Putting myself in the shoes of a short seller, I would be concerned that this could be read as, yes management is inflating the measure that determines their bonuses, but this says nothing about the success of the business itself.<p>While AFFO (a non-GAAP measure) may be inflated, it hasn't grown faster than the relevant GAAP measures. In fact, net income has almost doubled since 2021 while AFFO has only grown 23%. Revenue growth has been 23% as well.<p>None of this is wildly inconsistent. The only thing that really stands out is the sudden drop in maintenance CapEx in 2015.<p>They do highlight some other things about the data center market that may be relevant to the share price, but this seems far less damning than the AFFO issue.