Digital Realty Trust, Inc. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Performance

  • Recorded $156M in new bookings for Q4, contributing to $500M for FY 2021, up 15% from FY 2020.
  • Full-year results exceeded the high end of guidance provided in early 2021.
  • Strong leasing across both sub-1 MW and greater-than-1 MW categories, setting quarterly records.
  • Core FFO per share grew 4% year-over-year in Q4 and 5% for the full year.
  • Raised over $950M through Digital Core REIT IPO and asset sales.
  • 44 projects underway globally totaling over 250 MW, with 46% pre-sold.

Key Strategic Developments

  • Digital Core REIT Launch: Successfully listed on the Singapore Stock Exchange. Digital Realty sold a 90% interest in 10 data centers valued at $1.4B (4.25% cap rate), receiving $950M in proceeds while retaining a 35% equity stake.
  • Teraco Acquisition: Agreed to acquire ~55% of Africa’s leading colocation provider. Expands Digital Realty’s presence with 7 data centers serving 600+ customers and >22,000 interconnections. Expected to contribute strong double-digit revenue/EBITDA growth.
  • Global Expansion: Opened Digital Seoul 1 (South Korea), expanded in Singapore, Hong Kong, Atlanta, Hillsboro, and other metros.

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Operator: Good afternoon, and welcome to the Digital Realty Fourth 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 Jim Huseby, Digital Realty’s Vice President of Investor Relations. Please go ahead. Jim Huseby: Thank you, operator, and welcome, everyone, to Digital Realty’s fourth quarter 2021 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 they 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 the risks related to our business, please 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 lik

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