PR Newswire | Feb 11, 2021 04:06PM EST

02/11 15:05 CST

Digital Realty Reports Fourth Quarter 2020 Results AUSTIN, Texas, Feb. 11, 2021

AUSTIN, Texas, Feb. 11, 2021 /PRNewswire/ -- Digital Realty (NYSE: DLR), a leading global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today financial results for the fourth quarter of 2020. All per-share results are presented on a fully-diluted share and unit basis.

Highlights

* Reported net income available to common stockholders of $0.16 per share in 4Q20, compared to net income available to common stockholders of $1.50 in 4Q19 * Reported FFO per share of $1.45 in 4Q20, compared to $1.62 in 4Q19 * Reported core FFO per share of $1.61 in 4Q20, compared to $1.62 in 4Q19 * Signed total bookings during 4Q20 expected to generate $130 million of annualized GAAP rental revenue, including a $12 million contribution from interconnection * Introduced core FFO per share outlook from $6.40-$6.50

Financial Results

Digital Realty reported revenues for the fourth quarter of 2020 of $1.1 billion, a 4% increase from the previous quarter and a 35% increase from the same quarter last year.

The company delivered fourth quarter of 2020 net income of $60 million, and net income available to common stockholders of $44 million, or $0.16 per diluted share, compared to a net loss available to common stockholders of ($0.14) per diluted share in the previous quarter and net income available to common stockholders of $1.50 per diluted share in the same quarter last year.

Digital Realty generated fourth quarter of 2020 Adjusted EBITDA of $578 million, a 2% increase from the previous quarter and a 22% increase over the same quarter last year.

The company reported fourth quarter of 2020 funds from operations of $420 million, or $1.45 per share, compared to $1.19 per share in the previous quarter and $1.62 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered fourth quarter of 2020 core FFO per share of $1.61, a 5% increase from $1.54 per share in the previous quarter, and a 1% decrease from $1.62 per share in the same quarter last year.

Leasing Activity

In the fourth quarter, Digital Realty signed total bookings expected to generate $130 million of annualized GAAP rental revenue, including a $12 million contribution from interconnection.

"We closed 2020 with a strong finish, delivering record bookings for the full year," said Digital Realty Chief Executive Officer A. William Stein. "This tremendous achievement is a testament to the consistent execution and growth across our global platform. Our book of business outside the Americas has expanded meaningfully, while our colocation and interconnection business represents a rapidly growing share as we continue to gain traction with enterprise customers as well as service providers. We look forward to building upon this momentum into 2021 and beyond, and we remain confident that our global platform will continue to deliver sustainable growth for all stakeholders."

The weighted-average lag between leases signed during the fourth quarter of 2020 and the contractual commencement date was nine months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $156 million of annualized GAAP rental revenue during the quarter. Rental rates on renewal leases signed during the fourth quarter of 2020 rolled up 1.0% on a cash basis and up 3.4% on a GAAP basis.

New leases signed during the fourth quarter of 2020 are summarized by region as follows:

Annualized GAAP

Base Rent GAAP Base Rent GAAP Base Rent

The Americas (in thousands) Square Feetper Square FootMegawattsper Kilowatt

0-1 MW $11,787 47,661 $247 4.3 $226

> 1 MW 20,285 175,729 115 19.2 88

Other ^(1) 611 12,931 47 - -

Total $32,683 236,321 $138 23.6 $113



EMEA ^(2)

0-1 MW $12,968 55,393 $234 3.9 $274

> 1 MW 51,718 439,791 118 38.6 112

Other ^(1) 74 753 98 - -

Total $64,760 495,937 $131 42.5 $127



Asia Pacific ^(2)

0-1 MW $6,292 18,967 $332 1.0 $525

> 1 MW 9,820 86,105 114 8.7 94

Other ^(1) 4,678 135,178 35 - -

Total $20,790 240,250 $87 9.7 $138



All Regions ^(2)

0-1 MW $31,047 122,021 $254 9.3 $279

> 1 MW 81,824 701,625 117 66.5 103

Other ^(1) 5,363 148,862 36 - -

Total $118,234 972,507 $122 75.8 $124



Interconnection $12,110 N/A N/A N/A N/A



Grand Total $130,344 972,507 $122 75.8 $124

Note: Totals may not foot due to rounding differences.

(1) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.

(2) Based on quarterly average exchange rates during the three months ended December 31, 2020.

Investment Activity

During the fourth quarter of 2020, Digital Realty closed on the previously announced acquisition of Lamda Hellix, the largest carrier-neutral colocation and interconnection provider in Greece.

Likewise during the fourth quarter of 2020, Digital Realty closed on the previously announced acquisition of the Neckerman expansion parcel within approximately one kilometer of the Hanauer Landstrae campus for (euro)177 million, or approximately $217 million. The expansion parcel totals 107,000 square meters, will support the development of up to 180 megawatts of additional IT capacity and will be fully connected to the existing campus.

During the fourth quarter of 2020, Digital Realty acquired a building in Paris, France previously subject to a leasehold for a total purchase price of (euro)6 million, or approximately $7 million. Digital Realty also sold a vacant building in Amsterdam, the Netherlands for (euro)6 million, or approximately $7 million.

Balance Sheet

Digital Realty completed the following financing transactions during the fourth quarter of 2020.

* In mid-October, Digital Realty redeemed all 300 million of its 4.750% notes due 2023 and redeemed all $250 million of its 5.875% series G preferred stock. * Subsequent to quarter-end, Digital Realty closed an offering of (euro)1.0 billion, or approximately $1.2 billion, of 0.625% Euro bonds due 2031. * Also subsequent to quarter end, Digital Realty redeemed all $350 million of its outstanding 2.75% notes due 2023 and repaid the entire $537 million outstanding balance on its unsecured term loan.

Digital Realty had approximately $13.3 billion of total debt outstanding as of December 31, 2020, comprised of $13.2 billion of unsecured debt and approximately $0.2 billion of secured debt. At the end of the fourth quarter of 2020, net debt-to-Adjusted EBITDA was 6.1x, debt plus-preferred-to-total enterprise value was 26.2% and fixed charge coverage was 5.1x.

COVID-19

Throughout the COVID-19 global pandemic, Digital Realty's data centers around the world have remained fully operational in accordance with business continuity and pandemic response plans, prioritizing the health and safety of employees, customers and partners while ensuring service levels are maintained. Digital Realty data centers have been deemed essential operations, allowing for critical personnel to remain in place and continue to provide services and support for customers. Construction activity has been somewhat delayed in a few markets due to government restrictions in certain locations and/or limited availability of labor. In some instances, these delays have impacted scheduled delivery dates. We are monitoring the situation closely and remain in frequent communication with customers, contractors and suppliers. We have proactively managed our supply chain, and we believe we have acquired the vast majority of the equipment needed to complete our 2021 development activities. We believe we have ample liquidity to fund our business needs, given the $109 million of cash on the balance sheet and $2.1 billion of availability under our global revolving credit facilities as of December 31, 2020. While we have not experienced any significant business disruptions from the COVID-19 pandemic to date, we cannot predict what impact the COVID-19 pandemic may have on our future financial condition, results of operations or cash flows due to numerous uncertainties.

2021 Outlook

Digital Realty introduced its 2021 core FFO per share outlook of $6.40-$6.50. The assumptions underlying the outlook are summarized in the following table.



As of

Top-Line and Cost Structure February 11, 2021

Total revenue $4.250 - $4.350 billion

Net non-cash rent adjustments (1) ($10) - ($15) million

Adjusted EBITDA $2.300 - $2.350 billion

G&A $365 - $375 million



Internal Growth

Rental rates on renewal leases

Cash basis Slightly negative

GAAP basis Slightly positive

Year-end portfolio occupancy (2) 84.0% - 85.0%

"Same-capital" cash NOI growth (3) (2.5%) - (3.5%)



Foreign Exchange Rates

U.S. Dollar / Pound Sterling $1.25 - $1.30

U.S. Dollar / Euro $1.15 - $1.20



External Growth

Dispositions

Dollar volume $0.6 - $1.0 billion

Cap rate 0.0% - 12.0%

Development

CapEx (4) $2.0 - $2.3 billion

Average stabilized yields 9.0% - 15.0%

Enhancements and other non-recurring CapEx (5) $5 - $10 million

Recurring CapEx + capitalized leasing costs (6) $220 - $230 million



Balance Sheet

Long-term debt issuance

Dollar amount $1.0 - $1.5 billion

Pricing 1.00%

Timing Early-to-mid 2021



Net income per diluted share $1.40 - $1.45

Real estate depreciation and (gain) / loss on sale$4.90 - $4.90

Funds From Operations / share (NAREIT-Defined) $6.30 - $6.35

Non-core expenses and revenue streams $0.10 - $0.15

Core Funds From Operations / share $6.40 - $6.50

Net non-cash rent adjustments represent the sum of straight-line rental(1) revenue and straight-line rent expense, as well as the amortization of above- and below-market leases (i.e., ASC 805 adjustments).

(2) Reflects inclusion of the Interxion portfolio, which was approximately 75% occupied as of December 31, 2020.

The "same-capital" pool includes properties owned as of December 31, 2019 with less than 5% of total rentable square feet under development. It also(3) excludes properties that were undergoing, or were expected to undergo, development activities in 2020-2021, properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented.

(4) Includes land acquisitions.

Other non-recurring CapEx represents costs incurred to enhance the capacity(5) or marketability of operating properties, such as network fiber initiatives and software development costs.

Recurring CapEx represents non-incremental improvements required to(6) maintain current revenues, including second-generation tenant improvements and leasing commissions.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, including FFO, core FFO and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to core FFO, and definitions of FFO and core FFO are included as an attachment to this document. A reconciliation from U.S. GAAP net income available to common stockholders to Adjusted EBITDA, a definition of Adjusted EBITDA and definitions of net debt-to-Adjusted EBITDA, debt-plus-preferred-to-total enterprise value, cash NOI, and fixed charge coverage ratio are included as an attachment to this document.

Investor Conference Call

Prior to Digital Realty's investor conference call at 5:30 p.m. EST / 2:30 p.m. PST on February 11, 2021, a presentation will be posted to the Investors section of the company's website at https://investor.digitalrealty.com/. The presentation is designed to accompany the discussion of the company's Fourth Quarter 2020 financial results and operating performance. The conference call will feature Chief Executive Officer A. William Stein and Chief Financial Officer Andrew P. Power.

To participate in the live call, investors are invited to dial (888) 317-6003 (for domestic callers) or (412) 317-6061 (for international callers) and reference the conference ID# 4603911 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty's website at https://investor.digitalrealty.com/.

Telephone and webcast replays will be available after the call until March 11, 2021. The telephone replay can be accessed by dialing (877) 344-7529 (for domestic callers) or (412) 317-0088 (for international callers) and providing the conference ID# 10150290. The webcast replay can be accessed on Digital Realty's website.

About Digital Realty

Digital Realty supports the world's leading enterprises and service providers by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL(r), the company's global data center platform, provides customers a trusted foundation and proven Pervasive Datacenter Architecture (PDx(tm)) solution methodology for scaling digital business and efficiently managing data gravity challenges. Digital Realty's global data center footprint gives customers access to the connected communities that matter to them with more than 290 facilities in 49 metros across 24 countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and Twitter.

Contact Information

Andrew P. PowerChief Financial OfficerDigital Realty(415) 738-6500

John J. Stewart / Jim HusebyInvestor RelationsDigital Realty(415) 738-6500

Consolidated Quarterly Statements of Operations

Unaudited and Dollars in Thousands, Except Per Share Data



Three Months Ended Twelve Months Ended

31-Dec-20 30-Sep-20 30-Jun-20 31-Mar-20 31-Dec-19 31-Dec-20 31-Dec-19

Rental revenues $754,422 $726,441 $698,041 $579,774 $549,733 $2,758,678 $2,266,058

Tenant reimbursements -154,937 155,111 141,576 113,520 107,518 565,144 431,215 Utilities

Tenant reimbursements -62,084 53,654 62,630 56,943 59,641 235,311 235,795 Other

Interconnection 86,424 85,725 85,428 69,835 65,576 327,412 263,288 & other

Fee income 4,722 3,687 4,353 2,452 4,814 15,214 11,654

Other 20 50 967 813 181 1,850 1,231

Total Operating $1,062,609 $1,024,668 $992,995 $823,337 $787,463 $3,903,609 $3,209,241 Revenues



Utilities $169,282 $177,925 $160,173 $129,526 $125,127 $636,905 $505,424

Rental property 205,177 180,755 172,474 136,182 129,034 694,588 515,154 operating

Property taxes 42,442 39,732 45,071 42,123 42,541 169,368 159,593

Insurance 3,410 2,926 3,370 3,547 3,055 13,253 12,590

Depreciation & 359,915 365,842 349,165 291,457 275,008 1,366,379 1,163,774 amortization

General & 101,582 90,431 90,649 62,266 53,540 344,928 207,696 administration

Severance, equity acceleration, 606 920 3,642 1,272 1,130 6,440 3,401 and legal expenses

Transaction and integration 19,290 14,953 15,618 56,801 17,106 106,662 27,925 expenses

Impairment of investments in - 6,482 - - - 6,482 5,351 real estate

Other expenses 641 297 22 114 1,989 1,074 14,118

Total Operating $902,345 $880,263 $840,184 $723,288 $648,530 $3,346,079 $2,615,026 Expenses



Operating Income$160,264 $144,405 $152,811 $100,049 $138,933 $557,530 $594,215



Equity in earnings (loss) of 31,055 (2,056) (7,632) (78,996) 11,157 (57,629) 8,067 unconsolidated joint ventures

Gain on sale / 1,684 10,410 - 304,801 267,651 316,895 335,148 deconsolidation

Interest and other (expense) (2,747) 4,348 22,163 (3,542) 10,734 20,222 66,000 income, net

Interest (77,848) (89,499) (79,874) (85,800) (80,880) (333,021) (353,057) (expense)

Income tax (expense) (3,322) (16,053) (11,490) (7,182) 1,731 (38,047) (11,995) benefit

Loss from early extinguishment (49,576) (53,007) - (632) - (103,215) (39,157) of debt

Net Income / $59,510 ($1,452) $75,978 $228,698 $349,326 $362,735 $599,221 (Loss)



Net (income) loss attributable to (1,818) 1,316 (1,147) (4,684) (13,042) (6,333) (19,460) noncontrolling interests

Net Income / (Loss) Attributable to $57,692 ($136) $74,831 $224,014 $336,284 $356,402 $579,761 Digital Realty Trust, Inc.



Preferred stock dividends, including (13,514) (20,712) (21,155) (21,155) (20,707) (76,536) (74,990) undeclared dividends

Issuance costs associated with - (16,520) - - - (16,520) (11,760) redeemed preferred stock

Net Income / (Loss) Available$44,178 ($37,368) $53,676 $202,859 $315,577 $263,346 $493,011 to Common Stockholders



Weighted-average shares 280,117,213270,214,413267,569,823222,163,324208,776,355260,098,978208,325,823outstanding - basic

Weighted-average shares 281,122,368270,214,413270,744,408224,474,295210,286,278262,522,508209,481,231outstanding - diluted

Weighted-average fully diluted 288,903,143281,523,515278,719,109232,753,630218,901,078270,496,513218,440,163shares and units



Net income / (loss) per share$0.16 ($0.14) $0.20 $0.91 $1.51 $1.01 $2.37 - basic

Net income / (loss) per share$0.16 ($0.14) $0.20 $0.90 $1.50 $1.00 $2.35 - diluted

Funds From Operations and Core Funds From Operations

Unaudited and in Thousands, Except Per Share Data



Three Months Ended Year Ended

Reconciliation of Net Income to 31-Dec-2030-Sep-2030-Jun-2031-Mar-2031-Dec-1931-Dec-20 31-Dec-19 Funds From Operations (FFO)



Net (Loss) / Income Available $44,178 ($37,368)$53,676 $202,859 $315,577 $263,345 $493,011 to Common Stockholders

Adjustments:

Non-controlling interest 1,300 (1,000) 1,400 7,800 13,100 9,500 21,100 operating partnership

Real estate related 354,366 358,619 342,334 286,517 271,371 1,341,836 1,149,240 depreciation & amortization (1)

Unconsolidated JV real estate related 21,471 19,213 17,123 19,923 21,631 77,730 52,716 depreciation & amortization

(Gain) on real estate (1,684) (10,410) - (304,801)(267,651)(316,895) (267,651) transactions

Impairment of investments in - 6,482 - - - 6,482 5,351 real estate

Funds From Operations - $419,631 $335,536 $414,533 $212,298 $354,028 $1,381,998$1,453,767diluted



Weighted-average shares and units 287,898 278,079 275,545 230,443 217,391 268,073 217,285 outstanding - basic

Weighted-average shares and units 288,903 281,524 278,719 232,754 218,901 270,497 218,440 outstanding - diluted (2)



Funds From Operations per $1.46 $1.21 $1.50 $0.92 $1.63 $5.16 $6.69 share - basic



Funds From Operations per $1.45 $1.19 $1.49 $0.91 $1.62 $5.11 $6.66 share - diluted (2)



Three Months Ended Year Ended

Reconciliation of31-Dec-2030-Sep-2030-Jun-2031-Mar-2031-Dec-1931-Dec-20 31-Dec-19 FFO to Core FFO



Funds From Operations - $419,631 $335,536 $414,533 $212,298 $354,028 $1,381,998$1,453,767diluted

Termination fees and other (25) (5,713) (21,908) (2,425) (5,634) (30,071) (53,697) non-core revenues (3)

Transaction and integration 19,290 14,953 15,618 56,801 17,106 106,662 27,925 expenses

Loss from early extinguishment of49,576 53,007 - 632 - 103,215 39,157 debt

Issuance costs associated with - 16,520 - - - 16,520 11,760 redeemed preferred stock

Severance, equity acceleration, and606 920 3,642 1,272 1,130 6,440 3,401 legal expenses (4)

(Gain) / Loss on (27,190) 10,312 17,526 81,288 (10,422) 81,936 18,067 FX revaluation

(Gain) on contribution to unconsolidated - - - - - - (58,497) JV, net of related tax

Other non-core expense 3,353 6,697 22 5,509 (1,511) 15,581 10,618 adjustments

Core Funds From Operations - $465,241 $432,232 $429,433 $355,375 $354,697 $1,682,281$1,452,501diluted



Weighted-average shares and units 288,903 281,524 278,719 232,754 218,901 270,497 218,440 outstanding - diluted (2)



Core Funds From Operations per $1.61 $1.54 $1.54 $1.53 $1.62 $6.22 $6.65 share - diluted (2)



(1) Real Estate Related Three Months Ended Year Ended Depreciation & Amortization

31-Dec-2030-Sep-2030-Jun-2031-Mar-2031-Dec-1931-Dec-20 31-Dec-19



Depreciation & amortization per $359,915 $365,842 $349,165 $291,457 $275,008 1,366,379 1,163,774 income statement

Non-real estate (5,549) (7,223) (6,831) (4,940) (3,637) (24,543) (14,534) depreciation

Real Estate Related $354,366 $358,619 $342,334 $286,517 $271,371 $1,341,836$1,149,240Depreciation & Amortization

For all periods presented, we have excluded the effect of dilutive series C, series G, series H, series I, series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series C, series G, series H, series(2) I, series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of diluted FFO and the share count detail section that follows the reconciliation of core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO and core FFO, see the definitions section.

(3) Includes lease termination fees and certain other adjustments that are not core to our business.

(4) Relates to severance and other charges related to the departure of company executives and integration-related severance.

Adjusted Funds From Operations (AFFO)

Unaudited and in Thousands, Except Per Share Data



Three Months Ended Year Ended

Reconciliation of Core FFO to 31-Dec-2030-Sep-2030-Jun-2031-Mar-2031-Dec-1931-Dec-20 31-Dec-19 AFFO



Core FFO available to common $465,241 $432,232 $429,433 $355,375 $354,697 $1,682,281$1,452,501stockholders and unitholders

Adjustments:

Non-real estate 5,549 7,223 6,831 4,940 3,637 24,543 14,534 depreciation

Amortization of deferred 3,709 3,655 3,661 4,260 3,064 15,285 13,362 financing costs

Amortization of debt discount/ 1,033 987 1,011 943 612 3,974 2,353 premium

Non-cash stock-based 16,315 15,969 15,060 12,153 8,937 59,497 34,903 compensation expense

Straight-line (14,402) (10,017) (10,928) (15,404) (13,994) (50,751) (55,770) rental revenue

Straight-line 3,629 3,934 7,373 1,460 (342) 16,396 1,002 rental expense

Above- and below-market rent3,239 2,360 3,794 3,294 4,109 12,687 17,097 amortization

Deferred tax (4,226) 6,421 (150) (792) (998) 1,253 (18,792) (expense) benefit

Leasing compensation & 10,506 6,052 1,739 2,793 3,646 21,090 14,506 internal lease commissions (1)

Recurring capital(83,571) (53,683) (38,796) (34,677) (54,731) (210,727) (180,713) expenditures (2)



AFFO available to common $407,022 $415,133 $419,028 $334,345 $308,637 $1,575,528$1,294,983stockholders and unitholders (3)



Weighted-average shares and units 287,898 278,079 275,545 230,443 217,391 268,073 217,285 outstanding - basic

Weighted-average shares and units 288,903 281,524 278,719 232,754 218,901 270,497 218,440 outstanding - diluted (4)



AFFO per share - $1.41 $1.47 $1.50 $1.44 $1.41 $5.82 $5.93 diluted (4)



Dividends per share and common $1.12 $1.12 $1.12 $1.12 $1.08 $4.48 $4.32 unit



Diluted AFFO 79.5% 76.0% 74.5% 78.0% 76.6% 76.9% 72.9% Payout Ratio



Three Months Ended Year Ended

Share Count 31-Dec-2030-Sep-2030-Jun-2031-Mar-2031-Dec-1931-Dec-20 31-Dec-19 Detail



Weighted Average Common Stock and 287,898 278,079 275,545 230,443 217,391 268,073 217,285 Units Outstanding

Add: Effect of dilutive 1,005 3,445 3,174 2,311 1,510 2,424 1,155 securities

Weighted Avg. Common Stock and 288,903 281,524 278,719 232,754 218,901 270,497 218,440 Units Outstanding - diluted

(1) The company adopted ASC 842 in the first quarter of 2019.

Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions.(2) Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty's operating standards, or internal leasing commissions.

For a definition and discussion of AFFO, see the definitions section. For a(3) reconciliation of net income available to common stockholders to FFO and core FFO, see above.

For all periods presented, we have excluded the effect of dilutive series C, series G, series H, series I, series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the(4) articles supplementary governing the series C, series G, series H, series I, series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of diluted FFO available to common stockholders and unitholders and for calculations of weighted average common stock and units outstanding.

Consolidated Balance Sheets

Unaudited and in Thousands, Except Share and Per Share Data



31-Dec-20 30-Sep-20 30-Jun-20 31-Mar-20 31-Dec-19

Assets

Investments in real estate:

Real estate $23,142,988$22,125,486$20,843,273$20,477,290$16,886,592

Construction in2,768,326 2,328,654 2,514,324 2,204,869 1,732,555 progress

Land held for future 226,862 198,536 175,209 137,447 147,597 development

Investments in $26,138,175$24,652,676$23,532,806$22,819,606$18,766,744real estate

Accumulated depreciation (5,555,221)(5,250,140)(4,945,534)(4,694,713)(4,536,169)and amortization

Net Investments$20,582,954$19,402,536$18,587,272$18,124,893$14,230,575in Properties

Investment in unconsolidated 1,148,158 1,059,978 1,033,235 1,064,009 1,287,109 joint ventures

Net Investments$21,731,112$20,462,514$19,620,507$19,188,902$15,517,684in Real Estate



Cash and cash $108,501 $971,305 $505,174 $246,480 $89,817 equivalents

Accounts and other 603,111 585,506 542,750 527,699 305,501 receivables (1)

Deferred rent 528,180 510,627 496,684 484,179 478,744

Customer relationship value, deferred leasing costs &3,122,904 3,106,414 3,128,140 3,500,588 2,195,324 other intangibles, net

Acquired above-market 43,294 50,080 57,535 66,033 74,815 leases, net

Goodwill 8,330,996 8,012,256 7,791,522 7,466,046 3,363,070

Assets associated with- - 10,981 - 229,934 real estate held for sale

Operating lease right-of-use 1,386,959 1,363,285 1,375,427 1,364,621 628,681 assets (2)

Other assets 221,234 373,346 333,916 268,752 184,561

Total Assets $36,076,291$35,435,333$33,862,636$33,113,300$23,068,131



Liabilities and Equity

Global unsecured revolving $531,905 $124,082 $64,492 $603,101 $234,105 credit facilities

Unsecured term 536,580 512,642 799,550 771,425 810,219 loans

Unsecured senior notes, 11,997,010 11,999,170 11,268,753 10,637,006 8,973,190 net of discount

Secured debt, 239,222 238,866 238,826 239,800 104,934 net of premiums

Operating lease1,468,712 1,444,060 1,451,152 1,431,292 693,539 liabilities (2)

Accounts payable and 1,987,580 2,187,025 1,828,288 1,732,318 1,007,761 other accrued liabilities

Accrued dividends and 324,386 571 - - 234,620 distributions

Acquired below-market 130,890 135,263 139,851 145,208 148,774 leases

Security deposits and 371,659 353,902 348,253 336,583 208,724 prepaid rent

Liabilities associated with- - 238 - 2,700 assets held for sale

Total $17,587,944$16,995,581$16,139,403$15,896,733$12,418,566Liabilities



Redeemable non-controlling interests - 42,011 41,265 40,584 40,027 41,465 operating partnership



Equity

Preferred Stock: $0.01 par value per share, 110,000,000 shares authorized:

Series C Cumulative Redeemable $219,250 $219,250 $219,250 $219,250 $219,250 Perpetual Preferred Stock ^(3)

Series G Cumulative Redeemable - - 241,468 241,468 241,468 Preferred Stock ^(4)

Series I Cumulative Redeemable - - 242,012 242,012 242,012 Preferred Stock ^(5)

Series J Cumulative Redeemable 193,540 193,540 193,540 193,540 193,540 Preferred Stock ^(6)

Series K Cumulative Redeemable 203,264 203,264 203,264 203,264 203,264 Preferred Stock ^(7)

Series L Cumulative Redeemable 334,886 334,886 334,886 334,886 334,886 Preferred Stock ^(8)

Common Stock: $0.01 par value per share, 2,788 2,784 2,670 2,622 2,073 392,000,000 shares authorized ^(9)

Additional 20,626,897 20,566,645 19,292,311 18,606,766 11,577,320 paid-in capital

Dividends in excess of (3,997,938)(3,726,901)(3,386,525)(3,139,350)(3,046,579)earnings

Accumulated other comprehensive 135,010 (123,623) (358,349) (444,222) (87,922) income (loss), net

Total Stockholders' $17,717,697$17,669,845$16,984,527$16,460,236$9,879,312 Equity



Noncontrolling Interests

Noncontrolling interest in $608,980 $620,676 $633,831 $656,266 $708,163 operating partnership

Noncontrolling interest in 119,659 107,966 64,291 60,038 20,625 consolidated joint ventures



Total Noncontrolling $728,639 $728,642 $698,122 $716,304 $728,788 Interests



Total Equity $18,446,336$18,398,487$17,682,649$17,176,540$10,608,100



Total Liabilities and$36,076,291$35,435,333$33,862,636$33,113,300$23,068,131Equity

(1) Net of allowance for doubtful accounts of $18,825 and $13,753 as of December 31, 2020 and December 31, 2019, respectively.

Adoption of the new lease accounting standard required that we adjust the consolidated balance sheet to include the recognition of additional(2) right-of-use assets and lease liabilities for operating leases. See our quarterly report on Form 10?Q filed on May 10, 2019 for additional information.

Series C Cumulative Redeemable Perpetual Preferred Stock, 6.625%, $201,250(3) and $201,250 liquidation preference, respectively ($25.00 per share), 8,050,000 and 8,050,000 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively.

Series G Cumulative Redeemable Preferred Stock, 5.875%, $0 (redeemed October 15, 2020, reclassified to accounts payable as of September 30, 2020(4) for accounting purposes) and $250,000 liquidation preference, respectively ($25.00 per share), 0 and 10,000,000 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively.

Series I Cumulative Redeemable Preferred Stock, 6.350%, $0 and $250,000(5) liquidation preference, respectively ($25.00 per share), 0 and 10,000,000 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively.

Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 and(6) $200,000 liquidation preference, respectively ($25.00 per share), 8,000,000 and 8,000,000 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively.

Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 and(7) $210,000 liquidation preference, respectively ($25.00 per share), 8,400,000 and 8,400,000 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively.

Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 and(8) $345,000 liquidation preference, respectively ($25.00 per share), 13,800,000 and 13,800,000 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively.

(9) Common Stock: 280,289,726 and 208,900,758 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively.

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios

Unaudited and Dollars in Thousands



Three Months Ended

Reconciliation of Earnings Before Interest, Taxes, Depreciation & 31-Dec-2030-Sep-2030-Jun-2031-Mar-2031-Dec-19Amortization (EBITDA) ^(1)



Net Income / (Loss) Available to Common $44,178 ($37,368)$53,676 $202,859 $315,577 Stockholders

Interest 77,848 89,499 79,874 85,800 80,880

Loss from early extinguishment of debt 49,576 53,007 - 632 -

Income tax expense (benefit) 3,322 16,053 11,490 7,182 (1,731)

Depreciation & amortization 359,915 365,842 349,165 291,457 275,008

EBITDA $534,839 $487,033 $494,205 $587,930 $669,734

Unconsolidated JV real estate related 21,471 19,213 17,123 19,923 21,631 depreciation & amortization

Unconsolidated JV interest expense and 12,143 9,002 9,203 9,944 13,553 tax expense

Severance, equity acceleration, and legal606 920 3,642 1,272 1,130 expenses

Transaction and integration expenses 19,290 14,953 15,618 56,801 17,106

(Gain) on sale / deconsolidation (1,684) (10,410) - (304,801)(267,651)

Impairment of investments in real estate - 6,482 - - -

Other non-core adjustments, net (23,842) 4,945 (3,404) 85,185 (13,886)

Non-controlling interests 1,818 (1,316) 1,147 4,684 13,042

Preferred stock dividends, including 13,514 20,712 21,155 21,155 20,707 undeclared dividends

Issuance costs associated with redeemed - 16,520 - - - preferred stock

Adjusted EBITDA $578,156 $568,054 $558,690 $482,093 $475,366

(1) For definitions and discussion of EBITDA and Adjusted EBITDA, see the definitions section.



Three Months Ended

Financial Ratios 31-Dec-2030-Sep-2030-Jun-2031-Mar-2031-Dec-19



Total GAAP interest $77,848 $89,499 $79,874 $85,800 $80,880 expense

Capitalized interest11,836 12,379 13,133 10,480 9,877

Change in accrued interest and other (37,182) 19,718 (38,478) 24,321 (30,564) non-cash amounts

Cash Interest $52,502 $121,596 $54,529 $120,601 $60,193 Expense ^(2)



Scheduled debt - - 57 125 210 principal payments

Preferred dividends 13,514 20,712 21,155 21,155 20,707

Total Fixed Charges $103,198 $122,590 $114,219 $117,560 $111,674 ^(3)





Coverage

Interest coverage 5.8x 5.2x 5.6x 4.6x 4.7x ratio ^(4)

Cash interest 9.3x 4.4x 9.1x 3.7x 6.7x coverage ratio ^(5)

Fixed charge 5.1x 4.4x 4.6x 3.8x 3.9x coverage ratio ^(6)

Cash fixed charge 7.7x 3.8x 6.8x 3.2x 5.2x coverage ratio ^(7)



Leverage

Debt to total enterprise value ^ 24.4% 22.8% 23.3% 23.8% 26.9% (8) (9)

Debt plus preferred stock to total 26.2% 25.0% 26.0% 26.6% 30.8% enterprise value ^ (10)

Pre-tax income to interest expense ^ 1.8x 1.0x 2.0x 3.7x 5.3x (11)

Net Debt to Adjusted 6.1x 5.6x 5.7x 6.6x 5.7x EBITDA ^(12)



Cash interest expense is interest expense less amortization of debt (2) discount and deferred financing fees and includes interest that we capitalized. We consider cash interest expense to be a useful measure of interest as it excludes non-cash based interest expense.



(3) Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred dividends.



Adjusted EBITDA divided by GAAP interest expense plus capitalized (4) interest (including our pro rata share of unconsolidated joint venture interest expense).



(5) Adjusted EBITDA divided by cash interest expense (including our pro rata share of unconsolidated joint venture interest expense).



(6) Adjusted EBITDA divided by fixed charges (including our pro rata share of unconsolidated joint venture fixed charges).



Adjusted EBITDA divided by the sum of cash interest expense, scheduled (7) debt principal payments and preferred dividends (including our pro rata share of unconsolidated joint venture fixed charges).



(8) Mortgage debt and other loans divided by market value of common equity plus debt plus preferred stock.



(9) Total enterprise value defined as market value of common equity plus debt plus preferred stock.



(10)Same as (8), except numerator includes preferred stock.

(11)Calculated as net income plus interest expense divided by GAAP interest expense.

Calculated as total debt at balance sheet carrying value, plus capital (12)lease obligations, plus Digital Realty's share of joint venture debt, less cash and cash equivalents divided by the product of Adjusted EBITDA (inclusive of our share of joint venture EBITDA), multiplied by four.

Management Statements on Non-GAAP MeasuresUnaudited

Definitions

Funds From Operations (FFO):We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts, or Nareit, in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from real estate transactions, impairment of investment in real estate, real estate related depreciation and amortization (excluding amortization of deferred financing costs), unconsolidated JV real estate related depreciation & amortization, non-controlling interests in operating partnership and after adjustments for unconsolidated partnerships and joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the NAREIT definition and, accordingly, our FFO may not be comparable to other REITs' FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Core Funds from Operations (Core FFO):We present core funds from operations, or core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate core FFO by adding to or subtracting from FFO (i) termination fees and other non-core revenues, (ii) transaction and integration expenses, (iii) loss from early extinguishment of debt, (iv) issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration, and legal expenses, (vi) gain/loss on FX revaluation, (vii) gain on contribution to unconsolidated joint venture, net of related tax, and (viii) other non-core expense adjustments. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of core FFO as a measure of our performance is limited. Other REITs may calculate core FFO differently than we do and accordingly, our core FFO may not be comparable to other REITs' core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Adjusted Funds from Operations (AFFO):We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs, including on a per share and unit basis. We calculate AFFO by adding to or subtracting from core FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs, (iii) amortization of debt discount/premium, (iv) non-cash stock-based compensation expense, (v) straight-line rental revenue, (vi) straight-line rental expense, (vii) above- and below-market rent amortization, (viii) deferred tax (expense) benefit, (ix) leasing compensation and internal lease commissions, and (x) recurring capital expenditures. Other REITs may calculate AFFO differently than we do and accordingly, our AFFO may not be comparable to other REITs' AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

EBITDA and Adjusted EBITDA:We believe that earnings before interest, loss from early extinguishment of debt, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs' EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance.

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 expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company's rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs' NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance.

Additional Definitions

Net debt-to-Adjusted EBITDA ratio is calculated using total debt at balance sheet carrying value, plus capital lease obligations, plus our share of JV debt, less unrestricted cash and cash equivalents divided by the product of Adjusted EBITDA (inclusive of our share of JV EBITDA) multiplied by four.

Debt-plus-preferred-to-total enterprise value is mortgage debt and other loans plus preferred stock divided by mortgage debt and other loans plus the liquidation value of preferred stock and the market value of outstanding Digital Realty Trust, Inc. common stock and Digital Realty Trust, L.P. units, assuming the redemption of Digital Realty Trust, L.P. units for shares of Digital Realty Trust, Inc. common stock.

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred dividends. For the quarter ended December 31, 2020, GAAP interest expense was $78 million, capitalized interest was $12 million and scheduled debt principal payments and preferred dividends was $14 million.

Reconciliation of Net Operating Three Months Ended Year Ended Income (NOI)

(in thousands) 31-Dec-2030-Sep-2031-Dec-1931-Dec-20 31-Dec-19



Operating income $160,264$144,405$138,933$557,530 $594,215



Fee income (4,722) (3,687) (4,814) (15,214) (11,654)

Other income (20) (50) (181) (1,850) (1,231)

Depreciation and 359,915 365,842 275,008 1,366,379 1,163,774 amortization

General and 101,582 90,431 53,540 344,928 207,696 administrative

Severance, equity acceleration, and 606 920 1,130 6,440 3,401 legal expenses

Transaction 19,290 14,953 17,106 106,662 27,925 expenses

Impairment in investments in - 6,482 - 6,482 5,351 real estate

Other expenses 641 297 1,989 1,074 14,118



Net Operating $637,556$619,593$482,711$2,372,431$2,003,595Income





Cash Net Operating Income (Cash NOI)



Net Operating $637,556$619,593$482,711$2,372,431$2,003,595Income



Straight-line (15,451)(9,215) (6,385) (48,769) (48,595) rental revenue

Straight-line 3,758 3,674 (306) 16,223 1,075 rental expense

Above- and below-market rent 3,239 2,360 4,109 12,686 17,097 amortization



Cash Net Operating$629,102$616,412$480,129$2,352,571$1,973,172Income

Forward-Looking Statements

This document 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 and results to differ materially. Such forward-looking statements include statements relating to: our expected investment and expansion activity, COVID-19, our liquidity, our joint ventures, supply and demand for data center and colocation space, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company's FFO, core FFO and net income, 2021 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, 2021 backlog NOI, NAV components, and other forward-looking financial data. Such statements are based on management's beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

* reduced demand for data centers or decreases in information technology spending; * increased competition or available supply of data center space; * decreased rental rates, increased operating costs or increased vacancy rates; * the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services; * our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers; * our ability to attract and retain customers; * breaches of our obligations or restrictions under our contracts with our customers; * our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties; * the impact of current global and local economic, credit and market conditions; * our inability to retain data center space that we lease or sublease from third parties; * information security and data privacy breaches; * difficulty managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; * our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent acquisitions; * our failure to successfully integrate and operate acquired or developed properties or businesses; * difficulties in identifying properties to acquire and completing acquisitions; * risks related to joint venture investments, including as a result of our lack of control of such investments; * risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements; * our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital; * financial market fluctuations and changes in foreign currency exchange rates; * adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges; * our inability to manage our growth effectively; * losses in excess of our insurance coverage; * our inability to attract and retain talent; * impact on our operations and on the operations of our customers, suppliers and business partners during a pandemic, such as COVID-19; * environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals; * our inability to comply with rules and regulations applicable to our company; * Digital Realty Trust, Inc.'s failure to maintain its status as a REIT for federal income tax purposes; * Digital Realty Trust, L.P.'s failure to qualify as a partnership for federal income tax purposes; * restrictions on our ability to engage in certain business activities; * changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws, and increases in real property tax rates; and * the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us.

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10?K for the year ended December 31, 2019, our quarterly reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020 and other filings with the Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Turn-Key Flex and Powered Base Building are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries.

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SOURCE Digital Realty