A. William Stein, CFO and Chief Investment Officer, commented, "The 'BBB' rating from Fitch is another important milestone for Digital Realty Trust. Accessing the investment grade unsecured debt market is a critical component of our future funding strategy and will provide an attractive alternative to traditional mortgage finance, particularly in today's markets. This rating brings us another step closer to achieving that goal."

More information regarding Digital Realty Trust's rating can be found in the Fitch Ratings press release dated November 3, 2009 and on its website at www.fitchratings.com.

About Digital Realty Trust, Inc.

Digital Realty Trust, Inc. owns, acquires, redevelops, develops and manages technology-related real estate. The Company is focused on providing Turn-Key Datacenter(R) and Powered Base Building(R) datacenter solutions for domestic and international tenants across a variety of industry verticals ranging from information technology and Internet enterprises, to manufacturing and financial services. Digital Realty Trust's 79 properties, excluding one property held as an investment in an unconsolidated joint venture, contain applications and operations critical to the day-to-day operations of technology industry tenants and corporate enterprise datacenter tenants. Comprising approximately 14.0 million rentable square feet as of November 3, 2009, including 1.9 million square feet of space held for redevelopment, Digital Realty Trust's portfolio is located in 27 markets throughout North America and Europe. For additional information, please visit Digital Realty Trust's website at http://www.digitalrealtytrust.com.

Safe Harbor Statement

This press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include the impact of the current deterioration in global economic and market conditions; adverse economic or real estate developments in our markets or the industry sectors that we sell to; decreases in information technology spending; our dependence upon significant tenants; bankruptcy or insolvency of a major tenant or a significant number of smaller tenants; downturn of local economic conditions in our geographic markets; our inability to comply with the rules and regulations applicable to public companies or to manage our growth effectively; difficulty acquiring or operating properties in foreign jurisdictions; defaults on or non-renewal of leases by tenants; increased interest rates and operating costs; our failure to obtain necessary outside financing, including unsecured debt; restrictions on our ability to engage in certain business activities; risks related to joint venture investments; decreased rental rates or increased vacancy rates; inability to successfully develop and lease new properties and space held for redevelopment; difficulties in identifying properties to acquire and completing acquisitions; increased competition or available supply of data center space; our failure to successfully operate acquired properties; our inability to acquire off-market properties; delays or unexpected costs in development or redevelopment of properties; our failure to maintain our status as a REIT; possible adverse changes to tax laws; environmental uncertainties and risks related to natural disasters; financial market fluctuations; changes in foreign currency exchange rates; changes in foreign laws and regulations, including those related to taxation and real estate ownership and operation; and changes in real estate and zoning laws and increases in real property tax rates. For a further list and description of such risks and uncertainties, see the reports and other filings by the Company with the United States Securities and Exchange Commission, including the Company's annual report on Form 10-K for the year ended December 31, 2008 and subsequent reports on Form 10-Q and Form 8-K. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    For Additional Information:

    A. William Stein                  Pamela Matthews
    Chief Financial Officer and       Director of Investor Relations
     Chief Investment Officer         Digital Realty Trust, Inc.
    Digital Realty Trust, Inc.        +1 (415) 738-6532
    +1 (415) 738-6520

SOURCE Digital Realty Trust, Inc.

http://www.digitalrealtytrust.com

"This acquisition illustrates the continued execution of our strategy to grow FFO by investing in income producing facilities at attractive risk-adjusted returns," commented Scott Peterson, Senior Vice President of Acquisitions for Digital Realty Trust. "The buildings are strategically located near our existing Santa Clara facilities and should benefit from our operational efficiencies. They are situated on a 5.56 acre site across from a Silicon Valley Power substation with 17.2 MVA of current power capacity expandable to 22.5 MVA."

The larger building, 1350 Duane Avenue, consists of 160,000 square feet of highly improved datacenter space. The entire building is leased on a triple net basis to a major telecommunications firm. In 2004 the tenant subleased the building to a leading colocation and IT services provider. The second property, 3080 Raymond Avenue, totals 25,000 square feet and is leased on a triple net basis to a local provider of Internet services and applications to business throughout California.

Digital Realty Trust Turn-Key Datacenter(R) facilities provide state-of-the-art environments for supporting mission critical infrastructure, with advanced cooling, power, redundancy, and sustainability features to ensure that critical applications are available while optimizing energy efficiency. Digital Realty Trust's Turn-Key Datacenters(R) are scalable from hundreds of kilowatts of IT load to megawatts of IT load and are located in markets throughout North America and Europe. Each Turn-Key Datacenter(R) facility is physically secure and features a state-of-the-art power and cooling architecture that has been optimized for green operation. Every Turn-Key Datacenter(R) is built using the company's proprietary POD Architecture(R) and uses metered power to ensure that clients pay only for the power that they use.

About Digital Realty Trust, Inc.

Digital Realty Trust, Inc. owns, acquires, redevelops, develops and manages technology-related real estate. The Company is focused on providing Turn-Key Datacenter(R) and Powered Base Building(R) datacenter solutions for domestic and international tenants across a variety of industry verticals ranging from information technology and Internet enterprises, to manufacturing and financial services. Digital Realty Trust's 79 properties, excluding one property held as an investment in an unconsolidated joint venture, contain applications and operations critical to the day-to-day operations of technology industry tenants and corporate enterprise datacenter tenants. Comprising approximately 14.0 million rentable square feet as of November 3, 2009, including 1.9 million square feet of space held for redevelopment, Digital Realty Trust's portfolio is located in 27 markets throughout North America and Europe. For additional information, please visit Digital Realty Trust's website at http://www.digitalrealtytrust.com.

Forward-Looking Statement

This press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including statements related to expected cash cap rates and access to additional power. These risks and uncertainties include the impact of the current deterioration in the global economy; future income, expenses, including property taxes, and capital expenditures for the properties being acquired being consistent with our due diligence and underwriting expectations; bankruptcy or insolvency of one or more tenants at the properties being acquired; the downturn of economic conditions in our geographic markets, including the markets where the properties being acquired are located; 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; decreases in real estate valuations and resulting impairment charges; our dependence upon significant tenants; defaults on or non-renewal of leases by tenants; our failure to obtain necessary debt and equity financing for refinancing; increased interest rates and operating costs; our failure to repay debt when due or our breach of covenants or other terms contained in our loan documents; financial market fluctuations; our ability to manage our growth effectively; our failure to successfully operate acquired or redeveloped properties; 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; inability to successfully redevelop 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 public 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; changes in foreign laws and regulations, including those related to taxation and real estate ownership and operation; changes in real estate and zoning laws; and increases in real property tax rates. For a further list and description of such risks and uncertainties, see the reports and other filings by the Company with the United States Securities and Exchange Commission, including the Company's annual report on Form 10-K for the year ended December 31, 2008 and the Company's quarterly reports on Form 10-Q for the quarters ended March 31, 2009 and June 30, 2009. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    For Additional Information:

    A. William Stein               Pamela A. Matthews
    Chief Financial Officer and    Director of Investor Relations
    Chief Investment Officer       Digital Realty Trust, Inc.
    Digital Realty Trust, Inc.     +1 415-738-6500
    +1 415-738-6500

SOURCE Digital Realty Trust, Inc.

http://www.digitalrealtytrust.com

--Issuer Default Rating (IDR) 'BBB';

--$159.8 million redeemable preferred stock 'BBB-';

--$502.5 million convertible preferred stock 'BBB-'.

Digital Realty Trust, L.P.

--IDR 'BBB';

--$750 million unsecured revolving credit facility 'BBB';

--$83 million senior unsecured notes 'BBB';

--$438.9 million senior unsecured exchangeable debentures 'BBB'.

The Rating Outlook is Stable.

In Fitch's opinion, Digital Realty, a real estate investment trust (REIT) that owns a diversified portfolio of datacenters and other technology real estate, has a credit profile consistent with a 'BBB' IDR due to three factors: the size of its unencumbered property pool and unencumbered cash flow, leverage levels as measured by net debt to recurring operating EBITDA, and demonstrated access to various sources of capital providing financial flexibility.

Digital Realty's unencumbered property pool is sizable and unencumbered cash flows are robust due to rising demand for datacenter space specifically in a challenging environment for commercial real estate generally. As of Sept. 30, 2009, the unencumbered pool consisted of 59 properties, which provides a solid foundation for unsecured lenders considering that the overall portfolio consists of 108 buildings comprising 79 properties. These properties include Internet gateways and corporate datacenter properties providing Turn-Key and Powered Base Building solutions, and to a lesser extent, technology manufacturing and office properties.

This diversified unencumbered pool covered unsecured debt by 3.3 times (x) as of Sept. 30, 2009 based on the methodology employed in the company's credit agreement, which utilizes a weighted average cap rate of approximately 8% on unencumbered net operating income. Fitch views the company's unencumbered asset coverage ratio as strong for a 'BBB' IDR. In addition, the company's unencumbered property cash flow was strong with unencumbered asset net operating income (NOI) to unsecured interest expense of 5.1x for 2009 year-to-date.

The company employs a conservative amount of leverage, and has reduced leverage over the past several years. As of Sept. 30, 2009, the company's net debt to recurring operating EBITDA ratio was 4.0x, compared with 4.3x as of Dec. 31, 2008 and 6.0x as of Dec. 31, 2007. The strength of this ratio is mitigated by the relatively limited history of datacenter property earnings relative to the earnings of other REITs. However, in Fitch's view, Digital Realty has a track record of improving earnings through redevelopment as demonstrated by same-store NOI growth of 18.1% in 2008 and a weighted average of 26.7% for the year-to-date period ended Sept. 30, 2009. Given this track record, Fitch believes that net debt to recurring operating EBITDA is not likely to increase above 5.0x in the near term.

The 'BBB' IDR and senior unsecured debt ratings further reflect Digital Realty's proven access to various forms of capital, including unsecured revolving credit, privately held senior unsecured notes, senior unsecured exchangeable notes, redeemable preferred stock, convertible preferred stock and common stock. This access provides a flexible capital structure with which to fund acquisitions and development and address maturing indebtedness. Recent financing activities include a $30 million commitment from Morgan Stanley under Digital Realty's revolving credit facility, bringing the total commitment size to $750 million, as well as mortgage financings on three European properties. Given the company's stock performance, common stock offerings also remain attractive to the company while providing additional cushion to unsecured lenders and positioning the company away from financial covenant limitations in its credit agreements. In Fitch's view, Digital Realty's covenants do not restrict the company's financial flexibility.

The ratings take into consideration certain offsetting factors including tenant concentration and tenant credit risk, the company's secured debt borrowing base, and Fitch's expectation that fixed charge coverage may moderate in the event that the company executes a public unsecured bond offering.

The company's top two tenants, SAVVIS, Inc. and Equinix, Inc., constituted 9.6% and 5.0% of Digital Realty's annualized rental revenue in third-quarter 2009, indicating that while tenant concentration has declined over the past several years, the company's exposure to its top two tenants remains material. However, the company's overall tenant roster remains highly granular with approximately 330 tenants, and includes managed service and network companies, colocation providers, and corporate enterprise users.

As a result of the exchangeable debenture transaction that Digital Realty completed in April, the company's secured debt borrowing base became a smaller component of the company's overall borrowing base. Secured debt as a percentage of undepreciated book capital and as a percentage of total debt was 25.5% and 58.5%, respectively, as of Sept. 30, 2009, compared with 31.6% and 74.1%, respectively, as of Dec. 31, 2008. Though the company's secured debt borrowing base as of Sept. 30, 2009 remains somewhat high for the 'BBB' rating level, Fitch anticipates that the company's secured debt as a percentage of total debt and as a percentage of undepreciated book capital will improve pro forma for an unsecured bond transaction.

Digital Realty's operating performance is driven by adjusted gross lease rents on Turn-Key datacenters in which energy costs are passed through to customers and triple net lease rents on Powered Base Building space. Leases typically include 3% annual rent bumps and terms of approximately 10 years, and Digital Realty recently demonstrated 10%-15% lease rollover rates. As such, the company's fixed charge coverage ratio (defined as recurring EBITDA less recurring capital expenditures less straight line rent adjustments divided by interest expense, capitalized interest and preferred dividends) is solid at 2.2x for the trailing 12 months ended Sept. 30, 2009. Fitch anticipates that fixed charge coverage will remain approximately 2.5x in a base case that assumes contractual lease bumps of approximately 3% for non-expiring leases and lease rollover rates of approximately 10% for expiring leases. However, fixed charge coverage could fall below 2.0x in a stressed environment that Fitch does not anticipate if leasing were to come under pressure or major tenants were to vacate (Fitch's stress case is derived from 'Updated Criteria for U.S. Equity REIT Risk-Adjusted Earnings,' dated Aug. 10, 2009 and available on the Fitch web site at 'www.fitchratings.com', in which the average annual same-store NOI decline for office and industrial properties is 8%).

The one-notch differential between Digital Realty's IDR and the 'BBB-' rating of the company's preferred stock is consistent with Fitch's criteria for corporate entities with an IDR of 'BBB'. Based on Fitch's criteria report on 'Equity Credit for Hybrids & Other Capital Securities,' dated June 25, 2008, also available at 'www.fitchratings.com', the company's preferred stock is 75% equity-like and 25% debt-like, since it is perpetual and has no covenants but has a cumulative deferral option or conversion feature. Net debt plus 25% of preferred stock to recurring operating EBITDA and debt plus 25% of preferred stock to undepreciated book capital were 4.5x and 48.1%, respectively, as of Sept. 30, 2009.

The Stable Rating Outlook takes into account the company's liquidity position and Digital Realty's management team. For Sept. 30, 2009 to Dec. 31, 2011, the company's sources of liquidity (cash, availability under the company's revolving credit facility and expected retained cash flows from operating activities) covered uses of liquidity (expected debt payments and maturities and recurring capital expenditures) by 2.8x, providing stability to Digital Realty's ability to fund acquisitions, development, and capital expenditures and address maturing indebtedness.

Fitch believes that Digital Realty's creditworthiness will continue to be supported by the company's management team with respect to real estate investment management, financial strategy, and technical expertise. For example, the management team's design of its POD Architecture modular datacenter configuration provides cost savings to tenants and cash flow stability. In addition, the company's pursuit of Leadership in Energy and Environmental Design (LEED) certifications by the U.S. Green Building Council, including the LEED Platinum Certification awarded for a recently completed datacenter in Santa Clara, CA demonstrates management's goals of energy efficiency and corporate responsibility.

The following factors may have a positive impact on the ratings:

--Fixed charge coverage remaining above 3.0x;

--Net debt to recurring operating EBITDA remaining below 4.0x;

--Further tenant diversification;

--Growth in the unencumbered portfolio.

The following factors may have a negative impact on the ratings:

--Fixed charge coverage remaining below 2.0x;

--Net debt to recurring operating EBITDA remaining above 6.0x;

--A liquidity shortfall;

--Unencumbered asset coverage of unsecured debt falling below 2.0x based on calculations under the company's credit agreements.

Digital Realty is an equity REIT headquartered in San Francisco, CA with $4 billion in undepreciated book assets and a total market capitalization of $6 billion as of Sept. 30, 2009. As of Sept. 30, 2009, Digital Realty's portfolio consisted of 79 properties, including one property held as an investment in an unconsolidated joint venture, located throughout North America and Europe comprising 13.8 million square feet.

Additional information is available at 'www.fitchratings.com'. The ratings above have been initiated by Fitch as a service to investors.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

SOURCE: Fitch Ratings

Fitch Ratings, New York 
Sean Pattap, 212-908-0642 
Steven Marks, 212-908-9161 
or 
Media Relations: 
Sandro Scenga, 212-908-0278 
Email: sandro.scenga@fitchratings.com

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