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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.
Digital Realty
Digital Realty
Digital Realty Revenue by Segment
Digital Realty Revenue by Geographic Location
Revenue by Segment
Interconnection Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comEMEA Revenue
CapyFin.com 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
- Net income per diluted share between $1.40 - $1.50