Question-and-Answer SessionOkay. And we will get started. So Matt, Digital Realty reported strong fourth quarter and full year results in February. There was a record 0 to 1 megawatt bookings and a near-record backlog. I guess as you think about the past year and the year ahead, what would you identify as the one or two main drivers behind recent results? And what are your key priorities for 2026?Matt MercierChief Financial Officer Yes. I mean -- so first, yes, so thanks for the setup. I mean we came into ' ...

Summary of Digital Realty Trust (NYSE: DLR) 2026 Conference Call Company Overview - **Company**: Digital Realty Trust (DLR) - **Industry**: Data Center and Digital Infrastructure Key Points and Arguments Financial Performance - Digital Realty reported strong fourth quarter and full-year results in February, with record bookings in the 0 to 1 megawatt segment and a near-record backlog [3][4] - The company achieved nearly 300 basis points above its initial guidance of over 5% Core FFO growth for 2025, setting a target of approximately 8% growth for 2026 [4][6] Growth Drivers - Key growth drivers include: - Continued momentum in the 0 to 1 megawatt interconnection business, with over 30% growth in signings and over 20% in interconnection bookings [5][6] - A healthy backlog of over $600 million in expected revenue for 2026, de-risking the revenue profile [6][7] - Favorable supply-demand dynamics leading to improved pricing across segments [6][10] AI and Digital Transformation - The company sees long-term tailwinds from digital transformation and AI, particularly in inference workloads, which are still in early stages [5][19] - AI-related workloads have increased, with approximately 20% of bookings in the 0 to 1 megawatt category driven by AI inference in 2025 [17][19] Occupancy Metrics - Transitioning to power-based occupancy metrics to align with the power-oriented nature of the business, guiding an improvement of 50 to 100 basis points in occupancy [11][12] Pricing Dynamics - Current pricing environment is favorable due to high demand and constrained supply, with mark-to-market improvements expected [28][29] - Mark-to-market for the greater than 1 megawatt portfolio was over 10% last year, with expectations for similar performance in 2026 [30][33] International Expansion - Recent market entries include Malaysia, Portugal, Israel, and Indonesia, aimed at growing presence in APAC and enhancing global connectivity [34][35] - The company aims to build a connected campus ecosystem in new markets to support enterprise growth and AI deployment [35][36] Power Solutions - Digital Realty emphasizes long-term utility grid power as the primary source, while exploring bridging solutions like fuel cells and turbines to address power capacity constraints [38][39] - The company is positioned to manage stricter grid access requirements due to established relationships with utility providers [41][42] Supply Chain Management - The company has proactively managed supply chain risks, particularly in light of elevated hyperscaler CapEx plans, ensuring procurement aligns with expected megawatt deliveries [48][49] Sovereign AI Opportunities - Digital Realty sees growing demand for sovereign AI solutions, particularly in international markets, and has the capacity to meet these needs through partnerships with hyperscalers [26][27] Additional Important Insights - The company is focused on maintaining a diverse customer base with high credit quality, which supports its ability to raise capital and manage financial commitments effectively [46][47] - Liquid cooling solutions are being rolled out primarily in new deployments, with some retrofitting in existing facilities to meet increasing density demands [24][25] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Digital Realty's robust growth prospects and proactive management in a dynamic market environment.