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Sep 30, 2023
Digital Realty Q3 2023 Earnings Report
Reported strong and broad-based demand across product spectrum and record leasing in the 0-1 megawatt plus interconnection category.
Key Takeaways
Digital Realty reported third quarter 2023 results with revenues of $1.4 billion, a 3% increase from the previous quarter and an 18% increase from the same quarter last year. Net income was $746 million, or $2.33 per diluted share. Total bookings are expected to generate $152 million of annualized GAAP rental revenue.
Reported net income available to common stockholders of $2.33 per share in 3Q23, compared to $0.75 in 3Q22
Reported FFO per share of $1.55 in 3Q23, compared to $1.55 in 3Q22
Reported Core FFO per share of $1.62 in 3Q23, compared to $1.67 in 3Q22
Reported “Same-Capital” cash NOI growth of 9.4% in 3Q23
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Digital Realty narrowed its 2023 Core FFO per share and constant-currency Core FFO per share outlook to $6.58 - $6.62.
Positive Outlook
- Total revenue $5.475 - $5.525 billion
- Adjusted EBITDA $2.685 - $2.715 billion
- G&A $425 - $435 million
- Cash basis Greater than 5.0%
- GAAP basis Greater than 9.0%
Challenges Ahead
- Net non-cash rent adjustments ($55 - $60 million)
- Year-end portfolio occupancy 83.0% - 84.0%
- U.S. Dollar / Pound Sterling $1.20 - $1.25
- U.S. Dollar / Euro $1.05 - $1.10
- Long-term debt issuance $740 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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