Digital Realty Trust, Inc. · NYSE:DLR
Digital Realty Trust — Investor Presentation (February 2019)
70 slides from Digital Realty Trust's investor presentation, February 2019
Slide 1: Investor Presentation February 2019
Global. Connected. Sustainable. INVESTOR PRESENTATION FEBRUARY 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 | FEBRUARY 2019 | 3
Slide 4: Digital Realty at a Glance
Digital Realty at a Glance (NYSE: DLR) DIGITAL REALTY Leading Global 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 214Realty Digital Digital Realty Overview
Slide 5: The Next Horizon: Three-Year Guideposts
The Next Horizon Three-Year Guideposts OUR FOCUS SUPERIOR RETURNS CAPITAL ALLOCATION 1 Deliver superior risk-adjusted 2 Prudently allocate capital to opportunistically Our philosophy is to deliver superior total returns extend global campus footprint returns by capitalizing on our core competencies
Slide 6: Subsequent Events
Subsequent Events Expanding Global Platform, Extending Balance Sheet Leadership 12 yrs. 6.93% 7.35% €1.1 Billion 14th consecutive Green Euro “five nines” of uptime Series H Preferred common stock dividend bond issuance redemption increase announced 5.875% 80 MW 50 MW 6 Metros Internet exchange Senio
Slide 7: Supporting Our Customers' Growth
Supporting Our Customers’ Growth Full Spectrum of Data Center Solutions Across a Global Platform 214 13 35 34+ DATA CENTERS (1) COUNTRIES (1) METROPOLITAN AREAS (1) MILLION RENTABLE SQ. FT. (1)(2) INTERCONNECTION COLOCATION SCALE HYPER-SCALE Note: Data as of December 31, 2018 unless otherwise noted.
Slide 8: 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 2,300+ Comprehensive Global Global Ente
Slide 9: 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 10: Introduction to Data Centers
Introduction to Data Centers DATA CENTER 101 DIGITAL REALTY | INVESTOR PRESENTATION | FEBRUARY 2019 | 10
Slide 11: 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 12: 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 13: 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 14: 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 15: Home to the Hybrid Multi-Cloud Solution
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 4%
Slide 16: 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 45% $53 34% 20,415 CAGR (‘16 - ‘25) $38 CAGR (‘16 - ‘20) $26 11,197 8,381 $17 $11 6,382 $5 $7 $3 2016 20
Slide 17: The Expanding Digital Universe
The Expanding Digital Universe Inside the Data Growth Explosion EXPLOSIVE GROWTH IN DATA (1,2,3) DATA CREATED PER MINUTE (4,5) By 2020, an estimated 1.7 MB of data will be created for every person on earth per second 3.0x 25% >90% Data center Of all data was Growth in data traffic CAGR created in th
Slide 18: Multi-Billion-Dollar Cloud Businesses Growing at Double-Digits
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% 3Q18 4Q18 Public Cloud YoY Revenue Growth (1) 45% $9 Bn(3) 48% $7.4 Bn(3) 46% 47% $6.5 Bn (3) 45% Forward Sale Ag
Slide 19: Hyperscale Data Centers Poised for Significant Growth
Hyperscale Data Centers Poised for Significant Growth HYPERSCALE DOMINATING DRIVING HYPERSCALE DATA AND BOLSTERING LEASING DEMAND CENTER IMPORTANCE HYPERSCALE CAPEX VS. DATA CENTER LEASING (2) MAJOR CLOUD PROVIDERS TODAY 2021 (1) 120 800 1. Of all data center servers 700 100 Hyperscale Capex ($B) Da
Slide 20: Global Platform
Global Platform GROWING WORLD-WIDE DEMAND FROM A DIVERSIFIED CUSTOMER BASE DIGITAL REALTY | INVESTOR PRESENTATION | FEBRUARY 2019 | 20
Slide 21: 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 22: 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 18 6.8% 11 8 1.9% Network SaaS Provider 19% 2 28 6.4% 12 59 1.8%
Slide 23: 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 24: 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 25: Connected Campus Strategy
Connected Campus Strategy SOLVING FOR THE COMPLETE DEPLOYMENT; LAND AND EXPAND DIGITAL REALTY | INVESTOR PRESENTATION | FEBRUARY 2019 | 25
Slide 26: 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 27: The Connected Campus: Digital Ashburn
The Connected Campus Digital Ashburn 70% 70% of the world’s web traffic flows through Loudoun County (1) 404 MW Digital Realty has over 404 MW of capacity on our existing Northern Virginia campuses… 664 acres 370 …in addition to 664 W holdings acres of land that will support the build-out of another
Slide 28: 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 29: Digital Realty is the Edge
Digital Realty is the Edge Network Density That Promotes Innovation and Collaboration 12 CITIES 78k 1600+ 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 8t
Slide 30: 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 60 A software-defined network (SDN) that allows a customer to establish direct, private connections to $71 Bn SaaS Market (1)
Slide 31: Attractive Growth Prospects
Attractive Growth Prospects ORGANIC GROWTH COMBINED WITH LEASE-UP OPPORTUNITY DIGITAL REALTY | INVESTOR PRESENTATION | FEBRUARY 2019 | 31
Slide 32: Tenant Retention and Migration Costs
Committed to a Secure and Growing Dividend Fourteen Consecutive Years of Dividend Increases Historical Retention on Rentable Square Feet (1) Trailing Twelve-Month Tenant Retention Long-Term Historical Average $15 – $30 million 100% approximate cost of a new 1.125 MW data center deployment(2) 90% 80%
Slide 33: 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 34: 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 40% 2% - 4% Annual cash rental rate increases (2) 30% 21.9% 20% 13.0% 12.1% 4.6 years 11.8% 10% 9.6% 7.3% 7.8% 6.2% 5.3% Weighted avg.
Slide 35: 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: 8.8% SPG: 6.6% 200 AVB: 6.3% BXP: 3.5% EQR: 3.1% 100 KIM: (3.1%) 0 2006 2007 2008 200
Slide 36: Committed to a Secure and Growing Dividend
Committed to a Secure and Growing Dividend Fourteen Consecutive Years of Dividend Increases $4.32 (2) Cash Dividend / Common Share AFFO Payout Ratio 4% $4.04 $3.72 $3.52 $3.32 $3.40 $3.12 DIVIDEND $2.92 YIELD(1) $2.72 $2.02 11% $1.47 $1.17 $1.26 $1.00 $1.08 CAGR 93% 95% 84% 84% 86% (2005 – 2019E) 78
Slide 37: 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 38: Graham's Golden Rules
Graham’s Golden Rules Defensive Requirements for the Intelligent Investor (1) 1 Adequate Size of the Enterprise $35 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 39: 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) 2017 2018 SPREAD OVER COST OF CAPITAL Longer Lease Term SPREAD OVER COST OF CAPITAL
Slide 40: Prudent Capital Allocation
Prudent Capital Allocation DISCIPLINED INVESTMENT CRITERIA GUIDED BY RETURN ON INVESTED CAPITAL DIGITAL REALTY | INVESTOR PRESENTATION | FEBRUARY 2019 | 40
Slide 41: 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 42: Stringent Acquisition Criteria: Key Underwriting Elements
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 43: Conservative Financial Strategy
Conservative Financial Strategy COMMITTED TO MAINTAINING A FLEXIBLE BALANCE SHEET DIGITAL REALTY | INVESTOR PRESENTATION | FEBRUARY 2019 | 43
Slide 44: 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 45: 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 46: 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 7.5x 6.8x 6.6x 6.4x 6.3x 6.2x 5.6x 6x 5.6x 5.5x 6x 5.3x 5.2x 5.2x 4.9x 4.6x 4.2x 4.2x 4.1x 4.1x 4x 4x 2x 2x -- -- BX
Slide 47: Recent Results
Recent Results FOURTH QUARTER 2018 HIGHLIGHTS Note: The slides in this section were originally posted to the Company's website on February 5, 2019 and have not been updated to reflect changes occurring after that date. DIGITAL REALTY | INVESTOR PRESENTATION | FEBRUARY 2019 | 47
Slide 48: Navigating the Future
Navigating the Future Sustainable Growth for Customers, Shareholders & Employees GLOBAL CONNECTED SUSTAINABLE DIGITAL REALTY | INVESTOR PRESENTATION | FEBRUARY 2019 | 48
Slide 49: Navigating the Future: Ascenty and Latin America
Navigating the Future Sustainable Growth for Customers, Shareholders & Employees Leading Position in Unparalleled Expertise Rapidly Growing to Execute in Latin American Region Latin America Leading data center provider in Latin 8th America, providing a full spectrum of offerings, including colocatio
Slide 50: Industry-Leading Sustainability Track Record
Industry-Leading Sustainability Track Record and Commitment to Energy Efficiency Received Nareit’s Earned EPA ENERGY Enrolled in new Issued first data 2018 data center STAR® certification solar energy center green “Leader in the for superior energy program to source Euro bond (1) Light” award perfor
Slide 51: Firm Fundamentals: Robust Demand, Rational Supply
Firm Fundamentals Robust Demand, Rational Supply NORTH AMERICA EMEA APAC 2,410 1,128 882 2,043 990 772 4Q17 4Q18 4Q17 4Q18 4Q17 4Q18 MEGAWATTS COMMISSIONED(1)(2) MEGAWATTS COMMISSIONED(1)(2) MEGAWATTS COMMISSIONED(1)(2) 91% 89% 90% 88% 90% 92% DIGITAL DIGITAL REGION DIGITAL REGION REALTY REGION REAL
Slide 52: Supportive Economic Growth Outlook
Supportive Economic Growth Outlook Levered to Long-Term Secular Demand Drivers 3Q18 CALL CURRENT Better/ October 15, 2018 February 4, 2019 Worse 2019E 2020E Global GDP Growth Forecast (1) 2019E: 3.7% 2019E: 3.5% 3.5% 3.6% MACROECONOMIC U.S. GDP Growth Forecast (1) 2019E: 2.5% 2019E: 2.5% 2.5% 1
Slide 53: Financial Results
Financial Results DIGITAL REALTY | INVESTOR PRESENTATION | FEBRUARY 2019 | 53
Slide 54: 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 4Q18 BOOKINGS BY PRODUCT(1)(2) $22.0 mm $4.6 mm $10.0 mm $0.5
Slide 55: 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 3Q18 Backlog Signings Commencements 4Q18 Backlog Current Period Backlog Total Backlog $37 $88 $5 $4 $148 $97 $97 $88 3Q18 Backlog Sign Commence 4Q18 Backlog 2019 2020 2
Slide 56: Cycling Through Peak Vintage Renewals
Cycling Through Peak Vintage Renewals Gradually Improving Mark-to-Market RE-LEASING SPREADS FOURTH QUARTER 2018 FULL YEAR 2018 Rental Rate Change Rental Rate Change -2.6 % +0.3 CASH % CASH +3.2 GAAP % +4.5 GAAP % Signed renewal leases Signed renewal leases representing representing $138 million $330
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 1.0% BENCHMARK 1% 9% RATES 4% +/- 100 bps 82% 0% Midpoint of 0.5% 0.4% Guidance 0% $6.60 – $6.70(1) GBP EUR +/- 10% +/- 10% 3% 1% EXCHANG
Slide 58: Consistent Execution, Sustainable Growth
Consistent Execution, Sustainable Growth High Quality of Earnings with Proven Growth Profile +8.4% OPERATING REVENUE ADJUSTED EBITDA(1) +6.4% Year-Over-Year Growth +7.5% Year-Over-Year Growth Core FFO/sh 4Q18 / 4Q17 4Q18 / 4Q17 4Q18 / 4Q17 +7.4% $ in millions $ in millions $755 $769 $778 $731 $744 C
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 6.2x 4.8x 1.2x 0.8x 5.0x 4.0x 26% 9% Floating Rate Floating Rate Debt Debt(4)(5) 4Q18 Pro Forma for 4Q18 (4)(5) 4Q18 Pro Forma for 4Q18 (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 DECEMBER 31, 2018(1)(2) (USD in billions) 94% Unsecured 6 YEARS 3.7 % Unsecured Secured Weighted Avg. Weighted Avg. $3.2 Maturity(1)(2) Coupon(1) 74% Fixed
Slide 61: Matching the Duration of Assets and Liabilities (Pro Forma)
Matching the Duration of Assets and Liabilities Clear Runway on the Left, No Bar Too Tall on the Right (2) DEBT PROFILE PRO FORMA DEBT MATURITY SCHEDULE(1)(2)(3) (USD in billions) 96% Unsecured 6 YEARS 3.6 % Unsecured Secured Weighted Avg. Weighted Avg. Maturity(1)(3) Coupon(1) 91% Fixed Fixed Float
Slide 62: Consistent Execution on Strategic Vision
Consistent Execution on Strategic Vision Delivering Current Results, Seeding Future Growth SUCCESSFUL 2018 INITIATIVES 1. Deepening Connections with Customers $268 mm 2018 Total Bookings Delivered record bookings in 2018, a 35% year-over-year increase 2. Extending Sustainability Leadership +90 MW Ex
Slide 63: Appendix
Appendix DIGITAL REALTY | INVESTOR PRESENTATION | FEBRUARY 2019 | 63
Slide 64: 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 4Q18 TRAILING
Slide 65: 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 66: 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 67: Forward-Looking Statements
Appendix Forward-Looking Statements 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 include statements rel
Slide 68: Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent
Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Funds from operations (1) Q418 Q318 Q218 Q118 FY 2018 Q417 FY 2017 Net income (loss) available to common stockholders $ 31,230 $ 67,268 $ 65,134 $ 86,298 $ 249,930 $ 53,306 $ 173,149 Noncontrolling interests in operating partership 1,
Slide 69: Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent
Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Cash interest expense and fixed charges Q418 Q318 Q218 Q118 FY 2018 Q417 FY 2017 Total GAAP interest expense (including discontinued operations) $ 84,883 $ 80,851 $ 78,810 $ 76,985 $ 321,529 $ 73,989 $ 258,642 Bridge facility fees - -
Slide 70: 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 Net Debt/LQA Adjusted EBTDA – As Adjusted QE 12/31/2018 QE 12/31/2018 Net Debt as of December 31, 2018 $ 11,517,315 Total debt at balance sheet carrying value $ 11,101,479 Less: Expected Brookfield equity
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