Digital Realty Trust, Inc. · NYSE:DLR
Digital Realty Trust — Investor Presentation (November 2019)
67 slides from Digital Realty Trust's investor presentation, Nov 8, 2019
Slide 1: Global. Connected. Sustainable.
Global. Connected. Sustainable. INVESTOR PRESENTATION NOVEMBER 2019 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 InterXion Holding N.V. Any offers to sell or solicitati
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 | NOVEMBER 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 211Realty 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 | NOVEMBER 2019 | 5
Slide 6: Supporting Our Customers’ Growth
Supporting Our Customers’ Growth Full Spectrum of Data Center Solutions Across a Global Platform 211 14 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 September 30, 2019 unless otherwise noted
Slide 7: 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 8: Introduction to Data Centers
Introduction to Data Centers DATA CENTER 101 DIGITAL REALTY | INVESTOR PRESENTATION | NOVEMBER 2019 | 8
Slide 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: Reports of Cloud CapEx Demise Greatly Exaggerated
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) 3Q19 2Q19 60% Public Cloud YoY Revenue Growth (1) $11.6 Bn(3) 45% $6.4 Bn(3) 40% $9.0 Bn(3) Forward Sale Agreements P
Slide 16: Global Platform
Global Platform GROWING WORLD-WIDE DEMAND FROM A DIVERSIFIED CUSTOMER BASE DIGITAL REALTY | INVESTOR PRESENTATION | NOVEMBER 2019 | 16
Slide 17: 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 Seoul Los Angeles Virginia Tokyo Phoenix Charlotte Manchester Osaka Amsterdam Dallas Atlanta Austin
Slide 18: 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 50 Network 1 19 7.8% 11 16 1.6% 17% Software Company Financial 2 18
Slide 19: 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 20: 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 21: Connected Campus Strategy
Connected Campus Strategy SOLVING FOR THE COMPLETE DEPLOYMENT; LAND AND EXPAND DIGITAL REALTY | INVESTOR PRESENTATION | NOVEMBER 2019 | 21
Slide 22: 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 23: 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 24: 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 25: Digital Realty is the Edge
Digital Realty is the Edge Network Density That Promotes Innovation and Collaboration 12 CITIES +80k 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
Slide 26: 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 27: Attractive Growth Prospects
Attractive Growth Prospects ORGANIC GROWTH COMBINED WITH LEASE-UP OPPORTUNITY DIGITAL REALTY | INVESTOR PRESENTATION | NOVEMBER 2019 | 27
Slide 28: 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 29: 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 30: 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% 20% 16.5% 14.3% 10% 7.1% 13.1% 9.4% 9.6% 8.5% 12.1% 5.3 years 5.3% Weighted avg.
Slide 31: Uninterrupted Growth throughout the Cycle
Uninterrupted Growth throughout the Cycle Cyclical Agnostic Performance Compares Favorably Twelve Consecutive Years of Positive Growth Financial Crisis 2006 – 2018 FFO / 500 Share CAGR (1) DLR: 12.4% 400 300 PSA: 9.4% SPG: 7.0% 200 AVB: 6.3% EQR: 3.1% BXP: 3.0% 100 KIM: (3.4%) 0 2006 2007 2008 2009
Slide 32: 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% DIVIDEND $3.12 $2.92 YIELD (3) $2.72 $2.02 $1.47 $1.00 $1.08 $1.17 $1.26 11% CAGR 93% 95% 84% 84% 86% (2) (2005 – 2019
Slide 33: 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-a
Slide 34: Graham’s Golden Rules
Graham’s Golden Rules Defensive Requirements for the Intelligent Investor (1) 1 Adequate Size of the Enterprise $40 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 35: 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 CAPI
Slide 36: Prudent Capital Allocation
Prudent Capital Allocation DISCIPLINED INVESTMENT CRITERIA GUIDED BY RETURN ON INVESTED CAPITAL DIGITAL REALTY | INVESTOR PRESENTATION | NOVEMBER 2019 | 36
Slide 37: Stringent Acquisition Criteria
Stringent Acquisition Criteria Market Fundamentals, Accessibility, Stability and Risk 2012 2015 2016 2017 2018 2019 Sentrum European DuPont Fabros Portfolio Telx Acquisition Portfolio Technology Ascenty Interxion Three assets in London 20 assets in 13 metro Eight assets in Europe 12 assets and six E
Slide 38: 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 39: Conservative Financial Strategy
Conservative Financial Strategy COMMITTED TO MAINTAINING A FLEXIBLE BALANCE SHEET DIGITAL REALTY | INVESTOR PRESENTATION | NOVEMBER 2019 | 39
Slide 40: 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 41: 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 42: 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 7.4x 6.6x 6.5x 6.6x 5.8x 5.8x 6.1x 5.8x (4) 6x 5.2x 5.0x(4) 6x 5.6x 5.2x 4.7x 4.4x 4.7x 4.4x 4.0x 4.0x 4x 4x 2x 2x
Slide 43: Financial Results
Financial Results Note: The slides in this section were originally posted to the Company's website on October 29, 2019 and have not been updated to reflect changes occurring after that date. DIGITAL REALTY | INVESTOR PRESENTATION | NOVEMBER 2019 | 43
Slide 44: 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 #1 $100 #2 #3 $75 $50 $25 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 3Q19 BOOKINGS BY PRODUCT(1)(2) $52.7 mm $0.1 mm
Slide 45: Attracting New Logos
Social Media Communities of Interest Applications Attracting New Logos 64 New Logos All-Time High Biotechnology $8mm Interconnection Signings Big Data & Analytics Global Base EMEA and APAC-based Customers Joining our Global Platform DIGITAL REALTY | INVESTOR PRESENTATION | NOVEMBER 2019 | 45
Slide 46: 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 $9 $15 $52 $72 $36 $8 $28 $11 $28 $13 $91
Slide 47: Holistic Approach to Customer Relationship Management
Holistic Approach to Customer Relationship Management Leveraging Multiple Touch Points to Maximize Relationship Value 3Q19 RE-LEASING SPREADS TURN-KEY FLEX® POWERED BASE BUILDING® COLOCATION TOTAL (1) RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE 11.1% 3.0% 1.9% 7.2% CA
Slide 48: Constant-Currency Growth
Constant-Currency Growth FX Represents ~ 75 bps Drag on Reported Results As Reported Constant-Currency 5.7% 4.9% 4.6% 3.5% 3.3% 2.4% (3.0%) (3.7%) 3Q18 / 3Q19 3Q18 / 3Q19 Adjusted 3Q18 / 3Q19 Stabilized 3Q18 / 3Q19 Core Revenue Growth EBITDA Growth (1) Cash NOI Growth (1) FFO per Share Growth (1) No
Slide 49: 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% 8% 4% 0.1% 80% 0% Midpoint of Guidance 0.1% 0.0% 0% $6.55 – $6.65(1) GBP EUR +/- 10% +/- 10% BENCHMARK 4% RATES 1% +/- 100 bps EXCHANG
Slide 50: Four Quarter Two-Step: 2019E Core FFO per Share
Four Quarter Two-Step Beat, Dip, Shuffle, Bounce 2019E CORE FFO PER SHARE Joint Venture Portfolio Sale 1Q19 2Q19 3Q19 NOI Growth 4Q19 Mapletree 4Q19 Financings Transactions Note: Based on management estimates; actual performance may differ materially. Core FFO and NOI are non-GAAP financial measures
Slide 51: 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 6.1x 1.1x 4.4x 5.0x 4.3x 0.1x 18% 4% Floating Rate Floating Rate Debt Debt(3) 3Q19 Pro Forma for Forward 3Q19 3Q19 Pro Forma for Forward 3Q19
Slide 52: 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 SEPTEMBER 30, 2019(1)(2) DEBT PROFILE (U.S. $ in billions) Unsecured 99% Unsecured Secured 6.1Weighted Avg. YEARS $3.3 3.2 % Weighted Avg. Maturity(1)(2) Coupon(1) Fixe
Slide 53: Appendix
Appendix DIGITAL REALTY | INVESTOR PRESENTATION | NOVEMBER 2019 | 53
Slide 54: 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 $80 Space & Power Interconnection $60 $40 $20 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 3Q19 TRA
Slide 55: 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 | INVESTOR PRESENTATION | NOVEMBER 2019 | 55
Slide 56: Transaction Overview: Private Capital Initiative with Mapletree
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 57: 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 58: 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 59: 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 60: Additional Information
Appendix Additional Information Additional Information and Where to Find It This communication is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any proxy, vote or approval with respect to the proposed
Slide 61: Note Regarding Forward-Looking Statements
Appendix Additional Information Note Regarding Forward-Looking Statements The information included in this presentation contains forward looking statements. Such forward-looking statements include statements relating to: the satisfaction of closing conditions and completion of the proposed transacti
Slide 62: 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 63: 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 64: 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 Net Income Available to Common Stockholders to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjus
Slide 65: Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent
Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Total Debt/Total Enterprise Value Market value of common equity (i) $ 28,263,171 Net Debt/LQA Adjusted EBITDA Liquidation value of preferred equity (ii) 1,111,250 QE 09/30/19 Total debt at balance sheet carrying value 10,924,035 Total
Slide 66: Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent
Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Digital Realty Net Debt/LQA Adjusted EBITDA QE 09/30/19 QE 09/30/19 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) Total debt at balance sheet carrying value $ 10,924,035 Add: DLR share of unconsolidated joint venture d
Slide 67: Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent
Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Digital Realty Total Debt/Total Enterprise Value Market value of common equity(i) $ 28,800,957 Liquidation value of preferred equity(ii) 1,111,250 Non-OP noncontrolling interests 41,251 Total debt at balance sheet carrying value 10,92
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