Digital Realty Trust, Inc.

Exceptional Q3 operating momentum + raised full-year guidance - Record execution drove upside across revenue, adjusted EBITDA and core FFO; core FFO per share grew 11% YoY (to $2.10 for Q3). - Full-year 2026 core FFO per share guidance raised ~2% to $8.30–$8.35 (midpoint implies ~13% growth vs. 2025). - Management also guided cash renewal spreads of 10–12% (up +100 bps from last quarter), and same-capital cash NOI growth of 5.25–5.75% (constant currency).

Leasing was a standout surprise—broad-based demand and record bookings - Total leasing bookings: $855M ($627M at Digital Realty share)—up ~20% vs prior record and pushed backlog up ~30% sequentially. - Key mix: - 0–1 MW + interconnection: $165M bookings ($151.8M at share), +40% QoQ and +40%+ vs last quarter record; continued “AI inference beyond training” adoption theme. - >1 MW (greater than 1 MW): $689M bookings ($474M at share), supported by pricing strength and hyperscale demand; also tied to recent Northern Virginia activity and APAC record signings. - Backlog reached a new record: $2.5B total / $1.8B at share, giving visibility “through next year and into 2028.”

AI demand thesis is expanding from training to inference + distributed/edge - Management emphasized AI is increasing both capacity demand and the importance of connectivity (distributed architectures, lower latency, more round trips). - Evidence cited: - Interconnection and connected-environment bookings were record-setting (including network architecture deployments across multiple sites). - Inference-related deployments span 15+ markets in the quarter; management expects continued acceleration as agentic AI and sovereign AI spread.