Digital Realty Q4 2020 Earnings Report
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
Digital Realty
Digital Realty
Digital Realty 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%