Eric Luebchow

Management noted mixed top-of-funnel by geography with strong coastal/Midwest and softer supply-heavy Sunbelt but net positive pricing dynamic

Management noted brief pause for NSA Q3 closing window but continued deployment for one-off acquisitions throughout 2026

Boyle acknowledged fewer deliveries due to rising costs and rent pressure in high-growth markets, but development remains a strong risk-adjusted return and a focus of the value creation engine.

Boyle noted consumers increasingly using LLMs and PSA investing in AI agents across website, app, and customer interactions. Plans to share more over the next 6-12 months.

Boyle noted LA revenue now expected down 1-2% for the year vs prior down 3%, with the recent ICE-related state of emergency having negligible impact on Q4.

Boyle provided detailed October data: new customer revenue down slightly less than 9%, move-in rates down 10-11% but volume up 3-4%, occupancy gap at -40bps.

Tom expects similar seasonal trends as 2024 with continued competitive dynamics for new customers.

Tom reiterated revenue maximization as the goal, with all three levers, marketing, promotions, move-in rates, used granularly at the property/product level.

Joe confirmed ongoing study of international markets. PSA looks for scale, existing platform, and ability to infuse operational capabilities.

Tom confirmed occupancy tracking right in line with the midpoint assumption of down 10bps on average.

Declined to confirm the specific agreement but gave broader Europe color, reiterating mid-single-digit organic growth anchored by Telefonica.

Denied any slowdown and Smith reaffirmed the $245 million services revenue outlook, noting it is slightly front-end loaded.

Steve firmly positioned CoreSite as long-term portfolio asset. Edge computing will finalize tower-data center synergies. Business performing well beyond acquisition underwrite expectations.

Steve highlighted wireless carriers now engaging with chip makers and cloud companies on Edge. Declined to predict timing again but sees momentum. Raleigh data center serves as Edge experimentation hub.

Steve said even software-push spectrum eventually drives densification as mobile data grows. Experts project capacity must double in 5 years, spectrum and technology solve about half, densification solves the rest. Rod added overall apps up ~20% YoY with colo apps up ~40%, beginning of densification shift.

Steve said always in dialogue with all customers about potential deals. On a la carte vs MLA: medium to long term, revenue flows either way, just more variable timing without MLA. Some revenue shifted into 2026 from timing but underlying demand unchanged.

Rod quantified: colocations just over 10% of applications (~2,500-3,000 of 18,000+), up from recent past but still early days of densification. Rod laid out capital priorities: 1) fund dividend (~5% growth tracking AFFO), 2) $1.5-2B internal CapEx, 3) toggle between delevering, M&A (developed markets focus), and buybacks.

Steve emphasized CoreSite is interconnection-focused, not hyperscale. Enterprise demand for multi-cloud and AI tools remains robust with existing customers expanding and new customers seeking larger installations. Retail colo also strong. Demand expected durable despite hyperscale pullbacks and economic uncertainty.

Steve said AMT is agnostic between MLA and a la carte, whatever drives best long-term value. Always in dialogue with all customers. No negative or positive signal from absence of comprehensive MLA; just not the right structure for both parties currently.

On a potential SpaceX/StarLink mobile service, management said it was too early to speculate but noted its sites offer space, power and backhaul to serve any operator.

CFO confirmed 200+ basis points additional margin improvement potential through 2030 via ground lease purchases (from 30% to 40% ownership) and platform/systems/automation investments.

CEO set expectations for small initial volumes with disciplined economics requiring multiple committed tenants. CCI sees opportunity given its size and scale advantage, but CapEx must clear return hurdles.

CFO broke down $55M 2026 impact: ~$45M SG&A, ~$5M site rental COGS, ~$5M services. Run-rate $65M: ~$50M SG&A, ~$5M site rental COGS, ~$10M services.

CFO cited visibility into leasing activity, carrier spectrum purchases and deployment plans, and continued data demand growth. CEO added MLA visibility into future activity levels.

CFO deferred 2026 guidance to Q4 earnings but noted no change in colo/amendment mix and exciting developments with clients.

CFO listed multiple efficiency levers including systems, automation, and ground lease purchases over next 2-3 years, with biggest near-term benefit from simplification to one business.

Mercier listed renewal execution, hyperscale leasing, 0-1 megawatt records and private capital fee income, but gave no specific accretion math for the announced deals.

Power confirmed rent growth outpacing cost inflation despite incredible demand pressure on supply chains, labor, and certain regional shortages of skilled electricians.

Power confirmed hyperscalers looking further out, with seven consecutive quarters of different top signing customers and more customers competing for the same capacity blocks.

Power confirmed large capacity block deals skew toward established investment-grade hyperscalers; Mercier expects CapEx to increase in 2026 with broader portion in private capital.

McLean confirmed very active hyperscale conversations around Northern Virginia capacity coming online, with pipeline as strong as ever and demand tilted towards North America.

Power highlighted Q1 0-1MW pacing 10% above prior year's record pace; McLean confirmed largest 0-1MW pipeline on record with strong partner contribution at 33%.

CFO outlined $300-400M in non-core dispositions and remainder toward private capital expansion, with the fund described as the next logical step going very well.

CEO gave the demand and execution drivers and the CFO added the top 25 metro concentration, but neither addressed the MRR per cabinet versus billable cabinet mix directly.

Adaire detailed that of the 60% AI deals, nearly half came from non-cloud enterprises including retail, manufacturing, and financial services. 11 liquid cool deployments in Q4 with 5 in NYC for FSI customers.

Adaire confirmed very firm pricing with no dilution. Keith outlined 2026 positives: lower cost to borrow than Analyst Day assumptions, ability to raise capital in lower-cost markets, and increasing interest capitalization.

Adaire cited three accelerators: single-phase builds, larger enterprise footprint requirements, and presales activity enabling de-risking. All should shorten stabilization vs historical 2-4 year timeline.

Adaire confirmed xScale pipeline unchanged with strong pre-leasing, Hampton progressing, and ~$40M SG&A investment planned for xScale growth. Keith noted NRR would step down in Q2 then recover in Q4.

Adaire detailed churn analytics showing interconnected and multi-regional customers have lower churn propensity, guiding 2-2.5% range for 2025 with focus on increasing interconnection attachment.

Adaire highlighted strongest non-Tier 1 metro volumes from tech service providers seeking large contiguous footprints, with positive pricing trends across Tier 2 locations.

CEO tied future amendment activity to new spectrum deployments and said international churn is nearing the end of its elevated period.

Colocations dominating amendments in dollar terms. Upper C-band auction expected mid-2027 but deployment impact not until 2029-2030 after clearing. Near-term amendment activity from existing undeployed AWS/PCS spectrum massive MIMO upgrades and T-Mobile C-band.

Long-term 4-5% domestic organic growth: 3% escalators, 1% churn, 2-3% organic lease-up. Current year slightly below due to T-Mobile cycling and AT&T MLA structure. Expects recovery as competitive environment normalizes.

Cavanagh declined to front-run 2026 guidance but expressed confidence new leasing activity will be in same range. DISH contribution only $2M this year, mostly first half, so negligible run-rate impact.

Starlink terrestrial plans premature to discuss. AT&T 3.45 GHz upgrades may be mostly software. 600 MHz deployment timing and magnitude uncertain. Early to say whether meaningful upside exists.

IG benefit mainly on unsecured paper; ABS debt already priced near IG. Not giving up much flexibility at current leverage. Domestic leasing run rate expected at $10-11M in back half, favorable for 2026.

Regulatory requirements are a factor for at least one carrier (T-Mobile buildout obligations), but commercial needs also drive activity. Services uplift correlated with leasing activity on SBA's own sites.