Investments in Real Estate

6 Months Ended

Jun. 30, 2012

3. Investments in Real Estate

We acquired the following real estate properties during the six months ended June 30, 2012:


Location	Metropolitan Area	Date Acquired	Amount (in millions)
Convergence Business Park⁽¹⁾	Dallas, Texas	February 22, 2012	$	123.0
9333, 9355, 9377 Grand Avenue⁽ ² ⁾	Chicago, Illinois	May 10, 2012		22.3
8025 North Interstate 35⁽ ³ ⁾	Austin, Texas	May 18, 2012		12.5
400 S. Akard Street	Dallas, Texas	June 13, 2012		75.0

			$	232.8

(1)	Convergence Business Park is comprised of nine buildings along with undeveloped land. It is considered one property for our property count.

(2)	9333, 9355, 9377 Grand Avenue is comprised of three buildings. It is considered one property for our property count.

(3)	In connection with the acquisition, we assumed a $6.7 million secured mortgage loan.

On July 11, 2012, we completed the acquisition of a three-property data center portfolio, totaling approximately 761,000 square feet, located in the greater London area, referred to as the Sentrum Portfolio. The purchase price was £715.9 million (equivalent to approximately $1.1 billion based on the July 11, 2012 exchange rate of £1.00 to $1.55), subject to adjustment in limited circumstances and to earn-out payments, and was funded with proceeds from our common stock offering in July 2012 along with borrowings under our global revolving credit facility.

We will account for this acquisition under current purchase accounting guidance, and will include the Sentrum Portfolio's results of operations in our consolidated financial statements beginning on July 11, 2012, the acquisition date. Under current purchase accounting guidance, the fair value of the real estate acquired is allocated to the acquired tangible assets, consisting primarily of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place leases, value of tenant relationships and acquired ground leases, based in each case on their fair values. Given the recent date on which we acquired the Sentrum Portfolio, we are unable to provide the acquisition date fair value of assets acquired at this time. Accordingly, we are also unable at this time to provide a qualitative description of the factors that make up identified intangible assets and liabilities to be recognized, if any, such as above-market and below-market lease values, in-place lease value and tenant relationship value.

In March 2012, we entered into a joint venture with Savvis, Inc., a CenturyLink company. On June 26, 2012, this unconsolidated joint venture acquired a 164,000 square foot property in Hong Kong. The property is located at Tseung Kwan O Industrial Estate in New Territories, approximately 12 miles from downtown Hong Kong. As of June 30, 2012, we have contributed approximately $20.6 million to the joint venture.

Digital Realty Trust, L.P. [Member]

Investments in Real Estate

3. Investments in Real Estate

We acquired the following real estate properties during the six months ended June 30, 2012:


Location	Metropolitan Area	Date Acquired	Amount (in millions)
Convergence Business Park⁽¹⁾	Dallas, Texas	February 22, 2012	$	123.0
9333, 9355, 9377 Grand Avenue⁽ ² ⁾	Chicago, Illinois	May 10, 2012		22.3
8025 North Interstate 35⁽ ³ ⁾	Austin, Texas	May 18, 2012		12.5
400 S. Akard Street	Dallas, Texas	June 13, 2012		75.0

			$	232.8

(1)	Convergence Business Park is comprised of nine buildings along with undeveloped land. It is considered one property for our property count.

(2)	9333, 9355, 9377 Grand Avenue is comprised of three buildings. It is considered one property for our property count.

(3)	In connection with the acquisition, we assumed a $6.7 million secured mortgage loan.

- Definition

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

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