Digital Realty Trust Earnings Call Insights: Accounting Details and Joint Venture
Michael Bilerman – Citi: It’s Michael Bilerman here with Manny. Bill, just wanted to just dive into the accounting thing just for a moment. So, you didn’t restate first quarter results at all from an FFO, you adjusted AFFO for the CapEx disclosure, but I’m more concerned about sort of earnings. This $3.4 million change is effectively that $0.025 all in the second quarter?
A. William Stein – CFO and Chief Investment Officer: That’s right. So, roughly a penny of that would have been in the first quarter.
Gabriel Hilmoe – UBS: Bill, just a question on the joint venture, I guess can you talk a little bit about potential size, what kind of partner that might be. And in this – in terms of the deal like one large deal or is this kind of a staggered transaction that could close over a period of time?
A. William Stein – CFO and Chief Investment Officer: I’m reluctant to go into too much specificity before we close, but I will tell you, it is one deal, approximate deal size we’ll say between $350 million and $400 million. It’s one institutional investor. It’s I believe a highly regarded institutional investor in the real estate space. And right now, we’re expecting just I think I said one close that will – I expect that will be in the third quarter.
A Closer Look: Digital Realty Trust Earnings Cheat Sheet>>