The following discussion should be read in conjunction with the condensed
consolidated financial statements and notes thereto appearing elsewhere in this
report and our Annual Report on Form 10-K for the year ended December 31, 2020
and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, each
as filed with the United States ("U.S.") Securities and Exchange Commission
("SEC"). This report contains forward-looking statements within the meaning of
the federal securities laws. In particular, statements pertaining to our capital
resources, expected use of borrowings under our credit facilities, litigation
matters, portfolio performance, leverage policy, acquisition and capital
expenditure plans, capital recycling program, returns on invested capital,
supply and demand for data center space, capitalization rates, rents to be
received in future periods and expected rental rates on new or renewed data
center space, as well as our discussion of "Factors Which May Influence Future
Results of Operations," contain forward-looking statements. Likewise, all of our
statements regarding anticipated market conditions, demographics and results of
operations are forward-looking statements. 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. You can also identify forward-looking statements by
discussions of strategy, plans or intentions. Forward-looking statements involve
numerous risks and uncertainties and you should not rely on them as predictions
of future events. Forward-looking statements depend on assumptions, data or
methods that may be incorrect or imprecise and that we may not be able to
realize. We do not guarantee that the transactions and events described will
happen as described or that they will happen at all. The following factors,
among others, could cause actual results and future events to differ materially
from those set forth or contemplated in the forward-looking statements: reduced
demand for data centers or decreases in information technology spending;
increased competition or available supply of data center space; decreased rental
rates, increased operating costs or increased vacancy rates; the impact of the
COVID-19 pandemic on our, our customers' and our suppliers' operations; changes
in political conditions, geopolitical turmoil, political instability, civil
disturbances, restrictive governmental actions or nationalization in the
countries in which we operate; the suitability of our data centers and data
center infrastructure, delays or disruptions in connectivity or availability of
power, or failures or breaches of our physical and information security
infrastructure or services; our dependence upon significant customers,
bankruptcy or insolvency of a major customer or a significant number of smaller
customers, or defaults on or non-renewal of leases by customers; breaches of our
obligations or restrictions under our contracts with our customers; our
inability to successfully develop and lease new properties and development
space, and delays or unexpected costs in development of properties; the impact
of current global and local economic, credit and market conditions; global
supply chain or procurement disruptions, or increased supply chain costs; our
inability to retain data center space that we lease or sublease from third
parties; information security and data privacy breaches; difficulties managing
an international business and acquiring or operating properties in foreign
jurisdictions and unfamiliar metropolitan areas; our failure to realize the
intended benefits from, or disruptions to our plans and operations or unknown or
contingent liabilities related to, our recent and future acquisitions; our
inability to achieve expected revenue synergies or cost savings as a result of
our combination with Interxion; our failure to successfully integrate and
operate acquired or developed properties or businesses; difficulties in
identifying properties to acquire and completing acquisitions; risks related to
joint venture investments, including as a result of our lack of control of such
investments; 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; our failure to obtain
necessary debt and equity financing, and our dependence on external sources of
capital; financial market fluctuations and changes in foreign currency exchange
rates; 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 and goodwill and other intangible asset
impairment charges; our inability to manage our growth effectively; losses in
excess of our insurance coverage; our inability to attract and retain talent;
environmental liabilities, risks related to natural disasters and our inability
to achieve our sustainability goals; our inability to comply with rules and
regulations applicable to our Company; Digital Realty Trust, Inc.'s failure to
maintain its status as a REIT for federal income tax purposes; Digital Realty
Trust, L.P.'s failure to qualify as a partnership for federal income tax
purposes; restrictions on our ability to engage in certain business activities;
and changes in local, state, federal and international laws and regulations,
including related to taxation, real estate and zoning laws, and increases in
real property tax rates.

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While forward-looking statements reflect our good faith beliefs, they are not
guarantees of future performance. We disclaim any obligation to publicly update
or revise any forward-looking statement to reflect changes in underlying
assumptions or factors, new information, data or methods, future events or other
changes.

The risks included here are not exhaustive, and additional factors could
adversely affect our business and financial performance, including factors and
risks included in our annual report on Form 10-K for the year ended December 31,
2020. Moreover, we operate in a very competitive and rapidly changing
environment. New risk factors emerge from time to time and it is not possible
for management to identify all such risk factors, nor can we assess the impact
of all such risk factors on the business or the extent to which any factor, or
combination of factors, may cause actual results to differ materially from those
contained in any forward-looking statements. Given these risks and
uncertainties, you should not place undue reliance on forward-looking statements
as a prediction of actual results.

Occupancy percentages included in the following discussion, for some of our properties, are calculated based on factors in addition to contractually leased square feet, including available power, required support space and common area.


As used in this report: "Ascenty Acquisition" refers to the acquisition of
Ascenty by the Operating Partnership and Stellar Participações S.A. (formerly
Stellar Participações Ltda.), a Brazilian subsidiary of the Operating
Partnership; "Ascenty entity" refers to the entity, which owns and operates
Ascenty, formed with Brookfield Infrastructure; "Brookfield" refers to
Brookfield Infrastructure, an affiliate of Brookfield Asset Management;
"Interxion" refers to InterXion Holding N.V.; and "Interxion Combination" refers
to the Company's combination with InterXion Holding N.V.

Business Overview and Strategy

Digital Realty Trust, Inc., through its controlling interest in Digital Realty
Trust, L.P. and its subsidiaries, delivers comprehensive space, power, and
interconnection solutions that enable its customers and partners to connect with
each other and service their own customers on a global technology and real
estate platform. We are a leading global provider of data center, colocation and
interconnection solutions for customers across a variety of industry verticals
ranging from cloud and information technology services, social networking and
communications to financial services, manufacturing, energy, healthcare, and
consumer products. Digital Realty Trust, Inc. operates as a REIT for federal
income tax purposes, and our Operating Partnership is the entity through which
we conduct our business and own our assets.

Our primary business objectives are to maximize:

(i) sustainable long-term growth in earnings and funds from operations per share

and unit;

(ii) cash flow and returns to our stockholders and our Operating Partnership's

unitholders through the payment of distributions; and

(iii) return on invested capital.

We expect to accomplish our objectives by achieving superior risk-adjusted returns, prudently allocating capital, diversifying our product offerings, accelerating our global reach and scale, and driving revenue growth and operating efficiencies. A significant component of our current and future internal growth is anticipated through the development of our existing space held for development, acquisition of land for future development, and acquisition of new properties.



We target high-quality, strategically located properties containing the physical
and connectivity infrastructure that supports the applications and operations of
data center and technology industry customers and properties that may be
developed for such use. Most of our data center properties contain fully
redundant electrical supply systems, multiple power feeds, above-standard
cooling systems, raised floor areas, extensive in-building communications
cabling and high-level security systems. We focus exclusively on owning,
acquiring, developing and operating data centers because we believe that the
growth in data center demand and the technology-related real estate industry
generally will continue to outpace the overall economy.

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We have developed detailed, standardized procedures for evaluating new real
estate investments to ensure that they meet our financial, technical and other
criteria. We expect to continue to acquire additional assets as part of our
growth strategy. We intend to aggressively manage and lease our assets to
increase their cash flow. We may continue to build out our development portfolio
when justified by anticipated demand and returns.

We may acquire properties subject to existing mortgage financing and other
indebtedness or we may incur new indebtedness in connection with acquiring or
refinancing these properties. Debt service on such indebtedness will have a
priority over any cash dividends with respect to Digital Realty Trust, Inc.'s
common stock and preferred stock. We are committed to maintaining a conservative
capital structure. We target a debt-to-Adjusted EBITDA ratio at or less than
5.5x, fixed charge coverage of greater than three times, and floating rate debt
at less than 20% of total outstanding debt. In addition, we strive to maintain a
well-laddered debt maturity schedule, and we seek to maximize the menu of our
available sources of capital, while minimizing the cost.

Revenue Base



The majority of revenue consists of rental income generated by the data centers
in our portfolio. Our ability to generate and grow revenue depends on several
factors, including our ability to maintain or improve occupancy rates. As of
June 30, 2021 and December 31, 2020, our portfolio (excluding space under
development or held for development) was 84.7% and 86.3% leased, respectively. A
summary of our data center portfolio and related square feet occupied as of June
30, 2021 is shown below. Unconsolidated portfolios shown below consist of assets
owned by unconsolidated entities in which we have invested. We often provide
management services for these entities under management agreements and receive
management fees. These are shown as Managed Unconsolidated Portfolio. Entities
for which we do not provide such services are shown as Non-Managed
Unconsolidated Portfolio.



                                                          As of June 30, 2021
                                               Net
                                  Data       Rentable    Space Under      Space Held
                                 Center       Square       Active             for
           Region               Buildings    Feet (1)    Development (2)  Development (3)  Occupancy
North America                         124   23,031,002     2,243,332          731,285           86.1  %
Europe                                106    7,065,271     3,036,745          263,141           76.5  %
Asia Pacific                           14    1,125,077     1,459,823          176,794           84.0  %
Africa                                  3       25,791        37,025                -        47.9     %
Consolidated Portfolio                247   31,247,142     6,776,925        1,171,220           83.9  %
Managed Unconsolidated
Portfolio                              16    2,191,236             -                -           92.2  %
Non-Managed Unconsolidated
Portfolio                              28    2,374,531       521,126          970,909           87.4  %
Total Portfolio                       291   35,812,908     7,298,051        2,142,129           84.7  %



Net rentable square feet represents the current square feet under lease as

specified in the applicable lease agreement plus management's estimate of (1) space available for lease based on engineering drawings. The amount includes

customers' proportional share of common areas but excludes space held for the

intent of or under active development.

Space under active development includes current base building and data center

projects in progress, and excludes space held for development. For additional (2) information on the current and future investment for space under active


    development, see "-Liquidity and Capital Resources of the Operating
    Partnership-Construction".

Space held for development includes space held for future data center (3) development, and excludes space under active development. For additional

information on the current investment for space held for development, see


    "-Liquidity and Capital Resources of the Operating Partnership-Construction".






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Leasing Activities

Due to the capital-intensive and long-term nature of the operations we support,
our lease terms with customers are generally longer than standard commercial
leases. As of June 30, 2021, our average remaining lease term was approximately
five years.

Our ability to re-lease expiring space at rental rates equal to or in excess of
current rental rates will impact our results of operations. The following table
summarizes our leasing activity in the six months ended June 30, 2021:




                                                                                                    TI's/Lease         Weighted
                                                                                                   Commissions      Average Lease
                                      Rentable         Expiring          New        Rental Rate     Per Square          Terms
                                   Square Feet (1)     Rates (2)      Rates (2)       Changes          Foot            (years)

Leasing Activity (3)(4)
Renewals Signed
0 - 1 MW                                   998,606    $    254.08    $    259.63            2.2 %  $        0.85               1.8
> 1 MW                                     648,590    $    144.44    $    147.80            2.3 %  $        0.74               3.2
Other (6)                                  733,091    $     19.74    $     22.44           13.7 %  $        0.35               3.6
New Leases Signed (5)
0 - 1 MW                                   242,428              -    $    304.36              -    $       43.00               3.9
> 1 MW                                     885,417              -    $    145.07              -    $       17.77               8.6
Other (6)                                   68,447              -    $     32.98              -    $        7.60               8.1
Leasing Activity Summary
0 - 1 MW                                 1,241,034                   $    268.37
> 1 MW                                   1,534,008                   $    146.22
Other (6)                                  801,538                   $     23.34

For some of our properties, we calculate square footage based on factors in (1) addition to contractually leased square feet, including power, required

support space and common area.

Rental rates represent average annual estimated base cash rent per rentable

square foot - calculated for each contract based on total cash base rent (2) divided by the total number of years in the contract (including any tenant

concessions). All rates were calculated in the local currency of each

contract and then converted to USD based on average exchange rates for the

six months ended June 30, 2021.

(3) Excludes short-term leases.

(4) Commencement dates for the leases signed range from 2021 to 2022.

(5) Includes leases signed for new and re-leased space.

(6) Other includes Powered Base Building shell capacity as well as storage and


    office space within fully improved data center facilities.




We continue to see strong demand in most of our key metropolitan areas for data
center space and, subject to the supply of available data center space in these
metropolitan areas, we expect average aggregate rental rates on re-leased or
renewed data center leases for 2021 expirations to generally be consistent with
the rates currently being paid for the same space on a GAAP basis and on a cash
basis. Our past performance may not be indicative of future results, and we
cannot assure you that leases will be renewed or that our data centers will be
re-leased at all or at rental rates equal to or above the current average rental
rates. Further, re-leased/renewed rental rates in a particular metropolitan area
may not be consistent with rental rates across our portfolio as a whole and may
fluctuate from one period to another due to a number of factors, including local
economic conditions, local supply and demand for data center space, competition
from other data center developers or operators, the condition of the property
and whether the property, or space within the property, has been developed.


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Geographic concentration


We depend on the market for data centers in specific geographic regions and significant changes in these regional or metropolitan areas can impact our future results. The following table shows the geographic concentration of annualized rent from our portfolio, including data centers held as investments in unconsolidated entities.






                           Percentage of
                           June 30, 2021
                          total annualized
Metropolitan Area             rent (1)
Northern Virginia                     19.1 %
Chicago                                8.9 %
London, England                        7.4 %
Silicon Valley                         6.7 %
New York                               6.4 %
Frankfurt, Germany                     5.9 %
Dallas                                 5.8 %
Amsterdam, Netherlands                 4.1 %
Sao Paulo, Brazil                      3.8 %
Singapore                              3.5 %
Phoenix                                2.0 %
Paris, France                          1.9 %
San Francisco                          1.8 %
Atlanta                                1.5 %
Osaka, Japan                           1.5 %
Other                                 19.7 %
Total                                100.0 %

Annualized rent is monthly contractual rent (defined as cash base rent before

abatements) under existing leases as of June 30, 2021 multiplied by 12. (1) Includes consolidated portfolio and unconsolidated entities at the entities'

100% ownership level. The aggregate amount of abatements for the six months

ended June 30, 2021 was approximately $55.7 million.

Operating expenses



Our operating expenses primarily consist of utilities, property and ad valorem
taxes, property management fees, insurance and site maintenance costs, and
rental expenses on our ground and building leases. Our buildings require
significant power to support data center operations and the cost of electric
power and other utilities is a significant component of operating expenses.

Many of our leases contain provisions under which tenants reimburse us for all
or a portion of property operating expenses and real estate taxes incurred by
us. However, in some cases we are not entitled to reimbursement of property
operating expenses, other than utility expense, and real estate taxes under our
leases for Turn-Key Flex® facilities. We expect to incur additional operating
expenses as we continue to expand.

Costs pertaining to our asset management function, legal, accounting, corporate governance, reporting and compliance are categorized as general and administrative costs within operating expenses.

Other key components of operating expenses include: depreciation of our fixed assets, amortization of intangible assets, and transaction and integration costs.

Other Income / (Expenses)


Equity in earnings of unconsolidated entities, interest expense, and income tax
expense make up the majority of other income/(expense). Equity in earnings of
unconsolidated entities represents our share of the income/(loss) of entities

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in which we invest, but do not consolidate under U.S. GAAP. The largest of these
investments is currently Ascenty which is located primarily in Brazil. We also
hold investments in multiple other unconsolidated entities across the globe.
Given that many of these entities transact in currencies other than the U.S.
Dollar, results of these entities can be significantly impacted by changes in
foreign currency exchange rates.

Interest expense pertains primarily to unsecured senior notes, the majority of
which are issued at fixed rates. The Company is subject to foreign, state and
local taxes in the jurisdictions in which it operates and income tax expense can
be impacted by changes in tax rates in these various jurisdictions.

Factors Which May Influence Future Results of Operations



COVID-19. We continue to closely monitor the impact of the COVID-19 pandemic on
our global business and operations, including the impact on our customers,
suppliers and business partners. As of the date of this report, all of our
facilities have been and continue to be fully operational and operating in
accordance with our business continuity and pandemic response plans. Across our
portfolio, our facilities have been deemed essential operations, allowing us to
remain staffed with critical personnel in place to continue to provide services
and support for our customers. While we did not experience significant
disruptions from the COVID-19 pandemic during the six months ended June 30, 2021
nor as of the date of this report, we cannot predict the impact that the
COVID-19 pandemic will have on our future financial condition, results of
operations and cash flows due to numerous uncertainties.

Rental Income. As of June 30, 2021, most of our leases (on a rentable square
footage basis) contained base rent escalations that were either fixed (generally
ranging from 2% to 4%) or indexed based on a consumer price index or other
similar inflation-related index. We cannot assure you that these escalations
will cover all the increases in our costs or will otherwise keep rental rates at
or above market rates.

Our ability to increase revenue depends in part on our ability to develop and
lease capacity at favorable rates, which we may not be able to obtain.
Significant capital investment is required in order to develop data center
facilities that are ready for use and, in addition, we may require additional
time or encounter delays in securing customers for development projects. We may
purchase additional vacant properties and properties with vacant development
capacity in the future. We will require additional capital to finance our
development activities, which may not be available or may not be available on
terms acceptable to us.

In addition to approximately 5.0 million square feet of available space in our
portfolio, which excludes approximately 7.1 million square feet of space under
active development and approximately 1.0 million square feet of space held for
development as of June 30, 2021 and the 28 data centers held as investments in
our non-managed unconsolidated entities, leases representing approximately 6.5%
and 13.0% of the net rentable square footage of our portfolio are scheduled to
expire during the six months ending December 31, 2021 and the year ending
December 31, 2022, respectively.

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Results of Operations

As a result of the consistent and significant growth in our business since the
first property acquisition in 2002, we evaluate period-to-period results for
revenue and property level operating expenses on a stabilized, rather than
non-stabilized portfolio basis.



Stabilized: The stabilized portfolio includes properties owned as of the beginning of all periods presented with less than 5% of total rentable square feet under development.



Non-stabilized: The non-stabilized portfolio includes: 1) properties that were
undergoing, or were expected to undergo, development activities during any of
the periods presented, 2) any properties contributed to joint ventures, sold, or
held for sale during the periods presented, and 3) any properties that were
acquired or delivered at any point during the periods presented.

Comparison of the Three and Six Months Ended June 30, 2021 to the Three and Six Months Ended June 30, 2020



Revenues

Total operating revenues increased by approximately $100.2 million and $367.2
million in the three and six months ended June 30, 2021, respectively, compared
to the same periods in 2020, driven primarily by growth in non-stabilized rental
and other services revenue. Non-stabilized rental and other services revenue
increased primarily due to the Interxion Combination which contributed $50.1
million and $238.9 million to the increases for the three-month and six-month
periods, respectively, along with new leasing activity related to our
development assets. This increase was partially offset by properties sold in
2020 and 2021. Stabilized rental and other services revenue increased $7.6
million and $23.8 million in the three and six months ended June 30, 2021,
respectively, compared to the same periods in 2020 due to new leasing and
renewals, net of expirations as well as increased tenant reimbursements
associated with higher utility costs in Texas due to winter storm Uri.






                                  Three Months Ended June 30,                             Six Months Ended June 30,
                          2021          2020       $ Change     % Change        2021           2020        $ Change     % Change
Stabilized             $   609,703    $ 602,107    $   7,596       1.3  %    $ 1,221,144    $ 1,197,359    $  23,785       2.0  %
Non-Stabilized             479,692      385,568       94,124      24.4  %  

956,157 610,388 345,769 56.6 % Rental and other services

                 1,089,395      987,675      101,720      10.3  %      2,177,301      1,807,747      369,554      20.4  %
Fee income and
other                        3,793        5,320      (1,527)    (28.7)  %          6,278          8,585      (2,307)    (26.9)  %
Total operating
revenues               $ 1,093,188    $ 992,995    $ 100,193      10.1  %  
$ 2,183,579    $ 1,816,332    $ 367,247      20.2  %






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Operating Expenses - Property Level


Property level operating expenses include costs to operate and maintain the
locations as well as taxes and insurance. Stabilized property operating and
maintenance expenses increased by approximately $15.1 million and $42.1 million
in the three and six months ended June 30, 2021, respectively, compared to the
same periods in 2020, primarily related to higher utility consumption at certain
properties in the stabilized portfolio. Non-stabilized property operating and
maintenance expenses increased largely due to the Interxion Combination, which
contributed $22.4 million and $92.7 million to the increases for the three-month
and six-month periods, respectively, primarily due to increased utility costs
associated with higher business volume at Interxion properties. Leasing activity
at non-stabilized properties during the twelve months ended June 30, 2021 offset
by properties sold in 2020 and 2021 also contributed to the increase.




                                 Three Months Ended June 30,                         Six Months Ended June 30,
                         2021         2020       $ Change     % Change      2021         2020       $ Change     % Change
Stabilized             $ 201,446    $ 186,366    $  15,080       8.1  %   $ 413,266    $ 371,128    $  42,138      11.4  %
Non-Stabilized           181,770      146,281       35,489      24.3  %     331,729      227,227      104,502      46.0  %
Rental property
operating and
maintenance              383,216      332,647       50,569      15.2  %     744,995      598,355      146,640      24.5  %

Stabilized                32,108       33,340      (1,232)     (3.7)  %      65,762       65,788         (26)     (0.0)  %
Non-Stabilized            16,390       15,101        1,289       8.5  %      35,239       28,323        6,916      24.4  %
Property taxes and
insurance                 48,498       48,441           57       0.1  %     101,001       94,111        6,890       7.3  %

Total Property
Level Expenses         $ 431,714    $ 381,088    $  50,626      13.3  %   $ 845,996    $ 692,466    $ 153,530      22.2  %






Other Operating Expenses

Other operating expenses include costs which are either non-cash in nature (such
as depreciation and amortization), or which do not directly pertain to operation
of data center properties. A comparison of other operating expenses for the
three and six months ended June 30, 2021 and 2020 is shown below. The increase
in all categories of other operating expenses for the 2021 periods shown is
primarily driven by the Interxion Combination, which closed in March 2020. The
primary driver of increased other operating expenses for the three-month period
ended June 30, 2021, as compared to the same period in 2020, was a $19.8 million
increase in depreciation and amortization expense associated with additional
investments in properties as part of normal growth of the business.


                                     Three Months Ended June 30,                          Six Months Ended June 30,
                              2021         2020      $ Change    % Change        2021           2020        $ Change    % Change
Depreciation and
amortization                $ 368,981    $ 349,165   $  19,816       5.7 %    $   738,714    $   640,622   $   98,092      15.3 %
General and
administrative                 97,492       94,291       3,201       3.4 % 

197,486 157,829 39,657 25.1 % Transaction, integration and other expense

               9,373       15,640     (6,267)    (40.1) %  

23,236 72,555 (49,319) (68.0) % Total Other Operating Expenses

                      475,846      459,096      16,750       3.6 %  

959,436 871,006 88,430 10.2 % Property level operating expenses

                      431,714      381,088      50,626      13.3 %  

845,996 692,466 153,530 22.2 % Total Operating Expenses $ 907,560 $ 840,184 67,376 8.0 %

$ 1,805,432    $ 1,563,472      241,960      15.5 %



Gain on Disposition of Properties, Net



During the three months ended March 31, 2021, we sold a portfolio of 11 data
centers in Europe (four in the United Kingdom, three in the Netherlands, three
in France and one in Switzerland) to Ascendas Reit, a CapitaLand sponsored REIT,
for total purchase consideration of approximately $680.0 million resulting in a
gain of approximately $333.3 million in March 2021. During the three months
ended March 31, 2020, we sold 10 Powered Base Building® properties, which
comprise 12 data centers, in North America to Mapletree at a purchase
consideration of approximately $557.0 million, resulting in a gain of
approximately $304.8 million in January 2020.

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Loss from Early Extinguishment of Debt

Loss from early extinguishment of debt increased approximately $17.7 million in the six months ended June 30, 2021 compared to the same period in 2020, primarily due to the redemption of the 2.750% 2023 Notes in February 2021.

Income Tax Expense


Income tax expense increased by $36.1 million and $36.5 million during the three
and six-month periods ended June 30, 2021, respectively. This increase was
driven primarily by an increase in the corporate tax rate in the United Kingdom
from 19% to 25%.

Liquidity and Capital Resources



The sections "Analysis of Liquidity and Capital Resources - Parent" and
"Analysis of Liquidity and Capital Resources - Operating Partnership" should be
read in conjunction with one another to understand our liquidity and capital
resources on a consolidated basis. The term "Parent" refers to Digital Realty
Trust, Inc. on an unconsolidated basis, excluding our Operating Partnership. The
term "Operating Partnership" refers to Digital Realty Trust, L.P. on a
consolidated basis.

Analysis of Liquidity and Capital Resources - Parent


Our Parent does not conduct business itself, other than acting as the sole
general partner of the Operating Partnership, issuing public equity from time to
time, and guaranteeing certain unsecured debt of the Operating Partnership and
certain of its subsidiaries and affiliates. If our Operating Partnership or such
subsidiaries fail to fulfill their debt requirements, which trigger Parent
guarantee obligations, then our Parent will be required to fulfill its cash
payment commitments under such guarantees. Our Parent's only material asset is
its investment in our Operating Partnership.

Our Parent's principal funding requirement is the payment of dividends on its common and preferred stock. Our Parent's principal source of funding is the distributions it receives from our Operating Partnership.



As the sole general partner of our Operating Partnership, our Parent has the
full, exclusive and complete responsibility for our Operating Partnership's
day-to-day management and control. Our Parent causes our Operating Partnership
to distribute such portion of its available cash as our Parent may in its
discretion determine, in the manner provided in our Operating Partnership's
partnership agreement.

As circumstances warrant, our Parent may issue equity from time to time on an
opportunistic basis, dependent upon market conditions and available pricing. Any
proceeds from such equity issuances would generally be contributed to our
Operating Partnership in exchange for additional equity interests in our
Operating Partnership. Our Operating Partnership may use the proceeds to acquire
additional properties, to fund development opportunities and for general working
capital purposes, including potentially for the repurchase, redemption or
retirement of outstanding debt or equity securities.

Our Parent and our Operating Partnership are parties to an at-the-market (ATM)
equity offering sales agreement dated January 4, 2019, as amended in 2020 (the
"Sales Agreement"). In accordance with the Sales Agreement, following the date
of the 2020 amendment, Digital Realty Trust, Inc. may offer and sell shares of
its common stock having an aggregate offering price of up to $1.0 billion. Prior
to the 2020 amendment, Digital Realty Trust, Inc. had offered and sold shares of
its common stock having an aggregate gross sales price of approximately $652.2
million. The sales of common stock made under the Sales Agreement will be made
in "at the market" offerings as defined in Rule 415 of the Securities Act. For
the six months ended June 30, 2021, Digital Realty Trust, Inc. issued
approximately 0.5 million common shares under the Sales Agreement at an average
price of $161.57 per share. For the six months ended June 30, 2020, Digital
Realty Trust, Inc. issued approximately 4.6 million common shares under the
Sales Agreement at an average price of $142.39 per share. As of June 30, 2021,
approximately $672.2 million remains

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available for future sales under the program. Our Parent has used and intends to
use the net proceeds from the program to temporarily repay borrowings under our
Operating Partnership's global revolving credit facilities, to acquire
additional properties or businesses, to fund development opportunities and for
working capital and other general corporate purposes, including potentially for
the repayment of other debt or the repurchase, redemption or retirement of
outstanding debt securities. For additional information regarding the Sales
Agreement, see our Annual Report on Form 10-K for the year ended December 31,
2020.

We believe our Operating Partnership's sources of working capital, specifically
its cash flow from operations, and funds available under its global revolving
credit facility are adequate for it to make its distribution payments to our
Parent and, in turn, for our Parent to make its dividend payments to its
stockholders. However, we cannot assure you that our Operating Partnership's
sources of capital will continue to be available at all or in amounts sufficient
to meet its needs, including making distribution payments to our Parent. The
lack of availability of capital could adversely affect our Operating
Partnership's ability to pay its distributions to our Parent, which would in
turn, adversely affect our Parent's ability to pay cash dividends to its
stockholders.

Future Uses of Cash - Parent



Our Parent may from time to time seek to retire, redeem or repurchase its equity
or the debt securities of our Operating Partnership or its subsidiaries through
cash purchases and/or exchanges for equity securities in open market purchases,
privately negotiated transactions or otherwise. Such repurchases, redemptions or
exchanges, if any, will depend on prevailing market conditions, our liquidity
requirements, contractual restrictions or other factors. The amounts involved
may be material.

Dividends and Distributions - Parent



Our Parent is required to distribute 90% of its taxable income (excluding
capital gains) on an annual basis to continue to qualify as a REIT for federal
income tax purposes. Our Parent intends to make, but is not contractually bound
to make, regular quarterly distributions to its common stockholders from cash
flow from our Operating Partnership's operating activities. While historically
our Parent has satisfied this distribution requirement by making cash
distributions to its stockholders, it may choose to satisfy this requirement by
making distributions of cash or other property. All such distributions are at
the discretion of our Parent's Board of Directors. Our Parent considers market
factors and our Operating Partnership's performance in addition to REIT
requirements in determining distribution levels. Our Parent has distributed at
least 100% of its taxable income annually since inception to minimize corporate
level federal income taxes. Amounts accumulated for distribution to stockholders
are invested primarily in interest-bearing accounts and short-term
interest-bearing securities, which are consistent with our intention to maintain
our Parent's status as a REIT.

As a result of this distribution requirement, our Operating Partnership cannot
rely on retained earnings to fund its ongoing operations to the same extent that
other companies whose parent companies are not REITs can. Our Parent may need to
continue to raise capital in the debt and equity markets to fund our Operating
Partnership's working capital needs, as well as potential developments at new or
existing properties, acquisitions or investments in existing or newly created
joint ventures. In addition, our Parent may be required to use borrowings under
the Operating Partnership's global revolving credit facility (which is
guaranteed by our Parent), if necessary, to meet REIT distribution requirements
and maintain our Parent's REIT status.

Distributions out of our Parent's current or accumulated earnings and profits
are generally classified as ordinary income whereas distributions in excess of
our Parent's current and accumulated earnings and profits, to the extent of a
stockholder's U.S. federal income tax basis in our Parent's stock, are generally
classified as a return of capital. Distributions in excess of a stockholder's
U.S. federal income tax basis in our Parent's stock are generally characterized
as capital gain. Cash provided by operating activities has been generally
sufficient to fund distributions on an annual basis. However, we may also need
to utilize borrowings under the global revolving credit facility to fund
distributions.

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For additional information regarding dividends declared and paid by our Parent
on its common and preferred stock for the six months ended June 30, 2021, see
Note 10 to our condensed consolidated financial statements contained herein.

Analysis of Liquidity and Capital Resources - Operating Partnership



As of June 30, 2021, we had $120.5 million of cash and cash equivalents,
excluding $8.0 million of restricted cash. Restricted cash primarily consists of
contractual capital expenditures plus other deposits. Our liquidity requirements
primarily consist of:

 ? operating expenses,

? development costs and other expenditures associated with our properties,

? distributions to our Parent to enable it to make dividend payments,




 ? distributions to unitholders of common limited partnership interests in Digital
   Realty Trust, L.P.,


 ? capital expenditures,


 ? debt service, and,


 ? potentially, acquisitions.




Future Uses of Cash

Our properties require periodic investments of capital for customer-related capital expenditures and for general capital improvements. Depending upon customer demand, we expect to incur significant improvement costs to build out and develop additional capacity. At June 30, 2021, we had open commitments, related to construction contracts of approximately $1.5 billion, including amounts reimbursable of approximately $35.2 million.

We currently expect to incur approximately $1.1 billion to $1.4 billion of capital expenditures for our development programs during the six months ending December 31, 2021. This amount could go up or down, potentially materially, based on numerous factors, including changes in demand, leasing results and availability of debt or equity capital.







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Development Projects

The costs we incur to develop our properties is a key component of our liquidity
requirements. The subsequent table summarizes our cumulative investments in
current development projects as well as expected future investments in these
projects as of the periods presented, excluding costs incurred or to be incurred
by unconsolidated entities.




Development Lifecycle                                  As of June 30, 2021                                              As of December 31, 2020
                                Net Rentable      Current                                             Net Rentable       Current         Future
                                 Square Feet     Investment      Future Investment                     Square Feet     Investment      Investment
(dollars in thousands)               (1)            (2)                (3)             Total Cost         (1)              (4)            (3)         Total Cost

Land held for future
development (5)                           N/A    $   143,575    $                 -    $   143,575              N/A    $    226,862    $         -    $   226,862
Construction in Progress and
Space Held for Development
Land - Current Development
(5)                                       N/A    $   897,881    $                 -    $   897,881              N/A    $    785,182    $         -    $ 

785,182


Space Held for Development
(6)                                   987,397        217,548                      -        217,548        1,501,310         236,545              -      

236,545


Base Building Construction          3,814,437        609,191               

621,211      1,230,402        2,331,472         458,357        485,613        943,970
Data Center Construction            3,282,275      1,496,319              2,305,557      3,801,876        2,573,759       1,232,762      1,596,821      2,829,583
Equipment Pool & Other
Inventory                                 N/A          9,401                      -          9,401              N/A           9,761              -          9,761
Campus, Tenant Improvements
& Other                                   N/A         40,230                 40,029         80,259              N/A          45,719         42,848     

88,567

Total Construction in
Progress and Land Held for
Future Development                  8,084,109    $ 3,414,145    $         

2,966,797 $ 6,380,942 6,406,541 $ 2,995,188 $ 2,125,282 $ 5,120,470

We estimate the total net rentable square feet available for lease based on a

number of factors in addition to contractually leased square feet, including (1) available power, required support space and common areas. Excludes square

footage of properties held in unconsolidated entities. Square footage is

based on current estimates and project plans, and may change upon completion

of the project due to remeasurement.

(2) Represents balances incurred through June 30, 2021.

(3) Represents estimated cost to complete specific scope of work pursuant to

contract, budget or approved capital plan.

(4) Represents balances incurred through December 31, 2020.

(5) Represents approximately 894 acres as of June 30, 2021 and approximately 927

acres as of December 31, 2020.

(6) Excludes space held for development through unconsolidated entities.


Land inventory and space held for development reflect cumulative cost spent
pending future development. Base building construction consists of ongoing
improvements to building infrastructure in preparation for future data center
fit-out. Data center construction includes 7.1 million square feet of Turn Key
Flex® and Powered Base Building® product. Generally, we expect to deliver the
space within 12 months; however, lease commencement dates may significantly
impact final delivery schedules. Equipment pool and other inventory represent
the value of long-lead equipment and materials required for timely deployment
and delivery of data center construction fit-out. Campus, tenant improvements
and other costs include the value of development work which benefits space
recently converted to our operating portfolio and is composed primarily of
shared infrastructure projects and first-generation tenant improvements.

Capital Expenditures (Cash Basis)

The table below summarizes our capital expenditure activity for the six months ended June 30, 2021 and 2020 (in thousands):






                                                               Six Months Ended June 30,
                                                                  2021              2020
Development projects                                         $       945,735     $   733,536
Enhancement and improvements                                             160             122
Recurring capital expenditures                                        

78,753 73,473 Total capital expenditures (excluding indirect costs) $ 1,024,648 $ 807,131






For the six months ended June 30, 2021, total capital expenditures increased
$217.5 million to approximately $1,024.6 million from $807.1 million for the
same period in 2020. Capital expenditures on our development projects

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plus our enhancement and improvements projects for the six months ended June
30, 2021 were approximately $945.9 million, which reflects an increase of
approximately 29% from the same period in 2020. This increase was primarily due
to development activity at properties acquired in the Interxion Combination. Our
development capital expenditures are generally funded by our available cash and
equity and debt capital.

Indirect costs, including capitalized interest, capitalized in the six months
ended June 30, 2021 and 2020 were $56.8 million and $47.8 million, respectively.
Capitalized interest comprised approximately $23.0 million and $23.1 million of
the total indirect costs capitalized for the six months ended June 30, 2021 and
2020, respectively. Capitalized interest in the six months ended June 30, 2021
decreased, compared to the same period in 2020, due to lower interest rates in
2021. Excluding capitalized interest, indirect costs in the six months
ended June 30, 2021 increased compared to the same period in 2020 due primarily
to capitalized amounts relating to compensation expense of employees directly
engaged in construction activities. See "-Future Uses of Cash" below for a
discussion of the amount of capital expenditures we expect to incur during
the year ending December 31, 2021.

Consistent with our growth strategy, we actively pursue potential acquisition
opportunities, with due diligence and negotiations often at different stages at
different times. The dollar value of acquisitions for the year ending December
31, 2021 will depend upon numerous factors, including customer demand, leasing
results, availability of debt or equity capital and acquisition opportunities.
Further, the growing acceptance by private institutional investors of the data
center asset class has generally pushed capitalization rates lower, as such
private investors may often have lower return expectations than us. As a result,
we anticipate near-term single asset acquisitions activity to comprise a
smaller percentage of our growth while this market dynamic persists.

We may from time to time seek to retire or repurchase our outstanding debt or
the equity of our Parent through cash purchases and/or exchanges for equity
securities of our Parent in open market purchases, privately negotiated
transactions or otherwise. Such repurchases or exchanges, if any, will depend
upon prevailing market conditions, our liquidity requirements, contractual
restrictions or other factors. The amounts involved may be material.

Sources of Cash



We expect to meet our short-term and long-term liquidity requirements, including
payment of scheduled debt maturities and funding of acquisitions and
non-recurring capital improvements, with net cash from operations, future
long-term secured and unsecured indebtedness and the issuance of equity and debt
securities and the proceeds of equity issuances by our Parent. We also may fund
future short-term and long-term liquidity requirements, including acquisitions
and non-recurring capital improvements, using our global revolving credit
facilities pending permanent financing. As of August 4, 2021, we had
approximately $2.1 billion of borrowings available under our global revolving
credit facilities.

Our global revolving credit facility provides for borrowings up to $2.35
billion. We have the ability from time to time to increase the size of the
global revolving credit facility by up to $1.25 billion, subject to the receipt
of lender commitments and other conditions precedent. The global revolving
credit facility matures on January 24, 2023, with two six-month extension
options available. We have used and intend to use available borrowings under the
global revolving credit facility to fund our liquidity requirements from time to
time. For additional information regarding our global revolving credit facility,
see Note 8 to our condensed consolidated financial statements contained herein.

Subsequent to June 30, 2021, Digital Intrepid Holding B.V., an indirect wholly
owned subsidiary of the Operating Partnership, issued and sold the following
notes:

On July 15, 2021, CHF 275 million aggregate principal amount of 0.20%

Guaranteed Notes due 2026 (the "2026 Notes") and CHF 270 million aggregate

principal amount of 0.55% Guaranteed Notes due 2029 (the "2029 Notes" and

together with the 2026 Notes, the "Swiss Franc Notes"). The Swiss Franc Notes

? are senior unsecured obligations of Digital Intrepid Holding B.V. and are fully

and unconditionally guaranteed by Digital Realty Trust, Inc. and the Operating

Partnership. Net proceeds from the offering of the Swiss Franc Notes were

approximately CHF 542.3 million (approximately $590.9 million based on the


   exchange rate on July 15, 2021) after deducting the managers' commissions and
   certain offering expenses.


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We intend to allocate an amount equal to the net proceeds from the offering of
the Swiss Franc Notes to finance or refinance, in whole or in part, Eligible
Green Projects, including the development and redevelopment of such projects.
Pending the allocation of an amount equal to the net proceeds of the Swiss Franc
Notes to Eligible Green Projects, all or a portion of an amount equal to the net
proceeds from the Swiss Franc Notes were used to temporarily repay borrowings
outstanding under the Operating Partnership's global credit facility and for
other general corporate purposes.

Distributions


All distributions on our units are at the discretion of our Parent's Board of
Directors. For additional information regarding distributions paid on our common
and preferred units for the six months ended June 30, 2021, see Note 10 to our
condensed consolidated financial statements contained herein.



Outstanding Consolidated Indebtedness

The table below summarizes our debt, as of June 30, 2021 (in millions):






Debt Summary:
Fixed rate                                               $ 12,545.7
Variable rate debt subject to interest rate swaps             104.0

Total fixed rate debt (including interest rate swaps) 12,649.7 Variable rate-unhedged

                                      1,388.7
Total                                                    $ 14,038.4
Percent of Total Debt:
Fixed rate (including swapped debt)                            90.1 %
Variable rate                                                   9.9 %
Total                                                         100.0 %

Effective Interest Rate as of June 30, 2021
Fixed rate (including hedged variable rate debt)               2.40 %
Variable rate                                                  0.73 %
Effective interest rate                                        2.24 %




As of June 30, 2021, we had approximately $14.0 billion of outstanding
consolidated long-term debt as set forth in the table above, which excludes
deferred financing costs. Our ratio of debt to total enterprise value was
approximately 24% (based on the closing price of Digital Realty Trust, Inc.'s
common stock on June 30, 2021 of $150.46). For this purpose, our total
enterprise value is defined as the sum of the market value of Digital Realty
Trust, Inc.'s outstanding common stock (which may decrease, thereby increasing
our debt to total enterprise value ratio), plus the liquidation value of Digital
Realty Trust, Inc.'s preferred stock, plus the aggregate value of our Operating
Partnership's units not held by Digital Realty Trust, Inc. (with the per unit
value equal to the market value of one share of Digital Realty Trust, Inc.'s
common stock and excluding long-term incentive units, Class C units and Class D
units), plus the book value of our total consolidated indebtedness.

The variable rate debt shown above bears interest at interest rates based on
various one-month LIBOR, EURIBOR, SOR, JPY LIBOR, HIBOR, BBR and CDOR rates,
depending on the respective agreement governing the debt, including our global
revolving credit facilities. As of June 30, 2021, our debt had a weighted
average term to initial maturity of approximately 6.2 years (or approximately
6.3 years assuming exercise of extension options).

Off-Balance Sheet Arrangements


As of June 30, 2021, we were party to interest rate swap agreements related to
$104.0 million of outstanding principal on our variable rate debt. See Item 3.
"Quantitative and Qualitative Disclosures about Market Risk."

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As of June 30, 2021, our pro-rata share of secured debt of unconsolidated entities was approximately $723.2 million.

Cash Flows



The following summary discussion of our cash flows is based on the condensed
consolidated statements of cash flows and is not meant to be an all-inclusive
discussion of the changes in our cash flows for the periods presented below.

Comparison of Six Months Ended June 30, 2021 to Six Months Ended June 30, 2020

The following table shows cash flows and ending cash and cash equivalent balances for the six months ended June 30, 2021 and 2020 (in thousands).






                                                             Six Months Ended June 30,
                                                         2021           2020          Change
Net cash provided by operating activities             $   849,922    $   712,370    $   137,552
Net cash used in investing activities                   (558,645)      (678,815)        120,170
Net cash (used in) provided by financing
activities                                              (275,348)        404,828      (680,176)
Net increase in cash, cash equivalents and
restricted cash                                       $    15,929    $   438,383    $ (422,454)
The increase in net cash provided by operating activities was primarily due to
the Interxion Combination offset by the operating activities of properties sold
during the twelve months ended June 30, 2021.

The changes in the activities that comprise the decrease in net cash used in
investing activities for the six months ended June 30, 2021 as compared to the
six months ended June 30, 2020 consisted of the following amounts (in
thousands).




                                                                         Change

Increase in cash used for improvements to investments in real estate

                                                                $  

(226,561)

Decrease in cash paid for business combinations and assets acquisition, net of cash and restricted cash acquired

66,009


Increase in cash from investment in joint ventures                        

100,300


Increase in cash provided by proceeds from sale of real estate            

177,574


Other changes                                                              

2,848


Decrease in net cash used in investing activities                     $   

120,170




The decrease in net cash used in investing activities was primarily due to an
increase in cash provided by proceeds from sale of investments related to the
sale of 11 data centers in Europe in March 2021 partially offset by the sale
of 10 Powered Base Building® properties, which comprise 12 data centers, in
North America to Mapletree in January 2020, an increase in cash used for
improvements to investments in real estate and a decrease in cash paid for
acquisitions related to the acquisition of an additional 49% ownership interest
in the Westin Building Exchange in February 2020, partially offset by an
increase in cash used for improvements to investments in real estate.



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The changes in the activities that comprise the increase in net cash used in
financing activities for the six months ended June 30, 2021 as compared to the
six months ended June 30, 2020 for the Company consisted of the following
amounts (in thousands).




                                                                               Change

Increase in proceeds from short-term borrowings, net of repayments $ 795,440 Decrease in cash provided by proceeds from secured / unsecured debt

(1,138,767)


Decrease in cash used for repayment on secured / unsecured debt            

549,399

Decrease in cash provided by proceeds from issuance of common stock, net

(564,443)


Increase in cash used for redemption of preferred stock                    

(201,250)


Increase in cash used for dividend and distribution payments               

(128,982)


Other changes                                                              

8,427


Increase in net cash used in financing activities                          
$   (680,176)




The increase in cash used in financing activities was primarily due to a
decrease in cash provided by proceeds from secured / unsecured debt, a decrease
in cash provided by proceeds from issuance of common stock and an increase in
cash used to redeem preferred stock and an increase in dividend and distribution
payments for the six months ended June 30, 2021 as compared to the same period
in 2020 as a result of an increase in the number of shares outstanding due to
the Interxion Combination and increased dividend amount per share of common
stock in the six months ended June 30, 2021 as compared to the same period
in 2020 partially offset by an increase in cash proceeds from short-term
borrowings and a decrease in repayments of secured / unsecured debt.





Noncontrolling Interests in Operating Partnership


Noncontrolling interests in the Operating Partnership relate to the common units
in our Operating Partnership that are not owned by Digital Realty Trust, Inc.,
which, as of June 30, 2021, amounted to 2.4% of our Operating Partnership common
units. Historically, our Operating Partnership has issued common units to third
party sellers in connection with our acquisition of real estate interests from
such third parties.

Limited partners have the right to require our Operating Partnership to redeem
part or all of their common units for cash based upon the fair market value of
an equivalent number of shares of Digital Realty Trust, Inc. common stock at the
time of the redemption. Alternatively, we may elect to acquire those common
units in exchange for shares of Digital Realty Trust, Inc. common stock on a
one-for-one basis, subject to adjustment in the event of stock splits, stock
dividends, issuance of stock rights, specified extraordinary distributions and
similar events. As of June 30, 2021, approximately 0.2 million common units of
the Operating Partnership that were issued to certain former unitholders of
DuPont Fabros Technology, L.P. in connection with the Company's acquisition of
DuPont Fabros Technology, Inc. were outstanding, which are subject to certain
restrictions and, accordingly, are not presented as permanent capital in the
condensed consolidated balance sheet.

Inflation

Many of our leases provide for separate real estate tax and operating expense escalations. In addition, many of the leases provide for fixed base rent increases. We believe that inflationary increases may be at least partially offset by the contractual rent increases and expense escalations described above.

Funds from Operations



We calculate funds from operations, or FFO, in accordance with the standards
established by the National Association of Real Estate Investment Trusts
(Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO
represents net income (loss) (computed in accordance with GAAP), excluding gains
(or losses) from sales of property, a gain from a pre-existing relationship,
impairment charges and 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

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related depreciation and amortization and gains and losses from property
dispositions and after adjustments for unconsolidated partnerships and joint
ventures, 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 other REITs' FFO. FFO should be considered only as a supplement to
net income computed in accordance with GAAP as a measure of our performance.

  Reconciliation of Net Income Available to Common Stockholders to Funds From
                                Operations (FFO)

           (unaudited, in thousands, except per share and unit data)




                                                               Three Months Ended June 30,          Six Months Ended June 30,
                                                                 2021                2020              2021             2020

Net Income Available to Common Stockholders                 $      127,369

$ 53,676 $ 499,775 $ 256,535 Adjustments: Non-controlling interests in operating partnership

                   3,200               1,400            13,000           9,200
Real estate related depreciation & amortization (1)                363,640             342,334           728,337         628,851
Unconsolidated entities real estate related depreciation
& amortization                                                      20,983              17,123            40,361          37,046
Gain on disposition of properties                                    (499)                   -         (334,420)       (304,801)

FFO available to common stockholders and unitholders (2) $ 514,693

$ 414,533 $ 947,053 $ 626,831 Basic FFO per share and unit

                                $         1.78  

$ 1.50 $ 3.28 $ 2.48 Diluted FFO per share and unit (2)

                          $         1.78  

$ 1.49 $ 3.27 $ 2.45 Weighted average common stock and units outstanding Basic

                                                              288,843             275,545           288,588         252,995
Diluted (2)                                                        289,485             278,719           289,219         255,704

(1) Real estate related depreciation and amortization was computed as follows: Depreciation and amortization per income statement $ 368,981

$      349,165           738,714         640,622
Non-real estate depreciation                                       (5,341) 

           (6,831)          (10,377)        (11,771)
                                                            $      363,640      $      342,334    $      728,337     $   628,851


    For all periods presented, we have excluded the effect of the series C,

series G, series I, series J, series K and series L preferred stock, as (2) applicable, that may be converted into common stock upon the occurrence of

specified change in control transactions as described in the articles

supplementary governing the series C, series G, series I, series J, series K


    and series L preferred stock, as applicable, as they would be anti-dilutive.





                                    Three Months Ended June 30,           Six Months Ended June 30,
                                      2021                2020              2021               2020
Weighted average common stock
and units outstanding                   288,843             275,545           288,588            252,995
Add: Effect of dilutive
securities                                  642               3,174               631              2,709
Weighted average common stock
and units outstanding-diluted           289,485             278,719           289,219            255,704






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