Digital Realty Trust, Inc. · NYSE:DLR
Digital Realty Trust — Investor Presentation (May 2019)
70 slides from Digital Realty Trust's investor presentation, May 2019
Slide 1: Global. Connected. Sustainable.
Global. Connected. Sustainable. INVESTOR PRESENTATION MAY 2019 Digital Realty the trusted foundation | powering your digital ambitions
Slide 2: Business Highlights
Business Highlights 1 Digital Realty Overview Introduction 2 Introduction to Data Centers Data center 101 3 Global Platform Growing world-wide demand from a diversified customer base 4 Connected Campus Strategy Solving for the complete deployment; land and expand 5 Attractive Growth Prospects Organi
Slide 3: Digital Realty Overview
Digital Realty Overview INTRODUCTION DIGITAL REALTY | INVESTOR PRESENTATION | MAY 2019 | 3
Slide 4: Digital Realty at a Glance
Digital Realty at a Glance (NYSE: DLR) DIGITAL Global Leading REALTY AT A Data GLANCE Center REIT(NYSE: DLR) Investment Management High-Quality Customer Base, including Approach Focused on Global Companies Across Return on Invested Capital Various Industries 215Realty Digital Digital Realty DATA CEN
Slide 5: Navigating the Future
Navigating the Future Sustainable Growth for Customers, Shareholders and Employees GLOBAL CONNECTED SUSTAINABLE DIGITAL REALTY | INVESTOR PRESENTATION | MAY 2019 | 5
Slide 6: Supporting Our Customers' Growth
Supporting Our Customers’ Growth Full Spectrum of Data Center Solutions Across a Global Platform 215 14 36 34+ DATA CENTERS (1) COUNTRIES (1) METROPOLITAN AREAS (1) MILLION RENTABLE SQ. FT. (1)(2) INTERCONNECTION COLOCATION SCALE HYPER-SCALE Note: Data as of March 31, 2019 unless otherwise noted. 1)
Slide 7: Meeting Our Customers' Growing Data Center Needs
Meeting Our Customers’ Growing Data Center Needs Aligning Go-to-Market with Customer Buying Behavior Our Customers Aligning our Go-to-Market strategy with our customers’ unique needs and the way they buy Global, Diverse Customer Base Customer-Centric Alignment 2,000+ Comprehensive Global Global Ente
Slide 8: Aligning Core Competencies with Customers
Aligning Core Competencies with Customers Global Real Estate Reach, Complementary Product Mix Our Core Competencies Capitalizing on our competitive advantages that include large scale campuses, network-dense interconnection hubs and diversified product offering on a global basis REAL ESTATE EXPANSIV
Slide 9: Introduction to Data Centers
Introduction to Data Centers DATA CENTER 101 DIGITAL REALTY | INVESTOR PRESENTATION | MAY 2019 | 9
Slide 10: What is a Data Center?
Data Center 101 What is a Data Center? 1 Building Shell 2 Electrical Systems Data Center Layout 3 HVAC / Mechanical Systems Building Shell 4 Building Fit-Out / Site Work Data Centers HVAC Data centers are designed to Electrical Utility Service ( Not Shown in Image) house servers and network Mechanic
Slide 11: What Goes into Building a Data Center?
Data Center 101 What Goes into Building a Data Center? 1 BUILDING SHELL 2 ELECTRICAL SYSTEMS Data Center Cost Distribution • Building Shell Building • Generator • Raised Floor Shell • Batteries 22% • Power Distribution Unit (PDU) Electrical • Uninterruptible Power Supplies Systems (UPS) 40% 3 HVAC /
Slide 12: Focused Pursuit: Comprehensive Customer-Focused Product Suite
Focused Pursuit Comprehensive Customer-Focused Product Suite Flexible solutions meeting customers’ needs in space, colo and interconnection through one provider SCALE COLOCATION CONNECTIVITY Solution to scale from a medium Enabling small (one cabinet) to Connecting customers & partners 300+ kW to ve
Slide 13: Interconnection: What is a Cross-Connect?
Interconnection What is a Cross-Connect? INTERCONNECTION CONTENT NETWORK CONNECTING PARTNERS AND NETWORKS A cross-connect is a physical layer network connection between two parties. The cross-connect is enabled by the installation of patch cord(s) between ports of the respective parties’ interconnec
Slide 14: Customers' Desired IT End State
Home to the Hybrid Multi-Cloud Solution Customers’ Desired IT End State The majority of companies deploy some form of hybrid cloud solution to run and manage their IT needs PRIVATE PUBLIC CLOUD SOLUTIONS CLOUD SOLUTIONS Single organization, Service providers, dedicated environment many customers 3%
Slide 15: Next Generation Drivers: The Second Wave of Cloud
Next Generation Drivers The Second Wave of Cloud ARTIFICIAL INTELLIGENCE MARKET FORECAST (1) INTERNET OF THINGS (IoT) MARKET FORECAST (2) $90 (IoT Units Installed in millions) ($ in billions) $71 20,415 45% $53 34% CAGR (‘16 - ‘25) $38 CAGR (‘16 - ‘20) $26 11,197 8,381 $17 $11 6,382 $5 $7 $3 2016 20
Slide 16: Hyper-Scale Cloud CapEx vs. Revenue Growth
Multi-Billion-Dollar Businesses Growing at Healthy Double-Digits Reports of Cloud CapEx Demise Greatly Exaggerated Hyper-Scale Cloud CapEx vs. Revenue Growth Cloud Revenue Growth (4) 60% 1Q19 4Q18 Public Cloud YoY Revenue Growth(1) 45% 48% 45% $9.6 Bn(3) $7.7 Bn (3) 45% Forward 30% Sale Agreements P
Slide 17: Global Platform
Global Platform GROWING WORLD-WIDE DEMAND FROM A DIVERSIFIED CUSTOMER BASE DIGITAL REALTY | INVESTOR PRESENTATION | MAY 2019 | 17
Slide 18: Covering the Waterfront
Covering the Waterfront Over 200 Data Centers across more than 30 Metro Areas Seattle Minneapolis / St. Paul Portland Toronto Boston New York Metro San Francisco Silicon Valley Denver Chicago Northern Los Angeles Virginia Tokyo Phoenix Charlotte Manchester Osaka Amsterdam Dallas Atlanta Austin Dubli
Slide 19: High-Quality, Diversified Customer Base
High-Quality, Diversified Customer Base Numerous Customers with Multiple Locations Across the Portfolio TOP 20 CUSTOMERS CUSTOMER TYPE (% by ABR) (1) Customer Rank Locations % of ABR(1) Customer Rank Locations % of ABR(1) Fortune 500 1 19 7.2% 11 8 1.9% Network SaaS Provider 18% Fortune 50 2 18 6.6%
Slide 20: Global Service Infrastructure Platform
Global Service Infrastructure Platform Deliver Basic Services, Enable Partners Digital Realty is Focused on Providing the Real Estate Foundation to Enable Customers & Partners to Service Thousands of Their Customers Focused on Real Estate Foundation Funnel Approach Towards Customers CLOUD SERVICES T
Slide 21: Enabling Customers and Partners
Enabling Customers and Partners Strategic Alliances Bearing Fruit Strategic alliance for network-enabled colocation services AT&T will continue to resell Digital Realty colocation capacity AT&T AT&T Colocation Services Network-Enabled Network from Digital Realty Colocation Services • Global connecti
Slide 22: Connected Campus Strategy
Connected Campus Strategy SOLVING FOR THE COMPLETE DEPLOYMENT; LAND AND EXPAND DIGITAL REALTY | INVESTOR PRESENTATION | MAY 2019 | 22
Slide 23: Multi-Tiered Cloud Architectures
Multi-Tiered Cloud Architectures Solving for the Complete Deployment; Land and Expand Connected Campus Network Access Nodes Higher COLO • High network requirements to efficiently distribute and aggregate Performance traffic • Applications: network connectivity, network peering and WAN optimization •
Slide 24: The Connected Campus: Digital Ashburn
The Connected Campus Digital Ashburn 70% 70% of the world’s web traffic flows through Loudoun County (1) 424 MW Digital Realty has over 424 MW of capacity on our existing Northern Virginia campuses… 670 acres 370 …in addition to 670 W holdings acres of land that will support the build-out of another
Slide 25: Density at Scale and at Hubs
Density at Scale and at Hubs Expand, Tether, and Densify Data Center Campuses CHICAGO CAMPUS NEW YORK CAMPUS DALLAS CAMPUS LONDON CAMPUS 350 E. CERMAK 111 8th AVENUE 2323 BRYAN STREET SOVEREIGN HOUSE Connect@Scale suites, Connect@Scale suites, Connect@Scale suites, Connect@Scale suites, Powered Base
Slide 26: Digital Realty is the Edge
Digital Realty is the Edge Network Density That Promotes Innovation and Collaboration 12 CITIES 79k 1,600+ 10 ASSETS CROSS-CONNECTS NETWORK INSTANCES Globally Where Our GLOBALLY With Over 2,000 GLOBALLY Internet Gateways Cross-Connects Each Are Located 50,000+ Cross-Connects and 630+ Networks: 111 8
Slide 27: Diversifying Product Offerings
Diversifying Product Offerings Facilitating Secure Connections to Multiple Service Providers 16 METRO AREAS Private Access to ACROSS SaaS Applications NORTH AMERICA AND EMEA A software-defined network (SDN) that allows a customer to establish direct, private connections to multiple cloud service pro
Slide 28: Attractive Growth Prospects
Attractive Growth Prospects ORGANIC GROWTH COMBINED WITH LEASE-UP OPPORTUNITY DIGITAL REALTY | INVESTOR PRESENTATION | MAY 2019 | 28
Slide 29: High Utilization Provides Downside Protection
High Utilization Provides Downside Protection Significant Customer Investment Drives Stable Retention Historical Retention on Rentable Square Feet (1) Trailing Twelve-Month Tenant Retention Long-Term Historical Average $15 – $30 100% million approximate cost of a new 1.125 MW data center deployment(
Slide 30: Data Center Migration Projected Costs
Data Center Migration Projected Costs Assumptions: 1.5 – 2 yrs • 1 MW / 10K Ft2 data center with 2,000 devices • Hyperconverged: 100% new hardware, factory built cabinets with compute, storage and networking 1 - 1.5 yrs • Hybrid: Build new network, replace 33%-50% of the existing hardware, migra
Slide 31: Evenly-Staggered Lease Expiration Schedule
Evenly-Staggered Lease Expiration Schedule Consistent, Modest Roll-Over Exposure in Any One Year % of Lease Expirations by Annualized Base Rent (1) Scale Colocation 30% 2% - 4% Annual cash rental rate increases (2) 20% 18.1% 14.2% 12.4% 11.5% 10.4% 10% 9.7% 7.6% 6.2% 5.1% 5.3 years Weighted avg. 2.6
Slide 32: Uninterrupted Growth throughout the Cycle
Uninterrupted Growth throughout the Cycle Cyclical Agnostic Performance Compares Favorably Thirteen Consecutive Years of Positive Growth Financial Crisis 2006 – 2019E FFO / 500 Share CAGR(1) 400 DLR: 11.4% 300 PSA: 9.0% SPG: 6.6% 200 AVB: 6.3% BXP: 3.5% EQR: 3.2% 100 KIM: (3.1%) 0 2006 2007 2008 200
Slide 33: Committed to a Secure and Growing Dividend
Committed to a Secure and Growing Dividend Fourteen Consecutive Years of Dividend Increases (2) Cash Dividend / Common Share AFFO Payout Ratio $4.32 $4.04 $3.32 $3.40 $3.52 $3.72 4% $3.12 DIVIDEND $2.92 YIELD(1) $2.72 $2.02 $1.47 $1.00 $1.08 $1.17 $1.26 11% CAGR 93% 95% 84% 84% 86% (2005 – 2019E) 78
Slide 34: Exceptional Risk-Adjusted Growth Track Record
Exceptional Risk-Adjusted Growth Track Record Strong Growth, Moderate Volatility Consistently Delivered Healthy Growth in FFO and Dividends per Share 13-Year FFO / Share Risk-Adjusted Growth(1) 13-Year Dividend / Share Risk-Adjusted Growth(2) 30.0% 30.0% Median REIT Median REIT 20.0% 20.0% Above-ave
Slide 35: Graham's Golden Rules
Graham’s Golden Rules Defensive Requirements for the Intelligent Investor (1) 1 Adequate Size of the Enterprise $38 Bn ENTERPRISE VALUE (2) 2 Sufficiently Strong Financial Condition BBB / Baa2 / BBB INVESTMENT GRADE BALANCE SHEET 3 Earnings Stability GFC + GROWTH IN CORE FFO / SH EACH AND EVERY YEAR
Slide 36: Delivering Superior Risk-Adjusted Returns
Delivering Superior Risk-Adjusted Returns Investing Opportunistically to Expand the Global Platform LONG-TERM VALUE CREATION PRE-LEASING (%) 2017 2018 LEASE TERM (Years) 2017 2018 CREDIT QUALITY (% Investment Grade)(1) 2017 2018 SPREAD OVER COST OF CAPITAL Longer Lease Term SPREAD OVER COST OF CAPIT
Slide 37: Prudent Capital Allocation
Prudent Capital Allocation DISCIPLINED INVESTMENT CRITERIA GUIDED BY RETURN ON INVESTED CAPITAL DIGITAL REALTY | INVESTOR PRESENTATION | MAY 2019 | 37
Slide 38: Stringent Acquisition Criteria
Stringent Acquisition Criteria Market Fundamentals, Accessibility, Stability and Risk 2010 2012 2015 2016 2017 2018 365 Main Sentrum European DuPont Fabros Portfolio Portfolio Telx Acquisition Portfolio Technology Ascenty Five assets in the Western Three assets in London 20 assets in 13 metro Eight
Slide 39: Stringent Acquisition Criteria: Key Elements of Underwriting
Stringent Acquisition Criteria Market Fundamentals, Accessibility, Stability and Risk KEY ELEMENTS OF INVESTMENT UNDERWRITING Market Fundamentals Accessibility / Business-Friendly / Internet Proximity Stable Locations ▪ Core metro areas / major ▪ Access to fiber ▪ Accommodative local utility central
Slide 40: Conservative Financial Strategy
Conservative Financial Strategy COMMITTED TO MAINTAINING A FLEXIBLE BALANCE SHEET DIGITAL REALTY | INVESTOR PRESENTATION | MAY 2019 | 40
Slide 41: Prudent Financial Management
Prudent Financial Management Positioning for Growth INVESTMENT GRADE BALANCE SHEET Consistently maintain balance sheet positioned for new investment opportunities ORGANIC GROWTH Focus on driving higher same-capital cash NOI growth RISK-ADJUSTED RETURNS Earn higher risk-adjusted returns on our tradit
Slide 42: Industry Leading Sustainability Track Record
Industry Leading Sustainability Track Record and Commitment to Energy Efficiency Award-winning Management and Track record of data center organizational sustainable Industry-leading designs and Thought leadership commitment to project clean energy third-party and innovation in sustainability investm
Slide 43: Credit Metrics Compare Favorably To Blue Chip REITs
Credit Metrics Compare Favorably To Blue Chip REITs Committed to a Conservative Capital Structure Net Debt / LQA Adjusted EBITDA(1) Net Debt + Preferred / LQA Adjusted EBITDA(1) 8x 8x 7.2x 6.6x 6.5x 6.2x 6.0x 5.6x 5.5x 6x 5.5x 5.5x 5.3x 5.3x 6x 5.4x 4.6x 4.6x 4.4x 4.3x 4.4x 4.3x 4x 4x 2x 2x -- -- BX
Slide 44: Recent Results
Recent Results FIRST QUARTER 2019 HIGHLIGHTS Note: The slides in this section were originally posted to the Company's website on April 25, 2019 and have not been updated to reflect changes occurring after that date. DIGITAL REALTY | INVESTOR PRESENTATION | MAY 2019 | 44
Slide 45: Expanding Global Platform
Expanding Global Platform Supporting Customer Growth Tokyo Chile Chile Singapore 3 Global Expansions Securing our supply chain to support customer growth 12 Acres 80+ MW of Land of Potential IT Capacity Singapore Tokyo DIGITAL REALTY | INVESTOR PRESENTATION | MAY 2019 | 45
Slide 46: Socially Responsible Investing
Socially Responsible Investing Delivering Sustainable Growth for Stakeholders 2012 2013 2014 2015 2016 2017 2018 2019 • Implemented majority • Approved new long-term • Board refreshment: • Provided stockholders the voting standards for incentive plan tied to relative Mr. Mohebbi and ability to amend
Slide 47: Firm Fundamentals: Robust Demand, Rational Supply
Firm Fundamentals Robust Demand, Rational Supply NORTH AMERICA EMEA APAC 2,150 2,557 1,250 817 896 1,014 1Q18 1Q19 1Q18 1Q19 1Q18 1Q19 MEGAWATTS COMMISSIONED(1)(2) MEGAWATTS COMMISSIONED(1)(2) MEGAWATTS COMMISSIONED(1)(2) 91% 89% 89% 84% 90% 90% DIGITAL DIGITAL REGION DIGITAL REGION REGION REALTY RE
Slide 48: Supportive Economic Growth Outlook
Supportive Economic Growth Outlook Levered to Long-Term Secular Demand Drivers 4Q18 CALL CURRENT Better/ February 4, 2019 April 19, 2019 Worse 2019E 2020E Global GDP Growth Forecast (1) 2019E: 3.5% 2019E: 3.3% q 3.3% 3.6% MACROECONOMIC U.S. GDP Growth Forecast (1) 2019E: 2.5% 2019E: 2.3% q 2.3% 1.9%
Slide 49: Sunny Forecast for Cloud Growth
Sunny Forecast for Cloud Growth Global Interconnected Platform Poised to Capitalize >50% $250 Billion 32% 58% of public cloud compute revenue milestone surpassed by cloud vendors in 2018(1) growth in cloud operator of enterprise cloud and storage services users and vendor revenues users employ a hyb
Slide 50: Financial Results
Financial Results DIGITAL REALTY | INVESTOR PRESENTATION | MAY 2019 | 50
Slide 51: Lumpy But Healthy: Historical Bookings
Lumpy But Healthy Comprehensive Solutions Support Diverse Customer Base HISTORICAL BOOKINGS ANNUALIZED GAAP BASE RENT(1)(2) $ in millions Space & Power Interconnection $100 $75 $50 $25 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q19 BOOKINGS BY PRODUCT(1)(2) $29.0 mm $4.9 mm $8.1 mm $
Slide 52: Diversified Global Demand
Diversified Global Demand Toronto Frankfurt Toronto Chile Brazil Singapore 5 of Top 10 49% Chile Frankfurt Metro Areas Outside the U.S. of Total 1Q19 (Annualized GAAP Signings) Signings 25+ Metro Areas Signed in 1Q19 Singapore Brazil DIGITAL REALTY | INVESTOR PRESENTATION | MAY 2019 | 52
Slide 53: Diversified Customer Base
Diversified Customer Base 1Q19 Signings by Vertical Financial Content 5% Cloud 8% Service Provider Enterprise 33% 9% Autonomous Driving Network 14% IT Services 31% 43 New Logos Digital Wearable Payments Healthcare DIGITAL REALTY | INVESTOR PRESENTATION | MAY 2019 | 53
Slide 54: Top-Line Step Function: Healthy Backlog
Top-Line Step Function Healthy Backlog Sets a Solid Foundation BACKLOG ROLL-FORWARD COMMENCEMENT TIMING $ in millions $ in millions DLR Backlog Ascenty Backlog DLR Backlog Ascenty Backlog $8 $7 $34 $45 $7 $5 $57 $14 $59 $59 $5 $38 $97 $85 $85 $75 4Q18 Backlog Signings Commencements 1Q19 Backlog 2019
Slide 55: Holistic Approach to Customer Relationship Management
Holistic Approach to Customer Relationship Management Leveraging Multiple Touch Points to Maximize Relationship Value 1Q19 RE-LEASING SPREADS As Reported TURN-KEY FLEX® POWERED BASE BUILDING® COLOCATION TOTAL RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE -5.9% -12.6% 2.
Slide 56: Constant-Currency Growth
Constant-Currency Growth FX Represents ~ 100 bps Drag on Reported Results As Reported Constant-Currency Including Ascenty 10.7% 9.4% 7.6% 6.9% 6.3% 6.0% -1.5% -2.5% 1Q18 / 1Q19 1Q18 / 1Q19 Adj. 1Q18 / 1Q19 1Q18 / 1Q19 Core FFO Revenue Growth EBITDA Growth(1) Stabilized Cash NOI per share Growth (1)
Slide 57: Putting Exposure in Perspective
Putting Exposure in Perspective Benefits of Scale and Diversification on Display EXPOSURE BY REVENUE 2019 CORE FFO/SHARE EXPOSURE USD CAD GBP EURO JPY HKD SGD AUD 0.6% BENCHMARK 1% 9% RATES 4% +/- 100 bps 82% 0% Midpoint of 0.3% 0.1% Guidance 0% $6.60 – $6.70(1) GBP EUR +/- 10% +/- 10% 4% 1% EXCHANG
Slide 58: Four Quarter Two-Step
Four Quarter Two-Step Beat, Dip, Shuffle, Bounce 2019E CORE FFO PER SHARE 1Q19 NOI Growth Brookfield JV Tax Benefit Forward Equity 2Q19 Lease 3Q19 4Q19 Funding Settlement Commencements Note: Based on management estimates; actual performance may differ materially. Core FFO and NOI are non-GAAP financ
Slide 59: Prudently Financed Transaction Enhances Credit Stats
Prudently Financed Transaction Enhances Credit Stats Reflecting a Full-Quarter Contribution (1) (2) Net Debt to Adjusted EBITDA Fixed Charge Coverage Ratio 5.5x 0.4x 5.1x 4.1x 3.6x 0.5x 11% 0% Floating Rate Floating Rate Debt Debt(4)(5) 1Q19 Pro Forma for 1Q19 (4)(5) 1Q19 Pro Forma for 1Q19 (4)(5) R
Slide 60: Matching the Duration of Assets and Liabilities
Matching the Duration of Assets and Liabilities Clear Runway on the Left, No Bar Too Tall on the Right DEBT PROFILE DEBT MATURITY SCHEDULE AS OF MARCH 31, 2019(1)(2) (USD in billions) Unsecured 99% 6 YEARS 3.4 % Unsecured Secured Weighted Avg. Weighted Avg. Maturity(1)(2) Coupon(1) Fixed $2.4 89% Fi
Slide 61: Consistent Execution on Strategic Vision
Consistent Execution on Strategic Vision Delivering Current Results, Seeding Future Growth SUCCESSFUL FIRST QUARTER 2019 INITIATIVES 80+ MW 1. Extending our Global Footprint of Potential Entered Chile, Acquired Strategic APAC Land Holdings IT Capacity 2. Delivering Sustainable Growth for All Stakeho
Slide 62: Appendix
Appendix DIGITAL REALTY | INVESTOR PRESENTATION | MAY 2019 | 62
Slide 63: Robust Long-Term Demand, Lumpy Near-Term Signings
Robust Long-Term Demand, Lumpy Near-Term Signings Diverse Customer Base + Product Offerings HISTORICAL BOOKINGS TRAILING FOUR-QUARTER AVERAGE ANNUALIZED GAAP BASE RENT(1)(2) $ in millions Space & Power Interconnection $80 $60 $40 $20 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q19 TRA
Slide 64: Management Statements on Non-GAAP Measures
Appendix Management Statements on Non-GAAP Measures The information included in this presentation contains certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures
Slide 65: Management Statements on Non-GAAP Measures
Appendix Management Statements on Non-GAAP Measures EBITDA and Adjusted EBITDA: We believe that earnings before interest, loss from early extinguishment of debt, income taxes, depreciation and amortization, and impairment of investments in real estate, or EBITDA, and Adjusted EBITDA (as defined belo
Slide 66: Management Statements on Non-GAAP Measures
Appendix Management Statements on Non-GAAP Measures The information included in this presentation contains forward-looking statements. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such forward-looking statements includ
Slide 67: Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent
Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO) (in thousands, except per share and unit data) (unaudited) Three Months Ended March 31, 2019 Marc
Slide 68: Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent
Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Digital Realty Trust, Inc. and Subsidiaries Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Same Capital Cash Net Operating Income Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO) (in th
Slide 69: Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent
Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Net Debt/LQA Adjusted EBITDA Total Debt/Total Enterprise Value QE 03/31/19 Total debt at balance sheet carrying value $ 10,279,656 (i ) Market value of common equity $ 25,904,824 Add: DLR share of unconsolidated joint venture debt 267
Slide 70: Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent
Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent QE 03/31/19 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) GAAP interest expense plus capitalized interest 112,449 Scheduled debt principal payments 153 Preferred dividends 20,943 Total fixed charges 133,545 Fixed charg
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