Total Revenue

–9% " " "

The total revenue decline to $2,627 million in Q2 2025 reflects a reversal from the modest growth seen in Q1 2025. This drop is likely driven by persistent foreign currency headwinds and a shift in revenue mix—particularly the weak performance from the property segment—that contrasts with the positive influences (such as improved services and tenant performance) observed in earlier periods. " " " " " "

Property Revenue

–11% " " " "

Property revenue fell to $2,527 million, largely due to the continuation of factors from Q1 2025 such as significant non-cash straight-line revenue declines and adverse foreign currency translations. Previously, Q1 2025 saw a steep drop in non-cash revenue (from $79.1 million to $17.1 million) and approximately $74 million in FX headwinds, and similar pressures appear to have deepened in Q2 2025. " " " "

Services Revenue

+110% " "

Services revenue surged to $100 million, more than doubling its Q2 2024 figure of $47.4 million. This impressive gain builds on Q1 2025’s strong momentum—driven by a 60% year-over-year increase in application volumes, robust customer activity, and greater emphasis on construction services—which has now translated into a substantial revenue turnaround. " " " " "

U.S. & Canada Revenue

Minor decline " "

U.S. & Canada revenue declined modestly from $1,362.8 million to $1,307 million. This minor drop appears to be influenced by ongoing straight-line revenue adjustments and limited tenant billing growth, mirroring similar issues observed in Q1 2025 where declines in other revenue components partially offset tenant billing gains. " " " "

Europe Revenue

+15% " "

Europe revenue increased from $203.2 million to $233 million, driven by robust tenant billing growth and enhanced contributions from anchor contracts. Building on earlier periods where strong amendment activity and contract escalations (such as those with key tenants like Telefonica) boosted revenue, these factors have continued to drive a substantial 15% improvement despite some currency headwinds. " " " "

Latin America Revenue

–13% " "

Latin America revenue declined from $448.7 million to $389 million, reflecting a significant drop. The primary driver is severe foreign currency translation losses—as seen previously in Q1 2025 (with declines around $58.8 million)—which have overshadowed modest tenant billing growth and other minor positive components. " " "

Data Centers Revenue

+13.5% " "

Data Centers revenue grew from $230.8 million to $262 million, supported by new lease commencements and heightened customer demand. This growth follows the trends observed in Q1 2025, where increased rental, power, and interconnect revenues—despite a small offset from lower straight-line revenue—highlight sustained momentum in the data centers segment. " " "

Property Revenue

FY 2025

Raised by approximately $50 million "

Increased by approximately $165 million "

raised

Adjusted EBITDA

FY 2025

Raised by approximately $30 million "

Increased by approximately $120 million "

raised

AFFO

FY 2025

Raised by approximately $20 million "

Raised by approximately $55 million "

raised

AFFO Per Share

FY 2025

Raised by $0.04 with a midpoint expectation of $10.44 "

Raised by $0.12 with a midpoint expectation of $10.56 "

raised

Organic Tenant Billings Growth – U.S. & Canada

FY 2025

≥4.3% (or ≥5.3% excluding Sprint churn impacts) "

Revised to approximately 4.3% "

no change

Organic Tenant Billings Growth – Europe

FY 2025

Approximately 5% "

Approximately 5% "

no change

Organic Tenant Billings Growth – Africa & APAC

FY 2025

Approximately 12% "

Greater than 12% "

raised

Organic Tenant Billings Growth – Latin America

FY 2025

Approximately 2% "

Greater than 2% "

raised

Capital Expenditures

FY 2025

Approximately $1.7 billion "

Approximately $1.7 billion, down $20 million "

no change

Dividend Distribution

FY 2025

Approximately $3.2 billion "

Approximately $3.2 billion "

no change

Robust Leasing Activity and Pipeline

Q1 2025 call highlighted strong leasing activity with increased application volumes, amendment‐driven upgrades, and healthy pipeline growth " " " " ; Q4 2024 emphasized robust and sequential acceleration with mid‐band upgrades and colocations " " " "

Q2 2025 stressed robust leasing activity with a 200% YoY increase in colocations while noting a slight delay in converting one customer’s applications into commencements " " " "

Consistent strength with a minor timing challenge affecting conversion, though overall sentiment remains optimistic.

Delayed Lease Conversions and Lease Commencement Delays

Q4 2024 noted delays impacting guidance and revenue timing, as explained by management. " Q1 2025 did not address this topic [N/A]

Q2 2025 described delayed lease commencements due to one customer’s slower-than-expected pace, attributing it to timing rather than lower demand " "

A recurring topic now receiving more explicit focus in Q2, with negative sentiment limited to timing issues rather than a downturn in demand.

Strong CoreSite/Data Center Performance and Interconnection Demand

Q1 2025 reported high single-digit revenue growth and a robust sales funnel for interconnection demand " " " ; Q4 2024 showcased exceptional quarterly performance and increasing backlog with double-digit growth " "

Q2 2025 highlighted double-digit revenue growth, expanding margins, and strong AI-related demand boosting performance, along with contributions from the DE1 facility " " " " "

Steady strength with enhanced optimism driven by AI-enabled opportunities and improved margins.

Carrier Partnerships, 5G Deployment, and Investment Dependency

Q1 2025 emphasized steady U.S. carrier activity driving mid-band upgrades and new colocations along with international nuances " " " " ; Q4 2024 stressed strong operator relationships, accelerated application activity and significant tower upgrades " " " "

Q2 2025 discussed new partnership approvals (e.g., UScellular/T-Mobile, DISH developments) and steady 5G rollout in diverse regions while noting balanced capital allocation " " " " "

Consistent positive sentiment with new deal approvals and diversified geographic progress further supporting a robust outlook.

Disciplined Capital Allocation, Financial Strength, and Share Buyback Strategy

Q1 2025 outlined a disciplined approach with strong liquidity, a net leverage near 5.0x and a $2B buyback authorization " " " ; Q4 2024 highlighted a focus on developed markets with defined CapEx targets and strategic M&A evaluation " " "

Q2 2025 maintained focus on funding dividends, targeted CapEx in developed markets, and managing leverage (from 5.1x trending toward 5.0x) with mention of share buybacks as an option " " "

Steady and disciplined capital management continues, with emphasis on dividend stability and careful deployment of capital amid market conditions.

Execution Challenges in Cost Optimization and Portfolio Management

Q1 2025 discussed progress on SG&A reductions and ongoing portfolio optimization challenges " " ; Q4 2024 detailed execution challenges in cost savings and divesting non-core assets for improved efficiency "

No explicit mention in Q2 2025 [N/A]

This topic is no longer highlighted in Q2, suggesting it may be less of a focus in the current period.

Resilient Services Business with High Margins

Q1 2025 noted record revenue and gross margin expansion from a robust services mix driven by tower activity " " " ; Q4 2024 emphasized 30% growth and profitable construction services "

Q2 2025 confirmed strong performance with high application volumes and construction management activity supporting the services business, while flagging potential margin compression from the construction segment "

Steady performance with a resilient, high-margin profile, though there is cautious attention to potential margin pressures.

Macroeconomic and FX Risks

Q1 2025 addressed macroeconomic uncertainty and FX risk management techniques, highlighting potential benefits and challenges " ; Q4 2024 discussed global macro uncertainty, FX volatility, and their mixed impact on growth " "

Q2 2025 reported FX tailwinds boosting property revenue and adjusted EBITDA but also noted a 70 bps negative impact on reported revenue growth and increased leverage due to a stronger Euro " " "

Mixed sentiment continues as FX movements offer benefits while also posing headwinds, reflecting ongoing cautious management of macro risks.

Emerging Markets Challenges in LATAM

Q1 2025 described mixed activity in LATAM with pockets of increased 5G investment amid churn and delays (especially in Mexico) " ; Q4 2024 detailed elevated churn from consolidation, modest organic growth, and reduced CapEx in the region "

Q2 2025 outlined muted growth expectations, persistent churn from consolidation, and collection issues with an anticipated recovery only after 2027 " "

A consistently challenging market with persistent negative sentiment and structural constraints, showing little improvement over time.

AI-driven Data Center Expansion

Q1 2025 indicated robust demand from enterprises for AI and multi-cloud interconnection, fueling CoreSite’s pipeline " ; Q4 2024 emphasized the strategic rationale for AI and edge computing integration with strong data center expansion and backlog growth " " "

Q2 2025 highlighted strong AI-driven demand contributing to double-digit revenue growth, capacity constraints, and a strategic acquisition (DE1) fueling future expansion " " "

An increasingly prominent and optimistic theme with elevated focus on capturing AI-driven opportunities to accelerate data center growth.

Significant Churn from Sprint Shutdown and Its Impact on Tenant Billings Growth

Q1 2025 reported that Sprint-related churn reduced organic tenant billings growth from an estimated 5% to 3.6%, with expectations for recovery later in the year " " ; Q4 2024 projected Sprint churn to account for 140 basis points of negative growth in early quarters, with recovery expected in Q4 " " "

Q2 2025 noted property revenue growth of about 3% when excluding non-cash items, detailed Q3 churn of approximately 2.3%, and revised U.S. and Canada organic tenant billings growth expectations to around 4.3% as Sprint churn subsides " " "

The impact of Sprint churn remains a challenge but is trending toward mitigation, with expectations for recovery as the effects diminish over the upcoming quarters.