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Digital Realty Reports Fourth Quarter 2024 Results
DLRDigital Realty Trust(DLR) Prnewswire·2025-02-13 21:05

Core Insights - Digital Realty reported a revenue of 1.4billionforQ42024,reflectinga51.4 billion for Q4 2024, reflecting a 5% increase year-over-year and a slight increase from the previous quarter [2] - The company achieved a net income of 186 million in Q4 2024, translating to 0.51pershare,asignificantrisefrom0.51 per share, a significant rise from 0.03 per share in Q4 2023 [2][10] - Adjusted EBITDA for the quarter was 751million,showinga7751 million, showing a 7% increase compared to the same quarter last year [3] Financial Results - Revenues for Q4 2024 were 1.4 billion, up 5% from Q4 2023 [2] - Net income available to common stockholders was 179million,or179 million, or 0.51 per share, compared to 0.03pershareinQ42023[2][10]−AdjustedEBITDAwasreportedat0.03 per share in Q4 2023 [2][10] - Adjusted EBITDA was reported at 751 million, a 7% increase year-over-year [3] - Funds From Operations (FFO) for Q4 2024 were 545million,or545 million, or 1.61 per share, compared to 1.53pershareinQ42023[3][10]−CoreFFOpersharewas1.53 per share in Q4 2023 [3][10] - Core FFO per share was 1.73, up from 1.63inthesamequarterlastyear[4][10]LeasingActivity−TotalbookingsinQ42024areexpectedtogenerate1.63 in the same quarter last year [4][10] Leasing Activity - Total bookings in Q4 2024 are expected to generate 100 million in annualized GAAP rental revenue, with significant contributions from the 0-1 megawatt category [6] - The backlog of signed-but-not-commenced leases at the end of Q4 2024 was 797millioninannualizedGAAPbaserent[7][10]−Renewalleasessignedduringthequarterrepresented797 million in annualized GAAP base rent [7][10] - Renewal leases signed during the quarter represented 250 million in annualized cash rental revenue, with rental rates increasing by 4.7% on a cash basis [8][10] Investment Activity - Digital Realty acquired a 6.7-acre parcel in Richardson, Texas, for approximately 15million,supportingupto100megawattsofITcapacity[12]−Thecompanysolda15.115 million, supporting up to 100 megawatts of IT capacity [12] - The company sold a 15.1% interest in a data center in Frankfurt, Germany, for approximately 74 million [12] - A joint venture with Blackstone Inc. for a 7billionhyperscaledatacenterdevelopmentwasadvanced,focusingoncampusesinFrankfurtandNorthernVirginia[13]BalanceSheet−AsofDecember31,2024,DigitalRealtyhadapproximately7 billion hyperscale data center development was advanced, focusing on campuses in Frankfurt and Northern Virginia [13] Balance Sheet - As of December 31, 2024, Digital Realty had approximately 16.7 billion in total debt, with a net debt-to-Adjusted EBITDA ratio of 4.8x [14] - The company issued €850 million of 3.875% notes due 2035, with net proceeds of approximately €841 million [14] 2025 Outlook - Digital Realty provided a 2025 Constant-Currency Core FFO per share outlook of 7.05−7.05 - 7.15 [15] - Total revenue is projected to be between 5.800billionand5.800 billion and 5.900 billion [16] - The company anticipates rental rate increases on renewal leases of 4.0% - 6.0% on a cash basis [16]