Digital Realty posts growth in FFO on data center services demand
Oct 24 (Reuters) -Digital Realty Trust DLR.N posted a growth in its third-quarter funds from operations (FFO) on Thursday, helped by resilient demand for its data center services, sending its shares up 6.2% in aftermarket trading.
Robust data center services are needed as businesses incorporate generative AI in their products and migrate their workloads to the cloud, benefiting firms like Digital Realty.
Digital Realty leases out managed data centers to clients in sectors that range from cloud and information technology to social networking, communications and manufacturing.
The real estate investment trust's adjusted FFO — a key measure of cash flow — came in at $1.67 per share for the third quarter, compared with $1.62 per share a year earlier. Analysts expected $1.65, according to data compiled by LSEG.
The Austin, Texas-based company now expects annual core FFO to be in the range of $6.65 to $6.75, compared with its prior outlook of between $6.60 and $6.75.
It tightened the higher end of its fiscal 2024 revenue forecast, now expecting between $5.55 billion and $5.60 billion, compared with its prior outlook of between $5.55 billion and $5.65 billion.
Analysts, on average, expect annual revenue of $5.57 billion.
For the third quarter, Digital Realty posted revenue of $1.43 billion, in line with analysts' estimates.
Reporting by Juby Babu in Mexico City; editing by Alan Barona
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