Data center REITs

Data center Real Estate Investment Trusts (REITs) own, operate, and develop facilities that house servers and IT infrastructure for cloud computing, AI, and digital services. 

The sector is dominated by a few major players, driven by surging demand from AI and hyperscale data needs.  The largest U.S.-listed data center REIT considered large-cap (above $10 billion market cap) is Equinix, leading its peers by a wide margin.

ETF: DTCR  Global X Data Center & Digital Infrastructure ETF; holds ~57% in REITs including EQIX and DLR.

   

by market cap)                        

Company name Mkt Cap▼

1.  EQIX  Equinix Inc.;   $76.3 billion; World's largest data center REIT; operates over 250 facilities globally, serving cloud giants like AWS and Google. Strong growth from AI infrastructure demand, with expected revenue of $8.6 billion in 2025.

2.  DLR  Digital Realty Trust Inc.; $49.8 billion; Second-largest operator with 300+ data centers; focuses on colocation and hyperscale campuses. Forecasts 5.8% FFO growth in 2025 and a 2.9% dividend yield.

3.  FRMI  Fermi America; 10/25 IPO

Additional info

• Sector Overview: The data center REIT market is projected to benefit from $1.2 trillion in global AI infrastructure spending by 2029, with U.S. REITs showing 21.3% year-over-year FFO growth in Q1 2025. These REITs offer stable dividends (often 2-4% yields) due to long-term leases with tech tenants.
• Smaller/Global Peers: International options like Keppel DC REIT (KPDCF, $2-3 billion) exist but are micro-cap relative to the U.S. leaders. American Tower (AMT) has data center exposure via edge facilities but is primarily a cell tower REIT ($100 billion total cap).