Digital Realty Trust, Inc. Q4 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Q4 capped a transformational year marked by record bookings, major acquisitions (Interxion, Westin Building, Lamda Hellix), and meaningful global expansion.
  • Core FFO per share beat consensus by $0.08 and full-year FFO exceeded initial guidance by nearly 4%.
  • Strong global momentum: first quarter where a majority of bookings came from outside the Americas.
  • Balance sheet strengthened with lower cost of debt and extended maturities through green bond issuances and redemptions of higher‑cost securities.

Financial & Operating Performance

  • Q4 bookings totaled $130M, including $12M from interconnection; strong mix across products and geographies.
  • Backlog of signed-not-commenced leases reached record $269M (up from $229M in Q3).
  • 120 new logos signed in Q4; more than half were in EMEA.
  • Renewals reached $156M with positive cash re-leasing spreads of +1%.
  • Portfolio occupancy improved 40 bps sequentially; same-capital occupancy fell 40 bps due to move-outs.
  • Same-store cash NOI growth was -1.6% (improved from -1.9% for FY19).
  • Q4 core FFO per share was down 0.6% year-over-year, but above expectations.
  • 2021 guidance: ~4% FFO per share growth despite dilution from asset sales; sequential dip of ~$0.05 per share expected in Q1.

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Operator: Good afternoon, and welcome to the Digital Realty Fourth 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 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 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 fourth quarter results. We delivered high-quality q

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