美国通信基础设施Digital Realty Trust, Inc.研究报告

232.00 USD Digital Realty (DLR): Get in loser, we're going shopping Close Date29 Jun 2026DLR Close Price (USD)190.58Price Target (USD)232.00Upside/(Downside)22%52-Week Range208.14/146.23SPX7,440.43FYEDecDiv Yield2.6%Market Cap (USD) (M)68,153EV (USD) (M)85,697 in Northern Virginia for a total of $3.5B in a cash and stock deal including $2.3B of equity facilities in their 2024 JVs with DLR, valuing the assets at roughly $7.8B (~$27M/MW) on a Kansas City:this parcel was actually acquired in April but only disclosed last week, and isin line with what we expect from DLR’s land banking strategy. Kansas City sits in our “minor looks like an accelerator for DLR’s plan to scale an open-end development fund, plugging Teraco:The increase in Teraco ownership (DLR acquired majority stake in Jan of 2022)seems opportunistic given they were already issuing equity for Columbia. Moving from61-77% ownership via ~3.4M shares mostly deepens the existing footprint and bolsters the We view these moves as unexciting and generally supportive of DLR’s three-pillaredgrowth strategy (hyperscaler capacity, growing colocation, strategic private capital). Incremental DLR Capacity: • Purchase Prices: •Kansas City: ~$475M ($377.6M cash + 517,475 OP units at ~$188/unit) •Columbia Capital: ~$485M base ($45M cash + 2,337,036 DLR shares); up to ~$775M with full earnout •Teraco: ~$650M (principally 3,425,031 DLR common shares) for a 16% stake Expected Close •Blackstone: June 30, 2026 • Kansas City: Already closed (acquired in April 2026, disclosed June 22) •Columbia Capital: H2 2026 DLR → BX → Exit facilities). As consideration, Blackstone will receive non-voting common shares at closing, which are structured to automaticallyconvert into regular common stock upon sale. Blackstone is simultaneously exiting its position by selling these shares throughan underwritten public offering, effectively monetizing its JV investment immediately, likely as part of its capital recyclingmandate. For Digital Realty, the transaction represents an equity-funded acquisition that increases ownership of strategicassets but introduces share dilution, while for the market it functions similarly to a large secondary offering that may carry INVESTMENT IMPLICATIONS consensus), providing a nice floor for the stock. What gets less attention is DLR’s enterprise trajectory. DLR’s interconnectiondensity and global footprint (300+ data centers across 50+ metros on 6 continents) should enable outsized share gains in agrowing market. We model15-20% CAGR for DLR’s <1MW segment: by 2030, we are ~39% above consensus on enterpriserevenue. addition to various JVs, DLR has its U.S. Hyperscale Data Center Fund (inaugural closed-end fund, $3.2B+ of LP equitycommitments). With no speculative builds and partners to offset investment while DLR retains operating control and collectsfees, development risk is asymmetric. For these reasons, we support DLR’s current multiple of 27x NTM AFFO, slightly elevated from its 5-year historical average of22.5x and above EQIX’s 25x. For catalysts, we are watching DLR’s enterprise and bookings mix, particularly for acceleration in the <1MW segment. We willalso maintain a close eye on utilization and margins by geography, JV activity, and AFFO guidance revisions. DISCLOSURE APPENDIX I. REQUIRED DISCLOSURES (April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernsteinand Société Générale. otherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respectiveaffiliates. VALUATION METHODOLOGY Digital Realty Trust, Inc. our 2027E AFFO per share of $8.52. RISKS Digital Realty Trust, Inc. 2) Slowdown in enterprise demand for data center capacity, and 3) Continuing decline in market share of data center supply may RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION EQUITY RATINGS DEFINITIONS Bernstein brand stocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JPL) for stocks listed on the Japaneseexchanges, and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian The Bernstein brand has three categories of ratings: •Outperform: Stock will