Materials to be presented at Citi's Global Property CEO Conference

Investor Meetings

March 2008

Foundation of the Digital World

Exhibit 99.1

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

information

currently

available

management.

Such

forward

looking

statements

include

statements

and

projections

growth

the

Software

Service

(SaaS)

and

commerce market, the digital communication and distribution market, and the data storage market, online advertising, the

market effects of regulatory requirements and litigation, the disaster recovery market, estimates of sufficiency of power and

cooling in existing datacenters, 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, 2008 FFO guidance and the assumptions related thereto, estimates of the value of our redevelopment

portfolio 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; increased interest rates, including as a result of

increased credit spreads, increased operating costs; our inability to manage domestic and international growth, acquisitions,

development and redevelopment effectively; 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 debt or equity financing at all, or on favorable terms; increased construction costs; decreased

rental rates or increased vacancy rates; difficulties in identifying properties to acquire and completing acquisitions at

acceptable return levels; our failure to successfully operate acquired properties and operations; failure of acquired properties

to perform as expected; our failure to successfully develop or redevelop properties acquired for that purpose or unexpected

costs related to development or redevelopment; our failure to maintain our status as a REIT; possible adverse changes to tax

law; environmental uncertainties and risks related to natural disasters; environmental or contamination issues at our

buildings; financial market fluctuations; changes in foreign currency exchange rates; risks of operating in foreign countries;

and

changes

real

estate

and

zoning

laws

and

increases

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, 2007. We expressly disclaim any responsibility to update

forward-looking statements, whether as a result of new information, future events or otherwise.

Digital Realty Trust Overview

Diverse base of approximately 415 tenants

consisting of leading global companies across

various industries resulting in over $395

million

operating

revenues

(1)

Own 71 properties comprising 12.6 million rsf,

which includes 2.0 million rsf

of space held for

redevelopment

(2)

Portfolio occupancy of 94.7% and “same

store”

occupancy of 93.9%

(3)

Assets strategically located in 26 top markets

throughout North America and Europe

Recognized as the top performing REIT in

2007 based on the three year average

shareholder return

(4)

DLR is the leading institutional owner focused on mission-critical

datacenters throughout North America and Europe.

11830 Webb Chapel Road

Dallas, TX

(1)

As of December 31, 2007.

(2)

Including property acquisitions as of February 26, 2008, excluding one property held through an investment in an unconsolidated joint venture.

(3)

Occupancy

December

31,

2007,

net

redevelopment

space.

Same

store

occupancy

includes

properties

acquired

before

December

31,

2005,

excluding

properties sold in 2006 and 2007.

(4)

Wall Street Journal, February 25, 2008.

DLR Properties Feature Advanced Technical Systems

Between

$500

and

$1,000

psf

typically

invested

DLR

buildings,

creating

barrier

exit for tenants and discouraging speculative new supply.

Power backup/redundancy

Power management/conversion

Precision air cooling/handling

Systems and security controls

DLR Organizational Depth and Breadth

159 employees

(1)

Core capabilities:

–

Acquisitions

–

Sales & Technical Services

Sales

Engineering

Design & Construction

–

Operations

Portfolio Management

Technical Operations

–

Finance

Accounting

Capital Markets

Taxation

Investor Relations

–

Legal

–

Human Resources

Corporate headquarters

–

San Francisco

Regional offices

–

North America

Los Angeles

Phoenix

Dallas

Chicago

Northern Virginia

New York

Boston

–

Europe

London

Dublin

Paris

(1) As of February 26, 2008

DLR’s Competitive Advantage: Dedicated Technical Professionals

Staff of over 75 DLR technical professionals:

–

IT sales team

Corporate sales

–

Focus on end-user, IT professionals (CIO or CTO)

Channel sales

–

Focus on system integrators

–

Datacenter sales engineers

Provide value engineering and custom design expertise

–

Design and construction experts

Disciplined approach to project management

Volume purchase agreements for equipment and services

Best-in-class engineering and contracting

–

Datacenter facilities management team

Best-in-class operating policies and procedures

Fully-integrated Building Automation Systems

Global preventative maintenance agreements

Operating scale and process-based approach result in significant cost

savings and added value for tenants.

DLR possesses the necessary scale to support these specialized professionals.

DLR has a Unique Portfolio of Datacenter Properties

Internet Gateways

–

Highly strategic assets that are

extremely difficult to replicate due to their

existing IP network infrastructure

–

Serve as the hub for Internet and data

communications within and between

major metropolitan areas

–

Frequently serve as a super-regional

connection point with multiple anchor

tenants

Corporate Datacenters

–

Storage/server intensive buildings

–

Provide a secure 24x7 environment for

the storage and processing of mission-

critical electronic information

–

Used to house primary IT operations:

transaction processing, data storage,

disaster recovery, CRM and email

(1)

Calculation based on average annualized rents using in-place leases as of December 31, 2007.

(2)

As of February 26, 2008, includes occupied and vacant square feet. In most cases DLR either owns the improvements or has the option to require the tenant to

restore the space to its original shell condition at the end of the lease term.

DLR has approximately 8.1 million sf of improved datacenter space

(2)

Portfolio Distribution

(1)

Non-Technical

Internet Gateway

Datacenters

50%

Corporate

Datacenters

41%

Top 15 Properties

Property Name

Market

Capacity (MW)

Devon Shafron Drive (3 Buildings)

Northern Virginia

225

350 East Cermak Road

Chicago

100

1500 Space Park (3 Buildings)

Santa Clara

3 Corporate Place

New York

114 Rue Ambroise Croizat

Paris, France

2045 & 2055 LaFayette Street

Silicon Valley

44470 Chilum Place

Northern Virginia

150 South First Street

Silicon Valley

101 Aquila Way

Atlanta

14901 FAA Boulevard

Dallas

2401 Walsh Street

Silicon Valley

2403 Walsh Street

Silicon Valley

4700 Old Ironsides Drive

Silicon Valley

8534 Concord Center Drive

Denver

300 Boulevard East

New York

Total Potential Power Capacity - Top 15 Properties

754

DLR

Owns

Over

1,100

Utility

Power

Capacity

(1)

Utility Power Capacity is defined as the power that could potentially be provided by the utility company depending upon factors such as peak demand load at the property.

(2)

As of December 31, 2007.

(2)

Diversification: Presence in Key U.S. & European Markets

Note: Table above includes properties owned as of February 26, 2008, excluding one property held through an investment in an unconsolidated joint venture.

DLR’s 71 properties are geographically diversified in 26 top markets.

Region

West

Midwest

East

Europe

Total

# of Properties

Total RSF

3,676,000

3,852,000

3,854,000

1,168,000

12,550,000

Total Improved Datacenter RSF

2,591,000

2,400,000

2,261,000

841,000

8,093,000

DLR Properties Support a Variety of Industry Verticals

DLR provides real estate solutions for its diverse tenant base.

Technology

Internet

Enterprise

Communications

Corporate

Enterprise

Financial

DLR Tenant Distribution

Communications

Services

29%

IT Services

37%

IT Enterprise

Professional &

Financial Services

12%

Other Technology

Non-Technology

11%

(1)

Calculation

based

average

annualized

rents

using

place

leases

December

31,

2007,

excluding

one

property

held

through

investment

unconsolidated joint venture.

(2)

DLR’s Internet Enterprise tenants consist of Microsoft, Yahoo, Google, eBay and Amazon totaling 891,000 square feet.

single

tenant

accounts

for

than

11.8%

annualized

rent

(1)

(2)

Tenant

Percentage of

Annualized Rent

Savvis

11.8%

Qwest

8.2%

Equinix

4.1%

tel

3.5%

AT & T

3.0%

NTT Verio

2.5%

Comverse Technology, Inc.

2.4%

JPMorgan Chase & Co.

2.4%

Microsoft

2.2%

Level(3)

2.0%

Total

42.1%

Strong Trends Drive Sustained Demand for DLR Space

Primary Growth Drivers

By 2008, 50% of existing corporate datacenters

will have insufficient power and cooling capacity to

meet

the

demands

high-density

equipment

(1)

Increased business continuity and records

retention efforts due to federal regulatory,

legislative and litigation requirements

U.S. online sales annual growth rate of 12.0%

projected from 2007 to 2012

(2)

Global interactive advertising revenues expected

to increase from $45 billion in 2007 to $147 billion

in 2012, representing a 23.4% CAGR .

(3)

HIPAA patient records security and retention

regulations

Other Drivers –

Estimated Five Year CAGRs

(1)

Gartner

Annual

Datacenter

Conference

2006.

(2)

eMarketer.com, February 2008.

(3)

The Kelsey Group, February 2008.

(4)

IDC (May 2007) estimated growth in Software as a Service (SaaS) from 2006-2011.

(5)

IDC (April 2007) estimated growth of video infrastructure and VoIP markets from 2006-2011.

(6)

Based on the results of a DLR-commissioned phone and web-based survey conducted by Campos Research and Analysis in the first quarter of 2007 of 150 senior IT

decision-makers at North American companies with over $1 billion in revenue or 5,000 employees.

(7)

Based on the result of a DLR-commissioned phone and web-based survey conducted by Campos Research and Analysis in the third quarter of 2007 of 125 senior IT

decision-makers at European companies with over €1 billion/£667 million (€100 million/£67 million for Irish or Dutch companies) or 5,000 employees.

34%

30%

24%

(4)

(5)

85% of US Enterprises plan to expand their

datacenters with 77% of those expanding in

two or more locations

(6)

82% of European Enterprises plan to

expand their datacenters with 79% of those

expanding

two

locations

(7)

10%

20%

30%

40%

SaaS

Video on Demand

VoIP

DLR Growth Drivers

Leasing of Turn-Key

Datacenter™

and

Powered Base Building™

Space

–

Redevelopment

Inventory

Acquisitions

–

Value-Add Income

Producing Properties

–

Vacant Properties for

Redevelopment

DLR growth is derived from two sources.

Leasing Drives Internal Growth

For the year ended December 31, 2007, DLR commenced 88 leases totaling

761,000

sf,

contributing

approximately

$40.5

million

annualized

GAAP

rent.

(1)

GAAP rental revenues include total rent for both renewals and expansions.

(2)

Excludes leases for parking garages and rooftops.

Leases Commenced for the year ended of December 31, 2007:

435,000 sf of Turn-Key Datacenter™

419,000 sf of Powered Base Building™

144,000 sf of Non-Technical space

For the year ended

December 31, 2007, DLR had

signed 127 leases totaling

998,000 sf of space

(annualized GAAP rent of

$75.6 million)

Total sf

Annualized GAAP

Annualized

Type of Space

# of Leases

Leased

Rent per sf

GAAP Rent

Turn-Key Datacenter™

134,000

$143.60

$19.2 million

Powered Base Building™

550,000

$36.00

$19.8 million

Non-Technical

(2)

77,000

$19.90

$1.5 million

Total

761,000

$53.00

$40.5 million

The average new lease term is 118 months.

$64,388

$66,338

$68,516

$75,235

$75,703

58,000

60,000

62,000

64,000

66,000

68,000

70,000

72,000

74,000

76,000

78,000

4Q2006

1Q2007

2Q2007

3Q2007

4Q2007

Same Store Growth

(1)

Same store properties were acquired before December 31, 2005, excluding properties sold in 2006 and 2007.

(2)

Quarterly operating revenues includes rental and tenant reimbursement revenue.

(3)

Same

store

cash

NOI

same

store

NOI

adjusted

for

straight

line

rents

and

FAS

141

adjustments.

Strong

Increase

Same

Store

Quarterly

Operating

Revenues

(1)(2)

Same store cash NOI

(3)

increased to $43.4 million in the 4Q07, up 13.9% from $38.1 million in 4Q06.

Case Studies: DLR’s Value-Add Leasing

(1)

Calculation based on later of acquisition or IPO date of November 2004 and actual net operating income (NOI) for the year ended December 31, 2007. See page 27 for a

description of NOI.

350 East Cermak Road

1100 Space Park Drive

300 Boulevard East

200 Paul Avenue

Property Name

Location

Acquisition Date

% Change in NOI

from later of

Acquisition or IPO

(1)

Year Ended

12/31/07

300 Boulevard East

Weehawken, NJ

Nov-04

73.8%

$11,925,000

1100 Space Park

Santa Clara, CA

Nov-04

84.9%

$6,575,000

200 Paul Avenue

San Francisco, CA

Nov-04

29.9%

$15,125,000

350 East Cermak Road

Chicago, IL

May-05

111.1%

$27,020,000

600 West 7th Street

Los Angeles

Nov-04

107.2%

$11,386,000

DLR Redevelopment Program

Redevelopment inventory totals 2.0

million rsf

(1)

with potential for up to

1.2 million rsf

of raised floor

datacenter space

(2)

–

Approximately 60% of

redevelopment space in income-

producing properties

–

Remaining 40% of

redevelopment space in seven

vacant buildings

Redevelopment costs vary by

building:

–

Powered Base Building™

structural upgrades: $35 -

$75

(3)

per rsf

–

Turn-Key Datacenter™

and

Build-to-Suit: $520 to $900 per

rsf

(4)

(funding available through

DLR)

(1)

As of February 26, 2008.

(2)

Assumes datacenter footprint is 60% of rentable square footage.

(3)

DLR estimate.

(4)

Source: DPR Construction, Inc. (October 2007).

DLR management selectively targets supply constrained markets for redevelopment

opportunities.

Redevelopment Program Progress Report

Construction

projects

currently

underway

U.S.

and

European

markets

totaling

approximately

637,000

rentable

square

feet

Turn-Key

Datacenter™

and

Build-to-Suit

space

(1)

DLR’s Turn-Key Datacenters™

–

Move-in ready, physically secure facilities with redundant power and cooling capabilities

–

Measuring 8,000 –

12,000 square feet of raised-floor featuring DLR’s POD Architecture™

Stabilized income projected over the next 24 months

(1)

As of December 31, 2007

Clonshaugh Industrial Estate, Dublin

Cost Per Gross Square Foot

Low

High

Land

(1)

$25

$75

Base Building

Building Shell

$80

$160

Electrical Systems

$280

$460

Mechanical Systems (HVAC)

$125

$215

Datacenter Improvements

Fire Protection

$15

$25

Other Construction / Fees

$100

$200

Sub total

$520

$900

Total Development Costs

$625

$1,135

Cost Components

Source: DPR Construction, Inc. based on datacenter projects with improvements similar to DLR (October 2007).

(1)

DLR Estimate

Replacement Cost Estimate:

Replacement Cost Illustrates the Value of DLR’s Portfolio

$847.2

$1,044.3

$1,137.4

$1,413.4

$1,508.5

$1,593.6

$1,648.2

$1,794.4

$2,066.2

$2,298.7

$2,457.5

$2,740.2

$2,997.6

$2,535.5

$750

$1,500

$2,250

$3,000

Sep-04

Dec-04

Mar-05

Jun-05

Sep-05

Dec-05

Mar-06

Jun-06

Sep-06

Dec-06

Mar-07

Jun-07

Sep-07

Dec-07

Proven Track Record: Strong Acquisition Activity

Since its IPO, DLR has more than tripled its total assets through

property acquisitions and redevelopment activity.

Total Undepreciated

Assets

($000s)

Property

Metropolitan Area

Purchase Price

(in millions)

Total Rentable

Square Feet

Total Net

Rentable

Square Feet

Total Square

Feet Held for

Redevelopment

Percentage of

Net Rentable

Square Feet

Occupied

(1)

21110 Ridgetop

Northern Virginia

$17.2

135,500

100%

3011 Lafayette Street

Silicon Valley

$13.7

90,800

44470 Chilum Place

Northern Virginia

$43.1

95,400

100%

111 Eighth Avenue

(2)

New York City

$24.4

33,700

91%

Devon Shafron Drive

(3)

Northern Virginia

$63.0

432,000

167,000

265,000

100%

Mundells Roundabout

(4)

London, England

$31.4

210 Tucker

St. Louis, MO

$20.8

(5)

201,600

139,600

62,000

95%

900 Walnut

St. Louis, MO

$34.5

(5)

112,300

99%

1 Savvis Parkway

St. Louis, MO

$27.7

156,000

100%

1500 Space Park Drive

Silicon Valley

$3.7

(6)

49,900

(8)

Cressex 1

London, England

$12.7

51,000

Naritaweg 52

Amsterdam, NL

$27.0

63,000

100%

Foxboro Business Park

London, England

$43.6

147,000

51,000

96,000

100%

Total 2007 Acquisitions

$362.8

1,568,200

953,500

614,700

365 South Randolphville

Piscataway, NJ

$20.2

270,000

Total YTD 2008 Acquisitions

$20.2

270,000

(1)

Net rentable square feet figures excludes space held for redevelopment.

(2)

leasehold

interest

consisting

two

suites

111

8th

Ave.

(NY)

acquired

from

NYC

Connect.

(3)

Devon Shafron Drive consists of 43881, 43831 & 43791 Devin Shafron Drive (VA).

(4)

9.4 acre development site in suburban London, England with planning permission for a datacenter facility.

(5)

Includes a $2.3 million earn-out payment made at closing.

(6)

DLR

owns

50%

ownership

interest

consolidated

joint

venture

which

owns

this

property.

the

time

acquisition,

the

property

was

encumbered

$5.5

million

debt,

which

DLR

guaranteed

along with its joint venture partner.

(7)

Includes land that can support the development of datacenter facilities for a potential of up to 290,000 sf.

DLR acquired new properties totaling approximately $363 million in 2007.

2007 & YTD 2008 Acquisition Activity

3.5%

4.6%

8.5%

15.1%

1.5%

4.6%

4.7%

16.5%

7.9%

5.2%

22.6%

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Thereafter

DLR’s Model Features Long-Term, Stable Leases

The stability of our long-term leases complements our growth.

Note:

Excludes

vacant

square

footage

0.6

million

square

feet

and

1.8

million

square

feet

space

held

for

redevelopment

December

31,

2007.

Lease Expiration as a Percentage of Net Rentable Square Feet

16.6% through 2010

The weighted average remaining lease term is 7.7 years.

Leases typically contain 3% annual rent bumps.

$0.30

$0.37

$0.35

$0.36

$0.38

$0.41

$0.48

$0.50

$0.51

$0.53

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

$25.2

$31.1

$33.7

$35.7

$36.6

$38.9

$44.5

$50.4

$54.9

$55.0

$57.1

$59.3

$0.0

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

(1)

FFO,

AFFO,

Adjusted

EBITDA

and

NOI

are

non-GAAP

financial

measures.

For

description

FFO,

AFFO,

Adjusted

EBITDA

and

NOI

see

page

27.

FFO

payout

ratio

dividend

declared

per

common

and

unit

divided

diluted

FFO

per

and

unit.

AFFO

payout

ratio

dividend

declared

per

common

and

unit

divided

diluted

AFFO

per

and

unit.

For

description

of FFO and AFFO see page 27. For a reconciliation to net income see pages 28 & 29.

(2)

Adjusted EBITDA for the three months ended March 31, 2007 excludes a gain on sale for 100 Technology Center Drive and 4055 Valley View Lane of approximately $18.0 million. Including this gain

Adjusted EBITDA was $72.9 million for three months ended March 31, 2007. Adjusted EBITDA for the three months ended September 30, 2006 excludes a gain on sale for 7979 East Tufts Avenue

of $18.0 million. Including this gain, EBITDA was $62.5 million for three months ended September 30, 2006. EBITDA for all periods presented above includes the results of 7979 East Tufts Avenue,

a property which we classified as held for sale and which we sold on July 12, 2006.

(3)

Based on most recent quarterly dividend annualized. Dividend yield based on February 28, 2008 closing stock price of $36.98.

DLR Financial Overview

Increasing NOI

(1)

–

$ 66.8 million in 4Q07, +2.9% from $ 64.9 million in 3Q07 and +22.1% from $54.7 million in 4Q06

Well supported dividend

–

3.4% yield

(3)

–

FFO / AFFO payout ratio

(1)

of 59% / 84% for 4Q07

–

Increased quarterly common dividend +8.0% each year since IPO

Strong and Consistent Earnings Growth

(1)(2)

Adjusted EBITDA

FFO per diluted share and unit

(1)

DLR Capital Raising Activities

Proven access to capital

–

YTD 2008

Issued 13.8 million shares of 5.500% convertible preferred

stock, resulting in $333.6 million of net proceeds: 17.5%

premium

–

2007

Issued 4.025 million shares of common stock, resulting in

$150.4 million of net proceeds

Entered into enhanced $650 million revolving credit facility

–

Increased size from $500 million

–

Reduced applicable margin ranges by 12.5 to 25 basis points

–

Extended maturity to 2010

–

Modified covenants to enhance financial flexibility

Issued 7.0 million shares of 4.375% convertible preferred stock,

resulting in $169.1 million of net proceeds: 20% premium

Sold two non-core assets resulting in a total gain on sale of

$18.0 million

Raised approximately $3.0 billion of capital since IPO

DLR 2008 Guidance

(1)

Based on third quarter 2007 earnings conference call dated November 7, 2007.

(2)

FFO and AFFO are non GAAP financial measures. For a description of FFO and AFFO see page 27. For a reconciliation to net income see pages 28 & 29.

Internal Growth

10.2% to 15.0%

FFO

(2)

Per

Growth

Leasing Assumptions

890,000 to 990,000 sq ft of

Turn-Key Datacenter™ &

Powered Base Building™ space

(average gross rent $90 / sq ft)

100,000 to 125,000 sq ft of basic

commercial space (average

gross rent $19 / sq ft)

Acquisitions Assumptions

$300 - $350 million

o

$100 to $150 million of vacant

properties for redevelopment

o

$200 million of income

producing properties at an

average cap rate of 8.00%

External Growth

2.5% to 3.8%

FFO

(2)

Per Share Growth

12.7% to 18.8%

Overall

Projected

FFO

(2)

Per

Share Growth

•

Capital Expenditure for redevelopment of $340 million

•

Total G&A of $44 million

2008 projected FFO

(2)

per share guidance: $2.30 to $2.40:

Equity, 59.1%

Fixed Rate

Debt, 24.7%

Preferred,

15.2%

Variable Rate

Debt, 1.0%

DLR Employs a Conservative Capital Structure

Weighted average cost of

debt: 5.80%

(5)

; approximately

96% fixed rate debt

(6)

Coverage ratios

(7)

–

Debt service: 3.4x

–

Fixed charge: 2.4x

Dividend Yield

(1)

/ Rate: 3.4% / $1.24

(1)

Based on 72.1 million shares & OP units outstanding and $36.98 share price as of close of market as of February 28, 2008, equal to $2.7 billion in equity.

(2)

Excludes $1.7 million of unamortized debt premium for 1125 Energy Park Drive & 731 East Trade Street.

(3)

Reflects revolving credit facility balance of $41.43 million as of February 28, 2008.

(4)

Includes $175 million of 4.375% convertible preferred stock issued in April 2007 and the $345 million of 5.500% convertible preferred stock issued in February 2008.

(5)

Excluding the equity component of the exchangeable debt, the weighted average cost of debt is 5.62%.

(6)

Includes $172.5M of exchangeable debt and $257.4M of swapped floating rate debt. Percentage of fixed rate debt will fluctuate materially based on the balance of the revolving

credit facility.

(7)

December

31,

2007;

debt

service

coverage

ratio

Adjusted

EBITDA

divided

cash

interest

expense;

fixed

charge

coverage

ratio

Adjusted

EBITDA

divided

fixed

charges. See page 27 for a description of Adjusted EBITDA and pages 28 & 29 for a reconciliation of Adjusted EBITDA, cash interest expense and fixed charge coverage ratio.

Pro

forma

for

the

February

2008

convertible

preferred

offering,

debt

service

coverage

ratio

would

4.1x

and

our

leverage

ratio

would

23.1%;

fixed

charge

would

not

change.

DLR Current Capital Structure

Total Market Capitalization

(1)

$4,511.2 million

(3)

(2)

(4)

(1)

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

non-GAAP

financial

measures

may

differ

from

those

other

REITs,

and,

therefore,

may

not

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

occupancy

rates,

rental

rates

and

operating

costs.

also

believe

that,

awidely

recognized

measure

the

performance

REITs,

FFO

will

used

investors

basis

compare

our

operating

performance

with

that

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

FFO

measure

our

performance

limited.

Other

REITs

may

not

calculate

FFO

accordance

with

the

NAREIT

definition

and,

accordingly,

our

FFO

may

not

comparable

such

other

REITs’

FFO.

Accordingly,

FFO

should

considered

only

supplement

net income as a measure of our performance.

Adjusted Funds From Operations (AFFO)

We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund

dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used

by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs. We calculate adjusted funds from operations, or AFFO, by adding

to or subtracting from FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs (iii) non cash compensation (iv) loss from early extinguishment of

debt (v) straight line rents (vi) fair value of lease revenue amortization (vii) capitalized leasing payroll (viii) recurring tenant improvements and (ix) capitalized leasing

commissions.

Other

equity

REITs

may

not

calculate

AFFO

consistent

manner.

Accordingly,

our

AFFO

may

not

comparable

other

equity

REITs’

AFFO.

AFFO

should

considered

only

supplement

net

income

computed

accordance

with

GAAP

measure

our

operations.

Net Operating Income (NOI) and Cash NOI

NOI represents rental revenue and tenant reimbursement revenue less rental property operating and maintenance, property taxes and insurance expenses (as reflected

in statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the

company’s rental portfolio. Cash NOI is NOI less straight-line rents and above and below market rent amortization. Cash NOI is commonly used by stockholders,

company management and industry analysts as a measure of property operating performance on a cash basis. However, because NOI and cash NOI exclude

depreciation

and

amortization

and

capture

neither

the

changes

the

value

our

properties

that

result

from

use

market

conditions,

nor

the

level

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 NOI and cash NOI as measures of our performance is limited. Other REITs may not calculate NOI and cash NOI in the

same

manner

and,

accordingly,

our

NOI

and

cash

NOI

may

not

comparable

such

other

REITs’

NOI

and

cash

NOI.

Accordingly,

NOI

and

cash

NOI

should

considered only as supplements to net income as measures of our performance.

Earnings Before Interest Taxes Depreciation and Amortization (EBITDA)

We present Earnings Before Interest Taxes Depreciation and Amortization or EBITDA as a supplemental operating measure because, because in excluding interest,

taxes,

depreciation

and

amortization,

permits

investors

view

income

from

operations

without

the

impact

the

cost

debt,

non

cash

depreciation

and

amortization

and taxes.

We also believe that, as a widely recognized measure of the performance of other companies in the data center industry that will be used by investors as a

basis

compare

our

operating

performance

with

that

others

that

industry.

However,

because

EBITDA

excludes

interest,

taxes,

depreciation

and

amortization

and

captures

neither

the

changes

the

value

our

properties

that

result

from

use

market

conditions,

nor

the

current

level

capital

expenditures

and

other

capitalized

items, all of which have real economic effect and could materially impact our results from operations, the utility of EBITDA as a measure of our performance is

limited.

Accordingly, EBITDA should be considered only as a supplement to net income as a measure of our performance. Adjusted EBITDA is EBITDA adjusted for

preferred dividends and minority interest.

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

intended

revise

confirm

the

earnings,

FFO

acquisition

guidance

discussed

our

Earnings

Conference

Call

held

November

7, 2007 and available on our website at www.digitalrealtytrust.com.

Reconciliation of non-GAAP items to their closest GAAP

2008 FFO Reconciliation

(Low - High)

Net income available to common stockholders per diluted share

$0.33 - 0.42

Add:

Minority interest

$0.01 - 0.02

Real estate depreciation and amortization

$1.96

Projected FFO per diluted share and unit

$2.30 – 2.40

Funds from operations

(1)

Q407

Q307

Q207

Q107

FY2007

Q406

Q306

Q206

Q106

FY2006

Q405

Q305

Q205

Q105

FY2005

Net income (loss) available to common stockholders

254

(224)

$2,591

$18,641

$21,262

$2,978

$11,342

$1,650

$1,642

$17,612

$1,157

$1,326

$2,136

$1,468

$6,087

Minority interests in operating partnership including

discontinued operations

(27)

310

3,762

4,073

1,276

8,464

1,340

1,846

12,926

1,338

1,628

3,143

2,159

8,268

Real estate related depreciation and amortization

(2)

37,673

35,216

31,708

29,643

134,240

28,055

24,454

20,238

18,185

90,932

18,781

16,929

14,318

12,143

62,171

Real estate related depreciation and amortization related

to investment in unconsolidated joint venture

919

969

1,010

1,036

3,934

796

Gain on sale of assets

(18,049)

(80)

(18,016)

(18,096)

Funds from operations (FFO)

$38,874

$35,934

$35,619

$35,033

$145,460

$33,025

$26,244

$23,228

$21,673

$104,170

$21,276

$19,883

$19,597

$15,770

$76,526

Funds from operations (FFO) per diluted share

$ 0.53

$ 0.51

$ 0.50

$ 2.05

$ 0.48

$ 0.41

$ 0.38

$ 0.36

$ 1.63

$ 0.36

$ 0.35

$ 0.37

$ 0.30

$ 1.37

Net income (loss) per diluted share available to common

stockholders

$ -

$ 0.04

$ 0.32

$ 0.36

$ 0.06

$ 0.30

$ 0.05

$ 0.06

$ 0.47

$ 0.04

$ 0.05

$ 0.10

$ 0.07

$ 0.25

Funds from operations (FFO)

$38,874

$35,934

$35,619

$35,033

$145,460

$33,025

$26,244

$23,228

$21,673

$104,170

$21,276

$19,883

$19,597

$15,770

$76,526

Non real estate depreciation

145

129

124

135

533

118

285

511

Amortization of deferred financing costs

1,149

1,682

1,321

1,389

5,541

1,115

916

937

795

3,763

793

790

707

675

2,965

Non cash compensation

1,134

1,103

836

507

3,580

491

430

435

431

1,787

335

481

Loss from early extinguishment of debt

425

528

896

125

1,021

Straight line rents

(7,303)

(7,204)

(5,770)

(5,111)

(25,388)

(5,810)

(3,856)

(4,233)

(3,843)

(17,742)

(4,172)

(3,815)

(2,483)

(2,553)

(13,023)

Above and below market rent amortization

(2,617)

(2,691)

(2,578)

(2,338)

(10,224)

(2,238)

(2,837)

(1,504)

(433)

(7,012)

(632)

(416)

(230)

(439)

(1,717)

Capitalized leasing compensation

(416)

(300)

(175)

(1,066)

(217)

(185)

(888)

(764)

(2,054)

(105)

(549)

(127)

(781)

Recurring capital expenditures and tenant improvements

(1,200)

(2,765)

(393)

(4,259)

(2,574)

(344)

(338)

(904)

(4,160)

(1,406)

(240)

(732)

(519)

(2,897)

Capitalized leasing commissions

(2,705)

(1,389)

(3,836)

(439)

(8,369)

(3,716)

(1,523)

(1,682)

(265)

(7,186)

(1,535)

(757)

(579)

(180)

(3,051)

Adjusted funds from operations

(1)

$27,061

$24,499

$25,640

$28,608

$105,808

$20,200

$19,170

$16,417

$16,818

$72,605

$15,473

$14,974

$16,207

$12,931

$59,585

(2) Real estate depreciation and amortization was computed as follows:

Q407

Q307

Q207

Q107

FY2007

Q406

Q306

Q206

Q106

FY2006

Q405

Q305

Q205

Q105

FY2005

Depreciation and amortization per income statement

$37,818

$35,345

$31,832

$29,399

$134,394

$27,290

$23,768

$18,534

$16,537

$86,129

$17,061

$15,340

$12,733

$10,567

$55,701

Depreciation and amortization of discontinued operations

379

883

971

1,741

1,719

5,314

1,743

1,617

1,595

1,576

6,531

Non real estate depreciation

(145)

(129)

(124)

(135)

(533)

(118)

(285)

(37)

(71)

(511)

(23)

(28)

(10)

(61)

$37,673

$35,216

$31,708

$29,643

$134,240

$28,055

$24,454

$20,238

$18,185

$90,932

$18,781

$16,929

$14,318

$12,143

$62,171

Weighted-average shares outstanding -

diluted

73,310

69,937

70,229

69,831

70,806

69,213

64,397

60,959

59,874

63,870

59,248

57,526

53,106

53,057

55,761

(1) Funds from operations and Adjusted Funds from operations for

all periods presented above includes the results of properties sold in 2006 and 2007; 7979 East

Tufts Avenue (July 2006), 100 Technology Center Drive (March 2007) and 4055 Valley View Lane (March 2007).

Reconciliation of non-GAAP items to their closest GAAP

Cash interest expense and fixed charges (including discontinued operations)

Q407

Q307

Q207

Q107

FY2007

Q406

Q306

Q206

Q106

FY2006

Q405

Q305

Q205

Q105

FY2005

Total GAAP interest expense (including

discontinued operations)

$15,863

$16,683

$15,142

$17,323

$65,011

$14,569

$14,533

$12,181

$11,388

$52,671

$10,988

$10,724

$9,289

$8,121

$39,122

Capitalized interest

4,215

3,096

2,792

1,507

11,610

1,114

917

1,058

762

3,851

279

Change in accrued interest and other noncash

amounts

(2,755)

(315)

(3,575)

(948)

(7,593)

(3,206)

(2,590)

(1,906)

(7,645)

(1,660)

(777)

(1,203)

(705)

(4,345)

Cash interest expense

17,323

19,464

14,359

17,882

69,028

12,477

12,860

13,296

10,244

48,877

9,607

9,947

8,086

7,416

35,056

Scheduled debt principal payments and preferred

dividends

7,516

7,215

6,902

5,085

26,718

5,063

4,960

4,567

4,869

19,458

4,914

5,072

4,180

3,109

17,275

Total fixed charges

$24,839

$26,679

$21,261

$22,967

$95,746

$17,540

$17,820

$17,863

$15,113

$68,335

$14,521

$15,019

$12,266

$10,525

$52,331

Reconciliation of EBITDA

Q407

Q307

Q207

Q107

FY2007

Q406

Q306

Q206

Q106

FY2006

Q405

Q305

Q205

Q105

FY2005

Net income (loss) available to common

stockholders

254

(224)

$2,591

$18,641

$21,262

$2,978

$11,342

$1,650

$1,642

$17,612

$1,157

$1,326

$2,136

$1,468

$6,087

Interest

15,863

16,683

15,142

17,323

65,011

14,569

14,533

12,181

11,388

52,671

10,988

10,724

9,289

8,121

39,122

Depreciation and amortization

37,818

35,345

31,832

29,778

134,773

28,173

24,739

20,275

18,256

91,443

18,804

16,957

14,328

12,143

62,232

EBITDA

53,935

51,804

49,565

65,742

221,046

45,720

50,614

34,106

31,286

161,726

30,949

29,007

25,753

21,732

107,441

Gain on sale of assets, net of minority interests

15,019

10,318

10,374

EBITDA, less effect of gain on sale of assets

$53,935

$51,804

$49,565

$50,723

$206,027

$45,664

$40,296

$34,106

$31,286

$151,352

$30,949

$29,007

$25,753

$21,732

$107,441

Reconciliation of Adjusted EBITDA

Q407

Q307

Q207

Q107

FY2007

Q406

Q306

Q206

Q106

FY2006

Q405

Q305

Q205

Q105

FY2005

EBITDA

$53,935

$51,804

$49,565

$65,742

$221,046

$45,720

$50,614

$34,106

$31,286

$161,726

$30,949

$29,007

$25,753

$21,732

$107,441

Minority interests

(27)

310

3,762

4,073

1,276

8,464

1,340

1,846

12,926

1,338

1,628

3,143

2,159

8,268

Preferred stock dividends

5,359

5,167

3,445

19,330

3,445

13,780

3,445

3,099

2,199

1,271

10,014

Adjusted EBITDA

59,322

57,136

55,042

72,949

244,449

50,441

62,523

38,891

36,577

188,432

35,732

33,734

31,095

25,162

125,723

Gain on sale of assets

18,049

18,016

18,096

Adjusted

EBITDA,

less

effect

gain

sale

assets

$59,322

$57,136

$55,042

$54,900

$226,400

$50,361

$44,507

$38,891

$36,577

$170,336

$35,732

$33,734

$31,095

$25,162

$125,723

Reconciliation of Net Operating Income (NOI)

Q407

Q307

Q207

Q107

FY2007

Q406

Q306

Q206

Q106

FY2006

Q405

Q305

Q205

Q105

FY2005

Operating income

20,958

21,425

22,541

21,965

86,889

20,943

18,451

17,787

17,388

74,569

15,734

15,986

15,776

12,091

59,587

Less:

Other revenue

(240)

(154)

(247)

(641)

(197)

(168)

(365)

(1,432)

(265)

(3,832)

(300)

(5,829)

Add:

Depreciation and amortization

37,818

35,345

31,832

29,399

134,394

27,290

23,768

18,534

16,537

86,129

17,061

15,340

12,733

10,567

55,701

General

and

administrative

8,159

7,775

8,456

7,210

31,600

6,535

4,986

4,674

4,246

20,441

4,425

3,324

2,453

2,413

12,615

Other expenses

101

495

128

188

912

173

607

150

181

1,111

106

961

477

1,617

Net

Operating Income

66,796

64,886

62,710

58,762

253,154

54,744

47,812

41,145

38,184

181,885

35,861

34,491

28,091

25,248

123,691