EX-99.1 2 dex991.htm MATERIALS TO BE PRESENTED AT A SERIES OF INVESTOR MEETINGS ON SEPTEMBER 11-12/06 Materials to be presented at a series of investor meetings on September 11-12/06
Investor Meetings
September 2006
Exhibit 99.1

1
Forward Looking Statements
The information included in this presentation contains forward-looking statements. Such statements are based
on management’s beliefs and assumptions made based on information currently available to
management.
Such forward looking statements include statements and projections related to proposed terms of 
the exchangeable senior notes, growth in the e-commerce market, the digital communication and distribution
market, and the data storage market, the market effects of regulatory requirements, the disaster recovery
market, the replacement cost of our assets, redevelopment costs in our buildings, and time periods to
stabilization of our development space, the effect new leases will have on our rental revenues and results of
operations, lease expiration rates, the effect of leasing and acquisition on our FFO, and annualized GAAP rent.
Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future
performance and may be affected by known and unknown risks, trends, uncertainties and factors that are
beyond our control that may cause actual results to vary materially. Some of the risks and uncertainties include,
among others, the following: adverse economic or real estate developments in our markets or the technology
industry; general and local economic conditions; defaults on or non-renewal of leases by tenants; difficulty
acquiring or operating properties in foreign jurisdictions, changes in foreign laws and regulations, including those
related to taxation and real estate ownership and operation, increased interest rates and operating costs; inability
to acquire
new
properties
(including
those
we
are
in
the
process
of
acquiring);
our
failure
to
obtain
necessary
outside financing; increased construction costs; decreased rental rates or increased vacancy rates; difficulties in
identifying properties to acquire and completing acquisitions; our failure to successfully operate acquired
properties and
operations;
our
failure
to
maintain
our
status
as
a
REIT;
possible
adverse
changes
to
tax
law;
environmental uncertainties and risks related to natural disasters; environmental or contamination issues at our
buildings; financial market fluctuations; changes in foreign currency exchange rates; and changes in real estate
and zoning
laws
and
increases
in
real
property
tax
rates. The
risks
described
above
are
not
exhaustive,
and
additional factors could adversely affect our business and financial performance, including those discussed in
our annual report on Form 10-K for the year ended December 31, 2005 and other filings with the Securities and
Exchange Commission. We expressly disclaim any responsibility to
update forward-looking statements, whether
as a result of new information, future events or otherwise.

2
Digital Realty Trust overview
•
Tenants consist of leading global
companies diversified across various
industries
•
Own 51 properties comprising 10.3
million rentable sq ft which includes
1.2 million sq ft of additional space
held for redevelopment
(1)
•
Portfolio occupancy of 94.7% and
“same store”
occupancy of 96.4%
(2)
•
Assets strategically located in top
technology markets in the US,
Canada and Europe
DLR is a leading institutional owner focused on
mission critical technology properties in the US and Europe
350 East Cermak
Road
Chicago, IL
(1) Includes property acquisitions announced in our Earnings Release dated August 3, 2006.
(2) Occupancy is as of June 30, 2006 net of redevelopment space.

3
DLR investment highlights
•
Specialized focus in dynamic and
growing industries
•
High quality portfolio that is difficult
to replicate
•
Experienced industry consolidator
with proven ability to acquire assets
below replacement cost
•
Acquisition and leasing pace creates
potential for strong FFO growth
•
Uniquely positioned as both a value
and growth REIT
2323 Bryan Street
Dallas, TX

4
DLR properties feature advanced technical systems
Power backup/redundancy
Power management/conversion
Precision air cooling/handling
Systems and security controls
Between $500 and $1,000 psf typically invested in DLR buildings,
creating a barrier to
exit for tenants and discouraging speculative new supply

5
DLR is unique in its focus on technology properties
Data Centers (37%
(1)
)
Internet Gateways (42%
(1)
)
Financial
Health/Insurance
Communications
Internet Enterprise
•
Storage/server intensive buildings
•
Provide a secure 24 x 7
environment for the storage and
processing of mission-critical
electronic information
•
Used to house the primary IT
operations of leading companies,
transaction processing and
disaster recovery purposes
•
Internet and telecom network
intensive buildings
•
Serve as the hub for Internet and
data communications within and
between major metropolitan areas
•
Market-dominant position in their
respective MSAs
•
Frequently serve as a super-
regional connection point with
multiple anchor tenants
(1)  Calculated based on gross annualized rents using in place leases as of June 30, 2006.
IT Services

6
Strong trends drive sustained demand for DLR space
Other Growth Drivers
Increased federal
regulatory and legislative
requirements for business
continuity and records
retention
Disaster Recovery
initiatives prioritized as a
result of Hurricanes Katrina
and Rita
HIPAA patient records
security and retention
regulations
Significant growth in online
advertising; up 30% in
2005 to $12.5 billion
(4)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
E-Commerce
(1)
Digital
Communication
& Distribution
(2)
Data
Storage
(3)
14%
73%
60%
Primary Drivers –
Estimated Annual Growth Rates
(1) Forrester Research estimate of US online sales growth from 2005 -2010
(2) IDC estimate of US VOIP subscriber growth from 2005 to 2009
(3) Wall Street Journal estimate of corporate data storage capacity growth
(4) PriceWaterhouseCoopers

7
0%
10%
20%
30%
40%
50%
60%
70%
Q1'02
Q2'02
Q3'02
Q4'02
Q1'03
Q2'03
Q3'03
Q4'03
Q1'04
Q2'04
Q3'04
Q4'04
Q1'05
Q2'05
Q3'05
Q4'05
Q1'06
Q2'06
$0
$100
$200
$300
$400
$500
$600
Source:
Estimated based on reported cabinet (available and billing), square feet and revenue data from Equinix and Savvis as per press releases, SEC filings, research
reports and internal DLR estimates as of June 30, 2006.  Assumes
35 sq ft per cabinet throughout period if square feet not reported. 
Equinix and Savvis, two leading managed service providers that “resell”
space
leased directly from DLR, are experiencing strong growth in revenues and utilization
Bill rates and utilization rates are escalating
Revenue PSF
Utilization Rate
Revenue PSF (Utilized)
Revenue PSF (Total)
Utilization Rate
29%
$518 psf
$540psf
$148 psf
$329 psf
64%

8
•
Former General Manager of Critical Facilities for EDS
•
18+ years of technology infrastructure experience
Ted Martin
Director of Operations
•
Former Director of Sales, Nortel Networks
•
13+ years of technology business experience
Christopher Crosby
SVP Sales & Tech Svcs
•
Former Head of GI Partners real estate acquisitions
•
17+ years of real estate experience
Scott Peterson
SVP Acquisitions
•
Former President & CFO of TriNet
•
24+ years of finance and real estate experience
A. William Stein
CFO/CIO
•
Co-founder of Digital Realty Trust
•
25+ years of real estate and technology experience
Michael Foust
CEO
•
Co-founder of Digital Realty Trust
•
23+ years of real estate and technology experience
Richard Magnuson
Executive Chairman
Senior management leads a complete REIT team
•
Relevant
experience
•
Proven track
record
•
Public
markets
background
DLR is organized and managed to deliver growth
Management is supported by a team of over 70
professionals in the US and Europe
focused on executing DLR’s core strategy

9
36.8%
20.9%
24.7%
77.9%
12.1%
29.4%
0%
20%
40%
60%
80%
100%
DLR
RMS
Peer Group Composite
FY 2005 Total Return
2006 YTD Total Return
DLR continues to outperform its Peer Group and the RMS
DLR is a top performing REIT
Note: YTD 2006 Total Return as of September 7, 2006 assuming dividend reinvestment as per SNL Financial.
(1) Peer Group Composite includes ARE, BMR, GSL and OFC.
(1)

10
DLR Presence in 23 Top Markets
Boston
Boston
San Francisco
Los Angeles
Dallas
Chicago
NY Metro
DLR Regional Office
DLR Market
Note:
Reflects
all
owned
assets
as
of
August
3,
2006.
Charlotte
St. Paul
Philadelphia
Phoenix
Denver
Sacramento
Geneva
Dublin
Austin
Toronto
Silicon Valley
Northern
Virginia
Atlanta
Miami
Boston
London
Amsterdam
Houston
# of
Properties
# of
Buildings
Total Rentable
Square Feet
Domestic
45
61
9,950,141
International
6
7
338,653
Total
51
68
10,288,794

11
Communications
38%
IT Services
28%
Other Technology
6%
Professional & Financial
Services
13%
Non-Technology
15%
DLR is increasingly well diversified by sector
Industry Distribution
Note: Calculated based on gross annualized rents using in place leases as of June 30, 2006.

12
2005 & YTD 2006 Acquisitions
(1) Net rentable square feet figures excludes space held for redevelopment.
(2) Savvis Portfolio includes 2401 & 2403 Walsh Street, 4605 & 4700 Old Ironsides Drive and 200 North Nash Street.
(3) Charlotte Portfolio includes 113 & 125 North Meyers and 731 East Trade Street.
(4) Estimated occupancy based on information provided by the seller.
DLR acquired approximately $881M in new properties
Total
Net Rentable
Redevelopment
Occupancy
Property
Location
Sq. Ft.
Sq Ft
(1)
Sq Ft
(Net of Redev)
833 Chestnut East
Philadelphia
654,758
535,098
      
119,660
          
76%
1125 Energy Park Drive
St. Paul
112,827
112,827
      
-
                   
100%
350 East Cermak Road
Chicago
1,133,391
870,183
      
263,208
          
93%
8534 Concord Center Drive
Denver
82,229
82,229
        
-
                   
100%
Savvis Portfolio
(2)
Santa Clara & Los Angeles
560,000
560,000
      
-
                   
100%
600-780 South Federal
Chicago
161,547
161,547
      
-
                   
84%
Paul van Vlissingenstraat 16
Amsterdam
112,472
77,472
        
35,000
            
90%
Charlotte Portfolio
(3)
Charlotte
95,499
72,550
        
22,949
            
100%
115 Second Avenue
Waltham, MA
66,730
10,494
        
56,236
            
N/A
Chemin de l'Epinglier 2
Geneva
59,190
59,190
        
-
                   
100%
251 Exchange Place
Herndon, VA
70,982
70,982
        
-
                   
100%
7500 &7620 Metro Center Drive
Austin
119,962
45,000
        
74,962
            
100%
3 Corporate Place
Piscataway, NJ
283,124
-
              
283,124
          
N/A
2005 Acquisitions
3,512,711
2,657,572
   
855,139
          
4025 Midway Road
Carrollton, TX
99,947
49,947
        
50,000
            
40%
Clonshaugh Industrial Estate
Dublin, Ireland
20,000
20,000
        
-
                   
100%
Clonshaugh Industrial Estate
Dublin, Ireland
2.6 acres
-
              
-
                   
N/A
6800 Millcreek Drive
Toronto, Canada
83,758
83,758
        
-
                       
100%
101 Aquila Way
Atlanta
313,581
313,581
      
-
                       
100%
12001 North Freeway
Houston
300,705
281,426
      
19,279
            
99%
14901 FAA Boulevard
Dallas
263,700
    
263,700
      
-
                       
100%
120 E. Van Buren Street
(4)
Phoenix
347,000
    
275,227
      
71,773
            
73%
Gyroscoopweg 2E-2F
Amsterdam, Netherlands
55,585
      
55,585
        
-
                       
100%
YTD 2006 Acquisitions
1,484,276
1,343,224
   
141,052
          
Total 2005 & YTD 2006
4,996,987
4,000,796
   
996,191
          

13
Source:  Independent study by CCG Facilities Integration Inc. based on data center projects with improvements similar to DLR.
(1)  Infrastructure only. Does not include electronic equipment.
Assumes 60% ratio of data center to total building with all cost allocated to raised floor area.
(2)  Reflects all owned properties and properties under contract. 
Replacement Cost Estimate
Replacement cost illustrates the value of DLR’s
portfolio
DLR owns over 5.0M sq ft of improved data center space
(2)
Cost per Square Foot
Cost Components
Low
High
Land
$40
$70
Building Shell
60
150
Electrical Systems
$297
$396
Mechanical Systems (HVAC)
92
122
Fire Protection
21
29
Other Construction and Fees
130
173
Sub Total
$540
$720
Total Development Costs
$640
$940
Base Building
Data Center
Improvements
(1)

14
DLR’s
Value-Add Redevelopment Program
Robust demand from diverse industry sectors:
–
Financial services
–
Internet enterprises
–
Telecom applications providers
–
Energy companies
–
Healthcare
Limited supply of existing facilities
Existing corporate data centers often do not satisfy
electrical and HVAC requirements of current web hosting,
data storage and IT applications
Objective:  Achieve attractive returns by providing corporate tenants with
custom data center solutions

15
DLR’s
competitive advantage
Inventory totals
1.2
million
sf
of
vacant,
redevelopment
space, potential
for
740,000
sf
of
data
center:
–
Approximately 735,000
sf
in
income
producing
properties; potential
for
440,000
sf
of
data
center
–
Approximately 500,000
sf
of
redevelopment
space
in
recently acquired vacant buildings in Boston, NY Metro,
Dallas and
Austin;
potential
for
300,000
sf
of
data
center
Redevelopment costs vary by building
–
Base building
power,
structural
upgrades:
$35
-
$50
psf
–
Custom data
center:
$450
to
$650
psf
(often
funded
by
tenants)
Stabilized income projected within 24 to 36 months
DLR’s
unmatched sales and technical team offers tenants design, construction
management, engineering and facilities management expertise

16
Leasing Drives Internal Growth
DLR executed 71 leases in SECOND QUARTER 2006, contributing approximately
$11.6M in annualized GAAP rental revenues
(1)
As of
June
30,
2006,
portfolio
occupancy
was
94.7%
and
“same
store”
was
96.4%
(2)
(1) GAAP rental revenues include total rent for both renewals and expansions.
(2) Occupancy percentages exclude 1.2 million square feet of space held for redevelopment.
$88,700
$24.00
3,742
6
Non Technical
$1.7 million
$39.00
44,993
3
Redevelopment
$9.7 million
$85.00
115,092
62
Data Center
Annualized
GAAP Rent
Annualized
GAAP Rent PSF
Total SF
Leased
# of Leases
Type of
Space
DLR commenced 47 leases during the second quarter 2006, contributing
approximately $7.4
M
in
annualized
GAAP
rental
revenues
(1)

17
Leasing Drives Internal Growth
DLR has executed 113 leases YEAR-TO-DATE 2006, contributing approximately
$17.5M
in
annualized
GAAP
rental
revenues
(1)
(1) GAAP rental revenues include total rent for both renewals and expansions.
$0.5 million
$25.00
20,844
13
Non Technical
$3.9 million
$54.00
71,971
5
Redevelopment
$13.1 million
$85.00
154,645
95
Data Center
Annualized
GAAP Rent
Annualized
GAAP Rent PSF
Total SF
Leased
# of Leases
Type of
Space
DLR commenced 94 leases during the YTD 2006, contributing approximately
$11.7 M in annualized GAAP rental revenues
(1)

18
Case studies: DLR’s value-add leasing
Recent leasing illustrates effectiveness of DLR’s leasing and engineering team
•
Executed new 10,000 sf
suite
lease with IT services
company at approx. $100 psf
for 10 yr term
•
Executed new 22,300 sf
lease
with financial institution at an
average of $79 psf for 2.5 yr
term
•
Invested approx. $2.5M to
fully condition 10,000 sq. ft.
on a speculative basis
•
Designed and constructed
custom data center facility
for major international
finance institution
•
35,000 sf
previously vacant
•
Prior rate approx. $25 psf
•
Executed new 60,000 sf
lease
with global internet services
company at an average of
$22 psf NNN for 10 yr term
•
Provided tenant improvement
allowance of $10 psf; in
addition to significant
investment in space by
tenant
•
Designed and constructed
custom data center solution
•
60,000 sf
vacant shell
redevelopment space
•
Executed new 10,000 sf
lease
with international telecom at
approx. $57 psf for 10 yr term
•
Executed new 22,500 sf
lease
with software company at
approx. $62 psf for 3 yr term
•
Invested approx. $10 psf to
enhance space
•
40,000 sf
suite previously
vacant
•
Space substantially
conditioned by prior tenant
for data center operations
•
Prior rate approx. $36 psf
Result
DLR Action
Opportunity

19
2.7%
1.2%
3.2%
5.7%
10.5%
15.2%
1.7%
9.0%
4.6%
14.2%
26.7%
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Thereafter
DLR’s model features long-term, stable leases
•
The average lease term is approximately 12 years with 7 years remaining
•
Leases typically contain 3% annual rent bumps
<7.1% in next  3 yrs
The stability of our long-term leases complements our growth
Note:
Excludes
vacant
square
footage
of
0.5
million
square
feet
and
space
held
for
redevelopment
as
of
June
30,
2006.
Lease Expiration as a % of Net Rentable Square Feet

20
Digital Realty’s financial results
Reported FFO
(1)
of $23.2 million for 2Q06, up 18% from $19.6 million for
2Q05; or $0.38 per diluted share and unit for 2Q06, up 3% from $0.37
per diluted share and unit for 2Q05
2Q06 FFO payout ratio was  71%; 2Q06 AFFO
(1)
payout ratio was 100%
DLR’s
stock generated a total return to common shareholders of 78% in
2005; YTD 2006 DLR stock has generated a total return of 37%
(2)
Increased quarterly common dividend 8.7% on an annualized basis to
$1.06 per share in November 2005
Priced follow on offering of 4 million shares of common stock for
approximately $95 million of net proceeds on May 23, 2006
Priced a private placement of $150 million of 4.125% Exchangeable
Senior Debentures due 2026 on August 9, 2006
(1)
FFO and AFFO is a non GAAP financial measure. For a description of FFO and AFFO see page 25.
(2)
Based on closing price of DLR common stock ($30.30) as of September 7, 2006.

21
17.2x
18.7x
20.7x
15.9x
15.5x
18.1x
3.9%
3.5%
3.3%
10.0x
12.0x
14.0x
16.0x
18.0x
20.0x
22.0x
RMS
DLR
Peer Group Composite
3.0%
4.0%
5.0%
6.0%
2006E FFO Multiple
2007E FFO Multiple
Dividend Yield
(2)
Note: Based on closing price of DLR common stock ($30.30) and other securities as of September 7, 2006.
(1) Based on First Call consensus estimates for indicative purposes.  DLR does not endorse the First Call consensus estimate.
(2) Peer Group Composite includes ARE, BMR, GSL and OFC.
DLR trades at a discount to public peers
DLR’s FFO multiples remain at a discount to its Peer Group
Dividend Yield
FFO Multiple
(1)

22
Improving overall credit quality of DLR portfolio
+
=
+
=
Approximately
$18
million
of
base
rental
income,
or
over
11%
of
overall
income,
has
experienced an improvement in credit quality.
(1)
As a result of a sublease relationship with Microsoft for 200,000 sq ft of space that is leased directly by Savvis.
(2)
On June 30, 2006, SAVVIS completed the exchange of its Series A Preferred stock for 37.4 million shares of common stock.
(1) (2)

23
DLR employs a conservative capital structure
Wtd
Average Cost of Debt:
5.55%; Approximately 80%
fixed rate debt
(4)
Expanded credit facility to
$500M from $350M,
increasing liquidity and
financial flexibility
Periodically refinancing high
cost debt with lower rate,
longer term, fixed rate
financing
No debt maturing through
2008 (assuming extensions)
Total Market
Capitalization
(1)
$3,067.2M
(1) Based on closing price and shares outstanding of DLR common stock
($30.30) at September 7, 2006.
(2) Excludes $2.1 million of unamortized debt premium for 1125 Energy Park
Drive & 731 East Trade Street.
(3) Unsecured credit facility as of August 31, 2006.
(4) Includes $172.5 million of convertible debt.
Dividend Yield / Rate:    3.5% / $1.06
Fixed Rate Debt,
$788.1
Variable Rate Debt,
$201.8
Preferred Stock,
$166.8
Equity, $1,910.5
(2)(4)
(3)

24
Definition of Non-GAAP Financial Measures
This presentation includes certain non-GAAP financial measures that management believes are helpful in understanding our business, as further
described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs, and, therefore, may not be
comparable. The non-GAAP financial measures should not be considered an alternative to net income or any other GAAP measurement of
performance and should not be considered an alternative to cash flows from operating, investing or financing activities as a measure of liquidity.
Funds from Operations (FFO)
We calculate Funds from Operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment
Trusts, or NAREIT.  FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of property, real
estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships
and joint ventures.  Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and
amortization
and
gains
and
losses
from
property
dispositions,
it
provides
a
performance
measure
that,
when
compared
year
over
year,
captures
trends
in occupancy rates, rental rates and operating costs.  We also believe that, as a widely recognized measure of the performance of REITs, FFO will be
used by investors as a basis to compare our operating performance with that of other REITs.  However, because FFO excludes depreciation and
amortization and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital
expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and
could
materially
impact
our
results
from
operations,
the
utility
of
FFO
as
a
measure
of
our
performance
is
limited.
Other
REITs
may
not
calculate
FFO
in
accordance
with
the
NAREIT
definition
and,
accordingly,
our
FFO
may
not
be
comparable
to
such
other
REITs’
FFO.
Accordingly,
FFO
should
be
considered only as a supplement to net income as a measure of our performance.
Adjusted Funds From Operations (AFFO)
We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our
ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the
operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs. We
calculate adjusted funds from operations, or AFFO, by adding to or subtracting from FFO (i) non-real estate depreciation, (ii) amortization of deferred
financing
costs
(iii)
non
cash
compensation
(iv)
loss
from
early
extinguishment
of
debt
(v)
straight
line
rents
(vi)
fair
value
of
lease
revenue
amortization
(vii) capitalized leasing payroll (viii) recurring tenant improvements and (ix) capitalized leasing commissions. Other equity REITs may not calculate
AFFO in a consistent manner. Accordingly, our AFFO may not be comparable to other equity REITs’
AFFO. AFFO should be considered only as a
supplement to net income computed in accordance with GAAP as a measure of our operations.
EBITDA and Adjusted EBITDA 
We believe that earnings before interest, income taxes, depreciation and amortization, or EBITDA and Adjusted EBITDA (as defined
below), are useful
supplemental performance measures because they allow investors to view our performance without the impact of non cash depreciation and
amortization
or
the
cost
of
debt
and
with
respect
to
Adjusted
EBITDA
preferred
dividends
and
minority
interests.
Adjusted
EBITDA
is
EBITDA
excluding
minority interests and preferred stock dividends. In addition, we believe EBITDA and adjusted EBITDA are frequently used by securities analysts,
investors and other interested parties in the evaluation of REITs. Because EBITDA and adjusted EBITDA are calculated before recurring cash charges
including interest expense and income taxes, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their
utility
as
a
measure
of
our
performance
is
limited.
Accordingly,
EBITDA
and
Adjusted
EBITDA
should
be
considered
only
as
supplements
to
net
income
(computed
in
accordance
with
GAAP)
as
a
measure
of
our
financial
performance.
Other
equity
REITs
may
calculate
EBITDA
and
Adjusted
EBITDA
differently than we do; accordingly, our EBITDA and Adjusted EBITDA may not comparable to such other REITs’
EBITDA and Adjusted EBITDA.
Each of FFO and Adjusted EBITDA exclude items that have real economic effect and could materially impact our results from operations, and therefore
the utility of FFO and Adjusted EBTIDA as a measure of our performance is limited.
Nothing contained
herein
is
intended
to
revise
the
earnings,
FFO
or
acquisition
guidance
we
confirmed
on
our
Earnings
Conference
Call
dated
August 3, 2006 and available on our website at www.digitalrealtytrust.com.

25
Reconciliation of non GAAP items to their closest GAAP
Funds from operations
(1)
Q206
Q106
FY2005
Q206
Q106
FY2005
Net income available to common stockholders
$1,650
$1,642
$6,087
Net income available to common stockholders
$1,650
$1,642
$6,087
Interest
12,181
11,388
39,122
Minority interests in operating partnership including
discontinued operations
1,340
1,846
8,268
Depreciation and amortization
20,275
18,256
62,232
Real estate related depreciation and amortization
(2)
20,238
18,185
62,171
and amortization (EBITDA)
$34,106
$31,286
$107,441
Funds from operations (FFO)
$23,228
$21,673
$76,526
Minority interests
1,340
1,831
8,256
Non real estate depreciation
37
71
61
Preferred stock dividends
3,445
3,445
10,014
Amortization of deferred financing costs
937
795
2,965
Adjusted Earnings before interest, taxes and
depreciation and amortization (Adjusted
EBITDA)
$38,891
$36,562
$125,711
Non cash compensation
435
431
481
Loss from early extinguishment of debt
425
57
1,021
Cash paid for interest (including discontinued operations)
Straight line rents
(4,233)
(3,843)
(13,023)
Above and below market rent amortization
(1,504)
(433)
(1,717)
Total GAAP interest expense (including
discontinued operations)
$12,181
$11,388
$39,122
Capitalized leasing compensation
(888)
(764)
(781)
Amortization of deferred financing costs
(749)
(754)
(2,921)
Recurring capital expenditures and tenant improvements
(338)
(904)
(2,897)
Capitalized interest
1,058
762
279
Capitalized leasing commissions
(1,682)
(265)
(3,051)
Noncash
interest
806
(1,152)
(1,424)
Adjusted funds from operations
(1)
$16,417
$16,818
$59,585
Cash paid for interest
$13,296
$10,244
$35,056
(2) Real estate depreciation and amortization was computed as follows:
Q206
Q106
FY2005
Depreciation and amortization per income statement
$19,511
$17,513
$59,616
Depreciation and amortization of discontinued operations
at 7979 East Tufts Avenue
764
743
2,616
Non real estate depreciation
(37)
(71)
(61)
$20,238
$18,185
$62,171
(1) Funds
from
operations
and
Adjusted
Funds
from
operations
for
all
periods
presented
above
includes
the
results
of
7979
East
Tufts
Avenue,
a
property
which
we
classify
as
held
for
sale
and
which
we
sold
on
July
12,
2006.
EBITDA and Adjusted EBITDA (including discontinued operations)