Investor Presentaiton
Proven Track Record of Sustainable Growth
Disciplined Financial Management
RATINGS
DEBT
RATIOS
SIZE & DIVERSIFICATION
Properties/Data Centers (1)
Total Enterprise Value (2)
RMZ Rank
Top Tenant (% ABR)
Top 20 Tenant Concentration (% of ABR)
35 metro areas
Metro Areas (1)
Net Debt/ Adjusted EBITDA (4)
Adjusted EBITDA / Fixed Charges
(5)
% Unhedged Variable Rate Debt
Secured Debt / Total Assets
Moody's/S&P / Fitch
2018
1Q23
Better/Worse
Change
214
314
47%
$35 billion
$48 billion
37%
53.5%
5th
IG-equivalent
Facebook (6.8%)
AAA-rated Fortune 50
Software Company (10.0%)
49.3%
8th (3)
-3 places
3.2 bps
(420 bps)
52 metro areas
6.2x (4)
7.1x (4)
4.0x
(5)
4.4x
(5)
26%
3%
19%
2%
Baa2 BBB / BBB
Baa2 BBB / BBB
49%
0.9x
0.4x
(700 bps)
(100 bps)
No Change
r
LJ
Note: Balance sheet data as of December 31, 2018 and March 31, 2023 unless otherwise indicated.
1) Represents those locations where Digital Realty has an interest in one or more operating data centers. Excludes those locations where Digital Realty has an interest in land or JV but are not yet operational.
2) Total enterprise value calculated as the market value of common equity, plus liquidation value of preferred equity and total debt at balance sheet carrying value as of December 31, 2018 for 2018 and March 31, 2023 for 1Q23.
3) As of March 31, 2023.
4) Calculated as total debt at balance sheet carrying value, plus finance lease obligations, plus share of unconsolidated joint venture debt, less unrestricted cash and cash equivalents divided by Adjusted EBITDA (including Digital Realty's pro rata share of unconsolidated joint venture EBITDA). Adjusted EBITDA is a non-
GAAP financial measure. For a description of Adjusted EBITDA and the calculation of these ratios, please see the Appendix.
5) Calculated as Adjusted EBITDA (including Digital Realty's pro rata share of unconsolidated joint venture EBITDA) divided by fixed charges. Fixed charges include GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred dividends for the quarter. Adjusted EBITDA is a non-GAAP
financial measure. For a description of Adjusted EBITDA and the calculation of these ratios, please see the Appendix.
DIGITAL REALTY.
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