Digital Realty Beats, Raises 2026 Core FFO Outlook to $8.30-$8.35 on Record Bookings
DLR sits 26% above its 52-week low of $146.23.
Summary
Digital Realty beat on third-quarter results and raised 2026 Core FFO guidance to $8.30-$8.35 per share, helped by record bookings of $855 million and a record $2.5 billion backlog.
Key Events · Earnings and Guidance · DLR
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Q3 Beat and Guidance Raise
Core FFO per share (excluding net promote) was $2.10 versus $1.89 a year earlier, and 2026 Core FFO guidance rose to $8.30-$8.35 from $8.15-$8.20; revenue guidance rose to $7.050-$7.125 billion.
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Record Bookings and Backlog
Signed record bookings of $855 million annualized GAAP base rent at 100% share ($627 million at DLR share), lifting backlog to a record $2.5 billion at 100% share ($1.8 billion at DLR share).
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Renewal Spreads at 11.8% Cash
Renewals signed in the quarter produced 11.8% cash and 17.0% GAAP rental rate increases on $261 million of annualized cash rental revenue.
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Leverage Rises With Development Spend
Net debt to Adjusted EBITDA was 5.2x versus 4.7x last quarter, with total debt of $19.5 billion and $4.25-$4.75 billion of 2026 development CapEx guided.
Analysis · DLR · Real Estate & Construction
Digital Realty's third quarter came in ahead of expectations and management lifted full-year Core FFO guidance to $8.30-$8.35 per share from $8.15-$8.20, with revenue now guided to $7.050-$7.125 billion. The demand picture is the real story: record bookings of $855 million of annualized GAAP base rent at 100% share and a record $2.5 billion backlog give visibility into multi-year growth, and renewal spreads of 11.8% cash show pricing power in a tight data center market. Against that, leverage ticked up to 5.2x net debt to Adjusted EBITDA from 4.7x as the company funds a large development pipeline, and the quarter's $450 million of ATM sales plus post-quarter Teraco stake purchase funded partly with 3.4 million new shares show equity remains part of the funding mix.
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At the time of this filing, DLR was trading at $183.93 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $67.9B. The 52-week trading range was $146.23 to $208.14. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.