Digital Realty Trust, Inc. · NYSE:DLR
Digital Realty Trust — Investor Presentation (March 2020)
69 slides from Digital Realty Trust's investor presentation, March 2020
Slide 1: Global. Connected. Sustainable.
Global. Connected. Sustainable. INVESTOR PRESENTATION MARCH 2020 Digital Realty the trusted foundation | powering your digital ambitions This document is not an offer to sell or solicitation to buy securities of Digital Realty Trust, Inc. or InterXionHolding N.V. Any offers to sell or solicitations
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 | 3
Slide 4: Global provider from enterprise colocation to hyperscale
GLOBAL provider dedicated to the full customer spectrum from ENTERPRISE colocation to HYPERSCALE GLOBAL 267 ~145k CUSTOMER BASE DATA CENTERS (1) TOTAL CROSS CONNECTS(2) 2,000+ 2,000+ Digital Realty Interxion ~80k ~55k ~10k CUSTOMERS CUSTOMERS Digital Realty Interxion Westin Exchange INTERCONNECTION
Slide 5: Navigating the Future
Navigating the Future Sustainable Growth for Customers, Shareholders and Employees GLOBAL CONNECTED SUSTAINABLE DIGITAL REALTY | 5
Slide 6: Serving a Social Purpose
Serving a Social Purpose Delivering Sustainable Growth for All Stakeholders ENVIRONMENTAL SOCIAL GOVERNANCE €1.4 Billion Committed to enhancing the well- Euro-Denominated being of our stockholders, Enhanced Board of Green Bonds Issued in Directors diversity by January 2020 customers, employees, vend
Slide 7: Our Strategy
OUR STRATEGY Become the only GLOBAL provider dedicated to the full customer spectrum from ENTERPRISE to HYPERSCALE WHY WHY WHY GLOBAL? ENTERPRISE? HYPERSCALE? Rapidly growing globalization of Largest addressable market Fastest growing addressable market businesses and consumers(1) Robust value-add c
Slide 8: Strategic Combination with Enhanced Presence in Major European Metro Areas
Strategic Combination with Enhanced Presence in Major European Metro Areas Key Updates January February March April May DLR and INXN shareholder meetings held on Regulatory Review Period February 27, 2020 March 9th Initial Expiration of Exchange Offer Clearance received from antitrust authorities in
Slide 9: Leading Interconnection Hub Extends PlatformDIGITAL
Leading Interconnection Hub Extends PlatformDIGITAL™ Reach from Pacific Northwest to Canada, Alaska and APAC Premier Internet Gateway Network Dense Pacific Northwest Hub 150+ Carriers 6 th 10 Most Interconnected Facility in North America(1) 10,000+ Access to Subsea Cable Routes to Asia, Australia an
Slide 10: Where are You Focused? Customer Use Cases
Where are You Focused? Customer Use Cases DIGITAL REALTY | 10
Slide 11: PlatformDIGITAL Solution Model
PlatformDIGITAL™ Solution Model Solve data gravity challenges and scales digital business by implementing the PlatformDIGITAL™ Solution Model: 1 NETWORK HUB: consolidates and localizes traffic into ingress/egress points to optimize network performance and cost 2 CONTROL HUB: hosts adjacent Security
Slide 12: PlatformDIGITAL Robust Recognition by Customers & Industry Analysts
PlatformDIGITAL™ Robust Recognition by Customers & Industry Analysts Global Data Center Leader Market Report (1) “PlatformDIGITAL puts DLR in a position as a much more strategic partner to enterprises” Eric Hanselman Chief Analyst Research Report “Deploying Data Hubs will be an essential strategy to
Slide 13: Global Data Center Platform to Host Critical Infrastructure and Interconnect Digital Ecosystems
Global Data Center Platform to Host Critical Infrastructure and Interconnect Digital Ecosystems Enabling Enterprises to Simplify Their Fit for Purpose Infrastructure Expanding Communities of Interest ~50% ~50% Largely Connected Network-Dense, Campuses(1) Performance Sensitive Data Centers(1) Adding
Slide 14: Introduction to Data Centers
Introduction to Data Centers DATA CENTER 101 DIGITAL REALTY | 14
Slide 15: Data Center 101: 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 Mechanica
Slide 16: 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 25% • Power Distribution Unit (PDU) Electrical • Uninterruptible Power Supplies Systems (UPS) 40% HVAC / M
Slide 17: 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 18: 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 19: 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 20: 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 21: Global Platform
Global Platform GROWING WORLD-WIDE DEMAND FROM A DIVERSIFIED CUSTOMER BASE DIGITAL REALTY | 21
Slide 22: Covering the Waterfront
Covering the Waterfront Over 260 Data Centers across more than 40 Metro Areas Seattle Minneapolis / St. Paul Portland Toronto Boston New York Metro San Francisco Silicon Valley Chicago Northern Stockholm Seoul Los Angeles Virginia Tokyo Phoenix Charlotte Copenhagen Osaka Dallas Atlanta Manchester Au
Slide 23: 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) Information Fortune 50 Network Technology 1 19 8.0% 11 25 1.6% Software Comp
Slide 24: 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 25: Connected Campus Strategy
Connected Campus Strategy SOLVING FOR THE COMPLETE DEPLOYMENT; LAND AND EXPAND DIGITAL REALTY | 25
Slide 26: Connected Campus: 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) 400+ MW Digital Realty has over 400 MW of capacity on our existing Northern Virginia campuses… 672 acres 370 …in addition to 672 W holdings acres of land that will support the build-out of anothe
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 81k 1,600+ 16 ASSETS CROSS-CONNECTS NETWORK INSTANCES Globally Where Our GLOBALLY With Over 1,000 GLOBALLY Internet Gateways Cross-Connects Each Are Located 50,000+ Cross-Connects and 600+ Networks: 111 8
Slide 30: Diversifying Product Offerings
Diversifying Product Offerings Facilitating Secure Connections to Multiple Service Providers METRO AREAS ACROSS NORTH AMERICA, EMEA & APAC 16 + 5 CURRENT ROADMAP A software-defined network (SDN) that allows a customer to establish direct, private connections to multiple cloud service providers, othe
Slide 31: Attractive Growth Prospects
Attractive Growth Prospects ORGANIC GROWTH COMBINED WITH LEASE-UP OPPORTUNITY DIGITAL REALTY | 31
Slide 32: High Utilization Provides Downside Protection
High Utilization Provides Downside Protection Significant Customer Investment Drives Stable Retention Historical Retention on Rentable Square Feet (1) (2) 100.0% $15 – $30 million 90.0% approximate cost of a new 1.125 MW data center deployment (2) 80.0% 70.0% $15 – $20 million 60.0% approximate cost
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) 20.0% Scale Colocation 2% - 4% Annual cash rental rate increases (2) 15.6% 15.9% 14.2% 15.0% 11.1% 9.8% 9.5% 10.0% 9.0% 5.0% 5.9% 5.2 years 3.1% Weighte
Slide 35: Committed to a Secure and Growing Dividend
Committed to a Secure and Growing Dividend Fourteen Consecutive Years of Dividend Increases (1) Cash Dividend / Common Share AFFO Payout Ratio $4.32 $4.04 $3.32 $3.40 $3.52 $3.72 3.6% DIVIDEND $3.12 $2.92 YIELD (3) $2.72 $2.02 $1.47 $1.00 $1.08 $1.17 $1.26 11.0% CAGR (2005 – 2019) 93% 95% 86% (2) 78
Slide 36: 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 14-Year FFO / Share Risk-Adjusted Growth (1) 14-Year Dividend / Share Risk-Adjusted Growth (2) 30.0% 30.0% Median REIT Median REIT 20.0% 20.0% Above-a
Slide 37: Graham's Golden Rules
Graham’s Golden Rules Defensive Requirements for the Intelligent Investor (1) 1 Adequate Size of the Enterprise $49 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 38: Prudent Capital Allocation
Prudent Capital Allocation DISCIPLINED INVESTMENT CRITERIA GUIDED BY RETURN ON INVESTED CAPITAL DIGITAL REALTY | 38
Slide 39: Stringent Acquisition Criteria
Stringent Acquisition Criteria Never Putting Balance Sheet at Risk Through Strategic M&A 2012 2015 2016 2017 2018 2019 Sentrum European DuPont Fabros Portfolio Telx Acquisition Portfolio Technology Ascenty Interxion(1) Three assets in London 20 assets in 13 metro Eight assets in Europe 12 assets and
Slide 40: Stringent Acquisition Criteria: Market Fundamentals, Accessibility, Stability and Risk
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 41: Conservative Financial Strategy
Conservative Financial Strategy COMMITTED TO MAINTAINING A FLEXIBLE BALANCE SHEET DIGITAL REALTY | 41
Slide 42: 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 43: Industry Leading Sustainability
Industry Leading Sustainability Track Record and Commitment to Leading Practices Management and Award-Winning Thought Leadership Track Record of Industry-Leading Organizational Data Center Designs and Innovation in Sustainable Project Clean Energy Commitment to and Third-Party Energy Efficiency Inve
Slide 44: 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 6.6x 6.4x 8x 7.2x 5.6x 5.5x 6.5x (4) 6x 5.1x 5.0x (4) 5.8x 5.8x 5.6x 4.6x 6x 5.2x 4.2x 3.9x 4.6x 4x 4.2x 4.0x 4x 2x 2x
Slide 45: Financial Results
Financial Results Note: The slides in this section were originally posted to the Company's website on February 13, 2020 and have not been updated to reflect changes occurring after that date. DIGITAL REALTY | 45
Slide 46: Four Quarters of Consecutive Growth in New Signings
Four Quarters of Consecutive Growth in New Signings HISTORICAL BOOKINGS ANNUALIZED GAAP BASE RENT(1)(2) $ in millions Space & Power Interconnection #1 $100 ##2 2 #3 $75 $50 $25 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 4Q19 BOOKINGS BY PRODUCT(1)(2) $52.6 mm $0.6 mm $8.0 mm $1.0 mm $
Slide 47: Attracting New Logos
Social Media Communities of Interest Applications Attracting New Logos 215 New Logos in 2019 Highest year on record Advertising & Marketing $7mm Interconnection Signings AI-Powered Tech for Pathology Research $14mm Signings in APAC DIGITAL REALTY | 47
Slide 48: Top-Line Step Function: Healthy Backlog
Top-Line Step Function Healthy Backlog Sets a Solid Foundation BACKLOG ROLL-FORWARD(1) COMMENCEMENT TIMING(2) $ in millions $ in millions Digital Realty Backlog Unconsolidated Joint Venture Backlog Digital Realty Backlog Unconsolidated Joint Venture Backlog $5 $6 $38 $57 $2 $8 $26 $26 $16 $28 $18 $9
Slide 49: Cycling Through Peak Vintage Renewals
Cycling Through Peak Vintage Renewals Gradually Improving Mark-to-Market RE-LEASING SPREADS FOURTH QUARTER 2019 FULL YEAR 2019 Rental Rate Change Rental Rate Change -0.6 % -1.3 CASH % CASH +4.2 GAAP % +4.4 GAAP % Signed renewal leases Signed renewal leases representing representing $117 million $510
Slide 50: Successfully Managed Largest Expiration Year Ever
Successfully Managed Largest Expiration Year Ever with Moderate Expirations Going Forward LEASING EXPIRATIONS (% Annualized Rent) 22.5% 15.6% 15.9% 14.2% 9.8% 8.2% 2019 (1) 2020 2021 2022 2023 Thereafter (2) Note: As of December 31, 2019. Excludes month-to-month leases. 1) As of September 30, 2018.
Slide 51: Putting Exposure in Perspective
Putting Exposure in Perspective Benefits of Scale and Diversification on Display EXPOSURE BY REVENUE(1) CORE FFO/SHARE EXPOSURE(2) USD CAD GBP EURO JPY HKD SGD AUD LATAM 1% 9% 3% 0.3% 76% 2% 2019 0.2% 0.1% $6.65 / Sh BENCHMARK EUR 0% RATES +/- 10% GBP +/- 100 bps 2% 4% +/- 10% 1% EXCHANGE RATES(3) U
Slide 52: Prudently Financed Transaction Enhances Credit Profile
Prudently Financed Transaction Enhances Credit Profile Reflecting a Full-Quarter Contribution (1) (2) Net Debt to Adjusted EBITDA Fixed Charge Coverage Ratio 5.7x 4.6x 0.7x 5.0x 4.1x 0.5x 7% 0% Floating Rate Floating Rate Debt Debt(3) 4Q19 Pro Forma for Forward 4Q19 4Q19 Pro Forma for Forward 4Q19 R
Slide 53: 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 MATURITY SCHEDULE AS OF DECEMBER 31, 2019(1)(2) DEBT PROFILE (U.S. $ in billions) Unsecured 99% Secured 6.5 Weighted Avg. YEARS 2.9 % Weighted Avg. Unsecured Maturity(1)(2) Coupon(1) Fixed 93%
Slide 54: Consistent Execution on Strategic Vision
Consistent Execution on Strategic Vision Delivering Current Results, Seeding Future Growth SUCCESSFUL 2019 INITIATIVES 1. Expanding Global Platform 8 New Entered Chile and South Korea, agreements with Interxion and Adani to expand in Europe, explore India Countries 2. Recycling Capital $1.4 Bn Sold
Slide 55: Appendix
Appendix fi DIGITAL REALTY | 55
Slide 56: 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 4Q19 TRA
Slide 57: Firm Fundamentals: Robust Demand, Rational Supply
Firm Fundamentals Robust Demand, Rational Supply NORTH AMERICA EMEA APAC 2,915 1,272 2,410 1,128 882 987 4Q18 4Q19 4Q18 4Q19 4Q18 4Q19 MEGAWATTS COMMISSIONED(1)(2) MEGAWATTS COMMISSIONED(1)(2) MEGAWATTS COMMISSIONED(1)(2) 91% 86% 90% 81% 90% 88% DIGITAL DIGITAL REGION DIGITAL REGION REGION REALTY RE
Slide 58: Supportive Economic Growth Outlook
Supportive Economic Growth Outlook Levered to Long-Term Secular Demand Drivers 3Q19 CALL CURRENT Better/ October 29, 2019 February 10, 2020 Worse 2020E 2021E Global GDP Growth Forecast (1) 2020E: 3.4% 2020E: 3.3% q 3.3% 3.4% MACROECONOMIC U.S. GDP Growth Forecast (1) 2020E: 2.4% 2020E: 2.0% q 2.0% 1
Slide 59: Private Capital Initiative with Mapletree
Private Capital Initiative with Mapletree Note: The slides in this section were originally posted to the Company's website on September 16, 2019 and have not been updated to reflect changes occurring after that date. DIGITAL REALTY | 59
Slide 60: Transaction Overview
Transaction Overview Digital Realty Advances Private Capital Initiative with Mapletree Transaction and • Entered into definitive agreements with affiliates of Mapletree Investments Pte Ltd and Mapletree Industrial Trust Timing Overview for the sale of a portfolio of 10 Powered Base Building® data ce
Slide 61: Core Joint Venture Summary
Core Joint Venture Summary Three Turn-Key Flex Data Centers in Northern Virginia TRANSACTION SUMMARY PORTFOLIO SUMMARY 3 Turn-Key Flex® Data Centers 704k 100% Net Rentable Occupancy Square Feet $1,013mm $61mm Location NRSF(3) As of June 30, 2019 ABR(4) Occupancy Total Valuation 2020E Cash NOI(1) 1 A
Slide 62: Portfolio Sale Summary
Portfolio Sale Summary 10 Powered Base Buildings Across North America TRANSACTION SUMMARY PORTFOLIO SUMMARY 10 Powered Base Building® Data Centers 1.4mm 100% Net Rentable Occupancy Square Feet As of June 30, 2019 Location NRSF(3) ABR(4) Occupancy 1 Aurora, CO 285,840 $7mm 100% 2 Lithia Springs, GA 2
Slide 63: Anticipated Financial Impact
Anticipated Financial Impact Strengthening Balance Sheet and Expanding Private Capital Access Net Debt to Adjusted EBITDA (1) Annualized Near-Term Core FFO/Sh Impact 6.1x ($0.40) ($0.30) 0.6x 0.5x 5.0x +$0.10 $1.1Bn $1.4Bn ~75% Forward Sale Pro Forma Equity Proceeds(3) AFFO Payout Ratio(6) 2Q19 Pro
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, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measur
Slide 66: Forward-Looking Statements
Appendix Forward-Looking Statements This information in this presentation contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes an
Slide 67: Additional Information and Where to Find It
Appendix Additional Information and Where to Find It On December 6, 2019, Digital Realty Trust, Inc. (“DLR”) filed a Registration Statement on Form S-4 in connection with the transactions contemplated by the Purchase Agreement, which included a proxy statement/prospectus. This communication is for i
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 Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO) Digital Realty Trust, Inc. and Subsidiaries (in thousands, except per share and unit data) Reconc
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 QE 12/31/19 QE 12/31/19 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) Total debt at balance sheet carrying value $ 10,122,448 Add: DLR share of unconsolidated joint venture debt 591,177 GAA
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