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Cloud ComputingPublic

Digital Realty Trust

No base rate yet — DLR has 2 graded prints on the record, and the bar is 3.Website
Ticker
DLR
Beat
datacenters
Size
Public Company
Revenue
$1.6B
as of Mar 2026
Cash
$2.4B
as of Mar 2026
Researched · Fresh
2 days ago

The AI-era landlord with the cleanest balance sheet it has had in a decade — but the moat is durable, the price already pays for it; an own-the-toll-road BULLISH at a watch-on-pullback price, not a fat-pitch entry.

Orbit · who it trades with and competes with
3 on the rings · 2 trade · 1 rival
3 mentions across our dossiers
Focus · Datacenters
Digital Realty Trust
DLR · public
No published house view
Trades with
Competes with
Links · 3 companies · 2 trade · 1 rival
“- Microsoft disclosed an $80B backlog of Azure orders it cannot fulfill due to power constraints — an external, non-DLR data point directly corroborating "power, not demand, is the binding constraint," at the scale of DLR's largest custome…”Microsoft · TRADE · from Digital Realty Trust’s dossier
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Price

Weekly closes

DLR · weekly close
180.70 USD+4.8%
Friday 30 Oct 2026 · last 52 Fridays 149.99–203.62
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 54 sh · 1 filing, Form 4 · 1 Oct 2026
  2. Short interest: 7,781,570 sh · 4.38 days to cover, FINRA · settled 15 Oct 2026
  3. Next print: in 103 days, Scheduled · 15 Feb 2027, scheduled
180.70USD+4.8%datacenters +1.3%DLR · 112 weekly closes to 2026-10-30

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 1 Oct 2026
1 filing · 54 shares
Shares sold shortFINRA · settled 15 Oct 2026
7,781,570 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
4.38
see the whole series
Financials

The reported figures

Revenue · quarterly
$1.6B
latest, Q1 ’26 · 12 periods stored
Filed · primary
Q1 ’26
$1.6B USD
as of 31 Mar 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Digital Realty Trust, quarterly figures held, Q2 ’23 to Q1 ’26
PeriodAs ofRevenueOperating marginCashShares outstandingGradingSource
Q2 ’2330 Jun 2023$1.4B USD11.3% share of revenue$125M USD302.7M sharesFiled · primarysec.gov
Q3 ’2330 Sept 2023$1.4B USD4.2% share of revenue$1.1B USD302.9M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$1.4B USD9.8% share of revenue$1.6B USD—Filed · primarysec.gov
Q1 ’2431 Mar 2024$1.3B USD11.2% share of revenue$1.2B USD312.4M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$1.4B USD0.7% share of revenue$2.3B USD327.4M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$1.4B USD11.8% share of revenue$2.2B USD331.7M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$1.4B USD10.1% share of revenue$3.9B USD—Filed · primarysec.gov
Q1 ’2531 Mar 2025$1.4B USD14.0% share of revenue$2.3B USD336.8M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$1.5B USD14.2% share of revenue$3.6B USD341.1M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$1.6B USD8.8% share of revenue$3.3B USD343.5M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$1.6B USD6.8% share of revenue$3.5B USD343.6M sharesFiled · primarysec.gov
Q1 ’2631 Mar 2026$1.6B USD16.4% share of revenue$2.4B USD351.4M sharesFiled · primarysec.gov

Digital Realty Trust’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ2 ’23 – Q1 ’26
$1.6B+16% vs Q1 ’25

Q1 ’26 · as of Mar 2026

Revenue Q2 ’23: $1.4B, as of Jun 2023Revenue Q3 ’23: $1.4B, as of Sep 2023Revenue Q4 ’23: $1.4B, as of Dec 2023 (Q4 worked out from the annual total)Revenue Q1 ’24: $1.3B, as of Mar 2024Revenue Q2 ’24: $1.4B, as of Jun 2024Revenue Q3 ’24: $1.4B, as of Sep 2024Revenue Q4 ’24: $1.4B, as of Dec 2024 (Q4 worked out from the annual total)Revenue Q1 ’25: $1.4B, as of Mar 2025Revenue Q2 ’25: $1.5B, as of Jun 2025Revenue Q3 ’25: $1.6B, as of Sep 2025Revenue Q4 ’25: $1.6B, as of Dec 2025 (Q4 worked out from the annual total)Revenue Q1 ’26: $1.6B, as of Mar 2026

Lighter bars: Q4 worked out as the full-year total minus the three reported quarters.

Operating margin · quarterlyQ2 ’23 – Q1 ’26
16.4%+2.4 pts vs Q1 ’25

Q1 ’26 · as of Mar 2026

Operating margin Q2 ’23: 11.3%, as of Jun 2023Operating margin Q3 ’23: 4.2%, as of Sep 2023Operating margin Q4 ’23: 9.8%, as of Dec 2023 (Q4 worked out from the annual total)Operating margin Q1 ’24: 11.2%, as of Mar 2024Operating margin Q2 ’24: 0.7%, as of Jun 2024Operating margin Q3 ’24: 11.8%, as of Sep 2024Operating margin Q4 ’24: 10.1%, as of Dec 2024 (Q4 worked out from the annual total)Operating margin Q1 ’25: 14.0%, as of Mar 2025Operating margin Q2 ’25: 14.2%, as of Jun 2025Operating margin Q3 ’25: 8.8%, as of Sep 2025Operating margin Q4 ’25: 6.8%, as of Dec 2025 (Q4 worked out from the annual total)Operating margin Q1 ’26: 16.4%, as of Mar 2026

Lighter bars: Q4 worked out as the full-year total minus the three reported quarters.

Cash · quarterlyQ2 ’23 – Q1 ’26
$2.4B

Q1 ’26 · as of Mar 2026

Cash Q2 ’23: $125M, as of Jun 2023Cash Q3 ’23: $1.1B, as of Sep 2023Cash Q4 ’23: $1.6B, as of Dec 2023Cash Q1 ’24: $1.2B, as of Mar 2024Cash Q2 ’24: $2.3B, as of Jun 2024Cash Q3 ’24: $2.2B, as of Sep 2024Cash Q4 ’24: $3.9B, as of Dec 2024Cash Q1 ’25: $2.3B, as of Mar 2025Cash Q2 ’25: $3.6B, as of Jun 2025Cash Q3 ’25: $3.3B, as of Sep 2025Cash Q4 ’25: $3.5B, as of Dec 2025Cash Q1 ’26: $2.4B, as of Mar 2026
Shares outstanding · quarterlyQ2 ’23 – Q1 ’26
351.4M+16% since Q2 ’23

Q1 ’26 · as of Mar 2026

Shares outstanding Q2 ’23: 302.7M, as of Jun 2023Shares outstanding Q3 ’23: 302.9M, as of Sep 2023Shares outstanding Q1 ’24: 312.4M, as of Mar 2024Shares outstanding Q2 ’24: 327.4M, as of Jun 2024Shares outstanding Q3 ’24: 331.7M, as of Sep 2024Shares outstanding Q1 ’25: 336.8M, as of Mar 2025Shares outstanding Q2 ’25: 341.1M, as of Jun 2025Shares outstanding Q3 ’25: 343.5M, as of Sep 2025Shares outstanding Q4 ’25: 343.6M, as of Dec 2025Shares outstanding Q1 ’26: 351.4M, as of Mar 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-11-02editorial noteSources added: 0 → 3The dossier's cited-link count grew from 0 to 3 (deep-dive-2026-07-22.md → deep-dive-2026-11-02.md).dossier
2026-11-02editorial noteCapex figure revised: $725B → $4.25Capex moved from $725B (deep-dive-2026-07-22.md) to $4.25 (deep-dive-2026-11-02.md).dossier
2026-11-02editorial noteRevenue figure revised: 11% → $7.050Revenue moved from 11% (deep-dive-2026-07-22.md) to $7.050 (deep-dive-2026-11-02.md).dossier
2026-10-30funding round424B7: resale of 3,425,031 common shares by selling stockholdersProspectus supplement dated 30 Oct 2026 covers resale of 3,425,031 common shares issued 20 Oct 2026 under a purchase agreement (TDE Put Right). The company receives no proceeds.agent:company-events · SEC EDGAR 424B7
2026-10-30filing10-Q: Q3 2026 combined report (Digital Realty Trust and L.P.)Combined Form 10-Q for the quarter ended 30 Sep 2026; 378,325,814 common shares outstanding at 27 Oct 2026.agent:company-events · SEC EDGAR 10-Q
2026-10-30filing8-K Item 8.01: resale registration of shares issued for ~16% Teraco JV interestAcquisition on 19 Oct 2026 of about 16% of Teraco JV interests via a put right; shares issued as consideration are being registered for resale (prospectus supplement filed 30 Oct 2026).agent:company-events · SEC EDGAR 8-K
2026-10-29guidance8-K: Q3 2026 results, Core FFO $2.10/shareQ3 2026 net income available to common stockholders $185,165K ($0.48 diluted); Core FFO $2.10 per diluted share; 2026 Core FFO (excl. net promote) outlook raised to $8.30 to $8.35.agent:company-events · SEC EDGAR 8-K
2026-10-09contract8-K: EUR1.0bn 5.125% Guaranteed Notes due 2036 issuedOn 9 Oct 2026 Digital Euro Finco, LLC issued EUR1,000,000,000 5.125% Guaranteed Notes due 2036 at 99.289% of principal; net proceeds about EUR985.8 million.agent:company-events · SEC EDGAR 8-K
2026-10-06filing8-K Item 8.01: Euro Notes offering commenced; CHF notes priced 28 Sep 2026Euro Notes offering commenced 6 Oct 2026. On 28 Sep Digital Constellation B.V. priced CHF225.0m 1.6803% due 2029, CHF185.0m 2.0600% due 2032 and CHF100.0m 2.4150% due 2036; net proceeds about CHF508.4m.agent:company-events · SEC EDGAR 8-K
2026-10-06filing8-K: Digital Euro Finco prices €1bn 5.125% notes due 2036On 6 Oct 2026 Digital Euro Finco, LLC priced €1 billion 5.125% Guaranteed Notes due 9 Oct 2036 at 99.289% of principal; settlement expected 9 Oct 2026.agent:company-events · SEC EDGAR 8-K
2026-10-06contract8-K: CHF510m guaranteed notes issued 6 Oct 2026 (2029, 2032, 2036)Digital Constellation B.V. issued CHF225m 1.6803% notes due 2029, CHF185m 2.0600% notes due 2032 and CHF100m 2.4150% notes due 2036; net proceeds CHF508.39m.agent:company-events · SEC EDGAR 8-K
2026-07-22editorial noteVerdict changed: The AI-era landlord with the cleanest balance sheet it has had in a decade — but the moat is durable, the price already pays for it; an own-the-toll-road BULLISH at a watch-on-pullba…Before (deep-dive-2026-06-21.md): The AI-era landlord with the cleanest balance sheet it has had in a decade — but the moat is durable, the price already pays for it; an own-the-toll-road BULLISH at a watch-on-pullback price, not a fat-pitch entry. After (deep-dive-2026-07-22.md): No directional call this refresh (Socratic gate, pre-print). Mechanically: five material corporate-action deltas landed since 2026-06-21 (Blackstone NoVA JV buyout, Kansas City power-anchored land buy, Teraco put executing, Columbia Capital acquisition, continued ATM issuance) plus a materially larger hyperscaler capex backdrop — all data, no verdict attached.dossier
dossier age
2 days
researched 2 Nov 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 21 mentions across 2 sections. A dashed foot names none.
Primary sources
1 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-07-22), 506 words, 21 filing mentions
  2. The dossier: What held, 36 words, no filing mention
Research

The Digital Realty Trust dossier

The verdict

No directional call this refresh (Socratic gate, pre-print). Mechanically: five material corporate-action deltas landed since 2026-06-21 (Blackstone NoVA JV buyout, Kansas City power-anchored land buy, Teraco put executing, Columbia Capital acquisition, continued ATM issuance) plus a materially larger hyperscaler capex backdrop — all data, no verdict attached.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-07-22)

  1. Q3 2026 (actuals): total operating revenues $1,902.4M, +21% YoY (Q3 2025 $1,577.2M); Q2 2026 was $1,924.0M including $201M of promote income [Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. Q3]. Net income to common $185M, $0.48 per share ($0.15); FFO $1.97 per share ($1.65); Core FFO per share (excluding net promote) $2.10 (Q2 $2.13; Q3 2025 $1.89); nine months $6.27. Adjusted EBITDA $978M, +13% YoY, flat on Q2 [Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. Q3].
  2. Q2 against the prior dossier's watch list. The prior dossier quoted consensus Core FFO of $1.98 for Q2; the supplement shows Q2 Core FFO (excluding net promote) of $2.13 [8-K Q3, comparative column]. The "step down in the second quarter" the CFO had flagged did not show in that line.
  3. Leasing (actuals): record bookings of $627M annualized GAAP base rent at DLR share ($855M at 100% share), of which $474M in >1 MW, $130M in 0–1 MW and $22M interconnection; 155 new logos [8-K Q3; 8-K Q3 deck]. Bookings at DLR share were +40% QoQ and +80% YoY [8-K Q3 deck]. Renewal spreads 11.8% cash, 17.0% GAAP on $261M of renewals [8-K Q3].
  4. Backlog: record $1.8B at DLR share ($2.5B at 100%), against the $1.8B/$1.0B cited in the prior dossier for the pre-Q2 position; $324M scheduled to commence in 2026, $665M in 2027, $241M in 2028+ (consolidated) [8-K Q3; 8-K Q3 deck]. Signing-to-commencement lag 17 months (prior dossier: 19) [8-K Q3].
  5. Pipeline (as of 2026-09-30): 1,464 MW under construction, 63% leased, 11.6% average expected stabilized yield [8-K Q3, Development Lifecycle]. The prior dossier had 1,169 MW, 61% and 11.4% at 2026-03-31. Northern Virginia 390 MW at 85% leased; Charlotte 212 MW at 94%; Atlanta 192 MW at 0%. Occupancy 91.1% at quarter end (90.2% at Q2); same-capital 93.4% [8-K Q3].
  6. 2026 guidance raised twice since the prior dossier (guidance): Core FFO per share (excluding net promote) $8.15–8.20 at 2026-07-23 and $8.30–8.35 at 2026-10-29, against $8.00–8.10 in the prior dossier; revenue (excluding promote) $7.050–7.125B; adjusted EBITDA $3.800–3.850B; cash renewal spreads 10.0–12.0%; same-capital cash NOI growth 5.25–5.75%; development Capital expenditureMoney spent on long-lived things — buildings, machines, servers — rather than on running costs. (net) $4.25–4.75B; dispositions and contributions $1.5–2.0B [8-K Q3, 2026 Outlook].
  7. Balance sheet and funding: total debt about $19.5B at 2026-09-30 ($17.9B unsecured); net debt to adjusted EBITDA 5.2x (4.9x pro forma for the stabilization of the three Northern Virginia sites bought on 2026-06-30) [8-K Q3; 8-K Q3 deck]. ATM: 2.4M shares in Q3 for about $450M; 15.9M shares year to date for about $2.9B at $185.98 average [8-K Q3]. October issuance: €1B 5.125% notes due 2036 [sec.gov: 8-K 2026-10-09, https://www.sec.gov/Archives/edgar/data/1297996/000119312526419168/d368817d8k.htm] and CHF510M of Swiss notes due 2029–2036 [sec.gov: 8-K 2026-10-06, https://www.sec.gov/Archives/edgar/data/1297996/000119312526415814/d191285d8k.htm].
  8. Corporate actions: the Teraco put closed on 2026-10-19 — about 16% for about $688M, mostly in 3.4M new shares, taking DLR to about 77% [8-K Q3; sec.gov: 8-K 2026-10-30, https://www.sec.gov/Archives/edgar/data/1297996/000119312526441892/d170330d8k.htm]. Q3 land purchases totalled $742M, including sites near Indianapolis (over 1 GW), Chicago (360 MW) and Charlotte (up to 600 MW). After quarter end DLR closed $1.4B of initial cornerstone equity commitments for a new perpetual capital vehicle for stabilized North American hyperscale data centers [8-K Q3].

What held

  • Demand evidence strengthened on every line the prior dossier set to watch: bookings, backlog, renewal spreads, pre-lease (facts 3–5).
  • Growth is still funded partly with new equity (ATM, Teraco shares) and debt (fact 7).

How our view changed

3 dossiers

Every dossier we have written on Digital Realty Trust, newest first.

  1. current

    No directional call this refresh (Socratic gate, pre-print).

  2. No directional call this refresh (Socratic gate, pre-print).

  3. The AI-era landlord with the cleanest balance sheet it has had in a decade

Research trail

The research around Digital Realty Trust

Covered in the Knowledge Base

Datacenters & Digital Infrastructure

Company details

IndustryCloud Computing
SizePublic Company
WebsiteVisit Digital Realty Trust

Others in datacenters

5 names

Where Digital Realty Trust sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.