DLR

It has been about a month since the last earnings report for American Tower (AMT). Shares have lost about 2% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is American Tower due for a breakout? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent drivers for American Tower Corporation before we dive into how investors and analysts have reacted as of late. American Tower Corporation reported second-quarter 2026 adjusted funds from operations (AFFO) per share of $2.71, matching the Zacks Consensus Estimate. The metric increased 4.2% from the year-ago quarter. Total revenues rose 4.7% year over year to $2.75 billion, surpassing the consensus mark by 1.5%. Results benefited from higher property revenues, robust global leasing activity and continued data center growth. Total property revenues increased 6.3% year over year to $2.69 billion. Property operations remained the company’s primary growth engine, supported by tower leasing demand and expansion across its data center platform. Total tenant billings grew 2.4%, while organic tenant billings rose $34 million. Property gross margin expanded 4.9% to $1.98 billion, with the property gross margin standing at 73.7%. Data center revenues increased 13.4% year over year to $297 million. Cash revenues jumped 12.3%, reflecting healthy customer demand and strong leasing activity at CoreSite. Management highlighted record leasing activity in the business. The company now expects data center property revenue growth of 14.9% at the midpoint of its updated 2026 outlook, indicating faster growth than anticipated earlier in the year. Organic tenant billings growth, excluding the impact of DISH churn, was approximately 4% globally. Africa & APAC delivered a 10.6% rise, while Europe recorded an increase of 4.1%. U.S. & Canada organic tenant billings grew 0.7% on a reported basis but were approximately 5% when excluding DISH churn. Latin America declined 2.4%, reflecting softer tenant billing trends in the region. Cash provided by operating activities increased 16% year over year to $1.49 billion. After total cash capital expenditures of $329 million, free cash flow climbed 19.6% to $1.16 billion. The company declared a quarterly distribution of $1.79 per share, up 5.3% from the prior-year period. It also repurchased approximately 0.1 million shares for about $19 million during the quarter. American Tower ended June with net debt of $35.43 billion, resulting in a net leverage ratio of 4.9 times annualized adjusted EBITDA. Total liquidity stood at approximately $9.9 billion. This included nearly $1.8 billion in cash and roughly $8.2 billion available under revolving credit facilities, net of outstanding letters of credit. American Tower raised the midpoint of its full-year property revenue outlook by $110 million. Property revenues are now projected between $10.70 billion and $10.85 billion, implying 4.5% growth at the midpoint. AFFO per share is projected between $11 and $11.17. The updated outlook reflects favorable currency movements, data center outperformance and one-time expense benefits. The company also expects approximately 1% organic tenant billings growth, or roughly 4%, excluding DISH churn, along with about 15% data center revenue growth. In the past month, investors have witnessed a downward trend in fresh estimates. At this time, American Tower has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. Following the exact same course, the stock was allocated a score of C on the value side, putting it in the middle 20% for this investment strategy. Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Interestingly, American Tower has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. American Tower is part of the Zacks REIT and Equity Trust - Other industry. Over the past month, Digital Realty Trust (DLR), a stock from the same industry, has gained 2.8%. The company reported its results for the quarter ended June 2026 more than a month ago. Digital Realty Trust reported revenues of $1.92 billion in the last reported quarter, representing a year-over-year change of +28.9%. EPS of $1.21 for the same period compares with $1.87 a year ago. For the current quarter, Digital Realty Trust is expected to post earnings of $1.98 per share, indicating a change of 0% from the year-ago quarter. The Zacks Consensus Estimate has changed -0.1% over the last 30 days. Digital Realty Trust has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report American Tower Corporation (AMT) : Free Stock Analysis Report Digital Realty Trust, Inc. (DLR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. Digital Realty Trust has delivered a 72.2% return over the past three years, yet its valuation signals are split. The Discounted Cash Flow (DCF) intrinsic value estimate points to meaningful upside, while earnings based multiples suggest the stock is on the expensive side. Over the last three years, Digital Realty Trust has returned 72.2% to shareholders, which puts more focus on whether the current price still leaves enough room for attractive long term returns. Expansion of its global data center and hyperscale AI infrastructure can support expectations for future cash flows, but large capital needs and the risk of oversupply in some markets may weigh on how much investors are willing to pay for that growth. Digital Realty Trust passes only 2 of 6 valuation checks, which points to a stock that does not screen as a clear bargain on the broader set of metrics. The issue now is whether investors should lean more on the DCF based intrinsic value signal, which indicates the shares trade at about a 37.0% discount, or on the richer market multiples that flag a possible overvaluation. Digital Realty Trust delivered 16.0% returns over the last year. See how this stacks up to the rest of the Specialized REITs industry. The Discounted Cash Flow (DCF) model estimates what Digital Realty Trust is worth based on the cash it can return to shareholders over time. For Digital Realty Trust, the model uses adjusted funds from operations and points to cash flows that are growing rather than shrinking, with latest twelve month free cash flow of about $2.27b helping to anchor the projection. On this basis, the DCF model arrives at an intrinsic value of about $303 per share, which sits roughly 37.0% above the current share price and screens the stock as undervalued on cash flow alone. Because the recent expansion of hyperscale and AI focused data centers requires heavy investment, the market may not be giving full credit for those projected cash flows yet. Despite the large development pipeline, the DCF still indicates the current price does not fully reflect the projected cash generation. Overall, the Discounted Cash Flow view suggests Digital Realty Trust stock currently appears undervalued relative to its projected cash flows. Our Discounted Cash Flow (DCF) analysis suggests Digital Realty Trust is undervalued by 37.0%. Track this in your watchlist or portfolio, or discover 49 more high quality undervalued stocks. Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Digital Realty Trust. The P/E ratio is a useful way to think about what you are paying for each dollar of Digital Realty Trust earnings. For this stock, the current P/E sits around 93.1x, which is much higher than the Specialized REITs industry average of about 17.2x and also above the peer average of roughly 52.4x. A fair P/E multiple for Digital Realty Trust based on its profile is estimated at about 41.9x. That is well below where the stock trades today. This implies investors are already paying a premium for its earnings compared with what this model suggests. On this framework, the current price reflects a lot of optimism relative to both industry norms and the company’s tailored fair multiple. On the P/E metric, Digital Realty Trust stock appears significantly overvalued compared with both its peers and its modelled fair multiple. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives pick up where this valuation puzzle for Digital Realty Trust leaves off. They spell out which combinations of future growth, margins and earnings would need to play out for the stock to be worth materially more or less than today’s price. Each one presents Digital Realty Trust's fair value as a thesis about the business that you can watch over time, rather than a one off snapshot. These sit on Simply Wall St’s Community page. You can be one of the first voices in the Simply Wall St community to set out a clear, number driven narrative on Digital Realty Trust's expansion of global data centers and hyperscale AI infrastructure, and track how that view holds up as new results come through. Add your thesis on whether this build out and the large development pipeline ultimately justifies today's valuation and see how it compares with what other investors think over time. Do you think there's more to the story for Digital Realty Trust? Head over to our Community to see what others are saying! For Digital Realty Trust, the Discounted Cash Flow (DCF) intrinsic value estimate points to meaningful undervaluation, while the earnings based multiples argue the stock is overvalued. The gap comes from how much weight you put on long term cash flows in a capital intensive build out versus what the market is currently willing to pay for each dollar of earnings. Broader valuation checks look weak, so the DCF signal sits against a cautious overall picture. The key question from here is whether Digital Realty Trust can convert its development pipeline into durable cash generation that justifies today’s rich earnings multiple. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include DLR. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

AUSTIN, Texas, Aug. 11, 2026 (GLOBE NEWSWIRE) -- Digital Realty (NYSE: DLR), the world’s largest cloud- and carrier-neutral data center platform, announced today its board of directors has authorized quarterly cash dividends for common and preferred stock for the third quarter of 2026. Common StockDigital Realty’s board of directors authorized a cash dividend of $1.22 per share to common stockholders of record as of the close of business on September 15, 2026. The common stock cash dividend will be paid on September 30, 2026. Series J Cumulative Redeemable Preferred StockThe company’s board of directors authorized a cash dividend of $0.328125 per share to holders of record of the company’s 5.250% Series J Cumulative Redeemable Preferred Stock as of the close of business on September 15, 2026. The Series J Cumulative Redeemable Preferred Stock cash dividend will be paid on September 30, 2026. Series K Cumulative Redeemable Preferred StockThe company’s board of directors authorized a cash dividend of $0.365625 per share to holders of record of the company’s 5.850% Series K Cumulative Redeemable Preferred Stock as of the close of business on September 15, 2026. The Series K Cumulative Redeemable Preferred Stock cash dividend will be paid on September 30, 2026. Series L Cumulative Redeemable Preferred StockThe company’s board of directors authorized a cash dividend of $0.325000 per share to holders of record of the company’s 5.200% Series L Cumulative Redeemable Preferred Stock as of the close of business on September 15, 2026. The Series L Cumulative Redeemable Preferred Stock cash dividend will be paid on September 30, 2026. About Digital RealtyDigital Realty brings companies and data together by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation, from cloud and digital transformation to emerging technologies like artificial intelligence (AI), and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 55+ metros across 30+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X. Investor RelationsJordan Sadler / Jim HusebyDigital Realty(737) [email protected] Safe Harbor StatementThis press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including statements related to the amount and timing of expected payment of dividends on our common stock and preferred stock. For a list and description of such risks and uncertainties, see the reports and other filings by the company with the U.S. Securities and Exchange Commission. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Ellington Financial Inc. EFC reported second-quarter 2026 adjusted earnings of 60 cents per share, up 27.7% from 47 cents a year ago. The figure surpassed the Zacks Consensus Estimate of 46 cents by 30.4%. Revenues of $72.3 million jumped 66.8% year over year and topped the consensus estimate of $66.8 million by 8.2%. However, the stock has seen limited movement since the earnings release on Aug. 7. Results benefited from stronger net interest income, solid credit performance and contributions from Longbridge. Longbridge loan originations rose 38% year over year to $589.7 million, while its HMBS market share reached a record 29% during the quarter. Interest income was $170.8 million in the second quarter, up from $115.5 million in the year-ago period. Interest expenses increased to $98.6 million from $72.1 million, reflecting higher financing costs. Total expenses rose to $76.0 million from $57.1 million. The investment portfolio's net interest margin edged down to 3.36% from 3.37% in the prior quarter. Slightly higher asset yields were more than offset by a modest increase in funding costs. Positive carry from interest-rate swaps continued to support results, although the benefit moderated sequentially. The investment portfolio segment generated $119.9 million of interest and other income during the quarter. Net income attributable to common stockholders from the segment totaled $74.2 million, while Adjusted Distributable Earnings amounted to $75.7 million. The adjusted long investment portfolio increased roughly 1% sequentially to $4.50 billion. Growth was driven by residential transition loans, commercial mortgage bridge loans and retained RMBS. EFC securitized $1.87 billion of unpaid principal balance across non-QM, Agency-eligible and closed-end second-lien loans through seven transactions. Longbridge recorded $53.4 million of interest and other income and generated net income attributable to common stockholders of $30.2 million. Adjusted Distributable Earnings from the segment totaled $28.9 million. Originations included $316.2 million of proprietary reverse mortgage loans and $273.5 million of HECM loans. The company completed two proprietary reverse mortgage securitizations. These securitizations more than offset new portfolio growth, reducing the net Longbridge portfolio 7% sequentially to $649.3 million. Compensation and benefits increased to $28.4 million from $21.3 million a year earlier. Investment and transaction-related costs also remained meaningful, including servicing expenses of $7.9 million and other investment-related expenses of $14.5 million. Corporate/Other results were pressured by a substantial unrealized loss on unsecured debt, which more than offset a significantly lower incentive-fee accrual. Credit-spread tightening drove much of the debt valuation loss, while higher interest rates produced losses on fixed-receiver swaps used to hedge unsecured notes and preferred equity. The recourse debt-to-equity ratio remained 1.9:1, while the overall debt-to-equity ratio increased to 9.2:1 from 9.0:1 sequentially amid higher non-recourse securitization-related borrowings. Unencumbered assets totaled $1.86 billion, including $247.5 million of cash and cash equivalents. Of total recourse borrowings, 29% were long-term and non-mark-to-market, while 17% were unsecured. The weighted average remaining term of repo borrowings was 9.3 months, providing a relatively diversified funding structure for the portfolio. Management noted that the first-half 2026 performance produced a 20% annualized economic return. Adjusted Distributable Earnings totaled $1.15 per share during the first six months, compared with dividends of 78 cents per share, while book value per share increased 45 cents over the period. Ellinton Financial currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Ellington Financial Inc. price-consensus-eps-surprise-chart | Ellington Financial Inc. Quote Digital Realty Trust DLR reported second-quarter 2026 core FFO per share, excluding net promote of $2.13, up 13.9% from the year-ago level. The figure surpassed the Zacks Consensus Estimate by 7.6%. Strong bookings, a record backlog and sharp renewal rent increases supported the quarter. Prologis PLD reported second-quarter 2026 core FFO per share of $1.63, outpacing the Zacks Consensus Estimate of $1.53. Results reflected strengthening demand, disciplined execution and expanding capabilities across logistics, data centers and energy. Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ellington Financial Inc. (EFC) : Free Stock Analysis Report Prologis, Inc. (PLD) : Free Stock Analysis Report Digital Realty Trust, Inc. (DLR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

AUSTIN, Texas, July 23, 2026 (GLOBE NEWSWIRE) -- Digital Realty (NYSE: DLR), the world’s largest cloud- and carrier-neutral data center platform, announced today financial results for the second quarter of 2026. All per share results are presented on a fully diluted basis. Highlights Reported net income available to common stockholders of $1.21 per share in 2Q26, compared to $2.94 in 2Q25 Reported FFO per share of $2.73 in 2Q26, compared to $1.75 in 2Q25 Reported Core FFO per share of $2.65 in 2Q26, compared to $1.87 in 2Q25; reported Core FFO per share (excluding net promote) of $2.13 in 2Q26 Signed total bookings during 2Q26 that are expected to generate $307 million of annualized GAAP base rent at 100% share; at Digital Realty’s share, bookings were $208 million, including a $108 million contribution from the 0-1 megawatt plus interconnection category In July, signed two hyperscale leases, representing $410 million of annualized GAAP base rent at 100% share, or $205 million at Digital Realty’s share Reported rental rate increases on renewal leases of 25.4% on a cash basis in 2Q26 Reported a record total backlog of $1.9 billion of annualized GAAP base rent at 100% share, at the end of 2Q26; at Digital Realty’s share, the backlog was $1.4 billion Raised 2026 Core FFO per share (excluding net promote) outlook to $8.15 - $8.20 and 2026 Constant-Currency Core FFO per share (excluding net promote) outlook to $8.10 - $8.15 Financial Results Digital Realty reported total revenues of $1.9 billion in the second quarter of 2026, an 18% increase from the previous quarter and a 29% increase from the same quarter last year. During the second quarter, Digital Realty recognized $188 million of net promote income in Core FFO related to the successful development and leasing of three data centers in its development joint venture. The company also recognized a $94 million insurance settlement, net of income tax, related to a previously disclosed 2024 matter, of which approximately $27 million was recognized in Core FFO as business interruption recovery; the remainder related to property damage recoveries, was excluded from Core FFO. The company delivered net income of $458 million in the second quarter of 2026, as well as net income available to common stockholders of $443 million and $1.21 per share, compared to $0.46 per share in the previous quarter and $2.94 per share in the same quarter last year. Digital Realty generated Adjusted EBITDA of $978 million in the second quarter of 2026, a 6% increase from the previous quarter and a 19% increase over the same quarter last year. The company reported Funds From Operations (FFO) of $982 million in the second quarter of 2026, or $2.73 per share, compared to $1.99 per share in the previous quarter and $1.75 per share in the same quarter last year. Digital Realty delivered Core FFO per share (excluding net promote) of $2.13 in the second quarter of 2026, compared to $2.04 per share in the previous quarter and $1.87 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share (excluding net promote) of $2.11 in the second quarter of 2026 and $4.07 per share for the six-month period ended June 30, 2026. “Digital Realty delivered record Core FFO per share in the quarter, reflecting robust customer demand and strong execution across our core pillars of growth,” said President and Chief Executive Officer Andy Power. “We signed more than $100 million of 0-1 MW plus Interconnection bookings for the first time, demonstrating the strength of our connectivity-rich portfolio and boosting near-term growth. We also continued to make strides in our hyperscale and strategic private capital verticals, as we added powered land in the Kansas City metro, accretively purchased interests in three hyperscale data centers in Northern Virginia, and announced the deal to acquire Columbia Capital, a leading investment firm in the digital infrastructure space. Together, these growth vectors are driving double-digit bottom line growth, and we are focused on extending this runway for years to come.” Leasing Activity In the second quarter, Digital Realty signed total bookings that are expected to generate $307 million of annualized GAAP rental revenue, at 100% share; at Digital Realty’s share, total bookings were $208 million, including an $88 million contribution from the 0-1 MW category and a $20 million contribution from interconnection. The weighted-average lag between new leases signed during the second quarter of 2026 and the contractual commencement date was nine months. The backlog of signed-but-not-commenced leases at quarter-end was $1.9 billion of annualized GAAP base rent at 100% share, and $1.4 billion at Digital Realty’s share. In addition, Digital Realty also signed renewal leases representing $262 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the second quarter of 2026 increased 25.4% on a cash basis and 32.0% on a GAAP basis. New leases signed during the second quarter of 2026, at Digital Realty’s share, are summarized by region and product as follows: Note: Totals may not foot due to rounding differences. (1)   Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities. (2)   Based on quarterly average exchange rates during the three months ended June 30, 2026. Investment Activity During the second quarter of 2026, Digital Realty acquired: Land in Marseille, France for approximately €46.5 million, or $53.1 million, that is expected to support the development of up to 48 megawatts of IT capacity. Land in the Atlanta metro area for approximately $20 million. Together with an adjacent parcel that was acquired in the first quarter, this campus is expected to support over one gigawatt of IT capacity. As previously announced, during the quarter, Digital Realty also acquired: Land in the Kansas City metro area for approximately $475 million to support hyperscale data center development for up to two gigawatts of utility power. Two data centers in Malaysia containing 16.5 megawatts of IT capacity, and a land parcel that is expected to support the development of up to 14 megawatts of IT capacity, for total consideration of approximately $134 million. A 64% stake in three fully leased data centers in Northern Virginia containing 288 megawatts of IT capacity, at a gross value of approximately $7.8 billion, reflecting an expected initial stabilized cap rate of over 6.5%. The newly developed assets are expected to be fully stabilized in the first half of 2027 and first half of 2028. Total consideration for our joint venture partners’ equity interest in the assets was approximately $3.5 billion, including $1.2 billion of cash and 12.3 million shares of Digital Realty common stock. As previously disclosed, during the quarter, Digital Realty sold a non-core asset in the Atlanta metro area for $24 million. Balance Sheet Digital Realty had approximately $18.6 billion of total debt outstanding as of June 30, 2026, comprised of $17.0 billion of unsecured debt and approximately $1.6 billion of secured debt and other debt. At the end of the second quarter of 2026, net debt-to-Adjusted EBITDA was 4.7x, debt-plus-preferred-to-total enterprise value was 22.3% and fixed charge coverage was 5.2x. From our first quarter earnings report on April 23, 2026 through June 30, 2026, the company sold approximately 6.2 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $191.63 per share, for net proceeds of approximately $1.2 billion. Year-to-date, the company has sold approximately 13.5 million shares under its ATM equity issuance program at a weighted average price of $184.94 per share, for net proceeds of approximately $2.5 billion. 2026 Outlook Digital Realty raised its 2026 Core FFO per share (excluding net promote) outlook to $8.15 - $8.20 and its 2026 Constant-Currency Core FFO per share (excluding net promote) outlook to $8.10 - $8.15. The assumptions underlying the outlook are summarized in the following table. (1)   Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rental expense, as well as the amortization of above- and below-market leases (i.e., ASC 805 adjustments). (2)   Year-end portfolio occupancy guidance based on IT load (kW).(3)   The “Same-Capital” pool includes properties owned as of December 31, 2024 with less than 5% of total rentable square feet under development. It excludes properties that were undergoing, or were expected to undergo, development activities in 2025-2026, properties classified as held for sale and contribution, and properties sold or contributed to joint ventures for all periods presented. The 2026 “Same-Capital” cash NOI growth outlook is presented on a constant currency basis.(4)   Excludes land acquisitions and includes Digital Realty’s share of joint venture and fund contributions. Figure is net of joint venture and fund partners’ share of contributions.(5)   Other non-recurring CapEx represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives and software development costs. (6)   Recurring CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions. Note: The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. Please see Non-GAAP Financial Measures in this document for further discussion. Non-GAAP Financial Measures This document contains non-GAAP financial measures, including FFO, Core FFO, Core FFO (excluding net promote), Constant Currency Core FFO (excluding net promote), Adjusted FFO, Net Operating Income (NOI), “Same-Capital” Cash NOI and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, a reconciliation from Core FFO (excluding net promote) to Constant Currency Core FFO (excluding net promote), a reconciliation from Core FFO to Adjusted FFO, a reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Constant Currency Core FFO, Core FFO (excluding net promote), Adjusted FFO, NOI and “Same-Capital” Cash NOI are included as an attachment to this document. A reconciliation from U.S. GAAP net income available to common stockholders to Adjusted EBITDA, a definition of Adjusted EBITDA and definitions of net debt-to-Adjusted EBITDA, debt-plus-preferred-to-total enterprise value, cash NOI, and fixed charge coverage ratio are included as an attachment to this document. The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, external growth factors, such as dispositions, and balance sheet items such as debt issuances, that have not yet occurred, are out of the company's control and/or cannot be reasonably predicted. For the same reasons, the company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. Investor Conference Call Prior to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on July 23, 2026, a presentation will be posted to the Investors section of the company’s website at https://investor.digitalrealty.com. The presentation is designed to accompany the discussion of the company’s second quarter 2026 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier. A live webcast of the call will be available on the Investors section of Digital Realty’s website at https://investor.digitalrealty.com. The webcast will be archived for one year and the replay will be available shortly after the conclusion of the live event. About Digital Realty Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation, from cloud and digital transformation to emerging technologies like artificial intelligence (AI), and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 55+ metros across 30+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X. Contact Information Matt MercierChief Financial OfficerDigital Realty Jordan Sadler / Jim Huseby Investor Relations Digital Realty [email protected] (2)  Certain of Teraco's minority indirect shareholders have the right to put their shares in an upstream parent company of Teraco to Digital Realty in exchange for cash or the equivalent value of shares of Digital Realty common stock, or a combination thereof. U.S. GAAP requires Digital Realty to assume the put right is settled in shares for purposes of calculating diluted EPS. This same approach was utilized to calculate FFO/share. The potential future dilutive impact associated with this put right will be excluded from Core FFO and AFFO until settlement occurs – causing diluted share count to be higher for FFO than for Core FFO and AFFO. When calculating diluted FFO, Teraco related noncontrolling interest is added back to the FFO numerator as the denominator assumes all shares have been put back to Digital Realty. (3)  For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and the share count detail section that follows the reconciliation of Core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO, Core FFO and Core FFO (excluding net promote), see the Definitions section. (4)  Includes development fees included in gains, lease termination fees, gain on sale of equity investment included in other income, insurance proceeds related to property damage and unconsolidated entities non-core adjustments within equity in earnings. (5)  Relates to severance and other charges related to the departure of company executives and integration-related severance. (6)  Includes write-offs associated with non-recurring legal and insurance expenses, impact of foreign tax rate changes, non-core adjustments attributable to noncontrolling interests, impact on tax expense due to insurance proceeds related to property damage and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interests. (1)  Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions. (2)  For a definition and discussion of AFFO, see the Definitions section. For a reconciliation of net income (loss) available to common stockholders to FFO and Core FFO, see above. (3)  For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and for calculations of weighted average common stock and units outstanding. (1)  Net of allowance for doubtful accounts of $73,428 and $80,832 as of June 30, 2026 and June 30, 2025, respectively. (2)  Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of June 30, 2026 and June 30, 2025. (3)  Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of June 30, 2026 and June 30, 2025. (4)  Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of June 30, 2026 and June 30, 2025. (5)  Common Stock: 370,010 and 340,372 shares issued and outstanding as of June 30, 2026 and June 30, 2025, respectively. (1)  For definitions and discussion of EBITDA and Adjusted EBITDA, see the Definitions section. (2)  Includes foreign exchange remeasurement (gain) loss, net, impact of foreign tax rate changes, non-recurring legal and insurance expenses, lease termination fees, insurance proceeds related to property damage and similar adjustments on unconsolidated entities. (3)  Cash interest expense is interest expense less amortization of debt discount and deferred financing fees and includes interest that we capitalized. We consider cash interest expense to be a useful measure of interest as it excludes non-cash-based interest expense. (4)  Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred stock dividends. (5)  Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated entities interest expense). (6)  Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by cash interest expense (including our pro rata share of unconsolidated entities interest expense). (7)  Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by fixed charges (including our pro rata share of unconsolidated entities fixed charges). (8)  Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by the sum of cash interest expense and preferred stock dividends (including our pro rata share of unconsolidated entities cash fixed charges). (9)  Total debt divided by market value of common equity plus debt plus preferred stock. (10)  Total enterprise value defined as market value of common equity plus debt plus preferred stock. (11)  Same as (9), except numerator includes preferred stock. (12)  Calculated as net income plus interest expense divided by GAAP interest expense. (13)  Calculated as total debt at balance sheet carrying value, plus finance lease obligations, plus Digital Realty’s pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated entities EBITDA), multiplied by four. Definitions Funds From Operations (FFO):We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts (Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO is a non-GAAP financial measure and represents net income (loss) available to common stockholders (computed in accordance with GAAP), excluding gain (loss) from the disposition of real estate assets, provision for impairment, real estate related depreciation and amortization (excluding amortization of deferred financing costs), our share of unconsolidated JV real estate related depreciation & amortization, net income attributable to noncontrolling interests in operating partnership and reconciling items related to noncontrolling interests. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the Nareit definition and, accordingly, our FFO may not be comparable to other REITs’ FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. Core Funds from Operations (Core FFO) and Core FFO (excluding net promote):We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) gain (loss) on debt extinguishment and modifications, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration and legal expenses, (vi) gain/loss on FX and derivatives revaluation, and (vii) other non-core expense adjustments. We calculate Core FFO (excluding net promote) by adding to Core FFO the net impact of (i) promote income and (ii) promote expense (collectively “net promote”). Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO and Core FFO (excluding net promote) as a measure of our performance is limited. Other REITs may calculate Core FFO and Core FFO (excluding net promote) differently than we do and accordingly, our Core FFO and Core FFO (excluding net promote) may not be comparable to other REITs’ Core FFO and Core FFO (excluding net promote). Core FFO and Core FFO (excluding net promote) should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. Adjusted Funds from Operations (AFFO):We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs, including on a per share and unit basis. We calculate AFFO by adding to or subtracting from Core FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs, (iii) amortization of debt discount/premium, (iv) non-cash stock-based compensation expense, (v) straight-line rental revenue, (vi) straight-line rental expense, (vii) above- and below-market rent amortization, (viii) deferred tax expense / (benefit), (ix) leasing compensation and internal lease commissions, and (x) recurring capital expenditures. Other REITs may calculate AFFO differently than we do and, accordingly, our AFFO may not be comparable to other REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. EBITDA and Adjusted EBITDA:We believe that earnings before interest expense, gain (loss) on debt extinguishment and modifications, income tax expense (benefit), and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, (x) gain on / issuance costs associated with redeemed preferred stock and (xi) net promote. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance. Net Operating Income (NOI) and Cash NOI:Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. Same-Capital Cash NOI represents data centers owned as of December 31, 2024 with less than 5% of total rentable square feet under development and excludes data centers that were undergoing, or were expected to undergo, development activities in 2025-2026, data centers classified as held for sale and contribution, and data centers sold or contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance. Additional Definitions GAAP refers to United States generally accepted accounting principles. Net debt-to-Adjusted EBITDA ratio is calculated as total debt at balance sheet carrying value, plus finance lease obligations, plus Digital Realty’s pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated entities EBITDA), multiplied by four. Debt-plus-preferred-to-total enterprise value is total debt plus preferred stock divided by total debt plus the liquidation value of preferred stock and the market value of outstanding Digital Realty Trust, Inc. common stock and Digital Realty Trust, L.P. units, assuming the redemption of Digital Realty Trust, L.P. units for shares of Digital Realty Trust, Inc. common stock. Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest and preferred stock dividends. For the quarter ended June 30, 2026, GAAP interest expense was $114 million, capitalized interest was $37 million and preferred stock dividends were $10 million. 1)  As reconciled to net income above. 2)  Adjustment calculated by holding currency translation rates for 2026 constant with average currency translation rates that were applicable to the same periods in 2025. This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation capacity, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company’s FFO, Core FFO, constant currency Core FFO, Core FFO (excluding net promote), adjusted FFO, adjusted EBITDA, net income, 2026 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial data. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following: reduced demand for data centers or decreases in information technology spending; decreased rental rates, increased operating costs or increased vacancy rates; increased competition or available supply of data center capacity; the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services; breaches of our obligations or restrictions under our contracts with our customers; our inability to successfully develop and lease new properties and development capacity, and delays or unexpected costs in development of properties; the impact of current global and local economic, credit and market conditions; increased tariffs, global supply chain or procurement disruptions, or increased supply chain costs; the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs; the impact on our customers’ and our suppliers’ operations during an epidemic, pandemic, or other global events; our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers; changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate; our inability to retain data center capacity that we lease or sublease from third parties; information security, cyberattacks, security breaches and data privacy breaches; difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions; our failure to successfully integrate and operate acquired or developed properties or businesses; difficulties in identifying properties to acquire and completing acquisitions; risks related to joint venture investments, including as a result of our lack of control of such investments; risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements; our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital; financial market fluctuations and changes in foreign currency exchange rates; adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges; our inability to manage our growth effectively; losses in excess of our insurance coverage; our inability to attract and retain talent; environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals; the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations; our inability to comply with rules and regulations applicable to our company; Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for U.S. federal income tax purposes; Digital Realty Trust, L.P.’s failure to qualify as a partnership for U.S. federal income tax purposes; restrictions on our ability to engage in certain business activities; changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws, and increases in real property tax rates; and the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us. The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10-K for the year ended December 31, 2025, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture, PlatformDIGITAL, PDx, Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners.

Public Storage PSA is slated to release second-quarter 2026 results on July 29, after market close. The quarterly results are expected to reflect an increase in revenues but a dip in core funds from operations (FFO) per share. In the last reported quarter, this self-storage real estate investment trust (REIT) reported a core FFO per share of $4.22, surpassing the Zacks Consensus Estimate of $4.13. Results were backed by stable same-store occupancy, providing a steady operating base as lease-up assets added incremental growth. Over the last four quarters, Public Storage outpaced the Zacks Consensus Estimate on all occasions, the average surprise being 1.55%. The graph below depicts the surprise history of the company: Public Storage price-eps-surprise | Public Storage Quote On July 22, 2026, Public Storage announced completion of the acquisition of National Storage Affiliates Trust, adding more than 1,000 properties and 550,000 storage units. NSA shareholders received 0.14 Public Storage shares for each NSA share. Public Storage expects the deal to boost FFO per share within the first year and eventually add about $0.35-$0.50 per share through $110-$130 million in annual synergies over three to four years. A separate joint venture will hold 313 former NSA properties, with Public Storage retaining a minority stake and managing the portfolio. Let's dive deep to get an understanding of the factors that may impact Public Storage’s second-quarter 2026 results. Public Storage’s Q2 2026 results are likely to benefit from its strong brand, scale and PS Next operating platform, which supports digital customer engagement, pricing and cost efficiency. Stable occupancy, lower churn and improving move-in rent trends should have provided some support, while non-same-store properties, acquisitions, development projects and ancillary income are likely to have remained important growth drivers. The Zacks Consensus Estimate for second-quarter revenues from self-storage facilities is pegged at $1.14 billion. This suggests an increase from the $1.12 billion witnessed in the year-ago period. The consensus mark for quarterly revenues from ancillary operations stands at $90.8 million, up from the $82.4 million registered in the comparable period last year. The Zacks Consensus Estimate for quarterly revenues is pegged at $1.21 billion. This indicates a 1% year-over-year increase. However, same-store revenue growth may have softened as weaker rental trends from late 2025 flowed through year-over-year comparisons. Sun Belt supply pressure, the Los Angeles rent restrictions and the shift of certain property-tax benefits into the first quarter could also weigh on results. PSA’s activities during the quarter under review were not adequate to gain analysts’ confidence. The Zacks Consensus Estimate for the second-quarter core FFO per share has remained unchanged at $4.25 over the past two months. It indicates a marginal decrease year over year. Our proven model does not conclusively predict a surprise in terms of FFO per share for Public Storage this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is not the case here. Public Storage currently carries a Zacks Rank of 3 and has an Earnings ESP of -0.28%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. Here are two stocks from the broader REIT sector — Digital Realty Trust DLR and Cousins Properties CUZ— you may want to consider, as our model shows that these have the right combination of elements to report an FFO beat this quarter. Digital Realty is slated to report quarterly numbers on July 23. DLR has an Earnings ESP of +2.30% and a Zacks Rank of 3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here. Cousins is slated to report quarterly numbers on July 30. CUZ has an Earnings ESP of +0.45% and a Zacks Rank of 3 at present. Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Public Storage (PSA) : Free Stock Analysis Report Cousins Properties Incorporated (CUZ) : Free Stock Analysis Report Digital Realty Trust, Inc. (DLR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Digital Realty Trust (DLR) reported $1.92 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 28.9%. EPS of $2.13 for the same period compares to $2.94 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $1.66 billion, representing a surprise of +15.59%. The company delivered an EPS surprise of +7.58%, with the consensus EPS estimate being $1.98. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Digital Realty Trust performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Net Earnings per Share (Diluted): $1.21 versus the five-analyst average estimate of $0.46. Revenues- Rental revenues: $1.15 billion versus the five-analyst average estimate of $1.12 billion. The reported number represents a year-over-year change of +14.2%. Revenues- Interconnection and other: $130.41 million versus $126.76 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +6.9% change. Revenues- Fee Income: $248.93 million versus the five-analyst average estimate of $33.79 million. The reported number represents a year-over-year change of +623.1%. Revenues- Tenant reimbursements (Utilities + Other): $398.29 million compared to the $373.69 million average estimate based on five analysts. The reported number represents a change of +20% year over year. Revenues- Other: $0.48 million versus the four-analyst average estimate of $0.47 million. The reported number represents a year-over-year change of -64.8%. Revenues- Tenant reimbursements- Other: $45.39 million compared to the $39.54 million average estimate based on four analysts. The reported number represents a change of +21.5% year over year. Revenues- Tenant reimbursements- Utilities: $352.9 million versus the four-analyst average estimate of $333.75 million. The reported number represents a year-over-year change of +19.8%. View all Key Company Metrics for Digital Realty Trust here>>> Shares of Digital Realty Trust have returned -7.6% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Digital Realty Trust, Inc. (DLR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Essex Property Trust, Inc. ESS is scheduled to report its second-quarter 2026 results on July 29, after market close. The company’s quarterly results are likely to reflect year-over-year growth in revenues, while core funds from operations (FFO) per share might remain unchanged. In the last reported quarter, this San Mateo, CA-based residential real estate investment trust (REIT) delivered a surprise of 2.53% in terms of core FFO per share. Results reflected favorable growth in same-property net operating income (NOI) aided by solid property-level momentum. Over the trailing four quarters, Essex Property’s earnings surpassed the Zacks Consensus Estimate on three occasions and missed on the other, the average surprise being 0.82%. The graph below depicts the surprise history of the company: Essex Property Trust, Inc. price-eps-surprise | Essex Property Trust, Inc. Quote Let’s see how things have shaped up before this announcement. The U.S. multifamily market entered the second half of 2026 with a clearer recovery taking shape, as strong renter demand and a rapidly shrinking supply pipeline began translating into lower vacancy and improving rent growth. According to a Cushman & Wakefield report, net absorption reached roughly 124,600 units, up from 83,500 units in the first quarter and 8% above the prior year, making it the fifth-strongest quarter in nearly 25 years. The supply picture also became more favorable. Approximately 88,000 units were delivered during the quarter, down 27% year over year. Around 475,000 units remained under construction at quarter-end, equal to just 3.5% of existing inventory. Improving demand and slowing supply pushed the national vacancy rate down 35 basis points quarter over quarter to 8.9%, its first move below 9% since 2024. On a trailing four-quarter basis, absorption of approximately 362,000 units exceeded deliveries of about 358,000 units for the first time since early 2022, indicating vacancy is likely to have passed its cyclical peak. The recovery was particularly pronounced in previously overbuilt markets: Austin; Charleston, SC; Savannah, GA; Huntsville, AL; Salt Lake City, UT, and Colorado Springs recorded some of the largest quarterly vacancy declines. Rent growth remains modest but is beginning to improve. National asking rents reached approximately $1,945 per month, up 1.5% year over year, compared with 1.1% growth in the first quarter. The Bay Area led the recovery, with San Francisco rents rising 13%, San Jose 7% and the East Bay 4.8%. Norfolk, VA; Toledo; Reno, NV, and Boise, ID, also posted strong gains. High-supply markets remained softer, with rents still declining in Austin and Sarasota, FL, although the pace of those declines moderated as excess supply was absorbed. Overall, the market appears to be shifting from stabilization into an occupancy-led recovery, with broader rent growth likely as the construction pipeline continues to shrink. Essex’s Q2 2026 results are likely to benefit from peak-season leasing, high occupancy and limited new supply. The company entered the quarter with April occupancy at 96.4% and blended lease growth above 3%. Northern California should remain the main growth driver, supported by tech activity, AI expansion and improving migration. Seattle also showed better momentum as lease rates turned positive in March and April. Southern California is likely to remain mixed. Overall, the second quarter should show improving rent growth and stable occupancy, partly offset by higher expenses from delayed projects. The Zacks Consensus Estimate of $486.85 million for second-quarter revenues calls for a 3.62% increase year over year. The consensus estimate for same-property revenues is pegged at $445.99 million, up from $410.95 million in the year-ago period. The consensus mark for same-property financial occupancies is currently pegged at 96.20%, on par with the prior quarter. For second-quarter 2026, Essex Property projected core FFO per share in the range of $3.92-$4.04 per share, with a midpoint of $3.98. Before the second-quarter earnings release, Essex Property’s activities were inadequate to gain analysts’ confidence. The Zacks Consensus Estimate for the quarterly core FFO per share was revised southward in the past week to $4.03. It indicates no change year over year. Our proven model predicts a surprise in terms of core FFO per share for Essex Property this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is the case here. Essex Property currently carries a Zacks Rank of 3 and has an Earnings ESP of +0.54%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. Here are two other stocks from the broader REIT sector — Digital Realty Trust DLR and Cousins Properties CUZ— you may want to consider, as our model shows that these also have the right combination of elements to report an FFO beat this quarter. Digital Realty is slated to report quarterly numbers on July 23. DLR has an Earnings ESP of +2.30% and a Zacks Rank of 3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here. Cousins is slated to report quarterly numbers on July 30. CUZ has an Earnings ESP of +0.45% and a Zacks Rank of 3 at present. Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Essex Property Trust, Inc. (ESS) : Free Stock Analysis Report Cousins Properties Incorporated (CUZ) : Free Stock Analysis Report Digital Realty Trust, Inc. (DLR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Digital Realty Trust, Inc.? Here are five stocks we like better. Digital Realty raised its 2026 outlook after a strong second quarter, increasing core FFO per share guidance to $8.15–$8.20 excluding net promote income. Management said this would imply double-digit growth for a second straight year. Leasing and renewals set new records, with $108 million of bookings in the zero-to-one-megawatt plus interconnection category and $20.5 million of interconnection bookings. The company also signed more than $261 million of renewals at cash re-leasing spreads above 25%. Backlog and development activity surged, with total backlog reaching $1.9 billion and the development pipeline expanding to 1.4 gigawatts under construction. Digital Realty also added new hyperscale leases and expanded into Kansas City as it continues to benefit from AI-driven demand. 3 Ways to Play the Data Center Land Grab Digital Realty Trust (NYSE:DLR) raised its 2026 earnings outlook after reporting a second quarter marked by record leasing in smaller deployments and interconnection, unusually strong renewal pricing and a sharply larger backlog. On the company’s second-quarter 2026 earnings call, Jordan Sadler, senior vice president of public and private investor relations, said results exceeded internal expectations across revenue, adjusted EBITDA and core funds from operations. Core FFO excluding net promote income reached $2.13 per share, up 14% from a year earlier, while reported core FFO was $2.65 per share, including $0.52 per share from net promote income. → Could Truth API Become Trump Media’s First Meaningful Revenue Driver? 3 REITs to Watch as AI Data Center Spending Surpasses Office Construction Chief Financial Officer Matt Mercier said Digital Realty is increasing its 2026 core FFO per share guidance, excluding net promote income, to a range of $8.15 to $8.20. The midpoint implies double-digit growth over 2025 and would represent a second consecutive year of double-digit core FFO per share growth, he said. President and Chief Executive Officer Andy Power said the company’s “business is firing on all cylinders,” pointing to momentum across colocation and connectivity, hyperscale deployments and strategic private capital. → 3 Photonics Companies Making Quantum Tech Possible The Top 3 Investment Themes That Will Dominate 2026 Digital Realty reported $108 million of bookings in its zero-to-one-megawatt plus interconnection category during the quarter, a third consecutive quarterly record and roughly double the level the company said it was averaging about two years ago. Mercier said the result was 11% above the prior record set in the first quarter, with EMEA reaching a new quarterly high and activity strongest in the sub-300 kilowatt band. Interconnection bookings also reached a record $20.5 million, up 18% from the prior year. Power said customers deploying AI-enabled applications increasingly need environments that combine power, proximity and connectivity, a trend he said supports the company’s PlatformDIGITAL strategy. → AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off Renewal activity was another highlight. Mercier said Digital Realty signed more than $261 million of renewals with cash re-leasing spreads above 25%. Renewals in the zero-to-one-megawatt category accounted for 55% of the total and produced a 5.2% cash mark-to-market, while greater-than-one-megawatt renewals accounted for 44% of the total and delivered a 66.7% mark-to-market. He said renewal strength was most pronounced in APAC, with outsized spreads in Singapore. The company’s total backlog reached $1.9 billion at 100% share at the end of the second quarter, or $1.4 billion at Digital Realty’s share. Mercier said the company’s share of backlog has risen 75% since the beginning of the year and now represents about 30% of in-place data center rent. Digital Realty commenced $208 million of annualized rent during the quarter, its third-strongest commencement quarter on record. Mercier said $635 million of annualized rent is scheduled to commence in the second half of 2026, followed by $480 million in 2027 and $312 million already scheduled for 2028 and beyond. After quarter-end, the company signed two additional U.S. hyperscale leases representing about $410 million of annualized rent at 100% share, or $205 million at Digital Realty’s share. Those leases were not included in the second-quarter backlog figure. Digital Realty invested $1.1 billion in development capital expenditures during the quarter, net of partner contributions, bringing year-to-date spending to $2 billion. The company delivered 76 megawatts of new IT capacity, about 60% of which was pre-leased, and began development of 312 megawatts of additional capacity. Mercier said the development pipeline expanded to 1.4 gigawatts under construction at a total cost of $20 billion, doubling during the first half of 2026. Pro forma for hyperscale leases signed in July, the pipeline is 63% pre-leased at an average expected stabilized yield of 11.5%. More than 80% of active development is in the Americas, with Northern Virginia the largest development market and significant activity also underway in Charlotte, Atlanta and São Paulo. The company also announced an expansion into the Kansas City metro, where it secured 600 megawatts of utility power beginning to ramp in early 2028, with a long-term runway of up to two gigawatts. In response to an analyst question, Chief Investment Officer Greg Wright said Digital Realty views Kansas City as a potential major U.S. data center market, citing its central location, fiber availability and low-latency connectivity. Digital Realty closed a transaction to acquire Blackstone’s ownership interest in three fully leased hyperscale data centers in Northern Virginia totaling 288 megawatts of IT capacity. Mercier said the company paid $1.2 billion in cash, issued 12.3 million shares valued at about $2.3 billion, assumed Blackstone’s share of a $725 million loan and took on remaining capital expenditures needed to finish construction and fit-out. The company also announced plans to acquire a 16% interest in Teraco for about $650 million of Digital Realty common stock and Columbia Capital for approximately $485 million, with both transactions expected to close in the second half of the year. Power said the Columbia Capital deal would add more than $9 billion of fund commitments and expand Digital Realty’s private capital platform into adjacent digital infrastructure sectors, including fiber, mobility and enterprise technology. Mercier said the Blackstone transaction generated roughly $200 million of promote income during the quarter, reflecting value created through development and lease-up of the joint venture assets. Net promote income contributed $0.52 per share to reported core FFO, though the company presented results excluding that benefit because it was not included in prior 2026 guidance. Digital Realty ended the quarter with debt to adjusted EBITDA of 4.7 times, which Mercier said remains below the company’s long-term threshold. He said the company has about $6 billion of liquidity and estimates more than $12 billion of remaining capacity to support hyperscale data center development when including private capital capacity. The company also raised its 2026 outlook for cash renewal spreads to 9% to 11% and increased its constant-currency same-capital cash NOI growth forecast to 4.25% to 5.25%. Expected capital expenditures net of partner contributions rose to $4.25 billion to $4.75 billion, reflecting recent leasing success and customer demand. Power said Digital Realty is also focused on operating responsibly as data centers receive more public attention. He cited the company’s 2025 impact report, including 93% renewable energy coverage globally, 205 sites matched with 100% renewable and emissions-free energy and a contracted renewable energy portfolio of about 1.7 gigawatts. In closing remarks, Power said record bookings, a record backlog and strategic investments give the company confidence in its ability to deliver double-digit earnings growth into 2027 and beyond. Digital Realty Trust, Inc (NYSE: DLR) is a real estate investment trust that owns, acquires and operates carrier-neutral data centers and provides related colocation and interconnection solutions. The company focuses on large-scale, mission-critical facilities that support the physical infrastructure needs of cloud providers, enterprises, network operators and content companies. Digital Realty's offerings are designed to enable secure, reliable and highly available IT infrastructure with an emphasis on power density, cooling, and physical security. Digital Realty's product set spans wholesale data center space, turnkey build-to-suit facilities, and retail colocation suites, complemented by interconnection services that allow customers to establish private and public connections to networks, cloud on-ramps and other ecosystem partners. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Digital Realty Trust Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.