Digital Realty Reports Record Q2 2026 Results, Raises Full-Year Core FFO Guidance to $8.15-$8.20
DLR sits 25% above its 52-week low of $146.23.
Summary
Digital Realty reported Q2 2026 Core FFO per share of $2.13, raised full-year guidance, and posted record bookings and backlog, underscoring strong data center demand and pricing power.
Key Events · Earnings and Guidance · DLR
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Q2 Core FFO Beats, Guidance Raised
Core FFO per share (excluding net promote) of $2.13 exceeded consensus, and the company raised its 2026 outlook to $8.15-$8.20, up from $8.00-$8.10, reflecting strong operating momentum.
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Record Bookings and Backlog
Total bookings at Digital Realty's share reached $208 million, including a record $108 million from 0-1 MW plus interconnection. The total backlog hit a record $1.9 billion at 100% share, providing visibility for double-digit growth.
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Renewal Spreads Surge to 25.4% Cash
Cash renewal spreads jumped to 25.4%, driven by strength in APAC, and the company raised its full-year renewal spread guidance by 250 basis points to 9.0%-11.0%.
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Strategic Northern Virginia Acquisition
Digital Realty acquired a 64% stake in three fully leased hyperscale data centers in Northern Virginia for approximately $3.5 billion, adding 288 MW of IT capacity at an expected stabilized cap rate above 6.5%.
Analysis · DLR · Real Estate & Construction
Digital Realty delivered a standout quarter, with Core FFO per share (excluding net promote) of $2.13 beating expectations and driving a raised 2026 outlook. The company posted record bookings of $208 million at its share, including a first-ever $108 million from the 0-1 MW plus interconnection category, and a record backlog of $1.9 billion that provides multi-year revenue visibility. Renewal spreads surged to 25.4% cash, reflecting strong pricing power. Strategic moves—including a $3.5 billion acquisition of a majority stake in three Northern Virginia data centers and $1.2 billion in ATM equity issuance—extend the growth runway but also introduce execution and dilution considerations. The combination of accelerating internal growth, a fortified development pipeline, and raised guidance signals robust demand and operational momentum.
How filings like this one have moved
In the 30 days to Oct 1, 2026, 36.1% of the 1051 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.56%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, DLR was trading at $183.00 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $64.1B. 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.