Digital Realty Trust, Inc. · NYSE:DLR
Digital Realty Trust — Q4 2024 Earnings Presentation
24 slides from Digital Realty Trust's earnings presentation, Feb 13, 2025
Slide 1: 4Q24 Financial Results
4Q24 FINANCIAL RESULTS February 13, 2025 Global. Connected. Sustainable. The meeting place for companies, technologies and data
Slide 2: Executing on Key Strategic Priorities
Executing on Key Strategic Priorities Positioned for Long-Term Sustainable Growth 5,000+ 227,000+ Diversify and Customers Cross Connects Strengthen Our Innovate & Integrate 1 2 3 Bolster Capital Customer Value For Our Customers 50+ 300+ Proposition Sources Metros Data Centers >$1B $2B Raised Through
Slide 3: Offering a Global Data Center Platform
Offering a Global Data Center Platform Capacity in World’s Major Metros to Meet Growing Customer Demand Global Capacity ~2,700 MW in place IT capacity >3,500 MW buildable IT capacity 644 MW under construction 42 MW 42 MW new starts in 4Q delivered in 4Q Note: As of December 31, 2024. 4Q24 Financial
Slide 4: Connected Data Communities
Connected Data Communities Record 0-1MW + Interconnection Bookings and New Logos 4Q24 Results 2024 Full-Year Results 166 591 new logos new logos $76M $249M total 4Q bookings from total 2024 bookings from 0-1 MW + Interconnection 0-1 MW + Interconnection 77% 22% of total 4Q bookings from y/y increase
Slide 5: Leading Data Center Partner for Sustainability
Leading Data Center Partner for Sustainability Building, Powering, and Operating Better, More Sustainable Data Centers Renewable Energy Green Buildings Resource Efficiency Green Bonds Leading data center purchaser of More green building certified IT capacity More energy star certifications than any
Slide 6: 4Q24 Financial Results
4Q24 Financial Results 4Q24 Financial Results 6
Slide 7: 4Q24 Bookings
HISTORICAL BOOKINGS 4Q24 Bookings ANNUALIZED GAAP BASE RENT $ in millions $500 $375 • Record $76M Bookings in 4Q24 for 0-1MW + IX $250 • Record >$1B Bookings in Full Year 2024 $125 $0 2020 2021 2022 2023 2024 4Q24 BOOKINGS 0-1 MW INTERCONNECTION >1 MW OTHER(1) TOTAL BOOKINGS $61.9 mm $14.6 mm $22.6
Slide 8: Strong Backlog
Strong Backlog BACKLOG ROLL-FORWARD (1) $ in millions COMMENCEMENT TIMING (3) $ in millions Bodes Well for Visibility and Future Growth $859M $85M $147M $70M $132M $797M $100M $797M $305M $96M • Robust Backlog of $797M $279M $392M • ~50% to Commence in $760M $697M $697M 2025 $322M (2) 3Q24 Backlog S
Slide 9: Strong Pricing Environment
Strong Pricing Environment 4Q24 RENEWAL SPREADS Healthy Renewal 0-1 MW > 1 MW OTHER (1) TOTAL Spreads RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE • 9.0% Full Year Cash 4.9% 3.7% 35.8% 4.7% Renewal Spreads CASH CASH CASH CASH 5.5% 14.6% 40.4% 9.1% • 5.2% Full Year Cash
Slide 10: Revenue Exposure by Currency
EXPOSURE BY REVENUE (1) Revenue Exposure 51% USD 23% EURO 6% GBP 5% SGD 5% ZAR 2% BRL 2% JPY 2% CHF 1% CAD AUD 1% <1% OTHER by Currency Currency Headwinds 1% 6% <1% <1% 2% 23% <1% 51% 2% <1% <1% • Local Operations Funded <1% 5% <1% in Local Currencies Act as 2% a Natural Hedge <1% 1% 5% CORE FFO/SHA
Slide 11: Significant De-Levering
Significant De-Levering Capital Raising and Recycling Bolster Liquidity Net Debt to Adjusted EBITDA(1) $6 Billion of liquidity at the end of 2024 2.3x Total Reduction in Leverage in 2 Years 7.1X 4.8x Leverage at the end of 2024 4.8X ~$670 Million Debt Maturities Remaining in 2025 1Q23 2Q23 3Q23 4Q23
Slide 12: Matching the Duration of Assets and Liabilities
Matching the Duration of Assets and Liabilities Modest € Near-Term Maturities, Well-Laddered Debt Schedule DEBT DEBT PROFILE 12 MATURITY SCHEDULE AS OF DECEMBER 31, 2024 (1)(2) (U.S. $ in billions) 4.4 YEARS 2.7% Unsecured Weighted Avg. Weighted Avg. Maturity (1)(2) Coupon (1) 96% Secured Unsecured
Slide 13: 2025 Financial Guidance
2025 Financial Guidance Improving Core Growth (1) Actual 2024 Full Year 2025 Total Revenue $5,554 $5,800 – $5,900 Adjusted EBITDA $2,947 $3,100 – $3,200 Rental Rates on Renewals Leases (Cash) 9.0% 4.0% – 6.0% Year-End Portfolio Occupancy 84.1% +100 – 200 bps (2) Same-Capital Cash NOI Growth 2.6% 3.5
Slide 14: Positioned for Long-Term Sustainable Growth
Positioned for Long-Term Sustainable Growth PlatformDIGITAL® is the Choice for AI, Cloud and Hybrid IT Strengthening Innovating Diversifying Customer and and Bolstering Value Integrating Capital Proposition Sources Full Year 2024 Accomplishments • >$1B in Bookings • HD Colo 2.0 Supports Densities Up
Slide 15: Appendix
Appendix 4Q24 Financial Results 15
Slide 16: 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 17: 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 18: Reconciliation of Non-GAAP Items
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 Twelve Months Ended December
Slide 19: Reconciliation of Non-GAAP Items
Reconciliation of Non-GAAP Items 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) To Their Closest GAAP Three Months Ended Twelve Months Ended Equivalent
Slide 20: Reconciliation of Non-GAAP Items
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 21: Reconciliation of Non-GAAP Items
Reconciliation of Non-GAAP Items To Their Closest GAAP Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Same Capital Cash Net Operating Income (in thousands) Equivalent (unaudited) Three Months Ended Twelve Months Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31,
Slide 22: Reconciliation of Non-GAAP Items
Total Debt/Total Enterprise Value QE 03/31/23 Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge Reconciliation of Market value of common equity(i) $ 29,272,861 facility fees) Liquidation value of preferred equity(ii) 755,000 Total GAAP interest e
Slide 23: Reconciliation of Non-GAAP Items
Total Debt/Total Enterprise Value QE 12/31/24 Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility Reconciliation of Market value of common equity(i) $ 60,783,759 fees) Liquidation value of preferred equity(ii) 755,000 Total GAAP interest e
Slide 24: Thank you
r Thank you FN DIGITAL Lv REALTY.