REITWeek Takeaways for Comm Infra Sector

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REITWeek Takeaways for Comm Infra Sector

Equity Research

Industry Update — June 4, 2026

Data Centers

Wireless Towers

Our Call Eric Luebchow, CFA

We had constructive meetings with data centers / towers. The NT highlight was EQIX, Equity Analyst | Wells Fargo Securities, LLC

Eric.Luebchow@wellsfargo.com | 312-630-2386

which appears poised to sustain ~10% MRR growth based on enterprise + inference

James Feldmandemand, while AMT / CCI made the case for organic growth to improve medium term.

Equity Analyst | Wells Fargo Securities, LLC

James.Feldman@wellsfargo.com | 212-214-5328

Equinix. We thought the EQIX meeting was a positive one, in which they expect to Caleb Stein

update LT growth targets from the 2025 Analyst Day in the near term, where we Equity Analyst | Wells Fargo Securities, LLC

suspect 10% MRR growth is achievable (>10% in 2026), even if that does likely require an Caleb.Stein@wellsfargo.com | 704-410-1823

increase in capex (nearly ~$4B guided to in 2026). EQIX sounded very optimistic on the

interconnection business, particularly the virtual fabric, where bookings have materially

scaled (+70%) and interconnection revenue growth should accelerate.

On the demand side, EQIX has seen broadly diversified demand from enterprise,

hyperscale, and neoclouds. They are starting to see enterprise lean more into pre-sales

out 6-12 months given the capacity constraints in the industry, so we would expect the

pre-sales balances to only further accelerate from here (particularly with more capacity

coming online in 2H'26 and 2027). With over 1x of leverage flexibility on the balance sheet

today, they are well set up to sustain double-digit growth.

Digital Realty. DLR cited +1 GWs of "nearer-term" pipeline across major sites (Charlotte,