Total assets surged to $54.5B in 2026Q2, with debt at $18.3B and D/E improving to 0.62, though equity dilution from share issuance has expanded equity to $27.4B, raising concerns about shareholder value.
Digital Realty Trust, Inc. (DLR) balance sheet — 23-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Total Assets | 54.52B | 49.41B | 45.28B | 44.11B | 41.48B | 36.37B | 36.08B | 23.07B | 23.77B | 21.4B | 12.19B | 11.42B | 9.53B | 9.63B | 8.82B | 6.1B | 5.33B | 3.75B | 3.28B | 2.81B | 2.19B | 1.53B | 1.01B | 479.7M |
| Asset Growth % | 36.99% | 9.11% | 2.65% | 6.34% | 14.07% | 0.81% | 56.39% | -2.94% | 11.04% | 75.55% | 6.8% | 19.83% | -1.04% | 9.16% | 44.61% | 14.43% | 42.31% | 14.19% | 16.74% | 28.51% | 42.97% | 50.91% | 111.23% | - |
| Real Estate & Other Assets | 610.23M | 2.54B | 25.23B | 25.28B | 24.73B | 21.67B | 21.38B | 14.89B | 15.55B | 14.24B | 9.51B | 9.12B | 8.63B | 8.8B | 7.92B | 304.59M | 178.36M | 73.83M | 67.03M | -2.34B | -1.78B | -1.19B | -787.41M | -394.23M |
| PP&E (Net) | 37.5B | 26.43B | 1.18B | 1.41B | 1.35B | 1.41B | 1.39B | 628.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.22B | 4.57B | 3.15B | 2.74B | 2.34B | 1.78B | 1.19B | 787.41M | 394.23M |
| Investment Securities | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 4.22B | 5.16B | 5.13B | 3.38B | 1.11B | 814.42M | 711.61M | 625.25M | 426.32M | 429.07M | 282.07M | 432.6M | 309.28M | 278.33M | 268.62M | 378.03M | 272.12M | 263.96M | 212.4M | 74.79M | 53.55M | 18.52M | 7.61M | 11.49M |
| Cash & Equivalents | 1.86B | 3.45B | 3.87B | 1.63B | 141.77M | 142.7M | 108.5M | 89.82M | 126.7M | 51K | 10.53M | 57.05M | 41.32M | 56.81M | 56.28M | 40.63M | 11.72M | 72.32M | 73.33M | 31.35M | 22.26M | 10.93M | 4.56M | 5.17M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 792.04M | 349.83M | -642.46M | -145.92M | -601.59M | -547.38M | 0 | 229.93M | 0 | 152.67M | 67.61M | 198.15M | 138.53M | 374.95M | 44.05M | 0 | 190.07M | 145.55M | 99.96M | -74.79M | -53.55M | -18.52M | -7.61M | -11.49M |
| Intangible Assets | 2.6B | 2.13B | 2.18B | 2.5B | 3.09B | 2.74B | 3.12B | 2.27B | 3.26B | 3.18B | 1.54B | 1.42B | 495.57M | 541.72M | 560.26M | 262.61M | 294.52M | 250.08M | 253.74M | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 24.97B | 24.56B | 22.11B | 23.12B | 21.86B | 17.85B | 17.59B | 12.42B | 12.89B | 10.3B | 7.06B | 6.88B | 5.61B | 5.98B | 5.32B | 3.52B | 3.27B | 2.11B | 1.72B | 1.69B | 1.34B | 880.23M | 584.23M | 328.3M |
| Total Debt | 18.25B | 24.18B | 18.01B | 18.97B | 18.07B | 14.96B | 14.77B | 10.99B | 11.1B | 8.65B | 5.84B | 5.9B | 4.67B | 4.96B | 4.28B | 2.94B | 2.81B | 1.78B | 1.4B | 1.37B | 1.12B | 930.07M | 519.5M | 297.87M |
| Net Debt | 16.39B | 20.73B | 14.14B | 17.34B | 17.93B | 14.82B | 14.66B | 10.9B | 10.97B | 8.65B | 5.83B | 5.84B | 4.64B | 4.91B | 4.22B | 2.9B | 2.8B | 1.71B | 1.32B | 1.34B | 1.1B | 919.14M | 514.94M | 292.69M |
| Long-Term Debt | 16.33B | 20B | 15.1B | 15.61B | 14.45B | 13.05B | 12.77B | 9.89B | 9.45B | 8.1B | 5.64B | 4.94B | 4.15B | 4.24B | 3.55B | 2.67B | 2.81B | 1.78B | 1.4B | 1.37B | 977.19M | 749.07M | 475.5M | 253.43M |
| Short-Term Borrowings | 709.76M | 1.15B | 1.61B | 1.81B | 2.15B | 398.17M | 531.9M | 234.1M | 1.65B | 550.95M | 199.21M | 960.27M | 525.95M | 724.67M | 723.73M | 275.11M | 0 | 0 | 0 | 0 | 145.45M | 181M | 44M | 44.44M |
| Capital Lease Obligations | 6.74B | 3.03B | 1.29B | 1.54B | 1.47B | 1.51B | 1.47B | 871.63M | 0 | 0 | 0 | 101.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 3.95B | 1.15B | 4.63B | 4.81B | 4.75B | 2.62B | 2.28B | 1.3B | 3.03B | 1.74B | 1.17B | 1.7B | 1.25B | 1.49B | 1.46B | 665.69M | 288.84M | 188.23M | 197.27M | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 3.24B | 2.6B | 2.06B | 2.17B | 1.87B | 1.54B | 1.42B | 831.07M | 1.16B | 980.22M | 824.88M | 608.34M | 605.92M | 662.69M | 646.43M | 315.13M | 237.63M | 151.23M | 171.18M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 539.8M | 401.87M | 369.65M | 336.58M | 371.66M | 208.72M | 209.31M | 199.76M | 144.19M | 126.92M | 115.02M | 0 | 154.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 759.98M | -742.46M | 0 | 0 | 0 | 0 | 371.66M | 208.72M | 409.42M | 467.36M | 250.01M | 239.46M | 212.71M | 253.23M | 302.4M | 187.36M | 179.03M | 137.58M | 123.63M | -1.37B | -977.19M | -749.07M | -475.5M | -253.43M |
| Total Equity | 29.55B | 24.85B | 23.18B | 21B | 19.62B | 18.52B | 18.49B | 10.65B | 10.87B | 11.1B | 5.13B | 4.54B | 3.91B | 3.65B | 3.5B | 2.58B | 2.05B | 1.63B | 1.56B | 1.12B | 848.19M | 648.94M | 174.2M | 151.4M |
| Equity Growth % | 43.44% | 7.21% | 10.38% | 7% | 5.93% | 0.19% | 73.61% | -2.06% | -2.07% | 116.34% | 13.13% | 15.9% | 7.34% | 4.23% | 35.57% | 25.59% | 25.68% | 4.59% | 39.34% | 32.26% | 30.7% | 272.54% | 15.06% | - |
| Shareholders Equity | 27.43B | 22.93B | 21.34B | 19.12B | 17.58B | 18B | 17.72B | 9.88B | 9.86B | 10.35B | 5.1B | 4.5B | 3.88B | 3.61B | 3.47B | 2.52B | 1.96B | 1.56B | 1.49B | 1.04B | 709.77M | 386.5M | 173.2M | 147.95M |
| Minority Interest | 2.11B | 1.92B | 1.84B | 1.88B | 2.04B | 519.21M | 770.65M | 770.25M | 1.02B | 754.27M | 36.28M | 36.37M | 35.98M | 36M | 30.08M | 57.49M | 92.14M | 75.81M | 70.27M | 77.91M | 138.42M | 262.44M | 997K | 3.44M |
| Common Stock | 3.67M | 3.41M | 3.34M | 3.09M | 2.89M | 2.82M | 2.79M | 2.07M | 2.05M | 2.04M | 1.58M | 1.46M | 1.35M | 1.28M | 1.25M | 1.06M | 909K | 766K | 732K | 654K | 542K | 274K | 214K | 0 |
| Additional Paid-in Capital | 34.16B | 29.35B | 28.08B | 24.4B | 22.14B | 21.08B | 20.63B | 11.58B | 11.36B | 11.26B | 5.76B | 4.66B | 3.97B | 3.69B | 3.56B | 2.5B | 1.85B | 1.16B | 1.04B | 814.11M | 597.33M | 252.56M | 182.41M | 0 |
| Retained Earnings | -6.94B | -6.69B | 0 | -5.26B | -4.7B | -3.63B | -4B | -3.05B | -2.63B | -2.06B | -1.55B | -1.35B | -1.1B | -785.22M | -656.1M | -488.69M | -348.15M | -231.87M | -161.44M | -103.09M | -52.09M | -27.78M | -9.52M | 0 |
| Preferred Stock | 731.69M | 731.69M | 731.69M | 731.69M | 731.69M | 731.69M | 950.94M | 1.43B | 1.25B | 1.25B | 1.01B | 1.29B | 1.05B | 694.83M | 572.71M | 569.78M | 502.34M | 662.34M | 662.45M | 328.87M | 159.8M | 159.8M | 0 | 0 |
| Return on Assets (ROA) | 1.59% | 2.76% | 1.35% | 2.22% | 0.97% | 4.72% | 1.21% | 2.48% | 1.47% | 1.48% | 3.61% | 1.95% | 2.09% | 3.41% | 2.82% | 2.73% | 2.25% | 2.5% | 2.22% | 0.9% | 0.72% | 1.27% | 0.61% | 3.47% |
| Return on Equity (ROE) | 3.05% | 5.45% | 2.73% | 4.67% | 1.98% | 9.24% | 2.45% | 5.39% | 3.01% | 3.06% | 8.82% | 4.84% | 5.3% | 8.8% | 6.92% | 6.74% | 5.55% | 5.48% | 5.04% | 2.29% | 1.78% | 3.91% | 2.8% | 10.99% |
| Debt / Assets | 33.48% | 48.94% | 39.77% | 43% | 43.55% | 41.13% | 40.95% | 47.66% | 46.71% | 40.41% | 47.89% | 51.67% | 49.05% | 51.54% | 48.51% | 48.21% | 52.67% | 47.65% | 42.56% | 48.68% | 51.35% | 60.82% | 51.27% | 62.09% |
| Debt / Equity | 0.62x | 0.97x | 0.78x | 0.90x | 0.92x | 0.81x | 0.80x | 1.03x | 1.02x | 0.78x | 1.14x | 1.30x | 1.19x | 1.36x | 1.22x | 1.14x | 1.37x | 1.09x | 0.89x | 1.22x | 1.32x | 1.43x | 2.98x | 1.97x |
| Net Debt / EBITDA | 5.09x | 8.12x | 6.30x | 7.81x | 8.27x | 6.80x | 7.62x | 6.20x | 6.32x | 6.68x | 4.87x | 6.01x | 5.82x | 5.72x | 5.64x | 4.78x | 5.61x | 4.56x | 4.40x | 6.30x | 7.00x | 7.55x | 10.73x | 8.18x |
| Book Value per Share | 81.72 | 70.67 | 69.90 | 67.93 | 65.86 | 65.40 | 70.43 | 50.84 | 52.61 | 63.49 | 34.06 | 32.67 | 29.29 | 28.46 | 30.16 | 26.02 | 23.89 | 21.23 | 22.19 | 17.93 | 23.47 | 26.79 | 8.39 | 7.57 |
Quick answers to the most common questions about buying DLR stock.
As of 2025, Digital Realty Trust, Inc. (DLR) had total assets of $49.41B including $5.16B in current assets.
Digital Realty Trust, Inc. (DLR) carries total debt of $24.18B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Digital Realty Trust, Inc. (DLR) has total shareholders' equity (book value) of $22.93B ($70.67 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Digital Realty Trust, Inc. (DLR) reported a current ratio of 4.50x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Earnings quality and leverage concerns
Metrics are mathematically derived from official filings.
Asset Base Expansion Accelerates
Total assets surged to $54.5B in 2026Q2 from $42.6B a year earlier, per reported figures, indicating aggressive balance sheet growth likely funded by debt and equity issuance.
The $11.9B year-over-year increase in total assets, with PPE net jumping to $37.5B from $1.2B, suggests a massive development and acquisition push. This expansion appears to be outpacing organic cash generation, as FFO per share has been volatile, implying reliance on external capital. Investors should monitor whether this growth translates into stable cash flows or merely inflates the asset base.
Property Portfolio Quality Under Scrutiny
NOI swung from $867M in 2025Q3 to -$62M in 2026Q1, as per financial statements, suggesting significant volatility in property-level profitability that may indicate asset quality issues.
The erratic NOI pattern, including negative quarters, appears inconsistent with a stable, high-quality portfolio. This could reflect one-time items or impairments, but it also raises questions about the underlying stability of the tenant base and the impact of power constraints on revenue generation. The concentration in Northern Virginia, while strategically valuable, may expose DLR to localized risks.
Debt Levels Rise Despite Equity Infusion
Total debt reached $18.3B in 2026Q2, with D/E at 0.62, down from 0.97 in 2025Q4, according to reported data, suggesting improved leverage but still elevated absolute debt.
The reduction in D/E appears driven by a $4B equity increase, likely from secondary offerings, rather than debt repayment. Absolute debt remains high, and the maturity ladder is not disclosed, but the reliance on external capital for growth suggests potential refinancing risk. The company's ability to service this debt depends on converting its development pipeline into income-generating assets.
Equity Dilution Funds Growth
Equity expanded to $27.4B in 2026Q2 from $19.0B in 2024Q1, as reported in financial statements, indicating significant share issuance that may dilute existing holders.
The $8.4B increase in equity over five quarters, while supporting the balance sheet, likely came at the cost of shareholder dilution. ROE remains low at 1.7% in 2026Q2, suggesting that the new capital is not yet generating adequate returns. This pattern implies that growth is being funded by equity rather than retained earnings, which may pressure future dividend growth.
Liquidity Position Appears Adequate
Cash and equivalents stood at $1.9B in 2026Q2, with total debt of $18.3B, per the latest balance sheet, suggesting sufficient short-term liquidity but heavy long-term obligations.
The cash position, while down from $3.5B in 2025Q4, appears adequate to cover near-term obligations. However, the negative NOI in some quarters and volatile FFO indicate that operating cash flow may not consistently cover interest expenses. The company's access to credit lines and capital markets is not disclosed, but the high leverage and low ROE suggest limited headroom for additional debt without further equity issuance.
Earnings Quality and Leverage Risks
The divergence between net margin of 21.4% and operating margin of 10.8% in 2026Q2, as per reported figures, suggests non-operating gains may be masking underlying operational weakness.
This gap, combined with the absence of EPS in the latest earnings event, raises concerns about the sustainability of reported profits. Elevated leverage, with D/E near 1.0 in 2025Q4, and low ROE indicate that the company may be deploying capital at sub-optimal returns. Investors should monitor whether the AI-driven demand materializes into stable cash flows or if the balance sheet becomes strained.