Digital Realty Raises 2026 Core FFO Outlook, Reports $707M in 1Q Bookings
Digital Realty posted first-quarter net income of $0.46 per share, up from $0.27 year-over-year, and raised 2026 Core FFO guidance to $8.00–$8.10 per share. The company signed bookings generating $707 million of annualized GAAP base rent and reported a $1.8 billion GAAP backlog at quarter-end.
1. First-Quarter Financial Results
Digital Realty reported first-quarter revenues of $1.6 billion and net income available to common stockholders of $169 million, or $0.46 per share, compared with $0.27 a year earlier. Adjusted EBITDA reached $920 million and FFO was $1.99 per share, while Core FFO rose to $2.04 per share and constant-currency Core FFO reached $1.96 per share.
2. Leasing Activity and Backlog
The company signed total bookings expected to generate $707 million of annualized GAAP base rent at 100% share and $423 million at Digital Realty’s share, including $79 million in 0–1 MW leases and $19 million from interconnection. Renewal leases contributed $193 million of annualized cash revenue with rental rate increases of 5.0% on a cash basis and 6.3% on a GAAP basis, while signed-but-not-commenced leases left a $1.8 billion GAAP backlog.
3. Investment Activity
During the quarter, Digital Realty acquired an 873-acre parcel near Atlanta for $95 million and a 30-acre parcel near Portland for $50 million to support over one gigawatt and 160 megawatts of IT capacity respectively. It also added the Telepoint connectivity hub in Sofia for €66.5 million ($76.6 million) and secured more than 90 acres near Milan for €56.5 million ($65.1 million).
4. Updated 2026 Guidance
Digital Realty raised its full-year Core FFO per share guidance to $8.00–$8.10 and constant-currency Core FFO outlook to $7.95–$8.05 per share, reflecting stronger-than-expected leasing momentum and operational performance.