Real estate investment trust Digital Realty Trust, Inc. (DLR), Thursday announced its second quarter financial results, reporting an increase in funds from operations or FFO, as well as profit from the year ago quarter, helped by an improvement in revenues. Quarterly FFO came in line with Street's expectations. The company also revised its FFO guidance, and further provided earnings forecast for the full year 2009.
Quarterly funds from operations increased to $70.4 million from $57.8 million in the same quarter a year ago, while on a per share/unit basis, funds from operation rose 2.4% to $0.71 per share from $0.58 per share in the same quarter a year ago.
On average, 10 analysts polled by Thomson Reuters expected the company to earn $0.71 per share. Analysts' estimates typically exclude special items such as one-time charges or gains.
Net income for the second quarter increased 55.9% to $22.2 million from $13.6 million in the same quarter a year ago.
Net income attributable to the company increased to increased to $20.372 million from $13.196 million in the same quarter a year ago.
Quarterly net income available to common stockholders for the second quarter improved to $10.3 million or $0.13 per share from $3.1 million or $0.05 per share in the same quarter last year.
Operating income for the second quarter rose to $42.846 million from $28.834 million in the same quarter last year.
Quarterly revenues increased 25.2% to $155.0 million from $123.8 million in the same quarter last year, however, below the Street's estimate of $160.70 million, primarily helped by an an increase in rental revenues. Rental revenues for the second quarter increased to $125.380 million from $97.966 million in the same quarter a year ago.
During the second quarter, the company increased its quarterly dividend by 9.1% to $0.36.
Looking ahead to the full year 2009, the company adjusted its lower end of FFO guidance and currently expects FFO in the range of $2.80 per share and unit to $2.90 per share and unit, compared to the previous guidance of $2.75 per share and unit to $2.90 per share and unit.
Net income available to common stockholders is expected to be in the range of $0.80 per share to 0.90 per share, above Street's current estimate of $2.88 per share.
Commenting on the results, William Stein, chief financial officer and chief investment officer, Digital Realty Trust, said, "There were no material non-recurring items impacting FFO or net income in the quarters ended June 30 and March 31, 2009 and June 30, 2008. Our strong financial performance is the result of operations."
DLR is currently trading at $40.38, up $1.27 or 3.25%, on a volume of 0.787 million shares on the NYSE.
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