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Sep 30, 2024
Digital Realty Q3 2024 Earnings Report
Reported third quarter results, with revenue increase and significant leasing activity.
Key Takeaways
Digital Realty reported a 5% increase in revenue from the previous quarter, reaching $1.4 billion. The company signed total bookings expected to generate $521 million in annualized GAAP rental revenue, and the backlog of signed-but-not-commenced leases increased to $859 million.
Net income available to common stockholders was $0.09 per share.
FFO per share was $1.55.
Core FFO per share was $1.67.
Rental rate increases on renewal leases were 15.2% on a cash basis.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Digital Realty raised its 2024 Core FFO per share and Constant-Currency Core FFO per share outlook to $6.65 - $6.75.
Positive Outlook
- Total revenue outlook between $5.550 - $5.600 billion
- Adjusted EBITDA outlook between $2.925 - $2.975 billion
- Cash basis rental rates on renewal leases between 8.0% - 10.0%
- Year-end portfolio occupancy increase between +150 - 200 bps
- Long-term debt issuance of $933 million
Challenges Ahead
- Net non-cash rent adjustments between ($25 - $30 million)
- G&A expenses between $455 - $460 million
- CapEx (Net of Partner Contributions) between $2,200 - $2,400 million
- Enhancements and other non-recurring CapEx between $25 - $30 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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