Digital Realty Trust Inc (DLR) 2022 Q3 法說會逐字稿

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

下午好，歡迎參加 Digital Realty 2022 年第三季度財報電話會議。請注意，此事件正在記錄中。 （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. Jordan, please go ahead.

我現在想把這個電話轉給 Digital Realty 的公共和私人投資者關係高級副總裁 Jordan Sadler。喬丹，請繼續。

Thank you, operator, and welcome, everyone, to Digital Realty's Third Quarter 2022 Earnings Conference Call. Joining me today on the 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, 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 年第三季度收益電話會議。今天和我一起參加電話會議的是首席執行官 Bill Stein；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）也參加了電話會議，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.

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。

This call will contain non-GAAP financial information. Reconciliations to GAAP net income are included in the supplemental package furnished to the SEC and available on our website. One important item to note this quarter, while Teraco's results are consolidated into our financial statements since closing on August 1, we have excluded the platform's contribution from leasing backlog and other portfolio statistics that will be cited on this call and within our third quarter earnings materials.

本次電話會議將包含非公認會計原則財務信息。與 GAAP 淨收入的對賬包含在提供給 SEC 的補充包中，可在我們的網站上找到。本季度需要注意的一個重要事項是，雖然自 8 月 1 日收盤以來，Teraco 的業績已合併到我們的財務報表中，但我們已將平台的貢獻排除在本次電話會議和我們第三季度收益材料中將引用的租賃積壓和其他投資組合統計數據中.

Before I turn the call over to Bill, let me offer a few key takeaways from our third quarter. First, we achieved another quarter of record bookings, led by robust demand within the greater than a megawatt segment. Second, the signs of improvement in our core portfolio continued to emerge in the quarter with 120 basis point sequential improvement and base data center revenues on a constant currency basis. Third, with the closing on our investment in Teraco, we cemented our position as a leading provider of colocation and connectivity in South Africa. And lastly, our management team guided by decades of experience remains focused on navigating the current environment and maximizing the opportunity that lies before us.

在我將電話轉給比爾之前，讓我提供第三季度的一些關鍵要點。首先，在超過 1 兆瓦級的強勁需求的帶動下，我們又實現了四分之一的創紀錄預訂量。其次，我們核心投資組合的改善跡像在本季度繼續出現，環比改善 120 個基點，並以固定匯率計算基礎數據中心收入。第三，隨著我們對 Teraco 的投資結束，我們鞏固了我們作為南非託管和連接領先供應商的地位。最後，在數十年經驗的指導下，我們的管理團隊仍然專注於駕馭當前環境並最大限度地利用擺在我們面前的機會。

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 thank you, everyone, for joining our call. The world has experienced significant change so far in 2022, and Digital Realty is adapting to that change. Our business continues to be levered to powerful long-term secular demand trends, broadly driven by ongoing digital transformation and the growth in IT and data as our record leasing results underscore.

謝謝你，喬丹，也謝謝大家加入我們的電話。到目前為止，世界在 2022 年經歷了重大變化，Digital Realty 正在適應這種變化。正如我們創紀錄的租賃業績所強調的那樣，我們的業務繼續受到強大的長期長期需求趨勢的影響，這在很大程度上受到持續數字化轉型以及 IT 和數據增長的推動。

We also have an unmatched global operating footprint that is supported by a strong development pipeline that allows us to capture opportunities wherever they may emerge. As you all understand, global capital markets have become extraordinarily volatile and interest rates have risen sharply from historic lows to levels that we have not seen since 2008.

我們還擁有無與倫比的全球運營足跡，並得到強大的開發渠道的支持，使我們能夠在任何可能出現的地方抓住機會。眾所周知，全球資本市場變得異常動盪，利率從歷史低點急劇上升到我們自 2008 年以來從未見過的水平。

At the same time, the U.S. dollar has strengthened against the euro to levels not seen in nearly 20 years. While you've had to look back over 30 years to find the last time the dollar was this elevated against the pound or the yen. This volatility is being driven by a number of factors from a global economy emerging from the pandemic to the war in Ukraine and of course, the heightened resolve of central bankers to tap down on elevated global inflation.

與此同時，美元兌歐元匯率已升至近 20 年來未見的水平。雖然您必須回顧 30 多年才能找到上一次美元兌英鎊或日元匯率如此高的時間。這種波動是由一系列因素推動的，從全球經濟從大流行到烏克蘭戰爭，當然還有央行行長降低全球通脹上升的決心。

And while the underlying fundamentals of our business remain strong and fortune can indeed favor the brave, experience has taught us that an ounce of prevention is worth a pound of cure. And we feel that it is most prudent today to adapt to the current environment by: one, prioritizing and sharpening the lens through which we view new investments to ensure that we are focused on the most strategic transactions that offer the highest potential risk-adjusted returns; two, by pressing our newly gained advantage on pricing and improving our internal growth profile and the longer-term durability of our cash flows; and three, by enhancing liquidity to ensure that we have the capital to meet the commitments that we have made to our customers while maintaining a comfortable cushion.

雖然我們業務的基本面依然強勁，財富確實會偏愛勇敢的人，但經驗告訴我們，一盎司的預防勝於一磅的治療。我們認為，今天最謹慎的做法是通過以下方式適應當前環境：一、優先考慮和銳化我們看待新投資的視角，以確保我們專注於提供最高潛在風險調整回報的最具戰略性的交易;第二，通過加強我們在定價方面新獲得的優勢，改善我們的內部增長狀況和現金流的長期持久性；第三，通過提高流動性來確保我們有資金來履行我們對客戶做出的承諾，同時保持舒適的緩衝。

With over 300 data centers around the world and a revenue base of over $4.5 billion, Digital Realty remains focused on how to best position ourselves for the long run. Our third quarter results were strong with a record $176 million of new bookings, making the third time in the past 4 quarters that our bookings have exceeded $150 million.

Digital Realty 在全球擁有 300 多個數據中心和超過 45 億美元的收入基礎，始終專注於如何為自己的長期最佳定位。我們第三季度的業績強勁，新預訂量達到創紀錄的 1.76 億美元，這是過去 4 個季度中我們的預訂量第三次超過 1.5 億美元。

Core FFO per share was $1.67 despite stiff FX and interest rate headwinds. On a constant currency basis, we see evidence of the turn that is starting to take shape in our core portfolio.

儘管存在強勁的外彙和利率逆風，但每股核心 FFO 為 1.67 美元。在不變的貨幣基礎上，我們看到我們的核心投資組合開始出現轉變的跡象。

Digital Realty's global platform enables us to capture demand wherever it emerges. North America was the standout this quarter with our largest deals landing in the region. Multinational companies are using platform digital to enable digital transformation across multiple regions and metros globally. A good example of this is a large multisite enterprise build-to-suit transaction signed with a top 5 financial services company that was inked in the quarter.

Digital Realty 的全球平台使我們能夠隨時隨地捕捉需求。北美是本季度的佼佼者，我們最大的交易登陸該地區。跨國公司正在使用平台數字化來實現全球多個地區和城市的數字化轉型。一個很好的例子是與本季度簽署的前 5 名金融服務公司簽署的大型多站點企業定制交易。

Looking ahead, sales activity remains healthy as the secular trends driving data center demand remain in place. 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.

展望未來，由於推動數據中心需求的長期趨勢依然存在，銷售活動依然健康。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架構，以更好地為全球客戶提供服務。

But the world is changing. We are seeing sales cycle lengthen and global uncertainty extends decision times. Importantly, we are pushing prices higher to reflect tightening supply and rising costs. Admittedly, some of the deals this quarter have been in process for many months and do not fully reflect today's environment.

但世界正在發生變化。我們看到銷售週期延長，全球不確定性延長了決策時間。重要的是，我們正在推高價格以反映供應緊張和成本上升。誠然，本季度的一些交易已經進行了好幾個月，並不能完全反映當今的環境。

Today, new leases are being priced to reflect current market conditions. And while this will likely be in an iterative process, we expect the strong secular trends driving demand toward third-party data centers to continue for years to come. Andy will provide further color on our results and our outlook shortly.

如今，新租約的定價反映了當前的市場狀況。雖然這可能是一個迭代過程，但我們預計強勁的長期趨勢將在未來幾年繼續推動對第三方數據中心的需求。安迪將很快為我們的結果和展望提供進一步的色彩。

During the third quarter, we successfully completed the acquisition of a majority interest in Teraco, a leading carrier and cloud-neutral data center and interconnection services provider in South Africa. Teraco is a gem. With 7 data centers across 3 metros and robust interconnectivity including more than 22,000 cross connects, 7 cloud on-ramps and direct access to 7 subsea cables with more on the way. Teraco co has plenty of room to expand and is expected to generate some of the best growth within our portfolio.

第三季度，我們成功收購了南非領先的運營商和雲中立數據中心和互連服務提供商 Teraco 的多數股權。 Teraco 是一顆寶石。擁有跨越 3 個地鐵的 7 個數據中心和強大的互連性，包括超過 22,000 個交叉連接、7 個雲入口匝道和直接訪問 7 條海底電纜，而且還在進行中。 Teraco 公司有足夠的擴張空間，預計將在我們的投資組合中實現一些最佳增長。

Teraco uniquely enhances our position in EMEA, complementing our existing operations in Eastern Africa through iColo, Western Africa through Medallion and in Europe and the Mediterranean with Interxion, Altus IT, Lamda Hellix and our newest JV with Mivne in Israel. These are all highly connected assets that leverage subsea cable landing and brings the world closer together, linking Europe, Asia, the Middle East and Africa.

Teraco 獨特地提升了我們在歐洲、中東和非洲的地位，通過 iColo 補充我們在東非的現有業務，通過 Medallion 在歐洲和地中海的現有業務以及 Interxion、Altus IT、Lamda Hellix 和我們在以色列與 Mivne 的最新合資企業進行補充。這些都是高度互聯的資產，利用海底電纜登陸，將世界拉得更近，連接歐洲、亞洲、中東和非洲。

Consistent with that strategy, we recently acquired land on the Greek island of Crete to create an interconnection hub in the Eastern Mediterranean to complement our existing hub in Marseille, along with developing hubs in Barcelona and Israel, which will feed additional traffic into Greece, the Balkans, Turkey and Northern Africa. We expect that this highly differentiated project will generate strong double-digit returns while enhancing the value of our existing facilities in the region.

根據該戰略，我們最近收購了希臘克里特島的土地，以在東地中海創建一個互連樞紐，以補充我們在馬賽的現有樞紐，以及巴塞羅那和以色列的發展樞紐，這將為希臘提供額外的交通，巴爾幹、土耳其和北非。我們預計這個高度差異化的項目將產生強勁的兩位數回報，同時提升我們在該地區現有設施的價值。

Moving to our dispositions in the quarter. We sold a noncore mixed-use data center property in Dallas for $206 million and reached an agreement with digital core REIT to sell a 25% interest in our Frankfurt data center campus for $140 million with an option to acquire up to 90% of the same campus plus a 90% share of one of our Dallas data centers in a larger transaction's valued at approximately $750 million. Both transactions are subject to unitholder approval with a vote expected for November.

轉到我們在本季度的處置。我們以 2.06 億美元的價格出售了達拉斯的一個非核心混合用途數據中心物業，並與數字核心房地產投資信託基金達成協議，以 1.4 億美元的價格出售我們法蘭克福數據中心園區 25% 的股權，並可選擇收購高達 90% 的股權在價值約 7.5 億美元的大宗交易中，校園加上我們達拉斯數據中心之一的 90% 份額。兩項交易均需獲得單位持有人的批准，預計將於 11 月投票。

Funding organic new market entry through the disposition of stabilized facilities is our preferred source of capital. It enables us to leverage platform digital to capitalize on value creation opportunities and harvest capital once those facilities have stabilized.

通過穩定設施的處置為有機新市場進入提供資金是我們首選的資金來源。它使我們能夠利用平台數字化來利用價值創造機會並在這些設施穩定後收穫資本。

We also favor joint ventures like the one in Israel, where we leverage the local knowledge and expertise of our partner and pair that with PlatformDIGITAL to expand our global footprint and to better serve our customers.

我們也支持像以色列這樣的合資企業，我們利用合作夥伴的當地知識和專業知識，並將其與 PlatformDIGITAL 相結合，以擴大我們的全球足跡並更好地為我們的客戶服務。

Before turning it over to Andy, I'd like to update you on our ESG success shown on Page 3 of our earnings presentation. We were honored to be recognized by GRESB as the sector leader for technology and science category in the Americas for the second consecutive year, maintaining our 5-star rating from this leading investor-driven ESG benchmarking organization. We are proud of our ESG-related efforts. And while the awards and recognition are nice, we are focused on ESG because our customers demand it, and because quite simply, it is the right thing to do. We are committed to minimizing our impact on the environment while delivering sustainable growth for all of our stakeholders.

在將其交給安迪之前，我想向您介紹我們在收益報告第 3 頁上顯示的 ESG 成功。我們很榮幸連續第二年被 GRESB 評為美洲技術和科學類別的行業領導者，並保持了這家領先的投資者驅動的 ESG 基準組織的 5 星評級。我們為 ESG 相關的努力感到自豪。雖然獎項和認可很好，但我們專注於 ESG，因為我們的客戶需要它，而且很簡單，這是正確的做法。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. Turning to Page 5. As Bill noted, we signed record bookings of $176 million, with a $13 million contribution from interconnection during the third quarter, excluding the results from Teraco. The greater than a megawatt business in the Americas was the big driver of this quarter's record leasing at nearly $100 million signed. Sub-1 megawatt plus interconnection accounted for 24% of the record quarterly bookings while the shell portion of a large multisite enterprise build-to-suit deal fell into our other category.

謝謝你，比爾。轉到第 5 頁。正如比爾指出的那樣，我們簽署了創紀錄的 1.76 億美元的訂單，第三季度互聯互通貢獻了 1300 萬美元，不包括 Teraco 的業績。美洲超過兆瓦級的業務是本季度以近 1 億美元簽訂的創紀錄租賃合同的主要推動力。低於 1 兆瓦加上互連佔創紀錄的季度預訂量的 24%，而大型多站點企業定制交易的外殼部分則屬於我們的其他類別。

Importantly, as we've discussed, we have meaningfully shifted our cadence toward further insulating our portfolio from the effects of inflation through the addition of CPI-based escalators into our new leases. While more than 95% of our portfolio includes rent escalation causes, less than 20% are specifically tied to CPI, while the balance are fixed. And our highest leasing volume quarter ever, we were able to achieve CPI-based escalators on 40% of the leases signed in the quarter, which demonstrates our resolve and our customers' acknowledgment of this important factor. The balance of our leases signed in 3Q include fixed rent escalators.

重要的是，正如我們所討論的，我們已經有意義地改變了我們的節奏，通過在我們的新租約中增加基於 CPI 的自動扶梯，進一步使我們的投資組合免受通貨膨脹的影響。雖然我們 95% 以上的投資組合包括租金上漲的原因，但只有不到 20% 與 CPI 相關，而其餘部分是固定的。在我們有史以來最高的租賃量季度，我們能夠在本季度簽署的 40% 的租賃中實現基於 CPI 的自動扶梯，這表明了我們的決心以及我們的客戶對這一重要因素的認可。我們在第三季度簽訂的租約餘額包括固定租金自動扶梯。

Moving on to markets. In North America, Portland and Dallas were particularly strong with large deals landing in each of those metros, while demand in Northern Virginia also remained high. In EMEA, totals were consistent with expectations with particular strength in Paris. While São Paulo led in LATAM, and Osaka led the APAC region. These deals drove additional starts within our development pipeline, which grew to over 400 megawatts, but is also now more than 60% pre-leased mitigating much of the risk related to this capital spend and providing significant visibility into future revenue.

轉向市場。在北美，波特蘭和達拉斯表現尤為強勁，大宗交易在這些大都市中落地，而北弗吉尼亞州的需求也保持高位。在歐洲、中東和非洲，總數與預期一致，尤其是在巴黎。聖保羅在拉美地區領先，大阪在亞太地區領先。這些交易推動了我們的開發管道中的更多啟動，該管道增長到超過 400 兆瓦，但現在也超過 60% 預租，從而減輕了與此資本支出相關的大部分風險，並為未來收入提供了重要的可見性。

As Bill touched on in his remarks, we signed 4 leases in the quarter with a large multinational financial services customer that has fully embarked upon its digital transformation journey. This large multi-site, multi-market build-to-suit transaction drove the upside in our greater than 1 megawatt North America leasing and also served to increase our development pipeline sequentially while reducing our anticipated yields.

正如比爾在講話中提到的，我們在本季度與一家大型跨國金融服務客戶簽署了 4 份租約，該客戶已全面踏上數字化轉型之旅。這項大型多地點、多市場的定制交易推動了我們超過 1 兆瓦的北美租賃業務的增長，同時也有助於增加我們的開發管道，同時降低我們的預期產量。

Importantly, this deal is structured as a yield on cost development supported by a long-term triple net lease to a strong investment-grade credit with fixed escalators, which serves to insulate Digital Realty from construction costs, and operating expense volatility. Excluding this transaction, our development life cycle average yield will be closer to the yield we presented last quarter.

重要的是，這筆交易的結構是由長期三重淨租賃支持的成本開發收益，以及帶有固定自動扶梯的強大投資級信貸，這有助於將 Digital Realty 與建設成本和運營費用波動隔離開來。排除這筆交易，我們的開發生命週期平均收益率將更接近我們上個季度提出的收益率。

During the third quarter, we added another 103 new customers, continuing the 100-plus new logos we've added each quarter since the closing of the Interxion transaction 2.5 years ago. Key customer wins in the quarter include a Global 2000 luxury goods maker is expanding its capabilities on PlatformDIGITAL to add data exchange with its strategic cloud providers to its existing capabilities.

在第三季度，我們又增加了 103 個新客戶，延續了自 2.5 年前 Interxion 交易結束以來我們每個季度添加的 100 多個新徽標。本季度贏得的主要客戶包括一家全球 2000 強奢侈品製造商正在擴展其在 PlatformDIGITAL 上的功能，以將與其戰略云提供商的數據交換添加到其現有功能中。

A Global 2000 multinational technology manufacturer is expanding its hybrid IT capability in multiple metros across 2 global regions with PlatformDIGITAL. A Global 2000 retailer is rationalizing its data centers and joining Platform Digital as part of its hybrid IT architecture to have greater proximity to a key cloud service provider while enhancing both performance and ecosystem benefits. A Global 100 top insurance company is rationalizing its data centers and moving to PlatformDIGITAL to gain strong access to 2 leading cloud service providers.

一家全球 2000 強跨國技術製造商正在通過 PlatformDIGITAL 在全球 2 個地區的多個城市擴展其混合 IT 能力。一家全球 2000 強零售商正在對其數據中心進行合理化，並加入 Platform Digital 作為其混合 IT 架構的一部分，以便更接近關鍵的雲服務提供商，同時提高性能和生態系統優勢。一家全球 100 強頂級保險公司正在對其數據中心進行合理化，並遷移到 PlatformDIGITAL 以獲得對 2 家領先雲服務提供商的強大訪問權限。

Landing with us as a new logo in 4Q '21, a Global 2000 U.S. energy provider expanded into 2 more metros with Digital Realty as it continues to rearchitect its network as part of a long-term hybrid IT transformation. And a Global 2000 aerospace and defense contractor is rationalizing its data center portfolio while supporting the re-architecture of its network and interconnecting with cloud providers on PlatformDIGITAL.

在 21 年第 4 季度，一家全球 2000 強的美國能源供應商與我們一起登陸，通過 Digital Realty 將其網絡擴展到另外 2 個城市，作為長期混合 IT 轉型的一部分，它繼續重新構建其網絡。一家全球 2000 強的航空航天和國防承包商正在合理化其數據中心產品組合，同時支持其網絡的重新架構並與 PlatformDIGITAL 上的雲提供商互連。

Turning to our backlog on Page 7. The current backlog of signed but not yet commenced leases grew to $466 million by quarter end as our record signings were partially offset by $90 million of commencement. The lag between signings and commencements moved up to 17 months for the leases signed in the third quarter due to the large multisite enterprise build-to-suit deal discussed by Bill a moment ago.

轉向我們在第 7 頁的積壓。由於我們創紀錄的簽約部分被 9,000 萬美元的開始租約抵消，目前已簽署但尚未開始的租約積壓在季度末增長至 4.66 億美元。由於比爾剛才討論的大型多地點企業定制交易，第三季度簽署的租約的簽署和開始之間的延遲長達 17 個月。

Excluding this deal, our sign to commence live was under 8 months, consistent with our historical average. Approximately 25% of our record backlog is slated to commence in the fourth quarter. While another 45% will commence in 2023, split fairly evenly throughout the first and second halfs of next year.

不包括這筆交易，我們開始直播的跡像不到 8 個月，與我們的歷史平均水平一致。我們大約 25% 的記錄積壓工作將於第四季度開始。而另外 45% 將在 2023 年開始，在明年上半年和下半年平均分配。

Moving on to Page 8. We signed $154 million Sic [$156 million] of renewal leases during the third quarter that rolled down 0.5% on a cash basis. Renewal rates for 01-megawatt renewals were positive across each region and up 3.1% overall, demonstrating the criticality of these deployments and the differentiation of our facilities. This product segment has historically experienced steadily positive renewal rates and cash renewal rates have steadily increased throughout this year.

繼續前進到第 8 頁。我們在第三季度簽署了 1.54 億美元的 Sic [1.56 億美元] 續租租約，按現金計算下降了 0.5%。 01 兆瓦更新的更新率在每個地區都是積極的，整體上升了 3.1%，這表明了這些部署的重要性以及我們設施的差異化。該產品部門歷來經歷了穩定的正續訂率，並且現金續訂率在今年全年穩步上升。

After 2 consecutive 3-plus percent bumps in 1Q and 2Q, the cash mark-to-market was weighed down by the greater than 1 megawatt segment in the third quarter. Despite this result, we are confident in a slightly positive cash releasing spread for the full year 2022.

在第一季度和第二季度連續 2 個超過 3% 的增長之後，第三季度超過 1 兆瓦的市場拖累了現金市值。儘管有這樣的結果，但我們對 2022 年全年的現金釋放利差有信心。

Importantly, we are encouraged by the general trajectory of market rents across our product line. We expect that the dislocation and volatility of capital markets coupled with rising costs and the reduced availability of power in several markets, including the world's largest market,Loudoun County, Virginia, is constraining the ability to bring on new data center capacity despite the secular demand for data center infrastructure.

重要的是，我們對整個產品線的市場租金的總體軌跡感到鼓舞。我們預計，資本市場的混亂和波動，加上成本上升和幾個市場（包括世界上最大的市場弗吉尼亞州勞登縣）的電力供應減少，將限制儘管長期需求增加新數據中心容量的能力用於數據中心基礎設施。

With regard to power delivery in Northern Virginia, we are continuing to work with the primary power provider to ensure appropriate allocations with an acute focus on capacity needed to support our customers in this market. We have an incredibly unique footprint in Loudoun and a set of capabilities that we are working to tap into in order to take advantage of this backdrop of continuing tightening market fundamentals.

關於北弗吉尼亞州的電力輸送，我們將繼續與主要電力供應商合作，以確保適當的分配，並重點關注支持我們在該市場的客戶所需的容量。我們在勞登擁有令人難以置信的獨特足跡，以及我們正在努力利用的一系列能力，以利用市場基本面持續收緊的背景。

In terms of operating performance, total portfolio occupancy rebounded by 80 basis points sequentially, driven by the strong commencements. 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.

在經營業績方面，在強勁開工的推動下，總投資組合入住率環比反彈 80 個基點。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，但我們的入住率仍有這些改善。

Same capital cash NOI growth fell 7.3% in the third quarter, negatively impacted by another 480 basis point FX headwind. This is disappointing on the surface but once the noise is removed, the improving operating picture that we have been painting starts to emerge.

第三季度相同資本現金 NOI 增長下降 7.3%，受到另一個 480 個基點的外匯逆風的負面影響。這從表面上看是令人失望的，但一旦消除了噪音，我們一直在描繪的改善的運營圖景開始出現。

On a constant currency basis, data center operating revenue, rental revenue interconnection was actually up 10 basis points year-over-year and improved by 120 basis points sequentially, demonstrating the turn that has started to take hold in our core operations. The sequential step-up was supported by a 50 basis point occupancy improvement over the second quarter, along with the benefits of the positive releasing spreads we've seen year-to-date.

按固定匯率計算，數據中心運營收入、租金收入互連實際上同比增長 10 個基點，環比增長 120 個基點，表明我們的核心業務已經開始出現轉變。第二季度入住率提高了 50 個基點，以及我們今年迄今看到的正釋放利差的好處，支持了連續增長。

Turning to our risk mitigation strategies on Page 9. 56% of our third quarter operating revenue was denominated in U.S. dollars, with 21% in euros, 6% in Singapore dollars, 5% in British pounds and 2% in Japanese yen.

轉到第 9 頁的風險緩解策略。我們第三季度營業收入的 56% 以美元計價，其中 21% 以歐元計價，6% 以新加坡元計價，5% 以英鎊計價，2% 以日元計價。

The U.S. dollar continued to strengthen over the last few months, negatively impacting same capital revenue growth by 530 basis points and NOI growth by 480 basis points year-over-year, as shown in our constant currency analysis on Page 10. This strong headwind contrasts with typical FX impacts of 50 to 100 basis points in either direction during the periods with more normal FX volatility.

如我們在第 10 頁的恆定貨幣分析所示，美元在過去幾個月繼續走強，對相同資本收入增長 530 個基點和 NOI 同比增長 480 個基點產生負面影響。這種強勁的逆風形成鮮明對比在外匯波動較為正常的時期內，典型的外匯影響在任一方向上都為 50 至 100 個基點。

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 development pipeline. To be clear, we are operating and then investing locally rather than repatriating proceeds into U.S. dollars.

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。

Our operations, investment pipeline and funding in locally-denominated debt serve as a natural hedge. As we discussed on our call last quarter, given the growth of our global portfolio, along with heightened FX volatility, we took a closer look at our hedging strategy during the third quarter and executed additional swaps to mitigate our remaining FX exposure.

我們的本地計價債務的運營、投資渠道和融資可作為天然的對沖工具。正如我們在上個季度的電話會議上討論的那樣，鑑於我們全球投資組合的增長以及外匯波動性的加劇，我們在第三季度仔細研究了我們的對沖策略並執行了額外的掉期以減輕我們剩餘的外匯敞口。

In August, we executed a U.S. dollar to euro currency swap against an existing $1 billion tranche of 2027 notes outstanding. And in late September, alongside our USD 550 million bond, we swapped those borrowings in the euro and Japanese yen, which also reduced the effective interest rate on those 5-year notes to just 3% versus the 5.55% coupon achieved via the offering.

8 月，我們針對現有 10 億美元的 2027 年未償票據執行了美元對歐元的貨幣互換。在 9 月下旬，除了我們的 5.5 億美元債券外，我們還用歐元和日元交換了這些借款，這也將這些 5 年期票據的有效利率降低至僅 3%，而通過發行實現的票面利率為 5.55%。

In terms of earnings growth, we reported third quarter core FFO per share of $1.67, which is 1% higher on a year-over-year basis and 3% lower sequentially due to the negative impact of FX, higher interest and operating expenses and the initial dilution we incurred from the closure of Teraco, which is consistent with the forecast we provided last quarter.

在盈利增長方面，我們報告第三季度每股核心 FFO 為 1.67 美元，同比增長 1%，環比下降 3%，這是由於外匯、更高的利息和運營費用以及我們因關閉 Teraco 而產生的初始稀釋，這與我們上個季度提供的預測一致。

On a constant currency basis, core FFO was 6% higher year-over-year but down $0.01 sequentially. The reported core FFO underperformance versus our prior expectation for the quarter was purely a function of greater-than-expected FX headwinds.

按固定匯率計算，核心 FFO 同比增長 6%，但環比下降 0.01 美元。報告的核心 FFO 表現低於我們對本季度的先前預期純粹是外匯逆風大於預期的函數。

Looking forward, we expect core FFO per share will remain under pressure from stiff FX headwinds given the appreciation of the U.S. dollar, though this should be offset by core growth. As you can see from the bridge on Page 11, we expect FFO will remain flat sequentially in the fourth quarter as FX and interest expense headwinds are partly balanced by NOI growth.

展望未來，鑑於美元升值，我們預計每股核心 FFO 將繼續承受來自強勁外匯逆風的壓力，儘管這應被核心增長所抵消。正如您在第 11 頁的橋段中所見，我們預計第四季度 FFO 將保持持平，因為外彙和利息支出的不利因素部分被 NOI 增長所平衡。

Accordingly, we've adjusted our underlying guidance assumptions to reflect the continued pressures of FX and interest rates. We are also updating our core FFO per share guidance range for the full year 2022 to $6.70 to $6.75, reflecting a $0.075 per share adjustment at the midpoint of the range. Importantly, due to the sharper-than-expected move in interest rates since our last call, we are reducing our constant currency core FFO per share range by $0.025 at the midpoint to a new range of $6.95 to $7 for 2022, which represents approximately 7% growth over 2021. We expect currency headwinds could represent a 400 to 500 basis point drag on full year 2020 revenue and core FFO per share growth.

因此，我們調整了基本指引假設，以反映外彙和利率的持續壓力。我們還將 2022 年全年的每股核心 FFO 指導範圍更新至 6.70 美元至 6.75 美元，反映了該範圍中點每股 0.075 美元的調整。重要的是，由於自上次電話會議以來利率波動超出預期，我們將固定貨幣核心每股 FFO 區間中點下調 0.025 美元，至 2022 年 6.95 美元至 7 美元的新區間，約為 7 2021 年增長 %。我們預計貨幣逆風可能會對 2020 年全年收入和每股核心 FFO 增長造成 400 至 500 個基點的拖累。

A review of our leverage is on Page 12. Our reported leverage ratio at quarter end was 6.7x, while fixed charge coverage is at 5.5x. We drew $400 million down from last September's forward equity offering as part of our funding for Teraco. So pro forma for the remaining forward equity and adjusting for our full quarter's contribution from Teraco, our leverage ratio drops to 6.4x while pro forma fixed charge coverage is 5.7x.

第 12 頁對我們的槓桿率進行了回顧。我們在季度末報告的槓桿率為 6.7 倍，而固定費用覆蓋率為 5.5 倍。作為我們為 Teraco 提供資金的一部分，我們從去年 9 月的遠期股票發行中提取了 4 億美元。因此，對於剩餘的遠期權益，並根據 Teraco 對我們整個季度的貢獻進行調整，我們的槓桿率降至 6.4 倍，而預計固定費用覆蓋率為 5.7 倍。

While leverage is above our historical average, we have bolstered our liquidity to ensure that we have the capital in hand to fund our committed development spend throughout the end of next year and maintain a comfortable cushion. Since our last earnings call, we have raised or received commitments for approximately $2 billion of debt capital at an effective blended average of just over 3%. These include more than $650 million of term loan commitments received subsequent to quarter end.

雖然槓桿率高於我們的歷史平均水平，但我們增強了流動性，以確保我們手頭有資金為明年年底承諾的發展支出提供資金，並保持舒適的緩衝。自上次財報電話會議以來，我們已籌集或收到約 20 億美元債務資本的承諾，有效混合平均利率略高於 3%。其中包括在季度末收到的超過 6.5 億美元的定期貸款承諾。

With cash and forward equity outstanding totaling more than $700 million, we have increased our current available liquidity to approximately $3 billion. We expect to see leverage moderate back towards our longer-term target over time through a combination of noncore dispositions, joint ventures of core holdings, lease-up of available capacity and the retention of free cash flow.

憑藉總計超過 7 億美元的未償現金和遠期股權，我們已將當前可用流動性增加到約 30 億美元。我們預計，隨著時間的推移，通過非核心資產處置、核心控股合資企業、可用產能的租賃和自由現金流的保留，我們的槓桿率將逐漸回落至我們的長期目標。

As Bill discussed, the current capital markets environment and increased cost of capital have led us to sharpen our lens and prioritize new investments to those that are the highest strategic merit and offer the best potential risk-adjusted returns. Our financial strategy includes a diverse menu of available capital options while minimizing the related cost of our liabilities. The execution against this financing strategy reflects the strength of our global platform, which provides access to the full menu of public as well as private capital and enables us to fund our strategic objectives.

正如比爾所討論的，當前的資本市場環境和不斷增加的資本成本使我們更加敏銳，並將新投資優先考慮到那些具有最高戰略價值並提供最佳潛在風險調整回報的投資。我們的財務戰略包括多樣化的可用資本選擇菜單，同時將我們的負債相關成本降至最低。這一融資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，並使我們能夠為我們的戰略目標提供資金。

As you can see from the chart on Page 13, our weighted average debt maturity is about 5.5 years, and our weighted average coupon is 2.4%. Approximately 3/4 of our debt is non-U.S. dollar denominated, reflecting the growth of our global platform. More than 80% of our net debt is fixed rate and 97% of our debt is unsecured, providing the greatest flexibility for capital recycling.

從第 13 頁的圖表中可以看出，我們的加權平均債務期限約為 5.5 年，加權平均息票率為 2.4%。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 80% 以上的淨債務為固定利率，97% 的債務為無抵押，為資金循環提供了最大的靈活性。

Finally, we have no meaningful near-term debt maturities and a well-laddered debt maturity schedule. We repaid the remainder of our 2022 debt earlier this month and have only a small Swiss bond maturing in 2023.

最後，我們沒有有意義的近期債務到期日和完善的債務到期時間表。我們本月早些時候償還了 2022 年的剩餘債務，只有一小部分瑞士債券將於 2023 年到期。

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。

(Operator Instructions) And our first question will come from Jon Atkin of RBC.

（操作員說明）我們的第一個問題將來自 RBC 的 Jon Atkin。

I wondered if it's possible to kind of frame the magnitude and the timing of the CapEx associated with all the leasing that you did during the quarter. And then maybe to kind of bring it home to the $3 billion in liquidity that you talked about sources of funding that incremental CapEx.

我想知道是否有可能確定與您在本季度進行的所有租賃相關的資本支出的規模和時間安排。然後也許是為了把它帶回你所說的增加資本支出的資金來源的 30 億美元流動性。

Jon. So if you look at our development life cycle, it kind of leases out region by region, and it has called, let's say, starts with a,just $3.8 billion of, approved projects. And that includes all the leases signed during the last quarter as well as some projects that are not leased because it's only 60% pre-leased, roughly. If you kind of break that down over the next, 5 quarters, you're spending about $2.7 billion of that. Again, that is not all contractual spend. Only a portion of that is tied to customer contracts. So if you exclude the, assumptive or speculative spend, you call it closer to $2 billion.

喬恩。因此，如果您查看我們的開發生命週期，它會按地區出租，比方說，它從一個僅 38 億美元的獲批項目開始。這包括上一季度簽署的所有租約，以及一些未出租的項目，因為它大約只有 60% 是預租的。如果您在接下來的 5 個季度中將其分解，您將花費大約 27 億美元。同樣，這並不是所有的合同支出。其中只有一部分與客戶合同相關。因此，如果您排除假設性或投機性支出，您稱其接近 20 億美元。

The $3 billion of liquidity I mentioned, that includes, really 2 parts, $1.7 billion of cash and revolver capacity and then $1.2 billion of the undrawn equity forward and new U.S. dollar term loan commitments in hand. So that total just about $3 billion of contractual committed committee liquidity right now. That is everything we have at this minute.

我提到的 30 億美元的流動性，實際上包括兩部分，17 億美元的現金和左輪手槍容量，然後是 12 億美元的未提取股權遠期和新的美元定期貸款承諾。因此，目前合同承諾的委員會流動資金總額僅為 30 億美元。這就是我們此刻所擁有的一切。

We're also continuing with our normal game plan of noncore dispositions, call it $1.5 billion over several quarters as well as joint ventures on core holdings. So we feel pretty good about being able to fund this attractive growth for our customers.

我們還在繼續我們的非核心處置的正常遊戲計劃，稱其為幾個季度的 15 億美元以及核心持股的合資企業。因此，我們對能夠為我們的客戶提供這種有吸引力的增長提供資金感到非常高興。

And then secondly, on the 17 month metric that you mentioned in the earnings release and in the script about kind of essentially book-to-bill. And then putting that in the context of what Bill said about elongated sales cycles, how much of that is due to perhaps the lack of server availability on part of the customers or from your standpoint, delays in power procurement or ability to construct just given supply chain which is facing data center infrastructure?

其次，關於你在收益發布和腳本中提到的 17 個月指標，基本上是按帳單結算。然後把它放在比爾所說的關於延長銷售週期的背景下，其中有多少可能是由於部分客戶或從您的角度來看缺乏服務器可用性，電力採購的延遲或構建剛剛給定的供應的能力面向數據中心基礎設施的鏈條是哪一個？

I would parse those in 2 topics and, I'd say, coincidentally look like they're connected. What the long -- the extended book-to-bill really was our largest transaction was with a large multinational financial services customer. It's been in the works for -- really since the very beginning of this year. It's across 4 different locations. It's incredible. It's very flatter to be part of their digital transformation, which is really going to cloud in a hybrid IT fashion. And given those projects are literally at land stage, we're designing to their specifications. That is what's extending that out.

我會在 2 個主題中解析它們，我想說，巧合的是，它們看起來像是相互關聯的。我們最大的一筆交易是與一家大型跨國金融服務客戶進行的長期交易。從今年年初開始，它就一直在進行中。它跨越4個不同的位置。這太不可思議了。成為他們數字化轉型的一部分非常平易近人，這真的會以混合 IT 方式實現雲計算。鑑於這些項目實際上處於陸地階段，我們正在按照他們的規格進行設計。這就是擴展它的原因。

And if you carve those 4 transactions with that customer out, you really had a normal book-to-bill cycle. I think I'll let Bill comment on what he referenced in terms of, what we're seeing in terms of the business in terms of some elongated sales cycle though.

而且，如果您將與該客戶的這 4 筆交易剔除，那麼您確實有一個正常的訂單到賬單週期。我想我會讓比爾評論他所引用的內容，我們在業務方面看到的一些延長的銷售週期。

It's a little bit elongated, Jon. But as Andy said, if you were to strip out the 4 build-to-suits that are in this quarter, the effect on the book-to-bill this quarter would be minimal.

它有點拉長，喬恩。但正如安迪所說，如果你要剔除本季度的 4 套定制套裝，那麼本季度對帳單到賬單的影響將是微乎其微的。

The next question comes from Frank Louthan of Raymond James.

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

Great. Have you guys increased pricing on cross-connects as well? And if so, what is sort of the -- how much have you raised that? And what percentage are on the new pricing? And then going forward, you're fairly creative as far as the getting the effective rate on your financing down close to 3%. Is that -- what sort of expectation do you have, what sort of financing you can get going forward? Do you think you can keep it around that level?

偉大的。你們是否也提高了交叉連接的價格？如果是這樣，那是什麼 - 你籌集了多少？新定價的百分比是多少？然後再往前走，就將融資的有效利率降低近 3% 而言，你是相當有創意的。那是 - 你有什麼樣的期望，你可以得到什麼樣的融資？您認為您可以將其保持在該水平嗎？

Frank. Maybe Chris and I [will handle that] cross-connect pricing and pricing dynamic overall. I would remind you, we are essentially have been putting together some critical puzzle pieces through our M&A and have been aligning our cross-connect pricing across various regions, including the latest and greatest addition to PlatformDIGITAL with Teraco, the leading platform across South Africa. So it's not necessarily a uniform step shift, but we have been investing in that platform, bringing more value to our customers and driving commensurate increases in prices.

坦率。也許克里斯和我 [將處理] 交叉連接定價和整體定價動態。我想提醒您，我們基本上一直在通過併購整合一些關鍵的拼圖，並一直在調整我們在各個地區的交叉連接定價，包括 PlatformDIGITAL 與南非領先平台 Teraco 的最新和最偉大的補充。因此，這不一定是一個統一的階梯式轉變，但我們一直在對該平台進行投資，為我們的客戶帶來更多價值並推動價格相應上漲。

But Chris, anything you want to add on cross-connect prices or data points there?

但是克里斯，你想在交叉連接價格或數據點上添加什麼嗎？

Yes, absolutely. Thanks for the question, Frank. A couple of points, right? We definitely take a customer-led approach on aligning value to the overall reach and overall offering they're able to provide them. I would echo Andy sentiment that like in the Westin Building, I think we've talked about it a couple of quarters ago, where we're driving that consistency of our overall interconnection products and capabilities in that market to really just delivering more value and you're going to start to see more revenue pick up in the next year on being able to uniformly bring that into the overall PlatformDIGITAL delivery capabilities.

是的，一點沒錯。謝謝你的問題，弗蘭克。幾點，對吧？我們肯定會採取以客戶為主導的方法，將價值與他們能夠提供的整體覆蓋面和整體產品保持一致。我會回應安迪的觀點，就像在威斯汀大廈一樣，我想我們已經在幾個季度前討論過它，我們正在推動我們在該市場上的整體互連產品和功能的一致性，以真正提供更多的價值和您將在明年開始看到更多的收入回升，因為能夠將其統一納入整體 PlatformDIGITAL 交付能力。

I'd say this next piece is more probably pointing to your question in EMEA, right, where we've been talking for some time now about increasing those prices and that's been performing great. And I think that's something that you'll continue to see growing, which is represented in the interconnection numbers that we put up this last quarter. So you'll see that performing I think, much better over the course of the next year here.

我想說下一篇更有可能指向您在歐洲、中東和非洲的問題，對，我們已經討論了一段時間了，關於提高這些價格，而且效果很好。而且我認為這是您將繼續看到增長的東西，這體現在我們上個季度提出的互連數字中。所以你會看到我認為明年的表現要好得多。

And just not to leave you without any numbers in terms of rate or growth increases. I mean the ranges are pretty wide, but it's anywhere from called low mid-single digits to some -- definitely some outliers that are in the teens at the very least. I think the overall pricing environment is probably even more relevant to the heart of your question, though. We are continuing to see improving pricing power across our platform, whether it's in our, let's call it, less than megawatt enterprise colocation footprint. We're, I'd say, call it, 10% to 15% sequential pricing changes in many markets and also seeing similar type of increases in the larger plus than a megawatt as well.

只是不要讓您在增長率或增長率方面沒有任何數字。我的意思是范圍很廣，但它從所謂的中低個位數到一些——絕對是一些至少在十幾歲的異常值。不過，我認為整體定價環境可能與您問題的核心更為相關。我們將繼續看到整個平台的定價能力有所提高，無論是在我們的（我們稱之為）小於兆瓦級的企業託管足跡中。我想說，在許多市場中，我們稱之為 10% 到 15% 的連續定價變化，並且在大於 1 兆瓦的情況下也看到了類似的增長。

In relation to your second question, I mean, big kudos to the Digital Realty Finance Capital Markets team, I mean, really call it staying nimble and acting fast in a volatile environment and really bringing together, what is the $2 billion of capital in 60 days.

關於你的第二個問題，我的意思是，非常感謝 Digital Realty Finance Capital Markets 團隊，我的意思是，真的稱之為在動蕩的環境中保持敏捷和快速行動，真正將 60 年 20 億美元的資本聚集在一起天。

We've also been tapping into incremental FX hedgings, given the more volatile FX world and a more global business. And we've been able to get our cost of capital, roughly 3%. Listen, I don't -- I'm not sure that's a permanent number where we go from here. We've had, the most rapid increase in the U.S. Treasury in 40 years or Fed funds rates in 40 years. But we're definitely using all the tools in our toolkit to maximize those menu of options and drive down the cost of our capital.

鑑於外匯世界更加動盪和業務更加全球化，我們也一直在利用增量外匯對沖。我們已經能夠獲得大約 3% 的資本成本。聽著，我不知道——我不確定這是我們從這裡出發的永久號碼。我們經歷了 40 年來美國國債或聯邦基金利率 40 年來最快的增長。但我們肯定會使用我們工具包中的所有工具來最大化這些選項菜單並降低我們的資本成本。

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

下一個問題來自美國銀行的戴夫·巴登。

I guess first question would be, Andy, can you walk us through how this bubble of lease renewals in 2023 is going to work out? I guess, on supplement Page 23, 15% of annualized rent is coming due next year. You've had some success with positive lease renewing spreads year-to-date and be helpful to kind of get some comfort level there.

我想第一個問題是，安迪，你能告訴我們 2023 年的續租泡沫將如何解決嗎？我想，在第 23 頁的補充部分，15% 的年租金將在明年到期。年初至今，您在積極的續租利差方面取得了一些成功，並有助於在那裡獲得一些舒適度。

And then I guess the follow-up would be, I think we were hoping to get some comfort on what your understanding with Dominion and Northern Virginia energy availability would be in the development pipeline on a go-forward basis? And if you could kind of share what your latest thinking is there?

然後我想後續行動會是，我想我們希望對您對 Dominion 和北弗吉尼亞州能源可用性的理解將在開發過程中的進展情況有所了解？如果你能分享一下你的最新想法是什麼？

Dave. Maybe I'll take them in reverse order because I think the second question ties a little bit into your first question. So as a broader reminder, literally, I think it was 90 days ago to the day, we got the, the newer news from Dominion on the pinch point in Eastern Loudoun County on power deliveries. I can tell you we're a regular dialogue with the power company on a path forward. But I would say also that the essence of the initial messaging remains intact that there's just going to be significantly less power provided to ongoing development in this region until 2026.

戴夫。也許我會以相反的順序來處理它們，因為我認為第二個問題與您的第一個問題有點聯繫。因此，作為一個更廣泛的提醒，從字面上看，我認為這是 90 天前的一天，我們從 Dominion 那裡得到了關於電力輸送東勞登縣緊要關頭的最新消息。我可以告訴你，我們正在與電力公司就前進的道路進行定期對話。但我還要說，最初的信息的本質保持不變，直到 2026 年，該地區持續發展的動力將大大減少。

The feedback we've received is that 2026, which should be back to more normal practices. So this is not a permanent thing. It's due to transmission not generation, and that's what they've expressed to us. But between now and then, it's going to be less supply in the biggest highest -- consistently high demand market. What that means and what we're seeing, and I alluded to it earlier is that the pricing power pendulum is shifting back towards us. And it's nice to be I believe, the largest incumbent, we call it, 500 megawatts of in-place capacity and just under, I think, 200, coming due contractually expiration wise in the next 3 years.

我們收到的反饋是 2026 年，應該恢復到更正常的做法。所以這不是一成不變的事情。這是由於傳播而不是產生，這就是他們向我們表達的。但是從現在到那時，在最大的最高需求——持續高需求的市場中，供應將會減少。這意味著什麼以及我們所看到的，我之前提到過的是，定價權的鐘擺正在向我們靠攏。很高興我相信，最大的現任者，我們稱之為 500 兆瓦的就地容量，我認為，200 兆瓦以下，在未來 3 年合同到期。

The -- we -- when it comes to available capacity, we're -- we've sold quite well in that market. We probably in hindsight, I wish we didn't do so well, but who knew this was going to come. I don't think any market participants really expected this. We do -- ourselves are not completely bearing and we do have a 200-megawatt parcel in Manassas that is to date an unaffected zone that -- which is really nice to have in times like this. And while I cannot guarantee it right now, I think we're optimistic that the responsible parties in Loudoun will work with Digital to deliver on behalf of those customers that have signed contracts to grow with us and are sitting in our backlog.

- 我們 - 當談到可用容量時，我們 - 我們在那個市場上賣得很好。我們可能事後看來，我希望我們沒有做得那麼好，但誰知道這會發生。我認為任何市場參與者都沒有真正預料到這一點。我們這樣做了——我們自己並沒有完全承受，而且我們確實在馬納薩斯有一個 200 兆瓦的地塊，迄今為止是一個未受影響的區域——在這樣的時代擁有它真的很好。雖然我現在不能保證，但我認為我們樂觀地認為，勞登的負責方將與 Digital 合作，代表那些與我們簽訂了與我們一起發展的合同並在我們的積壓訂單中的客戶提供服務。

Turning to your second question. The pricing power pendulum again, I think, is continuing to move in the favor of the providers given that demand has been robust for so long, and the outlook is looking to be -- continue to be such and the supply has just been absorbed. You pointed out the 15%, which is like less than a megawatt piece of our expiration schedule. I mean that's -- in times like these, when prices are moving your friend, it's nice to have more bites at the apple to continue to ensure commensurate value is generated for our contracts. So I feel that is usually our most network dense sticky portion that consistently on the front end of our expirations schedules. I feel pretty darn good about that in terms of not only retention but price action. And I think even the PC didn't mention in the larger the megawatt, I think that my commentary around Northern Virginia and other tightening markets, I think, will also continue this trend of more positive cash releasing spreads, which were positive in the first 2 quarters this year and remain positive on a full year basis for 2022.

轉向你的第二個問題。我認為，鑑於需求長期以來一直強勁，而且前景看起來——繼續如此，供應剛剛被吸收，定價權的鐘擺再次向供應商傾斜。您指出了 15%，這在我們的到期時間表中還不到 1 兆瓦。我的意思是——在這樣的時代，當價格讓你的朋友感動時，很高興能多咬蘋果，以繼續確保為我們的合同產生相稱的價值。所以我覺得這通常是我們網絡最密集的粘性部分，始終在我們的到期時間表的前端。我對此感覺非常好，不僅在保留率方面，而且在價格行為方面。而且我認為即使是 PC 也沒有提到更大的兆瓦，我認為我對北弗吉尼亞州和其他緊縮市場的評論也將繼續這種更正的現金釋放利差的趨勢，這在第一個是積極的今年 2 個季度，2022 年全年保持樂觀。

The next question comes from Michael Rollins of Citi.

下一個問題來自花旗的邁克爾·羅林斯。

So with some of the comments on demand but also a lengthening of the sales cycle, should investors look at Slide 5 a little differently in terms of the range of sales outcomes that you achieved over the last 6 to 8 quarters relative to what the next 6 quarters or 4 quarters might look like?

因此，隨著一些關於需求的評論以及銷售週期的延長，投資者在過去 6 到 8 個季度相對於接下來 6 個季度所取得的銷售成果範圍方面，投資者是否應該對幻燈片 5 有一點不同的看法？季度或 4 個季度可能是什麼樣子？

And then secondly, just given some of the comments that you provided on currency and on interest rates. If everything stays where it is currently, can you share a sense of what the potential headwinds could be on 2023 financial performance, thinking of revenue and core FFO per share?

其次，剛剛給出了您就貨幣和利率提供的一些評論。如果一切都保持在目前的水平，您能否分享一下 2023 年財務業績的潛在不利因素，考慮收入和每股核心 FFO 嗎？

So we'll do a reverse and I'll hit the currency and interest rates and then we can talk to pitch over to Corey about, expectations on signings for, the next several quarters. The -- I mean, based on where we're seeing the currencies, I would say, especially precipitated by, I think, the activity in the sterling -- the British sterling pound over the last several, I still believe currencies will remain somewhat of a headwind in '23 relative to 2022.

所以我們會做相反的事情，我會觸及貨幣和利率，然後我們可以和科里談談，對未來幾個季度的簽約預期。 - 我的意思是，基於我們對貨幣的看法，我會說，尤其是我認為英鎊的活動——過去幾年的英鎊，我仍然相信貨幣將保持一定程度相對於 2022 年，23 年的逆風。

I don't think that's a permanent fixture. But based on the pace of, governmental base rate increases and the currency differentials. So we haven't put that together nor the interest rate, headwind. The interest rate one is -- excuse me, I should say, FX is going to be less of a headwind than my gut for 2023 than 2022. I mean we're just absorbing, call it, 400 basis points. So I would -- I don't have the exact number, but I don't see it being even half of that in the end of the day -- in the next year, unless you literally have the euro and the pound literally dropped another 30% over the next 12 months.

我不認為這是一個永久性的固定裝置。但根據政府基準利率上調的速度和貨幣差異。所以我們沒有把它放在一起，也沒有把利率放在一起，逆風。利率之一是 - 對不起，我應該說，與 2022 年相比，2023 年外匯市場的逆風將比我的直覺要小。我的意思是我們只是在吸收，稱之為 400 個基點。所以我會 - 我沒有確切的數字，但我認為它甚至不會是一天結束時的一半 - 在明年，除非你真的有歐元並且英鎊真的下跌了在接下來的 12 個月內再增加 30%。

Interest rates, we have called 80-plus percent of our debt is fixed rate. We obviously saw last quarter looking to access capital across various markets and various currencies that align with our asset and revenue base to essentially buck some of the interest rate trend. But I mean, I think a good proxy is if you look at the quantity of our floating rate debt and you apply what the expected software increases over the next 12 months, that's probably going to be a ballpark in terms of headwinds on a year-over-year basis, Mike.

利率，我們稱我們 80% 以上的債務是固定利率。顯然，我們在上個季度看到希望從與我們的資產和收入基礎一致的各種市場和各種貨幣中獲取資本，以從根本上逆轉一些利率趨勢。但我的意思是，我認為一個很好的代理是，如果你看看我們的浮動利率債務的數量，並應用未來 12 個月內預期軟件增加的數量，就一年的逆風而言，這可能是一個大致的情況——邁克。

In terms of -- I'll turn it back to Corey to how we're thinking about the range of outcomes on new signings.

就--我將把它轉回到科里來討論我們如何考慮新簽約的結果範圍。

Yes. So thanks, Mike, for the question, and Andy for the -- let me go second. The -- first off, I'll tell you that we don't forecast. I'm not going to try to play a game on what it's going to look like. But what I would tell you from a demand and a pipeline perspective, our multi-quarter pipeline is really robust, may not robust. I'll say resilient and very healthy. And that comes off of our quarter that was our top quarter ever.

是的。非常感謝 Mike 提出的問題，以及 Andy 的——讓我來第二個。 - 首先，我會告訴你，我們不預測。我不會嘗試去玩遊戲會是什麼樣子。但我會從需求和管道的角度告訴你，我們的多季度管道確實很強勁，可能並不強勁。我會說有彈性而且非常健康。這來自我們的季度，這是我們有史以來的最高季度。

The demand is healthy across all regions. The one softness area would probably be in the small enterprises where they're having a little bit more -- I'd say they're more susceptible to the macro issues to the war in Europe. So all those different items. And so we saw those cycles lengthening, and that moderated some of our results in the somewhat megawatt. But broadly across the globe, we've got really strong hyperscale demand. We've got strong demand and increasing demand from our large $1 billion-plus multinationals. Our channel business is going really well. We're seeing new logos uptick from that cohort as well as the possible demand from just new signings in that area. So positive from a broad space, it's resilient and really healthy after our best quarter ever.

所有地區的需求都很健康。一個軟弱的領域可能是他們擁有更多的小企業——我想說他們更容易受到歐洲戰爭的宏觀問題的影響。所以所有這些不同的項目。因此，我們看到這些週期延長了，這緩和了我們在幾兆瓦方面的一些結果。但在全球範圍內，我們有非常強勁的超大規模需求。我們擁有超過 10 億美元的大型跨國公司的強勁需求和不斷增長的需求。我們的渠道業務進展順利。我們看到該隊列中的新徽標有所增加，以及該地區新簽約的可能需求。從廣闊的空間來看是如此積極，在我們有史以來最好的季度之後，它具有彈性並且非常健康。

The next question comes from Eric Luebchow of Wells Fargo.

下一個問題來自富國銀行的 Eric Luebchow。

Great. As we think about your -- the impact of inflation on your development costs next year and beyond, just I believe you have some VMI contracts renewing in early 2023 for your equipment spend. Maybe you could talk about what your expectations are there in terms of cost inflation on development as we enter the new year?

偉大的。當我們考慮到明年及以後通貨膨脹對您的開發成本的影響時，我相信您將在 2023 年初為您的設備支出續簽一些 VMI 合同。也許您可以談談在我們進入新的一年之際，您對開發成本膨脹的期望是什麼？

And then second, as we think about the better pricing power and perhaps some constraints on new development in markets like Ashburn, are you in a position to perhaps have declining capital intensity in the next few years, which would kind of help reduce your needs for capital? Or how should we think about that dynamic as well?

其次，當我們考慮到更好的定價能力以及可能對 Ashburn 等市場的新發展的一些限制時，您是否能夠在未來幾年內降低資本密集度，這將有助於減少您的需求首都？或者我們應該如何看待這種動態？

Sure, Eric. So the -- so we have numerous risk mitigations when it comes to our development and construction, which includes our vendor management inventory program, you mentioned other supplier contracts. At a more local level, bundling our projects with GCs and subcontractors. So when you put that all together in the current backdrop environment and we look at the next batch, which will be projects probably more back half of '23 into '24. On a fully -- including all baked into the whole basis of the project, we're still estimating that our costs are in the mid- to high single-digit-ish type of potential increase.

當然，埃里克。所以 - 所以我們在開發和建設方面有許多風險緩解措施，其中包括我們的供應商管理庫存計劃，你提到了其他供應商合同。在更本地的層面上，將我們的項目與 GC 和分包商捆綁在一起。因此，當您將所有這些放在當前的背景環境中時，我們會看下一批，這將是 23 年到 24 年的更後半部分的項目。在完全 - 包括所有項目的整個基礎上，我們仍然估計我們的成本處於中高個位數的潛在增長類型。

Based on current outlook, and you touched a little bit on the supply/demand dynamic, we believe that the rate of rate growth will outpace that or at least hold firm that our yields will hang in there and not be degradated by that inflationary impact. And that's something we're working day in and day out to keep focused on and working with our great vendors around the world on.

根據目前的前景，並且您對供需動態有所了解，我們認為利率增長率將超過或至少保持穩定，我們的收益率將保持在那裡並且不會因通脹影響而下降。這就是我們日復一日地工作以保持專注並與我們在世界各地的優秀供應商合作的事情。

When it comes to pricing power, when it comes to capital intensity, I would just echo really what Bill said at the outset of this call that in the last several months, the world has become more volatile. The capital markets have become more challenged. The talk of a looming recession, the war in Eastern Europe has continued, and we're raising the bar at Digital when it comes to focus on our strategic priorities. And we obviously have an incredible pipeline of projects. We have probably one of the most distinguished land banks and runways for our customers. But I think there is a scenario very likely where we could spend a little bit less on speculative development. And because we're focused on projects that are delivering on those strategic priorities and delivering the highest risk-adjusted returns.

談到定價權，談到資本密集度，我只想回應比爾在電話會議開始時所說的話，即在過去的幾個月裡，世界變得更加動盪。資本市場面臨更大挑戰。關於迫在眉睫的衰退的討論，東歐的戰爭仍在繼續，在關注我們的戰略重點時，我們正在提高數字化的標準。我們顯然擁有令人難以置信的項目管道。我們可能為客戶提供最傑出的土地儲備和跑道之一。但我認為很有可能我們可以在投機開發上花費更少的錢。而且因為我們專注於實現這些戰略優先事項並提供最高風險調整回報的項目。

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。

Great. Andy, I wonder if you could talk about the M&A market a little bit, both in terms of your ability to sell your assets, given the sort of the derating of the public company multiples. Have you seen any change in the market on the private side and how will that affect your fundraising?

偉大的。安迪，我想知道你是否可以談談併購市場，無論是在你出售資產的能力方面，還是考慮到上市公司倍數的降級。您是否看到私人市場的任何變化，這將如何影響您的籌款？

And you've obviously bought Teraco. How are you thinking about acquisitions in terms of market expansions or expanding in existing markets over the next year or 2?

而且您顯然已經購買了 Teraco。您如何看待未來一兩年在市場擴張或現有市場擴張方面的收購？

We didn't share much on Teraco and I'll start with that, and then we hand it to Greg to talk about both of your questions. Having spent some time down in region with the Teraco team, I think we're even more pleased with the incredible addition to our global platform, not only in terms of the most highly connected destinations across South Africa but we're a really fantastic team delivering on behalf of their customers, our customers and really growing that platform.

我們沒有分享太多關於 Teraco 的內容，我將從這個開始，然後我們將它交給 Greg 來討論您的兩個問題。在與 Teraco 團隊一起在該地區度過了一段時間後，我認為我們對我們全球平台的令人難以置信的新增功能感到更加滿意，不僅在南非連接度最高的目的地方面，而且我們是一支非常棒的團隊代表他們的客戶、我們的客戶提供服務，並真正發展該平台。

I apologize, we did -- we obviously consolidated Teraco into our financials, but we did not roll them out into all the stats given we just closed and call it the middle of August. That's coming in a quarter's time. So please be patient with us on that.

抱歉，我們確實做到了——我們顯然將 Teraco 整合到了我們的財務中，但我們沒有將它們推廣到所有統計數據中，因為我們剛剛關閉並稱之為 8 月中旬。這將在四分之一的時間內到來。所以請耐心等待我們。

But I'll give it to Greg to maybe speak to take your questions.

但我會把它交給格雷格，也許可以回答你的問題。

Yes. Thanks for the question, Simon. Look, I would say pricing on recent transactions in the private market have remained firm. We're fortunate to be in a sector that continues to experience growth and secular demand that really isn't common for other sectors, and we happen to have a product that's scarce in the market with growing demand. When you try to put some numbers to that, if you just look at the last 2 quarters in the second and third quarter, it's about $1.7 billion in transactions. And pricing has been very firm in terms of cap rate and per KW basis.

是的。謝謝你的問題，西蒙。看，我會說私人市場最近交易的定價保持堅挺。我們很幸運能夠進入一個繼續經歷增長和長期需求的行業，這在其他行業中並不常見，而且我們恰好擁有一種需求不斷增長的市場上稀缺的產品。當你試圖給出一些數字時，如果你只看第二和第三季度的最後兩個季度，交易額約為 17 億美元。就上限率和每千瓦而言，定價非常堅定。

So look, to date, look, the private capital, again, is looking to increase their exposure to the space where there's a limited amount of supply. So to date, it's remained firm.

所以看，迄今為止，看，私人資本再次尋求增加他們對供應有限的空間的敞口。所以迄今為止，它仍然很堅定。

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。

Just first on macro, and I think there may have been a question alluding to this before, but I just want to get a better sense whether you're seeing tightening financial conditions maybe starting to have an impact on your customers' propensity or willingness to invest further in Digital's transformation as they think about 2023, and whether it's varied across hyperscale enterprise or whether it's varied by geography?

只是首先談談宏觀，我認為之前可能有一個問題暗示過這一點，但我只是想更好地了解您是否看到收緊的財務狀況可能開始影響客戶的傾向或意願在考慮 2023 年時，進一步投資於 Digital 的轉型，以及它是否因超大規模企業而異，還是因地域而異？

And then I have one housekeeping follow-up on Teraco, maybe, Andy, if you can talk about any incremental color you can give on expected contributions from Teraco perhaps in fourth quarter or maybe on a more annualized basis heading into next year?

然後我對 Teraco 進行了一次內務跟進，也許，安迪，如果你能談談你可以對 Teraco 的預期貢獻給出的任何增量顏色，也許是在第四季度，或者可能在明年更年化的基礎上？

So I'll handle the more mundane question on Teraco, and I'll pass it to Corey a little bit on buyer behavior in the current environment. So Teraco, I believe, did for just about 1.5 months, about $28 million of revenue, $16 million of EBITDA. It -- I would say it's signings, we're call it -- and again, do not include any of our numbers. We call it just don't know the 6 megawatts plus a decent chunk of connectivity. It does have a very sizable backlog. Bit added, I think, a sizable amount to our construction called almost $0.5 billion of construction in progress. And based on what we're seeing, they're working on right now, feeling very good about the growth of that platform.

因此，我將處理有關 Teraco 的更普通的問題，並將其傳遞給 Corey 一些關於當前環境下的買家行為的問題。所以我相信，Teraco 只做了大約 1.5 個月，收入約 2800 萬美元，EBITDA 為 1600 萬美元。它——我會說這是簽約，我們稱之為——再一次，不包括我們的任何數字。我們稱之為只是不知道 6 兆瓦加上相當大的連接性。它確實有相當大的積壓。我認為，比特補充說，在我們的建設中，有一個相當大的數額，即近 5 億美元的在建工程。根據我們所看到的，他們現在正在努力，對該平台的發展感覺非常好。

Corey, do you want to hit on a buyer behavior in the current part?

科里，你想在當前部分中打擊買家行為嗎？

Matt, thank you very much for the question. I would tell you that the financial situation changes, pricing rates that we've risen have all affected, as I mentioned earlier, kind of small enterprises the most in first. We haven't seen an effect our larger enterprises, the multinational $1 billion-plus companies or our channel partners that are really our path towards the enterprise more broadly. So I think on that, it's been moderated a little bit in the small enterprise.

馬特，非常感謝你的問題。我會告訴你，正如我之前提到的，財務狀況的變化，我們提高的定價率都影響到了最先影響的小企業。我們還沒有看到我們的大型企業、價值超過 10 億美元的跨國公司或我們的渠道合作夥伴，它們確實是我們通往更廣泛企業的道路。所以我認為，它在小型企業中得到了一些緩和。

When you look at the hyperscale, we continue to see strong demand on the hyperscale across all regions. I think we mentioned Portland was our largest this past quarter. Paris, with significant in EMEA. Osaka was significant in AP. And so we're seeing that across the board. We had large scale deals, as mentioned earlier, with an enterprise customer in Texas and Virginia. And so we're seeing larger scale deals. We're seeing it continue. Just a little bit of moderation, I think, in the small enterprises, but our pipeline is strong, resilient across all the different regions as well for you. So I think that hits everything you asked, Matt.

當您查看超大規模時，我們繼續看到所有地區對超大規模的強勁需求。我想我們提到波特蘭是我們上個季度最大的。巴黎，在歐洲、中東和非洲地區佔有重要地位。大阪在 AP 中佔有重要地位。因此，我們全面看到了這一點。如前所述，我們與德克薩斯州和弗吉尼亞州的企業客戶進行了大規模交易。因此，我們看到了更大規模的交易。我們看到它繼續。我認為，在小型企業中只是一點點的節制，但我們的管道很強大，在所有不同的地區都有彈性，對你來說也是如此。所以我認為這符合你的要求，馬特。

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

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

Bill, you mentioned sharpening the lens for new investments. Can you talk about, practically speaking, what changes there? And then, Andy, just on the minus 8.8% renewal spreads for larger deals. You mentioned that negotiations there began months ago. What would those rates kind of look like if they were done today?

比爾，你提到為新投資銳化鏡頭。你能談談，實際上，那裡有什麼變化嗎？然後，安迪，大宗交易的續訂價差僅為負 8.8%。你提到那裡的談判是幾個月前開始的。如果它們今天完成，這些費率會是什麼樣子？

So sharpening the lens, I think practically, what you'll see is, over time, higher returns from the deals that we do and lower returning assets or investments dropping out of the mix. That's the practical implication. So obviously, it's more complicated than that because we look at risk-adjusted returns. We look at what return should be in any given market, what type of -- whether it's a build-to-suit or a speculative development, how much preleasing there is, whether there's any magnetic attributes to the customer. But in general, I think you'll see over time, higher yields.

所以銳化鏡頭，我認為實際上，隨著時間的推移，我們所做的交易會帶來更高的回報，而回報率較低的資產或投資則會退出組合。這就是實際意義。顯然，它比這更複雜，因為我們著眼於風險調整後的回報。我們研究在任何給定市場中應該獲得什麼樣的回報，什麼樣的回報——無論是量身定制還是投機開發，有多少預租，是否對客戶有任何吸引力。但總的來說，我認為隨著時間的推移，你會看到更高的收益率。

And then, Aryeh, before I get to your question, I just want to apologize, I misspoke in answering Matt's question, we had 2 months, not 1.5 months of the Teraco. Those numbers I quoted you in our financials. So just want to clean that one up. So as I mentioned before, the cash mark to markets have been moving in our favor for, since we turned into 2022. And I would say, been strengthening along the way, and you saw that in our numbers, and you saw that in our guidance. That being said, as I've said before, we're not going to be universally at this minute without any negative market across any different product in any given quarter. I think the driver of the negative $8.8 million actually was a data center -- a one of data center we acquired a couple of years back in Chicago. That customer's contract was in place. It was above market at the time. The markets scribed had not caught up to when it rolled. I think the more strategic and important story about that asset is that the -- we literally just greenlight the conversion of some of the shelf space into growing our colo footprint in the suburbs of Chicago, which has been a really great success more recently.

然後，Aryeh，在我回答你的問題之前，我只想道歉，我在回答馬特的問題時說錯了，我們有 2 個月，而不是 1.5 個月的 Teraco。我在財務報表中引用了你的那些數字。所以只想把那個清理乾淨。因此，正如我之前提到的，自我們進入 2022 年以來，市場的現金標記一直對我們有利。我想說的是，一路走強，你在我們的數據中看到了這一點，你在我們的數據中看到了這一點指導。話雖如此，正如我之前所說，在任何給定季度，任何不同產品的任何負面市場都不會在這一刻普遍存在。我認為負 880 萬美元的驅動因素實際上是一個數據中心——我們幾年前在芝加哥收購的一個數據中心。該客戶的合同已經到位。當時高於市場價。抄寫的市場沒有趕上它滾動的時間。我認為關於該資產的更具戰略性和重要意義的故事是——我們實際上只是為將一些貨架空間轉換為擴大我們在芝加哥郊區的結腸足跡而開綠燈，這在最近取得了巨大的成功。

To go on to your question on, I think it's bigger deals, price action in just the past year, not our biggest deal that I mentioned, which is the called build-to-suit. But I think our second biggest deal, which was a sizable plus megawatt deal. That transaction in North America signed and caught almost 18% net effective rates higher than a similar size transaction did a year prior. And the remaining space in that actually facility is probably being marketed up another 10%, 15%.

繼續你的問題，我認為這是更大的交易，只是過去一年的價格走勢，而不是我提到的我們最大的交易，即所謂的定制化交易。但我認為我們的第二大交易是一筆可觀的超兆瓦交易。與一年前類似規模的交易相比，北美的那筆交易簽署並獲得了近 18% 的淨有效利率。實際設施中的剩餘空間可能會再增加 10%、15%。

Now we have an [untapped] remaining space. So you're seeing a quick reversal in some of these markets where, again, demand is continually is robust and diverse, and the supply is being windled down.

現在我們有一個[未開發的]剩餘空間。因此，您會看到其中一些市場的快速逆轉，再次，需求持續強勁和多樣化，供應正在減少。

The next question comes from David Guarino of Green Street.

下一個問題來自 Green Street 的 David Guarino。

On the inclusion of the CPI linked to rent escalators, is that a trend you're seeing from hyperscale tenants? Or is that more heavily skewed towards the 0 to 1 megawatt bucket? And then the second question is, switching gears, just with the supply and power restrictions and a few of the top markets like Northern Virginia, do you think that's why you saw such strong demand in Dallas and Hillsboro this quarter? And are there any other spillover markets that you're seeing early signs of demand picking up that maybe they could have went to NOVA, if there was capacity there?

關於與租金自動扶梯相關的 CPI，您是否從超大規模租戶中看到了這種趨勢？還是更傾向於 0 到 1 兆瓦的桶？然後第二個問題是，換檔，只是在供應和電力限制以及北弗吉尼亞州等一些頂級市場的情況下，你認為這就是你看到本季度達拉斯和希爾斯伯勒需求如此強勁的原因嗎？是否還有其他溢出市場，你看到需求回升的早期跡象，如果那裡有產能，它們可能會去 NOVA？

Thanks, David. So first off, CPI was a predominant term, I would say, mostly in our European footprint, even before inflation was such a buzzword. Hence -- and that's the majority of, just under 20% of our in-place contracts that have CPI escalations. We've been in the face of the current environment, making this a priority in our customer discussions. And it's not -- we're seeking that on larger contracts as well as -- larger contracts as well as smaller contracts. I would tell you, on a smaller contract, that already likely had a shorter duration, i.e., 2 years, 3 years, it's probably a little bit less a priority because you get another bite at the apple depending on the market rates. But we're trying to push it into those contracts.

謝謝，大衛。所以首先，我想說，CPI 是一個主要術語，主要是在我們的歐洲足跡中，甚至在通脹成為流行詞之前。因此——在我們的 CPI 上漲的現有合同中，這佔了大部分，略低於 20%。我們一直在面對當前的環境，在我們的客戶討論中將此作為優先事項。它不是 - 我們正在尋求更大的合同以及 - 更大的合同以及更小的合同。我會告訴你，在一份較小的合同上，可能已經有更短的期限，即 2 年、3 年，它的優先級可能會低一些，因為根據市場價格，你會再咬一口蘋果。但我們正試圖將其推入這些合同中。

But if you look at our signings, we had a record quarter, 176 and 40% had CPI escalation. Some of them had capped or, 2% or 3% on the floor and 5% or 6% on the cap. But we were able to include in a significant percentage of our greater than 1 megawatt signings this CPI escalation. And those look greater than 1 megawatt size are typically the longest conference call it, 10 years. Hence, where it's the most needed because we won't get another opportunity to reset to the appropriate market rates for a fair bit of time.

但如果你看看我們的簽約，我們有一個創紀錄的季度，176% 和 40% 的 CPI 上漲。他們中的一些人有上限，或者，2% 或 3% 在場上，5% 或 6% 在上限。但是，我們能夠在超過 1 兆瓦的簽約中很大一部分包含此 CPI 升級。那些看起來大於 1 兆瓦的通常是最長的電話會議，10 年。因此，它是最需要的，因為在相當長的一段時間內我們不會再有機會重新調整到適當的市場價格。

When it goes to NOVA spillover Dallas, Portland, I don't think -- our activity -- I would not describe our activity as spillover activity. The Dallas activity, a good portion of that was this build-to-suit customer demand. That customer picked -- they wanted multiple cities, so they're always going to pick not just NOVA. And then the Portland demand was very locational sensitive. I do think you -- and this is a -- I mean you don't typically buy data centers like rushing to the grocery store and grab some of the shelf and run into the checkout. So in the last 90 days, when this NOVA power issues come on the scene, I think the spillover effects are still playing out as we speak.

當談到 NOVA 溢出效應時，我不認為 - 我們的活動 - 我不會將我們的活動描述為溢出活動。達拉斯的活動，其中很大一部分是這種為滿足客戶需求而構建的。那個客戶選擇了——他們想要多個城市，所以他們總是會選擇不僅僅是 NOVA。然後波特蘭的需求對位置非常敏感。我確實認為你——這是一個——我的意思是你通常不會像衝到雜貨店搶一些貨架然後跑到收銀台那樣購買數據中心。所以在過去的 90 天裡，當這個 NOVA 電源問題出現時，我認為溢出效應仍在我們所說的時候上演。

I would say we see more of the early interest of spillover effects to Atlanta where we have almost 30-megawatt shell capacity, Northern New Jersey, potentially Chicago. Dallas could be in the mix as well. But -- as well as -- I mean, nearby spillover in Manassas, we have 200 megawatts.

我想說，我們看到了溢出效應對亞特蘭大的早期興趣，我們擁有近 30 兆瓦的殼容量，新澤西州北部，可能是芝加哥。達拉斯也可能在其中。但是 - 以及 - 我的意思是，馬納薩斯附近的溢出，我們有 200 兆瓦。

The next question comes from Michael Elias of Cowen and Company.

下一個問題來自 Cowen and Company 的 Michael Elias。

Congrats on the leasing. Just 2 questions for me. First is, as you think of Northern Virginia and the power delays, you mentioned how the conversations are evolving with Dominion. But how are the conversations going with the customers themselves who pre-leased capacity. Is there any risk to those leases maybe being canceled or anything like that?

恭喜租賃。對我來說只有2個問題。首先，當您想到北弗吉尼亞州和電力延遲時，您提到了與 Dominion 的對話是如何演變的。但是，與預租容量的客戶本身的對話情況如何。這些租約是否有可能被取消或類似的風險？

And then second, your leverage is now running around 6.7x or 6.4x if we adjust for forward. Based on the conversations you've had with the rating agencies, what's the highest level of leverage that you can hold before you run the risk of maybe being downgraded or losing that investment-grade status?

其次，如果我們向前調整，您的槓桿現在約為 6.7 倍或 6.4 倍。根據您與評級機構的對話，在您面臨可能被降級或失去投資級地位的風險之前，您可以持有的最高槓桿水平是多少？

Thanks, Michael. I think we saved the best for last. So happy to take through both these. So the -- I think the customers are obviously alarmed, right? Most of these customers probably never experienced anything like this. But at the same time, I think they're incredibly grateful that they're in our hands and not some upstart competitor. And I know I'm biased in saying that, but I really mean it when. We're the largest in the market with a diverse set of campuses, of 0.5 gig of IT load and a truly experienced team holding their hands through it. And I'll reiterate what I said before, while I cannot guarantee it right now, we are optimistic that the responsible parties in Loudoun will work with Digital to deliver on behalf of all of these customers.

謝謝，邁克爾。我想我們把最好的留到了最後。很高興能通過這兩個。所以——我認為客戶顯然很震驚，對吧？這些客戶中的大多數可能從未經歷過這樣的事情。但與此同時，我認為他們非常感激他們掌握在我們手中，而不是某個新貴的競爭對手。我知道我這麼說是有偏見的，但我真的是認真的。我們是市場上最大的，擁有多樣化的園區、0.5 gig 的 IT 負載和一支真正經驗豐富的團隊。我將重申我之前所說的話，雖然我現在不能保證，但我們樂觀地認為，勞登的負責方將與 Digital 合作，代表所有這些客戶提供服務。

As it relates to your second question, we are -- obviously, the leverage has ticked up a little bit here. We are -- this is not a new normal. This is not where we desire to be. We've had a lot of moving parts in our capital stack with asset sales, joint ventures, acquisition closings with partial periods. We still have $0.5 billion of equity forward, which we've not drawn down. And we see a path to return to target leverage through leasing up our vacant capacities. We had -- you saw the occupancy, which was a great stack, really moving the needle on a sequential basis. We are seeing a more friendly mark-to-market in our cash flows.

由於它與您的第二個問題有關，我們 - 顯然，這裡的槓桿率已經上升了一點。我們是——這不是新常態。這不是我們想要的。我們的資本堆棧中有很多活動部分，包括資產出售、合資企業、部分時期的收購結束。我們還有 5 億美元的遠期股權，我們還沒有動用。我們看到了通過出租我們的空置產能來恢復目標槓桿率的途徑。我們有 - 你看到了佔用，這是一個很大的堆棧，真正按順序移動指針。我們在現金流中看到了更友好的按市值計價。

And we're going to do what we've been doing for a long time, which is capital recycling and tapping into our private capital sources. We sold billions of dollars of noncore assets and joint ventures. And that's going to continue to be our playbook. And we think there's a great lineup of partners that want to work with us to CR leverage to be a capital partner to Digital Realty. That will bring that leverage back down towards target levels.

我們將做我們長期以來一直在做的事情，即資本回收和利用我們的私人資本來源。我們出售了數十億美元的非核心資產和合資企業。這將繼續成為我們的劇本。我們認為有很多合作夥伴希望與我們合作，利用 CR 成為 Digital Realty 的資本合作夥伴。這將使槓桿率回落至目標水平。

That ends our 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. Bill, 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。比爾，請繼續。

Thank you, Andrea. I'd like to wrap up our call today by recapping our highlights for the third quarter, as outlined on the last page of our presentation. First, digital transformation remains an important secular driver of our business and drove record quarterly bookings. These additional commitments are reflected in our growing development pipeline and the high level of preleasing.

謝謝你，安德里亞。正如我們演示文稿最後一頁所述，我想通過回顧第三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，並推動了創紀錄的季度預訂量。這些額外的承諾反映在我們不斷增長的開發渠道和高水平的預租中。

Second, we continue to enhance our global platform with the closing of Teraco, giving Digital Realty the leading position in South Africa and a critical complement to our existing capabilities elsewhere in EMEA.

其次，隨著 Teraco 的關閉，我們繼續增強我們的全球平台，使 Digital Realty 在南非處於領先地位，並成為我們在 EMEA 其他地方現有能力的重要補充。

Third, we continue to execute with improving results in our core data center business, though these improvements are masked by foreign exchange headwinds.

第三，我們繼續在核心數據中心業務中取得改善的業績，儘管這些改善被外匯逆風所掩蓋。

Finally, the capital markets are very -- were very volatile in the third quarter, and we've taken action by adding significant liquidity to our balance sheet and prioritizing our new investments.

最後，資本市場在第三季度非常 - 非常不穩定，我們已採取行動，為我們的資產負債表增加大量流動性並優先考慮我們的新投資。

Before signing off, I'd like to thank our dedicated and exceptional team here at Digital Realty, who keep the digital world turning. I hope all of you will remain safe and healthy, and we look forward to seeing many of you at NAREIT next month in San Francisco. Thank you.

在簽字之前，我要感謝我們在 Digital Realty 的敬業和卓越的團隊，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，我們期待著下個月在舊金山的 NAREIT 見到你們中的許多人。謝謝你。

That does conclude the conference for today. Thank you for participating, and you may now disconnect.

今天的會議到此結束。感謝您的參與，您現在可以斷開連接。