Highlights

  • Second quarter 2026 total operating revenues were $1,924,040 thousand, with diluted EPS of $1.21 available to common stockholders.
  • Fee income and other was $249,407 thousand, including $201 million of promote income related to the June 2026 acquisition.
  • The company expects approximately $2.8 billion to $3.3 billion of capital expenditures for the remainder of 2026.
  • Cash and cash equivalents were $1,864.8 million at June 30, 2026, and $6.3 billion remained available under the ATM program.

Digital Realty (NYSE: DLR) shares were trading at USD 177.38 on October 27, 2026, up 1.63%, with a relative volume at time of 2.22. The data center operator acquired development land at Astra Enterprise Park near Kansas City in April 2026, entered a new at-the-market equity sales agreement on May 4, 2026, and filed its quarterly report on Form 10-Q for the quarter ended June 30, 2026 on July 31, 2026.

Digital Realty Trust, Inc. is a Maryland corporation, and its principal executive offices are at 601 West 2nd Street, Austin, Texas. Through its controlling interest in Digital Realty Trust, L.P., it provides space, power and interconnection solutions through data center, colocation and interconnection services for customers across industry verticals. It operates as a REIT for U.S. federal income tax purposes, and the filing is a combined report with its operating partnership. As of June 30, 2026, its consolidated portfolio included 310 data centers with 2,515 megawatts of white space IT load. The fiscal year ends December 31.

Second Quarter 2026 Results

Total operating revenues were $1,924,040 thousand for the three months ended June 30, 2026, compared with $1,493,150 thousand a year earlier, an increase of 28.9%. Rental and other services revenue was $1,674,633 thousand, and fee income and other was $249,407 thousand. The company attributed the fee income increase primarily to $201 million of promote income related to performance hurdles achieved in the June 2026 acquisition.

Total operating expenses were $1,464,783 thousand, compared with $1,281,453 thousand. Net income was $457,607 thousand, compared with $1,046,946 thousand in the second quarter of 2025. Net income available to common stockholders was $443,108 thousand, or $1.25 per basic share and $1.21 per diluted share, compared with $1,021,975 thousand, or $3.03 and $2.94.

Portfolio, Acquisitions and Equity

Occupancy in the consolidated portfolio was 89.8% at June 30, 2026, compared with 89.3% at December 31, 2025.

In June 2026, the company acquired 64% blended partnership interests in the Digital Carver Dulles 9 JV, LLC and Digital Carver Brickyard JV, LLC joint ventures, with total consideration of approximately $3.5 billion, including $1.2 billion of cash and 12.3 million shares of Digital Realty common stock. In April 2026, its operating partnership acquired approximately 1,440 acres of development land at Astra Enterprise Park for total consideration of $482 million.

During the six months ended June 30, 2026, Digital Realty Trust, Inc. generated net proceeds of approximately $2.5 billion under its ATM equity program from the issuance of approximately 13.5 million common shares. The 2026 Sales Agreement provides for sales of up to $7.5 billion, and $6.3 billion remained available at June 30, 2026.

Liquidity and Capital

The company had $1,864.8 million of cash and cash equivalents at June 30, 2026, compared with $3,451,647 thousand at December 31, 2025. Net cash provided by operating activities for the six months was $1,595,227 thousand, and net cash used in investing activities was $4,246,547 thousand. The global revolving credit facilities provide for borrowings up to $4.5 billion and mature on January 24, 2029.

The company declared common stock dividends of $425,047 thousand on February 19, 2026 and $435,908 thousand on May 12, 2026, with an annual rate of dividend per common share of $4.88000. It had open construction commitments of approximately $4.1 billion at June 30, 2026.

Outlook

The company said it currently expects to incur approximately $2.8 billion to $3.3 billion of capital expenditures for the remainder of 2026, including its share of joint venture contributions and net of partner contributions. It said this amount could go up or down. The newly acquired joint venture assets are expected to be fully stabilized in the first half of 2027 and first half of 2028.