DLR: Digital Realty Trust, Inc. Instablogs

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Monday, May 13, 7:54 AM Digital Realty Trust (DLR) is upgraded to Buy at MLV and Co., with price target raised to $77 from $67. The stock took a tumble and didn't recover last week after Jon Jacobson's short pitch at Ira Sohn. Comment! [Financials]
Thursday, May 9, 11:04 AM Yield-chasing investors should be wary of AT&T (T -1.5%, 4.8% yield) and Digital Realty (DLR -5.4%, 4.6% yield), warns Jonathan Jacobson at the Sohn conference. AT&T's wireline ops are a "melting ice cube," Jacobson declares (revenue fell 1.8% Y/Y in Q1), and mobile competition is intensifying. As for DLR, he asserts "the data center [colocation] business is a commodity business" (ed: true, but it has been growing quickly), and accuses DLR of understating recurring capex. He also considers its dividend unsustainable without fresh capital-raising efforts. In addition to Jacobson's remarks, DLR appears pressured by Rackspace's Q1 miss. 9 Comments [Tech, On the Move]
Thursday, May 9, 10:52 AM Digital Realty Trust (DLR -5.4%) is defended by Citigroup after Jon Jacobson laid into the company at Ira Sohn. Citi notes it's not the first time shorts have gone after the company and the long-time management team has built a "best-in-class" (ugh) portfolio of data center assets. Jacobson: "If you're a shareholder, know that your dividends are being paid by subsequent investors. There's a term for that." Comment! [Financials, On the Move, Quick Ideas]
Thursday, May 9, 10:36 AM Beware the illusion of yield, says Jon Jacobson, pitching Digital Realty Trust (DLR -6.1%) as a short at Ira Sohn yesterday. True AFFO is $0.87/share, he says, not the $3.90 reported by the company. The smoking gun: The company changed the definition of non-recurring capital expenditures to include maintenance. "(The) fundamentals are deteriorating rapidly." Comment! [Financials, On the Move, Quick Ideas]
Thursday, May 2, 2:56 PM Digital Realty Trust, Inc. (DLR) declares $0.78/share quarterly dividend, in line with previous. Forward yield 4.47%. For shareholders of record June 14. Payable June 28. Ex-div date June 12. (PR) Comment! [Dividends]
Friday, April 26, 10:45 AM Digital Realty Trust (DLR -2.3%) tumbles despite reporting inline-to-beating earnings. Maybe operating expense growth of 31.7% Y/Y outpacing rental revenue growth of 26.3% is upsetting investors. Company signed leases totaling $43.7M in rental revenue in Q1 and commenced leases totaling $28.1M. (PR) Comment! [Earnings, Financials, On the Move]
Friday, April 26, 7:05 AM Digital Realty Trust (DLR): Q1 FFO of $1.18 in-line. Revenue of $358.3M beats by $5.01M. (PR) Comment! [Earnings, Breaking News, Financials]
Friday, April 26, 12:05 AM Notable earnings before Friday’s open: ABBV, AEP, AON, ARLP, B, BKW, BPO, COV, CVX, DHI, DLR, DTE, FLIR, GDI, GNC, GT, HMSY, IMGN, ITRI, LAZ, LYB, MPW, NOV, SPG, TRP, TYC, VFC, VTR, WETF, WY Comment! [Earnings]
Thursday, April 25, 5:30 PM Notable earnings before Friday’s open: ABBV, AEP, AON, ARLP, B, BKW, BPO, COV, CVX, DHI, DLR, DTE, FLIR, GDI, GNC, GT, HMSY, IMGN, ITRI, LAZ, LYB, MPW, NOV, SPG, TRP, TYC, VFC, VTR, WETF, WY Comment! [Earnings]
Wednesday, April 3, 7:20 AM Digital Realty (DLR) prices a 9M share offering of 5.875% preferred stock at $25/share for gross proceeds of $225M. The underwriters retain the option to purchase another 1.35M shares. (PR) Comment! [Financials]
Sunday, February 17, 7:04 PM Rackspace (RAX) and Equinix (EQIX) could fall on Tuesday thanks to a critical Barron's column. The paper notes RAX and EQIX respectively trade at 58x and 62x 2013E EPS, and suspects this is justified by hopes of giant dividends after the firms convert into REITs (EQIX plans to do this by Jan. '15). However, each company's cash flow is largely eaten up by capex (partly to address booming data center demand), thus billions in debt might be needed to finance post-REIT dividends. Also criticized are peers DLR and DFT, which are already REITs. (RAX's Q4: I, II, III) 1 Comment [Tech, Quick Ideas]
Friday, February 15, 7:06 AM Digital Realty Trust (DLR): Q4 FFO of $1.19 beats by $0.01. Revenue of $349.7M (+29.2% Y/Y) misses by $1.17M. (PR) Comment! [Earnings, Breaking News, Financials]
Friday, February 15, 12:05 AM Notable earnings before Friday’s open: AEP, BAM, BKW, CPB, DLR, ENB, IPGP, KRFT, MNTA, RCI, SFL, SJM, SNH, TRW, UPL, VFC, VTG, VTR Comment! [Earnings]
Thursday, February 14, 5:30 PM Notable earnings before Friday’s open: AEP, BAM, BKW, CPB, DLR, ENB, IPGP, KRFT, MNTA, RCI, SFL, SJM, SNH, TRW, UPL, VFC, VTG, VTR Comment! [Earnings]
Monday, November 12, 2012, 6:54 PM The pace of U.S. data center construction remains torrid. Plans for six more U.S. data centers were announced in October, and construction began on another three projects. Moreover, CorSite (COR) announced this month it would spend $60M to build a 200K square foot Virginia facility. The demand driving all this activity has produced a favorable pricing environment - Equinix (EQIX) noted on its Q3 call pricing remains firm across product regions. Other industry players: DFT, RZX, INXN, DLR. (previous) Comment! [Tech, Quick Ideas]
Wednesday, October 31, 2012, 5:45 AM Digital Realty Trust (DLR) declares $0.73/share quarterly dividend, in line with previous. Forward yield 4.78%. For shareholders of record Dec 14. Payable Jan 15. Ex-div date Dec 12. (PR) Comment! [Dividends]

DLR Digital Realty Trust, Inc.

DLR

Digital Realty Trust, Inc.