Digital Realty Trust, Inc. Q1 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Digital Realty delivered strong Q1 2025 results, continuing momentum from 2024.
  • Total new leasing at company share reached $242M, consistent with record 2024 levels.
  • Backlog of booked-not-billed leases reached a company-record $919M at share ($1.3B at 100% share), up 7% from the previous record.
  • Core FFO per share: $1.77 (up 6% YoY). Constant currency: $1.79.
  • Leasing strength was broad-based across enterprise/colo and hyperscale segments.
  • Company increased development pipeline to 814 MW (+70 MW since year-end), with 63% pre-leased.

Leasing Performance

  • Total new leasing signed: Nearly $400M annualized rent, 2nd highest in company history.
  • 0–1 MW + interconnection segment: $69M (2nd highest ever; 10% above 4-quarter average).
  • >1 MW hyperscale segment: $172M total, $102M at company share.
  • Over the past five quarters, Digital Realty exceeded $100M of >1 MW signing volume in four quarters, each led by a different customer.
  • Record-setting lease signed in Q1—the largest annualized rent commitment in company history.
  • AI-related leasing accounted for just over two-thirds of new signings, a new high.
  • Pricing on new leasing reached $244/kW/month—up 10% from the prior record.

Backlog and Visibility

  • Backlog at share: $919M (+7% QoQ), exceeding commencements of $119M.

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Operator: Good afternoon. And welcome to the Digital Realty Trust, Inc. First Quarter 2025 Earnings Call. Please note this event is being recorded. During today's presentation, all parties will be in listen-only mode. Following the presentation, we will conduct a question and answer session. Callers will be limited to one question and we will aim to conclude at the top of the hour. I would now like to turn the call over to Jordan Sadler, Digital Realty Trust, Inc.'s senior vice president of public and private investor relations. Jordan, please go ahead. Jordan Sadler: Thank you, operator, and welcome, everyone, to Digital Realty Trust, Inc.'s first quarter 2025 Earnings Conference Call. Joining me on today's call are President and CEO, Andy Power and CFO, Matt Mercier. Chief investment officer, Greg Wright, chief technology officer, Chris Sharp, and chief revenue officer, Colin McLean, are also on the call and will be available for Q and A. Management will be making forward-looking statements, including guidance, and underlying assumptions on today's call. 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 the most directly comparable GAAP measure are included in the supplemental package furnished to the

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