DLR
Updated: 24/09/2026, 19:39:12
Digital Realty Trust, Inc. owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. The company is focused on providing data center, colocation, and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of March 31, 2026, the company's 309 data centers, including 89 data centers held as investments in unconsolidated entities, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty's portfolio is comprised of approximately 3.0 gigawatts of IT capacity, as well as approximately 6.3 gigawatts of buildable IT capacity under active development and held for future development, located throughout North America, Europe, South America, Asia, Australia, and Africa. Digital Realty Trust, Inc. was established and incorporated on March 09, 2004 in Maryland and is based in Austin, Texas.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
1.3B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
N/A
FY — · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Global data center REIT
Leading global provider of data center, colocation and interconnection solutions; Maryland REIT incorporated March 9, 2004
“is a leading global provider of data center, colocation and interconnection solutions for customers across a variety of industry verticals”
Data center REIT business
Digital Realty is in the business of owning, acquiring, developing and operating data centers
“We are in the business of owning, acquiring, developing and operating data centers.”
Core business
Leading global provider of data center, colocation and interconnection solutions; REIT for U.S. federal income tax purposes
“We are a leading global provider of data center, colocation and interconnection solutions for customers across a variety of industry verticals.”
Customer industries
Cloud service providers, IT service firms, social media, content providers, financial services sector and enterprises
“not only from global cloud service providers, but also from businesses across other industries, including IT service firms, social media, content providers and the financial services sector”
PlatformDIGITAL global data center platform
PlatformDIGITAL® with PDx® methodology; footprint of over 300 facilities, over 232,000 cross connects, over 55 metros, more than 30 countries, six continents
“a global data center footprint of over 300 facilities with over 232,000 cross connects in over 55 metros across more than 30 countries on six continents”
Product suite and services
Scalable offerings from single cabinet to multi-megawatt deployments; Critical Facilities Management® 24/7 support
“Our Critical Facilities Management® services and team of engineers and data center operations experts provide 24/7 support for these mission-critical facilities”
Dependence on telecommunications carriers for network connectivity
DLR depends on third-party carriers' fiber presence at its data centers; carrier downsizing/termination of connectivity could adversely affect results
“we still depend upon the presence of telecommunications carriers' fiber networks serving our data centers in order to attract and retain customers”
Employee count and geographic distribution
4,282 full-time employees as of Dec 31, 2025 (North America 1,948; EMEA 2,040; Asia Pacific 294)
“As of December 31, 2025, we had 4,282 full-time employees.”
Teraco acquisition (South Africa)
Acquired majority interest in Teraco on August 1, 2022 — largest, most densely interconnected platform in South Africa
“on August 1, 2022, we completed our acquisition of a majority interest in Teraco, the largest and most densely interconnected data center platform in South Africa”
Data Gravity / network density moat
Network density and connected data communities difficult for competitors to replicate; internet gateway hubs considered not easily replicable on a cost-competitive basis
“densely connected data communities that are difficult for competitors to replicate and deliver added value to our customers”
Named competitors
Equinix, NTT, Global Switch Holdings Limited, various private U.S. operators and regional operators globally
“including Equinix, Inc. and NTT; various private operators in the U.S.; as well as Global Switch Holdings Limited and various regional operators in Europe, Asia, Latin America, Africa and Australia”
Demand drivers: AI, cloud, 5G, IoT
Digital transformation, AI, hybrid cloud, IoT, 5G and autonomous vehicles driving data center demand
“The Internet of Things, 5G, autonomous vehicles and artificial intelligence, among other technological advancements, are driving this digital transformation”
Blackstone JV contribution and DC Partners NA Fund transactions
Blackstone JV contribution ($77M proceeds, $58M gain); DC Partners NA Fund contributions ($937M + $427M, gains $873M + $30.2M; retained 20% stake)
“After this contribution, Digital Realty owns a 20% stake in each of the assets held in the Fund.”
Development pipeline capacity
Over 3,500 MW additional capacity possible (1,000+ MW in Northern Virginia); 769 MW under construction, 64% pre-leased
“could accommodate over 3,500 megawatts of additional data center capacity, including more than 1,000 additional megawatts developable in Northern Virginia”
Largest cloud- and carrier-neutral provider
Largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions
“As the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions”
Business objectives
Maximize sustainable long-term FFO/share growth, distributions, and return on invested capital
“(i)sustainable long-term growth in earnings and funds from operations per share and unit; (ii)cash flow and returns to our stockholders”
Development-led growth and non-core asset sales
Growth via development of held-for-development space, acquisitions, organic expansion; periodic sale of non-core assets
“From time to time, we may look to sell individual assets or portfolios that we do not consider to be core to our business and growth strategy”
Electricity cost escalation factors
Power costs may rise due to grid modernization charges, extreme-weather surcharges, tariffs, carbon regulation, geopolitical/military conflicts and other charges
“grid modernization charges, ratepayer surcharges related to recovering the cost of extreme weather events and natural disasters, increased demand from utilities from credit support and other obligations, minimum demand charges, geopolitical conflicts, military conflicts, energy market structure and/or regulatory changes”
June 2025 euro notes issuance
€850M 3.875% Guaranteed Notes due 2034 issued June 2025; net proceeds ~€836.6M (~$975M)
“issued and sold €850 million aggregate principal amount of 3.875% Guaranteed Notes due 2034”
January 2025 euro notes issuance
€850M 3.875% Guaranteed Notes due 2035 issued Jan 2025; net proceeds ~€838M (~$864M)
“issued and sold €850 million aggregate principal amount of 3.875% Guaranteed Notes due 2035”
November 2025 euro notes issuance
Nov 2025: €600M 3.750% notes due 2033 and €800M 4.250% notes due 2037; net proceeds ~€1.4B (~$1.6B)
“issued and sold €600 million aggregate principal amount of 3.750% Guaranteed Notes due 2033 and €800 million aggregate principal amount of 4.250% Guaranteed Notes due 2037”
2025 debt repayments and redemption
Repaid €650M 0.625% notes due 2025 (Jul); redeemed €1.075B 2.500% notes due 2026 early (Dec)
“we repaid €650 million in aggregate principal amount of our 0.625% senior notes due 2025”
2025 ATM common share issuance
~$1.1B raised via ~6.4M shares at avg $173.09 under 2024 Sales Agreement; ~$1.9B capacity remaining
“generated net proceeds of approximately $1.1 billion from the issuance of approximately 6.4 million common shares under the 2024 Sales Agreement at an average price of $173.09 per share”
Demand concentration in data centers
Business highly specialized in data centers; exposed to reductions in corporate IT spending and technology industry downturns
“Our substantial development activities make us particularly susceptible to general economic slowdowns as well as adverse developments in the data center, Internet and data communications and broader technology industries.”
Dependence on leased buildings
Leased buildings accounted for approximately 14% of total revenue in FY2025; renewal failure could cause customer loss
“These leased buildings accounted for approximately 14% of our total revenue for the year ended December 31, 2025.”
Customer rent abatements
Aggregate abatements of approximately $35.6 million for FY2025
“The aggregate amount of abatements for the year ended December 31, 2025 was approximately $35.6 million.”
Substantial debt and refinancing/interest rate risk
Substantial debt with refinancing and interest rate risks; growth depends on external capital sources
“We have substantial debt and face risks associated with the use of debt to fund our business activities, including refinancing and interest rate risks.”
Cybersecurity risk
Vulnerable to cyberattacks and security breaches, including via third-party providers
“We and our third-party providers are vulnerable to cyberattacks and security breaches that could materially disrupt or compromise our operations, data and results.”
REIT qualification risk
Failure to qualify as a REIT would have significant adverse consequences
“Failure to qualify as a REIT would have significant adverse consequences to Digital Realty Trust, Inc. and its stockholders and to Digital Realty Trust, L.P. and its unitholders.”
Refinancing and interest rate risk
DLR may be unable to refinance debt at maturity on favorable terms; rate increases on variable-rate debt could materially increase interest expense
“Because a significant portion of our debt, including debt incurred under our Global Revolving Credit Facilities, bears interest at variable rates, increases in interest rates could materially increase our interest expense.”
Inflation exposure
Heightened inflation could raise operating expenses, interest expense and construction costs
“Many of our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs, could be adversely impacted by periods of heightened inflation.”
Technology obsolescence risk including AI power density
Continued AI adoption could require higher power density infrastructure; power/cooling systems are difficult and expensive to upgrade
“Continued AI adoption could result in evolving infrastructure needs, particularly around power density for advanced computing.”
Supply chain and procurement disruption risk
Third-party reliance for data center construction equipment exposes DLR to supply chain delays and cost increases; Russia-Ukraine and Middle East conflicts could disrupt markets
“We rely on third parties to provide the equipment, materials and services needed for our construction and development needs.”
Geographic concentration risk
Portfolio depends on local economic conditions and is geographically concentrated
“Our portfolio depends upon local economic conditions and is geographically concentrated in certain locations.”
Climate change risks and mitigation
Climate risks include physical and transition risks; mitigated via siting/design standards, insurance, scenario analyses and TCFD-aligned disclosure
“Climate change risks that we have identified include acute and chronic physical risks, as well as transition risks such as market, policy, reputational, and technology risks.”
Credit ratings downgrade risk
Credit rating downgrades would likely raise borrowing costs and could trigger additional payments; below investment grade may prevent extensions on certain debt
“if the credit ratings of our senior unsecured long-term debt are downgraded to below investment grade levels, we may not be able to obtain or maintain extensions on certain of our existing debt”
Epidemic/pandemic risk
Epidemics/pandemics could materially and adversely impact operations, rental revenue, and cause customer defaults
“Such events could materially and adversely impact our operations and the rental revenue we generate from our agreements with our customers or could result in defaults by our customers.”
AI-related considerations
Increasing prevalence of AI may present new business and operating considerations
“As artificial intelligence becomes more prevalent in the workplace, it may present new considerations that could affect our business and operating results.”
Real estate illiquidity risk
Real estate investments are relatively illiquid with fewer buyers for specialized real estate; REIT rules limit disposals
“Because real estate investments are relatively illiquid and because there may be even fewer buyers for our specialized real estate”
Local economic and geographic concentration risk
Operations and revenue depend on local economic and real estate conditions in key metropolitan areas, including areas under development
“We depend upon the local economic conditions in these areas, including local real estate conditions, and our operations, revenue and cash available for distribution could be materially adversely affected”
Customer certification and standards requirements
Regulations and standards such as ISO and SOC certifications may be demanded by customers; inability to provide could cause customer loss
“such as ISO and SOC certifications which customers may deem desirable, they may seek specific requirements and certifications from their data centers that we are unable to provide”
Most revenue is rental income from data centers; occupancy rates drive revenue generation and growth.
“Our ability to generate and grow revenue depends on several factors, including our ability to maintain or improve occupancy rates.”
Revenue depends on demand for data center space, power and connectivity; reduced corporate IT spending or technology industry slowdowns reduce demand.
“A reduction in the demand for data center space, power or connectivity would have a greater adverse effect on our business and financial condition than if we owned a portfolio with a less specialized use.”
AI technologies and hybrid cloud are cited as significant long-term demand drivers for data center infrastructure.
“We believe cloud and hybrid cloud solutions and artificial intelligence technologies, along with other digital transformation initiatives, will remain significant drivers of demand for data center infrastructure”
Rapid growth of cloud adoption and hybrid cloud drives demand for Digital Realty's colocation and interconnection capacity.
“this digital transformation which is contributing to the explosive growth of data, rapid growth of cloud adoption and greater demand for IT outsourcing”
Company positions itself as part of the digital economy benefiting from long-term growth drivers; strong demand in key markets noted.
“We represent an important part of the digital economy that we believe will benefit from powerful, long-term growth drivers.”
Global cloud service providers are a key demand source; cloud platforms are among the fastest-growing business segments.
“The demand for data center capacity not only from global cloud service providers, but also from businesses across other industries”
Target properties support applications and operations of data center and technology industry customers; long-term leases due to capital-intensive operations (>1MW new leases average 10.0-year terms).
“properties containing the physical and connectivity infrastructure that supports the applications and operations of data center and technology industry customers”
Many data centers are single-tenant; loss of key customers or customer consolidation would reduce revenue and pricing power.
“We depend on significant customers, and many of our data centers are single-tenant properties or are currently occupied by single tenants.”
Variable-rate debt including Global Revolving Credit Facilities exposes DLR to rate increases; ~92% of debt is fixed/swapped but unhedged revolver borrowings increase exposure.
“increases in interest rates could materially increase our interest expense”
AI adoption drives evolving infrastructure requirements around power density, requiring selective capital investment; failure to adapt risks obsolescence.
“Continued AI adoption could result in evolving infrastructure needs, particularly around power density for advanced computing.”
2025 financing activity was heavily euro-denominated: €850M notes due 2035, €850M due 2034, €600M due 2033, €800M due 2037, plus €650M repayment and €1.075B redemption.
“In November 2025, Digital Euro Finco, LLC... issued and sold €600 million aggregate principal amount of 3.750% Guaranteed Notes due 2033 and €800 million aggregate principal amount of 4.250% Guaranteed Notes due 2037.”
Data center capacity growth is power-constrained; over 3,500 MW of additional developable capacity is a core growth metric tied to energy availability.
“our land and other space held for, or actively under, construction could accommodate over 3,500 megawatts of additional data center capacity”
Customer requirements for cloud/computing networks with redundancy across facilities and higher operating temperatures could put DLR's existing data centers at a competitive disadvantage.
“these customers may realize cost benefits by locating their data center operations in facilities with less electrical or mechanical infrastructure redundancy than is found in our existing data center facilities”
Network density and densely connected data communities are a competitive moat that drives occupancy and lowers turnover.
“the network density, interconnection infrastructure and connectivity-centric customers in certain of our data centers have led to the organic formation of densely connected data communities that are difficult for competitors to replicate”
DLR depends on carriers' fiber networks at its data centers to attract and retain customers; carrier exits/downsizing would hurt customer business and DLR operating results.
“we still depend upon the presence of telecommunications carriers' fiber networks serving our data centers in order to attract and retain customers”
Substantial debt exposes the company to refinancing and interest rate risk; growth depends on external capital.
“We have substantial debt and face risks associated with the use of debt to fund our business activities, including refinancing and interest rate risks.”
Global supply chain constraints and geopolitical conflicts (Russia-Ukraine, Middle East) could delay equipment deliveries and raise procurement costs, affecting development timelines and customer deployments.
“the ongoing military conflict between Russia and Ukraine, as well as the conflict in the Middle East and other potential global conflicts, could lead to market disruptions”
Equinix is a named global data center competitor that may adversely affect occupancy and rental rates.
“We compete with numerous data center providers globally... including Equinix, Inc. and NTT”
REIT rules require distributing at least 90% of taxable income annually, limiting internally funded growth and increasing reliance on external capital.
“Because of these distribution requirements, we may not be able to fund future capital needs, including any necessary acquisition or development financing, from operating cash flow.”
NTT is named as a global data center competitor.
“including Equinix, Inc. and NTT”
Covenants restrict debt incurrence, investments, mergers, liens, and distributions during default; require unencumbered asset pools and coverage ratios; breach could cause default and limit dividends.
“our unsecured senior notes are governed by indentures, which contain various restrictive covenants, including limitations on our ability to incur indebtedness and requirements to maintain a pool of unencumbered assets”
Utilities serving data centers may depend on particular fuels whose prices, and thus delivered electricity cost, could increase.
“Utilities that serve our data centers may be dependent on, and sensitive to price increases for, a particular type of fuel, such as natural gas, coal or nuclear.”
Heightened inflation could adversely impact operating expenses, G&A, interest expense and construction costs.
“Many of our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs, could be adversely impacted by periods of heightened inflation.”
DLR uses interest rate swaps and cross currency swap agreements to hedge borrowings; derivative counterparties may fail to perform.
“We have entered into interest rate swap agreements and cross currency swap agreements.”
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