Aslan Research · Data centers
DIGITAL REALTY TRUST, INC. (DLR)
Data as of 2026-09-03 · 27 quarters · filed in USD
Committed obligations are growing faster than the business that supports them: committed money rises at 23% per year, versus 11% annual revenue growth. Revenue was $6.3 billion over the trailing year, against $5.6 billion of expenses, leaving a much narrower operating spread than the revenue scale alone suggests.
Earned, collected early, and merely signed
Reports — of debt; has promised $4.4B
Total committed money is $4.4 billion. Leases account for $1.2 billion, while purchases account for $3.2 billion, so purchase commitments make up the larger share of the obligation.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The main pressure sits beyond the near term. Obligations due in the next 5 years are $726 million, compared with $8.2 billion due in years 5 to 10. A further $907 million falls due beyond 10 years.
The rates that matter
Expenses as filed vs after cited reconciliation
12 patterns worth a second look
The sharpest flag is increasing pro-rata secured debt at unconsolidated entities outside consolidated debt disclosures. Other disclosures include large gains from property contributions and dispositions alongside recurring operating results, plus recurring financing and fee relationships with Digital Core REIT, an unconsolidated related party. The record also includes SEC staff correspondence, a January 2025 €850 million guaranteed-notes issuance after FY2024, inconsistent XBRL scales for 5 facts, and revised FY2024 diluted EPS figures in a later proxy filing.
off balance sheet · 1
The filings report increasing pro-rata secured debt of unconsolidated entities outside consolidated debt disclosures.
one time dressing · 1
The filings report large gains from property contributions and dispositions alongside recurring operating disclosures.
regulator challenge · 6
A reply to SEC staff was filed on 2020-01-07; it quotes 12 staff comments.
A reply to SEC staff was filed on 2020-01-23, answering a staff comment letter dated 2020-01-17; it quotes 4 staff comments.
A reply to SEC staff was filed on 2020-01-24, answering a staff comment letter dated 2020-01-17; it quotes 0 staff comments.
+ 3 more
related party exposure · 1
The filings disclose recurring financing and fee relationships with Digital Core REIT, an unconsolidated related party.
subsequent event · 1
The FY2024 filing reports a January 2025 €850 million guaranteed-notes issuance following the period end.
tagging quality · 1
5 XBRL facts were reported at inconsistent scales across filings (e.g. us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding).
value revision · 1
The FY2024 diluted EPS figures were revised in the later proxy filing for the same 2023 periods.