Digital Realty Trust: Strong volumes and pricing set the stage for continued double-digit earnings growth

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Digital Realty Trust: Strong volumes and pricing set the stage for continued double-digit earnings growth

Global Research

24 July 2026ab

Digital Realty Trust Equities

AmericasStrong volumes and pricing set the stage for

continued double-digit earnings growth Fixed-Line Communications

12-month rating Buy

12m price target US$227.00Checking all the boxes

Results included some one-time benefits but we believe underlying trends were still

ahead and KPIs were broadly constructive. Bookings of $208M included a new high in Price (23 Jul 2026) US$179.34

the 0-1MW plus interconnect category at $108M. Digital also signed two hyperscale RIC: DLR.N BBG: DLR US

leases in July in Northern Virginia totaling $205M of bookings ($410M including JV

partners) and highlighted a growing leasing pipeline, with 1.5GW beginning to become Trading data and key metrics

available in 2027-28 (pre-leasing window) amid broader industry supply and compute 52-wk range US$203.91-147.93

constraints. Renewal activity was particularly strong, with wholesale deals stepping up Market cap. US$66.4b

67% on a cash basis, underscoring the opportunity ahead as below-market rents expire Shares o/s 370m (COM)

(e.g., 2028 renewal vintage expiring at $130/kW versus recent DLR pricing of ~$180/ Free float 100%

kW). Despite some initial dilution from the Blackstone deal, management raised 2026 Avg. daily volume ('000) 874

FFO/sh guidance by ~1%, or $0.10, and highlighted expectations for double-digit Avg. daily value (m) US$162.6

growth over a multi-year horizon (Street at a 10.5% CAGR from 2026-28), with the Common s/h equity (12/26E) US$26.7b

backlog now at ~30% of in-place data center rent and a growing stream of high-margin P/BV (12/26E) 2.5x

fee income. Management downplayed efforts to participate in the broadening