Digital Realty

Digital Realty is a real estate investment trust (REIT) that owns, develops and operates data centers. It rents space, power and connections to cloud companies, network operators and other companies, in large halls for single customers and in colocation space with interconnection. At September 30, 2026, it had 311 data centers, including 88 in joint ventures and other unconsolidated entities, in North America, Europe, South America, Asia, Australia and Africa. The portfolio had about 3.2 gigawatts of IT capacity, and about 9.8 gigawatts more can be built.

In Q3 2026, total revenues were $1.9 billion. Digital Realty also manages private funds and joint ventures that own data centers. It pays a quarterly dividend of $1.22 per share. The head office is in Austin, Texas.

Andrew P. Power is President and Chief Executive Officer.

Digital Realty trades close to its intrinsic value because investors expect strong demand for data centers from AI and cloud customers, but they weigh the large capital spending, the new shares that it issues and its debt. In Q3 2026, bookings reached a record $627 million of annual rent at its share, the backlog of signed leases rose to $1.8 billion, and Core FFO per share, excluding net promote, rose 11% to $2.10. For the value to grow, three things must be true. The backlog must start to pay rent on time, which needs new buildings and power on schedule.

Development spending of $4.25 billion to $4.75 billion in 2026 must earn stabilized yields of 10% or more. Growth in AFFO per share must stay high after the new shares from the at-the-market program and the share-funded purchases. The Q4 2026 report and the 2027 guidance, expected in early February 2027, are the next tests. If the backlog starts on time and yields hold, the value can grow with AFFO per share over several years.

1. Oct 29, 2026Passed

   Q3 2026 results: bookings and guidanceBookings above $300 million at its share and a higher 2026 guidance pass; a guidance cut fails.Outcome: Bookings were a record $627 million, and Digital Realty raised its 2026 Core FFO guidance to $8.30 to $8.35.
2. Feb 4, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2027 guidance for Core FFO per share growth of 8% or more passes; guidance for lower growth fails.
3. Apr 23, 2027 · est.Pending

   Q1 2027 results: backlog startsA backlog that starts on schedule and higher same-capital cash NOI pass; delays of large leases fail.

Every passed and failed checkpoint across all picks

• October 29, 2026Digital Realty reported Q3 2026 results. Total revenues rose 21% to $1.9 billion, and Core FFO per share, excluding net promote, was $2.10, against $1.89 a year earlier. Bookings were a record $627 million of annual rent at its share, and rents on renewal leases rose 11.8% on a cash basis. Digital Realty raised its 2026 guidance for Core FFO per share, excluding net promote, to $8.30 to $8.35. After the quarter, it bought an additional 16% of Teraco, mainly with 3.4 million new shares, and raised its stake to about 77%.
• October 6, 2026Digital Realty priced €1 billion of 5.125% guaranteed notes due 2036 and closed CHF510 million of Swiss bonds due 2029, 2032 and 2036. It will use the money for projects under its green bond framework.
• July 23, 2026Digital Realty reported Q2 2026 results. Core FFO per share was $2.65, including $188 million of net promote income from its development joint venture, and $2.13 without it. In July, it signed two hyperscale leases with $205 million of annual rent at its share.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about February 4, 2027. The company has not confirmed the date.

• 8-KOther company newsFiled October 30, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 30, 2026 · dlr-20260930x10q
• 8-KEarnings release and Investor disclosureFiled October 29, 2026 · dlr-20261029x8k
• 8-KNew material agreement and New debt or financial obligationFiled October 9, 2026 · Read it on sec.gov
• 8-KInvestor disclosure and Other company newsFiled October 6, 2026 · Read it on sec.gov
• 8-KNew material agreement and New debt or financial obligationFiled October 6, 2026 · Read it on sec.gov
• 8-KOther company newsFiled October 6, 2026 · Read it on sec.gov
• 8-KOther company newsFiled August 19, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 31, 2026 · dlr-20260630x10q
• 8-KEarnings release and Investor disclosureFiled July 23, 2026 · dlr-20260723x8k

Every filing on SEC EDGAR (CIK 1297996)

• New data centers need large amounts of electric power. Delays in power connections or construction can delay the start of rent from the $1.8 billion backlog.
• Large cloud and AI customers sign most of the big leases. If they slow their spending or build their own data centers, demand and rents can fall.
• Digital Realty issues many new shares. It sold about 15.9 million shares under its at-the-market program in the first nine months of 2026 and used shares for the Blackstone and Teraco purchases, which can slow the growth per share.
• Total debt was about $19.5 billion at September 30, 2026, and net debt was 5.2 times Adjusted EBITDA. Higher interest rates raise the cost of new debt.
• A large part of the business is outside the United States. A stronger U.S. dollar lowers results from Europe, Asia and Africa.

Digital Realty funds itself with unsecured notes in U.S. dollars, euros, pounds, Swiss francs and yen, bank credit facilities, new shares, preferred stock, joint venture partners and cash flow. At September 30, 2026, total debt was about $19.5 billion: $17.9 billion unsecured and about $1.6 billion secured and other debt. Read more

Dividend yield

2.7% (last 12 months, at today’s price of $180.10)

Paid per share

$4.88 in the last 12 months (4 payments)

Current annual rate

$4.88 ($1.22 × 4 a year)

Payout ratio

136% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 15, 2026, $1.22 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 1.2% a year. Over the last 10 years, the dividend grew by about 3.4% a year.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.