Digital Realty Trust, Inc. (DLR) Presents at BofA NY Global Real Estate Conference 2026 Transcript

Digital Realty Trust, Inc. ( DLR ) BofA NY Global Real Estate Conference 2026 September 16, 2026 3:00 PM EDT Company Participants Andrew Power - President, CEO & Director Conference Call Participants Michael Funk - BofA Securities, Research Division Presentation Michael Funk BofA Securities, Research Division We're tight on time today with only 35 minutes per session. So I'm going to try to get through as many questions as I can. Michael Funk, I cover the North American telecom data center and tower stocks at Bank of America. Really grateful to have Andy Power, Digital Realty President and CEO here again with us. So Andy, thank you. Andrew Power President, CEO & Director Thanks for having me. Michael Funk BofA Securities, Research Division Yes. Absolutely. And we have Jordan down here as well, who heads the Investor Relations function. Hopefully, you guys all know both these guys. Question-and-Answer Session Michael Funk BofA Securities, Research Division So I'm going to try to rip through a bunch of these questions. And I do have some obligatory rapid fire questions, expect to ask at the end. So hopefully, I'll get those in as well. The big news last quarter, Andy, was, well, in my opinion, when you talk about extending double-digit core FFO growth per share into '27 and beyond, right? And that's a higher rate of growth maybe than you previously talked about. So can you walk the key assumptions underpinning that outlook and maybe the biggest variables also that investors should be looking for? Andrew Power President, CEO & Director Sure. So it was certainly a milestone in the making. While we had the conviction to come public with it on the earnings call, I can't tell you, it all crystallized in the month of July right before that call. If you look at the milestones in each of