Digital Realty Offers $300M in Preferred Stock

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.

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About the Author

Rich Miller is the founder and editor at large 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.