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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, 2022

     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 2, 2022

Common Stock, $.01 par value per share

287,522,275

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended September 30, 2022 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, all references to the “Parent” refer to Digital Realty Trust, Inc., and all references to “our Operating Partnership,” “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. In statements regarding qualification as a REIT, such terms refer solely to Digital Realty Trust, Inc. As of September 30, 2022, the Parent owned an approximate 97.9% common general partnership interest in Digital Realty Trust, L.P. The remaining approximate 2.1% of the common limited partnership interests of Digital Realty Trust, L.P. are owned by non-affiliated third parties and certain directors and officers of the Parent. As of September 30, 2022, the Parent owned all of the preferred limited partnership interests of Digital Realty Trust, L.P. As the sole general partner of Digital Realty Trust, L.P., 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.

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 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.

2

On August 1, 2022, we completed the acquisition of an indirect controlling interest in Teraco Data Environments (Pty) Ltd (“Teraco”). Certain portfolio information regarding Teraco is excluded from Management’s Discussion and Analysis in this Quarterly Report on Form 10-Q. Specifically, Teraco has been excluded from data regarding: new metropolitan areas in which we do business, the number of data centers we own/operate, square footage, development projects, occupancy percentages, and lease terms. Teraco’s financial information is included in our condensed consolidated financial statements and the associated notes to those financial statements.

3

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

FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2022

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, 2022 (unaudited) and December 31, 2021 (unaudited)

5

Condensed Consolidated Income Statements for the three and nine months ended September 30, 2022 and 2021 (unaudited)

6

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2022 and 2021 (unaudited)

7

Condensed Consolidated Statement of Equity for the three and nine months ended September 30, 2022 and 2021 (unaudited)

8

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021 (unaudited)

12

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

Condensed Consolidated Balance Sheets as of September 30, 2022 (unaudited) and December 31, 2021 (unaudited)

13

Condensed Consolidated Income Statements for the three and nine months ended September 30, 2022 and 2021 (unaudited)

14

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2022 and 2021 (unaudited)

15

Condensed Consolidated Statement of Capital for the three and nine months ended September 30, 2022 and 2021 (unaudited)

16

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021 (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

45

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

67

ITEM 4.

Controls and Procedures (Digital Realty Trust, Inc.)

68

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

69

PART II.

OTHER INFORMATION

70

ITEM 1.

Legal Proceedings

70

ITEM 1A.

Risk Factors

70

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

70

ITEM 3.

Defaults Upon Senior Securities

70

ITEM 4.

Mine Safety Disclosures

70

ITEM 5.

Other Information

70

ITEM 6.

Exhibits

71

Signatures

74

4

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except per share data)

    

September 30, 

    

December 31, 

2022

2021

ASSETS

Investments in real estate:

Investments in properties, net

$

22,306,537

$

20,762,241

Investments in unconsolidated entities

 

1,912,958

 

1,807,689

Net investments in real estate

 

24,219,495

 

22,569,930

Operating lease right-of-use assets, net

1,253,393

1,405,441

Cash and cash equivalents

 

176,969

 

142,698

Accounts and other receivables, net

 

861,117

 

671,721

Deferred rent, net

 

556,198

 

547,385

Goodwill

 

8,728,105

 

7,937,440

Customer relationship value, deferred leasing costs and intangibles, net

 

3,035,861

2,735,486

Other assets

 

384,079

 

359,459

Total assets

$

39,215,217

$

36,369,560

LIABILITIES AND EQUITY

Global revolving credit facilities, net

$

2,255,139

$

398,172

Unsecured term loans, net

 

729,976

 

Unsecured senior notes, net of discount

 

12,281,410

 

12,903,370

Secured and other debt, including premiums

 

491,984

 

146,668

Operating lease liabilities

1,363,712

1,512,187

Accounts payable and other accrued liabilities

 

1,621,406

 

1,543,623

Deferred tax liabilities, net

1,145,097

666,451

Accrued dividends and distributions

 

 

338,729

Security deposits and prepaid rents

 

341,552

 

336,578

Total liabilities

 

20,230,276

 

17,845,778

Redeemable noncontrolling interests

 

1,429,920

 

46,995

Commitments and contingencies

Equity:

Stockholders’ Equity:

Preferred Stock: $0.01 par value per share, 110,000 shares authorized; $755,000 liquidation preference ($25.00 per share), 30,200 shares issued and outstanding as of September 30, 2022 and December 31, 2021

 

731,690

 

731,690

Common Stock: $0.01 par value per share, 392,000 shares authorized; 287,508 and 284,415 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively

 

2,851

 

2,824

Additional paid-in capital

 

21,528,384

 

21,075,863

Accumulated dividends in excess of earnings

 

(4,336,201)

 

(3,631,929)

Accumulated other comprehensive loss, net

 

(862,804)

 

(173,880)

Total stockholders’ equity

 

17,063,920

 

18,004,568

Noncontrolling interests

 

491,101

 

472,219

Total equity

 

17,555,021

 

18,476,787

Total liabilities and equity

$

39,215,217

$

36,369,560

See accompanying notes to the condensed consolidated financial statements.

5

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED INCOME STATEMENTS

(unaudited, in thousands, except per share data)

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2022

    

2021

    

2022

    

2021

Operating Revenues:

Rental and other services

$

1,184,165

$

1,110,904

$

3,437,252

$

3,288,205

Fee income and other

 

7,918

 

22,232

 

21,475

 

28,510

Total operating revenues

 

1,192,083

 

1,133,136

 

3,458,727

 

3,316,715

Operating Expenses:

Rental property operating and maintenance

 

477,731

 

406,329

1,334,826

 

1,151,324

Property taxes and insurance

 

43,862

 

60,633

 

145,135

 

161,634

Depreciation and amortization

 

388,704

 

369,035

 

1,147,803

 

1,107,749

General and administrative

 

97,447

 

98,460

 

301,736

 

295,946

Transactions and integration

 

25,862

 

13,804

 

51,416

 

34,999

Other

 

1,096

 

510

 

8,823

 

2,551

Total operating expenses

 

1,034,702

 

948,771

 

2,989,739

 

2,754,203

Operating income

 

157,381

 

184,365

 

468,988

 

562,512

Other Income (Expenses):

Equity in (loss) earnings of unconsolidated entities

 

(12,254)

 

40,884

 

14,616

 

69,996

Gain (loss) on disposition of properties, net

173,990

(635)

176,760

333,785

Other income (expenses), net

 

15,752

 

(2,947)

 

31,811

 

(9)

Interest expense

 

(76,502)

 

(71,417)

 

(212,250)

 

(222,084)

Loss from early extinguishment of debt

 

 

 

(51,135)

 

(18,347)

Income tax expense

 

(19,576)

 

(13,709)

 

(49,226)

 

(68,838)

Net income

 

238,791

 

136,541

 

379,564

 

657,015

Net income attributable to noncontrolling interests

 

(1,716)

 

(2,266)

 

(5,781)

 

(15,566)

Net income attributable to Digital Realty Trust, Inc.

 

237,075

 

134,275

 

373,783

 

641,449

Preferred stock dividends

 

(10,181)

 

(10,181)

 

(30,543)

 

(35,580)

Gain on redemption of preferred stock

 

 

 

 

18,000

Net income available to common stockholders

$

226,894

$

124,094

$

343,240

$

623,869

Net income per share available to common stockholders:

Basic

$

0.79

$

0.44

$

1.20

$

2.21

Diluted

$

0.75

$

0.44

$

1.15

$

2.21

Weighted average common shares outstanding:

Basic

 

286,693

 

283,106

 

285,312

 

282,005

Diluted

 

296,415

 

283,800

 

294,257

 

282,673

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, 

    

2022

    

2021

    

2022

    

2021

Net income

$

238,791

$

136,541

$

379,564

$

657,015

Other comprehensive income (loss):

Foreign currency translation adjustments

 

(535,246)

 

(147,120)

 

(843,036)

 

(254,444)

Increase in fair value of interest rate swaps

 

7,154

 

209

 

6,166

 

772

Reclassification to interest expense from interest rate swaps

 

(1,092)

 

358

 

(1,154)

 

1,070

Other comprehensive loss

(529,184)

(146,553)

(838,024)

(252,602)

Comprehensive (loss) income

 

(290,393)

 

(10,012)

 

(458,460)

 

404,413

Comprehensive loss (income) attributable to noncontrolling interests

 

140,225

 

995

 

143,319

 

(9,533)

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

$

(150,168)

$

(9,017)

$

(315,141)

$

394,880

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, 2022

    

Interests

    

Stock

    

Shares

    

Stock

    

Capital

    

Earnings

    

Loss, Net

    

Interests

    

Total Equity

Balance as of June 30, 2022

 

$

41,047

$

731,690

284,733,922

2,824

$

21,091,364

$

(4,211,685)

$

(475,561)

$

491,587

$

17,630,219

Conversion of common units to common stock

6,253

503

(503)

Vesting of restricted stock, net

45,630

Partial settlement of forward sale agreements, net of costs

 

2,658,539

27

399,695

399,722

Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting

 

63,863

11,684

11,684

Amortization of unearned compensation regarding share based awards

21,288

21,288

Reclassification of vested share based awards

(933)

933

Adjustment to redeemable noncontrolling interests

 

(4,783)

4,783

4,783

Dividends declared on preferred stock

(10,181)

(10,181)

Dividends and distributions on common stock and common and incentive units

(190)

(351,410)

(7,314)

(358,724)

Redeemable noncontrolling interests associated with acquisition of Teraco

 

1,530,090

Contributions from (distributions to) noncontrolling interests

 

10,379

10,379

Net income/(loss)

 

(3,423)

237,075

5,139

242,214

Other comprehensive loss—foreign currency translation adjustments

(132,821)

(393,166)

(9,259)

(402,425)

Other comprehensive income—fair value of interest rate swaps

7,015

139

7,154

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

(1,092)

(1,092)

Balance as of September 30, 2022

 

$

1,429,920

$

731,690

287,508,207

$

2,851

$

21,528,384

$

(4,336,201)

$

(862,804)

$

491,101

$

17,555,021

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

Redeemable

Number of

Additional

Dividends in

Other

Noncontrolling

Preferred

Common

Common

Paid-in

Excess of

Comprehensive

Noncontrolling

Nine Months Ended September 30, 2022

    

Interests

    

Stock

    

Shares

    

Stock

    

Capital

    

Earnings

    

Loss, Net

    

Interests

    

Total Equity

Balance as of December 31, 2021

 

$

46,995

$

731,690

 

284,415,013

$

2,824

$

21,075,863

$

(3,631,929)

$

(173,880)

$

472,219

$

18,476,787

Conversion of common units to common stock

 

23,550

1,962

(1,962)

Vesting of restricted stock, net

 

305,054

Partial settlement of forward sale agreements, net of costs

 

2,700,727

27

400,851

400,878

Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting

 

63,863

4,541