Equinix Inc. EQIX posted mixed results for first-quarter 2020, wherein adjusted funds from operations (AFFO) per share surpassed the Zacks Consensus Estimate, while revenues lagged. Nonetheless, both AFFO and revenues improved year over year.The company’s quarterly AFFO per share was $6.21, beating the Zacks Consensus Estimate of $5.98. The figure also improved 13% from the year-ago quarter’s $5.95.The upside primarily stemmed from steady growth in interconnection revenues. However, the negative impacts of foreign currency hindered revenue growth and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA). Further, $3 million in integration costs hurt AFFO and adjusted EBITDA.Quarter in DetailTotal quarterly revenues were $1.44 billion, missing the Zacks Consensus Estimate of $1.45 billion. Nonetheless, the top-line figure improved 6% year over year, representing the 69th consecutive quarter of revenue growth.Recurring revenues were $1.36 billion, up 6.8% from the year-ago quarter’s figure. Non-recurring revenues declined 6.3% from the year-ago quarter to $82.8 million.Revenues from the three geographic regions increased on a year-over-year basis as well. Revenues from the Americas, EMEA and the Asia Pacific jumped 2.7%, 10.2% and 6.9% to $661.9 million, $478.9 million and $303.7 million, respectively.Cash gross margin was 67%, stable year over year. Total operating expenses were up 11.4% year over year to $283.8 million.Adjusted EBITDA was $684 million, up 3.6% year over year. Adjusted EBITDA margins were 47%, down from 48% recorded in the prior-year quarter. AFFO appreciated 13% year over year to $535 million in the March-end quarter.Balance SheetEquinix exited the first quarter with cash and cash equivalents of $1.17 billion. The company’s total debt principal outstanding was $11.75 billion as of Mar 31, 2020.Dividend UpdateConcurrent with its first-quarter 2020 earnings release, on May 6, Equinix’s board of directors approved a quarterly cash dividend of $2.66 per share. The dividend will be paid out on Jun 17 to shareholders of record as of May 20.GuidanceThe company widened its guidance for the ongoing year. For 2020, it estimates generating revenues of $5.877-$5.985 billion. It predicts adjusted EBITDA of $2.765-$2.845 billion and AFFO of $2.043-$2.133 billion. Further, AFFO per share is estimated to be between $23.62 and $24.66. The Zacks Consensus Estimate for the same is pegged at $24.76.For second-quarter 2020, Equinix projects revenues of $1.446-$1.466 billion. Adjusted EBITDA is likely to be between $679 million and $699 million.Our TakeThe company’s decent results were supported by strong performance across all three geographies. Its recurring revenue model and current expansion plans are encouraging. Furthermore, the company delivered strong channel bookings in the quarter. However, stiff competition and ongoing consolidation in the telecommunication industry might bring down lucrative expansion opportunities for the company.Equinix Inc Price, Consensus and EPS Surprise Equinix Inc price-consensus-eps-surprise-chart | Equinix Inc QuoteEquinix carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other REITsSL Green Realty Corp. SLG reported first-quarter 2020 FFO per share of $2.08, surpassing the Zacks Consensus Estimate of $1.70. The figure also compared favorably with the year-ago quarter’s $1.68.Prologis, Inc. PLD reported first-quarter 2020 core FFO per share of 83 cents, beating the Zacks Consensus Estimate of 81 cents. Results also compared favorably with the year-ago figure of 73 cents.Vornado Realty Trust VNO reported first-quarter 2020 FFO plus assumed conversions as adjusted of 72 cents per share, missing the Zacks Consensus Estimate of 76 cents. The reported figure declined 8.9% year over year.Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>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 Prologis Inc (PLD): Free Stock Analysis Report Equinix Inc (EQIX): Free Stock Analysis Report Vornado Realty Trust (VNO): Free Stock Analysis Report SL Green Realty Corporation (SLG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research