Digital Realty reported fourth-quarter 2024 revenues of $1.4 billion, a 5% increase from the same quarter last year. The company delivered Core FFO per share of $1.73, surpassing the previous quarter's $1.67 and the prior year's $1.63, and exceeding the average analyst estimate of $1.70 per share.
Leasing activity reached a record $100 million in annualized GAAP rental revenue from total bookings, including $62 million from the 0-1 megawatt category and $15 million from interconnection. The company also added a record 166 new customers to its platform, demonstrating the continued success of its global, full-spectrum data center strategy.
Digital Realty strengthened its balance sheet, achieving a net debt-to-Adjusted EBITDA ratio of 4.8x, comfortably below its long-term target. The company also completed strategic capital recycling, including the sale of an additional 15.1% interest in a Frankfurt data center for approximately $74 million and closing the second phase of its $7 billion hyperscale data center development joint venture with Blackstone Inc.
For 2025, Digital Realty introduced an optimistic Constant-Currency Core FFO per share outlook of $7.05 - $7.15. The company anticipates total revenue between $5.800 - $5.900 billion and Adjusted EBITDA between $3.100 - $3.200 billion, reflecting confidence in continued strong demand for data center services and robust development activity.
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