Expected average annualized net operating income
Company: Applied Digital
The claim, verbatim
~$2 billion in average annualized NOI expected under 15-year gross modified leases, with ~70% of revenues backed by investment-grade hyperscalers
Source (primary)
Investor Presentation (IR page (ir.applieddigital.com), ir_presentation)
View cached copy (2026-09-25)Live source ↗Archive.org ↗
Quote: “~$2 billion in average annualized NOI expected under 15-year gross modified leases with ~70% of our total contracted revenues backed by investment-grade hyperscalers”
How we checked this
Checked on September 27, 2026. The cited source supports every part of this claim.
The presentation states both the ~$2 billion expected annualized NOI and the ~70% investment-grade backing.
Confirmed in the source:
- About $2 billion in average annualized NOI is expected under 15-year gross modified leases
- About 70% of total contracted revenues are backed by investment-grade hyperscalers
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/_assets/_c3b095776b399204354d8f26dbb2553c/appliedblockchaininc/db/2905/27269/pdf/APLD_INV_June2026_Updated-compressed.pdf) in full (47,679 characters, retrieved September 25, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Investor Presentation
Quote: “~$2 billion in average annualized NOI expected under 15-year gross modified leases with ~70% of our total contracted revenues backed by investment-grade hyperscalers”