Summary of DIGITAL REALTY TRUST, INC.

Item 2.02 Results of Operations and Financial Condition.

The information in this Item 2.02 of this Current Report is furnished pursuant to Item 2.02 and shall not be deemed "filed" for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Act, or the Exchange Act regardless of any general incorporation language in such filing.

On January 31, 2013, at our 2013 Analyst Day, management will discuss the following revised guidance for the quarter and full year ended December 31, 2012, and information derived from this guidance:

Funds from Operations (FFO)                                                FY 2012E
Net income available to common stockholders (per share)                  $1.46 - $1.48
Real estate depreciation & amortization                                      3.29
Dilutive impact of converts (1)                                             (0.33)

Projected FFO per diluted share                                          $4.42 - $4.44
Adjustments for items that do not represent core expense and revenue
streams                                                                      0.02

Projected core FFO per diluted share                                     $4.44 - $4.46


                                                                           Q4 2012E
Net income available to common stockholders (per share)                  $0.35 - $0.37
Real estate depreciation & amortization                                      0.84
Dilutive impact of converts (1)                                             (0.05)

Projected FFO per diluted share                                          $1.14 - $1.16
Adjustments for items that do not represent core expense and revenue
streams                                                                      0.03

Projected core FFO per diluted share                                     $1.17 - $1.19


Earnings Before Interest, Taxes, Depreciation and Amortization
(EBITDA) and Adjusted EBITDA
($ in millions)                                                            FY 2012E
Net income available to common stockholders                               $171 - $173
Interest, taxes, depreciation and amortization                                543

Projected EBITDA                                                          $714 - $716
Noncontrolling interests and preferred stock dividends                        44
Less: Gain on sale of assets                                                  (2)

Projected Adjusted EBITDA                                                 $756 - $758
Less: Straight-line rent and non-cash purchase accounting adjustments        (87)

Projected cash Adjusted EBITDA                                            $669 - $671


($ in millions)                                                            Q4 2012E
Net income available to common stockholders                              $44.0 -$46.0
Interest, taxes, depreciation and amortization                               148.5

Projected EBITDA                                                        $192.5 - $194.5
Noncontrolling interest and preferred stock dividends                        11.1

Projected Adjusted EBITDA                                               $203.6 - $205.6

(1) Includes dilutive impact of convertible preferred stock and exchangeable debentures.

Note: FY 2012E and Q4 2012E financial information is preliminary, unaudited and subject to completion of our FY 2012 audit. FFO, core FFO, EBITDA, Adjusted EBITDA, cash Adjusted EBITDA and NOI are non-GAAP financial measures.

We expect net operating income, or NOI, growth in 2012E from 2011 to be in the range of $130 million-$140 million and development/redevelopment spending of $747 million in 2012E.

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, impairment charges, 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.

Core Funds from Operations (CFFO)

We present core funds from operations, or CFFO, as a supplemental operating measure because, in excluding certain items that do not reflect ongoing revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate CFFO by adding to or subtracting from FFO (i) termination fees and other non-core revenues, (ii) significant transaction expenses, (iii) loss from early extinguishment of debt, (iv) costs on redemption of preferred stock,
(v) significant property tax adjustments, net, (vi) change in fair value of contingent consideration and (vii) other non-core expense adjustments. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of CFFO as a measure of our performance is limited. Other REITs may not calculate CFFO in a consistent manner. Accordingly, our CFFO may not be comparable to other REITs' CFFO. CFFO 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)

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. However, because NOI 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 results from operations, the utility of NOI as a measure of our performance is limited. Other REITs may not calculate NOI in the same manner we do and, accordingly, our NOI may not be comparable to such other REITs' NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure 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 . . .