Digital Realty Trust (DLR) Q1 2026 Financial Results Summary

Digital Realty Trust, Inc. (NYSE: DLR) released its financial results for the first quarter of 2026 on April 23, 2026. Below is a summary of the key financial metrics and highlights from the report.

Key Financial Highlights

• Net Income:
  • Reported net income available to common stockholders of $169 million, or $0.46 per share, compared to $0.27 per share in Q1 2025. This reflects a 70.4% increase.
• Funds From Operations (FFO):
  • FFO per share of $1.99, up from $1.67 in the previous year, indicating a 19.1% increase.
• Core Funds From Operations (Core FFO):
  • Core FFO per share reached $2.04, compared to $1.77 in Q1 2025, reflecting a 15.3% increase. Constant-currency Core FFO per share stood at $1.96.
• Total Revenues:
  • Total revenues were reported at $1.635 billion, a 16% increase compared to Q1 2025.
• Adjusted EBITDA:
  • Adjusted EBITDA of $920 million, which represents a 16% increase year-over-year.
• Occupancy Rate:
  • Occupancy at the end of the quarter improved to 90.1%, compared to 89.2% in Q1 2025, marking a 1% increase.
• Rental Rates:
  • Rental rate increases on renewal leases were reported at 5.0% on a cash basis.

Capital Management

• Digital Realty had total debt of approximately $18.0 billion at the end of Q1 2026, with a net debt-to-Adjusted EBITDA ratio of 4.7x.
• The company maintained a total debt-to-enterprise value ratio of 21.7%, a decrease from 25.4% a year earlier.

Dividends

• Digital Realty declared a quarterly dividend of $1.22 per share, consistent with the previous quarters.

Share Repurchase Activity

• No share repurchase activity was reported in the current quarter.

Leasing Activity

• Total bookings signed during Q1 2026 are expected to generate $707 million in annualized GAAP base rent.
• The total backlog of signed-but-not-commenced leases totaled $1.8 billion in annualized GAAP base rent.
• Renewal leases signed during the quarter represented $193 million in annualized cash rental revenue.

Investment Activity

• Acquired an 873-acre parcel in the greater Atlanta area for $95 million.
• Acquired a 30-acre parcel in the Portland area for $50 million.
• Digital Realty previously acquired Telepoint in Bulgaria for €66.5 million, enhancing connectivity to its PlatformDIGITAL.

Outlook for 2026

• Digital Realty raised its 2026 outlook for Core FFO per share to $8.00 - $8.10, up from previous estimates, with Constant-Currency Core FFO projected at $7.95 - $8.05.

Summary of Metrics

• Net Income Available to Common Stockholders: $169 million (up 70.4% YoY)
• FFO Per Share: $1.99 (up 19.1% YoY)
• Core FFO Per Share: $2.04 (up 15.3% YoY)
• Total Revenues: $1.635 billion (up 16% YoY)
• Adjusted EBITDA: $920 million (up 16% YoY)
• Occupancy Rate: 90.1% (up 0.9 percentage points YoY)

Conclusion

Digital Realty Trust demonstrates strong financial performance growth in Q1 2026, with significant increases in revenue, FFO, and occupancy rates while maintaining a commitment to dividends and strategic expansion through acquisitions.

Note: The following tables represent amounts in thousands.

Condensed Consolidated Statements of Income

	Three Months Ended
	31-Mar-26	31-Dec-25	30-Sep-25	30-Jun-25	31-Mar-25
Rental revenues	$1,103,946	$1,074,703	$1,045,708	$1,003,550	$960,526
Tenant reimbursements - Utilities	$333,909	$356,084	$332,681	$294,503	$271,189
Tenant reimbursements - Other	$38,093	$34,406	$37,302	$37,355	$42,177
Interconnection and other	$124,278	$123,414	$120,399	$121,952	$112,969
Fee income	$34,899	$45,692	$36,398	$34,427	$20,643
Other	$47	$372	$4,746	$1,363	$133
Total Operating Revenues	$1,635,173	$1,634,671	$1,577,234	$1,493,150	$1,407,637
Utilities	$372,385	$398,185	$375,627	$339,288	$313,385
Rental property operating	$266,115	$295,948	$278,292	$267,724	$238,600
Property taxes	$54,964	$50,791	$51,823	$49,570	$48,856
Insurance	$4,799	$4,711	$4,508	$4,946	$4,483
Depreciation and amortization	$499,511	$493,458	$497,002	$461,167	$443,009
General and administrative	$151,923	$159,283	$139,911	$133,755	$121,112
Severance, equity acceleration and legal expenses	$2,835	$4,937	$1,794	$2,262	$2,428
Transaction and integration expenses	$15,685	$36,083	$86,559	$22,546	$39,902
Provision for impairment	$—	$78,553	$—	$—	$—
Other expenses	$23	$98	$3,297	$195	Disclaimer The content on MarketsFN.com is provided for educational and informational purposes only. It does not constitute financial advice, investment recommendations, or trading guidance. All investments carry risk and past performance does not guarantee future results. You are solely responsible for your investment decisions and should conduct independent research and consult a qualified financial advisor before acting. MarketsFN.com and its authors are not liable for any losses or damages arising from the use of this information.