Feb 15 (Reuters) - Digital Realty Trust forecast fiscal 2024 revenue below market expectations on Thursday, as customers tighten spending on data centers amid an uncertain economy.

Shares of the Austin, Texas-based company fell 4% in extended trading.

Amid high borrowing costs, enterprises are gravitating towards larger data center operators like Equinix due to its broad portfolio of services, hurting demand for a smaller rival like Digital Realty. Equinix projected upbeat core earnings on Wednesday.

Digital Realty leases out managed data centers to clients in sectors that range from cloud and information technology to social networking and communications to manufacturing.

The company entered into a $7 billion partnership to develop data centers with U.S. investment giant Blackstone late last year.

Blackstone will acquire an 80% ownership interest in the joint venture, while Digital Realty will maintain a 20% interest.

For its fiscal 2024, Digital Realty expects revenue to be in the range of $5.55 billion to $5.65 billion, compared with estimates of $5.76 billion, according to LSEG data.

Revenue for the fourth-quarter ended Dec. 31 came in at $1.37 billion, missing analysts' average estimate of $1.39 billion.

The company reported funds from operations - a measure that captures trends in occupancy rates, rental rates and operating costs - of $1.53 per share compared with $1.45 per share a year earlier. (Reporting by Zaheer Kachwala in Bengaluru; Editing by Tasim Zahid)