Digital Realty (DLR)

NYSEReal EstateReit - SpecialtySnapshot 2026-10-15

$175.97+0.86%

Close 2026-10-16 · 1-day change

Read the published Living FV report summary

Investment OutlookAs of Oct 15, 2026

What could strengthen or challenge Digital Realty’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

-0.3%

+10% or more+5%0%−5%−10% or less

2.58 → 2.58 EPS · FY ending Dec 31, 2027 · 12 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 15, 2026 to Oct 15, 2026: (new ÷ prior − 1). Contributor count changed from 11 to 12; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Living FV™

Living Fair Value by QuarterlyIQ

A valuation that evolves as the business changes.

A published Living FV snapshot is not available yet. The valuation workflow remains discoverable; a market target cannot supply the missing evidence.

View Living FV report and workflow

What the Thesis Depends On

Three key conditions need to be met for the investment thesis to play out.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Core FFO per share reaches $8.05 in 2026	Digital Realty grows Core FFO per share to about $8.05 in 2026.	Intact	Core FFO per share falls below $7.28 in 2026	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 15, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 4 of last 4 quarters. Core FFO per share increased from $1.86 in 2025-Q4 to $2.04 in 2026-Q1, with the 2026 Core FFO per share outlook raised from $7.90-$8.00 to $8.15-$8.20 by 2026-Q2. Management is delivering growth in Core FFO per share consistent with their stated outlook increases. Delivery assessment Oct 15, 2026
Expand hyperscale data center capacity via acquisitions	It expands hyperscale data center capacity with acquisitions totaling over $1.6 billion.	Intact	Fails to complete acquisitions or partnerships totaling at least $1 billion	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 15, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated in 3 of last 4 quarters. Total bookings increased from $400 million in 2025-Q4 to $707 million in 2026-Q1, supporting expansion of hyperscale and connectivity-rich capacity. Management is delivering growth in leasing activity aligned with this priority. Delivery assessment Oct 15, 2026
Announce and execute share buyback program	A supporting condition in Digital Realty's published investment case. The stated target is Announce and execute meaningful buybacks within 12 months.	Intact	No significant buyback execution within 12 months	Buyback program active vs 12-month target Multiple events confirm share buyback announcements and execution in Oct 2026. Context reviewed through Oct 15, 2026Last status assessment Oct 15, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$2.58

$2.40 → $2.58 · observed estimates

FY2027 revenue$7.90B

$7.62B → $7.90B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$2.40	$7,621,623,649	11 / 21
2026-07-25	Unavailable	$7,721,557,210	4 / 28
2026-07-26	Unavailable	$7,721,557,210	4 / 28
2026-07-27	Unavailable	$7,758,625,150	4 / 27
2026-07-28	$2.51	$7,735,988,268	10 / 21
2026-07-29	Unavailable	$7,805,385,880	4 / 27
2026-07-30	$2.50	$7,790,267,053	11 / 21
2026-07-31	$2.50	$7,790,267,053	11 / 21
2026-08-01	$2.50	$7,790,267,053	11 / 21
2026-08-02	Unavailable	$7,824,638,030	4 / 28
2026-08-03	$2.52	$7,809,409,910	11 / 22
2026-08-04	$2.52	$7,809,409,910	11 / 22
2026-08-05	$2.52	$7,809,409,910	11 / 22
2026-08-06	$2.52	$7,809,409,910	11 / 22
2026-08-07	$2.52	$7,809,409,910	11 / 22
2026-08-08	Unavailable	$7,831,395,180	4 / 28
2026-08-09	Unavailable	$7,831,395,180	4 / 28
2026-08-10	$2.52	$7,809,409,910	11 / 22
2026-08-11	Unavailable	$7,849,266,930	4 / 28
2026-08-12	$2.52	$7,809,409,910	11 / 22
2026-08-13	$2.52	$7,809,409,910	11 / 22
2026-08-14	$2.52	$7,809,409,910	11 / 22
2026-08-15	$2.52	$7,809,409,910	11 / 22
2026-08-16	$2.52	$7,809,409,910	11 / 22
2026-08-17	$2.52	$7,809,409,910	11 / 22
2026-08-18	$2.52	$7,809,409,910	11 / 22
2026-08-19	$2.52	$7,809,409,910	11 / 22
2026-08-20	$2.56	$7,864,297,045	11 / 21
2026-08-21	$2.56	$7,864,297,045	11 / 21
2026-08-22	$2.56	$7,864,297,045	11 / 21
2026-08-23	$2.56	$7,864,297,045	11 / 21
2026-08-24	$2.56	$7,864,297,045	11 / 21
2026-08-25	$2.56	$7,864,297,045	11 / 21
2026-08-26	$2.56	$7,864,297,045	11 / 21
2026-08-27	$2.56	$7,864,297,045	11 / 21
2026-08-28	$2.56	$7,864,297,045	11 / 21
2026-08-29	$2.56	$7,864,297,045	11 / 21
2026-08-30	$2.58	$7,870,423,275	11 / 21
2026-08-31	$2.58	$7,870,423,275	11 / 21
2026-09-01	$2.58	$7,870,423,275	11 / 21
2026-09-02	$2.58	$7,870,423,275	11 / 21
2026-09-03	$2.58	$7,870,423,275	11 / 21
2026-09-04	$2.58	$7,870,423,275	11 / 21
2026-09-05	$2.58	$7,870,423,275	11 / 21
2026-09-06	$2.58	$7,870,423,275	11 / 21
2026-09-07	$2.58	$7,870,423,275	11 / 21
2026-09-08	$2.58	$7,870,423,275	11 / 21
2026-09-09	$2.58	$7,870,423,275	11 / 21
2026-09-10	$2.58	$7,870,423,275	11 / 21
2026-09-11	$2.58	$7,875,341,132	11 / 21
2026-09-12	$2.58	$7,875,341,132	11 / 21
2026-09-13	$2.58	$7,875,341,132	11 / 21
2026-09-14	$2.58	$7,875,341,132	11 / 21
2026-09-15	$2.58	$7,875,341,132	11 / 21
2026-09-16	$2.58	$7,875,341,132	11 / 21
2026-09-17	$2.58	$7,875,341,132	11 / 21
2026-09-18	$2.58	$7,875,341,132	11 / 21
2026-09-19	$2.58	$7,875,341,132	11 / 21
2026-09-20	$2.58	$7,875,341,132	12 / 21
2026-09-21	$2.58	$7,875,341,132	12 / 21
2026-09-22	$2.59	$7,887,316,718	12 / 22
2026-09-23	$2.59	$7,887,302,329	12 / 22
2026-09-24	$2.59	$7,887,302,329	12 / 22
2026-09-25	$2.59	$7,887,302,329	12 / 22
2026-09-26	$2.59	$7,887,302,329	12 / 22
2026-09-27	$2.59	$7,887,302,329	12 / 22
2026-09-28	$2.59	$7,887,302,329	12 / 22
2026-09-29	$2.59	$7,887,302,329	12 / 22
2026-09-30	$2.59	$7,887,302,329	12 / 22
2026-10-01	$2.59	$7,887,302,329	12 / 22
2026-10-02	$2.59	$7,887,302,329	12 / 22
2026-10-03	$2.59	$7,887,302,329	12 / 22
2026-10-04	$2.59	$7,887,302,329	12 / 22
2026-10-05	$2.59	$7,887,302,329	12 / 22
2026-10-06	$2.59	$7,887,312,674	12 / 22
2026-10-07	$2.59	$7,887,312,674	12 / 22
2026-10-08	$2.59	$7,887,312,674	12 / 22
2026-10-09	$2.58	$7,895,329,916	12 / 22
2026-10-10	$2.58	$7,895,329,916	12 / 22
2026-10-11	$2.58	$7,895,329,916	12 / 22
2026-10-12	$2.58	$7,895,329,916	12 / 22
2026-10-13	$2.58	$7,895,329,916	12 / 22
2026-10-14	$2.58	$7,895,329,916	12 / 21
2026-10-15	$2.58	$7,895,329,916	12 / 21

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	23	9	1
2026-06-01	23	9	0
2026-07-01	26	9	0
2026-08-01	28	7	0
2026-09-01	29	5	0
2026-10-01	29	5	0

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 29 Buy / Strong Buy · 5 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 16–Oct 15 · 0 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Redburn PartnersSep 21

$227.00New observation · no comparable prior

$0$124.85$249.70

0 raises · 0 cuts · 0 unchanged · 1 without a comparable prior

How this is measured

Sep 16, 2026–Oct 15, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Core FFO per share reaches $8.05 in 2026Direct metric needs a verified mapping
Expand hyperscale data center capacity via acquisitionsDirect metric needs a verified mapping

Next proof point

Oct 29, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

2 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.3%Typical daily move · historical

Downside history

-16.8%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Digital Realty outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 10, 2026

What kind of bet this is

This investment is in a real estate company focused on data centers, which is generally seen as a durable compounder. The current thesis state is stable, supported by strong financial performance and management's focus on growth.

What's priced into Digital Realty

The market appears to have a neutral valuation for DLR, with expectations slightly below what management has communicated. There is a premium compared to peers, indicating that some growth potential is already recognized.

What the fundamentals likely do

Management is on track to increase Core Funds From Operations (FFO) per share and expand data center capacity. However, there is a moderate risk of missing earnings expectations, although the probability is relatively low.

What Digital Realty hinges on

The thesis hinges on management's ability to maintain guidance and deliver on growth initiatives. Additionally, external factors like Federal Reserve rate cuts and performance from sector peers could significantly influence DLR's trajectory.