Companies · DLR
Digital Realty Trust, Inc.
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Latest analysis
Updated Jul 31, 2026
Digital Realty acquires Blackstone JV interests for ~$3.5B and doubles capacity under development to 1,402 MW as AI demand accelerates global expansion.
Digital Realty's most consequential move in H1 2026 is the $3.5 billion buyout of Blackstone's joint venture interests in two Northern Virginia campuses, converting a minority stake into full ownership of assets expected to stabilize in 2027-2028. Simultaneously, the company nearly doubled its capacity under development to 1,402 MW — an 82% increase from year-end 2025 — with 54% pre-leased, signaling that demand absorption is keeping pace with an aggressive build cycle. Revenue for the six months ended June 30, 2026 reached $3.56 billion, up 22.7% versus the prior-year period, driven by non-stabilized portfolio ramp (up 41.5%) and a $201 million one-time promote income from the same Blackstone transaction.
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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