Digital Realty Trust, Inc. Q3 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights

  • Core FFO per share reached a record 1.89 USD, up 13 percent year over year versus Q3 2024. Constant‑currency core FFO per share was 1.85 USD, up 11 percent year over year.
  • AFFO per share increased 16 percent year over year. Adjusted EBITDA rose 14 percent year over year.
  • Data center revenue grew 9 percent year over year, driven by commencements from backlog, strong re‑leasing spreads, and increasing fee income.
  • Same‑capital cash NOI rose 8 percent year over year, or 5.2 percent on a constant‑currency basis.
  • Digital Realty increased full‑year 2025 core FFO guidance to a range of 7.32 USD to 7.38 USD per share (up roughly 2 percent at the midpoint).
  • Leverage declined to 4.9x, below the long‑term target of 5.5x. Balance sheet liquidity stood at approximately 7 billion USD.
  • Backlog increased to 852 million USD, with 165 million USD expected to commence in Q4 2025 and 555 million USD in 2026.

Operational and Market Highlights

  • Total bookings reached 201 million USD at 100 percent share, with 162 million USD at Digital Realty’s share.
  • The 0–1 megawatt plus interconnection product set delivered 85 million USD of bookings, driven by record activity in the Americas and strength in EMEA.

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Operator: Good afternoon, and welcome to the Digital Realty Third Quarter 2025 Earnings Call. Please note, this event is being recorded. [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. Jordan, please go ahead. Jordan Sadler: Thank you, operator, and welcome, everyone, to Digital Realty's Third 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&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 certain non-GAAP financial information. Reconciliations to the most directly comparable GAAP measure are included in the supplemental package furnished to the SEC and available on our website. Before I turn the call over to Andy, let me offer a few key takeaways from our third quarter results. First, we posted $1.89 in core FFO per share, a quarterly record and 13% higher than the third quarter of la

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