Digital Realty (DLR) Gets a Hold from Argus ResearchWe are maintaining our HOLD rating on Digital Realty Trust Inc. (NYSE: DLR). DLR is a REIT that owns and operates global data centers with a full spectrum of data services, including storage, colocation, and interconnection. As of the end of 2024, the portfolio is more reliant on smaller data centers and less weighted with hyperscale centers than its main competitor. While DLR’s recent leasing and pricing trends had favored their smaller centers, insiders expect that new artificial intelligence (AI) demand will trend toward megacenters. While the company has had a recent uptick in over-one-megawatt bookings at year-end, recent new leases have had a significant lag time before commencement.