Digital Realty Trust, Inc. Q2 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Record quarterly bookings: over 50% higher than the prior all‑time high and more than double the trailing four‑quarter average.
  • Beat consensus by $0.07 in core FFO per share, driven by operational outperformance and lower-than-expected property-level expenses.
  • Raised full‑year guidance for revenue, EBITDA, and core FFO per share.
  • Strengthened balance sheet with $645M in common equity issuance and €500M in long-term bonds at 1.25%.
  • Published second annual ESG report and awarded the first-ever ENERGY STAR Partner of the Year for data centers.

Leasing Performance

  • Total bookings: $144M (including $18M Interxion contribution).
  • 124 new customer logos added; 38 from Interxion.
  • Strongest demand in Northern Virginia, New York Metro, Pacific Northwest, Mexico City, Frankfurt, Paris, London, and Marseille.
  • Ashburn: 48 MW leased in the quarter; in‑service occupancy increased from 90% at year‑end to 93.8%. Active development pipeline now 100% pre-leased.
  • Record backlog of $251M in signed-but-not-yet-commenced leases (vs. $122M prior quarter).

Renewals & Pricing

  • $169M in renewals; 88% retention rate (above long-term trend).
  • Weighted average renewal term just under 6 years.
  • Cash rental rates rolled down 2.8%, consistent with expectations.

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Operator: Good afternoon, and welcome to the Digital Realty Second 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, Andrea. 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 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 second quarter results. We delivered record bookings, more than 5

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