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Analyst
David Guarino
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q1 (6 quarters).
- Questions
- 10on tracked calls
- Challenge rate
- 0%none of 10 questions
- Companies
- 3questioned at least once
- Reporting periods
- 6with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 10 of 10 questions from 3 companies
DLRDigital Realty4 questions · 4 reporting periods · 0 of 4 challenging
Calendar 2025 Q3
Is that something where you'd reconsider chasing that sort of demand
Show response
Power reaffirmed focus on cloud availability zone markets with diverse demand, noting adjacencies to tight markets make the most sense for long-term infrastructure investment.
Calendar 2025 Q2
Can you talk a little bit about the strategic rationale for keeping a majority stake in the operating assets
Show response
Power clarified 20% ownership in both operating and development assets; on utility deposits, he viewed larger upfront commitments as net positive for rationalization.
Calendar 2025 Q1
have you seen any change in cap rates for stabilized turnkey data centers
Show response
Wright noted no meaningful cap rate change as higher rates are offset by higher growth expectations; fund seed assets contributed at high-fives cap rate.
Calendar 2024 Q4
Were those in legacy assets, which will hopefully provide a much-needed boost to same-store occupancy when the leases commence
Show response
Power confirmed broad-based activity across legacy and newer assets, with top markets including Northern Virginia, London, LA, Frankfurt, and Chicago.
EQIXEquinix3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2026 Q1
I was wondering if there's any framework you can provide us to estimate and forecast how large they might be
Show response
Adaire provided limited modeling framework, noting Manuka is still being worked on for the second half. Guided total NRR of approximately 5.8% for the full year with a portion from xScale leasing. Olivier added remaining xScale deals are relatively small.
Calendar 2025 Q4
do you think that trend of reducing costs will continue? Or at some point, are you going to have to increase staffing levels
Show response
Keith outlined SG&A reduction target from 18-19% to 15% of revenue through process and systems efficiency, not headcount cuts. New buildings leverage existing SG&A with 200bp annual margin improvement in 2026.
Calendar 2025 Q3
was this a one-off quarter? Or is this the normal run rate we should expect going forward?
Show response
Adaire noted relatively consistent bookings growth over time but cautioned on inherent volatility. Keith highlighted that supply constraints may shift activity between bookings and presales.
SBACSBA Communications3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2025 Q4
it would be great just to hear how you underwrote the deal, whether it was from a multiple perspective or an IRR perspective
Show response
Guatemala land under 3,900 Millicom towers bought at mid-single-digit multiple, immediately accretive and derisks properties. On data centers, not adding standalone but edge compute opportunities advancing with AI-driven use cases. SBA's distributed portfolio positions it for edge.
Calendar 2025 Q2
how high the frequency can go before it won't propagate well from a macro tower site
Show response
Higher bands require new equipment at towers, favorable for SBA. First 100MHz auction deadline mid-2026 with 2-year carrier deployment timeline. Remaining 700MHz likely into next decade.
Calendar 2025 Q1
How should we think about SBA's portfolio performing if the U.S. economy were to hit a soft patch?
Show response
Cavanagh emphasized AFFO of about $1.4 billion provides stability since variation impacts only incremental leasing additions. Existing leases are already contracted, limiting downside.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| DLR Digital Realty | 4 | 0%none of 4 questions |
| EQIX Equinix | 3 | 0%none of 3 questions |
| SBAC SBA Communications | 3 | 0%none of 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 1 | 0%none of 1 question | 1 |
| 2025 Q1 | 2 | 0%none of 2 questions | 2 |
| 2025 Q2 | 2 | 0%none of 2 questions | 2 |
| 2025 Q3 | 2 | 0%none of 2 questions | 2 |
| 2025 Q4 | 2 | 0%none of 2 questions | 2 |
| 2026 Q1 | 1 | 0%none of 1 question | 1 |
- 2024 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2026 Q11 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Capital Allocation4
- Revenue Growth3
- Demand3
- Competitive Dynamics2
- Margin1
- Cost Pressure1
- M&A1
- Geographic Expansion1
- Capex Investment1
- Regulation Policy1
Show all 12 topics
- Pricing1
- Macroeconomic1