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What were the key takeaways from Digital Realty Trust's earnings call?

- **Record Financial Performance**: Q3 core FFO per share $1.89 (13% YoY), driven by 10% revenue growth and 14% EBITDA expansion.
- **AI Growth Engine**: 50%+ of Q3 bookings from AI workloads, with 18% of interconnection bookings tied to HPC/AI.
- **Backlog Strength**: $852M backlog (10%+ of revenue) supports 10%+ 2026 growth, with $555M scheduled for 2026 commencements.
- **Balance Sheet Health**: 4.9x leverage (target 5.5x), $7B liquidity, and $15B private capital pipeline.
- **2025 Guidance Update**: core FFO $7.32-$7.38 (10% YoY), revenue $3.3B, EBITDA $1.6B.

**【CEO Summary Section】**
- Digital Realty reported record Q3 2025 results with core FFO per share of $1.89, up 13% YoY, driven by 10% revenue growth and strong fee income. 
- AI-related bookings accounted for 50% of total Q3 signings, with 18% of 0-1MW+ interconnection bookings tied to AI workloads.
- Backlog reached $852M, with $555M scheduled to commence in 2026, supporting 10%+ top-line growth.
- Same-capital cash NOI grew 8% YoY, outpacing prior guidance.

**【CFO Financial Commentary】**
- Q3 core FFO per share of $1.89 (13% YoY) and constant currency $1.85 (11% YoY) reflect disciplined expense management and FX benefits.
- Adjusted EBITDA rose 14% YoY to $420M, with data center revenue up 9%.
- Balance sheet leverage at 4.9x (target 5.5x), with $7B liquidity and $15B private capital pipeline.
- Updated 2025 guidance: core FFO $7.32-$7.38 (10% YoY), revenue $3.3B, EBITDA $1.6B.

**【Q&A Highlights】**
- **2026 Outlook**: CFO Matt Mercier expects 10%+ top-line growth, with $550M+ backlog supporting momentum. 
- **Hyperscale Demand**: CEO Andy Power notes 50%+ of bookings from hyperscalers, with 2026-27 capacity blocks in key metros (e.g., Northern Virginia, Amsterdam) fully engaged.
- **AI Infrastructure**: 5GW IT load power bank positioned for AI workloads, with 85%+ pre-leased new capacity.
- **CapEx Strategy**: $3B-$3.5B 2025 spend, with 60%+ funded via private capital (e.g., $3B hyperscale fund). 
- **Risk Management**: 1.3B EUR debt maturity in Q1 2026, offset by $15B+ private capital pipeline and 4.9x leverage ratio.

Digital Realty Trust, Inc. (DLR) Q3 2025 Earnings Call Transcript

Revenue

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DLR

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