Digital Realty Trust, Equinix a Iron Mountain těží z multi-year pronájmů datových center pro AI. Digital Realty uvedla rekordní backlog 1,9 miliardy USD a Equinix i Iron Mountain hlásí silný růst tržeb a pronájmů.
Hyperscalers are signing multi-year leases at a pace that is rewriting the income playbook, and three REITs are quietly collecting the rent on every server warehouse in the deal. The question is which one fits a portfolio built for the…
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Data centers are the physical layer under the AI buildout: leased, powered warehouses that house the servers running training and inference. Landlords sign multi-year rent contracts, often with hyperscalers (the largest cloud and AI operators such as Amazon, Microsoft, Google, Meta, and Oracle), which makes the cash flows look like industrial real estate with a technology tailwind. Iron Mountain management has cited an industry expectation that data center capacity grows at a 15% to 25% CAGR, and leasing activity across the three names below supports that framing. All three are US-listed equity REITs that own the properties and collect the rent, not mortgage REITs. (we profiled seven suppliers powering this same buildout, from power to cooling, in a free report you can grab here: 7 Stocks Powering the AI Boom.)
Digital Realty Trust: Global Landlord to the Hyperscalers Digital Realty Trust (NYSE:DLR | DLR Price Prediction) operates PlatformDIGITAL, Interxion, and ServiceFabric across 733 data centers in 39 metros, with major development markets in Northern Virginia, Charlotte, Atlanta, São Paulo, and Marseille. The customer base spans traditional hyperscalers, network carriers, and enterprise AI adopters.
Q1 2026 delivered $707 million in annualized GAAP base rent bookings at 100% share, anchored by a 200 megawatt AI inference lease, the largest hyperscale deal in company history. In Q2, backlog reached a record $1.9 billion at 100% share and $1.4 billion at Digital Realty share, which management called roughly 30% of in-place data center revenue. Cash releasing spreads on renewals exceeded 25% in the quarter.
The quarterly dividend of $1.22 per share, implies an annual $4.88, compared with a share price of $187.79. That payout has been held at $1.22 quarterly since the March 2022 ex-date, so this is a dividend that has been maintained rather than raised through the AI cycle. Coverage on Core FFO is comfortable: 2026 guidance was raised to $8.15 to $8.20 per share of Core FFO excluding net promote income, well ahead of the $4.88 annual dividend.
Bull case: a 1.4 gigawatt development pipeline that is 63% pre-leased pro forma for July signings, with an average expected stabilized yield of 11.5%, plus 600 megawatts of secured Kansas City utility power ramping in 2028, points to multi-year rent growth without heroic assumptions.
Bear case: development capital intensity. Digital Realty already sold 7.3 million shares under its ATM for about $1.3 billion of net proceeds and raised 2026 net capex guidance to $4.25 billion to $4.75 billion. A flat dividend during a heavy equity-issuance phase is the cost of growth, and an AI capex slowdown would leave that unfunded pipeline exposed.
Equinix: Interconnection Moat Meets AI Inference Equinix (NASDAQ:EQIX) runs a global colocation and interconnection platform, with 52 expansion projects underway across 33 markets. The differentiator is density of network connections. Interconnection is the paid cross-connect that lets a tenant plug directly into another tenant, a cloud, or a carrier inside the same building, which cuts latency and backhaul cost. Equinix says its ecosystem is approximately twice the size of the next largest provider, and that eight of the top 10 model providers and eight of the top 10 neoclouds are already running key networking workloads on Equinix.
Revenue reached $2.625 billion, up 16.4% year over year, with annualized gross bookings of $424 million, up 23%, and a record 9,700 net interconnections added. Adjusted EBITDA margin was 53%, up 300 basis points year over year. Management raised full-year AFFO per share growth expectations to 10% to 12% and called it “the largest single guidance raise in the history of our company”.
Currently the quarterly dividend pays out $5.16 per share, annualized for $20.64, against a share price of $1,040.83. The dividend has moved from $4.26 in 2024 to $4.69 in 2025 to $5.16 in 2026. AFFO coverage is conservative: full-year 2026 AFFO per share is guided to $42.69 to $43.29 against expected cash dividends of roughly $2.039 billion for the full year. Long term, management expects dividend per share growth to approximate AFFO per share growth, which is guided at 9% to 12% annually through 2029.
Bull case: CEO Adaire Fox-Martin said “the AI-driven infrastructure cycle continues to accelerate and it’s playing directly to our strengths”, and the stabilized portfolio is already generating a 27% cash-on-cash yield on gross property and equipment. That is the kind of unit economics that funds continued dividend growth.
Bear case: power, land, and cost of capital. Equinix is committing to $5 billion to $7 billion of annual capex through 2029, and management expects the blended cost of capital to rise by approximately 150 basis points and leverage to increase by about a turn across the plan.
Iron Mountain: Records Storage Cash Cow Bankrolling a Data Center Ramp Iron Mountain (NYSE:IRM) is a hybrid equity REIT: a legacy physical records storage business with record storage volume of 735 million cubic feet and a 93.4% retention rate, layered with fast-growing data center, digital, and asset lifecycle management segments. Those three growth segments grew more than 50% year over year and now account for 35% of second-quarter revenue.
Revenue was $263 million in Q2, up 39% year over year, with renewal pricing spreads of 12% cash and 14% GAAP. Year-to-date leasing reached 110 megawatts through July, including 75 megawatts in July alone, capped by a 51 megawatt Mumbai lease with a major global hyperscaler on a 10-year contract and a 25 megawatt lease that fully leased London 3. Approximately 325 megawatts of leasable capacity is expected to energize over the next 24 months.
T quarterly dividend comes in at $0.864 per share, for an annualized $3.456, compared with a share price of $114.98. The dividend has stepped up in four consecutive years, from $0.65 through mid-2024, to $0.715, to $0.785, and now $0.864 quarterly. AFFO coverage: full-year AFFO per share guidance of $5.87 to $5.93 against the $3.456 annualized dividend, consistent with management’s stated low-60s% AFFO payout ratio target.
Bull case: the records business funds a data center build with signed, hyperscaler-anchored backlog that supports additional revenue growth of $370 million beyond 2026, and the ALM segment now runs at $288 million of quarterly revenue, up 88% year over year, giving Iron Mountain a second growth lever tied to the same hyperscaler refresh cycle.
Bear case: the balance sheet. Iron Mountain carries $17.3 billion of net debt, negative shareholders’ equity of $955 million, and net lease-adjusted leverage of 4.8 times. It recently issued a $1.5 billion bond with a 6.25% fixed coupon maturing in 2035. Higher rates and continued data center capex needs mean interest expense is a real headwind if hyperscale leasing lumpiness slows the AFFO ramp.
Bottom Line for Income Portfolios Current yields here are moderate by design: dividends are covered by AFFO or Core FFO, and the growth is coming from real, signed hyperscale leases against gigawatt-scale pipelines. Equinix is the compounder with the interconnection moat and a rising dividend. Iron Mountain is the highest-growth data center story on the roster, funded by a records business that keeps paying the bills. Digital Realty is the pure-play landlord with the largest hyperscale lease in its history in the bag, though income buyers should recognize the dividend has been flat while the company issues equity to fund the build. For a retirement income sleeve tied to the AI buildout, owning the physical rent stream beats owning the chip cycle.
Contact [email protected] for any questions or corrections.
Both data center REITs just paid shareholders, both ride the same AI wave, but their dividend scorecards look nothing alike. One has raised its payout for over a decade while the other has frozen shareholders out for four years despite…
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Two data center REITs just paid investors, and their scorecards on payout coverage look very different. Digital Realty Trust (NYSE:DLR | DLR Price Prediction) sends shareholders $1.22 per share on September 30, 2026, the same quarterly rate it has paid since March 2022. Equinix (NASDAQ:EQIX) paid $5.16 per share on September 16, 2026, part of a raise that pushed the payout 10% higher and extended its 11th consecutive year of dividend growth. Same industry, same AI tailwind, two grades on the coverage math.
Payout Coverage: Who Has More Room to Run Equinix guides full-year 2026 AFFO per share to $42.69 to $43.29 against expected cash dividends of roughly $2.039 billion. CFO Olivier Leonetti confirmed the target on the July call: “we have a payout ratio in the 50% range, so we will have a sizable retained cash flow.” That retained cash flow funds a capital budget of $5 billion to $6 billion for the year without stressing the dividend.
Digital Realty’s coverage is thinner on a headline basis but improving fast. FY2026 Core FFO per share guidance sits at $8.00 to $8.10 against an indicated annual dividend of $4.88, implying a payout in the low 60s. Management raised the Core FFO per share range excluding net promote income to $8.15 to $8.20 after Q2, calling it the “second consecutive year of double digit core FFO per share growth.”
Growth Streak vs. Frozen Payout DLR’s $1.22 quarterly rate has not moved in more than four years. The company last raised the dividend from $1.16 to $1.22 with the March 2022 payment, and every declaration since has held the line. That stall now stretches across a period where Core FFO per share rose from $1.77 in Q1 2025 to $2.04 in Q1 2026. The company is earning more, but shareholders are not getting more in the mailbox.
Equinix moved the other way. The quarterly dividend stepped from $4.69 to $5.16 with the February 2026 payment, and the run of raises now spans over a decade. Management explicitly linked future increases to earnings, telling investors “dividend growth to approximate AFFO per share growth” through 2029, with AFFO per share expected to compound at 9% to 12% annually.
Balance Sheet Behind the Checks Coverage is only as durable as the balance sheet. Equinix carries net leverage of 3.6 times adjusted EBITDA with $7.7 billion of liquidity. Digital Realty runs hotter at 4.7 times debt to adjusted EBITDA, though CFO Matt Mercier flagged that as “well below our long-term threshold” and paired it with roughly $6 billion of liquidity. DLR’s backlog reached a record $1.4 billion at DLR share, roughly 30% of in-place data center rent, which management said should support “multiple years of double-digit growth.” The capital funding that backlog has to come from somewhere, and the picks-and-shovels names on the other side of the meter, power, cooling, and networking, are the subject of a free report we put together on seven AI infrastructure suppliers that aren’t chipmakers.
Total Return Scorecard Investors have noticed the difference. EQIX is up 36.15% year to date and 33.49% over one year. DLR trails with a 20.05% year-to-date gain and 12.45% over one year. Market caps reflect the gap: $99.4 billion for Equinix versus $67.3 billion for Digital Realty.
Grading the Coverage On payout coverage alone, Equinix earns an A. A payout ratio in the 50% range, an 11-year growth streak, and explicit guidance tying future raises to double-digit AFFO growth is the textbook profile. Digital Realty grades a C. The FFO math works, the growth is accelerating, and leverage is dropping, but a dividend frozen for four consecutive years while earnings compound sends a mixed message about capital priorities. The next signal to watch is whether DLR’s board finally moves the $1.22 rate as 2026 Core FFO per share crosses $8.15 to $8.20. Until then, EQIX owns the scorecard.
Contact [email protected] for any questions or corrections.
Equinix představil Fabric One, spravovanou službu pro propojení cloudových, AI a firemních prostředí. Beta má přijít letos, ostrý start je plánován na 2027 v Severní Americe.
Equinix Fabric One will deliver any-to-any connectivity across enterprise, cloud and AI environments, with AWS and Google Cloud serving as lead integration partners
, /PRNewswire/ -- Equinix, Inc. (Nasdaq: EQIX), the world's digital infrastructure company®, today announced Equinix® Fabric One™, a managed, any-to-any connectivity service designed to simplify how enterprises connect distributed cloud, network and AI environments. The announcement was made at Equinix Horizon, the company's inaugural customer and partner event.
Equinix® Fabric One™ customer journey Built to address the networking complexity of the AI era, Equinix Fabric One will leverage open connectivity specifications developed by Amazon Web Services (AWS) and Google Cloud to support interoperability across distributed cloud, AI and enterprise environments. Customers will simply specify what they need connected and their requirements, and Equinix Fabric One determines and delivers the connectivity required to make it happen. At Horizon, Equinix is also announcing Equinix® Inference Exchange to accelerate enterprise AI infrastructure deployments.
"For decades, enterprise networks have been built one connection at a time for each partner and provider they depend on. That approach doesn't scale in a world of distributed AI that demands dynamic, flexible and real-time connectivity," said Chris Audie, Chief Product Officer, Equinix. "Equinix Fabric One will reduce the complexity that's slowing enterprises down by automatically managing connectivity across distributed architectures, based on the customer's intent."
The Connectivity Modern Enterprises Need
As enterprises need to connect to more clouds, AI providers, partners and locations, every new connection can become a networking project requiring specialized expertise, cross-functional coordination and ongoing management. That complexity can slow deployment and makes it harder for infrastructure to keep pace with the needs of the business.
"Networking is still a key area of enterprise infrastructure that remains heavily dependent on manual design and operations," said Andrew Buss, Senior Research Director, Cloud and Datacenters, Enterprise Infrastructure at IDC. "Organizations are increasingly looking for ways to simplify and automate how connectivity is provisioned and managed across distributed cloud and AI environments, but achieving this transformation remains a major challenge. Advances that enable more integrated automation and intent-driven approaches can reduce operational complexity and risk while supporting the flexibility modern AI and multicloud architectures require."
Equinix Fabric One aims to modernize how enterprises consume connectivity. Instead of assembling and managing networking service component by component, customers simply specify what they need through a portal, APIs, automation workflows, agent-based requests or natural-language prompts. Equinix Fabric One will automatically orchestrate and manage the routing, cloud connectivity, encryption, resiliency and failover required to deliver that outcome as a single managed service.
Equinix Fabric One is built on the company's trusted, neutral exchange of more than 10,500 interconnected businesses, approximately 3,000 cloud and IT providers, and active deployments by eight of the top 10 AI model providers and nine of the top 10 neoclouds. Equinix's neutrality gives enterprises the freedom to connect across providers while keeping their architecture flexible as business and technology needs evolve.
Neutral by Design. Open by Default.
Built on open connectivity specifications, Equinix Fabric One leverages the open source OpenAPI 3.0 Interconnect specification, which AWS and Google Cloud collaborated on to preserve choice and interoperability across distributed AI, cloud and enterprise environments. As enterprises move toward agentic architectures, applications and AI agents can discover, request and provision connectivity programmatically, without manual intervention.
"Customers shouldn't have to figure out how to connect across multiple clouds and AI environments on their own," said Robert Kennedy, Vice President, AWS network services. "They should just define what they need and have it work. Fabric One builds on the open interconnect specification that AWS and Google Cloud helped define and deliver exactly that. A managed service that handles the complexity so customers can focus on their AI workloads, not how everything connects."
"Cross-cloud interoperability is the backbone of the AI era," said Rob Enns, Vice President of Engineering, Cloud Networking, Google Cloud. "We helped establish the open interconnect specification so enterprises no longer have to manage the complexity of multi-cloud networking. By combining Google Cloud's Cross-Cloud Network capabilities with Equinix Fabric One, we are giving customers an automated, intent-driven network that lets them quickly deploy distributed AI workloads."
Connectivity That Evolves with the Enterprise
The world's leading organizations are increasingly seeking connectivity models that allow teams to focus on what they need rather than the complexity of building and managing individual connections.
"As technology environments become more distributed, AI workloads and multicloud architectures require connectivity that is flexible, scalable and easier to manage," said Paul Hager, CEO, Hyundai AutoEver America. "Equinix Fabric One has the potential to accelerate our efforts to meet those needs."
Equinix Fabric One is expected to enter beta later this year, with general availability planned for 2027, initially in North America.
Additional Resources
The Network Is How Multicloud AI Scales [Analyst Report] The Coordination Economy: How Enterprises Really Build AI Value [Blog] Equinix Fabric One [Product Page] Equinix Fabric One Product Release Note [Release Note] Equinix Horizon Event Page [Event Page] About Equinix
Equinix, Inc. (Nasdaq: EQIX) shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI—quickly, efficiently and everywhere.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, risks to our business and operating results related to the current inflationary environment; foreign currency exchange rate fluctuations; stock price fluctuations; increased costs to procure power and the general volatility in the global energy market; the challenges of building and operating IBX® and xScale® data centers, including those related to sourcing suitable power and land, and any supply chain constraints or increased costs of supplies; the challenges of developing, deploying and delivering Equinix products and solutions; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenues from customers in recently built out or acquired data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; risks related to our taxation as a REIT; risks related to regulatory inquiries or litigation; and other risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.
Equinix Inference Exchange combines NVIDIA Enterprise Reference Architectures, Together AI's inference platform and Equinix's global infrastructure to optimize deployment speed, flexibility and cost efficiency
, /PRNewswire/ -- Equinix, Inc. (Nasdaq: EQIX), the world's digital infrastructure company®, today announced a significant expansion of its longtime collaboration with NVIDIA to deliver Equinix® Inference Exchange, a distributed AI inference program for global enterprises, alongside a new collaboration with Together AI.
Equinix® Inference Exchange - Bringing inference closer to where data, users and applications live As AI scales across models, providers and geographies, where inference runs is a strategic imperative that determines performance, cost and governance. Equinix Inference Exchange will give enterprises a faster path from AI experimentation to production, with secure, low-latency connectivity to the data, users and ecosystem they depend on.
This collaboration brings together NVIDIA's validated Enterprise Reference Architectures with Together AI's inference platform, supporting more than 200 open-source models. Delivered through Equinix's global data centers, it will provide connectivity to clouds, networks and AI providers through Equinix Fabric®.
The solution will be announced today at Equinix Horizon, the company's inaugural customer and partner event, alongside Equinix® Fabric One™, which will make it easier for enterprises to connect across globally distributed AI environments.
"AI is transforming enterprise technology at extraordinary speed, and the infrastructure decisions enterprises make today will define their competitive position for years to come. Equinix is uniquely positioned to deliver what this moment demands based on our nearly three decades building the trusted exchange where the world's enterprises run, connect and orchestrate their most critical workloads," said Adaire Fox-Martin, Chief Executive Officer and President, Equinix. "Our longtime relationship with NVIDIA delivers the accelerated computing foundation at the heart of modern AI, while Together AI's commitment to open ecosystems gives enterprises the flexibility to scale on their terms. Equinix Inference Exchange will enable architectures that are neutral by design, open by default and engineered for exceptional performance."
"Equinix Inference Exchange turns the world's leading digital interconnection platform into a global fabric for AI inference," said Raj Mirpuri, vice president of global AI clouds and infrastructure ecosystem at NVIDIA. "As accelerated compute becomes a strategic asset class, combining NVIDIA's infrastructure & technology with Together AI's open-model inference platform and Equinix's global reach gives enterprises a powerful, distributed foundation to bring intelligence closer to their data, applications and customers—accelerating the next generation of intelligent services."
"Together AI was built on the conviction that open, accessible AI is what will define the industry moving forward, because enterprises shouldn't have to choose between model performance and operational flexibility," said Vipul Ved Prakash, co-founder and CEO, Together AI. "What we are building with Equinix and NVIDIA proves that model choice and performance are not trade-offs. They are the foundation of enterprise AI done right."
Where Inference Runs Matters
The pace of enterprise AI adoption is outrunning the infrastructure needed to support it. As enterprise AI moves from experimentation to production, inference increasingly needs to run closer to the users, data and applications it serves across clouds, models, providers and geographies. This shift requires enterprises to determine not only how to deploy AI infrastructure, but where it should run and how it connects to the data, applications and workloads it depends on.
Managing these distributed inference deployments introduces significant operational complexity at precisely the moment enterprises need greater control and visibility.
"Performance, cost and governance have become strategic considerations as AI workloads grow more distributed across providers, data sources and environments," said Nick Patience, Vice President & Practice Lead, AI Platforms, The Futurum Group. "Organizations are increasingly focused on where inference runs and how quickly it can be deployed into production. Solutions that simplify inference deployment while preserving flexibility will become increasingly important to achieve business outcomes."
Equinix brings unmatched scale and ecosystem density to this challenge, with more than 280 data centers across 77 metros, 230 cloud on-ramps and over 10,500 businesses interconnected on its neutral exchange. Eight of the top 10 AI model providers and nine of the top 10 AI clouds are deployed with Equinix, underscoring the company's position at the center of the AI ecosystem.
Built for Choice and Flexibility
Together AI is the latest addition to Equinix's expansive AI ecosystem, bringing open-model flexibility and choice to enterprises deploying AI at scale. The solution combines three complementary layers designed to simplify distributed AI inference:
Equinix provides the infrastructure foundation, including power, advanced cooling and day-two operations, connected through Equinix Fabric to the clouds, networks and AI providers that inference depends on. NVIDIA anchors the build with its Enterprise Reference Architectures and AI infrastructure purpose-built to maximize AI factory throughput and minimize token cost. Together AI runs the platform on top, supporting both multitenant deployments for shared efficiency and dedicated single-tenant environments for workloads that require dedicated capacity. Built on Equinix Fabric, the solution will connect to inference providers across major metros worldwide, cutting time-to-first-token. It also will connect to an expansive ecosystem of clouds, networks and AI providers, reducing deployment complexity.
Designed for Modern Enterprise Inference
The solution aims to support a broad range of enterprise inference scenarios, including:
Metro edge inference: For organizations that need inference running closer to users and data, enabling lower-latency AI experiences while leveraging the security, operational scale and global reach of Equinix. Open model migration: For enterprises moving workloads from closed, proprietary models to open-source alternatives to control cost and avoid lock-in, the solution will provide a direct, low-friction path to run that migration in production, with Together AI's open-model platform reachable over the same interconnected fabric enterprises already use to reach their other providers. Sovereign AI: For enterprises operating in regulated industries or specific geographies, the solution will enable AI workloads to run in locations that support data residency and sovereignty requirements, providing a simpler path to deploying AI at scale while maintaining control over where data and inference are processed. Equinix Inference Exchange will be available starting in Q1 2027.
Additional Resources
Token Optimization Begins with Choice [Analyst Report] The Coordination Economy: How Enterprises Really Build AI Value [Blog] Equinix Inference Exchange [Product Page] Equinix Inference Exchange Product Release Note [Product Release Note] Equinix Horizon Event Page [Event Page] About Equinix
Equinix, Inc. (Nasdaq: EQIX) shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI—quickly, efficiently and everywhere.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, risks to our business and operating results related to the current inflationary environment; foreign currency exchange rate fluctuations; stock price fluctuations; increased costs to procure power and the general volatility in the global energy market; the challenges of building and operating IBX® and xScale® data centers, including those related to sourcing suitable power and land, and any supply chain constraints or increased costs of supplies; the challenges of developing, deploying and delivering Equinix products and solutions; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenues from customers in recently built out or acquired data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; risks related to our taxation as a REIT; risks related to regulatory inquiries or litigation; and other risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.
In the news release, CPP Investments and Equinix Complete atNorth Acquisition to Support Growth of Leading Nordic Data Center Platform, issued 02-Sep-2026 by Equinix, Inc. over PR Newswire, we are advised by the company that changes have been made. The complete, corrected release follows, with additional details at the end:
CPP Investments and Equinix Complete atNorth Acquisition to Support Growth of Leading Nordic Data Center Platform, /PRNewswire/ -- Canada Pension Plan Investment Board (CPP Investments) and Equinix, Inc. (Nasdaq: EQIX), the world's digital infrastructure company®, have completed the acquisition of atNorth, a leading Nordic data center developer and operator with a scalable portfolio of high-density colocation and built-to-suit data facilities.
atNorth ICE02 data center in Reykjanesbær, Iceland atNorth's footprint spans across all five Nordic countries, with eight operational data centers and several new projects underway across the territory. This includes sites under development in Sweden, Finland, Norway and Denmark, alongside expansions to existing sites and a strong portfolio of additional development projects.
Together, the operating portfolio and development pipeline provide atNorth with significant capacity to serve growing demand from global enterprise and hyperscale customers across AI, cloud and high-performance computing workloads, supported by advanced cooling technologies, renewable energy integration and heat reuse solutions.
The US$4 billion acquisition, by CPP Investments and Equinix, builds on CPP Investments' global experience in data center investing and underscores the strategic importance of the Nordics as a leading hub for AI-ready digital infrastructure. atNorth will continue to operate independently under its existing brand, with the backing of its shareholders to accelerate development of its pipeline and expand capacity across the Nordics. Equinix brings complementary digital infrastructure expertise and global customer relationships to support atNorth's continued growth.
Given the strength of the opportunity and confidence in the partnership since the initial announcement, Partners Group, on behalf of its clients, has elected to re-invest and acquire a 10% stake in atNorth. As a result, CPP Investments will hold a c. 51% controlling stake committing US$1.3 billion, alongside Equinix's c. 34% committing US$895 million and Partners Group's c. 10% committing US$260 million. The remainder will be held by atNorth's internal stakeholders, who have chosen to roll over a substantial portion of their equity. The transaction involves a financing package of US$4.1 billion (€3.6 billion), underwritten by a group of European and Canadian lenders to support atNorth's continuous growth, fund the transaction, as well as the capital required to fund the expansion of the business. The transaction is immediately accretive upon close to Equinix's adjusted funds from operations (AFFO) per share.
"The completion of this investment gives CPP Investments a controlling stake in one of the Nordics' leading hyperscale data center platforms, and marks an important milestone in our partnership with Equinix," said Maximilian Biagosch, Senior Managing Director & Global Head of Real Assets, CPP Investments. "With its strong portfolio of development projects, access to renewable power and differentiated capabilities for AI and high-performance computing workloads, atNorth is well positioned to support the region's next phase of growth. This important transaction also aligns with CPP Investments' focus on investing in high-quality digital infrastructure businesses that can deliver long-term value for CPP contributors and beneficiaries."
"The acquisition will strengthen our ability to support customers expanding digital and AI deployments, while increasing capacity in a region widely recognised for its advanced technology ecosystem and sustainable energy profile," said Regina Dahlström, Managing Director, Equinix Nordics. "As AI adoption accelerates, organisations need infrastructure that brings together data, clouds, networks and inference services. Expanding our footprint helps create the interconnected hubs that enable data to move efficiently and securely across ecosystems."
"Since the signing announcement earlier this year, atNorth has continued to build strong momentum, securing new hyperscale contracts and expanding our development pipeline, including a new site in Norway", said Eyjólfur Magnús Kristinsson, CEO of atNorth. "We enter this next phase from a position of strength, with a clear strategy to continue to operate independently under the atNorth brand, while working closely with CPP Investments and Equinix. The backing of our new owners, enhances our ability to scale at pace, expand capacity across the Nordics, and deepen our relationships with global enterprise and hyperscale customers."
About Equinix
Equinix, Inc. (Nasdaq: EQIX) shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI—quickly, efficiently and everywhere.
About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At June 30, 2026, the Fund totalled C$863.6 billion.
For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.
About atNorth
atNorth is a leading Nordic data center company that offers cost-effective, scalable high-density colocation and built-to-suit services trusted by industry-leading organizations.
With sustainability at its core, atNorth's data centers run on renewable energy resources and support circular economy principles. All atNorth sites leverage innovative design, power efficiency, and intelligent operations to provide long-term infrastructure and flexible colocation deployments.
atNorth is headquartered in Reykjavik, Iceland and operates eight data centers in strategic locations across the Nordics, as well as four mega sites under development across Kouvola, inland, Ølgod, Denmark, Sollefteå, Sweden and Haugaland, Norway. The business also has an additional metro site under development in Stockholm, Sweden.
For more information, visit atNorth.com or follow atNorth on LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements, including statements related to the acquisition of atNorth, the joint agreement between CPP investments and Equinix and the expected benefits from the acquisition or the joint agreement. Factors that might cause such differences include, but are not limited to; risks to our business and operating results related to the current inflationary environment; foreign currency exchange rate fluctuations; stock price fluctuations; increased costs to procure power and the general volatility in the global energy market; the challenges of building and operating IBX® and xScale® data centers, including those related to sourcing suitable power and land, and any supply chain constraints or increased costs of supplies; the challenges of developing, deploying and delivering Equinix products and solutions; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenues from customers in recently built out or acquired data centers, including the atNorth data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; risks related to our taxation as a REIT; risks related to regulatory inquiries or litigation; and other risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.
Diraq a Equinix plánují umístit kvantový počítač Diraq do datového centra v Sydney. Půjde o první křemíkový spinový kvantový počítač ve sdíleném komerčním datovém centru.
SYDNEY, Aug. 31, 2026 (GLOBE NEWSWIRE) -- Diraq, the quantum computing pioneer, and Equinix, Inc. (Nasdaq: EQIX), the world’s digital infrastructure company®, today announced plans to deploy a Diraq quantum computer at an Equinix data center in Sydney, Australia. The deployment will mark the world’s first silicon spin quantum computer to operate in a shared commercial data center, bringing quantum computing one step closer to large-scale commercial adoption.
The installed quantum computer will feature a silicon chip containing eight quantum bits (qubits), with all cryogenic cooling and control electronics self-contained. The complete system fits within Equinix’s existing data center alongside standard servers, requiring minimal integration and drawing less than 20kW of power. Scaling to higher qubit counts requires only a chip replacement, with no changes to the surrounding infrastructure, making the system easily upgradable.
“Quantum computers are about to become as essential to data centers and computing infrastructure as data servers, CPUs and GPUs,” said Andrew Dzurak, Diraq Founder and CEO. “The data center is where quantum computing goes mainstream, and that shift starts now. It’s a first, and the milestone is in the simplicity itself. Diraq’s quantum computers integrate into operational data centers like any other rack. That’s the advantage of Diraq’s silicon spin qubits: as we scale to millions of qubits, our system is deployable anywhere in the world, right next to the AI systems that are reshaping the global economy.”
The collaboration is designed to:
Test real-world performance: Evaluate how Diraq’s quantum system operates in a live commercial data center with open network connectivity, including remote monitoring and secure integration with the classical CPUs and GPUs that power today’s computing.Chart the path to commercial scale: Operating alongside the cloud and AI systems already in Equinix’s data center, Diraq will explore how quantum and AI can work together as both technologies scale, laying the groundwork for practical, hybrid quantum-classical computing.Begin partner and customer conversations: Once testing is complete, Diraq will give industry partners and customers the opportunity to see quantum computing in action and explore potential applications in an Equinix facility that already meets enterprise data sovereignty, security and compliance requirements. Jarrod Nink, Managing Director, Australia, Equinix, said: “Quantum computing’s future depends not only on breakthroughs in hardware, but on proving how these systems can operate within the digital infrastructure enterprises rely on every day. Our collaboration with Diraq will demonstrate how quantum computing can be securely deployed alongside AI, cloud and high-performance computing environments. By combining Diraq’s pioneering silicon quantum technology with Equinix’s global footprint, we’re helping to define a new benchmark for quantum deployment while supporting Australia’s ambition to become a leading global hub for quantum innovation.”
“We believe the future of computing will be quantum-enhanced and AI-enabled,” said Diraq Founder and CEO Andrew Dzurak. “Rather than replacing today’s systems, quantum computers will work alongside AI and classical infrastructure to solve problems that are currently out of reach. By bringing quantum into a commercial data center, we’re helping pave the way for that future.”
Diraq’s qubits are made the same way as the chips in today’s phones and laptops, leveraging existing semiconductor foundries to manufacture and clearing a path to millions of qubits on one chip. Because they’re so small, Diraq can pack far more qubits into less space on a single chip than other quantum technologies: the resulting quantum computing system is small enough that many of Diraq’s systems can operate inside a standard data center, beside the classical compute infrastructure it works with. Importantly, Diraq sees data centers hosting not just one quantum computer, but entire fleets of them.
At utility scale, the point where a quantum computer delivers more value than it costs to run, quantum computers will solve problems beyond the reach of today’s most powerful machines, modelling molecules and chemical reactions to accelerate drug discovery, materials design and energy solutions. They won’t replace today’s computers but work alongside them, in a hybrid future where quantum, AI and classical systems each tackle what they do best.
Installation work at Equinix’s Sydney data center will be completed in October 2026.
About Diraq
Diraq’s mission is to become the leading global provider of quantum computing hardware. Its approach turns transistors into qubits using the same CMOS fabrication technology that produces today’s computer chips. By leveraging existing semiconductor foundries rather than requiring custom manufacturing, Diraq is developing a path to millions of qubits on a single chip at a fraction of the cost. Founded by pioneering researchers and engineers in Sydney, Australia, Diraq is rapidly growing in the United States, with its U.S. headquarters in Palo Alto, a laboratory in Chicago, and a technology hub in Los Angeles (CA). The company partners with leading technology companies and foundries, including NVIDIA, Dell Technologies, GlobalFoundries, and imec, and is one of only 11 companies globally selected for Stage B of DARPA’s Quantum Benchmarking Initiative (QBI). To learn more, visit diraq.com, or follow Diraq on LinkedIn, YouTube, Substack, and X.
Equinix, Inc. (Nasdaq: EQIX) shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI—quickly, efficiently and everywhere.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, risks to our business and operating results related to the current inflationary environment; foreign currency exchange rate fluctuations; stock price fluctuations; increased costs to procure power and the general volatility in the global energy market; the challenges of building and operating IBX® and xScale® data centers, including those related to sourcing suitable power and land, and any supply chain constraints or increased costs of supplies; the challenges of developing, deploying and delivering Equinix products and solutions; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenues from customers in recently built out or acquired data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; risks related to our taxation as a REIT; risks related to regulatory inquiries or litigation; and other risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.
Equinix uvádí, že poptávka po AI infrastruktuře roste, protože firmy modernizují staré on-premises systémy pro distribuované AI zátěže. Společnost také zvýšila finanční výhled.
3 Ways to Play the Data Center Land GrabEquinix NASDAQ: EQIX CEO and President Adaire Fox-Martin said enterprise demand for AI infrastructure is being driven by the gap between companies’ future ambitions and the legacy infrastructure they continue to operate.
Speaking at The Six Five Summit 2026, Fox-Martin said the data center operator’s role has evolved through several major technology transitions, from internet scaling to multicloud connectivity. She characterized the current AI cycle as a shift that requires infrastructure to determine where data is processed, reasoned over and acted upon in real time, including at the network edge and within jurisdictional requirements.
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3 REITs to Watch as AI Data Center Spending Surpasses Office Construction“We were the neutral ground where the internet scaled,” Fox-Martin said. “We were the neutral platform that made multi-cloud connectivity very real. Now, as we unleash agentic AI and inference with these extraordinary and amazing capabilities, we’re the neutral exchange that I think can run, connect, and orchestrate it all.”
Fox-Martin said Equinix serves 60% of the Fortune 500 and sees customers navigating both the challenges and opportunities associated with distributed, AI-driven workloads.
Demand Signals and Guidance 3 Smart Investments If Interest Rates Stay Higher for LongerThe company recently raised its financial outlook, according to the discussion. Fox-Martin said Equinix’s confidence reflects demand across geographies, industries and customer types rather than a short-term AI investment cycle.
She said enterprises are modernizing legacy on-premises infrastructure that was not designed for distributed AI workloads, while new AI-native workloads are also creating demand. In many cases, she said, the organizations pursuing those deployments are already Equinix customers.
Fox-Martin cited record backlog, interconnections and bookings over the preceding three or four quarters as factors supporting the company’s outlook. She also said Equinix continues to evaluate infrastructure investments based on the same yield expectations investors have received historically.
Four Enterprise AI Deployment Patterns Fox-Martin identified four AI use cases that Equinix is seeing scale at the same time among enterprise customers:
Stack: Deploying a company’s technology stack in an Equinix facility to run open models on private AI infrastructure, reduce token costs and connect to cloud and OEM partners. Sovereign: Supporting data residency and compliance requirements. Fox-Martin said Equinix operates in 36 countries and has added software capabilities for geo-fencing workloads within a jurisdiction. Batch: Deploying capacity for training and batch inferencing, supported in part by technologies such as liquid cooling. Latency-sensitive workloads: Locating agentic workload nodes within a metro area to support low latency and, for some customers, reduce costs associated with backhauling data to centralized locations. “Those four, stack, sovereign, batch, latency sensitive, these are all ones that we’re seeing growing simultaneously,” Fox-Martin said.
Network Orchestration and Compliance As enterprises use multiple cloud services alongside on-premises systems, AI models, data platforms and security environments, Fox-Martin said managing complexity has become a central challenge for chief information officers.
She said Equinix is addressing that challenge through Equinix Fabric Intelligence, which she described as a capability intended to adjust and heal networks in real time and allow agents to autonomously create network paths. The goal, she said, is to help customers manage both performance and compliance requirements, including those related to data sovereignty.
“Most of the networks that we’ve seen today, they are built for performance, they’re not built for compliance,” Fox-Martin said. “With Equinix, you get both.”
Community and Energy Considerations Fox-Martin also addressed concerns surrounding data center development, including energy use, water consumption, land use and community impacts. She said Equinix views itself as a long-term participant in the communities where it operates rather than a temporary presence.
According to Fox-Martin, the company engages with communities early in the development process, publishes information about its power and water use, and seeks to improve efficiency in both areas. She said Equinix funds energy or grid infrastructure costs created by its own data center workload requirements rather than passing those costs to domestic ratepayers.
Fox-Martin added that the company seeks to create local economic opportunities through construction and skilled-trade employment, veterans programs, technical-talent development and the use of local businesses, including businesses owned by underrepresented groups.
“There isn’t one simple answer,” she said. “You have to look at it holistically, how you’re using energy, how you’re sourcing energy, how you’re innovating for energy.”
About Equinix (NASDAQ:EQIX)Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.
Equinix's offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.
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Equinix po výsledcích za 2. čtvrtletí zvýšil výhled tržeb pro rok 2026 na 10,205–10,285 miliardy USD a AFFO na akcii na 42,69–43,29 USD. Tržby i AFFO za čtvrtletí překonaly odhady.
A month has gone by since the last earnings report for Equinix (EQIX - Free Report) . Shares have added about 2.8% in that time frame, underperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Equinix due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for Equinix, Inc. before we dive into how investors and analysts have reacted as of late.
Equinix's Q2 AFFO Beat Estimates on Strong Demand & xScale FeesEquinix reported second-quarter 2026 AFFO per share of $11.78, up 18.9% year over year and above the Zacks Consensus Estimate of $11.25 by 4.71%.
Revenues rose 16.4% to $2.63 billion and surpassed the consensus mark of $2.59 billion by 1.34%. Strong underlying demand and one-time xScale leasing fees supported results. Annualized gross bookings increased 23% year over year to $424 million.
Equinix Recurring Revenues Rise Across RegionsRecurring revenues reached $2.38 billion, up 10.9% from the prior-year quarter. Non-recurring revenues more than doubled to $248 million from $113 million, reflecting the benefit of xScale leasing activity.
Americas’ revenues rose 24.6% year over year to $1.25 billion, with recurring revenues increasing to $1.07 billion. EMEA revenues advanced 10.2% to $845 million, while Asia-Pacific revenues grew 9.1% to $529 million. Normalized and constant-currency monthly recurring revenues increased across all three regions.
Equinix Posts Record Platform ActivityCustomer demand remained broad-based as the company delivered its second-highest quarterly bookings volume on record. Presales activity increased more than 50% year over year, contributing to a record backlog and improving visibility into future revenue growth.
Equinix added a record 9,700 net interconnections during the second quarter. Monthly recurring revenues increased 11% year over year on both an as-reported and normalized constant-currency basis.
Equinix Expands Margins on xScale FeesAdjusted EBITDA climbed 23.6% year over year to $1.40 billion. The adjusted EBITDA margin expanded to a record 53% from 50% in the prior-year quarter, aided by operating execution and one-time xScale fees.
Operating income increased 34.6% to $665 million. The cost of revenues increased 13.5% to $1.23 billion, but revenue growth outpaced the rise.
Equinix Accelerates Capacity InvestmentTotal capital expenditures were $1.58 billion, up from $989 million in the prior-year quarter. Non-recurring expenditures totaled $1.53 billion, including $1.37 billion directed toward IBX data center expansion.
The company had 52 projects underway across 33 markets and accelerated more than 7,000 cabinets previously scheduled for 2027 into the fourth quarter of 2026. Major project openings included facilities in Silicon Valley, Madrid and Milan. More than 85% of retail expansion spending is tied to owned land and owned buildings with long-term ground leases.
Equinix Maintains a Growth-Focused Balance SheetEquinix ended June with $979 million in cash and cash equivalents and $1.25 billion in short-term investments. Available liquidity totaled $7.7 billion, including undrawn revolving credit capacity.
The company reported total gross debt of roughly $22 billion and a net leverage ratio of 3.6 times. During the period, Equinix issued Canadian-dollar notes due in 2030 and 2035 and repaid $700 million of U.S.-dollar notes due in May 2026.
Equinix Raises 2026 & Long-Term OutlookFor the third quarter, management guided revenues to $2.525-$2.575 billion, implying a 9-11% increase year over year. Adjusted EBITDA is expected in the range of $1.275-$1.315 billion, with a margin of 51%.
For 2026, Equinix now expects revenues of $10.205-$10.285 billion, up from the previously guided range of $10.144-$10.244 billion. Adjusted EBITDA is projected between $5.210 billion and $5.270 billion, with a margin of approximately 51%. AFFO per share is expected between $42.69 and $43.29, up from the prior guidance range of $42.31-$43.11.
Management also raised its 2027-2029 outlook. Annual revenue growth is now expected between 10% and 13% compared with the prior range of 7-10%. Annual AFFO per-share growth is projected at 9-12%, while the adjusted EBITDA margin is expected to exceed 53% by 2029.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review.
VGM ScoresAt this time, Equinix has a average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. Following the exact same course, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for value investors.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Equinix has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
B. Metzler seel. Sohn & Co. AG bought a new position in Equinix, Inc. (NASDAQ:EQIX – Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 5,175 shares of the financial services provider’s stock, valued at approximately $5,394,000.
Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Equinix by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 13,398,906 shares of the financial services provider’s stock worth $10,265,706,000 after acquiring an additional 107,227 shares during the last quarter. BlackRock Inc. purchased a new position in Equinix during the 2nd quarter valued at about $11,930,074,000. Cohen & Steers Inc. increased its holdings in Equinix by 23.3% during the 4th quarter. Cohen & Steers Inc. now owns 2,609,011 shares of the financial services provider’s stock valued at $1,998,978,000 after purchasing an additional 493,141 shares during the period. Geode Capital Management LLC raised its position in Equinix by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 2,567,830 shares of the financial services provider’s stock valued at $1,959,731,000 after purchasing an additional 25,383 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in Equinix by 1.4% during the 1st quarter. Principal Financial Group Inc. now owns 1,980,497 shares of the financial services provider’s stock valued at $1,941,377,000 after purchasing an additional 27,643 shares during the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.
Equinix Stock Down 1.6% Shares of Equinix stock opened at $1,065.39 on Friday. Equinix, Inc. has a twelve month low of $720.62 and a twelve month high of $1,128.68. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 1.44. The company’s 50 day moving average is $1,052.66 and its 200 day moving average is $1,022.48. The company has a market cap of $105.12 billion, a price-to-earnings ratio of 68.60, a price-to-earnings-growth ratio of 1.54 and a beta of 0.99.
Equinix (NASDAQ:EQIX – Get Free Report) last posted its earnings results on Wednesday, July 29th. The financial services provider reported $11.78 EPS for the quarter, topping analysts’ consensus estimates of $4.73 by $7.05. The business had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $2.59 billion. Equinix had a net margin of 15.64% and a return on equity of 10.76%. The firm’s revenue was up 16.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $9.91 EPS. Equinix has set its FY 2026 guidance at 42.690-43.290 EPS. Research analysts anticipate that Equinix, Inc. will post 38.23 EPS for the current year. Equinix Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, August 19th will be given a dividend of $5.16 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $20.64 annualized dividend and a dividend yield of 1.9%. Equinix’s dividend payout ratio is presently 132.90%.
Insider Transactions at Equinix In related news, insider Kurt Pletcher sold 135 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $1,075.50, for a total value of $145,192.50. Following the transaction, the insider owned 4,077 shares of the company’s stock, valued at approximately $4,384,813.50. This trade represents a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christopher B. Paisley sold 4,000 shares of Equinix stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $1,019.28, for a total transaction of $4,077,120.00. Following the transaction, the director owned 13,859 shares in the company, valued at $14,126,201.52. This represents a 22.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 7,986 shares of company stock worth $8,370,777 in the last quarter. Company insiders own 0.27% of the company’s stock.
Wall Street Analysts Forecast Growth A number of equities analysts recently commented on EQIX shares. Raymond James Financial upgraded Equinix from a “market perform” rating to a “strong-buy” rating and set a $1,250.00 target price for the company in a report on Thursday, April 30th. Wall Street Zen raised shares of Equinix from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. Scotiabank restated a “sector perform” rating and issued a $1,208.00 price objective on shares of Equinix in a report on Thursday, July 30th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $1,340.00 target price on shares of Equinix in a research report on Thursday, July 30th. Finally, Evercore reaffirmed an “outperform” rating and set a $1,270.00 target price on shares of Equinix in a research note on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,203.40.
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Equinix Company Profile (Free Report)
Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.
Equinix’s offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.
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Avalon Trust Co bought a new position in Equinix, Inc. (NASDAQ:EQIX – Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 21,114 shares of the financial services provider’s stock, valued at approximately $22,009,000. Equinix makes up about 1.4% of Avalon Trust Co’s holdings, making the stock its 21st largest position.
A number of other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC raised its holdings in Equinix by 28.9% in the 4th quarter. Brighton Jones LLC now owns 326 shares of the financial services provider’s stock worth $307,000 after acquiring an additional 73 shares during the last quarter. Integrated Wealth Concepts LLC boosted its stake in Equinix by 11.5% during the 1st quarter. Integrated Wealth Concepts LLC now owns 522 shares of the financial services provider’s stock valued at $425,000 after purchasing an additional 54 shares during the last quarter. Empowered Funds LLC boosted its stake in Equinix by 21.8% during the 1st quarter. Empowered Funds LLC now owns 3,050 shares of the financial services provider’s stock valued at $2,487,000 after purchasing an additional 546 shares during the last quarter. Schnieders Capital Management LLC. bought a new stake in shares of Equinix in the 2nd quarter worth $231,000. Finally, Brown Advisory Inc. increased its holdings in shares of Equinix by 2.8% in the 2nd quarter. Brown Advisory Inc. now owns 1,074 shares of the financial services provider’s stock worth $854,000 after purchasing an additional 29 shares in the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.
Insider Buying and Selling at Equinix
In other news, insider Brandi Galvin Morandi sold 3,726 shares of the business’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $1,076.36, for a total transaction of $4,010,517.36. Following the completion of the sale, the insider owned 6,132 shares of the company’s stock, valued at $6,600,239.52. The trade was a 37.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christopher B. Paisley sold 4,000 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $1,019.28, for a total value of $4,077,120.00. Following the completion of the sale, the director owned 13,859 shares of the company’s stock, valued at $14,126,201.52. This trade represents a 22.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 9,891 shares of company stock valued at $10,430,452. Insiders own 0.27% of the company’s stock.
Equinix Trading Up 2.6%
Shares of NASDAQ:EQIX opened at $1,102.10 on Friday. The stock’s 50-day simple moving average is $1,049.70 and its two-hundred day simple moving average is $1,013.19. The stock has a market capitalization of $108.75 billion, a price-to-earnings ratio of 70.97, a PEG ratio of 1.56 and a beta of 0.99. Equinix, Inc. has a 52-week low of $720.62 and a 52-week high of $1,128.68. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.13 and a current ratio of 1.13.
Equinix (NASDAQ:EQIX – Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The financial services provider reported $11.78 EPS for the quarter, beating the consensus estimate of $4.73 by $7.05. Equinix had a net margin of 15.64% and a return on equity of 10.76%. The firm had revenue of $2.62 billion during the quarter, compared to analyst estimates of $2.59 billion. During the same quarter in the prior year, the firm earned $9.91 EPS. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. Equinix has set its FY 2026 guidance at 42.690-43.290 EPS. Analysts expect that Equinix, Inc. will post 38.23 EPS for the current year.
Equinix Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, August 19th will be given a dividend of $5.16 per share. This represents a $20.64 annualized dividend and a yield of 1.9%. The ex-dividend date is Wednesday, August 19th. Equinix’s payout ratio is 132.90%.
Analyst Upgrades and Downgrades
A number of research analysts have recently issued reports on EQIX shares. Oppenheimer reaffirmed an “outperform” rating and set a $1,200.00 price target on shares of Equinix in a report on Thursday, April 30th. JPMorgan Chase & Co. upped their target price on shares of Equinix from $1,100.00 to $1,200.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Mizuho raised their price target on shares of Equinix from $1,165.00 to $1,200.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. Weiss Ratings raised shares of Equinix from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Finally, Barclays lifted their price target on shares of Equinix from $1,109.00 to $1,130.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 1st. Two analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $1,202.20.
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Equinix Company Profile
(Free Report)
Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.
Equinix’s offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.
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Equinix plánuje projekty až do roku 2028 a 2029, protože růst datových center brzdí hlavně dostupnost energie. Firma má přes 52 rozpracovaných projektů ve 33 trzích a dalších zhruba 50 v přípravě.
3 Ways to Play the Data Center Land GrabEquinix NASDAQ: EQIX is planning years ahead to support a higher volume of data center development, with power availability, labor constraints and supply-chain management shaping how it selects and advances projects, Executive Vice President of Global Operations Raouf Abdel said at TD Cowen’s 12th Annual Communications Infrastructure Summit.
Abdel said his responsibilities span the full data center lifecycle, including real estate, energy, design and construction, procurement and operations. That role has become more challenging as the industry faces constraints across multiple resources, including people, manufacturing capacity, real estate and energy.
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3 REITs to Watch as AI Data Center Spending Surpasses Office Construction“Our world has gotten a lot harder,” Abdel said, pointing to community sentiment and other local considerations in addition to infrastructure requirements.
Long-Term Planning Supports Development Pipeline
Equinix has been preparing for a higher development throughput for several years, Abdel said. The company has publicly announced more than 52 projects underway across 33 global markets, while another roughly 50 projects are in planning or development stages, including efforts to secure land, power and necessary supply-chain capacity.
3 Smart Investments If Interest Rates Stay Higher for LongerThe company is now planning projects expected to be delivered in 2028 and 2029, he said. Land banking, power planning and advance manufacturing purchases are intended to support future deliveries, while projects coming online this year were generally placed on their development path two or three years ago.
Abdel described Equinix’s land bank as “multi-gigawatt,” though he said a cited 3-gigawatt estimate may have been somewhat overstated. The company’s standard development template is around 60 megawatts, according to the discussion.
He said Equinix has changed its approach to site selection as utility constraints have intensified. Rather than acquiring land and subsequently seeking power, the company now starts with the availability of power infrastructure and then identifies land that can support it.
“We won’t take down land if there isn’t some line of sight to that power,” Abdel said.
He said transmission and distribution infrastructure, rather than generation, are generally the principal bottlenecks. A project that requires substantial grid upgrades or new connections could face an extended wait for power, while locations near high-voltage transmission lines or with available utility capacity may offer a more manageable path.
Power Constraints Remain Central Consideration
Although Equinix expects much of its capital spending to be directed toward its top 25 markets, Abdel acknowledged that many established data center markets also face significant power constraints. He said the company’s long planning horizon and its ability to choose among a portfolio of potential projects provide flexibility.
For example, some expansion projects involve later phases at existing properties where Equinix had already established a power plan. The company is building in Ashburn, Virginia, today because those projects have been in development plans for years, he said.
Power availability will remain a significant issue across the data center industry, Abdel said, but Equinix aims to prioritize projects where energy delivery is on track. Of the approximately 100 projects referenced during the discussion, he said the company was confident in delivering about 50, while future selections from the remaining pipeline will depend in part on which projects obtain energy.
Pre-Sales Increase Need for Execution
Abdel said Equinix’s pre-sales are at their highest level to date, increasing the connection between capacity delivery and bookings. Demand in many markets is “insatiable,” he said, leaving less room for project delays.
He attributed the company’s ability to pull forward some capacity to close attention to project risks, supply chains and scheduling. Equinix has sought to preserve schedule flexibility early in projects rather than consuming that flexibility before later-stage issues emerge.
“Our goal, my goal, my organization’s goal is to continue to look at every opportunity to move up as long as we play within the capital envelope that we have,” Abdel said.
He added that the company believes it can progress toward higher delivery levels because it has development plans, land positions and what he called reasonable certainty around energy, though delays remain a potential risk.
Labor and Construction Costs Add Pressure
Beyond energy, Abdel identified skilled trades labor as a major constraint, particularly electricians and plumbers. He cited the greater Chicago area as an example of a market with substantial planned data center activity and insufficient available labor.
Equinix’s long-standing relationships with general contractors and electrical contractors are an advantage, he said, but the broader industry’s development pace is straining the supply of workers. Abdel said electricians can earn $150 an hour in some markets, contributing to construction-cost inflation.
Construction costs also vary widely based on the location and type of project, he said. Abdel cited an indicative range of $10,000 to $20,000, while noting that comparisons can differ depending on whether they include land, power delivery, fiber and supporting infrastructure. Manufacturing-side cost pressure has moderated, he said, but on-site labor costs remain elevated.
To mitigate those costs, developers are assessing how much work can be prefabricated or completed off-site to reduce labor requirements at construction locations, Abdel said.
On the operational side, Equinix is placing workloads in facilities suited to their density requirements. Older sites can accommodate higher-density customers when capacity becomes available, though Abdel said it would not be realistic to place 40- to 50-kilowatt cabinets in a 20-year-old facility. The company has retrofitted some older data centers with liquid cooling, while newer facilities are being designed for higher densities and to be liquid-cooling ready.
About Equinix (NASDAQ:EQIX)Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.
Equinix's offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Equinix zvýšil dlouhodobý výhled na růst tržeb o 10 % až 13 % ročně a růst AFFO na akcii o 9 % až 12 %. Firma zároveň oznámila rekordních 9 700 čistých interconnectionů za poslední čtvrtletí díky AI.
3 Ways to Play the Data Center Land GrabEquinix NASDAQ: EQIX executives said customer conversations, tight capacity conditions and continued demand for interconnected digital infrastructure supported the company’s recently increased long-term growth outlook, while highlighting Dallas, Chicago and Silicon Valley as important markets in its U.S. West region.
The company is targeting annual revenue growth of 10% to 13% and adjusted funds from operations, or AFFO, per-share growth of 9% to 12%, according to comments made during an investor discussion. Guy Danskine, Equinix’s Managing Director of West Americas, said the company has spent significant time discussing the durability of demand with customers.
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3 REITs to Watch as AI Data Center Spending Surpasses Office Construction“The more of those conversations we’ve had, the more conviction we’ve had just around our forward-looking guidance,” Danskine said.
Ryan Burke, Equinix’s Vice President of Investor Relations, said the company’s focus on core markets, critical workloads, colocation and enterprise customers distinguishes it from the broader data-center industry. He cited operational barriers to entry and limits on new supply, as well as the company’s long operating history and internal analytics, as factors supporting its outlook.
New Regional Structure Focuses on Asset Returns 3 Smart Investments If Interest Rates Stay Higher for LongerDanskine, who previously led Equinix’s Australian business for six years and earlier managed several hyperscale customer relationships in the U.S., said his West Americas position is a newly created role. The region includes Texas, Illinois, California and other western U.S. markets.
Equinix introduced the regional-management approach in the U.S. to add discipline around sub-regional assets, returns on invested capital, asset optimization and risk mitigation, he said. His priorities include unlocking capacity in existing facilities, pursuing expansions in established markets, evaluating new markets and considering broader regional opportunities, including potential mergers and acquisitions.
Capacity remains the company’s top operational priority, Danskine said. Equinix is looking for ways to recover and optimize available space and power in existing assets, including through equipment refresh cycles. Replacing end-of-life equipment such as power distribution units and computer room air handler units can improve efficiency or capacity and enable higher power density, he said.
New facilities are also being designed to accommodate technologies such as liquid cooling, allowing customers to deploy higher-density systems. Danskine said customers in next-generation builds are seeking cabinet densities of 40 kilowatts to more than 60 kilowatts, which changes how sites must be designed.
Dallas Remains a Key Market Danskine said investors should view Equinix’s Texas exposure primarily through the lens of Dallas rather than West Texas, where data-center development has received heightened attention. Equinix’s activities in Dallas are centered around its Infomart asset, acquired roughly seven or eight years ago, and the company wants expansions to remain close to that facility because of the economics associated with proximity.
He said a number of Equinix assets, including planned expansions, fall below a 75-megawatt threshold discussed by Texas state officials. The company remains “incredibly bullish” on Dallas, which Danskine called one of Equinix’s leading global markets. He pointed to the market’s interconnected infrastructure, land under control, relatively better power availability, financial-services activity and business environment.
Chicago is also a major market, particularly for financial-services customers, while Silicon Valley remains important despite higher construction and energy costs. Danskine said some customers continue to require a Silicon Valley presence because of proximity to customers, employees and investors.
Customer location requirements vary by workload, he said. High-frequency trading firms in Chicago may need to remain in the downtown area, for example, while back-office workloads can be located farther away, such as in Minooka. Equinix is expanding in the Chicago metro with a hybrid xScale campus in Minooka and expects enterprise demand to extend across the market.
Interconnection Opportunity Expands With AI Burke said Equinix added 9,700 net interconnections in the latest quarter, which was described during the discussion as a company record. He said demand reflects both traditional customer workloads and an accelerator layer associated with the early stages of artificial-intelligence adoption.
Interconnection demand often follows the deployment of space and power, Burke said, and customers increasingly require distributed workloads, data and network connectivity. Danskine added that network density is forming around neocloud providers and large language model ecosystems as those companies shift their focus from securing compute capacity to distributing that compute to users.
Equinix is also expanding managed solutions that help customers enable infrastructure within its facilities. Danskine said the company is being intentional about attracting targeted customers in each metro, including network components of neocloud customer deployments. He characterized the focus as being on inferencing and the networking layers rather than AI training workloads.
Power, Supply Chain and Talent Remain Areas of Focus Burke said Equinix has approximately 3 gigawatts of land and power secured or near secured. He said the company generally has a high degree of certainty around projects included in its reported development pipeline.
Danskine said Equinix’s announced power requirements are largely under control and that its relationships with utilities benefit from the company’s 20- to 25-year presence in many markets. Unlike developers seeking very large amounts of power immediately, Equinix can provide utilities with more predictable demand schedules, he said.
Looking ahead, Danskine identified supply-chain complexity and a shortage of qualified data-center workers as key issues being closely managed. The company is working with communities and educational institutions to increase awareness of data-center careers and broaden the available talent pool, he said.
About Equinix (NASDAQ:EQIX)Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.
Equinix's offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Should You Invest $1,000 in Equinix Right Now?Before you consider Equinix, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Equinix wasn't on the list.
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Equinix uzavřel s Central Georgia EMC 20letou smlouvu, v níž zaplatí veškeré náklady na modernizaci sítě pro projekt v Hamptonu v Georgii. Cílem je chránit odběratele před náklady na infrastrukturu.
New contract model has Equinix cover full costs of transmission and power infrastructure, backed by a 20-year take-or-pay agreement for the Hampton, Ga. project
, /PRNewswire/ -- Equinix, Inc. (Nasdaq: EQIX), the world's digital infrastructure company® and regional, not-for-profit utility cooperative Central Georgia Electric Membership Corporation (CGEMC) announced a new partnership to protect Hampton, Ga. ratepayers and surrounding communities. In keeping with the company's commitment to President Trump's Ratepayer Protection Pledge, Equinix will cover all grid infrastructure improvements and fund new transmission and power capacity needed to support growth and improve regional grid reliability and affordability for decades to come.
"The United States needs bold infrastructure investment, and we're proud to support efforts to drive economic growth and cutting-edge innovation while protecting ratepayers every step of the way," said Equinix Senior Vice President of Global Energy Adrian Anderson. "Our investment in Georgia shows the power of this idea in action. We've covered costs through an agreement that is locked in for more than 20 years, giving the community the certainty they can count on."
The agreement outlines that Equinix will cover any financial obligations CGEMC takes on for grid upgrades and new generation supply for the Hampton project, including unforeseen or shifting costs, guaranteeing that ratepayers are never left to pay costs associated with the project. Equinix will also supply up-front payments for the initial grid upgrade costs, covering a new high-voltage substation and two new high-voltage transmission lines, and early site assessments, modeling and engineering work. To lock in these provisions, Equinix and CGEMC have entered a 20-year "take-or-pay" style contract, meaning Equinix will pay 100% of CGEMC's costs for serving the contracted demand of the Hampton facility.
"This agreement with Equinix is a model for how utilities and data centers can come together to meet new power requests responsibly and fulfill President Trump's Ratepayer Protection Pledge," said CGEMC President & CEO George L. Weaver. "With this agreement in place, CGEMC can improve the reliability of our system, deliver economic opportunity to the region, and ensure large new customers are paying their fair share."
Equinix has been part of the metro Atlanta community for more than 15 years. Through the Hampton project, it will contribute up to $20 million annually in property tax revenue to the community, funding schools and emergency services, and will create more than 990 jobs from across the local economy. In 2023 alone, its presence contributed $23 million to household incomes in Atlanta from employment and value chain spend. The project will also extend Equinix's Pathways to Tech program to the region, which educates local students about careers in the data center industry. In 2025, Equinix hosted more than 60 data center tours and education sessions to engage over 1,800 students across 32 locations.
"Companies like Equinix are helping our state and nation stay at the forefront of innovative technology," said Georgia Governor Brian Kemp. "By partnering with Central Georgia EMC in this way, they are making key investments in the local community and protecting ratepayers at the same time."
"Hampton is proud to welcome this kind of responsible, long-term investment in our community," said Mayor Ann Tarpley. "Equinix's commitment to covering these infrastructure costs upfront means our residents and local businesses get the benefits of growth, new jobs, stronger schools, and a more reliable grid, without carrying the financial burden. This is exactly the kind of partnership that helps a city like ours grow the right way."
This agreement builds off Equinix's partnerships with PG&E in San Jose, Calif. and ComEd in Northern Illinois and can serve as a model for other projects across the country.
Additional Resources
Equinix Together: Our five principles of community investment Blog: We're not just building data centers. We're building communities. About Equinix
Equinix, Inc. (Nasdaq: EQIX) shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI—quickly, efficiently and everywhere.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, risks to our business and operating results related to the current inflationary environment; foreign currency exchange rate fluctuations; stock price fluctuations; increased costs to procure power and the general volatility in the global energy market; the challenges of building and operating IBX® and xScale® data centers, including those related to sourcing suitable power and land, and any supply chain constraints or increased costs of supplies; the challenges of developing, deploying and delivering Equinix products and solutions; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenues from customers in recently built out or acquired data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; risks related to our taxation as a REIT; risks related to regulatory inquiries or litigation; and other risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.
Equinix po výsledcích za 2. čtvrtletí zůstává podle článku býčím příběhem. Pomáhá mu růst tržeb a FFO, silné krytí dividendy a rating investičního stupně od Fitch.
SummaryData center REIT Equinix gets prior buy rating reaffirmed after Q2 results in late July.Positives include an investment-grade rating from Fitch, strong dividend coverage, revenue and FFO growth, and global scale with few real competitors.Some downside is seen from a market pullback in EQIX stock and a low upside forecast in the near term, along with a rich valuation.This niche is dependent on high power and cooling needs, putting into question the durability of grids globally. Getty Images
A Prominent Data Center REIT Who Beat Q2 Earnings Estimates Recently Ahhh... the perfect combination of two sectors I've followed for many years, tech and real estate, and what better example of this than a mega data center REIT like
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Author does not hold any long positions in the Equinix stock directly, but does hold shares in REIT mutual funds who invest in a diversified portfolio that may include data center REITS, along with others.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Equinix, Inc. (Nasdaq: EQIX), the world's digital infrastructure company®, today announced that its Board of Directors has declared a quarterly cash dividend of $5.16 per share on its common stock. The quarterly common stock dividend will be paid on September 16, 2026, to shareholders of record on August 19, 2026.
About Equinix
Equinix, Inc. (Nasdaq: EQIX) shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI—quickly, efficiently and everywhere.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements, including statements related to Equinix's quarterly cash dividend. For a list and description of such risks and uncertainties, see Equinix filings with the Securities and Exchange Commission. In particular, see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.
Equinix (EQIX - Free Report) came out with quarterly funds from operations (FFO) of $11.78 per share, beating the Zacks Consensus Estimate of $11.25 per share. This compares to FFO of $9.91 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +4.71%. A quarter ago, it was expected that this data center operator would post FFO of $10.89 per share when it actually produced FFO of $10.79, delivering a surprise of -0.92%.
Over the last four quarters, the company has surpassed consensus FFO estimates two times.
Equinix, which belongs to the Zacks REIT and Equity Trust - Retail industry, posted revenues of $2.63 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.34%. This compares to year-ago revenues of $2.26 billion. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Equinix shares have added about 35.1% since the beginning of the year versus the S&P 500's gain of 8.5%.
What's Next for Equinix?While Equinix has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Equinix was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $10.72 on $2.58 billion in revenues for the coming quarter and $43.05 on $10.24 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Retail is currently in the top 23% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Simon Property (SPG - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 10.
This shopping mall real estate investment trust is expected to post quarterly earnings of $3.18 per share in its upcoming report, which represents a year-over-year change of +4.3%. The consensus EPS estimate for the quarter has been revised 0.4% lower over the last 30 days to the current level.
Simon Property's revenues are expected to be $1.71 billion, up 14.4% from the year-ago quarter.
Grew monthly recurring revenue 11% on both an as-reported basis and a normalized and constant currency basis year over year Annualized gross bookings grew 23% year over year, marking the second-highest volume on record, contributing to a record backlog Added a record 9,700 net interconnections in the quarter, continuing to extend the company's interconnection leadership Raising full-year 2026 guidance and long-term outlook on stronger demand, bookings, presales and continued execution across the business , /PRNewswire/ -- Equinix, Inc. (Nasdaq: EQIX), the world's digital infrastructure company®, today reported results for the quarter ended June 30, 2026.
"We delivered an exceptionally strong Q2. Monthly recurring revenue grew double digits for the third straight quarter, new interconnections on our platform hit a record level, and disciplined execution drove robust profit growth," said Adaire Fox-Martin, CEO and President, Equinix. "Our revised 2026 guidance and long-term financial outlook reflect momentum across the business. Customer demand is broad-based and growing, and Equinix is uniquely positioned to serve the networking, cloud and AI infrastructure needs of enterprises around the world."
Second-Quarter 2026 Results Summary
Revenues $2.625 billion, a 16% increase over the same quarter of the previous year on both an as-reported basis and a normalized and constant currency basis driven by strong underlying performance and one-time xScale® fees Operating Income $665 million, a 35% increase over the same quarter of the previous year, primarily from strong underlying operating performance and the impact of one-time xScale fees Net Income Attributable to Common Stockholders and Net Income per Share Attributable to Common Stockholders $479 million, a 30% increase over the same quarter of the previous year, primarily from higher operating income $4.83 per share, a 29% increase over the same quarter of the previous year Adjusted EBITDA $1.396 billion, a record adjusted EBITDA margin of 53%, representing a 24% increase over the same quarter of the previous year on an as-reported basis, or a 22% increase on a normalized and constant currency basis AFFO and AFFO per Share $1.168 billion, a 20% increase over the same quarter of the previous year on an as-reported basis, or a 19% increase on a normalized and constant currency basis driven by strong operating performance and one-time xScale fees $11.78 per share, a 19% increase over the same quarter of the previous year on an as-reported basis, or an 18% increase on a normalized and constant currency basis Equinix uses certain non-GAAP financial measures, which are described further below and reconciled to the most comparable GAAP financial measures after the presentation of our GAAP financial statements.
Equinix does not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, stock-based compensation and other components of net income or loss from operations, and as a result, is not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort. The impact of such adjustments could be significant. Equinix intends to calculate the various non-GAAP financial measures in future periods consistent with how they were calculated for the periods presented within this press release.
All per-share results are presented on a fully diluted basis.
2026 Guidance Summary
($ in millions, except per share data)
Prior FY 2026
Guidance
Guidance
Adjustment
Foreign
Exchange
Impact
Revised FY 2026
Guidance
Q3 2026
Guidance
Revenues
$10,144 - 10,244
+$100
($49)
$10,205 - 10,285
$2,525 - 2,575
Adjusted EBITDA
Adjusted EBITDA Margin %
$5,165 - 5,245
~51%
+$62
($27)
$5,210 - 5,270
~51%
$1,275 - 1,315
~51%
Recurring Capital Expenditures
% of Revenues
$280 - 300
~3%
+$13
($3)
$290 - 310
~3%
$70 - 90
3 - 4%
Non-recurring Capital Expenditures
(Excludes xScale and Real Estate Acquisitions)
~$3,800
+$1,438
($38)
$4,710 - 5,690
AFFO
$4,198 - 4,278
+$50
($18)
$4,240 - 4,300
AFFO per Share (Diluted)
$42.31 - 43.11
+$0.46
($0.18)
$42.69 - 43.29
Expected Cash Dividends
~$2,037
+$2
$0
~$2,039
For the third quarter of 2026, the company expects revenues to range between $2.525 and $2.575 billion, an increase of 9 - 11% over the previous year on an as-reported basis, or 10 - 12% on a normalized and constant currency basis. Adjusted EBITDA is expected to range between $1.275 and $1.315 billion, reflecting an adjusted EBITDA margin of approximately 51%.
For the full year of 2026, total revenues are expected to range between $10.205 and $10.285 billion, an increase of approximately 11 - 12% over the previous year on both an as-reported and a normalized and constant currency basis. Adjusted EBITDA is expected to range between $5.210 and $5.270 billion, reflecting an adjusted EBITDA margin of approximately 51%, an approximate +2% expansion over the previous year. AFFO is expected to range between $4.240 and $4.300 billion, an increase of 13 - 14% over the previous year on an as-reported basis, or 12 - 13% on a normalized and constant currency basis. AFFO per share is expected to range between $42.69 and $43.29, an increase of 11 - 13% over the previous year on an as-reported basis, or 10 - 12% on a normalized and constant currency basis. Total capital expenditures are expected to range between $5.000 and $6.000 billion.
Long-Term Outlook Summary (2027-2029)
The updated outlook reflects stronger-than-expected demand, accelerating bookings and presales activity, increased visibility from committed capacity, firm pricing and continued confidence in achieving attractive returns on invested capital.
($ in millions)
Prior Outlook (1)
Updated Outlook
(2027 - 2029)
Total Revenue Growth
(Annual Range) (2)
7 - 10%
10 - 13%
Adjusted EBITDA Margin
(In 2029)
52%+
53%+
Total Capital Expenditures
(Annual Range) (3)
$3,000 - 4,000
$5,000 - 7,000
AFFO per Share Growth
(Annual Range)
5 - 9%
9 - 12%
Dividend per Share Growth
(Annual Range)
8%+
Approximates AFFO
per Share Growth
(1)
Prior outlook as provided on Wednesday, June 25, 2025.
(2)
Represents range of estimated annual growth rates through 2029. Assumes average currency rates used in our financial results remained the same over comparative periods. Excludes any future M&A activity.
(3)
Capital expenditures exclude any future M&A activity, real estate acquisitions and our investments in the xScale joint ventures.
Q2 2026 Business Highlights
Delivered $424 million of annualized gross bookings. Added a record 9,700 net interconnections. Announced the global expansion of Equinix Fabric Geo Zones, the industry's first network-level data sovereignty solution. Expanded collaboration with Cisco and NVIDIA to help enterprises accelerate AI deployment through standardized AI factory architectures, secure infrastructure and real-world testing environments across Equinix's global data center footprint. Accelerated capacity expansion to meet growing customer demand, with nine new projects added since April and 52 projects underway across 33 markets worldwide. Published U.S. Community Principles and signed the Ratepayer Protection Pledge, reinforcing the company's longtime commitment to investing in communities in ways that address their needs and create lasting value. Further strengthened leadership team with the appointment of Chris Audie as Chief Product Officer and Bruce Owen as Executive Vice President, Global Markets. Ranked #1 for Innovation in The Wall Street Journal's inaugural Best Companies for the Future, underscoring the company's strong positioning for long-term success in an AI-driven economy. Q2 2026 Results Conference Call and Replay Information
Equinix will discuss its quarterly results for the period ended June 30, 2026, along with its future outlook, in its quarterly conference call on Wednesday, July 29, 2026, at 5:30 p.m. ET (2:30 p.m. PT). A simultaneous live webcast of the call will be available on the company's Investor Relations website at www.equinix.com/investors. To hear the conference call live, please dial 1-517-308-9482 (domestic and international) and reference the passcode EQIX.
A replay of the call will be available one hour after the call through Wednesday, September 30, 2026, by dialing 1-866-427-6395 and referencing the passcode 2026. In addition, the webcast will be available at www.equinix.com/investors (no password required).
Investor Presentation and Supplemental Financial Information
Equinix has made available on its website a presentation designed to accompany the discussion of Equinix's results and future outlook, along with certain supplemental financial information and other data. Interested parties may access this information through the Equinix Investor Relations website at www.equinix.com/investors.
Additional Resources
Equinix Investor Relations Resources About Equinix
Equinix, Inc. (Nasdaq: EQIX) shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI—quickly, efficiently and everywhere.
Non-GAAP Financial Measures
Equinix provides all information required in accordance with generally accepted accounting principles ("GAAP"), but it believes that evaluating its ongoing results of operations may be difficult if limited to reviewing only GAAP financial measures. Accordingly, Equinix also uses non-GAAP financial measures to evaluate its operations.
Non-GAAP financial measures are not a substitute for financial information prepared in accordance with GAAP. Non-GAAP financial measures should not be considered in isolation, but should be considered together with the most directly comparable GAAP financial measures. As such, Equinix provides a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
Investors should note that the non-GAAP financial measures used by Equinix may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as those of other companies. Investors should therefore exercise caution when comparing non-GAAP financial measures used by Equinix to similarly titled non-GAAP financial measures of other companies.
Equinix's primary non-GAAP financial measures include Adjusted EBITDA and Adjusted Funds from Operations ("AFFO") as described below. Equinix presents these measures to provide investors with additional tools to evaluate its results in a manner that focuses on what management believes to be its core, ongoing business operations. These measures exclude items which Equinix believes are generally not relevant to assessing its long-term performance. Both measures eliminate the impacts of depreciation and amortization, which are derived from historical costs and which Equinix believes are not indicative of current or future expenditures, and other items for which the frequency and amount of charges can vary based on the timing and significance of individual transactions. Equinix believes that presenting these non-GAAP financial measures provides consistency and comparability with past reports and that if it did not provide such non-GAAP financial information, investors would not have all the necessary data to analyze the company effectively.
Adjusted EBITDA is used by management to evaluate the operating strength and performance of its core, ongoing business, without regard to its capital or tax structures. It also aids in assessing the performance of, making operating decisions for, and allocating resources to its operating segments. In addition to the uses described above, Equinix believes this measure provides investors with a better understanding of the operating performance of the business and its ability to perform in subsequent periods.
Equinix defines adjusted EBITDA as net income excluding:
income tax expense interest income interest expense other income or expense gain or loss on debt extinguishment depreciation, amortization and accretion expense stock-based compensation expense restructuring and other exit charges, which primarily include employee severance, facility closure costs, lease or other contract termination costs and advisory fees related to the realignment of our management structure, operations or products and other exit activities impairment charges transaction costs gain or loss on asset sales AFFO is derived from Funds from Operations ("FFO") calculated in accordance with the standards established by the National Association of Real Estate Investment Trusts. Both FFO and AFFO are non-GAAP measures commonly used in the REIT industry. Although these measures may not be directly comparable to similar measures used by other companies, Equinix believes that the presentation of these measures provides investors with an additional tool for comparing its performance with the performance of other companies in the REIT industry. Additionally, AFFO is a performance measure used in certain of the company's employee incentive programs, and Equinix believes it is a useful measure in assessing its dividend-paying capacity, as it isolates the cash impact of certain income and expense items and considers the impact of recurring capital expenditures.
Equinix defines FFO as net income attributable to common stockholders excluding:
gain or loss from the disposition of real estate assets depreciation and amortization expense on real estate assets adjustments related to unconsolidated joint ventures and non-controlling interests Equinix defines AFFO as FFO adjusted for:
depreciation and amortization expense on non-real estate assets accretion expense stock-based compensation expense stock-based charitable contributions restructuring and other exit charges, as described above impairment charges transaction costs impacts of straight-lining installation revenue impacts of straight-lining rent expense impacts of straight-lining contract costs amortization of deferred financing costs and debt discounts and premiums gain or loss from the disposition of non-real estate assets gain or loss on debt extinguishment an income tax expense adjustment, which represents the non-cash tax impact due to changes in valuation allowances, uncertain tax positions and deferred taxes recurring capital expenditures, which represent expenditures to extend the useful life of data centers or other assets that are required to support current revenues net income or loss from discontinued operations, net of tax adjustments from FFO to AFFO related to unconsolidated joint ventures and non-controlling interests Equinix provides normalized and constant currency growth rates for revenues, adjusted EBITDA, AFFO and AFFO per share. These growth rates assume foreign currency rates remain consistent across comparative periods. Revenue growth rates exclude the impact of net power pass-through, acquisitions, divestitures and the Equinix Metal® wind-down. Adjusted EBITDA growth rates exclude the impact of acquisitions, divestitures and integration costs. AFFO growth rates exclude the impact of acquisitions and related financing costs, divestitures, integration costs and balance sheet remeasurements. AFFO per share growth rates exclude the impact of integration costs and balance sheet remeasurements.
Equinix presents cash cost of revenues and cash operating expenses (also known as cash selling, general and administrative expenses or cash SG&A). These measures exclude depreciation, amortization, accretion and stock-based compensation, which are not good indicators of Equinix's current or future operating performance, as described above.
Equinix also presents free cash flow and adjusted free cash flow. Free cash flow is defined as net cash provided by (used in) operating activities plus net cash provided by (used in) investing activities excluding the net purchases of and distributions from equity investments. Adjusted free cash flow is defined as free cash flow excluding any real estate and business acquisitions, net of cash and restricted cash acquired. These measures are presented in order for lenders, investors and the industry analysts who review and report on Equinix to better evaluate Equinix's cash spending levels relative to its industry sector and competitors.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, risks to our business and operating results related to the current inflationary environment; foreign currency exchange rate fluctuations; stock price fluctuations; increased costs to procure power and the general volatility in the global energy market; the challenges of building and operating IBX® and xScale® data centers, including those related to sourcing suitable power and land, and any supply chain constraints or increased costs of supplies; the challenges of developing, deploying and delivering Equinix products and solutions; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenues from customers in recently built out or acquired data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; risks related to our taxation as a REIT; risks related to regulatory inquiries or litigation; and other risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.
EQUINIX, INC.
Condensed Consolidated Statements of Operations
(in millions, except share and per share data)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
2026
March 31,
2026
June 30,
2025
June 30,
2026
June 30,
2025
Recurring revenues
$ 2,377
$ 2,331
$ 2,143
$ 4,708
$ 4,230
Non-recurring revenues
248
113
113
361
251
Revenues
2,625
2,444
2,256
5,069
4,481
Cost of revenues
1,230
1,186
1,084
2,416
2,168
Gross profit
1,395
1,258
1,172
2,653
2,313
Operating expenses:
Sales and marketing
239
241
221
480
450
General and administrative
462
444
451
906
889
Restructuring and other exit charges
6
6
2
12
12
Transaction costs
3
8
3
11
9
Impairment charges
17
2
1
19
1
(Gain) loss on asset sales
3
(20)
—
(17)
—
Total operating expenses
730
681
678
1,411
1,361
Income from operations
665
577
494
1,242
952
Interest and other income (expense):
Interest income
36
41
52
77
99
Interest expense
(151)
(148)
(135)
(299)
(257)
Other income (expense)
(28)
1
(7)
(27)
2
Gain (loss) on debt extinguishment
1
—
1
1
1
Total interest and other, net
(142)
(106)
(89)
(248)
(155)
Income before income taxes
523
471
405
994
797
Income tax expense
(46)
(56)
(38)
(102)
(87)
Net income
477
415
367
892
710
Net (income) loss attributable to non-controlling interests
2
—
1
2
1
Net income attributable to common stockholders
$ 479
$ 415
$ 368
$ 894
$ 711
Earnings (loss) per share ("EPS") attributable to common stockholders:
Basic EPS
$ 4.86
$ 4.22
$ 3.76
$ 9.07
$ 7.28
Diluted EPS
$ 4.83
$ 4.20
$ 3.75
$ 9.04
$ 7.26
Weighted-average shares for basic EPS (in thousands)
98,641
98,392
97,835
98,516
97,674
Weighted-average shares for diluted EPS (in thousands)
99,136
98,727
98,050
98,931
97,968
EQUINIX, INC.
Condensed Consolidated Balance Sheets
(in millions, except headcount)
(unaudited)
June 30,
2026
December 31,
2025
Assets
Cash and cash equivalents
$ 979
$ 1,727
Short-term investments
1,245
1,500
Accounts receivable, net
1,256
1,001
Other current assets
842
897
Total current assets
4,322
5,125
Property, plant and equipment, net
25,222
23,584
Operating lease right-of-use assets
1,296
1,392
Goodwill
5,912
5,984
Intangible assets, net
1,204
1,316
Other assets
3,120
2,740
Total assets
$ 41,076
$ 40,141
Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity
Accounts payable and accrued expenses
$ 1,263
$ 1,350
Accrued property, plant and equipment
723
564
Current portion of operating lease liabilities
156
155
Current portion of finance lease liabilities
176
168
Current portion of mortgage and loans payable
9
17
Current portion of senior notes
1,170
1,299
Other current liabilities
323
340
Total current liabilities
3,820
3,893
Operating lease liabilities, less current portion
1,211
1,304
Finance lease liabilities, less current portion
2,104
2,187
Mortgage and loans payable, less current portion
11
686
Senior notes, less current portion
18,519
16,910
Other liabilities
1,013
983
Total liabilities
26,678
25,963
Redeemable non-controlling interest
25
25
Common stockholders' equity:
Common stock
—
—
Additional paid-in capital
22,015
21,642
Treasury stock
(23)
(24)
Accumulated dividends
(13,231)
(12,202)
Accumulated other comprehensive loss
(1,374)
(1,359)
Retained earnings
6,995
6,099
Total common stockholders' equity
14,382
14,156
Non-controlling interests
(9)
(3)
Total stockholders' equity
14,373
14,153
Total liabilities, redeemable non-controlling interest and stockholders' equity
$ 41,076
$ 40,141
Ending headcount by geographic region is as follows:
Americas headcount
6,009
5,917
EMEA headcount
4,719
4,706
Asia-Pacific headcount
3,203
3,093
Total headcount
13,931
13,716
EQUINIX, INC.
Summary of Debt Principal Outstanding
(in millions)
(unaudited)
June 30,
2026
December 31,
2025
Finance lease liabilities
$ 2,280
$ 2,355
Term loans
1
673
Mortgage payable and other loans payable
19
30
Total mortgage and loans payable principal
20
703
Senior notes
19,689
18,209
Plus: debt issuance costs and debt discounts
164
150
Total senior notes principal
19,853
18,359
Total debt principal outstanding
$ 22,153
$ 21,417
EQUINIX, INC.
Condensed Consolidated Statements of Cash Flows
(in millions)
(unaudited)
Six Months Ended
June 30,
2026
June 30,
2025
Cash flows from operating activities:
Net income
$ 892
$ 710
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion
1,101
982
Stock-based compensation
273
240
Impairment charges
19
1
(Gain) loss on asset sales
(17)
—
Other operating activities
31
23
Changes in operating assets and liabilities:
Accounts receivable
(258)
(169)
Income taxes, net
(24)
(45)
Operating lease right-of-use assets
79
79
Operating lease liabilities
(77)
(71)
Accounts payable and accrued expenses
(80)
(149)
Other assets and liabilities
(155)
152
Net cash provided by operating activities
1,784
1,753
Cash flows from investing activities:
Purchases of equity investments
(264)
(48)
Distributions from equity investments
33
4
Purchases of short-term investments
(789)
(795)
Maturities and sales of short-term investments
1,054
450
Business acquisitions, net of cash acquired
—
(182)
Real estate acquisitions
(224)
(99)
Purchases of other property, plant and equipment
(2,834)
(1,739)
Proceeds from sale of assets, net of cash transferred
348
—
Settlement of foreign currency hedges
101
50
Investment in loan receivable
—
(45)
Net cash used in investing activities
(2,575)
(2,404)
Cash flows from financing activities:
Proceeds from employee equity programs
49
50
Payment of dividends
(1,029)
(928)
Proceeds from public offering of common stock, net of issuance costs
—
99
Proceeds from senior notes, net of debt discounts
2,419
2,066
Repayment of finance lease liabilities
(89)
(72)
Repayment of senior notes
(700)
—
Repayment of other debt
(682)
(1)
Other financing activities
26
(8)
Net cash provided by (used in) financing activities
(6)
1,206
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash
(11)
53
Net increase (decrease) in cash, cash equivalents and restricted cash
(808)
608
Cash, cash equivalents and restricted cash at beginning of period
1,824
3,082
Cash, cash equivalents and restricted cash at end of period
$ 1,016
$ 3,690
Free cash flow (1)
$ (560)
$ (607)
Adjusted free cash flow (2)
$ (336)
$ (326)
(1)
We define free cash flow as net cash provided by operating activities plus net cash used in investing activities
(excluding the net purchases of and distributions from equity investments) as presented below:
Net cash provided by operating activities as presented above
$ 1,784
$ 1,753
Net cash used in investing activities as presented above
(2,575)
(2,404)
Less purchases of equity investments, net of distributions
231
44
Free cash flow
$ (560)
$ (607)
(2)
We define adjusted free cash flow as free cash flow as defined above, excluding any real estate and business
acquisitions, net of cash and restricted cash acquired as presented below:
Free cash flow (as defined above)
$ (560)
$ (607)
Less business acquisitions, net of cash and restricted cash acquired
—
182
Less real estate acquisitions
224
99
Adjusted free cash flow
$ (336)
$ (326)
EQUINIX, INC.
Non-GAAP Measures and Other Supplemental Data
($ in millions, except per share data)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
2026
March 31,
2026
June 30,
2025
June 30,
2026
June 30,
2025
Recurring revenues
$ 2,377
$ 2,331
$ 2,143
$ 4,708
$ 4,230
Non-recurring revenues
248
113
113
361
251
Revenues (1)
2,625
2,444
2,256
5,069
4,481
Cash cost of revenues (2)
790
765
707
1,555
1,434
Cash gross profit (3)
1,835
1,679
1,549
3,514
3,047
Cash operating expenses (4):
Cash sales and marketing expenses
162
162
146
324
306
Cash general and administrative expenses
277
272
274
549
545
Total cash operating expenses (4)
439
434
420
873
851
Adjusted EBITDA (5)
$ 1,396
$ 1,245
$ 1,129
$ 2,641
$ 2,196
Cash gross margins (6)
70 %
69 %
69 %
69 %
68 %
Adjusted EBITDA margins (7)
53 %
51 %
50 %
52 %
49 %
FFO (8)
$ 854
$ 758
$ 689
$ 1,612
$ 1,336
AFFO (9)(10)
$ 1,168
$ 1,065
$ 972
$ 2,233
$ 1,919
Basic FFO per share (11)
$ 8.66
$ 7.70
$ 7.04
$ 16.36
$ 13.68
Diluted FFO per share (11)
$ 8.61
$ 7.68
$ 7.03
$ 16.29
$ 13.64
Basic AFFO per share (11)
$ 11.84
$ 10.82
$ 9.94
$ 22.67
$ 19.65
Diluted AFFO per share (11)
$ 11.78
$ 10.79
$ 9.91
$ 22.57
$ 19.59
(1)
The geographic split of our revenues on a services basis is presented below:
Americas Revenues:
Colocation
$ 747
$ 731
$ 654
$ 1,478
$ 1,290
Interconnection
256
251
231
507
460
Managed infrastructure
56
57
62
113
125
Other
8
7
4
15
7
Recurring revenues
1,067
1,046
951
2,113
1,882
Non-recurring revenues
184
45
53
229
123
Revenues
$ 1,251
$ 1,091
$ 1,004
$ 2,342
$ 2,005
EMEA Revenues:
Colocation
$ 633
$ 613
$ 572
$ 1,246
$ 1,139
Interconnection
105
106
96
211
183
Managed infrastructure
40
41
38
81
73
Other
28
29
26
57
53
Recurring revenues
806
789
732
1,595
1,448
Non-recurring revenues
39
38
35
77
62
Revenues
$ 845
$ 827
$ 767
$ 1,672
$ 1,510
Asia-Pacific Revenues:
Colocation
$ 392
$ 386
$ 359
$ 778
$ 701
Interconnection
92
89
80
181
157
Managed infrastructure
16
17
17
33
34
Other
4
4
4
8
8
Recurring revenues
504
496
460
1,000
900
Non-recurring revenues
25
30
25
55
66
Revenues
$ 529
$ 526
$ 485
$ 1,055
$ 966
Worldwide Revenues:
Colocation
$ 1,772
$ 1,730
$ 1,585
$ 3,502
$ 3,130
Interconnection
453
446
407
899
800
Managed infrastructure
112
115
117
227
232
Other
40
40
34
80
68
Recurring revenues
2,377
2,331
2,143
4,708
4,230
Non-recurring revenues
248
113
113
361
251
Revenues
$ 2,625
$ 2,444
$ 2,256
$ 5,069
$ 4,481
(2)
We define cash cost of revenues as cost of revenues less depreciation, amortization, accretion and stock-based compensation as presented below:
Cost of revenues
$ 1,230
$ 1,186
$ 1,084
$ 2,416
$ 2,168
Depreciation, amortization and accretion expense
(421)
(405)
(361)
(826)
(704)
Stock-based compensation expense
(19)
(16)
(16)
(35)
(30)
Cash cost of revenues
$ 790
$ 765
$ 707
$ 1,555
$ 1,434
(3)
We define cash gross profit as revenues less cash cost of revenues (as defined above).
(4)
We define cash sales and marketing expense as sales and marketing expense less depreciation, amortization and stock-based compensation as presented below. We define cash general and administrative expense as general and administrative expense less depreciation, amortization and stock-based compensation as presented below. We define cash operating expense as selling, general, and administrative expense less depreciation, amortization, and stock-based compensation. We also refer to cash operating expense as cash selling, general and administrative expense or "cash SG&A".
Sales and marketing expense
$ 239
$ 241
$ 221
$ 480
$ 450
Depreciation and amortization expense
(51)
(52)
(50)
(103)
(97)
Stock-based compensation expense
(26)
(27)
(25)
(53)
(47)
Cash sales and marketing expense
162
162
146
324
306
General and administrative expense
462
444
451
906
889
Depreciation and amortization expense
(85)
(87)
(91)
(172)
(181)
Stock-based compensation expense
(100)
(85)
(86)
(185)
(163)
Cash general and administrative expenses
277
272
274
549
545
Cash operating expense
$ 439
$ 434
$ 420
$ 873
$ 851
(5)
We define adjusted EBITDA as net income excluding income tax expense or benefit, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring and other exit charges, impairment charges, transaction costs, and gain or loss on asset sales as presented below:
Net income
$ 477
$ 415
$ 367
$ 892
$ 710
Income tax expense (benefit)
46
56
38
102
87
Interest income
(36)
(41)
(52)
(77)
(99)
Interest expense
151
148
135
299
257
Other (income) expense
28
(1)
7
27
(2)
(Gain) loss on debt extinguishment
(1)
—
(1)
(1)
(1)
Depreciation, amortization and accretion expense
557
544
502
1,101
982
Stock-based compensation expense
145
128
127
273
240
Restructuring and other exit charges
6
6
2
12
12
Impairment charges
17
2
1
19
1
Transaction costs
3
8
3
11
9
(Gain) loss on asset sales
3
(20)
—
(17)
—
Adjusted EBITDA
$ 1,396
$ 1,245
$ 1,129
$ 2,641
$ 2,196
Americas
641
516
466
1,157
909
EMEA
456
424
399
880
764
Asia-Pacific
299
305
264
604
523
Adjusted EBITDA
$ 1,396
$ 1,245
$ 1,129
$ 2,641
$ 2,196
(6)
We define cash gross margins as cash gross profit divided by revenues.
(7)
We define adjusted EBITDA margins as adjusted EBITDA divided by revenues.
(8)
FFO is defined as net income or loss attributable to common stockholders, excluding gain or loss from the disposition of real estate assets, depreciation and amortization expense on real estate assets and adjustments for unconsolidated joint ventures' and non-controlling interests' share of these items.
Net income
$ 477
$ 415
$ 367
$ 892
$ 710
Net (income) loss attributable to non-controlling interests
2
—
1
2
1
Net income (loss) attributable to common stockholders
479
415
368
894
711
Adjustments:
Real estate depreciation
361
351
312
712
609
(Gain) loss on disposition of real estate assets
3
(20)
1
(17)
1
Adjustments for FFO from unconsolidated joint ventures
11
12
8
23
15
FFO attributable to common stockholders
$ 854
$ 758
$ 689
$ 1,612
$ 1,336
(9)
AFFO is defined as FFO adjusted for depreciation and amortization expense on non-real estate assets, accretion, stock-based compensation, stock-based charitable contributions, restructuring and other exit charges, impairment charges, transaction costs, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, gain or loss from the disposition of non-real estate assets, gain or loss on debt extinguishment, an income tax expense adjustment, recurring capital expenditures, net income or loss from discontinued operations, net of tax, and adjustments from FFO to AFFO for unconsolidated joint ventures' and non-controlling interests' share of these items.
FFO attributable to common stockholders
$ 854
$ 758
$ 689
$ 1,612
$ 1,336
Adjustments:
Installation revenue adjustment
8
8
8
16
10
Straight-line rent expense adjustment
(4)
4
5
—
8
Contract cost adjustment
(11)
(15)
(10)
(26)
(17)
Amortization of deferred financing costs and debt discounts
7
7
6
14
11
Stock-based compensation expense
145
128
127
273
240
Stock-based charitable contributions
3
—
3
3
3
Non-real estate depreciation expense
139
138
137
277
271
(Gain) loss on disposition of non-real estate assets
—
—
—
—
2
Amortization expense
51
52
50
103
98
Accretion expense adjustment
6
3
3
9
4
Recurring capital expenditures
(49)
(32)
(55)
(81)
(81)
(Gain) loss on debt extinguishment
(1)
—
(1)
(1)
(1)
Restructuring and other exit charges
6
6
2
12
12
Transaction costs
3
8
3
11
9
Impairment charges
17
2
1
19
1
Income tax expense adjustment
(8)
—
4
(8)
10
Adjustments for AFFO from unconsolidated joint ventures
2
(2)
—
—
3
AFFO attributable to common stockholders
$ 1,168
$ 1,065
$ 972
$ 2,233
$ 1,919
(10)
Following is how we reconcile from adjusted EBITDA to AFFO:
Adjusted EBITDA
$ 1,396
$ 1,245
$ 1,129
$ 2,641
$ 2,196
Adjustments:
Interest expense, net of interest income
(115)
(107)
(83)
(222)
(158)
Amortization of deferred financing costs and debt discounts
7
7
6
14
11
Income tax expense
(46)
(56)
(38)
(102)
(87)
Income tax expense adjustment
(8)
—
4
(8)
10
Straight-line rent expense adjustment
(4)
4
5
—
8
Stock-based charitable contributions
3
—
3
3
3
Contract cost adjustment
(11)
(15)
(10)
(26)
(17)
Installation revenue adjustment
8
8
8
16
10
Recurring capital expenditures
(49)
(32)
(55)
(81)
(81)
Other income (expense)
(28)
1
(7)
(27)
2
Adjustments for (gain) loss on asset dispositions
—
—
1
—
3
Adjustments for unconsolidated JVs and non-controlling interests
15
10
9
25
19
AFFO attributable to common stockholders
$ 1,168
$ 1,065
$ 972
$ 2,233
$ 1,919
(11)
The shares used in the computation of basic and diluted FFO and AFFO per share attributable to common stockholders is presented below:
Shares used in computing basic net income per share, FFO per share and AFFO per share (in thousands)
98,641
98,392
97,835
98,516
97,674
Effect of dilutive securities:
Employee equity awards (in thousands)
495
335
215
415
294
Shares used in computing diluted net income per share, FFO per share and AFFO per share (in thousands)
Bank of Nova Scotia ve 1. čtvrtletí zvýšila svůj podíl v Equinix o 26,4 % na 28 212 akcií. Institucionální investoři nyní drží 94,94 % akcií společnosti.
Bank of Nova Scotia raised its stake in Equinix, Inc. (NASDAQ:EQIX – Free Report) by 26.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,212 shares of the financial services provider’s stock after purchasing an additional 5,901 shares during the quarter. Bank of Nova Scotia’s holdings in Equinix were worth $27,655,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the business. Norges Bank bought a new stake in shares of Equinix in the 4th quarter valued at approximately $984,355,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Equinix by 408.1% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,186,497 shares of the financial services provider’s stock valued at $929,312,000 after buying an additional 953,001 shares during the period. Cohen & Steers Inc. grew its position in shares of Equinix by 23.3% during the 4th quarter. Cohen & Steers Inc. now owns 2,609,011 shares of the financial services provider’s stock valued at $1,998,978,000 after buying an additional 493,141 shares during the last quarter. Deutsche Bank AG grew its position in shares of Equinix by 30.0% during the 4th quarter. Deutsche Bank AG now owns 1,094,808 shares of the financial services provider’s stock valued at $838,798,000 after buying an additional 252,964 shares during the last quarter. Finally, Balyasny Asset Management L.P. raised its stake in Equinix by 709.3% during the fourth quarter. Balyasny Asset Management L.P. now owns 286,288 shares of the financial services provider’s stock worth $219,342,000 after acquiring an additional 250,914 shares during the period. Institutional investors and hedge funds own 94.94% of the company’s stock.
Equinix Price Performance NASDAQ EQIX opened at $1,084.24 on Friday. Equinix, Inc. has a 12-month low of $720.62 and a 12-month high of $1,128.68. The company has a market capitalization of $106.93 billion, a PE ratio of 75.03, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. The firm’s 50 day moving average is $1,056.85 and its 200-day moving average is $986.34. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 1.39.
Equinix (NASDAQ:EQIX – Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $10.79 EPS for the quarter, topping analysts’ consensus estimates of $4.30 by $6.49. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.52 billion. Equinix had a net margin of 15.07% and a return on equity of 10.03%. Equinix’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period last year, the firm earned $9.67 earnings per share. Equinix has set its FY 2026 guidance at 42.310-43.110 EPS. Equities research analysts anticipate that Equinix, Inc. will post 38.25 earnings per share for the current fiscal year.
Equinix Announces Dividend The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, May 20th were paid a $5.16 dividend. This represents a $20.64 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Wednesday, May 20th. Equinix’s dividend payout ratio is presently 142.84%.
Wall Street Analysts Forecast Growth A number of brokerages have commented on EQIX. Mizuho lifted their target price on Equinix from $1,165.00 to $1,200.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. HSBC raised their price target on Equinix from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a report on Monday, April 27th. Truist Financial set a $1,215.00 price objective on Equinix in a research note on Friday, May 1st. Oppenheimer reiterated an “outperform” rating and set a $1,200.00 price target on shares of Equinix in a research report on Thursday, April 30th. Finally, Morgan Stanley upped their price target on shares of Equinix from $1,075.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Monday, April 13th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $1,153.79.
Read Our Latest Research Report on EQIX
Insiders Place Their Bets In other Equinix news, Director Christopher B. Paisley sold 125 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $1,060.29, for a total transaction of $132,536.25. Following the completion of the sale, the director directly owned 17,557 shares of the company’s stock, valued at $18,615,511.53. This trade represents a 0.71% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Charles J. Meyers sold 5,224 shares of Equinix stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $1,085.23, for a total value of $5,669,241.52. Following the completion of the transaction, the chairman owned 7,370 shares of the company’s stock, valued at approximately $7,998,145.10. This trade represents a 41.48% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 11,115 shares of company stock worth $12,022,574 over the last quarter. Company insiders own 0.27% of the company’s stock.
Equinix Profile (Free Report)
Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.
Equinix’s offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.
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Equinix čeká za 2. čtvrtletí růst tržeb i AFFO na akcii meziročně, přičemž konsensus pro AFFO na akcii vzrostl o 57 centů na 11,25 USD. Výsledky mohou brzdit vyšší úrokové náklady.
Key Takeaways Equinix is expected to post higher Q2 revenues and AFFO per share year over year.Strong AI, cloud adoption and digital transformation demand may drive interconnected data center growth.EQIX's AFFO estimate rose to $11.25, though high interest expenses could pressure quarterly results. Equinix, Inc. (EQIX - Free Report) is scheduled to report second-quarter 2026 results on July 29, after market close. The company’s quarterly results are likely to display a year-over-year rise in revenues and adjusted funds from operations (AFFO) per share.
In the previous quarter, this Redwood City, CA-based data center real estate investment trust (REIT) reported an AFFO of $10.79 per share, missing the Zacks Consensus Estimate of $10.89 per share. The results reflected higher recurring revenues, led by strong demand for digital infrastructure and services.
Over the preceding four quarters, EQIX’s AFFO per share surpassed the consensus estimate on two occasions and missed in the remaining quarters, with the average beat being 2.83%. This is depicted in the graph below:
Factors at Play for EquinixIn the second quarter of 2026, Equinix is likely to have benefited from the solid demand for interconnected data center infrastructure. Enterprises’ and service providers’ continued efforts to integrate artificial intelligence (AI) into their strategies and offerings and advance their digital transformation agendas are likely to keep demand up in the upcoming years.
Moreover, the demand for Equinix’s interconnected ecosystem is likely to have remained strong, driven by accelerating enterprise cloud adoption and increasing demand from cloud and internet customers for highly interconnected data center space.
The company’s recurring revenue model, which comprises colocation, related interconnection and managed infrastructure services, is expected to have supported stable cash flows in the to-be-reported quarter, boosting the data center REIT’s top line.
Q2 Projections for EQIXThe Zacks Consensus Estimate for colocation revenues is pegged at $1.78 billion, suggesting growth from $1.59 billion in the prior-year period. The consensus mark for interconnection revenues is pinned at $463.6 million, indicating growth from $407 million in the prior-year period.
The consensus mark for managed infrastructure revenues is pegged at $121.7 million, implying an increase from $117 million reported in the prior-year period. The consensus mark for other revenues is pinned at $39.8 million, indicating a rise from $34 million in the prior-year quarter.
For the second quarter of 2026, Equinix projected revenues between $2.571 billion and $2.611 billion, implying around a 9-10% increase over the prior quarter. The Zacks Consensus Estimate for the same is pegged at $2.59 billion, indicating an increase of 14.8% from the year-ago period’s reported figure.
EQIX estimated adjusted EBITDA in the range of $1.349-$1.389 billion for the second quarter.
EQIX’s activities during the to-be-reported period were adequate to garner analysts’ confidence. The Zacks Consensus Estimate for quarterly AFFO per share has been revised 57 cents upward to $11.25 over the past three months. It suggests a 13.5% increase from the prior-year quarter’s reported figure.
However, high interest expenses might have partly impeded the company’s quarterly performance.
What Our Quantitative Model Predicts for EQIXOur proven model doesn’t conclusively predict a surprise in terms of AFFO per share for Equinix this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an AFFO beat, which is not the case here.
Equinix currently has an Earnings ESP of 0.00% and a Zacks Rank of 3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks That Warrant a LookHere are two stocks from the broader REIT industry — Extra Space Storage (EXR - Free Report) and Cousins Properties (CUZ - Free Report) — that you may want to consider, as our model shows that these have the right combination of elements to report a surprise this quarter.
EXR, which is scheduled to report quarterly results on July 28, 2026, has an Earnings ESP of +0.39% and a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cousins Properties is slated to report quarterly numbers on July 30, 2026. CUZ has an Earnings ESP of +0.45% and carries a Zacks Rank of 3 at present.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
