Digital Realty registers 1% YOY drop in Q4'20 core FFO per share

Digital Realty Trust Inc. disclosed fourth-quarter 2020 funds from operations of $419.6 million, or $1.45 per share, a 10.5% fall on a per-share basis from $354.0 million, or $1.62 per share, in the 2019 fourth quarter.

Core FFO for the quarter fell year over year on a per-share basis to $465.2 million, or $1.61 per share, from $354.7 million, or $1.62 per share.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was $1.53.

For the quarter, total operating revenues came to $1.06 billion, an increase of 34.9% from $787.5 million in the comparable 2019 period.

Also in the fourth quarter, the REIT bought a building in Paris that was previously subject to a leasehold for €6 million. It also sold a vacant building in Amsterdam for €6 million.

For the full year, the company reported a 23.3% year-over-year fall in FFO per share. Results totaled $1.38 billion, or $5.11 per share, compared with $1.45 billion, or $6.66 per share, in the prior year.

Core FFO for the full year totaled $1.68 billion, or $6.22 per share, a 6.5% per-share decrease from $1.45 billion, or $6.65 per share, in the year-ago period.

The S&P Capital IQ consensus estimate for 2020 FFO was $6.13 per share.

For the full year, total operating revenues came in at $3.90 billion, a 17.79% increase from the previous year's $3.21 billion.

In reporting results, the data center real estate investment trust said it expects Nareit-defined FFO per share in the range of $6.30 to $6.35 for the 2021 full year. The company also expects core FFO for the 2021 full year at between $6.40 and $6.50 per share.

Nareit is the U.S.-based trade association for REITs and publicly traded real estate companies.

For 2021, the S&P Capital IQ consensus FFO-per-share estimate is $6.49.