Digital Realty Trust Inc (DLR) 2022 Q2 法說會逐字稿

Good afternoon, and welcome to the Digital Realty Second Quarter 2022 Earnings Call. Please note this event is being recorded. (Operator Instructions)

下午好，歡迎參加 Digital Realty 2022 年第二季度財報電話會議。請注意，正在記錄此事件。 （操作員說明）

I would now like to turn the call over to Jordan Sadler. Digital Realty's Senior Vice President of Public and Private Investor Relations. Please go ahead.

我現在想把電話轉給喬丹·薩德勒。 Digital Realty 的公共和私人投資者關係高級副總裁。請繼續。

Thank you, operator, and welcome, everyone, to Digital Realty's Second Quarter 2022 Earnings Conference Call. Joining me on today's call are CEO, Bill Stein; and President and CFO, Andy Power. Chief Investment Officer, Greg Wright; Chief Technology Officer, Chris Sharp; and Chief Revenue Officer, Corey Dyer are also on the call and will be available for Q&A.

謝謝運營商，歡迎大家參加 Digital Realty 的 2022 年第二季度收益電話會議。和我一起參加今天電話會議的還有 CEO Bill Stein；以及總裁兼首席財務官 Andy Power。首席投資官格雷格·賴特；首席技術官，克里斯·夏普；首席營收官科里·戴爾（Corey Dyer）也在電話會議中，可以進行問答。

Management may make forward-looking statements, including guidance and underlying assumptions on today's call. Forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially. For a further discussion of risks related to our business, see our 10-K and subsequent filings with the SEC. This call will contain non-GAAP financial information. Reconciliations to net income are included in the supplemental package furnished to the SEC and available on our website.

管理層可能會做出前瞻性陳述，包括對今天電話會議的指導和基本假設。前瞻性陳述基於涉及可能導致實際結果出現重大差異的風險和不確定性的預期。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。本次電話會議將包含非公認會計原則財務信息。對淨收入的調節包含在提供給 SEC 的補充包中，可在我們的網站上找到。

Before I turn the call over to Bill, let me offer a few key takeaways from our second quarter. First, the overarching trend of digital transformation remains a secular driver for our business, which was highlighted by yet another quarter of greater than $110 million of bookings and over 100 new logos added, which was well diversified in terms of product and GO; second, the improved re-leasing spreads we saw last quarter continued in 2Q, and we remain focused on offsetting the impacts of rising costs throughout our pipeline of new opportunity and development; third, our transformation into a leading global data center solution provider remains on track with our investment in Teraco expected to close within the next 2 weeks; and finally, our core FFO per share results exceeded consensus for the quarter, though we tempered our expectations for the second half and full year 2022, principally due to continued FX headwinds as we reaffirmed our constant currency core FFO per share guidance for 2022.

在我將電話轉給比爾之前，讓我提供第二季度的一些關鍵要點。首先，數字化轉型的總體趨勢仍然是我們業務的長期驅動力，其中又一個季度超過 1.1 億美元的預訂量和 100 多個新標識的添加突出了這一點，在產品和 GO 方面非常多樣化；其次，我們在上個季度看到的改善的再租賃利差在第二季度繼續存在，我們仍然專注於在我們的新機遇和發展管道中抵消成本上升的影響；第三，我們向全球領先的數據中心解決方案提供商的轉型仍在繼續，我們對 Teraco 的投資預計將在未來兩週內完成；最後，我們的核心每股 FFO 結果超出了本季度的共識，儘管我們調低了對 2022 年下半年和全年的預期，這主要是由於我們重申了 2022 年不變貨幣核心每股 FFO 指引時持續存在外匯逆風。

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

有了這個，我想把電話轉給我們的首席執行官比爾斯坦。

Thank you, Jordan, and thanks to everyone for joining our call. Digital Realty is levered to powerful long-term secular demand trends, broadly driven by ongoing digital transformation and the growth in IT and data. We have an unmatched global operating footprint along with a strong development pipeline to continue to deepen and expand that footprint to meet our customers' growing needs.

謝謝你，喬丹，也感謝大家加入我們的電話。 Digital Realty 充分利用了強大的長期長期需求趨勢，這在很大程度上受到了持續的數字化轉型以及 IT 和數據增長的推動。我們擁有無與倫比的全球運營足跡以及強大的開發渠道，可以繼續深化和擴大這一足跡，以滿足客戶不斷增長的需求。

Those customers are a growing community of more than 4,000 organizations across the globe, including the world's largest cloud service providers, communication providers that enable the global transport of data, Global 2000 enterprises as well as many multinational and industry-leading companies. Our second quarter results were strong with $113 million of new bookings and core FFO per share of $1.72, a 12% increase over the second quarter of last year and a 3% sequential increase, despite stiff FX headwinds.

這些客戶是一個由全球 4,000 多家組織組成的不斷壯大的社區，其中包括全球最大的雲服務提供商、支持全球數據傳輸的通信提供商、全球 2000 強企業以及許多跨國和行業領先的公司。我們的第二季度業績強勁，新預訂量為 1.13 億美元，每股核心 FFO 為 1.72 美元，比去年第二季度增長 12%，環比增長 3%，儘管存在強勁的外匯逆風。

The dialogue with our customers surrounding the evolving supply-demand dynamic and our compelling value proposition has started to translate with price increases driving positive cash renewals, supporting our push for appropriate rent escalators and helping to maintain stable development returns. Despite generally higher prices, demand for data center solutions remains strong around the world. with notable productivity in each of our regions.

圍繞不斷變化的供需動態和我們令人信服的價值主張與我們的客戶進行的對話已經開始轉化為價格上漲推動積極的現金更新，支持我們推動適當的租金自動扶梯並幫助維持穩定的發展回報。儘管價格普遍較高，但全球對數據中心解決方案的需求仍然強勁。在我們每個地區都有顯著的生產力。

EMEA was a standout this quarter with all 5 of our largest deals landing in the region as the world's leading cloud service providers continued to utilize our platform to expand their infrastructure and support their growing needs. Looking forward, our pipeline remains robust as enterprises continue their digital transformation with a growing preference for hybrid cloud architecture, while cloud and connectivity providers continue to expand their infrastructure to better serve their customers around the world.

EMEA 在本季度表現出色，我們所有 5 筆最大的交易都登陸該地區，因為世界領先的雲服務提供商繼續利用我們的平台來擴展他們的基礎設施並支持他們不斷增長的需求。展望未來，隨著企業繼續進行數字化轉型，對混合雲架構的偏好越來越高，而云和連接提供商繼續擴展其基礎設施以更好地為全球客戶提供服務，我們的管道將保持強勁。

Andy will provide more color on our results shortly, but first, I want to touch on the recent launch of Service Fabric Connect, an open interconnection solution and orchestration platform designed to support the wider industry shift to a hybrid data-centric architecture. This product launch empowers our enterprise and service provider customers to connect to anyone, anywhere at any time through an open and neutral digital marketplace.

Andy 將很快為我們的結果提供更多色彩，但首先，我想談談最近推出的 Service Fabric Connect，這是一個開放的互連解決方案和編排平台，旨在支持更廣泛的行業向以數據為中心的混合架構的轉變。此次產品發布使我們的企業和服務提供商客戶能夠通過開放和中立的數字市場隨時隨地與任何人聯繫。

Service Fabric Connect is the first of several related interconnection-oriented products that we have on our roadmap and was launched with availability in over 30 markets around the world. We are excited to bring this product to life, and we look forward to delivering these enhanced connectivity benefits to our customers.

Service Fabric Connect 是我們路線圖上的幾個相關的面向互連的產品中的第一個，並在全球 30 多個市場推出。我們很高興將這款產品帶入生活，我們期待著為我們的客戶提供這些增強的連接優勢。

Let's turn to our investment activity on Page 4. We continue to invest in our global platform through a combination of organic new market entries that enhance our global productivity offerings as well as existing market expansions that are designed to meet our customers' longer-term capacity and connectivity solution requirements. Along these lines, in the second quarter, we acquired land in 3 European markets for ground-up development to support strong demand.

讓我們轉向第 4 頁的投資活動。我們將繼續投資於我們的全球平台，通過有機的新市場進入相結合，提高我們的全球生產力產品，以及旨在滿足客戶長期產能的現有市場擴張和連接解決方案要求。沿著這些思路，在第二季度，我們在 3 個歐洲市場收購了土地以進行地面開發，以支持強勁的需求。

In addition, we announced our entry into Israel with the formation of a joint venture with Mivne, a leading Israeli real estate group. Together, we plan to develop a data center campus in Peta Tikva, the primary connectivity hub in Israel. Our presence in Israel will complement our facilities across the Mediterranean and will support the emergence of new connectivity routes that subsea cable operators are developing between the Mediterranean and the Red Sea.

此外，我們宣布進入以色列，與以色列領先的房地產集團 Mivne 成立合資企業。我們計劃一起在以色列的主要連接樞紐 Peta Tikva 開發一個數據中心園區。我們在以色列的存在將補充我們在地中海的設施，並將支持海底電纜運營商正在地中海和紅海之間開發的新連接路線的出現。

Finally, we have received the necessary regulatory approval in South Africa to close on the acquisition of Teraco, a leading colocation and interconnection provider in South Africa. We now expect to close the transaction within the next 2 weeks. Our active development pipeline remains robust and grew by more than 10% sequentially with 41 projects underway, supporting over 360 megawatts of IT capacity in 18 strategically important metros around the world.

最後，我們在南非獲得了必要的監管批准，以完成對南非領先的託管和互連供應商 Teraco 的收購。我們現在預計將在未來 2 週內完成交易。我們積極的開發管道依然強勁，環比增長超過 10%，有 41 個項目正在進行中，支持全球 18 個具有戰略意義的地鐵超過 360 兆瓦的 IT 容量。

More than half of this capacity is already presold, reflecting strong customer demand. Given the dynamism of the current environment, we know how important it is to make sure that we are being appropriately compensated for the elevated risk throughout the capital markets and the broader economy.

超過一半的產能已經預售，反映了強勁的客戶需求。鑑於當前環境的活力，我們知道確保我們在整個資本市場和更廣泛的經濟中獲得適當的高風險補償是多麼重要。

We have sought to mitigate these risks through our VMI program, appropriate pricing adjustments and CPI-based rent escalators that help insulate us from the impact of higher operating costs throughout the life of our customer contracts.

我們試圖通過我們的 VMI 計劃、適當的定價調整和基於 CPI 的租金自動扶梯來減輕這些風險，這有助於我們在客戶合同的整個生命週期中免受更高運營成本的影響。

Finally, as we have discussed in the past, we remain focused on opportunistically culling our portfolio. Since the end of 2019, we have monetized over $4 billion of assets through a combination of outright sales, joint ventures and more recently, through the contributions to our Singaporean Capital Partner Digital Core REIT. We view these sales and contributions as an important source of capital raising as we continue to expand our diverse global portfolio and accelerate our growth.

最後，正如我們過去所討論的，我們仍然專注於機會主義地剔除我們的投資組合。自 2019 年底以來，我們通過直接銷售、合資企業以及最近通過對新加坡資本合作夥伴 Digital Core REIT 的貢獻，將超過 40 億美元的資產貨幣化。我們將這些銷售和貢獻視為籌集資金的重要來源，因為我們將繼續擴大我們多元化的全球投資組合併加速我們的增長。

Before turning it over to Andy, I'd like to highlight an important update to our Board and then discuss the success we were having with other ESG initiatives shown on Page 5 of our earnings presentation. In June, Mary Hogan Preusse, a 30-year REIT industry veteran was named Chairman of the Board, succeeding Lawrence Chapman. Mary has served on our Board since 2017 and has played a critical role in driving Digital Realty's expansion and innovation as we have pursued our transformation to being a global full spectrum data center provider.

在將其交給安迪之前，我想強調我們董事會的一項重要更新，然後討論我們在收益報告第 5 頁上顯示的其他 ESG 舉措所取得的成功。 6 月，在 REIT 行業擁有 30 年經驗的資深人士 Mary Hogan Preusse 被任命為董事會主席，接替 Lawrence Chapman。 Mary 自 2017 年以來一直在我們的董事會任職，並在推動 Digital Realty 的擴張和創新方面發揮了關鍵作用，因為我們一直在努力轉型為全球全頻譜數據中心提供商。

We are fortunate that Lawrence will continue to serve on our Board of Directors to provide his deep well of experience, understanding and leadership. Mary's appointment aligns with Digital Realty's commitment to strong governance, our focus on sustainability and the aim to balance fresh thinking with experience and continuity. I look forward to working with Mary in her new role.

我們很幸運，勞倫斯將繼續在我們的董事會任職，以提供他深厚的經驗、理解和領導能力。 Mary 的任命與 Digital Realty 對強有力治理的承諾、我們對可持續性的關注以及平衡新思維與經驗和連續性的目標相一致。我期待著與瑪麗一起擔任新角色。

We also continue to advance the ball towards our sustainability goals in the second quarter. In addition to publishing our fourth annual ESG report, we became the first data center operator to achieve the milestone of 1 gigawatt of sustainably certified data center capacity. We also further expanded our renewable portfolio in the U.S. by contracting for 158 megawatts of new solar energy before the recent run-up in power prices, supporting our data centers in California and Georgia. Globally, 119 of our data centers are powered by 100% renewable energy. We are committed to minimizing our impact on the environment while delivering sustainable growth for all of our stakeholders.

我們還在第二季度繼續朝著我們的可持續發展目標前進。除了發布第四份年度 ESG 報告外，我們還成為首家實現 1 吉瓦可持續認證數據中心容量里程碑的數據中心運營商。我們還進一步擴大了我們在美國的可再生能源產品組合，在最近電價上漲之前簽訂了 158 兆瓦的新太陽能合同，為我們在加利福尼亞州和喬治亞州的數據中心提供支持。在全球範圍內，我們的 119 個數據中心由 100% 可再生能源供電。我們致力於最大限度地減少對環境的影響，同時為所有利益相關者實現可持續增長。

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

有了這個，我想把電話轉給安迪，讓你了解我們的財務業績。

Thank you, Bill. Let's turn to our leasing activity on Page 7. As Bill noted, we signed total bookings of $113 million with a $12 million contribution from interconnection during the second quarter. New business was healthy across product types as sub-1 megawatt plus interconnection accounted for 42% of the quarter's bookings, while deals larger than a megawatt accounted for 57% of this quarter's bookings.

謝謝你，比爾。讓我們轉到第 7 頁上的租賃活動。正如比爾指出的那樣，我們在第二季度簽署了 1.13 億美元的總預訂，其中 1200 萬美元來自互連。各種產品類型的新業務都很健康，因為低於 1 兆瓦加上互連佔本季度預訂量的 42%，而大於 1 兆瓦的交易占本季度預訂量的 57%。

The weighted average lease term on new leases was more than 7 years. EMEA accounted for well over half of this quarter's new business as Frankfurt continued to set the pace in the region, while Paris was also a meaningful contributor. Leasing was also geographically broad based during the quarter with significant contributions from Northern Virginia, Athens, Zurich, Tokyo, Sao Paulo, New York, Dublin and Amsterdam.

新租約的加權平均租期超過 7 年。 EMEA 佔本季度新業務的一半以上，因為法蘭克福繼續引領該地區的步伐，而巴黎也是一個有意義的貢獻者。本季度的租賃業務在地域上也很廣泛，北弗吉尼亞、雅典、蘇黎世、東京、聖保羅、紐約、都柏林和阿姆斯特丹的貢獻很大。

Reflecting the strength of demand from our customers, we grew the size of our development pipeline to more than 360 megawatts under construction as we started over 100 megawatts of new projects in EMEA and North America, including 35 megawatts in Frankfurt and 38 megawatts in Paris. Nearly 1/3 of our sub-1 megawatt plus interconnection bookings were exported from one region to another, reflecting the value customers realize from our global platform. North America was the most common export region with most of those exports landing in EMEA, followed by Asia Pacific and Latin America.

由於我們在歐洲、中東和非洲和北美啟動了超過 100 兆瓦的新項目，其中包括法蘭克福的 35 兆瓦和巴黎的 38 兆瓦，我們的開發管道規模擴大到超過 360 兆瓦，這反映了客戶的強勁需求。我們近 1/3 的低於 1 兆瓦以上的互連預訂從一個地區出口到另一個地區，反映了客戶從我們的全球平台實現的價值。北美是最常見的出口地區，其中大部分出口登陸歐洲、中東和非洲，其次是亞太地區和拉丁美洲。

During the second quarter, we added another 108 new customers, bringing the total to more than 1,000 new logos since closing the Interxion transaction a little over 2 years ago. We see a growing trend of multinational companies deploying and connecting large private data infrastructure footprints on platform digital across multiple regions and metros globally.

在第二季度，我們又增加了 108 名新客戶，自 2 年多前完成 Interxion 交易以來，新徽標總數已超過 1,000 個。我們看到跨國公司在全球多個地區和大都市的數字平台上部署和連接大型私有數據基礎設施足蹟的趨勢不斷增長。

In terms of specific customer wins during the quarter, a leading IT service provider has experienced the full range of benefits of PlatformDIGITAL from greater performance and scalability to cost savings. These customers expanded their capabilities across 3 metros in 2 geographic regions, emphasizing hybrid IT by integrating bare metal and cloud storage. Two, leading Global 2000 financial services firms chose PlatformDIGITAL for multi-set deployments in multiple metros across North America and Asia Pacific.

在本季度贏得的特定客戶方面，一家領先的 IT 服務提供商體驗了 PlatformDIGITAL 的全部優勢，從更高的性能和可擴展性到成本節約。這些客戶在 2 個地理區域的 3 個城市擴展了他們的能力，通過集成裸機和雲存儲來強調混合 IT。二，領先的全球 2000 強金融服務公司選擇 PlatformDIGITAL 在北美和亞太地區的多個城市進行多組部署。

One of the world's leading video game developers is expanding on PlatformDIGITAL to access our global footprint, scalability and low latency performance. A Global 2000 reinsurer is expanding on PlatformDIGITAL with full-spectrum benefits from the strong community to top cloud providers and robust security being key drivers. And a life sciences organization is switching to PlatformDIGITAL in 2 markets across North America to reduce network costs while implementing artificial intelligence and high-performance computing applications.

世界領先的視頻遊戲開發商之一正在擴展 PlatformDIGITAL，以訪問我們的全球足跡、可擴展性和低延遲性能。一家全球 2000 強的再保險公司正在擴展 PlatformDIGITAL，從強大的社區到頂級雲提供商的全方位利益和強大的安全性是關鍵驅動因素。一家生命科學組織正在北美的兩個市場轉向 PlatformDIGITAL，以降低網絡成本，同時實施人工智能和高性能計算應用程序。

Turning to our backlog on Page 9. The current backlog of signed, but not yet commenced leases, tapered at $393 million by quarter end as record level of commenced leases outpaced new signings. A lag between signings and commencements moved up to 13 months due to one larger signing into a new campus development in Frankfurt. Excluding that lease, the sign of commencement period was more in line with our recent experience of about 8 months.

轉向我們在第 9 頁的積壓。由於已開始租賃的創紀錄水平超過了新簽約，目前已簽署但尚未開始的租賃積壓在季度末減少至 3.93 億美元。由於在法蘭克福的新校園開發項目中籤入了更大的簽約，簽約和開學之間的延遲長達 13 個月。不包括該租約，開始期的跡象更符合我們最近約 8 個月的經驗。

Moving on to Page 10. We signed $173 million of renewal leases during the second quarter at a positive 3.4% cash re-leasing spreads compared to 3.3% positive last quarter. Renewal rates were positive in each product segment and also in each of our 3 regions. The majority of total renewals were sub-1 megawatt deals, reflecting the higher unit price contracts that are characteristic of that segment. These renewals climbed by 3% during the second quarter. Among larger deals, rates increased by 1.1%.

轉到第 10 頁。我們在第二季度簽署了 1.73 億美元的續租合同，現金再租賃利差為 3.4%，上一季度為 3.3%。每個產品領域以及我們三個地區的每一個地區的續訂率都是正數。大部分續約是低於 1 兆瓦的交易，反映了該細分市場特有的較高單價合同。這些續約在第二季度攀升了 3%。在較大的交易中，費率上漲了 1.1%。

We are encouraged by the positive trajectory of renewal spreads as well as our constructive engagement with customers on the current inflationary environment and our highly compelling value proposition. In terms of operating performance, total portfolio occupancy rebounded by 60 basis points sequentially, driven by the strong commencements from our record backlog.

我們對續訂利差的積極軌跡以及我們在當前通貨膨脹環境中與客戶的建設性接觸以及我們極具吸引力的價值主張感到鼓舞。在經營業績方面，由於我們創紀錄的積壓開工強勁，總投資組合入住率環比反彈 60 個基點。

These improvements in our occupancy come despite our active intention to grow our global colocation inventory in order to meet the growing demand of our expanding customer base who continue to solve for complex IT infrastructure connectivity and data integration challenges. Same capital cash NOI growth fell 5.5% in the second quarter, primarily driven by a 400 basis point FX headwind in the last leg of a previously discussed sizable churn event. Most of this space has already been re-leased and will more fully commence over the next several quarters, which should drive an improved trend in revenue growth on a constant currency basis.

儘管我們積極打算增加我們的全球託管庫存以滿足我們不斷擴大的客戶群不斷增長的需求，這些客戶群繼續解決複雜的 IT 基礎設施連接和數據集成挑戰，但我們的入住率仍有這些改善。第二季度相同資本現金 NOI 增長下降 5.5%，主要是受先前討論的大規模流失事件的最後一站 400 個基點的外匯逆風推動。這個空間的大部分已經重新出租，並將在接下來的幾個季度更全面地開始，這將推動收入增長在不變貨幣基礎上的改善趨勢。

Turning to our risk mitigation strategies on Page 11. 57% of our second quarter operating revenue was denominated in U.S. dollars, with 22% in euros, and 7% in Singapore dollars, 6% British pounds and 2% in Japanese yen. We have also actively mitigated interest rate risk by proactively terming out short-term variable rate debt or longer-term fixed-rate financing.

轉向我們在第 11 頁的風險緩解策略。我們第二季度營業收入的 57% 以美元計價，其中 22% 以歐元計價，7% 以新加坡元計，6% 以英鎊計價，2% 以日元計價。我們還通過主動終止短期浮動利率債務或長期固定利率融資來積極降低利率風險。

Turning back to currency. The U.S. dollar continued to strengthen over the last several months, and FX represented a 400 to 450 basis point drag on year-over-year growth in our second quarter reported results from a top to the bottom line, as shown in our constant currency analysis on Page 12. As we've highlighted in the past, currency fluctuations has more typically served as a 50 to 100 basis point headwind or tailwind to earnings in periods of lower volatility.

回到貨幣。美元在過去幾個月繼續走強，外匯對我們第二季度的同比增長造成了 400 至 450 個基點的拖累，如我們的不變貨幣分析所示見第 12 頁。正如我們過去強調的那樣，在波動性較低的時期，貨幣波動通常對收益構成 50 到 100 個基點的逆風或順風。

While the outsized depreciation of the euro this year has been a major driver of the headwinds for our P&L, it also represents the lion's share of our $4 billion-plus development pipeline. To be clear, we are operating and then investing locally rather than repatriating proceeds into U.S. dollars. Our operations and our investment pipeline along with our capital funding and locally denominated debt serve as a natural hedge.

雖然今年歐元的大幅貶值一直是我們損益表逆風的主要驅動力，但它也代表了我們超過 40 億美元的開發管道的最大份額。需要明確的是，我們是在本地運營然後進行投資，而不是將收益匯回美元。我們的業務和我們的投資渠道以及我們的資本資金和以當地計價的債務是一種自然的對沖工具。

Of course, given the growth of our global portfolio, along with the heightened FX volatility, we will continue to evaluate our hedging strategy on an ongoing basis. In terms of earnings growth, second quarter core FFO per share of $1.72 was 12% higher on a year-over-year basis and 3% higher sequentially, despite increased FX headwinds.

當然，鑑於我們全球投資組合的增長以及外匯波動性的加劇，我們將繼續持續評估我們的對沖策略。在盈利增長方面，儘管外匯逆風增加，第二季度每股核心 FFO 為 1.72 美元，同比增長 12%，環比增長 3%。

The outperformance versus our prior expectations for the quarter was principally a function of lower-than-expected's OpEx spend and a short delay in the closing of the Teraco transaction. Looking forward, we expect core FFO per share will remain under pressure from stiffer than expected FX headwinds given the appreciation of the U.S. dollar.

本季度業績優於我們之前的預期主要是由於運營支出低於預期以及 Teraco 交易完成的短暫延遲。展望未來，鑑於美元升值，我們預計每股核心 FFO 將繼續承受比預期更強的外匯逆風的壓力。

As you can see from the bridge chart on Page 13, we expect FFO will dip down a couple of pennies in the third quarter, principally due to FX, but also as a result of the delayed normalization of OpEx spend, near-term dilution from closing the Teraco transaction and higher interest rates. Accordingly, we have adjusted our underlying guidance assumptions that remain under pressure from foreign currency exchange and interest rates.

正如您從第 13 頁的橋接圖表中看到的那樣，我們預計 FFO 將在第三季度下降幾美分，主要是由於外匯，但也由於運營支出支出正常化延遲，近期稀釋關閉 Teraco 交易和更高的利率。因此，我們調整了仍面臨外匯匯率和利率壓力的基本指導假設。

We are also updating our core FFO per share guidance range for the full year 2022 to $6.75 to $6.85, reflecting a $0.05 per share adjustment at the low and high end of the range. Importantly, we are reaffirming our constant currency core FFO per share range of $6.95 to $7.05 for 2022. Given the continued strength of the U.S. dollar, we expect currency headwinds could represent a 300 to 400 basis point drag on full year 2022 revenue and core FFO per share growth.

我們還將 2022 年全年的每股核心 FFO 指導範圍更新至 6.75 美元至 6.85 美元，反映了該範圍的低端和高端每股 0.05 美元的調整。重要的是，我們重申 2022 年每股固定貨幣核心 FFO 範圍為 6.95 美元至 7.05 美元。鑑於美元持續走強，我們預計貨幣逆風可能對 2022 年全年收入和核心 FFO 造成 300 至 400 個基點的拖累每股增長。

Lastly, let's turn to the balance sheet on Page 14. Our reported leverage ticked down to 6.2x as of June 30, while fixed charge coverage increased to 6.0x. Adjusting for the proceeds from the last September's forward equity offering, our pro forma leverage drops to 5.8x, while fixed charge coverage improved to 6.2x. We remain focused on our financial strategy of maximizing the menu of available capital options while minimizing the related cost of our liabilities.

最後，讓我們看看第 14 頁的資產負債表。截至 6 月 30 日，我們報告的槓桿率下降至 6.2 倍，而固定費用覆蓋率上升至 6.0 倍。調整去年 9 月遠期股票發行的收益後，我們的備考槓桿率降至 5.8 倍，而固定費用覆蓋率提高至 6.2 倍。我們仍然專注於我們的財務戰略，即最大化可用資本選擇的菜單，同時最小化我們的負債相關成本。

The execution against this financial strategy reflects the strength of our global platform, which provides access to the full menu of public as well as private capital, sets us apart from the pack and enables us to prudently fund our strategic objectives. As you can see from the chart on Page 15, our weighted average debt maturity is nearly 6 years, and our weighted average coupon is 2.2%. Approximately 3/4 of our debt is non-U.S. dollar denominated, reflecting the growth of our global platform. Nearly 90% of our debt is fixed rate and 99% of our debt is unsecured, providing the greatest flexibility for capital recycling.

這一財務戰略的執行反映了我們全球平台的實力，該平台提供了對所有公共和私人資本的訪問權限，使我們與眾不同，使我們能夠謹慎地為我們的戰略目標提供資金。從第 15 頁的圖表可以看出，我們的加權平均債務期限接近 6 年，加權平均票面利率為 2.2%。我們大約 3/4 的債務以非美元計價，這反映了我們全球平台的發展。我們近 90% 的債務為固定利率，99% 的債務為無抵押，為資金循環提供了最大的靈活性。

Finally, as you can see from the left side of Page 15, we have modest near-term debt maturities and a well-laddered maturity schedule for the foreseeable future. Our balance sheet is poised to weather the storm, but also positioned to fuel growth opportunities for our customers around the globe, consistent with our long-term financing strategy.

最後，正如您從第 15 頁左側看到的那樣，我們的近期債務到期日適中，並且在可預見的未來，到期日安排良好。我們的資產負債表已準備好度過難關，同時也為我們的全球客戶提供增長機會，這與我們的長期融資戰略相一致。

This concludes our prepared remarks, and now we'll be pleased to take your questions. Operator, would you please begin the Q&A session?

我們準備好的發言到此結束，現在我們很樂意回答您的問題。接線員，請您開始問答環節嗎？

(Operator Instructions)

（操作員說明）

And our first question comes from Eric Luebchow of Wells Fargo.

我們的第一個問題來自富國銀行的 Eric Luebchow。

First of all, just curious on what your pipeline looks like in terms of hyperscale. I know you saw a tremendous amount of absorption in Q1. It was a little bit lighter, especially in the U.S. in Q2.

首先，只是好奇你的管道在超大規模方面是什麼樣子的。我知道您在第一季度看到了大量的吸收。它有點輕，尤其是在第二季度的美國。

Now any sense at all, the large cloud operators are pulling back after a few record leasing quarters? Or is this just the natural ebbs and flows of the market maybe related to a slightly more limited inventory you had in some of your key markets?

現在有什麼意義，大型雲運營商在經歷了幾個創紀錄的租賃季度後正在撤退？或者這只是市場的自然起伏，可能與您在一些主要市場的庫存稍微有限有關？

Yes. So Eric, this is Corey. Just responding to you. Thanks for the question. And I would tell you that our hyperscale demand and our bookings this quarter were really strong, especially across Europe. Really solid bookings across North America as well as Tokyo with hyperscale, and we haven't really seen a slowdown in it. Going forward, from our pipeline, our pipeline broadly is really strong. It's the highest we've ever had across all of our segments, including hyperscale.

是的。所以埃里克，這是科里。只是回應你。謝謝你的問題。我會告訴你，我們本季度的超大規模需求和預訂量非常強勁，尤其是在歐洲。北美和東京的超大規模預訂量非常穩定，而且我們還沒有真正看到它的放緩。展望未來，從我們的管道來看，我們的管道總體上非常強大。這是我們在所有細分市場（包括超大規模）中擁有的最高水平。

So we feel really good about where we are. They're continuing just to take advantage of the offering that we offer them. They're across -- they're with us across about 40 different markets, really utilizing us for the connectivity, the enterprise customers that we have and really taking advantage of our platform on an ongoing basis. So no real slowdown that I see so far. Andy?

所以我們對自己所處的位置感覺非常好。他們繼續只是為了利用我們為他們提供的產品。他們跨越 - 他們與我們一起跨越大約 40 個不同的市場，真正利用我們的連接，我們擁有的企業客戶，並真正持續利用我們的平台。所以到目前為止我沒有看到真正的放緩。安迪？

No...

不...

Sorry, Andy.

對不起，安迪。

Sorry, go ahead, please.

對不起，請繼續。

I was just going to ask a separate question. So something that we heard about recently were some challenges about power supply for new construction at Ashburn. Some news reports that has been severely restricted by the local utility. So I'm just wondering if that's having any impact at all in your ability to build new capacity, particularly at the Western lands campus in Ashburn or if you feel relatively insulated based on perhaps precommitments for power generation.

我只是想問一個單獨的問題。因此，我們最近聽到的是關於 Ashburn 新建築的供電方面的一些挑戰。一些新聞報導受到當地公用事業的嚴格限制。所以我只是想知道這是否會對你建立新產能的能力產生任何影響，特別是在阿什本的西部土地園區，或者你是否覺得基於發電的預先承諾而相對絕緣。

And then separately, I think we've heard some comments from Bill that maybe you're working with some hyperscalers at that campus to plan some deals. So perhaps, an update as to what the sales funnel looks like in Northern Virginia specifically.

然後另外，我想我們已經聽到比爾的一些評論，也許你正在與該園區的一些超大規模企業合作計劃一些交易。因此，也許是關於銷售漏斗在北弗吉尼亞州的具體情況的更新。

Sure, Eric. So the only thing I was going to add on, and sorry for interruption. Corey's first piece is that the -- if you look at the plus the megawatt signings were most of the hyperscale larger deals land. We did north of 50 megawatts. I think our largest deal is 10 megawatts. We had 2 around 5 each. So then you had, call it, 30 megawatts of, call it, 1 to 4 megawatts in size, including new lendings and expansions from a diverse group of those hyperscalers.

當然，埃里克。所以我唯一要補充的是，抱歉打擾了。科里的第一篇文章是——如果你看一下，兆瓦級的簽約是大多數超大規模的大型交易土地。我們做了50兆瓦以北。我認為我們最大的交易是 10 兆瓦。我們有 2 個大約 5 個。所以你有，稱之為 30 兆瓦，稱之為 1 到 4 兆瓦的規模，包括來自這些超大規模企業的不同群體的新貸款和擴張。

So that was the only data point I was going to add to that first question. On your second question, Eric, I would say, you definitely got the scoop in terms of something that's certainly very recently breaking. So I'll try to provide a little context and as well to answer your question. Dominion Energy, which is the primary power provider in that market, informed its major customers very recently regarding the, call it, potential pinch point in Eastern Loudon County that could delay deliveries until 2026.

所以這是我要添加到第一個問題的唯一數據點。關於你的第二個問題，埃里克，我想說的是，你肯定得到了關於最近肯定是打破的東西的獨家新聞。因此，我將嘗試提供一些背景信息並回答您的問題。 Dominion Energy 是該市場的主要電力供應商，它最近向其主要客戶通報了東勞登縣的潛在瓶頸，這可能會將交付推遲到 2026 年。

So a little fair bit out there. The cause has been described to me as transmission, not generation, i.e. the pipes or the power line infrastructure, not the actual power. The power company did not give definitive answers to most of the relevant questions we and I would think you and others on this call would probably have, but they have been transparent about the potential issue, and they're working very diligently to finalize their assessment and then ultimately communicate their findings.

所以有點公平。我將原因描述為傳輸，而不是發電，即管道或電力線基礎設施，而不是實際電力。對於我們和我認為您和本次電話會議中的其他人可能會提出的大多數相關問題，電力公司沒有給出明確的答案，但他們對潛在問題保持透明，他們正在非常努力地完成他們的評估然後最終傳達他們的發現。

What this means, I mean while we're still obviously handicapping the potential outcomes, but net-net, if this is to come to fruition as we recently learned, it will obviously likely be a slowdown in delivery of new supply in what is our largest and the largest and most consistently in demand data center market in the world. So I see 2 possible outcomes there: one being, call it, just a sense of greater pricing power and higher rates tied to the sharp reduction of near-term availability, which should be favorable to digital given our standing in market; and then also likely to be potentially some winners and losers as it relates to the various developers, including Digital seeking to bring new inventory online in that market.

這意味著什麼，我的意思是，雖然我們仍然明顯阻礙了潛在的結果，但是 net-net，如果這如我們最近了解到的那樣實現，那麼顯然我們的新供應的交付可能會放緩全球最大、規模最大、需求最穩定的數據中心市場。所以我看到了兩種可能的結果：一種是，稱之為，只是一種更大的定價權和與近期可用性急劇下降相關的更高利率的感覺，鑑於我們在市場上的地位，這應該有利於數字化；然後也可能成為潛在的贏家和輸家，因為它與各種開發商有關，包括尋求在該市場上線新庫存的 Digital。

We have, if you kind of go through the rundown of our footprint, call it, 40 megawatts available. You can see it in our fin supp of 500 megawatts of IT load operational as of 2Q. We also then have, call it, 50 megawatts was our last building on that legacy Loudon campus. I think it's building all in the alphabet that I would say feels like on the lower risk of having an issue, but again, this is very new and subject to change.

我們有，如果你仔細看看我們的足跡，稱之為 40 兆瓦可用。您可以在我們截至第二季度運行的 500 兆瓦 IT 負載的 fin supply 中看到這一點。然後，我們還擁有，稱之為 50 兆瓦，是我們在那個傳統的勞登校區的最後一座建築。我認為它是按字母表構建的，我想說的是，出現問題的風險較低，但同樣，這是非常新的，可能會發生變化。

We have another 200 megawatts on our Manassas campus, which given its position in that market seems on the lower risk side. And then we do have, call it, based on a substation that's already built about 200 megawatts on that Digital Dallas aka Western Lands, call it, 1 plus gigawatt site that it's called. We got to figure out how that's going to play out in terms of delivery and time line, but I do like our odds, if any, given that we have a sitting substation already there.

我們的馬納薩斯園區還有 200 兆瓦，鑑於其在該市場的地位，它似乎處於較低風險的一面。然後我們確實有，稱之為，基於一個已經在數字達拉斯又名西部土地上建造了大約 200 兆瓦的變電站，稱之為，它被稱為 1 多吉瓦的站點。我們必須弄清楚這將如何在交付和時間表方面發揮作用，但我確實喜歡我們的賠率，如果有的話，因為我們已經在那裡有一個坐式變電站。

The steel has been erected, the capital is deployed. Net-net, given our activity in that market, only 24 megawatts of what I just mentioned other than the 40 available would deliver by the fourth quarter of '23, just normal timeline. So I don't see this as a huge impact to '23. And then last but not least, I mean, given other than the tighter market fundamentals, I mean I do like our odds here relative to the competitive set in North Virginia. I mean we're the largest provider of consistently operating with Dominion.

鋼鐵已經架起，資本已經部署。 Net-net，鑑於我們在該市場的活動，我剛才提到的除了可用的 40 兆瓦之外，只有 24 兆瓦將在 23 年第四季度交付，這只是正常的時間表。所以我認為這不會對 23 年產生巨大影響。最後但並非最不重要的一點是，我的意思是，除了市場基本面趨緊之外，我的意思是我確實喜歡我們在這里相對於北弗吉尼亞州的競爭環境的賠率。我的意思是，我們是與 Dominion 保持一致運營的最大提供商。

We have substations and power infrastructure already built on our campuses, as I mentioned. And I think we are a very important player in that market to help the power company address this problem given our strategically important land parcels and easement. So sorry for the long-winded response, but I didn't feel that, that top would need some clarity given you've kind of just broke that news just yesterday, the day before.

正如我所提到的，我們的校園已經建成了變電站和電力基礎設施。鑑於我們具有重要戰略意義的地塊和地役權，我認為我們是該市場中非常重要的參與者，可以幫助電力公司解決這個問題。對於冗長的回應感到抱歉，但我不覺得，鑑於你昨天，前一天剛剛發布了這個消息，所以頂部需要一些清晰度。

The next question comes from Matt Niknam of Deutsche Bank.

下一個問題來自德意志銀行的 Matt Niknam。

So first on pricing. It sounds like it's been an incrementally positive story just based on some of the recent commentary you've been hearing. So I'm just wondering if maybe you can elaborate on what you're seeing on the pricing front across regions.

所以首先是定價。就你最近聽到的一些評論而言，這聽起來像是一個漸進式的積極故事。所以我只是想知道您是否可以詳細說明您在跨地區定價方面看到的情況。

And then also on demand, I know -- I think Corey referenced very strong demand. I'm just wondering, in light of maybe some elevated concern around a potential macro downturn, any regions, any verticals where you may have seen or started to see any sort of moderation in terms of demand from your customers?

然後也是按需，我知道——我認為科里提到了非常強勁的需求。我只是想知道，鑑於對潛在宏觀經濟衰退的擔憂可能有所增加，您可能已經看到或開始看到客戶需求放緩的任何地區、任何垂直行業？

Obviously, those things are linked, Matt. So maybe I'll have Corey speak to demand first, and then I can tackle the pricing topic.

顯然，這些事情是相互關聯的，馬特。所以也許我會讓科里先與需求對話，然後我可以解決定價問題。

Yes, Matt, thanks. As far as demand, I mentioned hyperscaler demand earlier. Our demand across the board is really good. We've got it across all 4 -- all of our regions. I mentioned -- I think Andy mentioned in the prepared remarks, the demand across EMEA that was our largest landing spot for our business. Our pipeline is the highest pipeline I've ever had, and that's on top of a couple of years of huge growth in pipeline and in the business. So we feel really good about where the demand is and where the pipeline is. Enterprise customers are continuing to take advantage of PlatformDIGITAL, make use of the data gravity opportunity in front of them.

是的，馬特，謝謝。至於需求，我之前提到過超大規模需求。我們的整體需求非常好。我們在所有 4 個地區都得到了它。我提到 - 我認為安迪在準備好的評論中提到，整個歐洲、中東和非洲的需求是我們業務的最大著陸點。我們的管道是我曾經擁有的最高管道，這是在管道和業務幾年的巨大增長之上。因此，我們對需求在哪里以及管道在哪裡感到非常滿意。企業客戶正在繼續利用 PlatformDIGITAL，利用他們面前的數據引力機會。

And I feel like in a hybrid IT world, we're probably the best position to help them do that, and so we've seen our demand just grow across the board. Enterprises across all regions and hyperscaler as well. If you look at the sub 1 megawatt, which is your colocation interconnection, that was our third highest quarter ever, right on the back of 2 of our highest quarters ever. So I feel really good about the demand.

而且我覺得在混合 IT 世界中，我們可能是幫助他們做到這一點的最佳位置，因此我們看到我們的需求全面增長。所有地區的企業和超大規模企業也是如此。如果您查看低於 1 兆瓦的容量，即您的託管互連，那是我們有史以來第三高的季度，就在我們有史以來最高的兩個季度的後面。所以我對需求感覺非常好。

And then, Matt, on your second question as it relates to pricing, I mean I would say, the commentary is fairly consistent with what Bill and I shared at the NAREIT conference, call it, early June. 2022, on the backs of, call it, us executing on the business and strengthening our value proposition with pricing power accrued to for several years, 2022 has started off -- or the first half, it's certainly been a called pendulum shifting dynamic.

然後，馬特，關於你關於定價的第二個問題，我的意思是，我的意思是，評論與比爾和我在 NAREIT 會議上分享的內容相當一致，稱之為 6 月初。 2022 年，稱為它，我們執行業務並通過多年積累的定價能力加強我們的價值主張，2022 年已經開始——或者說上半年，這肯定是一種所謂的鐘擺式轉變動態。

The demand has remained robust. Our value proposition is certainly resonating with what you've seen in the results and the pace of inventories had a challenge keeping up with it. And -- but what I just relayed on Loudon County is, call it, just one of the examples, but there's been others throughout the year as well. And that has allowed us to essentially move our list rates up numerous times, starting at the very end of 2021 through 2022, executed at higher rates across both our larger footprint and small footprint.

需求依然強勁。我們的價值主張肯定會與您在結果中看到的內容產生共鳴，而庫存的步伐很難跟上它。而且 - 但我剛剛在勞登縣轉達的內容是，稱之為，只是其中一個例子，但全年也有其他例子。這使我們能夠從 2021 年底到 2022 年從本質上將我們的列表費率提高了很多次，在我們更大的足跡和小足跡中都以更高的速度執行。

Push rates on our renewal contracts, which last quarter, we had positive cash mark-to-markets certainly inflection on our cash mark-to-markets. We raised our guidance for the full year, and we followed with a second quarter of cash mark-to-markets as well. And I would say, all these things kind of flow through the entire, call it, commercial engagement with the customers to escalators and other provisions. So pricing has been moving in our favor in the first half of 2022.

推動我們續約合同的利率，上個季度，我們的現金按市值計價肯定會影響我們的現金按市值計價。我們提高了全年的指導，隨後第二季度的現金按市值計價。我想說，所有這些事情都流經整個，稱之為，與客戶的商業接觸到自動扶梯和其他規定。因此，定價在 2022 年上半年一直對我們有利。

The next question comes from Michael Bilerman of Citi.

下一個問題來自花旗的邁克爾·比勒曼。

Andy, I wanted to talk just a little bit about foreign exchange. As a U.S. dividend payer, obviously, you have to be mindful. And when I -- you're talking about obviously not repatriating a lot of income, not foreign income because you're reinvesting it. I guess just stepping back, how do you sort of think about being a U.S. dividend payer and being a global company with global flows?

安迪，我想談談外匯。作為美國的股息支付者，顯然，你必須小心。當我 - 你說的顯然不是匯回很多收入，而不是外國收入，因為你是在再投資。我想退後一步，您如何看待成為美國的股息支付者和擁有全球流動性的全球公司？

And you talked about other hedging techniques, and I want to know how much of that just simply borrowing more in foreign currency, putting more currency swap hedges in place versus thinking about other potential structures. And I recognize you did the REIT, but you did that with U.S. assets. I don't know if you're thinking about doing more localized. And so maybe if you can just expand a little bit more on that hedging comment.

你談到了其他對沖技術，我想知道其中有多少只是簡單地借入更多外幣，進行更多貨幣掉期對沖，而不是考慮其他潛在結構。我承認你做了房地產投資信託基金，但你是用美國資產做的。我不知道你是否正在考慮做更多的本地化。因此，也許如果您可以對該對沖評論進行更多擴展。

Sure. Thanks, Michael. So I mean -- and we touched a little bit on this in the script. We've followed this playbook that you've somewhat summarized here. I mean often when we go into more volatile parts of the world like Latin America, we do partnerships. So we're not -- our equity is not entirely at risk. We also have put a disproportionate amount of our debt in non-U.S. dollar financings, hitting the Eurobond, Swiss bond, Sterling bond.

當然。謝謝，邁克爾。所以我的意思是——我們在腳本中對此進行了一些討論。我們遵循了您在此處進行了一些總結的這本劇本。我的意思是，當我們進入拉丁美洲等世界更動蕩的地區時，我們經常建立夥伴關係。所以我們沒有——我們的股權並不完全處於危險之中。我們還將不成比例的債務投入到非美元融資中，打擊了歐洲債券、瑞士債券和英鎊債券。

We have now, call it, close to $4 billion in multicurrency revolver commitments. And so given that -- with that mismatch, you said of having a U.S. stock price in U.S. listed or U.S. currency dividends put more and more, call it, accessing diverse sources of capital and creating natural FX hedges along the way. At the same time, given the rate of return that we're investing relative to at least in more recent history has been very low rates in a lot of these currencies. There has been, call it, cash flow or CFFO leakage.

我們現在擁有近 40 億美元的多幣種左輪手槍承諾。因此，鑑於這種不匹配，您所說的美國股票價格在美國上市或美國貨幣股息投入越來越多，稱之為，訪問各種資本來源並在此過程中創建自然外匯對沖。同時，考慮到我們投資的回報率至少在最近的歷史中，在許多這些貨幣中的回報率都非常低。一直存在，稱之為現金流或 CFFO 洩漏。

The point I was trying to highlight in the script, and this year, the volatility is just off the charts. I mean the year ago, the parity with the dollar is the highest it's been in several years. And certainly, it's created a headwind to our P&L or core FFO per share, but those same euros that got deflated in our P&L in 2022. We're also going into the ground with Europe being our largest development as part of the portfolio with 221 of our megawatts under construction across the continent over into London.

我試圖在腳本中強調的一點，而今年，波動性剛剛超出圖表。我的意思是一年前，與美元的比價是幾年來的最高水平。當然，這對我們的每股損益或核心 FFO 造成了不利影響，但同樣的歐元在 2022 年的損益表中縮水了。我們也將在歐洲成為我們最大的發展項目，作為投資組合的一部分，擁有 221我們在整個歐洲大陸正在建設的兆瓦電力進入倫敦。

So that is typically in our playbook. We've not followed some others in terms of, call it, just P&L hedging, which is really transacting with foreign currency derivatives to call it take out volatility, and that's been what we've done to date. Now I've also said in the prepared remarks, we're becoming a much more global company. There's no question of that. Call it, 50-plus metros, 27 countries, 6 continents, and we're in a -- certainly, and not in a long time heightened volatility to currency situation.

所以這通常在我們的劇本中。我們沒有跟隨其他一些人，稱之為，只是損益對沖，這實際上是與外匯衍生品進行交易以消除波動性，這就是我們迄今為止所做的事情。現在我在準備好的評論中也說過，我們正在成為一家更加全球化的公司。毫無疑問。稱之為，50 多個大都市，27 個國家，6 大洲，我們正處於 - 當然，而且不會在很長一段時間內，貨幣形勢的波動性加劇。

So I think we're always open to good new ideas and something we'll consider in terms of adding to that FX playbook with various types of derivatives. Am I going to go a lot the euro at this point right now? I'm not sure quite honestly. I mean there could be a chance where some of these non-U.S. currencies or countries start raising their rates, and you have some reversion on some of this at the same time. So -- but that's really been what the past practice is, and we're always looking at trying to figure out new ideas to continue to actively hedge the business and mitigate risk.

所以我認為我們總是對好的新想法持開放態度，我們會考慮在外匯劇本中添加各種類型的衍生品。我現在會大量使用歐元嗎？老實說，我不確定。我的意思是，這些非美國貨幣或國家中的一些可能會開始提高利率，同時你會對其中的一些進行一些逆轉。所以 - 但這確實是過去的做法，我們一直在尋找新的想法，以繼續積極對沖業務並降低風險。

And then as a follow-up, as you think about the Singapore entity that you listed, and obviously, you put U.S. assets into a Singapore market, which at least driven that was what the market had sort of wanted. But is there an element that you look at that entity?

然後作為後續行動，當您考慮您列出的新加坡實體時，顯然，您將美國資產投入了新加坡市場，這至少推動了市場想要的。但是有沒有一個元素可以讓你看到那個實體？

Obvious, it's well off. Its IPO price. It has a cost of capital. It would need to transact on your U.S. assets at much higher valuations given how strong the U.S. dollar is. Does that -- so does that vehicle still work for you, number one? And then the second part of it is, would you consider vehicles that are local assets and local markets, which would accomplish -- you do it in private form, would you execute that in any public form as well?

很明顯，過得很好。其 IPO 價格。它有資本成本。鑑於美元的強勢，它需要以更高的估值對你的美國資產進行交易。那 - 那輛車仍然適合你嗎，第一？然後它的第二部分是，您是否會考慮作為本地資產和本地市場的工具，這將實現 - 您以私人形式進行，您是否也會以任何公共形式執行？

So the DC REIT, digital core REIT, started out with the North America portfolio, but does have a global mandate. And really the selection of the initial assets was, we had the most to pick from in North America, given our history track record, stage of development of those assets. But we do very well expect to globalize it and diversify it with other types of assets in different parts of the world.

因此，DC REIT（數字核心 REIT）從北美投資組合開始，但確實具有全球授權。考慮到我們的歷史記錄和這些資產的發展階段，我們在北美選擇的初始資產確實是最多的。但我們非常希望將其全球化並與世界不同地區的其他類型的資產一起多樣化。

The Singapore dollar is, I don't think it's 100% linked currency to the U.S. dollar, but there is, I believe, monetary policies or there is some governmental linkage where they try to track the U.S. dollar in terms of currency.

新加坡元是，我不認為它是 100% 與美元掛鉤的貨幣，但我相信，貨幣政策或存在一些政府聯繫，他們試圖在貨幣方面追踪美元。

So it's not usually a wildly divergent to the U.S. dollar type of currency. I mean we view that vehicle as a, call it, the home for core assets with -- that are stabilized, fully operational, long-weighted average lease terms, and again, will be a global basis.

因此，它通常不會與美元類型的貨幣大相徑庭。我的意思是，我們認為這輛車是核心資產的所在地，擁有穩定、全面運營、長期加權平均租賃條款，並且將再次成為全球基礎。

We also have ventures like Ascenty in Latin America, which today is held by our partners Brookfield or Mitsubishi or NC Digital Realty in Japan or our partners, Mitsubishi Corporation that are certainly a private partner today, but those certainly could evolve into forms of public partnerships over time. So we're always looking at different ways to find the most appropriate both debt and equity capital, private and public, for partners to most efficiently and prudently scale and grow the platform.

我們在拉丁美洲也有像 Ascenty 這樣的企業，今天由我們的合作夥伴 Brookfield 或 Mitsubishi 或日本的 NC Digital Realty 或我們的合作夥伴 Mitsubishi Corporation 持有，這些企業今天肯定是私人合作夥伴，但這些肯定會演變成公共夥伴關係的形式隨著時間的推移。因此，我們一直在尋找不同的方法來尋找最合適的私人和公共債務和股權資本，以便合作夥伴最有效、謹慎地擴展和發展平台。

The next question comes from David Barden of Bank of America.

下一個問題來自美國銀行的大衛巴登。

I guess a couple. The first would be, Bill, you've talked about how steady kind of mid-single-digit inflation would be a useful tool for the pricing equation for the data center industry. I think in the script, you talked about resetting pricing on a CPI basis. I'm wondering if this is really -- is it CPI based? Is it supply-demand based?

我猜是一對第一個是，比爾，你已經談到穩定的中等個位數通脹將如何成為數據中心行業定價等式的有用工具。我認為在腳本中，您談到了基於 CPI 重置定價。我想知道這是否真的 - 它是基於 CPI 的嗎？它是基於供需的嗎？

If you could kind of talk a little bit about your pricing strategy big picture there. And then back to the launch of the service platform, I was wondering if you could kind of talk about any expectations that investors should have for that being a contributor to the business or KPIs that we should look for on a go-forward basis?

如果您可以在那裡談談您的定價策略大圖。然後回到服務平台的推出，我想知道您是否可以談談投資者對作為業務貢獻者應該有的任何期望或我們應該在前進的基礎上尋找的 KPI？

Sure. So just to be clear, the CPI-based returns are in the escalators. So we've gone from -- we're going from fixed annual increases to increases that are structured with the minimums with floors and then CPI Index increases above the floor and typically to some cap. So an example would be a 2% floor with a CPI-based increase above that to, say, 6% as a cap, and that's on an annual basis. And so we feel that, that provides some hedge for us for inflation.

當然。因此，需要明確的是，基於 CPI 的回報在自動扶梯中。所以我們已經從 - 我們從固定的年度增長轉變為具有最低限度的最低限度的增長，然後 CPI 指數在最低限度之上增加，通常達到一定的上限。因此，一個示例是 2% 的下限，而基於 CPI 的漲幅高於該上限，例如上限為 6%，這是按年計算的。所以我們認為，這為我們提供了一些通脹對沖。

And then just keep in mind, relative to inflation that over 90% of our power costs are passed through, and that obviously, has been subject to a lot of inflationary pressure. In terms of the base rents, that's more a function of supply and demand in any given market. So -- and with supply chain challenges, I would say, supply is more challenged and demand continues at a very high pace. So that plus the increasing input costs on new builds not us so much because of our VMI program, but certainly, our competitors whether it's materials and/or labor. And our customers that are building their own are certainly experiencing these same pressures, it's pretty easy to justify higher base rates when you're talking to customers. Does that answer your question?

然後請記住，相對於通貨膨脹，我們超過 90% 的電力成本是通過的，而且很明顯，它受到了很大的通貨膨脹壓力。就基本租金而言，這更多地取決於任何特定市場的供求關係。所以——我想說，在供應鏈挑戰的情況下，供應面臨更大挑戰，需求繼續保持高速增長。因此，加上新構建的投入成本不斷增加，並不是因為我們的 VMI 計劃，而是因為我們的競爭對手，無論是材料和/或勞動力。我們正在建立自己的客戶當然也面臨著同樣的壓力，當您與客戶交談時，很容易證明更高的基本費率是合理的。這是否回答你的問題？

And thanks, David, for the question around the service fabric. Yes. So we're -- I've kind of talked about this before to provide a little bit of color and background. It's a purpose-built product, right? And it really enhances our customer experience where we're removing technical complexity. And so what that's going to translate to and what we're watching is driving more of that sub-1 megawatt deployments where enterprises are looking to leverage and deploy their hybrid IT or multi-cloud deployment into our facility. So you'll see a lot more of that driving into our portfolio. And also, I think we're going to see us continually extend the reach into deeper sets of assets within our facilities, set differently. Both colo and scale, will start to get the true benefit of interconnection, which at the end of the day will allow us to drive more value and higher margins outside of that product.

並感謝大衛，關於服務結構的問題。是的。所以我們 - 我之前已經談到過這個，以提供一點顏色和背景。這是一個專門製造的產品，對吧？它確實增強了我們消除技術複雜性的客戶體驗。因此，這將轉化為以及我們正在觀察的是推動更多低於 1 兆瓦的部署，企業希望在這些部署中利用並將其混合 IT 或多雲部署部署到我們的設施中。因此，您會在我們的投資組合中看到更多的驅動因素。而且，我認為我們將看到我們不斷將範圍擴展到我們設施內更深層次的資產，設置不同。 colo 和 scale 都將開始獲得互連的真正好處，這最終將使我們能夠在該產品之外推動更多的價值和更高的利潤。

And so that's one of the things we've been tracking extensively. And that utilization, which is another key KPI for us is multi-site, right, where we're starting to sell a blended set of capabilities, both scale and colo all heavily interconnected because that's where the market is headed. And that's where we see a lot of these larger enterprises requiring multi-market access with a highly interconnected backbone with true SLAs, and that's what the service fabric was able to deliver to market there.

這就是我們一直在廣泛跟踪的事情之一。這種利用率，對我們來說是另一個關鍵 KPI，是多站點的，對，我們開始銷售一組混合的功能，規模和託管都高度互聯，因為這就是市場的發展方向。這就是我們看到許多大型企業需要多市場訪問的地方，這些企業需要具有高度互連的骨幹網和真正的 SLA，而這正是服務結構能夠在那裡向市場提供的東西。

The next question comes Jon Atkin of RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的喬恩·阿特金。

Maybe just a follow-up to the topic raised 2 or 3 questions ago about asset recycling and the REIT. They have earnings call, I guess, 12 hours ago and specifically mentioned Chicago, Dallas, Frankfurt. So I wondered if there's anything you wanted to add to those comments around timing, and are we going to see all 3 or a subset of those all 3 or what's kind of the general cadence to suggest? So that's kind of maybe the follow-up.

也許只是對之前提出的關於資產回收和 REIT 的 2 或 3 個問題的主題的後續行動。我猜他們在 12 小時前召開了財報電話會議，特別提到了芝加哥、達拉斯和法蘭克福。因此，我想知道您是否想在有關時間的評論中添加任何內容，我們是否會看到所有 3 個或所有 3 個的子集，或者建議的一般節奏是什麼？所以這可能是後續行動。

And then the question I had was about book-to-bill. It seems to have lengthened this quarter. That's kind of a choppy metric because I guess it depends on just the nature of the deals that you haven't designed in any given quarter, but it did lengthen noticeably anything to kind of call out there that might relate to the velocity of repeat demand that you might be seeing from the cloud providers or whether they might go through a digestion period. Appreciate Corey's comments about the pipeline being really strong, but the lengthening book-to-bill, is that something that's going to maybe shorten? Or do you see that trending?

然後我的問題是關於帳單的。本季度似乎有所延長。這是一個不穩定的指標，因為我想這取決於你在任何給定季度沒有設計的交易的性質，但它確實顯著延長了任何可能與重複需求速度有關的呼叫您可能會從雲提供商那裡看到，或者他們是否可能會經歷消化期。欣賞 Corey 關於管道非常強大的評論，但是延長的帳單到帳單，這可能會縮短嗎？或者你看到這種趨勢了嗎？

Jon, I'll take them in reverse because second one is pretty clean. The -- so there's one specific transaction that we've signed that into one of our newest Frankfurt campuses that -- I mean that we're just getting off that plot, getting off the ground on. So that was really what lengthened that out. If you exclude that 1 transaction that I think the book-to-bill is, call it, 8 months.

喬恩，我會把它們反過來，因為第二個很乾淨。 - 所以我們已經在我們最新的法蘭克福校區之一簽署了一項具體的交易 - 我的意思是我們剛剛離開那個陰謀，開始著手。所以這真的是延長它的原因。如果您排除我認為按帳單結算的那一項交易，請稱之為 8 個月。

So, call it, in-line with our prior track record. And then on your -- on the first question, I mean, definitely, very pleased that the digital core REIT team down the gates with -- I think its official first earnings call. Not -- I don't think they have a lot -- too much to report other than the biggest news being making progress.

所以，按照我們之前的記錄來稱呼它。然後關於你的 - 關於第一個問題，我的意思是，我的意思是，非常高興數字核心房地產投資信託基金團隊通過 - 我認為它是正式的第一次收益電話會議。不是——我認為他們沒有太多——除了正在取得進展的最大新聞之外，還有太多要報導的事情。

We are making progress collectively on not -- really beyond asset selection to diligence to transactional docs and have really circled assets in 3 markets as prime candidates to act on for its first life of acquisition growth. And as a reminder, that vehicle, we took public last December with a, call it, underlevered balance sheet.

我們正在共同取得進展——實際上超越了資產選擇到對交易文件的盡職調查，並且已經真正將 3 個市場中的資產作為主要候選者，以在其收購增長的第一個生命週期中採取行動。提醒一下，我們去年 12 月以低杠桿資產負債表公開了該工具。

So it has embedded debt capacity, call it, approaching $200 million. So it's not reliant on the equity capital markets out of the gates, but we do hope the equity capital markets respond favorably and continue to support that and because we want to see that vehicle grow, we think that's a great partner vehicle for these core parts of our campuses that fit that vehicle's mandate.

因此，它嵌入了債務能力，稱之為接近 2 億美元。所以它不依賴於股權資本市場，但我們確實希望股權資本市場做出積極反應並繼續支持這一點，因為我們希望看到這輛車成長，我們認為這是這些核心部分的一個很好的合作夥伴我們的校園適合該車輛的任務。

Slide 13, just looking at the FFO per share ramp and the seasonality through the year. And as we look at kind of -- you didn't put numbers on it, but the 3Q into 4Q ramp seems fairly modest compared to what you saw 1Q to 2Q as well as the NOI growth contribution in 2Q into the current quarter.

幻燈片 13，只看每股 FFO 的增長和全年的季節性。正如我們所看到的那樣——你沒有在上面加上數字，但與你看到的第一季度到第二季度以及第二季度到當前季度的 NOI 增長貢獻相比，第三季度到第四季度的增長似乎相當溫和。

So I'm just wondering, is there anything going on during the second half of the year that would moderate your sequential growth in the second half, specifically into the fourth quarter? And I read introduction to that slide or is there anything in particular that would cause the ramp to be so much less significant than what you've seen in the last couple of quarters?

所以我只是想知道，今年下半年有什麼事情會減緩你在下半年的連續增長，特別是到第四季度？我讀了那張幻燈片的介紹，或者有什麼特別的東西會導致坡道比你在過去幾個季度看到的要小得多？

Jon, I think it really was just timing. We had a really large commencement quarter in 2Q, and in the back half, you do have a few things, call it, working against us, which are those orange bars. One is, we do -- some of our beat in the second quarter was delayed timing on OpEx spend, which we believe is going to get pushed to the back half of the year, not a new event at digital. We do see a pickup in interest expense, which everyone can see.

喬恩，我認為這真的只是時機。我們在第二季度有一個非常大的畢業季，在後半段，你確實有一些事情，稱之為對我們不利，那就是那些橙色條。一個是，我們這樣做了——我們在第二季度的一些節拍是延遲了運營支出支出的時間，我們認為這將被推遲到今年下半年，而不是數字領域的新事件。我們確實看到了利息支出的增加，每個人都可以看到。

And then we are closing Teraco in the coming weeks. And then lastly, call it, 24-ish or 25-ish percent of our core FFO is from like the euro, the sterling, the yen. And on a quarter-over-quarter basis, you've seen degradation in those currencies about 5%, which is the FX headwinds. Hence, while we did change our as-reported guidance, we were able to maintain our constant currency guidance, which is about just north of 7% year-over-year growth at the midpoint.

然後我們將在未來幾週內關閉 Teraco。最後，稱之為，我們核心 FFO 的 24% 或 25% 來自歐元、英鎊、日元。在季度環比的基礎上，你已經看到這些貨幣貶值了大約 5%，這是外匯逆風。因此，雖然我們確實改變了我們報告的指引，但我們能夠維持我們不變的貨幣指引，在中點的年增長率大約略高於 7%。

The next question comes from Aryeh Klein of BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Aryeh Klein。

Maybe following up on the power issue out in Ashburn. What does this mean, I guess, for leasing? In that market, does it put it on a pause, I guess, in the near term? And I think Corey mentioned kind of the record pipeline that's out there. What would that look like in NoVA. And then just curious, how much you have in the way of expiring leases in that market over the next 12 or 24 months?

也許跟進阿什本的電力問題。我猜，這對於租賃意味著什麼？在那個市場上，我猜它會在短期內暫停嗎？而且我認為Corey 提到了那裡的唱片管道。在 NovA 中會是什麼樣子。然後只是好奇，在接下來的 12 或 24 個月內，該市場的租約到期的方式有多少？

Thanks, Aryeh. So I mean -- and then -- again, it's still subject to change because this is very new or late breaking, but it's going to paint a picture where we believe there's still going to be robust demand in a tightened or slowed supply environment. So -- and those economics mean rates typically rise and economics accrue to the providers. We -- I don't -- first and foremost, I don't see people leaving Ashburn for this delay.

謝謝，阿耶。所以我的意思是 - 然後 - 再次，它仍然會發生變化，因為這是非常新的或最近的突破，但它會描繪出一幅我們相信在緊縮或放緩的供應環境中需求仍然強勁的畫面。所以 - 這些經濟學意味著費率通常會上升，並且經濟會為供應商帶來收益。我們——我沒有——首先，我沒有看到人們因為這次延誤離開阿什伯恩。

This isn't like a permanent feature of Ashburn, this is a, call it, bottleneck of a portion of Ashburn. And you've got an incredible amount of customers, infrastructures, network Ashburn grew to where it is for many reasons. And I don't see demand just running away from in the face of this. I think the available capacity is going to become more precious.

這不像 Ashburn 的永久特徵，這是一個，稱之為，Ashburn 的一部分的瓶頸。而且您擁有數量驚人的客戶、基礎設施和網絡，Ashburn 發展到現在的水平有很多原因。面對這種情況，我認為需求不會消失。我認為可用容量將變得更加寶貴。

Hence that call it, 40 megawatts of operational that we have today is more precious. And if we're able to proceed and bringing on new capacity that I outlined, that becomes more precious. And if you look at our expirations, we've got about 18 or 17 megawatts respond in the back half of this year. Another 75 in '23. Another 58 in '24. Another 54 in '25, so call it north of 200 over the next through the end of '25, which is a normal amount of role for us, but Ashburn is our largest market. So we have a lot of microwatts rolling over the ensuing years.

因此，我們今天擁有的 40 兆瓦的可運行電力更為寶貴。如果我們能夠繼續並帶來我概述的新容量，那將變得更加寶貴。如果你看看我們的到期時間，我們在今年下半年有大約 18 或 17 兆瓦的響應。 23 年的另一個 75。 24 年又有 58 個。 25 年的另一個 54 人，所以在接下來到 25 年底之前稱它為 200 人以北，這對我們來說是一個正常的角色，但阿什本是我們最大的市場。因此，在接下來的幾年裡，我們有很多微瓦在滾動。

Got it. I guess in light of what's happening, those re-leasing spreads or the pricing around that, you would anticipate maybe being higher than you might have thought a couple of weeks ago.

知道了。我想鑑於正在發生的事情，那些重新租賃的價差或圍繞它的定價，您預計可能會比您幾週前想像的要高。

Correct. Yes. I mean, I think asking rates on any available capacity in Ashburn, I mean when we got won of this, we went out to our entire field. The dynamics are shifting in Ashburn, and they could shift quite dramatically. So asking rates as well as negotiations on renewal contracts.

正確的。是的。我的意思是，我認為詢問阿什本任何可用容量的費率，我的意思是當我們贏得這一點時，我們就走遍了整個領域。 Ashburn 的動態正在發生變化，而且可能會發生相當大的變化。因此，詢問費率以及續簽合同的談判。

The next question comes from Simon Flannery of Morgan Stanley.

下一個問題來自摩根士丹利的西蒙弗蘭納里。

Just following up on the comments on the strong cloud demand. Can you just update us on what your cloud customers are saying in terms of their desire to work with you versus building themselves? Is there any change in that one way or the other or from one location to another?

只是跟進有關強勁雲需求的評論。您能否向我們介紹一下您的雲客戶在希望與您合作而不是自己構建方面的看法？這種方式或其他方式或從一個位置到另一個位置是否有任何變化？

And then given some of the issues we're just talking about in Ashburn, obviously, power issues are even greater in Europe, and your -- you've just committed to some major new builds in markets like Paris and Frankfurt. What is on the ground there in terms of ensuring that you're going to have the availability of that power supply over the next several years for these and other expansions?

然後考慮到我們剛剛在阿什伯恩談論的一些問題，顯然，歐洲的電力問題甚至更大，而且您剛剛承諾在巴黎和法蘭克福等市場進行一些重要的新建項目。在確保您將在未來幾年內為這些和其他擴展提供該電源方面，那裡的實際情況是什麼？

Simon, I'll speak to the self-build question. So frankly, we -- the pipe scalers have been building their own for a long time, I'd say, for the last 10 years, and they have pursued what we call a hybrid model. So they have self-build, and they have -- they lease from third parties. That -- how much they do at any given time varies, and they don't all do it at the same time.

西蒙，我來談談自建問題。坦率地說，我們——管道縮放器已經建立了自己的很長一段時間，我想說，在過去的 10 年裡，他們一直在追求我們所說的混合模型。所以他們有自建，他們有 - 他們從第三方租賃。那——他們在任何給定時間做的事情各不相同，而且他們並不是同時做的。

So party A might be doing 100% third-party leasing and no self-building while Part B is relying mostly on self-build. In the next year, they could change it up. But I would say, in the current environment, so in the current environment meaning that an environment that's challenged by supply chain and inflation, I think we're seeing an increased reliance on third-party leasing, right? And that's because we are as good as anybody at managing in what is, I would characterize it as a more challenging environment. Andy, do you want to handle the power question in Europe.

所以甲方可能在做 100% 的第三方租賃，沒有自建，而乙方主要依靠自建。在接下來的一年裡，他們可以改變它。但我想說，在當前環境下，在當前環境下，即受到供應鍊和通貨膨脹挑戰的環境，我認為我們看到對第三方租賃的依賴增加，對吧？那是因為我們和任何人一樣擅長管理現狀，我將其描述為更具挑戰性的環境。安迪，你想處理歐洲的權力問題嗎？

Sure. So we have on-the-ground teams that speak the local language, worked in the municipalities, network to the business leaders. So in each of these jurisdictions that call it, you mentioned our top of list relationships to make sure that we're in constant communication. That doesn't mean something doesn't pop off like we're experiencing Ashburn episodically, but I would say, we have a very good hand on the pulse of what's going on there. I mean this -- we're supporting critical -- mission-critical infrastructure here for a host of applications that I would say, even in a rationing environment, we're very top of list in terms of access to resources, including power.

當然。因此，我們有講當地語言的實地團隊，在市政當局工作，與商業領袖建立聯繫。因此，在每個調用它的司法管轄區中，您都提到了我們的首要關係，以確保我們保持持續溝通。這並不意味著某些事情不會像我們偶爾經歷阿什伯恩那樣突然出現，但我會說，我們非常了解那裡正在發生的事情。我的意思是——我們在這里為許多應用程序支持關鍵的任務關鍵型基礎設施，我想說的是，即使在配給環境中，我們在獲取資源（包括電力）方面也名列前茅。

And we're constantly monitoring the power sources or deliveries for new projects and preparing for even more draconian scenarios in terms of backup fuel sources that could play out given the fact that circumstances of what's going on in Eastern Europe. So -- and that's part of our business, and we have very high stakes customers that I view as partners kind of in line what Bill mentioned who are side-by-side with us on these issues, right? They're with us with, expressing the criticality of them getting live on certain dates. So I think that partnership is -- so we would mutually benefit in terms of being able to derisk our execution on their behalf.

我們一直在監控新項目的電源或交付情況，並為備用燃料來源方面的更嚴峻的情況做準備，考慮到東歐正在發生的情況，這些情況可能會發揮作用。所以——這是我們業務的一部分，我們有非常高風險的客戶，我認為他們是合作夥伴，這與比爾提到的在這些問題上與我們並肩作戰的人是一致的，對吧？他們和我們在一起，表達了他們在特定日期上線的重要性。所以我認為這種夥伴關係是——所以我們可以互惠互利，因為我們能夠代表他們降低我們的執行風險。

The next question comes from Frank Louthan of Raymond James.

下一個問題來自 Raymond James 的 Frank Louthan。

What conversations have you had with folks kind of looking ahead to possibly shrinking economy and so forth? Are you seeing any proactive pull forward of digitization saving costs and so forth? And can you give us a little bit more color on sort of the verticals that you're seeing the strength in the bookings? Any shift there from your usual case characters, any new or different industries that you're seeing coming stronger.

你和那些展望經濟可能萎縮等等的人進行了哪些對話？您是否看到任何積極推動數字化節省成本等等？您能否就您在預訂中看到的優勢向我們提供更多顏色？從你通常的案例角色那裡發生的任何轉變，你看到的任何新的或不同的行業都會變得更強大。

Thanks, Frank. Maybe I'll start it off, and then Corey can -- so we've -- I don't think we've seen to date economic softness in our demand. You heard from Corey's description on the forward pipeline and look at our results in terms of new bookings and new logo additions, and I think that's based into that we are really mission-critical priority. We're not a discretionary spend.

謝謝，弗蘭克。也許我會開始，然後科里可以 - 所以我們已經 - 我認為我們迄今為止還沒有看到我們需求的經濟疲軟。您從 Corey 對正向管道的描述中聽到了我們在新預訂和新徽標添加方面的結果，我認為這是基於我們確實是關鍵任務優先事項。我們不是可自由支配的支出。

We are -- we're facilitating performance enhancement. We're facilitating growth through digital transformation for our customers' businesses as well as efficiencies for our customers. So I think that's -- and we've also been through a few economic cycles as well, and the history would say that our trend is our friend on that topic. If you look at the sectors, I think some of the usual ones -- in North America, we saw a good amount of financial services.

我們是——我們正在促進性能提升。我們正在通過數字化轉型促進客戶業務的增長，並提高客戶的效率。所以我認為這是 - 我們也經歷了幾個經濟周期，歷史會說我們的趨勢是我們在這個話題上的朋友。如果你看看這些行業，我認為是一些常見的行業——在北美，我們看到了大量的金融服務。

Cybersecurity, in EMEA, we saw this quarter's media telecommunications, initiative cloud and Asia Pacific, similar to what we saw both America and EMEA. So pretty broad brush as well as call more general corporate enterprise across health care, manufacturing, retail, et cetera. So -- and I think that goes back to -- there's a common theme across almost all these industries about what our services are doing to enable their services.

網絡安全，在歐洲、中東和非洲地區，我們看到了本季度的媒體電信、倡議雲和亞太地區，類似於我們在美國和歐洲、中東和非洲地區看到的情況。如此廣泛的刷子以及在醫療保健、製造、零售等領域稱為更一般的企業。所以——我認為這可以追溯到——幾乎所有這些行業都有一個共同的主題，即我們的服務正在做什麼來支持他們的服務。

Yes, I would add to it, Frank, that we had 17 subsegments do more than $1 million in bookings this last quarter, which speaks to the breadth of the demand. We haven't seen a pullback. If you think about the secular trends around service providers driving revenue, enterprises saving money, adding features as far as efficiencies, taking advantage of a hybrid IT world that we're really well positioned for.

是的，弗蘭克，我要補充一點，上個季度我們有 17 個細分市場的預訂量超過 100 萬美元，這說明了需求的廣度。我們還沒有看到回調。如果您考慮一下圍繞服務提供商推動收入、企業節省資金、添加功能以提高效率、利用我們真正處於有利位置的混合 IT 世界的長期趨勢。

We haven't seen that affect the demand in any way. Maybe pull forward a little bit, but I haven't seen it really affected because I've got a record pipeline, colo record pipeline and interconnection, record pipeline in enterprise and just a record pipeline overall. So if there is an effect on inflation, then I would tell you that it's not enough that it keeps them from continuing to come to look to us to build out their infrastructure.

我們還沒有看到這以任何方式影響需求。也許向前推進一點，但我沒有看到它真正受到影響，因為我有一個記錄管道、colo 記錄管道和互連、企業中的記錄管道和一個整體的記錄管道。因此，如果對通貨膨脹有影響，那麼我會告訴你，僅僅阻止他們繼續尋求我們建設他們的基礎設施是不夠的。

The next question comes from Nick Del Deo of MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Nick Del Deo。

First, on the -- looking at your expected returns in the development pipeline, pricing is up. It looks like returns are consistent, maybe falling a little bit, particularly in Europe. Is that a function of mix shift with more large deals in the pipeline or other factors at play there?

首先，在 - 查看您在開發管道中的預期回報時，價格上漲。看起來回報是一致的，可能會有所下降，尤其是在歐洲。這是混合轉變與更多大宗交易或其他因素在起作用的功能嗎？

Thanks, Nick. The -- I think the returns went down 30 to 40 basis points from 10.4 to about 10, which is really a mix shift. We've added to the base some larger-scale projects that already have or will have some anchor leases that are -- we're certainly on the lower end of our return spectrum. But I would say, the pricing is robust, particularly in Europe, which is one of our tightest regions and has got a numerous markets where we're serving both large and small customers. So I would attribute that's pretty much sole that quarter-over-quarter mix shift.

謝謝，尼克。 - 我認為回報率從 10.4 下降到 10 左右，下降了 30 到 40 個基點，這確實是一個混合轉變。我們已經在基礎上增加了一些已經或將有一些錨定租約的大型項目——我們當然處於回報範圍的低端。但我想說的是，定價是穩健的，特別是在歐洲，這是我們最緊張的地區之一，並且有許多市場，我們為大小客戶提供服務。因此，我認為這幾乎是季度環比變化的唯一原因。

Okay. Got it. And then maybe 1 more on the Ashburn power topic. I think you made a case that customers are not going to leave Ashburn because of this. If it does cause any customers to kind of reconsider their concentration in Ashburn and maybe you want to diversify a little bit, say, into adjacent markets like Richmond (inaudible) Manassas. Do you think you can react quickly to capitalize on any sort of diversification trend?

好的。知道了。然後可能還有 1 個關於 Ashburn 電源主題的內容。我認為您提出了一個案例，即客戶不會因此而離開 Ashburn。如果它確實導致任何客戶重新考慮他們在阿什本的集中度，那麼也許你想稍微多樣化一下，比如進入里士滿（聽不清）馬納薩斯這樣的鄰近市場。您認為您可以迅速做出反應以利用任何形式的多元化趨勢嗎？

So I'm not sure I think diversification trend would likely have been outside of like that Northern Virginia part of the world, quite honestly. And we've got shells in Atlanta, we've got capacity in the call it the suburbs of New York City and Chicago and Dallas. So there's -- I think you could see a spillover effect on a temporary basis to other parts of the United States. But I don't think you're going to see a running to other cities in Virginia, quite honestly. And I don't -- I mean, the -- this is locationally sensitive workloads, right? The infrastructure and networking has been in the ground and been built upon and grown upon for years and years in Ashburn. The clouds have architected their networks with on-ramp locations that are locationally sensitive availability zones that have radius restrictions. And I don't -- the fact that this is a slowing of the Ashburn, not a halting of the Ashburn or a pocket of Ashburn to me says, I don't think that you're going to really be able to move this tremendous center of gravity for the data centers worldwide.

因此，老實說，我不確定我是否認為多元化趨勢可能會出現在世界北弗吉尼亞州之外。我們在亞特蘭大有貝殼，我們在紐約市、芝加哥和達拉斯的郊區有能力。因此，我認為您可能會暫時看到對美國其他地區的溢出效應。但老實說，我認為你不會看到有人跑到弗吉尼亞的其他城市。而且我不是——我的意思是——這是對位置敏感的工作負載，對吧？基礎設施和網絡已經在阿什本建立並發展了多年。雲已將其網絡構建為入口匝道位置，這些入口位置是具有半徑限制的位置敏感可用區。而且我不 - 事實上這是 Ashburn 的減速，而不是 Ashburn 的停止或 Ashburn 的口袋對我來說，我不認為你真的能夠移動這個全球數據中心的巨大重心。

This concludes the question-and-answer portion of today's call. I'd now like to turn the call back over to CEO, Bill Stein, for his closing remarks. Please go ahead.

今天電話會議的問答部分到此結束。我現在想把電話轉回給首席執行官比爾·斯坦因他的閉幕詞。請繼續。

Thank you, Andrea. I'd like to wrap up our call today by recapping our highlights for the second quarter as outlined on the last page of our presentation. First, digital transformation remains an important secular driver of our business, which drove another strong quarter of bookings and new business additions to our global platform. The robust demand that we are seeing is reflected in our growing development pipeline.

謝謝你，安德里亞。我想通過回顧我們演示文稿最後一頁中概述的第二季度的亮點來結束我們今天的電話會議。首先，數字化轉型仍然是我們業務的重要長期驅動力，這推動了我們全球平台又一個強勁的季度預訂量和新業務增加。我們看到的強勁需求反映在我們不斷增長的開發渠道中。

Second, we continue to press our advantage through tactical and organic new market entries as the additions of Israel and Barcelona this quarter will enhance our connectivity offering in the Mediterranean while our investment in a leading colocation and connectivity provider in South Africa is expected to close in short order.

其次，我們繼續通過戰術和有機的新市場進入來發揮我們的優勢，因為本季度以色列和巴塞羅那的加入將增強我們在地中海的連接服務，而我們對南非領先的託管和連接供應商的投資預計將在短訂單。

Third, we posted stronger-than-expected core FFO per share results, despite stiff FFX headwinds, and we maintained our constant currency core FFO per share forecast for the year, which represents more than 7% growth year-over-year. Last, we are very proud of our team's launch of Service Fabric, an open and neutral digital marketplace, supporting our customers' digital transformation journey and enabling hybrid multi-cloud requirements.

第三，儘管存在巨大的 FFX 逆風，但我們公佈了強於預期的每股核心 FFO 業績，並且我們維持了全年不變的貨幣核心每股 FFO 預測，同比增長超過 7%。最後，我們為我們的團隊推出 Service Fabric 感到非常自豪，這是一個開放和中立的數字市場，支持我們客戶的數字化轉型之旅並實現混合多雲需求。

Before signing off, I'd like to thank our dedicated and exceptional team at Digital Realty, who keep the digital world turning. I hope all of you will stay safe and healthy, and we look forward to seeing many of you in the coming weeks at upcoming events. Thank you.

在簽字之前，我要感謝我們在 Digital Realty 的敬業和傑出的團隊，他們讓數字世界保持運轉。我希望你們所有人都保持安全和健康，我們期待在接下來的幾週內與你們中的許多人在即將舉行的活動中見面。謝謝你。

The conference has now concluded. Thank you for joining today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接。