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Digital Realty — REIT card

DLR
Data centersMarket cap $63.6B4-quarter TTM
Close · Oct 16, 2026175.97P/E 85.0 · EV yield 4.0%
P/Cash FFO23.3×Cash FFO/sh 7.55
Yield · spread to 10y2.8%−2.32 pt vs. the bond
+7% above 5y medianP/Cash FFO vs. its own five years
10-year Treasury · Oct 16, 20265.09%2-year 4.74%
Board median yield4.4%trailing dividends ÷ last close
Yield spread to the 10-year−0.71 ptREITs yield less than the bond: paying for growth
Board median P/Cash FFO15.6×five-year median 16.7× · −7%
Lights on0 of 3prices Oct 16, 2026 · TTM through Jun 30, 2026

Where it has traded

quarter-end P/Cash FFO · 20 quarters · Sep 30, 2021 → Jun 30, 2026
14×18×22×26×30×2021202220232024202520262021-09-30 · 20.1× (close 144.45 · Cash FFO/sh 7.18)2021-12-31 · 24.8× (close 176.87 · Cash FFO/sh 7.13)2022-03-31 · 20.2× (close 141.80 · Cash FFO/sh 7.01)2022-06-30 · 18.9× (close 129.83 · Cash FFO/sh 6.88)2022-09-30 · 15.0× (close 99.18 · Cash FFO/sh 6.59)2022-12-31 · 16.0× (close 100.27 · Cash FFO/sh 6.26)2023-03-31 · 15.7× (close 98.31 · Cash FFO/sh 6.26)2023-06-30 · 18.4× (close 113.87 · Cash FFO/sh 6.20)2023-09-30 · 19.6× (close 121.02 · Cash FFO/sh 6.16)2023-12-31 · 20.4× (close 134.58 · Cash FFO/sh 6.59)2024-03-31 · 22.6× (close 144.04 · Cash FFO/sh 6.37)2024-06-30 · 23.6× (close 152.05 · Cash FFO/sh 6.45)2024-09-30 · 25.1× (close 161.83 · Cash FFO/sh 6.45)2024-12-31 · 27.0× (close 177.33 · Cash FFO/sh 6.57)2025-03-31 · 21.1× (close 143.29 · Cash FFO/sh 6.79)2025-06-30 · 25.4× (close 174.33 · Cash FFO/sh 6.85)2025-09-30 · 26.6× (close 172.88 · Cash FFO/sh 6.51)2025-12-31 · 24.0× (close 154.71 · Cash FFO/sh 6.45)2026-03-31 · 26.8× (close 180.21 · Cash FFO/sh 6.72)2026-06-30 · 23.8× (close 179.58 · Cash FFO/sh 7.55)p75 25×med 22×p25 19×now 23.3×
Five-year median 21.9×, middle half 19.4–24.9×, range 15.0–27.0×. Now 23.3×: +7% above its own median, higher than 55% of those quarters.Each quarter priced at its own trailing Cash FFO per share · the band is the 25th–75th percentile

Where the cash goes

TTM through Jun 30, 2026 · $B
0246Revenue: 6.8 $B6.8RevenueProperty & operating: −3.6 $B−3.6Property &operatingEBITDA: 3.2 $B3.2EBITDAInterest: −0.5 $B−0.5InterestD&A: −2.0 $B−2.0D&ANet income: 0.8 $B0.8NetincomeAdd back D&A: 2.0 $B2.0Add backD&ANon- cash: −0.1 $B−0.1Non-cashCash FFO: 2.7 $B2.7CashFFODividends: −1.8 $B−1.8DividendsRetained: 1.0 $B1.0Retained
Cash FFO 2.73B = net income 0.80B + depreciation 2.00B − 0.07B other non-cash items · dividends 1.76B · retained 0.96B

Against its type

DLR (blue) vs. the other Data centers REITs on the board (2), grey
P/Cash FFO23.3× vs. 21.7×
Dividend yield2.8% vs. 2.6%
Cash FFO payout65% vs. 55%
Net debt / EBITDA5.1× vs. 6.5×
Interest cover7.0× vs. 5.1×
EBITDA margin47% vs. 38%

Type averages are the plain mean of the other REITs of the same property type with a usable window.

Quarter by quarter

8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter
Revenue, $B1.92
Cash FFO / share, quarter2.65
EBITDA margin52%
Interest cover8.8×