DIGITAL REALTY TRUST, INC. (DLR)

Digital Realty Trust, Inc. is a leading global provider of data center, colocation and interconnection solutions for customers across a variety of industry verticals. It operates as a REIT for U.S. federal income tax purposes and conducts its business of owning, acquiring, developing and operating data centers through its controlling interest in Digital Realty Trust, L.P. and the Operating Partnership's subsidiaries. The parent was incorporated in Maryland in 2004. The company describes itself as the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions.

Its offerings are delivered through PlatformDIGITAL®, a global data center platform built on its Pervasive Data Center Architecture (PDx®) methodology. Products scale from a single cabinet to multi-megawatt deployments. They include colocation and Turn-Key Flex® facilities, and Powered Base Building® for customers that build and operate their own infrastructure. Smaller deployments (0 to 1 MW) generally carry contracts of 2-5 years, while larger ones (over 1 MW) generally run 5-10+ years. Interconnection products include Cross Connect, Metro Connect, ServiceFabric® (virtual network orchestration to 305+ cloud on-ramps), Internet Services, Precabling and Pathway. Critical Facilities Management® services provide 24/7 operations support. At December 31, 2025, the portfolio held about 57.6 million rentable square feet, was roughly 84.7% leased, and had about 2.9 GW of in-place IT capacity. About 769 MW of projects were underway, 64% of them pre-leased, and the company estimates its land and development space could accommodate over 3,500 MW of additional capacity.

Customers range from companies of all sizes to the world's leading enterprises and service providers. They include global cloud service providers, IT service firms, social media, content providers and financial services companies. Demand is driven by digital transformation, data growth, cloud and hybrid cloud adoption, artificial intelligence and IT outsourcing. The company's portfolio held 310 data centers as of December 31, 2025, including 89 held through unconsolidated entities. Of these, 118 are in the United States, 113 in Europe, 36 in Latin America, 16 in Africa, 18 in Asia, six in Australia and three in Canada. The footprint covers over 55 metros in more than 30 countries on six continents, with over 232,000 cross connects. Expansion has come through strategic investments and acquisitions, including a majority interest in Teraco, a South African data center platform acquired in August 2022, as well as organic development.

The company owns and operates its data centers, many of which are internet gateway facilities and campuses located at aggregation points of multiple telecommunications providers. Many facilities also contain tenant improvements installed at customers' expense. It emphasizes that its network-dense, connected data communities are difficult for competitors to replicate, and from time to time it may sell assets it does not consider core. Its principal executive offices are at 2323 Bryan Street, Suite 1800, Dallas, Texas.