dlr oct company overview - s&p global · 2011-10-28 · company overview october 2011. 1 ......

Company OverviewOctober 2011

1

Forward Looking StatementsThe information included in this company overview contains forward-looking statements. Such statements are based on management’s beliefs andassumptions made based on information currently available to management. Such forward-looking statements include statements relating to ourexpected development and redevelopment completions, including total square footage and raised floor space upon completion, expected availability foroccupancy and total investment; our expected investment in our properties; our estimated time to stabilization and targeted returns at stabilization of ourproperties; the signing and commencement of leases, and related rental revenue; our expected same store portfolio growth; our expected growth andstabilization of redevelopment completions and acquisitions; our expected mark-to-market rates on lease expirations, lease rollovers and expected rentalrate increases; our expected yields on investments; debt maturities; lease maturities; our expected returns on invested capital; our ability to access thecapital markets; the renewal of our credit facility; our strategies, plans and intentions; future data center utilization, growth rates, trends, supply anddemand; growth in the overall Internet infrastructure sector and segments thereof; the market effects of regulatory requirements; the replacement cost ofour assets; the development and redevelopment costs of our buildings, and lead times; the effect new leases and increases in rental rates will have onour rental revenues and results of operations; lease expiration rates; our ability to borrow funds under our credit facility; estimates of the value of ourredevelopment portfolio; our ability to meet our liquidity needs, including the ability to raise additional capital; capitalization rates, or cap rates, onproperty acquisitions; potential new markets; our dividend policy; other forward-looking financial data; leasing expectations; expectations with respect tothe exercise of the put rights contained in our exchangeable debentures; and the sufficiency of our capital to fund future requirements. You can identifyforward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,”“intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictionsof or indicate future events or trends and discussions which do not relate solely to historical matters. Such statements are subject to risks, uncertaintiesand assumptions, are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties and factors that arebeyond our control that may cause actual results to vary materially. Some of the risks and uncertainties include, among others, the following: the impactof the recent deterioration in global economic, credit and market conditions including the downgrading of the U.S. government’s credit rating; currentlocal economic conditions in our geographic markets; decreases in information technology spending, including as a result of economic slowdowns orrecession; adverse economic or real estate developments in our industry or the industry sectors that we sell to (including risks relating to decreasing realestate valuations and impairment charges); our dependence upon significant tenants; bankruptcy or insolvency of a major tenant or a significant numberof smaller tenants; defaults on or non-renewal of leases by tenants; our failure to obtain necessary debt and equity financing; increased interest ratesand operating costs; risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repaydebt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements; financialmarket fluctuations; changes in foreign currency exchange rates; our inability to manage our growth effectively; difficulty acquiring or operating propertiesin foreign jurisdictions; our failure to successfully integrate and operate acquired or redeveloped properties; risks related to joint venture investments,including as a result of our lack of control of such investments; delays or unexpected costs in development or redevelopment of properties; decreasedrental rates or increased vacancy rates; increased competition or available supply of data center space; our inability to successfully develop and leasenew properties and space held for redevelopment; difficulties in identifying properties to acquire and completing acquisitions; our inability to acquire off-market properties; our inability to comply with the rules and regulations applicable to reporting companies; our failure to maintain our status as a REIT;possible adverse changes to tax laws; restrictions on our ability to engage in certain business activities; environmental uncertainties and risks related tonatural disasters; losses in excess of our insurance coverage; changes in foreign laws and regulations, including those related to taxation and real estateownership and operation; and changes in local, state and federal regulatory requirements, including changes in real estate and zoning laws andincreases in real property tax rates.

The risks described above are not exhaustive, and additional factors could adversely affect our business and financial performance, including thosediscussed in our annual report on Form 10-K for the year ended December 31, 2010 and subsequent filings with the Securities and ExchangeCommission. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events orotherwise.

2

Digital Realty Trust Our data centers enable customers to deliver critical business operations.

We do this by providing enterprise customers with secure, reliable and cost effective data center facilities.

We are focused on acquiring, developing,

managing and operating data center facilities to support

our customers’ needs while providing attractive

risk-adjusted returns for our shareholders.

3

Portfolio totals 98 properties comprising 17.3 million square feet, including 2.2 million square feet of space held for redevelopment.(1)

Portfolio is located in 30 markets throughout North America, Europe, Singapore and Australia.(2)

(1) As of October 6, 2011.(2) Includes land parcels to be developed.

Global Platform for Growth

4

Tenant Diversification

(1) Figures pro forma for the combination of Qwest and Savvis and pending combination of Level 3/Global Crossings.(2) Calculation based on average annualized rents as of June 30, 2011.(3) Non-Technology includes tenants in government, media, healthcare and energy sectors. (4) DLR’s Internet Enterprise tenants including Amazon, Facebook, Google, Microsoft, Salesforce and Yahoo occupying approximately 1.4 million square feet.

(4)

Major TenantsPercentage of

Annualized Rent(1)

CTL (Qwest / Savvis) 10.6%

Equinix 4.2%

Facebook 4.1%

Telx 3.6%

Morgan Stanley 3.5%

NTT 2.6%

AT&T 2.4%

Softlayer Technologies 1.8%

Level 3 / Global Crossing 1.8%

Amazon 1.8%

Total 36.4%

(3)

No single tenant accounts for more than 10.6% of annualized rent.(1)

Tenant Type by Percentage of Annualized Rent(2)

5

DIGITAL REALTY TRUST

Data Center Customer Landscape

Corporate Enterprise Users

Colocation & Managed Service Providers

System Integrators

� Provide space, power, connectivity and services

� Outsourced IT solutions for corporate enterprises

� May provide network cross-connects & peering, and/or cloud/grid computing services

� Shorter term contracts of 1-2 years for colo

� Operate owned and leased assets

� Mission-critical IT applications

� Trend to consolidate data centers from “server closets” in office buildings

� Operate owned and leased assets

International Network & Telecom Providers

� Providing bandwidth/network access to Internet for enterprise customers

� Consisting of telecom companies, data carriers, wireless providers, and Internet Service Providers (ISPs)

� Primarily located in Internet Gateway data centers

6

Investment Highlights

Strong Market FundamentalsDemand for data center space projected to outpace supply

Significant Embedded Growth ProspectsSubstantial cash flow growth from strong leasing pipeline

High Barriers to EntryNew supply requires significant capital and specialized expertise

Attractive Acquisition EnvironmentStrong balance sheet allows for opportunistic acquisitions

Experienced Management TeamDisciplined investment management approach

7

Strong and Consistent EBITDA Growth

Adjusted EBITDA(1) of $155.0 million in 2Q11� Up 3.3% from $150.1 million in 1Q11

� Up 34.8% from $115.0 million in 2Q10

$127.3$171.5

$226.6

$305.2

$378.8

$512.1

2005 2006 2007 2008 2009 2010

32.1% compounded annual growth (2005-2010)(2)

(1) Adjusted EBITDA is a non-GAAP financial measure. For a description of Adjusted EBITDA and a reconciliation to net income see the Appendix.(2) Adjusted EBITDA for the year ended December 31, 2007 excludes a gain on sale for 100 Technology Center Drive and 4055 Valley View Lane of approximately $18.0M. Including

this gain, Adjusted EBITDA was $244.7M for the year ended December 31, 2007. Adjusted EBITDA for the year ended December 31, 2006 excludes a gain on sale for 7979 East Tufts Avenue of $18.1M. Including this gain, Adjusted EBITDA was $189.6M for the year ended December 31, 2006.

($ in millions)

8

Strong and Consistent FFO Growth

FFO(1)(2) of $1.02 per diluted share and unit in 2Q11� Unchanged from $1.02 in 1Q11(2)

� Up 34.2% from $0.76 in 2Q10(2)

$1.37$1.61

$2.02

$2.59$2.93

$3.39

2005 2006 2007 2008 2009 2010

19.9% compounded annual growth (2005-2010)

(1) FFO is a non-GAAP financial measure. For a description of FFO and a reconciliation to net income see the Appendix.(2) Before excluding non-core expenses and income streams.

9

Well-Supported Dividend

� Increased 2011 annual per share common dividend 35% over 2010(1)

� 2Q11 quarterly common dividend is $0.68 per share, up 28% from 4Q10 dividend of $0.53 per share

� Dividend Policy

� Pay out 100% of taxable income

� Pulled back 42% of 2011 January dividend to distribute 100% of 2010 taxable income

� AFFO(2) payout ratio of 79.1% for 2Q11

� 4.9% dividend yield(3)

$1.00 $1.08 $1.17 $1.26 $1.47

$2.02

$2.72

2005 2006 2007 2008 2009 2010 2011

18.2% compounded annual growth (2005-2011)(1)

Annual Dividend Per Share

(1) Based on annualized 2Q2011 common stock dividend of $0.68 per share.(2) AFFO is a non-GAAP financial measure. For a description of AFFO and a reconciliation to net income see the Appendix.(3) Dividend yield based on September 30, 2011 closing stock price of $55.16 and annualized 2Q11 dividend.

10

YTD Second Quarter 2011 Lease Signings

Type of Space Total sf LeasedAnnualized GAAP

Rent psfAnnualized GAAP

Rent(1)

Turn-Key Datacenter® 262,000 $190.00 $49.7 million

Powered Base Building® 186,000 $23.00 $4.3 million

Datacenter Master Lease 34,000 $84.00 $2.9 million

Non-Technical(2) 126,000 $21.00 $2.7 million

Total(3) 607,625 $98.00 $59.6 million

� The year-to-date average lease term for leases signed as of the second quarter was 98.2 months or 8.2 years

� In 2010, signed leases totaling 1.2 million square feet, generating $111.8 million in annualized GAAP rent

� 519,000 sf of TKD space at an average annual GAAP rental rate of $172.00 psf

� 379,000 sf of PBB space at an average annual GAAP rental rate of $45.00 psf

� 262,000 square feet of Non-Technical space

(1) GAAP rental revenues include total rent for new leases and expansions.(2) Excludes leases for parking garages and rooftops.(3) Excludes colocation leases signed totaling approximately 11,000 square feet at an average annual GAAP rental rate of $202.00 psf.Note: Data is based on year-to-date 2011 leasing information as of June 30, 2011, unless otherwise noted.

11

Same Store Portfolio Growth

� Consistently high occupancy

� Same store occupancy averaged approximately 95% for the last 3

years

� Strong mark-to-market on expirations

� Expect 5-8% increase mark-to-market on 2011 lease expirations(1)

� We are actively negotiating or positioning remaining 2011 expirations

� In-place contractual increases

� 2.5 – 3.0% annual cash rent increases on in-place leases(2)

We expect strong long-term same store cash NOI growth from contractual rent increases and mark-to-market of expiring leases

(1) Excluding space that will be moved to redevelopment inventory.(2) Excluding acquired leases for which rent increases vary.

12

Substantial Same Store Value Creation

Redevelopment Case Study:� April 2004: Acquired a two-story, 125,000 sf

fully-leased property for $17.2 mm

� Late 2009: Received notice of tenant’s intent to vacate upon lease expiration in April 2010

� Implemented property redevelopment plan

� Convert first floor to 3 TKD PODs and keep second floor as office space

� February 2010: Leased 100% of building to one customer

� Delivered first TKD in July 2010 and second TKD in April 2011. Third TKD is expected to be delivered & commence rent in July 2012

Renewal Case Study:� July 2004: Acquired 365,600 square feet,

multi-tenant technology center

� Lease representing 39% of total square was set to expire in 2010

� 2008: Received notification that tenant was considering acquiring property to relocate

� March 2009: Renewed and extended tenant’s lease for an additional 15 years

� New NNN cash rental rate increased 59% with 3% annual rent increases

Achieved a 14% unleveraged cash return on invested

capital(1)

Renewed lease generated an average return on total costs

of 25.8%(1)

(1) Returns are based on total costs, which include purchase price and other costs.

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0

500000

1000000

1500000

2000000

2500000

3000000

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Thereafter

Non Tech Turn-Key Datacenter Powered Base Building

5.2%

2.7%

6.8%

8.8% 8.6%

13.4%

6.2% 6.0%6.9%

10.8%

18.5%

Long-Term Leases Provide Cash Flow Stability

Note: Includes license and similar agreements that upon expiration will be automatically renewed, mostly on a month-to-month basis. For some of our properties, we calculate square footage based on

factors in addition to contractually leased square feet, including available power, required support space and common area. Does not include 910,000 sf of available space as of June 30, 2011.

Square Feet

Near term rollover represents opportunity for growth.

The weighted average remaining lease term is 6.8 years.

Lease Maturities as a % of Net Rentable Square Feet

14

� 57% of total operating portfolio rentable square feet, or 8.5 million sf, and 37% of total annualized rent

� Customers have made significant capital investment in data center infrastructure resulting in high barrier to exit

� Attractive mark-to-market rent increases expected upon expiration/renewal

� Rents increased 24% on a GAAP basis on renewed leases, including early renewals, for the trailing twelve months ended June 30, 2011

2011 2012 2013

Total Square Feet Expiring 470,000 70,000 287,000

% of Annualized Rent 0.7% 0.5% 1.3%

Annualized Rent at Expiration psf $14.00 $49.00 $35.00

Note: As of June 30, 2011.

Powered Base Building®

15

Turn-Key Datacenter®

2011 2012 2013




(1) Excludes acquired leases for which rent increases vary.Note: As of June 30, 2011.

� 23% of total portfolio rentable square feet, or 3.5 million sf, and 56% of total annualized rent

� Digital Realty Trust has made the capital investment in the data center infrastructure

� Target an initial unleveraged cash return on invested capital of between 11% to 14%

� Offers customers lower cost of operation

� 2.5% to 3% average annual contractual rental rate increases(1)

� Upon expiration, minimal new capital investment required to maintain high market rent

� Rents increased approximately 9% on a GAAP basis on renewed leases, including early renewals, for the trailing twelve months ended June 30, 2011

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� 20% of total portfolio rentable square feet, or 3.0 million square feet, including approximately 775,000 sf in non-core assets

� 7.4% of total portfolio annualized rent

� Will look to opportunistically divest non-core assets and recycle capital or redevelop as data centers

2011 2012 2013




Note: As of June 30, 2011.

Non-Technical Space

17

Future Redevelopment Opportunities

� Redevelopment inventory totals 2.1 million rsf(1)

� Potential to build up to 1.3 million rsf of raised floor data center space(2)

� Since 2006, DLR has completed 2.5 million rsf of improved data center space

� Average development costs:(3)

For speculative development , DLR targets an unlevered cash return on invested capital of 11% to 14%

(1) As of June 30, 2011.(2) Assumes data center footprint is 60% of rentable square footage.(3) DLR estimate as of June 30, 2011.

Cost Components Low High

Base Building: Land $28 $42

Building Shell $56 $84

Base Building Improvements $56 $84

Subtotal $140 $210

Datacenter Improvements: Electrical Systems $280 $420

Mechanical Systems (HVAC) $126 $190

Fire Protection $18 $26

Other Construction/Fees $116 $174

Subtotal $540 $810

Total Development Costs $680 $1,020

18

Designed & Developed for the Customer

� Turn-Key Datacenter®

� Fully commissioned facilities featuring dedicated mechanical and electrical infrastructure; complete in 26 weeks or less

� New POD 2.0 design estimated to reduce construction time by an additional 6 to 8 weeks

� Powered Base Building®

� Includes power and fiber plus planning permission for Turn-Key ready construction

� Build- and Buy-to-Suit

� Provides customers with site selection and design and construction expertise to build their data center to their specifications

19

Driving Down Development Costs

Contributors to Savings

� Equipment supply chain

� Pre-purchase and bulk purchase orders allow vendors to manage material and order flow

� Hard stance on ancillary costs such as warranties, start-up fees, software, etc.

� Professional services supply chain

� Repeat designs in same buildings drive efficiencies

� Single General Contractor mobilization for multiple buildings/TKDs in a market (Silicon Valley and Northern Virginia)

� Scope/Design elements

� Pre-packaged electrical rooms/POD Architecture 2.0 SM

� Pre-packaged pump rooms

� Rooftop package cooling systems = no piping and welding onsite

20

Driving Down Customer Operating Costs

Energy Efficient/Sustainable Building Practices

� 19 US LEED certified data center facilities, including 2 Platinum and 6 Gold(1)

� Built the first LEED Platinum certified data center facility in Silicon Valley

� Received first BREEAM Excellent rating issued to a data center

Favorable Power Purchasing Contracts with Utility Companies

� Example: Completed new contracts in 2010 with GDF Suez Energy Resources, saving customers an estimated $3.6 million per year at two Boston area properties

Critical Facilities Management®

� Features advanced monitoring and control systems to deliver low cost operations to customers

(1) As of September 30, 2011.

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Top Customer Requirement: Reliability

� 5-year record of Five 9s availability for our Turn-Key Datacenters

� Five 9s or 99.999% availability means 5 minutes, 15 seconds or less of downtime in a year

� Robust 24/7 Building Management System (BMS) networked to central DLR operations center in Dallas

� Long-term ownership strategy fosters long-term customer relationships

22

Growth through Acquisitions

Income Producing

Year Total SF

Total Purchase Price(1)

Average Cash Cap

Rate(2)

2008 185,000 $95.7M 9.6%

2009 580,000 $196.6M 10.7%

2010 1,651,000 $1,157M 9.8%

Redevelopment Inventory

Year Total SF

Total Purchase

Price

2008 405,000 $33.0M

2009 797,000(3) $55.6M

2010 643,000 $183.9M

(1) Purchase price includes assumed debt and unfunded capital associated with buyout of joint venture partners for certain properties.(2) Estimated average cash cap rates based on DLR underwriting.(3) Excludes four land parcels capable of supporting approximately 545,000 sf of development.(4) Excludes parking garage square footage.

(4)

23

Top DLR Investment Markets

U.S. Europe Asia/Pac

New Jersey London Singapore

Northern Virginia Paris Sydney

Silicon Valley Amsterdam Melbourne

Dallas Dublin

Phoenix

Boston

Potential New Market Opportunities: Hong Kong & China

Note: As of September 30, 2011.

24

$470 $530

$392

$129

$252

$1,341 9.9%

8.7%

8.6%

9.6%

10.7%

9.8%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

2005 2006 2007 2008 2009 2010

Closed Acquisitions Amount Cap Rate

Proven Acquisition Track Record

Since 2005 we have closed $3.1 bn in acquisitions at an average cash cap rate on income producing properties of 9.6%

($ in millions)

Note: Our calculation of the average cash cap rate for acquisitions may change based on our experience operating the properties following the closing of the acquisitions.

2005 – 2010

Average: $518

25

Debt Maturity Schedule

(1) Includes DLR’s 50% share in a $110 million and a $25M unconsolidated JV mortgages. (2) Corporate Revolver balance is $110M net of unrestricted cash, and excluding letters of credit totaling $30.3 million, as of September 30, 2011. The APAC Revolver balance is US$14.4M as of

September 30, 2011.(3) Pro forma for redemption of the remaining $48.3M principal amount of 4.125% exchangeable debentures in August 2011. Reflects first redemption date for 5.5% exchangeable debentures in

April 2014. (4) Pro forma for repayment of the Prudential Series A Notes in July 2011.Note: Using data and exchange rates as of June 30, 2011 except as otherwise indicated. Assumes extension options are exercised. Total excludes $1.0M of net loan premiums.

($ in thousands)

$7,901

$274,466

$220,050

$500,611 $518,198

$212,219 $209,321

$857 $929

$501,440

$406,830

-

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Thereafter

Secured Mortgage Debt (1) Unsecured Corporate Revolver (2) Unsecured Prudential Shelf Facility (4)

Unsecured Notes Exchangeable Notes (3) Unsecured APAC Revolver (2)

26

$612 $603

$910

$730

$836

$615

$1,639

$1,207

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

2004 2005 2006 2007 2008 2009 2010 2011

Equity Preferred Debt

November IPO: $257

($12.00 / share)

Mortgage Financings: $155

Revolving Credit Facility (RCF)

Commitment: $200

July: $105($17.80 / share)


RCF Increase:$150

February: $104(Series A/8.500%)

July: $63(Series B/7.875%)

May: $98($24.40 / share)

October: $140($30.50 / share)

August Exch. Notes: $173

(4.125%)


RCF Commitment Increase: $150

October: $159($39.38 / share)

Mortgage Financings: $176(2)

Construction Facility: $70

RCF Increase:$150

April: $175 (Series C Convert.

Pref / 4.375%)

July: $221($38.42 / share)


Pru Shelf : $58

RCF Increase: $25

February: $345(Series D

ConvertiblePref / 5.500%)

February: $84($33.50 / share)

Consistent Access to Capital

Capital Raised(1) ($ millions, except per share #s)

(1) Does not include ~$350M of publicly offered secondary shares of DLR.(2) Includes $55 million of DLR’s 50% share in a $110 million unconsolidated JV mortgage. (3) Includes $12.5 million of DLR’s 50% share in a $25 million unconsolidated JV mortgage. Note: All figures represent gross proceeds.

DLR has raised approximately $7.1 billion of capital from 2004 through 9/30/11(1)

April Exch.Notes: $266

(5.50%)

MortgageFinancings: $165

Pru Shelf: $25

RCF Increase: $75

MortgageFinancings:

$33(3)

Jul Unsecured Notes: $375

(4.500%)

Jan Unsecured Notes: $500

(5.875%)

Pru Shelf: $117

Jan-Oct: $220($57.66 /share)(4)

June: $393($57.00/share)

March Unsecured Notes: $400

(5.25%)

APAC RCF(6):$100

Mar-Sept: $420($59.27/share)(4)

(4) Weighted average stock price for shares sold via ATM equity program. (5) Excluding exchanges of 4.125% exchangeable debentures. (6) Pro forma for APAC Revolver closed in August 2011.(7) Pro forma for Series E Cumulative Redeemable Preferred Stock offering in September 2011.

(5)

(5)

Sept: $288(Series E

RedeemablePref / 7.0%)(7)

27

Liquidity – Revolving Credit Facilities

Current FacilitiesCorporate Facility

� Total capacity of $750 million

� $515 million multi-currency sub-facility

� $110.0 million drawn as of September 30, 2011(1)

� Applicable margin between 1.1% – 2.0% as determined by the Total Leverage Ratio with the margin at 1.2% as of June 30, 2011

� Unused fees between 12.5 – 20.0 bps

� Second of two one-year extension options effective as of August 31, 2011 extending maturity to August 31, 2012

� 15 lenders in bank group

Asia Pacific Facility

� One year facility closed on August 18, 2011

� Total capacity of US$100 million with US$100 million accordion

� US$14.4 million drawn as of September 30, 2011

� Currencies: Singapore and Australian dollars with the ability to add Hong Kong dollars

� Current margin: 120bps over BBSY and SIBOR

� 4 lenders in bank group

Contemplated Facility

� Initiating renewal process in 2H 2011

� Targeting $1.25 billion facility with up to a $1 billion accordion to capitalize on DLR’s strong investment grade rating

� Utilize regional borrower structure (NA, Europe, and APAC) to allow for an efficient international tax structure and FX hedging flexibility

� Incorporate structural changes in-line with strong IG-rated REITs

� Obtain facility maturity of at least 4 years plus extension option

� Expect in excess of 30 lenders in bank group

(1) Net of unrestricted cash, excludes letters of credit totaling $30.3 million.

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Variable Rate Debt1.3%

Fixed Rate Debt28.8%

Preferred6.7%

Equity63.2%

DLR Employs a Conservative Capital Structure

� Weighted average cost of debt: 5.13%; 88.9% fixed rate debt(2)

� Leverage ratios(3) :

� Net Debt / Total Enterprise Value: 31.1%

� Net Debt / LQA Adj. EBITDA: 4.9x

� Coverage ratios(4) :

� Debt service: 3.9x

� Fixed charge: 3.2x

� Investment grade rating (BBB/Baa2/BBB) by all three agencies Total Equity Capitalization: $6.0 billion(5)

Total Enterprise Value: $9.5 billion(5)

Current Capital Structure

(5)

(6)

(1) As of June 30, 2011. For more information, please refer to our June 30, 2011 Supplemental Operating and Financial Data available on our website at: www.digitalrealtytrust.com. (2) Revolver balance was $341.4M as of June 30, 2011; excludes debt associated with unconsolidated joint ventures. Reflects effective cost of exchangeable debentures and unsecured notes.

Percentage of fixed rate debt will fluctuate materially based on the balance of the revolving credit facility.(3) LQA Adj. EBITDA represents annualized Adjusted EBITDA. See Appendix for a description of Adjusted EBITDA and for a reconciliation of Adjusted EBITDA.(4) Calculated using GAAP interest expense. Using cash interest expense, debt service coverage ratio was 5.7x and fixed charge coverage ratio was 4.3x; cash interest expense is GAAP interest

expense less amortization of debt discount, capitalized deferred financing fees and includes interest that we capitalize. Debt service coverage ratio is Adjusted EBITDA divided by interest expense; fixed charge coverage ratio is Adjusted EBITDA divided by total fixed charges. Total fixed charges include interest expense, scheduled debt principal payments and preferred dividends. See Appendix for a description of Adjusted EBITDA and for a reconciliation of Adjusted EBITDA.

(5) Corporate Revolver balance was $110.0M net of unrestricted cash, APAC Revolver balance was US$14.4M, and stock price was $55.16 as of September 30, 2011. (6) Loan balances as of June 30, 2011. Pro forma for the repayment of the Prudential Shelf Facility – Series A Notes.(7) Pro forma for ATM sales, Series C and D Cumulative Preferred Stock conversions, and Series E Cumulative Redeemable Preferred Stock offering as of September 30, 2011.

Financial Metrics(1)

(7)

(7)

29

Investment Highlights

Strong Market FundamentalsDemand for data center space projected to outpace supply

Significant Embedded Growth ProspectsSubstantial cash flow growth from strong leasing pipeline

High Barriers to EntryNew supply requires significant capital and specialized expertise

Attractive Acquisition EnvironmentStrong balance sheet allows for opportunistic acquisitions

Experienced Management TeamDisciplined investment management approach

31

APPENDIX

32

Definitions of non-GAAP financial measuresThis company overview includes certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation ofnon-GAAP financial measures may differ from those of other REITs, and, therefore, may not be comparable. The non-GAAP financial measures should not be considered an alternative to net income orany other GAAP measurement of performance and should not be considered an alternative to cash flows from operating, investing or financing activities as a measure of liquidity.

Funds from Operations (FFO)We calculate Funds from Operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT. FFO represents net income (loss)(computed in accordance with GAAP), excluding gains (or losses) from sales of property, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and afteradjustments for unconsolidated partnerships and joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortizationand gains and losses from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We alsobelieve 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, becauseFFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and capitalizedleasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our financial condition and results fromoperations, 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 becomparable to such other REITs’ FFO. Accordingly, FFO should be considered only as a supplement to net income 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 distributionrequirements 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 funddividend payments in comparison to other REITs, including on a per share and unit basis. We calculate AFFO by adding to or subtracting from FFO (i) non-real estate depreciation, (ii) amortization ofdeferred financing costs, (iii) non-cash compensation, (iv) straight line rents, (v) fair value of lease revenue amortization, (vi) capitalized leasing payroll, (vii) recurring tenant improvements, (viii)capitalized leasing commissions and (ix) costs of redeeming our preferred stock. Other equity REITs may not calculate AFFO in a consistent manner. Accordingly, our AFFO may not be comparable toother REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Net Operating Income (NOI) and Cash NOINOI represents rental revenue and tenant reimbursement revenue less rental property operating and maintenance expenses, property taxes and insurance expenses (as reflected in statement ofoperations). 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 lessstraight-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 operatingperformance on a cash basis. However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our properties that result from use or marketconditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and couldmaterially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may not calculate NOI and cash NOI in the same manner we doand, accordingly, our NOI and cash NOI may not be comparable to such other REITs’ NOI and cash NOI. Accordingly, NOI and cash NOI should be considered only as supplements to net income asmeasures of our performance.

Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) and Adjusted EBITDAWe believe that earnings before interest expense, income taxes, depreciation and amortization, or EBITDA and Adjusted EBITDA (as defined below), are useful supplemental performance measuresbecause they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt, and with respect to Adjusted EBITDA, preferred dividends andnoncontrolling interests. Adjusted EBITDA is EBITDA excluding noncontrolling interests, preferred stock dividends and costs of redeeming our preferred stock. In addition, we believe EBITDA andAdjusted 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 recurringcash 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 ofour business, their utility as a measure of our performance is limited. Other equity REITs may calculate EBITDA and Adjusted EBITDA differently than we do; accordingly, our EBITDA and AdjustedEBITDA may not be comparable to such other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income (computed inaccordance with GAAP) as a measure of our financial performance.

Each of FFO, AFFO, NOI, Cash NOI, EBITDA and Adjusted EBITDA exclude items that have real economic effect and could materially impact our results from operations, and therefore the utility ofFFO, AFFO, NOI, Cash NOI, EBITDA and Adjusted EBTIDA as measures of our performance is limited.

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Reconciliation of non-GAAP items to their closest GAAP equivalentFigures in thousands, except per share amounts

Funds from operations (1)

Q211 Q111 FY2011 Q410 Q310 Q210 Q110 FY2010 Q409 Q309 Q209 Q109 FY2009 Q408 Q308 Q208 Q108 FY2008 FY2007 FY2006 FY2005

Net income (loss) available to common stockholders 31,990$ 30,980$ 62,970$ 24,865$ 9,639$ 9,091$ 14,744$ 58,339$ 14,286$ 12,406$ 10,271$ 10,295$ 47,258$ 13,793$ 7,484$ 3,094$ 2,319$ 26,690$ $18,907 $16,950 $6,087

Noncontrolling interests in operating partership 1,582 1,652 3,234 1,336 537 560 973 3,406 984 898 757 793 3,432 1,149 637 304 239 2,329 3,753 12,570 8,268

Real estate related depreciation and amortization (2) 76,405 73,506 149,911 75,983 69,810 59,517 57,175 262,485 51,821 50,163 48,900 46,087 196,971 46,890 46,359 39,414 38,994 171,657 134,265 90,932 62,171

Real estate related depreciation and amortization related to

investment in unconsolidated joint venture 893 892 1,785 724 1,058 688 773 3,243 2,335 543 858 646 4,382 (286) 859 872 894 2,339 3,934 796 - Gain on sale of assets - - - - - - - - - - - - - - - - - - (18,049) (18,096) -

Funds from operations (FFO) $110,870 $107,030 $217,900 $102,908 $81,044 $69,856 $73,665 $327,473 $69,426 $64,010 $60,786 $57,821 $252,043 $61,546 $55,339 $43,684 $42,446 $203,015 $142,810 $103,152 $76,526

Funds from operations (FFO) per diluted share 1.02$ $ 1.02 $ 2.03 $ 0.98 $ 0.81 $ 0.76 $ 0.81 $ 3.39 $ 0.79 $ 0.74 $ 0.71 $ 0.70 $ 2.93 $ 0.75 $ 0.68 $ 0.58 $ 0.57 $ 2.59 $ 2.02 $ 1.61 $ 1.37

Net income (loss) per diluted share available to common

stockholders $ 0.33 $ 0.33 $ 0.66 $ 0.27 $ 0.11 $ 0.11 $ 0.18 $ 0.68 $ 0.18 $ 0.16 $ 0.13 $ 0.14 $ 0.61 $ 0.19 $ 0.10 $ 0.05 $ 0.03 $ 0.41 $ 0.36 $ 0.47 $ 0.25

Funds from operations (FFO) $110,870 $107,030 $217,900 $102,908 $81,044 $69,856 $73,665 $327,473 $69,426 $64,010 $60,786 $57,821 $252,043 $61,546 $55,339 $43,684 $43,016 $203,585 $142,810 $103,152 $76,526

Non real estate depreciation 443 412 855 400 318 343 357 1,418 305 276 283 217 1,081 196 189 177 159 721 533 511 61

Amortization of deferred financing costs 2,510 2,451 4,961 2,410 2,715 2,929 2,406 10,460 2,254 2,114 1,896 1,662 7,926 1,599 1,524 1,411 1,398 5,932 5,541 3,763 2,965

Amortization of debt discount 749 998 1,747 933 781 1,082 1,025 3,821 1,008 992 974 959 3,933 943 927 911 896 3,677 3,437 1,235 -

Non cash compensation 3,739 2,963 6,702 2,803 2,942 3,229 2,188 11,162 2,273 2,185 2,130 1,520 8,108 1,663 3,174 1,582 1,220 7,639 3,580 1,787 481

Loss from early extinguishment of debt 363 615 978 905 1,083 1,541 - 3,529 - - - - - - - 182 - 182 - 528 1,021

Straight line rents (14,305) (12,749) (27,054) (11,948) (11,861) (10,560) (11,099) (45,468) (11,275) (11,669) (11,089) (11,308) (45,341) (11,036) (8,301) (8,899) (7,771) (36,007) (25,388) (17,742) (13,023)

Above and below market rent amortization (1,860) (1,814) (3,674) (1,813) (1,800) (2,422) (2,283) (8,318) (1,830) (1,953) (2,118) (2,139) (8,040) (1,971) (2,081) (2,525) (2,685) (9,262) (10,224) (7,012) (1,717)

Capitalized leasing compensation (2,721) (2,443) (5,164) (1,930) (1,760) (2,026) (1,887) (7,603) (1,968) (1,917) (1,414) (1,271) (6,570) (1,008) (1,009) (974) (1,045) (4,036) (1,066) (2,054) (781)

Recurring capital expenditures and tenant improvements (777) (687) (1,464) (2,667) (735) (178) (2,024) (5,604) (3,011) (2,980) (7,161) (496) (13,648) (3,031) (1,730) (3,699) (2,868) (11,328) (4,259) (4,160) (2,897)

Capitalized leasing commissions (6,486) (3,029) (9,515) (4,797) (2,925) (4,866) (3,156) (15,744) (4,038) (1,823) (2,467) (4,283) (12,611) (4,349) (3,759) (1,259) (3,936) (13,303) (8,369) (7,186) (3,051)

Costs on redemption of preferred stock - - - 2,748 4,203 - - 6,951 - - - - - - - - - - - - -

Adjusted funds from operations (1) $92,525 $93,747 $186,272 $89,952 $74,005 $58,928 $59,192 $282,077 $53,144 $49,235 $41,820 $42,682 $186,881 $44,552 $44,273 $30,591 $28,384 $147,800 $106,595 $72,822 $59,585

(2) Real estate related depreciation and amortization was computed as follows:

Q211 Q111 FY2011 Q410 Q310 Q210 Q110 FY2010 Q409 Q309 Q209 Q109 FY2009 Q408 Q308 Q208 Q108 FY2008 FY2007 FY2006 FY2005

Depreciation and amortization per income statement $76,848 $73,918 $150,766 $76,383 $70,128 $59,860 $57,532 $263,903 $52,126 $50,439 $49,183 $46,304 $198,052 $47,086 $46,548 $39,591 $39,153 $172,378 $134,419 $86,129 $55,701

Depreciation and amortization of discontinued operations - - - - - - - - - - - - - - - - - - 379 5,314 6,531

Non real estate depreciation (443) (412) (855) (400) (318) (343) (357) (1,418) (305) (276) (283) (217) (1,081) (196) (189) (177) (159) (721) (533) (511) (61)

$76,405 $73,506 $149,911 $75,983 $69,810 $59,517 $57,175 $262,485 $51,821 $50,163 $48,900 $46,087 $196,971 $46,890 $46,359 $39,414 $38,994 $171,657 $134,265 $90,932 $62,171

Weighted-average shares and units outstanding - diluted 102,273 98,117 99,837 97,331 95,043 88,296 86,075 89,058 84,043 83,466 82,728 80,741 82,786 79,290 79,376 74,533 73,887 76,766 70,806 63,870 55,761

(1) Funds from operations and Adjusted funds from operations for all periods presented above include the results of properties sold in 2006 and 2007 — 7979 East Tufts Avenue (July 2006), 100 Technology Center Drive (March 2007) and 4055 Valley View Lane (March

2007).

34

Reconciliation of non-GAAP items to their closest GAAP equivalentFigures in thousands

Cash interest expense and fixed charges (including discontinued operations)

Q211 Q111 FY2011 Q410 Q310 Q210 Q110 FY2010 Q409 Q309 Q209 Q109 FY2009 Q408 Q308 Q208 Q108 FY2008 Q407 Q307 Q207 Q107 FY2007 Q406 Q306 Q206 Q106 FY2006 Q405 Q305 Q205 Q105 FY2005

Total GAAP interest expense (including discontinued operations) $39,334 $36,082 $75,416 $36,583 $36,737 $33,162 $30,902 $137,384 $24,451 $22,559 $22,495 $18,937 $88,442 $17,747 $15,716 $14,956 $15,202 $63,621 $16,510 $17,334 $15,955 $17,255 $67,054 $15,258 $14,800 $12,181 $11,388 $53,627 $10,988 $10,724 $9,289 $8,121 $39,122

Capitalized interest 4,222 4,666 8,888 3,100 2,723 2,511 1,907 10,241 1,950 2,027 2,147 3,072 9,196 4,305 4,630 4,708 4,708 18,351 4,416 3,278 2,579 1,650 11,922 1,241 991 1,058 762 4,053 279 - - - 279

Change in accrued interest and other noncash amounts (16,207) 4,460 (11,747) (12,279) (2,609) (8,611) (10,578) (34,077) (2,486) (4,774) (7,947) (611) (15,818) (4,613) (230) (4,973) 183 (9,633) (3,603) (1,148) (4,175) (1,023) (9,949) (4,022) (2,931) 57 (1,906) (8,803) (1,660) (777) (1,203) (705) (4,345)

Cash interest expense 27,349 45,208 72,557 27,404 36,851 27,062 22,231 113,548 23,915 19,812 16,695 21,398 81,820 17,439 20,116 14,691 20,093 72,339 17,323 19,464 14,359 17,882 69,028 12,477 12,860 13,296 10,244 48,877 9,607 9,947 8,086 7,416 35,056

Scheduled debt principal payments and preferred dividends 8,401 10,422 18,823 11,427 12,770 13,551 13,095 50,843 13,348 13,169 13,026 13,107 52,650 12,884 12,503 12,472 10,644 48,503 7,516 7,215 6,902 5,085 26,718 5,063 4,960 4,567 4,869 19,458 4,914 5,072 4,180 3,109 17,275

Total fixed charges $35,750 $55,630 $91,380 $38,831 $49,621 $40,613 $35,326 $164,391 $37,263 $32,981 $29,721 $34,505 $134,470 $30,323 $32,619 $27,163 $30,737 $120,842 $24,839 $26,679 $21,261 $22,967 $95,746 $17,540 $17,820 $17,863 $15,113 $68,335 $14,521 $15,019 $12,266 $10,525 $52,331

Reconciliation of EBITDA


Net income (loss) available to common stockholders 31,990$ 30,980$ 62,970$ 24,865$ 9,639$ 9,091$ 14,744$ 58,339$ 14,286$ 12,406$ 10,271$ 10,295$ 47,258$ 13,793$ 7,484$ 3,094$ 2,319$ 26,690$ (339)$ (812)$ $1,969 $18,089 $18,907 $2,495 $11,163 $1,650 $1,642 $16,950 $1,157 $1,326 $2,136 $1,468 $6,087

Interest 39,334 36,082 75,416 36,583 36,737 33,162 30,902 137,384 24,451 22,559 22,495 18,937 88,442 17,747 15,716 14,956 15,202 63,621 16,510 17,334 15,955 17,255 67,054 15,258 14,800 12,181 11,388 53,627 10,988 10,724 9,289 8,121 39,122

Loss from early extinguishment of debt 363 615 978 905 1,083 1,541 - 3,529 - - - - - - - 182 - 182 - - - - - 6 40 425 57 528 896 - - 125 1,021

Taxes 233 428 661 258 343 534 716 1,851 (23) 333 292 436 1,038 140 154 726 89 1,109 213 191 202 208 814 224 101 372 27 724 38 353 77 86 554

Depreciation and amortization 76,848 73,918 150,766 76,383 70,128 59,860 57,532 263,903 52,126 50,439 49,183 46,304 198,052 47,086 46,548 39,591 39,153 172,378 37,829 35,353 31,836 29,780 134,798 28,174 24,738 20,275 18,256 91,443 18,804 16,957 14,328 12,143 62,232

EBITDA 148,768 142,023 290,791 138,994 117,930 104,188 103,894 465,006 90,840 85,737 82,241 75,972 334,790 78,766 69,902 58,549 56,763 263,980 54,213 52,066 49,962 65,332 221,573 46,157 50,842 34,903 31,370 163,272 31,883 29,360 25,830 21,943 109,016

Gain on sale of assets, net of noncontrolling interests - - - - - - - - - - - - - - - - - - - - - 15,019 15,019 56 10,318 - - 10,374 - - - - -

EBITDA, less effect of gain on sale of assets $148,768 $142,023 $290,791 $138,994 $117,930 $104,188 $103,894 $465,006 $90,840 $85,737 $82,241 $75,972 $334,790 $78,766 $69,902 $58,549 $56,763 $263,980 $54,213 $52,066 $49,962 $50,313 $206,554 $46,101 $40,524 $34,903 $31,370 $152,898 $31,883 $29,360 $25,830 $21,943 $109,016

Reconciliation of Adjusted EBITDA


EBITDA 148,768$ 142,023$ 290,791$ 138,994$ 117,930$ 104,188$ 103,894$ 465,006$ 90,840$ 85,737$ 82,241$ 75,972$ 334,790$ 78,766$ 69,902$ 58,549$ 56,763$ 263,980$ 54,213$ 52,066$ $49,962 $65,332 $221,573 $46,157 $50,842 $34,903 $31,370 $163,272 $31,883 $29,360 $25,830 $21,943 $109,016

Noncontrolling interests 1,525 1,510 3,035 1,077 590 710 741 3,118 510 1,438 831 793 3,572 1,238 833 354 239 2,664 (37) (98) 237 3,651 3,753 1,070 8,329 1,340 1,831 12,570 1,338 1,628 3,143 2,159 8,268

Preferred stock dividends 4,713 6,522 11,235 7,608 9,194 10,101 10,101 37,004 10,101 10,101 10,101 10,101 40,404 10,102 10,102 10,102 8,258 38,564 5,359 5,359 5,167 3,445 19,330 3,445 3,445 3,445 3,445 13,780 3,445 3,099 2,199 1,271 10,014

Costs on redemption of preferred stock - - - 2,748 4,203 - - 6,951 - - - - - - - - - - - - - - - - - - - - - - - - -

Adjusted EBITDA 155,006 150,055 305,061 150,427 131,917 114,999 114,736 512,079 101,451 97,276 93,173 86,866 378,766 90,106 80,837 69,005 65,260 305,208 59,535 57,327 55,366 72,428 244,656 50,672 62,616 39,688 36,646 189,622 36,666 34,087 31,172 25,373 127,298

Gain on sale of assets - - - - - - - - - - - - - - - - - - - - - 18,049 18,049 80 18,016 - - 18,096 - - - - -

Adjusted EBITDA, less effect of gain on sale of assets $155,006 $150,055 $305,061 $150,427 $131,917 $114,999 $114,736 $512,079 $101,451 $97,276 $93,173 $86,866 $378,766 $90,106 $80,837 $69,005 $65,260 $305,208 $59,535 $57,327 $55,366 $54,379 $226,607 $50,592 $44,600 $39,688 $36,646 $171,526 $36,666 $34,087 $31,172 $25,373 $127,298

Reconciliation of Net Operating Income (NOI)


Operating income 76,720$ 74,665$ 151,385$ 72,560$ 60,401$ 54,150$ 55,195$ 242,306$ 50,084$ 45,656$ 42,846$ 39,203$ 177,789$ 40,569$ 33,658$ 28,834$ 25,294$ 128,355$ 21,160$ 21,608$ 22,739$ 22,171$ 87,678$ 21,882$ 19,293$ 17,787$ 17,388$ 76,350$ 15,734$ 15,986$ 15,776$ 12,091$ 59,587$

Less:

Construction management revenue (only disclosed for 2010 and 2011) (13,759) (1,817) (15,576) (2,166) (255) (1,036) (1,414) (4,871) - - - - - - - - - - - - -

Other revenue (5) (295) (300) (371) - - - (371) (848) (113) (83) (18) (1,062) (5,572) (9,685) (112) (14) (15,383) (240) (154) (247) - (641) (197) - - (168) (365) (1,432) (265) (3,832) (300) (5,829)

Add:

Construction management expenses (only disclosed for 2010 and 2011) 11,199 1,737 12,936 231 290 471 647 1,639 - - - - - - - - - - - - -

Depreciation and amortization 76,848 73,918 150,766 76,383 70,128 59,860 57,532 263,903 52,126 50,439 49,183 46,304 198,052 47,086 46,548 39,591 39,153 172,378 37,829 35,353 31,836 29,401 134,419 28,173 24,739 18,534 16,537 87,983 17,061 15,340 12,733 10,567 55,701

General and administrative 14,077 12,405 26,482 12,225 11,878 12,574 10,519 47,196 10,009 10,352 9,958 9,672 39,991 8,661 11,261 9,686 8,783 38,391 7,946 7,584 8,254 7,002 30,786 6,311 4,885 4,674 4,246 20,116 4,425 3,324 2,453 2,413 12,615

Transactions 740 681 1,421 224 4,666 1,715 833 7,438 1,354 308 82 430 2,174 - - - - - - - -

Other expenses - 90 90 - 59 165 2 226 94 404 - 285 783 26 749 2 307 1,084 35 429 (33) - 431 - 370 150 181 701 73 106 961 477 1,617

Net Operating Income 165,820$ 161,384$ 327,204$ 159,086$ 147,167$ 127,899$ 123,314$ 557,466$ 112,819$ 107,046$ 101,986$ 95,876$ 417,727$ 90,770$ 82,531$ 78,001$ 73,523$ 324,825$ 66,730$ 64,820$ 62,549$ 58,574$ 252,673$ 56,169$ 49,287$ 41,145$ 38,184$ 184,785$ 35,861$ 34,491$ 28,091$ 25,248$ 123,691$

Reconciliation of Same Store Net Operating Income (Same Store NOI)

Q211 Q111 FY2011 Q410 Q310 Q210 Q110 FY2010

Net Operating Income 165,820$ 161,384$ 327,204$ 159,086$ 147,167$ 127,899$ 123,314$ 557,466$

Less: New Properties NOI (33,550) (33,843) (67,393) (30,624) (26,495) (8,841) (6,713) (72,673)

Same Store Net Operating Income 132,270$ 127,541$ 259,811$ 128,462$ 120,672$ 119,058$ 116,601$ 484,793$

Reconciliation of Same Store Cash NOI

Same Store Net Operating Income 132,270$ 127,541$ 259,811$ 128,462$ 120,672$ 119,058$ 116,601$ 484,793$

Less:

Same store straight-line rent (11,828) (10,655) (22,483) (9,625) (9,733) (9,579) (10,280) (39,217)

Same store non-cash purchase accounting adjustments (1,892) (1,860) (3,752) (1,903) (1,976) (1,931) (1,956) (7,766)

Same Store Cash NOI 118,550$ 115,026$ 233,576$ 116,934$ 108,963$ 107,548$ 104,365$ 437,810$

dlr oct company overview - s&p global · 2011-10-28 · company overview october 2011. 1 ......

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