Digital Realty Trust, Inc. Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial & Operational Highlights

  • Total bookings reached $113M, including $13M from interconnection. This represents continued strength in smaller (<1MW) enterprise deals, which hit a record $41M (up from prior quarters) and comprised nearly half of total bookings.
  • Core FFO per share was flat year-over-year but down 8% sequentially due to a $0.12 non-cash deferred tax charge from the U.K. corporate tax rate increase. Excluding this charge, results exceeded internal expectations.
  • Revenue and EBITDA guidance were raised for the second consecutive quarter, reflecting strong business momentum.
  • Backlog decreased slightly from $307M to $303M as commencements slightly exceeded signings.
  • Q2 renewals totaled $178M with cash re-leasing spreads slightly positive; greater-than-1MW renewal spreads improved significantly from -11% in Q1 to roughly flat in Q2.
  • Portfolio occupancy dipped 60 bps due to new capacity coming online across six metros.
  • Same-capital cash NOI declined 1.5%, impacted by churn in Ashburn earlier in the year.

Platform & Strategic Initiatives

  • Record sub-1MW bookings and strong interconnection signings validate demand for PlatformDIGITAL.
  • The company operates 39 development projects totaling ~300MW, with significant concentration in EMEA (19 projects / 150MW).

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Good afternoon. And welcome to the Digital Realty Second 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 and 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, 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 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 second quarter results. We continue to enhance our product mix, with a record con

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional