Digital Realty Trust Inc (DLR) 2004 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Digital Realty Trust fourth quarter conference call. At this time all participants are in a listen-only mode. Following today's presentation, instructions will be given for the question-and-answer session. If anyone needs assistance at any time during the conference, please press the star followed by the zero. As a reminder, this conference is being recorded today, Monday, February 28, 2005. I would now like to turn the conference over to Claire Koeneman with the Financial Relations Board. Please go ahead.

女士們，先生們，下午好，歡迎來到 Digital Realty Trust 第四季度電話會議。此時所有參與者都處於只聽模式。在今天的演講之後，將對問答環節進行說明。如果任何人在會議期間需要幫助，請按星號，然後按零。提醒一下，今天，即 2005 年 2 月 28 日，星期一，將對這次會議進行記錄。我現在想將會議轉交給金融關係委員會的克萊爾·科內曼。請繼續。

Thanks, good afternoon, everyone, and welcome to Digital Realty's first investor call. By now you should have all received a copy of the press release. If you did not, you can access one on Digital's website at www.digitalrealtytrust.com, and that can be found in the Investor Relations section.

謝謝，大家下午好，歡迎來到 Digital Realty 的第一次投資者電話會議。到現在為止，你們應該都收到了新聞稿的副本。如果沒有，您可以在 Digital 的網站 www.digitalrealtytrust.com 上訪問一個，可以在“投資者關係”部分找到。

Before we begin, I would like to remind everyone that the management of Digital Realty Trust may make forward-looking statements on this call that are subject to risks and uncertainties including those contained in its IPO prospectus, preferred stock prospectus, and 10-Q, which could cause actual results to differ materially from those expected.

在我們開始之前，我想提醒大家，Digital Realty Trust 的管理層可能會就本次電話會議做出前瞻性陳述，這些陳述受到風險和不確定性的影響，包括其 IPO 招股說明書、優先股招股說明書和 10-Q，這可能導致實際結果與預期結果大不相同。

The company cautions you to consider those matters in evaluating its forward-looking statements. Additionally, this call contains non-GAAP financial information including FFO. Digital Realty Trust is providing that information as a supplement to information prepared in accordance with Generally Accepted Accounting Principles. Explanations of such non-GAAP items and reconciliations to net income are contained in the company's earnings release.

公司提醒您在評估其前瞻性陳述時考慮這些事項。此外，此電話包含非 GAAP 財務信息，包括 FFO。 Digital Realty Trust 提供該信息作為根據公認會計原則準備的信息的補充。此類非 GAAP 項目的解釋以及與淨收入的對賬包含在公司的收益發布中。

Having gone over all that, I'd like to introduce management. With us today from Digital Realty Trust are Rick Magnuson, executive chairman; Michael Foust, CEO; and Bill Stein, CFO and chief investment officer. Rick will start us off with an overview of the current operating environment; Mike will discuss the company's acquisitions and leasing plans; and Bill will provide an overview of fourth quarter and full-year results as well as provide guidance for 2005.

了解了所有這些之後，我想介紹一下管理。今天與我們一起來自 Digital Realty Trust 的是執行主席 Rick Magnuson；邁克爾·福斯特，首席執行官；首席財務官兼首席投資官 Bill Stein。 Rick 將首先概述當前的操作環境； Mike 將討論公司的收購和租賃計劃； Bill 將概述第四季度和全年的業績，並為 2005 年提供指導。

Following our formal remarks, the Digital Realty Trust team will be available to answer any questions you may have. Now, without further adieu, I'll turn the line over to Rick Magnuson. Rick?

在我們正式發表評論之後，Digital Realty Trust 團隊將可以回答您的任何問題。現在，不用多說了，我將把電話轉給 Rick Magnuson。瑞克？

Thank you, Claire, and thank you to everyone for joining us on Digital Realty's inaugural conference call. I'd like to begin by expressing my appreciation for the support you have given us, to date, and to say that we look forward to a mutual rewarding and productive long-term relationship with the investment community.

謝謝你，克萊爾，也感謝大家加入我們參加 Digital Realty 的首次電話會議。首先，我想對您迄今為止給予我們的支持表示感謝，並表示我們期待與投資界建立互惠互利、富有成效的長期關係。

Today I plan to cover two areas. First I'd like to highlight the key reasons that I believe Digital Realty Trust is well positioned to deliver above-average growth over the next several years. Second, I'd like to provide an update on what we're seeing in the market and how some trends are impacting our business. I will then turn the call over to Mike for a brief review of our acquisition and leasing strategy, and when Mike is through, Bill will provide additional detail on our financial results, balance sheet, and guidance for 2005.

今天我計劃涵蓋兩個方面。首先，我想強調我認為 Digital Realty Trust 有能力在未來幾年實現高於平均水平的增長的關鍵原因。其次，我想提供有關我們在市場上看到的最新情況以及一些趨勢如何影響我們的業務。然後我會將電話轉給邁克，讓他簡要回顧一下我們的收購和租賃戰略，在邁克結束後，比爾將提供有關我們 2005 年財務業績、資產負債表和指導的更多詳細信息。

Let me start by briefly describing what we do at Digital Realty. We are owners, acquirers, and managers of technology-related real estate. We target high-quality properties that are statistically located in key technology markets across the U.S. and Europe. These properties contain infrastructure, applications, and systems that are critical to our tenants' success and their day-to-day operations. Because this infrastructure is so important to our tenants, they typically invest between $300 and $1,000 per rented square foot to improve their mission-critical facilities. The improvements remain in our facilities, even if the tenant leaves, resulting in longer average lease terms and high levels of tenant retention.

讓我首先簡要介紹一下我們在 Digital Realty 所做的工作。我們是技術相關房地產的所有者、收購方和管理者。我們的目標是統計上位於美國和歐洲關鍵技術市場的高質量資產。這些資產包含對租戶的成功及其日常運營至關重要的基礎設施、應用程序和系統。由於此基礎設施對我們的租戶非常重要，他們通常會在每租用平方英尺上投資 300 到 1,000 美元來改善他們的關鍵任務設施。即使租戶離開，我們的設施也會得到改善，從而導致平均租期更長和租戶保留率更高。

There are several key reasons why I believe Digital Realty is in a great position to deliver above-average growth. First we are unique in our specialized focus on the acquisition, ownership, and management of technology-related property. We believe that the growth in the technology industry has and will continue to outpace growth of the overall economy. Our assets are positioned both structurally and geographically to benefit from the higher growth segments of the technology industry including business continuance, electronic commerce, and IT outsourcing. We think the specialized focus puts us in a good position to take advantage of existing significant opportunities in the marketplace.

我認為 Digital Realty 能夠實現高於平均水平的增長有幾個關鍵原因。首先，我們的獨特之處在於我們專注於技術相關財產的收購、所有權和管理。我們相信，科技行業的增長已經並將繼續超過整體經濟的增長。我們的資產在結構和地理上都處於有利地位，以受益於技術行業的高增長部分，包括業務連續性、電子商務和 IT 外包。我們認為專業化的重點使我們處於有利地位，可以利用市場上現有的重要機會。

Second, we think we have an important first-mover advantage with respect to our acquisition program. Because we have strong relationships with many technology tenants and are familiar with the markets in which our tenants tend to locate, we have great access to potential acquisitions. Many such acquisition opportunities are off-market deals and are not subject to competitive bidding. This results in the opportunity to achieve higher cap rates and superior risk-adjusted returns for our shareholders.

其次，我們認為我們在收購計劃方面具有重要的先發優勢。由於我們與許多技術租戶建立了牢固的關係，並且熟悉我們的租戶往往所在的市場，因此我們有很大的機會進行潛在的收購。許多此類收購機會都是場外交易，不受競標的影響。這使我們有機會為我們的股東實現更高的資本化率和更高的風險調整後回報。

Third, our current property portfolio is strong. Our tenants are diversified by technology industry and geography and reflect a broad array of regional, national, and global companies that are industry leaders themselves. The average remaining lease term in our portfolio is over eight years, and less than 3 percent of our overall space is subject to lease expiration over the next 24 months.

第三，我們目前的房地產組合很強大。我們的租戶因技術行業和地域而多樣化，反映了本身就是行業領導者的各種區域、國家和全球公司。我們投資組合的平均剩餘租期超過 8 年，在未來 24 個月內租約到期的空間不到總空間的 3%。

Finally, we have a highly experienced team with both technology and real estate expertise. The senior management at Digital Realty has an average of over 20 years of experience as investors in and advisors to both the real estate and technology industries. We have a deep understanding about how to lease available space, combined with the first-hand knowledge of who needs it.

最後，我們擁有一支經驗豐富的團隊，擁有技術和房地產專業知識。 Digital Realty 的高級管理層平均擁有超過 20 年的房地產和科技行業投資者和顧問經驗。我們對如何租賃可用空間有深刻的理解，並結合對誰需要它的第一手知識。

I will now address the macro environment for our sector. After several years of lackluster growth, technology spending is on the rise, and we have attempted to concentrate our investments in properties which benefit from sustained secular growth in the following areas, which are business continuance, electronic commerce, and IT outsourcing. Nearly three-quarters of our assets provide the highly specialized environments needed to support the mission-critical applications of these three sectors.

我現在將談談我們行業的宏觀環境。在經歷了幾年的低迷增長之後，技術支出正在上升，我們試圖將我們的投資集中在受益於以下領域持續長期增長的資產上，即業務連續性、電子商務和 IT 外包。我們近四分之三的資產提供了支持這三個部門的關鍵任務應用程序所需的高度專業化環境。

In the area of business continuance, we are continuing to see financial service firms requiring uninterrupted access to critical information, even when faced with system disruptions like power outages and natural or man-made disasters. As an example, Digital Realty has a first right of offer to acquire at Data Center located in Denver. Until recently, the center had been vacant. During the quarter, four different companies competed to lease the entire building with AmeriQuest, the nation's largest stub-prime mortgage originator, ultimately providing the most attractive leasing proposal. Based in Orange County, California, AmeriQuest plans to use this facility for business continuance and loan administration purposes.

在業務連續性領域，我們繼續看到金融服務公司需要不間斷地訪問關鍵信息，即使在面臨停電和自然或人為災難等系統中斷時也是如此。例如，Digital Realty 擁有收購位於丹佛的數據中心的優先要約權。直到最近，該中心一直空置。在本季度，四家不同的公司與美國最大的存根抵押貸款發起人 AmeriQuest 競爭租賃整棟大樓，最終提供了最具吸引力的租賃方案。總部位於加利福尼亞州奧蘭治縣的 AmeriQuest 計劃將該設施用於業務連續性和貸款管理目的。

Companies in the electronic commerce sector continue to demand our highly specialized space. Public companies in this sector are posting record revenues and earnings and include eBay, Google, Microsoft, Yahoo!, and others. In our Santa Clara Savvis facility, Microsoft has now completely occupied one of our two buildings. During the fourth quarter, eBay leased 90 percent of our Sacramento Data Center. We continue to see strong demand from these and other Internet enterprise companies.

電子商務領域的公司繼續需要我們高度專業化的空間。該行業的上市公司公佈了創紀錄的收入和收益，其中包括 eBay、谷歌、微軟、雅虎等。在我們的 Santa Clara Savvis 設施中，Microsoft 現在已經完全佔據了我們兩座建築中的一座。在第四季度，eBay 租賃了我們薩克拉門托數據中心 90% 的空間。我們繼續看到來自這些和其他互聯網企業的強勁需求。

I would now like to comment on the recently announced mergers between AT&T and SBC and MCI with Verizon or Qwest. The drivers behind these mergers are all very positive for our company. The space that we leased to these companies is critical network infrastructure, not generic office space that could become redundant. As a result of its acquisition of AT&T, SBC will become our fifth-largest tenant with leases having an average remaining term of approximately seven years. Neither Verizon nor MCI are significant tenants today, and the merger between MCI and Qwest will provide Qwest, our second-largest tenant, with a customer list of businesses that would utilize the newer Qwest network that resides in our buildings. These announced transactions are very positive for Digital Realty.

我現在想評論最近宣布的 AT&T 與 SBC 以及 MCI 與 Verizon 或 Qwest 之間的合併。這些合併背後的驅動力對我們公司來說都是非常積極的。我們租給這些公司的空間是關鍵的網絡基礎設施，而不是可能變得多餘的通用辦公空間。由於收購了 AT&T，SBC 將成為我們的第五大租戶，平均剩餘租期約為七年。如今，Verizon 和 MCI 都不是重要的租戶，而 MCI 和 Qwest 的合併將為我們的第二大租戶 Qwest 提供一份企業客戶名單，這些企業將利用位於我們大樓內的更新的 Qwest 網絡。這些已宣布的交易對 Digital Realty 非常有利。

I'd now like to turn the call over to Mike, our CEO, for a discussion of our acquisition and leasing activities and strategy. Mike?

我現在想把電話轉給我們的首席執行官邁克，討論我們的收購和租賃活動和戰略。麥克風？

Thanks, Rick. I'd like to begin with a recap of our acquisition and leasing activity since our IPO, then I'll finish up with a discussion of our go-forward strategy and why we are confident that we can meet our 2005 portfolio goals.

謝謝，瑞克。我想首先回顧一下自首次公開募股以來我們的收購和租賃活動，然後我將討論我們的前進戰略以及為什麼我們有信心實現 2005 年的投資組合目標。

Since the IPO, we have acquired one property and are committed to acquire another two for a total of approximately $92 million and an average acquisition cash cap rate of 10 percent. The completed acquisition is for a two-story, 83,000 square-foot data center and office building in Southern California, which is fully leased through 2011 to Qwest Communications. The property is home to important network operations and corporate customers for whom Qwest provides co-location services.

自首次公開募股以來，我們已經收購了一處房產，並承諾以總計約 9200 萬美元和 10% 的平均收購現金上限收購另外兩處房產。已完成的收購是在南加州一座兩層、83,000 平方英尺的數據中心和辦公樓，該建築在 2011 年之前全部出租給 Qwest Communications。該物業是重要網絡運營商和企業客戶的所在地，Qwest 為其提供託管服務。

The remaining two properties located in St. Paul, Minnesota, and Philadelphia, are under contract and expected to close in March 2005. Due diligence has been completed, and we are finalizing administrative items for closing. Combined, these properties comprise nearly 740,000 square feet. The St. Paul property is fully leased through 2013, and the Philadelphia property is current 75 percent occupied by multiple tenants.

位於明尼蘇達州聖保羅和費城的其餘兩處房產正在簽訂合同，預計將於 2005 年 3 月關閉。盡職調查已經完成，我們正在完成關閉的行政項目。這些物業加起來佔地近 740,000 平方英尺。聖保羅的房產在 2013 年全部出租，而費城的房產目前 75% 被多個租戶佔用。

We made considerable progress on the leasing front and are well on our way to meeting our objectives for 2005. Since the IPO, we have leased out more than 47,000 square feet of basic office space at an average gross rent of just over $19 per square foot. In addition, we have leased approximately 3,500 feet of highly improved data center and telecom small footprint space at an average gross rent of almost $118 per square foot, far exceeding our projected rate of $60.

我們在租賃方面取得了相當大的進展，並且正在順利實現我們 2005 年的目標。自首次公開募股以來，我們已經出租了超過 47,000 平方英尺的基本辦公空間，平均毛租金剛剛超過每平方英尺 19 美元.此外，我們以每平方英尺近 118 美元的平均總租金租賃了約 3,500 英尺的經過高度改進的數據中心和電信小空間，遠超我們預計的 60 美元。

Our in-house sales team is seeing increased data center space increase from a variety of corporate users, especially in the financial services industry as well as telecom and co-location service providers including wireless networks. In fact, we recently announced 17 new and expanded co-location tenants in our Internet gateway properties in Dallas, San Francisco, and Los Angeles.

我們的內部銷售團隊看到各種企業用戶增加了數據中心空間，特別是在金融服務行業以及包括無線網絡在內的電信和託管服務提供商。事實上，我們最近在達拉斯、舊金山和洛杉磯的互聯網網關資產中宣布了 17 個新的和擴展的託管租戶。

Our goals for 2005 contemplate leasing totaling 15,000 to 20,000 square feet of highly improved space, and 150,000 to 200,000 square feet of basic office and R&D space. We project average lease rates of $20 gross per square foot for the office and R&D, and $60 gross for the highly improved data center and telecom space. Rates for the data center space appear to have stabilized in most markets and are poised to improve over the next 12 to 18 months with the absorption of highly improved facilities in the major markets.

我們 2005 年的目標是租賃總計 15,000 到 20,000 平方英尺的經過高度改進的空間，以及 150,000 到 200,000 平方英尺的基本辦公和研發空間。我們預計辦公室和研發中心的平均租金為每平方英尺 20 美元，高度改進的數據中心和電信空間的租金為 60 美元。大多數市場的數據中心空間費率似乎已趨於穩定，並有望在未來 12 至 18 個月內隨著主要市場吸收高度改進的設施而有所改善。

Our Internet gateway properties are seeing increased tenant prospect activity in Dallas, New Jersey, San Francisco, and Los Angeles. Demand primarily is driven by requirements from the financial services industry, Internet enterprises, healthcare, and telecom network operators.

我們的互聯網網關資產在達拉斯、新澤西、舊金山和洛杉磯的潛在租戶活動正在增加。需求主要由金融服務行業、互聯網企業、醫療保健和電信網絡運營商的需求驅動。

Even in the currently challenging leasing market for office space, our portfolio has experienced positive office absorption. In the relatively soft Denver Tech Center, we leased 34,000 square feet in the fourth quarter of 2004 to credit tenants at solid market rates averaging over $18 gross per square foot. In addition, we leased 12,000 square feet in downtown Los Angeles, 600 West 7th, at gross rents of $23 to $24 per square foot.

即使在當前充滿挑戰的辦公空間租賃市場中，我們的投資組合也經歷了積極的辦公吸收。在相對柔軟的丹佛技術中心，我們在 2004 年第四季度租賃了 34,000 平方英尺，以平均每平方英尺超過 18 美元的穩定市場價格向租戶出租。此外，我們還在洛杉磯市中心 600 West 7th 租賃了 12,000 平方英尺的土地，總租金為每平方英尺 23 至 24 美元。

The portfolio income is quite stable with very little lease rollover exposure. Over the next four years, lease expirations are minimal at approximately 11 percent in total. This is extremely favorable compared to other owners of office properties. The low rollover allows us to focus all of our resources on new leases and increasing income at the properties. Over the last three years, the rate of which we've entered into new leases over new current ones has outpaced our expirations. In 2004, for example, we have been able to replace expiring leases by a factor of 170 percent.

投資組合收入相當穩定，租賃展期風險很小。在接下來的四年裡，租約到期的比例最低，約為 11%。與其他寫字樓業主相比，這是極為有利的。低展期使我們能夠將所有資源集中在新租賃和增加物業收入上。在過去的三年裡，我們簽訂新租約的速度超過了我們的到期租約。例如，在 2004 年，我們能夠以 170% 的係數替換即將到期的租約。

At the same time, our leases tend to be long-term in nature due to the extensive investments our tenants have made to the properties. Our average initial lease term is nearly 12.5 years with 3 percent annual rent bumps generally factored in over the term of the lease.

同時，由於我們的租戶對物業進行了大量投資，我們的租約往往具有長期性質。我們的平均初始租期接近 12.5 年，在整個租約期間通常會考慮 3% 的年租金漲幅。

I would now like to address the acquisition environment and our strategy as it relates to our new investments. Our investment program is targeted on specific properties that we have identified as strategic and mission-critical to corporate users and to network service providers. They contain a high level investment in data center and telecom facilities by the tenants and are expected to replicate. They are served by a number of major Internet and telecom networks; in some cases are major Internet gateways.

我現在想談談收購環境和我們的戰略，因為它與我們的新投資有關。我們的投資計劃針對的是我們認為對企業用戶和網絡服務提供商具有戰略意義和關鍵任務的特定資產。它們包含租戶對數據中心和電信設施的高水平投資，並有望復制。它們由許多主要的互聯網和電信網絡提供服務；在某些情況下是主要的 Internet 網關。

We will take a disciplined approach in enhancing our portfolio, buying properties only when our operating strategy and financial objectives can be met. We plan to achieve our acquisition goal of $200 million to $250 million of new acquisitions in 2005 for a list of identified target properties. The pipeline of active prospects is over $300 million in addition to the two properties currently under contract. We project initial cash cap rates to average 8.75 to 9.25 percent. Our acquisition team is focused primarily on building the major markets, including both Northern and Southern California, Denver, Seattle, Phoenix, and Chicago. Our first-mover advantage combined with our industry expertise often gives us access to deals before they hit the market, allowing us to purchase properties below replacement cost and to earn an attractive return on our investment.

我們將採取嚴格的方法來增強我們的投資組合，僅在可以滿足我們的經營戰略和財務目標時才購買物業。我們計劃在 2005 年實現 2 億至 2.5 億美元的收購目標，以收購一系列已確定的目標資產。除了目前正在簽約的兩處房產外，活躍前景的管道價值超過 3 億美元。我們預計初始現金上限利率平均為 8.75% 至 9.25%。我們的收購團隊主要專注於建立主要市場，包括北加州和南加州、丹佛、西雅圖、鳳凰城和芝加哥。我們的先發優勢與我們的行業專業知識相結合，通常使我們能夠在交易進入市場之前獲得交易機會，從而使我們能夠以低於重置成本的價格購買房產並獲得可觀的投資回報。

Now I would like to turn the call over to our chief financial and chief investment officer, Bill Stein.

現在我想把電話轉給我們的首席財務官和首席投資官 Bill Stein。

Thanks, Mike. Before I discuss our financial results, I want to provide an explanation of the presentation of the financial information provided in this afternoon's press release. We reported results for Digital Realty Trust for the period from November 3, 2004, the date on which we commenced operations and completed our IPO, through the end of the quarter on December 31, 2004. I'll refer to this period as the "stub period," during the remainder of my remarks.

謝謝，邁克。在我討論我們的財務業績之前，我想解釋一下今天下午的新聞稿中提供的財務信息的介紹。我們報告了 Digital Realty Trust 從 2004 年 11 月 3 日開始運營並完成首次公開募股之日到 2004 年 12 月 31 日該季度末的業績。我將這一時期稱為“存根期間，”在我剩下的發言中。

We also reported results for the combined entity for the 2004 fourth quarter and full year. Combined entity results include the results of Digital Realty Trust for the stub period and the results of its predecessor for the period from October 1, 2004, through November, 2, 2004, for the quarter, and from January 1, 2004, through November 2, 2004, for the full year.

我們還報告了合併後實體 2004 年第四季度和全年的業績。合併後的實體業績包括 Digital Realty Trust 存根期間的業績及其前身 2004 年 10 月 1 日至 2004 年 11 月 2 日期間的業績，以及 2004 年 1 月 1 日至 11 月 2 日期間的業績, 2004 年全年。

We would like to caution you that the financial results of the combined entity for the fourth quarter and full year 2004 may not be indicative of our expected future operating performance. Combined entity results include the impact of non-cash compensation charges reported at the completion of the IPO and interest costs related to a substantially different capital structure. At the same time, the combined entity results do not reflect the increased overhead costs we now have to carry as part of operating as a public company.

我們想提醒您，合併後的實體 2004 年第四季度和全年的財務結果可能並不代表我們預期的未來經營業績。合併後的實體業績包括 IPO 完成時報告的非現金補償費用的影響以及與截然不同的資本結構相關的利息成本。同時，合併後的實體結果並未反映我們現在作為上市公司運營的一部分必須承擔的增加的管理費用。

Now I will turn to our financial results. Digital Realty Trust reported revenue of $25.3 million for the stub period. The combined entity reported revenue of $36.2 million for the fourth quarter of 2004. Digital Realty Trust's net loss for the stub period was $6.2 million, or a loss of 30 cents per diluted common share. The combined entity reported a net loss of $5.4 million for the 2004 fourth quarter. Funds from operations, or FFO, for Digital Realty Trust for the stub period was a loss of $9 million, or 17 cents per share and unit. Digital Realty Trust's net loss and FFO for the stub period and the combined entity's net loss for the full quarter and full year were impacted by a $17.9 million noncash compensation charge incurred in connection with the grant of long-term equity incentives to the management team in connection with the completion of our IPO. As noted in our prospectus, these grants are subject to a three-year restriction on transfer.

現在我將談談我們的財務業績。 Digital Realty Trust 報告存根期間的收入為 2530 萬美元。合併後的實體報告 2004 年第四季度的收入為 3620 萬美元。Digital Realty Trust 在存根期間的淨虧損為 620 萬美元，即每股攤薄普通股虧損 30 美分。合併後的實體報告 2004 年第四季度淨虧損 540 萬美元。 Digital Realty Trust 在存根期間的運營資金或 FFO 虧損 900 萬美元，即每股和單位虧損 17 美分。 Digital Realty Trust 存根期間的淨虧損和 FFO 以及合併實體整個季度和全年的淨虧損受到 1790 萬美元的非現金補償費用的影響，這些費用與向管理團隊授予長期股權激勵有關與我們首次公開募股的完成有關。正如我們的招股說明書所述，這些贈款受三年轉讓限制。

In addition, Digital Realty Trust incurred approximately $1 million and other one-time costs associated with the IPO increasing our net loss. The $1 million and other one-time expenses include costs relating to loan prepayment, title fees, and other related items. For the full year, the combined entity reported revenue of $107.1 million and net income of $4.6 million.

此外，Digital Realty Trust 產生了大約 100 萬美元和其他與 IPO 相關的一次性成本，增加了我們的淨虧損。 100 萬美元和其他一次性費用包括與貸款預付款、產權費和其他相關項目相關的費用。全年，合併後的實體報告收入為 1.071 億美元，淨收入為 460 萬美元。

Now I'd like to review our balance sheet and describe the improvements we made to our capital structure since the IPO. We believe these improvements have positioned us well to take advantage of future acquisition opportunities. At December 31, 2004, we had $19.4 million in cash and equivalents including restrict cash, and stockholders' equity of $173.4 million. Total debt was $519.5 million at the end of the year; 77 percent of which was fixed, and 23 percent of which was variable.

現在我想回顧一下我們的資產負債表，並描述自 IPO 以來我們對資本結構所做的改進。我們相信這些改進使我們能夠很好地利用未來的收購機會。截至 2004 年 12 月 31 日，我們擁有 1940 萬美元的現金和等價物，包括限制性現金，以及 1.734 億美元的股東權益。截至年底，總債務為 5.195 億美元；其中 77% 是固定的，23% 是可變的。

Before the end of the year, we swapped out more than $140 million of variable-rate debt in favor of fixed-rate debt, and after giving effect to the use of proceeds from our preferred stock offering, which I'll recap in a moment, our current floating-rate debt exposure is now about 14 percent of total debt. We also recently completed the refinancing of all of our near-term maturities and thus have no maturities over the next three years.

在今年年底之前，我們將超過 1.4 億美元的可變利率債務換成固定利率債務，並且在優先股發行收益的使用生效後，我稍後會回顧一下，我們目前的浮動利率債務風險現在約為總債務的 14%。我們最近還完成了所有近期到期的再融資，因此在未來三年內沒有到期。

At December 31, 2004, the weighted average cost of our debt was about 5.7 percent, and our weighted average debt maturity was 6.2 years.

2004 年 12 月 31 日，我們的債務加權平均成本約為 5.7%，我們的加權平均債務期限為 6.2 年。

The event with the most significant impact on our capital structure was the IPO that we completed in November. As a reminder, including underwriters over-allotment option, we sold a total of 21.4 million shares of common stock in Digital Realty Trust, raising gross proceeds of approximately $257 million. The proceeds generated from the offering significantly strengthened our balance sheet. I'd like to provide a few examples.

對我們的資本結構影響最大的事件是我們在 11 月完成的 IPO。提醒一下，包括承銷商超額配股權在內，我們共出售了 2140 萬股 Digital Realty Trust 普通股，籌集了約 2.57 億美元的總收益。此次發行的收益顯著增強了我們的資產負債表。我想舉幾個例子。

One, concurrent with the completion of the IPO, we repaid approximately $243.7 million of a $251.7 million secured bridge loan that we had previously obtained to provide temporary financing for the acquisition of eight of the properties in our portfolio. We used IPO proceeds totaling $138.2 million for the repayment as well as $215 million in new mortgage loans that closed concurrently with the completion of the IPO. At year-end approximately $8 million was outstanding on the bridge financing. This amount was repaid in early February with proceeds from our preferred stock financing.

第一，在完成首次公開募股的同時，我們償還了之前獲得的 2.517 億美元擔保過橋貸款中的約 2.437 億美元，該貸款為收購我們投資組合中的八處房產提供臨時融資。我們使用了總計 1.382 億美元的 IPO 收益以及 2.15 億美元的新抵押貸款，這些貸款在 IPO 完成的同時關閉。到年底，大約有 800 萬美元的過橋融資未償還。這筆款項已於 2 月初用我們的優先股融資收益償還。

Two, we issued $155 million of 10-year secured debt at a fixed rate of 5.65 percent. Three, we refinanced our existing mortgage indebtedness, securing the Univision tower, which was scheduled to mature on January 1, 2005. We now have a $58 million single mortgage at a five-year term with a fixed-rate interest of 6.04 percent.

第二，我們以 5.65% 的固定利率發行了 1.55 億美元的 10 年期擔保債務。第三，我們為現有的抵押貸款債務再融資，確保 Univision 大樓的安全，該大樓原定於 2005 年 1 月 1 日到期。我們現在有 5800 萬美元的五年期單一抵押貸款，固定利率為 6.04%。

Finally, to provide immediate liquidity for new acquisitions, we entered into a $200 million unsecured revolving credit facility in which seven banks participated. This facility matures in 2007 and has a one-year extension option.

最後，為了為新收購提供即時流動性，我們簽訂了 2 億美元的無擔保循環信貸安排，其中有 7 家銀行參與。該設施於 2007 年到期，並有一年的延期選擇權。

Pricing is variable and performance-based. In our current leverage levels, pricing would be LIBOR+162.5, and it cannot exceed LIBOR+175 during the term of the facility. We anticipate that our revolving credit facility combined with secured borrowing capacity and current cash in the bank will provide us with approximately $300 million in capacity for future acquisitions.

定價是可變的並且基於性能。在我們目前的槓桿水平下，定價為 LIBOR+162.5，並且在貸款期限內不能超過 LIBOR+175。我們預計，我們的循環信貸額度與有擔保的借貸能力和銀行現有現金相結合，將為我們提供約 3 億美元的未來收購能力。

In February of this year we completed a perpetual preferred stock offering, including the exercise of the underwriter's over-allotment option, we sold a total of 4.14 million shares for $25 per share at a coupon of 8.5 percent. The preferred offering resulted in gross proceeds of approximately $103.5 million, a portion of which was used to repay borrowings under existing line of credit.

今年 2 月，我們完成了永久優先股發行，包括行使承銷商的超額配售權，我們以 8.5% 的票息以每股 25 美元的價格出售了總計 414 萬股股票。優先發行的總收益約為 1.035 億美元，其中一部分用於償還現有信貸額度下的借款。

In closing, I would like to discuss our current guidance for 2005. We are expecting FFO per share to be in the range of $1.33 to $1.37 based on the following assumptions – we are assuming $200 million to $250 million in acquisitions for the full year at a cap rate of between 8.75 and 9.25 percent. These assumptions represent a $50 million increase in the acquisition assumptions that we provided during our IPO and recent preferred stock roadshows. We are also assuming the lease up of 150,000 to 200,000 square feet of basic office and R&D space at an average gross of $20 per square foot; the lease up of an additional 15,000 to 20,000 square feet of highly improved technology space at an average gross rent of $60 per square foot.

最後，我想討論一下我們目前對 2005 年的指導意見。我們預計每股 FFO 將在 1.33 美元到 1.37 美元之間，基於以下假設——我們假設全年的收購金額為 2 億到 2.5 億美元上限利率在 8.75% 到 9.25% 之間。這些假設代表我們在 IPO 和最近的優先股路演期間提供的收購假設增加了 5000 萬美元。我們還假設租賃 150,000 至 200,000 平方英尺的基本辦公和研發空間，平均每平方英尺 20 美元；額外租賃 15,000 至 20,000 平方英尺高度改進的技術空間，平均總租金為每平方英尺 60 美元。

As Mike mentioned in his remarks, we are well on our way to achieving our acquisition and leasing goals for the year 2005. The reconciliation of net income to FFO is provided in our earnings release.

正如 Mike 在他的評論中提到的，我們正在順利實現我們 2005 年的收購和租賃目標。我們的收益發布中提供了淨收入與 FFO 的調節。

This concludes our formal remarks. We appreciate your time and attention. We would be happy to take any questions that you might have. Operator?

我們的正式發言到此結束。感謝您的時間和關注。我們很樂意回答您可能提出的任何問題。操作員？

Thank you, sir. Ladies and gentlemen, at this time, we'll begin the question-and-answer session. If you have a question, please press the star followed by the 1 on your pushbutton phone. If you'd like to decline from the polling process, you may press the star followed by the 2. You will hear a three-tone prompt acknowledging your selection, and your question will be polled in the order they are received. If you are using speaker equipment, please lift the handset before pressing the numbers.

謝謝你，先生。女士們，先生們，現在，我們將開始問答環節。如果您有任何疑問，請按按鈕電話上的星號，然後按 1。如果您想拒絕參與投票，您可以按星號，然後按 2。您會聽到三聲提示音確認您的選擇，您的問題將按照收到的順序進行投票。如果您使用揚聲器設備，請在按數字之前拿起聽筒。

Our first question comes from Brian Legg with Merrill Lynch. Please go ahead.

我們的第一個問題來自美林的 Brian Legg。請繼續。

Hi, guys. Can you talk about your assumed acquisition cap rates of 8.75 to 9.25? It's certainly below the cash cap rate that you provided on the $92 million of acquisitions of closer to 10 percent? Why are cap rates lower in this $250 million? I assume the $92 million is already baked into that number.

嗨，大家好。你能談談你假設的 8.75 到 9.25 的收購上限率嗎？這肯定低於您為 9200 萬美元的收購提供的接近 10% 的現金上限率？為什麼這 2.5 億美元的資本化率較低？我假設 9200 萬美元已經包含在這個數字中。

This is Mike Foust, Brian. In the marketplace we've seen some decline in cap rates across the board for all types of real estate and, to a certain extent, it's reflective of the general market overall. And also the fact that we're looking at strategic assets that are operating, built out to a high level of fit out, and while still well under replacement cost, represent a little higher price on initial returns because they're stabilized with a strong tenant base.

這是邁克·福斯特，布賴恩。在市場上，我們看到所有類型房地產的資本化率全面下降，並且在一定程度上反映了整體市場。還有一個事實是，我們正在尋找正在運營的戰略資產，這些資產經過高水平的裝修，雖然仍遠低於重置成本，但初始回報的價格略高，因為它們具有強大的穩定性租戶基礎。

Okay, and looking at your – you said you did 34,000 square feet in the Denver Tech and then 23,000 square feet, I guess, in LA – or – I'm sorry, you gave 23,000 to 24,000 – you had 12,000 square feet, sorry. What would be net rents there, and what would be the TIs that you'd spend on the office properties?

好的，看看你的——你說你在丹佛科技做了 34,000 平方英尺，然後是 23,000 平方英尺，我猜，在洛杉磯——或者——對不起，你給了 23,000 到 24,000——你有 12,000 平方英尺，抱歉.那裡的淨租金是多少，您在辦公物業上花費的 TI 是多少？

On the office properties, typically around $25 to $30 per foot for the TIs. Operating expenses in Denver are about $8.50 a foot. In Los Angeles that would probably run $9 a foot.

在辦公物業中，TI 通常每英尺約 25 至 30 美元。丹佛的運營費用約為每英尺 8.50 美元。在洛杉磯，這可能是每英尺 9 美元。

And just so I know, how long were those leases?

只是讓我知道，這些租約有多長？

Those leases typically are five to seven years.

這些租約通常為五到七年。

Okay, and can you just help me reconcile the occupancy you had at 87.1 percent in your prospectus, and you had 5.56 million square feet in your portfolio at the time. That implies to get a 2 percent increase, to get from 87 percent to 89 percent, that's about 110,000 square feet? But it says here that you leased 47,000 square feet of office, and 3,500 square feet of the co-location space. Can you help reconcile the difference there?

好的，你能不能幫我調和招股說明書中 87.1% 的入住率，以及當時你的投資組合中有 556 萬平方英尺。這意味著要增加 2%，從 87% 增加到 89%，即大約 110,000 平方英尺？但它在這裡說你租用了 47,000 平方英尺的辦公室和 3,500 平方英尺的託管空間。你能幫助調和那裡的分歧嗎？

We had space, Brian, prior to the IPO that was being leased up, and so I think that's the delta you're looking at there.

布賴恩，在 IPO 之前我們有空間被出租，所以我認為這就是你在那裡看到的三角洲。

And that 87 percent was based on June 30.

而這 87% 是基於 6 月 30 日的數據。

Okay, so there is some space that maybe fell through the cracks there? That delta there – was that mainly office space that you leased up and what type of rents?

好的，所以有一些空間可能從那裡的裂縫中掉了下來？那裡的三角洲——主要是你租用的辦公空間嗎？租金是什麼類型？

It was primarily the office space by square footage, and the rents – we just talked about a high-teens low-20s rates gross.

這主要是按平方英尺計算的辦公空間和租金——我們剛剛談到了十幾歲到二十多歲的毛利率。

Okay, and your – I guess given that you had $118 a foot – it's a small number, but all these spaces are going to be small numbers. On the 3,500 square feet that you leased this quarter – why assume $60 per foot? Is this – going forward, is this space a different type of space than what you just leased here?

好吧，你的 - 我猜你有 118 美元一英尺 - 這是一個小數字，但所有這些空間都將是小數字。在您本季度租用的 3,500 平方英尺的土地上——為什麼假設每英尺 60 美元？這是 - 繼續，這個空間與您剛剛在這裡租用的空間類型不同嗎？

I think, primarily, we're looking to give conservative guidance on that type of space, on the highly improved space. We do have a couple of locations where users may take a larger footprint, you know, 3,000 to 5,000 square feet, and they might get a somewhat lower rent than the $118 reflecting on taking some of the larger footprint.

我認為，主要是，我們希望對高度改進的空間類型的空間提供保守的指導。我們確實有幾個地方，用戶可能會佔用更大的足跡，你知道，3,000 到 5,000 平方英尺，他們可能會得到比佔用更大面積的 118 美元更低的租金。

Okay, and last question – the $200 million to $250 million of acquisitions – what type of properties are there when you break out your portfolio into three different buckets? How would you describe the property that you are looking to acquire? Are these mainly data center properties, telecom infrastructure, or corporate headquarter, pure office-type properties?

好吧，最後一個問題——2 億到 2.5 億美元的收購——當你把你的投資組合分成三個不同的桶時，那裡有什麼類型的財產？您如何描述您想要收購的財產？主要是數據中心物業、電信基礎設施，還是企業總部、純辦公類物業？

It's a combination of the telecom infrastructure -- the Internet gateway properties as well as data center properties, primarily.

它是電信基礎設施的組合——主要是互聯網網關屬性和數據中心屬性。

And what would be the percentage of – call it – "pure office" in these acquisitions?

在這些收購中，“純辦公室”的百分比是多少？

It means that it would be office space that's associated with the technical space for personnel who would be operating that particular facility.

這意味著它將是與操作該特定設施的人員的技術空間相關聯的辦公空間。

And you're saying that cap rates are coming down, but I've always sort of thought of your businesses as – there's not a whole lot of competition. Who is driving the cap rates coming down in this space?

你說資本化率正在下降，但我一直認為你的企業——沒有太多的競爭。誰在推動這個領域的資本化率下降？

Other investors for these probably – it's very fragmented, our competition in the marketplace. We see ourselves as, really, the consolidator of these types of assets. So you can't say there is one particular group out there at all. It's usually local, regional investors and not many of them who are looking for yield opportunities, because we're still looking at values that are well below replacement costs for these assets. And also in terms of cap rate yields, much higher cap rates than typical real estate. So there's still a significant arbitrage between your typical office or industrial and these types of assets.

這些的其他投資者可能 - 它非常分散，我們在市場上的競爭。實際上，我們將自己視為這些類型資產的整合者。所以你不能說那裡有一個特定的群體。通常是本地、區域投資者，他們中尋找收益機會的人並不多，因為我們仍在尋找遠低於這些資產重置成本的價值。而且就資本化收益率而言，資本化率比典型的房地產高得多。因此，您的典型辦公室或工業資產與這些類型的資產之間仍然存在顯著的套利。

And the 8.76 – sorry, last question – in the 8.75 to 9.25, is that a stabilized yield, or is that sort of a going-in yield, and you should have some lease up opportunities on top of that?

8.76 - 抱歉，最後一個問題 - 在 8.75 到 9.25 之間，這是一個穩定的收益率，還是那種進入收益率，你應該有一些租賃機會嗎？

Typically there will be leasing opportunities on top of that.

除此之外，通常還會有租賃機會。

Okay, and so you're talking maybe going from 80 percent to 90 percent? I'm just trying to get an idea.

好的，所以你說的可能是從 80% 到 90%？我只是想知道一個主意。

It would vary from property to property, but there would be a 5-percent to 10-percent increase in occupancy that we would be looking at many of the pipeline properties.

它會因物業而異，但入住率會增加 5% 到 10%，我們會考慮許多管道物業。

Okay, great, thank you.

好的，太好了，謝謝。

Our next question comes from John Stewart with Smith Barney. Please go ahead.

我們的下一個問題來自 John Stewart 和 Smith Barney。請繼續。

Hi, it's John Ludden here with John Stewart. A couple of questions – I wanted to get into these acquisitions you did – or that you have under contract now. The St. Paul asset, if you could talk a bit more about the use of that space, it looks like it's the electric utilities or something, and how does that compare to your typical space, which is more telco?

大家好，我是約翰·盧登和約翰·斯圖爾特。有幾個問題——我想了解你所做的這些收購——或者你現在有合同。聖保羅資產，如果你能多談談那個空間的使用，它看起來像是電力公用事業或其他東西，這與你的典型空間相比如何，後者更多的是電信？

This space is interesting. It's the independent service operator for the Midwest, MISO. And they manage the electrical grid for utilities and generators and transport for the Midwest from Eastern Ohio through Minnesota up into Canada. So this is their network operations center where they monitor the electrical grid traffic between the various utilities, and the utilities are the actual consortium participants in MISO.

這個空間很有趣。它是中西部的獨立服務運營商，MISO。他們管理公用事業和發電機的電網，以及從俄亥俄州東部經明尼蘇達州到加拿大的中西部運輸。所以這是他們的網絡運營中心，他們在那裡監控各種公用事業之間的電網流量，而公用事業是 MISO 的實際財團參與者。

This property has a combination of data center space, which is very high-end, tier 4 data center space, which means it's very highly redundant and built out to a high standard. In addition, you have a separate network operation center where technicians are monitoring the traffic, and then additional office space for the clerical and administrative staff.

此屬性包含數據中心空間的組合，這是非常高端的第 4 層數據中心空間，這意味著它具有非常高的冗餘度並且按照高標準構建。此外，您還有一個獨立的網絡運營中心，技術人員可以在其中監控流量，然後還有額外的辦公空間供文書和行政人員使用。

Could they just relocate, or is there certain pipes that are coming into the building or infrastructure that's in this building that this service provider to the utilities – they really can't go anywhere?

他們是否可以搬遷，或者是否有某些管道進入建築物或建築物中的基礎設施，該服務提供商到公用事業——他們真的不能去任何地方嗎？

It would be inconvenient for them to move, because they have their telecommunications set up for monitoring the grid and the power transfer between the different utilities. So it would be challenging for them and probably likely to be pretty expensive for them to move this facility. And it works quite well for them, and they have a pretty long-term lease in this facility.

他們移動起來不方便，因為他們的電信設備用於監控電網和不同公用事業公司之間的電力傳輸。因此，這對他們來說將是一項挑戰，而且搬遷該設施對他們來說可能會非常昂貴。這對他們來說效果很好，而且他們在這個設施中有相當長的租約。

And are there any competitors? Evidently – I don't know if this was the location where it caused some of the blackouts or at least one of the centers where it went through. Are there any competitors that are emerging that could take the business away from these guys?

有沒有競爭對手？顯然——我不知道這是否是導致部分停電的地點，或者至少是它經過的中心之一。是否有任何新出現的競爭對手可以從這些人手中奪走業務？

Highly unlikely, because this is the actual consortium of the utilities themselves who participate. It would be unlikely that you'd see another group try to take on that mantle.

極不可能，因為這是參與的公用事業本身的實際財團。您不太可能會看到另一個團體試圖承擔起這一責任。

Of the 75 million, how much would you attribute to this asset?

在這 7500 萬美元中，您認為這項資產有多少？

Of the 75 million, this asset is about just under 16 million.

在這 7500 萬美元中，這項資產大約不到 1600 萬美元。

One-six?

一六？

Yes.

是的。

Okay, so then I get the feeling it's a big one?

好吧，然後我覺得它很大？

Yes.

是的。

And how much was that one – I guess is the difference?

那個多少錢——我想有區別嗎？

Yes, so that's around 59.5 million.

是的，大約是 5950 萬。

And maybe you could talk a little bit more about Philly. I mean, that's a big building – 661,000 square feet. Can you talk about the tenants that are in there? What the competitive advantage is of this space versus other buildings in the market?

也許你可以多談談費城。我的意思是，那是一座大建築——661,000 平方英尺。你能談談那裡的租戶嗎？與市場上的其他建築相比，這個空間的競爭優勢是什麼？

Certainly. This building was redeveloped in '99 as a telecommunications data center building. So it was completely redeveloped to a very high standard of foreloading and especially power distribution to the property. So the property is primed for further development as a data center and laboratory use as well, which we're seeing more and more interest in the Philadelphia marketplace. There is data center applications in the building currently, and we think there is more opportunity, especially for users who will be looking for data backup and disaster recovery from the New York Metro area and need some distance from New York City geographically.

當然。該建築於 99 年重建為電信數據中心建築。因此，它被完全重新開發，達到非常高的預載標準，尤其是對物業的配電。因此，該物業已準備好進一步發展為數據中心和實驗室用途，我們看到費城市場對這方面的興趣越來越大。目前大樓內有數據中心應用，我們認為有更多的機會，特別是對於那些將在紐約都會區尋求數據備份和災難恢復並且需要在地理上與紐約市有一定距離的用戶。

How much of the 661,000 square feet is the highly improved space for a data center?

661,000 平方英尺中有多少是經過高度改進的數據中心空間？

In total, there are tenants totaling around 50,000 feet at the data center space. Then there is also a some new tenants to be coming in of about 25,000 feet for laboratory space. The largest tenant is Thomas Jefferson Hospitals, and they also have laboratory space as well as their IT department in the building. So we have some specialized medical space in there – clinical space, laboratory, and their IT department.

數據中心空間總共有大約 50,000 英尺的租戶。然後還有一些新租戶將進入約 25,000 英尺的實驗室空間。最大的租戶是 Thomas Jefferson Hospitals，他們在大樓裡還有實驗室空間和 IT 部門。所以我們在那裡有一些專門的醫療空間——臨床空間、實驗室和他們的 IT 部門。

Now, the 25 percent that's vacant, is that ready to go to be leased to the type of tenant that you'd want in that building, or do you need to invest more money to get it up to standard?

現在，空置的 25% 是否已準備好出租給您想要的租戶類型，還是您需要投入更多資金使其達到標準？

It's a combination. We have basic infrastructure in there, especially for the power, which is your high-cost item. It will take additional TI investment to provide for the data center users, but we're seeing interest already, and we think that prospective tenants would be interested in putting a fairly substantial investment in the property themselves in addition to our contribution.

這是一個組合。我們在那裡有基本的基礎設施，特別是電力，這是你的高成本項目。需要額外的 TI 投資來為數據中心用戶提供服務，但我們已經看到了興趣，我們認為除了我們的貢獻之外，潛在的租戶也有興趣自己對房產進行相當大的投資。

Am I doing the math right at $100 a foot that you're buying this for?

我算算你買這個的價格是每英尺 100 美元嗎？

That's right – about $93, $94 a foot.

沒錯——大約每英尺 93、94 美元。

And just to refresh – what are the net rents in the building and, I'm sorry, you said there would be money you'd have to put in. What would the dollars-per-foot that you'd have to put in?

只是為了刷新 - 建築物的淨租金是多少，對不起，你說你必須投入資金。你必須投入的每英尺美元是多少？

TIs will probably be in the $35 to $55 range on this building and, essentially, we look at it as if we're getting the vacancy for free, if you will. We're acquiring an on in-place income, and we think there is a significant amount of upside in terms of really emphasizing the technical uses for this property, and we are utilizing already pre-closing our in-house tech sales team to promote this property in the marketplace.

這座建築的 TI 價格可能在 35 美元到 55 美元之間，從本質上講，如果您願意的話，我們將其視為免費獲得空缺。我們正在獲得就地收入，我們認為在真正強調該物業的技術用途方面有很大的好處，我們正在利用已經預關閉的內部技術銷售團隊來促進該物業在市場上。

I guess the net rent must be around, what, $10 a foot or something?

我想淨租金一定在，什麼，每英尺 10 美元左右？

Yes, yes, that's right.

是的，是的，沒錯。

That's remarkable -- probably competitive just to lease as office space. Where is it located in Philly?

這很了不起——可能僅僅作為辦公空間租賃就具有競爭力。它位於費城哪裡？

It's in the East Market area on Chestnut Street. Chestnut runs parallel to Market. So it's just like Chestnut and 8th. So you're not far from --

它位於 Chestnut Street 的 East Market 區。 Chestnut 與 Market 平行。所以它就像 Chestnut 和 8th。所以你離——

You're not far from the center of it. I think John Stewart has some questions, as well. John?

你離它的中心不遠。我認為 John Stewart 也有一些問題。約翰？

Yes, thanks. Can you confirm, Bill, that basically your guidance contemplates a year-end occupancy of 91 percent and 92 percent based on the lease up that you're talking about?

對了謝謝。比爾，你能確認一下，根據你所說的租約，你的指導意見基本上考慮了 91% 和 92% 的年終入住率嗎？

That's correct, same store.

沒錯，同店。

On a same-store basis, right. And you mentioned that the stub period results didn't reflect the overhead that you guys now have to carry as a public company. What do you think the run rate is for G&A?

在同店的基礎上，正確的。你提到，存根期間的結果並沒有反映出你們現在作為一家上市公司必須承擔的管理費用。您認為 G&A 的運行率是多少？

I think we're in the low to mid-9s. We're not providing guidance on that.

我認為我們處於 9 歲以下到中期。我們沒有就此提供指導。

Okay. I just wanted to clear in terms of the pipeline, Mike. The $300 million that you mentioned, is that above and beyond the $200 million that's in the guidance?

好的。邁克，我只是想澄清管道方面的問題。您提到的 3 億美元是否超出了指導中的 2 億美元？

No, that's the $200 million to $250 million is inclusive in the $300 million that we're working on in the pipeline.

不，這是我們正在籌備的 3 億美元中包含的 2 億到 2.5 億美元。

Okay, so, really, you sort of only see another $50 million on top of that at this point?

好吧，那麼，真的，你現在只能看到另外 5000 萬美元嗎？

For calendar year 2005, we're working on a variety of deals here, because the $90 million is included in the $200 million to $250 million.

對於 2005 日曆年，我們正在這里處理各種交易，因為 9000 萬美元包含在 2 億至 2.5 億美元中。

Right and, Bill, just to confirm, you said that your -- I guess, under the revolver, you think your existing capacity is up to the $300 million, is that right?

是的，比爾，只是為了確認，你說你的 - 我猜，在左輪手槍下，你認為你現有的產能高達 3 億美元，對嗎？

Revolver, cash in the bank, and secured-debt borrowing capacity, yes.

左輪手槍、銀行現金和擔保債務借貸能力，是的。

Okay, thank you.

好的謝謝。

Our next question comes from Will Marks with JMP Securities. Please go ahead.

我們的下一個問題來自 JMP Securities 的 Will Marks。請繼續。

Good afternoon, just a question on any issues with any of your tenants. I guess, maybe, if you could just talk about Savvis and then if there's any tenant, in particular, that you think it's appropriate to comment on financial stability.

下午好，關於您的任何租戶的任何問題的問題。我想，也許，如果你能談談 Savvis，然後如果有任何租戶，你認為對金融穩定發表評論是合適的。

Will, I think that there is really no change basically since the IPO. We have two tenants that are in bankruptcy -- VarTec and Universal Access, and that was noted at the time of the IPO. In the case of VarTec, VarTec has been consolidating their personnel into our building in Dallas. They've rejected the lease on their headquarters space and so now their executive team is in our building -- what was their data center. That, so far, feels good and looks good.

威爾，我認為自 IPO 以來基本上沒有任何變化。我們有兩個破產的租戶——VarTec 和 Universal Access，這在 IPO 時就已經註意到了。就 VarTec 而言，VarTec 一直在將他們的人員整合到我們位於達拉斯的大樓中。他們拒絕了總部空間的租約，所以現在他們的執行團隊在我們的大樓裡——那是他們的數據中心。到目前為止，感覺很好，看起來也不錯。

Universal Access is a very small tenant up at 200 Fall, and we're in the midst of restructuring that lease. That's it in terms of bankrupt tenants.

Universal Access 是 200 Fall 的一個非常小的租戶，我們正在重組租約。就破產租戶而言，就是這樣。

And any comments on Savvis?

對 Savvis 有何評論？

I mean -- no comments. I think the key with Savvis is how that space is used. I think we've commented before but, you know, down in Santa Clara, Microsoft is, as I think Rick noted in his remarks, now occupies one entire building in New York, in Weehawken, which is also where we have Savvis as a client. There are many clients, or many sub-tenants of Savvis that more than covers Savvis's rent to us.

我的意思是——沒有意見。我認為 Savvis 的關鍵在於空間的使用方式。我想我們之前已經評論過，但是，你知道，在聖克拉拉，正如我認為里克在他的評論中指出的那樣，微軟現在佔據了紐約威霍肯的一整棟大樓，這也是我們擁有 Savvis 的地方客戶。 Savvis 的許多客戶或許多分租戶的收入超過了 Savvis 向我們支付的租金。

That's perfect.

那很完美。

High credit quality tenants -- sub-tenants to Savvis.

高信用質量的租戶——Savvis 的分租戶。

Great, thanks, Bill.

太好了，謝謝，比爾。

Sure.

當然。

Ladies and gentlemen, if there are any additional questions, please press the star followed by the 1 on your telephone keypad. One moment, please, for the next question.

女士們，先生們，如果還有其他問題，請按電話鍵盤上的星號，然後按 1。請稍等一下，請回答下一個問題。

Our next question comes from Frank Greywitt with Key McDonald. Please go ahead.

我們的下一個問題來自 Frank Greywitt 和 Key McDonald。請繼續。

Good afternoon, guys. I was wondering if you could speak to the primary metrics you'll be using to kind of analyze your leverage and kind of the maximum thresholds that you feel comfortable with?

下午好，伙計們。我想知道您是否可以談談您將用來分析您的槓桿作用的主要指標以及您認為合適的最大閾值類型？

Sure, Frank, I can address that. I think that it's unlikely that you'll see preferred plus debt get to 60. This is a percentage of market cap -- just probably in the high 50s max with preferred ranging 10 to 12 within that. And, right now, preferred, I think, is at 5. Preferred is in the February cap structure. It's February not at year-end. We have a little more capacity for preferred if we wanted to do that. We have fixed-charge coverage ratio is around 2.2, I believe, with the preferred stock dividends currently.

當然，弗蘭克，我可以解決這個問題。我認為你不太可能看到優先股加債務達到 60。這是市值的百分比——可能在 50 多歲的最大值，其中優先股的範圍為 10 到 12。而且，現在，我認為首選是 5。首選是在 2 月份的上限結構中。現在是二月，不是年底。如果我們想這樣做，我們有更多的首選容量。我相信，我們的固定費用覆蓋率約為 2.2，目前有優先股股息。

Okay, so that's the primary metric?

好的，這是主要指標嗎？

Yes, that's how it would work. Obviously, we borrow against the revolver, the revolver takes the leverage up, and then we pay it down with either a common stock offering, an asset sale, or more preferred stock.

是的，這就是它的工作原理。顯然，我們用左輪手槍借款，左輪手槍提高了槓桿作用，然後我們通過發行普通股、資產出售或更多優先股來償還。

Okay. Do you expect to have any other one-time charges in 2005 due to the IPO?

好的。您是否預計 2005 年會因首次公開募股而產生任何其他一次性費用？

No, nothing due to the IPO. We would -- it's possible that we will be refinancing some debt that comes out of lockout later this year, and there's another debt that has a much lower prepayment penalty. [inaudible] in each case as deferred financing charges that are on the balance sheet would be accelerated, but those are technically one-time, but they would cause our interest expense to -- that would flow through the interest expense line item in larger than what you might expect.

不，因為 IPO 什麼都沒有。我們會 - 我們可能會為今年晚些時候停工後的一些債務再融資，還有另一種債務的預付罰款要低得多。 [聽不清] 在每種情況下，資產負債表上的遞延融資費用都會加速，但從技術上講，這些費用是一次性的，但它們會導致我們的利息支出——這將流經利息支出項目，規模大於你可能會期待什麼。

Okay, the 17 Meet Me room leases that you signed, is that the same as the 3,500 square feet of technical leases that you signed.

好的，您簽署的 17 個 Meet Me 房間租約與您簽署的 3,500 平方英尺的技術租約相同。

This is Mike, Frank -- yes, those would be included in that figure.

我是 Mike，Frank -- 是的，這些都包含在那個數字中。

Okay, great. Moving to the Santa Clara Savvis asset -- the building that's currently 100 percent leased to Savvis but yet unoccupied, what are the prospects there? Are you aware?

好的，太好了。轉到 Santa Clara Savvis 資產——目前 100% 出租給 Savvis 但尚未佔用的建築物，那裡的前景如何？你是否知道？

We know that Savvis has been marketing that space to a variety of different users, and we've been aware of potential users in the Silicon Valley marketplace who can utilize that space. The company, the tenant, is telling us that they are very confident that they will have customers for that space, and it really is there -- probably their one remaining block of space in this part of the country that is available for new customers for them. But they see it as important for their continued growth because it is their main facility to grow into.

我們知道 Savvis 一直在向各種不同的用戶推銷該空間，並且我們已經註意到矽谷市場中可以利用該空間的潛在用戶。公司，即租戶，告訴我們他們非常有信心他們將擁有該空間的客戶，並且它確實存在 - 可能是他們在該國這一地區剩餘的一塊空間，可供新客戶使用他們。但他們認為這對他們的持續增長很重要，因為這是他們成長的主要設施。

Okay, and I guess, just finally, kind of a more technical question -- all of the assets that you acquired -- I guess November 3rd was the IPO date. Did all of the assets that were talked about in your IPO, were they put into service on that date -- November 3rd?

好吧，我想，最後，一個更技術性的問題——你獲得的所有資產——我想 11 月 3 日是 IPO 日期。您在首次公開募股中談到的所有資產是否都在那個日期——11 月 3 日投入使用？

Are you meaning from a tax standpoint?

你的意思是從稅收的角度來看？

Just from an earnings standpoint, the way you reported.

僅從收益的角度來看，您報告的方式。

Oh, yes, from an earnings standpoint.

哦，是的，從收入的角度來看。

That includes the assets from the Cambay Group?

這包括坎貝集團的資產？

Yes.

是的。

So that's roughly 37 percent of the way through. Would you think it would be appropriate for other than the one-time items to kind of take this reciprocal of 37 percent and apply that to kind of get a good, normalized run rate for the quarter?

所以這大約完成了 37%。您是否認為對於一次性項目以外的其他項目採用 37% 的倒數並將其應用於獲得良好的、標準化的季度運行率是否合適？

Thirty-seven percent?

百分之三十七？

Well, taking the reciprocal of that.

好吧，取它的倒數。

Where do you get the 37 percent?

你從哪裡得到 37%？

November 3rd is 37 percent of the way through the quarter.

11 月 3 日是本季度的 37%。

No, it's more than that. It's almost two-thirds, because you've got a little less than two months.

不，不止於此。幾乎是三分之二，因為你還有不到兩個月的時間。

Okay, well, I'll talk to you offline.

好吧，那我線下跟你聊。

Okay.

好的。

Thank you.

謝謝。

Ladies and gentlemen, at this time we have no further questions. I would like to turn the conference back to management for any concluding comments. Please go ahead.

女士們，先生們，此時我們沒有進一步的問題。我想將會議轉回管理層以徵求任何結論性意見。請繼續。

This is Rick Magnuson. Thank you all for joining us today. We look forward to keeping you updated on our continued progress, and please call us if you have any questions. We look forward to working together in a mutually rewarding way. Thank you.

我是里克·馬格努森。感謝大家今天加入我們。我們期待讓您了解我們的持續進展，如果您有任何問題，請致電我們。我們期待以互惠互利的方式共同努力。謝謝。