Expected average annual net operating income
Company: Applied Digital
The claim, verbatim
Applied Digital expects approximately $2 billion in average annualized net operating income under 15-year gross modified leases.
Source (primary)
Investor Presentation (IR page (ir.applieddigital.com), ir_presentation)
View cached copy (2026-09-01)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 16, 2026. The cited source supports every part of this claim.
The presentation's AI Factories segment stat states ~$2 billion in average annualized NOI expected under 15-year gross modified leases, matching every element of the claim.
Confirmed in the source:
- Applied Digital expects approximately $2 billion in average annualized net operating income
- The expectation is stated as arising under 15-year gross modified leases
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/_assets/_0d036ffb66b2bfe154912829a47150be/appliedblockchaininc/db/2905/27269/pdf/APLD_INV_June2026_Updated-compressed.pdf) in full (47,679 characters, retrieved September 1, 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.”