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The Digital Realty ($DLR) purchase of legacy data centers announced last night is interesting for three reasons: First, at the disclosed 6.5% cap rate, the deal values $DLR’s equity at below $100! https://t.co/PxD24uVDx9 (2) Next, the fact that $DLR paid mostly in stock and $BX then immediately registered and sold that same stock tells you what both parties think about its valuation. (3) Finally, keep in mind that $BX just raised a fund to BUY data centers, not sell them. So why sell these?