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Dec 31, 2020
Digital Realty Q4 2020 Earnings Report
Digital Realty's fourth quarter 2020 results were announced, marked by revenue growth and strategic acquisitions.
Key Takeaways
Digital Realty reported Q4 2020 revenues of $1.1 billion, a 35% increase year-over-year. Net income was $60 million, with net income available to common stockholders at $44 million, or $0.16 per diluted share. The company signed bookings expected to generate $130 million in annualized GAAP rental revenue, including $12 million from interconnection.
Reported net income available to common stockholders of $0.16 per share in 4Q20, compared to $1.50 in 4Q19
Reported FFO per share of $1.45 in 4Q20, compared to $1.62 in 4Q19
Reported core FFO per share of $1.61 in 4Q20, compared to $1.62 in 4Q19
Signed total bookings during 4Q20 expected to generate $130 million of annualized GAAP rental revenue, including a $12 million contribution from interconnection
Revenue by Segment
Forward Guidance
Digital Realty introduced its 2021 core FFO per share outlook of $6.40-$6.50.
Positive Outlook
- Total revenue: $4.250 - $4.350 billion
- Adjusted EBITDA: $2.300 - $2.350 billion
- Year-end portfolio occupancy: 84.0% - 85.0%
- U.S. Dollar / Pound Sterling: $1.25 - $1.30
- U.S. Dollar / Euro: $1.15 - $1.20
Challenges Ahead
- Net non-cash rent adjustments: ($10) - ($15) million
- G&A: $365 - $375 million
- Rental rates on renewal leases (Cash basis): Slightly negative
- Same-capital cash NOI growth: (2.5%) - (3.5%)
- Dispositions cap rate: 0.0% - 12.0%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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