Digital Realty Trust, Inc.
- Open
- 184.92
- Day high
- 186.69
- Day low
- 181.98
- Prev close
- 185.47
- Volume
- 6.3M
- Mkt cap
- $63.0B
- P/E (TTM)
- 84.6
- EPS (TTM)
- $2.19
- P/B
- 2.3
- P/S
- 9.2
- Yield
- 2.66%
- Per share
- $4.88
- ▼Insiders net selling -$39K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Digital Realty Trust, Inc. (DLR) is a Real Estate company listed on NYSE. The stock is up 12% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 5 published research articles covering DLR.
Digital Realty Trust, Inc. (DLR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 14 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DLR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 23, 2026 | $0.48 | $1.21 | +150.6% | $1.9B | +15.9% |
| Apr 23, 2026 | $0.44 | $0.46 | +5.0% | $1.6B | +2.2% |
| Feb 5, 2026 | $1.83 | $1.86 | +1.6% | $1.7B | +7.9% |
| Oct 23, 2025 | $1.77 | $1.89 | +7.0% | $1.6B | +0.3% |
| Jul 24, 2025 | $1.73 | $1.87 | +8.3% | $1.5B | -2.2% |
| Apr 24, 2025 | $1.72 | $0.27 | -84.3% | $1.4B | -0.9% |
| Feb 13, 2025 | $0.27 | $0.51 | +88.9% | $1.4B | -1.4% |
| Oct 24, 2024 | $1.67 | $1.67 | +0.1% | $1.4B | -2.5% |
| Jul 25, 2024 | $1.63 | $1.65 | +1.2% | $1.4B | -2.4% |
| May 2, 2024 | $1.63 | $1.67 | +2.4% | $1.3B | -3.0% |
| Feb 15, 2024 | $1.64 | $1.63 | -0.6% | $1.4B | -2.0% |
| Oct 26, 2023 | $1.62 | $1.62 | +0.0% | $1.4B | +0.4% |
DLR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 31, 2026 | Patterson Mark Rdirector | Sell | 200 | $193.96 |
| Jul 2, 2026 | Swanezy Susandirector | Grant | 153 | — |
| Jul 2, 2026 | Kornegay Christine Besedaofficer: CHIEF ACCOUNTING OFFICER | Tax | 53 | $176.32 |
| Jul 2, 2026 | Jamieson VeraLinndirector | Grant | 153 | — |
| Jun 2, 2026 | LAPERCH WILLIAM Gdirector | Grant | 1,289 | — |
| Jun 2, 2026 | MOHEBBI AFSHINdirector | Grant | 1,289 | — |
| Jun 2, 2026 | KENNEDY KEVINdirector | Grant | 1,289 | — |
| Jun 2, 2026 | MANDEVILLE JEAN F H Pdirector | Grant | 1,289 | — |
| Jun 2, 2026 | Bolze Stephen R.director | Grant | 1,289 | — |
| Jun 2, 2026 | Swanezy Susandirector | Grant | 1,289 | — |
| Jun 2, 2026 | Patterson Mark Rdirector | Grant | 1,289 | — |
| Jun 2, 2026 | Jamieson VeraLinndirector | Grant | 1,289 | — |
| Jun 2, 2026 | Preusse Mary Hogandirector | Grant | 1,815 | — |
| Jun 1, 2026 | MANDEVILLE JEAN F H Pdirector | Tax | 284 | $191.43 |
| Apr 2, 2026 | Jamieson VeraLinndirector | Grant | 152 | — |
Source: DLR SEC Form 4 filings, latest Aug 31, 2026. For informational purposes only — not investment advice.
See the full DLR insider & 13F page →DLR research & analysis
DLR, EQIX: Data Center REITs as the Silent AI Capex Beneficiary
Hyperscalers commit $400-500B AI capex through 2026. DLR and EQIX absorb it as colocation operators at half the ASIC peer multiples, with yield protection.
EQIXHormuz Blockade Enters Day 10: XOM, CVX Win as Tanker Rates Hit 3-Year Highs
New Era Energy & Digital's JV with Stream for West Texas' TCDC campus catalyzes renewable AI data centers, benefiting NEE, EQIX, DLR, VST, and FLR through power supply, operations, and construction. NEE and DLR lead with strong growth and valuations amid surging Texas demand. Watch ERCOT queues and PPAs for confirmation.
NEEEQIXVSTMSFT's $5.5B Singapore AI Bet: EQIX Tops the Winners List — 6 Stocks Ranked by Exposure
Microsoft's $5.5B AI infrastructure investment in Singapore highlights Southeast Asia's cloud buildout, benefiting US data center REITs (EQIX, DLR) and chip leaders (NVDA, AMAT, ORCL, MSFT). The article ranks exposure based on financials, growth, and guidance, with EQIX topping conviction. Watch for regional capex and power risks.
MSFTEQIXNVDAMSFT's $10B Japan AI Bet: NVDA, EQIX Among Top Beneficiaries to Watch
Microsoft's $10B Japan investment ignites AI infra demand, benefiting NVDA's GPUs, EQIX/DLR data centers, MSFT's cloud, and CRWD/PANW cyber. Ranked leaders: NVDA, MSFT, EQIX amid 65%+ sector growth.
MSFTNVDACRWDWhich data center REITs benefit most as hyperscalers race to lock up AI-ready capacity?
Data center REITs are experiencing unprecedented demand as hyperscalers and GPU cloud providers race to lock up AI-ready capacity, with CoreWeave alone planning $30-35B in 2026 capex. Digital Realty offers the best risk-reward with its 5 GW power pipeline and record backlog, while Iron Mountain is the highest-upside dark horse with 30%+ data center revenue growth at a meaningful valuation discount to peers.
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Digital Realty Trust, Inc. company profile
Overview
Digital Realty Trust, Inc. (NYSE:DLR) is a leading global data center real estate investment trust (REIT) founded in 2004 and headquartered in Austin, Texas. The company has grown from its initial public offering to become one of the world's largest owners and operators of data center facilities, with a portfolio spanning over 284 facilities across 48 metropolitan areas in 23 countries on six continents. Digital Realty serves as a critical infrastructure provider for the digital economy, supporting enterprises, cloud service providers, and technology companies with mission-critical data center solutions that enable their digital transformation and AI initiatives.
Business
Digital Realty operates in the data center real estate industry, which provides the physical infrastructure that powers the internet and digital economy. Data centers are specialized facilities that house computer servers, networking equipment, and storage systems that enable everything from website hosting to cloud computing services to artificial intelligence processing. The company's core offering is PlatformDIGITAL, a comprehensive data center platform that provides three main service categories. First, colocation services allow customers to rent space, power, and cooling for their own IT equipment within Digital Realty's facilities, similar to renting office space but specifically designed for computer infrastructure. Second, interconnection services through their ServiceFabric platform enable customers to directly connect their systems to cloud providers, internet service providers, and other business partners without routing traffic over the public internet, creating faster and more secure connections. Third, the company provides managed services and consulting through their Pervasive Datacenter Architecture (PDx) methodology to help customers optimize their data center strategies. Digital Realty operates two primary business segments based on customer size and requirements. The 0-1 megawatt segment serves enterprise customers and smaller technology companies who typically need smaller amounts of space and power, often measured in individual server racks or partial data halls. This segment generates approximately 60-65% of the company's revenue and focuses on higher-margin colocation and interconnection services. The greater than 1 megawatt segment serves hyperscale cloud providers like Amazon Web Services, Microsoft Azure, and Google Cloud, who lease entire data center buildings or large portions of facilities to support their massive computing operations. This segment represents about 35-40% of revenue and typically involves longer-term leases with lower per-unit pricing but higher absolute dollar values. The company has also developed specialized offerings for emerging technologies, particularly artificial intelligence workloads. Their HD Colo 2.0 product supports high-density computing requirements up to 150 kilowatts per server rack, compared to traditional data center racks that typically support 5-15 kilowatts. They've also launched a Private AI Exchange platform to help enterprises deploy AI applications securely within Digital Realty's infrastructure.
Revenue model
Digital Realty generates revenue primarily through rental income from long-term lease agreements, operating similar to a traditional real estate company but specializing in data center properties. Customers pay monthly rent based on the amount of space, power capacity, and services they consume. The company's revenue model includes several components: base rent for physical space measured in square feet or server racks, power charges based on electrical capacity reserved (measured in kilowatts), interconnection fees for network connections between customers and service providers, and additional managed services. The company's paying customers fall into several categories. Enterprise customers include large corporations across industries like financial services, healthcare, manufacturing, and retail who need secure, reliable locations for their IT infrastructure. Cloud service providers and hyperscale companies like Amazon, Microsoft, and Google lease large blocks of capacity to support their global cloud computing platforms. Network service providers including telecommunications companies and internet service providers use Digital Realty's facilities as critical network connection points. Content delivery networks and streaming services also rely on the company's strategically located facilities to deliver digital content efficiently to end users. Digital Realty's margins are influenced by several key factors. Power costs represent a significant expense, as data centers consume enormous amounts of electricity for both computing equipment and cooling systems. The company benefits from economies of scale in power procurement and has invested heavily in renewable energy contracts to manage long-term power costs. Real estate market conditions in key technology hubs like Northern Virginia, Silicon Valley, and major global cities affect both acquisition costs for new facilities and rental rates the company can charge. Supply constraints in desirable markets, particularly limitations on available power from electrical utilities, create pricing power opportunities. Technology trends such as the growing adoption of artificial intelligence, cloud computing, and digital transformation initiatives drive increased demand for data center capacity. Interest rates significantly impact the company's cost of capital since REITs typically use substantial debt financing for property acquisitions and development. Competition from other data center providers, hyperscale companies building their own facilities, and emerging edge computing solutions can pressure pricing and occupancy rates.
Competitive moat
Digital Realty possesses a moderately strong economic moat built primarily on strategic location advantages and switching costs, though the moat faces some structural challenges. The company's primary competitive advantage stems from its irreplaceable real estate locations in key network interconnection hubs and major metropolitan areas where obtaining new data center development permits has become increasingly difficult due to power grid constraints and zoning restrictions. Many of Digital Realty's facilities are located in network-dense areas where major internet service providers, cloud companies, and telecommunications carriers converge, creating significant value for customers who benefit from proximity to these digital ecosystems. The company benefits from substantial customer switching costs, as migrating critical IT infrastructure between data center providers involves significant expense, complexity, and business risk. Enterprise customers often invest heavily in customizing their deployments within Digital Realty's facilities, including specialized networking configurations, security implementations, and interconnections to business partners. The mission-critical nature of data center services means customers prioritize reliability and proven track records over price considerations, providing some insulation from price competition. Digital Realty's global scale and interconnection platform creates network effects, where the value of the platform increases as more customers and service providers connect through their facilities. Their ServiceFabric interconnection marketplace becomes more valuable as it grows, making it harder for smaller competitors to replicate the breadth of connectivity options. However, the moat faces meaningful competitive pressures. Hyperscale cloud providers like Amazon, Microsoft, and Google continue building their own data center facilities, potentially reducing demand for third-party colocation services over time. Edge computing trends may favor smaller, distributed facilities closer to end users rather than large centralized data centers. Technological disruption from more efficient computing architectures or alternative infrastructure models could reduce overall data center demand. Additionally, new market entrants backed by substantial capital, including sovereign wealth funds and infrastructure investors, are increasing competitive pressure and bidding up acquisition prices for attractive properties. The company's moat is further challenged by the capital-intensive nature of the business, which requires continuous investment to maintain competitive facilities and develop new capacity ahead of customer demand.
Risks & safety
Digital Realty demonstrates a moderate margin of safety with manageable financial risks but elevated valuation metrics that warrant caution. • **Liquidity and Solvency**: Strong liquidity position with $3.9 billion in cash and short-term investments plus additional credit facilities totaling over $6 billion in available liquidity. Current ratio of 1.11x is adequate though not exceptional for a REIT. • **Debt Management**: Net debt-to-EBITDA ratio of approximately 4.8x is within reasonable range for a data center REIT, though elevated compared to diversified REITs. Debt-to-equity ratio of 0.84x indicates moderate leverage. The company has been actively reducing leverage from peak levels above 7x in recent years. • **Cash Generation**: Strong operational cash flow of $2.26 billion annually with positive free cash flow generation. However, the capital-intensive nature of data center development requires continuous reinvestment, and free cash flow can be volatile based on development timing. • **Valuation Concerns**: EV/EBITDA ratio of 24.1x appears elevated for a real estate company, reflecting either growth premiums or potential overvaluation. Price-to-book ratio of 2.69x is high for a REIT, suggesting limited asset-based downside protection. • **Dividend Coverage**: As a REIT, the company must distribute at least 90% of taxable income, limiting financial flexibility during downturns. • **Other Considerations**: Exposure to interest rate sensitivity typical of REITs, concentration risk in technology sector demand, and ongoing capital expenditure requirements for facility upgrades and expansion.
Recent development
Over the past few years, Digital Realty has executed several strategic initiatives to capitalize on the artificial intelligence boom and strengthen its competitive position. The company has made significant investments in AI-ready infrastructure, developing high-density colocation capabilities through their HD Colo 2.0 offering that supports up to 150 kilowatts per rack compared to traditional 5-15 kilowatt configurations. This positions them to serve the power-intensive requirements of AI training and inference workloads. The company has aggressively expanded its interconnection platform through ServiceFabric, which now operates in 38 metropolitan markets and serves as a digital marketplace connecting customers to cloud providers, network services, and business partners. They've also launched a Private AI Exchange platform specifically designed to help enterprises deploy AI applications securely within Digital Realty's infrastructure. Geographic expansion has been another key focus, with notable moves into high-growth markets including a partnership to enter Indonesia through Digital Realty Persama and the launch of their Heracleion One data center in Crete to serve European markets. The company has also achieved significant sustainability milestones, including 100% renewable energy coverage in Singapore and over 150 data centers globally now matched with renewable electricity. Digital Realty has pursued innovative capital strategies to fund growth while managing balance sheet risk. They launched their first US hyperscale data center fund targeting $2.5 billion in equity commitments, allowing them to develop large-scale projects for hyperscale customers while sharing capital requirements and risks with institutional investors. The company has also executed over $12 billion in capital recycling transactions, selling non-core assets and partnering with firms like Blackstone to optimize their portfolio composition. The company has maintained aggressive development activity with over 644 megawatts under construction and a substantial pipeline of land and shell capacity exceeding 3 gigawatts for future development. This development focus has been particularly concentrated in supply-constrained markets where power availability limitations create pricing power opportunities.
DLR company profile · for informational purposes only — not investment advice.
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