Digital Realty Trust, through its subsidiaries, engages in the ownership, acquisition, reposition and management of technology-related real estate. Its portfolio of properties includes Internet gateways, data centers, technology manufacturing properties and regional or national headquarters of technology companies. As of December 2005, the trust has more than 40 properties. Its properties are located in Boston, Chicago, Dallas, Los Angeles, New York, Philadelphia, San Francisco and Silicon Valley, Calif., metropolitan-areas in the United States, including Europe. Digital Realty Trust has elected to be taxed as a REIT for federal income tax purposes and would not be subject to income tax to the extent it distributes at least 90 percent of its taxable income to its stockholders. Digital Realty was founded in 2004 and is headquartered in San Francisco.