Digital Realty (DLR) Surpasses Q1 FFO Estimates Despite Revenue Shortfall: A Deep Dive into Coin Performance
Release: 2024/05/05 17:09 Reading: 242
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Digital Realty Trust (DLR) Outperforms Estimates in Q1 2024
Digital Realty Trust (DLR) reported its first-quarter 2024 core funds from operations (FFO) per share of $1.67, exceeding the Zacks Consensus Estimate of $1.63.
The results reflect robust leasing activity, but increasing operating expenses have dampened the quarter's performance. DLR's president and CEO, Andy Power, attributes the strong performance to accelerating demand and successful execution of AI-oriented opportunities.
Quarter in Detail
Total operating expenses for DLR increased by 1.8% year over year to $1.18 billion. This rise was due to increased property taxes, depreciation and amortization, general and administration costs, transaction and integration expenses, and other expenses.
The company signed renewal leases worth $248 million of annualized cash rental revenues during the quarter. The rental rates on these renewal leases increased by 11.8% on a cash basis and 13% on a GAAP basis.
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