Digital Realty earnings date
Digital Realty's next results are expected on October 29, 2026. For Digital Realty, the key watch is how much scheduled rent becomes actual revenue.
What has Digital Realty guided for the year?
Management’s July 23 outlook covers the year ending December 2026. Its main measure is Core FFO per share excluding net promote income. FFO adds real-estate depreciation back to GAAP profit, while Core FFO removes additional unusual items, so the measure focuses more closely on rental operations.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Total revenue (excluding promote income) | Year to Dec 2026 | 6,850 | 6,950 | Jul 23, 2026 |
| Adjusted EBITDA | Year to Dec 2026 | 3,750 | 3,850 | Jul 23, 2026 |
| Net income per diluted share | Year to Dec 2026 | 3.10 | 3.15 | Jul 23, 2026 |
| Funds From Operations / share (NAREIT-Defined) | Year to Dec 2026 | 8.40 | 8.45 | Jul 23, 2026 |
| Core Funds From Operations / share (excluding net promote) | Year to Dec 2026 | 8.15 | 8.20 | Jul 23, 2026 |
| Constant-Currency Core FFO / share (excluding net promote) | Year to Dec 2026 | 8.10 | 8.15 | Jul 23, 2026 |
Did Digital Realty keep its past promises?
Digital Realty said FFO per share and signings exceeded the maximum bonus levels in 2025, while same-store cash NOI reached its target. Power’s annual performance bonus was 185% of target. The measures are concrete, but management still chooses the targets and their weighting.
What do Digital Realty's last eight quarters show?
The latest quarter was operationally strong, but unusual gains made the headline earnings look stronger than ordinary rent growth. Revenue grew faster than NOI, which shows why the top line can overstate property improvement when acquisitions, reimbursements, and service mix change.
The earnings jump also included $187.9 million of net promote income from buying out joint-venture interests. An insurance settlement added $94 million after tax, with about $27 million treated as business-interruption recovery. Core FFO per share was $2.65 including the promote and $2.13 excluding it. The second figure is the better guide to recurring momentum, although it still includes the business-interruption recovery.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,924,040 | 1,635,173 | 1,634,671 | 1,577,234 | 1,493,150 | 1,407,637 | 1,435,862 | 1,431,214 |
| Net operating income | 926,867 | 901,963 | 838,972 | 825,840 | 795,832 | 781,537 | 749,818 | 757,365 |
| FFO per share | 2.73 | 1.99 | 1.89 | 1.65 | 1.75 | 1.67 | 1.61 | 1.55 |
| AFFO per share (company's measure) | 2.47 | 1.92 | 1.34 | 1.76 | 1.68 | 1.78 | 1.36 | 1.52 |
| Dividend per share | 1.22 | 1.22 | 1.22 | 1.22 | 1.22 | 1.22 | 1.22 | 1.22 |
| AFFO payout ratio | 49.5% | 63.6% | 90.9% | 69.2% | 72.8% | 68.6% | 89.5% | 80.4% |
What this means. The occupancy percentages from 2026 cannot be compared directly with earlier years because the company changed from measuring rented floor space to measuring computer capacity.
What should investors watch in Digital Realty's next results?
Digital Realty scheduled $635 million of annualized rent to commence in the second half of 2026, with 45% expected in Q3 and 55% in Q4. Annualized rent is the yearly amount implied by a lease; it is not twelve months of rent already collected. The October 29, 2026 results should show how much of that schedule became actual revenue.