DLRDIGITAL REALTY TRUST, INC.

Real Estate Investment Trusts

Revenue: $6.1B; 10% YoY
Operating margin: 10.8%; 27% YoY
EBITDA: $2.6B; 14% YoY
Market cap: $63.1B
Employees: 4,282; $1M revenue each
Net debt / EBITDA: 0.3×; $845M net debt
AI in 10-K: 1.5; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
184% of net income
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
72% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
20% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 61st pct
Bottom quartile of its SIC industry
Quiet on AINo
1.5 per 10K words · 44th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$63.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$695K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.4B	$4.7B	$5.5B	$5.6B	$6.1B	10%
Operating income	$694M	$590M	$524M	$472M	$658M	40%
Net income	$1.7B	$380M	$950M	$588M	$1.3B	123%
Operating cash flow	$1.7B	$1.7B	$1.6B	$2.3B	$2.4B	6.7%
Dividends	$1.4B	$1.5B	$1.5B	$1.6B	$1.7B	5.8%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $695K · 2
Net: −$695K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	132	138
FY2024	—	—	147	134
FY2023	—	—	108	123
FY2022	—	—	77	108
FY2021	—	—	131	143