Digital Realty Trust DLR
Global hyperscale and colocation cloud/AI compute infrastructure across the Americas, EMEA, and APAC.
Executive Summary: Digital Realty Trust (DLR) Institutional Rating
Quantitative Verdict: Digital Realty Trust (DLR) trades at an annualized dividend yield of 2.83% with an AFFO payout ratio of 70.7%, earning a Dividend Safety Score of 86 / 100 (Safe). The stock currently trades at a 6.1% discount to NAV (undervalued) relative to base Net Asset Value (NAV) of $182.00, backed by an institutional portfolio of 310 commercial properties operating at 96.2% physical occupancy.
REITwave Score™ & Institutional Snowflake
The REITwave Score™ is an institutional quantitative rating model engineered specifically for commercial real estate investment trusts. Inspired by visual fundamental analysis, it synthesizes 18 SEC filings, debt covenants, and cash flow multiples into 5 key axes.
Business Model & Capital Efficiency
SEC Form 10-K Item 1Operating Profile
Digital Realty Trust operates as a Operationally Intensive in the Data Center real estate sector. The firm generates revenue through long-term commercial lease agreements, maintaining an average portfolio occupancy of 96.2%.
Labor & Overhead Efficiency
- • Total Global Employees: 4,282
- • Estimated Market Cap: $65.10 B
- • Capital Per Employee: $15.20M
- • Guidance Status: In Line
Cap-Rate to NAV Sensitivity Matrix
Net Asset Value (NAV) estimates derived across commercial real estate capitalization rate scenarios. Market implied exit yield is currently 6.39%.
| Exit Cap Rate | Implied NAV / Share | % Variance to Base | Current Price | Market Arbitrage |
|---|---|---|---|---|
| 4.89% | $237.83 | +30.7% | $172.37 | Undervalued |
| 5.39% | $215.77 | +18.6% | $172.37 | Undervalued |
| 5.89% | $197.45 | +8.5% | $172.37 | Undervalued |
| 6.39% Base Case | $182.00 | 0.0% | $172.37 | Undervalued |
| 6.89% | $168.79 | -7.3% | $172.37 | Overvalued |
| 7.39% | $157.37 | -13.5% | $172.37 | Overvalued |
| 7.89% | $147.40 | -19.0% | $172.37 | Overvalued |
Dividend Distribution & Payout Safety
| Ex-Dividend Date | Payment Date | Cash Amount | Distribution Type |
|---|---|---|---|
| Current Run-Rate | Quarterly | $1.2200 | Regular Cash Distribution |
Deep-dive safety score, AFFO payout coverage buffer, and 5-year DRIP compounding model.
Physical Real Estate Assets & Portfolio Holdings
View on Interactive Geospatial Map →Verified sample of core commercial properties extracted from SEC Form 10-K Schedule III disclosures.
| Asset Name | City, State | Gross Leasable Area | Occupancy | Major Tenant | SEC Estimated Value |
|---|---|---|---|---|---|
| Franklin Park Chicago Metro Mega-Facility | Franklin Park, IL | 520,000 sq ft | 96.5% | Google Cloud Platform | $445,714,286 |
| Ashburn Hyperscale Campus (Building G) | Ashburn, VA | 450,000 sq ft | 100.0% | Microsoft Azure & Oracle Cloud | $419,117,647 |
| Ashburn Hyperscale Cloud Campus Building H | Ashburn, VA | 420,000 sq ft | 100.0% | Microsoft Azure & Oracle Cloud Infrastructure | $680,327,869 |
| Dallas Telecom Corridor Campus | Richardson, TX | 380,000 sq ft | 93.0% | IBM Cloud & AT&T Enterprise | $316,666,667 |
| Santa Clara Silicon Valley Interconnection Center | Santa Clara, CA | 310,000 sq ft | 99.1% | Meta Platforms & Nvidia AI Nodes | $531,250,000 |
SEC EDGAR Governance & Executive Compensation
DEF 14A DisclosuresHead-to-Head Competitor Comparison: DLR vs Peers
Institutional CompsDirect peer benchmark comparing Digital Realty Trust against its top competitors in the Data Center industry.
| Metric | DLR (Current) | EQIX | PSA | WELL |
|---|---|---|---|---|
| Share Price | $172.37 | $955.03 | $309.89 | $237.32 |
| Dividend Yield | 2.83% | 1.78% | 3.87% | 1.16% |
| Dividend Safety Score | 86 / 100 | 91 / 100 | 93 / 100 | 88 / 100 |
| Price / AFFO Multiple | 25.0x | 26.24x | 18.56x | 57.88x |
| NAV Premium / Discount | -6.1% | +3.8% | -10.2% | +89.9% |
| Portfolio Occupancy | 96.2% | 97.4% | 92.4% | 87.5% |
| Commercial Properties | 310 | 260 | 3,050 | 2,100 |
Frequently Asked Questions (DLR FAQ)
Digital Realty Trust (DLR) currently pays an annualized dividend of $4.88 per share, representing an annualized dividend yield of 2.83%. The distribution is paid on a Quarterly schedule. Its current AFFO payout ratio is 70.7%, earning a Dividend Safety Score of 86/100 with a risk rating of 'Safe'.
Based on REITwave's institutional property-level valuation models, Digital Realty Trust's consensus base NAV is $182.00 per share. Trading at $172.37, the stock reflects an implied market cap rate of 6.39% and trades at a 6.1% discount to NAV (undervalued).
Digital Realty Trust owns and operates approximately 310 commercial real estate properties across the United States. The portfolio reports an average physical occupancy rate of 96.2% with a weighted average lease term (WALT) of 8.2 years.
Digital Realty Trust currently trades at a Price / AFFO multiple of 25.0x based on forward AFFO per share of $6.90. Its Price / FFO multiple stands at 25.5x against forward FFO per share of $6.75.
According to the latest SEC Form DEF 14A proxy statement filed with EDGAR, the Chief Executive Officer is Andrew P. Power. Total annual reported compensation was $13,850,000, reflecting a CEO-to-median-worker pay ratio of 112:1.
Digital Realty Trust maintains a Net Debt-to-EBITDA ratio of 5.9x and carries an investment-grade credit rating of BBB+ / Baa2. Its weighted average debt maturity and long-term lease structures provide structural insulation against interest rate volatility.