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Digital Realty 1Q21 Earnings Presentation

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Digital Realty 1Q21 Earnings Presentation Global. Connected. Sustainable. 1Q21 FINANCIAL RESULTS APRIL 2021 Digital Realty the trusted foundation | powering your digital ambitions Navigating the Future Sustainable Growth for Customers, Shareholders and Employees GLOBAL CONNECTED SUSTAINABLE Selling GLOBALLY… Supporting LOCALLY AMERICAS EMEA APAC A Digital Realty and Brookfield Infrastructure JV DIGITAL REALTY | 1Q21 FINANCIAL RESULTS | APRIL 29, 2021 | 2 Serving a Social Purpose Delivering Sustainable Growth for All Stakeholders ENVIRONMENTAL SOCIAL GOVERNANCE Named 2021 EPA Demonstrated senior leadership and ENERGY STAR® employee commitment to Diversity, Formalized ESG oversight Partner of the Equity & Inclusion; signed CEO Action under the Nominating & Year for second Pledge for diversity; co-chairing Nareit’s 2021 Corporate Governance consecutive year diversity initiative Committee Received Climate Adopted the Rooney Rule and amended Bond Initiative’s corporate governance guidelines to Enhanced Board diversity Largest Financial clarify that director candidate pools with the addition of Corporate Green must include candidates with diversity of 2020 three new Directors Bond Award for 2020 race, ethnicity and gender Provided shareholders the Earned 2020 Nareit Sponsored corporate and employee ability to propose Leader in the Light gift-matching contributions 2018 amendments to the bylaws award for fourth supporting COVID-19 pandemic relief and established proxy consecutive year and racial justice efforts 2019 access for shareholders Committed to Led disaster recovery assistance and reducing direct community reinvestment programs: Instituted minimum stock emissions by 68% and committed to enhancing the well- ownership requirements for indirect emissions by being of our stockholders, customers, 2015 directors and management 24% by 2030 employees, vendors, and communities DIGITAL REALTY | 1Q21 FINANCIAL RESULTS | APRIL 29, 2021 | 3 Brussels Frankfurt Madrid Expanding Global Platform Supporting Customer Growth Marseille Paris Singapore Global Platform 167,000 4,000+ 47 Cross-Connects Customers Metro Areas Note: As of March 31, 2021. DIGITAL REALTY | 1Q21 FINANCIAL RESULTS | APRIL 29, 2021 | 4 Data Gravity Driving Data Center Demand PlatformDIGITAL® Poised to Capitalize Data Sets Public Private Shared Enabling Connected Data Communities™ #BeyondCrossConnects Digital Products Investments Driving Data Hub Deployments Needs Global MTDC Leader 83% 75% 83% of CEOs surveyed expect to By 2024, 75% of organizations are increase investments in digital expected to have deployed multiple 2021 technologies, and 70% are betting on data hubs to drive mission-critical data Partner digital data products to grow (1) analytics, sharing and governance (2) of the Year 1) Gartner, Driving Value & Innovation with Data & Analytics, Virtual Executive Retreat for CDAOs, September 2020. 2) Gartner 100 Data and Analytics Predictions Through 2025, March 2021. DIGITAL REALTY | 1Q21 FINANCIAL RESULTS | APRIL 29, 2021 | 5 Financial Results DIGITAL REALTY | 1Q21 FINANCIAL RESULTS | APRIL 29, 2021 | 6 Digital Transformation Driving Steady Demand Global Full-Product Spectrum Provides Broadest Solutions HISTORICAL BOOKINGS ANNUALIZED GAAP BASE RENT $ in millions #1 $150 #2 #3 $100 $50 $0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1Q21 BOOKINGS 0-1 MW > 1 MW OTHER (1) INTERCONNECTION TOTAL BOOKINGS $32.6 mm $69.5 mm $1.7 mm $13.3 mm $117.1 mm Note: Darker shading represents interconnection bookings. First-quarter bookings are highlighted in lighter blue. Totals may not add up due to rounding. 1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities. DIGITAL REALTY | 1Q21 FINANCIAL RESULTS | APRIL 29, 2021 | 7 Digital Ad Industrial Connected Data Communities Exchange Manufacturer Attracting New Logos 100 new logos Automotive IT Services Tech Designer Provider 39% of total bookings from 0-1 MW + interconnection Video Game eCommerce Developer Servicer 59% of total bookings outside the Americas Note: For quarter ended March 31, 2021. DIGITAL REALTY | 1Q21 FINANCIAL RESULTS | APRIL 29, 2021 | 8 Top-Line Step Function Healthy Backlog Sets a Solid Foundation BACKLOG ROLL-FORWARD (1) COMMENCEMENT TIMING (2) $ in millions $ in millions Digital Realty Backlog Unconsolidated Joint Venture Backlog Digital Realty Backlog Unconsolidated Joint Venture Backlog $13M $4M $62M $91M $1M $6M$6M $24M $24M$24M $8M$7M $15M $82M$82M $14M$14M $283M $283M$283M $254M $197M$197M 4Q20 Backlog Sign Commence 1Q21 Backlog 20212021 20222022 20232023+ 1Q211Q21 Backlog Backlog Note: Totals may not add up due to rounding. 1) Amounts shown represent GAAP annualized base rent from leases signed. 2) Amounts shown represent GAAP annualized base rent from leases signed, but not yet commenced, based on estimated future commencement date at time of signing. Actual commencement dates may vary. DIGITAL REALTY | 1Q21 FINANCIAL RESULTS | APRIL 29, 2021 | 9 Cycling Through Peak Vintage Renewals Narrowing the Gap on Cash Re-Leasing Spreads 1Q21 RE-LEASING SPREADS 0-1 MW > 1 MW OTHER (1) TOTAL RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE 1.6% -11.3% 6.3% -2.1% CASH CASH CASH CASH 2.5% 2.5% 21.0% 3.2% GAAP GAAP GAAP GAAP Signed renewal Signed renewal Signed renewal leases Signed renewal leases leases representing leases representing representing representing $128 million $56 million $9 million $193 million of annualized GAAP of annualized GAAP of annualized GAAP of annualized GAAP rental revenue rental revenue rental revenue rental revenue Note: Totals may not add up due to rounding. Rental rate change represents the beginning rental rate on leases renewed, relative to the ending rental rate at expiration, weighted by net rentable square feet. 1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities. DIGITAL REALTY | 1Q21 FINANCIAL RESULTS | APRIL 29, 2021 | 10 Effective Economic Risk Mitigation Strategies Benefits of Scale and Diversification on Display EXPOSURE BY REVENUE (1) CORE FFO/SHARE EXPOSURE (2) USD CAD GBP EURO JPY HKD SGD AUD BRL SEK DKK CHF KES < 1% < 1% 8% < 1% < 1% 2.0% 20% 2% 61% 2021 0.4% 0.2% $6.53 / Sh < 1% BENCHMARK GBP RATES +/- 10% < 1% EUR +/- 100 bps 3% 2% +/- 10% 1% (3) EXCHANGE RATES 1Q20 U.S. DOLLAR INDEX 1Q21 105 U.S. DOLLAR / U.S. DOLLAR / BRITISH POUND EURO 100 95 7.3% 8.5% 90 DECREASE DECREASE 85 Source: FactSet. Note: Totals may not add up due to rounding. Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 1) As of March 31, 2021. Includes DLR’s share of revenue from unconsolidated joint ventures. 2) Core FFO is a non-GAAP financial measure. For a definition of core FFO and a reconciliation to its nearest GAAP equivalent, see the Appendix. 3) Based on average exchange rates for the quarter ended March 31, 2021 compared to average exchange rates for the quarter ended March 31, 2020. DIGITAL REALTY | 1Q21 FINANCIAL RESULTS | APRIL 29, 2021 | 11 Four Quarter Two-Step Beat, Dip, Shuffle, Bounce 2021E CORE FFO PER SHARE 1Q21 NOI Growth Asset Sales Normalized 2Q21 3Q21 4Q21 OpEx Note: Based on management estimates; actual performance may differ materially. Core FFO and NOI are non-GAAP financial measures. For descriptions and reconciliations to the closest GAAP equivalents, see the Appendix. DIGITAL REALTY | 1Q21 FINANCIAL RESULTS | APRIL 29, 2021 | 12 Matching the Duration of Assets and Liabilities Clear Runway on the Left, No Bar Too Tall on the Right DEBT MATURITY SCHEDULE AS OF MARCH 31, 2021 (1)(2) DEBT PROFILE (U.S. $ in billions) 98% Unsecured Unsecured Secured 6.7 YEARS 2.3% Weighted Avg. Weighted Avg. Maturity (1)(2) Coupon (1) 94% Fixed Fixed Floating $1.8 $1.8 $1.7 $1.6 $1.5 $1.3 $1.4 $1.1 USD € $0.9 $0.7 € € % Euro € 74 € Non-USD GBP $0.3 € € £ € Other $0.0 £ £ £ € ¥ ¥ 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Pro Rata Share of JV Debt Secured Mortgage Debt Unsecured Senior Notes Unsecured Green Bonds Unsecured Credit Facilities Note: As of March 31, 2021. 1) Includes Digital Realty’s pro rata share of five unconsolidated joint venture loans and debt securities. 2) Assumes exercise of extension options. DIGITAL REALTY | 1Q21 FINANCIAL RESULTS | APRIL 29, 2021 | 13 Consistent Execution on Strategic Vision Delivering Current Results, Seeding Future Growth SUCCESSFUL 1Q21 INITIATIVES 1. Delivering Sustainable Growth Named EPA ENERGY STAR® Partner of the Year for second consecutive year 2. Enhancing Portfolio Quality Sold non-core assets, extended connectivity solutions 3. Exceeding Expectations Beat quarterly consensus estimates, delivered 9% year-over-year growth 9¢ Core FFO/sh Beat 4. Strengthening the Balance Sheet Raised attractively priced long-term capital, redeemed high-coupon debt + preferred equity 2.3% Weighted-Average Coupon DIGITAL REALTY | 1Q21 FINANCIAL RESULTS | APRIL 29, 2021 | 14 Appendix DIGITAL REALTY | 1Q21 FINANCIAL RESULTS | APRIL 29, 2021 | 15 Digital Transformation Driving Steady Demand Global Full-Product Spectrum Provides Broadest Solutions HISTORICAL BOOKINGS TRAILING FOUR-QUARTER AVERAGE ANNUALIZED GAAP BASE RENT $ in millions $150 $100 $50 $0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1Q21 TRAILING FOUR-QUARTER AVERAGE BOOKINGS 0-1 MW > 1 MW OTHER (1) INTERCONNECTION TOTAL BOOKINGS $29.0 mm $72.0 mm $6.2 mm $12.7 mm $119.9 mm Note: Darker shading represents interconnection bookings. First-quarter bookings are highlighted in lighter blue. Totals may not add up due to rounding.
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