Digital Realty Trust, Inc. Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Highlights

  • Core FFO per share reached $1.72, up 12% year-over-year and 3% sequentially, despite significant foreign exchange (FX) headwinds.
  • $113 million in new bookings, above $110 million for the second consecutive quarter.
  • 108 new customers added, bringing the total to over 1,000 new logos since the Interxion acquisition.
  • Re-leasing spreads remained positive at 3.4%, improving from 3.3% in Q1 2022.
  • Development pipeline increased over 10% sequentially to 360+ MW across 41 projects in 18 global metros.
  • Occupancy increased by 60 basis points sequentially due to commencements from a record backlog.
  • FX remained a major headwind, representing a 400–450 basis point drag on year-over-year results.

Demand Environment

  • Demand remains strong globally across hyperscale, enterprise, and colocation customers.
  • EMEA was the strongest region, hosting all five of the company's largest deals for the quarter.
  • Sub-1 MW plus interconnection bookings were the third highest in company history.
  • Pipeline is described as the largest in company history across all product types.
  • No signs of demand slowdown despite macroeconomic concerns.

Key Metrics and Performance

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Operator: Good afternoon, and welcome to the Digital Realty Second Quarter 2022 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. [Operator Instructions] I would now like to turn the call over to Jordan Sadler, Digital Realty's Senior Vice President of Public and Private Investor Relations. Please go ahead. Jordan Sadler: Thank you, operator, and welcome everyone to Digital Realty's second quarter 2022 earnings conference call. Joining me on today's call are CEO, Bill Stein; and President 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 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 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, let me offer a few key takeaways from our second quarter. First, the overarching tre

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