Digital Realty Trust, Inc. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights

  • Another strong quarter with over $100 million in bookings for the fourth consecutive quarter.
  • Record 140 new customer logos added, reflecting strong global enterprise and hyperscale demand.
  • Double-digit revenue growth for the quarter; management raised full-year revenue, EBITDA, and core FFO outlook.
  • Further balance sheet strengthening through ~$600M Swiss green bonds and over $1B in equity raised.
  • Global expansion milestones in India and Africa, adding new high-growth market opportunities.

Financial & Operational Performance

  • Leasing: $113M in total bookings (flat vs. Q2 2021), with $12M from interconnection. Deal mix and geographic distribution remained consistent with prior quarters.
  • Renewals: Record $223M in renewal leases. Weighted average renewal term over 3.5 years. Cash mark-to-market of -5.5%, driven primarily by one large renewal/expansion transaction; excluding that, renewal pricing would have been +1%.
  • Backlog: Increased to $330M from $303M in Q2 2021.
  • Core FFO per share: Up 7% year-over-year and sequentially. Strength supported by lower financing costs and strong leasing results.

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Operator: Good afternoon, and welcome to the Digital Realty Third Quarter 2021 Earnings Call. Please note, this event is being recorded. [Operator Instructions] 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 third quarter results. We further strengthened connections with customers, landing record new logos and delivering our fourth consecutive quarter with over $100 million of bookings. We also continued to deliver for our customers around the world despite volatility in the global supply chain, leveraging our sc

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