Digital Realty Trust (DLR) Nareit REIT Week: 2024 Investor Conference summary

Business Overview and Strategic Priorities

• Celebrated 20 years as a public company, operating over 300 data centers in 50+ metropolitan areas across six continents, serving 5,000+ customers.

• Focused on accelerating growth in enterprise colocation, executing in hyperscale for cloud and AI, and evolving funding strategies to drive FFO per share growth.

• Achieved $627 million in LTM bookings, raised ~$11 billion in private capital and ~$3 billion in equity as of March 31, 2024.

• Expanded ServiceFabric™ to 37 metros and launched high-density colocation in 28 global metros.

• Grew connected data communities and enhanced global product offerings.

Market Dynamics and Supply-Demand Trends

• Demand driven by migration from on-premises to cloud, globalization, and the rise of generative AI.

• Supply constraints due to power generation, transmission bottlenecks, supply chain issues, and regulatory hurdles.

• Investments in capacity and long-term planning position the company to capitalize on these trends.

• Power constraints managed by reallocating resources, innovating with alternative energy, and leveraging utility partnerships.

• Slower, more deliberate supply growth is seen as beneficial for market stability and pricing.

Platform and Capacity Expansion

• Delivered 237 MW in 2023, with ~2,500 MW total capacity and >3,000 MW buildable IT capacity globally.

• Over 3 GW of incremental buildable IT capacity, with 5,800 MW total capacity across Americas, EMEA, and APAC.

• ServiceFabric™ Connect available in 37 metros, supporting 150+ facilities and 225+ on-ramps.

• PlatformDIGITAL® enables AI workloads, supporting both training (35-100 kW/rack) and inference (15-25 kW/rack) phases.

• Major partnerships include supporting the Novo Nordisk Foundation with NVIDIA and other AI collaborations.