Reading DLR? Track it free: the weekly brief, plus an alert if the thesis breaks. No credit card.
Track DLR free→
Digital Realty (DLR)
NYSEReal EstateReit - SpecialtySnapshot 2026-06-16
Watch· 1–3 mo
$190.45+3.00%
Close 2026-06-16 · 1-day change
Recent financial performance sits below its industry cohort — worth keeping an eye on, though it has not freshly broken.
The bottom line
Recent financial performance is neutral, and earnings quality is mixed. Management's recent track record has been steady, and it has a capital-friendly approach. Risk is low, but the sector backdrop is a headwind, which may affect performance compared with sector peers, where it is typical. Peer multiples imply a price about 36% below where it trades (it looks expensive on this basis); the read is expensive, growth-justified, as it is rich on today's multiple, but the three-year horizon reads cheaper once expected earnings growth is included. This analysis is provisional.
as of 2026-06-16
Quick facts
- Exchange
- NYSE
- Sector
- Real Estate
- Industry
- Reit - Specialty
- Market cap
- $65.89B
- Employees
- —
- IPO date
- 2004-12-13
- Next earnings
- 2026-07-23
Price
Daily closes. Earnings/event dots are placed inline.
Adjusted daily closes (split & dividend). Scroll over the chart to zoom; click a range to reset.
EarningsMaterial event
What's priced in
(what the market already expects)What it's worth (estimated)
A consensus fair price across 5 valuation methods, at three horizons. Current price $190.45. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
12-month· primaryfull
$142.13consensus
Range $126.14 – $187.23
vs price: +34% above
Method agreement — · 5 methods
No-growth: today's peer multiple on trailing earnings. The headline read.
3-yearinexpensive
$399.74consensus
Range $198.85 – $627.80
vs price: -52% below
Method agreement — · 4 methods
Embeds projected growth. Leans optimistic by design. Upside context.
5-yearinexpensive
How much to trust our fair value
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
Durable premiumlow confidence
At $190 the market pays 11× p/s — above the 8× p/s peer median but in line with its own 10× history. That premium reflects a durable franchise our peer-anchored $142 fair value understates; treat the 'expensive vs peers' read with low confidence. Analysts: $189–$235. Not investment advice.
Multiple (P/S)
10.7x
peer 8.0x · own history 9.9x
Premium
1.3x peer
1.1x its own history
Growth the price needs
37%
our forecast 20%
Our fair value
$142.13
range $126.14 – $187.23
Analyst range(a guide on our number, not a target)Our number is below the analyst range
How this stock is priced
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
Long-term · 1–3 yr
fullexpensive — growth-justified12-month view
What's priced inStretched
The market is pricing in roughly 36% near-term growth, ahead of our forecast of about 20%. This describes what's priced in, not a forecast of the move.
Low fragilityrisk posture, not a price call
No fragility gates fired. Regime (Mania) does not concentrate fragility.
Historical context
For similar setups historically (n=20,154): about 33% saw a 20%+ drawdown, and roughly 76% of those did not recover within the year. These are historical base rates for the cohort, not a forecast of this stock.
How strong is the business
(quality & execution)Factor signals
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Recent financial performance
neutralOperating income rose in 1 of the last 3 quarter-over-quarter moves. Historically, Real Estate names rated neutral grew net income 53% of the time over the next year (vs 57% for the rest of the cohort, n=1968).
41st pctl · Real Estate
Earnings quality
neutralOver the trailing year it converted 1.84x of net income into operating cash flow. Historically, Real Estate names rated neutral grew net income 61% of the time over the next year (vs 47% for the rest of the cohort, n=1866).
51st pctl · Real Estate
Macro sensitivity
Most sensitive to the broad stock market.
- the broad stock market: This stock moves with the broad market (high beta).
Not enough signal to read sensitivity to the US dollar, real (inflation-adjusted) rates, long-term interest rates, Fed net liquidity.
Management & capital allocation
stableEarnings setup & market context
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
Earnings setup · pre-print positioning
forward-looking
1 analysts, 72% Buyfor period ending 2026-06-30
Why this setup
Consensus revisions
EPS estimate $0.00 → $0.73. 0 raised, 0 cut, 1 covering analysts.
Rating actions
0 upgrades, 0 downgrades / 30d. 72% of analysts rate Buy.
Sector context
Intermediate · WeeklySector phase: real estate is in maturing, with decelerating (~1.2 years in phase).
Sector regime (90d momentum): headwind.Secular epoch: Mature by revenue growth · theme sunbelt-migration.headwind
Management scorecard
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Long-term · 1–3 yr
Overall: neutral
- Capital allocation
- weak
- Earnings discipline
- strong
- Margin discipline
- neutral
- Balance sheet
- neutral
- Post-call reaction
- strong
A guidance track record builds as the company issues and delivers on guidance.
How bumpy is the path
(risk while you hold it)Risk: how this stock moves
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
Intermediate · WeeklyLong-term · 1–3 yr
On a typical day, $10k can swing ±$92.
How much price usually moves either way.
On a bad day, this stock has moved -$239.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $1,683.
Deepest peak-to-trough drop in the last year.
lowas of 2026-06-16
Past results, not a forecast. Not investment advice.
What would change the read
(catalysts & re-read triggers)What changed
The most important moves since the prior daily snapshot.
Short-term · Daily
- No material changes since the prior snapshot.
Valuation changed. It rose to "expensive." The sector backdrop fell. It is now a headwind. Risk remains low. Management is stable. Earnings quality is neutral.
as of 2026-06-16
What to watch next
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Intermediate · Weekly
- Either wayHigh confidenceMonthsactive 18d
Watch for Q2 earnings results on July 23, 2026
Why it matters: Earnings results show how the company is doing financially. They also show growth trends.
What confirms / what disproves
Confirms one read:Q2 earnings beat expectations, showing strong revenue and FFO growth.
Confirms the other:Q2 earnings fall short of expectations. This may mean problems with growth or making money.
Sector context
News catalysts
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
- 2026-06-125d agoYahoo! Finance
Advances: Increase Core FFO per share outlook
Partnership with ePlus enhances AI capabilities and growth potential.
Strongly reinforcesUnconfirmed report
This sector is also watching
- Watch for revenue growth speeding up in the Real Estate sector.
- Watch for FOMC decisions that change interest rates.
What could change this view
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
Intermediate · Weekly
Upside triggers
- If the Fed starts cutting rates from the current 3.62%, that would be a tailwind for DLR and other Real Estate names, since rate-sensitive parts of the market tend to rally when the Fed eases.
- If sector bellwethers like EQIX, AMT, and CCI keep beating earnings and guiding higher, the Real Estate sector momentum should keep lifting DLR and other Real Estate names. Worth watching these names for early signals.
Downside triggers
- If DLR reverses and cuts guidance after recently raising (RAISED as of 2026-04-23), that's the worst kind of move: a credibility hit on top of the lower number. Stocks usually get punished disproportionately for this.
- If sector bellwethers like EQIX, AMT, and CCI start missing or guiding lower, the Real Estate tailwind helping DLR and other Real Estate names could fade. Watch these names for early warning.
- If GDP growth slows materially from the current 2.6% (say, below 2%), it hits DLR and other Real Estate names harder than the average stock, since the sector is growth-sensitive.
Recent events
(material 8-K / filing activity)Material updates
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
- 2026-05-041mo agoItem 8.01
Other Events. On May 4, 2026, Digital Realty Trust, Inc. and Digital Realty Trust, L.P. entered into an ATM Equity Offering Sales Agreement (the “Sales Agreement”) with BofA Securities, Inc., BNP Paribas Securities Corp., BTIG, LLC, Capital One Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Huntington Securities, Inc., ING Financial Markets LLC, Jefferies LLC , J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG Securities Ame…
Capital allocationpositive
Score history
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
-1.6 vs last weeklatest as of 2026-06-16
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.