Overview

• Core funds from operations rose to $1.49 per share, up 4.2% year over year and about five cents above consensus.
• Management reported record leasing, with lease commencements increasing 29% to 65.6 million square feet in the quarter.
• Average occupancy was 94.8%, roughly 110 basis points lower than a year ago, and the company said it appears to have bottomed.
• Full-year FY25 core FFO guidance increased to $5.78–$5.81 per share, and the assumed range for development starts rose to $2.75–$3.25 billion.
• The company advanced its data-center strategy with 5.2 gigawatts of utility-fed capacity secured or committed and reported $1.19 billion in cash at quarter-end.