The significant beat on Core FFO and raised guidance, fueled by strong leasing and AI-driven demand, suggest continued momentum. Monitor the high backlog of $1.0 billion at Digital Realty's share for future revenue visibility and the impact of new land acquisitions on development pipeline yields.
Price Chart
Executive Summary
Digital Realty reported strong first-quarter 2026 results with Core FFO per share of $2.04, a 15% year-over-year increase, driven by record leasing activity and a 16% revenue growth. The company raised its full-year 2026 Core FFO guidance to $8.00–$8.10, citing robust demand for data center capacity, particularly in AI and hyperscale workloads.
Key Financial Metrics
Key Facts
- Core FFO per share was $2.04, up 15% YoY and above the prior guidance range of $7.90–$8.00.
- Total revenue was $1.635 billion, a 16% increase from the same quarter last year.
- Signed $423 million in bookings at Digital Realty's share, including a record $98 million from the 0-1 MW plus interconnection category.
- Raised 2026 Core FFO per share outlook to $8.00–$8.10 and Constant-Currency Core FFO to $7.95–$8.05.
- Net debt-to-Adjusted EBITDA improved to 4.7x from 4.9x in the prior quarter.
Financial Impact
Core FFO per share of $2.04 represents a $0.27 increase year-over-year and is above the previous full-year guidance midpoint of $7.95. The company raised its full-year guidance by $0.10 at the midpoint.
Risk Factors
- Increased capital expenditures for development and land acquisitions could pressure free cash flow.
- Geopolitical risks in international markets and potential supply chain disruptions for data center construction.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-047702 |
| Document: dlr-20260423xex99d2.htm | 0001104659-26-047702 |
| Document: dlr-20260423x8k.htm | 0001104659-26-047702 |
| Document: 0001104659-26-047702-index-headers.html | 0001104659-26-047702 |
| Document: 0001104659-26-047702-index.html | 0001104659-26-047702 |
| Document: 0001104659-26-047702.txt | 0001104659-26-047702 |
| 8-K Data (Synthetic) | 0001104659-26-047702 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 15, 2026 6w ago | Institutional Cluster | $197.91 $179.27 | ▼ −9.42% | ▼ −7.44% | $178.55 (−9.78%) |
Jun 30, 2026 13w ago | Press Release | $179.58 $195.76 | ▲ +9.01% | ▲ +10.04% | $178.55 (−0.57%) |
May 4, 2026 21w ago | 424B5 | $20.52 $20.66 | ▲ +0.68% | ▼ −4.96% | $178.55 (+770.13%) |
Apr 23, 2026 23w ago | 8-K | $20.10 $20.06 | ▼ −0.20% | ▼ −4.22% | $178.55 (+788.31%) |
Apr 23, 2026 23w ago | Press Release | $199.69 $194.27 | ▼ −2.72% | ▼ −6.74% | $178.55 (−10.59%) |
Apr 17, 2026 24w ago | DEFA14A | $20.00 $20.06 | ▲ +0.30% | ▼ −3.90% | $178.55 (+792.75%) |
Mar 4, 2026 30w ago | Press Release | $182.59 $180.34 | ▼ −1.23% | ▲ +3.18% | $178.55 (−2.21%) |
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