- Dynex's market capitalization surpassed $1.5 billion as of June 30, 2025, representing nearly 50% growth since June 2024.
- Management emphasized the significance of this milestone as a reflection of disciplined execution and team expertise, highlighting it as a key differentiator for future growth.
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- Texas Capital reported record results in Q3 2025, including revenue of $340 million, net income of $101 million, and EPS of $2.18, marking the best in the firm's history.
- The company completed a four-year strategic transformation initiated in September 2021, focusing on building a resilient, full-service financial platform.
- Rob Holmes emphasized that the milestone of achieving a 1.3% ROA exceeded the initial target of 1.1%, validating the success of their strategic overhaul.
- The transformation included significant capital build-up, with tangible common equity increasing by 247 basis points, reaching an all-time high of 10.25% of tangible assets.
- The firm shifted away from reliance on leverage and high-cost deposits, rebuilding its funding base and improving balance sheet resilience.
- Company highlights a substantial improvement in cost of capital, supported by strong equity valuation appreciation.
- This improvement enables a shift from a measured to a more aggressive growth posture, with increased pipeline and larger deal potential.
- Over $100 million committed to experiential development and redevelopment projects, with plans to accelerate future investment spending.
- Adjusted EBITDA grew 13% year-over-year, reflecting revenue growth and higher fee income.
- Core FFO per share reached a record $1.87, up 13% year-over-year and 6% higher than last quarter, reflecting strong upside from hyperscale commencements and better-than-expected 0-1 megawatt plus interconnection bookings.
- Data center revenue increased 11% year-over-year, supported by strong renewal spreads, rent escalators and new lease commencements, offsetting disposition impacts.
- Development CapEx was over $900 million gross, $700 million net to Digital Realty, with 96 megawatts of new capacity delivered (98% pre-leased) and 16 megawatts of new projects started construction.
- Digital Realty posted double-digit growth in revenue, adjusted EBITDA and core FFO this quarter, driven by record lease commencements, low churn and higher fee income.
- Gross data center development pipeline stands at $9 billion with a 12.2% expected stabilized yield; land bank grew to 3.7 gigawatts, extending runway to 5 gigawatts.
- Leasing in the quarter totaled $177 million at 100% share, including $135 million at Digital Realty's share, with $90 million in the 0-1 megawatt plus interconnection category, an 18% increase over the prior record.
- Renewal leases signed in the quarter totaled $177 million with a blended 7.3% cash basis increase, exceeding prior guidance.
- Same-capital cash NOI grew 4.4% year-over-year, driven by 5.9% growth in data center revenue; on a constant currency basis, same-capital cash NOI rose 1.8%.
- Total churn declined to 1%, with negligible churn in the greater than a megawatt category.
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