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DLR
DLR Digital Realty (DLR) Q4 FY24 earnings call
Digital Realty capitalized on robust data center demand in Q4 FY24, achieving record leasing and strengthening its balance sheet with significant capital raises and deleveraging. The company is strategically positioned for accelerated bottom-line growth in 2025 and beyond, driven by its full-spectrum strategy, expanding development pipeline, and focus on both hyperscale and enterprise colocation needs.
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DLR operating KPIs by quarter
| KPI | This call Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|
| Bookings 0-1 megawatt plus interconnection | $76MHighlights for the fourth quarter include $100 million of new leases signed at Digital Realty share, driven by a 16% sequential uplift in the 0-1 megawatt plus interconnection bookings for a new record of $76 million.Source: earnings call transcript | $69MLeasing in our 0 to 1 megawatt plus interconnection segment was $69 million, our second highest ever behind only last quarter's record.Source: earnings call transcript | $90MRecord performance in the 0-1 megawatt plus interconnection product set stole the show in the quarter with $90 million of bookings.Source: earnings call transcript | $85MLike last quarter, our 0-1 megawatt plus interconnection category was a strong contributor to our leasing strength with $85 million in new leases, along with a healthy $76 million of greater than a megawatt leasing.Source: earnings call transcript | $96MOur 0 to 1 megawatt plus interconnection product set continued its strong momentum, posting a new leasing record of $96 million, 7% higher than the previous record set in 2Q of '25.Source: earnings call transcript | $98MStrength was broad-based in the quarter with another record of $98 million of leasing within our 0-1 megawatt plus interconnection product where proximity, connectivity and access to relevant enterprises and service providers matter most.Source: earnings call transcript | $108MDuring the second quarter, we achieved that objective for the first time, delivering $108 million of bookings in our 0-1 megawatt plus interconnection business and marking a third consecutive quarterly record.Source: earnings call transcript | +10.2% |
| Interconnection bookings | $15MInterconnection bookings were also strong at $15 million, nearly matching last quarter's record.Source: earnings call transcript | $15MThis quarter's total included $15 million of interconnection bookings.Source: earnings call transcript | β | $20MInterconnection leasing of $20 million marked a second consecutive record quarter which was 13% higher than the last quarter's record, underscoring the growing recognition of our connectivity-driven value proposition.Source: earnings call transcript | $18.9MInterconnection bookings approached last quarter's record at $18.9 million.Source: earnings call transcript | $18.6MInterconnection bookings remained strong at $18.6 million, 24% higher than a year ago.Source: earnings call transcript | $20.5MInterconnection bookings of 20.5 million in the quarter also marked a new record, up 18% from the prior year as these bookings benefit from the overall growth in our 0-1 megawatt category.Source: earnings call transcript | +10.2% |
| New logos added | 166Finally, the strength and breadth of data center demand and the progress of our go-to-market initiatives are also reflected in our addition of a record 166 new logos.Source: earnings call transcript | 119During the first quarter, we added another 119 new logos, including a leading global semiconductor equipment manufacturer deploying high-performance computing in Paris to take advantage of the well-developed cloud and network communities, along with an emerging AI community on PlatformDIGITAL.Source: earnings call transcript | 139This strategic advantage continues to set Digital Realty apart, driving the addition of 139 new logos in the second quarter.Source: earnings call transcript | 156We also added a near-record 156 new logos.Source: earnings call transcript | β | 116We continue to increase our market share in this category, while growing our customer base with 116 new logos added in the quarter.Source: earnings call transcript | 142As we add new customers, 142 new logos this quarter, expand new -- to new markets and new services with existing customers.Source: earnings call transcript | +22.4% |
| Bookings Greater than-megawatt | $23MWe also signed $23 million within the greater than-megawatt category which was mostly weighted toward EMEA and APAC following last quarter's outsized strength in the Americas.Source: earnings call transcript | $172MAt our share, greater than a megawatt leasing was $172 million.Source: earnings call transcript | $45MWe signed $45 million within the greater than a megawatt category at our share with leasing spread across our regions.Source: earnings call transcript | $76MLike last quarter, our 0-1 megawatt plus interconnection category was a strong contributor to our leasing strength with $85 million in new leases, along with a healthy $76 million of greater than a megawatt leasing.Source: earnings call transcript | $78MWe signed $78 million within the greater than 1 megawatt category at our share with continued strength in the Americas.Source: earnings call transcript | β | β | +2.6% |
| Churn rate | 2%For the quarter, churn remained well controlled at 2%.Source: earnings call transcript | β | β | 1.6%For the quarter, total churn remained low at 1.6%.Source: earnings call transcript | β | β | β | β |
| Capacity delivered | β | <50In the first quarter, we grew core FFO by 6.1%, posted strong leasing results and increased the capacity under development by another 26% despite delivering nearly 50 megawatts of new capacity during the quarter, a great start to the year.Source: earnings call transcript | 96During the quarter, we delivered a record 96 megawatts of new capacity, 98% of which was pre-leased while 16 megawatts of new data center projects started construction, leaving 734 megawatts under construction.Source: earnings call transcript | β | ~90During the quarter, we delivered about 90 megawatts of new capacity, 75% of which was pre-leased, while we started about 135 megawatts of new data center projects, increasing our total development to 769 megawatts under construction.Source: earnings call transcript | 63During the quarter, we delivered 63 megawatts of new capacity, 84% of which was pre-leased, while we started about 464 megawatts of new data center capacity that was nearly 50% pre-leased, increasing our total development to 1.2 gigawatts under construction.Source: earnings call transcript | 76During the quarter, we delivered 76 megawatts of new IT capacity, approximately 60% of which was pre-leased.Source: earnings call transcript | +20.6% |
| Capacity starts | β | 219We delivered nearly 50 megawatts of new capacity, 83% of which was pre-leased, while we started another 219 megawatts of new projects, highlighted by 200 megawatts in Northern Virginia that is 50% pre-leased.Source: earnings call transcript | 16During the quarter, we delivered a record 96 megawatts of new capacity, 98% of which was pre-leased while 16 megawatts of new data center projects started construction, leaving 734 megawatts under construction.Source: earnings call transcript | β | ~135During the quarter, we delivered about 90 megawatts of new capacity, 75% of which was pre-leased, while we started about 135 megawatts of new data center projects, increasing our total development to 769 megawatts under construction.Source: earnings call transcript | ~464During the quarter, we delivered 63 megawatts of new capacity, 84% of which was pre-leased, while we started about 464 megawatts of new data center capacity that was nearly 50% pre-leased, increasing our total development to 1.2 gigawatts under construction.Source: earnings call transcript | 312At the same time, we commenced development of 312 megawatts of capacity including significant available inventory in Northern Virginia and Marseille to support future customer deployments.Source: earnings call transcript | β |
| Capital expenditures Development | β | ~$700MDuring the quarter, we spent approximately $1 billion on development CapEx on a gross basis, including our partner share and roughly $700 million on a net basis to Digital Realty.Source: earnings call transcript | ~$700MDuring the second quarter, we spent over $900 million on development CapEx on a gross basis, which includes our partner share and approximately $700 million on a net basis to Digital Realty.Source: earnings call transcript | $900M+During the third quarter, we spent over $900 million on development CapEx when including our partner share and approximately $700 million on a net basis to Digital Realty.Source: earnings call transcript | β | β | β | β |
| Capital expenditures Development, net to Digital Realty | β | β | β | ~$700MDuring the third quarter, we spent over $900 million on development CapEx when including our partner share and approximately $700 million on a net basis to Digital Realty.Source: earnings call transcript | $930MWe spent $930 million on development CapEx in the quarter, net of our partner share, bringing full year spend to $3 billion.Source: earnings call transcript | $910MWe spent $910 million on development CapEx in the quarter, net of our partner share.Source: earnings call transcript | $1.1BWe invested $1.1 billion in development CapEx during the quarter, net of our partner share, bringing year-to-date capital spending to $2 billion.Source: earnings call transcript | +20.9% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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