Digital Realty Trust, Inc.

Excellent Q3 operating + financial performance; raised full-year guidance - Core FFO per share grew 11% YoY to $2.10 in Q3; execution also drove upside to revenue, adjusted EBITDA, and core FFO. - Full-year 2026 core FFO per share guidance raised ~2% to $8.30–$8.35 (midpoint implies ~13% growth vs. 2025). - Other guidance: cash renewal spreads expected 10%–12% (up 100 bps from last quarter), and same-capital cash NOI growth 5.25%–5.75% (constant currency). - No dividend/buyback details were provided in this transcript (so nothing to update there).

Record leasing + strong backlog visibility - Total leasing (bookings) hit a record $855M ($627M at DLR share), +20% vs. prior record, and drove a ~30% sequential backlog increase. - Backlog set a new record: $2.5B ($1.8B at share), providing visibility through next year and into 2028; booked-not-billed backlog is ~40% of in-place rental revenue. - Category highlights: - 0–1MW + interconnection: $165M bookings ($151.8M at share), +40% QoQ and record results; interconnection bookings also set a new record ($23.9M total / $22.2M at share, ~+8% vs prior record). - >1MW (hyperscale): $689M bookings ($474M at share), record; driven by Northern Virginia and strong APAC activity (Seoul/Chennai/Sydney mentioned) with pricing strength.

AI-driven demand breadth is expanding beyond training to inference + edge - Management emphasized AI as a demand catalyst beyond large-scale training, moving into: - enterprise inference, sovereign AI, and distributed/edge use cases, - agentic AI (early uptake) and inference locations needing proximity + latency. - Evidence cited: - Inference-related deployments span >15 markets in the quarter. - Operational readiness: liquid cooling in “north of 25 locations” for AI use cases (and backlog/customers in the category implied to “double” customer/location counts, approaching ~1 GW of operational expertise).