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Research Alert: CFRA Raises Rating On Shares Of Digital Realty Trust, Inc. To Buy From Hold

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target by $40 to $230, on a forward P/FFO of 28.0x, a premium to the three-year forward average of 21.9x. We lift our 2026 FFO estimate by $0.24 to $8.20 and increase 2027 by $0.17 to $9.06. We believe DLR's premium is justified given the accelerating growth of AI spend and management's history of executing on data center developments at yields over 10% historically combined with a record backlog. DLR continues to benefit from the accelerating demand for data centers related to AI growth with its strongest 0-1MW quarter ever totaling $98M in new signings. Total backlog of signed, but not commenced leases has reached a new record of $1.8B providing visibility into 2027-2028 growth. The development pipeline was up 50% Q/Q to 1.2GW under construction with 61% pre-leased at an attractive 11.4% yield. We believe DLR is likely to continue benefiting from interconnection and low-latency data center demands with favorable re-leasing spreads for renewals of its core operating portfolio.

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