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Digital Realty posts 8% YOY rise in Q2 core FFO per share

Data center real estate investment trust Digital Realty Trust Inc.'s second-quarter funds from operations rose to $353.1 million, or $1.64 per share, from $236.0 million, or $1.44 per share, in the year-ago period.

Core FFO for the quarter totaled $357.0 million, or $1.66 per share, up from $253.3 million, or $1.54 per share, in the corresponding year-ago quarter, representing an 8% per-share increase.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was $1.61.

Total operating revenues for the quarter surged year over year to $754.9 million from $566.0 million.

Digital Realty raised its core FFO-per-share outlook for full year 2018 to a range of $6.55 to $6.65 from its previous guidance range of $6.50 to $6.60. The company also expects Nareit-defined FFO for 2018 between $6.50 and $6.55 per share, compared to a previous estimate of $6.45 to $6.50 per share.

The S&P Capital IQ consensus FFO-per-share estimate for 2018 is $6.56.

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

The company said in its earnings release that it paid $56 million to purchase a 13-acre site near one of its existing data centers in Santa Clara, Calif. The site, which contains two 100%-leased office buildings, is expected to support the development of 403,000 square feet of data center space and the build-out of about 48 MW of critical load.

Digital Realty also purchased a 62-acre land parcel in Manassas, Va., for $17 million. The company expects the site to support the development of 1.7 million square feet of space and the build-out of about 192 MW of critical power.

Digital Realty also sold the substantially vacant 1125 Energy Park Drive suburban office redevelopment project in St. Paul, Minn., for $7 million and the vacant 2010 E. Centennial Circle office redevelopment project in Tempe, Ariz., for $6 million.