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Digital Realty Trust Inc - Stock Quote DLR

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Morningstar's Digital Realty Trust Inc Stock Analysis

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Lukewarm Financial Results Obscure a Great First Quarter for Digital Realty; FVE Increases to $133

Matthew Dolgin, CFA Equity Analyst

Analyst Note

| Matthew Dolgin, CFA |

Digital Realty’s first-quarter results were sufficient to keep the firm on pace for its full-year guidance, which it reiterated across all major metrics, but there was noise related to currency headwinds, pass-through power costs, and asset dispositions. However, underneath Digital put up another fantastic quarter of bookings and saw renewal pricing turn a corner after being under pressure for the past several years. We believe the transformation Digital has made with its data center portfolio over the last five years, becoming much more network dense and global, will keep this momentum going. While our new fair value estimate of $133, up $3, implies the stock is modestly overvalued, we think it’s the most compelling firm in the data center sector.

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Digital Realty Trust Inc's Company Profile

Business Description

Digital Realty owns and operates nearly 300 data centers worldwide. It has more than 35 million rentable square feet across five continents. Digital's offerings range from retail co-location, where an enterprise may rent a single cabinet and rely on Digital to provide all the accommodations, to "cold shells," where hyperscale cloud service providers can simply rent much, or all, of a barren, power-connected building. In recent years, Digital Realty has de-emphasized cold shells and now primarily provides higher-level service to tenants, which outsource their related IT needs to Digital. Digital Realty has also moved more into the co-location business, increasingly serving enterprises and facilitating network connections. Digital Realty operates as a real estate investment trust.

5707 Southwest Parkway, Building 1, Suite 275
Austin, TX, 78735
T +1 737 281-0101
Sector Real Estate
Industry REIT - Office
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 3,030