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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Digital Realty Trust Inc | NYSE:DLR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 147.00 | 49,519 | 12:02:17 |
Maryland
|
001-32336
|
26-0081711
|
||
Maryland
|
000-54023
|
20-2402955
|
||
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
||
Four Embarcadero Center, Suite 3200
San Francisco, California
|
94111
|
|||
(Address of principal executive offices)
|
(Zip Code)
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐
|
Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17 CFR
240.14a-12)
|
☐
|
Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
|
☐
|
Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
|
Title of each class
|
Trading
symbol(s)
|
Name of each exchange
on which registered
|
||
Common Stock
|
DLR
|
New York Stock Exchange
|
||
Series C Cumulative Redeemable Perpetual Preferred Stock
|
DLR Pr C
|
New York Stock Exchange
|
||
Series G Cumulative Redeemable Preferred Stock
|
DLR Pr G
|
New York Stock Exchange
|
||
Series I Cumulative Redeemable Preferred Stock
|
DLR Pr I
|
New York Stock Exchange
|
||
Series J Cumulative Redeemable Preferred Stock
|
DLR Pr J
|
New York Stock Exchange
|
||
Series K Cumulative Redeemable Preferred Stock
Series L Cumulative Redeemable Preferred Stock
|
DLR Pr K
DLR Pr L
|
New York Stock Exchange
New York Stock Exchange
|
Digital Realty Trust, Inc.: | Emerging growth company | ☐ | ||||
Digital Realty Trust, L.P.: | Emerging growth company | ☐ |
Item 8.01.
|
Other Events.
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
Operating Revenues:
|
||||||||||||||||
Rental and other services
|
$ | 987,675 | $ | 799,386 | $ | 1,807,747 | $ | 1,611,416 | ||||||||
Fee income and other
|
5,320 | 1,411 | 8,585 | 3,896 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating revenues
|
$
|
992,995
|
|
$
|
800,797
|
|
$
|
1,816,332
|
|
$
|
1,615,312
|
|
||||
|
|
|
|
|
|
|
|
|||||||||
Operating Expenses:
|
||||||||||||||||
Rental property operating and maintenance
|
$ | 332,647 | $ | 252,032 | $ | 598,355 | $ | 506,986 | ||||||||
Property taxes and insurance
|
48,441 | 44,923 | 94,111 | 85,229 | ||||||||||||
Depreciation and amortization
|
349,165 | 290,562 | 640,622 | 602,048 | ||||||||||||
General and administrative
|
94,291 | 52,983 | 157,829 | 106,442 | ||||||||||||
Transaction and integration
|
15,618 | 4,210 | 72,419 | 6,704 | ||||||||||||
Impairment of investments in real estate
|
— | — | — | 5,351 | ||||||||||||
Other
|
22 | 7,115 | 136 | 12,037 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating expenses
|
$
|
840,184
|
|
$
|
651,825
|
|
$
|
1,563,472
|
|
$
|
1,324,797
|
|
||||
|
|
|
|
|
|
|
|
|||||||||
Operating income
|
$
|
152,811
|
|
$
|
148,972
|
|
$
|
252,860
|
|
$
|
290,515
|
|
||||
Other Income (Expenses):
|
||||||||||||||||
Equity in (loss) earnings of unconsolidated joint ventures
|
$ | (7,632 | ) | $ | 6,962 | $ | (86,628 | ) | $ | 16,179 | ||||||
Gain on deconsolidation, net
|
— | — | — | 67,497 | ||||||||||||
Gain on disposition of properties, net
|
— | — | 304,801 | — | ||||||||||||
Interest and other income (expense), net
|
22,163 | 16,980 | 18,621 | 38,424 | ||||||||||||
Interest expense
|
(79,874 | ) | (86,051 | ) | (165,674 | ) | (187,603 | ) | ||||||||
Income tax expense
|
(11,490 | ) | (4,634 | ) | (18,672 | ) | (8,900 | ) |
Loss from early extinguishment of debt
|
— | (20,905 | ) | (632 | ) | (33,791 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income
|
$
|
75,978
|
|
$
|
61,324
|
|
$
|
304,676
|
|
$
|
182,321
|
|
||||
Net income attributable to noncontrolling interests
|
(1,147 | ) | (1,156 | ) | (5,831 | ) | (5,341 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income attributable to Digital Realty Trust, Inc.
|
$
|
74,831
|
|
$
|
60,168
|
|
$
|
298,845
|
|
$
|
176,980
|
|
||||
Preferred stock dividends, including undeclared dividends
|
(21,155 | ) | (16,670 | ) | (42,310 | ) | (37,613 | ) | ||||||||
Issuance costs associated with redeemed preferred stock
|
— | (11,760 | ) | — | (11,760 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income available to common stockholders
|
$
|
53,676
|
|
$
|
31,738
|
|
$
|
256,535
|
|
$
|
127,607
|
|
||||
|
|
|
|
|
|
|
|
June 30,
|
December 31,
|
|||||||
2020
|
2019
|
|||||||
(unaudited) | (unaudited) | |||||||
ASSETS
|
||||||||
Investments in real estate:
|
||||||||
Properties:
|
||||||||
Land
|
$ | 1,012,022 | $ | 804,830 | ||||
Acquired ground leases
|
10,314 | 10,725 | ||||||
Buildings and improvements
|
19,175,385 | 15,449,884 | ||||||
Tenant improvements
|
645,553 | 621,153 | ||||||
|
|
|
|
|||||
Total investments in operating properties
|
$
|
20,843,274
|
|
$
|
16,886,592
|
|
||
Accumulated depreciation and amortization
|
(4,945,534 | ) | (4,536,169 | ) | ||||
|
|
|
|
|||||
Net investments in operating properties
|
15,897,740 | 12,350,423 | ||||||
Construction in progress and space held for development
|
2,514,325 | 1,732,555 | ||||||
Land held for future development
|
175,209 | 147,597 | ||||||
|
|
|
|
|||||
Net investments in properties
|
18,587,274 | 14,230,575 | ||||||
Investment in unconsolidated joint ventures
|
1,033,235 | 1,287,109 | ||||||
|
|
|
|
|||||
Net investments in real estate
|
19,620,509 | 15,517,684 | ||||||
Operating lease
right-of-use
|
1,375,427 | 628,681 | ||||||
Cash and cash equivalents
|
505,174 | 89,817 | ||||||
Accounts and other receivables, net
|
542,750 | 305,501 | ||||||
Deferred rent
|
496,684 | 478,744 | ||||||
Acquired above-market leases, net
|
57,535 | 74,815 | ||||||
Goodwill
|
7,791,522 | 3,363,070 | ||||||
Customer relationship value, deferred leasing costs and intangibles, net
|
3,128,140 | 2,195,324 | ||||||
Assets held for sale
|
10,981 | 229,934 | ||||||
Other assets
|
333,916 | 184,561 | ||||||
|
|
|
|
|||||
Total assets
|
$
|
33,862,638
|
|
$
|
23,068,131
|
|
||
|
|
|
|
LIABILITIES AND EQUITY
|
||||||||
Global revolving credit facilities, net
|
$ | 64,492 | $ | 234,105 | ||||
Unsecured term loans, net
|
799,550 | 810,219 | ||||||
Unsecured senior notes, net
|
11,268,753 | 8,973,190 | ||||||
Secured debt, including premiums
|
238,826 | 104,934 | ||||||
Operating lease liabilities
|
1,451,152 | 693,539 | ||||||
Accounts payable and other accrued liabilities
|
1,828,290 | 1,007,761 | ||||||
Accrued dividends and distributions
|
— | 234,620 | ||||||
Acquired below-market leases, net
|
139,851 | 148,774 | ||||||
Security deposits and prepaid rents
|
348,253 | 208,724 | ||||||
Obligations associated with assets held for sale
|
238 | 2,700 | ||||||
|
|
|
|
|||||
Total liabilities
|
$
|
16,139,405
|
|
$
|
12,418,566
|
|
||
Redeemable noncontrolling interests
|
40,584 | 41,465 | ||||||
Commitments and contingencies
|
||||||||
Equity:
|
||||||||
Stockholders’ Equity:
|
||||||||
Preferred Stock: $0.01 par value per share, 110,000,000 shares authorized, $1,456,250 liquidation preference ($25.00 per share), 58,250,000 shares issued and outstanding as of March 31, 2020 and December 31, 2019
|
1,434,420 | 1,434,420 | ||||||
Common Stock: $0.01 par value, 392,000,000 and 315,000,000 shares authorized as of June 30, 2020 and December 31, 2019, respectively, 268,399,073 and 208,900,758 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
|
2,670 | 2,073 | ||||||
Additional
paid-in
capital
|
19,292,311 | 11,577,320 | ||||||
Accumulated dividends in excess of earnings
|
(3,386,525 | ) | (3,046,579 | ) | ||||
Accumulated other comprehensive loss, net
|
(358,349 | ) | (87,922 | ) | ||||
|
|
|
|
|||||
Total stockholders’ equity
|
$
|
16,984,527
|
|
$
|
9,879,312
|
|
||
|
|
|
|
|||||
Noncontrolling Interests:
|
||||||||
Noncontrolling interests in operating partnership
|
633,831 | 708,163 | ||||||
Noncontrolling interests in consolidated joint ventures
|
64,291 | 20,625 | ||||||
|
|
|
|
|||||
Total noncontrolling interests
|
$
|
698,122
|
|
$
|
728,788
|
|
||
|
|
|
|
|||||
Total equity
|
$
|
17,682,649
|
|
$
|
10,608,100
|
|
||
|
|
|
|
|||||
Total liabilities and equity
|
$
|
33,862,638
|
|
$
|
23,068,131
|
|
||
|
|
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
Net Income Available to Common Stockholders
|
$ | 53,676 | $ | 31,738 | $ | 256,535 | $ | 127,607 | ||||||||
Adjustments:
|
||||||||||||||||
Non-controlling
interests in operating partnership:
|
1,400 | 1,400 | 9,200 | 5,700 | ||||||||||||
Real estate related depreciation & amortization (1)
|
342,334 | 286,915 | 628,851 | 594,779 | ||||||||||||
Unconsolidated JV real estate related depreciation & amortization
|
17,123 | 13,623 | 37,046 | 17,474 | ||||||||||||
(Gain) on real estate transactions
|
— | — | (304,801 | ) | — | |||||||||||
Impairment of investments in real estate
|
— | — | — | 5,351 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
FFO available to common stockholders and unitholders (2)
|
$
|
414,533
|
|
$
|
333,676
|
|
$
|
626,831
|
|
$
|
750,911
|
|
(1)
|
Real estate related depreciation and amortization was computed as follows:
|
Depreciation and amortization per income statement
|
$ | 349,165 | $ | 290,562 | $ | 640,662 | $ | 602,048 | ||||||||
Non-real
estate depreciation
|
(6,831 | ) | (3,647 | ) | (11,771 | ) | (7,269 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 342,334 | $ | 286,915 | $ | 628,851 | $ | 594,779 | |||||||||
|
|
|
|
|
|
|
|
(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.
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
Operating Revenues:
|
||||||||||||||||
Rental and other services
|
$ | 987,675 | $ | 799,386 | $ | 1,807,747 | $ | 1,611,416 | ||||||||
Fee income and other
|
5,320 | 1,411 | 8,585 | 3,896 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating revenues
|
$
|
992,995
|
|
$
|
800,797
|
|
$
|
1,816,332
|
|
$
|
1,615,312
|
|
||||
|
|
|
|
|
|
|
|
|||||||||
Operating Expenses:
|
||||||||||||||||
Rental property operating and maintenance
|
$ | 332,647 | $ | 252,032 | $ | 598,355 | $ | 506,986 | ||||||||
Property taxes and insurance
|
48,441 | 44,923 | 94,111 | 85,229 | ||||||||||||
Depreciation and amortization
|
349,165 | 290,562 | 640,622 | 602,048 | ||||||||||||
General and administrative
|
94,291 | 52,983 | 157,829 | 106,442 | ||||||||||||
Transaction and integration
|
15,618 | 4,210 | 72,419 | 6,704 | ||||||||||||
Impairment of investments in real estate
|
— | — | — | 5,351 | ||||||||||||
Other
|
22 | 7.115 | 136 | 12,037 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating expenses
|
$
|
840,184
|
|
$
|
651,825
|
|
$
|
1,563,472
|
|
$
|
1,324,797
|
|
||||
|
|
|
|
|
|
|
|
|||||||||
Operating income
|
$
|
152,811
|
|
$
|
148,972
|
|
$
|
252,860
|
|
$
|
290,515
|
|
||||
Other Income (Expenses):
|
||||||||||||||||
Equity in (loss) earnings of unconsolidated joint ventures
|
$ | (7,632 | ) | $ | 6,962 | $ | (86,628 | ) | $ | 16,179 | ||||||
Gain on deconsolidation, net
|
— | — | — | 67,497 |
|
Gain on disposition of properties, net
|
— | — | 304,801 | — | ||||||||||||
Interest and other income (expense), net
|
22,163 | 16,980 | 18,621 | 38,424 | ||||||||||||
Interest expense
|
(79,874 | ) | (86,051 | ) | (165,674 | ) | (187,603 | ) | ||||||||
Income tax expense
|
(11,490 | ) | (4,634 | ) | (18,672 | ) | (8,900 | ) | ||||||||
Loss from early extinguishment of debt
|
— | (20,905 | ) | (632 | ) | (33,791 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income
|
$
|
75,978
|
|
$
|
61,324
|
|
$
|
304,676
|
|
$
|
182,321
|
|
||||
|
|
|
|
|
|
|
|
|||||||||
Net loss attributable to noncontrolling interests
|
253 | 244 | 3,369 | 359 | ||||||||||||
Net income attributable to Digital Realty Trust, L.P.
|
$
|
76,231
|
|
$
|
61,568
|
|
$
|
308,045
|
|
$
|
182,680
|
|
||||
Preferred units distributions, including undeclared distributions
|
(21,155 | ) | (16,670 | ) | (42,310 | ) | (37,613 | ) | ||||||||
Issuance costs associated with redeemed preferred units
|
— | (11,760 | ) | — | (11,760 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income available to common unitholders
|
$
|
55,076
|
|
$
|
33,138
|
|
$
|
265,735
|
|
$
|
133,307
|
|
||||
|
|
|
|
|
|
|
|
June 30,
|
December 31,
|
|||||||
2020
|
2019
|
|||||||
(unaudited) | (unaudited) | |||||||
ASSETS
|
||||||||
Investments in real estate:
|
||||||||
Properties:
|
||||||||
Land
|
$ | 1,012,022 | $ | 804,830 | ||||
Acquired ground leases
|
10,314 | 10,725 | ||||||
Buildings and improvements
|
19,175,385 | 15,449,884 | ||||||
Tenant improvements
|
645,553 | 621,153 | ||||||
|
|
|
|
|||||
Total investments in operating properties
|
$ | 20,843,274 | $ | 16,886,592 | ||||
Accumulated depreciation and amortization
|
(4,945,534 | ) | (4,536,169 | ) | ||||
|
|
|
|
|||||
Net investments in operating properties
|
15,897,740 | 12,350,423 | ||||||
Construction in progress and space held for development
|
2,514,325 | 1,732,555 | ||||||
Land held for future development
|
175,209 | 147,597 | ||||||
|
|
|
|
|||||
Net investments in properties
|
18,587,274 | 14,230,575 | ||||||
Investment in unconsolidated joint ventures
|
1,033,235 | 1,287,109 | ||||||
|
|
|
|
|||||
Net investments in real estate
|
19,620,509 | 15,517,684 | ||||||
Operating lease
right-of-use
|
1,375,427 | 628,681 | ||||||
Cash and cash equivalents
|
505,174 | 89,817 | ||||||
Accounts and other receivables, net
|
542,750 | 305,501 | ||||||
Deferred rent
|
496,684 | 478,744 | ||||||
Acquired above-market leases, net
|
57,535 | 74,815 | ||||||
Goodwill
|
7,791,522 | 3,363,070 | ||||||
Customer relationship value, deferred leasing costs and intangibles, net
|
3,128,140 | 2,195,324 |
Assets held for sale
|
10,981 | 229,934 | ||||||
Other assets
|
333,916 | 184,561 | ||||||
|
|
|
|
|||||
Total assets
|
$
|
33,862,638
|
|
$
|
23,068,131
|
|
||
|
|
|
|
|||||
LIABILITIES AND CAPITAL
|
||||||||
Global revolving credit facilities, net
|
$ | 64,492 | $ | 234,105 | ||||
Unsecured term loans, net
|
799,550 | 810,219 | ||||||
Unsecured senior notes, net
|
11,268,753 | 8,973,190 | ||||||
Secured debt, including premiums
|
238,826 | 104,934 | ||||||
Operating lease liabilities
|
1,451,152 | 693,539 | ||||||
Accounts payable and other accrued liabilities
|
1,828,290 | 1,007,761 | ||||||
Accrued dividends and distributions
|
— | 234,620 | ||||||
Acquired below-market leases, net (4)
|
139,851 | 148,774 | ||||||
Security deposits and prepaid rents
|
348,253 | 208,724 | ||||||
Obligations associated with assets held for sale
|
238 | 2,700 | ||||||
|
|
|
|
|||||
Total liabilities
|
$ | 16,139,405 | $ | 12,418,566 | ||||
Redeemable noncontrolling interests
|
$ | 40,584 | $ | 41,465 | ||||
Commitments and contingencies
|
||||||||
Capital:
|
||||||||
Partners’ capital:
|
||||||||
General Partner:
|
||||||||
Preferred units, $1,456,250 liquidation preference ($25.00 per unit), 58,250,000 units issued and outstanding as of June 30, 2020 and December 31, 2019
|
1,434,420 | 1,434,420 | ||||||
Common units, 268,339,073 and 208,900,758 units issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
|
15,908,456 | 8,532,814 | ||||||
Limited Partners, 8,287,819 and 8,843,155 units issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
|
648,057 | 711,650 | ||||||
Accumulated other comprehensive loss
|
(372,575 | ) | (91,409 | ) | ||||
|
|
|
|
|||||
Total partners’ capital
|
$ | 17,618,358 | $ | 10,587,475 | ||||
Noncontrolling interests in consolidated joint ventures
|
64,291 | 20,625 | ||||||
|
|
|
|
|||||
Total capital
|
$
|
17,682,649
|
|
$
|
10,608,100
|
|
||
|
|
|
|
|||||
Total liabilities and capital
|
$
|
33,862,638
|
|
$
|
23,068,131
|
|
||
|
|
|
|
Digital Realty Trust, Inc.
|
||
By: |
/s/ JOSHUA A. MILLS
|
|
Joshua A. Mills
|
||
Executive Vice President, General Counsel and Secretary
|
||
Digital Realty Trust, L.P.
|
||
By: | Digital Realty Trust, Inc. | |
Its general partner | ||
By: |
/s/ JOSHUA A. MILLS
|
|
Joshua A. Mills
|
||
Executive Vice President, General Counsel and Secretary
|
1 Year Digital Realty Chart |
1 Month Digital Realty Chart |
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