Digital Realty revenues top $744 million in Q1 of 2018

Digital Realty has reported Q1 2018 revenues of $744 million up 2% quarter-on-quarter and 35% year-on-year.

Net income for the term totalled $110 million with net income available to shareholders reaching $86 million or $0.42 per diluted share.

Commenting on the company’s leasing activities A William Stein, chief executive officer of Digital Realty, said: "In the first quarter, we signed total bookings expected to generate $61 million of annualized GAAP rental revenue, including a $7 million contribution from interconnection. As we look toward the remainder of 2018, we are confident in our ability to deliver sustainable growth for stakeholders, driven by broad-based demand across regions, verticals and product lines, along with growing local origination in key growth metros around the world." 

Adjusted EBITDA for the quarter was reported at $451 million, up 5% from the previous quarter and up a further 39% year-on-year.

As for funds from operations, the company reached a total of $346 million or $1.61 per share in comparison to the $1.48 per share from the previous quarter or $1.50 year-on-year.

Stein also spoke on the continued aggregation of DuPont Fabros which it acquired in the summer of 2017 for $7.6 billion. In terms of integration, our efforts related to the DuPont Fabros merger are winding down, added Stein. We have successfully completed the migration of all accounting, finance and HR related applications and we will continue to work on the customer portal consolidation and network migration through year-end. 

As for the financial results as a whole Andrew Power, chief financial officer at Digital Realty, said: “Demand across cloud customers remains strong, with many of the leading global cloud service providers expanding with us.” He went on to explain that the company as experienced continued growth in its network segment, announcing “a major backbone expansion with one of the largest telecommunication providers in the US.”

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