Digital Realty Q1 2021 Earnings Report
Key Takeaways
Digital Realty reported strong first quarter 2021 results, with revenues of $1.1 billion, a 3% increase from the previous quarter and a 32% increase from the same quarter last year. Net income available to common stockholders was $372 million, or $1.32 per diluted share. The company signed total bookings expected to generate $117 million of annualized GAAP rental revenue.
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
Digital Realty
Digital Realty
Digital Realty Revenue by Segment
Forward Guidance
Digital Realty raised its 2021 core FFO per share outlook from $6.40-$6.50 to $6.50-$6.55.
Positive Outlook
- Total revenue $4.300 - $4.400 billion
- Adjusted EBITDA $2.330 - $2.380 billion
- Pricing 1.00%
- Timing Early-to-mid 2021
- Core Funds From Operations / share $6.50 - $6.55
Challenges Ahead
- Net non-cash rent adjustments ($20) - ($25) million
- G&A $380 - $390 million
- Cash basis Slightly negative
- GAAP basis Slightly positive
- Non-core expenses and revenue streams $0.25 - $0.25