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Dec 31, 2021
Digital Realty Q4 2021 Earnings Report
Reported strong fourth-quarter results driven by record bookings and strategic investments.
Key Takeaways
Digital Realty reported Q4 2021 revenues of $1.1 billion, a 2% decrease from the previous quarter but a 5% increase from the same quarter last year. Net income was $1.1 billion, or $3.71 per diluted share. The company signed total bookings expected to generate $156 million of annualized GAAP rental revenue.
Reported net income available to common stockholders of $3.71 per share in 4Q21, compared to $0.16 in 4Q20
Reported FFO per share of $1.54 in 4Q21, compared to $1.45 in 4Q20
Reported core FFO per share of $1.67 in 4Q21, compared to $1.61 in 4Q20
Signed total bookings during 4Q21 expected to generate $156 million of annualized GAAP rental revenue, including an $11 million contribution from interconnection
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Digital Realty introduced its 2022 core FFO per share outlook of $6.80-$6.90.
Positive Outlook
- Total revenue: $4.700 - $4.800 billion
- Adjusted EBITDA: $2.475 - $2.525 billion
- Rental rates on renewal leases: GAAP basis - Slightly positive
- Year-end portfolio occupancy: 83.0% - 84.0%
- Average stabilized yields: 9.0% - 15.0%
Challenges Ahead
- Net non-cash rent adjustments: ($35) - ($40) million
- G&A: $410 - $420 million
- Rental rates on renewal leases: Cash basis - Flat
- Same-capital cash NOI growth: (2.5%) - (3.5%)
- Dispositions: Cap rate - 0.0% - 10.0%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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