Equity Snap: Digital Realty Trust Inc (DLR US): 2026 guidance raised on strong 2Q26 beat

研报英文原文证据摘录

Equity Snap: Digital Realty Trust Inc (DLR US): 2026 guidance raised on strong 2Q26 beat

23 July 2026

Equity Snap: Digital Realty Trust Equities REITs

Inc (DLR US)

2026 guidance raised on strong 2Q26 beat United States

◆ Improving backlog and accelerating development pipeline Phani Kanumuri

increase company confidence in durable double-digit core Analyst, TMT HSBC Securities (USA) Inc.

FFO per share growth phani.kanumuri@us.hsbc.com

+1 240 709 8135

Madhvendra Singh*, CFA

Digital Realty Trust Inc (DLR US, USD179.34, Hold, TP USD210.00) Senior Analyst, TMT

HSBC Bank Middle East Limited, DIFC

(Priced as of 23 Jul 2026)

madhvendra.singh@hsbc.com

+971 450 93348

Management expects double-digit core FFO per share growth for several years:

Ali Naqvi*

This comes after the company guided for “at least mid-single digit” core FFO per Senior Global TMT Analyst

share growth in 2025. The improving backlog and positive price dynamics are making HSBC Bank Middle East Limited, DIFC

ali.naqvi@hsbc.com

the company confident of sustainable “double-digit” core FFO per share growth. The +44 20 7992 2176

current backlog is now USD1.9bn on a 100% basis and USD1.4bn based on Digital

Realty’s stake. * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

Pricing growth was strong, while development capacity has increased

significantly: The company sees supply-demand imbalance helping pricing as the

company raised 2026 lease renewal growth guidance by 250bps this quarter. 2Q26

registered strong growth in lease renewal rates with a 5.2% increase in cash

renewals in small power blocks (0-1MW) and a 66.7% increase in large power

blocks. Singapore saw strong increase in renewal rates in large power blocks. The