Digital Realty Trust to repay revolvers via stock sales proceeds

By Marisa Wong

Los Angeles, June 5 – Digital Realty Trust, Inc. intends to repay outstanding borrowings under its global revolving credit facilities using proceeds from sales of common stock and the physical settlement of forward equity sale agreements, according to an 8-K filing with the Securities and Exchange Commission.

The company sold a total of 7,820,778 shares of its common stock at a weighted average price of $95.96 per share through its ATM program during the second quarter of 2023 for gross proceeds of about $750 million, according to the 8-K filing.

In addition, during that period the company entered into forward equity sale agreements with a financial institution acting as a forward purchaser under its ATM program with respect to 3,454,148 shares of common stock at an initial forward sale price of roughly $97.68 per share. The company did not initially receive any proceeds from the sale of shares by the forward purchaser.

Remaining funds from the stock sales and settlement of the forward equity sale agreements will be used for general corporate purposes.

Digital Realty is an Austin, Tex.-based real estate investment trust that invests in data centers.

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