EX-99.12dlr-20250213xex99d1.htmEX-99.1
Table of Contents
Exhibit 99.1
Table of Contents
Financial Supplement
Table of Contents
Fourth Quarter 2024
++++++\
Overview
PAGE
Corporate Information
3
Key Quarterly Financial Data
5
Consolidated Statements of Operations
Earnings Release
7
2025 Outlook
10
Consolidated Quarterly Statements of Operations
12
Funds From Operations and Core Funds From Operations
13
Adjusted Funds From Operations
14
Balance Sheet Information
Consolidated Balance Sheets
15
Components of Net Asset Value
16
Debt Maturities
17
Debt Analysis and Covenant Compliance
18
Internal Growth
Same-Capital Operating Trend Summary
19
Summary of Leasing Activity - Signed
20
Summary of Leasing Activity - Renewed
21
Lease Expirations - By Size
22
Top 20 Customers by Annualized Rent
23
Occupancy Analysis
24
External Growth
Development Lifecycle
25
Construction Projects in Progress
26
Historical Capital Expenditures and Investments in Real Estate
27
Acquisitions / Dispositions / Joint Ventures
28
Unconsolidated Joint Ventures
29
Additional Information
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios
30
Management Statements on Non-GAAP Measures
31
Forward-Looking Statements
33
Table of Contents
Financial Supplement
Corporate Information
Fourth Quarter 2024
Corporate Profile
Digital Realty Trust, Inc. (“Digital Realty” or the “company”) owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. (the “operating partnership”). The company is focused on providing data center, colocation, and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of December 31, 2024, the company’s 308 data centers, including 78 data centers held as investments in unconsolidated joint ventures, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers.
Digital Realty’s portfolio is comprised of approximately 41.3 million square feet, excluding approximately 8.9 million square feet of space under active development and 4.7 million square feet of space held for future development, located throughout North America, Europe, South America, Asia, Australia, and Africa. For additional information, please visit the company’s website at digitalrealty.com.
Corporate Headquarters
2323 Bryan Street, Suite 1800
Dallas, TX 75201
Telephone: (214) 231-1350
Website: digitalrealty.com
Senior Management
President & Chief Executive Officer: Andrew P. Power
Chief Financial Officer: Matthew R. Mercier
Chief Investment Officer: Gregory S. Wright
Chief Technology Officer: Christopher L. Sharp
Chief Revenue Officer: Colin M. McLean
Investor Relations
To request more information or to be added to our e-mail distribution list, please visit the Investor Relations section of our website at https://investor.digitalrealty.com.
Analyst Coverage
BMO
Bank of America
BMO Capital
BNP Paribas
Argus Research
Merrill Lynch
Barclays
Markets
Exane
Citigroup
Deutsche Bank
Marie Ferguson
David Barden
Brendan Lynch
Ari Klein
Nate Crossett
Michael Rollins
Matthew Niknam
(212) 425-7500
(646) 855-1320
(212) 526-9428
(212) 885-4103
(646) 725-3716
(212) 816-1116
(212) 250-4711
Evercore ISI
Goldman Sachs
Green Street Advisors
HSBC
Jefferies
JMP Securities
J.P. Morgan
Irvin Liu
Jim Schneider
David Guarino
Phani Kanumuri
Jonathan Petersen
Greg Miller
Richard Choe
(415) 800-0183
(212) 357-2929
(949) 640-8780
+52 (551) 782-7350
(212) 284-1705
(212) 906-3500
(212) 662-6708
KeyBanc
Mizuho Group
MoffettNathanson
Morgan Stanley
Morningstar
Raymond James
RBC Capital Markets
Brandon Nispel
Vikram Malhotra
Nick Del Deo
Simon Flannery
Samuel Siampaus
Frank Louthan
Jonathan Atkin
(503) 821-3871
(212) 282-3827
(212) 519-0025
(212) 761-6432
(312) 244-7966
(404) 442-5867
(415) 633-8589
Scotiabank
Stifel
TD Cowen
Truist Securities
UBS
Wells Fargo
Wolfe Research
Maher Yaghi
Erik Rasmussen
Michael Elias
Anthony Hau
John Hodulik
Eric Luebchow
Andrew Rosivach
(437) 995-5548
(212) 271-3461
(646) 562-1358
(212) 303-4176
(212) 713-4226
(312) 630-2386
(646) 582-9250
This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about Digital Realty and our business is also available on our website at digitalrealty.com.
Upcoming Conference Schedule
March 2-5, 2025
Citi Global Property CEO Conference
Hollywood, FL
March 3-5, 2025
Raymond James Institutional Investors Conference
Orlando, FL
March 10-12, 2025
Deutsche Bank Media, Internet & Telecom Conference
Palm Beach, FL
Webcasts for these events are available through the Digital Realty Investor Relations website when possible. Please check our website for additional information.
3
Table of Contents
Financial Supplement
Corporate Information (Continued)
Fourth Quarter 2024
Stock Listing Information
The stock of Digital Realty Trust, Inc. is traded primarily on the New York Stock Exchange under the following symbols:
Common Stock:
DLR
Series J Preferred Stock:
DLRPRJ
Series K Preferred Stock:
DLRPRK
Series L Preferred Stock:
DLRPRL
Symbols may vary by stock quote provider.
Credit Ratings
Standard & Poor’s
Corporate Credit Rating:
BBB
(Stable Outlook)
Preferred Stock:
BB+
Moody’s
Issuer Rating:
Baa2
(Stable Outlook)
Preferred Stock:
Baa3
Fitch
Issuer Default Rating:
BBB
(Stable Outlook)
Preferred Stock:
BB+
These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. The company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s 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’s common stock (DLR):
Three Months Ended
31-Dec-24
30-Sep-24
30-Jun-24
31-Mar-24
31-Dec-23
High price
$198.00
$165.17
$153.25
$154.18
$139.35
Low price
$155.16
$141.00
$135.54
$130.00
$113.94
Closing price, end of quarter
$177.33
$161.83
$152.05
$144.04
$134.58
Average daily trading volume (1)
1,911
1,615
1,863
2,108
1,932
Indicated dividend per common share (2)
$4.88
$4.88
$4.88
$4.88
$4.88
Closing annual dividend yield, end of quarter
2.8%
3.0%
3.2%
3.4%
3.6%
Shares and units outstanding, end of quarter (1) (3)
342,772
337,744
332,346
319,009
318,057
Closing market value of shares and units outstanding (4)
$60,783,759
$54,657,112
$50,533,209
$45,950,001
$42,804,053
(1)
Shares or shares and units in thousands.
(2)
On an annualized basis.
(3)
As of December 31, 2024, the total number of shares and units includes 336,637 shares of common stock, 4,049 common units held by third parties and 2,086 common units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions.
(4)
Dollars in thousands as of the end of the quarter.
This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about us and our data centers is also available on our website at digitalrealty.com.
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Table of Contents
Key Quarterly Financial Data
Financial Supplement
Unaudited, Dollars (except per share data) and Square Feet in Thousands
Fourth Quarter 2024
Shares and Units at End of Quarter
31-Dec-24
30-Sep-24
30-Jun-24
31-Mar-24
31-Dec-23
Common shares outstanding
336,637
331,347
325,885
312,421
311,608
Common partnership units outstanding
6,135
6,397
6,461
6,588
6,449
Total Shares and Units
342,772
337,744
332,346
319,009
318,057
Enterprise Value
Market value of common equity (1)
$60,783,759
$54,657,112
$50,533,209
$45,950,001
$42,804,053
Liquidation value of preferred equity
755,000
755,000
755,000
755,000
755,000
Total debt at balance sheet carrying value
16,714,377
16,986,546
16,339,746
17,020,340
17,425,908
Total Enterprise Value
$78,253,136
$72,398,658
$67,627,955
$63,725,341
$60,984,961
Total debt / total enterprise value
21.4%
23.5%
24.2%
26.7%
28.6%
Debt-plus-preferred-to-total-enterprise-value
22.3%
24.5%
25.3%
27.9%
29.8%
Selected Balance Sheet Data
Investments in real estate (before depreciation)
$35,401,912
$36,463,664
$34,573,283
$34,099,698
$34,355,662
Total Assets
45,283,616
45,295,392
43,606,883
42,633,089
44,113,257
Total Liabilities
22,107,836
22,118,781
21,199,178
21,792,866
23,116,936
Selected Operating Data
Total operating revenues
$1,435,862
$1,431,214
$1,356,749
$1,331,143
$1,369,633
Total operating expenses
1,291,540
1,262,928
1,346,860
1,181,776
1,235,598
Net income
185,688
40,134
74,668
287,837
19,884
Net income / (loss) available to common stockholders
179,388
41,012
70,039
271,327
18,122
Financial Ratios
EBITDA (2)
$746,578
$639,875
$625,130
$835,446
$572,958
Adjusted EBITDA (3)
751,276
758,296
726,874
710,556
699,509
Net Debt-to-Adjusted EBITDA (4)
4.8x
5.4x
5.3x
6.1x
6.2x
Interest expense
104,742
123,803
114,756
109,535
113,638
Fixed charges (5)
149,364
162,296
152,529
148,239
156,851
Interest coverage ratio (6)
4.5x
4.3x
4.3x
4.3x
4.0x
Fixed charge coverage ratio (7)
4.2x
4.1x
4.1x
4.0x
3.8x
Profitability Measures
Net income / (loss) per common share - basic
$0.54
$0.13
$0.22
$0.87
$0.06
Net income / (loss) per common share - diluted
$0.51
$0.09
$0.20
$0.82
$0.03
Funds from operations (FFO) / diluted share and unit (8)
$1.61
$1.55
$1.57
$1.41
$1.53
Core funds from operations (Core FFO) / diluted share and unit (8)
$1.73
$1.67
$1.65
$1.67
$1.63
Adjusted funds from operations (AFFO) / diluted share and unit (9)
$1.36
$1.52
$1.56
$1.68
$1.30
Dividends per share and common unit
$1.22
$1.22
$1.22
$1.22
$1.22
Diluted FFO payout ratio (8) (10)
75.6%
78.8%
77.9%
86.5%
79.8%
Diluted Core FFO payout ratio (8) (11)
70.7%
73.2%
73.9%
73.2%
75.0%
Diluted AFFO payout ratio (9) (12)
89.5%
80.4%
78.1%
72.8%
93.6%
Portfolio Statistics
Buildings (13)
328
331
323
323
323
Data Centers (13)
308
312
310
309
309
Cross-connects (13) (14)
227,000
225,000
223,000
221,500
220,000
Net rentable square feet, excluding development space (13)
41,326
41,092
41,220
39,839
39,688
Occupancy at end of quarter (15)
84.1%
83.9%
82.9%
82.1%
81.7%
Occupied square footage (13)
34,741
34,479
34,160
32,727
32,407
Space under active development (16)
8,904
9,126
8,507
8,238
8,470
Space held for development (17)
4,686
4,862
5,130
4,141
4,130
Weighted average remaining lease term (years) (18)
4.8
4.8
4.7
4.5
4.6
Same-capital occupancy at end of quarter (15) (19)
82.9%
83.3%
83.5%
82.5%
82.8%
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Table of Contents
Key Quarterly Financial Data
Financial Supplement
Unaudited, Dollars (except per share data) and Square Feet in Thousands
Fourth Quarter 2024
(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, for shares of our common stock on a one-for-one basis. Excludes shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions, as applicable.
(2)
EBITDA is calculated as earnings before interest expense, loss on debt extinguishment and modifications, tax expense, and 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 30.
(3)
Adjusted EBITDA is EBITDA excluding (i) unconsolidated joint venture real estate related depreciation & amortization, (ii) unconsolidated joint venture interest and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) non-controlling interests, (ix) preferred stock dividends, and (x) issuance costs associated with redeemed preferred stock. For a discussion of Adjusted EBITDA, see page 31. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 30.
(4)
Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 5), plus capital lease obligations, plus our share of unconsolidated joint venture debt at carrying value, less cash and cash equivalents (including our share of unconsolidated joint venture cash), divided by the product of Adjusted EBITDA (including our share of unconsolidated joint venture EBITDA), multiplied by four.
(5)
Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred stock dividends.
(6)
Interest coverage ratio is Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our share of unconsolidated joint venture interest expense).
(7)
Fixed charge coverage ratio is Adjusted EBITDA divided by fixed charges (including our share of unconsolidated joint venture fixed charges).
(8)
For definitions and discussion of FFO and Core FFO, see page 31. For reconciliations of net income available to common stockholders to FFO and Core FFO, see page 13.
(9)
For a definition and discussion of AFFO, see page 31. For a reconciliation of Core FFO to AFFO, see page 14.
(10)
Diluted FFO payout ratio is dividends declared per common share and unit divided by diluted FFO per share and unit.
(11)
Diluted Core FFO payout ratio is dividends declared per common share and unit divided by diluted Core FFO per share and unit.
(12)
Diluted AFFO payout ratio is dividends declared per common share and unit divided by diluted AFFO per share and unit.
(13)
Includes buildings held as investments in unconsolidated entities. Excludes buildings held-for-sale.
(14)
Represents approximate amounts.
(15)
Occupancy and same-capital occupancy exclude space under active development and space held for development. Occupancy represents our consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures and non-managed unconsolidated joint ventures. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. Excludes buildings held for sale.
(16)
Space under active development includes current Base Building and Data Centers projects in progress. Excludes buildings held-for-sale.
(17)
Space held for development includes space held for future Data Center development and excludes space under active development. Excludes buildings held for sale.
(18)
Weighted average remaining lease term excludes renewal options and is weighted by net rentable square feet.
(19)
Represents buildings owned as of December 31, 2022, with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2023-2024, buildings classified as held-for-sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool.
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Table of Contents
Digital Realty Trust
Financial Supplement
Earnings Release
Fourth Quarter 2024
Digital Realty Reports Fourth Quarter 2024 Results
Dallas, TX — February 13, 2025 — Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation, and interconnection solutions, announced today financial results for the fourth quarter of 2024. All per share results are presented on a fully diluted basis.
Highlights
◾
Reported net income available to common stockholders of $0.51 per share in 4Q24, compared to $0.03 in 4Q23
◾
Reported FFO per share of $1.61 in 4Q24, compared to $1.53 in 4Q23
◾
Reported Core FFO per share of $1.73 in 4Q24, compared to $1.63 in 4Q23
◾
Reported rental rate increases on renewal leases of 4.7% on a cash basis in 4Q24
◾
Signed total bookings during 4Q24 that are expected to generate $100 million of annualized GAAP rental revenue, including a record $76 million contribution from the 0–1 megawatt plus interconnection category
◾
Reported backlog of $797 million of annualized GAAP base rent at the end of 4Q24
◾
Introduced 2025 Constant-Currency Core FFO per share outlook of $7.05 - $7.15
Financial Results
Digital Realty reported revenues of $1.4 billion in the fourth quarter of 2024, a slight increase from the previous quarter and a 5% increase from the same quarter last year.
The company delivered net income of $186 million in the fourth quarter of 2024, and net income available to common stockholders of $179 million, or $0.51 per share, compared to $0.09 per share in the previous quarter and $0.03 per share in the same quarter last year.
Digital Realty generated Adjusted EBITDA of $751 million in the fourth quarter of 2024, a 1% decrease from the previous quarter and a 7% increase over the same quarter last year.
The company reported Funds From Operations (FFO) of $545 million in the fourth quarter of 2024, or $1.61 per share, compared to $1.55 per share in the previous quarter and $1.53 per share in the same quarter last year.
Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered Core FFO per share of $1.73 in the fourth quarter of 2024, compared to $1.67 per share in the previous quarter and $1.63 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.73 for the fourth quarter of 2024 and $6.72 per share for the twelve-month period ended December 31, 2024.
“2024 was a remarkable year for Digital Realty, with record leasing driving impressive growth in our revenue backlog, and providing compelling visibility into our accelerating earnings growth,” said Digital Realty President & Chief Executive Officer Andy Power. “In the fourth quarter, we achieved multiple milestones across our growing 0-1 megawatt plus interconnection segment, eclipsing last quarter’s bookings record and adding a record 166 new customers to the platform, demonstrating the continued success of our global, full spectrum data center strategy.”
Leasing Activity
In the fourth quarter, Digital Realty signed total bookings that are expected to generate $100 million of annualized GAAP rental revenue, including a $62 million contribution from the 0–1 megawatt category and a $15 million contribution from interconnection.
The weighted-average lag between new leases signed during the fourth quarter of 2024 and the contractual commencement date was six months. The backlog of signed-but-not-commenced leases at quarter-end was $797 million of annualized GAAP base rent at Digital Realty’s share.
In addition to new leases signed, Digital Realty also signed renewal leases representing $250 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the fourth quarter of 2024 increased 4.7% on a cash basis and 9.1% on a GAAP basis.
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Table of Contents
Digital Realty Trust
Financial Supplement
Earnings Release
Fourth Quarter 2024
New leases signed during the fourth quarter of 2024 are summarized by region and product as follows:
Annualized GAAP
Base Rent
Square Feet
GAAP Base Rent
GAAP Base Rent
Americas
(in thousands)
(in thousands)
per Square Foot
Megawatts
per Kilowatt
0-1 MW
$29,612
90
$329
8.9
$277
> 1 MW
3,978
20
197
2.2
154
Other (1)
409
7
58
—
—
Total
$33,999
117
$290
11.1
$253
EMEA (2)
0-1 MW
$25,997
100
$259
9.4
$232
> 1 MW
9,121
63
146
5.6
136
Other (1)
91
1
97
—
—
Total
$35,209
164
$215
15.0
$196
Asia Pacific (2)
0-1 MW
$6,139
19
$322
1.5
$352
> 1 MW
9,474
48
196
5.8
136
Other (1)
100
1
70
—
—
Total
$15,713
69
$229
7.3
$179
All Regions (2)
0-1 MW
$61,748
209
$295
19.7
$261
> 1 MW
22,573
131
172
13.6
139
Other (1)
599
9
64
—
—
Total
$84,920
350
$243
33.3
$211
Interconnection
$14,587
N/A
N/A
N/A
N/A
Grand Total
$99,507
350
$243
33.3
$211
Note: Totals may not foot due to rounding differences.
(1)
Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.
(2)
Based on quarterly average exchange rates during the three months ended December 31, 2024.
Investment Activity
As previously disclosed, during the quarter, Digital Realty closed on the acquisition of a 6.7-acre parcel in Richardson, Texas, adjacent to its existing campus, for approximately $15 million, which can support the development of up to 100 megawatts of incremental IT capacity.
During the quarter, Digital Realty also closed on the following acquisitions:
◾
156 acres of land in Charlotte, North Carolina for $160 million, which can support up to 400 megawatts of IT capacity
◾
Three acres of land in Madrid, Spain for approximately €25 million or $26 million, which can support up to 24 megawatts of IT capacity
During the quarter, Digital Realty closed on the following dispositions:
◾
A facility in San Jose, California for approximately $10 million
◾
A facility in Trumbull, Connecticut for approximately $10 million
◾
A facility in Redhill, United Kingdom for approximately £64 million or $80 million
Also, during the quarter, Digital Realty closed on the sale to Digital Core REIT (SGX: DCRU) of an additional 15.1% interest in a data center located in Frankfurt, Germany for approximately €71 million or $74 million. The transaction valued the Frankfurt facility at €470 million or $508 million (at 100% share). Including two prior investments, Digital Core REIT now owns a 65% interest in this Frankfurt data center.
Further during the quarter, Digital Realty and Blackstone Inc. closed on the second phase of their $7 billion hyperscale data center development joint venture. The second phase includes portions of data center campuses in Frankfurt and Northern Virginia, which will support the growth of existing hyperscale data center capacity in the regions.
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Table of Contents
Digital Realty Trust
Financial Supplement
Earnings Release
Fourth Quarter 2024
Balance Sheet
Digital Realty had approximately $16.7 billion of total debt outstanding as of December 31, 2024, comprised of $16.0 billion of unsecured debt and approximately $0.7 billion of secured debt and other. At the end of the fourth quarter of 2024, net debt-to-Adjusted EBITDA was 4.8x, debt-plus-preferred-to-total enterprise value was 22.3% and fixed charge coverage was 4.2x.
Digital Realty completed the following financing transactions during the fourth quarter:
◾
In November, the company issued $1.15 billion of 1.875% exchangeable notes due 2029, for net proceeds of approximately $1.13 billion;
◾
In November, the company repaid a $500 million term loan; and
◾
The company also sold 5.0 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $185.63 per share, for net proceeds of approximately $923 million.
Subsequent to quarter end, the company issued €850 million of 3.875% notes due 2035, for net proceeds of approximately €841 million ($867 million). In January, the company also repaid £400 million ($501 million) of 4.25% senior notes.
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Table of Contents
Digital Realty Trust
Financial Supplement
Earnings Release
Fourth Quarter 2024
2025 Outlook
Digital Realty introduced its 2025 Constant-Currency Core FFO per share outlook of $7.05 - $7.15. The assumptions underlying the outlook are summarized in the following table.
As of
Top-Line and Cost Structure
February 13, 2025
G1Total revenue
$5.800 - $5.900 billion
Net non-cash rent adjustments (1)
($45 - $50 million)
G2Adjusted EBITDA
$3.100 - $3.200 billion
G3G&A
$500 - $510 million
Internal Growth
G4Rental rates on renewal leases
Cash basis
4.0% - 6.0%
GAAP basis
6.0% - 8.0%
G5Year-end portfolio occupancy
+100 - 200 bps
"Same-Capital" cash NOI growth (2)
3.5% - 4.5%
Foreign Exchange Rates
U.S. Dollar / Pound Sterling
$1.20 - $1.25
U.S. Dollar / Euro
$1.00 - $1.05
External Growth
G6Dispositions / Joint Venture Capital
Dollar volume
$500 - $1,000 million
Cap rate
0.0% - 10.0%
Development
CapEx (Net of Partner Contributions) (3)
$3,000 - $3,500 million
Average stabilized yields
10.0%+
Enhancements and other non-recurring CapEx (4)
$30 - $35 million
Recurring CapEx + capitalized leasing costs (5)
$320 - $335 million
Balance Sheet
G7Long-term debt issuance
Dollar amount
$900 - $1,500 million
Pricing
5.0% - 5.5%
G8Net income per diluted share
$2.10 - $2.20
G9Real estate depreciation and (gain) / loss on sale
$4.50 - $4.50
G10Funds From Operations / share (NAREIT-Defined)
$6.60 - $6.70
G11Non-core expenses and revenue streams
$0.40 - $0.40
G12Core Funds From Operations / share
$7.00 - $7.10
G13Foreign currency translation adjustments
$0.05 - $0.05
G14Constant-Currency Core Funds From Operations / share
$7.05 - $7.15
(1)
Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rental expense, as well as the amortization of above- and below-market leases (i.e., ASC 805 adjustments).
(2)
The “Same-Capital” pool includes properties owned as of December 31, 2023 with less than 5% of total rentable square feet under development. It excludes properties that were undergoing, or were expected to undergo, development activities in 2024-2025, properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented. The 2025 “Same-Capital” cash NOI growth outlook is presented on a constant currency basis.
(3)
Excludes land acquisitions and includes Digital Realty’s share of JV contributions. Figure is net of JV partner contributions.
(4)
Other non-recurring CapEx represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives and software development costs.
(5)
Recurring CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions.
Note: The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. Please see Non-GAAP Financial Measures in this document for further discussion.
10
Table of Contents
Digital Realty Trust
Financial Supplement
Earnings Release
Fourth Quarter 2024
Non-GAAP Financial Measures
This document contains non-GAAP financial measures, including FFO, Core FFO, Constant Currency Core FFO, Adjusted FFO, Net Operating Income (NOI), “Same-Capital” Cash NOI and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, a reconciliation from Core FFO to Adjusted FFO, reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Constant Currency Core FFO, Adjusted FFO, NOI and “Same-Capital” Cash NOI are included as an attachment to this document. A reconciliation from U.S. GAAP net income available to common stockholders to Adjusted EBITDA, a definition of Adjusted EBITDA and definitions of net debt-to-Adjusted EBITDA, debt-plus-preferred-to-total enterprise value, cash NOI, and fixed charge coverage ratio are included as an attachment to this document.
The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, external growth factors, such as dispositions, and balance sheet items such as debt issuances, that have not yet occurred, are out of the company's control and/or cannot be reasonably predicted.
For the same reasons, the company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
Investor Conference Call
Prior to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on February 13, 2025, a presentation will be posted to the Investors section of the company’s website at https://investor.digitalrealty.com. The presentation is designed to accompany the discussion of the company’s fourth quarter 2024 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier.
To participate in the live call, investors are invited to dial +1 (888) 317-6003 (for domestic callers) or +1 (412) 317-6061 (for international callers) and reference the conference ID# 5600611 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty’s website at https://investor.digitalrealty.com.
Telephone and webcast replays will be available after the call until March 13, 2025. The telephone replay can be accessed by dialing +1 (877) 344-7529 (for domestic callers) or +1 (412) 317-0088 (for international callers) and providing the conference ID# 3368293. The webcast replay can be accessed on Digital Realty’s website.
About Digital Realty
Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation, and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 50+ metros across 25+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X.
Contact Information
Matt Mercier
Chief Financial Officer
Digital Realty
(415) 874-2803
Jordan Sadler / Jim Huseby
Investor Relations
Digital Realty
(415) 275-5344
11
Table of Contents
Consolidated Quarterly Statements of Operations
Financial Supplement
Unaudited and in Thousands, Except Per Share Data
Fourth Quarter 2024
Three Months Ended
Twelve Months Ended
31-Dec-24
30-Sep-24
30-Jun-24
31-Mar-24
31-Dec-23
31-Dec-24
31-Dec-23
Rental revenues
$958,892
$956,351
$912,994
$894,409
$885,694
$3,722,646
$3,512,926
Tenant reimbursements - Utilities
302,664
305,097
274,505
276,357
316,634
1,158,623
1,299,676
Tenant reimbursements - Other
38,591
39,624
41,964
38,434
46,418
158,612
197,636
Interconnection & other
112,360
112,655
109,505
108,071
106,413
442,591
419,934
Fee income
23,316
12,907
15,656
13,010
14,330
64,888
44,926
Other
40
4,581
2,125
862
144
7,608
1,963
Total Operating Revenues
$1,435,862
$1,431,214
$1,356,749
$1,331,143
$1,369,633
$5,554,968
$5,477,061
Utilities
$337,534
$356,063
$315,248
$324,571
$366,083
$1,333,416
$1,471,836
Rental property operating
273,104
249,796
237,653
224,369
237,118
984,921
909,830
Property taxes
46,044
45,633
49,620
41,156
40,161
182,453
199,581
Insurance
6,007
4,869
4,755
2,694
3,794
18,325
16,823
Depreciation & amortization
455,355
459,997
425,343
431,102
420,475
1,771,797
1,694,859
General & administration
124,470
115,120
119,511
114,419
109,235
473,521
431,004
Severance, equity acceleration and legal expenses
2,346
2,481
884
791
7,565
6,502
18,054
Transaction and integration expenses
11,797
24,194
26,072
31,839
40,226
93,902
84,722
Provision for impairment
22,881
—
168,303
—
5,363
191,184
118,363
Other expenses
12,002
4,774
(529)
10,836
5,580
27,083
7,529
Total Operating Expenses
$1,291,540
$1,262,928
$1,346,860
$1,181,776
$1,235,598
$5,083,104
$4,952,600
Operating Income
$144,322
$168,286
$9,889
$149,367
$134,035
$471,864
$524,461
Equity in earnings / (loss) of unconsolidated joint ventures
(36,201)
(26,486)
(41,443)
(16,008)
(29,955)
(120,138)
(29,791)
Gain / (loss) on sale of investments
144,885
(556)
173,709
277,787
(103)
595,825
900,531
Interest and other income / (expense), net
44,517
37,756
62,261
9,709
50,269
154,243
68,431
Interest (expense)
(104,742)
(123,803)
(114,756)
(109,535)
(113,638)
(452,836)
(437,741)
Income tax benefit / (expense)
(4,928)
(12,427)
(14,992)
(22,413)
(20,724)
(54,760)
(75,579)
Loss on debt extinguishment and modifications
(2,165)
(2,636)
—
(1,070)
—
(5,871)
—
Net Income
$185,688
$40,134
$74,668
$287,837
$19,884
$588,327
$950,311
Net (income) / loss attributable to noncontrolling interests
3,881
11,059
5,552
(6,329)
8,419
14,163
(1,474)
Net Income Attributable to Digital Realty Trust, Inc.
$189,569
$51,193
$80,220
$281,508
$28,304
$602,490
$948,838
Preferred stock dividends
(10,181)
(10,181)
(10,181)
(10,181)
(10,181)
(40,725)
(40,725)
Net Income / (Loss) Available to Common Stockholders
$179,388
$41,012
$70,039
$271,327
$18,122
$561,766
$908,113
Weighted-average shares outstanding - basic
333,376
327,977
319,537
312,292
305,781
323,336
298,603
Weighted-average shares outstanding - diluted
340,690
336,249
327,946
320,798
314,995
331,547
309,065
Weighted-average fully diluted shares and units
346,756
342,374
334,186
326,975
321,173
337,697
315,113
Net income / (loss) per share - basic
$0.54
$0.13
$0.22
$0.87
$0.06
$1.74
$3.04
Net income / (loss) per share - diluted
$0.51
$0.09
$0.20
$0.82
$0.03
$1.61
$2.88
12
Table of Contents
Funds From Operations and Core Funds From Operations
Financial Supplement
Unaudited and in Thousands, Except Per Share Data
Fourth Quarter 2024
Three Months Ended
Twelve Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)
31-Dec-24
30-Sep-24
30-Jun-24
31-Mar-24
31-Dec-23
31-Dec-24
31-Dec-23
Net Income / (Loss) Available to Common Stockholders
$179,388
$41,012
$70,039
$271,327
$18,122
$561,766
$908,113
Adjustments:
Non-controlling interest in operating partnership
4,000
1,000
1,500
6,200
410
12,700
20,710
Real estate related depreciation & amortization (1)
445,462
449,086
414,920
420,591
410,167
1,730,059
1,657,239
Reconciling items related to non-controlling interests
(19,531)
(19,746)
(17,317)
(8,017)
(15,377)
(64,612)
(57,477)
Unconsolidated JV real estate related depreciation & amortization
49,463
48,474
47,117
47,877
64,833
192,931
177,153
(Gain) / loss on real estate transactions
(137,047)
556
(173,709)
(286,704)
103
(596,904)
(908,356)
Provision for impairment
22,881
—
168,303
—
5,363
191,185
118,363
Funds From Operations
$544,616
$520,382
$510,852
$451,273
$483,621
$2,027,122
$1,915,745
Weighted-average shares and units outstanding - basic
339,442
334,103
325,777
318,469
311,960
329,485
304,651
Weighted-average shares and units outstanding - diluted (2) (3)
346,756
342,374
334,186
326,975
321,173
337,697
315,113
Funds From Operations per share - basic
$1.60
$1.56
$1.57
$1.42
$1.55
$6.15
$6.29
Funds From Operations per share - diluted (2) (3)
$1.61
$1.55
$1.57
$1.41
$1.53
$6.14
$6.20
Three Months Ended
Twelve Months Ended
Reconciliation of FFO to Core FFO
31-Dec-24
30-Sep-24
30-Jun-24
31-Mar-24
31-Dec-23
31-Dec-24
31-Dec-23
Funds From Operations
$544,616
$520,382
$510,852
$451,273
$483,621
$2,027,122
$1,915,745
Other non-core revenue adjustments (4)
4,537
(4,583)
(33,818)
3,525
(146)
(30,339)
26,393
Transaction and integration expenses
11,797
24,194
26,072
31,839
40,226
93,902
84,722
Loss on debt extinguishment and modifications
2,165
2,636
—
1,070
—
5,871
—
Severance, equity acceleration and legal expenses (5)
2,346
2,481
884
791
7,565
6,502
18,054
(Gain) / Loss on FX and derivatives revaluation
7,127
1,513
32,222
33,602
(24,804)
74,464
(39,000)
Other non-core expense adjustments (6)
14,229
11,120
2,271
10,052
1,956
37,671
3,905
Core Funds From Operations
$586,816
$557,744
$538,482
$532,153
$508,417
$2,215,194
$2,009,820
Weighted-average shares and units outstanding - diluted (2) (3)
339,982
334,476
326,181
319,138
312,356
329,899
305,138
Core Funds From Operations per share - diluted (2)
$1.73
$1.67
$1.65
$1.67
$1.63
$6.71
$6.59
(1) Real Estate Related Depreciation & Amortization
Three Months Ended
Twelve Months Ended
31-Dec-24
30-Sep-24
30-Jun-24
31-Mar-24
31-Dec-23
31-Dec-24
31-Dec-23
Depreciation & amortization per income statement
$455,355
$459,997
$425,343
$431,102
$420,475
$1,771,798
$1,694,859
Non-real estate depreciation
(9,894)
(10,911)
(10,424)
(10,511)
(10,308)
(41,739)
(37,619)
Real Estate Related Depreciation & Amortization
$445,462
$449,086
$414,920
$420,591
$410,167
$1,730,059
$1,657,239
(2)
Certain of Teraco's minority indirect shareholders have the right to put their shares in an upstream parent company of Teraco to Digital Realty in exchange for cash or the equivalent value of shares of Digital Realty common stock, or a combination thereof. US GAAP requires Digital Realty to assume the put right is settled in shares for purposes of calculating diluted EPS. This same approach was utilized to calculate FFO/share. The potential future dilutive impact associated with this put right will be excluded from Core FFO and AFFO until settlement occurs – causing diluted share count to be higher for FFO than for Core FFO and AFFO. When calculating diluted FFO, Teraco related minority interest is added back to the FFO numerator as the denominator assumes all shares have been put back to Digital Realty.
Three Months Ended
Twelve Months Ended
31-Dec-24
30-Sep-24
30-Jun-24
31-Mar-24
31-Dec-23
31-Dec-24
31-Dec-23
Teraco noncontrolling share of FFO
$14,905
$9,828
$12,453
$9,768
$7,135
$46,954
$39,386
Teraco related minority interest
$14,905
$9,828
$12,453
$9,768
$7,135
$46,954
$39,386
(3)
For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and the share count detail section that follows the reconciliation of Core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO and Core FFO, see the Definitions section.
(4)
Includes deferred rent adjustments related to a customer bankruptcy, joint venture development fees included in gains, lease termination fees and gain on sale of equity investment included in other income.
(5)
Relates to severance and other charges related to the departure of company executives and integration-related severance.
(6)
Includes write-offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interests.
13
Table of Contents
Adjusted Funds From Operations (AFFO)
Financial Supplement
Unaudited and in Thousands, Except Per Share Data
Fourth Quarter 2024
Three Months Ended
Twelve Months Ended
Reconciliation of Core FFO to AFFO
31-Dec-24
30-Sep-24
30-Jun-24
31-Mar-24
31-Dec-23
31-Dec-24
31-Dec-23
Core FFO available to common stockholders and unitholders
$586,816
$557,744
$538,482
$532,153
$508,417
$2,215,194
$2,009,820
Adjustments:
Non-real estate depreciation
9,894
10,911
10,424
10,511
10,308
41,739
37,619
Amortization of deferred financing costs
5,697
4,853
5,072
5,576
5,744
21,198
21,575
Amortization of debt discount/premium
1,324
1,329
1,321
1,832
973
5,805
4,973
Non-cash stock-based compensation expense
13,386
15,026
14,464
12,592
9,226
55,468
50,238
Straight-line rental revenue
(18,242)
(17,581)
334
9,976
(21,992)
(25,513)
(68,417)
Straight-line rental expense
(136)
1,690
782
1,111
(4,999)
3,447
(3,567)
Above- and below-market rent amortization
(269)
(742)
(1,691)
(854)
(856)
(3,555)
(4,404)
Deferred tax (benefit) / expense
(15,048)
(9,366)
(9,982)
(3,437)
33,448
(37,834)
16,452
Leasing compensation & internal lease commissions
10,505
10,918
10,519
13,291
9,848
45,233
45,040
Recurring capital expenditures (1)
(130,245)
(67,308)
(60,483)
(47,676)
(142,808)
(305,712)
(327,022)
AFFO available to common stockholders and unitholders (2)
$463,682
$507,474
$509,241
$535,073
$407,306
$2,015,471
$1,782,308
Weighted-average shares and units outstanding - basic
339,442
334,103
325,777
318,469
311,960
329,485
304,651
Weighted-average shares and units outstanding - diluted (3)
339,982
334,476
326,181
319,138
312,356
329,899
305,138
AFFO per share - diluted (3)
$1.36
$1.52
$1.56
$1.68
$1.30
$6.11
$5.84
Dividends per share and common unit
$1.22
$1.22
$1.22
$1.22
$1.22
$4.88
$4.88
Diluted AFFO Payout Ratio
89.5%
80.4%
78.1%
72.8%
93.6%
79.9%
83.5%
Three Months Ended
Twelve Months Ended
Share Count Detail
31-Dec-24
30-Sep-24
30-Jun-24
31-Mar-24
31-Dec-23
31-Dec-24
31-Dec-23
Weighted Average Common Stock and Units Outstanding
339,442
334,103
325,777
318,469
311,960
329,485
304,651
Add: Effect of dilutive securities
540
373
404
669
396
413
487
Weighted Avg. Common Stock and Units Outstanding - diluted
339,982
334,476
326,181
319,138
312,356
329,899
305,138
(1)
Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions.
(2)
For a definition and discussion of AFFO, see the Definitions section. For a reconciliation of net income available to common stockholders to FFO and Core FFO, see above.
(3)
For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and for calculations of weighted average common stock and units outstanding.
14
Table of Contents
Consolidated Balance Sheets
Financial Supplement
Unaudited and in Thousands, Except Per Share Data
Fourth Quarter 2024
31-Dec-24
30-Sep-24
30-Jun-24
31-Mar-24
31-Dec-23
Assets
Investments in real estate:
Real estate
$27,558,993
$28,808,770
$27,470,635
$27,122,796
$27,306,369
Construction in progress
5,164,334
5,175,054
4,676,012
4,496,840
4,635,215
Land held for future development
38,785
23,392
93,938
114,240
118,190
Investments in Real Estate
$32,762,112
$34,007,216
$32,240,584
$31,733,877
$32,059,773
Accumulated depreciation and amortization
(8,641,331)
(8,777,002)
(8,303,070)
(7,976,093)
(7,823,685)
Net Investments in Properties
$24,120,781
$25,230,214
$23,937,514
$23,757,784
$24,236,089
Investment in unconsolidated joint ventures
2,639,800
2,456,448
2,332,698
2,365,821
2,295,889
Net Investments in Real Estate
$26,760,582
$27,686,662
$26,270,212
$26,123,605
$26,531,977
Operating lease right-of-use assets, net
$1,178,853
$1,228,507
$1,211,003
$1,233,410
$1,414,256
Cash and cash equivalents
3,870,891
2,175,605
2,282,062
1,193,784
1,625,495
Accounts and other receivables, net (1)
1,257,464
1,274,460
1,222,403
1,217,276
1,278,110
Deferred rent, net
642,456
641,778
613,749
611,670
624,427
Goodwill
8,929,431
9,395,233
9,128,811
9,105,026
9,239,871
Customer relationship value, deferred leasing costs & other intangibles, net
2,178,054
2,367,467
2,315,143
2,359,380
2,500,237
Assets held for sale
—
—
—
287,064
478,503
Other assets
465,885
525,679
563,500
501,875
420,382
Total Assets
$45,283,616
$45,295,392
$43,606,883
$42,633,089
$44,113,257
Liabilities and Equity
Global unsecured revolving credit facilities, net
$1,611,308
$1,786,921
$1,848,167
$1,901,126
$1,812,287
Unsecured term loans, net
386,903
913,733
1,297,893
1,303,263
1,560,305
Unsecured senior notes, net of discount
13,962,852
13,528,061
12,507,551
13,190,202
13,422,342
Secured and other debt, net of discount
753,314
757,831
686,135
625,750
630,973
Operating lease liabilities
1,294,219
1,343,903
1,336,839
1,357,751
1,542,094
Accounts payable and other accrued liabilities
2,056,215
2,140,764
1,973,798
1,870,344
2,168,983
Deferred tax liabilities, net
1,084,562
1,223,771
1,132,090
1,121,224
1,151,096
Accrued dividends and distributions
418,661
—
—
—
387,988
Security deposits and prepaid rents
539,802
423,797
416,705
413,225
401,867
Obligations associated with assets held for sale
—
—
—
9,981
39,001
Total Liabilities
$22,107,836
$22,118,781
$21,199,178
$21,792,866
$23,116,936
Redeemable non-controlling interests
1,433,185
1,465,636
1,399,889
1,350,736
1,394,814
Equity
Preferred Stock: $0.01 par value per share, 110,000 shares authorized:
Series J Cumulative Redeemable Preferred Stock (2)
$193,540
$193,540
$193,540
$193,540
$193,540
Series K Cumulative Redeemable Preferred Stock (3)
203,264
203,264
203,264
203,264
203,264
Series L Cumulative Redeemable Preferred Stock (4)
334,886
334,886
334,886
334,886
334,886
Common Stock: $0.01 par value per share, 502,000 shares authorized (5)
3,337
3,285
3,231
3,097
3,088
Additional paid-in capital
28,079,738
27,229,143
26,388,393
24,508,683
24,396,797
Dividends in excess of earnings
(6,292,085)
(6,060,642)
(5,701,096)
(5,373,529)
(5,262,648)
Accumulated other comprehensive (loss), net
(1,182,283)
(657,364)
(884,715)
(850,091)
(751,393)
Total Stockholders' Equity
$21,340,397
$21,246,112
$20,537,503
$19,019,850
$19,117,535
Noncontrolling Interests
Noncontrolling interest in operating partnership
$396,099
$427,930
$434,253
$438,422
$438,081
Noncontrolling interest in consolidated joint ventures
6,099
36,933
36,060
31,215
45,892
Total Noncontrolling Interests
$402,198
$464,863
$470,313
$469,637
$483,972
Total Equity
$21,742,595
$21,710,975
$21,007,816
$19,489,487
$19,601,507
Total Liabilities and Equity
$45,283,616
$45,295,392
$43,606,883
$42,633,089
$44,113,257
(1)
Net of allowance for doubtful accounts of $59,224 and $41,204 as of December 31, 2024 and December 31, 2023, respectively.
(2)
Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of December 31, 2024 and December 31, 2023.
(3)
Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of December 31, 2024 and December 31, 2023.
(4)
Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of December 31, 2024 and December 31, 2023.
(5)
Common Stock: 336,637 and 311,608 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively.
15
Table of Contents
Components of Net Asset Value (NAV) (1)
Financial Supplement
Unaudited and in Thousands
Fourth Quarter 2024
44
Consolidated Properties Cash Net Operating Income (NOI)(2), Annualized (3)
Network-Dense
$1,098,181
Campus
1,716,860
Other (4)
93,047
Total Cash NOI, Annualized
$2,908,088
less: Partners' share of consolidated JVs
(82,398)
Acquisitions / dispositions / expirations
(96,689)
FY 2025 backlog cash NOI and 4Q24 carry-over (stabilized) (5)
191,470
Total Consolidated Cash NOI, Annualized
$2,920,471
Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI (3) (6)
$264,484
Other Income
Development and Management Fees (net), Annualized
$93,265
Other Assets
Pre-stabilized inventory, at cost (7)
$178,717
Land held for development
38,785
Development CIP (8)
5,164,334
less: Investment associated with FY25 Backlog NOI (9)
(1,038,358)
Cash and cash equivalents
3,870,891
Accounts and other receivables, net
1,257,464
Other assets
465,885
less: Partners' share of consolidated JV assets
(144,588)
Total Other Assets
$9,793,130
Liabilities
Global unsecured revolving credit facilities
$1,637,922
Unsecured term loans
388,275
Unsecured senior notes
14,059,415
Secured and other debt
761,262
Accounts payable and other accrued liabilities
2,056,215
Deferred tax liabilities, net
1,084,562
Accrued dividends and distributions
418,661
Security deposits and prepaid rents
539,802
Backlog NOI cost to complete (9)
412,496
Preferred stock
755,000
Digital Realty's share of unconsolidated JV debt
1,448,972
less: Partners' share of consolidated JV liabilities
(446,294)
Total Liabilities
$23,116,287
(1)
Backlog and associated financial line items include activity related to unconsolidated joint venture properties.
(2)
For definitions and discussion of NOI and cash NOI and a reconciliation of operating income to NOI and cash NOI, see page 32.
(3)
Annualized cash NOI is calculated by multiplying results for the most recent quarter by four. Annualized results may not be indicative of any four-quarter period and do not take into account scheduled lease expirations, among other things. Annualized data is presented for illustrative purposes only. Reflects annualized 4Q24 Cash NOI of $2.9 billion. NOI is allocated based on management’s estimates derived using contractual ABR and stabilized margins.
(4)
Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.
(5)
Estimated cash NOI related to signed leases that are expected to commence through December 31, 2025. Includes Digital Realty’s share of signed leases at unconsolidated joint venture properties.
(6)
For a reconciliation of Digital Realty’s pro rata share of unconsolidated joint venture operating income to cash NOI, see page 29.
(7)
Excludes Digital Realty’s share of cost at unconsolidated joint venture properties.
(8)
See page 26 for further details on the breakdown of the construction in progress balance.
(9)
Includes Digital Realty’s share of construction in progress and expected cost to complete at unconsolidated joint venture properties.
16
Table of Contents
Debt Maturities
Financial Supplement
Unaudited and Dollars in thousands
Fourth Quarter 2024
As of December 31, 2024
Interest Rate
Interest
Including
Rate
Swaps
2025
2026
2027
2028
2029
Thereafter
Total
Global Unsecured Revolving Credit Facilities (1)
Global unsecured revolving credit facility
4.167%
4.118%
—
—
—
—
—
$1,481,187
$1,481,187
Yen revolving credit facility
0.900%
0.900%
—
—
—
—
—
156,735
156,735
Deferred financing costs, net
—
—
—
—
—
—
—
—
(26,614)
Total Global Unsecured Revolving Credit Facilities
3.855%
3.810%
—
—
—
—
—
$1,637,922
$1,611,308
Unsecured Term Loans
Euro term loan facility
3.813%
3.230%
—
—
$388,275
—
—
—
$388,275
Deferred financing costs, net
—
—
—
—
—
—
—
—
(1,372)
Total Unsecured Term Loans
3.813%
3.230%
—
—
$388,275
—
—
—
$386,903
Senior Notes
£400 million 4.250% Notes due 2025 (2)
4.250%
4.250%
$500,640
—
—
—
—
—
$500,640
€650 million 0.625% Notes due 2025
0.625%
0.625%
673,010
—
—
—
—
—
673,010
€1.08 billion 2.500% Notes due 2026
2.500%
2.500%
—
$1,113,055
—
—
—
—
1,113,055
₣275 million 0.200% Notes due 2026
0.200%
0.200%
—
302,987
—
—
—
—
302,987
₣150 million 1.700% Notes due 2027
1.700%
1.700%
—
—
$165,265
—
—
—
165,265
$1.00 billion 3.700% Notes due 2027 (3)
3.700%
2.485%
—
—
1,000,000
—
—
—
1,000,000
€500 million 1.125% Notes due 2028
1.125%
1.125%
—
—
—
$517,700
—
—
517,700
$900 million 5.550% Notes due 2028 (3)
5.550%
3.996%
—
—
—
900,000
—
—
900,000
$650 million 4.450% Notes due 2028
4.450%
4.450%
—
—
—
650,000
—
—
650,000
₣270 million 0.550% Notes due 2029
0.550%
0.550%
—
—
—
—
$297,478
—
297,478
$900 million 3.600% Notes due 2029
3.600%
3.600%
—
—
—
—
900,000
—
900,000
£350 million 3.300% Notes due 2029
3.300%
3.300%
—
—
—
—
438,060
—
438,060
$1.15 billion 1.875% Notes due 2029 (3)
1.875%
1.263%
—
—
—
—
1,150,000
—
1,150,000
€750 million 1.500% Notes due 2030
1.500%
1.500%
—
—
—
—
—
$776,550
776,550
£550 million 3.750% Notes due 2030
3.750%
3.750%
—
—
—
—
—
688,380
688,380
€500 million 1.250% Notes due 2031
1.250%
1.250%
—
—
—
—
—
517,700
517,700
€1.00 billion 0.625% Notes due 2031
0.625%
0.625%
—
—
—
—
—
1,035,400
1,035,400
€750 million 1.000% Notes due 2032
1.000%
1.000%
—
—
—
—
—
776,550
776,550
€750 million 1.375% Notes due 2032
1.375%
1.375%
—
—
—
—
—
776,550
776,550
€850 million 3.875% Notes due 2033
3.875%
3.875%
—
—
—
—
—
880,090
880,090
Unamortized discounts
—
—
—
—
—
—
—
—
(27,479)
Deferred financing costs
—
—
—
—
—
—
—
—
(69,084)
Total Senior Notes
2.500%
2.264%
$1,173,650
$1,416,042
$1,165,265
$2,067,700
$2,785,538
$5,451,220
$13,962,852
Secured Debt
ICN10 Facilities
5.680%
3.500%
—
—
—
—
—
$11,429
$11,429
Westin
3.290%
3.290%
—
—
$135,000
—
—
—
135,000
Teraco Loans
10.027%
9.679%
$782
$47,713
94,634
$353,970
$9,022
31,579
537,700
Deferred financing costs
—
—
—
—
—
—
—
—
(4,290)
Total Secured Debt
8.625%
8.315%
$782
$47,713
$229,634
$353,970
$9,022
$43,008
$679,839
Other Debt
Icolo loans
12.704%
12.704%
—
$5,760
$4,389
$1,029
$4,924
—
$16,102
Total Other Debt
12.704%
12.704%
—
$5,760
$4,389
$1,029
$4,924
—
$16,102
Mandatorily Redeemable Preferred Shares (Teraco)
Mandatorily Redeemable Preferred Shares (Teraco)
9.675%
9.675%
—
$61,032
—
—
—
—
$61,032
Unamortized discounts
—
—
—
—
—
—
—
—
(3,658)
Total Redeemable Preferred Shares
9.675%
9.675%
—
$61,032
—
—
—
—
$57,374
Total unhedged variable rate debt
—
—
$149
$61,697
$1,179
$9,697
$4,176
$1,506,917
$1,583,814
Total fixed rate / hedged variable rate debt
—
—
1,174,283
1,468,849
1,786,384
2,413,002
2,795,308
5,625,233
15,263,060
Total Debt
2.946%
2.719%
$1,174,432
$1,530,546
$1,787,563
$2,422,699
$2,799,484
$7,132,150
$16,846,874
Weighted Average Interest Rate
2.176%
2.593%
3.041%
4.338%
2.305%
2.367%
2.719%
Summary
Weighted Average Term to Initial Maturity
4.2 Years
Weighted Average Maturity (assuming exercise of extension options)
4.4 Years
Global Unsecured Revolving Credit Facilities Detail As of December 31, 2024
Maximum Available
Existing Capacity (4)
Currently Drawn
Global Unsecured Revolving Credit Facilities
$4,408,339
$2,655,883
$1,637,922
(1)
Assumes all extensions will be exercised.
(2)
Repaid in full on January 17, 2025.
(3)
Subject to cross-currency swaps.
(4)
Net of letters of credit issued of $114.5 million.
17
Table of Contents
Debt Analysis and Covenant Compliance
Financial Supplement
Unaudited
Fourth Quarter 2024
As of December 31, 2024
Global Unsecured
Unsecured Senior Notes
Credit Facilities
Debt Covenant Ratios (1)
Required
Actual (2)
Actual (3)
Required
Actual
Total outstanding debt / total assets (4)
Less than 60%
42%
35%
Less than 60% (5)
31%
Secured debt / total assets (6)
Less than 40%
5%
1%
Less than 40% (7)
3%
Total unencumbered assets / unsecured debt
Greater than 150%
258%
282%
N/A
N/A
Consolidated EBITDA / interest expense (8)
Greater than 1.50x
4.3x
4.3x
N/A
N/A
Fixed charge coverage
N/A
N/A
Greater than 1.50x
4.3x
Unsecured debt / total unencumbered asset value (9)
N/A
N/A
Less than 60%
32%
Unencumbered assets debt service coverage ratio (9)
N/A
N/A
Greater than 1.50x
4.8x
(1)
For definitions of the terms used in the table above and related footnotes, please refer to the indentures which govern the notes, the Third Amended and Restated Global Senior Credit Agreement dated as of September 24, 2024 and the Second Amended and Restated Yen facility Credit Agreement dated as of September 24, 2024, each as amended and which are filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission.
(2)
Ratios for the Unsecured Senior Notes listed on page 17 except for the 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.875% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032, 1.375% notes due 2032 and 3.875% notes due 2033.
(3)
Ratios for the 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.875% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032, 1.375% notes due 2032 and 3.875% notes due 2033.
(4)
This ratio is referred to as the Leverage Ratio, defined as Consolidated Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility. For the calculation of Total Assets, please refer to the indentures which govern the notes, the Third Amended and Restated Global Senior Credit Agreement dated as of September 24, 2024 and the Second Amended and Restated Yen facility Credit Agreement dated as of September 24, 2024, each as amended and which are filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission.
(5)
The company has the right to maintain a Leverage Ratio of greater than 60.0% but less than or equal to 65.0% for up to four consecutive fiscal quarters during the term of the facility following any acquisition of one or more Assets.
(6)
This ratio is referred to as the Secured Debt Leverage Ratio, defined as Secured Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility.
(7)
The company has the right to maintain a Secured Debt Leverage Ratio of greater than 40.0% but less than or equal to 45.0% for up to four consecutive fiscal quarters during the term of the facility following any acquisition of one or more Assets.
(8)
Calculated as current quarter annualized consolidated EBITDA to current quarter annualized Interest Expense (including capitalized interest and debt discounts). This ratio no longer applies from and after the date that the company achieves a Debt Rating of at least BBB+ / Baa1 and a Total Asset Value of at least $35,000,000,000.
(9)
Assets must satisfy certain conditions to qualify for inclusion as an Unencumbered Asset under the global unsecured revolving credit facility and the Yen facility.
18
Table of Contents
Same-Capital Operating Trend Summary
Financial Supplement
Unaudited and in Thousands
Fourth Quarter 2024
Stabilized (“Same-Capital”) Portfolio (1)
Three Months Ended
Twelve Months Ended
31-Dec-24
31-Dec-23
% Change
30-Sep-24
% Change
31-Dec-24
31-Dec-23
% Change
Rental revenues
$703,083
$687,397
2.3%
$698,831
0.6%
$2,785,140
$2,704,364
3.0%
Tenant reimbursements - Utilities
226,913
258,932
(12.4%)
231,434
(2.0%)
892,197
1,053,169
(15.3%)
Tenant reimbursements - Other
27,884
34,815
(19.9%)
30,343
(8.1%)
120,119
120,184
(0.1%)
Interconnection & other
94,051
90,608
3.8%
94,590
(0.6%)
372,994
355,495
4.9%
Total Revenue
$1,051,932
$1,071,752
(1.8%)
$1,055,198
(0.3%)
$4,170,449
$4,233,212
(1.5%)
Utilities
$250,191
$301,068
(16.9%)
$271,626
(7.9%)
$1,020,379
$1,203,719
(15.2%)
Rental property operating
201,620
175,100
15.1%
172,991
16.5%
712,962
662,061
7.7%
Property taxes
34,082
28,385
20.1%
36,312
(6.1%)
142,625
122,922
16.0%
Insurance
4,436
3,460
28.2%
4,097
8.3%
16,714
15,219
9.8%
Total Expenses
$490,330
$508,013
(3.5%)
$485,025
1.1%
$1,892,680
$2,003,921
(5.6%)
Net Operating Income (2)
$561,602
$563,739
(0.4%)
$570,172
(1.5%)
$2,277,770
$2,229,291
2.2%
Less:
Stabilized straight-line rent
$9,268
$18,726
(50.5%)
$8,024
15.5%
$2,746
$15,060
(81.8%)
Above- and below-market rent
380
828
(54.1%)
840
(54.8%)
2,838
4,096
(30.7%)
Cash Net Operating Income (3)
$551,955
$544,185
1.4%
$561,309
(1.7%)
$2,272,186
$2,210,134
2.8%
Stabilized Portfolio occupancy at period end (4)
82.9%
82.8%
0.0%
83.3%
(0.4%)
82.9%
82.8%
0.0%
(1)
Represents buildings owned as of December 31, 2022 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2023-2024, buildings classified as held for sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool.
(2)
For a definition and discussion of net operating income and a reconciliation of operating income to NOI, see page 32.
(3)
For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page 32.
(4)
Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.
19
Table of Contents
Summary of Leasing Activity
Financial Supplement
Leases Signed in the Quarter End December 31, 2024
Fourth Quarter 2024
0-1 MW
> 1 MW
Other (3)
Total
Leasing Activity - New (1) (2)
4Q24
LTM
4Q24
LTM
4Q24
LTM
4Q24
LTM
Annualized GAAP Rent (in thousands)
$61,748
$191,748
$22,573
$780,787
$599
$6,741
$84,920
$979,276
Kilowatt leased
19,701
60,942
13,557
343,472
—
—
33,258
404,414
NRSF (in thousands)
209
650
131
2,582
9
106
350
3,338
Weighted Average Lease Term (years)
4.5
3.9
8.1
11.7
4.3
12.2
5.8
10.2
Initial stabilized cash rent per Kilowatt
$259
$260
$130
$152
—
—
$206
$168
GAAP rent per Kilowatt
$261
$262
$139
$189
—
—
$211
$200
Leasing cost per Kilowatt
$20
$23
—
—
—
—
$12
$4
Net Effective Economics by Kilowatt (4)
Base rent by Kilowatt
$263
$265
$141
$190
—
—
$213
$201
Rental concessions by Kilowatt
$2
$3
$2
—
—
—
$2
$1
Estimated operating expense by Kilowatt
$75
$77
$37
$48
—
—
$60
$52
Net rent per Kilowatt
$186
$185
$101
$142
—
—
$151
$148
Tenant improvements by Kilowatt
—
—
—
—
—
—
—
—
Leasing commissions by Kilowatt
$7
$9
—
—
—
—
$4
$1
Net effective rent per Kilowatt
$178
$176
$101
$142
—
—
$147
$147
Initial stabilized cash rent per NRSF
$292
$292
$161
$242
$62
$51
$237
$246
GAAP rent per NRSF
$295
$295
$172
$302
$64
$64
$243
$293
Leasing cost per NRSF
$23
$26
—
—
$7
$2
$14
$5
Net Effective Economics by NRSF (4)
Base rent by NRSF
$297
$298
$175
$303
$64
$64
$245
$294
Rental concessions by NRSF
$2
$4
$3
$1
—
—
$2
$1
Estimated operating expense by NRSF
$85
$81
$47
$80
$8
$8
$69
$78
Net rent per NRSF
$210
$214
$126
$223
$56
$55
$174
$216
Tenant improvements by NRSF
—
—
—
—
—
—
—
—
Leasing commissions by NRSF
$8
$10
—
—
$2
$1
$5
$2
Net effective rent per NRSF
$201
$204
$126
$223
$53
$55
$169
$214
(1)
Excludes short-term, roof, storage, and garage leases.
(2)
Includes leases for new and re-leased space.
(3)
Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.
(4)
All dollar amounts are per square foot averaged over lease term. Per Kilowatt amounts are presented in monthly values. Per NRSF amounts are presented in yearly values.
Note: LTM is last twelve months, including current quarter. Weighted average lease term excludes renewal options and is weighted by net rentable square feet.
20
Table of Contents
Summary of Leasing Activity
Financial Supplement
Leases Renewed in the Quarter Ended December 31, 2024
Fourth Quarter 2024
0-1 MW
> 1 MW
Other (4)
Total
Leasing Activity - Renewals (1) (2) (3)
4Q24
LTM
4Q24
LTM
4Q24
LTM
4Q24
LTM
Leases renewed (Kilowatt)
34,382
142,148
59,304
216,280
—
—
93,686
358,428
Leases renewed (NRSF in thousands)
537
2,082
701
2,513
36
404
1,274
5,000
Leasing cost per Kilowatt
$1
$1
$2
$1
—
—
$2
$1
Leasing cost per NRSF
$1
$1
$2
$1
$3
$2
$2
$1
Weighted Term (years)
1.2
1.5
4.0
5.5
2.3
5.4
2.8
3.8
Cash Rent
Expiring cash rent per Kilowatt
$351
$308
$128
$133
—
—
$210
$202
Renewed cash rent per Kilowatt
$369
$321
$133
$152
—
—
$219
$219
% Change Cash Rent Per Kilowatt
4.9%
4.2%
3.7%
14.4%
—
—
4.4%
8.3%
Expiring cash rent per NRSF
$270
$253
$130
$137
$64
$51
$187
$178
Renewed cash rent per NRSF
$283
$263
$135
$157
$86
$71
$196
$194
% Change Cash Rent Per NRSF
4.9%
4.2%
3.7%
14.4%
35.8%
38.5%
4.7%
9.0%
GAAP Rent
Expiring GAAP rent per Kilowatt
$350
$307
$118
$125
—
—
$203
$197
Renewed GAAP rent per Kilowatt
$369
$322
$135
$159
—
—
$221
$224
% Change GAAP Rent Per Kilowatt
5.5%
5.0%
14.6%
27.4%
—
—
8.8%
13.6%
Expiring GAAP rent per NRSF
$269
$251
$120
$129
$57
$46
$181
$173
Renewed GAAP rent per NRSF
$284
$264
$137
$164
$80
$68
$197
$198
% Change GAAP Rent Per NRSF
5.5%
5.0%
14.6%
27.4%
40.4%
47.0%
9.1%
14.3%
Retention ratio (5)
80.4%
82.9%
82.8%
81.0%
15.7%
54.5%
73.0%
78.6%
Churn (6)
2.5%
7.8%
1.4%
4.9%
3.6%
5.6%
2.0%
6.2%
(1)
Excludes short-term, roof, storage, and garage leases.
(2)
Rental rates represent annual estimated cash rent per kilowatt and net rentable square feet, adjusted for straight-line rents in accordance with GAAP.
(3)
Per Kilowatt amounts are presented in monthly values. Per NRSF amounts are presented in yearly values.
(4)
Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.
(5)
Based on square feet.
(6)
Churn is defined as recurring revenue lost during the period due to leases terminated or not renewed, divided by recurring revenue at the beginning of the period.
Note: LTM is last twelve months, including current quarter. Weighted average lease term excludes renewal options and is weighted by net rentable square feet.
21
Table of Contents
Lease Expirations - By Size
Financial Supplement
Dollars and Square Feet in Thousands (except per square foot and per kW data)
Fourth Quarter 2024
% of
Annualized Rent Per
Annualized Rent Per
Rent Per kW
Square Footage of
Annualized
Annualized
Occupied
Occupied Square
Annualized Rent
kW of Expiring
Rent per kW
Per Month at
Year
Expiring Leases (1)
Rent (2)
Rent
Square Foot
Foot at Expiration
at Expiration
Leases
Per Month
Expiration
0-1 MW
Available
2,890
—
—
—
—
—
—
—
—
Month to Month (3)
232
$53,167
1.4%
$229
$228
$52,957
11,570
$383
$381
2025
2,422
733,388
19.8%
303
303
734,031
172,564
354
354
2026
678
175,076
4.7%
258
263
178,682
52,913
276
281
2027
703
158,584
4.3%
225
237
166,661
54,840
241
253
2028
328
64,153
1.7%
196
211
69,244
23,552
227
245
2029
309
59,728
1.6%
194
214
66,175
23,578
211
234
2030
125
29,986
0.8%
239
262
32,807
8,730
286
313
2031
110
20,766
0.6%
189
217
23,790
7,246
239
274
2032
48
7,653
0.2%
159
184
8,874
2,765
231
267
2033
30
8,520
0.2%
281
337
10,194
2,635
269
322
2034
29
3,644
0.1%
125
125
3,651
1,811
168
168
Thereafter
13
1,429
0.0%
111
114
1,468
425
280
287
Total / Wtd. Avg.
7,918
$1,316,096
35.5%
$262
$268
$1,348,534
362,629
$302
$310
> 1 MW
Expiring Leases (1)
Annualized
Annualized
Annualized Rent Per
Annualized Rent Per
Annualized Rent Per
kW of Expiring
Annualized
Rent Per kW
Available
1,636
—
—
—
—
—
—
—
—
Month to Month (3)
52
$7,730
0.2%
$149
$150
$7,762
3,942
$163
$164
2025
1,183
190,930
5.1%
161
163
192,834
108,455
147
148
2026
1,836
265,780
7.2%
145
149
274,030
164,408
135
139
2027
1,555
231,835
6.3%
149
158
245,316
149,234
129
137
2028
1,511
187,200
5.0%
124
133
200,885
137,029
114
122
2029
1,884
274,484
7.4%
146
160
301,997
211,706
108
119
2030
1,283
192,284
5.2%
150
165
211,557
141,513
113
125
2031
988
148,575
4.0%
150
176
173,996
103,823
119
140
2032
854
118,541
3.2%
139
158
134,580
92,948
106
121
2033
570
90,317
2.4%
159
187
106,313
60,600
124
146
2034
1,283
151,561
4.1%
118
139
178,319
122,392
103
121
Thereafter
1,820
289,885
7.8%
159
204
371,404
179,451
135
172
Total / Wtd. Avg.
16,455
$2,149,122
57.9%
$145
$162
$2,398,993
1,475,502
$121
$135
Other (4)
Expiring Leases (1)
Annualized
Annualized
Annualized Rent Per
Annualized Rent Per
Annualized Rent Per
kW of Expiring
Annualized
Rent Per kW
Available
1,278
—
—
—
—
—
—
—
—
Month to Month (3)
96
$9,188
0.2%
$96
$96
$9,197
—
—
—
2025
725
23,630
0.6%
33
33
23,696
—
—
—
2026
845
29,087
0.8%
34
36
30,345
—
—
—
2027
342
11,044
0.3%
32
34
11,633
—
—
—
2028
479
14,021
0.4%
29
31
15,047
—
—
—
2029
757
37,110
1.0%
49
55
41,479
—
—
—
2030
832
35,619
1.0%
43
57
47,438
—
—
—
2031
72
2,320
0.1%
32
38
2,713
—
—
—
2032
111
6,267
0.2%
57
64
7,028
—
—
—
2033
110
4,164
0.1%
38
44
4,860
—
—
—
2034
590
21,695
0.6%
37
45
26,686
—
—
—
Thereafter
2,514
49,397
1.3%
20
25
63,804
—
—
—
Total / Wtd. Avg.
8,749
$243,541
6.6%
$33
$38
$283,925
—
—
—
Total
Expiring Leases (1)
Annualized
Annualized
Annualized Rent Per
Annualized Rent Per
Annualized Rent Per
kW of Expiring
Annualized
Rent Per kW
Available
5,680
—
—
—
—
—
—
—
—
Month to Month (3)
380
$70,085
1.9%
$184
$184
$69,917
—
—
—
2025
4,330
947,948
25.6%
219
220
950,561
—
—
—
2026
3,359
469,943
12.7%
140
144
483,057
—
—
—
2027
2,600
401,463
10.8%
154
163
423,610
—
—
—
2028
2,318
265,374
7.2%
114
123
285,176
—
—
—
2029
2,950
371,322
10.0%
126
139
409,651
—
—
—
2030
2,240
257,889
7.0%
115
130
291,802
—
—
—
2031
1,169
171,662
4.6%
147
171
200,498
—
—
—
2032
1,013
132,461
3.6%
131
149
150,482
—
—
—
2033
710
103,000
2.8%
145
171
121,367
—
—
—
2034
1,902
176,901
4.8%
93
110
208,656
—
—
—
Thereafter
4,347
340,711
9.2%
78
100
436,675
—
—
—
Total / Wtd. Avg.
32,999
$3,708,758
100.0%
$136
$148
$4,031,452
—
—
—
(1)
For some buildings, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common areas. 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 areas.
(2)
Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2024, multiplied by 12.
(3)
Includes leases, licenses, and similar agreements that upon expiration have been automatically renewed on a month-to-month basis.
(4)
Other includes unimproved building shell capacity as well as storage and office space within fully improved data center facilities.
Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on our ownership percentage.
22
Table of Contents
Top 20 Customers by Annualized Rent
Financial Supplement
Dollars in Thousands
Fourth Quarter 2024
Weighted
Average
Annualized
% of Annualized
Remaining
Number of
Recurring
Recurring
Lease Term in
Customer
Locations
Revenue (1)
Revenue
Years
1
Fortune 50 Software Company
73
$475,081
11.5%
8.9
2
Oracle Corporation
39
266,603
6.4%
9.7
3
Social Content Platform
30
229,771
5.5%
3.7
4
Global Cloud Provider
63
189,147
4.6%
4.8
5
IBM
36
119,145
2.9%
2.8
6
Equinix
17
98,128
2.4%
5.0
7
LinkedIn Corporation
7
84,509
2.0%
3.2
8
Fortune 25 Investment Grade-Rated Company
29
64,371
1.6%
1.9
9
Meta Platforms, Inc.
49
64,157
1.5%
3.6
10
Social Media Platform
5
63,168
1.5%
6.4
11
Specialized Cloud Provider
2
58,322
1.4%
4.7
12
Lumen Technologies, Inc.
130
55,529
1.3%
8.2
13
Fortune 25 Tech Company
54
54,008
1.3%
3.3
14
AT&T
77
49,890
1.2%
2.5
15
Comcast Corporation
44
43,900
1.1%
3.5
16
Fortune 500 SaaS Provider
10
42,462
1.0%
2.8
17
JPMorgan Chase & Co.
19
40,101
1.0%
3.4
18
Rackspace
23
37,599
0.9%
8.9
19
Morgan Stanley
13
37,276
0.9%
4.4
20
Verizon
88
33,554
0.8%
12.1
Total / Weighted Average
$2,106,721
50.8%
6.1
(1)
Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements) and interconnection revenue under existing leases as of December 31, 2024, multiplied by 12.
Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on ownership percentage. Our direct customers may be the entities named in the table above or their subsidiaries or affiliates.
23
Table of Contents
Occupancy Analysis
Financial Supplement
Dollars and Square Feet in Thousands
Fourth Quarter 2024
Net Rentable
Space Under Active
Space Held for
Annualized
Occupancy (5)
White Space
Data Center
Metropolitan Area
Square Feet (1)
Development (2)
Development (3)
Rent (4)
31-Dec-24
30-Sep-24
IT Load (6)
Count
North America
Northern Virginia
5,372
1,571
254
$643,833
92.8%
93.1%
478.5
18
Chicago
2,262
553
48
232,208
92.6%
92.3%
81.0
7
Dallas
3,126
408
110
211,320
84.0%
83.0%
111.2
19
New York
1,553
87
100
201,566
73.7%
67.0%
59.9
11
Silicon Valley
1,524
—
—
162,151
87.9%
91.2%
94.6
13
Portland
1,147
—
—
152,973
98.9%
98.9%
123.6
3
Phoenix
796
—
—
78,576
76.7%
75.9%
42.5
2
Toronto
593
130
135
63,437
96.1%
95.5%
55.8
2
Atlanta
542
15
314
61,235
96.7%
97.6%
9.1
4
San Francisco
844
—
—
60,731
61.6%
62.4%
31.5
4
Seattle
397
—
—
48,233
73.8%
75.1%
5.9
1
Los Angeles
611
11
—
43,954
79.4%
80.6%
16.2
2
Houston
393
—
14
19,221
69.7%
69.6%
12.0
6
Boston
437
—
51
15,527
38.1%
41.9%
19.0
3
Miami
226
—
—
9,941
86.0%
85.3%
1.3
2
Austin
86
—
—
7,472
59.7%
59.6%
4.3
1
Charlotte
95
—
—
5,889
92.4%
92.0%
1.5
3
North America Total/Weighted Average
20,004
2,775
1,025
$2,018,267
85.5%
85.5%
1,147.9
101
EMEA
London
1,412
13
76
$227,318
61.0%
60.7%
98.9
13
Frankfurt
1,722
1,488
—
217,040
87.2%
86.5%
110.8
24
Amsterdam
1,332
222
92
183,014
86.2%
85.0%
116.3
13
Johannesburg
1,263
945
—
143,214
81.7%
80.7%
67.4
5
Paris
977
285
—
124,168
82.8%
83.1%
91.9
12
Marseille
558
237
378
72,264
75.4%
80.2%
45.2
4
Zurich
496
92
—
68,909
85.2%
83.1%
34.3
3
Dublin
553
—
—
56,505
71.3%
71.8%
39.3
9
Vienna
356
133
—
50,148
82.6%
82.7%
25.6
3
Cape Town
326
402
—
44,169
87.3%
75.9%
21.1
2
Madrid
308
100
—
43,514
76.4%
75.9%
16.8
4
Brussels
338
—
—
38,542
69.7%
69.7%
21.5
3
Stockholm
245
—
—
23,781
57.7%
72.7%
16.8
6
Copenhagen
226
—
99
23,506
69.2%
69.8%
12.9
3
Dusseldorf
142
—
71
18,601
59.8%
54.7%
7.7
3
Athens
148
61
—
18,253
81.9%
80.8%
9.0
4
Durban
59
—
—
6,914
69.7%
90.1%
2.1
1
Mombasa
37
—
21
4,346
39.6%
39.0%
1.9
2
Zagreb
24
10
—
2,723
94.6%
94.6%
0.9
1
Nairobi
16
75
—
2,993
64.6%
64.3%
0.9
1
Maputo
3
—
—
487
41.6%
41.6%
0.2
1
Rome
0
37
—
177
100.0%
—
0.1
1
Barcelona
—
144
—
—
—
—
—
—
Crete
—
11
—
—
—
—
—
—
EMEA Total/Weighted Average
10,540
4,254
738
$1,370,587
78.1%
77.6%
741.6
118
Asia Pacific
Singapore
793
—
97
$210,062
91.1%
91.8%
72.1
3
Sydney
361
—
88
26,004
83.3%
85.9%
22.8
4
Melbourne
147
—
—
17,598
90.6%
92.4%
9.6
2
Hong Kong
114
66
104
10,857
73.3%
73.2%
7.5
1
Seoul
162
—
—
4,586
25.2%
14.9%
12.0
1
Asia Pacific Total/Weighted Average
1,577
66
289
$269,106
81.2%
81.8%
123.9
11
Consolidated Portfolio Total/Weighted Average
32,120
7,095
2,052
$3,657,960
82.9%
82.7%
2,013.3
230
Unconsolidated Joint Ventures
Northern Virginia
2,793
792
—
$244,873
97.0%
96.8%
209.7
12
Chicago
1,118
—
—
118,762
96.3%
96.3%
94.2
3
Frankfurt
551
—
—
49,376
81.0%
77.9%
46.1
5
Dallas
364
—
—
27,081
100.0%
100.0%
16.0
2
Silicon Valley
142
—
400
18,592
100.0%
100.0%
10.9
2
Hong Kong
186
—
—
11,192
44.3%
44.3%
11.0
1
Toronto
104
—
—
9,821
54.5%
54.6%
6.8
1
Los Angeles
197
—
—
9,617
80.0%
100.0%
4.3
2
Paris
91
179
—
7,050
60.1%
59.9%
10.0
1
Lagos
5
26
—
1,215
93.3%
92.2%
0.2
2
Accra
—
24
—
—
—
—
—
—
Managed Unconsolidated Portfolio Total/Weighted Average
5,552
1,022
400
$497,581
91.8%
91.8%
409.0
31
Managed Portfolio Total/Weighted Average
37,672
8,117
2,452
$4,155,541
84.2%
84.0%
2,422.3
261
Digital Realty Share Total/Weighted Average (7)
32,999
6,495
2,446
$3,708,758
82.8%
81.6%
2,079.9
—
Non-Managed Unconsolidated Joint Ventures
Sao Paulo
1,416
75
1,198
$177,167
92.0%
91.9%
119.6
25
Tokyo
1,118
479
—
88,868
76.2%
74.9%
64.9
5
Osaka
583
116
80
73,048
82.0%
83.3%
58.9
4
Santiago
119
118
71
14,696
90.1%
90.1%
10.2
3
Rio De Janeiro
112
—
—
11,647
100.0%
100.0%
8.0
2
Queretaro
105
—
583
9,693
100.0%
100.0%
8.0
3
Seattle
51
—
—
7,770
100.0%
100.0%
9.0
1
Fortaleza
94
—
—
1,769
22.0%
22.0%
6.2
1
Chennai
55
—
104
310
2.5%
—
7.2
1
Bogota
—
—
197
—
—
—
—
2
Non-Managed Portfolio Total/Weighted Average
3,654
787
2,234
$384,966
83.0%
82.6%
292.0
47
Portfolio Total/Weighted Average
41,326
8,904
4,686
$4,540,507
84.1%
83.9%
2,714.3
308
(1)
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 areas.
(2)
Space under active development includes current Base Building and Data Center projects in progress.
(3)
Space held for development includes space held for future Data Center development and excludes space under active development.
(4)
Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2024, multiplied by 12.
(5)
Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.
(6)
White Space IT Load represents UPS-backed utility power dedicated to Digital Realty’s operated data center space.
(7)
Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage.
24
Table of Contents
Development Lifecycle (1)
Financial Supplement
Dollars in Thousands
Fourth Quarter 2024
Future Development Capacity
Data Center Construction
IT Capacity (100% Share) (2)
Total Investment (3)
Project Summary (4)
100% Share (4)
DLR Share (5)
Under
Average
Current
Future
Total
Current
Future
Total
100% Share
DLR Share
Construction
Expected
Investment
Investment
Investment
Investment
Investment
Investment
Yields
Region
Land (MW)
Shell (MW)
(4)
(5)
(MW)
% Leased
Completion
(6)
(7)
(8)
(6)
(7)
(8)
(9)
Northern Virginia
1,000
120
$1,774,041
$1,502,761
192
100%
4Q25
$655,787
$1,262,588
$1,918,375
$452,072
$683,674
$1,135,745
Chicago
40
—
38,990
38,990
54
89%
4Q26
100,126
548,796
648,923
100,126
548,796
648,923
Dallas
230
30
184,027
184,027
48
100%
4Q26
22,702
493,714
516,416
22,702
493,714
516,416
Other
710
150
847,546
751,069
24
90%
3Q25
259,435
36,461
295,896
195,655
29,240
224,895
Americas
1,980
300
$2,844,605
$2,476,848
318
97%
$1,038,050
$2,341,560
$3,379,610
$770,555
$1,755,424
$2,525,979
13.7%
Frankfurt
120
60
$771,095
$663,656
46
47%
4Q25
$688,564
$146,074
$834,638
$688,564
$146,074
$834,638
Paris
220
—
98,030
56,565
52
57%
3Q25
605,048
144,011
749,059
477,315
81,290
558,605
Amsterdam
40
10
66,906
66,906
27
—
4Q25
206,390
198,800
405,189
206,390
198,800
405,189
Other
460
110
680,518
657,677
146
35%
2Q26
636,775
824,875
1,461,650
509,608
719,430
1,229,038
EMEA
840
180
$1,616,550
$1,444,804
272
38%
$2,136,776
$1,313,760
$3,450,536
$1,881,876
$1,145,594
$3,027,470
10.9%
Tokyo
30
10
$101,880
$50,940
36
74%
3Q25
$174,200
$187,809
$362,009
$87,100
$93,904
$181,005
Hong Kong
—
—
26,334
26,334
6
100%
3Q25
45,386
34,454
79,840
45,386
34,454
79,840
Osaka
40
10
35,659
17,829
12
50%
4Q25
46,117
67,536
113,653
23,059
33,768
56,827
Other
200
20
257,248
173,172
—
—
—
—
—
—
—
—
—
APAC
270
40
$421,120
$268,274
54
72%
$265,704
$289,799
$555,503
$155,545
$162,126
$317,671
10.0%
Total
3,090
520
$4,882,275
$4,189,927
644
70%
$3,440,530
$3,945,119
$7,385,649
$2,807,976
$3,063,144
$5,871,121
12.1%
(1)
Includes development projects in consolidated and unconsolidated joint ventures.
(2)
Represents the expected megawatt capacity to be developed based on our current plans and estimates; actual megawatt capacity developed may differ. Includes land and space held or actively under construction in preparation for future data center fit-out.
(3)
Represents cost incurred through December 31, 2024, plus remaining cost to complete on approved phases in preparation for future data center fit-out, including pro-rata share of acquisition, shell, and infrastructure costs.
(4)
Includes Digital Realty's and partners' shares in development joint venture projects.
(5)
Includes only Digital Realty's share in development joint venture projects.
(6)
Represents cost incurred through December 31, 2024.
(7)
Represents estimated cost to complete scope of work pursuant to approved development budget.
(8)
Represents total cost to develop a data center, including pro-rata share of acquisition, infrastructure, and shell space, plus the direct investment in the data center fit-out.
(9)
Represents pre-tax estimated stabilized cash yields, which are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions.
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Table of Contents
Construction Projects in Progress (1)
Financial Supplement
Dollars in Thousands
Fourth Quarter 2024
100% Share (2)
DLR Share (3)
Current
Future
Total
Current
Future
Total
Construction Projects in Progress
Investment (4)
Investment (5)
Investment
Investment (4) (6)
Investment (5)
Investment
Future Development Capacity (7)
$2,910,984
$1,971,291
$4,882,275
$2,496,078
$1,693,848
$4,189,927
Data Center Construction
3,440,530
3,945,119
7,385,649
2,807,976
3,063,144
5,871,121
Equipment Pool & Other Inventory (8)
192,429
—
192,429
192,429
—
192,429
Campus, Tenant Improvements & Other (9)
271,042
157,976
429,018
271,042
157,976
429,018
Total Land Held and Development CIP
$6,814,986
$6,074,385
$12,889,372
$5,767,526
$4,914,968
$10,682,495
Enhancement & Other
$11,112
$6,768
$17,879
$11,112
$6,768
$17,879
Recurring
29,657
36,451
66,108
29,657
36,451
66,108
Total Land Held and Construction in Progress
$6,855,755
$6,117,604
$12,973,359
$5,808,295
$4,958,187
$10,766,483
(1)
Includes development projects in consolidated and unconsolidated joint ventures.
(2)
Includes Digital Realty's and partners' shares in development joint venture projects.
(3)
Includes only Digital Realty's share in development joint venture projects.
(4)
Represents cost incurred through December 31, 2024.
(5)
Represents estimated cost to complete scope of work pursuant to approved development budget.
(6)
Excludes $116.8 million representing our partners' shares in consolidated joint ventures included in Construction in Progress or Land Held for Future Development in our Consolidated Balance Sheet; includes $681.2 million representing Digital Realty's share in development projects classified as Investments in Unconsolidated Joint Ventures in our Consolidated Balance Sheet.
(7)
Includes land and space held or actively under construction in preparation for future data center fit-out.
(8)
Represents long-lead equipment and materials required for timely deployment and delivery of data center fit-out.
(9)
Represents improvements in progress as of December 31, 2024, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements. Includes $2.8 million included in our Consolidated Balance Sheet related to fair value adjustments on Teraco portfolio projects that were partially constructed as of August 1, 2022.
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Table of Contents
Historical Capital Expenditures and Investments in Real Estate
Financial Supplement
Dollars and Square Feet in Thousands
Fourth Quarter 2024
Three Months Ended
Twelve Months Ended
31-Dec-24
30-Sep-24
30-Jun-24
31-Mar-24
31-Dec-23
31-Dec-24
31-Dec-23
Non-Recurring Capital Expenditures (1)
Development (2)
$528,356
$650,912
$531,903
$549,522
$845,315
$2,260,693
$2,966,898
Enhancements and Other Non-Recurring
13,384
7,070
7,051
7,738
10,113
35,243
15,705
Total Non-Recurring Capital Expenditures
$541,740
$657,982
$538,953
$557,260
$855,428
$2,295,936
$2,982,603
Recurring Capital Expenditures (3)
$130,245
$67,308
$60,483
$47,676
$142,808
$305,712
$327,022
Total Direct Capital Expenditures
$671,985
$725,290
$599,436
$604,936
$998,236
$2,601,647
$3,309,625
Indirect Capital Expenditures
Capitalized Interest
$34,442
$28,312
$27,592
$28,522
$33,032
$118,868
$116,816
Capitalized Overhead
28,983
27,929
28,457
25,857
27,867
111,226
99,156
Total Indirect Capital Expenditures
$63,425
$56,241
$56,049
$54,379
$60,899
$230,094
$215,972
Total Improvements to and Advances for Investment in Real Estate
$735,410
$781,530
$655,485
$659,315
$1,059,135
$2,831,740
$3,525,597
(1)
Non-recurring capital expenditures are primarily for development of space and land, excluding acquisition costs.
(2)
Amount reflects the total capital expenditures on consolidated development projects during the quarter. The total includes 100% of spending on projects contributed to joint ventures prior to their contribution.
(3)
Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions.
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Table of Contents
Acquisitions / Dispositions/ Joint Ventures
Financial Supplement
Dollars and Square Feet in Thousands
Fourth Quarter 2024
Closed Acquisitions:
Net
Rentable
Square Feet
Square Feet
% of Total Net
Acquisition
Metropolitan
Date
Purchase
Cap
Square
Under
Held For
Rentable Square
Property
Type
Area
Acquired
Price (1)
Rate (2)
Feet (3)
Development
Development
Feet Occupied (4)
1201 North Bowser Road
Land
Dallas, TX
10/15/2024
$14,500
NA
—
—
—
—
Calle Alcala (MAD5)
Land
Madrid, SPN
10/25/2024
26,430
NA
—
—
—
—
Moores Chapel Road
Land
Charlotte, NC
11/21/2024
160,000
NA
—
—
—
—
Total
$200,930
—
—
—
—
—
Closed Dispositions:
Net
Rentable
Square Feet
Square Feet
% of Total Net
Disposition
Metropolitan
Date
Sale
Cap
Square
Under
Held For
Rentable Square
Property
Type
Area
Disposed
Price (1)
Rate (2)
Feet (3)
Development
Development
Feet Occupied (4)
Wilhelm-Fay-Straße 24 (5)
Building
Frankfurt, GER
12/5/2024
$489,088
5.7%
—
—
—
98.5%
60 & 80 Merritt Boulevard
Building
Trumbull, CT
12/9/2024
10,000
NA
—
—
—
—
1 - 3 St Annes Boulevard
Building
Redhill, UK
12/19/2024
80,430
NA
—
—
—
—
2334 Lundy Place
Building
San Jose, CA
12/19/2024
9,543
NA
—
—
—
—
Total
$589,061
—
—
—
—
—
Closed Joint Venture Contributions:
Net
Rentable
Square Feet
Square Feet
% of Total Net
Metropolitan
Contribution
Cap
Square
Under
Held For
Rentable Square
Property
Area
Date
Price
Rate (2)
Feet (3)
Development
Development
Feet Occupied (4)
Blackstone JV - Phase II (6)
NoVa, Frankfurt
12/3/2024
$509,472
NA
—
—
—
—
Total
$509,472
—
—
—
—
—
(1)
Represents the purchase price or sale price, as applicable before contractual price adjustments, transaction expenses, taxes, and potential currency fluctuations. All prices converted to USD based on FX rate as of December 31, 2024.
(2)
We calculate the cash capitalization rate on acquisitions, dispositions, and joint venture contributions by dividing anticipated annual net operating income by the purchase/sale/contribution price, including assumed debt and related pre-payment penalties. Net operating income represents rental revenue and tenant reimbursement revenue from in-place leases, less rental property operating and maintenance expenses, property taxes and insurance expenses, and is not a financial measure calculated in accordance with GAAP. We caution you not to place undue reliance on our cash capitalization rates because they are based solely on data made available to us in the diligence process in connection with the relevant acquisitions and are calculated on a non-GAAP basis. Our calculation of the cash capitalization rate on acquisitions may change, based on our experience operating the data centers subsequent to closing of the acquisitions.
In addition, the actual cash capitalization rates may differ from our expectations based on numerous other factors, including the results of our final purchase price allocation, difficulties collecting anticipated rental revenues, tenant bankruptcies, property tax reassessments and unanticipated expenses at the data centers that we cannot pass on to tenants.
(3)
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.
(4)
Occupancy excludes space under active development and space held for development.
(5)
Digital Realty sold an additional 15.1% interest in the Facility for €71 million or approximately $74 million. Sale price is shown at 100%.
(6)
Blackstone acquired an 80% interest, while Digital Realty maintains a 20% interest and will manage the development and day-to-day operations of the JV. Contribution price is shown at 100%.
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Table of Contents
Unconsolidated Joint Ventures
Financial Supplement
Dollars in Thousands
Fourth Quarter 2024
Summary Balance Sheet -
As of December 31, 2024
at the JV's 100% Share
Americas (1)
APAC (2)
EMEA (3)
Global (4)
Total
Gross cost of operating real estate
$6,443,437
$1,881,988
$701,844
$1,701,716
$10,728,985
Accumulated depreciation & amortization
(970,107)
(267,660)
(4,540)
(104,877)
(1,347,184)
Net Book Value of Operating Real Estate
$5,473,330
$1,614,327
$697,304
$1,596,839
$9,381,800
Cash
343,954
303,723
63,301
44,115
755,093
Other assets
1,656,516
209,116
248,451
366,128
2,480,210
Total Assets
$7,473,799
$2,127,166
$1,009,055
$2,007,082
$12,617,102
Debt
2,794,156
635,833
—
550,463
3,980,451
Other liabilities
738,092
188,088
992,580
44,258
1,963,018
Equity / (deficit)
3,941,551
1,303,245
16,475
1,011,361
6,272,632
Total Liabilities and Equity
$7,473,799
$2,127,166
$1,009,055
$1,606,082
$12,216,102
Digital Realty's ownership percentage
Various
Various
Various
38%
Digital Realty's Pro Rata Share of Unconsolidated JV Debt
$927,132
$309,994
—
$211,846
$1,448,972
Summary Statement of Operations -
Three Months Ended December 31, 2024
at the JV's 100% Share
Americas (1)
APAC (2)
EMEA (3)
Global (4)
Total
Total revenues
$215,331
$71,559
$4,164
$33,120
$324,174
Operating expenses
(89,750)
(32,908)
(2,608)
(13,711)
(138,977)
Net Operating Income (NOI)
$125,581
$38,651
$1,556
$19,409
$185,197
Straight-line rent
(2,595)
211
(114)
(329)
(2,827)
Above and below market rent
1,028
—
(441)
(1,575)
(988)
Cash Net Operating Income (NOI)
$124,014
$38,862
$1,002
$17,504
$181,382
Interest expense
($58,436)
($1,457)
($3,214)
($8,628)
($71,734)
Depreciation & amortization
(110,014)
(15,323)
(2,467)
(17,655)
(145,458)
Other income / (expense)
36,836
(3,911)
520
(28,692)
4,753
FX remeasurement on USD debt
(83,632)
—
3,851
25,769
(54,012)
Total Non-Operating Expenses
($215,246)
($20,691)
($1,310)
($29,205)
($266,452)
Net Income / (Loss)
($89,665)
$17,960
$245
($9,797)
($81,256)
Digital Realty's Pro Rata Share of Unconsolidated JV NOI
$39,541
$19,324
$441
$8,215
$67,521
Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI
$39,053
$19,429
$330
$7,309
$66,121
Digital Realty's Earnings (loss) income from unconsolidated joint ventures
($45,281)
$8,980
$3,301
($3,201)
($36,201)
Digital Realty's Pro Rata Share of Core FFO (5)
$8,690
$16,626
$1,611
$6,919
$33,846
Digital Realty's Fee Income from Joint Ventures
$14,547
$891
$621
$3,456
$19,515
(1)
Includes Ascenty, Blackstone NoVa, Clise, GI Partners, Mapletree, Menlo, Mitsubishi, Realty Income, TPG Real Estate, and Walsh.
(2)
Includes Digital Connexion, Lumen, and MC Digital Realty.
(3)
Includes Blackstone Frankfurt, Blackstone Paris, Medallion, and Mivne.
(4)
Includes Digital Core REIT.
(5)
For a definition of Core FFO, see page 31.
Note: Digital Realty’s ownership percentages in the Joint Ventures vary.
29
Table of Contents
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios
Financial Supplement
Unaudited and Dollars in Thousands
Fourth Quarter 2024
Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1)
31-Dec-24
30-Sep-24
30-Jun-24
31-Mar-24
31-Dec-23
Net Income / (Loss) Available to Common Stockholders
$179,388
$41,012
$70,039
$271,327
$18,122
Interest
104,742
123,803
114,756
109,535
113,638
Loss on debt extinguishment and modifications
2,165
2,636
—
1,070
—
Income tax expense (benefit)
4,928
12,427
14,992
22,413
20,724
Depreciation & amortization
455,355
459,997
425,343
431,102
420,475
EBITDA
$746,578
$639,875
$625,130
$835,446
$572,958
Unconsolidated JV real estate related depreciation & amortization
49,463
48,474
47,117
47,877
64,833
Unconsolidated JV interest expense and tax expense
32,255
34,951
27,704
34,271
42,140
Severance, equity acceleration and legal expenses
2,346
2,481
884
791
7,565
Transaction and integration expenses
11,797
24,194
26,072
31,839
40,226
(Gain) / loss on sale of investments
(144,885)
556
(173,709)
(277,787)
103
Provision for impairment
22,881
—
168,303
—
5,363
Other non-core adjustments, net (2)
24,539
8,642
743
21,608
(35,439)
Non-controlling interests
(3,881)
(11,059)
(5,552)
6,329
(8,419)
Preferred stock dividends
10,181
10,181
10,181
10,181
10,181
Adjusted EBITDA
$751,276
$758,296
$726,874
$710,556
$699,509
(1)
For definitions and discussion of EBITDA and Adjusted EBITDA, see the Definitions section.
(2)
Includes foreign exchange net unrealized gains/losses attributable to remeasurement, deferred rent adjustments related to a customer bankruptcy, write offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses, gain on sale of land option and lease termination fees.
Three Months Ended
Financial Ratios
31-Dec-24
30-Sep-24
30-Jun-24
31-Mar-24
31-Dec-23
Total GAAP interest expense
$104,742
$123,803
$114,756
$109,535
$113,638
Capitalized interest
34,442
28,312
27,592
28,522
33,032
Change in accrued interest and other non-cash amounts
(58,137)
43,720
(55,605)
55,421
(66,013)
Cash Interest Expense (3)
$81,046
$195,835
$86,743
$193,479
$80,657
Preferred stock dividends
10,181
10,181
10,181
10,181
10,181
Total Fixed Charges (4)
$149,364
$162,296
$152,529
$148,239
$156,851
Coverage
Interest coverage ratio (5)
4.5x
4.3x
4.3x
4.3x
4.2x
Cash interest coverage ratio (6)
6.9x
3.4x
6.4x
6.3x
3.2x
Fixed charge coverage ratio (7)
4.2x
4.1x
4.1x
4.0x
4.0x
Cash fixed charge coverage ratio (8)
6.3x
3.3x
5.9x
3.1x
5.9x
Leverage
Debt to total enterprise value (9)(10)
21.4%
23.5%
24.2%
24.2%
26.7%
Debt-plus-preferred-stock-to-total-enterprise-value (10)(11)
22.3%
24.5%
25.3%
25.3%
27.9%
Pre-tax income to interest expense (12)
2.8x
1.3x
1.7x
3.5x
1.2x
Net Debt-to-Adjusted EBITDA (13)
4.8x
5.4x
5.3x
5.7x
6.0x
(3)
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.
(4)
Fixed charges consist of GAAP interest expense, capitalized interest, and preferred stock dividends.
(5)
Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated joint venture interest expense).
(6)
Adjusted EBITDA divided by cash interest expense (including our pro rata share of unconsolidated joint venture interest expense).
(7)
Adjusted EBITDA divided by fixed charges (including our pro rata share of unconsolidated joint venture fixed charges).
(8)
Adjusted EBITDA divided by the sum of cash interest expense and preferred stock dividends (including our pro rata share of unconsolidated joint venture cash fixed charges).
(9)
Total debt divided by market value of common equity plus debt plus preferred stock.
(10)
Total enterprise value defined as market value of common equity plus debt plus preferred stock.
(11)
Same as (9), except numerator includes preferred stock.
(12)
Calculated as net income plus interest expense divided by GAAP interest expense.
(13)
Calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus Digital Realty’s pro rata share of unconsolidated joint venture debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated joint venture cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated joint venture EBITDA), multiplied by four.
30
Table of Contents
Management Statements on Non-GAAP Measures
Financial Supplement
Unaudited
Fourth Quarter 2024
Definitions
Funds From Operations (FFO):
We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts (Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO is a non-GAAP financial measure and represents net income (loss) (computed in accordance with GAAP), excluding gain (loss) from the disposition of real estate assets, provision for impairment, real estate related depreciation and amortization (excluding amortization of deferred financing costs), our share of unconsolidated JV real estate related depreciation & amortization, net income attributable to non-controlling interests in operating partnership and reconciling items related to non-controlling interests. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs.
We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited.
Other REITs may not calculate FFO in accordance with the Nareit definition and, accordingly, our FFO may not be comparable to other REITs’ FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.
Core Funds from Operations (Core FFO):
We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) loss on debt extinguishment and modifications, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration and legal expenses, (vi) gain/loss on FX and derivatives revaluation, and (vii) other non-core expense adjustments. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited.
Other REITs may calculate Core FFO differently than we do and accordingly, our Core FFO may not be comparable to other REITs’ Core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.
Adjusted Funds from Operations (AFFO):
We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs, including on a per share and unit basis. We calculate AFFO by adding to or subtracting from Core FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs, (iii) amortization of debt discount/premium, (iv) non-cash stock-based compensation expense, (v) straight-line rental revenue, (vi) straight-line rental expense, (vii) above- and below-market rent amortization, (viii) deferred tax expense / (benefit), (ix) leasing compensation and internal lease commissions, and (x) recurring capital expenditures.
Other REITs may calculate AFFO differently than we do and, accordingly, our AFFO may not be comparable to other REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.
EBITDA and Adjusted EBITDA:
We believe that earnings before interest, loss on debt extinguishment and modifications, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, (i) unconsolidated joint venture real estate related depreciation & amortization, (ii) unconsolidated joint venture interest expense and tax, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) non-controlling interests, (ix) preferred stock dividends, and (x) issuance costs associated with redeemed preferred stock.
Adjusted EBITDA is EBITDA excluding (i) unconsolidated joint venture real estate related depreciation & amortization, (ii) unconsolidated joint venture interest expense and tax, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) non-controlling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited.
Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance.
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Table of Contents
Management Statements on Non-GAAP Measures
Financial Supplement
Unaudited
Fourth Quarter 2024
Net Operating Income (NOI) and Cash NOI:
Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. Same-Capital Cash NOI represents buildings owned as of December 31, 2022 of the prior year with less than 5% of total rentable square feet under development and excludes buildings that were undergoing, or were expected to undergo, development activities in 2023-2024, buildings classified as held for sale, and buildings sold or contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool).
However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance.
Additional Definitions
Net debt-to-Adjusted EBITDA ratio is calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus Digital Realty’s pro rata share of unconsolidated joint venture debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated joint venture cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated joint venture EBITDA), multiplied by four.
Debt-plus-preferred-to-total enterprise value is total debt plus preferred stock divided by total debt plus the liquidation value of preferred stock and the market value of outstanding Digital Realty Trust, Inc. common stock and Digital Realty Trust, L.P. units, assuming the redemption of Digital Realty Trust, L.P. units for shares of Digital Realty Trust, Inc. common stock.
Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest and preferred stock dividends. For the quarter ended December 31, 2024, GAAP interest expense was $105 million, capitalized interest was $34 million and preferred stock dividends was $10 million.
Reconciliation of Net Operating Income (NOI)
Three Months Ended
Twelve Months Ended
(in thousands)
31-Dec-24
30-Sep-24
31-Dec-23
31-Dec-24
31-Dec-23
Operating income
$144,322
$168,286
$134,035
$471,864
$524,461
Fee income
(23,316)
(12,907)
(14,330)
(64,888)
(44,926)
Other income
(40)
(4,581)
(144)
(7,608)
(1,963)
Depreciation and amortization
455,355
459,997
420,475
1,771,797
1,694,859
General and administrative
124,470
115,120
109,235
473,521
431,004
Severance, equity acceleration and legal expenses
2,346
2,481
7,565
6,502
18,054
Transaction expenses
11,797
24,194
40,226
93,902
84,722
Provision for impairment
22,881
—
5,363
191,184
118,363
Other expenses
12,002
4,774
5,580
27,083
7,529
Net Operating Income
$749,818
$757,365
$708,003
$2,963,357
$2,832,102
Cash Net Operating Income (Cash NOI)
Net Operating Income
$749,818
$757,365
$708,003
$2,963,357
$2,832,102
Straight-line rental revenue
(22,577)
(18,423)
(22,085)
(46,395)
(40,480)
Straight-line rental expense
51
1,683
(4,745)
4,061
(2,901)
Above- and below-market rent amortization
(269)
(742)
(856)
(3,555)
(4,404)
Cash Net Operating Income
$727,022
$739,883
$680,317
$2,917,467
$2,784,317
Constant Currency CFFO Reconciliation
Three Months Ended
Twelve Months Ended
(in thousands, except per share data)
31-Dec-24
31-Dec-23
31-Dec-24
31-Dec-23
Core FFO (1)
$586,816
$508,417
$2,215,194
$2,009,820
Core FFO impact of holding '23 Exchange Rates Constant (2)
(318)
—
1,732
—
Constant Currency Core FFO
$586,498
$508,417
$2,216,926
$2,009,820
Weighted-average shares and units outstanding - diluted
339,982
312,356
329,899
305,138
Constant Currency CFFO Per Share
$1.73
$1.63
$6.72
$6.59
1)
As reconciled to net income above.
2)
Adjustment calculated by holding currency translation rates for 2024 constant with average currency translation rates that were applicable to the same periods in 2023.
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Table of Contents
Forward-Looking Statements
Financial Supplement
Fourth Quarter 2024
This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation space, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company’s FFO, Core FFO, constant currency Core FFO, adjusted FFO, and net income, 2025 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial data.
Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:
●
reduced demand for data centers or decreases in information technology spending;
●
decreased rental rates, increased operating costs or increased vacancy rates;
●
increased competition or available supply of data center space;
●
the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services;
●
breaches of our obligations or restrictions under our contracts with our customers;
●
our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties;
●
the impact of current global and local economic, credit and market conditions;
●
global supply chain or procurement disruptions, or increased supply chain costs;
●
the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs;
●
the impact on our customers’ and our suppliers’ operations during an epidemic, pandemic, or other global events;
●
our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers;
●
changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate;
●
our inability to retain data center space that we lease or sublease from third parties;
●
information security and data privacy breaches;
●
difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas;
●
our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions;
●
our failure to successfully integrate and operate acquired or developed properties or businesses;
●
difficulties in identifying properties to acquire and completing acquisitions;
●
risks related to joint venture investments, including as a result of our lack of control of such investments;
●
risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements;
●
our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital;
●
financial market fluctuations and changes in foreign currency exchange rates;
●
adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges;
●
our inability to manage our growth effectively;
●
losses in excess of our insurance coverage;
●
our inability to attract and retain talent;
●
environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;
●
the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations;
●
our inability to comply with rules and regulations applicable to our company;
●
Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for federal income tax purposes;
●
Digital Realty Trust, L.P.’s failure to qualify as a partnership for federal income tax purposes;
●
restrictions on our ability to engage in certain business activities;
●
changes in local, state, federal and international laws, and regulations, including related to taxation, real estate, and zoning laws, and increases in real property tax rates; and
●
the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us.
The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10-K for the year ended December 31, 2023, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture, PlatformDIGITAL, PDx, Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners.
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Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | — | — |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | — |
| Recession recession, downturn, contraction, slowdown | 0 | — | — |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | — | — |
| Buybacks share repurchase, buyback program | 0 | — | — |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Source: SEC EDGAR · public domain · Highlights by Palanor