Digital Realty Offers $300M in Preferred Stock

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Digital Realty Trust (DLR) will sell 12 million shares of preferred stock in hopes of raising $300 million. Digital Realty will use the funds to pay down its credit facility, giving it more flexibility to pursue acquire new properties and convert its development space into Turn-Key Datacenter space. The company says it is “actively pursuing multiple opportunities for potential acquisitions, with due diligence and negotiations at different stages of advancement.”

The shares of Series D Cumulative Convertible Preferred Stock will be convertible for shares of Digital Realty Trust common stock, which closed Thursday at $35.76. See Globe Street for additional details.

About the Author

Rich Miller is the founder and editor-in-chief of Data Center Knowledge, and has been reporting on the data center sector since 2000. He has tracked the growing impact of high-density computing on the power and cooling of data centers, and the resulting push for improved energy efficiency in these facilities.