Digital Realty's second quarter Core FFO beats as record bookings swell backlog to $1.4 billion.

Digital Realty reported second quarter revenue of $1.92 billion and Core FFO (excluding net promote) of $2.13 per share, significantly beating consensus estimates of $1.48 billion and $1.98 per share, respectively.

Key Highlights

• The backlog of signed-but-not-commenced leases grew to a record $1.4 billion at the company's share, driven by robust leasing activity.
• Demonstrating strong pricing power, the company reported a 25.4% increase in cash rental rates on renewal leases signed during the quarter.
• Management raised its full-year 2026 outlook for Core FFO per share (excluding net promote) to a range of $8.15 - $8.20.