Digital Realty Trust, Inc. · NYSE:DLR
Digital Realty Trust — Investor Presentation (September 2019)
69 slides from Digital Realty Trust's investor presentation, September 2019
Slide 1: Global. Connected. Sustainable.
Global. Connected. Sustainable. INVESTOR PRESENTATION SEPTEMBER 2019 Digital Realty the trusted foundation | powering your digital ambitions
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 | SEPTEMBER 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 220Realty 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 | SEPTEMBER 2019 | 5
Slide 6: Supporting Our Customers' Growth
Supporting Our Customers’ Growth Full Spectrum of Data Center Solutions Across a Global Platform 220 14 36 35+ DATA CENTERS (1) COUNTRIES (1) METROPOLITAN AREAS (1) MILLION RENTABLE SQ. FT. (1)(2) INTERCONNECTION COLOCATION SCALE HYPER-SCALE Note: Data as of June 30, 2019 unless otherwise noted. 1)
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 | SEPTEMBER 2019 | 8
Slide 9: Data Center 101: What is a Data Center?
Data Center 101 What is a Data Center? Note: Data as of December 31, 2018 unless otherwise noted. 1) Includes investments in eighteen properties held in unconsolidated joint ventures. 2) Includes 3.4 million square feet of active development and 2.1 million square feet held for future development. D
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) 2Q19 1Q19 60% Public Cloud YoY Revenue Growth (1) $11.0 Bn(3) 45% $6.2 Bn(3) 41% 41% 40% (3) Forward Sale Agreements
Slide 16: Global Platform
Global Platform GROWING WORLD-WIDE DEMAND FROM A DIVERSIFIED CUSTOMER BASE DIGITAL REALTY | INVESTOR PRESENTATION | SEPTEMBER 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) Network 1 11 18% Fortune 50 Financial 2 12 Software Company 12% Cloud 28% 3
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 | SEPTEMBER 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% of the world’s web traffic flows through Loudoun County (1) 432 MW Digital Realty has over 432 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 another 100
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+ 15 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 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 | SEPTEMBER 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% 15.4% 10% 12.9% 12.5% 12.0% 9.6% 8.5% 11.6% 5.3 years 7.3% Weighted avg. 5.3%
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 Cash Dividend / Common Share AFFO Payout Ratio (1) $4.32 $4.04 $3.32 $3.40 $3.52 $3.72 3% $3.12 DIVIDEND $2.92 YIELD (3) $2.72 $2.02 $1.47 $1.17 $1.26 $1.00 $1.08 11% CAGR 93% 95% 78% 69% 79% 84% 84% 86% 78%
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 $38 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 | SEPTEMBER 2019 | 36
Slide 37: Stringent Acquisition Criteria
Stringent Acquisition Criteria Market Fundamentals, Accessibility, Stability and Risk 2010 2012 2015 2016 2017 2018 365 Main Sentrum European DuPont Fabros Portfolio Portfolio Telx Acquisition Portfolio Technology Ascenty Five assets in the Western Three assets in London 20 assets in 13 metro Eight
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 | SEPTEMBER 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 7.5x 6.6x 6.4x 6.3x 6.3x 6.1x 5.7x 5.7x 6x 5.2x 6x 5.3x 5.3x 5.1x 4.8x 4.8x 4.4x 4.4x 4.2x 4.2x 4x 4x 2x 2x -- --
Slide 43: Recent Results: Second Quarter 2019 Highlights
Recent Results SECOND QUARTER 2019 HIGHLIGHTS Note: The slides in this section were originally posted to the Company's website on July 30, 2019 and have not been updated to reflect changes occurring after that date. DIGITAL REALTY | INVESTOR PRESENTATION | SEPTEMBER 2019 | 43
Slide 44: Expanding Global Platform
Expanding Global Platform Paris Seoul Frankfurt Supporting Customer Growth Paris Tokyo Frankfurt Seoul Northern Virginia Tokyo Seoul Expansion into Paris, Frankfurt, Tokyo, South Korea, and Northern Virginia Securing our supply chain to support customer growth and demand 175+ MW 57 Acres of Potentia
Slide 45: Firm Fundamentals: Robust Demand, Rational Supply
Firm Fundamentals Robust Demand, Rational Supply NORTH AMERICA EMEA APAC 2,714 1,234 935 2,266 1,038 669 2Q18 2Q19 2Q18 2Q19 2Q18 2Q19 MEGAWATTS COMMISSIONED(1)(2) MEGAWATTS COMMISSIONED(1)(2) MEGAWATTS COMMISSIONED(1)(2) 91% 89% 89% 82% 91% 83% DIGITAL DIGITAL REGION DIGITAL REGION REGION REALTY RE
Slide 46: Delivering Superior Risk-Adjusted Returns
Delivering Superior Risk-Adjusted Returns Investing Opportunistically to Expand the Global Platform FULL SPECTRUM GLOBAL PRODUCT OFFERING INTERCONNECTION COLOCATION SCALE HYPERSCALE Cap Rate Compression Blue Ocean Development Returns Opportunistic Capital Recycling DIGITAL REALTY | INVESTOR PRESENTA
Slide 47: Supportive Economic Growth Outlook
Supportive Economic Growth Outlook Levered to Long-Term Secular Demand Drivers 1Q19 CALL CURRENT Better/ April 19, 2019 July 29, 2019 Worse 2019E 2020E Global GDP Growth Forecast (1) 2019E: 3.3% 2019E: 3.2% q 3.2% 3.5% MACROECONOMIC U.S. GDP Growth Forecast (1) 2019E: 2.3% 2019E: 2.6% p 2.6% 1.9% U.
Slide 48: Sunny Forecast for Cloud Growth
Sunny Forecast for Cloud Growth Global Interconnected Platform Poised to Capitalize Digital Digital Growth in Transformation Infrastructure Data Centers $13T+ 1.9GB $45B Global GDP increase by Bandwidth/Person Total Addressable Market 2030 enabled by by 2021(2) by 2022(3) Digital Transformation(1) 1
Slide 49: Financial Results
Financial Results DIGITAL REALTY | INVESTOR PRESENTATION | SEPTEMBER 2019 | 49
Slide 50: 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 $75 #3 $50 $25 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2Q19 BOOKINGS BY PRODUCT(1)(2) $40.5 mm $4.0 mm
Slide 51: Global Platform: Covering the Waterfront
Global Platform Covering the Waterfront London Frankfurt Frankfurt Osaka São Paulo Singapore Top 15 Deals São Paulo Osaka 6 Global $30mm 48% Annualized of Total Deals GAAP Rent 2Q19 Signings 20+ Metro Areas Signed in 2Q19 Singapore London DIGITAL REALTY | INVESTOR PRESENTATION | SEPTEMBER 2019 | 51
Slide 52: Diverse Ecosystem Platform Attracting New Logos
Online Fashion Diverse Ecosystem Platform Attracting New Logos 57 New Logos All-Time High End-to-End Cloud Network Provider $9mm Interconnection Signings Second Highest Signings Quarter FinTech and Financial Services Platforms Financial Services Accounted for 3 out of the Top 15 Major Signings in 2Q
Slide 53: Balanced Customer Profile
Balanced Customer Profile Tethered to a Hybrid Cloud World GLOBAL ACCOUNTS ENTERPRISE 35% of Total (1) 2Q19 ARR 24% of Total (1) 2Q19 ARR RESELLERS 15% of Total (1) 2Q19 ARR ▪ Recently renewed NETWORK ▪ North of nine years 26% of Total (1) 2Q19 ARR weighted average lease term ▪ Customers with multi-
Slide 54: 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 $8 Ascenty $31 Deconsolidation $44 $5 $
Slide 55: Holistic Approach to Customer Relationship Management
Holistic Approach to Customer Relationship Management Leveraging Multiple Touch Points to Maximize Relationship Value 2Q19 RE-LEASING SPREADS TURN-KEY FLEX® POWERED BASE BUILDING® COLOCATION TOTAL (1) RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE -8.9% 1.0% 2.4% -5.8% C
Slide 56: Constant-Currency Growth
Constant-Currency Growth FX Represents ~ 100 bps Drag on Reported Results As Reported Constant-Currency 7.1% 6.1% 2.8% 1.4% (1.6%) (0.4%) (4.1%) (5.0%) 2Q18 / 2Q19 2Q18 / 2Q19 Adjusted 2Q18 / 2Q19 Stabilized 2Q18 / 2Q19 Core Revenue Growth EBITDA Growth (1) Cash NOI Growth (1) FFO per Share Growth (
Slide 57: 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 0.4% 9% BENCHMARK 1% RATES 4% +/- 100 bps 81% 0% Midpoint of 0.2% 0.0% Guidance 0% $6.60 – $6.70(1) GBP EUR +/- 10% +/- 10% 4% 1% EXCHANG
Slide 58: Four Quarter Two-Step: 2019E Core FFO per Share
Four Quarter Two-Step Beat, Dip, Shuffle, Bounce 2019E CORE FFO PER SHARE 1Q19 2Q19 NOI Growth FX Impact Forward Equity 3Q19 4Q19 Settlement Note: Based on management estimates; actual performance may differ materially. Core FFO and NOI are non-GAAP financial measures. For descriptions and reconcili
Slide 59: 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 0.6x 5.5x 4.4x 4.2x 0.2x 14% 5% Floating Rate Floating Rate Debt Debt(4) 2Q19 Pro Forma for 2Q19 2Q19 Pro Forma for 2Q19 Reported Forward
Slide 60: 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 JUNE 30, 2019(1)(2)(3) DEBT PROFILE (U.S. $ in billions) Unsecured 99% Unsecured Secured 6.4 Weighted Avg. YEARS 3.3 % Weighted Avg. $3.1 Maturity(1)(2)(3) Coupon(1)(3)
Slide 61: Consistent Execution on Strategic Vision
Consistent Execution on Strategic Vision Delivering Current Results, Seeding Future Growth SUCCESSFUL SECOND QUARTER 2019 INITIATIVES 1. Deepening Connections with Customers #1 New Logos, #2 Interconnection + Renewals, #3 Bookings # Logos 1 # 2 XC + Renewals # Bookings 3 2. Extending Our Global Foot
Slide 62: Appendix
Appendix DIGITAL REALTY | INVESTOR PRESENTATION | SEPTEMBER 2019 | 62
Slide 63: 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 2Q19 TRA
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: Management Statements on Non-GAAP Measures
Appendix Management Statements on Non-GAAP Measures The information included in this presentation contains forward-looking statements. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such forward-looking statements includ
Slide 67: 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 Funds From Operations (FFO) Reconciliation of Net Income Available to Common Stoc
Slide 68: 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) $ 25,642,245 Liquidation value of preferred equity (ii) 1,111,250 Total debt at balance sheet carrying value 10,842,578 Net Debt/LQA Adjusted EBITDA Total Enterprise
Slide 69: Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent
Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent QE 06/30/19 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) GAAP interest expense plus capitalized interest 95,544 Scheduled debt principal payments 159 Preferred dividends 16,670 Total fixed charges 112,373 Fixed charge
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