Digital Realty Trust
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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 51 days ago. More info.
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DLR Share Price and Events
7 Day Returns
1 Year Returns
DLR Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Digital Realty Trust (DLR) | -2.4% | 3% | 11.7% | 14.4% | 36.8% | 125.7% |
| US REITs | 0.3% | 2.3% | 11% | 15.7% | 10.3% | 28.4% |
| US Market | 0.4% | 2.6% | 11% | 6.8% | 38.1% | 45.7% |
1 Year Return vs Industry and Market
- DLR underperformed the REITs industry which returned 15.7% over the past year.
- DLR outperformed the Market in United States of America which returned 6.8% over the past year.
DLR Value
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Digital Realty Trust.
| 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 18 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 7.6% |
| 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.
| 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 | 0.55 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.55 (1 + (1- 21%) (42.43%)) |
0.822 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.82 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.822 * 5.96%) |
7.63% |
Discounted Cash Flow Calculation for NYSE:DLR 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.
| Adjusted Funds From Operations (AFFO) (USD, Millions) | Source |
Present Value Discounted (@ 7.63%) |
|
|---|---|---|---|
| 2019 | 1,406.18 | Analyst x12 | 1,306.50 |
| 2020 | 1,537.60 | Analyst x12 | 1,327.31 |
| 2021 | 1,692.09 | Analyst x4 | 1,357.13 |
| 2022 | 1,881.92 | Analyst x4 | 1,402.38 |
| 2023 | 2,030.24 | Analyst x3 | 1,405.65 |
| 2024 | 2,179.71 | Est @ 7.36% | 1,402.15 |
| 2025 | 2,309.89 | Est @ 5.97% | 1,380.55 |
| 2026 | 2,425.37 | Est @ 5% | 1,346.81 |
| 2027 | 2,530.12 | Est @ 4.32% | 1,305.37 |
| 2028 | 2,627.33 | Est @ 3.84% | 1,259.43 |
| Present value of next 10 years cash flows | $13,493.28 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $2,627.33 × (1 + 2.73%) ÷ (7.63% – 2.73%) |
$55,080.82 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $55,080.82 ÷ (1 + 7.63%)10 |
$26,403.40 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $13,493.28 + $26,403.40 |
$39,896.68 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $39,896.68 / 218.75 |
$178.15 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $178.15 |
| Current discount | Discount to share price of
$119.07
= -1 x ($119.07 - $178.15) / $178.15 |
33.2% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Digital Realty Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
- Digital Realty Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in USD | $1.21 |
| NYSE:DLR Share Price ** | NYSE (2019-04-16) in USD | $119.07 |
| United States of America REITs Industry PE Ratio | Median Figure of 152 Publicly-Listed REITs Companies | 31.67x |
| United States of America Market PE Ratio | Median Figure of 3,072 Publicly-Listed Companies | 18.08x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Digital Realty Trust.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:DLR Share Price ÷ EPS (both in USD) = 119.07 ÷ 1.21 |
98.16x |
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?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 98.16x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts |
18.7%per year |
| United States of America REITs Industry PEG Ratio | Median Figure of 139 Publicly-Listed REITs Companies | -0.12x |
| United States of America Market PEG Ratio | Median Figure of 2,107 Publicly-Listed Companies | 1.56x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 98.16x ÷ 18.7% |
5.25x |
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?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in USD | $41.71 |
| NYSE:DLR Share Price * | NYSE (2019-04-16) in USD | $119.07 |
| United States of America REITs Industry PB Ratio | Median Figure of 191 Publicly-Listed REITs Companies | 1.88x |
| United States of America Market PB Ratio | Median Figure of 5,176 Publicly-Listed Companies | 1.91x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:DLR Share Price ÷ Book Value per Share (both in USD) = 119.07 ÷ 41.71 |
2.86x |
* 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.
Value checks
We assess Digital Realty Trust's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) Digital Realty Trust has a total score of 1/6, 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 Future Performance
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!
Earnings growth vs Low Risk Savings
- 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
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:DLR Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts | 18.7% |
| NYSE:DLR Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 18 Analysts | 6.9% |
| United States of America REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 1.2% |
| United States of America REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 3.2% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.3% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7% |
*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
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 18 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 4,399 | 2,284 | 645 | 3 |
| 2022-12-31 | 4,126 | 2,095 | 545 | 4 |
| 2021-12-31 | 3,768 | 1,911 | 450 | 6 |
| 2020-12-31 | 3,515 | 1,755 | 328 | 18 |
| 2019-12-31 | 3,283 | 1,583 | 247 | 18 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 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 |
| 2016-03-31 | 1,876 | 841 | 155 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 18 Analyst Estimates (S&P Global) | See Below |
All data from Digital Realty Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 2.75 | 3.47 | 1.35 | 3.00 |
| 2022-12-31 | 2.89 | 2.98 | 2.80 | 2.00 |
| 2021-12-31 | 2.21 | 2.36 | 2.00 | 4.00 |
| 2020-12-31 | 1.60 | 2.01 | 1.02 | 14.00 |
| 2019-12-31 | 1.20 | 1.48 | 0.88 | 14.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 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 |
| 2016-03-31 | 1.10 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess Digital Realty Trust's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Digital Realty Trust has a total score of 2/6, 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 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
Past Earnings growth analysis
- 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 (44.3% vs 1.3%)
- Digital Realty Trust's earnings growth has exceeded the US REITs industry average in the past year (44.3% vs 23.2%).
Earnings and Revenue History
All data from Digital Realty Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 3,079.46 | 249.93 | 175.07 | |
| 2018-09-30 | 3,029.31 | 272.01 | 182.00 | |
| 2018-06-30 | 2,867.31 | 200.60 | 184.06 | |
| 2018-03-31 | 2,679.33 | 193.30 | 175.44 | |
| 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).
Past performance checks
We assess Digital Realty Trust's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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 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.
- 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
Assets
Liabilities and shares
- 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.
All data from Digital Realty Trust Company Filings, last reported 3 months ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 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 (104.1%) 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 (136% vs 104.1% today).
- Debt is not well covered by operating cash flow (12.2%, 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).
Financial health checks
We assess Digital Realty Trust's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Digital Realty Trust has a total score of 1/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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 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
If you bought
$2,000 of
Digital Realty Trust
shares you are expected to receive
$73
in your first year as a dividend.
Dividend Amount
- Digital Realty Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.41%).
- Digital Realty Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.63%).
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.
| 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 18 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 2008 Stocks | 2.4% |
| 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 | 3.6% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 6.02 | 4.00 |
| 2022-12-31 | 5.50 | 5.00 |
| 2021-12-31 | 5.00 | 8.00 |
| 2020-12-31 | 4.57 | 20.00 |
| 2019-12-31 | 4.29 | 20.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-02-22 | 4.320 | 3.677 |
| 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 |
| 2009-04-29 | 1.320 | 3.666 |
| 2009-04-20 | 1.320 | 3.621 |
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).
- Dividends after 3 years are expected to be thoroughly covered by earnings (361x coverage).
Income/ dividend checks
We assess Digital Realty Trust's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) Digital Realty Trust has a total score of 6/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
DLR Management
CEO
| COMPENSATION | $12,502,063 |
| AGE | 64 |
| TENURE AS CEO | 5.1 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 increased by more than 20% in the past year.
- 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:
- The tenure for the Digital Realty Trust management team is about average.
Management Team
Bill Stein
CEO & Director
$13M
64
5.1 yrs
Andy Power
Chief Financial Officer
$5M
38
3.9 yrs
Erich Sanchack
Executive Vice President of Operations
$4M
48
1.2 yrs
Chris Sharp
Chief Technology Officer
$3M
43
3.7 yrs
Josh Mills
Executive VP
$2M
46
14 yrs
Greg Wright
Chief Investment Officer
53
0.3 yrs
Edward Sham
Chief Accounting Officer
59
2.9 yrs
Matt Mercier
Senior Vice President of Finance
12.7 yrs
Ed Diver
Chief Information Officer
0.6 yrs
John Stewart
Senior Vice President of Investor Relations
Board of Directors Tenure
Average tenure and age of the Digital Realty Trust board of directors in years:
- 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
Chairman of the Board
$395K
68
1.9 yrs
Bill Stein
CEO & Director
$13M
64
4.4 yrs
Dennis Singleton
Independent Director
$260K
73
Bill LaPerch
Independent Director
$255K
62
6.1 yrs
Afshin Mohebbi
Independent Director
$260K
55
2.7 yrs
Kevin Kennedy
Director
$260K
63
6.1 yrs
Mark Patterson
Independent Director
$260K
58
2.8 yrs
Mary Preusse
Independent Director
$255K
49
1.9 yrs
Mike Coke
Independent Director
$284K
50
1.6 yrs
John Roberts
Independent Director
$245K
54
1.6 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess Digital Realty Trust's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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 News
Simply Wall St News
Introducing Digital Realty Trust (NYSE:DLR), The Stock That Zoomed 116% In The Last Five Years
One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price. … Digital Realty Trust's earnings per share are down 11% per year, despite strong share price performance over five years. … On the other hand, Digital Realty Trust's revenue is growing nicely, at a compound rate of 15% over the last five years.
Simply Wall St - – Full articleIs Digital Realty Trust, Inc.'s (NYSE:DLR) ROE Of 3.1% Concerning?
To keep the lesson grounded in practicality, we'll use ROE to better understand Digital Realty Trust, Inc. … That means that for every $1 worth of shareholders' equity, it generated $0.031 in profit. … Check out our latest analysis for Digital Realty Trust?
Simply Wall St - – Full articleWhat Should Investors Know About Digital Realty Trust, Inc.'s (NYSE:DLR) Earnings Trend?
Help shape the future of investing tools and you could win a $250 gift card! … The most recent earnings release Digital Realty Trust, Inc.'s (NYSE:DLR) announced in December 2018a
Simply Wall St - – Full articleHow Do Analysts See Digital Realty Trust, Inc. (NYSE:DLR) Performing In The Next 12 Months?
Based on Digital Realty Trust, Inc.'s (NYSE:DLR) earnings update in September 2018,. … the past 5-year average growth rate of -0.07%
Simply Wall St - – Full articleWhy You Shouldn't Look At Digital Realty Trust, Inc.'s (NYSE:DLR) Bottom Line
Digital Realty Trust, Inc. … View our latest analysis for Digital Realty Trust. … These items can distort the bottom line and not necessarily reflective of DLR’s daily operations
Simply Wall St - – Full articleIs Digital Realty Trust Inc's (NYSE:DLR) CEO Incentives Align With Yours?
First, this article will compare CEO compensation with compensation at other large companies. … How Does Bill Stein's Compensation Compare With Similar Sized Companies. … According to our data, Digital Realty Trust Inc has a market capitalization of US$22.8b, and pays its CEO total annual compensation worth US$10m.
Simply Wall St - – Full articleHow Should You Analyze REIT Stock Digital Realty Trust Inc (NYSE:DLR)?
Digital Realty Trust Inc is a US$26.44b. … real estate investment trust (REIT) based in San Francisco, United States. … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.
Simply Wall St - – Full articleWith An ROE Of 2.57%, Has Digital Realty Trust Inc's (NYSE:DLR) Management Done Well?
and want to begin learning the link between Digital Realty Trust Inc (NYSE:DLR)’s return fundamentals and stock market performance. … Digital Realty Trust Inc (NYSE:DLR) delivered a less impressive 2.57% ROE over the past year, compared to the 7.63% return generated by its industry. … Knowing these components can change your views on DLR's below-average returns
Simply Wall St - – Full articleDigital Realty Trust Inc (NYSE:DLR): Dividend Is Coming In 5 Days, Should You Buy?
If you are interested in cashing in on Digital Realty Trust Inc's (NYSE:DLR) upcoming dividend of $1.01 per share, you only have 5 days left to buy the shares before its ex-dividend date, 14 June 2018, in time for dividends payable on the 29 June 2018. … Should you diversify into Digital Realty Trust and boost your portfolio income stream? … 5 questions to ask before buying a dividend stock?
Simply Wall St - – Full articleWhat You Must Know About Digital Realty Trust Inc's (NYSE:DLR) Market Risks
DLR’s beta indicates it is a stock that investors may find valuable if they want to reduce the overall market risk exposure of their stock portfolio. … However, this is the opposite to what DLR’s actual beta value suggests, which is lower stock volatility relative to the market. … Depending on the composition of your portfolio, low-beta stocks such as DLR is valuable to lower your risk of market exposure, in particular, during times of economic decline.
Simply Wall St - – Full articleDLR 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 | |
| Exchange: | NYSE |
| Founded: | 2004 |
| $26,665,906,711 | |
| $24,786,971,812 | |
| 218,752,311 | |
| 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
Industry
| Specialized REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/04/17 00:01 |
| End of day share price update: | 2019/04/16 00:00 |
| Last estimates confirmation: | 2019/04/11 |
| Last earnings filing: | 2019/02/25 |
| Last earnings reported: | 2018/12/31 |
| 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.
