Digital Realty Trust Inc (DLR) 2019 Q4 法說會逐字稿

Good afternoon and welcome to the Digital Realty Fourth Quarter 2019 Earnings Call.

下午好，歡迎參加 Digital Realty 2019 年第四季財報電話會議。

Please note this event is being recorded.

請注意此事件正在被記錄。

(Operator Instructions) I would now like to turn the call over to John Stewart, Digital Realty's Senior Vice President of Investor Relations.

（操作員指示）我現在想將電話轉給 Digital Realty 投資者關係資深副總裁 John Stewart。

Please go ahead.

請繼續。

Thank you, Sean.

謝謝你，肖恩。

The speakers on today's call are CEO, Bill Stein; and SVP, Finance, Matt Mercier.

今天電話會議的發言人是執行長 Bill Stein；財務資深副總裁 Matt Mercier。

CIO, Greg Wright; CTO, Chris Sharp; and Corey Dyer, EVP, Sales and Marketing, are also on the call and will be available for Q&A.

首席資訊長格雷格·賴特；首席技術長克里斯·夏普；銷售和行銷執行副總裁 Corey Dyer 也將參加電話會議並接受問答。

Management may make forward-looking statements, including guidance and the underlying assumptions.

管理階層可能會做出前瞻性陳述，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。

Investors are encouraged to read the proxy statement and prospectus with respect to the proposed transaction between Digital Realty and Interxion and other relevant documents filed with the SEC because they contain important information.

我們鼓勵投資者閱讀有關 Digital Realty 和 Interxion 之間擬議交易的委託書和招股說明書以及向 SEC 提交的其他相關文件，因為它們包含重要資訊。

You may obtain a free copy of these documents from the SEC's website at sec.gov or from the websites or Investor Relations departments of either Digital Realty or Interxion.

您可以從 SEC 網站 sec.gov 或 Digital Realty 或 Interxion 的網站或投資者關係部門取得這些文件的免費副本。

Before I turn the call over to our CEO, Bill Stein, I would like to hit the tops of the waves on our fourth quarter results.

在將電話轉給我們的執行長比爾·斯坦之前，我想先介紹一下我們第四季的業績。

We extended our global footprint, reaching agreements to combine with Interxion and to enter India.

我們擴大了全球足跡，與 Interxion 達成合併協議並進入印度。

We enhanced our portfolio quality, recycling capital from fully stabilized assets into network-dense interconnection hubs.

我們提高了投資組合質量，將資本從完全穩定的資產回收到網路密集的互連中心。

We launched PlatformDIGITAL, a unique global data center platform designed to enable customers to scale digital business.

我們推出了 PlatformDIGITAL，這是一個獨特的全球資料中心平台，旨在幫助客戶擴展數位業務。

We advanced our sustainability initiatives with incremental renewable energy agreements and several industry awards.

我們透過增量再生能源協議和多項行業獎項推進了永續發展計畫。

Last, but not least, we further strengthened the balance sheet, locking in long-term debt and preferred equity capital at record low coupons.

最後但並非最不重要的一點是，我們進一步強化了資產負債表，以創紀錄的低息票鎖定長期債務和優先股本。

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

說到這裡，我想把電話轉給比爾。

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、互聯的永續框架。

We advanced each of these 3 pillars in 2019, culminating with the addition of a new member to the digital family, and we would like to congratulate our friend and partner, Andy Power, along with his wife Sarah, on the arrival of their baby girl Power, Madison Elizabeth, earlier this week.

我們在2019 年推進了這三大支柱，最終為數位家庭增添了一位新成員，我們要祝賀我們的朋友兼合作夥伴安迪·鮑爾(Andy Power) 和他的妻子莎拉(Sarah) 迎來了他們的女嬰鮑爾，麥迪遜伊麗莎白，本週早些時候。

We continue to expand our global footprint.

我們繼續擴大我們的全球足跡。

The highlight was, of course, our entry into a definitive agreement to combine with Interxion in a highly strategic and complementary transaction that will create a leading global provider of cloud and carrier-neutral data center solutions.

當然，最重要的是我們與 Interxion 達成了一項最終協議，透過一項高度策略性和互補性的交易進行合併，這將創建一家全球領先的雲端和營運商中立資料中心解決方案提供商。

We also executed a Memorandum of Understanding with the Adani Group to pursue a joint venture in India, and we are actively exploring opportunities to plant our first flag in this vast, untapped market with tremendous growth potential.

我們也與阿達尼集團簽署了一份諒解備忘錄，在印度建立合資企業，我們正在積極探索機會，在這個廣闊的、尚未開發的、具有巨大成長潛力的市場插上我們的第一面旗幟。

Yesterday, we announced an agreement with Clise Properties to acquire a 49% ownership interest in the Westin Building Exchange in Seattle, shown here on Page 3. The Westin Building is one of the most densely interconnected facilities in North America.

昨天，我們宣布與 Clise Properties 達成協議，收購西雅圖威斯汀大廈交易所 49% 的所有權權益，如第 3 頁所示。威斯汀大廈是北美互聯最密集的設施之一。

It is home to leading global cloud, content and interconnection providers, with over 150 carriers and more than 10,000 cross-connects.

它是全球領先的雲端、內容和互連供應商的所在地，擁有超過 150 家營運商和 10,000 多個交叉連接。

As you are probably aware, we've closed $1.4 billion of asset sales over the past 3 months.

您可能知道，過去 3 個月我們已經完成了 14 億美元的資產出售。

Pro forma for the asset sales, the Westin Building and in combination with Interxion, network-dense performance-sensitive assets will make up nearly half our portfolio, up from a little over 1/4 as of September 30.

就資產銷售而言，威斯汀大廈以及與 Interxion 相結合的網路密集型性能敏感型資產將占我們投資組合的近一半，而截至 9 月 30 日這一比例略高於 1/4。

Taken together, you can see the strategic direction uniting each of these individual pieces.

綜合起來，您可以看到將每個單獨部分結合在一起的策略方向。

We are deliberately recycling capital from stabilized assets and reinvesting in higher growth opportunities, sacrificing near-term earnings growth for long-term value creation.

我們有意從穩定資產中回收資本，並將其再投資於更高的成長機會，犧牲短期獲利成長來創造長期價值。

We've also made significant strides extending our sustainability leadership, as outlined here on Page 4. In October, we announced renewable energy agreements in Northern Virginia and Oregon.

正如第 4 頁所述，我們在擴大永續發展領導地位方面也取得了重大進展。10 月，我們宣布了北維吉尼亞州和俄勒岡州的可再生能源協議。

In November, we were honored to receive NAREIT's Leader in the Light Award for data center sustainability for the third consecutive year.

11 月，我們很榮幸連續第三年榮獲 NAREIT 資料中心永續發展領導者獎。

In January, we earned EPA ENERGY STAR certification for exemplary energy performance in 29 data centers, the second year in a row we earned the most ENERGY STAR certifications in the sector.

一月份，我們的 29 個資料中心憑藉出色的能源表現獲得了 EPA 能源之星認證，這是我們連續第二年獲得該行業最多的能源之星認證。

Also in January, we issued EUR 1.4 billion of green euro bonds.

同樣在 1 月份，我們發行了 14 億歐元的綠色歐元債券。

This was our third green bond issuance, and we are now the largest U.S. REIT green bond issuer.

這是我們第三次發行綠色債券，我們現在是美國最大的房地產投資信託基金綠色債券發行人。

Our green bond framework is aligned with ICMA green bond principles, with a second-party opinion provided by Sustainalytics.

我們的綠色債券架構符合 ICMA 綠色債券原則，並由 Sustainalytics 提供第二方意見。

Also in January, and away from Digital, some of our largest customers and investors unveiled sweeping sustainability commitments, with a particular emphasis on improved disclosure for shareholders.

同樣在一月份，除了 Digital 之外，我們的一些最大的客戶和投資者公佈了全面的可持續發展承諾，特別強調改善股東的資訊揭露。

We have included SASB-aligned disclosures in our 10-K for the past 2 years, and our ESG report includes extensive additional information about our approach to managing the impact of climate change.

過去 2 年，我們已將符合 SASB 的揭露納入我們的 10-K 中，我們的 ESG 報告包含有關我們管理氣候變遷影響的方法的大量附加資訊。

Our ESG report also addresses relevant themes of the TCFD framework.

我們的 ESG 報告也討論了 TCFD 框架的相關主題。

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, our investors and our employees.

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事情，並且因為它對我們的客戶、投資者和員工都很重要。

We are committed to delivering sustainable growth for all stakeholders and serving a social purpose.

我們致力於為所有利害關係人實現永續成長並服務社會目標。

In January, we announced the appointment of 2 new directors, expanding the size of our Board from 9 to 11.

一月份，我們宣布任命 2 名新董事，將董事會規模從 9 人擴大到 11 人。

The governance principle behind our Board refreshment philosophy is balancing fresh thinking and new perspectives with experience and continuity.

我們董事會更新理念背後的治理原則是在新鮮思維、新觀點與經驗和連續性之間取得平衡。

The average tenure on our Board is less than 6 years, whereas our Chairman and former Chairman have both served on the Board since our IPO.

我們董事會的平均任期不到 6 年，而我們的董事長和前董事長自 IPO 以來一直在董事會任職。

We are particularly excited about the new perspectives and expertise our 2 new directors will bring to the Board, specifically, Alexis Black Bjorlin brings unique connectivity and customer perspective from her experience at leading global providers across the cloud and communications value chain, while Lieutenant General Dash Jamieson brings invaluable cybersecurity expertise from her tenure as former director of U.S. Air Force intelligence, surveillance, reconnaissance and cyber effects operations.

我們對兩位新董事將為董事會帶來的新觀點和專業知識感到特別興奮，特別是Alexis Black Bjorlin 憑藉她在雲端和通訊價值鏈領域領先的全球提供商的經驗帶來了獨特的連通性和客戶視角，而Dash 中將則從賈米森在擔任美國空軍前情報、監視、偵察和網路效應行動總監期間積累了寶貴的網路安全專業知識。

We are delighted to welcome them both to our Board, and we look forward to benefiting from their leadership and expertise for years to come.

我們很高興歡迎他們加入我們的董事會，我們期待在未來幾年從他們的領導和專業知識中受益。

Let's turn to Page 5 for an update on Interxion.

讓我們翻到第 5 頁了解 Interxion 的最新動態。

In early January, we raised EUR 1.7 billion of euro bonds with a weighted average maturity of approximately 7 years and a weighted average coupon of approximately 1%.

1月初，我們募集了17億歐元的歐元債券，加權平均期限約為7年，加權平均票面利率約1%。

We intend to use a portion of the proceeds from these bonds to refinance Interxion's outstanding debt.

我們打算使用這些債券的部分收益為 Interxion 的未償債務進行再融資。

The bond offering is not contingent upon completion of the combination with Interxion, but if the combination is not consummated before the end of next January, then we will be required to redeem EUR 1.4 billion of the euro bonds at 101% of par.

此次債券發行並不取決於與 Interxion 合併的完成，但如果合併在明年 1 月底之前未能完成，那麼我們將需要按面值的 101% 贖回 14 億歐元的歐元債券。

In late January, the SEC declared our S-4 registration statement effective, and we launched the exchange offer for shares of Interxion.

1 月下旬，SEC 宣布我們的 S-4 註冊聲明生效，我們啟動了 Interxion 股票的交換要約。

Shortly after our registration statement went effective, Interxion filed its scheduled 14D-9, which included the background on the transaction from their perspective, fairness opinions from their advisers and their Board's unanimous recommendation in support of the exchange offer.

在我們的註冊聲明生效後不久，Interxion 提交了預定的 14D-9，其中包括他們認為的交易背景、顧問的公平意見以及董事會支持交換要約的一致建議。

Once the schedule 14D-9 was filed, both companies began mailing proxy materials for our respective shareholder meetings, which are scheduled for February 27.

14D-9 時間表提交後，兩家公司就開始為各自的股東大會郵寄代理資料，會議定於 2 月 27 日舉行。

In terms of the regulatory process, we've received clearance from the antitrust authorities in Austria, Germany and the Netherlands, and we are now just waiting for decisions on our foreign investment filings in France and Germany, where we currently own and operate data centers.

在監管程序方面，我們已經獲得了奧地利、德國和荷蘭反壟斷機構的許可，現在我們正在等待法國和德國的外國投資申請的決定，我們目前在法國和德國擁有並經營資料中心。

In terms of integration, planning activities are underway, but until the transaction closes, it remains business as usual, and we continue to operate as 2 independent companies.

在整合方面，規劃活動正在進行中，但在交易完成之前，一切照常進行，我們繼續作為兩家獨立公司運作。

In terms of timing, we remain on track, and subject to regulatory clearance and other closing conditions, we expect to close sometime in the second quarter.

就時間而言，我們仍處於正軌，根據監管機構的許可和其他成交條件，我們預計將在第二季度的某個時間完成。

Let's turn to Page 6. During the fourth quarter, we launched PlatformDIGITAL, a continuation of our focus on the customer in an evolution of our Connected Campus strategy as we also unveiled our platform road map to underpin the next wave of digital transformation in response to market demand.

讓我們翻到第6 頁。在第四季度，我們推出了PlatformDIGITAL，這是我們在互聯校園戰略演變中對客戶的關注的延續，同時我們也公佈了我們的平台路線圖，以支持下一波數位轉型，以因應市場需求。

Enterprise customers are demanding a global fit-for-purpose data center platform experience to rapidly deploy, connect and host distributed IT infrastructure to scale their digital business.

企業客戶需要全球適合用途的資料中心平台體驗，以快速部署、連接和託管分散式 IT 基礎設施，以擴展其數位業務。

To address this demand, we introduced 4 solution offers productizing specific combinations of space, power, cross-connect and management controls.

為了滿足這項需求，我們推出了 4 種解決方案，可實現空間、電源、交叉連接和管理控制的特定組合。

These solutions enable enterprise deployments of network, security and data infrastructure at global points of business presence.

這些解決方案使企業能夠在全球業務點部署網路、安全性和資料基礎架構。

The launch of PlatformDIGITAL has been well received by industry, including customers, partners and industry analysts.

PlatformDIGITAL的推出受到了包括客戶、合作夥伴和產業分析師在內的業界的好評。

At MarketplaceLIVE in November, Cisco, IBM and Vapor launched partner-validated versions of PlatformDIGITAL solutions and numerous industry analyst-published highlight reports.

在 11 月的 MarketplaceLIVE 上，思科、IBM 和 Vapor 推出了經過合作夥伴驗證的 PlatformDIGITAL 解決方案版本以及眾多產業分析師發布的重點報告。

We are excited about the PlatformDIGITAL launch as it positions us to capture the significant, incremental addressable market by serving the global needs of the enterprise.

我們對 PlatformDIGITAL 的推出感到興奮，因為它使我們能夠透過滿足企業的全球需求來佔領重要的增量潛在市場。

Let's turn to the favorable secular demand drivers underlying our business along with industry analyst recognition of the leadership role Digital Realty has to play here on Page 7. According to the IDC CEO survey, digital transformation is expected to enable over $18 trillion of economic value-add over the next 3 years.

讓我們轉向我們業務背後的有利長期需求驅動因素，以及產業分析師對Digital Realty 在第7 頁發揮的領導作用的認可。根據IDC 執行長調查，數位轉型預計將帶來超過18 兆美元的經濟價值 -未來3年新增。

Gartner recently pegged enterprise global IT spending at almost $4 trillion, reflecting rapidly growing investment to build distributed IT and data center infrastructure.

Gartner 最近預計企業全球 IT 支出將接近 4 兆美元，反映出建構分散式 IT 和資料中心基礎設施的投資快速成長。

During the fourth quarter, Digital Realty was named as a worldwide leader in the IDC MarketScape: Colocation & Interconnection Services Vendor Assessment report, noting that PlatformDIGITAL provides a global scale platform to enable digital transformation in a consistent, modular basis.

第四季度，Digital Realty 在IDC MarketScape：託管和互連服務供應商評估報告中被評為全球領導者，並指出PlatformDIGITAL 提供了一個全球規模的平台，可在一致、模組化的基礎上實現數位轉型。

We are honored by the strong confirmation of Digital Realty's unique positioning to capture the global data center demand opportunity.

Digital Realty 在抓住全球資料中心需求機會方面的獨特定位得到了強有力的證實，對此我們深感榮幸。

We continue to see early indicators of digital transformation demand on our platform.

我們繼續在我們的平台上看到數位轉型需求的早期指標。

We captured a record number of new logos last year, led by our enterprise vertical as these customers begin to deploy and connect components of their digital infrastructure globally.

去年，隨著這些客戶開始在全球部署和連接其數位基礎設施的組件，在我們的企業垂直領域的引領下，我們捕獲了創紀錄數量的新徽標。

Given the resiliency of the demand drivers underpinning our business and the relevance of our portfolio to meeting these needs, we believe we are well positioned to continue to deliver sustainable growth for customers, shareholders and employees, whatever the macro environment may hold in store.

鑑於支撐我們業務的需求驅動因素的彈性以及我們的投資組合與滿足這些需求的相關性，我們相信，無論宏觀環境如何，我們都能夠繼續為客戶、股東和員工提供可持續成長。

With that, I would like to turn the call over to Matt Mercier to take you through our financial results.

說到這裡，我想將電話轉給馬特梅西爾 (Matt Mercier)，讓您了解我們的財務表現。

Thank you, Bill.

謝謝你，比爾。

Let's begin with our leasing activity here on Page 9. We delivered another solid quarter of leasing activity, with particular strength in APAC and the Americas.

讓我們從第 9 頁的租賃活動開始。我們的租賃活動又一個穩健的季度，尤其是在亞太地區和美洲。

We signed total bookings of $69 million, just shy of our all-time second best.

我們的簽約總預訂額為 6,900 萬美元，僅略低於史上第二高。

Fourth quarter bookings included a $7 million contribution from interconnection.

第四季的預訂包括互連貢獻的 700 萬美元。

We signed new leases for space and power totaling $62 million, with a weighted average lease term of a little over 6 years, including an $8 million colocation contribution.

我們簽署了總計 6,200 萬美元的新空間和電力租賃合同，加權平均租賃期限略高於 6 年，其中包括 800 萬美元的主機託管費用。

I would like to point out that we see the lines blurring between product types, and the distinction is becoming less meaningful.

我想指出的是，我們看到產品類型之間的界線變得模糊，而且差異變得越來越沒有意義。

As a result, we expect to evolve our disclosure in the coming quarters to more closely align with our customers' buying behavior and the way we manage the business.

因此，我們預計在未來幾季改善我們的揭露，以更符合客戶的購買行為和我們管理業務的方式。

We aim to consistently improve the transparency of our financial disclosures, and as always, we welcome additional input from analysts and investors in the process.

我們的目標是不斷提高財務揭露的透明度，並一如既往地歡迎分析師和投資者在此過程中提供額外的意見。

During the fourth quarter, we added 51 new logos.

第四季度，我們新增了 51 個新商標。

This was our third highest new logo quarter, and our 2 best came in 3Q '19 and 2Q '19.

這是我們第三高的新商標季度，我們最好的兩個季度出現在 19 年第三季和 19 年第二季。

For the full year, we added 215 new logos, nearly 40% better than the prior year, underscoring the traction we're gaining within our enterprise segment.

全年我們添加了 215 個新徽標，比前一年好近 40%，突顯了我們在企業細分市場中獲得的吸引力。

In APAC, we saw strength in Sydney, Singapore and Osaka.

在亞太地區，我們看到了雪梨、新加坡和大阪的實力。

In the Americas, we quietly leased another 18 megawatts in Ashburn during the fourth quarter.

在美洲，我們第四季在阿什本悄悄租賃了另外 18 兆瓦的電力。

And similar to the previous quarter, our biggest deal in this market was just 6 megawatts, demonstrating broad-based strength of demand.

與上一季類似，我們在該市場的最大交易量僅為 6 兆瓦，這表明需求的廣泛強度。

As Andy predicted last quarter, the Ashburn pendulum has swung back a bit quicker than just about anyone expected a year ago and the tremendous scale and the connectivity of our Ashburn Connected Campus outperformed in a crowded, competitive backdrop.

正如安迪上季度所預測的那樣，阿什本鐘擺的回擺速度比一年前任何人的預期都要快一些，而且我們阿什本互聯園區的巨大規模和連通性在擁擠、競爭激烈的背景下表現出色。

On the heels of additional activities since year-end, our Northern Virginia active development pipeline is now 100% pre-leased.

自年底以來開展了更多活動，我們北維吉尼亞州的積極開發項目現已 100% 預租。

We have not yet begun to see upward pressure on pricing, given competitive supply elsewhere in the market, but rental rates have stabilized.

鑑於市場其他地方的供應競爭激烈，我們尚未開始看到價格上漲的壓力，但租金率已經穩定。

We are beginning to field mutually exclusive requirements for the remaining capacity, and available blocks of contiguous inventory are becoming scarce.

我們開始滿足剩餘容量的相互排斥的需求，並且可用的連續庫存塊變得稀缺。

Needless to say, while the Ashburn market is not entirely out of the supply and demand woods just yet, we remain bullish on the long-term prospects for communications infrastructure in the Commonwealth as well as our position in the market given the diversity of our large and growing installed base of customers seeking additional footprint on the campus as well as the value of our strategic landholdings, which provide the longest run rate for their growth.

不用說，雖然阿什本市場尚未完全擺脫供需困境，但鑑於我們大型通訊基礎設施的多樣性，我們仍然看好英聯邦通訊基礎設施的長期前景以及我們在市場中的地位。不斷增長的客戶群尋求在園區內增加足跡以及我們戰略土地的價值，這為他們的成長提供了最長的運作速度。

Several specific fourth quarter wins speak directly to our ability to address customer needs with our global platform and full product spectrum offering.

第四季的幾項具體勝利直接說明了我們透過全球平台和全系列產品滿足客戶需求的能力。

PathAI is the world's leading provider of AI-powered technology for advancing pathology research, using machine learning and deep learning techniques to drive towards faster, more accurate diagnosis of diseases like cancer.

PathAI 是全球領先的人工智慧技術供應商，致力於推動病理學研究，利用機器學習和深度學習技術來推動更快、更準確地診斷癌症等疾病。

The Boston-based start-up partners with some of the world's largest life science companies, such as Bristol-Myers Squibb, LabCorp and Gilead Sciences.

這家總部位於波士頓的新創公司與一些世界上最大的生命科學公司合作，例如百時美施貴寶、LabCorp 和吉利德科學。

As a company that was born in and until now operated exclusively in the cloud, this is PathAI's first deployment of physical infrastructure.

作為一家在雲端中誕生並至今僅在雲端中運營的公司，這是 PathAI 首次部署實體基礎設施。

Given the GPU-intensive nature of their IT environment and the rapid growth, PathAI was struggling to control their monthly cloud spend.

鑑於其 IT 環境的 GPU 密集型性質以及快速成長，PathAI 正在努力控制每月的雲端支出。

Their deployment into Digital Realty move-in ready capacity will enable them to pull over 80% of their GPU workload out of the cloud to better manage and predict the costs associated with their high-performance computing environment.

他們部署到 Digital Realty 的遷入就緒容量中將使他們能夠將超過 80% 的 GPU 工作負載從雲端中拉出，以更好地管理和預測與其高效能運算環境相關的成本。

Our PlatformDIGITAL solution addressed multiple needs for a global social media provider, including the need for network point-of-presence, with the ability to connect directly to our communities of interest locally and globally as well as a testing environment for their larger deployment in the same location.

我們的PlatformDIGITAL 解決方案滿足了全球社交媒體供應商的多種需求，包括對網路存在點的需求，能夠直接連接到本地和全球感興趣的社區，以及在全球範圍內進行更大規模部署的測試環境。相同的位置。

This customer was able to leverage our Connected Campus and Internet Gateway, which is really the power of PlatformDIGITAL.

這位客戶能夠利用我們的互聯校園和互聯網網關，這確實是 PlatformDIGITAL 的力量。

The ability to connect to the subsea cable that provides substantial bandwidth for traffic to markets across Asia Pacific was another key driver.

連接海底電纜的能力是另一個關鍵驅動因素，該電纜為亞太地區市場的流量提供大量頻寬。

They trusted the Digital Realty team, and we're confident we could move quickly, think creatively and most importantly, execute.

他們信任 Digital Realty 團隊，我們相信我們能夠快速行動、創造性思考，最重要的是執行。

We enjoyed notable success re-leasing previously occupied or move-in ready inventory with a U.S.-based designer, developer, manufacturer and global supplier of a broad range of semiconductor and infrastructure software products.

我們在向美國一家廣泛的半導體和基礎設施軟體產品設計商、開發商、製造商和全球供應商重新租賃以前佔用或搬入的庫存方面取得了顯著的成功。

The Digital Realty team closed a multisite, multicountry deal with this customer, that included a combination of move-in ready locations, plus a large colocation deployment.

Digital Realty 團隊與該客戶達成了一項多地點、多國家的交易，其中包括搬入就緒位置的組合以及大型託管部署。

Digital Realty was awarded the business due to our ability to quickly negotiate terms while remaining flexible in scope, speed to market and expansion options.

Digital Realty 之所以能夠獲得這項業務，是因為我們能夠快速協商條款，同時在範圍、上市速度和擴展選項方面保持靈活性。

This win was a prime example of our global multiproduct platform meeting our customers' digital transformation needs.

這次勝利是我們的全球多產品平台滿足客戶數位轉型需求的典型例子。

Last but not least, just to give you an example of the breadth of companies using PlatformDIGITAL to enable and help scale their business, we landed a deal this quarter with an advertising company that creates patented world-class ad tech that delivers viewable, high-impact ad formats for brands, agencies and publishers looking to maximize ROI.

最後但並非最不重要的一點是，為了向您展示使用PlatformDIGITAL 來支持和幫助擴展業務的公司的廣度，我們本季度與一家廣告公司達成了一項協議，該公司創建了獲得專利的世界級廣告技術，可提供可見的、高品質的廣告技術。影響尋求最大化投資回報率的品牌、代理商和發布商的廣告格式。

They serve their global client base through unmissable digital ad formats using patented ad serving technology.

他們使用專利廣告服務技術，透過不容錯過的數位廣告格式為全球客戶群提供服務。

They selected Digital Realty because we offer a flexible solution they could customize as they grew as well as connectivity to global Internet providers.

他們選擇 Digital Realty 是因為我們提供了靈活的解決方案，他們可以隨著他們的發展以及與全球互聯網提供商的連接進行客製化。

Turning to our backlog on Page 11.

轉向第 11 頁的積壓工作。

The current backlog of leases signed but not yet commenced stepped up from $99 million as of September 30, to $116 million at year-end.

目前已簽署但尚未開始的積壓租賃從 9 月 30 日的 9,900 萬美元增加到年底的 1.16 億美元。

The lag between signings and commencements during the fourth quarter was a bit better than our long-term historical average at 4 months.

第四季簽約和開工之間的滯後時間比我們 4 個月的長期歷史平均值要好一些。

Moving on to renewal leasing activity on Page 12.

繼續第 12 頁的續租活動。

We signed $117 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 1.17 億美元的續約合約。

As you may recall, 2019 was our all-time high in terms of lease expirations, and we signed over $500 million of renewal leasing in 2019, more than 50% higher than our previous record year, with a weighted average lease term of nearly 9 years.

您可能還記得，2019 年是我們租賃到期數量的歷史新高，2019 年我們簽署了超過5 億美元的續租租賃合同，比上一年創紀錄的年份增長了50% 以上，加權平均租賃期限接近 9年。

For the full year, we retained a little over 80% of expiring leases, right in line with our long-term average, while cash rents rolled down 1.3%, much better than our initial expectation of down high single digits.

全年，我們保留了略高於 80% 的到期租約，與我們的長期平均水平一致，而現金租金下降了 1.3%，遠好於我們最初預期的高個位數下降。

As you may recall, we successfully executed both legacy DLR long term, top customer renewals as well as the long-weighted legacy DFT customer renewal in 2019.

您可能還記得，我們​​在 2019 年成功執行了舊 DLR 長期頂級客戶續約以及長期加權舊 DFT 客戶續約。

As you can see from the lease expiration schedule on Page 13, less than 16% of the portfolio expires in any given year compared to the 23% we faced at the beginning of last year, which should set the stage for a low churn or hurdle going forward.

正如您從第13 頁的租賃到期時間表中看到的，與去年初我們面臨的23% 相比，在任何一年中到期的投資組合都不到16%，這應該是低流失或障礙奠定基礎向前走。

Aside from the few select supply-constrained regions in metro areas, we have yet to see broad-based rental rate growth across most markets.

除了都會區少數幾個供應受限的地區外，我們尚未看到大多數市場的租金率廣泛增長。

However, we are continuing to make significant progress cycling through peak vintage renewals.

然而，我們正在繼續在高峰年份更新周期中取得重大進展。

The lion's share of our portfolio has recently been leased at current market rates, and we are beginning to see barriers to entry emerge in a growing number of markets around the world.

我們投資組合的大部分最近已以當前市場價格出租，我們開始看到全球越來越多的市場出現了進入障礙。

As a result, we expect to see continued gradual improvement on cash re-leasing spreads into 2020 and beyond.

因此，我們預期 2020 年及以後現金再租賃利差將持續逐步改善。

In terms of fourth quarter operating performance, overall portfolio occupancy slipped 60 basis points to 86.8% due to a handful of move-outs across the portfolio.

就第四季的經營業績而言，由於投資組合中出現了少量的搬出，整體投資組合入住率下降了 60 個基點至 86.8%。

After successfully navigating the record expiration year in 2019, we expect to generate positive net absorption in 2020, with improving portfolio occupancy on the heels of significant progress backfilling this recently available capacity.

在成功度過 2019 年創紀錄的到期年之後，我們預計 2020 年將產生正的淨吸納量，在回填最近可用產能方面取得重大進展後，投資組合入住率將得到改善。

For the full year, same capital cash NOI was down 4%, at the low end of our guidance and reflecting an 80 basis point FX headwind, continued pressure on property taxes as well as the record high lease expirations in 2019.

全年相同資本現金 NOI 下降 4%，處於我們指引的低端，反映出 80 個基點的外匯逆風、財產稅的持續壓力以及 2019 年創紀錄的高租賃到期日。

Although we still face some same-store headwinds from higher property taxes in downtime from refurbishing and re-leasing available capacity, we do expect to see improvement going forward.

儘管我們仍然面臨著因翻新和重新租賃可用產能而導致的停工期間財產稅上漲帶來的同店阻力，但我們確實預計未來會有所改善。

The U.S. dollar continued to climb relative to prior year exchange rates.

美元匯率相對去年同期持續攀升。

And FX represented roughly a 70 basis point headwind to the year-over-year growth in our reported results from the top to the bottom line.

在我們報告的業績中，從頂部到底部，外匯對同比增長產生了大約 70 個基點的阻力。

Turning to our economic risk mitigation strategies on Page 14.

轉向第 14 頁的我們的經濟風險緩解策略。

We manage 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避險來管理貨幣風險，因此從經濟角度來看，只有特定地區內的淨資產才會面臨貨幣風險。

In addition to managing foreign currency exposure, we also mitigate interest rate risk by proactively terming out short-term variable rate debt with long-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來降低利率風險。

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 less than a 20 basis point impact to 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) 調整 100 個基點對每股全年 FFO 的影響不到 20 個基點。

Our near-term funding and refinancing risk is very well-managed, and our capital plan is fully funded.

我們的近期融資和再融資風險管理得很好，我們的資本計劃資金充足。

In terms of earnings growth, core FFO per share was down 3.6% year-over-year, primarily due to 2 months of dilution from the Mapletree joint venture.

就獲利成長而言，每股核心FFO年減3.6%，主要是因為豐樹合資企業兩個月的稀釋。

While we are not providing formal guidance for 2020 at this time given the number of moving parts related to our pending strategic combination with Interxion as well as the acquisition of our partners' interest in the Westin Building, we did want to share a few forward-looking data points.

雖然考慮到我們與Interxion 即將進行的策略合併以及收購合作夥伴在威斯汀大廈的權益相關的活動部件數量較多，但我們目前尚未提供2020 年的正式指導，但我們確實想分享一些前瞻性的資訊：尋找數據點。

On a stand-alone basis, we expect reported top line revenue growth for Digital Realty to be roughly flat year-over-year, reflecting the full year impact of $1.4 billion of asset sales as well as a 1 quarter consolidated revenue contribution from Ascenty in 2019, prior to closing the joint venture with Brookfield on the last day of 1Q '19.

就獨立而言，我們預計 Digital Realty 報告的頂線收入成長將與去年同期大致持平，反映了 14 億美元資產銷售的全年影響以及 Ascenty 的第一季綜合收入貢獻2019 年，在2019 年第一季度最後一天關閉與Brookfield 的合資企業之前。

Adjusting for the revenue related to these private capital efforts and excluding any potential contribution from the Westin Building acquisition, we expect to generate organic revenue growth in the mid-single digits in 2020.

調整與這些私人資本努力相關的收入，並排除收購威斯汀大廈的任何潛在貢獻，我們預計 2020 年將實現中位數的有機收入成長。

We expect to maintain industry-leading EBITDA margins in line with the prior year.

我們預計將保持業界領先的 EBITDA 利潤率與上年持平。

In terms of financing, we have positioned the balance sheet with outsized liquidity in anticipation of closing the combination with Interxion.

在融資方面，我們已將資產負債表配置為具有超額流動性，以期完成與 Interxion 的合併。

In January, we closed on the $557 million Mapletree portfolio sale at a 6.6% cap rate.

一月份，我們以 6.6% 的上限利率完成了 5.57 億美元的豐樹投資組合出售。

We also successfully raised EUR 1.7 billion of euro bonds at a blended coupon of 1%.

我們也成功籌集了 17 億歐元的歐元債券，混合票面利率為 1%。

As you may recall, EUR 1.4 billion of these euro bonds will initially be used to refinance Interxion's outstanding debt.

您可能還記得，這些歐元債券中的 14 億歐元最初將用於為 Interxion 的未償債務再融資。

These bonds included a special mandatory redemption provision and will be retired at 101% of par if the Interxion transaction does not close.

這些債券包含特殊的強制贖回條款，如果 Interxion 交易未完成，這些債券將以面額的 101% 贖回。

Last, but not least, we expect to settle our $1.1 billion equity forward in the third quarter.

最後但並非最不重要的一點是，我們預計在第三季結算我們 11 億美元的遠期股權。

Hopefully, this high-level color provides some context for our 2020 outlook, and we expect to provide formal guidance, along with the underlying assumptions, on the heels of closing the combination with Interxion.

希望這種高層次的色彩為我們的 2020 年展望提供一些背景，我們希望在與 Interxion 完成合併後提供正式的指導以及基本假設。

Last, but certainly not least, let's turn to the balance sheet on Page 15.

最後但並非最不重要的一點是，讓我們來看看第 15 頁的資產負債表。

Net debt-to-EBITDA dropped by 4/10 of a turn to 5.7x at year-end as proceeds from the Mapletree joint venture were used to pay down debt, while fixed charge coverage remained healthy at 4.1x.

由於豐樹合資企業的收益用於償還債務，淨債務與 EBITDA 比率在年底下降了 4/10 至 5.7 倍，而固定費用覆蓋率仍維持在 4.1 倍的健康水準。

Pro forma for the Mapletree portfolio sale in settlement of the forward equity offering, net debt-to-EBITDA, remains in line with our targeted range at approximately 5x, while fixed charge coverage is approximately 4.6x.

為遠期股權發行結算而進行的豐樹投資組合銷售預計，淨債務與 EBITDA 比率仍符合我們約 5 倍的目標範圍，而固定費用覆蓋率約為 4.6 倍。

In terms of capital-raising activity, in early October, we raised $345 million of perpetual preferred equity at 5.2%, an all-time low preferred equity coupon for Digital Realty.

在融資活動方面，10 月初，我們以 5.2% 的利率籌集了 3.45 億美元的永久優先股，這是 Digital Realty 歷史上最低的優先股票利息。

The next day, we opportunistically tapped the euro bond market, raising approximately EUR 550 million of 8.5-year paper at 1.125%.

第二天，我們趁機利用歐元債券市場，以 1.125% 的利率籌集了約 5.5 億歐元的 8.5 年期票據。

Finally, in early January, we came back to the euro bond market and raised the EUR 1.7 billion of euro bonds to refinance Interxion's outstanding debt.

最後，在一月初，我們回到了歐元債券市場，籌集了 17 億歐元的歐元債券，為 Interxion 的未償債務進行再融資。

As Bill mentioned, the weighted average maturity was approximately 7 years and the weighted average coupon was approximately 1%.

正如比爾所提到的，加權平均期限約為 7 年，加權平均票息約為 1%。

This successful execution against our financing strategy is a reflection of the strength of our global platform, which provides access to the full menu of public as well as private capital, sets us apart from our peers and enables us to prudently fund our growth.

我們融資策略的成功執行反映了我們全球平台的實力，該平台提供了獲取公共和私人資本的完整菜單，使我們在同行中脫穎而出，並使我們能夠審慎地為我們的成長提供資金。

As you can see from the chart on Page 16, our weighted average debt maturity is over 6 years, and including the January bond issuance, we whittled our weighted average coupon down another 25 basis points this quarter to 2.9%.

正如您從第16 頁的圖表中看到的，我們的加權平均債務期限超過6 年，包括1 月份的債券發行在內，我們本季度將加權平均息票率又下調了25 個基點至2.9% 。

A little less than half our debt is non-U.

我們的債務中不到一半是非美國債務。

S. dollar-denominated, acting as a natural FX hedge for our investments outside the U.S. Over 90% of our debt is fixed rate to guard against a rising rate environment, and 99% 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90%以上的債務是固定利率，以防範利率上升的環境，99%的債務是無抵押的，為資本提供了最大的靈活性回收。

Finally, as you can see from the left side of Page 16, we have a clear runway with virtually no near-term debt maturities and a no-bar-too-tall in the out years.

最後，正如您從第 16 頁左側看到的那樣，我們有一條清晰的跑道，幾乎沒有短期債務到期日，並且在未來幾年內沒有過高的門檻。

Our balance sheet is poised to weather a storm, but also position 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, and now we'll be pleased to take your questions.

我們準備好的演講到此結束，現在我們很樂意回答您的問題。

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

肖恩，請開始問答環節好嗎？

(Operator Instructions)

（操作員說明）

Our first question will come from Jon Atkin with RBC.

我們的第一個問題將來自加拿大皇家銀行的喬恩·阿特金。

So my first question is around the transaction with Interxion and wondering if you have any sort of thoughts about the anticipated timing around the foreign investments filings in France and Germany that you alluded to.

因此，我的第一個問題是圍繞著與 Interxion 的交易，想知道您是否對您提到的法國和德國外國投資備案的預期時間有任何想法。

And then as you proceed with planning, I know you're understandably limited to a degree prior to the close.

然後，當您繼續進行計劃時，我知道您在結束之前會受到一定程度的限制，這是可以理解的。

What steps are you able to take over in Europe prior to the transaction close to facilitate the integration once the deal is concluded?

在交易結束之前，您可以在歐洲採取哪些步驟來促進交易完成後的整合？

Yes.

是的。

Hey, John, it's Greg Wright.

嘿，約翰，我是格雷格·賴特。

Let me take your question.

讓我回答你的問題。

The first one, with respect to where we are in the Interxion transaction, again, specifically, let's just go through a couple of things.

第一個，關於我們在 Interxion 交易中的進展，再次具體來說，讓我們來回顧一下幾件事。

We have received antitrust clearances, as Bill said, in all 3 jurisdictions where we need approval in terms of Austria, Germany and the Netherlands.

正如比爾所說，我們已經在奧地利、德國和荷蘭這三個需要批准的司法管轄區獲得了反壟斷許可。

And that's on the antitrust clearance side.

這是反壟斷許可方面的。

We're still awaiting decisions for the foreign investment filings in both France and Germany.

我們仍在等待法國和德國的外國投資申請的決定。

And look, we're -- I think one thing that's encouraging is we're already in both of those markets.

看，我們——我認為令人鼓舞的一件事是我們已經進入了這兩個市場。

And then trying to handicap when that comes back, it's hard to do.

當這種情況再次出現時，試圖對其進行限制，這是很難做到的。

But we will say, so far, we feel like we're making progress where we should be.

但我們會說，到目前為止，我們感覺我們正在取得應有的進展。

And that's really all we have at this point, but we'll continue to announce to the market as we get additional findings there.

這就是我們目前所掌握的全部內容，但當我們獲得更多發現時，我們將繼續向市場宣布。

That was your first question.

這是你的第一個問題。

On the second question, with respect to the steps to integration, we're currently planning for our integration, as you can imagine.

關於第二個問題，關於整合的步驟，我們目前正在規劃我們的整合，你可以想像。

So far, though, the primary focus has been on regulatory approvals, going effective with the SEC and launching our exchange officer.

不過，到目前為止，主要重點是監管部門的批准、與 SEC 的有效配合以及我們的交易所官員的成立。

And then we have started to ramp up the integration effort with our colleagues in Interxion.

然後我們開始加強與 Interxion 同事的整合工作。

We've gotten to the point where we're identifying people and teams to lead the integration.

我們已經到了確定人員和團隊來領導整合的階段。

We've identified and we're working with integration consultants.

我們已經確定並正在與整合顧問合作。

And we're at a point where we're allowed to have certain people on both sides connect with each other.

我們正處於允許雙方某些人相互聯繫的階段。

And clearly, we're making sure that we always consult with the lawyers to make sure we do the right things, where we can and can't.

顯然，我們確保始終與律師協商，以確保我們做正確的事情，無論我們能做什麼，不能做什麼。

So that's where we are with respect to that.

這就是我們目前的情況。

Great.

偉大的。

And then maybe just to follow up more on the operational side.

然後也許只是在營運方面進行更多跟進。

But PlatformDIGITAL, curious which metros you've been seeing the most commercial progress towards driving more connectivity-driven and retail business?

但是 PlatformDIGITAL，您好奇哪些地鐵在推動更多連接驅動的零售業務方面取得了最大的商業進展？

And any color around sales cycles?

銷售週期有什麼顏色嗎？

And is there any kind of lengthening or shortening that you're seeing as well as kind of book-to-bill trends?

您是否看到任何類型的延長或縮短以及訂單到帳單的趨勢？

You talked about that, I think, maybe in reference to wholesale, but anything sort of commercially as it relates to connectivity and then retail and PlatformDIGITAL would be interesting to hear.

我認為，您談到的可能是批發，但任何與連接、零售和 PlatformDIGITAL 相關的商業內容都會很有趣。

Hey, Jordan.

嘿，喬丹。

This is Corey Dyer.

這是科里·戴爾。

Just going to help out with the PlatformDIGITAL question you had.

只是想幫助解決您遇到的 PlatformDIGITAL 問題。

And you asked a little bit about where we see it happening and where we see it taking root to begin.

你問了一些關於我們看到它發生的地方以及我們看到它從哪裡開始紮根的問題。

And I would tell you that PlatformDIGITAL really is about enterprise and selling globally.

我想告訴您，PlatformDIGITAL 確實是關於企業和全球銷售。

So it's not really a situation where we're going to look at specific markets for it.

因此，我們實際上並不是要考慮特定市場的情況。

But that said, we launched it in November in MarketplaceLIVE, our new event that we put out or resurrected.

但話雖如此，我們於 11 月在 MarketplaceLIVE 上推出了它，這是我們推出或復活的新活動。

Really good feedback from all the media analysts, the analysts themselves.

所有媒體分析師以及分析師本人的回饋都非常好。

If you look at the IDC report that we referenced earlier, it has us up in the leader segment for that, along with one other group.

如果您查看我們之前引用的 IDC 報告，您會發現我們與另一組一起處於領先地位。

So really happy with how it's been rolled out and what we're seeing from traction with customers.

我們對它的推出方式以及對客戶的吸引力感到非常滿意。

So it's been great there across the entire globe for us.

所以這對我們來說在全球範圍內都是很棒的。

We referenced earlier a couple of different wins.

我們之前提到了一些不同的勝利。

We had one of the largest investment banks deploy 6 different network hubs with us to help out with their architecture as well as servicing their customers and their employees.

我們讓最大的投資銀行之一與我們一起部署了 6 個不同的網路中心，以幫助他們建立架構並為他們的客戶和員工提供服務。

We also had a large agricultural firm do the same kind of deployment across multiple regions with us.

我們還有一家大型農業公司與我們一起在多個地區進行相同的部署。

So we've seen it pick up really well for us.

所以我們看到它對我們來說非常好。

And then I think your questions around commencement date was the follow-on question, I think, Jordan.

然後我認為你關於開始日期的問題是後續問題，我想，喬丹。

And what we think we're going to see is a little bit shortening of that.

我們認為我們將會看到這個時間會稍微縮短。

To your point around wholesale, we tend to see that commence a little bit later.

就您關於批發的觀點而言，我們傾向於看到批發開始得晚一些。

These are going to drive a little bit more colocation for us, a lot more enterprise wins, and you'll see a much quicker or shorter time between booking and commencement.

這些將為我們帶來更多的託管，更多的企業獲勝，您將看到預訂和開始之間的時間更快或更短。

I think that answered all the questions.

我認為這回答了所有問題。

Greg, do you have anything else?

格雷格，你還有什麼事情嗎？

No, I think you've covered it.

不，我想你已經涵蓋了它。

Our next question will come from Jordan Sadler with KeyBanc Capital Markets.

我們的下一個問題將來自 KeyBanc Capital Markets 的 Jordan Sadler。

So I just wanted to circle up to the Seattle acquisition that you announced and discussed on the call here.

我只想談談您在電話會議上宣布和討論的西雅圖收購案。

The thought process on this transaction and the return profile relative to sort of legacy digital and perhaps as well as the growth profile versus digital.

這次交易的思考過程以及相對於傳統數位化的回報概況，或許還有相對於數位化的成長概況。

And then maybe thinking how this sort of corresponds or relates to sort of what you're doing over in Europe, if at all.

然後也許會想，如果有的話，這種情況與你在歐洲所做的事情是如何對應或相關的。

Yes.

是的。

Jordan, it's Greg.

喬丹，我是格雷格。

Let me take that question.

讓我來回答這個問題。

Look, with respect to the Westin transaction, look, I think Bill had gone through really the merits of the transaction, whether it's boosting connectivity and network density.

聽著，關於威斯汀交易，聽著，我認為比爾已經真正了解了交易的優點，無論是提高連接性和網路密度。

As he mentioned, it's the sixth most interconnected building in North America.

正如他所提到的，它是北美互聯程度第六高的建築。

You have 250-plus networks and over 10,000 cross-connects.

您擁有 250 多個網路和 10,000 多個交叉連線。

It really is the Internet Gateway to the Pacific Northwest.

它確實是通往太平洋西北地區的網路入口網站。

And we look at it in terms of connectivity.

我們從連結性的角度來看它。

First of all, the way the process started is our partner has been a terrific partner, the Clise family and their company.

首先，這個過程開始的方式是我們的合作夥伴是一個很棒的合作夥伴，Clise 家族和他們的公司。

We've had a long-standing relationship with them, and they decided they wanted to sell.

我們與他們有著長期的合作關係，他們決定出售。

So for us, given how much -- and we've always said our strategy has been that we want to increase our ownership to Internet Gateway and highly connected assets.

因此，對我們來說，考慮到多少——我們總是說我們的策略是我們希望增加對互聯網網關和高度互聯資產的所有權。

And really, when you match your mandate, you can't get any better than the Westin Building.

事實上，當您履行職責時，沒有比威斯汀大廈更好的酒店了。

So that was really the rationale behind it.

這就是背後的真正原因。

In terms of returns, look, I will say, it's sort of a mid- to high-5% cap rate, call that a little less than 18x on an EBITDA multiple basis.

就回報率而言，我想說的是，上限利率為 5% 的中高水平，以 EBITDA 倍數計算，略低於 18 倍。

And in terms of growth projections, I mean, clearly, with any of these highly connected Internet Gateway buildings, we expect greater growth, one than our portfolio average, just because these buildings, as we know, from Cermak and 60 Hudson and the like, those buildings are very special.

就成長預測而言，我的意思是，顯然，對於任何這些高度連接的互聯網網關建築，我們預計會有更大的增長，比我們的投資組合平均水平更高，因為據我們所知，這些建築來自Cermak 和60 Hudson 等，那些建築很特別。

And so you really do get outsized growth with them.

所以你確實能從他們身上獲得巨大的成長。

So that was really the strategic rationale.

這才是真正的戰略理由。

In response to your question with respect to Europe, it's a very similar strategy when you really think about it, right?

回答你關於歐洲的問題，當你真正思考時，這是一個非常相似的策略，對嗎？

In terms of the Interxion transaction, I mean, we've said for quite some time now we've had several objectives.

就 Interxion 交易而言，我的意思是，我們已經說過很長一段時間了，我們有幾個目標。

One was we did want to expand our footprint in Europe.

一是我們確實想擴大在歐洲的足跡。

Secondly, we wanted to increase our ownership, again, of Internet Gateway and highly connected assets.

其次，我們希望再次增加我們對互聯網網關和高度互聯資產的所有權。

We really were striving for a leading European platform and team.

我們確實在努力打造歐洲領先的平台和團隊。

And with all that, we were looking for a significant development platform.

儘管如此，我們一直在尋找一個重要的開發平台。

And needless to say, with Interxion, we get all of that.

不用說，透過 Interxion，我們可以實現這一切。

And so what are the real benefits to Digital there?

那麼數位化的真正好處是什麼？

We're going to get a broader footprint and product offering to serve our customers, which is most important in Europe and beyond.

我們將獲得更廣泛的足跡和產品來為我們的客戶提供服務，這在歐洲及其他地區最為重要。

We're going to be able to do a lot of what they do best and overlay that onto our portfolio.

我們將能夠做他們最擅長的許多事情，並將其疊加到我們的產品組合中。

That too is going to result, just as we talked about the Westin Building and accelerated growth.

正如我們談論威斯汀大廈和加速成長一樣，這也會產生結果。

And ultimately, with the combination of all that, it's going to result in increased value creation in our minds.

最終，透過所有這些的結合，它將在我們的頭腦中增加價值創造。

So I think I covered your questions, Jordan.

所以我想我已經回答了你的問題，喬丹。

Is there anything I missed?

有什麼我錯過的嗎？

Please let me know.

請告訴我。

No.

不。

I think you nailed it.

我想你已經成功了。

I assume you're going to close in the next couple of months or so.

我猜你會在接下來的幾個月左右關門。

But as it relates to -- I'll move on to Ashburn.

但因為它涉及——我將繼續前往阿什本。

I wanted to come back.

我想回來。

It sounded like, yes, you are quietly signing some significant leases there, 18 megs.

聽起來像是，是的，你正在悄悄地在那裡簽署一些重要的租約，18 兆。

Can you maybe provide sort of the -- were there any new logos in that market signed in the quarter?

您能否提供一些資訊——該市場在本季度簽署了任何新徽標？

The -- and then anything else you can sort of -- any other insight you can offer in terms of availability within your portfolio?

您可以在您的投資組合中的可用性方面提供任何其他見解嗎？

You said you're -- I thought you said part of -- I thought you said you were largely leased on your development there, but it sounds like you were sorting out some -- or scoping out some availability as well.

你說你——我以為你說的是——我以為你說你在那裡的開發大部分被租用了，但聽起來你正在整理一些——或者也確定了一些可用性。

Yes, Jordan, this is Matt.

是的，喬丹，這是馬特。

So I think we've had a lot of success in Northern Virginia, both this quarter and last quarter.

因此，我認為我們在本季和上季在北維吉尼亞州都取得了巨大的成功。

This quarter, Northern Virginia was our #1 market for leasing.

本季度，北維吉尼亞州是我們的第一大租賃市場。

And overall, I think as we've said in the prepared commentary, the market really come -- had really come back in the second half of the year.

總的來說，我認為正如我們在準備好的評論中所說，市場真的來了——在今年下半年真的回來了。

And although absorption was down a bit from 2018, it was actually higher than 2017 overall.

儘管吸收量較 2018 年略有下降，但實際上總體高於 2017 年。

I think to your question -- specific question, subsequent to the end of the quarter, we leased another 20 megawatts in that market.

我認為對於你的問題——具體問題，在本季末之後，我們在該市場上又租了 20 兆瓦。

12 megawatts of those were in the -- our development portfolio, which now brings that up to 100% leased.

其中 12 兆瓦位於我們的開發組合中，現在已達到 100% 租賃。

And another 8 megawatts was within our operating portfolio, which was already, I think, slightly over 90% leased.

另外 8 兆瓦在我們的營運組合中，我認為 90% 多一點已經被出租。

So it proves the occupancy in that market as well, so we're excited about the Northern Virginia market and we're continuing to see robust demand there.

因此，這也證明了該市場的佔有率，因此我們對北維吉尼亞市場感到興奮，並且我們繼續看到那裡的強勁需求。

Yes.

是的。

Thanks, Jordan.

謝謝，喬丹。

I'd also like to add a little bit of a -- just the overall work that we've done in that market with our master plans and our land-banking.

我還想補充一點——我們在該市場上透過總體規劃和土地儲備所做的整體工作。

It really allows us to be very prudent on how we can bring infrastructure to our customers in a very balanced manner.

這確實讓我們能夠非常謹慎地以非常平衡的方式為客戶提供基礎設施。

And I think new logos is one way to look at it, but it's also new types of infrastructure coming to market.

我認為新標誌是看待它的一種方式，但它也是進入市場的新型基礎設施。

So as you see AI and machine learning becoming more prevalent with all of these major providers, they want to be in proximity to their existing infrastructure.

因此，當您看到人工智慧和機器學習在所有這些主要提供者中變得越來越普遍時，他們希望接近現有的基礎設施。

So the work that we've done in that market, the master plan, the right-of-ways and really start to think through how we can future-proof their existing assets and provide a path for them to grow and launch all these new services is something that's very unique in that market, and we continue to look at the future growth there and be differentiated in what we can provide to a lot of those customers.

因此，我們在該市場所做的工作、總體規劃、通行權，並真正開始思考如何讓他們的現有資產面向未來，並為他們提供發展和推出所有這些新資產的途徑。服務在該市場中是非常獨特的，我們將繼續關注該市場的未來成長，並在為眾多客戶提供的服務方面保持差異化。

Our next question will come from Michael Funk with Bank of America.

我們的下一個問題將來自美國銀行的邁克爾·芬克。

A couple, if I could.

如果可以的話，一對。

And just kind of following on to the last question.

繼續最後一個問題。

It's going to be a pretty wide range of commentary about the funnel and hyperscale demand in general.

一般來說，這將是關於漏斗和超大規模需求的相當廣泛的評論。

Maybe just tie that back to your commentary about Ashburn, what you're seeing there and the funnel in general.

也許只需將其與您對阿什本的評論、您在那裡所看到的以及整個漏斗的評論聯繫起來即可。

And then one on Interxion, if I could.

如果可以的話，然後在 Interxion 上發表一篇。

Maybe remind me about the taxability for that deal for Interxion investors and the other details behind that.

也許提醒我有關 Interxion 投資者的交易的應稅問題以及背後的其他細節。

So Michael, this is Corey.

邁克爾，這是科里。

I'll take the first part of the question around just the Ashburn competition because I think that's where you're driving and we'll ferry out somebody else for the other questions around taxes.

我將只討論阿什本競賽問題的第一部分，因為我認為那是您駕駛的地方，我們將派其他人來解決有關稅收的其他問題。

First off, yes, we've been successful in Ashburn, really about the value of our platform and really the diverse offering that we have.

首先，是的，我們在阿什本取得了成功，這實際上是因為我們平台的價值以及我們擁有的多元化產品。

You think about what we've got with customers that are already there and how they're going to build on to it.

你想想我們已經從現有的客戶那裡得到了什麼，以及他們將如何在此基礎上繼續發展。

So we've got some customers already installed there, and they're looking for adjacency in the campus, adjacency sometimes in the same building, so that helps us a lot.

所以我們已經有一些客戶在那裡安裝了，他們正在尋找校園內的相鄰位置，有時在同一棟大樓內，所以這對我們有很大幫助。

These same customers are the -- are often the scaling customers that we're working with globally and having the relationships and the contracts, and everything we do to take care of them on a regular basis helps us continue to win those deals and those opportunities.

這些客戶通常是我們在全球範圍內合作並擁有關係和合約的規模化客戶，我們為定期照顧他們所做的一切都有助於我們繼續贏得這些交易和機會。

And then finally, yes, we're working through the Tetris game of how we accommodate the demand that's continuing to come for us and make sure that we're there to take care of them and continue to build on our success in Ashburn.

最後，是的，我們正在透過俄羅斯方塊遊戲來解決如何滿足我們不斷出現的需求，並確保我們能夠照顧他們並繼續在阿什本取得成功。

So we're excited about it.

所以我們對此感到興奮。

And I think you also asked about our qualified pipeline, and we're feeling really strong about that.

我想您也詢問了我們合格的管道，我們對此感覺非常強烈。

So we're well positioned for this year with a good start.

因此，我們今年已經做好了充分準備，並取得了良好的開端。

And then just following on -- now I've got a follow-on I've got to clarify there.

然後繼續——現在我有一個後續的內容，我必須在那裡澄清。

So I mean, are you saying that because of the diversity of the customer base is, I guess, 80 new with some of the bookings that you're seeing, a more diverse customer base, whether it's industry-wide or geographically.

所以我的意思是，你是說因為客戶群的多樣性，我猜，你看到的一些預訂中有 80 個新的客戶群，無論是全行業還是地理上的，都更加多樣化。

Is that part of what we're seeing here?

這是我們在這裡看到的一部分嗎？

Yes, yes.

是的是的。

Let me -- this is Matt.

讓我——這是馬特。

Let me take -- I mean we saw in Northern Virginia we had pretty widespread activity across multiple customers within cloud, content and gaming, really leading the way within that market and also a number of international clients coming into Northern Virginia.

讓我說一下——我的意思是，我們在北弗吉尼亞州看到，我們在雲端、內容和遊戲領域的多個客戶中開展了相當廣泛的活動，在該市場中真正處於領先地位，並且還有許多國際客戶進入北維吉尼亞州。

So we had major signings of also APAC-based technology companies within that market as well in the quarter, and we expect to continue that going forward.

因此，我們在本季也與亞太地區的科技公司進行了重大簽約，我們預計未來將繼續這種情況。

Yes.

是的。

Hey, Michael.

嘿，麥可。

It's Greg.

是格雷格。

Sorry to interrupt you there before.

抱歉之前打擾您了。

And look, with respect to your second question on taxation of the Interxion transaction, you're right.

聽著，關於你關於 Interxion 交易稅收的第二個問題，你是對的。

Like as we had outlined in the S-4 and had actually mentioned on the original call, the deal is a taxable transaction for U.S. federal income tax purposes for U.S. holders of the Interxion shares.

正如我們在 S-4 中概述的以及在最初的電話會議中實際提到的那樣，該交易是 Interxion 股票的美國持有人出於美國聯邦所得稅目的的應稅交易。

But I think there's a couple of things to consider.

但我認為有幾件事需要考慮。

Look, there were numerous tax considerations when we structured this deal.

看，當我們建立這筆交易時，有很多稅務方面的考慮。

Their side was well represented and as was ours.

他們的球隊和我們的球隊都有很好的代表。

We worked, and ultimately, what we're trying to find is what's the most efficient structure, quite frankly, that allow us to pay the price that we pay.

我們努力工作，最終，坦白說，我們試圖找到最有效的結構，讓我們能夠付出我們所付出的代價。

And so there's a couple of points.

所以有幾點。

And the structure we ultimately came up with was that structure, but a couple of points to highlight.

我們最後提出的結構就是這個結構，但有幾點需要強調。

One is, not all shareholders pay U.S. tax, some are exempt.

一是，並非所有股東都繳美國稅，有些股東可以免稅。

And secondly, not all shareholders have the same basis, right?

其次，並非所有股東都有相同的基礎，對吧？

If somebody bought yesterday, they may have a very minimal gain if they sold today.

如果有人昨天買入，那麼如果今天賣出，他們的收益可能會非常小。

Third, and I think most bankers will tell you when you look at it, taxable transactions are more common when the market value of what's being paid is significantly greater than the tax basis.

第三，我認為大多數銀行家會告訴你，當你看到它時，當所支付的市場價值明顯大於計稅基礎時，應稅交易更為常見。

And the reason for that, obviously, is if you get the stepped-up basis, you get tax shelter going forward, which allows us to retain significantly more capital in the company to grow the business, hence, the ability to pay.

顯然，這樣做的原因是，如果你獲得了遞增的基礎，你就可以繼續避稅，這使我們能夠在公司保留更多的資本來發展業務，從而獲得支付能力。

So -- and then finally, I think it's important to note, that the way we've structured the transaction, that all tendering shareholders, it's structured such that they will be able to avoid the 15% Dutch withholding tax as long as they tender.

因此，最後，我認為值得注意的是，我們建構交易的方式，即所有投標股東，只要他們投標，他們就能夠避免 15% 的荷蘭預扣稅。

So I hope that answers your question with respect to the tax impact.

因此，我希望這能回答您有關稅務影響的問題。

Our next question will come from Michael Rollins with Citi.

我們的下一個問題將來自花旗銀行的邁克爾·羅林斯。

I had 2 questions on some of the metrics.

我對某些指標有兩個問題。

So first, in terms of the commentary on cash re-leasing spreads, can you unpack a little bit more of what happened in the quarter and the experience that you're seeing between the retail and colo side of the business and maybe some of the larger deployments from your customers?

首先，就現金再租賃利差的評論而言，您能否詳細介紹一下本季度發生的情況以及您在業務的零售和託管方面看到的經驗，也許還有一些您的客戶進行了更大規模的部署？

And then there was a comment about expecting the same-store NOI to be better.

然後就有評論說期待同店NOI比較好。

And I was wondering if that meant, for 2020, less of a decline or actually net positive growth.

我想知道這是否意味著 2020 年下降幅度較小，或實際上是淨正成長。

And just how to think about what's happening in the mix of all of that?

如何思考所有這些混合在一起發生的事情？

Yes.

是的。

So let me take the -- your second question, then we can circle back on your first one.

那麼讓我來回答你的第二個問題，然後我們可以回到你的第一個問題。

So within the quarter, yes, we came in at, in terms of stabilized NOI growth, at the lower end.

因此，在本季度內，就穩定的 NOI 成長而言，我們處於較低水準。

I think as we said in the commentary, we had about a percent negative impact from FX rates.

我認為正如我們在評論中所說，我們受到了匯率大約百分之一的負面影響。

We also had another percent coming in from higher, what I call, uncontrollable costs, costs largely around property taxes.

我們還有另一個百分比來自更高的成本，我稱之為不可控成本，這些成本主要圍繞在財產稅。

And then I would say the remaining was tied to what we've also discussed, which was our record expiration year in 2019 despite also having roughly 80% retention, which is a pretty good metric.

然後我想說的是，剩下的部分與我們也討論過的內容相關，2019 年是我們創紀錄的到期年份，儘管保留率也約為 80%，這是一個相當不錯的指標。

What I'd say though there is where we see the green shoots is, in the fourth quarter, we leased 15 megawatts into available inventory, which during the quarter was about 40% of our total signing.

我想說的是，儘管我們看到了萌芽，但在第四季度，我們租賃了 15 兆瓦的可用庫存，這大約占我們簽約總量的 40%。

And sitting in our backlog today, we have about 100 basis points of improved occupancy.

今天，我們的積壓訂單中，入住率提高了約 100 個基點。

And the vast majority of our available inventory right now, I think, is in high-demand core markets that we feel pretty positive about the progress within our organic growth going forward.

我認為，我們目前的絕大多數可用庫存都位於高需求的核心市場，我們對未來有機成長的進展感到非常樂觀。

And I think that kind of dovetails also into re-leasing spread.

我認為這種契合也與重新租賃的傳播相吻合。

We had within the -- more within the year, we re-leased over -- like we said, a record year, we re-leased over $500 million, slightly down, but also did better than we expected.

我們在——一年內，我們重新租賃了更多——就像我們說的，創紀錄的一年，我們重新租賃了超過 5 億美元，略有下降，但也比我們預期的要好。

Next year, we have a step down in volume of expirations in 2021.

明年，2021 年到期數量將有所減少。

So we feel pretty positive about our mark-to-market experience going forward on that front.

因此，我們對我們在這方面的市值計價的經驗感到非常積極。

Our next question will come from Erik Rasmussen with Stifel.

我們的下一個問題將來自 Stifel 的 Erik Rasmussen。

Circling back on the deal you announced yesterday with the 49% -- additional 49%, the Westin property, what's the ability to sort of expand internally, or is there any sort of adjacent land that you could potentially develop on that you can capture additional opportunities?

回想一下你昨天宣布的 49% 的交易——額外的 49%，威斯汀酒店，內部擴張的能力是什麼，或者你是否有可能開發任何類型的鄰近土地，你可以獲得額外的土地機會？

Yes.

是的。

Thanks, Erik.

謝謝，埃里克。

This is Chris.

這是克里斯。

So definitely, we're very excited about the Westin building.

毫無疑問，我們對威斯汀大樓感到非常興奮。

There is some ability to expand there.

那裡有一定的擴展能力。

And with some of the new offerings that Bill and Matt talked about in the script earlier around some of the new offerings that we're bringing to market and how they're leveraging a lot more interconnection, we'll be able to provide more value to the existing customer base in there.

透過比爾和馬特早些時候在劇本中談到的一些新產品，圍繞著我們推向市場的一些新產品以及它們如何利用更多的互連，我們將能夠提供更多價值那裡現有的客戶群。

And there is some more power that we can bring through there.

我們可以透過那裡帶來更多的力量。

And I think ownership really gives us that ability to really control exactly how we evolve that infrastructure and really make sure that we get the maximum return for our customers.

我認為所有權確實使我們有能力真正控制我們如何發展基礎設施，並真正確保我們為客戶獲得最大回報。

And I'll hand the second part of your question over to Greg and talk about adjacent land.

我將把你問題的第二部分交給格雷格並討論鄰近的土地。

Yes.

是的。

Thanks, Chris.

謝謝，克里斯。

Thanks, Erik.

謝謝，埃里克。

Look, in terms of adjacent land, I think one thing that's important, we do own the building next door with our partners at Clise.

看，就鄰近土地而言，我認為有一點很重要，我們與 Clise 的合作夥伴確實擁有隔壁的建築。

That's important to remember.

記住這一點很重要。

But I think one thing about leasing is it's not just the land next door, I think we need to look at the connectivity into Canada and to Asia Pacific, even into our Hillsboro project.

但我認為關於租賃的一件事是，它不僅僅是隔壁的土地，我認為我們需要考慮與加拿大和亞太地區的連通性，甚至與我們的希爾斯伯勒計畫的連結性。

When you look at all that, it's going to give us connectivity across the board than a lot of connection points.

當你看到這一切時，它將為我們提供全面的連接，而不是很多連接點。

So that's one of the things that's great value with a project like the Westin, is it goes beyond just the immediately adjacency next door, but instead, it goes much broader, given the connectivity, subsea cables and other things that provide us with that connectivity.

因此，對於像威斯汀這樣的項目來說，這是非常有價值的事情之一，它超越了隔壁的直接毗鄰，而是考慮到連接、海底電纜和其他為我們提供連接的東西，它的範圍更廣泛。

So that would be my answer with that.

這就是我的回答。

But we -- but of there is a building -- if there is land next door and anybody knows about it, please let us know because we like the site.

但是我們——但是有一棟建築物——如果隔壁有土地並且有人知道，請告訴我們，因為我們喜歡這個地方。

Right.

正確的。

All right.

好的。

And then maybe just my follow-up.

然後也許只是我的後續行動。

Any sort of update on Brazil and what's sort of happening with the Ascenty, how much did they contribute to the Americas this quarter?

關於巴西的任何最新情況以及 Ascenty 發生了什麼，他們本季為美洲做出了多少貢獻？

And are you seeing things start to -- what's your assessment of that market right now?

您是否看到事情開始發生—您現在對該市場的評估是什麼？

Erik, it's Greg.

埃里克，這是格雷格。

Let me -- why don't I answer the first question, and then -- let me answer your second question, and I'll let Matt answer the first question.

讓我——為什麼我不回答第一個問題，然後——讓我回答你的第二個問題，然後我讓馬特回答第一個問題。

Look, I think when we look at Ascenty and you take a look at 2019 versus budget, we're on top of our writing for 2019.

聽著，我認為當我們看看 Ascenty 並且你看看 2019 年與預算時，我們就在 2019 年的寫作上處於領先地位。

And I think a couple of important takeaways in that market.

我認為該市場有幾個重要的要點。

We saw a lot of the large U.S. cloud service providers take a lot of space over the last 24 months.

我們看到許多大型美國雲端服務供應商在過去 24 個月中佔用了大量空間。

With that said, I want to make sure we're clear on -- if you guys remember, when we did that transaction, there were 14 assets, there are 8 existing assets and 6 under construction.

話雖如此，我想確保我們清楚——如果你們還記得，當我們進行那筆交易時，有 14 項資產，其中 8 項現有資產和 6 項在建資產。

Those 14 assets right now are 99% leased.

目前這 14 項資產的 99% 已出租。

So I think that's important when we look at underlying demand.

因此，我認為當我們考慮潛在需求時，這一點很重要。

And the Ascenty platform remains, in our opinion, the dominant platform in the region.

我們認為，Ascenty 平台仍然是該地區的主導平台。

So we think we're going to continue to see significant follow-on growth opportunities in additional markets like Chile.

因此，我們認為我們將繼續在智利等其他市場看到重大的後續成長機會。

And we think what you'll see is, again, we think there was a slight pause in this last quarter.

我們認為您會再次看到，我們認為上個季度出現了輕微的停頓。

But we'll see that like we see elsewhere, you'll see the demand start to come back from the customers at that point, once they absorb, and we think you're going to see demand pick up.

但我們會看到，就像我們在其他地方看到的那樣，一旦客戶吸收了需求，你就會看到需求開始從客戶回來，我們認為你會看到需求回升。

And we think Chris and his team have done a terrific job, and they have an attractive pipeline for 2020.

我們認為 Chris 和他的團隊做得非常出色，他們在 2020 年擁有有吸引力的產品線。

But in terms of how much it contributed, Matt would be better positioned to answer that.

但就其貢獻有多大而言，馬特更有資格回答這個問題。

Yes.

是的。

I mean I think it was -- the contribution to the quarter was minimal, but what we're seeing right now in the first quarter is an acceleration.

我的意思是，我認為對本季的貢獻很小，但我們現在在第一季看到的是加速。

They've already signed in the first quarter more than they did in the fourth quarter.

他們第一季簽下的球員已經比第四季多了。

So positive momentum there in the South American portfolio, similar to what we're seeing in our overall portfolio as the cloud providers continue to ramp up what we see as their demand overall.

南美投資組合的積極勢頭與我們在整體投資組合中看到的情況類似，因為雲端供應商繼續增加我們認為的整體需求。

Right.

正確的。

Maybe just a little bit of -- this is Chris.

也許只是一點點——這是克里斯。

Just on the PlatformDIGITAL element that we talked about in the script, I think you're seeing early days of a lot of customers going into that market.

就我們在腳本中討論的 PlatformDIGITAL 元素而言，我認為您會看到許多客戶進入該市場的早期階段。

And so we really see that ecosystem starting to really build out there, and it's a critical element that I think it's important to highlight the fact that it's a customer-led expansion down there.

因此，我們確實看到生態系統開始真正在那裡建立，這是一個關鍵因素，我認為有必要強調這一事實，即這是一個以客戶為主導的擴張。

And so it's still early days, like Matt was referencing.

所以現在還處於早期階段，就像馬特提到的那樣。

Our next question will come from Simon Flannery with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的西蒙·弗蘭納裡。

Interesting to get the commentary on Ashburn.

得到關於阿什本的評論很有趣。

That's encouraging.

這令人鼓舞。

Can you just talk about to what extent there's sort of changes in the competitive dynamic there?

您能談談那裡的競爭動態有多大程度的變化嗎？

Are you seeing any change in the kind of positioning of the private players in terms of committing capital or delaying builds, any supply side changes?

您是否看到私人參與者在投入資本或延遲建設方面的定位有任何變化，供應方面是否有任何變化？

And then it's good to see the lease renewals being spread out from here.

然後很高興看到租約續約從這裡開始。

But are there any particular churn events we should be aware of?

但有什麼我們應該注意的特定流失事件嗎？

Or do you expect churn to be fairly linear through the year?

或者您預計全年客戶流失率會相當線性嗎？

Thanks, Simon.

謝謝，西蒙。

This is Chris.

這是克里斯。

Definitely, Ashburn is a phenomenal market.

毫無疑問，阿什本是一個非凡的市場。

It's very unique in the industry as we all know.

眾所周知，這在行業中是非常獨特的。

But definitely, from the private competitors, I think one of the things that's often overlooked is the fact that platforms matter and their increasing importance to our customers, where they have access to broader revenue in every major market around the globe, and I think also the fact that you can land and expand with us and the work that we've done to build out land banks and beyond what some of these smaller private companies are able to achieve.

但毫無疑問，對於私人競爭對手來說，我認為經常被忽視的一件事是平台很重要，而且它們對我們的客戶越來越重要，他們可以在全球每個主要市場獲得更廣泛的收入，而且我認為事實上，您可以與我們一起登陸和擴張，以及我們為建立土地儲備所做的工作，超出了一些小型私人公司能夠實現的目標。

So that's really a big differentiator for us.

所以這對我們來說確實是一個很大的差異化因素。

And then the overall supply, like we had referenced earlier, the fact that we've worked with our VMI, or vendor-managed piece, and a lot of our buildouts there.

然後是整體供應，就像我們之前提到的那樣，我們已經與我們的 VMI（或供應商管理的部分）以及我們在那裡的許多擴建項目合作。

We're very prudent in the way that we can accelerate and build capacity in a very flexible manner to meet that customer requirement.

我們非常謹慎地以非常靈活的方式加速和建立產能，以滿足客戶的需求。

And I'll kind of hand the -- Greg off for the second part of your question there.

我將把你問題的第二部分交給格雷格。

Yes.

是的。

Thanks, Chris.

謝謝，克里斯。

And Simon, I would say, I echo obviously everything Chris said.

我想說，西蒙，我顯然同意克里斯所說的一切。

And the other important factor here is, look, I think by definition, when you look and see if the supply and demand situation still exists in Northern Virginia, that we'd be very surprised if you see any private new capital coming and deployed a development property in that market.

這裡的另一個重要因素是，我認為根據定義，當你觀察北維吉尼亞州的供需狀況是否仍然存在時，如果你看到任何私人新資本的到來並部署了該市場的開發物業。

Now what we have seen is some of that space, to Chris' point, where they may not be leased, that's where you see some of the concessions and the like occurring, but we're keeping our eye on that as well.

現在我們看到的是一些空間，就克里斯的觀點而言，它們可能不會被出租，這就是你看到一些讓步等發生的地方，但我們也在密切關注這一點。

Going back to Bill Stein's routes to be opportunistic, and that's one of the reasons Bill and Andy are always preaching that, and Matt, that we always keep the balance sheet pristine and be ready.

回到比爾史坦的機會主義路線，這就是比爾和安迪總是宣揚這一點的原因之一，而馬特則認為我們始終保持資產負債表的原始狀態並做好準備。

So look, I think that's how -- as Chris said, he talked about the advantages we're having in the market.

所以看，我認為這就是 - 正如克里斯所說，他談到了我們在市場上擁有的優勢。

We're having success, but we think that's because of our platform.

我們取得了成功，但我們認為這是因為我們的平台。

And so, look, we'll look to take advantage otherwise to the extent we can.

所以，看，我們會盡量利用其他方式。

Anything on churn?

有什麼關於流失的事嗎？

Yes.

是的。

I'll hit on the churn.

我會全力以赴。

I mean I think as you kind of saw in our slides and our remarks, we had an elevated overall expiration pool this year, but our churn was relatively in line with our historical average, around 80%.

我的意思是，我認為正如您在我們的幻燈片和評論中看到的那樣，今年我們的整體到期池有所增加，但我們的流失率與歷史平均水平相對一致，約為 80%。

We've got a pretty material step down in our expiration pool for next year.

明年我們的到期池將大幅減少。

And we're actually expecting our churn to be even -- well, I'm sorry, our retention to be even better in 2020 than what we experienced in 2019.

事實上，我們預期 2020 年的流失率會比 2019 年的情況更好。

So we're pretty positive about our overall portfolio and the management of the lease that's coming back at us in 2020.

因此，我們對 2020 年我們的整體投資組合和租賃管理非常樂觀。

Our next question will come from Aryeh Klein with BMO Capital.

我們的下一個問題將來自 BMO Capital 的 Aryeh Klein。

On the M&A front, clearly a lot on the plate with Interxion and Westin in the works.

在併購方面，Interxion 和 Westin 顯然正在進行大量併購工作。

But Equinix recently announced the acquisition of Packet.

但Equinix最近宣布收購Packet。

And I was interested in your views on whether Digital could pursue similar types of deals as you build out the interconnection platform.

我很想知道您對 Digital 在建立互連平台時是否可以尋求類似類型交易的看法。

And are those things customers are asking for?

這些是客戶所要求的嗎？

No.

不。

Thanks, Aryeh.

謝謝，阿耶。

This is Chris.

這是克里斯。

I'm happy to talk through that.

我很高興能討論這個問題。

So it was definitely something that was expected in the market.

所以這絕對是市場所期待的。

I think the way that we look at this is a philosophical difference there, where we really look at our platform as being open.

我認為我們看待這個問題的方式存在哲學差異，我們真正將我們的平台視為開放的。

And one of the core things that we value is not competing with our customers and partners.

我們重視的核心事情之一是不與我們的客戶和合作夥伴競爭。

And one of the things that we often look at is how can we invest in them as rather than compete with them.

我們經常關注的事情之一是我們如何投資它們而不是與它們競爭。

And so some of the work that we've done building out one of the largest SDN fabrics of the world with our Service Exchange, which is powered by Megaport, is something critical to us.

因此，我們透過 Megaport 提供支援的 Service Exchange 建構了世界上最大的 SDN 結構之一，這對我們來說至關重要。

But one of the other key elements inside of this is it doesn't change our focus, right, where we're building the only global fit-for-purpose data center platform, and it's underpinned by an open ecosystem approach, which we want to allow our partners to provide those higher-value -- or not higher-value, higher-up-the-stack services like Packet is providing.

但其中的其他關鍵要素之一是它不會改變我們的重點，對吧，我們正在建立唯一的全球適合用途的資料中心平台，並且它以開放的生態系統方法為基礎，這是我們想要的允許我們的合作夥伴提供那些更高價值的服務，或不是像Packet 提供的更高價值、更高層次的服務。

And so we see our approach in being a foundational element to a lot of our partners and customers, being able to service that bare metal opportunity that Packet has looked at, because there's a lot of customers out there that have already solved that.

因此，我們認為我們的方法是我們許多合作夥伴和客戶的基礎要素，能夠為 Packet 所關注的裸機機會提供服務，因為有許多客戶已經解決了這個問題。

And so we'd rather focus on solving for more of the data gravity issues and building out a fit-for-purpose capability for global reach or partnering with the capability, if you will.

因此，我們寧願專注於解決更多的數據引力問題，並建立適合全球影響力的功能或與該功能合作（如果您願意的話）。

So that's kind of how we view that transaction happening in the market, but we still see ourselves as aligning with our partners and customers and empowering their solutions in a unique way to solve for this enterprise need on a global basis.

這就是我們對市場上發生的交易的看法，但我們仍然認為自己與我們的合作夥伴和客戶保持一致，並以獨特的方式增強他們的解決方案，以在全球範圍內解決這一企業需求。

Our next question will come from Rob Palmisano with Raymond James.

我們的下一個問題將由羅布·彭明盛和雷蒙德·詹姆斯提出。

Frank made me -- let me make the call.

弗蘭克讓我——讓我打電話。

So I want to follow up on that on the Packet thing and possibly adding some additional tools.

所以我想跟進 Packet 的事情，並可能添加一些額外的工具。

I mean I understand the industry not wanting to compete with the customers.

我的意思是，我理解這個行業不想與客戶競爭。

And I've consistently heard that.

我一直聽到這樣的說法。

But do you think maybe there's a point where the industry is a little too religious on that?

但你是否認為這個行業在某種程度上對此有點過於虔誠了？

And there could be some more commoditized things, the networking and some other elements where you could be leaving some money on the table and wouldn't necessarily irritate the customers?

可能還有一些更商品化的東西，網絡和其他一些元素，你可以在桌子上留下一些錢，但不一定會激怒客戶？

Are you getting more direct feedback from them?

您是否從他們那裡得到了更直接的回饋？

And then secondly, to follow up, what are you seeing as far as potential rent rolldowns?

其次，您對潛在的租金調降有何看法？

And do you think there's a risk of any -- of higher churn this year from any customers that might walk rather than move the rent down?

您認為今年是否有任何可能會步行而不是降低租金的客戶流失率更高的風險？

No, absolutely.

不，絕對是。

I'll take the first part of that question.

我將回答這個問題的第一部分。

So one of the things that I think is great about Digital, and we spent a tremendous amount of time is, we're customer-led, right?

因此，我認為數位化的偉大之處之一是，我們以客戶為主導，我們花費了大量時間，對嗎？

And our extreme customer focus is we listen to what their needs are.

我們以客戶為中心，傾聽他們的需求。

And one of the elements is you do what you do well, right?

其中一個要素就是你做你擅長的事情，對吧？

And just continue to do that.

並繼續這樣做。

And one of the things that we have done very well, which is centered around PlatformDIGITAL is, again, that global reach and that repetitive nature of a fit-for-purpose product, right?

我們以 PlatformDIGITAL 為中心做得很好的事情之一就是全球影響力和適合用途的產品的重複性，對嗎？

That's very unique in the industry that allows customers to do cab, cage or megawatt.

這在業界是非常獨特的，允許客戶生產駕駛室、籠式或兆瓦級的產品。

But one of the things that we've looked at is in these higher-up-the-stack services, it's not in our remit.

但我們關注的事情之一是這些高層服務，它不屬於我們的職權範圍。

And so when we see a lot of these things happen in other industries, either the service fails or that the service becomes pretty complacent rather quickly.

因此，當我們看到其他行業發生很多這樣的事情時，要么服務失敗，要么服務很快就變得相當自滿。

So because it's an ever-evolving landscape, particularly around bare metal, and there's a lot of customers out there -- or companies out there that are creating these bare metal solutions, what we see is happening in the market is you have purpose-built infrastructure for certain types of workloads, right?

因此，因為這是一個不斷發展的格局，特別是在裸機方面，並且有很多客戶或正在創建這些裸機解決方案的公司，所以我們看到市場上正在發生的事情是您有專門構建的適用於某些類型工作負載的基礎設施，對吧？

And so a tuck-in acquisition like this will only give you so much benefit for so long.

因此，像這樣的收購只能在很長一段時間內為你帶來這麼多好處。

And us being able to align with some of the bellwether powerhouses in the industry would be a better solution for our enterprises to really get the full benefit out of the deployment with Digital.

我們能夠與業界中的一些領頭羊強者結盟，這將是我們的企業真正從數位部署中獲得全部利益的更好解決方案。

And the second part of the question, I'll hand it over to Matt.

問題的第二部分，我將把它交給馬特。

Yes, I think your question, again, was kind of centered on churn and mark-to-market.

是的，我認為你的問題再次集中在客戶流失和按市值計價。

And again, I kind of reiterate some of the comments.

我再次重申了一些評論。

So we worked through a 25%, almost, of our portfolio this year.

因此，今年我們幾乎完成了 25% 的投資組合。

We have a material step down in the amount of pool of our leases and contracts expiring next year.

我們明年到期的租賃和合約數量將大幅減少。

We feel bullish both on our ability to retain above average within that pool expiring in this year now in 2020 as well as our ability to maintain rates and be positive on that front.

我們對今年到期的 2020 年池中保持高於平均水平的能力以及維持利率並在這方面保持積極態度的能力感到樂觀。

This will conclude 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, Sean.

謝謝你，肖恩。

I would like to wrap up our call today by recapping our 2019 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 2019 年亮點來結束我們今天的電話會議。

First, we strategically expanded our global platform, entering Chile with an anchor lease with a leading global cloud provider, acquiring a key land parcel in Seoul, Korea and reaching agreements to explore a joint venture in India with the Adani Group and to combine with Interxion to create a leading global provider of cloud and carrier-neutral data center solutions with an enhanced presence in Europe.

首先，我們策略性地擴展了我們的全球平台，透過與全球領先雲端供應商的錨定租賃進入智利，收購了韓國首爾的一塊重要地塊，並達成協議，與阿達尼集團在印度建立合資企業，並與Interxion 合併創建一家全球領先的雲端和營運商中立資料中心解決方案供應商，並增強在歐洲的影響力。

Two, we successfully executed on our private capital initiative, closing $1.4 billion of asset sales over the last 3 months and redeploying those proceeds into highly-strategic investments.

第二，我們成功執行了私人資本計劃，在過去 3 個月內完成了 14 億美元的資產出售，並將這些收益重新部署到高度策略性的投資中。

Three, we launched PlatformDIGITAL, a unique global data center platform designed to enable customers to scale digital business.

第三，我們推出了 PlatformDIGITAL，這是一個獨特的全球資料中心平台，旨在幫助客戶擴展數位業務。

And we landed a record number of new logos in 2019.

2019 年，我們推出的新商標數量創歷史新高。

Last, but not least, we further strengthened our balance sheet, raising $3.4 billion of long-term debt and preferred equity at a weighted average coupon of 3.1%.

最後但並非最不重要的一點是，我們進一步強化了資產負債表，以 3.1% 的加權平均票面利率籌集了 34 億美元的長期債務和優先股。

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種一致的執行。

Thank you all for joining us, and we hope to see many of you on the spring conference circuit.

感謝大家加入我們，我們希望在春季巡迴會議上見到你們中的許多人。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation, and you may now disconnect.

感謝您參加今天的演示，您現在可以斷開連接了。