Digital Realty Trust, Inc. (DLR) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially. For further discussion of risks related to our business, see our 10-K and subsequent filings with the SEC. This call will contain certain non-GAAP financial information. Reconciliations to the most directly comparable GAAP measure are included in the supplemental package furnished to the SEC and available on our website. Before I turn the call over to Andy, let me offer a few key takeaways from our fourth quarter results. First, we posted $1.86 of core FFO per share in the fourth quarter and $7.39 for full year 2025, up 10% over 2024. Our initial guidance for 2026 implies nearly 8% bottom line per share growth at the midpoint, despite outperforming our original 2025 guidance by almost 500 basis points. Second, we concluded our second consecutive year with more than $1 billion of total bookings at 100% share, leaving us with a record backlog of nearly $1.4 billion at 100% share. We also posted another record quarter of 0 to 1 megawatt plus interconnection bookings, and a record year in 2025, as our team demonstrated its resolve to meet our goal to double digital. Lastly, we ended the year with over $3.2 billion of LP equity commitments to our oversubscribed inaugural close-end fund, marking our official entry into the private markets and evolving Digital Realty's funding strategy to support the growth of hyperscale data center capacity. With that, I'd like to turn the call over to our president and CEO, Andy Power. Thanks, Jordan. And thanks to everyone for joining our call. 2025 was a pivotal year for the data center industry and for digital realty. Data centers moved firmly into the global spotlight. As AI adoption accelerat...