April 2006 Investor Presentation
Exhibit 99.2

1
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
and
projections
related
to
2006
FFO,
growth
in
the
e-commerce
market,
the
digital
communication
and
distribution
market,
and
the
data
storage
market,
the
market
effects
of
regulatory
requirements,
the
disaster
recovery
market,
the
replacement
cost
of
our
assets,
redevelopment
costs
in
our
buildings,
and
time
periods
to
stabilization
of
our
development
space,
the
effect
new
leases
will
have
on
our
rental
revenues
and
results
of
operations,
lease
expiration
rates,
the
effect
of
leasing
and
acquisition
on
our
FFO,
and
annualized
GAAP
rent.
Such
statements
are
subject
to
risks,
uncertainties
and
assumptions
and
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:
adverse
economic
or
real
estate
developments
in
our
markets
or
the
technology
industry;
general
and
local
economic
conditions;
defaults
on
or
non-renewal
of
leases
by
tenants;
difficulty
acquiring
or
operating
properties
in
foreign
jurisdictions,
changes
in
foreign
laws
and
regulations,
including
those
related
to
taxation
and
real
estate
ownership
and
operation,
increased
interest
rates
and
operating
costs;
inability
to
acquire
new
properties
(including
those
we
are
in
the
process
of
acquiring);
our
failure
to
obtain
necessary
outside
financing;
increased
construction
costs;
decreased
rental
rates
or
increased
vacancy
rates;
difficulties
in
identifying
properties
to
acquire
and
completing
acquisitions;
our
failure
to
successfully
operate
acquired
properties
and
operations;
our
failure
to
maintain
our
status
as
a
REIT;
possible
adverse
changes
to
tax
law;
environmental
uncertainties
and
risks
related
to
natural
disasters;
financial
market
fluctuations;
changes
in
foreign
currency
exchange
rates;
and
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,
2005
and
other
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.

2
Digital Realty Trust overview
Tenants consist of leading global
companies diversified across various
industries
Own 45 properties comprising 9.3
million rentable sq ft which includes
1.2 million sq ft of additional space
held
for
redevelopment
(1)
Portfolio occupancy of 93.9% and
“same store”
occupancy of 94.5%
(2)
Assets strategically located in top
technology markets in US and Europe
DLR is a leading institutional owner focused on
mission critical technology properties in the US and Western Europe
350 East Cermak
Road
Chicago, IL
(1)
Includes
property
acquisitions
announced
in
our
Earnings
Release
dated
March
1,
2006.
(2)
Occupancy
is
as
of
our
last
reporting
period,
December
31,
2005
net
of
redevelopment
space.

3
DLR investment highlights
Specialized focus in dynamic and
growing industries
High quality portfolio that is difficult
to replicate
Experienced industry consolidator
with proven ability to acquire assets
below replacement cost
Acquisition and leasing pace creates
potential for strong FFO growth
Uniquely positioned as both a value
and growth REIT
2323 Bryan Street
Dallas, TX

4
DLR properties feature advanced technical systems
Power backup/redundancy
Power management/conversion
Precision air cooling/handling
Systems and security controls
Between
$500
and
$1,000
psf
typically
invested
in
DLR
buildings,
creating
a
barrier
to
exit
for
tenants
and
discouraging
speculative
new
supply

5
DLR is unique in its focus on technology properties
Data
Centers
(36%
(1)
)
Internet
Gateways
(42%
(1)
)
Financial
Health/Insurance
Communications
Internet Enterprise
•
Storage/server intensive buildings
•
Provide a secure 24 x 7
environment for the storage and
processing of mission-critical
electronic information
•
Used to house the primary IT
operations of leading companies,
transaction processing and
disaster recovery purposes
•
Internet and telecom network
intensive buildings
•
Serve as the hub for Internet and
data communications within and
between major metropolitan areas
•
Market-dominant position in their
respective MSAs
•
Frequently serve as a super-
regional connection point with
multiple anchor tenants
(1)  Calculated based on annualized rents using in place leases as of December 31, 2005.
IT Services

6
Strong trends drive sustained demand for DLR space
Other Growth Drivers
Increased federal
regulatory and legislative
requirements for business
continuity and records
retention
Disaster Recovery
initiatives prioritized as a
result of Hurricanes Katrina
and Rita
HIPAA patient records
security and retention
regulations
Significant growth in online
advertising; up 30% in
2005 to $12.5 billion
E-Commerce¹
Digital
Communication
& Distribution²
Data
Storage³
14%
73%
60%
Primary Drivers –
Estimated Annual Growth Rates
1 –
As per Forrester Research estimate of US online sales growth from 2005 -2010.
2 –
As per IDC estimate of US VOIP subscriber growth from 2005 to 2009.
3 –
As per Wall Street Journal estimate of corporate data storage capacity growth.
4 –
As per PriceWaterhouseCoopers
4
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%

7
0%
10%
20%
30%
40%
50%
60%
Q1'02
Q2'02
Q3'02
Q4'02
Q1'03
Q2'03
Q3'03
Q4'03
Q1'04
Q2'04
Q3'04
Q4'04
Q1'05
Q2'05
Q3'05
Q4'05
$0
$100
$200
$300
$400
$500
$600
Source:
Estimated based on reported cabinet (available and billing), square feet and revenue data from Equinix and Savvis as per press releases, SEC filings, research
reports and internal DLR estimates as of December 31, 2005.  Assumes 35 sq ft per cabinet throughout period if square feet not reported. 
Equinix
and
Savvis,
two
leading
managed
service
providers
that
“resell”
space
leased
directly
from
DLR,
are
experiencing
strong
growth
in
revenues
and
utilization
Bill rates and utilization rates are escalating
Revenue PSF
Utilization Rate
Revenue PSF (Utilized)
Revenue PSF (Total)
Utilization Rate
$518 psf
$532 psf
$148 psf
$301 psf
29%
57%

8
•
Former General Manager of Critical Facilities for EDS
•
18+ years of technology infrastructure experience
Ted Martin
Director of Operations
•
Former Director of Sales, Nortel Networks
•
13+ years of technology business experience
Christopher Crosby
SVP Sales & Tech Svcs
•
Former Head of GI Partners real estate acquisitions
•
17+ years of real estate experience
Scott Peterson
SVP Acquisitions
•
Former President & CFO of TriNet
•
24+ years of finance and real estate experience
A. William Stein
CFO/CIO
•
Co-founder of Digital Realty Trust
•
25+ years of real estate and technology experience
Michael Foust
CEO
•
Co-founder of Digital Realty Trust
•
23+ years of real estate and technology experience
Richard Magnuson
Executive Chairman
Senior management leads a complete REIT team
•
Relevant
experience
•
Proven track
record
•
Public
markets
background
DLR is organized and managed to deliver growth
Management
is
supported
by
a
team
of
over
60
professionals
in
the
US
and
Europe
focused on executing DLR’s core strategy

9
DLR continues to outperform the RMS
DLR is a top performing REIT
Note: YTD 2006 Total Return as of March 31, 2006 assuming dividend reinvestment as per SNL Financial.
(1) Peer Group Composite includes ARE, BMR, OFC and SLG.
(1)
25.7%
26.3%
15.2%
77.9%
20.8%
12.1%
0%
20%
40%
60%
80%
100%
DLR
Peer Group Composite
RMS
FY 2005 Total Return
2006 YTD Total Return

10
Leading presence in US and Europe
San Francisco
Los Angeles
Dallas
Chicago
NY Metro
DLR Regional Office
DLR Market
Note:
Reflects
all
owned
assets
as
reported
in
our
Earnings
Release
dated
March
1,
2006.
Charlotte
St. Paul
Philadelphia
Phoenix
Denver
Sacramento
Geneva
Dublin
Austin
Silicon Valley
Northern
Virginia
Atlanta
Miami
London
Amsterdam
9,318,924
55
45
Total
254,895
4
4
International
9,064,029
51
41
Total Rentable
Square Feet
# of
Buildings
# of
Properties
Boston
Domestic

11
DLR is increasingly well diversified by sector
Industry Distribution
Communications
38%
IT Services
29%
Other
Technology
18%
Financial &
Professional
Services
12%
Non-Technology
3%
Note:
Calculated
based
on
annualized
rents
using
in
place
leases
as
of
December
31,
2005.

12
2005 & YTD 2006 Acquisitions
(1)
Net rentable square feet figures include space held for redevelopment.
(2)
Savvis Portfolio includes 2401 & 2403 Walsh Street, 4605 & 4700 Old Ironsides Drive and 200 North Nash Street.
(3)
Charlotte
Portfolio
includes
113
&
125
North
Meyers
and
731
East
Trade
Street.
DLR acquired approximately $489M in new properties
Net Rentable
Redevelopment
Occupancy
Property
Location
Sq Ft (1)
Sq Ft
(Net of Redev)
833 Chestnut East
Philadelphia
654,758
      
119,660
          
91%
1125 Energy Park Drive
St. Paul
88,134
        
-
                   
100%
350 East Cermak Road
Chicago
1,133,391
   
263,208
          
92%
8534 Concord Center Drive
Denver
82,229
        
-
                   
100%
Savvis Portfolio (2)
Santa Clara & Los Angeles
560,000
      
-
                   
100%
600-780 South Federal
Chicago
161,547
      
-
                   
84%
Paul van Vlissingenstraat 16
Amsterdam
112,472
      
-
                   
62%
Charlotte Portfolio (3)
Charlotte
95,490
        
23,743
            
98%
115 Second Avenue
Waltham, MA
68,069
        
55,569
            
N/A
Chemin de l'Epinglier 2
Geneva
59,190
        
-
                   
100%
251 Exchange Place
Herndon, VA
70,982
        
-
                   
100%
7500 &7620 Metro Center Drive
Austin
119,962
      
74,962
            
100%
3 Corporate Place
Piscataway, NJ
283,124
      
283,124
          
N/A
2005 Acquisitions
3,489,348
   
820,266
          
4025 Midway Road
Carrollton, TX
101,174
      
101,174
          
N/A
Clonshaugh Industrial Estate
Dublin, Ireland
20,000
        
-
                   
100%
Clonshaugh Development Site
Dublin, Ireland
4 acres
-
                   
N/A
YTD 2006 Acquisitions
121,174
      
101,174
          
Total 2005 & YTD 2006
3,610,522
   
921,440
          

13
Source:  Independent study by CCG Facilities Integration Inc. based on data center projects with improvements similar to DLR.
(1)  Infrastructure
only.
Does
not
include
electronic
equipment.
Assumes
60%
ratio
of
data
center
to
total
building
with
all
cost
allocated
to
raised
floor
area.
(2)  Reflects
all
owned
properties
and
properties
under
contract
as
of
March
1,
2006. 
Replacement Cost Estimate
Replacement cost illustrates the value of DLR’s
portfolio
DLR
owns
over
3.3M
sq
ft
of
improved
data
center
space
(2)
Cost per Square Foot
Cost Components
Low
High
Land
$40
$70
Building Shell
60
150
Electrical Systems
$297
$396
Mechanical Systems (HVAC)
92
122
Fire Protection
21
29
Other Construction and Fees
130
173
Sub Total
$540
$720
Total Development Costs
$640
$940
Base Building
Data Center
Improvements
(1)

14
DLR’s
Value-Add Redevelopment Program
Growing demand for data centers
Limited supply of existing facilities
Existing data centers often do not satisfy electrical and
HVAC requirements of current web hosting, data storage
and IT applications
Robust demand from diverse industry sectors:
–
Financial services
–
Internet enterprises
–
Telecom applications providers
–
Energy companies
–
Healthcare
Objective:  Achieve attractive returns by providing corporate tenants with
custom data center solutions

15
DLR’s
competitive advantage
Inventory totals 1.2 million sf
of vacant, redevelopment space:
–
Primarily located in Internet Gateway income producing
properties
•
Approximately 735,000 sf
–
Stand alone, vacant buildings that posses electrical and
structural infrastructure necessary for conversion to data
center operations
•
Approximately 500,000 sf
located in Boston, NY metro, Dallas and
Austin
Redevelopment costs vary by building
–
Base building power, structural upgrades: $35 -
$50 psf
–
Custom Data Center:  $450 to $650 psf
(often funded by
tenants)
Stabilized income projected within 12 to 24 months
DLR’s
unmatched sales and technical team offers tenants design, construction
management, engineering and facilities management expertise

16
(1)
Occupancy percentages exclude 1.1 million square feet of space held for redevelopment.
(2)
GAAP rental revenues include total rent for both renewals and expansions.
Leasing drives internal growth
DLR
executed
137
US
leases
(new
and
renewals)
in
2005
contributing
approximately
$15.1M
in
GAAP
rental
revenues
(2)
2005 DLR Leasing Statistics
As
of
December
31,
2005,
portfolio
occupancy
was
93.9%
and
“same
store”
was
94.5%
(1)
$20.00 psf
263,000
52
Non-Technical
$28.00 psf
82,000
2
Redevelopment
$78.00 psf
98,000
83
Data Center
Annualized
GAAP Rent
Total SF Leased
# of Leases
Type of Space

17
Case studies: DLR’s value-add leasing
Recent leasing illustrates effectiveness of DLR’s leasing and engineering team
•
Executed new 10,000 sf
suite
lease with IT services
company at approx. $100 psf
for 10 yr term
•
Executed new 22,300 sf
lease
with financial institution at an
average of $79 psf for 2.5 yr
term
•
Invested approx. $2.5M to
fully condition 10,000 sq. ft.
on a speculative basis
•
Designed and constructed
custom data center facility
for major international
finance institution
•
35,000 sf
previously vacant
•
Prior rate approx. $25 psf
•
Executed new 60,000 sf
lease
with global internet services
company at an average of
$22 psf NNN for 10 yr term
•
Provided tenant improvement
allowance of $10 psf; in
addition to significant
investment in space by
tenant
•
Designed and constructed
custom data center solution
•
60,000 sf
vacant shell
redevelopment space
•
Executed new 10,000 sf
lease
with international telecom at
approx. $57 psf for 10 yr term
•
Executed new 22,500 sf
lease
with software company at
approx. $62 psf for 3 yr term
•
Invested approx. $10 psf to
enhance space
•
40,000 sf
suite previously
vacant
•
Space substantially
conditioned by prior tenant
for data center operations
•
Prior rate approx. $36 psf
Result
DLR Action
Opportunity

18
34.3%
6.8%
8.8%
1.7
14.9%
12.6%
6.3%
3.7%
1.9%
2.9%
2006
2007
2008
2009
2010
2011
2012
2013
2014
Thereafter
DLR’s model features long-term, stable leases
•
The average lease term is in excess of 12 years with over 7 years remaining
•
Leases typically contain 3% annual rent bumps
8.5% in next 3 yrs
The stability of our long-term leases complements our growth
Note:
Excludes
vacant
square
footage
of
0.5
million
square
feet
and
space
held
for
redevelopment
as
of
December
31,
2005.
Lease Expiration as a % of Net Rentable Square Feet

19
Reported FFO of $0.36 per diluted share and unit for Q405 and $1.37
per diluted share and unit for fiscal year 2005
(1)
Significantly reduced our ratio of debt to total market capitalization to
33.3% at year-end 2005 from 42.1% at year-end 2004
Improved our fixed charge coverage ratio
(2)
to 2.5x for 4Q05 from 2.2x
for 3Q05 and our debt service coverage ratio
(3)
to 3.7x for 4Q05 versus
3.4x for 3Q05
Increased common dividend 8.7% on an annualized basis to $1.06 per
share
DLR’s
stock generated a total return to common shareholders of 78%
in 2005
Digital Realty’s financial results
(1)
FFO
is
a
non
GAAP
financial
measure.
For
a
description
of
FFO
see
page
23.
(2)
Adjusted
EBITDA
divided
by
Cash
Interest
Expense
at
December
31,
2005.
See
page
24
for
a
reconciliation
of
cash
interest
expense
to
GAAP
Interest
expense.
(3)
Adjusted
EBITDA
divided
by
Fixed
Charges
at
December
31,
2005.
Fixed
Charges
include
Cash
Interest
Expense,
Scheduled
Debt
Principal
Payments,
and
Preferred
Dividends.
See
page
24
for
a
reconciliation
of
this
ratio
using
cash
interest
expense
and
GAAP
interest
expense.

20
DLR reaffirms 2006 forecast
Internal Growth 
2006
projected
FFO
Per
Share
Guidance
(1)
:
$1.65 -
$1.75
External Growth
(1)  Based on Company guidance confirmed on our March 2, 2006 Earnings Conference Call.
10 –
14%
FFO Per Share Growth
10 –
14%
FFO Per Share Growth
20 –
28%
Overall FFO Per Share Growth
Lease-Up 
125,000 – 150,000 sq ft of basic
commercial space (gross rent
$19 / sq ft)
200,000 -  300,000 sq ft of highly
improved tech & redevelopment
space (gross rent $40 / sq ft)
Acquisitions
$200 - $400 million at 8.0% -
9.0% cap rate
 

21
Improving overall credit quality of DLR portfolio
+
=
+
=
Approximately
$18
million
of
base
rental
income,
or
over
11%
of
overall
income,
has
experienced an improvement in credit quality.
(1) As a result of a sublease relationship with Microsoft for 300,000 sq ft of space that is leased directly by Savvis.
(1)

22
DLR employs a conservative capital structure
Wtd
Average Cost of Debt: 5.8%
Approximately 73% fixed rate debt
Recently executed $350M credit facility
which reduced borrowing cost and
increased flexibility
$181M outstanding on the credit facility
at December 31, 2005
Periodically refinancing high cost debt
with lower rate, longer term, fixed rate
financing
No debt maturing through 2008
(assuming extensions)
Total Market
Capitalization
(2)
$2,578.3M
Note:
Based on December 31, 2005 financial statements.
(1)  Based on most recent company guidance for 2006 FFO per share ($1.65 -
$1.75) confirmed on our Earnings Conference Call on March 2, 2006.
(2)  Based on closing price of DLR common stock ($28.17) at March 31, 2006.
Dividend Yield / Rate:    3.8% / $1.06
Projected FFO Payout Ratio
(1)
:
60.6% -
64.2%
Fixed Rate Debt
$550.5M
Variable Rate
Debt $198.5M
Preferred Stock
$166.8M
Equity
$1,662.5M
21%
6%
64%
8%

23
Definition of Non-GAAP Financial Measures
This presentation includes certain non-GAAP financial measures that management believes are helpful in understanding our business, as
further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs, and,
therefore, may not be comparable. The non-GAAP financial measures should not be considered an alternative to net income or any other
GAAP measurement of performance and should not be considered an alternative to cash flows from operating, investing or financing
activities as a measure of liquidity.
Funds from Operations (FFO)
We calculate Funds from Operations, or FFO, in accordance with the standards established by the National Association of Real Estate
Investment Trusts, or NAREIT.  FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses)
from sales of property, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after
adjustments
for
unconsolidated
partnerships
and
joint
ventures.
Management
uses
FFO
as
a
supplemental
performance
measure
because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, it provides a
performance
measure
that,
when
compared
year
over
year,
captures
trends
in
occupancy
rates,
rental
rates
and
operating
costs.
We
also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our
operating performance with that of other REITs.  However, because FFO excludes depreciation and amortization and captures neither
the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and 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 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 as a measure of our performance.
EBITDA and Adjusted EBITDA 
We believe that earnings before interest, income taxes, 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
noncash
depreciation and amortization or the cost of debt and with respect to Adjusted EBITDA preferred dividends and minority
interests. Adjusted EBITDA is EBITDA excluding minority interests and preferred stock dividends. In addition, we believe EBITDA and
adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Because
EBITDA and adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, 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. 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.
Other
equity
REITs
may
calculate
EBITDA
and
Adjusted
EBITDA
differently
than
we
do;
accordingly,
our
EBITDA
and
Adjusted
EBITDA
may
not
comparable
to
such
other
REITs’
EBITDA
and
Adjusted
EBITDA.
Each of FFO and Adjusted EBITDA exclude items that have real economic effect and could materially impact our results from operations,
and therefore the utility of FFO and Adjusted EBTIDA as a measure of our performance is limited.
Nothing
contained
herein
is
intended
to
revise
the
earnings,
FFO
or
acquisition
guidance
we
confirmed
on
our
Earnings
Conference
Call
dated March 2, 2006 and available on our website at www.digitalrealtytrust.com.

24
Definition of Non-GAAP Financial Measures
(continued)

25
Reconciliation of non GAAP items to their closest GAAP
Funds from operations
Cash interest expense
Q405
FY 2005
High
Low
Q405
FY 2005
Net income available to common stockholders
$1,157
$6,087
$20,706
$17,566
Interest expense per financial statements
10,988
39,122
Amortization of deferred financing costs
(749)
(2,921)
Minority interests in operating partnership
1,338
8,268
19,894
16,877
Noncash
interest expense
(632)
(1,145)
Real estate related depreciation and amortization
18,781
62,171
67,133
67,133
Cash interest expense
$9,607
$35,056
Funds from operations (FFO)
$21,276
$76,526
$107,733
$101,577
EBITDA and Adjusted EBITDA
Fixed charge coverage ratio
Net income available to common stockholders
$1,157
$6,087
Adjusted EBITDA
35,731
125,711
Interest
10,988
39,122
Fixed charges including GAAP interest
expense
15,902
56,397
Depreciation and amortization
18,804
62,232
Fixed charges including cash interest
expense
14,521
52,331
Earnings before interest, taxes and depreciation
and amortization (EBITDA)
$30,949
$107,441
Fixed charge coverage ratio including
GAAP interest expense
2.2
2.2
Minority interests
1,337
8,256
Fixed charge coverage ratio including cash
interest expense
2.5
2.4
Preferred stock dividends
3,445
10,014
Adjusted Earnings before interest, taxes and
depreciation and amortization (Adjusted EBITDA)
$35,731
$125,711
Projected 2006