Equinix, Inc. (EQIX) Presents at BofA NY Global Real Estate Conference 2026 Transcript

Equinix, Inc. ( EQIX ) BofA NY Global Real Estate Conference 2026 September 15, 2026 3:00 PM EDT Company Participants Stuart Thompson Arquelle Shaw Conference Call Participants Michael Funk - BofA Securities, Research Division Presentation Michael Funk BofA Securities, Research Division Happy once again to be part of the REIT conference. It's funny. I popped in the presentation this morning with Kenneth Caplan from Blackstone and seeing the entire conversation with data center development. And I joked with some investors earlier that a year ago, nobody wanted to talk data centers. And now, it seems he's taken over the entire conference, and really happy to have Equinix here with us again this year, who, as you know, one of the earliest, most established developers in data centers. So thank you both for being here. So we have Stu, who is the SVP of Global Real Estate, and then his colleague as well, who heads up the Americas, and they both have like quick intros. Stuart Thompson Stuart Thompson, I've been at Equinix for 15 years, mostly in real estate and corporate development roles. Before Global Real Estate, I ran our corporate development team in EMEA and before that, in the Americas. Arquelle Shaw Great. I'm Arquelle Shaw, I'm the President of the Americas. And prior to that, I was responsible for running Americas sales for the last 6 years. Stuart Thompson About 7 years, right? Arquelle Shaw 7 years in total, yes.

Michael Funk BofA Securities, Research Division That's great. Thank you both. So I mentioned the heightened investor interest earlier. And Equinix recently reported they expect to invest what $5 billion to $7 billion annually from '27 through '29, excluding M&A. So you've expanded your development portfolio budget significantly. And so I'm curious to know from your perspective, what changed within Equinix to support that level of higher development activity? And