digital realty trust, inc.

overview

Digital Realty Trust is the largest data center REIT globally, owning, operating, and investing in carrier-neutral data centers worldwide. The company offers data center, colocation, and interconnection services through its PlatformDIGITAL global platform, serving over 5,000 customers including cloud providers, technology companies, and enterprises across 6 continents.

business model

Digital Realty operates as a real estate investment trust (REIT) focused on data center properties. The company generates revenue through colocation services, wholesale data center leasing, interconnection services, and managed services. Its PlatformDIGITAL strategy emphasizes connected data communities, combining physical infrastructure with digital interconnection capabilities. The company serves hyperscale cloud providers, enterprises, and network operators through both retail colocation and wholesale models.

data center profile

global footprint

us portfolio (from database)

projects by state

specialization

primary focus: colocation, wholesale, hyperscale, interconnection, ai-ml

key differentiators:

• PlatformDIGITAL - integrated global data center platform

• ServiceFabric interconnection solution - 200,000+ interconnections

• Carrier-neutral facilities across 50+ metros

• Largest wholesale colocation provider by square footage

• Strong interconnection capabilities from Telx acquisition

financial highlights

strategy

corporate strategy

Digital Realty’s corporate strategy centers on its PlatformDIGITAL vision - creating a global platform that enables customers to scale digital business through connected data communities. The company focuses on providing enterprise-grade infrastructure that combines physical colocation with robust interconnection capabilities. Digital Realty positions itself as the infrastructure foundation for hybrid IT, cloud adoption, and AI deployment, emphasizing customer proximity to data, compliance capabilities, and low-latency connectivity. The company leverages its carrier-neutral position and global footprint to facilitate data exchange and digital transformation.

growth strategy

Digital Realty pursues growth through multiple vectors: (1) Organic development - 9B development pipeline with 3.7 GW land bank supporting 5 GW total capacity potential, (2) Strategic acquisitions - history of transformative M&A including Interxion (8.4B) and Telx ($1.9B), (3) Joint ventures -$7B hyperscale JV with Blackstone, partnerships with GI Partners for stabilized assets, (4) Market expansion - entering high-growth markets like India (100 MW campus) and Africa (Teraco acquisition), (5) AI infrastructure - positioning for AI workload growth through high-density GPU deployments and partnerships with Vultr, Oracle, Dell, and DXC. The company targets 10%+ normalized revenue and EBITDA growth in 2025.

power strategy

Digital Realty pursues a diversified power strategy combining utility partnerships, renewable energy procurement, and innovative solutions for power-constrained markets. The company works closely with local utilities while also pursuing direct renewable energy contracts and virtual PPAs.

renewable commitment: Digital Realty has committed to 100% renewable energy coverage globally and currently matches 185+ data centers (75% of portfolio) with renewable energy. The company targets 1 GW of certified sustainable capacity and ranks 6th on EPA’s Top 30 Tech & Telecom Green Power Users list. Renewable commitments include 158 MW of solar in California and Georgia, 500 GWh hydropower deal with Current Hydro for Virginia facilities, and 100% renewable energy for Australian facilities.

major commitments

partnerships

power providers

technology partners

NVIDIA (GPU/AI Infrastructure) : Partnership for AI infrastructure deployment including HGX B200 chips through Vultr collaboration

AMD (GPU/AI Infrastructure) : Deployment of Instinct MI325X chips for high-density GPU clusters through Vultr partnership

HPE (Hewlett Packard Enterprise) (Cloud Infrastructure) : Selected HPE Private Cloud solutions for global data center operations modernization announced June 2025

Dell Technologies (AI Infrastructure) : Partnership combining Digital Realty’s PlatformDIGITAL with Dell’s AI Factory technology for enterprise AI deployment

Oracle (Cloud Platform) : Strategic collaboration for Oracle Cloud Solution Centers hosted on PlatformDIGITAL to accelerate hybrid IT and AI solutions

financial partnerships

leadership

Andrew (Andy) Power

Chief Executive Officer & Director

Andy Power became CEO in December 2022 after serving as President since November 2021 and CFO since 2015. Prior to Digital Realty, he was Managing Director of Real Estate, Gaming and Lodging Investment Banking at Bank of America Merrill Lynch, where he was part of the team that advised Digital Realty on its 2004 IPO.

Long tenure with company understanding from both banking and operational perspectives. Led company through major acquisitions and strategic transformation.

Matt Mercier

Chief Financial Officer

Matt Mercier joined Digital Realty in 2006 and most recently served as Senior Vice President Global Finance & Accounting before being promoted to CFO effective January 1, 2023, succeeding Andrew Power who became CEO.

17+ years with company, deep institutional knowledge of Digital Realty’s financial operations and global portfolio

Chris Sharp

Chief Technology Officer

Chris Sharp leads technology strategy and innovation initiatives including the Digital Realty Innovation Lab (DRIL) and AI infrastructure partnerships. Quoted extensively on the company’s AI and hybrid cloud strategy.

Key architect of Digital Realty’s AI infrastructure strategy and partnerships with Vultr, Oracle, Dell, and others

competitive position

Digital Realty is the largest data center provider by square footage and second-largest by revenue in the global colocation market. The company holds approximately 9.98% market share of U.S. colocation revenue (2024) and is the clear leader in wholesale colocation with 28% market share of that segment. Digital Realty ranks second globally behind Equinix in retail colocation but leads in wholesale. Combined with Equinix and NTT, the top three providers control 30% of global colocation revenues. Digital Realty’s competitive position is strongest in North America (market leader) and EMEA (strong #2 after Interxion acquisition), with growing presence in APAC and emerging markets.

strengths

• Largest data center REIT by total square footage (41M+ sq ft)

• Strong wholesale and hyperscale positioning with 28% market share in wholesale segment

• Global scale with 300+ facilities across 50+ metros in 25+ countries

• Robust interconnection capabilities from Telx acquisition (200,000+ interconnections)

• PlatformDIGITAL integrated platform combining infrastructure and connectivity

opportunities

• AI infrastructure boom driving demand for high-density GPU facilities

• $9B development pipeline with 3.7 GW land bank supporting 5 GW capacity

• Expansion in high-growth markets (India 100 MW campus, Southeast Asia, Africa)

• Edge computing build-out as workloads move closer to end users

• Data sovereignty regulations driving demand for in-country facilities

threats

• Hyperscalers building owned infrastructure reducing third-party demand

• Power supply constraints in major markets (Northern Virginia, Frankfurt, London, Singapore)

• Rising construction costs and supply chain disruptions impacting development economics

• Interest rate environment affecting REIT valuations and cost of capital

• Intense competition from Equinix, CyrusOne, QTS, and well-funded new entrants

projects

Showing top 20 of 21 projects

sources

• Digital Realty Investor Relations

• Digital Realty

• Digital Realty Trust, Inc. Form 10-K for fiscal year ended December 31, 2024

• U.S. Securities and Exchange Commission (2025-02-13)

• Digital Realty Trust, Inc. Form 10-K for fiscal year ended December 31, 2023

• U.S. Securities and Exchange Commission (2024-02-15)

• Digital Realty Reports Fourth Quarter 2024 Results

• PR Newswire (2025-02-13)

• Digital Realty - Data Center Services & Colocation

• Digital Realty

• Digital Realty - Wikipedia

• Wikipedia

• Digital Realty Rides Secular Waves of Growth in its First 20 Years

• Nareit

• Digital Realty and Blackstone Announce $7 Billion Hyperscale Data Center Development Joint Venture

• Blackstone (2023-12)

• Digital Realty Launches PlatformDIGITAL and Unveils Platform Roadmap

• PR Newswire (2019-11)

• Digital Realty Closes Its Acquisition of Interxion

• Data Center Knowledge (2020-03)