REIT Earnings Press Releases

Digital Realty Reports First Quarter 2021 Results

AUSTIN, Texas, April 29, 2021 /PRNewswire/ -- Digital Realty (NYSE: DLR), a leading global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today financial results for the first 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 $1.32 per share in 1Q21, compared to net income available to common stockholders of $0.90 in 1Q20
  • Reported FFO per share of $1.49 in 1Q21, compared to $0.91 in 1Q20
  • Reported core FFO per share of $1.67 in 1Q21, compared to $1.53 in 1Q20
  • Signed total bookings during 1Q21 expected to generate $117 million of annualized GAAP rental revenue, including a $13 million contribution from interconnection
  • Raised core FFO per share outlook from $6.40-$6.50 to $6.50-$6.55

Financial Results

Digital Realty reported revenues for the first quarter of 2021 of $1.1 billion, a 3% increase from the previous quarter and a 32% increase from the same quarter last year. 

The company delivered first quarter of 2021 net income of $395 million, and net income available to common stockholders of $372 million, or $1.32 per diluted share, compared to $0.16 per diluted share in the previous quarter and $0.90 per diluted share in the same quarter last year. 

Digital Realty generated first quarter of 2021 Adjusted EBITDA of $615 million, a 6% increase from the previous quarter and a 28% increase over the same quarter last year. 

The company reported first quarter of 2021 funds from operations of $432 million, or $1.49 per share, compared to $1.45 per share in the previous quarter and $0.91 per share in the same quarter last year. 

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered first quarter of 2021 core FFO per share of $1.67, a 3% increase from $1.61 per share in the previous quarter, and a 9% increase from $1.53 per share in the same quarter last year. 

Leasing Activity

In the first quarter, Digital Realty signed total bookings expected to generate $117 million of annualized GAAP rental revenue, including a $13 million contribution from interconnection. 

"Digital Realty delivered solid financial results during the first quarter, driven by continued acceleration in digital adoption," said Digital Realty Chief Executive Officer A. William Stein.  "Our first-quarter bookings were very well balanced across products and regions, reflecting the strength of our full-service global platform.  We are investing to support customer growth and to continue to enhance the value of our comprehensive product offerings, and we remain well positioned to continue to deliver sustainable growth for all stakeholders." 

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

In addition to new leases signed, Digital Realty also signed renewal leases representing $193 million of annualized GAAP rental revenue during the quarter.  Rental rates on renewal leases signed during the first quarter of 2021 rolled down 2.1% on a cash basis and up 3.2% on a GAAP basis. 

New leases signed during the first 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



$10,802


55,535



$195


4.9



$182

 > 1 MW



27,130


284,454



95


22.0



103

 Other (1)



1,562


50,770



31




Total



$39,494


390,759



$101


27.0



$117















 EMEA (2)














 0-1 MW



$13,491


50,867



$265


4.0



$284

 > 1 MW



13,382


98,785



135


9.7



115

 Other (1)



77


129



594




Total



$26,949


149,782



$180


13.7



$164















 Asia Pacific (2)














 0-1 MW



$8,312


14,843



$560


2.1



$323

 > 1 MW



28,948


79,670



363


14.8



164

 Other (1)



28


3,240



9




Total



$37,287


97,753



$381


16.9



$184















All Regions (2)














 0-1 MW



$32,605


121,245



$269


11.0



$246

 > 1 MW



69,459


462,908



150


46.5



125

 Other (1)



1,666


54,139



31




Total



$103,731


638,293



$163


57.5



$148















Interconnection



$13,323


N/A



N/A


N/A



N/A















Grand Total



$117,054


638,293



$163


57.5



$148


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 March 31, 2021. 

Investment Activity

During the first quarter of 2021, Digital Realty closed on the sale of a portfolio of 11 data centers in Europe for a total of approximately $680 million.  The portfolio is expected to generate 2021 cash net operating income of approximately $45 million, representing a cap rate of approximately 6.7%. 

Separately, during the first quarter, Digital Realty also sold a 6.4-acre land parcel in Ashburn, VA for $12 million and a 30,400-square foot vacant building in Waltham, MA for approximately $2 million. 

In addition, Digital Realty acquired a 66,400-square foot building and an adjacent 4.7-acre land parcel in Brussels, Belgium that will support the development of 13.6 megawatts of IT capacity for €13 million, or approximately $15 million.  

Subsequent to quarter-end, Digital Realty acquired the freehold interest in 1.76 acres of land and a 76,000-square foot building housing its "CPH1" data center in Copenhagen, Denmark for DKK53 million, or approximately $8 million.  

Balance Sheet

Digital Realty had approximately $13.3 billion of total debt outstanding as of March 31, 2021, comprised of $13.1 billion of unsecured debt and approximately $0.2 billion of secured debt.  At the end of the first quarter of 2021, net debt-to-Adjusted EBITDA was 5.6x, debt plus-preferred-to-total enterprise value was 25.9% and fixed charge coverage was 5.8x. 

Digital Realty completed the following financing transactions during the first quarter of 2021. 

  • In early January, Digital Realty issued €1.0 billion, or approximately $1.2 billion, of 0.625% green Euro bonds due 2031.
  • In mid-January, Digital Realty repaid the entire $537 million outstanding balance on its unsecured term loan.
  • In early February, Digital Realty redeemed all $350 million of its outstanding 2.75% notes due 2023.
  • Subsequent to quarter-end, Digital Realty announced the redemption of all 8.05 million shares of its 6.625% Series C Preferred Stock with a total liquidation value of $201 million.

COVID-19

Throughout the COVID-19 global pandemic, Digital Realty’s data centers around the world have remained fully operational in accordance with business continuity and pandemic response plans, prioritizing the health and safety of employees, customers and partners while ensuring service levels are maintained.  Digital Realty data centers have been deemed essential operations, allowing for critical personnel to remain in place and continue to provide services and support for customers.  Construction activity has been somewhat delayed in a few markets due to government restrictions in certain locations and/or limited availability of labor.  In some instances, these delays have impacted scheduled delivery dates.  We are monitoring the situation closely and remain in frequent communication with customers, contractors and suppliers.  We have proactively managed our supply chain, and we believe we have secured the vast majority of the equipment needed to complete our 2021 development activities.  We believe we have ample liquidity to fund our business needs, given the $221 million of cash on the balance sheet and $2.2 billion of availability under our global revolving credit facilities as of March 31, 2021.  While we have not experienced any significant business disruptions from the COVID-19 pandemic to date, we cannot predict what impact the COVID-19 pandemic may have on our future financial condition, results of operations or cash flows due to numerous uncertainties. 

2021 Outlook

Digital Realty raised its 2021 core FFO per share outlook from $6.40-$6.50 to $6.50-$6.55.  The assumptions underlying the outlook are summarized in the following table. 








As of


As of

 Top-Line and Cost Structure


February 11, 2021


April 29, 2021

Total revenue


$4.250 - $4.350 billion


$4.300 - $4.400 billion

Net non-cash rent adjustments (1)


($10) - ($15) million


($20) - ($25) million

Adjusted EBITDA


$2.300 - $2.350 billion


$2.330 - $2.380 billion

G&A


$365 - $375 million


$380 - $390 million






 Internal Growth





Rental rates on renewal leases





Cash basis


Slightly negative


Slightly negative

GAAP basis


Slightly positive


Slightly positive

Year-end portfolio occupancy


84.0% - 85.0%


84.0% - 85.0%

"Same-capital" cash NOI growth (2)


(2.5%) - (3.5%)


(2.5%) - (3.5%)






Foreign Exchange Rates





U.S. Dollar / Pound Sterling


$1.25 - $1.30


$1.30 - $1.38

U.S. Dollar / Euro


$1.15 - $1.20


$1.15 - $1.20






 External Growth





Dispositions





Dollar volume


$0.6 - $1.0 billion


$0.7 - $1.0 billion

Cap rate


0.0% - 12.0%


0.0% - 12.0%

Development





CapEx (3)


$2.0 - $2.3 billion


$2.0 - $2.3 billion

Average stabilized yields


9.0% - 15.0%


9.0% - 15.0%

Enhancements and other non-recurring CapEx (4)


$5 - $10 million


$5 - $10 million

Recurring CapEx + capitalized leasing costs (5)


$220 - $230 million


$220 - $230 million






 Balance Sheet





Long-term debt issuance





Dollar amount


$1.0 - $1.5 billion


$1.0 - $1.5 billion

Pricing


1.00%


1.00%

Timing


Early-to-mid 2021


Early-to-mid 2021






 Net income per diluted share


$1.40 - $1.45


$2.00 - $2.05

Real estate depreciation and (gain) / loss on sale


$4.90 - $4.90


$4.25 - $4.25

 Funds From Operations / share (NAREIT-Defined)


$6.30 - $6.35


$6.25 - $6.30

Non-core expenses and revenue streams


$0.10 - $0.15


$0.25 - $0.25

 Core Funds From Operations / share


$6.40 - $6.50


$6.50 - $6.55



(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 April 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 First 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# 6064617 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 May 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# 10153437.  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 290 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




31-Mar-21



31-Dec-20



30-Sep-20



30-Jun-20



31-Mar-20

Rental revenues



$754,544



$754,422



$726,441



$698,041



$579,774

Tenant reimbursements - Utilities



184,973



154,937



155,111



141,576



113,520

Tenant reimbursements - Other



59,328



62,084



53,654



62,630



56,943

Interconnection & other



89,061



86,424



85,725



85,428



69,835

Fee income



2,426



4,722



3,687



4,353



2,452

Other



59



20



50



967



813

Total Operating Revenues



$1,090,391



$1,062,609



$1,024,668



$992,995



$823,337

















Utilities



$176,046



$169,282



$177,925



$160,173



$129,526

Rental property operating



185,733



205,177



180,755



172,474



136,182

Property taxes



49,005



42,442



39,732



45,071



42,123

Insurance



3,498



3,410



2,926



3,370



3,547

Depreciation & amortization



369,733



359,915



365,842



349,165



291,457

General & administration



97,568



101,582



90,431



90,649



62,266

Severance, equity acceleration, and legal expenses



2,427



606



920



3,642



1,272

Transaction and integration expenses



14,120



19,290



14,953



15,618



56,801

Impairment of investments in real estate







6,482





Other expenses



(257)



641



297



22



114

Total Operating Expenses



$897,873



$902,345



$880,263



$840,184



$723,288

















Operating Income



$192,518



$160,264



$144,405



$152,811



$100,049

















Equity in (loss) earnings of unconsolidated joint ventures



(23,031)



31,055



(2,056)



(7,632)



(78,996)

Gain on sale / deconsolidation



333,921



1,684



10,410





304,801

Interest and other (expense) income, net



(7,186)



(2,747)



4,348



22,163



(3,542)

Interest (expense)



(75,653)



(77,848)



(89,499)



(79,874)



(85,800)

Income tax (expense)



(7,547)



(3,322)



(16,053)



(11,490)



(7,182)

Loss from early extinguishment of debt



(18,347)



(49,576)



(53,007)





(632)

Net Income / (Loss)



$394,675



$59,510



($1,452)



$75,978



$228,698

















Net (income) loss attributable to noncontrolling interests



(8,756)



(1,818)



1,316



(1,147)



(4,684)

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



$385,919



$57,692



($136)



$74,831



$224,014

















Preferred stock dividends, including undeclared dividends



(13,514)



(13,514)



(20,712)



(21,155)



(21,155)

Issuance costs associated with redeemed preferred stock







(16,520)





Net Income / (Loss) Available to Common Stockholders



$372,405



$44,178



($37,368)



$53,676



$202,859

















Weighted-average shares outstanding - basic



281,094,798



280,117,213



270,214,413



267,569,823



222,163,324

Weighted-average shares outstanding - diluted



281,928,182



281,122,368



270,214,413



270,744,408



224,474,295

Weighted-average fully diluted shares and units



289,210,666



288,903,143



281,523,515



278,719,109



232,753,630

















Net income / (loss) per share - basic



$1.32



$0.16



($0.14)



$0.20



$0.91

Net income / (loss) per share - diluted



$1.32



$0.16



($0.14)



$0.20



$0.90

 

 

Funds From Operations and Core Funds From Operations
Unaudited and in Thousands, Except Per Share Data


















































Three Months Ended

Reconciliation of Net Income to Funds From Operations (FFO)



31-Mar-21



31-Dec-20



30-Sep-20



30-Jun-20



31-Mar-20

















Net (Loss) / Income Available to Common Stockholders



$372,405



$44,178



($37,368)



$53,676



$202,859

Adjustments:
















Non-controlling interest in operating partnership



9,800



1,300



(1,000)



1,400



7,800

Real estate related depreciation & amortization (1)



364,697



354,366



358,619



342,334



286,517

Unconsolidated JV real estate related depreciation & amortization



19,378



21,471



19,213



17,123



19,923

(Gain) on real estate transactions



(333,921)



(1,684)



(10,410)



-



(304,801)

Impairment of investments in real estate



-



-



6,482



-



-

Funds From Operations - diluted



$432,359



$419,631



$335,536



$414,533



$212,298

















Weighted-average shares and units outstanding - basic



288,377



287,898



278,079



275,545



230,443

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



289,211



288,903



281,524



278,719



232,754

















Funds From Operations per share - basic



$1.50



$1.46



$1.21



$1.50



$0.92

















Funds From Operations per share - diluted (2)



$1.49



$1.45



$1.19



$1.49



$0.91





































Three Months Ended

Reconciliation of FFO to Core FFO



31-Mar-21



31-Dec-20



30-Sep-20



30-Jun-20



31-Mar-20

















Funds From Operations - diluted



$432,359



$419,631



$335,536



$414,533



$212,298

Termination fees and other non-core revenues (3)



(59)



(25)



(5,713)



(21,908)



(2,425)

Transaction and integration expenses



14,120



19,290



14,953



15,618



56,801

Loss from early extinguishment of debt



18,347



49,576



53,007



-



632

Issuance costs associated with redeemed preferred stock



-



-



16,520



-



-

Severance, equity acceleration, and legal expenses (4)



2,427



606



920



3,642



1,272

(Gain) / Loss on FX revaluation



34,072



(27,190)



10,312



17,526



81,288

Other non-core expense adjustments



(19,240)



3,353



6,697



22



5,509

Core Funds From Operations - diluted



$482,026



$465,241



$432,232



$429,433



$355,375

















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



289,211



288,903



281,524



278,719



232,754

















Core Funds From Operations per share - diluted (2)



$1.67



$1.61



$1.54



$1.54



$1.53




















(1) Real Estate Related Depreciation & Amortization


Three Months Ended




31-Mar-21



31-Dec-20



30-Sep-20



30-Jun-20



31-Mar-20

















Depreciation & amortization per income statement



$369,733



$359,915



$365,842



$349,165



$291,457

Non-real estate depreciation



(5,036)



(5,549)



(7,223)



(6,831)



(4,940)

Real Estate Related Depreciation & Amortization



$364,697



$354,366



$358,619



$342,334



$286,517



(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

 Reconciliation of Core FFO to AFFO



31-Mar-21



31-Dec-20



30-Sep-20



30-Jun-20



31-Mar-20

















 Core FFO available to common stockholders and unitholders



$482,026



$465,241



$432,232



$429,433



$355,375

Adjustments:
















Non-real estate depreciation



5,036



5,549



7,223



6,831



4,940

Amortization of deferred financing costs



3,538



3,709



3,655



3,661



4,260

Amortization of debt discount/premium



1,134



1,033



987



1,011



943

Non-cash stock-based compensation expense



16,097



16,315



15,969



15,060



12,153

Straight-line rental revenue



(18,492)



(14,402)



(10,017)



(10,928)



(15,404)

Straight-line rental expense



6,709



3,629



3,934



7,373



1,460

Above- and below-market rent amortization



2,137



3,239



2,360



3,794



3,294

Deferred tax (expense) benefit



(4,509)



(4,226)



6,421



(150)



(792)

Leasing compensation & internal lease commissions



11,042



10,506



6,052



1,739



2,793

Recurring capital expenditures (1)



(39,522)



(83,571)



(53,683)



(38,796)



(34,677)

















AFFO available to common stockholders and unitholders (2)



$465,196



$407,022



$415,133



$419,028



$334,345

















Weighted-average shares and units outstanding - basic



288,377



287,898



278,079



275,545



230,443

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



289,211



288,903



281,524



278,719



232,754

















AFFO per share - diluted (3)



$1.61



$1.41



$1.47



$1.50



$1.44

















 Dividends per share and common unit



$1.16



$1.12



$1.12



$1.12



$1.12

















Diluted AFFO Payout Ratio



72.1%



79.5%



76.0%



74.5%



78.0%



















































Three Months Ended

Share Count Detail



31-Mar-21



31-Dec-20



30-Sep-20



30-Jun-20



31-Mar-20

















Weighted Average Common Stock and Units Outstanding



288,377



287,898



278,079



275,545



230,443

Add: Effect of dilutive securities



834



1,005



3,445



3,174



2,311

Weighted Avg. Common Stock and Units Outstanding - diluted



289,211



288,903



281,524



278,719



232,754



(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



























































31-Mar-21


31-Dec-20


30-Sep-20


30-Jun-20


31-Mar-20

Assets





















Investments in real estate:
















Real estate



$22,762,279



$23,142,988



$22,125,486



$20,843,273



$20,477,290

Construction in progress



2,904,642



2,768,326



2,328,654



2,514,324



2,204,869

Land held for future development



192,896



226,862



198,536



175,209



137,447

Investments in real estate



$25,859,817



$26,138,175



$24,652,676



$23,532,806



$22,819,606

Accumulated depreciation and amortization



(5,649,019)



(5,555,221)



(5,250,140)



(4,945,534)



(4,694,713)

Net Investments in Properties



$20,210,798



$20,582,954



$19,402,536



$18,587,272



$18,124,893

Investment in unconsolidated joint ventures



970,703



1,148,158



1,059,978



1,033,235



1,064,009

Net Investments in Real Estate



$21,181,501



$21,731,112



$20,462,514



$19,620,507



$19,188,902

















Cash and cash equivalents



$221,140



$108,501



$971,305



$505,174



$246,480

Accounts and other receivables (1)



657,096



603,111



585,506



542,750



527,699

Deferred rent



524,200



528,180



510,627



496,684



484,179

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



3,057,245



3,122,904



3,106,414



3,128,140



3,500,588

Goodwill



8,125,706



8,330,996



8,012,256



7,791,522



7,466,046

Assets associated with real estate held for sale









10,981



Operating lease right-of-use assets (2)



1,495,869



1,386,959



1,363,285



1,375,427



1,364,621

Other assets



279,734



264,528



423,426



391,451



334,785

Total Assets



$35,542,491



$36,076,291



$35,435,333



$33,862,636



$33,113,300

















Liabilities and Equity
















Global unsecured revolving credit facilities



$451,007



$531,905



$124,082



$64,492



$603,101

Unsecured term loans





536,580



512,642



799,550



771,425

Unsecured senior notes, net of discount



12,566,198



11,997,010



11,999,170



11,268,753



10,637,006

Secured debt and other, net of premiums



239,634



239,222



238,866



238,826



239,800

Operating lease liabilities (2)



1,581,759



1,468,712



1,444,060



1,451,152



1,431,292

Accounts payable and other accrued liabilities



1,305,921



1,420,162



1,610,814



1,303,337



1,192,774

Deferred tax liabilities, net



650,543



698,308



711,474



664,802



684,752

Accrued dividends and distributions





324,386



571





Security deposits and prepaid rent



362,008



371,659



353,902



348,253



336,583

Liabilities associated with assets held for sale









238



Total Liabilities



$17,157,070



$17,587,944



$16,995,581



$16,139,403



$15,896,733

















Redeemable non-controlling interests - operating partnership



40,097