RESEARCH DOCUMENT NOTICE

Status: Working research compilation, December 2025

Purpose: This document compiles primary source research on Digital Realty Trust’s California data center portfolio and debt covenant structure. It is published to enable verification, provide source documentation for journalists and analysts, and facilitate further investigation by parties with appropriate resources.

Nature of Content: This represents research documentation, not a formal publication or final analytical position. Language and framing may be more direct than the associated published article. All factual claims are attributed to cited sources. Pattern observations and analytical commentary represent the author’s assessment of publicly available information.

Not Legal, Financial, or Investment Advice: This research is not legal advice, investment advice, financial guidance, or a recommendation regarding any securities. It makes no allegations of fraud, misconduct, or wrongdoing. Readers should consult qualified professionals before making any decisions based on this information.

Verification Required: All source citations should be independently verified. The author makes no representations about completeness or accuracy beyond what is documented in cited sources. This research may contain errors or omissions.

Disclaimer of Warranties: This research is provided “as is” without warranty of any kind. The author disclaims all liability for any actions taken based on this information.

DIGITAL REALTY CALIFORNIA FACILITIES: PATTERN ANALYSIS

Systematic Power Constraint Exposure and Classification Risk

Analysis:

Geographic Scope: California (Santa Clara, Los Angeles)

Finding: NOT ISOLATED — Systematic pattern of power-constrained assets with material financial implications

Related Article: When Infrastructure Can’t Keep Pace: Financial Analysis of Digital Realty Trust’s California Data Center Portfolio and Covenant Implications

SUPPLEMENTARY ANALYSIS MATERIALS

Financial Covenant Model (Interactive Spreadsheet):

These materials contain the quantitative covenant breach analysis referenced in Part 4.5 of this document. The spreadsheet models four scenarios (baseline, conservative, moderate, severe) showing how asset reclassifications affect DLR’s covenant compliance. All calculations derive from Q3 2025 10-Q disclosures.

Usage: Spreadsheet enables verification of covenant calculations and independent scenario modeling. JSON format facilitates data journalism and automated analysis.

Corrections: Any corrections can be sent to the email address below.

EXECUTIVE SUMMARY

Digital Realty’s California portfolio reveals a systematic pattern of facilities facing power delivery constraints. This appears to not be an isolated incident at SJC37, but rather a portfolio-wide exposure to California’s grid capacity limitations.

Pattern Severity:

Apparent Stranded Capital:

*Building occupancy status based on Bloomberg, Fortune, and Mercury News reporting (November 2025). The verified facts are: (1) building permit shows completion August 2024, (2) Silicon Valley Power states no power until 2028+. Whether building is physically unoccupied or has limited occupancy without full power has not been independently verified.

At-Risk Operations:

Financial Mechanism: The pattern creates a classification trap: facilities must be classified as either “operating” (inflates occupancy, risks accuracy) or “development” (protects occupancy, but creates covenant vulnerability when marked down to reality).

PART 1: FACILITY PATTERN DOCUMENTATION

Confirmed California Facilities (4 Total)

Facility Location Size Status Power Status Pattern Type
SJC37 Santa Clara 430k sqft Empty shell NO POWER until 2028+ STRANDED
SJC10 Santa Clara Operating Operational Powered CONTROL (normal)
LAC10 Downtown LA 490k sqft Operational Currently powered CONSTRAINED (2029 risk)
LAX12 El Segundo Operating Operational Currently powered CONSTRAINED (2029 risk)

Pattern Classification:

PART 2: GEOGRAPHIC CONSTRAINT MAPPING

Santa Clara Municipal Utility (Silicon Valley Power)

Structural Constraint:

DLR Exposure in Santa Clara:

Official Statement (SVP Chief Electric Utility Officer, November 2024):

“We’re getting close to reaching our system operating limit. [We] currently aren’t able to deliver power to every data center that wants to come to the city.”

Timeline:

Los Angeles Department of Water and Power

Structural Constraint:

DLR Exposure in Los Angeles:

NREL Analysis (official LADWP study):

“Scattergood has been identified as the most immediate and instrumental location in relation to the requirement for firm (i.e., dependable) in-basin generation capacity due to the projected demand for energy in areas of the City that Scattergood serves.”

Key Risk: During 2029 transition, LADWP will have constrained generation capacity in western LA exactly where LAC10 operates.

PART 3: THE PATTERN — NOT ISOLATED

Pattern Element 1: Geographic Concentration in Constrained Markets

Observation: DLR has concentrated California capital in the two California markets with documented, structural grid constraints:

Why This Matters: These are not random power delays. These are structural, multi-year grid capacity failures affecting DLR’s specific facilities.

Pattern Element 2: Construction Ahead of Power Availability

SJC37 Timeline:

Observation: DLR built a 430,000 sq ft, 4-story shell with no contractual power delivery commitment from the utility. This represents either:

  1. Speculative construction without utility coordination
  2. Construction despite known utility constraints
  3. Belief that power would be delivered faster than utility stated

DLR Spokesman Statement (Jordan Sadler, November 2025):

“Sometimes we’re a little early. But we’re typically not late.”

Analysis: This statement acknowledges DLR’s pattern of building facilities before power infrastructure is ready. The question is whether “a little early” means:

Pattern Element 3: Classification Ambiguity

The Trap: A facility like SJC37 can be classified in three ways:

Option A: “Operating Facility”

Option B: “Development in Progress”

Option C: “Land Held for Development”

Current DLR Practice (Q3 2025 10-Q):

The Classification Pattern: DLR classifies power-constrained facilities as “development” to avoid occupancy impact, but this creates covenant vulnerability when reality is recognized.

Pattern Element 4: Disclosure Opacity

What DLR Disclosed:

What DLR Did NOT Disclose:

Peer Comparison: When Equinix or other REITs face power constraints, they typically disclose:

Pattern Element 5: Capital Allocation in Known-Constrained Markets

The Question: Why did DLR invest $160-336M+ to build SJC37 in Santa Clara when Silicon Valley Power was publicly stating grid capacity constraints?

Timeline Evidence:

Possible Explanations:

  1. Speculative development: Bet that power would arrive sooner
  2. Market positioning: Build now, solve power later
  3. Asset inflation: Construction spending increases book value
  4. Classification management: Move capital to “development” category

Financial Logic Test:

Conclusion: This allocation only makes financial sense if DLR either:

PART 4: SYSTEMATIC RISK QUANTIFICATION

Exposure Calculation

Confirmed Stranded:

At-Risk Operating:

Total “Development in Progress”:

Covenant Math (Q3 2025 10-Q, Note 8, Page 31): Current position:

If SJC37 impaired:

If 25% of “development” is power-stranded:

Cross-Default Cascade (If Impairment Recognized)

Stage 1: Impairment Announcement

Stage 2: Covenant Breach

Stage 3: Cross-Default

Stage 4: Bondholder Acceleration

PART 4.5: QUANTITATIVE COVENANT BREACH ANALYSIS

Independent financial modeling of DLR’s covenant structure validates the qualitative pattern analysis above. Using data from the Q3 2025 10-Q, quantitative scenario modeling demonstrates that power-constrained facility reclassification creates mathematically certain covenant breach at specific dollar thresholds.

Current Position: Minimal Cushion

Covenant Requirements (Q3 10-Q, Note 8, Page 31):

Actual Position (Q3 10-Q):

Breach Threshold: $300M

Any reduction in unencumbered assets exceeding $300M triggers immediate covenant breach. Given SJC37’s estimated carrying value of $336M, impairment or reclassification of this single facility eliminates all covenant cushion.

Scenario Modeling: Four Outcomes

Modeling Assumptions:

Scenario Results:

Reclassification Unencumbered Assets Coverage Ratio Required Shortfall Status
Baseline (Current) $26.4B 1.517x $26.1B +$300M PASS
$500M (Conservative) $25.9B 1.489x $26.1B -$200M BREACH
$1.0B (Moderate) $25.4B 1.460x $26.1B -$700M BREACH
$2.0B (Severe) $24.4B 1.402x $26.1B -$1,700M BREACH

Critical Finding: Conservative Scenario IS Breach Scenario

The conservative scenario—reclassifying a single major campus like SJC37 plus adjacent properties—results in immediate covenant breach with a $200M shortfall.

Why $500M is Conservative:

Implication: This is not a worst-case scenario. This is the minimum realistic scenario given documented power constraints.

Cross-Default Cascade: $18.2B at Risk

Immediate Consequences of Breach:

Stage 1: Bond Covenant Breach

Stage 2: Cross-Default Triggered

Stage 3: Bondholder Acceleration

Cure Requirements:

Covenant Hierarchy: Unencumbered Assets are Binding Constraint

Leverage Covenants Have Headroom:

But Unencumbered Asset Covenant is Critical:

Implication: The problem is not excessive debt—it’s insufficient qualifying assets. Paying down debt doesn’t solve the problem if facilities can’t generate revenue due to power constraints. The company cannot grow its way out of the constraint because power-constrained facilities cannot be included in the unencumbered asset pool.

Mathematical Certainty vs. Qualitative Assessment

What the Qualitative Analysis Shows:

What the Quantitative Model Proves:

Sensitivity Analysis: Threshold Precision

How much reclassification triggers breach?

Given SJC37’s $336M carrying value:

If 25% of “development” portfolio is power-stranded:

Key Conclusions from Quantitative Analysis

  1. Breach Threshold is Precise: $300M, not a range or estimate

  2. Conservative Scenario Breaches: Single facility reclassification ($500M) triggers immediate breach

  3. Current Facility Exceeds Threshold: SJC37 at $336M already exceeds $300M threshold

  4. Cross-Default Amplifies Risk: $1.6B immediate repayment requirement, $18.2B total debt at risk

  5. Constraint is Structural: Leverage covenants have headroom; unencumbered assets are the binding constraint

  6. Cure is Challenging: Must raise capital or sell assets while in technical default, likely in distressed market conditions

Verification: All calculations derived from Q3 2025 10-Q filed October 31, 2025. Scenario modeling available in supplementary covenant analysis spreadsheet.

PART 5: THE CONSTRAINTS SPEAK FOR THEMSELVES

Physical Constraints (Immutable)

Silicon Valley Power:

LADWP Scattergood:

Temporal Constraints (Immutable)

SJC37:

Financial Constraints (Binding)

Covenant Mechanics:

Impairment Trigger:

Disclosure Constraints (Systematic)

What Cannot Be Disclosed Without Triggering Questions:

  1. SJC37 specific carrying value → Reveals magnitude of stranded capital
  2. Exact power delivery dates → Reveals impairment timeline
  3. Leasing status → Reveals 100% vacancy
  4. Classification methodology → Reveals occupancy management
  5. Credit facility covenants → Reveals proximity to breach

DLR’s Response:

PART 6: WHAT THE OUTCOMES REVEAL

Outcome 1: Geographic Pattern = Strategic Choice

Observation: DLR has facilities in many markets. The fact that California facilities specifically face power constraints (Santa Clara, LA) while facilities in other markets do not suggests:

What This Reveals: This is not bad luck. This is a strategic decision to build in power-constrained markets, likely because:

Outcome 2: Timeline Pattern = Classification Management

Observation:

What This Reveals: An 8-year development timeline for a data center shell is extraordinary. Typical data center development:

SJC37 Timeline:

Implication: The extended timeline allows DLR to classify facility as “development in progress” for most of the period, avoiding:

Outcome 3: Disclosure Pattern = Constraint Awareness

What DLR Chose to Disclose:

What DLR Chose NOT to Disclose:

What This Reveals: DLR is selectively disclosing information that maintains appearance of normalcy while withholding information that would reveal:

Outcome 4: Capital Allocation Pattern = Valuation Management

Observation: DLR invested $160-336M+ in SJC37 despite:

What This Reveals: The economic logic only works if DLR benefits from:

Financial Engineering:

The Strategy: Build facilities that increase book assets (improving ratios) while classifying them as “development” (avoiding occupancy impact), even if they cannot generate revenue for years.

PART 7: LOGICAL GAPS REQUIRING FURTHER RESEARCH

Gap 1: Total Power-Constrained Exposure

What We Know:

What We DON’T Know:

Research Needed:

Gap 2: LAC10 Expansion Capacity Claims

What We Know:

What We DON’T Know:

Research Needed:

Gap 3: Classification Methodology

What We Know:

What We DON’T Know:

Research Needed:

Gap 4: Credit Facility Covenant Thresholds

What We Know:

What We DON’T Know:

Research Needed:

Gap 5: Impairment Testing Triggers

What We Know:

What We DON’T Know:

Research Needed:

PART 8: FINAL ANALYSIS — THE PATTERN IS CLEAR

This Is NOT Isolated

Evidence:

  1. Geographic concentration: 75% of California facilities (3 of 4) have power constraints
  2. Timeline pattern: SJC37 represents multi-year capital lock-up
  3. Classification pattern: Power-constrained facilities systematically treated as “development”
  4. Disclosure pattern: Systematic non-disclosure of facility-specific status
  5. Capital allocation pattern: Continued investment in constrained markets despite known issues

This IS Systematic

Systematic Element 1: Market Selection DLR has chosen to invest heavily in California markets with documented grid constraints:

Systematic Element 2: Development Strategy DLR builds facilities ahead of power delivery commitments, creating extended “development” classification periods that:

Systematic Element 3: Disclosure Management DLR selectively withholds information that would reveal:

The Constraints Determine the Outcomes

Physical Constraint: Grid Capacity

Temporal Constraint: Multi-Year Delays

Financial Constraint: Covenant Proximity

Disclosure Constraint: Classification Revelation

What Must Happen Next

Accounting Reality: When a facility is complete but cannot operate for 4+ years due to power constraints, ASC 360 impairment testing is required. The question is not IF but WHEN.

Classification Reckoning: As power delivery timelines slip further (2028 → 2029 → 2030), facilities must either:

Covenant Math: With $300M margin and $336M+ of potential impairment at a single facility, the covenant structure allows ZERO room for error. Any recognition of economic reality triggers the cross-default cascade.

CONCLUSION

Digital Realty’s California portfolio demonstrates a systematic pattern of power-constrained facility development with material financial implications:

The Pattern:

The Scale:

The Outcome: DLR has constructed a portfolio where:

The Endgame: When economic reality is recognized through impairment, the covenant structure collapses. The pattern is systematic, the constraints are binding, and the outcomes are deterministic.

This is not an isolated facility issue. This is a portfolio-wide classification and valuation issue with covenant breach implications.

APPENDICES

Appendix A: Facility Detail Matrix

Facility Address Completion Power Status Carrying Value (Est) Years Stranded Pattern Type Source
SJC37 641 Walsh Ave, Santa Clara Aug 2024 0 MW / 48 MW (0%) $160-336M 6+ years STRANDED Bloomberg
LAC10 600 W 7th St, Los Angeles Operational 27 MW / 27 MW (100%) Part of $20.5B operating N/A CONSTRAINED (2029) LADWP
LAX12 2260 E El Segundo Blvd Operational Unknown / Unknown Part of $20.5B operating N/A CONSTRAINED (2029) LADWP
SJC10 1100 Space Park Dr, Santa Clara Operational Powered Part of $20.5B operating N/A NORMAL (control) DLR

Appendix B: Timeline Comparison

Metric Normal Data Center SJC37 Actual Sources
Planning + Permitting 6-12 months 12 months (2019) Santa Clara Permits
Construction 12-24 months 48+ months (2020-2024) Santa Clara Permits
Power Interconnection 6-12 months 48+ months (2024-2028+) Mercury News
Total Development Time 24-48 months 108+ months (9+ years) Multiple sources

Appendix C: Geographic Constraint Matrix

Market Utility Constraint Type Timeline DLR Exposure Source
Santa Clara Silicon Valley Power Grid capacity ceiling 2028+ upgrade SJC37 (stranded), SJC10 (operating) SVP Statement
Western LA LADWP Generator transition 2029 Scattergood LAC10 (constrained), LAX12 (constrained) LADWP Project

Appendix D: Financial Exposure Calculation

CONFIRMED STRANDED:
SJC37 carrying value (estimated):           $160-336M
Years without revenue:                      6+ years
Lost revenue opportunity (10% annual):      $96-201M
Total economic cost:                        $256-537M

COVENANT IMPACT:
Current unencumbered asset margin:          $300M
Single facility impairment required:        $336M (if at high end)
Breach magnitude if impaired:               -$36M (-0.1%)

PORTFOLIO-WIDE RISK:
Total development in progress:              $5.4B
If 25% is power-stranded:                   $1.35B
Covenant breach magnitude:                  -$1.05B (-4.0%)
Cross-default triggered:                    $18.2B total debt

Sources:

Key Source Categories:

Verification Resources:

CITATIONS

TABLE OF CONTENTS

  1. Primary News Sources - SJC37 Santa Clara Facility
  2. SEC Filings - Digital Realty Trust
  3. Government and Regulatory Sources - California Utilities
  4. Government and Regulatory Sources - LADWP Scattergood Project
  5. News Sources - Los Angeles Power Infrastructure
  6. Technical and Industry Publications
  7. Digital Realty Official Sources
  8. Data Center Industry Databases and Directories
  9. Santa Clara Municipal Sources
  10. Reference and Background Sources
  11. Legal and Policy Analysis

1. PRIMARY NEWS SOURCES - SJC37 SANTA CLARA FACILITY

Bloomberg (Primary Source)

Article: “Data centers in Nvidia’s hometown stand empty awaiting power”
Date: November 10, 2025
URL: https://www.bloomberg.com/news/articles/2025-11-10/data-centers-in-nvidia-s-hometown-stand-empty-awaiting-power
Key Coverage: SJC37 facility status, 430,000 sq ft empty, 48 MW capacity, DLR declined to disclose leasing status

Fortune

Article: “Data centers in Nvidia’s hometown stand empty awaiting power”
Date: November 10, 2025
URL: https://fortune.com/2025/11/10/nvidia-hometown-santa-clara-california-data-centers-empty-power-grid/
Key Coverage: DLR spokesman Jordan Sadler quotes, Crystal Delany statements, power timeline to 2028

Mercury News (San Jose)

Article: “Data centers in Santa Clara stand empty as they await power”
Date: November 11, 2025
URL: https://www.mercurynews.com/2025/11/10/santa-clara-nvidia-data-centers-awaiting-power/
Key Coverage: Silicon Valley Power grid constraints, data center wait times

San Francisco Chronicle

Article: “AI data center Bay Area” (exact title from URL)
Date: December 18, 2025
URL: https://www.sfchronicle.com/tech/article/ai-data-center-bay-area-21246492.php
Key Coverage: Bay Area data center power constraints

Silicon Valley News

Article: “Santa Clara, Nvidia data centers awaiting power”
Date: November 10, 2025
URL: https://www.siliconvalley.com/2025/11/10/santa-clara-nvidia-data-centers-awaiting-power/

The Real Deal (San Francisco)

Article: “Santa Clara data centers await power supply”
Date: November 10, 2025
URL: https://therealdeal.com/san-francisco/2025/11/10/santa-clara-data-centers-await-power-supply/

Santa Clara News (Local)

Article: “Santa Clara City Council Questions Silicon Valley Power’s Ability to Deliver Energy to Data Centers”
Date: November 19, 2025
URL: https://santaclaranews.org/2025/11/19/santa-clara-city-council-questions-silicon-valley-powers-ability-to-deliver-energy-to-data-centers/
Key Coverage: City Council meeting, SVP capacity concerns, Manuel Pineda statements

2. SEC FILINGS - DIGITAL REALTY TRUST

Q3 2025 Form 10-Q

Company: Digital Realty Trust, Inc.
CIK: 0001297996
Filing Date: October 31, 2025
Accession Number: 0001558370-25-018901
Direct URL: https://www.sec.gov/cgi-bin/viewer?action=view&cik=1297996&accession_number=0001558370-25-018901&xbrl_type=v
Key Sections:

2024 Form 10-K

Company: Digital Realty Trust, Inc.
Filing Date: February 24, 2025
Accession Number: 0001558370-25-001424
Direct URL: Available via SEC EDGAR
Key Coverage: Annual financial statements, property schedules

Form 8-K - Credit Agreement Amendment

Filing Date: September 30, 2024
Event Date: September 24, 2024
Accession Number: 0001193125-24-228400
Direct URL: https://www.sec.gov/ix?doc=/Archives/edgar/data/1297996/000119312524228400/d852831d8k.htm
Key Sections:

SEC EDGAR Company Search

Company Page: Digital Realty Trust, Inc.
CIK: 0001297996
URL: https://www.sec.gov/edgar/browse/?CIK=1297996
Use: Access all DLR SEC filings

3. GOVERNMENT AND REGULATORY SOURCES - CALIFORNIA UTILITIES

Silicon Valley Power (SVP) - Santa Clara Municipal Utility

Official Website: https://www.siliconvalleypower.com/
Phone: (408) 244-7283
Key Information: Municipal utility serving Santa Clara, data center power provider

Silicon Valley Voice (Official City Coverage)

Article: “Data Centers — Santa Clara’s Third Largest General Fund Revenue Generator”
Date: September 16, 2025
URL: https://www.svvoice.com/data-centers-santa-claras-third-largest-general-fund-revenue-generator/
Key Data:

Silicon Valley Magazine

Article: “Why are there so many data centers in Santa Clara?”
Date: January 12, 2025
URL: https://www.siliconvalley.com/2025/01/12/why-are-there-so-many-data-centers-in-santa-clara/

California Public Utilities Commission (CPUC)

Resolution E-5420
Date: October 30, 2025
Subject: Cost allocation for large-load interconnections
Official Portal: https://www.cpuc.ca.gov/rule21/

CPUC - Downey Brand Legal Analysis

Article: “CPUC stretches out reimbursement period for data center energization costs”
Date: November 21, 2025
URL: https://www.downeybrand.com/legal-alerts/california-public-utilities-commission-stretches-out-the-reimbursement-period-for-data-centers-energization-costs-to-reduce-ratepayer-risk/
Key Coverage: New interconnection cost allocation rules

Public Advocates Office - CPUC

Article: “How Will Data Center Growth Impact California Ratepayers?”
Date: October 27, 2025
URL: https://www.publicadvocates.cpuc.ca.gov/press-room/commentary/251027-how-will-data-center-growth-impact-california-ratepayers

California Energy Commission

E-Filing System: https://efiling.energy.ca.gov/
Use: Access to California energy infrastructure filings

4. GOVERNMENT AND REGULATORY SOURCES - LADWP SCATTERGOOD PROJECT

LADWP Official Project Page

Project: Scattergood Generating Station Units 1 and 2 Green Hydrogen-Ready Modernization Project
URL: https://www.ladwp.com/community/construction-projects/west-la/scattergood-generating-station-units-1-and-2-green-hydrogen-ready-modernization-project
Key Information:

NREL Scattergood Alternatives Study

Title: Scattergood Modernization Alternative Study Final
Date: March 2025 (document dated)
URL: https://www.ladwp.com/sites/default/files/2025-03/Scattergood Moderniazation Alternative Study Final.pdf
Key Findings:

Scattergood Initial Study/EIR

Document: Initial Study and Environmental Impact Report
Date: October 2023
URL: https://www.ladwp.com/sites/default/files/2023-10/Scattergood Modernization Project - IS.pdf

LADWP Power System Overview

Page: Who We Are - Power System
URL: https://www.ladwp.com/who-we-are/power-system
Coverage: LADWP generation and distribution infrastructure

LADWP News - EIR Approval

Article: “Scattergood Generating Station Modernization Project EIR Approved by Los Angeles Board of Water and Power Commissioners”
Date: October 28, 2025 (approximate)
URL: https://www.ladwpnews.com/scattergood-generating-station-modernization-project-eir-approved-by-los-angeles-board-of-water-and-power-commissioners/

LADWP News - Demand Response

Article: “Board of Water and Power Commissioners Approves Expansion of Demand Response Programs to Deliver 340 MW of Grid Load Flexibility”
URL: https://www.ladwpnews.com/board-of-water-and-power-commissioners-approves-expansion-of-demand-response-programs-to-deliver-340-mw-of-grid-load-flexibility/

LADWP News - CoreSite Partnership

Article: “LADWP and CoreSite Announce Major Energy Savings”
URL: https://www.ladwpnews.com/ladwp-and-coresite-announce-major-energy-savings/
Note: CoreSite is a data center REIT (acquired by American Tower 2021)

LADWP Wikipedia Reference

URL: https://en.wikipedia.org/wiki/Los_Angeles_Department_of_Water_and_Power
Use: Background on LADWP structure and history

LADWP DOE Filing

Document: Los Angeles Department of Water and Power (DOE submission)
URL: https://netl.doe.gov/sites/default/files/2024-02/Los Angeles Department of Water and Power.pdf

5. NEWS SOURCES - LOS ANGELES POWER INFRASTRUCTURE

CalMatters

Article: “Scattergood hydrogen crossroads LADWP”
Date: October 28, 2025
URL: https://calmatters.org/environment/2025/10/scattergood-hydrogen-crossroads-ladwp/
Key Coverage: Federal funding withdrawal, hydrogen technology controversy

WebProNews

Article: “LADWP’s Hydrogen Gamble: Remaking LA’s Power Grid”
Date: November 4, 2025
URL: https://www.webpronews.com/ladwps-hydrogen-gamble-remaking-las-power-grid/

Hydrogen Central

Article: “In Controversial Move, LADWP Says It Will Shift Its Largest Gas Power Plant to Hydrogen”
Date: November 4, 2025
URL: https://hydrogen-central.com/in-controversial-move-ladwp-says-it-will-shift-its-largest-gas-power-plant-to-hydrogen/

Gas to Power Journal

Topic Page: LADWP coverage
URL: https://www.gastopowerjournal.com/itemlist/tag/LADWP

Power Engineering

Article: “Los Angeles Officially Exits Coal”
Date: December 2025
URL: https://www.power-eng.com/coal/los-angeles-officially-exits-coal/

6. TECHNICAL AND INDUSTRY PUBLICATIONS

Tom’s Hardware

Article: “Silicon Valley data centers totalling nearly 100MW could ‘sit empty for years’ due to lack of power”
Date: November 10, 2025
URL: https://www.tomshardware.com/tech-industry/data-centers-in-nvidias-hometown-sit-idle-as-grid-struggles-to-keep-up
Key Coverage: 100 MW combined capacity idle (DLR SJC37 + Stack Infrastructure)

Data Center Dynamics (DCD)

Article: “Silicon Valley data centers stand empty awaiting power connections, report”
Date: November 11, 2025
URL: https://www.datacenterdynamics.com/en/news/silicon-valley-data-centers-stand-empty-awaiting-power-connections-report/

Article: “Digital Realty files to build 13-story data center in Los Angeles, California”
URL: https://www.datacenterdynamics.com/en/news/digital-realty-files-to-build-13-story-data-center-in-los-angeles-california/
Note: LAC10 expansion context

Digitimes

Article: “Data center capacity electricity California”
Date: November 19, 2025
URL: https://www.digitimes.com/news/a20251119PD201/data-center-capacity-electricity-california.html

Energy Connects

Article: “Data centers in Nvidia’s hometown stand empty awaiting power”
Date: November 10, 2025
URL: https://www.energyconnects.com/news/utilities/2025/november/data-centers-in-nvidia-s-hometown-stand-empty-awaiting-power/

Hackr.io Blog

Article: “Silicon Valley Data Centers Power Grid Capacity”
Date: November 10, 2025
URL: https://hackr.io/blog/silicon-valley-data-centers-power-grid-capacity

Dgtl Infra

Article: “Carrier Hotels Data Center”
URL: https://dgtlinfra.com/carrier-hotels-data-center/
Use: Background on carrier hotel facilities like LAC10

7. DIGITAL REALTY OFFICIAL SOURCES

DLR Corporate Investor Relations

Main Page: https://www.digitalrealty.com/investors
Phone: (415) 738-6500
Email: [email protected]

DLR Facility Pages - Silicon Valley

SJC37 - Santa Clara (641 Walsh Ave)
Marketing Page: https://www.digitalrealty.com/data-centers/americas/silicon-valley/sjc37
Key Claims: 48 MW critical IT load capacity

SJC10 - Santa Clara (1100 Space Park Drive)
Marketing Page: https://www.digitalrealty.com/data-centers/americas/silicon-valley/sjc10

DLR Facility Pages - Los Angeles

LAC10/LAX10 - Downtown Los Angeles (600 West 7th Street)
Marketing Page: https://www.digitalrealty.com/data-centers/americas/los-angeles/lax10
Note: Listed as both LAC10 and LAX10 in various sources

LAX12 - El Segundo (2260 E El Segundo Blvd)
Marketing Page: https://www.digitalrealty.com/data-centers/americas/los-angeles/lax12

8. DATA CENTER INDUSTRY DATABASES AND DIRECTORIES

DataCenters.com

DLR SJC37 Listing
URL: https://www.datacenters.com/digital-realty-silicon-valley-sjc37
Capacity Listed: 100 MW (note: conflicts with DLR’s 48 MW claim)

DLR SJC10 Listing
URL: https://www.datacenters.com/digital-realty-silicon-valley-sjc10

DLR LAC10/LAX10 Listing
URL: https://www.datacenters.com/digital-realty-los-angeles-lax10

DLR LAX12 Listing
URL: https://www.datacenters.com/digital-realty-lax12-los-angeles-2260-e-el-segundo-blvd

DataCenterHawk

LAC10 Profile
URL: https://datacenterhawk.com/marketplace/providers/digital-realty/600-west-7th-street/lax10

LAX12 Profile
URL: https://datacenterhawk.com/marketplace/providers/digital-realty/2260-e-el-segundo-boulevard/lax12

SJC10 Profile
URL: https://datacenterhawk.com/marketplace/providers/digital-realty/1100-space-park-drive/sjc10

DataCenterMap

Santa Clara Market Overview
URL: https://www.datacentermap.com/usa/california/santa-clara/

SJC10 Facility Map
URL: https://www.datacentermap.com/usa/california/santa-clara/1100-space-park-drive/

Inflect (formerly RagingWire tracking)

SJC10 Building Profile
URL: https://inflect.com/building/1100-space-park-drive-santa-clara/digital-realty/datacenter/scl1

9. SANTA CLARA MUNICIPAL SOURCES

Santa Clara Building Permit Portal

Search URL: https://aca-prod.accela.com/SANTACLARA/Cap/GlobalSearchResults.aspx?isNewQuery=yes&QueryText=641 Walsh Ave
Key Permit: BLD2019-57176 (December 30, 2019)
Use: Verify construction timeline and completion status

Santa Clara Public Records Request Portal

URL: https://santaclara.nextrequest.com/
Use: Request power consumption data, service agreements

Santa Clara City Contact

Building Department
Phone: (408) 615-2460

10. REFERENCE AND BACKGROUND SOURCES

Southern California Edison (SCE)

Grid Modernization Overview
URL: https://www.edison.com/innovation/grid-modernization-at-southern-california-edison

2024 Grid Modernization Progress Report
URL: https://gridworks.org/wp-content/uploads/2024/04/SCE-2024-Grid-Modernization-Progress-Report.pdf

Grid Interconnections
URL: https://www.sce.com/residential/generating-your-own-power/Grid-Interconnections

Data Center Services
URL: https://www.sce.com/business/save-costs-energy/savings-by-business-type/data-centers

Utility Dive Article on SCE
Title: “Southern California Edison substantial investments grid resiliency reliability wildfire prevention”
Date: July 31, 2023
URL: https://www.utilitydive.com/news/southern-california-edison-substantial-investments-grid-resiliency-reliability-wildfire-prevention/689385/

Arcadis (Engineering Firm)

Project: Southern California Edison Grid Hardening
URL: https://www.arcadis.com/en-us/projects/north-america/united-states/southern-california-edison

Edison Rebate Case Study

Article: “El Segundo Data Center Receives $1 Million Check for Energy Efficiency Upgrades”
URL: https://newsroom.edison.com/stories/el-segundo-data-center-receives-1-million-check-for-energy-efficiency-upgrades

LADWP Programs

CES2G Program (Energy Storage)
URL: https://www.ladwp.com/commercial-services/programs-and-rebates-commercial/energy-storage/ces2g

11. LEGAL AND POLICY ANALYSIS

CPUC Rule 21 (Interconnection)

Official Rule Page: https://www.cpuc.ca.gov/rule21/
Subject: Generating facility interconnection requirements

APPENDIX A: KEY PERSONNEL QUOTED

Digital Realty Trust

Silicon Valley Power

APPENDIX B: COMPARATIVE REIT DATA (HISTORICAL)

Note on Peer Company Data

The following REITs were acquired 2021-2022 and ceased public filings:

QTS Realty Trust

CyrusOne

CoreSite Realty

Equinix (EQIX)

— Free to share, translate, use with attribution: D.T. Frankly (dtfrankly.com)

§