Digital Realty Announces Revised 2012 Guidance and Initial 2013 Guidance

   Digital Realty Announces Revised 2012 Guidance and Initial 2013 Guidance

PR Newswire

SAN FRANCISCO, Jan. 31, 2013

SAN FRANCISCO, Jan. 31, 2013 /PRNewswire/ --Digital Realty Trust, Inc. (NYSE:
DLR), a leading global provider of data center solutions, today announced
revised guidance for the year ended December 31, 2012, and initial guidance
for the year ending December 31, 2013. All per share guidance is on a diluted
share and unit basis.

FFO per share for the year ended December 31, 2012 is projected to be between
$4.42 and $4.44. This guidance represents projected FFO growth of 8.9% to 9.4%
over 2011 FFO of $4.06 per share. Core FFO per share, which excludes items
that do not represent ongoing expense or revenue streams, is projected to be
between $4.44 and $4.46. This guidance represents projected core FFO growth of
8.6% to 9.0% over 2011 core FFO of $4.09 per share.

A reconciliation of the range of 2012 projected net income to projected FFO
and core FFO follows:

                                                                  Low - High
Net income available to common stockholders per diluted share $1.46 – 1.48
 Add:
Real estate depreciation and amortization                         $3.29
 Less:
Dilutive impact of convertible stock                              ($0.33)
 Projected FFO per diluted share              $4.42 – 4.44
Adjustments for items that do not represent core expense and      $0.02
revenue streams
 Projected FFO per diluted share              $4.44 – 4.46

The Company is not changing assumptions underlying its guidance for the year
ended December 31, 2012 at this time.

FFO per share for the year ending December 31, 2013 is projected to be between
$4.65 and $4.80. This guidance represents projected FFO growth of 4.7% to 8.6%
over the revised projected 2012 FFO range of $4.42 to $4.44 per share. Core
FFO per share for the year ending December 31, 2013, which excludes items that
do not represent ongoing expense or revenue streams, is projected to be
between $4.70 and $4.85. This guidance represents projected core FFO growth
of 5.4% to 9.2% over the revised projected 2012 core FFO range of $4.44 and
$4.46 per share. A reconciliation of the range of 2013 projected net income
to projected FFO and core FFO follows:

                                                                  Low - High
Net income available to common stockholders per diluted share $1.37 – 1.52
 Add:
Real estate depreciation and amortization                         $3.43
 Less:
Dilutive impact of convertible stock                              ($0.15)
 Projected FFO per diluted share              $4.65– 4.80
Adjustments for items that do not represent core expense and      $0.05
revenue streams
 Projected FFO per diluted share              $4.70 – 4.85

The 2013 guidance provided by Digital Realty in this press release is based on
the following additional assumptions as of January 31, 2013:

  oCapital investment delivered of approximately $986 million generating ROI
    of 10% - 12%;
  oDigital Design Services revenue of $2 – $4 million;
  oAcquisitions of income producing properties totaling $300 – $400 million
    at an average cap rate of 7.25% - 7.75%;
  oDevelopment and redevelopment capital expenditures of $850 - $950 million;
  oPortfolio capital expenditures (recurring and non-recurring) of $60 – $75
    million;
  oTotal G&A expenses of $65 – $68 million;
  oTransaction expenses of $6 – $9 million; and
  oFX rates (USD per currency): Euro = 1.30; Pound = 1.57; SGD = 0.81; AUS =
    1.03.

About Digital Realty
Digital Realty Trust, Inc. focuses on delivering customer driven data center
solutions by providing secure, reliable and cost effective facilities that
meet each customer's unique data center needs. Digital Realty's customers
include domestic and international companies across multiple industry
verticals ranging from information technology and Internet enterprises, to
manufacturing and financial services. Digital Realty's 116 properties,
excluding three properties held as investments in unconsolidated joint
ventures, comprise approximately 21.6 million square feet as of December 31,
2012, including 2.1 million square feet of space held for redevelopment.
Digital Realty's portfolio is located in 32 markets throughout Europe, North
America, Asia and Australia. Additional information about Digital Realty is
included in the Company Overview, which is available on the Investors page of
Digital Realty's website at http://www.digitalrealty.com.

Safe Harbor Statement
This press release contains forward-looking statements which are based on
current expectations, forecasts and assumptions that involve risks and
uncertainties that could cause actual outcomes and results to differ
materially, including statements related to the Company's revised 2012
guidance, initial 2013 guidance and their underlying assumptions. These risks
and uncertainties include, among others, the following: the impact of the
recent deterioration in global economic, credit and market conditions,
including the downgrade of the U.S. government's credit rating; current local
economic conditions in our geographic markets; decreases in information
technology spending, including as a result of economic slowdowns or recession;
adverse economic or real estate developments in our industry or the industry
sectors that we sell to (including risks relating to decreasing real estate
valuations and impairment charges); our dependence upon significant tenants;
bankruptcy or insolvency of a major tenant or a significant number of smaller
tenants; defaults on or non-renewal of leases by tenants; our failure to
obtain necessary debt and equity financing; increased interest rates and
operating costs; risks associated with using debt to fund our business
activities, including re-financing and interest rate risks, our failure to
repay debt when due, adverse changes in our credit ratings or our breach of
covenants or other terms contained in our loan facilities and agreements;
financial market fluctuations; changes in foreign currency exchange rates; our
inability to manage our growth effectively; difficulty acquiring or operating
properties in foreign jurisdictions; our failure to successfully integrate and
operate acquired or redeveloped properties or businesses; risks related to
joint venture investments, including as a result of our lack of control of
such investments; delays or unexpected costs in development or redevelopment
of properties; decreased rental rates or increased vacancy rates; increased
competition or available supply of data center space; our inability to
successfully develop and lease new properties and space held for
redevelopment; difficulties in identifying properties to acquire and
completing acquisitions; our inability to acquire off-market properties; our
inability to comply with the rules and regulations applicable to reporting
companies; our failure to maintain our status as a REIT; possible adverse
changes to tax laws; restrictions on our ability to engage in certain business
activities; environmental uncertainties and risks related to natural
disasters; losses in excess of our insurance coverage; changes in foreign laws
and regulations, including those related to taxation and real estate ownership
and operation; and changes in local, state and federal regulatory
requirements, including changes in real estate and zoning laws and increases
in real property tax rates. For a further list and description of such risks
and uncertainties, see the reports and other filings by the Company with the
U.S. Securities and Exchange Commission, including the Company's Annual Report
on Form 10-K for the year ended December 31, 2011 and Quarterly Reports on
Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September
30, 2012. The Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.

For Additional Information:
A. William Stein            Pamela M. Garibaldi
Chief Financial Officer and Vice President, Investor Relations
Chief Investment Officer    and Corporate Marketing
Digital Realty Trust, Inc.  Digital Realty Trust, Inc.
+1 (415) 738-6500           +1 (415) 738-6500

SOURCE Digital Realty Trust, Inc.

Website: http://www.digitalrealtytrust.com
 
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