EFTA01389027

28 October 2016 REITs Digital Realty Trust Earnings highlight Figure 11 3016 earnings recap OSA Income StaIsitterd FFOAll Cots FFOlan Opliniting IWO° Strad S leasing Volume (MWS) ReneKWAAoren TKF new know° volume OW scan) TKF new lease tenth, leered/ TKF renewal rent spread (CARP) Cob new *nog votume (kV Signed) Cob new lease rents) (signed) Cob renews' wet sorted (GAAP) Total oCCupency (commaix*O) Simeeeptai NOI trate Note consensus minutes are based see lhomwt ortolan &teas of 10,27/16 Signed S leasing volume excludes interconnection business in 3O15. which DLR did not capon prior to its Telx acquisition 3016 Mit Actual Actual S128 S136 $132 S142 Actual AGNS 533.000 623.000 $259 $247 159 39 $186 $216 77% 95% 12 26 $239 $229 91% 52% 93.00% 9040% 220% 330% 3018 Actual Oft Cana St 31 51 37 $1 44 $149 $I44 Actual DIM 5,55.452 5578 250 $149 48% 26 $300 38% 8990% 9060% 090% 1011 Pre 30 Guide scot 30 Geld Me Cons 96 50 . Si 65 Si 45.55 50 S5 53 $5 66 -$5 75 55 65 -55 75 55 73 Si 70 Pre 30 04.160 ecet 30 Guido ON Coon • t • Melds • iSo2oesps 9060% 2 6% -40% 2 6% 40% DB estimates en this I Km% reflect our pro 3016 earnings rattiness Saves Arab. air*. ea.pliny OS Martini Core FF0 behind DBe and in-line with consensus 30 Core FFO/sh of $1.44 was 5c below our estimate and in-line with consensus. The miss was driven by higher financing costs (-5c), taxes (-1c), and non-RE D&A (-lc), partially offset by higher NOI (+1c) and lower G&A (+1c). NAREIT FFO/sh of $1.31 was 6c lower than us as DLR reported transaction and preferred stock issuance costs that were lc higher than we had modeled. 2016 guidance Guidance update • Core FFO/sh guidance of $5.65-$5.75 (unchanged) • FFO/sh guidance of $5.45-$5.50 (from $5.50-$5.55) • Total revenue of $2.0-$2.26 (unchanged) • Net non-cash rent adjustments of S10-$15MM (from $10-520MM) • EBITDA margin of 56.5.58% (from 56-58%) • G&A margin 6.8-7.0% (from 6.5-7.0%) • Cash renewal spreads slightly positive and GAAP renewal spreads up high single-digits (unchanged) Year end portfolio occupancy down 150-200bps (from +1- 50bps) Dispositions of $326.5MM (from $150-$360MM) at a 7.1% cap rate (from 7-8%) Development capex of $750MM-$900MM with average stabilized yields of 10.5%-12.5% (unchanged) • Enhancements and other non-recurring capex of $5MM-$10MM (unchanged) and recurring capex and capitalized leasing costs of $95MM-$105MM (from$120MM-S130MM) • Debt issuance of $1.25-$1.75B at a 2.5-3.5% interest rate in early-to- mid 2016 (unchanged). Management noted that it could potentially Deutsche Bank Securities Inc. Page 3 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093172 CONFIDENTIAL SDNY_GM_00239356 EFTA01389027