Digital Realty (DLR) Q3 FFO Beats Estimates, View Lifted
Zacks Investment Research | Oct 25, 2017 10:46PM ET
Digital Realty Trust, Inc.’s (NYSE:DLR) third-quarter 2017 core funds from operations (FFO) per share of $1.51 exceeded the Zacks Consensus Estimate of $1.49. The core FFO per share also came in higher than the year-ago quarter tally of $1.44. Results were supported by growth in revenues.
The company reported revenues of $609.9 million for the third quarter, which also surpassed the Zacks Consensus Estimate of $593.2 million. The revenue figure also marked 11.6% year-over-year growth. Further, the company raised its 2017 core FFO per share outlook.
Signed total bookings during the reported quarter are estimated to generate $58 million of annualized GAAP rental revenues. This would include an $8-million contribution from interconnection. Notably, the weighted-average lag between leases signed during the third quarter and the contractual commencement date was four months.
Moreover, the company signed renewal leases, marking $66 million of annualized GAAP rental revenues. Rental rates on renewal leases signed during the reported quarter rolled down 3.8% on a cash basis and ascended 1.5% on a GAAP basis.
Digital Realty Trust, Inc. Price, Consensus and EPS Surprise
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