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Equinix reports 33% YOY increase in FY'17 AFFO

Equinix Inc. reported year-over-year gains in funds from operations and adjusted funds from operations, increased its common dividend and detailed a major property deal in Texas.

The company reported 2017 fourth-quarter FFO of $285.6 million, compared to $219.9 million in the year-ago quarter. AFFO totaled $381.5 million, compared to $293.8 million in the fourth quarter of 2016. Fourth-quarter revenues were $1.20 billion, up from $942.6 million in the 2016 quarter.

For the full year, the company reported FFO of $992.4 million, compared to $725.1 million in 2016. AFFO totaled $1.44 billion, a 33% increase compared to $1.08 billion in the previous year. Revenues for the year came to $4.37 billion, up from $3.61 billion in 2016.

The company said it expects 2018 full-year AFFO to total more than $1.64 billion.

Separately, the company said its board of directors declared a quarterly cash dividend of $2.28 per common share, to be paid March 21 to shareholders of record on February 26. The previous dividend was $2.00 per share.

The company entered into a definitive agreement to buy the 1.6 million-gross-square-foot Infomart Dallas building in Texas, including its operations and tenants, from ASB Real Estate Investments, in an $800 million debt-and-cash deal.

The transaction is expected to close by midyear.

The company also said it invested more than $500 million in expansions in the Culpeper, Va.; Houston; London; Paris; Sao Paulo; Silicon Valley, Calif.; Sofia, Bulgaria; and Washington, D.C., metro areas.