From the Ground Up: Comm Infra Weekly

研报英文原文证据摘录

From the Ground Up: Comm Infra Weekly

Equity Research

Industry Update — June 7, 2026

Communications Infrastructure & Telecom Services

Our Call Eric Luebchow, CFA

What's on the Agenda? We head back to NYC this week for a quick trip to see a local Equity Analyst | Wells Fargo Securities, LLC Eric.Luebchow@wellsfargo.com | 312-630-2386

data center asset, while we'll also be following up with clients on the heels of REITWeek

Caleb Steinmeetings last week in NYC, where we have more thoughts on takeaways below.

Equity Analyst | Wells Fargo Securities, LLC

Caleb.Stein@wellsfargo.com | 704-410-1823

Recent Investor Commentary: Tidbits from REITWeek. We had an eventful few days

in New York last week meeting with our Comm. Infra coverage in New York. The general

feedback from calls and hallway chatter was that investors came away bullish on EQIX,

where investors expect them to raise their long-term growth guide from last year on the

heels of elevated enterprise and AI inference demand. We would guess the bogey is now

for ~10%+ revenue growth after the performance in the stock this year.

We had a constructive meeting with DLR management, who cited a 1 GW near-term

leasing pipeline as one reason to remain positive. We heard a handful of investors

concerned DLR's growth could slightly moderate in '27 given that many of their large-

footprint campuses (Charlotte, Atlanta, next phases of Virginia) won't fully ramp until

2028+. However, we think that can largely be offset by the momentum in the 0-1 MW

segment and near-term deliveries in select markets across EMEA.

It brings up perhaps the biggest risk to 2027 numbers across the data center REIT space

(particularly for larger-footprint demand). Demand is at record levels, but construction