Digital Realty Trust Inc (DLR) 2022 Q4 法說會逐字稿

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

下午好，歡迎來到 Digital Realty 2022 年第四季度財報電話會議。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. Jordan, please go ahead.

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

Thank you, Andrea, and welcome, everybody, to Digital Realty's Fourth Quarter 2022 Earnings Conference Call. Joining me on today's call are President and CEO, Andy Power; and CFO, Matt Mercier. 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.

謝謝安德里亞，歡迎大家參加 Digital Realty 2022 年第四季度收益電話會議。與我一起參加今天電話會議的還有總裁兼首席執行官 Andy Power；首席財務官 Matt Mercier。首席投資官格雷格·賴特；首席技術官克里斯·夏普；和首席營收官 Corey Dyer 也在電話會議上，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風險和不確定性的預期，這些風險和不確定性可能導致實際結果存在重大差異。有關與我們業務相關的風險的進一步討論，請參閱我們向美國證券交易委員會提交的 10-K 和後續文件。此電話會議將包含非 GAAP 財務信息。與淨收入的對賬包含在提供給 SEC 的補充包中，並可在我們的網站上找到。

Before I turn the call over to Andy, let me offer a few key takeaways from our fourth quarter. First, the combination of strong demand and tightening levels of supply are translating into broad-based price improvements, which is reflected in the increased re-leasing spread expectations and the positive inflection stabilized NOI growth that we are forecasting for 2023. Second, we remain focused on achieving the highest potential returns on investment, and some progress on this front is evident in the sequential improvement in our development pipeline yields. And third, as most of you already know, we've made some changes to our management team since we last reported. Andy and Matt both have a long history with Digital, and as expected, the transition has been seamless. But just as important, they also bring fresh perspective and energy to their new roles, and the team remains excited about the opportunity that lies ahead.

在我把電話轉給安迪之前，讓我提供一些我們第四季度的關鍵要點。首先，強勁的需求和供應水平的收緊相結合正在轉化為廣泛的價格改善，這反映在我們預測的 2023 年再租賃利差預期增加和正拐點穩定的 NOI 增長上。其次，我們仍然專注於實現最高的潛在投資回報，在這方面取得的一些進展在我們開發管道收益率的連續提高中顯而易見。第三，正如你們大多數人已經知道的那樣，自上次報告以來，我們對管理團隊進行了一些調整。 Andy 和 Matt 都在 Digital 擁有悠久的歷史，正如預期的那樣，過渡是無縫的。但同樣重要的是，他們也為自己的新角色帶來了全新的視角和活力，團隊仍然對未來的機遇感到興奮。

With that, I'd like to turn the call over to our President and CEO, Andy Power.

有了這個，我想把電話轉給我們的總裁兼首席執行官安迪鮑爾。

Thanks, Jordan, and thanks to everyone for joining our call. While my voice is probably pretty familiar to most of you, this is my first earnings call as CEO of Digital Realty. I'm honored to lead Digital Realty's incredible global team, and I'm as optimistic and excited as ever about the opportunity that lies ahead. I want to thank both the Board for their confidence in me and the support that they provide in executing our strategy and thank Bill Stein, who I first met in 2004 as we worked together on Digital's IPO, for his leadership over these many years. Finally, I want to thank the numerous customers, partners, team members and shareholders for the kind words of support and encouragement that I've received over the past 2 months.

謝謝 Jordan，也感謝大家加入我們的電話會議。雖然你們大多數人可能都非常熟悉我的聲音，但這是我作為 Digital Realty 首席執行官的第一次財報電話會議。我很榮幸能夠領導 Digital Realty 令人難以置信的全球團隊，我對未來的機遇一如既往地樂觀和興奮。我要感謝董事會對我的信任以及他們在執行我們的戰略時提供的支持，並感謝 Bill Stein，我第一次見到他是在 2004 年，當時我們一起為 Digital 的 IPO 工作，感謝他多年來的領導。最後，我要感謝眾多客戶、合作夥伴、團隊成員和股東，感謝他們在過去兩個月裡給予我的支持和鼓勵。

When I joined Digital in 2015, we are primarily a North American scale data center provider. Since then, we've evolved the company to be a global provider of the full spectrum of scale, colocation and interconnection solutions to better serve the growing needs of our 4,000-plus customers. Today, Digital is the global data center leader with an unmatched footprint of over 300 data centers in over 50 metro areas in 28 countries on 6 continents. Globally, our portfolio comprises of more than 2.3 gigawatts of IT load, and we have another 400-plus megawatts under construction. I'm extremely proud of the success that we've had and the position that we are in. But now is not the time to rest on our laurels as the path that has brought us to where we are today will not get us to where we want to be.

當我在 2015 年加入 Digital 時，我們主要是一家北美規模的數據中心提供商。從那時起，我們將公司發展成為全方位規模、託管和互連解決方案的全球供應商，以更好地滿足我們 4,000 多家客戶不斷增長的需求。如今，Digital 是全球數據中心的領導者，在 6 大洲 28 個國家/地區的 50 多個都市區擁有 300 多個數據中心，其足跡無與倫比。在全球範圍內，我們的產品組合包括超過 2.3 吉瓦的 IT 負載，我們還有另外 400 多兆瓦正在建設中。我為我們取得的成功和所處的位置感到非常自豪。但現在不是滿足於現有成就的時候，因為將我們帶到今天的道路不會讓我們到達今天的位置我們想成為。

In that vein, we've swiftly taken action on a few fronts. First, we quickly backfilled the role of CFO with my long-time finance partner, Matt Mercier. Matt has played a leadership role across Digital's global finance organization for well over a decade, including the successful integration of multiple platform acquisitions and the implementation of systems that will provide the foundation for our operations and evolving strategy.

本著這種精神，我們在幾個方面迅速採取了行動。首先，我們迅速讓我的長期財務合作夥伴 Matt Mercier 填補了首席財務官的角色。十多年來，Matt 一直在 Digital 的全球財務組織中發揮領導作用，包括成功整合多平台收購和實施系統，這些系統將為我們的運營和不斷發展的戰略奠定基礎。

Second, we aligned and combined our strategy of business segments and investments team to assure that we have the right capabilities and are making the right investments in order to deliver the global meeting place for service providers and enterprises.

其次，我們調整併結合了業務部門和投資團隊的戰略，以確保我們擁有合適的能力並進行正確的投資，以便為服務提供商和企業提供全球會議場所。

Third, we moved to align all technology under our Chief Technology Officer, including our CECO and our recently appointed Chief Information Officer, which will support the acceleration of our journey and identity as both a technology and a real estate company. Recent product launches, including ServiceFabric, demonstrate the potential of bringing together innovation and technology to help drive our customers' growth.

第三，我們著手調整我們首席技術官的所有技術，包括我們的 CECO 和我們最近任命的首席信息官，這將支持我們作為技術和房地產公司的旅程和身份的加速。最近推出的產品（包括 ServiceFabric）展示了將創新和技術結合起來幫助推動客戶增長的潛力。

Lastly, we further streamlined our global operations' capabilities to maximize the potential of Digital Realty's 300-plus data centers and our people under the trusted hand of a long-time digital leader with a track record of bringing global teams together. And here's what's next on the agenda in terms of the top strategic priorities.

最後，我們進一步精簡了我們的全球運營能力，以最大限度地發揮 Digital Realty 的 300 多個數據中心和我們的員工的潛力，這些數據中心和我們的員工都在長期數字領導者的信任下，並且擁有將全球團隊聚集在一起的記錄。以下是關於最高戰略優先事項的下一步議程。

First, as depicted on Slide 3, we will demonstrably; strengthen our customer value proposition. Through the continued execution of our meeting place strategy by delivering sustainable, connectivity-rich solutions to our enterprise and service provider customers, which will translate into better organic growth over the medium and long term.

首先，如幻燈片 3 所示，我們將展示；加強我們的客戶價值主張。通過為我們的企業和服務提供商客戶提供可持續的、連接豐富的解決方案，繼續執行我們的會議地點戰略，這將在中長期內轉化為更好的有機增長。

Along these lines, yesterday, we announced a new AWS Direct Connect on-ramp at Digital Realty's Ashburn campus, landing one of the highest consumption markets and adding coast-to-coast U.S. coverage to our robust existing portfolio of AWS Direct Connect locations across EMEA. And earlier this month, we advanced our commitment to sustainability with a new 10-year power purchase agreement for 116 megawatts of renewable energy, supporting the construction of a new solar park in Germany.

沿著這些思路，昨天，我們宣佈在 Digital Realty 的阿什本校區推出新的 AWS Direct Connect 入口，登陸消費量最高的市場之一，並將美國海岸到海岸的覆蓋範圍添加到我們在 EMEA 現有強大的 AWS Direct Connect 地點組合中.本月早些時候，我們簽署了一項為期 10 年的新購電協議，購買 116 兆瓦的可再生能源，以支持在德國建設一個新的太陽能公園，從而推進了我們對可持續發展的承諾。

Second, we are integrating and innovating our capabilities across our entire unmatched global asset portfolio and have topped the largest open network platform in the world. Many of these integration and innovation efforts will benefit both our customers as they seek to deploy new and complex workloads on the leading data center platform and our own internal team, unifying our ability to deliver value to the market.

其次，我們正在整合和創新我們在整個無與倫比的全球資產組合中的能力，並且已經成為世界上最大的開放網絡平台。許多這些集成和創新工作將使我們的客戶受益，因為他們尋求在領先的數據中心平台和我們自己的內部團隊上部署新的複雜工作負載，從而統一我們向市場提供價值的能力。

Lastly, many of you are familiar with my many fishing poles in the water mantra. And in this vein, we plan to further diversify and bolster our sources of capital in order to support our customers' rapidly growing digital infrastructure needs while improving capital efficiency and returns for Digital Realty investors.

最後，你們中的許多人都熟悉我在水咒中的許多釣魚竿。本著這種精神，我們計劃進一步多元化和加強我們的資本來源，以支持我們客戶快速增長的數字基礎設施需求，同時提高資本效率和 Digital Realty 投資者的回報。

The opportunity before us is tremendous. We have all the key ingredients at our fingertips and a long runway for growth. When I assess the digital infrastructure landscape today, including its fundamental prospects and then how Digital Realty is positioned within this sector, I'd say the following. First, demand for our product remains quite strong and well supported by ongoing digital transformation, migration to the cloud, and the overall evolution towards centralized compute.

我們面前的機會是巨大的。我們擁有觸手可及的所有關鍵要素和漫長的增長跑道。當我評估當今的數字基礎設施格局，包括其基本前景以及 Digital Realty 在該領域的定位時，我會說以下幾點。首先，對我們產品的需求仍然非常強勁，並得到持續的數字化轉型、向雲遷移以及向集中式計算的整體演進的良好支持。

As it goes, technology begets technology, and the growth in high-performance compute infrastructure has driven innovation that tends to spur the next wave of growth in technology that in many respects, advances productivity and hopefully, over time, driving improvement to the overall quality of our lives. While the demand drivers we have enjoyed for the last decade continue, we may now be on the precipice of the next wave of demand that will drive our sector for the next decade. For years, we have referenced new technology like artificial intelligence and machine learning as potential drivers of demand, but there have been relatively few identifiable workloads or specific infrastructure requirements tied to those specific technologies.

隨著技術的發展，技術產生技術，高性能計算基礎設施的發展推動了創新，往往會刺激下一波技術增長，在許多方面提高生產力，並有望隨著時間的推移推動整體質量的提高我們的生活。雖然我們在過去十年中享有的需求驅動力仍在繼續，但我們現在可能正處於下一波需求浪潮的懸崖邊上，這將推動我們的行業在未來十年內發展。多年來，我們一直將人工智能和機器學習等新技術視為潛在的需求驅動因素，但與這些特定技術相關的可識別工作負載或特定基礎設施要求相對較少。

The launch of ChatGPT 3.0 is a seemingly important milestone. Microsoft's incorporation of ChatGPT in the Bing last week, Google's coming launch of Bard, and Baidu's ERNIE Bot all suggest that we are on the forefront of the broader introduction of AI, which could spawn a wave of adoption and a proliferation of use cases and ultimately drive demand for compute infrastructure at scale.

ChatGPT 3.0 的推出是一個看似重要的里程碑。微軟上週在 Bing 中整合了 ChatGPT，谷歌即將推出 Bard，以及百度的 ERNIE Bot 都表明我們正處於更廣泛引入 AI 的前沿，這可能會催生一波採用浪潮和用例激增，並最終大規模推動對計算基礎設施的需求。

This is our domain expertise. We are in the very early days of this technology and its potential and have yet to see the effects of its introduction in the data center sector, but we are well positioned to support our customers and partners, and we are working diligently to understand how their requirements will evolve and making sure to incorporate these into our latest designs.

這是我們的領域專長。我們正處於這項技術及其潛力的早期階段，尚未看到它在數據中心領域的引入所產生的影響，但我們已準備好為我們的客戶和合作夥伴提供支持，並且我們正在努力了解他們如何需求將不斷發展，並確保將這些納入我們最新的設計中。

Importantly, as we experienced with the cloud, the advent of new technology can play out over a very extended time frame. We have built Digital Realty with these time frames in mind and plan to be there to support our existing and growing customer base across the globe in the future.

重要的是，正如我們在雲中所經歷的那樣，新技術的出現可以在很長的時間範圍內發揮作用。我們在構建 Digital Realty 時考慮到了這些時間框架，併計劃在未來支持我們現有的和不斷增長的全球客戶群。

Let's move to the quarter. Our core FFO landed within the implied guidance range that we provided last quarter as the turn that is taking shape in our core portfolio continued to gain momentum. Capping off another record year of bookings, new leases signed moderated from the record we achieved in the prior quarter, but remained quite strong and were highlighted by a nice rebound in our 0-1 megawatt segment and record interconnection bookings.

讓我們轉到季度。我們的核心 FFO 落在我們上個季度提供的隱含指導範圍內，因為我們的核心投資組合正在形成的轉變繼續獲得動力。結束了又一個創紀錄的預訂年度，簽署的新租約比我們在上一季度取得的記錄有所緩和，但仍然非常強勁，並且我們的 0-1 兆瓦部分和創紀錄的互連預訂出現了良好的反彈。

Demand was geographically broad-based with strong contributions from APAC, the Americas and EMEA. This demonstrates the breadth and momentum that we are seeing in this business, which is a reflection of our ongoing effort to deliver the meeting place for our service provider and enterprise customers. During the fourth quarter, we added 106 new customers, continuing the streak of 100-plus new logos that we've added each quarter since closing the Interxion transaction nearly 3 years ago.

需求地域廣泛，亞太地區、美洲和歐洲、中東和非洲地區做出了巨大貢獻。這展示了我們在這項業務中看到的廣度和勢頭，反映了我們為服務提供商和企業客戶提供會議場所的持續努力。在第四季度，我們增加了 106 個新客戶，延續了自近 3 年前完成 Interxion 交易以來我們每個季度增加 100 多個新標識的勢頭。

One of our key wins during the fourth quarter was an expansion of our relationship with Avnet, a leading global technology distributor and solution provider and a member of the Fortune 500. Avnet Integrated has standardized on PlatformDIGITAL for an initial 3 market deployment in Northern Virginia, Dallas and Silicon Valley. This partnership enables high-performance, cost-effective computing solutions that can be deployed quickly in Digital Realty facilities globally while mitigating risk and complexity.

我們在第四季度的主要勝利之一是擴大了我們與 Avnet 的關係，Avnet 是全球領先的技術分銷商和解決方案提供商，也是財富 500 強的成員。Avnet Integrated 已經在 PlatformDIGITAL 上標準化，以便在北弗吉尼亞州進行初步的 3 市場部署，達拉斯和矽谷。這種合作夥伴關係可實現高性能、經濟高效的計算解決方案，這些解決方案可以在全球 Digital Realty 設施中快速部署，同時降低風險和復雜性。

A major global automotive manufacturer deploying internationally chose PlatformDIGITAL, leveraging Digital Realty's unrivaled global footprint and ability to manage complex deployments. Four of the world's largest financial institutions, including 3 of the 10 largest in Europe, selected PlatformDIGITAL, seeking network-oriented solutions ranging from hybrid IT, trading and market data support to high-performance computing and more. A leading global asset manager and service provider leveraged Digital Realty's HPE GreenLake alliance to significantly reduce network and IT infrastructure complexity.

一家在國際上進行部署的大型全球汽車製造商選擇了 PlatformDIGITAL，利用 Digital Realty 無與倫比的全球足跡和管理複雜部署的能力。世界上最大的四家金融機構（包括歐洲 10 家最大的金融機構中的 3 家）選擇了 PlatformDIGITAL，尋求面向網絡的解決方案，範圍從混合 IT、交易和市場數據支持到高性能計算等。一家領先的全球資產管理公司和服務提供商利用 Digital Realty 的 HPE GreenLake 聯盟顯著降低了網絡和 IT 基礎設施的複雜性。

Importantly, pricing on new leases signed increased yet again in the fourth quarter in each of our business segments, marking the fourth consecutive quarter of price improvements in 2022. We also continue to add more CPI-based escalators with approximately 25% of the newly signed leases in the quarter containing inflation-linked increases with fixed rate escalators on the balance. We also saw another quarter of positive leasing spreads on renewals in the fourth quarter, helping to support a positive inflection for the full year 2022.

重要的是，我們每個業務部門在第四季度簽署的新租賃價格再次上漲，標誌著 2022 年連續第四個季度價格上漲。我們還繼續增加更多基於 CPI 的自動扶梯，新簽署的約 25%本季度的租賃包含與通貨膨脹相關的增長，餘額上有固定利率自動扶梯。第四季度，我們還看到了另一個季度的正租賃利差，有助於支持 2022 年全年的積極拐點。

While we acknowledge that the turn was driven by the strength in the 0-1 megawatt renewals, we are beyond the point of excuses and call-offs and prefer to highlight the forest rather than the trees and point to the overall inflection in market rents and re-leasing spreads that took place in 2022 as a whole. We expect market conditions to remain supportive this year, and our guidance reflects a further inflection in this positive trend as Matt will lay out in a few minutes.

雖然我們承認這一轉變是由 0-1 兆瓦更新的力量推動的，但我們不在找藉口和取消，而是更願意強調森林而不是樹木，並指出市場租金的整體拐點和2022年全年發生的轉租價差。我們預計今年市場狀況將保持有利，我們的指引反映了這一積極趨勢的進一步拐點，正如馬特將在幾分鐘內闡述的那樣。

Speaking of better pricing, I'd like to provide an update on our largest market in Northern Virginia. We've continued to work constructively with the power provider in this market, and we are now pleased to be in a position to say that we fully expect to be able to deliver on the commitments that we've made to our customers within our development pipeline. So while conditions are far from business as usual in this market, we are encouraged by the progress made over the last 90 days and remain hopeful that we will continue to be able to work with a local utility provider to support the growing needs of our mutual customers.

說到更好的定價，我想提供我們在弗吉尼亞北部最大市場的最新消息。我們一直在這個市場上繼續與電力供應商進行建設性合作，現在我們很高興能夠說我們完全希望能夠兌現我們在發展過程中對客戶做出的承諾管道。因此，儘管這個市場的情況遠非一如既往，但我們對過去 90 天取得的進展感到鼓舞，並仍然希望我們能夠繼續與當地公用事業供應商合作，以支持我們共同增長的需求顧客。

Moving on to our investment activity. During the fourth quarter, we sold a 25% interest in a data center in Frankfurt, Germany to Digital Core REIT. The facility was valued at nearly $500 million, and the transaction generated about $150 million of proceeds for Digital Realty. We also acquired land in 5 different metros for future development, including 2 organic new market entries into Rome and Accra. Rome is one of the largest cities in Europe by population, but has been essentially ignored by international data center providers. We've acquired a parcel within 15 kilometers off the coast that will make it an ideal interconnection point for future subsea cables that land in Rome, thereby, enhancing our position in the Mediterranean while serving as a connectivity hub in the middle of the country.

繼續我們的投資活動。第四季度，我們將德國法蘭克福數據中心 25% 的權益出售給了 Digital Core REIT。該設施價值近 5 億美元，交易為 Digital Realty 帶來了約 1.5 億美元的收益。我們還在 5 個不同的地鐵中收購了土地用於未來開發，包括進入羅馬和阿克拉的 2 個有機新市場入口。羅馬是歐洲人口最多的城市之一，但基本上被國際數據中心提供商所忽視。我們已經在距離海岸 15 公里的範圍內收購了一塊地塊，這將使它成為未來在羅馬登陸的海底電纜的理想互連點，從而加強我們在地中海的地位，同時作為該國中部的連接樞紐。

Before turning it over to Matt, I'd like to reiterate my focus on ESG and share some of our recent progress with you. We were recognized by a variety of organizations for our ESG success, including, for the sixth consecutive year, Digital was recognized by Nareit with the Leader in the Light Award for data center sustainability. Sustainalytics recently included Digital Realty in the 2023 top-rated ESG company list. Newsweek recently named Digital as one of America's most responsible companies for 2023. And once again, Digital is one of the JUST Capital's most just companies.

在交給 Matt 之前，我想重申我對 ESG 的關注，並與您分享我們最近取得的一些進展。我們在 ESG 方面的成功獲得了各種組織的認可，其中 Digital 連續第六年被 Nareit 授予數據中心可持續性領導者光之獎。 Sustainalytics 最近將 Digital Realty 列入 2023 年頂級 ESG 公司名單。 《新聞周刊》最近將 Digital 評為 2023 年美國最負責任的公司之一。Digital 再次成為 JUST Capital 最公正的公司之一。

In addition to these awards, given the importance of energy security, availability and sustainability, Digital remains keenly focused on supporting the development of renewable power projects. During 2022, we contracted for a total of 470 megawatts of renewable energy, adding green access to the energy grid. And we already added another 160 megawatts of solar power to our portfolio in 2023. We are committed to minimizing our impact on the environment while delivering sustainable growth for all of our stakeholders.

除了這些獎項之外，鑑於能源安全、可用性和可持續性的重要性，Digital 仍然熱衷於支持可再生能源項目的開發。 2022 年，我們簽訂了總計 470 兆瓦的可再生能源合同，為能源網絡增加了綠色接入。我們已經在 2023 年為我們的投資組合增加了 160 兆瓦的太陽能。我們致力於最大限度地減少我們對環境的影響，同時為我們所有的利益相關者實現可持續增長。

Before I turn it over to our new CFO to review our financial results, let me introduce Matt Mercier to those of you who don't already know him. Matt joined Digital in 2006 and has been my right-hand man, helping me run Digital's finance team. Matt has been intimately involved in nearly every facet of finance at Digital from capital markets to M&A, FP&A, IR and all things global finance.

在我將其轉交給我們的新首席財務官審查我們的財務業績之前，讓我向那些還不認識他的人介紹 Matt Mercier。 Matt 於 2006 年加入 Digital，一直是我的得力助手，幫助我管理 Digital 的財務團隊。從資本市場到併購、FP&A、IR 和全球金融，Matt 幾乎密切參與了 Digital 金融的方方面面。

With that, I'm pleased to turn the call over to our new CFO, Matt Mercier.

有了這個，我很高興將電話轉給我們的新首席財務官 Matt Mercier。

Thank you, Andy. I'm privileged to succeed Andy as CFO and humbled by the opportunity to lead an incredibly capable team. Over the years, I've had a chance to meet and spend time with many of you, and I look forward to catching up with all of you over the course of the next several months at industry conferences and events that we are slated to attend.

謝謝你，安迪。我很榮幸能夠接替 Andy 擔任首席財務官，並為有機會領導一支非常有能力的團隊而感到謙卑。多年來，我有機會與你們中的許多人見面並共度時光，我期待著在接下來的幾個月裡在我們計劃參加的行業會議和活動中與你們所有人見面.

Let me jump right into our fourth quarter results. We signed a total of $117 million of new leases in the fourth quarter, highlighted by a strong rebound in our 0-1 megawatt segment and record interconnection signings, which accounted for 40% of total bookings. Demand was geographically diverse, particularly within the greater than a megawatt segment, which saw nearly even contributions across the Americas, EMEA and APAC regions. 9 of our 10 largest deals in the quarter landed outside of North America, with strong contributions from Japan, South Africa, Latin America and Europe, demonstrating the increasingly global nature of our footprint and customer base.

讓我直接進入我們的第四季度業績。我們在第四季度簽署了總計 1.17 億美元的新租約，突出表現在我們的 0-1 兆瓦部分的強勁反彈和創紀錄的互連簽約，佔總預訂量的 40%。需求在地域上是多樣化的，尤其是在大於兆瓦的細分市場中，美洲、歐洲、中東和非洲和亞太地區的需求幾乎持平。本季度我們最大的 10 筆交易中有 9 筆發生在北美以外，日本、南非、拉丁美洲和歐洲做出了巨大貢獻，表明我們的足跡和客戶群日益全球化。

At the other end of the scale, somewhat in contrast to the hesitation we noted on our last call, we saw a nice bounce back within our smallest customer segment under 500 kilowatts, which delivered the second best quarterly leasing volume of 2022 at the highest average rate seen all year. Geographically, our 0-1 megawatt deals play to our strengths in EMEA and the Americas, with EMEA setting a quarterly record for 0-1 megawatt plus interconnection bookings. Importantly, pricing on new leases signed increased for the fourth consecutive quarter in each of our 0-1 and greater than a megawatt segments, reflecting improving fundamentals and tightening conditions across our regions.

在天平的另一端，與我們在上次電話會議中註意到的猶豫有點不同，我們看到 500 千瓦以下的最小客戶群出現了不錯的反彈，該客戶群以最高的平均水平提供了 2022 年第二好的季度租賃量全年的利率。從地域上看，我們的 0-1 兆瓦交易發揮了我們在 EMEA 和美洲的優勢，EMEA 創下了 0-1 兆瓦及互連預訂的季度記錄。重要的是，在我們每個 0-1 和大於兆瓦的細分市場中，新簽訂的租賃價格連續第四個季度上漲，反映出我們地區的基本面改善和收緊條件。

In the fourth quarter, we experienced nearly 90% customer retention and a further reduction in churn to just 0.8%, marking the lowest level in nearly 3 years, as our customers' digital infrastructure requirements continue to increase, but the prospect of future availability is decreasing.

第四季度，我們的客戶保留率接近 90%，客戶流失率進一步降低至僅 0.8%，創下近 3 年來的最低水平，因為我們客戶對數字基礎設施的需求不斷增加，但未來的可用性前景堪憂減少。

Turning to our backlog. On Page 9, the current backlog of signed but not yet commenced leases increased to a record $477 million at year-end, principally due to the inclusion of Teraco as other signings were largely offset by commencements. The lag between signings and commencements moderated slightly in the quarter, but remained elevated relative to historical levels at nearly 15 months due to a few larger longer-term leases that require build-outs. Approximately 60% of our record backlog is slated to commence throughout this year, split fairly evenly throughout the first and second halves.

轉向我們的積壓。在第 9 頁，當前已簽署但尚未開始的租約積壓在年底增加到創紀錄的 4.77 億美元，這主要是由於 Teraco 的加入，因為其他簽約在很大程度上被開始所抵消。本季度簽約和開工之間的滯後略有緩和，但由於一些較大的長期租約需要擴建，因此相對於歷史水平仍處於近 15 個月的高位。我們大約 60% 的積壓記錄將在今年全年開始，在上半年和下半年平均分配。

Moving on to Page 10. We signed $195 million of renewal leases during the fourth quarter with pricing increases of 0.8% on a cash basis. For the full year, we renewed nearly $700 million of existing business at a 1.8% increase on a cash basis, a touch better than our upwardly revised guidance of slightly positive for 2022. Renewal rates in the fourth quarter for 0-1 megawatt renewals remained strong across each of our 3 regions and were up 4.1% overall, the strongest quarterly increase since adding interaction.

轉到第 10 頁。我們在第四季度簽署了 1.95 億美元的續租合同，價格以現金為基礎上漲 0.8%。全年，我們續簽了近 7 億美元的現有業務，按現金計算增長 1.8%，略好於我們向上修正的 2022 年略微積極的指引。第四季度 0-1 兆瓦續籤的續簽率保持不變我們的 3 個地區都表現強勁，整體增長 4.1%，這是自增加互動以來最強勁的季度增長。

As Andy referenced, we did see a 3.6% decline on renewals in the greater than a megawatt category in the quarter, entirely due to a single lease at a single asset. However, we saw a better-than-anticipated improvement in market rents and an inflection in re-leasing spreads in 2022. More importantly, market conditions improved throughout the last year, and our guidance for 2023 reflects this positive trend.

正如 Andy 所提到的，我們確實看到本季度超過 1 兆瓦類別的續訂量下降了 3.6%，這完全是由於單一資產的單一租賃。然而，我們看到 2022 年市場租金的改善好於預期，轉租利差出現拐點。更重要的是，去年市場狀況有所改善，我們對 2023 年的指引反映了這一積極趨勢。

Turning to our results. Digital Realty delivered operating and financial performance in the fourth quarter that was largely consistent with our expectations, highlighted by improving core operating performance, progress toward enhancing our returns on investment and increased liquidity.

轉向我們的結果。 Digital Realty 第四季度的經營和財務業績基本符合我們的預期，突出體現在核心經營業績的改善、投資回報率的提高和流動性的增加。

Let's jump into the metrics on Page 11. In terms of earnings growth, we reported fourth quarter core FFO per share of $1.65, consistent with the low end of our implied guidance range for the fourth quarter and down 1% on both a sequential and year-over-year basis, given a seasonal acceleration in operating expenses, a significant uptick in interest rates and a full quarter's dilution associated with the acquisition of Teraco on August 1.

讓我們進入第 11 頁的指標。在收益增長方面，我們報告第四季度每股核心 FFO 為 1.65 美元，與我們第四季度隱含指導範圍的低端一致，比連續和年度下降 1% -同比增長，考慮到運營支出的季節性加速、利率顯著上升以及與 8 月 1 日收購 Teraco 相關的整個季度的攤薄。

On a constant currency basis, core FFO was down 1% sequentially, but was up 2% year-over-year. For the full year 2022, we reported constant currency core FFO per share of $6.91, representing 6% growth over 2021. The improvement in operating performance is best gauged by our stabilized same-capital portfolio, which was challenged in the first half of the year, but improved meaningfully in the second half, particularly in the fourth quarter when stripping out the noise related to FX.

按固定匯率計算，核心 FFO 環比下降 1%，但同比增長 2%。對於 2022 年全年，我們報告的固定貨幣核心 FFO 為 6.91 美元，比 2021 年增長了 6%。我們穩定的同資本投資組合最好地衡量了經營業績的改善，這在今年上半年受到了挑戰，但在下半年顯著改善，尤其是在第四季度剔除與 FX 相關的噪音時。

Focusing on top line, data center revenue growth on a constant currency basis improved steadily throughout 2022, increasing by 4% year-over-year in the fourth quarter compared to a 1.8% decline in the first quarter, demonstrating the turn in our core operations that we flagged last quarter. The sequential step-up from 3Q to 4Q was largely driven by an 80 basis point improvement in occupancy as commencements outpace churn as well as the benefit of positive re-leasing spreads and growing interconnection revenues.

從營收來看，2022 年全年數據中心收入增長穩步提高，第四季度同比增長 4%，而第一季度下降 1.8%，表明我們的核心業務發生了轉變我們上個季度標記的。從第 3 季度到第 4 季度的連續增長主要是由於入住率提高了 80 個基點，因為開工率超過了流失率，以及積極的再租賃利差和互連收入增長帶來的好處。

Turning to our currency slide on Page 12. 56% of our fourth quarter operating revenue was denominated in U.S. dollars, with 20% in euros, 7% in British pounds, 6% in Singapore dollars and 2% in Japanese yen. The U.S. dollar reversed course from the strength we have seen throughout the first 9 months of the year, removing the headwind on reported sequential growth. Nevertheless, the dollar was meaningfully stronger than it was versus 2021, negatively impacting our reported revenue growth and adjusted EBITDA growth by approximately 500 basis points a piece.

轉到第 12 頁的貨幣幻燈片。我們第四季度營業收入的 56% 以美元計價，其中 20% 以歐元計價，7% 以英鎊計價，6% 以新加坡元計價，2% 以日元計價。美元從今年前 9 個月的強勢中逆轉，消除了報告的連續增長的不利因素。儘管如此，與 2021 年相比，美元明顯走強，對我們報告的收入增長和調整後的 EBITDA 增長產生了約 500 個基點的負面影響。

Turning to the balance sheet on Page 13. Our reported leverage ratio at quarter end was 6.9x, while fixed charge coverage was at 4.9x. Given the sharp recovery in the euro and the pound in the fourth quarter and the convention of how leverage is calculated with the average exchange rate used for calculated adjusted EBITDA and the spot rate used to mark our debt at year-end, our net debt to adjusted EBITDA was inflated by approximately 0.2 turns. Using the average exchange rate to mark our debt at year-end, our leverage would be 6.7x net debt to adjusted EBITDA.

轉到第 13 頁的資產負債表。我們報告的季度末槓桿率為 6.9 倍，而固定費用覆蓋率為 4.9 倍。鑑於第四季度歐元和英鎊的大幅回升以及槓桿率的計算慣例，即計算調整後 EBITDA 所用的平均匯率和年末用於標記我們債務的即期匯率，我們的淨債務為調整後的 EBITDA 膨脹了大約 0.2 圈。使用年末平均匯率來標記我們的債務，我們的槓桿率為調整後 EBITDA 的 6.7 倍淨債務。

Since our last call, we drew the remaining $500 million outstanding from our 2021 forward equity offering and tapped our 5.55% 2028 notes for an additional $350 million to bring the total amount raised on that bond to $900 million. Since year-end, we also closed a $740 million 2-year term loan with a 1-year extension option. It's also worth mentioning that our investment-grade credit ratings were affirmed with stable outlooks by all 3 rating agencies since our last call.

自我們上次電話會議以來，我們從 2021 年遠期股票發行中提取了剩餘的 5 億美元未償付債券，並動用了我們 5.55% 的 2028 年票據以額外獲得 3.5 億美元，使該債券籌集的總額達到 9 億美元。自年底以來，我們還完成了一筆 7.4 億美元的 2 年期定期貸款和 1 年延期選擇權。還值得一提的是，自我們上次通話以來，我們的投資級信用評級得到了所有 3 家評級機構的穩定展望。

While leverage is above our historical average and our long-term target, we have bolstered our liquidity, and we intend to reduce leverage towards our long-term target over the course of 2023. Our weighted average debt maturity is over 5 years, and our weighted average coupon is 2.7%. Approximately 86% of our debt is non-U.S. dollar-denominated, reflecting the growth of our global platform. Over 80% of our net debt is fixed rate and 97% of our debt is unsecured, providing ample flexibility for capital recycling. Finally, we have minimal near-term debt maturities with only $100 million maturing in 2023, together with a well-laddered maturity schedule.

雖然槓桿率高於我們的歷史平均水平和我們的長期目標，但我們增強了流動性，我們打算在 2023 年期間降低杠桿率以實現我們的長期目標。我們的加權平均債務期限超過 5 年，我們的加權平均票息為 2.7%。我們大約 86% 的債務是非美元計價的，這反映了我們全球平台的增長。我們超過 80% 的淨債務是固定利率的，97% 的債務是無抵押的，為資本回收提供了充足的靈活性。最後，我們的短期債務到期日很少，只有 1 億美元在 2023 年到期，而且到期時間表安排得很好。

Lastly, let's turn to our guidance on Page 14. We have provided an initial core FFO per share guidance range for the full year 2023 of $6.65 to $6.75, reflecting flat growth at the midpoint of the range, as the recovery in our stabilized portfolio is balanced by the impact of higher interest expense and capital recycling. Focusing in on the organic recovery we forecast for 2023, we expect cash and GAAP re-leasing spreads to improve to greater than 3%, same-capital cash NOI growth of 3% to 4% and an 80 basis point uplift in total portfolio occupancy at the midpoint of our expected range by year-end.

最後，讓我們轉到第 14 頁的指導。我們提供了 2023 年全年每股核心 FFO 指導範圍為 6.65 美元至 6.75 美元，反映了該範圍中點的平穩增長，因為我們穩定的投資組合正在復蘇由更高的利息支出和資本回收的影響平衡。著眼於我們預測的 2023 年有機復甦，我們預計現金和 GAAP 轉租利差將改善至 3% 以上，同資本現金 NOI 增長 3% 至 4%，投資組合總入住率提高 80 個基點到年底時處於我們預期範圍的中點。

Importantly, as Andy referenced at the outset, one of our key priorities is to further diversify and bolster our capital sources, which is geared toward increasing our capital efficiency and investment returns while reducing leverage toward our long-term target. As reflected in this guidance, throughout 2023, we expect to recycle capital from a combination of noncore dispositions, joint ventures of core assets and joint ventures of scale development in select core markets. In addition, we expect to benefit from high single-digit adjusted EBITDA growth, the retention of free cash flow and the moderation of recent currency headwinds.

重要的是，正如安迪在一開始提到的那樣，我們的主要優先事項之一是進一步多元化和加強我們的資本來源，旨在提高我們的資本效率和投資回報，同時降低杠桿以實現我們的長期目標。正如本指南所反映的那樣，到 2023 年，我們預計將從非核心資產處置、核心資產合資企業和選定核心市場規模發展合資企業的組合中回收資本。此外，我們預計將受益於高個位數的調整後 EBITDA 增長、自由現金流的保留以及近期貨幣逆風的緩和。

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，現在我們很高興回答您的問題。接線員，請開始問答環節好嗎？

(Operator Instructions) And our first question will come from Aryeh Klein of BMO Capital Markets.

（操作員說明）我們的第一個問題將來自 BMO 資本市場的 Aryeh Klein。

Congrats, Andy and Matt, on the new role. Maybe just starting on the balance sheet. The $2 billion in asset sales and JV is targeted for the year. Can you give us some additional color on the split between the 2? The types of assets, the timing and pricing is a pretty wide range. Anything you can add on that front?

祝賀 Andy 和 Matt 擔任新角色。也許只是從資產負債表開始。 20 億美元的資產銷售和合資企業是今年的目標。你能給我們一些關於兩者之間分裂的額外顏色嗎？資產的類型、時間和定價範圍很廣。您可以在這方面添加什麼嗎？

Thanks, Aryeh. This is Andy. Why don't I kick it off, and I'll hand it to Greg on, call it, valuations and what we're seeing on broader asset class. So it's $2 billion at the midpoint as our funding plan. As a reminder, this has been part of our playbook for several years. I think we've either sold outright or joint ventured close to $4 billion of assets over the last handful of years. The composition is really threefold: one called [rounding surveys] or completion of our noncore assets disposition program selling outright; two, joint ventures around our stabilized assets; and three, joint ventures around our development program. Rough ballpark on numbers, I would say the noncore dispositions are probably in the 500-ish area, and the other 2 buckets are taking up the majority of the $2 billion at the midpoint. Greg, do you want to chime in on valuations and broader?

謝謝，阿耶。這是安迪。為什麼我不開始，我會把它交給格雷格，稱之為估值以及我們在更廣泛的資產類別上看到的情況。因此，我們的資金計劃中點是 20 億美元。提醒一下，多年來，這一直是我們劇本的一部分。我認為在過去的幾年裡，我們要么直接出售，要么合資投資了近 40 億美元的資產。組成實際上有三方面：一個稱為[四捨五入調查]或完成我們的非核心資產處置計劃的直接出售；二、圍繞我們的穩定資產建立合資企業；第三，圍繞我們的發展計劃建立合資企業。粗略地看數字，我想說非核心配置可能在 500 左右的區域，而其他 2 個桶佔據了 20 億美元中點的大部分。格雷格，你想談談估值和更廣泛的問題嗎？

Yes. Thanks, Aryeh. Look, I think when you look at the -- let's look at first at the stabilized JVs and the development JVs. I mean, clearly, we're seeing strong demand for those assets. The private markets still have a strong bid for those assets given the quality of the assets, stability of the income stream, the creditworthiness of the customer base. And the fact, quite frankly, that's a hard asset class with strong secular demands. We've seen really a significant rotation in the data center space from private capital over the last couple of years. Not to mention, strong improvement in pricing and lower vacancies in all of our major markets have really gotten investors' attention in terms of growth potential.

是的。謝謝，阿耶。看，我想當你看的時候——讓我們首先看看穩定的合資企業和開發合資企業。我的意思是，很明顯，我們看到了對這些資產的強勁需求。鑑於資產質量、收入流的穩定性以及客戶群的信譽度，私人市場對這些資產的出價仍然很高。事實上，坦率地說，這是一種具有強烈長期需求的硬資產類別。在過去的幾年裡，我們確實看到了私人資本在數據中心領域的重大輪換。更不用說，我們所有主要市場的定價大幅改善和空置率下降確實在增長潛力方面引起了投資者的關注。

So on that front, we still think pricing has held in there. We've seen some transactions in the market recently. There's been some smaller transactions. We're also aware of 3 sizable hyperscale platforms where that pricing is staying strong from what I understand. But what it tells us is that the sellers and their equity backers, who we think are sophisticated, are seeing strong value. So simply put, money on the sideline is outweighing the investment opportunities.

所以在這方面，我們仍然認為定價在那裡。我們最近在市場上看到了一些交易。有一些較小的交易。據我所知，我們還知道 3 個相當大的超大規模平台，其定價保持強勁。但它告訴我們的是，我們認為精明的賣家和他們的股權支持者看到了強大的價值。簡而言之，觀望的資金超過了投資機會。

And then in terms of cap rates with respect to the noncore asset sales, I mean, clearly, they're going to be all over the place like we've seen in the past. As you recall, over the last few years, we've sold roughly $2 billion of these noncore assets. And at some point, we talked about having roughly $1.5 billion left. But look, I think when you look at this, it's important to understand that many of these assets are at different stages. So cap rates will end up in a range, and you look at our range right now at 0% to 10%, and it clearly depends on specific conditions. For example, if we sell land, right, that's a 0 cap rate. So there's a wide range and it depends on the asset.

然後就非核心資產銷售的資本化率而言，我的意思是，很明顯，它們將像我們過去看到的那樣無處不在。您還記得，在過去幾年中，我們出售了大約 20 億美元的這些非核心資產。在某個時候，我們談到還剩下大約 15 億美元。但是看，我認為當你看這個時，重要的是要了解這些資產中的許多處於不同的階段。所以資本化率最終會在一個範圍內，你現在看看我們的範圍是 0% 到 10%，這顯然取決於具體情況。例如，如果我們出售土地，對，那就是 0 上限率。所以範圍很廣，這取決於資產。

Got it. And then just maybe a follow-up just on the leverage. If you do all this, where do you think that gets you to exiting 2023?

知道了。然後可能只是關於槓桿的後續行動。如果你做了這一切，你認為這會讓你在 2023 年結束嗎？

Yes. Aryeh, this is Matt. Thanks for the question. So look, I think with the way that we're looking at our plan this year, as Greg and Andy mentioned, in terms of $2 billion at the midpoint for asset sales and joint ventures, really being the bulk of funding for our -- the development spend that we have left. And then if you look at -- we're looking at 8% to 9% growth in our adjusted EBITDA, which I think will be a big part of our deleveraging plan also for this year. So without giving a specific number, I would say we're going to be well on our way to bringing leverage back down closer to 6x by the end of the year.

是的。 Aryeh，這是馬特。謝謝你的問題。所以看，我認為我們今年計劃的方式，正如格雷格和安迪提到的那樣，就資產銷售和合資企業的中點 20 億美元而言，這確實是我們的大部分資金 -我們剩下的開發支出。然後，如果你看一下——我們預計調整後的 EBITDA 將增長 8% 至 9%，我認為這也將是我們今年去槓桿化計劃的重要組成部分。因此，在不給出具體數字的情況下，我會說我們將在年底前將槓桿率回落至接近 6 倍。

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. I just wanted to touch base just on the general demand environment. It's nice to see a pickup in kind of some of the enterprise colo bookings. Maybe you could talk about what you see in the hyperscale funnel. We obviously heard some -- a couple of hyperscalers talking about a bit of a slowing in revenue growth, but it seems like demand remains pretty robust. So maybe you could kind of touch on that for us.

偉大的。我只是想根據一般需求環境來了解一下。很高興看到一些企業託管預訂有所增加。也許你可以談談你在超大規模漏斗中看到的東西。我們顯然聽到了一些 - 幾個超大規模商談論收入增長有點放緩，但似乎需求仍然非常強勁。所以也許你可以為我們談談。

Corey, do you want to hit on demand overall first?

科里，你想先整體點播嗎？

Yes, I'll hit demand overall. Thanks a lot for the question, Eric. Look, demand remains as strong as ever, and we're more than happy with kind of what our pipeline looks like and whether or not we've got enough to support our demand. On the hyperscale end, and actually, I should just say thanks for the recognition on the improvement around enterprise and the sub-1 megawatt, but on the enterprise, we're still seeing some really strong demand across and then across the globe from really the traditional large build, but also some other interconnection needs. These hyperscalers are starting to come to us for their connectivity options. It's really the advantages that our portfolio plays out for them. And we're seeing that continue to grow that demand from them, utilizing our platform as a meeting place as they need to enhance their connectivity requirement. And so you're seeing that across both places.

是的，我會滿足整體需求。非常感謝你的問題，埃里克。看，需求一如既往地強勁，我們對我們的管道是什麼樣子以及我們是否有足夠的能力來支持我們的需求感到非常滿意。在超大規模端，實際上，我應該感謝對企業和低於 1 兆瓦的改進的認可，但在企業方面，我們仍然看到一些非常強勁的需求，然後在全球範圍內傳統的大型建築，還有一些其他的互連需求。這些超大規模用戶開始向我們尋求連接選項。這確實是我們的產品組合為他們發揮的優勢。我們看到他們的需求不斷增長，他們利用我們的平台作為會議場所，因為他們需要增強他們的連接需求。所以你在這兩個地方都看到了這一點。

And I would tell you that you also see the merits of our relationship around the opportunity to build out from the activity perspective for them. When you think through the cost and the difficulty getting power that we have right now, these hyperscalers and our relationship with them continues to evolve and I think improve. And the value that we continue to bring to them will continue to drive demand for us and see the pipeline build across all of our regions. So really happy with where we are on that as well as the comeback on the enterprise as well. Thanks a lot, Eric.

我會告訴你，你也看到了我們關係的優點，圍繞著從活動角度為他們建立的機會。當你仔細想想我們現在擁有的成本和獲得權力的困難時，這些超大規模者以及我們與他們的關係在不斷發展，我認為會有所改善。我們繼續為他們帶來的價值將繼續推動對我們的需求，並看到我們所有地區的管道建設。對我們在這方面的進展以及企業的回歸感到非常高興。非常感謝，埃里克。

Great. And just one follow-up. I just wanted to touch base on the renewal spread that you guided to this year. Any kind of color you can provide on how those will shake out versus the greater than 1 megawatt versus the sub-1 megawatt category? And are there any markets, I'm thinking Northern Virginia, where supply is extremely limited, where you're really starting to see material rental improvements throughout the year?

偉大的。只有一個後續行動。我只想談談你今年指導的續約價差。您可以提供任何類型的顏色來說明這些將如何與大於 1 兆瓦和低於 1 兆瓦的類別相比？是否有任何市場，我在想北弗吉尼亞州，供應極其有限，在那裡你真的開始看到全年材料租金的改善？

Sure. I mean I think we've seen this pendulum on pricing move in our favor now for several quarters. It started to move at the beginning of 2022, gained steam, became more broadbrushed. And I think it was a combination of not only supply and demand, but our value proposition really resonating with our customer base. In a backdrop where, quite honestly, it's never probably been harder to bring on capacity, procure power as well as finance this asset plan, this is -- we ended the year overall in positive territory.

當然。我的意思是我認為我們已經看到這個定價鐘擺對我們有利已經有幾個季度了。它在 2022 年初開始移動，獲得了動力，變得更加粗略。而且我認為這不僅是供需的結合，而且我們的價值主張真正引起了我們客戶群的共鳴。老實說，在這個背景下，增加產能、採購電力以及為這項資產計劃融資可能從未如此困難，這是——我們在今年年底總體上處於積極的狀態。

The less than a megawatt, which is becoming a much larger and larger portion of our revenue base, obviously led the way. We had some positive quarters in greater than a megawatt. We had some slightly negative quarters. If you look at the greater than a megawatt, again, and I know we're really tired of making excuses. It takes 1 single deal just to pull it down, just call it a 3% in that category, when predominance of deals are moving in positive territory.

小於一兆瓦的產品在我們的收入基礎中所佔的比例越來越大，顯然處於領先地位。我們有超過 1 兆瓦的積極季度。我們有一些略微消極的季度。如果你再看看超過一兆瓦，我知道我們真的厭倦了找藉口。僅需一筆交易就可以將其拉低，當交易的主導地位向正區域移動時，只需將其稱為該類別的 3%。

This year is the first, call it, overall inflection to positive territory and cash mark-to-markets in several years. Where we're guiding to for 2023 will be literally the best cash mark-to-market inflection in close to 10 years for our business, and it's -- obviously, it's increasing a dramatic amount. And I think all those things I just mentioned in terms of our value proposition as well as supply/demand moving in our favor, Ashburn is -- or Northern Virginia, excuse me, is a prime example of it.

可以說，今年是幾年來第一次全面轉向正值區域和按市值計價的現金。我們指導 2023 年的目標實際上將是我們業務近 10 年來最好的按市值計價的現金變化，而且很明顯，它正在大幅增加。我認為我剛才提到的所有這些關於我們的價值主張以及供需變化對我們有利的事情，阿什伯恩是 - 或者北弗吉尼亞，對不起，這是一個很好的例子。

This quarter, $117 million gap. 50, almost 60 megawatts had almost nil Ashburn signings in it. And you could say last quarter did not have a super large amount either due to, call it, the tightness of that market and the timing of our deliveries of bringing on more capacity. So we don't have a large statistical set of data to point to. But what we're seeing on the quotes going out, the interactions with hearing from customers is that these rates are moving swiftly well past the hundreds into the much more firmer territory and still have ways to go in terms of runway.

本季度，缺口 1.17 億美元。 50, 近 60 兆瓦幾乎沒有 Ashburn 簽約。你可以說上個季度的數量不是特別多，因為這個市場的緊張以及我們交付更多產能的時間。所以我們沒有大量的統計數據可以指向。但我們在報價中看到的是，與客戶的來信互動是，這些利率正在迅速超過數百，進入更加穩固的領域，並且在跑道方面仍有路要走。

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

下一個問題來自 RBC Capital Markets 的 Jon Atkin。

So I was interested in just kind of big picture your first conference call as CEO. Any kind of principles to underscore things to contemplate and things to be putting into action around changes in overall operating practices, changes in product focus strategy? I think you already hit on capital allocation, but just any kind of big picture kind of items to call out?

所以我對你作為首席執行官的第一次電話會議的大局感興趣。圍繞整體運營實踐的變化、產品重點戰略的變化，有什麼原則可以強調要考慮的事情和要付諸行動的事情嗎？我想你已經想到了資本配置，但只是需要提出任何一種大局的項目嗎？

And then secondly, maybe for Matt, but as we look at the FFO per share guidance for the year, what are the sort of operating catalysts that you can identify that might get [neutral] to the upper end of that range? I think you talked about renewal spreads, but what's your comfortable level of kind of hitting the midpoint or maybe (inaudible) the midpoint based what you see in your commencement pipeline just from the overall pricing environment?

其次，也許對馬特來說，但當我們查看今年的 FFO 每股指引時，您可以確定哪些運營催化劑可能會 [中性] 達到該範圍的上限？我想你談到了續約價差，但你對達到中點或可能（聽不清）中點的舒適程度是多少，這取決於你從整體定價環境中看到的開始管道中的情況？

Thanks, Jon. I'll tackle the first one and then let Matt tell you how we're going to beat the guidance we just put out an hour ago in real time to that one. So I won't rehash it what was all throughout the script of what's taking place for the last 60 days. But I can tell you, in that time, I was able to see all 3 of our regions, spent a lot of time with customers, the team, made it home for Valentine's Day at preschool and be able to put some preliminary thoughts together on top priorities, which I outlined in the prepared remarks.

謝謝，喬恩。我將解決第一個問題，然後讓 Matt 告訴您我們將如何擊敗我們剛剛在一個小時前實時發布的指南。所以我不會重述過去 60 天發生的事情的全部內容。但我可以告訴你，在那段時間裡，我能夠看到我們所有的 3 個地區，花了很多時間與客戶、團隊在一起，在學前班回家過情人節，並能夠將一些初步的想法放在一起最優先事項，我在準備好的發言中概述了這些。

But just to rehash them in a little bit greater detail. Obviously, first and foremost is demonstrably strengthening our customer value proposition. That is number one for an important reason. We've obviously assembled a playful collection of digital infrastructure assets over the last several years, both inorganically and organically with what we're doing in the likes of Rome, Barcelona, Israel, across Africa, Mexico City and even Seoul. Harnessing the power of that platform and sort of the full customer spectrum with this diverse array of capabilities is going to be key.

但只是為了更詳細地重新討論它們。顯然，首要的是明顯加強我們的客戶價值主張。這是第一位的一個重要原因。在過去的幾年裡，我們顯然已經收集了一系列有趣的數字基礎設施資產，無論是無機的還是有機的，我們在羅馬、巴塞羅那、以色列、非洲、墨西哥城甚至首爾等地所做的事情。利用該平台的力量和具有這種多樣化功能的整個客戶範圍將是關鍵。

I firmly believe in delivering that to our customers with a global scale and consistency, yet with true local expertise, and really become that meeting place for both the enterprise and the service provider customers across 50 in growing metros, north of 30 countries and 6 continents, all with the vein of accelerating our pricing power, internal and organic growth.

我堅信以全球規模和一致性向我們的客戶提供真正的本地專業知識，並真正成為 30 個國家和 6 大洲以北 50 個發展中都市的企業和服務提供商客戶的聚會場所，所有這些都是為了加速我們的定價能力、內部和有機增長。

Two, integrating and innovating is priority #2. We've had years of M&A that is in the rearview mirror. Just quite frankly, I think all the critical puzzle pieces when it comes to what we do have been taken off the board, and we got more than our fair share. We need to complete that integration work and complete our own digital transformation, making it easier for our internal and external customers and also continue advancing on our innovation, both on the connectivity as well as the physical infrastructure front.

第二，整合和創新是優先事項#2。我們在後視鏡中進行了多年的併購。坦率地說，我認為與我們所做的事情有關的所有關鍵拼圖都已從董事會中刪除，我們得到的不僅僅是我們應得的份額。我們需要完成整合工作並完成我們自己的數字化轉型，讓我們的內部和外部客戶更輕鬆，並繼續推進我們在連接性和物理基礎設施方面的創新。

You've seen the likes of ServiceFabric, which is just still in its infancy. And it's got many great growth states to come. You'll see that on the space and power front. Or things like Direct Connect, we landed in such a high consumption market with AWS just announced yesterday, along with pressing our sustainability leadership and making sure that we are lifting the bar for our industry and our asset class and doing what's right for our customers and the world we live in. All about that -- all that is about is about elevating a data-driven approach to all facets of our business.

您已經看到了 ServiceFabric 之類的產品，它仍處於起步階段。它有許多偉大的增長狀態。你會在空間和電力方面看到這一點。或者像 Direct Connect 之類的東西，我們通過昨天剛剛宣布的 AWS 進入瞭如此高的消費市場，同時強調我們在可持續發展方面的領導地位，並確保我們正在提高我們行業和資產類別的標準，並為我們的客戶做正確的事情，我們生活的世界。所有這一切——所有這一切都是關於將數據驅動的方法提升到我們業務的各個方面。

Last but not least, again, diversify and bolster our capital sources. It's about completing the noncore dispose we've talked about and then expanding our private capital partnership programs for both stabilized as well as development hyperscale assets, with that in mind of enhancing capital efficiency, accelerating growth and returns to our digital shareholders.

最後但同樣重要的是，再次多樣化和加強我們的資本來源。這是關於完成我們已經討論過的非核心資產處置，然後擴大我們針對穩定和開發超大規模資產的私人資本合作夥伴計劃，同時考慮到提高資本效率、加速增長和為我們的數字股東帶來回報。

So that's the nuts and bolts of the 3-point plan, and I'll let Matt tackle your second question.

這就是 3 分計劃的具體細節，我將讓馬特解決你的第二個問題。

Maybe just quickly -- just quick. Yes, if I could just see (inaudible). On the third-party funding of the development pipeline, what are -- you've not done that to my recollection at least recently. And I'm just interested, are there particular challenges around governance? Is it the economics? Is it finding the right partner or the right projects? What are some of the kind of factors that might dictate (inaudible) you might need some sort of arrangements around JV for your development pipeline.

也許很快 - 很快。是的，如果我能看到（聽不清）。關於開發管道的第三方資助，你至少最近沒有這樣做過。我只是感興趣，治理方面是否存在特殊挑戰？是經濟學嗎？是找到合適的合作夥伴還是合適的項目？哪些因素可能決定（聽不清）您可能需要圍繞 JV 為您的開發管道做出某種安排。

I think you had 6 more questions in there, Jon. But listen, I -- the -- as Greg touched on already, there's been a dramatic rotation of capital towards digital infrastructure, and there's just not enough places to put it in terms of assets built or coming right now. And we're a great partner for that. We have a history of partnership. We've done versions of this in parts of the world, be it Latin America or Africa, and expanding that use of capital to -- or call it, more traditional markets to accelerate our capital efficiency and tap into the resources of our platform and monetize these long runways of growth we have for the hyperscalers is really the playbook.

我想你還有 6 個問題，喬恩。但是，聽著，我——正如格雷格已經提到的那樣，資本正在急劇轉向數字基礎設施，而且就目前已建成或即將到來的資產而言，沒有足夠的地方來放置它。我們是一個很好的合作夥伴。我們有合作的歷史。我們已經在世界部分地區（無論是拉丁美洲還是非洲）進行了類似的嘗試，並將資本的使用擴展到——或稱之為更傳統的市場，以提高我們的資本效率並利用我們平台的資源和將我們擁有的超大規模增長的這些長期增長貨幣化確實是劇本。

So I don't think there's -- we're all about trying to piece this together any simple fiduciary in mind playbook, limiting conflicts out of the gates. So we're going to be looking and already have been talking to partners that are like-minded in that approach, long-term investors in the space that really appreciate the value we deliver for our customers day in, day out.

所以我不認為有——我們都在試圖將任何簡單的受託人頭腦中的劇本拼湊在一起，從一開始就限制衝突。因此，我們將尋找並已經與志同道合的合作夥伴進行了交談，這些合作夥伴是該領域的長期投資者，他們真正欣賞我們日復一日為客戶提供的價值。

Maybe Matt, do you want to quickly do Jon's question? Because I'm sure we got a few of others as well.

也許馬特，你想快速回答喬恩的問題嗎？因為我確定我們還有其他一些人。

Yes. So Jon, look, I think to be brief, we feel pretty good about the fundamentals of the business. I think that we've talked about -- a number of us have talked about pricing and demand feel good, and therefore, that leads us to have strong conviction on our same-capital cash NOI growth and the associated mark-to-markets that are going to help drive that.

是的。所以喬恩，聽著，我想簡而言之，我們對業務的基本面感覺很好。我認為我們已經討論過 - 我們中的許多人已經討論過定價和需求感覺良好，因此，這使我們對我們的相同資本現金 NOI 增長和相關的按市值計價有強烈的信念將幫助推動這一點。

And then on top of that, in terms of continuing to lease up our development pipeline, that goes back to, again, feeling strong about where we are in the demand cycle and our ability to capture that. So what that leaves remaining, I would say, is timing around when the dispositions and the joint venture capital come to close.

然後最重要的是，就繼續租賃我們的開發管道而言，這又回到了對我們在需求週期中所處的位置以及我們抓住它的能力的強烈感覺。因此，我想說，剩下的就是確定處置和合資資本何時結束的時間。

And maybe last, I know we talked about FX a lot last year. Right now, we're assuming that FX is neither a headwind nor a tailwind, but that's also something we can't control that could have influenced next year based on where we are in the economy.

也許最後，我知道我們去年談論了很多外匯。現在，我們假設外匯既不是逆風也不是順風，但這也是我們無法控制的，它可能會根據我們在經濟中的位置影響明年。

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

下一個問題來自 Cowen and Co 的 Michael Elias。

Great. My first question for you is, I mean you've talked about establishing this global interconnection platform, and you've taken steps to do that with Telx, Interxion and then also Teraco. As we think about the next steps for you guys, I mean what are the most meaningful steps you could take to accelerate your traction on the interconnection front? Is it adding more cloud on-ramps? Is it building platform capabilities? What is that?

偉大的。我要問你的第一個問題是，我的意思是你已經談到了建立這個全球互連平台，並且你已經採取措施與 Telx、Interxion 以及 Teraco 一起做到這一點。當我們為你們考慮接下來的步驟時，我的意思是您可以採取哪些最有意義的步驟來加速您在互連方面的牽引力？它是否增加了更多的雲入口？是構建平台能力？那是什麼？

And then my second question for you would be, in the past, you talked about doing $1.5 billion of noncore asset dispositions over the coming quarters. And now it sounds like we're at $500 million. Just wondering what changed in terms of your view on the dispositions. Is it just timing? Or was the cap rate environment not supportive of you getting the valuations that you want?

然後我要問你的第二個問題是，過去你談到在未來幾個季度進行 15 億美元的非核心資產處置。現在聽起來我們有 5 億美元。只是想知道您對處置的看法發生了什麼變化。只是時機嗎？還是資本化率環境不支持你獲得你想要的估值？

So why don't we take on a reverse, or Greg, why don't you hit on the program versus what gets done in calendar 2023?

那麼，為什麼我們不採取相反的做法，或者格雷格，你為什麼不把這個計劃與 2023 年日曆中完成的事情進行對比？

Sure. Thanks, Michael. I hope you're well. Look, I want to be clear. First of all, we talked about the $1.5 billion estimate of noncore assets previously. I hope we made it clear, that's what was remaining. So we sold $2 billion. And we said whether it was a quarter or 2 ago that we had another $1.5 billion left. We didn't suggest that we were going to sell that all over the next several quarters, and we wouldn't suggest that. But instead, we said over time. So as you look at that $1.5 billion and how it's going to start to run off, we earmarked roughly $500 million of that for '23. And if you look back at our level of activity, whether it was '22, '21, '20, there's obviously different volumes in those years, and it's never perfect. Things roll over from 1 year to the next.

當然。謝謝，邁克爾。我希望你很好。看，我想說清楚。首先，我們之前談到了 15 億美元的非核心資產估計。我希望我們說清楚了，那就是剩下的。所以我們賣出了 20 億美元。我們還說過，無論是在一個季度還是 2 個季度之前，我們還剩下 15 億美元。我們沒有建議我們要在接下來的幾個季度內全部出售，我們也不會建議這樣做。但相反，我們說隨著時間的推移。因此，當您查看這 15 億美元以及它將如何開始流失時，我們為 23 年預留了大約 5 億美元。如果你回顧一下我們的活動水平，無論是 22 年、21 年還是 20 年，那些年的數量明顯不同，而且從來都不是完美的。事情從一年滾動到下一年。

Quite frankly, from my perspective, whether it's May or July, I don't think it really matters to say whether it's front half of the year or the back half of the year. But look, that has not changed. And again, just as our cap rate range this year is 0% to 10%, it was the same last year, and the volumes haven't changed. So again, it's -- I would say we're continuing to execute upon that program that we articulated to the market a couple of years ago. Actually, it's been 3-plus years ago now. And look, I'd like to think we've done a pretty good job with it. So that's it on that front.

坦率地說，從我的角度來看，無論是 5 月還是 7 月，我認為說它是上半年還是下半年並不重要。但是你看，這並沒有改變。同樣，正如我們今年的上限利率範圍是 0% 到 10%，去年也是如此，而且交易量沒有變化。所以，再一次，我想說的是，我們將繼續執行我們幾年前向市場闡述的那個計劃。其實到現在已經3年多了。看，我想我們已經做得很好了。所以就是在這方面。

And then, Michael, on your second question, listen, I think I look at it as a coming together of numerous puzzle pieces here. One, we've been adding the critical locations around the world that our customers need for a full platform solution, growing north of 50 metropolitan areas, 30-plus countries, across 6 continents. And really, I would say, demonstrably leading coverage in some of the hardest parts of the world with irreplaceable platform capabilities.

然後，邁克爾，關於你的第二個問題，聽著，我想我把它看作是這裡無數拼圖的拼圖。第一，我們一直在世界各地添加我們的客戶需要一個完整平台解決方案的關鍵位置，在 6 大洲的 50 個大都市地區、30 多個國家/地區以北發展。真的，我想說，在世界上一些最困難的地區，具有不可替代的平台功能，明顯領先覆蓋。

Two, adding to that legacy magnetic destinations or customers and next-generation versions of those magnets, and we've seen many of those press released across multiple categories. Others have less notoriety. But ensuring the broadest attractiveness for our customer base based on our curation of our meeting place community.

第二，添加到傳統的磁性目的地或客戶以及這些磁鐵的下一代版本，我們已經看到許多這些新聞發佈在多個類別中。其他人則聲名狼藉。但是，根據我們對聚會場所社區的管理，確保對我們的客戶群具有最廣泛的吸引力。

Three has been technology to bear. Internal technology I talked about. We've been eating our own cooking when it comes to digital transformation and tying this together for our internal team members, which ultimately provides better experiences for our customers and removes the friction in their procurement and their business.

三是技術承受。我講的內部技術。在數字化轉型方面，我們一直在自己做飯，並將其與我們的內部團隊成員聯繫在一起，最終為我們的客戶提供更好的體驗，並消除了他們在採購和業務方面的摩擦。

And lastly, external innovation, which we've been doing with the likes of evolving from Service Exchange to ServiceFabric, tying together our connectivity platforms and then harnessing all that in 1 platform offering essentially that has the best of both worlds, a global platform, $50-plus billion enterprise, serving the largest customers to the most local customers and doing it that scale and expertise, combined with true on-the-ground local experience. But Chris can maybe add on some of the technology elements as well.

最後，我們一直在進行的外部創新，例如從 Service Exchange 發展到 ServiceFabric，將我們的連接平台捆綁在一起，然後利用一個平台提供的所有內容，本質上是一個兼具兩全其美的全球平台，市值超過 500 億美元的企業，為最大的客戶和最本地的客戶提供服務，並以規模和專業知識的方式開展業務，並結合真正的實地本地經驗。但 Chris 也可以添加一些技術元素。

Yes. I appreciate it, Andy. And thank you, Michael, for the question. Yes, ServiceFabric, I mean it's something that we've talked about for some time now. It's a purpose-built product that enhances the customer experience. And we've been aligning with our customers to remove that complexity. And quite frankly, it facilitates an easier process of deployment for our customers.

是的。我很感激，安迪。邁克爾，謝謝你提出的問題。是的，ServiceFabric，我的意思是我們已經討論了一段時間了。它是一種可增強客戶體驗的專用產品。我們一直在與我們的客戶保持一致，以消除這種複雜性。坦率地說，它為我們的客戶簡化了部署過程。

And just to underpin Andy's kind of position around the broader reach. I think one of the things that's also driving a lot of traction and value to both our enterprise and our hyperscale customers is an open ecosystem that really accelerates the growth of the enterprise, and they can solve more use cases and more markets on PlatformDIGITAL. And I think that's the key element that we're highlighting, and quite frankly, you're starting to see even yesterday with the announcement of the on-ramp coming into Ashburn, that's one of the largest cloud operators aligning to one of the largest markets for Digital Realty today. And I think just to underpin a couple of metrics, that's 25 data centers with 500-plus megawatts.

只是為了鞏固安迪在更廣泛範圍內的地位。我認為也為我們的企業和超大規模客戶帶來巨大吸引力和價值的其中一件事是真正加速企業發展的開放生態系統，他們可以在 PlatformDIGITAL 上解決更多用例和更多市場。我認為這是我們強調的關鍵要素，坦率地說，即使在昨天宣布進入 Ashburn 的入口時，你也開始看到，這是最大的雲運營商之一與最大的雲運營商之一保持一致今天的 Digital Realty 市場。我認為只是為了支持幾個指標，那就是 25 個數據中心，功率超過 500 兆瓦。

So if you slow down and you think about that, the value that's going to be created and to be further created in that market is demonstrable. And so the underpinning of why we brought ServiceFabric to market where we have purpose-built software developers, really removing that complexity and the last piece is in investing in our customers. We don't want to compete with them. So you'll see the likes of further set of press releases coming out with bare metals, security, it's the full culmination of what enterprises are looking to do on that hybrid IT enablement, which is core to a broad swath of customers that we're servicing today and, quite frankly, that we'll be servicing in the not-too-distant future.

因此，如果您放慢腳步並考慮一下，那麼在該市場中將要創造並進一步創造的價值是可以證明的。因此，我們將 ServiceFabric 推向市場的基礎是我們擁有專門的軟件開發人員，真正消除了這種複雜性，最後一部分是投資於我們的客戶。我們不想與他們競爭。因此，您會看到更多關於裸機、安全性的新聞稿，這是企業在混合 IT 支持方面希望做的事情的完全高潮，這是我們廣泛客戶的核心今天正在維修，坦率地說，我們將在不久的將來提供維修服務。

The next question comes from Michael Rollins of Citi.

下一個問題來自花旗銀行的邁克爾羅林斯。

I just want to also extend my congratulations to Andy and Matt in the new roles. If I can ask 2 financial questions. And I'm just looking at Slide 14 from the deck. So the first question is if you look at the midpoint of revenue growth guidance for revenue and EBITDA, can you break out the organic portion of the growth relative on revenue, you'll have energy and you'll have acquisitions and divestitures, kind of a mix of stuff as you've been recycling assets and investing in new ones? And then for EBITDA, just the split between the organic and the M&A impact.

我還想對 Andy 和 Matt 擔任新職務表示祝賀。如果我可以問 2 個財務問題。我只是從講台上看幻燈片 14。所以第一個問題是，如果你看看收入和 EBITDA 的收入增長指導的中點，你能否打破與收入相關的增長的有機部分，你會有能量，你會有收購和資產剝離，有點在回收資產和投資新資產的過程中混合使用？然後對於 EBITDA，只是有機和併購影響之間的分裂。

And then the second question, as you look at the EBITDA growth and you look at the core FFO per share growth, what is holding back the piece parts, holding back core FFO per share growth? And what are the opportunities for Digital Realty to unlock that in the future and get back to a more consistent relationship of the EBITDA growth relative to what that core profit per share growth should do?

然後是第二個問題，當您查看 EBITDA 增長和每股核心 FFO 增長時，是什麼阻礙了零散部分，阻礙了每股核心 FFO 增長？ Digital Realty 有哪些機會在未來釋放這一點，並恢復 EBITDA 增長與每股核心利潤增長之間更一致的關係？

Sure, Mike. So let's talk about revenue because I think that's the one that's got more -- a little bit more to unpack in it for when you're looking year-over-year. So I think as most of us know, power has been a big topic, and we expect to be -- continue to be a topic. We are, like other operators, seeing increases in power costs, particularly in EMEA. So if you look at that growth, it's around 23%. From '22 to the midpoint of '23, roughly 14% of that is tied to utility reimbursements correlated to higher expected power costs.

當然，邁克。因此，讓我們談談收入，因為我認為這是一個有更多的收入——當你逐年查看時，需要更多的收入。所以我認為，正如我們大多數人所知，權力一直是一個大話題，我們希望——繼續成為一個話題。與其他運營商一樣，我們看到電力成本增加，尤其是在歐洲、中東和非洲地區。所以如果你看一下這個增長，它大約是 23%。從 22 年到 23 年的中點，其中大約 14% 與與更高的預期電力成本相關的公用事業報銷有關。

And just a reminder, we expect -- the majority -- I would say the majority of our contracts are full pass-through. And even those contracts that are not full pass-through, we have -- for the majority of those, we have the ability to pass on price increases, which we either have done or will do soon. So we are not expecting any or very minimal bottom line impact to our results in '23 from higher power costs. So that also -- when you then net that down, you're talking about, roughly speaking, 9% growth in our rental and interconnection revenue, driven by the business, which also coincides with the growth in adjusted EBITDA that you'll see there as you've done the math as well.

提醒一下，我們預計——大多數——我會說我們的大部分合同都是完全轉嫁的。即使是那些沒有完全轉嫁的合同，我們也有——對於其中的大多數，我們有能力轉嫁價格上漲，我們已經完成或將很快完成。因此，我們預計更高的電力成本不會對我們 23 年的結果產生任何或非常小的底線影響。所以這也是——當你把它減去時，你說的是，粗略地說，在業務的推動下，我們的租金和互連收入增長了 9%，這也與你將看到的調整後 EBITDA 的增長相吻合在那裡，你也做了數學計算。

In terms of then having that flow down to core FFO, look, I think part of that is -- what's in the plan this year is to set us up for being able to do that going forward, being able to continue to leverage the fundamentals that are continuing to improve and accrue to our favor as demonstrated by the growth of the stabilized portfolio. So that when we get our leverage down and balance sheet and stronger position, we should be able to see that going forward in '24.

就然後將其流向核心 FFO 而言，看，我認為其中一部分是 - 今年的計劃是讓我們能夠在未來做到這一點，能夠繼續利用基本面正如穩定投資組合的增長所證明的那樣，這種情況正在繼續改善並受到我們的青睞。因此，當我們降低杠桿率、資產負債表和更強大的地位時，我們應該能夠在 24 年看到這一點。

And does that mean that the Teraco deal, the recycling divestitures that you did, those are kind of a neutral impact on the revenue and EBITDA growth rates for 2023 over 2022?

這是否意味著 Teraco 交易，你所做的回收資產剝離，這些對 2023 年 2022 年的收入和 EBITDA 增長率的影響是中性的？

So the -- I guess I'll answer that in terms of like we are -- obviously, timing is a factor, but our -- the disposition, call it, joint venture capital plan that we've laid out, the range takes into consideration those potential dispositions.

所以 - 我想我會像我們一樣回答這個問題 - 顯然，時間是一個因素，但我們 - 我們已經制定的處置，稱之為合資投資計劃，範圍需要考慮到那些潛在的處置。

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。

Andy and Matt, congrats, both, on your new roles. I had a question about the supply chain. I was just wondering with supply chain constraints loosening, are you seeing maybe some of your larger customers moving slower or less actively engaged in procuring space they need maybe several years out given shortening lead times.

安迪和馬特，祝賀你們擔任新角色。我有一個關於供應鏈的問題。我只是想知道隨著供應鏈限制的放鬆，你是否看到你的一些大客戶在縮短交貨時間的情況下可能會更慢或更不積極地參與採購他們可能需要幾年的空間。

And then if I could just sneak in one more. I wanted to ask about the dividend. We're talking a lot about funding the business through divestitures and whatnot. I'm just wondering how, maybe Matt or even Andy, you're thinking about dividend per share, optimal payout levels? And is that even a lever you'd be willing to consider to pull in order maybe to help fund the business and delever faster?

然後如果我能再偷偷溜進去一次。我想問一下股息。我們談論了很多關於通過剝離和諸如此類的方式為業務提供資金的問題。我只是想知道，也許是馬特，甚至是安迪，你是如何考慮每股股息、最佳支付水平的？這甚至是您願意考慮拉動的槓桿，以便為企業提供資金並更快地去槓桿化嗎？

Thank you again. So on supply chain, the -- I think that -- I'd say there's a loosening, but I would say we're not back to normal. And the production slots that become available seem to get gobbled up quickly. So -- and I'm not -- I wouldn't say that there's been a correlation between customer buying behaviors through to our supply chains. I mean, quite frankly, which is a contributor to the pricing revival, has been that the demand is remaining quite firm across the board for both enterprise and hyperscale business, and it's outpacing supply. And supply is -- and I don't -- I think that disconnect within many money markets is going to continue for some time.

再次感謝你。所以在供應鏈上，我認為 - 我會說有鬆動，但我會說我們沒有恢復正常。而且可用的生產槽似乎很快就會被吞噬。所以——我不是——我不會說客戶的購買行為與我們的供應鏈之間存在關聯。我的意思是，坦率地說，這是價格復甦的一個因素，即企業和超大規模業務的需求全面保持堅挺，而且超過了供應。供應是——我沒有——我認為許多貨幣市場內部的脫節將持續一段時間。

You've got things like power shortages. You've got municipalities. You've got permitting. You've got environmental impact. There's a whole host of reasons why it's a lot harder today to bring on capacity efficiently and effectively. I think we in our platform stand out above many, given our expertise, our time doing in business, our relationships, our consistency. But it's definitely helping on the overall pricing dynamic. And I don't think I've seen a correlation to a customer feeling the luxury of time when they're buying, and especially the larger customers, I wouldn't say, are taking a wait-and-see due to that whatsoever. Matt, do you want to handle the dividend question?

你有電力短缺之類的事情。你有市政當局。你得到了許可。你有環境影響。有很多原因可以解釋為什麼今天要高效且有效地增加產能變得更加困難。鑑於我們的專業知識、我們在業務中的時間、我們的關係和我們的一致性，我認為我們在我們的平台上脫穎而出。但這肯定有助於整體定價動態。而且我認為我沒有看到與客戶在購買時感到時間奢侈的相關性，尤其是大客戶，我不會說，由於任何原因，他們都在觀望.馬特，你想處理股息問題嗎？

Sure. I mean, look, ultimately, the dividend is a Board-level decision. I would -- what I'd add on to that is that it's -- in where we are, we would -- our objective is to maximize our free cash flow available to us to fund the business. And then in relation to the dividend, we want to make sure that we're paying out 100% of our taxable income. We want to make sure that we have an appropriate payout ratio. And then on top of that, we need to consider some of the -- some of our plans, which include potential for dispositions that could generate capital gains that could also be part of that analysis.

當然。我的意思是，最終，股息是董事會層面的決定。我會 - 我要補充的是 - 在我們所處的位置，我們會 - 我們的目標是最大化我們可用的自由現金流來為業務提供資金。然後關於股息，我們要確保我們支付了 100% 的應稅收入。我們要確保我們有適當的派息率。然後最重要的是，我們需要考慮一些 - 我們的一些計劃，其中包括可能產生資本收益的處置潛力，這也可能是該分析的一部分。

The next question comes from Frank Louthan of Raymond James.

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

If you can -- a couple of questions on Ashburn. If you can walk us through sort of the available power and kind of the assurance that you have that those megawatts will be there when you need them. And then kind of a follow-up on that. Are you seeing any changes in the buying patterns from your customers? Are they rearchitecting deployments so that they can push more things outside of Ashburn to kind of avoid some of these issues in the future? Any of that kind of activity would be helpful.

如果可以的話，請問幾個關於阿什伯恩的問題。如果您可以向我們介紹可用功率的種類以及您擁有這些兆瓦將在您需要時使用的保證。然後對此進行跟進。您是否看到客戶的購買模式有任何變化？他們是否正在重新設計部署，以便他們可以將更多的東西推到阿什本之外，從而避免將來出現其中的一些問題？任何此類活動都會有所幫助。

Sure. Thanks, Frank. So I mean, Ashburn, I would say, overall, the story remains the same of what transpired at the end of last summer. And the power -- incremental power deliveries into the largest, most robust and diverse market, quite frankly, in the world, is going to be restrained greatly for several years.

當然。謝謝，弗蘭克。所以我的意思是，阿什伯恩，總的來說，這個故事與去年夏天結束時發生的事情一樣。坦率地說，世界上最大、最強勁和多樣化的市場的電力——增量電力輸送將在未來幾年內受到很大限制。

Last quarter, I basically said I couldn't guarantee it, but I have confidence that we, working with the power providers, will be able to deliver on our customer commitments, which represents the lion's share of the just shy 80 megawatts we have in our development cycle.

上個季度，我基本上說我不能保證，但我有信心，我們與電力供應商合作，將能夠兌現我們對客戶的承諾，這代表了我們所擁有的僅 80 兆瓦的最大份額我們的開發週期。

Today, as you heard in my prepared remarks, we are good to go. We'll be able to deliver for those customers, and there's no concerns about the power being available. What comes next is still to be determined. So again, similar song and dances I described last quarter, I can't promise you this, I can't guarantee it, but I do have a strong amount of confidence that the tools in our toolkit here at Digital Realty, given our experience in region, our critical and strategic landholdings, our breadth of infrastructure and our relationships, will be able to be creative in terms of bringing on some incremental power deliveries in this bottleneck period.

今天，正如您在我準備好的發言中所聽到的那樣，我們可以開始了。我們將能夠為這些客戶提供服務，而且不用擔心可用的電源。接下來會發生什麼還有待確定。因此，再次重申，我上個季度描述的類似歌曲和舞蹈，我不能向你保證，我不能保證，但我確實非常有信心，鑑於我們的經驗，我們在 Digital Realty 的工具包中的工具在該地區，我們的關鍵和戰略土地所有權、我們廣泛的基礎設施和我們的關係，將能夠在這個瓶頸時期帶來一些增量電力輸送方面發揮創造性。

That is on top of what I would say is -- obviously, Ashburn is our largest market. I just looked at the 2023 expirations while we're -- we certainly have a higher retention, lower churn year expected relative to prior years. A large portion of our expected churn happens to be in Ashburn, which is a blessing given the ability to remarket that space at higher and better uses. So all of these with the Ashburn story, our saga continues, but broadly, it is greatly improving the pricing dynamic to a much more healthier environment for Digital and other providers in the market.

這就是我要說的——顯然，阿什伯恩是我們最大的市場。我剛剛查看了 2023 年到期的情況——與往年相比，我們的保留率肯定更高，流失率預計更低。我們預期的很大一部分流失恰好發生在阿什本，鑑於能夠以更高更好的用途對該空間進行再營銷，這是一件幸事。因此，所有這些都與 Ashburn 的故事有關，我們的傳奇還在繼續，但從廣義上講，它極大地改善了定價動態，為數字和市場上的其他供應商提供了一個更健康的環境。

In terms of buying patterns, just the tremendous amount of infrastructure across this part of Northern Virginia is not really shifting large-scale demand to other locations to any great stakes. So folks are still clamoring for available capacity or staying where they are with us or in market, and we've not seen a title shift on this market. And it will take a few years, but [the Calgary] is supposedly coming with new power bring -- brought into the region from the South and the North.

就購買模式而言，僅北弗吉尼亞這一地區的大量基礎設施並沒有真正將大規模需求轉移到其他地區，從而帶來任何重大利益。因此，人們仍在大聲要求可用容量或留在他們所在的地方或市場上，我們還沒有看到這個市場上的所有權轉移。這將需要幾年的時間，但據推測 [卡爾加里] 將帶來新的力量——從南方和北方帶入該地區。

That concludes the question-and-answer portion of today's call. I'd now like to turn the call back over to President and CEO, Andy Power, 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總裁兼首席執行官安迪鮑爾，讓他發表閉幕詞。請繼續。

Thank you, Andrea. So in my earlier remarks, I did mention something we didn't talk about on in the Q&A, but I do think this is an incremental tailwind of demand for our industry and Digital Realty as it relates to AI-related applications that we believe is on the precipice of driving an incremental wave of demand.

謝謝你，安德里亞。所以在我之前的發言中，我確實提到了一些我們在問答中沒有談到的事情，但我確實認為這是對我們行業和 Digital Realty 需求的增量順風，因為它與我們認為的 AI 相關應用程序有關在推動需求增長的懸崖邊上。

As a result, I just recently asked ChatGPT how AI would impact demand for data centers. Here is a summary of the response, and I quote, "The impact of artificial intelligence on the demand for data centers is likely to be significant in the coming years. As AI continues to gain traction and more and more businesses adopt AI-powered solutions, the demand for data storage and processing is expected to increase significantly. AI also has the potential to create new data-intensive applications such as autonomous vehicles, virtual reality and personalized medicine, further driving the demand for data centers. In short, the impact of AI on the demand for data centers is expected to be substantial, and companies operating in this space are well positioned to benefit from this trend."

因此，我最近才問 ChatGPT AI 將如何影響對數據中心的需求。以下是回應的摘要，我引用“人工智能對數據中心需求的影響在未來幾年可能會很顯著。隨著人工智能繼續獲得牽引力，越來越多的企業採用人工智能驅動的解決方案，對數據存儲和處理的需求預計將大幅增加。人工智能也有可能創造新的數據密集型應用，如自動駕駛汽車、虛擬現實和個性化醫療，進一步推動對數據中心的需求。簡而言之，影響AI 對數據中心的需求預計將是巨大的，在這個領域運營的公司有能力從這一趨勢中受益。”

Obviously, self-serving, but when you see some of the innovation that's playing out here and just the general media in the news, this AI trend has certainly come to fruition. And while this AI is certainly still in its development phase, we at Digital Realty agree and excited by the forecast that ChatGPT just provided.

顯然，這是自私自利的，但是當你看到這裡正在上演的一些創新以及新聞中的一般媒體時，這種 AI 趨勢肯定已經實現了。雖然這種 AI 肯定仍處於開發階段，但 Digital Realty 同意 ChatGPT 剛剛提供的預測並對此感到興奮。

In closing, Digital Realty had a strong 2022. We believe we are making the appropriate adjustments here and now in 2023 to position us to take advantage of the incredible opportunity that lies before us. I'd like to thank all of our data team and exceptional team members of Digital Realty and everyone on this call for joining us today. Thank you.

最後，Digital Realty 在 2022 年表現強勁。我們相信我們正在此時此刻在 2023 年做出適當的調整，以使我們能夠利用擺在我們面前的難以置信的機會。我要感謝我們所有的數據團隊和 Digital Realty 的傑出團隊成員，以及今天加入我們的所有人。謝謝。

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

會議現已結束。感謝您參加今天的演講，您現在可以斷開連接了。