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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 March 31, 2024

     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 May 1, 2024

Common Stock, $.01 par value per share

312,426,614

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended March 31, 2024 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. In statements regarding qualification as a REIT, such terms refer solely to Digital Realty Trust, Inc. 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,” “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 March 31, 2024, 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 March 31, 2024, 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 the 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

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 $3.75 billion senior unsecured revolving credit facility and global senior credit agreement; “Yen Revolving Credit Facility” refers to our Operating Partnership’s ¥33,285,000,000 (approximately $220 million based on exchange rates at March 31, 2024) senior unsecured revolving credit facility and Yen credit agreement; and “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 MARCH 31, 2024

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 March 31, 2024 (unaudited) and December 31, 2023 (unaudited)

5

Condensed Consolidated Income Statements for the three months ended March 31, 2024 and 2023 (unaudited)

6

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023 (unaudited)

7

Condensed Consolidated Statement of Equity for the three months ended March 31, 2024 and 2023 (unaudited)

8

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited)

10

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

Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 (unaudited)

11

Condensed Consolidated Income Statements for the three months ended March 31, 2024 and 2023 (unaudited)

12

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023 (unaudited)

13

Condensed Consolidated Statement of Capital for the three months ended March 31, 2024 and 2023 (unaudited)

14

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited)

16

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

17

ITEM 2.

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

39

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

60

ITEM 4.

Controls and Procedures (Digital Realty Trust, Inc.)

61

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

62

PART II.

OTHER INFORMATION

63

ITEM 1.

Legal Proceedings

63

ITEM 1A.

Risk Factors

63

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

63

ITEM 3.

Defaults Upon Senior Securities

63

ITEM 4.

Mine Safety Disclosures

63

ITEM 5.

Other Information

63

ITEM 6.

Exhibits

64

Signatures

65

4

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except per share data)

    

March 31, 

    

December 31, 

2024

2023

ASSETS

Investments in real estate:

Investments in properties, net

$

23,757,783

$

24,236,088

Investments in unconsolidated entities

 

2,365,821

 

2,295,889

Net investments in real estate

 

26,123,604

 

26,531,977

Operating lease right-of-use assets, net

1,233,410

1,414,256

Cash and cash equivalents

 

1,193,784

 

1,625,495

Accounts and other receivables, net

 

1,217,276

 

1,278,110

Deferred rent, net

 

611,670

 

624,427

Goodwill

 

9,105,026

 

9,239,871

Customer relationship value, deferred leasing costs and other intangibles, net

 

2,359,380

2,500,237

Assets held for sale

 

287,064

 

478,503

Other assets

 

501,875

 

420,382

Total assets

$

42,633,089

$

44,113,258

LIABILITIES AND EQUITY

Global revolving credit facilities, net

$

1,901,126

$

1,812,287

Unsecured term loans, net

 

1,303,263

 

1,560,305

Unsecured senior notes, net of discount

 

13,190,202

 

13,422,342

Secured and other debt, net of discount

 

625,750

 

630,973

Operating lease liabilities

1,357,751

1,542,094

Accounts payable and other accrued liabilities

 

1,870,344

 

2,168,984

Deferred tax liabilities, net

1,121,224

1,151,096

Accrued dividends and distributions

 

 

387,988

Security deposits and prepaid rents

 

413,225

 

401,867

Obligations associated with assets held for sale

 

9,981

 

39,001

Total liabilities

 

21,792,866

 

23,116,937

Redeemable noncontrolling interests

 

1,350,736

 

1,394,814

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 March 31, 2024 and December 31, 2023

 

731,690

 

731,690

Common Stock: $0.01 par value per share, 392,000 shares authorized; 312,421 and 311,608 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively

 

3,097

 

3,088

Additional paid-in capital

 

24,508,683

 

24,396,797

Accumulated dividends in excess of earnings

 

(5,373,529)

 

(5,262,648)

Accumulated other comprehensive loss, net

 

(850,091)

 

(751,393)

Total stockholders’ equity

 

19,019,850

 

19,117,534

Noncontrolling interests

 

469,637

 

483,973

Total equity

 

19,489,487

 

19,601,507

Total liabilities and equity

$

42,633,089

$

44,113,258

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 March 31, 

    

2024

    

2023

Operating Revenues:

Rental and other services

$

1,317,271

$

1,329,968

Fee income and other

 

13,872

 

8,755

Total operating revenues

 

1,331,143

 

1,338,723

Operating Expenses:

Rental property operating and maintenance

 

548,939

 

571,225

Property taxes and insurance

 

43,850

 

44,779

Depreciation and amortization

 

431,102

 

421,198

General and administrative

 

115,210

 

111,920

Transactions and integration

 

31,839

 

12,267

Other

 

10,836

 

Total operating expenses

 

1,181,776

 

1,161,389

Operating income

 

149,367

 

177,334

Other Income (Expenses):

Equity in (loss) earnings of unconsolidated entities

 

(16,008)

 

14,897

Gain on disposition of properties, net

277,787

Other income, net

 

9,709

 

280

Interest expense

 

(109,535)

 

(102,220)

Loss from early extinguishment of debt

 

(1,070)

 

Income tax expense

 

(22,413)

 

(21,454)

Net income

 

287,837

 

68,837

Net income attributable to noncontrolling interests

 

(6,329)

 

(111)

Net income attributable to Digital Realty Trust, Inc.

 

281,508

 

68,726

Preferred stock dividends

 

(10,181)

 

(10,181)

Net income available to common stockholders

$

271,327

$

58,545

Net income per share available to common stockholders:

Basic

$

0.87

$

0.20

Diluted

$

0.82

$

0.20

Weighted average common shares outstanding:

Basic

 

312,292

 

291,219

Diluted

 

320,798

 

303,065

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 March 31, 

    

2024

    

2023

Net income

$

287,837

$

68,837

Other comprehensive income (loss):

Foreign currency translation adjustments

 

(200,004)

 

(112,076)

Increase in fair value of derivatives

 

69,035

 

572

Reclassification to interest expense from derivatives

 

(10,330)

 

(6,543)

Other comprehensive loss

(141,299)

(118,047)

Comprehensive income (loss)

 

146,538

 

(49,210)

Comprehensive loss attributable to noncontrolling interests

 

34,769

 

62,087

Comprehensive income attributable to Digital Realty Trust, Inc.

$

181,307

$

12,877

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 March 31, 2024

    

Interests

    

Stock

    

Shares

    

Stock

    

Capital

    

Earnings

    

Loss, Net

    

Interests

    

Total Equity

Balance as of December 31, 2023

 

$

1,394,814

$

731,690

 

311,607,580

$

3,088

$

24,396,797

$

(5,262,648)

$

(751,393)

$

483,973

$

19,601,507

Conversion of common units to common stock

 

71,938

5,300

(5,300)

Vesting of restricted stock, net

 

55,243

Common stock offering costs

 

Issuance of common stock, net of costs

 

637,980

9

98,038

98,047

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

 

47,918

2,902

2,902

Reclassification of vested share-based awards

 

(9,752)

9,752

Amortization of unearned compensation regarding share-based awards

18,377

18,377

Adjustment to redeemable noncontrolling interests

1,476

(1,476)

(1,476)

Dividends declared on preferred stock

 

(10,181)

(10,181)

Dividends and distributions on common stock and common and incentive units

(190)

(382,208)

(7,958)

(390,166)

Contributions from (distributions to) noncontrolling interests

(21,426)

(21,426)

Net income (loss)

 

(7,509)

281,508

13,838

295,346

Other comprehensive income (loss)

(37,855)

(1,503)

(98,698)

(3,242)

(103,443)

Balance as of March 31, 2024

 

$

1,350,736

$

731,690

 

312,420,659

$

3,097

$

24,508,683

$

(5,373,529)

$

(850,091)

$

469,637

$

19,489,487

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

Three Months Ended March 31, 2023

    

Interests

    

Stock

    

Shares

    

Stock

    

Capital

    

Earnings

    

Loss, Net

    

Interests

    

Total Equity

Balance as of December 31, 2022

 

$

1,514,679

$

731,690

 

291,148,222

$

2,887

$

22,142,868

$

(4,698,313)

$

(595,798)

$

524,131

$

18,107,465

Conversion of common units to common stock

 

6,201

474

(474)

Vesting of restricted stock, net

 

90,306

Common stock offering costs

 

(441)

(441)

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

 

53,881

1

(1,613)

(1,612)

Amortization of unearned compensation regarding share-based awards

 

17,502

17,502

Reclassification of vested share-based awards

 

(33,556)

33,556

Adjustment to redeemable noncontrolling interests

 

(306)

306

306

Dividends declared on preferred stock

(10,181)

(10,181)

Dividends and distributions on common stock and common and incentive units

(190)

(356,214)

(7,675)

(363,889)

Contributions from (distributions to) noncontrolling interests

 

129

4,552

4,552

Deconsolidation of noncontrolling interests in consolidated entities

(65,358)

(65,358)

Net income (loss)

(2,288)

68,726

2,399

71,125

Other comprehensive loss

(63,252)

839

(56,688)

1,054

(54,795)

Balance as of March 31, 2023

 

$

1,448,772

$

731,690

 

291,298,610

$

2,888

$

22,126,379

$

(4,995,982)

$

(652,486)

$

492,185

$

17,704,674

See accompanying notes to the condensed consolidated financial statements.

9

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

Three Months Ended March 31, 

    

2024

    

2023

Cash flows from operating activities:

  

 

Net income

$

287,837

$

68,837

Adjustments to reconcile net income to net cash provided by operating activities:

Gain on disposition of properties, net

 

(277,787)

 

Equity in loss (earnings) of unconsolidated entities

 

16,008

(14,897)

Distributions from unconsolidated entities

 

45,797

 

28,904

Depreciation and amortization

431,102

 

421,198

Amortization of share-based compensation

 

16,736

 

17,502

Loss from early extinguishment of debt

 

1,070

 

Straight-lined rents and amortization of above and below market leases

 

4,699

 

(18,971)

Amortization of deferred financing costs and debt discount / premium

6,931

 

5,409

Other operating activities, net

473

 

(3,880)

Changes in assets and liabilities:

Increase in accounts receivable and other assets

(33,034)

 

(141,958)

Decrease in accounts payable and other liabilities

(147,557)

 

(12,418)

Net cash provided by operating activities

 

352,275

349,726

Cash flows from investing activities:

Improvements to investments in real estate

(659,315)

(738,677)

Cash paid for business combination / asset acquisitions, net of cash acquired

(80,581)

(57,001)

Investments in and advances to unconsolidated entities

(121,357)

52,991

Return of investment from unconsolidated entities

85,586

Proceeds from sale of assets

814,101

Other investing activities, net

(31,815)

(6,320)

Net cash provided by (used in) investing activities