Digital Realty operates data centers globally. It provides three main types of data center solutions: turn-key flex data centers, powered base buildings, and colocation. Digital Realty targets large customers in industries aligned with social/mobile/analytics/cloud/content and networking, IT services, and financial services. It differentiates through its global platform, complementary product mix, and ability to connect data center campuses. Digital Realty aims to deliver superior returns through capital allocation, product offerings, operating efficiencies, and meeting growing demand from customers in the digital economy.

1. March 2016

2. 2
1 Industry Data center 101
2 Strategy and
Overview Introduction and strategic direction
3 Global
Platform Growing world-wide demand from a diversified customer base
4 Connected Campus
Strategy Solving for the complete deployment; land and expand
5 Attractive
Growth Prospects
Organic growth combined with lease-up opportunity
6 Prudent
Capital Allocation Disciplined investment criteria guided by Return on Invested Capital
7 Conservative
Financial Strategy Committed to maintaining a strong balance sheet
8 Recent Results Fourth quarter 2015 highlights
Business Highlights
Positioned to Drive Shareholder Value

3. Introduction to
Data Centers
3

4. Data Center 101
What 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

5. Customer-Driven Data Center Solutions
Designed 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

6. COLOCATION CONNECTIVITY
Focused Pursuit
Comprehensive 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

7. 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 Drivers
Growth 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

8. Digital Realty
Strategy &
Overview
8

9. Digital Realty Overview (NYSE: DLR)
Leading Data Center REIT
9
16th Largest
Publicly-
Traded
U.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
Investment
Grade
Ratings (5)
139 Properties Worldwide
Diversified 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 development
4) 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.

10. 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 Focus
Our 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 Horizon
Three-Year Guideposts
10

11. Who Are Our Target Customers?
Addressing Growing Global Data Center Requirements
SMACC + NETWORK
(Social, Mobile, Analytics, Cloud & Content)
FINANCIAL SERVICES
& OTHER LARGE USERSIT SERVICES
11

12. Our Core Competencies
Capitalizing on our competitive advantages that include large scale campuses,
network-dense interconnection hubs and diversified product offering on a global basis
REAL ESTATE
EXPERTISE
COMPLEMENTARY
PRODUCT MIX
EXPANSIVE
GLOBAL REACH
Critical part of customer
supply chain that starts with
the real estate
Not 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 basis
Campus approach to land and grow our
customers – Singapore, Ashburn, London
and beyond
Seamless delivery of a
complementary
product mix
Scale, colocation and connectivity
Aligning Core Competencies with Customers
Global Real Estate Reach, Complementary Product Mix
12

13. Digital Realty Differentiators
Unique 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

14. • 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 Established
Deepening 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

15. Global
Platform
15

16. Unmatched Global Scale
Providing 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.

17. 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 Base
No 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 Enterprise
9% (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.

18. Our Customers
The Digital Economy Lives Here, in Digital Realty Data Centers
SMACC +
NETWORK
FINANCIAL
SERVICES &
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%
Digital
Realty
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.

19. FUNNEL APPROACH TOWARDS CUSTOMERS
ADVANCED
SERVICES
Cloud Hosting
Cloud Apps
MANAGED
SERVICES
Network Security
Business Continuity
FOUNDATIONAL
SERVICES
Scale / Colocation
Connectivity
Compliance
Global Service Infrastructure Platform
Deliver 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

20. 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 & Partners
Strategic 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

21. Connected
Campus
Strategy
21

22. Multi-Tiered Cloud Architectures
Solving for the Complete Deployment; Land and Expand
22
Connected Campus
COLO
SCALE
Network Access Nodes Higher
Performance• 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
Higher
Capacity
• Large scale computing and storage deployments
• Applications; Back office, cloud and content infrastructure,
data analytics and web hosting
• 100+ cabinets

23. 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 Hubs
Expand, Tether, and Densify Data Center Campuses
23

24. Fiber
Future Building
Data Center
The Digital Economy Lives Here
Diverse Customer Base Seeking Scale and Connectivity
24
Analytics
Social
SecurityFinancial
MobileContent
Cloud

25. 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

26. 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 ST
Atlanta, GA
ASHBURN CAMPUS
Ashburn, VA
55 MIDDLESEX TURNPIKE
Boston, MA
2260 EL SEGUNDO BLVD.
El Segundo, CA
350 EAST CERMAK
Chicago, IL
DALLAS CAMPUS
Dallas, TX
Colocation
Scale
Facility Classification Overview
Internet Gateway, Campus Connect and Individual Property
26

27. Attractive
Growth
Prospects
27

28. 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 Protection
Significant 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.

29. 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 Solid
Tenants 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.

30. 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 Schedule
Consistent, 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.

31. Uninterrupted Growth throughout the Cycle
Counter-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

32. Committed to a Secure and Growing Dividend
Eleven 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

33. Exceptional Risk-Adjusted Growth Track Record
Steady 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-YearFFO/ShareCAGR)
(10–YearDividend/ShareCAGR)
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 DLR
Above-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.

34. Graham’s Golden Rules
Defensive Requirements for the Intelligent Investor (1)
Adequate Size of the Enterprise $19.7 Bn
ENTERPRISE VALUE (2)
Sufficiently Strong Financial Condition BBB / Baa2 / BBB
INVESTMENT GRADE BALANCE SHEET
Earnings Stability GROWTH
IN CORE FFO / SH EACH AND EVERY YEAR
Dividend Record
UNINTERRUPTED GROWTH IN DIVIDENDS PER SHARE
Earnings Growth 14% CAGR
IN 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

35. Prudent
Capital
Allocation
35

36. KEY INVESTMENT CRITERIA FOR EXPANSION
Disciplined Investment Criteria
Governed by the Return on Invested Capital
36
Strategic and
Complementary
139
PROPERTIES
Prudently
Financed
30+
MARKETS
Financially
Accretive
26
MILLION RENTABLE SQUARE FEET
Note: As of December 31, 2015.

37. KEY ELEMENTS OF INVESTMENT UNDERWRITING
Stringent Acquisition Criteria
Market 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

38. Conservative
Financial
Strategy
38

39. INVESTMENT GRADE BALANCE SHEET
Consistently maintain balance sheet positioned for new investment opportunities
ORGANIC GROWTH
Focus on driving higher same-store NOI growth
RISK-ADJUSTED RETURNS
Earn higher risk-adjusted returns on our traditional asset base
BUILD AND EXPAND
Continue to prudently build out campuses and expand our global footprint
OPERATING EFFICIENCIES
Capitalize on operating efficiencies derived from our scale and expertise
STAKEHOLDER ALIGNMENT
Align our team with stakeholders
Financial Strategy
Prudent Financial Management, Positioning for Growth
39

40. 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

41. Committed to Conservative Capital Structure
Maximizing 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 Equity
62%
Preferred
Equity
7%
Fixed Rate Debt
26%
Variable Rate Debt
5%
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.

42. $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 Schedule
No 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. 43
2016 Sources & Uses
Ample 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.

44. Recent
Results
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.

45. 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

46. -
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

47. 3Q15 CALL
October 29, 2015
4Q15 CALL
February 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 Outlook
Data Center Demand Drivers Are a Bright Spot
47
MACROECONOMIC
INTEREST
RATES
EQUITY
MARKETS
INDUSTRY
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.

48. Financial
Results

49. M&A Scorecard
On Track to Meet Key 2016 Financial Targets
49
OPERATING REVENUE
2016
TARGET
CORE EBITDA (1)
4Q15
ACTUAL
1Q15
ACTUAL
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

50. $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 Signings
Annualized GAAP Base Rent (2)
Sustained Leasing Momentum
Hunting 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 Type
Total s.f.
Signed (1)
Annualized GAAP
Base Rent / s.f. (2)
Annualized GAAP
Base 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

51. Healthy Backlog Sets a Solid Foundation
Front-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

52. 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 Renewals
Approaching 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
Total
Data Center
Turn-Key
Flex®
Powered
Base
Building®

53. $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 FFO
Guidance
G&A Telx
Outperformance
Synergies Lower Interest One-Time OpEx
Savings
4Q15 Core FFO
Actual
4Q15 Core FFO / Share Reconciliation
4Q15 Core FFO / Share Out-Performance
Lower 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

54. 6.3%
7.9%
3.4%
9.6%
6.0%
8.3%
10.1%
4.9%
11.9%
9.2%
–
5%
10%
15%
4Q15 / 4Q14
Revenue Growth
4Q15 / 4Q14
Adj. EBITDA Growth
4Q15 / 4Q14
Same-Capital Cash
NOI Growth
4Q15 / 4Q14
Core FFO / sh Growth
2015 / 2014
Core FFO / Sh Growth
As Reported Constant Currency
Constant-Currency Growth
FX 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%

55. Putting Exposure in Perspective
Benefits 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 EXPOSURE
LESS THAN
3%
Midpoint of
Guidance
$5.45 – $5.60
81%
US DOLLAR
NOT IMPACTED

56. Closing the GAAP on Straight-Line Rent
Consistently 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

57. Closed Telx Acquisition
Truly transformational transaction – strategic, accretive in year one, and prudently financed 
Results Surpass Expectations
Reported 4Q15 Core FFO / share of $1.38, above the high end of the forecast range 
Set the Stage for Double-Digit AFFO / Share Growth
Quality of earnings improving, growth in cash flow accelerating 
Secured Supply Chain
Provided significant expansion capacity in Ashburn and entered new target market with Frankfurt land acquisition 
Raised the Dividend
Eleventh consecutive year of dividend per-share growth 
57
Recreate S&U on
previous page in
Column Graphs
Consistent Execution on Strategic Vision
Steady Per-Share Growth in FFO, AFFO and Dividends
Successful 4Q15 Initiatives

58. Appendix

59. 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

60. 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

61. 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$
December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014
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. Reconciliation of Non-GAAP Items
To Their Closest GAAP Equivalent
62
December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014
FFO available to common stockholders and unitholders -- diluted 117,538$ 194,880$ 687,896$ 696,691$
Termination fees and other non-core revenues (3)
- (2,584) 680 (5,668)
Gain on sale of equity investment - (14,551) - (14,551)
Significant transaction expenses 3,099 323 17,400 1,303
Loss from early extinguishment of debt - - 148 780
Change in fair value of contingent consideration (4)
- (3,991) (44,276) (8,093)
Equity in earnings adjustment for non-core items - - - 843
Severance accrual and equity acceleration (5)
6,125 - 5,146 12,690
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.
Digital Realty Trust, Inc. and Subsidiaries
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. Reconciliation of Non-GAAP Items
To Their Closest GAAP Equivalent
63
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$ 132,718$
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$
Digital Realty Trust, Inc. and Subsidiaries
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. Reconciliation of Non-GAAP Items
To Their Closest GAAP Equivalent
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 Non-GAAP Items
To Their Closest GAAP Equivalent
65
Digital Realty Trust, Inc. and Subsidiaries
Reconciliation of Same-Capital Cash Net Operating Income
(in thousands)
(unaudited)
December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014
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

66. Reconciliation of Non-GAAP Items
To Their Closest GAAP Equivalent
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
(ii)
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 ($25.00 per share) Scheduled debt principal payments 1,768
Shares O/S
Liquidation
Value
Preferred dividends
24,056
Series E Preferred 11,500 287,500 Total fixed charges 86,593
Series F Preferred 7,300 182,500
Series G Preferred 10,000 250,000 Fixed charge ratio 3.3x
Series H Preferred 14,600 365,000
Series I Preferred 10,000 250,000
1,335,000
(iv)
Unsecured Debt/Total Debt QE 12/31/2015
Net Debt/LQA Adjusted EBITDA Global unsecured revolving credit facility 967,884
QE 12/31/2015 Unsecured term loan 924,568
Total debt at balance sheet carrying value 5,934,241$ 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
(iii)
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
(iii)
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
66

67. 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.
67