Digital Realty Trust Inc (DLR.N): Takeaways from DLR Earnings Call and Management Call-Back

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Digital Realty Trust Inc (DLR.N): Takeaways from DLR Earnings Call and Management Call-Back

Digital Realty Trust Inc (DLR.N)

23 July 2026 Citi Research

Strong Development Pipeline and Backlog Support Future Growth: DLR’s development pipeline remains a key growth driver,

with more than $20 billion of projects under development at an 11.5% expected ROI and approximately 63% of capacity pre-

leased after including the bookings in early 3Q highlighted on the conference call ($410 million total and DLR share of $205

million). The pipeline includes roughly 1.4GW of leased development capacity (representing a ~45% expansion relative to

DLR's existing operating footprint) and sits within a broader 9GW growth runway. Management also highlighted active

customer discussions for nearly 1.5GW of additional capacity targeted for 2027–2028 deliveries, underscoring continued

demand visibility. Management remains confident in its ability to deliver the required power capacity, particularly given the

phased timing of capacity coming online. DLR noted that more than 80% of the active development is concentrated in the

Americas, driven by strong demand from hyperscale cloud and AI workloads. DLR remains encouraged by the

visibility/predictability of its backlog, which increased to a record $1.9B ($1.4B at DLR share) and represents 30% of in-place

data center revenue at the end of June.

Core FFO Outlook – Digital Realty’s upwardly revised Core FFO per share outlook represents double-digit growth over 2025,

and management remains confident in the company’s ability to extend this double-digit growth in 2027 and 2028. Digital

Realty recognized $188 million of promote income during the quarter, representing Blackstone’s share of the fees in the recent

transaction.