Digital Realty

Revenue is highly recurring, leases are multi‑year with staggered expirations, and the company exited 2025 with an $817 million backlog at its share, which supports visibility into commencements over the next 12 to 24 months.

Core FFO per share reached $7.39 for 2025 and initial 2026 guidance implies mid‑to‑high single digit growth, consistent with backlog conversion and embedded escalators. Key uncertainty comes from utility interconnect timing and grid constraints that can shift commencements and capex timing across quarters.

Overall predictability is favorable for a mission‑critical, subscription‑like infrastructure provider with global exposure, though it is not fully immune to macro and regulatory timing.