PR Newswire
SAN FRANCISCO, April 26, 2018
SAN FRANCISCO, April 26, 2018 /PRNewswire/ -- Digital Realty (NYSE: DLR), a leading global provider of data center, colocation and interconnection solutions, announced today financial results for the first quarter of 2018. All per-share results are presented on a fully-diluted share and unit basis.
Highlights
Financial Results
Digital Realty reported revenues for the first quarter of 2018 of $744 million, a 2% increase from the previous quarter and a 35% increase from the same quarter last year.
The company delivered first quarter 2018 net income of $110 million, and net income available to common stockholders of $86 million, or $0.42 per diluted share, compared to $0.26 per diluted share in the previous quarter and $0.41 per diluted share in the same quarter last year.
Digital Realty generated first quarter 2018 adjusted EBITDA of $451 million, a 5% increase from the previous quarter and a 39% increase over the same quarter last year.
The company reported first quarter 2018 funds from operations of $346 million, or $1.61 per share, compared to $1.48 per share in the previous quarter and $1.50 per share in the same quarter last year.
Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered first quarter of 2018 core FFO of $1.63 per share, a 5% increase from $1.55 per share in the previous quarter, and a 7% increase from $1.52 per share in the same quarter last year.
Leasing Activity
"In the first quarter, we signed total bookings expected to generate $61 million of annualized GAAP rental revenue, including a $7 million contribution from interconnection," said Chief Executive Officer A. William Stein. "As we look toward the remainder of 2018, we are confident in our ability to deliver sustainable growth for stakeholders, driven by broad-based demand across regions, verticals and product lines, along with growing local origination in key growth metros around the world."
The weighted-average lag between leases signed during the first quarter of 2018 and the contractual commencement date was six months.
In addition to new leases signed, Digital Realty also signed renewal leases representing $57 million of annualized GAAP rental revenue during the quarter. Rental rates on renewal leases signed during the first quarter of 2018 rolled up 3.9% on a cash basis and up 9.7% on a GAAP basis.
New leases signed during the first quarter of 2018 by region and product type are summarized as follows:
| Annualized GAAP | | | | | | | | | | |||||
| Base Rent | | | | GAAP Base Rent | | | | | GAAP Base Rent | |||||
North America | (in thousands) | | Square Feet | | per Square Foot | | Megawatts | | per Kilowatt | ||||||
Turn-Key Flex | $31,832 | | | 195,399 | | | $163 | | | 25 | | | | $107 | |
Powered Base Building | 4,822 | | | 198,569 | | | 24 | | | — | | | | — | |
Colocation | 5,491 | | | 20,468 | | | 268 | | | 1 | | | | 335 | |
Non-Technical | 81 | | | 2,400 | | | 34 | | | — | | | | — | |
Total | $42,226 | | | 416,836 | | | $101 | | | 26 | | | | $119 | |
| | | | | | | | | | | |||||
Europe (1) | | | | | | | | | | | |||||
Turn-Key Flex | $23 | | | — | | | — | | | — | | | | $381 | |
Colocation | 783 | | | 901 | | | $870 | | | — | | | | 484 | |
Non-Technical | 5 | | | 158 | | | 31 | | | — | | | | — | |
Total | $811 | | | 1,059 | | | $766 | | | — | | | | $480 | |
| | | | | | | | | | | |||||
Asia Pacific (1) | | | | | | | | | | | |||||
Turn-Key Flex | $10,554 | | | 54,265 | | | $194 | | | 7 | | | | $125 | |
Non-Technical | 60 | | | 1,424 | | | 42 | | | — | | | | — | |
Total | $10,614 | | | 55,689 | | | $191 | | | 7 | | | | $125 | |
| | | | | | | | | | | |||||
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