Digital Realty Trust Inc

Results beat + guidance raised (core growth continues): - Q2 2026 core FFO per share (ex–net promote income) was $2.13, up 14% YoY and above expectations; including net promote income, core FFO was $2.65. - Management raised full-year 2026 core FFO guidance (ex–net promote) by $0.15 at the low end / $0.10 at the high end to $8.15–$8.20 per share, implying ~10% constant-currency growth at midpoint. - Outlook for rental economics: expects cash renewal spreads of 9%–11% (up +250 bps vs last quarter), and same-capital cash NOI growth of 4.25%–5.25% (constant currency).

Leasing / demand strength is the key driver (especially interconnection + renewals): - Bookings record: $108M bookings in 0–1 MW plus interconnection (new record; third consecutive quarterly record), exceeding the $100M mark; also +11% vs prior quarter record. - Interconnection bookings were $20.5M (+18% YoY). - Renewal spreads were exceptional: 25%+ renewal spreads (record), with limited churn and strong repricing in constrained markets (notably APAC / Singapore). - Subsequent to quarter end: signed 2 hyperscale leases for ~$410M annualized GAAP base rent (100% share) or $205M at Digital Realty’s share.

Backlog and development pipeline expand visibility (multi-year growth runway): - Total backlog reached a new record $1.9B at quarter-end (100% share), and $1.4B at DLR share—~30% of in-place data center rent. - Commencements strong: $208M annualized rent commenced in Q2 (third strongest on record). - Future commencements: $635M annualized rent in H2 2026 (45% in Q3, 55% in Q4), plus $480M in 2027, and $312M already slated for 2028+. - Development pipeline: expanded to 1.4 GW under construction (total cost $20B), ~63% pre-leased and ~11.5% expected stabilized yield; 80%+ located in the Americas.