DLR Digital Realty Trust Inc

$DLR a hall built on cheap debt has to refinance at real rates while tenants renegotiate at real prices. seems like both sides of the lease got repriced at once, and only one side got to pass it on

$DLR a landlord with a few giant tenants is not diversified, it is concentrated with extra steps. seems like when one tenant trims its build, the vacancy is not a suite, it is a whole hall

$DLR a data center landlord collects rent in a boom and refinances in whatever tape comes next. seems like the lease looked safe at cheap rates, the refi is where the bubble sends its invoice

BMO Capital Markets identified the best-positioned data-center stocks as election results in key states increase the risk of development delays and potential moratoriums. Analysts Ari Klein and John P. Kim warned that regulatory uncertainty could complicate new projects, but sub-1% vacancy rates and strong AI demand should support pricing for existing operators. Supply constraints are expected to benefit companies with large installed capacity. Digital Realty Trust , rated Outperform by BMO, could face greater development risks but may be the biggest beneficiary of higher pricing. The company has nearly 1.5 GW under construction and approximately 8.4 GW of additional capacity in its land and development pipeline. Recent acquisitions in Kansas City and Indianapolis account for 45% of its domestic land bank, while Texas and Georgia represent roughly 25% of its North American holdings and Northern Virginia 12%. $DLR

$DLR The release put renewal rent increases at 11.8% on a cash basis for Q3. The 10-Q splits renewals by deal size for the nine months, and the blend hides a lot. Renewals over 1 MW went from 136 dollars per kW expiring to 209 dollars renewed, up about 54%. Renewals under 1 MW went from 300 to 317 dollars, up about 6%. New leases over 1 MW also signed at a 15.4 year average term, vs 4.7 years for the smaller deals.

$DLR Q3 '26 Earnings Results & Recap • Reported GAAP EPS of $0.48 up 220.00% YoY • Reported revenue of $1.9B up 20.62% YoY • Digital Realty raised its 2026 Core FFO per share (excluding net promote) outlook to $8.30 - $8.35 and 2026 Constant-Currency Core FFO per share (excluding net promote) to $8.25 - $8.30.

$DLR reports earnings today after the close. I used Stock Meadow’s earnings dashboard to review its history: DLR has beaten EPS estimates in 4 of its last 8 reports.