DLR · Digital Realty Trust, Inc.

Digital Realty Trust reported strong first quarter 2026 results, with total operating revenues of $1.635 billion, up 16% year-over-year from $1.408 billion. Net income available to common stockholders rose to $169.1 million from $99.8 million in the prior year quarter. Core FFO per diluted share and unit reached $2.04, a 15% increase from $1.77, driven by robust leasing activity, record bookings, and operational efficiencies. Adjusted EBITDA grew to $920.3 million from $791.2 million, reflecting margin expansion. The company achieved record total bookings of $707 million at 100% share, including $98 million from the 0-1MW and interconnection category, and a record backlog of $1.8 billion at 100% share, representing 23% of in-place annualized rent. Same-capital cash NOI grew 8% year-over-year, supported by strong renewal spreads (cash rental rate change of 5.0% overall) and high occupancy of 90.1% (91.6% same-capital). Management raised full-year 2026 guidance: Core FFO per share now expected between $8.00 and $8.10 (up from $7.90-$8.00), total revenue $6.65-$6.75 billion, and Adjusted EBITDA $3.65-$3.75 billion. The balance sheet remains solid with net debt-to-Adjusted EBITDA of 4.7x, 93% fixed-rate debt, and a well-laddered maturity profile. The company also expanded its global footprint with entries into Milan, Sofia, and Cyberjaya, and increased its land bank by over 1 GW for future development.