Digital Realty Trust

DLR reports total operating revenues of $1,577,234K for Q3 FY2025 (three months ended September 30, 2025). Revenue grew 10.2% Y/Y and 5.6% Q/Q -- sustained acceleration. Rental and other services reached $1,536,090K, up 8.7% Y/Y from $1,413,727K. Fee income continued surging at $41,144K vs $17,487K Y/Y (+135%), strongly suggesting growing development management activity from AI-focused JV projects. Total assets at $48.7B. Investments in unconsolidated entities reached $3.7B. Transaction and integration costs spiked to $86.6M from $24.2M Y/Y, indicating major deal activity likely AI-related. The revenue growth trajectory, fee income surge, JV investment acceleration, and transaction cost spike are all consistent with DLR aggressively deploying capital toward AI infrastructure. However, DLR still provides zero AI-specific revenue disclosure. As a landlord, its AI exposure is indirect -- it provides space and power, not AI services. Reaching 10% estimate, which reflects that a meaningful but still minority share of the installed lease base now serves AI workloads (GPU training clusters, inference infrastructure). The majority of DLR's revenue still comes from traditional enterprise IT hosting, hybrid cloud, and content delivery. Math: $1,577,234K x 10.0% = ~$157,723K estimated AI-attributable revenue.