Digital Realty revenue at $1 billion for Q3 2020
Published 30 October 2020
Digital Realty has seen a revenue of US$1 billion for the third quarter of 2020, representing a 27% increase from the same quarter last year.
This revenue is also a 3% increase compared to the previous quarter, and as of the end of October, Digital Realty has achieved a total revenue of US$3.850 – US$3.875 billion.
“We delivered solid third quarter results, driven by consistent execution and growth across the business,” said Digital Realty CEO A. William Stein.
This revenue did not include service lease agreements signed with partners in September, which is expected to generate US$89 million in GAAP rental revenue.
“Our new logo growth and heightened deal velocity reflect the power of our global platform and the resiliency of our business,” said Mr. Stein.
In addition to new lease agreements, Digital Realty also signed lease renewal agreements that represented US$161 million of annualised GAAP rental revenue during the third quarter.
“As we close out the year, we remain focused on delivering for our customers, maintaining our momentum, and investing in our global platform to support long-term growth,” added Mr. Stein.
Digital Realty has also made acquisitions in Germany, Croatia, the Netherlands and Austria to expand further into Europe.
However, the company also reported a net loss of $1 million, and a net loss of US$37 million to common shareholders.
During the COVID-19 pandemic, Digital Realty’s data centers remained fully operational after being deemed essential operations, though construction activity has stalled in some markets, impacting scheduled delivery dates.
Yet, Digital Realty believes they have acquired the vast majority of the equipment needed to complete their 2020 development activities and have ample liquidity to fund their business needs, given the US$971 million of cash on their balance sheet and US$2.5 billion of availability under their global revolving credit facilities.
“While we have not experienced any significant business disruptions from the COVID-19 pandemic to date, we cannot predict what impact the COVID-19 pandemic may have on our future financial condition, results of operations or cash flows due to numerous uncertainties,” Digital Realty warned.
Tech giants and data center players are releasing financial results for the third quarter of 2020. Check out the latest figures from Microsoft and Equinix.