Supplemental Operating and Financial Data posted April 30, 2009.

EX-99.2 3 dex992.htm SUPPLEMENTAL OPERATING AND FINANCIAL DATA POSTED APRIL 30, 2009. Supplemental Operating and Financial Data posted April 30, 2009.

Exhibit 99.2

LOGO

DIGITAL REALTY TRUST, INC.

First Quarter 2009


		PAGE
Corporate Data

Corporate Information		4

Ownership Structure		5

Consolidated Financial Information

Key Quarterly 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, Depreciation and Amortization and Financial Ratios		10

Net Operating Income (NOI) and Run-rate NOI for the three months ended March 31, 2009		11

Same Store and New Properties Consolidated Quarterly Statements of Operations		12

Same Store Operating Trend Summary		13

Consolidated Debt Analysis and Credit Facility		14

Revolving Credit Facility Commitments		15

Debt Maturities		16

Portfolio Data

Portfolio Summary		17

Properties Acquired		18

Occupancy Analysis		19

Major Tenants		21

Utility Power Capacity		22

Lease Expirations & Lease Distribution		23

Leasing Activity		24

Tenant Improvements and Leasing Commissions		25

Historical Capital Expenditures		26

Redevelopment Activity		27

Definitions

Management Statements on Non-GAAP Supplemental Measures		28

Page 2

DIGITAL REALTY TRUST, INC.

First Quarter 2009

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:

•

the impact of the current deterioration in global economic, credit and market conditions;

•

downturn of local economic conditions in our geographic markets;

•

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

•

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

•

our dependence upon significant tenants;

•

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

•

defaults on or non-renewal of leases by tenants;

•

our failure to obtain necessary debt and equity financing;

•

increased interest rates and operating costs;

•

our failure to repay debt when due or our breach of covenants or other terms contained in our loan facilities and agreements;

•

financial market fluctuations;

•

changes in foreign currency exchange rates;

•

our inability to manage our growth effectively;

•

difficulty acquiring or operating properties in foreign jurisdictions;

•

our failure to successfully operate acquired or redeveloped properties;

•

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

•

delays or unexpected costs in development or redevelopment of properties;

•

decreased rental rates or increased vacancy rates;

•

increased competition or available supply of data center space;

•

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

•

difficulties in identifying properties to acquire and completing acquisitions;

•

our inability to acquire off-market properties;

•

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

•

our failure to maintain our status as a REIT;

•

possible adverse changes to tax laws;

•

restrictions on our ability to engage in certain business activities;

•

environmental uncertainties and risks related to natural disasters;

•

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, 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.

First Quarter 2009

Corporate Information

Corporate Profile

Digital Realty Trust, Inc. owns, acquires, repositions and manages technology-related real estate. The Company’s 75 properties, excluding one property held as an investment in an unconsolidated joint venture and including a development in London, contain applications and operations critical to the day-to-day operations of technology industry tenants and corporate enterprise data center tenants. Comprising approximately 13.0 million net rentable square feet, including approximately 1.2 million square feet of space held for redevelopment, Digital Realty Trust’s property portfolio is located 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

David J. Caron: Senior Vice President, Portfolio Management

Investor Relations

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

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

Analyst Coverage


Credit Suisse	Banc of America Securities — Merrill Lynch	KeyBanc Capital Markets	Raymond James	Oppenheimer	Macquarie
Steve Benyik	Steve Sakwa	Jordan Sadler	Paul D. Puryear	Srinivas Anantha	Nick Pirsos
(212) 538-0239	(212) 449-0335	(917) 368-2280	(727) 567-2253	(617) 428-5960	(212) 231-2457

	Ian Weissmann	Craig Mailman	William A. Crowe	Peter Armstrong
	(212) 449-6255	(917) 368-2316	(727) 567-2594	(212) 667-5808

JMP Securities	RBC Capital Markets	Citigroup	UBS Securities	Baird	Green Street
William Marks	Dave Rodgers	Michael Bilerman	Omotayo Okusanya	David Aubuchon	Michael Knott
(415) 835-8944	(440) 715-2647	(212) 816-1685	(212) 713-7864	(314) 863-4235	(949) 640-8780

	Mike Carroll	Irwin Guzman	Heath Binder	Justin Pelham-Webb	Matthew Wokasch
	(440) 715-2649	(212) 816-1685	(212) 713-3226	(314) 863-6413	(949) 640-8780

Stock Listing Information

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


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

Note that symbols may vary by stock quote provider.

Common Stock Price Performance

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


	1st Quarter 2009			4th Quarter 2008			3rd Quarter 2008			2nd Quarter 2008			1st Quarter 2008
High Price *	$	35.70		$	47.62		$	51.28		$	43.45		$	39.20
Low Price *	$	24.96		$	18.04		$	36.96		$	35.43		$	31.28
Closing Price, end of quarter *	$	33.18		$	32.85		$	47.25		$	40.91		$	35.50
Average daily trading volume *		2,074,752			1,876,211			1,139,423			904,670			1,224,336
Indicated dividend per common share **	$	1.320		$	1.320		$	1.240		$	1.240		$	1.240
Closing annual dividend yield, end of quarter		4.0	%		4.0	%		2.6	%		3.0	%		3.5	%
Closing shares and units outstanding end of quarter ***		81,980,716			79,125,833			78,259,621			72,405,839			72,329,436
Closing market value of shares and units outstanding (thousands), end of quarter	$	2,720,120		$	2,599,284		$	3,697,767		$	2,962,123		$	2,567,695

*	New York Stock Exchange trades only.

**	On an annual basis.

***

As of March 31, 2009, the total number of shares and units includes 76,042,511 shares of common stock, 4,480,549 common units held by third parties and 1,457,656 common units, vested and unvested long-term incentive units and vested class C units held by officers and directors, and excludes all unvested class C units, all unexercised common stock options and all shares potentially issuable upon exchange of our 4.125% exchangeable senior debentures due 2026 or upon conversion of our series C and D cumulative convertible preferred stock.

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

Page 4

DIGITAL REALTY TRUST, INC.

First Quarter 2009

Ownership Structure

As of March 31, 2009

LOGO


Partner	# of Units (2)	% Ownership
Digital Realty Trust, Inc.	76,042,511	92.8	%
Cambay Tele.com, LLC (3)	4,447,827	5.4	%
Wave Exchange, LLC (3)	32,722	0.0	%
Directors, Executive Officers and Others	1,457,656	1.8	%

Total	81,980,716	100.0	%

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

(2)

The total number of shares and units includes 76,042,511 shares of common stock, 4,480,549 common units held by third parties and 1,457,656 common units, vested and unvested long-term incentive units and vested class C units held by officers and directors, and excludes all unvested class C units, all unexercised common stock options and all shares potentially issuable upon exchange of our 4.125% exchangeable senior debentures due 2026 or upon conversion of our series C and D cumulative convertible preferred stock.

(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.

First Quarter 2009

Key Quarterly Financial Data ⁽¹⁾

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


	For the three months ended or as of
	31-Mar-09			31-Dec-08			30-Sep-08			30-Jun-08			31-Mar-08
Shares and units at end of quarter
Common shares outstanding		76,042,511			73,306,703			72,556,699			66,174,618			65,481,470
Common units outstanding		5,938,205			5,819,130			5,702,922			6,231,221			6,847,966

Total shares and Operating Partnership units		81,980,716			79,125,833			78,259,621			72,405,839			72,329,436

Market Capitalization
Market value of common equity ⁽²⁾	$	2,720,120		$	2,599,284		$	3,697,767		$	2,962,123		$	2,567,695
Liquidation value of preferred equity		686,637			686,750			686,750			686,750			686,750
Total debt at balance sheet carrying value		1,439,688			1,385,074			1,283,718			1,361,172			1,190,691

Total market capitalization including preferred equity and debt	$	4,846,445		$	4,671,108		$	5,668,235		$	5,010,045		$	4,445,136

Total debt/Total market capitalization including preferred equity and debt		29.7	%		29.7	%		22.6	%		27.2	%		26.8	%
Selected Balance Sheet Data
Investments in real estate (before depreciation)	$	3,155,061		$	3,051,180		$	2,905,275		$	2,816,258		$	2,602,166
Total assets		3,351,612			3,281,045			3,158,885			3,070,850			2,895,036
Total liabilities		1,705,537			1,705,969			1,548,110			1,623,801			1,444,294
Selected Operating Data
Total operating revenues from continuing operations	$	149,134		$	147,106		$	142,016		$	123,776		$	114,547
Total operating expenses from continuing operations		109,931			106,537			108,358			95,647			89,253
Interest expense from continuing operations		18,937			17,747			15,716			14,281			15,202
Net income		21,189			25,133			18,419			13,550			10,816
Net income (loss) available to common stockholders		10,295			13,882			7,484			3,728			2,319
Financial Ratios
EBITDA ⁽³⁾	$	75,972		$	78,855		$	69,902		$	57,579		$	56,763
Adjusted EBITDA ⁽⁴⁾	$	86,866		$	90,106		$	80,837		$	68,097		$	65,260
Cash interest expense ⁽⁵⁾	$	21,398		$	17,439		$	20,116		$	14,691		$	20,093
Fixed charges ⁽⁶⁾	$	34,505		$	30,323		$	32,619		$	27,163		$	30,737
Debt service coverage ratio ⁽⁷⁾		4.1	x		5.2	x		4.0	x		4.6	x		3.2	x
Fixed charge coverage ratio ⁽⁸⁾		2.5	x		3.0	x		2.5	x		2.5	x		2.1	x
Profitability measures
Net income (loss) per common share - basic	$	0.14		$	0.19		$	0.11			0.06		$	0.04
Net income (loss) per common share - diluted	$	0.14		$	0.19		$	0.10			0.05		$	0.03
Funds From Operations (FFO) per diluted share and unit ⁽⁹⁾	$	0.70		$	0.75		$	0.68			0.59		$	0.57
Adjusted Funds From Operations (AFFO) per diluted share and unit ⁽¹⁰⁾	$	0.53		$	0.56		$	0.56			0.41		$	0.38
Dividends per share and common unit	$	0.33		$	0.33		$	0.31			0.31		$	0.31
Diluted FFO payout ratio ⁽¹¹⁾		47.4	%		44.0	%		45.5	%		52.5	%		53.2	%
Diluted AFFO payout ratio ⁽¹²⁾		62.3	%		58.9	%		55.4	%		75.6	%		81.6	%
Portfolio Statistics
Buildings		99			98			96			96			93
Properties		75			75			74			74			71
Net rentable square feet, excluding redevelopment space		11,784,573			11,387,102			11,244,657			10,977,945			10,795,795
Square feet held for redevelopment ⁽¹³⁾		1,218,525			1,573,612			1,606,407			1,873,119			1,863,700
Occupancy at end of quarter ⁽¹⁴⁾		95.1	%		94.9	%		95.2	%		95.2	%		94.7	%
Weighted average remaining lease term (years) ⁽¹⁵⁾		7.6			7.3			7.3			7.4			7.7
Same store occupancy at end of quarter ^(14)(16)		95.0	%		95.4	%		95.2	%		95.2	%		94.7	%

(1)

Financial information for prior periods has been adjusted for the retroactive application of the following new accounting guidance adopted by the Company effective January 1, 2009: FASB APB 14-1 “Accounting for Convertible Debt Instruments That May be Settled Upon Conversion (Including Partial Cash Settlement)”; Statement of Financial Accounting Standard No. 160 “Noncontrolling Interests in Consolidated Financial Statements - An Amendment of ARB No. 51”.

(2)

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 common units and 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 unvested class C units and all shares potentially issuable upon exchange of our 4.125% exchangeable senior debentures due 2026 or upon conversion of our series C and D cumulative convertible preferred stock.

(3)	EBITDA is calculated as earnings before interest, taxes, depreciation and amortization. For a discussion of EBITDA, see page 28. 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 28. 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.

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

(9)	For a definition and discussion of FFO see page 28. 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 28. 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)

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.

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

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

(16)	Same store properties were acquired before December 31, 2007.

Page 6

DIGITAL REALTY TRUST, INC.

First Quarter 2009

Consolidated Balance Sheets ⁽¹⁾

(Dollars in thousands, except share data)


	March 31, 2009			December 31, 2008
	(unaudited)
ASSETS
Investments in real estate
Land	$	314,077		$	316,318
Acquired ground leases		2,669			2,733
Buildings and improvements		2,577,169			2,467,830
Tenant improvements		252,549			255,818

Investments in real estate		3,146,464			3,042,699
Accumulated depreciation and amortization		(337,663	)		(302,960	)

Net investments in properties		2,808,801			2,739,739
Investment in unconsolidated joint venture		8,597			8,481

Net investments in real estate		2,817,398			2,748,220
Cash and cash equivalents		78,936			73,334
Accounts and other receivables, net		37,923			39,108
Deferred rent		110,913			99,957
Acquired above market leases, net		29,638			31,352
Acquired in place lease value and deferred leasing costs, net		219,228			222,389
Deferred financing costs, net		14,787			16,275
Restricted cash		31,234			45,470
Other assets		11,555			4,940

Total Assets	$	3,351,612		$	3,281,045

LIABILITIES AND STOCKHOLDERS’ EQUITY
Revolving credit facility	$	254,021		$	138,579
Unsecured senior notes		83,000			58,000
Mortgage loans		939,807			1,026,594
4.125% exchangeable senior debentures due 2026		162,860			161,901
Accounts payable and other accrued liabilities		139,606			171,176
Accrued dividends and distributions		—			26,092
Acquired below market leases, net		72,075			76,660
Security deposits and prepaid rents		54,168			46,967

Total Liabilities		1,705,537			1,705,969

Commitments and contingencies		—			—
Noncontrolling interest in operating partnership		152,029			152,159
EQUITY:
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), 6,999,995 issued and outstanding		169,067			169,068
Series D Cumulative Convertible Preferred Stock, 5.500%, $345,000,000 liquidation preference ($25.00 per share), 13,795,500 issued and outstanding		333,472			333,581
Common Stock; $0.01 par value: 125,000,000 authorized, 76,042,511 and 73,306,703 shares issued and outstanding as of March 31, 2009 and December 31, 2008, respectively		758			732
Additional paid-in capital		1,053,378			970,643
Dividends in excess of earnings		(182,528	)		(167,746	)
Accumulated other comprehensive income, net		(58,827	)		(49,503	)

Total stockholders’ equity		1,475,119			1,416,574

Noncontrolling interests:
Noncontrolling interest in operating partnership		2,944			1,985
Noncontrolling interest in consolidated joint venture		15,983			4,358

Total noncontrolling interests		18,927			6,343

Total Equity		1,494,046			1,422,917

Total Liabilities and Equity	$	3,351,612		$	3,281,045

(1)	Results for all periods have been adjusted for the retroactive application of the new accounting pronouncements adopted by the Company on January 1, 2009 (see footnote 1 on page 6).

Page 7

DIGITAL REALTY TRUST, INC.

First Quarter 2009

Consolidated Quarterly Statements of Operations ⁽¹⁾

(unaudited and in thousands, except share data)


	Three Months Ended
	31-Mar-09			31-Dec-08			30-Sep-08			30-Jun-08			31-Mar-08
Rental	$	118,089		$	111,398		$	102,449		$	97,966		$	92,746
Tenant reimbursements		31,027			30,136			29,882			25,698			21,787
Other		18			5,572			9,685			112			14

Total operating revenues		149,134			147,106			142,016			123,776			114,547

Rental property operating and maintenance		42,573			43,664			39,859			35,943			31,681
Property taxes		9,211			5,767			8,689			8,522			8,124
Insurance		1,456			1,333			1,252			1,198			1,205
Depreciation and amortization		46,304			47,086			46,548			39,591			39,153
General and administrative		10,102			8,661			11,261			9,686			8,783
Other		285			26			749			2			307

Total operating expenses		109,931			106,537			108,358			94,942			89,253

Operating income		39,203			40,569			33,658			28,834			25,294
Equity in earnings of unconsolidated joint venture		1,116			1,860			178			173			158
Interest and other income		243			591			453			407			655
Interest expense		(18,937	)		(17,747	)		(15,716	)		(14,956	)		(15,202	)
Income tax expense		(436	)		(140	)		(154	)		(726	)		(89	)
Loss from early extinguishment of debt		—			—			—			(182	)		—

Net Income		21,189			25,133			18,419			13,550			10,816
Net Income attributable to noncontrolling interest		(793	)		(1,238	)		(833	)		(354	)		(239	)

Net Income Attributable to Digital Realty Trust, Inc.		20,396			23,895			17,586			13,196			10,577
Preferred stock dividends		(10,101	)		(10,102	)		(10,102	)		(10,102	)		(8,258	)

Net income available to common stockholders	$	10,295		$	13,793		$	7,484		$	3,094		$	2,319

Net income per share available to common stockholders - basic	$	0.14		$	0.19		$	0.11		$	0.05		$	0.04
Net income per share available to common stockholders - diluted	$	0.14		$	0.19		$	0.10		$	0.05		$	0.03
Weighted-average shares outstanding - basic		74,703,755			73,011,453			70,916,019			65,889,122			65,431,586
Weighted-average shares outstanding - diluted		74,895,168			73,205,628			73,338,871			68,068,600			67,142,783
Weighted-average fully diluted shares and units		80,741,438			79,289,939			79,376,123			74,533,055			73,886,689

(1)	Results for all periods have been adjusted for the retroactive application of the new accounting pronouncements adopted by the Company on January 1, 2009 (see footnote 1 on page 6).

Page 8

DIGITAL REALTY TRUST, INC.

First Quarter 2009

Funds From Operations (FFO) ⁽¹⁾

(unaudited and in thousands except per share data)


	Three Months Ended
	31-Mar-09			31-Dec-08			30-Sep-08			30-Jun-08			31-Mar-08
Reconciliation of net income available to common stockholders to FFO (Note):
Net income available to common stockholders	$	10,295		$	13,793		$	7,484		$	3,094		$	2,319
Adjustments:
Net Income attributable to noncontrolling interest		793			1,238			833			354			239
Real estate related depreciation and amortization ⁽²⁾		46,087			46,890			46,359			39,414			38,994
Real estate related depreciation and amortization related to investment in unconsolidated joint venture		646			(286	)		859			872			894

FFO available to common stockholders and unitholders	$	57,821		$	61,635		$	55,535		$	43,734		$	42,446

FFO per share and unit:
Basic	$	0.72		$	0.78		$	0.72		$	0.60		$	0.59
Diluted ⁽³⁾	$	0.70		$	0.75		$	0.68		$	0.58		$	0.57


Weighted-average shares and units outstanding - basic		80,550			79,096			76,953			72,354			72,175
Weighted-average shares and units outstanding - diluted ⁽³⁾		92,571			91,123			91,209			86,366			82,524

(1) Results for all periods have been adjusted for the retroactive application of the new accounting pronouncements adopted by the Company on January 1, 2009 (see footnote 1 on page 6).

(2) Real estate depreciation and amortization was computed as follows:

Depreciation and amortization per income statement	$	46,304		$	47,086		$	46,548		$	39,591		$	39,153
Depreciation and amortization of discontinued operations		—			—			—			—			—
Non-real estate depreciation		(217	)		(196	)		(189	)		(177	)		(159	)

	$	46,087		$	46,890		$	46,359		$	39,414		$	38,994


(3) At 3/31/09, we had 6,999,955 series C convertible preferred shares and 13,795,500 series D convertible preferred shares outstanding that were convertible into 3,614,777 common shares and 8,215,221 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	$	57,821		$	61,635		$	55,535		$	43,734		$	42,446
Add: Series C convertible preferred dividends		1,914			1,914			1,914			1,914			1,914
Add: Series D convertible preferred dividends		4,742			4,744			4,744			4,744			2,899

FFO available to common stockholders and unitholders — diluted	$	64,477		$	68,293		$	62,193		$	50,392		$	47,259

Weighted average common stock and units outstanding		80,550			79,096			76,953			72,354			72,175

Add: Effect of dilutive securities (excluding series C and D convertible preferred stock)		191			194			2,423			2,179			1,712
Add: Effect of dilutive series C convertible preferred stock		3,615			3,615			3,615			3,615			3,615
Add: Effect of dilutive series D convertible preferred stock		8,215			8,218			8,218			8,218			5,022

Weighted average common stock and units outstanding — diluted		92,571			91,123			91,209			86,366			82,524

Note:

For a definition and discussion of FFO, see page 28.

Adjusted Funds From Operations (AFFO) ⁽¹⁾

(unaudited and in thousands)


	Three Months Ended
	31-Mar-09			31-Dec-08			30-Sep-08			30-Jun-08			31-Mar-08
Reconciliation of FFO to AFFO:
Funds from operations available to common stockholders and unitholders (FFO)	$	57,821		$	61,635		$	55,535		$	43,734		$	42,446
Adjustments:
Non-real estate depreciation		217			196			189			177			159
Amortization of deferred financing costs		1,662			1,599			1,524			1,411			1,398
Amortization of debt discount		959			943			927			911			896
Non-cash compensation		1,520			1,663			3,174			1,582			1,220
Loss from early extinguishment of debt		—			—			—			182			—
Straight line rents		(11,308	)		(11,036	)		(8,301	)		(8,899	)		(7,771	)
Above and below market rent amortization		(2,139	)		(1,971	)		(2,081	)		(2,525	)		(2,685	)
Capitalized leasing compensation		(1,271	)		(1,008	)		(1,009	)		(974	)		(1,045	)
Recurring capital expenditures and tenant improvements		(496	)		(3,031	)		(1,730	)		(3,699	)		(2,868	)
Capitalized leasing commissions		(4,283	)		(4,349	)		(3,759	)		(1,259	)		(3,936	)

AFFO available to common stockholders and unitholders	$	42,682		$	44,641		$	44,469		$	30,641		$	27,814


(1) Results for all periods have been adjusted for the retroactive application of the new accounting pronouncements adopted by the Company on January 1, 2009 (see footnote 1 on page 6).

Note:

For a definition and discussion of AFFO, see page 28. For a reconciliation of net income available to common stockholders to FFO, see above table.

Page 9

DIGITAL REALTY TRUST, INC.

First Quarter 2009

Reconciliation of Earnings before interest, taxes, depreciation and amortization (EBITDA) ⁽¹⁾ ⁽²⁾

(unaudited and in thousands)


	Three Months Ended
	31-Mar-09		31-Dec-08		30-Sep-08		30-Jun-08		31-Mar-08
Net income available to common stockholders	$	10,295	$	13,882	$	7,484	$	3,094	$	2,319
Interest		18,937		17,747		15,716		14,956		15,202
Taxes		436		140		154		726		89
Depreciation and amortization		46,304		47,086		46,548		39,591		39,153

EBITDA		75,972		78,855		69,902		58,367		56,763
Noncontrolling interest		793		1,149		833		354		239
Preferred stock dividends		10,101		10,102		10,102		10,102		8,258

Adjusted EBITDA	$	86,866	$	90,106	$	80,837	$	68,823	$	65,260

(1)	For the definition and discussion of EBITDA and Adjusted EBITDA, see page 28.

(2)	Results for all periods have been adjusted for the retroactive application of the new accounting pronouncements adopted by the Company on January 1, 2009 (see footnote 1 on page 6).

Financial Ratios ⁽¹⁾

(unaudited and in thousands)


	31-Mar-09		31-Dec-08		30-Sep-08		30-Jun-08		31-Mar-08
Total GAAP interest expense	18,937		17,747		15,716		14,956		15,202
Capitalized interest	3,072		4,305		4,630		4,708		4,708
Change in accrued interest and other noncash amounts	(611	)	(4,613	)	(230	)	(4,973	)	183

Cash interest expense (a)	21,398		17,439		20,116		14,691		20,093
Scheduled debt principal payments and preferred dividends	13,107		12,884		12,503		12,472		10,644

Total fixed charges (b)	34,505		30,323		32,619		27,163		30,737

Debt service coverage ratio based on GAAP interest expense (c)	4.6x		5.1x		5.1x		4.6x		4.3x
Debt service coverage ratio based on cash interest expense (c)	4.1x		5.2x		4.0x		4.7x		3.2x
Fixed charge coverage ratio based on GAAP interest expense (d)	2.7x		2.9x		2.9x		2.5x		2.5x
Fixed charge coverage ratio based on cash interest expense (d)	2.5x		3.0x		2.5x		2.5x		2.1x
Debt to total market capitalization including debt and preferred equity (e)	29.7	%	29.7	%	22.6	%	27.2	%	26.8	%
Debt plus preferred stock to total market capitalization including debt and preferred equity (f)	43.9	%	44.4	%	34.8	%	40.9	%	42.2	%
Pretax income to interest expense (g)	2.1x		2.4x		2.2x		1.9x		1.7x

(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.

(c)

Adjusted EBITDA divided by interest expense.

(d)

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

(e)

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

(f)

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

(g)

Calculated as income including gain on sale of assets before minority interest and interest divided by GAAP interest expense.

(1)	Results for all periods have been adjusted for the retroactive application of the new accounting pronouncements adopted by the Company on January 1, 2009 (see footnote 1 on page 6).

Page 10

DIGITAL REALTY TRUST, INC.

First Quarter 2009

Net Operating Income (NOI) and Run-rate NOI

For the three months ended March 31, 2009

(unaudited and in thousands)


Rental revenues	$	118,089
Tenant reimbursements		31,027
Rental property operating and maintenance		(42,573	)
Property taxes		(9,211	)
Insurance		(1,456	)

NOI	$	95,876
Actual results of properties acquired during the quarter:
Rental revenues		—
Tenant reimbursements		—
Rental property operating and maintenance		—
Property taxes		—
Insurance		—
Projected full quarter of actual results of properties acquired during the quarter:
Rental revenues		—
Tenant reimbursements		—
Rental property operating and maintenance		—
Property taxes		—
Insurance		—

Run-rate NOI	$	95,876

Reconciliation of net income available to common stockholders to NOI
Net income available to common stockholders	$	10,295
Other revenues		(18	)
Interest expense		18,937
Depreciation and amortization		46,304
General and administrative expenses		10,102
Income tax expense		436
Other expenses		285
Equity in earnings of unconsolidated joint venture		(1,116	)
Interest and other income		(243	)
Net Income attributable to noncontrolling interest		793
Preferred stock dividends		10,101

NOI	$	95,876

Note: For a definition and discussion of NOI and Run-rate NOI, see page 28.

Page 11

DIGITAL REALTY TRUST, INC.

First Quarter 2009

Same Store and New Properties Consolidated Quarterly Statements of Operations ⁽¹⁾

(unaudited and in thousands)


	Three Months Ended
Same store ⁽²⁾	31-Mar-09			31-Dec-08			30-Sep-08			30-Jun-08			31-Mar-08
Operating Revenues:
Rental	$	115,993		$	110,692		$	101,575		$	97,892		$	92,746
Tenant reimbursements		29,919			28,507			29,878			25,698			21,787
Other		18			5,572			9,685			113			14

Total operating revenues		145,930			144,771			141,138			123,703			114,547

Operating Expenses:
Rental property operating and maintenance		41,094			41,764			39,802			35,931			31,624
Property taxes		9,107			5,723			8,650			8,521			8,124
Insurance		1,439			1,325			1,246			1,198			1,205
Depreciation and amortization		45,460			46,794			46,227			39,570			39,137
General and administrative ⁽³⁾		10,102			8,661			11,261			9,686			8,783
Other		285			26			749			2			306

Total operating expenses		107,487			104,293			107,935			94,908			89,179
Operating income		38,443			40,478			33,203			28,795			25,368
Other Income (Expenses):
Equity in earnings of unconsolidated joint venture		1,116			1,860			178			173			158
Interest and other income		242			589			452			405			655
Interest expense ⁽⁴⁾		(18,937	)		(17,780	)		(15,749	)		(14,989	)		(15,235	)
Income tax expense		(434	)		(140	)		(154	)		(726	)		(89	)
Loss from early extinguishment of debt		—			—			—			(182	)		—

Net Income	$	20,430		$	25,007		$	17,930		$	13,476		$	10,857
New properties ⁽²⁾
Operating Revenues:
Rental	$	2,096		$	706		$	874		$	74		$	—
Tenant reimbursements		1,108			1,629			4			—			—
Other		—			—			—			(1	)		—

Total operating revenues		3,204			2,335			878			73			—

Operating Expenses:
Rental property operating and maintenance		1,479			1,900			57			12			57
Property taxes		104			44			39			1			—
Insurance		17			8			6			—			—
Depreciation and amortization		844			292			321			21			16
General and administrative ⁽³⁾		—			—			—			—			—
Other		—			—			—			—			1

Total operating expenses		2,444			2,244			423			34			74

Operating income		760			91			455			39			(74	)
Other Income (Expenses):
Equity in earnings of unconsolidated joint venture		—			—			—			—			—
Interest and other income		1			2			1			2			—
Interest expense ⁽⁴⁾		—			33			33			33			33
Income tax expense		(2	)		—			—			—			—
Loss from early extinguishment of debt		—			—			—			—			—

Net Income	$	759		$	126		$	489		$	74		$	(41	)

(1)	Results for all periods have been adjusted for the retroactive application of the new accounting pronouncements adopted by the Company on January 1, 2009 (see footnote 1 on page 6).

(2)	Same store properties are properties that were acquired on or before December 31, 2007 and new properties are properties acquired after December 31, 2007.

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

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

Page 12

DIGITAL REALTY TRUST, INC.

First Quarter 2009

Same Store Operating Trend Summary ⁽¹⁾

(unaudited and in thousands, except share data)


	Three Months Ended
Same store ⁽²⁾	31-Mar-09			31-Dec-08			Percentage Change		31-Mar-08			Percentage Change
Rental ⁽³⁾	$	115,993		$	110,692		4.8	%	$	92,746		19.3	%
Tenant reimbursements		29,919			28,507		5.0	%		21,787		30.8	%

		145,912			139,199		4.8	%		114,533		21.5	%
Rental property operating and maintenance		41,094			41,764		(1.6	%)		31,624		32.1	%
Property taxes		9,107			5,723		59.1	%		8,124		(29.6	%)
Insurance		1,439			1,325		8.6	%		1,205		10.0	%

		51,640			48,812		5.8	%		40,953		19.2	%

Net Operating Income ⁽⁴⁾	$	94,272		$	90,387		4.3	%	$	73,580		22.8	%

Same store occupancy at end of quarter		95.0	%		95.4	%				94.7	%

(1)	Results for all periods have been adjusted for the retroactive application of the new accounting pronouncements adopted by the Company on January 1, 2009 (see footnote 1 on page 6).

(2)	Same store properties were acquired on or before December 31, 2007.

(3)	For the periods presented, same store straight-line rent was $11,020, $11,677 and $7,771, respectively, and non-cash adjustments related to FAS 141 were $2,115, $1,945 and $2,685, respectively.

(4)	For a definition and discussion of Net Operating Income, see page 28.

Page 13

DIGITAL REALTY TRUST, INC.

First Quarter 2009

Consolidated Debt Analysis

(unaudited, in thousands)


	Maturity Date	Principal Balance as of March 31, 2009			% of Debt		Interest Rate as of March 31, 2009		Interest Rate as of March 31, 2009 including swaps
Unhedged Floating Rate Debt
Revolving credit facility	August 31, 2012 ⁽¹⁾		254,021		17.7	%	1.80	%	2.79	%

		$	254,021		17.7	%
Fixed Rate Mortgage Debt and Hedged Floating Rate Debt
Secured Term Debt	November 11, 2016		145,869		10.2	%	5.65	%	—
3 Corporate Place	August 1, 2013 ⁽¹⁾		80,000		5.6	%	6.72	%	—
200 Paul Avenue 1-4	October 8, 2017		78,945		5.5	%	5.74	%	—
2045 & 2055 LaFayette Street	February 7, 2019		67,851		4.7	%	5.93	%	—
Mundells Roundabout	December 1, 2015		61,338		4.3	%	2.85	%	4.18	%
600 West Seventh Street	March 16, 2018		56,499		3.9	%	5.80	%	—
2323 Bryan Street	November 7, 2011		54,831		3.8	%	6.04	%	—
34551 Ardenwood Boulevard 1-4	November 12, 2018		55,000		3.8	%	5.95	%	—
1100 Space Park Drive	December 12, 2018		55,000		3.8	%	5.89	%	—
150 South First Street	February 7, 2019		53,178		3.7	%	6.30	%	—
114 Rue Ambroise Croizat	January 18, 2014		42,156		2.9	%	2.86	%	5.13	%
1500 Space Park Drive	October 6, 2015		43,253		3.0	%	6.15	%	—
2334 Lundy Place	November 12, 2018		40,000		2.8	%	5.96	%	—
Unit 9, Blanchardstown Corporate Park	January 18, 2014		36,244		2.5	%	2.86	%	5.35	%
6 Braham Street	April 10, 2013		18,906		1.3	%	2.55	%	5.84	%
Paul van Vlissingenstraat 16	July 19, 2015		14,228		1.0	%	3.11	%	5.58	%
Chemin de l’Epinglier 2	July 19, 2015		10,333		0.7	%	3.01	%	5.57	%
1125 Energy Park Drive	March 2, 2034		9,301		0.6	%	7.62	%	—
Gyroscoopweg 2E-2F	October 19, 2015		9,057		0.6	%	3.01	%	5.49	%
731 East Trade Street	July 2, 2022		5,470		0.4	%	8.22	%	—

		$	937,459		65.1	%
4.125% exchangeable senior debentures due 2026	August 15, 2026		172,500		12.0	%	4.13	%	—
Unsecured senior notes — Series A	July 24, 2013		25,000		1.7	%	7.00	%	—
Unsecured senior notes — Series B	November 6, 2015		33,000		2.3	%	9.32	%	—
Unsecured senior notes — Series C	January 7, 2016		25,000		1.7	%	9.68	%	—
Total Fixed Rate Debt Including Swaps		$	1,192,959		82.8	%
Unamortized discount on 4.125% exchangeable senior debentures due 2026			(9,640	)	(0.7	%)
Unamortized loan premium—1125 Energy Park Drive, 731 East Trade Street and 1500 Space Park Drive mortgages			2,348		0.2	%

Total Consolidated Debt		$	1,439,688		100.0	%

Weighted average cost of debt (including interest rate swaps)									5.55	%

(1)	Assumes all extensions will be exercised.

Credit Facility

(in thousands)


	Maximum Available as of March 31, 2009		Available as of March 31, 2009		Drawn as of March 31, 2009
Revolving Credit Facility	$	675,000	$	407,500	$	254,021

Note: Increased to $720,000 on April 28, 2009.

Page 14

DIGITAL REALTY TRUST, INC.

First Quarter 2009

REVOLVING CREDIT FACILITY COMMITMENTS

(Dollar amounts in thousands)


Lender/Issuing Bank	Amount Committed
1 Citicorp North America, Inc.	$	85,000
2 KeyBank, N.A.		85,000
3 Bank of America, N.A. ⁽¹⁾		70,000
4 The Royal Bank of Scotland PlC		70,000
5 Merrill Lynch Capital Corporation ⁽¹⁾		60,000
6 Sovereign Bank		50,000
7 Raymond James Bank, FSB		50,000
8 Royal Bank of Canada, New York Branch		40,000
9 Credit Suisse, Cayman Islands Branch		25,000
10 Société Générale		25,000
11 UBS Loan Finance LLC		25,000
12 Deutsche Bank ⁽²⁾		25,000
13 Allied Irish Banks, p.l.c.		15,000
14 Chang Hwa Commercial Bank, Ltd., New York Branch		15,000
15 Mega International Commercial Bank Co., Ltd Los Angeles Branch		15,000
16 Comerica Bank		10,000
17 First Commercial Bank New York Agency		10,000
Total Commitments - Revolving Credit Facility	$	675,000

(1)	On January 1, 2009, Bank of America Corporation acquired Merrill Lynch & Co., Inc.

(2)	On April 28, 2009, Deutsche Bank increased its total commitment to $70 million. As a result, total commitment under the revolving credit facility increased to $720 million and the sub-facility for multi-currency advances increased to $485 million.

Note: The revolving credit facility has a $462.5 million sub-facility for multi-currency advances.

Page 15

DIGITAL REALTY TRUST, INC.

First Quarter 2009

Debt Maturities

(unaudited, in thousands)


Property	2009		2010		2011		2012		2013		Thereafter		Total
Revolving credit facility ⁽¹⁾	$	—	$	—	$	—	$	254,021	$	—	$	—	$	254,021
Secured Term Debt ⁽²⁾		1,791		2,550		2,700		2,836		3,026		132,966		145,869
3 Corporate Place ⁽¹⁾		—		—		—		—		80,000		—		80,000
200 Paul Avenue 1-4		1,142		1,624		1,721		1,812		1,932		70,713		78,945
2045 & 2055 LaFayette Street		580		835		886		941		999		63,611		67,851
600 West Seventh Street		975		1,367		1,448		1,535		1,626		49,548		56,499
2323 Bryan Street		54,831		—		—		—		—		—		54,831
1100 Space Park Drive		56		648		687		720		774		52,115		55,000
34551 Ardenwood Boulevard 1-4		55		639		678		711		765		52,151		55,000
150 South First Street		418		596		635		677		722		50,129		53,178
114 Rue Ambroise Croizat		489		652		652		40,363		—		—		42,156
1500 Space Park Drive		1,370		1,942		2,067		2,192		35,682		—		43,253
Mundells Roundabout		—		—		—		—		61,338		—		61,338
2334 Lundy Place		40		464		493		517		556		37,930		40,000
Unit 9, Blanchardstown Corporate Park		420		560		560		34,703		—		—		36,244
Unsecured senior notes		—		—		25,000		—		33,000		25,000		83,000
6 Braham Street		430		573		17,904		—		—		—		18,906
Paul van Vlissingenstraat 16		167		223		223		223		13,393		—		14,228
Chemin de l’Epinglier 2		120		161		161		161		9,731		—		10,333
Gyroscoopweg 2E-2F		106		141		141		141		8,528		—		9,057
1125 Energy Park Drive		98		143		154		43		—		8,863		9,301
731 East Trade Street		155		235		274		297		323		4,186		5,470
4.125% exchangeable senior debentures due 2026 ⁽³⁾		—		—		172,500		—		—		—		172,500

Total	$	63,243	$	13,353	$	228,884	$	341,893	$	252,395	$	547,212	$	1,446,980


Weighted Average Term to Initial Maturity ⁽³⁾		4.6 Years
Weighted Average Term to Initial Maturity (assuming exercise of extension options) ⁽³⁾		5.1 Years

(1)	Assumes all extensions will be exercised.

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

(3)	Assumes maturity of 4.125% exchangeable senior debentures due 2026 at first redemption date in August 2011.

Note: Total excludes $2,348 of loan premiums and ($9,640) of debt discount on 4.125% exchangeable senior debentures due 2026.

Page 16

DIGITAL REALTY TRUST, INC.

First Quarter 2009

Portfolio Summary

As of March 31, 2009


	3/31/2009		12/31/2008
Number of Properties:
Domestic	61		61
International	14		14

	75	⁽²⁾	75	⁽²⁾
Number of Buildings:
Domestic	81		81
International	18		17

	99		98
Number of Markets:
Domestic	20		20
International	7		7

	27		27
Net Rentable Square Feet:
Domestic	10,603,100		10,369,940
International	1,181,473		1,017,162

	11,784,573		11,387,102
Redevelopment Square Feet:
Domestic	996,312		1,187,087
International	222,213		386,525

	1,218,525		1,573,612
Portfolio Occupancy ⁽¹⁾	95.1	%	94.9	%
Same Store Pool Occupancy	95.0	%	95.4	%
Average Original Lease Term (years)	13.6		13.4
Average Remaining Lease Term (years)	7.6		7.3
Lease Expirations (through 2010)	9.6	%	12.7	%

(1)	Occupancy excludes space held for redevelopment.

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

Page 17

DIGITAL REALTY TRUST, INC.

First Quarter 2009

Properties Acquired

For the three months ended March 31, 2009

Property

Metropolitan Area

Date Acquired

Purchase
Price (in
millions)

Net Rentable
Square
Footage of
Property

Total Square
Footage Held for
Redevelopment

Percentage of
Total Rentable
Square Footage
of Property
Occupied

No acquisitions for the three months ended March 31, 2009.

Page 18

DIGITAL REALTY TRUST, INC.

First Quarter 2009

Occupancy Analysis

As of March 31, 2009

(Dollar amounts in thousands)


						Occupancy (2)								Net Rentable Square Feet as a % of				Annualized Rent as a % of
Property	Acquisition date	Metropolitan Area	Net Rentable Square Feet	Redevelopment Space	Annualized Rent ($000) (1)	As of 03/31/09		As of 12/31/08		As of 09/30/08		As of 06/30/2008		Property Type		Total Portfolio		Property Type		Total Portfolio
Internet Gateway Datacenters
350 East Cermak Road	May-05	Chicago	1,015,828	117,911	42,532	94.0	%	96.0	%	97.0	%	96.5	%	26.7	%	8.6	%	25.1	%	10.1	%
200 Paul Avenue 1-4	Nov-04	San Francisco	458,708	68,972	22,941	95.1	%	100.0	%	100.0	%	100.0	%	12.1		3.9		13.5		5.5
120 E. Van Buren Street	Jul-06	Phoenix	249,425	38,089	19,318	91.7	%	91.7	%	93.8	%	92.2	%	6.6		2.1		11.4		4.6
600 West Seventh Street	May-04	Los Angeles	482,089	7,633	16,565	94.6	%	94.6	%	94.6	%	95.7	%	12.6		4.1		9.8		4.0
111 Eighth Avenue ⁽³⁾	Mar-07	New York	116,843	—	14,913	100.0	%	100.0	%	100.0	%	100.0	%	3.1		1.0		8.8		3.6
2323 Bryan Street	Jan-02	Dallas	457,217	19,890	14,278	77.1	%	77.0	%	77.3	%	75.8	%	12.0		3.9		8.4		3.4
114 Rue Ambroise Croizat	Dec-06	Paris, France	261,317	90,829	12,141	99.1	%	95.4	%	100.0	%	100.0	%	6.9		2.2		7.2		2.9
1100 Space Park Drive	Nov-04	Silicon Valley	165,297	—	7,502	99.1	%	99.1	%	99.1	%	97.6	%	4.4		1.4		4.4		1.8
36 NE 2nd Street	Jan-02	Miami	162,140	—	4,940	95.9	%	95.9	%	95.9	%	95.9	%	4.3		1.4		2.9		1.2
600-780 S. Federal	Sep-05	Chicago	161,547	—	4,664	69.4	%	81.9	%	78.5	%	81.5	%	4.3		1.4		2.7		1.1
900 Walnut Street	Aug-07	St Louis	112,266	—	3,580	93.5	%	93.5	%	93.5	%	93.5	%	3.0		1.0		2.1		0.9
6 Braham Street	Jul-02	London, England	63,233	—	3,180	100.0	%	100.0	%	100.0	%	100.0	%	1.7		0.5		1.9		0.8
125 North Myers	Aug-05	Charlotte	25,402	—	1,239	100.0	%	100.0	%	100.0	%	100.0	%	0.7		0.2		0.7		0.3
731 East Trade Street	Aug-05	Charlotte	40,879	—	1,165	100.0	%	100.0	%	100.0	%	100.0	%	1.1		0.3		0.7		0.3
113 North Myers	Aug-05	Charlotte	20,086	9,132	719	100.0	%	100.0	%	100.0	%	100.0	%	0.5		0.2		0.4		0.2

			3,792,277	352,456	169,677	92.0	%	93.4	%	94.0	%	93.7	%	100.0	%	32.2	%	100.0	%	40.7	%
Corporate Datacenters
300 Boulevard East	Nov-02	New York	311,950	—	13,559	100.0	%	100.0	%	100.0	%	100.0	%	4.7	%	2.6	%	6.2	%	3.3	%
43881 Devon Shafron Drive	Mar-07	Northern Virginia	177,085	2,915	12,804	83.5	%	100.0	%	79.1	%	73.4	%	2.6		1.5		5.8		3.1
3 Corporate Place	Dec-05	New York	276,162	769	12,603	89.5	%	89.5	%	89.5	%	82.9	%	4.1		2.3		5.7		3.0
833 Chestnut Street	Mar-05	Philadelphia	588,770	65,988	11,573	87.9	%	87.7	%	87.4	%	90.8	%	8.7		5.0		5.3		2.8
43791 Devon Shafron Drive	Mar-07	Northern Virginia	123,676	11,324	9,752	100.0	%	100.0	%	0.0	%	0.0	%	1.8		1.0		4.5		2.3
Clonshaugh Industrial Estate (Land)	Feb-06	Dublin, Ireland	124,500	—	8,421	100.0	%	100.0	%	100.0	%	0.0	%	1.9		1.1		3.8		2.0
1500 Space Park Drive	Sep-07	Silicon Valley	51,615	—	8,285	100.0	%	100.0	%	100.0	%	100.0	%	0.8		0.4		3.8		2.0
Unit 9, Blanchardstown Corporate Park	Dec-06	Dublin, Ireland	120,000	—	8,263	95.0	%	87.3	%	93.3	%	96.4	%	1.8		1.0		3.8		2.0
4025 Midway Road	Jan-06	Dallas	87,964	12,626	8,106	99.8	%	99.8	%	98.6	%	98.5	%	1.3		0.7		3.7		1.9
2055 East Technology Circle	Oct-06	Phoenix	76,350	—	7,553	100.0	%	100.0	%	1.0	%	1.0	%	1.1		0.6		3.4		1.8
3011 Lafayette Street	Jan-07	Silicon Valley	90,780	—	6,683	100.0	%	100.0	%	100.0	%	100.0	%	1.4		0.8		3.1		1.6
2440 Marsh Lane	Jan-03	Dallas	116,513	18,737	6,667	60.0	%	70.9	%	100.0	%	100.0	%	1.7		1.0		3.0		1.6
Mundells Roundabout	Apr-07	London, England	113,464	—	6,489	100.0	%	0.0	%	0.0	%	0.0	%	1.7		1.0		3.0		1.6
2045 & 2055 LaFayette Street	May-04	Silicon Valley	300,000	—	6,480	100.0	%	100.0	%	100.0	%	100.0	%	4.5		2.5		3.0		1.6
150 South First Street	Sep-04	Silicon Valley	179,761	—	5,999	100.0	%	100.0	%	97.7	%	97.3	%	2.7		1.5		2.7		1.4
11830 Webb Chapel Road	Aug-04	Dallas	365,647	—	5,962	95.0	%	95.0	%	96.6	%	96.6	%	5.4		3.1		2.7		1.4
14901 FAA Boulevard	Jun-06	Dallas	263,700	—	4,585	100.0	%	100.0	%	100.0	%	100.0	%	3.9		2.2		2.1		1.1
12001 North Freeway	Apr-06	Houston	280,483	20,222	4,551	95.5	%	98.5	%	98.5	%	98.5	%	4.1		2.4		2.1		1.1
2334 Lundy Place	Dec-02	Silicon Valley	130,752	—	4,423	100.0	%	100.0	%	100.0	%	100.0	%	2.0		1.1		2.0		1.1
375 Riverside Parkway	Jun-03	Atlanta	220,016	30,175	4,363	100.0	%	100.0	%	92.9	%	92.9	%	3.3		1.9		2.0		1.0
1201 Comstock Street	Jun-08	Silicon Valley	24,000	—	4,185	100.0	%	0.0	%	0.0	%	0.0	%	0.4		0.2		1.9		1.0
44470 Chilum Place	Feb-07	Northern Virginia	95,440	—	4,003	100.0	%	100.0	%	100.0	%	100.0	%	1.4		0.8		1.8		1.0
2401 Walsh Street	Jun-05	Silicon Valley	167,932	—	3,407	100.0	%	100.0	%	100.0	%	100.0	%	2.5		1.4		1.6		0.8
115 Second Avenue	Oct-05	Boston	66,730	—	3,337	100.0	%	100.0	%	100.0	%	100.0	%	1.0		0.6		1.5		0.8
8534 Concord Center Drive	Jun-05	Denver	85,660	—	3,265	100.0	%	100.0	%	100.0	%	100.0	%	1.3		0.7		1.5		0.8
21110 Ridgetop Circle	Jan-07	Northern Virginia	135,513	—	2,660	100.0	%	100.0	%	100.0	%	100.0	%	2.0		1.1		1.2		0.6
210 N Tucker Boulevard	Aug-07	St Louis	139,588	62,000	2,593	94.1	%	94.1	%	94.1	%	95.0	%	2.1		1.2		1.2		0.6
Naritaweg 52	Dec-07	Amsterdam, Netherlands	63,260	—	2,531	100.0	%	100.0	%	100.0	%	100.0	%	0.9		0.5		1.2		0.6
200 North Nash Street	Jun-05	Los Angeles	113,606	—	2,305	100.0	%	100.0	%	100.0	%	100.0	%	1.7		1.0		1.1		0.6
1807 Michael Faraday Court	Oct-06	Northern Virginia	19,237	—	2,239	100.0	%	100.0	%	100.0	%	100.0	%	0.3		0.2		1.0		0.5
2403 Walsh Street	Jun-05	Silicon Valley	103,940	—	2,109	100.0	%	100.0	%	100.0	%	100.0	%	1.6		0.9		1.0		0.5
Paul van Vlissingenstraat 16	Aug-05	Amsterdam, Netherlands	77,472	35,000	2,027	58.8	%	58.8	%	58.8	%	58.8	%	1.2		0.7		0.9		0.5
8100 Boone Boulevard	Oct-06	Northern Virginia	17,015	—	1,918	100.0	%	100.0	%	100.0	%	100.0	%	0.3		0.1		0.9		0.5

Page 19

DIGITAL REALTY TRUST, INC.

First Quarter 2009

Occupancy Analysis

As of March 31, 2009

(Dollar amounts in thousands)


								Occupancy (2)								Net Rentable Square Feet as a % of				Annualized Rent as a % of
Property	Acquisition date	Metropolitan Area	Net Rentable Square Feet		Redevelopment Space	Annualized Rent ($000) (1)		As of 03/31/09		As of 12/31/08		As of 09/30/08		As of 06/30/2008		Property Type		Total Portfolio		Property Type		Total Portfolio
4700 Old Ironsides Drive	Jun-05	Silicon Valley	90,139		—		1,829	100.0	%	100.0	%	100.0	%	100.0	%	1.3		0.8		0.8		0.4
4650 Old Ironsides Drive	Jun-05	Silicon Valley	84,383		—		1,712	100.0	%	100.0	%	100.0	%	100.0	%	1.3		0.7		0.8		0.4
3015 Winona Avenue	Dec-04	Los Angeles	82,911		—		1,592	100.0	%	100.0	%	100.0	%	100.0	%	1.2		0.7		0.7		0.4
Chemin de l’Epinglier 2	Nov-05	Geneva, Switzerland	59,190		—		1,536	100.0	%	100.0	%	100.0	%	100.0	%	0.9		0.5		0.7		0.4
3065 Gold Camp Drive	Oct-04	Sacramento	62,957		—		1,509	100.0	%	100.0	%	100.0	%	100.0	%	0.9		0.5		0.7		0.4
251 Exchange Place	Nov-05	Northern Virginia	70,982		—		1,502	100.0	%	100.0	%	100.0	%	100.0	%	1.1		0.6		0.7		0.4
6800 Millcreek Drive	Apr-06	Toronto, Canada	83,758		—		1,485	100.0	%	100.0	%	100.0	%	100.0	%	1.3		0.7		0.7		0.4
Manchester Technopark, Plot C1	Jun-08	Manchester, England	38,016		—		1,484	100.0	%	100.0	%	100.0	%	100.0	%	0.6		0.3		0.7		0.4
1125 Energy Park Drive	Mar-05	Minneapolis/St. Paul	112,827		—		1,437	100.0	%	100.0	%	100.0	%	100.0	%	1.7		1.0		0.7		0.3
3300 East Birch Street	Aug-03	Los Angeles	68,807		—		1,415	100.0	%	100.0	%	100.0	%	100.0	%	1.0		0.6		0.6		0.3
101 Aquila Way	Apr-06	Atlanta	313,581		—		1,411	100.0	%	100.0	%	100.0	%	100.0	%	4.7		2.7		0.6		0.3
43831 Devon Shafron Drive	Mar-07	Northern Virginia	117,071		—		1,407	100.0	%	100.0	%	100.0	%	100.0	%	1.8		1.0		0.6		0.3
Clonshaugh Industrial Estate	Feb-06	Dublin, Ireland	20,000		—		1,349	100.0	%	100.0	%	100.0	%	100.0	%	0.3		0.2		0.6		0.3
Cressex 1	Dec-07	London, England	50,847		—		1,193	87.2	%	0.0	%	0.0	%	0.0	%	0.8		0.4		0.5		0.3
Gyroscoopweg 2E-2F	Jul-06	Amsterdam, Netherlands	55,585		—		1,165	100.0	%	100.0	%	100.0	%	100.0	%	0.8		0.5		0.5		0.3
7505 Mason King Court	Nov-08	Northern Virginia	109,650		—		1,039	100.0	%	0.0	%	NA		NA		1.6		0.9		0.5		0.2
600 Winter Street	Sep-06	Boston	30,400		—		794	100.0	%	100.0	%	100.0	%	100.0	%	0.5		0.3		0.4		0.2
7620 Metro Center Drive	Dec-05	Austin	45,000		—		605	100.0	%	100.0	%	100.0	%	100.0	%	0.7		0.4		0.3		0.1
2300 NW 89th Place	Sep-06	Miami	64,174		—		598	100.0	%	100.0	%	100.0	%	100.0	%	1.0		0.5		0.3		0.1
1 St. Anne’s Boulevard	Dec-07	London, England	20,219		—		236	100.0	%	100.0	%	100.0	%	100.0	%	0.3		0.2		0.1		0.1
3 St. Anne’s Boulevard	Dec-07	London, England	—		96,384		—	0.0	%	0.0	%	0.0	%	0.0	%	—		—		—		—
7500 Metro Center Drive	Dec-05	Austin	—		74,962		—	0.0	%	0.0	%	0.0	%	0.0	%	—		—		—		—
365 S. Randolphville Road	Feb-08	New York	—		264,792		—	0.0	%	0.0	%	0.0	%	0.0	%	—		—		—		—
650 Randolph Road	Jun-08	New York	—		127,790		—	0.0	%	0.0	%	0.0	%	0.0	%	—		—		—		—
1525 Comstock Street	Sep-07	Silicon Valley	—		42,385		—	0.0	%	0.0	%	0.0	%	0.0	%	—		—		—		—

			6,689,078		866,069		218,998	96.1	%	95.1	%	95.2	%	95.2	%	100.0	%	56.6	%	100.0	%	52.5	%
Technology Manufacturing
34551 Ardenwood Boulevard 1-4	Jan-03	Silicon Valley	307,657		—		8,579	100.0	%	100.0	%	100.0	%	100.0	%	48.5	%	2.6	%	55.1	%	2.1	%
47700 Kato Road & 1055 Page Avenue	Sep-03	Silicon Valley	183,050		—		3,794	100.0	%	100.0	%	100.0	%	100.0	%	28.8		1.6		24.3		0.9
2010 East Centennial Circle	May-03	Phoenix	113,405		—		2,852	100.0	%	100.0	%	100.0	%	100.0	%	17.9		1.0		18.3		0.7
2 St. Anne’s Boulevard	Dec-07	London, England	30,612		—		358	100.0	%	100.0	%	100.0	%	100.0	%	4.8		0.3		2.3		0.1

			634,724		—		15,583	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	5.5	%	100.0	%	3.8	%
Technology Office
100 & 200 Quannapowitt Parkway	Jun-04	Boston	386,956		—		7,222	94.9	%	94.9	%	94.9	%	100.0	%	57.9	%	3.3	%	56.8	%	1.7	%
4849 Alpha Road	Apr-04	Dallas	125,538		—		2,856	100.0	%	100.0	%	100.0	%	100.0	%	18.8		1.1		22.4		0.7
1 Savvis Parkway	Aug-07	St Louis	156,000		—		2,644	100.0	%	100.0	%	100.0	%	100.0	%	23.3		1.3		20.8		0.6

			668,494		—		12,722	97.0	%	97.0	%	97.0	%	100.0	%	100.0	%	5.7	%	100.0	%	3.0	%

Portfolio Total/Weighted Average			11,784,573	⁽⁴⁾	1,218,525	$	416,980	95.1	%	94.9	%	95.2	%	95.2	%	100.0	%	100.0	%	100.0	%	100.0	%

(1)	Annualized rent represents the monthly contractual rent under existing leases as of March 31, 2009 multiplied by 12.

(2)	Occupancy excludes space held for redevelopment.

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

(4)	Net Rentable Square Feet excludes 400,369 RSF of space in joint venture located at 2001 Sixth Avenue in Seattle, WA, which was 98.27% occupied as of March 31, 2009.

Page 20

DIGITAL REALTY TRUST, INC.

First Quarter 2009

Major Tenants

as of March 31, 2009

(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	1,700,523	14.4	%	$	43,952	10.5	%	120
2	Qwest Communications International, Inc.	14	637,712	5.4	%	$	19,994	4.8	%	79
3	Equinix Operating Company, Inc.	4	565,297	4.8	%	$	17,442	4.2	%	101
4	TelX Group, Inc.	10	101,581	0.9	%	$	14,011	3.4	%	212
5	JPMorgan Chase & Co.	3	117,953	1.0	%	$	13,914	3.3	%	158
6	NTT Communications Company	3	272,194	2.3	%	$	12,146	2.9	%	44
7	AT & T	12	389,375	3.3	%	$	11,706	2.8	%	105
8	Facebook, Inc.	2	114,168	1.0	%	$	10,891	2.6	%	93
9	Yahoo! Inc.	2	110,847	0.9	%	$	9,479	2.3	%	103
10	Morgan Stanley	2	65,037	0.6	%	$	8,965	2.1	%	55
11	T-Systems North America, Inc.	3	82,610	0.7	%	$	8,797	2.1	%	57
12	eircom Limited	1	124,500	1.1	%	$	8,421	2.0	%	124
13	Microsoft Corporation	2	313,485	2.7	%	$	7,983	1.9	%	76
14	Comverse Technology, Inc.	1	367,033	3.1	%	$	7,222	1.7	%	22
15	HSBC Bank PLC	1	113,464	1.0	%	$	6,489	1.6	%	177
16	Level 3 Communications, LLC ⁽³⁾⁽⁴⁾	16	260,041	2.2	%	$	6,329	1.5	%	66
17	Amazon	4	274,348	2.3	%	$	6,142	1.5	%	147
18	AboveNet, Inc.	12	135,120	1.1	%	$	5,833	1.4	%	123
19	Amgen, Inc.	1	131,386	1.1	%	$	5,790	1.4	%	74
20	BT Americas, Inc.	3	28,840	0.2	%	$	5,662	1.4	%	83

	Total/Weighted Average		5,905,514	50.1	%	$	231,168	55.4	%	100

(1)	Occupied square footage is defined as leases that have commenced on or before March 31, 2009.

(2)	Annualized rent represents the monthly contractual rent under existing leases as of March 31, 2009 multiplied by 12.

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

(4)

Excludes 63,233 square feet of net rentable space in 6 Braham Street. This property is subleased by Level 3 Communications from Leslie & Godwin, a United Kingdom subsidiary of AON Corporation, through December 2009. Level 3 Communications has executed a lease that will commence upon expiration of the Leslie & Godwin lease and continue through December 2015. Leslie & Godwin remain liable to us for rents under its lease. Including the lease at 6 Braham Street, total occupied square feet and annualized rent would be 353,021 and $9,505, respectively.

Page 21

DIGITAL REALTY TRUST, INC.

First Quarter 2009

UTILITY POWER CAPACITY ⁽¹⁾

Top 15 Properties


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

	Total Potential Power Capacity - Top 15 Properties		761

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

Page 22

DIGITAL REALTY TRUST, INC.

First Quarter 2009

Lease Expirations and Lease Distribution

Lease Expirations

As of March 31, 2009

(Dollar amounts in thousands)


Year	Number of Leases Expiring (1)	Square Footage of Expiring Leases	Percentage of Net Rentable Square Feet		Annualized Rent (2)		Percentage of Annualized Rent		Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration ($000)
Available		581,972	4.9	%		—	0.0	%
2009⁽³⁾	168	350,486	3.0	%		16,760	4.0	%	$	47.82		47.93		16,800
2010	100	778,591	6.6	%		28,544	6.8	%	$	36.66		37.71		29,361
2011	105	1,368,447	11.6	%		33,054	7.9	%	$	24.15		25.00		34,214
2012	73	142,972	1.2	%		13,975	3.4	%	$	97.75		105.23		15,045
2013	73	1,003,742	8.5	%		49,193	11.8	%	$	49.01		55.48		55,684
2014	52	740,999	6.3	%		28,632	6.9	%	$	38.64		45.82		33,952
2015	75	1,651,521	14.0	%		56,458	13.6	%	$	34.19		39.29		64,883
2016	51	811,531	6.9	%		26,793	6.4	%	$	33.02		38.73		31,429
2017	34	550,868	4.7	%		16,849	4.0	%	$	30.59		36.99		20,377
2018	48	578,490	4.9	%		24,917	6.0	%	$	43.07		61.75		35,719
Thereafter	122	3,224,953	27.4	%		121,805	29.2	%	$	37.77		52.83		170,361

Portfolio Total / Weighted Average	901	11,784,573	100.0	%	$	416,980	100.0	%	$	37.22	$	45.33	$	507,825

Lease Distribution

As of March 31, 2009

(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				581,972	4.9	%		—	0.0	%
2,500 or less	537	59.6	%	281,807	2.4	%		52,841	12.7	%
2,501 - 10,000	169	18.8	%	941,156	8.0	%		53,047	12.7	%
10,001 - 20,000	64	7.1	%	1,197,047	10.2	%		43,087	10.3	%
20,001 - 40,000	57	6.3	%	1,740,599	14.7	%		74,497	17.9	%
40,001 - 100,000	46	5.1	%	2,980,211	25.3	%		99,505	23.9	%
Greater than 100,000	28	3.1	%	4,061,781	34.5	%		94,003	22.5	%

Portfolio Total	901	100.0	%	11,784,573	100.0	%	$	416,980	100.0	%

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

(2)	Annualized rent represents the monthly contractual rent under existing leases as of March 31, 2009 multiplied by 12.

(3)

Includes 63,233 square feet of net rentable space in 6 Braham Street. This property is subleased by Level 3 Communications from Leslie & Godwin, a United Kingdom subsidiary of AON Corporation, through December 2009. Level 3 Communications has executed a lease that will commence upon expiration of the Leslie & Godwin lease and continue through December 2014. Leslie & Godwin remain liable to us for rents under its lease.

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DIGITAL REALTY TRUST, INC.

First Quarter 2009

Leasing Activity

As of March 31, 2009


	For the Three Months Ended March 31, 2009		% Leased
Occupied Square Feet as of December, 2008 ⁽¹⁾	10,809,624			94.9	%
1Q 2009 Acquisitions:
	—			—

Occupied Square Feet including Q1 2009 Acquisitions ⁽¹⁾	10,809,624			91.7	%
Expirations, Terminations and Reductions	(54,597	)		(0.5	%)
New Leases and Expansions	450,464			3.9	%
Remeasurements ⁽²⁾	(2,890	)		(0.0	%)

Occupied Square Feet as of March 31, 2009 ⁽¹⁾	11,202,601			95.1	%

GAAP Rent Growth ⁽³⁾
Expiring Rent per Square Foot			$	43.27
New Rent per Square Foot			$	81.92
Percentage Increase				89.3	%
Weighted Average Lease Term - New (in months)				154

(1)	Occupancy excludes space held for redevelopment.

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

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

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DIGITAL REALTY TRUST, INC.

First Quarter 2009

Tenant Improvements and Leasing Commissions


	Three Months Ended								Full Year 2008
	3/31/2009		12/31/2008		9/30/2008		6/30/2008		Full Year 2008
Renewals ⁽¹⁾
Number of renewals		13		10		6		8		29
Square Feet		163,216		25,866		72,520		32,986		151,114
Tenant improvement costs per square foot ⁽²⁾	$	0.14	$	3.08	$	2.70	$	1.62	$	2.17
Leasing commission costs per square foot ⁽²⁾	$	6.04	$	5.38	$	7.31	$	8.70	$	6.72

Total renewal lease costs per square foot	$	6.18	$	8.46	$	10.01	$	10.32	$	8.89
New Leases ⁽³⁾
Number of non-redevelopment leases		12		12		21		20		64
Non-Redevelopment square feet		121,926		135,884		48,834		51,051		257,354
Non-Redevelopment tenant improvement costs per square foot ⁽²⁾	$	0.57	$	—	$	15.84	$	34.83	$	12.87
Non-Redevelopment leasing commission costs per square foot ⁽²⁾	$	2.79	$	9.85	$	5.59	$	18.57	$	10.97
Number of redevelopment leases		16		13		19		14		78
Redevelopment square feet		328,538		184,092		302,320		113,287		912,942
Redevelopment tenant improvement costs per square foot ^(2) (4)	$	1.35	$	3.11	$	4.96	$	1.25	$	2.97
Redevelopment leasing commission costs per square foot ⁽²⁾	$	12.39	$	17.62	$	9.69	$	16.21	$	11.79

Total Number of Leases		28		25		40		34		142
Total Square Feet		450,464		319,976		351,154		164,338		1,170,296
Total new lease costs per square foot	$	10.93	$	16.11	$	15.60	$	28.63	$	16.76
Total ⁽⁵⁾
Number of leases		41		35		46		42		171
Square Feet		613,680		345,842		423,674		197,324		1,321,410
Tenant improvement costs per square foot ⁽²⁾	$	0.87	$	1.89	$	5.83	$	10.00	$	4.81
Leasing commission costs per square foot ⁽²⁾	$	8.79	$	13.65	$	8.81	$	15.57	$	11.05

Total costs per square foot	$	9.66	$	15.54	$	14.64	$	25.57	$	15.86

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

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

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

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

(5)	Recent property acquisitions may make a period over period comparison difficult. For a list of the acquisition dates of our properties see page 18.

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DIGITAL REALTY TRUST, INC.

First Quarter 2009

Historical Capital Expenditures


	Three Months Ended
	3/31/2009		12/31/2008		9/30/2008		6/30/2008		3/31/2008
Recurring capital expenditures ^(1) (2)	$	4,779,000	$	7,380,000	$	5,489,000	$	5,272,000	$	7,349,000
Non-recurring capital expenditures ⁽²⁾	$	125,530,000	$	135,646,000	$	128,204,000	$	138,379,000	$	86,040,000
Total net rentable square feet at period end excluding redevelopment space		11,784,573		11,387,102		11,244,657		10,977,945		10,795,795
Recurring capital expenditures per square foot	$	0.41	$	0.65	$	0.49	$	0.48	$	0.68
Non-recurring capital expenditures per square foot ⁽²⁾	$	10.65	$	11.91	$	11.40	$	12.61	$	7.97

(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 18.

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DIGITAL REALTY TRUST, INC.

First Quarter 2009

Redevelopment Activity

For the quarter ended March 31, 2009

(Square feet)


Activity for the quarter ended March 31, 2009	US		Europe		Total
Redevelopment Space as of December 31, 2008	1,187,087		386,525		1,573,612
Acquired Redevelopment Space and New Construction Space	42,385		—		42,385
Converted Redevelopment Space:
Turn-Key Datacenter^SM	(139,520	)	(36,357	)	(175,877	)
Powered Base Building^SM	(93,640	)	(127,955	)	(221,595	)
Remeasurement Adjustments	—		—		—

Redevelopment Space as of March 31, 2009	996,312		222,213		1,218,525


Redevelopment Space Under Construction at Quarter End	US		Europe		Total
Turn-Key Datacenter^SM	139,846		56,000		195,846
Build-to-Suit	—		—		—
New Powered Base Building^SM Shell	—		—		—

Redevelopment Space Under Construction as of March 31, 2009	139,846		56,000		195,846

Page 27

DIGITAL REALTY TRUST, INC.

First Quarter 2009

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 capitalized leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the NAREIT definition and, accordingly, our FFO may not be comparable to such other REITs’ FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of our performance.

Adjusted Funds From Operations:

We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs, including on a per share and unit basis. We calculate 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.

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, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. 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.

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 capitalized leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations, the utility of NOI as a measure of our performance is limited. Other REITs may not calculate NOI in the same manner we do and, accordingly, our NOI may not be comparable to such other REITs’ NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure of our performance.

Run-rate NOI:

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

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