Digital Realty Trust (DLR) Q1 2026 earnings summary

Executive summary

• Achieved record bookings of $707 million at 100% share, record backlog of $1.8 billion, and double-digit Core FFO per share growth, supported by robust leasing and expansion into Milan, Sofia, and Cyberjaya.

• Net income available to common stockholders rose to $169.1 million ($0.46 per share), with total revenues up 16.2% year-over-year to $1.64 billion for Q1 2026.

• Expanded global footprint with strategic land acquisitions in Atlanta, Hillsboro, Milan, Sofia, Portland, and Cyberjaya, and completed $280 million in acquisitions.

• Expanded ServiceFabric® to 733 data centers across 39 metros, enhancing connectivity and service offerings.

• Raised $875 million from ATM equity program in Q1 2026, with an additional $435 million post-quarter.

Financial highlights

• Core FFO per share for Q1 2026 was $2.04, up 15% year-over-year; FFO per share was $1.99, and Adjusted EBITDA reached $920.3 million.

• Total revenue guidance for 2026 raised to $6.65–$6.75 billion; Adjusted EBITDA guidance increased to $3.65–$3.75 billion.

• Net income for Q1 2026 was $169.1 million, up from $99.8 million in Q1 2025.

• Debt to Adjusted EBITDA reduced to 4.7x, a multi-year low; fixed charge coverage ratio was 4.9x.

• Same-Capital Cash NOI grew 7.9% year-over-year; 2.5% on a constant currency basis.

Outlook and guidance

• 2026 Core FFO per share guidance raised to $8.00–$8.10; constant currency Core FFO per share at $7.95–$8.05.

• Same-capital cash NOI growth guidance increased to 6.5%–8.5% for 2026.

• CapEx net of partner contributions to increase by $250 million, reaching $3.5–$4 billion.

• Year-end portfolio occupancy expected at 94–95%.

• Cash renewal spreads expected at 6.5%–8.5%, up 50 bps from last quarter.