Release Details

SAN FRANCISCO, Jan. 31 /PRNewswire-FirstCall/ -- Digital Realty Trust, Inc. (NYSE: DLR) today announced the pricing of an underwritten public offering of 12,000,000 shares of Series D Cumulative Convertible Preferred Stock at $24.25 per share for estimated gross proceeds of $291,000,000. The shares of Series D Cumulative Convertible Preferred Stock will be convertible for shares of Digital Realty Trust common stock. The offering was made pursuant to its shelf registration statement filed with the Securities and Exchange Commission and is expected to close on February 6, 2008, subject to customary closing conditions. Digital Realty Trust has granted the underwriters an option to purchase up to an additional 1,800,000 shares of its Series D Cumulative Convertible Preferred Stock, within 30 days of the initial issuance of the shares, solely to cover over-allotments.

The Series D Cumulative Convertible Preferred Stock will pay dividends quarterly at a rate of 5.500% per year. The preferred shares will be convertible, at the holder's option, at an initial conversion rate of 0.5955 common shares per $25.00 liquidation preference per preferred share (or an initial conversion price of $41.98 per common share), subject to adjustment upon the occurrence of certain events. The initial conversion price represents a 17.5% conversion premium over the closing sale price of the Company's common shares on January 31, 2008 on the New York Stock Exchange, which was $35.73 per share.

The Company estimates the net proceeds from this offering will be approximately $290 million (or $333.6 million if the over-allotment option is exercised in full) after deducting discounts, commissions and estimated expenses. Digital Realty Trust intends to utilize the net proceeds from the offering to temporarily repay borrowings under its revolving credit facility, to fund acquisitions, to fund redevelopment activities and for general corporate purposes. Consistent with Digital Realty Trust's growth strategy, Digital Realty Trust is actively pursuing multiple opportunities for potential acquisitions, with due diligence and negotiations at different stages of advancement. Digital Realty Trust intends to reborrow amounts under its revolving credit facility from time to time to acquire additional properties, to fund development and redevelopment activities and for general corporate purposes.

Citi and Credit Suisse Securities (USA) LLC were the joint book-running managers for the offering. A final prospectus supplement related to the public offering will be filed with the Securities and Exchange Commission. Copies of the final prospectus supplement, when available, may be obtained from Citi (Attention Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, NY 11220) or from Credit Suisse Securities (USA) LLC (Prospectus Department, One Madison Avenue, New York, NY 10010). This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. The offering may be made only by means of a prospectus and related prospectus supplement.

Digital Realty Trust, Inc. owns, acquires, redevelops, develops and manages technology-related real estate. The Company is focused on providing Turn-Key Datacenter(TM) and Powered Base Building(TM) 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 70 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 12.3 million rentable square feet, including 1.8 million square feet of space held for redevelopment, Digital Realty Trust's portfolio is located in 26 markets throughout North America and Europe.

     For Additional Information:

     A. William Stein                 Pamela A. Matthews
     Chief Financial Officer and      Investor/Analyst Information
     Chief Investment Officer         Digital Realty Trust, Inc.
     Digital Realty Trust, Inc.       (415) 738-6532
     (415) 738-6500

SOURCE Digital Realty Trust, Inc.