Aryeh Klein

Capuano said World Cup upside spanned chain scales and reiterated durable luxury demand, with U.S. and Canada luxury RevPAR near double-digit growth.

Tony broke down BT metrics: global +1% RevPAR with 3% ADR gain offset by 2% room night decline. Government RevPAR -6% but March rose 8% on easier comps. Jen reaffirmed 30-35bps World Cup impact.

Tony said rollouts going great with fewer bugs than expected. Spending not expected to change materially. FIFA leadership 'stunned' by global ticket request volume for World Cup.

Tony acknowledged competitive landscape but views proprietary travel cards as complementary. Said it will be incorporated into ongoing discussions with partners.

Tony noted cross-border travel about a point above 2019 levels. Canadian inbound down about 5% but other international demand more than offset the decline.

Leeny noted government expected to remain down but not declining further. Big consulting firms showed nice pickup with strong ADR. Government-adjacent adds only 1% more of nights.

Tony maintained disciplined approach, willing to deploy key money for outsized fee opportunities but won't buy growth indiscriminately.

Management reiterated a target to expand EBITDA margins by a couple hundred basis points over the next year via ground-lease buyouts and a transformation program.

CEO described multi-pillar best-in-class framework across customers, teammates, shareholders, and partners with specific 2026-2028 goals developed with outside consultants.

CEO said satellites are complementary, not substitutes, due to in-building coverage and line-of-sight limitations. Impact on CCI is de minimis or inconsequential.

CFO confirmed legal costs are factored into guidance. Capital allocation shift (more debt paydown, less buyback) driven by maintaining 6-6.5x investment-grade leverage given lower EBITDA without DISH.

CFO noted seasonality will push some expenses to H2, and the guidance range captures that. EBITDA outperformance partially reflects timing rather than pure structural savings.

CEO confirmed no significant shift in colo/amendment mix; both augmentation and densification are occurring at historically consistent pace.

Power cited land values, construction tightness, and liquid cooling design driving cost increases, but market rent growth still exceeding cost inflation with ~11% unlevered returns.

McLean confirmed DLR is unquestionably taking market share with three of last five record quarters, seeing gradual densification and increasing deal bands.

Mercier noted headwinds from $1.3B of 2.5% debt maturing in January and lower interest income from rate cuts, but strong backlog supporting continued growth.

Power framed DLR as targeting consistent ~7%+ FFO compounding with near-term driven by 0-1MW execution and longer-term by hyperscale bookings for 2027+.

Wright detailed Charlotte's evolving Tier 1 status with cloud availability zones arriving, 25+ networks, competitive power, and 600+ megawatts of developable capacity between Charlotte and Atlanta.

CTO Sharp noted inference will drive demand for larger-than-1MW capacity blocks with proximity to end consumers, while private AI adds another demand layer.

Sourav tied lighter Q2 flow-through to higher incentive management fees and elevated, non-recurring travel agent commissions, then detailed Marriott cost savings. Direct.

Risoleo said acquisition market is better than last year but still not robust. Has 45 days to identify reverse like-kind exchange target. Will only acquire if accretive, won't buy just to defer taxes. Leaning toward special dividend of ~$0.72/share. Most deals historically came through relationships, not marketed processes.

Ghosh noted no significant cancellation increases beyond minor government-related activity in D.C. Q4 group pace up almost 8%. Q3 softness largely expected from Jewish holiday shift (September/October must be viewed together). Banquet and catering per group room night still growing despite volume declines.

Ghosh clarified $14M insurance savings is 2025 only. Identified three Q4 tailwinds: Rosh Hashanah shifting from October to September, Manchester Grand Hyatt San Diego renovation impact on Q3 group, and easier election-period comp in Q4 2024.

Risoleo noted top 25 markets performing well despite international headwinds, with only 8% international exposure. Ghosh added April luxury segment is trending above upper tier's 2.5% growth.

Ghosh maintained confidence in returning to $172M Maui EBITDA target despite wage headwinds, citing asset investments and share gain potential.

CEO answered each element: rising deal density, firm pricing despite larger footprints, and strong interconnection attach, with the CFO adding ecosystem complexity as a driver.

Adaire unpacked acceleration from both external (robust broad-based demand across all segments/regions) and internal (49% pipeline conversion rate, accelerated capacity delivery, firm pricing) factors.

Adaire confirmed presale window extended from 3-6 months to 12 months, with velocity of presales increasing through 2025 and 40% of $185M presold balance signed in Q3. Keith added demand-shaping when supply runs low in key markets.

Keith confirmed pre-buy investment to accelerate delivery with focus on RFS dates, while Adaire noted RFS delivery forecasting now tracked with same intensity as revenue forecasting.

Adaire explained second-half step-up driven by H2 2024 bookings converting to revenue plus strong Q1 bookings, with evolving density dynamics and liquid cooling implementations in Q1.

CEO expects to stay near the middle of the leverage range and said about half the US portfolio suits edge uses.

T-Mobile agreement expiring in about a year, conversations underway. Each negotiation stands on its own, too early to say how much of Verizon deal translates. Expects win-win given strong working relationship.

Second best services year ever. Largely 3 customers so dependent on individual carrier activity. Verizon MLA includes services component which should broaden customer base. Some peers exiting services business helps SBA positioning.

Cavanagh declined multi-year specificity but noted new spectrum and eventual 6G cycle will drive future investment. Current leasing trajectory favorable to 2026 due to the lag between signings and revenue.

Cavanagh expects international churn to remain elevated through 2026, similar to 2025 levels. Brazil is the key driver; Central America is largely through its consolidation churn.