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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

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

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As of March 31, 2017

Share Price (As of June 7, 2017) $64.32 $118.02 $118.02

Total Shares and Partnership Units 90.7 163.9 49.4 213.3

Equity Market Capitalization (4) $5,832 $19,347 $25,179

Preferred Equity (at Liquidation Value) $201 $865 $201 $1,066

Total Debt (at Principal Balance, including Share of JV Debt) 1,642 6,364 1,732 8,096

Less: Cash (82) (15) 82 (15)

Plus: Non-OP Noncontrolling Interest – 7 – 7

Total Enterprise Value $7,594 $26,567 $34,333

LQA Adjusted EBITDA (including Share of JV EBITDA) $341 $1,311 $18 $1,670

Net Debt / Adjusted EBITDA (5) 4.6x 4.9x 4.9x

Net Debt + Preferred / Adjusted EBITDA (5) 5.2x 5.6x 5.5x

Total Debt / Total Enterprise Value 21.6% 23.7% 23.6%

Credit Ratings (Moody's / S&P / Fitch) Ba1 / BB / N/A Baa2 / BBB / BBB

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1Q17 CALL CURRENT Better/

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

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

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

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

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

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

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

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

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

GBP-USD (2) 1.28 1.31 p 1.28 1.31

EUR-USD (2) 1.09 1.17 p 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 p 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 p 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 p 15.4x N/A

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

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

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

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

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4Q16 / 4Q15Revenue Growth

1Q17A 2Q17A RevenueGrowth

Operating ExpenseSeasonality and

Dispositions

Long-TermFinancings

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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

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 partnership 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

Funds from operations (1)

Q217

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

Noncontrolling interests in operating partnership 807

Real estate related depreciation and amortization (2) 175,010

Real estate related depreciation and amortization related to investment in unconsolidated joint

venture2,754

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 expenses14,235

Loss from early extinguishment of debt-

Issuance costs associated with redeemed preferred stock6,309

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