Companies · DLR
Digital Realty Trust, Inc.
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Latest analysis
Updated Oct 30, 2026
Digital Realty Q3 2026: 90%+ portfolio occupancy, 1,464 MW under development, and a $3.5B acquisition redefine scale ahead of sustained AI-driven demand
Digital Realty's Q3 2026 10-Q reveals a business accelerating on every operational dimension: total operating revenues reached $1.90 billion in Q3 and $5.46 billion for the nine months ended September 30, 2026, driven by 60% non-stabilized revenue growth as the global development pipeline converts to stabilized cash flow. The June 2026 acquisition of the remaining 64% interests in the Dulles 9 and Brickyard joint ventures for $3.5 billion — the largest single transaction in the filing — adds Northern Virginia capacity at a moment when Americas occupancy has reached 95.8% and the consolidated portfolio stands at 90.7% occupied. With 1,464 MW under active construction (up approximately 90% from year-end 2025), 63% pre-leased, and estimated stabilized cash yields of 11.6%, DLR is deploying capital at a rate and scale that positions it as the primary beneficiary of hyperscaler AI infrastructure demand.
Tone: bullishRevenue
$6.1B
DLR 10-K · FY 2025
Employees
4,282
Revenue FY2024
$5.6B
Founded
2004
Profile
DLR 10-K Item 1 · Feb 13, 2026Digital Realty Trust, Inc. is a global REIT operating as a leading provider of data center, colocation, and interconnection solutions across more than 30 countries on six continents. The company serves enterprises, cloud service providers, and network operators through its PlatformDIGITAL flagship offering, combining physical data center infrastructure with connectivity and cloud-enablement services. Its portfolio of 310 data centers spans over 55 metros globally, with significant scale in Northern Virginia, Frankfurt, London, and key Latin American and African markets.
Read filing description ↓ Collapse description ↑
Digital Realty Trust, Inc., through its controlling interest in Digital Realty Trust, L.P. and the subsidiaries of the Operating Partnership, is a leading global provider of data center, colocation and interconnection solutions for customers across a variety of industry verticals. The Parent operates as a REIT for U.S. federal income tax purposes. The Operating Partnership is the entity through which the Parent conducts its business of owning, acquiring, developing and operating data centers. We provide a global data center platform that supports our customers' digital infrastructure and enables our customers to interconnect with their customers and partners. We solve global coverage, capacity and connectivity needs for companies of all sizes, including the world's leading enterprises and services providers, through PlatformDIGITAL, a global data center platform for scaling digital business which enables customers to deploy their critical infrastructure with a global data center provider. PlatformDIGITAL combines our global presence with our Pervasive Data Center Architecture (PDx) solution methodology for scaling digital business and efficiently managing data gravity challenges. Digital Realty gives its customers access to the connected communities that matter to them with a global data center footprint of over 300 facilities with over 232,000 cross connects in over 55 metros across more than 30 countries on six continents. We believe cloud and hybrid cloud solutions and artificial intelligence technologies, along with other digital transformation initiatives, will remain significant drivers of demand for data center infrastructure. Our portfolio of high-quality data centers provides secure, highly connected and continuously available environments for the exchange, processing and storage of critical data.
Primary products
- PlatformDIGITAL
- Pervasive Data Center Architecture (PDx)
- ServiceFabric
- Turn-Key Flex
- Powered Base Building
- Critical Facilities Management
Business segments
End markets
Geographies
Named customers
Our largest customer accounted for approximately 11.7% of our aggregate annualized recurring revenue as of December 31, 2025. No other single customer accounted for more than approximately 9.0% of the aggregate annualized recurring revenue of our portfolio.
Named competitors
“As the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, we believe the data center industry is poised for sustainable growth.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total operating revenues grew from approximately $5.55 billion in 2024 to approximately $6.11 billion in 2025, driven by increases in both rental and other services revenue and fee income.
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