Digital Realty Trust Inc DLR
Q3 2012 Earnings Call Transcript

Transcript Call Date 10/26/2012

Operator: Hello. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Digital Realty 2012 Third Quarter Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

Thank you. I would now like to turn the conference over to Ms. Pamela Garibaldi, Vice President of Investor Relations and Corporate Marketing. Ma'am you may begin.

Pamela Matthews Garibaldi - VP, IR & Corporate Marketing: Thank you. Good morning and good afternoon, everyone. By now you should have received a copy of the Digital Realty earnings press release. If you have not, you can access one in the Investors section of our website at, or you may call 415-738-6500 to request a copy.

Before we begin, I'd like to remind everyone that the management of Digital Realty may make forward-looking statements on this call. Forward-looking statements are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual results to differ materially.

You can identify such forward-looking statements by the use of forward-looking terminology such as believes, expects, may, will, should, pro forma or other similar words or phrases, and by discussions of strategy, plans, intentions, future events, or trends, or discussions that do not relate solely to historical matters, including statements related to rents to be received in future periods, lease terms, development and redevelopment plans, supply and demand data for data centers, data center sector growth, targeted returns, cap rates, acquisitions, leasing and investment activities, capital markets and finance activities, debt maturities and covenant compliance, expectations about the Company's growth financial resources and success, and the Company's future financial and other results, including the Company's 2012 guidance and underlying assumptions.

For a further discussion of the risks and uncertainties related to our business, see the Company's Annual Report on Form 10-K for the year ended December 31, 2011, and subsequent filings with the SEC, including the Company's quarterly reports on Form 10-Q. 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.

Additionally, this call will contain non-GAAP financial information, including funds from operations or FFO, adjusted FFO or AFFO, core FFO, earnings before interest taxes deduction and amortization or EBITDA, adjusted EBITDA, net operating income or NOI, and cash NOI. Digital Realty is providing this information as a supplement to information prepared in accordance with GAAP.

Explanation of such non-GAAP items and reconciliations to net income are contained in the Company's supplemental operating and financial data package for the third quarter of 2012 furnished to the SEC and available on the Company's website at

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