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,
	2020		2019		2018		2017		2016

	(Amounts in thousands, except share and per share data)
Statement of Operations Data:
Operating Revenues:
Rental and other services	$	3,886,546	$	3,196,356	$	2,412,076	$	2,010,301	$	1,746,828
Tenant reimbursements		—		—		624,637		440,224		355,903
Fee income and other		17,063		12,885		9,765		7,403		39,482
Total operating revenues		3,903,609		3,209,241		3,046,478		2,457,928		2,142,213
Operating Expenses:
Rental property operating and maintenance		1,331,493		1,020,578		957,065		759,616		660,177
Property taxes and insurance		182,623		172,183		140,918		134,995		111,989
Depreciation and amortization		1,366,379		1,163,774		1,186,896		842,464		699,324
General and administrative		351,369		211,097		163,667		161,441		152,733
Transaction and integration expenses		106,662		27,925		45,327		76,048		20,491
Impairment on investments in real estate		6,482		5,351		—		28,992		—
Other		1,075		14,118		2,818		3,077		213
Total operating expenses		3,346,083		2,615,026		2,496,691		2,006,633		1,644,927
Operating income		557,526		594,215		549,787		451,295		497,286
Other Income (Expenses):
Equity in (loss) earnings of unconsolidated joint ventures		(57,629)		8,067		32,979		25,516		17,104
Gain on disposition of properties, net		316,894		267,651		80,049		40,354		169,902
Gain on deconsolidation, net		—		67,497		—		—		—
Interest and other income (expense)		20,222		66,000		3,481		3,655		(4,564)
Interest expense		(333,021)		(353,057)		(321,529)		(258,642)		(236,480)
(Loss) gain from early extinguishment of debt		(103,215)		(39,157)		(1,568)		1,990		(1,011)
Income tax expense		(38,047)		(11,995)		(2,084)		(7,901)		(10,385)
Net income		362,730		599,221		341,115		256,267		431,852
Net income attributable to noncontrolling interests		(6,332)		(19,460)		(9,869)		(8,008)		(5,665)
Net income attributable to Digital Realty Trust, Inc.		356,398		579,761		331,246		248,259		426,187
Preferred stock dividends		(76,536)		(74,990)		(81,316)		(68,802)		(83,771)
Issuance costs associated with redeemed preferred stock		(16,520)		(11,760)		—		(6,309)		(10,328)
Net income available to common stockholders	$	263,342	$	493,011	$	249,930	$	173,148	$	332,088
Per Share Data:
Basic income per share available to common stockholders	$	1.01	$	2.37	$	1.21	$	0.99	$	2.21
Diluted income per share available to common stockholders	$	1.00	$	2.35	$	1.21	$	0.99	$	2.20
Cash dividend per common share	$	4.48	$	4.32	$	4.04	$	3.72	$	3.52
Weighted average common shares outstanding:
Basic		260,098,978		208,325,823		206,035,408		174,059,386		149,953,662
Diluted		262,522,508		209,462,247		206,673,471		174,895,098		150,679,688

Index to Financial Statements


	December 31,
	2020		2019		2018		2017		2016
Balance Sheet Data:
Net investments in real estate	$	21,731,112	$	15,517,684	$	15,079,726	$	13,841,186	$	8,996,362
Total assets		36,076,291		23,068,131		23,766,695		21,404,345		12,192,585
Global revolving credit facilities, net		531,905		234,105		1,647,735		550,946		199,209
Unsecured term loans, net		536,580		810,219		1,178,904		1,420,333		1,482,361
Unsecured senior notes, net of discount		11,997,010		8,973,190		7,589,126		6,570,757		4,153,797
Secured debt, including premiums		239,222		104,934		685,714		106,582		3,240
Total liabilities		17,587,944		12,418,566		12,892,653		10,300,993		7,060,288
Redeemable noncontrolling interests		42,011		41,465		15,832		53,902		—
Total stockholders' equity		17,717,697		9,879,312		9,858,644		10,349,081		5,096,015
Noncontrolling interests in operating partnership		608,980		708,163		906,510		698,126		29,684
Noncontrolling interests in consolidated joint ventures		119,659		20,625		93,056		2,243		6,598
Total liabilities and equity	$	36,076,291	$	23,068,131	$	23,766,695	$	21,404,345	$	12,192,585


	Year Ended December 31,
	2020		2019		2018		2017		2016
Cash flows from (used in):
Operating activities	$	1,706,541	$	1,513,817	$	1,385,324	$	1,023,305	$	911,242
Investing activities		(2,599,347)		(274,992)		(3,035,993)		(1,357,153)		(1,303,597)
Financing activities		935,689		(1,272,021)		1,757,269		321,200		350,617

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 unit and per unit data)


	Year Ended December 31,
	2020		2019		2018		2017		2016

	(Amounts in thousands, except unit and per unit data)
Statement of Operations Data:
Operating Revenues:
Rental and other services	$	3,886,546	$	3,196,356	$	2,412,076	$	2,010,301	$	1,746,828
Tenant reimbursements		—		—		624,637		440,224		355,903
Fee income and other		17,063		12,885		9,765		7,403		39,482
Total operating revenues		3,903,609		3,209,241		3,046,478		2,457,928		2,142,213
Operating Expenses:
Rental property operating and maintenance		1,331,493		1,020,578		957,065		759,616		660,177
Property taxes and insurance		182,623		172,183		140,918		134,995		111,989
Depreciation and amortization		1,366,379		1,163,774		1,186,896		842,464		699,324
General and administrative		351,369		211,097		163,667		161,441		152,733
Transaction and integration expenses		106,662		27,925		45,327		76,048		20,491
Impairment on investments in real estate		6,482		5,351		—		28,992		—
Other		1,075		14,118		2,818		3,077		213
Total operating expenses		3,346,083		2,615,026		2,496,691		2,006,633		1,644,927
Operating income		557,526		594,215		549,787		451,295		497,286
Other Income (Expenses):
Equity in (loss) earnings of unconsolidated joint ventures		(57,629)		8,067		32,979		25,516		17,104
Gain on disposition of properties, net		316,894		267,651		80,049		40,354		169,902
Gain on deconsolidation, net		—		67,497		—		—		—
Interest and other income (expense)		20,222		66,000		3,481		3,655		(4,564)
Interest expense		(333,021)		(353,057)		(321,529)		(258,642)		(236,480)
(Loss) gain from early extinguishment of debt		(103,215)		(39,157)		(1,568)		1,990		(1,011)
Tax expense		(38,047)		(11,995)		(2,084)		(7,901)		(10,385)
Net income		362,730		599,221		341,115		256,267		431,852
Net loss (income) attributable to noncontrolling interests		3,168		1,640		311		(4,238)		(367)
Net income attributable to Digital Realty Trust, L.P.		365,898		600,861		341,426		252,029		431,485
Preferred units distributions		(76,536)		(74,990)		(81,316)		(68,802)		(83,771)
Issuance costs associated with redeemed preferred units		(16,520)		(11,760)		—		(6,309)		(10,328)
Net income available to common unitholders	$	272,842	$	514,111	$	260,110	$	176,918	$	337,386
Per Unit Data:
Basic income per unit available to common unitholders	$	1.02	$	2.37	$	1.21	$	0.99	$	2.21
Diluted income per unit available to common unitholders	$	1.01	$	2.35	$	1.21	$	0.99	$	2.20
Cash distributions per common unit	$	4.48	$	4.32	$	4.04	$	3.72	$	3.52
Weighted average common units outstanding:
Basic		268,072,983		217,284,755		214,312,871		178,055,936		152,359,680
Diluted		270,496,513		218,421,179		214,950,934		178,891,648		153,085,706

Index to Financial Statements


	December 31,
	2020		2019		2018		2017		2016
Balance Sheet Data:
Net investments in real estate	$	21,731,112	$	15,517,684	$	15,079,726	$	13,841,186	$	8,996,362
Total assets		36,076,291		23,068,131		23,766,695		21,404,345		12,192,585
Global revolving credit facilities, net		531,905		234,105		1,647,735		550,946		199,209
Unsecured term loans, net		536,580		810,219		1,178,904		1,420,333		1,482,361
Unsecured senior notes, net of discount		11,997,010		8,973,190		7,589,126		6,570,757		4,153,797
Secured debt, including premiums		239,222		104,934		685,714		106,582		3,240
Total liabilities		17,587,944		12,418,566		12,892,653		10,300,993		7,060,288
Redeemable noncontrolling interests		42,011		41,465		15,832		53,902		—
General partner’s capital		17,582,687		9,967,234		9,974,291		10,457,513		5,231,620
Limited partners’ capital		609,190		711,650		911,256		702,579		34,698
Accumulated other comprehensive income (loss)		134,800		(91,409)		(120,393)		(112,885)		(140,619)
Noncontrolling interests in consolidated joint ventures		119,659		20,625		93,056		2,243		6,598
Total liabilities and capital	$	36,076,291	$	23,068,131	$	23,766,695	$	21,404,345	$	12,192,585


	Year Ended December 31,
	2020		2019		2018		2017		2016
Cash flows from (used in):
Operating activities	$	1,706,541	$	1,513,817	$	1,385,324	$	1,023,305	$	911,242
Investing activities		(2,599,347)		(274,992)		(3,035,993)		(1,357,153)		(1,303,597)
Financing activities		935,689		(1,272,021)		1,757,269		321,200		350,617

Index to Financial Statements

Previous: Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES · Next: Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS