Digital Realty Trust Inc (DLR) 2018 Q4 法說會逐字稿

Good afternoon, and welcome to the Digital Realty Fourth Quarter 2018 Earnings Conference Call.

下午好，歡迎參加 Digital Realty 2018 年第四季財報電話會議。

(Operator Instructions) Please note that this event is being recorded.

（操作員說明）請注意，該事件正在被記錄。

I would now like to turn the conference over to John Stewart, Senior Vice President of Investor Relations.

我現在想將會議交給投資者關係高級副總裁約翰·史都華 (John Stewart)。

Please go ahead.

請繼續。

Thank you, Andrea.

謝謝你，安德里亞。

The speakers on today's call will be CEO Bill Stein and CFO Andy Power.

今天電話會議的發言人將是執行長 Bill Stein 和財務長 Andy Power。

The call may contain forward-looking statements, including guidance and the underlying assumptions.

該電話會議可能包含前瞻性陳述，包括指導和基本假設。

Forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially.

前瞻性陳述是基於涉及風險和不確定性的預期，這些風險和不確定性可能導致實際結果出現重大差異。

For a further discussion of risks related to our business, see our 10-K and subsequent filings with the SEC.

有關與我們業務相關的風險的進一步討論，請參閱我們向 SEC 提交的 10-K 和後續文件。

This call will contain non-GAAP financial information.

本次電話會議將包含非公認會計準則財務資訊。

Reconciliations to net income are included in the supplemental package furnished to the SEC and available on our website.

淨利潤調節表包含在向 SEC 提供的補充包中，並可在我們的網站上取得。

Before I turn the call over to our CEO, Bill Stein, I'd like to hit the tops of the waves on our full year 2018 results.

在將電話轉給我們的執行長 Bill Stein 之前，我想先介紹一下我們 2018 年全年的業績。

First, we delivered record bookings over 1/3 better than the previous all-time high.

首先，我們的預訂量比之前的歷史最高紀錄高出 1/3 以上。

Next, we closed on the acquisition of Ascenty, expanding our global platform into Latin America, and we further extended our sustainability leadership with continued expansion of our renewable energy capacity.

接下來，我們完成了對 Ascenty 的收購，將我們的全球平台擴展到拉丁美洲，並透過不斷擴大我們的再生能源產能，進一步擴大了我們在永續發展方面的領先地位。

Third, we delivered 8% core FFO-per-share growth, and we delivered double-digit growth in AFFO per share for the third time in the past 4 years.

第三，我們的核心 FFO 每股成長了 8%，每股 AFFO 實現了兩位數的成長，這是過去 4 年來第三次。

Last but not least, we further strengthened the balance sheet by recasting our line of credit and locking in long-term, fixed-rate debt at attractive coupons.

最後但並非最不重要的一點是，我們透過重新調整信貸額度並以有吸引力的息票鎖定長期固定利率債務，進一步強化了資產負債表。

With that, I'd like to turn the call over to Bill.

說到這裡，我想把電話轉給比爾。

Thank you, John.

謝謝你，約翰。

Good afternoon, and thank you all for joining us.

下午好，感謝大家加入我們。

Our formula for long-term value creation is a global, connected, sustainable framework.

我們創造長期價值的公式是一個全球性的、互聯的、可持續的框架。

We advanced each of these 3 pillars during the fourth quarter.

我們在第四季推進了這三個支柱。

We extended our global footprint with our entry into Latin America.

透過進入拉丁美洲，我們擴大了我們的全球足跡。

In December, we closed the acquisition of Ascenty, the leading data center platform in the rapidly growing Brazilian market, shown here on Page 3 of our presentation.

12 月，我們完成了對 Ascenty 的收購，Ascenty 是快速成長的巴西市場中領先的資料中心平台，如我們簡報的第 3 頁所示。

Ascenty owns a high-quality portfolio of purpose-built world-class data centers as well as a proprietary fiber network and is run by a best-in-class management team.

Ascenty 擁有高品質的專用世界級資料中心組合以及專有光纖網絡，並由一流的管理團隊營運。

Over 90% of the revenue is generated from investment-grade or equivalent customers, and over 75% of contractual cash rent is denominated in U.S. dollars.

超過90%的收入來自投資等級或同等客戶，超過75%的合約現金租金以美元計價。

This transaction represents a highly strategic extension of our global platform, offers a compelling growth opportunity and will be accretive to our long-term growth.

此次交易代表了我們全球平台的高度策略性延伸，提供了引人注目的成長機會，並將促進我們的長期成長。

Our top priority is deepening connections with our customers.

我們的首要任務是加深與客戶的聯繫。

And we are also focused on strengthening connections across our organization.

我們也致力於加強整個組織的聯繫。

We made several important investments in our human capital during the fourth quarter, most notably including the appointment of Greg Wright as Chief Investment Officer; and Corey Dyer as Executive Vice President of Global Sales & Marketing.

第四季度，我們對人力資本進行了幾項重要投資，最引人注目的是任命 Greg Wright 為首席投資長；科里·戴爾 (Corey Dyer) 擔任全球銷售與行銷執行副總裁。

Greg joins us following a long and distinguished career in investment banking, and he served as lead adviser on several transformational transactions for Digital Realty.

Greg 在投資銀行領域有著長期而傑出的職業生涯，在加入我們之前，他曾擔任 Digital Realty 多項轉型交易的首席顧問。

Corey brings over 25 years of relevant industry experience, including colocation and interconnection sales leadership experience, successfully targeting the enterprise customer segment.

Corey 擁有超過 25 年的相關行業經驗，包括主機託管和互連銷售領導經驗，成功瞄準了企業客戶群。

With these key additions in place, we have filled out the team and are fully primed to press our competitive advantages and power our customers' digital ambitions around the world.

隨著這些關鍵補充的到位，我們已經充實了團隊，並做好了充分準備，以發揮我們的競爭優勢並推動我們客戶在全球的數位化雄心。

We also took several significant steps towards further extending our sustainability leadership over the past few months, highlighted here on Page 4. In November, we received NAREIT's data center Leader in the Light Award for the second consecutive year.

過去幾個月，我們還採取了幾項重大舉措，進一步擴大我們在可持續發展方面的領導地位，這在第4 頁上進行了重點介紹。11 月，我們連續第二年榮獲NAREIT 數據中心“光明領袖」獎。

We are the first and so far the only data center REIT to receive NAREIT's Leader in the Light Award for sustainable real estate practices.

我們是第一個也是迄今為止唯一一個因永續房地產實踐而獲得 NAREIT 光明領袖獎的資料中心房地產投資信託基金。

In December, we announced that we are in the U.S. EPA's ENERGY STAR certification for superior energy performance in 24 data centers in 2018.

12 月，我們宣布我們的 24 個資料中心在 2018 年獲得了美國 EPA 的能源之星認證，以實現卓越的能源性能。

We also entered into an agreement with Salt River Project to source solar energy to power a portion of the load for our Arizona data center portfolio.

我們還與 Salt River Project 簽訂了一項協議，為我們亞利桑那州資料中心組合的部分負載提供太陽能。

In January, we issued the first-ever data center green eurobond.

一月份，我們發行了首張資料中心綠色歐洲債券。

And finally, just a couple of weeks ago, we announced a long-term renewable power purchase agreement to secure 80 megawatts of solar power on behalf of Facebook to support their renewable energy goals.

最後，就在幾週前，我們宣布了一項長期再生能源採購協議，代表 Facebook 獲得 80 兆瓦的太陽能，以支持他們的再生能源目標。

We are committed to managing our environmental impact and optimizing our use of energy and natural resources because we believe it's the right thing to do and because it matters to our customers.

我們致力於管理我們的環境影響並優化我們對能源和自然資源的使用，因為我們相信這是正確的做法，並且因為這對我們的客戶很重要。

Most of our top customers have 100% renewable energy targets and our ability to meet their needs for renewable and highly efficient data center solutions sets us apart from our competitors.

我們的大多數頂級客戶都有 100% 再生能源目標，我們有能力滿足他們對再生和高效資料中心解決方案的需求，這使我們在競爭對手中脫穎而出。

Let's turn to market fundamentals on Page 5. Moving from east to west with the sun, data center demand remains robust across the Asia Pacific region, driven by local as well as global hyperscale users.

讓我們轉向第 5 頁的市場基本面。隨著陽光從東到西，在本地和全球超大規模用戶的推動下，整個亞太地區的資料中心需求仍然強勁。

In Japan, we recently announced a multimegawatt, multiyear agreement with a leading global cloud service provider to anchor the latest facility on our Osaka connected campus scheduled for delivery the middle of this year.

在日本，我們最近宣布與一家全球領先的雲端服務供應商達成了數兆瓦的多年期協議，以在我們的大阪互聯園區部署最新設施，計劃於今年年中交付。

As you can see from the occupancy schedule in our supplemental, we've also had significant activity in Singapore, where we are quickly running out of capacity, and recently announced the acquisition of a land parcel on a long-term ground lease to accommodate buildout of our next facility at Loyang Drive on the east side of Singapore scheduled for delivery the latter half of next year.

正如您從補充資料中的入住時間表中看到的那樣，我們在新加坡也開展了重大活動，但我們的產能很快就耗盡了，最近我們宣布收購一塊長期土地租賃地塊，以適應擴建我們位於新加坡東部Loyang Drive 的下一個工廠計劃於明年下半年交付。

The supply situation across the region remains largely in check, and given the robust demand backdrop, we expect to continue to invest to support our customer's growth in existing core markets as well as potentially in select new markets.

該地區的供應狀況在很大程度上仍然受到控制，鑑於強勁的需求背景，我們預計將繼續投資以支持客戶在現有核心市場以及潛在的選定新市場的成長。

In Europe, supply-demand dynamics are fairly balanced.

在歐洲，供需動態相當平衡。

Despite the noise around Brexit, we continue to see healthy demand, notably including a sizable, global cloud network node deployment in our Crawley campus in London during the fourth quarter.

儘管圍繞英國脫歐的噪音不斷，但我們仍然看到健康的需求，特別是第四季度在倫敦克勞利園區部署的大規模全球雲端網路節點。

At Sovereign House, in the Docklands, we are nearing capacity.

在港區的 Sovereign House，我們已接近滿員。

And we recently gave the go-ahead to break ground on a cloud house, an adjacent multimegawatt facility that will offer customers a unique ability to land a new colocation deployment directly adjacent to the city's network-dense interconnection hub.

我們最近批准了雲房破土動工，這是一個相鄰的兆瓦級設施，將為客戶提供獨特的能力，在緊鄰城市網路密集的互連中心的地方進行新的託管部署。

Incidentally, we acquired the freehold interest in Sovereign House during the fourth quarter, and we now own this iconic London Docklands asset outright.

順便說一句，我們在第四季度收購了 Sovereign House 的永久業權權益，現在我們完全擁有這項標誌性的倫敦港區資產。

Across the U.K. as well as the continent, pricing is competitive and customers remain focused on flexibility and expansion options along with differentiated connectivity solutions and a track record of operational excellence.

在英國和整個歐洲大陸，定價具有競爭力，客戶仍然專注於靈活性和擴展選項以及差異化的連接解決方案和卓越營運的記錄。

Market vacancy remains in check across the major European markets.

歐洲主要市場的市場空缺仍然受到控制。

While competitors are bringing new supply to market, it is being met by healthy demand, particularly from existing customers either expanding their current footprint or looking for new partnerships for their next phase of growth.

雖然競爭對手正在向市場帶來新的供應，但健康的需求正在滿足這一需求，特別是來自現有客戶的需求，這些客戶要么擴大其當前的足跡，要么為下一階段的增長尋找新的合作夥伴。

In the Americas, competition is similarly intense across the primary data center metros, including Northern Virginia, which is by far the largest and most active metro in the world.

在美洲，主要資料中心都市圈的競爭也同樣激烈，其中包括北維吉尼亞州，它是迄今為止世界上最大、最活躍的都市圈。

Despite the number of competitors and shovels in the ground, we are well positioned to outperform the competition given our ability to address the full spectrum of our customers' data center needs around the world, our deep installed customer base in Ashburn with a strong preference to expand next to their existing deployments the longest runway for customers' campus growth aligned with our agile delivery capabilities, allowing for limited speculative risk and, last but certainly not least, the strength of our investment-grade balance sheet.

儘管競爭對手和鏟子數量眾多，但我們有能力超越競爭對手，因為我們有能力滿足全球客戶資料中心的全方位需求，我們在阿什本的深厚客戶群強烈偏好在現有部署的基礎上擴展最長的客戶園區成長跑道，與我們靈活的交付能力一致，從而限制投機風險，最後但同樣重要的是，我們投資等級資產負債表的實力。

At the end of the day, we believe customers view our global platform; our operational and financial resiliency; and our comprehensive space, power and interconnection offerings as key differentiators in the selection of their data center provider.

歸根究底，我們相信客戶會關注我們的全球平台；我們的營運和財務彈性；我們全面的空間、電力和互連產品是他們選擇資料中心提供者時的關鍵區別因素。

Let's turn to the macro environment on Page 6. We are late in the cycle, and comps are getting tougher across corporate America.

讓我們轉向第 6 頁的宏觀環境。我們處於週期的後期，整個美國企業界的競爭變得更加艱難。

Tough comps and moderating growth are a far cry from a global recession, however, as evidenced by continued robust job growth in the U.S. as well as the very respectable growth in cloud revenues during the fourth quarter.

然而，嚴峻的競爭和放緩的成長與全球經濟衰退相去甚遠，美國就業持續強勁成長以及第四季雲端收入非常可觀的成長就證明了這一點。

Hyperscale requirements are big and getting bigger, so new business could be lumpy from quarter-to-quarter, but we continue to see very healthy demand from our customers.

超大規模的需求很大，而且越來越大，因此新業務可能會逐季波動，但我們仍然看到客戶的需求非常健康。

The trends underlying this demand are long term and secular in nature.

這種需求背後的趨勢本質上是長期且長期的。

People don't stop using personal or professional social media just because it's late in the cycle.

人們不會因為個人或專業社群媒體處於週期後期而停止使用。

In fact, corporate IT outsourcing and cloud adoption are significant drivers of our business.

事實上，企業 IT 外包和雲端採用是我們業務的重要驅動力。

The cloud is gaining traction because it enables corporate enterprise end users to achieve efficiencies and contain cost.

雲端越來越受到關注，因為它使企業最終用戶能夠提高效率並控製成本。

During a slowdown, cost containment and achieving efficiencies become paramount.

在經濟放緩期間，控製成本和提高效率變得至關重要。

Consequently, given the resiliency of our industry, our business and our balance sheet, we believe we are very well positioned to continue to deliver sustainable growth for our customers, shareholders and employees whatever the macro environment may hold in store.

因此，鑑於我們的行業、業務和資產負債表的彈性，我們相信，無論宏觀環境如何，我們都能夠繼續為我們的客戶、股東和員工實現永續成長。

With that, I'd like to turn the call over to Andy to take you through our financial results.

說到這裡，我想把電話轉給安迪，讓他向您介紹我們的財務表現。

Thank you, Bill.

謝謝你，比爾。

Let's begin with our leasing activity here on Page 8. During the fourth quarter, we signed total bookings of $44 million, including a $7 million contribution from interconnection.

讓我們從第 8 頁的租賃活動開始。第四季度，我們簽署了 4,400 萬美元的總預訂量，其中包括互連貢獻的 700 萬美元。

We signed new leases for space and power totaling $37 million with a weighted average lease term of nearly 10 years, including a $10 million colocation contribution.

我們簽署了總計 3700 萬美元的新空間和電力租賃合同，加權平均租賃期限近 10 年，其中包括 1000 萬美元的主機託管費用。

These results do not include an additional $18 million of previously disclosed bookings by the Ascenty team during the fourth quarter.

這些結果不包括 Ascenty 團隊先前披露的第四季額外 1800 萬美元的預訂。

Ascenty did not sign any deals during the last 10 days of the year after closing, but this volume of activity, particularly relative to the size of the base, should give you a good idea of why we are so excited about the growth potential for this platform.

Ascenty 在交易結束後的最後 10 天內沒有簽署任何交易，但這種活動量，特別是相對於基礎規模而言，應該讓您很好地了解為什麼我們對這一業務的增長潛力如此興奮平台。

Our largest single deal during the fourth quarter was just 6 megawatts, and nearly 40% of our activity was outside of the U.S. Our domestic fourth quarter bookings were likewise diverse with major contributors from the Bay Area, Houston, Dallas and Chicago markets.

我們第四季最大的單筆交易僅為6 兆瓦，而且我們的活動有近40% 發生在美國以外。第四季我們的國內訂單同樣多樣化，主要貢獻者來自灣區、休士頓、達拉斯和芝加哥市場。

For the full year, we delivered total bookings of $268 million, an all-time high and up 35% from the previous record of $199 million in the prior year.

全年，我們的總預訂量達到 2.68 億美元，創歷史新高，比前一年 1.99 億美元的記錄成長了 35%。

Colocation and interconnection bookings were flat year-over-year at $63 million, but third and fourth quarter results were both above the recent average.

託管和互連預訂量與去年同期持平，為 6,300 萬美元，但第三季和第四季的業績均高於近期平均水準。

We continue to see the traction with accounts expanding with us globally, including a leading regional cloud provider who expanded their footprint with us most recently in Singapore in the fourth quarter.

我們繼續看到客戶在全球範圍內不斷擴張的吸引力，其中包括一家領先的區域雲提供商，他們最近在第四季度在新加坡擴大了他們的足跡。

We've helped this customer expand globally in the U.S., Europe and in Asia Pacific within the last 12 months.

在過去 12 個月內，我們幫助該客戶在美國、歐洲和亞太地區進行全球擴張。

Another example is a global leading SaaS provider that we helped to expand into Japan through our Mitsubishi Corporation-Digital Realty joint venture.

另一個例子是一家全球領先的 SaaS 供應商，我們透過三菱商事與 Digital Realty 合資企業幫助其擴展到日本。

Digital Realty is assisting this strategic partner in expanding their cloud presence in the region.

Digital Realty 正在協助該策略合作夥伴擴大在該地區的雲端業務。

They're in multiple sites across our global platform, and this is their third deployment with us across APAC.

他們分佈在我們全球平台的多個站點，這是他們在亞太地區與我們一起進行的第三次部署。

One final example I want to cite illustrates our ability to help hyperscaler customers power their digital ambitions.

我想舉的最後一個例子說明了我們幫助超大規模客戶實現數位化雄心的能力。

One of the world's largest SaaS companies required a custom-built data center.

全球最大的 SaaS 公司之一需要客製化的資料中心。

We signed a deal in Q1, and it commenced using the data center in Q4.

我們在第一季簽署了一項協議，並在第四季度開始使用資料中心。

Simply put, we were able to build and launch the first data hall for the customer within 9 months.

簡而言之，我們能夠在 9 個月內為客戶建造並啟動第一個資料大廳。

We're also pleased with our traction in the enterprise segment.

我們也對我們在企業領域的吸引力感到滿意。

We are landing business from small, medium and large customers who are positioned to grow with us.

我們正在從小型、中型和大型客戶那裡獲得業務，他們將與我們一起成長。

We added a total of more than 150 logos in 2018, more than half of which were enterprise customers, and we signed a total of 868 contracts in 2018.

2018年我們總共新增了150多個標識，其中超過一半是企業客戶，2018年我們總共簽訂了868份合約。

Aarki, ranked the 19th fastest-growing company in North America and #4 in the Bay Area on Deloitte's 2018 Technology Fast 500, helps companies grow and reengage their mobile users.

在德勤 2018 年高科技高成長 500 強企業中，Aarki 在北美成長最快的公司中排名第 19 位，在灣區排名第 4 位，幫助公司發展並重新吸引行動用戶。

Aarki is standardizing their global data center footprint with Digital Realty to ensure they have the scalable solutions around the world to meet their fast-paced time lines and support end-user demand.

Aarki 正在透過 Digital Realty 標準化其全球資料中心足跡，以確保他們在世界各地擁有可擴展的解決方案，以滿足快節奏的時間線並支援最終用戶的需求。

Most recent colocation expansions were made across Ashburn and Amsterdam.

最近的主機代管擴張是在阿什本和阿姆斯特丹進行的。

Dialpad, who designs and develops cloud-based platforms for enterprise communications, is hosting their AI-powered cloud phone system in Digital Realty's Dallas and New York locations.

Dialpad 設計和開發基於雲端的企業通訊平台，正在 Digital Realty 的達拉斯和紐約地點託管其人工智慧驅動的雲端電話系統。

We help build redundancy within the platform for our customers and users.

我們幫助我們的客戶和用戶在平台內建立冗餘。

DispatchTrack, the #1 last-mile logistics platform that is currently being used by about 40% of all furniture and appliance deliveries that occur in the continental United States, has a unique requirement of owning its compute infrastructure with specialized hardware for its proprietary algorithms.

DispatchTrack 是排名第一的最後一英里物流平台，目前美國大陸約40% 的家具和電器交付使用該平台，它有一個獨特的要求，即擁有其計算基礎設施以及用於其專有演算法的專用硬件。

After quite a bit of research, DispatchTrack chose Digital Realty as a partner on this journey.

經過大量研究後，DispatchTrack 選擇 Digital Realty 作為這趟旅程的合作夥伴。

Digital Realty's world-class infrastructure, commitment to standards in terms of certifications and processes, presence across wide geographic locations will help DispatchTrack scale their solution and service their current and future customers better.

Digital Realty 的世界級基礎設施、對認證和流程標準的承諾以及在廣泛地理位置的影響力將有助於 DispatchTrack 擴展其解決方案並更好地為當前和未來的客戶提供服務。

DispatchTrack is looking forward to consolidating and scaling all of their existing hosted infrastructure at Digital Realty.

DispatchTrack 期待整合和擴展 Digital Realty 的所有現有託管基礎設施。

We continue to see very healthy network sector business.

我們繼續看到非常健康的網路部門業務。

This quarter, a noble win was with Outscale, a strategic partner of Dassault Systèmes at the forefront of cloud computing.

本季度，達梭系統 (Dassault Systèmes) 處於雲端運算前沿的策略合作夥伴 Outscale 取得了重大勝利。

Outscale's primary focus is providing infrastructure services, hosted solutions and onpremise private cloud as well as related cloud-based service like Mapper-as-a-Service, rendering solutions, compute, storage and networking to many of the world's most respected companies.

Outscale 的主要重點是向世界上許多最受尊敬的公司提供基礎設施服務、託管解決方案和本地私有雲以及相關的基於雲端的服務，例如映射器即服務、渲染解決方案、運算、儲存和網路。

This new and much larger private [cage] environment for a longtime customer will enable Outscale to grow and remain focused on their core competencies of providing secure, scalable and compliant Infrastructure-as-a-Service solutions to over 800 of the world's top corporate customers throughout North America, Europe and Asia.

這個為長期客戶提供的全新且更大的私人[籠子]環境將使Outscale 能夠不斷成長，並繼續專注於其核心能力，為超過800 家全球頂級企業客戶提供安全、可擴展且合規的基礎設施即服務解決方案遍及北美、歐洲和亞洲。

We continue to see traction with our Service Exchange platform.

我們繼續看到我們的服務交換平台的吸引力。

Netgain, who helps highly regulated industries, such as health care, financial and legal services, manage their IT infrastructure, needed to shorten connection provision time and minimize latency between Netgain facilities.

Netgain 幫助醫療保健、金融和法律服務等受到嚴格監管的行業管理其 IT 基礎設施，需要縮短連接提供時間並最大限度地減少 Netgain 設施之間的延遲。

We provided a centralized colocation facility for their hybrid cloud architecture to connect to local customers.

我們為他們的混合雲架構提供了集中式託管設施，以連接到本地客戶。

They were able to connect to major telecom providers to maintain 10-millisecond or less latency between facilities, leveraging service machines for fast, secure access to Azure cloud services and provide a high availability environment for customer application hosting.

他們能夠連接到主要電信供應商，以在設施之間保持 10 毫秒或更少的延遲，利用服務機器快速、安全地存取 Azure 雲端服務，並為客戶應用程式託管提供高可用性環境。

Total alliance and channel partners' related bookings continue to contribute to our business, and our channel partners sourced nearly 20% of new logos in 2018 and over 25% of new logos during the fourth quarter.

總聯盟和通路合作夥伴的相關預訂繼續為我們的業務做出貢獻，我們的通路合作夥伴在 2018 年採購了近 20% 的新徽標，在第四季度採購了超過 25% 的新徽標。

Through our channel partner, we landed a Korean IT-based marketing and advertising company with a mission to support bringing Korean lifestyle fashion and entertainment imports in our L.A. data center to support its digital advertising and cloud business.

透過我們的通路合作夥伴，我們找到了一家韓國 IT 行銷和廣告公司，其使命是支持在我們的洛杉磯數據中心引入韓國生活方式時尚和娛樂進口產品，以支持其數位廣告和雲端業務。

They chose Digital Realty because they needed the right location with maximum uptime to support their mission-critical infrastructure, flexibility to support their private and hybrid cloud environments, access to data center and cloud connectivity, and certification compliance.

他們選擇 Digital Realty 是因為他們需要合適的位置、最長的正常運行時間來支援其關鍵任務基礎設施、靈活地支援其私有雲和混合雲環境、存取資料中心和雲端連接以及認證合規性。

Our continued partnership and capabilities with IBM around their Direct Link products resulted in more than a 200% year-over-year increase from our total deployments in 2017, and we are working on several opportunities for 2019.

我們與 IBM 圍繞 Direct Link 產品的持續合作夥伴關係和能力使我們 2017 年的總部署量同比增長了 200% 以上，並且我們正在努力爭取 2019 年的多個機會。

Significant 2018 deployments with IBM included adding new IBM Blockchain and IBM Hyper Protect deployments, allowing IBM customers to deploy their infrastructure and leverage secure, direct, low-latency access to IBM Cloud and these advanced services all within a highly connected ecosystem supported by -- globally by Digital Realty.

2018 年與IBM 的重大部署包括添加新的IBM Blockchain 和IBM Hyper Protect 部署，使IBM 客戶能夠部署其基礎架構並利用安全、直接、低延遲的方式訪問IBM Cloud 和這些高級服務，所有這些都在一個在高度互聯的生態系統中進行，該生態系統由以下技術支援：由 Digital Realty 在全球範圍內運營。

Turning to our backlog on Page 9. The current backlog of leases signed but not yet commenced stepped down from the all-time high at the end of the third quarter to $97 million as of year-end due to an all-time high-level commencement during the fourth quarter.

轉向第 9 頁的積壓。由於歷史最高水平，目前已簽署但尚未開始的積壓租賃從第三季度末的歷史最高水平下降到截至年底的 9,700 萬美元。第四季開始。

The weighted average lag between fourth quarter signings and commencements was a little over 3 months, speaking to the diversity of our fourth quarter signings activity.

第四季簽約和啟動之間的加權平均延遲時間略多於 3 個月，這說明了我們第四季度簽約活動的多樣性。

Moving on to renewal leasing activity on Page 10.

繼續第 10 頁的續租活動。

We signed $138 million of renewals during the fourth quarter in addition to new leases signed.

除了簽署的新租約外，我們在第四季度還簽署了 1.38 億美元的續約合約。

The weighted average lease term on renewals was 5 years, and cash rents rolled down 2.6%.

加權平均續約期限為 5 年，現金租金下降 2.6%。

For the full year, cash rents rolled up 0.3%, a bit better than our slightly negative guidance.

全年現金租金上漲 0.3%，略優於我們略為負面的指引。

Cash re-leasing spreads were negative for turnkey as well as colo renewals in the fourth quarter.

第四季交鑰匙及託管續租的現金再租賃利差為負。

The colo rolldown was entirely due to 2 top customers who started out in a colo environment early in their life cycle and have grown so significantly that they are both now hyperscale users.

託管託管的縮減完全是由於兩位頂級客戶在其生命週期的早期就開始使用託管託管環境，並且增長如此之快，以至於現在他們都已成為超大規模用戶。

Our unique product offering with the ability to accommodate single-rack colocation and interconnection footprints all the way up to multimegawatt hyperscale requirements enables us to continue to support the full spectrum of data center solutions for both of these strategic customers.

我們獨特的產品能夠滿足單機架託管和互連足跡，一直到兆瓦級超大規模要求，使我們能夠繼續為這兩個策略客戶提供全方位的資料中心解決方案。

The turnkey rolldown was largely due to the expiration in Houston, where a customer renewed their existing footprint on a long-term lease while simultaneously expanding and taking close to another megawatt of additional capacity, likewise, on a long-term lease.

交鑰匙工程的縮減主要是由於休士頓的到期，客戶以長期租約更新了現有的足跡，同時擴大並獲得了接近另一兆瓦的額外容量，同樣，以長期租約。

This transaction is a prime example of what we mean when we talk about our holistic long-term approach to customer relationship management.

這項交易是我們談論整體長期客戶關係管理方法時所指涉的典型例子。

As you probably are aware, we expect cash re-leasing spreads will be negative in the high single digits in 2019 primarily due to sizable above-market expirations within the legacy DFT portfolio.

正如您可能知道的那樣，我們預計 2019 年現金再租賃利差將出現高個位數的負值，這主要是由於傳統 DFT 投資組合中的到期期限遠高於市場水平。

This rolldown was fully baked into our underwriting at the time of the acquisition.

在收購時，這種縮減已完全納入我們的承保範圍內。

As we work our way past these pending renewals, we do expect to reach an inflection point and return to positive re-leasing spreads, driven by modest market rent growth and the steady progress we have made cycling through peak vintage lease expirations.

當我們努力克服這些懸而未決的續約時，我們確實預計將達到一個拐點，並在市場租金溫和增長以及我們在老式租賃到期高峰期取得的穩步進展的推動下，達到一個拐點並恢復正的再租賃價差。

In terms of our fourth quarter operating performance, overall portfolio occupancy slipped 50 basis points to 89% due to a single non-data-center customer who moved out of an entire Class B office building they were using as a call center on a campus earmarked for future redevelopment in Dallas.

就我們第四季的營運業績而言，整體投資組合入住率下滑 50 個基點至 89%，原因是一位非資料中心客戶搬出了他們在指定園區內用作呼叫中心的整個 B 級辦公大樓。用於達拉斯未來的重建。

Needless to say, the square footage impact on reported occupancy is far more pronounced than the economic impact, given the low rent for a call center redevelopment candidate in Dallas.

不用說，考慮到達拉斯呼叫中心重建候選項目的租金較低，對報告佔用率的影響遠比對經濟的影響更為明顯。

Property operating expenses ticked up sequentially primarily due to the timing of some repairs and maintenance projects we had expected to close out earlier in the year along with the growth of our portfolio with more than 50 megawatts of capacity placed in service during the fourth quarter.

物業營運費用將季比上升，主要是由於我們預計今年早些時候結束的一些維修和保養項目的時間，以及我們的投資組合的增長，第四季度投入使用的容量超過 50 兆瓦。

Turning to our economic risk mitigation strategies on Page 11.

轉向第 11 頁的我們的經濟風險緩解策略。

The U.S. dollar strengthened somewhat over the past 90 days, and FX represented roughly a 50 basis points headwind to the year-over-year growth in our fourth quarter results.

過去 90 天美元略有走強，而外匯對我們第四季業績年增約 50 個基點的阻力。

We managed currency risk by issuing locally denominated debt to act as a natural hedge, so only our net assets within a given region are exposed to currency risk from an economic perspective.

我們透過發行當地計價的債務作為自然對沖來管理貨幣風險，因此從經濟角度來看，只有我們在特定地區的淨資產才會面臨貨幣風險。

In addition to managing foreign-currency exposure, we also mitigated interest rate risk by proactively terming out short-term variable-rate debt with longer-term fixed-rate financing.

除了管理外幣風險外，我們還主動以長期固定利率融資償還短期可變利率債務，降低利率風險。

Given our strategy of matching the duration of our long-lived assets with long-term fixed-rate debt, a 100 basis point move in LIBOR would have a 1% impact to our full year FFO per share.

鑑於我們將長期資產的期限與長期固定利率債務相匹配的策略，倫敦銀行同業拆借利率 (LIBOR) 變動 100 個基點將對我們全年每股 FFO 產生 1% 的影響。

Our near-term funding and refinancing risk is very well managed.

我們的近期融資和再融資風險管理得很好。

In terms of earnings growth, core FFO per share was up approximately 8% year-over-year for the fourth quarter and the full year.

獲利成長方面，第四季和全年核心FFO每股年增約8%。

We were a couple of pennies above consensus for the fourth quarter, and we came in at the top end of our original guidance range for the full year.

第四季的業績比市場預期高出幾美分，而且我們的全年業績也達到了最初指導範圍的上限。

We also delivered double-digit AFFO-per-share growth for the third time in the past 4 years.

我們也在過去 4 年來第三次實現了每股 AFFO 的兩位數成長。

As you may have seen from the press release, we are reiterating the 2019 guidance we rolled out a few weeks ago.

正如您可能從新聞稿中看到的那樣，我們重申了幾週前推出的 2019 年指南。

Almost all the drivers are unchanged, except for debt financings.

除了債務融資外，幾乎所有驅動因素都沒有改變。

As you may know, just 2 days after we gave our initial 2019 guidance, the debt capital market seas parted across the pond and we were able to successfully tap the eurobond market for the first-ever green data center eurobond, raising approximately $1 billion of 7-year paper at a 2.5% coupon.

如您所知，就在我們給出2019 年初步指導後的兩天，債務資本市場的海洋就分開了，我們成功地進入了歐洲債券市場，發行了有史以來第一個綠色數據中心歐元債券，籌集了約10 億美元的資金。7 年期票據，優惠券利率為 2.5%。

Our 2019 refinancing capital spending needs have been put to bed, but we expect to remain nimble for the rest of the year, and we may look to capitalize on favorable market conditions to lock in long-term fixed-rate financing at attractive coupons across the currencies that support our assets to proactively manage future liabilities.

我們 2019 年的再融資資本支出需求已經解決，但我們預計今年剩餘時間將保持靈活，我們可能會利用有利的市場條件，以有吸引力的息票鎖定長期固定利率融資。支持我們的資產主動管理未來負債的貨幣。

Please keep in mind that our 2019 guidance includes a $0.20 impact from the adoption of the new lease accounting standard.

請記住，我們的 2019 年指引包括採用新租賃會計準則帶來的 0.20 美元影響。

We don't typically give explicit AFFO-per-share guidance, but given the hit to the bottom line from the change in accounting policy, it's worth noting that we expect to deliver mid-single-digit growth in AFFO per share.

我們通常不會給出明確的每股 AFFO 指引，但考慮到會計政策變化對利潤的打擊，值得注意的是，我們預計每股 AFFO 將實現中個位數成長。

Please also keep in mind, this mid-single-digit growth includes the 2% dilution from Ascenty and also absorbs a 100 to 200 basis point FX headwind.

另請記住，這種中等個位數的增長包括 Ascenty 2% 的稀釋，並且還吸收了 100 至 200 個基點的外匯逆風。

Excluding FX and accounting changes, we expect to deliver per-share growth in line with our long-term sweet spot in the mid- to high single digits.

排除外匯和會計變化，我們預計每股成長將符合我們中高個位數的長期最佳點。

In terms of the quarterly distribution, the first half of 2019 should represent roughly 49% of the full year results, while the second half should contribute roughly 51%.

從季度分佈來看，2019年上半年應佔全年業績的49%左右，下半年應佔51%左右。

In terms of the quarterly dividend, the payout policy is ultimately a board-level decision.

就季度股利而言，股利政策最終由董事會決定。

Given the actual cash flow growth in 2018 along with the projected growth in 2019, we would expect to see continued growth in the per-share dividend just as we have each and every year since our IPO in 2004.

考慮到 2018 年的實際現金流成長以及 2019 年的預期成長，我們預計每股股息將持續成長，就像自 2004 年 IPO 以來每年的成長一樣。

Last but certainly not least, let's turn to the balance sheet on Page 13.

最後但並非最不重要的一點是，讓我們來看看第 13 頁的資產負債表。

It's been another busy few months for the Digital Realty capital markets team, characterized by consistent execution against our financing strategy of maximizing the menu of available capital options while minimizing the related cost.

對於 Digital Realty 資本市場團隊來說，這又是忙碌的幾個月，其特點是始終如一地執行我們的融資策略，即最大化可用資本選項，同時最小化相關成本。

First and foremost, in late September, we executed a forward equity offering to fund the Ascenty acquisition and development CapEx needs.

首先也是最重要的是，在 9 月下旬，我們執行了遠期股權發行，為 Ascenty 收購和開發資本支出需求提供資金。

We expect to receive approximately $1.1 billion of net proceeds when we settle the forward sale agreements.

當我們達成遠期銷售協議時，我們預計將獲得約 11 億美元的淨收益。

In early October, we issued approximately $520 million of 12-year sterling bonds at a 3.75% coupon.

10月初，我們發行了約5.2億美元的12年期英鎊債券，票面利率為3.75%。

In late October, we recast our $3.3 billion global senior unsecured credit facilities, tightening pricing for the line of credit by 10 basis points, extending the maturity date another 3 years to 2024 and upsizing availability by $350 million.

10 月下旬，我們重新調整了 33 億美元的全球優先無擔保信貸額度，將信用額度定價收緊 10 個基點，將到期日再延長 3 年至 2024 年，並將可用規模增加 3.5 億美元。

We also completed a roughly $300 million, 5-year revolving credit facility denominated in Japanese yen to fund our joint venture with Mitsubishi Corporation.

我們也完成了約 3 億美元的、以日圓計價的 5 年期循環信貸額度，為我們與三菱商事株式會社的合資企業提供資金。

Shortly before year-end, we closed on the Ascenty acquisition.

年底前不久，我們完成了對 Ascenty 的收購。

The transaction was initially funded with $600 million of proceeds from a nonrecourse 5-year secured term loan, $300 million of Digital Realty OP units and $1 billion of unsecured corporate borrowings.

該交易最初的資金來源包括 6 億美元的無追索權 5 年期擔保定期貸款收益、3 億美元的 Digital Realty OP 單位以及 10 億美元的無擔保企業借款。

As you may recall, we expect to ultimately own Ascenty in a joint venture with Brookfield Infrastructure, which we expect to close sometime in the first quarter.

您可能還記得，我們​​預計最終將與 Brookfield Infrastructure 成立一家合資企業，擁有 Ascenty，該合資企業預計將在第一季的某個時候關閉。

As you could see from the charts on Page 13, leverage is artificially inflated at year-end since 100% of Ascenty debt is reflected on the balance sheet, whereas our fourth quarter results include just a 10-day contribution from Ascenty.

正如您從第 13 頁的圖表中看到的，槓桿在年底被人為誇大，因為 100% 的 Ascenty 債務反映在資產負債表上，而我們第四季度的業績僅包括 Ascenty 的 10 天貢獻。

Pro forma for a full period contribution from Ascenty, the joint venture with Brookfield and the forward equity offering, leverage remains in line with our long-term target of approximately 5x while fixed-charge coverage remains healthy at north of 4x.

預計 Ascenty（與 Brookfield 的合資企業）的整個期間貢獻以及遠期股權發行，槓桿率仍符合我們約 5 倍的長期目標，而固定費用覆蓋率仍保持在 4 倍以上的健康水平。

The success of these collective financing activities over the past several months is a reflection of our best-in-class global platform, which provides access to the full menu of public as well as private capital, sets us apart from our peers, enables us to prudently fund our growth.

過去幾個月這些集體融資活動的成功反映了我們一流的全球平台，該平台提供了公共和私人資本的完整菜單，使我們在同行中脫穎而出，使我們能夠謹慎地為我們的成長提供資金。

As I mentioned a moment ago, we have already addressed our 2019 refinancing and capital spending needs, but we will continue to monitor the global debt capital markets, consistent with our strategy of proactively managing the right side of our balance sheet with an eye towards longer-duration financings across the currencies that support our assets.

正如我剛才提到的，我們已經解決了 2019 年的再融資和資本支出需求，但我們將繼續監控全球債務資本市場，這符合我們積極管理資產負債表右側並著眼於更長期的戰略。 -支持我們資產的各種貨幣的久期融資。

As you can see from the pro forma debt maturity schedule on Page 15, the recent financings have extended our weighted average maturity to 6 years and lowered our weighted average coupon to 3.6%.

正如您從第 15 頁的備考債務到期時間表中看到的那樣，最近的融資將我們的加權平均期限延長至 6 年，並將加權平均票面利率降低至 3.6%。

Nearly half our debt is non-U.

我們近一半的債務是非美國債務。

S. dollar-denominated, acting as a natural FX hedge for our investments outside the U.S. Roughly 90% of our debt is fixed rate to guard against a rising rate environment, and over 95% of our debt is unsecured, providing the greatest flexibility for capital recycling.

以美元計價，為我們在美國以外的投資提供天然的外匯對沖。我們大約90% 的債務是固定利率，以防範利率上升的環境，超過95% 的債務是無擔保的，為我們的投資提供了最大的彈性。資本回收。

Finally, as you can see from the left side of our -- of Page 15, we have a clear runway with less than $1 billion of maturities in any year until 2023 and no bar too tall in the out-years.

最後，正如您從第15 頁左側看到的那樣，我們有一條清晰的跑道，在2023 年之前的任何一年到期日均低於10 億美元，並且在未來幾年沒有過高的門檻。

Our balance sheet is poised to weather a storm but also positioned to fuel growth opportunities for our customers around the globe, consistent with our long-term financing strategy.

我們的資產負債表已做好應對風暴的準備，同時也能夠為全球客戶帶來成長機會，這符合我們的長期融資策略。

This concludes our prepared remarks.

我們準備好的演講到此結束。

And now we will be pleased to take your questions.

現在我們很樂意回答您的問題。

Andrea, would you please begin the Q&A session?

安德里亞，請開始問答環節好嗎？

(Operator Instructions) And our first question will come from Jordan Sadler of KeyBanc Capital Markets.

（操作員說明）我們的第一個問題將來自 KeyBanc Capital Markets 的 Jordan Sadler。

First, I'd like to see if you guys could drill down a little bit on the expectations of the pipeline as we -- and maybe level-set us in terms of expectations for 2019.

首先，我想看看你們是否可以深入了解我們對管道的期望，也許還可以根據 2019 年的期望來確定我們的水平。

I know 2018 was a record year.

我知道 2018 年是創紀錄的一年。

We finished kind of on a dull note.

我們以一種平淡的方式結束了。

I think a couple weeks ago, you sounded a little bit optimistic at a recent conference, and I'm just -- how should we be thinking about leasing volumes for 2019?

我想幾週前，您在最近的一次會議上聽起來有點樂觀，我只是——我們應該如何考慮 2019 年的租賃量？

Hey, thanks, Jordan.

嘿，謝謝，喬丹。

This is Andy.

這是安迪。

I'll tackle that because I think you're referring to my most recent conference.

我會解決這個問題，因為我認為你指的是我最近的會議。

Obviously, we ended 2018 with what I would call a very respectable quarter, $44 million overall signings, capping off a record year, 35% year-over-year increase, which was a record -- on a record at $268 million.

顯然，我們以我所說的非常值得尊敬的季度結束了2018 年，總簽約金額為4400 萬美元，創下了創紀錄的一年，同比增長35％，這是一個創紀錄的記錄- 創紀錄的2.68 億美元。

A lot of successes in there across regions, be it in Europe, Asia Pacific, North America or market-specific and across product lines.

無論是在歐洲、亞太地區、北美或特定市場和跨產品線，在各個地區都取得了許多成功。

And at the same time, I think we entered 2019 with a similar amount of optimism on the overall demand backdrop.

同時，我認為我們在進入 2019 年時對整體需求背景也抱持類似的樂觀態度。

Bill, myself, Corey, Chris and the team have been spending a lot of time with customers in just the first ample weeks of the year.

比爾、我本人、科里、克里斯和團隊在今年的前幾週花了很多時間與客戶相處。

We hear a lot of positive feedback of what their demand profiles look like and how we're really lining up in terms of our footprint and capabilities to be their trusted partner around the globe.

我們聽到了很多關於他們的需求概況的正面回饋，以及我們如何在我們的足跡和能力方面真正做好準備，成為他們在全球值得信賴的合作夥伴。

Okay.

好的。

And so relative to 2018, do you think 2018 was not necessarily an anomaly, sort of, what it sounds like?

那麼相對於 2018 年，您認為 2018 年不一定是異常情況嗎？

And I would say, listen, I've only sat in this seat time -- beginning in 2018.

我想說，聽著，我只坐過這個座位時間——從 2018 年開始。

I certainly do have the expectation that we're going to do a 35% increase year-over-year and put up a record $268 million.

我確實預計我們將年增 35%，並投入創紀錄的 2.68 億美元。

But as we look at exiting 2018 and look at what's out in front of us in 2019, in terms of where we're seeing opportunities, annual rolls, honestly, quite bringing on new inventory capacity, such as Osaka, Japan; Sydney, Australia; our Frankfurt, Amsterdam and London campuses; numerous colo footprints; and then some of the usual names you've heard about in North America, be it Ashburn or otherwise.

但當我們回顧 2018 年並展望 2019 年我們面臨的情況時，就我們在哪裡看到的機會而言，老實說，年度滾動帶來了新的庫存產能，例如日本大阪；悉尼，澳大利亞;我們的法蘭克福、阿姆斯特丹和倫敦校區；無數的彩色足跡；然後是您在北美聽說過的一些常見名稱，無論是阿什本還是其他地方。

I think we feel like we're pretty well-positioned heading into this year.

我認為我們感覺今年的情況非常有利。

Our next question comes from Jon Atkin of RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的喬恩·阿特金。

So kind of a related question just about overall hyperscale demand and how it benefits the data center sector, and you talked about having inventory in a lot of the key markets.

這是一個有關整體超大規模需求及其如何使資料中心產業受益的相關問題，您談到了在許多關鍵市場中擁有庫存。

But I'm wondering, from a competitive standpoint, how do you think about the mix of business that goes to unlisted players versus listed data center operators such as yourself.

但我想知道，從競爭的角度來看，您如何看待非上市參與者與像您這樣的上市資料中心營運商的業務組合。

And then maybe a drill-down on kind of sales, given the hiring of Corey into the organization.

鑑於科里被聘入該組織，然後可能會深入了解銷售類型。

Any kind of thoughts on channel strategy or any changes whatsoever contemplated in kind of your go-to-market approach?

對通路策略有什麼想法，或是您的市場進入方式有什麼改變嗎？

Hey, thanks, Jon.

嘿，謝謝，喬恩。

I guess what I would say, at least what I've observed, is that the private guys win the business when at least Digital doesn't have inventory in the market.

我想我想說的是，至少根據我的觀察，私人企業贏得了業務，至少在 Digital 市場上沒有庫存的情況下。

So it's a question of availability, and I do think that we are the preferred partner to most of the hyperscale players.

所以這是一個可用性問題，我確實認為我們是大多數超大規模參與者的首選合作夥伴。

And I'd add on that for half a second before turning to your second question, Jon.

在轉向你的第二個問題之前，我想補充半秒鐘，喬恩。

I think, in addition to what we're seeing here in front of our customers very recently in terms of demand backdrop, I think we're also hearing a overall outlook of potential vendor consolidation where they want to do business with fewer parties over the long run, really global organizations that can scale with them and meet their needs across numerous markets and product offerings, which we think we line up very well on.

我認為，除了我們最近在客戶面前看到的需求背景之外，我認為我們還聽到了潛在供應商整合的總體前景，他們希望在未來一段時間內與更少的各方開展業務。從長遠來看，真正的全球性組織能夠與他們一起擴展並滿足他們在眾多市場和產品供應中的需求，我們認為我們在這方面非常適合。

In terms of changes to go-to-market and the like, Corey and Greg just started with us literally the first week of January.

在上市等方面的變化方面，科里和格雷格從一月份的第一周就開始與我們合作。

We had already pushed up our sales kickoff.

我們已經提前了銷售啟動時間。

We had a great kickoff that first week, and our team is out of the gates here running hard for 2019.

第一週我們就取得了很好的開局，我們的團隊即將為 2019 年奮力拼搏。

I'm sure Corey is going to be digging in here and looking at things as ways to improve and obviously has a deep background across colocation, interconnection capabilities and really penetrating the enterprise customer brace, an area where we're always looking to step up our game.

我確信 Corey 會在這裡深入研究，將事情視為改進的方法，並且顯然在託管、互連功能和真正滲透到企業客戶支援方面擁有深厚的背景，這是我們一直尋求加強的領域我們的遊戲。

And then quickly on -- there was an interconnect announcement related to Ashburn and Chicago you put out a couple weeks ago and wanted to maybe get your thoughts on that, overall prospects for cross-connect roads as well as your SDN partnership with Megaport.

然後很快 - 幾週前您發布了與阿什本和芝加哥相關的互連公告，並想了解您對此的想法、交叉連接道路的總體前景以及您與 Megaport 的 SDN 合作夥伴關係。

No, absolutely.

不，絕對是。

Thanks for the question, Jon, as always.

一如既往，謝謝你的提問，喬恩。

So a couple elements to it.

所以有幾個要素。

Yes, the most recent announcement we just made inside of the Ashburn and Chicago markets are around expanding our Internet exchange.

是的，我們剛剛在阿什本和芝加哥市場內發布的最新公告是關於擴大我們的網路交換。

And so there was a lot of customer-driven demand in those 2 markets.

因此，這兩個市場存在大量客戶驅動的需求。

And because of the fact that we have a compressive interconnection portfolio comprised of both the Internet exchange and the Service exchange, which meets a lot of our larger customer demands, I would tell you, the reasoning and why we went into Chicago, in particular, is the ownership of 350 Cermak and how that building is becoming a bellwether of the broader workloads and interconnection requirements, and then associated to Ashburn, that is the epicenter of where a lot of these clouds are building out.

由於我們擁有由互聯網交換和服務交換組成的壓縮互連產品組合，它滿足了我們許多更大的客戶需求，我想告訴你，我們進入芝加哥的理由和原因，特別是，是350 Cermak 的所有權，以及該建築如何成為更廣泛的工作負載和互連需求的領頭羊，然後與阿什本相關聯，阿什本是許多雲正在建設的中心。

And so getting access to all of the networks via the IX was kind of the backdrop of why we were pushed into those markets and just further solidifying the broader architectures that not only the hyperscalers are bringing to us but also the enterprise.

因此，透過 IX 存取所有網路是我們被推入這些市場的背景，並且進一步鞏固了更廣泛的架構，這些架構不僅是超大規模企業為我們帶來的，也是企業帶來的。

And so secondly, to the partnership with Megaport, which is the underlying fabric on our Service Exchange, I mean, it's been a great partnership, where it's really generated a lot of new revenue for us, where we're having a different value-based dialogue with a brand-new ecosystem of enterprise customers coming in to consume cloud.

其次，對於與 Megaport 的合作夥伴關係，這是我們服務交換的基礎結構，我的意思是，這是一次很棒的合作夥伴關係，它確實為我們創造了大量新收入，我們擁有不同的價值 -與使用雲端的全新企業客戶生態系統進行對話。

And so it's an underpinning of our strategy going forward, and we've had a huge uptick in not only the dialogue but also utilization of the platform, and so we're very happy with the outcome of that.

因此，這是我們未來策略的基礎，我們不僅在對話方面而且在平台的使用率方面都取得了巨大的進步，因此我們對此結果感到非常滿意。

And again, just to echo the sentiment of Andy and having Corey join the team, we're just getting focused on leveraging that even further in our dialogue so that we can represent the comprehensive portfolio that we have in these markets, and all of the interconnection capability that we have is really a unique differentiator for us.

再說一次，只是為了呼應安迪的觀點並讓科里加入團隊，我們只是在我們的對話中專注於進一步利用這一點，以便我們能夠代表我們在這些市場中擁有的全面投資組合，以及所有我們擁有的互連能力確實是我們獨特的優勢。

Our next question comes from Simon Flannery of Morgan Stanley.

我們的下一個問題來自摩根士丹利的西蒙·弗蘭納裡。

I think you referenced the opportunity to go into some new markets.

我認為您提到了進入一些新市場的機會。

Could you -- you've obviously been expanding a lot in some existing markets, particularly in Asia as well recently.

顯然，你們在一些現有市場上進行了大量擴張，特別是最近在亞洲。

Can you just talk about how we should think about that in 2019?

您能談談2019年我們該如何思考這個問題嗎？

And are you likely to do that organically, developing new land?

您可能會有機地做到這一點，開發新土地嗎？

Or do you think M&A will be the path to get into those markets?

或者您認為併購將是進入這些市場的途徑嗎？

And any updates on a few weeks of Ascenty under your belt?

您對 Ascenty 幾週來有什麼更新嗎？

Any learnings that you've had since they've come onboard?

自從他們加入以來，您學到了什麼？

Thanks, Simon.

謝謝，西蒙。

So I think, as you know, we don't target slices of the geographic pie by region.

因此，我認為，正如您所知，我們不會按地區劃分地理蛋糕。

We look to allocate capital where we see the best risk-adjusted returns.

我們希望將資本分配到風險調整後回報最佳的地方。

We're always looking at potential markets, and we want to be prepared if there are good opportunities.

我們一直在尋找潛在市場，如果有好的機會，我們希望做好準備。

But our criteria, just to remind you, is that we're customer led into major new markets, and we're looking for appropriate risk-adjusted returns in these new markets.

但我們的標準，只是提醒您，是我們將客戶引入主要的新市場，我們正在這些新市場中尋找適當的風險調整回報。

I'll turn it over to Andy to handle the Ascenty question.

我會把它交給安迪來處理 Ascenty 問題。

Simon, can you just repeat the Ascenty question to make sure I didn't miss it?

Simon，你能重複一下 Ascenty 的問題以確保我沒有錯過嗎？

Yes.

是的。

You talked about the bookings when you came on board but just you've had it for 6 or 7 weeks.

當你加入時，你談到了預訂，但你已經預訂了六到七週了。

Just how is the integration going?

整合進展如何？

And any more color that you've had on the opportunity since you've taken control?

自從你掌權以來，你對這個機會還有更多的看法嗎？

Great.

偉大的。

Thank you, Simon.

謝謝你，西蒙。

So we closed the, I think, the last week before the holidays, the 21st of December.

所以我們關閉了，我想，假期前的最後一周，12 月 21 日。

We've had our first board meeting with the team.

我們與團隊召開了第一次董事會。

We've -- Brookfield has cleared its regulatory approvals.

我們已經——布魯克菲爾德已經獲得了監管部門的批准。

And we're working towards finalizing their closing, which should happen in the next month or so.

我們正在努力完成他們的關閉，這應該在下個月左右完成。

We've been out in front of customers on a joint basis and have had some really terrific feedback from existing customers of legacy Digital Realty, legacy Ascenty and crossover.

我們一直在聯合的基礎上面對客戶，並從傳統 Digital Realty、傳統 Ascenty 和 crossover 的現有客戶那裡得到了一些非常好的反饋。

We've really gotten going on the rules of engagement for the Digital Realty 100-plus sales reps in terms of feeding demand into that region.

在滿足該地區的需求方面，我們確實為 Digital Realty 100 多名銷售代表制定了參與規則。

And we're also doing some legwork on the supply chain, design, construction, operational capabilities to really try to bring that benefit to the Ascenty platform.

我們還在供應鏈、設計、施工、營運能力方面進行了一些跑腿工作，以真正嘗試為 Ascenty 平台帶來這種好處。

Albeit, it's been a fast and furious couple of weeks under our ownership to-date, but so far, so good and some -- seeing some positive signs.

儘管如此，迄今為止，在我們的掌控下，這幾週是快速而激烈的，但到目前為止，一切都很好——看到了一些積極的跡象。

But obviously, I have a lot more to report on this topic in another 90 days or so.

但顯然，在接下來的 90 天左右的時間裡，我還有更多關於這個主題的報告。

Our next question comes from Colby Synesael of Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Colby Synesael。

In your comments -- prepared remarks, you mentioned the renewal spreads, how they're going to be down in the high single digits this year, should be the trough, and that I think you said you expect them to go back to positive in 2020 and beyond.

在你的評論中——準備好的評論中，你提到了續約利差，今年它們將如何下降到高個位數，應該是低谷，我想你說過你希望它們在2019 年恢復到正值。2020 年及以後。

Just tie that to pricing.

只需將其與定價聯繫起來即可。

Is it your sense that pricing is going to start to trough?

您是否感覺到價格將開始觸底？

I mean, pricing, if you look at it on a like-for-like basis, seems like it's been coming down for the last few years.

我的意思是，如果你以同類的基礎來看，定價在過去幾年似乎一直在下降。

I'm just trying to get a sense of where you think we are because I did notice, for example, in your returns, you're now guiding to 9% to 12%, whereas you've historically guided to 10% to 12%.

我只是想了解您認為我們處於什麼位置，因為我確實注意到，例如，在您的回報中，您現在的指導值為 9% 至 12%，而歷史上的指導值為 10% 至 12% %。

And then, secondly, as it relates to bookings or leasing for 2019, I appreciate you don't want to give us a hard commitment on what that number could look like.

其次，由於這與 2019 年的預訂或租賃有關，我很高興您不想就這個數字向我們做出硬性承諾。

But when you think about it from a geographical dispersion perspective, is it fair to assume that we should see a more notable percentage coming from international in 2019 than in 2018?

但是，當您從地理分散的角度考慮時，是否可以假設 2019 年來自國際的比例比 2018 年更高？

Thanks, Colby.

謝謝，科爾比。

Let me see if I can dissect the multiprongs of that to make sure I tackle it all.

讓我看看我是否可以剖析其中的多個方面，以確保我能夠解決所有問題。

So a couple concepts.

所以有幾個概念。

So first, on renewal spreads.

首先，關於續約利差。

We exited the year a full year basis cash positive just slightly and a couple of points of higher than our GAAP basis.

今年結束時，我們的全年現金為正，略高於我們公認的會計原則幾個百分點。

We called out some anomalies in the actual node that happened in the fourth quarter but happy to expand upon those specific details.

我們指出了第四季度發生的實際節點中的一些異常情況，但很樂意擴展這些具體細節。

But cash positive from full year and even greater than GAAP positive.

但全年現金為正，甚至高於 GAAP 正值。

We did call out on our 2019 guidance release at the beginning of the year a cash negative mark-to-market really related primarily due to a large legacy customer we inherited in our acquisition of DFT.

我們確實在年初發布的 2019 年指引中指出，現金以市價計價為負值，這實際上主要是由於我們在收購 DFT 時繼承了一個大型傳統客戶。

The outcome or underwriting of that event has not changed since our closing or initial acquisition, so same facts and circumstances.

自從我們交割或初次收購以來，該事件的結果或承保並未發生變化，因此事實和情況相同。

Just that timing, it looks like it's going to be coming to fruition certainly in 2019.

正是這個時機，看起來它肯定會在 2019 年實現。

And beyond that, plus I'd say another larger power-based building or PBB renewal that likely to get completed in the first quarter of 2019, we feel that we're kind of really working our way through the bulk of the larger customer bulk renewals, including early renewals, pushing out their maturities for 5, 7, 10, 15 years.

除此之外，加上我想說的另一個更大的電力建築或 PBB 更新可能會在 2019 年第一季完成，我們覺得我們正在真正努力解決大部分較大的客戶群續簽，包括提前續簽，將到期期限延後5 年、7 年、10 年、15 年。

When you look at the next kind of top customers that have several renewals, and those customers have, I'd say, a different either vintage of lease, one of those customers, in fact, typically only signs 5-year leases so has not had a 10-, 15-year run of bumps in their leases and much less a chance to be way out of market, hence our commentary where we think the -- essentially, the pig, is moving through the python here when it comes to the expirations this year.

當你看到下一種有多次續約的頂級客戶時，我想說的是，這些客戶有不同的租約年份，事實上，其中一個客戶通常只簽署 5 年租約，因此沒有他們的租約經歷了10 年、15 年的波動，更不用說退出市場的機會了，因此我們的評論認為，本質上，豬在談到這裡時正在穿過蟒蛇。今年到期。

Dovetailing to your overall -- that was renewals, so cash upon cash upon expiration.

與你的整體相吻合——這就是續約，所以到期時現金接現金。

Dovetailing to your question on pricing overall.

與您關於整體定價的問題相吻合。

If you look at our scale pricing, which I think is really more tied to that renewal comment, if we went market by market this quarter, I would say our scale pricing was really kind of flat to slightly up.

如果你看看我們的規模定價，我認為這實際上與續約評論更相關，如果我們本季度逐個市場進行分析，我會說我們的規模定價確實持平到略有上升。

Now partly, that is due to the overall mix and diversity of business.

現在部分原因是業務的整體組合和多樣性。

In North America, we were less concentrated with larger deals, specifically in Ashburn, and had more numerous wins in San Francisco, Dallas, Houston, Chicago.

在北美，我們不太專注於較大的交易，特別是在阿什本，而在舊金山、達拉斯、休士頓、芝加哥獲得了更多的勝利。

But when you look apples-to-apples of signings in those same markets and it's close in terms of size, those rates actually looked flat to slightly up.

但當你比較這些市場的簽約情況時，發現其規模非常接近，這些比率實際上看起來持平甚至略有上升。

I think I said in an earlier conference this year, looking at Ashburn for our third quarter signings, where we did a lot of larger deals, our rates versus the prior 12 months would have been like 100 basis points so definitely speaking to a crescendo on the rates.

我想我在今年早些時候的一次會議上說過，在阿什本的第三季度簽約中，我們做了很多規模更大的交易，我們的利率與前12 個月相比大約是100 個基點，所以絕對是在談論一個漸強的情況費率。

Now I'm not saying that there isn't a competitor that's going to throw a low price out there just to win a business, but I think we bring a lot to the table, as Bill mentioned, with our global platform that is multiproduct, our installed and growing customer base that wants to expand with adjacency, our longest runway for growth in a competitive market like Ashburn and other things in our agile supply chain and counterparty risk as well.

現在我並不是說沒有競爭對手會為了贏得業務而拋出低價，但我認為我們可以帶來很多東西，正如比爾所提到的，我們的全球平台是多產品的，我們已安裝並不斷增長的客戶群，希望透過鄰近方式擴展，我們在像阿什本這樣的競爭市場中實現成長的最長跑道，以及我們靈活的供應鏈和交易對手風險中的其他因素。

I think last but not least, you earlier were touching on development returns and also bookings compositions.

我認為最後但並非最不重要的一點是，您之前談到了開發回報和預訂組成。

I think if you look at our development cycle, what you're seeing are 2 things.

我認為如果你看看我們的開發週期，你會看到兩件事。

There's a concentration of our current projects in the development project pipeline.

我們目前的專案集中在開發專案管道中。

Our larger deals, 20-, 25-megawatt deals, 10- to 15-year lease terms, AAA- rating credit counterparties, triple net leases, hence they're pushing those North America returns down closer to the 9s.

我們的大型交易，20、25兆瓦的交易，10到15年的租賃期限，AAA評級的信用交易對手，三重淨租賃，因此它們將北美的回報率推低到接近9。

And then outside the U.S., which is becoming a much larger share of our new growth, be it what's in -- on that table, you will see it in Singapore but also Osaka and the same thing over in Europe, the returns are a little lower, but you're also seeing those returns in an interest rate environment in those countries that is much, much lower than the U.S. And you could see that in the fact that we did a 7-year eurobond 2 weeks ago at a 2.5% coupon.

然後在美國之外，美國在我們的新增長中所佔的份額正在變得更大，無論是在什麼地方——在這張桌子上，你會在新加坡看到它，在大阪也看到它，在歐洲也有同樣的情況，回報率是一點點較低，但你也會看到這些國家的利率環境遠低於美國，你可以看到，事實上我們兩週前以2.5% 的利率發行了7 年期歐元債券優惠券。

I think I kind of hit them all there for you.

我想我已經為你把它們都打到那裡了。

Our next question comes from Erik Rasmussen of Stifel.

我們的下一個問題來自 Stifel 的 Erik Rasmussen。

And so maybe I just wanted to focus again on Northern Virginia.

所以也許我只是想再次關注北維吉尼亞州。

There is a lot of capital coming into the major markets, especially Northern Virginia, which is shaping a lot of the development.

有大量資本進入主要市場，尤其是北維吉尼亞州，這正在塑造許多發展。

But what are your thoughts on the private companies making these major investments for planned data center space and how that impacts the overall industry and general fears of potential oversupply?

但是，您對私人公司對規劃的資料中心空間進行這些重大投資有何看法？這對整個產業以及對潛在供應過剩的普遍擔憂有何影響？

Thanks, Erik.

謝謝，埃里克。

We've commented on this before.

我們之前已經對此發表過評論。

While there's a tremendous amount of supply, obviously, in Northern Virginia, there's an equal amount of demand.

顯然，北維吉尼亞州的供應量龐大，但需求量也相當。

So absorption has been very strong.

所以吸收力已經很強了。

And I said earlier, and Andy mentioned this, too, if the hyperscale players have to choose between a private provider with whom they've done little to no business and Digital with whom they've done a substantial amount of business, and they are also keen to bring their product to market as quickly as possible, at least it's been our experience, but they would prefer to do business with the provider that offers the shortest cycle for providing a product.

我之前說過，安迪也提到過這一點，如果超大規模參與者必須在與他們幾乎沒有業務往來的私人提供者和與他們有大量業務往來的數位提供者之間做出選擇，那麼他們也渴望盡快將他們的產品推向市場，至少我們的經驗是這樣，但他們更願意與提供產品週期最短的供應商開展業務。

So that has to do with both contract and reliable construction deliveries and knowing that the building is going to operate as expected.

因此，這與合約和可靠的施工交付有關，並且知道建築物將按預期運作。

Great.

偉大的。

And just maybe my follow-up.

也許只是我的後續行動。

Kind of efficiencies.

某種效率。

In the past, you talked about efficiencies and the various ways to control bill cost to manage returns.

過去，您談到了效率以及控制帳單成本以管理退貨的各種方法。

But how much of those efficiencies can you still pull from?

但您還能從中獲得多少效率呢？

And are we coming towards the end, where you may start to see some headwind because you don't have those same levers to pull?

我們是否即將結束，你可能會開始看到一些逆風，因為你沒有同樣的槓桿可以拉動？

Well, so I think our team has done an excellent job of ringing out the cost from data center design, but I think you know correctly that we're approaching the level where it's going to be difficult to take out more cost without impacting residual value.

嗯，所以我認為我們的團隊在計算資料中心設計成本方面做得非常出色，但我想你正確地知道我們正在接近這樣的水平：在不影響剩餘價值的情況下很難拿出更多的成本。

We were -- I think we're fortunate in that we've established the -- our VMI, or vendor management inventory program, in place with most of our major suppliers.

我認為我們很幸運，因為我們已經與大多數主要供應商建立了 VMI（供應商管理庫存計劃）。

And what that means is we have 3-year contracts in place that lock in pricing for critical equipment like generators, switchgear, UPS modules.

這意味著我們簽訂了 3 年期合同，鎖定發電機、開關設備、UPS 模組等關鍵設備的價格。

And so we have been -- we haven't been affected by rising steel prices because of those programs.

因此，我們並沒有因為這些計劃而受到鋼鐵價格上漲的影響。

It's also, I think, important for you to keep in mind that we are still the only data center REIT with investment-grade ratings from all the major rating agencies, and that gives us a competitive advantage in a rising rate environment.

我認為，重要的是您要記住，我們仍然是唯一一家獲得所有主要評級機構投資等級評級的資料中心房地產投資信託基金，這使我們在利率上升的環境中具有競爭優勢。

And finally, we've been able to derisk labor inflation by keeping our contractors onsite, so to sum up, we have the benefits of buying in bulk across a global sales funnel.

最後，我們能夠透過讓承包商留在現場來降低勞動力通膨的風險，所以總而言之，我們擁有透過全球銷售管道批量採購的好處。

Our next question comes from Michael Rollins of Citi.

我們的下一個問題來自花旗銀行的麥可‧羅林斯。

2 questions if I could.

2個問題，如果可以的話。

First, I noticed that you took out the goal for asset monetization relative to prior guided tables.

首先，我注意到您相對於先前的指導表刪除了資產貨幣化的目標。

And I was wondering if you could size the potential for asset monetization and optimization of the portfolio and what kind of market is out there for the assets that would be up for consideration.

我想知道您是否可以衡量資產貨幣化和投資組合最佳化的潛力，以及可供考慮的資產存在什麼樣的市場。

And then just switching gears, as you look at the hyperscale deployment that you have accommodated over the last couple years, is there a way to quantify any magnetic vectors, deployments you're having to also get to additional enterprise bookings in a similar or nearby campus that either one would be close to the cloud or employ a hybrid cloud architecture?

然後，只要切換齒輪，當您查看過去幾年中所適應的超大規模部署時，是否有一種方法可以量化任何磁向量，您還必須在類似或附近的其他企業預訂中進行部署校園要么接近雲，要嘛採用混合雲架構？

Thanks, Michael.

謝謝，麥可。

I'll tackle the first question, then I'll toss it over to Chris on the second one.

我將解決第一個問題，然後將第二個問題交給克里斯。

So asset monetization, it still is really very much part of our DNA here.

因此，資產貨幣化仍然是我們 DNA 的重要組成部分。

It's in our heritage, and I think you could see that by the fact that we've been on the portfolio optimization and capital recycling track for some time.

這是我們的傳統，我想你可以從我們在投資組合優化和資本回收方面已經有一段時間的事實中看出這一點。

I think we sold about $800-plus million of assets outright in the last handful of years.

我想我們在過去幾年裡直接出售了大約 8 億多美元的資產。

I'm pretty sure that's more than any other data center provider out there.

我很確定這比其他資料中心提供者都多。

And also, we are big fans of having our fishing pole in all the different pools of capital, both public and private, and that includes outright or joint venture ownership, and we deployed joint venture ownership across multiple formats.

此外，我們非常熱衷於在所有不同的資本池（公共和私人）中擁有我們的釣魚竿，其中包括直接或合資所有權，並且我們以多種形式部署了合資所有權。

So I would say, we looked through our portfolio and tried to find areas where we want to focus and defocus and also opportunities to further optimize our capital structure through the use of private capital.

所以我想說，我們審視了我們的投資組合，試圖找到我們想要關注和分散的領域，以及透過利用私人資本進一步優化我們資本結構的機會。

I think you could expect us to continue to focus our investment in the major markets, where we see additional runway for growth, the Ashburns and Santa Claras-type markets or Dallas and Chicagos in North America, the Frankfurts, Londons, Dublins, Amsterdams in Europe and Osaka, Tokyo; Singapore; and Sydney in Australia and Asia.

我認為您可以期望我們繼續將投資重點放在主要市場上，我們在這些市場上看到了額外的成長跑道，阿什伯恩和聖克拉拉類型的市場或北美的達拉斯和芝加哥，以及法蘭克福、倫敦、都柏林、阿姆斯特丹。歐洲及大阪、東京；新加坡;以及澳洲和亞洲的雪梨。

And I think we'll see less of a focus on some of those other markets in terms of where we put further dollars or continue to invest.

我認為，在我們投入更多資金或繼續投資方面，我們將減少對其他一些市場的關注。

And with, I would say, now over 200 data centers almost entirely unencumbered, the majority of which owned fee simple, I think we've got an incredible amount of flexibility to optimize our portfolio efficiently, attract various forms of capital and to recycle capital when we find it appropriate.

我想說的是，現在超過200 個資料中心幾乎完全不受阻礙，其中大多數資料中心的費用都很簡單，我認為我們擁有令人難以置信的靈活性來有效地優化我們的投資組合，吸引各種形式的資本並回收資本當我們認為合適的時候。

Chris, you want to hit the hyperscale and overall ecosystem question?

克里斯，您想解決超大規模和整體生態系統問題嗎？

Yes, thanks, Andy.

是的，謝謝，安迪。

Appreciate the question, Michael.

感謝這個問題，麥可。

So there's a couple elements to that.

所以這有幾個要素。

So it is somewhat hard to quantify, but still a lot of the industry research and papers out there are still indicating the fact that the enterprise, 80-plus percent of that enterprise is looking to achieve that hybrid multicloud.

因此，量化有點困難，但仍有大量行業研究和論文表明，80% 以上的企業正在尋求混合多雲。

So one of the things we've often looked at and we constantly track is not only the amount of uptick on the Service Exchange, which allows private connectivity to all of the major cloud providers on a very open platform, which we referenced in the past and at a couple of conferences, where you have access to 109 cloud onramps associated with that platform, which is very demonstrable in allowing customers to efficiently achieve that hybrid connectivity or access to these hyperscale services.

因此，我們經常關注和持續跟踪的事情之一不僅僅是服務交換的增長量，它允許在一個非常開放的平台上與所有主要雲提供商進行私有連接，我們過去提到過這一點在幾次會議上，您可以存取與該平台相關的109 個雲端入口，這在允許客戶有效實現混合連接或存取這些超大規模服務方面非常明顯。

And then I would say the other key indicator that we've been watching a lot is the proximity, right.

然後我想說，我們一直在關注的另一個關鍵指標是接近度，對吧。

And so allowing the enterprises to deploy, case in point, in Ashburn, where you can be immersed in the largest cloud epicenter in the world is a major differentiator, which is why you see a lot of the construction and the build and the amount of infrastructure pipeline that we have in that market because it's just a key indicator of the amount of uptick that we have associated with that.

因此，允許企業在阿什本進行部署，在那裡您可以沉浸在世界上最大的雲端中心，這是一個主要的差異化因素，這就是為什麼您會看到大量的建設和構建以及數量我們在該市場擁有的基礎設施管道，因為它只是我們與之相關的成長量的關鍵指標。

I don't have any specific metrics on how to quantify the attached rate to that at this point in time, but that's something that we constantly track and are really putting in a very tight model to our sales team to ensure that they're having that dialogue with the enterprise customer, that they know which clouds they're betting their business on and how they easily and efficiently consume them either via the Service Exchange, which is private connectivity, or which is unique to our connected campus, the proximity of being deployed right next door to it, which Andy had referenced in the script earlier with IBM, which is a very unique model, where customers can be right next door to the actual cloud services they're consuming.

我目前沒有任何關於如何量化附加費率的具體指標，但這是我們不斷跟踪的內容，並且確實為我們的銷售團隊建立了一個非常嚴格的模型，以確保他們擁有與企業客戶的對話，讓他們知道自己的業務押注於哪些雲，以及如何透過服務交換輕鬆高效地使用這些雲，這是私有連接，或者是我們互聯園區所獨有的，部署在它的隔壁，安迪在之前與IBM 的腳本中提到過，這是一個非常獨特的模型，客戶可以就在他們正在使用的實際雲端服務的隔壁。

So we see a lot of that uptick coming to the market, and we see no end in sight for a lot of that hybrid multicloud architectures.

因此，我們看到市場上出現了許多這種成長，我們認為許多混合多雲架構還沒有結束的跡象。

Our next question comes from Robert Gutman of Guggenheim Securities.

我們的下一個問題來自古根漢證券公司的羅伯特·古特曼。

Can you talk about the state of power availability in Northern Virginia and whether or not that is any constraint on market growth there?

您能否談談弗吉尼亞州北部的電力供應狀況以及這是否會限制那裡的市場成長？

And secondly, last year's full year's leasing in North America was largely focused in Northern Virginia.

其次，去年北美全年的租賃主要集中在北維吉尼亞州。

I was wondering if when you're looking at the sales pipeline, how does -- how did the rest of the markets look in the U.S. versus a similar capacity at the same time last year in terms of pipeline?

我想知道，當您查看銷售管道時，與去年同期的類似產能相比，美國其他市場的銷售管道情況如何？

Thanks, Robert.

謝謝，羅伯特。

I'll jump on the first question, and then I think Andy will pick up the second piece.

我會直接回答第一個問題，然後我想安迪會回答第二個問題。

But as far as power availability in Northern Virginia, one of the things that we often really start to look at is how we master-plan the multiple campuses that we've built out there.

但就弗吉尼亞州北部的電力供應而言，我們經常真正開始關注的事情之一是我們如何對在那裡建造的多個園區進行總體規劃。

And one of the key elements of that master plan is working with the local power providers and early on establishing a demand profile associated with not only what we have today but where we're headed.

這項總體規劃的關鍵要素之一是與當地電力供應商合作，並儘早建立不僅與我們今天擁有的情況相關而且與我們的發展方向相關的需求概況。

And a part of that is investing and ensuring that we get the proper substations built inside of the market, which is very unique to Digital, and from our long heritage in building out these campuses, to ensure that we don't run out of any power.

其中一部分是投資並確保我們在市場內建造適當的變電站，這對 Digital 來說是非常獨特的，並且根據我們在建造這些園區方面的悠久傳統，以確保我們不會用完任何變電站。力量。

So not only with the campuses that we have populated today, but the future expansion campuses, we're already in deep dialogue with a lot of the local utility providers to ensure that we have proper access and redundant access in these core markets even outside of Northern Virginia.

因此，不僅對於我們今天居住的園區，而且對於未來的擴建園區，我們已經與許多當地公用事業提供者進行了深入對話，以確保我們在這些核心市場（甚至在國外）擁有適當的訪問權限和冗餘餘訪問權限北維吉尼亞州。

So we see nothing impacting our ability to meet our customer demand with the master-planned facilities we have today and also the future expansion that we have in that market.

因此，我們認為，我們今天擁有的總體規劃設施以及未來在該市場的擴張不會影響我們滿足客戶需求的能力。

And I'll hand it over to Andy for the second part.

我會把第二部分交給安迪。

Hey, thanks, Rob.

嘿，謝謝，羅布。

So I mean, if you look back at the fourth quarter or -- and a little bit of 2018 in terms of North America composition, fourth quarter was really not about Ashburn at all for us.

所以我的意思是，如果你回顧一下第四季——以及 2018 年北美地區的組成情況，第四季對我們來說根本不是阿什本。

It was much more diverse.

它更加多樣化。

So we had north of a megawatt size in the San Francisco proper area.

因此，我們在舊金山地區擁有超過兆瓦的電力。

We had signings in Houston, close to a megawatt in Dallas, also in Chicago.

我們在休士頓進行了簽約，在達拉斯和芝加哥也進行了接近兆瓦的簽約。

And if I also go back a handful of quarters, I can certainly recall other major signings in the Chicago market as well as on the Dallas campus.

如果我也回顧幾個季度，我當然可以回憶起芝加哥市場以及達拉斯校園的其他主要簽約。

Now those signings obviously get a little bit drowned out when you do a 25-megawatt deal any given quarter, but it wasn't solely isolated to Ashburn or Northern Virginia.

現在，當你在任何特定季度達成 25 兆瓦的交易時，這些簽約顯然會被淹沒，但它不僅限於阿什本或北維吉尼亞州。

When I turn to looking at Northern -- North America for 2019, I do think you'll still see a consistent demand for, at Ashburn, Virginia, a robust demand market, but I think the conversations at Digital range a little more broadly all the way up into our newest delivery, Toronto campus, also out to some Santa Clarita discussions.

當我轉向 2019 年北美地區時，我確實認為您仍然會在弗吉尼亞州阿什本看到對強勁需求市場的持續需求，但我認為數字範圍的對話更廣泛進入我們最新的交付，多倫多校區，還有一些聖塔克拉麗塔的討論。

I know there's been some activity growing on our Richardson campus in Dallas.

我知道達拉斯理查森校區正在進行一些活動。

And then a market that's been a little bit of a sleeper, going back a year or 2 is the New York City Metro or Northern New Jersey market, where we've seen a pickup in financial services-related demand on a few locations in that market.

然後是一個有點沉睡的市場，追溯到一兩年前，是紐約市地鐵或新澤西州北部市場，我們看到其中一些地方的金融服務相關需求有所回升。市場。

So definitely seeing the demand spread out a little bit to more pockets within the North America portfolio in '19, it feels like, than in prior years.

因此，與前幾年相比，19 年北美投資組合中的需求肯定會分散到更多的地方。

And going back, I apologize, I think I skipped one of Colby's questions asking about the outlook for 2019, international versus noninternational.

回頭來說，我很抱歉，我想我跳過了科爾比詢問 2019 年前景（國際與非國際）的問題之一。

Obviously, we have the Ascenty portfolio, which is going to be a go from kind of 0 towards our $268 million record signings in '18 and be a part of the picture in 2019.

顯然，我們擁有 Ascenty 投資組合，它將從 0 走向 18 年 2.68 億美元的簽約記錄，並成為 2019 年的一部分。

But putting that aside and really comparing apples to apples, when I look at the inventory backdrop, be it our campuses in Frankfurt, Amsterdam and London, some of the enterprise customer demand we're seeing in Dublin, our new announcements which we had in Sydney, Australia in terms of new deliveries and also in Osaka, Japan, I think what -- in the last year or 2 was probably more of a 75% to 80% signings in North America and the remainder outside the U.S. or North America.

但拋開這一點，真正比較蘋果與蘋果，當我查看庫存背景時，無論是我們在法蘭克福、阿姆斯特丹和倫敦的園區，我們在都柏林看到的一些企業客戶需求，我們在就新交付量而言，澳洲雪梨以及日本大阪在過去一兩年內可能有75% 到80% 的簽約來自北美，其餘的則來自美國或北美以外的地區。

I think you could see that complexion become much more global.

我想你會發現膚色變得更全球化。

And I can tell you that was a major theme as we kicked off the year from a strategy.

我可以告訴你，這是我們從一個策略開始這一年的一個主要主題。

It really kind of speaks solidly to our strengths of the global multiproduct platform.

這確實有力地說明了我們全球多產品平台的優勢。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Bill Stein for any closing remarks.

我想將會議轉回比爾·斯坦因（Bill Stein）發表閉幕詞。

Thank you, Andrea.

謝謝你，安德里亞。

I'd like to wrap up our call today by recapping our 2018 highlights as outlined here on the last page of our presentation.

我想透過回顧我們簡報最後一頁概述的 2018 年亮點來結束我們今天的電話會議。

We advanced our top priority of deepening connections with our customers, delivering record bookings of $268 million, a 35% increase from the previous all-time high the prior year.

我們將深化與客戶的聯繫作為首要任務，交付了創紀錄的 2.68 億美元預訂量，比前一年的歷史最高點增長了 35%。

We further expanded our global platform with our entry into Latin America, and we further extended our sustainability leadership with the addition of 90 megawatts of renewable energy capacity.

透過進入拉丁美洲，我們進一步擴大了我們的全球平台，並透過增加 90 兆瓦的再生能源產能，進一步擴大了我們在永續發展方面的領先地位。

We delivered 8% growth in FFO per share at the top end of our original guidance, and we delivered double-digit growth in AFFO per share, setting the stage for continued growth in our dividend.

我們的每股 FFO 成長了 8%，達到了最初指引的上限，每股 AFFO 實現了兩位數的成長，為我們的股息持續成長奠定了基礎。

Last but not least, we further strengthened our balance sheet, raising $1.1 billion of common equity to fund our future growth, refinancing our $3.3 billion credit facilities and issuing over $1 billion of long-term investment-grade corporate bonds at very attractive coupons.

最後但並非最不重要的一點是，我們進一步強化了我們的資產負債表，籌集了11 億美元的普通股來為我們未來的增長提供資金，為我們的33 億美元信貸額度再融資，並以極具吸引力的票息發行超過10 億美元的長期投資等級公司債。

As I do every quarter, I'd like to conclude today by saying thank you to the entire Digital Realty team, whose hard work and dedication is directly responsible for this consistent execution.

正如我每季所做的那樣，我想在今天結束時對整個 Digital Realty 團隊表示感謝，他們的辛勤工作和奉獻精神直接促成了這一一致的執行。

Thank you all for joining us, and we look forward to seeing many of you in Florida in March.

感謝大家加入我們，我們期待三月在佛羅裡達州見到你們。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。