Digital Realty Trust, Inc. · NYSE:DLR
Digital Realty Trust — Investor Day (October 2015)
82 slides from Digital Realty Trust's investor day presentation, Oct 6, 2015
Slide 1: Investor Day | October 6, 2015
Investor Day | October 6, 2015 1
Slide 2: Agenda
Agenda Digital Realty 2015 Investor Day Strategic Vision A. William Stein, Chief Executive Officer Digital Operating Model Jarrett Appleby, Chief Operating Officer Strategy in Action: Ashburn Matt Miszewski, SVP, Sales & Marketing Lunch Bryan Chong, VP West Coast Sales Capital Allocation Scott Peter
Slide 3: Strategic Vision
Strategic Vision 3
Slide 4: The Way Forward
The Way Forward • SuccessfulExecution Successful onAll Execution on All Fronts Fronts WE SAID WE DID Lease-up existing inventory and improve ROIC – Align our leasing efforts and sales incentive program Improved ROIC by 120 bps from 4Q13-2Q15 to bring inventory back into equilibrium – Reduced fin
Slide 5: The Next Horizon
The Next Horizon Three-Year Guideposts 1 SUPERIOR RETURNS Deliver superior risk-adjusted total shareholder returns 2 CAPITAL ALLOCATION Prudently allocate capital to opportunistically extend global campus footprint 3 PRODUCT OFFERINGS Drive higher returns on the Our Focus asset base by diversifying
Slide 6: Who Are Our Target Customers?
Who Are Our Target Customers? Addressing Growing Global Data Center Requirements SMACC + NETWORK FINANCIAL SERVICES (Social, Mobile, Analytics, Cloud & Content) IT SERVICES & OTHER LARGE USERS 6
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: Establishing Colocation + Connectivity Offerings
Establishing Colocation + Connectivity Offerings Enhancing Customer Value, Capturing Greater Share Combined Platform Supports Growth of Communities of Interest with > 59,000 Cross-Connects Digital Realty’s Product Growth & Diversification Digital Realty (2) (1) Standalone Annualized Pro Forma $161MM
Slide 9: Facility Classification Overview
Facility Classification Overview Internet Gateway, Campus Connect and Individual Property Scale Colocation INTERNET GATEWAY FACILITY CAMPUS CONNECT FACILITY INDIVIDUAL PROPERTY CUSTOMER FOCUS CUSTOMER FOCUS CUSTOMER FOCUS • IT Services • IT Services • SMACC • Financial • SMACC • Financial • Customer
Slide 10: Global Campus Network
Global Campus Network Attractive Environments for Customers to Land and Grow CAMPUS LOCATIONS Ashburn Chicago New York Dallas Silicon Valley London Singapore KEY CUSTOMER ECOSYSTEM IT & Cloud Services Network & Mobility Financial Services Media & Other 10
Slide 11: Power of Connection Strategy
Power of Connection Strategy Creating Environments for Customers to Come Together 1 2 3 4 Capitalize on Deploy Colocation Foster Ecosystems Extend Global Campus Footprint + Connectivity with Communities Network Product Offerings of Interest • Enable multiple • Bring Telx deployments on • Provide con
Slide 12: Density at Scale and at Hubs
Density at Scale and at Hubs Expand, Tether, and Densify Data Center Campuses Cloud On-Ramp Campus Proximate Campus Chicago Ashburn Connect@Scale suites, Powered Base Building, Connect@Campus colocation Connect@Scale suites, Powered Base Building, Connect@Gateway colocation 12
Slide 13: The Power of the Ecosystem
The Power of the Ecosystem “Magnets” Drive Value via Interconnection Colocation + Interconnection Expected to Enhance Returns on Prospective Projects 20% Illustrative Unlevered Cash Yield on Cost 15% 10% 5% 0% Large-Footprint Ecosystem / Colocation Tethering + Pro Forma Yield Development Yield Inter
Slide 14: Senior Leadership Team Established
Senior Leadership Team Established Deepening Our Bench, Strengthening Our Culture A. WILLIAM STEIN CHIEF EXECUTIVE OFFICER ANDREW POWER CHIEF FINANCIAL OFFICER • Bill has served as Digital Realty’s Chief Executive • Andy will leverage his extensive capital markets Officer since November 2014 and as
Slide 15: Digital Realty Differentiators
Digital Realty Differentiators Unique Ability to Execute on a Global Scale 1 Focus on large and growing customers aligned with our core competencies – SMACC + Network, IT Services, Financial Services and Leading Global Other Large Users Data Center Platform 2 Expand within our existing and new data
Slide 16: Digital Operating Model
Digital Operating Model 16
Slide 17: Digital Operating Model Key Themes
Digital Operating Model Key Themes MEGA TRENDS Follow the Internet, Subsea Cable, Cloud & Private Networking and Applications FOCUS ON CUSTOMERS THAT ALIGN WITH OUR CORE COMPETENCIES Digital Economy (SMACC + Network), IT Services, Financial Services and Other Large Users EVOLVING PRODUCT & DESIGN –
Slide 18: Mega Trends
Mega Trends Every 60 Seconds… Nearly Three-Fourths of Digital Realty’s 2014-2015 Sales Have Been in Support of this Digital Economy 695,000+ 79,364 100+ 13,000+ HOURS 694,445 STATUS WALL NEW MUSIC SEARCH UPDATES POSTS ACCOUNTS STREAMING QUERIES 98,000+ 370,000+ 60 IN TWEETS MINUTES VOICE 320+ CALLS
Slide 19: Mega Trends: Growth of Internet, Video, Cloud and Mobile
Mega Trends Growth of the Internet, Video, Cloud and Mobile Internet Video (OTT) Global IP Traffic (2014 – 2019) Global IP Video Traffic (2013 – 2018) Exabytes Per Month Exabytes Per Month 180 150 168 132 136 110 130 110 109 91 88 76 80 72 70 62 60 51 30 30 2014 2015 2016 2017 2018 2019 2013 2014 20
Slide 20: Outsourcing Driving Significant Demand
Outsourcing Driving Significant Demand Digital Realty Positioned to Serve as Partner of Choice Enterprise Partners Hybrid Public Complexity Private By 2017, buyers will have shifted 50% of their IT Services sourcing portfolio to managed services Source: Gartner. 20
Slide 21: The Outside-In View
The Outside-In View Digital Realty Global Footprint 21
Slide 22: Broad Coverage, Key Locations
Broad Coverage, Key Locations Digital Realty Global Footprint * * Under Letter of Intent to be sold. 22
Slide 23: Strategic Assets: Internet Gateways
Strategic Assets Digital Realty Internet Gateways 1) To become an Internet Gateway upon the consummation of the acquisition of Telx Holdings, Inc. 23 2) Under Letter of Intent to be sold.
Slide 24: Strategic Assets: Campus Network
Strategic Assets Digital Realty Campus Network (1) (1) (2) 1) To become an Internet Gateway upon the consummation of the acquisition of Telx Holdings, Inc. 24 2) Under Letter of Intent to be sold.
Slide 25: The Growth of the Global Internet
The Growth of the Global Internet Subsea Fiber and Landing Points 1) To become an Internet Gateway upon the consummation of the acquisition of Telx Holdings, Inc. 25 2) Under Letter of Intent to be sold.
Slide 26: Cloud Epicenters Growing Nearly 4.5-fold
Cloud Epicenters Growing Nearly 4.5-fold Digital Realty: Foundation to Support Growth Global cloud IP traffic will increase nearly 4.5-fold over next 5 years Cisco Nearly 50% of large enterprises will have hybrid cloud by 2017 Gartner Enterprises will spend $921B on public cloud services over the ne
Slide 27: The Foundation for the Digital Economy
The Foundation for the Digital Economy Digital Realty + Telx 1) To become an Internet Gateway upon the consummation of the acquisition of Telx Holdings, Inc. 27 2) Under Letter of Intent to be sold.
Slide 28: Our Customers
Our Customers The Digital Economy Lives Here, in Digital Realty Data Centers Focus on the Digital Economy through Social, SMACC + Mobile, Analytics, Cloud, Content and Network NETWORK Significant growth of customers’ core business 30% 38% requires large footprint with room to expand in Digital R
Slide 29: Global Service Infrastructure Platform
Global Service Infrastructure Platform Deliver Basic Services, Enable Partners Digital Realty is Focused on Foundational Services to Enable Customers & Partners to Service Thousands of Their Customers FOCUSED ON FOUNDATIONAL SERVICES FUNNEL APPROACH TOWARDS CUSTOMERS ADVANCED SERVICES Cloud Hosting
Slide 30: Focused Pursuit
Focused Pursuit Comprehensive Customer Focused Product Suite SCALE COLOCATION CONNECTIVITY Solution to scale from a medium Enabling small (1 Cab) to medium Connecting customers & partners 300+ kW to very large compute (75 Cab) data center deployments inside the data center deployments Can execute a
Slide 31: New Product Design Launch (Scale)
New Product Design Launch (“Scale”) Unique Elastic Design to Meet the Zettabyte Era KEY ATTRIBUTES CAMPUS CONNECT FACILITY Agility to support dynamic workloads MECHANICAL & ELECTRICAL Differentiated SLA’s AGILE FOUNDATION Captures 2X market opportunity Drives operational efficiency SCALE SCA
Slide 32: Connected Campus
Connected Campus Meeting Growth and Ecosystem Needs Directly Connect Internet and Network to Large Compute Engines on Campus INTERNET GATEWAY CAMPUS CONNECT FACILITY 111 8th Avenue New York, NY MECHANICAL & ELECTRICAL AGILE FOUNDATION SCALE SCALE COLO 2N N+1 SUITE MMR 32
Slide 33: Elastic Hybrid Cloud
Elastic Hybrid Cloud Directly Connect to SoftLayer in < 1.5 Milliseconds OVERVIEW CAMPUS CONNECT FACILITY IBM as a partner can scale Elastic Hybrid Cloud MECHANICAL & ELECTRICAL and Storage to Enterprise built around the connected campus AGILE FOUNDATION Directly connect to SoftLayer in less tha
Slide 34: Telx Integration Update
Telx Integration Update Minimizing Disruption in 2015, Targeting Growth in 2016 DAY ONE Ensure Day One transition occurs smoothly PEOPLE + Retain top talent CUSTOMERS Protect and grow revenue PRODUCT Maximize product offerings to meet customer demand INFRASTRUCTURE One commercial relationship and in
Slide 35: Operating Efficiencies
Operating Efficiencies Centralize Functions and Optimize Operations / Service Delivery Long-Term Approach for Future Operating Efficiencies with IT & Process Engineering to Scale the Business Launch new product for Re-align Operating “Scale” for core business; Leadership team to prioritize new "Colo
Slide 36: Integrated Operational Delivery Team
Integrated Operational Delivery Team Leadership Team in Place to Drive Innovation and Strategy DANIEL LANE CHRIS SHARP VP, PROPERTY OPERATIONS CTO, SERVICE INNOVATION Danny is Head of Global Operations. He joined Digital Chris will be responsible for driving ROIC via the Realty in 2005 and is re
Slide 37: Strategy in Action: Digital Ashburn Campus Case Study
Strategy in Action Digital Ashburn Campus Case Study 37
Slide 38: Healthy Leasing Activity in 3Q15
Healthy Leasing Activity in 3Q15 Digital Economy Customer Concentration Consistent with Strategy Annualized GAAP Annualized GAAP Type of Space Total s.f. Signed (1) (2) (2) Base Rent / s.f. Base Rent Turn-Key Flex® 159,208 $186 $29.6 million Powered Base Building® - - - Custom Solutions - - - Coloca
Slide 39: 2015 Year-to-Date Leasing Activity
2015 Year-to-Date Leasing Activity Leasing by Market and Vertical (1) (2) ($ in millions) Market SMACC Financial IT Other Boston $0.9 $0.0 $0.3 $0.4 Chicago $14.3 -- $0.1 $0.2 Dallas $20.3 -- $0.1 $0.6 Houston $0.0 -- $0.0 $0.6 Northern Virginia $18.8 $5.0 $1.2 $0.0 New York Metro -- $0.2 -- $1.0 Ph
Slide 40: Robust Demand in NoVA
Robust Demand in NoVA Historical Supply and Absorption Northern Virginia Data Center Market (1) in Megawatts Deliveries Absorption 60 53 51 51 40 49 36 35 33 31 31 32 20 28 27 28 28 20 18 11 11 0 2007 2008 2009 2010 2011 2012 2013 2014 1H15 Digital Realty Northern Virginia Portfolio in Megawatts Del
Slide 41: Ashburn Market Highlights
Ashburn Market Highlights Leading U.S. Data Center Market STRONG MARKET DYNAMICS DRIVING DEMAND AND RETURNS Dense Attractive Costs and High Capacity Connectivity Accommodative and Demand Location • 592 MW total data center • 70% of global internet • Cost competitive utility rates inventory traffic f
Slide 42: Digital Ashburn Campus Virtual Tour
Digital Ashburn Campus Virtual Tour 42
Slide 43: Digital Economy Lives Here
Digital Economy Lives Here Diverse Customer Base Seeking Scale and Connectivity Data Center Future Building Fiber 43
Slide 44: Dark Fiber Connects Campus to Gateways
Dark Fiber Connects Campus to Gateways Seamless Connection to Numerous Network Providers Close proximity to the MAE East Internet Exchange Point providing premier connectivity and access to an extensive fiber network already in place Connectivity to over 1,000 INTERNET network providers GATEWAY
Slide 45: Digital Ashburn Campus Master Plan
Digital Ashburn Campus Master Plan UNDER DEVELOPMENT FUTURE / PLANNED FACILITY CONNECTIVITY FINANCIAL METRICS Eight Existing Buildings: Access to over 1,000 network providers Current Investment $955 M approximately 1.5 million sq. ft. Ecosystem connects 40+ Digital Realty Expansion: Master-p
Slide 46: Our New Strategy
Our New Strategy Unique Ecosystem Built on Unrivaled Real Estate Expertise We built the global standard for technical real estate, Campuses developing a unique capability to acquire, manage, and scale data center campuses. Now, Digital Realty is building a Data center campuses across the unique ecos
Slide 47: Our New Brand
Our New Brand Product Names Digital Realty’s Global Campus Environment Interconnection to 1,000+ carriers, ISPs, provides agile business solutions - from partial content providers and enterprises – plus or full Data Center Suites to entire buildings the hybrid power of our cloudXCHANGE Colocation at
Slide 48: Lunch
Lunch 48
Slide 49: Capital Allocation
Capital Allocation 49
Slide 50: Prudent Capital Allocation
Prudent Capital Allocation Governed by the Return on Invested Capital KEY INVESTMENT CRITERIA FOR EXPANSION Strategic and Financially Prudently Complementary Accretive Financed 132 24 30+ PROPERTIES MILLION RENTABLE MARKETS SQUARE FEET 50
Slide 51: Digital Realty Investment Committee
Digital Realty Investment Committee Focus on Fully-Loaded, Net Effective Yields Disciplined Decision-Making Digital Realty employs a collaborative approach to deal analysis, risk management and asset allocation. The investment committee meets bi-weekly to review and approve leasing transactions and
Slide 52: Stringent Acquisition Criteria
Stringent Acquisition Criteria Market Fundamentals, Accessibility, Stability and Risk KEY ELEMENTS OF INVESTMENT UNDERWRITING Market Accessibility / Business-Friendly / Fundamentals Internet Proximity Stable Locations Core markets / major central Access to fiber Accommodative local utility bus
Slide 53: Inventory Management
Inventory Management Meeting Customer Needs While Minimizing Carry SELLABLE INVENTORY: 87 MW SELLABLE INVENTORY: 9 MW SELLABLE INVENTORY: 19 MW DEVELOPABLE LAND: 200+ MW DEVELOPABLE LAND: 40+ MW DEVELOPABLE LAND: 30+ MW Europe North America Asia Pacific Source: Company disclosure and management esti
Slide 54: Capital Recycling Initiative
Capital Recycling Initiative Redeploying Accretively, Enhancing Portfolio Quality Property Square Feet (1) Occupancy 7 1 Kato & Page 199,352 100% 2 5 1 3 2 Gold Camp 63,791 63% 4 6 3 900 Walnut 112,266 91% 4 210 Tucker 336,047 50% 5 1807 Michael Faraday 19,237 100% Two properties under contract 6
Slide 55: Financial Overview
Financial Overview 55
Slide 56: Financial Strategy
Financial Strategy 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-store NOI growth RISK-ADJUSTED RETURNS Earn higher risk-adjusted returns
Slide 57: Executed on Acquisition Finance Playbook
Executed on Acquisition Finance Playbook Recreate S&U on Successfully Raised $1.9 Billion of Capital previous page in Column Graphs Meet / Exceed Successful 2015 Capital Raising Initiatives Underwriting Bridge Credit Facility Obtained $1.9 billion unsecured bridge credit facility commitment to maint
Slide 58: Committed to Conservative Capital Structure
Committed to Conservative Capital Structure Maximizing Capital Menu Options, Minimizing Cost Ample and Growing Liquidity Pro Forma Capitalization (2) $1.2 billion available under $2.0 billion multi-currency Variable Rate Debt revolving credit facility (1) 7% Raised ~ $1.5 billion of investment g
Slide 59: Attractive Debt Maturity Schedule
Attractive Debt Maturity Schedule Well-Staggered With Modest Near-Term Maturities Syndication Underway to Extend Global Unsecured Revolving Credit Facility and Term Loan to 2021 (1) (2) Secured Mortgage Debt Unsecured Prudential Shelf Facility Pro Rata Share of JV Debt (4) (5) ($ in billions) Unsecu
Slide 60: 2016 Sources & Uses
2016 Sources & Uses Recreate S&U on previous page in Ample Liquidity to Fund Future Growth Column Graphs Net Liquidity Expected to Total ~ $1.0 Billion for 2016 ($ in billions) Sources Uses Line of Credit Availability $1.1 – $1.3 Development CapEx $0.7 – $0.8 Bond Issuance and / or Bank Debt 0.6 – 0
Slide 61: Building Blocks of Organic Growth
Building Blocks of Organic Growth Compounding Growth Drivers DIGITAL REALTY STANDALONE TELX CONTRIBUTION 2%-3% Average Rent Bumps (1) 3% 68% Utilization; Auto-Renewal Upside From Uplift ~ 80% MTM Gradually Lease-Up Average Tenant Improving Cash Retention Re-Leasing Spreads 0.6% 9.2 Gross Monthly Yea
Slide 62: Improving Data Center Market Rents
Improving Data Center Market Rents Modest Rent Growth Anticipated over the Forecast Period Healthy Recovery in Net Effective Rents Underway North America Data Center Market Rents (1) / Data Center Market Rents / Estimates 2007 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E 2018E Source: Compan
Slide 63: Improving Data Center Market Rents
Improving Data Center Market Rents The Cycle Has Entered Expansion Phase Healthy Recovery in Net Effective Rents Underway North America Data Center Market Rents (1) / Data Center Market Rents / Estimates Data Center Market Rents 2007 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E 2018E Source:
Slide 64: Improving Data Center Market Rents
Improving Data Center Market Rents Re-Leasing Spreads Should Follow Suit in Due Course Re-Leasing Spreads Approaching an Inflection Point; Pricing Should Begin to Shift from a Headwind to a Tailwind North America Data Center Market Rents & Re-Leasing Spreads (1) Data Center Market Re-leasing Spreads
Slide 65: Focus on Operating Efficiencies
Focus on Operating Efficiencies Targeting 200 bps EBITDA Margin Expansion by 2018 59% 34% 55% Current (1) Standalone Telx Pro Forma Adjusted EBITDA Margin Adjusted EBITDA Margin Adjusted EBITDA Margin Underwritten Expense Synergies from Telx Acquisition + Increased Utilization at Telx Facilities + M
Slide 66: Exceptional Risk-Adjusted Growth Track Record
Exceptional Risk-Adjusted Growth Track Record Steady Growth, Low Volatility Consistently Delivered Healthy Growth in FFO and Dividends per Share, with Low Volatility 10-Year FFO / Share Risk-Adjusted Growth (1) 10-Year Dividend / Share Risk-Adjusted Growth (1) DLR DLR 15.0% Above-average 15.0% Above
Slide 67: Uninterrupted Growth throughout the Cycle
Uninterrupted Growth throughout the Cycle Counter-Cyclical Performance Compares Favorably Nine Consecutive Years of Positive Growth 2005 – 2015E FFO / 400 Share CAGR (1) Financial Crisis DLR: 14.2% 300 PSA: 9.2% AVB: 8.0% 200 SPG: 7.3% EQR: 3.2% BXP: 2.4% 100 KIM: (2.7)% 0 2005 2006 2007 2008 2009 2
Slide 68: Cash Flow Poised to Outpace Earnings
Cash Flow Poised to Outpace Earnings Steady, Improving and High-Quality Growth Low Volatility, High Quality of Earnings, Accelerating Growth Profile FINANCIAL OUTLOOK (1) Accelerating Growth from Compound Drivers Double-Digit PRICE INCREASES Growth Contractual bumps and improving rent growth LEASE-U
Slide 69: Significant Upside Potential
Significant Upside Potential Incremental Value & Improved Asset Utilization in Existing Portfolio ($ in millions, except per share amounts) Potential Incremental 2016 to 2018 NOI ROIC NAV / Share (1) 1 Incremental Value at: 6.75% – 7.25% Cap Rate $552 – $593 + 2016 Backlog & Beyond + $40 mm Less: Ca
Slide 70: Components of NAV: Telx Contribution
Components of NAV: Telx Contribution Telx Acquisition Accretive to Net Asset Value $178 million 2016E Telx NOI NAV / Share Accretion from Telx Acquisition Internet Gateway Leased / Non- Gateway Accretion $ / Share (left axis) 50% of Total NOI 50% of Total NOI Accretion % to Current Stock Price (righ
Slide 71: Valuation Overview
Valuation Overview Premium Track Record at a Discounted Valuation (1) Metric DLR REIT Average Spread Implied Cap Rate 7.2% 5.9% 1.3% Dividend Yield 5.3% 4.0% 1.3% Premium / (Discount) to NAV (5.0%) (4.7%) (0.3%) 2015E AFFO (2) / Yield 6.8% 5.4% 1.3% (2) Price / 2015E FFO 12.7x 16.4x (3.7x) EV / LQA
Slide 72: Think Like an Owner Today
Think Like an Owner Today Committed to Shareholder-Friendly Governance Three recent corporate initiatives further enhance corporate governance April 2014: Long-Term Incentive Plan August 2015: Minimum Ownership Requirements Market performance-based award plan created to align executives’ incentives
Slide 73: The Next Horizon
The Next Horizon Three-Year Guideposts 1 SUPERIOR RETURNS Deliver superior risk-adjusted total shareholder returns 2 CAPITAL ALLOCATION Prudently allocate capital to opportunistically extend global campus footprint 3 PRODUCT OFFERINGS Drive higher returns on the Our Focus asset base by diversifying
Slide 74: Appendix
Appendix 74
Slide 75: Forward-Looking Statements
Forward-Looking Statements 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 include statements relating to:
Slide 76: Definitions of Non-GAAP Financial Measures
Definitions of Non-GAAP Financial 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 may diff
Slide 77: 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 Funds From Operations (FFO) (in thousands, except per share and unit data) (unaudited) Three Months Ended Six Months Ended Ju
Slide 78: Reconciliation of Non-GAAP Items
Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 FFO available to common stockholders and unitholders $ 176,148 $ 164,179 $ 392,508 $ 328,276 Add: 5.50% exchangeable senior debentures interes
Slide 79: 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 80: Reconciliation of Non-GAAP Items
Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Rental revenues $ 196,637 $ 197,836 $ 390,617 $ 394,476 Tenant reimbursements - Utilities 36,893 38,337 72,108 75,975 Tenant reimbursements -
Slide 81: Reconciliation of Non-GAAP Items
Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 81
Slide 82: Reconciliation of Non-GAAP Items
Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Year Ended December 31, 2014 December 31, 2013 December 31, 2012 December 11, 2011 December 31, 2010 December 31, 2009 FFO available to common stockholders and unitholders $ 691,966 $ 636,426 $ 557,672 $ 449,288 $ 327,473 $ 252,043 Ad