Table of Contents Financial Supplement Second Quarter 2015 Overview PAGE Consolidated Statements of Operations Balance Sheet Information

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2 Table of Contents Second Quarter 205 Overview PAGE Corporate Information 3 Ownership Structure 5 Key Quarterly Financial Data 6 Consolidated Statements of Operations Earnings Release Guidance 0 Consolidated Quarterly Statements of Operations 2 Funds From Operations and Core Funds From Operations 3 Adjusted Funds From Operations 4 Balance Sheet Information Consolidated Balance Sheets 5 Components of Net Asset Value 6 Consolidated Debt Analysis and Global Unsecured Revolving Credit Facility 7 Debt Maturities 8 Debt Analysis & Covenant Compliance 9 Internal Growth Same-Capital Operating Trend Summary 20 Summary of Leasing Activity - Signed 2 Summary of Leasing Activity - Commenced 22 Lease Expirations and Lease Distribution 23 Lease Expirations - By Product Type 24 Top 20 Tenants by Annualized Rent 25 Portfolio Summary 26 Portfolio Overview by Product Type 27 Turn-Key Flex & Colocation Product Overview by Metropolitan Area 28 Occupancy Analysis 29 External Growth Development Lifecycle - Committed Active Development 34 Development Lifecycle - In Service 35 Construction Projects in Progress - Investments 36 Historical Capital Expenditures and Investments in Real Estate 37 Development Lifecycle - Held for Development 38 Acquisitions/ Dispositions/ Joint Ventures 39 Unconsolidated Joint Ventures 40 External Growth Pipeline 4 Definitions Reconciliation of Earnings Before Interest, Taxes, Depreciation, and Amortization and Financial Ratios 45 Management Statements on Non-GAAP Supplemental Measures 46 2

3 Corporate information Second Quarter 205 Corporate Profile Digital Realty Trust, Inc. owns, acquires, develops and manages technology-related real estate. The Company is focused on providing data center and colocation solutions for domestic and international tenants across a variety of industry verticals ranging from financial services, cloud and information technology services, to manufacturing, energy, healthcare, and consumer products. As of June 30, 205, the Company's 32 properties, including 4 properties held as investments in unconsolidated joint ventures, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center tenants. Digital Realty's portfolio is comprised of approximately 2.8 million square feet, excluding approximately.2 million square feet of space under active development and.3 million square feet of space held for future development, located throughout North America, Europe, Asia and Australia. For additional information, please visit the Company's website at Corporate Headquarters Four Embarcadero Center, Suite 3200 San Francisco, California 94 Telephone: (45) Website: Senior Management A. William Stein: Chief Executive Officer Andrew Power: Chief Financial Officer Scott E. Peterson: Chief Investment Officer Jarrett Appleby: Chief Operating Officer Jim Smith: Chief Technology Officer Michael Henry: Chief Information Officer Matthew Miszewski: Senior Vice President, Sales & Marketing Investor Relations To request an Investor Relations package or to be added to our distribution list, please visit our website: (Proceed to Information Request in the Investor Relations section) Analyst Coverage Baird David Rodgers (26) Bank of America Merrill Lynch Stephen Douglas (646) Stephen Dye (32) Barclays Capital Ross Smotrich (22) Burke & Quick Frederick W. Moran (56) Dan Occhionero (22) Canaccord Genuity Greg Miller (22) Matthew Kahn (22) Citigroup Michael Bilerman (22) Cowen Colby Synesael (646) Deutsche Bank Vincent Chao (22) Evercore ISI Jonathan Schildkraut (22) Green Street John Bejjani (949) Emmanuel Korchman (22) Jonathan Charbonneau (646) Michael Husseini (22) Robert Gutman (22) Katherine Corwith (949) Jefferies Jonathan Petersen (22) KeyBanc Jordan Sadler (97) Macquarie Kevin Smithen (22) Morgan Stanley Vance Edelson (22) RBC Capital Markets Jonathan Atkin (45) Omotayo Okusanya (22) Austin Wurschmidt (97) Will Clayton (22) Raymond James Paul D. Puryear (727) Stifel Matthew Heinz (443) UBS Ross Nussbaum (22) William A. Crow (727) Michael Carroll (440) Trent Trujillo (22) This Supplemental Operating and Financial Data package supplements the information provided in our quarterly and annual reports filed with the Securities and Exchange Commission. Additional information about us and our properties is also available on our website 3

4 Corporate Information (Continued) Second Quarter 205 Stock Listing Information The stock of Digital Realty Trust, Inc. is traded primarily on the New York Stock Exchange under the following symbols: Common Stock: Series E Preferred Stock: Series F Preferred Stock: Series G Preferred Stock: Series H Preferred Stock: DLR DLRPRE DLRPRF DLRPRG DLRPRH Note that symbols may vary by stock quote provider. Credit Ratings Standard & Poors Corporate Credit Rating: Preferred Stock: BBB BB+ (Stable Outlook) Moody's Issuer Rating: Preferred Stock: Baa2 Baa3 (Stable Outlook) Fitch Issuer Default Rating: Preferred Stock: BBB BB+ (Stable Outlook) 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 at 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. Common Stock Price Performance The following summarizes recent activity of Digital Realty's common stock (DLR): () High price Low price () Closing price, end of quarter () Average daily trading volume () Indicated dividend per common share Closing annual dividend yield, end of quarter Shares and units outstanding, end of quarter Closing market value of shares and units outstanding (4) 30-Jun-5 3-Mar-5 3-Dec-4 30-Sep-4 30-Jun-4 $69.2 $75.39 $70.92 $67.75 $59.50 $62.76 $63.30 $62.9 $57.64 $5.33 $66.68 $65.96 $66.30 $62.38 $ ,995,28,089,050,258,30,023,635,36 $3.40 $3.40 $3.32 $3.32 $ % 5.2% 5.0% 5.3% 5.7% 38,763,472 38,78,379 38,639,96 38,627,370 38,498,396 $9,252,748 $9,49,864 $9,9,826 $8,647,575 $8,077,226 () New York Stock Exchange trades only. On an annualized basis. As of June 30, 205, the total number of shares and units includes 35,832,492 shares of common stock,,425,34 common units held by third parties and,505,666 common units, vested and unvested long-term incentive units and vested class C units held by officers and directors, and excludes all unexercised common stock options and all shares potentially issuable upon conversion of our series E, series F, series G and series H cumulative redeemable preferred stock upon certain change of control transactions. (4) Dollars in thousands as of the end of the quarter. This Supplemental Operating and Financial Data package supplements the information provided in our quarterly and annual reports filed with the Securities and Exchange Commission. Additional information about us and our properties is also available on our website 4

5 Ownership Structure As of June 30, 205 Second Quarter 205 # of Units 35,832,492,425,34,505,666 38,763,472 Partner Digital Realty Trust, Inc. Cambay Tele.com, LLC Directors, Executive Officers and Others % Ownership 97.9%.0%.% () Reflects limited partnership interests held by our directors, officers, and others in the form of common units, vested and unvested longterm incentive units and vested class C units and excludes all unexercised common stock options. The total number of units includes 35,832,492 general partnership common units,,425,34 common units held by third parties and,505,666 common units, vested and unvested long-term incentive units and vested class C units held by directors, officers, and others, and excludes all unexercised common stock options and all shares potentially issuable upon conversion of our series E, series F, series G and series H cumulative redeemable preferred stock upon certain change of control transactions. This third-party contributor received the common units (along with cash and our operating partnership's assumption of debt) in exchange for their interests in 200 Paul Avenue, 00 Space Park Drive, the exchange colocation business and other specified assets and liabilities. Includes 397,43 common units held by the members of Cambay Tele.com, LLC. 5

6 Key Quarterly Financial Data Unaudited and dollars in thousands, except per share data Second Quarter 205 Shares and Units at End of Quarter Common shares outstanding Common units outstanding Shares and Partnership Units 30-Jun-5 35,832,492 2,930,980 38,763,472 3-Mar-5 35,793,668 2,924,7 38,78,379 3-Dec-4 35,626,255 3,03,66 38,639,96 30-Sep-4 35,503,84 3,24,86 38,627, Jun-4 35,370,06 3,28,380 38,498,396 Enterprise Value Market value of common equity () Liquidation value of preferred equity debt at balance sheet carrying value Enterprise Value debt / total enterprise value $9,252,748,085,000 4,968,826 $5,306, % $9,49,864,085,000 4,87,9 $5,052, % $9,9,826,085,000 4,673,27 $4,949, % $8,647,575,085,000 4,739,729 $4,472, % $8,077,226,085,000 4,859,235 $4,02, % Selected Balance Sheet Data Investments in real estate (before depreciation) Assets Liabilities $0,244,536 9,586,009 5,695,87 $0,20,966 9,408,426 5,550,565 $0,077,342 9,526,784 5,62,546 $0,33,24 9,722,007 5,68,447 $0,352,848 9,864,624 5,730,343 Selected Operating Data operating revenues operating expenses Interest expense Net income (loss) Net income (loss) available to common stockholders $420,295 32,890 46,4 37,997 7,055 $406, ,325 45,466 22,325 0,728 $42,26 308,403 46,396 (34,795) (52,289) $42,86 38,779 48,69 30,6 09,34 $40, ,227 49,46 6,332 4,50 Financial Ratios EBITDA Adjusted EBITDA (4) Net Debt to Adjusted EBITDA (5) GAAP interest expense Fixed charges (6) Interest coverage ratio (7) Fixed charge coverage ratio (8) $297, , $46,4 69, $277, , $45,466 70, $242,605 24, $46,396 72, $296, , $48,69 75, $229, , $49,46 75, Profitability Measures Net income (loss) per common share - basic Net income (loss) per common share - diluted Funds from operations (FFO) / diluted share and unit (9) Core funds from operations (core FFO) / diluted share and unit (9) Adjusted funds from operations (AFFO) / diluted share and unit (0) Dividends per share and common unit Diluted FFO payout ratio () Diluted core FFO payout ratio Diluted AFFO payout ratio (0) Portfolio Statistics Buildings (4) Properties (4) Net rentable square feet, excluding development space (4) Occupancy at end of quarter (5) Occupied square footage Space under active development (6) Space held for development (7) Weighted average remaining lease term (years) (8) Same-capital occupancy at end of quarter (5) (9) $ % 65.4% 84.2% $ % 66.9% 82.3% $(0.39) (0.39) % 65.9% 89.3% $ % 68.0% 86.8% $ % 68.6% 88.9% ,753, % 20,347,649,5,299,27, % ,5, % 20,373,06,223,238,35, % ,46, % 20,640,405,304,853,74, % ,964, % 20,43,569,253,692,247, % ,77, % 20,204,632,395,890,283, % () The market value of common equity is based on the closing stock price at the end of the quarter and assumes 00% redemption of the limited partnership units in our operating partnership, including common units and vested and unvested long-term incentive units (including vested class C units), for shares of our common stock. Excludes shares issuable with respect to stock options that have been granted but have not yet been exercised, and also excludes all shares potentially issuable upon conversion of our series E, series F, series G and series H cumulative redeemable preferred stock upon certain change of control transactions. All periods presented exclude change in fair value of contingent consideration and impairment of investments in real estate in order to provide a more comparable operating expense trend. For total operating expenses, see page 2. EBITDA is calculated as earnings before interest, taxes, depreciation & amortization. For a discussion of EBITDA, see page 46. For a reconciliation of net income available to common stockholders to EBITDA, see page 45. (4) Adjusted EBITDA is EBITDA excluding change in fair value of contingent consideration, severance related accrual, equity acceleration, and legal expenses, impairment of investments in real estate, gain on sale of property, gain on contribution of properties to unconsolidated joint venture, 6

7 Key Quarterly Financial Data Unaudited and dollars in thousands, except per share data Second Quarter 205 noncontrolling interests, and preferred stock dividends. For a discussion of Adjusted EBITDA, see page 46. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 45. (5) Calculated as total debt at balance sheet carrying value less unrestricted cash and cash equivalents, divided by the product of quarterly Adjusted EBITDA multiplied by four. (6) Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred dividends. (7) Interest coverage ratio is Adjusted EBITDA divided by GAAP interest expense plus capitalized interest. (8) Fixed charge coverage ratio is Adjusted EBITDA divided by fixed charges. (9) For a definition and discussion of FFO and core FFO, see page 46. For a reconciliation of net income available to common stockholders to FFO and core FFO, see page 3. (0) All periods presented include internal leasing commissions. For a definition and discussion of AFFO, see page 46. For a reconciliation of FFO to AFFO, see page 4. () Diluted FFO payout ratio is dividends declared per common share and unit divided by diluted FFO per share and unit. Diluted core FFO payout ratio is dividends declared per common share and unit divided by diluted core FFO per share and unit. Diluted AFFO payout ratio is dividends declared per common share and unit divided by diluted AFFO per share and unit. (4) Includes properties held-for-sale and held as investments in unconsolidated joint ventures. (5) Occupancy and same-capital occupancy exclude space under active development and space held for development. Occupancy represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures and non-managed unconsolidated joint ventures. For some of our properties, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. (6) Space under active development includes current Base Building and s projects in progress. See page 34. (7) Space held for development includes space held for future development, and excludes space under active development. See page 38. (8) Weighted average remaining lease term excludes renewal options and is weighted by net rentable square feet. (9) Represents properties owned as of December 3, 203 with less than 5% of total rentable square feet under development. Excludes properties that were undergoing, or were expected to undergo, development activities in , properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool. 7

8 Earnings Release Second Quarter 205 DIGITAL REALTY REPORTS SECOND QUARTER 205 RESULTS San Francisco, Calif. (July 30, 205) -- Digital Realty Trust, Inc. (NYSE: DLR), a leading global provider of data center and colocation solutions, announced today financial results for the second quarter of 205. All per share results are presented on a fully-diluted share and unit basis. Highlights Reported FFO per share of $.26 in 2Q5, compared to $.20 in 2Q4; Reported core FFO per share of $.30 in 2Q5, compared to $.2 in 2Q4; Signed leases during 2Q5 expected to generate $37 million in annualized GAAP rental revenue; Entered into a definitive agreement to acquire Telx, a national provider of data center colocation, interconnection and cloud enablement solutions, for $.886 billion; Executed a common stock offering of 0,500,000 shares at a price of $68 per share subject to forward sale agreements; Revised 205 core FFO per share outlook to $ $5.5 from the prior range of $ $5.3; and Revised 205 "constant-currency" core FFO per share outlook to $ $5.30 from the prior range of $5.8 - $5.28. Financial Results Revenues were $420 million for the second quarter of 205, a 3% increase from the previous quarter and a 5% increase over the same quarter last year. Adjusted EBITDA was $243 million for the second quarter of 205, a 2% increase from the previous quarter and a 4% increase over the same quarter last year. Funds from operations ( FFO ) on a diluted basis was $76 million in the second quarter of 205, or $.26 per share, compared to $.56 per share in the first quarter of 205 and $.20 per share in the second quarter of 204. Excluding certain items that do not represent core expenses or revenue streams, core FFO was $.30 per share for the second quarter of 205 compared to $.27 per share in the first quarter of 205, and $.2 per share in the second quarter of 204. Net income for the second quarter of 205 was $38 million, and net income available to common stockholders was $7 million, or $0.86 per diluted share, compared to $0.75 per diluted share in the first quarter of 205 and $0.3 per diluted share in the second quarter of 204. Leasing Activity Consistent execution on our strategic plan against a backdrop of steadily improving data center fundamentals set the stage for another quarter of solid results, highlighted by new leases representing $37 million in annualized GAAP rental revenue, commented Chief Executive Officer A. William Stein. In mid-july we announced an agreement to acquire Telx, a leading provider of colocation and interconnection data center solutions, and we look forward to leveraging our combined strengths to offer the most comprehensive set of data center solutions on an open, connected, and global platform. We expect the combination of our two complementary platforms to create a powerful connection for our customers and a promising growth opportunity for our shareholders. The weighted-average lag between leases signed during the second quarter of 205 and the contractual commencement date was 2.5 months. In addition to new leases signed, Digital Realty also signed renewal leases representing $23 million of annualized GAAP rental revenue during the quarter. Rental rates on renewal leases signed during the second quarter of 205 rolled up % on a cash basis and up 5% on a GAAP basis. 8

9 Earnings Release Second Quarter 205 New leases signed during the second quarter of 205 by region and product type are summarized as follows: ($ in thousands) Annualized GAAP Rent $27,348 3, $3,083 Square Feet 209,870 5,087 8, ,860 GAAP Rent per Square Foot $ $33 Europe () Turn-Key Flex Colocation Non-Technical $, $2,25,756,43,000 3,899 Asia Pacific () Turn-Key Flex Colocation Non-Technical $4,062 $4,062 Grand $37,270 North America Turn-Key Flex Colocation Non-Technical 7 8 GAAP Rent per Kilowatt $ $45 $ $53 $ $46 24,023 24,023 $69 $ $73 $73 27,782 $37 2 $48 Megawatts Note: s may not foot due to rounding differences. () Based on quarterly average exchange rates during the three months ended June 30, 205. Investment Activity During the second quarter of 205, Digital Realty closed the previously announced sale of 833 Chestnut Street, a 705,000 square foot mixed-use building in downtown Philadelphia, for $6 million, or $228 per square foot. The property was expected to generate cash net operating income of approximately $9.3 million in 205, representing a cap rate of 5.8%. The sale is expected to generate net proceeds of $50 million, and Digital Realty recognized a gain on the sale of approximately $77 million in the second quarter of 205. In April 205, the company acquired a 4.-acre site adjacent to its existing Digital Deer Park campus in Melbourne, Australia, for a purchase price of $2 million. This site is capable of supporting an 86,000 square foot Turn-Key Flex data center building. The timing and commencement of any future development will be subject to market conditions. In June 205, the company acquired a 44,000 square foot warehouse for redevelopment in Singapore for a purchase price of $45 million. Upon completion, the project is expected to support 0 to 5 megawatts of IT load. Digital Realty expects to deliver the first three Turn-Key Flex data center suites by early 206. Subsequent to the end of the quarter, Digital Realty announced a definitive agreement to acquire Telx from private equity firms ABRY Partners and Berkshire Partners in a transaction valued at $.886 billion. The combination is expected to double Digital Realty's footprint in the rapidly growing colocation business and provide the company's customers access to a leading interconnection platform. Digital Realty expects to fund the acquisition with proceeds from the recent forward equity offering and a mix, subject to market conditions and other factors, of preferred equity and debt. The acquisition is expected to close later this year and is subject to customary closing conditions. Balance Sheet Digital Realty had approximately $5.0 billion of total debt outstanding as of June 30, 205, comprised of $4.6 billion of unsecured debt and approximately $0.4 billion of secured debt. At the end of the second quarter of 205, net debt-to-adjusted EBITDA was 5.0x, debt-pluspreferred-to-total-enterprise-value was 39.6% and fixed charge coverage was 3.5x. Subsequent to quarter-end, Digital Realty executed an offering of 0,500,000 shares of its common stock at a price of $68.00 per share subject to forward sale agreements. The company expects to receive net proceeds of approximately $686 million (net of fees and estimated expenses) upon full physical settlement of the forward sale agreements, which is anticipated to be no later than March 7, 206. Digital Realty intends to use the net proceeds received upon settlement to fund a portion of the Telx acquisition. 9

10 205 Guidance Second Quarter Outlook Digital Realty revised its 205 core FFO per share outlook to $ $5.5 from the prior range of $ $5.3. The assumptions underlying the revised outlook, which reflects standalone results for Digital Realty only and does not include any financial impact from the pending acquisition of Telx, are summarized in the following table. As of Jan. 5, 205 Internal Growth Rental rates on renewal leases Cash basis GAAP basis Year-end portfolio occupancy "Same-capital" cash NOI growth () Operating margin Incremental revenue from speculative leasing Full year forecast Speculative leasing completed to date Speculative leasing embedded in 205 guidance Overhead load Foreign Exchange Rates U.S. Dollar / Pound Sterling U.S. Dollar / Euro External Growth Acquisitions Dollar volume Cap rate Dispositions Dollar volume Cap rate Joint ventures Dollar volume Cap rate Development Capex Average stabilized yields Enhancements and other non-recurring capex (4) Recurring capex + capitalized leasing costs (5) Balance Sheet Long-term debt issuance Dollar amount Pricing Timing Funds From Operations / share (NAREIT-Defined) Adjustments for non-core items (6) Core Funds From Operations / share Foreign currency translation adjustments Constant-Currency Core FFO / share As of Feb. 2, 205 As of May 5, 205 As of July 30, 205 Slightly positive Up double digits 93.0% % 2.0% - 4.0% 72.5% % Slightly positive Up double digits 93.0% % 2.0% - 4.0% 72.5% % Slightly negative Up high single digits 93.0% % 2.0% - 4.0% 72.5% % Slightly positive Up high single digits 93.0% % 2.0% - 4.0% 72.5% % $25 - $30 million ($0 million) $25 - $30 million bps on total assets $25 - $30 million ($5 million) $20 - $25 million bps on total assets $30 - $35 million ($20 million) $0 - $5 million bps on total assets $30 - $35 million ($30 million) $0 - $5 million bps on total assets N/A N/A N/A N/A $0 - $200 million 7.5% - 8.5% $0 - $200 million 7.5% - 8.5% $0 - $200 million 7.5% - 8.5% $0 - $200 million 7.5% - 8.5% $75 - $400 million 0.0% - 0.0% $75 - $400 million 0.0% - 0.0% $75 - $400 million 0.0% - 0.0% $205 - $400 million 0.0% - 0.0% $0 - $50 million 6.75% % $0 - $50 million 6.75% % $0 - $50 million 6.75% % $0 - $50 million 6.75% % $750 - $850 million 0.0% - 2.0% $20 - $25 million $00 - $0 million $750 - $850 million 0.0% - 2.0% $20 - $25 million $00 - $0 million $750 - $850 million 0.0% - 2.0% $20 - $25 million $00 - $0 million $750 - $850 million 0.0% - 2.0% $20 - $25 million $00 - $0 million $300 - $700 million 4.50% % Early-to-mid 205 $300 - $700 million 4.50% % Early-to-mid 205 $300 - $700 million 4.50% % Early-to-mid 205 $0.5 - $.0 billion 4.00% % Mid-to-late 205 $ $5.05 ($0.05) $ $5.0 N/A N/A $ $5.05 ($0.05) $ $5.0 N/A N/A $ $5.38 ($0.25) $ $5.3 $0.5 $5.8 - $5.28 $ $5.43 ($0.28) $ $5.5 $0.5 $ $5.30 () The same-capital pool includes properties owned as of December 3, 203 with less than 5% of total rentable square feet under development. It also excludes properties that were undergoing, or were expected to undergo, development activities in NOI represents rental revenue and tenant reimbursement revenue less rental property operating and maintenance expenses, property taxes and insurance expenses (as reflected in the statement of operations), and cash NOI is NOI less straight-line rents and above and below market rent amortization. Incremental revenue from speculative leasing represents revenue expected to be recognized in the current year from leases that have not yet been signed. Overhead load is defined as General & Administrative expense divided by Assets. (4) Other non-recurring capex represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives and software development costs. (5) Recurring capex represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions. Capitalized leasing costs include capitalized leasing compensation as well as capitalized internal leasing commissions. (6) See Funds From Operations and Core Funds From Operations table on page 3 for historical reconciliations of net income available to common shareholders to Funds From Operations (NAREIT-Defined) and Core Funds From Operations. 0

11 Earnings Release Second Quarter 205 Non-GAAP Financial Measures This press release contains non-gaap financial measures, including FFO, core FFO, "constant-currency" core FFO, and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a definition of FFO, a reconciliation from FFO to core FFO, and a definition of core FFO are included as an attachment to this press release. A reconciliation from U.S. GAAP net income available to common stockholders to Adjusted EBITDA, a definition of Adjusted EBITDA, a definition of debt-plus-preferred-to-totalenterprise-value, and a definition of fixed charge coverage ratio are included as an attachment to this press release. Investor Conference Call Prior to Digital Realty s conference call today at 5:30 p.m. EDT / 2:30 p.m. PDT, Digital Realty will post a presentation to the Investors section of the company s website at The presentation is designed to accompany the discussion of the company's second quarter 205 financial results and operating performance. The conference call will feature: Chief Executive Officer A. William Stein; Chief Financial Officer Andrew Power; Chief Investment Officer Scott Peterson; and Senior Vice President of Sales & Marketing Matt Miszewski. To participate in the live call, investors are invited to dial + (888) (for domestic callers) or + (42) (for international callers) and reference the conference ID# at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty s website at Telephone and webcast replays will be available one hour after the call until August 28, 205. The telephone replay can be accessed by dialing + (877) (for domestic callers) or + (42) (for international callers) and providing the conference ID# The webcast replay can be accessed on Digital Realty s website. About Digital Realty Digital Realty Trust, Inc. supports the data center and colocation strategies of more than 600 firms across its secure, network-rich portfolio of data centers located throughout North America, Europe, Asia and Australia. Digital Realty s clients include domestic and international companies of all sizes, ranging from financial services, cloud and information technology services, to manufacturing, energy, gaming, life sciences and consumer products. Additional information about Digital Realty is included in the Company Overview, available on the Investors page of Digital Realty s website at The Company Overview is updated periodically, and may disclose material information and updates. To receive alerts when the Company Overview is updated, please visit the Investors page of Digital Realty s website. Contact Information John J. Stewart Senior Vice President Investor Relations Digital Realty Trust, Inc. + (45)

12 Consolidated Quarterly Statements of Operations Unaudited and in thousands, except share and per share data Second Quarter 205 Three Months Ended 30-Jun-5 3-Mar-5 3-Dec-4 Six Months Ended 30-Sep-4 30-Jun-4 30-Jun-5 30-Jun-4 $330,676 $39,66 $39,86 $37,064 $33,420 $649,842 $69,206 Tenant reimbursements - Utilities 62,305 59,764 59,830 65,604 62,063 22,069 2,240 Tenant reimbursements - Other 25,267 26,065 28,887 26,605 23,625 5,332 48,069,549,64,87 2,748,466 3,63 2, , $420,295 $406,609 $42,26 $42,86 $40,447 $826,904 $792,038 Rental revenues Fee income Other Operating Revenues $64,669 $62,970 $62,560 $69,388 $65,432 $27,639 $27,59 Rental property operating 36,035 34,650 33,2 32,07 33,32 70,685 63,97 Repairs & maintenance 28,835 26,943 3,783 29,489 28,052 55,778 53,202 Property taxes 20,900 23,263 23,053 25,765 20,595 44,63 42,720 2,54 2,55 2,80 2,45,896 4,309 4,37 (43,034) (3,99) (,465) (42,682) (2,637) Utilities Insurance Change in fair value of contingent consideration Depreciation & amortization ,524 29,073 33,327 37,474 37, , ,72 2,480 20,709 20,06 44,0 38,30 24,32 9,798 Severance related accrual, equity acceleration, and legal expenses,30, ,697 2,690 Transactions 3, , ,970 2,500 General & administrative Impairment of investments in real estate Other expenses (6) (6) 486, $48,382 $329,84 $308,993 $570,533 $609,575 ($6,66) $82,372 $92,454 $256,37 $82,463 $4,68 $3,776 $3,455 $3,477 $8,00 $6,058 5,945 94,489 5,945,906 Operating Expenses $33,242 $257,29 Operating Income (Loss) $07,053 $49,38 Equity in earnings of unconsolidated joint ventures $3,383 Gain on sale of property (22) 76,669 7,820 Gain on contribution of properties to unconsolidated JV 93,498 Gain on sale of investment 4, Interest and other income Interest expense Tax (expense) Loss from early extinguishment of debt Net Income (Loss) Net (income) loss attributable to noncontrolling interests Net Income (Loss) Attributable to Digital Realty Trust, Inc. Preferred stock dividends Net Income (Loss) Available to Common Stockholders (23) (2,290) (46,4) (45,466) (46,396) (2,65) (,675) (,20) (48) $37,997 (2,486) $35,5 (8,456) $7,055 $22,325 (2,42) $20,83 (8,455) $0,728 ($34,795) 96 ($33,834) (8,455) ($52,289) 936 (83) (2,52),643 (48,69) (49,46) (9,580) (96,520) (,78) (,02) (4,290) (2,859) (95) (293) (48) $30,6 (2,392) $27,769 (8,455) $09,34 $6,333 (993) $60,340 (8,829) $4,5 $260,322 (4,628) $255,694 (36,9) $28,783 (585) $08,05 (,798) $06,253 (30,555) $75,698 Weighted-average shares outstanding - basic 35,80,060 35,704,525 35,544,597 35,492,68 33,802,622 35,757,584 3,83,857 Weighted-average shares outstanding - diluted 36,499,004 36,28,800 35,544,597 35,946,533 33,977,885 36,260,995 3,320,547 Weighted-average fully diluted shares and units 39,256,470 38,83,268 38,757,650 38,762,045 37,92,5 38,99,5 37,979,88 Net income (loss) per share - basic $0.86 $0.75 ($0.39) $0.8 $0.3 $.6 $0.58 Net income (loss) per share - diluted $0.86 $0.75 ($0.39) $0.80 $0.3 $.6 $0.58 2

13 Funds From Operations and Core Funds From Operations Unaudited and in thousands, except per share data Reconciliation of Net Income to Funds From Operations (FFO) Second Quarter 205 Three Months Ended 30-Jun-5 3-Mar-5 Net Income (Loss) Available to Common Stockholders Adjustments: Noncontrolling interests in operating partnership Real estate related depreciation & amortization () Unconsolidated JV real estate related depreciation & amortization $7,055 $0,728 ($52,289) 2,377 30,98 2,026 27,823 (,074) 32,00 3,87 2,603 Gain on sale of property Gain on contribution of properties to unconsolidated JV Impairment of investments in real estate Funds From Operations (76,669) $76,48 Add: Interest and amortization of debt issuance costs on 2029 Debentures (7,820) $26,360 3-Dec-4 30-Jun-5 30-Jun-4 $09,34 $4,5 $28,783 $75,697 2,272 36, ,939 4, ,02, ,435,934,802 5,79 3,430 2,73 3,970 $94,880 Six Months Ended 30-Sep-4 30-Jun-4 (93,498) 2,500 $68,8 (5,945) $64,80 (94,489) $392,509 (5,945) (,906) $328, ,725 $76,48 $26,360 $94,880 $68,8 $64,855 $392,509 $333,002 38,568 39,257 38,407 38,83 38,327 38,757 38,308 38,762 36,65 37,92 38,488 38,99 33,894 37,979 Funds From Operations per share - basic $.27 $.56 $.4 $.22 $.20 $2.83 $2.45 Funds From Operations per share - diluted $.26 $.56 $.40 $.22 $.20 $2.82 $2.4 Funds From Operations - diluted Weighted-average shares and units outstanding - basic Weighted-average shares and units outstanding - diluted Reconciliation of FFO to Core FFO Three Months Ended 30-Jun-5 3-Mar-5 3-Dec-4 Six Months Ended 30-Sep-4 30-Jun-4 30-Jun-5 30-Jun-4 Funds From Operations - diluted Termination fees and other non-core revenues Gain on sale of investment Significant transaction expenses Loss from early extinguishment of debt Change in fair value of contingent consideration (4) Equity in earnings adjustment for non-core items Severance related accrual, equity acceleration, and legal expenses (5) $76,48 (33) 3, Other non-core expense adjustments (6) Core Funds From Operations - diluted (29) $80,773 (30) $76, $74,530,588 $69,08 65 $66,707 (59) $357,3 65 $343,050 39,257 38,83 38,757 38,762 37,92 38,99 37,979 $.30 $.27 $.26 $.22 $.2 $2.57 $2.49 Weighted-average shares and units outstanding - diluted Core Funds From Operations per share - diluted (),30 $26,360, (43,034) $94,880 (2,584) (4,55) 323 (3,99),396 $68,8 (65) (,465) $64,855 (873) $392,509,260 3, (42,682) 2,697 $333,002 (2,920) (2,637) 843 2,690 Real Estate Related Depreciation & Amortization: Depreciation & amortization per income statement Non-real estate depreciation Real Estate Related Depreciation & Amortization Three Months Ended Six Months Ended 30-Jun-5 3-Mar-5 3-Dec-4 30-Sep-4 30-Jun-4 30-Jun-5 30-Jun-4 $3,524 $29,073 $33,327 $37,474 $37,092 $260,597 $267,72 (,53) (2,576) (,326) (,250) (,227) (,85) (2,277) $30,98 $27,823 $32,00 $36,289 $35,939 $258,02 $265,435 For all periods presented, we have excluded the effect of dilutive series E, series F, series G and series H preferred stock, as applicable, that may be converted upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series E, series F, series G and series H preferred stock, as applicable, which we consider highly improbable. In addition, the 5.50% exchangeable senior debentures due 2029 were exchangeable for 0, 0 and,22 common shares on a weighted average basis for the three months ended June 30, 205, March 3, 205 and June 30, 204, respectively, and 0 and 3,948 for the six months ended June 30, 205 and June 30, 204, respectively. See page 4 for weighted average common stock and units outstanding. Includes lease termination fees and certain other adjustments that are not core to our business. (4) Relates to earn-out contingencies in connection with the Sentrum and Singapore (29A international Business Park) acquisitions. The earn-out contingencies expire in July 205 and November 2020, respectively, and are reassessed on a quarterly basis. During the first quarter of 205, we reduced the fair value of the earnout related to Sentrum by approximately $44.8 million. The adjustment was the result of an evaluation by management that no additional leases would be executed for vacant space by the contingency expiration date. (5) Relates to severance and other charges related to the departure of company executives. (6) Includes reversal of accruals and certain other adjustments that are not core to our business. Construction management expenses are included in Other expenses on the income statement but are not added back to core FFO. 3

14 Adjusted Funds From Operations (AFFO) Unaudited and in thousands, except per share data Second Quarter 205 Three Months Ended Reconciliation of FFO to AFFO FFO available to common stockholders and unitholders Six Months Ended 30-Jun-5 () 3-Mar-5 () 3-Dec-4 30-Sep-4 30-Jun-4 30-Jun-5 30-Jun-4 $76,48 $26,360 $94,880 $68,8 $64,80 $392,509 $328,277 Adjustments: Non-real estate depreciation,326,250,227,85,53 2,576 2,277 Amortization of deferred financing costs 2,069 2,26 2,207 2,275 2,402 4,285 4, , ,58 2,795 2,530 2,849 3,396 7,33 6, ,0 Amortization of debt discount/premium Non-cash compensation expense Deferred compensation related to equity acceleration Loss from early extinguishment of debt Straight-line rents, net Above- and below-market rent amortization Change in fair value of contingent consideration Gain on sale of investment Non-cash tax expense/(benefit) 48 (4,407) (2,359) (3,294) (8,558) (7,70) (9,099) (2,324) (2,273) (2,370) (2,553) (43,034) (3,99) (,465), (4,55) (287) (27,70) (39,570) (4,683) (5,340) (42,682) (2,637), Capitalized leasing compensation (4,25) (3,028) (6,594) (6,64) (6,894) (7,243) (3,785) Recurring capital expenditures (23,708) (8,066) (2,040) (,48) (,355) (4,774) (20,040) (888) (826) (5,33) (3,488) (4,829) (,74) (9,499) $40,596 $43,359 $29,200 $32,697 $27,792 $283,955 $258,725 Weighted-average shares and units outstanding - basic 38,568 38,407 38,327 38,308 36,65 38,488 33,894 Weighted-average shares and units outstanding - diluted (5) 39,257 38,83 38,757 38,762 37,92 38,99 37,979 $40,596 $43,359 $29,200 $32,697 $27,792 $283,955 $258,725 Capitalized internal leasing commissions AFFO available to common stockholders and unitholders basic (4) AFFO available to common stockholders and unitholders basic Add: Interest and amortization of debt issuance costs on 2029 Debentures AFFO available to common stockholders and unitholders diluted AFFO per share - diluted (4) Dividends per share and common unit Diluted AFFO Payout Ratio 675 4,725 $40,596 $43,359 $29,200 $32,697 $28,467 $283,955 $263,450 $.0 $.03 $0.93 $0.96 $0.93 $2.04 $.9 $0.85 $0.85 $0.83 $0.83 $0.83 $.70 $ % 82.3% 89.% 86.8% 89.% 83.2% 86.9% Three Months Ended Share Count Detail 30-Jun-5 3-Mar-5 Six Months Ended 3-Dec-4 30-Sep-4 30-Jun-4 30-Jun-5 30-Jun-4 38,568 38,407 38,327 38,308 36,65 38,488 Add: Effect of dilutive securities (excludes 5.50% debentures) Add: Effect of dilutive 5.50% exchangeable senior debentures,22 3,948 39,257 38,83 38,757 38,762 37,92 38,99 37,979 Weighted Average Common Stock and Units Outstanding Weighted Avg. Common Stock and Units Outstanding diluted 33,894 () Beginning in the first quarter of 205, we changed the presentation of certain capital expenditures. Infrequent expenditures for capitalized replacements and upgrades are now categorized as Recurring cap-ex (categorized as Enhancements and Other Non-Recurring cap-ex in 204). First-generation leasing costs are now classified as Development cap-ex (categorized as recurring cap-ex in 204). Relates to earn-out contingencies in connection with the Sentrum and Singapore (29A International Business Park) acquisitions. The earn-out contingencies expire in July 205 and November 2020, respectively, and are reassessed on a quarterly basis. During the first quarter of 205, we reduced the fair value of the earnout related to Sentrum by approximately $44.8 million. The adjustment was the result of an evaluation by management that no additional leases would be executed for vacant space by the contingency expiration date. For a definition of recurring capital expenditures, see page 37. (4) For a definition and discussion of AFFO, see page 46. For a reconciliation of net income available to common stockholders to FFO, see page 3. (5) For all periods presented, we have excluded the effect of dilutive series E, series F, series G and series H preferred stock, as applicable, that may be converted upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series E, series F, series G and series H preferred stock, as applicable, which we consider highly improbable. In addition, the 5.50% exchangeable senior debentures due 2029 were exchangeable for 0, 0 and,22 common shares on a weighted average basis for the three months ended June 30, 205, March 3, 205 and June 30, 204, respectively, and 0 and 3,948 for the six months ended June 30, 205 and June 30, 204, respectively. See page 3 for calculations of diluted FFO available to common stockholders and unitholders and see above for weighted average common stock and units outstanding. 4

15 Consolidated Balance Sheets Unaudited and in thousands, except share and per share data Second Quarter Jun-5 3-Mar-5 3-Dec-4 30-Sep-4 30-Jun-4 Assets Investments in real estate: $9,353,820 $9,46,34 $9,027,600 $9,23,833 $9,246,540 Construction in progress 646,02 735, , , ,8 Land held for future development 4,294 35,606 45,607 46,390 7,878 $0,4,26 $0,07,49 $9,982,63 $0,236,77 $0,260,229 Real estate Investments in Real Estate Accumulated depreciation & amortization Net Investments in Properties (2,033,289) (,962,966) (,874,054) (,840,379) (,778,768) $8,07,837 $8,054,525 $8,08,559 $8,396,338 $8,48,46 Investment in unconsolidated joint ventures Net Investments in Real Estate 03,40 03,475 94,729 94,497 92,69 $8,2,247 $8,58,000 $8,203,288 $8,490,835 $8,574,080 Cash and cash equivalents 59,52 37,329 4,32 36,528 80,926 Accounts and other receivables () 26,734 2,995 35,93 40,463 5,888 Deferred rent 467, , , , ,443 33,936 34,757 38,605 42,477 47,8 424, ,97 456,962 46, ,620 30,203 28,243 30,82 33,76 36,94 9,394,934,555 3,986 39,778 7,990 8,667 20,47 5,862 52,750 40,88 60,356 62,794 $9,586,009 $9,408,426 $9,526,784 $9,722,007 $9,864,624 $777,03 $826,906 $525,95 $485,023 $374,64 96, , ,600,002,86,034,830 Acquired above-market leases, net Acquired in-place lease value and deferred leasing costs, net Deferred financing costs, net Restricted cash Assets associated with real estate held for sale Other assets Assets Liabilities and Equity Global unsecured revolving credit facility Unsecured term loan Unsecured senior notes, net of discount 2,856,408 2,672,472 2,79,758 2,835,478 2,897,068 Mortgage loans, net of premiums 374, , ,88 47, ,696 Accounts payable and other accrued liabilities 56, , , ,34 636,783 5,09 94,32 97,234 04,235 0,708 8,432 09,005 08,244 08,478 9,696 5,893 7,44 3,228 5,764 $5,695,86 $5,550,565 $5,62,546 $5,68,447 $5,730,343 Series E Cumulative Redeemable Preferred Stock $277,72 $277,72 $277,72 $277,72 $277,72 Series F Cumulative Redeemable Preferred Stock 76,9 76,9 76,9 76,9 76,9 Series G Cumulative Redeemable Preferred Stock (4) 24,468 24,468 24,468 24,468 24,468 Series H Cumulative Redeemable Preferred Stock (5) 353, , , , ,378,35,350,349,348,347 3,974,398 3,967,846 3,970,438 3,964,876 3,955,830 (,08,70) (,0,298) (,096,603) (93,777) (67,324) (9,562) (45,046) (20,470) Accrued dividends and distributions Acquired below-market leases Security deposits and prepaid rent Liabilities associated with assets held for sale Liabilities Equity Preferred Stock: $0.0 par value per share, 70,000,000 shares authorized: Common Stock: $0.0 par value per share, 25,000,000 shares authorized (6) Additional paid-in capital Dividends in excess of earnings Accumulated other comprehensive (loss) income, net (928,626) 4,962 $3,847,845 $3,85,457 $3,878,259 $4,062,08 $4,09,722 $35,577 $35,596 $29,88 $34,632 $35,632 6,77 6,808 6,79 6,820 6,927 $42,348 $42,404 $35,979 $4,452 $42,559 Equity $3,890,93 $3,857,86 $3,94,238 $4,03,560 $4,34,28 Liabilities and Equity $9,586,009 $9,408,426 $9,526,784 $9,722,007 $9,864,624 Stockholders' Equity Noncontrolling Interests Noncontrolling interest in operating partnership Noncontrolling interest in consolidated joint ventures Noncontrolling Interests () Net of allowance for doubtful accounts of $6,263 and $6,302 as of June 30, 205 and December 3, 204, respectively. Series E Cumulative Redeemable Preferred Stock, 7.000%, $287,500 and $287,500 liquidation preference, respectively ($25.00 per share),,500,000 and,500,000 shares issued and outstanding as of June 30, 205 and December 3, 204, respectively. Series F Cumulative Redeemable Preferred Stock, 6.625%, $82,500 and $82,500 liquidation preference, respectively ($25.00 per share), 7,300,000 and 7,300,000 shares issued and outstanding as of June 30, 205 and December 3, 204, respectively. (4) Series G Cumulative Redeemable Preferred Stock, 5.875%, $250,000 and $250,000 liquidation preference, respectively ($25.00 per share), 0,000,000 and 0,000,000 shares issued and outstanding as of June 30, 205 and December 3, 204, respectively. (5) Series H Cumulative Redeemable Preferred Stock, 7.375%, $365,000 and $365,000 liquidation preference, respectively ($25.00 per share), 4,600,000 and 4,600,000 shares issued and outstanding as of June 30, 205 and December 3, 204, respectively. (6) Common Stock: 35,832,492 and 35,626,255 shares issued and outstanding as of June 30, 205 and December 3, 204, respectively. 5

16 Components of Net Asset Value (NAV) () In thousands Second Quarter 205 Consolidated Properties Cash Net Operating Income (NOI), Annualized Internet Gateway (4) Turn-Key Flex (4) Powered Base Building (4) Colo & Non-tech (4) less: Partners' share of consolidated JVs Dispositions & expirations 2Q5 carry-over & FY5 backlog Cash NOI (stabilized) (5) Consolidated Cash NOI, Annualized Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI Turn-Key Flex Powered Base Building Unconsolidated Cash NOI, Annualized $98, ,334 98,934 99,467 (504) (,978) 46,324 $,028,50 $9,859 9,688 $29,548 Other Income Development and Management Fees (net), Annualized $6,04 Other Assets Pre-stabilized inventory, at cost (6) Land held for development Development CIP (7) less: Investment associated with Backlog NOI Cash and cash equivalents Restricted cash Accounts and other receivables, net Other assets less: Partners' share of consolidated JV assets Other Assets $265,779 4, ,02 (5,400) 59,52 9,394 26,734 5,862 (9) $,48,736 Liabilities Global unsecured revolving credit facility Unsecured term loan Unsecured senior notes add: Unamortized discounts Mortgage loans, excluding premiums Accounts payable and other accrued liabilities (8) Security deposits and prepaid rents Liabilities associated with assets held for sale Backlog NOI cost to complete (9) Preferred stock, at liquidation value Digital Realty's share of unconsolidated JV debt Liabilities $777,03 96,098 2,856,408 8, ,796 56,232 09,005 7,44 89,800,085,000 37,387 $6,93,62 Diluted Shares and Units Outstanding 39,452 () Includes Digital Realty's share of backlog leasing at unconsolidated JV properties. For a definition and discussion of NOI and Cash NOI and a reconciliation of operating income to NOI and Cash NOI, see pages Annualized Cash NOI is calculated by multiplying results for the most recent quarter by four. Annualized results may not be indicative of any four-quarter period and do not take into account scheduled lease expirations, among other things. Annualized data is presented for illustrative purposes only. (4) Reflects annualized 2Q5 Cash NOI of $994.7 million. NOI is allocated 20% to Internet Gateway, 50% to Turn-Key Flex, 20% to Powered Base Building, and 0% to Colo/Non-tech. Actual Cash NOI allocable to each product or property type may be different. (5) Estimated Cash NOI related to signed leasing expected to commence through FY5. Includes Digital Realty's share of signed leasing at unconsolidated JV properties. (6) Includes Digital Realty's share of cost at unconsolidated JV properties. (7) See page 36 for further details on the breakdown of the CIP balance. (8) Includes net deferred tax liability of approximately $39.4 million. (9) Includes Digital Realty's share of cost to complete at unconsolidated joint venture properties. 6

17 Consolidated Debt Analysis Unaudited, in thousands Second Quarter 205 As of June 30, 205 Maturity Date Global Unsecured Revolving Credit Facility Global unsecured revolving credit facility Global Unsecured Revolving Credit Facility Unsecured Term Loan Unhedged variable rate portion of term loan Hedged variable rate portion of term loan Unsecured Term Loan Prudential Unsecured Senior Notes Series C Series E Prudential Unsecured Senior Notes Senior Notes 5.875% notes due % notes due % notes due % notes due % notes due % notes due 2025 Unamortized discounts Senior Notes Unsecured Senior Notes Mortgage Loans 200 Paul Avenue 8025 North Interstate West Seventh Street 3455 Ardenwood Boulevard 2334 Lundy Place 00 Space Park Drive 2045 & 2055 Lafayette Street 50 South First Street 73 East Trade Street Unamortized net premiums Mortgage Loans Debt Summary unhedged variable rate debt fixed rate / hedged variable rate debt Consolidated Debt November 3, 208 () April 6, 208 () April 6, 208 () January 6, 206 January 20, 207 February, 2020 March 5, 202 July, 2022 October, 2022 October 3, 2023 January 7, 2025 October 8, 205 March 6, 206 March 5, 206 November, 206 November, 206 December, 206 February 6, 207 February 6, 207 July, 2020 Principal Balance % of Debt Interest Rate $777,03 $777,03 6%.62% $484, ,552 $96,098 9%.70% $25,000 50,000 $75,000 $500, , , ,000 47, ,480 (8,432) $2,78,408 $2,856,408 $67,59 5,924 46,926 50,90 37,029 50,86 62,003 48,902 3,650 5 $374,307 $,26,559 3,707,267 $4,968,826 Interest Rate Including Swaps.94% 9.68% 5.73% 2% 5.88% 5.25% 3.95% 3.63% 4.75% 4.25% 56% 57% 5.74% 4.09% 5.80% 5.95% 5.96% 5.89% 5.93% 6.30% 8.22% 8% 25% 75% 00% 3.78% Global Unsecured Revolving Credit Facility Detail as of June 30, 205 Maximum Available Global Unsecured Revolving Credit Facility $,906,83 Existing Capacity $,2,700 () Maturity dates assume that all extensions will be exercised. Debt instruments shown at coupon rates. Weighted average cost of debt is 4.0% including amortization of loan fees. Net of letters of credit issued of $8. million. 7 Currently Drawn $777,03

18 Debt Maturities Unaudited, in thousands Second Quarter 205 As of June 30, 205 Interest Rate Thereafter Global Unsecured Revolving Credit Facility () Global unsecured revolving credit facility $777,03 $777,03 $777,03 $777,03 Unhedged variable rate portion of term loan $484,546 $484,546 Hedged variable rate portion of term loan 476, ,552.94% $96,098 $96,098 Series C 9.68% $25,000 $25,000 Series E 5.73% 50,000 50, % $25,000 $50,000 $75, % notes due % 500,000 $500, % notes due % 400, , % notes due % 500, , % notes due % 300, , % notes due % 47,360 47, % notes due % 628, ,480 Senior Notes 4.65% $2,799,840 $2,799, Paul Avenue 5.74% $67,59 $67, & 2055 Lafayette Street 5.93% 565,95 60,243 62, Ardenwood Boulevard 5.95% ,477 50,90 00 Space Park Drive 5.89% ,423 50,86 50 South First Street 6.30% ,606 48, West Seventh Street 5.80% ,000 46, Lundy Place 5.96% 37 36,72 37, North Interstate % 35 5,789 5, East Trade Street 8.22% ,33 3, % $7,054 $9,977 $08,395 $593 $644 $,33 $373,796 $,26,559 Global Unsecured Revolving Credit Facility.62% Unsecured Term Loan () Unsecured Term Loan Prudential Unsecured Senior Notes Prudential Unsecured Senior Notes Senior Notes Mortgage Loans Mortgage Loans unhedged variable rate debt fixed rate / hedged variable rate debt Debt 3.78% Weighted Average Interest Rate $,26,559 7,054 26,977 58, , ,800,973 3,725,88 $7,054 $26,977 $58,395 $,738,704 $644 $2,800,973 $4,986, % 6.28% 5.98%.79% 4.65% 3.78% Summary Weighted Average Term to Initial Maturity 4.9 Years Weighted Average Maturity (assuming exercise of extension options) 5.2 Years () Assumes all extensions will be exercised. Interest rate including swaps. Note: excludes ($7,92), net premiums/(discounts) which consists of $5 of loan premiums and ($4,546), ($570), ($3,002), ($2,556), ($3,80) and ($3,948) of debt discount on 5.875% unsecured senior notes due 2020, 5.25% unsecured senior notes due 202, 3.625% unsecured senior notes due 2022, 3.95% unsecured senior notes due 2022, 4.75% unsecured senior notes due 2023, and 4.25% unsecured senior notes due 2025, respectively. 8

19 Debt Analysis & Covenant Compliance Unaudited Second Quarter 205 As of June 30, % Notes due % Notes due % Notes due % Notes due % Notes due % Notes due 202 Required Global Unsecured Revolving Credit Facility Actual Actual Required Actual 43% 40% Less than 60% 35% 3% 3% Less than 40% 3% 249% 268% Debt Covenant Ratios () outstanding debt / total assets Less than 60% Secured debt / total assets (4) Less than 40% unencumbered assets / unsecured debt Greater than 50% Consolidated EBITDA / interest expense (5) Greater than.5x N/A N/A 4.6x 4.6x N/A N/A Fixed charge coverage N/A N/A Greater than.5x 3.4x Unsecured debt / total unencumbered asset value (6) N/A N/A Less than 60% 38% Unencumbered assets debt service coverage ratio N/A N/A Greater than.5x 5.5x () For a definition of the terms used in the table above and related footnotes, please refer to: the Indenture dated January 28, 200, which governs the 5.875% Notes due 2020; the Indenture and Supplemental Indenture No. dated March 8, 20, which governs the 5.250% Notes due 202; the Indenture and Supplemental Indenture No. dated June 23, 205, which governs the 3.950% Notes due 2022; the Indenture and Supplemental Indenture No. dated September 24, 202, which governs the 3.625% Notes due 2022; the Indenture dated April, 204, which governs the 4.750% Notes due 2023; the Indenture dated January 8, 203, which governs the 4.250% Notes due 2025; and the Global Senior Credit Agreement dated as of August 5, 203, as amended, which are filed as exhibits to our reports filed with the Securities and Exchange Commission. This ratio is referred to as the Leverage Ratio, defined as Consolidated Debt / Asset Value, under the Global Unsecured Revolving Credit Facility. Under the 5.875% Notes due 2020 and 5.25% Notes due 202, Assets is calculated using Consolidated EBITDA capped at 9.0%. Under the 3.950% Notes due 2022, 3.625% Notes due 2022, 4.750% Notes due 2023, and 4.250% Notes due 2025, Assets is calculated using Consolidated EBITDA capped at 8.25%. Under the Global Unsecured Revolving Credit Facility, Asset Value is calculated using Adjusted Net Operating Income capped at 8.00% for Assets and 7.50% for Other Assets. The Company has the right to maintain a Leverage Ratio of greater than 60.0% but less than or equal to 65.0% for up to four consecutive fiscal quarters during the term of the Facility following an acquisition of one or more Assets for a purchase price and other consideration in an amount not less than 5% of Asset Value. (4) This ratio is referred to as the Secured Debt Leverage Ratio, defined as Secured Debt / Asset Value, under the Global Unsecured Revolving Credit Facility. (5) Calculated as current quarter annualized Consolidated EBITDA to current quarter annualized Interest Expense (including capitalized interest and debt discounts). (6) Assets must satisfy certain conditions to qualify for inclusion as an Unencumbered Asset under the Global Unsecured Revolving Credit Facility. 9

20 Same-Capital Operating Trend Summary Unaudited and in thousands Second Quarter 205 Stabilized ("Same-Capital") Portfolio () Three Months Ended 30-Jun-5 Rental revenues Tenant reimbursements - Utilities 30-Jun-4 % Change Six Months Ended 3-Mar-5 % Change 30-Jun-5 30-Jun-4 % Change $96,637 $97,836 (0.6%) $93,980.4% $390,67 $394,476 (.0%) 36,893 38,337 (3.8%) 35, % 72,02 76,004 (5.%) 7,073 (2.7%) 6,68 6,29 33,692 33,497 $250,48 $252,464 (0.9%) $246,26.6% $496,4 $503,977 (.5%) $37,896 $39,93 (5.%) $36, % $74,89 $79,09 (6.2%) Rental property operating 2,488 20,73 3.7% 20,43 5.3% 4,90 39, % Repairs & maintenance 4,682 5,775 (6.9%) 3, % 28,575 29,845 (4.3%) Property taxes 2,399 3,677 (9.3%) 4,680 (5.5%) 27,077 27,750 (2.4%) 22.4% Tenant reimbursements - Other Revenue Utilities 2.0% 0.6%,464,96, % 2,894 2,93 (0.7%) $87,929 $9,30 (3.7%) $86,709.4% $74,636 $79,363 (2.6%) $62,29 $6,54 0.7% $59,552.7% $32,775 $324,64 (0.9%) $2,903 $5,933 (5.%) $3,977 (27.0%) $6,880 $4,357 (52.%) 3,360 3,563 (5.7%) 3,38.3% 6,678 7,32 (8.7%) Cash Net Operating Income $55,956 $5, % $52, % $308,27 $302,945.7% Stabilized Portfolio occupancy at period end (4) 94.8% 94.9% (0.%) 94.7% 0.% 94.8% 94.9% (0.%) Insurance Expenses Net Operating Income Less: Stabilized straight-line rent Above and below market rent () Represents properties owned as of December 3, 203 with less than 5% of total rentable square feet under development. Excludes properties that were undergoing, or were expected to undergo, development activities in , properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool. For a definition and discussion of net operating income and a reconciliation of operating income to NOI, see pages For a definition and discussion of cash net operating income and a reconciliation of operating income to Cash NOI, see pages (4) Occupancy excludes space under active development and space held for development. For some of our properties, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. Note: Unconsolidated joint ventures, assets held for sale, and properties sold are excluded from stabilized portfolio in all periods. 20