Total Revenue

+2% ( " " " " )

Underlying Business Factors: Moderately higher lease commencements and renewals boosted revenues, while reduced utility reimbursements—especially in EMEA and APAC—tempered overall growth ( " " ).<br>Market Conditions: Energy price volatility from the prior year abated, curbing the pass-through utility component and limiting revenue upside ( " " ).<br>Forward-Looking: Continued leasing in core markets supports stable growth, albeit with pricing pressures from regional energy dynamics.

Fee Income & Other

+124% ( " " )

Company-Specific Initiatives: Formation of new hyperscale ventures and increased private capital vehicles drove recurring fee income upward ( " ).<br>Underlying Business Factors: Additional asset and property management fees, particularly from Digital Core REIT, contributed to robust fee growth ( " ).<br>Forward-Looking: As more institutional partnerships are formed, fee revenues are poised to remain a strong supplemental income driver.

Operating Income

+189% ( " " " " )

Underlying Business Factors: Rising rental income from new leases and fewer one-time operating charges compared to the prior year significantly lifted operating results ( " ).<br>Company-Specific Challenges: Prior-year comparisons included higher transaction and integration expenses; the current year benefited from lower relative M&A costs ( " ).<br>Forward-Looking: While core income growth remains solid, any future impairment or acquisition costs could temper operating margins.

Net Income

-94% ( " " " " " " )

External Factors: Lower gains on property dispositions significantly reduced net income compared to a year earlier ( " " ).<br>Company-Specific Initiatives: A sizable provision for impairment in the current period also weighed heavily on net income ( " " ).<br>Forward-Looking: Additional property sales or impairments could cause volatility in net income, but stable underlying property operations help mitigate longer-term downside.

Diluted EPS

-96% ( " " " " )

Underlying Business Factors: The steep drop in net income—driven by impairment charges and smaller gains on dispositions—directly impacted EPS ( " " ).<br>Market Conditions: Higher interest rates also raised borrowing costs, pressuring profitability and share-based metrics ( " ).<br>Forward-Looking: Though the core occupancy and leasing pipeline are relatively healthy, unexpected one-time charges will continue to amplify EPS volatility.

Interest Expense

+12% ( " " " " )

Market Conditions: Rising interest rates and larger average debt balances increased borrowing costs year-over-year ( " ).<br>Company-Specific Challenges: Higher unhedged term loan exposure amplified interest expense despite increased capitalized interest on new construction ( " " ).<br>Forward-Looking: As prevailing rates stay elevated, interest expense is likely to remain a headwind unless DLR refinances or hedges further.

Core FFO

FY 2024

$6.60–$6.75 "

$6.65–$6.75 "

raised

Total Revenue

FY 2024

Maintained (no numeric range) "

Adjusted (no numeric range) "

N/A

Adjusted EBITDA

FY 2024

Maintained (no numeric range) "

Increased (no numeric range) "

raised

Cash Renewal Spreads

FY 2024

no prior guidance

8%–10% "

no prior guidance

Same-Store Guidance

FY 2024

no prior guidance

2.75%–3.25% "

no prior guidance

Net Share Development Spend

FY 2024

no prior guidance

$2.2B–$2.4B "

no prior guidance

Recurring Maintenance CapEx

FY 2024

no prior guidance

Ranges maintained (no specifics) "

no prior guidance

Record leasing activity across quarters

Q2 2024: Record first half of the year with $164M in new leasing. " " Q1 2024: $252M in bookings, up 40%+ over prior record. " " Q4 2023: Strong 0–1 MW segment, $53M in leasing. "

Exceeded all previous records with $521M in new leases, fueled by large hyperscale deals and a strong backlog of $859M. " " "

Continues to rise each quarter, consistently a major growth driver.

Continued AI, cloud, and hyperscale demand

Q2 2024: Emphasis on AI and cloud fueling growth; $164M new leasing in Q2. " " Q1 2024: ~50% of bookings were AI-driven. " " Q4 2023: Ongoing surge in hyperscale, with AI cited as new incremental demand. " "

Roughly half of Q3 bookings tied to AI, significant hyperscale deals in Manassas, Ashburn, and Chicago. " " "

Consistently strong across all periods, expected to remain a key long-term catalyst.

Growing development pipeline and rising CapEx

Q2 2024: Development pipeline 66% pre-leased, increased CapEx intensity with strong returns. " " " Q1 2024: $6B pipeline with higher yields, expecting acceleration through 2024 and 2025. " " Q4 2023: Over $6B pipeline, expecting $3.5B+ in gross CapEx for 2024. " "

644 MW under construction, up 50% sequentially, 74% pre-leased; CapEx guidance $2.2B–$2.4B for 2024. " " "

Growing across all periods, escalating spend to meet demand.

Balance sheet strength, liquidity, leverage

Q2 2024: Leverage reduced to 5.3x, $4B+ liquidity. " " Q1 2024: Pro forma leverage at 5.8x, over $3B liquidity. " Q4 2023: 5.8x pro forma leverage, $1.6B in cash; well-laddered maturities. " "

Nearly $5B in total liquidity; net debt-to-EBITDA at 5.4x, matching targets; well-laddered debt maturities. " "

Remains solid each quarter; active capital recycling and JV strategies.

Shifts in market rent growth and pricing power

Q2 2024: Rapid market rent growth in top metros. " Q1 2024: Rates ~60% higher vs. 18 months prior. " Q4 2023: Strong re-leasing spreads, pricing favorably driven by supply constraints. " " "

Achieved record rents in >1 MW deals with ~4% annual escalators; 15% uplift in cash renewal spreads. " "

Continues to strengthen, supporting higher yields and renewal spreads.

Same-capital NOI growth and power margin impacts

Q2 2024: 3.5% same-capital cash NOI growth YTD, with ~200bps power margin headwinds. " Q1 2024: Would be 4.5%–5.5% if not for ~200bps power margin pressures. " Q4 2023: 7.5% full-year growth, expected to moderate next year as energy tailwinds ease. " "

Same-capital NOI up 0.8% YoY, dampened by higher property costs and bad debt reserves; ~200bps power margin drag continues. "

Ongoing margin headwinds from power costs, moderation expected ahead.

Supply chain constraints

Q2 2024: Delays of up to 20 months in certain projects, supply chain issues still prevalent. " " Q1 2024: Persistent challenges with power transmission and data center components. " Q4 2023: Constraints driving pricing favors for providers. "

Management continues to mitigate risks, leveraging vendor relationships and shifting equipment between sites to maintain timelines. "

Still present, though actively managed; no material escalation in Q3.

Impairment charges and non-core asset disposals

Q2 2024: Recorded $168M impairment on non-core assets, over $1.3B gained from capital recycling. " Q1 2024 & Q4 2023: No specific mention of these impairments.

Not mentioned in Q3 2024.

No further discussion in the current period, previously noted in Q2.

Execution risks tied to large-scale development

Q2 2024, Q1 2024, Q4 2023: No direct mention of large-scale development execution risks.

Highlighted need to scale operations carefully, with strong vendor ties and diversified funding to ensure on-time delivery. "

Newly emphasized in Q3, reflecting bigger pipeline and projects.

Potential macroeconomic & interest rate headwinds

Q2 2024: No direct commentary. Q1 2024: Cited possible 1% offset to growth from refinancing; interest rate uncertainty. " " Q4 2023: Indirect reference to financial market volatility. "

No explicit mention in Q3 2024.

Not reiterated recently; was a concern in Q1 but has faded from discussions.