8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): August 6, 2008

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 No.)

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

(415) 738-6500

(Registrant’s telephone number, including area code)

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

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

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

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

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

Item 2.02 Results of Operations and Financial Condition.

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

On August 6, 2008, we issued a press release announcing our financial results for the second quarter ended June 30, 2008. The text of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

On August 6, 2008, we posted certain supplemental operating and financial data on our website located at www.digitalrealtytrust.com. That supplemental operating and financial data is attached hereto as Exhibit 99.2 and is incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

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

On August 6, 2008, we issued a press release announcing our financial results for the second quarter ended June 30, 2008. The text of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

On August 6, 2008, we posted certain supplemental operating and financial data on our website located at www.digitalrealtytrust.com. That supplemental operating and financial data is attached hereto as Exhibit 99.2 and is incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release dated August 6, 2008.
99.2	Supplemental Operating and Financial Data posted August 6, 2008.

SIGNATURES

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

Digital Realty Trust, Inc.
By:	/s/ Joshua A. Mills
	Joshua A. Mills
	General Counsel and Assistant Secretary

Dated: August 6, 2008

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated August 6, 2008.
99.2	Supplemental Operating and Financial Data posted August 6, 2008.

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

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

DIGITAL REALTY TRUST, INC. REPORTS SECOND QUARTER 2008 RESULTS

Company reports FFO per diluted share and unit of $0.59, up 15.7% from the second quarter 2007, and

raises 2008 FFO guidance

Highlights:

• Reported FFO of $0.59 per diluted share and unit for the second quarter, up 1.7% from the first quarter of 2008 and up 15.7% from the second quarter of 2007.

• Reported net income for the second quarter of $13.8 million and net income available to common stockholders of $3.7 million, or $0.05 per diluted share, compared to net income in the first quarter of 2008 of $11.1 million and net income available to common stockholders of $2.9 million, or $0.04 per diluted share, and net income in the second quarter of 2007 of $7.8 million and net income available to common stockholders of $2.6 million, or $0.04 per diluted share.

• Commenced leases on approximately 138,500 square feet during the second quarter at an average annualized GAAP rent of approximately $125 per square foot.

• Signed leases on approximately 121,800 square feet in the second quarter at an average annualized GAAP rent of approximately $155 per square foot.

• Subsequent to the end of the quarter,

• Closed on an $80 million secured financing of 3 Corporate Place in Piscataway, New Jersey.

• Completed a public offering of 5.75 million shares of Common Stock, generating approximately $211.6 million in net proceeds;

560 MISSION STREET, SUITE 2900

SAN FRANCISCO, CA 94105

415-738-6500

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• Closed on a $200 million uncommitted, unsecured, multi-currency Prudential Shelf Facility. Concurrent with the close, made an initial draw of $25 million with an interest-only rate of 7.00% per annum and a three-year maturity; and

• Increased the commitments under our Revolving Credit Facility from $650 to $675 million.

• Increasing 2008 FFO guidance $0.05 per diluted share and unit to $2.40 - $2.50.

San Francisco, Calif. (August 6, 2008) – Digital Realty Trust, Inc. (NYSE: DLR), the leading owner and manager of corporate and Internet gateway datacenter facilities, today announced financial results for its second quarter ended June 30, 2008. The Company reported operating revenue of $123.8 million in the second quarter of 2008, up 8.1% from $114.5 million in the first quarter of 2008 and up 29.5% from $95.6 million in the second quarter of 2007. For the second quarter of 2008, net income was $13.8 million and net income available to common stockholders was $3.7 million, or $0.05 per diluted share. This compares to net income in the first quarter of 2008 of $11.1 million and net income available to common stockholders of $2.9 million, or $0.04 per diluted share, and net income in the second quarter of 2007 of $7.8 million and net income available to common stockholders of $2.6 million, or $0.04 per diluted share.

“As more and more customers look to expand their datacenter operations, our Turn-Key Datacenter™ has become the preferred time-to-market infrastructure solution for many corporate, Internet enterprise and system integrator customers who need to accommodate their growing IT requirements and get new applications up and running quickly,” commented Michael F. Foust, Chief Executive Officer of Digital Realty Trust. “Our strong performance is driven by our ability to deliver new product in key markets throughout the U.S. and Europe in time to meet our customers’ requirements.”

Funds from operations (“FFO”) was $44.4 million in the second quarter of 2008, or $0.59 on a diluted per share and unit basis, up 1.7% from $0.58 per diluted share and unit in the previous quarter; and up 15.7% from $0.51 per diluted share and unit in the second quarter of 2007.

“If one adjusts for approximately $0.02 per diluted share of non-recurring items in first quarter 2008 FFO, the quarter over quarter increase to $0.59 per diluted share and unit in the second quarter of 2008 would have been 5.4%,” added A. William Stein, Chief Financial Officer and Chief Investment Officer of Digital Realty Trust.

FFO is a supplemental non-GAAP financial measure used by the real estate industry to measure the operating performance of real estate companies. FFO should not be considered as a substitute for net income determined in accordance with U.S. GAAP as a measure of financial performance. A reconciliation from U.S. GAAP net

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income available to common stockholders to FFO and a definition of FFO are included as an attachment to this press release.

Acquisitions and Leasing Activity

On June 13, 2008, the Company acquired 650 Randolph Road in Franklin Township, New Jersey. The recently completed purpose-built datacenter shell totals 127,800 square feet, which is capable of supporting approximately 70,000 square feet of raised floor. The Company plans to contribute the property to its redevelopment inventory and make additional improvements to the building to meet its Powered Base Building™ specifications. The Company plans to market the facility to financial service companies, system integrators and other Fortune 1000 companies looking for large blocks of high quality datacenter space in the Metro New York market.

On June 20, 2008, the Company acquired Reynolds House Datacenter, located in Manchester, U.K. The 38,000 square foot income producing facility was purpose built as a datacenter in 2001 and contains nearly 23,000 square feet of raised floor, with the potential for an additional 7,000 square feet of raised floor. The facility is fully leased to three tenants on long term bases.

On June 30, 2008, the Company acquired a 50% interest in 1201 Comstock Street, a site contiguous to its 1100 Space Park Drive and 1500 Space Park Drive properties in Santa Clara, California. The 24,000 square foot datacenter is currently under construction and will contain approximately 14,000 square feet of raised floor. Concurrent with the acquisition, a leading technology company signed a lease for the entire building. The tenant is expected to take occupancy upon completion of construction in January 2009.

As of August 6, 2008, the Company’s portfolio comprises 74 properties, excluding one property held in an unconsolidated joint venture, consisting of 96 buildings totaling approximately 12.9 million rentable square feet, including 1.9 million square feet of space held for redevelopment. The portfolio is strategically located in 27 key technology markets throughout North America and Europe.

The Company commenced leases during the quarter totaling approximately 138,500 square feet of space. This includes 86,200 square feet of Turn-Key Datacenter™ space leased at an average annual GAAP rental rate of approximately $185 per square foot and 52,000 square feet of non-technical space leased at an average annual GAAP rental rate of approximately $26 per square foot.

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In addition, the Company signed leases during the quarter totaling 121,800 square feet of space. This includes 106,700 square feet of Turn-Key Datacenter™ space leased at an average annual GAAP rental rate of approximately $173 per square foot and 14,500 square feet of non-technical space leased at an average annual GAAP rental rate of approximately $25 per square foot.

Balance Sheet Update

Total assets grew to approximately $3.1 billion at June 30, 2008, from $2.8 billion at December 31, 2007. Total debt at June 30, 2008 was unchanged at approximately $1.4 billion from December 31, 2007. Stockholders’ equity was approximately $1.4 billion, up from $1.0 billion at December 31, 2007, primarily due to the public offering of Series D Cumulative Convertible Preferred Stock in the first quarter of 2008.

Subsequent Events

On July 17, 2008, the Company closed an $80 million secured financing on 3 Corporate Place located in Piscataway, New Jersey. The loan has a three-year maturity with two one-year extensions at an interest-only rate of 6.72% per annum.

On July 21, 2008, the Company completed a public offering of 5,750,000 shares of Common Stock, including the over-allotment option that was exercised, which generated approximately $211.6 million in net proceeds. The Company utilized the net proceeds from the offering to temporarily repay borrowings under its revolving credit facility, to fund acquisitions, development and redevelopment activities, and for general corporate purposes.

On July 24, 2008, the Company closed on a $200 million uncommitted, unsecured Prudential Shelf Facility. The three-year, multi-currency facility provides for draws, from time to time, as approved by Prudential with an average life and final maturity of up to seven years and ten years, respectively. Concurrent with the close of the Facility, the Company made an initial draw of $25 million with an interest-only rate of 7.00% per annum and a three-year maturity. The Company intends to use the proceeds of the initial notes and any additional notes to acquire properties, to fund development and redevelopment activities and for general corporate purposes.

In addition, on July 25, 2008, the Company increased the total commitments under its revolving credit facility from $650 million to $675 million with a new $25 million commitment from Deutsche Bank.

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“We have continued to obtain capital from a variety of sources to maintain our liquidity and strong balance sheet in the face of extremely volatile capital markets and challenging economic conditions,” said A. William Stein, Chief Financial Officer and Chief Investment Officer of Digital Realty Trust. “As a result of our performance, including a shift in our leasing mix in favor of our Turn-Key Datacenter product, and with better visibility towards our full year 2008 results, we are increasing our FFO guidance by $0.05 per diluted share for the year to $2.40 - $2.50.”

2008 Revised Outlook

FFO per diluted share and unit for the year ending December 31, 2008 is projected to be between $2.40 and $2.50, an increase of $0.05 from the previous 2008 FFO guidance of between $2.35 and $2.45 per diluted share and unit. This revised guidance represents projected FFO growth of 17.1% to 22.0% over FFO per diluted share and unit of $2.05 for the year ended December 31, 2007. A reconciliation of the range of 2008 projected net income to projected FFO follows:

	(Low - High)
Net income available to common stockholders per diluted share	$0.45 - 0.55
Add:
Real estate depreciation and amortization as adjusted for minority interest	$1.95
Projected FFO per diluted share	$2.40 - 2.50

The revised 2008 guidance provided by Digital Realty Trust in this press release is based on the following assumptions as of August 6, 2008:

• Total acquisitions for the full year in the range of $115 million to $180 million, consisting of $65 million to $75 million of vacant properties for its redevelopment program and $50 million to $105 million of income producing properties at average cash cap rate of 8.00%;

• The commencement of leases for approximately 840,000 square feet to 950,000 square feet of Turn-Key Datacenter™ and Powered Base Building™ space at an average annualized gross rent of $115 per square foot;

• The commencement of leases for 100,000 square feet to 125,000 square feet of basic commercial space at an average annualized gross rent of $23 per square foot;

• Total capital expenditures for its redevelopment program of $600 million; and

• Total G&A of $41 million.

Investor Conference Call Details

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Digital Realty Trust will host a conference call to discuss its 2008 second quarter results today, Wednesday, August 6, 2008 at 1:00 p.m. ET/10:00 a.m. PT. To participate in the live call, investors are invited to dial 800-240-5318 (for domestic callers) or 303-262-2051 (for international callers) at least five minutes prior to start time. A live webcast of the call will be available via the Investor Relations section of Digital Realty Trust’s website at www.digitalrealtytrust.com. Please go to the website at least 15 minutes early to register and download and install any necessary audio software. If you are unable to listen to the live conference call, a telephone and webcast replay will be available after 12:00 pm PT on Wednesday, August 6, 2008 until 11:59 pm PT on Wednesday, August 13, 2008. The telephone replay can be accessed by dialing 800-405-2236 (for domestic callers) or 303-590-3000 (for international callers) and using reservation code 11116451#. A replay of the webcast will also be archived on Digital Realty Trust’s website.

About Digital Realty Trust, Inc.

Digital Realty Trust, Inc. owns, acquires, redevelops, develops and manages technology-related real estate. The Company is focused on providing Turn-Key Datacenter™ and Powered Base Building™ datacenter solutions for domestic and international tenants across a variety of industry verticals ranging from information technology and internet enterprises, to manufacturing and financial services. Digital Realty Trust’s 74 properties, excluding one property held as an investment in an unconsolidated joint venture, contain applications and operations critical to the day-to-day operations of technology industry tenants and corporate enterprise datacenter tenants. Comprising approximately 12.9 million rentable square feet as of August 6, 2008, including 1.9 million square feet of space held for redevelopment, Digital Realty Trust’s portfolio is located in 27 markets throughout North America and Europe. For additional information, please visit Digital Realty Trust’s website at http://www.digitalrealtytrust.com.

Safe Harbor Statement

This press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward looking statements include statements related to the development plans for the 650 Randolph Road property, the Company’s expected future financial and other results, and the assumptions underlying those expected results, for the year ending December 31, 2008, including projected FFO per diluted share and unit, projected net income, projected acquisitions, the mix of vacant and income producing properties to be acquired, the average cash cap rate of the income producing properties to be acquired, the commencement of leases for Turn-Key Datacenter™, Powered Base Building™ and basic commercial space, the projected rents associated with those leases, total capital expenditures for the Company’s redevelopment program and total G&A expenses. These risks and uncertainties include adverse economic or real estate developments in the Company’s markets or the technology industry; general economic conditions and the risk of recession; failure to obtain

Page 6

necessary outside debt, equity or other capital; defaults on or non-renewal of leases by tenants; increased interest rates and operating costs; failure to lease redeveloped or other vacant space; inability to manage domestic and international growth and redevelopment effectively; decreased rental rates or increased vacancy rates; impairments of or decreased property values for properties in the Company’s portfolio, difficulties in identifying properties to acquire and completing acquisitions at acceptable return levels; failure to successfully operate acquired properties and operations, failure of acquired properties to perform as expected; failure to successfully redevelop properties acquired for such purposes; increased construction costs or construction delays; changes in foreign currency exchange rates; failure to maintain the Company’s status as a REIT; environmental uncertainties and risks related to natural or other disasters; financial market fluctuations; risks of operating in foreign markets; changes in real estate and zoning laws and increases in real property tax rates. For a further list and description of such risks and uncertainties, see the reports and other filings by the Company with the United States Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2007 and subsequent reports on Form 10-Q and Form 8-K. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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Digital Realty Trust, Inc.

Consolidated Statements of Operations

(in thousands, except share data)

(unaudited)

	Three Months Ended						Six Months Ended
	June 30, 2008			June 30, 2007			June 30, 2008			June 30, 2007
Operating Revenues:
Rental	$	97,966		$	78,705		$	190,712		$	151,993
Tenant reimbursements		25,698			16,631			47,485			32,310
Other		112			247			126			247
Total operating revenues		123,776			95,583			238,323			184,550
Operating Expenses:
Rental property operating and maintenance		36,396			23,865			67,960			45,104
Property taxes		8,522			7,342			16,646			14,882
Insurance		1,198			1,419			2,403			2,845
Depreciation and amortization		39,570			31,832			78,707			61,231
General and administrative		9,823			8,456			18,668			15,666
Other		138			128			589			316
Total operating expenses		95,647			73,042			184,973			140,044
Operating income		28,129			22,541			53,350			44,506
Other Income (Expenses):
Equity in earnings of unconsolidated joint venture		173			216			331			761
Interest and other income		407			532			1,062			1,045
Interest expense		(14,281	)		(15,264	)		(28,913	)		(31,858	)
Loss from early extinguishment of debt		(182	)		—			(182	)		—
Income from continuing operations before minority interests		14,246			8,025			25,648			14,454
Minority interests in consolidated joint ventures		(50	)		—			(50	)		—
Minority interests in continuing operations of operating partnership		(366	)		(305	)		(660	)		(806	)
Income from continuing operations		13,830			7,720			24,938			13,648
Income from discontinued operations before gain on sale of assets and minority interests		—			43			—			1,413
Gain on sale of assets		—			—			—			18,049
Minority interests attributable to discontinued operations		—			(5	)		—			(3,266	)
Income from discontinued operations (1)		—			38			—			16,196
Net income		13,830			7,758			24,938			29,844
Preferred stock dividends		(10,102	)		(5,167	)		(18,360	)		(8,612	)
Net income available to common stockholders	$	3,728		$	2,591		$	6,578		$	21,232
Net income per share available to common stockholders:
Basic	$	0.06		$	0.04		$	0.10		$	0.36
Diluted	$	0.05		$	0.04		$	0.10		$	0.35
Weighted average shares outstanding:
Basic		65,889,122			60,697,740			65,660,354			58,616,035
Diluted		68,068,600			62,970,291			67,563,963			60,732,425

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

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Digital Realty Trust

Consolidated Balance Sheets

(in thousands)

	June 30, 2008			December 31, 2007
	(unaudited)
ASSETS
Investments in real estate
Properties:
Land	$	329,557		$	316,196
Acquired ground leases		2,895			2,790
Buildings and improvements		2,274,652			1,968,850
Tenant improvements		200,982			193,436
Investments in properties		2,808,086			2,481,272
Accumulated depreciation and amortization		(241,964	)		(188,099	)
Net investments in properties		2,566,122			2,293,173
Investment in unconsolidated joint venture		8,172			8,521
Net investments in real estate		2,574,294			2,301,694
Cash and cash equivalents		19,764			31,352
Accounts and other receivables, net		47,469			43,440
Deferred rent		81,545			64,639
Acquired above market leases, net		36,410			38,762
Acquired in place lease value and deferred leasing costs, net		240,462			253,642
Deferred financing costs, net		15,820			17,610
Restricted cash		36,949			41,302
Other assets		18,137			17,023
Total Assets	$	3,070,850		$	2,809,464
LIABILITIES AND STOCKHOLDERS’ EQUITY
Revolving credit facility	$	287,843		$	299,731
Mortgage loans		900,829			895,507
Exchangeable senior debentures		172,500			172,500
Accounts payable and other accrued liabilities		147,132			176,143
Accrued dividends and distributions		—			22,345
Acquired below market leases, net		88,995			93,572
Security deposits and prepaid rents		26,502			27,839
Total Liabilities		1,623,801			1,687,637
Minority interests in consolidated joint ventures		12,423			4,928
Minority interests in operating partnership		66,453			72,983
Stockholders’ Equity		1,368,173			1,043,916
Total Liabilities and Stockholders’ Equity	$	3,070,850		$	2,809,464

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Digital Realty Trust, Inc.

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

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

(unaudited)

	Three Months Ended									Six Months Ended
	June 30, 2008			March 31, 2008			June 30, 2007			June 30, 2008			June 30, 2007
Net income available to common stockholders	$	3,728		$	2,850		$	2,591		$	6,578		$	21,232
Adjustments:
Minority interests in operating partnership including discontinued operations		366			294			310			660			4,072
Real estate related depreciation and amortization (1)		39,393			38,978			31,708			78,371			61,351
Real estate related depreciation and amortization related to investment in unconsolidated joint venture		872			894			1,010			1,766			2,046
Gain on sale of assets		—			—			—			—			(18,049	)
FFO available to common stockholders and unitholders (2)	$	44,359		$	43,016		$	35,619		$	87,375		$	70,652
Basic FFO per share and unit	$	0.61		$	0.60		$	0.52		$	1.21		$	1.04
Diluted FFO per share and unit (2)	$	0.59		$	0.58		$	0.51		$	1.17		$	1.01
Weighted average common stock and units outstanding
Basic		72,353,577			72,175,492			67,956,343			72,264,534			67,936,973
Diluted (2)		86,365,755			82,524,492			70,228,894			84,411,746			70,053,364
(1) Real estate depreciation and amortization was computed as follows:
Depreciation and amortization per income statement		39,570			39,137			31,832			78,707			61,231
Depreciation and amortization of discontinued operations		—			—			—			—			379
Non real estate depreciation		(177	)		(159	)		(124	)		(336	)		(259	)
	$	39,393		$	38,978		$	31,708		$	78,371		$	61,351
(2)    At 6/30/08, we had 7,000,000 series C convertible preferred shares and 13,800,000 series D convertible preferred shares outstanding that were convertible into 3,614,800 common shares and 8,217,900 common shares, respectively. See below for calculations of diluted FFO available to common stockholders and unitholders and weighted average common stock and units outstanding.
	Three Months Ended									Six Months Ended
	June 30, 2008			March 31, 2008			June 30, 2007			June 30, 2008			June 30, 2007
FFO available to common stockholders and unitholders	$	44,359		$	43,016		$	35,619		$	87,375		$	70,652
Add: Series C convertible preferred dividends		1,914			1,914			—			3,828			—
Add: Series D convertible preferred dividends		4,744			2,899			—			7,643			—
FFO available to common stockholders and unitholders – diluted	$	51,017		$	47,829		$	35,619		$	98,846		$	70,652
Weighted average common stock and units outstanding		72,353,577			72,175,492			67,956,343			72,264,534			67,936,973
Add: Effect of dilutive securities (excluding series C and D convertible preferred stock)		2,179,478			1,711,197			2,272,551			1,903,609			2,116,391
Add: Effect of dilutive series C convertible preferred stock		3,614,800			3,614,800			—			3,614,800			—
Add: Effect of dilutive series D convertible preferred stock		8,217,900			5,022,050			—			6,628,803			—
Weighted average common stock and units outstanding – diluted		86,365,755			82,523,539			70,228,894			84,411,746			70,053,364

# # #

560 MISSION STREET, SUITE 2900

SAN FRANCISCO, CA 94105

415-738-6500

Note Regarding Funds From Operations

Digital Realty Trust calculates Funds from Operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT. FFO represents net income (loss) available to common stockholders and unitholders (computed in accordance with U.S. GAAP), excluding gains (or losses) from sales of property, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. Digital Realty Trust also believes that, as a widely recognized measure of the 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.

# # #

560 MISSION STREET, SUITE 2900

SAN FRANCISCO, CA 94105

415-738-6500

EX-99.2

Exhibit 99.2

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

	PAGE
Corporate Data
Corporate Information	4
Ownership Structure	5
Consolidated Financial Information
Key Financial Data	6
Consolidated Balance Sheets	7
Consolidated Quarterly Statements of Operations	8
Funds From Operations and Adjusted Funds From Operations	9
Reconciliation of Earnings Before Interest, Taxes and Depreciation and Amortization and Financial Ratios	10
Net Operating Income (NOI) and Run-rate NOI for the three months ended June 30, 2008	11
Same Store and New Properties Consolidated Quarterly Statements of Operations	12
Same Store Operating Trend Summary	13
Consolidated Debt Analysis	14
Debt Maturities	15
Portfolio Data
Portfolio Summary	16
Properties Acquired	17
Occupancy Analysis	18
Major Tenants	20
Utility Power Capacity	21
Lease Expirations & Lease Distribution	22
Leasing Activity	23
Tenant Improvements and Leasing Commissions	24
Historical Capital Expenditures	25
Redevelopment Activity	26
Definitions
Management Statements on Non-GAAP Supplemental Measures	27

Page 2

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Statement Regarding Forward-Looking Statements

This supplemental package contains forward-looking statements within the meaning of the federal securities laws, including information related to run rate net operating income. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

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

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

• our failure to obtain necessary outside financing;

• our dependence upon significant tenants;

• bankruptcy or insolvency of a major tenant;

• downturn of local economic conditions in our geographic markets;

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

• our ability to manage our growth effectively;

• difficulty acquiring or operating properties in foreign jurisdictions;

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

• increased interest rates and operating costs;

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

• risks related to joint venture investments;

• decreased rental rates or increased vacancy rates;

• difficulties in identifying properties to acquire and completing acquisitions;

• increased competition or available supply of data center space;

• our failure to successfully operate acquired properties;

• our inability to acquire off-market properties;

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

• our failure to maintain our status as a REIT;

• possible adverse changes to tax laws;

• environmental uncertainties and risks related to natural disasters;

• financial market fluctuations;

• changes in foreign currency exchange rates;

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

• changes in real estate and zoning laws and increases in real property tax rates.

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. We discussed a number of additional material risks in our annual report on Form 10-K for the year ended December 31, 2007, our quarterly report on Form 10-Q for the quarter ended March 31, 2008 and other filings with the Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise.

Page 3

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Corporate Information

Corporate Profile

Digital Realty Trust, Inc. owns, acquires, develops, redevelops and manages technology-related real estate. The Company’s 74 properties, excluding one property held as an investment in an unconsolidated joint venture, contain applications and operations critical to the day-to-day operations of technology industry tenants and corporate enterprise data center tenants. Comprising approximately 12.9 million net rentable square feet, including approximately 1.9 million square feet of space held for redevelopment, Digital Realty Trust’s property portfolio is located in 27 markets throughout North America and Europe. For additional information, please visit the company’s website at www.digitalrealtytrust.com.

Corporate Headquarters

560 Mission Street, Suite 2900

San Francisco, California 94105

Telephone: (415) 738-6500

Facsimile: (415) 738-6501

Web site: www.digitalrealtytrust.com

Senior Management

Richard A. Magnuson: Chairman

Michael F. Foust: Chief Executive Officer

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

Scott E. Peterson: Senior Vice President, Acquisitions

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

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

Investor Relations

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

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

Analyst Coverage
Credit Suisse	Merrill Lynch	KeyBanc Capital Markets	Raymond James	Oppenheimer
Steve Benyik	Steve Sakwa	Jordan Sadler	Paul D. Puryear	Srinivas Anantha
(212) 538-0239	(212) 449-0335	(917) 368-2280	(727) 567-2253	(617) 428-5960
	Ian Weissman	Craig Mailman		Peter Armstrong
	(212) 449-6255	(917) 368-2316		(212) 667-5808
JMP Securities	RBC Capital Markets	Citigroup	UBS Securities
William Marks	Dave Rodgers	Michael Bilerman	Omotayo Okusanya
(415) 835-8944	(440) 715-2647	(212) 816-1685	(212) 713-7864
	Mike Carroll	Irwin Guzman	Heath Binder
	(440) 715-2649	(212) 816-1685	(212) 713-3226

Stock Listing Information

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

Common Stock:	DLR
Series A Preferred Stock:	DLRPA
Series B Preferred Stock:	DLRPB

Note that symbols may vary by stock quote provider.

Common Stock Price Performance

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

	2nd Quarter 2008			1st Quarter 2008			4th Quarter 2007			3rd Quarter 2007			2nd Quarter 2007			1st Quarter 2007
High Price *	$	43.45		$	39.20		$	44.21		$	40.62		$	42.86		$	40.42
Low Price *	$	35.43		$	31.28		$	35.05		$	32.04		$	36.70		$	33.76
Closing Price, end of quarter *	$	40.91		$	35.50		$	38.37		$	39.39		$	37.68		$	39.90
Average daily trading volume *		904,670			1,224,336			813,553			730,532			799,130			495,630
Indicated dividend per common share **	$	1.240		$	1.240		$	1.240		$	1.145		$	1.145		$	1.145
Closing annual dividend yield, end of quarter		3.0	%		3.5	%		3.2	%		2.9	%		3.0	%		2.9	%
Closing shares and units outstanding end of quarter ***		72,405,839			72,329,436			72,082,034			68,003,179			67,984,292			67,924,536
Closing market value of shares and units outstanding (thousands), end of quarter	$	2,962,123		$	2,567,695		$	2,765,788		$	2,678,645		$	2,561,648		$	2,710,189

* New York Stock Exchange trades only.

** On an annual basis.

*** As of June 30, 2008, the total number of shares and units includes 66,174,618 shares of common stock, 4,950,070 common units and 1,281,151 vested and unvested long-term incentive units, and excludes profits interest units and Class C units and shares issuable upon the redemption of profits interest units and Class C units, which have not yet vested, and all unexercised common stock options.

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

Page 4

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Ownership Structure

As of June 30, 2008

Partner	# of Units (2)	% Ownership
Digital Realty Trust, Inc.	66,174,618	91.4	%
Cambay Tele.com, LLC (3)	4,917,348	6.8	%
Wave Exchange, LLC (3)	32,722	0.0	%
Directors, Executive Officers and Others	1,281,151	1.8	%
Total	72,405,839	100.0	%

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

(2) The total number of units includes 66,174,618 shares of common stock, 4,950,070 common units and 1,281,151 vested and unvested long-term incentive units, and excludes Class C units and shares issuable upon the redemption of Class C units, which have not yet vested, and all unexercised common stock options.

(3) These third-party contributors received the common units (along with cash and the operating partnership assuming debt) in exchange for their interests in 200 Paul Avenue 1-4, 1100 Space Park Drive, the eXchange colocation business and other specified assets and liabilities. Includes 584,913 common units held by the members of Cambay Tele.com, LLC.

Page 5

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Key Quarterly Financial Data

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

	For the three months ended or as of
	30-Jun-08			31-Mar-08			31-Dec-07			30-Sep-07			30-Jun-07			31-Mar-07
Shares and units at end of quarter
Common shares outstanding		66,174,618			65,481,470			65,406,240			60,721,750			60,713,878			60,692,858
Common units outstanding		6,231,221			6,847,966			6,675,794			7,281,429			7,270,414			7,231,678
Total shares and Operating Partnership units		72,405,839			72,329,436			72,082,034			68,003,179			67,984,292			67,924,536
Market Capitalization
Market value of common equity (1)	$	2,962,123		$	2,567,695		$	2,765,788		$	2,678,645		$	2,561,648		$	2,710,189
Liquidation value of preferred equity		686,750			686,750			341,750			341,750			341,750			166,750
Total debt at balance sheet carrying value		1,361,172			1,190,691			1,367,738			1,335,108			1,172,307			1,271,988
Total market capitalization including preferred equity and debt	$	5,010,045		$	4,445,136		$	4,475,276		$	4,355,503		$	4,075,705		$	4,148,927
Total debt/Total market capitalization including preferred equity and debt		27.2	%		26.8	%		30.6	%		30.7	%		28.8	%		30.7	%
Selected Balance Sheet Data
Investments in real estate (before depreciation)	$	2,816,258		$	2,602,166		$	2,489,793		$	2,231,886		$	2,044,661		$	1,967,653
Total assets		3,070,850			2,895,036			2,809,464			2,576,119			2,393,476			2,333,791
Total liabilities		1,623,801			1,444,294			1,687,637			1,580,786			1,384,223			1,481,575
Selected Operating Data
Total operating revenues from continuing operations (2)	$	123,776		$	114,547		$	105,903		$	104,794		$	95,583		$	88,967
Total operating expenses from continuing operations (2)		95,647			89,326			84,945			83,369			73,042			67,002
Interest expense from continuing operations (2)		14,281			14,632			15,863			16,683			15,264			16,594
Net income		13,830			11,108			5,613			5,135			7,758			22,086
Net income (loss) available to common stockholders		3,728			2,850			254			(224	)		2,591			18,641
Financial Ratios
EBITDA (3)	$	57,579		$	56,619		$	53,935		$	51,804		$	49,565		$	65,742
Adjusted EBITDA (4)	$	68,097		$	65,171		$	59,322		$	57,136		$	55,042		$	72,949
Cash interest expense (5)	$	14,691		$	20,093		$	17,323		$	19,464		$	14,359		$	17,882
Fixed charges (6)	$	27,163		$	30,737		$	24,839		$	26,679		$	21,261		$	22,967
Debt service coverage ratio (7)		4.6x			3.2x			3.4x			2.9x			3.8x			4.1x
Fixed charge coverage ratio (8)		2.5x			2.1x			2.4x			2.1x			2.6x			3.2x
Profitability measures
Net income (loss) per common share - basic	$	0.06		$	0.04		$	—		$	—		$	0.04		$	0.33
Net income (loss) per common share - diluted	$	0.05		$	0.04		$	—		$	—		$	0.04		$	0.32
Diluted Funds From Operations (FFO) per share and unit (9)	$	0.59		$	0.58		$	0.53		$	0.51		$	0.51		$	0.50
Diluted Adjusted Funds From Operations (AFFO) per share and unit (10)	$	0.41		$	0.37		$	0.37		$	0.35		$	0.37		$	0.41
Dividends per share and common unit	$	0.31		$	0.31		$	0.31		$	0.29		$	0.29		$	0.29
Diluted FFO payout ratio (11)		52.5	%		53.2	%		58.5	%		55.7	%		56.4	%		57.3	%
Diluted AFFO payout ratio (12)		75.6	%		83.8	%		83.8	%		81.8	%		77.4	%		69.8	%
Portfolio Statistics (13)
Buildings		96			93			92			88			83			83
Properties		74			71			70			67			62			61
Net rentable square feet, excluding redevelopment space (14)		10,977,945			10,795,795			10,527,011			10,311,857			9,713,146			9,668,267
Square feet held for redevelopment (14)(15)		1,873,119			1,863,700			1,754,228			1,708,059			1,659,133			1,710,199
Occupancy at end of quarter (16)		95.2	%		94.7	%		94.7	%		95.1	%		94.6	%		94.8	%
Weighted average remaining lease term (years) (17)		7.4			7.7			7.7			7.5			7.5			7.0
Same store occupancy at end of quarter (18)		95.1	%		94.2	%		94.2	%		94.7	%		94.3	%		94.6	%

(1) The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in the operating partnership, including vested and unvested long-term incentive units, for shares of our common stock. Excludes shares issuable with respect to stock options that have been granted but have not yet been exercised, and also excludes shares issuable upon the redemption of Class C units which have not yet vested and shares of our common stock issuable upon redemption thereof.

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

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

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

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

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

(7) Debt service coverage ratio is Adjusted EBITDA divided by cash interest expense. Ignoring the effect of the gain on sale for 100 Technology Center Drive and 4055 Valley View Lane, debt service coverage ratio was 3.1x for the three months ended March 31, 2007.

(8) Fixed charge coverage ratio is Adjusted EBITDA divided by fixed charges. Ignoring the effect of the gain on sale for 100 Technology Center Drive and 4055 Valley View Lane, fixed charge coverage ratio was 2.4x for the three months ended March 31, 2007.

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

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

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

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

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

(14) Includes 100% of the square feet from properties owned by two consolidated joint ventures, of which we own a 50% interest.

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

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

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

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

Page 6

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Consolidated Balance Sheet

(Dollars in thousands, except share data)

	June 30, 2008			December 31, 2007
	(unaudited)
ASSETS
Investments in real estate
Land	$	329,557		$	316,196
Acquired ground leases		2,895			2,790
Buildings and improvements		2,274,652			1,968,850
Tenant improvements		200,982			193,436
Investments in real estate		2,808,086			2,481,272
Accumulated depreciation and amortization		(241,964	)		(188,099	)
Net investments in properties		2,566,122			2,293,173
Investment in unconsolidated joint venture		8,172			8,521
Net investments in real estate		2,574,294			2,301,694
Cash and cash equivalents		19,764			31,352
Accounts and other receivables, net		47,469			43,440
Deferred rent		81,545			64,639
Acquired above market leases, net		36,410			38,762
Acquired in place lease value and deferred leasing costs, net		240,462			253,642
Deferred financing costs, net		15,820			17,610
Restricted cash		36,949			41,302
Other assets		18,137			17,023
Total Assets	$	3,070,850		$	2,809,464
LIABILITIES AND STOCKHOLDERS’ EQUITY
Revolving credit facility	$	287,843		$	299,731
Mortgage loans		900,829			895,507
Exchangeable senior debentures		172,500			172,500
Accounts payable and other accrued liabilities		147,132			176,143
Accrued dividends and distributions		—			22,345
Acquired below market leases, net		88,995			93,572
Security deposits and prepaid rents		26,502			27,839
Total Liabilities		1,623,801			1,687,637
Commitments and contingencies		—			—
Minority interests in consolidated joint venture		12,423			4,928
Minority interests in operating partnership		66,453			72,983
Stockholders’ equity:
Preferred Stock: $0.01 par value, 30,000,000 authorized:
Series A Cumulative Redeemable Preferred Stock, 8.50%, $103,500,000 liquidation preference ($25.00 per share), 4,140,000 issued and outstanding		99,297			99,297
Series B Cumulative Redeemable Preferred Stock, 7.875%, $63,250,000 liquidation preference ($25.00 per share), 2,530,000 issued and outstanding		60,502			60,502
Series C Cumulative Convertible Preferred Stock, 4.375%, $175,000,000 liquidation preference ($25.00 per share), 7,000,000 issued and outstanding		169,068			169,068
Series D Cumulative Convertible Preferred Stock, 5.500%, $345,000,000 liquidation preference ($25.00 per share), 13,800,000 issued and outstanding		333,586			—
Common Stock; $0.01 par value: 125,000,000 authorized, 66,174,618 and 65,406,240 shares issued and outstanding as of June 30, 2008 and December 31, 2007, respectively		661			654
Additional paid-in capital		824,249			814,106
Dividends in excess of earnings		(137,319	)		(103,090	)
Accumulated other comprehensive income, net		18,129			3,379
Total Stockholders’ Equity		1,368,173			1,043,916
Total Liabilities and Stockholders’ Equity	$	3,070,850		$	2,809,464

Page 7

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Consolidated Quarterly Statements of Operations

(unaudited and in thousands, except share data)

	Three Months Ended
	30-Jun-08			31-Mar-08			31-Dec-07			30-Sep-07			30-Jun-07			31-Mar-07
Rental	$	97,966		$	92,746		$	85,074		$	82,536		$	78,705		$	73,288
Tenant reimbursements		25,698			21,787			20,589			22,104			16,631			15,679
Other		112			14			240			154			247			—
Total operating revenues		123,776			114,547			105,903			104,794			95,583			88,967
Rental property operating and maintenance		36,396			31,564			33,101			30,539			23,865			21,239
Property taxes		8,522			8,124			4,440			7,859			7,342			7,540
Insurance		1,198			1,205			1,326			1,356			1,419			1,426
Depreciation and amortization		39,570			39,137			37,818			35,345			31,832			29,399
General and administrative		9,823			8,845			8,159			7,775			8,456			7,210
Other		138			451			101			495			128			188
Total operating expenses		95,647			89,326			84,945			83,369			73,042			67,002
Operating income		28,129			25,221			20,958			21,425			22,541			21,965
Equity in earnings of unconsolidated joint venture		173			158			(75	)		(237	)		216			545
Interest and other income		407			655			621			621			532			513
Interest expense		(14,281	)		(14,632	)		(15,863	)		(16,683	)		(15,264	)		(16,594	)
Loss from early extinguishment of debt		(182	)		—			—			—			—			—
Income from continuing operations before minority interests		14,246			11,402			5,641			5,126			8,025			6,429
Minority interests in consolidated joint ventures		(50	)		—			—			—			—			—
Minority interests in continuing operations of operating partnership		(366	)		(294	)		(28	)		25			(305	)		(501	)
Income from continuing operations		13,830			11,108			5,613			5,151			7,720			5,928
Income (loss) from discontinued operations before gain on sale of assets and minority interests		—			—			—			(18	)		43			1,370
Gain on sale of assets		—			—			—			—			—			18,049
Minority interests attributable to discontinued operations		—			—			—			2			(5	)		(3,261	)
Income (loss) from discontinued operations (1)		—			—			—			(16	)		38			16,158
Net income		13,830			11,108			5,613			5,135			7,758			22,086
Preferred stock dividends		(10,102	)		(8,258	)		(5,359	)		(5,359	)		(5,167	)		(3,445	)
Net income (loss) available to common stockholders	$	3,728		$	2,850		$	254		$	(224	)	$	2,591		$	18,641
Net income (loss) per share available to common stockholders - basic	$	0.06		$	0.04		$	—		$	—		$	0.04		$	0.33
Net income (loss) per share available to common stockholders - diluted	$	0.05		$	0.04		$	—		$	—		$	0.04		$	0.32
Weighted-average shares outstanding - basic		65,889,122			65,431,586			64,098,942			60,717,153			60,697,740			56,511,200
Weighted-average shares outstanding - diluted		68,068,600			67,142,783			66,282,524			60,717,153			62,970,291			58,424,427
Weighted-average fully diluted shares and units		74,533,055			73,886,689			73,303,696			69,937,352			70,228,894			69,830,614

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

Page 8

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Funds From Operations (FFO)

(unaudited and in thousands except per share data)

	Three Months Ended
	30-Jun-08			31-Mar-08			31-Dec-07			30-Sep-07			30-Jun-07			31-Mar-07
Reconciliation of net income available to common stockholders to FFO (Note):
Net income (loss) available to common stockholders	$	3,728		$	2,850		$	254		$	(224	)	$	2,591		$	18,641
Adjustments:
Minority interests in operating partnership including discontinued operations		366			294			28			(27	)		310			3,762
Real estate related depreciation and amortization (1)		39,393			38,978			37,673			35,216			31,708			29,643
Real estate related depreciation and amortization related to investment in unconsolidated joint venture		872			894			919			969			1,010			1,036
Gain on sale of assets		—			—			—			—			—			(18,049	)
FFO available to common stockholders and unitholders	$	44,359		$	43,016		$	38,874		$	35,934		$	35,619		$	35,033
FFO per share:
Basic	$	0.61		$	0.60		$	0.55		$	0.53		$	0.52		$	0.52
Diluted (2)	$	0.59		$	0.58		$	0.53		$	0.51		$	0.51		$	0.50
Weighted-average shares and units outstanding - basic		72,354			72,175			71,120			67,995			67,956			67,917
Weighted-average shares and units outstanding - diluted (2)		86,366			82,524			73,304			69,937			70,229			69,831
(1)      Real estate depreciation and amortization was computed as follows:
Depreciation and amortization per income statement	$	39,570		$	39,137		$	37,818		$	35,345		$	31,832		$	29,399
Depreciation and amortization of discontinued operations		—			—			—			—			—			379
Non-real estate depreciation		(177	)		(159	)		(145	)		(129	)		(124	)		(135	)
	$	39,393		$	38,978		$	37,673		$	35,216		$	31,708		$	29,643
(2)      At 6/30/08, we had 7,000,000 series C convertible preferred shares and 13,800,000 series D convertible preferred shares outstanding that were convertible into 3,614,800 common shares and 8,217,900 common shares, respectively. See below for calculations of diluted FFO available to common stockholders and unitholders and weighted average common stock and units outstanding.
FFO available to common stockholders and unitholders	$	44,359		$	43,016		$	38,874		$	35,934		$	35,619		$	35,033
Add: Series C convertible preferred dividends		1,914			1,914			—			—			—			—
Add: Series D convertible preferred dividends		4,744			2,899			—			—			—			—
FFO available to common stockholders and unitholders — diluted	$	51,017		$	47,829		$	38,874		$	35,934		$	35,619		$	35,033
Weighted average common stock and units outstanding		72,354			72,175			71,120			67,995			67,956			67,917
Add: Effect of dilutive securities (excluding series C and D convertible preferred stock)		2,179			1,712			2,184			1,942			2,273			1,914
Add: Effect of dilutive series C convertible preferred stock		3,615			3,615			—			—			—			—
Add: Effect of dilutive series D convertible preferred stock		8,218			5,022			—			—			—			—
Weighted average common stock and units outstanding — diluted		86,366			82,524			73,304			69,937			70,229			69,831
Note: For a definition and discussion of FFO, see page 27. FFO for all periods presented above includes the results of properties sold in 2007: 100 Technology Center Drive (March 2007) and 4055 Valley View Lane (March 2007).
Adjusted Funds From Operations (AFFO) (unaudited and in thousands)
	Three Months Ended
	30-Jun-08			31-Mar-08			31-Dec-07			30-Sep-07			30-Jun-07			31-Mar-07
Reconciliation of FFO to AFFO:
Funds from operations available to common stockholders and unitholders (FFO)	$	44,359		$	43,016		$	38,874		$	35,934		$	35,619		$	35,033
Adjustments:
Non-real estate depreciation		177			159			145			129			124			135
Amortization of deferred financing costs		1,411			1,398			1,149			1,682			1,321			1,389
Non-cash compensation		1,582			1,220			1,134			1,103			836			507
Loss from early extinguishment of debt		182			—			—			—			—			—
Straight line rents		(8,899	)		(7,771	)		(7,303	)		(7,204	)		(5,770	)		(5,111	)
Above and below market rent amortization		(2,525	)		(2,685	)		(2,617	)		(2,691	)		(2,578	)		(2,338	)
Capitalized leasing compensation		(974	)		(1,045	)		(416	)		(300	)		(175	)		(175	)
Recurring capital expenditures and tenant improvements		(3,699	)		(2,868	)		(1,200	)		(2,765	)		99			(393	)
Capitalized leasing commissions		(1,259	)		(3,936	)		(2,705	)		(1,389	)		(3,836	)		(439	)
AFFO available to common stockholders and unitholders	$	30,355		$	27,488		$	27,061		$	24,499		$	25,640		$	28,608

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

Page 9

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

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

(unaudited and in thousands)

	Three Months Ended
	30-Jun-08			31-Mar-08			31-Dec-07			30-Sep-07			30-Jun-07			31-Mar-07
Net income (loss) available to common stockholders	$	3,728		$	2,850		$	254		$	(224	)	$	2,591		$	18,641
Interest (including discontinued operations)		14,281			14,632			15,863			16,683			15,142			17,323
Depreciation and amortization		39,570			39,137			37,818			35,345			31,832			29,778
EBITDA		57,579			56,619			53,935			51,804			49,565			65,742
Minority interests		416			294			28			(27	)		310			3,762
Preferred stock dividends		10,102			8,258			5,359			5,359			5,167			3,445
Adjusted EBITDA	$	68,097		$	65,171		$	59,322		$	57,136		$	55,042		$	72,949
(1)    For the definition and discussion of EBITDA and Adjusted EBITDA, see page 27. EBITDA and adjusted EBITDA for the three months ended March 31, 2007 include a gain on sale for 100 Technology Center Drive and 4055 Valley View Lane of approximately $18.0 million. Excluding this gain EBITDA and Adjusted EBITDA would have been $50.7 million and $54.9 million, respectively for three months ended March 31, 2007. Financial Ratios (unaudited and in thousands)
	30-Jun-08			31-Mar-08			31-Dec-07			30-Sep-07			30-Jun-07			31-Mar-07
Total GAAP interest expense (including discontinued operations)		14,281			14,632			15,863			16,683			15,142			17,323
Capitalized interest		4,505			4,415			4,215			3,096			2,792			1,507
Change in accrued interest and other noncash amounts		(4,095	)		1,046			(2,755	)		(315	)		(3,575	)		(948	)
Cash interest expense (a)		14,691			20,093			17,323			19,464			14,359			17,882
Scheduled debt principal payments and preferred dividends		12,472			10,644			7,516			7,215			6,902			5,085
Total fixed charges (b)		27,163			30,737			24,839			26,679			21,261			22,967
Debt service coverage ratio based on GAAP interest expense (c)		4.8	x		4.5	x		3.7	x		3.4	x		3.6	x		4.2	x
Debt service coverage ratio based on cash interest expense (c)		4.6	x		3.2	x		3.4	x		2.9	x		3.8	x		4.1	x
Fixed charge coverage ratio based on GAAP interest expense (d)		2.5	x		2.6	x		2.5	x		2.4	x		2.5	x		3.3	x
Fixed charge coverage ratio based on cash interest expense (d)		2.5	x		2.1	x		2.4	x		2.1	x		2.6	x		3.2	x
Debt to total market capitalization including debt and preferred equity (e)		27.2	%		26.8	%		30.6	%		30.7	%		28.8	%		30.7	%
Debt plus preferred stock to total market capitalization including debt and preferred equity (f)		40.9	%		42.2	%		38.2	%		38.5	%		37.1	%		34.7	%
Pretax income to interest expense (g)		2.0	x		1.8	x		1.4	x		1.3	x		1.5	x		2.5	x

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

(b) For a definition of Fixed Charges see page 6, footnote 6.

(c) Adjusted EBITDA divided by interest expense. Ignoring the effect of the gain on sale of 100 Technology Center Drive and 4055 Valley View Lane, debt service coverage ratio was 3.2x using GAAP interest expense and 3.1x using cash interest expense for the three months ended March 31, 2007.

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

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

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

(g) Calculated as income including gain on sale of assets before minority interest and interest divided by GAAP interest expense. Ignoring the effect of the gain on sale of 100 Technology Center Drive and 4055 Valley View Lane, pretax income to interest expense was 1.5x for the three months ended March 31, 2007.

Page 10

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Net Operating Income (NOI) and Run-rate NOI

For the three months ended June 30, 2008

(unaudited and in thousands)

Rental revenues	$	97,966
Tenant reimbursements		25,698
Rental property operating and maintenance		(36,396	)
Property taxes		(8,522	)
Insurance		(1,198	)
NOI	$	77,548
Actual results of properties acquired during the quarter:
Rental revenues		(73	)
Tenant reimbursements		—
Rental property operating and maintenance		—
Property taxes		—
Insurance		—
Projected full quarter of actual results of properties acquired during the quarter:
Rental revenues		673
Tenant reimbursements		187
Rental property operating and maintenance		(187	)
Property taxes		—
Insurance		—
Run-rate NOI	$	78,148
Reconciliation of net income available to common stockholders to NOI
Net income available to common stockholders	$	3,728
Other revenues		(112	)
Interest expense		14,281
Depreciation and amortization		39,570
General and administrative expenses		9,823
Other expenses		138
Equity in earnings of unconsolidated joint venture		(173	)
Interest and other income		(407	)
Minority interests in consolidated joint ventures		50
Minority interests in continuing operations of operating partnership		366
Preferred stock dividends		10,102
NOI	$	77,548

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

Page 11

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Same Store and New Properties Consolidated Quarterly Statements of Operations

(unaudited and in thousands, except share data)

	Three Months Ended
	30-Jun-08			31-Mar-08			31-Dec-07			30-Sep-07			30-Jun-07			31-Mar-07
Same store (1)
Operating Revenues:
Rental	$	85,800		$	83,654		$	78,447		$	77,156		$	74,416		$	72,455
Tenant reimbursements		23,512			20,853			19,986			21,243			16,490			15,623
Other		113			14			240			154			247			—
Total operating revenues		109,425			104,521			98,673			98,553			91,153			88,078
Operating Expenses:
Rental property operating and maintenance		31,318			27,031			31,000			28,490			22,895			20,509
Property taxes		7,734			7,634			4,125			7,639			7,200			7,444
Insurance		1,134			1,140			1,310			1,361			1,406			1,414
Depreciation and amortization		34,819			34,955			34,591			32,940			30,023			29,003
General and administrative (2)		9,823			8,845			8,159			7,775			8,456			7,210
Other		131			381			95			491			128			188
Total operating expenses		84,959			79,986			79,280			78,696			70,108			65,768
Operating income		24,466			24,535			19,393			19,857			21,045			22,310
Other Income (Expenses):
Equity in earnings of unconsolidated joint venture		173			158			(75	)		(237	)		216			545
Interest and other income		289			426			494			462			403			386
Interest expense (3)		(13,779	)		(13,723	)		(13,830	)		(13,785	)		(13,725	)		(12,778	)
Loss from early extinguishment of debt		(182	)		—			—			—			—			—
Income from continuing operations before minority interests		10,967			11,396			5,982			6,297			7,939			10,463
Income (loss) from discontinued operations before minority interests		—			—			—			(18	)		43			1,370
Gain on sale of assets		—			—			—			—			—			18,049
Income before minority interests	$	10,967		$	11,396		$	5,982		$	6,279		$	7,982		$	29,882
New properties (1)
Operating Revenues:
Rental	$	12,166		$	9,092		$	6,627		$	5,380		$	4,289		$	833
Tenant reimbursements		2,186			934			603			861			141			56
Other		(1	)		—			—			—			—			—
Total operating revenues		14,351			10,026			7,230			6,241			4,430			889
Operating Expenses:
Rental property operating and maintenance		5,078			4,533			2,101			2,049			970			730
Property taxes		788			490			315			220			142			96
Insurance		64			65			16			(5	)		13			12
Depreciation and amortization		4,751			4,182			3,227			2,405			1,809			396
General and administrative (2)		—			—			—			—			—			—
Other		7			70			6			4			—			—
Total operating expenses		10,688			9,340			5,665			4,673			2,934			1,234
Operating income		3,663			686			1,565			1,568			1,496			(345	)
Other Income (Expenses):
Equity in earnings of unconsolidated joint venture		—			—			—			—			—			—
Interest and other income		118			229			127			159			129			127
Interest expense (3)		(502	)		(909	)		(2,033	)		(2,898	)		(1,539	)		(3,816	)
Loss from early extinguishment of debt		—			—			—			—			—			—
Income from continuing operations before minority interests		3,279			6			(341	)		(1,171	)		86			(4,034	)
Income from discontinued operations before minority interests		—			—			—			—			—			—
Gain on sale of assets		—			—			—			—			—			—
Income before minority interests	$	3,279		$	6		$	(341	)	$	(1,171	)	$	86		$	(4,034	)

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

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

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

Page 12

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Same Store Operating Trend Summary

(unaudited and in thousands, except share data)

	Three Months Ended
	30-Jun-08			31-Mar-08			Percentage Change		30-Jun-07			Percentage Change
Same store (1)
Rental (2)	$	85,800		$	83,654		2.6	%	$	74,416		15.3	%
Tenant reimbursements		23,512			20,853		12.8	%		16,490		42.6	%
		109,312			104,507		4.6	%		90,906		20.2	%
Rental property operating and maintenance		31,318			27,031		15.9	%		22,895		36.8	%
Property taxes		7,734			7,634		1.3	%		7,200		7.4	%
Insurance		1,134			1,140		(0.5	%)		1,406		(19.3	%)
		40,186			35,805		12.2	%		31,501		27.6	%
Net Operating Income (3)	$	69,126		$	68,702		0.6	%	$	59,405		16.4	%
Same store occupancy at end of quarter		95.1	%		94.2	%				94.3	%

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

(2) For the periods presented, same store straight-line rent was $6,081, $6,174 and $5,090, respectively and non-cash adjustments related to FAS 141 were $2,045, $2,164 and $2,260, respectively.

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

Page 13

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Consolidated Debt Analysis

(unaudited, in thousands)

	Maturity Date			Principal Balance as of June 30, 2008		% of Debt		Interest Rate as of June 30, 2008		Interest Rate as of June 30, 2008 including swaps
Unhedged Floating Rate Debt
Revolving credit facility	August 31, 2010	(1	)	$	287,843	21.1	%	4.68	%	—
1500 Space Park Drive	August 3, 2008				5,541	0.4	%	5.21	%
				$	293,384	21.5	%
Fixed Rate Mortgage Debt and Hedged Floating Rate Debt
Secured Term Debt	November 11, 2014				147,628	10.9	%	5.65	%	—
350 East Cermak Road	June 9, 2009	(2	)		97,292	7.2	%	4.66	%	—
200 Paul Avenue 1-4	October 8, 2015				80,063	5.9	%	5.74	%	—
2045 & 2055 LaFayette Street	February 6, 2017				68,000	5.0	%	5.93	%	—
600 West Seventh Street	March 15, 2016				57,432	4.2	%	5.80	%	—
2323 Bryan Street	November 6, 2009				55,447	4.1	%	6.04	%	—
34551 Ardenwood Boulevard 1-4	November 11, 2016				55,000	4.0	%	5.95	%	—
1100 Space Park Drive	December 11, 2016				55,000	4.0	%	5.89	%	—
150 South First Street	February 6, 2017				53,288	3.9	%	6.30	%	—
114 Rue Ambroise Croizat	January 18, 2012				50,708	3.7	%	6.30	%	5.13	%
2334 Lundy Place	November 11, 2016				40,000	3.0	%	5.96	%	—
Unit 9, Blanchardstown Corporate Park	January 18, 2012				43,596	3.2	%	6.30	%	5.35	%
6 Braham Street	April 10, 2011				26,298	1.9	%	6.85	%	5.84	%
Paul van Vlissingenstraat 16	July 18, 2013				17,116	1.3	%	6.55	%	5.58	%
Chemin de l’Epinglier 2	July 18, 2013				12,430	0.9	%	6.45	%	5.57	%
1125 Energy Park Drive	March 1, 2032				9,397	0.7	%	7.62	%	—
Gyroscoopweg 2E-2F	October 18, 2013				10,895	0.8	%	6.45	%	5.49	%
375 Riverside Parkway	December 1, 2008				8,459	0.6	%	4.63	%	6.87	%
731 East Trade Street	July 1, 2020				5,616	0.4	%	8.22	%	—
				$	893,665	65.7	%
Exchangeable senior debentures				$	172,500	12.7	%	4.13	%	—
3 Corporate Place construction loan		(3	)	$	—	0.0	%	7.57	%	—
Total Fixed Rate Debt Including Swaps				$	1,066,165	78.4	%
Loan premium—1125 Energy Park Drive and 731 East Trade Street					1,623	0.1	%
Total Consolidated Debt				$	1,361,172	100.0	%
Weighted average cost of debt (including interest rate swaps)										5.28	%

(1) Two one-year extensions are available.

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

(3) Construction loan facility was terminated in June 2008.

Credit Facility

(in thousands)

	Maximum Available as of June 30, 2008 (1)		Available as of June 30, 2008		Drawn as of June 30, 2008
Revolving Credit Facility	$	650,000	$	352,000	$	287,843

(1) The size of the credit facility was increased to $675.0 million in July 2008.

Page 14

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Debt Maturities

(unaudited, in thousands)

Property			Remainder of 2008		2009		2010		2011		2012		Thereafter		Total
Revolving credit facility	(1	)	$	—	$	—	$	287,843	$	—	$	—	$	—	$	287,843
Secured Term Debt	(2	)		1,142		2,408		2,550		2,700		2,836		135,992		147,628
350 East Cermak Road	(3	)		755		96,537		—		—		—		—		97,292
200 Paul Avenue 1-4				727		1,533		1,624		1,721		1,812		72,646		80,063
2045 & 2055 LaFayette Street				—		729		834		886		941		64,610		68,000
600 West Seventh Street				618		1,290		1,367		1,448		1,535		51,174		57,432
2323 Bryan Street				398		55,049		—		—		—		—		55,447
1100 Space Park Drive				—		56		648		687		720		52,889		55,000
34551 Ardenwood Boulevard 1-4				—		55		639		678		711		52,917		55,000
150 South First Street				—		518		595		635		677		50,863		53,288
114 Rue Ambroise Croizat				388		775		775		775		47,995		—		50,708
2334 Lundy Place				—		40		464		493		517		38,486		40,000
Unit 9, Blanchardstown Corporate Park				333		666		666		666		41,265		—		43,596
6 Braham Street				—		597		797		24,904		—		—		26,298
Paul van Vlissingenstraat 16				132		265		265		265		265		15,924		17,116
Chemin de l’Epinglier 2				95		191		191		191		191		11,571		12,430
1125 Energy Park Drive				61		132		144		155		8,905		—		9,397
Gyroscoopweg 2E-2F				84		168		168		168		168		10,139		10,895
375 Riverside Parkway				8,459		—		—		—		—		—		8,459
731 East Trade Street				96		205		235		274		297		4,509		5,616
1500 Space Park Drive				5,541		—		—		—		—		—		5,541
Exchangeable senior debentures	(4	)		—		—		—		172,500		—		—		172,500
Total			$	18,829	$	161,214	$	299,805	$	209,146	$	108,835	$	561,720	$	1,359,549
Weighted Average Term to Initial Maturity	(4	)				4.8 Years
Weighted Average Term to Initial Maturity (assuming exercise of extension options)	(4	)				5.3 Years

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

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

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

(4) Assumes maturity of Exchangeable senior debentures at first redemption date in August 2011.

Note: Except as provided, above amounts assume no exercise of extensions and total excludes $1,623 of Loan Premiums.

Page 15

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Portfolio Summary

As of June 30, 2008

	6/30/2008		3/31/2008
Number of Properties:
Domestic	60		58
International	14		13
	74	(3)	71	(3)
Number of Buildings:
Domestic	79		77
International	17		16
	96		93
Number of Markets:
Domestic	20		20
International	7		6
	27		26
Net Rentable Square Feet:
Domestic (1)	10,215,604		10,071,470
International	762,341		724,325
	10,977,945		10,795,795
Redevelopment Square Feet:
Domestic (1)	1,231,773		1,222,354
International	641,346		641,346
	1,873,119		1,863,700
Portfolio Occupancy (2)	95.2	%	94.7	%
Same Store Pool Occupancy	95.1	%	94.2	%
Average Original Lease Term (years)	13.4		13.6
Average Remaining Lease Term (years)	7.4		7.7
Lease Expirations (through 2009)	6.5	%	6.8	%

(1) Includes 100% of the square feet from properties owned by two consolidated joint ventures, of which we own a 50% interest.

(2) Occupancy excludes space held for redevelopment.

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

Page 16

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Properties Acquired

For the three months ended June 30, 2008

Property	Metropolitan Area	Date Acquired	Purchase Price (in millions) (1)		Net Rentable Square Footage of Property	Total Square Footage Held for Redevelopment	Percentage of Total Rentable Square Footage of Property Occupied (2)
701 & 717 Leonard Street Garage (3)	Dallas	May-08		12.1	n/a	—	n/a
650 Randolph Road	New York	Jun-08		10.9	127,790	127,790	n/a
Manchester Technopark Unit C1 — Birley Fields	Manchester, UK	Jun-08		24.7	38,016	—	100	%
1201 Comstock Road (4)	Silicon Valley	Jun-08		1.9	24,000	24,000	n/a
			$	49.6	189,806	151,790	100.0	%

(1) Including closing costs.

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

(3) Acquisition of a 322,313 RSF garage adjacent to one of our properties in Dallas, Texas. The garage is not included in our property count.

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

Page 17

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Occupancy Analysis

As of June 30, 2008

(Dollar amounts in thousands)

	Acquisition date	Metropolitan Area	Net Rentable Square Feet	Redevelopment Space	Annualized Rent ($000) (1)	Occupancy (2)								Net Rentable Square Feet as a % of				Annualized Rent as a % of
Property						As of 06/30/2008		As of 03/31/2008		As of 12/31/2007		As of 9/30/07		Property Type		Total Portfolio		Property Type		Total Portfolio
Internet Gateways
350 East Cermak Road	May-05	Chicago	1,073,265	60,474	40,771	96.5	%	97.9	%	98.3	%	97.4	%	28.7	%	9.8	%	25.8	%	12.1	%
200 Paul Avenue 1-4	Nov-04	San Francisco	492,268	35,412	22,705	100.0	%	94.6	%	97.4	%	100.0	%	13.1		4.5		14.4		6.7
120 E. Van Buren Street	Jul-06	Phoenix	249,425	38,089	18,765	92.2	%	88.1	%	84.6	%	97.2	%	6.7		2.3		11.9		5.6
600 West Seventh Street	May-04	Los Angeles	476,784	12,938	15,078	95.7	%	91.2	%	89.4	%	91.8	%	12.7		4.3		9.5		4.5
2323 Bryan Street	Jan-02	Dallas	457,217	19,890	13,652	75.8	%	79.0	%	78.7	%	79.6	%	12.2		4.1		8.6		4.0
111 Eighth Avenue (3)	Mar-07	New York	116,843	—	13,303	100.0	%	100.0	%	100.0	%	100.0	%	3.1		1.0		8.4		4.0
1100 Space Park Drive	Nov-04	Silicon Valley	165,297	—	7,312	97.6	%	97.6	%	97.6	%	97.6	%	4.4		1.5		4.6		2.2
114 Rue Ambroise Croizat	Dec-06	Paris, France	130,996	221,150	6,676	100.0	%	100.0	%	100.0	%	91.6	%	3.5		1.2		4.2		2.0
600-780 S. Federal	Sep-05	Chicago	161,547	—	5,159	81.5	%	81.5	%	80.3	%	81.5	%	4.3		1.5		3.3		1.5
6 Braham Street	Jul-02	London, England	63,233	—	4,423	100.0	%	100.0	%	100.0	%	100.0	%	1.7		0.6		2.8		1.3
36 NE 2nd Street	Jan-02	Miami	162,140	—	4,347	95.9	%	95.9	%	95.9	%	95.9	%	4.3		1.5		2.8		1.3
900 Walnut Street	Aug-07	St Louis	112,266	—	3,437	93.5	%	97.3	%	98.6	%	98.6	%	3.0		1.0		2.2		1.0
731 East Trade Street	Aug-05	Charlotte	40,879	—	1,165	100.0	%	100.0	%	100.0	%	100.0	%	1.1		0.4		0.7		0.3
113 North Myers	Aug-05	Charlotte	20,086	9,132	700	100.0	%	100.0	%	100.0	%	100.0	%	0.5		0.2		0.4		0.2
125 North Myers	Aug-05	Charlotte	25,402	—	680	100.0	%	100.0	%	51.3	%	51.3	%	0.7		0.2		0.4		0.2
			3,747,648	397,085	158,175	93.7	%	93.0	%	92.6	%	94.1	%	100.0	%	34.1	%	100.0	%	46.9	%
Data Centers
300 Boulevard East	Nov-02	New York	311,950	—	12,784	100.0	%	100.0	%	100.0	%	100.0	%	5.4		2.8		8.4		3.8
833 Chestnut Street	Mar-05	Philadelphia	581,291	73,467	11,472	90.8	%	81.5	%	80.5	%	79.4	%	9.8		5.3		7.6		3.4
3 Corporate Place	Dec-05	New York	274,562	2,369	10,831	82.9	%	82.9	%	88.4	%	100.0	%	4.6		2.5		7.2		3.2
Unit 9, Blanchardstown Corporate Park	Dec-06	Dublin, Ireland	120,000	—	9,748	96.4	%	96.4	%	96.4	%	85.9	%	2.0		1.1		6.4		2.9
4025 Midway Road	Jan-06	Dallas	72,991	27,599	6,818	98.5	%	98.5	%	54.9	%	54.9	%	1.2		0.7		4.5		2.0
2045 & 2055 LaFayette Street	May-04	Silicon Valley	300,000	—	6,300	100.0	%	100.0	%	100.0	%	100.0	%	5.1		2.7		4.2		1.9
11830 Webb Chapel Road	Aug-04	Dallas	365,647	—	5,861	96.6	%	96.6	%	96.6	%	96.6	%	6.2		3.3		3.9		1.7
1500 Space Park Drive (4)	Sep-07	Silicon Valley	51,615	—	5,104	100.0	%	0.0	%	0.0	%	NA		0.9		0.5		3.4		1.5
150 South First Street	Sep-04	Silicon Valley	179,761	—	5,072	97.3	%	97.7	%	97.7	%	97.7	%	3.0		1.6		3.4		1.5
14901 FAA Boulevard	Jun-06	Dallas	263,700	—	4,585	100.0	%	100.0	%	100.0	%	100.0	%	4.4		2.4		3.0		1.4
2334 Lundy Place	Dec-02	Silicon Valley	130,752	—	4,423	100.0	%	100.0	%	100.0	%	100.0	%	2.2		1.2		2.9		1.3
12001 North Freeway	Apr-06	Houston	280,483	20,222	4,361	98.5	%	98.5	%	98.5	%	98.5	%	4.7		2.6		2.9		1.3
44470 Chilum Place	Feb-07	Northern Virginia	95,440	—	3,906	100.0	%	100.0	%	100.0	%	100.0	%	1.6		0.9		2.6		1.2
2401 Walsh Street	Jun-05	Silicon Valley	167,932	—	3,308	100.0	%	100.0	%	100.0	%	100.0	%	2.8		1.5		2.2		1.0
115 Second Avenue	Oct-05	Boston	66,730	—	3,240	100.0	%	100.0	%	42.1	%	42.1	%	1.1		0.6		2.1		1.0
8534 Concord Center Drive	Jun-05	Denver	85,660	—	3,169	100.0	%	100.0	%	100.0	%	100.0	%	1.4		0.8		2.1		0.9
Naritaweg 52	Dec-07	Amsterdam, Netherlands	63,260	—	2,960	100.0	%	100.0	%	100.0	%	NA		1.1		0.6		2.0		0.9
1807 Michael Faraday Court	Oct-06	Northern Virginia	19,237	—	2,593	100.0	%	100.0	%	100.0	%	100.0	%	0.3		0.2		1.7		0.8
21110 Ridgetop Circle	Jan-07	Northern Virginia	135,513	—	2,582	100.0	%	100.0	%	100.0	%	100.0	%	2.3		1.2		1.7		0.8
210 N Tucker Boulevard	Aug-07	St Louis	139,588	62,000	2,559	95.0	%	95.0	%	95.0	%	95.0	%	2.4		1.3		1.7		0.8
Paul van Vlissingenstraat 16	Aug-05	Amsterdam, Netherlands	77,472	35,000	2,410	58.8	%	58.8	%	58.8	%	58.8	%	1.3		0.7		1.6		0.7
375 Riverside Parkway	Jun-03	Atlanta	200,442	49,749	2,312	92.9	%	92.9	%	92.9	%	92.9	%	3.4		1.8		1.5		0.7
3011 Lafayette Street	Jan-07	Silicon Valley	90,780	—	2,280	100.0	%	100.0	%	0.0	%	—		1.5		0.8		1.5		0.7
200 North Nash Street	Jun-05	Los Angeles	113,606	—	2,238	100.0	%	100.0	%	100.0	%	100.0	%	1.9		1.0		1.5		0.7
8100 Boone Boulevard	Oct-06	Northern Virginia	17,015	—	2,172	100.0	%	100.0	%	100.0	%	100.0	%	0.3		0.2		1.4		0.6
43881 Devon Shafron Drive	Mar-07	Northern Virginia	115,862	64,138	2,151	73.4	%	100.0	%	100.0	%	100.0	%	2.0		1.1		1.4		0.6
2403 Walsh Street	Jun-05	Silicon Valley	103,940	—	2,047	100.0	%	100.0	%	100.0	%	100.0	%	1.8		0.9		1.4		0.6
4700 Old Ironsides Drive	Jun-05	Silicon Valley	90,139	—	1,775	100.0	%	100.0	%	100.0	%	100.0	%	1.5		0.8		1.2		0.5
Chemin de l’Epinglier 2	Nov-05	Geneva, Switzerland	59,190	—	1,773	100.0	%	100.0	%	100.0	%	100.0	%	1.0		0.5		1.2		0.5
Manchester Technopark, Plot C1	Jun-08	Manchester, England	38,016	—	1,674	100.0	%	NA		NA		NA		0.6		0.3		1.1		0.5

Page 18

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Occupancy Analysis

As of June 30, 2008

(Dollar amounts in thousands)

	Acquisition date	Metropolitan Area	Net Rentable Square Feet		Redevelopment Space	Annualized Rent ($000) (1)		Occupancy (2)								Net Rentable Square Feet as a % of				Annualized Rent as a % of
Property								As of 06/30/2008		As of 03/31/2008		As of 12/31/2007		As of 9/30/07		Property Type		Total Portfolio		Property Type		Total Portfolio
4650 Old Ironsides Drive	Jun-05	Silicon Valley	84,383		—		1,662	100.0	%	100.0	%	100.0	%	100.0	%	1.4		0.8		1.1		0.5
Clonshaugh Industrial Estate	Feb-06	Dublin, Ireland	20,000		—		1,605	100.0	%	100.0	%	100.0	%	100.0	%	0.3		0.2		1.1		0.5
3015 Winona Avenue	Dec-04	Los Angeles	82,911		—		1,545	100.0	%	100.0	%	100.0	%	100.0	%	1.4		0.8		1.0		0.5
3065 Gold Camp Drive	Oct-04	Sacramento	62,957		—		1,502	100.0	%	100.0	%	100.0	%	100.0	%	1.1		0.6		1.0		0.4
6800 Millcreek Drive	Apr-06	Toronto, Canada	83,758		—		1,485	100.0	%	100.0	%	100.0	%	100.0	%	1.4		0.8		1.0		0.4
251 Exchange Place	Nov-05	Northern Virginia	70,982		—		1,458	100.0	%	100.0	%	100.0	%	100.0	%	1.2		0.6		1.0		0.4
1125 Energy Park Drive	Mar-05	Minneapolis/St. Paul	112,827		—		1,437	100.0	%	100.0	%	100.0	%	100.0	%	1.9		1.0		1.0		0.4
101 Aquila Way	Apr-06	Atlanta	313,581		—		1,411	100.0	%	100.0	%	100.0	%	100.0	%	5.3		2.9		0.9		0.4
43831 Devon Shafron Drive	Mar-07	Northern Virginia	117,071		—		1,407	100.0	%	100.0	%	100.0	%	100.0	%	2.0		1.1		0.9		0.4
3300 East Birch Street	Aug-03	Los Angeles	68,807		—		1,374	100.0	%	100.0	%	100.0	%	100.0	%	1.2		0.6		0.9		0.4
Gyroscoopweg 2E-2F	Jul-06	Amsterdam, Netherlands	55,585		—		1,345	100.0	%	100.0	%	100.0	%	100.0	%	0.9		0.5		0.9		0.4
600 Winter Street	Sep-06	Boston	30,400		—		778	100.0	%	100.0	%	100.0	%	100.0	%	0.5		0.3		0.5		0.2
7620 Metro Center Drive	Dec-05	Austin	45,000		—		605	100.0	%	100.0	%	100.0	%	100.0	%	0.8		0.4		0.4		0.2
2300 NW 89th Place	Sep-06	Miami	64,174		—		581	100.0	%	100.0	%	100.0	%	100.0	%	1.1		0.6		0.4		0.2
1 St. Anne’s Boulevard	Dec-07	London, England	20,219		—		329	100.0	%	100.0	%	100.0	%	NA		0.3		0.2		0.2		0.1
2440 Marsh Lane	Jan-03	Dallas	5,500		129,750		64	100.0	%	100.0	%	100.0	%	100.0	%	0.1		0.1		—		—
2055 East Technology Circle	Oct-06	Phoenix	76,350		—		12	1.0	%	0.0	%	0.0	%	—		1.3		0.7		—		—
43791 Devon Shafron Drive	Mar-07	Northern Virginia	—		135,000		—	0.0	%	0.0	%	0.0	%	—		—		—		—		—
365 S. Randolphville Road	Feb-08	New York	—		264,792		—	0.0	%	0.0	%	NA		NA		—		—		—		—
650 Randolph Road	Jun-08	New York	—		127,790		—	0.0	%	0.0	%	NA		NA		—		—		—		—
1201 Comstock Street (5)	Jun-08	Silicon Valley	—		24,000		—	0.0	%	NA		NA		NA		—		—		—		—
7500 Metro Center Drive	Dec-05	Austin	—		74,962		—	0.0	%	0.0	%	0.0	%	0.0	%	—		—		—		—
3 St. Anne’s Boulevard	Dec-07	London, England	—		96,384		—	0.0	%	0.0	%	0.0	%	NA		—		—		—		—
Mundells Roundabout	Apr-07	London, England	—		113,464		—	0.0	%	0.0	%	NA		NA		—		—		—		—
Cressex 1	Dec-07	London, England	—		50,848		—	0.0	%	0.0	%	0.0	%	NA		—		—		—		—
Clonshaugh Industrial Estate (Land)	Feb-06	Dublin, Ireland	—		124,500		—	0.0	%	0.0	%	0.0	%	NA		—		—		—		—
			5,927,079		1,476,034		151,111	95.2	%	94.7	%	94.8	%	94.5	%	100.0	%	54.1	%	100.0	%	44.8	%
Technology Manufacturing
34551 Ardenwood Boulevard 1-4	Jan-03	Silicon Valley	307,657		—		8,440	100.0	%	100.0	%	100.0	%	100.0	%	48.5	%	2.8	%	54.6	%	2.5	%
47700 Kato Road & 1055 Page Avenue	Sep-03	Silicon Valley	183,050		—		3,684	100.0	%	100.0	%	100.0	%	100.0	%	28.8		1.7		23.8		1.1
2010 East Centennial Circle	May-03	Phoenix	113,405		—		2,852	100.0	%	100.0	%	100.0	%	100.0	%	17.9		1.0		18.4		0.8
2 St. Anne’s Boulevard	Dec-07	London, England	30,612		—		498	100.0	%	100.0	%	100.0	%	NA		4.8		0.3		3.2		0.1
			634,724		—		15,473	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	5.8	%	100.0	%	4.5	%
Technology Office
100 & 200 Quannapowitt Parkway	Jun-04	Boston	386,956		—		7,355	100.0	%	100.0	%	100.0	%	100.0	%	57.9	%	3.5	%	57.2	%	2.2	%
4849 Alpha Road	Apr-04	Dallas	125,538		—		2,856	100.0	%	100.0	%	100.0	%	100.0	%	18.8		1.1		22.2		0.8
1 Savvis Parkway	Aug-07	St Louis	156,000		—		2,644	100.0	%	100.0	%	100.0	%	100.0	%	23.3		1.4		20.6		0.8
			668,494		—		12,855	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	6.0	%	100.0	%	3.8	%
Portfolio Total/Weighted Average			10,977,945	(6)	1,873,119	$	337,614	95.2	%	94.7	%	94.7	%	95.1	%	100.0	%	100.0	%	100.0	%	100.0	%

(1) Annualized rent represents the monthly contractual rent under existing leases as of June 30, 2008 multiplied by 12.

(2) Occupancy excludes space held for redevelopment.

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

(4) Includes 100% of the square feet and annualized rent from a property owned by a consolidated joint venture, of which we own a 50% interest. Accordingly, we will record 50% of the operating activity in the consolidated quarterly statements of operations.

(5) Includes 100% of the square feet from a property owned by a consolidated joint venture, of which we own a 50% interest.

(6) Net Rentable Square Feet excludes 400,369 RSF of space in joint venture located at 2001 Sixth Avenue in Seattle, WA, which was 97.0% occupied as of June 30, 2008.

Page 19

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Major Tenants

as of June 30, 2008

(Dollar amounts in thousands)

	Tenant	Number of Locations	Total Occupied Square Feet (1)	Percentage of Net Rentable Square Feet		Annualized Rent (2)		Percentage of Annualized Rent		Weighted Average Remaining Lease Term in Months
1	Savvis Communications	17	1,693,495	15.4	%	$	42,850	12.7	%	123
2	Qwest Communications International, Inc.	13	770,928	7.0	%	$	24,226	7.2	%	85
3	Equinix Operating Company, Inc.	4	454,672	4.1	%	$	13,303	3.9	%	93
4	AT & T	11	385,184	3.5	%	$	11,402	3.4	%	71
5	TelX Group, Inc.	10	90,210	0.8	%	$	11,106	3.3	%	221
6	NTT Communications Company	2	241,370	2.2	%	$	7,464	2.2	%	51
7	Comverse Technology, Inc.	1	367,033	3.3	%	$	7,056	2.1	%	31
8	JPMorgan Chase & Co.	2	27,377	0.2	%	$	6,960	2.1	%	3
9	Facebook, Inc.	2	114,008	1.0	%	$	6,384	1.9	%	102
10	Microsoft Corporation	1	300,000	2.7	%	$	6,300	1.9	%	87
11	Yahoo! Inc.	2	110,847	1.0	%	$	6,298	1.9	%	112
12	Level 3 Communications, LLC (3)	14	289,788	2.6	%	$	5,934	1.8	%	41
13	Amazon	3	164,847	1.5	%	$	5,803	1.7	%	135
14	Amgen, Inc.	1	131,386	1.2	%	$	5,726	1.7	%	34
15	Above Net, Inc.	10	150,661	1.4	%	$	5,715	1.7	%	121
	Total/Weighted Average		5,291,806	48.2	%	$	166,527	49.3	%	93

(1) Occupied square footage is defined as leases that have commenced on or before June 30, 2008.

(2) Annualized rent represents the monthly contractual rent under existing leases as of June 30, 2008 multiplied by 12.

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

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DIGITAL REALTY TRUST, INC.

Second Quarter 2008

UTILITY POWER CAPACITY ⁽¹⁾

Top 15 Properties

	Property Name	Market	Capacity (MW)
1	Devon Shafron Drive (3 Buildings)	Northern Virginia	225
2	350 East Cermak Road	Chicago	100
3	1500 Space Park (3 Buildings)	Santa Clara	59
4	3 Corporate Place	New York	44
5	114 Rue Ambroise Croizat	Paris, France	40
6	2045 & 2055 LaFayette Street	Silicon Valley	40
7	44470 Chilum Place	Northern Virginia	36
8	150 South First Street	Silicon Valley	36
9	101 Aquila Way	Atlanta	30
10	365 South Randolphville Road	New York	26
11	14901 FAA Boulevard	Dallas	25
12	2401 Walsh Street	Silicon Valley	25
13	2403 Walsh Street	Silicon Valley	25
14	4700 Old Ironsides Drive	Silicon Valley	25
15	St. Anne’s Boulevard (3 Buildings)	London	25
	Total Potential Power Capacity - Top 15 Properties		761

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

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DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Lease Expirations and Lease Distribution

Lease Expirations

As of June 30, 2008

(Dollar amounts in thousands)

Year	Number of Leases Expiring (1)	Square Footage of Expiring Leases	Percentage of Net Rentable Square Feet		Annualized Rent (1)		Percentage of Annualized Rent		Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration ($000)
Available		524,039	4.8	%	$	—	0.0	%
2008	196	233,651	2.1	%		14,640	4.3	%	$	62.66		62.65		14,639
2009	118	480,874	4.4	%		19,533	5.8	%	$	40.62		40.46		19,455
2010	99	906,720	8.3	%		26,388	7.8	%	$	29.10		30.03		27,225
2011	103	1,598,476	14.6	%		35,376	10.5	%	$	22.13		23.25		37,158
2012	66	199,666	1.8	%		14,801	4.4	%	$	74.13		82.12		16,397
2013	42	570,905	5.2	%		21,243	6.3	%	$	37.21		41.22		23,530
2014	31	496,912	4.5	%		13,309	3.9	%	$	26.78		32.96		16,377
2015	88	1,754,773	16.0	%		61,825	18.3	%	$	35.23		41.45		72,736
2016	46	807,147	7.4	%		25,503	7.6	%	$	31.60		37.28		30,088
2017	33	548,787	5.0	%		16,682	4.9	%	$	30.40		37.13		20,377
Thereafter	136	2,855,995	25.9	%		88,314	26.2	%	$	30.92		50.73		144,894
Portfolio Total / Weighted Average	958	10,977,945	100.0	%	$	337,614	100.0	%	$	32.30	$	40.45	$	422,876

Lease Distribution

As of June 30, 2008

(Dollar amounts in thousands)

Square Feet Under Lease	Number of Leases	Percentage of All Leases		Total Net Rentable Square Feet	Percentage of Net Rentable Square Feet		Annualized Rent (2)		Percentage of Annualized Rent
Available				524,039	4.8	%		—	0.0	%
2,500 or less	629	65.7	%	295,640	2.7	%		62,941	18.6	%
2,501 - 10,000	155	16.2	%	895,708	8.2	%		40,499	12.0	%
10,001 - 20,000	56	5.8	%	1,078,570	9.8	%		29,563	8.8	%
20,001 - 40,000	47	4.9	%	1,510,775	13.8	%		42,619	12.6	%
40,001 - 100,000	47	4.9	%	3,069,671	28.0	%		89,912	26.6	%
Greater than 100,000	24	2.5	%	3,603,542	32.7	%		72,080	21.3	%
Portfolio Total	958	100.0	%	10,977,945	100.0	%	$	337,614	100.0	%

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

(2) Annualized rent represents the monthly contractual rent under existing leases as of June 30, 2008 multiplied by 12.

Page 22

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Leasing Activity

As of June 30, 2008

	For the Three Months Ended June 30, 2008		% Leased
Occupied Square Feet as of March 31, 2008 (1)	10,225,901			94.7	%
2Q 2008 Acquisitions:
701 & 717 Leonard Street Garage	—
650 Randolph Road	—
Manchester Technopark Birley Fields	38,016			100.0	%
1201 Comstock Road	—
Occupied Square Feet including 2Q 2008 Acquisitions (1)	10,263,917			93.5	%
Expirations, Terminations and Reductions	(32,714	)		(0.3	%)
New Leases and Expansions (2)	164,338			1.5	%
Renewals and Extensions	32,986			0.3	%
Remeasurements (3)	25,379			0.2	%
Occupied Square Feet as of June 30, 2008 (1)	10,453,906			95.2	%
GAAP Rent Growth (4)
Expiring Rent per Square Foot			$	33.52
New Rent per Square Foot			$	125.20
Percentage Increase				273.5	%
Weighted Average Lease Term - New (in months)				111

(1) Occupancy excludes space held for redevelopment.

(2) Includes 100% of the square feet from a property owned by a consolidated joint venture, of which we own a 50% interest.

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

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

Page 23

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Tenant Improvements and Leasing Commissions

	Three Months Ended								Full Year 2007
	6/30/2008		3/31/2008		12/31/2007		9/30/2007
Renewals (1)
Number of renewals		8		5		5		2		12
Square Feet		32,986		19,742		31,435		944		67,181
Tenant improvement costs per square foot (2)	$	1.62	$	—	$	8.43	$	—	$	3.95
Leasing commission costs per square foot (2)	$	8.70	$	3.00	$	11.47	$	0.33	$	13.69
Total renewal lease costs per square foot	$	10.32	$	3.00	$	19.90	$	0.33	$	17.64
New Leases (3)
Number of non-redevelopment leases		20		11		17		12		61
Non-Redevelopment square feet		51,051		21,585		134,031		38,081		219,381
Non-Redevelopment tenant improvement costs per square foot (2)		34.83		35.25		5.36	$	13.35	$	6.18
Non-Redevelopment leasing commission costs per square foot (2)		18.57		12.23		4.58		11.61	$	7.30
Number of redevelopment leases		14		32		3		8		27
Redevelopment square feet (4)		113,287		313,243		16,041		153,571		541,525
Redevelopment tenant improvement costs per square foot (2) (5)	$	1.25	$	1.58	$	—	$	0.81	$	46.38
Redevelopment leasing commission costs per square foot (2)	$	16.21	$	8.80	$	0.31	$	9.18	$	7.69
Total Number of Leases		34		43		20		20		88
Total Square Feet		164,338		334,828		150,072		191,652		760,906
Total new lease costs per square foot	$	28.63	$	12.77	$	8.92	$	12.96	$	52.53
Total (6)
Number of leases		42		48		25		22		100
Square Feet		197,324		354,570		181,507		192,596		828,087
Tenant improvement costs per square foot (2)	$	10.00	$	3.54	$	5.42	$	3.28	$	32.29
Leasing commission costs per square foot (2)	$	15.57	$	8.69	$	5.40	$	9.62	$	8.07
Total costs per square foot	$	25.57	$	12.23	$	10.82	$	12.90	$	40.36

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

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

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

(4) Includes 100% of the square feet from a property owned by a consolidated joint venture, of which we own a 50% interest.

(5) Redevelopment Tenant Improvement costs include tenant-specific building improvements for square footage designated as space held for redevelopment, however, it does not include redevelopment costs.

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

Page 24

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Historical Capital Expenditures

	Three Months Ended
	6/30/2008		3/31/2008		12/31/2007		9/30/2007		6/30/2007			3/31/2007
Recurring capital expenditures (1) (2)	$	5,272,000	$	7,349,000	$	1,200,000	$	2,765,000	$	(99,000	)	$	367,062
Non-recurring capital expenditures (2)	$	138,379,000	$	86,040,000	$	103,958,000	$	99,466,000	$	38,776,000		$	19,249,409
Total net rentable square feet at period end excluding redevelopment space		10,977,945		10,795,795		10,527,011		10,311,857		9,713,146			9,668,267
Recurring capital expenditures per square foot	$	0.48	$	0.68	$	0.11	$	0.27	$	(0.01	)	$	0.04
Non-recurring capital expenditures per square foot (2)	$	12.61	$	7.97	$	9.88	$	9.65	$	3.99		$	1.99

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

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

Page 25

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Redevelopment Activity

For the quarter ended June 30, 2008

(Square feet)

Activity for the quarter ended June 30, 2008	US		Europe	Total
Redevelopment Space as of March 31, 2008	1,222,354		641,346	1,863,700
Acquired Redevelopment Space and New Construction Space	151,790		—	151,790
Converted Redevelopment Space:
Turn-Key Datacenter™	(140,094	)	—	(140,094	)
Powered Base Building™	(4,040	)	—	(4,040	)
Remeasurement Adjustments	1,763		—	1,763
Redevelopment Space as of June 30, 2008	1,231,773		641,346	1,873,119
Redevelopment Space Under Construction at Quarter End	US		Europe	Total
Turn-Key Datacenter™	107,404		130,848	238,252
Build-to-Suit	39,352		177,964	217,316
New Powered Base Building™ Shell	—		—	—
Redevelopment Space Under Construction as of June 30, 2008	146,756		308,812	455,568

Page 26

DIGITAL REALTY TRUST, INC.

Second Quarter 2008

Management Statements on Non-GAAP Supplemental Measures

Funds from Operations:

We calculate Funds from Operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of property, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the NAREIT definition and, accordingly, our FFO may not be comparable to such other REITs’ FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of our performance. FFO for all periods presented in this supplemental information includes the results of properties sold in 2007: 100 Technology Center Drive (March 2007) and 4055 Valley View Lane (March 2007).

Adjusted Funds From Operations:

We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs, including on a per share and unit basis. We calculate adjusted funds from operations, or AFFO, by adding to or subtracting from FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs (iii) noncash compensation (iv) straight line rents (v) fair value of lease revenue amortization (vi) capitalized leasing payroll (vii) recurring tenant improvements and (viii) capitalized leasing commissions. Other equity REITs may not calculate AFFO in a consistent manner. Accordingly, our AFFO may not be comparable to other equity REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. AFFO for all periods presented in this supplemental information includes the results of properties sold in 2007: 100 Technology Center Drive (March 2007) and 4055 Valley View Lane (March 2007).

EBITDA and Adjusted EBITDA:

We believe that earnings before interest expense, income taxes, depreciation and amortization, or EBITDA and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of noncash depreciation and amortization or the cost of debt and with respect to Adjusted EBITDA preferred dividends and minority interests. Adjusted EBITDA is EBITDA excluding minority interests and preferred stock dividends. In addition, we believe EBITDA and adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Because EBITDA and adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income (computed in accordance with GAAP) as a measure of our financial performance. Other equity REITs may calculate EBITDA and Adjusted EBITDA differently than we do; accordingly, our EBITDA and Adjusted EBITDA may not comparable to such other REITs’ EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA for all periods presented in this supplemental information includes the results of properties sold in 2007: 100 Technology Center Drive (March 2007) and 4055 Valley View Lane (March 2007).

NOI and Run-rate NOI:

Net Operating Income (NOI)

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

Run-rate NOI:

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

Page 27