Digital Realty Trust, Inc. Q1 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Digital Realty reported strong operational performance during a turbulent quarter dominated by COVID-19.
  • Business continuity remained intact with 100% uptime across global facilities.
  • The quarter included the strategic closing of the Interxion acquisition and the Westin Building Exchange stake, significantly enhancing global interconnection capabilities.
  • Despite macroeconomic uncertainty, demand for digital infrastructure increased, supporting healthy leasing results.

Key Financial Highlights (Q1 2020)

  • Total revenue: $823 million, including approximately $47 million from Interxion's partial-period contribution.
  • Core FFO per share: $1.53 (down 11.6% year-over-year due to non-comparable prior-year items, but 1.2% growth when adjusted for those items).
  • Leasing bookings: $75 million for standalone Digital Realty (second-highest quarter in company history), plus $10 million contributed by Interxion.
  • 119 new customer logos added across Digital Realty, Interxion, and Ascenty.
  • Occupancy rose 40bps to 87.2% driven by strong absorption in Northern Virginia and Dallas.
  • Net debt to adjusted EBITDA was 6.6x at quarter-end, but pro forma metrics fall to ~5x after equity issuance and full-quarter contributions from recent acquisitions.

Guidance Commentary for 2020

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Operator: Good afternoon and welcome to the Digital Realty First Quarter 2020 Earnings Call. Please note, this event is being recorded. During today's presentation, all parties will be in a listen-only mode. Following the presentation, we will conduct a question-and-answer session and callers will be limited to one question plus a follow-up. Due to time constraints, we will conclude promptly at the hour. I would now like to turn the call over to John Stewart, Digital Realty's Senior Vice President of Investor Relations. John, please go ahead. John Stewart: Thank you, Shawn. The speakers on today's call are CEO, Bill Stein; and CFO, Andy Power. Chief Investment Officer, Greg Wright; Chief Technology Officer, Chris Sharp; and EVP of Sales and Marketing, Corey Dyer, are also on the call and will be available for Q&A. Management may make forward-looking statements, including guidance and the underlying assumptions. Forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially. For a further discussion of risks related to our business, see our 10-K and subsequent filings with the SEC. This call will contain non-GAAP financial information. Reconciliations to net income are included in the supplemental package furnished to the SEC and available on our website. With that, I'd like to turn the call over to Bill. Bill Stein: Thank you, John. Good afternoon and thank you all for joining us. The last 90 days

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