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]]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

     Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2021

     Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period From              to             .

Commission file number 001-32336 (Digital Realty Trust, Inc.)

000-54023 (Digital Realty Trust, L.P.)

DIGITAL REALTY TRUST, INC.

DIGITAL REALTY TRUST, L.P.

(Exact name of registrant as specified in its charter)

Maryland     (Digital Realty Trust, Inc.)

    

26-0081711

Maryland     (Digital Realty Trust, L.P.)

20-2402955

(State or other jurisdiction of

(IRS employer

incorporation or organization)

identification number)

5707 Southwest Parkway, Building 1, Suite 275

Austin, Texas       78735

(Address of principal executive offices)

(737) 281-0101

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading symbol(s)

    

Name of each exchange on which registered

Common Stock

DLR

New York Stock Exchange

Series J Cumulative Redeemable Preferred Stock

DLR Pr J

New York Stock Exchange

Series K Cumulative Redeemable Preferred Stock

DLR Pr K

New York Stock Exchange

Series L Cumulative Redeemable Preferred Stock

DLR Pr L

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Digital Realty Trust, Inc.

    

Yes        No    

Digital Realty Trust, L.P.

Yes        No    

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Digital Realty Trust, Inc.

    

Yes        No    

Digital Realty Trust, L.P.

Yes        No    

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Digital Realty Trust, Inc.:

Large accelerated filer     

    

Accelerated filer                      

Non-accelerated filer       

Smaller reporting company     

Emerging growth company     

Digital Realty Trust, L.P.:

Large accelerated filer     

    

Accelerated filer                      

Non-accelerated filer       

Smaller reporting company     

Emerging growth company     

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Digital Realty Trust, Inc.

    

Digital Realty Trust, L.P.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Digital Realty Trust, Inc.

    

Yes        No    

Digital Realty Trust, L.P.

Yes        No    

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Digital Realty Trust, Inc.:

    

 

Class

    

Outstanding at November 3, 2021

Common Stock, $.01 par value per share

283,787,456

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended September 30, 2021 of Digital Realty Trust, Inc., a Maryland corporation, and Digital Realty Trust, L.P., a Maryland limited partnership, of which Digital Realty Trust, Inc. is the sole general partner. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” “our Company”, or “the Company” refer to Digital Realty Trust, Inc. together with its consolidated subsidiaries, including Digital Realty Trust, L.P. Unless otherwise indicated or unless the context requires otherwise, all references to the “Parent” refer to Digital Realty Trust, Inc., and all references to “our Operating Partnership” or “the Operating Partnership” or “the OP” refer to Digital Realty Trust, L.P. together with its consolidated subsidiaries.

The Parent is a real estate investment trust, or REIT, and the sole general partner of the OP. As of September 30, 2021, the Parent owned an approximate 97.8% common general partnership interest in the OP. The remaining approximate 2.2% of the common limited partnership interests of the OP are owned by non-affiliated third parties and certain directors and officers of the Parent. As of September 30, 2021, the Parent owned all of the preferred limited partnership interests of the OP. As the sole general partner of the OP, the Parent has the full, exclusive and complete responsibility for the OP’s day-to-day management and control.

We believe combining the quarterly reports on Form 10-Q of the Parent and the OP into this single report results in the following benefits:

enhancing investors’ understanding of the Parent and the OP by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Parent and the OP; and
creating time and cost efficiencies through the preparation of one combined report instead of two separate reports.

It is important to understand the few differences between the Parent and the OP in the context of how we operate the Company. The Parent does not conduct business itself, other than acting as the sole general partner of the OP and issuing public equity from time to time and guaranteeing certain unsecured debt of the OP and certain of its subsidiaries and affiliates. The OP holds substantially all the assets of the business, directly or indirectly. The OP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent, which are generally contributed to the OP in exchange for partnership units, the OP generates capital required by the business through the OP’s operations, incurrence of indebtedness and issuance of partnership units to third parties.

The presentation of noncontrolling interests, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of the Parent and those of the OP. The differences in the presentations between stockholders’ equity and partners’ capital result from the differences in the equity and capital issuances in the Parent and in the OP.

The preferred stock, common stock, additional paid-in capital, accumulated other comprehensive income (loss) and distributions in excess of net earnings of the Parent are presented as stockholders’ equity in the Parent’s consolidated financial statements. These items represent the common and preferred general partnership interests held by the Parent in the OP and are presented as general partner’s capital within partners’ capital in the OP’s consolidated financial statements. The common limited partnership interests held by the limited partners in the OP are presented as noncontrolling interest within equity in the Parent’s consolidated financial statements and as limited partners’ capital within partners’ capital in the OP’s consolidated financial statements.

To highlight the differences between the Parent and the OP, separate sections in this report, as applicable, individually discuss the Parent and the OP, including separate financial statements and separate Exhibit 31 and 32

2

certifications. In the sections that combine disclosure of the Parent and the OP, this report refers to actions or holdings as being actions or holdings of the Company.

As general partner with control of the OP, the Parent consolidates the OP for financial reporting purposes, and it does not have significant assets other than its investment in the OP. Therefore, the assets and liabilities of the Parent and the OP are the same on their respective condensed consolidated financial statements. The separate discussions of the Parent and the OP in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.

In this report, “properties” and “buildings” refer to all or any of the buildings in our portfolio, including data centers and non-data centers, and “data centers” refers only to the properties or buildings in our portfolio that contain data center space. In this report, “global revolving credit facility” refers to our Operating Partnership’s $2.35 billion senior unsecured revolving credit facility and global senior credit agreement, as amended; “Yen revolving credit facility” refers to our Operating Partnership’s ¥33,285,000,000 (approximately $300 million based on exchange rates at September 30, 2021) senior unsecured revolving credit facility and Yen credit agreement, as amended; and “revolving credit facilities” or “global revolving credit facilities” refer to our global revolving credit facility and our Yen revolving credit facility, collectively.

3

DIGITAL REALTY TRUST, INC. AND DIGITAL REALTY TRUST, L.P.

FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2021

TABLE OF CONTENTS

Page
Number

PART I.

FINANCIAL INFORMATION

ITEM 1.

Condensed Consolidated Financial Statements of Digital Realty Trust, Inc.:

Condensed Consolidated Balance Sheets as of September 30, 2021 (unaudited) and December 31, 2020 (unaudited)

5

Condensed Consolidated Income Statements for the three and nine months ended September 30, 2021 and 2020 (unaudited)

6

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2021 and 2020 (unaudited)

7

Condensed Consolidated Statement of Equity for the three and nine months ended September 30, 2021 and 2020 (unaudited)

8

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (unaudited)

12

Condensed Consolidated Financial Statements of Digital Realty Trust, L.P.:

Condensed Consolidated Balance Sheets as of September 30, 2021 (unaudited) and December 31, 2020 (unaudited)

13

Condensed Consolidated Income Statements for the three and nine months ended September 30, 2021 and 2020 (unaudited)

14

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2021 and 2020 (unaudited)

15

Condensed Consolidated Statement of Capital for the three and nine months ended September 30, 2021 and 2020 (unaudited)

16

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (unaudited)

20

Notes to Condensed Consolidated Financial Statements of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (unaudited)

21

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

39

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

57

ITEM 4.

Controls and Procedures (Digital Realty Trust, Inc.)

58

Controls and Procedures (Digital Realty Trust, L.P.)

58

PART II.

OTHER INFORMATION

60

ITEM 1.

Legal Proceedings

60

ITEM 1A.

Risk Factors

60

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

60

ITEM 3.

Defaults Upon Senior Securities

60

ITEM 4.

Mine Safety Disclosures

60

ITEM 5.

Other Information

60

ITEM 6.

Exhibits

61

Signatures

62

4

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except share and per share data)

    

September 30, 

    

December 31, 

2021

2020

ASSETS

Investments in real estate:

Investments in properties, net

$

20,581,993

$

20,582,954

Investments in unconsolidated entities

 

1,292,325

 

1,148,158

Net investments in real estate

 

21,874,318

 

21,731,112

Operating lease right-of-use assets, net

1,442,661

1,386,959

Cash and cash equivalents

 

116,002

 

108,501

Accounts and other receivables, net

 

610,416

 

603,111

Deferred rent

 

552,850

 

528,180

Goodwill

 

8,062,914

 

8,330,996

Customer relationship value, deferred leasing costs and intangibles, net

 

2,871,622

3,122,904

Other assets

 

316,863

 

264,528

Total assets

$

35,847,646

$

36,076,291

LIABILITIES AND EQUITY

Global revolving credit facilities, net

$

832,322

$

531,905

Unsecured term loans, net

 

 

536,580

Unsecured senior notes, net of discount

 

13,012,790

 

11,997,010

Secured and other debt, including premiums

 

242,427

 

239,222

Operating lease liabilities

1,543,231

1,468,712

Accounts payable and other accrued liabilities

 

1,341,864

 

1,420,162

Deferred tax liabilities, net

725,955

698,308

Accrued dividends and distributions

 

 

324,386

Security deposits and prepaid rents

 

341,778

 

371,659

Total liabilities

 

18,040,367

 

17,587,944

Redeemable noncontrolling interests

 

40,920

 

42,011

Commitments and contingencies

Equity:

Stockholders’ Equity:

Preferred Stock: $0.01 par value per share, 110,000,000 shares authorized; $755,000 and $956,250 liquidation preference ($25.00 per share), 30,200,000 and 38,250,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

 

731,690

 

950,940

Common Stock: $0.01 par value per share, 392,000,000 shares authorized; 283,846,802 and 280,289,726 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

 

2,818

 

2,788

Additional paid-in capital

 

21,010,202

 

20,626,897

Accumulated dividends in excess of earnings

 

(4,359,033)

 

(3,997,938)

Accumulated other comprehensive (loss) income, net

 

(111,560)

 

135,010

Total stockholders’ equity

 

17,274,117

 

17,717,697

Noncontrolling interests

 

492,242

 

728,639

Total equity

 

17,766,359

 

18,446,336

Total liabilities and equity

$

35,847,646

$

36,076,291

See accompanying notes to the condensed consolidated financial statements.

5

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED INCOME STATEMENTS

(unaudited, in thousands, except share and per share data)

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2021

    

2020

    

    

2021

    

2020

Operating Revenues:

Rental and other services

$

1,110,904

$

1,020,931

$

3,288,205

$

2,828,678

Fee income and other

 

22,232

 

3,737

 

 

28,510

 

12,322

Total operating revenues

 

1,133,136

 

1,024,668

 

3,316,715

 

2,841,000

Operating Expenses:

Rental property operating and maintenance

 

406,329

 

358,679

 

 

1,151,324

 

957,034

Property taxes and insurance

 

60,633

 

42,659

 

 

161,634

 

136,770

Depreciation and amortization

 

369,035

 

365,842

 

 

1,107,749

 

1,006,464

General and administrative

 

98,460

 

91,352

 

 

295,946

 

249,181

Transactions and integration

 

13,804

 

14,953

 

 

34,999

 

87,372

Impairment of investments in real estate

 

 

6,482

 

 

 

6,482

Other

 

510

 

298

 

 

2,551

 

434

Total operating expenses

 

948,771

 

880,265

 

 

2,754,203

 

2,443,737

Operating income

 

184,365

 

144,403

 

 

562,512

 

397,263

Other Income (Expenses):

Equity in earnings (loss) of unconsolidated entities

 

40,884

 

(2,056)

 

 

69,996

 

(88,684)

(Loss) gain on disposition of properties, net

(635)

10,410

333,785

315,211

Other income (expenses), net

 

(2,947)

 

4,348

 

 

(9)

 

22,969

Interest expense

 

(71,417)

 

(89,499)

 

 

(222,084)

 

(255,173)

Loss from early extinguishment of debt

 

 

(53,007)

 

 

(18,347)

 

(53,639)

Income tax expense

 

(13,709)

 

(16,053)

 

 

(68,838)

 

(34,725)

Net income (loss)

 

136,541

 

(1,454)

 

 

657,015

 

303,222

Net (income) loss attributable to noncontrolling interests

 

(2,266)

 

1,316

 

 

(15,566)

 

(4,515)

Net income (loss) attributable to Digital Realty Trust, Inc.

 

134,275

 

(138)

 

 

641,449

 

298,707

Preferred stock dividends, including undeclared dividends

 

(10,181)

 

(20,712)

 

 

(35,580)

 

(63,022)

Gain (loss) on redemption of preferred stock

 

 

(16,520)

 

 

18,000

 

(16,520)

Net income (loss) available to common stockholders

$

124,094

$

(37,370)

$

623,869

$

219,165

Net income (loss) per share available to common stockholders:

Basic

$

0.44

$

(0.14)

$

2.21

$

0.86

Diluted

$

0.44

$

(0.14)

$

2.21

$

0.85

Weighted average common shares outstanding:

Basic

 

283,105,966

 

270,214,413

 

 

282,004,907

 

253,377,527

Diluted

 

283,799,538

 

270,214,413

 

 

282,672,720

 

256,362,579

See accompanying notes to the condensed consolidated financial statements.

6

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited, in thousands)

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2021

    

2020

    

2021

    

2020

Net income (loss)

$

136,541

$

(1,454)

$

657,015

$

303,222

Other comprehensive income (loss):

Foreign currency translation adjustments

 

(147,120)

 

233,747

 

(254,444)

 

(34,796)

Increase (decrease) in fair value of interest rate swaps

 

209

 

137

 

772

 

(12,711)

Reclassification to interest expense from interest rate swaps

 

358

 

7,673

 

1,070

 

7,899

Other comprehensive income (loss)

(146,553)

241,557

(252,602)

(39,608)

Comprehensive income (loss)

 

(10,012)

 

240,103

 

404,413

 

263,614

Comprehensive (income) loss attributable to noncontrolling interests

 

995

 

(5,516)

 

(9,533)

 

(609)

Comprehensive income (loss) attributable to Digital Realty Trust, Inc.

$

(9,017)

$

234,587

$

394,880

$

263,005

See accompanying notes to the condensed consolidated financial statements.

7

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

(unaudited, in thousands, except share data)

Accumulated

Accumulated

Redeemable

Number of

Additional

Dividends in

Other

Noncontrolling

Preferred

Common

Common

Paid-in

Excess of

Comprehensive

Noncontrolling

Three Months Ended September 30, 2021

    

Interests

    

Stock

    

Shares

    

Stock

    

Capital

    

Earnings

    

Income (Loss), Net

    

Interests

    

Total Equity

Balance as of June 30, 2021

 

$

41,490

$

731,690

282,603,152

$

2,806

$

20,844,834

$

(4,153,407)

$

31,733

$

706,591

$

18,164,247

Conversion of common units to common stock

 

 

562,151

 

6

 

46,509

 

 

 

(46,515)

 

Issuance of common stock, net of costs

 

 

583,181

 

6

 

92,865

 

 

 

 

92,871

Shares issued under employee stock purchase plan

 

 

52,654

 

 

6,468

 

 

 

 

6,468

Amortization of share-based compensation

 

 

 

 

19,427

 

 

 

 

19,427

Vesting of restricted stock, net

45,664

 

Shares repurchased and retired to satisfy tax withholding upon vesting

(701)

(701)

Reclassification of vested share-based awards

 

 

 

 

(138)

 

 

 

138

 

Adjustment to redeemable noncontrolling interests

 

(938)

 

 

 

938

 

 

 

 

938

Dividends declared on preferred stock

 

 

 

 

 

(10,181)

 

 

 

(10,181)

Dividends and distributions on common stock and common and incentive units

 

(181)

 

 

 

 

(329,720)

 

 

(7,277)

 

(336,997)

Contributions from noncontrolling interests in consolidated entities

 

484

 

 

 

 

 

 

37,380

 

37,380

Deconsolidation of consolidated entities

(197,016)

(197,016)

Net income

 

65

 

 

 

 

134,275

 

 

2,201

 

136,476

Other comprehensive loss—foreign currency translation adjustments

 

 

 

 

 

 

(143,847)

 

(3,273)

 

(147,120)

Other comprehensive income—fair value of interest rate swaps

 

 

 

 

 

 

204

 

5

 

209

Other comprehensive income— reclassification of accumulated other comprehensive loss to interest expense

 

 

 

 

 

 

350

 

8

 

358

Balance as of September 30, 2021

 

$

40,920

$

731,690

283,846,802

$

2,818

$

21,010,202

$

(4,359,033)

$

(111,560)

$

492,242

$

17,766,359

See accompanying notes to the condensed consolidated financial statements.

8

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

(unaudited, in thousands, except share data)

Accumulated

Accumulated

Number of

Additional

Dividends in

Other

Total