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Good afternoon and welcome to the Digital Realty fourth quarter 2025 earnings call. Please note that this event is being recorded. During today's presentation, all participants will be in a listen-only mode. Following the presentation, we will conduct a question and answer session. Callers will be limited to one question, and we will aim to conclude at the top of the hour. I would now like to turn the call over to Jordan Sadler, Digital Realty's Senior Vice President of Public and Private Investor Relations. Jordan? Please go ahead.

Thank you, Operator, and welcome everyone to Digital Realty's fourth quarter 2025 earnings conference call. Joining me on today's call are President and CEO Andy Power and CFO Matt Mercier. Chief Investment Officer Greg Wright, Chief Technology Officer Chris Sharp, and Chief Revenue Officer Colin McLean are also on the call and will be available for Q&A. Management will be making forward-looking statements including guidance and underlying assumptions on today's call. Forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially. For further discussion of risks related to our business, see our 10-K and subsequent filings with the SEC. This call will contain certain non-GAAP financial information. Reconciliations to the most directly comparable GAAP measure are included in the supplemental package furnished to the SEC. and available on our website. Before I turn the call over to Andy, let me offer a few key takeaways from our fourth quarter results. First, we posted $1.86 of core FFO per share in the fourth quarter and $7.39 for full year 2025, up 10% over 2024. Our initial guidance for 2026 is implies nearly 8% bottom line per share growth at the midpoint, despite outperforming our original 2025 guidance by almost 500 basis points. Second, we concluded our second consecutive year with more than $1 billion of total bookings at 100% share, leaving us with a record backlog of nearly $1.4 billion at 100% share. We also posted another record quarter of 0 to 1 megawatt plus interconnection bookings, and a record year in 2025, as our team demonstrated its resolve to meet our goal to double digital. Lastly, we ended the year with over $3.2 billion of LP equity commitments to our oversubscribed inaugural close-end fund, marking our official entry into the private markets and evolving digital realties funding strategy to support the growth of hyperscale data center capacity. With that, I'd like to turn the call over to our President and CEO, Andy Power.

Thanks, Jordan. And thanks to everyone for joining our call. 2025 was a pivotal year for the data center industry and for digital realty. Data centers moved firmly into the global spotlight as AI adoption accelerated, cloud platforms continued to scale, and power became the industry's primary constraint. Against that backdrop, the digital realty team delivered exceptional execution. We closed the year with record financial performance exceeding the four-year guidance we laid out last February and finishing ahead of the targets we set for ourselves across revenue, EBITDA, and core FFO per share. Just as importantly, the strategy we articulated over the last several years focused on a global, full-spectrum, and connectivity-rich platform and operational excellence with disciplined capital allocation is clearly gaining momentum. Throughout 2025, demand remained robust across our full product range, and our leasing reflected that breadth. For the second consecutive year in our history, Digital Realty signed over $1 billion of new leases with a $1.2 billion of bookings in 2025, representing a pace that is nearly 70% above the average bookings achieved over the preceding five-year period. Our zero to one megawatt plus interconnection product set continued to outperform and take share, posting nearly 340 million of bookings, easily a four-year record, and 35 plus percent above 2024 levels, as customers sought proximity, scale, and dense connectivity in the critical tier one markets that we serve. This segment benefited from the continued expansion of platform digital into 31 countries and 56 markets at year end, as well as the evolution of our product set. Our high-density co-location offering enables customers to deploy more compute in the same footprint while maintaining efficiency and reliability. Service fabric adoption also accelerated meaningfully during the year, now enabling access to over 300 cloud on-ramps and more than 700 interconnected data centers globally. further strengthening the network effects of platform digital. These dynamics helped drive a robust inflow of new logos with nearly 600 added for the second consecutive year. Grave and OmegaWap bookings got off to a great start early in the year when we signed the largest lease in the company's history. Momentum continued through the fourth quarter with solid hyperscale activity across our footprint, particularly in the Americas. On a 100% share basis, hyperscale leasing exceeded 800 million in 2025, highlighting the underlying strength and durability of hyperscale demand. Also in 2025, we saw early but encouraging customer adoption of our private AI exchange platform, a growing set of AI-driven networking use cases that enable enterprises to connect to compute data and models privately and dynamically across clouds, campuses, and partners. By leveraging the scale of our interconnection portfolio, customers are beginning to move beyond static architectures to support low latency, secure, and cost-efficient AI inference workflows that span multiple environments. With inference expected to scale in 2026, we see continued expansion of these private AI exchange use cases as a durable driver of interconnection demand. Building on this momentum, our data and AI strategy is centered on delivering AI-ready infrastructure in the T01 metros, where performance, adjacency, and sovereignty matter most. Our roadmap positions us to meet accelerating inference demand with pre-installed liquid cooling capacity, higher density deployments, and a unified platform that provides the coverage, capacity, connectivity, and control enterprise require for long-term AI execution. Finally, we continue to expand our footprint in the APAC region. Last March, we expanded into Indonesia through a joint venture that owns a robust connectivity hub in Jakarta. In January, we announced our continued Southeast Asian expansion with the exhibition of one of Malaysia's most highly connected data centers. Together, these investments further strengthen our presence in fast-growing APAC markets and extend the reach of platform digital into regions where digital demand is accelerating. We continue to believe that not all data centers are created equal. Different types of data centers can be thought of as different tools for different jobs. Our portfolio is largely focused in locations that matter most to our customers and their stakeholders. Interconnection hubs in or near where clouds and data converge create network effects, making the platform more valuable for every participant. The value generated by these network effects, together with our ability to support hyperscale requirements and higher power density workloads, underscores the advantage of Digital Realty's connected campus approach. The key to these network effects is interconnection. Digital has continued to enhance the value that we provide through both physical and virtual products available at our data centers. Customers can use this connectivity to connect to others within the same data center via CrossConnect or another data center across the globe via Service Fabric and everything in between. Customers can connect with their business partners in our data centers and expand their connectivity when they add sites or deepen their integration with cloud, data, and AI ecosystems. The importance of this connectivity grows as enterprise AI and use of inference accelerates. Inference thrives where data and networks meet, and our position in major population and GDP centers, together with our robust and diverse connectivity, makes us particularly well positioned to host and scale inference workloads as enterprises continue to operationalize AI. The introduction of ChatGPT a few years ago and the ensuing race between Gemini, Claude, Brock, and others marked the beginning of a new chapter in the digital age, one defined by the convergence of AI, cloud, data, and interconnection at a global scale. Cloud platforms continue to grow at remarkable rates, even at their extraordinary scale, underscoring the depth and durability of this demand. Looking ahead, cloud and AI demand are expected to continue to compound, with AI-specific services growing even faster as generative and inference workloads become embedded directly into business processes. We're positioned for the next phase of infrastructure enablement, where enterprise AI demands infrastructure that behaves like the cloud, reliable, secure, and always on. As cloud and AI demand scale, a combination of power availability and ability to execute have become the defining constraints across global digital infrastructure, shaping the timelines for how new data center capacity comes online. In most of our core markets, new supply will continue to arrive gradually as both generation and transmission upgrades continue. Hyperscalers are increasingly making leasing decisions based on who can secure and deliver power capacity on a predictable schedule. As a result, customers are prioritizing operators with verified visibility into the future supply of power and a track record of on-time or even accelerated delivery. Digital Realty continues to leverage its global footprint, 20-plus-year track record, and 5-gigawatt power bank. to position incremental capacity for development in some of the world's most power constrained markets. Before I move on, let me highlight a few recent wins that demonstrate how customers across the globe are using the connectivity in our data centers to deploy critical workloads to create value for their enterprise. A technology services company and new logo is leveraging platform digital in four US locations to create a distributed AI inference ready ecosystem. to support advanced artificial intelligence workloads for a growing enterprise demand. A leading technology and communications company is expanding its footprint to two additional European markets on platform digital to enable network optimized platforms leveraging the interconnected digital infrastructure to reach customers faster and at scale. A global industrial technology and engineering company based in Germany, and a new logo for Platform Digital is enabling advanced data analytics and AI initiatives, leveraging the high-performance digital ecosystems available in a Dallas data center. A leading European AI company and a new logo for Digital Realty is deploying an edge-infrared node on Platform Digital, leveraging the network and emerging AI ecosystem available on our Paris campus. And a leading multinational manufacturing company is expanding its footprint on platform digital to enable advanced data and AI workloads, leveraging high density and interconnected digital infrastructure available on our sole campus. These wins demonstrate the continued momentum of our enterprise offering and the value of deploying critical workloads within our connected global communities. And with that, I'll now turn the call over to our CFO, Matt Merceder.