August 2017 digital realty company overview

HOME TO THE CLOUDCOMPANY OVERVIEW AUGUST 2017

This document is not an offer to sell or solicitation to buy securities of Digital Realty Trust, Inc. Any offers to sell or solicitations to buy securities of Digital Realty Trust, Inc. shall be made only by means of a prospectus approved for that purpose. The merger with DuPont Fabros Technology, Inc. is expected to close later this year, subject to approval by the shareholders of both DuPont Fabros and Digital Realty and the satisfaction of other closing conditions. There can be no assurance that the merger with DuPont Fabros will be consummated on the anticipated schedule or at all. Please see the risks described under the heading “Risks Related to the Mergers” in the Current Report on Form 8-K filed by Digital Realty Trust, Inc. and Digital Realty Trust, L.P. on July 10, 2017.

2

Business Highlights

Positioned to Drive Shareholder Value

1 Digital Realty Overview Introduction

2 Introduction to Data Centers Data center 101

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 flexible balance sheet

8 Merger ofDupont Fabros Merger announcement

9 Recent Results Second quarter 2017 highlights

COMPANY OVERVIEW | AUGUST 2017

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DIGITAL REALTYOVERVIEW

4

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

High-Quality Customer Base, including Global Companies Across

Various Industries

$18 Bn

$28 Bn

11th LARGEST PUBLICLY TRADED U.S. REIT (4)

2016 MAY

ADDED TO THE S&P 500 INDEX

EQUITY MARKET CAPITALIZATION (3)

ENTERPRISEVALUE (3)

145PROPERTIES (1)

Investment Management Approach Focused on

Return on Invested Capital

23MILLION RENTABLE

SQUARE FEET (2)

2,300+CUSTOMERS

Investment Grade Ratings (5)

BBB

Baa2

BBB Positive Outlook

30+METROPOLITAN

AREAS (1)

Note: Data as of June 30, 2017 unless otherwise noted.1) Includes investments in fourteen properties held in unconsolidated joint ventures.2) Includes 1.2 million square feet of active development and 1.8 million square feet held for future development.3) As of August 11, 2017, based on the closing stock price of $111.82. Includes Digital Realty’s pro rata share of unconsolidated joint venture debt. 4) U.S. REITs within the RMZ. Source: companies’ financials based on latest public filings. 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.


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The Next HorizonThree-Year Guideposts

SUPERIOR RETURNS PRODUCT OFFERINGSCAPITAL ALLOCATION

1 3

Our FocusOur philosophy is to deliver superior returns by capitalizing on our core competencies and tailoring them to meet our customers’ growing and evolving data center needs

2OPERATING EFFICIENCIES

4

Expanded Colocation Footprint+30 bps

IMPROVEMENT IN RETURN ON

INVESTED CAPITAL (1)

57.3%ADJUSTED EBITDA

MARGIN (1)

$874 millionEUROPEAN PORTFOLIO ACQUISITON

1) For the year ended December 31, 2016. Return on Invested Capital (ROIC) is calculated based on annualized cash net operating income, or cash NOI. For definitions of cash NOI and Adjusted EBITDA and reconciliations to their nearest GAAP equivalent, please see the appendix.


6

Meeting Our Customers’ Growing Data Center NeedsAligning Go-to-Market with Customer Buying Behavior

GLOBAL, DIVERSE CUSTOMER BASEGLOBAL, DIVERSE CUSTOMER BASE

CUSTOMER-CENTRIC ALIGNMENT

CUSTOMER-CENTRIC ALIGNMENT

Our Customers

Global Solutions

Enterprise Solutions

Network Solutions

Customers 2,300+

Comprehensive Product Offerings

Global33 Metro Areas

Aligning our Go-to-Market strategy with our customers’ unique needs and the way they buy


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

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


8

Executing Against Strategic PlanComprehensive Product Offering on a Global Scale

ENHANCE PRODUCT & SERVICE OFFERINGS EXPAND GLOBAL FOOTPRINTESTABLISH REAL ESTATE FOUNDATION

3

2

1

EUROPE

Colocation

Partners & Alliances Program

Interconnection

Acquired October 2015

Spectrum of Diversified Data CenterOfferings Across a Global Footprint

ASIA PACIFIC

8 Data Center Portfolio Acquired July 2016

6Acre Land Parcel in Frankfurt Acquired December 2015

100%Pre-Leased in Osaka (Phase I)

2016Second Singapore Data Center Opening


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Senior Leadership Team EstablishedDeepening Our Bench, Strengthening Our Culture

• Chris has over 20 years of experience in the technology industry, with an extensive background in developing technology strategies in global markets.

• Chris has a deep knowledge of the data center sector and is well positioned to expand technical innovation at Digital Realty.

CHRIS SHARP CHIEF TECHNOLOGY 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 as well as international operations and leasing.

• 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

ANDREW POWER CHIEF FINANCIAL OFFICER

• 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) and the company’s global asset management operations


• Dan oversees sales, leasing and marketing efforts across the organization

• Prior to Digital Realty, Dan served as EVP for North America at Unify, formerly Siemens Networking Systems. Before joining Unify, Dan was with Westcon Group as SVP, Global Cloud and Data Center Services. Previously, he held senior leadership positions over a 27-year career with IBM

DAN PAPES SVP, GLOBAL SALES & MARKETING

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INTRODUCTION TO DATA CENTERS

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Data Center 101What is a Data Center?

Data Centers

Data centers are designed to

house servers and network

equipment. Data centers

provide a highly reliable, secure

environment with redundant

mechanical, cooling, electrical

power systems and network

communication connections.

Data Center Layout

Servers

Computer servers, which

process and store data, are

supplied and owned by

customers.

1 Building Shell

2 Electrical Systems

3 HVAC / Mechanical Systems

4 Building Fit-Out / Site Work

HVAC

Generators

Building Shell

Batteries

Mechanical Galleries

Electrical Rooms (UPS, Switchboard, etc.)

Power Distribution Unit (PDU)

Shipping /Receiving Area

Lobby / Entrance

Meet-Me-Room

Raised Floor

Computer Servers

Electrical Utility Service( Not Shown in Image)


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Data Center 101What Goes into Building a Data Center?

Note: Percentage costs for data center development shown are based on a sample Digital Realty data center build and are not necessarily representative of all development projects.

ELECTRICAL SYSTEMS

• Generator• Batteries• Power Distribution Unit (PDU)• Uninterruptible Power Supplies (UPS)

BUILDING FIT-OUT / SITE WORK

• Lobby / Entrance• Meet-Me-Room• Shipping / Receiving Area

2

HVAC / MECHANICAL SYSTEMS

• Computer Room Air Conditioner (CRAC Unit)

• Air Cooled Chillers• Central Chilled Water Plant

BUILDING SHELL

• Building Shell• Raised Floor

1

3 4

Electrical Systems

40%

Building Fit Out / Site Work

21%

HVAC / Mechanical

Systems17%

Building Shell22%

Data Center Cost Distribution


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Focused PursuitComprehensive Customer-Focused Product Suite

COLOCATION CONNECTIVITY

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 (one cabinet) to medium (75 cabinets) 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


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InterconnectionWhat is a Cross-Connect?

CONTENT NETWORKINTERCONNECTION

$233mmANNUALIZED REVENUE (1)

71,600CROSS CONNECTS

CONNECTING PARTNERS AND NETWORKSA cross-connect is a physical layer network connection between two parties.

The cross-connect is enabled by the installation of patch cord(s) between

ports of the respective parties’ interconnection panels.

CONNECTING TO END USERSBy enabling companies to connect with their partners and network

providers, such as AT&T and Verizon, these same companies can now

deliver their content to billions of end users around the world.

As of June 30, 2017. 1) Annualized revenue defined as Interconnection & Other Revenue as of 2Q17 multiplied by four.


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PUBLIC CLOUD SOLUTIONS

Service providers, many customers

PRIVATE CLOUD SOLUTIONS

Single organization, dedicated environment

Home to the Hybrid Multi-Cloud SolutionCustomers’ Desired IT End State

The majority of companies deploy some form of hybrid cloud solution to run and manage their IT needsThe majority of companies deploy some form of hybrid cloud solution to run and manage their IT needs

HYBRID CLOUD SOLUTION

Mix of public and private cloud, optimizes cost

6%PRIVATE ONLY(1)

18%PUBLICONLY(1)

71%HYBRID(1)

Hybrid cloud architectures allow data center providers to:

GROW WITH THEIR CUSTOMERSThough early stage companies use public cloud infrastructures to minimize capex, as they grow and scale, public cloud solutions become quite expensive and necessitate a migration to the private cloud for portions of their IT workload

ENABLE CLOUD-BASED SOFTWARE APPLICATIONSA hybrid cloud solution allows companies to store their sensitive information on private servers while using cloud-based applications (Office 365, Salesforce) that reduce IT costs

2

1

Scale Only Colocation Only

Connected Campus

Infrastructure as a Service (IaaS)

Software as a Service (SaaS)

1) Source: Rightscale 2016 State of the Cloud Report. Based on 95% of respondents that are using the cloud.


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

1) Source: Cisco Visual Networking Index: Forecast and Methodology, 2016 – 2021, 2017.2) Source: Cisco Global Cloud Index, 2016.

Nearly 80% of Digital Realty’s 2014-2016 Leasing Activity Has Been in Support of this Digital Economy

VIDEO (1)

MOBILE (1)CLOUD (2)

INTERNET (1)

27%CAGR (‘15 - ‘20)

31%CAGR (‘16 - ‘21)

24%CAGR (‘16 - ‘21)

46%CAGR (‘16 - ‘21)


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GLOBAL PLATFORM

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Largely Owned Real Estate (2)

NORTH AMERICA

Primarily Unencumbered (2)Geographically Diversified (1)

Geneva

Manchester

Amsterdam

FrankfurtParis

Singapore

Hong Kong

Osaka

SydneyMelbourne

EUROPEASIA PACIFIC

Digital Realty Locations

European Portfolio Acquisition

Portland

San Francisco

Silicon Valley

Sacramento

Los Angeles

Phoenix

Austin

Houston

St. Louis

Denver

Chicago

Minneapolis / St. Paul

Toronto

Northern Virginia

Charlotte

Atlanta

New YorkMetro

Dallas

Seattle

Miami

Boston

London

Note: Represents consolidated portfolio and investments in our unconsolidated joint ventures.1) Calculated based on annualized base rent which represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of June 30, 2017, multiplied by 12. 2) Based on Net Operating Income as of June 30, 2017. For a definition of Net Operating Income, please see the appendix.

Covering the Waterfront140+ Data Centers in More than 30 Metro Areas

Dublin

Encumbered0.1%

Unencumbered99.9%

Leased10%

Owned90%


Asia Pacific7%

Europe17%

North America

76%

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Customer Rank Locations % of ABR (1)

11 9 1.4%

12 15 1.4%

13 19 1.4%

14Fortune 50 Software Company 6 1.4%

15 4 1.4%

16 18 1.2%

17 5 1.2%

18 14 1.1%

19 5 1.1%

20 2 0.9%

Total Annualized Base Rent 43.9%

Cloud23.2%

Network20.0%

Financial15.0%

Enterprise10.8%

Content10.4%

Information Technology

20.6%

Non-Investment Grade52%

Investment Grade or

Equivalent (3)

48%

No Single Customer Accounts for > 8% of ABR

Includes numerous high-quality, non-rated customers

CUSTOMER TYPE (% by ABR) (1)

High-Quality, Diversified Customer BaseNumerous Customers with Multiple Locations Across the Portfolio

Note: As of June 30, 2017. Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage.

Our direct tenants may be the entities named in this table above or their subsidiaries or affiliates.1) Calculation based on annualized base rents (monthly contractual cash base rent before abatements under existing leases as of June 30, 2017 multiplied by 12). 2) Credit ratings from S&P, Moody’s and Fitch reflect credit ratings of customer parent entity. There can be no assurance that a customer parent entity will satisfy the customer’s lease obligations upon such customer’s default.3) Defined as investment grade rated customers and equivalent customers. Investment grade equivalent customers represent Facebook and Tata Communications.


1 24 7.7%

2 20 4.8%

3 15 3.3%

4 21 3.2%

5 7 2.7%

6 46 2.4%

7 9 2.2%

8 16 1.9%

9 12 1.7%

10 54 1.5%

TOP 20 CUSTOMERS

CREDIT RATING (% by ABR) (1)(2)


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Global Service Infrastructure PlatformDeliver Basic Services, Enable Partners

Digital Realty is Focused on Providing the Real Estate Foundation to Enable Customers & Partners to Service Thousands of Their Customers

Funnel Approach Towards Customers

CLOUD SERVICESIaaSSaaSPaaS

MANAGED SERVICESProfessional ServicesManaged HostingBusiness Continuity

REAL ESTATE FOUNDATIONScaleColocationInterconnection

Thousands of Customers

Customers & Partners

Focused on Real Estate Foundation


21

Enabling Customers & PartnersStrategic Alliances Bearing Fruit

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 Network

• Global connectivity• Network technology leadership

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

+ =


22

CONNECTEDCAMPUSSTRATEGY

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

Connected Campus

COLO

SCALE

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

traffic• Applications: 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


24

The Connected CampusDigital Ashburn

Fiber

Future Building

Data Center

AnalyticsSocial MobileFinancial ContentNetwork Cloud

Sub-station

Digital Loudoun Land ParcelCurrent Expansion

Colocation Pod


25

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

Connect@Scale suites, Powered Base Building,

Connect@Gateway colocation

LONDON CAMPUSCHICAGO CAMPUS



350 E. CERMAK350 E. CERMAK

FRANKLIN PARKFRANKLIN PARK

SOVEREIGN HOUSESOVEREIGN HOUSE

WOKINGWOKING



NEW YORK CAMPUS

PISCATAWAYPISCATAWAY

DALLAS CAMPUS



2323 BRYAN STREET2323 BRYAN STREET

RICHARDSONRICHARDSON

111 8TH AVENUE111 8TH AVENUE


26

Diversifying Product OfferingsFacilitating Secure Connections to Multiple Service Providers

A software-defined network (SDN) that allows a customer to establish direct, private connections to multiple cloud service providers, other participants

of the platform, and other data centers on the connected network from a single interface

AT LAUNCH IN 2017

843

MARKETSACROSSNORTH AMERICA

DATA CENTERS

1761

MARKETS12 NORTH AMERICA5 INTERNATIONAL

DATA CENTERS

Private Access to SaaS Applications

$38 BnSaaS Market (1)

1) Source: Gartner. Represents estimated SaaS market size in 2016.


27

ATTRACTIVEGROWTHPROSPECTS

28

40%

60%

80%

100%

Historical Retention on Rentable Square FeetData Center Data Center Average

High Utilization Provides Downside ProtectionSignificant Customer Investment Drives Stable Retention

Note: As of June 30, 2017.1) Excludes unconsolidated joint ventures. “Same-capital” properties are defined as properties owned as of December 31, 2015 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 2016-2017, properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented. 2) Estimates provided by Align Communications – January 2017.3) Represents trailing 12-month average.

Same-Capital Occupancy (1)

Migration to a new facility

estimated to cost customers ~ $10 – $20 million (2)

A new 1.125 MW data center deployment

estimated to cost customers ~ $15 – $30 million (2)

2010 2011 2012 2013 2014 2015 2016 2017 YTD

Historical Retention on Rentable Square Feet (3)


94.7% 95.3% 93.8% 91.2% 93.5% 93.3% 92.0% 89.7%

25%

50%

75%

100%

2010 2011 2012 2013 2014 2015 2016 2017 YTD

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

Note: As of June 30, 2017.1) Excluding acquired leases, for which rent increases vary. 2) 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 June 30, 2017 multiplied by 12.

% of Lease Expirations by Annualized Base Rent (2)

Weighted avg. original lease

term

11.1 Years

Weighted avg. remaining lease

term

5.0 Years

Our leases generally contain 2% - 4% annual cash rental rate increases (1)


8.4%

16.4% 15.8%

12.5%

9.4% 8.9%

4.9% 5.2% 4.9%3.0%

7.7%

0%

10%

20%

30%

40%

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 >2026

Scale Colocation Non-Technical

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Uninterrupted Growth throughout the CycleCounter-Cyclical Performance Compares Favorably

Eleven Consecutive Years of Positive Growth

AVB: 6.6%

BXP: 3.1%EQR: 2.9%

PSA: 10.0%

DLR: 12.7% (2)

SPG: 6.9%

KIM: (3.3)%

2006 – 2017E FFO / Share CAGR (1)

Financial Crisis

Sources: Company Filings and FactSet. 1) 11-year FFO per Share CAGR calculated using 2006 – 2016 actuals and 2017E per FactSet. Index value starts at 100 and increases or decreases by annual percent FFO per share growth.2) Core FFO results are shown for 2009 to 2017. Prior years reflect reported FFO results. For reported FFO results for 2006 to 2016 please see the Appendix.

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

Cash Dividend / Share

$1.00 $1.08 $1.17 $1.26 $1.47

$2.02

$2.72 $2.92 $3.12 $3.32 $3.40 $3.52 $3.72

$0.00

$1.00

$2.00

$3.00

$4.00

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E

• Raised the 2017 common dividend to $3.72 per share, or 5.7% over 2016 (1)

• 12% compound annual dividend growth since 2005

• 3.3% 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%

2016 dividends classified as 98% ordinary income and 2% capital gain

AFFO (4) payout ratio of 66.5% for FY16

1) Based on annualized 2Q17 declared dividend.2) Dividend yield based on August 11, 2017 closing stock price of $111.82. and annualized 2Q17 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.


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(20.0%)

(10.0%)

0.0%

10.0%

20.0%

30.0%

0 50 100

DLR

(20.0%)

(10.0%)

0.0%

10.0%

20.0%

30.0%

0 50 100

DLR

Exceptional Risk-Adjusted Growth Track RecordStrong Growth, Moderate Volatility

(10

-Yea

r FFO

/ Sh

are

CAG

R)

(10

–Yea

r Div

iden

d / S

hare

CA

GR

)

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: SNL Financial1) 10-year FFO and dividend per share CAGR calculated using 2Q17 and 2Q07 actuals. 2) Coefficient of variation is the standard deviation of quarterly observations divided by the mean. For the 10 years ended 2Q17.

Above-average growth relative to volatility

Increased Volatility

Med

ian

REI

T

(Coefficient of Variation2)

Increased Volatility

Med

ian

REI

T

DIGITAL REALTY COMPANY OVERVIEW | AUGUST 2017

33

PRUDENTCAPITALALLOCATION

34

Stringent Acquisition CriteriaMarket Fundamentals, Accessibility, Stability and Risk

KEY INVESTMENT CRITERIA FOR EXPANSION

Note: Telx was acquired in October 2015. European Portfolio Acquisition of eight data centers was completed in July 2016.

STRATEGIC AND COMPLEMENTARY1 FINANCIALLY

ACCRETIVE2 PRUDENTLY FINANCED3

Diversified Product Offering in Network-Dense U.S. Metro Areas

Accretive to Financial Metrics

$1.0 Bn Common + Preferred Equity and $1.0 Bn Bonds Raised

Premium Locations in

Leading European Data Center Markets

Accretive to Financial Metrics

$1.4 Bn Common Equity Raised


35

Stringent Acquisition CriteriaMarket Fundamentals, Accessibility, Stability and Risk

KEY ELEMENTS OF INVESTMENT UNDERWRITING

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


36

CONSERVATIVEFINANCIALSTRATEGY

37

Financial StrategyPrudent Financial Management, Positioning for Growth

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

ORGANIC GROWTHFocus on driving higher same-capital cash 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


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Committed to Conservative Capital StructureMaximizing Capital Markets Options, Minimizing Cost

Leverage Metrics 6/30/17

Net Debt / Adjusted EBITDA (2) 5.1x

Fixed Charge Coverage Ratio (3) 4.3x

Maintain Conservative Leverage

• $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

• In July, closed £250M 2.75% notes due 2024 and £350M 3.30% notes due 2029

• In August, closed Series J cumulative redeemable preferred stock, $350M 2.75% notes due 2023 and $1 Bn 3.70% notes due 2027

Risk Mitigation

• Unsecured Debt / Total Debt: 99.9%

– Target variable rate < 20% of total debt

– Natural hedge of FX risk through non-USD financings

– $3.0 Bn of non-USD debt outstanding

Current Capital Structure (1)

Note: As of June 30, 2017 except as noted. 1) Closing common stock price was $111.82 as of August 11, 2017. Includes Digital’s pro rata share of unconsolidated joint venture loans. Pro forma for July issuance of the £250M 2.75% notes due 2024 and £350M 3.30% notes due

2029 based upon an exchange rate of £1 to $1.3014 as of August 11, 2017. Pro forma for August issuance of the $350M 2.75% notes due 2023 and $1 billion 3.70% notes due 2027. Pro forma for the revolver balance of $137.7M as of August 14, 2017.

2) Calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus our share of unconsolidated 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 June 30, 2017.

• Total Equity Capitalization: $18.4 billion (1)

• Total Enterprise Value: $27.8 billion (1)

39

Debt Maturity ScheduleNo Bar Too Tall; Nominal Near-Term Maturities

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

($ in billions)

Line of Credit Capacity (3)

$1.9 Bn

Note: As of June 30, 2017 except as noted. 1) Represents Digital’s pro rata share of four unconsolidated joint venture loans.2) Pro forma for the July issuance of £250M 2.75% notes due 2024 and £350M 3.30% notes due 2029 based upon an exchange rate of £1 to $1.3014 as of August 11, 2017. Pro forma for August issuance of the $350M 2.75% notes due 2023 and $1 billion 3.70% notes due 2027. 3) Pro forma for the revolver balance of $137.7M as of August 14, 2017.4) Assumes exercise of extension options.

Debt Profile (4)

Weighted Average Debt Maturity 4.9 Yrs

Weighted Average Coupon 3.425%

% Unsecured Debt 99.9%

No Material Maturities until 2020

(1) (2)

(3)

££€

€

£

£

40

Industry-Leading SustainabilityTrack Record and Commitment to Energy Efficiency

Management and organizational commitment to sustainability

• Full time REIT-sustainability expertise in-house

• Senior executive with sustainability management responsibility

• Integrated cross-functional teams

Industry-leading clean energy solutions

• 600 gigawatt-hours of renewable power sourced globally

• #6 in EPA Green Power Partnership Tech and Telecom sector for renewable energy

Award-winning data center designs with third party certification

• 50 green building certifications globally

• 5 new certifications in 2016 including Green Mark Platinum rating for 3 Loyang Way, Singapore

Thought leadership and innovation in energy efficiency

• US DoE Better Building’s Challenge for data centers participant; 20% energy savings by 2024

• The Green Grid board-level and technical committee leadership

Track record of sustainable project investment

• Successfully allocated $493 million of proceeds from data center industry’s first green bond

• Signed long-term contract to purchase 100% renewable energy for US colocation business


41

6.1x 5.9x 5.7x 5.7x 5.6x 5.5x5.1x

4.7x 4.7x

0x

2x

4x

6x

8x

BXP FRT DLR HCP EQR KIM AVB SPG PLD

6.0x 5.9x 5.7x 5.6x 5.5x5.1x 5.1x

4.7x 4.7x

0x

2x

4x

6x

8x

BXP FRT HCP EQR KIM AVB DLR SPG PLD

7.8x

6.6x6.1x

5.4x 5.3x 5.0x4.3x 4.2x 3.9x

0x

2x

4x

6x

8x

10x

PLD AVB SPG DLR FRT KIM BXP EQR HCP

6.1x5.5x

4.6x 4.3x3.5x 3.5x 3.4x

3.1x 2.8x

0x

2x

4x

6x

8x

PLD SPG AVB DLR BXP KIM EQR HCP FRT

Credit Metrics Compare Favorably to Blue Chip REITsCommitted to a Conservative Capital Structure

Interest Coverage (2) (4)

Net Debt + Preferred / LQA Adjusted EBITDA (1) (4)Net Debt / LQA Adjusted EBITDA (1) (4)

Fixed Charge Coverage (3) (4)

Source: Company calculation based on 2Q17 data, unless otherwise indicated, peer metrics derived from public filings by FactSet and SNL Financial Data. Peers may calculate these or similar metrics differently. Please see Appendix for calculation of DLR ratios.

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 for the quarter ended June 30, 2017.3) Calculated as Adjusted EBITDA divided by fixed charges. Fixed charges consist of GAAP interest expense, capitalized interest, DLR share of unconsolidated joint venture debt, scheduled debt principal payments and preferred dividends for the

quarter ended June 30, 2017. 4) Pro forma for the redemption of 7.3 million shares of 6.625% Series F Cumulative Redeemable Preferred Stock in April and settlement of 2.375 million share issuance subject to forward sale agreements in May.


42

MERGERWITH DUPONT FABROSTECHNOLOGY

Note: The slides in this section were originally posted to the Company’s website on June 9, 2017 and have not been updated to reflect changes occurring after that date.

43

Supporting Our Customers’ GrowthFull Spectrum of Data Center Solutions Across a Global Platform

Note: Data as of March 31, 2017 unless otherwise noted. Figures combined to include DuPont Fabros.1) Includes Digital Realty’s investments in fourteen properties held in unconsolidated joint ventures and includes DuPont Fabros’ ACC 9 Phase I, which was placed into service May 1, 2017.2) Excludes 1.5 million square feet of active development and 1.7 million square feet held for future development at Digital Realty. Contribution from DuPont Fabros is based on a gross building area measurement of 3.5 million

square feet and excludes 0.5 million square feet of current development projects, 0.3 million square feet of current development projects – shell only, 0.8 million square feet of future development projects/phases and 1.8 million square feet of land held for development.

157PROPERTIES (1)

33METROPOLITAN AREAS (1)

26MILLION RENTABLE SQ. FT. (1)(2)

12COUNTRIES (1)

COLOCATIONCOLOCATION SCALESCALE HYPER-SCALEHYPER-SCALEINTERCONNECTIONINTERCONNECTION


44

HIGHLY STRATEGIC ANDCOMPLEMENTARY COMBINATION

HIGHLY STRATEGIC ANDCOMPLEMENTARY COMBINATION

Delivers Key Strategic and Financial BenefitsExecution of M&A Game Plan

FINANCIALLYACCRETIVE

• Expected to be accretive to financial metrics

• Attractive pipeline of pre-leased deliveries and development opportunities

FINANCIALLYACCRETIVE

• Expected to be accretive to financial metrics

• Attractive pipeline of pre-leased deliveries and development opportunities

PRUDENTLYFINANCED

• 100% stock-for-stock acquisition

0.545x fixed exchange ratio

Combined ownership: ~77% Digital Realty / ~23% DuPont Fabros(1)

• Improves balance sheet strength

PRUDENTLYFINANCED

• 100% stock-for-stock acquisition

0.545x fixed exchange ratio

Combined ownership: ~77% Digital Realty / ~23% DuPont Fabros(1)

• Improves balance sheet strength

Expected to close in the second half of 2017, subject to customary closing conditions, including DLR and DFT shareholder approvalsExpected to close in the second half of 2017, subject to customary closing conditions, including DLR and DFT shareholder approvals

Enhances Ability to Meet Growing Demand for Hyper-Scale and Public Cloud

Complementary Footprint in Top U.S. Metro Areas

Expands Blue-Chip Customer Base

Cost Efficiencies Expected to Yield $18 million in Annualized Overhead Synergies or $0.08 per Share (1)

Increases Scale and Reach

Enhanced Growth Prospects

1) Based on assumed combined share count of 213.3 million, which is 163.9 million shares for Digital Realty plus 49.4 million shares issued to DuPont Fabros shareholders (based on 90.7mm shares including the acceleration of equity awards at a 0.545x exchange ratio).


45

Transaction OverviewAccretive Acquisition of Quality Assets in Strategic Locations

Source: Based on Agreement and Plan of Merger as of June 8, 2017. Market data as of June 7, 2017.1) Based on assumed combined share count of 213.3 million, which is 163.9 million shares for Digital Realty plus 49.4 million shares issued to DuPont Fabros shareholders (based on 90.7mm shares including the acceleration of

equity awards at a 0.545x exchange ratio).

Transaction Structure

Transaction Structure

CombinedOwnership Shares

Outstanding

CombinedOwnership Shares

Outstanding

Per Share Consideration

Per Share Consideration

Sources and UsesSources

and Uses

Combined Board of Directors

Combined Board of Directors

Anticipated AnnualizedOverhead Synergies

Anticipated AnnualizedOverhead Synergies

Closing Conditions

Closing Conditions

• DuPont Fabros will be merged into a wholly-owned subsidiary of Digital Realty, which will be the surviving entity• DuPont Fabros’ Operating Partnership will be merged into a subsidiary of Digital Realty’s Operating Partnership, with the DuPont

Fabros Operating Partnership being the surviving entity

• DuPont Fabros will be merged into a wholly-owned subsidiary of Digital Realty, which will be the surviving entity• DuPont Fabros’ Operating Partnership will be merged into a subsidiary of Digital Realty’s Operating Partnership, with the DuPont

Fabros Operating Partnership being the surviving entity

• Digital Realty shareholders: ~77%• DuPont Fabros shareholders: ~23%• Approximately 213.3 fully diluted shares outstanding (1)

• Digital Realty shareholders: ~77%• DuPont Fabros shareholders: ~23%• Approximately 213.3 fully diluted shares outstanding (1)

• All stock merger at a fixed exchange ratio of 0.545x• Implied price per share of $64.32 (15.8% premium to share price of $55.54 as of June 7, 2017)• All stock merger at a fixed exchange ratio of 0.545x• Implied price per share of $64.32 (15.8% premium to share price of $55.54 as of June 7, 2017)

SourcesEquity Issued by Digital Realty: $5.8bnAssumed Preferred Equity: $0.2bnDebt and Cash Funding: $1.8bn

Total: $7.8bn

UsesEquity Consideration: $5.8bnAssumed Preferred Equity: $0.2bnAssumed / Repaid Debt and Transaction Costs: $1.8bn

Total: $7.8bn

SourcesEquity Issued by Digital Realty: $5.8bnAssumed Preferred Equity: $0.2bnDebt and Cash Funding: $1.8bn

Total: $7.8bn

UsesEquity Consideration: $5.8bnAssumed Preferred Equity: $0.2bnAssumed / Repaid Debt and Transaction Costs: $1.8bn

Total: $7.8bn

• 10 existing directors from Digital Realty• 2 new directors joining from DuPont Fabros• 10 existing directors from Digital Realty• 2 new directors joining from DuPont Fabros

• Approximately $18 million per year• Approximately $18 million per year

• Digital Realty stockholder vote• DuPont Fabros stockholder vote• Other customary closing conditions

• Digital Realty stockholder vote• DuPont Fabros stockholder vote• Other customary closing conditions


46

HIGH-QUALITY CUSTOMER BASE (4)

GEOGRAPHIC PRESENCE

DuPont Fabros Technology (NYSE: DFT)At-a-Glance

A leading provider of Scale and Hyper-Scale data center offerings, servicing high-quality investment grade customers in top tier metro areas

DATA CENTERS (1)

12IT LOAD (MW) (1)

302OCCUPANCY(Critical Load) (1)(2)

98%Source: DuPont Fabros public filings as of March 31, 2017, unless otherwise noted.1) Includes 14.4MW at ACC9 Phase I, which was 70% pre-leased as of April 27, 2017 and placed into service May 1, 2017.2) Occupancy on a critical load basis.3) Based on current development projects as of June 2017. Excludes ACC9 Phase I, which was placed into service May 1, 2017.4) Based on percentage of 1Q17 revenue by S&P credit ratings as of March 31, 2017. Based on sub lessee credit rating where

applicable.5) Includes investment grade customers and Facebook.

Source: DuPont Fabros public filings as of March 31, 2017, unless otherwise noted.1) Includes 14.4MW at ACC9 Phase I, which was 70% pre-leased as of April 27, 2017 and placed into service May 1, 2017.2) Occupancy on a critical load basis.3) Based on current development projects as of June 2017. Excludes ACC9 Phase I, which was placed into service May 1, 2017.4) Based on percentage of 1Q17 revenue by S&P credit ratings as of March 31, 2017. Based on sub lessee credit rating where

applicable.5) Includes investment grade customers and Facebook.

1 29

Core Metros

Expansion Metros

Investment Grade or Equivalent

70%

Non-Investment Grade

30%

(5)

DEVELOPMENTS(Properties / MW) (3)

6 / 79


47

Extends Footprint in Top U.S. Metro AreasEnhanced Ability to Meet Customer Demand in Attractive Locations

COMBINED DLR FOOTPRINT (1)(2)COMBINED DLR FOOTPRINT (1)(2)CURRENT DLR FOOTPRINT (1)CURRENT DLR FOOTPRINT (1)TOP TIER U.S. METRO AREAS TOP TIER U.S. METRO AREAS

Northern VirginiaNorthern Virginia

ChicagoChicago

SiliconValleySiliconValley

2.2mmSpace (NRSF)

2.2mmSpace (NRSF)

90Power (MW)

90Power (MW)

97%OCCUPANCY

17DATA CENTERS

17DATA CENTERS

1.7mmSpace (NRSF)

1.7mmSpace (NRSF)

52Power (MW)

52Power (MW)

91%OCCUPANCY

5DATA CENTERS

5DATA CENTERS

1.7mmSpace (NRSF)

1.7mmSpace (NRSF)

47Power (MW)

47Power (MW)

96%OCCUPANCY

15DATA CENTERS

15DATA CENTERS

4.4mmSpace (NRSF)

4.4mmSpace (NRSF)

292Power (MW)

292Power (MW)

97%OCCUPANCY(3)

26DATA CENTERS

26DATA CENTERS

2.5mmSpace (NRSF)

2.5mmSpace (NRSF)

116Power (MW)

116Power (MW)

94%OCCUPANCY(3)

7DATA CENTERS

7DATA CENTERS

2.1mmSpace (NRSF)

2.1mmSpace (NRSF)

84Power (MW)

84Power (MW)

96%OCCUPANCY(3)

16DATA CENTERS

16DATA CENTERS

Note: Data as of March 31, 2017, unless otherwise noted. Includes 14.4MW at ACC9 Phase I, which was 70% pre-leased as of April 27, 2017 and placed into service May 1, 2017.1) Excludes investments held in unconsolidated joint ventures and properties under active development and held for future development.2) DuPont Fabros NRSF equal to company’s reported gross building area. Gross building area is the entire building area, including CRSF (the portion of gross building area where customers‘ computer servers are located),

common areas, areas controlled by DuPont Fabros (such as the mechanical, telecommunications and utility rooms) and, in some facilities, individual office and storage space leased on an as-available basis to customers.3) DuPont Fabros’ occupancy calculated as weighted average of DuPont Fabros’ gross building area and computer room square feet percent leased as of April 1, 2017. Digital Realty’s occupancy represents the weighted average

of Digital Realty’s net rentable square foot and occupancy, which is calculated based on factors in addition to contractually leased square feet, including available power, required support space and common areas.


48

NORTHERN VIRGINIANORTHERN VIRGINIA CHICAGOCHICAGO SILICON VALLEYSILICON VALLEY

Complementary Campus StrategyClose Proximity Allows for Synergies

2626 DATA CENTERS (1)DATA CENTERS (1)

2020 MILERADIUSMILERADIUS





DIGITAL REALTY DUPONT FABROS

Note: Data as of March 31, 2017, unless otherwise noted. Figures combined to include DuPont Fabros. Includes 14.4MW at ACC9 Phase I, which was 70% pre-leased as of April 27, 2017 and placed into service May 1, 2017.1) Excludes investments held in unconsolidated joint ventures and properties under active development and held for future development.


49

$15.2

$14.6

$14.0

$4.8

$3.6

Microsoft

Amazon AWS

IBM Cloud

Oracle

SAP

1Q17 Annualized Cloud Revenues (1)

$ in billions

$7.2 $7.5 $10.0

$16.5

$21.1 $21.1

$25.3

2010 2011 2012 2013 2014 2015 2016

HYPER-SCALE CLOUD CAPITAL EXPENDITURES (1)

$ in billions

Meeting Growing Demand for Hyper-ScaleStrong Demand Across Major Cloud Service Providers

Home to the CloudServicing a growing demand for clouddeployments

CLOUD CUSTOMERS% of ABR (2)

CURRENT

23%DUPONT (3)

42%COMBINED

26%Note: As of March 31, 2017, unless otherwise noted. Represents consolidated portfolio plus managed unconsolidated joint ventures based on ownership percentage. 1) Source: DuPont Fabros investor presentation dated June 2017. AMZN, MSFT, GOOGL, IBM, ORCL, SAP and BABA company documents.2) Calculation based on annualized base rents (monthly contractual cash base rent before abatements under existing leases as of March 31, 2017

multiplied by 12). DuPont Fabros figures as of April 1, 2017.3) Represents cloud customers as a percent of annualized base rent for top 15 tenants as of April 1, 2017. Cloud classification according to Digital

Realty’s customer classification where applicable.

Note: As of March 31, 2017, unless otherwise noted. Represents consolidated portfolio plus managed unconsolidated joint ventures based on ownership percentage. 1) Source: DuPont Fabros investor presentation dated June 2017. AMZN, MSFT, GOOGL, IBM, ORCL, SAP and BABA company documents.2) Calculation based on annualized base rents (monthly contractual cash base rent before abatements under existing leases as of March 31, 2017

multiplied by 12). DuPont Fabros figures as of April 1, 2017.3) Represents cloud customers as a percent of annualized base rent for top 15 tenants as of April 1, 2017. Cloud classification according to Digital

Realty’s customer classification where applicable.


50

TOP 20 CUSTOMERSCombined (As of March 31, 2017)

Expands Blue-Chip Customer BaseHigh Credit Quality Cash Flows

CUSTOMER TYPECombined (% of ABR) (1)

Cloud26%

Information

Technology21%

Content16%

Network14%

Financial13%

Enterprise10%

CREDIT RATINGCombined (% of ABR) (1)(3)


11 46 2.0%

12 (2) 4 1.7%

13 16 1.5%

14 53 1.2%

15 9 1.1%

16 9 1.1%

17 14 1.1%

18 18 1.0%

19 8 1.0%

20 5 0.9%

49.8%


1 24 6.2%

2 15 6.0%

3 13 5.9%

4 49 4.6%

5 7 2.7%

6 20 2.7%

7 14 2.6%

8 6 2.4%

9 6 2.2%

10 6 2.0%

TOP 20 ANNUALIZED BASE RENT

Note: Represents consolidated portfolio plus managed portfolio of unconsolidated joint ventures based on ownership percentage. Includes DuPont Fabros on combined basis based on top 15 tenants as percent of annualized base rents as of April 1, 2017. Direct tenants may be the entities named in this table above or their subsidiaries or affiliates.1) Calculation based on annualized base rents (monthly contractual cash base rent before abatements under existing leases as of March 31, 2017 multiplied by 12). Customer type classified to match

Digital Realty’s classification where applicable.2) Yahoo! is comprised of a lease at DuPont Fabros’ ACC4 that has been fully subleased to another DuPont Fabros customer.3) Credit ratings from Moody’s Analytics and reflects credit ratings of customer parent entity. As of March 31, 2017. Figures combined to include DuPont Fabros portfolio.4) Defined as investment grade rated customers and equivalent customers. Investment grade equivalent customers represents Facebook, LinkedIn and Tata Communications.

Non-Investment Grade49%

Investment Grade or

Equivalent51%

Fortune 50 Software Company

Fortune 25 Investment Grade-Rated

(4)

Fortune 500 SaaS Provider


51

$42.9

$34.3

$6.8 $6.8 $5.9 $4.0

EQIX DLRCombined

CONE DFT COR QTS

Leading Data Center REITEnterprise Value and Market Capitalization Comparison

Note: Data as of June 7, 2017, unless otherwise noted.1) Based on each company’s reported TEV as of March 31, 2017. TEV defined as Market Equity Value + Debt + Preferred Stock +

Minority Interest - Cash and Equivalents. Includes subsequent events.2) Based on inclusion in the MSCI U.S. REIT Index (RMZ). For market capitalization purposes, fully diluted shares include shares, units,

options using the treasury method, and any convertible securities.

LARGEST PUBLICLY TRADED U.S. REIT (2)

$ in billions

Equity MarketCompany Capitalization

1. Simon Property Group, Inc. $55.8

2. Public Storage, Inc. 36.8

3. Equinix, Inc. 34.9

4. ProLogis 31.4

5. Welltower, Inc. 27.9

6. AvalonBay Communities, Inc. 26.9

7. Equity Residential 25.7

8. Digital Realty Trust (Combined) 25.2

9. Ventas, Inc. 24.0

10. GGP Inc. 22.3

11. Boston Properties, Inc. 20.9

12. Vornado Realty Trust 18.7

13. Essex Property Trust, Inc. 18.0

14. Realty Income Corporation 15.3

15. HCP, Inc. 15.2

16. Host Hotels & Resorts, Inc. 13.5

17. Mid-America Apartment Communities, Inc. 12.6

18. UDR, Inc. 11.9

19. SL Green Realty Corp. 11.3

20. Alexandria Real Estate Equities, Inc. 10.9

21. Regency Centers Corporation 10.6

22. Duke Realty Corporation 10.4

23. Extra Space Storage, Inc. 10.2

24. Federal Realty Investment Trust 9.2

25. Iron Mountain, Inc. 9.0

DATA CENTER REITS BY TOTAL ENTERPRISE VALUE (1)

$ in billions


52

157

20 43

25 179

35%

45%

55%

65%

10 70 130 190

# of Data Centers

SIZE AND ADJUSTED EBITDA MARGINAs of March 31, 2017

Margin %

88%

70% 65%

48%

31%

DLR Combined COR CONE QTS EQIX

OWNED REAL ESTATE (2)

As Measured by Number of Data Centers (As of March 31, 2017)

Benefits of Size and Scale on DisplayEfficient Cost Structure Drives Industry-Leading Margins

Most comprehensive product suite at the most efficient cost structure

DLR EQIX CONE QTS COR

Note: As of March 31, 2017. Number of data centers represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage. Includes ACC9 Phase I, which was placed into service on May 1, 2017. Equinix includes recently completed acquisition of Verizon assets.1) Based on Q1 2017 public filings and includes sales & marketing expenses. DLR Combined includes $18 million of annualized overhead synergies.2) Percent of total number of data centers. DLR Combined figure excludes joint venture properties from both numerator and denominator.

5%

11% 14%

21%

33%

DLR Combined COR CONE QTS EQIX

G&A (% of Revenue)(1)

As of March 31, 2017

The combined company will own 92% of its real estate based on NOI rather than the number of properties


53

Enhanced Growth ProspectsFuture-Proofing Supply Chain in Proven and New Locations

INCREMENTAL CAPACITY CONTRIBUTED BY DUPONT IN HIGH-DEMAND METRO AREASINCREMENTAL CAPACITY CONTRIBUTED BY DUPONT IN HIGH-DEMAND METRO AREAS

NEW METRO AREA WITH PROVEN DEMAND

NEW METRO AREA WITH PROVEN DEMAND

OPTIONALITY FOR LONG-TERM GROWTH METRO AREA

OPTIONALITY FOR LONG-TERM GROWTH METRO AREA

Space (NRSF)

1.5mm

Power (MW)

96OREGONOREGON

Space (NRSF)

711k

Power (MW)

35TORONTOTORONTO

Space (NRSF)

702k

Power (MW)

68NORTHERNVIRGINIANORTHERNVIRGINIA

Includes 29MW currently under development and 12MW of shell

Space (NRSF)

305k

Power (MW)

27CHICAGOCHICAGO

Includes 27MW currently under development

Source: DuPont Fabros public filings as of March 31, 2017. DuPont Fabros NRSF equal to company’s reported gross building area. Does not include ACC9 Phase I, which was placed in service on May 1, 2017.

Includes 6MW currently under development


54

Strong Combined Capitalization and Balance SheetEnhanced Access and Overall Cost of Capital

Accretive to financial metrics and expected to further improve balance sheet strengthAccretive to financial metrics and expected to further improve balance sheet strength

Note: As of March 31, 2017, unless otherwise noted. 1) Total debt and cash includes development spend and cash flows subsequent to March 31, 2017.2) Pro forma for settlement of 2.375 million forward shares for approximate proceeds of $211 million, which are used to redeem $183 million of Series F Cumulative Preferred Stock and repay $29 million on the revolver.3) Includes assumed transaction expenses. 4) Based on Digital Realty and DuPont Fabros closing stock price as of June 7, 2017.5) Includes capital leases. Combined metrics include $18mm of annualized overhead synergies.


55

Best Practices GovernanceLeadership Fully Aligned with Shareholders

BOARD OF DIRECTORSCOMPOSITION

BOARD OF DIRECTORSCOMPOSITION

SHAREHOLDER-FRIENDLYGOVERNANCE PRACTICES

De-Staggered Board

Majority of our directors' compensation is paid in stock

Each director maintains a sizable investment in Digital Realty

The board and senior management are required to meet minimum stock ownership requirements

Since 2014, the substantial majority of management's long-term incentive compensation plan has been tied to relative total shareholder return

SHAREHOLDER-FRIENDLYGOVERNANCE PRACTICES

De-Staggered Board

Majority of our directors' compensation is paid in stock


The board and senior management are required to meet minimum stock ownership requirements

Since 2014, the substantial majority of management's long-term incentive compensation plan has been tied to relative total shareholder return

De-Staggered Board

Majority of directors' compensation is paid in equity


The Board and senior management are required to meet minimum stock ownership requirements

Substantial majority of management's long-term incentive compensation is tied to relative total shareholder return

Currently 10 directors serving on the Board

Laurence Chapman named Chairman of the Board in May

Six of the ten directors joined in the past four years

Three new directors added in the past year: Mary Hogan Preusse, Mark Patterson and Afshin Mohebbi

As part of the proposed acquisition, the Board will consist of 12 directors (Digital Realty’s ten existing directors plus two directors to be designated by DuPont Fabros)


56

Leading Global Multi-Product Data Center ProviderExtending Advantages for Our Customers

Unmatched Value Proposition

Strengthens Position in Strategic Metro Areas

Improves Customer Base with Creditworthy Tenants

Complementary Businesses with Significant Synergies

Expected to be Accretive to Financial Metrics and Growth

Proven Ability to Execute


57

RECENT RESULTS

Note: The slides in this section were originally posted to the Company’s website on July 27, 2017 and have not been updated to reflect changes occurring after that date.

58

Firm FundamentalsRobust Demand, Rational Supply

Source: Digital Realty internal estimates and datacenterHawk. 1) Market source: datacenterHawk. Excludes owner-occupied data centers. DLR includes only consolidated data centers.2) Calculated as LTM metro area absorption divided by current data center construction.

Demand Outpacing Supply in Top-Tier Data Center Metro AreasDemand Outpacing Supply in Top-Tier Data Center Metro Areas

NORTHERN VIRGINIA DALLAS

Major U.S. Metro AreasHealthy volumes of underway supply in

U.S. major metro areas balanced byhigh leasing velocity

Major U.S. Metro AreasHealthy volumes of underway supply in

U.S. major metro areas balanced byhigh leasing velocity

Healthy Occupancy RatesTight vacancy across all three

metro areas as new inventory is leased upon delivery or shortly thereafter

Healthy Occupancy RatesTight vacancy across all three

metro areas as new inventory is leased upon delivery or shortly thereafter

LTM Absorption Outpacing Construction (2)

LTM metro area absorption = 1.5x current construction

pipelines

LTM Absorption Outpacing Construction (2)

LTM metro area absorption = 1.5x current construction

pipelines

Occupancy Rate (2Q17)

Market (1)

89%

CHICAGOMegawatts Commissioned (1)

DLR(1)

89%Market (1)

96%DLR(1)

94%


Market (1)

93%DLR(1)

91%

1.6x 1.3x 1.4xAbsorption-to-Construction (2)

Absorption-to-Construction (2)

Absorption-to-Construction (2)

21 MW81% Leased

LTM Digital Realty Deliveries

12 MW100% Leased

6 MW50% Leased



Megawatts Commissioned (1) Megawatts Commissioned (1)


597 624 649 673

3Q16 4Q16 1Q17 2Q17

252 262 265 280

3Q16 4Q16 1Q17 2Q17

276 282 293 303

3Q16 4Q16 1Q17 2Q17


59

1Q17 CALL CURRENT Better/

April 26, 2017 July 26, 2017 Worse 2017E 2018E

Global GDP Growth Forecast (1) 2017E: 3.5% 2017E: 3.5% 3.5% 3.6%

U.S. GDP Growth Forecast (1) 2017E: 2.3% 2017E: 2.1% 2.1% 2.1%

U.S. Unemployment Rate (2) 4.5% 4.4% 4.4% 4.2%

Inflation Rate – U.S. Annual CPI Index (2) 2.4% 1.6% 2.1% 2.1%

Crude Oil ($/barrel) (3) $50 $49 $51 $55

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

Three‐Month Libor (USD) (2) 1.2% 1.3% 1.6% 2.3%

10‐Yr U.S. Treasury Yield (2) 2.3% 2.3% 2.6% 3.1%

GBP‐USD (2) 1.28 1.31 1.28 1.31

EUR‐USD (2) 1.09 1.17 1.14 1.15

S&P 500 (2) 2,387 (YTD 7.3%); P/E: 21.7x 2,478 (YTD 11.9%); P/E: 21.5x 19.0x 17.0x

NASDAQ 100 (2) 5,541 (YTD 14.3%); P/E: 26.4x 5,951 (YTD 23.1%); P/E: 26.1x 21.7x 19.0x

RMZ (2)(5) 1,162 (YTD 2.4%); P/E: 16.0x 1,169 (YTD 4.0%); P/E: 16.3x 15.4x N/A

IT Spending Growth Worldwide (6) 2017E: 3.3% 2017E: 3.3% 3.3% 3.3%

Server Shipment Worldwide (7) 2017E: 4.6% 2017E: 4.0% 4.0% 3.2%

Global Data Center to Data Center IP Traffic (8) CAGR 2015 ‐ 2020E: 32% CAGR 2015 ‐ 2020E: 32% CAGR 2015 ‐ 2020E: 32%

Global Cloud IP Traffic (8) CAGR 2015 ‐ 2020E: 30% CAGR 2015 ‐ 2020E: 30% CAGR 2015 ‐ 2020E: 30%

Broadly Supportive Economic Growth OutlookLong-Term Secular Data Center Demand Drivers

Source:1) IMF World Economic Outlook – April 2017 and July 2017.2) Bloomberg.3) Bloomberg, NY Mercantile Exchange WTI Crude Oil (Front Month).4) Nate Silver FiveThirtyEight.com – April 2017.

MA

CRO

ECO

NO

MIC

INT

ERES

T R

AT

ESEQ

UIT

Y

MA

RKET

SIN

DU

STR

Y

5) Citi Investment Research – April 2017 and July 2017.6) Gartner: IT Spending, Worldwide (constant currency), March 2017 and July 2017.7) Gartner: Servers Forecast Worldwide, April 2017 and July 2017.8) Cisco Global Cloud Index: Forecast and Methodology, 2015-2020 – November 2016.


60

FINANCIAL RESULTS

61

$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 2Q 3Q 4Q 1Q 2Q

Lumpy but HealthyComprehensive Solutions Support Diverse Customer Base

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

Historical Lease SigningsAnnualized GAAP Base Rent (2)

$ in millions

2009 2010 2011 2012 2013 2014 2015 2016 2017

Product TypeTotal s.f. Signed (1)

Annualized GAAPBase Rent / s.f. (2)

Annualized GAAPBase Rent (2)

Turn-Key Flex® 113,772 $160 $18.2 millionPowered Base Building® - - $0.2 millionColocation 32,937 $233 $7.7 millionNon-Technical 23,386 $29 $0.7 millionInterconnection - - $7.6 million

Total 170,095 $158 $34.4 million


62

$43

$11

$10

$64

2017 2018 2019+ Total Backlog

Healthy Backlog Sets a Solid FoundationFront-End-Loaded Commencement Schedule

$ in millions

Backlog Roll-Forward + Commencement TimingCommencements Total BacklogCurrent Period Backlog Signings

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.

$79

$27 $41

$64

$-

$25

$50

$75

$100

$125

1Q17 Backlog Signings Commencements 2Q17 Backlog


63

PRODUCT TYPE RENEWALS 2Q17 RE-LEASING SPREADS

Turn-Key Flex® Renewed 70,473 square feet of Turn-Key Flex® data centers at

a rental rate increase of 0.3% on a cash basis and a 4.3% increase on a GAAP basis

Powered Base Building®

Renewed 375,631 square feet of Powered Base Building® data centers at a rental rate increase of 15.9% on a cash basis and a 24.5% increase on a GAAP basis

Colocation Renewed 121,136 square feet of colocation space at a rental rate increase of 4.9% on a cash basis and 5.0% a GAAP basis

Total

Signed renewal leases representing $65 million of annualized GAAP rental revenue

Rental rates were up on a cash basis by 6.5% and increased by 9.3% on a GAAP basis

Cycling Through Peak Vintage RenewalsPositive Mark-to-Market Across All Property Types

Note: Total represents Turn-Key Flex®, Powered Base Building®, Colocation, and Non-Tech leases signed during the quarter ended June 30, 2017.

0.3%CASH

4.3%GAAP

15.9%CASH

24.5%GAAP

4.9%CASH

5.0%GAAP

6.5%CASH

9.3%GAAP


64

U.S. Dollar Index

Putting Exposure in PerspectiveBenefits of Scale and Diversification on Display

0.5% GBP+/- 10%

0.5% GBP+/- 10%

0.2%

EUR+/- 10%

0.2%

EUR+/- 10%

0.1% WTI +/- $10 per barrel

0.1% WTI +/- $10 per barrel

0.1%

LIBOR+/- 100 bps

0.1%

LIBOR+/- 100 bps

EXPOSURE BY REVENUE

USD CAD GBP EURO JPY HKD SGD AUD

78%

1% 12%

4%

0%

4%

0%

2%

EXCHANGE RATES (2)

U.S. DOLLAR / POUND STERLING

12%INCREASE

U.S. DOLLAR / EURO

3%INCREASE

Midpoint of Guidance

$5.95 – $6.10

2017 EXPOSURE (1)

Source: Bloomberg.1) Based on the midpoint of 2017 core FFO per share guidance of $5.95 - $6.10.2) Based on average exchange rates for the quarter ending June 30, 2017 compared to average exchange rates for the quarter ending June 30, 2016.

Brexit

U.S. Presidential

Election

2Q16 2Q17


65

9.9%

11.3% 10.8%

12.4%

3.1% 3.8%

8.5%

10.2%

5.3%

7.1%

0%

5%

10%

15%

1Q17 / 1Q16 Revenue Growth

1Q17 / 1Q16 Adj. EBITDA

Growth

1Q17 / 1Q16 Same-Capital Cash

NOI Growth

1Q17 / 1Q16 Core FFO/sh

Growth

2017E / 2016Core FFO/sh

Growth

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. 1) Net income for the quarter ended June 30, 2017 was $58 million. Net income for the quarter ended June 30, 2016 was $28 million.2) The lighter shaded sections represent the core FFO and constant-currency core FFO per share guidance ranges. The midpoints of 2017 core FFO and constant-currency core FFO represent

5.3% and 7.1% growth over 2016 results, respectively.

(1) (2)(1) (1)

4Q16 / 4Q15Revenue Growth

2Q17 / 2Q16 Revenue Growth

2Q17 / 2Q16 Adj. EBITDA

Growth (1)

2Q17 / 2Q16 Same-Capital Cash

NOI Growth (1)

2Q17 / 2Q16 Core FFO/sh

Growth (1)

2017E / 2016 Core FFO/sh

Growth (2)

As Reported Constant-Currency


66

Four Quarter Two-StepBeat, Dip, Shuffle, Bounce

Series F Preferred Stock redemption in April 2017

Note: Based on management estimates; actual performance may differ materially. Core FFO is a non-GAAP financial measure. For a description and reconciliation to the closest GAAP equivalents, please see the Appendix.


67

Closing the GAAP on Straight-Line RentConsistently Improving Quality of Earnings

($ in millions)

$22.7$21.3

$19.9

$17.6$18.6

$13.4$14.5

$13.6$9.5

$7.4

$5.5 $6.0$5.2

$4.1

$2.1

6.0% 5.5%

5.0%

4.3%4.5%

3.3%3.5%

3.1%

1.9%

1.5%1.1% 1.1% 0.9%

0.7%0.4%

0%

1%

2%

3%

4%

5%

6%

$0

$5

$10

$15

$20

$25

4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

Straight-Line Rental Revenue Straight-Line Rent as % of Revenue


68

Recent Credit EventsBolstering the Balance Sheet

1) Plus all accrued and unpaid dividends up to, but not including the redemption date in an amount equal to $0.0184 per share, for a total payment of $25.0184 per share.

April 5, 2017Preferred Stock Redemption$182.5 million

April 5, 2017Preferred Stock Redemption$182.5 million

1• Redeemed all 7.3 million outstanding shares of the 6.625% Series F Cumulative Redeemable

Preferred Stock at par value of $25 per share (1)

May 19, 2017Forward Equity Settlement$211 million

May 19, 2017Forward Equity Settlement$211 million

2• Settled remaining 2.375 million shares of the forward equity offering for proceeds of $211

million

• Last remaining portion of the 14.375 million shares subject to forward sale agreements entered into in May 2016 in connection with the European Portfolio Acquisition

May 22, 2017Euro Note Private Placement€125 million

May 22, 2017Euro Note Private Placement€125 million

3• Executed on a €125 million two-year FRN transaction on the back of a large reverse inquiry

from a French fund manager

• The interest rate on the notes is 3m€L + 50 bps (floor at 0.00%), representing an initial coupon of 0.169% (half the cost of DLR’s global revolving credit facility – 3m€L+100 bps)

June 29, 2017Joint Venture Secured Refinancing$135 million

June 29, 2017Joint Venture Secured Refinancing$135 million

4• Property: Westin Building Exchange (50/50 joint venture with Clise Properties)

• Amount: Upsized from $110 million to $135 million

• Rate & Term: 3.29%, 10 years

• Amortization: None; interest-only

July 12, 2017Sterling Two Tranche Notes£600 million

July 12, 2017Sterling Two Tranche Notes£600 million

5• Executed on two series of pounds sterling-denominated Guaranteed Notes

• £250 million aggregate principal amount of 2.750% due 2024

• £350 million aggregate principal amount of 3.300% due 2029


69

$0.0 $0.1 $0.1

$1.0

$2.2

$0.8 $0.7 $0.7

$1.0

$0.1 $0.0

$1.0

$2.0

$3.0

2017 2018 2019 2020 2021 2022 2023 2024 2025 Thereafter

Pro Rata Share of JV Debt Unsecured Term Loan Unsecured Senior Notes

Unsecured Global Facility Unsecured Green Bonds Secured Mortgage Debt

Well-Laddered Debt Maturity ScheduleNominal Near-Term Maturities; No Bar Too Tall

Note: As of June 30, 2017. Includes Digital Realty's pro rata share of unconsolidated joint venture debt. 1) Based on DLR closing stock price of $112.44 on July 25, 2017.

DEBT MATURITY SCHEDULECURRENT CAPITAL STRUCTURE (1)

($ in billions)

££€

€


70

Consistent Execution on Strategic VisionDelivering Current Results, Seeding Future Growth

EXECUTING M&A GAME PLAN WITH DUPONT FABROS MERGERStrategic metros, complementary portfolio, immediately accretive, prudently financed

EXCEEDING EXPECTATIONSBeat consensus estimates by five cents

SUPPORTING BROAD-BASED CUSTOMER GROWTHCaptured robust and diverse customer demand from leading service providers across multiple metros

Successful Second Quarter 2017 Initiatives

STRENGTHENING THE BALANCE SHEETSettled forward equity, redeemed high-coupon preferred, raised low-cost, long-term debt


71

APPENDIX

72

$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 2Q 3Q 4Q 1Q 2Q

Robust Long-Term Demand, Lumpy Near-Term SigningsDiverse Customer Base + Product Offerings

Note: Darker shading represents interconnection signings. 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.

Historical Lease Signings Trailing Four-Quarter AverageAnnualized GAAP Base Rent (2)

($ in millions)

2009 2010 2011 2012 2013 2014 2015 2016 2017

Product Type Total s.f. Signed (1)Annualized GAAP Base Rent / s.f. (2)

Annualized GAAP Base Rent (2)

Turn-Key Flex® 164,060 $158 $25.9 million

Powered Base Building® 5,115 $66 $0.3 million

Colocation 30,512 $275 $8.4 million

Non-Technical 24,853 $25 $0.6 million

Interconnection – - $8.2 million

Total 221,983 $195 $43.2 million


73

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

Supply Largely Concentrated in Most Active 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.

(in megawatts)

2Q17

1Q17

(in megawatts)

020406080

100120

Boston Chicago Dallas Houston N Virgina NY Metro Phoenix Silicon Valley


74

AppendixAdditional Information and Where You Can Find It

Digital Realty Trust, Inc. (“Digital Realty”) and DuPont Fabros Technology, Inc. (“DuPont Fabros”) each filed a proxy statement/prospectus on July 10, 2017 in connection with the merger. Investors are urged to read carefully the applicable proxy statement/prospectus and other relevant materials because they contain important information about the merger. Investors may obtain free copies of these documents and other documents filed by Digital Realty or DuPont Fabros with the SEC through the web site maintained by the SEC at www.sec.gov. Investors may obtain free copies of the documents filed with the SEC by Digital Realty by going to Digital Realty’s corporate website at www.digitalrealty.com or by directing a written request to: Digital Realty Trust, Inc., Four Embarcadero Center, Suite 3200, San Francisco, CA 94111, Attention: Investor Relations. Investors may obtain free copies of documents filed with the SEC by DuPont Fabros by going to DuPont Fabros’ corporate website at www.dft.com or by directing a written request to: DuPont Fabros Technology, Inc., 401 9th St. NW, Suite 600, Washington, DC 20004, Attention: Investor Relations. Investors are urged to read the applicable proxy statement/prospectus and the other relevant materials before making any voting decision with respect to the merger.

Digital Realty and its directors and executive officers and DuPont Fabros and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of each of Digital Realty and DuPont Fabros in connection with the merger. Information regarding the interests of these directors and executive officers in the merger will be included in the proxy statement/prospectus referred to above. Additional information regarding certain of these persons and their beneficial ownership of Digital Realty common stock is also set forth in the Definitive Proxy Statement for Digital Realty’s 2017 Annual Meeting of Stockholders, which has been filed with the SEC. Additional information regarding certain of these persons and their beneficial ownership of DuPont Fabros common stock is set forth in the Definitive Proxy Statement for DuPont Fabros’ 2017 Annual Meeting of Stockholders, which has been filed with the SEC.

Digital Realty Trust, Inc. (“Digital Realty”) and DuPont Fabros Technology, Inc. (“DuPont Fabros”) each filed a proxy statement/prospectus on July 10, 2017 in connection with the merger. Investors are urged to read carefully the applicable proxy statement/prospectus and other relevant materials because they contain important information about the merger. Investors may obtain free copies of these documents and other documents filed by Digital Realty or DuPont Fabros with the SEC through the web site maintained by the SEC at www.sec.gov. Investors may obtain free copies of the documents filed with the SEC by Digital Realty by going to Digital Realty’s corporate website at www.digitalrealty.com or by directing a written request to: Digital Realty Trust, Inc., Four Embarcadero Center, Suite 3200, San Francisco, CA 94111, Attention: Investor Relations. Investors may obtain free copies of documents filed with the SEC by DuPont Fabros by going to DuPont Fabros’ corporate website at www.dft.com or by directing a written request to: DuPont Fabros Technology, Inc., 401 9th St. NW, Suite 600, Washington, DC 20004, Attention: Investor Relations. Investors are urged to read the applicable proxy statement/prospectus and the other relevant materials before making any voting decision with respect to the merger.

Digital Realty and its directors and executive officers and DuPont Fabros and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of each of Digital Realty and DuPont Fabros in connection with the merger. Information regarding the interests of these directors and executive officers in the merger will be included in the proxy statement/prospectus referred to above. Additional information regarding certain of these persons and their beneficial ownership of Digital Realty common stock is also set forth in the Definitive Proxy Statement for Digital Realty’s 2017 Annual Meeting of Stockholders, which has been filed with the SEC. Additional information regarding certain of these persons and their beneficial ownership of DuPont Fabros common stock is set forth in the Definitive Proxy Statement for DuPont Fabros’ 2017 Annual Meeting of Stockholders, which has been filed with the SEC.


75

Appendix

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 real estate transactions, impairment charges, real estate related depreciation and amortization (excluding amortization of deferred financing costs), non-controlling interests in operating partnership 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 Operations (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 and integration expenses, (iii) loss from early extinguishment of debt, (iv) issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration, and legal expenses, (vi) loss on currency forwards 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) straight-line rent revenue, (vi) straight-line rent expense, (vii) above- and below-market rent amortization, (viii) deferred non-cash tax expense, (ix) capitalized leasing compensation, (x) recurring capital expenditures and (xi) 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.


76

Appendix

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, severance-related expense, equity acceleration, and legal expenses, transaction and integration expenses, (gain) on real estate transactions, loss on currency forwards, other non-core expense adjustments, noncontrolling interests, preferred stock dividends and issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding severance-related expense, equity acceleration, and legal expenses, transaction and integration expenses, (gain) loss on real estate transactions, non-cash (gain) on lease termination, loss on currency forwards, other non-core expense adjustments, noncontrolling interests, preferred stock dividends and issuance costs associated with redeemed preferred stock. 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, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating 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 NOISame-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, 2015 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 2016-2017, properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented.


77

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; the merger with DuPont Fabros Technology, Inc. and our expected benefits from the merger, opportunities and strategies, including ROIC, recycling assets and capital, and sources of growth; the expected timing, locations, benefits and product offerings for Service Exchange; 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 and colocation initiatives; organizational initiatives; our expected product offerings; our expected Go-to-Market strategy; joint venture opportunities; 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 store 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 geographies and market opportunities; our expected colocation expansions; 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; the settlement of our forward sales agreements; credit ratings; capitalization rates, or cap rates, potential new locations; the expected impact of our global expansion; dividend payments and our dividend policy; projected financial information and covenant metrics; annualized; core FFO run-rate and NOI Growth; 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; the suitability for our properties and data center infrastructure, delays or disruptions in connectivity, failure of our physical or information system 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; the impact of the United Kingdom’s referendum on withdrawal from the European Union on global financial markets and our business; 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, 2016, 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.

Digital Realty, Telx, Digital Realty Trust, the Digital Realty logo, Turn-Key Flex and Powered Base Building are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other product names, logos, and brands in this presentation are the property of their respective owners. All other company, product and service names and marks used in this presentation are for identification purposes only. Use of these names, logos, and brands does not imply endorsement.


78

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent

June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016

Net income (loss) available to common stockholders 57,837$ 27,951$ 123,982$ 67,076$ Adjustments:

Noncontrolling interests in operating partnership 807 457 1,711 1,120 Real estate related depreciation and amortization (1) 175,010 167,043 348,457 333,955 Real estate related depreciation and amortization related to investment in unconsolidated joint ventures 2,754 2,810 5,511 5,613 Impairment charge on Telx trade name - 6,122 - 6,122 (Gain) loss on sale of properties (380) - 142 (1,097)

FFO available to common stockholders and unitholders 236,028$ 204,383$ 479,803$ 412,789$

Basic FFO per share and unit 1.45$ 1.37$ 2.96$ 2.77$ Diluted FFO per share and unit 1.44$ 1.36$ 2.94$ 2.75$

Weighted average common stock and units outstandingBasic 163,078 149,227 162,281 149,137 Diluted 164,027 150,211 163,271 149,859

(1) Real estate related depreciation and amortization was computed as follows:Depreciation and amortization per income statement 178,111 175,594 354,577 344,610 Impairment charge on Telx trade name - (6,122) - (6,122) Non-real estate depreciation (3,101) (2,429) (6,120) (4,533)

175,010$ 167,043$ 348,457$ 333,955$

Six Months Ended

Digital Realty Trust, Inc. and SubsidiariesReconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO)

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

Three Months Ended


79



FFO available to common stockholders and unitholders -- basic and diluted 236,028$ 204,383$ 479,803$ 412,789$

Weighted average common stock and units outstanding 163,078 149,227 162,281 149,137 Add: Effect of dilutive securities 949 984 990 722 Weighted average common stock and units outstanding -- diluted 164,027 150,211 163,271 149,859


FFO available to common stockholders and unitholders -- diluted 236,028$ 204,383$ 479,803$ 412,789$

Termination fees and other non-core revenues (1) (341) - (376) (91) Significant transaction expenses 14,235 3,615 17,558 5,515 Loss from early extinguishment of debt - - - 964 Costs on redemption of preferred stock 6,309 - 6,309 -

Severance accrual and equity acceleration (2) 365 1,508 1,234 2,956 Equity in earnings adjustment for non-core items (3,285) - (3,285) - Loss on currency forwards - 3,082 - 3,082 Other non-core expense adjustments 24 - 24 (1)

CFFO available to common stockholders and unitholders -- diluted 253,335$ 212,588$ 501,267$ 425,214$

Diluted CFFO per share and unit 1.54$ 1.42$ 3.07$ 2.84$

(1) Includes one-time fees, proceeds and certain other adjustments that are not core to our business.(2) Relates to severance charges related to the departure of company executives.(3) Includes reversal of accruals and certain other adjustments that are not core to our business.

Digital Realty Trust, Inc. and SubsidiariesReconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO)


Three Months Ended Six Months Ended



80



Net income (loss) available to common stockholders 57,837$ 27,951$ 123,982$ 67,076$

Interest 57,582 59,909 113,032 117,170 Loss from early extinguishment of debt - - - 964 Taxes 2,639 2,252 4,862 4,361 Depreciation and amortization 178,111 175,594 354,577 344,610

EBITDA 296,169 265,706 596,453 534,181

Severance accrual and equity acceleration 365 1,508 1,234 2,956 Transactions 14,235 3,615 17,558 5,515 Gain on sale of properties (380) - 142 (1,097) Non-cash gain on lease termination - - - - Equity in earnings adjustment for non-core items (3,285) - (3,285) - Loss on currency forwards - 3,082 - 3,082 Other non-core expense adjustments 24 (1) 24 (1) Noncontrolling interests 920 569 1,945 1,353 Preferred stock dividends 14,505 22,424 31,898 44,848 Issuance costs associated with redeemed preferred stock 6,309 - 6,309 -

Adjusted EBITDA 328,862$ 296,903$ 652,278$ 590,837$

Six Months EndedThree Months Ended

Digital Realty Trust, Inc. and SubsidiariesReconciliation of Net Income Available to Common Stockholders to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

(in thousands)(unaudited)


81



Rental revenues 250,627$ 248,194$ 499,251$ 497,004$ Tenant reimbursements - Utilities 36,924 36,810 72,646 71,805 Tenant reimbursements - Other 16,615 17,778 33,785 35,314 Interconnection and other 49,470 44,286 98,620 87,298

Total Revenue 353,636 347,068 704,302 691,421

Utilities 47,746 46,212 92,234 89,906 Rental property operating 53,925 55,651 110,144 111,642 Property taxes 17,842 17,644 33,774 34,975 Insurance 2,045 1,822 4,021 3,689

Total Expenses 121,558 121,329 240,173 240,212

Net Operating Income 232,078$ 225,739$ 464,129$ 451,209$

Less:Stabilized straight-line rent (5,094)$ (4,345)$ (9,252)$ (7,627)$ Above and below market rent 2,088 2,153 4,208 4,559

Cash Net Operating Income 235,084$ 227,931$ 469,173$ 454,277$


Digital Realty Trust, Inc. and SubsidiariesReconciliation of Same Capital Cash Net Operating Income



82


Digital Realty Trust, Inc. and Subsidiaries


Year EndedDecember 31, 2016

Net income (loss) available to common stockholders 332,088$ Adjustments:

Noncontrolling interests in operating partnership 5,298 Real estate related depreciation and amortization (1) 682,810

Real estate related depreciation and amortization related to investment in unconsolidated joint ventures 11,246 Impairment charge on Telx trade name 6,122 (Gain) loss on sale of properties (169,902) Gain on settlement of pre-existing relationships with Telx -

FFO available to common stockholders and unitholders 867,662$

Basic FFO per share and unit 5.69$ Diluted FFO per share and unit 5.67$

Weighted average common stock and units outstandingBasic 152,360 Diluted 153,086

(1) Real estate related depreciation and amortization was computed as follows:Depreciation and amortization per income statement 699,324 Impairment charge on Telx trade name (6,122) Non-real estate depreciation (10,392)

682,810$

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

Digital Realty Trust, Inc. and Subsidiaries



FFO available to common stockholders and unitholders -- diluted 867,662$

Termination fees and other non-core revenues (3) (33,197) Significant transaction expenses 20,491 Loss from early extinguishment of debt 1,011 Costs on redemption of preferred stock 10,328 Change in fair value of contingent consideration (4) - Severance accrual and equity acceleration (5) 6,208 Loss on currency forwards 3,082 Bridge facility fees - Other non-core expense adjustments (6) 213

CFFO available to common stockholders and unitholders -- diluted 875,798$

Diluted CFFO per share and unit 5.72$

(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.

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


FFO available to common stockholders and unitholders -- basic and diluted 867,662$

Weighted average common stock and units outstanding 152,360 Add: Effect of dilutive securities 726

Weighted average common stock and units outstanding -- diluted 153,086


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Total Debt/Total Enterprise Value QE 06/30/2017

Market value of common equity(i) $18,590,083 Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest)

Liquidation value of preferred equity(ii) 865,000 Total GAAP interest expense 57,582

Total debt at balance sheet carrying value 6,437,620 Capitalized interest 3,770

Total Enterprise Value $25,892,703 GAAP interest expense plus capitalized interest 61,352

Total debt / total enterprise value 24.9%

Debt Service Ratio 5.4x

(i) Market Value of Common Equity

Common shares outstanding 162,183

Common units outstanding 2,403

Total Shares and Partnership Units 164,587 QE 06/30/2017

Stock price as of June 30, 2017 $112.95 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges)

Market value of common equity $18,590,083 GAAP interest expense plus capitalized interest 61,352

Scheduled debt principal payments 135

(ii) Liquidation value of preferred equity ($25.00 per share)Preferred dividends

14,505

Shares O/S Liquidation Value Total fixed charges 75,992

Series G Preferred 10,000 250,000

Series H Preferred 14,600 365,000 Fixed charge ratio 4.3x

Series I Preferred 10,000 250,000

865,000 (iv)

Unsecured Debt/Total Debt QE 06/30/2017

Net Debt/LQA Adjusted EBITDA

QE 06/30/2017 Global unsecured revolving credit facility 563,063

Total debt at balance sheet carrying value $6,437,620 Unsecured term loan 1,520,482

Add: DLR share of unconsolidated joint venture debt 152,812 Unsecured senior notes, net of discount 4,351,148

Add: Capital lease obligations 169,084 Secured Mortgage loans, net of premiums 2,927

Less: Unrestricted cash (22,383) Capital lease obligations 169,084

Net Debt as of June 30, 2017 $6,737,133 Total debt at balance sheet carrying value 6,606,704

Net Debt / LQA Adjusted EBITDA(iii) 5.1x Unsecured Debt / Total Debt 100.0%

(iii) Adjusted EBITDA

Net Debt Plus Preferred/LQA Adjusted EBITDA QE 06/30/2017

Net income available to common stockholders $57,837

Total debt at balance sheet carrying value 6,437,620

Interest expense 57,582 Less: Unrestricted cash (22,383)

DLR share of unconsolidated joint venture interest expense 1,577 Capital lease obligations 169,084

Loss from early extinguishment of debt ‐ DLR share of unconsolidated joint venture debt 152,812

Taxes 2,639 Net Debt as of June 30, 2017 6,737,133

Depreciation and amortization 178,111 Preferred Liquidation Value(iv) 865,000

DLR share of unconsolidated joint venture depreciation 2,754 Net Debt plus preferred 7,602,133

EBITDA 300,500

Net Debt Plus Preferred/LQA Adjusted EBITDA(iii) 5.7x

Severance accrual and equity acceleration and legal expenses 365

Transactions 14,235

Gain on sale of properties (380)

Equity in earnings adjustment for non‐core items (3,285)

Other non‐core expense adjustments 24

Noncontrolling interests 920

Preferred stock dividends 14,505

Issuance costs associated with redeemed preferred stock 6,309

Adjusted EBITDA $333,193

LQA Adjusted EBITDA (Adjusted EBITDA x 4) $1,332,772

Note: For quarter ended June 30, 2017

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Funds from operations (1)

Q217 Q117 FY 2017 Q416 Q316 Q216 Q116 FY 2016 FY2015 FY2014 FY2013 FY2012 FY2011 FY2010 FY2009 FY2008 FY2007 FY2006 FY2005

Net income (loss) available to common stockholders $57,837 $66,145 $123,982 $77,682 $187,330 $27,951 $39,125 $332,088 $217,266 $132,721 $271,583 $171,662 $130,868 $58,339 $47,258 $26,690 $18,907 $16,950 $6,087

Noncontrolling interests in operating partership 807 904 1,711 1,154 3,024 457 663 5,298 4,442 2,764 5,366 6,157 6,185 3,406 3,432 2,329 3,753 12,570 8,268 Real estate related depreciation and amortization (2) 175,010 173,447 348,457 173,523 175,332 167,043 166,912 682,810 563,729 533,823 471,280 378,970 308,547 262,485 196,971 171,657 134,265 90,932 62,171 Real estate related depreciation and amortization related to investment in unconsolidated joint venture 2,754 2,757 5,511 2,823 2,810 2,810 2,803 11,246 11,418 7,537 3,805 3,208 3,688 3,243 4,382 2,339 3,934 796 -Impairment charge related to Telx trade name - - - - - 6,122 - 6,122 (Gain) on contribution of properties to unconsolidated JV

- - - 195 (169,000) - - (168,805) (76,669) (95,404) (115,609) - - - - - - - -

(Gain) loss on sale of property (380) 522 142 - - - (1,097) (1,097) (17,935) (15,945) - (2,325) - - - - (18,049) (18,096) -(Gain) on settlement of pre-existing relationship with Telx - - - - - - - - (14,355)Impairment of investments in real estate - - - - - - - - - 126,470 - - - - - - - - -Funds from operations (FFO) $236,028 $243,775 $479,803 $255,377 $199,496 $204,383 $208,406 $867,662 $687,896 $691,966 $636,425 $557,672 $449,288 $327,473 $252,043 $203,015 $142,810 $103,152 $76,526 Funds from operations (FFO) per diluted share $1.44 $1.50 $2.94 $1.58 $1.31 $1.36 $1.39 $5.67 $4.91 $3.63 $4.74 $4.44 $4.06 $3.39 $2.93 $2.59 $2.02 $1.61 $1.37 Net income (loss) per diluted share available to common stockholders $0.36 $0.41 $0.77 $0.49 $1.25 $0.19 $0.27 $2.20 $1.61 $1.39

$2.12 $1.48 $1.32 $0.68 $0.61 $0.41 $0.36 $0.47 $0.25

Funds from operations (FFO) $236,028 $243,775 $479,803 $255,377 $199,496 $204,383 $208,406 $867,662 $687,896 $691,966 $636,425 $557,672 $449,288 $327,473 $252,043 $203,015 $142,810 $103,152 $76,526

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12/31/16 12/31/15 12/31/14 12/31/13 12/31/12 12/11/11 12/31/10 12/31/09

FFO available to common stockholders and unitholders -- diluted 867,662$ 687,895$ 696,691$ 652,626$ 583,486$ 484,959$ 370,291$ 289,915$

Termination fees and other non-core revenues (2) (33,197) 680 (5,668) (402) (9,034) (2,953) (4,446) 463 Gain on insurance settlement - - - (5,597) - - - - Gain on sale of investment - - (14,551) - - - - Significant transaction expenses 20,491 17,400 1,303 4,605 11,120 5,654 6,381 720 Loss from early extinguishment of debt 1,011 148 780 1,813 303 1,088 3,529 - Issuance costs associated with redeemed preferred stock 10,328 - - - - - 6,951 - Significant property tax adjustments, net - - - - - - (1,835) (1,882) 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) 6,208 5,146 12,690 - - - - -

Bridge facility fees (5) - 3,903 - - - - Loss on currency forwards 3,082 Other non-core expense adjustments (6) 213 75,261 2,692 63 1,260 174 (48) -

CFFO available to common stockholders and unitholders -- diluted 875,798$ 746,157$ 686,687$ 658,835$ 586,084$ 488,922$ 380,823$ 289,216$

Diluted CFFO per share and unit 5.72$ 5.26$ 4.96$ 4.78$ 4.46$ 4.09$ 3.49$ 2.92$

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

(5) Bridge facility fees included in interest expense.

Year Ended

(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 the earnout related to Sentrum by approximately $44.8 million. The adjustment was the result of an evaluation by management that no 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).

(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.

(unaudited)

Digital Realty Trust, Inc. and SubsidiariesReconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO)

(in thousands, except per share and unit data)


86


December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015

Net income (loss) available to common stockholders 77,682$ (40,039)$ 332,088$ 217,266$

Interest 56,226 61,717 236,480 201,435 Loss from early extinguishment of debt 29 - 1,011 148 Taxes 2,304 268 10,385 6,451 Depreciation and amortization 176,581 172,956 699,324 570,527

EBITDA 312,822 194,902 1,279,288 995,827

Change in fair value of contingent consideration - - - (44,276) Severance accrual and equity acceleration 672 6,125 6,208 5,146 Transactions 8,961 3,099 20,491 17,400 Gain on sale of properties 195 (322) (169,902) (94,604) Non-cash gain on lease termination (29,205) - (29,205) - (Gain) on settlement of pre-existing relationship with Telx - (14,355) - (14,355) Loss on currency forwards - - 3,082 - Other non-core expense adjustments 236 75,269 213 75,261 Noncontrolling interests 1,065 (590) 5,665 4,902 Preferred stock dividends 17,393 24,056 83,771 79,423 Issuance costs associated with redeemed preferred stock - - 10,328 -

Adjusted EBITDA 312,139$ 288,184$ 1,209,939$ 1,024,724$

Digital Realty Trust, Inc. and SubsidiariesReconciliation of Net Income Available to Common Stockholders to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA


Year EndedThree Months Ended

Adjusted EBITDA Calculation($ in thousands) 2016

Total Operating Revenues: $2,142,213Less: Non-Cash Gain on Lease Termination (29,205)Adjusted Operating Revenues $2,113,008

Adjusted EBITDA $1,209,939

Adjusted EBITDA Margin 57.3%


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Funds from operations (1)

Q217

Net income (loss) available to common stockholders $57,837

Noncontrolling interests in operating partership 807

Real estate related depreciation and amortization (2) 175,010 Real estate related depreciation and amortization related to investment in unconsolidated joint venture

2,754 Impairment charge related to Telx trade name -(Gain) on contribution of properties to unconsolidated JV -

(Gain) loss on sale of property (380)

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

Impairment of investments in real estate -

Funds from operations (FFO) $236,028

Funds from operations (FFO) per diluted share $1.44 Net income (loss) per diluted share available to common stockholders $0.36 Funds from operations (FFO) $236,028 Termination fees and other non-core revenues (341)Gain on insurance settlement -Gain on sale of investment -Transaction expenses 14,235 Loss from early extinguishment of debt -Issuance costs associated with redeemed preferred stock 6,309 Straight-line rent expense adjustment attributable to prior periods -Change in fair value of contingent consideration -Equity in earnings adjustment for non-core items (3,285)Severance related accrual, equity acceleration, and legal expenses 365 Bridge facility fees -Loss on currency forwards -Other non-core expense adjustments 24

Core Funds from operations (FFO) $253,335

Core Funds from operations (FFO) $253,335 Non real estate depreciation 3,101 Amortization of deferred financing costs 2,518 Amortization of debt discount 713 Non cash compensation 5,637 Deferred compensation related to equity acceleration -Loss from early extinguishment of debt -

Straight line rents, net -

Non-cash straight-line rent expense adjustment -

Straight-line rent revenue (2,110)

Straight-line rent expense 4,343 Above and below market rent amortization (1,946)

Change in fair value of contingent consideration -Gain on sale of investment -Non-cash tax expense/(benefit) (only disclosed for 2014 - 2017) (1,443)

Capitalized leasing compensation (2,740)

Recurring capital expenditures and tenant improvements -

Capitalized leasing commissions -

Recurring capital expenditures (only disclosed for 2012 - 2017) (26,740)

Internal leasing commissions (only disclosed for 2012 - 2017) (1,355)

Costs on redemption of preferred stock -

Adjusted funds from operations (1) $233,313

(1) Funds from operations and Adjusted funds from operations for all periods presented above include the results of properties sold in 2006 and 2007 — 7979 East Tufts Avenue (July 2006), 100 Technology Center Drive (March 2007) and 4055 Valley View Lane (March 2007).

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

Q217

Depreciation and amortization per income statement $178,111

Depreciation and amortization of discontinued operations -

Non real estate depreciation (3,101)

Impairment charge related to Telx trade name -

$175,010

Weighted-average shares and units outstanding - diluted 164,027

August 2017 digital realty company overview

Investor Relations

Transcript of August 2017 digital realty company overview