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Donnerstag, 02.05.2024 16:05 von | Aufrufe: 62

Digital Realty Reports First Quarter 2024 Results

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PR Newswire

AUSTIN, Texas, May 2, 2024 /PRNewswire/ --

Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation, and interconnection solutions, announced today financial results for the first quarter of 2024. All per share results are presented on a fully diluted basis.

Highlights

  • Reported net income available to common stockholders of $0.82 per share in 1Q24, compared to $0.20 in 1Q23
  • Reported FFO per share of $1.41 in 1Q24, compared to $1.60 in 1Q23
  • Reported Core FFO per share of $1.67 in 1Q24, compared to $1.66 in 1Q23
  • Reported "Same-Capital" cash NOI growth of 4.7% in 1Q24
  • Reported rental rate increases on renewal leases of 11.8% on a cash basis in 1Q24
  • Signed total bookings during 1Q24 that are expected to generate $252 million of annualized GAAP rental revenue, including a $40 million contribution from the 0–1 megawatt category and $13 million contribution from interconnection
  • Maintained 2024 Core FFO per share outlook of $6.60 - $6.75

Financial Results

Digital Realty reported revenues of $1.3 billion in the first quarter of 2024, a 3% decrease from the previous quarter and an 1% decrease from the same quarter last year. 

The company delivered net income of $288 million in the first quarter of 2024, and net income available to common stockholders of $271 million, or $0.82 per diluted share, compared to $0.08 per diluted share in the previous quarter and $0.20 per diluted share in the same quarter last year. 


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Digital Realty generated Adjusted EBITDA of $711 million in the first quarter of 2024, a 2% increase from the previous quarter and 6% increase over the same quarter last year. 

The company reported Funds From Operations (FFO) of $451 million in the first quarter of 2024, or $1.41 per share, compared to $1.53 per share in the previous quarter and $1.60 per share in the same quarter last year. 

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered Core FFO per share of $1.67 in the first quarter of 2024, compared to $1.63 per share in the previous quarter and $1.66 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.67 for the first quarter of 2024.

"Digital Realty saw accelerating demand in the first quarter, executing on a number of multifaceted AI-oriented opportunities, while continuing to support hybrid multi-cloud requirements. Strong demand supported a new leasing record, driven by large footprint deals," said Digital Realty President & Chief Executive Officer Andy Power. "In support of this demand, we sourced over $1 billion of fresh capital through asset sales and joint ventures, further reducing our reported leverage while positioning the company to meet our customers' growing needs."

Leasing Activity

In the first quarter, Digital Realty signed total bookings that are expected to generate $252 million of annualized GAAP rental revenue, including a $40 million contribution from the 0–1 megawatt category and a $13 million contribution from interconnection.

The weighted-average lag between new leases signed during the first quarter of 2024 and the contractual commencement date was 7 months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $248 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the first quarter of 2024 increased 11.8% on a cash basis and 13.0% on a GAAP basis. 

New leases signed during the first quarter of 2024 are summarized by region and product as follows: 



Annualized GAAP













Base Rent


Square Feet


GAAP Base Rent




GAAP Base Rent

 Americas


(in thousands)


(in thousands)


per Square Foot


Megawatts


per Kilowatt

 0-1 MW



$19,050


67



$283


6.5



$243

 > 1 MW



175,200


636



275


84.0



174

 Other (1)



495


10



51




Total



$194,746


713



$273


90.5



$179















 EMEA (2)














 0-1 MW



$14,754


60



$246


5.5



$224

 > 1 MW



23,020


112



206


13.7



140

 Other (1)



72


1



117




Total



$37,846


173



$219


19.2



$164















 Asia Pacific (2)














 0-1 MW



$6,192


18



$343


1.5



$333

 > 1 MW









 Other (1)



159


3



56




Total



$6,351


21

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