Digital Realty Trust Inc.: Three Transactions for Expansion

Research evidence excerpt

Digital Realty Trust Inc.: Three Transactions for Expansion

Update

June 22, 2026 08:47 PM GMT

Morgan Stanley & Co. LLCMDigital Realty Trust Inc. | North America Cameron McVeigh, CFA

Equity Analyst

Three Transactions for Cameron.McVeigh@morganstanley.comGaro K Amerkanian +1 212 761-4209

Research Associate

Garo.K.Amerkanian@morganstanley.com +1 212 761-1207

Expansion Sean Diffley, CFA

Sean.DIFFLEY@morganstanley.com +1 212 761-5868

DLR announced 3 transactions to 1. add 2GWs utility power in

Kansas at full delivery, 2. expand their ownership interest in Digital Realty Trust Inc. (DLR.N, DLR US)

Teraco and 3. improve access to private capital. We view this Communications Infrastructure | United States of America

Stock Rating Equal-weight

favorably in a capacity constrained market, and look for Industry View In-Line

Price target $215.00

continued execution to get more constructive on shares. Shr price, close (Jun 18, 2026) $188.15

Mkt cap, curr (mm) $67,358

What happened? Digital Realty announced three transactions: 52-Week Range $208.03-146.39

(1) a $475mn (cash and common units) acquisition of ~1,440 acres at Astra

Enterprise Park near Kansas City for hyperscale development, supported by an

energy service agreement for 600MW of utility power by early 2028 and up to

2GW at full delivery;

(2) a $650mn (common stock issuance) increase in its Teraco (South Africa data

center operator) ownership to 77% through the purchase of a 16% minority stake;

and

(3) a planned $485mn (common stock issuance plus separate earnout) acquisition of

Columbia Capital, a digital infrastructure investment firm with over $9bn of fund

commitments.

Digital Realty expects to issue 6.3mn shares of common stock / operating

partnership units (~2% of 355.2mn shares outstanding) at a weighted average price