Total Revenue

+5.8% (from $1,331.143M in Q1 2024 to $1,407.637M in Q1 2025)

Total Revenue increased largely because improved performance in fee income and tenant reimbursements helped offset declines in Rental and Other Services. This reflects a shift from prior period reliance on stabilized rental revenue to more diversified sources, indicating operational adjustments and enhanced leasing activity. " "

Rental and Other Services

-27% (from $1,317.271M in Q1 2024 to $960.526M in Q1 2025)

Rental and Other Services declined significantly, which may be attributed to portfolio transitions such as asset sales or changes in lease-up activities that had driven higher revenue in the previous period. The drop suggests a rebalancing of the revenue mix, potentially impacted by reduced contributions from stabilized assets observed earlier. " "

Fee Income and Other

Approximately +50% (from $13.872M in Q1 2024 to $20.776M in Q1 2025)

Fee Income surged nearly 50% YoY as a result of increased management and property service fees, reflecting enhancements in operational execution and better leveraging of existing contractual arrangements from the prior period. This notable increase points to successful strategic initiatives to boost non-rental revenue sources. " "

Tenant Reimbursements

Not a direct YoY percentage; contributed $313.366M in Q1 2025

Tenant Reimbursements, totaling $313.366M in Q1 2025, bolstered overall revenue through adjustments in recoverable expense processes. The effective capture of these reimbursements contrasts with previous period challenges in stable utility recoveries and indicates improved tenant billing practices. "

Geographic Revenue

– (Q1 2025 details: Americas: $226.218M; APAC: $75.047M; EMEA: $47.830M)

Geographic revenue distribution in Q1 2025 shows a continued emphasis on the strong performance in the Americas, while revenues from APAC and EMEA remain more modest. This reflects a shift from previous periods where external factors—such as lower power prices in EMEA and APAC—impacted revenue, suggesting a gradual stabilization and rebalancing of international contributions. "

Core FFO Guidance

FY 2025

$7.05–$7.15 per share; midpoint represents 5.7% YoY growth "

$7.05–$7.15 per share; midpoint represents 6% YoY growth " "

raised

Revenue and Adjusted EBITDA Growth

FY 2025

Expected to exceed 10% growth "

Anticipates more than 10% growth "

no change

Revenue and Adjusted EBITDA Guidance Range

FY 2025

no prior guidance

Increased by $25 million "

no prior guidance

G&A Assumption

FY 2025

no prior guidance

Increased by $5 million "

no prior guidance

Renewal Lease Spreads

FY 2025

4%–6% increase " "

Blended 5.6% increase "

raised

Churn Rate

FY 2025

no prior guidance

1.5% "

no prior guidance

Development Yields

FY 2025

Expected to remain in double digits "

Stabilizing at a 12.5% yield "

no change

Capital Recycling

FY 2025

$500 million to $1 billion of dispositions and joint venture capital " "

Contribution of operating assets to satisfy the majority of 2025 disposition guidance " "

no change

Same Capital Cash NOI Growth

FY 2025

no prior guidance

Expected to grow 3.5%–4.5% on a constant currency basis "

no prior guidance

Occupancy

FY 2025

no prior guidance

Expected to improve by 100 to 200 basis points "

no prior guidance

CapEx

FY 2025

no prior guidance

Net CapEx: $3 billion–$3.5 billion and Gross CapEx of approximately $4.5 billion "

no prior guidance

FX Headwinds

FY 2025

no prior guidance

Approximately 200 basis points of headwind (translating to <1% impact on core FFO) "

no prior guidance

Record Backlog and Leasing Pipeline

Q2 2024: Backlog at ~$527M; notable new leases in both Capacity and interconnection segments. " Q3 2024: Record backlog reached ~$859M with strong bookings and clear future commencement schedule. " " " Q4 2024: Backlog around $800M with multiyear commencement details and robust leasing pipeline [$6]. "

Q1 2025: Backlog surged to a record $1.3B (100% share) with long‐term contracts including escalators; leasing pipeline remains healthy and diversified, with record levels in enterprise and hyperscale segments. " " "

Consistent and bullish sentiment. The figures have steadily increased, demonstrating continued strong leasing performance and deeper future revenue visibility.

Diverse Customer Demand Across Segments

Q2 2024: Emphasis on global core markets and demand across CSPs, enterprises, and service providers. " Q3 2024: Broad demand spanning AI, enterprise, and interconnection segments discussed, with record new logos and diversified bookings. " Q4 2024: Highlighted diverse demand across 0‑1 MW and hyperscale segments, with strong geographic diversity. " "

Q1 2025: Emphasis on exceptionally robust demand across both enterprise and hyperscale segments, with AI-related leasing accounting for over two‑thirds of signings, affirming record pipelines. " " "

Stable and consistently strong. The topic remains a recurring theme with continued strong and broad-based customer demand, now with an even greater emphasis on AI-driven demand.

Robust Pricing and Lease Performance

Q2 2024: Strong lease renewals and favorable cash increases noted; renewals and new leases achieved healthy spreads. " Q3 2024: Record leasing volumes and significant renewal increases (up to 15.2% cash basis) with clear market-specific pricing details. " " Q4 2024: Consistent robust pricing across segments, with notable renewals and record booking performance. "

Q1 2025: Continued strong pricing with new lease pricing at $244/kW/month (up 10%); robust lease renewals with multiple segments showing strong cash mark-to-market increases and continued high performance. " " " "

Bullish with incremental improvements. Pricing strength remains a consistent theme, with further upward adjustments and improved renewals reinforcing a positive sentiment across periods.

AI and Cloud Infrastructure Demand Trends

Q2 2024: AI contributed around 25% of bookings, with clear recognition of AI’s transformative potential alongside cloud. " Q3 2024: Strong AI response with 50% of bookings linked to AI and digital transformation, underscored by key partnerships (e.g. NVIDIA). " " Q4 2024: Emphasis on AI-driven demand and growing AI-related capacity needs; significant percentages (38% of MW signed). " "

Q1 2025: AI-related signings now account for over two‑thirds of lease activity, with robust demand from hyperscale and enterprise segments; cloud infrastructure demand remains strong and geographically centered in key U.S. markets. " " " "

Intensifying focus. There is a clear upward shift in reliance on AI-related demand, with its relative prominence increasing sharply compared to earlier periods, indicating its growing influence on the company’s strategy and future capacity needs.

Development Pipeline and Capacity Expansion

Q2 2024: Pipeline at 66% leased with notable emphasis on core markets and strong capacity blocks. " Q3 2024: Pipeline expanded nearly 50% sequentially to 644 MW with high pre-leasing levels and robust land bank discussion. " " " Q4 2024: Expanded pipeline with ~$7+B of projects underway and strong capacity additions with pre-leasing statistics (~70%). "

Q1 2025: Development pipeline now valued at $9.3B with an expected stabilized yield of 12.5%; an additional 170 MW increase (total 814 MW) and new capacity starts (219 MW, notably 200 MW in Northern Virginia) point to aggressive expansion. " " " "

Accelerating and bullish. The pipeline and capacity expansion momentum have grown significantly, signaling strategic scaling to meet robust demand and providing a strong outlook for future delivery and revenue growth.

Financial Flexibility and Leverage Improvement

Q2 2024: Leverage at 5.3x with strong liquidity (> $4B) after capital raises and effective capital recycling. " " Q3 2024: Consistent liquidity ($5B) with balanced debt maturities and extended credit facilities; emphasis on non‑U.S. debt and fixed rate profile. " " Q4 2024: Significant leverage reduction (from 6.2x to 4.8x) and strong liquidity (> $6B), supported by major capital raises. " "

Q1 2025: Further deleveraging with leverage now reported at 5.1x; robust liquidity maintained at over $5B (excluding new fund capital); proactive debt management including refinancing activities underscores a strong balance sheet. "

Consistently improving. The company continues to focus on enhancing its financial flexibility through active deleveraging, diversified capital sources, and explicit debt management; the trend remains solidly positive.

Supply Chain, Tariff, and Construction Cost Risks

Q2 2024: Limited discussion aside from acknowledgment of elongated delivery timelines and modest inflationary cost awareness. " " Q3 2024: General focus on operational scaling and vendor relationships with no explicit mention of tariffs or risks. " Q4 2024: Emphasis on a tight supply chain in power markets and physical supply, with proactive procurement minimizing tariff impact. "

Q1 2025: Clear commentary on supply chain resilience with well‑established vendor programs; tariff impact remains very modest (<5%) and construction cost risks are expected to be limited, with proactive ordering mitigating volatility. "

More proactive risk management. Earlier periods provided limited details or general commentary, while Q1 2025 offers a more explicit, measured discussion on mitigating supply chain and tariff risks, indicating improved operational resiliency amid external uncertainties.

Asset Valuation Pressures and Competitive Yield Challenges

Q2 2024: No explicit discussion; indirectly, market rent growth and attractive development yields were mentioned; Q3 2024: Not discussed; Q4 2024: Discussion on higher development yields in the Americas (13.7%) versus lower yields in EMEA/APAC, reflecting competitive positioning and selective growth to maintain yields. " "

Q1 2025: No discussion on asset valuation pressures or competitive yield challenges is evident in the current period’s narratives.

Diminished emphasis. This topic, which was touched upon in Q4 2024, is not mentioned in Q1 2025. Its reduced presence suggests that it is either less of a concern now or has been de-emphasized in favor of more immediate operational metrics.

Macroeconomic and Market Volatility

Q2 2024 & Q3 2024: No significant discussion; Q4 2024: Largely absent with focus instead on operational and financial metrics.

Q1 2025: Prominent discussion on significant market volatility and uncertainty alongside rising interest rates; however, strong demand fundamentals (e.g. robust pipelines, stable cap rates) help mitigate broader market risk concerns. " " "

Increased focus. Macroeconomic and market volatility have become a more salient concern in Q1 2025 compared to prior periods, likely reflecting evolving external market conditions, even as underlying demand remains resilient.

Quarterly Bookings Volatility

Q2 2024: No explicit mention beyond discussion of AI-share shifts; Q3 2024: Noted “lumpy” bookings due to large-capacity deals and significant sequential fluctuations with record volumes in some quarters. " "

Q1 2025: While the emphasis is on record leasing activity and robust booking figures, there is no explicit focus on volatility; the narrative centers on strong, consistent performance despite external uncertainties. " "

Reduced emphasis on volatility. Earlier periods (especially Q3 2024) discussed the lumpy nature of large bookings, but Q1 2025 focuses more on overall record levels, indicating a possible normalization as the company demonstrates consistency amid challenging market conditions.

Non-Core Asset Impairment and Joint Venture Impact on FFO Growth

Q2 2024: Specific mention of a $168M non‑core asset impairment tied to disposition plans in secondary markets and discussion of growing recurring fee income from hyperscale joint ventures (with ~26% year‑over‑year fee income growth). " " Q3 2024: Not addressed; Q4 2024: Brief mention that joint venture impacts are not expected to materially affect FFO growth, while non‑core asset dispositions are underway. " "

Q1 2025: This topic is not mentioned at all, with no reference to either non‑core asset impairments or joint venture impacts on FFO growth.

Disappeared from the narrative. Previously discussed as part of capital recycling and fee income diversification, these topics are not raised in Q1 2025, suggesting either a resolution of earlier issues or a strategic shift in focus toward more immediate operational and growth metrics.