~$2B average annualized NOI
Company: Applied Digital
The claim, verbatim
Approximately $2 billion in average annualized NOI expected under 15-year leases, with ~70% of contracted revenue backed by investment-grade hyperscalers.
Source (primary)
Investor Presentation (IR page (ir.applieddigital.com), ir_presentation)
View cached copy (2026-10-06)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 October 7, 2026. The cited source supports every part of this claim.
The contracted lease value slide states both figures. It describes the leases as 15-year gross modified leases.
Confirmed in the source:
- Applied Digital expects about $2 billion in average annualized NOI under its 15-year leases
- About 70% of total contracted revenue is backed by investment-grade hyperscalers
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/_assets/_2ca3a6fc58e47f662a7c51ed55b80806/appliedblockchaininc/db/2905/27269/pdf/APLD_INV_June2026_Updated-compressed.pdf) in full (47,679 characters, retrieved October 6, 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.”