Digital Realty Trust, Inc. · NYSE:DLR
Digital Realty Trust — Investor Presentation (September 2022)
65 slides from Digital Realty Trust's investor presentation, September 2022
Slide 1: Investor Presentation September 2022
Global. Connected. Sustainable. INVESTOR PRESENTATION September 2022 Digital Realty the trusted foundation | powering your digital ambitions
Slide 2: Business Highlights
Business Highlights 1 Digital Realty Overview Introduction 2 Accelerating Digital Economy PlatformDIGITAL® powers innovation 3 Connected Campus Strategy Solving for the complete deployment; land and expand 4 Prudent Capital Allocation Disciplined investment criteria guided by return on invested capi
Slide 3: Digital Realty Overview
Digital Realty Overview INTRODUCTION DIGITAL REALTY | 3
Slide 4: Global provider dedicated to the full customer spectrum
GLOBAL provider dedicated to the full customer spectrum from ENTERPRISE colocation to HYPERSCALE 4,000+ 300+ 185,000+ GLOBAL CUSTOMERS DATA CENTERS (1) CROSS CONNECTS INTERCONNECTION COLOCATION SCALE HYPERSCALE EQUITY & ENTERPRISE VALUE TOP 10 PUBLICLY TRADED U.S. REIT INVESTMENT GRADE RATINGS (5) B
Slide 5: Consistent Execution: Significant Progress Against Strategic Priorities
Consistent Execution Significant Progress Against Strategic Priorities 1 Interxion Integration 2 PlatformDIGITAL® & Go-To-Market 3 Product Innovation As of June 30, 2022 4 5 6 METROS (1) BOOKINGS 53 +17 $663mm 12% Scaling Operations Global Capital Total Since 2019 LTM Bookings of Revenue NEW LOGOS &
Slide 6: Covering the Waterfront: 300+ Data Centers Across 50+ Metro Areas
Covering the Waterfront 300+ Data Centers Across 50+ Metro Areas Stockholm Seattle Portland Minneapolis / Toronto Copenhagen St. Paul Boston San Francisco New York Metro Amsterdam Silicon Valley Brussels Düsseldorf Chicago Dublin Northern London Seoul Virginia Frankfurt Tokyo Zurich Vienna Los Angel
Slide 7: Sustainability Focus and Performance
Sustainability Focus and Performance Delivering Sustainable Growth for All Stakeholders ENVIRONMENTAL SOCIAL GOVERNANCE 2021 ESG Report Appointed Mary Hogan Preusse as Funded philanthropic organizations to Chairman of the Board, which support Ukrainian refugees, those Published fourth annual ESG Rep
Slide 8: PlatformDIGITAL Designed for an Accelerating Digital Economy
PlatformDIGITAL® Designed for an Accelerating Digital Economy ENABLING ENTERPRISES TO HARNESS DATA GROWTH DIGITAL REALTY | 8
Slide 9: The World is Becoming More Digital
The World is Becoming More Digital Data Growth is Accelerating Consumers Governments Enterprises Wellbeing Operations Workforce Industry Lifelong Ecosystems Work Learning Entertainment Health Governance Shopping Housing Future Trust Intelligence Society Digital Digital Economy Travel Smart Innovatio
Slide 10: Data Gravity Driving Data Center Demand
Data Gravity Driving Data Center Demand Seoul PlatformDIGITAL® Poised to Capitalize Data Gravity CAGR (1) Frankfurt 152% Data Gravity CAGR (1) New York 144% Data Gravity CAGR (1) 132% Singapore Zurich Data Gravity Data Gravity CAGR (1) London CAGR (1) 200% Data Gravity 135% Mumbai CAGR (1) Data Grav
Slide 11: Digital Economy and Digital Transformation Driving Data Center Demand
Digital Economy and Digital Transformation Driving Data Center Demand Growing and emerging demand drivers that have further accelerated over the past year are driving the need for digital infrastructure globally Digital Economy & Transformation Accelerated Digital Trends Digital Infrastructure Deman
Slide 12: PlatformDIGITAL 2.0
PlatformDIGITAL®2.0 Customer Use Case Tailored Solutions Any-To-Any Interconnection Self-Service Enterprise Experience Capacity DIGITAL REALTY | 12
Slide 13: Connected Campus Strategy
Connected Campus Strategy SOLVING FOR THE COMPLETE DEPLOYMENT: LAND AND EXPAND DIGITAL REALTY | 13
Slide 14: 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 Connectivity traffic • Applications: network connectivity, network peering and WAN optimization
Slide 15: The Connected Campus: Digital Ashburn
The Connected Campus Digital Ashburn 70% 70% of the world’s web traffic flows through Loudoun County (1) 500+ MW existing capacities on our Northern Virginia campuses… 580+ acres 370 …in addition to 587 W holdings acres of land that will support the build-out of another 1000+ MW As of June 30, 2022.
Slide 16: 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 FRANKFURT CAMPUS 350 E. CERMAK 111 8th AVENUE 2323 BRYAN STREET Hanauer Landstrabe Connect@Scale suites, Connect@Scale suites, Connect@Scale suites, Connect@Scale suites, Powere
Slide 17: Digital Realty Is the Edge
Digital Realty Is the Edge Network Density that Promotes Innovation and Collaboration 24CITIES 185K 2,900+ 47 ASSETS Globally Where Our CROSS-CONNECTS NETWORK INSTANCES With Over 1,000 Internet Gateways Cross-Connects GLOBALLY GLOBALLY Are Located Each New York Seattle Atlanta Chicago 111 8th Ave. W
Slide 18: Diversifying Product Offerings: ServiceFabric
Diversifying Product Offerings ServiceFabric™ Removes Complexity from Enterprise Hybrid IT Environments Partners Customers Developers INTERFACE SERVICEFABRIC LAYERS APIs1 Portal ORCHESTRATION LAYER Removes complexity from multi-use case enterprise hybrid IT solutions Enables customers to connect INT
Slide 19: ServiceFabric CONNECT Use Cases
ServiceFabric™ CONNECT Use Cases Multi-Cloud Connectivity and Beyond Connectivity to Redundant Inter-metro/ ecosystems in Disaster Service-chain Multi-Cloud Cloud Inter-region 3rd party Recovery Multiple Connectivity Connectivity Connectivity facilities Set-up Services One port to many Connectivity
Slide 20: ServiceFabric CONNECT Available in 30+ Global Metros
ServiceFabric™ CONNECT Available in 30+ Global Metros upon Launch North America EMEA APAC Available in 14 Metros across 25 sites* Available in 13 Metros across 30 sites* Available in 4 Metros across 6 sites* Regional 10G / 100G native ServiceFabric™ ports • 10G / 100G native ServiceFabric™ ports • 1
Slide 21: Prudent Capital Allocation
Prudent Capital Allocation DISCIPLINED INVESTMENT CRITERIA GUIDED BY RETURN ON INVESTED CAPITAL DIGITAL REALTY | 21
Slide 22: Stringent Acquisition Criteria: Prudently Financing Strategic M&A
Stringent Acquisition Criteria Prudently Financing Strategic M&A 2012 2015 2016 2017 2018 2019 2022 European Sentrum Telx Portfolio DuPont Fabros Ascenty Interxion Teraco Portfolio Acquisition Three assets in 20 assets in 13 metro Eight assets in Europe 12 assets and six Eight assets and six 54 asse
Slide 23: 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 24: Digital Core REIT
Digital Core REIT Listed on Singapore Stock Exchange, Sponsored and Managed by Digital Realty Rationale for Digital Realty Investors Externally-managed, perpetual capital partner for stabilized, core assets Perpetual capital source Seeded with 10 North American data centers totaling 1.2 millio
Slide 25: Conservative Financial Strategy
Conservative Financial Strategy FLEXIBLE, INVESTMENT GRADE BALANCE SHEET SUPPORTED THROUGH MULTIPLE FUNDING SOURCES DIGITAL REALTY | 25
Slide 26: Prudent Financial Management Positioning for Growth
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 Leverage our full product suite and global foot
Slide 27: Proven Track Record of Sustainable Growth
Proven Track Record of Sustainable Growth Disciplined Financial Management 2018 2Q22 Better/ Worse Change Properties / Data Centers (1) 214 304 42% Total Enterprise Value (2) $35.5 billion $52.8 billion 49% SIZE & DIVERSIFICATION RMZ Rank 5th 8th (3) -3 places IG-equivalent AAA-rated Fortune 5
Slide 28: Consistent Access to Capital
Consistent Access to Capital Portfolio Growth Financed by Match-Funding Access to Capital in Multiple Currencies Enables Digital Realty to Match-Fund across its Global Portfolio FULL MENU OF $27 BILLION OF EQUITY WELL-KNOWN, SEASONED ISSUER CAPITAL OPTIONS RAISED SINCE 2009 (1) ACROSS MULTIPLE CURRE
Slide 29: Committed to Conservative Capital Structure
Committed to Conservative Capital Structure Growing Enterprise Value While Maintaining Target Credit Metrics CREDIT METRICS CAPITAL STRUCTURE Net Debt (1) / LQA Adjusted EBITDA (2) Fixed Charge Coverage (2)(3) 27% Debt 6.1x 6.0x 6.2x 5.6x 5.6x 5.7x 5.9x 5.8x 5.8x 5.9x 5.7x 5.7x 5.4x 5.4x 5.1x 5.2x 5
Slide 30: 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) 7.6x 7.6x 6.0x 6.4x 6.1x 6.0x 5.9x 5.8x 5.8x 5.9x 5.2x 5.0x 5.2x 5.0x 4.6x 4.3x 4.7x 4.3x BXP KIM SPG FRT PEAK AVB EQR PLD
Slide 31: Committed to a Secure and Growing Dividend
Committed to a Secure and Growing Dividend Seventeen Consecutive Years of Dividend Increases (1) Cash Dividend /Common Share AFFO Payout Ratio $4.88 3.8% $4.64 $4.48 $4.32 $4.04 $3.72 $3.52 DIVIDEND YIELD (3) $3.32 $3.40 $3.12 $2.92 $2.72 $2.02 $1.00 $1.08 $1.17 $1.26 $1.47 10.5% CAGR (2) (2005 – 20
Slide 32: Financial Results
Financial Results 2Q22 FINANCIAL RESULTS Note: Certain data in this section was originally posted to the Company's website on July 28, 2022 and has not been updated to reflect changes occurring after that date. DIGITAL REALTY | 32
Slide 33: High-Quality, Diversified Customer Base
High-Quality, Diversified Customer Base Numerous Customers with Multiple Locations Across the Portfolio TOP 20 CUSTOMERS Customer Rank Locations % of ARR (1) Customer Rank Locations % of ARR (1) Fortune 50 Fortune 25 Tech 1. Software Company 62 10.0% 11. Company 45 1.8% 2. 39 3.9% 12. 15 1.8% Social
Slide 34: Attracting New Logos
IT Service Financial Services Connected Data Communities Provider Attracting New Logos 108 new logos $47 million Game Developer Life Sciences total 2Q bookings from 0-1 MW + Interconnection 53% of 0-1 MW + Interconnection bookings were outside the Americas Note: For quarter ended June 30, 2022. DIGI
Slide 35: Top-Line Step Function: Record Commencements with Healthy Backlog
Top-Line Step Function Record Commencements with Healthy Remaining Backlog 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 $13M $11M $90M $136M $40M $4
Slide 36: 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) 20.9% >1 MW 0-1 MW 2% - 4% Annual cash rental rate 20% increases(2) with a growing number linked to CPI 15% 11.3% 10.4% 10.4% 10% 4.8 years 8.8% 7.7% 6.
Slide 37: Improving Pricing Environment
Improving Pricing Environment Positive Re-Leasing Spreads Across Product Types and Regions 2Q22 RE-LEASING SPREADS 0-1 MW > 1 MW OTHER (1) TOTAL RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE 3.0% 1.1% 17.0% 3.4% CASH CASH CASH CASH 3.5% 8.7% 28.2% 5.3% GAAP GAAP GAAP GA
Slide 38: High Utilization Provides Downside Protection
High Utilization Provides Downside Protection Significant Customer Investment Drives Stable Retention Historical Retention on Rentable Square Feet (1)(2) Trailing Twelve-Month Tenant Retention Long-Term Historical Average $15 - $30 100% million 95% approximate cost of a new 1.125 MW data center depl
Slide 39: Economic Risk Mitigation Strategies
Economic Risk Mitigation Strategies Local Market Operating, Financing, and Development EXPOSURE BY REVENUE (1) CORE FFO/SHARE EXPOSURE (2) 57% 22% 7% 6% 2% 1% 1% <1% <1% <1% <1% <1% <1% USD EURO SGD GBP JPY AUD CHF CAD SEK DKK HKD KES HRK < 1% 2.0% <1% < 1% 6% <1% 0.90% < 0.1% 1% 22% 2% 2022 57% $6.
Slide 40: Constant-Currency Analysis
Constant-Currency Analysis Double-Digit Top-Line Growth As Reported Constant-Currency 11.6% 10.0% 8.8% 6.9% 7.2% 6.1% 4.1% 4.2% (1.5%) (5.5%) FY22E / FY21 2Q22 / 2Q21 2Q22 / 2Q21 Stabilized FY22E / FY21 Core FFO per Share Revenue Growth (1) Cash NOI Growth (2) Revenue Growth (3) Growth (3) Note: Con
Slide 41: 2022 Quarterly Cadence
2022 Quarterly Cadence Backlog Supportive Though OPEX Timing and FX Weigh 2022E CORE FFO PER SHARE 1Q22 2Q22 NOI OPEX, Interest, FX 3Q22 4Q22 Growth and Teraco Note: Based on management estimates; actual performance may differ materially. Core FFO and NOI are non-GAAP financial measures. For descrip
Slide 42: Committed to Conservative Capital Structure
Committed to Conservative Capital Structure Maximizing Menu Options, Minimizing Cost Net Debt to Adjusted EBITDA (1) Fixed Charge Coverage Ratio (2) 6.2x 6.2x 5.8x 6.0x 0.2x 6.2x (0.4x) 12% 6% Floating Rate Floating Rate Debt Debt (3) 2Q22 Pro Forma 2Q22 2Q22 Pro Forma 2Q22 Reported Adjustments (3)
Slide 43: Matching the Duration of Assets and Liabilities
Matching the Duration of Assets and Liabilities Modest Near-Term Maturities, Well-Laddered Debt Schedule DEBT MATURITY SCHEDULE AS OF June 30, 2022 (1)(2) DEBT PROFILE (U.S. $ in billions) 99% Unsecured 5.8 2.2 % Unsecured Secured YEARS Weighted Avg. Weighted Avg. Maturity (1)(2) Coupon (1) 88% $2.0
Slide 44: Digital Transformation Driving Steady Demand
Digital Transformation Driving Steady Demand Global Full-Product Spectrum Provides Broadest Solutions HISTORICAL BOOKINGS ANNUALIZED GAAP BASE RENT $ in millions Space & Power Interconnection $150 $100 $50 $0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2Q22 BOOKINGS 0-1 MW > 1 MW OTH
Slide 45: Consistent Execution on Strategic Vision
Consistent Execution on Strategic Vision Delivering Current Results, Seeding Future Growth SUCCESSFUL 2Q22 INITIATIVES 1. Strengthening Connections with Customers Booked $113 million of new business and landed 108 new logos 2. Enhancing our Global Platform Announced our entries into Israel and Barce
Slide 46: Appendix
Appendix DIGITAL REALTY | 46
Slide 47: Digital Transformation Driving Steady Demand
Digital Transformation Driving Steady Demand Global Full-Product Spectrum Provides Broadest Solutions HISTORICAL BOOKINGS TRAILING FOUR-QUARTER AVERAGE ANNUALIZED GAAP BASE RENT $ in millions Space & Power Interconnection $150 $100 $50 $0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2
Slide 48: 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 49: Management Statements on Non-GAAP Measures
Appendix Management Statements on Non-GAAP Measures Net Operating Income (NOI) and Cash NOI: Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expe
Slide 50: 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 51: 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 June 30, 2022 June
Slide 52: 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 Funds From Operations (FFO) to Core Funds From Operations (CFFO) (in thousands, except per share and unit data) (unaudited) Three Months Ended June 30, 2022 June 30, 2021 F
Slide 53: 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 Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA (in thousands) (unaudited) Three
Slide 54: 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 Same Capital Cash Net Operating Income (in thousands) (unaudited) Three Months Ended June 30, 2022 June 30, 2021 Rental revenues $ 581,213 $ 618,895 Tenant reimbursements -
Slide 55: 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 QE 6/30/22 Market value of common equity(i) $ 37,784,866 Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility fees) Liquidation value of pre
Slide 56: 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 EBITDA - As Adjusted in 000’s QE 3/31/20 QE 3/31/20 Total debt at balance sheet carrying value $ 12,251,332 Net Debt as of March 31, 2020 $ 12,780,796 Add: DLR share of unconsolidated
Slide 57: 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 EBITDA - As Adjusted in 000’s QE 6/30/20 QE 6/30/20 Total debt at balance sheet carrying value $ 12,371,621 Net Debt as of June 30, 2020 $ 12,643,652 Add: DLR share of unconsolidated
Slide 58: Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent
Reconciliation of Non-GAAP Items Net Debt/LQA Adjusted EBITDA QE 9/30/20 To Their Closest GAAP Equivalent Total debt at balance sheet carrying value Add: DLR share of unconsolidated joint venture debt Add: Capital lease obligations $ 12,874,760 568,757 228,486 Less: Unrestricted cash (971,305) Total
Slide 59: 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 QE 12/31/20 in 000’s Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less Market value of common equity(i) $ 40,225,753 bridge facility fees) Liquidation va
Slide 60: 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 QE 3/31/21 in 000’s Market value of common equity(i) $ 40,718,757 Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility fees) Liquidation val
Slide 61: 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 QE 6/30/21 in 000’s Market value of common equity(i) $ 43,582,029 Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility fees) Liquidation val
Slide 62: 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 EBITDA - As Adjusted in 000’s QE 9/30/21 QE 9/30/21 Total debt at balance sheet carrying value $14,087,539 Net Debt as of September 30, 2021 $ 14,714,905 Add: DLR share of unconsolida
Slide 63: 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 EBITDA - As Adjusted in 000’s QE 12/31/21 QE 12/31/21 Total debt at balance sheet carrying value $ 13,448,210 Net Debt as of Dceember 31, 2021 $ 14,194,189 Add: DLR share of unconsoli
Slide 64: 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 EBITDA - As Adjusted in 000’s QE 3/31/22 QE 3/31/22 Net Debt as of March 31, 2022 $ 15,184,306 Total debt at balance sheet carrying value $ 14,388,215 Less: Gross Proceeds from Forwar
Slide 65: 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 EBITDA - As Adjusted in 000’s QE 6/30/22 QE 6/30/22 Total debt at balance sheet carrying value $ 14,294,307 Net Debt as of June 30, 2022 $ 15,104,319 Less: Gross Proceeds from Forward
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