A month has gone by since the last earnings report for Digital Realty Trust, Inc. DLR. Shares have added about 2.7% in that time frame.Will the recent positive trend continue leading up to its next earnings release, or is DLR due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.Digital Realty Beats Q1 FFO Estimates, Raises ViewDigital Realty Trust’s first-quarter 2018 FFO per share of $1.61 outpaced the Zacks Consensus Estimate of $1.58. The figure was also higher than the year-ago quarter tally of $1.50.Core FFO per share was $1.63 in the first quarter, up from $1.52 reported in the prior-year quarter. Results were supported by growth in revenues.The company reported revenues of $744.4 million for the first quarter, which also surpassed the Zacks Consensus Estimate of $741.8 million. The revenue figure also marked an impressive 35.2% year-over-year growth. Further, the company raised its 2018 core FFO per share outlook.Signed total bookings during the reported quarter are estimated to generate $61 million of annualized GAAP rental revenues. This included a $7-million contribution from interconnection. Notably, the weighted-average lag between leases signed during first-quarter 2018 and the contractual commencement date was six months.Moreover, the company signed renewal leases, marking $57 million of annualized GAAP rental revenues. Rental rates on renewal leases signed during the reported quarter increased 3.9% on a cash basis and ascended 9.7% on a GAAP basis.Notable Portfolio ActivityDuring first-quarter 2018, Digital Realty closed on the sale of 34551 Ardenwood Boulevard — a 323,000-square-foot technology-manufacturing property — in Fremont, CA, for $73 million as well as 200 Quannapowitt Parkway — a considerably vacant 211,000-square-foot data-center redevelopment project — in Wakefield, MA, for $15 million. Furthermore, the company closed on the sale of 3065 Gold Camp Drive and 11085 Sun Center Drive — two data centers aggregating 109,000 square feet — in Rancho Cordova, CA, for $51 million.Balance SheetDigital Realty exited first-quarter 2018 with cash and cash equivalents of around $22.4 million, up from the $0.05 million recorded at the prior-year end.Additionally, as of Mar 31, 2018, the company had around $9.1 billion of total debt outstanding, of which $9.0 billion was unsecured debt and around $0.1 billion was secured debt. Also, as of the same date, its net debt-to-adjusted EBITDA was 5.3x while fixed charge coverage was 4.3x.Outlook RaisedDigital Realty raised its 2018 core FFO per share outlook to $6.50-$6.60 from $6.45-$6.60. The full-year outlook provided by the company is backed by revenue projections of $3.0-$3.2 billion, year-end portfolio-occupancy growth of +/- 50 bps and "same-capital" cash NOI growth of 1-3%.How Have Estimates Been Moving Since Then?It turns out, fresh estimates flatlined during the past month. There have been four revisions higher for the current quarter compared to four lower.Digital Realty Trust, Inc. Price and Consensus Digital Realty Trust, Inc. Price and Consensus | Digital Realty Trust, Inc. QuoteVGM ScoresAt this time, DLR has a nice Growth Score of B, though it is lagging a lot on the momentum front with a D. The stock was also allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.The company's stock is suitable solely for growth based on our styles scores.OutlookDLR has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Digital Realty Trust, Inc. (DLR): Free Stock Analysis Report To read this article on Zacks.com click here.