Digital Realty Trust: Robust Demand, Pricing Tailwinds & Ramping Development Pipeline Driving Healthy Growth

研报英文原文证据摘录

Digital Realty Trust: Robust Demand, Pricing Tailwinds & Ramping Development Pipeline Driving Healthy Growth

Deutsche Bank

Research

Rating Company Date

Buy Digital Realty Trust 18 May 2026

North America Reuters Bloomberg Rating Buy

United States DLR.N DLR US Price target (USD) 220.00 Price at 15 May 26 188.51

52-week range 203.91 – 147.93

TMT

Telecom Services Valuation & Risks

Robust Demand, Pricing Tailwinds & Ramping

Development Pipeline Driving Healthy Growth BenjaminResearch AnalystSoff

+1-212-250-3716

DLR remains our top pick in data centers and we are raising our 12-month price

Bryan Kraft target to $220 (up from $196 prior), based on (1) increased AFFO/share estimates Research Analyst

(see below) and (2) now using a 27.5x multiple (vs 25.0x prior), which is supported +1-212-250-0117

by a more robust multi-year growth outlook (our new forecast implies DLR’s

AFFO/share to grow at a 10.4% 3-year CAGR through 2028 vs 9.2% in our prior Spencer Amer

Research Associate forecast). We highlight several positive and likely sustainable trends underpinning

+1-212-250-4386

DLR’s fundamental outlook, including:

Shiv-A Singh

• Continued momentum in the 0-1MW business where the company is Research Associate

gaining market share. DLR has been building up its presence in the +1-212-250-0118

enterprise space and the company has now delivered two consecutive

record quarters of 0-1MW leasing. Within this category, DLR is observing

increased demand for larger leases, driven in part by accelerating

Key changes adoption of AI by enterprise customers. 21% of 0-1MW activity this past

quarter was tied to AI, up from high teens % in 4Q25 and low double Price target (USD) 196 220 12%

digits % in 1Q25. We expect enterprise adoption of AI would continue to Source: Deutsche Bank