美国银行Codex · 实盘不做把握 5/10
北京时间·🕒 发布 02:41:32时区推断·⟳ 抓取 03:14:39·⚡ 决策 07-30 03:15:24 +45s·89.7 天前
美国银行维持 Digital Realty 中性评级，称二季度预订和续租租金表现强劲
报告内容主要是对 Digital Realty 已披露二季度业绩和上调指引的卖方复盘，新增交易信息有限。
📄 原文美国银行↗ 原文
Reiterate Rating: NEUTRAL | PO: 215.00 USD | Price: 179.34 USD Solid bookings with 25% rental rate increase Digital Rea…
不做 Digital Realty（DLR.US）
不做：这是财报后卖方 Neutral 复盘，核心强业绩和上调指引已由公司披露并可被市场定价，缺少新的超预期交易边界。
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研究档案
🔎 新鲜度:最早出现 2026-07-29 · 扩散 medium · price-in 风险 high ↗
关键理由
- 报告内容主要是对 Digital Realty 已披露二季度业绩和上调指引的卖方复盘，新增交易信息有限。
- 美国银行仍维持 Neutral 评级，说明强预订、续租租金上涨和指引上修已较大程度反映在估值中。
- 事件虽支持数据中心需求景气，但没有给出新的客户订单、资本开支上修或供应链增量，难以映射出短线更高弹性的同向标的。
主要风险
- 若市场继续交易 AI 数据中心 REIT 景气，DLR 可能仍有趋势性表现，但这不是本条报告带来的新增 edge。
- 当前结论未使用实时行情工具，原因是卖方 Neutral 复盘本身不足以从不做变成可执行交易。
原文全文
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Reiterate Rating: NEUTRAL | PO: 215.00 USD | Price: 179.34 USD
Solid bookings with 25% rental rate increase
Digital Realty reported strong 2Q26 with solid bookings of $208mn attributable to DLR (including $108mn of 0-1MW) better than projected financial metrics across the board and management raised guidance for F26. Rental rate increases on renewal leases of 25.4% were also a bright spot. Management expects several years of double-digit growth, which supports a positive view of demand trends across the industry and DLR’s development pipeline.
2Q26 results above forecast
Rental revenue of $1.146bn was 6.7% above our forecast and 2.4% better than the Street. Adjusted EBITDA of $978mn beat our $879mn estimate by 11.3% and consensus by 6.9%. Core FFO/share (ex net promote) of $2.13 was helped by a $27mn ($0.07) insurance recovery and came in above our $1.91 estimate and the Street of $1.98. We increased '26/'27E revenue by 2.7%/0.0% and EBITDA by 3.0%/2.1%, respectively.
Guidance revisions higher; good growth visibility
DLR increased total revenue guidance $200mn at the mid point to $6.9bn, raised adjusted EBITDA by $100mn at the mid-point, and increased core FFO/share (ex. Net promote) guidance to $8.15-$8.20 from $8.00-$8.10. DLR shared it expects to report $635mn in rent commencements in 2H26, $480mn in 2027E and $312mn in 2028E which support strong future earnings growth.
Valuation reflects positives: Reit. Neutral rating & $215 PO
We reiterate our Neutral rating and $215 price objective, Our PO is based on a Core FFO/sh multiple of 27x, which is below peak multiple of 30x and reflects strong secular trends and execution. A 27x multiple is a premium to the REIT sector multiple of 19x, but a discount to its closest peer. DLR is a premier operator and is focused on Core FFO/sh growth, but valuation reflects positive secular trends.
Solid bookings with 25% rental rate increase
Digital Realty reported strong 2Q26 with solid bookings of $208mn attributable to DLR (including $108mn of 0-1MW) better than projected financial metrics across the board and management raised guidance for F26. Rental rate increases on renewal leases of 25.4% were also a bright spot. Management expects several years of double-digit growth, which supports a positive view of demand trends across the industry and DLR’s development pipeline.
2Q26 results above forecast
Rental revenue of $1.146bn was 6.7% above our forecast and 2.4% better than the Street. Adjusted EBITDA of $978mn beat our $879mn estimate by 11.3% and consensus by 6.9%. Core FFO/share (ex net promote) of $2.13 was helped by a $27mn ($0.07) insurance recovery and came in above our $1.91 estimate and the Street of $1.98. We increased '26/'27E revenue by 2.7%/0.0% and EBITDA by 3.0%/2.1%, respectively.
Guidance revisions higher; good growth visibility
DLR increased total revenue guidance $200mn at the mid point to $6.9bn, raised adjusted EBITDA by $100mn at the mid-point, and increased core FFO/share (ex. Net promote) guidance to $8.15-$8.20 from $8.00-$8.10. DLR shared it expects to report $635mn in rent commencements in 2H26, $480mn in 2027E and $312mn in 2028E which support strong future earnings growth.
Valuation reflects positives: Reit. Neutral rating & $215 PO
We reiterate our Neutral rating and $215 price objective, Our PO is based on a Core FFO/sh multiple of 27x, which is below peak multiple of 30x and reflects strong secular trends and execution. A 27x multiple is a premium to the REIT sector multiple of 19x, but a discount to its closest peer. DLR is a premier operator and is focused on Core FFO/sh growth, but valuation reflects positive secular trends.
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