Digital Realty Trust, Inc.

Exceptional operating momentum + guidance raise (core FFO) - Q3 delivered 11% YoY core FFO per share growth (reported $2.10), with upside across revenues, adjusted EBITDA, and core FFO. - Full-year 2026 core FFO per share guidance raised by ~2% to $8.30–$8.35 (midpoint implies ~13% growth vs 2025). - Other outlooks reaffirmed/updated: cash renewal spreads guided 10%–12% (raised +100 bps from last quarter) and same-capital cash NOI 5.25%–5.75% (constant currency).

Leasing strength was the key driver: records across colocation/interconnection and hyperscale - Total leasing (bookings) hit $855M ($627M at DLR share), +20% vs prior record, driving backlog sharply higher. - 0–1 MW + interconnection: record bookings $165M ($151.8M at share), +40% QoQ and +80% YoY; a major contributor is AI-lab/agentic & interconnection-driven deployments. - >1 MW (hyperscale) bookings: $689M ($474M at share)—driven by notable renewals/leases and strong pricing; also described as reflecting “new high watermark in pricing” and broad regional demand (APAC record performance).

Backlog and visibility improved materially - Total backlog reached a new record: $2.5B ($1.8B at DLR share), ~+30% sequential increase referenced. - Booked-not-billed backlog ≈ 40% of in-place rental revenue, providing strong contracted visibility through next year and into 2028. - Management links strength to minimal churn (record low churn of 0.7%) and strong renewal spreads (e.g., ~12% cash re-leasing spread in Q3).