Digital Realty has announced today financial results for the second quarter of 2025. All per share results are presented on a fully diluted basis.
Highlights
- Reported net income available to common stockholders of $2.94 per share in 2Q25, compared to $0.20 in 2Q24
- Reported FFO per share of $1.75 in 2Q25, compared to $1.57 in 2Q24
- Reported Core FFO per share of $1.87 in 2Q25, compared to $1.65 in 2Q24
- Reported Constant-Currency Core FFO per share of $1.84 in 2Q25
- Reported rental rate increases on renewal leases of 7.3% on a cash basis in 2Q25
- Signed total bookings during 2Q25 that are expected to generate $177 million of annualized GAAP rental revenue at 100% share; at Digital Realty’s share total bookings were $135 million, including a $90 million contribution from the 0–1 megawatt plus interconnection category
- Reported backlog of $826 million of annualized GAAP base rent at the end of 2Q25
- Raised 2025 Core FFO per share outlook to $7.15 – $7.25 and 2025 Constant-Currency Core FFO per share outlook to $7.10 – $7.20
Financial Performance
Digital Realty reported revenues of $1.49 billion in the second quarter of 2025, a 6% increase from the previous quarter and a 10% increase from the same quarter last year.
The company delivered net income of $1.05 billion in the second quarter of 2025, as well as net income available to common stockholders of $1.02 billion and $2.94 per share, compared to $0.27 per share in the previous quarter and $0.20 per share in the same quarter last year.
“Record bookings in our 0–1 megawatt plus interconnection product set underscore the strength of our full spectrum strategy and the breadth of the growing demand for digital infrastructure,” said Digital Realty President and Chief Executive Officer Andy Power. “Our inaugural U.S. Hyperscale Data Center Fund is oversubscribed, providing us the capital necessary to serve our customers’ growing requirements and to extend Digital Realty’s runway for growth.”
Leasing and Investments Activities
In the second quarter, Digital Realty signed total bookings that are expected to generate $135 million of annualized GAAP rental revenue at its share, including a $73 million contribution from the 0–1 megawatt category and a $17 million contribution from interconnection.
The weighted-average lag between new leases signed during the second quarter of 2025 and the contractual commencement date was four months. Digital Realty also acquired land parcels in Atlanta, Dallas, and Chicago, with an expected capacity of hundreds of megawatts of IT capacity.
Digital Realty also received additional equity commitments from a broad array of global Limited Partners for its U.S. Hyperscale Data Center Fund, lifting total commitments to more than $3 billion to date.
Subsequent to quarter end, Digital Realty sold a five megawatt non-core data center in the Atlanta metro area for gross proceeds of $65 million.
Balance
As of June 30, 2025, Digital Realty had approximately $18.5 billion in total outstanding debt. The company issued €850 million in bonds in June and repaid €650 million in in aggregate principal amount of its 0.625% senior notes. It also sold 4.15 million shares of common stock through its At-The-Market (ATM) program, raising approximately $719 million.
