Digital Realty Trust, Inc. Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Core FFO per share increased 9% year-over-year and exceeded consensus by $0.09.
  • Backlog reached a record $307 million, up from $269 million in Q4 2020.
  • Total bookings were $117 million, including $13 million from Interxion.
  • Renewal leasing totaled $193 million with a weighted average lease term of nearly 3 years.
  • Cash re-leasing spreads were -2.1%, consistent with company guidance.
  • Portfolio occupancy declined 100 bps due to churn in Northern Virginia (Ashburn) and the European asset sale.
  • Same-capital cash NOI growth was -2.8%, aligned with guidance.

Comparisons vs Prior Periods

  • Core FFO per share growth of 9% year-over-year represents continued acceleration versus prior quarters.
  • Backlog increased sequentially from $269 million in Q4 2020 to $307 million, driven by strong leasing momentum.
  • Cash NOI growth was negative primarily due to planned churn in Northern Virginia, in contrast to more stable NOI in prior periods.
  • Re-leasing spreads remain similar to late 2020 levels, indicating stable pricing trends.

Geographic & Segment Highlights

  • Bookings were balanced globally: APAC ~30%, EMEA ~30%, Americas ~40%.
  • APAC showed significant strength, including wins from a major digital economy platform in Singapore and multiple cloud expansions.

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Operator: Good afternoon. And welcome to Digital Realty First Quarter 2021 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. Callers will be limited to one question plus a follow-up. Due to time constraints, we will conclude promptly at the bottom of 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, Operator. 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 Chief Revenue Officer, Corey Dyer, are also on the call and will be available for Q&A. Management may make forward-looking statements, including guidance and 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. Before I turn the call over to Bill, I’d like to hit the tops of the waves on our first quarter results. First, we demonstrated our commitment t

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