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 record leasing activity including the largest hyperscale lease in company history.

• Core FFO per share increased 15% year-over-year to $2.04, with double-digit revenue growth and net income available to common stockholders rising to $0.46 per share.

• Expanded global footprint with new market entries in Milan, Sofia, and Cyberjaya, and added 116 new customers.

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

• Development pipeline increased over 50% sequentially to 1.2 GW under construction, now 61% pre-leased at 11.4% expected yield.

Financial highlights

• Core FFO per share for Q1 was $2.04, up 15% year-over-year; total revenues reached $1.6 billion, a 16% increase.

• Adjusted EBITDA for Q1 2026 reached $920.3 million, up 16% year-over-year.

• Net income for Q1 2026 was $169.1 million; AFFO per share was $1.92 with a payout ratio of 63.6%.

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

• Net debt to Adjusted EBITDA stood at 4.7x as of March 31, 2026.

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.

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

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

• Full-year rental rate renewal spread guidance increased by 50–100 bps; cash renewal spreads expected at 6.5%–8.5%.

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