Home to the Cloud: Digital Realty Company Overview

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

2
Business Highlights
Positioned to Drive Shareholder Value
1 Digital Realty
Overview Introduction
2 Introduction to
Data Centers Data center 101
3 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 flexible balance sheet
8
Merger of
Dupont Fabros Merger announcement
9 Recent Results Second quarter 2017 highlights
COMPANY OVERVIEW | AUGUST 2017

4
Digital Realty at a Glance (NYSE: DLR)
Leading Global Data Center REIT
High-Quality Customer Base, including
Global Companies Across
Various Industries
$18 Bn
$28 Bn
11th LARGEST PUBLICLY
TRADED U.S. REIT (4)
2016
MAY
ADDED TO THE
S&P 500 INDEX
EQUITY MARKET
CAPITALIZATION (3)
ENTERPRISE
VALUE (3)
145PROPERTIES (1)
Investment Management
Approach Focused on
Return on Invested Capital
23MILLION RENTABLE
SQUARE FEET (2)
2,300+CUSTOMERS
Investment Grade Ratings (5)
BBB
Baa2
BBB
Positive Outlook
30+METROPOLITAN
AREAS (1)
Note: Data as of June 30, 2017 unless otherwise noted.
1) Includes investments in fourteen properties held in unconsolidated joint ventures.
2) Includes 1.2 million square feet of active development and 1.8 million square feet held for future development.
3) As of August 11, 2017, based on the closing stock price of $111.82. Includes Digital Realty’s pro rata share of unconsolidated joint venture debt.
4) U.S. REITs within the RMZ. Source: companies’ financials based on latest public filings.
5) These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold
any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating
should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.

5
The Next Horizon
Three-Year Guideposts
SUPERIOR RETURNS PRODUCT OFFERINGSCAPITAL ALLOCATION
1 3
Our Focus
Our philosophy is to deliver superior returns by capitalizing on our
core competencies and tailoring them to meet our customers’
growing and evolving data center needs
2
OPERATING EFFICIENCIES
4
Expanded
Colocation
Footprint+30 bps
IMPROVEMENT IN
RETURN ON
INVESTED CAPITAL (1)
57.3%
ADJUSTED EBITDA
MARGIN (1)
$874 million
EUROPEAN
PORTFOLIO
ACQUISITON
1) For the year ended December 31, 2016. Return on Invested Capital (ROIC) is calculated based on annualized cash net operating income, or cash NOI. For definitions of cash NOI and Adjusted EBITDA and
reconciliations to their nearest GAAP equivalent, please see the appendix.

6
Meeting Our Customers’ Growing Data Center Needs
Aligning Go-to-Market with Customer Buying Behavior
GLOBAL, DIVERSE
CUSTOMER BASE
GLOBAL, DIVERSE
CUSTOMER BASE
CUSTOMER-CENTRIC
ALIGNMENT
CUSTOMER-CENTRIC
ALIGNMENT
Our Customers
Global
Solutions
Enterprise
Solutions
Network
Solutions
Customers
2,300+
Comprehensive
Product Offerings
Global
33 Metro Areas
Aligning our Go-to-Market strategy with our customers’
unique needs and the way they buy

7
Aligning Core Competencies with Customers
Global Real Estate Reach, Complementary Product Mix
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

8
Executing Against Strategic Plan
Comprehensive Product Offering on a Global Scale
ENHANCE PRODUCT & SERVICE OFFERINGS EXPAND GLOBAL FOOTPRINTESTABLISH REAL ESTATE FOUNDATION
3
2
1
EUROPE
Colocation
Partners & Alliances
Program
Interconnection
Acquired
October 2015
Spectrum of Diversified Data Center
Offerings Across a Global Footprint
ASIA
PACIFIC
8 Data Center Portfolio
Acquired July 2016
6
Acre Land Parcel in
Frankfurt Acquired
December 2015
100%
Pre-Leased in Osaka
(Phase I)
2016
Second Singapore
Data Center Opening

9
Senior Leadership Team Established
Deepening Our Bench, Strengthening Our Culture
• Chris has over 20 years of experience in the technology
industry, with an extensive background in developing
technology strategies in global markets.
• Chris has a deep knowledge of the data center sector and is well
positioned to expand technical innovation at Digital Realty.
CHRIS SHARP CHIEF TECHNOLOGY OFFICER
• Michael facilitates the use of information and technology to
unlock more value for Digital Realty’s employees, customers and
shareholders.
• Michael is responsible for all aspects of the company's IT
infrastructure, including business intelligence, internal business
applications, and information security.
MICHAEL HENRY CHIEF INFORMATION OFFICER
• Bill has served as Digital Realty’s Chief Executive Officer since
November 2014 and as Chief Financial Officer from July 2004
until April 2015.
• Prior to Digital Realty, Bill was with GI Partners, Digital
Realty’s predecessor private equity fund.
• Bill previously served as CFO of TriNet, a publicly traded triple
net lease REIT.
A. WILLIAM STEIN CHIEF EXECUTIVE OFFICER
• Scott is responsible for overseeing the company’s capital
allocation decision-making process as well as international
operations and leasing.
• Scott is a co-founder of the company and previously served
as the company’s Chief Acquisitions Officer.
• Prior to Digital Realty, Scott was a Managing Director of GI
Partners.
SCOTT PETERSON CHIEF INVESTMENT OFFICER
ANDREW POWER CHIEF FINANCIAL OFFICER
• Andy leverages his extensive capital markets expertise and
relationships in the financial community to support our longer-
term growth while prudently managing our balance sheet
• Andy is responsible for the company’s financial functions
(including capital markets, tax, investor relations, and financial
planning and analysis) and the company’s global asset
management operations
• Dan oversees sales, leasing and marketing efforts across the
organization
• Prior to Digital Realty, Dan served as EVP for North America at
Unify, formerly Siemens Networking Systems. Before joining
Unify, Dan was with Westcon Group as SVP, Global Cloud and
Data Center Services. Previously, he held senior leadership
positions over a 27-year career with IBM
DAN PAPES SVP, GLOBAL SALES & MARKETING

10
INTRODUCTION TO
DATA CENTERS

11
Data Center 101
What is a Data Center?
Data Centers
Data centers are designed to
house servers and network
equipment. Data centers
provide a highly reliable, secure
environment with redundant
mechanical, cooling, electrical
power systems and network
communication connections.
Data Center Layout
Servers
Computer servers, which
process and store data, are
supplied and owned by
customers.
1 Building Shell
2 Electrical Systems
3 HVAC / Mechanical Systems
4 Building Fit-Out / Site Work
HVAC
Generators
Building Shell
Batteries
Mechanical Galleries
Electrical Rooms (UPS, Switchboard, etc.)
Power Distribution Unit (PDU)
Shipping /
Receiving
Area
Lobby / Entrance
Meet-Me-Room
Raised Floor
Computer Servers
Electrical Utility Service
( Not Shown in Image)

12
Data Center 101
What Goes into Building a Data Center?
Note: Percentage costs for data center development shown are based on a sample Digital Realty data center build and are not necessarily representative of all development projects.
ELECTRICAL SYSTEMS
• Generator
• Batteries
• Power Distribution Unit (PDU)
• Uninterruptible Power Supplies (UPS)
BUILDING FIT-OUT / SITE
WORK
• Lobby / Entrance
• Meet-Me-Room
• Shipping / Receiving Area
2
HVAC / MECHANICAL SYSTEMS
• Computer Room Air Conditioner (CRAC
Unit)
• Air Cooled Chillers
• Central Chilled Water Plant
BUILDING SHELL
• Building Shell
• Raised Floor
1
3 4
Electrical
Systems
40%
Building Fit Out /
Site Work
21%
HVAC /
Mechanical
Systems
17%
Building
Shell
22%
Data Center Cost Distribution

13
Focused Pursuit
Comprehensive Customer-Focused Product Suite
COLOCATION CONNECTIVITY
Connecting customers & partners
inside the data center
Connecting across data centers in the
same metropolitan area
Privately and securely connecting to
cloud services
Enabling Internet peering and multi-
cloud access
Enabling small (one cabinet) to
medium (75 cabinets) data center
deployments
Provides agility to quickly deploy
computing infrastructure in days,
contract for 2-3 years
Consistent designs and operational
environment and consistent power
expenses
Leverage optional skilled remote
hands and on-site customer support
Solution to scale from a medium 300+
kW to very large compute
deployments
Can execute a solution for medium to
large deployment in weeks, contracting
for 5-10+ years
Customize data center environment to
specific deployment needs
Due to size of deployments, customers
sometimes opt to have their own on-
site staff
SCALE

14
Interconnection
What is a Cross-Connect?
CONTENT NETWORK
INTERCONNECTION
$233mm
ANNUALIZED
REVENUE (1)
71,600
CROSS CONNECTS
CONNECTING PARTNERS AND NETWORKS
A cross-connect is a physical layer network connection between two parties.
The cross-connect is enabled by the installation of patch cord(s) between
ports of the respective parties’ interconnection panels.
CONNECTING TO END USERS
By enabling companies to connect with their partners and network
providers, such as AT&T and Verizon, these same companies can now
deliver their content to billions of end users around the world.
As of June 30, 2017.
1) Annualized revenue defined as Interconnection & Other Revenue as of 2Q17 multiplied by four.

15
PUBLIC
CLOUD SOLUTIONS
Service providers,
many customers
PRIVATE
CLOUD SOLUTIONS
Single organization,
dedicated environment
Home to the Hybrid Multi-Cloud Solution
Customers’ Desired IT End State
The majority of companies deploy some form of hybrid cloud solution to run and manage their IT needsThe majority of companies deploy some form of hybrid cloud solution to run and manage their IT needs
HYBRID
CLOUD SOLUTION
Mix of public and private cloud,
optimizes cost
6%PRIVATE
ONLY(1)
18%PUBLIC
ONLY(1)
71%HYBRID(1)
Hybrid cloud architectures allow data center providers to:
GROW WITH THEIR CUSTOMERS
Though early stage companies use public cloud
infrastructures to minimize capex, as they grow and
scale, public cloud solutions become quite expensive
and necessitate a migration to the private cloud for
portions of their IT workload
ENABLE CLOUD-BASED SOFTWARE
APPLICATIONS
A hybrid cloud solution allows companies to store their
sensitive information on private servers while using
cloud-based applications (Office 365, Salesforce) that
reduce IT costs
2
1
Scale Only Colocation Only
Connected Campus
Infrastructure as a Service (IaaS)
Software as a Service (SaaS)
1) Source: Rightscale 2016 State of the Cloud Report. Based on 95% of respondents that are using the cloud.

16
Levered to Long-Term Secular Demand Drivers
Growth of the Internet, Video, Cloud and Mobile
1) Source: Cisco Visual Networking Index: Forecast and Methodology, 2016 – 2021, 2017.
2) Source: Cisco Global Cloud Index, 2016.
Nearly 80% of Digital Realty’s 2014-2016 Leasing Activity Has Been in Support of this Digital Economy
VIDEO (1)
MOBILE (1)CLOUD (2)
INTERNET (1)
27%
CAGR (‘15 - ‘20)
31%
CAGR (‘16 - ‘21)
24%
CAGR (‘16 - ‘21)
46%
CAGR (‘16 - ‘21)

18
Largely Owned Real Estate (2)
NORTH AMERICA
Primarily Unencumbered (2)
Geographically Diversified (1)
Geneva
Manchester
Amsterdam
FrankfurtParis
Singapore
Hong Kong
Osaka
Sydney
Melbourne
EUROPEASIA PACIFIC
Digital Realty Locations
European Portfolio Acquisition
Portland
San Francisco
Silicon Valley
Sacramento
Los Angeles
Phoenix
Austin
Houston
St. Louis
Denver
Chicago
Minneapolis / St. Paul
Toronto
Northern Virginia
Charlotte
Atlanta
New York
Metro
Dallas
Seattle
Miami
Boston
London
Note: Represents consolidated portfolio and investments in our unconsolidated joint ventures.
1) Calculated based on annualized base rent which represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of June 30, 2017, multiplied by 12.
2) Based on Net Operating Income as of June 30, 2017. For a definition of Net Operating Income, please see the appendix.
Covering the Waterfront
140+ Data Centers in More than 30 Metro Areas
Dublin
Encumbered
0.1%
Unencumbered
99.9%
Leased
10%
Owned
90%
Asia Pacific
7%
Europe
17%
North
America
76%

19
Customer Rank Locations % of ABR (1)
11 9 1.4%
12 15 1.4%
13 19 1.4%
14
Fortune 50 Software
Company
6 1.4%
15 4 1.4%
16 18 1.2%
17 5 1.2%
18 14 1.1%
19 5 1.1%
20 2 0.9%
Total Annualized Base Rent 43.9%
Cloud
23.2%
Network
20.0%
Financial
15.0%
Enterprise
10.8%
Content
10.4%
Information
Technology
20.6%
Non-Investment
Grade
52%
Investment
Grade or
Equivalent (3)
48%
No Single Customer Accounts for > 8% of ABR
Includes numerous high-quality, non-rated customers
CUSTOMER TYPE (% by ABR) (1)
High-Quality, Diversified Customer Base
Numerous Customers with Multiple Locations Across the Portfolio
Note: As of June 30, 2017. Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage.
Our direct tenants may be the entities named in this table above or their subsidiaries or affiliates.
1) Calculation based on annualized base rents (monthly contractual cash base rent before abatements under existing leases as of June 30, 2017 multiplied by 12).
2) Credit ratings from S&P, Moody’s and Fitch reflect credit ratings of customer parent entity. There can be no assurance that a customer parent entity will satisfy the customer’s lease obligations upon such customer’s default.
3) Defined as investment grade rated customers and equivalent customers. Investment grade equivalent customers represent Facebook and Tata Communications.
1 24 7.7%
2 20 4.8%
3 15 3.3%
4 21 3.2%
5 7 2.7%
6 46 2.4%
7 9 2.2%
8 16 1.9%
9 12 1.7%
10 54 1.5%
TOP 20 CUSTOMERS
CREDIT RATING (% by ABR) (1)(2)

20
Global Service Infrastructure Platform
Deliver Basic Services, Enable Partners
Digital Realty is Focused on Providing the Real Estate Foundation to Enable Customers & Partners to Service Thousands of Their Customers
Funnel Approach
Towards Customers
CLOUD SERVICES
IaaS
SaaS
PaaS
MANAGED SERVICES
Professional Services
Managed Hosting
Business Continuity
REAL ESTATE
FOUNDATION
Scale
Colocation
Interconnection
Thousands
of Customers
Customers &
Partners
Focused on
Real Estate Foundation

21
Enabling Customers & Partners
Strategic Alliances Bearing Fruit
Network‐Enabled
Colocation Services
• Complete solution with common
processes for contracting & support
• Combined industry expertise
• Simplified customer experience
AT&T Colocation Services
from Digital Realty
• Digital Realty colocation capacity
resold by AT&T providing wider
geographic coverage and
increased reach to enterprise
clients
AT&T
Network
• Global connectivity
• Network technology leadership
Strategic alliance for network-enabled colocation services
AT&T will continue to resell Digital Realty colocation capacity
+ =

23
Multi-Tiered Cloud Architectures
Solving for the Complete Deployment; Land and Expand
Connected Campus
COLO
SCALE
Network Access Nodes Higher
Performance• High network requirements to efficiently distribute and aggregate
traffic
• Applications: network connectivity, network peering and WAN
optimization
• Primary networking gear installed (e.g., routers and switches)
• 1-20 cabinets
Service Aggregations Nodes
• Mission-critical and latency-sensitive deployments
• Applications: CDN infrastructure, cloud services
• Servers, storage, load-balancers and cache infrastructure
• 10-100 cabinets
Server Farms
Higher
Capacity
• Large-scale computing and storage deployments
• Applications: back office, cloud and content infrastructure,
data analytics and web hosting
• 100+ cabinets

24
The Connected Campus
Digital Ashburn
Fiber
Future Building
Data Center
AnalyticsSocial MobileFinancial ContentNetwork Cloud
Sub-station
Digital Loudoun Land Parcel
Current Expansion
Colocation Pod

25
Density at Scale and at Hubs
Expand, Tether, and Densify Data Center Campuses
Connect@Scale suites,
Powered Base Building,
Connect@Gateway colocation
LONDON CAMPUSCHICAGO CAMPUS
350 E. CERMAK350 E. CERMAK
FRANKLIN PARKFRANKLIN PARK
SOVEREIGN HOUSESOVEREIGN HOUSE
WOKINGWOKING
NEW YORK CAMPUS
PISCATAWAYPISCATAWAY
DALLAS CAMPUS
2323 BRYAN STREET2323 BRYAN STREET
RICHARDSONRICHARDSON
111 8TH AVENUE111 8TH AVENUE

26
Diversifying Product Offerings
Facilitating Secure Connections to Multiple Service Providers
A software-defined network (SDN) that allows a
customer to establish direct, private connections to
multiple cloud service providers, other participants
of the platform, and other data centers on the
connected network from a single interface
AT LAUNCH IN 2017
8
43
MARKETS
ACROSS
NORTH AMERICA
DATA
CENTERS
17
61
MARKETS
12 NORTH AMERICA
5 INTERNATIONAL
DATA
CENTERS
Private Access to SaaS
Applications
$38Bn
SaaS Market (1)
1) Source: Gartner. Represents estimated SaaS market size in 2016.

27
ATTRACTIVE
GROWTH
PROSPECTS

28
40%
60%
80%
100%
Historical Retention on Rentable Square Feet
Data Center Data Center Average
High Utilization Provides Downside Protection
Significant Customer Investment Drives Stable Retention
Note: As of June 30, 2017.
1) Excludes unconsolidated joint ventures. “Same-capital” properties are defined as properties owned as of December 31, 2015 with less than 5% of total rentable square feet under development and excludes properties that
were undergoing, or were expected to undergo, development activities in 2016-2017, properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented.
2) Estimates provided by Align Communications – January 2017.
3) Represents trailing 12-month average.
Same-Capital Occupancy (1)
Migration to a
new facility
estimated to cost
customers ~ $10
– $20 million (2)
A new 1.125 MW
data center
deployment
estimated to cost
customers ~ $15
– $30 million (2)
2010 2011 2012 2013 2014 2015 2016 2017 YTD
Historical Retention on Rentable Square Feet (3)
94.7% 95.3% 93.8% 91.2% 93.5% 93.3% 92.0% 89.7%
25%
50%
75%
100%
2010 2011 2012 2013 2014 2015 2016 2017 YTD

29
Evenly-Staggered Lease Expiration Schedule
Consistent, Modest Roll-Over Exposure in Any One Year
Note: As of June 30, 2017.
1) Excluding acquired leases, for which rent increases vary.
2) Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage. Annualized base rent represents the monthly contractual base rent (defined as cash base rent
before abatements) under existing leases as of June 30, 2017 multiplied by 12.
% of Lease Expirations by Annualized Base Rent (2)
Weighted avg.
original lease
term
11.1 Years
Weighted avg.
remaining lease
term
5.0 Years
Our leases generally contain 2% - 4% annual cash rental rate increases (1)
8.4%
16.4% 15.8%
12.5%
9.4% 8.9%
4.9% 5.2% 4.9%
3.0%
7.7%
0%
10%
20%
30%
40%
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 >2026
Scale Colocation Non-Technical

30
Uninterrupted Growth throughout the Cycle
Counter-Cyclical Performance Compares Favorably
Eleven Consecutive Years of Positive Growth
AVB: 6.6%
BXP: 3.1%
EQR: 2.9%
PSA: 10.0%
DLR: 12.7% (2)
SPG: 6.9%
KIM: (3.3)%
2006 – 2017E FFO /
Share CAGR (1)
Financial Crisis
Sources: Company Filings and FactSet.
1) 11-year FFO per Share CAGR calculated using 2006 – 2016 actuals and 2017E per FactSet. Index value starts at 100 and increases or decreases by annual percent FFO per share growth.
2) Core FFO results are shown for 2009 to 2017. Prior years reflect reported FFO results. For reported FFO results for 2006 to 2016 please see the Appendix.

31
Committed to a Secure and Growing Dividend
Twelve Consecutive Years of Dividend Increases
Cash Dividend / Share
$1.00 $1.08 $1.17 $1.26
$1.47
$2.02
$2.72
$2.92
$3.12
$3.32 $3.40 $3.52
$3.72
$0.00
$1.00
$2.00
$3.00
$4.00
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E
• Raised the 2017 common dividend to $3.72 per share, or 5.7% over 2016 (1)
• 12% compound annual dividend growth since 2005
• 3.3% dividend yield (2) compared to RMZ of 4.1% and data center peers of 2.9% (3)
• Dividend Policy
 Pay out a minimum of 100% of taxable income and maintain AFFO (4) payout ratio <90%
 2016 dividends classified as 98% ordinary income and 2% capital gain
 AFFO (4) payout ratio of 66.5% for FY16
1) Based on annualized 2Q17 declared dividend.
2) Dividend yield based on August 11, 2017 closing stock price of $111.82. and annualized 2Q17 announced dividend.
3) Data center peers include DFT, COR, CONE, EQIX and QTS.
4) AFFO is a non-GAAP financial measure. For a description of AFFO and a reconciliation to net income, see the Appendix.

32
(20.0%)
(10.0%)
0.0%
10.0%
20.0%
30.0%
0 50 100
DLR
(20.0%)
(10.0%)
0.0%
10.0%
20.0%
30.0%
0 50 100
DLR
Exceptional Risk-Adjusted Growth Track Record
Strong Growth, Moderate Volatility
(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
(Coefficient of Variation2)
Above-average growth
relative to volatility
Below-average
growth relative to
volatility
Below-average
growth relative to
volatility
Source: SNL Financial
1) 10-year FFO and dividend per share CAGR calculated using 2Q17 and 2Q07 actuals.
2) Coefficient of variation is the standard deviation of quarterly observations divided by the mean. For the 10 years ended 2Q17.
Above-average growth
relative to volatility
Increased Volatility
MedianREIT
(Coefficient of Variation2)
Increased Volatility
MedianREIT
DIGITAL REALTY COMPANY OVERVIEW | AUGUST 2017

34
Stringent Acquisition Criteria
Market Fundamentals, Accessibility, Stability and Risk



KEY INVESTMENT CRITERIA FOR EXPANSION
Note: Telx was acquired in October 2015. European Portfolio Acquisition of eight data centers was completed in July 2016.
STRATEGIC AND
COMPLEMENTARY1
FINANCIALLY
ACCRETIVE2
PRUDENTLY
FINANCED3
Diversified Product Offering in
Network-Dense U.S. Metro Areas
Accretive to Financial Metrics
$1.0 Bn Common + Preferred Equity and
$1.0 Bn Bonds Raised 

 Premium Locations in
Leading European Data Center Markets
Accretive to Financial Metrics
$1.4 Bn Common Equity Raised

35
Stringent Acquisition Criteria
Market Fundamentals, Accessibility, Stability and Risk
KEY ELEMENTS OF INVESTMENT UNDERWRITING
Market Fundamentals
 Core metro areas / major
central business districts
 Supply & demand dynamics
 Customer verticals
 Land availability
 Construction costs
 Utility rates
 Financial projections
Accessibility /
Internet Proximity
 Access to fiber
 Access to power
 Proximity to major airports
 Broadband penetration
 Subsea cable landings
Business-Friendly /
Stable Locations
 Accommodative local utility
providers
 Ease of doing business
 Reasonable entitlement
approval process
 Low natural disaster-
prone areas
 Respect for property rights and
rule of law
 Tax regime

36
CONSERVATIVE
FINANCIAL
STRATEGY

37
Financial Strategy
Prudent Financial Management, Positioning for Growth
INVESTMENT GRADE BALANCE SHEET
Consistently maintain balance sheet positioned for new investment opportunities
ORGANIC GROWTH
Focus on driving higher same-capital cash 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

38
Committed to Conservative Capital Structure
Maximizing Capital Markets Options, Minimizing Cost
Leverage Metrics 6/30/17
Net Debt / Adjusted EBITDA (2) 5.1x
Fixed Charge Coverage Ratio (3) 4.3x
Maintain Conservative Leverage
• $1.9 Bn available under $2.0 Bn multi-currency revolving credit facility (1)
• Increased Term Loan from $1 Bn to $1.55 Bn in 1Q16
Diversified Sources of Capital
Ample and Growing Liquidity
• In July, closed £250M 2.75% notes due 2024 and £350M 3.30% notes due
2029
• In August, closed Series J cumulative redeemable preferred stock, $350M
2.75% notes due 2023 and $1 Bn 3.70% notes due 2027
Risk Mitigation
• Unsecured Debt / Total Debt: 99.9%
– Target variable rate < 20% of total debt
– Natural hedge of FX risk through non-USD financings
– $3.0 Bn of non-USD debt outstanding
Current Capital Structure (1)
Note: As of June 30, 2017 except as noted.
1) Closing common stock price was $111.82 as of August 11, 2017. Includes Digital’s pro rata share of unconsolidated joint venture loans. Pro forma for July issuance of the £250M 2.75% notes due 2024 and £350M 3.30% notes due
2029 based upon an exchange rate of £1 to $1.3014 as of August 11, 2017. Pro forma for August issuance of the $350M 2.75% notes due 2023 and $1 billion 3.70% notes due 2027. Pro forma for the revolver balance of $137.7M as of
August 14, 2017.
2) Calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus our share of unconsolidated JV debt, less unrestricted cash and cash equivalents divided by the product of Adjusted EBITDA (inclusive of
our share of JV EBITDA) multiplied by four.
3) Fixed charge coverage ratio is Adjusted EBITDA divided by total fixed charges. Total fixed charges include interest expenses, capitalized interest, scheduled debt principal payments and preferred dividends, excluding bridge
facility fees for the quarter ended June 30, 2017.
•Total Equity Capitalization: $18.4 billion (1)
•Total Enterprise Value: $27.8 billion (1)

39
Debt Maturity Schedule
No Bar Too Tall; Nominal Near-Term Maturities
Extended Global Unsecured Revolving Credit Facility and Term Loan Maturities to 2021 and 2023
($ in billions)
Line of Credit
Capacity (3)
$1.9 Bn
Note: As of June 30, 2017 except as noted.
1) Represents Digital’s pro rata share of four unconsolidated joint venture loans.
2) Pro forma for the July issuance of £250M 2.75% notes due 2024 and £350M 3.30% notes due 2029 based upon an exchange rate of £1 to $1.3014 as of August 11, 2017. Pro forma for August issuance of the $350M 2.75% notes due 2023 and $1 billion 3.70% notes due 2027.
3) Pro forma for the revolver balance of $137.7M as of August 14, 2017.
4) Assumes exercise of extension options.
Debt Profile (4)
Weighted Average Debt Maturity 4.9 Yrs
Weighted Average Coupon 3.425%
% Unsecured Debt 99.9%
No Material
Maturities
until 2020
(1) (2)
(3)
£
£€
€
£
£

40
Industry-Leading Sustainability
Track Record and Commitment to Energy Efficiency
Management and
organizational
commitment to
sustainability
• Full time REIT-
sustainability expertise
in-house
• Senior executive with
sustainability
management
responsibility
• Integrated cross-
functional teams
Industry-leading
clean energy
solutions
• 600 gigawatt-hours of
renewable power
sourced globally
• #6 in EPA Green Power
Partnership Tech and
Telecom sector for
renewable energy
Award-winning data
center designs with
third party
certification
• 50 green building
certifications globally
• 5 new certifications in
2016 including Green
Mark Platinum rating for
3 Loyang Way, Singapore
Thought leadership
and innovation in
energy efficiency
• US DoE Better Building’s
Challenge for data
centers participant; 20%
energy savings by 2024
• The Green Grid board-
level and technical
committee leadership
Track record of
sustainable project
investment
• Successfully allocated
$493 million of
proceeds from data
center industry’s first
green bond
• Signed long-term
contract to purchase
100% renewable energy
for US colocation
business

41
6.1x 5.9x 5.7x 5.7x 5.6x 5.5x
5.1x
4.7x 4.7x
0x
2x
4x
6x
8x
BXP FRT DLR HCP EQR KIM AVB SPG PLD
6.0x 5.9x 5.7x 5.6x 5.5x
5.1x 5.1x
4.7x 4.7x
0x
2x
4x
6x
8x
BXP FRT HCP EQR KIM AVB DLR SPG PLD
7.8x
6.6x
6.1x
5.4x 5.3x 5.0x
4.3x 4.2x 3.9x
0x
2x
4x
6x
8x
10x
PLD AVB SPG DLR FRT KIM BXP EQR HCP
6.1x
5.5x
4.6x
4.3x
3.5x 3.5x 3.4x
3.1x 2.8x
0x
2x
4x
6x
8x
PLD SPG AVB DLR BXP KIM EQR HCP FRT
Credit Metrics Compare Favorably to Blue Chip REITs
Committed to a Conservative Capital Structure
Interest Coverage (2) (4)
Net Debt + Preferred / LQA Adjusted EBITDA (1) (4)Net Debt / LQA Adjusted EBITDA (1) (4)
Fixed Charge Coverage (3) (4)
Source: Company calculation based on 2Q17 data, unless otherwise indicated, peer metrics derived from public filings by FactSet and SNL Financial Data. Peers may calculate these or similar metrics differently. Please see Appendix for calculation of DLR ratios.
1) Adjusted EBITDA is a non-GAAP financial measure. For a description of Adjusted EBITDA, see the Appendix.
2) Based on GAAP interest expense plus capitalized interest for the quarter ended June 30, 2017.
3) Calculated as Adjusted EBITDA divided by fixed charges. Fixed charges consist of GAAP interest expense, capitalized interest, DLR share of unconsolidated joint venture debt, scheduled debt principal payments and preferred dividends for the
quarter ended June 30, 2017.
4) Pro forma for the redemption of 7.3 million shares of 6.625% Series F Cumulative Redeemable Preferred Stock in April and settlement of 2.375 million share issuance subject to forward sale agreements in May.

42
MERGER
WITH
DUPONT FABROS
TECHNOLOGY
Note: The slides in this section were originally posted to the Company’s website on June 9, 2017 and have not been updated to reflect changes occurring after that
date.

43
Supporting Our Customers’ Growth
Full Spectrum of Data Center Solutions Across a Global Platform
Note: Data as of March 31, 2017 unless otherwise noted. Figures combined to include DuPont Fabros.
1) Includes Digital Realty’s investments in fourteen properties held in unconsolidated joint ventures and includes DuPont Fabros’ ACC 9 Phase I, which was placed into service May 1, 2017.
2) Excludes 1.5 million square feet of active development and 1.7 million square feet held for future development at Digital Realty. Contribution from DuPont Fabros is based on a gross building area measurement of 3.5 million
square feet and excludes 0.5 million square feet of current development projects, 0.3 million square feet of current development projects – shell only, 0.8 million square feet of future development projects/phases and 1.8
million square feet of land held for development.
157PROPERTIES (1)
33METROPOLITAN AREAS (1)
26MILLION RENTABLE SQ. FT. (1)(2)
12COUNTRIES (1)
COLOCATIONCOLOCATION SCALESCALE HYPER-SCALEHYPER-SCALEINTERCONNECTIONINTERCONNECTION

44
HIGHLY STRATEGIC AND
COMPLEMENTARY COMBINATION
HIGHLY STRATEGIC AND
COMPLEMENTARY COMBINATION
Delivers Key Strategic and Financial Benefits
Execution of M&A Game Plan
FINANCIALLY
ACCRETIVE
• Expected to be accretive to financial metrics
• Attractive pipeline of pre-leased deliveries and development
opportunities
FINANCIALLY
ACCRETIVE
• Expected to be accretive to financial metrics
• Attractive pipeline of pre-leased deliveries and development
opportunities
PRUDENTLY
FINANCED
• 100% stock-for-stock acquisition
 0.545x fixed exchange ratio
 Combined ownership: ~77% Digital Realty / ~23% DuPont Fabros(1)
• Improves balance sheet strength
PRUDENTLY
FINANCED
• 100% stock-for-stock acquisition
 0.545x fixed exchange ratio
 Combined ownership: ~77% Digital Realty / ~23% DuPont Fabros(1)
• Improves balance sheet strength
Expected to close in the second half of 2017, subject to customary closing conditions, including DLR and DFT shareholder approvalsExpected to close in the second half of 2017, subject to customary closing conditions, including DLR and DFT shareholder approvals
Enhances Ability to Meet Growing Demand for
Hyper-Scale and Public Cloud
Complementary Footprint in Top U.S. Metro Areas
Expands Blue-Chip Customer Base
Cost Efficiencies Expected to Yield $18 million in
Annualized Overhead Synergies or $0.08 per Share (1)
Increases Scale and Reach
Enhanced Growth Prospects
1) Based on assumed combined share count of 213.3 million, which is 163.9 million shares for Digital Realty plus 49.4 million shares issued to DuPont Fabros shareholders (based on 90.7mm shares including the acceleration of
equity awards at a 0.545x exchange ratio).

45
Transaction Overview
Accretive Acquisition of Quality Assets in Strategic Locations
Source: Based on Agreement and Plan of Merger as of June 8, 2017. Market data as of June 7, 2017.
1) Based on assumed combined share count of 213.3 million, which is 163.9 million shares for Digital Realty plus 49.4 million shares issued to DuPont Fabros shareholders (based on 90.7mm shares including the acceleration of
equity awards at a 0.545x exchange ratio).
Transaction
Structure
Transaction
Structure
Combined
Ownership Shares
Outstanding
Combined
Ownership Shares
Outstanding
Per Share
Consideration
Per Share
Consideration
Sources
and Uses
Sources
and Uses
Combined
Board of Directors
Combined
Board of Directors
Anticipated Annualized
Overhead Synergies
Anticipated Annualized
Overhead Synergies
Closing
Conditions
Closing
Conditions
• DuPont Fabros will be merged into a wholly-owned subsidiary of Digital Realty, which will be the surviving entity
• DuPont Fabros’ Operating Partnership will be merged into a subsidiary of Digital Realty’s Operating Partnership, with the DuPont
Fabros Operating Partnership being the surviving entity
• DuPont Fabros will be merged into a wholly-owned subsidiary of Digital Realty, which will be the surviving entity
• DuPont Fabros’ Operating Partnership will be merged into a subsidiary of Digital Realty’s Operating Partnership, with the DuPont
Fabros Operating Partnership being the surviving entity
• Digital Realty shareholders: ~77%
• DuPont Fabros shareholders: ~23%
• Approximately 213.3 fully diluted shares outstanding(1)
• Digital Realty shareholders: ~77%
• DuPont Fabros shareholders: ~23%
• Approximately 213.3 fully diluted shares outstanding(1)
• All stock merger at a fixed exchange ratio of 0.545x
• Implied price per share of $64.32 (15.8% premium to share price of $55.54 as of June 7, 2017)
• All stock merger at a fixed exchange ratio of 0.545x
• Implied price per share of $64.32 (15.8% premium to share price of $55.54 as of June 7, 2017)
Sources
Equity Issued by Digital Realty: $5.8bn
Assumed Preferred Equity: $0.2bn
Debt and Cash Funding: $1.8bn
Total: $7.8bn
Uses
Equity Consideration: $5.8bn
Assumed / Repaid Debt and Transaction Costs: $1.8bn
Total: $7.8bn
Sources
Equity Issued by Digital Realty: $5.8bn
Debt and Cash Funding: $1.8bn
Total: $7.8bn
Uses
Equity Consideration: $5.8bn
Assumed / Repaid Debt and Transaction Costs: $1.8bn
Total: $7.8bn
• 10 existing directors from Digital Realty
• 2 new directors joining from DuPont Fabros
• 10 existing directors from Digital Realty
• 2 new directors joining from DuPont Fabros
• Approximately $18 million per year• Approximately $18 million per year
• Digital Realty stockholder vote
• DuPont Fabros stockholder vote
• Other customary closing conditions
• Digital Realty stockholder vote
• DuPont Fabros stockholder vote
• Other customary closing conditions

46
HIGH-QUALITY CUSTOMER BASE (4)
GEOGRAPHIC PRESENCE
DuPont Fabros Technology (NYSE: DFT)
At-a-Glance
A leading provider of Scale and
Hyper-Scale data center offerings, servicing
high-quality investment grade customers in
top tier metro areas
DATA
CENTERS (1)
12
IT LOAD
(MW) (1)
302
OCCUPANCY
(Critical Load) (1)(2)
98%Source: DuPont Fabros public filings as of March 31, 2017, unless otherwise noted.
1) Includes 14.4MW at ACC9 Phase I, which was 70% pre-leased as of April 27, 2017 and placed into service May 1, 2017.
2) Occupancy on a critical load basis.
3) Based on current development projects as of June 2017. Excludes ACC9 Phase I, which was placed into service May 1, 2017.
4) Based on percentage of 1Q17 revenue by S&P credit ratings as of March 31, 2017. Based on sub lessee credit rating where
applicable.
5) Includes investment grade customers and Facebook.
Source: DuPont Fabros public filings as of March 31, 2017, unless otherwise noted.
1) Includes 14.4MW at ACC9 Phase I, which was 70% pre-leased as of April 27, 2017 and placed into service May 1, 2017.
2) Occupancy on a critical load basis.
3) Based on current development projects as of June 2017. Excludes ACC9 Phase I, which was placed into service May 1, 2017.
4) Based on percentage of 1Q17 revenue by S&P credit ratings as of March 31, 2017. Based on sub lessee credit rating where
applicable.
5) Includes investment grade customers and Facebook.
1 2
9
Core Metros
Expansion Metros
Investment Grade
or Equivalent
70%
Non-Investment
Grade
30%
(5)
DEVELOPMENTS
(Properties / MW) (3)
6 / 79

47
Extends Footprint in Top U.S. Metro Areas
Enhanced Ability to Meet Customer Demand in Attractive Locations
COMBINED DLR FOOTPRINT (1)(2)COMBINED DLR FOOTPRINT (1)(2)CURRENT DLR FOOTPRINT (1)CURRENT DLR FOOTPRINT (1)TOP TIER U.S. METRO AREASTOP TIER U.S. METRO AREAS
Northern
Virginia
Northern
Virginia
ChicagoChicago
Silicon
Valley
Silicon
Valley
2.2mm
Space (NRSF)
2.2mm
Space (NRSF)
90
Power (MW)
90
Power (MW)
97%OCCUPANCY
17
DATA CENTERS
17
DATA CENTERS
1.7mm
Space (NRSF)
1.7mm
Space (NRSF)
52
Power (MW)
52
Power (MW)
91%OCCUPANCY
5
DATA CENTERS
5
DATA CENTERS
1.7mm
Space (NRSF)
1.7mm
Space (NRSF)
47
Power (MW)
47
Power (MW)
96%OCCUPANCY
15
DATA CENTERS
15
DATA CENTERS
4.4mm
Space (NRSF)
4.4mm
Space (NRSF)
292
Power (MW)
292
Power (MW)
97%OCCUPANCY(3)
26
DATA CENTERS
26
DATA CENTERS
2.5mm
Space (NRSF)
2.5mm
Space (NRSF)
116
Power (MW)
116
Power (MW)
94%OCCUPANCY(3)
7
DATA CENTERS
7
DATA CENTERS
2.1mm
Space (NRSF)
2.1mm
Space (NRSF)
84
Power (MW)
84
Power (MW)
96%OCCUPANCY(3)
16
DATA CENTERS
16
DATA CENTERS
Note: Data as of March 31, 2017, unless otherwise noted. Includes 14.4MW at ACC9 Phase I, which was 70% pre-leased as of April 27, 2017 and placed into service May 1, 2017.
1) Excludes investments held in unconsolidated joint ventures and properties under active development and held for future development.
2) DuPont Fabros NRSF equal to company’s reported gross building area. Gross building area is the entire building area, including CRSF (the portion of gross building area where customers‘ computer servers are located),
common areas, areas controlled by DuPont Fabros (such as the mechanical, telecommunications and utility rooms) and, in some facilities, individual office and storage space leased on an as-available basis to customers.
3) DuPont Fabros’ occupancy calculated as weighted average of DuPont Fabros’ gross building area and computer room square feet percent leased as of April 1, 2017. Digital Realty’s occupancy represents the weighted average
of Digital Realty’s net rentable square foot and occupancy, which is calculated based on factors in addition to contractually leased square feet, including available power, required support space and common areas.

48
NORTHERN VIRGINIANORTHERN VIRGINIA CHICAGOCHICAGO SILICON VALLEYSILICON VALLEY
Complementary Campus Strategy
Close Proximity Allows for Synergies
2626 DATA
CENTERS (1)
DATA
CENTERS (1)
2020 MILE
RADIUS
MILE
RADIUS
77 DATA
CENTERS (1)
DATA
CENTERS (1)
2525 MILE
RADIUS
MILE
RADIUS
1616 DATA
CENTERS (1)
DATA
CENTERS (1)
77 MILE
RADIUS
MILE
RADIUS
DIGITAL REALTY DUPONT FABROS
Note: Data as of March 31, 2017, unless otherwise noted. Figures combined to include DuPont Fabros. Includes 14.4MW at ACC9 Phase I, which was 70% pre-leased as of April 27, 2017 and placed into service May 1, 2017.
1) Excludes investments held in unconsolidated joint ventures and properties under active development and held for future development.

49
$15.2
$14.6
$14.0
$4.8
$3.6
Microsoft
Amazon AWS
IBM Cloud
Oracle
SAP
1Q17 Annualized Cloud Revenues (1)
$ in billions
$7.2 $7.5
$10.0
$16.5
$21.1 $21.1
$25.3
2010 2011 2012 2013 2014 2015 2016
HYPER-SCALE CLOUD CAPITAL
EXPENDITURES (1)
$ in billions
Meeting Growing Demand for Hyper-Scale
Strong Demand Across Major Cloud Service Providers
Home to the Cloud
Servicing a growing
demand for cloud
deployments
CLOUD CUSTOMERS
% of ABR (2)
CURRENT
23%
DUPONT (3)
42%
COMBINED
26%
Note: As of March 31, 2017, unless otherwise noted. Represents consolidated portfolio plus managed unconsolidated joint ventures based on
ownership percentage.
1) Source: DuPont Fabros investor presentation dated June 2017. AMZN, MSFT, GOOGL, IBM, ORCL, SAP and BABA company documents.
2) Calculation based on annualized base rents (monthly contractual cash base rent before abatements under existing leases as of March 31, 2017
multiplied by 12). DuPont Fabros figures as of April 1, 2017.
3) Represents cloud customers as a percent of annualized base rent for top 15 tenants as of April 1, 2017. Cloud classification according to Digital
Realty’s customer classification where applicable.
Note: As of March 31, 2017, unless otherwise noted. Represents consolidated portfolio plus managed unconsolidated joint ventures based on
ownership percentage.
1) Source: DuPont Fabros investor presentation dated June 2017. AMZN, MSFT, GOOGL, IBM, ORCL, SAP and BABA company documents.
2) Calculation based on annualized base rents (monthly contractual cash base rent before abatements under existing leases as of March 31, 2017
multiplied by 12). DuPont Fabros figures as of April 1, 2017.
3) Represents cloud customers as a percent of annualized base rent for top 15 tenants as of April 1, 2017. Cloud classification according to Digital
Realty’s customer classification where applicable.

50
TOP 20 CUSTOMERS
Combined (As of March 31, 2017)
Expands Blue-Chip Customer Base
High Credit Quality Cash Flows
CUSTOMER TYPE
Combined (% of ABR) (1)
Cloud
26%
Inform
ation
Techno
logy
21%
Content
16%
Network
14%
Financial
13%
Enterprise
10%
CREDIT RATING
Combined (% of ABR) (1)(3)
11 46 2.0%
12 (2) 4 1.7%
13 16 1.5%
14 53 1.2%
15 9 1.1%
16 9 1.1%
17 14 1.1%
18 18 1.0%
19 8 1.0%
20 5 0.9%
49.8%
1 24 6.2%
2 15 6.0%
3 13 5.9%
4 49 4.6%
5 7 2.7%
6 20 2.7%
7 14 2.6%
8 6 2.4%
9 6 2.2%
10 6 2.0%
TOP 20 ANNUALIZED BASE RENT
Note: Represents consolidated portfolio plus managed portfolio of unconsolidated joint ventures based on ownership percentage. Includes DuPont Fabros on combined basis based on top 15 tenants as
percent of annualized base rents as of April 1, 2017. Direct tenants may be the entities named in this table above or their subsidiaries or affiliates.
1) Calculation based on annualized base rents (monthly contractual cash base rent before abatements under existing leases as of March 31, 2017 multiplied by 12). Customer type classified to match
Digital Realty’s classification where applicable.
2) Yahoo! is comprised of a lease at DuPont Fabros’ ACC4 that has been fully subleased to another DuPont Fabros customer.
3) Credit ratings from Moody’s Analytics and reflects credit ratings of customer parent entity. As of March 31, 2017. Figures combined to include DuPont Fabros portfolio.
4) Defined as investment grade rated customers and equivalent customers. Investment grade equivalent customers represents Facebook, LinkedIn and Tata Communications.
Non-
Invest
ment
Grade
49%
Investment
Grade or
Equivalent
51%
Fortune 50
Software Company
Fortune 25
Investment Grade-Rated
(4)
Fortune 500
SaaS Provider

51
$42.9
$34.3
$6.8 $6.8 $5.9
$4.0
EQIX DLR
Combined
CONE DFT COR QTS
Leading Data Center REIT
Enterprise Value and Market Capitalization Comparison
Note: Data as of June 7, 2017, unless otherwise noted.
1) Based on each company’s reported TEV as of March 31, 2017. TEV defined as Market Equity Value + Debt + Preferred Stock +
Minority Interest - Cash and Equivalents. Includes subsequent events.
2) Based on inclusion in the MSCI U.S. REIT Index (RMZ). For market capitalization purposes, fully diluted shares include shares, units,
options using the treasury method, and any convertible securities.
LARGEST PUBLICLY TRADED U.S. REIT (2)
$ in billions
Equity Market
Company Capitalization
1. Simon Property Group, Inc. $55.8
2. Public Storage, Inc. 36.8
3. Equinix, Inc. 34.9
4. ProLogis 31.4
5. Welltower, Inc. 27.9
6. AvalonBay Communities, Inc. 26.9
7. Equity Residential 25.7
8. Digital Realty Trust (Combined) 25.2
9. Ventas, Inc. 24.0
10. GGP Inc. 22.3
11. Boston Properties, Inc. 20.9
12. Vornado Realty Trust 18.7
13. Essex Property Trust, Inc. 18.0
14. Realty Income Corporation 15.3
15. HCP, Inc. 15.2
16. Host Hotels & Resorts, Inc. 13.5
17. Mid-America Apartment Communities, Inc. 12.6
18. UDR, Inc. 11.9
19. SL Green Realty Corp. 11.3
20. Alexandria Real Estate Equities, Inc. 10.9
21. Regency Centers Corporation 10.6
22. Duke Realty Corporation 10.4
23. Extra Space Storage, Inc. 10.2
24. Federal Realty Investment Trust 9.2
25. Iron Mountain, Inc. 9.0
DATA CENTER REITS BY TOTAL ENTERPRISE VALUE (1)
$ in billions

52
157
20
43
25 179
35%
45%
55%
65%
10 70 130 190
# of Data Centers
SIZE AND ADJUSTED EBITDA MARGIN
As of March 31, 2017
Margin %
88%
70% 65%
48%
31%
DLR Combined COR CONE QTS EQIX
OWNED REAL ESTATE (2)
As Measured by Number of Data Centers (As of March 31, 2017)
Benefits of Size and Scale on Display
Efficient Cost Structure Drives Industry-Leading Margins
Most comprehensive
product suite at the
most efficient cost
structure
DLR EQIX CONE QTS COR
Note: As of March 31, 2017. Number of data centers represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures
based on our ownership percentage. Includes ACC9 Phase I, which was placed into service on May 1, 2017. Equinix includes recently completed
acquisition of Verizon assets.
1) Based on Q1 2017 public filings and includes sales & marketing expenses. DLR Combined includes $18 million of annualized overhead synergies.
2) Percent of total number of data centers. DLR Combined figure excludes joint venture properties from both numerator and denominator.
5%
11%
14%
21%
33%
DLR Combined COR CONE QTS EQIX
G&A (% of Revenue)(1)
As of March 31, 2017
The combined
company will own
92% of its real estate
based on NOI rather
than the number of
properties

53
Enhanced Growth Prospects
Future-Proofing Supply Chain in Proven and New Locations
INCREMENTAL CAPACITY CONTRIBUTED BY DUPONT IN HIGH-DEMAND METRO AREASINCREMENTAL CAPACITY CONTRIBUTED BY DUPONT IN HIGH-DEMAND METRO AREAS
NEW METRO AREA WITH
PROVEN DEMAND
NEW METRO AREA WITH
PROVEN DEMAND
OPTIONALITY FOR
LONG-TERM GROWTH METRO AREA
OPTIONALITY FOR
LONG-TERM GROWTH METRO AREA
Space (NRSF)
1.5mm
Power (MW)
96OREGONOREGON
Space (NRSF)
711k
Power (MW)
35TORONTOTORONTO
Space (NRSF)
702k
Power (MW)
68NORTHERN
VIRGINIA
NORTHERN
VIRGINIA
Includes 29MW currently under
development and 12MW of shell
Space (NRSF)
305k
Power (MW)
27CHICAGOCHICAGO
development
Source: DuPont Fabros public filings as of March 31, 2017. DuPont Fabros NRSF equal to company’s reported gross building area. Does not include ACC9 Phase I, which was placed in service on May 1, 2017.
development

54
Strong Combined Capitalization and Balance Sheet
Enhanced Access and Overall Cost of Capital
Accretive to financial metrics and expected to further improve balance sheet strengthAccretive to financial metrics and expected to further improve balance sheet strength
Note: As of March 31, 2017, unless otherwise noted.
1) Total debt and cash includes development spend and cash flows subsequent to March 31, 2017.
2) Pro forma for settlement of 2.375 million forward shares for approximate proceeds of $211 million, which are used to redeem $183 million of Series F Cumulative Preferred Stock and repay $29 million on the revolver.
3) Includes assumed transaction expenses.
4) Based on Digital Realty and DuPont Fabros closing stock price as of June 7, 2017.
5) Includes capital leases. Combined metrics include $18mm of annualized overhead synergies.

55
Best Practices Governance
Leadership Fully Aligned with Shareholders
BOARD OF DIRECTORS
COMPOSITION
BOARD OF DIRECTORS
COMPOSITION
SHAREHOLDER-FRIENDLY
GOVERNANCE PRACTICES
 De-Staggered Board
 Majority of our directors' compensation is paid in stock
 Each director maintains a sizable investment in
Digital Realty
 The board and senior management are required to meet
minimum stock ownership requirements
 Since 2014, the substantial majority of management's long-
term incentive compensation plan has been tied to relative
total shareholder return
SHAREHOLDER-FRIENDLY
GOVERNANCE PRACTICES
 De-Staggered Board
 Majority of our directors' compensation is paid in stock
 Each director maintains a sizable investment in
Digital Realty
 The board and senior management are required to meet
 Since 2014, the substantial majority of management's long-
term incentive compensation plan has been tied to relative
total shareholder return
De-Staggered Board
Majority of directors' compensation is paid in equity
Each director maintains a sizable investment in
Digital Realty
The Board and senior management are required to meet
Substantial majority of management's long-term
incentive compensation is tied to relative total
shareholder return
Currently 10 directors serving on the Board
Laurence Chapman named Chairman of the Board in May
Six of the ten directors joined in the past four years
Three new directors added in the past year:
Mary Hogan Preusse, Mark Patterson and Afshin Mohebbi
As part of the proposed acquisition, the Board will consist of
12 directors (Digital Realty’s ten existing directors plus two
directors to be designated by DuPont Fabros)

56
Leading Global Multi-Product Data Center Provider
Extending Advantages for Our Customers
 Unmatched Value Proposition
 Strengthens Position in
Strategic Metro Areas
 Improves Customer Base with
Creditworthy Tenants
 Complementary Businesses with
Significant Synergies
 Expected to be Accretive to Financial
Metrics and Growth
 Proven Ability to Execute

57
RECENT RESULTS
Note: The slides in this section were originally posted to the Company’s website on July 27, 2017 and have not been updated to reflect changes occurring
after that date.

58
Firm Fundamentals
Robust Demand, Rational Supply
Source: Digital Realty internal estimates and datacenterHawk.
1) Market source: datacenterHawk. Excludes owner-occupied data centers. DLR includes only consolidated data centers.
2) Calculated as LTM metro area absorption divided by current data center construction.
Demand Outpacing Supply in Top-Tier Data Center Metro AreasDemand Outpacing Supply in Top-Tier Data Center Metro Areas
NORTHERN VIRGINIA DALLAS
Major U.S. Metro Areas
Healthy volumes of underway supply in
U.S. major metro areas balanced by
high leasing velocity
Major U.S. Metro Areas
Healthy volumes of underway supply in
U.S. major metro areas balanced by
high leasing velocity
Healthy Occupancy Rates
Tight vacancy across all three
metro areas as new inventory is leased
upon delivery or shortly thereafter
Healthy Occupancy Rates
Tight vacancy across all three
metro areas as new inventory is leased
upon delivery or shortly thereafter
LTM Absorption
Outpacing Construction (2)
LTM metro area absorption = 1.5x
current construction
pipelines
LTM Absorption
Outpacing Construction (2)
LTM metro area absorption = 1.5x
current construction
pipelines
Occupancy Rate (2Q17)
Market (1)
89%
CHICAGO
Megawatts Commissioned (1)
DLR(1)
89%
Market (1)
96%
DLR(1)
94%
Market (1)
93%
DLR(1)
91%
1.6x 1.3x 1.4x
Absorption-to-
Construction (2)
Absorption-to-
Construction (2)
Absorption-to-
Construction (2)
21 MW
81% Leased
LTM Digital Realty Deliveries
12 MW
100% Leased
6 MW
50% Leased
Megawatts Commissioned (1) Megawatts Commissioned (1)
597 624 649 673
3Q16 4Q16 1Q17 2Q17
252 262 265 280
3Q16 4Q16 1Q17 2Q17
276 282 293 303
3Q16 4Q16 1Q17 2Q17

59
1Q17 CALL CURRENT Better/
April 26, 2017 July 26, 2017 Worse 2017E 2018E
Global GDP Growth Forecast (1)
2017E: 3.5% 2017E: 3.5%  3.5% 3.6%
U.S. GDP Growth Forecast (1)
2017E: 2.3% 2017E: 2.1%  2.1% 2.1%
U.S. Unemployment Rate (2)
4.5% 4.4%  4.4% 4.2%
Inflation Rate – U.S. Annual CPI Index (2)
2.4% 1.6%  2.1% 2.1%
Crude Oil ($/barrel)(3)
$50 $49  $51 $55
Control of White House, Senate and HoR (4)
R,R,R R,R,R  R,R,R R,R,R
Three‐Month Libor (USD) (2)
1.2% 1.3%  1.6% 2.3%
10‐Yr U.S. Treasury Yield (2)
2.3% 2.3%  2.6% 3.1%
GBP‐USD (2)
1.28 1.31  1.28 1.31
EUR‐USD(2)
1.09 1.17  1.14 1.15
S&P 500 (2)
2,387 (YTD 7.3%); P/E: 21.7x 2,478 (YTD 11.9%); P/E: 21.5x  19.0x 17.0x
NASDAQ 100 (2)
5,541 (YTD 14.3%); P/E: 26.4x 5,951 (YTD 23.1%); P/E: 26.1x  21.7x 19.0x
RMZ
(2)(5)
1,162 (YTD 2.4%); P/E: 16.0x 1,169 (YTD 4.0%); P/E: 16.3x  15.4x N/A
IT Spending Growth Worldwide (6)
2017E: 3.3% 2017E: 3.3%  3.3% 3.3%
Server Shipment Worldwide (7)
2017E: 4.6% 2017E: 4.0%  4.0% 3.2%
Global Data Center to Data Center IP Traffic (8)
CAGR 2015 ‐ 2020E: 32% CAGR 2015 ‐ 2020E: 32%  CAGR 2015 ‐ 2020E: 32%
Global Cloud IP Traffic (8)
CAGR 2015 ‐ 2020E: 30% CAGR 2015 ‐ 2020E: 30%  CAGR 2015 ‐ 2020E: 30%
Broadly Supportive Economic Growth Outlook
Long-Term Secular Data Center Demand Drivers
Source:
1) IMF World Economic Outlook – April 2017 and July 2017.
2) Bloomberg.
3) Bloomberg, NY Mercantile Exchange WTI Crude Oil (Front Month).
4) Nate Silver FiveThirtyEight.com – April 2017.
MACROECONOMICINTERESTRATES
EQUITY
MARKETS
INDUSTRY
5) Citi Investment Research – April 2017 and July 2017.
6) Gartner: IT Spending, Worldwide (constant currency), March 2017 and July 2017.
7) Gartner: Servers Forecast Worldwide, April 2017 and July 2017.
8) Cisco Global Cloud Index: Forecast and Methodology, 2015-2020 – November 2016.

61
$0
$20
$40
$60
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
Lumpy but Healthy
Comprehensive Solutions Support Diverse Customer Base
Note: Darker shading represents interconnection bookings.
1) Includes signings for new and re-leased space.
2) GAAP rental revenues include total rent for new leases and expansions. The timing between lease signing and lease commencement (and receipt of rents) may be significant.
Historical Lease Signings
Annualized GAAP Base Rent (2)
$ in millions
2009 2010 2011 2012 2013 2014 2015 2016 2017
Product Type
Total s.f.
Signed (1)
Annualized GAAP
Base Rent / s.f. (2)
Annualized GAAP
Base Rent (2)
Turn-Key Flex® 113,772 $160 $18.2 million
Powered Base Building® - - $0.2 million
Colocation 32,937 $233 $7.7 million
Non-Technical 23,386 $29 $0.7 million
Interconnection - - $7.6 million
Total 170,095 $158 $34.4 million

62
$43
$11
$10
$64
2017 2018 2019+ Total Backlog
Healthy Backlog Sets a Solid Foundation
Front-End-Loaded Commencement Schedule
$ in millions
Backlog Roll-Forward + Commencement Timing
Commencements Total BacklogCurrent Period Backlog Signings
Note: Amounts shown represent GAAP annualized base rent from signed, but not yet commenced, leases and are based on current estimates of future lease commencement timing.
Actual results may vary from current estimates. The lag between lease signing and lease commencement (and receipt of rents) may be significant. Expected commencement date at time of signing.
$79
$27
$41
$64
$-
$25
$50
$75
$100
$125
1Q17 Backlog Signings Commencements 2Q17 Backlog

63
PRODUCT TYPE RENEWALS 2Q17 RE-LEASING SPREADS
Turn-Key Flex®
 Renewed 70,473 square feet of Turn-Key Flex® data centers at
a rental rate increase of 0.3% on a cash basis and a 4.3%
increase on a GAAP basis
Powered Base
Building®
 Renewed 375,631 square feet of Powered Base Building® data
centers at a rental rate increase of 15.9% on a cash basis and a
24.5% increase on a GAAP basis
Colocation
 Renewed 121,136 square feet of colocation space at a rental rate
increase of 4.9% on a cash basis and 5.0% a GAAP basis
Total
 Signed renewal leases representing $65 million of annualized
GAAP rental revenue
 Rental rates were up on a cash basis by 6.5% and increased by
9.3% on a GAAP basis
Cycling Through Peak Vintage Renewals
Positive Mark-to-Market Across All Property Types
Note: Total represents Turn-Key Flex®, Powered Base Building®, Colocation, and Non-Tech leases signed during the quarter ended June 30, 2017.
0.3%
CASH
4.3%
GAAP
15.9%
CASH
24.5%
GAAP
4.9%
CASH
5.0%
GAAP
6.5%
CASH
9.3%
GAAP

64
U.S. Dollar Index
Putting Exposure in Perspective
Benefits of Scale and Diversification on Display
0.5%
GBP
+/- 10%
0.5%
GBP
+/- 10%
0.2%
EUR
+/- 10%
0.2%
EUR
+/- 10%
0.1%
WTI
+/- $10 per barrel
0.1%
WTI
+/- $10 per barrel
0.1%
LIBOR
+/- 100 bps
0.1%
LIBOR
+/- 100 bps
EXPOSURE BY REVENUE
USD CAD GBP EURO JPY HKD SGD AUD
78%
1% 12%
4%
0%
4%
0%
2%
EXCHANGE RATES (2)
U.S. DOLLAR /
POUND STERLING
12%INCREASE
U.S. DOLLAR /
EURO
3%INCREASE
Midpoint of
Guidance
$5.95 – $6.10
2017 EXPOSURE (1)
Source: Bloomberg.
1) Based on the midpoint of 2017 core FFO per share guidance of $5.95 - $6.10.
2) Based on average exchange rates for the quarter ending June 30, 2017 compared to average exchange rates for the quarter ending June 30, 2016.
Brexit
U.S.
Presidential
Election
2Q16 2Q17

65
9.9%
11.3%
10.8%
12.4%
3.1%
3.8%
8.5%
10.2%
5.3%
7.1%
0%
5%
10%
15%
1Q17 / 1Q16
Revenue Growth
1Q17 / 1Q16
Adj. EBITDA
Growth
1Q17 / 1Q16
Same-Capital Cash
NOI Growth
1Q17 / 1Q16
Core FFO/sh
Growth
2017E / 2016
Core FFO/sh
Growth
Constant-Currency Growth
FX Represents ~ 150 bps Drag on Reported Results
Note: Constant-currency, Adjusted EBITDA, same-capital cash NOI and core FFO are non-GAAP financial measures. For a description of these measures, see the Appendix.
1) Net income for the quarter ended June 30, 2017 was $58 million. Net income for the quarter ended June 30, 2016 was $28 million.
2) The lighter shaded sections represent the core FFO and constant-currency core FFO per share guidance ranges. The midpoints of 2017 core FFO and constant-currency core FFO represent
5.3% and 7.1% growth over 2016 results, respectively.
(1) (2)(1) (1)
4Q16 / 4Q15
Revenue Growth
2Q17 / 2Q16
Revenue Growth
2Q17 / 2Q16
Adj. EBITDA
Growth (1)
2Q17 / 2Q16
Same-Capital Cash
NOI Growth (1)
2Q17 / 2Q16
Core FFO/sh
Growth (1)
2017E / 2016
Core FFO/sh
Growth (2)
As Reported Constant-Currency

66
Four Quarter Two-Step
Beat, Dip, Shuffle, Bounce
Series F
Preferred Stock
redemption in
April 2017
Note: Based on management estimates; actual performance may differ materially. Core FFO is a non-GAAP financial measure. For a description and reconciliation to the closest GAAP equivalents,
please see the Appendix.

67
Closing the GAAP on Straight-Line Rent
Consistently Improving Quality of Earnings
($ in millions)
$22.7
$21.3
$19.9
$17.6
$18.6
$13.4
$14.5
$13.6
$9.5
$7.4
$5.5
$6.0
$5.2
$4.1
$2.1
6.0% 5.5%
5.0%
4.3%
4.5%
3.3%
3.5%
3.1%
1.9%
1.5%
1.1% 1.1%
0.9%
0.7%
0.4%
0%
1%
2%
3%
4%
5%
6%
$0
$5
$10
$15
$20
$25
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
Straight-Line Rental Revenue Straight-Line Rent as % of Revenue

68
Recent Credit Events
Bolstering the Balance Sheet
1) Plus all accrued and unpaid dividends up to, but not including the redemption date in an amount equal to $0.0184 per share, for a total payment of $25.0184 per share.
April 5, 2017
Preferred Stock Redemption
$182.5 million
April 5, 2017
Preferred Stock Redemption
$182.5 million
1
• Redeemed all 7.3 million outstanding shares of the 6.625% Series F Cumulative Redeemable
Preferred Stock at par value of $25 per share (1)
May 19, 2017
Forward Equity Settlement
$211 million
May 19, 2017
Forward Equity Settlement
$211 million
2
• Settled remaining 2.375 million shares of the forward equity offering for proceeds of $211
million
• Last remaining portion of the 14.375 million shares subject to forward sale agreements
entered into in May 2016 in connection with the European Portfolio Acquisition
May 22, 2017
Euro Note Private Placement
€125 million
May 22, 2017
Euro Note Private Placement
€125 million
3
• Executed on a €125 million two-year FRN transaction on the back of a large reverse inquiry
from a French fund manager
• The interest rate on the notes is 3m€L + 50 bps (floor at 0.00%), representing an initial
coupon of 0.169% (half the cost of DLR’s global revolving credit facility – 3m€L+100 bps)
June 29, 2017
Joint Venture Secured Refinancing
$135 million
June 29, 2017
Joint Venture Secured Refinancing
$135 million
4
• Property: Westin Building Exchange (50/50 joint venture with Clise Properties)
• Amount: Upsized from $110 million to $135 million
• Rate & Term: 3.29%, 10 years
• Amortization: None; interest-only
July 12, 2017
Sterling Two Tranche Notes
£600 million
July 12, 2017
Sterling Two Tranche Notes
£600 million
5
• Executed on two series of pounds sterling-denominated Guaranteed Notes
• £250 million aggregate principal amount of 2.750% due 2024
• £350 million aggregate principal amount of 3.300% due 2029

69
$0.0 $0.1
$0.1
$1.0
$2.2
$0.8
$0.7
$0.7
$1.0
$0.1
$0.0
$1.0
$2.0
$3.0
2017 2018 2019 2020 2021 2022 2023 2024 2025 Thereafter
Pro Rata Share of JV Debt Unsecured Term Loan Unsecured Senior Notes
Unsecured Global Facility Unsecured Green Bonds Secured Mortgage Debt
Well-Laddered Debt Maturity Schedule
Nominal Near-Term Maturities; No Bar Too Tall
Note: As of June 30, 2017. Includes Digital Realty's pro rata share of unconsolidated joint venture debt.
1) Based on DLR closing stock price of $112.44 on July 25, 2017.
DEBT MATURITY SCHEDULE
CURRENT
CAPITAL STRUCTURE (1)
($ in billions)
£
£
€
€

70
Consistent Execution on Strategic Vision
Delivering Current Results, Seeding Future Growth
EXECUTING M&A GAME PLAN WITH DUPONT FABROS MERGER
Strategic metros, complementary portfolio, immediately accretive, prudently financed
 EXCEEDING EXPECTATIONS
Beat consensus estimates by five cents
 SUPPORTING BROAD-BASED CUSTOMER GROWTH
Captured robust and diverse customer demand from leading service providers across multiple metros

Successful Second Quarter 2017 Initiatives
STRENGTHENING THE BALANCE SHEET
Settled forward equity, redeemed high-coupon preferred, raised low-cost, long-term debt


72
$0
$20
$40
$60
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
Robust Long-Term Demand, Lumpy Near-Term Signings
Diverse Customer Base + Product Offerings
Note: Darker shading represents interconnection signings.
1) Includes signings for new and re-leased space.
2) GAAP rental revenues include total rent for new lease and expansions. The timing between lease signing and lease commencement (and receipt of rents) may be significant.
Historical Lease Signings
Trailing Four-Quarter Average
Annualized GAAP Base Rent (2)
($ in millions)
2009 2010 2011 2012 2013 2014 2015 2016 2017
Product Type Total s.f. Signed (1)
Annualized GAAP
Base Rent / s.f. (2)
Annualized GAAP
Base Rent (2)
Turn-Key Flex® 164,060 $158 $25.9 million
Powered Base Building® 5,115 $66 $0.3 million
Colocation 30,512 $275 $8.4 million
Non-Technical 24,853 $25 $0.6 million
Interconnection – - $8.2 million
Total 221,983 $195 $43.2 million

73
U.S. Major Metro Area Data Center Supply(1)
Supply Largely Concentrated in Most Active Metro Areas
1) Reflects management’s estimates of available supply, including sub-lease availability.
2) Represents Digital Realty’s available finished data center space and available active data center construction.
(in megawatts)
2Q17
1Q17
(in megawatts)
0
20
40
60
80
100
120
Boston Chicago Dallas Houston N Virgina NY Metro Phoenix Silicon Valley

74
Appendix
Additional Information and Where You Can Find It
Digital Realty Trust, Inc. (“Digital Realty”) and DuPont Fabros Technology, Inc. (“DuPont Fabros”) each filed a proxy statement/prospectus on July 10, 2017 in connection with the merger.
Investors are urged to read carefully the applicable proxy statement/prospectus and other relevant materials because they contain important information about the merger. Investors
may obtain free copies of these documents and other documents filed by Digital Realty or DuPont Fabros with the SEC through the web site maintained by the SEC at www.sec.gov.
Investors may obtain free copies of the documents filed with the SEC by Digital Realty by going to Digital Realty’s corporate website at www.digitalrealty.com or by directing a written
request to: Digital Realty Trust, Inc., Four Embarcadero Center, Suite 3200, San Francisco, CA 94111, Attention: Investor Relations. Investors may obtain free copies of documents filed
with the SEC by DuPont Fabros by going to DuPont Fabros’ corporate website at www.dft.com or by directing a written request to: DuPont Fabros Technology, Inc., 401 9th St. NW, Suite
600, Washington, DC 20004, Attention: Investor Relations. Investors are urged to read the applicable proxy statement/prospectus and the other relevant materials before making any
voting decision with respect to the merger.
Digital Realty and its directors and executive officers and DuPont Fabros and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the
stockholders of each of Digital Realty and DuPont Fabros in connection with the merger. Information regarding the interests of these directors and executive officers in the merger will
be included in the proxy statement/prospectus referred to above. Additional information regarding certain of these persons and their beneficial ownership of Digital Realty common
stock is also set forth in the Definitive Proxy Statement for Digital Realty’s 2017 Annual Meeting of Stockholders, which has been filed with the SEC. Additional information regarding
certain of these persons and their beneficial ownership of DuPont Fabros common stock is set forth in the Definitive Proxy Statement for DuPont Fabros’ 2017 Annual Meeting of
Stockholders, which has been filed with the SEC.
Digital Realty Trust, Inc. (“Digital Realty”) and DuPont Fabros Technology, Inc. (“DuPont Fabros”) each filed a proxy statement/prospectus on July 10, 2017 in connection with the merger.
Investors are urged to read carefully the applicable proxy statement/prospectus and other relevant materials because they contain important information about the merger. Investors
may obtain free copies of these documents and other documents filed by Digital Realty or DuPont Fabros with the SEC through the web site maintained by the SEC at www.sec.gov.
Investors may obtain free copies of the documents filed with the SEC by Digital Realty by going to Digital Realty’s corporate website at www.digitalrealty.com or by directing a written
request to: Digital Realty Trust, Inc., Four Embarcadero Center, Suite 3200, San Francisco, CA 94111, Attention: Investor Relations. Investors may obtain free copies of documents filed
with the SEC by DuPont Fabros by going to DuPont Fabros’ corporate website at www.dft.com or by directing a written request to: DuPont Fabros Technology, Inc., 401 9th St. NW, Suite
600, Washington, DC 20004, Attention: Investor Relations. Investors are urged to read the applicable proxy statement/prospectus and the other relevant materials before making any
voting decision with respect to the merger.
Digital Realty and its directors and executive officers and DuPont Fabros and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the
stockholders of each of Digital Realty and DuPont Fabros in connection with the merger. Information regarding the interests of these directors and executive officers in the merger will
be included in the proxy statement/prospectus referred to above. Additional information regarding certain of these persons and their beneficial ownership of Digital Realty common
stock is also set forth in the Definitive Proxy Statement for Digital Realty’s 2017 Annual Meeting of Stockholders, which has been filed with the SEC. Additional information regarding
certain of these persons and their beneficial ownership of DuPont Fabros common stock is set forth in the Definitive Proxy Statement for DuPont Fabros’ 2017 Annual Meeting of
Stockholders, which has been filed with the SEC.

75
Appendix
The information included in this presentation contains certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our
definition and calculation of non-GAAP financial measures may differ from those of other REITs, and, therefore, may not be comparable. The non-GAAP financial measures should not be considered an
alternative to net income or any other GAAP measurement of performance and should not be considered an alternative to cash flows from operating, investing or financing activities as a measure of
liquidity.
Funds from Operations (FFO):
We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT. FFO represents net income (loss)
(computed in accordance with GAAP), excluding gains (or losses) from real estate transactions, impairment charges, real estate related depreciation and amortization (excluding amortization of deferred
financing costs), non-controlling interests in operating partnership and after adjustments for unconsolidated partnerships and joint ventures. Management uses FFO as a supplemental performance
measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint
ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized
measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and
amortization and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary
to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a
measure of our performance is limited. Other REITs may not calculate FFO in accordance with the NAREIT definition and, accordingly, our FFO may not be comparable to such other REITs’ FFO.
Accordingly, FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.
Core Funds from Operations (Core FFO):
We present core funds from operations, or core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a
performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate core FFO by adding to or subtracting from FFO (i) termination fees
and other non-core revenues, (ii) transaction and integration expenses, (iii) loss from early extinguishment of debt, (iv) issuance costs associated with redeemed preferred stock, (v) severance, equity
acceleration, and legal expenses, (vi) loss on currency forwards and (vii) other non-core expense adjustments. Because certain of these adjustments have a real economic impact on our financial
condition and results from operations, the utility of core FFO as a measure of our performance is limited. Other REITs may not calculate core FFO in a consistent manner. Accordingly, our core FFO may
not be comparable to other REITs' core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.
Constant-Currency Core Funds from Operations:
We calculate constant-currency core funds from operations by adjusting the core funds from operations for foreign currency translations.
Adjusted Funds from Operations (AFFO):
We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution
requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund
dividend payments in comparison to other REITs, including on a per share and unit basis. We calculate AFFO by adding to or subtracting from core FFO (i) non-real estate depreciation, (ii) amortization
of deferred financing costs, (iii) amortization of debt discount/premium, (iv) non-cash stock-based compensation expense, (v) straight-line rent revenue, (vi) straight-line rent expense, (vii) above- and
below-market rent amortization, (viii) deferred non-cash tax expense, (ix) capitalized leasing compensation, (x) recurring capital expenditures and (xi) capitalized internal leasing commissions. Other
REITs may not calculate AFFO in a consistent manner. Accordingly, our AFFO may not be comparable to other REITs’ AFFO. AFFO should be considered only as a supplement to net income computed
in accordance with GAAP as a measure of our performance.

76
Appendix
EBITDA and Adjusted EBITDA:
We believe that earnings before interest, loss from early extinguishment of debt, income taxes and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are
useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with
respect to Adjusted EBITDA, severance-related expense, equity acceleration, and legal expenses, transaction and integration expenses, (gain) on real estate transactions, loss on currency
forwards, other non-core expense adjustments, noncontrolling interests, preferred stock dividends and issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA
excluding severance-related expense, equity acceleration, and legal expenses, transaction and integration expenses, (gain) loss on real estate transactions, non-cash (gain) on lease
termination, loss on currency forwards, other non-core expense adjustments, noncontrolling interests, preferred stock dividends and issuance costs associated with redeemed preferred stock.
In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Because EBITDA and
Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for
capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA
differently than we do; accordingly, our EBITDA and Adjusted EBITDA may not be comparable to such other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted
EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance.
Net Operating Income (NOI) and Cash NOI:
Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property
taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of
operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above and below market rent amortization. Cash NOI is commonly used by stockholders,
company management and industry analysts as a measure of property operating performance on a cash basis. However, because NOI and cash NOI exclude depreciation and amortization
and capture neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary
to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as
measures of our performance is limited. Other REITs may not calculate NOI and cash NOI in the same manner we do and, accordingly, our NOI and cash NOI may not be comparable to such
other REITs’ NOI and cash NOI. Accordingly, NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our
performance.
Same-Capital Cash 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, 2015 with less
than 5% of total rentable square feet under development and excludes properties that were undergoing, or were expected to undergo, development activities in 2016-2017, properties
classified as held for sale, and properties sold or contributed to joint ventures for all periods presented.

77
Forward-Looking Statements
The information included in this presentation contains forward-looking statements. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such
forward-looking statements include statements relating to: our economic outlook; the merger with DuPont Fabros Technology, Inc. and our expected benefits from the merger, opportunities and strategies, including ROIC,
recycling assets and capital, and sources of growth; the expected timing, locations, benefits and product offerings for Service Exchange; the expected effect of foreign currency translation adjustments on our financials; business
drivers; sources and uses; our expected development plans and completions, including timing, total square footage, IT capacity and raised floor space upon completion; expected availability for leasing efforts and colocation
initiatives; organizational initiatives; our expected product offerings; our expected Go-to-Market strategy; joint venture opportunities; occupancy and total investment; our expected investment in our properties; our estimated
time to stabilization and targeted returns at stabilization of our properties; our expected future acquisitions; acquisitions strategy; available inventory and development strategy; the signing and commencement of leases, and
related rental revenue; lag between signing and commencement of leases; our expected same store portfolio growth; our expected growth and stabilization of development completions and acquisitions; our expected mark-to-
market rates on lease expirations, lease rollovers and expected rental rate changes; our expected yields on investments; our expectations with respect to capital investments at lease expiration on existing Turn-Key Flex space;
barriers to entry; competition; debt maturities; lease maturities; our expected returns on invested capital; estimated absorption rates; our other expected future financial and other results, and the assumptions underlying such
results; our top investment geographies and market opportunities; our expected colocation expansions; our ability to access the capital markets; expected time and cost savings to our customers; our customers’ capital
investments; our plans and intentions; future data center utilization, utilization rates, growth rates, trends, supply and demand, and demand drivers; datacenter outsourcing trends; datacenter expansion plans; estimated kW/MW
requirements; growth in the overall Internet infrastructure sector and segments thereof; the replacement cost of our assets; the development costs of our buildings, and lead times; estimated costs for customers to deploy or
migrate to a new data center; capital expenditures; the effect new leases and increases in rental rates will have on our rental revenues and results of operations; lease expiration rates; our ability to borrow funds under our credit
facilities; estimates of the value of our development portfolio; our ability to meet our liquidity needs, including the ability to raise additional capital; the settlement of our forward sales agreements; credit ratings; capitalization
rates, or cap rates, potential new locations; the expected impact of our global expansion; dividend payments and our dividend policy; projected financial information and covenant metrics; annualized; core FFO run-rate and NOI
Growth; other forward-looking financial data; leasing expectations; our exposure to tenants in certain industries; our expectations and underlying assumptions regarding our sensitivity to fluctuations in foreign exchange rates
and energy prices; and the sufficiency of our capital to fund future requirements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,”
“seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and
discussions which do not relate solely to historical matters. Such statements are subject to risks, uncertainties and assumptions, are not guarantees of future performance and may be affected by known and unknown risks,
trends, uncertainties and factors that are beyond our control that may cause actual results to vary materially. Some of the risks and uncertainties include, among others, the following: the impact of current global economic,
credit and market conditions; current local economic conditions in the geographies in which we operate; decreases in information technology spending, including as a result of economic slowdowns or recession; adverse
economic or real estate developments in our industry or the industry sectors that we sell to (including risks relating to decreasing real estate valuations and impairment charges); our dependence upon significant tenants;
bankruptcy or insolvency of a major tenant or a significant number of smaller tenants; defaults on or non-renewal of leases by tenants; our failure to obtain necessary debt and equity financing; risks associated with using debt
to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities
and agreements; financial market fluctuations; changes in foreign currency exchange rates; our inability to manage our growth effectively; difficulty acquiring or operating properties in foreign jurisdictions; our failure to
successfully integrate and operate acquired or developed properties or businesses; the suitability for our properties and data center infrastructure, delays or disruptions in connectivity, failure of our physical or information
system infrastructure or services or availability of power; risks related to joint venture investments, including as a result of our lack of control of such investments; delays or unexpected costs in development of properties;
decreased rental rates, increased operating costs or increased vacancy rates; increased competition or available supply of data center space; our inability to successfully develop and lease new properties and development
space; difficulties in identifying properties to acquire and completing acquisitions; our inability to acquire off-market properties; the impact of the United Kingdom’s referendum on withdrawal from the European Union on global
financial markets and our business; our inability to comply with the rules and regulations applicable to reporting companies; our failure to maintain our status as a REIT; possible adverse changes to tax laws; restrictions on our
ability to engage in certain business activities; environmental uncertainties and risks related to natural disasters; losses in excess of our insurance coverage; changes in foreign laws and regulations, including those related to
taxation and real estate ownership and operation; and changes in local, state and federal regulatory requirements, including changes in real estate and zoning laws and increases in real property tax rates. The risks described
above are not exhaustive, and additional factors could adversely affect our business and financial performance, including those discussed in our annual report on Form 10-K for the year ended December 31, 2016, and
subsequent filings with the Securities and Exchange Commission. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise.
Digital Realty, Telx, Digital Realty Trust, the Digital Realty logo, Turn-Key Flex and Powered Base Building are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other
countries. All other product names, logos, and brands in this presentation are the property of their respective owners. All other company, product and service names and marks used in this presentation are for identification
purposes only. Use of these names, logos, and brands does not imply endorsement.

78
Reconciliation of Non-GAAP Items
To Their Closest GAAP Equivalent
June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016
Net income (loss) available to common stockholders 57,837$ 27,951$ 123,982$ 67,076$
Adjustments:
Noncontrolling interests in operating partnership 807 457 1,711 1,120
Real estate related depreciation and amortization (1) 175,010 167,043 348,457 333,955
Real estate related depreciation and amortization related to investment in
unconsolidated joint ventures 2,754 2,810 5,511 5,613
Impairment charge on Telx trade name - 6,122 - 6,122
(Gain) loss on sale of properties (380) - 142 (1,097)
FFO available to common stockholders and unitholders 236,028$ 204,383$ 479,803$ 412,789$
Basic FFO per share and unit 1.45$ 1.37$ 2.96$ 2.77$
Diluted FFO per share and unit 1.44$ 1.36$ 2.94$ 2.75$
Weighted average common stock and units outstanding
Basic 163,078 149,227 162,281 149,137
Diluted 164,027 150,211 163,271 149,859
(1) Real estate related depreciation and amortization was computed as follows:
Depreciation and amortization per income statement 178,111 175,594 354,577 344,610
Impairment charge on Telx trade name - (6,122) - (6,122)
Non-real estate depreciation (3,101) (2,429) (6,120) (4,533)
175,010$ 167,043$ 348,457$ 333,955$
Six Months Ended
Digital Realty Trust, Inc. and 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

79
FFO available to common stockholders and unitholders -- basic and diluted 236,028$ 204,383$ 479,803$ 412,789$
Weighted average common stock and units outstanding 163,078 149,227 162,281 149,137
Add: Effect of dilutive securities 949 984 990 722
Weighted average common stock and units outstanding -- diluted 164,027 150,211 163,271 149,859
FFO available to common stockholders and unitholders -- diluted 236,028$ 204,383$ 479,803$ 412,789$
Termination fees and other non-core revenues (1)
(341) - (376) (91)
Significant transaction expenses 14,235 3,615 17,558 5,515
Loss from early extinguishment of debt - - - 964
Costs on redemption of preferred stock 6,309 - 6,309 -
Severance accrual and equity acceleration (2)
365 1,508 1,234 2,956
Equity in earnings adjustment for non-core items (3,285) - (3,285) -
Loss on currency forwards - 3,082 - 3,082
Other non-core expense adjustments 24 - 24 (1)
CFFO available to common stockholders and unitholders -- diluted 253,335$ 212,588$ 501,267$ 425,214$
Diluted CFFO per share and unit 1.54$ 1.42$ 3.07$ 2.84$
(1) Includes one-time fees, proceeds and certain other adjustments that are not core to our business.
(2) Relates to severance charges related to the departure of company executives.
(3) Includes reversal of accruals and certain other adjustments that are not core to our business.
Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO)
(unaudited)
Three Months Ended Six Months Ended

80
Net income (loss) available to common stockholders 57,837$ 27,951$ 123,982$ 67,076$
Interest 57,582 59,909 113,032 117,170
Loss from early extinguishment of debt - - - 964
Taxes 2,639 2,252 4,862 4,361
Depreciation and amortization 178,111 175,594 354,577 344,610
EBITDA 296,169 265,706 596,453 534,181
Severance accrual and equity acceleration 365 1,508 1,234 2,956
Transactions 14,235 3,615 17,558 5,515
Gain on sale of properties (380) - 142 (1,097)
Non-cash gain on lease termination - - - -
Equity in earnings adjustment for non-core items (3,285) - (3,285) -
Loss on currency forwards - 3,082 - 3,082
Other non-core expense adjustments 24 (1) 24 (1)
Noncontrolling interests 920 569 1,945 1,353
Preferred stock dividends 14,505 22,424 31,898 44,848
Issuance costs associated with redeemed preferred stock 6,309 - 6,309 -
Adjusted EBITDA 328,862$ 296,903$ 652,278$ 590,837$
Six Months EndedThree Months Ended
Reconciliation of Net Income Available to Common Stockholders to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA
(in thousands)
(unaudited)

81
Rental revenues 250,627$ 248,194$ 499,251$ 497,004$
Tenant reimbursements - Utilities 36,924 36,810 72,646 71,805
Tenant reimbursements - Other 16,615 17,778 33,785 35,314
Interconnection and other 49,470 44,286 98,620 87,298
Total Revenue 353,636 347,068 704,302 691,421
Utilities 47,746 46,212 92,234 89,906
Rental property operating 53,925 55,651 110,144 111,642
Property taxes 17,842 17,644 33,774 34,975
Insurance 2,045 1,822 4,021 3,689
Total Expenses 121,558 121,329 240,173 240,212
Net Operating Income 232,078$ 225,739$ 464,129$ 451,209$
Less:
Stabilized straight-line rent (5,094)$ (4,345)$ (9,252)$ (7,627)$
Above and below market rent 2,088 2,153 4,208 4,559
Cash Net Operating Income 235,084$ 227,931$ 469,173$ 454,277$
Reconciliation of Same Capital Cash Net Operating Income
(in thousands)
(unaudited)

82
(unaudited)
Year Ended
December 31, 2016
Net income (loss) available to common stockholders 332,088$
Adjustments:
Noncontrolling interests in operating partnership 5,298
Real estate related depreciation and amortization (1) 682,810
Real estate related depreciation and amortization related to investment in
unconsolidated joint ventures 11,246
Impairment charge on Telx trade name 6,122
(Gain) loss on sale of properties (169,902)
Gain on settlement of pre-existing relationships with Telx -
FFO available to common stockholders and unitholders 867,662$
Basic FFO per share and unit 5.69$
Diluted FFO per share and unit 5.67$
Weighted average common stock and units outstanding
Basic 152,360
Diluted 153,086
(1) Real estate related depreciation and amortization was computed as follows:
Depreciation and amortization per income statement 699,324
Impairment charge on Telx trade name (6,122)
Non-real estate depreciation (10,392)
682,810$
Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO)
(unaudited)
Year Ended
December 31, 2016
FFO available to common stockholders and unitholders -- diluted 867,662$
Termination fees and other non-core revenues (3)
(33,197)
Significant transaction expenses 20,491
Loss from early extinguishment of debt 1,011
Costs on redemption of preferred stock 10,328
Change in fair value of contingent consideration (4)
-
Severance accrual and equity acceleration (5)
6,208
Loss on currency forwards 3,082
Bridge facility fees -
Other non-core expense adjustments (6)
213
CFFO available to common stockholders and unitholders -- diluted 875,798$
Diluted CFFO per share and unit 5.72$
(3) Includes one-time fees, proceeds and certain other adjustments that are not core to our business.
(4) Relates to earn-out contingency in connection with Sentrum Portfolio acquisition.
(5) Relates to severance charges related to the departure of company executives.
(6) Includes reversal of accruals and certain other adjustments that are not core to our business.
Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO)
Year Ended
December 31, 2016
FFO available to common stockholders and unitholders -- basic and diluted 867,662$
Weighted average common stock and units outstanding 152,360
Add: Effect of dilutive securities 726
Weighted average common stock and units outstanding -- diluted 153,086

Home to the Cloud: Digital Realty Company Overview

Home to the Cloud: Digital Realty Company Overview

Recommended

More Related Content

What's hot

What's hot (20)

Viewers also liked

Viewers also liked (15)

Similar to Home to the Cloud: Digital Realty Company Overview

Similar to Home to the Cloud: Digital Realty Company Overview (20)

More from ir_digitalrealty

More from ir_digitalrealty (20)

Recently uploaded

Recently uploaded (7)

Home to the Cloud: Digital Realty Company Overview