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Call sheet · Q4'25

Digital Realty Trust (DLR)

Q4'25 earnings call · held February 5, 2026 · compared with the Q3'25 call · management-credibility review
9/12
Disclosure score
3 medium, 3 low flags
Financial quality
Bottom line
The sleeper story is enterprise AI scaling quietly through the zero-to-one megawatt segment hitting 18.9% AI adoption while everyone focuses on hyperscale gigawatt campuses. The obvious headline of record bookings and backlog masks a more nuanced reality: power constraints in 2027-2029 create delivery risk while they're taking more speculative development risk than peers. The binding constraint is utility power delivery timelines, not customer demand. Most revealing quote: 'We didn't wait for them to say here's the ink on my lease' suggests they're building ahead of demand in tight markets. My view changes if recurring CapEx doesn't normalize below $350M or if Northern Virginia capacity gets delayed beyond 2029.

The 30-second version

  • Power-based occupancy disclosure switch hides the real story: enterprise AI is quietly scaling
  • Record $1.4B backlog masks hyperscale timing risk in constrained 2027-2029 window
  • Fee income evolution from private capital strategy is the real margin story

What changed this quarter

MetricQ3'25Q4'25Change
Core FFO per share$1.89 (Q3 2025, +13% YoY)$1.86 (Q4 2025, +8% YoY)Decelerated 500 bps despite beating guidance
Full year Core FFO per shareN/A$7.39 (+10% YoY)Beat original guidance by 500 bps
Total bookings (100% share)$201M (Q3)$400M (Q4)Doubled sequentially, top-5 quarter in company history
Zero-to-one megawatt bookings$85M (Q3)$96M (Q4)New quarterly record, +13% sequential
Hyperscale leasing (100% share)Not disclosed$800M+ (2025 full year)First annual disclosure, 67% of total bookings
Backlog (100% share)Near-record $852M (Q3)Record $1.4B (Q4)Massive +64% sequential acceleration
Backlog (DLR share)$852M (Q3)$817M (Q4)Actually declined 4% despite record 100% figure
Power-based occupancyNot disclosed91% same capital, 89% total portfolioNew metric introduction, 650+ bps above square footage
Development CapEx$900M+ (Q3 gross)$930M net of partner share (Q4)Slight uptick, $3B full year spend
Same capital cash NOI growth8% YoY (Q3)8.6% YoY (Q4)Accelerated +60 bps

Accountability tracked

7 new promises made4 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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