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Company Overview - SNL Financial

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					Company Overview
         October 2011
 Forward Looking Statements
The information included in this company overview 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
expected development and redevelopment completions, including total square footage and raised floor space upon completion, expected availability for
occupancy and total investment; our expected investment in our properties; our estimated time to stabilization and targeted returns at stabilization of our
properties; the signing and commencement of leases, and related rental revenue; our expected same store portfolio growth; our expected growth and
stabilization of redevelopment completions and acquisitions; our expected mark-to-market rates on lease expirations, lease rollovers and expected rental
rate increases; our expected yields on investments; debt maturities; lease maturities; our expected returns on invested capital; our ability to access the
capital markets; the renewal of our credit facility; our strategies, plans and intentions; future data center utilization, growth rates, trends, supply and
demand; growth in the overall Internet infrastructure sector and segments thereof; the market effects of regulatory requirements; the replacement cost of
our assets; the development and redevelopment costs of our buildings, and lead times; 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 facility; estimates of the value of our
redevelopment portfolio; our ability to meet our liquidity needs, including the ability to raise additional capital; capitalization rates, or cap rates, on
property acquisitions; potential new markets; our dividend policy; other forward-looking financial data; leasing expectations; expectations with respect to
the exercise of the put rights contained in our exchangeable debentures; 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 the recent deterioration in global economic, credit and market conditions including the downgrading of the U.S. government’s credit rating; current
local economic conditions in our geographic markets; decreases in information technology spending, including as a result of economic slowdowns or
recession; adverse economic or real estate developments in our industry or the industry sectors that we sell to (including risks relating to decreasing real
estate valuations and impairment charges); our dependence upon significant tenants; bankruptcy or insolvency of a major tenant or a significant number
of smaller tenants; defaults on or non-renewal of leases by tenants; our failure to obtain necessary debt and equity financing; increased interest rates
and operating costs; 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 redeveloped properties; risks related to joint venture investments,
including as a result of our lack of control of such investments; delays or unexpected costs in development or redevelopment of properties; decreased
rental rates or increased vacancy rates; increased competition or available supply of data center space; our inability to successfully develop and lease
new properties and space held for redevelopment; difficulties in identifying properties to acquire and completing acquisitions; our inability to acquire off-
market properties; our inability to comply with the rules and regulations applicable to reporting companies; our failure to maintain our status as a REIT;
possible adverse changes to tax laws; restrictions on our ability to engage in certain business activities; environmental uncertainties and risks related to
natural disasters; losses in excess of our insurance coverage; changes in foreign laws and regulations, including those related to taxation and real estate
ownership and operation; and changes in local, state and federal regulatory requirements, including changes in real estate and zoning laws and
increases in real property tax rates.
The risks described above are not exhaustive, and additional factors could adversely affect our business and financial performance, including those
discussed in our annual report on Form 10-K for the year ended December 31, 2010 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.




                                                                               1
Digital Realty Trust
Our data centers enable
customers to deliver critical
business operations.
We do this by providing enterprise
customers with secure, reliable and
cost effective data center facilities.




We are focused on acquiring, developing,
managing and operating data center facilities to support
our customers’ needs while providing attractive
risk-adjusted returns for our shareholders.



                                         2
Global Platform for Growth




  Portfolio totals 98 properties comprising 17.3 million square feet,
 including 2.2 million square feet of space held for redevelopment.(1)

                     Portfolio is located in 30 markets throughout
                   North America, Europe, Singapore and Australia.(2)
    (1)   As of October 6, 2011.
    (2)   Includes land parcels to be developed.




                                                   3
Tenant Diversification

 No single tenant accounts for more than 10.6% of annualized rent.(1)


                                                                                                                                                            Percentage of
  Tenant Type by Percentage of Annualized Rent(2)                                                          Major Tenants
                                                                                                                                                         Annualized Rent(1)
                                                                                                           CTL (Qwest / Savvis)                                       10.6%
                                                                                                           Equinix                                                     4.2%
                          (3)
                                                                                                           Facebook                                                    4.1%
                                                                                                           Telx                                                        3.6%
                                                                                                           Morgan Stanley                                              3.5%
                                                                                                           NTT                                                         2.6%
                                                                                                           AT&T                                                        2.4%
                                                                                                           Softlayer Technologies                                      1.8%

                                                                                                           Level 3 / Global Crossing                                   1.8%
                                                                                                           Amazon                                                      1.8%
                                            (4)

                                                                                                           Total                                                      36.4%




    (1)   Figures pro forma for the combination of Qwest and Savvis and pending combination of Level 3/Global Crossings.
    (2)   Calculation based on average annualized rents as of June 30, 2011.
    (3)   Non-Technology includes tenants in government, media, healthcare and energy sectors.
    (4)   DLR’s Internet Enterprise tenants including Amazon, Facebook, Google, Microsoft, Salesforce and Yahoo occupying approximately 1.4 million square feet.




                                                                                     4
Data Center Customer Landscape
     Colocation &                          Corporate                     International Network &
Managed Service Providers               Enterprise Users                    Telecom Providers
   System Integrators




Provide space, power, connectivity    Mission-critical IT applications   Providing bandwidth/network
and services                          Trend to consolidate data          access to Internet for enterprise
Outsourced IT solutions for           centers from “server closets” in   customers
corporate enterprises                 office buildings                   Consisting of telecom
May provide network cross-connects    Operate owned and leased           companies, data carriers,
& peering, and/or cloud/grid                                             wireless providers, and Internet
                                      assets
computing services                                                       Service Providers (ISPs)
Shorter term contracts of 1-2 years                                      Primarily located in Internet
for colo                                                                 Gateway data centers
Operate owned and leased assets




                                DIGITAL REALTY TRUST

                                                   5
Investment Highlights



                     Strong Market Fundamentals
         Demand for data center space projected to outpace supply


             Significant Embedded Growth Prospects
         Substantial cash flow growth from strong leasing pipeline


                         High Barriers to Entry
      New supply requires significant capital and specialized expertise


                 Attractive Acquisition Environment
         Strong balance sheet allows for opportunistic acquisitions


                   Experienced Management Team
               Disciplined investment management approach



                                     6
Strong and Consistent EBITDA Growth
Adjusted EBITDA(1) of $155.0 million in 2Q11
  Up 3.3% from $150.1 million in 1Q11
  Up 34.8% from $115.0 million in 2Q10




        32.1% compounded annual growth (2005-2010)(2)                                                                                         $512.1
        ($ in millions)
                                                                                                                   $378.8
                                                                                         $305.2
                                                              $226.6
                                   $171.5
          $127.3



           2005                      2006                      2007                       2008                       2009                      2010




  (1)   Adjusted EBITDA is a non-GAAP financial measure. For a description of Adjusted EBITDA and a reconciliation to net income see the Appendix.
  (2)   Adjusted EBITDA for the year ended December 31, 2007 excludes a gain on sale for 100 Technology Center Drive and 4055 Valley View Lane of approximately $18.0M. Including
        this gain, Adjusted EBITDA was $244.7M for the year ended December 31, 2007. Adjusted EBITDA for the year ended December 31, 2006 excludes a gain on sale for 7979 East
        Tufts Avenue of $18.1M. Including this gain, Adjusted EBITDA was $189.6M for the year ended December 31, 2006.




                                                                                 7
Strong and Consistent FFO Growth
FFO(1)(2) of $1.02 per diluted share and unit in 2Q11
  Unchanged from $1.02 in 1Q11(2)
  Up 34.2% from $0.76 in 2Q10(2)




  19.9% compounded annual growth (2005-2010)
                                                                                                                             $3.39
                                                                                                                     $2.93
                                                                                         $2.59
                                                            $2.02
                                $1.61
    $1.37




    2005                        2006                         2007                        2008                        2009    2010




  (1)   FFO is a non-GAAP financial measure. For a description of FFO and a reconciliation to net income see the Appendix.
  (2)   Before excluding non-core expenses and income streams.




                                                                                   8
Well-Supported Dividend
   Increased 2011 annual per share common dividend 35% over 2010(1)
        2Q11 quarterly common dividend is $0.68 per share, up 28% from 4Q10 dividend
        of $0.53 per share
   Dividend Policy
        Pay out 100% of taxable income
                     Pulled back 42% of 2011 January dividend to distribute 100% of 2010 taxable income
   AFFO(2) payout ratio of 79.1% for 2Q11
   4.9% dividend yield(3)



                                                                                                                                    $2.72
 18.2% compounded annual growth (2005-2011)(1)                                                                              $2.02
                                                                                                    $1.47
                                                   $1.17                    $1.26
   $1.00                   $1.08




   2005                    2006                    2007                     2008                    2009                    2010    2011



                                                                         Annual Dividend Per Share



   (1)   Based on annualized 2Q2011 common stock dividend of $0.68 per share.
   (2)   AFFO is a non-GAAP financial measure. For a description of AFFO and a reconciliation to net income see the Appendix.
   (3)   Dividend yield based on September 30, 2011 closing stock price of $55.16 and annualized 2Q11 dividend.




                                                                                    9
YTD Second Quarter 2011 Lease Signings

                                                                                             Annualized GAAP                             Annualized GAAP
Type of Space                                          Total sf Leased
                                                                                                Rent psf                                     Rent(1)
Turn-Key Datacenter®                                           262,000                                  $190.00                               $49.7 million
Powered Base Building®                                         186,000                                   $23.00                               $4.3 million
Datacenter Master Lease                                         34,000                                   $84.00                               $2.9 million
Non-Technical(2)                                               126,000                                   $21.00                               $2.7 million
Total(3)                                                       607,625                                   $98.00                               $59.6 million

   The year-to-date average lease term for leases signed as of the second quarter was 98.2
   months or 8.2 years
   In 2010, signed leases totaling 1.2 million square feet, generating $111.8 million in
   annualized GAAP rent
        519,000 sf of TKD space at an average annual GAAP rental rate of $172.00 psf
        379,000 sf of PBB space at an average annual GAAP rental rate of $45.00 psf
        262,000 square feet of Non-Technical space



      (1) GAAP rental revenues include total rent for new leases and expansions.
      (2) Excludes leases for parking garages and rooftops.
      (3) Excludes colocation leases signed totaling approximately 11,000 square feet at an average annual GAAP rental rate of $202.00 psf.
      Note: Data is based on year-to-date 2011 leasing information as of June 30, 2011, unless otherwise noted.




                                                                                     10
Same Store Portfolio Growth
    Consistently high occupancy
            Same store occupancy averaged approximately 95% for the last 3
            years
    Strong mark-to-market on expirations
            Expect 5-8% increase mark-to-market on 2011 lease expirations(1)
            We are actively negotiating or positioning remaining 2011 expirations
    In-place contractual increases
            2.5 – 3.0% annual cash rent increases on in-place leases(2)




We expect strong long-term same store cash NOI growth from contractual
         rent increases and mark-to-market of expiring leases

     (1)   Excluding space that will be moved to redevelopment inventory.
     (2)   Excluding acquired leases for which rent increases vary.




                                                                            11
Substantial Same Store Value Creation

Redevelopment Case Study:                                                                  Renewal Case Study:
  April 2004: Acquired a two-story, 125,000 sf                                                 July 2004: Acquired 365,600 square feet,
  fully-leased property for $17.2 mm                                                           multi-tenant technology center
  Late 2009: Received notice of tenant’s intent                                                    Lease representing 39% of total square was set
  to vacate upon lease expiration in April 2010                                                    to expire in 2010

  Implemented property redevelopment plan                                                      2008: Received notification that tenant was
       Convert first floor to 3 TKD PODs and keep
                                                                                               considering acquiring property to relocate
       second floor as office space                                                            March 2009: Renewed and extended tenant’s
  February 2010: Leased 100% of building to                                                    lease for an additional 15 years
  one customer                                                                                     New NNN cash rental rate increased 59% with
       Delivered first TKD in July 2010 and second                                                 3% annual rent increases
       TKD in April 2011. Third TKD is expected to
       be delivered & commence rent in July 2012



  Achieved a 14% unleveraged                                                                    Renewed lease generated an
    cash return on invested                                                                     average return on total costs
           capital(1)                                                                                    of 25.8%(1)


       (1)   Returns are based on total costs, which include purchase price and other costs.




                                                                                        12
Long-Term Leases Provide Cash Flow Stability
                        Near term rollover represents opportunity for growth.
Square Feet



                                           Lease Maturities as a % of Net Rentable Square Feet

3000000                                                                                                                                                            18.5%

2500000
                                                                           13.4%
2000000
                                                                                                                                      10.8%
1500000                                                      8.8%                          8.6%
                                               6.8%                                                      6.2%           6.9%
1000000                                                                                                                                              6.0%
                 5.2%

 500000                         2.7%

        0
                2011           2012           2013          2014           2015           2016          2017           2018           2019          2020        Thereafter

                                                     Non Tech       Turn-Key Datacenter           Powered Base Building




                          The weighted average remaining lease term is 6.8 years.




       Note: Includes license and similar agreements that upon expiration will be automatically renewed, mostly on a month-to-month basis. For some of our properties, we calculate square footage based on
       factors in addition to contractually leased square feet, including available power, required support space and common area. Does not include 910,000 sf of available space as of June 30, 2011.




                                                                                       13
Powered Base Building®

 57% of total operating portfolio rentable square feet, or
 8.5 million sf, and 37% of total annualized rent
      Customers have made significant capital investment in data
      center infrastructure resulting in high barrier to exit
      Attractive mark-to-market rent increases expected upon
      expiration/renewal
                Rents increased 24% on a GAAP basis on renewed leases,
                including early renewals, for the trailing twelve months ended
                June 30, 2011



                                                                2011     2012      2013

                        Total Square Feet Expiring          470,000      70,000   287,000
                       % of Annualized Rent                  0.7%         0.5%     1.3%
                       Annualized Rent at Expiration psf        $14.00   $49.00   $35.00


  Note: As of June 30, 2011.




                                                           14
Turn-Key Datacenter®
 23% of total portfolio rentable square feet, or 3.5 million sf, and 56% of
 total annualized rent
       Digital Realty Trust has made the capital investment in the data center
       infrastructure
                Target an initial unleveraged cash return on invested capital of between 11% to 14%
                Offers customers lower cost of operation
                2.5% to 3% average annual contractual rental rate increases(1)
       Upon expiration, minimal new capital investment required to maintain high
       market rent
                Rents increased approximately 9% on a GAAP basis on renewed leases, including
                early renewals, for the trailing twelve months ended June 30, 2011




                                                                      2011      2012      2013

                         Total Square Feet Expiring                   88,000   201,000   415,000
                        % of Annualized Rent                           2.4%     4.4%      7.6%
                        Annualized Rent at Expiration psf         $197.00      $166.00   $144.00

   (1) Excludes acquired leases for which rent increases vary.
   Note: As of June 30, 2011.




                                                                 15
Non-Technical Space

 20% of total portfolio rentable square feet, or 3.0 million
 square feet, including approximately 775,000 sf in
 non-core assets
 7.4% of total portfolio annualized rent
       Will look to opportunistically divest non-core assets and
       recycle capital or redevelop as data centers




                                                                2011      2012      2013

                        Total Square Feet Expiring          212,000      138,000   313,000
                       % of Annualized Rent                  0.7%         0.3%      0.8%
                       Annualized Rent at Expiration psf        $23.00   $16.00    $19.00


  Note: As of June 30, 2011.




                                                           16
Future Redevelopment Opportunities
   Redevelopment inventory totals 2.1 million rsf(1)
       Potential to build up to 1.3 million rsf of raised floor data
       center space(2)
       Since 2006, DLR has completed 2.5 million rsf of
       improved data center space
    Average development costs:(3)
                                              Cost Components                       Low    High
   Base Building:                             Land                                  $28     $42
                                              Building Shell                        $56     $84
                                              Base Building Improvements            $56     $84
                                              Subtotal                             $140    $210

   Datacenter Improvements:                   Electrical Systems                   $280     $420
                                              Mechanical Systems (HVAC)            $126     $190
                                              Fire Protection                       $18      $26
                                              Other Construction/Fees              $116     $174
                                              Subtotal                             $540     $810
   Total Development Costs                                                         $680   $1,020



   For speculative development , DLR targets an unlevered
         cash return on invested capital of 11% to 14%

     (1)   As of June 30, 2011.
     (2)   Assumes data center footprint is 60% of rentable square footage.
     (3)   DLR estimate as of June 30, 2011.




                                                                              17
Designed & Developed for the Customer
                                Turn-Key Datacenter®
                                     Fully commissioned
                                     facilities featuring
                                     dedicated mechanical
                                     and electrical
                                     infrastructure; complete
                                     in 26 weeks or less
                                             New POD 2.0
                                             design estimated
                                             to reduce
                                             construction time
                                             by an additional 6
                                             to 8 weeks
                                Powered Base Building®
                                     Includes power and
                                     fiber plus planning
                                     permission for Turn-Key
                                     ready construction
                                Build- and Buy-to-Suit
                                     Provides customers
                                     with site selection and
                                     design and construction
                                     expertise to build their
                                     data center to their
                                     specifications




                    18
   Driving Down Development Costs

Contributors to Savings
   Equipment supply chain
        Pre-purchase and bulk purchase orders allow vendors
        to manage material and order flow
        Hard stance on ancillary costs such as warranties,
        start-up fees, software, etc.
   Professional services supply chain
        Repeat designs in same buildings drive efficiencies
        Single General Contractor mobilization for multiple
        buildings/TKDs in a market (Silicon Valley and
        Northern Virginia)
   Scope/Design elements
        Pre-packaged electrical rooms/POD Architecture 2.0 SM
        Pre-packaged pump rooms
        Rooftop package cooling systems = no piping and
        welding onsite




                                               19
 Driving Down Customer Operating Costs

Energy Efficient/Sustainable Building Practices
  19 US LEED certified data center facilities,
  including 2 Platinum and 6 Gold(1)
     Built the first LEED Platinum certified data center
     facility in Silicon Valley

  Received first BREEAM Excellent rating issued
  to a data center
Favorable Power Purchasing Contracts with
Utility Companies
    Example: Completed new contracts in 2010
    with GDF Suez Energy Resources, saving
    customers an estimated $3.6 million per year
    at two Boston area properties
Critical Facilities Management®
  Features advanced monitoring and control
  systems to deliver low cost operations to
  customers


     (1)   As of September 30, 2011.




                                                       20
Top Customer Requirement:
Reliability
 5-year record of Five 9s availability
 for our Turn-Key Datacenters
    Five 9s or 99.999% availability
    means 5 minutes, 15 seconds or
    less of downtime in a year
 Robust 24/7 Building Management
 System (BMS) networked to
 central DLR operations center in
 Dallas
 Long-term ownership strategy
 fosters long-term customer
 relationships



                              21
Growth through Acquisitions


Income Producing                                                                               Redevelopment Inventory
                                          Total                    Average                                                                          Total
                                        Purchase                  Cash Cap                                                                        Purchase
Year            Total SF                 Price(1)                   Rate(2)                    Year                                    Total SF     Price
                                 (4)
2008             185,000                   $95.7M                      9.6%                    2008                                    405,000     $33.0M

2009             580,000                  $196.6M                    10.7%                     2009                                  797,000(3)    $55.6M

2010           1,651,000                  $1,157M                      9.8%                    2010                                    643,000    $183.9M




       (1)   Purchase price includes assumed debt and unfunded capital associated with buyout of joint venture partners for certain properties.
       (2)   Estimated average cash cap rates based on DLR underwriting.
       (3)   Excludes four land parcels capable of supporting approximately 545,000 sf of development.
       (4)   Excludes parking garage square footage.




                                                                                         22
Top DLR Investment Markets


                       U.S.          Europe     Asia/Pac
              New Jersey             London     Singapore
        Northern Virginia             Paris      Sydney
            Silicon Valley          Amsterdam   Melbourne
                     Dallas           Dublin
                  Phoenix
                    Boston




       Potential New Market Opportunities: Hong Kong & China


  Note: As of September 30, 2011.




                                        23
  Proven Acquisition Track Record
        Since 2005 we have closed $3.1 bn in acquisitions at an average cash cap rate
                         on income producing properties of 9.6%
($ in millions)


 $1,600                                                                                                                                                                                    12.0%
                                                                                                                                                  10.7%
 $1,400                                                                                                                                                               $1,341
                              9.9%                                                                                                                                                         10.0%
                                                           8.7%                                                       9.6%                                                 9.8%
 $1,200
                                                                                        8.6%
                                                                                                                                                                                           8.0%
 $1,000

   $800                                                                                                                                                                                    6.0%
                                                                                                                                   2005 – 2010
   $600                                             $530                                                                           Average: $518
                        $470                                                                                                                                                               4.0%
                                                                                 $392
   $400
                                                                                                                                          $252
                                                                                                                                                                                           2.0%
   $200                                                                                                       $129

      $0                                                                                                                                                                                   0.0%
                        2005                        2006                         2007                         2008                        2009                         2010

                                                                   Closed Acquisitions Amount                        Cap Rate




              Note: Our calculation of the average cash cap rate for acquisitions may change based on our experience operating the properties following the closing of the acquisitions.




                                                                                                24
Debt Maturity Schedule
($ in thousands)

      $700,000



      $600,000

                                                                                 $518,198
                                                                   $500,611                                                                             $501,440
      $500,000

                                                                                                                                                                       $406,830
      $400,000



      $300,000                        $274,466

                                                    $220,050                                   $212,219
                                                                                                              $209,321
      $200,000



      $100,000

                         $7,901                                                                                                $857          $929
                   -
                          2011          2012          2013           2014          2015          2016           2017          2018          2019           2020 Thereafter

                       Secured Mortgage Debt (1)                            Unsecured Corporate Revolver (2)                     Unsecured Prudential Shelf Facility (4)
                       Unsecured Notes                                      Exchangeable Notes (3)                               Unsecured APAC Revolver (2)
          (1)   Includes DLR’s 50% share in a $110 million and a $25M unconsolidated JV mortgages.
          (2)   Corporate Revolver balance is $110M net of unrestricted cash, and excluding letters of credit totaling $30.3 million, as of September 30, 2011. The APAC Revolver balance is US$14.4M as of
                September 30, 2011.
          (3) Pro forma for redemption of the remaining $48.3M principal amount of 4.125% exchangeable debentures in August 2011. Reflects first redemption date for 5.5% exchangeable debentures in
                April 2014.
          (4) Pro forma for repayment of the Prudential Series A Notes in July 2011.
          Note: Using data and exchange rates as of June 30, 2011 except as otherwise indicated. Assumes extension options are exercised. Total excludes $1.0M of net loan premiums.




                                                                                          25
Consistent Access to Capital
DLR has raised approximately $7.1 billion of capital from 2004 through 9/30/11(1)
Capital Raised(1) ($ millions, except per share #s)
 $1,800
                                                                                                                                                                       (5)
                  Equity        Preferred     Debt                                                                                                       $1,639
 $1,600


 $1,400                                                                                                                                                  Jan-Oct: $220
                                                                                                                                                       ($57.66 /share)(4)
                                                                                                                                                                                            (5)
                                                                                                                                                          June: $393           $1,207
                                                                                                                                                        ($57.00/share)
 $1,200


 $1,000                                                         $910
                                                                                                                                                                             Mar-Sept: $420
                                                                                                                                                                             ($59.27/share)(4)

                                                               May: $98                                          $836
                                                            ($24.40 / share)
  $800                                                       October: $140
                                                                                       $730                     July: $221
                                                                                                                                                          Mortgage
                                                                                                                                                         Financings:
                                                            ($30.50 / share)                                 ($38.42 / share)                               $33(3)             Sept: $288
                     $612                   $603                                   October: $159
                                                                                  ($39.38 / share)
                                                                                                                                      $615                                      (Series E
                                                                                                                                                        Jul Unsecured         Redeemable
  $600                                    July: $105                                                                               February: $84         Notes: $375          Pref / 7.0%)(7)
                    November           ($17.80 / share)      August Exch.                                                         ($33.50 / share)         (4.500%)
                                                                                     April: $175             February: $345
                    IPO: $257                                 Notes: $173
                                       February: $104                            (Series C Convert.             (Series D
                 ($12.00 / share)                              (4.125%)                                                            April Exch.         Jan Unsecured
                                      (Series A/8.500%)                            Pref / 4.375%)              Convertible
                                                                                                                                   Notes: $266          Notes: $500
  $400                                    July: $63            Mortgage
                                                                                      Mortgage
                                                                                                              Pref / 5.500%)
                                                                                                                                     (5.50%)              (5.875%)           March Unsecured
                                      (Series B/7.875%)    Financings: $349                                                                                                    Notes: $400
                   Mortgage                                                      Financings: $176(2)
                                                                                                                                     Mortgage          Pru Shelf: $117           (5.25%)
               Financings: $155           Mortgage         RCF Commitment                                                        Financings: $165
                                                                                    Construction             Mortgage
                                      Financings: $181      Increase: $150
  $200          Revolving Credit
                                                                                    Facility: $70        Financings: $187
                                                                                                                                  Pru Shelf: $25                              APAC RCF(6):
                 Facility (RCF)        RCF Increase:                                                                                                                             $100
                                                                                   RCF Increase:             Pru Shelf : $58
               Commitment: $200            $150                                                                                 RCF Increase: $75
                                                                                       $150
                                                                                                         RCF Increase: $25
     $0
                    2004                    2005               2006                   2007                      2008                  2009                 2010                  2011
         (1) Does not include ~$350M of publicly offered secondary shares of DLR.                      (4)     Weighted average stock price for shares sold via ATM equity program.
         (2) Includes $55 million of DLR’s 50% share in a $110 million unconsolidated JV mortgage.     (5)     Excluding exchanges of 4.125% exchangeable debentures.
         (3) Includes $12.5 million of DLR’s 50% share in a $25 million unconsolidated JV mortgage.    (6)     Pro forma for APAC Revolver closed in August 2011.
         Note: All figures represent gross proceeds.                                                   (7)     Pro forma for Series E Cumulative Redeemable Preferred Stock offering in September 2011.




                                                                                        26
Liquidity – Revolving Credit Facilities
Current Facilities                                                                                  Contemplated Facility
Corporate Facility
  Total capacity of $750 million                                                                      Initiating renewal process in 2H 2011
       $515 million multi-currency sub-facility                                                       Targeting $1.25 billion facility with up to a $1 billion
                                                                                                      accordion to capitalize on DLR’s strong investment
       $110.0 million drawn as of September 30, 2011(1)
                                                                                                      grade rating
  Applicable margin between 1.1% – 2.0% as determined by                                                      Utilize regional borrower structure (NA, Europe,
  the Total Leverage Ratio with the margin at 1.2% as of                                                      and APAC) to allow for an efficient international
  June 30, 2011                                                                                               tax structure and FX hedging flexibility
       Unused fees between 12.5 – 20.0 bps                                                                    Incorporate structural changes in-line with strong
  Second of two one-year extension options effective as of                                                    IG-rated REITs
  August 31, 2011 extending maturity to August 31, 2012                                                       Obtain facility maturity of at least 4 years plus
  15 lenders in bank group                                                                                    extension option
                                                                                                      Expect in excess of 30 lenders in bank group
Asia Pacific Facility
  One year facility closed on August 18, 2011
  Total capacity of US$100 million with US$100 million
  accordion
         US$14.4 million drawn as of September 30, 2011
  Currencies: Singapore and Australian dollars with the
  ability to add Hong Kong dollars
  Current margin: 120bps over BBSY and SIBOR
  4 lenders in bank group


          (1)   Net of unrestricted cash, excludes letters of credit totaling $30.3 million.




                                                                                               27
DLR Employs a Conservative Capital Structure

            Financial Metrics(1)                                                                                        Current Capital Structure
Weighted average cost of debt: 5.13%; 88.9% fixed                                                                                                                   (5)
                                                                                                                                          Variable Rate Debt
rate debt(2)                                                                                                                                     1.3%

Leverage ratios(3) :
                                                                                                                                                                             Fixed Rate Debt (6)
    Net Debt / Total Enterprise Value: 31.1%                                                                                                                                      28.8%

    Net Debt / LQA Adj. EBITDA: 4.9x
                                                                                                                   Equity (7)
Coverage ratios(4) :                                                                                               63.2%
                                                                                                                                                                          Preferred (7)
    Debt service: 3.9x                                                                                                                                                      6.7%
    Fixed charge: 3.2x
Investment grade rating (BBB/Baa2/BBB) by all
three agencies                                                                                                 Total Equity Capitalization: $6.0 billion(5)
                                                                                                                 Total Enterprise Value: $9.5 billion(5)



     (1)   As of June 30, 2011. For more information, please refer to our June 30, 2011 Supplemental Operating and Financial Data available on our website at: www.digitalrealtytrust.com.
     (2)   Revolver balance was $341.4M as of June 30, 2011; excludes debt associated with unconsolidated joint ventures. Reflects effective cost of exchangeable debentures and unsecured notes.
           Percentage of fixed rate debt will fluctuate materially based on the balance of the revolving credit facility.
     (3)   LQA Adj. EBITDA represents annualized Adjusted EBITDA. See Appendix for a description of Adjusted EBITDA and for a reconciliation of Adjusted EBITDA.
     (4)   Calculated using GAAP interest expense. Using cash interest expense, debt service coverage ratio was 5.7x and fixed charge coverage ratio was 4.3x; cash interest expense is GAAP interest
           expense less amortization of debt discount, capitalized deferred financing fees and includes interest that we capitalize. Debt service coverage ratio is Adjusted EBITDA divided by interest
           expense; fixed charge coverage ratio is Adjusted EBITDA divided by total fixed charges. Total fixed charges include interest expense, scheduled debt principal payments and preferred dividends.
           See Appendix for a description of Adjusted EBITDA and for a reconciliation of Adjusted EBITDA.
     (5)   Corporate Revolver balance was $110.0M net of unrestricted cash, APAC Revolver balance was US$14.4M, and stock price was $55.16 as of September 30, 2011.
     (6)   Loan balances as of June 30, 2011. Pro forma for the repayment of the Prudential Shelf Facility – Series A Notes.
     (7)   Pro forma for ATM sales, Series C and D Cumulative Preferred Stock conversions, and Series E Cumulative Redeemable Preferred Stock offering as of September 30, 2011.




                                                                                       28
Investment Highlights



                     Strong Market Fundamentals
         Demand for data center space projected to outpace supply


             Significant Embedded Growth Prospects
         Substantial cash flow growth from strong leasing pipeline


                         High Barriers to Entry
      New supply requires significant capital and specialized expertise


                 Attractive Acquisition Environment
         Strong balance sheet allows for opportunistic acquisitions


                   Experienced Management Team
               Disciplined investment management approach



                                    29
APPENDIX


           31
Definitions of non-GAAP financial measures
This company overview 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 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 as a measure of our performance.

Adjusted Funds from Operations (AFFO)
We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution
requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund
dividend payments in comparison to other REITs, including on a per share and unit basis. We calculate AFFO by adding to or subtracting from FFO (i) non-real estate depreciation, (ii) amortization of
deferred financing costs, (iii) non-cash compensation, (iv) straight line rents, (v) fair value of lease revenue amortization, (vi) capitalized leasing payroll, (vii) recurring tenant improvements, (viii)
capitalized leasing commissions and (ix) costs of redeeming our preferred stock. Other equity 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.

Net Operating Income (NOI) and Cash NOI
NOI represents rental revenue and tenant reimbursement revenue less rental property operating and maintenance expenses, property taxes and insurance expenses (as reflected in statement of
operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less
straight-line rents and above and below market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating
performance on a cash basis. However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our properties that result from use or market
conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could
materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may not calculate NOI and cash NOI in the same manner we do
and, accordingly, our NOI and cash NOI may not be comparable to such other REITs’ NOI and cash NOI. Accordingly, NOI and cash NOI should be considered only as supplements to net income as
measures of our performance.

Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) and Adjusted EBITDA
We believe that earnings before interest expense, 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 non-cash depreciation and amortization or the cost of debt, and with respect to Adjusted EBITDA, preferred dividends and
noncontrolling interests. Adjusted EBITDA is EBITDA excluding noncontrolling interests, preferred stock dividends and costs of redeeming our 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 equity 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.

Each of FFO, AFFO, NOI, Cash NOI, EBITDA and Adjusted EBITDA exclude items that have real economic effect and could materially impact our results from operations, and therefore the utility of
FFO, AFFO, NOI, Cash NOI, EBITDA and Adjusted EBTIDA as measures of our performance is limited.




                                                                                                     32
Reconciliation of non-GAAP items to their closest GAAP equivalent
Figures in thousands, except per share amounts




Funds from operations (1)
                                                                    Q211       Q111      FY2011        Q410      Q310       Q210         Q110     FY2010        Q409         Q309        Q209      Q109        FY2009      Q408     Q308      Q208     Q108       FY2008       FY2007   FY2006    FY2005

Net income (loss) available to common stockholders             $ 31,990 $ 30,980 $ 62,970         $ 24,865 $ 9,639 $ 9,091 $ 14,744 $ 58,339               $ 14,286     $ 12,406 $ 10,271 $ 10,295         $ 47,258 $ 13,793 $ 7,484        $ 3,094 $ 2,319   $ 26,690     $18,907      $16,950    $6,087

Noncontrolling interests in operating partership                    1,582      1,652   3,234           1,336      537        560         973      3,406           984         898         757        793     3,432         1,149    637    304    239           2,329        3,753      12,570     8,268
Real estate related depreciation and amortization (2)              76,405     73,506 149,911          75,983   69,810     59,517       57,175   262,485        51,821       50,163     48,900     46,087   196,971        46,890 46,359 39,414 38,994         171,657      134,265      90,932    62,171
Real estate related depreciation and amortization related to
investment in unconsolidated joint venture                         893      892    1,785      724   1,058     688                     773    3,243          2,335          543          858        646    4,382           (286)    859     872     894    2,339     3,934      796     -
Gain on sale of assets                                               -        -        -        -       -       -                       -       -              -             -            -         -        -              -       -       -       -        -    (18,049) (18,096)    -
Funds from operations (FFO)                                    $110,870 $107,030 $217,900 $102,908 $81,044 $69,856                 $73,665 $327,473        $69,426      $64,010      $60,786    $57,821 $252,043        $61,546 $55,339 $43,684 $42,446 $203,015 $142,810 $103,152 $76,526
Funds from operations (FFO) per diluted share                  $     1.02 $     1.02 $     2.03   $     0.98 $ 0.81       $ 0.76   $     0.81 $     3.39   $     0.79   $     0.74 $     0.71 $     0.70   $     2.93 $     0.75 $ 0.68     $ 0.58   $ 0.57   $     2.59   $     2.02 $ 1.61      $ 1.37
Net income (loss) per diluted share available to common
stockholders                                                   $ 0.33 $ 0.33 $ 0.66 $ 0.27                     $ 0.11     $ 0.11 $ 0.18 $ 0.68 $ 0.18 $ 0.16 $ 0.13 $ 0.14 $ 0.61 $ 0.19 $ 0.10 $ 0.05 $ 0.03 $ 0.41 $ 0.36 $ 0.47                                                                $ 0.25
Funds from operations (FFO)                                    $110,870 $107,030 $217,900 $102,908             $81,044    $69,856 $73,665 $327,473 $69,426 $64,010 $60,786 $57,821 $252,043 $61,546 $55,339 $43,684 $43,016 $203,585 $142,810 $103,152                                            $76,526
Non real estate depreciation                                        443      412      855      400                 318        343      357    1,418      305      276      283      217    1,081      196     189     177     159      721      533      511                                           61
Amortization of deferred financing costs                          2,510    2,451    4,961    2,410               2,715      2,929    2,406   10,460    2,254    2,114    1,896    1,662    7,926    1,599   1,524   1,411   1,398    5,932    5,541    3,763                                        2,965
Amortization of debt discount                                       749      998    1,747      933                 781      1,082    1,025    3,821    1,008      992      974      959    3,933      943     927     911     896    3,677    3,437    1,235                                          -
Non cash compensation                                             3,739    2,963    6,702    2,803               2,942      3,229    2,188   11,162    2,273    2,185    2,130    1,520    8,108    1,663   3,174   1,582   1,220    7,639    3,580    1,787                                          481
Loss from early extinguishment of debt                              363      615      978      905               1,083      1,541      -      3,529      -        -        -        -        -        -       -       182     -        182      -        528                                        1,021
Straight line rents                                             (14,305) (12,749) (27,054) (11,948)            (11,861)   (10,560) (11,099) (45,468) (11,275) (11,669) (11,089) (11,308) (45,341) (11,036) (8,301) (8,899) (7,771) (36,007) (25,388) (17,742)                                     (13,023)
Above and below market rent amortization                         (1,860)  (1,814)  (3,674)  (1,813)             (1,800)    (2,422)  (2,283)  (8,318)  (1,830)  (1,953)  (2,118)  (2,139)  (8,040)  (1,971) (2,081) (2,525) (2,685)  (9,262) (10,224)  (7,012)                                      (1,717)
Capitalized leasing compensation                                 (2,721)  (2,443)  (5,164)  (1,930)             (1,760)    (2,026)  (1,887)  (7,603)  (1,968)  (1,917)  (1,414)  (1,271)  (6,570)  (1,008) (1,009)   (974) (1,045)  (4,036)  (1,066)  (2,054)                                        (781)
Recurring capital expenditures and tenant improvements             (777)    (687)  (1,464)  (2,667)               (735)      (178)  (2,024)  (5,604)  (3,011)  (2,980)  (7,161)    (496) (13,648)  (3,031) (1,730) (3,699) (2,868) (11,328)  (4,259)  (4,160)                                      (2,897)
Capitalized leasing commissions                                  (6,486)  (3,029)  (9,515)  (4,797)             (2,925)    (4,866)  (3,156) (15,744)  (4,038)  (1,823)  (2,467)  (4,283) (12,611)  (4,349) (3,759) (1,259) (3,936) (13,303)  (8,369)  (7,186)                                      (3,051)
Costs on redemption of preferred stock                              -        -        -      2,748               4,203        -        -      6,951      -        -        -        -        -        -       -       -       -        -        -        -                                            -
Adjusted funds from operations (1)                              $92,525 $93,747 $186,272 $89,952               $74,005    $58,928 $59,192 $282,077 $53,144 $49,235 $41,820 $42,682 $186,881 $44,552 $44,273 $30,591 $28,384 $147,800 $106,595 $72,822                                             $59,585



(1) Funds from operations and Adjusted funds from operations for all periods presented above include 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).
(2) Real estate related depreciation and amortization was computed as follows:

                                                                  Q211        Q111 FY2011           Q410    Q310    Q210             Q110 FY2010             Q409         Q309         Q209       Q109 FY2009             Q408    Q308    Q208    Q108 FY2008 FY2007                    FY2006 FY2005
Depreciation and amortization per income statement              $76,848     $73,918 $150,766      $76,383 $70,128 $59,860          $57,532 $263,903        $52,126      $50,439      $49,183    $46,304 $198,052        $47,086 $46,548 $39,591 $39,153 $172,378 $134,419               $86,129 $55,701
Depreciation and amortization of discontinued operations             -            -        -            -       -       -                -        -              -            -            -          -        -              -       -       -       -        -     379                 5,314   6,531
Non real estate depreciation                                      (443)       (412)    (855)        (400)   (318)   (343)            (357)   (1,418)         (305)        (276)        (283)      (217)   (1,081)         (196)   (189)   (177)   (159)    (721)    (533)                 (511)     (61)
                                                                $76,405     $73,506 $149,911      $75,983 $69,810 $59,517          $57,175 $262,485        $51,821      $50,163      $48,900    $46,087 $196,971        $46,890 $46,359 $39,414 $38,994 $171,657 $134,265               $90,932 $62,171



Weighted-average shares and units outstanding - diluted        102,273        98,117     99,837       97,331   95,043     88,296       86,075     89,058       84,043       83,466     82,728     80,741       82,786     79,290   79,376   74,533   73,887       76,766       70,806   63,870    55,761




                                                                                                                                            33
Reconciliation of non-GAAP items to their closest GAAP equivalent
Figures in thousands


Cash interest expense and fixed charges (including discontinued operations)
                                                                                  Q211        Q111     FY2011       Q410       Q310        Q210         Q110     FY2010        Q409       Q309       Q209       Q109     FY2009      Q408       Q308      Q208        Q108     FY2008       Q407       Q307       Q207       Q107      FY2007       Q406        Q306       Q206      Q106      FY2006       Q405        Q305      Q205      Q105     FY2005

Total GAAP interest expense (including discontinued operations)                $39,334     $36,082    $75,416    $36,583     $36,737     $33,162     $30,902    $137,384     $24,451    $22,559    $22,495    $18,937   $88,442    $17,747    $15,716   $14,956    $15,202     $63,621    $16,510    $17,334    $15,955    $17,255     $67,054    $15,258     $14,800    $12,181   $11,388     $53,627    $10,988    $10,724    $9,289     $8,121    $39,122
Capitalized interest                                                             4,222      4,666       8,888      3,100       2,723       2,511       1,907      10,241       1,950      2,027      2,147     3,072      9,196      4,305     4,630      4,708     4,708      18,351       4,416      3,278      2,579      1,650     11,922       1,241         991     1,058        762       4,053        279        -         -          -          279
Change in accrued interest and other noncash amounts                           (16,207)     4,460     (11,747)   (12,279)     (2,609)     (8,611)    (10,578)    (34,077)     (2,486)    (4,774)    (7,947)     (611)   (15,818)    (4,613)     (230)    (4,973)      183       (9,633)    (3,603)    (1,148)    (4,175)    (1,023)     (9,949)    (4,022)     (2,931)       57     (1,906)     (8,803)    (1,660)     (777)    (1,203)     (705)     (4,345)
Cash interest expense                                                           27,349     45,208      72,557     27,404     36,851      27,062       22,231    113,548      23,915     19,812     16,695     21,398     81,820    17,439     20,116    14,691     20,093      72,339     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                        8,401     10,422      18,823     11,427     12,770      13,551      13,095      50,843      13,348     13,169     13,026     13,107     52,650    12,884     12,503    12,472     10,644      48,503      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                                                             $35,750    $55,630     $91,380    $38,831    $49,621     $40,613     $35,326    $164,391     $37,263    $32,981    $29,721    $34,505   $134,470   $30,323    $32,619   $27,163    $30,737    $120,842    $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

                                                                                  Q211     Q111   FY2011     Q410              Q310        Q210     Q110   FY2010     Q409     Q309     Q209     Q109   FY2009     Q408    Q308    Q208    Q108   FY2008                                    Q407       Q307       Q207       Q107      FY2007       Q406        Q306       Q206      Q106      FY2006       Q405       Q305       Q205      Q105     FY2005
Net income (loss) available to common stockholders                            $ 31,990 $ 30,980 $ 62,970 $ 24,865 $           9,639 $     9,091 $ 14,744 $ 58,339 $ 14,286 $ 12,406 $ 10,271 $ 10,295 $ 47,258 $ 13,793 $ 7,484 $ 3,094 $ 2,319 $ 26,690 $                                  (339) $    (812)     $1,969    $18,089     $18,907     $2,495     $11,163     $1,650    $1,642     $16,950     $1,157     $1,326     $2,136    $1,468     $6,087

Interest                                                                        39,334      36,082     75,416     36,583     36,737      33,162       30,902    137,384      24,451     22,559     22,495     18,937     88,442    17,747     15,716    14,956      15,202     63,621     16,510      17,334    15,955     17,255      67,054     15,258      14,800     12,181    11,388      53,627     10,988      10,724     9,289     8,121     39,122

Loss from early extinguishment of debt                                             363         615        978        905      1,083       1,541          -        3,529          -          -          -         -          -          -         -         182         -          182         -          -          -          -           -              6       40        425        57         528        896         -         -         125      1,021

Taxes                                                                              233         428        661        258        343         534          716      1,851          (23)      333        292        436      1,038       140        154       726          89      1,109        213        191        202        208         814        224         101        372        27         724         38         353        77        86        554

Depreciation and amortization                                                   76,848      73,918    150,766     76,383     70,128      59,860       57,532    263,903      52,126     50,439     49,183     46,304    198,052    47,086     46,548    39,591      39,153    172,378     37,829      35,353    31,836     29,780     134,798     28,174      24,738     20,275    18,256      91,443     18,804      16,957    14,328    12,143     62,232

EBITDA                                                                         148,768     142,023    290,791    138,994    117,930     104,188      103,894    465,006      90,840     85,737     82,241     75,972    334,790    78,766     69,902    58,549      56,763    263,980     54,213      52,066    49,962     65,332     221,573     46,157      50,842     34,903    31,370     163,272     31,883      29,360    25,830    21,943    109,016

Gain on sale of assets, net of noncontrolling interests                             -          -          -          -           -           -           -           -           -          -          -         -          -          -         -          -          -           -          -          -          -      15,019      15,019         56      10,318        -          -       10,374         -          -         -         -           -




EBITDA, less effect of gain on sale of assets                                 $148,768    $142,023    $290,791   $138,994   $117,930    $104,188    $103,894    $465,006     $90,840    $85,737    $82,241    $75,972   $334,790   $78,766    $69,902   $58,549    $56,763    $263,980    $54,213    $52,066    $49,962    $50,313    $206,554    $46,101     $40,524    $34,903   $31,370    $152,898    $31,883    $29,360    $25,830   $21,943   $109,016

Reconciliation of Adjusted EBITDA
                                                                                   Q211      Q111    FY2011      Q410      Q310      Q210      Q110    FY2010     Q409     Q309     Q209     Q109    FY2009     Q408     Q308     Q208     Q108    FY2008     Q407     Q307                                       Q207       Q107      FY2007       Q406        Q306       Q206      Q106      FY2006       Q405       Q305       Q205      Q105     FY2005
EBITDA                                                                        $ 148,768 $ 142,023 $ 290,791 $ 138,994 $ 117,930 $ 104,188 $ 103,894 $ 465,006 $ 90,840 $ 85,737 $ 82,241 $ 75,972 $ 334,790 $ 78,766 $ 69,902 $ 58,549 $ 56,763 $ 263,980 $ 54,213 $ 52,066                                     $49,962    $65,332    $221,573    $46,157     $50,842    $34,903   $31,370    $163,272    $31,883    $29,360    $25,830   $21,943   $109,016

Noncontrolling interests                                                         1,525       1,510      3,035      1,077        590         710          741      3,118         510      1,438        831        793      3,572     1,238        833       354         239      2,664        (37)        (98)      237      3,651       3,753      1,070       8,329      1,340     1,831      12,570      1,338       1,628     3,143     2,159      8,268
Preferred stock dividends                                                        4,713       6,522     11,235      7,608      9,194      10,101       10,101     37,004      10,101     10,101     10,101     10,101     40,404    10,102     10,102    10,102       8,258     38,564      5,359       5,359     5,167      3,445      19,330      3,445       3,445      3,445     3,445      13,780      3,445       3,099     2,199     1,271     10,014
Costs on redemption of preferred stock                                             -           -          -        2,748      4,203         -            -        6,951         -          -          -          -          -         -          -         -           -          -          -           -         -          -           -          -           -          -         -           -          -           -         -         -          -

Adjusted EBITDA                                                                155,006     150,055    305,061    150,427    131,917     114,999      114,736    512,079     101,451     97,276     93,173     86,866    378,766    90,106     80,837    69,005      65,260    305,208     59,535      57,327    55,366     72,428     244,656     50,672      62,616     39,688    36,646     189,622     36,666      34,087    31,172    25,373    127,298

Gain on sale of assets                                                              -          -          -          -           -           -           -           -           -          -          -         -          -          -         -          -          -           -          -          -          -      18,049      18,049         80      18,016        -          -       18,096         -          -         -         -           -

Adjusted EBITDA, less effect of gain on sale of assets                        $155,006    $150,055    $305,061   $150,427   $131,917    $114,999    $114,736    $512,079    $101,451    $97,276    $93,173    $86,866   $378,766   $90,106    $80,837   $69,005    $65,260    $305,208    $59,535    $57,327    $55,366    $54,379    $226,607    $50,592     $44,600    $39,688   $36,646    $171,526    $36,666    $34,087    $31,172   $25,373   $127,298

Reconciliation of Net Operating Income (NOI)
                                                                                  Q211        Q111     FY2011       Q410       Q310        Q210         Q110     FY2010        Q409       Q309       Q209       Q109     FY2009      Q408       Q308      Q208        Q108     FY2008       Q407       Q307       Q207       Q107      FY2007       Q406        Q306       Q206      Q106      FY2006       Q405        Q305      Q205      Q105     FY2005

Operating income                                                              $ 76,720    $ 74,665 $ 151,385 $ 72,560 $ 60,401 $ 54,150             $ 55,195 $ 242,306 $ 50,084 $ 45,656 $ 42,846 $ 39,203 $ 177,789 $ 40,569 $ 33,658 $ 28,834                    $ 25,294 $ 128,355 $ 21,160 $ 21,608 $ 22,739 $ 22,171 $ 87,678 $ 21,882 $ 19,293 $ 17,787 $ 17,388 $ 76,350 $ 15,734                             $ 15,986 $ 15,776 $ 12,091 $ 59,587

Less:
  Construction management revenue (only disclosed for 2010 and 2011)           (13,759)     (1,817)   (15,576)    (2,166)      (255)      (1,036)     (1,414)     (4,871)       -          -           -         -          -          -         -         -           -          -                                                       -                                                       -                                                      -
  Other revenue                                                                     (5)       (295)      (300)      (371)       -            -           -          (371)      (848)      (113)        (83)      (18)    (1,062)    (5,572)   (9,685)     (112)        (14)   (15,383)      (240)       (154)     (247)        -         (641)      (197)         -         -        (168)       (365)     (1,432)      (265)   (3,832)     (300)     (5,829)
Add:
  Construction management expenses (only disclosed for 2010 and 2011)           11,199       1,737     12,936        231        290         471          647      1,639         -          -          -          -          -         -          -         -           -          -                                                       -                                                       -                                                     -
  Depreciation and amortization                                                 76,848      73,918    150,766     76,383     70,128      59,860       57,532    263,903      52,126     50,439     49,183     46,304    198,052    47,086     46,548    39,591      39,153    172,378     37,829      35,353    31,836     29,401     134,419     28,173      24,739     18,534    16,537      87,983     17,061      15,340    12,733    10,567     55,701
  General and administrative                                                    14,077      12,405     26,482     12,225     11,878      12,574       10,519     47,196      10,009     10,352      9,958      9,672     39,991     8,661     11,261     9,686       8,783     38,391      7,946       7,584     8,254      7,002      30,786      6,311       4,885      4,674     4,246      20,116      4,425       3,324     2,453     2,413     12,615
  Transactions                                                                     740         681      1,421        224      4,666       1,715          833      7,438       1,354        308         82        430      2,174       -          -         -           -          -                                                       -                                                       -                                                     -
  Other expenses                                                                   -            90         90        -           59         165            2        226          94        404        -          285        783        26        749         2         307      1,084         35        429         (33)       -          431         -          370        150       181         701         73         106       961       477      1,617

Net Operating Income                                                          $ 165,820   $ 161,384 $ 327,204 $ 159,086 $ 147,167 $ 127,899         $ 123,314 $ 557,466 $ 112,819 $ 107,046 $ 101,986 $ 95,876 $ 417,727 $ 90,770 $ 82,531 $ 78,001                $ 73,523 $ 324,825 $ 66,730 $ 64,820 $ 62,549 $ 58,574 $ 252,673 $ 56,169 $ 49,287 $ 41,145 $ 38,184 $ 184,785 $ 35,861                           $ 34,491 $ 28,091 $ 25,248 $ 123,691

Reconciliation of Same Store Net Operating Income (Same Store NOI)
                                                                                   Q211      Q111    FY2011      Q410      Q310      Q210      Q110    FY2010
Net Operating Income                                                          $ 165,820 $ 161,384 $ 327,204 $ 159,086 $ 147,167 $ 127,899 $ 123,314 $ 557,466
Less: New Properties NOI                                                       (33,550)    (33,843)   (67,393)   (30,624)   (26,495)      (8,841)     (6,713)    (72,673)

Same Store Net Operating Income                                               $ 132,270   $ 127,541 $ 259,811 $ 128,462 $ 120,672 $ 119,058         $ 116,601 $ 484,793

Reconciliation of Same Store Cash NOI
Same Store Net Operating Income                                               $ 132,270   $ 127,541 $ 259,811 $ 128,462 $ 120,672 $ 119,058         $ 116,601 $ 484,793

Less:
  Same store straight-line rent                                                (11,828)    (10,655)   (22,483)    (9,625)     (9,733)     (9,579)    (10,280)    (39,217)
  Same store non-cash purchase accounting adjustments                           (1,892)     (1,860)    (3,752)    (1,903)     (1,976)     (1,931)     (1,956)     (7,766)

Same Store Cash NOI                                                           $ 118,550   $ 115,026 $ 233,576 $ 116,934 $ 108,963 $ 107,548         $ 104,365 $ 437,810




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