Digital Realty

Leverage and liquidity are appropriate for growth. As of Q3 2025, total debt was about $18.2 billion, net debt to adjusted EBITDA improved to 4.9x, fixed‑charge coverage was 4.6x, and the company had material undrawn revolver capacity.

In Q4 2025, Digital Realty issued €1.4 billion of new Euro notes and retired €1.075 billion of 2026 notes, extending tenor and limiting near‑term refinancing risk. Private capital partnerships (e.g., U.S. Hyperscale Data Center Fund, Blackstone and Mitsubishi JVs) reduce balance sheet strain while preserving operating control and fee opportunities.

Risks include interest rate volatility, FX exposure, and continued use of ATM equity that can dilute per‑share growth.