Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

SELECTED COMPANY FINANCIAL AND OTHER DATA (Digital Realty Trust, Inc.)

The following table sets forth selected consolidated financial and operating data on an historical basis for Digital Realty Trust, Inc.

The following data should be read in conjunction with our financial statements and notes thereto and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this Form 10-K. Certain prior year amounts have been reclassified to conform to the current year presentation.

Index to Financial Statements



	Year Ended December 31,
	2018			2017			2016			2015			2014
	(Amounts in thousands, except share and per share data)
Statement of Operations Data:
Operating Revenues:
Rental and other services	$	2,412,076		$	2,010,301		$	1,746,828		$	1,395,745		$	1,256,086
Tenant reimbursements	624,637			440,224			355,903			359,875			350,234
Fee income and other	9,765			7,403			39,482			7,716			10,118
Total operating revenues	3,046,478			2,457,928			2,142,213			1,763,336			1,616,438
Operating Expenses:
Rental property operating and maintenance	957,065			759,616			660,177			549,885			503,140
Property taxes	129,516			124,014			102,497			92,588			91,538
Insurance	11,402			10,981			9,492			8,809			8,643
Change in fair value of contingent consideration	—			—			—			(44,276		)	(8,093		)
Depreciation and amortization	1,186,896			842,464			699,324			570,527			538,513
General and administrative	163,667			161,441			152,733			105,549			93,188
Transaction and integration expenses	45,327			76,048			20,491			17,400			1,303
Impairment on investments in real estate	—			28,992			—			—			126,470
Other	2,818			3,077			213			60,943			3,070
Total operating expenses	2,496,691			2,006,633			1,644,927			1,361,425			1,357,772
Operating income	549,787			451,295			497,286			401,911			258,666
Other Income (Expenses):
Equity in earnings of unconsolidated joint ventures	32,979			25,516			17,104			15,491			13,289
Gain on sale of properties	80,049			40,354			169,902			94,604			15,945
Gain on contribution of investment properties to unconsolidated joint ventures	—			—			—			—			95,404
Gain on sale of equity investment	—			—			—			—			14,551
Interest and other income (expense)	3,481			3,655			(4,564		)	(2,381		)	2,663
Interest expense	(321,529		)	(258,642		)	(236,480		)	(201,435		)	(191,085		)
Tax expense	(2,084		)	(7,901		)	(10,385		)	(6,451		)	(5,238		)
Gain (loss) from early extinguishment of debt	(1,568		)	1,990			(1,011		)	(148		)	(780		)
Net income	341,115			256,267			431,852			301,591			203,415
Net income attributable to noncontrolling interests	(9,869		)	(8,008		)	(5,665		)	(4,902		)	(3,232		)
Net income attributable to Digital Realty Trust, Inc.	331,246			248,259			426,187			296,689			200,183
Preferred stock dividends	(81,316		)	(68,802		)	(83,771		)	(79,423		)	(67,465		)
Issuance costs associated with redeemed preferred stock	—			(6,309		)	(10,328		)	—			—
Net income available to common stockholders	$	249,930		$	173,148		$	332,088		$	217,266		$	132,718
Per Share Data:
Basic income per share available to common stockholders	$	1.21		$	0.99		$	2.21		$	1.57		$	1.00
Diluted income per share available to common stockholders	$	1.21		$	0.99		$	2.20		$	1.56		$	0.99
Cash dividend per common share	$	4.04		$	3.72		$	3.52		$	3.40		$	3.32
Weighted average common shares outstanding:
Basic	206,035,408			174,059,386			149,953,662			138,247,606			133,369,047
Diluted	206,673,471			174,895,098			150,679,688			138,865,421			133,637,235

Index to Financial Statements



	December 31,
	2018		2017		2016		2015		2014
Balance Sheet Data:
Net investments in real estate	$	15,079,726	$	13,841,186	$	8,996,362	$	8,770,212	$	8,203,287
Total assets	23,766,695		21,404,345		12,192,585		11,416,063		9,526,784
Global revolving credit facilities	1,647,735		550,946		199,209		960,271		525,951
Unsecured term loan	1,178,904		1,420,333		1,482,361		923,267		976,600
Unsecured senior notes, net of discount	7,589,126		6,570,757		4,153,797		3,712,569		2,791,758
Mortgages and other secured loans, net of premiums	685,714		106,582		3,240		302,930		378,818
Total liabilities	12,892,653		10,300,993		7,060,288		6,879,561		5,612,546
Redeemable noncontrolling interests in operating partnership	15,832		53,902		—		—		—
Total stockholders' equity	9,858,644		10,349,081		5,096,015		4,500,132		3,878,256
Noncontrolling interests in operating partnership	906,510		698,126		29,684		29,612		29,191
Noncontrolling interests in consolidated joint ventures	93,056		2,243		6,598		6,758		6,791
Total liabilities and equity	$	23,766,695	$	21,404,345	$	12,192,585	$	11,416,063	$	9,526,784



	Year Ended December 31,
	2018			2017			2016			2015			2014
Cash flows from (used in):
Operating activities	$	1,385,324		$	1,023,305		$	911,242		$	796,840		$	655,888
Investing activities	(3,035,993		)	(1,357,153		)	(1,303,597		)	(2,527,501		)	(644,180		)
Financing activities	1,757,269			321,200			350,617			1,750,531			(26,974		)

Index to Financial Statements

SELECTED COMPANY FINANCIAL AND OTHER DATA (Digital Realty Trust, L.P.)

The following table sets forth selected consolidated financial and operating data on an historical basis for our Operating Partnership.

Index to Financial Statements



	Year Ended December 31,
	2018			2017			2016			2015			2014
	(Amounts in thousands, except unit and per unit data)
Statement of Operations Data:
Operating Revenues:
Rental and other services	$	2,412,076		$	2,010,301		$	1,746,828		$	1,395,745		$	1,256,086
Tenant reimbursements	624,637			440,224			355,903			359,875			350,234
Fee income and other	9,765			7,403			39,482			7,716			10,118
Total operating revenues	3,046,478			2,457,928			2,142,213			1,763,336			1,616,438
Operating Expenses:
Rental property operating and maintenance	957,065			759,616			660,177			549,885			503,140
Property taxes	129,516			124,014			102,497			92,588			91,538
Insurance	11,402			10,981			9,492			8,809			8,643
Change in fair value of contingent consideration	—			—			—			(44,276		)	(8,093		)
Depreciation and amortization	1,186,896			842,464			699,324			570,527			538,513
General and administrative	160,364			156,710			152,733			105,549			93,188
Transaction and integration expenses	45,327			76,048			20,491			17,400			1,303
Impairment on investments in real estate	—			28,992			—			—			126,470
Other	2,818			3,077			213			60,943			3,070
Total operating expenses	2,496,691			2,006,633			1,644,927			1,361,425			1,357,772
Operating income	549,787			451,295			497,286			401,911			258,666
Other Income (Expenses):
Equity in earnings of unconsolidated joint ventures	32,979			25,516			17,104			15,491			13,289
Gain on sale of properties	80,049			40,354			169,902			94,604			15,945
Gain on contribution of investment properties to unconsolidated joint ventures	—			—			—			—			95,404
Gain on sale of equity investment	—			—			—			—			14,551
Interest and other income (expense)	3,481			3,655			(4,564		)	(2,381		)	2,663
Interest expense	(321,529		)	(258,642		)	(236,480		)	(202,800		)	(191,085		)
Tax expense	(2,084		)	(7,901		)	(10,385		)	(6,451		)	(5,238		)
Gain (loss) from early extinguishment of debt	(1,568		)	1,990			(1,011		)	(148		)	(780		)
Net income	341,115			256,267			431,852			300,226			203,415
Net loss (income) attributable to noncontrolling interests in consolidated joint ventures	311			(4,238		)	(367		)	(460		)	(465		)
Net income attributable to Digital Realty Trust, L.P.	341,426			252,029			431,485			299,766			202,950
Preferred units distributions	(81,316		)	(68,802		)	(83,771		)	(79,423		)	(67,465		)
Issuance costs associated with redeemed preferred units	—			(6,309		)	(10,328		)	—			—
Net income available to common unitholders	$	260,110		$	176,918		$	337,386		$	220,343		$	135,485
Per Unit Data:
Basic income per unit available to common unitholders	$	1.21		$	0.99		$	2.21		$	1.56		$	1.00
Diluted income per unit available to common unitholders	$	1.21		$	0.99		$	2.20		$	1.56		$	0.99
Cash distributions per common unit	$	4.04		$	3.72		$	3.52		$	3.40		$	3.32
Weighted average common units outstanding:
Basic	214,312,871			178,055,936			152,359,680			140,905,897			136,122,661
Diluted	214,950,934			178,891,648			153,085,706			141,523,712			136,390,849

Index to Financial Statements



	December 31,
	2018			2017			2016			2015			2014
Balance Sheet Data:
Net investments in real estate	$	15,079,726		$	13,841,186		$	8,996,362		$	8,770,212		$	8,203,287
Total assets	23,766,695			21,404,345			12,192,585			11,416,063			9,526,784
Global revolving credit facilities	1,647,735			550,946			199,209			960,271			525,951
Unsecured term loan	1,178,904			1,420,333			1,482,361			923,267			976,600
Unsecured senior notes, net of discount	7,589,126			6,570,757			4,153,797			3,712,569			2,791,758
Secured debt, including premiums	685,714			106,582			3,240			302,930			378,818
Total liabilities	12,892,653			10,300,993			7,060,288			6,880,926			5,612,546
Redeemable limited partner common units	15,832			53,902			—			—			—
General partner’s capital	9,974,291			10,457,513			5,231,620			4,595,357			3,923,302
Limited partners’ capital	911,256			702,579			34,698			33,986			32,578
Accumulated other comprehensive loss	(120,393		)	(112,885		)	(140,619		)	(100,964		)	(48,433		)
Noncontrolling interests in consolidated joint ventures	93,056			2,243			6,598			6,758			6,791
Total liabilities and capital	$	23,766,695		$	21,404,345		$	12,192,585		$	11,416,063		$	9,526,784



	Year Ended December 31,
	2018			2017			2016			2015			2014
Cash flows from (used in):
Operating activities	$	1,385,324		$	1,023,305		$	911,242		$	796,840		$	655,888
Investing activities	(3,035,993		)	(1,357,153		)	(1,303,597		)	(2,527,501		)	(644,180		)
Financing activities	1,757,269			321,200			350,617			1,750,531			(26,974		)

Index to Financial Statements

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