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Sep 30, 2021
Digital Realty Q3 2021 Earnings Report
Reported strong third-quarter results, underpinned by global platform, broad product spectrum, and significant scale.
Key Takeaways
Digital Realty reported third-quarter revenues of $1.1 billion, a 4% increase from the previous quarter and an 11% increase from the same quarter last year. Net income was $137 million, and net income available to common stockholders was $124 million, or $0.44 per diluted share. Adjusted EBITDA was $610 million, and core FFO per share was $1.65.
Reported net income available to common stockholders of $0.44 per share in 3Q21, compared to a net loss available to common stockholders of ($0.14) in 3Q20
Reported FFO per share of $1.54 in 3Q21, compared to $1.19 in 3Q20
Reported core FFO per share of $1.65 in 3Q21, compared to $1.54 in 3Q20
Signed total bookings during 3Q21 expected to generate $113 million of annualized GAAP rental revenue, including a $12 million contribution from interconnection
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Digital Realty raised its 2021 core FFO per share outlook from $6.45-$6.50 to $6.50-$6.55.
Positive Outlook
- Total revenue $4.400 - $4.425 billion
- Net non-cash rent adjustments ($20) - ($25) million
- Adjusted EBITDA $2.400 - $2.425 billion
- G&A $380 - $390 million
- Net income per diluted share $2.45 - $2.50
Challenges Ahead
- Rental rates on renewal leases Cash basis Slightly negative
- Rental rates on renewal leases GAAP basis Slightly positive
- Year-end portfolio occupancy 84.0% - 85.0%
- "Same-capital" cash NOI growth (2.5%) - (3.5%)
- Long-term debt issuance Dollar amount $1.8 - $2.0 billion
Historical Earnings Impact
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Avg. Return Before/After Earnings
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