Digital Realty Trust, Inc. (NYSE: DLR) announced a new at-the-market equity offering program to sell up to $7.5 billion of common stock through multiple financial institutions acting as sales agents.

The real estate investment trust entered into a sales agreement with 21 financial institutions including BofA Securities, Citigroup Global Markets, J.P. Morgan Securities, and Morgan Stanley. The program allows the company to sell shares through ordinary broker transactions at market prices or negotiated prices, subject to minimum price requirements.

Digital Realty terminated its previous at-the-market program upon launching the new offering, with approximately $569.9 million remaining unsold under the prior program. The company will pay sales agents a commission not exceeding 2% of the gross sales price per share.

The sales agreement includes provisions for forward sale agreements with various financial institutions. Under these arrangements, forward purchasers may borrow and sell Digital Realty shares to hedge their exposure, though the company will not initially receive proceeds from such borrowed share sales.

Digital Realty expects to physically settle forward sale agreements on dates specified by the company prior to maturity. The company may also elect cash settlement or net share settlement options, though these alternatives may result in no proceeds or obligations to pay cash or deliver shares to forward purchasers.

The offering will terminate when all stock subject to the agreement is sold or the sales agreement is terminated. Sales agents are not required to sell specific amounts but will use reasonable efforts to sell shares as instructed by the company.

Digital Realty's common stock trades on the New York Stock Exchange under the symbol DLR. The stock closed at $200.70 per share on May 1, 2026, according to the company's filing.