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Guidance history, every release
Raised · a change from the previous releaseSame · restated unchanged— · not stated in that releaseEvery value links to its sentence in the filing
| Metric | Oct 24, 2024 FY24 Q3 | Feb 13, 2025 FY24 Q4 | Apr 24, 2025 FY25 Q1 | Jul 24, 2025 FY25 Q2 | Oct 23, 2025 FY25 Q3 | Feb 5, 2026 FY25 Q4 | Apr 23, 2026 FY26 Q1 | Jul 23, 2026 FY26 Q2 |
|---|---|---|---|---|---|---|---|---|
| For FY2026 | ||||||||
| Non-core expenses and revenue streams | — | — | — | — | — | New“$0.45 - $0.45” | Lowered“$0.40 - $0.40” | Lowered“$0.25 - $0.25” |
| Total revenue | — | — | — | — | — | New“$6.600 - $6.700 billion” | Reiterated“$6.600 - $6.700 billion” | — |
| Total revenue (excluding promote income) | — | — | — | — | — | — | — | New“$6.600 - $6.700 billion” |
| Adjusted EBITDA | — | — | — | — | — | New“$3.600 - $3.700 billion” | Reiterated“$3.600 - $3.700 billion” | Reiterated“$3.600 - $3.700 billion” |
| Net income per diluted share | — | — | — | — | — | New“$2.55 - $2.65” | Raised“$2.65 - $2.75” | Raised“$3.10 - $3.15” |
| "Same-Capital" cash NOI growth | — | — | — | — | — | New“4.0% - 5.0%” | Reiterated“4.0% - 5.0%” | Raised“4.25% - 5.25%” |
| Average stabilized yields | — | — | — | — | — | — | — | New“10.0%+” |
| Constant-Currency Core FFO / share (excluding net promote) | — | — | — | — | — | — | — | New“$7.90 - $8.00” |
| Constant-Currency Core FFO per share (excluding net promote) outlook | — | — | — | — | — | — | — | New“$8.10 - $8.15” |
| Constant-Currency Core FFO per share outlook | — | — | — | — | — | — | New“$7.95 - $8.05” | — |
| Constant-Currency Core Funds From Operations / share | — | — | — | — | — | New“$7.90 - $8.00” | Reiterated“$7.90 - $8.00” | — |
| Core FFO per share (excluding net promote) outlook | — | — | — | — | — | — | — | New“$8.15 - $8.20” |
| Core FFO per share outlook | — | — | — | — | — | New“$7.90 - $8.00” | Raised“$8.00 - $8.10” | — |
| Core FFO per share outlook (reported and Constant-Currency basis) | — | — | — | — | — | New“$7.90 - $8.00” | — | — |
| Core Funds From Operations / share | — | — | — | — | — | — | New“$8.00 - $8.10” | — |
| Core Funds From Operations / share (excluding net promote) | — | — | — | — | — | — | — | New“$8.15 - $8.20” |
| Development - Average stabilized yields | — | — | — | — | — | New“10.0%+” | Reiterated“10.0%+” | — |
| Development CapEx (Net of Partner Contributions) | — | — | — | — | — | New“$3,250 - $3,750 million” | Raised“$3,500 - $4,000 million” | Raised“$4,250 - $4,750 million” |
| Dispositions / Joint Venture Capital - Cap rate | — | — | — | — | — | New“0.0% - 10.0%” | Reiterated“0.0% - 10.0%” | Reiterated“0.0% - 10.0%” |
| Dispositions / Joint Venture Capital - Dollar volume | — | — | — | — | — | New“$500 - $1,000 million” | Reiterated“$500 - $1,000 million” | Raised“$1,000 - $1,500 million” |
| Enhancements and other non-recurring CapEx | — | — | — | — | — | New“$30 - $35 million” | Reiterated“$30 - $35 million” | Reiterated“$30 - $35 million” |
| Foreign currency translation adjustments | — | — | — | — | — | New“$0.00 - $0.00” | Raised“($0.05) - ($0.05)” | Reiterated“($0.05) - ($0.05)” |
| Funds From Operations / share (NAREIT-Defined) | — | — | — | — | — | New“$7.45 - $7.55” | Raised“$7.60 - $7.70” | Raised“$8.40 - $8.45” |
| Net non-cash rent adjustments | — | — | — | — | — | New“($90 - $95 million)” | Reiterated“($90 - $95 million)” | Raised“($145 - $150 million)” |
| Net Promote | — | — | — | — | — | — | — | New“($0.50) - ($0.50)” |
| Recurring CapEx + capitalized leasing costs | — | — | — | — | — | New“$400 - $425 million” | Reiterated“$400 - $425 million” | Reiterated“$400 - $425 million” |
| Rental rates on renewal leases - Cash basis | — | — | — | — | — | New“6.0% - 8.0%” | Reiterated“6.0% - 8.0%” | Raised“9.0% - 11.0%” |
| Rental rates on renewal leases - GAAP basis | — | — | — | — | — | New“8.5% - 10.5%” | Reiterated“8.5% - 10.5%” | Raised“12.0% - 14.0%” |
| U.S. Dollar / Euro | — | — | — | — | — | New“$1.13 - $1.18” | Raised“$1.15 - $1.20” | Lowered“$1.13 - $1.18” |
| U.S. Dollar / Pound Sterling | — | — | — | — | — | New“$1.30 - $1.35” | Raised“$1.32 - $1.37” | Reiterated“$1.32 - $1.37” |
| Year-end portfolio occupancy | — | — | — | — | — | New“+50 - 100 bps” | Reiterated“+50 - 100 bps” | Raised“+75 - 125 bps” |
| For FY2025 | ||||||||
| Non-core expenses and revenue streams | — | — | New“$0.40 - $0.40” | — | — | — | — | — |
| Total revenue | — | New“$5.800 - $5.900 billion” | Reiterated“$5.800 - $5.900 billion” | Reiterated“$5.800 - $5.900 billion” | Reiterated“$5.800 - $5.900 billion” | — | — | — |
| Adjusted EBITDA | — | New“$3.100 - $3.200 billion” | Reiterated“$3.100 - $3.200 billion” | Reiterated“$3.100 - $3.200 billion” | Reiterated“$3.100 - $3.200 billion” | — | — | — |
| Net income per diluted share | — | New“$2.10 - $2.20” | Raised“$2.15 - $2.25” | Raised“$3.45 - $3.55” | Raised“$3.57 - $3.62” | — | — | — |
| "Same-Capital" cash NOI growth | — | — | — | New“3.5% - 4.5%” | Raised“4.25% - 4.75%” | — | — | — |
| "Same-Capital" cash NOI growth (2) | — | New“3.5% - 4.5%” | Reiterated“3.5% - 4.5%” | — | — | — | — | — |
| Average stabilized yields | — | — | — | — | New“10.0%+” | — | — | — |
| Constant-Currency Core FFO per share outlook | — | — | — | — | New“$7.25 - $7.30” | — | — | — |
| Constant-Currency Core FFO per share outlook | — | New“$7.05 - $7.15” | Reiterated“$7.05 - $7.15” | Raised“$7.10 - $7.20” | — | — | — | — |
| Constant-Currency Core Funds From Operations / share | — | New“$7.05 - $7.15” | Reiterated“$7.05 - $7.15” | Raised“$7.10 - $7.20” | Raised“$7.25 - $7.30” | — | — | — |
| Core FFO per share outlook | — | — | — | New“$7.15 - $7.25” | Raised“$7.32 - $7.38” | — | — | — |
| Core Funds From Operations / share | — | New“$7.00 - $7.10” | — | Raised“$7.15 - $7.25” | Raised“$7.32 - $7.38” | — | — | — |
| Development - Average stabilized yields | — | New“10.0%+” | Reiterated“10.0%+” | Reiterated“10.0%+” | — | — | — | — |
| Development CapEx (Net of Partner Contributions) | — | New“$3,000 - $3,500 million” | Reiterated“$3,000 - $3,500 million” | Reiterated“$3,000 - $3,500 million” | Reiterated“$3,000 - $3,500 million” | — | — | — |
| Dispositions / Joint Venture Capital - Cap rate | — | New“0.0% - 10.0%” | Reiterated“0.0% - 10.0%” | Reiterated“0.0% - 10.0%” | Reiterated“0.0% - 10.0%” | — | — | — |
| Dispositions / Joint Venture Capital - Dollar volume | — | New“$500 - $1,000 million” | Reiterated“$500 - $1,000 million” | Narrowed“$700 - $1,000 million” | Reiterated“$700 - $1,000 million” | — | — | — |
| Enhancements and other non-recurring CapEx | — | New“$30 - $35 million” | Reiterated“$30 - $35 million” | Reiterated“$30 - $35 million” | Reiterated“$30 - $35 million” | — | — | — |
| Foreign currency translation adjustments | — | — | New“$0.00 - $0.00” | — | — | — | — | — |
| Funds From Operations / share (NAREIT-Defined) | — | New“$6.60 - $6.70” | Raised“$6.65 - $6.75” | Raised“$6.70 - $6.80” | Raised“$6.77 - $6.82” | — | — | — |
| Net non-cash rent adjustments (1) | — | New“($45 - $50 million)” | Reiterated“($45 - $50 million)” | Reiterated“($45 - $50 million)” | Reiterated“($45 - $50 million)” | — | — | — |
| Recurring CapEx + capitalized leasing costs | — | New“$320 - $335 million” | Reiterated“$320 - $335 million” | Reiterated“$320 - $335 million” | Lowered“$300 - $320 million” | — | — | — |
| Rental rates on renewal leases - Cash basis | — | New“4.0% - 6.0%” | Reiterated“4.0% - 6.0%” | Reiterated“4.0% - 6.0%” | Raised“5.75% - 6.25%” | — | — | — |
| Rental rates on renewal leases - GAAP basis | — | New“6.0% - 8.0%” | Reiterated“6.0% - 8.0%” | Reiterated“6.0% - 8.0%” | Raised“7.75% - 8.25%” | — | — | — |
| U.S. Dollar / Euro | — | New“$1.00 - $1.05” | Raised“$1.05 - $1.15” | Narrowed“$1.10 - $1.15” | Raised“$1.13 - $1.18” | — | — | — |
| U.S. Dollar / Pound Sterling | — | New“$1.20 - $1.25” | Raised“$1.25 - $1.35” | Narrowed“$1.30 - $1.35” | Reiterated“$1.30 - $1.35” | — | — | — |
| Year-end portfolio occupancy | — | New“+100 - 200 bps” | Reiterated“+100 - 200 bps” | Reiterated“+100 - 200 bps” | Reiterated“+100 - 200 bps” | — | — | — |
| For FY2024 | ||||||||
| Non-core expenses and revenue streams | New“$0.50 - $0.50” | — | — | — | — | — | — | — |
| Total revenue | New“$5.550 - $5.650 billion” | — | — | — | — | — | — | — |
| Adjusted EBITDA | New“$2.800 - $2.900 billion” | — | — | — | — | — | — | — |
| Net income per diluted share | New“$1.40 - $1.50” | — | — | — | — | — | — | — |
| "Same-Capital" cash NOI growth | New“2.75% - 3.25%” | — | — | — | — | — | — | — |
| Constant-Currency Core Funds From Operations / share | New“$6.65 - $6.75” | — | — | — | — | — | — | — |
| Core FFO per share and Constant-Currency Core FFO per share outlook | New“$6.65 - $6.75” | — | — | — | — | — | — | — |
| Development - Average stabilized yields | New“10.0%+” | — | — | — | — | — | — | — |
| Development CapEx (Net of Partner Contributions) | New“$2,200 - $2,400 million” | — | — | — | — | — | — | — |
| Dispositions / Joint Venture Capital - Cap rate | New“6.0% - 8.0%” | — | — | — | — | — | — | — |
| Dispositions / Joint Venture Capital - Dollar volume | New“$1,000 - $1,500 million” | — | — | — | — | — | — | — |
| Enhancements and other non-recurring CapEx | New“$25 - $30 million” | — | — | — | — | — | — | — |
| Foreign currency translation adjustments | New“$0.00 - $0.00” | — | — | — | — | — | — | — |
| Funds From Operations / share (NAREIT-Defined) | New“$6.15 - $6.25” | — | — | — | — | — | — | — |
| Net non-cash rent adjustments (1) | New“($35 - $40 million)” | — | — | — | — | — | — | — |
| Recurring CapEx + capitalized leasing costs | New“$260 - $275 million” | — | — | — | — | — | — | — |
| Rental rates on renewal leases - Cash basis | New“8.0% - 10.0%” | — | — | — | — | — | — | — |
| Rental rates on renewal leases - GAAP basis | New“12.0% - 14.0%” | — | — | — | — | — | — | — |
| U.S. Dollar / Euro | New“$1.05 - $1.10” | — | — | — | — | — | — | — |
| U.S. Dollar / Pound Sterling | New“$1.25 - $1.30” | — | — | — | — | — | — | — |
| Year-end portfolio occupancy | New“+150 - 200 bps” | — | — | — | — | — | — | — |
| No period stated | ||||||||
| Long-term debt issuance - Dollar amount | — | New“$900 - $1,500 million” | Reiterated“$900 - $1,500 million” | — | — | Narrowed“$1,000 - $1,500 million” | Raised“$1,500 - $2,000 million” | Reiterated“$1,500 - $2,000 million” |
| Long-term debt issuance - Pricing | New“3.875%” | Raised“5.0% - 5.5%” | Widened“4.0% - 5.5%” | Lowered“~4.0%” | Reiterated“~4.0%” | Raised“4.0% - 4.5%” | Reiterated“4.0% - 4.5%” | Raised“4.5% - 5.5%” |
| Long-term debt issuance - Timing | New“Sep-24” | — | — | — | — | — | — | Changed“2H-2026” |
| U.S. Hyperscale Data Center Fund LP equity commitments target | — | — | New“$2.5 billion” | — | — | — | — | — |
Values in quotation marks are the company’s words. Change labels compare each statement with the same metric and target year in the previous release. HighGravityData does not judge whether guidance was met.