Citi‘s Most Read - Real Estate

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Citi‘s Most Read - Real Estate

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Citi's Most Read - Real Estate

June 29 - July 5 06 Jul 2026 07:29:47 ET

ACMost Read Citi Global Research

As boundaries increasingly blur between conventional sectors, and as bottom-up +44-20-7500-1400

and top-down analysis converges, Citi Research offers a Super-Sector lens to help

you better understand and take advantage of widespread disruptive trends and

innovation, extending our peer analysis for greater breadth and depth. The Real

Estate Super-Sector consists of the Real Estate/Property, and REITs sectors.

Please find below a collection of our most impactful recent research in the Real

Estate Global Super-Sector – we hope you find it thought-provoking.

Most Read

Digital Realty Trust Inc (DLR.N) - DLR Announces Purchase of Blackstone

Interest in NOVA Data Centers and Secondary Offering by Blackstone

DLR announced its agreement to purchase Blackstone’s interest in three fully

leased data centers in NOVA for $7.8B at an expected initial stabilized cash cap

rate of >6.5%. With an above-average annual cash escalator of 3.6%, we view this

as a positive and accretive deal for DLR with an unlevered total annual return of

>10%. The transaction is opportunistic for DLR to take 100% ownership of these

strategic sites (from an average of 36%) at a favorable valuation, while also

providing Blackstone with an early exit. We estimate the potential accretion in

2027 is roughly 80 bps to core FFOPS and roughly 330 bps in 2028, including the

shares used to fund the transaction from a combination of intra-quarter ATM and

direct issuance to Blackstone. We maintain our Buy on DLR with room for multiple

expansion from favorable demand, positive renewal spreads, and conservative

FY26 guidance.

Buy | Target price US$226.00