Top-News
Digital Realty Reports Third Quarter 2025 Results
AUSTIN, Texas, Oct. 23, 2025 /PRNewswire/ -- Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today financial results for the third quarter of 2025. All per share results are presented on a fully diluted basis.
Highlights
- Reported net income available to common stockholders of $0.15 per share in 3Q25, compared to $0.09 in 3Q24
- Reported FFO per share of $1.65 in 3Q25, compared to $1.55 in 3Q24
- Reported Core FFO per share of $1.89 in 3Q25, compared to $1.67 in 3Q24; reported Constant-Currency Core FFO per share of $1.85 in 3Q25
- Reported rental rate increases on renewal leases of 8.0% on a cash basis in 3Q25
- Signed total bookings during 3Q25 that are expected to generate $201 million of annualized GAAP rental revenue at 100% share; at Digital Realty's share, total bookings were $162 million, including an $85 million contribution from the 0-1 megawatt plus interconnection category
- Reported a backlog of $852 million of annualized GAAP base rent at the end of 3Q25
- Raised 2025 Core FFO per share outlook to $7.32 - $7.38 and Constant-Currency Core FFO per share outlook to $7.25 - $7.30
Financial Results
Digital Realty reported revenues of $1.6 billion in the third quarter of 2025, a 6% increase from the previous quarter and a 10% increase from the same quarter last year.
The company delivered net income of $64 million in the third quarter of 2025, as well as net income available to common stockholders of $58 million and $0.15 per share, compared to $2.94 per share in the previous quarter and $0.09 per share in the same quarter last year.
Digital Realty generated Adjusted EBITDA of $868 million in the third quarter of 2025, a 5% increase from the previous quarter and a 14% increase over the same quarter last year.
The company reported Funds From Operations (FFO) of $570 million in the third quarter of 2025, or $1.65 per share, compared to $1.75 per share in the previous quarter and $1.55 per share in the same quarter last year.
Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered Core FFO per share of $1.89 in the third quarter of 2025, compared to $1.87 per share in the previous quarter and $1.67 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.85 in the third quarter of 2025 and $5.48 per share for the nine-month period ended September 30, 2025.
"Digital Realty delivered strong financial results this quarter, featuring record Core FFO per share and double-digit revenue and Adjusted EBITDA growth. These achievements are supported by a substantial backlog, providing clear visibility into 2026," said Digital Realty President and CEO Andy Power. "Robust enterprise demand continues to drive our 0-1 megawatt plus interconnection offering, with companies expanding on PlatformDIGITAL®. With five gigawatts of buildable IT capacity worldwide, we are well-positioned to meet our customers' evolving needs."
Leasing Activity
In the third quarter, Digital Realty signed total bookings that are expected to generate $201 million of annualized GAAP rental revenue at 100% share; at Digital Realty's share, total bookings were $162 million, including a $65 million contribution from the 0-1 megawatt category and a $20 million contribution from interconnection.
The weighted-average lag between new leases signed during the third quarter of 2025 and the contractual commencement date was eight months. The backlog of signed-but-not-commenced leases at quarter-end was $852 million of annualized GAAP base rent at Digital Realty's share.
In addition to new leases signed, Digital Realty also signed renewal leases representing $192 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the third quarter of 2025 increased 8.0% on a cash basis and 11.5% on a GAAP basis.
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New leases signed during the third quarter of 2025 at Digital Realty's share are summarized by region and product as follows:
| | | Annualized GAAP | | | | | | | | | | | |
| | | Base Rent | | Square Feet | | GAAP Base Rent | | | | GAAP Base Rent | |||
| Americas | | (in thousands) | | (in thousands) | | per Square Foot | | Megawatts | | per Kilowatt | |||
| 0-1 MW | | | $31,606 | | 94 | | | $338 | | 7.7 | | | $340 |
| > 1 MW | | | 35,688 | | 101 | | | 353 | | 16.2 | | | 184 |
| Other (1) | | | 551 | | 10 | | | 53 | | — | | | — |
| Total | | | $67,844 | | 205 | | | $331 | | 23.9 | | | $235 |
| | | | | | | | | | | | | | |
| EMEA (2) | | | | | | | | | | | | | |
| 0-1 MW | | | $28,518 | | 80 | | | $359 | | 8.4 | | | $283 |
| > 1 MW | | | 26,087 | | 90 | | | 288 | | 12.0 | | | 181 |
| Other (1) | | | 434 | | 8 | | | 55 | | — | | | — |
| Total | | | $55,040 | | 178 | | | $310 | | 20.4 | | | $223 |
| | | | | | | | | | | | | | |
| Asia Pacific (2) | | | | | | | | | | | | | |
| 0-1 MW | | | $4,756 | | 27 | | | $179 | | 2.0 | | | $194 |
| > 1 MW | | | 14,373 | | 32 | | | 453 | | 3.4 | | | 348 |
| Other (1) | | | 142 | | 1 | | | 121 | | — | | | — |
| Total | | | $19,271 | | 60 | | | $324 | | 5.5 | | | $291 |
| | | | | | | | | | | | | | |
| All Regions (2) | | | | | | | | | | | | | |
| 0-1 MW | | | $64,880 | | 200 | | | $325 | | 18.2 | | | $297 |
| > 1 MW | | | 76,148 | | 223 | | | 341 | | 31.6 | | | 201 |
| Other (1) | | | 1,127 | | 19 | | | 58 | | — | | | — |
| Total | | | $142,155 | | 442 | | | $321 | | 49.8 | | | $236 |
| | | | | | | | | | | | | | |
| Interconnection | | | $19,649 | | N/A | | | N/A | | N/A | | | N/A |
| | | | | | | | | | | | | | |
| Grand Total at DLR Share | | | $161,804 | | 442 | | | $321 | | 49.8 | | | $236 |
| | | | | | | | | | | | | | |
| Grand Total at 100% Share | | | $201,471 | | 462 | | | $387 | | 71.4 | | | $209 |
| | |
| Note: Totals may not foot due to rounding differences. | |
| (1) | Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities. |
| (2) | Based on quarterly average exchange rates during the three months ended September 30, 2025. |
Investment Activity
During the third quarter, Digital Realty sold non-core data centers in the Atlanta, Boston and Miami metro areas for gross proceeds of approximately $90 million.
Digital Realty acquired a property containing approximately five acres of land in the Los Angeles metro area for approximately $49 million that is expected to support 32 megawatts of IT capacity. Additionally, Digital Realty acquired two land parcels near its Franklin Park campus for approximately $18 million that, together with previously acquired land parcels, are expected to support over 40 megawatts of incremental IT capacity in the Chicago metro area.
Subsequent to quarter end, Digital Realty sold a non-core data center in the Dallas metro area for gross proceeds of approximately $33 million.
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Balance Sheet
Digital Realty had approximately $18.2 billion of total debt outstanding as of September 30, 2025, comprised of $17.4 billion of unsecured debt and approximately $0.8 billion of secured debt and other debt. At the end of the third quarter of 2025, net debt-to-Adjusted EBITDA was 4.9x, debt-plus-preferred-to-total enterprise value was 23.9% and fixed charge coverage was 4.6x.
In July, Digital Realty repaid €650 million ($754 million) in aggregate principal amount of its 0.625% senior notes.
Since June 30, 2025, the company also sold 2.9 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $172.46 per share, for net proceeds of approximately $501 million.
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2025 Outlook
Digital Realty raised its 2025 Core FFO per share outlook to $7.32 - $7.38 and Constant-Currency Core FFO per share outlook to $7.25 - $7.30. The assumptions underlying the outlook are summarized in the following table.
| | | As of | | As of | | As of | | As of |
| Top-Line and Cost Structure | | February 13, 2025 | | April 24, 2025 | | July 24, 2025 | | October 23, 2025 |
| Total revenue | | $5.800 - $5.900 billion | | $5.825 - $5.925 billion | | $5.925 - $6.025 billion | | $6.025 - $6.075 billion |
| Net non-cash rent adjustments (1) | | ($45 - $50 million) | | ($50 - $55 million) | | ($65 - $70 million) | | ($75 - $80 million) |
| Adjusted EBITDA | | $3.100 - $3.200 billion | | $3.125 - $3.225 billion | | $3.200 - $3.300 billion | | $3.300 - $3.350 billion |
| G&A | | $500 - $510 million | | $505 - $515 million | | $520 - $530 million | | $530 - $535 million |
| | | | | | | | | |
| Internal Growth | | | | | | | | |
| Rental rates on renewal leases | | | | | | | | |
| Cash basis | | 4.0% - 6.0% | | 4.0% - 6.0% | | 5.0% - 6.0% | | 5.75% - 6.25% |
| GAAP basis | | 6.0% - 8.0% | | 6.0% - 8.0% | | 7.0% - 8.0% | | 7.75% - 8.25% |
| Year-end portfolio occupancy | | +100 - 200 bps | | +100 - 200 bps | | +100 - 200 bps | | +100 - 200 bps |
| "Same-Capital" cash NOI growth (2) | | 3.5% - 4.5% | | 3.5% - 4.5% | | 3.5% - 4.5% | | 4.25% - 4.75% |
| | | | | | | | | |
| Foreign Exchange Rates | | | | | | | | |
| U.S. Dollar / Pound Sterling | | $1.20 - $1.25 | | $1.25 - $1.35 | | $1.30 - $1.35 | | $1.30 - $1.35 |
| U.S. Dollar / Euro | | $1.00 - $1.05 | | $1.05 - $1.15 | | $1.10 - $1.15 | | $1.13 - $1.18 |
| | | | | | | | | |
| External Growth | | | | | | | | |
| Dispositions / Joint Venture Capital | | | | | | | | |
| Dollar volume | | $500 - $1,000 million | | $500 - $1,000 million | | $700 - $1,000 million | | $700 - $1,000 million |
| Cap rate | | 0.0% - 10.0% | | 0.0% - 10.0% | | 0.0% - 10.0% | | 0.0% - 10.0% |
| Development | | | | | | | | |
| CapEx (Net of Partner Contributions) (3) | | $3,000 - $3,500 million | | $3,000 - $3,500 million | | $3,000 - $3,500 million | | $3,000 - $3,500 million |
| Average stabilized yields | | 10.0%+ | | 10.0%+ | | 10.0%+ | | 10.0%+ |
| Enhancements and other non-recurring CapEx (4) | | $30 - $35 million | | $30 - $35 million | | $30 - $35 million | | $30 - $35 million |
| Recurring CapEx + capitalized leasing costs (5) | | $320 - $335 million | | $320 - $335 million | | $320 - $335 million | | $300 - $320 million |
| | | | | | | | | |
| Balance Sheet | | | | | | | | |
| Long-term debt issuance | | | | | | | | |
| Dollar amount | | $900 - $1,500 million | | $900 - $1,500 million | | ~$2,000 million | | ~$2,000 million |
| Pricing | | 5.0% - 5.5% | | 4.0% - 5.5% | | ~4.0% | | ~4.0% |
| Timing | | Mid-Year | | Mid-Year | | Mid-Year | | Mid-Year |
| | | | | | | | | |
| Net income per diluted share | | $2.10 - $2.20 | | $2.15 - $2.25 | | $3.45 - $3.55 | | $3.57 - $3.62 |
| Real estate depreciation and (gain) / loss on sale | | $4.50 - $4.50 | | $4.50 - $4.50 | | $3.25 - $3.25 | | $3.20 - $3.20 |
| Funds From Operations / share (NAREIT-Defined) | | $6.60 - $6.70 | | $6.65 - $6.75 | | $6.70 - $6.80 | | $6.77 - $6.82 |
| Non-core expenses and revenue streams | | $0.40 - $0.40 | | $0.40 - $0.40 | | $0.45 - $0.45 | | $0.55 - $0.55 |
| Core Funds From Operations / share | | $7.00 - $7.10 | | $7.05 - $7.15 | | $7.15 - $7.25 | | $7.32 - $7.38 |
| Foreign currency translation adjustments | | $0.05 - $0.05 | | $0.00 - $0.00 | | ($0.05) - ( $0.05) | | ($0.07) - ( $0.07) |
| Constant-Currency Core Funds From Operations / share | | $7.05 - $7.15 | | $7.05 - $7.15 | | $7.10 - $7.20 | | $7.25 - $7.30 |
| | |
| (1) | Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rental expense, as well as the amortization of above- and below-market leases (i.e., ASC 805 adjustments). |
| (2) | The "Same-Capital" pool includes properties owned as of December 31, 2023 with less than 5% of total rentable square feet under development. It excludes properties that were undergoing, or were expected to undergo, development activities in 2024-2025, properties classified as held for sale and contribution, and properties sold or contributed to joint ventures for all periods presented. The 2025 "Same-Capital" cash NOI growth outlook is presented on a constant currency basis. |
| (3) | Excludes land acquisitions and includes Digital Realty's share of joint venture and fund contributions. Figure is net of joint venture and fund partners' share of contributions. |
| (4) | Other non-recurring CapEx represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives and software development costs. |
| (5) | Recurring CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions. |
| | |
| Note: The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. Please see Non-GAAP Financial Measures in this document for further discussion. | |
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Non-GAAP Financial Measures
This document contains non-GAAP financial measures, including FFO, Core FFO, Constant Currency Core FFO, Adjusted FFO, Net Operating Income (NOI), "Same-Capital" Cash NOI and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, a reconciliation from Core FFO to Adjusted FFO, a reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Constant Currency Core FFO, Adjusted FFO, NOI and "Same-Capital" Cash NOI are included as an attachment to this document. A reconciliation from U.S. GAAP net income available to common stockholders to Adjusted EBITDA, a definition of Adjusted EBITDA and definitions of net debt-to-Adjusted EBITDA, debt-plus-preferred-to-total enterprise value, cash NOI, and fixed charge coverage ratio are included as an attachment to this document.
The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, external growth factors, such as dispositions, and balance sheet items such as debt issuances, that have not yet occurred, are out of the company's control and/or cannot be reasonably predicted. For the same reasons, the company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
Investor Conference Call
Prior to Digital Realty's investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on October 23, 2025, a presentation will be posted to the Investors section of the company's website at https://investor.digitalrealty.com. The presentation is designed to accompany the discussion of the company's third quarter 2025 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier.
To participate in the live call, investors are invited to dial +1 (888) 317-6003 (for domestic callers) or +1 (412) 317-6061 (for international callers) and reference the conference ID# 1402737 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty's website at https://investor.digitalrealty.com.
Telephone and webcast replays will be available after the call until November 23, 2025. The telephone replay can be accessed by dialing +1 (877) 344-7529 (for domestic callers) or +1 (412) 317-0088 (for international callers) and providing the conference ID# 3414347. The webcast replay can be accessed on Digital Realty's website.
About Digital Realty
Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL®, the company's global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation, from cloud and digital transformation to emerging technologies like artificial intelligence (AI), and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 50+ metros across 25+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X.
Contact Information
Matt Mercier
Chief Financial Officer
Digital Realty
Jordan Sadler / Jim Huseby
Investor Relations
Digital Realty
(415) 275-5344
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| Consolidated Quarterly Statements of Operations | | Third Quarter 2025 | ||||||||||||||||||||||
| Unaudited and in Thousands, Except Per Share Data | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | ||
| | | | Three Months Ended | | | Nine Months Ended | ||||||||||||||||||
| | | | 30-Sep-25 | | | 30-Jun-25 | | | 31-Mar-25 | | | 31-Dec-24 | | | 30-Sep-24 | | | | 30-Sep-25 | | | 30-Sep-24 | ||
| Rental revenues | | | $1,045,708 | | | $1,003,550 | | | $960,526 | | | $958,892 | | | $956,351 | | | | $3,009,784 | | | $2,763,753 | ||
| Tenant reimbursements - Utilities | | | 332,681 | | | 294,503 | | | 271,189 | | | 302,664 | | | 305,097 | | | | 898,373 | | | 855,959 | ||
| Tenant reimbursements - Other | | | 37,302 | | | 37,355 | | | 42,177 | | | 38,591 | | | 39,624 | | | | 116,834 | | | 120,021 | ||
| Interconnection and other | | | 120,399 | | | 121,952 | | | 112,969 | | | 112,360 | | | 112,655 | | | | 355,320 | | | 330,231 | ||
| Fee income | | | 36,398 | | | 34,427 | | | 20,643 | | | 23,316 | | | 12,907 | | | | 91,468 | | | 41,572 | ||
| Other | | | 4,746 | | | 1,363 | | | 133 | | | 40 | | | 4,581 | | | | 6,242 | | | 7,568 | ||
| Total Operating Revenues | | | $1,577,234 | | | $1,493,150 | | | $1,407,637 | | | $1,435,862 | | | $1,431,214 | | | | $4,478,021 | | | $4,119,106 | ||
| | | | | | | | | | | | | | | | | | | | | | | | ||
| Utilities | | | $375,627 | | | $339,288 | | | $313,385 | | | $337,534 | | | $356,063 | | | | $1,028,301 | | | $995,882 | ||
| Rental property operating | | | 278,292 | | | 267,724 | | | 238,600 | | | 273,104 | | | 249,796 | | | | 784,615 | | | 711,817 | ||
| Property taxes | | | 51,823 | | | 49,570 | | | 48,856 | | | 46,044 | | | 45,633 | | | | 150,249 | | | 136,408 | ||
| Insurance | | | 4,508 | | | 4,946 | | | 4,483 | | | 6,007 | | | 4,869 | | | | 13,937 | | | 12,318 | ||
| Depreciation and amortization | | | 497,002 | | | 461,167 | | | 443,009 | | | 455,355 | | | 459,997 | | | | 1,401,178 | | | 1,316,442 | ||
| General and administration | | | 139,911 | | | 133,755 | | | 121,112 | | | 124,470 | | | 115,120 | | | | 394,778 | | | 349,051 | ||
| Severance, equity acceleration and legal expenses | | | 1,794 | | | 2,262 | | | 2,428 | | | 2,346 | | | 2,481 | | | | 6,484 | | | 4,156 | ||
| Transaction and integration expenses | | | 86,559 | | | 22,546 | | | 39,902 | | | 11,797 | | | 24,194 | | | | 149,007 | | | 82,105 | ||
| Provision for impairment | | | — | | | — | | | — | | | 22,881 | | | — | | | | — | | | 168,303 | ||
| Other expenses | | | 3,297 | | | 195 | | | 112 | | | 12,002 | | | 4,774 | | | | 3,604 | | | 15,080 | ||
| Total Operating Expenses | | | $1,438,813 | | | $1,281,453 | | | $1,211,887 | | | $1,291,540 | | | $1,262,928 | | | | $3,932,153 | | | $3,791,564 | ||
| | | | | | | | | | | | | | | | | | | | | | | | ||
| Operating Income | | | $138,421 | | | $211,697 | | | $195,750 | | | $144,322 | | | $168,286 | | | | $545,868 | | | $327,542 | ||
| | | | | | | | | | | | | | | | | | | | | | | | ||
| Equity in earnings / (loss) of unconsolidated entities | | | (16,944) | | | (12,062) | | | (7,640) | | | (36,201) | | | (26,486) | | | | (36,646) | | | (83,936) | ||
| Gain / (loss) on sale of investments | | | 19,780 | | | 931,830 | | | 1,111 | | | 144,885 | | | (556) | | | | 952,721 | | | 450,940 | ||
| Interest and other income / (expense), net | | | 47,735 | | | 37,747 | | | 32,773 | | | 44,517 | | | 37,756 | | | | 118,255 | | | 109,726 | ||
| Interest (expense) | | | (113,584) | | | (109,383) | | | (98,464) | | | (104,742) | | | (123,803) | | | | (321,431) | | | (348,095) | ||
| Income tax benefit / (expense) | | | (11,695) | | | (12,883) | | | (17,135) | | | (4,928) | | | (12,427) | | | | (41,713) | | | (49,832) | ||
| Loss on debt extinguishment and modifications | | | — | | | — | | | — | | | (2,165) | | | (2,636) | | | | — | | | (3,706) | ||
| Net Income | | | $63,713 | | | $1,046,946 | | | $106,395 | | | $185,688 | | | $40,134 | | | | $1,217,054 | | | $402,639 | ||
| | | | | | | | | | | | | | | | | | | | | | | | ||
| Net (income) / loss attributable to noncontrolling interests | | | 4,099 | | | (14,790) | | | 3,579 | | | 3,881 | | | 11,059 | | | | (7,112) | | | 10,282 | ||
| Net Income Attributable to Digital Realty Trust, Inc. | | | $67,812 | | | $1,032,156 | | | $109,974 | | | $189,569 | | | $51,193 | | | | $1,209,942 | | | $412,921 | ||
| | | | | | | | | | | | | | | | | | | | | | | | ||
| Preferred stock dividends | | | (10,181) | | | (10,181) | | | (10,181) | | | (10,181) | | | (10,181) | | | | (30,543) | | | (30,544) | ||
| Net Income / (Loss) Available to Common Stockholders | | | $57,631 | | | $1,021,975 | | | $99,793 | | | $179,388 | | | $41,012 | | | | $1,179,399 | | | $382,377 | ||
| | | | | | | | | | | | | | | | | | | | | | | | ||
| Weighted-average shares outstanding - basic | | | 341,370 | | | 337,589 | | | 336,683 | | | 333,376 | | | 327,977 | | | | 338,565 | | | 319,965 | ||
| Weighted-average shares outstanding - diluted | | | 349,234 | | | 345,734 | | | 344,721 | | | 340,690 | | | 336,249 | | | | 346,631 | | | 328,641 | ||
| Weighted-average fully diluted shares and units | | | 355,165 | | | 351,691 | | | 350,632 | | | 346,756 | | | 342,374 | | | | 352,571 | | | 334,830 | ||
| | | | | | | | | | | | | | | | | | | | | | | | ||
| Net income / (loss) per share - basic | | | $0.17 | | | $3.03 | | | $0.30 | | | $0.54 | | | $0.13 | | | | $3.48 | | | $1.20 | ||
| Net income / (loss) per share - diluted | | | $0.15 | | | $2.94 | | | $0.27 | | | $0.51 | | | $0.09 | | | | $3.35 | | | $1.10 | ||
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| Funds From Operations and Core Funds From Operations | | | | Third Quarter 2025 | | |||||||||||||||||||||||||||||||||||||||||||||||||
| Unaudited and in Thousands, Except Per Share Data | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | Three Months Ended | | | Nine Months Ended | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Net Income to Funds From Operations (FFO) | | | 30-Sep-25 | | | 30-Jun-25 | | | 31-Mar-25 | | | 31-Dec-24 | | | 30-Sep-24 | | | | 30-Sep-25 | | | 30-Sep-24 | | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
| Net Income / (Loss) Available to Common Stockholders | | | $57,631 | | | $1,021,975 | | | $99,793 | | | $179,388 | | | $41,012 | | | | $1,179,399 | | | $382,377 | | |||||||||||||||||||||||||||||||
| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
| Noncontrolling interest in operating partnership | | | 2,000 | | | 21,000 | | | 3,000 | | | 4,000 | | | 1,000 | | | | 26,000 | | | 8,700 | | |||||||||||||||||||||||||||||||
| Real estate related depreciation and amortization (1) | | | 487,182 | | | 451,050 | | | 432,652 | | | 445,462 | | | 449,086 | | | | 1,370,884 | | | 1,284,597 | | |||||||||||||||||||||||||||||||
| Reconciling items related to noncontrolling interests | | | (22,888) | | | (21,038) | | | (19,480) | | | (19,531) | | | (19,746) | | | | (63,406) | | | (45,081) | | |||||||||||||||||||||||||||||||
| Unconsolidated entities real estate related depreciation and amortization | | | 65,922 | | | 59,172 | | | 55,861 | | | 49,463 | | | 48,474 | | | | 180,955 | | | 143,468 | | |||||||||||||||||||||||||||||||
| (Gain) / loss on real estate transactions | | | (19,780) | | | (931,830) | | | (1,111) | | | (137,047) | | | 556 | | | | (952,721) | | | (459,857) | | |||||||||||||||||||||||||||||||
| Provision for impairment | | | — | | | — | | | — | | | 22,881 | | | — | | | | — | | | 168,303 | | |||||||||||||||||||||||||||||||
| Funds From Operations | | | $570,067 | | | $600,329 | | | $570,715 | | | $544,616 | | | $520,382 | | | | $1,741,111 | | | $1,482,506 | | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
| Weighted-average shares and units outstanding - basic | | | 347,301 | | | 343,546 | | | 342,594 | | | 339,442 | | | 334,103 | | | | 344,504 | | | 326,154 | | |||||||||||||||||||||||||||||||
| Weighted-average shares and units outstanding - diluted (2) (3) | | | 355,165 | | | 351,691 | | | 350,632 | | | 346,756 | | | 342,374 | | | | 352,571 | | | 334,830 | | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
| Funds From Operations per share - basic | | | $1.64 | | | $1.75 | | | $1.67 | | | $1.60 | | | $1.56 | | | | $5.05 | | | $4.55 | | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
| Funds From Operations per share - diluted (2) (3) | | | $1.65 | | | $1.75 | | | $1.67 | | | $1.61 | | | $1.55 | | | | $5.07 | | | $4.52 | | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||
| | | Three Months Ended | | | Nine Months Ended | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of FFO to Core FFO | | | 30-Sep-25 | | | 30-Jun-25 | | | 31-Mar-25 | | | 31-Dec-24 | | | 30-Sep-24 | | | | 30-Sep-25 | | | 30-Sep-24 | | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
| Funds From Operations | | | $570,067 | | | $600,329 | | | $570,715 | | | $544,616 | | | $520,382 | | | | $1,741,111 | | | $1,482,506 | | |||||||||||||||||||||||||||||||
| Other non-core revenue adjustments (4) | | | (4,746) | | | 4,228 | | | (1,925) | | | 4,537 | | | (4,583) | | | | (2,443) | | | (34,876) | | |||||||||||||||||||||||||||||||
| Transaction and integration expenses | | | 86,559 | | | 22,546 | | | 39,902 | | | 11,797 | | | 24,194 | | | | 149,007 | | | 82,105 | | |||||||||||||||||||||||||||||||
| Loss on debt extinguishment and modifications | | | — | | | — | | | — | | | 2,165 | | | 2,636 | | | | — | | | 3,706 | | |||||||||||||||||||||||||||||||
| Severance, equity acceleration and legal expenses (5) | | | 1,794 | | | 2,262 | | | 2,428 | | | 2,346 | | | 2,481 | | | | 6,484 | | | 4,156 | | |||||||||||||||||||||||||||||||
| (Gain) / Loss on FX and derivatives revaluation | | | 252 | | | 8,827 | | | (2,064) | | | 7,127 | | | 1,513 | | | | 7,015 | | | 67,337 | | |||||||||||||||||||||||||||||||
| Other non-core expense adjustments (6) | | | 2,075 | | | 5,092 | | | (702) | | | 14,229 | | | 11,120 | | | | 6,465 | | | 23,443 | | |||||||||||||||||||||||||||||||
| Core Funds From Operations | | | $656,001 | | | $643,284 | | | $608,354 | | | $586,816 | | | $557,744 | | | | $1,907,639 | | | $1,628,377 | | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
| Weighted-average shares and units outstanding - diluted (2) (3) | | | 347,700 | | | 343,909 | | | 343,050 | | | 339,982 | | | 334,476 | | | | 344,873 | | | 326,545 | | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
| Core Funds From Operations per share - diluted (2) | | | $1.89 | | | $1.87 | | | $1.77 | | | $1.73 | | | $1.67 | | | | $5.53 | | | $4.99 | | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||
| (1) | | Three Months Ended | | | Nine Months Ended | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate Related Depreciation & Amortization | | | 30-Sep-25 | | | 30-Jun-25 | | | 31-Mar-25 | | | 31-Dec-24 | | | 30-Sep-24 | | | | 30-Sep-25 | | | 30-Sep-24 | | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
| Depreciation and amortization per income statement | | | $497,002 | | | $461,167 | | | $443,009 | | | $455,355 | | | $459,997 | | | | $1,401,178 | | | $1,316,442 | | |||||||||||||||||||||||||||||||
| Non-real estate depreciation | | | (9,820) | | | (10,117) | | | (10,356) | | | (9,894) | | | (10,911) | | | | (30,294) | | | (31,845) | | |||||||||||||||||||||||||||||||
| Real Estate Related Depreciation & Amortization | | | $487,182 | | | $451,050 | | | $432,652 | | | $445,462 | | | $449,086 | | | | $1,370,884 | | | $1,284,597 | | |||||||||||||||||||||||||||||||
| | |
| (2) | Certain of Teraco's minority indirect shareholders have the right to put their shares in an upstream parent company of Teraco to Digital Realty in exchange for cash or the equivalent value of shares of Digital Realty common stock, or a combination thereof. U.S. GAAP requires Digital Realty to assume the put right is settled in shares for purposes of calculating diluted EPS. This same approach was utilized to calculate FFO/share. The potential future dilutive impact associated with this put right will be excluded from Core FFO and AFFO until settlement occurs – causing diluted share count to be higher for FFO than for Core FFO and AFFO. When calculating diluted FFO, Teraco related noncontrolling interest is added back to the FFO numerator as the denominator assumes all shares have been put back to Digital Realty. |
| | |
| | | Three Months Ended | | | Nine Months Ended | |||||||||||||||||
| | | | 30-Sep-25 | | | 30-Jun-25 | | | 31-Mar-25 | | | 31-Dec-24 | | | 30-Sep-24 | | | | 30-Sep-25 | | | 30-Sep-24 |
| Teraco noncontrolling share of FFO | | | $17,018 | | | $15,850 | | | $13,286 | | | $14,905 | | | $9,828 | | | | $46,154 | | | $32,049 |
| Teraco related minority interest | | | $17,018 | | | $15,850 | | | $13,286 | | | $14,905 | | | $9,828 | | | | $46,154 | | | $32,049 |
| | |
| (3) | For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and the share count detail section that follows the reconciliation of Core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO and Core FFO, see the Definitions section. |
| (4) | Includes deferred rent adjustments related to a customer bankruptcy, development fees included in gains, lease termination fees and gain on sale of equity investment included in other income. |
| (5) | Relates to severance and other charges related to the departure of company executives and integration-related severance. |
| (6) | Includes write-offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interest. |
7
| Adjusted Funds From Operations (AFFO) | | | | Third Quarter 2025 | ||||||||||||||||||||
| Unaudited and in Thousands, Except Per Share Data | | | | | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | ||
| | | Three Months Ended | | | Nine Months Ended | |||||||||||||||||||
| Reconciliation of Core FFO to AFFO | | | 30-Sep-25 | | | 30-Jun-25 | | | 31-Mar-25 | | | 31-Dec-24 | | | 30-Sep-24 | | | | 30-Sep-25 | | | 30-Sep-24 | ||
| | | | | | | | | | | | | | | | | | | | | | | | ||
| Core FFO available to common stockholders and unitholders | | | $656,001 | | | $643,284 | | | $608,354 | | | $586,816 | | | $557,744 | | | | $1,907,639 | | | $1,628,377 | ||
| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | ||
| Non-real estate depreciation | | | 9,820 | | | 10,117 | | | 10,356 | | | 9,894 | | | 10,911 | | | | 30,293 | | | 31,845 | ||
| Amortization of deferred financing costs | | | 6,565 | | | 6,451 | | | 6,548 | | | 5,697 | | | 4,853 | | | | 19,564 | | | 15,501 | ||
| Amortization of debt discount/premium | | | 1,293 | | | 1,251 | | | 1,125 | | | 1,324 | | | 1,329 | | | | 3,669 | | | 4,481 | ||
| Non-cash stock-based compensation expense | | | 18,174 | | | 18,026 | | | 16,700 | | | 13,386 | | | 15,026 | | | | 52,900 | | | 42,083 | ||
| Straight-line rental revenue | | | (33,351) | | | (23,698) | | | (9,692) | | | (18,242) | | | (17,581) | | | | (66,741) | | | (7,271) | ||
| Straight-line rental expense | | | (271) | | | (475) | | | (160) | | | (136) | | | 1,690 | | | | (906) | | | 3,583 | ||
| Above- and below-market rent amortization | | | (864) | | | (752) | | | (706) | | | (269) | | | (742) | | | | (2,322) | | | (3,287) | ||
| Deferred tax (benefit) / expense | | | 18,187 | | | (30,714) | | | (517) | | | (15,048) | | | (9,366) | | | | (13,044) | | | (22,786) | ||
| Leasing compensation and internal lease commissions | | | 15,013 | | | 14,721 | | | 13,405 | | | 10,505 | | | 10,918 | | | | 43,139 | | | 34,728 | ||
| Recurring capital expenditures (1) | | | (77,998) | | | (62,083) | | | (35,305) | | | (130,245) | | | (67,308) | | | | (175,386) | | | (175,467) Für dich aus unserer Redaktion zusammengestelltHinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Weitere Artikel des AutorsThemen im Trend | ||