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Digital Realty Dulls on Costs

SAN FRANCISCO ( TheStreet) -- Digital Realty Trust (DLR), a niche real estate investment trust, missed expectations by a penny with FFO of 81 cents per share, though the line item improved 9.5% year-over-year. Adjusted FFO was 90 cents per share.

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>>REIT Earnings: Behind the Numbers

Digital Realty said early Thursday that third-quarter FFO was negatively impacted by acquisition-related expenses, the redemption of Digital Realty's 8.5% series A preferred stock, and by charges related to exchanges of its 2026 debentures .

>>Digital Realty Trust Expands Portfolio

Net income was $23.6 million, or 11 cents per share, down 1.3% from $23.9 million, or 16 cents per share, in the year-earlier period.

Total operating revenue was $237.5 million, up 45.5% year-over-year from $163.2 million.

The REIT forecast FFO per share for fiscal 2010 to be in a range between $3.28 and $3.30, which would represent growth as high as 12.6% over fiscal 2009. Adjusted FFO for the year is projected to be between $3.40 and $3.42. Analysts expected Digital Realty Trust to report FFO of $3.31 for fiscal 2010.

Digital Realty's primary property holdings are datacenters, digital storage facilities which are used by companies to maintain their internet presence or beef up their data networks. Datacenters are expensive to build and maintain, and as such, supply is relatively inelastic.

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