Digital Realty management check
DLR · Real Estate · Data Center REITs · CEO A. William Stein
Filings as of
2 good · 3 to watch · 1 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $132, against $138 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.90 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.6% of net income$21.1m of reported pay in fiscal 2025, against $1.3bn of net income.
- n/a
Do they own the stock?
No recent CEO filingLight activity: no buys, $39k sold in six months.
- Flag
Are owners being diluted?
Share count growingDiluted shares changed +6.1% a year over the last three fiscal years.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: A. William Stein, Andrew P. Power. 4 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Real Estate.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 45 | 45 | |
| Pay for performance | 95 | 86 | |
| CEO cost | 33 | 23 | |
| Skin in the game | — | — | 32 |
| Dilution | 0 | 23 | |
| Stable leadership | 60 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Data Center REITs, by management score. Digital Realty is 22nd of 29 in its sector.
- 358KIMKimco Realty57
- 360SBACSBA Communications57
- 383DLRDigital Realty55
- 400ESSEssex Property Trust53
- 413CSGPCoStar Group52
- 457EQIXEquinix44
Pay versus performance
From the proxy statement filed April 17, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | A. William Stein, Andrew P. Power | $21.1m | $21.5m | $4.8m | $132 | $138 | $1.3bn |
| 2024 | A. William Stein, Andrew P. Power | $16.3m | $28.0m | $3.5m | $147 | $134 | $588.3m |
| 2023 | A. William Stein, Andrew P. Power | $12.4m | $22.3m | $3.7m | $108 | $123 | $950.3m |
| 2022 | A. William Stein, Andrew P. Power | $23.7m | −$6.5m | $4.4m | $77 | $108 | $380.3m |
| 2021 | A. William Stein, Andrew P. Power | $17.1m | $30.5m | $6.1m | $131 | $143 | $1.7bn |
The board says pay is tied most to Core FFO. Its other key measures: Core FFO Per Share, Net Income from Operations, Relative TSR.
Insiders and the CEO's stake
Light activity: no buys, $39k sold in six months.
- SoldMark R PattersonDirector$39kAug 27, 2026
Leadership and governance on file
- Dec 15, 2025Leadership change8-K 5.02
- Aug 28, 2025Leadership change8-K 5.02
- Apr 24, 2024Leadership change8-K 5.02
- Dec 8, 2023Leadership change8-K 5.02
- Aug 15, 2023Leadership change8-K 5.02
- Jun 7, 2023Leadership change8-K 5.02
- Jun 5, 2023Leadership change8-K 5.02
- Mar 10, 2023Leadership change8-K 5.02
- Jan 6, 2023Leadership change8-K/A 5.02
- Jan 6, 2023Leadership change8-K 5.02
- Dec 13, 2022Leadership change8-K 5.02
- Sep 8, 2022Leadership change8-K 5.02
Latest shareholder vote results: Jun 1, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $7.7bn returned to owners in buybacks and dividends, 155% of net income, and $0 of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $4.4bn | $4.7bn | $5.5bn | $5.6bn | $6.1bn |
| Net income | $1.7bn | $380.3m | $950.3m | $588.3m | $1.3bn |
| Stock-based pay | — | — | — | — | — |
| Buybacks | — | — | — | — | — |
| Dividends | $1.4bn | $1.5bn | $1.5bn | $1.6bn | $1.7bn |
| Diluted shares | 283m | 298m | 309m | 332m | 348m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.