Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

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.

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. (amounts in thousands, except share and per share data).


	Year Ended December 31,
	2019		2018		2017		2016		2015

Statement of Operations Data:
Operating Revenues:
Rental and other services	$	3,196,356	$	2,412,076	$	2,010,301	$	1,746,828	$	1,395,745
Tenant reimbursements		—		624,637		440,224		355,903		359,875
Fee income and other		12,885		9,765		7,403		39,482		7,716
Total operating revenues		3,209,241		3,046,478		2,457,928		2,142,213		1,763,336
Operating Expenses:
Rental property operating and maintenance		1,020,578		957,065		759,616		660,177		549,885
Property taxes and insurance		172,183		140,918		134,995		111,989		101,397
Change in fair value of contingent consideration		—		—		—		—		(44,276)
Depreciation and amortization		1,163,774		1,186,896		842,464		699,324		570,527
General and administrative		211,097		163,667		161,441		152,733		105,549
Transaction and integration expenses		27,925		45,327		76,048		20,491		17,400
Impairment on investments in real estate		5,351		—		28,992		—		—
Other		14,118		2,818		3,077		213		60,943
Total operating expenses		2,615,026		2,496,691		2,006,633		1,644,927		1,361,425
Operating income		594,215		549,787		451,295		497,286		401,911
Other Income (Expenses):
Equity in earnings of unconsolidated joint ventures		8,067		32,979		25,516		17,104		15,491
Gain on deconsolidation, net		67,497		—		—		—		—
Gain on disposition of properties, net		267,651		80,049		40,354		169,902		94,604
Interest and other income (expense)		66,000		3,481		3,655		(4,564)		(2,381)
Interest expense		(353,057)		(321,529)		(258,642)		(236,480)		(201,435)
Tax expense		(11,995)		(2,084)		(7,901)		(10,385)		(6,451)
(Loss) gain from early extinguishment of debt		(39,157)		(1,568)		1,990		(1,011)		(148)
Net income		599,221		341,115		256,267		431,852		301,591
Net income attributable to noncontrolling interests		(19,460)		(9,869)		(8,008)		(5,665)		(4,902)
Net income attributable to Digital Realty Trust, Inc.		579,761		331,246		248,259		426,187		296,689
Preferred stock dividends		(74,990)		(81,316)		(68,802)		(83,771)		(79,423)
Issuance costs associated with redeemed preferred stock		(11,760)		—		(6,309)		(10,328)		—
Net income available to common stockholders	$	493,011	$	249,930	$	173,148	$	332,088	$	217,266
Per Share Data:
Basic income per share available to common stockholders	$	2.37	$	1.21	$	0.99	$	2.21	$	1.57
Diluted income per share available to common stockholders	$	2.35	$	1.21	$	0.99	$	2.20	$	1.56
Cash dividend per common share	$	4.32	$	4.04	$	3.72	$	3.52	$	3.40
Weighted average common shares outstanding:
Basic		208,325,823		206,035,408		174,059,386		149,953,662		138,247,606
Diluted		209,462,247		206,673,471		174,895,098		150,679,688		138,865,421

Index to Financial Statements


	December 31,
	2019		2018		2017		2016		2015
Balance Sheet Data:
Net investments in real estate	$	15,517,684	$	15,079,726	$	13,841,186	$	8,996,362	$	8,770,212
Total assets		23,068,131		23,766,695		21,404,345		12,192,585		11,416,063
Global revolving credit facilities		234,105		1,647,735		550,946		199,209		960,271
Unsecured term loans		810,219		1,178,904		1,420,333		1,482,361		923,267
Unsecured senior notes, net of discount		8,973,190		7,589,126		6,570,757		4,153,797		3,712,569
Mortgages and other secured loans, net of premiums		104,934		685,714		106,582		3,240		302,930
Total liabilities		12,418,566		12,892,653		10,300,993		7,060,288		6,879,561
Redeemable noncontrolling interests		41,465		15,832		53,902		—		—
Total stockholders' equity		9,879,312		9,858,644		10,349,081		5,096,015		4,500,132
Noncontrolling interests in operating partnership		708,163		906,510		698,126		29,684		29,612
Noncontrolling interests in consolidated joint ventures		20,625		93,056		2,243		6,598		6,758
Total liabilities and equity	$	23,068,131	$	23,766,695	$	21,404,345	$	12,192,585	$	11,416,063


	Year Ended December 31,
	2019		2018		2017		2016		2015
Cash flows from (used in):
Operating activities	$	1,513,817	$	1,385,324	$	1,023,305	$	911,242	$	796,840
Investing activities		(274,992)		(3,035,993)		(1,357,153)		(1,303,597)		(2,527,501)
Financing activities		(1,272,021)		1,757,269		321,200		350,617		1,750,531

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 (amounts in thousands, except share and per share data)


	Year Ended December 31,
	2019		2018		2017		2016		2015

Statement of Operations Data:
Operating Revenues:
Rental and other services	$	3,196,356	$	2,412,076	$	2,010,301	$	1,746,828	$	1,395,745
Tenant reimbursements		—		624,637		440,224		355,903		359,875
Fee income and other		12,885		9,765		7,403		39,482		7,716
Total operating revenues		3,209,241		3,046,478		2,457,928		2,142,213		1,763,336
Operating Expenses:
Rental property operating and maintenance		1,020,578		957,065		759,616		660,177		549,885
Property taxes and insurance		172,183		140,918		134,995		111,989		101,397
Change in fair value of contingent consideration		—		—		—		—		(44,276)
Depreciation and amortization		1,163,774		1,186,896		842,464		699,324		570,527
General and administrative		211,097		163,667		161,441		152,733		105,549
Transaction and integration expenses		27,925		45,327		76,048		20,491		17,400
Impairment on investments in real estate		5,351		—		28,992		—		—
Other		14,118		2,818		3,077		213		60,943
Total operating expenses		2,615,026		2,496,691		2,006,633		1,644,927		1,361,425
Operating income		594,215		549,787		451,295		497,286		401,911
Other Income (Expenses):
Equity in earnings of unconsolidated joint ventures		8,067		32,979		25,516		17,104		15,491
Gain on deconsolidation, net		67,497		—		—		—		—
Gain on disposition of properties, net		267,651		80,049		40,354		169,902		94,604
Interest and other income (expense)		66,000		3,481		3,655		(4,564)		(2,381)
Interest expense		(353,057)		(321,529)		(258,642)		(236,480)		(202,800)
Tax expense		(11,995)		(2,084)		(7,901)		(10,385)		(6,451)
(Loss) gain from early extinguishment of debt		(39,157)		(1,568)		1,990		(1,011)		(148)
Net income		599,221		341,115		256,267		431,852		300,226
Net loss (income) attributable to noncontrolling interests		1,640		311		(4,238)		(367)		(460)
Net income attributable to Digital Realty Trust, L.P.		600,861		341,426		252,029		431,485		299,766
Preferred units distributions		(74,990)		(81,316)		(68,802)		(83,771)		(79,423)
Issuance costs associated with redeemed preferred units		(11,760)		—		(6,309)		(10,328)		—
Net income available to common unitholders	$	514,111	$	260,110	$	176,918	$	337,386	$	220,343
Per Unit Data:
Basic income per unit available to common unitholders	$	2.37	$	1.21	$	0.99	$	2.21	$	1.56
Diluted income per unit available to common unitholders	$	2.35	$	1.21	$	0.99	$	2.20	$	1.56
Cash distributions per common unit	$	4.32	$	4.04	$	3.72	$	3.52	$	3.40
Weighted average common units outstanding:
Basic		217,284,755		214,312,871		178,055,936		152,359,680		140,905,897
Diluted		218,421,179		214,950,934		178,891,648		153,085,706		141,523,712

Index to Financial Statements


	December 31,
	2019		2018		2017		2016		2015
Balance Sheet Data:
Net investments in real estate	$	15,517,684	$	15,079,726	$	13,841,186	$	8,996,362	$	8,770,212
Total assets		23,068,131		23,766,695		21,404,345		12,192,585		11,416,063
Global revolving credit facilities		234,105		1,647,735		550,946		199,209		960,271
Unsecured term loans		810,219		1,178,904		1,420,333		1,482,361		923,267
Unsecured senior notes, net of discount		8,973,190		7,589,126		6,570,757		4,153,797		3,712,569
Secured debt, including premiums		104,934		685,714		106,582		3,240		302,930
Total liabilities		12,418,566		12,892,653		10,300,993		7,060,288		6,880,926
Redeemable noncontrolling interests		41,465		15,832		53,902		—		—
General partner’s capital		9,967,234		9,974,291		10,457,513		5,231,620		4,595,357
Limited partners’ capital		711,650		911,256		702,579		34,698		33,986
Accumulated other comprehensive loss		(91,409)		(120,393)		(112,885)		(140,619)		(100,964)
Noncontrolling interests in consolidated joint ventures		20,625		93,056		2,243		6,598		6,758
Total liabilities and capital	$	23,068,131	$	23,766,695	$	21,404,345	$	12,192,585	$	11,416,063


	Year Ended December 31,
	2019		2018		2017		2016		2015
Cash flows from (used in):
Operating activities	$	1,513,817	$	1,385,324	$	1,023,305	$	911,242	$	796,840
Investing activities		(274,992)		(3,035,993)		(1,357,153)		(1,303,597)		(2,527,501)
Financing activities		(1,272,021)		1,757,269		321,200		350,617		1,750,531

Index to Financial Statements

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