Digital Realty raises 2026 Core FFO outlook on record bookings

Digital Realty Trust, Inc. (DLR) reported third-quarter 2026 results on Oct. 29, with net income available to common stockholders of $0.48 per share, compared with $0.15 per share a year earlier.

Core FFO, excluding net promote, was $2.10 per share, compared with $1.89 per share in the third quarter of 2025. Total operating revenues were $1.9 billion, up from $1.58 billion a year earlier, according to the company's 8-K press release.

The company raised its 2026 Core FFO per share outlook, excluding net promote, to $8.30 to $8.35. That is up from the $8.15 to $8.20 range it gave on July 23.

Digital Realty said it signed record total bookings during the quarter expected to generate $855 million of annualized GAAP base rent at 100% share. At its share, bookings were a record $627 million.

CEO Andy Power said in the release, "Digital Realty extended its track record of execution in the third quarter with record leasing, an expanding backlog, and another quarter of double-digit earnings growth."

Leasing and backlog

The company reported a record total backlog of $2.5 billion of annualized GAAP base rent at 100% share, and $1.8 billion at its share. Rental rates on renewal leases increased 11.8% on a cash basis and 17.0% on a GAAP basis.

Capital and balance sheet

Digital Realty said it closed $1.4 billion of initial cornerstone equity commitments to a new perpetual capital strategy focused on stabilized hyperscale data centers in North America. The company also said it acquired an additional 16% stake in Teraco for approximately $688 million, increasing its ownership from 61% to approximately 77%.

The company had about $19.5 billion of total debt outstanding as of Sept. 30, and reported net debt-to-Adjusted EBITDA of 5.2x.

The filing also furnished presentation materials posted on its website on Oct. 29.