Dlr company-overview-march-final-3.4.16

March 2016

2

1 Industry Data center 101

2 Strategy and Overview Introduction and strategic direction

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

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

5 AttractiveGrowth Prospects

Organic growth combined with lease-up opportunity

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

7 ConservativeFinancial Strategy Committed to maintaining a strong balance sheet

8 Recent Results Fourth quarter 2015 highlights

Business HighlightsPositioned to Drive Shareholder Value

Introduction toData Centers

3

Data Center 101What is a Data Center?

4

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

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

Building Shell

HVAC / Mechanical

Battery

Generator

Servers

Raised Floor

Electrical

Site

Electric

Utility Service

Equipment Yard

Customer-Driven Data Center SolutionsDesigned to Address Global Demand

5

TURN-KEY FLEX®

~ 61% of ABR (1) and ~ 31% of NRSF (2)

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

• Digital Realty makes the capital investment in the infrastructure

• Complete in 20 weeks

DLR

POWERED BASE BUILDING®

~ 20% of ABR (1) and ~ 43% of NRSF (2)

• Master-planned facilities with power and network access

• Customer designs, builds and maintains the environment

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

Customer

Note: As of December 31, 2015.1) Percentage of aggregate annualized base rent.2) Percentage of aggregate net rentable square feet.

DLR

DLR

DLR

DLR

DLR

DLR

DLR

DLR

DLR

Customer

Customer

DLR

Customer

Customer

Customer

DLR

DLR

DLR

COLOCATION CONNECTIVITY

Focused PursuitComprehensive Customer Focused Product Suite

6

Connecting customers & partners inside the data center

Connecting across data centers in the same metropolitan area

Privately and securely connecting to cloud services

Enabling Internet peering and multi-cloud access

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

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

Consistent designs and operational environment and consistent power expenses

Leverage optional skilled remote hands and on-site customer support

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

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

Customize data center environment to specific deployment needs

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

SCALE

Mobile Data Traffic (2014 – 2020)

Exabytes Per Month

3 5

8

12

17

24

31

2

12

22

32

2014 2015 2016 2017 2018 2019 2020

Global Data Center Traffic (2013 – 2018)

Zettabytes

1.5 ZB 2.1 ZB

1.6 ZB

6.5 ZB

3.1 ZB

8.6 ZB

–

3

6

9

2013 2018

Traditional Cloud

Global IP Video Traffic (2013 – 2018)

Exabytes Per Month

51 62

76

91

110

132

30

70

110

150

2013 2014 2015 2016 2017 2018

Global IP Traffic (2014 – 2019)

Exabytes Per Month

60 72

88

109

136

168

30

80

130

180

2014 2015 2016 2017 2018 2019

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

7

Internet Video (OTT)

Cloud Mobile

Source: Cisco Visual Networking Index (VNI) and Ericsson Mobility Report.

(Exabytes Per Month)

(Zettabytes) (Zettabytes)

(Exabytes Per Month)

180

Digital RealtyStrategy &

Overview

8

Digital Realty Overview (NYSE: DLR)Leading Data Center REIT

9

16th Largest Publicly-

TradedU.S. REIT (1)

Investment Management Approach Focused on Return on Invested Capital

High Quality Customer Base with 1,600+ customers, including global

companies across various industries

25.6 million rentable square feet (3)

Equity Market Capitalization:

$12.2 Billion (4)

ENTERPRISE VALUE:

$19.7 Billion (4) BBB Baa2 BBB

InvestmentGrade

Ratings (5)

139 Properties WorldwideDiversified portfolio of properties and

customers, located in over 30 metropolitan areas throughout North America, Europe, Asia, and Australia (2)

1) U.S. REITs within the RMZ. Source: companies’ financials based on latest public filings. Based on equity market capitalization as of March 1, 2016. 2) As of December 31, 2015. Includes investments in fourteen unconsolidated joint ventures.3) Includes 1.3 million square feet of active development & 1.3 million square feet held for future development4) As of December 31, 2015, unless otherwise noted. Includes DLR’s share of four unconsolidated JV loans. Pro forma for the payoff of the Series C Pru Shelf Notes and payoff of the mortgage loans for 8025 North

Interstate 35 and 600 West Seventh St. Pro forma for the refinance of the Global Revolving Credit Facility and Term Loan. As of March 1, 2016, $1.2B of the Term Loan was fixed rate and $385.4M was floating rate. Global Revolving Credit Facility balance Was $515.9M, net of unrestricted cash of $61.5M, excluding letters of credit totaling $9.9M as of March 1, 2016. Closing stock price was $81.73 as of March 1, 2016

5) These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.

1 SUPERIOR RETURNS

Deliver superior risk-adjusted total shareholder returns

2 CAPITAL ALLOCATION

Prudently allocate capital to opportunistically extend global campus footprint

3 PRODUCT OFFERINGS

Drive higher returns on the asset base by diversifying product offerings

4 OPERATING EFFICIENCIES

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

Our FocusOur philosophy is to deliver superior returns to our

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

constantly growing and evolving data center needs

The Next HorizonThree-Year Guideposts

10

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

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

FINANCIAL SERVICES& OTHER LARGE USERS IT SERVICES

11

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

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

REAL ESTATEEXPERTISE

COMPLEMENTARYPRODUCT MIX

EXPANSIVE GLOBAL REACH

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

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

Seamless delivery of a complementary product mixScale, colocation and connectivity

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

12

Digital Realty DifferentiatorsUnique Ability to Execute on a Global Scale

Leading Global Data Center Platform

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

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

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

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

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

13

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

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

Senior Leadership Team EstablishedDeepening Our Bench, Strengthening Our Culture

ANDREW POWER CHIEF FINANCIAL OFFICER

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

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

JARRETT APPLEBY CHIEF OPERATING OFFICER

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

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

MICHAEL HENRY CHIEF INFORMATION OFFICER

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

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

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

A. WILLIAM STEIN CHIEF EXECUTIVE OFFICER

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

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

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

SCOTT PETERSON CHIEF INVESTMENT OFFICER

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

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

MATT MISZEWSKI SVP, SALES & MARKETING

14

Global

Platform

15

Unmatched Global ScaleProviding Customer Solutions in over 30 Markets

16

Annualized Base Rent by Region (1)

North America 80%

Europe 14%

Asia 6%

Note: Represents consolidated portfolio and investments in our unconsolidated joint ventures.1) Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2015 multiplied by 12.

Top 10 Customers

# Locations% of

Annualized Rent (1)

Weighted Avg. Lease

Term (Months)

23 7.5% 72

51 6.1% 69

13 4.0% 136

9 2.3% 35

36 2.1% 68

4 2.0% 107

8 2.0% 46

14 1.9% 57

10 1.6% 110

15 1.6% 75

Total 31.1%

s

17

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

Customer Type By Percentage

of Annualized Base Rent (1)

(3)

(4)

IT Services 33%

Telecom Network Providers

24%

Financial Services

15%

Other Corp. Enterprise

19%

Internet Enterprise9% (2)

Note: As of December 31, 2015. Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage. 1) Calculation based on annualized base rents (monthly contractual cash base rent before abatements under existing leases as of December 31, 2015 multiplied by 12). 2) Digital Realty’s Internet Enterprise tenants include Amazon, Facebook, Google, Microsoft, Salesforce and Yahoo! occupying approximately 1.2 million square feet.3) Represents leases with IBM and leases with SoftLayer. IBM acquired SoftLayer in July 2013. 4) Represents leases with Savvis Communications Corporation and Qwest Communications International Inc. (or affiliates thereof), which are our direct tenants. CenturyLink, Inc.

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

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

SMACC + NETWORK

FINANCIALSERVICES & OTHER LARGE USERS

IT SERVICES

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

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

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

30%Digital Realty

Standalone

38%Digital

Realty + Telx

38%DigitalRealty

Standalone

33%Digital

Realty + Telx

32%Digital Realty

Standalone

29%Digital

Realty + Telx

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

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

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

18

Source: Company disclosure and management estimates as of June 30, 2015.

FUNNEL APPROACH TOWARDS CUSTOMERS

ADVANCEDSERVICESCloud HostingCloud Apps

MANAGEDSERVICESNetwork SecurityBusiness Continuity

FOUNDATIONAL SERVICESScale / ColocationConnectivityCompliance

Global Service Infrastructure PlatformDeliver Basic Services, Enable Partners

19

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

Customers & Partners

Thousands of

Customers

FOCUSED ON FOUNDATIONAL SERVICES

Network Enabled Colocation Services

• Complete solution with common processes for contracting & support

• Combined industry expertise

• Simplified customer experience

AT&T Colocation Services from Digital Realty

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

AT&T

What is a Good Prospect

Enabling Customers & PartnersStrategic Alliances Bearing Fruit

20

AT&T Network

• Global connectivity

• Network technology leadership

+ =

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

Connected

Campus

Strategy

21

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

22

Connected Campus

COLO

SCALE

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

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

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

Service Aggregations Nodes

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

Server Farms

HigherCapacity

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

data analytics and web hosting• 100+ cabinets

Cloud On-Ramp Campus Ashburn

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

colocation

Proximate Campus Chicago

Connect@Scale suites, Powered Base Building,

Connect@Gateway colocation

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

23

Fiber

Future Building

Data Center

The Digital Economy Lives HereDiverse Customer Base Seeking Scale and Connectivity

24

Analytics

Social

SecurityFinancial

MobileContent

Cloud

CAMPUS LOCATIONS

Ashburn New York Dallas

Singapore

Chicago

Silicon Valley London

IT & Cloud Services Network & Mobility Media & OtherFinancial Services

KEY CUSTOMER ECOSYSTEM

Global Campus Network Attractive Environments for Customers to Land and Grow

25

INTERNET GATEWAY FACILITY CAMPUS CONNECT FACILITY INDIVIDUAL PROPERTY

CUSTOMER FOCUS

• SMACC

• Network Providers• IT Services

• Financial Services

CUSTOMER FOCUS

• SMACC

• Network Providers

• IT Services• Financial Services

CUSTOMER FOCUS

• Customers requiring abundant space and power

FACILITY EXAMPLES FACILITY EXAMPLES FACILITY EXAMPLES

TARGETED CUSTOMER EXAMPLES TARGETED CUSTOMER EXAMPLES TARGETED CUSTOMER EXAMPLES

56 MARIETTA STAtlanta, GA

ASHBURN CAMPUSAshburn, VA

55 MIDDLESEX TURNPIKEBoston, MA

2260 EL SEGUNDO BLVD.El Segundo, CA

350 EAST CERMAKChicago, IL

DALLAS CAMPUSDallas, TX

Colocation

Scale

Facility Classification OverviewInternet Gateway, Campus Connect and Individual Property

26

Attractive

Growth

Prospects

27

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

50%

75%

100%

2009 2010 2011 2012 2013 2014 2015

High Utilization Provides Downside ProtectionSignificant Customer Investment Drives Stable Retention

28

Total Portfolio Occupancy (1)

• Strong tenant retention ratio for data center space –72% based on net rentable square footage (3)

• Average remaining lease term of 5.8 years

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

• Same-capital occupancy was 93.3% as of 4Q15

• High customer deployment costs

A new 1.125 MW data center deployment costs

customers ~ $15 – $30 million (2)

Migration to a new facility costs customers

~ $10 – $20 million (2)

Note: As of December 31, 2015.1) Excludes unconsolidated joint ventures.2) Estimates provided by Align Communications – January 2013.3) Based on the twelve months ended December 31, 2015.4) Operating margin is NOI divided by (rental revenue plus non-utility tenant reimbursements). The numerator includes utility reimbursements and related utility expenses, while the

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

40%

60%

80%

100%

2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15 4Q15

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

Data Center Retention is SolidTenants are Sticky Given Their Capital Investment

Tenant Retention Based on Rentable Square Feet (1)

29

Historical Average = 55%

Historical Average = 83%

1) Represents trailing 12-month average.

14.6%

8.8%

10.4%

14.5% 13.0%

7.2%5.8%

4.5%5.9%

5.0%

10.3%

0%

10%

20%

30%

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Thereafter

TKF PBB Colo Other

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

30

• Average remaining lease term – 5.8 years

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

% of Lease Expirations by Annualized Base Rent (1)

Note: As of December 31, 2015.1) Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage. Annualized base rent represents the monthly

contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2015 multiplied by 12. 2) Excluding acquired leases, for which rent increases vary.

Uninterrupted Growth throughout the CycleCounter-Cyclical Performance Compares Favorably

31

Ten Consecutive Years of Positive Growth

AVB: 6.9%

BXP: 2.6%

EQR: 3.7%

PSA: 10.5%

DLR: 13.1% (2)

SPG: 7.1%

KIM: (3.4)%

2006 – 2016E FFO / Share CAGR (1)

Financial Crisis

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

growth.2) Core FFO per share growth represented for 2012 to present.

0

100

200

300

400

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

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

1) 2016 dividend is based on board approved dividend as of February 17, 2016.2) Dividend yield based on March 1, 2016 closing stock price of $81.73 and annualized 1Q16 announced dividend.3) Data center peers include DFT, COR, CONE, EQIX and QTS. 4) AFFO is a non-GAAP financial measure. For a description of AFFO and a reconciliation to net income, see the Appendix.

Cash Dividend / Share (1)

$1.00 $1.08 $1.17 $1.26$1.47

$2.02

$2.72$2.92

$3.12$3.32 $3.40 $3.52

$0.00

$1.00

$2.00

$3.00

$4.00

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

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

• 12% compound annual dividend growth since 2005

• 4.3% dividend yield (2) compared to RMZ of 4.1% and data center peers of 3.3% (3)

• Dividend Policy

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

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

AFFO (4) payout ratio of 78.2% for FY15

32

Exceptional Risk-Adjusted Growth Track RecordSteady Growth, Low Volatility

33

(15.0%)

0.0%

15.0%

0.0 1.0 2.0(15.0%)

0.0%

15.0%

0.0 1.0 2.0

(Standard Deviation)

(10

-Ye

ar F

FO /

Sh

are

CA

GR

)

(10

–Ye

ar D

ivid

end

/ S

har

e C

AG

R)

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

Consistently Delivered Healthy Growth in FFO and Dividends per Share, with Low Volatility

(Standard Deviation)

DLR DLRAbove-average growth relative to

volatility

Above-average growth relative to

volatility

Below-average growth relative to

volatility

Below-average growth relative to

volatility

Source: Company calculations based on data from SNL Financial and FactSet for the 144 constituents in the MSCI RMS Total Return Index.1) 10-year FFO and dividend per share CAGR calculated using 2015 consensus estimates and 2005 actuals. Standard deviation calculated using annual 10-year FFO per share and

dividend per share growth rates.

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

Adequate Size of the Enterprise $19.7 BnENTERPRISE VALUE (2)

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

Earnings Stability GROWTHIN CORE FFO / SH EACH AND EVERY YEAR

Dividend Record

UNINTERRUPTED GROWTH IN DIVIDENDS PER SHARE

Earnings Growth 14% CAGRIN CORE FFO PER SHARE SINCE 2005

Moderate Price / Earnings Ratio < 15x PRICE / 2016E FFO (2)

Moderate Price to Assets Ratio < 15% PREMIUM TO CONSENSUS NAV (2)

12%CAGR

34

1

2

3

4

5

6

7

05 06 07 08 09 10 11 12 13 14 15

GFC

+

1) Graham, B. (1949). The Intelligent Investor. New York, NY: Harper & Brothers.2) As of December 31, 2015, unless otherwise noted. Includes DLR’s share of four unconsolidated JV loans. Pro forma for the payoff of the Series C Pru Shelf Notes and payoff of the mortgage loans

for 8025 North Interstate 35 and 600 West Seventh St. Pro forma for the refinance of the Global Revolving Credit Facility and Term Loan. As of March 1, 2016, $1.2B of the Term Loan was fixed rate and $385.4M was floating rate. Global Revolving Credit Facility balance Was $515.9M, net of unrestricted cash of $61.5M, excluding letters of credit totaling $9.9M as of March 1, 2016. Closing stock price was $81.73 as of March 1, 2016

PrudentCapital

Allocation

35

KEY INVESTMENT CRITERIA FOR EXPANSION

Disciplined Investment CriteriaGoverned by the Return on Invested Capital

36

Strategic and Complementary

139PROPERTIES

PrudentlyFinanced

30+MARKETS

Financially Accretive

26MILLION RENTABLE SQUARE FEET

Note: As of December 31, 2015.

KEY ELEMENTS OF INVESTMENT UNDERWRITING

Stringent Acquisition CriteriaMarket Fundamentals, Accessibility, Stability and Risk

37

Market Fundamentals

Core markets / major central business districts

Supply & demand dynamics

Customer verticals

Land availability

Construction costs

Utility rates

Financial projections

Accessibility / Internet Proximity

Access to fiber

Access to power

Proximity to major airports

Broadband penetration

Subsea cable landings

Business-Friendly / Stable Locations

Accommodative local utility providers

Ease of doing business

Reasonable entitlement approval process

Low natural disaster-prone areas

Respect for property rights and rule of law

Tax regime

ConservativeFinancial

Strategy

38

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

ORGANIC GROWTHFocus on driving higher same-store NOI growth

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

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

OPERATING EFFICIENCIESCapitalize on operating efficiencies derived from our scale and expertise

STAKEHOLDER ALIGNMENTAlign our team with stakeholders

Financial StrategyPrudent Financial Management, Positioning for Growth

39

Credit Metrics Compare Favorably to Blue Chip REITs

Committed to a Conservative Capital Structure

Interest Coverage (2)

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

Fixed Charge Coverage (3)

40

Source: Company calculation based on 4Q15 data, unless otherwise indicated, derived from public filings by FactSet and SNL Financial Data. Peers may calculate these or similar metrics differently.

1) Adjusted EBITDA is a non-GAAP financial measure. For a description of Adjusted EBITDA, see the Appendix.2) Based on GAAP interest expense plus capitalized interest and excluding bridge facility fees for the quarter ended December 31, 2015.3) Calculated as Adjusted EBITDA divided by fixed charges. Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred dividends and excluding bridge

facility fees for the quarter ended December 31, 2015. See appendix for calculation of DLR ratios.

6.3x

Committed to Conservative Capital StructureMaximizing Capital Markets Options, Minimizing Cost

Leverage Metrics 12/31/15

Net Debt / Adjusted EBITDA (3) 5.2x

Fixed Charge Coverage Ratio (4) 3.3x

Maintain Conservative Leverage (2)

41

$1.5 Bn available under $2.0 Bn multi-currency revolving credit facility (1)

Increased Term Loan from $1 Bn to $1.55 Bn subsequent to year-end

Diversified Sources of Capital

Ample and Growing Liquidity

Access to public and private equity, equity-linked securities, perpetual preferred, investment grade bonds and secured debt

Risk Mitigation

Unsecured Debt / Total Debt: 94.9% (2)

Target variable rate < 20% of total debt

Natural hedge of FX risk through non-USD financings

$2.2 Bn of non-USD debt outstanding (2)

Contemplating potential Euro bond within the next 12 months

DLR Equity Market Capitalization (2) $12.2 Bn

Total Enterprise Value (2) $19.7 Bn

Current Capital Structure (2)

Common Equity62%

Preferred Equity

7%

Fixed Rate Debt26%

Variable Rate Debt5%

1) As of March 1, 2016. The multi-currency revolving credit facility was refinanced in January 2016.2) As of December 31, 2015, unless otherwise noted. Includes DLR’s share of four unconsolidated JV loans. Pro forma for the payoff of the Series C Pru Shelf Notes and payoff of the

mortgage loans for 8025 North Interstate 35 and 600 West Seventh St. Pro forma for the refinance of the Global Revolving Credit Facility and Term Loan. As of March 1, 2016, $1.2B of the Term Loan was fixed rate and $385.4M was floating rate. Global Revolving Credit Facility balance was $515.9M, net of unrestricted cash of $61.5M, excluding letters of credit totaling $9.9M as of March 1, 2016. Closing stock price was $81.73 as of March 1, 2016.

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

4) 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 December 31, 2015.

$0.1 $0.2 $0.1 $0.0

$1.0

$2.2

$0.8 $0.7

$1.0

$0.0

$1.0

$2.0

$3.0

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

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

Unsecured Notes Unsecured Term Loan Unsecured Global Facility

$0.0

(1)

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

(3)

(4) (5)

($ in billions)

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

42

(2)

Revolver Capacity (6)

$1.5 Bn

Debt Profile (7)

Weighted Average Debt Maturity 5.9 Yrs

Weighted Average Coupon 3.7%

% Unsecured Debt 94.4%

Note: Assumes extension options are exercised and pro forma for the refinance of the Global Revolving Credit Facility and Term Loan.

1) Total excludes $439,000 of net loan premiums. Balances and exchange rates as of December 31, 2015. Pro forma for the payoff of the mortgage loans for 8025 North Interstate 35 and 600 West Seventh St.2) Pro forma for the payoff of the Series C Pru Shelf Notes.3) Represents Digital Realty’s pro rata share of four unconsolidated joint venture loans. 4) Term loan balance was $1.5 billion as of March 1, 2016. 5) Global Revolving Credit Facility balance was $515.9 million as of March 1, 2016. The unrestricted cash balance was $61.5 million as of March 1, 2016. 6) Reflects Global Revolving Credit Facility capacity of $2.0 billion less $515.9 million outstanding as of March 1, 2016. 7) As of March 1, 2016.

43

2016 Sources & UsesAmple Liquidity to Fund Future Growth

Development CapEx $0.7 – $0.9

Repayment of Maturing Debt 0.2

Recurring CapEx & Capitalized Leasing Costs

0.1 – 0.2

Total $1.0 – $1.3

(1)

Net Liquidity Expected to Total ~ $1.0 Billion for 2016

Line of Credit Availability $1.0 – $1.2

Bond Issuance and / or Bank Debt 1.3 – 1.8

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

Dispositions 0.0 – 0.2

Total $2.5 – $3.5

Sources Uses

Well capitalized with ample liquidity

($ in billions)

Note: Figures and ranges presented represent company estimates and projections as of December 31, 2015. Actual results may vary materially.

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

RecentResults

44

Note: The slides in this section were originally posted to the Company’s website on February 25, 2016 and have not been updated to reflect any changes occurring after that date.

Achieving Favorable Execution on Capital Recycling

Redeploying Accretively, Enhancing Portfolio Quality

45

Property Kato & Page / Fremont, CA

Sales Price $37.5 million

Sales Price / s.f. $188 / s.f.

Gain (Loss) on Sale $1.2 million

Cap Rate 7.2%

Closing Date January 2016

Property 650 Randolph / Somerset, NJ

Sales Price $9.1 million

Sales Price / s.f. $71 / s.f.

Gain (Loss) on Sale ($0.1 million)

Cap Rate N/A

Closing Date December 2015

-

20

40

60

Boston Chicago Dallas Houston N Virginia NY Metro Phoenix Silicon Valley

Current Supply New Construction Sub-Lease Availablility Digital Realty Inventory

U.S. Major Market Data Center Supply (1)

Fundamentals Firming Across the Board

1) Based on Digital Realty internal estimates.2) Represents Digital Realty’s available finished data center space and available active data center construction.

46

in megawatts 4Q15

3Q15in megawatts

(2)

(2)

-

20

40

60

Boston Chicago Dallas Houston N Virginia NY Metro Phoenix Silicon Valley

Current Supply New Construction Sub-Lease Availablility Digital Realty Inventory

3Q15 CALLOctober 29, 2015

4Q15 CALLFebruary 19, 2016 2016E 2017E

Global GDP Growth Forecast (1) 2016E: 3.6% 2016E: 3.4% 3.4% 3.6%

U.S. GDP Growth Forecast (1) 2016E: 2.8% 2016E: 2.6% 2.6% 2.6%

U.S. Unemployment Rate (2) 5.2% 5.0% 4.8% 4.7%

Inflation Rate – U.S. Annual CPI Index (2) 0.2% 0.7% 1.5% 2.2%

Crude Oil ($/barrel) (3) $49 $32 $36 $41

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

One-Month Libor (USD) (2) 0.2% 0.4% 0.6% 0.9%

10-Yr U.S. Treasury Yield (2) 2.2% 1.7% 2.4% n/a

S&P 500 (2) 2,089 (YTD 1.5%); P/E: 18.7x 1,918 (YTD -6.2%); P/E: 17.3x 14.3x 12.8x

NASDAQ (2) 5,075 (YTD 7.1%); P/E: 29.9x 4,504 (YTD -10.0%); P/E: 38.7x 16.2x 13.9x

RMZ (2)

Average FFO Multiple (5)

1,109 (YTD -0.8%)16.4x

1,038 (YTD -5.7%)14.6x 14.6x n/a

IT Spending Growth Worldwide (6) 2016E: 1.8% 2016E: 1.7% 1.7% 2.6%

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

Global Data Center to Data Center IP Traffic (8) 25%CAGR 2014 – 2019E

25%CAGR 2014 – 2019E

25%CAGR 2014 – 2019E

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

33%CAGR 2014 – 2019E

33%CAGR 2014 – 2019E

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

47

MA

CR

OEC

ON

OM

ICIN

TER

EST

RA

TES

EQU

ITY

M

AR

KET

SIN

DU

STR

Y

1) IMF World Economic Outlook - January 2016.2) Bloomberg - February 2016.3) Bloomberg New York Mercantile WTI Crude Oil - February 2016.4) Moody’s Analytics Presidential Election Model – February 2016.

5) Citi – October 2015 and February 2016.6) Gartner: IT Spending, Worldwide, 4Q15.7) Gartner: Servers Forecast Worldwide, 3Q15 / October 2015 and 4Q15 / December 2015.8) Cisco Global Cloud Index: Forecast and Methodology, 2014-2019 - October 2015.

FinancialResults

M&A ScorecardOn Track to Meet Key 2016 Financial Targets

49

OPERATING REVENUE

2016TARGET

CORE EBITDA (1)

4Q15ACTUAL

1Q15ACTUAL

1) Represents EBITDA adjusted for deferred rent expense and excludes synergies.

EXPENSE SYNERGIES

Completed / On-Track Slightly Behind Off-Track

$83.5 million

$89.5 million

$385+ million

$33.4 million

$30.4 million

$148+ million $15+ million

$0

$20

$40

$60

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

Historical Lease SigningsAnnualized GAAP Base Rent (2)

Sustained Leasing MomentumHunting and Farming

Note: Leasing detail by product type represents leases signed in the fourth quarter of 2015.1) Includes signings for new and re-leased space. 2) GAAP rental revenues include total rent for new leases and expansion. 3) Colocation includes Telx contribution of approximately $6.3 million.

$ in millions

50

2007 2008 2009 2010 2011 2012 2013 2014 2015

Product TypeTotal s.f. Signed (1)

Annualized GAAPBase Rent / s.f. (2)

Annualized GAAPBase Rent (2)

Turn-Key Flex® 168,935 $166 $28.0 million

Powered Base Building® – $0 $1.0 million

Colocation (3) 24,304 $285 $6.9 million

Non-Technical 16,669 $18 $0.3 million

Total 209,938 $172 $36.2 million

Healthy Backlog Sets a Solid FoundationFront-End Loaded in 1H16

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.

1) Expected commencement quarter at time of signing.

$ in millions

51

$84

$64

$12

$8

$

$25

$50

$75

$100

2016 2017 2018+ Total Backlog

Backlog Commencement Timing (1)

Annualized GAAP Base Rent

Note: Represents Turn-Key Flex® and Powered Base Building® leases signed during the quarter ended 12/31/15. Rental rate changes on renewals are calculated as the cash rent from new leases divided by the cash rent from expiring leases, minus one.

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

52

• Signed renewal leases representing $13 million of annualized GAAP rental revenue

• Rental rates on renewals increased by 15% on a cash basis and increased by 40% on a GAAP basis for total data center space

40%GAAP Rent

Change

15%Cash Rent

Change

23%GAAP Rent

Change

(2%)Cash Rent

Change

46%GAAP Rent

Change

20%Cash Rent

Change

• Renewed 12,000 square feet of Turn-Key Flex® data centers at a rental rate decrease of 2% on a cash basis but increase of 23% on a GAAP basis

• Renewed 313,000 square feet of Powered Base Building® data centers at a rental rate increase of 20% on a cash basis and 46% on a GAAP basis

TotalData Center

Turn-KeyFlex®

PoweredBase Building®

$1.30

$1.38

$0.03

$0.02

$0.01 $0.01

$0.01

$1.20

$1.25

$1.30

$1.35

$1.40

4Q15 Core FFOGuidance

G&A TelxOutperformance

Synergies Lower Interest One-Time OpExSavings

4Q15 Core FFOActual

4Q15 Core FFO / Share Reconciliation

4Q15 Core FFO / Share Out-PerformanceLower G&A + Telx Results Drive Upside to Forecast

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

53

6.3%

7.9%

3.4%

9.6%

6.0%

8.3%

10.1%

4.9%

11.9%

9.2%

–

5%

10%

15%

4Q15 / 4Q14Revenue Growth

4Q15 / 4Q14Adj. EBITDA Growth

4Q15 / 4Q14Same-Capital Cash

NOI Growth

4Q15 / 4Q14Core FFO / sh Growth

2015 / 2014Core FFO / Sh Growth

As Reported Constant Currency

Constant-Currency GrowthFX Represents ~ 150-200 bps Drag on Reported Results

1) 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)

54

Includes Telx

Digital Realty Standalone

25%

23.4%21.4% 21.2%

18.9%

Putting Exposure in PerspectiveBenefits of Diversification and Scale on Display

55

HOT BUTTON EXPOSURE BY ABR

FFO CURRENCY EXPOSURE

1.6% ENERGY TENANTS

1.4% UNICORNS

1.3% HOUSTON (2)

2016 CORE FFO EXPOSURE (% OF GUIDANCE) (1)

10% BRITISH POUND

4% EURO

5% OTHER

96%NON-EXPOSED 1.3%

GBP +/- 10%

0.4%EUR +/- 10%

0.1%

WTI +/- $10

per barrel

0.7% LIBOR +/- 100 bps

1) Based on midpoint of 2016 Core FFO per share guidance of $5.45 – $5.60.

2) Includes 0.7% related to energy tenants.

CURRENCY / COMMODITY EXPOSURELESS THAN

3%

Midpoint of Guidance

$5.45 – $5.60

81%US DOLLAR

NOT IMPACTED

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

$21.2$19.9 $19.7

$22.7$21.3

$19.9

$17.6$18.6

$13.4$14.5

$13.6

$9.5

5.9% 5.5%

5.2%

6.0% 5.5%

5.0%

4.3%4.5%

3.3%3.5%

3.1%

1.9%

2%

3%

5%

6%

$0

$10

$20

$30

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

Straight-Line Rental Revenue Straight-Line Rent as % of Revenue$ in millions

56

Closed Telx AcquisitionTruly transformational transaction – strategic, accretive in year one, and prudently financed

Results Surpass ExpectationsReported 4Q15 Core FFO / share of $1.38, above the high end of the forecast range

Set the Stage for Double-Digit AFFO / Share GrowthQuality of earnings improving, growth in cash flow accelerating

Secured Supply ChainProvided significant expansion capacity in Ashburn and entered new target market with Frankfurt land acquisition

Raised the DividendEleventh consecutive year of dividend per-share growth

57

Recreate S&U on

previous page in

Column Graphs

Consistent Execution on Strategic VisionSteady Per-Share Growth in FFO, AFFO and Dividends

Successful 4Q15 Initiatives

Appendix

Definitions of Non-GAAP Financial Measures

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

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

considered an alternative to cash flows from operating, investing or financing activities as a measure of liquidity.

FUNDS FROM OPERATIONS (FFO)

We calculate Funds from Operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT. FFO represents net income (loss) (computed in accordance with GAAP), excluding

gains (or losses) from sales of property, impairment charges, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. Management

uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, 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.

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 FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs, (iii) amortization of debt discount/premium, (iv) non-cash stock-based compensation, (v) non-cash stock-based compensation acceleration,

(vi) loss from early extinguishment of debt, (vii) straight-line rents, net, (viii) above-and below-market rent amortization, (ix) change in fair value of contingent consideration, (x) gain on sale of investment, (xi) non-cash tax expense/(benefit), (xii)

capitalized leasing compensation, (xiii) recurring capital expenditures and (xiv) 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

CORE FUNDS FROM OPERATATIONS (Core FFO)

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

year, captures trends in our core business operating performance. We calculate core FFO by adding to or subtracting from FFO (i) termination fees and other non-core revenues, (ii) gain on sale of investment, (iii) significant transaction expenses, (iv)

loss from early extinguishment of debt, (v) change in fair value of contingent consideration, (vi) equity in earnings adjustment for non-core items, (vii) severance accrual, equity acceleration, and legal expenses and (viii) 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.

NET OPERATING INCOME (NOI) AND CASH NOI

NOI represents rental revenue and tenant reimbursement revenue less utilities, rental property operating expenses, repair and maintenance expenses, property taxes and insurance expenses (as reflected in statement of operations). NOI is commonly

used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. 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.

59

Definitions of Non-GAAP Financial Measures (cont.)

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.

SAME-CAPITAL CASH NOI

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

and excludes properties that were undergoing, or were expected to undergo, development activities in 2014-2015, properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented.

EBITDA AND ADJUSTED EBITDA

We believe that earnings before interest expense, loss from extinguishment of debt, income taxes, depreciation and amortization, and impairment of investments in real estate, or EBITDA, and Adjusted EBITDA (as defined below), are useful

supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, change in fair value of contingent

consideration, severance related accrual, equity acceleration, and legal expenses, transaction expenses, gain (loss) on sale of property, gain on sale of investment, gain on settlement of pre-existing relationship with Telx, other non-core expense

adjustments, noncontrolling interests, and preferred stock dividends. Adjusted EBITDA is EBITDA excluding change in fair value of contingent consideration, severance related accrual, equity acceleration, and legal expenses, transaction expenses,

gain (loss) on sale of property, gain on sale of investment, gain on settlement of pre-existing relationship with Telx, other non-core expense adjustments, noncontrolling interests, and preferred stock dividends. In addition, we believe EBITDA and

Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income

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

EBITDA and Adjusted EBITDA differently than we do; accordingly, our EBITDA and Adjusted EBITDA may not be comparable to such other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only

as supplements to net income computed in accordance with GAAP as a measure of our financial performance.

CORE EBITDA

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

believe that Core EBITDA is a useful supplemental performance measure because it allows investors to view Telx’s performance without the impact of non-cash depreciation and amortization, the cost of debt, deferred rent expenses, stock-based

compensation expenses, sponsor management fees and transaction costs. Core EBITDA is calculated as EBITDA (earnings before interest expenses, interest and other income, income taxes, depreciation and amortization), excluding deferred rent

expense, stock based compensation expense, sponsor management fees and transaction costs. Other companies may calculate Core EBITDA or similar metrics differently; accordingly, the Core EBITDA presented herein may not be comparable to

other companies’ Core EBITDA or similar metrics. Accordingly, Core EBITDA should be considered only as a supplement to net come (loss) computed in accordance with GAAP as a measure of Telx’s operating performance.

60

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent

61

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

Net income (loss) available to common stockholders (40,039)$ (52,289)$ 217,266$ 132,721$

Adjustments:

Noncontrolling interests in operating partnership (708) (1,074) 4,442 2,764

Real estate related depreciation and amortization (1) 170,095 132,100 563,729 533,823 Real estate related depreciation and amortization related to investment in

unconsolidated joint ventures 2,867 2,173 11,418 7,537

Impairment of investments in real estate - 113,970 - 126,470

Gain on sale of properties (322) - (94,604) (15,945)

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

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

FFO available to common stockholders and unitholders 117,538$ 194,880$ 687,896$ 691,966$

Basic FFO per share and unit 0.79$ 1.41$ 4.87$ 5.08$

Diluted FFO per share and unit 0.79$ 1.40$ 4.85$ 5.04$

Weighted average common stock and units outstanding

Basic 148,388 138,327 141,108 136,124

Diluted 149,100 138,757 141,726 138,364

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

Depreciation and amortization per income statement 172,956 133,327 570,527 538,513

Non-real estate depreciation (2,861) (1,227) (6,798) (4,690)

170,095$ 132,100$ 563,729$ 533,823$


FFO available to common stockholders and unitholders 117,538$ 194,880$ 687,896$ 691,966$

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

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

Weighted average common stock and units outstanding 148,388 138,327 141,108 136,124

Add: Effect of dilutive securities (excluding 5.50% exchangeable senior debentures) 712 430 618 282

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

Weighted average common stock and units outstanding -- diluted 149,100 138,757 141,726 138,364

Three Months Ended Year Ended

Year Ended

Digital Realty Trust, Inc. and Subsidiaries

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

(in thousands, except per share and unit data)

(unaudited)

Three Months Ended


62


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

Termination fees and other non-core revenues (3)

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

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

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

Loss from early extinguishment of debt - - 148 780

Change in fair value of contingent consideration (4)

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

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

Severance accrual and equity acceleration (5)

6,125 - 5,146 12,690

Other non-core expense adjustments (6)

79,172 453 79,164 2,692

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

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

(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)

(in thousands, except per share and unit data)

(unaudited)

Three Months Ended Year Ended


63


Net income (loss) available to common stockholders (40,039)$ (52,289)$ 217,266$ 132,718$

Interest 61,717 46,396 201,435 191,085

Loss from early extinguishment of debt - - 148 780

Taxes 268 1,201 6,451 5,238

Depreciation and amortization 172,956 133,327 570,527 538,513

Impairment of investments in real estate - 113,970 - 126,470

EBITDA 194,902 242,605 995,827 994,804

Change in fair value of contingent consideration - (3,991) (44,276) (8,093)

Severance accrual and equity acceleration 6,125 - 5,146 12,690

Transactions 3,099 323 17,400 1,303

Gain on sale of properties (322) - (94,604) (15,945)

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

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

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

Other non-core expense adjustments 75,269 453 75,261 2,692

Noncontrolling interests (590) (961) 4,902 3,232

Preferred stock dividends 24,056 18,455 79,423 67,465

Adjusted EBITDA 288,184$ 242,333$ 1,024,724$ 948,193$


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

(in thousands)

(unaudited)

Year EndedThree Months Ended


64

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

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

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

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

Net loss (6,185)$

Income tax benefit (2,254)

Interest expense, net 283

Depreciation & Amortization 32,429

EBITDA 24,273$

Non-Cash Rent 8,642

Non-Cash Compensation 532

Core EBITDA 33,447$

Note: Results are for the entire quarter ending December 31, 2015

Reconciliation of Core EBITDA(unaudited)

(in thousands)


65


Reconciliation of Same-Capital Cash Net Operating Income

(in thousands)

(unaudited)


Rental revenues 198,704$ 197,950$ 784,946$ 790,245$

Tenant reimbursements - Utilities 34,293 36,242 145,998 151,437

Tenant reimbursements - Other 20,989 19,080 71,486 70,368

Total Revenue 253,986$ 253,272$ 1,002,430$ 1,012,050$

Utilities 35,572$ 37,735$ 151,383$ 157,804$

Rental property operating 20,892 20,103 84,699 78,533

Repairs & maintenance 15,463 17,016 59,670 62,862

Property taxes 16,159 13,537 53,947 56,897

Insurance 1,437 1,466 5,765 5,831

Total Expenses 89,523$ 89,857$ 355,464$ 361,927$

Net Operating Income 164,463$ 163,415$ 646,966$ 650,123$

Less:

Stabilized straight-line rent 2,414$ 6,344$ 10,611$ 26,682$

Above and below market rent 3,050 3,326 12,910 14,023

Cash Net Operating Income 158,999$ 153,745$ 623,445$ 609,418$

Three Months Ended Twelve Months Ended


Total Debt/Total Enterprise Value QE 12/31/2015

Market value of common equity(i )

11,283,833$ Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest)

Liquidation value of preferred equity(i i )

1,335,000 Total GAAP interest expense 61,717

Total debt at balance sheet carrying value 5,934,241 Bridge facility fees (3,903)

Total Enterprise Value 18,553,074$ Capitalized interest 2,955

Total debt / total enterprise value 32.0% GAAP interest expense plus capitalized interest 60,769

(i) Market Value of Common Equity Debt Service Ratio 4.7x

Common shares outstanding 146,384

Common units outstanding 2,833

Total Shares and Partnership Units 149,218

Stock price as of December 31, 2015 75.62$ QE 12/31/2015

Market value of common equity 11,283,833$ Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges)

GAAP interest expense plus capitalized interest 60,769

(ii) Liquidation value of preferred equity ($25.00 per share) Scheduled debt principal payments 1,768

Shares O/S

Liquidation

ValuePreferred dividends

24,056

Series E Preferred 11,500 287,500 Total fixed charges 86,593

Series F Preferred 7,300 182,500

Series G Preferred 10,000 250,000 Fixed charge ratio 3.3x

Series H Preferred 14,600 365,000

Series I Preferred 10,000 250,000

1,335,000 (iv)

Unsecured Debt/Total Debt QE 12/31/2015

Net Debt/LQA Adjusted EBITDA Global unsecured revolving credit facility 967,884

QE 12/31/2015 Unsecured term loan 924,568

Total debt at balance sheet carrying value 5,934,241$ Unsecured senior notes, net of discount 3,738,606

Less: Unrestricted cash (57,053) Secured Mortgage loans, net of premiums 303,183

Net Debt as of December 31, 2015 5,877,188$ Capital lease obligations 60,514

Total debt at balance sheet carrying value 5,994,755

Net Debt / LQA Adjusted EBITDA(i i i )

5.1x

Unsecured Debt / Total Debt 93.9%

(iii) Adjusted EBITDA

Net income (loss) available to common stockholders (40,039)$ Net Debt Plus Preferred/LQA Adjusted EBITDA QE 12/31/2015

Interest 61,717 Total debt at balance sheet carrying value 5,934,241

Taxes 268 Less: Unrestricted cash (57,053)

Depreciation and amortization 172,956 Net Debt as of December 31, 2015 5,877,188

EBITDA 194,902 Preferred Liquidation Value(iv) 1,335,000

Net Debt plus preferred 7,212,188

Severance accrual and equity acceleration and legal expenses 6,125 Net Debt Plus Preferred/LQA Adjusted EBITDA(i i i )

6.3x

Transactions 3,099

Loss on sale of properties (322)

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

Other non-core expense adjustments 75,269

Noncontrolling interests (590)

Preferred stock dividends 24,056

Adjusted EBITDA 288,184$

LQA Adjusted EBITDA (Adjusted EBITDA x 4) 1,152,736$

Note: For quarted ended December 31, 2015

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Forward-Looking Statements

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

management. Such forward-looking statements include statements relating to: our economic outlook; our expected benefits from the acquisition of Telx Holdings, Inc.; opportunities and strategies, including

ROIC, recycling assets and capital, and sources of growth; the expected effect of foreign currency translation adjustments on our financials; business drivers; sources and uses; our expected development

plans and completions, including timing, total square footage, IT capacity and raised floor space upon completion; expected availability for leasing efforts, sales incentive program, mid-market and

colocation initiatives; organizational initiatives; joint venture opportunities; 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 markets and market opportunities; our ability to access the capital markets; expected time and cost savings to our customers; our

customers’ capital investments; our plans and intentions; future data center utilization, utilization rates, growth rates, trends, supply and demand, and demand drivers; datacenter outsourcing trends;

datacenter expansion plans; estimated kW/MW requirements; growth in the overall Internet infrastructure sector and segments thereof; the market effects of regulatory requirements; the replacement cost

of our assets; the development costs of our buildings, and lead times; estimated costs for customers to deploy or migrate to a new data center; capital expenditures; the effect new leases and increases in

rental rates will have on our rental revenues and results of operations; lease expiration rates; our ability to borrow funds under our credit facilities; estimates of the value of our development portfolio; our

ability to meet our liquidity needs, including the ability to raise additional capital; credit ratings; capitalization rates, or cap rates, potential new markets; dividend payments and our dividend policy; projected

financial information and covenant metrics; annualized, projected and run-rate NOI; other forward-looking financial data; leasing expectations; our connected campuses; our key customer ecosystem; our

connectivity initiative; our exposure to tenants in certain industries; our characterization as a defensive stock; 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 our geographic markets; decreases in

information technology spending, including as a result of economic slowdowns or recession; adverse economic or real estate developments in our industry or the industry sectors that we sell to (including

risks relating to decreasing real estate valuations and impairment charges); our dependence upon significant tenants; bankruptcy or insolvency of a major tenant or a significant number of smaller tenants;

defaults on or non-renewal of leases by tenants; our failure to obtain necessary debt and equity financing; 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 infrastructure or services or

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

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

space; difficulties in identifying properties to acquire and completing acquisitions; our inability to acquire off-market properties; our inability to comply with the rules and regulations applicable to reporting

companies; our failure to maintain our status as a REIT; possible adverse changes to tax laws; restrictions on our ability to engage in certain business activities; environmental uncertainties and risks related

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

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

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

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

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