and service debt. We believe EBITDA is an appropriate supplemental measure for such purposes, because the amounts spent on interest are, by definition, available to pay interest, income tax expense is inversely correlated to interest expense because tax expense goes down as deductible interest expense goes up, and depreciation and amortization are non-cash charges. In addition, we believe EBITDA is frequently used by securities analysts, investors and other interested parties in the evaluation of equity REITs. However, because EBITDA is calculated before recurring cash charges including interest expense and income taxes, and is not adjusted for capital expenditures or other recurring cash requirements of our business, its utility as a measure of our liquidity is limited. Accordingly, EBITDA should be considered only as supplement to cash flows from operating activities (computed in accordance with GAAP) as a measure of our liquidity. EBITDA is not a measure of our financial performance and should not be considered as an alternative to net income as an indicator of our operating performance. Other equity REITs may calculate EBITDA differently than we do; accordingly, our EBITDA may not comparable to such other REITs’ EBITDA.

Coverage Ratios:

We present interest and fixed charge coverage ratios as supplemental liquidity measures. Management uses these ratios as indicators of our financial flexibility to service current interest expense and debt amortization from current cash net operating income. In addition, we believe that these coverage ratios represent common metrics used by securities analysts, investors and other interested parties to evaluate our ability to service fixed cash payments. However, because these ratios are derived from EBITDA, their utility is limited by the same factors that limit the usefulness of EBITDA as a liquidity measure. Accordingly, our interest coverage ratio should be considered only as a supplement to cash flows from operating activities (computed in accordance with GAAP) as a measure of our liquidity.

23

EX-99.2

Exhibit 99.2

DIGITAL REALTY TRUST

NAREIT INSTITUTIONAL INVESTOR CONFERENCE

June 2005

Forward Looking Statements

The information included in this presentation contains forward-looking statements. 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 that may cause actual results may vary materially. Some of the risks and uncertainties include, among others, the following: adverse economic or real estate developments in our markets or the technology industry; general and local economic conditions; defaults on or non-renewal of leases by tenants; increased interest rates and operating costs; inability to acquire new properties (including those we are in the process of acquiring); our failure to obtain necessary outside financing; decreased rental rates or increased vacancy rates; difficulties in identifying properties to acquire and completing acquisitions; our failure to successfully operate acquired properties and operations; our failure to maintain our status as a REIT; possible adverse changes to tax law; environmental uncertainties and risks related to natural disasters; financial market fluctuations; changes in foreign currency exchange rates; and changes in real estate and zoning laws and increases in real property tax rates. The risks described above are not exhaustive, and additional factors could adversely affect our business and financial performance, including those discussed in our annual report on Form 10-K for the year ended December 31, 2004 and other filings with the Securities and Exchange Commission. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise.

1

Digital Realty Trust Overview

Exclusive focus on technology-related real estate assets

Assets that are critical to operations of our tenants

Diversified across various technology sectors

33 properties comprising 7.7 million net rentable square feet

Includes a portfolio of 5 properties under contract for 560,000 square feet

Additional 385,000 square feet held for redevelopment

Strategically located in 15 key technology markets

Properties are designed to satisfy the requirements of the IT industry and Corporate America

DLR is ideally positioned at the crossroads of technology and real estate

2

Investment Highlights

Specialized focus in dynamic and growing industry

High quality portfolio that is difficult to replicate

Industry consolidator with proven ability to acquire assets below replacement cost

Acquisition and leasing pace creates potential for strong FFO growth

Uniquely positioned as both a value and growth REIT

3

Unique Technology Focused Property Type

Webb at LBJ

Dallas

Data Centers

Data centers provide a secure 24 x 7 environment for the storage of mission-critical electronic information

Used by corporations for disaster recovery purposes, internet service companies for transaction processing, and by IT service companies to house their operations

Represent 34.0% of total portfolio on an annualized rent basis

200 Paul Avenue

San Francisco

Internet Gateways

Internet gateways serve as the hub for Internet and data communication within and between major metropolitan areas

Market-dominant position in their respective MSAs

Frequently serve as a super-regional data centers with multiple anchor tenants

Represent 42.5% of total portfolio on an annualized rent basis

Tenants typically invest between $300 and $1,000 per square foot in our buildings. These costs create a barrier to exit for tenants and discourage new supply.

4

Value Chain — Internet Gateways & Data Centers

Customers of data center and internet gateway tenants pay on average 16x the amount Digital Realty charges for rent

Data Center Customers

Government Agencies

Internet Enterprises

Financial Institutions

Healthcare Companies

3 to 5 year leases / contracts

Data Center Tenant

Receives, on average, $300 per square foot for conditioned space and power (1)

10 to 15 year leases

DLR receives $19 per square foot per year

(1) Source: Tier1 Research.

5

Tenants’ Revenue per Available Square Foot

DLR’s top pure-play tenants, Equinix and Savvis, have seen strong growth in revenue per available square foot, which translates into increasingly safe rent payments to DLR

Revenue per Available Square Foot

Average Utilization Rate

$300

55%

$254

50%

$250

$234

3 YR CAGR = 21%

50%

45%

47%

$200

$157

$142

$150

40%

$100

35%

30%

33%

$50

29%

$0

25%

2004

2003

2002

Q1 2005E

Source: Weighted average combined information based on data, including revenue and square footage data, from Equinix and Savvis SEC filings, and research reports (related to Equinix and Savvis) from SG Cowen, Citigroup and Tier1 Research. Q1 2005E Savvis data assumes that available square footage remained constant since December 31, 2004.

6

Strong Industry Fundamentals

Market for Hosting, IP Virtual Private Networks and Content Delivery

(in millions)

$35,000

$24,010

$30,000

$21,128

$25,000

$20,000

$18,833

$16,932

$15,941

$14,007

$15,000

$10,000

$5,000

$0

CAGR 11.4%

2002 2003 2004 2005E 2006E 2007E

Source: IDC Research

Content Delivery VPN Web Hosting

Domestic Broadband Subscription ($ in trillions)

eCommerce (in millions)

CAGR 50.8%

$7.1

$5.7

$4.1

$2.6

$1.7

$1.0

$0.6

$0.4

CAGR 57.7%

$48.5

$39.8

$32.3

$26.6

$20.2

$15.5

2000 2001 2002 2003 2004E 2005E 2006E 2007E

Jun ‘01

Dec ‘01

Jun ‘02

Dec ‘02

Jun ‘03

Dec ‘03

Source: FCC

Source: IDC Research

7

Senior Management

Organized to Deliver Growth

Relevant experience

Proven track record

Public markets background

Richard Magnuson

Executive Chairman

Co-founder of GI Partners

23+ years of real estate and technology experience

Michael Foust

CEO

Co-founder of GI Partners

25+ years of real estate and technology experience

A. William Stein

CFO/CIO

Former President & CFO of TriNet

20+ years of finance and real estate experience

Scott Peterson

Sr. VP Acquisitions

Former Head of GI Partners real estate acquisitions

17+ years of real estate experience

Christopher Crosby

VP Sales

Former Director of Sales, Nortel Networks

13+ years of technology business experience

Ted Martin

Director of Operations

Former General Manager of Critical Facilities for EDS

18+ years of technology infrastructure experience

8

Total Return Since IPO

Since its IPO, DLR has outperformed its peers and the RMS

35%

29.3%

30.4%

30%

25%

20%

12.7%

12.5%

15%

9.8%

10%

7.1%

4.0%

5%

3.6%

0%

(1)

(2)

(3)

Mixed Office/Industrial composite

RMS

Tech Real Estate composite

DLR

Total Return

2005E - 2006E FFO Growth

Note: Total return from October 28, 2004 to June 6, 2005. Assumes reinvested dividends.

(1) Tech Real Estate composite includes ARE, BMR and GSL.

(2) Mixed Office / Industrial composite includes BED, GLB, MSW, PSB, KRC, HIW, LRY and DRE.

(3) Source: First Call consensus estimates as of June 6, 2005.

9

Our Locations and Tenant Base

Geographic Distribution by Annualized Rent

Industry Distribution by Annualized Rent

Miami

2%

Other

5%

Denver

3%

Non-

Technology

23%

Silicon Valley

26%

London

3%

IT Services

31%

New York

5%

Philadelphia

5%

Boston

8%

Chicago

14%

Other

Technology

14%

San Francisco

9%

Los Angeles

7%

Communications

32%

Dallas

13%

We have been expanding our presence in key technology markets and continue to diversify our tenant base into Corporate America

10

Replacement Cost Analysis

Cost per Square Foot

Cost Components

High

Low

Land

$40

$70

Base Building

Building Shell

60

150

Electrical Systems

$297

$396

Mechanical Systems (HVAC)

92

122

Data Center Improvements (1)

Fire Protection

21

29

Other Construction and Fees

130

173

Sub Total

$540

$720

Total Development Costs

$640

$940

DLR presently owns 2.8 million square feet of improved data center space

Source: Data center construction cost information provided by CCG Facilities Integration Inc. based on data center projects with improvements similar to DLR.

(1) Infrastructure only. Does not include electronic equipment. Assumes 60% ratio of data center to total building.

11

Recent and Pending Acquisitions

We expect to exceed our revised annual acquisition target for 2005.

Acquisitions completed year to date and pending for 2005 are expected to contribute NOI of $33.7mm annually.

Expected Year 1 NOI Cap Rate

Net Rentable Square Feet Purchase Price

Purchase Price / Sq Ft Location Property

Lakeside Tech Center Chicago, IL

$140.0mm

820,000

9.0%

$171(1)

833 Chestnut Street

Philadelphia, PA

59.0mm

545,000

10.7%

108 (2)

MAPP Building St. Paul, MN

15.6mm

88,134

9.7%

177

Ameriquest Denver, CO

16.5mm

82,000

9.2%

201

Burbank Data Center Burbank, CA

16.6mm

82,911

8.5%

200

Total Recent Acquisitions

$247.7mm

1,618,045

9.4%

$153

Savvis Data Centers (5 buildings) Santa Clara, CA

Los Angeles, CA

92.5mm

560,000

11.0%

165

Total Recent and Pending Acquisitions

$340.2mm

2,178,045

9.9%

$156

(1) Net of 275,000 redevelopment square feet.

(2) Net of 110,000 redevelopment square feet.

12

Leasing Update Since IPO

20 leases for technical space representing 25,315 square feet

Rent per square foot: $67.58

Leasing costs per square foot: $18.22 (1)

18 leases for non-technical space representing 64,121 square feet

Rent per square foot: $19.89

Leasing costs per square foot: $21.81 (1)

Excluding square feet held for redevelopment, 91.9% of space is currently leased

Same-store occupancy has increased 50 bps since our IPO

As a result of our leasing activity, we are on pace to achieve our year end targets

Note: From October 28, 2004 through April 30, 2005. Rents are annualized.

(1) Leasing costs per square foot are a one-time cost.

13

Long-Term, Stable Leases

Lease Expiration as a % of Net Rentable Square Feet

33.0%

9.3% expires through 2008

15.1%

11.7%

7.5%

7.4%

7.1%

8.1%

3.0%

3.0%

1.4%

1.8%

0.7%

Thereafter

Available

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

The average lease term is in excess of 12 years

Leases typically contain 3% annual rent bumps

The stability of our long-term leases complements our growth

Note: Excludes 385,000 square feet held for redevelopment.

14

Financial Guidance

2005 FFO Per Share Guidance: (1)

$1.35 - $1.40

Lease-Up

Internal Growth

150,000 – 200,000

sq ft of basic commercial space

(gross rent $20 / sq ft)

3 – 4%

FFO Per Share Growth

40,000 sq ft of highly improved tech space (gross rent $60 / sq ft)

External Growth

Acquisitions

6 – 8%

FFO Per Share Growth

$300 - $350 million

8.75% - 9.25% cap rate

9 – 12%

Overall FFO Per Share Growth

(1) Guidance provided May 11, 2005. A reconciliation of the range of projected FFO to the range of 2005 projected net income is included in the Appendix.

15

Conservative Capital Structure

Unsecured

Debt

$87mm

Series A

Preferred

$103.5mm

Weighted Avg. Cost of Debt – 5.8%

$210mm credit facility

$87.0mm outstanding on the credit facility

In the process of expanding the credit facility to $350 million (subject to lender commitments)

No debt maturing through 2008 (1)

Secured

Debt

$578.8mm

7%

6%

36%

51%

Common Equity

And Units

$804.7mm (3)

Total Market Capitalization $1,574.0 million

Dividend Yield / Rate: 6.4% / $0.975

FFO Payout Ratio: (2) 71.2%

Note: As of June 6, 2005. Does not include Savvis acquisition.

(1) After exercise of applicable extension options.

(2) Based on June 6, 2005 stock price and $1.37 First Call consensus 2005 FFO per share estimate.

(3) Stock price as of June 6, 2005 assuming 52.9 million shares and units outstanding.

16

2005 FFO Multiple and Dividend Yield

FFO Multiple (1)

Dividend Yield

7.0%

20.0x

6.4%

17.8x

6.0%

17.5x

5.9%

5.0%

15.0x

4.9%

14.4x

4.4%

12.9x

4.0%

12.5x

11.1x

10.0x

3.0%

Tech Real Estate Composite(2)

RMS

Mixed Office / Industrial (3)

DLR

DLR trades at a significant discount to its comparables

Note: Based on data as of June 6, 2005.

(1) Based on First Call Consensus estimates.

(2) Tech Real Estate composite includes ARE, BMR and GSL.

(3) Mixed Office / Industrial composite includes BED, GLB, MSW, PSB, KRC, HIW, LRY and DRE.

17

Cap Rate Analysis

An analysis by Cushman & Wakefield of 60+ recent sales of properties similar to DLR’s portfolio indicates a current market cap rate range of 7.50% to 8.25%

6.00%

Tech Real Estate composite cap rate (3)

6.30%

7.50%

C&W market cap rates

8.00%

8.25%

Mixed Office / Industrial composite cap rate (4)

DLR implied cap rate ($222 per square foot) (5)

8.56%

DLR implied cap rate calculation

Annualized Q1 2005 NOI (1)

Total Market Capitalization (2)

$134.8 million

$1,574.0 million

10.00%

(1) Annualized Q1 2005 NOI pro forma for the acquisitions of Chestnut, MAPP, Lakeside and Ameriquest.

(2) Based on stock price of $15.20 and assuming 52.9 million shares and units, and $665.8 million total debt and $103.5 million preferred stock outstanding as of June 6, 2005.

(3) Tech Real Estate composite includes ARE, BMR and GSL.

(4) Mixed Office / Industrial composite includes BED, GLB, MSW, PSB, KRC, HIW, LRY and DRE.

(5) Net of 385,000 square feet held for redevelopment.

18

Appendix

Reconciliation and Definition of Non-GAAP Financial Measures

This presentation includes certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs, and, therefore, may not be comparable. The non-GAAP financial measures should not be considered an alternative to net income or any other GAAP measurement of performance and should not be considered an alternative to cash flows from operating, investing or financing activities as a measure of liquidity.

Funds from Operations (FFO)

FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of property, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures.

Net Operating Income (NOI)

NOI is defined as total revenues less real estate operating expenses (including such items as repairs and maintenance, payroll, utilities, property taxes and insurance, advertising and management fees).

Each of FFO and NOI exclude items that have real economic effect and could materially impact our results from operations, and therefore the utility of FFO and NOI as a measure of our performance is limited.

Unless otherwise indicated, all information assumes the completion of the acquisition of the Savvis Data Center Portfolio.

Nothing contained herein is intended to revise the earnings, FFO or acquisition guidance we provided in a press release dated May 11, 2005 and available on our website at www.digitalrealtytrust.com.

20

DIGITAL REALTY TRUST

connecting the worlds of technology and real estate