Digital Realty Reports Second Quarter 2021 Results

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AUSTIN, Texas, July 29, 2021 /PRNewswire/ -- Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today financial results for the second quarter of 2021. All per-share results are presented on a fully-diluted share and unit basis.

Highlights

  • Reported net income available to common stockholders of $0.45 per share in 2Q21, compared to net income available to common stockholders of $0.20 in 2Q20

  • Reported FFO per share of $1.78 in 2Q21, compared to $1.49 in 2Q20

  • Reported core FFO per share of $1.54 in 2Q21 – including a $0.12 non-cash charge to reflect the higher corporate tax rate in the UK – compared to $1.54 in 2Q20

  • Signed total bookings during 2Q21 expected to generate $113 million of annualized GAAP rental revenue, including a $13 million contribution from interconnection

  • Revised core FFO per share outlook from $6.50-$6.55 to $6.45-$6.50, likewise including the $0.12 non-cash charge related to the higher corporate tax rate in the UK

Financial Results

Digital Realty reported revenues for the second quarter of 2021 of $1.1 billion, unchanged from the previous quarter and a 10% increase from the same quarter last year.

The company delivered second quarter of 2021 net income of $126 million, and net income available to common stockholders of $127 million, or $0.45 per diluted share, compared to $1.32 per diluted share in the previous quarter and $0.20 per diluted share in the same quarter last year.

Digital Realty generated second quarter of 2021 Adjusted EBITDA of $603 million, a 2% decrease from the previous quarter and an 8% increase over the same quarter last year.

The company reported second quarter of 2021 funds from operations of $515 million, or $1.78 per share, compared to $1.49 per share in the previous quarter and $1.49 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams (but including a $0.12 non-cash charge related to the higher corporate tax rate in the UK), Digital Realty delivered second quarter of 2021 core FFO per share of $1.54, an 8% decrease from $1.67 per share in the previous quarter, and unchanged from $1.54 per share in the same quarter last year.

Leasing Activity

In the second quarter, Digital Realty signed total bookings expected to generate $113 million of annualized GAAP rental revenue, including a $13 million contribution from interconnection.

"Digital Realty's global platform, strong customer relationships, and a healthy demand environment for data center services drove solid second quarter financial results," said Digital Realty Chief Executive Officer A. William Stein. "Bookings in the quarter reflect the continued adoption of PlatformDIGITAL with strong new logo growth and balanced product sales. By investing to support our customers' growth around the world, we are widening our competitive moat which results in sustainable growth for our shareholders."

The weighted-average lag between leases signed during the second quarter of 2021 and the contractual commencement date was seven months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $178 million of annualized GAAP rental revenue during the quarter. Rental rates on renewal leases signed during the second quarter of 2021 rolled up 0.1% on a cash basis and up 2.1% on a GAAP basis.

New leases signed during the second quarter of 2021 are summarized by region as follows:

















Annualized GAAP













Base Rent




GAAP Base Rent




GAAP Base Rent

The Americas


(in thousands)


Square Feet


per Square Foot


Megawatts


per Kilowatt

0-1 MW



$10,377


39,453



$263


2.9



$296

> 1 MW



45,254


333,508



136


38.9



97

Other (1)



211


8,941



24




Total



$55,843


381,902



$146


41.8



$111















EMEA (2)














0-1 MW



$19,315


69,995



$276


6.8



$238

> 1 MW



4,639


42,153



110


3.3



117

Other (1)



15


339



44




Total



$23,969


112,487



$213


10.1



$198















Asia Pacific (2)














0-1 MW



$11,489


11,734



$979


2.1



$465

> 1 MW



9,095


46,848



194


4.7



161

Other (1)



365


5,028



73




Total



$20,949


63,610



$329


6.8



$254















All Regions (2)














0-1 MW



$41,181


121,182



$340


11.8



$292

> 1 MW



58,988


422,509



140


46.9



105

Other (1)



591


14,308



41




Total



$100,761


558,000



$181


58.7



$142















Interconnection



$12,648


N/A



N/A


N/A



N/A















Grand Total



$113,409


558,000



$181


58.7



$142


Note: Totals may not foot due to rounding differences.

(1)

Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.

(2)

Based on quarterly average exchange rates during the three months ended June 30, 2021.

Investment Activity

During the second quarter of 2021, Digital Realty closed on the acquisition of a five-acre land parcel in Seoul, South Korea for approximately $66 million, or $13.5 million per acre, and an 18.5-acre land parcel in Sydney, Australia for $65 million, or approximately $3.5 million per acre. The two sites are expected to support the development of approximately 64 megawatts and 97 megawatts of IT load, respectively. Commencement of development on these land parcels will be subject to market demand, and delivery will be phased to meet future growth requirements.

Separately, Digital Realty also closed on the sale of a vacant, 240,000-square foot office and industrial property in Phoenix, AZ during the second quarter of 2021 for $19 million, or approximately $79 per square foot.

Balance Sheet

Digital Realty had approximately $13.9 billion of total debt outstanding as of June 30, 2021, comprised of $13.7 billion of unsecured debt and approximately $0.2 billion of secured debt. At the end of the second quarter of 2021, net debt-to-Adjusted EBITDA was 6.0x, debt plus-preferred-to-total enterprise value was 25.2% and fixed charge coverage was 5.4x.

Digital Realty recently completed the following financing transactions.

  • In mid-May, Digital Realty redeemed all $201 million of its 6.625% Series C preferred stock.

  • In mid-June, Digital Realty issued approximately 0.5 million shares of common stock under the company's at-the-market equity offering program at a weighted average price of $161.57 per share, generating gross proceeds of approximately $77 million.

  • Subsequent to quarter-end, Digital Realty closed an offering of CHF545 million, or approximately $595 million, of Swiss green bonds with a weighted-average maturity of approximately 6.6 years and a weighted-average coupon of approximately 0.37%.

  • Likewise subsequent to quarter-end, Digital Realty liquidated its remaining stake in Megaport with the sale of 1.95 million shares at a price of A$17.55 per share, generating gross proceeds of A$34 million, or approximately $26 million.

COVID-19

We are closely monitoring the impact of the COVID-19 pandemic on our global business and operations, including the impact on our customers, suppliers and business partners. Digital Realty data centers have been deemed essential operations, allowing critical personnel to remain in place and to continue to provide services and support for our customers. To date, all our facilities have remained fully operational and continue to operate in accordance with our business continuity and pandemic response plans. While we have not experienced any significant disruptions from the COVID-19 pandemic to date, we cannot predict the impact the COVID-19 pandemic will have on our future financial condition, results of operations and cash flows due to numerous uncertainties.

2021 Outlook

Digital Realty revised its 2021 core FFO per share outlook from $6.50-$6.55 to $6.45-$6.50, including a $0.12 non-cash charge related to the higher corporate tax rate in the UK. The assumptions underlying the outlook are summarized in the following table.










As of


As of


As of

Top-Line and Cost Structure


February 11, 2021


April 29, 2021


July 29, 2021

Total revenue


$4.250 - $4.350 billion


$4.300 - $4.400 billion


$4.325 - $4.425 billion

Net non-cash rent adjustments (1)


($10) - ($15) million


($20) - ($25) million


($20) - ($25) million

Adjusted EBITDA


$2.300 - $2.350 billion


$2.330 - $2.380 billion


$2.350 - $2.400 billion

G&A


$365 - $375 million


$380 - $390 million


$380 - $390 million








Internal Growth







Rental rates on renewal leases







Cash basis


Slightly negative


Slightly negative


Slightly negative

GAAP basis


Slightly positive


Slightly positive


Slightly positive

Year-end portfolio occupancy


84.0% - 85.0%


84.0% - 85.0%


84.0% - 85.0%

"Same-capital" cash NOI growth (2)


(2.5%) - (3.5%)


(2.5%) - (3.5%)


(2.5%) - (3.5%)








Foreign Exchange Rates







U.S. Dollar / Pound Sterling


$1.25 - $1.30


$1.30 - $1.38


$1.30 - $1.38

U.S. Dollar / Euro


$1.15 - $1.20


$1.15 - $1.20


$1.15 - $1.20








External Growth







Dispositions







Dollar volume


$0.6 - $1.0 billion


$0.7 - $1.0 billion


$0.7 - $1.0 billion

Cap rate


0.0% - 12.0%


0.0% - 12.0%


0.0% - 12.0%

Development







CapEx (3)


$2.0 - $2.3 billion


$2.0 - $2.3 billion


$2.0 - $2.3 billion

Average stabilized yields


9.0% - 15.0%


9.0% - 15.0%


9.0% - 15.0%

Enhancements and other non-recurring CapEx (4)


$5 - $10 million


$5 - $10 million


$5 - $10 million

Recurring CapEx + capitalized leasing costs (5)


$220 - $230 million


$220 - $230 million


$210 - $220 million








Balance Sheet







Long-term debt issuance







Dollar amount


$1.0 - $1.5 billion


$1.0 - $1.5 billion


$1.8 - $2.0 billion

Pricing


1.00%


1.00%


1.00%

Timing


Early-to-mid 2021


Early-to-mid 2021


Early-to-mid 2021








Net income per diluted share


$1.40 - $1.45


$2.00 - $2.05


$2.20 - $2.25

Real estate depreciation and (gain) / loss on sale


$4.90 - $4.90


$4.25 - $4.25


$4.15 - $4.15

Funds From Operations / share (NAREIT-Defined)


$6.30 - $6.35


$6.25 - $6.30


$6.35 - $6.40

Non-core expenses and revenue streams


$0.10 - $0.15


$0.25 - $0.25


$0.10 - $0.10

Core Funds From Operations / share


$6.40 - $6.50


$6.50 - $6.55


$6.45 - $6.50



(1)

Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rent expense, as well as the amortization of above- and below-market leases (i.e., ASC 805 adjustments).

(2)

The "same-capital" pool includes properties owned as of December 31, 2019 with less than 5% of total rentable square feet under development. It also excludes properties that were undergoing, or were expected to undergo, development activities in 2020-2021, properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented.

(3)

Includes land acquisitions.

(4)

Other non-recurring CapEx represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives and software development costs.

(5)

Recurring CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, including FFO, core FFO and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to core FFO, and definitions of FFO and core FFO are included as an attachment to this document. A reconciliation from U.S. GAAP net income available to common stockholders to Adjusted EBITDA, a definition of Adjusted EBITDA and definitions of net debt-to-Adjusted EBITDA, debt-plus-preferred-to-total enterprise value, cash NOI, and fixed charge coverage ratio are included as an attachment to this document.

Investor Conference Call

Prior to Digital Realty's investor conference call at 5:30 p.m. EDT / 2:30 p.m. PDT on July 29, 2021, a presentation will be posted to the Investors section of the company's website at https://investor.digitalrealty.com/. The presentation is designed to accompany the discussion of the company's Second Quarter 2021 financial results and operating performance. The conference call will feature Chief Executive Officer A. William Stein and Chief Financial Officer Andrew P. Power.

To participate in the live call, investors are invited to dial (888) 317-6003 (for domestic callers) or (412) 317-6061 (for international callers) and reference the conference ID# 0833892 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty's website at https://investor.digitalrealty.com/.

Telephone and webcast replays will be available after the call until August 29, 2021. The telephone replay can be accessed by dialing (877) 344-7529 (for domestic callers) or (412) 317-0088 (for international callers) and providing the conference ID# 10157227. The webcast replay can be accessed on Digital Realty's website.

About Digital Realty

Digital Realty supports the world's leading enterprises and service providers by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL®, the company's global data center platform, provides customers a trusted foundation and proven Pervasive Datacenter Architecture (PDx™) solution methodology for scaling digital business and efficiently managing data gravity challenges. Digital Realty's global data center footprint gives customers access to the connected communities that matter to them with 291 facilities in 47 metros across 24 countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and Twitter.

Contact Information

Andrew P. Power
Chief Financial Officer
Digital Realty
(415) 738–6500

John J. Stewart / Jim Huseby
Investor Relations
Digital Realty
(415) 738–6500

Consolidated Quarterly Statements of Operations

Unaudited and Dollars in Thousands, Except Per Share Data



























Three Months Ended



Six Months Ended




30-Jun-21



31-Mar-21



31-Dec-20



30-Sep-20



30-Jun-20




30-Jun-21



30-Jun-20

Rental revenues



$768,826



$754,544



$754,422



$726,441



$698,041




$1,523,370



$1,277,815

Tenant reimbursements - Utilities



169,743



184,973



154,937



155,111



141,576




354,716



255,096

Tenant reimbursements - Other



60,261



59,328



62,084



53,654



62,630




119,589



119,573

Interconnection & other



90,565



89,061



86,424



85,725



85,428




179,626



155,263

Fee income



3,628



2,426



4,722



3,687



4,353




6,054



6,805

Other



165



59



20



50



967




224



1,780

Total Operating Revenues



$1,093,188



$1,090,391



$1,062,609



$1,024,668



$992,995




$2,183,579



$1,816,332
























Utilities



$185,010



$176,046



$169,282



$177,925



$160,173




$361,057



$289,698

Rental property operating



198,207



185,733



205,177



180,755



172,474




383,940



308,656

Property taxes



42,795



49,005



42,442



39,732



45,071




91,800



87,194

Insurance



5,703



3,498



3,410



2,926



3,370




9,201



6,917

Depreciation & amortization



368,981



369,733



359,915



365,842



349,165




738,714



640,622

General & administration



94,956



97,568



101,582



90,431



90,649




192,524



152,915

Severance, equity acceleration, and legal expenses



2,536



2,427



606



920



3,642




4,963



4,914

Transaction and integration expenses



7,075



14,120



19,290



14,953



15,618




21,195



72,419

Impairment of investments in real estate









6,482








Other expenses



2,298



(257)



641



297



22




2,041



136

Total Operating Expenses



$907,561



$897,873



$902,345



$880,263



$840,184




$1,805,435



$1,563,471
























Operating Income



$185,627



$192,518



$160,264



$144,405



$152,811




$378,144



$252,861
























Equity in (loss) earnings of unconsolidated joint ventures



52,143



(23,031)



31,055



(2,056)



(7,632)




29,112



(86,628)

Gain on sale / deconsolidation



499



333,921



1,684



10,410






334,420



304,801

Interest and other (expense) income, net



10,124



(7,186)



(2,747)



4,348



22,163




2,938



18,621

Interest (expense)



(75,014)



(75,653)



(77,848)



(89,499)



(79,874)




(150,667)



(165,674)

Income tax (expense)



(47,582)


...


(7,547)



(3,322)



(16,053)



(11,490)




(55,129)



(18,672)

Loss from early extinguishment of debt





(18,347)



(49,576)



(53,007)






(18,347)



(632)

Net Income / (Loss)



$125,797

...

$394,675



$59,510



($1,452)



$75,978




$520,471



$304,677
























Net (income) loss attributable to noncontrolling interests



(4,544)



(8,756)



(1,818)



1,316



(1,147)




(13,300)



(5,831)

Net Income / (Loss) Attributable to Digital Realty Trust, Inc.



$121,253



$385,919



$57,692



($136)



$74,831




$507,171



$298,846
























Preferred stock dividends, including undeclared dividends



(11,885)



(13,514)



(13,514)



(20,712)



(21,155)




(25,399)



(42,310)

Gain on / (Issuance costs associated with) redeemed preferred stock



18,000







(16,520)






18,000



Net Income / (Loss) Available to Common Stockholders



$127,368



$372,405



$44,178



($37,368)



$53,676




$499,772



$256,536
























Weighted-average shares outstanding - basic



281,791,855



281,094,798



280,117,213



270,214,413



267,569,823




281,445,252



244,866,574

Weighted-average shares outstanding - diluted



282,433,857



281,928,182



281,122,368



270,214,413



270,744,408




282,075,611



247,576,014

Weighted-average fully diluted shares and units



289,484,805



289,210,666



288,903,143



281,523,515



278,719,109




289,218,609



255,704,473
























Net income / (loss) per share - basic



$0.45



$1.32



$0.16



($0.14)



$0.20




$1.78



$1.05

Net income / (loss) per share - diluted



$0.45



$1.32



$0.16



($0.14)



$0.20




$1.77



$1.04

Funds From Operations and Core Funds From Operations

Unaudited and in Thousands, Except Per Share Data


























Three Months Ended



Six Months Ended

Reconciliation of Net Income to Funds From Operations (FFO)



30-Jun-21



31-Mar-21



31-Dec-20



30-Sep-20



30-Jun-20




30-Jun-21



30-Jun-20
























Net Income / (Loss) Available to Common Stockholders



$127,368



$372,405



$44,178



($37,368)



$53,676




$499,773



$256,536

Adjustments:























Non-controlling interest in operating partnership



3,200



9,800



1,300



(1,000)



1,400




13,000



9,200

Real estate related depreciation & amortization (1)



363,640



364,697



354,366



358,619



342,334




728,337



628,851

Unconsolidated JV real estate related depreciation & amortization



20,983



19,378



21,471



19,213



17,123




40,361



37,046

(Gain) on real estate transactions



(499)



(333,921)



(1,684)



(10,410)



-




(334,420)



(304,801)

Impairment of investments in real estate



-



-



-



6,482



-




-



-

Funds From Operations - diluted



$514,692



$432,359



$419,631



$335,536



$414,533




$947,051



$626,832
























Weighted-average shares and units outstanding - basic



288,843



288,377



287,898



278,079



275,545




288,588



252,995

Weighted-average shares and units outstanding - diluted (2)



289,485



289,211



288,903



281,524



278,719




289,219



255,704
























Funds From Operations per share - basic



$1.78



$1.50



$1.46



$1.21



$1.50




$3.28



$2.48
























Funds From Operations per share - diluted (2)



$1.78



$1.49



$1.45



$1.19



$1.49




$3.27



$2.45


























Three Months Ended



Six Months Ended

Reconciliation of FFO to Core FFO



30-Jun-21



31-Mar-21



31-Dec-20



30-Sep-20



30-Jun-20




30-Jun-21



30-Jun-20
























Funds From Operations - diluted



$514,692



$432,359



$419,631



$335,536



$414,533




$947,051



$626,832

Termination fees and other non-core revenues (3)



(11,122)



(59)



(25)



(5,713)



(21,908)




(11,181)



(24,333)

Transaction and integration expenses



7,075



14,120



19,290



14,953



15,618




21,195



72,419

Loss from early extinguishment of debt



-



18,347



49,576



53,007



-




18,347



632

(Gain on) / Issuance costs associated with redeemed preferred stock



(18,000)



-



-



16,520



-




(18,000)



-

Severance, equity acceleration, and legal expenses (4)



2,536



2,427



606



920



3,642




4,963



4,914

(Gain) / Loss on FX revaluation



(51,649)



34,072



(27,190)



10,312



17,526




(17,577)



98,814

Other non-core expense adjustments



2,298



(19,240)



3,353



6,697



22




(16,942)



5,531

Core Funds From Operations - diluted



$445,830



$482,026



$465,241



$432,232



$429,433




$927,856



$784,809
























Weighted-average shares and units outstanding - diluted (2)



289,485



289,211



288,903



281,524



278,719




289,219



255,704
























Core Funds From Operations per share - diluted (2)



$1.54



$1.67



$1.61



$1.54



$1.54




$3.21



$3.07
























(1) Real Estate Related Depreciation & Amortization


Three Months Ended



Six Months Ended




30-Jun-21



31-Mar-21



31-Dec-20



30-Sep-20



30-Jun-20




30-Jun-21



30-Jun-20
























Depreciation & amortization per income statement



$368,981



$369,733



$359,915



$365,842



$349,165




738,714



640,622

Non-real estate depreciation



(5,341)



(5,036)



(5,549)



(7,223)



(6,831)




(10,377)



(11,771)

Real Estate Related Depreciation & Amortization



$363,640



$364,697



$354,366



$358,619



$342,334




$728,337



$628,851



(2)

For all periods presented, we have excluded the effect of dilutive series C, series G, series I, series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series C, series G, series I, series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of diluted FFO and the share count detail section that follows the reconciliation of core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO and core FFO, see the definitions section.

(3)

Includes lease termination fees and certain other adjustments that are not core to our business.

(4)

Relates to severance and other charges related to the departure of company executives and integration-related severance.


Adjusted Funds From Operations (AFFO)

Unaudited and in Thousands, Except Per Share Data


























Three Months Ended



Six Months Ended

Reconciliation of Core FFO to AFFO



30-Jun-21



31-Mar-21



31-Dec-20



30-Sep-20



30-Jun-20




30-Jun-21



30-Jun-20
























Core FFO available to common stockholders and unitholders



$445,830



$482,026



$465,241



$432,232



$429,433




$927,856



$784,809

Adjustments:























Non-real estate depreciation



5,341



5,036



5,549



7,223



6,831




10,377



11,771

Amortization of deferred financing costs



3,718



3,538



3,709



3,655



3,661




7,256



7,921

Amortization of debt discount/premium



1,166



1,134



1,033



987



1,011




2,300



1,953

Non-cash stock-based compensation expense



15,579



16,097



16,315



15,969



15,060




31,676



27,213

Straight-line rental revenue



(16,139)



(18,492)



(14,402)



(10,017)



(10,928)




(34,631)



(26,330)

Straight-line rental expense



7,175



6,709



3,629



3,934



7,373




13,884



8,833

Above- and below-market rent amortization



1,858



2,137



3,239



2,360



3,794




3,995



7,087

Deferred tax (expense) benefit



35,522



(4,509)



(4,226)



6,421



(150)




31,013



(943)

Leasing compensation & internal lease commissions



11,078



11,042



10,506



6,052



1,739




22,120



4,533

Recurring capital expenditures (1)



(39,231)



(39,522)



(83,571)



(53,683)



(38,796)




(78,753)



(73,473)
























AFFO available to common stockholders and unitholders (2)



$471,897



$465,196



$407,022



$415,133



$419,028




$937,093



$753,374
























Weighted-average shares and units outstanding - basic



288,843



288,377



287,898



278,079



275,545




288,588



252,995

Weighted-average shares and units outstanding - diluted (3)



289,485



289,211



288,903



281,524



278,719




289,219



255,704
























AFFO per share - diluted (3)



$1.63



$1.61



$1.41



$1.47



$1.50




$3.24



$2.95
























Dividends per share and common unit



$1.16



$1.16



$1.12



$1.12



$1.12




$2.32



$2.24
























Diluted AFFO Payout Ratio



71.2%



72.1%



79.5%



76.0%



74.5%




71.6%



76.0%


























Three Months Ended



Six Months Ended

Share Count Detail



30-Jun-21



31-Mar-21



31-Dec-20



30-Sep-20



30-Jun-20




30-Jun-21



30-Jun-20
























Weighted Average Common Stock and Units Outstanding



288,843



288,377



287,898



278,079



275,545




288,588



252,995

Add: Effect of dilutive securities



642



834



1,005



3,445



3,174




631



2,709

Weighted Avg. Common Stock and Units Outstanding - diluted



289,485



289,211



288,903



281,524



278,719




289,219



255,704



(1)

Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty's operating standards, or internal leasing commissions.

(2)

For a definition and discussion of AFFO, see the definitions section. For a reconciliation of net income available to common stockholders to FFO and core FFO, see above.

(3)

For all periods presented, we have excluded the effect of dilutive series C, series G, series I, series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series C, series G, series I, series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of diluted FFO available to common stockholders and unitholders and for calculations of weighted average common stock and units outstanding.

Consolidated Balance Sheets

Unaudited and in Thousands, Except Share and Per Share Data





























30-Jun-21


31-Mar-21


31-Dec-20


30-Sep-20


30-Jun-20

Assets





















Investments in real estate:
















Real estate



$23,287,853



$22,762,279



$23,142,988



$22,125,486



$20,843,273

Construction in progress



3,270,570



2,904,642



2,768,326



2,328,654



2,514,324

Land held for future development



143,575



192,896



226,862



198,536



175,209

Investments in real estate



$26,701,998



$25,859,817



$26,138,175



$24,652,676



$23,532,806

Accumulated depreciation and amortization



(5,919,650)



(5,649,019)



(5,555,221)



(5,250,140)



(4,945,534)

Net Investments in Properties



$20,782,348



$20,210,798



$20,582,954



$19,402,536



$18,587,272

Investment in unconsolidated joint ventures



1,119,026



970,703



1,148,158



1,059,978



1,033,235

Net Investments in Real Estate



$21,901,374



$21,181,501



$21,731,112



$20,462,514



$19,620,507

















Cash and cash equivalents



$120,482



$221,140



$108,501



$971,305



$505,174

Accounts and other receivables (1)



630,086



657,096



603,111



585,506



542,750

Deferred rent



539,379



524,200



528,180



510,627



496,684

Customer relationship value, deferred leasing costs & other intangibles, net



2,956,027



3,057,245



3,122,904



3,106,414



3,128,140

Goodwill



8,185,931



8,125,706



8,330,996



8,012,256



7,791,522

Assets associated with real estate held for sale











10,981

Operating lease right-of-use assets (2)



1,452,633



1,495,869



1,386,959



1,363,285



1,375,427

Other assets



365,308



279,734



264,528



423,426



391,451

Total Assets



$36,151,220



$35,542,491



$36,076,291



$35,435,333



$33,862,636

















Liabilities and Equity
















Global unsecured revolving credit facilities



$1,026,368



$451,007



$531,905



$124,082



$64,492

Unsecured term loans







536,580



512,642



799,550

Unsecured senior notes, net of discount



12,659,043



12,566,198



11,997,010



11,999,170



11,268,753

Secured debt and other, net of premiums



242,410



239,634



239,222



238,866



238,826

Operating lease liabilities (2)



1,545,689



1,581,759



1,468,712



1,444,060



1,451,152

Accounts payable and other accrued liabilities



1,367,240



1,305,921



1,420,162



1,610,814



1,303,337

Deferred tax liabilities, net



742,127



650,543



698,308



711,474



664,802

Accrued dividends and distributions







324,386



571



Security deposits and prepaid rent



362,606



362,008



371,659



353,902



348,253

Liabilities associated with assets held for sale