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Mar 31, 2024
Digital Realty Q1 2024 Earnings Report
Reported first quarter 2024 results, showing strong demand and a new leasing record driven by large footprint deals.
Key Takeaways
Digital Realty reported a revenue of $1.3 billion, net income of $288 million, and net income available to common stockholders of $271 million, or $0.82 per diluted share. The company signed total bookings expected to generate $252 million of annualized GAAP rental revenue and maintained its 2024 Core FFO per share outlook of $6.60 - $6.75.
Reported net income available to common stockholders of $0.82 per share in 1Q24, compared to $0.20 in 1Q23
Reported FFO per share of $1.41 in 1Q24, compared to $1.60 in 1Q23
Reported Core FFO per share of $1.67 in 1Q24, compared to $1.66 in 1Q23
Reported rental rate increases on renewal leases of 11.8% on a cash basis in 1Q24
Forward Guidance
Digital Realty maintained its 2024 Core FFO per share and Constant-Currency Core FFO per share outlook of $6.60 - $6.75.
Positive Outlook
- Total revenue: $5.550 - $5.650 billion
- Adjusted EBITDA: $2.800 - $2.900 billion
- Cash basis rental rates on renewal leases: 5.0% - 7.0%
- GAAP basis rental rates on renewal leases: 7.0% - 9.0%
- Same-Capital cash NOI growth: 2.5% - 3.5%
Challenges Ahead
- Net non-cash rent adjustments: ($35 - $40 million)
- G&A: $450 - $460 million
- Long-term debt issuance: $0 - $1,000 million
- Net income per diluted share: $1.80 - $1.95
- Funds From Operations / share (NAREIT-Defined): $6.20 - $6.35
Historical Earnings Impact
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Avg. Return Before/After Earnings
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