Digital Realty Trust, Inc. (DLR): Business Model Canvas [Dec-2025 Updated]

Honestly, if you're tracking the infrastructure powering the AI boom, you need to see how Digital Realty Trust, Inc. (DLR) is positioning itself right now, heading into late 2025. Forget abstract strategy; this is about concrete assets: they're building out over 10.2 million sq ft under development and forecasting revenues between $6.03 billion and $6.08 billion this year, all while locking in huge partnerships like the one with Reliance for India. I've broken down their entire nine-block Business Model Canvas below, showing exactly how their global, connected PlatformDIGITAL® ecosystem is designed to capture that high-density, high-power AI workload demand-so you can see where the real dollars are flowing in this sector.

Digital Realty Trust, Inc. (DLR) - Canvas Business Model: Key Partnerships

You're looking at the core alliances that power Digital Realty Trust, Inc.'s (DLR) growth engine, especially as AI workloads reshape global infrastructure demand. These aren't just vendor relationships; they are strategic capacity and technology lock-ins. Honestly, securing this level of commitment from major players is what lets Digital Realty Trust scale with confidence.

The most significant move to secure future capacity is the massive international play. Digital Realty Trust formed a joint venture, Digital Connexions, with Reliance Industries and Brookfield Corporation. This partnership is a commitment to invest approximately $11 billion to establish 1 gigawatt of AI-focused data capacity in the southern Indian state of Andhra Pradesh, specifically in Visakhapatnam. That's a serious capital deployment aimed squarely at the high-growth Asian AI market.

To support this domestic and global buildout, supply chain resilience is paramount. You saw Digital Realty Trust address this directly by signing a $373 million Supply Capacity Agreement (SCA) with Schneider Electric. This agreement guarantees capacity for critical Uninterruptible Power Supply (UPS) systems, Low Voltage Switchgear (LVS), and Pre-Fabricated Skids, even including a dedicated LVS production line. Locking in that manufacturing pipeline is key to turning your backlog into deployed, revenue-generating space.

The push for AI-optimized infrastructure is cemented by deep technical collaborations. Digital Realty Trust is working hand-in-hand with NVIDIA to advance next-generation AI infrastructure design at its Manassas, Northern Virginia campus. This site is now home to NVIDIA's new AI Factory Research Center, where they are exploring advanced liquid cooling and power management for gigascale AI facilities, helping to define new industry standards.

For the enterprise customer looking for a turnkey AI solution, Digital Realty Trust has aligned with Dell Technologies and DXC Technology. This alliance integrates the Dell AI Factory infrastructure within Digital Realty Trust's PlatformDIGITAL® environment, with DXC providing the expert-led implementation and end-to-end management. The goal here is simplifying the path from AI concept to production for the enterprise user.

Connectivity, which is the lifeblood of any data center, is strengthened through the expanded partnership with Console Connect, PCCW Global's on-demand platform. This deepens the integration of Digital Realty Trust's orchestration platform, ServiceFabric®, via seamless API integration. Here are the scale numbers from that expansion:

• ServiceFabric® is now accessible at more than 600 data centers globally.
• Users gain on-demand connectivity to more than 100 new third-party data centers.
• The partnership adds access to more than 75 new cloud on-ramps.
• New reach includes key metros across the Middle East and Africa.

To keep this all straight, here's a quick view of the financial and capacity commitments tied to these key alliances as of late 2025:

These partnerships defintely show Digital Realty Trust is prioritizing high-density AI demand and supply chain security. Finance: draft 13-week cash view by Friday.

Digital Realty Trust, Inc. (DLR) - Canvas Business Model: Key Activities

You're looking at the core actions Digital Realty Trust, Inc. (DLR) takes to keep its global digital infrastructure running and expanding. Honestly, for a company this size, the activities are all about massive scale and disciplined capital deployment.

Developing and operating a global portfolio of 310+ data centers

Digital Realty Trust, Inc. focuses on the day-to-day running of its massive global footprint. As of September 30, 2025, the company operated 311 data centers across more than 50 metros. This portfolio serves over 5,000 global customers, with a majority being investment grade, which helps assure stable revenue generation.

Large-scale capital deployment and construction, with 10.2 million sq ft under development

The construction pipeline is where you see the commitment to future capacity. As of September 30, 2025, Digital Realty Trust, Inc. had 10.2 million square feet of space under active development. The gross development pipeline stood at $9 billion at the end of the second quarter of 2025. In the second quarter of 2025 alone, the company spent over $900 million on development Capital Expenditures (CapEx) on a gross basis.

Here's a quick look at the scale of recent construction activity:

What this estimate hides is the power allocation; for instance, one campus expansion in Charlotte enabled an additional 12 megawatts of IT capacity.

Securing long-term leases with hyperscale and enterprise customers

Locking in customers with long-term contracts is central to their revenue stability. Cloud and AI-driven demand is capturing about 50% of bookings since mid-2023. Leasing momentum was strong, with $135 million in new leases signed at Digital Realty Trust, Inc.'s share in the second quarter of 2025. The backlog of signed-but-not-commenced leases stood at $852 million of annualized GAAP base rent as of Q3 2025, giving clear forward visibility.

Leasing performance highlights from recent quarters include:

• Total bookings signed in Q1 2025 expected to generate $242 million in annualized GAAP rental revenue.
• Renewal leases in Q1 2025 saw blended cash uplift of 5.6%.
• More than 70% of Q2 2025 bookings included fixed rent escalators of at least 4% or were CPI-linked.
• Hyperscale and large capacity blocks remain a focus, with $76.1 million in the greater than 1-megawatt category signed in Q3 2025.

Managing and expanding the PlatformDIGITAL® interconnection ecosystem

The PlatformDIGITAL® ecosystem is the connective tissue that makes their facilities valuable beyond just space and power. This proprietary global platform gives customers direct access to over 500 cloud providers and thousands of other enterprises. The focus on interconnection is paying off directly in bookings.

Key interconnection metrics show acceleration:

• Bookings in the 0-1 megawatt plus interconnection category hit a record $90 million at Digital Realty Trust, Inc.'s share in Q2 2025.
• This $90 million result was 18% higher than the prior record set only two quarters before.
• Over the past four quarters leading up to Q2 2025, the company booked over $300 million in this category, up from approximately $200 million in 2023.
• The Service Fabric, part of the ecosystem, included 100+ third-party data centers and 75+ cloud on-ramps as of Q1 2025.

Financing growth through capital recycling and strategic joint ventures

Given the capital intensity, Digital Realty Trust, Inc. actively manages its balance sheet through partnerships and asset sales. The company formed a $7 billion venture with Blackstone-affiliated funds in late 2023 to build 500 megawatts of hyperscale projects. Furthermore, the U.S. Hyperscale Data Center Fund successfully raised more than $1.7 billion of equity commitments from Limited Partners, targeting up to $2.5 billion.

Financing actions in 2025 included:

• Issuing €850 million of notes due 2035 in January 2025.
• Repaying €650 million (or $754 million) of senior notes subsequent to Q2 2025.
• Selling a non-core data center in Atlanta for $65 million in Q2 2025.
• Exiting Q3 2025 with cash and cash equivalents of $3.30 billion.

The net debt-to-Adjusted EBITDA was 4.9X as of the end of the third quarter of 2025. Finance: draft 13-week cash view by Friday.

Digital Realty Trust, Inc. (DLR) - Canvas Business Model: Key Resources

You're looking at the core assets that make Digital Realty Trust, Inc. a powerhouse in the digital infrastructure space as of late 2025. These aren't just buildings; they are the physical and digital platforms underpinning the global AI and cloud economy.

Global Data Center Footprint and Scale

The sheer scale of the physical assets is a primary resource. As of the third quarter of 2025, Digital Realty Trust, Inc. operated 311 data centers globally, with 89 of those held in unconsolidated entities. This portfolio spans approximately 42.7 million square feet across North America, Europe, South America, Asia, Australia, and Africa. The total deployed computing capacity across this footprint is reported to be about 2.8 gigawatts (GW). This scale allows them to serve over 5,000 customers, including more than 250 Fortune 500 companies.

The company has also made significant strides in sustainability, a key operational resource for attracting ESG-conscious hyperscalers. In 2024, Digital Realty achieved 75% renewable energy for its global electricity needs. Furthermore, 185 data centers were matched with 100% renewable energy.

Land Bank and Future Capacity Pipeline

Securing land for future build-out is crucial in this sector, and Digital Realty Trust, Inc. has positioned itself well ahead of the curve. They hold 4.8 million square feet of space specifically held for future development as of September 30, 2025. This land bank is projected to support development of nearly 4 GW of additional capacity. The total buildable capacity across the Americas, EMEA, and APAC regions was cited at 4,300 MWs in June 2025. You can see the breakdown of their existing and buildable capacity below:

The company continues to actively acquire sites, such as a recent Q3 2025 purchase of five acres in the Los Angeles metro area expected to support 32 megawatts (MW) of IT capacity.

Software-Defined Interconnection and Platform

The digital layer, which connects customers to clouds and partners, is embodied by their core platforms. PlatformDIGITAL® is positioned as the home for AI infrastructure. The ServiceFabric® service orchestration platform is a key enabler for hybrid IT, which is increasingly common.

• ServiceFabric® is live in more than 30 metros globally.
• It enables connectivity to over 500+ Digital Realty and third-party data centers.
• Customers can connect to 200+ cloud on-ramps via ServiceFabric® globally.

Capital Access and Financial Structure

As a Real Estate Investment Trust (REIT), Digital Realty Trust, Inc. has a distinct capital structure advantage. As of December 2025, the market capitalization stood at $53.7 billion. The company maintains a disciplined balance sheet, with liquidity reported at $7B+ at the end of Q2 2025 and a net debt to EBITDA ratio of 5.1x. A major strategic capital resource is the U.S. Hyperscale Data Center Fund, which targets $2.5 billion in Limited Partner (LP) equity commitments to support approximately $10 billion in hyperscale investments. The first closing of this fund secured more than $1.7 billion in equity commitments. The company raised its fiscal 2025 Core FFO per-share guidance to a range of $7.32 to $7.38.

High-Density, Liquid-Cooled Infrastructure

To meet the massive power demands of AI and High-Performance Computing (HPC) workloads, specialized physical infrastructure is a critical resource. Digital Realty Trust, Inc. has standardized solutions supporting power densities ranging from 30 kW to 150 kW per rack. Starting in 2025, the strategy accelerated, with over half of its 300+ global data centers now capable of supporting liquid cooling up to 150 kW per rack. Direct Liquid Cooling (DLC) deployment options are available in more than half of the company's worldwide data centers. This focus is clearly paying off, as more than 50% of their new bookings in mid-2024 were related to AI.

Digital Realty Trust, Inc. (DLR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Digital Realty Trust, Inc. over the competition, grounded in the numbers as of late 2025. It's about scale, connectivity, and the ability to handle the most demanding new workloads like AI.

Global, connected platform for seamless hybrid IT and cloud deployments

Digital Realty Trust, Inc. offers its PlatformDIGITAL®, a global data center platform designed to bring companies and data together. This platform spans a significant physical footprint:

• Global data center facilities: Over 300+.
• Metropolitan areas served: Over 50+.
• Countries with a presence: Over 25+ across six continents.
• Total cross-connects available: Over 228,000.

The company is actively enabling hybrid IT and cloud strategies, for example, through the Digital Realty Innovation Lab (DRIL) in Northern Virginia, which provides a real-world testing environment for validating these deployments before scaling to production.

Cloud- and carrier-neutrality offering choice and flexibility to customers

Digital Realty Trust, Inc. is positioned as a leading global provider that does not favor one network or cloud provider over another, which is key for enterprise choice. This neutrality attracts major players:

• Key customers include: Microsoft, Amazon Web Services, Google Cloud, and Nvidia.
• Enterprise adoption: More than 250 Fortune 500 companies use Digital Realty Trust, Inc.'s data centers.

Scalable capacity from single cabinet colocation (0-1 MW) to massive wholesale ( > 1 MW)

The value proposition here is the ability to serve everyone from smaller, rapidly growing users to the largest hyperscalers needing massive, dedicated space. The capacity figures show this scale:

The leasing activity demonstrates the split demand. For instance, in Q2 2025, of the $135 million in new leases at Digital Realty Trust, Inc.'s share, $90 million came from the 0-1 megawatt plus interconnection category. Conversely, in Q1 2025, the >1 MW segment contributed $172 million in annualized GAAP base rent.

Specialized infrastructure for high-power AI and machine learning workloads

Digital Realty Trust, Inc. is actively building infrastructure tailored for the power and density needs of Artificial Intelligence. This specialization is driving premium pricing and major commitments:

• AI-related leasing: Accounted for nearly 30% of megawatts signed in Q4 2024.
• AI-specific investment (Nov 2025): Announced an approximately US$11.00 billion joint venture in India to build 1 gigawatt (GW) of AI-focused capacity.
• High-density support: The Innovation Lab supports workloads up to 150kW per cabinet.
• Pricing power: Record lease pricing reached up to $244 per kW per month in Q1 2025.

Long-term, stable leasing agreements with predictable cost escalators

The structure of the leases provides revenue visibility, which is crucial for a Real Estate Investment Trust. You see this in the renewal performance and contract terms:

• Q2 2025 Renewal Rate Increase (Cash Basis): 7.3%.
• Q2 2025 Renewal Rate Increase (GAAP Basis): 9.9%.
• Fixed Escalators: Over 85% of bookings in Q1 2025 included fixed rent escalators of at least 4% or were CPI-linked.
• Weighted Average Remaining Lease Term (Q1 2025): 4.9 years.

For context on the larger wholesale side, the average lease term for tenants leasing over 1MW was 8.8 years as of Q2 2024. Finance: draft 13-week cash view by Friday.

Digital Realty Trust, Inc. (DLR) - Canvas Business Model: Customer Relationships

You're looking at how Digital Realty Trust, Inc. (DLR) keeps its massive, mission-critical customers locked in and happy. It's not just about the concrete and steel; it's about the dedicated service wrapper around those assets. This focus on deep, long-term relationships is what underpins their financial stability.

Dedicated Account Management for Hyperscale and Large Enterprise Clients

Digital Realty Trust, Inc. maintains a dual focus, strategically picking spots where they can add significant value to both hyperscale cloud providers and large enterprises. They operate in 50 metropolitan areas across six continents, supporting over 5,000 customers as of September 2025. For the enterprise segment, which remains a strong growth driver, the business generated a record $90 million in the second quarter of 2025 for the enterprise colocation and interconnection category. The CEO noted that for hyperscale clients, the relationship value comes from the tremendous capacity installed and the long runway for future growth that no competitor can easily match. They are actively scaling infrastructure to support diverse demands, especially those driven by AI initiatives.

Customized Build-to-Suit Solutions for Unique Capacity and Design Needs

When a major client needs a specific footprint, Digital Realty Trust, Inc. deploys customized build-to-to-suit (BTS) solutions, often through capital-efficient joint ventures. For example, a partnership established in late 2023 to develop two BTS data centers in Northern Virginia involved an initial capacity delivery of 16 megawatts (MW), with the client holding an option to expand up to 48 MW during the initial lease term. These bespoke facilities were 100% pre-leased to an S&P 100 investment grade client before construction even started. This shows you the level of commitment and unique design capability they offer to secure those anchor tenants.

Self-Service and Automated Provisioning via ServiceFabric® Digital Platform

To help customers manage the complexity of hybrid and multi-cloud environments, Digital Realty Trust, Inc. heavily relies on its ServiceFabric® orchestration platform. This platform is designed to bridge physical infrastructure and the cloud, enabling effortless data movement. As of March 2025, ServiceFabric® was accessible at more than 600 data centers globally. The Service Directory, a core part of ServiceFabric, has seen over 70 members join, listing more than 100 services, which includes secure, direct connections to over 200 global cloud on-ramps. This digital layer streamlines workflows by allowing users to automate on-demand connections, effectively removing manual configuration steps.

Long-Term, Sticky Lease Contracts, Often with Fixed Escalators

The stickiness of Digital Realty Trust, Inc.'s customer base is evident in their lease metrics. The weighted-average remaining lease term across the portfolio stood at 5.0 years as of September 30, 2025. Furthermore, their pricing power, driven by market demand and inflation, is clear in the recent renewal spreads. You can see the trend in the table below:

For specific build-to-suit deals, like the one mentioned earlier, the structure included a 10-year initial lease term coupled with 2.0% annual rent escalators. Even on a mark-to-market basis for the broader enterprise colocation segment, rates were around 4.5% as of September 2025. These contractual escalators, combined with strong renewal pricing, provide excellent revenue visibility.

Here are the key relationship-driven metrics:

• Weighted-average remaining lease term: 5.0 years (as of 9/30/2025).
• Enterprise colocation mark-to-market rates: Approximately 4.5% (as of Sep 2025).
• ServiceFabric® global data center reach: Over 600 (as of March 2025).
• Total customers supported globally: Over 5,000.
• Q3 2025 cash renewal spread: 8.0%.

If onboarding for new capacity takes longer than the average eight-month lag seen in Q3 2025 between signing and commencement, customer satisfaction can dip.

Finance: draft 13-week cash view by Friday.

Digital Realty Trust, Inc. (DLR) - Canvas Business Model: Channels

You're looking at how Digital Realty Trust, Inc. gets its value proposition-secure, connected, scalable data center capacity-into the hands of its customers. It's a multi-pronged approach, blending massive physical assets with sophisticated digital orchestration.

Physical Presence and Scale

The foundation of the channel is the sheer physical footprint. Digital Realty Trust, Inc. operates a global network that provides the physical meeting place for data. As of late 2025, the portfolio includes:

The total buildout capacity planned on owned land reaches 7.5 gigawatts, with 4.5 gigawatts specifically designated for North and South America. That's a lot of power for the AI race.

Direct Sales for Large Deals

For the largest wholesale and colocation needs, the Direct Sales Team handles the engagement. This team is focused on securing the big capacity blocks, often driven by hyperscalers and large enterprises. The results of this direct effort show up clearly in the leasing metrics:

• Q3 2025 total bookings at Digital Realty Trust, Inc.'s share were $162 million in annualized GAAP rental revenue.
• The 0-1 megawatt category within Q3 2025 bookings accounted for $65 million.
• Interconnection bookings in Q3 2025 totaled $20 million.
• The backlog of signed-but-not-commenced leases at the end of Q3 2025 stood at $852 million of annualized GAAP base rent (at Digital Realty Trust, Inc.'s share).
• For comparison, Q1 2025 saw direct bookings of $242 million.

Digital Orchestration and Connectivity

The PlatformDIGITAL® ecosystem and the ServiceFabric® layer are key digital channels that extend the physical reach. They help customers manage data gravity challenges and connect to ecosystems. ServiceFabric® specifically provides access to a growing digital environment:

• ServiceFabric® now includes access to over 100+ third-party data centers.
• This platform offers over 75+ cloud on-ramps.

Broker and Channel Partner Network

For smaller enterprise deals, the Broker and Channel Partner network acts as an extension of the sales force. This program is designed to accelerate partner business by delivering new revenue channels. The partner program gives access to the same global footprint:

• Partners can access over 310+ data centers.
• The network spans 50+ metros across 25+ countries on six continents.

Digital Realty Trust, Inc. serves over 5,000 customers globally, including 250+ Fortune 500 companies who utilize the data centers. Finance: draft 13-week cash view by Friday.

Digital Realty Trust, Inc. (DLR) - Canvas Business Model: Customer Segments

You're looking at the core of Digital Realty Trust, Inc. (DLR)'s business-who is actually paying for the massive global footprint of data centers. Honestly, it boils down to a few key groups that drive the need for digital infrastructure.

Digital Realty Trust, Inc. (DLR) serves over 5,000 global customers as of late 2025. This customer base is a mix of the biggest names in technology and established global businesses, which helps keep revenue stable since a majority of tenants are investment grade.

Here is a look at the key segments driving demand and bookings:

• Hyperscale Cloud Providers (e.g., Amazon, Microsoft, Alphabet, Meta)
• Global Enterprises (5,000+ customers) in finance, IT, and manufacturing
• Network and Communication Service Providers
• Content, Social Media, and Digital Media Companies

The company has successfully onboarded significant players in the cloud space; for instance, customers include Microsoft, Amazon Web Services, Google Cloud, and Nvidia. To give you a sense of the enterprise depth, half of Fortune 500 companies are Digital Realty Trust, Inc. (DLR) customers.

The leasing activity gives us a peek into how these segments translate into immediate revenue commitment. In the second quarter of 2025, total bookings hit a record $177 million, with $135 million attributable directly to Digital Realty Trust, Inc. (DLR). The activity is split between large-scale deployments and smaller, high-touch services.

Here's a breakdown of the recent leasing and booking metrics that reflect the activity across these customer segments:

The Network and Communication Service Providers, along with Content, Social Media, and Digital Media Companies, are often captured within the smaller-footprint, high-interconnection demand buckets. For example, the 0-1 MW plus interconnection segment saw $69 million in bookings in Q1 2025, which was the second-best quarter on record for that category. Also, the interconnection business saw 25% year-over-year growth in new signings as of early 2025.

The Global Enterprises segment, which includes finance, IT, and manufacturing, is served through both large capacity deals and the smaller colocation offerings. The company is actively working to expand its footprint in key markets like Northern Virginia, Chicago, Dallas, and Frankfurt, which serve these diverse enterprise needs. The focus on enterprise colocation remains a strong growth driver, generating $50-90 million per quarter. If onboarding takes 14+ days, churn risk rises.

The largest capacity deals, typically for Hyperscale Cloud Providers, are reflected in the greater than 1-megawatt leasing category. In Q3 2025, Digital Realty Trust, Inc. (DLR) signed $76.1 million in new leases falling into the greater than 1-megawatt category. The company is also using off-balance sheet arrangements, like its U.S. Hyperscale Data Center Fund, which has over $3 billion in equity commitments, to enhance capital efficiency for these large customers.

You should keep an eye on the backlog, which provides clear revenue visibility. As of Q1 2025, the committed backlog stood at a record $919 million at Digital Realty Trust, Inc. (DLR)'s share, with the 2026 backlog growing over 40% year-to-date. Finance: draft 13-week cash view by Friday.

Digital Realty Trust, Inc. (DLR) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Digital Realty Trust, Inc.'s operations, which are heavily weighted toward physical assets and the power they consume. Honestly, for a data center REIT, the cost structure is dominated by capital intensity and ongoing utility bills.

The company had approximately $18.2 billion of total debt outstanding as of September 30, 2025, which translates directly into significant financing costs. For the quarter ended September 30, 2025, GAAP interest expense was $114 million, with an additional $33 million in capitalized interest, plus $10 million in preferred stock dividends for that quarter.

Capital expenditures for new development are a major outlay, though the specific figure of -$2.9 billion as of Sep 30, 2025, wasn't confirmed in the latest filings reviewed. What we do see is that Digital Realty Trust operating expenses for the twelve months ending September 30, 2025, totaled $5.224B, representing a 3.91% increase year-over-year.

Operating costs for power, cooling, and facility maintenance are central, as the cost of electric power is a significant component of operating expenses. We can see the breakdown for Q1 2025 to get a sense of the scale:

These figures are based on Q1 2025 data, but they illustrate the relative weight of these physical infrastructure costs. The company is focused on driving environmental efficiency to manage these utility expenses, which are critical given the high power demands of modern, AI-focused workloads.

General administrative costs are also a factor, though smaller than property-related expenses. For the full year 2025 outlook, G&A was projected to be in the range of $505 - $515 million.

Here's a quick look at the major financial commitments impacting the cost base:

• Total Debt outstanding as of Q3 2025: $18.2 billion.
• GAAP Interest Expense (Q3 2025): $114 million.
• Total Operating Expenses (12 months ending Sep 30, 2025): $5.224B.
• 2025 G&A Outlook Range: $505 million to $515 million.

Finance: draft 13-week cash view by Friday.

Digital Realty Trust, Inc. (DLR) - Canvas Business Model: Revenue Streams

You're looking at how Digital Realty Trust, Inc. (DLR) actually brings in the money, which is pretty straightforward for a data center REIT, but the numbers tell the real story of where the growth is coming from.

The core of the revenue is rental revenue from long-term data center leases (wholesale and colocation). For the third quarter of 2025, Digital Realty Trust, Inc. reported total operating revenue of $1.58 billion. This represents the bulk of the income stream, securing capacity for cloud providers and large enterprises.

You see strong pricing power showing up in the renewal segment. For Q3 2025, Digital Realty Trust, Inc. signed renewal leases representing $192 million of annualized cash rental revenue. The pricing on these renewals was healthy, with rental rate increases on renewal leases of 8.0% on a cash basis in Q3 2025. To be fair, for those big hyperscale deals, the greater-than-one-megawatt renewals saw about a 20% cash uplift in key markets during that quarter.

Also important is the interconnection and cross-connect fees (high-margin, growing segment). In Q3 2025, interconnection bookings at Digital Realty Trust, Inc.'s share included a $20 million contribution from interconnection. This is a high-margin service that ties customers deeper into the PlatformDIGITAL® ecosystem.

Here's a quick look at the key figures we have for 2025:

The company is also pulling in fees from joint ventures, like the U.S. Hyperscale Data Center Fund. Management specifically noted fee income growth in Q3 2025, which contributed to the strong results, though a specific dollar amount for that fee stream isn't broken out separately from total revenue in the immediate highlights. The strategy here is clearly about monetizing capital partnerships.

You can see the overall trajectory in the forward-looking numbers. The full-year 2025 revenue forecast is between $6.03 billion and $6.08 billion, which was raised following the Q3 performance. This shows confidence in the underlying demand for their core offering.

Finance: draft 13-week cash view by Friday.