DigitalBridge achieves revenues of $237m for the quarter
DigitalBridge Group (DigitalBridge) has released its second quarter 2021 financial results that saw the company reach total revenues of $237 million.
Net loss attributable to common stockholders was $141 million or $0.29 per share while losses from core funds from operations amounted to $4.8 million, or $0.01 per share.
“This past quarter marked an exciting milestone for the Company, with our business transformation from ‘diversified to digital’ nearly complete we unveiled a new name and logo, DigitalBridge, highlighting our team’s deep heritage investing in digital infrastructure and introducing investors to what we believe is the fastest-growing digital infrastructure REIT globally,” said Marc Ganzi (pictured), president and CEO of DigitalBridge.
"Our new flagship equity fund, DCP II, now has commitments of over $6.6 billion, exceeding its $6.0 billion target and we have already made seven platform investments out of this new fund, positioning DigitalBridge for its next stage of growth."
The company's digital assets under management (AUM) rose to $36 billion representing an increase of 11% compared to the previous quarter and 65% year-on-year (YoY). This was driven by a strong capital raise from its second flagship fund, which currently stands at $6.6 billion.
Digital Adjusted EBITDA for the period increased by 146% to $31 million up from $13 million YoY. This is due to significant Fee-Earning Equity Under Management growth and substantial investments namely Vantage SDC and DataBank's acquisition of zColo.
In related news, July saw DigitalBridge acquire the data centre business of PCCW for $750 million, covering a number of data centres in Hong Kong, China and Malaysia. Before this, DigitalBridge Group confirmed the creation of EdgePoint Infrastructure (EdgePoint), a wireless towers platform in Southeast Asia.
Overall liquidity and anticipated legacy monetisation represent over $2 billion in untapped earnings power. Specifically, the company currently has total liquidity of approximately $780 million down from $904 million in the same quarter of 2020.
The company's previously release full year updated financial guidance still stands at digital IM revenue of between $145 - $155 million, digital operating revenue of between $130 - $140million, and digital operating EBITDA of between $55 - $60 million.