Digital Realty Trust (DLR), the cloud- and carrier-neutral data center operator, set its 2026 Core FFO per share (excluding net promote) outlook at $8.30 to $8.35 and its constant-currency Core FFO outlook at $8.25 to $8.30 after a quarter of record leasing.

Total operating revenues were $1.90 billion in the third quarter, 21% above the year-earlier period. Excluding $201 million of promote income in the second quarter, revenue was 10% higher than the prior quarter.

Net income available to common stockholders was $185 million, or $0.48 a share, compared with $0.15 a share a year earlier. Adjusted EBITDA was $978 million, in line with the second quarter and 13% above the year-ago quarter. Core FFO excluding net promote was $2.10 a share, versus $1.89 a year earlier.

President and Chief Executive Officer Andy Power said the company extended its track record of execution with record leasing, an expanding backlog, and another quarter of double-digit earnings growth.

Bookings were the quarter’s defining operating result. Digital Realty signed total bookings expected to generate $855 million of annualized GAAP base rent at 100% share. At the company’s share, bookings were a record $627 million, including a record $152 million in the 0-1 megawatt plus interconnection category. New leases at Digital Realty’s share totaled $626.6 million of annualized GAAP base rent, with Asia Pacific the largest region at $283.4 million, the Americas at $242.9 million and EMEA at $78.1 million, plus $22.2 million of interconnection.

The weighted-average lag between new leases signed in the third quarter and contractual commencement was 17 months. The backlog of signed-but-not-commenced leases at quarter-end was a record $2.5 billion of annualized GAAP base rent at 100% share and $1.8 billion at Digital Realty’s share. Renewal leases signed in the quarter represented $261 million of annualized cash rental revenue. Rental rates on those renewals increased 11.8% on a cash basis and 17.0% on a GAAP basis.

Occupancy at quarter-end was 91.1%, up from 90.2% in the second quarter. Same-capital occupancy was 93.4%. Occupied megawatts rose to 2,874 from 2,799 in the second quarter. IT load capacity was 3,157 megawatts.

As of September 30, the company’s 311 data centers contained approximately 3.2 gigawatts of IT capacity, with about 9.8 gigawatts of buildable IT capacity under active development and held for future development.

Total debt at carrying value was $19.49 billion at September 30, up from $18.64 billion at June 30. Net debt-to-adjusted EBITDA was 5.2 times.

The company said it set the 2026 Core FFO outlook after the quarter’s leasing and backlog expansion, leaving the full-year Core FFO range excluding net promote at $8.30 to $8.35 a share and the constant-currency range at $8.25 to $8.30.