Press Release Details

Digital Realty Reports Fourth Quarter 2020 Results

February 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 Feet


per Square Foot


Megawatts


per 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 Landstraße campus for €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 €6 million, or approximately $7 million.  Digital Realty also sold a vacant building in Amsterdam, the Netherlands for €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 €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



(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)

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



(3)

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 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. 



(5)

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. 



(6)

Recurring CapEx represents non-incremental improvements required to 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®, the company's global data center platform, provides customers a trusted foundation and proven Pervasive Datacenter Architecture (PDx™) 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. Power
Chief Financial Officer
Digital Realty
(415) 738–6500

John J. Stewart / Jim Huseby
Investor Relations
Digital 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 - Utilities

154,937



155,111



141,576



113,520



107,518




565,144



431,215

Tenant reimbursements - Other

62,084



53,654



62,630



56,943



59,641




235,311



235,795

Interconnection & other

86,424



85,725



85,428



69,835



65,576




327,412



263,288

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 Revenues

$1,062,609



$1,024,668



$992,995



$823,337



$787,463




$3,903,609



$3,209,241






















Utilities

$169,282



$177,925



$160,173



$129,526



$125,127




$636,905



$505,424

Rental property operating

205,177



180,755



172,474



136,182



129,034




694,588



515,154

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 & amortization

359,915



365,842



349,165



291,457



275,008




1,366,379



1,163,774

General & administration

101,582



90,431



90,649



62,266



53,540




344,928



207,696

Severance, equity acceleration, and legal expenses

606



920



3,642



1,272



1,130




6,440



3,401

Transaction and integration expenses

19,290



14,953



15,618



56,801



17,106




106,662



27,925

Impairment of investments in real estate



6,482










6,482



5,351

Other expenses

641



297



22



114



1,989




1,074



14,118

Total Operating Expenses

$902,345



$880,263



$840,184



$723,288



$648,530




$3,346,079



$2,615,026






















Operating Income

$160,264



$144,405



$152,811



$100,049



$138,933




$557,530



$594,215






















Equity in earnings (loss) of unconsolidated joint ventures

31,055



(2,056)



(7,632)



(78,996)



11,157




(57,629)



8,067

Gain on sale / deconsolidation

1,684



10,410





304,801



267,651




316,895



335,148

Interest and other (expense) income, net

(2,747)



4,348



22,163



(3,542)



10,734




20,222



66,000

Interest (expense)

(77,848)



(89,499)



(79,874)



(85,800)



(80,880)




(333,021)



(353,057)

Income tax (expense) benefit

(3,322)



(16,053)



(11,490)



(7,182)



1,731




(38,047)



(11,995)

Loss from early extinguishment of debt

(49,576)



(53,007)





(632)






(103,215)



(39,157)

Net Income / (Loss)

$59,510



($1,452)



$75,978



$228,698



$349,326




$362,735



$599,221






















Net (income) loss attributable to noncontrolling interests

(1,818)



1,316



(1,147)



(4,684)



(13,042)




(6,333)



(19,460)

Net Income / (Loss) Attributable to Digital Realty Trust, Inc.

$57,692



($136)



$74,831



$224,014



$336,284




$356,402



$579,761






















Preferred stock dividends, including undeclared dividends

(13,514)



(20,712)



(21,155)



(21,155)



(20,707)




(76,536)



(74,990)

Issuance costs associated with redeemed preferred stock



(16,520)










(16,520)



(11,760)

Net Income / (Loss) Available to Common Stockholders

$44,178



($37,368)



$53,676



$202,859



$315,577




$263,346



$493,011






















Weighted-average shares outstanding - basic

280,117,213



270,214,413



267,569,823



222,163,324



208,776,355




260,098,978



208,325,823

Weighted-average shares outstanding - diluted

281,122,368



270,214,413



270,744,408



224,474,295



210,286,278




262,522,508



209,481,231

Weighted-average fully diluted shares and units

288,903,143



281,523,515



278,719,109



232,753,630



218,901,078




270,496,513



218,440,163






















Net income / (loss) per share - basic

$0.16



($0.14)



$0.20



$0.91



$1.51




$1.01



$2.37

Net income / (loss) per share - diluted

$0.16



($0.14)



$0.20



$0.90



$1.50




$1.00



$2.35

 

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 Funds From Operations (FFO)


31-Dec-20



30-Sep-20



30-Jun-20



31-Mar-20



31-Dec-19




31-Dec-20



31-Dec-19























Net (Loss) / Income Available to Common Stockholders


$44,178



($37,368)



$53,676



$202,859



$315,577




$263,345



$493,011

Adjustments:






















Non-controlling interest operating partnership


1,300



(1,000)



1,400



7,800



13,100




9,500



21,100

Real estate related depreciation & amortization (1)


354,366



358,619



342,334



286,517



271,371




1,341,836



1,149,240

Unconsolidated JV real estate related depreciation & amortization


21,471



19,213



17,123



19,923



21,631




77,730



52,716

(Gain) on real estate transactions


(1,684)



(10,410)



-



(304,801)



(267,651)




(316,895)



(267,651)

Impairment of investments in real estate


-



6,482



-



-



-




6,482



5,351

Funds From Operations - diluted


$419,631



$335,536



$414,533



$212,298



$354,028




$1,381,998



$1,453,767























Weighted-average shares and units outstanding - basic


287,898



278,079



275,545



230,443



217,391




268,073



217,285

Weighted-average shares and units outstanding - diluted (2)


288,903



281,524



278,719



232,754



218,901




270,497



218,440























Funds From Operations per share - basic


$1.46



$1.21



$1.50



$0.92



$1.63




$5.16



$6.69























Funds From Operations per share - diluted (2)


$1.45



$1.19



$1.49



$0.91



$1.62




$5.11



$6.66
























Three Months Ended



Year Ended

Reconciliation of FFO to Core FFO


31-Dec-20



30-Sep-20



30-Jun-20



31-Mar-20



31-Dec-19




31-Dec-20



31-Dec-19























Funds From Operations - diluted


$419,631



$335,536



$414,533



$212,298



$354,028




$1,381,998



$1,453,767

Termination fees and other non-core revenues (3)


(25)



(5,713)



(21,908)



(2,425)



(5,634)




(30,071)



(53,697)

Transaction and integration expenses


19,290



14,953



15,618



56,801



17,106




106,662



27,925

Loss from early extinguishment of debt


49,576



53,007



-



632



-




103,215



39,157

Issuance costs associated with redeemed preferred stock


-



16,520



-



-



-




16,520



11,760

Severance, equity acceleration, and legal expenses (4)


606



920



3,642



1,272



1,130




6,440



3,401

(Gain) / Loss on FX revaluation


(27,190)



10,312



17,526



81,288



(10,422)




81,936



18,067

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


-



-



-



-



-




-



(58,497)

Other non-core expense adjustments


3,353



6,697



22



5,509



(1,511)




15,581



10,618

Core Funds From Operations - diluted


$465,241



$432,232



$429,433



$355,375



$354,697




$1,682,281



$1,452,501























Weighted-average shares and units outstanding - diluted (2)


288,903



281,524



278,719



232,754



218,901




270,497



218,440























Core Funds From Operations per share - diluted (2)


$1.61



$1.54



$1.54



$1.53



$1.62




$6.22



$6.65























(1) Real Estate Related Depreciation & Amortization

Three Months Ended



Year Ended



31-Dec-20



30-Sep-20



30-Jun-20



31-Mar-20



31-Dec-19




31-Dec-20



31-Dec-19























Depreciation & amortization per income statement


$359,915



$365,842



$349,165



$291,457



$275,008




1,366,379



1,163,774

Non-real estate depreciation


(5,549)



(7,223)



(6,831)



(4,940)



(3,637)




(24,543)



(14,534)

Real Estate Related Depreciation & Amortization


$354,366



$358,619



$342,334



$286,517



$271,371




$1,341,836



$1,149,240



(2)

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 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 AFFO


31-Dec-20



30-Sep-20



30-Jun-20



31-Mar-20



31-Dec-19




31-Dec-20



31-Dec-19























 Core FFO available to common stockholders and unitholders


$465,241



$432,232



$429,433



$355,375



$354,697




$1,682,281



$1,452,501

Adjustments:






















Non-real estate depreciation


5,549



7,223



6,831



4,940



3,637




24,543



14,534

Amortization of deferred financing costs


3,709



3,655



3,661



4,260



3,064




15,285



13,362

Amortization of debt discount/premium


1,033



987



1,011



943



612




3,974



2,353

Non-cash stock-based compensation expense


16,315



15,969



15,060



12,153



8,937




59,497



34,903

Straight-line rental revenue


(14,402)



(10,017)



(10,928)



(15,404)



(13,994)




(50,751)



(55,770)

Straight-line rental expense


3,629



3,934



7,373



1,460



(342)




16,396



1,002

Above- and below-market rent amortization


3,239



2,360



3,794



3,294



4,109




12,687



17,097

Deferred tax (expense) benefit


(4,226)



6,421



(150)



(792)



(998)




1,253



(18,792)

Leasing compensation & internal lease commissions (1)


10,506



6,052



1,739



2,793



3,646




21,090



14,506

Recurring capital expenditures (2)


(83,571)



(53,683)



(38,796)



(34,677)



(54,731)




(210,727)



(180,713)























AFFO available to common stockholders and unitholders (3)


$407,022



$415,133



$419,028



$334,345



$308,637




$1,575,528



$1,294,983























Weighted-average shares and units outstanding - basic


287,898



278,079



275,545



230,443



217,391




268,073



217,285

Weighted-average shares and units outstanding - diluted (4)


288,903



281,524



278,719



232,754



218,901




270,497



218,440























AFFO per share - diluted (4)


$1.41



$1.47



$1.50



$1.44



$1.41




$5.82



$5.93























 Dividends per share and common unit


$1.12



$1.12



$1.12



$1.12



$1.08




$4.48



$4.32























Diluted AFFO Payout Ratio


79.5%



76.0%



74.5%



78.0%



76.6%




76.9%



72.9%
























Three Months Ended



Year Ended

Share Count Detail


31-Dec-20



30-Sep-20



30-Jun-20



31-Mar-20



31-Dec-19




31-Dec-20



31-Dec-19























Weighted Average Common Stock and Units Outstanding


287,898



278,079



275,545



230,443



217,391




268,073



217,285

Add: Effect of dilutive securities


1,005



3,445



3,174



2,311



1,510




2,424



1,155

Weighted Avg. Common Stock and Units Outstanding - diluted


288,903



281,524



278,719



232,754



218,901




270,497



218,440



(1)

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



(2)

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.



(3)

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.



(4)

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 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 in progress


2,768,326



2,328,654



2,514,324



2,204,869



1,732,555

Land held for future development


226,862



198,536



175,209



137,447



147,597

Investments in real estate


$26,138,175



$24,652,676



$23,532,806



$22,819,606



$18,766,744

Accumulated depreciation and amortization


(5,555,221)



(5,250,140)



(4,945,534)



(4,694,713)



(4,536,169)

Net Investments in Properties


$20,582,954



$19,402,536



$18,587,272



$18,124,893



$14,230,575

Investment in unconsolidated joint ventures


1,148,158



1,059,978



1,033,235



1,064,009



1,287,109

Net Investments in Real Estate


$21,731,112



$20,462,514



$19,620,507



$19,188,902



$15,517,684
















Cash and cash equivalents


$108,501



$971,305



$505,174



$246,480



$89,817

Accounts and other receivables (1)


603,111



585,506



542,750



527,699



305,501

Deferred rent


528,180



510,627



496,684



484,179



478,744

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


3,122,904



3,106,414



3,128,140



3,500,588



2,195,324

Acquired above-market leases, net


43,294



50,080



57,535



66,033



74,815

Goodwill


8,330,996



8,012,256



7,791,522



7,466,046



3,363,070

Assets associated with real estate held for sale






10,981





229,934

Operating lease right-of-use assets (2)


1,386,959



1,363,285



1,375,427



1,364,621



628,681

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 credit facilities


$531,905



$124,082



$64,492



$603,101



$234,105

Unsecured term loans


536,580



512,642



799,550



771,425



810,219

Unsecured senior notes, net of discount


11,997,010



11,999,170



11,268,753



10,637,006



8,973,190

Secured debt, net of premiums


239,222



238,866



238,826



239,800



104,934

Operating lease liabilities (2)


1,468,712



1,444,060



1,451,152



1,431,292



693,539

Accounts payable and other accrued liabilities


1,987,580



2,187,025



1,828,288



1,732,318



1,007,761

Accrued dividends and distributions


324,386



571







234,620

Acquired below-market leases


130,890



135,263



139,851



145,208



148,774

Security deposits and prepaid rent


371,659



353,902



348,253



336,583



208,724

Liabilities associated with assets held for sale






238





2,700

Total Liabilities


$17,587,944



$16,995,581



$16,139,403



$15,896,733



$12,418,566
















Redeemable non-controlling interests - operating partnership


42,011



41,265



40,584



40,027



41,465
















Equity















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















Series C Cumulative Redeemable Perpetual Preferred Stock (3)


$219,250



$219,250



$219,250



$219,250



$219,250

Series G Cumulative Redeemable Preferred Stock (4)






241,468



241,468



241,468

Series I Cumulative Redeemable Preferred Stock (5)






242,012



242,012



242,012

Series J Cumulative Redeemable Preferred Stock (6)


193,540



193,540



193,540



193,540



193,540

Series K Cumulative Redeemable Preferred Stock (7)


203,264



203,264



203,264



203,264



203,264

Series L Cumulative Redeemable Preferred Stock (8)


334,886



334,886



334,886



334,886



334,886

Common Stock: $0.01 par value per share, 392,000,000 shares authorized (9)


2,788



2,784



2,670



2,622



2,073

Additional paid-in capital


20,626,897



20,566,645



19,292,311



18,606,766



11,577,320

Dividends in excess of earnings


(3,997,938)



(3,726,901)



(3,386,525)



(3,139,350)



(3,046,579)

Accumulated other comprehensive income (loss), net


135,010



(123,623)



(358,349)



(444,222)



(87,922)

Total Stockholders' Equity


$17,717,697



$17,669,845



$16,984,527



$16,460,236



$9,879,312
















Noncontrolling Interests















Noncontrolling interest in operating partnership


$608,980



$620,676



$633,831



$656,266



$708,163

Noncontrolling interest in consolidated joint ventures


119,659



107,966



64,291



60,038



20,625
















Total Noncontrolling Interests


$728,639



$728,642



$698,122



$716,304



$728,788
















Total Equity


$18,446,336



$18,398,487



$17,682,649



$17,176,540



$10,608,100
















Total Liabilities and Equity


$36,076,291



$35,435,333



$33,862,636



$33,113,300



$23,068,131



(1)

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



(2)

Adoption of the new lease accounting standard required that we adjust the consolidated balance sheet to include the recognition of additional 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.



(3)

Series C Cumulative Redeemable Perpetual Preferred Stock, 6.625%, $201,250 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.



(4)

Series G Cumulative Redeemable Preferred Stock, 5.875%, $0 (redeemed October 15, 2020, reclassified to accounts payable as of September 30, 2020 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.



(5)

Series I Cumulative Redeemable Preferred Stock, 6.350%, $0 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.



(6)

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 December 31, 2020 and December 31, 2019, respectively.



(7)

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 December 31, 2020 and December 31, 2019, respectively.



(8)

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 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 & Amortization (EBITDA) (1)


31-Dec-20



30-Sep-20



30-Jun-20



31-Mar-20



31-Dec-19
















Net Income / (Loss) Available to Common Stockholders


$44,178



($37,368)



$53,676



$202,859



$315,577

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 depreciation & amortization


21,471



19,213



17,123



19,923



21,631

Unconsolidated JV interest expense and tax expense


12,143



9,002



9,203



9,944



13,553

Severance, equity acceleration, and legal expenses


606



920



3,642



1,272



1,130

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 undeclared dividends


13,514



20,712



21,155



21,155



20,707

Issuance costs associated with redeemed preferred stock




16,520







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-20



30-Sep-20



30-Jun-20



31-Mar-20



31-Dec-19
















Total GAAP interest expense


$77,848



$89,499



$79,874



$85,800



$80,880

Capitalized interest


11,836



12,379



13,133



10,480



9,877

Change in accrued interest and other non-cash amounts


(37,182)



19,718



(38,478)



24,321



(30,564)

Cash Interest Expense (2)


$52,502



$121,596



$54,529



$120,601



$60,193
















Scheduled debt principal payments






57



125



210

Preferred dividends


13,514



20,712



21,155



21,155



20,707

Total Fixed Charges (3)


$103,198



$122,590



$114,219



$117,560



$111,674































Coverage















Interest coverage ratio (4)


 5.8x



 5.2x



 5.6x



 4.6x



 4.7x

Cash interest coverage ratio (5)


 9.3x



 4.4x



 9.1x



 3.7x



 6.7x

Fixed charge coverage ratio (6)


 5.1x



 4.4x



 4.6x



 3.8x



 3.9x

Cash fixed charge coverage ratio (7)


 7.7x



 3.8x



 6.8x



 3.2x



 5.2x
















Leverage















Debt to total enterprise value (8) (9)


24.4%



22.8%



23.3%



23.8%



26.9%

Debt plus preferred stock to total enterprise value (10)


26.2%



25.0%



26.0%



26.6%



30.8%

Pre-tax income to interest expense (11)


 1.8x



 1.0x



 2.0x



 3.7x



 5.3x

Net Debt to Adjusted EBITDA (12)


 6.1x



 5.6x



 5.7x



 6.6x



 5.7x



(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, scheduled debt principal payments 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, scheduled 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.

(12)

Calculated as total debt at balance sheet carrying value, plus capital 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 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) 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 Income (NOI)

Three Months Ended



Year Ended

(in thousands)

31-Dec-20


30-Sep-20


31-Dec-19



31-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 amortization


359,915



365,842



275,008




1,366,379



1,163,774

 General and administrative


101,582



90,431



53,540




344,928



207,696

 Severance, equity acceleration, and legal expenses


606



920



1,130




6,440



3,401

 Transaction expenses


19,290



14,953



17,106




106,662



27,925

 Impairment in investments in real estate




6,482






6,482



5,351

 Other expenses


641



297



1,989




1,074



14,118

















Net Operating Income


$637,556



$619,593



$482,711




$2,372,431



$2,003,595

































 Cash Net Operating Income (Cash NOI)
































Net Operating Income


$637,556



$619,593



$482,711




$2,372,431



$2,003,595

















 Straight-line rental revenue


(15,451)



(9,215)



(6,385)




(48,769)



(48,595)

 Straight-line rental expense


3,758



3,674



(306)




16,223



1,075

 Above- and below-market rent amortization


3,239



2,360



4,109




12,686



17,097

















Cash Net Operating Income


$629,102



$616,412



$480,129




$2,352,571



$1,973,172

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. 

Cision View original content:http://www.prnewswire.com/news-releases/digital-realty-reports-fourth-quarter-2020-results-301227271.html

SOURCE Digital Realty

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