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Jun 30, 2024
Digital Realty Q2 2024 Earnings Report
Second quarter results for 2024 were announced, showcasing revenue and strategic financial maneuvers.
Key Takeaways
Digital Realty reported Q2 2024 results, including revenues of $1.4 billion, a net income of $75 million, and signed bookings expected to generate $164 million in annualized GAAP rental revenue. The company maintained its 2024 Core FFO per share outlook of $6.60 - $6.75.
Net income available to common stockholders was $0.20 per share.
FFO per share was $1.57.
Core FFO per share was $1.65.
Rental rate increases on renewal leases were 4.0% on a cash basis.
Revenue by Segment
Revenue by Geographic Location
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
- Net non-cash rent adjustments: ($35 - $40 million)
- Adjusted EBITDA: $2.800 - $2.900 billion
- G&A: $450 - $460 million
- Cash basis Rental rates on renewal leases: 5.0% - 7.0%
Challenges Ahead
- Net income per diluted share: $1.40 - $1.55
- Real estate depreciation and (gain) / loss on sale: $4.75 - $4.75
- Funds From Operations / share (NAREIT-Defined): $6.15 - $6.30
- Non-core expenses and revenue streams: $0.45 - $0.45
- Foreign currency translation adjustments: $0.00 - $0.00
Historical Earnings Impact
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Avg. Return Before/After Earnings
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