Attached files
file | filename |
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EX-99.1 - PRESS RELEASE - DIGITAL REALTY TRUST, INC. | dex991.htm |
8-K - FORM 8-K - DIGITAL REALTY TRUST, INC. | d8k.htm |
Exhibit 99.2
DIGITAL REALTY TRUST, INC.
First Quarter 2011
PAGE | ||||||
Corporate Data |
||||||
Corporate Information | 4 | |||||
Ownership Structure | 6 | |||||
Consolidated Financial Information | ||||||
Key Quarterly Financial Data | 7 | |||||
Consolidated Balance Sheets | 8 | |||||
Consolidated Quarterly Statements of Operations | 9 | |||||
Funds From Operations and Adjusted Funds From Operations | 10 | |||||
Reconciliation of Earnings Before Interest, Taxes, Depreciation and Amortization and Financial Ratios | 11 | |||||
Same Store and New Properties Consolidated Quarterly Statements of Operations | 12 | |||||
Same Store Operating Trend Summary | 13 | |||||
Consolidated Debt Analysis and Credit Facility | 14 | |||||
Revolving Credit Facility Commitments | 15 | |||||
Debt Maturities | 16 | |||||
Debt Analysis & Covenant Compliance | 17 | |||||
Portfolio Data |
||||||
Portfolio Summary | 18 | |||||
Properties Acquired | 19 | |||||
Occupancy Analysis | 20 | |||||
Major Tenants | 23 | |||||
Lease Expirations & Lease Distribution | 24 | |||||
Lease Expirations - By Product Type | 25 | |||||
Leasing Activity - Signed | 26 | |||||
Leasing Activity - Commenced | 27 | |||||
Historical Capital Expenditures | 28 | |||||
Construction Activity Report |
29 | |||||
Construction Projects in Progress and Total Estimated Direct Cost | 30 | |||||
Definitions |
||||||
Management Statements on Non-GAAP Supplemental Measures | 31 |
Page 2
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Statement Regarding Forward-Looking Statements
This supplemental package contains forward-looking statements within the meaning of the federal securities laws, including information related to run-rate net operating income, trends, 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 redevelopment activity, projected construction costs and other forward-looking financial data. Such statements are based on managements 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:
| the impact of the recent deterioration in global economic, credit and market conditions; |
| current local economic conditions in our geographic markets; |
| decreases in information technology spending, including as a result of economic slowdowns or recession; |
| 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); |
| our dependence upon significant tenants; |
| bankruptcy or insolvency of a major tenant or a significant number of smaller tenants; |
| defaults on or non-renewal of leases by tenants; |
| our failure to obtain necessary debt and equity financing; |
| increased interest rates and operating costs; |
| 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; |
| financial market fluctuations; |
| changes in foreign currency exchange rates; |
| our inability to manage our growth effectively; |
| difficulty acquiring or operating properties in foreign jurisdictions; |
| our failure to successfully integrate and operate acquired or redeveloped properties; |
| risks related to joint venture investments, including as a result of our lack of control of such investments; |
| delays or unexpected costs in development or redevelopment of properties; |
| decreased rental rates or increased vacancy rates; |
| increased competition or available supply of data center space; |
| our inability to successfully develop and lease new properties and space held for redevelopment; |
| our difficulties in identifying properties to acquire and completing acquisitions; |
| our inability to acquire off-market properties; |
| our inability to comply with the rules and regulations applicable to reporting companies; |
| our failure to maintain our status as a REIT; |
| possible adverse changes to tax laws; |
| restrictions on our ability to engage in certain business activities; |
| environmental uncertainties and risks related to natural disasters; |
| losses in excess of our insurance coverage; |
| changes in foreign laws and regulations, including those related to taxation and real estate ownership and operation; and |
| changes in local, state and federal regulatory requirements, including changes in real estate and zoning laws and increases in real property tax rates. |
The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. We discussed a number of additional material risks in our annual report on Form 10-K for the year ended December 31, 2010, 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.
Page 3
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Corporate Information
Corporate Profile
Digital Realty Trust, Inc. owns, acquires, redevelops, develops and manages technology-related real estate. The Company is focused on providing Turn-Key Datacenter® and Powered Base Building® datacenter solutions for domestic and international tenants across a variety of industry verticals ranging from information technology and Internet enterprises, to manufacturing and financial services. The Companys 96 properties, excluding two properties held as investments in unconsolidated joint ventures, contain applications and operations critical to the day-to-day operations of technology industry tenants and corporate enterprise datacenter tenants. Comprising approximately 16.9 million net rentable square feet, including approximately 2.2 million square feet of space held for redevelopment, Digital Realty Trusts property portfolio is located throughout North America, Europe and Asia. For additional information, please visit the companys website at www.digitalrealtytrust.com.
Corporate Headquarters
560 Mission Street, Suite 2900
San Francisco, California 94105
Telephone: (415) 738-6500
Facsimile: (415) 738-6501
Web site: www.digitalrealtytrust.com
Senior Management
Richard A. Magnuson: Chairman
Michael F. Foust: Chief Executive Officer
A. William Stein: Chief Financial Officer and Chief Investment Officer
Scott E. Peterson: Chief Acquisitions Officer
David J. Caron: Senior Vice President, Portfolio Management
Investor Relations
To request an Investor Relations package or be added to our e-mail distribution list, please visit our website:
www.digitalrealtytrust.com | (Proceed to Information Request in the Investor Relations section) |
Analyst Coverage
Credit Suisse | Jefferies | JMP Securities | Deutsche Bank | Macquarie | ||||
Andrew Rosivach | Omotayo Okusanya | William C. Marks | John Perry | Rob Stevenson | ||||
(415) 249-7941 | (212) 336-7076 | (415) 835-8944 | (212) 250-4912 | (212) 231-8068 | ||||
Suzanne Kim | Jonathan Petersen | Mitch Germain | Vincent Chao | Nicolas Yulico | ||||
(415) 249-7943 | (212) 336-7454 | (212) 906-3546 | (212) 250-6799 | (212) 231-8028 | ||||
Green Street | FBR | Citigroup | Baird | Bank of America | ||||
John Stewart | Sri Nagarajan | Michael Bilerman | Christopher R. Lucas | James Feldman | ||||
(949) 640-8780 | (646) 885-5429 | (212) 816-1685 | (703) 821-5780 | (646) 855-5808 | ||||
Lukas Hartwich | Evan Smith | Mark Montandon | David S. Nebinski | Michelle Ko | ||||
(949) 640-8780 | (646) 885-6431 | (212) 816-6243 | (703) 918-7854 | (646) 855-1802 | ||||
RBC Capital Markets |
Raymond James | KeyBanc Capital Markets | ISI | Stifel Nicolaus | ||||
Dave Rodgers | Paul D. Puryear | Jordan Sadler | Steve Sakwa | Todd Weller | ||||
(440) 715-2647 | (727) 567-2253 | (917) 368-2280 | (212) 446-9462 | (443) 224-1305 | ||||
Mike Carroll | William A. Crowe | Craig Mailman | George Auerbach | Ben Lowe | ||||
(440) 715-2649 | (727) 567-2594 | (917) 368-2316 | (212) 446-9459 | (443) 224-1264 | ||||
Guggenheim | Barclays Capital | Goldman Sachs | UBS | |||||
Michael Bowen | Ross Smotrich | Sloan Bohlen | Ross Nussbaum | |||||
(212) 381-4162 | (212) 526-2306 | (212) 902-2796 | (212) 713-2484 | |||||
Brian Siu | Matthew Rand | Conor Fennerty | ||||||
(212) 292-4778 | (212) 526-0248 | (212) 902-4227 |
This Supplemental Operating and Financial Data package supplements the information provided in our quarterly and annual reports filed with the Securities and Exchange Commission. Additional information about us and our properties is also available at our website www.digitalrealtytrust.com.
Page 4
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Corporate Information
Stock Listing Information
The stock of Digital Realty Trust, Inc. is traded primarily on the New York Stock Exchange under the following symbol:
Common Stock: |
DLR |
Note that symbols may vary by stock quote provider.
Credit Ratings
Standard & Poors | ||||||
Corporate Credit Rating | BBB | (Stable Outlook) | ||||
Moodys | ||||||
Issuer Rating | Baa2 | (Stable Outlook) | ||||
Fitch | ||||||
Issuer Default Rating | BBB | (Stable Outlook) | ||||
Preferred Stock | BB+ | (Stable Outlook) |
These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the Companys securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agencys rating should be evaluated independently of any other agencys rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.
Common Stock Price Performance
The following summarizes recent activity of Digital Realty Trusts common stock (DLR):
1st Quarter 2011 |
4th Quarter 2010 |
3rd Quarter 2010 |
2nd Quarter 2010 |
1st Quarter 2010 |
||||||||||||||||
High Price * |
$ | 59.34 | $ | 62.40 | $ | 64.06 | $ | 64.17 | $ | 56.60 | ||||||||||
Low Price * |
$ | 50.63 | $ | 47.42 | $ | 56.23 | $ | 51.77 | $ | 46.21 | ||||||||||
Closing Price, end of quarter * |
$ | 58.14 | $ | 51.54 | $ | 61.70 | $ | 57.68 | $ | 54.20 | ||||||||||
Average daily trading volume * |
1,192,245 | 1,665,345 | 1,094,573 | 1,254,652 | 975,779 | |||||||||||||||
Indicated dividend per common share ** |
$ | 2.720 | $ | 2.120 | $ | 2.120 | $ | 1.920 | $ | 1.920 | ||||||||||
Closing annual dividend yield, end of quarter |
4.7 | % | 4.1 | % | 3.4 | % | 3.3 | % | 3.5 | % | ||||||||||
Closing shares and units outstanding, end of quarter *** |
97,555,237 | 96,622,670 | 94,895,869 | 92,586,978 | 83,638,744 | |||||||||||||||
Closing market value of shares and units outstanding (thousands), end of quarter |
$ | 5,671,861 | $ | 4,979,932 | $ | 5,855,075 | $ | 5,340,417 | $ | 4,533,220 |
* | New York Stock Exchange trades only. |
** | On an annual basis. |
*** | As of March 31, 2011, the total number of shares and units includes 92,078,429 shares of common stock, 3,810,814 common units held by third parties and 1,665,994 common units, vested and unvested long-term incentive units and vested and unvested class C units held by officers and directors, and excludes all unexercised common stock options and all shares potentially issuable upon exchange of our 4.125% exchangeable senior debentures due 2026 and 5.50% exchangeable senior debentures due 2029 or upon conversion of our series C and series D cumulative convertible preferred stock. |
This Supplemental Operating and Financial Data package supplements the information provided in our quarterly and annual reports filed with the Securities and Exchange Commission. Additional information about us and our properties is also available at our website www.digitalrealtytrust.com.
Page 5
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Ownership Structure
As of March 31, 2011
Partner |
# of Units (2) | % Ownership | ||||||
Digital Realty Trust, Inc. |
92,078,429 | 94.4 | % | |||||
Cambay Tele.com, LLC (3) |
3,810,814 | 3.9 | % | |||||
Directors, Executive Officers and Others |
1,665,994 | 1.7 | % | |||||
Total |
97,555,237 | 100.0 | % | |||||
(1) | Reflects limited partnership interests held by our officers and directors in the form of common units and vested and unvested long-term incentive units and excludes all unexercised common stock options. |
(2) | The total number of shares and units includes 92,078,429 shares of common stock, 3,810,814 common units held by third parties and 1,665,994 common units, vested and unvested long-term incentive units and vested and unvested class C units held by officers and directors, and excludes all unexercised common stock options and all shares potentially issuable upon exchange of our 4.125% exchangeable senior debentures due 2026 and 5.50% exchangeable senior debentures due 2029 or upon conversion of our series C and series D cumulative convertible preferred stock. |
(3) | These third-party contributors received the common units (along with cash and our operating partnerships assumption of debt) in exchange for their interests in 200 Paul Avenue 1-4, 1100 Space Park Drive, the eXchange colocation business and other specified assets and liabilities. Includes 409,913 common units held by the members of Cambay Tele.com, LLC. |
Page 6
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Key Quarterly Financial Data
(Unaudited and dollars in thousands, except per share data)
31-Mar-11 | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Mar-10 | ||||||||||||||||
Shares and Units at End of Quarter |
||||||||||||||||||||
Common shares outstanding |
92,078,429 | 91,159,221 | 89,419,253 | 87,049,946 | 78,176,655 | |||||||||||||||
Common units outstanding |
5,476,808 | 5,463,449 | 5,476,616 | 5,537,032 | 5,462,089 | |||||||||||||||
Total shares and operating partnership units |
97,555,237 | 96,622,670 | 94,895,869 | 92,586,978 | 83,638,744 | |||||||||||||||
Enterprise Value |
||||||||||||||||||||
Market value of common equity (1) |
$ | 5,671,861 | $ | 4,979,932 | $ | 5,855,075 | $ | 5,340,417 | $ | 4,533,220 | ||||||||||
Liquidation value of preferred equity |
508,619 | 519,681 | 582,931 | 686,611 | 686,637 | |||||||||||||||
Total debt at balance sheet carrying value |
3,055,429 | 2,806,954 | 2,721,599 | 2,124,710 | 2,168,209 | |||||||||||||||
Total enterprise value |
$ | 9,235,909 | $ | 8,306,567 | $ | 9,159,605 | $ | 8,151,738 | $ | 7,388,066 | ||||||||||
Total debt/Total enterprise value |
33.1 | % | 33.8 | % | 29.7 | % | 26.1 | % | 29.3 | % | ||||||||||
Selected Balance Sheet Data |
||||||||||||||||||||
Investments in real estate (before depreciation) |
$ | 5,455,314 | $ | 5,245,177 | $ | 4,953,540 | $ | 4,094,476 | $ | 4,003,523 | ||||||||||
Total assets |
5,537,345 | 5,329,483 | 5,170,899 | 4,501,032 | 4,147,586 | |||||||||||||||
Total liabilities |
3,498,272 | 3,274,820 | 3,122,030 | 2,469,143 | 2,499,081 | |||||||||||||||
Selected Operating Data |
||||||||||||||||||||
Total operating revenues |
$ | 250,741 | $ | 238,672 | $ | 237,486 | $ | 197,464 | $ | 191,779 | ||||||||||
Total operating expenses |
176,076 | 166,112 | 177,085 | 143,314 | 136,584 | |||||||||||||||
Interest expense |
36,082 | 36,583 | 36,737 | 33,162 | 30,902 | |||||||||||||||
Net income |
39,012 | 36,298 | 23,626 | 19,902 | 25,586 | |||||||||||||||
Net income available to common stockholders |
30,980 | 24,865 | 9,639 | 9,091 | 14,744 | |||||||||||||||
Financial Ratios |
||||||||||||||||||||
EBITDA (2) |
$ | 142,023 | $ | 138,994 | $ | 117,930 | $ | 104,188 | $ | 103,894 | ||||||||||
Adjusted EBITDA (3) |
$ | 150,055 | $ | 150,427 | $ | 131,917 | $ | 114,999 | $ | 114,736 | ||||||||||
Cash interest expense (4) |
$ | 45,208 | $ | 27,404 | $ | 36,851 | $ | 27,062 | $ | 22,231 | ||||||||||
Fixed charges (5) |
$ | 55,630 | $ | 38,831 | $ | 49,621 | $ | 40,613 | $ | 35,326 | ||||||||||
Debt service coverage ratio (6) |
3.3x | 5.5x | 3.6x | 4.2x | 5.2x | |||||||||||||||
Fixed charge coverage ratio (7) |
2.7x | 3.9x | 2.7x | 2.8x | 3.2x | |||||||||||||||
Profitability Measures |
||||||||||||||||||||
Net income per common share - basic |
$ | 0.34 | $ | 0.27 | $ | 0.11 | $ | 0.11 | $ | 0.19 | ||||||||||
Net income per common share - diluted |
$ | 0.33 | $ | 0.27 | $ | 0.11 | $ | 0.11 | $ | 0.18 | ||||||||||
Funds From Operations (FFO) per diluted share and unit (8) |
$ | 1.02 | $ | 0.98 | $ | 0.81 | $ | 0.76 | $ | 0.81 | ||||||||||
Adjusted Funds From Operations (AFFO) per diluted share and unit (9) |
$ | 0.90 | $ | 0.87 | $ | 0.75 | $ | 0.65 | $ | 0.67 | ||||||||||
Dividends per share and common unit |
$ | 0.68 | $ | 0.53 | $ | 0.53 | $ | 0.48 | $ | 0.48 | ||||||||||
Diluted FFO payout ratio (10) |
66.9 | % | 53.9 | % | 65.4 | % | 63.4 | % | 59.2 | % | ||||||||||
Diluted AFFO payout ratio (11) |
75.4 | % | 60.8 | % | 70.7 | % | 73.3 | % | 71.4 | % | ||||||||||
Portfolio Statistics |
||||||||||||||||||||
Buildings |
133 | 132 | 131 | 122 | 118 | |||||||||||||||
Properties |
96 | 96 | 95 | 87 | 84 | |||||||||||||||
Net rentable square feet, excluding redevelopment space |
14,628,267 | 14,584,914 | 14,456,127 | 13,270,035 | 13,211,992 | |||||||||||||||
Square feet held for redevelopment (12) |
2,236,745 | 2,166,848 | 1,925,135 | 1,916,028 | 1,828,598 | |||||||||||||||
Occupancy at end of quarter (13) |
93.5 | % | 94.6 | % | 95.0 | % | 95.0 | % | 95.2 | % | ||||||||||
Weighted average remaining lease term (years) (14) |
6.9 | 6.9 | 6.9 | 7.2 | 7.2 | |||||||||||||||
Same store occupancy at end of quarter (13)(15) |
93.8 | % | 94.9 | % | 94.8 | % | 94.9 | % | 95.2 | % |
(1) | The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in our operating partnership, including common units and vested and unvested long-term incentive units (including vested and unvested class C units), for shares of our common stock. Excludes shares issuable with respect to stock options that have been granted but have not yet been exercised, and also excludes all shares potentially issuable upon exchange of our 4.125% exchangeable senior debentures due 2026 and 5.50% exchangeable senior debentures due 2029 or upon conversion of our series C and series D cumulative convertible preferred stock. |
(2) | EBITDA is calculated as earnings before interest, taxes, depreciation and amortization. For a discussion of EBITDA, see page 31. For a reconciliation of net income available to common stockholders to EBITDA, see page 11. |
(3) | Adjusted EBITDA is EBITDA adjusted for preferred dividends and minority interests. For a discussion of Adjusted EBITDA, see page 31. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 11. |
(4) | Cash interest expense is interest expense per our statement of operations (including interest expense on discontinued operations) less amortization of debt discount and deferred financing fees and includes interest that we capitalized. For a reconciliation of GAAP interest expense to cash interest expense, see page 11. |
(5) | Fixed charges consist of cash interest expense, scheduled debt principal payments and preferred dividends. |
(6) | Debt service coverage ratio is Adjusted EBITDA divided by cash interest expense. |
(7) | Fixed charge coverage ratio is Adjusted EBITDA divided by fixed charges. |
(8) | For a definition and discussion of FFO, see page 31. For a reconciliation of net income available to common stockholders to FFO, see page 10. |
(9) | For a definition and discussion of AFFO, see page 31. For a reconciliation of FFO to AFFO, see page 10. |
(10) | Diluted FFO payout ratio is dividends declared per common share and unit divided by diluted FFO per share and unit. |
(11) | Diluted AFFO payout ratio is dividends declared per common share and unit divided by diluted AFFO per share and unit. |
(12) | Redevelopment space requires significant capital investment in order to develop data center facilities that are ready for use. Most often this is shell space. However, in certain circumstances this may include partially built datacenter space that was not completed by previous ownership and requires a large capital investment in order to build out the space. |
(13) | Occupancy and same store occupancy exclude space held for redevelopment. For some of our properties, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. |
(14) | Weighted average remaining lease term excludes renewal options, weighted by net rentable square feet. |
(15) | Same store properties were acquired before December 31, 2009. |
Page 7
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Consolidated Balance Sheets
(Dollars in thousands, except per share data)
March 31, 2011 |
December 31, 2010 |
|||||||
(unaudited) | ||||||||
ASSETS |
||||||||
Investments in real estate |
||||||||
Land |
$ | 480,788 | $ | 478,629 | ||||
Acquired ground leases |
6,666 | 6,374 | ||||||
Buildings and improvements |
4,662,458 | 4,459,047 | ||||||
Tenant improvements |
287,440 | 283,492 | ||||||
Investments in real estate |
5,437,352 | 5,227,542 | ||||||
Accumulated depreciation and amortization |
(720,610 | ) | (660,700 | ) | ||||
Net investments in properties |
4,716,742 | 4,566,842 | ||||||
Investment in unconsolidated joint ventures |
17,962 | 17,635 | ||||||
Net investments in real estate |
4,734,704 | 4,584,477 | ||||||
Cash and cash equivalents |
44,368 | 11,719 | ||||||
Accounts and other receivables, net of allowance for doubtful accounts of $2,331 and $3,250 as of March 31, 2011 and December 31, 2010, respectively |
78,992 | 70,337 | ||||||
Deferred rent |
203,708 | 190,067 | ||||||
Acquired above market leases, net |
37,421 | 40,539 | ||||||
Acquired in place lease value and deferred leasing costs, net |
327,625 | 334,366 | ||||||
Deferred financing costs, net |
23,836 | 22,825 | ||||||
Restricted cash |
59,836 | 60,062 | ||||||
Other assets |
26,855 | 15,091 | ||||||
Total Assets |
$ | 5,537,345 | $ | 5,329,483 | ||||
LIABILITIES AND EQUITY |
||||||||
Revolving credit facility |
$ | 209,687 | $ | 333,534 | ||||
Unsecured senior notes, net of discount |
1,465,351 | 1,066,030 | ||||||
Exchangeable senior debentures, net of discount |
318,669 | 353,702 | ||||||
Mortgage loans |
1,051,222 | 1,043,188 | ||||||
Other secured loans |
10,500 | 10,500 | ||||||
Accounts payable and other accrued liabilities |
265,714 | 237,631 | ||||||
Accrued dividends and distributions |
| 51,210 | ||||||
Acquired below market leases, net |
89,018 | 93,250 | ||||||
Security deposits and prepaid rents |
88,111 | 85,775 | ||||||
Total Liabilities |
3,498,272 | 3,274,820 | ||||||
Commitments and contingencies |
| | ||||||
EQUITY: |
||||||||
Stockholders equity: |
||||||||
Preferred Stock: $0.01 par value, 30,000,000 authorized: |
||||||||
Series C Cumulative Convertible Preferred Stock, 4.375%, $167,499 and $174,999 liquidation preference, respectively ($25.00 per share), 6,699,955 and 6,999,955 issued and outstanding, respectively |
161,822 | 169,067 | ||||||
Series D Cumulative Convertible Preferred Stock, 5.500%, $341,120 and $344,683 liquidation preference, respectively ($25.00 per share), 13,644,790 and 13,787,300 issued and outstanding, respectively |
329,829 | 333,274 | ||||||
Common Stock: $0.01 par value, 145,000,000 authorized, 92,078,429 and 91,159,221 shares issued and outstanding as of March 31, 2011 and December 31, 2010, respectively |
917 | 909 | ||||||
Additional paid-in capital |
1,854,424 | 1,849,497 | ||||||
Dividends in excess of earnings |
(379,627 | ) | (348,148 | ) | ||||
Accumulated other comprehensive income, net |
(23,570 | ) | (42,081 | ) | ||||
Total stockholders equity |
1,943,795 | 1,962,518 | ||||||
Noncontrolling interests: |
||||||||
Noncontrolling interest in operating partnership |
55,669 | 52,436 | ||||||
Noncontrolling interest in consolidated joint ventures |
39,609 | 39,709 | ||||||
Total noncontrolling interests |
95,278 | 92,145 | ||||||
Total Equity |
2,039,073 | 2,054,663 | ||||||
Total Liabilities and Equity |
$ | 5,537,345 | $ | 5,329,483 | ||||
Page 8
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Consolidated Quarterly Statements of Operations
(unaudited and in thousands, except share and per share data)
Three Months Ended | ||||||||||||||||||||
31-Mar-11 | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Mar-10 | ||||||||||||||||
Rental |
$ | 196,795 | $ | 189,684 | $ | 184,256 | $ | 156,831 | $ | 151,306 | ||||||||||
Tenant reimbursements |
51,834 | 46,451 | 52,975 | 39,597 | 39,059 | |||||||||||||||
Construction management fee |
1,817 | 2,166 | 255 | 1,036 | 1,414 | |||||||||||||||
Other |
295 | 371 | | | | |||||||||||||||
Total operating revenues |
250,741 | 238,672 | 237,486 | 197,464 | 191,779 | |||||||||||||||
Rental property operating and maintenance |
71,723 | 69,732 | 73,866 | 53,935 | 52,595 | |||||||||||||||
Property taxes |
13,471 | 4,933 | 14,030 | 12,748 | 12,721 | |||||||||||||||
Insurance |
2,051 | 2,384 | 2,168 | 1,846 | 1,735 | |||||||||||||||
Construction management |
1,737 | 231 | 290 | 471 | 647 | |||||||||||||||
Depreciation and amortization |
73,918 | 76,383 | 70,128 | 59,860 | 57,532 | |||||||||||||||
General and administrative |
12,405 | 12,225 | 11,878 | 12,574 | 10,519 | |||||||||||||||
Transactions |
681 | 224 | 4,666 | 1,715 | 833 | |||||||||||||||
Other |
90 | | 59 | 165 | 2 | |||||||||||||||
Total operating expenses |
176,076 | 166,112 | 177,085 | 143,314 | 136,584 | |||||||||||||||
Operating income |
74,665 | 72,560 | 60,401 | 54,150 | 55,195 | |||||||||||||||
Equity in earnings of unconsolidated joint ventures |
1,208 | 1,260 | 1,061 | 955 | 1,978 | |||||||||||||||
Interest and other income |
264 | 224 | 327 | 34 | 31 | |||||||||||||||
Interest expense |
(36,082 | ) | (36,583 | ) | (36,737 | ) | (33,162 | ) | (30,902 | ) | ||||||||||
Tax expense |
(428 | ) | (258 | ) | (343 | ) | (534 | ) | (716 | ) | ||||||||||
Loss from early extinguishment of debt |
(615 | ) | (905 | ) | (1,083 | ) | (1,541 | ) | | |||||||||||
Net income |
39,012 | 36,298 | 23,626 | 19,902 | 25,586 | |||||||||||||||
Net income attributable to noncontrolling interests |
(1,510 | ) | (1,077 | ) | (590 | ) | (710 | ) | (741 | ) | ||||||||||
Net income attributable to Digital Realty Trust, Inc. |
37,502 | 35,221 | 23,036 | 19,192 | 24,845 | |||||||||||||||
Preferred stock dividends |
(6,522 | ) | (7,608 | ) | (9,194 | ) | (10,101 | ) | (10,101 | ) | ||||||||||
Costs on redemption of preferred stock |
| (2,748 | ) | (4,203 | ) | | | |||||||||||||
Net income available to common stockholders |
$ | 30,980 | $ | 24,865 | $ | 9,639 | $ | 9,091 | $ | 14,744 | ||||||||||
Net income per share available to common stockholders - basic |
$ | 0.34 | $ | 0.27 | $ | 0.11 | $ | 0.11 | $ | 0.19 | ||||||||||
Net income per share available to common stockholders - diluted |
$ | 0.33 | $ | 0.27 | $ | 0.11 | $ | 0.11 | $ | 0.18 | ||||||||||
Weighted-average shares outstanding - basic |
91,428,355 | 90,698,033 | 87,908,953 | 80,542,329 | 77,770,691 | |||||||||||||||
Weighted-average shares outstanding - diluted |
92,600,215 | 92,448,830 | 90,136,911 | 83,021,817 | 80,612,660 | |||||||||||||||
Weighted-average fully diluted shares and units |
98,117,454 | 97,330,548 | 95,042,658 | 88,295,639 | 86,075,069 |
Page 9
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Funds From Operations (FFO)
(unaudited and in thousands, except per share data)
Three Months Ended | ||||||||||||||||||||
31-Mar-11 | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Mar-10 | ||||||||||||||||
Reconciliation of net income available to common stockholders to FFO (Note): |
||||||||||||||||||||
Net income available to common stockholders |
$ | 30,980 | $ | 24,865 | $ | 9,639 | $ | 9,091 | $ | 14,744 | ||||||||||
Adjustments: |
||||||||||||||||||||
Noncontrolling interests in operating partnership |
1,652 | 1,336 | 537 | 560 | 973 | |||||||||||||||
Real estate related depreciation and amortization (1) |
73,506 | 75,983 | 69,810 | 59,517 | 57,175 | |||||||||||||||
Real estate related depreciation and amortization related to investment in unconsolidated joint ventures |
892 | 724 | 1,058 | 688 | 773 | |||||||||||||||
FFO available to common stockholders and unitholders |
$ | 107,030 | $ | 102,908 | $ | 81,044 | $ | 69,856 | $ | 73,665 | ||||||||||
FFO per share and unit: |
||||||||||||||||||||
Basic |
$ | 1.11 | $ | 1.08 | $ | 0.87 | $ | 0.81 | $ | 0.89 | ||||||||||
Diluted (2) |
$ | 1.02 | $ | 0.98 | $ | 0.81 | $ | 0.76 | $ | 0.81 | ||||||||||
Weighted-average shares and units outstanding - basic |
96,303 | 95,580 | 93,421 | 86,150 | 83,233 | |||||||||||||||
Weighted-average shares and units outstanding - diluted (2) |
115,730 | 115,618 | 113,235 | 106,386 | 104,142 | |||||||||||||||
(1) Real estate depreciation and amortization was computed as follows: |
||||||||||||||||||||
Depreciation and amortization per income statement |
$ | 73,918 | $ | 76,383 | $ | 70,128 | $ | 59,860 | $ | 57,532 | ||||||||||
Non-real estate depreciation |
(412 | ) | (400 | ) | (318 | ) | (343 | ) | (357 | ) | ||||||||||
$ | 73,506 | $ | 75,983 | $ | 69,810 | $ | 59,517 | $ | 57,175 | |||||||||||
(2) At March 31, 2011, we had 6,700 series C convertible preferred shares and 13,645 series D convertible preferred shares outstanding that were convertible into 3,652 common shares and 8,333 common shares on a weighted average basis for the three months ended March 31, 2011, respectively. In addition, we had a balance of $266,400 of 5.50% exchangeable senior debentures that were exchangeable for 6,270 common shares on a weighted average basis for the three months ended March 31, 2011. See below for calculations of diluted FFO available to common stockholders and unitholders and weighted average common stock and units outstanding. |
| |||||||||||||||||||
FFO available to common stockholders and unitholders |
$ | 107,030 | $ | 102,908 | $ | 81,044 | $ | 69,856 | $ | 73,665 | ||||||||||
Add: Series C convertible preferred dividends |
1,832 | 1,914 | 1,914 | 1,914 | 1,914 | |||||||||||||||
Add: Series D convertible preferred dividends |
4,690 | 4,739 | 4,739 | 4,742 | 4,742 | |||||||||||||||
Add: 5.50% exchangeable senior debentures interest expense |
4,050 | 4,050 | 4,050 | 4,050 | 4,050 | |||||||||||||||
FFO available to common stockholders and unitholders diluted |
$ | 117,602 | $ | 113,611 | $ | 91,747 | $ | 80,562 | $ | 84,371 | ||||||||||
Weighted average common stock and units outstanding |
96,303 | 95,580 | 93,421 | 86,150 | 83,233 | |||||||||||||||
Add: Effect of dilutive securities (excl. series C & D convert. preferred stock & 5.50% debentures) |
1,172 | 1,751 | 1,622 | 2,146 | 2,842 | |||||||||||||||
Add: Effect of dilutive series C convertible preferred stock |
3,652 | 3,703 | 3,666 | 3,657 | 3,657 | |||||||||||||||
Add: Effect of dilutive series D convertible preferred stock |
8,333 | 8,314 | 8,316 | 8,238 | 8,215 | |||||||||||||||
Add: Effect of dilutive 5.50% exchangeable senior debentures |
6,270 | 6,270 | 6,210 | 6,195 | 6,195 | |||||||||||||||
Weighted average common stock and units outstanding diluted |
115,730 | 115,618 | 113,235 | 106,386 | 104,142 | |||||||||||||||
Note: For a definition and discussion of FFO, see page 31.
Adjusted Funds From Operations (AFFO)
(unaudited and in thousands)
Three Months Ended | ||||||||||||||||||||
31-Mar-11 | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Mar-10 | ||||||||||||||||
Reconciliation of FFO to AFFO (Note): |
|
|||||||||||||||||||
FFO available to common stockholders and unitholders |
$ | 107,030 | $ | 102,908 | $ | 81,044 | $ | 69,856 | $ | 73,665 | ||||||||||
Adjustments: |
||||||||||||||||||||
Non-real estate depreciation |
412 | 400 | 318 | 343 | 357 | |||||||||||||||
Amortization of deferred financing costs |
2,451 | 2,410 | 2,715 | 2,929 | 2,406 | |||||||||||||||
Amortization of debt discount |
998 | 933 | 781 | 1,082 | 1,025 | |||||||||||||||
Non-cash compensation |
2,963 | 2,803 | 2,942 | 3,229 | 2,188 | |||||||||||||||
Loss from early extinguishment of debt |
615 | 905 | 1,083 | 1,541 | | |||||||||||||||
Straight line rents |
(12,749 | ) | (11,948 | ) | (11,861 | ) | (10,560 | ) | (11,099 | ) | ||||||||||
Above and below market rent amortization |
(1,814 | ) | (1,813 | ) | (1,800 | ) | (2,422 | ) | (2,283 | ) | ||||||||||
Capitalized leasing compensation |
(2,443 | ) | (1,930 | ) | (1,760 | ) | (2,026 | ) | (1,887 | ) | ||||||||||
Recurring capital expenditures and tenant improvements |
(687 | ) | (2,667 | ) | (735 | ) | (178 | ) | (2,024 | ) | ||||||||||
Capitalized leasing commissions |
(3,029 | ) | (4,797 | ) | (2,925 | ) | (4,866 | ) | (3,156 | ) | ||||||||||
Costs on redemption of preferred stock |
| 2,748 | 4,203 | | | |||||||||||||||
AFFO available to common stockholders and unitholders |
$ | 93,747 | $ | 89,952 | $ | 74,005 | $ | 58,928 | $ | 59,192 | ||||||||||
Note: For a definition and discussion of AFFO, see page 31 For a reconciliation of net income available to common stockholders to FFO, see above table.
Page 10
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Reconciliation of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (1)
(unaudited and in thousands)
Three Months Ended | ||||||||||||||||||||
31-Mar-11 | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Mar-10 | ||||||||||||||||
Net income available to common stockholders |
$ | 30,980 | $ | 24,865 | $ | 9,639 | $ | 9,091 | $ | 14,744 | ||||||||||
Interest |
36,082 | 36,583 | 36,737 | 33,162 | 30,902 | |||||||||||||||
Loss from early extinguishment of debt |
615 | 905 | 1,083 | 1,541 | | |||||||||||||||
Taxes |
428 | 258 | 343 | 534 | 716 | |||||||||||||||
Depreciation and amortization |
73,918 | 76,383 | 70,128 | 59,860 | 57,532 | |||||||||||||||
EBITDA |
142,023 | 138,994 | 117,930 | 104,188 | 103,894 | |||||||||||||||
Noncontrolling interests |
1,510 | 1,077 | 590 | 710 | 741 | |||||||||||||||
Preferred stock dividends |
6,522 | 7,608 | 9,194 | 10,101 | 10,101 | |||||||||||||||
Costs on redemption of preferred stock |
| 2,748 | 4,203 | | | |||||||||||||||
Adjusted EBITDA |
$ | 150,055 | $ | 150,427 | $ | 131,917 | $ | 114,999 | $ | 114,736 | ||||||||||
(1) | For the definition and discussion of EBITDA and Adjusted EBITDA, see page 31. |
Financial Ratios
(unaudited and in thousands)
31-Mar-11 | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Mar-10 | ||||||||||||||||
Total GAAP interest expense |
$ | 36,082 | $ | 36,583 | $ | 36,737 | $ | 33,162 | $ | 30,902 | ||||||||||
Capitalized interest |
4,666 | 3,100 | 2,723 | 2,511 | 1,907 | |||||||||||||||
Change in accrued interest and other non-cash amounts |
4,460 | (12,279 | ) | (2,609 | ) | (8,611 | ) | (10,578 | ) | |||||||||||
Cash interest expense (a) |
45,208 | 27,404 | 36,851 | 27,062 | 22,231 | |||||||||||||||
Scheduled debt principal payments and preferred dividends |
10,422 | 11,427 | 12,770 | 13,551 | 13,095 | |||||||||||||||
Total fixed charges (b) |
$ | 55,630 | $ | 38,831 | $ | 49,621 | $ | 40,613 | $ | 35,326 | ||||||||||
Debt service coverage ratio based on GAAP interest expense (c) |
4.2x | 4.1x | 3.6x | 3.5x | 3.7x | |||||||||||||||
Debt service coverage ratio based on cash interest expense (c) |
3.3x | 5.5x | 3.6x | 4.2x | 5.2x | |||||||||||||||
Fixed charge coverage ratio based on GAAP interest expense (d) |
3.2x | 3.1x | 2.7x | 2.5x | 2.6x | |||||||||||||||
Fixed charge coverage ratio based on cash interest expense (d) |
2.7x | 3.9x | 2.7x | 2.8x | 3.2x | |||||||||||||||
Debt to total enterprise value including debt and preferred equity (e) |
33.1 | % | 33.8 | % | 29.7 | % | 26.1 | % | 29.3 | % | ||||||||||
Debt plus preferred stock to total enterprise value including debt and preferred equity (f) |
38.6 | % | 40.0 | % | 36.1 | % | 34.5 | % | 38.6 | % | ||||||||||
Pretax income to interest expense (g) |
2.1x | 2.0x | 1.6x | 1.6x | 1.8x | |||||||||||||||
Net Debt to Adjusted EBITDA (h) |
5.0x | 4.6x | 5.0x | 3.9x | 4.6x |
(a) | 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. |
(b) | For a definition of Fixed Charges, see page 7. |
(c) | Adjusted EBITDA divided by interest expense. |
(d) | Adjusted EBITDA divided by fixed charges. Fixed charges include interest expense as per (a) above and scheduled debt principal payments and preferred dividends. |
(e) | Mortgage debt and other loans divided by mortgage debt and other loans plus the liquidation value of preferred stock and the market value of outstanding common stock and operating partnership units, assuming the redemption of operating partnership units for shares of our common stock. |
(f) | Same as (e), except numerator includes preferred stock. |
(g) | Calculated as income, including interest, divided by GAAP interest expense. |
(h) | Calculated as total debt at balance sheet carrying value (see page 7) less unrestricted cash and cash equivalents divided by Adjusted EBITDA multiplied by four. |
Page 11
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Same Store and New Properties Consolidated Quarterly Statements of Operations
(unaudited and in thousands)
Three Months Ended | ||||||||||||||||||||
Same store (1) |
31-Mar-11 | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Mar-10 | |||||||||||||||
Operating Revenues: |
||||||||||||||||||||
Rental |
$ | 153,169 | $ | 151,863 | $ | 148,832 | $ | 143,666 | $ | 142,035 | ||||||||||
Tenant reimbursements - Utilities |
22,050 | 20,614 | 23,879 | 19,410 | 18,145 | |||||||||||||||
Tenant reimbursements - Other |
16,369 | 13,312 | 16,477 | 16,463 | 17,694 | |||||||||||||||
Construction management fee |
| | | | | |||||||||||||||
Other |
295 | 371 | | | | |||||||||||||||
Total operating revenues |
191,883 | 186,160 | 189,188 | 179,539 | 177,874 | |||||||||||||||
Operating Expenses: |
||||||||||||||||||||
Rental property operating and maintenance - Utilities |
27,860 | 25,290 | 30,487 | 24,417 | 24,876 | |||||||||||||||
Rental property operating and maintenance - Other |
23,666 | 25,203 | 24,624 | 23,250 | 23,271 | |||||||||||||||
Property taxes |
10,978 | 5,253 | 11,628 | 11,071 | 11,464 | |||||||||||||||
Insurance |
1,543 | 1,581 | 1,777 | 1,743 | 1,662 | |||||||||||||||
Construction management |
| | | | | |||||||||||||||
Depreciation and amortization |
58,668 | 61,342 | 56,308 | 55,419 | 54,348 | |||||||||||||||
General and administrative (2) |
12,405 | 12,225 | 11,878 | 12,574 | 10,519 | |||||||||||||||
Transactions |
| | | | | |||||||||||||||
Other |
90 | | 59 | 165 | 2 | |||||||||||||||
Total operating expenses |
135,210 | 130,894 | 136,761 | 128,639 | 126,142 | |||||||||||||||
Operating income |
56,673 | 55,266 | 52,427 | 50,900 | 51,732 | |||||||||||||||
Other Income (Expenses): |
||||||||||||||||||||
Equity in earnings of unconsolidated joint ventures |
1,249 | 1,270 | 1,177 | 955 | 1,978 | |||||||||||||||
Interest and other income |
255 | 213 | 297 | 34 | 31 | |||||||||||||||
Interest expense (3) |
(35,914 | ) | (36,392 | ) | (36,647 | ) | (33,162 | ) | (30,902 | ) | ||||||||||
Tax expense |
(417 | ) | (258 | ) | (347 | ) | (530 | ) | (716 | ) | ||||||||||
Loss from early extinguishment of debt |
(615 | ) | (905 | ) | (1,083 | ) | (1,541 | ) | | |||||||||||
Net income |
$ | 21,231 | $ | 19,194 | $ | 15,824 | $ | 16,656 | $ | 22,123 | ||||||||||
New properties (1) |
||||||||||||||||||||
Operating Revenues: |
||||||||||||||||||||
Rental |
$ | 43,626 | $ | 37,821 | $ | 35,424 | $ | 13,165 | $ | 9,271 | ||||||||||
Tenant reimbursements - Utilities |
10,866 | 10,667 | 12,344 | 2,410 | 2,872 | |||||||||||||||
Tenant reimbursements - Other |
2,549 | 1,858 | 275 | 1,314 | 348 | |||||||||||||||
Construction management fee |
1,817 | 2,166 | 255 | 1,036 | 1,414 | |||||||||||||||
Other |
| | | | | |||||||||||||||
Total operating revenues |
58,858 | 52,512 | 48,298 | 17,925 | 13,905 | |||||||||||||||
Operating Expenses: |
||||||||||||||||||||
Rental property operating and maintenance - Utilities |
11,305 | 10,776 | 12,045 | 3,540 | 3,787 | |||||||||||||||
Rental property operating and maintenance - Other |
8,892 | 8,463 | 6,710 | 2,728 | 661 | |||||||||||||||
Property taxes |
2,493 | (320 | ) | 2,402 | 1,677 | 1,257 | ||||||||||||||
Insurance |
508 | 803 | 391 | 103 | 73 | |||||||||||||||
Construction management fee |
1,737 | 231 | 290 | 471 | 647 | |||||||||||||||
Depreciation and amortization |
15,250 | 15,041 | 13,820 | 4,441 | 3,184 | |||||||||||||||
General and administrative (2) |
| | | | | |||||||||||||||
Transactions |
681 | 224 | 4,666 | 1,715 | 833 | |||||||||||||||
Other |
| | | | | |||||||||||||||
Total operating expenses |
40,866 | 35,218 | 40,324 | 14,675 | 10,442 | |||||||||||||||
Operating income |
17,992 | 17,294 | 7,974 | 3,250 | 3,463 | |||||||||||||||
Other Income (Expenses): |
||||||||||||||||||||
Equity in earnings of unconsolidated joint ventures |
(41 | ) | (10 | ) | (116 | ) | | | ||||||||||||
Interest and other income |
9 | 11 | 30 | | | |||||||||||||||
Interest expense (3) |
(168 | ) | (191 | ) | (90 | ) | | | ||||||||||||
Tax expense |
(11 | ) | | 4 | (4 | ) | | |||||||||||||
Loss from early extinguishment of debt |
| | | | | |||||||||||||||
Net Income |
$ | 17,781 | $ | 17,104 | $ | 7,802 | $ | 3,246 | $ | 3,463 |
(1) | Same store properties are properties that were acquired on or before December 31, 2009 and new properties are properties acquired after December 31, 2009. |
(2) | General and administrative expenses are included entirely in same store as they are not allocable to specific properties. |
(3) | Interest expense on our revolving credit facility is allocated entirely to same store properties. |
Page 12
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Same Store Operating Trend Summary
(unaudited and in thousands)
Three Months Ended | ||||||||||||||||||||
Same store (1) |
31-Mar-11 | 31-Dec-10 | Percentage Change |
31-Mar-10 | Percentage Change |
|||||||||||||||
Rental (2) |
$ | 153,169 | $ | 151,863 | 0.9 | % | $ | 142,035 | 7.8 | % | ||||||||||
Tenant reimbursements - Utilities |
22,050 | 20,614 | 7.0 | % | 18,145 | 21.5 | % | |||||||||||||
Tenant reimbursements - Other |
16,369 | 13,312 | 23.0 | % | 17,694 | (7.5 | %) | |||||||||||||
191,588 | 185,789 | 3.1 | % | 177,874 | 7.7 | % | ||||||||||||||
Rental property operating and maintenance - Utilities |
27,860 | 25,290 | 10.2 | % | 24,876 | 12.0 | % | |||||||||||||
Rental property operating and maintenance - Other |
23,666 | 25,203 | (6.1 | %) | 23,271 | 1.7 | % | |||||||||||||
Property taxes |
10,978 | 5,253 | 109.0 | % | 11,464 | (4.2 | %) | |||||||||||||
Insurance |
1,543 | 1,581 | (2.5 | %) | 1,662 | (7.2 | %) | |||||||||||||
64,047 | 57,327 | 11.7 | % | 61,273 | 4.5 | % | ||||||||||||||
Net Operating Income (3) |
$ | 127,541 | $ | 128,462 | (0.7 | %) | $ | 116,601 | 9.4 | % | ||||||||||
Same store occupancy at end of quarter (4) |
93.8 | % | 94.9 | % | 95.2 | % | ||||||||||||||
(1) | Same store properties were acquired on or before December 31, 2009. |
(2) | For the periods presented, same store straight-line rent was $10,655, $8,022, and $11,099, respectively, and non-cash purchase accounting adjustments were $1,860, $1,677, and $2,283, respectively. |
(3) | For a definition and discussion of Net Operating Income, see page 31. |
(4) | Occupancy excludes space held for redevelopment. For some of our properties, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. |
Page 13
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Consolidated Debt Analysis
(unaudited, in thousands)
Maturity Date |
Principal Balance as of March 31, 2011 |
% of Debt |
Interest Rate as of March 31, 2011 |
Interest Rate as of March 31, 2011 including caps and swaps |
||||||||||||||
Revolving Credit Facility |
||||||||||||||||||
Revolving credit facility |
August 31, 2012 (1) | 209,687 | 6.9 | % | 1.44 | % | ||||||||||||
$ | 209,687 | 6.9 | % | |||||||||||||||
Unsecured senior notes: |
||||||||||||||||||
Prudential Shelf Facility: |
||||||||||||||||||
Series A |
July 24, 2011 | 25,000 | 0.8 | % | 7.00 | % | ||||||||||||
Series B |
November 5, 2013 | 33,000 | 1.1 | % | 9.32 | % | ||||||||||||
Series C |
January 6, 2016 | 25,000 | 0.8 | % | 9.68 | % | ||||||||||||
Series D |
January 20, 2015 | 50,000 | 1.6 | % | 4.57 | % | ||||||||||||
Series E |
January 20, 2017 | 50,000 | 1.6 | % | 5.73 | % | ||||||||||||
Series F |
February 3, 2015 | 17,000 | 0.6 | % | 4.50 | % | ||||||||||||
Total Prudential Shelf Facility |
$ | 200,000 | 6.5 | % | ||||||||||||||
Senior Notes: |
||||||||||||||||||
5.875% notes due 2020 |
February 1, 2020 | 500,000 | 16.4 | % | 5.88 | % | ||||||||||||
4.50% notes due 2015 |
July 15, 2015 | 375,000 | 12.3 | % | 5.25 | % | ||||||||||||
5.25% notes due 2021 |
March 15, 2021 | 400,000 | 13.1 | % | 4.50 | % | ||||||||||||
Unamortized discounts |
(9,649 | ) | -0.3 | % | ||||||||||||||
Total senior notes |
$ | 1,265,351 | 41.5 | % | ||||||||||||||
Total unsecured senior notes |
$ | 1,465,351 | 48.0 | % | ||||||||||||||
Exchangeable senior debentures: |
||||||||||||||||||
4.125% exchangeable senior debentures due 2026 |
August 15, 2026 | 52,908 | 1.7 | % | 6.75 | % | ||||||||||||
5.50% exchangeable senior debentures due 2029 |
April 15, 2029 | 266,400 | 8.7 | % | 5.50 | % | ||||||||||||
Unamortized discount |
(639 | ) | 0.0 | % | ||||||||||||||
Total exchangeable senior debentures |
$ | 318,669 | 10.4 | % | ||||||||||||||
Mortgage loans: |
||||||||||||||||||
6 Braham Street |
April 10, 2011 | 19,875 | 0.7 | % | 1.72 | % | 5.84 | % | ||||||||||
114 Rue Ambroise Croizat |
January 18, 2012 | 43,652 | 1.4 | % | 2.59 | % | 5.13 | % | ||||||||||
Unit 9, Blanchardstown Corporate Park |
January 18, 2012 | 37,530 | 1.2 | % | 2.59 | % | 5.35 | % | ||||||||||
Datacenter Park Dallas |
September 15, 2012 (1) | 16,150 | 0.5 | % | 5.00 | % | ||||||||||||
1350 Duane Avenue/3080 Raymond Street |
October 1, 2012 | 52,800 | 1.7 | % | 5.42 | % | ||||||||||||
800 Central Expressway |
June 9, 2013 | 10,000 | 0.3 | % | 5.75 | % | 5.75 | % | ||||||||||
1201 Comstock Street |
June 25, 2013 (1) | 16,777 | 0.5 | % | 3.74 | % | ||||||||||||
Paul van Vlissingenstraat 16 |
July 18, 2013 | 14,727 | 0.5 | % | 2.84 | % | 5.58 | % | ||||||||||
Chemin de lEpinglier 2 |
July 18, 2013 | 10,655 | 0.3 | % | 2.74 | % | 5.57 | % | ||||||||||
3 Corporate Place |
August 1, 2013 (1) | 80,000 | 2.6 | % | 6.72 | % | ||||||||||||
1500 Space Park Drive |
October 5, 2013 | 39,428 | 1.3 | % | 6.15 | % | ||||||||||||
Gyroscoopweg 2E-2F |
October 18, 2013 | 9,377 | 0.3 | % | 2.74 | % | 5.49 | % | ||||||||||
Mundells Roundabout |
November 30, 2013 | 68,640 | 2.2 | % | 2.02 | % | 4.18 | % | ||||||||||
Clonshaugh Industrial Estate II |
September 4, 2014 | 42,474 | 1.4 | % | 5.74 | % | 7.20 | % | ||||||||||
Cressex 1 |
October 16, 2014 | 29,021 | 0.9 | % | 5.68 | % | 5.68 | % | ||||||||||
Manchester Technopark |
October 16, 2014 | 8,829 | 0.3 | % | 5.68 | % | ||||||||||||
Secured Term Debt |
November 11, 2014 | 140,840 | 4.6 | % | 5.65 | % | ||||||||||||
200 Paul Avenue 1-4 |
October 8, 2015 | 75,743 | 2.5 | % | 5.74 | % | ||||||||||||
600 West Seventh Street |
March 15, 2016 | 53,803 | 1.8 | % | 5.80 | % | ||||||||||||
34551 Ardenwood Boulevard 1-4 |
November 11, 2016 | 54,129 | 1.8 | % | 5.95 | % | ||||||||||||
2334 Lundy Place |
November 11, 2016 | 39,367 | 1.3 | % | 5.96 | % | ||||||||||||
1100 Space Park Drive |
December 11, 2016 | 54,118 | 1.8 | % | 5.89 | % | ||||||||||||
2045 & 2055 LaFayette Street |
February 6, 2017 | 66,207 | 2.2 | % | 5.93 | % | ||||||||||||
150 South First Street |
February 6, 2017 | 51,985 | 1.7 | % | 6.30 | % | ||||||||||||
731 East Trade Street |
July 1, 2020 | 5,014 | 0.2 | % | 8.22 | % | ||||||||||||
1125 Energy Park Drive |
March 1, 2032 | 9,020 | 0.3 | % | 7.62 | % | ||||||||||||
Unamortized net premiums |
1,061 | 0.1 | % | |||||||||||||||
$ | 1,051,222 | 34.4 | % | |||||||||||||||
Other secured loans: |
||||||||||||||||||
800 Central Expressway Mezzanine |
June 9, 2013 | 10,500 | 0.3 | % | 9.50 | % | 9.50 | % | ||||||||||
Total other secured loans: |
$ | 10,500 | 0.3 | % | ||||||||||||||
Total Consolidated Debt |
$ | 3,055,429 | 100.0 | % | ||||||||||||||
Weighted average cost of debt (including interest rate caps and swaps) |
5.32 | % | ||||||||||||||||
(1) | Assumes all extensions will be exercised. |
Credit Facility
(in thousands)
Maximum Available as of March 31, 2011 |
Available
as of March 31, 2011 (1) |
Drawn as of March 31, 2011 |
||||||||||
Revolving Credit Facility |
$ | 750,000 | $ | 510,000 | $ | 209,687 |
(1) | Net of letters of credit issued. |
Page 14
DIGITAL REALTY TRUST, INC.
First Quarter 2011
REVOLVING CREDIT FACILITY COMMITMENTS
(Dollar amounts in thousands)
Lender / Issuing Bank | Amount Committed |
|||||
1 |
Bank of America, N.A. / Merrill Lynch Capital Corporation | $ | 130,000 | |||
2 |
Credit Suisse, Cayman Islands Branch | 90,000 | ||||
3 |
Citicorp North America, Inc. | 85,000 | ||||
4 |
Morgan Stanley Bank, National Association | 75,000 | ||||
5 |
Deutsche Bank | 70,000 | ||||
6 |
The Royal Bank of Scotland PLC | 70,000 | ||||
7 |
Royal Bank of Canada, New York Branch | 65,000 | ||||
8 |
Raymond James Bank, FSB | 50,000 | ||||
9 |
UBS Loan Finance LLC | 25,000 | ||||
10 |
JPMorgan Chase | 25,000 | ||||
11 |
Allied Irish Banks, p.l.c. | 15,000 | ||||
12 |
Chang Hwa Commercial Bank, Ltd., New York Branch | 15,000 | ||||
13 |
Mega International Commercial Bank Co., Ltd Los Angeles Branch | 15,000 | ||||
14 |
Comerica Bank | 10,000 | ||||
15 |
First Commercial Bank New York Agency | 10,000 | ||||
Total Commitments - Revolving Credit Facility | $ | 750,000 |
Note: The revolving credit facility has a $515.0 million sub-facility for multi-currency advances.
Page 15
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Debt Maturities
(unaudited, in thousands)
Remainder of | ||||||||||||||||||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | Thereafter | Total | ||||||||||||||||||||||||
Revolving Credit Facility |
(1) | $ | | $ | 209,687 | $ | | $ | | $ | | $ | | $ | 209,687 | |||||||||||||||
Unsecured senior notes |
25,000 | | 33,000 | | 67,000 | 75,000 | 200,000 | |||||||||||||||||||||||
Secured Term Debt |
(2) | 2,012 | 2,836 | 3,026 | 132,966 | | | 140,840 | ||||||||||||||||||||||
3 Corporate Place |
(1) | | | 80,000 | | | | 80,000 | ||||||||||||||||||||||
200 Paul Avenue 1-4 |
1,285 | 1,812 | 1,932 | 2,048 | 68,666 | | 75,743 | |||||||||||||||||||||||
Mundells Roundabout |
| | 68,640 | | | | 68,640 | |||||||||||||||||||||||
2045 & 2055 LaFayette Street |
656 | 941 | 999 | 1,061 | 1,126 | 61,424 | 66,207 | |||||||||||||||||||||||
34551 Ardenwood Boulevard 1-4 |
502 | 711 | 765 | 812 | 862 | 50,477 | 54,129 | |||||||||||||||||||||||
1100 Space Park Drive |
508 | 720 | 774 | 821 | 872 | 50,423 | 54,118 | |||||||||||||||||||||||
600 West Seventh Street |
1,094 | 1,535 | 1,626 | 1,723 | 1,825 | 46,000 | 53,803 | |||||||||||||||||||||||
1350 Duane Avenue/3080 Raymond Street |
| 52,800 | | | | | 52,800 | |||||||||||||||||||||||
150 South First Street |
477 | 679 | 733 | 781 | 832 | 48,483 | 51,985 | |||||||||||||||||||||||
114 Rue Ambroise Croizat |
522 | 43,130 | | | | | 43,652 | |||||||||||||||||||||||
Clonshaugh Industrial Estate II |
| | | 42,474 | | | 42,474 | |||||||||||||||||||||||
1500 Space Park Drive |
1,554 | 2,192 | 35,682 | | | | 39,428 | |||||||||||||||||||||||
2334 Lundy Place |
364 | 516 | 556 | 590 | 627 | 36,714 | 39,367 | |||||||||||||||||||||||
Unit 9, Blanchardstown Corporate Park |
449 | 37,081 | | | | | 37,530 | |||||||||||||||||||||||
Cressex 1 |
369 | 491 | 491 | 27,670 | | | 29,021 | |||||||||||||||||||||||
6 Braham Street |
19,875 | | | | | | 19,875 | |||||||||||||||||||||||
1201 Comstock Street |
(1) | 614 | 16,163 | | | | | 16,777 | ||||||||||||||||||||||
Datacenter Park Dallas |
(1) | 500 | 15,650 | | | | | 16,150 | ||||||||||||||||||||||
Paul van Vlissingenstraat 16 |
178 | 238 | 14,311 | | | | 14,727 | |||||||||||||||||||||||
800 Central Expressway Mezzanine |
| | 10,500 | | | | 10,500 | |||||||||||||||||||||||
Chemin de lEpinglier 2 |
129 | 172 | 10,354 | | | | 10,655 | |||||||||||||||||||||||
800 Central Expressway |
| | 10,000 | | | | 10,000 | |||||||||||||||||||||||
Gyroscoopweg 2E-2F |
113 | 151 | 9,113 | | | | 9,377 | |||||||||||||||||||||||
1125 Energy Park Drive |
115 | 165 | 179 | 194 | 210 | 8,157 | 9,020 | |||||||||||||||||||||||
Manchester Technopark |
112 | 150 | 150 | 8,417 | | | 8,829 | |||||||||||||||||||||||
731 East Trade Street |
208 | 297 | 323 | 350 | 416 | 3,420 | 5,014 | |||||||||||||||||||||||
5.875% notes due 2020 |
| | | | | 500,000 | 500,000 | |||||||||||||||||||||||
4.50% notes due 2015 |
| | | | 375,000 | | 375,000 | |||||||||||||||||||||||
5.25% notes due 2021 |
| | | | | 400,000 | 400,000 | |||||||||||||||||||||||
5.50% exchangeable senior debentures due 2029 |
(3) | | | | 266,400 | | | 266,400 | ||||||||||||||||||||||
4.125% exchangeable senior debentures due 2026 |
(4) | 52,908 | | | | | | 52,908 | ||||||||||||||||||||||
Total |
$ | 109,544 | $ | 388,117 | $ | 283,154 | $ | 486,307 | $ | 517,436 | $ | 1,280,098 | $ | 3,064,656 | ||||||||||||||||
Weighted Average Term to Initial Maturity |
(3)(4) | 5 Years | ||||||||||||||||||||||||||||
Weighted Average Term to Initial Maturity (assuming exercise of extension options) |
(3)(4) | 5.2 Years |
(1) | Assumes all extensions will be exercised. |
(2) | This amount represents six mortgage loans secured by our interests in 36 NE 2nd Street, 3300 East Birch Street, 100 & 200 Quannapowitt Parkway, 300 Boulevard East, 4849 Alpha Road, and 11830 Webb Chapel Road. Each of these loans is cross-collateralized by the six properties. |
(3) | Assumes maturity of 5.50% exchangeable senior debentures due 2029 at first redemption date in April 2014. |
(4) | Assumes maturity of 4.125% exchangeable senior debentures due 2026 at first redemption date in August 2011. |
Note: Total excludes $1,061 of loan premiums, net and ($7,767), ($986), and ($896) of debt discount on 5.875% unsecured senior notes due 2020, 4.50% unsecured senior notes due 2015, and 5.25% unsecured senior notes due 2021, respectively, and ($639) on 4.125% exchangeable senior debentures due 2026.
Page 16
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Debt Analysis & Covenant Compliance
(unaudited)
Debt Covenant Ratios (1): |
As of March 31, 2011 | |||||||||||||||||||||
4.50% Notes due 2015, 5.875% Notes due 2020 & 5.25% Notes due 2021 |
Revolving Credit Facility (2) | |||||||||||||||||||||
Required | Actual | Required | Actual | |||||||||||||||||||
Total Outstanding Debt / Total Assets (3) |
Less than 60% | 41 | % | Less than 65%(4) | 41 | % | ||||||||||||||||
Secured Debt / Total Assets (5) |
Less than 40% | 14 | % | Less than 60% | 15 | % | ||||||||||||||||
Total Unencumbered Assets / Unsecured Debt |
Greater than 150% | 274 | % | N/A | ||||||||||||||||||
Consolidated EBITDA / Interest Expense (6) |
Greater than 1.50x | 3.1 x | N/A | |||||||||||||||||||
Fixed Charge Coverage |
N/A | Greater than 1.40x | 2.7 x | |||||||||||||||||||
Unsecured Debt / Total Unencumbered Asset Value (7) |
N/A | Less than 70% | 46 | % | ||||||||||||||||||
Unencumbered Assets Debt Service Coverage Ratio |
N/A | Greater than 1.50x | 3.9 x |
(1) | For a definition of the capitalized terms used in the table above and related footnotes, please refer to: the indenture dated January 28, 2010, which governs the 5.875% Notes due 2020; the indenture dated July 8, 2010, which governs the 4.50% Notes due 2015, the Indenture dated March 8, 2011 which governs the 5.25% Notes due 2021; and the Revolving Credit Facility Agreement, as amended, which are filed as exhibits to our reports filed with the Securities and Exchange Commission. |
(2) | Under the Revolving Credit Agreement, no rent leveling adjustments are included in the calculation of Adjusted EBITDA or Adjusted Net Operating Income. |
(3) | This ratio is referred to as the Leverage Ratio, defined as Consolidated Debt / Total Asset Value, under the Revolving Credit Facility. Under the 4.50% Notes due 2015, 5.875% Notes due 2020, and 5.25% Notes due 2021, Total Assets is calculated using Consolidated EBITDA capped at 9.0%. Under the Revolving Credit Facility, Total Asset Value is calculated using Adjusted Net Operating Income capped at 8.25% for Data Center Assets and 7.25% for all other Assets. |
(4) | A one-time right exists to maintain Consolidated Debt to Total Asset Value greater than 65.0% but less than 70.0% for up to two consecutive fiscal quarters. |
(5) | This ratio is referred to as the Secured Debt Leverage Ratio, defined as Consolidated Secured Debt / Total Asset Value, under the Revolving Credit Facility. |
(6) | Calculated as current quarter annualized Consolidated EBITDA to current quarter annualized Interest Expense (including capitalized interest and debt discounts). |
(7) | Assets must satisfy certain conditions to qualify for inclusion in the Unencumbered Asset pool under the Revolving Credit Facility. |
Page 17
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Portfolio Summary
As of March 31, 2011
3/31/2011 | 12/31/2010 | |||||||
Number of Properties: |
||||||||
Domestic |
80 | 80 | ||||||
International |
16 | 16 | ||||||
96 | (1) | 96 | (1) | |||||
Number of Buildings: |
||||||||
Domestic |
113 | 112 | ||||||
International |
20 | 20 | ||||||
133 | 132 | |||||||
Number of Markets: |
||||||||
Domestic |
20 | 20 | ||||||
International |
8 | 8 | ||||||
28 | 28 | |||||||
Net Rentable Square Feet: |
||||||||
Domestic |
13,282,702 | 13,247,658 | ||||||
International |
1,345,565 | 1,337,256 | ||||||
14,628,267 | 14,584,914 | |||||||
Redevelopment Square Feet: |
||||||||
Domestic |
1,752,152 | 1,673,946 | ||||||
International |
484,593 | 492,902 | ||||||
2,236,745 | 2,166,848 | |||||||
Portfolio Occupancy (2) |
93.5 | % | 94.6 | % | ||||
Same Store Pool Occupancy (2) |
93.8 | % | 94.9 | % | ||||
Average Original Lease Term (years) |
13.6 | 13.6 | ||||||
Average Remaining Lease Term (years) |
6.9 | 6.9 | ||||||
Lease Expirations (through 2012) |
8.3 | % | 10.7 | % |
(1) | Excludes two properties held as investments in unconsolidated joint ventures and developable land. |
(2) | Occupancy excludes space held for redevelopment. For some of our properties, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. |
Page 18
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Properties Acquired
For the three months ended March 31, 2011
Property |
Metropolitan Area | Date Acquired | Purchase Price (in millions) |
Net Rentable Square Footage of Property |
Total Square Footage Held for Redevelopment |
Percentage of Total Rentable Square Footage of Property Occupied |
NO ACQUISITION DURING THE THREE MONTHS ENDED MARCH 31, 2011
Page 19
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Occupancy Analysis
As of March 31, 2011
(Dollar amounts in thousands)
Net Rentable Square Feet |
Occupancy (2) | Net Rentable Square Feet as a % of Total Portfolio |
Annualized Rent as a % of Total Portfolio |
|||||||||||||||||||||||||||||||||||||||||||||||||
Property |
Acquisition date |
Property Type |
Redevelopment Space |
Annualized Rent ($000) (1) |
As of 03/31/11 |
As of 12/31/10 |
As of 9/30/10 |
As of 6/30/10 |
As of 3/31/10 |
|||||||||||||||||||||||||||||||||||||||||||
NORTH AMERICA | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Silicon Valley | ||||||||||||||||||||||||||||||||||||||||||||||||||||
3011 Lafayette Street |
Jan-07 | |
Corporate Datacenters |
|
90,780 | | 9,947 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.6 | % | 1.4 | % | |||||||||||||||||||||||||||||||
1350 Duane & 3080 Raymond |
Oct-09 | |
Corporate Datacenters |
|
185,000 | | 9,708 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 1.3 | 1.4 | |||||||||||||||||||||||||||||||||
1500 Space Park Drive |
Sep-07 | |
Corporate Datacenters |
|
51,615 | | 8,790 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.4 | 1.2 | |||||||||||||||||||||||||||||||||
1525 Comstock Street |
Sep-09 | |
Corporate Datacenters |
|
42,385 | | 8,682 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.3 | 1.2 | |||||||||||||||||||||||||||||||||
1100 Space Park Drive |
Nov-04 | |
Internet Gateway Datacenters |
|
165,297 | | 8,009 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 1.1 | 1.1 | |||||||||||||||||||||||||||||||||
2045 & 2055 LaFayette Street |
May-04 | |
Corporate Datacenters |
|
300,000 | | 6,840 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 2.0 | 1.0 | |||||||||||||||||||||||||||||||||
150 South First Street |
Sep-04 | |
Corporate Datacenters |
|
179,761 | | 6,658 | 98.3 | % | 98.3 | % | 98.3 | % | 98.3 | % | 100.0 | % | 1.2 | 0.9 | |||||||||||||||||||||||||||||||||
2334 Lundy Place |
Dec-02 | |
Corporate Datacenters |
|
130,752 | | 4,784 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.9 | 0.7 | |||||||||||||||||||||||||||||||||
1201 Comstock Street |
Jun-08 | |
Corporate Datacenters |
|
24,000 | | 4,464 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.2 | 0.6 | |||||||||||||||||||||||||||||||||
1725 Comstock Street |
Apr-10 | |
Corporate Datacenters |
|
39,643 | | 4,323 | 66.7 | % | 38.6 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.3 | 0.6 | |||||||||||||||||||||||||||||||||
2401 Walsh Street |
Jun-05 | |
Corporate Datacenters |
|
167,932 | | 3,614 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 1.1 | 0.5 | |||||||||||||||||||||||||||||||||
2950 Zanker Road |
Aug-10 | |
Corporate Datacenters |
|
69,700 | | 2,884 | 100.0 | % | 100.0 | % | 100.0 | % | N/A | N/A | 0.5 | 0.4 | |||||||||||||||||||||||||||||||||||
3105 & 3115 Alfred Street |
May-10 | |
Corporate Datacenters |
|
25,853 | 24,005 | 2,385 | 100.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.2 | 0.3 | |||||||||||||||||||||||||||||||||
2403 Walsh Street |
Jun-05 | |
Corporate Datacenters |
|
103,940 | | 2,237 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.7 | 0.3 | |||||||||||||||||||||||||||||||||
4700 Old Ironsides Drive |
Jun-05 | |
Corporate Datacenters |
|
90,139 | | 1,940 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.6 | 0.3 | |||||||||||||||||||||||||||||||||
4650 Old Ironsides Drive |
Jun-05 | |
Corporate Datacenters |
|
84,383 | | 1,816 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.6 | 0.3 | |||||||||||||||||||||||||||||||||
444 Toyama Drive |
Sep-09 | |
Corporate Datacenters |
|
42,083 | | 1,777 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.3 | 0.2 | |||||||||||||||||||||||||||||||||
800 Central Expressway |
Aug-10 | |
Corporate Datacenters |
|
| 150,000 | | 0.0 | % | 0.0 | % | 0.0 | % | N/A | N/A | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||||
1,793,263 | 174,005 | 88,858 | 99.1 | % | 12.3 | % | 12.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Northern Virginia | ||||||||||||||||||||||||||||||||||||||||||||||||||||
43881 Devin Shafron Drive |
Mar-07 | |
Corporate Datacenters |
|
180,000 | | 18,431 | 98.5 | % | 98.5 | % | 98.5 | % | 98.5 | % | 98.5 | % | 1.2 | % | 2.6 | % | |||||||||||||||||||||||||||||||
43915 Devin Shafron Drive |
May-09 | |
Corporate Datacenters |
|
125,692 | 6,588 | 14,966 | 100.0 | % | 100.0 | % | 75.6 | % | 49.6 | % | 100.0 | % | 0.9 | 2.1 | |||||||||||||||||||||||||||||||||
43791 Devin Shafron Drive |
Mar-07 | |
Corporate Datacenters |
|
132,806 | 2,194 | 10,346 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.9 | 1.4 | |||||||||||||||||||||||||||||||||
4030 Lafayette Center Drive |
Jul-10 | |
Corporate Datacenters |
|
72,696 | | 5,791 | 100.0 | % | 100.0 | % | 100.0 | % | N/A | N/A | 0.5 | 0.8 | |||||||||||||||||||||||||||||||||||
45901 & 45845 Nokes Blvd |
Dec-09 | |
Corporate Datacenters |
|
167,160 | | 4,416 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 1.1 | 0.6 | |||||||||||||||||||||||||||||||||
44470 Chilum Place |
Feb-07 | |
Corporate Datacenters |
|
95,440 | | 4,206 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.7 | 0.6 | |||||||||||||||||||||||||||||||||
21110 Ridgetop Circle |
Jan-07 | |
Corporate Datacenters |
|
135,513 | | 2,822 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.9 | 0.4 | |||||||||||||||||||||||||||||||||
21561 & 21571 Beaumeade Circle |
Dec-09 | |
Corporate Datacenters |
|
164,453 | | 2,763 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 1.1 | 0.4 | |||||||||||||||||||||||||||||||||
4050 Lafayette Center Drive |
Jul-10 | |
Corporate Datacenters |
|
42,374 | | 2,203 | 34.2 | % | 0.0 | % | 0.0 | % | N/A | N/A | 0.3 | 0.3 | |||||||||||||||||||||||||||||||||||
1807 Michael Faraday Court |
Oct-06 | |
Corporate Datacenters |
|
19,237 | | 1,796 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.1 | 0.3 | |||||||||||||||||||||||||||||||||
7505 Mason King Court |
Nov-08 | |
Corporate Datacenters |
|
109,650 | | 1,777 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.7 | 0.2 | |||||||||||||||||||||||||||||||||
251 Exchange Place |
Nov-05 | |
Corporate Datacenters |
|
70,982 | | 1,593 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.5 | 0.2 | |||||||||||||||||||||||||||||||||
43831 Devin Shafron Drive |
Mar-07 | |
Corporate Datacenters |
|
117,071 | | 1,472 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.8 | 0.2 | |||||||||||||||||||||||||||||||||
8100 Boone Boulevard |
Oct-06 | |
Corporate Datacenters |
|
17,015 | | 938 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.1 | 0.1 | |||||||||||||||||||||||||||||||||
43830 Devin Shafron Drive - F |
May-09 | |
Corporate Datacenters |
|
16,797 | 96,453 | 565 | 27.0 | % | N/A | N/A | N/A | N/A | 0.1 | 0.1 | |||||||||||||||||||||||||||||||||||||
4040 Lafayette Center Drive |
Jul-10 | |
Corporate Datacenters |
|
30,333 | | 376 | 100.0 | % | 100.0 | % | 100.0 | % | N/A | N/A | 0.2 | 0.1 | |||||||||||||||||||||||||||||||||||
1,497,219 | 105,235 | 74,461 | 97.1 | % | 10.1 | % | 10.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
San Francisco | ||||||||||||||||||||||||||||||||||||||||||||||||||||
365 Main Street |
Jul-10 | |
Internet Gateway Datacenters |
|
226,981 | | 26,369 | 84.8 | % | 84.9 | % | 86.1 | % | N/A | N/A | 1.6 | % | 3.7 | % | |||||||||||||||||||||||||||||||||
200 Paul Avenue 1-4 |
Nov-04 | |
Internet Gateway Datacenters |
|
494,120 | 33,560 | 26,165 | 96.3 | % | 96.6 | % | 96.3 | % | 99.7 | % | 99.7 | % | 3.4 | 3.6 | |||||||||||||||||||||||||||||||||
720 Second Street |
Jul-10 | |
Corporate Datacenters |
|
121,220 | | 18,549 | 97.3 | % | 97.3 | % | 97.5 | % | N/A | N/A | 0.8 | 2.6 | |||||||||||||||||||||||||||||||||||
842,321 | 33,560 | 71,083 | 93.3 | % | 5.8 | % | 9.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
New York Metro | ||||||||||||||||||||||||||||||||||||||||||||||||||||
3 Corporate Place |
Dec-05 | |
Corporate Datacenters |
|
276,931 | | 16,190 | 96.1 | % | 96.1 | % | 96.1 | % | 96.1 | % | 95.9 | % | 1.9 | % | 2.3 | % | |||||||||||||||||||||||||||||||
111 Eighth Avenue |
(3 | ) | Mar-07 | |
Internet Gateway Datacenters |
|
116,843 | | 15,320 | 95.3 | % | 100.0 | % | 100.0 | % | 95.6 | % | 95.6 | % | 0.8 | 2.1 | |||||||||||||||||||||||||||||||
300 Boulevard East |
Nov-02 | |
Corporate Datacenters |
|
311,950 | | 14,813 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 2.1 | 2.1 | |||||||||||||||||||||||||||||||||
60 & 80 Merritt Boulevard |
Jan-10 | |
Corporate Datacenters |
|
169,540 | | 12,253 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 1.2 | 1.7 | |||||||||||||||||||||||||||||||||
365 S. Randolphville Road |
Feb-08 | |
Corporate Datacenters |
|
95,110 | 169,682 | 11,537 | 79.4 | % | 74.5 | % | 74.5 | % | 62.1 | % | 34.6 | % | 0.7 | 1.6 | |||||||||||||||||||||||||||||||||
650 Randolph Road |
Jun-08 | |
Corporate Datacenters |
|
| 127,790 | | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||
970,374 | 297,472 | 70,113 | 96.3 | % | 6.7 | % | 9.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Chicago | ||||||||||||||||||||||||||||||||||||||||||||||||||||
350 East Cermak Road |
May-05 | |
Internet Gateway Datacenters |
|
1,129,226 | 4,513 | 62,998 | 96.4 | % | 96.8 | % | 96.3 | % | 94.3 | % | 94.1 | % | 7.7 | % | 8.8 | % | |||||||||||||||||||||||||||||||
600-780 S. Federal |
Sep-05 | |
Internet Gateway Datacenters |
|
161,547 | | 6,504 | 64.6 | % | 64.6 | % | 65.8 | % | 68.7 | % | 66.3 | % | 1.1 | 0.9 | |||||||||||||||||||||||||||||||||
1,290,773 | 4,513 | 69,502 | 92.4 | % | 8.8 | % | 9.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Phoenix | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2121 South Price Road |
Jul-10 | |
Corporate Datacenters |
|
293,479 | | 32,434 | 96.5 | % | 97.8 | % | 97.3 | % | N/A | N/A | 2.0 | % | 4.5 | % | |||||||||||||||||||||||||||||||||
120 E. Van Buren Street |
Jul-06 | |
Internet Gateway Datacenters |
|
287,514 | | 20,597 | 85.9 | % | 97.3 | % | 97.5 | % | 97.5 | % | 97.5 | % | 2.0 | 2.9 | |||||||||||||||||||||||||||||||||
2055 East Technology Circle |
Oct-06 | |
Corporate Datacenters |
|
76,350 | | 8,004 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.5 | 1.1 | |||||||||||||||||||||||||||||||||
657,343 | | 61,035 | 92.3 | % | 4.5 | % | 8.5 | % |
Page 20
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Occupancy Analysis
As of March 31, 2011
(Dollar amounts in thousands)
Net Rentable Square Feet |
Occupancy (2) | Net Rentable Square Feet as a % of Total Portfolio |
Annualized Rent as a % of Total Portfolio |
|||||||||||||||||||||||||||||||||||||||||||||||||
Property |
Acquisition date |
Property Type |
Redevelopment Space |
Annualized Rent ($000) (1) |
As of 03/31/11 |
As of 12/31/10 |
As of 9/30/10 |
As of 6/30/10 |
As of 3/31/10 |
|||||||||||||||||||||||||||||||||||||||||||
Dallas | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2440 Marsh Lane |
Jan-03 | |
Corporate Datacenters |
|
135,250 | | 14,615 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.9 | % | 2.0 | % | |||||||||||||||||||||||||||||||
2323 Bryan Street |
Jan-02 | |
Internet Gateway Datacenters |
|
457,217 | 19,890 | 14,668 | 73.8 | % | 74.2 | % | 74.5 | % | 75.1 | % | 75.1 | % | 3.1 | 2.0 | |||||||||||||||||||||||||||||||||
4025 Midway Road |
Jan-06 | |
Corporate Datacenters |
|
90,058 | 10,532 | 8,695 | 100.0 | % | 100.0 | % | 100.0 | % | 99.8 | % | 99.8 | % | 0.6 | 1.2 | |||||||||||||||||||||||||||||||||
11830 Webb Chapel Road |
Aug-04 | |
Corporate Datacenters |
|
365,647 | | 6,711 | 88.4 | % | 96.6 | % | 96.6 | % | 96.6 | % | 96.6 | % | 2.5 | 0.9 | |||||||||||||||||||||||||||||||||
1232 Alma Road |
Sep-09 | |
Corporate Datacenters |
|
105,726 | | 5,006 | 67.7 | % | 81.1 | % | 100.0 | % | 77.3 | % | 100.0 | % | 0.7 | 0.7 | |||||||||||||||||||||||||||||||||
14901 FAA Boulevard |
Jun-06 | |
Corporate Datacenters |
|
263,700 | | 4,817 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 1.8 | 0.7 | |||||||||||||||||||||||||||||||||
4849 Alpha Road |
Apr-04 | |
Corporate Datacenters |
|
84,552 | 40,986 | 2,860 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.6 | 0.4 | |||||||||||||||||||||||||||||||||
900 Dorothy Drive |
Aug-10 | |
Corporate Datacenters |
|
56,176 | | 1,520 | 100.0 | % | 100.0 | % | 100.0 | % | N/A | N/A | 0.4 | 0.2 | |||||||||||||||||||||||||||||||||||
900 Quality Way |
Sep-09 | |
Corporate Datacenters |
|
| 112,253 | | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||
1400 N Bowser Way |
Sep-09 | |
Corporate Datacenters |
|
| 246,940 | | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||
1301 International Parkway |
Sep-09 | |
Corporate Datacenters |
|
| 20,500 | | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||
904 Quality Way |
Sep-09 | |
Corporate Datacenters |
|
| 46,750 | | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||
905 Security Row |
Sep-09 | |
Corporate Datacenters |
|
| 249,657 | | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||
1,558,326 | 747,508 | 58,892 | 87.4 | % | 10.6 | % | 8.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Boston | ||||||||||||||||||||||||||||||||||||||||||||||||||||
128 First Avenue CDO |
Jan-10 | |
Corporate Datacenters |
|
274,750 | | 22,144 | 99.6 | % | 99.6 | % | 99.6 | % | 95.7 | % | 95.7 | % | 1.9 | % | 3.1 | % | |||||||||||||||||||||||||||||||
55 Middlesex Turnpike |
Jan-10 | |
Corporate Datacenters |
|
106,000 | | 11,533 | 89.7 | % | 87.9 | % | 87.9 | % | 87.9 | % | 87.9 | % | 0.7 | 1.6 | |||||||||||||||||||||||||||||||||
100 & 200 Quannapowitt Parkway |
Jun-04 | |
Corporate Datacenters |
|
272,033 | 114,923 | 4,038 | 70.0 | % | 100.0 | % | 94.9 | % | 94.9 | % | 94.9 | % | 1.9 | 0.6 | |||||||||||||||||||||||||||||||||
115 Second Avenue |
Oct-05 | |
Corporate Datacenters |
|
66,730 | | 3,540 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.5 | 0.5 | |||||||||||||||||||||||||||||||||
600 Winter Street |
Sep-06 | |
Corporate Datacenters |
|
30,400 | | 826 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.2 | 0.1 | |||||||||||||||||||||||||||||||||
749,913 | 114,923 | 42,081 | 87.5 | % | 5.2 | % | 5.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Los Angeles | ||||||||||||||||||||||||||||||||||||||||||||||||||||
600 West Seventh Street |
May-04 | |
Internet Gateway Datacenters |
|
482,089 | 7,633 | 18,233 | 95.3 | % | 95.8 | % | 95.8 | % | 94.7 | % | 95.2 | % | 3.3 | % | 2.5 | % | |||||||||||||||||||||||||||||||
2260 East El Segundo Boulevard |
Jul-10 | |
Corporate Datacenters |
|
132,240 | | 11,005 | 100.0 | % | 100.0 | % | 100.0 | % | N/A | N/A | 0.9 | 1.5 | |||||||||||||||||||||||||||||||||||
200 North Nash Street |
Jun-05 | |
Corporate Datacenters |
|
113,606 | | 2,445 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.8 | 0.3 | |||||||||||||||||||||||||||||||||
3015 Winona Avenue |
Dec-04 | |
Corporate Datacenters |
|
82,911 | | 1,640 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.6 | 0.2 | |||||||||||||||||||||||||||||||||
3300 East Birch Street |
Aug-03 | |
Corporate Datacenters |
|
68,807 | | 1,502 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.5 | 0.2 | |||||||||||||||||||||||||||||||||
879,653 | 7,633 | 34,825 | 97.4 | % | 6.1 | % | 4.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Philadelphia | ||||||||||||||||||||||||||||||||||||||||||||||||||||
833 Chestnut Street |
Mar-05 | |
Corporate Datacenters |
|
588,770 | 65,988 | 11,647 | 84.1 | % | 85.5 | % | 85.7 | % | 85.7 | % | 86.0 | % | 4.0 | % | 1.6 | % | |||||||||||||||||||||||||||||||
588,770 | 65,988 | 11,647 | 84.1 | % | 4.0 | % | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Atlanta | ||||||||||||||||||||||||||||||||||||||||||||||||||||
375 Riverside Parkway |
Jun-03 | |
Corporate Datacenters |
|
248,268 | 1,923 | 7,249 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 1.7 | % | 1.0 | % | |||||||||||||||||||||||||||||||
101 Aquila Way |
Apr-06 | |
Corporate Datacenters |
|
313,581 | | 1,411 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 2.1 | 0.2 | |||||||||||||||||||||||||||||||||
561,849 | 1,923 | 8,660 | 100.0 | % | 3.8 | % | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
St. Louis | ||||||||||||||||||||||||||||||||||||||||||||||||||||
900 Walnut Street |
Aug-07 | |
Internet Gateway Datacenters |
|
112,266 | | 4,256 | 99.9 | % | 98.5 | % | 90.6 | % | 97.3 | % | 97.3 | % | 0.8 | % | 0.6 | % | |||||||||||||||||||||||||||||||
210 N Tucker Boulevard |
Aug-07 | |
Corporate Datacenters |
|
153,588 | 48,000 | 2,408 | 75.8 | % | 80.0 | % | 82.0 | % | 79.4 | % | 78.4 | % | 1.0 | 0.3 | |||||||||||||||||||||||||||||||||
265,854 | 48,000 | 6,664 | 86.0 | % | 1.8 | % | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Miami | ||||||||||||||||||||||||||||||||||||||||||||||||||||
36 NE 2nd Street |
Jan-02 | |
Internet Gateway Datacenters |
|
162,140 | | 4,860 | 95.9 | % | 95.9 | % | 95.9 | % | 95.9 | % | 95.9 | % | 1.1 | % | 0.7 | % | |||||||||||||||||||||||||||||||
2300 NW 89th Place |
Sep-06 | |
Corporate Datacenters |
|
64,174 | | 635 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.4 | 0.1 | |||||||||||||||||||||||||||||||||
226,314 | | 5,495 | 97.0 | % | 1.5 | % | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Houston | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12001 North Freeway |
Apr-06 | |
Corporate Datacenters |
|
224,275 | 76,430 | 3,962 | 91.9 | % | 75.4 | % | 75.4 | % | 75.4 | % | 75.4 | % | 1.5 | % | 0.6 | % | |||||||||||||||||||||||||||||||
224,275 | 76,430 | 3,962 | 91.9 | % | 1.5 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Denver | ||||||||||||||||||||||||||||||||||||||||||||||||||||
8534 Concord Center Drive |
Jun-05 | |
Corporate Datacenters |
|
85,660 | | 3,463 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.6 | % | 0.5 | % | |||||||||||||||||||||||||||||||
85,660 | | 3,463 | 100.0 | % | 0.6 | % | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Charlotte | ||||||||||||||||||||||||||||||||||||||||||||||||||||
125 North Myers |
Aug-05 | |
Internet Gateway Datacenters |
|
25,402 | | 1,315 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||||||||||||||
731 East Trade Street |
Aug-05 | |
Internet Gateway Datacenters |
|
40,879 | | 1,236 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.3 | 0.2 | |||||||||||||||||||||||||||||||||
113 North Myers |
Aug-05 | |
Internet Gateway Datacenters |
|
29,218 | | 896 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.2 | 0.1 | |||||||||||||||||||||||||||||||||
95,499 | | 3,447 | 100.0 | % | 0.7 | % | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Toronto, Canada | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6800 Millcreek Drive |
Apr-06 | |
Corporate Datacenters |
|
83,758 | | 1,576 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.6 | % | 0.2 | % | |||||||||||||||||||||||||||||||
83,758 | | 1,576 | 100.0 | % | 0.6 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Minneapolis/St. Paul | ||||||||||||||||||||||||||||||||||||||||||||||||||||
1125 Energy Park Drive |
Mar-05 | |
Corporate Datacenters |
|
112,827 | | 1,437 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.8 | % | 0.2 | % | |||||||||||||||||||||||||||||||
112,827 | | 1,437 | 100.0 | % | 0.8 | % | 0.2 | % |
Page 21
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Occupancy Analysis
As of March 31, 2011
(Dollar amounts in thousands)
Net Rentable Square Feet |
Occupancy (2) | Net Rentable Square Feet as a % of Total Portfolio |
Annualized Rent as a % of Total Portfolio |
|||||||||||||||||||||||||||||||||||||||||||||||||
Property |
Acquisition date |
Property Type |
Redevelopment Space |
Annualized Rent ($000) (1) |
As of 03/31/11 |
As of 12/31/10 |
As of 9/30/10 |
As of 6/30/10 |
As of 3/31/10 |
|||||||||||||||||||||||||||||||||||||||||||
Austin |
||||||||||||||||||||||||||||||||||||||||||||||||||||
7620 Metro Center Drive |
Dec-05 | |
Corporate Datacenters |
|
45,000 | | 605 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.3 | % | 0.1 | % | |||||||||||||||||||||||||||||||
7500 Metro Center Drive |
Dec-05 | |
Corporate Datacenters |
|
| 74,962 | | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||
45,000 | 74,962 | 605 | 100.0 | % | 0.3 | % | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Sacramento | ||||||||||||||||||||||||||||||||||||||||||||||||||||
3065 Gold Camp Drive |
Oct-04 | |
Corporate Datacenters |
|
62,957 | | 280 | 21.1 | % | 21.1 | % | 21.1 | % | 100.0 | % | 100.0 | % | 0.4 | % | 0.0 | % | |||||||||||||||||||||||||||||||
62,957 | | 280 | 21.1 | % | 0.4 | % | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
EUROPE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
London, England |
||||||||||||||||||||||||||||||||||||||||||||||||||||
3 St. Annes Boulevard |
Dec-07 | |
Corporate Datacenters |
|
62,143 | 34,241 | 10,733 | 80.0 | % | 46.9 | % | 79.5 | % | 100.0 | % | 100.0 | % | 0.4 | % | 1.5 | % | |||||||||||||||||||||||||||||||
Mundells Roundabout |
Apr-07 | |
Corporate Datacenters |
|
113,464 | | 7,704 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.8 | 1.1 | |||||||||||||||||||||||||||||||||
Cressex 1 |
Dec-07 | |
Corporate Datacenters |
|
50,847 | | 7,121 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.3 | 1.0 | |||||||||||||||||||||||||||||||||
6 Braham Street |
Jul-02 | |
Internet Gateway Datacenters |
|
63,233 | | 4,705 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.4 | 0.7 | |||||||||||||||||||||||||||||||||
1 St. Annes Boulevard |
Dec-07 | |
Corporate Datacenters |
|
20,219 | | 273 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.1 | 0.0 | |||||||||||||||||||||||||||||||||
2 St. Annes Boulevard |
Dec-07 | |
Corporate Datacenters |
|
| 30,612 | | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||
309,906 | 64,853 | 30,536 | 96.0 | % | 2.0 | % | 4.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Dublin, Ireland | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Unit 9, Blanchardstown Corporate Park |
Dec-06 | |
Corporate Datacenters |
|
120,000 | | 9,468 | 92.2 | % | 99.0 | % | 99.0 | % | 99.1 | % | 98.8 | % | 0.8 | % | 1.3 | % | |||||||||||||||||||||||||||||||
Clonshaugh Industrial Estate II |
Feb-06 | |
Corporate Datacenters |
|
124,500 | | 9,195 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.9 | 1.3 | |||||||||||||||||||||||||||||||||
Clonshaugh Industrial Estate |
Feb-06 | |
Corporate Datacenters |
|
20,000 | | 1,577 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.1 | 0.2 | |||||||||||||||||||||||||||||||||
264,500 | | 20,240 | 96.4 | % | 1.8 | % | 2.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Paris, France | ||||||||||||||||||||||||||||||||||||||||||||||||||||
114 Rue Ambroise Croizat |
Dec-06 | |
Internet Gateway Datacenters |
|
332,300 | 19,846 | 18,783 | 91.6 | % | 91.9 | % | 91.9 | % | 90.5 | % | 90.5 | % | 2.3 | % | 2.6 | % | |||||||||||||||||||||||||||||||
332,300 | 19,846 | 18,783 | 91.6 | % | 2.3 | % | 2.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Amsterdam, Netherlands | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Naritaweg 52 |
Dec-07 | |
Corporate Datacenters |
|
63,260 | | 2,746 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.4 | % | 0.4 | % | |||||||||||||||||||||||||||||||
Paul van Vlissingenstraat 16 |
Aug-05 | |
Corporate Datacenters |
|
77,472 | 35,000 | 2,298 | 58.8 | % | 58.8 | % | 58.8 | % | 58.8 | % | 58.8 | % | 0.5 | 0.3 | |||||||||||||||||||||||||||||||||
Gyroscoopweg 2E-2F |
Jul-06 | |
Corporate Datacenters |
|
55,585 | | 1,270 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.4 | 0.2 | |||||||||||||||||||||||||||||||||
Cateringweg 5 |
Jun-10 | |
Corporate Datacenters |
|
| 55,972 | | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||
196,317 | 90,972 | 6,314 | 83.7 | % | 1.3 | % | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Manchester, England | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Manchester Technopark, Plot C1 |
Jun-08 | |
Corporate Datacenters |
|
38,016 | | 2,035 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||||||||||||||
38,016 | | 2,035 | 100.0 | % | 0.3 | % | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Geneva, Switzerland | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Chemin de lEpinglier 2 |
Nov-05 | |
Corporate Datacenters |
|
59,190 | | 1,741 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.4 | % | 0.2 | % | |||||||||||||||||||||||||||||||
59,190 | | 1,741 | 100.0 | % | 0.4 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
ASIA PACIFIC | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Singapore |
||||||||||||||||||||||||||||||||||||||||||||||||||||
29A International Business Park |
Nov-10 | |
Corporate Datacenters |
|
61,578 | 308,922 | 1,704 | 16.8 | % | 16.8 | % | N/A | N/A | N/A | 0.4 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||
61,578 | 308,922 | 1,704 | 16.8 | % | 0.4 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
NON-DATACENTER PROPERTIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||
34551 Ardenwood Boulevard 1-4 |
Jan-03 | |
Technology Manufacturing |
|
307,657 | | 9,177 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 2.1 | % | 1.3 | % | |||||||||||||||||||||||||||||||
47700 Kato Road & 1055 Page Avenue |
Sep-03 | |
Technology Manufacturing |
|
183,050 | | 4,025 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 1.3 | 0.6 | |||||||||||||||||||||||||||||||||
2010 East Centennial Circle |
May-03 | |
Technology Manufacturing |
|
113,405 | | 2,852 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.8 | 0.4 | |||||||||||||||||||||||||||||||||
1 Savvis Parkway |
Aug-07 | |
Technology Office |
|
156,000 | | 2,644 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 1.1 | 0.4 | |||||||||||||||||||||||||||||||||
908 Quality Way |
Sep-09 | |
Technology Office |
|
14,400 | | 24 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 0.1 | 0.0 | |||||||||||||||||||||||||||||||||
774,512 | | 18,722 | 100.0 | % | 5.4 | % | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Portfolio Total/Weighted Average |
14,628,267 | (4) | 2,236,745 | 718,161 | 93.5 | % | 94.6 | % | 95.0 | % | 95.0 | % | 95.2 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||||||||||||
(1) | Annualized rent represents the monthly contractual rent under existing leases as of March 31, 2011 multiplied by 12. We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area. |
(2) | Occupancy excludes space held for redevelopment. For some of our properties, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. |
(3) | Includes approximately 33,700 rentable square feet from a leasehold interest acquisition. |
(4) | Net rentable square feet excludes square footage at two joint ventures: 2001 Sixth Avenue in Seattle, WA (400,369 rentable square feet) which was 95.96% occupied and 700 -750 Central Expressway in Santa Clara, CA (306,144 rentable square feet) which was 100% occupied as of March 31, 2011. |
Page 22
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Major Tenants
As of March 31, 2011
(Dollar amounts in thousands)
Tenant |
Number of Locations |
Total Occupied Square Feet (1) |
Percentage of Net Rentable Square Feet |
Annualized Rent (2) |
Percentage of Annualized Rent |
Weighted Average Remaining Lease Term in Months |
||||||||||||||||||||
1 |
Savvis Communications | 19 | 2,001,885 | 13.7 | % | $ | 55,608 | 7.7 | % | 104 | ||||||||||||||||
2 |
Equinix Operating Company, Inc. | 8 | 725,558 | 5.0 | % | $ | 30,566 | 4.3 | % | 83 | ||||||||||||||||
3 |
Facebook, Inc. | 4 | 231,648 | 1.6 | % | $ | 30,070 | 4.2 | % | 89 | ||||||||||||||||
4 |
Morgan Stanley | 5 | 173,506 | 1.2 | % | $ | 25,799 | 3.6 | % | 42 | ||||||||||||||||
5 |
TelX Group, Inc. | 11 | 202,987 | 1.4 | % | $ | 23,569 | 3.3 | % | 182 | ||||||||||||||||
6 |
CenturyLink, Inc. (3) | 17 | 632,658 | 4.3 | % | $ | 21,222 | 3.0 | % | 67 | ||||||||||||||||
7 |
NTT Communications Company | 5 | 307,887 | 2.1 | % | $ | 18,773 | 2.6 | % | 50 | ||||||||||||||||
8 |
AT & T | 18 | 610,384 | 4.2 | % | $ | 17,844 | 2.5 | % | 91 | ||||||||||||||||
9 |
Level 3 Communications, LLC | 26 | 321,543 | 2.2 | % | $ | 12,280 | 1.7 | % | 112 | ||||||||||||||||
10 |
Softlayer Technologies, Inc. | 4 | 169,390 | 1.2 | % | $ | 11,335 | 1.6 | % | 119 | ||||||||||||||||
11 |
Pfizer, Inc. | 1 | 87,049 | 0.6 | % | $ | 11,201 | 1.6 | % | 81 | ||||||||||||||||
12 |
TATA Communications (UK) | 2 | 105,366 | 0.7 | % | $ | 10,370 | 1.4 | % | 81 | ||||||||||||||||
13 |
Yahoo! Inc. | 2 | 110,847 | 0.8 | % | $ | 10,056 | 1.4 | % | 79 | ||||||||||||||||
14 |
BT Americas, Inc. | 3 | 67,685 | 0.5 | % | $ | 9,405 | 1.3 | % | 74 | ||||||||||||||||
15 |
JPMorgan Chase & Co. | 2 | 117,953 | 0.8 | % | $ | 9,274 | 1.3 | % | 134 | ||||||||||||||||
16 |
eircom Limited | 1 | 124,500 | 0.9 | % | $ | 9,195 | 1.3 | % | 100 | ||||||||||||||||
17 |
Sprint Communications Co., LP | 6 | 173,319 | 1.2 | % | $ | 9,159 | 1.3 | % | 42 | ||||||||||||||||
18 |
Microsoft Corporation | 3 | 320,528 | 2.2 | % | $ | 9,002 | 1.3 | % | 55 | ||||||||||||||||
19 |
T-Systems North America, Inc. | 2 | 77,610 | 0.5 | % | $ | 8,377 | 1.2 | % | 36 | ||||||||||||||||
20 |
Amazon | 5 | 281,384 | 1.9 | % | $ | 8,211 | 1.1 | % | 121 | ||||||||||||||||
Total/Weighted Average | 6,843,687 | 47.0 | % | $ | 341,316 | 47.7 | % | 91 | ||||||||||||||||||
(1) | Occupied square footage is defined as leases that have commenced on or before March 31, 2011. For some of our properties, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. |
(2) | Annualized rent represents the monthly contractual rent under existing leases as of March 31, 2011 multiplied by 12. We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area. |
(3) | CenturyLink, Inc. completed its merger with Qwest Communications International, Inc. on April 1, 2011. |
Page 23
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Lease Expirations and Lease Distribution
Lease Expirations
As of March 31, 2011
(Dollar amounts in thousands)
Year |
Number of Leases Expiring (1) |
Square Footage of Expiring Leases (2) |
Percentage of Net Rentable Square Feet (2) |
Annualized Rent (3) |
Percentage of Annualized Rent |
Annualized Rent Per Occupied Square Foot |
Annualized Rent Per Occupied Square Foot at Expiration |
Annualized Rent at Expiration |
||||||||||||||||||||||||
Available |
950,692 | 6.5 | % | | 0.0 | % | ||||||||||||||||||||||||||
2011 |
289 | 884,795 | 6.0 | % | 39,021 | 5.4 | % | $ | 44.10 | 44.18 | 39,093 | |||||||||||||||||||||
2012 |
216 | 341,934 | 2.3 | % | 34,869 | 4.9 | % | $ | 101.98 | 104.46 | 35,720 | |||||||||||||||||||||
2013 |
224 | 946,521 | 6.5 | % | 69,768 | 9.7 | % | $ | 73.71 | 78.95 | 74,728 | |||||||||||||||||||||
2014 |
172 | 1,303,068 | 8.9 | % | 86,782 | 12.1 | % | $ | 66.60 | 72.19 | 94,072 | |||||||||||||||||||||
2015 |
122 | 2,103,737 | 14.4 | % | 87,482 | 12.2 | % | $ | 41.58 | 45.57 | 95,877 | |||||||||||||||||||||
2016 |
108 | 1,255,234 | 8.6 | % | 61,313 | 8.5 | % | $ | 48.85 | 55.14 | 69,210 | |||||||||||||||||||||
2017 |
51 | 892,499 | 6.1 | % | 34,774 | 4.8 | % | $ | 38.96 | 45.99 | 41,047 | |||||||||||||||||||||
2018 |
72 | 1,021,000 | 7.0 | % | 47,537 | 6.6 | % | $ | 46.56 | 58.06 | 59,275 | |||||||||||||||||||||
2019 |
76 | 1,612,646 | 11.0 | % | 96,944 | 13.5 | % | $ | 60.11 | 73.34 | 118,265 | |||||||||||||||||||||
2020 |
71 | 771,009 | 5.3 | % | 50,399 | 7.0 | % | $ | 65.37 | 85.34 | 65,798 | |||||||||||||||||||||
Thereafter |
165 | 2,545,132 | 17.4 | % | 109,272 | 15.3 | % | $ | 42.93 | 64.66 | 164,558 | |||||||||||||||||||||
Portfolio Total /Weighted Average |
1,566 | 14,628,267 | 100.0 | % | $ | 718,161 | 100.0 | % | $ | 52.51 | $ | 62.70 | $ | 857,643 | ||||||||||||||||||
Lease Distribution
As of March 31, 2011
(Dollar amounts in thousands)
Square Feet Under Lease |
Number of Leases (1) |
Percentage of All Leases |
Total Net Rentable Square Feet (2) |
Percentage of Net Rentable Square Feet (2) |
Annualized Rent (3) |
Percentage of Annualized Rent |
||||||||||||||||||
Available |
950,692 | 6.5 | % | | 0.0 | % | ||||||||||||||||||
2,500 or less |
1,017 | 64.9 | % | 437,545 | 3.0 | % | 54,081 | 7.5 | % | |||||||||||||||
2,501 - 10,000 |
275 | 17.6 | % | 1,558,869 | 10.7 | % | 134,905 | 18.8 | % | |||||||||||||||
10,001 - 20,000 |
115 | 7.3 | % | 1,916,291 | 13.1 | % | 145,012 | 20.2 | % | |||||||||||||||
20,001 - 40,000 |
78 | 5.0 | % | 2,305,975 | 15.8 | % | 141,777 | 19.7 | % | |||||||||||||||
40,001 - 100,000 |
55 | 3.5 | % | 3,616,359 | 24.7 | % | 142,860 | 19.9 | % | |||||||||||||||
Greater than 100,000 |
26 | 1.7 | % | 3,842,535 | 26.2 | % | 99,526 | 13.9 | % | |||||||||||||||
Portfolio Total |
1,566 | 100.0 | % | 14,628,267 | 100.0 | % | $ | 718,161 | 100.0 | % | ||||||||||||||
(1) | Includes license and similar agreements that upon expiration will be automatically renewed, mostly on a month-to-month basis. Number of leases represents the leased-unit count; a lease could include multiple units. |
(2) | For some of our properties, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common area. |
(3) | Annualized rent represents the monthly contractual rent under existing leases as of March 31, 2011 multiplied by 12. We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area. |
Page 24
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Lease Expirations - By Product Type
As of March 31, 2011
(Dollar amounts in thousands)
TURN-KEY DATACENTER
Year |
Number of Leases Expiring (1) |
Square Footage of Expiring Leases (2) |
Percentage of Net Rentable Square Feet (2) |
Annualized Rent (3) |
Percentage of Annualized Rent |
Annualized Rent Per Occupied Square Foot |
Annualized Rent Per Occupied Square Foot at Expiration |
Annualized Rent at Expiration |
||||||||||||||||||||||||
Available |
274,395 | 1.9 | % | | 0.0 | % | ||||||||||||||||||||||||||
2011 |
171 | 165,805 | 1.1 | % | $ | 27,926 | 3.9 | % | $ | 168.43 | $ | 168.85 | $ | 27,997 | ||||||||||||||||||
2012 |
135 | 183,681 | 1.3 | % | $ | 30,010 | 4.2 | % | $ | 163.38 | $ | 167.42 | $ | 30,751 | ||||||||||||||||||
2013 |
139 | 410,699 | 2.8 | % | $ | 54,779 | 7.6 | % | $ | 133.38 | $ | 143.87 | $ | 59,089 | ||||||||||||||||||
2014 |
80 | 362,639 | 2.5 | % | $ | 53,838 | 7.5 | % | $ | 148.46 | $ | 162.17 | $ | 58,809 | ||||||||||||||||||
2015 |
31 | 184,576 | 1.3 | % | $ | 22,603 | 3.1 | % | $ | 122.46 | $ | 134.70 | $ | 24,863 | ||||||||||||||||||
2016 |
47 | 274,769 | 1.9 | % | $ | 31,930 | 4.4 | % | $ | 116.21 | $ | 131.30 | $ | 36,077 | ||||||||||||||||||
2017 |
12 | 146,289 | 1.0 | % | $ | 14,697 | 2.0 | % | $ | 100.47 | $ | 122.18 | $ | 17,874 | ||||||||||||||||||
2018 |
30 | 232,731 | 1.6 | % | $ | 24,213 | 3.4 | % | $ | 104.04 | $ | 138.52 | $ | 32,237 | ||||||||||||||||||
2019 |
26 | 404,220 | 2.8 | % | $ | 57,027 | 7.9 | % | $ | 141.08 | $ | 174.57 | $ | 70,565 | ||||||||||||||||||
2020 |
24 | 248,358 | 1.7 | % | $ | 32,655 | 4.5 | % | $ | 131.48 | $ | 173.10 | $ | 42,991 | ||||||||||||||||||
Thereafter |
53 | 486,260 | 3.3 | % | $ | 46,162 | 6.5 | % | $ | 94.93 | $ | 158.26 | $ | 76,955 | ||||||||||||||||||
Portfolio Total / Weighted Average |
748 | 3,374,422 | 23.2 | % | $ | 395,840 | 55.0 | % | $ | 127.69 | $ | 154.26 | $ | 478,208 | ||||||||||||||||||
POWERED BASE BUILDING
Year |
Number of Leases Expiring (1) |
Square Footage of Expiring Leases (2) |
Percentage of Net Rentable Square Feet (2) |
Annualized Rent (3) |
Percentage of Annualized Rent |
Annualized Rent Per Occupied Square Foot |
Annualized Rent Per Occupied Square Foot at Expiration |
Annualized Rent at Expiration |
||||||||||||||||||||||||
Available |
342,412 | 2.3 | % | | 0.0 | % | ||||||||||||||||||||||||||
2011 |
51 | 437,035 | 3.0 | % | $ | 5,221 | 0.7 | % | $ | 11.95 | $ | 11.95 | $ | 5,221 | ||||||||||||||||||
2012 |
36 | 68,233 | 0.5 | % | $ | 3,279 | 0.5 | % | $ | 48.06 | $ | 49.39 | $ | 3,370 | ||||||||||||||||||
2013 |
44 | 286,404 | 2.0 | % | $ | 9,665 | 1.3 | % | $ | 33.75 | $ | 34.71 | $ | 9,942 | ||||||||||||||||||
2014 |
47 | 677,488 | 4.6 | % | $ | 28,715 | 4.0 | % | $ | 42.38 | $ | 45.45 | $ | 30,795 | ||||||||||||||||||
2015 |
54 | 1,656,256 | 11.3 | % | $ | 55,210 | 7.7 | % | $ | 33.33 | $ | 36.90 | $ | 61,111 | ||||||||||||||||||
2016 |
32 | 787,319 | 5.4 | % | $ | 26,409 | 3.7 | % | $ | 33.54 | $ | 37.84 | $ | 29,795 | ||||||||||||||||||
2017 |
11 | 156,422 | 1.1 | % | $ | 7,303 | 1.0 | % | $ | 46.69 | $ | 56.28 | $ | 8,803 | ||||||||||||||||||
2018 |
10 | 567,986 | 3.9 | % | $ | 18,575 | 2.6 | % | $ | 32.70 | $ | 37.73 | $ | 21,428 | ||||||||||||||||||
2019 |
21 | 1,133,240 | 7.7 | % | $ | 38,402 | 5.3 | % | $ | 33.89 | $ | 40.43 | $ | 45,812 | ||||||||||||||||||
2020 |
27 | 366,903 | 2.5 | % | $ | 14,869 | 2.1 | % | $ | 40.53 | $ | 52.63 | $ | 19,311 | ||||||||||||||||||
Thereafter |
65 | 1,811,085 | 12.3 | % | $ | 59,870 | 8.4 | % | $ | 33.06 | $ | 45.65 | $ | 82,680 | ||||||||||||||||||
Portfolio Total /Weighted Average |
398 | 8,290,783 | 56.6 | % | $ | 267,518 | 37.3 | % | $ | 33.66 | $ | 40.04 | $ | 318,268 | ||||||||||||||||||
NON-TECHNICAL
Year |
Number of Leases Expiring (1) |
Square Footage of Expiring Leases (2) |
Percentage of Net Rentable Square Feet (2) |
Annualized Rent (3) |
Percentage of Annualized Rent |
Annualized Rent Per Occupied Square Foot |
Annualized Rent Per Occupied Square Foot at Expiration |
Annualized Rent at Expiration |
||||||||||||||||||||||||
Available |
333,885 | 2.3 | % | | 0.0 | % | ||||||||||||||||||||||||||
2011 |
67 | 281,955 | 1.9 | % | $ | 5,873 | 0.8 | % | $ | 20.83 | $ | 20.84 | $ | 5,875 | ||||||||||||||||||
2012 |
45 | 90,020 | 0.6 | % | $ | 1,580 | 0.2 | % | $ | 17.55 | $ | 17.75 | $ | 1,598 | ||||||||||||||||||
2013 |
41 | 249,418 | 1.7 | % | $ | 5,324 | 0.7 | % | $ | 21.35 | $ | 22.84 | $ | 5,697 | ||||||||||||||||||
2014 |
45 | 262,941 | 1.8 | % | $ | 4,229 | 0.6 | % | $ | 16.08 | $ | 17.00 | $ | 4,469 | ||||||||||||||||||
2015 |
37 | 262,905 | 1.8 | % | $ | 9,670 | 1.3 | % | $ | 36.78 | $ | 37.66 | $ | 9,902 | ||||||||||||||||||
2016 |
29 | 193,146 | 1.3 | % | $ | 2,975 | 0.4 | % | $ | 15.40 | $ | 17.28 | $ | 3,338 | ||||||||||||||||||
2017 |
28 | 589,788 | 4.0 | % | $ | 12,774 | 1.8 | % | $ | 21.66 | $ | 24.36 | $ | 14,370 | ||||||||||||||||||
2018 |
32 | 220,283 | 1.5 | % | $ | 4,748 | 0.7 | % | $ | 21.55 | $ | 25.47 | $ | 5,610 | ||||||||||||||||||
2019 |
29 | 75,186 | 0.5 | % | $ | 1,515 | 0.2 | % | $ | 20.15 | $ | 25.12 | $ | 1,889 | ||||||||||||||||||
2020 |
20 | 155,748 | 1.1 | % | $ | 2,875 | 0.4 | % | $ | 18.46 | $ | 22.45 | $ | 3,497 | ||||||||||||||||||
Thereafter |
47 | 247,787 | 1.7 | % | $ | 3,240 | 0.6 | % | $ | 13.08 | $ | 19.86 | $ | 4,922 | ||||||||||||||||||
Portfolio Total / Weighted Average |
420 | 2,963,062 | 20.2 | % | $ | 54,803 | 7.7 | % | $ | 20.84 | $ | 23.26 | $ | 61,167 | ||||||||||||||||||
(1) | Includes license and similar agreements that upon expiration will be automatically renewed, mostly on a month-to-month basis. Number of leases represents the leased-unit count; a lease could include multiple units. |
(2) | For some of our properties, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common area. |
(3) | Annualized rent represents the monthly contractual rent under existing leases as of March 31, 2011 multiplied by 12. We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area. |
Page 25
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Summary of Leasing Activity
Leases Signed in the Quarter Ended March 31, 2011(1)(2)(3)
Number of Leases |
Net Rentable Square Feet |
Expiring Rental Rate PSF |
New Rental Rate PSF |
Rental Rate % Changes |
TIs/Lease Commissions PSF |
Weighted Avg Lease Term (Months) |
||||||||||||||||||||||
Leasing Activity |
||||||||||||||||||||||||||||
Renewals Signed |
||||||||||||||||||||||||||||
Turn-Key Datacenter |
6 | 57,698 | $ | 120.34 | $ | 131.75 | 9.49 | % | $ | 6.45 | 43.6 months | |||||||||||||||||
Powered Base Building |
1 | 1,743 | $ | 65.24 | $ | 79.77 | 22.27 | % | | 120.0 months | ||||||||||||||||||
Non-technical |
8 | 68,936 | $ | 20.78 | $ | 22.05 | 6.09 | % | $ | 12.76 | 103.3 months | |||||||||||||||||
New Leases Signed |
||||||||||||||||||||||||||||
Turn-Key Datacenter |
7 | 56,610 | | $ | 177.07 | | $ | 25.13 | 92.6 months | |||||||||||||||||||
Powered Base Building |
2 | 185,602 | | $ | 23.34 | | $ | 13.35 | 131.6 months | |||||||||||||||||||
Non-technical |
18 | 41,840 | | $ | 25.17 | | $ | 24.92 | 99.5 months | |||||||||||||||||||
Total Leasing Activity |
||||||||||||||||||||||||||||
Turn-Key Datacenter |
13 | 114,308 | | $ | 154.20 | | | | ||||||||||||||||||||
Powered Base Building |
3 | 187,345 | | $ | 23.86 | | | | ||||||||||||||||||||
Non-technical |
26 | 110,776 | | $ | 23.23 | | | |
(1) | Rental rates represent annual estimated cash rent per rentable square foot adjusted for straight-line rents in accordance with GAAP. |
(2) | Excludes 20 colocation leases signed for 2,012 rentable square feet at an average GAAP rental rate of $299.26 per square foot, and two datacenter master leases signed for 34,193 rentable square feet at an average GAAP rental rate of $84.27 per square foot with a weighted average lease term of 179.3 months. |
(3) | For some of our properties, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common area. |
Page 26
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Summary of Leasing Activity
Leases Commenced in the Quarter Ended March 31, 2011(1)(2)(3)
Number of Leases |
Net Rentable Square Feet |
Expiring Rental Rate PSF |
New Rental Rate PSF |
Rental Rate % Changes |
TIs/Lease Commissions PSF |
Weighted Avg. Lease Term (Months) |
||||||||||||||||||||||
Leasing Activity |
||||||||||||||||||||||||||||
Renewals Commenced |
||||||||||||||||||||||||||||
Turn-Key Datacenter |
5 | 43,246 | $ | 140.03 | $ | 145.68 | 4.04 | % | $ | 8.52 | 54.2 months | |||||||||||||||||
Powered Base Building |
1 | 1,743 | $ | 65.24 | $ | 79.77 | 22.27 | % | | 120.0 months | ||||||||||||||||||
Non-technical |
8 | 81,161 | $ | 20.13 | $ | 22.29 | 10.71 | % | $ | 15.52 | 108.5 months | |||||||||||||||||
New Leases Commenced |
||||||||||||||||||||||||||||
Turn-Key Datacenter |
13 | 97,194 | | $ | 196.32 | | $ | 29.48 | 108.6 months | |||||||||||||||||||
Powered Base Building |
0 | 0 | | $ | 0.00 | | $ | 0.00 | 0.0 months | |||||||||||||||||||
Non-technical |
21 | 119,554 | | $ | 22.83 | | $ | 14.82 | 82.9 months | |||||||||||||||||||
Total Leasing Activity |
||||||||||||||||||||||||||||
Turn-Key Datacenter |
18 | 140,440 | | $ | 180.72 | | | | ||||||||||||||||||||
Powered Base Building |
1 | 1,743 | | $ | 79.77 | | | | ||||||||||||||||||||
Non-technical |
29 | 200,715 | | $ | 22.61 | | | |
(1) | Rental rates represent annual estimated cash rent per rentable square foot adjusted for straight-line rents in accordance with GAAP. |
(2) | Excludes 17 colocation leases commenced for 1,718 rentable square feet at an average GAAP rental rate of $326.27 per square foot, and one datacenter master lease commenced for 4,379 rentable square feet at an average GAAP rental rate of $77.46 per square foot with a weighted average lease term of 120.8 months. |
(3) | For some of our properties, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common area. |
Page 27
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Historical Capital Expenditures
Three Months Ended | ||||||||||||||||||||
3/31/2011 | 12/31/2010 | 9/30/2010 | 6/30/2010 | 3/31/2010 | ||||||||||||||||
Recurring capital expenditures (1) (2) |
$ | 3,716,000 | $ | 7,464,000 | $ | 3,660,000 | $ | 5,044,000 | $ | 5,180,000 | ||||||||||
Non-recurring capital expenditures (2) |
$ | 119,971,000 | $ | 127,942,000 | $ | 81,816,000 | $ | 74,735,000 | $ | 54,743,000 | ||||||||||
Total net rentable square feet at period end excluding redevelopment space (3) |
14,628,267 | 14,584,914 | 14,456,127 | 13,270,035 | 13,211,992 |
(1) | Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues along with leasing commissions. Recurring capital expenditures do not include acquisition capital that was taken into consideration when underwriting the purchase of a building or which are incurred to bring a building up to operating standard. |
(2) | Recent property acquisitions may make a period-over-period comparison difficult. For a list of the acquisition dates of our properties, see page 19. |
(3) | For some of our properties, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common area. |
Page 28
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Construction Activity Report
As of March 31, 2011
(in square feet unless otherwise noted)
Construction in Progress by Market
Construction in Progress (CIP) | ||||||||||||||||||||||||
Market |
Redevelopment Inventory Under Construction |
Development Inventory Under Construction |
Redevelopment Inventory Pre-Construction |
Total Construction In Progress |
Space Held for Future Redevelopment |
Total Inventory |
||||||||||||||||||
Atlanta |
| | | | 1,923 | 1,923 | ||||||||||||||||||
Austin |
| | | | 74,962 | 74,962 | ||||||||||||||||||
Boston |
14,097 | | | 14,097 | 100,826 | 114,923 | ||||||||||||||||||
Chicago |
| | | | 4,513 | 4,513 | ||||||||||||||||||
Dallas |
20,306 | | 20,305 | 40,611 | 706,897 | 747,508 | ||||||||||||||||||
Houston |
18,736 | | | 18,736 | 57,694 | 76,430 | ||||||||||||||||||
Los Angeles |
7,633 | | | 7,633 | | 7,633 | ||||||||||||||||||
New York |
72,826 | 60,100 | | 132,926 | 224,646 | 357,572 | ||||||||||||||||||
Northern Virginia |
32,962 | 305,138 | | 338,100 | 72,273 | 410,373 | ||||||||||||||||||
Philadelphia |
| | | | 65,988 | 65,988 | ||||||||||||||||||
Phoenix |
| 226,143 | | 226,143 | | 226,143 | ||||||||||||||||||
San Francisco |
| | | | 33,560 | 33,560 | ||||||||||||||||||
Silicon Valley |
24,005 | | 23,774 | 47,779 | 126,226 | 174,005 | ||||||||||||||||||
St. Louis |
| | | | 48,000 | 48,000 | ||||||||||||||||||
Amsterdam, Netherlands |
90,972 | | | 90,972 | | 90,972 | ||||||||||||||||||
Paris, France |
| | | | 19,846 | 19,846 | ||||||||||||||||||
London, England |
64,853 | | | 64,853 | | 64,853 | ||||||||||||||||||
Singapore |
| | 52,929 | 52,929 | 255,993 | 308,922 | ||||||||||||||||||
Grand Total |
346,390 | 591,381 | 97,008 | 1,034,779 | 1,793,347 | 2,828,126 | ||||||||||||||||||
Total US Markets |
190,565 | 591,381 | 44,079 | 826,025 | 1,517,508 | 2,343,533 | ||||||||||||||||||
Total Intl Markets |
155,825 | | 52,929 | 208,754 | 275,839 | 484,593 | ||||||||||||||||||
% Leased(¹) |
66.1 | % | 51.6 | % | 20.9 | % | 53.6 | % | 2.3 | % | 21.1 | % | ||||||||||||
Construction in Progress by Product Type
US | Europe | Asia/Pacific | Total | % Leased | ||||||||||||||||
Turn-Key Datacenter® |
161,818 | 73,878 | 52,929 | 288,625 | 36.3 | % | ||||||||||||||
Powered Base Building® |
664,207 | 25,975 | | 690,182 | 57.1 | % | ||||||||||||||
Build-to-Suit |
| 55,972 | | 55,972 | 100.0 | % | ||||||||||||||
Total Construction in Progress by Product Type |
826,025 | 155,825 | 52,929 | 1,034,779 | 53.6 | % | ||||||||||||||
Redevelopment Activity
US | Europe | Asia/Pacific | Total | % Leased | ||||||||||||||||
Redevelopment Space as of December 31, 2010 |
1,673,946 | 183,980 | 308,922 | 2,166,848 | | |||||||||||||||
Acquired Redevelopment Space and New Construction Space |
234,391 | | | 234,391 | | |||||||||||||||
Converted Redevelopment Space: |
||||||||||||||||||||
Turn-Key Datacenter® |
(146,491 | ) | (8,309 | ) | | (154,800 | ) | 56.7 | % | |||||||||||
Powered Base Building® |
(9,694 | ) | | | (9,694 | ) | 82.5 | % | ||||||||||||
Build-to-Suit |
| | | | | |||||||||||||||
Remeasurement Adjustments |
| | | | | |||||||||||||||
Redevelopment Space as of March 31, 2011 |
1,752,152 | 175,671 | 308,922 | 2,236,745 | | |||||||||||||||
(1) | Represents leases signed. |
Page 29
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Construction Projects in Progress and Total Estimated Direct Cost (1)
For the quarter ended March 31, 2011
(Dollar amounts in thousands)
Construction Projects in Progress and Total Estimated Direct Cost |
Base Building Improvement to Net Rentable Square Footage |
Net Rentable Square Footage |
Direct Project Cost - Spent to Date |
Direct Project Cost - to be Spent |
Direct Project Total Estimated Cost |
Direct Project Cost Per Net Rentable Square Foot | ||||||||||||||||||||||||
Turn-Key Datacenter Under Construction as of March 31, 2011 (2) |
| 288,625 | $ | 77,002 | $ | 115,446 | $ | 192,448 | $ | 667 | ||||||||||||||||||||
Build-to-Suit Under Construction as of March 31, 2011 (2) |
| 55,972 | 14,464 | 32,116 | 46,580 | $ | 832 | |||||||||||||||||||||||
Powered Base Building Under Construction as of March 31, 2011 (2) |
| 690,182 | 18,590 | 62,899 | 81,489 | $ | 118 | |||||||||||||||||||||||
Base Building Improvements to Current/In Progress Space Under Construction |
| | 11,457 | 6,482 | 17,939 | |||||||||||||||||||||||||
Base Building Improvements to Support Future Development (3) |
1,376,340 | | 20,041 | 115,932 | 135,973 | $ | 99 | |||||||||||||||||||||||
Base Building Improvements to Operating Portfolio (3) |
1,649,097 | | 12,345 | 26,323 | 38,668 | $ | 23 | |||||||||||||||||||||||
Equipment Pool (4) |
| | 11,940 | 4,329 | 16,269 | |||||||||||||||||||||||||
TOTAL |
3,025,437 | 1,034,779 | $ | 165,839 | $ | 363,527 | $ | 529,366 | ||||||||||||||||||||||
Notes:
(1) | Includes direct project cash disbursements and project accruals; does not include capitalized costs (i.e., interest and general & administrative) or pro-rata acquisition cost. |
(2) | Represents suite-specific projects. |
(3) | Square footage represents square feet that will be benefited from these base building improvements. |
(4) | Pool account - not job specific. |
Page 30
DIGITAL REALTY TRUST, INC.
First Quarter 2011
Management Statements on Non-GAAP Supplemental Measures
Funds from Operations:
We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of property, real estate related depreciation and amortization (excluding amortization of deferred financing costs) 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 properties 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 properties, 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 such other REITs FFO. Accordingly, 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:
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 FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs, (iii) non-cash compensation, (iv) straight line rents, (v) fair value of lease revenue amortization, (vi) capitalized leasing payroll, (vii) recurring tenant improvements, (viii) capitalized leasing commissions and (ix) costs of redeeming our preferred stock. Other equity REITs may not calculate AFFO in a consistent manner. 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 expense, income taxes, 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, preferred dividends and noncontrolling interests. Adjusted EBITDA is EBITDA excluding noncontrolling interests, preferred stock dividends and costs of redeeming our 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; accordingly, our EBITDA and Adjusted EBITDA may not be comparable to such 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.
NOI and Run-rate NOI:
Net Operating Income (NOI)
NOI represents rental revenue and tenant reimbursement revenue less rental property operating and maintenance 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 companys rental portfolio. However, because NOI excludes depreciation and amortization and captures neither the changes in the value of our properties 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 properties, all of which have real economic effect and could materially impact our results from operations, the utility of NOI as a measure of our performance is limited. Other REITs may not calculate NOI in the same manner we do and, accordingly, our NOI may not be comparable to such other REITs NOI. Accordingly, NOI should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.
Run-rate NOI:
Run-rate NOI represents NOI as defined above adjusted for new acquisitions to show an estimate of NOI as if the property had been owned for the entire quarter. Run-rate NOI is commonly used by stockholders, company management and industry analysts as a measurement of future operating performance of the companys rental portfolio. Run-rate NOI may not be indicative of future performance. Actual performance is subject to risks, uncertainties and assumptions. See the discussion of forward-looking statements on page 3. Other REITs may not calculate Run-rate NOI in the same manner we do and, accordingly, our Run-rate NOI may not be comparable to such other REITs Run-rate NOI. Accordingly, Run-rate NOI should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.
Page 31