Here are 1-3 brief analogies for Digital Realty Trust (DLR):

• Like Prologis, but for the internet's infrastructure rather than logistics and warehouses.
• Essentially Boston Properties for data centers instead of office buildings.

• Colocation Services: Provides secure, climate-controlled space, power, and connectivity for customers to house their IT infrastructure within shared data center facilities.
• Wholesale Data Center Space: Leases large, dedicated data center suites or entire facilities, including power and cooling infrastructure, to single enterprise customers.
• Interconnection Solutions: Offers services to facilitate direct, secure, and low-latency connections between customers, network carriers, cloud providers, and business partners within their global data center campuses.

Digital Realty Trust (DLR) primarily sells its data center, colocation, and interconnection services to other companies, rather than individuals.

Digital Realty maintains a highly diversified customer base, and typically no single customer accounts for 10% or more of its total revenues. This strategy helps mitigate risk. While DLR does not publicly disclose individual customer names unless they represent a significant portion of revenue, its customer base includes a wide array of enterprise customers across various industries. These customer companies leverage Digital Realty's global data center platform for their critical IT infrastructure needs.

The major categories of customer companies that Digital Realty serves, and examples of prominent players in those sectors (which are representative of the types of companies DLR serves, though DLR does not publicly name specific customers unless they meet significant revenue thresholds), include:

• Cloud Providers: These are large hyperscale companies that utilize DLR's infrastructure to expand their global presence and deliver cloud services to their own customers.
  • Amazon Web Services (AWS, part of AMZN)
  • Microsoft Azure (part of MSFT)
  • Google Cloud (part of GOOGL)
• Network and Telecommunications Companies: Telecom carriers, internet service providers, and network service providers rely on DLR's data centers for network peering, interconnection, and critical infrastructure.
  • AT&T (T)
  • Verizon (VZ)
  • Lumen Technologies (LUMN)
• Financial Services and Enterprise Customers: This broad category includes major banks, trading firms, and large multinational corporations from diverse industries such as healthcare, manufacturing, media, and retail, which require secure, compliant, and highly available data center solutions.
  • Major global financial institutions (many of which are public companies, though not specifically named by DLR as individual customers)
  • Fortune 500 enterprises across various sectors (diverse and generally not individually named by DLR)

Vertiv Holdings Co (VRT)

Eaton Corporation plc (ETN)

AECOM (ACM)

ACS, Actividades de Construcción y Servicios, S.A. (ACS.MC)

Andrew P. Power, President and Chief Executive Officer

Mr. Power joined Digital Realty in 2015 as Chief Financial Officer, became President in 2021, and was appointed Chief Executive Officer in 2022. Prior to joining Digital Realty, he served as Managing Director of Real Estate, Gaming and Lodging Investment Banking at Bank of America Merrill Lynch, where he was responsible for relationships with over 40 public and private companies, including Digital Realty. Before his time at Bank of America Merrill Lynch, Mr. Power held similar positions at Citigroup. Throughout his career, he managed the execution of over $30 billion in public and private capital raises, including the largest REIT IPO, and more than $19 billion in merger and acquisition transactions. He was part of the lead underwriting team that advised Digital Realty on its initial public offering in 2004. His involvement with Digital Realty began as an analyst on a deal backed by an investment fund supported by CalPERS, which evolved into Digital Realty. Mr. Power serves on the Board of Directors of Americold Realty Trust (NYSE: COLD) and The Real Estate Roundtable.

Matt Mercier, Chief Financial Officer

Mr. Mercier was appointed Chief Financial Officer of Digital Realty, effective January 1, 2023. He joined Digital Realty in 2006 and previously served as Senior Vice President Global Finance and Accounting. His roles at Digital Realty have included leading corporate planning and capital markets, managing integration projects, overseeing joint ventures, and serving as principal accounting officer. Prior to joining Digital Realty, Mr. Mercier held roles in asset management at Equity Office Properties Trust and as an auditor at KPMG.

Gregory S. Wright, Chief Investment Officer

Mr. Wright is responsible for leading Digital Realty's investment, acquisition, and other capital allocation activities, including global mergers and acquisitions. Before joining Digital Realty, he was Co-Head of Americas Real Estate and Managing Director of the Real Estate, Gaming & Lodging Group at Bank of America Merrill Lynch. As an external advisor, his expertise was integral to Digital Realty's significant transactions, including the $1.9 billion acquisition of Telx, the $7.8 billion merger with DuPont Fabros, and the $1.8 billion acquisition of Ascenty. He also held a Managing Director position in the Real Estate & Lodging Group at Citigroup and worked at Trammell Crow Company. Mr. Wright serves on the board of directors of Paramount Group, Inc.

Jeannie Lee, Executive Vice President, General Counsel and Secretary

Ms. Lee is responsible for leading Digital Realty's global legal, sustainability, risk management, governance, and compliance functions. She joined the company in 2010. Before her tenure at Digital Realty, Ms. Lee was a corporate attorney with Latham & Watkins LLP, where her practice focused on public company representation, capital markets, mergers and acquisitions, and venture capital transactions.

Cindy Fiedelman, Chief Human Resources Officer

Ms. Fiedelman is responsible for leading Digital Realty's global human capital strategy. This includes talent management, leadership development, compensation and benefits programs, and human resources integration efforts related to mergers and acquisitions.

The key risks to Digital Realty Trust (DLR) are primarily related to its capital-intensive nature as a real estate investment trust (REIT) operating in a rapidly evolving and competitive industry.

1. Interest Rate Sensitivity and Cost of Capital: As a REIT, Digital Realty Trust is highly susceptible to fluctuations in interest rates. Rising interest rates directly increase borrowing costs for the company, impacting its ability to finance new data center developments and acquisitions, which are crucial for growth. Higher rates can also lead to lower valuations for REITs and increase the cost of refinancing its substantial debt, potentially straining cash flows and limiting its capacity for future borrowing. The Federal Reserve's stance on interest rates has been noted as a significant headwind for the REIT sector, impacting DLR's share price performance.

2. Intense Competition and Potential Oversupply: The data center market is highly competitive, with Digital Realty Trust facing strong rivals like Equinix, CyrusOne, and QTS, as well as well-funded private operators. This intense competition, particularly in the lucrative hyperscale segment, can lead to pricing pressures and make it challenging to maintain or increase rental rates. A proliferation of new data center supply in key locations could result in oversupply, making it more difficult for DLR to achieve high occupancy rates across its facilities. The company has acknowledged these competitive challenges and is working to address them, including establishing a hyperscale data center fund.

3. Tenant Concentration and Dependence on Hyperscalers: A significant portion of Digital Realty Trust's revenue is generated from a relatively small number of major customers. Its ten largest customers account for over 30% of its total revenue, with hyperscale clients contributing approximately 50% of total rents. While no single client exceeds 11.5% of annual recurring revenue, a substantial risk exists if these major tenants opt not to renew their leases or encounter financial difficulties. Shifts in demand from these large hyperscale clients could also erode DLR's pricing power and impact the absorption of new data center capacity.

The rapid acceleration in demand for specialized, high-density, and often liquid-cooled data center infrastructure driven by artificial intelligence (AI) and high-performance computing (HPC) workloads presents a clear emerging threat. This shift risks rendering significant portions of Digital Realty Trust's extensive portfolio of traditional air-cooled data centers less competitive or requiring substantial and costly capital expenditure for upgrades and retrofits. If DLR cannot adapt its physical infrastructure quickly and efficiently to support these new power-intensive and cooling-specific requirements at scale, it risks market share erosion in the fastest-growing segments of digital infrastructure demand and potential devaluation of legacy assets compared to purpose-built, next-generation facilities offered by competitors.

Digital Realty Trust (DLR) operates primarily within the data center, colocation, and interconnection markets. Below are the addressable market sizes for these main products and services:

Data Center Colocation Market

• The global data center colocation market was estimated at USD 69.41 billion in 2024 and is projected to reach USD 165.45 billion by 2030.
• Another estimate values the global data center colocation market at USD 72.98 billion in 2024, projected to increase to approximately USD 226.39 billion by 2034.
• North America held the largest share of the global data center colocation market in 2024.
• The U.S. data center colocation market size was estimated at USD 22.71 billion in 2024 and is predicted to reach around USD 73.89 billion by 2034.

Data Center Interconnection Market

• The global data center interconnect (DCI) market was valued at USD 10.63 billion in 2024 and is expected to reach USD 30.13 billion by 2032.
• Another source reports the global data center interconnect market size as USD 9.28 billion in 2024, projected to grow to USD 34.42 billion by 2034.
• North America is a dominant market for data center interconnect. It held the largest share of the global market in 2024.
• The Asia-Pacific region is considered the fastest-growing area in the global data center interconnect market.

Carrier-Neutral Data Center Market

• The global carrier-neutral data center market size reached USD 42.8 billion in 2024 and is forecasted to attain a value of USD 110.1 billion by the end of 2033.

• Surging Demand for AI, Cloud Computing, and Hyperscale Deployments: Digital Realty is positioned to benefit significantly from the ever-increasing demand for data center space driven by artificial intelligence (AI), cloud computing, and hyperscale deployments. Over 50% of the company's quarterly bookings have been tied to AI since mid-2023, and analysts project continued robust demand from these sectors. Digital Realty's collaborations with companies like NVIDIA to develop next-generation AI infrastructure, including advanced liquid cooling and power management solutions, are central to capturing this growth.
• Expansion of Data Center Capacity and Global Footprint: The company is actively investing in expanding its data center capacity and global presence. Digital Realty spent over $900 million on development capital expenditures in Q3 2025 and plans to increase capital expenditures in the coming year to meet high demand in various metro areas. Strategic capital raises through joint ventures and partnerships are also fueling growth at favorable rates, with a significant backlog of signed leases stretching through 2027.
• Strong Pricing Power and Positive Re-leasing Spreads: Digital Realty has consistently demonstrated its pricing power, evidenced by positive re-leasing spreads and the ability to implement rate increases. In Q3 2025, renewal leases saw an 8% blended cash increase. This ability to secure higher rates for renewed leases, coupled with a substantial backlog of signed leases totaling $852 million (company share), provides a solid foundation for future revenue growth.
• Growth in Interconnection Services and High-Density Offerings: The company is experiencing record momentum in its zero-to-one megawatt interconnection products and high-density offerings across major geographies. This growth is driven by both enterprise and hyperscale clients requiring diverse technical solutions, including AI-oriented fiber and service fabric demand, leading to record interconnection leasing.
• Strategic Partnerships and Innovation: Digital Realty is forging strategic partnerships with technology leaders like Dell Technologies, DXC Technology, Lumen Technologies, and particularly NVIDIA, to accelerate enterprise AI adoption and provide comprehensive solutions for hybrid cloud services. The launch of its Data Center Innovation Lab also enables customers and partners to test and optimize AI and hybrid cloud workloads, attracting new enterprise clients and solidifying its position in the evolving digital infrastructure landscape.

Share Repurchases

• Digital Realty Trust reported no share repurchases for the year ended December 31, 2024.

Share Issuance

• In December 2024, Digital Realty's Board of Directors authorized an increase in common stock from 392 million to 502 million shares.
• The company entered into an At-The-Market (ATM) Equity Offering Sales Agreement in December 2024, allowing for the sale of common stock with an aggregate offering price of up to $3 billion. This new program replaced a previous ATM program that generated approximately $923.2 million from the issuance of around 5 million common shares.
• In May 2024, Digital Realty commenced an underwritten public offering to sell 10,500,000 shares of its common stock, with an option for underwriters to purchase an additional 1,575,000 shares. The net proceeds were intended for debt repayment, acquisitions, development, and general corporate purposes.

Inbound Investments

• In late 2023, Digital Realty formed a $7 billion joint venture with Blackstone-affiliated funds to develop four hyperscale data center projects across three metro areas on two continents.
• In November 2023, Digital Realty and Realty Income established a joint venture to support the development of two build-to-suit data centers in Northern Virginia, with Realty Income investing approximately $200 million for an 80% equity interest.
• In January 2025, Digital Realty launched its first U.S. Hyperscale Data Center Fund, aiming for $2.5 billion in equity commitments to support approximately $10 billion of hyperscale investments, with $1.7 billion raised in the first closing.

Outbound Investments

• In July 2024, Digital Realty acquired a colocation data center campus in the Slough Trading Estate for $200 million.
• In early 2024, Digital Realty launched its first data center in India, a 10-acre campus capable of supporting up to 100 megawatts.
• In 2022, the company opened a 12-megawatt data center in Seoul.

Capital Expenditures

• Digital Realty reported capital expenditures for data center construction, expansion, and maintenance of $2.4 billion for the full year 2021 and guided for $2.3 billion to $2.5 billion for development programs in 2022.
• As of Q1 2025, Digital Realty is managing $6 billion in hyperscale development projects, with its development pipeline increasing to 814 megawatts, of which 63% is pre-leased.
• Capital expenditures are primarily focused on developing and expanding data center capacity, especially to meet the growing demand driven by AI workloads.