Financial Data and Key Metrics Changes - The company reported Core FFO per share of $1.86 for Q4 2025 and $7.39 for the full year, representing a 10% increase over 2024 [5][25] - Core FFO per share grew by 8% year-over-year in Q4 2025, reflecting strong core growth and continued growth in fee income [20][25] - Same capital cash NOI growth was 8.6% year-over-year in Q4, driven by an 8.2% increase in data center revenue [26] Business Line Data and Key Metrics Changes - The company signed over $1 billion in new leases for the second consecutive year, with bookings of $1.2 billion in 2025, nearly 70% above the average of the previous five years [9][20] - The 0-1 MW-plus interconnection product set posted nearly $340 million in bookings, a record and 35% higher than 2024 levels [9][20] - The greater-than-1 MW category saw $78 million in bookings, with pricing remaining strong at over $180 per kilowatt [22] Market Data and Key Metrics Changes - Demand for data center capacity remained robust, particularly in the Americas, which accounted for 65% of bookings in Q4 [21] - The company expanded its footprint in the APAC region, entering Indonesia and acquiring a highly connected data center in Malaysia [12][78] - The total backlog reached a record of nearly $1.4 billion at year-end, reflecting strong data center fundamentals [23] Company Strategy and Development Direction - The company focuses on a global, full-spectrum, and connectivity-rich platform, emphasizing operational excellence and disciplined capital allocation [8] - The strategy includes expanding into emerging markets and enhancing interconnection capabilities to support AI and cloud demands [12][78] - The company aims to deliver AI-ready infrastructure in tier-one metros, addressing the growing demand for AI inference workloads [11][16] Management's Comments on Operating Environment and Future Outlook - Management noted that data centers have gained prominence due to accelerated AI adoption and cloud platform scaling, with power becoming a primary constraint [7][8] - The outlook for 2026 anticipates continued growth in cloud and AI demand, with expectations for total revenue and Adjusted EBITDA growth of over 10% [33] - Management highlighted the importance of securing power capacity and maintaining a strong track record of on-time delivery to meet customer needs [17][66] Other Important Information - The company raised EUR 1.4 billion in a dual tranche green Eurobond offering to support its growth strategy [30] - The balance sheet remains robust with nearly $7 billion in liquidity and approximately $15 billion in dry powder for hyperscale data center development [31] - The company plans to enhance its reporting metrics to focus more on power-based metrics, aligning with how the business is managed [26] Q&A Session Summary Question: Insights on hyperscaler activity and bookings - Management noted a significant increase in hyperscaler demand, particularly in Northern Virginia, Charlotte, Atlanta, and Dallas, with customers looking further out for power capacity [36][38] Question: Context around AI inference scaling - Management indicated that both hyperscale and enterprise businesses are seeing increased demand for AI-related infrastructure, with a notable rise in enterprise AI use cases [41][42] Question: Impact of industry capacity growth on bookings - Management expressed confidence in continued strong demand despite upcoming industry capacity growth, emphasizing their proactive development strategy [65][67] Question: Disconnect between public and private data center valuations - Management discussed the importance of asset mix in valuation discrepancies and highlighted their strategy to leverage both private and public capital for growth [69][72] Question: Investments in new markets - Management explained their strategy of acquiring highly connected assets in emerging markets like Malaysia and Indonesia, focusing on interconnection capabilities [77][78]

Financial Data and Key Metrics Changes - The company reported Core FFO per share of $1.86 for Q4 2025, an 8% increase year-over-year, and $7.39 for the full year 2025, which is 10% higher than 2024 [24][31] - Total revenue and Adjusted EBITDA growth are expected to exceed 10% in 2026, with same capital cash NOI growth projected at 4%-5% on a constant currency basis [31][32] - The total backlog reached a record of nearly $1.4 billion at year-end, reflecting strong demand fundamentals [21][30] Business Line Data and Key Metrics Changes - The 0-1 megawatt-plus interconnection product set achieved nearly $340 million in bookings, a record and 35%+ increase over 2024 levels [7][18] - Leasing activity in the Americas represented 65% of the company's share of bookings in Q4, with a new leasing record of $96 million in the 0-1 megawatt-plus interconnection category [19][20] - The company signed leases representing $400 million of annualized rent at 100% share in Q4, contributing to a strong leasing performance [19][24] Market Data and Key Metrics Changes - Demand for data center capacity remains robust, particularly in the Americas, with significant contributions from hyperscalers [19][35] - The company noted a strong inflow of new logos, with nearly 600 added for the second consecutive year, indicating a healthy market presence [8][12] - The company is expanding its footprint in the APAC region, with strategic acquisitions in Indonesia and Malaysia to enhance connectivity and capacity [10][73] Company Strategy and Development Direction - The company is focused on a global, full-spectrum, and connectivity-rich platform, emphasizing operational excellence and disciplined capital allocation [6][11] - The strategy includes expanding AI-driven networking use cases and delivering AI-ready infrastructure in key metro areas [9][13] - The company is evolving its funding strategy to support hyperscale data center capacity, with over $3.2 billion in LP equity commitments to its closed-end fund [5][30] Management's Comments on Operating Environment and Future Outlook - Management highlighted the pivotal year for the data center industry, driven by AI adoption and cloud platform scaling, with power becoming a primary constraint [6][12] - The company expects continued strong demand for cloud and AI services, with infrastructure needs evolving to support these technologies [13][80] - Management expressed confidence in the company's ability to meet future demand, citing a strong backlog and strategic positioning in key markets [21][31] Other Important Information - The company plans to enhance its reporting by transitioning to power-based metrics, aligning with how the business is managed [25][26] - The company raised EUR 1.4 billion in a dual tranche green Eurobond offering to support its capital needs [28][29] - The company anticipates cash renewal spreads of 6%-8% and expects to recycle capital with $500 million-$1 billion in dispositions in 2026 [31][32] Q&A Session Summary Question: Insights on hyperscaler activity and bookings - Management noted a significant increase in hyperscaler demand, particularly in Northern Virginia, Charlotte, Atlanta, and Dallas, with customers looking further out for power capacity [35][36] Question: Context around inference scaling in 2026 - Management indicated that both hyperscale and enterprise businesses are seeing increased demand for AI-related infrastructure, with a notable rise in enterprise AI use cases [38][39] Question: Impact of capital expenditures and bottlenecks - Management acknowledged rising costs associated with scaling digital infrastructure but emphasized their ability to secure labor and manage supply chain challenges effectively [41][44] Question: Recurring CapEx and capitalized leasing costs - Management explained that the increase in recurring CapEx for 2026 is partly due to carryover projects from 2025 and ongoing portfolio improvements [46][47] Question: Timing for new capacity availability - Management confirmed that they have secured labor for ongoing projects and are actively working to deliver new capacity ahead of schedule [49][50] Question: Strategy for interconnection-focused facilities in new markets - Management highlighted the importance of acquiring network-dense, highly connected assets in emerging markets, balancing interconnection-focused facilities with larger hyperscale projects [73][75]