DLRDigital Realty Trust, Inc.

Digital Realty leases whole data centres — to large tenants rather than by the rack.

Unlike venues where value comes from network adjacency, here capacity is sold wholesale: a cloud operator leases a whole hall or building for its own servers. Leases run for years with escalators, so cash flow is predictable.

Growth is limited not by demand but by electricity: connecting new capacity in major metros takes years, and sites with power already secured have become valuable in themselves. It is the connection rather than the land that determines who builds first.

The property trust form requires distributing profit, so expansion is funded with debt, equity issuance and joint ventures. Risks: rates, construction costs and tenant concentration. The company pays a growing dividend.