Data Centre REITs Post Best Quarter Since IPO Cycle
Equinix, Digital Realty and CoreSite report leasing volumes well above guidance, validating multi-year capacity expansion plans.
The four largest publicly listed data-centre REITs — Equinix, Digital Realty, CoreSite and Iron Mountain — together leased a record 1.4 GW of new capacity in the first quarter.
Equinix raised full-year guidance for the second consecutive quarter, citing "unprecedented hyperscale demand" alongside continued strength in retail colocation.
Capital expenditure plans across the segment have risen sharply. Aggregate capex for the four companies will exceed $34 billion in 2026, up roughly 70 percent from 2024 levels.
Power availability remains the binding constraint. Equinix disclosed that it is now systematically prioritising development sites adjacent to nuclear and gas-peaker capacity, with several projects in northern Virginia and Dallas now structured around dedicated long-term power purchase agreements.
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