Digital Realty Trust, Inc. · NYSE:DLR
Digital Realty Trust — Investor Day (2017)
97 slides from Digital Realty Trust's investor day presentation, 2017
Slide 1: │
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Slide 2: Digital Realty
i DIGITAL REALTY
Slide 3: Strategic Vision
Strategic Vision & DIGITAL REALTY
Slide 4: What We've Done
‘What We've Done a [oe a ; =) SUPERIOR. ° . CAPITAL —° .. * PRODUCT - - OPERATING. RETURNS © 2 ALLOCATION | i ’ OFFERINGS EFFICIENCIES _. ~ 1. ie 1. 55 Deliver superior risk-. Prudently allocate 3 Drive higher returns on _ - Achieve operating - n * adjusted total | * capital to . i * the asset base
Slide 5: The Digital Realty Way
The Digital Realty Way. weccccce Provide our customers the trusted foundation for the digital world Build a network of connected campuses and internet gateways that become the heart of the internet, powering growth and prosperity for customers, employees and shareholders Customers Excellence Talent
Slide 6: Sustainable Growth Platform
"Sustainable Growth Platform GLOBAL ENTERPRISE.NETWORK . : _ “Foundation and platform — 1 EMEA j *. ~ .established to successfully - NORTH AMER, * “execute across regions, the , : full product spectrum, and a ; diverse customer base Wiet= EXCHANGE
Slide 7: Enhancing Customer Platform
Enhancing Customer Platform 7 ~. STREAMLINED UNDERWRITING © ‘Investing in available inventory” ‘« and.smoothing the path.to ‘customer coritracting - DIGITAL - DELIVERS! . - Investing in customer Success, ‘implementing a'24-hour.turnmaround, - * and targeting a 20% NetPromoter * Score imptovement » .
Slide 8: Digital Delivers During Hurricane Season
: Digital Delivers During Hurricane Season “Digital Realty Digital Realty Digital Realty J} i —\ pe / ~ SNS > AIS a)
Slide 9: Extending the Global Platform
Extending the Global Platform a - a i ‘Country, © +» =~ (USDintrilions) Growth «=, + Strategically Expanding to Select Global Targets 1, <Z UnitedStates $20.2 23% (B : ; ; : hina ° 3, KOM Japan 4. == Germany $39 1.8% i 5. Ef France $2.8 18% « 6. < UK India South Korea "Australia DIGITAL REALTY | 201
Slide 10: Strategic and Complementary
Strategicand Complementary . — a 2 2015 So 20016 et = SASH the Intéfconhection & ° : : ; ? i ) DET _ data centercompany:. * » EQUINIX | TELECITY- : : 0 . - EUROPEAN ACQUISITION PORTFOLIO DATA CENTERS telx : Leading North America | Network-Dense Premier Assets in gj Up-Tiers Relationships with Bigges
Slide 11: Levered to Secular Demand Drivers
" Levered to. Secular Demand. Drivers GLOBAL INTERNET VIDEO TRAFFIC” in Petabytes Per Month 31% 29 2016 2017 2018 2019 2020 2021 MOBILE DATA TRAFFIC’? in Exabytes Per Month 48 | 46% si 27% | 2h 17 11 = y 2016 2017 2018 2019 2020 2021
Slide 12: Internet of Things and VR/AR Market Forecast
INTERNET OF THINGS (loT) MARKET FORECAST ° (loT Units Installed in millions) 34% AGR ) b580 8,381 11,197 VIRTUAL/AUGMENTED REALITY MARKET FORECAST“ $41 Mobile GS in billions) 37% (92% ) icons : PC 925 $13 $3 $7 5 2016 2017 2018 2019 2020
Slide 13: Integrated Global Product Platform
_ Integrated. Global Product Platform CONNECTIVITY PLATFORM High-Density Data Centers Required to Support High-Value Performance Sensitive Applications yk Cross+ Connects. Internet Gateways Bringing Customer Applications to the Edge with Low Latency IT Workloads Connected Campuses Providing Private
Slide 14: Socially Responsible Investing
‘Socially . ENVIRONMENTAL SOCIAL Responsible Investing GOVERNANCE ee NAREIT 2017 NAREIT Committed to enhancing the well-being of our Minimum stock ownership i Leader In The Light Leader in the Light stockholders, customers, employees, vendors, 201 5 requirements instituted for tina Real Estate Pr Aw
Slide 15: Where We're Going
Where We're Going © . : ay) 2en : = 3 7 e . “4 a GLOBAL ae . es vA § Leverage unparalleled global platform to $1.4 $1 5 : ai ' 7 maximize cross-selling opportunities. o . o -JBn. me Continue global expansion into new markets » 2017 Guidance”. ~ a CONNECTED Deepen connections with customers and acros
Slide 16: Product Platform
Product Platform B » G DIGITAL REALTY
Slide 17: Second Wave of Cloud
Second Wave of Cloud Clouds Are Evolving to Handle Additional Services; Changing Data Center Requirements Artificial Intelligence & Machine Learning Data is integrated naturally into every day life Increased densification of data center space; proximity to data lakes ) Source Cisco Global Cloud Inde
Slide 18: Artificial Intelligence Driving Next Wave of Cloud
Artificial Intelligence Driving Next Wave of Cloud - A| Requires-a Unique SUpPH Chain to-Succeed * j TECHNOLOGY REAL ESTATE Artificial LAND : 2 : wee INTERCONNECTION 60MW+ deployments Intelligence & \ > ee : : a Deeply Magento Machine Learning | Cages POWER ae —— , - ECOSYSTEM 100kW+ — Pervasive acc
Slide 19: Evolving Requirements for Cloud Hyperscalers
_ Evolving Requirements for Cloud Hyperscalers The World.Is Changing and Data Centers Must Support Hyperscale - HYPERSCALE DATA CENTERS WILL HOUSE: BY 2020 -{ 47% 68% | 57% 53% — | PROCESSING DATA : SERVERS a stone TRAFFIC e DIGITAL REALTY | 2017 INVESTOR DAY
Slide 20: Creating a More Efficient Cloud Supply Chain
Creating a More Efficient Cloud Supply Chain = Simultaneous suite construction and electrical fit-out reduced time to launch an active suite by eS _——<_ up to 16 weeks, resulting in future leases commencing 5-6 months early and.improving = = = = >= expected returns for the project by up to 125 bps.
Slide 21: Hyperscale Is Driving Data Center Densification
Hyperscale Is Driving: Data Center Densification . Belial peat Data Center Design Sulpiteiis Multiple ‘Customer ag Cycles” Facebook Big Sur’ 30KVA Medium Rack ne) —_i, \ «ss TA Juniper MX2020 TIKVA Avg. 4kW/cabinet Avg. 6kW/cabinet Avg. 8-10kW/cabinet Range 4-25kW/cabinet Range 4-40kW/cabinet ity Co
Slide 22: Uniquely Positioned for the Next Wave
Uniquely Positioned for. the Next ‘Wave - Digital Realty Has Architéctured Infrastructure Désigried to aoe the Future Artificial Intelligence & Machine Learning Software Defined ~ Networking (SDN) Migration to the Edge Massive Incoming Data flood Integrated fabric with capacity for high bandwidth wo
Slide 23: Building for Future Hyperscale Requirements
iding for Future Hyperscale Requirements . ersection of Technology, and Real Estate ASHBURN BUILDING L CONSTRUCTION Note: Based on compan
Slide 24: Energy-Efficient High-Density Supercomputing
Energy-Efficient High-Density Supercomputing . SURF | Company Background “Our Supercomputing infrastructure requires very high-density power and cooling requirements, which in turn requires innovation in data center design. We are very pleased with Digital Realty’s ability to support us. while susta
Slide 25: Evolution of Cloud Consumption
Evolution of Cloud Consumption | oud Access. Is Critical to Enterprise IT Strategies Simple and Easy C Before Cloud One Workload | One Server Zz Ce Multiple Workloads Across Multiple Servers Cloud 1.0 Virtualization g Multiple Workloads on One Server Cloud 2.0 Hybrid Cloud Public Cloud SERVICE EXCHA
Slide 26: Enabling AI Workloads to Serve 100M+ Users
> ’ GLOBAL Company Background Enabling Al Workloads to Serve 100M+ Users “With Digital Realty’s Service Exchange, we get much better results, allowing us to run a much more effective hybrid cloud solution while reducing our cost by 80%.” — Dmitriy Karpman, Castle Global CTO & Co-Founder Castle Globa
Slide 27: Digital Realty Is the Edge
Digital Realty Is the Edge Network Density That Prorhotes Innovation and Collaboration 12 METROS Globally Where Our Internet Gateways Are Located 73x = 1,600: \ fF Dassets Cross-Connects , Network Instances" . With Over 2,000 Globally _ Globally Cross-Connects 60 Hudson 56 i | a DIGITAL REALTY | 201
Slide 28: Service Exchange: Not Just for Clouds
. ‘Service 1 Exchange: Not Just for Clouds — : panding Addressable Market and Access to Revenue
Slide 29: Leading online insurance company
leading online insurance company
Slide 30: Enabling Customers by Empowering Partners
Enabling Customers by Empowering Partners | Efficient Global:Reach to Revenue by Empowering, Not Competing with Partners Digital Realty reaches more customers by building the foundation that enables our partners to.create unique hybrid multi-cloud solutions Moe Gas L \& N71 © ml 4 \ - ver SS LN ©) a
Slide 31: Cloud Access to 700+ Regional U.S. Carriers
Cloud Access to.700+ Regional U.S. Carriers - 7 . “Digital Realty’s Service Exchange allows our members to bring additional value to their clients by providing reach well beyond their rural footprints. Our Members’ local CINDATEL government, healthcare, and educational customers appreciate the simpl
Slide 32: Sustainability Platform
Sustainability Platform By DIGITAL REALTY
Slide 33: Green Buildings
Green Buildings More completed green building certifications than any other data center Energy { Renewable Efficiency ge for Data Centers.
Slide 34: Sustainability awards and rankings
at"7 5 ozpa NAREIT - © re Leader In The Light Tod Ex EN f G R E S B PARTNER REAL ESTATE . | Sie Wo 2017 NAREIT “Green Star” ranking from Sixth on ra Green Power Leader in the Light Award 2017 Global Real Estate Partnership Rankings for for Data Centers Sustainability Benchmark Renewable Energy GR :
Slide 35: Case Study: Efficiency Pays
CASE STUDY: EFFICIENCY PAYS Franklin Park Data Center Campus, Franklin Park, IL Local Utility
Slide 36: Case Study: Clean & Green
CASE STUDY: CLEAN & GREEN 100 Delawanna Ave, Clifton, NJ Annualized Cost Reductions
Slide 37: Cleaning Up New Power
CLEANING UP NEW POWER CRP Rely neration Capacity Additions (in Gigawatt ™ Coal, Nuclear & Natural Gas ae = Renewables i H 2014. 2015 2016
Slide 38: Renewable Energy Contracted
RENEWABLE ENERGY CONTRACTED MW Contracted 225 184 No Renewable Energy Contracts Disclosed etric Tons of CO, _ € Emissions Avoided Coresite 9 CyrusOne 76MW Wind Farm | Serves Chicago, Illinois DIGITAL REALTY EQUINIX
Slide 39: Slide 39
Slide 40: Customer Platform
Customer Platform & DIGITAL REALTY
Slide 41: Being a Customer
Being a Customer |furnt]| | 1 LET TT Te ? 7 o a > pa j YEARS we
Slide 42: Passenger Comments
Passenger Comments Thanks, Dad. Wait a minute. Uber driver? j You made my and Really? q \ my family’s week. Merci! This guy had no £&%$g idea where he was going!
Slide 43: Our Top Customers Are Growing with Us
Our Top Customers Are Growing with Us 2015 Annualized 2017 Annualized Rental Revenue‘? Rental Revenue® : $109 million : $135 million | 2% ’ $118 million “sees $66 million | CG - $49 million { = | idé-Rated Company e DIGITAL REALTY | 2017 INVESTOR DAY $49 million
Slide 44: Strengthening Our Relationships
Strengthening Our Relationships ORACLE UBER Fortune 50 Software Company Executive Sponsor Program Members of our executive leadership team are assigned to key large customers to understand and align their needs with our investments and interests. The Executive Sponsors engage in strategig¢ dialogue
Slide 45: Customer Platform
Customer Platform GLOBAL ENTERPRISE NETWORK ACCOUNTS : SECTOR SECTOR
Slide 46: Market Opportunity
Market Opportunity LD e °% of LTM DLR 1 50% e 30% Leases Signed? 0 . - (2). 201 AM «$5.7 Bn
Slide 47: Partners & Alliances Program
Partners & Alliances Program e S Type Strategic Channel Integrated YP Alliances (Referral) Solution Partner Role Sell-to and sell-with Sell-with Sell-to Strategy Strategic Engine Lead Engine Solutions Engine # Partners 250+ 10 Target % Channel Bookings 25% 60% g atat oe DIGITAL REALTY | 2017 INVESTO
Slide 48: Channel Success Story
Channel Success Story Multi-Site Deployment with New Enterprise Logo Company Background The customer's trusted Telecom & Networking provider noted that Digital Realty had the geographic footprint, network density and operations expertise the customer needed to meet its stringent technical requiremen
Slide 49: Gateway Network Effect on Display
Gateway Network Effect on Display Network Sector Contributing Steady Double-Digit Quarterly Bookings ANNUALIZED GAAP RENT CONSISTENT RESULTS” $14mm STimm 58% Network bookings concentrated in 2016 2017 YTD Internet Gateways Avg. Quarterly Bookings Avg. Quarterly Bookings jetwork signings from 1016 -
Slide 50: Expanding Global Platform
Expanding Global Platform °% of LTM DLR e Signings 86% 6% $16.0 Bn 2017 TAM® 4-Year CAGR e DIGITAL REALTY | 2017 INVESTOR DAY
Slide 51: International Coverage Model
International Coverage Model GLOBAL SALES COVERAGE REGIONAL MARKET EXPERTISE 0 te, * Fd B32 REGIONS METRO AREAS North America, EMEA and APAC Northern Virginia, London, Amsterdam, Singapore, etc. Lh 59% 120 9% di ith same custome Ad Customers signed in with same e To 7 al multiple metro area >d Septe
Slide 52: Supporting Our Customers' Growth
Supporting Our Customers’ Growth om Original Deployment EUROPEAN SAAS PROVIDER Multi-megawatt signing for flagship deployment in . North America A L R = A LT Y Supported urgent 480kW expansion need in Sydney, Australia 240kW deployment in Sydney, Australia oe DIGITAL REALTY | 2017 INVESTOR DAY
Slide 53: Room to Run
Room to Run QUARTERLY BOOKINGS FOR PUBLICLY TRADED DATA CENTER REITS TOTAL ° Annualized GAAP Rent Signed (North America Only) ENTERPRISE VALUE@ Digital Realty GDuPont Fabros Mi Publicly Traded Data Center REIT Peers " eR : j Publicly \ Traded Data . \ Center REIT cE Peers” Realty 1 f 62% f — Upside
Slide 54: Summary
Slide 55: Global Platform
Slide 56: Superior Risk-Adjusted Returns
Superior Risk-Adjusted Returns Investing Opportunistically to Expand Global Platform ra Ts DRIVING RISK-ADJUSTED RETURNS Acquire First mover Strategic and complementary Global platform Financially accretive Build Unmatched expertise Global presence Substantial land bank G) Partner Strategic JV partn
Slide 57: Data Center Liquidity on the Rise
Data Center Liquidity on the Rise (USD in millions) $22,402 [_)DFT. $7,594mm verizon’ $3,600mm o $1,675mm $4,300mm Buyside telx TelecityGroup cologix £2,516mm $1,350mm $1,886mm. $129 86 Becca iver ti /ANTAGE © Top3 rm $1,308mm. $10,300 — $675mm cues MW A Cervalis ‘cae LETUIES Top 3 $400mm $575mm $49
Slide 58: Strategic and Complementary
Strategic and Complementary Growing Across the Data Center Spectrum 2015 the interconnection & © \ data center company C2 2017 DFT DATA CENTERS a DIGITAL REALTY | 2017 INVESTOR DAY < +17 x “a +9 2 bps . ee, Vann | O9OMW a lute trove NOIG h Synergies of Near-Term —— Utilization Fos GQ16 YTD - Achieve
Slide 59: DuPont Fabros Creates Powerful Combination
DuPont Fabros Creates Powerful Combination Strengthening Connections with Key Customers, Products and Metros Enhances Hyper-Scale and Public Cloud Expands Spectrum of Product Offering to Wider Customer Set _ ax Over 40% of revenue from cloud customers a DIGITAL REALTY | 2017 INVESTOR DAY Improves Cu
Slide 60: Improving Portfolio Quality
Improving Portfolio Quality Investing in High-Demand Metro Areas, Recycling Assets in Secondary Metro Areas Via a 4Q15 PORTFOLIO of ABR in Primary Metro Areas DI 3Q17 PORTFOLIO 86% of ABR in Primary Metro Areas 11% Northern Virginia 8% Chicago oe DIGITAL REALTY | 2017 INVESTOR DAY 22% 1% Northern Vi
Slide 61: The Densification of Ashburn
The Densifica 1984 ASHBURN | VIRGINIA ee @ ASHBURN VIRGINIA Bi DIGITAL REALTY | 2017 INVESTOR DAY than Forty Years 2017 ASHBURN | VIRGINIA fag S09 61 \ |
Slide 62: Securing Our Supply Chain
Securing Our Supply Chain a Note: As of Metro Area 1. Northern Virginia 2. Dallas 3. Phoenix 4. Portland 5. New York 6. Chicago 7. Silicon Valley 8. Osaka, Japan 9. Dublin, Ireland 0. London, England 11. Amsterdam, Netherlands 12. Melbourne, Australia 13. Frankfurt, Germany
Slide 63: Global Brand Partner Provides Local Enterprise Expertise
Global Brand Partner Provides Local Enterprise Expertise JOINT VENTURE OVERVIEW ae Mitsubishi Corporation Ownership * Digital Realty: 50% * Mitsubishi Corporation: 50% Rationale * Establish presence in long-time target global metro * Partner with a highly regarded, well capitalized local company * P
Slide 64: Break
Slide 65: Financial Platform
Financial > Platform —
Slide 66: Prudent Financial Management While Supporting Platform Growth
Prudent Financial Management While Supporting the Growth of Our Platform INVESTMENT GRADE BALANCE SHEET ORGANIC GROWTH RISK-ADJUSTED RETURNS BUILD AND EXPAND OPERATING EFFICIENCIES STAKEHOLDER ALIGNMENT icy cashnet abealculation ized rent and interconnection ized rent anid interconnection
Slide 67: Empowering the Growth of Our Customers Around the Globe
Empowering the Growth of Our Customers Around the Globe Stakeholder Alignment Invest in Our Future Drive Consistent Global Platform
Slide 68: Consistent Track Record of Maintaining Balance Sheet Strength
Consistent Track Record of Maintaining and Improving Balance Sheet Strength MAJOR ACQUISITIONS AND RELATED FINANCNGS (2015 - 2017) $11.4 Bn $10.6 Bn $0.8 Bn Additional Equity (_)DFT DATA CENTERS EUROPEAN ACQUISITION PORTFOLIO 26% Debt Total Purchase Price Financings
Slide 69: ~$20 Bn Increase in Enterprise Value While Reducing Leverage
~$20 Bn Increase in Enterprise Value Since 2015 While Reducing Leverage & Improving Coverage CREDIT METRICS = Net Debt / LQA Adjusted EBITDA Fixed Charge Coverage 4.5x 4.2x 43x y 3.9x 3,3x 34x 3.4x 3.4x 4Q15 1016 2016 3Q16 4Q16 1017 2Q17 3Q17 4Q15 1016 2016 3Q16 4Q16 1017 2Q17 3Q17 1, 21 except as n
Slide 70: Clear Runway on the Left; No Bar Too Tall on the Right
Clear Runway on the Left; No Bar Too Tall on the Right (USD in billions) DEBT MATURITY“ re) 6 YRS 5 ° 6 7 $1.8 Weighted Average Weighted e Debt Maturity Average Coupon | $1.2 $10 $10 s10 su $0.8 $0.5 goo $01 90" $0.0 $0.0 \ 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 siel68NS Pr
Slide 71: Enhancing Cost of Capital and Mitigating FX Exposure
Enhancing Cost of Capital and Mitigating FX Exposure EUR Senior Notes t +250 €725mm issued since 2015 Wid. Avg. Term of 7 Years +215 +180 +145 Spread to Mid-swaps (bps) +110 +75 Apr-16 Aug-16 Nov-16 Mar-17 Jul-17 Nov-17
Slide 72: Existing Balance Sheet Supports $1+ Bn Portfolio Growth
Existing Balance Sheet Supports $1+ Bn Portfolio Growth without Need for Common Equity Maintain Targeted ~5x Net Debt / Adjusted EBITDA Throughout 2018 . USES Repayment of Maturing Debt $01 Bn Recurring CapEx and Leasing Costs $0.2 Bn Development CapEx $1.0 Bn Total $1.3 Bn
Slide 73: Empowering Cross-Regional Selling and Customer Satisfaction
Empowering Cross-Regional Selling and Improving Customer Satisfaction | Unified Quote-to-Cash System | Global Customer Portal Alignment of Product Across Regions Expansion of Connectivity Offerings and Services Security and Maintenance Standardization \_4 a Data Center Infrastructure Management (DCI
Slide 74: Efficient Cost Structure Drives Industry-Leading Margins
Efficient Cost Structure Drives Industry-Leading Margins Oo SG&A (% of Revenue)” Year-to-Date (As of September 30, 2017) 31% 20% 12% ‘es z LJ | DLR® COR CONE QTSs EQIX : Owned Real Estate As of September 30, 2017 1% 70% 73% DLR COR CONE QTS EQIX
Slide 75: Potential Investments
Scale and Operating Margins Enable Organizational Reinvestments for Future Growth SG&A (% of Revenue) 1 0) 0 bp wale in G&A Margin $28 inm Incremental Spend Peer Average” DLR POTENTIAL REINVESTMENT
Slide 76: Focus on Overall Customer Relationship
Focus on Overall Customer Relationship —in GLOBAL ACCOUNTS NETWORK SECTOR ENTERPRISE SECTOR S40mm . §0.8mm S$0.6mm Avg. ABR® & Interconnection Avg. ABR® & Interconnection Avg. ABR® & Interconnection Per Customer Per Customer Per Customer 8.4 2.2 1.3 Avg. Number of Locations Avg. Number of Locations
Slide 77: Stability + Growth = Superior Risk Adj. Returns
Stability + Growth = Superior Risk Adj. Returns Building Blocks of Total Return 7 DE Superior =| Returns Risk Adjusted Returns Mid Single: Dig ht) a ng nn Returns 3% - 4% Well Covered, Common Dividend Yield Dividend Yield FFO / AFFO Growth Total Return a DIGITAL REALTY | 2017 INVESTOR DAY v
Slide 78: Twelve Consecutive Years of Positive Growth
Twelve Consecutive Years of Positive Growth AFFO Payout Ratio” _ 05% 69% 79% 84% BUH 86% 78% 6% _—67% 2009 2010 2011 2012 2013 2014 2015 2016 2017 1 of AFFO and AFFO Payout R \d a reconciliati e the Appendix
Slide 79: Shifting the Cash Flow-Growth Curve
Shifting the Cash Flow-Growth Curve ~~ Accretive oor ee sti‘(<‘NNS erence Acquisitions Double-Digt gn Genin ee acces Interconnection BA ere & Services . cee Development Platform Mid Single-Digit Growth Past Present Future ae DIGITAL REALTY | 2017 INVESTOR DAY
Slide 80: Multiple Levers for Incremental Growth
Multiple Levers for Incremental Growth Stabilized Development Interconnection Portfolio Platform & Services 67% | 53% T1y, of Total Revenue of Total Revenue of Total Revenue North | Internet America® Gateways APAC Campuses Interconnection & Services y @ ve of quarter ended September 30, 2017 and adj
Slide 81: Accelerating Growth
Accelerating Growth Low Volatility, High Quality of Earnings with Proven Growth Profile — A Core FFO/sh Growth A AFFO/sh Growth Double-Digit Growth EE Mid Single-Digit ~~ BB eer. ate reteset nec A Growth 2013 - 2016 CAGR 2017 2018 2019 2020 Note: Core FFO and AFFO are non-GAAP measures. For definiti
Slide 82: Committed to Good Corporate Governance
Slide 83: Navigating the Future
Slide 84: Let's Take a Break
Slide 85: Q&A
Slide 86: Thank You
Slide 87: Appendix
Slide 88: Appendix: Non-GAAP Definitions (FFO, AFFO)
Slide 89: Appendix: EBITDA, NOI Definitions
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 Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September
Slide 90: Reconciliation of Net Income to FFO
Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 FFO available to common stockholders and unitholders -- basic and diluted $ 214,626 $ 199,496 $ 694,429 $ 612,285 Weighted average common stock and units outstanding 173,461 149,778 166,0
Slide 91: FFO and Core FFO Reconciliation
Reconciliation of EBITDA Q317 Q217 Q117 YTD 2017 FY 2016 FY2015 FY2014 Net income (loss) available to common stockholders $ (4,139) $ 57,837 $ 66,145 $ 119,843 $ 332,088 $ 217,266 $ 132,721 Interest 71,621 57,582 55,450 184,653 236,480 201,435 191,085 Loss from early extinguishment of debt (1,990) -
Slide 92: Reconciliation of EBITDA
Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Same Capital Cash Net Operating Income (in thousands) (unaudited) Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Rental revenues $ 247,326 $ 243,268 $ 741,604 $ 734,985 Ten
Slide 93: Reconciliation of Same Capital Cash NOI
Net Debt/LQA Adjusted EBITDA QE 09/30/2017 QE 09/30/2017 Pro Forma DFT QE 09/30/2017 Total debt at balance sheet carrying value $ 8,484,244 $ 8,321,666 QE 09/30/2017 Pro Froma DFT Add: DLR share of unconsolidated joint venture debt 152,526 152,526 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed
Slide 94: Net Debt / LQA Adjusted EBITDA
Total Debt/Total Enterprise Value QE 09/30/2017 Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest (i ) Market value of common equity $ 25,312,733 and less bridge facility fees) (i i ) Liquidation value of preferred equity 1,266,250 Total GAAP interest expense 71
Slide 95: Total Debt / Total Enterprise Value
Funds from operations (1) Q317 Q217 Q117 FY 2017 Q416 Q316 Q216 Q116 FY 2016 FY2015 FY2014 FY2013 FY2012 FY2011 FY2010 FY2009 FY2008 FY2007 FY2006 FY2005 Net income (loss) available to common stockholders $ (4,139) $ 57,837 $ 66,145 $ 119,843 $ 77,682 $ 187,330 $ 27,951 $ 39,125 $ 332,088 $ 217,266
Slide 96: Funds from Operations
9 months ended Reconciliation of Core FFO to AFFO 30-Sep-17 30-Sep-17 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 Core FFO available to common stockholders and unitholders $263,758 $765,025 $875,798 $746,157 $686,687 $636,425 $557,672 $449,288 $327,473 $252,043 $203,015 $145,460 $104
Slide 97: Forward-Looking Statements