Digital Realty Trust Inc (DLR) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to the Digital Realty First Quarter 2023 Earnings Call. Please note, this event is being recorded. (Operator Instructions)

下午好，歡迎來到 Digital Realty 2023 年第一季度財報電話會議。請注意，正在記錄此事件。 （操作員說明）

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

我想將電話轉給 Digital Realty 公共和私人投資者關係高級副總裁 Jordan Sadler。請繼續。

Thank you, operator, and welcome, everyone, to Digital Realty's First Quarter 2023 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.

謝謝運營商，歡迎大家參加 Digital Realty 2023 年第一季度收益電話會議。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.

管理層可能會在今天的電話會議上做出前瞻性陳述，包括指導和基本假設。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。

This call will contain certain non-GAAP financial information. Reconciliations to net income are included in the supplemental package furnished to the SEC and available on our website.

此電話會議將包含某些非 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 first quarter. First, our customer value proposition is resonating as we delivered yet another strong quarter of nearly $50 million of leasing in our 0-1-plus interconnection segment, including our second-strongest quarter of bookings in EMEA and record interconnection bookings, helping to push interconnection revenue over $100 million in the quarter for the first time.

在我把電話轉給安迪之前，讓我先提供我們第一季度的一些關鍵要點。首先，我們的客戶價值主張引起了共鳴，因為我們在 0-1+ 互連領域又交付了近 5000 萬美元的強勁租賃季度，包括我們在歐洲、中東和非洲地區第二強的預訂季度和創紀錄的互連預訂，有助於推動互連本季度收入首次超過 1 億美元。

Second, the first quarter delivered on the inflection and fundamentals we have guided to for 2023 as demonstrated by 4.5% re-leasing spreads on renewals and a 3.4% increase in stabilized portfolio cash NOI growth.

其次，第一季度實現了我們指導的 2023 年的拐點和基本面，如續租的再租賃利差 4.5% 和穩定的投資組合現金 NOI 增長 3.4% 所證明的那樣。

And third, we remain confident in our funding plan for 2023. We are deeply engaged in the process with multiple institutional buyers, including new and existing partners, and we'll update you on specifics once we finalize the transactions.

第三，我們對 2023 年的融資計劃仍然充滿信心。我們正在與包括新老合作夥伴在內的多個機構買家深入參與這一過程，一旦我們完成交易，我們將向您通報具體細節。

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. Digital Realty remained focused on our customers and executing our strategic plan while delivering a strong first quarter despite global uncertainty. This included reaching another major milestone, with our platform now supporting 5,000 customers worldwide. We posted strong sequential growth in revenue, adjusted EBITDA and AFFO, and remained focused on disciplined capital allocation while benefiting from strong secular trends supporting the data center industry.

謝謝 Jordan，也感謝大家加入我們的電話會議。儘管全球存在不確定性，Digital Realty 仍然專注於我們的客戶並執行我們的戰略計劃，同時在第一季度實現了強勁的增長。這包括達到另一個重要里程碑，我們的平台現在支持全球 5,000 家客戶。我們公佈了收入的強勁連續增長，調整後的 EBITDA 和 AFFO，並繼續專注於有紀律的資本配置，同時受益於支持數據中心行業的強勁長期趨勢。

Last quarter, I identified strengthening our customer value proposition as one of our key strategic priorities. Let me expand on this a bit. Digital Realty has been on a journey since 2015, when we acquired Telx, to expand our product offering and global footprint in order to provide the full spectrum of data center solutions to our customers.

上個季度，我確定加強我們的客戶價值主張是我們的關鍵戰略重點之一。讓我稍微擴展一下。自 2015 年我們收購 Telx 以來，Digital Realty 一直在努力擴大我們的產品供應和全球足跡，以便為我們的客戶提供全方位的數據中心解決方案。

At the time, we said that we were seeking to expand our product mix and presence in the attractive colocation and interconnection space. When we announced that deal, our annual colocation revenues were about $88 million, which is less than the bookings we posted in the last 2 quarters in the 0-1 megawatt plus interconnection segment. Since 2015, we've expanded our colocation and connectivity capabilities, both organically and through acquisitions, including the [Equinix Telecity] portfolio, Interxion, the Westin Building, Altus IT, Lamda Helix, Medallion and Teraco.

當時，我們表示我們正在尋求擴大我們的產品組合和在有吸引力的託管和互連空間中的存在。當我們宣布該交易時，我們的年託管收入約為 8800 萬美元，低於我們在過去兩個季度發布的 0-1 兆瓦以上互連部分的預訂量。自 2015 年以來，我們通過有機和收購擴展了我們的託管和連接能力，包括 [Equinix Telecity] 產品組合、Interxion、威斯汀大廈、Altus IT、Lamda Helix、Medallion 和 Teraco。

Today, our 0-1 megawatt segment revenues are well over $1 billion and represent 35% of total annualized rent. Including a few colo- and connectivity-oriented organic new market additions that are currently underway and other important subsea cable landing station-oriented facilities, we expect to soon have a presence in more than 30 countries across 6 continents.

今天，我們的 0-1 兆瓦部門收入遠遠超過 10 億美元，佔年租金總額的 35%。包括一些目前正在進行的以託管和連接為導向的有機新市場，以及其他重要的以海底電纜登陸站為導向的設施，我們預計很快將在 6 大洲的 30 多個國家開展業務。

Importantly, according to Cloudscene's H2 2022 Data Center Ecosystem Leaderboard results, which ranks operators based on their data center footprint and performance with a focus on service providers and cloud owners within their ecosystem, Digital Realty ranked in the top 2 slots within North America, Europe and LatAm, while taking the top spot in the Middle East and Africa region.

重要的是，根據 Cloudscene 的 H2 2022 數據中心生態系統排行榜結果，Digital Realty 根據其數據中心足跡和性能對運營商進行排名，重點關注其生態系統中的服務提供商和雲所有者，Digital Realty 在北美、歐洲排名前 2 位和拉美，同時在中東和非洲地區位居榜首。

Meanwhile, we've also shed noncore assets, recycled capital out of stabilized core assets and created joint ventures with some of the leading institutions around the world to own, operate and develop data centers. Along the way, we've added connectivity-related product capabilities, such as Service Exchange; Cloud Connect; and last summer, ServiceFabric, while targeting the additions of cloud on-ramps in our data centers around the world.

同時，我們還剝離了非核心資產，從穩定的核心資產中回收資本，並與全球一些領先的機構建立了合資企業，以擁有、運營和開發數據中心。在此過程中，我們添加了與連接相關的產品功能，例如服務交換；雲連接；去年夏天，ServiceFabric 的目標是在我們全球的數據中心增加雲入口。

These initiatives have meaningfully improved our customer value propositions and bolstered our results within the colo and connectivity segment. Since the end of 2015, our interconnection revenue has grown nearly 150%, while our colo and connectivity bookings have increased almost 400%. We now have 214,000 cross-connects across our portfolio, an increase of over 250% over the same period.

這些舉措顯著改善了我們的客戶價值主張，並提升了我們在主機託管和連接領域的業績。自 2015 年底以來，我們的互連收入增長了近 150%，而託管和連接預訂量增長了近 400%。現在，我們的產品組合中有 214,000 個交叉連接，同比增長超過 250%。

But there is more to do. Our vision is to serve our large and growing customer base that is focused on digital transformation and empowering their business through technological advancements at global scale today, tomorrow and for years to come. To do that, we serve as the meeting place, offering the full spectrum of data center solutions globally, enabling our customers with the colo capacity and connectivity solutions needed to support their hybrid multi-cloud deployments and also providing line of sight to future availability of scale, capacity and infrastructure advancements.

但還有更多工作要做。我們的願景是為我們龐大且不斷增長的客戶群提供服務，這些客戶群專注於數字化轉型，並在今天、明天和未來幾年通過全球範圍內的技術進步為他們的業務賦能。為此，我們充當會議場所，在全球範圍內提供全方位的數據中心解決方案，使我們的客戶能夠獲得支持其混合多雲部署所需的託管容量和連接解決方案，並為未來的可用性提供視線規模、容量和基礎設施的進步。

Consistent with our strategic priority to strengthen our customer value proposition, we are pleased to announce the hiring of Steve Smith as Managing Director of our Americas region. Steve joins us following nearly 8 years at CoreSite, where he most recently served as Chief Revenue Officer. Steve's experience, expertise within the colo and connectivity segment in the U.S. will be invaluable as we look to accelerate and enhance this offering in our largest market. We welcome Steve to the team and look forward to his upcoming start in July.

根據我們加強客戶價值主張的戰略重點，我們很高興地宣布聘請 Steve Smith 擔任我們美洲地區的董事總經理。史蒂夫在 CoreSite 工作了將近 8 年之後加入我們，他最近擔任首席營收官。史蒂夫在美國主機託管和連接領域的經驗和專業知識將非常寶貴，因為我們希望在我們最大的市場加速和加強這一產品。我們歡迎史蒂夫加入團隊，並期待他即將在 7 月開始的比賽。

Let's move to our first quarter results. This quarter marks an important inflection in the fundamental recovery we have been anticipating in our core portfolio, as re-leasing spreads were positive across all products and in all regions and scheduled price escalations translated into a positive inflection in our stabilized same-capital portfolio growth year-over-year.

讓我們來看看我們的第一季度業績。本季度標誌著我們一直預期的核心投資組合的基本複蘇出現重要轉折，因為所有產品和所有地區的再租賃利差均為正，預定的價格上漲轉化為我們穩定的同資本投資組合增長的積極轉折一年又一年。

New leasing during the quarter was $83 million, led by a strong 0-1 megawatt plus interconnection leasing, representing 57% of total signings, helped by the best quarter of interconnection signings in company history. We continue to overindex towards CPI-based escalators within our new leases, with over 40% of the newly signed leases in the quarter containing inflation-linked increases with fixed rate escalators on the balance.

本季度的新租賃為 8300 萬美元，其中 0-1 兆瓦加互連租賃表現強勁，佔簽約總數的 57%，這得益於公司歷史上最好的季度互連簽約。在我們的新租約中，我們繼續對基於 CPI 的自動扶梯指數過度指數化，本季度超過 40% 的新簽租約包含與通貨膨脹掛鉤的增長，餘額為固定利率自動扶梯。

During the first quarter, churn remained low at 1.1%, and we added 122 new customers, continuing the streak of 100 new logos that we've added in quarter since closing the Interxion transaction.

第一季度，客戶流失率保持在 1.1% 的低位，我們增加了 122 個新客戶，延續了自 Interxion 交易結束以來我們在本季度增加 100 個新徽標的勢頭。

Our key wins included: A Global 500 pharmaceutical sourcing and distribution services company who are exiting their legacy data centers and expanding on PlatformDIGITAL to ensure European data governance and compliance.

我們的主要勝利包括：一家全球 500 強的醫藥採購和分銷服務公司正在退出其遺留數據中心並擴展 PlatformDIGITAL 以確保歐洲數據治理和合規性。

A Global 2000 insurance provider doing a campus migration from a competing provider. A key differentiator for this new customer was improved resilience over the incumbent provider, together with robust multi-cloud connectivity and expansion capabilities.

一家全球 2000 強保險提供商從競爭提供商那裡進行校園遷移。這個新客戶的一個關鍵區別是與現有提供商相比具有更高的彈性，以及強大的多雲連接和擴展能力。

One of the largest public power companies in the U.S. and a new logo for Digital Realty is leveraging PlatformDIGITAL to modernize its infrastructure with network and control hubs. This company is modernizing its infrastructure to embrace AI, improve analytics, and provide data to its B2B customers.

美國最大的公共電力公司之一和 Digital Realty 的新徽標正在利用 PlatformDIGITAL 通過網絡和控制中心對其基礎設施進行現代化改造。該公司正在對其基礎架構進行現代化改造，以採用人工智能、改進分析並向其 B2B 客戶提供數據。

One of the largest financial services firms is building a new trading platform with Digital Realty, driving an entirely new ecosystem to capture global trading as it happens. Their requirements include low latency and high performance.

最大的金融服務公司之一正在與 Digital Realty 建立一個新的交易平台，推動一個全新的生態系統來捕捉發生的全球交易。他們的要求包括低延遲和高性能。

One of the largest global retailers also joined PlatformDIGITAL to support its local business presence, diversified transit nodes and rearchitect their network topology.

全球最大的零售商之一也加入了 PlatformDIGITAL，以支持其本地業務存在、多樣化的中轉節點並重新構建其網絡拓撲。

Moving over to the power transmission issue in our largest market, Northern Virginia. We've continued to work constructively with the power provider in this market. And last quarter, we were pleased to be able to confirm the commitments that we have made to our customers. While the overarching conditions in this market have not changed, we continue to work in partnership with the local providers to maximize potential availability within our 500-plus megawatt footprint. And we remain cautiously optimistic that we uniquely will be able to provide growth capacity for our customers in this market through new development and select churn opportunities. For now, Ashburn remains highly constrained and pricing is reflecting the decreased availability of data center capacity.

轉到我們最大的市場北弗吉尼亞州的電力傳輸問題。我們繼續與該市場的電力供應商進行建設性合作。上個季度，我們很高興能夠確認我們對客戶做出的承諾。雖然這個市場的總體條件沒有改變，但我們繼續與當地供應商合作，以最大限度地提高我們 500 多兆瓦足跡內的潛在可用性。我們仍然謹慎樂觀地認為，我們將能夠通過新的發展和選擇的流失機會，為我們在這個市場上的客戶提供獨特的增長能力。目前，Ashburn 仍然受到高度限制，定價反映了數據中心容量可用性的下降。

Moving on to our investment activity. During the first quarter, we acquired a 3-acre parcel win in Osaka, Japan, through our MC Digital Realty joint venture to support future development.

繼續我們的投資活動。在第一季度，我們通過我們的 MC Digital Realty 合資企業在日本大阪獲得了 3 英畝的土地，以支持未來的發展。

We also monetized a 10% interest in the data center in Ashburn, Virginia, in the quarter alongside our joint venture partner. While the transaction was driven by our partner and is not a meaningful component of our capital recycling plan for 2023, it did indeed demonstrate the appetite for well-located data centers and strong valuations. This asset was sold at a valuation of nearly $17 million per megawatt which represents a substantial premium to our development cost today for new data centers in this market and significant value creation.

本季度，我們還與我們的合資夥伴一起將弗吉尼亞州阿什本數據中心 10% 的權益貨幣化。雖然該交易是由我們的合作夥伴推動的，並不是我們 2023 年資本回收計劃的重要組成部分，但它確實表明了對位置優越的數據中心和強勁估值的需求。該資產以每兆瓦近 1700 萬美元的估值出售，這比我們今天在這個市場上開發新數據中心的成本高出很多，並創造了巨大的價值。

Given the ongoing process that we are undertaking to bolster our capital sources and increase the efficiency of our balance sheet, we remain confident in the institutional appetite to invest in data centers. Notably, over the course of the last few weeks, we have seen the announcement of the sale of a European hyperscale data center platform to a well-known global institutional investor at multiples that are consistent with where similar platforms have traded over the last few years. And we have witnessed the recapitalization of another data center platform by other institutional investors. We know that investors are eager to hear updates on our progress, and we will provide those once we have a transaction to announce.

鑑於我們正在進行的加強資本來源和提高資產負債表效率的過程，我們對機構投資數據中心的興趣仍然充滿信心。值得注意的是，在過去幾周里，我們看到了以與類似平台在過去幾年的交易價格一致的倍數向一家知名的全球機構投資者出售歐洲超大規模數據中心平台的公告.我們還見證了其他機構投資者對另一個數據中心平台的資本重組。我們知道投資者渴望聽到我們進展的最新消息，一旦有交易要宣布，我們就會提供這些信息。

Since our IPO in 2004, concerns have been periodically raised about various potential risks to data centers, including technology, customers, demand, supply and obsolescence. This is somewhat par for the course for a relatively nascent and growing asset class. Over the last year or so, we have witnessed the latest misinformation campaign cast upon the data center sector by those interested in seeing the price of our stock go down. I'd like to clarify a few important points.

自我們 2004 年首次公開募股以來，人們定期對數據中心的各種潛在風險提出擔憂，包括技術、客戶、需求、供應和過時。對於相對新生且不斷增長的資產類別來說，這在某種程度上是正常的。在過去一年左右的時間裡，我們目睹了那些有興趣看到我們股票價格下跌的人對數據中心行業進行的最新錯誤信息宣傳活動。我想澄清幾個要點。

First, we operate a global portfolio of carrier-neutral and cloud-neutral data centers to facilitate communication and the exchange of information and data among and between enterprises, service providers and individuals all over the world. While we are focused on building what we call the meeting place for service providers and enterprise customers who are in pursuit of hybrid multi-cloud end-state IT architectures, we are also facilitating the connectivity and communities of interest supporting latency-sensitive applications and platforms. These are things that cannot happen in a stand-alone on-prem data center and aren't serviceable by a single cloud service provider.

首先，我們運營著一個由運營商中立和雲中立數據中心組成的全球組合，以促進世界各地的企業、服務提供商和個人之間的通信以及信息和數據的交換。在我們專注於為追求混合多雲最終狀態 IT 架構的服務提供商和企業客戶構建所謂的會面場所的同時，我們還在促進支持延遲敏感應用程序和平台的連接性和利益社區.這些是獨立的本地數據中心無法發生的事情，也無法由單個雲服務提供商提供服務。

Second, and conscious of the narrative that hyperscalers have forced prices lower, after a few years of negative same-store growth, the tide is turning. As the supply of data center capacity in the low-cost, abundant-capital environment that existed for much of the last 10 years, has slowed meaningfully now that rates are higher and capital is more precious. With continued robust demand, strong net absorption has driven vacancy lower, which has been supportive of data center rents. Accordingly, our re-leasing spreads have inflected positively, as have our same-capital core growth metrics. Our team delivered on our objectives in the first quarter, and we reiterate the recoveries we anticipate for these metrics for 2023.

其次，在經歷了幾年的同店負增長之後，意識到超大規模廠商迫使價格走低的說法，潮流正在轉變。由於在過去 10 年的大部分時間裡存在的低成本、資本充足的環境中數據中心容量的供應已經顯著放緩，現在利率更高，資本更寶貴。隨著需求的持續強勁，強勁的淨吸納量推動空置率下降，這對數據中心租金起到了支撐作用。因此，我們的轉租利差出現了積極變化，我們的同資本核心增長指標也是如此。我們的團隊在第一季度實現了我們的目標，我們重申我們對 2023 年這些指標的預期復蘇。

Lastly, despite claims almost a year ago that hyperscalers would soon in-source their data center requirements, 2022 was a record leasing year for Digital Realty, partly driven by demand from hyperscale customers. We believe the demand from these and other customers within our pipeline, driven by digital transformation, and soon artificial intelligence, remains robust.

最後，儘管大約一年前聲稱超大規模企業將很快內購他們的數據中心需求，但 2022 年是 Digital Realty 創紀錄的租賃年，部分原因是超大規模客戶的需求。我們相信，在數字化轉型和人工智能的推動下，我們管道中的這些客戶和其他客戶的需求仍然強勁。

Data centers support the growth and evolution of technology that is improving our standard of living, productivity and the overall quality of our lives.

數據中心支持技術的發展和發展，這些技術正在提高我們的生活水平、生產力和整體生活質量。

We have now witnessed a meaningful and sustained pullback in demand in the nearly 20 years that we've been in business, and we are not seeing a pullback today. While an economic recession could slow capital spending, third-party data centers also benefit from the trend towards outsourcing. Customers often make the decision to lease rather than build when the availability of capital tightens. We saw the same thing during the Great Financial Crisis. For many of our customers, data centers can also help drive revenue growth or facilitate lower costs or even enhance overall productivity. We are optimistic that our business will remain resilient in 2023 and for years to come.

在我們開展業務的近 20 年中，我們現在目睹了有意義且持續的需求回落，而且我們今天沒有看到回落。雖然經濟衰退可能會減緩資本支出，但第三方數據中心也從外包趨勢中受益。當可用資金緊張時，客戶通常會決定租賃而不是建造。我們在大金融危機期間看到了同樣的事情。對於我們的許多客戶而言，數據中心還可以幫助推動收入增長或促進降低成本，甚至提高整體生產力。我們樂觀地認為，我們的業務將在 2023 年和未來幾年保持彈性。

Before turning it over to Matt, I'd like to touch on our ESG progress during the quarter. During the first quarter, a leading ESG ratings provider included Digital Realty in their 2023 top-rated ESG companies list, noting that we are in the top 6.5% of companies in the U.S. and Canada region.

在交給 Matt 之前，我想談談我們在本季度的 ESG 進展。在第一季度，一家領先的 ESG 評級提供商將 Digital Realty 列入其 2023 年頂級 ESG 公司名單，並指出我們在美國和加拿大地區的公司中排名前 6.5%。

In addition, Digital Realty continues its efforts to incorporate renewable energy resources. We were named by the United States Environmental Protection Agency as one of the EPA's Top 25 Green Power Partners. We furthered our commitment to sustainability by signing a 10-year power purchase agreement for 115-megawatt share of a new solar project in Germany to increase our total solar and wind power under contract to over 1 gigawatt of renewable capacity. Subsequent to quarter end, we announced additional renewables to support our portfolio in Australia, while our business in Japan also announced renewable procurement for a portion of its portfolio.

此外，Digital Realty 繼續努力整合可再生能源。我們被美國環境保護署評為 EPA 的 25 大綠色電力合作夥伴之一。我們簽署了一份為期 10 年的購電協議，購買德國一個新太陽能項目的 115 兆瓦份額，以進一步實現我們對可持續發展的承諾，以將我們合同下的太陽能和風能總發電量增加到超過 1 吉瓦的可再生能源容量。季度末後，我們宣布了更多的可再生能源以支持我們在澳大利亞的投資組合，而我們在日本的業務也宣布了對其部分投資組合的可再生能源採購。

We are committed to minimizing our impact on the environment while delivering sustainable growth for all of our stakeholders.

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。

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

有了這個，我很高興將電話轉給我們的首席財務官 Matt Mercier。

Thank you, Andy. Let me jump right into our first quarter results. We signed a total of $83 million of new leases in the first quarter, highlighted by a second consecutive quarterly record in interconnection signings and continued strength in the 0-1 megawatt category, particularly in EMEA, which nearly matched the record level from last quarter.

謝謝你，安迪。讓我直接進入我們的第一季度業績。我們在第一季度共簽署了 8300 萬美元的新租約，突出表現在互連簽約連續第二個季度創紀錄以及 0-1 兆瓦類別的持續增長，特別是在歐洲、中東和非洲，這幾乎與上一季度的創紀錄水平持平。

0-1 megawatt plus interconnection accounted for a robust 57% of total bookings. Our greater than a megawatt bookings moderated to $35 million in the quarter, though this activity was broadly dispersed throughout our global portfolio with leases signed in Toronto, the U.S., Mexico, Europe and South Africa, but nothing in Northern Virginia.

0-1 兆瓦加互連佔總預訂量的 57%。我們超過兆瓦的預訂在本季度減少到 3500 萬美元，儘管這項活動廣泛分佈在我們的全球投資組合中，在多倫多、美國、墨西哥、歐洲和南非簽署了租約，但在北弗吉尼亞州沒有任何租約。

These deals can be lumpy, and the downtick in the greater than a megawatt leasing follows a record year in 2022, in which we signed more than $370 million and 288 megawatts of new leases. Importantly, our demand funnel remains quite strong as a number of our highly strategic customers remain actively engaged and are seeking to add capacity across our global portfolio.

這些交易可能起伏不定，在 2022 年創紀錄的一年之後，超過兆瓦的租賃量出現下滑，我們在這一年簽署了超過 3.7 億美元和 288 兆瓦的新租約。重要的是，我們的需求渠道仍然非常強勁，因為我們的許多具有高度戰略意義的客戶仍在積極參與並尋求在我們的全球產品組合中增加產能。

And of course, as we have discussed on the last few calls, our largest scale market, Northern Virginia, is experiencing capacity constraints as a result of the power transmission issues that emerged last summer. Over the course of the last 3 years, including the second half of 2022, we signed approximately $20 million per quarter of new leases in Northern Virginia versus $2.5 million of new leases signed in this market in 1Q '23. As I'll expand on in a moment, we expect the ballast to lower new lease volume to show up in better pricing, including renewal spreads.

當然，正如我們在最近幾次電話會議上討論的那樣，由於去年夏天出現的電力傳輸問題，我們最大的市場北弗吉尼亞州正面臨容量限制。在過去 3 年中，包括 2022 年下半年，我們在北弗吉尼亞每季度簽署了約 2000 萬美元的新租約，而 2023 年第一季度在該市場簽署了 250 萬美元的新租約。正如我稍後將展開的那樣，我們預計鎮流器會降低新的租賃量，從而以更好的價格出現，包括續約價差。

Turning to our backlog slide. The current backlog of signed but not yet commenced leases was $434 million at quarter end as commencements were once again well over $100 million, partly balanced by new leasing. We expect the remaining $200-plus million of commencements in 2023 to be somewhat evenly weighted throughout the balance of the year. The lag between signings and commencements in the quarter was 16 months, principally due to a few larger long-term leases that require buildouts.

轉向我們的積壓幻燈片。當前已簽署但尚未開始的租賃積壓在本季度末為 4.34 億美元，因為開工再次超過 1 億美元，部分由新租賃平衡。我們預計 2023 年剩餘的 200 多萬美元的開工將在今年餘下的時間里平均分配。本季度簽約和開工之間的滯後時間為 16 個月，這主要是由於一些較大的長期租約需要擴建。

During the first quarter, we signed $155 million of renewal leases with pricing increases of 4.5% on a cash basis, our strongest renewal pricing quarter since the early days of the pandemic. The strength was shared across both products and also across our 3 regions, so we're off to a good start relative to our full year 2023 guidance.

在第一季度，我們簽署了 1.55 億美元的續約租約，以現金為基礎定價上漲 4.5%，這是自大流行初期以來最強勁的續約定價季度。這兩種產品以及我們的 3 個地區都共享了優勢，因此相對於我們的 2023 年全年指導，我們有了一個良好的開端。

Renewal spreads in the 0-1 megawatt category continued accelerating, up 4.6% in the first quarter on $118 million of volume, nearly 400 basis points faster than it was in the final quarter of 2021, but also more than 100 basis points better than full year 2022. Greater than a megawatt renewals were similarly strong in the first quarter as cash re-leasing spreads increased by 4.4% on $30 million of renewals. We were also pleased to see 100% of the leases signed in the quarter roll up in this category, and we remain optimistic about the potential for the rest of this year.

0-1 兆瓦類別的更新價差繼續加速，第一季度增長 4.6%，成交量為 1.18 億美元，比 2021 年第四季度快近 400 個基點，但也比全功率高 100 個基點以上2022 年。超過 1 兆瓦的續約在第一季度同樣強勁，因為現金再租賃利差在 3000 萬美元的續約中增加了 4.4%。我們也很高興看到本季度簽署的 100% 的租約都屬於此類，我們對今年剩餘時間的潛力保持樂觀。

Turning to our operating results. Our performance in the first quarter was a bit better than our expectations, highlighted by the continued improvement in our core operating performance, higher development returns and a record quarter in interconnection revenue.

轉向我們的經營業績。我們在第一季度的業績略好於我們的預期，突出表現在我們的核心運營業績持續改善、更高的開發回報和創紀錄的季度互連收入。

In terms of earnings growth. We reported first quarter core FFO of $1.66 per share, $0.01 better versus prior quarter and a $0.01 light relative to last year. On a constant currency basis, core FFO was $1.69 per share relative to the $1.67 we reported in the first quarter of 2022.

在盈利增長方面。我們報告第一季度核心 FFO 為每股 1.66 美元，比上一季度好 0.01 美元，比去年同期低 0.01 美元。按固定匯率計算，相對於我們在 2022 年第一季度報告的 1.67 美元，核心 FFO 為每股 1.69 美元。

Total revenue was up 19% year-over-year and 9% sequentially. As discussed on our last call, this revenue growth is somewhat distorted due to the significant increases in utility costs and reimbursements as the impact of last year's energy price increases went into full effect in January. As most of you understand, the large majority of energy costs are directly passed through to our customers. Excluding utility reimbursements, total revenue was up 13% year-over-year and 4% sequentially, while reimbursements remained a relatively consistent percentage of utility expenses at 92%.

總收入同比增長 19%，環比增長 9%。正如我們在上次電話會議上討論的那樣，由於去年能源價格上漲的影響在 1 月份全面生效，公用事業成本和報銷顯著增加，因此收入增長有些扭曲。正如你們大多數人所知，大部分能源成本直接轉嫁給了我們的客戶。不包括公用事業報銷，總收入同比增長 13%，環比增長 4%，而報銷占公用事業費用的比例保持相對穩定，為 92%。

Due to a decline in spot energy prices between the fourth and first quarters, our top line revenue, including utility reimbursements from our customers, was more than $40 million below our original forecast, but this was directly mirrored by lower-than-expected utility expenses since these expenses are directly borne by our customers.

由於第四季度和第一季度之間的現貨能源價格下跌，我們的收入（包括來自客戶的公用事業報銷）比我們最初的預測低 4000 萬美元以上，但這直接反映在低於預期的公用事業費用上因為這些費用直接由我們的客戶承擔。

Interconnection revenue was up 5% sequentially, reflecting the ongoing improvement in our core operating performance. Other than utilities, expenses were well contained as NOI margins, excluding utilities, remained steady, resulting in adjusted EBITDA growth of 10% year-over-year and 4% sequentially.

互連收入環比增長 5%，反映出我們核心運營績效的持續改善。除公用事業外，費用得到很好的控制，因為不包括公用事業的 NOI 利潤率保持穩定，導致調整後的 EBITDA 同比增長 10%，環比增長 4%。

On our last 2 calls, we've highlighted the improvement in operating performance that started to emerge with our stabilized same-capital portfolio, but was largely masked by FX headwinds. These positive trends strengthened further in the first quarter despite continued year-over-year currency headwinds.

在我們最近的 2 次電話會議中，我們強調了隨著我們穩定的相同資本投資組合開始出現的經營業績改善，但在很大程度上被外匯逆風所掩蓋。儘管貨幣逆風持續存在，但這些積極趨勢在第一季度進一步加強。

Same-capital cash NOI grew 3.4% in the first quarter compared to 1Q '22, demonstrating the turn in our core operations that we have been discussing. The step-up was driven by a 90 basis point improvement in same-store occupancy as commencements outpace churn, upside from annual rent escalators and the benefit of positive re-leasing spreads.

與 22 年第一季度相比，第一季度同資本現金 NOI 增長了 3.4%，這表明我們一直在討論的核心業務發生了轉變。這一增長的推動因素是同店入住率提高了 90 個基點，因為開工率超過了流失率、年租金上漲帶來的好處以及正轉租利差的好處。

Turning to our currency slide. 51% of our first quarter operating revenue was denominated in U.S. dollars, with 25% in euros, 6% in British pounds, 5% in Singapore dollars, 3% in South African rand and 2% in each of the Brazilian real and Japanese yen. The weakening of the U.S. dollar in the first quarter provided a slight sequential tailwind, but the dollar's strength through much of 2022 resulted in a continued headwind to year-over-year results. As a result, the dollar strength negatively impacted our reported revenue growth and adjusted EBITDA growth by about 300 basis points apiece on a year-over-year basis, whereas core FFO per share saw just under 200 basis points headwind.

轉向我們的貨幣幻燈片。我們第一季度營業收入的 51% 以美元計價，其中 25% 以歐元計價，6% 以英鎊計價，5% 以新加坡元計價，3% 以南非蘭特計價，巴西雷亞爾和日元各佔 2% .第一季度美元走軟提供了輕微的連續順風，但美元在 2022 年大部分時間的強勢導致同比結果持續不利。因此，美元走強對我們報告的收入增長和調整後的 EBITDA 增長產生了負面影響，同比增長約 300 個基點，而每股核心 FFO 則出現近 200 個基點的逆風。

Turning to the balance sheet. Our reported leverage ratio at quarter end was 7.1x, while fixed charge coverage was 4.4x. In January, we completed a $740 million 2-year term loan with an initial maturity date at March 31, 2025, plus a 1-year extension option and an effective rate of 5.6%. Leverage remains above our historical average and our long-term target, and we intend to reduce our leverage toward our long-term target over the course of 2023. Our plan hasn't changed. We are in active discussions on our asset sale and joint venture plans and remain confident in our ability to execute on these plans over the course of the year so that our leverage moves back towards the 6x area by year-end.

轉向資產負債表。我們報告的季度末槓桿率為 7.1 倍，而固定費用覆蓋率為 4.4 倍。 1 月，我們完成了 7.4 億美元的 2 年期定期貸款，初始到期日為 2025 年 3 月 31 日，外加 1 年期延期選擇權，有效利率為 5.6%。槓桿率仍然高於我們的歷史平均水平和我們的長期目標，我們打算在 2023 年期間降低我們的槓桿率以實現我們的長期目標。我們的計劃沒有改變。我們正在積極討論我們的資產出售和合資計劃，並對我們在這一年中執行這些計劃的能力充滿信心，以便我們的槓桿率在年底前回到 6 倍的區域。

Our weighted average debt maturity is at 5 years and our weighted average coupon is 2.8%. Approximately 82% 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.

我們的加權平均債務期限為 5 年，加權平均息票率為 2.8%。我們大約 82% 的債務是非美元計價的，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. We are maintaining our core FFO and constant currency core FFO per share guidance ranges for the full year 2023 of $6.65 to $6.75, and our first quarter results were consistent with this range. We are also affirming our full year adjusted EBITDA guidance of $2.7 billion at the midpoint as the downward adjustment in our overall revenue guidance is purely due to lower utility expenses, driven by lower spot electricity rates that are passed on directly to our customers.

最後，讓我們談談我們的指導。我們將 2023 年全年的核心 FFO 和固定貨幣核心 FFO 指導範圍維持在 6.65 美元至 6.75 美元之間，我們第一季度的業績與該範圍一致。我們還確認我們全年調整後的 EBITDA 指引為 27 億美元的中點，因為我們整體收入指引的下調純粹是由於公用事業費用下降，這是由直接傳遞給我們客戶的較低現貨電價推動的。

We are also modestly tweaking our euro to U.S. dollar exchange rate expectations for the year to reflect the relative appreciation of the euro year-to-date.

我們還適度調整了今年的歐元兌美元匯率預期，以反映歐元今年迄今的相對升值。

We also made meaningful progress on the turn in our fundamentals during the quarter, providing strong support to the organic operating metrics supporting our full year guidance, including cash and GAAP re-leasing spreads over 3%, same-capital cash NOI growth of 3% to 4% and year-end portfolio occupancy between 85% and 86%.

我們還在本季度的基本面轉變方面取得了有意義的進展，為支持我們全年指導的有機運營指標提供了強有力的支持，包括現金和 GAAP 轉租利差超過 3%，同資本現金 NOI 增長 3%到 4%，年末投資組合入住率在 85% 到 86% 之間。

As I mentioned a few moments ago, we remain confident in our funding plan for the year, so we have reiterated our guidance for dispositions and JV capital. We have tweaked our debt financing cost expectation to be consistent with the move in rates seen since the banking sector fallout last month, which will be largely mitigated by the upside we saw versus our core FFO expectation, the first quarter.

正如我剛才提到的，我們對今年的融資計劃仍然充滿信心，因此我們重申了我們對處置和合資資本的指導。我們已經調整了我們的債務融資成本預期，以與上個月銀行業影響以來的利率變動保持一致，這將在很大程度上被我們看到的第一季度與我們的核心 FFO 預期相比的上行所緩和。

This concludes our prepared remarks, and now we will 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，請開始問答環節好嗎？

(Operator Instructions) And our first question will come from Nick Del Deo of MoffettNathanson.

（操作員說明）我們的第一個問題將來自 MoffettNathanson 的 Nick Del Deo。

First, I want to drill into the greater than 1-megawatt leasing a bit. Obviously, that's been a bit below -- a bit below history in Q1, and you called out Ashburn as a driver of that. I guess, just thinking about some of the other drivers there. Maybe can you expand upon the degree to which that was the result of making conscious decisions to maybe dial back a bit given the change in the cost of capital versus market conditions, or other factors?

首先，我想深入了解一下大於 1 兆瓦的租賃。顯然，這有點低於 - 低於第一季度的歷史水平，你稱 Ashburn 是其中的一個驅動因素。我想，只是想著那裡的其他一些司機。考慮到資本成本相對於市場條件或其他因素的變化，也許您可以擴展做出有意識的決定的結果的程度，以便可能會稍微回撥？

Thanks, Nick. So I'll kick it off, then I'll hand it to Corey. I would say there's no conscious decisions in dialing back or waving off business necessarily. You could see from our development life cycle, we've continued to raise the bar on our most strategic projects and fine-tuned capital allocations.

謝謝，尼克。所以我會開始，然後我會把它交給科里。我會說，在回撥或放棄業務方面沒有有意識的決定。你可以從我們的開發生命週期中看到，我們繼續提高我們最具戰略意義的項目和微調資本配置的標準。

The -- I'd say it was a bit -- it was a little bit lower than prior run rates. But if you look at the prior year, which was a record, had a record quarter in there in the third quarter, I wouldn't say -- I think I won't over-index to anything other than, call it, the typical lumpiness you may have in that category. It was healthy in terms of pricing. I don't think we had a single deal pricing below $100 per kilowatt.

- 我會說它有點 - 它比以前的運行率低一點。但如果你看看前一年，這是創紀錄的，第三季度的季度創紀錄，我不會說 - 我想我不會過度索引除了，稱之為，您可能在該類別中有典型的腫塊。它在定價方面是健康的。我不認為我們的單筆交易定價低於每千瓦 100 美元。

But Corey, did you want to expand?

但是科里，你想擴展嗎？

Yes, I would tell you that -- thanks, Nick. Nothing's fundamentally really changed our relationship or our position with these hyperscalers in the greater than 1 megawatt category. Coming off, as Andy mentioned, I think Matt maybe did in the prepared remarks, a record year. And so I'd tell you this is probably just a one-quarter timing issue. Our hyperscale demand remains really healthy and varies a little bit by customer, but it's broad-based across the globe. Keep in mind, we didn't do Ashburn deals on that this last quarter. And I'd say that they're going through some digestion of their demand signals and maybe a little bit more scrutiny with the macro environment. But really confident in the macro demand, our relationships, to execute.

是的，我會告訴你——謝謝，尼克。沒有什麼從根本上真正改變了我們與這些超過 1 兆瓦類別的超大規模公司的關係或我們的地位。正如安迪提到的那樣，我認為馬特可能在準備好的發言中做到了，創紀錄的一年。所以我會告訴你這可能只是四分之一的時間問題。我們的超大規模需求仍然非常健康，並且因客戶而異，但它在全球範圍內都有廣泛的基礎。請記住，上個季度我們沒有就此進行 Ashburn 交易。而且我會說他們正在消化他們的需求信號，並且可能對宏觀環境進行更多的審查。但對執行宏觀需求、我們的關係真的很有信心。

And keep in mind, we had our highest and our largest connectivity quarter with the hyperscalers this last quarter. And so I'd just say that one quarter doesn't make a trend. I'd suggest you look at the multi-quarter trends, as well as they expand in new markets, new products like the advent of AI and their edge nodes that we're winning and just new deployments across the globe. We're in a really good position with them from a pipeline perspective and demand. Thanks, Nick.

請記住，在上個季度，我們與超大規模公司的連接性最高和最大。所以我只想說四分之一沒有形成趨勢。我建議你看看多季度趨勢，以及它們在新市場、新產品（如 AI 的出現）和我們正在贏得的邊緣節點以及全球範圍內的新部署中的擴展。從管道的角度和需求來看，我們與他們處於非常有利的位置。謝謝，尼克。

Okay. That's helpful. And I guess, more generally, obviously, the price environment is pretty favorable for you right now. I guess I'm interested in your thoughts on how you're balancing between raising prices on new space and renewal deals where market conditions allow it versus kind of thinking holistically about your relationships with your top 10 or 15 or 20 customers that you do business with globally and trying not to alienate them or hurt the relationships.

好的。這很有幫助。而且我想，更一般地說，顯然，現在的價格環境對你來說非常有利。我想我對你的想法很感興趣，你是如何在市場條件允許的情況下，在提高新空間的價格和續約交易之間取得平衡，還是從整體上考慮你與你開展業務的前 10、15 或 20 個客戶的關係在全球範圍內，盡量不疏遠他們或傷害他們的關係。

Sure, Nick. So I mean, we all -- we're always trying to take a holistic approach to these relationships. And as you can see from our top customer list, our largest customers can be with 20, 30, 40, 50 different locations. At the same time, the pricing is dynamic to overall supply/demand dynamics. And as inventory in various markets become more and more precious, we've seen that pendulum of pricing move in our favor.

當然，尼克。所以我的意思是，我們所有人 - 我們一直在努力對這些關係採取整體方法。正如您從我們的頂級客戶名單中看到的那樣，我們最大的客戶可能分佈在 20、30、40、50 個不同的地點。同時，定價隨整體供需動態而變化。隨著各個市場的庫存變得越來越寶貴，我們已經看到定價的鐘擺對我們有利。

We try to be straight shooters with the customer. We try to bring all the -- everything to the table in a holistic fashion. We've done this before in terms of bringing renewals and new business, expansions, all in one holistic approach. And I think this is not new. These are -- even these big hyperscale customers are seeing cost of doing business going up. Many of them self-build themselves and seeing inflation in construction costs or labor. So I think the understanding that the pricing dynamic is shifting a little bit towards the providers is playing out in a natural fashion.

我們努力成為客戶的直接射手。我們試圖以整體方式將所有 - 一切都帶到桌面上。我們之前在通過一種整體方法帶來更新和新業務、擴展方面已經做到了這一點。我認為這並不新鮮。這些是——即使是這些大型超大規模客戶也看到了經營成本的上升。他們中的許多人自己建造自己，並看到建築成本或勞動力膨脹。因此，我認為定價動態正在向供應商轉移一點點的理解正在以一種自然的方式發揮作用。

The next question comes from Jonathan Atkin of RBC.

下一個問題來自 RBC 的 Jonathan Atkin。

So on Corey's response about kind of the leasing volumes, telling us to look at kind of the prior multi-quarter trend, curious about interconnection and the trends going forward given kind of the strength there and any kind of mix shift that you could kind of point to there. Maybe more on how you're targeting your customers. Is a lot of that coming from existing logos? Or is it curating your sales pipelines to focus on interconnect-rich opportunities?

因此，關於 Corey 對租賃量的回應，他告訴我們看看之前的多季度趨勢，對互連和未來的趨勢感到好奇，因為那裡的實力和任何類型的混合轉變你可以指向那裡。也許更多關於你如何定位你的客戶。是否有很多來自現有徽標？或者它是否正在策劃您的銷售渠道以專注於互連豐富的機會？

And then secondly, I guess, on the competitive front. Given so many privately-backed companies that are deploying a lot of capital into this sector, does that affect your hyperscale sales pipeline at all?

其次，我猜是在競爭方面。鑑於有如此多的私人支持公司向該領域投入大量資金，這是否會影響您的超大規模銷售渠道？

Sure. Thanks, Jon. On the first question, maybe Sharpie and I will tag team that.

當然。謝謝，喬恩。關於第一個問題，也許 Sharpie 和我會標記團隊。

I mean -- I think I look at a few things. One, it's a holistic approach to these customers. There's a lot of good results in this quarter. Whether it's the new logos inflecting up 15% quarter-over-quarter, which was a high for several quarters; whether it was the overall interconnection plus/less than a megawatt signings; the regional contributions; including a standout interconnection quarter.

我的意思是——我想我看了幾件事。第一，這是針對這些客戶的整體方法。本季度有很多好的結果。無論是新徽標環比增長 15%，這是幾個季度以來的最高水平；是否是整體互聯加/小於兆瓦簽約；區域貢獻；包括出色的互連區。

And I'd also mention that this is a building momentum. It's been building over time for several quarters now. I think it's the power of the platform coming together, servicing our customers across 50-plus metros on 6 continents. It's the great work Corey and the team have done with the go-to-market. And I still would say that we got even further progress and even better results to deliver over time.

我還要提到這是一個建設勢頭。隨著時間的推移，它已經建立了幾個季度。我認為這是平台的力量，可以為 6 大洲 50 多個城市的客戶提供服務。這是 Corey 和團隊在上市方面所做的出色工作。我仍然會說，隨著時間的推移，我們取得了更進一步的進展和更好的結果。

This particular quarter did have, I'd say, a lumpier win, let's call it, put it into the #1 category, interaction -- interconnection signings, so I'm not sure that's necessarily repeatable next quarter with another record. But some of the work that we're doing with ServiceFabric, and Chris can touch on, I think it's going to continue to build that momentum.

這個特定的季度確實有，我想說，一個更大的勝利，讓我們稱之為，把它放在第一類，互動 - 互連簽約，所以我不確定下個季度是否一定可以重複另一個記錄。但是我們正在用 ServiceFabric 做的一些工作，Chris 可以談談，我認為它將繼續建立這種勢頭。

But Chris, pick it up from there, please.

但是克里斯，請從那裡拿起它。

Yes. Appreciate it, Andy. And thanks for the question, Jon. A couple of dynamics here where I think we've led by our core existing products. And I think your direct question to, is it new logos or it's existing? It's both, right?

是的。欣賞它，安迪。謝謝你的問題，喬恩。我認為我們以現有核心產品為主導的一些動態。我認為您的直接問題是，它是新徽標還是現有徽標？兩者都是，對吧？

I really want to emphasize the fact that the physical cross-connects reaching 214,000 and growing, it's something that we constantly have looked at. And Andy referenced this earlier, growing the platform, right? Investing and making sure that customers know how to access one another to get further value out of their deployment is absolutely important to us. And so just really watching how that evolves over time.

我真的想強調一個事實，即物理交叉連接達到 214,000 並且還在增長，這是我們一直在關注的事情。安迪早些時候提到過這個，發展平台，對吧？投資並確保客戶知道如何相互訪問以從他們的部署中獲得更多價值對我們來說絕對重要。所以只是真正地觀察它是如何隨著時間的推移而演變的。

And with the advent of the ServiceFabric and bringing that to market and what that's been able to do for our customers, we're just starting to see -- it's early innings, but future growth around virtual, right, where it's going to be married to where now they're going to be able to access multiple destinations in a more simplistic fashion. Because of that product being purpose-built in the way that we brought it to market, it really removes a lot of the technical complexity that has precluded other customers from getting the full value out of their deployments.

隨著 ServiceFabric 的出現並將其推向市場，以及它能夠為我們的客戶做些什麼，我們才剛剛開始看到——這還處於早期階段，但未來圍繞虛擬的增長，對，它將會在哪裡結婚現在他們將能夠以更簡單的方式訪問多個目的地。由於該產品是按照我們將其推向市場的方式專門構建的，因此它確實消除了很多技術複雜性，這些技術複雜性阻礙了其他客戶從其部署中獲得全部價值。

But one of the things I'm just very pleased about is this customer-led and balanced approach that we've been doing on even new markets inside of Europe. We've talked about in the past where just bringing the value or the pricing closer to parity in some of these markets. We see really strong growth within Germany and France. We're making sure that we're delivering those capabilities to those customers in all these critical markets around the globe.

但我非常高興的一件事是我們在歐洲甚至新市場上一直在做的這種以客戶為主導和平衡的方法。我們過去曾討論過在其中一些市場中如何使價值或定價更接近於平價。我們在德國和法國看到了非常強勁的增長。我們確保向全球所有這些關鍵市場的客戶提供這些功能。

And I would just say lastly, I'm pleased with the fact that Digital has been able to provide one of the greatest quarters of interconnection signings in the company's history, and that's just really representative of the value we're bringing to the customers.

最後我想說的是，我很高興 Digital 能夠提供公司歷史上最偉大的互連簽約季度之一，這確實代表了我們為客戶帶來的價值。

And then, Jon, just around your second question about, call it, competition from private-backed. One, that's not a new phenomenon. We've been competing against private players for some time now. And the ones that have been taken private, they've been private for, call it, multiple years for some of them.

然後，喬恩，關於你的第二個問題，稱之為來自私人支持的競爭。第一，這不是一個新現象。一段時間以來，我們一直在與私人玩家競爭。而那些被私有化的，他們中的一些人已經私有化了很多年。

I think what's changed is the ability to deliver this business for our customers has just gotten harder and harder and at a global scale. And whether it's power constraints, staffing; supply chains; and certainly, cost and access to capital has certainly not been a friend of some of our competitors.

我認為發生變化的是，在全球範圍內為我們的客戶提供這項業務的能力變得越來越難。以及是否是權力限制、人員配備；供應鏈;當然，成本和獲得資金的途徑肯定不是我們的一些競爭對手的朋友。

And I think our largest customers in the hyperscale arena turn to us given our permanence in our space. We're not here, gone tomorrow. We've invested for the long run. We're future-proofing that growth. We're constantly building for that growth with our suppliers. And I think all those things probably make it even a little bit more advantageous versus some of those private-backed names in an environment like today.

而且我認為，鑑於我們在我們領域的持久性，我們在超大規模領域的最大客戶轉向了我們。我們不在這裡，明天就走了。我們進行了長期投資。我們正在為這種增長做準備。我們不斷地與我們的供應商一起為這種增長而建設。而且我認為所有這些事情可能使它在今天這樣的環境中比一些私人支持的名字更有優勢。

The next question comes from Jon Petersen of Jefferies.

下一個問題來自 Jefferies 的 Jon Petersen。

Great. I was hoping we could talk about the leverage target. You guys reiterated getting down to 6x leverage, and I know you're working through these various transactions. But I guess if you complete the $2 billion of transactions. I mean, does that get you to 6x? Like, can you just give us the moving pieces on getting to that target?

偉大的。我希望我們能談談槓桿目標。你們重申要將槓桿率降至 6 倍，我知道你們正在處理這些不同的交易。但我猜如果你完成了 20 億美元的交易。我的意思是，這會讓你達到 6 倍嗎？就像，你能給我們提供實現該目標的動人片段嗎？

Yes. Thanks. So I mean, the simple answer is yes. So our capital plan, I think as we laid out last quarter, and it really hasn't changed coming into this quarter, is based on, call it, $2-plus billion of capital recycling from our joint venture opportunities as well as the potential for noncore dispositions. And as that capital comes in, as well as our expected growth in EBITDA this year, which is a little shy of 10%, we believe that by the end of the year, largely those 2 items will get us back towards that 6x area this year.

是的。謝謝。所以我的意思是，簡單的答案是肯定的。因此，我們的資本計劃，我認為正如我們上個季度製定的那樣，進入本季度後確實沒有改變，它是基於從我們的合資企業機會中回收超過 20 億美元的資本以及潛在的對於非核心處置。隨著資金的流入，以及我們今年 EBITDA 的預期增長（略低於 10%），我們相信到今年年底，主要是這兩項將使我們回到 6 倍的區域年。

Okay. Great. And then if I could just ask on developments. I'm curious, given the shift in cost of capital, like what's the minimum development yield? Or maybe you could just talk broadly about how much those requirements for you guys have moved in the last year or so. Like what does it take for you guys to start a development today in terms of return expectations?

好的。偉大的。然後我是否可以問一下發展情況。我很好奇，考慮到資本成本的變化，最低開發收益率是多少？或者，也許您可以廣泛地談談在過去一年左右的時間裡，對你們的這些要求發生了多少變化。就回報預期而言，今天你們需要什麼才能開始開發？

Thanks, Jon. I mean, we do an incredibly granular market-by-market assessment here. So it really depends on the market and the relative risk fee rates and risk premiums. I would just -- by and large, and this is not something that just showed up in our approach this quarter, 3 quarters ago almost, we basically took a posture that we needed to raise the bar on capital allocation and prioritize our most strategic projects, call it, highest return, but -- not only highest return, but also projects that generate the high long-term growth as well.

謝謝，喬恩。我的意思是，我們在這裡進行了非常細緻的逐個市場評估。所以這真的取決於市場和相對風險費率和風險溢價。我只是 - 總的來說，這並不是我們本季度，幾乎是 3 個季度前才出現的方法，我們基本上採取了一種姿態，即我們需要提高資本配置的門檻並優先考慮我們最具戰略意義的項目，稱之為最高回報，但是——不僅是最高回報，而且是產生高長期增長的項目。

So I don't have a single number answer to get -- to give you there, but I think you'll see that come through our development returns table as those numbers are inching into higher territory, and I can tell you, more strategic long-term growth projects.

所以我沒有一個單一的數字答案可以給你，但我想你會通過我們的開發回報表看到這些數字正在進入更高的領域，我可以告訴你，更具戰略意義長期增長項目。

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 wanted to go back to the capital recycling topic. And just when we look at the guidance page, there's a wide range of outcomes. And what would be a good outcome for Digital in terms of the yield? And what would the scenario be in which you may just decide there's alternative forms of capital that are better than recycling?

我想回到資本回收的話題上。就在我們查看指南頁面時，會出現各種各樣的結果。就收益率而言，Digital 的好結果是什麼？在什麼情況下您可能會決定存在比回收更好的替代資本形式？

And then just a second topic, but related, if I could take a step back. As I think about the comments you've made about considering both stabilized assets and development for monetization, just curious if there's a more profound change in the business strategy and financial model that investors should be mindful of in terms of how this business, over the next couple of years, might look different in terms of the quantum of investment in a given year and the level of financial performance that you're driving off of those investments. Just following on the comments you just made.

然後是第二個主題，但是相關的，如果我可以退後一步的話。當我想到你關於考慮穩定資產和開發貨幣化的評論時，我很好奇在商業戰略和財務模式方面是否有更深刻的變化，投資者應該注意這個業務，在過去未來幾年，在給定年份的投資量以及您從這些投資中獲得的財務績效水平方面可能會有所不同。只是關注你剛剛發表的評論。

So Mike, a good outcome is we essentially get the, call it, $2 billion of funding completed. And the range is wide, but the majority of that capital, the range is not that wide. The wide range is due to some of the noncore asset sales as well as the development, which is, call it, 25% of the $2 billion, right?

所以邁克，一個好的結果是我們基本上完成了 20 億美元的資金。而且範圍很廣，但大部分資本，範圍都沒有那麼廣。廣泛的範圍是由於一些非核心資產銷售以及開發，也就是 20 億美元的 25%，對吧？

But if you look at the majority, the 75%, which is stabilized joint ventures or development, development, those are 0-yielding projects. On stabilized joint ventures, listen, I think the cap rates are in the low single-digit type category based on what we're seeing, call it, 6-ish type territory. And I think that's based on not what we see externally, but third-party transactions, what we've seen on recent transactions with partners that we can recapitalize within our portfolio and through our progress on these capital recycling and joint venture efforts.

但如果你看大多數，75%，這是穩定的合資企業或開發，開發，那些是零收益項目。在穩定的合資企業中，聽著，我認為根據我們所看到的情況，資本化率處於低個位數類型類別，稱之為 6-ish 類型區域。我認為這不是基於我們從外部看到的，而是基於第三方交易，我們在最近與合作夥伴的交易中看到的，我們可以在我們的投資組合中進行資本重組，並通過我們在這些資本回收和合資努力方面取得的進展。

Holistically, more longer term here, we are looking to become more balance sheet efficient. We are -- what's not new is, call it, finishing out the noncore dispos. What's not new is joint venturing majority stakes in stabilized hyperscale-oriented projects that have lower long-term growth rates due to the credit quality and size of the customers, be it through rent bumps or pricing power.

整體而言，從長遠來看，我們希望提高資產負債表的效率。我們 - 什麼不是新的是，稱之為完成非核心處置。合資企業在穩定的超大規模導向項目中持有多數股權並不是什麼新鮮事，這些項目由於信用質量和客戶規模而具有較低的長期增長率，無論是通過租金上漲還是定價權。

What is new is sharing a piece of both of our North America and EMEA development as it relates to hyperscale projects. And we're doing that with a view that these projects keep getting larger and larger and larger.

新的是分享我們在北美和 EMEA 開發中的一部分，因為它與超大規模項目有關。我們這樣做是為了讓這些項目越來越大。

That non-income-producing drag, it remains a headwind, even though it is a significant long-term value creation. And we believe there's ample partners to work with us on those projects, which will ultimately make our balance sheet more efficient and more rapidly accelerate revenue and EBITDA dropping to our bottom line.

這種不產生收入的拖累，它仍然是一個逆風，儘管它是一個重要的長期價值創造。我們相信有足夠的合作夥伴與我們在這些項目上合作，這最終將使我們的資產負債表更有效率，更快地加速收入和 EBITDA 下降到我們的底線。

The next question comes from Michael Elias of TD Cowen.

下一個問題來自 TD Cowen 的 Michael Elias。

Guess first, just to double-click on what you said about balance sheet efficiency. Just as it relates to the development JV, aside from recouping the previously spent CapEx, is the intention of that JV to structurally reduce the on-balance sheet CapEx for Digital? Or is the intention to keep CapEx more or less the same while being able to increase the set of opportunities you can pursue? And then I have a follow-up.

首先猜猜，只需雙擊您所說的資產負債表效率。正如它與開發合資企業相關，除了收回之前花費的資本支出外，該合資企業是否打算在結構上減少數字資產負債表上的資本支出？或者是打算保持資本支出大致相同，同時能夠增加您可以追求的機會集？然後我有一個後續行動。

The simple answer, Michael, is we're looking to partner around large-scale development projects where there will be incremental spend that we and our partner will jointly fund over time. So that it will -- we're looking for -- these are large projects, large swaths of acreage, large quantities and megawatts. Hence, the quantity of capital or our spend is not the entirety or near the entirety of where the project ultimately will be over time. So they would fund alongside us through the coming quarters.

簡單的答案，邁克爾，我們正在尋找圍繞大型開發項目的合作夥伴關係，這些項目將有增量支出，我們和我們的合作夥伴將隨著時間的推移共同資助。所以它會——我們正在尋找——這些是大型項目、大片土地、大量和兆瓦。因此，資本或我們的支出數量並不是項目最終將隨著時間的推移而達到的全部或接近全部。因此，他們將在接下來的幾個季度與我們一起提供資金。

Okay. Maybe just to shift gears a little bit. Earlier on the call today, you're really emphasizing the steps you've made on the colo/enterprise side. Today, you also announced the appointment of Steve Smith. Clearly a focus on accelerating colo and connectivity.

好的。也許只是為了換檔一點點。在今天早些時候的電話會議上，您確實強調了您在託管服務器/企業方面所採取的步驟。今天，您還宣布了對史蒂夫·史密斯的任命。顯然專注於加速託管和連接。

I mean, my question for you would be, as we consider the path ahead, what are the changes that you feel need to be made internally in order for you to really accelerate on that, call it, 0-1 megawatt side?

我的意思是，我的問題是，當我們考慮未來的道路時，您認為需要在內部做出哪些改變才能真正加速，稱之為 0-1 兆瓦？

So Michael, I mean, again, I think this ties back to the first 3 strategic priorities I laid out in the prior call about really strengthening -- demonstrably strengthening our customer value proposition.

所以邁克爾，我的意思是，我認為這與我在之前關於真正加強的電話會議中提出的前 3 個戰略重點有關——明顯加強我們的客戶價值主張。

We took advantage of this call to remind folks that this is not something we started with me becoming the CEO 4 months ago. This is something that's been in the works for roughly 8 years through both inorganic and organic measures, putting together critical puzzle pieces, expanding across the globe in terms of where the customers need our capacity, adding key connectivity hubs, and innovating and bringing more to our customers, adding -- we've changed up our go-to-market motion over time.

我們利用這次電話會議提醒人們，這不是我 4 個月前成為 CEO 時就開始做的事情。通過無機和有機措施，這已經進行了大約 8 年，將關鍵拼圖拼湊在一起，根據客戶需要我們的能力在全球範圍內擴展，添加關鍵連接樞紐，以及創新和帶來更多我們的客戶補充說——隨著時間的推移，我們已經改變了我們的上市行動。

Where we go from here is, again, accelerating from that success. A piece of that -- delighted to have Steve Smith on board to lead our essentially newly created Americas region. Steve comes with a tremendous background of really driving the -- one of the only U.S.-only focused interconnection and colo platforms in a prior -- previously a very formidable competitor. And I think he's going to be very additive to that, our team, our leadership table.

我們從這裡出發的地方再次從成功中加速。其中的一部分 - 很高興史蒂夫史密斯加入領導我們基本上新創建的美洲地區。史蒂夫擁有真正推動 - 之前唯一專注於美國的互連和託管平台之一 - 以前是一個非常強大的競爭對手的巨大背景。我認為他會對我們的團隊、我們的領導力表起到非常重要的作用。

The incremental things that we're doing in terms of continuing to innovate and bring more value to our customers. Chris touched upon ServiceFabric, which I still would characterize as just out of the barn in terms of where we're going, in terms of bringing more partners onto that platform and delivering more value to our customers.

我們在繼續創新和為客戶帶來更多價值方面正在做的增量事情。 Chris 談到了 ServiceFabric，就我們的發展方向而言，我仍然將其描述為剛剛走出穀倉，將更多合作夥伴帶到該平台並為我們的客戶提供更多價值。

We are -- there's a whole host of things that I'd say we're doing behind the scenes to continue to accelerate our growth, and I think the fruits of our labor are continuing to build each and every quarter in terms of success. So I think there's multiple angles that we are moving towards in that endeavor to be one of a very short list of global interconnection colo providers. And I think the industry demands and the broader competitive backdrop also are winds in our sail.

我們 - 我想說我們正在幕後做很多事情以繼續加速我們的增長，而且我認為我們的勞動成果在每個季度都在繼續取得成功。因此，我認為我們正在努力從多個角度努力成為全球互連託管服務供應商名單中的一個。而且我認為行業需求和更廣泛的競爭背景也是我們航行的風向。

And then Andy, just one thing to add from a go-to-market perspective. We've had a ton of success around the channel. We're continuing to grow the channel. I think this last quarter, 38% of our new logos were from the channel. Prior years, it was 31%. We're continuing to build on that success. We see the channel as being a huge advocate and a partner through their lens with all the enterprises. So we're going to see that continue to build.

然後是安迪，從上市的角度來看，只需添加一件事。我們在渠道方面取得了巨大的成功。我們正在繼續發展渠道。我認為在上個季度，我們 38% 的新徽標來自該渠道。前幾年，這一比例為 31%。我們將繼續在這一成功的基礎上再接再厲。通過他們與所有企業的視角，我們認為該渠道是一個巨大的倡導者和合作夥伴。所以我們將看到它繼續建立。

So we're doing a lot of functional and strategic operational items that we need to do. We're also continuing to tweak and evolve our go-to-market. We think it's going to continue to add value.

因此，我們正在做很多我們需要做的功能性和戰略性運營項目。我們還在繼續調整和發展我們的上市。我們認為它將繼續增加價值。

The next question comes from Frank Louthan of Raymond James.

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

Great. What -- on the re-leasing spreads, thinking about greater than a megawatt in particular, but kind of with all of them. Is there anything you see coming up in the year that could possibly push those spreads back negative? By any large renegotiations?

偉大的。什麼 - 關於重新租賃價差，特別是考慮超過一兆瓦，但與所有這些都有關。你看到今年有什麼事情可以將這些利差推回負值嗎？通過任何大規模的重新談判？

And then what is sort of the longer-term outlook? With the bookings down a little bit, but pricing doing better, what sort of yield are we looking at going forward, versus say, you've got in the last couple of years, when the bookings were higher?

那麼長期前景如何？隨著預訂量下降一點，但定價表現更好，我們期待什麼樣的收益，而不是說，你在過去幾年預訂量更高的時候？

I'll let Matt, kick off on re-leasing spreads, and then we can tag-team sort of the long-term -- longer-term outlook pieces.

我會讓馬特開始重新租賃價差，然後我們可以標記團隊的長期 - 長期前景。

Yes. So thanks, Frank. I think, one, first, I'd reiterate, we're obviously off to a great start here with positive re-leasing spreads, again, not only across all product types, but across all regions. I will say we're -- we feel confident that this positive pricing environment that we're in is sustainable and it's here to stay. I'm not going to necessarily speak about every single quarter, but again, I'd come back and reiterate that we're off to a great start.

是的。所以謝謝，弗蘭克。我認為，首先，我要重申，我們顯然在這裡有了一個良好的開端，重新租賃利差是積極的，不僅在所有產品類型上，而且在所有地區。我會說我們 - 我們相信我們所處的這種積極的定價環境是可持續的，並且會持續下去。我不一定要談論每個季度，但我會再次重申我們有一個良好的開端。

We see -- and we see that, for full year, that we expect to be positive for the full year, not only in the 0-1 megawatt category but also in the greater than a megawatt category. Something which I think is, again, something we haven't seen in a few years. And reflects the positive environment and turn in fundamentals that we're seeing not only from that, but then down into our stabilized portfolio as well.

我們看到 - 我們看到，對於全年，我們預計全年將是積極的，不僅在 0-1 兆瓦的類別中，而且在大於 1 兆瓦的類別中。我認為，這又是我們幾年沒見過的東西。並反映了積極的環境並轉變了我們不僅從中看到的基本面，而且還轉向了我們穩定的投資組合。

Frank, do you want to repeat that second part of your question, just to make sure we hear it correctly?

弗蘭克，你想重複你問題的第二部分，只是為了確保我們聽到正確嗎？

Yes. So I mean, leasings are down a little bit, but obviously better pricing. What does the yield look like now versus, say, the last couple of years ago when bookings were higher and so forth? And how long do you think this is sustainable? What sort of yields are you seeing coming in now, even though the absolute bookings are a little bit lower?

是的。所以我的意思是，租賃有所下降，但顯然定價更好。與過去幾年前預訂量較高等情況相比，現在的收益率如何？您認為這可以持續多久？你現在看到什麼樣的收益率，即使絕對預訂量有點低？

Yes. Frank, I'd direct you to our development table to follow -- to see the progression of yields. There's -- it's -- I would say the yields are improving in our favor. The pricing dynamic is outpacing the inflationary pressures. It's not an overnight phenomenon, but we are moving into a better territory.

是的。弗蘭克，我會引導你到我們的開發表來關注——看看產量的進展。有 - 它 - 我會說收益率正在提高對我們有利。定價動態超過了通脹壓力。這不是一夜之間的現象，但我們正在進入一個更好的領域。

You're -- I mean, you can look at episodic things like Ashburn, Virginia, where quite frankly, the rates have pretty much doubled in a pretty short time. From deals in the, call it, low $70s; to now in the, call it, market rates of, call it, $140. And that's flowing to the bottom line and enhancing those yields dramatically.

你是——我的意思是，你可以看看像弗吉尼亞州阿什本這樣的偶發事件，坦率地說，那裡的利率在很短的時間內幾乎翻了一番。從交易中，稱之為低 70 美元；到現在，稱之為市場價格，稱之為 140 美元。這正在流向底線並顯著提高這些收益率。

We -- so I think that table is a work in progress in our sup because it's got a lot of pre-leasing, some of which was signed prior to some of this price progression. But as we continue to add more projects to that, that they are not pre-leased, or we fill out the leasing on the available capacity, I think there's ability to raise those yields.

我們 - 所以我認為該表是我們 sup 中正在進行的工作，因為它有很多預租，其中一些是在一些價格上漲之前簽署的。但隨著我們繼續增加更多項目，它們不是預租的，或者我們在可用容量上填寫租賃，我認為有能力提高這些收益率。

And I would also say the North America piece of that has a large project in it that is an open book build-to-suit to a very highly rated financial institution on a triple net lease basis. So it's an apple to the oranges there in a good way. It's been dramatically derisked in terms of its build and in terms of its ongoing revenue and EBITDA stream, at the same time, lowering our Americas yields.

我還要說的是，北美部分有一個大型項目，它是在三重淨租賃基礎上為一家評級非常高的金融機構量身定制的公開書籍。所以這是一個很好的方式。它在建設方面以及在持續收入和 EBITDA 流方面都被大大降低了風險，同時降低了我們美洲的收益率。

The next question comes from David Guarino of Green Street.

下一個問題來自 Green Street 的 David Guarino。

Andy, in the press release, you were quoted as saying that you're seeing broad-based demand and reduced data center availability. I was just wondering, why do you think that isn't translating into outsized growth in rental rates like we've seen across other commercial real estate sectors, like industrial or self-storage? And it definitely feels like the pendulum has firmly swung back to landlords, but data center rents just aren't rising like we've seen elsewhere.

安迪，在新聞稿中，你被引述說你看到了廣泛的需求和數據中心可用性的降低。我只是想知道，為什麼您認為這不會像我們在其他商業房地產行業（如工業或自助倉儲）中看到的那樣轉化為租金的大幅增長？絕對感覺鐘擺已經堅定地回到了房東手中，但數據中心租金並沒有像我們在其他地方看到的那樣上漲。

I would say, I mean, it's a new phenomenon in terms of recent history of the data centers, which is still, I'd call a nascent asset class. But we are seeing it. If you look at, call it, our less than a megawatt signings, either the Americas region or EMEA region, where there's critical consistent mass of new signings, the rates have been up, call it, 4 quarters in a row.

我會說，我的意思是，就數據中心的近期歷史而言，這是一種新現象，我仍然稱之為新生資產類別。但我們正在看到它。如果你看一下，稱之為我們不到兆瓦的簽約，無論是美洲地區還是歐洲、中東和非洲地區，那裡有大量新簽約的關鍵一致，率已經上升，連續 4 個季度。

And that example I gave you, in Ashburn, Virginia, for rates going from [$70 to $140], that is quite a run. And I know I'm picking out one particular market there as an example, but it is the largest and most diverse market out there, our largest market as well. And it's flanked to the East Coast with a power constraint problem, but the West Coast is having the same one with Santa Clara now having power constraints to likely outpace when power comes online in Virginia. And I think this phenomenon is going to continue in other parts of the world, not just the U.S. And I think you're going to continue to see those rates move more and more in our favor.

我給你舉的那個例子，在弗吉尼亞州的阿什本，費率從 [70 美元到 140 美元] 不等。我知道我正在挑選一個特定的市場作為例子，但它是那裡最大、最多樣化的市場，也是我們最大的市場。它位於東海岸的兩側，存在電力限制問題，但西海岸也有同樣的問題，聖克拉拉現在的電力限制可能會超過弗吉尼亞州上線時的電力限制。而且我認為這種現象將在世界其他地區繼續存在，而不僅僅是美國而且我認為你將繼續看到這些利率越來越有利於我們。

And David, I know you're a student of the traditional real estate asset classes. I mean, it was a good 20 years where industrial had no rate growth before it's had the renaissance that it's been experiencing the last few years. And I'm not saying that, that's going to happen to data centers, but it feels like we're teeing ourselves up way for a healthier pricing environment for the incumbents.

大衛，我知道你是傳統房地產資產類別的學生。我的意思是，這是一個很好的 20 年，工業在經歷過去幾年的複興之前沒有任何增長率。我並不是說數據中心會發生這種情況，但感覺我們正在為現有企業提供更健康的定價環境。

That's encouraging to hear. And then maybe kind of sticking with that theme you said. We've been hearing some similar chatter also about difficulty securing power in some other markets. I've heard Chicago come on the radar and possibly even Hillsboro now. So given just -- it feels like these are popping up everywhere across the industry. What do you think that means for your pace of new leasing activity going forward? I mean, are the things we saw in the years past probably unlikely to happen just given the power constraints?

這是令人鼓舞的消息。然後也許有點堅持你說的那個主題。我們也聽到過一些類似的議論，說的是在其他一些市場難以獲得電力。我聽說芝加哥開始受到關注，現在甚至可能是希爾斯伯勒。因此，鑑於 - 感覺這些在整個行業中隨處可見。您認為這對您未來新租賃活動的步伐意味著什麼？我的意思是，我們在過去幾年看到的事情是否可能僅僅因為電力限制就不太可能發生？

If you look at our financials, we've got a sizable amount of contiguous land capacity and available power that's committed to us outside of these, call it, zones of disruption. But longer term, eventually, we will exhaust that and you could have that phenomenon.

如果你看一下我們的財務狀況，我們有大量連續的土地容量和可用的電力，在這些區域之外承諾給我們，稱之為中斷區域。但從長遠來看，最終我們會耗盡它，你可能會遇到這種現象。

At the same time, when you're doing business at twice the rates, you like to sell half the kilowatts in certain markets. So I'm not sure that the top line pacing on our new signings will be all that disrupted near term based on what we have in the stable in terms of capabilities and committed power. But I agree with you with this assessment, and it's going to continue.

同時，當您以兩倍的速度開展業務時，您會喜歡在某些市場銷售一半的千瓦電量。因此，我不確定根據我們在穩定的能力和承諾力量方面所擁有的東西，我們新簽約的頂線步伐是否會在短期內受到干擾。但我同意你的這個評估，而且它會繼續下去。

The other thing I'd emphasize is we're actively managing our platform and our capabilities, and we're essentially always looking to reproductize for higher, better use when applicable. So if we have churn, which this is not a totally static business, it provides opportunity to re-lease that capacity at higher rate opportunities and often higher, better uses towards some of the more granular enterprise colocation-oriented customers. And on a big company like Digital, you probably don't see that, it's not tops of the waves, but that's happening in terms of how we manage our footprint.

我要強調的另一件事是，我們正在積極管理我們的平台和我們的能力，並且我們基本上一直在尋求再生產，以便在適用時獲得更高、更好的使用。因此，如果我們有流失，這不是一個完全靜態的業務，它提供了以更高的速度重新出租該容量的機會，並且通常更高，更好地用於一些更精細的面向企業託管的客戶。在像 Digital 這樣的大公司中，您可能看不到這一點，它不是浪潮中的佼佼者，但就我們管理足蹟的方式而言，這種情況正在發生。

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 2, if I could. First, on the capital recycling, not to beat a dead horse, but you did talk about being deeply engaged in the process. I'm just wondering if there's any more color you can share on the progress made thus far across the different buckets that you've laid out.

如果可以的話，只有 2 個。第一，關於資本回收，不是打死馬，但你確實談到了深入參與這個過程。我只是想知道您是否可以分享迄今為止在您所佈置的不同桶中取得的進展的更多顏色。

And then maybe switching gears. On AI, I mean, we've heard so much about this over the last several months. I'm just wondering, how has the increased focus on AI impacted your customer leasing plans and your conversations with them as they think about deployment plans over the next year?

然後也許換檔。在人工智能方面，我的意思是，在過去的幾個月裡，我們已經聽到了很多關於這方面的信息。我只是想知道，對 AI 的日益關注如何影響您的客戶租賃計劃以及您在他們考慮明年部署計劃時與他們的對話？

Thanks, Matt. I'm going to have Greg tackle the first one, and then Sharpie and I can tackle the second one.

謝謝，馬特。我會讓 Greg 解決第一個問題，然後 Sharpie 和我可以解決第二個問題。

Thanks, Matt. Look, I'd say, look, with respect to our capital initiatives, I'd say we're still on track with the plan we outlined in our earnings call in early February. But you should recall, that was the $500 million of the noncore dispositions; call it, roughly $750 million from core JVs; and $750 million from development JVs.

謝謝，馬特。看，我想說，看，關於我們的資本計劃，我想說我們仍在按照我們在 2 月初的財報電話會議中概述的計劃進行。但你應該記得，那是 5 億美元的非核心處置；稱之為，來自核心合資企業的大約 7.5 億美元；以及來自開發合資企業的 7.5 億美元。

And I would characterize it without saying too much, is that we're making good progress in these transactions. And we've received significant interest from multiple institutional partners, whether it's sovereign wealth funds, infrastructure funds, PE, real estate funds, pension funds, insurance companies and the like.

我會在不多說的情況下對其進行描述，即我們在這些交易中取得了良好的進展。我們已經收到了多個機構合作夥伴的極大興趣，無論是主權財富基金、基礎設施基金、私募股權基金、房地產基金、養老基金、保險公司等等。

So the way I'd characterize it is we're executing on the plan, and we feel good about where we are in each of these processes.

所以我描述它的方式是我們正在執行計劃，我們對我們在每個過程中所處的位置感覺良好。

And turning to your second question. Just one quick thing before I turn over to ChrisGPT to give his view on AI. The -- I think a misnomer here is that, in my opinion, that everyone thinks every data center is going to turn into one that's going to be supporting artificial intelligence.

轉向你的第二個問題。在我轉向 ChrisGPT 發表他對 AI 的看法之前，只需做一件簡單的事情。我認為這裡用詞不當，在我看來，每個人都認為每個數據中心都會變成一個支持人工智能的數據中心。

The use cases, the applications, the workloads that exist today are still going to be thriving within the global data center footprint at Digital. Yes, we have many data centers that lend themselves towards supporting the increasing power densities and cooling environments that will be required, and we're doing a lot of that as we speak. But I look at more -- the bigger picture around AI, is that this is an incremental major wave of long-term demand that will certainly need to have proximity to the major data that sits today. And the first 2 waves of demand, of moving from on-prem locations to hybrid locations, and the second wave of multi-cloud haven't even hit the shore yet while this next wave of demand, it is falling behind it.

今天存在的用例、應用程序和工作負載仍將在 Digital 的全球數據中心足跡中蓬勃發展。是的，我們有許多數據中心可以支持所需的不斷增加的功率密度和冷卻環境，而且我們正在做很多這樣的事情。但我看得更多 - 圍繞 AI 的更大圖景是，這是長期需求的增量主要浪潮，肯定需要接近今天的主要數據。前兩波需求，從本地位置轉移到混合位置，第二波多雲需求甚至還沒有上岸，而下一波需求正在落後。

But Chris, why don't you speak a little, your view on AI?

但是克里斯，你為什麼不談談你對人工智能的看法？

Yes. No, absolutely. I appreciate the question. A couple of pieces. Just to reiterate what Andy said, the existing cloud infrastructure we have today, AI is cloud-adjacent. Because of a lot of the applications it's empowering and the way the customers are bringing it to market, it's something we've been watching for many, many years. And I think one of the pieces I always try to emphasize is that a lot of the R&D from the hyperscalers and from the technological providers has been happening within Digital, which has allowed us to evolve our infrastructure with this demand.

是的。不，絕對。我很欣賞這個問題。幾件。重申一下安迪所說的，我們今天擁有的現有云基礎設施，人工智能是與雲相鄰的。由於它授權的許多應用程序以及客戶將其推向市場的方式，這是我們多年來一直關注的事情。而且我認為我一直試圖強調的一個部分是，來自超大規模和技術供應商的大量研發已經在 Digital 內部進行，這使我們能夠根據這種需求發展我們的基礎設施。

And I would reiterate also that there are pockets of AI that we're able to support rather efficiently. And I think this is something that's unique to Digital's designs and the R&D work that we've been doing with some of the cooling technologies.

我還要重申，我們能夠相當有效地支持一些人工智能。我認為這是 Digital 的設計和我們一直在進行的一些冷卻技術研發工作的獨特之處。

It's really, really important for us to continue to support the broader spectrum of the customer requirements. So not only their traditional type of digital transformation, but we are seeing more and more customers show up with AI-specific requirements in association with that digital transformation. And then the last one is really emphasizing that, to the customer base, to design early and understand the implications of not only the power, but the interconnectivity.

繼續支持更廣泛的客戶需求對我們來說真的非常重要。因此，不僅是他們的傳統類型的數字化轉型，而且我們看到越來越多的客戶出現了與該數字化轉型相關的 AI 特定要求。然後最後一個真正強調的是，對於客戶群，要儘早設計並理解不僅功率而且互連的含義。

And just to circle back to why we believe the value of PlatformDIGITAL is differentiated is the ability to interconnect in an open fashion with the right partners in a very simplistic manner is what's making a lot of these AI deployments successful.

回過頭來，為什麼我們認為 PlatformDIGITAL 的價值是與眾不同的，那就是能夠以一種非常簡單的方式以開放的方式與合適的合作夥伴互連，這正是這些人工智能部署取得成功的原因。

And so that's the core of how we continue to focus on AI and bringing that to market in a very repeatable fashion. And so you'll see some recent sales tools we'll start talking about publicly to visualize how you tie together this infrastructure on a global basis. So very exciting about this additive demand coming to market, and you'll see more and more of the use cases and case studies coming out on the success that our customers are having within PlatformDIGITAL.

因此，這就是我們如何繼續專注於人工智能並以非常可重複的方式將其推向市場的核心。因此，您將看到我們將開始公開討論的一些近期銷售工具，以可視化您如何在全球範圍內將此基礎設施聯繫在一起。這種對市場的附加需求非常令人興奮，你會看到越來越多的用例和案例研究出現在我們的客戶在 PlatformDIGITAL 中取得的成功上。

The last question comes from Eric Luebchow of Wells Fargo.

最後一個問題來自富國銀行的 Eric Luebchow。

I wanted to touch base on Ashburn. It sounds like the transmission line has been approved to be in service by late 2025 near Digital Dulles. So when do you think you might be able to start additional development in that market? And do you think you're seeing any spillover impacts in terms of other markets or submarkets where you're seeing additional activity levels because of the tightness in Ashburn?

我想談談阿什本的基地。聽起來輸電線路已獲准在 2025 年底在 Digital Dulles 附近投入使用。那麼您認為您什麼時候可以開始在該市場進行額外的開發？你認為你是否看到其他市場或子市場的任何溢出影響，因為阿什本的緊張，你會看到額外的活動水平？

And I guess just related to that on the pricing front, I think you mentioned that you're seeing rents as high as $140. I think a lot of your rents in Ashburn are rolling at $80 or $90. So just wondering if you have any color on what you've seen on the re-leasing spreads across that market and what you expect going forward.

我想這與定價方面有關，我想你提到過你看到租金高達 140 美元。我想你在阿什本的很多租金都在 80 美元或 90 美元。所以只是想知道您是否對您在該市場的再租賃利差中看到的情況以及您對未來的預期有任何看法。

Thanks, Eric. So -- and we touched a little bit on this in the prepared remarks. The good news is that the powers that be in the region are sorting out a ways to bring incremental power to the region by 2026. I think the -- from there, I think you'll see a much more rational providing of power to that market. And I do think it's going to behoove ourselves to be -- our history and track record of work in that region is going to keep us top of queue when power becomes more freely.

謝謝，埃里克。所以 - 我們在準備好的評論中略微談到了這一點。好消息是，該地區的大國正在尋找一種方法，到 2026 年為該地區帶來更多的電力。我認為 - 從那裡，我認為你會看到更加合理的電力供應市場。我確實認為我們應該這樣做——當權力變得更加自由時，我們在該地區的歷史和工作記錄將使我們保持領先地位。

Between now and then, we, last quarter, had a good fortune having worked with the local power providers to be able to deliver on all of our customer commitments, which is fantastic. We do believe that we will be able to bring on incremental growth capacity in this market between now and 2026 through, call it, some development as well as some churn. We are working through all the resources we have in terms of excess power at sites, customers that may not be using their suites, and be able to go -- to spare some capacity.

從現在到那時，我們在上個季度有幸與當地電力供應商合作，能夠兌現我們對客戶的所有承諾，這太棒了。我們確實相信，從現在到 2026 年，我們將能夠通過一些發展和一些客戶流失，在這個市場上帶來增量增長能力。我們正在處理我們擁有的所有資源，以解決現場的過剩電力、可能不使用他們的套房的客戶以及能夠離開的問題——以騰出一些容量。

So I don't have a fine point of the quantity, but I don't believe our shelves at Digital will be barren. And we will be able to support our customers. Certainly our colocation customers and some of our hyperscale customers will be able to grow with Digital in Ashburn in the coming years. And then we get a finer point on the quantities, probably in lockstep with leasing in that capacity, we'll certainly be happy to share.

所以我對數量沒有把握，但我不相信我們在 Digital 的貨架會空無一人。我們將能夠支持我們的客戶。當然，我們的託管客戶和我們的一些超大規模客戶將能夠在未來幾年與阿什本的 Digital 一起成長。然後我們在數量上有一個更好的觀點，可能與這種能力的租賃保持一致，我們當然很樂意分享。

In terms of spillover effect, the spillover is real. Manassas, I think is front and center of a spillover market to the Loudoun County pinch point. I would say that's -- we've seen the greatest spillover effect. But there's always potential. Some of the non-Northern Virginia markets will continue to be an option.

就溢出效應而言，溢出是實實在在的。我認為馬納薩斯是勞登縣夾點溢出市場的前沿和中心。我想說的是——我們已經看到了最大的溢出效應。但總是有潛力的。一些非北弗吉尼亞市場將繼續成為一種選擇。

But I don't think -- I don't see anyone packing their wagons and leaving Ashburn due to this. I think the momentum has been building for years, and let's call that escape velocity in terms of its criticality to the data center industry and its customers.

但我不認為——我沒有看到有人因此收拾行李離開阿什本。我認為這種勢頭已經建立了很多年，我們可以根據它對數據中心行業及其客戶的重要性來稱呼這種逃逸速度。

This 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. Andy, 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。安迪，請繼續。

Thank you, Andrea. Digital Realty is off to a strong start to the year. Our results demonstrate that our value proposition is resonating with customers, which was confirmed by our record interconnection signings, continued strength in the 0-1 megawatt category and strong new logo additions. We expect that our operating momentum will continue through the year and that the steps we are taking will further accelerate our progress. We also remain confident in our funding plan and look forward to updating you with further developments on this front at the appropriate time.

謝謝你，安德里亞。 Digital Realty 今年開局強勁。我們的結果表明，我們的價值主張引起了客戶的共鳴，我們創紀錄的互連簽約、0-1 兆瓦類別的持續實力以及強大的新徽標添加都證實了這一點。我們預計我們的經營勢頭將持續到今年，我們正在採取的措施將進一步加快我們的進展。我們也對我們的資助計劃充滿信心，並期待在適當的時候向您通報這方面的進一步發展。

We are very excited to bring together our customers and partners on May 24 and 25 at our Marketplace Live 2023 event. The theme this year is The Crossroads of the Digital World: The Data Meeting Place. The entire digital realty community from around the world will come together virtually to network, gain inspiration and bring their digital strategies to life. Please join us. You can register at marketplacelive.com.

我們很高興能在 5 月 24 日至 25 日將我們的客戶和合作夥伴聚集在我們的 Marketplace Live 2023 活動中。今年的主題是數字世界的十字路口：數據匯聚之地。來自世界各地的整個數字房地產社區將以虛擬方式匯聚一堂，交流、獲取靈感並將他們的數字戰略付諸實踐。請加入我們。您可以在 marketplacelive.com 上註冊。

I'd like to thank everyone for joining us today and say a special thank you to our hardworking and exceptional team at Digital Realty to help keep the digital world running. Thank you.

我要感謝今天加入我們的每一個人，並特別感謝我們在 Digital Realty 的辛勤工作和出色的團隊幫助保持數字世界的運轉。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。