8.7% in 2010 is more than in 2009 and there is more in 2011 than 2010. Also the markup on an apples to apples basis is way more than 20%. 20% is the blended same facility growth rate over the last few quarters and its that high because they are marking rents to market sometimes 300% higher than the old rate. With a greater amount of space coming up in each of the next few years they are primed for accelerating growth and that is part of the reason for the premium (a well deserved one). Lets not forget that almost every other REIT is experiencing negative growth and declining occupancy that could go on for a few years, and DLR is growing 20% same facility during the worst economic environment of our lifetime a premium is well deserved.
Like I said before I wouldn't be a buyer here because I don't think there is huge upside at almost $46, but I wouldn't sell all of my shares (maybe some) and I wouldn't short.