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Digital Realty Trust, Inc.
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S&P 500
🏹 Trader: 🎯 Near 52W High View all →
$60.8B
Market Cap
43.2
P/E
0.91
PEG
2.0%
ROCE
5.5%
ROE
0.82
D/E
14.6%
OPM
-11.1%
% from 52W High
64
α RS
🔍 DLR is showing a notable setup because Sector RRG has Real Estate in the Improving quadrant with the trail still bottoming, RS Rating is 64, and it has maintained a 20-day Near 52-Week High momentum persistence. The main caution: the Growth Accelerators preset's Backtest win rate is only 39.6%. Net: Mixed signal stack, not a recommendation. ? RRG RS Rating Momentum Streaks Backtest
Sources
Real Estate in Improving quadrant · RS Rating 64 · Near 52-Week High streak: 20d · Backtest win rate 39.6%
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About

Digital Realty Trust, Inc. brings companies and data together by delivering the full spectrum of data center, colocation, and interconnection solutions. Platform DIGITAL, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx) solution methodology for powering innovation, from cloud and digital transformation to emerging technologies like artificial intelligence (AI), and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 55+ metros across 30+ countries on six continents. Digital Realty Trust, Inc. was founded in 2004 and is based in Austin, Texas.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$1.9B
+29% YoY
Adjusted EBITDA
$978M
+19% YoY
Core FFO per share (ex-promote)
$2.13
+14% YoY
Net income available to common stockholders
$443M / $1.21 per share
vs $2.94 per share in 2Q25
What Went Right
  • Record 0-1 MW plus interconnection bookings of $108M, up 11% QoQ and marking the third consecutive record quarter.
  • Cash renewal spreads surged to a record 25%+, with >1 MW renewals delivering an outsized 66.7% mark-to-market.
  • Total backlog hit a record $1.9B at 100% share, and post-quarter hyperscale leases added $410M of annualized rent.
What to Watch
  • Hyperscale leasing remains episodic and varies by region, so quarterly large-lease flow can be lumpy.
  • 2026 CapEx guidance was raised by $750M to $4.25B-$4.75B, with $500M added to dispositions/JV capital guidance to fund investment.
  • Management acknowledged heightened public scrutiny on data centers related to power, water, and community impact.
Management Guidance
  • FY26 Core FFO per share excluding net promote raised to $8.15-$8.20; constant-currency range $8.10-$8.15.
  • FY26 cash renewal spreads raised to 9%-11%; same-capital cash NOI growth raised to 4.25%-5.25% on a constant-currency basis.
  • FY26 CapEx net of partner contributions expected at $4.25B-$4.75B; Q3 ex-promote core FFO expected to moderate slightly.
Investor Lens
The thesis is stronger after this quarter. Digital Realty delivered record core FFO ex-promote of $2.13 (+14% YoY), raised full-year guidance, and extended its double-digit core FFO growth runway into 2027 and beyond. The $1.9B backlog, record 0-1 MW plus interconnection signings, and $410M of July hyperscale leases meaningfully de-risk future revenue. Strong balance-sheet execution — leverage at 4.7x and $6B liquidity — plus private capital vehicles provide funding flexibility, though elevated CapEx and episodic hyperscale leasing remain key variables.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Record core FFO and bookings; FY26 guidance raised again.
Revenue
Total revenue was $1.9B in Q2 2026, up 29% YoY and 18% sequentially. The 0-1 MW plus interconnection segment posted a record $108M of bookings, with EMEA reaching a new quarterly record.
Profitability
Net income available to common stockholders was $443M, or $1.21 per diluted share. Core FFO per share excluding net promote was a record $2.13, up 14% YoY.
Margins
Operating margin was not explicitly disclosed on the call. Adjusted EBITDA was $978M, up 19% YoY, supported by 8.2% revenue growth in same-capital cash NOI and disciplined expense management.
Balance Sheet
Leverage was 4.7x debt/adjusted EBITDA at quarter-end, below the 5.5x long-term threshold, with approximately $6B of liquidity. Development CapEx was $1.1B in Q2, the development pipeline grew to $20B / 1.4GW under construction, and the pipeline is now 63% pre-leased pro forma for July hyperscale leases.
Key Risks
Management flagged episodic hyperscale leasing and regional variability in demand. The company also raised CapEx while increasing dispositions/JV capital recycling, and acknowledged industry-wide public scrutiny on data center power and resource usage.
Outlook
FY26 Core FFO per share excluding net promote was raised to $8.15-$8.20, implying about 10% constant-currency growth at the midpoint. Management expects double-digit core FFO per share growth to continue into 2027 and beyond.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-23
Record Q2 2026 results featured double-digit core FFO growth, record bookings, and a record backlog, prompting a guidance raise and confidence in sustaining double-digit growth into 2027 and beyond. Strategic acquisitions and robust demand across all segments further strengthen the growth outlook.
Q1 2026 Q1 2026 2026-04-23
Record leasing and development activity drove double-digit growth in revenue and Core FFO, with a raised 2026 outlook and a record $1.8 billion backlog. Strategic expansions and disciplined capital management position the company for sustained growth.
Q4 2025 Q4 2025 2026-02-05
Record financial results in 2025 included double-digit revenue and FFO growth, record leasing, and a $1.4B backlog. Guidance for 2026 calls for 8% Core FFO growth and continued robust demand, supported by strong liquidity and a $10B+ development pipeline.
Q3 2025 Q3 2025 2025-10-23
Record core FFO per share and robust revenue growth drove a third guidance increase this year, with AI-related deployments now over half of bookings and a strong backlog supporting future growth. Liquidity and leverage remain healthy, and sustainability initiatives advanced.
Q2 2025 Q2 2025 2025-07-24
Record Q2 bookings and core FFO per share drove raised 2025 guidance, supported by strong global demand, a robust backlog, and an oversubscribed U.S. Hyperscale Data Center Fund. Sustainability initiatives advanced, and liquidity and leverage remain strong.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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No Investment Recommendation:
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Information Sources:
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