Company Overview – May 2016 - Updated

May 2016 - Updated

The acquisition of a portfolio of properties, which we refer to as the European Acquisition Portfolio, from Equinix, Inc. is expected to close later this year, subject to the satisfaction of closing conditions, including approval by the European Comission. There can be no assurance that the acquisition of the European Acquisition Portfolio will be consummated on the anticipated schedule or at all. Please see the risks described under the heading “Risks Related to the Proposed European Portfolio Acquisition” in the Current Report on Form 8-K filed by Digital Realty Trust, Inc. and Digital Realty Trust, L.P. on May 16, 2016.

2

1 Industry Data center 101

2 Strategy and Overview Introduction and strategic direction

3 GlobalPlatform Growing world-wide demand from a diversified customer base

4 Connected Campus Strategy Solving for the complete deployment; land and expand

5 AttractiveGrowth Prospects

Organic growth combined with lease-up opportunity

6 PrudentCapital Allocation Disciplined investment criteria guided by Return on Invested Capital

7 ConservativeFinancial Strategy Committed to maintaining a strong balance sheet

8 Recent Results First quarter 2016 highlights

9 European Acquisition Portfolio Overview

Business HighlightsPositioned to Drive Shareholder Value

Introduction toData Centers

3

Data Center 101What is a Data Center?

4

• A facility designed to house servers, store data and network equipment

• Data centers provide a highly reliable, secure environment with redundant mechanical cooling systems, electrical power systems and network communication connections

Building Shell

HVAC / Mechanical

Battery

Generator

Servers

Raised Floor

Electrical

Site

Electric

Utility Service

Equipment Yard

Customer-Driven Data Center SolutionsDesigned to Address Global Demand

5

TURN-KEY FLEX®

~ 62% of ABR (1) and ~ 35% of NRSF (2)

• Fully-commissioned, flexible data center solution with dedicated electrical and mechanical infrastructure

• Digital Realty makes the capital investment in the infrastructure

• Complete in 20 weeks

DLR

POWERED BASE BUILDING®

~ 20% of ABR (1) and ~ 47% of NRSF (2)

• Master-planned facilities with power and network access

• Customer designs, builds and maintains the environment

• Customer makes a significant capital investment in the data center infrastructure

Customer

Note: As of March 31, 2016.1) Percentage of aggregate annualized base rent.2) Percentage of aggregate net rentable square feet.

DLR

DLR

DLR

DLR

DLR

DLR

DLR

DLR

DLR

Customer

Customer

DLR

Customer

Customer

Customer

DLR

DLR

DLR

COLOCATION CONNECTIVITY

Focused PursuitComprehensive Customer Focused Product Suite

6

Connecting customers & partners inside the data center

Connecting across data centers in the same metropolitan area

Privately and securely connecting to cloud services

Enabling Internet peering and multi-cloud access

Enabling small (1 Cab) to medium (75 Cab) data center deployments

Provides agility to quickly deploy computing infrastructure in days, contract for 2-3 years

Consistent designs and operational environment and consistent power expenses

Leverage optional skilled remote hands and on-site customer support

Solution to scale from a medium 300+ kW to very large compute deployments

Can execute a solution for medium to large deployment in weeks, contracting for 5-10+ years

Customize data center environment to specific deployment needs

Due to size of deployments, customers sometimes opt to have their own on-site staff

SCALE

3 5

8 12

17

24

31

2

12

22

32

2014 2015 2016 2017 2018 2019 2020

1.3 ZB 1.7 ZB

2.1 ZB

8.6 ZB 3.4 ZB

10.3 ZB

–

3

6

9

2014 2019

Traditional Cloud

Levered to Long-Term Secular Demand DriversGrowth of the Internet, Video, Cloud and Mobile

7

Internet Video (OTT)

Cloud Mobile

(Exabytes Per Month)

(Exabytes Per Month) (Zettabytes)

(Exabytes Per Month)

62 76

91

110

132 135

30

70

110

150

2014 2015 2016 2017 2018 2019

60 72

88 109

136

168

30

80

130

180

2014 2015 2016 2017 2018 2019

Mobile Data Traffic (2014 – 2020) (3)Global Data Center Traffic (2014 – 2019) (2)

Global IP Video Traffic (2014 – 2019) (1)Global IP Traffic (2014 – 2019) (1)

1) Source: Cisco Visual Networking Index: Forecast and Methodology, 2014 - 20192) Source: Cisco Global Cloud Index, 20153) Source: Cisco Visual Networking Index: Global Mobile Data Traffic Forecast Update, 2015-2020

Digital RealtyStrategy &

Overview

8

Digital Realty at a Glance (NYSE: DLR)Leading Global Data Center REIT

1) As of March 31, 2016. Includes investments in fourteen properties held in unconsolidated joint ventures.2) As of March 31, 2016. Includes 1.8 million square feet of active development and 1.2 million square feet held for future development.3) Balance sheet figures reflective of quarter end March 31, 2016, adjusted for the €600 million Euro bond offering on April 15, 2016. Closing stock price was $94.40 as of May 13, 2016.4) U.S. REITs within the RMZ. Source: companies’ financials based on latest public filings. Based on equity market capitalization as of March 31, 2016. 5) These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings

are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.

9

High-Quality Customer Base, including Global Companies Across

Various Industries

$14 Bn

$22 Bn

15th LARGEST PUBLICLY TRADED U.S. REIT (4)

2016 MAY

ADDED TO THE S&P 500 INDEX

EQUITY MARKET CAPITALIZATION (3)

ENTERPRISEVALUE (3)

140PROPERTIES (1)

Investment Management Approach Focused on

Return on Invested Capital

26MILLION RENTABLE

SQUARE FEET (2)

1,750+CUSTOMERS

Investment Grade Ratings (5)

BBB

Baa2

BBB

30+METROPOLITAN

AREAS (1)

1 SUPERIOR RETURNS

Deliver superior risk-adjusted total shareholder returns

2 CAPITAL ALLOCATION

Prudently allocate capital to opportunistically extend global campus footprint

3 PRODUCT OFFERINGS

Drive higher returns on the asset base by diversifying product offerings

4 OPERATING EFFICIENCIES

Achieve operating efficiencies to accelerate growth in cash flow and value per share

Our FocusOur philosophy is to deliver superior returns to our

shareholders by capitalizing on our core competencies and tailoring them to meet our customers’

constantly growing and evolving data center needs

The Next HorizonThree-Year Guideposts

10

Who Are Our Target Customers?Addressing Growing Global Data Center Requirements

SMACC + NETWORK(Social, Mobile, Analytics, Cloud & Content)

FINANCIAL SERVICES& OTHER LARGE USERS IT SERVICES

11

Our Core CompetenciesCapitalizing on our competitive advantages that include large scale campuses,

network-dense interconnection hubs and diversified product offering on a global basis

REAL ESTATEEXPERTISE

COMPLEMENTARYPRODUCT MIX

EXPANSIVE GLOBAL REACH

Critical part of customer supply chain that starts with the real estateNot going up the stack to compete or staffing to sell direct to broader enterprise customers

Meet our target customers’ needs for large and growing footprints on a global basisCampus approach to land and grow our customers – Singapore, Ashburn, London and beyond

Seamless delivery of a complementary product mixScale, colocation and connectivity

Aligning Core Competencies with Customers Global Real Estate Reach, Complementary Product Mix

12

Digital Realty DifferentiatorsUnique Ability to Execute on a Global Scale

Leading Global Data Center Platform

1 Focus on large and growing customers aligned with our core competencies – SMACC + Network, IT Services, Financial Services and Other Large Users

2 Expand within our existing and new data center campus environments worldwide

3 Deploy new diversified product offering including colocation and interconnection, in addition to core Scale offering (i.e., TKF / PBB)

4 Connect our data center campus environments to Internet Gateway properties creating vertical ecosystems globally

5 Drive stronger value proposition for our customers that translates into higher overall risk-adjusted returns

13

• Andy leverages his extensive capital markets expertise and relationships in the financial community to support our longer-term growth while prudently managing our balance sheet

• Andy is responsible for the company’s financial functions, including capital markets, tax, investor relations, and financial planning and analysis

Senior Leadership Team EstablishedDeepening Our Bench, Strengthening Our Culture

ANDREW POWER CHIEF FINANCIAL OFFICER

• Jarrett is responsible for ensuring alignment between corporate strategy and operations while enhancing our ability to deliver the most efficient and effective solutions to our customers

• Jarrett is responsible for property and technical operations, design & construction as well as product development

JARRETT APPLEBY CHIEF OPERATING OFFICER

• Michael facilitates the use of information and technology to unlock more value for Digital Realty’s employees, customers and shareholders

• Michael is responsible for all aspects of the company's IT infrastructure, including business intelligence, internal business applications, and information security

MICHAEL HENRY CHIEF INFORMATION OFFICER

• Bill has served as Digital Realty’s Chief Executive Officer since November 2014 and as Chief Financial Officer from July 2004 until April 2015

• Prior to Digital Realty, Bill was with GI Partners, Digital Realty’s predecessor private equity fund

• Bill previously served as CFO of TriNet, a publicly traded triple net lease REIT

A. WILLIAM STEIN CHIEF EXECUTIVE OFFICER

• Scott is responsible for overseeing the company’s capital allocation decision-making process

• Scott is a co-founder of the company and previously served as the company’s Chief Acquisitions Officer

• Prior to Digital Realty, Scott was a Managing Director of GI Partners

SCOTT PETERSON CHIEF INVESTMENT OFFICER

• Matt joined Digital Realty in January 2013 and is responsible for overseeing the company’s sales and leasing efforts as well as marketing activities globally

• Matt was previously responsible for Global Public Sector sales at Salesforce.com and Worldwide Government Sales at Microsoft. Matt was formerly CIO for the State of Wisconsin and partner in a law firm

MATT MISZEWSKI SVP, SALES & MARKETING

14

Global

Platform

15

Unmatched Global ScaleProviding Customer Solutions in over 30 Metro Areas

16

Annualized Base Rent by Region (1)

North America 80%

Europe 14%

Asia 6%

Note: Represents consolidated portfolio and investments in our unconsolidated joint ventures.1) Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of March 31, 2016 multiplied by 12.

Top 10 Customers

# Locations% of

Annualized Rent (1)

Weighted Avg. Lease

Term (Months)

23 7.7% 68

52 6.1% 66

14 4.1% 135

9 2.3% 32

43 2.2% 65

4 2.0% 104

8 2.0% 43

14 1.9% 54

8 1.5% 107

15 1.5% 73

Total 31.3%

s

17

High-Quality, Diversified Customer BaseNo Single Customer Accounts for > 7.5% of ABR

Customer Type By Percentage

of Annualized Base Rent (1)

(3)

(4)

Note: As of March 31, 2016. Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage.1) Calculation based on annualized base rents (monthly contractual cash base rent before abatements under existing leases as of March 31, 2016 multiplied by 12). 2) Digital Realty’s Internet Enterprise tenants include Amazon, Facebook, Yahoo!, and others occupying approximately 1.2 million square feet.3) Represents leases with IBM and leases with SoftLayer. IBM acquired SoftLayer in July 2013. 4) Represents leases with Savvis Communications Corporation and Qwest Communications International Inc. (or affiliates thereof), which are our direct tenants. CenturyLink, Inc.

acquired Qwest in 2Q11 and Savvis in 3Q11, and Qwest and Savvis are now wholly owned subsidiaries of CenturyLink.

Network 19%

Information Technology

24%

Enterprise 12%

Content 10%

Financial 15%

Cloud 20%

Enterprise (2)

Our CustomersThe Digital Economy Lives Here, in Digital Realty Data Centers

SMACC + NETWORK

FINANCIALSERVICES & OTHER LARGE USERS

IT SERVICES

• Focus on the Digital Economy through Social, Mobile, Analytics, Cloud, Content and Network

• Significant growth of customers’ core business requires large footprint with room to expand in Digital Realty campus environments

• Network-dense connectivity hubs for high impact delivery aligned with Digital Realty’s Internet Gateways

51%SMACC & Network

20%IT Services

29%Financial

Services & Other Corp Enterprise

• Digital Realty provides the real estate foundation for large-scale customers who go “up the stack” to serve the broader enterprise customer base

• Digital Realty empowers IT service providers to provide a range of value-add services directly to enterprise customers who lack the skills to manage IT requirements

• International corporations with advanced and varied Information Technology demands met by Digital Realty in campus and individual-property environments

18

Source: Company disclosure and management estimates as of March 31, 2016.

FUNNEL APPROACH TOWARDS CUSTOMERS

ADVANCEDSERVICESCloud HostingCloud Apps

MANAGEDSERVICESNetwork SecurityBusiness Continuity

FOUNDATIONAL SERVICESScale / ColocationConnectivityCompliance

Global Service Infrastructure PlatformDeliver Basic Services, Enable Partners

19

Digital Realty is Focused on Foundational Services to Enable Customers & Partners to Service Thousands of Their Customers

Customers & Partners

Thousands of

Customers

FOCUSED ON FOUNDATIONAL SERVICES

Network Enabled Colocation Services

• Complete solution with common processes for contracting & support

• Combined industry expertise

• Simplified customer experience

AT&T Colocation Services from Digital Realty

• Digital Realty colocation capacity resold by AT&T providing wider geographic coverage and increased reach to enterprise clients

AT&T

What is a Good Prospect

Enabling Customers & PartnersStrategic Alliances Bearing Fruit

20

AT&T Network

• Global connectivity

• Network technology leadership

+ =

New strategic alliance for network-enabled colocation services AT&T will continue to resell Digital Realty colocation capacity

Connected

Campus

Strategy

21

Multi-Tiered Cloud ArchitecturesSolving for the Complete Deployment; Land and Expand

22

Connected Campus

COLO

SCALE

Network Access Nodes HigherPerformance• High Network requirements to efficiently distribute and

aggregate traffic• Application; network connectivity, network peering and WAN

optimization• Primary networking gear installed (e.g., routers and switches)• 1-20 cabinets

Service Aggregations Nodes

• Mission critical and latency-sensitive deployments• Applications; CDN infrastructure, cloud services• Servers, storage, load balancers and cache infrastructure • 10-100 cabinets

Server Farms

HigherCapacity

• Large scale computing and storage deployments• Applications; back office, cloud and content infrastructure,

data analytics and web hosting• 100+ cabinets

Cloud On-Ramp Campus Ashburn

Connect@Scale suites, Powered Base Building, Connect@Campus

colocation

Proximate Campus Chicago

Connect@Scale suites, Powered Base Building,

Connect@Gateway colocation

Density at Scale and at HubsExpand, Tether, and Densify Data Center Campuses

23

Fiber

Future Building

Data Center

The Digital Economy Lives HereDiverse Customer Base Seeking Scale and Connectivity

24

Analytics

Social

SecurityFinancial

MobileContent

Cloud

CAMPUS LOCATIONS

Ashburn New York Dallas

Singapore

Chicago

Silicon Valley London

IT & Cloud Services Network & Mobility Media & OtherFinancial Services

KEY CUSTOMER ECOSYSTEM

Global Campus Network Attractive Environments for Customers to Land and Grow

25

INTERNET GATEWAY FACILITY CAMPUS CONNECT FACILITY INDIVIDUAL PROPERTY

CUSTOMER FOCUS

• SMACC

• Network Providers• IT Services

• Financial Services

CUSTOMER FOCUS

• SMACC

• Network Providers

• IT Services• Financial Services

CUSTOMER FOCUS

• Customers requiring abundant space and power

FACILITY EXAMPLES FACILITY EXAMPLES FACILITY EXAMPLES

TARGETED CUSTOMER EXAMPLES TARGETED CUSTOMER EXAMPLES TARGETED CUSTOMER EXAMPLES

56 MARIETTA STAtlanta, GA

ASHBURN CAMPUSAshburn, VA

55 MIDDLESEX TURNPIKEBoston, MA

2260 EL SEGUNDO BLVD.El Segundo, CA

350 EAST CERMAKChicago, IL

DALLAS CAMPUSDallas, TX

Colocation

Scale

Facility Classification OverviewInternet Gateway, Campus Connect and Individual Property

26

Attractive

Growth

Prospects

27

95.0% 94.6% 94.8% 94.4% 92.6% 93.2% 91.4% 90.9%

50%

75%

100%

2009 2010 2011 2012 2013 2014 2015 2016YTD

High Utilization Provides Downside ProtectionSignificant Customer Investment Drives Stable Retention

28

Total Portfolio Occupancy (1)

• Strong tenant retention ratio for data center space –69% based on net rentable square footage (LTM) (3)

• Average remaining lease term of 5.6 years

• Consistently high NOI margins: 73% – 75% since 2010 (4)

• Same-capital occupancy was 93.0% as of 1Q16

• High customer deployment costs

A new 1.125 MW data center deployment costs

customers ~ $15 – $30 million (2)

Migration to a new facility costs customers

~ $10 – $20 million (2)

Note: As of March 31, 2016.1) Excludes unconsolidated joint ventures.2) Estimates provided by Align Communications – January 2013.3) Based on the twelve months ended March 31, 2016.4) Operating margin is NOI divided by (rental revenue plus non-utility tenant reimbursements). The numerator includes utility reimbursements and related utility expenses, while the

denominator excludes utility reimbursements. See Appendix for a description of NOI.

40%

60%

80%

100%

1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16

Data Center Non-Data Center Data Center Average Non-Data Center Average

Data Center Retention is SolidTenants are Sticky Given Their Capital Investment

Tenant Retention Based on Rentable Square Feet (1)

29

Historical Average = 55%

Historical Average = 82%

1) Represents trailing 12-month average.

10.5% 10.2%11.6%

14.9%

12.8%

7.7%6.4%

4.8%6.0%

4.9%

10.1%

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 >2025

Turn-Key Flex Powered Base Building Colocation Non-Technical

Evenly-Staggered Lease Expiration ScheduleConsistent, Modest Roll-Over Exposure in Any One Year

30

• Average remaining lease term – 5.6 years

• Our leases generally contain 2% - 3% annual cash rental rate increases (2)

% of Lease Expirations by Annualized Base Rent (1)

Note: As March 31, 2016.1) Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage. Annualized base rent represents the monthly

contractual base rent (defined as cash base rent before abatements) under existing leases as of March 31, 2016 multiplied by 12. 2) Excluding acquired leases, for which rent increases vary.

Uninterrupted Growth throughout the CycleCounter-Cyclical Performance Compares Favorably

31

Ten Consecutive Years of Positive Growth

AVB: 6.9%

BXP: 2.6%

EQR: 3.7%

PSA: 10.5%

DLR: 13.1% (2)

SPG: 7.1%

KIM: (3.4)%

2006 – 2016E FFO / Share CAGR (1)

Financial Crisis

Sources: SNL Financial and FactSet. 1) 10-year FFO per Share CAGR calculated using 2006 actuals and 2016E consensus estimates. Index value starts at 100 and increases or decreases by annual percent FFO per share

growth.2) Core FFO results are show for 2012 to 2016E. Prior years reflect reported FFO results. For reported FFO results for 2006 to 2015 please see the Appendix.

0

100

200

300

400

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E

Committed to a Secure and Growing DividendEleven Consecutive Years of Dividend Increases

1) 2016 dividend is based on board approved dividend as of February 17, 2016.2) Dividend yield based on May 3, 2016 closing stock price of $89.33 and annualized 1Q16 announced dividend.3) Data center peers include DFT, COR, CONE, EQIX and QTS. 4) AFFO is a non-GAAP financial measure. For a description of AFFO and a reconciliation to net income, see the Appendix.

Cash Dividend / Share (1)

$1.00 $1.08 $1.17 $1.26$1.47

$2.02

$2.72$2.92

$3.12$3.32 $3.40 $3.52

$0.00

$1.00

$2.00

$3.00

$4.00

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E

• Increased the 2016 annualized common dividend to $3.52 per share or 3.5% over 2015

• 12% compound annual dividend growth since 2005

• 3.9% dividend yield (2) compared to RMZ of 4.1% and data center peers of 2.9% (3)

• Dividend Policy

Pay out a minimum of 100% of taxable income and maintain AFFO (4) payout ratio <90%

2015 dividends classified as 94% ordinary income and 6% capital gain

AFFO (4) payout ratio of 78.2% for FY15

32

Exceptional Risk-Adjusted Growth Track RecordStrong Growth, Moderate Volatility

33

(10

-Yea

r FF

O /

Sh

are

CA

GR

)

(10

–Ye

ar D

ivid

end

/ S

har

e C

AG

R)

10-Year Dividend / Share Risk-Adjusted Growth (1)10-Year FFO / Share Risk-Adjusted Growth (1)

Consistently Delivered Healthy Growth in FFO and Dividends per Share

(Coefficient of Variation2)

Above-average growth relative to

volatility

Below-average growth relative to

volatility

Below-average growth

relative to volatility

Source: .J. Walter Analytics1) 10-year FFO and dividend per share CAGR calculated using 1Q16 and 1Q06 actuals. 2) Coefficient of variation is the standard deviation of quarterly observations divided by the mean. For the 10-years ended 1Q16.

Above-average growth relative to

volatility

Increased Volatility

Med

ian

REI

T

(Coefficient of Variation2)

Increased Volatility

Med

ian

REI

T

Graham’s Golden RulesDefensive Requirements for the Intelligent Investor (1)

Adequate Size of the Enterprise $20.9 BnENTERPRISE VALUE (2)

Sufficiently Strong Financial Condition BBB / Baa2 / BBBINVESTMENT GRADE BALANCE SHEET

Earnings StabilityGROWTH

IN CORE FFO / SH EACH AND EVERY YEAR

Dividend RecordUNINTERRUPTED GROWTH IN DIVIDENDS PER SHARE

Earnings Growth 14% CAGRIN CORE FFO PER SHARE SINCE 2005

Moderate Price / Earnings Ratio < 17x PRICE / 2016E FFO (2)

Moderate Price to Assets Ratio < 13% PREMIUM TO CONSENSUS NAV (2)

12%CAGR

34

1

2

3

4

5

6

7

05 06 07 08 09 10 11 12 13 14 15

GFC

+

1) Graham, B. (1949). The Intelligent Investor. New York, NY: Harper & Brothers.2) As of March 31, 2016. Closing stock price was $88.49 as of March 31, 2016. For 2016E FFO and a description Net Asset Value (NAV), please see our 1Q16 Earnings Press Release and Supplemental

Information, which was filed with the SEC on April 28, 2016.

PrudentCapital

Allocation

35

KEY INVESTMENT CRITERIA FOR EXPANSION

Disciplined Investment CriteriaGoverned by the Return on Invested Capital

36

Strategic and Complementary

140PROPERTIES

PrudentlyFinanced

30+METROPOLITAN AREAS

Financially Accretive

22MILLION RENTABLE SQUARE FEET

Note: As of March 31, 2016.

KEY ELEMENTS OF INVESTMENT UNDERWRITING

Stringent Acquisition CriteriaMarket Fundamentals, Accessibility, Stability and Risk

37

Market Fundamentals

Core metro areas / major central business districts

Supply & demand dynamics

Customer verticals

Land availability

Construction costs

Utility rates

Financial projections

Accessibility / Internet Proximity

Access to fiber

Access to power

Proximity to major airports

Broadband penetration

Subsea cable landings

Business-Friendly / Stable Locations

Accommodative local utility providers

Ease of doing business

Reasonable entitlement approval process

Low natural disaster-prone areas

Respect for property rights and rule of law

Tax regime

ConservativeFinancial

Strategy

38

INVESTMENT GRADE BALANCE SHEETConsistently maintain balance sheet positioned for new investment opportunities

ORGANIC GROWTHFocus on driving higher same-capital NOI growth

RISK-ADJUSTED RETURNSEarn higher risk-adjusted returns on our traditional asset base

BUILD AND EXPANDContinue to prudently build out campuses and expand our global footprint

OPERATING EFFICIENCIESCapitalize on operating efficiencies derived from our scale and expertise

STAKEHOLDER ALIGNMENTAlign our team with stakeholders

Financial StrategyPrudent Financial Management, Positioning for Growth

39

Credit Metrics Compare Favorably to Blue Chip REITs

Committed to a Conservative Capital Structure

Interest Coverage (2)

Net Debt + Preferred / LQA Adjusted EBITDA (1)Net Debt / LQA Adjusted EBITDA (1)

Fixed Charge Coverage (3)

40Source: Company calculation based on 1Q16 data, unless otherwise indicated, derived from public filings by FactSet and SNL Financial Data. Peers may calculate these or similar metrics differently.

1) Adjusted EBITDA is a non-GAAP financial measure. For a description of Adjusted EBITDA, see the Appendix.2) Based on GAAP interest expense plus capitalized interest and excluding bridge facility fees for the quarter ended March 31, 2016.3) Calculated as Adjusted EBITDA divided by fixed charges. Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred dividends and excluding bridge

facility fees for the quarter ended March 31, 2016. See Appendix for calculation of DLR ratios.

Committed to Conservative Capital StructureMaximizing Capital Markets Options, Minimizing Cost

Leverage Metrics 03/31/16

Net Debt / Adjusted EBITDA (2) 5.3x

Fixed Charge Coverage Ratio (3) 3.4x

Maintain Conservative Leverage (1)

41

• $1.9 Bn available under $2.0 Bn multi-currency revolving credit facility (1)

• Increased Term Loan from $1 Bn to $1.55 Bn in 1Q16

Diversified Sources of Capital

Ample and Growing Liquidity

• Closed $2B Global Revolving Credit Facility, $1.25B Multicurrency 5-year Term Loan and $300M USD 7-year Term Loan in January 2016

• Closed inaugural 600M Euro bond offering at all-in rate of 2.625% in April 2016

Risk Mitigation

• Unsecured Debt / Total Debt: 96.0%

• Target variable rate < 20% of total debt

• Natural hedge of FX risk through non-USD financings

• $2.6 Bn of non-USD debt outstanding (1)

DLR Equity Market Capitalization (1) $14Bn

Total Enterprise Value (1) $22 Bn

Current Capital Structure (1)

Common Equity63%

Preferred Equity

6%

Fixed Rate Debt28%

Variable Rate Debt 3%

1) Balance sheet figures reflective of quarter end March 31, 2016, adjusted for the €600 million Euro bond offering on April 15, 2016. Closing stock price was $94.40 as of May 13, 2016.

2) Calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus our share of JV debt, less unrestricted cash and cash equivalents divided by the product of Adjusted EBITDA (inclusive of our share of JV EBITDA) multiplied by four.

3) Fixed charge coverage ratio is Adjusted EBITDA divided by total fixed charges. Total fixed charges include interest expenses, capitalized interest, scheduled debt principal payments and preferred dividends, excluding bridge facility fees for the quarter ended March 31, 2016.

$0.1

$1.0

$0.0 $0.1 $0.2

$0.0

$1.0

$1.8

$0.8 $0.7

$0.0

$1.0

$2.0

$3.0

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Secured Mortgage Debt Unsecured Prudential Shelf Facility Pro Rata Share of JV Debt

Unsecured Notes Unsecured Term Loan Unsecured Global Facility

Unsecured Green Bonds

$0.7

(1)

Extended Global Unsecured Revolving Credit Facility and Term Loan Maturities to 2021 and 2023

(3) (4)

($ in billions)

Debt Maturity Schedule Pro Forma for EurobondNo Bar Too Tall; Nominal Near-Term Maturities

42

(2)

Revolver Capacity (5)

$1.9 Bn

Debt Profile (6)

Weighted Average Debt Maturity 6.8 Yrs

Weighted Average Coupon 3.8%

% Unsecured Debt 96.0%

Note: Pro forma for the offering of 600 million Euro aggregate principal amount of Digital Euro Finco, LLC’s 2.625% Notes due 20241) Total excludes $404,000 of net loan premiums and $175,000 of deferred financing costs. Balances and exchange rates as of March 31, 2016. 2) Represents Digital Realty’s pro rata share of four unconsolidated joint venture loans. 3) Term loan balance was $1.6 billion as of April 22, 2016. 4) Global Revolving Credit Facility balance was $80.0 million as of April 22, 2016. The unrestricted cash balance was $92.4 mil lion as of April 22, 2016. 5) Reflects Global Revolving Credit Facility capacity of $2.0 billion less $80.0 million outstanding as of April 22, 2016. 6) As of April 22, 2016. Assumes extension of options.

Secured Mortgage Debt (1)

Unsecured Term Loan (3)

Pro Rata Share of JV Debt (2)

Unsecured Global Facility (4)

43

2016 Sources & UsesAmple Liquidity to Fund Future Growth

Development CapEx $0.7 – $0.9

Repayment of Maturing Debt 0.1

Recurring CapEx & Capitalized Leasing Costs

0.1 – 0.2

Total $0.9 – $1.2

(1)

Net Liquidity Expected to Total ~ $1.9 Billion for 2016

Line of Credit Availability $1.9

Bond Issuance and / or Bank Debt 1.2 – 1.8

Cash Flow from Operations(after Dividends) (1) 0.2 – 0.3

Dispositions 0.0 – 0.2

Total $3.3– $4.2

Sources Uses

Well capitalized with ample liquidity

($ in billions)

Note: Figures and ranges presented represent company estimates and projections as of March 31, 2016. Actual results may vary materially.

1) Assumes dividends are paid from cash flow generated from operations.

RecentResults

44

Note: The slides in this section were originally posted to the Company’s website on April 28, 2016 and have not been updated to reflect any changes occurring after that date.

-

20

40

60

Boston Chicago Dallas Houston N Virginia NY Metro Phoenix Silicon Valley

Current Supply New Construction Digital Realty Inventory

-

20

40

60

Boston Chicago Dallas Houston N Virginia NY Metro Phoenix Silicon Valley

Current Supply New Construction Digital Realty InventoryCurrent Supply (1)

U.S. Major Metro Area Data Center Supply (1)

Supply Steady in Major U.S. Metro Areas

1) Reflects management’s estimates of available supply, including sub-lease availability. 2) Represents Digital Realty’s available finished data center space and available active data center construction.

45

in megawatts 1Q16

4Q15in megawatts

Digital Realty Inventory (2)

Current Supply (1) Digital Realty Inventory (2)

Data Center Supply in PerspectiveThe Fundamentals Glass is Half-Full

Source: Digital Realty internal estimates and datacenterHawk. 1) Per datacenterHawk. Excludes owner-occupied data centers. 2) Calculated as 2015 absorption divided by current data center construction. 46

NORTHERN VIRGINIA DALLAS

National Metro AreasConstruction concentrated in metro areas characterized by

robust leasing velocity and high visibility of demand

Single-Digit Vacancy RatesCurrent occupancy rates as well

as recent deliveries are at or above 90% leased

LTM Absorption Outpacing Construction2015 absorption in each metro area > 2x current construction

pipelines

Occupancy Rate (1Q16)

Metro Area (1)

91%

CHICAGO

Inventory (1)

DLR

92%


MetroArea (1)

95%

DLR

98%


MetroArea (1)

90%

DLR

94%

Inventory (1) Inventory (1)

2x 3x 2xAbsorption-to-Construction (2)

Absorption-to-Construction (2)

Absorption-to-Construction (2)

434 MW

479 MW

489 MW

3Q15 4Q15 1Q16

245 MW

252 MW

262 MW

3Q15 4Q15 1Q16

165 MW

174 MW

190 MW

3Q15 4Q15 1Q16

19 MW95% Leased

LTM Digital Realty Deliveries

12 MW100% Leased


7 MW83% Leased


4Q15 CALLFebruary 25, 2016

CURRENTApril 25, 2016

BETTER / WORSE 2016E 2017E

Global GDP Growth Forecast (1) 2016E: 3.4% 2016E: 3.2% q 3.2% 3.5%

U.S. GDP Growth Forecast (1) 2016E: 2.6% 2016E: 2.4% q 2.4% 2.5%

U.S. Unemployment Rate (2) 4.9% 5.0% p 4.8% 4.6%

Inflation Rate – U.S. Annual CPI Index (2) 1.4% 0.9% q 1.3% 2.2%

Crude Oil ($/barrel) (3) $30 $43 p $40 $52

Control of White House, Senate and HoR (4) D,R,R D,R,R tu D,R,R D,R,R

One-Month Libor (USD) (2) 0.4% 0.4% p 0.7% 1.0%

10-Yr U.S. Treasury Yield (2) 1.7% 1.9% p 2.2% n/a

GBP-USD (2) 1.44 1.45 p 1.46 1.50

EUR-USD (2) 1.11 1.13 p 1.09 1.10

S&P 500 (2) 1,918 (YTD -5.9%); P/E: 17.3x 2,088 (YTD 2.8%); P/E: 19.1x p 17.8x 15.6x

NASDAQ 100 (2) 4,130 (YTD -9.3%); P/E: 20.5x 4,474 (YTD -2.6%); P/E: 22.5x p 18.4x 16.0x

RMZ (2)

Average FFO Multiple (5)

1,038 (YTD -5.4%)14.6x

1,141 (YTD 4.7%)16.2x

p

16.2x n/a

IT Spending Growth Worldwide (6) 2016E: 1.7% 2016E: 1.6% q 1.6% 2.7%

Server Shipment Worldwide (7) 2016E: 6.1% 2016E: 6.2% p 6.2% 2.9%

Global Data Center to Data Center IP Traffic (8)

31%CAGR 2014 - 2019E

31%CAGR 2014 - 2019E

tu31%

CAGR 2014 - 2019E

Global Cloud IP Traffic (8) 33%CAGR 2014 - 2019E

33%CAGR 2014 - 2019E

tu33%

CAGR 2014 - 2019E

Decelerating Global Economic Growth OutlookData Center Demand Drivers Are a Bright Spot

47

MA

CR

OEC

ON

OM

ICIN

TER

EST

RA

TES

EQU

ITY

M

AR

KET

SIN

DU

STR

Y

1) IMF World Economic Outlook – April 2016.2) Bloomberg – April 2016.3) Bloomberg, NY Mercantile Exchange WTI Crude Oil (Front Month).4) Moody’s Analytics Presidential Election Model – April 2016.

5) Citi – February 2016 and April 2016.6) Gartner: IT Spending, Worldwide, Constant Currency, 4Q15 / December 2015 and 1Q16 / April 2016.7) Gartner: Servers Forecast Worldwide, 4Q15 / December 2015 and 1Q16 / April 2016.8) Cisco Global Cloud Index: Forecast and Methodology, 2013-2019 - October 2015.

FinancialResults

Telx ScorecardOn Track to Meet or Exceed Key 2016 Financial Targets

49

OPERATING REVENUE

2016UNDERWRITING

TARGET

CORE EBITDA (1)

1Q15ACTUAL

1) Represents Telx EBITDA adjusted for non-cash rent expense, non-cash compensation and excludes synergies. For a definition of Core EBITDA and a reconciliation to net income (loss), see the Appendix.

EXPENSE SYNERGIES

Completed / On-Track Slightly Behind Off-Track

$30.4 million

$148+ million

$83.5 million

$385+ million

1Q16ACTUAL

$91.7 million $38.4 million

2Q16

3Q16

$15+ million

$0

$20

$40

$60

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

Historical Lease SigningsAnnualized GAAP Base Rent (2)

Sustained Leasing MomentumHunting and Farming

1) Includes signings for new and re-leased space. 2) GAAP rental revenues include total rent for new lease and expansions. The timing between lease signing and lease commencement (and receipt of rents) may be significant.

$ in millions

50

2009 2010 2011 2012 2013 2014 2015 2016

Product TypeTotal s.f. Signed (1)

Annualized GAAPBase Rent / s.f. (2)

Annualized GAAPBase Rent (2)

Turn-Key Flex® 149,958 $216 $32.4 million

Powered Base Building® – $0 $0 million

Colocation 22,904 $265 $6.1 million

Non-Technical 40,958 $23 $0.9 million

Total 213,820 $184 $39.4 million

Connectivity contributesan additional $7.5 million

Healthy Backlog Sets a Solid FoundationSolid Pre-Leasing De-Risks New Market Entry

Note: Amounts shown represent GAAP annualized base rent from signed but not yet commenced leases and are based on current estimates of future lease commencement timing.

Actual results may vary from current estimates. The lag between lease signing and lease commencement (and receipt of rents) may be significant. Expected commencement date at time of signing.

51

$90

$84

$39 $33

$

$25

$50

$75

$100

$125

4Q15 Backlog Signings Commencements 1Q16 Backlog

$ in millions

$50

$90

$31

$9

2016 2017 2018+ Total Backlog

Backlog Roll-Forward + Commencement Timing

Commencements Total BacklogCurrent Period Backlog Signings

Note: Represents Turn-Key Flex® and Powered Base Building® leases signed during the quarter ended March 31, 2016.Rental rate changes on renewals are calculated as the cash rent from new leases divided by the cash rent from expiring leases, minus one.

Cycling Through Peak Vintage RenewalsApproaching Mark-to-Market Inflection Point

52

• Signed renewal leases representing $51 million of annualized GAAP rental revenue

• Rental rates were up on a cash basis 2% and increased by 13% on a GAAP basis for total data center space

13%GAAP Rent

Change

2%Cash Rent

Change

20%GAAP Rent

Change

1%Cash Rent

Change

6%GAAP Rent

Change

5%Cash Rent

Change

• Renewed 139,000 square feet of Turn-Key Flex® data centers at a rental rate increase of 1% on a cash basis and increase of 20% on a GAAP basis

• Renewed 65,000 square feet of colocation space at a rental rate increase of 5% on a cash basis and increase of 6% on a GAAP basis

TotalData Center

Turn-KeyFlex®

Colocation

12%GAAP Rent

Change

-6%Cash Rent

Change

• Renewed 106,000 square feet of Powered Base Building® data centers at a rental rate decrease of 6% on a cash basis but a 12% increase on a GAAP basis

PoweredBase Building®

$0.01 $0.01 $0.02

$0.03

$1.10

$1.20

$1.30

$1.40

$1.50

1Q16 Core FFO Consensus

Digital RealtyNOI

TelxEBITDA

Digital RealtyG&A

LowerInterest Expense

1Q16 Core FFOActualConsensus (1)

1Q16 Results Ahead of PlanOperating Outperformance + Interest Savings Drive Upside

Note: Core FFO is a non-GAAP financial measure. For a description of Core FFO and a reconciliation to net income, NOI, and Telx EBITDA, see the Appendix.

1) Based on FactSet consensus estimates as of April 27, 2016.

1Q16 Core FFO/ Share Reconciliation

Actual

$1.42

Consensus

$1.35

53

6.8%

7.9%

9.2%

10.5%

4.3% 5.0%

11.7% 12.7%

0%

5%

10%

15%

20%

25%

1Q16 / 1Q15Revenue Growth

1Q16 / 1Q15Adjusted EBITDA Growth

1Q16 / 1Q15Same-Capital Cash

NOI Growth

1Q16 / 1Q15Core FFO / Sh Growth

2016E / 2015Core FFO / Sh Growth

24.0%

25.4%

22.9%

24.3%

7.9%

6.5%

25%

As Reported Constant-Currency Total Including Telx

Constant-Currency GrowthFX Represents ~ 150 bps Drag on Reported Results

Note: Constant-currency, Adjusted EBITDA, Same-Capital Cash NOI and Core FFO are non-GAAP financial measures. For a description of these measures see the Appendix.

54

$0.1

$1.0

$0.0 $0.1 $0.2

$0.0

$1.0

$2.4

$0.8

$0.0 $0.0

$1.0

$2.0

$3.0

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025




$0.7

(1)


(3) (4)

($ in billions)

Debt Maturity Schedule as of March 31, 2016No Bar Too Tall; Nominal Near-Term Maturities

55

(2)


$1.5 Bn

Debt Profile (6)




1) Total excludes $404,000 of net loan premiums and $175,000 of deferred financing costs. Balances and exchange rates as of March 31, 2016. 2) Represents Digital Realty’s pro rata share of four unconsolidated joint venture loans. 3) Term loan balance was $1.6 billion as of April 22, 2016. 4) Global Revolving Credit Facility balance was $80.0 million as of April 22, 2016. The unrestricted cash balance was $92.4 million as of April 22, 2016. 5) Reflects Global Revolving Credit Facility capacity of $2.0 billion less $691.2 million outstanding as of March 31, 2016. 6) As of March 31, 2016. Assumes extension of options.





$0.1

$1.0

$0.0 $0.1 $0.2

$0.0

$1.0

$1.8

$0.8 $0.7

$0.0

$1.0

$2.0

$3.0

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025




$0.7

(1)


(3) (4)

($ in billions)

Debt Maturity Schedule Pro Forma for EurobondNo Bar Too Tall; Nominal Near-Term Maturities

56

(2)


$1.9 Bn

Debt Profile (6)




Note: Pro forma for the offering of 600 million Euro aggregate principal amount of Digital Euro Finco, LLC’s 2.625% Notes due 20241) Total excludes $404,000 of net loan premiums and $175,000 of deferred financing costs. Balances and exchange rates as of March 31, 2016. 2) Represents Digital Realty’s pro rata share of four unconsolidated joint venture loans. 3) Term loan balance was $1.6 billion as of April 22, 2016. 4) Global Revolving Credit Facility balance was $80.0 million as of April 22, 2016. The unrestricted cash balance was $92.4 mil lion as of April 22, 2016. 5) Reflects Global Revolving Credit Facility capacity of $2.0 billion less $80.0 million outstanding as of April 22, 2016. 6) As of April 22, 2016. Assumes extension of options.





Extending the Global FootprintEntered new target metropolitan area with Frankfurt land acquisition, signed anchor tenant for first project in Japan

Achieving Operating EfficienciesReported 1Q16 core FFO / share of $1.42, seven cents ahead of consensus

Raised GuidanceRevised 2016 core FFO / share outlook from $5.45-$5.60 to $5.55-$5.65

Strengthened the Balance SheetRefinanced line of credit, completed inaugural Euro bond offering in April

57

Recreate S&U on

previous page in

Column Graphs

Consistent Execution on Strategic VisionDelivering Current Results, Seeding Future Growth

Successful 1Q16 Initiatives

European

Acquisition

Portfolio

Overview

58

59

• Entered into a definitive agreement to acquire eight data centers (the “European Acquisition Portfolio”) in three strategically important locations in Europe: London (5), Amsterdam (2), and Frankfurt (1)

• Total purchase price of approximately $874 million (before fees, closing costs and prorations) represents a multiple of approximately 13 times the anticipated 2016 full-year EBITDA (1) for the European acquisition portfolio

• The acquisition is expected to be accretive to financial metrics

• Granted Equinix an option to acquire the Company’s 114 rue Ambroise Croizat, St. Denis, Paris Facility

Transaction

• Approximately 213,000 net sellable square feet of space utilized by 650 blue-chip customers and over 88,000 square feet of potential expansion space available

• Seven of the facilities are leaseholds and one is a fee interest (the Amstel Business Park property)

• 24.4 MW of IT load and 14.9 MW of expansion capacity available

PortfolioOverview

• The transaction is expected to close in the second half of 2016

• Subject to regulatory approval and other customary closing conditionsTiming

European Acquisition Portfolio OverviewStrategic, Complementary and Financially Accretive

Note: There can be no assurance that the proposed acquisition will be completed.

1) Please refer to the 8-K filed on May 16, 2016 for definition of anticipated 2016 full-year EBITDA and a discussion of the risks and uncertainties related thereto.

KEY INVESTMENT CRITERIA FOR EXPANSION

Disciplined Investment CriteriaGoverned by Return on Invested Capital

Note: As of March 31, 2016.1) As of March 31, 2016. Includes investments in fourteen properties held in unconsolidated joint ventures.2) Includes 1.8 million square feet of active development and 1.2 million square feet held for future development.

140PROPERTIES (1)

CURRENT PORTFOLIO

STRATEGIC AND COMPLEMENTARY1

FINANCIALLY ACCRETIVE2

PRUDENTLY FINANCED3

26MILLION RENTABLE

SQUARE FEET (2)

60

30+METROPOLITAN

AREAS (1)

Annualized Base Rent by Region (1)

Unmatched Global PresenceProviding Customer Solutions in over 30 Metro Areas

Geneva

Dublin

Manchester

Amsterdam

FrankfurtParis

Singapore

Hong Kong

Osaka

Sydney

Melbourne

EUROPENORTH AMERICAASIA PACIFIC

LONDONLINX, the largest internet exchange in the UK, is one of the most connected metros in the world

AMSTERDAMConsidered to be the epicenter of European connectivity, and home to the Amsterdam Internet Exchange (AMS-IX), the world’s largest exchange platform

FRANKFURTThe backbone of the digital business in Germany, and the leader by data center density throughout Germany and Europe

Digital Realty + Telx Locations

European Acquisition Portfolio

Portland

San Francisco

Silicon Valley

Sacramento

Los Angeles

Phoenix

Austin

Houston

St. Louis

Denver

Chicago

Minneapolis / St. Paul

Toronto

Northern Virginia

Charlotte

Atlanta

Miami

New YorkMetro

Dallas

Seattle

BostonLondon

Note: Represents consolidated portfolio and investments in our unconsolidated joint ventures.1) Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of March 31, 2016 multiplied by 12. The estimated

post acquisition data is provided for illustrative purposes only.

EstimatedPost-

Acquisition

61

North America

79%

Europe14%

Asia6%

North America

73%

Europe21%

Asia6%

62

INCREASE PRODUCT & SERVICE OFFERINGS EXPAND GLOBAL FOOTPRINTESTABLISH REAL ESTATE FOUNDATION

3

2

1

EUROPE

Colocation

Partners and Alliances Program

Connectivity

Acquired October 2015

Spectrum of Diversified Data CenterOfferings Across a Global Footprint

ASIA PACIFIC

Continued GrowthExecuting on Three-Year Roadmap

1) Acquisition is subject to European Commission approval and no assurance can be made that Digital Realty will be able to close on the acquisition of the European Acquisition Portfolio.2) Acquired March 7, 2016.

8 Data Centers Newly Acquired (1)

6 Acre Land ParcelAcquired in Frankfurt (2)

100%Pre-Leased in Osaka (Phase I)

2016New SingaporeData Center Opening

Expands Global FootprintBuilding Scale in London, Amsterdam and Frankfurt

Amsterdam

Frankfurt

London

Significant Presence in Top Three European Data Center Markets

8

3

650+

leading, carrier-neutral data centers

of the most strategically important data center hubs in Europe

blue-chip, diversified clients

Sovereign HouseTotal kW ~4,800

Total S.F. ~53,100

Utilization: 85%

LONDON

Bonnington HouseTotal kW ~700

Total S.F. ~10,700

Utilization: 92%

West DraytonTotal kW ~3,000

Total S.F. ~40,800

Utilization: 46%

Oliver’s YardTotal kW ~2,400

Total S.F. ~20,100

Utilization: 39%

Meridian GateTotal kW ~1,400

Total S.F. ~10,300

Utilization: 78%

AMSTERDAM

FRANKFURT

Amstel Business ParkTotal kW ~6,900

Total S.F. ~28,700

Utilization: 98%

Amsterdam Science ParkTotal kW ~1,300

Total S.F. ~18,200

Utilization: 87%

LyonerstrasseTotal kW ~3,900

Total S.F. ~30,800

Utilization: 53%

Premium assets with strong interconnection growth and colocation lease-up potential in three strategically important locations

63Note: As of March 31, 2016. Utilization is calculated as total square footage occupied by customers divided by total sellable square footage of the applicable facility, which takes into account power and cooling capacity limitations and excludes space occupied by infrastructure and equipment. The Company will be acquiring leasehold interests in seven of the eight properties. The weighted-average remaining lease term of the lease properties is approximately 23 years. We will acquire a fee interest in the Amstel Business Park property upon closing of the European Portfolio Acquisition.

Executing Connected Campus StrategyExpand, Tether, and Densify Global Campus Network



64



AMSTERDAM CAMPUSLONDON CAMPUSCHICAGO CAMPUS



AMSTERDAM SCIENCE PARK350 CERMAK

FRANKLIN PARK

SOVEREIGN HOUSE

WOKING DE PRESIDENTE BUSINESS PARK

Fortifying London PositionEstablishing a Presence in the Docklands

LONDON LOCATION MAP European Acquisition Portfolio QUICK FACTS: ACQUISITION PROPERTIES (1)

SOVEREIGN HOUSE (LON3)

OLIVER’S YARD

(LON7)

MERIDIAN GATE

(LON4)

BONNINGTON HOUSE (LON1)

135KSELLABLE

39KEXPANSION (2)

51%UTILIZATIONW/EXPANSION (2)

67%UTILIZATION

RATE

SPACE (Net Sellable Sq. Ft.)

12.2SELLABLE

5.7EXPANSION (2)


72%UTILIZATION

RATE

POWER (Megawatts)

CITY OF LONDON

West Drayton

(LD2)

HEATHROW AIRPORT

65

Note: Utilization is calculated as total square footage occupied by customers divided by total sellable square footage of the applicable facility, which takes into account power and cooling capacity limitations and excludes space occupied by infrastructure and equipment.1) As of March 31, 2016. Statistics are only representative of the five London assets to be acquired. We are acquiring leasehold interests in each of these properties.2) Estimated based on current plans and approvals. There can be no assurance such expansion will be completed.

Premier Amsterdam Interconnection HubAt the Epicenter of European Connectivity

SCIENCE PARK

(AMS1)

AMSTEL BUSINESS PARK

(AMS4)

PAUL VAN VLISSINSTRAAT

(16)

AMSTERDAM LOCATION MAP Digital Realty European Acquisition Portfolio

47KSELLABLE

49KEXPANSION (2)


94%UTILIZATION

RATE

SPACE (Net Sellable Sq. Ft.)

8.2SELLABLE

9.2EXPANSION (2)


81%UTILIZATION

RATE

POWER (Megawatts)

66

QUICK FACTS: ACQUISITION PROPERTIES (1)

Note: Utilization is calculated as total square footage occupied by customers divided by total sellable square footage of the applicable facility, which takes into account power and cooling capacity limitations and excludes space occupied by infrastructure and equipment.1) As of March 31, 2016. Statistics are only representative of the two Amsterdam assets to be acquired. We are acquiring leasehold interests in each of these properties, other than the Amstel Business Park property.2) Estimated based on current plans and approvals. There can be no assurance such expansion will be completed.

Amsterdam DevelopmentAmsterdam Science Park Redevelopment Plan

1.3TOTAL POWER

7.7EXPANSION POWER (2)


96%UTILIZATION

RATE

POWER (Megawatts)

EPICENTER OF EUROPEAN CONNECTIVITY

Established and premium asset of high-quality, carrier-dense facility in

prime city center location

COMPREHENSIVE THREE PHASE EXPANSION PLAN

Seller has committed to accelerate Phase 2 and enter into a

development contract to deliver it fully funded to purchaser

STRONG INTERCONNTECTION HUBSTethered to the NIKHEF and SARA

data centers, two of the most highly connected facilities in the

Amsterdam metropolitan area, which are next door to the facility

CONNECTIVITY

59NETWORKS

71PEERING OPPORTUNITIES

67

Note: Utilization is calculated as total square footage occupied by customers divided by total sellable square footage of the applicable facility, which takes into account power and cooling capacity limitations and excludes space occupied by infrastructure and equipment.1) As of March 31, 2016. Statistics are only representative of the Science Park asset to be acquired. We are acquiring a leasehold interest in this property.2) Estimated based on current plans and approvals. There can be no assurance such expansion will be completed.

European Acquisition Portfolio

Financial StrategyPrudent Financial Management, Positioning for Growth

STAKEHOLDER ALIGNMENTAlign our team with stakeholders

INVESTMENT GRADE BALANCE SHEETConsistently maintain balance sheetpositioned for new investment opportunities

OPERATING EFFICIENCIESCapitalize on operating efficienciesderived from our scale and expertise

ORGANIC GROWTHFocus on driving higher same-capital NOI growth

RISK-ADJUSTED RETURNSEarn higher risk-adjusted returnson our traditional asset base

BUILD AND EXPANDContinue to prudently build outcampuses and expand our global footprint

1

2

3

4

5

6

68

Note: The combined data is provided for illustrative purposes only.1) Enterprise value defined as Market Value + Debt + Pro Rata Share of JV Debt + Preferred Stock + Minority Interest - Cash and Equivalents. Market value contribution of European Acquisition Portfolio assumed to be agreed purchase price,

before closing adjustments. Digital stock price quoted at $94.40 as of May 13, 2016.2) Represents total real estate based on gross square feet. Note some European Acquisition Portfolio assets are leased.3) Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures and non-managed unconsolidated joint ventures. Occupancy excludes space under active development and space held for development.

For some of Digital Realty’s properties, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.4) Figures based on annualized rent as of March 31, 2016, which represents the monthly contractual base rent (defined as base rent before abatements) under existing leases as of March 31, 2016 multiplied by 12.

Transaction ImpactEnhanced Scale, Product Mix and Growth Trajectory

Enterprise Value (1)

Properties

Gross Square Feet (2)

Occupancy (3)

Product Mix (4)

COMBINEDEUROPEAN ACQUISITION PORTFOLIO

69

148PROPERTIES

23.3MILLION

140PROPERTIES

22.8MILLION

8PROPERTIES

0.5MILLION

90.9% 71.0% 90.7%

$21.8 Bn $0.9 Bn $22.7 Bn

16%

84%77%

11%

12%

71%

12%

17%

InterconnectionColocationScale and Other

Key TakeawaysExpands Global Reach, Executing Against Strategic Plan

EXTENDS GLOBAL FOOTPRINT IN THREE STRATEGICALLY IMPORTANT EUROPEAN METRO AREAS

Competitive and highly connected foothold with five facilities across London’s three prime data center districts (Docklands, City of London, and West London) as well as Amsterdam and Frankfurt

“Main and Main” locations in three of the largest connectivity markets and home to LINX, AMS-IX, and DE-CIX, the top three internet exchanges in the world

ADVANCES STRATEGY OF EXPANDING COLOCATION AND INTERCONNECTION PLATFORM

Quality assets offer a mix of products including colocation and interconnection, further expanding our reach after last year’s Telx acquisition

SIGNIFICANT LONG-TERM GROWTH PROSPECTS

Growth opportunity through lease-up of currently available ~6.9 MW power and ~63K net sellable square feet

Entitled expansions provide potential for an additional ~14.9 MW power and ~89K net sellable square feet

ACCESS TO A DIVERSIFIED AND STICKY CLIENT BASE

High-quality, strategic customer base of over 650 customers, diversified across key industry verticals

Customers are highly connected to over 250 network providers, over 290 Private Peering Points, and multiple Internet exchanges

70

Appendix

Definitions of Non-GAAP Financial Measures

The information included in this presentation contains certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-

GAAP financial measures may differ from those of other REITs, and, therefore, may not be comparable. The non-GAAP financial measures should not be considered an alternative to net income or any other GAAP measurement

of performance and should not be considered an alternative to cash flows from operating, investing or financing activities as a measure of liquidity.

FUNDS FROM OPERATIONS (FFO)

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, excluding a gain from a pre-existing relationship, impairment charges, 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 and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates,

rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs.

However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our 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 computed in accordance with GAAP as a measure of our performance.

CORE FUNDS FROM OPERATATIONS (Core FFO)

We present core funds from operations, or core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when

compared year over year, captures trends in our core business operating performance. We calculate core FFO by adding to or subtracting from FFO (i) termination fees and other non-core revenues, (ii) transaction expenses, (iii)

loss from early extinguishment of debt, (iv) change in fair value of contingent consideration, (v) severance-related accrual, equity acceleration, and legal expenses, (vi) bridge facility fees and (vii) other non-core expense

adjustments. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of core FFO as a measure of our performance is limited. Other REITs may not

calculate core FFO in a consistent manner. Accordingly, our core FFO may not be comparable to other REITs' core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a

measure of our performance.

CONSTANT CURRENCY CORE FUNDS FROM OPERATIONS

We calculate constant-currency core funds from operations by adjusting the core funds from operations for foreign currency translations.

ADJUSTED FUNDS FROM OPERATIONS (AFFO)

We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating

activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs, including on a per

share and unit basis. We calculate AFFO by adding to or subtracting from core FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs, (iii) amortization of debt discount/premium, (iv) non-cash stock-

based compensation expense, (v) non-cash stock-based compensation expense, (vi) straight-line rent revenue, (vii) straight-line rent expense, (viii) above- and below-market rent amortization, (ix) non-cash tax expense, (x)

capitalized leasing compensation, (xi) recurring capital expenditures and (xii) capitalized internal leasing commissions. Other REITs may not calculate AFFO in a consistent manner. Accordingly, our AFFO may not be comparable to

other REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

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Definitions of Non-GAAP Financial Measures (cont.)

EBITDA AND ADJUSTED EBITDA:

We believe that earnings before interest, loss from early extinguishment of debt, income taxes and 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 non-cash depreciation and amortization or the cost of debt and, with respect to

Adjusted EBITDA, change in fair value of contingent consideration, severance related accrual, equity acceleration, and legal expenses, transaction expenses, (gain) loss on sale of property, (gain) loss

on settlement of pre-existing relationship with Telx, other non-core expense adjustments, non-controlling interests, and preferred stock dividends. Adjusted EBITDA is EBITDA excluding change in fair

value of contingent consideration, severance related accrual, equity acceleration, and legal expenses, transaction expenses, gain (loss) on sale of property, gain on settlement of pre-existing

relationship with Telx, other non-core expense adjustments, non-controlling 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. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do; accordingly, our EBITDA and Adjusted EBITDA may not be comparable to such other REITs’

EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial

performance.

NET OPERATING INCOME (NOI) AND CASH NOI

Net Operating Income (NOI) and Cash NOI: Net operating income, or NOI, represents rental revenue, interconnection revenue and tenant reimbursement revenue less utilities, rental property

operating expenses, repair and maintenance expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company

management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above and below market rent

amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. However, because NOI and

cash NOI exclude depreciation and amortization and capture neither the changes in the value of our 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 and cash NOI as measures of our performance is limited. Other REITs may not calculate NOI and cash NOI in the same manner we do and, accordingly, our NOI and cash NOI may not be

comparable to such other REITs’ NOI and cash NOI. Accordingly, NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our

performance.

SAME-CAPITAL CASH NOI

Same-capital Cash NOI is Cash NOI (as defined above) calculated for “Same-capital” properties. “Same-capital” properties are defined as properties owned as of December 31, 2013 with less than 5%

of total rentable square feet under development and excludes properties that were undergoing, or were expected to undergo, development activities in 2014-2015, properties classified as held for

sale, and properties sold or contributed to joint ventures for all periods presented.

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Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent

74

Digital Realty Trust, Inc. and Subsidiaries

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

(in thousands, except per share and unit data)

(unaudited)

Three Months Ended

March 31, 2016

Net income (loss) available to common stockholders $ 39,125

Adjustments:

Noncontrolling interests in operating partnership 663

Real estate related depreciation and amortization (1) 166,912

Real estate related depreciation and amortization related to investment inunconsolidated joint ventures 2,803

Gain on sale of properties (1,097)

Gain on settlement of pre-existing relationships with Telx -

FFO available to common stockholders and unitholders $ 208,406

Basic FFO per share and unit $ 1.40

Diluted FFO per share and unit $ 1.39

Weighted average common stock and units outstanding

Basic 149,048

Diluted 149,916

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

Depreciation and amortization per income statement 169,016

Non-real estate depreciation (2,104)

$ 166,912

Three Months Ended

March 31, 2016

FFO available to common stockholders and unitholders -- basic and diluted $ 208,406

Weighted average common stock and units outstanding 149,048

Add: Effect of dilutive securities 868

Weighted average common stock and units outstanding -- diluted 149,916


Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO)


(unaudited)

Three Months Ended

March 31, 2016

FFO available to common stockholders and unitholders -- diluted $ 208,406

Termination fees and other non-core revenues (3) (91)

Significant transaction expenses 1,900

Loss from early extinguishment of debt 964

Change in fair value of contingent consideration (4) -

Severance accrual and equity acceleration (5) 1,448

Other non-core expense adjustments (6) (1)

CFFO available to common stockholders and unitholders -- diluted $ 212,626

Diluted CFFO per share and unit $ 1.42

(3) Includes one-time fees, proceeds and certain other adjustments that are not core to our business.

(4) Relates to earn-out contingency in connection with Sentrum Portfolio acquisition.

(5) Relates to severance charges related to the departure of company executives.

(6) Includes reversal of accruals and certain other adjustments that are not core to our business.


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Reconciliation of Net Income Available to Common Stockholders to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

(in thousands)

(unaudited)

Three Months Ended

March 31, 2016

Net income (loss) available to common stockholders $ 39,125

Interest 57,261


Taxes 2,109

Depreciation and amortization 169,016

EBITDA 268,475

Change in fair value of contingent consideration -

Severance accrual and equity acceleration 1,448

Transactions 1,900


Other non-core expense adjustments (1)

Noncontrolling interests 784

Preferred stock dividends 22,424

Adjusted EBITDA $ 293,933


Reconciliation of Same Capital Cash Net Operating Income

(in thousands)

(unaudited)

Three Months Ended

March 31, 2016

Rental revenues $ 213,408

Tenant reimbursements - Utilities 34,147

Tenant reimbursements - Other 17,060

Interconnection and other 1,465

Total Revenue 266,080

Utilities 35,554

Rental property operating 20,433

Repairs & maintenance 16,528

Property taxes 15,782

Insurance 1,522

Total Expenses 89,819

Net Operating Income $ 176,261

Less:

Stabilized straight-line rent $ 2,254

Above and below market rent 2,543

Cash Net Operating Income $ 171,464


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


(unaudited)

Year Ended

12/31/15 12/31/14 12/31/13 12/31/12

Net income available to common stockholders $ 217,265 $ 132,721 $ 271,583 $ 171,662

Adjustments:

Noncontrolling interests in operating partnership 4,442 2,764 5,366 6,157

Real estate related depreciation and amortization (1) 563,729 533,823 471,281 378,970

Real estate related depreciation and amortization related to investment in unconsolidated joint ventures 11,418 7,537 3,805 3,208

(Gain) on contribution of properties to unconsolidated joint ventures - (95,404) (115,609) -

(Gain) on sale of properties (94,604) (15,945) - -

(Gain) on sale of assets held in unconsolidated joint venture - - - (2,325)

(Gain) on settlement of pre-existing relationship with Telx (14,355) - - -

Impairment of investments in real estate - 126,470 - -

FFO available to common stockholders and unitholders $ 687,895 $ 691,966 $ 636,426 $ 557,672

Basic FFO per share and unit $ 4.87 $ 5.08 $ 4.88 $ 4.65

Diluted FFO per share and unit $ 4.85 $ 5.04 $ 4.74 $ 4.44


Basic 141,108 136,124 130,463 119,861

Diluted 141,726 138,364 137,771 131,467

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

Depreciation and amortization per income statement 570,527 538,513 475,464 382,553

Non-real estate depreciation (6,798) (4,690) (4,183) (3,583)

$ 563,729 $ 533,823 $ 471,281 $ 378,970

Year Ended

12/31/15 12/31/14 12/31/13 12/31/12

FFO available to common stockholders and unitholders $ 687,895 $ 691,966 $ 636,426 $ 557,672

Add: Series C convertible preferred dividends - - - 1,402

Add: Series D convertible preferred dividends - - - 8,212

Add: 5.50% exchangeable senior debentures interest expense - 4,725 16,200 16,200

FFO available to common stockholders and unitholders -- diluted $ 687,895 $ 696,691 $ 652,626 $ 583,486

Weighted average common stock and units outstanding 141,108 136,124 130,463 119,861 Add: Effect of dilutive securities (excluding series C and D convertible preferred stock

and 5.50% exchangeable senior debentures) 618 282 187 289

Add: Effect of dilutive series C convertible preferred stock - - - 814

Add: Effect of dilutive series D convertible preferred stock - - 471 4,017

Add: Effect of dilutive 5.50% exchangeable senior debentures - 1,958 6,650 6,486

Weighted average common stock and units outstanding -- diluted 141,726 138,364 137,771 131,467




(unaudited)

Year Ended

12/31/15 12/31/14 12/31/13 12/31/12

FFO available to common stockholders and unitholders -- diluted $ 687,895 $ 696,691 $ 652,626 $ 583,486

Termination fees and other non-core revenues (2) 680 (5,668) (402) (9,034)

Gain on insurance settlement - - (5,597) -

Gain on sale of investment - (14,551) - -

Significant transaction expenses 17,400 1,303 4,605 11,120

Loss from early extinguishment of debt 148 780 1,813 303

Straight-line rent expense adjustment attributable to prior periods - - 7,489 -

Change in fair value of contingent consideration (3) (44,276) (8,093) (1,762) (1,051)

Equity in earnings adjustment for non-core items - 843 - -

Severance related accrual, equity acceleration, and legal expenses (4) 5,146 12,690 - -

Bridge facility fees (5) 3,903 - - -

Other non-core expense adjustments (6) 75,261 2,692 63 1,260

CFFO available to common stockholders and unitholders --diluted $ 746,157 $ 686,687 $ 658,835 $ 586,084

Diluted CFFO per share and unit $ 5.26 $ 4.96 $ 4.78 $ 4.46

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

(3) Relates to earn-out contingencies in connection with the Sentrum and Singapore (29A International Business Park) acquisitions. The Sentrum earn-out contingency expired in July 2015 and the Singapore earn-out contingency will expire in November 2020 and will be reassessed on a quarterly basis. During the first quarter of 2015, we reduced the fair value of theearnout related to Sentrum by approximately $44.8 million. The adjustment was the result of an evaluation by management thatno additional leases would be executed for vacant space by the contingency expiration date.

(4) Relates to severance and other charges related to the departure of company executives. For the year ended December 31, 2015, includes integration related severance ($6.1 million).

(5) Bridge facility fees included in interest expense.

(6) For the year ended December 31, 2015, includes write off of straight-line rent receivables related to the Telx Acquisition ($75.3 million). Includes reversal of accruals and certain other adjustments that are not core to our business.


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Reconciliation of Core EBITDA(unaudited)

(in thousands)

Net loss (1,705)$

Income tax benefit (86)

Interest expense, net 871

Depreciation & amortization 33,726

EBITDA 32,806$

Plus: Non-Cash Rent 7,762

Plus: Non-Cash Compensation 115

Less: Synergies (2,276)

Core EBITDA 38,408$

Core EBITDA is a non-GAAP financial metric that Telx uses as a supplemental measure of its operating performance that adjusts net loss to eliminate the impact of certain items that it does not consider

indicative of its core operating performance. We believe that Core EBITDA is a useful supplemental performance measure because it allows investors to view Telx’s performance without the impact of non-

cash depreciation and amortization, the cost of debt, deferred rent expenses, stock-based compensation expenses, sponsor management fees and transaction costs. Other companies may calculate Core

EBITDA or similar metrics differently; accordingly, the Core EBITDA presented herein may not be comparable to other companies’ Core EBITDA or similar metrics.


78

December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014

FFO available to common stockholders and unitholders -- diluted 117,538$ 194,880$ 687,896$ 696,691$

Termination fees and other non-core revenues (3)

- (2,584) 680 (5,668)

Gain on sale of equity investment - (14,551) - (14,551)

Significant transaction expenses 3,099 323 17,400 1,303

Loss from early extinguishment of debt - - 148 780

Change in fair value of contingent consideration (4)

- (3,991) (44,276) (8,093)

Equity in earnings adjustment for non-core items - - - 843

Severance accrual and equity acceleration (5)

6,125 - 5,146 12,690


79,172 453 79,164 2,692

CFFO available to common stockholders and unitholders -- diluted 205,934$ 174,530$ 746,158$ 686,687$

Diluted CFFO per share and unit 1.38$ 1.26$ 5.26$ 4.96$








(unaudited)

Three Months Ended Year Ended


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March 31, 2016 March 31, 2015 FY 2015

FFO available to common stockholders and unitholders -- diluted 208,406$ 216,360$ 687,895$

Termination fees and other non-core revenues (3) (91) 1,573 680

Significant transaction expenses 1,900 93 17,400

Loss from early extinguishment of debt 964 - 148

Change in fair value of contingent consideration (4) - (43,034) (44,276)

Severance accrual and equity acceleration (5) 1,448 1,396 5,146

Bridge facility fees - - 3,903

Other non-core expense adjustments (6) (1) (30) 75,261

CFFO available to common stockholders and unitholders -- diluted 212,626$ 176,358$ 746,157$

Adjustments:

Non-real estate depreciation 2,104 1,250 6,798

Amortization of deferred financing costs 2,260 2,216 8,481

Amortization of debt discount/premium 647 582 2,296

Non-cash stock-based compensation expense 3,420 2,795 11,748

Straight-line rent revenue (7,456) (13,369) (50,977)

Straight-line rent expense 5,655 74 5,944

Above- and below-market rent amortization (2,266) (2,324) (9,336)

Non-cash tax expense 637 557 1,546

Capitalized leasing compensation (2,695) (3,028) (10,216)

Recurring capital expenditures (21,064) (18,066) (91,876)

Capitalized internal leasing commissions (2,024) (826) (4,081)

AFFO available to common stockholders and unitholders 191,844$ 146,219$ 616,484$


Basic 149,048 138,407 141,108

Diluted 149,916 138,831 141,725

AFFO per share -- diluted 1.28$ 1.05$ 4.35$








(unaudited)

Three Months Ended


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Net Debt/LQA Adjusted EBITDA

QE 3/31/2016

Total debt at balance sheet carrying value $ 6,156,729

Add: DLR share of unconsolidated joint venture debt 136,804

Add: Capital lease obligations 58,911

Less: Unrestricted cash (31,134)

Net Debt as of March 31, 2016 $ 6,321,310

Net Debt / LQA Adjusted EBITDA(iii) 5.3x

(iii) Adjusted EBITDA

Net income available to common stockholders $ 39,125

Interest expense 57,261

DLR share of unconsolidated joint venture interest expense 1,475


Taxes 2,109

Depreciation and amortization 169,016

DLR share of unconsolidated joint venture depreciation 2,803

EBITDA 272,753

Severance accrual and equity acceleration and legal expenses 1,448

Transactions 1,900



Noncontrolling interests 784

Preferred stock dividends 22,424

Adjusted EBITDA $ 298,211

LQA Adjusted EBITDA (Adjusted EBITDA x 4) $ 1,192,844

Note: For quarted ended March 31, 2016


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Net Debt Plus Preferred/LQA Adjusted EBITDA QE 3/31/2016

Total debt at balance sheet carrying value 6,156,729 Less: Unrestricted cash (31,134)Net Debt as of March 31, 2016 6,125,595

Preferred Liquidation Value(iv) 1,335,000 Net Debt plus preferred 7,460,595

Net Debt Plus Preferred/LQA Adjusted EBITDA(iii) 6.3x

QE 3/31/2016Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges)GAAP interest expense plus capitalized interest 61,075 Scheduled debt principal payments 1,787 Preferred dividends 22,424

Total fixed charges 85,286

Fixed charge ratio 3.4x

QE 3/31/2016

Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest)

Total GAAP interest expense 57,261

Capitalized interest 3,814

GAAP interest expense plus capitalized interest 61,075

Debt Service Ratio 4.8x


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Forward-Looking Statements

The information included in this presentation contains forward-looking statements. Such statements are based on management’s beliefs and assumptions made based on information currently available to

management. Such forward-looking statements include statements relating to: our economic outlook; opportunities and strategies, including ROIC, recycling assets and capital, and sources of growth; the

proposed acquisition of the European Acquisition Portfolio and related financing transactions; the expected future performance of the European Acquisition Portfolio; the expected effect of foreign currency

translation adjustments on our financials; business drivers; sources and uses; our expected development plans and completions, including timing, total square footage, IT capacity and raised floor space upon

completion; expected availability for leasing efforts, sales incentive program, mid-market and colocation initiatives; organizational initiatives; joint venture opportunities; our partnerships and alliances;

occupancy and total investment; our expected investment in our properties; our estimated time to stabilization and targeted returns at stabilization of our properties; our expected future acquisitions;

acquisitions strategy; available inventory and development strategy; the signing and commencement of leases, and related rental revenue; lag between signing and commencement of leases; our expected

same capital portfolio growth; our expected growth and stabilization of development completions and acquisitions; our expected mark-to-market rates on lease expirations, lease rollovers and expected

rental rate changes; our expected yields on investments; our expectations with respect to capital investments at lease expiration on existing Turn-Key Flex space; barriers to entry; competition; debt

maturities; lease maturities; our expected returns on invested capital; estimated absorption rates; our other expected future financial and other results, and the assumptions underlying such results; our top

investment markets and market opportunities; our ability to access the capital markets; expected time and cost savings to our customers; our customers’ capital investments; our plans and intentions; future

data center utilization, utilization rates, growth rates, trends, supply and demand, and demand drivers; datacenter outsourcing trends; datacenter expansion plans; estimated kW/MW requirements; growth

in the overall Internet infrastructure sector and segments thereof; the replacement cost of our assets; the development costs of our buildings, and lead times; estimated costs for customers to deploy or

migrate to a new data center; capital expenditures; the effect new leases and increases in rental rates will have on our rental revenues and results of operations; lease expiration rates; our ability to borrow

funds under our credit facilities; estimates of the value of our development portfolio; our ability to meet our liquidity needs, including the ability to raise additional capital; credit ratings; capitalization rates,

or cap rates, potential new markets; dividend payments and our dividend policy; projected financial information and covenant metrics; annualized; other forward-looking financial data; leasing expectations;

our exposure to tenants in certain industries; our expectations and underlying assumptions regarding our sensitivity to fluctuations in foreign exchange rates and energy prices; and the sufficiency of our

capital to fund future requirements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,”

“intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and

discussions which do not relate solely to historical matters. Such statements are subject to risks, uncertainties and assumptions, are not guarantees of future performance and may be affected by known and

unknown risks, trends, uncertainties and factors that are beyond our control that may cause actual results to vary materially. Some of the risks and uncertainties include, among others, the following: the

impact of current global economic, credit and market conditions; current local economic conditions in the geographies in which we operate; 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; risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due,

adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements; 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 integrate and operate acquired or developed properties or businesses,

including Telx or the European Acquisition Portfolio; the suitability for our properties and data center infrastructure, delays or disruptions in connectivity, failure of our physical infrastructure or services or

availability of power; risks related to joint venture investments, including as a result of our lack of control of such investments; delays or unexpected costs in development of properties; decreased rental

rates, increased operating costs or increased vacancy rates; increased competition or available supply of data center space; our inability to successfully develop and lease new properties and development

space; 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 reporting

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; losses in excess of our insurance coverage; changes in foreign laws and regulations, including those related to taxation and real estate ownership and operation; and changes in local, state

and federal regulatory requirements, including changes in real estate and zoning laws and increases in real property tax rates. The risks described above are not exhaustive, and additional factors could

adversely affect our business and financial performance, including those discussed in our annual report on Form 10-K for the year ended December 31, 2015, as amended, and subsequent filings with the

Securities and Exchange Commission. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise.

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Company Overview – May 2016 - Updated

Investor Relations

Transcript of Company Overview – May 2016 - Updated