Thursday, July 30, 2015 5:17:55 PM
Digital Realty Reports Second Quarter 2015 Results
(53.26b -72.79s 2/3/15 19.5k/2/ 39064.18rg)
Pays Sept cpps: 64.64
Fin line target?
SAN FRANCISCO, July 30, 2015 /PRNewswire/ -- Digital Realty Trust, Inc. (NYSE: DLR), a leading global provider of data center and colocation solutions, announced today financial results for the second quarter of 2015. All per share results are presented on a fully-diluted share and unit basis.
Highlights
Reported FFO per share of $1.26 in 2Q15, compared to $1.20 in 2Q14;
Reported core FFO per share of $1.30 in 2Q15, compared to $1.21 in 2Q14;
Signed leases during 2Q15 expected to generate $37 million in annualized GAAP rental revenue;
Entered into a definitive agreement to acquire Telx, a national provider of data center colocation, interconnection and cloud enablement solutions, for $1.886 billion;
Executed a common stock offering of 10,500,000 shares at a price of $68 per share subject to forward sale agreements;
Revised 2015 core FFO per share outlook to $5.05 - $5.15 from the prior range of $5.03 - $5.13; and
Revised 2015 "constant-currency" core FFO per share outlook to $5.20 - $5.30 from the prior range of $5.18 - $5.28.
Financial Results
Revenues were $420 million for the second quarter of 2015, a 3% increase from the previous quarter and a 5% increase over the same quarter last year.
Adjusted EBITDA was $243 million for the second quarter of 2015, a 2% increase from the previous quarter and a 4% increase over the same quarter last year.
Funds from operations ("FFO") on a diluted basis was $176 million in the second quarter of 2015, or $1.26 per share, compared to $1.56 per share in the first quarter of 2015 and $1.20 per share in the second quarter of 2014.
Excluding certain items that do not represent core expenses or revenue streams, core FFO was $1.30 per share for the second quarter of 2015 compared to $1.27 per share in the first quarter of 2015, and $1.21 per share in the second quarter of 2014.
Net income for the second quarter of 2015 was $138 million, and net income available to common stockholders was $117 million, or $0.86 per diluted share, compared to $0.75 per diluted share in the first quarter of 2015 and $0.31 per diluted share in the second quarter of 2014.
Leasing Activity
"Consistent execution on our strategic plan against a backdrop of steadily improving data center fundamentals set the stage for another quarter of solid results, highlighted by new leases representing $37 million in annualized GAAP rental revenue," commented Chief Executive Officer A. William Stein.
"In mid-July we announced an agreement to acquire Telx, a leading provider of colocation and interconnection data center solutions, and we look forward to leveraging our combined strengths to offer the most comprehensive set of data center solutions on an open, connected, and global platform. We expect the combination of our two complementary platforms to create a powerful connection for our customers and a promising growth opportunity for our shareholders."
The weighted-average lag between leases signed during the second quarter of 2015 and the contractual commencement date was 2.5 months.
In addition to new leases signed, Digital Realty also signed renewal leases representing $23 million of annualized GAAP rental revenue during the quarter. Rental rates on renewal leases signed during the second quarter of 2015 rolled up 1% on a cash basis and up 5% on a GAAP basis.
(53.26b -72.79s 2/3/15 19.5k/2/ 39064.18rg)
Pays Sept cpps: 64.64
Fin line target?
SAN FRANCISCO, July 30, 2015 /PRNewswire/ -- Digital Realty Trust, Inc. (NYSE: DLR), a leading global provider of data center and colocation solutions, announced today financial results for the second quarter of 2015. All per share results are presented on a fully-diluted share and unit basis.
Highlights
Reported FFO per share of $1.26 in 2Q15, compared to $1.20 in 2Q14;
Reported core FFO per share of $1.30 in 2Q15, compared to $1.21 in 2Q14;
Signed leases during 2Q15 expected to generate $37 million in annualized GAAP rental revenue;
Entered into a definitive agreement to acquire Telx, a national provider of data center colocation, interconnection and cloud enablement solutions, for $1.886 billion;
Executed a common stock offering of 10,500,000 shares at a price of $68 per share subject to forward sale agreements;
Revised 2015 core FFO per share outlook to $5.05 - $5.15 from the prior range of $5.03 - $5.13; and
Revised 2015 "constant-currency" core FFO per share outlook to $5.20 - $5.30 from the prior range of $5.18 - $5.28.
Financial Results
Revenues were $420 million for the second quarter of 2015, a 3% increase from the previous quarter and a 5% increase over the same quarter last year.
Adjusted EBITDA was $243 million for the second quarter of 2015, a 2% increase from the previous quarter and a 4% increase over the same quarter last year.
Funds from operations ("FFO") on a diluted basis was $176 million in the second quarter of 2015, or $1.26 per share, compared to $1.56 per share in the first quarter of 2015 and $1.20 per share in the second quarter of 2014.
Excluding certain items that do not represent core expenses or revenue streams, core FFO was $1.30 per share for the second quarter of 2015 compared to $1.27 per share in the first quarter of 2015, and $1.21 per share in the second quarter of 2014.
Net income for the second quarter of 2015 was $138 million, and net income available to common stockholders was $117 million, or $0.86 per diluted share, compared to $0.75 per diluted share in the first quarter of 2015 and $0.31 per diluted share in the second quarter of 2014.
Leasing Activity
"Consistent execution on our strategic plan against a backdrop of steadily improving data center fundamentals set the stage for another quarter of solid results, highlighted by new leases representing $37 million in annualized GAAP rental revenue," commented Chief Executive Officer A. William Stein.
"In mid-July we announced an agreement to acquire Telx, a leading provider of colocation and interconnection data center solutions, and we look forward to leveraging our combined strengths to offer the most comprehensive set of data center solutions on an open, connected, and global platform. We expect the combination of our two complementary platforms to create a powerful connection for our customers and a promising growth opportunity for our shareholders."
The weighted-average lag between leases signed during the second quarter of 2015 and the contractual commencement date was 2.5 months.
In addition to new leases signed, Digital Realty also signed renewal leases representing $23 million of annualized GAAP rental revenue during the quarter. Rental rates on renewal leases signed during the second quarter of 2015 rolled up 1% on a cash basis and up 5% on a GAAP basis.
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