XML 25 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net income $ 113,277 $ 260,322
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of properties (1,097) (94,489)
Equity in earnings of unconsolidated joint ventures (8,210) (8,001)
Change in fair value of accrued contingent consideration 0 (42,682)
Distributions from unconsolidated joint ventures 8,568 6,898
Write-off of net assets due to early lease terminations (1) (59)
Depreciation and amortization of buildings and improvements, tenant improvements and acquired ground leases 254,647 226,767
Amortization of share-based compensation 9,184 7,483
Allowance for (recovery of) doubtful accounts 28 (39)
Amortization of deferred financing costs 4,903 4,285
Loss on early extinguishment of debt 964 148
Amortization of debt discount/premium 1,277 915
Amortization of acquired in-place lease value and deferred leasing costs 89,963 33,830
Amortization of acquired above-market leases and acquired below-market leases, net (4,262) (4,683)
Changes in assets and liabilities:    
Restricted cash (1,004) 566
Accounts and other receivables (1,118) 4,826
Deferred rent (13,011) (27,868)
Deferred leasing costs (12,269) (4,675)
Other assets (53,879) (15,429)
Accounts payable and other accrued liabilities 10,120 4,344
Security deposits and prepaid rents (2,451) 2,692
Net cash provided by operating activities 395,629 355,151
Cash flows from investing activities:    
Acquisitions of real estate (1,673) (48,424)
Proceeds from sale of properties, net 35,769 185,565
Investment in unconsolidated joint ventures (11) (7,547)
Receipt of value added tax refund 4,373 13,422
Refundable value added tax paid (6,742) (2,771)
Change in restricted cash (70) 1,484
Improvements to investments in real estate (332,406) (380,148)
Improvement advances to tenants (13,366) (17,881)
Collection of advances from tenants for improvements 15,014 14,441
Net cash used in investing activities (299,112) (241,859)
Cash flows from financing activities:    
Borrowings on revolving credit facility 836,202 1,291,832
Repayments on revolving credit facility (1,706,539) (1,032,798)
Borrowings on unsecured term loan 766,201 0
Repayments on unsecured term loan (150,873) 0
Borrowings on unsecured senior notes 675,591 496,190
Principal payments on unsecured senior notes 0 (374,927)
Repayments on unsecured notes (25,000) (67,000)
Principal payments on mortgage loans (54,282) (4,440)
Earnout payments related to acquisition (12,129) (12,985)
Change in restricted cash 788 113
Payment of loan fees and costs (18,965) (3,741)
Capital distributions paid to noncontrolling interests in consolidated joint ventures, net (264) (245)
Common and preferred stock offering costs paid, net 3,105 (273)
Proceeds from equity plans 1,913 493
Payment of dividends/distributions to preferred stockholders/unitholders (44,848) (36,911)
Payment of dividends/distributions to common unit/stockholders and distributions to noncontrolling interests in operating partnership (390,019) (350,769)
Net cash used in financing activities (119,119) (95,461)
Net (decrease) increase in cash and cash equivalents (22,602) 17,831
Effect of exchange rate changes on cash (1,210) 0
Cash and cash equivalents at beginning of period 57,053 41,321
Cash and cash equivalents at end of period 33,241 59,152
Supplemental disclosure of cash flow information:    
Cash paid for interest 110,274 101,036
Cash paid for income taxes 2,253 1,785
Supplementary disclosure of noncash investing and financing activities:    
Change in net assets related to foreign currency translation adjustments (18,950) (22,375)
Decrease in accounts payable and other accrued liabilities related to change in fair value of interest rate swaps (16,919) (1,840)
Noncontrolling interests in operating partnership redeemed for or converted to shares of common stock 3,826 1,312
Accrual for additions to investments in real estate and tenant improvement advances included in accounts payable and accrued expenses 108,456 132,625
Allocation of purchase price of real estate/investment in partnership to:    
Investments in real estate 1,673 48,424
Cash paid for acquisition of real estate 1,673 48,424
Digital Realty Trust, L.P.    
Cash flows from operating activities:    
Net income 113,277 260,322
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of properties (1,097) (94,489)
Equity in earnings of unconsolidated joint ventures (8,210) (8,001)
Change in fair value of accrued contingent consideration 0 (42,682)
Distributions from unconsolidated joint ventures 8,568 6,898
Write-off of net assets due to early lease terminations (1) (59)
Depreciation and amortization of buildings and improvements, tenant improvements and acquired ground leases 254,647 226,767
Amortization of share-based compensation 9,184 7,483
Allowance for (recovery of) doubtful accounts 28 (39)
Amortization of deferred financing costs 4,903 4,285
Loss on early extinguishment of debt 964 148
Amortization of debt discount/premium 1,277 915
Amortization of acquired in-place lease value and deferred leasing costs 89,963 33,830
Amortization of acquired above-market leases and acquired below-market leases, net (4,262) (4,683)
Changes in assets and liabilities:    
Restricted cash (1,004) 566
Accounts and other receivables (1,118) 4,826
Deferred rent (13,011) (27,868)
Deferred leasing costs (12,269) (4,675)
Other assets (53,879) (15,429)
Accounts payable and other accrued liabilities 10,120 4,344
Security deposits and prepaid rents (2,451) 2,692
Net cash provided by operating activities 395,629 355,151
Cash flows from investing activities:    
Acquisitions of real estate (1,673) (48,424)
Proceeds from sale of properties, net 35,769 185,565
Investment in unconsolidated joint ventures (11) (7,547)
Receipt of value added tax refund 4,373 13,422
Refundable value added tax paid (6,742) (2,771)
Change in restricted cash (70) 1,484
Improvements to investments in real estate (332,406) (380,148)
Improvement advances to tenants (13,366) (17,881)
Collection of advances from tenants for improvements 15,014 14,441
Net cash used in investing activities (299,112) (241,859)
Cash flows from financing activities:    
Borrowings on revolving credit facility 836,202 1,291,832
Repayments on revolving credit facility (1,706,539) (1,032,798)
Borrowings on unsecured term loan 766,201 0
Repayments on unsecured term loan (150,873) 0
Borrowings on unsecured senior notes 675,591 496,190
Principal payments on unsecured senior notes 0 (374,927)
Repayments on unsecured notes (25,000) (67,000)
Principal payments on mortgage loans (54,282) (4,440)
Earnout payments related to acquisition (12,129) (12,985)
Change in restricted cash 788 113
Payment of loan fees and costs (18,965) (3,741)
Capital distributions paid to noncontrolling interests in consolidated joint ventures, net (264) (245)
General partner contributions, net 5,018 220
Payment of dividends/distributions to preferred stockholders/unitholders (44,848) (36,911)
Payment of dividends/distributions to common unit/stockholders and distributions to noncontrolling interests in operating partnership (390,019) (350,769)
Net cash used in financing activities (119,119) (95,461)
Net (decrease) increase in cash and cash equivalents (22,602) 17,831
Effect of exchange rate changes on cash (1,210) 0
Cash and cash equivalents at beginning of period 57,053 41,321
Cash and cash equivalents at end of period 33,241 59,152
Supplemental disclosure of cash flow information:    
Cash paid for interest 110,274 101,036
Cash paid for income taxes 2,253 1,785
Supplementary disclosure of noncash investing and financing activities:    
Change in net assets related to foreign currency translation adjustments (18,950) (22,375)
Decrease in accounts payable and other accrued liabilities related to change in fair value of interest rate swaps (16,919) (1,840)
Accrual for additions to investments in real estate and tenant improvement advances included in accounts payable and accrued expenses 108,456 134,625
Allocation of purchase price of real estate/investment in partnership to:    
Investments in real estate 1,673 48,424
Cash paid for acquisition of real estate $ 1,673 $ 48,424