Total Revenue

+7.8% (from $1,476.9M in Q1 2024 to $1,592.5M in Q1 2025)

Total Revenue increased thanks to organic growth in the Storage Rental and Service segments, whose prior period strengths (new leases, improved pricing, acquisitions) continued to drive growth in Q1 2025. " "

Storage Rental Revenue

+7.2% (from $884.84M in Q1 2024 to $948.38M in Q1 2025)

Storage Rental Revenue rose due to sustained organic growth in the Global RIM Business, enhanced pricing in the Global Data Center segment, and continued effect of new lease commencements—trends noted in the previous period. " "

Service Revenue

+8.8% (from $592.02M in Q1 2024 to $644.15M in Q1 2025)

Service Revenue increased reflecting organic growth in Global Digital Solutions and ALM business volumes, along with incremental revenue from recent acquisitions, building on the momentum of Q1 2024. " "

Operating Income

+3.5% (from $245.62M in Q1 2024 to $254.29M in Q1 2025)

Operating Income saw modest improvement as revenue gains were partially offset by higher operating expenses, including increases in cost of sales and restructuring charges, a pattern similar to trends observed in the previous period. " "

Net Income

−79% (from $77.03M in Q1 2024 to $16.23M in Q1 2025)

Net Income declined sharply due to a significant jump in interest expenses, a marked increase in other expenses (including restructuring and foreign exchange impacts), which overwhelmed the modest revenue and operating income improvements seen in Q1 2025. "

Basic EPS

−80% (from $0.25 in Q1 2024 to $0.05 in Q1 2025)

Basic EPS fell dramatically in line with the net income drop, reflecting higher expenses (interest and operating costs) and other unfavorable factors, consistent with the trends that contributed to the steep net income decline. "

Revenue

FY 2025

$6.65B to $6.8B "

$6.74B to $6.89B "

raised

Adjusted EBITDA

FY 2025

$2.475B to $2.525B "

$2.505B to $2.555B "

raised

AFFO

FY 2025

$1.45B to $1.48B "

$1.48B to $1.51B "

raised

AFFO per Share

FY 2025

$4.95 "

$4.95 to $5.05 "

raised

Revenue

Q2 2025

no prior guidance

$1.68B "

no prior guidance

Adjusted EBITDA

Q2 2025

no prior guidance

$620M "

no prior guidance

AFFO

Q2 2025

no prior guidance

$350M "

no prior guidance

AFFO per Share

Q2 2025

no prior guidance

$1.18 "

no prior guidance

Data Center Leasing and Expansion Targets

Q2–Q4 2024 discussions emphasized strong leasing achievements, robust pipelines, and geographical expansion targets across US, Europe, and India with notable capacity additions and diversified regional hubs. " " " "

In Q1 2025, the company reaffirmed its 125‐megawatt hyperscale leasing target and highlighted new hubs (e.g. Richmond, Chicago, and Miami) along with steady enterprise co‐location activity, supporting a confident outlook. " " "

Consistently positive growth with continued geographic diversification and strong pipeline; sentiment remains upbeat across periods.

ALM Business Growth

Across Q2–Q4 2024, ALM growth was consistently robust with double-/triple‐digit year‐on‐year revenue increases driven by both organic volume and acquisitions (e.g. Regency, WiseTech, APCD), strong cross‐selling activity, and improved profitability. " " "

Q1 2025 maintained robust ALM performance with 44% reported revenue growth, diversified contributions from both the enterprise and hyperscale channels, and strategic acquisition activity (including Premier Surplus), underscoring healthy profitability and continued momentum. " "

Strong and sustained expansion driven by organic gains and targeted acquisitions; positive sentiment maintained throughout.

Physical Storage and RIM Business Performance

Q2–Q4 2024 saw consistent strength in both physical storage and RIM with steady organic growth, improved adjusted EBITDA margins, and effective revenue management, leading to robust revenue and margin performance. " " "

In Q1 2025, the RIM business continued to perform strongly with organic storage revenue growth, improved retention and utilization metrics, and solid adjusted EBITDA performance, reinforcing underlying operational strength. " "

Steady, reliable performance with ongoing positive margins and organic growth; sentiment remains solid and stable.

FX Headwinds and Currency Impacts

Throughout Q2–Q4 2024, FX headwinds were consistently noted—particularly the strength of the U.S. dollar adversely affecting revenue and margins in multi‐currency segments, with impacts often in the $10–$20 million range. " " "

In Q1 2025, FX headwinds persisted with a roughly $20 million adverse impact on RIM revenue, though some offsets (e.g. a $1 million positive impact on adjusted EBITDA) were noted, maintaining the narrative of currency-induced challenges. "

Persistent challenge with similar adverse impacts noted across periods; no major change in sentiment but consistent risk acknowledged.

Tariff Exposure and Supply Chain Risks

This topic was not addressed in Q2–Q4 2024 earnings calls.

Q1 2025 introduced a detailed discussion highlighting minimal tariff exposure (e.g. less than 5% in data center construction) and a low impact from tariffs in other segments, reflecting effective management of supply chain and cost risks. " "

Emergence of new qualitative detail; improved risk management sentiment as the company now provides clarity on tariffs and supply chain risks.

Data Center Churn and Cloud Migration Risks

In Q4 2024, an elevated churn rate of 4.4% was noted—attributed to long-term clients moving workloads to the cloud—while Q2 and Q3 2024 did not discuss this issue explicitly. "

Q1 2025 did not mention data center churn or cloud migration risks, suggesting these concerns have been de‐emphasized or integrated into broader operational strategies.

Reduced focus on churn and migration topics; previous concerns appear to have been mitigated or are less top‐of‐mind in Q1 2025.

Capital Expenditures and Free Cash Flow Concerns

Q2–Q4 2024 demonstrated disciplined capital spending with detailed breakdowns (e.g. $399 million in Q2, $721 million in Q4) and strong free cash flow metrics and dividend payout ratios, reflecting a steady, carefully managed investment approach. " " "

Q1 2025 reported $657 million in CapEx (with clear allocations to growth and recurring expenditures) and robust AFFO performance with no explicit FCF concerns, reaffirming the company’s balanced capital allocation strategy. " "

Consistent capital discipline with positive cash flow management; stable investment strategy and reassuring sentiment regarding financial flexibility.

Emergence of AI-Driven Data Center Refresh Trends

Q2 and Q3 2024, as well as parts of Q4 2024, mentioned AI-driven trends—with hyperscale data center refresh drives explicitly linked to GPU upgrades and DeepSeek-related acceleration in digital efforts. " " "

Q1 2025 did not explicitly mention AI-driven refresh trends, suggesting either an integration into broader strategies or a temporary de-emphasis in the discussion.

Slight drop in explicit emphasis; while AI trends were previously highlighted, they are less focused on in Q1 2025, possibly integrated into overall data center strategy messaging.

Acquisition-Driven Growth Dependencies

Q3 2024 (and to some extent Q4 2024) emphasized acquisitions (e.g. Wisetek, APCD, Regency) as critical components of ALM expansion, with cross-selling from acquired businesses playing a major role, though Q2 2024 did not mention it explicitly. " "

In Q1 2025, acquisition-driven growth continued to be a key theme, with strategic deals such as Premier Surplus and continued contributions from Wisetek reinforcing the growth narrative in the ALM segment. " "

Sustained emphasis on acquisitions as a growth lever; the approach remains consistent with positive outlooks across periods.

Pricing Strategies and Margin Management Dynamics

Q2–Q4 2024 discussions consistently highlighted effective pricing strategies and margin management across segments—improvements in RIM and data center pricing, disciplined ALM pricing, and strong revenue management leading to notable EBITDA margin expansion and robust operating leverage. " " "

Q1 2025 continued this trend with strong pricing in data centers (15% uptick per kilowatt), robust margin expansion (e.g. a 960 basis point improvement in data centers), and maintained conservative yet effective pricing in ALM, confirming overall operational strength. " " "

Consistently positive and robust pricing and margin management; the company continues to leverage operational efficiencies and pricing power to drive improved profitability across segments.