May 2026 Marketing Deck

研报英文原文证据摘录

May 2026 Marketing Deck

Data Center REITs

Strong Fundamentals, Favorable Supply/Demand Dynamics, and Secular AI Tailwinds: We continue to think overall

demand for data center capacity remain strong, driven by digital transformation tailwinds (hybrid/multi-cloud), positive

enterprise tech spend, hyperscale capex growth, and emerging growth vectors (AI/ML). Notably, AI adds an incremental layer

of demand to an already supply-constrained environment, and this should create durable pricing tailwinds. Within this backdrop,

we continue favor data center companies that offer a higher level of differentiation vs. peers (scale, connectivity to broader

internet ecosystem, ability to support power/cooling dense GPU servers). In addition, we think technical differentiation

(especially interconnection and digital infrastructure solutions) should help data center REITs preserve pricing power in the

event of market oversupply/commoditization.

1Q26 Highlights: 1) Continued Colo Strength: During Q1, EQIX delivered solid annual gross bookings growth of $378M (up

9% y/y) driven by robust demand and firm pricing; DLR saw another record quarter of 0-1 MW + Interconnections bookings

performance (~$98M, up +42% y/y). 2) Hyperscale Trends: Aggregate hyperscale capex growth expectations for CY26

shifted higher to up +83% y/y vs. +58% a quarter ago. From a leasing perspective, aggregate off balance sheet commitments

for leases that have not yet commenced increased +152% y/y and +33% q/q led by sequential increases at META (+76% q/q)

and GOOG (+29% q/q). All major hyperscalers saw a q/q increase in off b/s lease commitments. 3) Pricing Tailwinds: DLR

saw 0-1 MW cash releasing spreads up +4% and for > 1 MW renewals, cash rental rates increased +7%. EQIX MRR per

cab was up ~9% y/y.