Digital Realty Trust Inc (DLR · NYSE)

Digital Realty's June quarter showed accelerating momentum, with revenue up 29.9% year over year to $1.92B and EBITDA rising to $1.11B from $806.7M the prior quarter, though earnings fell 58.7% YoY and the stock has slipped 4.6% over the past month to $178.76. The company has beaten estimates four straight quarters, most recently reporting $2.13 versus $1.98 expected, and recently issued €1B in 5.125% green senior unsecured notes due 2036 plus CHF 100M in bonds while adding Blackfuel as an AI inference client in Barcelona. Leverage stands at 5.7x debt/EBITDA on $18.25B of total debt, with quarterly free cash flow of $148.6M after $914.2M in capex. Valuation remains rich at 86.78x earnings and 26.37x EV/EBITDA, with the analyst target at $223.44.