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Mar 31, 2022
Digital Realty Q1 2022 Earnings Report
Reported record bookings and reiterated 2022 core FFO per share outlook.
Key Takeaways
Digital Realty reported first quarter revenues of $1.1 billion, a 1% increase from the previous quarter and a 3% increase from the same quarter last year. Net income was $76.9 million, or $0.22 per diluted share. The company signed total bookings expected to generate $167 million of annualized GAAP rental revenue.
Reported net income available to common stockholders of $0.22 per share in 1Q22, compared to $1.32 in 1Q21
Reported FFO per share of $1.60 in 1Q22, compared to $1.50 in 1Q21
Reported core FFO per share of $1.67 in 1Q22, compared to $1.67 in 1Q21
Signed total bookings during 1Q22 expected to generate $167 million of annualized GAAP rental revenue, including an $11 million contribution from interconnection
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Digital Realty reiterated its 2022 core FFO per share outlook of $6.80-$6.90.
Positive Outlook
- Total revenue: $4.700 - $4.800 billion
- Adjusted EBITDA: $2.475 - $2.525 billion
- G&A: $410 - $420 million
- Year-end portfolio occupancy: 83.0% - 84.0%
- Same-capital cash NOI growth: (2.5% - 3.5%)
Challenges Ahead
- Net non-cash rent adjustments: ($45 - $50 million)
- U.S. Dollar / Pound Sterling: $1.25 - $1.35
- U.S. Dollar / Euro: $1.05 - $1.10
- Dollar volume of Dispositions: $0.5 - $1.0 billion
- Cap rate of Dispositions: 0.0% - 10.0%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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