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Press Release -- July 28th, 2022
Source: Digital Realty Trust
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DIGITAL REALTY REPORTS SECOND QUARTER 2022 RESULTS

July 28, 2022

AUSTIN, TexasJuly 28, 2022 /PRNewswire/ — Digital Realty (NYSE:DLR, news, filings), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today financial results for the second quarter of 2022.  All per share results are presented on a fully diluted basis.

Digital Realty

Highlights

  • Reported net income available to common stockholders of $0.19 per share in 2Q22, compared to $0.45 in 2Q21
  • Reported FFO per share of $1.55 in 2Q22, compared to $1.78 in 2Q21
  • Reported core FFO per share of $1.72 in 2Q22, compared to $1.54 in 2Q21
  • Signed total bookings during 2Q22 expected to generate $113 million of annualized GAAP rental revenue, including a $12 million contribution from interconnection
  • Updated 2022 core FFO per share outlook to $6.75 – $6.85; Reiterated 2022 constant-currency core FFO per share outlook of $6.95 – $7.05

Financial Results

Digital Realty reported revenues for the second quarter of 2022 of $1.1 billion, a 1% increase from the previous quarter and a 4% increase from the same quarter last year.

The company delivered second quarter of 2022 net income of $63.9 million, and net income available to common stockholders of $53.2 million, or $0.19 per diluted share, compared to $0.22 per diluted share in the previous quarter and $0.45 per diluted share in the same quarter last year.

Digital Realty generated second quarter of 2022 Adjusted EBITDA of $611 million, a 1% increase from the previous quarter and a 1% increase over the same quarter last year.

The company reported second quarter of 2022 funds from operations of $452 million, or $1.55 per share, compared to $1.60 per share in the previous quarter and $1.78 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered second quarter of 2022 core FFO per share of $1.72, compared to $1.67 per share in the previous quarter, and $1.54 per share in the same quarter last year.

Leasing Activity

In the second quarter, Digital Realty signed total bookings expected to generate $113 million of annualized GAAP rental revenue, including a $12 million contribution from interconnection.

“Demand for data center solutions continued to be strong through the second quarter, with healthy contributions from both hyperscale and enterprise segments,” said Digital Realty Chief Executive Officer A. William Stein.  “Customers are seeking to secure the capacity they require in advance of availability, as over half of our record development schedule is pre-leased, and tight conditions in many markets around the world are resulting in an improving pricing environment and rising occupancy.”

The weighted-average lag between new leases signed during the second quarter of 2022 and the contractual commencement date was thirteen months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $173 million of annualized GAAP rental revenue during the quarter.  Rental rates on renewal leases signed during the second quarter of 2022 rolled up 3.4% on a cash basis and up 5.3% on a GAAP basis.

New leases signed during the second quarter of 2022 are summarized by region as follows:

Annualized GAAP

Base Rent

GAAP Base Rent

GAAP Base Rent

 The Americas

(in thousands)

Square Feet

per Square Foot

Megawatts

per Kilowatt

 0-1 MW

$15,583

63,303

$246

6.0

$217

 > 1 MW

15,537

137,937

113

14.1

92

 Other (1)

1,566

63,467

25

Total

$32,686

264,707

$123

20.1

$129

 EMEA (2)

 0-1 MW

$18,301

71,568

$256

6.4

$238

 > 1 MW

43,760

347,280

126

34.0

107

 Other (1)

171

2,409

71

Total

$62,232

421,257

$148

40.4

$128

 Asia Pacific (2)

 0-1 MW

$1,544

8,591

$180

0.4

$322

 > 1 MW

5,399

27,157

199

3.0

150

 Other (1)

25

327

78

Total

$6,968

36,075

$193

3.4

$170

All Regions (2)

 0-1 MW

$35,428

143,461

$247

12.8

$231

 > 1 MW

64,695

512,374

126

51.1

105

 Other (1)

1,763

66,203

27

Total

$101,886

722,038

$141

63.9

$131

Interconnection

$11,515

N/A

N/A

N/A

N/A

Grand Total

$113,401

722,038

$141

63.9

$131

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 June 30, 2022. 

Investment Activity

During the second quarter, Digital Realty acquired an 8-acre parcel in Dublin for $6 million, which can support up to 40 megawatts of IT load. Digital Realty also acquired 2.4 acres in Barcelona for $11 million, which can support up to 15 megawatts of IT load. Lastly, Digital Realty acquired 34 acres in Frankfurt for $60 million, which can support up to 70 megawatts of IT load.

Also during the second quarter, Digital Realty announced a joint venture with Mivne Real Estate (K.D.) (TASE: MVNE) for entry into the Israeli market. The joint venture, which will operate under the brand name Digital Realty Mivne, will serve as a strategic partnership between Digital Realty and Mivne, a market-leading real estate developer, owner and operator that has developed many large-scale projects across Israel and has an extensive land bank. Digital Realty Mivne expects to develop a multi-tenant data center campus in Petah Tikvah, the primary connectivity hub in Israel.  The data center campus will support the development of up to 20 megawatts of IT load.  Delivery of the initial phase is anticipated in 2023, subject to customer demand.

Subsequent to the close of the second quarter, Digital Realty acquired 38 acres in Paris for $11 million and 9 acres in Stockholm for $43 million.

Balance Sheet

Digital Realty had approximately $14.3 billion of total debt outstanding as of June 30, 2022, comprised of $14.1 billion of unsecured debt and approximately $0.2 billion of secured debt.  At the end of the second quarter of 2022, net debt-to-Adjusted EBITDA was 6.2x, debt-plus-preferred-to-total enterprise value was 28.5% and fixed charge coverage was 6.0x.  Pro forma for settlement of the $1 billion forward equity offering, net debt-to-adjusted EBITDA was 5.8x and fixed charge coverage was 6.2x.

During the second quarter of 2022, Digital Realty completed the following financing transactions:

  • Amended its Global Senior Credit Agreement to increase the size from $3.0 billion to $3.75 billion.
  • Entered into an at-the-market (ATM) equity offering agreement of up to $1.5 billion. The prior program, which had $577.6 million remaining, was terminated.

2022 Outlook

Digital Realty updated its 2022 core FFO per share outlook of $6.75-$6.85 and reiterated its 2022 constant-currency core FFO per share outlook of $6.95 – $7.05.  The assumptions underlying the outlook are summarized in the following table.

As of

As of

As of

 Top-Line and Cost Structure

February 17, 2022

April 28, 2022

July 28, 2022

Total revenue

$4.700 – $4.800 billion

$4.700 – $4.800 billion

$4.650 – $4.750 billion

Net non-cash rent adjustments (1)

($35 – $40 million)

($45 – $50 million)

($50 – $55 million)

Adjusted EBITDA

$2.475 – $2.525 billion

$2.475 – $2.525 billion

$2.450 – $2.500 billion

G&A

$410 – $420 million

$410 – $420 million

$405 – $415 million

 Internal Growth

Rental rates on renewal leases

Cash basis

Flat

Slightly Positive

Slightly Positive

GAAP basis

Slightly positive

Up low-single-digits

Up low-single-digits

Year-end portfolio occupancy

83.0% – 84.0%

83.0% – 84.0%

83.0% – 84.0%

“Same-capital” cash NOI growth (2)

(2.5% – 3.5%)

(2.5% – 3.5%)

(3.5% – 4.5%)

Foreign Exchange Rates

U.S. Dollar / Pound Sterling

$1.30 – $1.38

$1.25 – $1.35

$1.15 – $1.25

U.S. Dollar / Euro

$1.10 – $1.15

$1.05 – $1.10

$1.00 – $1.05

 External Growth

Dispositions

Dollar volume

$0.5 – $1.0 billion

$0.5 – $1.0 billion

$0.5 – $1.0 billion

Cap rate

0.0% – 10.0%

0.0% – 10.0%

0.0% – 10.0%

Development

CapEx (3)

$2.3 – $2.5 billion

$2.3 – $2.5 billion

$2.2 – $2.4 billion

Average stabilized yields

9.0% – 15.0%

9.0% – 15.0%

9.0% – 15.0%

Enhancements and other non-recurring CapEx (4)

$5 – $10 million

$5 – $10 million

$5 – $10 million

Recurring CapEx + capitalized leasing costs (5)

$210 – $220 million

$200 – $210 million

$200 – $210 million

 Balance Sheet

Long-term debt issuance

Dollar amount

$1.8 – $2.0 billion

$1.8 – $2.0 billion

$1.8 – $2.0 billion

Pricing

1.5% – 2.0%

1.5% – 2.0%

2.0% – 2.5%

Timing

Early & Late 2022

Early & Late 2022

Early & Late 2022

 Net income per diluted share

$1.05 – $1.10

$1.05 – $1.10

$1.00 – $1.05

Real estate depreciation and (gain) / loss on sale

$5.35 – $5.35

$5.35 – $5.35

$5.35 – $5.35

 Funds From Operations / share (NAREIT-Defined)

$6.40 – $6.45

$6.40 – $6.45

$6.35 – $6.40

Non-core expenses and revenue streams

$0.40 – $0.45

$0.40 – $0.45

$0.40 – $0.45

 Core Funds From Operations / share

$6.80 – $6.90

$6.80 – $6.90

$6.75 – $6.85

Foreign currency translation adjustments

$0.10 – $0.10

$0.15 – $0.15

$0.20 – $0.20

 Constant-Currency Core Funds From Operations / share

$6.90 – $7.00

$6.95 – $7.05

$6.95 – $7.05

(1)

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

(2)

The “same-capital” pool includes properties owned as of December 31, 2020 with less than 5% of total rentable square feet under development.  It excludes properties that were undergoing, or were expected to undergo, development activities in 2021-2022, properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented. 

(3)

Includes land acquisitions. 

(4)

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

(5)

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

Non-GAAP Financial Measures

This document 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. EDT / 2:30 p.m. PDT on July 28, 2022, 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 second quarter 2022 financial results and operating performance.  The conference call will feature Chief Executive Officer A. William Stein and President & 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# 6453950 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 August 28, 2022.  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# 1684177.  The webcast replay can be accessed on Digital Realty’s website.

About Digital Realty

Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data “meeting place” and a proven Pervasive Datacenter Architecture (PDx™) solution methodology for powering innovation and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected communities that matter to them with a global data center footprint of 290+ facilities in 50+ metros across 26 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. Power
President & Chief Financial Officer
Digital Realty
(737) 281-0101

Jordan Sadler / Jim Huseby
Investor Relations
Digital Realty
(737) 281-0101

Consolidated Quarterly Statements of Operations

Unaudited and Dollars in Thousands, Except Per Share Data

Three Months Ended

Six Months Ended

30-Jun-22

31-Mar-22

31-Dec-21

30-Sep-21

30-Jun-21

30-Jun-22

30-Jun-21

Rental revenues

$767,313

$751,962

$763,117

$773,195

$768,826

$1,519,275

$1,523,370

Tenant reimbursements – Utilities

218,198

224,547

195,340

189,060

169,743

442,745

354,716

Tenant reimbursements – Other

52,688

51,511

58,528

57,666

60,261

104,198

119,589

Interconnection & other

93,338

93,530

89,850

90,983

90,565

186,868

179,626

Fee income

5,072

5,757

4,133

3,255

3,628

10,829

6,054

Other

2,713

15

200

18,977

165

2,728

224

Total Operating Revenues

$1,139,321

$1,127,323

$1,111,167

$1,133,135

$1,093,189

$2,266,644

$2,183,580

Utilities

$223,426

$241,239

$213,933

$209,585

$185,010

$464,665

$361,057

Rental property operating

198,076

194,354

205,250

196,743

198,206

392,430

383,939

Property taxes

47,213

46,526

42,673

55,915

42,795

93,738

91,800

Insurance

3,836

3,698

3,507

4,718

5,703

7,534

9,201

Depreciation & amortization

376,967

382,132

378,883

369,035

368,981

759,099

738,714

General & administration

101,991

96,435

103,705

97,082

94,956

198,426

192,524

Severance, equity acceleration, and legal expenses

3,786

2,077

1,003

1,377

2,536

5,863

4,963

Transaction and integration expenses

13,586

11,968

12,427

13,804

7,075

25,554

21,195

Impairment of investments in real estate

18,291

Other expenses

70

7,657

(1)

510

2,298

7,727

2,041

Total Operating Expenses

$968,950

$986,087

$979,669

$948,770

$907,561

$1,955,037

$1,805,433

Operating Income

$170,371

$141,236

$131,498

$184,365

$185,627

$311,607

$378,146

Equity in earnings (loss) of unconsolidated joint ventures

(34,088)

60,958

(7,714)

40,884

52,143

26,870

29,112

Gain / (loss) on sale of investments

2,770

1,047,011

(635)

499

2,770

334,420

Interest and other income (expense), net

13,008

3,051

(4,349)

(2,947)

10,124

16,059

2,938

Interest (expense)

(69,023)

(66,725)

(71,762)

(71,417)

(75,014)

(135,748)

(150,667)

Income tax (expense)

(16,406)

(13,244)

(3,961)

(13,709)

(47,582)

(29,650)

(55,129)

Loss from early extinguishment of debt

(51,135)

(325)

(51,135)

(18,347)

Net Income

$63,862

$76,911

$1,090,397

$136,541

$125,799

$140,773

$520,474

Net (income) attributable to noncontrolling interests

(436)

(3,629)

(22,587)

(2,266)

(4,544)

(4,065)

(13,298)

Net Income Attributable to Digital Realty Trust, Inc.

$63,426

$73,282

$1,067,811

$134,275

$121,255

$136,708

$507,177

Preferred stock dividends, including undeclared dividends

(10,181)

(10,181)

(10,181)

(10,181)

(11,885)

(20,363)

(25,399)

Gain on / (Issuance costs associated with) redeemed preferred stock

18,000

18,000

Net Income Available to Common Stockholders

$53,245

$63,101

$1,057,630

$124,094

$127,371

$116,346

$499,777

Weighted-average shares outstanding – basic

284,694,064

284,525,992

283,869,662

283,105,966

281,791,855

284,610,492

281,445,252

Weighted-average shares outstanding – diluted

285,109,903

285,025,099

284,868,184

283,799,538

282,433,857

284,979,709

282,075,611

Weighted-average fully diluted shares and units

290,944,163

290,662,421

290,893,110

290,228,785

289,484,805

290,716,197

289,218,609

Net income per share – basic

$0.19

$0.22

$3.73

$0.44

$0.45

$0.41

$1.78

Net income per share – diluted

$0.19

$0.22

$3.71

$0.44

$0.45

$0.41

$1.77

Funds From Operations and Core Funds From Operations

Unaudited and in Thousands, Except Per Share Data

Three Months Ended

Six Months Ended

Reconciliation of Net Income to Funds From Operations (FFO)

30-Jun-22

31-Mar-22

31-Dec-21

30-Sep-21

30-Jun-21

30-Jun-22

30-Jun-21

Net Income Available to Common Stockholders

$53,245

$63,101

$1,057,630

$124,094

$127,371

$116,346

$499,777

Adjustments:

Non-controlling interest in operating partnership

1,500

1,600

23,100

3,000

3,200

3,100

13,000

Real estate related depreciation & amortization (1)

369,327

374,162

372,447

362,728

363,640

743,489

728,336

Unconsolidated JV real estate related depreciation & amortization

29,022

29,320

24,146

21,293

20,983

58,341

40,361

(Gain) on real estate transactions (2)

(1,144)

(2,770)

(1,047,010)

(63,798)

(499)

(3,914)

(334,420)

Impairment of investments in real estate

18,291

Funds From Operations – diluted

$451,949

$465,412

$448,602

$447,317

$514,695

$917,362

$947,055

Weighted-average shares and units outstanding – basic

290,528

290,163

289,895

289,542

288,843

290,346

288,588

Weighted-average shares and units outstanding – diluted (3)

290,944

290,662

290,893

290,228

289,485

290,716

289,219

Funds From Operations per share – basic

$1.56

$1.60

$1.55

$1.54

$1.78

$3.16

$3.28

Funds From Operations per share – diluted (3)

$1.55

$1.60

$1.54

$1.54

$1.78

$3.16

$3.27

Three Months Ended

Six Months Ended

Reconciliation of FFO to Core FFO

30-Jun-22

31-Mar-22

31-Dec-21

30-Sep-21

30-Jun-21

30-Jun-22

30-Jun-21

Funds From Operations – diluted

$451,949

$465,412

$448,602

$447,317

$514,695

$917,362

$947,055

Other non-core revenue adjustments (4)

456

13,916

9,859

(18,066)

(11,122)

14,372

(11,181)

Transaction and integration expenses

13,586

11,968

12,427

13,804

7,075

25,554

21,195

Loss from early extinguishment of debt

51,135

325

51,135

18,347

(Gain on) / Issuance costs associated with redeemed preferred stock

(18,000)

(18,000)

Severance, equity acceleration, and legal expenses (5)

3,786

2,077

1,003

1,377

2,536

5,863

4,963

(Gain) / Loss on FX revaluation

29,539

(67,676)

14,308

33,773

(51,649)

(38,137)

(17,577)

Other non-core expense adjustments

70

7,657

(1)

1,004

2,298

7,727

(16,942)

Core Funds From Operations – diluted

$499,386

$484,490

$486,525

$479,209

$445,833

$983,875

$927,859

Weighted-average shares and units outstanding – diluted (3)

290,944

290,662

290,893

290,228

289,485

290,716

289,219

Core Funds From Operations per share – diluted (3)

$1.72

$1.67

$1.67

$1.65

$1.54

$3.38

$3.21

(1) Real Estate Related Depreciation & Amortization

Three Months Ended

Six Months Ended

30-Jun-22

31-Mar-22

31-Dec-21

30-Sep-21

30-Jun-21

30-Jun-22

30-Jun-21

Depreciation & amortization per income statement

$376,967

$382,132

$378,883

$369,035

$368,981

759,099

738,714

Non-real estate depreciation

(7,640)

(7,970)

(6,436)

(6,307)

(5,341)

(15,610)

(10,377)

Real Estate Related Depreciation & Amortization

$369,327

$374,162

$372,447

$362,728

$363,640

$743,489

$728,336

(2)

For the fourth quarter 2021, the gain pertains to the contribution of 10 operating data center properties to Digital Core REIT in connection with the listing of Digital Core REIT as a standalone public company traded on the Singapore Exchange in December 2021.  For the third quarter 2021, the gain of $64 million represents Digital Realty’s share of a gain recognized by an unconsolidated joint venture from the sale of a portfolio of assets owned by the entity and is included in equity in earnings of unconsolidated joint ventures in our consolidated income statement.

(3)

For all periods presented, we have excluded the effect of dilutive series C, 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 J, series K and series L preferred stock, as applicable, which we consider highly improbable, and the effect of the physical settlement of our September 2021 forward sales agreements. 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. 

(4)

Includes lease termination fees and certain other adjustments that are not core to our business. For the third quarter 2021, includes a $19 million promote received related to a sale of portfolio of assets within an unconsolidated joint venture. The promote is included in Other revenue in our consolidated income statement.

(5)

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

Six Months Ended

 Reconciliation of Core FFO to AFFO

30-Jun-22

31-Mar-22

31-Dec-21

30-Sep-21

30-Jun-21

30-Jun-22

30-Jun-21

 Core FFO available to common stockholders and unitholders

$499,386

$484,490

$486,525

$479,209

$445,833

$983,875

$927,859

Adjustments:

Non-real estate depreciation

7,640

7,970

6,436

6,307

5,341

15,610

10,377

Amortization of deferred financing costs

3,330

3,634

3,515

3,625

3,718

6,964

7,256

Amortization of debt discount/premium

1,193

1,214

1,107

1,138

1,166

2,407

2,300

Non-cash stock-based compensation expense

15,799

14,453

15,097

15,082

15,578

30,253

31,675

Straight-line rental revenue

(17,278)

(18,810)

(16,497)

(11,969)

(16,139)

(36,089)

(34,631)

Straight-line rental expense

(2,237)

4,168

5,753

7,862

7,175

1,931

13,884

Above- and below-market rent amortization

196

335

910

1,165

1,857

531

3,994

Deferred tax expense / (benefit)

(769)

(1,604)

(13,731)

2,112

35,522

(2,372)

31,013

Leasing compensation & internal lease commissions

9,411

13,261

9,564

11,142

11,078

22,672

22,120

Recurring capital expenditures (1)

(43,497)

(46,770)

(87,550)

(50,800)

(39,231)

(90,267)

(78,753)

AFFO available to common stockholders and unitholders (2)

$473,173

$462,341

$411,130

$464,872

$471,899

$935,514

$937,095

Weighted-average shares and units outstanding – basic

290,528

290,163

289,895

289,542

288,843

290,346

288,588

Weighted-average shares and units outstanding – diluted (3)

290,944

290,662

290,893

290,228

289,485

290,716

289,219

AFFO per share – diluted (3)

$1.63

$1.59

$1.41

$1.60

$1.63

$3.22

$3.24

 Dividends per share and common unit

$1.22

$1.22

$1.16

$1.16

$1.16

$2.44

$2.32

Diluted AFFO Payout Ratio

75.0 %

76.7 %

82.1 %

72.4 %

71.2 %

75.8 %

71.6 %

Three Months Ended

Six Months Ended

Share Count Detail

30-Jun-22

31-Mar-22

31-Dec-21

30-Sep-21

30-Jun-21

30-Jun-22

30-Jun-21

Weighted Average Common Stock and Units Outstanding

290,528

290,163

289,895

289,542

288,843

290,346

288,588

Add: Effect of dilutive securities

416

499

998

686

642

370

631

Weighted Avg. Common Stock and Units Outstanding – diluted

290,944

290,662

290,893

290,228

289,485

290,716

289,219

(1)

Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions.  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. 

(2)

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

(3)

For all periods presented, we have excluded the effect of dilutive series C, 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 J, series K and series L preferred stock, as applicable, which we consider highly improbable, and the effect of the physical settlement of our September 2021 forward sales agreements.  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

30-Jun-22

31-Mar-22

31-Dec-21

30-Sep-21

30-Jun-21

Assets

Investments in real estate:

Real estate

$24,065,933

$23,769,712

$23,625,451

$23,384,809

$23,287,853

Construction in progress

3,362,114

3,523,484

3,213,387

3,238,388

3,270,570

Land held for future development

37,460

107,003

133,683

118,091

143,575

Investments in real estate

$27,465,507

$27,400,199

$26,972,522

$26,741,289

$26,701,998

Accumulated depreciation and amortization

(6,665,118)

(6,467,233)

(6,210,281)

(6,159,294)

(5,919,650)

Net Investments in Properties

$20,800,389

$20,932,966

$20,762,241

$20,581,995

$20,782,348

Investment in unconsolidated joint ventures

1,942,549

2,044,074

1,807,689

1,292,325

1,119,026

Net Investments in Real Estate

$22,742,937

$22,977,040

$22,569,930

$21,874,320

$21,901,374

Cash and cash equivalents

$99,226

$157,964

$142,698

$116,002

$120,482

Accounts and other receivables (1)

797,208

774,579

671,721

610,416

630,086

Deferred rent

554,016

545,666

547,385

552,850

539,379

Customer relationship value, deferred leasing costs & other intangibles, net

2,521,390

2,640,795

2,735,486

2,871,622

2,956,027

Goodwill

7,545,107

7,802,440

7,937,440

8,062,914

8,185,931

Operating lease right-of-use assets

1,310,970

1,361,942

1,405,441

1,442,661

1,452,633

Other assets

385,202

420,119

359,459

316,863

365,308

Total Assets

$35,956,057

$36,680,546

$36,369,560

$35,847,648

$36,151,220

Liabilities and Equity

Global unsecured revolving credit facilities

$1,440,040

$943,325

$398,172

$832,322

$1,026,368

Unsecured senior notes, net of discount

12,695,568

13,284,650

12,903,370

13,012,790

12,659,043

Secured debt and other, net of premiums

158,699

160,240

146,668

242,427

242,410

Operating lease liabilities

1,418,540

1,472,510

1,512,187

1,543,231

1,545,689

Accounts payable and other accrued liabilities

1,619,222

1,572,359

1,543,623

1,341,866

1,367,240

Deferred tax liabilities, net

611,582

649,112

666,451

725,955

742,127

Accrued dividends and distributions

338,729

Security deposits and prepaid rent

341,140

346,911

336,578

341,778

362,606

Total Liabilities

$18,284,791

$18,429,107

$17,845,778

$18,040,369

$17,945,483

Redeemable non-controlling interests – operating partnership

41,047

42,734

46,995

40,920

41,490

Equity

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

Series J Cumulative Redeemable Preferred Stock (2)

$193,540

$193,540

$193,540

$193,540

$193,540

Series K Cumulative Redeemable Preferred Stock (3)

203,264

203,264

203,264

203,264

203,264

Series L Cumulative Redeemable Preferred Stock (4)

334,886

334,886

334,886

334,886

334,886

Common Stock: $0.01 par value per share, 392,000,000 shares authorized (5)

2,824

2,824

2,824

2,818

2,806

Additional paid-in capital

21,091,364

21,069,391

21,075,863

21,010,202

20,844,834

Dividends in excess of earnings

(4,211,685)

(3,916,854)

(3,631,929)

(4,359,033)

(4,153,407)

Accumulated other comprehensive income (loss), net

(475,561)

(188,844)

(173,880)

(111,560)

31,733

Total Stockholders’ Equity

$17,138,632

$17,698,207

$18,004,568

$17,274,117

$17,457,656

Noncontrolling Interests

Noncontrolling interest in operating partnership

$432,213

$444,029

$425,337

$459,918

$513,897

Noncontrolling interest in consolidated joint ventures

59,374

66,470

46,882

32,324

192,694

Total Noncontrolling Interests

$491,587

$510,499

$472,219

$492,242

$706,591

Total Equity

$17,630,219

$18,208,706

$18,476,787

$17,766,359

$18,164,247

Total Liabilities and Equity

$35,956,057

$36,680,546

$36,369,560

$35,847,648

$36,151,220

(1)

Net of allowance for doubtful accounts of $37,799 and $28,574 as of June 30, 2022 and December 31, 2021, respectively.

(2)

Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 and $200,000 liquidation preference, respectively ($25.00 per share), 8,000,000 and 8,000,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively.

(3)

Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 and $210,000 liquidation preference, respectively ($25.00 per share), 8,400,000 and 8,400,000  shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively.

(4)

Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 and $345,000 liquidation preference, respectively ($25.00 per share), 13,800,000 and 13,800,000  shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively.

(5)

Common Stock: 284,733,922 and 284,415,013 shares issued and outstanding as of June 30, 2022 and December 31, 2021, 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 & Amortization (EBITDA) (1)

30-Jun-22

31-Mar-22

31-Dec-21

30-Sep-21

30-Jun-21

Net Income Available to Common Stockholders

$53,245

$63,101

$1,057,630

$124,094

$127,371

Interest

69,023

66,725

71,762

71,417

75,014

Loss from early extinguishment of debt

51,135

325

Income tax expense (benefit)

16,406

13,244

3,961

13,709

47,582

Depreciation & amortization

376,967

382,132

378,883

369,035

368,981

EBITDA

$515,642

$576,337

$1,512,561

$578,255

$618,947

Unconsolidated JV real estate related depreciation & amortization

29,023

29,319

24,146

21,293

20,983

Unconsolidated JV interest expense and tax expense

6,708

21,111

15,222

11,008

15,523

Severance, equity acceleration, and legal expenses

3,786

2,077

1,003

1,377

2,536

Transaction and integration expenses

13,586

11,968

12,427

13,804

7,075

(Gain) / loss on sale of investments

(2,770)

(1,047,011)

635

(499)

Impairment of investments in real estate

18,291

Other non-core adjustments, net

31,633

(48,858)

14,307

(28,745)

(60,308)

Non-controlling interests

436

3,629

22,587

2,266

4,544

Preferred stock dividends, including undeclared dividends

10,181

10,181

10,181

10,181

11,885

(Gain on) / Issuance costs associated with redeemed preferred stock

(18,000)

Adjusted EBITDA

$610,994

$602,994

$583,713

$610,074

$602,686

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

Three Months Ended

Financial Ratios

30-Jun-22

31-Mar-22

31-Dec-21

30-Sep-21

30-Jun-21

Total GAAP interest expense

$69,023

$66,725

$71,762

$71,417

$75,014

Capitalized interest

14,131

14,751

15,328

15,142

11,558

Change in accrued interest and other non-cash amounts

(43,952)

52,324

(37,974)

17,820

(43,604)

Cash Interest Expense (2)

$39,202

$133,800

$49,116

$104,379

$42,968

Preferred dividends

10,181

10,181

10,181

10,181

11,885

Total Fixed Charges (3)

$93,335

$91,657

$97,271

$96,740

$98,457

Coverage

Interest coverage ratio (4)

 6.6x

 6.1x

 6.0x

 6.5x

 6.1x

Cash interest coverage ratio (5)

 12.6x

 4.0x

 9.8x

 5.4x

 10.9x

Fixed charge coverage ratio (6)

 6.0x

 5.5x

 5.4x

 5.8x

 5.4x

Cash fixed charge coverage ratio (7)

 10.4x

 3.7x

 8.3x

 5.0x

 9.0x

Leverage

Debt to total enterprise value (8) (9)

27.1 %

25.5 %

20.5 %

24.8 %

23.9 %

Debt plus preferred stock to total enterprise value (10)

28.5 %

26.8 %

21.7 %

26.1 %

25.2 %

Pre-tax income to interest expense (11)

 1.9x

 2.2x

 16.2x

 2.9x

 2.7x

Net Debt to Adjusted EBITDA (12)

 6.2x

 6.3x

 6.1x

 6.0x

 6.0x

(2)

Cash interest expense is interest expense less amortization of debt 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,  and preferred dividends.

(4)

Adjusted EBITDA divided by GAAP interest expense plus capitalized 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).

(7)

Adjusted EBITDA divided by the sum of cash interest expense, and preferred dividends (including our pro rata share of unconsolidated joint venture cash 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.

(12)

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

Management Statements on Non-GAAP Measures
Unaudited

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) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) loss from early extinguishment of debt, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration, and legal expenses, (vi) gain/loss on FX revaluation, and (vii) 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, 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. 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 gain on / 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 unconsolidated JV debt, less unrestricted cash and cash equivalents (including our share of unconsolidated JV cash) divided by the product of Adjusted EBITDA (inclusive of our share of unconsolidated 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 June 30, 2022, GAAP interest expense was $69 million, capitalized interest was $14 million and scheduled debt principal payments and preferred dividends was $10 million.

Reconciliation of Net Operating Income (NOI)

Three Months Ended

Six Months Ended

(in thousands)

30-Jun-22

31-Mar-21

30-Jun-21

30-Jun-22

30-Jun-21

Operating income

$170,371

$141,236

$185,627

$311,607

$378,146

 Fee income

(5,072)

(5,757)

(3,628)

(10,829)

(6,054)

 Other income

(2,713)

(15)

(165)

(2,728)

(224)

 Depreciation and amortization

376,967

382,132

368,981

759,099

738,714

 General and administrative

101,991

96,435

94,956

198,426

192,524

 Severance, equity acceleration, and legal expenses

3,786

2,077

2,536

5,863

4,963

 Transaction expenses

13,586

11,968

7,075

25,554

21,195

 Other expenses

70

7,657

2,298

7,727

2,041

Net Operating Income

$658,986

$635,734

$657,680

$1,294,720

$1,331,304

 Cash Net Operating Income (Cash NOI)

Net Operating Income

$658,986

$635,734

$657,680

$1,294,720

$1,331,304

 Straight-line rental revenue

(14,105)

(6,530)

(17,127)

(20,635)

(35,734)

 Straight-line rental expense

(2,609)

3,646

7,069

1,037

13,819

 Above- and below-market rent amortization

196

335

1,857

531

3,994

Cash Net Operating Income

$642,468

$633,185

$649,480

$1,275,653

$1,313,383

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 economic outlook, our expected investment and expansion activity, our expected physical settlement of the forward sale agreements and use of proceeds from any such settlement,  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, our product offerings, available inventory 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, 2022 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, 2022 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;
  • global supply chain or procurement disruptions, or increased supply chain costs;
  • 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, 2021 and other filings with the U.S. 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, Interxion, Turn-Key Flex, Powered Base Building, and PlatformDIGITAL, Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners.

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SOURCE Digital Realty

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