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Digital Realty Trust

NYSE:DLR.PRJ
Snowflake Description

Established dividend payer with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
DLR.PRJ
NYSE
$26B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Digital Realty supports the data center, colocation and interconnection strategies of more than 2,300 firms across its secure, network-rich portfolio of data centers located throughout North America, Europe, Asia and Australia. The last earnings update was 14 days ago. More info.


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DLR.PRJ Share Price and Events
7 Day Returns
0.3%
NYSE:DLR.PRJ
-0.3%
US REITs
0.2%
US Market
1 Year Returns
4.7%
NYSE:DLR.PRJ
13.3%
US REITs
2.9%
US Market
DLR.PRJ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Digital Realty Trust (DLR.PRJ) 0.3% 1.3% 6.8% 4.7% - -
US REITs -0.3% 3.5% 3.2% 13.3% 11.3% 24.8%
US Market 0.2% -1.6% 2.4% 2.9% 36.1% 41%
1 Year Return vs Industry and Market
  • DLR.PRJ underperformed the REITs industry which returned 13.3% over the past year.
  • DLR.PRJ outperformed the Market in United States of America which returned 2.9% over the past year.
Price Volatility
DLR.PRJ
Industry
5yr Volatility vs Market

DLR.PRJ Value

 Is Digital Realty Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Digital Realty Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Digital Realty Trust.

NYSE:DLR.PRJ Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 19 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:DLR.PRJ
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 21%) (43.35%))
0.806
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.81
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.806 * 5.96%)
7.53%

Discounted Cash Flow Calculation for NYSE:DLR.PRJ using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Digital Realty Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Digital Realty Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:DLR.PRJ DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.53%)
2019 1,380.81 Analyst x14 1,284.06
2020 1,511.44 Analyst x14 1,307.07
2021 1,657.94 Analyst x6 1,333.30
2022 1,815.24 Analyst x4 1,357.52
2023 2,012.74 Analyst x3 1,399.76
2024 2,163.10 Est @ 7.47% 1,398.93
2025 2,293.94 Est @ 6.05% 1,379.60
2026 2,409.85 Est @ 5.05% 1,347.77
2027 2,514.82 Est @ 4.36% 1,307.94
2028 2,612.10 Est @ 3.87% 1,263.35
Present value of next 10 years cash flows $13,379.30
NYSE:DLR.PRJ DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $2,612.10 × (1 + 2.73%) ÷ (7.53% – 2.73%)
$55,855.14
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $55,855.14 ÷ (1 + 7.53%)10
$27,014.41
NYSE:DLR.PRJ Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $13,379.30 + $27,014.41
$40,393.72
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $40,393.72 / 217.76
$39.12
NYSE:DLR.PRJ Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in NYSE:DLR.PRJ represents 0.2092x of NYSE:DLR
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.2092x
Value per Share
(Listing Adjusted, USD)
= Value per Share (USD) x Listing Adjustment Factor
= $ 39.12 x 0.2092
$8.18
Value per share (USD) From above. $8.18
Current discount Discount to share price of $24.96
= -1 x ($24.96 - $8.18) / $8.18
-205%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Digital Realty Trust is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Digital Realty Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Digital Realty Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:DLR.PRJ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.26
NYSE:DLR Share Price ** NYSE (2019-05-23) in USD $119.31
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.92x
United States of America Market PE Ratio Median Figure of 3,085 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Digital Realty Trust.

NYSE:DLR.PRJ PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:DLR Share Price ÷ EPS (both in USD)

= 119.31 ÷ 1.26

94.97x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Digital Realty Trust is overvalued based on earnings compared to the US REITs industry average.
  • Digital Realty Trust is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Digital Realty Trust's expected growth come at a high price?
Raw Data
NYSE:DLR.PRJ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 94.97x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 19 Analysts
21.3%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.41x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

NYSE:DLR.PRJ PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 94.97x ÷ 21.3%

4.45x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Digital Realty Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Digital Realty Trust's assets?
Raw Data
NYSE:DLR.PRJ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $41.47
NYSE:DLR Share Price * NYSE (2019-05-23) in USD $119.31
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,201 Publicly-Listed Companies 1.84x
NYSE:DLR.PRJ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:DLR Share Price ÷ Book Value per Share (both in USD)

= 119.31 ÷ 41.47

2.88x

* Primary Listing of Digital Realty Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Digital Realty Trust is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Digital Realty Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Digital Realty Trust has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

DLR.PRJ Future Performance

 How is Digital Realty Trust expected to perform in the next 1 to 3 years based on estimates from 19 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
21.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Digital Realty Trust expected to grow at an attractive rate?
  • Digital Realty Trust's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Digital Realty Trust's earnings growth is expected to exceed the United States of America market average.
  • Digital Realty Trust's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:DLR.PRJ Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:DLR.PRJ Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 19 Analysts 21.3%
NYSE:DLR.PRJ Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 19 Analysts 6.8%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:DLR.PRJ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 19 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:DLR.PRJ Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 4,334 2,274 633 3
2022-12-31 3,992 2,086 533 4
2021-12-31 3,765 1,904 432 8
2020-12-31 3,506 1,732 311 19
2019-12-31 3,276 1,536 273 19
NYSE:DLR.PRJ Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 3,151 1,499 260
2018-12-31 3,079 1,385 250
2018-09-30 3,029 1,376 272
2018-06-30 2,867 1,177 201
2018-03-31 2,679 1,041 193
2017-12-31 2,483 1,023 173
2017-09-30 2,328 966 198
2017-06-30 2,262 1,034 389
2017-03-31 2,207 950 359
2016-12-31 2,159 911 332
2016-09-30 2,082 887 214
2016-06-30 1,971 841 66

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Digital Realty Trust's earnings are expected to grow significantly at over 20% yearly.
  • Digital Realty Trust's revenue is expected to grow by 6.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:DLR.PRJ Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 19 Analyst Estimates (S&P Global) See Below

All data from Digital Realty Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:DLR.PRJ Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 3.43 3.65 3.21 2.00
2022-12-31 2.86 2.99 2.72 2.00
2021-12-31 2.08 2.33 1.92 5.00
2020-12-31 1.45 2.01 0.92 17.00
2019-12-31 1.27 1.67 1.00 16.00
NYSE:DLR.PRJ Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.26
2018-12-31 1.21
2018-09-30 1.32
2018-06-30 1.02
2018-03-31 1.04
2017-12-31 0.99
2017-09-30 1.22
2017-06-30 2.48
2017-03-31 2.35
2016-12-31 2.21
2016-09-30 1.46
2016-06-30 0.46

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Digital Realty Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Digital Realty Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Digital Realty Trust has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

DLR.PRJ Past Performance

  How has Digital Realty Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Digital Realty Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Digital Realty Trust's year on year earnings growth rate has been positive over the past 5 years.
  • Digital Realty Trust's 1-year earnings growth exceeds its 5-year average (34.2% vs 3%)
  • Digital Realty Trust's earnings growth has exceeded the US REITs industry average in the past year (34.2% vs 16%).
Earnings and Revenue History
Digital Realty Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Digital Realty Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:DLR.PRJ Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 3,151.41 259.50 192.01
2018-12-31 3,079.46 249.93 175.07
2018-09-30 3,029.31 272.01 178.27
2018-06-30 2,867.31 200.60 180.33
2018-03-31 2,679.33 193.30 171.71
2017-12-31 2,483.44 173.15 172.42
2017-09-30 2,327.60 197.52 167.20
2017-06-30 2,262.24 388.99 169.45
2017-03-31 2,206.93 359.11 165.80
2016-12-31 2,159.32 332.09 162.23
2016-09-30 2,081.55 214.37 161.65
2016-06-30 1,971.27 65.56 137.94
2016-03-31 1,875.88 154.66 129.28
2015-12-31 1,778.83 217.27 114.36
2015-09-30 1,691.06 205.01 99.67
2015-06-30 1,666.54 275.81 97.63
2015-03-31 1,647.78 200.26 92.08
2014-12-31 1,629.73 132.72 89.13
2014-09-30 1,597.62 227.99 83.16
2014-06-30 1,563.61 257.55 78.73
2014-03-31 1,524.52 263.11 76.64
2013-12-31 1,492.06 271.58 74.40
2013-09-30 1,459.64 273.42 72.79
2013-06-30 1,422.01 180.16 71.25
2013-03-31 1,363.37 175.11 68.49
2012-12-31 1,287.20 171.66 66.81
2012-09-30 1,207.64 162.84 65.28
2012-06-30 1,138.51 149.13 64.97

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Digital Realty Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Digital Realty Trust used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Digital Realty Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Digital Realty Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Digital Realty Trust has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

DLR.PRJ Health

 How is Digital Realty Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Digital Realty Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Digital Realty Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Digital Realty Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Digital Realty Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Digital Realty Trust Company Filings, last reported 1 month ago.

NYSE:DLR.PRJ Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 11,000.18 11,172.89 137.87
2018-12-31 10,874.04 11,315.32 146.82
2018-09-30 10,781.02 9,179.90 76.47
2018-06-30 10,849.73 9,106.24 46.59
2018-03-31 10,986.42 9,147.71 49.02
2017-12-31 11,103.35 8,649.05 19.05
2017-09-30 11,237.93 8,484.75 206.08
2017-06-30 5,031.29 6,438.77 38.73
2017-03-31 5,070.45 6,202.88 29.31
2016-12-31 5,132.30 5,840.52 23.64
2016-09-30 5,196.65 6,024.99 36.45
2016-06-30 4,325.64 6,135.41 33.24
2016-03-31 4,445.21 6,156.73 31.13
2015-12-31 4,536.50 5,899.46 58.62
2015-09-30 4,035.65 4,748.58 23.00
2015-06-30 3,890.19 4,968.83 59.15
2015-03-31 3,857.86 4,817.91 37.33
2014-12-31 3,914.24 4,673.13 34.81
2014-09-30 4,103.56 4,739.73 36.53
2014-06-30 4,134.28 4,859.24 80.93
2014-03-31 3,875.72 5,007.38 70.24
2013-12-31 3,646.51 4,961.89 56.81
2013-09-30 3,680.57 4,780.40 55.12
2013-06-30 3,583.27 4,698.25 24.26
2013-03-31 3,381.95 4,682.12 42.13
2012-12-31 3,498.38 4,278.57 56.28
2012-09-30 3,527.56 4,080.07 76.12
2012-06-30 2,738.18 3,400.21 47.78
  • Digital Realty Trust's level of debt (101.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (129.1% vs 101.6% today).
  • Debt is not well covered by operating cash flow (13.4%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Digital Realty Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Digital Realty Trust has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

DLR.PRJ Dividends

 What is Digital Realty Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.62%
Current annual income from Digital Realty Trust dividends. Estimated to be 3.98% next year.
If you bought $2,000 of Digital Realty Trust shares you are expected to receive $72 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Digital Realty Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Digital Realty Trust's dividend is below the markets top 25% of dividend payers in United States of America (3.7%).
Upcoming dividend payment

Purchase Digital Realty Trust before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:DLR.PRJ Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 19 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:DLR.PRJ Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 5.97 4.00
2022-12-31 5.46 5.00
2021-12-31 4.90 9.00
2020-12-31 4.58 20.00
2019-12-31 4.32 15.00
NYSE:DLR.PRJ Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-13 4.320 3.674
2019-02-22 4.320 3.668
2018-11-13 4.040 3.686
2018-08-14 4.040 3.500
2018-05-09 4.040 3.605
2018-03-02 4.040 3.892
2017-11-03 3.720 3.358
2017-08-07 3.720 3.149
2017-05-09 3.720 3.231
2017-04-27 3.720 3.283
2016-11-10 3.520 3.461
2016-08-10 3.520 3.668
2016-05-12 3.520 3.447
2016-02-18 3.520 4.055
2015-11-12 3.400 4.524
2015-08-12 3.400 5.061
2015-05-13 3.400 5.127
2015-02-26 3.400 5.190
2014-11-05 3.320 4.816
2014-07-22 3.320 5.128
2014-04-29 3.320 5.733
2014-02-12 3.320 6.282
2013-10-23 3.120 6.358
2013-07-24 3.120 5.688
2013-05-02 3.120 5.013
2013-02-13 3.120 4.569
2012-10-31 2.920 4.417
2012-07-20 2.920 4.069
2012-04-24 2.920 3.974
2012-02-17 2.920 4.030
2011-10-25 2.720 4.132
2011-07-25 2.720 4.760
2011-04-26 2.720 4.418
2011-02-11 2.720 4.768
2010-11-03 2.120 4.011
2010-07-20 2.120 3.500
2010-04-28 1.920 3.258
2010-02-24 1.920 3.471
2009-10-28 1.800 3.724
2009-07-29 1.440 3.268

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Digital Realty Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (362.3x coverage).
X
Income/ dividend checks
We assess Digital Realty Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Digital Realty Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Digital Realty Trust has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

DLR.PRJ Management

 What is the CEO of Digital Realty Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Bill Stein
COMPENSATION $12,502,063
AGE 64
TENURE AS CEO 5.2 years
CEO Bio

Mr. Arthur William Stein, also known as Bill, J.D., has been the Chief Executive Officer at Digital Realty Trust Inc. since November 2014. Mr. Stein also served as the Chief Financial Officer of Digital Realty Trust Inc., since July 2004 until April 2015 and its Secretary. He served as an Interim Chief Executive Officer since March 17, 2014 until November 2014, Chief Investment Officer and Principal Accounting Officer since July 2004 until April 2014 at Digital Realty Trust Inc. He served as an Operating Partner of Meriturn Partners, LLC. Mr. Stein served as a Consultant at GI Partners since April 2004. He served as the Co-Head at VentureBank@PNC and Media and Communications Finance at The PNC Financial Services Group where he was responsible for directing the delivery of firm's products and services to VentureBanks high technology and emerging growth client base. Mr. Stein served as the President, Chief Operating Officer at Trinet Corporate Realty Trust Inc since December 1, 1998 and served as its Executive Vice President, Chief Financial Officer and Secretary since April 1996 and Vice President of Capital Markets from October 1995 to April 1996. He was responsible for its financial management and policies, corporate development, compliance, credit policy, the general counsel function, human resources, information systems and general administration at the firm. Prior to this, he held a number of positions at Westinghouse Electric Corporation including Assistant Treasurer and Director of Banking. He served as a Vice President at Westinghouse Financial Services, where he was responsible for structured finance, capital markets and real estate sale/leaseback investments. He served as a Treasurer at Duquesne Light Company and practiced law both as a Securities and Finance Lawyer and as a Trial Lawyer. He has an extensive investment, financial and operating management experience. He has been a Director of Host Hotels & Resorts, Inc. since July 18, 2017. He has been a Director of Digital Realty Trust Inc. since November 24, 2014. Mr. Stein has been an Executive Board of the National Association of Real Estate Investment Trusts since November 2015. He is a member of the Fisher Center for Real Estate & Urban Economics Policy Advisory Board. He served as a Director of Western Quebec Mines Inc. since June 09, 2006. He served as a Director of Wesdome Gold Mines Ltd. since 2007 until August 26, 2013. Mr. Stein is a Member of the Pennsylvania Bar and the Florida Bar. He is a member of the University of Pittsburgh Chancellor's Global Advisory Council. He serves as Treasurer of Nareit. Mr. Stein holds a Juris Doctor degree from the University of Pittsburgh, a Master of Science degree in Industrial Administration with Distinction from the Graduate School of Industrial Administration at Carnegie Mellon University and a Bachelor of Arts degree in Classics from Princeton University.

CEO Compensation
  • Bill's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Bill's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Digital Realty Trust management team in years:

3.8
Average Tenure
48
Average Age
  • The tenure for the Digital Realty Trust management team is about average.
Management Team

Bill Stein

TITLE
CEO & Director
COMPENSATION
$13M
AGE
64
TENURE
5.2 yrs

Andy Power

TITLE
Chief Financial Officer
COMPENSATION
$5M
AGE
38
TENURE
4 yrs

Erich Sanchack

TITLE
Executive Vice President of Operations
COMPENSATION
$4M
AGE
48
TENURE
1.3 yrs

Chris Sharp

TITLE
Chief Technology Officer
COMPENSATION
$3M
AGE
43
TENURE
3.8 yrs

Josh Mills

TITLE
Executive VP
COMPENSATION
$2M
AGE
46
TENURE
14.1 yrs

Greg Wright

TITLE
Chief Investment Officer
AGE
53
TENURE
0.3 yrs

Edward Sham

TITLE
Chief Accounting Officer
AGE
59
TENURE
3 yrs

Matt Mercier

TITLE
Senior Vice President of Finance
TENURE
12.8 yrs

Ed Diver

TITLE
Chief Information Officer
TENURE
0.7 yrs

John Stewart

TITLE
Senior Vice President of Investor Relations
Board of Directors Tenure

Average tenure and age of the Digital Realty Trust board of directors in years:

2.8
Average Tenure
62
Average Age
  • The average tenure for the Digital Realty Trust board of directors is less than 3 years, this suggests a new board.
Board of Directors

Laurence Chapman

TITLE
Chairman of the Board
COMPENSATION
$395K
AGE
68
TENURE
2 yrs

Bill Stein

TITLE
CEO & Director
COMPENSATION
$13M
AGE
64
TENURE
4.5 yrs

Dennis Singleton

TITLE
Independent Director
COMPENSATION
$260K
AGE
73

Bill LaPerch

TITLE
Independent Director
COMPENSATION
$255K
AGE
62
TENURE
6.2 yrs

Afshin Mohebbi

TITLE
Independent Director
COMPENSATION
$260K
AGE
55
TENURE
2.8 yrs

Kevin Kennedy

TITLE
Independent Director
COMPENSATION
$260K
AGE
63
TENURE
6.2 yrs

Mark Patterson

TITLE
Independent Director
COMPENSATION
$260K
AGE
58
TENURE
2.8 yrs

Mary Preusse

TITLE
Independent Director
COMPENSATION
$255K
AGE
49
TENURE
2 yrs

Mike Coke

TITLE
Independent Director
COMPENSATION
$284K
AGE
50
TENURE
1.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Digital Realty Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Digital Realty Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

DLR.PRJ News

Simply Wall St News

DLR.PRJ Company Info

Description

Digital Realty supports the data center, colocation and interconnection strategies of more than 2,300 firms across its secure, network-rich portfolio of data centers located throughout North America, Europe, Asia and Australia. Digital Realty's clients include domestic and international companies of all sizes, ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products.

Details
Name: Digital Realty Trust, Inc.
DLR.PRJ
Exchange: NYSE
Founded: 2004
$25,771,468,638
$24,850,236,378
217,756,389
Website: http://www.digitalrealty.com
Address: Digital Realty Trust, Inc.
Four Embarcadero Center,
Suite 3200,
San Francisco,
California, 94111,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE DLR Common Stock New York Stock Exchange US USD 29. Oct 2004
DB FQI Common Stock Deutsche Boerse AG DE EUR 29. Oct 2004
LSE 0I9F Common Stock London Stock Exchange GB USD 29. Oct 2004
NYSE DLR.PRG PFD SER G 5.875% New York Stock Exchange US USD 03. Apr 2013
NYSE DLR.PRI 6.35% PFD I CUM New York Stock Exchange US USD 17. Aug 2015
NYSE DLR.PRJ 5.250% PFD SER J New York Stock Exchange US USD 04. Aug 2017
NYSE DLR.PRC 6.625% PFD SER C New York Stock Exchange US USD 14. Sep 2017
NYSE DLR.PRK 5.850 PFD SR K New York Stock Exchange US USD 05. Mar 2019
Number of employees
Current staff
Staff numbers
1,530
Digital Realty Trust employees.
Industry
Specialized REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/24 00:51
End of day share price update: 2019/05/23 00:00
Last estimates confirmation: 2019/05/22
Last earnings filing: 2019/05/10
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.