Digital Realty (DLR) Q3 2025 Earnings Transcript

Image source: The Motley Fool.

DATE

Thursday, October 23, 2025 at 5 p.m. ET

CALL PARTICIPANTS

President and Chief Executive Officer — Andy Power

Chief Financial Officer — Matt Mercier

Chief Technology Officer — Christopher Sharp

Chief Investment Officer — Gregory Wright

Chief Revenue Officer — Colin McLean

Need a quote from a Motley Fool analyst? Email pr@fool.com

RISKS

CFO Matt Mercier stated that fourth quarter core FFO per share will be tempered by seasonally higher repairs and maintenance expenses, headwinds from a non-core asset sale, and lower interest income due to lower rates and cash balances. (Core FFO is a non-GAAP metric; the statement refers to Q4 2025.)

Operating expenses increased in the quarter due to business scale, employment costs, and seasonal effects.

TAKEAWAYS

Core FFO Per Share -- $1.89 in core FFO per share, a quarterly record, representing 13% year-over-year growth; Constant currency core FFO per share was $1.85, up 11%.

AFFO Per Share -- Increased by 16% year over year.

Adjusted EBITDA -- Adjusted EBITDA rose 14% year over year.

Data Center Revenue -- Data center revenue grew 9% year over year, driving adjusted EBITDA higher.

Same Capital Cash NOI Growth -- Same capital cash NOI growth increased by 8% year over year in the third quarter; 5.2% increase on a constant currency basis.

Bookings -- $201 million annualized rent signed at 100% share; $162 million at company share, with $85 million from zero to one megawatt plus interconnection bookings and $76 million from greater than one megawatt leasing.

Backlog -- Grew to $852 million at company share, with $137 million of commencements offset by new bookings.

Interconnection Leasing -- Achieved a record $20 million in interconnection leasing, up 13% sequentially, supported by AI-oriented fiber and service fabric demand.

Renewal Leases -- $192 million signed at an 8% blended cash increase; $138 million of renewals in the zero to one megawatt category at a 4.2% uplift; $49 million of renewals greater than one megawatt at a 20% cash releasing spread.

Leasing Churn -- Remained low at 1.6%.

Development CapEx -- Over $900 million gross (with partner share), approximately $700 million at company share; delivered 50 megawatts of new capacity (85% preleased), initiated 50 megawatts new projects, with 730 megawatts under construction.

Development Pipeline -- $9.7 billion gross at quarter end, expected stabilized yield of 11.6% at quarter end, with five gigawatts of future developable IT load.

Asset Divestitures -- Sold non-core facilities in Atlanta, Boston, and Miami for $90 million; sold Dallas facility for $33 million in October 2025; reinvested $67 million into land in Chicago and Los Angeles.

Leverage -- Reduced to 4.9 times, below the long-term target of 5.5 times; liquidity at nearly $7 billion, separate from $15 billion arranged private capital for joint ventures and the hyperscale fund.

Debt Maturities -- Next major maturities are €1.1 billion notes at 2.5% in January 2026 and CHF 275 million at 0.2% maturing in the second half of 2026; maturities laddered through 2035.

Guidance Increase -- Core FFO per share full-year 2025 guidance lifted by approximately 2% at the midpoint to $7.32–$7.38; Constant currency core FFO guidance midpoint up 2% to $7.25–$7.30 per share for the full year 2025.

Guidance Assumptions -- Revenue and adjusted EBITDA guidance midpoints both increased by $75 million for 2025. Cash and releasing spread guidance midpoints raised to 6% and 8%, respectively, for the full year 2025. Constant currency same capital cash NOI growth midpoint increased by 50 basis points to 4.5% for the full year 2025. G&A guidance midpoint increased by $7.5 million for the full year 2025.

AI-Oriented Demand -- Over 50% of bookings related to AI for the quarter; AI accounted for new highs in the zero to one megawatt category, with over 18% of signings.

Customer Diversification -- Top single signing in each of the past seven quarters went to a different customer; geographic and sector diversification observed in bookings.

Record Pipeline -- Company reported the largest pipeline on record, with customers increasingly focusing on large contiguous capacity blocks slated for 2026 and beyond.

Technical Capabilities -- High-density colocation (HD colo) offering available across 30 metros, 170 facilities, with up to 150 kilowatt deployments in under fourteen weeks, tailored for next-generation AI chipsets.

Sustainability Recognition -- Received EcoVadis Gold rating (97th percentile), expanded Illinois renewable energy with community solar, and signed Ohio River hydropower agreements for 500 GWh of carbon-free electricity in Q3 2025.

SUMMARY

Digital Realty delivered record-breaking operational and financial results for Q3 2025, including its third consecutive guidance increase and a 13% rise in core FFO per share. Demand from AI workloads is fundamentally reshaping leasing trends, as evidenced by over 50% of quarterly bookings tied to AI. Management stated that zero to one megawatt interconnection products and high-density offerings are experiencing record momentum across major geographies, driven in part by enterprise and hyperscale clients with diverse technical needs. Significant renewals in the greater than one megawatt category achieved notable 20% cash releasing spreads, particularly in key global markets.

CFO Matt Mercier stated, "Looking ahead to the fourth quarter, we expect another $165 million of leases to commence, with another $555 million scheduled to commence throughout 2026," indicating strong near-term revenue predictability. (No explicit non-GAAP designation provided for lease commencements; time period references are as stated in the source.)

President and CEO Andy Power reported that Digital Realty Trust, Inc.'s pipeline is "at a record level," and the company's large contiguous capacity blocks in strategic metros are drawing increasing customer interest for late 2026, 2027, and beyond.

The company committed over $900 million in development CapEx, maintaining a gross project pipeline of $9.7 billion and a runway of five gigawatts, with 85% of new capacity already preleased.

CFO Matt Mercier emphasized robust liquidity, noting "nearly $7 billion" in available resources, distinct from $15 billion in private capital for hyperscale growth via joint ventures.

The company plans for slightly higher CapEx levels in 2026, with a large portion through private capital structures, as projects ramp up to address expanding AI and hyperconnected workload requirements.

The company received its first EcoVadis Gold rating and executed new renewable energy agreements, reaffirming its commitment to sustainability.

INDUSTRY GLOSSARY

Core FFO (Funds From Operations): A measure of real estate investment trust (REIT) earnings that adjusts net income for depreciation, amortization, and one-time gains or losses to reflect recurring property-level cash flows.

Same Capital Cash NOI (Net Operating Income): NOI growth measured on properties held continuously over a specific period, excluding the impact of acquisitions, dispositions, and significant capital investments.

HD Colo (High Density Colocation): Specialized colocation service designed for deployment of higher power densities per rack, including specific cooling and electrical requirements for AI or HPC environments.

Backlog: Contracted, but not yet commenced, signed leases representing future revenue as data center capacity is delivered to customers.

Full Conference Call Transcript

Before I turn the call over to Andy, let me offer a few key takeaways from our third quarter results. First, we posted $1.89 in core FFO per share, a quarterly record and 13% higher than the third quarter of last year. Constant currency core FFO per share was $1.85, 11% higher than last year. Other profitability metrics surged as well, with AFFO per share and adjusted EBITDA up 16% and 14% year over year, respectively. These strong earnings results were comfortably ahead of expectations resulting in our third quarterly guidance increase so far this year. Second, we have strong visibility to continued growth given our near-record backlog and crisp execution.

Our backlog grew to $852 million with the lion's share slated to commence through the end of next year while organic growth continues to accelerate, as demonstrated by 8% same capital cash NOI growth year over year. Third, we continue to execute across the full product spectrum and our footprint, with over $200 million of bookings at 100% share. Near-record zero to one megawatt plus interconnection bookings in the quarter with a leading power bank of five gigawatts of IT load to support our customers and Digital Realty Trust, Inc.'s future growth. With that, I'd like to turn the call over to our President and CEO, Andy Power.

Andy Power: Thanks, Jordan, and thanks to everyone for joining our call. As digital transformation, cloud, and AI continue to grow, our ability to deliver scalable, connected infrastructure across key metros worldwide is more critical than ever. PlatformDigital's global reach and full spectrum product offering are key differentiators enabling us to support the evolving needs of cloud providers, enterprises, and service partners around the world. Over the past two years, the data center industry has experienced unprecedented demand fueled by the digitization of enterprise business processes, the expansion of cloud, and the ongoing proliferation of AI, resulting in complex hybrid IT architectures.

Demand for scalable, connected infrastructure remains robust across a wide range of customer segments, from global cloud platforms to regional service providers and multinational enterprises. Meeting this demand within our markets, however, is becoming increasingly challenging. Power availability, permitting challenges, and infrastructure constraints are making it harder to bring new supply online at the pace our customers require. Digital Realty Trust, Inc.'s established presence in the world's leading metros, deep relationships with utilities and local governments, and proven development track record give us a distinct advantage in navigating these challenges and delivering capacity efficiently and reliably where and when our customers need it.

In an attempt to help frame how we see the abundance of data center infrastructure announcements we are all seeing in the market, I want to make a few comments. It is clear that the world is engaged in a full-scale technology race with a handful of key players aiming to build the most advanced AI models or perhaps even AGI. Three years post-launch, ChatGPT holds the title of the fastest-growing app and is already among the most highly used applications in the world, with more than 800 million weekly users. Several others, Meta, Google, Baidu, and xAI, have also developed AI with meaningful scale.

With each passing week, we continue to see massive investment announcements and partnerships aimed at scaling the infrastructure necessary to support the world's most powerful AI training models. Given the scale of these announcements, the ongoing development and proliferation of AI offerings, the opportunity still appears to be in the very early innings. The preponderance of gigawatt campus announcements to date have generally fallen outside of the major metro markets in Digital Realty Trust, Inc.'s strategic footprint, as model builders and their providers have urgently sought locations that offer readily available and abundant power as power is the limiting factor for scaling AI. The anticipated pace and scale of these developments are largely unprecedented.

Given our experience and track record in the space, we are intrigued as several new market entrants have launched the development of massive and complex remote campuses, often to support a single use case, workload, or customer. These facilities hold the promises of developing life-changing technologies, and we are optimistic about their prospects. Training workloads geared toward developing the AI models can be described as latency tolerance, as the development of the AI takes precedent over the utilization of the technology, at least for now.

Based on conversations that we are having with our customers and industry participants, as well as what we are seeing in our broad portfolio, we are increasingly confident that connectivity will become increasingly important over time. As model success drives implementation and usage, requiring lower latency, inference-oriented deployments. Digital Realty Trust, Inc. has landed a meaningful share of AI-oriented deployments over the last two years. Since mid-2023, AI has averaged more than 50% of our quarterly bookings, and we continue to expect that the five gigawatts of IT load we have in our power bank will be significantly weighted toward AI workloads over the next several years.

Critically, our data center capacity is situated in and around the world's most highly connected cloud zonal markets with the highest concentration of population and GDP, and we currently maintain five gigawatts of large contiguous capacity blocks situated across 40 of our strategic metros across the globe. It's harder to build in these locations for a growing list of reasons, and we expect this capacity will continue to be highly sought after as new applications and use cases continue to evolve. Our conviction in our portfolio and in our market continue to be evidenced through our daily engagement with our 5,000 plus customers.

Digital Realty Trust, Inc. continues to see a robust pipeline of demand from AI-oriented use cases, and even without a record hyperscale lease, like the one we signed in March 2025, 50% of our bookings were related to AI use cases in the third quarter. In Q3, we again delivered strong operational and financial performance, underscored by record interconnection bookings, near-record new logos, and the second-highest level of bookings ever in our zero to one megawatt plus interconnection product set. Core FFO per share set a record $1.89, a robust 13% above last year's third quarter.

These strong earnings were driven by 10% operating revenue growth and continued expansion of our high-margin fee income together with disciplined expense management resulting in the third consecutive guidance increase this year. Bookings in the third quarter were $201 million at 100% share, or $162 million at Digital Realty Trust, Inc.'s share. Like last quarter, our zero to one megawatt plus interconnection category was a strong contributor to our leasing strength with $85 million in new leases, along with a healthy $76 million of greater than a megawatt leasing. Leasing was globally diversified, broadly consistent with our existing rent roll, with notable activity in The Americas, in EMEA, and in APAC. We also added a near-record 156 new logos.

Interconnection leasing of $20 million marked the second consecutive record quarter and was 13% higher than the last quarter's record, underscoring the growing recognition of our connectivity-driven value proposition. Interconnection leasing was buoyed by strength in our AI-oriented fiber offering, reflecting increased demand for high-volume movement of data amongst customers, as well as momentum in our service fabric product. Matt will provide more details on our results in a few moments. While there's been significant market focus on large-scale AI deployments, Digital Realty Trust, Inc.'s pool of highly sought-after larger contiguous capacity blocks are slated to come online in late 2026, 2027, and beyond.

We remain actively engaged with hyperscale customers on our largest future leasing opportunities, and we continue to see strong momentum in our colocation and connectivity product offering. Enterprise demand for data center infrastructure continues to grow as organizations transition away from traditional on-prem IT environments toward more flexible, cloud-connected architectures available within Digital Realty Trust, Inc. data centers. This shift is driven by the need to improve scalability, reduce costs, and enable faster innovation. Enterprises are increasingly deploying workloads in colocation and hybrid environments to gain proximity to cloud platforms, partners, and end-users while maintaining control over mission-critical applications and data.

Digital Realty Trust, Inc.'s full spectrum product offerings combined with our global footprint allows us to support this transition, provide the infrastructure and connectivity enterprises need to modernize their IT strategies, accelerate digital transformation, and AI implementation. We're seeing these trends play out across our customer base as enterprises increasingly turn to Digital Realty Trust, Inc. to support their evolving infrastructure needs. Whether it's enabling real-time data exchange across global operations, integrating with multiple cloud platforms, or deploying AI workloads at the edge, our customers are leveraging PlatformDigital to solve complex challenges and accelerate their digital transformation. Let me share a few examples that illustrate how our platform is helping enterprises unlock new capabilities and drive meaningful business outcomes.

In September, I was honored to join the CEO and CTO of Oxford Quantum Circuits, an important milestone during their recent deployment of New York's first quantum AI computer in our JFK 10 data center. Oxford Quantum Circuits is taking advantage of PlatformDigital's colocation and connectivity capabilities to expand their AI capabilities at scale, solving for efficiency and resource constraints. A leading global technology company chose PlatformDigital to deploy their global presence, taking advantage of liquid cooling capabilities required for their HPC AI environments. A leading healthcare analytics and technology solutions company is expanding its geographic presence on PlatformDigital to solve data localization and sovereignty challenges.

A leading higher education research institute is taking advantage of PlatformDigital's liquid cooling capabilities required for their HPC and AI deployment. A leading European technology and network provider is expanding on PlatformDigital, deploying a sovereign cloud solution in the US to support their customers' compliance needs. A global payments provider and new logo for Digital Realty Trust, Inc. chose PlatformDigital to deploy infrastructure in multiple markets, utilizing network and cloud ecosystems while solving for scalability and compliance requirements. And a multinational financial services company is expanding on PlatformDigital, taking advantage of Digital Realty Trust, Inc.'s leading financial and network ecosystems. Before I turn it over to Matt, I'd like to briefly highlight our progress on global sustainability.

In the third quarter, we received the EcoVadis gold rating, a prestigious international recognition for business sustainability. This recognition places us in the 97th percentile of all companies assessed, piloting our position among the top sustainability performers worldwide. We expanded our renewable energy commitment in Illinois by signing additional contracts that support high-impact, local community solar projects being developed by Soltaj. These locally sourced solar energy projects will help support local power grids and benefit residents in the communities in and around our data centers. Additionally, in the third quarter, we announced long-term renewable energy agreements with Kern Hydro to procure 500 gigawatt hours of clean, baseload hydropower from three projects along the Ohio River.

These agreements highlight our commitment to sourcing new firm, 24/7, carbon-free energy in the regions where we operate, enabling us to support our customers' needs. And with that, I'll now turn the call over to our CFO, Matt Mercier.

Matt Mercier: Thank you, Andy. For the second consecutive quarter, Digital Realty Trust, Inc. posted double-digit growth in revenue, adjusted EBITDA, and core FFO per share, reflecting the momentum in our business driven by commencements from our substantial backlog, strong releasing spreads, modest churn, and growing fee income. We achieved these record results while reducing our leverage and maintaining significant liquidity to invest in data center projects across our five-gigawatt runway of buildable IT capacity. In the third quarter, core FFO per share grew by an attractive 13% year over year, to a new quarterly record while leasing results were highlighted by their geographic and product breadth, as well as continued strength in the zero to one megawatt plus interconnection category.

Looking ahead to the fourth quarter, we increased guidance for the full year once again and expect to begin 2026 with significant momentum and a sizable backlog, which extends our runway for long-term growth. As Andy touched on, we signed leases representing $201 million of annualized rent in the third quarter, bringing year-to-date leasing to $776 million at a 100% share. At Digital Realty Trust, Inc.'s share, we signed $162 million of new leases in the third quarter, which is well distributed across our three regions.

Our zero to one megawatt plus interconnection product set continued to demonstrate the strong momentum we have been highlighting, posting $85 million of new bookings in the quarter, led by record bookings in The Americas and strength in EMEA. We also posted record AI bookings in this segment this past quarter, demonstrating the continued emergence of AI-oriented demand among our enterprise customers. Interconnection bookings also marked a new record, besting last quarter's record by 13%. Pricing in the zero to one megawatt plus interconnection category was strong, led by leasing in one of our most highly connected facilities in The US. Over the past four quarters, we've leased a robust $319 million in this product set.

We signed $76 million within the greater than a megawatt category at our share, while leasing spread across our regions with notable strength in EMEA. Pricing in the greater than a megawatt product was strong, averaging over $200 per kilowatt in the quarter and reflected activity in our top three performing markets: Silicon Valley, Amsterdam, and Singapore. Building on our leasing momentum, our backlog at Digital Realty Trust, Inc.'s share increased to $852 million at quarter end, with $137 million of commencements more than offset by our new bookings. Looking ahead to the fourth quarter, we expect another $165 million of leases to commence, with another $555 million scheduled to commence throughout 2026.

Our large backlog provides us with strong visibility and predictability for the next several quarters. During the third quarter, we signed $192 million of renewal leases at a blended 8% increase on a cash basis. Renewals in the third quarter were again heavily weighted towards our zero to one megawatt category, with $138 million of renewals at a 4.2% uplift. Greater than the megawatt renewals of $49 million saw an exceptional 20% cash releasing spread, driven by deals in Singapore, Chicago, Northern Virginia, and New Jersey. Year to date, cash renewals averaged 7%. For the quarter, total churn remained low at 1.6%.

As for earnings, we reported record core FFO of $1.89 per share, up 13% year over year, reflecting strong upside from commencements and positive releasing spreads, continued growth in fee income, and an FX benefit versus last year. On a constant currency basis, we reported core FFO per share of $1.85 in the third quarter, or 11% growth year over year. Data center revenue was up 9% year over year, but adjusted EBITDA was even greater at 14% year over year, driven by the growth in data center revenue and higher fee income. During the quarter, operating expenses continued to increase, reflecting both the growing scale of our business, rising employment costs, and seasonal effects.

As we head toward the end of the year, we expect to see the typical seasonal increase in repairs and maintenance expenses along with the seasonal decline in utility expenses and related reimbursements. Same capital cash NOI growth was strong in the third quarter, increasing by 8% year over year driven by 7.8% growth in data center revenue. On a constant currency basis, same capital cash NOI rose 5.2% in the quarter. For the nine months, same capital cash NOI grew by 4.5% on a constant currency basis, which prompted us to notch our full-year guidance range up to 4.25% to 4.75%. Moving on to our investment activity.

During the third quarter, we spent over $900 million on development CapEx when including our partner share, and approximately $700 million on a net basis to Digital Realty Trust, Inc. During the quarter, we delivered about 50 megawatts of new capacity, 85% of which was preleased, while we started about 50 megawatts of net new data center projects, leaving 730 megawatts under construction. At quarter end, our gross data center development pipeline stood at $9.7 billion at an 11.6% expected stabilized yield. Our runway for future growth, including land, shell, and ongoing development, stands at roughly five gigawatts of sellable IT load.

For clarification, IT load differs from the gross utility feed figures being touted by newer entrants to the data center development world, as utility feed must also be used to cool a data center and to provide redundancy. During the third quarter, we pruned a few small non-core facilities in Atlanta, Boston, and Miami, for a total of $90 million, and earlier in October, sold a non-core facility in Dallas for $33 million. We redeployed $67 million of that capital into land in Chicago and Los Angeles, to bolster our development capacity. Turning to the balance sheet.

Leverage fell to 4.9 times, well below our long-term target of 5.5 times, while balance sheet liquidity remained robust at nearly $7 billion, which excludes the $15 billion of private capital we have arranged to support hyperscale development and investment through our joint ventures and new US hyperscale data center fund. Our next debt maturity is €1.1 billion notes, at 2.5% in January 2026. Beyond that, we have a smaller 275 million Swiss franc note at 0.2% that matures in the second half of next year. Looking further out, our maturities remain well laddered through 2035. Let me conclude with our guidance.

We are increasing our core FFO guidance range for the full year 2025 by roughly 2% at the midpoint to a new range of $7.32 to $7.38 per share, to reflect better than expected operating performance and updated FX assumptions for the full year. We are also increasing the midpoint of our constant currency core FFO guidance range by 2% to $7.25 to $7.30 per share. Despite our enthusiasm and outperformance in the quarter, we expect fourth quarter core FFO per share to be tempered by seasonally higher repairs and maintenance expenses, headwinds from a non-core asset sale, and lower interest income associated with lower rates and cash balances.

The midpoint of our increased core FFO per share guidance represents approximately 10% year over year growth, reflecting the momentum in our underlying business and the benefit of the weaker US dollar year to date. On a constant currency basis, core FFO per share growth is expected to be over 8% at the midpoint, reflecting a 200 plus basis point improvement from the growth that we forecasted at the beginning of this year. Supporting the bottom line improvements in guidance, we are increasing the midpoint of our revenue and adjusted EBITDA guidance ranges for 2025 by $75 million apiece.

We are raising the midpoint of our cash and GAAP releasing spread guidance ranges to 6% and 8%, respectively, to reflect the continued strength in market fundamentals. We are also increasing our constant currency same capital cash NOI growth assumption by 50 basis points at the midpoint to 4.5%. Lastly, we are increasing the midpoint of our G&A assumption by $7.5 million for full year 2025. In summary, we are very proud of our third quarter performance and the continued momentum across our platform.

The strength of our zero to one megawatt plus interconnection product set combined with disciplined execution across our five-gigawatt power bank and a growing backlog positions us well to deliver durable growth through the rest of 2025 and 2026. We remain focused on executing our strategy to deliver the capacity that our customers require and to maintain the financial discipline to drive long-term value for our stakeholders. This concludes our prepared remarks. Now we would be pleased to take your questions. Operator, would you please begin the Q&A session?

Operator: Now open up the call for questions. In the interest of time and to allow a larger number of people to ask questions, callers will be limited to one question. If you are asking a question, please press star then one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then 2. And your first question today will come from Ari Klein with BMO Capital Markets. Please go ahead.

Ari Klein: I guess maybe just with the guidance increase, core FFO growth of 9.5% this year, realize you're not providing 2026 guidance and there is some FX benefit. But can you just talk to the puts and takes for next year and the ability to sustain or even accelerate from current growth levels while balancing development investment requirements?

Andy Power: Hey, thanks, Troy. I'll have Matt hit on that.

Matt Mercier: Yeah. Hey, Ari. So, look, I think I'd start off with obviously, we're proud of the results this year and the beat and raise that we've put out now for a few quarters, which is resulting in where we are today on a constant currency basis, which is around 8-8.5% for the year. And looking ahead into 2026, you know, we're on the path to start on a strong footing. Looking at continuing to target 10% top-line growth, that's supported by our healthy backlog. That we've got over $550 million. And the robust fundamentals that continue to support our business.

I'd say some other things to note that are could say are some of the headwinds that we'll see in the first very early in 2026. We do have about a billion 3 of debt maturing in January. That's at roughly 2.5%. We're also planning to contribute the remaining 40% of the billion and a half of stabilized assets to our relatively new North America hyperscale fund. And given the expectation for rate cuts into 2026, which you would usually say is gonna be a benefit. But for us, with we have relatively considerable cash holdings, you know, that's gonna result in likely some lower interest income.

All that said, you know, we feel like we have been on a great path here in derisking our 2026 plan and feel good about continuing our growth going forward.

Operator: And your next question today will come from Jonathan Michael Petersen with Jefferies. Please go ahead.

Jonathan Michael Petersen: Oh, great. Thank you. Was hoping you could, you know, talk a little bit more about what you're seeing from hyperscalers in terms of demand in the major metro. I think in your prepared remarks, Andy, you mentioned they're focused on gigawatt campuses. But are you starting to see examples of any latency-sensitive hyperscaler AI coming to Digital Realty Trust, Inc. markets that you can speak of?

Andy Power: Hey. Thanks, John. I'll kick this off and then ask Colin to speak to what we're seeing on the customer dialogue with the hyperscalers. So, obviously, we're off to a strong start to the year or three or four quarters. This quarter, on a total share, we're at the fourth largest quarter north of $200 million in signings. I think what's been unique or great about it is in the major markets where we're supporting their growth, be it cloud computing, and AI, we see tremendous diversity of demand. So I think if you look at the last seven quarters, our top signing single signing was with a different customer. So tremendous diversity of demand.

In fact, our two largest signings this quarter were two customers that hadn't signed big deals with us in a while. We are continuing to ready significant capacity blocks that are coming in the most prized locations. They're more strategic to our customers' locations. And I'll let Colin speak to some of the dialogues he's having on those capacity blocks.

Colin McLean: Thanks, Andy. Yeah. John, appreciate the question. Q3 bookings, obviously, diverse in nature across our three regions. And in terms of conversations with our hyperscalers, I'd say it's robust dialogue that's leading to the largest pipeline on record for us. So our large contiguous footprint continues to have real value. So they're seeing interest and dialogue for us across our five gigawatts that we have across our markets that we identified previously. So customers are just now starting to look really hard into our 2026 and 2027 deliveries, which are coming online in the near term.

And so that's really producing, I think, some real interest to continue discussions really across AI, but also cloud continues to be, you know, a consistent dialogue that we're having with our clients.

Operator: And your next question today will come from Michael J. Funk with Bank of America. Please go ahead.

Michael J. Funk: Yeah. Thank you for taking the questions tonight, guys. So, Andy, can you address the 2026 expiration and how you're thinking about the capacity to increase the releasing spreads almost?

Andy Power: Sure. Thanks, Mike. So I think we're continuing to see more of the same, what we've seen for now several consecutive quarters. If you kinda cut it into the two main categories, we call discussed the business in, we're continuing to see strong pricing power in the less than a megawatt category. I think our cash mark to market, which were 4.2% or 4.3%. In the quarter or LTM. We think that pricing is gonna hold and stay in that territory. And then the bigger stuff you can see we start to see continued step down, not just 2026, but for a few years. A step down, I think, till about 2029 in our expiring rates.

I think they get as low as, like, $1.24 ish. And you could see from our new signings in the bigger deal category, we're obviously signing a healthier market rates than that. And, listen, I think we're working our way through that. And moving customers to market and the value of the capacity blocks, we're offering. And that's a product of our portfolio or value add. But some of that's just a product of the supply-demand dynamics. In these markets that are extremely tight. And the backdrop around it is the tightness of these markets feels like it's gonna be continuing for some time.

Operator: And your next question today will come from Eric Thomas Luebchow with Wells Fargo. Please go ahead.

Eric Thomas Luebchow: Thanks for taking the question, guys. Andy, just curious on the kind of the large capacity blocks, if you could talk about kind of the diversity of hyperscale that you're talking to. There's a lot of kind of newer instance, whether it's neo clouds, the model developers, the chip companies. Or you're kinda focusing on, you know, the big four or five that you have historically. And then maybe if you could always also just touch on CapEx.

I mean, to the extent you start to win some of these larger requirements, how should we think about funding it between the managed funds between, you know, cash on the balance sheet could that kinda raise the CapEx expectations above the 3 to 3.5 billion dollar level? Thank you.

Andy Power: Thanks, Eric. So I'll hand the funding piece to Matt. He can talk to the numerous levers we've now assembled here. Through our successful hyperscale fund, our joint venture partnerships, the balance sheet liquidity that if you add it all up, it seems to a significant amount of liquidity and dry powder to fund the growth of our platform. But on the customer front, by and large, the bigger the capacity block the higher the credit quality the larger the size of the counterparty, and the more established the business. We are certainly supporting some of the Neo Clouds. But I would say our work with them has been in not in the big, big deal arena.

We've support them and call it megawatt, two megawatt, type edge type locations. And smaller capacity blocks. So when you think about those, call it the big and nearest term the 20 fives, the fifties, the hundreds, or even larger, I think the dialogue we're having is with a diverse array of called more traditional hyperscale customers, that are called the household names in our top customer roster.

Matt Mercier: Yeah. And, Eric, on the funding, so as you noted, we're, you know, we guided this year three to three and a half. We're trending on target with that. And while we haven't given specific guidance for next year, what I can tell you is that I expect our in particular, at our gross level, you know, we're gonna be spending more in 2026.

Now I'd say a broader portion of that is gonna be within our private capital groups, but I still expect that when you come down to even our share level, that you'll see a slight increase or an increase to what we're spending this year as we start to really hit kind of a sweet spot in terms of projects that we have underway to be able to deliver incremental capacity, especially in the '26 into '27.

Operator: And your next question today will come from Michael Ian Rollins with Citi. Please go ahead.

Michael Ian Rollins: Thanks, and good afternoon. Just off the topic of how much you're putting into the JVs and off-balance sheet partnerships relative to what you're doing on your own, how are you thinking about the mix going forward? And are there opportunities to revisit what the right target leverage should be for Digital Realty Trust, Inc. to take more projects on balance sheet and create that more of that accretion for shareholders?

Andy Power: Thanks, Michael. So the target leverage, but I don't think we've changed our stripes on that. And one great thing about call it, tapping in these sources of private capital, including our oversubscribed 3 plus billion hyperscale fund, in The US is we can deploy different leverage quantities at different project levels alongside that private capital to generate the returns suitable for the project. This is a reminder. This is an called an evolution of our funding model here. Right? And started down the road of joint ventures one-off stabilized assets, and then moved on to development.

And then our first inaugural fund is a combination of both, and it's really the beginning of a scaling of our strategic private capital initiatives. And that's in the backdrop of we see a demand landscape that is just quite tremendous. Right? You look at the numbers, of the gigawatts that are stated to be needed to call it continuous the growth of digital transformation. Continue the role of cloud computing, and to really even get the off the ground AI and built and commercialized.

And yet we being an 80 plus billion dollar company, still believe that having that private capital business as especially dedicated around hyperscaler, allows us to fuel our growth for our customers and balance that in terms of generating and accelerating bottom line per share growth for our shareholders at Digital Realty Trust, Inc. So I think it's a kind of a best of both worlds. Allowing us to do more with our platform and fund effectively.

Matt Mercier: Yep. Maybe, Michael, I'll just add briefly. Look. I think our target leverage five and a half is a good place to be in terms of balancing, you know, our overall cost of capital and where we are today and where we seek to fund in the future. You know, I'd maybe I'd also add, look. We're at $4.09 today, and so that gives us some ability to, you know, go up and potentially go down when necessary based on the capital market environment so that we can continue to fund what is larger builds going forward and pretty good demand profile that we have.

Operator: And your next question today will come from David Anthony Guarino with Green Street. Please go ahead.

David Anthony Guarino: Andy, just wanted to clarify on the comments you made giving me multi 100 megawatt deals in tertiary markets. Is that something where you'd reconsider chasing that sort of demand, it's on balance sheet or through the fund? There's playbook continue sticking the primary markets for Digital Realty Trust, Inc.

Andy Power: Thanks, David. So I think the comment was trying to get a few themes that are hopefully apparent but wanna provide our thoughts on one. It's certainly showing a credible conviction for the infrastructure needed to launch this technology. And as you go through these lists of announcements, you're still seeing numerous mega announcements that are just talking about training. Right? Not even really evolving to inference or certainly commercialization and the use of AI use cases. Also seeing a diversity of players that arena, which I think is healthy. It's not necessarily single-threaded. To just only one major player building that infrastructure.

When it comes to Digital Realty Trust, Inc., I think we've had great success being across the full product spectrum. Call it, from supporting our growing enterprise business all the way to our hyperscale customers. We focus on markets. We will receive not just diversity and robustness of demand, but locational and latency sensitivity to the workload. So the answer to your question is, certainly keeping our eyes on. I can tell you our team is across a tremendous amount of these opportunities. I think our intersection of that would be much more akin to our strategy. Like I said earlier, these cloud availability zone markets, the Northern Virginias, the Santa Clares, the Frankfurts, and around the world.

They are tight markets and they may be tight for a long time. And I think the adjacencies to those markets make the most sense. Because we wanna be investing in infrastructure that we believe in for the really, really long term. And so that's how we're thinking about it today.

Operator: And your next question today will come from John Hodulik with UBS. Please go ahead.

John Hodulik: Andy, quick question on the side. Given the constraints you're seeing in terms of accessing the grid, any thought to moving to behind the meter power sufficient in some of your new projects? Thanks.

Andy Power: Thanks, Sean. So it was not that long ago we made a bigger announcement in, actually, in South Africa where we're building solar in a market, which is akin to that same concept. And that's obviously a market that is a credibly fragile grid. So we're able to really extend our moat in that market with our platform. In a supplemental power that is essentially behind the meter. I can tell you we're looking at this in numerous markets, and the context is much more in a bridge fashion. We don't we're uncertain how long that bridge may be.

But we hear from our customers the preference in the long run for utility given the diversity of the power sources, the redundancy of that. But we're happy to help our utility partners with bridge solutions. I need to think about that. In some markets that have been challenged with shortages, delays, in power sources.

Operator: And your next question today will come from Michael Elias with TD Securities. Please go ahead.

Michael Elias: Great. Thanks for taking the question. Just building on that point, I'm curious. When I think of your portfolio, you obviously have very valuable capacity in Northern Virginia at Dulles. You know, is it feasible for you to bring gas to that site to expedite the delivery of additional buildings? And maybe as part of that, just on the M&A side, there are a lot of companies out there that may have some facilities leased, but they have some land banks. How are you thinking about the M&A opportunity in this land in this landscape?

Andy Power: Thank you. So thanks, Michael. So just touching brief. I mean, we're thinking about all the markets where there's shortages or delays or frustration around the power infrastructure. So it's not just a one site, not just one submarket or market. We're thinking about that trying to make the solution work and we're trying to do it in a thoughtful manner. Right? We wanna we are long-term committed have been in these markets for many years, continue to be in these markets. We wanna be good stewards to the community, to our customers. But it's not just one in any given market. It's numerous markets where this could be a tool in our toolkit to accelerate infrastructure deployments.

I'll turn it over to Gregory Wright to kind of give us his thoughts on the M&A market.

Gregory Wright: Yeah. Thanks, Andy. Thanks, Michael. Michael, I'd say our strategy today is consistent with it has been. And, you know, we continue to see what opportunities in the market that's gonna provide us with the best risk-adjusted return. So, you know, today, we're looking at buying land and developing. We're looking at buying buildings that strategically significant. And we look at buying companies that are strategically significant on this industrial logic to us. So I would say, you know, we haven't changed anything in terms of our strategy. And I would say in today's market, you know, we have, you know, opportunities across all three of those growth problems, if you will, and then we continue to assess them.

Operator: And your next question today will come from Irvin Liu with Evercore ISI. Please go ahead.

Irvin Liu: Hi. Thank you for the question. Andy, I wanted to ask about the five gigawatts of future developable capacity. Can you help us understand the timetable or the timeline needed for this developable capacity to become available for lease? You know, how much of this is available for lease, if any, and any sort of customer conversations you had related to this capacity? Thank you.

Andy Power: Sure. Thanks, Irvin. So I'll touch on the most called front of the queue. Capacity blocks, and then I'll call and touch on the customer dialogue. But they are they do go a little bit kind of together. What we've seen is there is a continuous focus on the here and now. And we saw this as we've navigated our way through 2024 and put up a billion plus of new signings. Includes some large capacity blocks. And as we got closer and closer, to deliveries of power and obviously our infrastructure and data centers, the interest continued to ratchet up.

And we were able to intersect that with a great diversity of customers at attractive rates and ultimately returns given how valuable these locations are these are these are strategically important to our customers, these are often the locations where our customers are landing major customers inside their facilities. Be it cloud or other services that are highly profitable to them. And they're unique in that in that nature. And just like what transpired a year ago, think the seasonal esque nature of this as we approach the, quote, late 2026 vintage or the 2027 vintage, or 2028 shortly thereafter. The attractiveness becomes more and more attractive to those customers and that and Susan, dialogue column will touch on.

That is playing out playing out. Excuse me. In Northern Virginia. Be it Manassas, Digital Dulles, or call it adjacent to our existing Loudoun campus, that's playing out in Charlotte, in Atlanta, in Dallas, in Santa Clara, that's playing out outside The US, in the major call it flat markets in Europe or in the major Tokyo soccer markets in Asia, and I'm just rattling off a few. So there's numerous markets that have those called the near-term larger contiguous capacity fund, and vintage that the customer is seeking. But go ahead, Colin.

Colin McLean: Yeah. Thanks, Andy. I think we're very much in that window prioritization that Andy talked about. This leasing activity for 2026, 2027, 2028 is very much the here and now. I highlighted before, you know, the largest pipeline that we've had on record. By the way, that also suggests a lot of momentum on the zero to one as well, which we saw in our bookings number. But the conversations across this large blocks that, you know, Greg secured for us across North American and the flat markets is really becoming a consistent conversation in the core markets, which is Andy talked about, these cloud zonal areas are resilient to having consistent demand pop up.

So, you know, we're pleased with the conversations in the pipeline that we've generated.

Operator: And your next question today will come from Richard Choe with JPMorgan. Please go ahead.

Richard Choe: Hi. It's Richard. Just wanted to follow-up on that. Given that the long lead times in the industry for capacity, both building and demand for it, as we look, since most of your 2026 capacity is sold out, as you kinda look for the development table in 2027, how big can that be relative to '26? Given that you've been kind of planning this for a while and seeing the demand pipeline?

Andy Power: Thank you. Yeah. These are big capacity blocks. And the concept is the customers really just almost wanna get going with the build. Right? They don't need to be powered on with the entire 100 megawatts or 200 megawatts. In a date certain in 2026 or date 2027. It's just they want the ramping to start commencing which is a product of power delivery at the site and, obviously, our delivery alongside it, which we're trying to time out. So I don't I this is a sizable amount of that five gigawatts when they add it all up.

I mean, the just those markets, I just rattle off across North America and a outside The US or call it hundreds and hundreds. Of megawatts by them themselves. And I didn't even really touch on our capabilities and call it the Latin America or in South Africa when you add to those numbers.

Operator: And your next question today will come from James Edward Schneider with Goldman Sachs. Please go ahead.

James Edward Schneider: Good evening. Thanks for taking my question. Relative to some of the larger capacity hyperscale AI deployments you talked about as prospects for commencements in 2026 and 2027. Can you maybe talk about some of the technical requirements underpinning those? I think we know that Rubin and generations beyond from NVIDIA are gonna require 800 volt ARC plus liquid cooling and stuff. So something that's not present in most of your existing capacity today. So how are you thinking about planning both your new facilities for that? And are you thinking about potential for retrofitting any of your prior your existing facilities to accommodate those new requirements? Thank you.

Andy Power: Thanks, Jim. So, Chris, I'll tag team up why don't you start off in terms of what we've done so far being called AI ready, like, cool and ready? And then the I mean, if you don't touch the icon about just recent anecdotes of we've had churn and customers. We're doing air cooled, switched to liquid with the next generation just to answer Jim's question.

Christopher Sharp: Yeah. No. Appreciate the question. And I love the way you're thinking about it with, like, new and old because that's exactly the way that we have different tool sets and different capabilities that we're looking to deploy. But we've been a partner of NVIDIA's for many, many years with their DGX pre-certified program or one of the leading partners there. We continue to work with them not on even you said it. Right? Like, not the chipset today, but what's gonna be out there two and three years out? And so we're always looking at that.

And the power distribution piece for the rest of the people on the call on 800 volt we've been across that for some time now on different types of electrical distribution capabilities that are gonna be required. And that's a lot for the new build. And we're always looking at in evolving our modular designs. Right? And that modular design is not only in our new footprint, but it's been deployed for many, many years in our existing footprint. So we're always looking at how we bring liquid, and quite frankly, our architecture for these new builds allows us to align to the densification of that chipset in a very granular fashion.

And so for a part of the retrofit, we've been talking about it for a while called HD colo. And so that HD colo capability is something that we've really been working on, and it's available across 30 metros, 170 facilities, and you can deploy it in roughly fourteen weeks. What that allows us to do with our customers is to densify up to 150 kilowatts, and that will support the Rubens. It'll support a lot of the Grace Blackwell. So we have a lot of runway in our existing facilities to align when our customers need us to. And so we're always watching exactly how that's gonna be coming to market.

I think you might have seen some of the press releases and some of the customer announcements around our Digital Realty Trust, Inc. innovation lab. Why that was built is to allow us to bring all of our partners together inside of an environment where the data center, unfortunately, today is the point of integration. And so we're trying to pre-engineer and set a bunch of standards so that our customers are able to get outcomes out of this infrastructure as they bring it to market.

So as you understand, we really been ahead of the curve with a lot of these partners and making sure that we can build a repeatable kind of outcome for our customers on a global basis.

Operator: And your next question today will come from Frank Garrett Louthan with Raymond James. Please go ahead.

Frank Garrett Louthan: Great. Thank you. Can you walk us through what's your what is your average size deployment that you're seeing for enterprises now? And do you think that you're gaining share in that? And then can you give us an idea of what percentage of your new bookings are for AI inferencing workloads? Thanks.

Andy Power: Thanks, Frank. So I'll try to tackle this in a few parts. So we overall, our of our total signings, we have about 50% was AI related. This quarter particular, in just the zero to one megawatt, so predominantly enterprise oriented, we did see a new high watermark of north of 18% of those signings being called AI related, so high-performance compute. So and that number that category by itself has probably hovered closer to single digits or high single digits for some time. So we are seeing a pickup in that. You're seeing certain sectors, financial services, manufacturing, certain customer types, I would say, moving closer to proof of concept and evolving.

I still believe this word inference is beyond nascency, quite honestly, based on the fact that the adoption of this in a commercialized corporate private data center data site setting is we're not even scratching the surface of what we can do with this technology. Right? I believe the b to c applications are way up running the what's gonna happen on enterprise. So I don't think I think there are data centers in our markets that are supporting the cloud, enterprise will ultimately be the home that applications, but I think we still got a good runway toward get there, especially when people are just putting out press releases that are talking about training today.

Because if it's a press release now, it's not a data center for a good while. On average size, we did see I'd say size of deals are catching up or getting a little bit bigger than the enterprise size. They're definitely getting a little more power dense, which is playing into our wheelhouse. And we've been supporting four enterprises, cooling well before we were talking about ChatGPT or GPUs. So we had a lot of experience like that. And then lastly, when it comes to taking market share, the answer is yes in my opinion.

Operator: And your next question today will come from Joe Osha with Guggenheim Partners. Please go ahead.

Joe Osha: Hi there. Yeah. My question's pretty simple. If I look at the spreads on the one megabyte plus side, it's two back-to-back quarters now of double-digit and the most recent one's almost 20%. And are we just seeing maybe a temporary artifact there? Or is this kind of the new normal with those spreads being at that level going forward?

Matt Mercier: Yeah. Thanks, Joe. Look, I think you're seeing I think you're seeing starting to see, like, what we're expecting as we start to look forward and we see the rates that start to drop down over the next several years, as Andy mentioned earlier, I mean, this year was a relative or year to date it's been a relatively light year in terms of renewals within the greater than a megawatt. We'll start to see that pick up in '26 and '27 as you look at our expiration schedule.

But we've also had this year, even this quarter in particular, you'll see that the average rate, if you look at this quarter was, I think, north of $1.80, which reflects the markets that we were in. And despite that, we were still able to get higher rates and robust releasing spreads. So I think we're, again, we're in a robust supply-constrained market, and we think looking forward, our mark to market opportunity is in a good position.

Operator: And your next question today will come from Cameron McVeigh with Morgan Stanley. Please go ahead.

Cameron McVeigh: Hi. Thanks for taking my questions. Just wanted to ask about future CapEx spend. And do you envision CapEx spend going forward? Do you expect it to be geared more towards retrofitting existing data centers for denser deployments or maybe expanding new capacity? And then secondly, do you see this incremental CapEx geared to capture more growth in the zero to one segment or the one plus segment going forward? Thanks.

Andy Power: Thanks, Cameron. So I think Matt's touched on this a little bit. I mean, I think just to paraphrase, we believe given the opportunity and the conversion of our call it, shells or delivery of our suites under construction, shells and in the data centers and colo halls and land in the shells and also the data centers CapEx is likely to reflect higher on both the total and our share basis. So we that's just that's based on really success driven. And when it comes to where the money's going, to all by and large, the dollars are going towards new capacity. The new capacity is well outpacing.

We're still doing a great job maintaining retrofitting where necessary our existing fleet. But the dollars for building a new data center are dwarfing the dollars, needed that we need for our portfolio. And when it comes to the types of CapEx that yes, the dollars amounts are certainly bigger when you call it slant towards bigger deals, 50, 100, 200 megawatt deals. But we've made this strategically the priority at this company to make sure that we don't go dark for our enterprise COLA customers and 50 plus and growing metro retros around the world. And those enterprises are landing with us with private IT.

With the for their digital transformation, hybrid cloud, and they're then connecting to our top cloud customers. So that virtuous cycle, we're building for all the customers that land and expand with Digital Realty Trust, Inc. is part of our value prop.

Operator: And your next question today will come from Maher Yaffe with Scotiabank. Please go ahead.

Maher Yaffe: Great. Thank you for taking my question. Wanted to ask you, I mean, since February, you've increased guidance and signed many new contracts. Certainly, we've seen the number of projects on in construction in The US overall. Increased significantly. But when I look at your development CapEx guidance, it has not changed. I'm not suggesting you should spend more, but do you think the drive to build bigger and bigger campuses is moving projects to private developers and reducing your share of what you typically might get?

And the second question is, could you qualify maybe the credit quality of the new mega projects that are being built do you see the returns being commensurate with taking on much bigger projects with a lower customer count that might not have the same cash flows level that your traditional Fortune 500 companies might have currently? Thank you.

Andy Power: Sure. So lots of unpacking there for, I think, what's our last question. We'll try to be try to hit it. So our development we're proposing about $10 billion in total on the development life cycle. So maybe the dollars going out the door were only, call it, pushing towards the high end of our guidance, which is a decent range of guidance. But we're definitely leaning towards bigger. And it's not a static thing for us. Right? Projects are delivering. We had, I think, record commencements last quarter. We have a sizable commencements this quarter, meaning projects are moving off that schedule. New projects are getting added to that schedule.

We've been intersecting as addressed in a prior question, this primarily in the major markets where we saw diversity of demand from enterprise the hyperscale, where also locationally and latency sensitive workloads. We've not necessarily to date chased that out to the one-off locations, but we're very much cognizant of those opportunities and seeing a world where the Americans were having a distinguished position in are expanding and stretching. And I think that's where you likely see us next to support those types of customers' growth.

For us, I can't speak of others, but for us, when you talk like, these large-scale locations, be it in our major markets or otherwise, we're aligned with making sure the counterparty risk, befits the project. So certainly leaning towards the larger, call it, trillion-dollar type companies that are investment grade. And that doesn't mean we don't do business with, I would say, the NeoClouds, but we've not been involved with major one-off projects to those names to date.

Operator: This concludes the Q&A portion of today's call. I would now like to turn the call back over to President and CEO, Andy Power, for his closing remarks. Andy, please go ahead.

Andy Power: Thank you, Nick. Digital Realty Trust, Inc. delivered another strong quarter, building on our momentum throughout this year. We saw continued strength in our zero to one megawatt plus IX business, with record interconnection bookings, underscoring the strength of our global full spectrum platform. Our backlog grew and now sits at 20% of data center revenue. Our pipeline is at a record level and we are well positioned for better long-term sustainable growth. This is a special time in our industry. Demand has never been stronger.

We've positioned the company to meet the challenges of this moment with a strong and growing value proposition, enhanced innovation, and an evolved funding strategy that enables us to better meet the needs of our customers while improving our overall returns. I'm incredibly proud of our talented and dedicated colleagues who continue to execute at an exceptionally high level. And I thank you all for your hard work. I'm excited by the opportunity that lies ahead and remain focused on delivering for our customers, partners, and shareholders. Thank you all for joining us today.

Operator: Conference has now concluded. Thank you for joining today's presentation. You may now disconnect.

This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Parts of this article were created using Large Language Models (LLMs) based on The Motley Fool's insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.

The Motley Fool has positions in and recommends Digital Realty Trust. The Motley Fool has a disclosure policy.