Digital Realty Trust Inc (DLR) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to the Digital Realty Second Quarter 2023 Earnings Call. Please note, this event is being recorded.

下午好，歡迎參加 Digital Realty 2023 年第二季度財報電話會議。請注意，此事件正在被記錄。

(Operator Instructions)

（操作員說明）

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

我現在想將電話轉給 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 Second 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, Colin McLean, 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 年第二季度收益電話會議。與我一起參加今天電話會議的還有總裁兼首席執行官安迪·鮑爾 (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；首席營收官科林·麥克萊恩 (Colin McLean) 也將參加電話會議並接受問答。

Management may make forward-looking statements, including guidance and underlying assumptions on today's call. Forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially. For a further discussion of risks related to our business, see our 10-K and subsequent filings with the SEC.

管理層可能會做出前瞻性陳述，包括對今天電話會議的指導和基本假設。前瞻性陳述基於涉及風險和不確定性的預期，這些風險和不確定性可能導致實際結果出現重大差異。有關與我們業務相關的風險的進一步討論，請參閱我們向 SEC 提交的 10-K 和後續文件。

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

本次電話會議將包含非公認會計準則財務信息。淨利潤調節表包含在向 SEC 提供的補充包中，並可在我們的網站上獲取。

Before I turn the call over to Andy, let me offer a few key takeaways from our second quarter. First, our customer value proposition continues to resonate. We delivered yet another strong quarter of leasing in our 0-1 megawatt plus interconnection segment and saw a healthy rebound in greater than megawatt leasing. And second, this past quarter confirmed the continued inflection in fundamentals we have been speaking about for much of the past year, supported by a strong pricing environment. Re-leasing spreads were the strongest in 3 years and stabilized same cash NOI grew by 5.6%, marking the second consecutive quarter with positive growth and the best growth in almost 9 years.

在我將電話轉給安迪之前，讓我先介紹一下第二季度的一些關鍵要點。首先，我們的客戶價值主張繼續引起共鳴。我們在 0-1 兆瓦及互連領域的租賃業務又實現了強勁的季度增長，並且超過兆瓦的租賃業務出現了健康反彈。其次，在強勁的定價環境的支持下，上個季度證實了我們在過去一年的大部分時間裡一直在談論的基本面的持續變化。再租賃利差創3年來最強勁，穩定同現金NOI增長5.6%，標誌著連續第二個季度正增長，也是近9年來的最佳增長。

And third, we bolstered our total liquidity, which now stands at more than $4 billion and further diversified our capital sources and reduced our leverage well off of peak levels through more than $2 billion of dispositions and JVs and over $1 billion of equity issued under our ATM.

第三，我們增強了總流動性，目前流動性已超過 40 億美元，並進一步多元化了我們的資本來源，並通過超過 20 億美元的處置和合資企業以及根據我們的計劃發行了超過 10 億美元的股權，將我們的槓桿率從峰值水平大幅降低。自動提款機。

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

說到這裡，我想將電話轉給我們的總裁兼首席執行官安迪·鮑爾 (Andy Power)。

Thanks, Jordan, and thanks to everyone for joining our call. Against the backdrop of an extraordinarily dynamic first half of the year, we have remained focused on advancing our strategic priorities and delivering on behalf of our 5,000-plus customers. Digital Realty made strong progress in the second quarter with improved operational results, progress on our funding plan and increased liquidity, continued organizational improvements and increasing recognition of the critical role that data centers will play in support of both digital transformation and artificial intelligence.

謝謝喬丹，也感謝大家加入我們的電話會議。在今年上半年異常活躍的背景下，我們仍然專注於推進我們的戰略重點並為我們的 5,000 多家客戶提供服務。 Digital Realty 在第二季度取得了強勁進展，運營業績有所改善，融資計劃取得進展，流動性增加，組織持續改進，並且人們越來越認識到數據中心在支持數字化轉型和人工智能方面將發揮的關鍵作用。

We posted sequential growth in revenue, adjusted EBITDA and CFFO per share while improving development returns, bolstering liquidity and delevering the balance sheet. During the quarter, we made progress on each of the 3 key strategic priorities that I laid out earlier this year. First, we strengthened our customer value proposition by enhancing our communities of interest with more connectivity options, posting record double-digit interconnection revenue growth, and the second highest quarter of new logo additions in company history.

我們實現了收入連續增長，調整了每股 EBITDA 和 CFFO，同時提高了發展回報，增強了流動性並降低了資產負債表的槓桿率。在本季度，我們在我今年早些時候提出的 3 個關鍵戰略優先事項上都取得了進展。首先，我們通過提供更多連接選項來增強我們的興趣社區，實現創紀錄的兩位數互連收入增長，以及公司歷史上第二高的季度新徽標添加，從而強化了我們的客戶價值主張。

Second, we innovated and integrated, delivering enhancements designed to support high-performance compute, including AI by enabling data centers to support liquid cooling solutions while also broadening our existing partnership with NVIDIA with the certification of our first DGx H-100 ready data center and integrating with additional organizational enhancements designed to deliver a consistent structure and experience while leveraging data to improve our effectiveness and efficiency.

其次，我們進行創新和集成，提供旨在支持高性能計算的增強功能，包括通過使數據中心支持液體冷卻解決方案的人工智能，同時還通過我們的第一個 DGx H-100 就緒數據中心的認證擴大了我們與 NVIDIA 的現有合作夥伴關係與其他組織增強功能集成，旨在提供一致的結構和體驗，同時利用數據來提高我們的有效性和效率。

Third, we access diverse capital sources during the quarter, including the sale of a noncore asset in Texas and an attractive 4.4% cap rate and equity raised under our ATM. Subsequent to the end of the quarter, we formed a stabilized hyperscale data center joint venture with a new private capital partner that acquired an interest in 2 facilities in Chicago.

第三，我們在本季度獲得了多種資本來源，包括出售德克薩斯州的一項非核心資產以及有吸引力的 4.4% 上限利率和通過我們的 ATM 籌集的股本。本季度末後，我們與一家新的私人資本合作夥伴組建了一家穩定的超大規模數據中心合資企業，該合作夥伴收購了芝加哥 2 個設施的權益。

And today, we announced a similar joint venture transaction alongside a second new private capital partner for 3 stabilized hyperscale data centers in Northern Virginia. Just a little more than halfway through the year, we are now well ahead of the midpoint of our original funding plan for 2023. And we remain focused on putting Digital Realty's balance sheet into positions to support the growing opportunity that lies ahead.

今天，我們宣布了一項類似的合資交易，與第二家新的私人資本合作夥伴一起，在弗吉尼亞州北部建立了 3 個穩定的超大規模數據中心。今年剛剛過半，我們現在已經遠遠超出了 2023 年最初融資計劃的中點。我們仍然專注於調整 Digital Realty 的資產負債表，以支持未來不斷增長的機會。

The current state of the data center infrastructure landscape is very healthy. There is widespread demand for our data center capacity across various regions and products. However, there is limited new supply due to decreased power availability and tight financial conditions. The global expansion of cloud computing paired with continuous digital transformation of enterprises underscores the escalating importance of both data and AI in shaping demand.

數據中心基礎設施格局的當前狀況非常健康。不同地區和產品對我們的數據中心容量有廣泛的需求。然而，由於電力供應減少和財務狀況緊張，新增供應有限。雲計算的全球擴張加上企業的持續數字化轉型，凸顯了數據和人工智能在塑造需求方面的重要性不斷提升。

Presently, we are collaborating with numerous clients on AI-focused request for proposals and implementations. The initial surge is anticipated in power-intensive training applications, followed by a rise in inferencing applications, including access to private data sets which are expected to necessitate enhanced performance and reduced latency.

目前，我們正在與眾多客戶就以人工智能為重點的提案請求和實施進行合作。預計功耗密集型訓練應用程序的最初激增，隨後推理應用程序的增加，包括對私有數據集的訪問，預計這需要增強的性能和減少的延遲。

Additionally, the intricate nature of these models is necessitating larger capacity blocks, which aligns seamlessly with our extensive product suite. As the global meeting place for data exchange and a full-spectrum provider of data center solutions, Digital Realty stands at a strategic vantage point. This allows us to cater to the needs of enterprises, facilitating their efficient integration of AI applications within their digital transformation journeys.

此外，這些模型的複雜性需要更大的容量塊，這與我們廣泛的產品套件無縫匹配。作為全球數據交換的聚會場所和全方位數據中心解決方案提供商，Digital Realty 處於戰略優勢地位。這使我們能夠滿足企業的需求，促進他們在數字化轉型之旅中有效集成人工智能應用程序。

In the second quarter, we unveiled data gravity index 2.0 which represents our extended commitment to data science. This tool is designed to assess the effects of enterprise data generation and consumption in both public clouds and private data centers, offering enterprises a framework to manage and drive insights from their data. Moreover, our innovative approaches in Data Gravity and comprehensive data center architecture were recognized as we secured a patent for these. Our patent further offers enterprises a road map to ensure their architectures remain relevant in the future.

第二季度，我們推出了數據引力指數2.0，這代表了我們對數據科學的長期承諾。該工具旨在評估公共雲和私有數據中心中企業數據生成和消費的影響，為企業提供一個框架來管理和驅動數據洞察。此外，我們在數據引力和綜合數據中心架構方面的創新方法得到了認可，因為我們獲得了這些專利。我們的專利進一步為企業提供了路線圖，以確保其架構在未來保持相關性。

The evidence is clear. We have shifted from a physical economy to a digital economy, which now is entering a new form, the data economy. Our research shows that the surge and server demand can be attributed to the rising needs of both public and private cloud infrastructure, further augmented by AI training and inference processes. At the same time, demand for storage devices is poised to grow due to data regulation.

證據很清楚。我們已經從實體經濟轉向數字經濟，數字經濟正在進入一種新的形態——數據經濟。我們的研究表明，服務器需求的激增可歸因於公共和私有云基礎設施的需求不斷增長，而人工智能訓練和推理過程進一步增強了需求。與此同時，由於數據監管，對存儲設備的需求也將增長。

Let's move to our second quarter results. This quarter continued the inflection in the fundamental recovery we have been highlighting in our core portfolio over the past several quarters. Our pipeline remains strong during the quarter, helping to drive a sequential rebound in leasing volume but also supporting strong pricing with re-leasing spreads positive again across all product types and in all regions.

讓我們來看第二季度的業績。本季度延續了過去幾個季度我們在核心投資組合中強調的基本面復甦的拐點。我們的渠道在本季度仍然強勁，有助於推動租賃量的連續反彈，同時也支持強勁的定價，所有產品類型和所有地區的再租賃利差再次呈正值。

New leasing during the quarter was $114 million, with continued strength in the 0-1 megawatt plus interconnection leasing, which represented 43% of total signings. Greater than a megawatt increased by over 60% sequentially, led by one of our strongest quarters ever in EMEA. Strong demand trends and reduced availability, along with growing recognition of our value proposition, continue to be supportive of pricing and are enhancing our expected returns.

本季度新增租賃額為 1.14 億美元，其中 0-1 兆瓦及互連租賃持續強勁，佔簽約總額的 43%。超過 1 兆瓦連續增長超過 60%，其中歐洲、中東和非洲地區是我們有史以來最強勁的季度之一。強勁的需求趨勢和供應量的減少，以及人們對我們價值主張的日益認可，將繼續支持定價並提高我們的預期回報。

In the second quarter, we saw re-leasing spreads climbed to nearly 7% on a cash basis, helping to drive the best Same-Capital cash NOI growth that we have seen since I joined Digital Realty in 2015. During the second quarter, churn remained low at 1.5%, and we added 133 new customers, our second best quarter ever and a nice continuation of the 100-plus new logos streak we have going. This is a strong validation of the stability of enterprise IT spend and digital transformation that we are seeing and of the value that customers recognize in PlatformDIGITAL.

在第二季度，我們看到按現金計算的再租賃利差攀升至近 7%，這有助於推動自 2015 年我加入 Digital Realty 以來我們看到的最佳同資本現金 NOI 增長。保持在 1.5% 的低位，我們增加了 133 個新客戶，這是我們有史以來第二好的季度，也是我們不斷推出 100 多個新徽標的良好延續。這是對我們所看到的企業 IT 支出和數字化轉型的穩定性以及客戶在 PlatformDIGITAL 中認可的價值的有力驗證。

Our key wins included an innovative sustainability-oriented infrastructure provider that taps into stranded energy to support module edge compute sites chose Digital Realty for AI applications, utilizing PlatformDIGITAL's network control and data hub solutions. Data-intensive workloads are being deployed on PlatformDIGITAL by a major U.S. Federal Agency to reduce costs and improve sustainability while interconnecting with their key ecosystem partners.

我們的主要勝利包括一家以可持續發展為導向的創新基礎設施提供商，該提供商利用閒置能源來支持模塊邊緣計算站點，該提供商選擇 Digital Realty 進行 AI 應用，並利用 PlatformDIGITAL 的網絡控制和數據中心解決方案。美國主要聯邦機構正在 PlatformDIGITAL 上部署數據密集型工作負載，以降低成本並提高可持續性，同時與其主要生態系統合作夥伴互連。

A leading European bank chose PlatformDIGITAL to help simplify and secure their hybrid IT strategy in compliance with data sovereignty regulations while leveraging the available cloud connectivity. A Fortune 500 quick-serve restaurant chain is updating their internal infrastructure on PlatformDIGITAL to improve reliability and security, support existing systems and connect with key cloud to support the strong growth of their e-commerce business.

一家領先的歐洲銀行選擇 PlatformDIGITAL 來幫助簡化和保護其混合 IT 策略，使其符合數據主權法規，同時利用可用的雲連接。一家財富 500 強快餐連鎖店正在 PlatformDIGITAL 上更新其內部基礎設施，以提高可靠性和安全性、支持現有系統並與關鍵雲連接，以支持其電子商務業務的強勁增長。

A Global 2000 pharmaceutical sourcing and distribution services company is expanding to a new [metric] on PlatformDIGITAL to ensure global data governance compliance. And a Global 2000 auto manufacturer chose PlatformDIGITAL to upgrade their network architecture in Central Europe by adding key points of presence for the largest and most important production centers.

一家全球 2000 強藥品採購和分銷服務公司正在 PlatformDIGITAL 上擴展至新的[指標]，以確保全球數據治理合規性。一家全球 2000 強汽車製造商選擇 PlatformDIGITAL 來升級其在中歐的網絡架構，為最大和最重要的生產中心添加關鍵存在點。

Moving over to our largest market, Northern Virginia. In the year since we learned the power constraints in this market, we've continued to work constructively with the power provider to confirm the commitments that we made to our customers and to provide growth capacity for our customers through new development and select churn opportunities.

轉向我們最大的市場，北弗吉尼亞州。自從我們了解這個市場的電力限制以來，我們繼續與電力供應商進行建設性合作，以確認我們對客戶做出的承諾，並通過新的開發和選擇的客戶流失機會為客戶提供增長能力。

Over the course of the last several months, with the support of our local utility partners, we have been able to identify nearly 100 megawatts of incremental billable capacity that we expect to be able to bring to market prior to 2026. This includes 40 megawatts of available capacity underway within the current development pipeline, and the potential to move forward on almost another 60 megawatts.

在過去的幾個月裡，在當地公用事業合作夥伴的支持下，我們已經確定了近 100 兆瓦的增量計費容量，預計將在 2026 年之前推向市場。其中包括 40 兆瓦的可計費容量。當前開發管道中的可用容量正在進行中，並且有可能再推進近 60 兆瓦。

In addition to this, Ashburn focused capacity, we've made meaningful progress on our 192-megawatt development in site in Manassas, which is now nearly in position to begin development. We are optimistic about the near-term potential to offer this availability to our customers.

除此之外，阿什本重點關注產能，我們在馬納薩斯場地的 192 兆瓦開發項目上取得了有意義的進展，該項目現已接近開始開發。我們對向客戶提供這種可用性的近期潛力感到樂觀。

Moving on to our investment activity. As we outlined in February, 2023 was poised to be an active year for our investments team and some of the fruit of their labor has been harvested since our last call. During the second quarter, we acquired the land and shell associated with a previously leased data center in Amsterdam, where we previously held a leasehold interest for $18 million. In a separate future proofing transaction, we purchased additional land adjacent to our highly connected Schiphol campus in Amsterdam which could support another 40 megawatts of potential IT load, providing ample runway for both enterprise and service provider growth.

繼續我們的投資活動。正如我們在 2 月份所概述的那樣，2023 年對於我們的投資團隊來說將是活躍的一年，自我們上次電話會議以來，他們的一些勞動成果已經收穫。在第二季度，我們收購了與阿姆斯特丹之前租賃的數據中心相關的土地和外殼，我們之前以 1800 萬美元的價格持有該數據中心的租賃權益。在另一項面向未來的交易中，我們在阿姆斯特丹的高度互聯的史基浦園區附近購買了額外的土地，這可以支持另外 40 兆瓦的潛在 IT 負載，為企業和服務提供商的增長提供充足的跑道。

We also closed on the first noncore disposition of the year in mid-May at a 4.4% cap rate, resulting in $150 million of net proceeds to Digital Realty. This facility was previously leased as a powered shell and was sold to one of its primary occupants.

我們還在 5 月中旬以 4.4% 的上限完成了今年的首次非核心處置，為 Digital Realty 帶來了 1.5 億美元的淨收益。該設施此前曾作為動力外殼出租，並出售給其主要佔用者之一。

In July, we saw a significant acceleration in our capital recycling initiatives, closing on 2 separate stabilized hyperscale joint ventures in Chicago and Ashburn. These deals were executed at just over a 6% cash cap rate on average and raised more than $2 billion of net proceeds for Digital Realty. These transactions are an important validation of our current strategy as we remain focused on delivering shareholder value through the development of new data centers at double-digit unlevered returns and the monetization of stabilized hyperscale assets at a premium.

7 月份，我們的資本回收計劃顯著加速，關閉了位於芝加哥和阿什本的兩家獨立的穩定超大型合資企業。這些交易的平均現金上限略高於 6%，為 Digital Realty 籌集了超過 20 億美元的淨收益。這些交易是對我們當前戰略的重要驗證，因為我們仍然專注於通過以兩位數的無槓桿回報開發新數據中心以及以溢價實現穩定的超大規模資產的貨幣化來提供股東價值。

But equally as important, we've substantially bolstered and diversified our sources of private capital so that we can execute on the opportunity that lies ahead without being overly reliant on any individual avenue of capital while also increasing the efficiency of our balance sheet.

但同樣重要的是，我們大力加強和多元化我們的私人資本來源，以便我們能夠抓住未來的機會，而不會過度依賴任何個人資本渠道，同時提高我們資產負債表的效率。

While we've had remarkable traction on these transactions and all due credit goes to Greg Wright, his top-notch team and the rest of our platform for executing through a tumultuous capital markets environment, we are not resting on our laurels. We are well ahead of our plan on our stabilized hyperscale joint venture plan, but we see ample demand for the hyperscale development joint venture bucket that we have previously discussed and we'll provide updates as appropriate.

雖然我們在這些交易上取得了顯著的進展，並且所有應有的功勞都歸功於格雷格·賴特（Greg Wright）、他的一流團隊以及我們在動蕩的資本市場環境中執行的平台的其他部分，但我們並沒有滿足於現狀。我們在穩定的超大規模合資計劃方面遠遠領先於我們的計劃，但我們看到對我們之前討論過的超大規模開發合資企業的需求充足，我們將酌情提供更新。

Before moving on, I'm also delighted to welcome Jio, a Reliance Industries Company as our newest partner to our joint venture in India. The expanded partnership builds on the strong foundation laid by BAM Digital Realty, through the addition of Jio's massive digital connectivity ecosystem and strong enterprise relationships with 80% of large private enterprises in India.

在繼續之前，我還很高興歡迎 Reliance Industries 公司 Jio 成為我們在印度合資企業的最新合作夥伴。此次擴大的合作夥伴關係建立在 BAM Digital Realty 奠定的堅實基礎上，加入了 Jio 龐大的數字連接生態系統以及與印度 80% 的大型私營企業的牢固企業關係。

Before turning it over to Matt, I'd like to touch on our ESG progress during the quarter. During the second quarter, we issued our fifth annual ESG report outlining our initiatives for 2022. The report highlights the progress we have made toward our science-based targets commitment to reduce our global carbon emission by 68% by 2030. We've enabled our success by contracting for renewable energy wherever possible so that we have 1 gigawatt of solar and wind energy under contract in the U.S. This has enabled us to match 126 of our data centers with 100% renewable energy.

在將其交給 Matt 之前，我想談談我們在本季度的 ESG 進展。第二季度，我們發布了第五份年度 ESG 報告，概述了我們 2022 年的舉措。該報告強調了我們在實現基於科學的目標方面所取得的進展，即到 2030 年將全球碳排放量減少 68%。通過盡可能簽訂可再生能源合同，我們取得了成功，因此我們在美國簽訂了 1 吉瓦的太陽能和風能合同，這使我們能夠為 126 個數據中心配備 100% 可再生能源。

In the second quarter, we also received a Certificate of Adherence from the Climate Neutral Data Center Pact. As a founding member of the pact, Digital Realty worked with independent auditors to certify that we are on track to meet the overarching goal of the pact for the industry to become climate neutral by 2030. We remain committed to minimizing Digital Realty's impact on the environment while delivering sustainable growth for all of our stakeholders.

在第二季度，我們還獲得了氣候中和數據中心公約的遵守證書。作為該協議的創始成員，Digital Realty 與獨立審計師合作，證明我們正在實現該協議的總體目標，即到 2030 年實現行業氣候中和。我們仍然致力於最大限度地減少 Digital Realty 對環境的影響同時為我們所有利益相關者帶來可持續增長。

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

至此，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 second quarter results. We signed $114 million of new leases in the second quarter, with broad-based strength across the 0-1 megawatt plus interconnection segment in each region. We leased approximately $50 million in the 0-1 megawatt plus interconnection category, accounting for 43% of total bookings and becoming a larger part of our overall bookings since last year.

謝謝你，安迪。讓我直接進入我們第二季度的業績。我們在第二季度簽署了 1.14 億美元的新租賃合同，在每個地區的 0-1 兆瓦及互連領域擁有廣泛的實力。我們在 0-1 兆瓦及互連類別中租賃了約 5000 萬美元，佔總預訂量的 43%，並且自去年以來成為我們整體預訂量的較大部分。

Interconnection bookings were strong once again at over $12 million, concluding a record 12-month period. 0-1 megawatt bookings, excluding interconnection, were among our strongest ever at $37 million. Digital Realty has come a long way over the past 4 years, more than tripling our bookings in the 0-1 megawatt plus interconnection segment through a combination of organic and inorganic growth. These results demonstrate that our full spectrum strategy is working.

轉接預訂量再次強勁，超過 1200 萬美元，創下了 12 個月的歷史記錄。 0-1 兆瓦的預訂（不包括互連）是我們有史以來最強勁的訂單之一，達到 3700 萬美元。 Digital Realty 在過去 4 年裡取得了長足的進步，通過有機和無機增長的結合，我們在 0-1 兆瓦及互連領域的預訂量增加了兩倍多。這些結果表明我們的全方位戰略正在發揮作用。

Greater than 1 megawatt bookings totaled $61 million in the quarter, a meaningful bounce back from last quarter's timing-oriented pause. EMEA was the standout, including strong contributions from Johannesburg, Paris and Marseille while we also saw notable strength in Northern Virginia and Tokyo. We also continue to overindex towards CPI-based escalators within our new leases with 35% of the newly signed leases in the quarter contain inflation-linked increases with fixed rate escalators on the balance.

本季度超過 1 兆瓦的預訂總額達 6100 萬美元，較上季度因時間安排而暫停的情況出現了有意義的反彈。歐洲、中東和非洲地區表現最為突出，其中包括約翰內斯堡、巴黎和馬賽的強勁貢獻，同時我們還看到弗吉尼亞州北部和東京的顯著實力。我們還繼續在新租約中對基於 CPI 的自動扶梯進行過度指數化，本季度新簽署的租約中有 35% 包含與通貨膨脹相關的增長，其餘為固定費率自動扶梯。

Pricing has improved in many markets. With our largest market, Northern Virginia, seen nearly a doubling of rates over the past year in response to supply constraints. Illustrating the changing tide in Ashburn during the quarter, we opportunistically took back 8 megawatts of lease capacity from an existing customer and re-leased it to another customer at a substantial premium. The original lease was signed in the first quarter of last year.

許多市場的定價都有所改善。由於供應限制，我們最大的市場北弗吉尼亞州的價格在過去一年中幾乎翻了一番。我們機會主義地從現有客戶手中收回了 8 兆瓦的租賃容量，並以高價將其重新出租給另一位客戶，這說明了本季度阿什本的變化趨勢。最初的租約是在去年第一季度簽署的。

Accordingly, our new leasing for the quarter only represents the uplift in rent achieved versus the prior lease rather than the full annualized value of the new lease. While we have previously tempered enthusiasm around the potential mark-to-market opportunity in Northern Virginia, we are encouraged by this recent transaction and our increased development potential and growing colocation and connectivity offering in this market.

因此，我們本季度的新租賃僅代表與先前租賃相比所實現的租金上漲，而不是新租賃的全部年化價值。雖然我們之前對北弗吉尼亞州潛在的按市場計價機會的熱情有所緩和，但最近的交易以及我們在該市場不斷增長的發展潛力以及不斷增長的託管和連接服務使我們受到鼓舞。

Aside from the shift seen in Northern Virginia, we have also seen an improvement in rates across the Americas as well as in EMEA and APAC. Looking forward, our demand funnel remains healthy with strength across product types and geographies. We expect ongoing and newly approved development capacity to be an important contributor to our growth through next year.

除了弗吉尼亞州北部的變化外，我們還看到美洲以及歐洲、中東和非洲和亞太地區的費率有所改善。展望未來，我們的需求渠道保持健康，在不同產品類型和地區都有優勢。我們預計正在進行的和新批准的開發能力將為我們明年的增長做出重要貢獻。

Turning to our backlog slide. The current backlog of signed but not yet commenced leases was $437 million at quarter end as commencements were once again well over $100 million, balanced by new leasing. We expect the remaining $150 million of commencements in the second half of 2023 to be somewhat evenly weighted between the third and fourth quarters. The lag between signings and commencements in the quarter was 11 months as certain hyperscale customers await build-out completions.

轉向我們的待辦事項幻燈片。截至季度末，目前積壓的已簽署但尚未開始的租賃為 4.37 億美元，而開始的租賃則再次遠超 1 億美元，並由新租賃平衡。我們預計 2023 年下半年剩餘的 1.5 億美元的開工資金將在第三季度和第四季度之間均勻分佈。由於某些超大規模客戶正在等待擴建完成，本季度的簽約和開工之間存在 11 個月的滯後期。

During the second quarter, we signed $211 million of renewal leases with pricing increases of 6.9% on a cash basis, our strongest renewal pricing in 3 years. This strength was shared across both product segments and across our 3 regions, continuing the broad-based improvement we saw last quarter with renewal rates trending over 5% during the first half combined, we are raising our full year guidance for renewal spreads to better reflect the success year-to-date in today's improved fundamental environment.

第二季度，我們簽署了 2.11 億美元的續租合同，按現金計算的價格上漲了 6.9%，這是 3 年來最強勁的續租價格。這一優勢在兩個產品領域和我們的 3 個區域中得到了體現，延續了我們上季度看到的廣泛改善，上半年續訂率合計超過 5%，我們正在提高全年續訂價差指引，以更好地反映今年迄今在基本環境改善的情況下取得的成功。

Renewal spreads in the 0-1 megawatt category continued to climb for the sixth consecutive quarter to an increase of 4.8% in the second quarter on $133 million of volume. Greater than 1 megawatt renewals were even stronger in the second quarter as cash re-leasing spreads increased by considerable 8.7% on $73 million of renewals, the largest increase within this category since the third quarter of 2019.

0-1兆瓦類別的續約價差連續第六個季度繼續攀升，第二季度增長了4.8%，成交量為1.33億美元。第二季度超過 1 兆瓦的續租量甚至更加強勁，現金再租賃價差增長了 8.7%，續租金額為 7,300 萬美元，這是自 2019 年第三季度以來該類別中的最大增幅。

Turning to our operating results. Our operating and financial performance in the second quarter was a bit better than our expectations highlighted by many of the same factors we highlighted last quarter. The continued improvement in our core operating performance, another record quarter of interconnection revenue and well-controlled expenses.

轉向我們的經營業績。我們第二季度的運營和財務業績略好於我們的預期，其中許多因素與我們上季度強調的相同。我們的核心運營業績持續改善，互連收入再創新高，支出得到良好控制。

In terms of earnings growth, we reported second quarter core FFO of $1.68 per share, 2% better versus the prior quarter and consensus expectations. On a constant currency basis, core FFO was $1.69 per share relative to the $1.72 we reported in the second quarter of 2022.

在盈利增長方面，我們報告第二季度核心 FFO 為每股 1.68 美元，比上一季度和共識預期高 2%。按固定匯率計算，核心 FFO 為每股 1.69 美元，而我們在 2022 年第二季度報告的價格為 1.72 美元。

Total revenue was up 20% year-over-year and 2% sequentially. The year-over-year revenue growth was impacted by both the inclusion of Teraco this year and the significant volatility in utility costs and reimbursements, particularly in Europe over the past 12 months. Most of these energy costs are directly passed through to our customers. Excluding utility reimbursements, total revenue was up 12% year-over-year.

總收入同比增長 20%，環比增長 2%。今年收入同比增長受到 Teraco 納入以及公用事業成本和報銷大幅波動（尤其是過去 12 個月在歐洲）的影響。這些能源成本大部分直接轉嫁給我們的客戶。不包括水電費報銷，總收入同比增長 12%。

Critically, our rental revenues in the second quarter included a $25 million onetime write-off of noncash straight-line rent and the $6 million bad debt reserve related to a tenant that declared bankruptcy during the quarter. We also wrote-off $3 million of noncash straight-line rent related to the re-leasing opportunity we executed in Northern Virginia. These write-offs of noncash straight-line rent of approximately $28 million combined are excluded from core FFO per share.

至關重要的是，我們第二季度的租金收入包括一次性沖銷的 2500 萬美元非現金直線租金以及與本季度宣布破產的租戶相關的 600 萬美元壞賬準備金。我們還註銷了與我們在北弗吉尼亞州執行的轉租機會相關的 300 萬美元非現金直線租金。這些沖銷的非現金直線租金總計約 2800 萬美元，不包括在每股核心 FFO 中。

Interconnection revenue was at a record level in the quarter, increasing by 12% year-over-year and 3% sequentially. Excluding Teraco, interconnection revenue was up 8% year-over-year, reflecting the ongoing organic strength in our core footprint. Bookings were higher in all 3 regions and ServiceFabric activations doubled in the quarter.

本季度互連收入創下歷史新高，同比增長 12%，環比增長 3%。不包括 Teraco，互連收入同比增長 8%，反映了我們核心業務中持續的有機實力。所有 3 個地區的預訂量均有所增加，ServiceFabric 激活量在本季度翻了一番。

Other than utility costs, expenses were well contained as rental property operating expenses and insurance were both flat sequentially, resulting in adjusted EBITDA growth of 14% year-over-year and 4% sequentially.

除公用事業成本外，由於租賃物業運營費用和保險費用均與上一季度持平，因此支出得到了很好的控制，調整後的 EBITDA 同比增長 14%，環比增長 4%。

Improvement in our stabilized same capital operating performance continued in the second quarter, with year-over-year cash NOI up 5.6% and 1.7% sequentially. This marked the strongest year-over-year growth in our same capital pool since 2014, demonstrating the turn and fundamentals that we have been highlighting. The improvement was driven by an 80 basis point increase in occupancy as commencements outpace churn with upside from rent escalators and stronger-than-expected re-leasing spreads. While we're very encouraged by the improvement we've seen to date in this metric and the trend does indeed appear to be our friend. Our enthusiasm for the second half of 2023 is tempered by the uncertainty related to a recent customer bankruptcy filing. We expect to know more about the potential impact by the time we report third quarter results.

第二季度，我們穩定的資本運營業績繼續改善，現金 NOI 同比分別增長 5.6% 和 1.7%。這標誌著我們同一資本池自 2014 年以來最強勁的同比增長，展示了我們一直強調的轉變和基本面。這一改善的推動因素是，由於租金上漲和轉租利差強於預期，開工率超過了客戶流失率，入住率增加了 80 個基點。雖然我們對迄今為止在該指標上所看到的進步感到非常鼓舞，而且這種趨勢似乎確實是我們的朋友。最近客戶破產申請帶來的不確定性削弱了我們對 2023 年下半年的熱情。我們預計在報告第三季度業績時會更多地了解潛在影響。

Turning to the balance sheet. As Andy outlined in his remarks, as of this week, we are meaningfully ahead of the funding plan that we laid out for you in February. We have already closed an approximately $2.2 billion of asset sales and stabilized joint ventures and expect to make additional progress on development joint ventures in the second half of this year.

轉向資產負債表。正如安迪在講話中概述的那樣，截至本週，我們明顯領先於二月份為您制定的融資計劃。我們已經完成了約 22 億美元的資產出售並穩定了合資企業，預計今年下半年在開發合資企業方面將取得更多進展。

Specifically, earlier in July, we closed on the sale of a 65% interest in 2 stabilized hyperscale data centers on our Chicago campus, raising $743 million of gross proceeds. And as announced this afternoon, we sold an 80% interest in 3 stabilized hyperscale data centers on our Ashburn campus, raising another $1.3 billion of gross proceeds.

具體來說，7 月初，我們完成了芝加哥園區 2 個穩定的超大規模數據中心 65% 權益的出售，籌集了 7.43 億美元的總收益。正如今天下午宣布的那樣，我們出售了阿什本園區 3 個穩定的超大規模數據中心 80% 的權益，籌集了另外 13 億美元的總收益。

Including proceeds from the sale of the noncore asset in Texas, we announced last month, we've raised over $2 billion in capital at a blended average cap rate of just over 6% so far this year. In addition to this capital recycling activity, during the second quarter, we raised $1.1 billion of proceeds from the sale of 11 million shares of equity under our ATM. Included in this total was approximately 3.5 million shares or $335 million that was structured as forward equity issuance. These shares were settled earlier this week.

我們上個月宣布，包括出售德克薩斯州非核心資產的收益，今年迄今為止，我們已籌集了超過 20 億美元的資本，混合平均資本化率略高於 6%。除了這項資本回收活動外，第二季度我們還通過 ATM 出售 1100 萬股股權籌集了 11 億美元的收益。其中包括約 350 萬股或 3.35 億美元，其結構為遠期股權發行。這些股票已於本週早些時候結算。

Our reported leverage ratio at the quarter end was 6.8x, while fixed charge coverage was 4.2x. Pro forma for the JV transactions and the settlement of the forward equity outstanding at quarter end leverage was 6.3x, putting us on track toward our near 6x target by year-end.

我們報告的季度末槓桿率為 6.8 倍，而固定費用覆蓋率為 4.2 倍。合資企業交易和季度末未償還遠期股本結算的預計槓桿率為 6.3 倍，使我們有望在年底實現接近 6 倍的目標。

Moving on to our debt profile. Our weighted average debt maturity is nearly 5 years and our weighted average interest rate is 2.7%. Approximately 84% of our debt is non-U.S. dollar denominated, reflecting the growth of our global platform. Approximately 83% of our net debt is fixed rate and 97% of our debt is unsecured, providing ample flexibility for capital recycling.

繼續我們的債務狀況。我們的加權平均債務期限為近5年，加權平均利率為2.7%。我們大約 84% 的債務是非美元計價的，反映了我們全球平台的增長。我們約 83% 的淨債務為固定利率，97% 的債務為無擔保債務，為資本回收提供了充足的靈活性。

Finally, we have minimal near-term debt maturities with only $100 million maturing during the rest of this year and a well-laddered maturity schedule throughout the out years.

最後，我們的近期債務到期日極小，今年剩餘時間內到期的債務只有 1 億美元，而且未來幾年的到期時間表也很完善。

Lastly, let's turn to our guidance. We are affirming our full year revenue guidance range of $5.5 billion to $5.6 billion, an adjusted EBITDA guidance of $2.7 billion at the midpoint. As the recent acceleration in capital recycling has been balanced by better-than-expected re-leasing spreads and Same-Capital cash NOI. We are, however, adjusting our core FFO and constant currency core FFO per share guidance ranges for the full year 2023 by $0.10 per share to a new range of $6.55 to $6.65 to reflect the following: $0.03 per share tied to the acceleration of our funding plan, including greater-than-expected stabilized joint venture sales and over $1 billion of equity issuance. $0.05 to $0.07 per share for the write-off of unpaid rent and additional near-term uncertainty related to recent customer bankruptcy and about $0.01 per share of lower noncash straight-line rent tied to the opportunistic termination and re-leasing in Northern Virginia.

最後，讓我們轉向我們的指導。我們確認全年收入指導範圍為 55 億至 56 億美元，調整後的 EBITDA 指導中值為 27 億美元。由於近期資本回收的加速已被好於預期的再租賃利差和相同資本現金 NOI 所平衡。然而，我們正在將 2023 年全年的核心 FFO 和固定貨幣核心 FFO 每股指導範圍調整為每股 0.10 美元，調整至 6.55 至 6.65 美元的新範圍，以反映以下因素： 每股 0.03 美元與我們融資的加速相關計劃，包括超出預期的穩定合資企業銷售以及超過 10 億美元的股票發行。每股 0.05 至 0.07 美元，用於沖銷未付租金和與最近客戶破產相關的額外近期不確定性，以及與北弗吉尼亞州機會主義終止和重新租賃相關的每股約 0.01 美元的較低非現金直線租金。

Given the continued progress on the turn in our fundamentals during the quarter, we are also updating the organic operating metrics supporting our full year guidance, including cash and GAAP re-leasing spreads moving up to greater than 4% and greater than 8%, respectively, An increase in our Same-Capital cash NOI growth guidance by 100 basis points to a revised range of 4% to 5%, despite the potential impact of the customer bankruptcy this quarter, partly balanced by a reduction in our year-end portfolio occupancy assumption to 84% to 85%, largely reflecting the greater than anticipated sales of stabilized hyperscale assets into joint ventures.

鑑於本季度基本面持續好轉，我們還將更新支持全年指引的有機運營指標，包括現金和 GAAP 轉租利差分別升至 4% 以上和 8% 以上儘管本季度客戶破產可能產生影響，但我們的同資本現金 NOI 增長指導提高了 100 個基點，修訂後的範圍為 4% 至 5%，部分由我們年底投資組合入住率的減少所平衡假設為 84% 至 85%，這主要反映了向合資企業出售的穩定超大規模資產高於預期。

Given the better-than-expected execution on our funding plan to date, we have also updated our guidance for dispositions in JV capital. We now expect total disposition, a JV capital raised to fall within the range of our current $2.2 billion up to $3 billion. We've also reduced the amount of long-term debt financing needed to support our full year funding plan, given the nearly $4 billion of liquidity currently available as a result of asset sales, JVs and ATM equity raised.

鑑於迄今為止我們融資計劃的執行情況好於預期，我們還更新了合資資本處置指南。我們現在預計總處置量（即籌集的合資企業資本）將落在我們目前 22 億美元至 30 億美元的範圍內。鑑於目前通過資產出售、合資企業和 ATM 股權籌集獲得的近 40 億美元流動資金，我們還減少了支持全年融資計劃所需的長期債務融資金額。

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

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

(Operator Instructions)

（操作員說明）

And our first question comes from David Barden of Bank of America.

我們的第一個問題來自美國銀行的大衛·巴登。

You have Alex Waters on for Dave. Congrats on the new JV deal. Just wanted to know if you could walk us through kind of what line of sight you have for the development JV pipeline. And then looking into 2024, can you speak to how comfortable you are with the funding pipeline? And then secondly, on the core business, you've had strong re-leasing spreads on the greater than 1 megawatt side. Just curious on what your expectations are for this bucket heading into the second half of the year and into 2024.

亞歷克斯·沃特斯 (Alex Waters) 替補戴夫 (Dave)。祝賀新的合資協議。只是想知道您是否可以向我們介紹一下您對開發合資企業管道的看法。然後展望 2024 年，您能談談您對融資渠道的滿意程度嗎？其次，在核心業務上，您在超過 1 兆瓦方面擁有強勁的再租賃價差。只是好奇您對今年下半年和 2024 年的這一桶有何期望。

Thanks, Alex. Appreciate the kind words. I'm going to turn it to Greg to call speak to where we're going next in terms of capital raising on development JVs, and maybe tie in what's happened back half of this year into 2024. And I can pick up on the core portfolio.

謝謝，亞歷克斯。感謝善意的話語。我將轉給格雷格，請他談談我們下一步在開發合資企業籌集資金方面的進展，也許會與今年下半年到 2024 年發生的事情聯繫起來。我可以了解核心內容文件夾。

Sounds good. Thanks, Alex. Look, with respect to the development JV guidance, we're still comfortable with our full year development JV guidance that we provided previously. That's roughly $750 million give or take. And that's obviously the plug, if you will, between the $1.5 billion to $2.5 billion last time, which now becomes $2.2 billion to $3 billion. Look, we remain engaged on these transactions over the second half of the year. And what we're seeing out there just as with the stabilized joint ventures, there's strong demand for the development joint ventures, particularly given that these JVs offer the highest returns and they have a lot of moving parts, though. So given the strategic considerations here, these tend to take a little longer. So I'd say we remain optimistic and on track for those.

聽起來不錯。謝謝，亞歷克斯。看，關於開發合資企業指導，我們仍然對我們之前提供的全年開發合資企業指導感到滿意。這大約是 7.5 億美元的給予或接受。如果你願意的話，這顯然就是上次 15 億美元到 25 億美元之間的插頭，現在變成了 22 億美元到 30 億美元。看，我們在今年下半年仍在進行這些交易。我們看到，就像穩定的合資企業一樣，對開發合資企業的需求也很強勁，特別是考慮到這些合資企業提供最高的回報，而且它們有很多活動部件。因此，考慮到這裡的戰略考慮，這些往往需要更長的時間。所以我想說，我們保持樂觀並朝著這些目標邁進。

With that, I'll turn it back over to Matt and Andy.

這樣，我會將其轉回給馬特和安迪。

Thanks, Alex. I think for your second question was about, call it, the core operating results we saw in the quarter year-to-date and where we see in the back of the year, if I'm correct. We're certainly pleased on multiple fronts on the value proposition and pricing power coming through. We saw that in our new lease signings and ROIs as well as our cash mark-to-markets and which flow through to our same-store growth. We had a quite strong quarter on those stats, and you saw that we updated our guidance for the full year. So as of right now, we think that these trends on the cash mark-to-markets and pricing power will continue into the back half of 2023.

謝謝，亞歷克斯。我認為你的第二個問題是關於我們在本季度迄今為止看到的核心運營業績以及我們在今年下半年看到的情況（如果我是正確的話）。我們當然對價值主張和定價能力的多個方面感到高興。我們在新的租賃簽約和投資回報率以及按市價計價的現金中看到了這一點，這些都促進了我們的同店增長。我們在這些統計數據上有一個相當強勁的季度，你看到我們更新了全年的指導。因此，截至目前，我們認為現金按市價和定價能力的這些趨勢將持續到 2023 年下半年。

Yes. I might just add that again, this quarter, we saw all of our greater than 1 megawatt renewals were in positive territory, and that includes across all regions as well.

是的。我想再次補充一點，本季度，我們看到所有超過 1 兆瓦的續訂都處於正值區域，這也包括所有地區。

The next question comes from Jon Petersen of Jefferies.

下一個問題來自傑富瑞 (Jefferies) 的喬恩·彼得森 (Jon Petersen)。

Great. Good job on the execution on the JV deal. I wanted to ask about the 8 megawatts where you had an uplift in rents. I know you talked about it, but I'm sorry, can you maybe break down like what kind of drove your ability to push those rents higher? And if you were to take that out, what were the rents per kilowatt hour in the greater than 1 megawatt in America?

偉大的。合資交易的執行情況良好。我想問一下你們租金上漲的 8 兆瓦的情況。我知道你談到過這個問題，但很抱歉，你能不能分解一下是什麼推動了你推高租金的能力？如果把它去掉，美國超過 1 兆瓦的電力每千瓦時的租金是多少？

Thanks, Jon. So I'll walk through the dynamics, I'll let Matt quote the actual rate on the new deal to give you a sense of the market. I mean this is obviously a market that is very tight on supply and we've been working with our installed customer base, if anyone had capacity that was idle or they didn't see -- have near-term need for. So hence, we were able to take back capacity from a customer since I let them out of a contract. And that contract was signed, call it, a year ago at a much lower rate. And we were able to help a different customer that had immediate needs and we're able to sign that at a much higher rate.

謝謝，喬恩。因此，我將介紹一下動態，讓馬特引用新交易的實際利率，讓您對市場有一個了解。我的意思是，這顯然是一個供應非常緊張的市場，我們一直在與我們的已安裝客戶群合作，如果有人有閒置的產能或他們沒有看到近期的需求。因此，自從我讓客戶解除合同後，我們就能夠從客戶那裡收回產能。該合同是在一年前以低得多的價格簽署的。我們能夠幫助有迫切需求的不同客戶，並且我們能夠以更高的速度簽署該協議。

But -- Matt, why don't you walk through the stats?

但是——馬特，你為什麼不看一下統計數據呢？

Yes, sure. So just to be clear, the deal that you're -- that we're talking about here is not included in our renewal stats. What we are doing is showing just the net incremental revenue that we expect to recognize within our signing stats. And you'll see that more clearly when you look at Page 8 of our supplemental, in particular, in North America, the greater than 1 megawatt, you're going to see a deal -- you're going to see the $300 a kW rate, and that's because we're only showing the incremental revenue and not the associated megawatts attached to it.

是的，當然。因此，需要明確的是，我們在這裡討論的交易不包含在我們的續約統計數據中。我們正在做的只是顯示我們期望在簽約統計數據中確認的淨增量收入。當你查看我們補充材料的第 8 頁時，你會更清楚地看到這一點，特別是在北美，超過 1 兆瓦，你會看到一筆交易 - 你會看到 300 美元千瓦率，這是因為我們只顯示增量收入，而不顯示與之相關的兆瓦數。

If you put that deal in at, call it, 100%, that $300 a kW would come down to 148. But again, it was a substantial uplift from the in-place lease, was over 50% higher than what we had currently.

如果你以 100% 的價格進行交易，則每千瓦 300 美元將降至 148 美元。但同樣，這比就地租賃有大幅提升，比我們目前的租金高出 50% 以上。

I'm sorry, that's 148 on the 8-megawatt deal or 148 excluding the 8-megawatt deal?

抱歉，這是 8 兆瓦交易的 148 美元，還是 8 兆瓦交易除外的 148 美元？

Including, that would be our blended rate, if you look at Page 8 in our supplemental versus the 300.

包括，如果您查看我們的補充材料中的第 8 頁與第 300 頁，這將是我們的混合費率。

Okay. Okay. And then just 1 follow-up, just to stick with NOVA. So with the power constraints there as long as nothing has changed, it seems like nothing new could really come online until 2026. Are you already seeing leasing demand for people that are wanting to sign leases and commit that far in advance?

好的。好的。然後只有 1 個後續行動，只是為了堅持 NOVA。因此，只要電力限制沒有發生任何變化，似乎在 2026 年之前都不會出現新的上線。您是否已經看到了想要提前簽署租約並承諾的人們的租賃需求？

So John, the NOVA market, the facts, I would say, remain the same in terms of transmission lines and arrival of utility power, which has really created an environment of demand well outpacing supply. We are, I'd say, less right now focused on signings that don't commence until 2026 based on the uncertainty of when in 2026 exactly that power rise. And quite honestly, making sure that we're maximizing the opportunity at hand for us. That market has seen dramatic price improvement. We've signed deals in the larger categories, call it, 140 or north of that per kilowatt. Again, that market was in the 70s, not so long ago.

所以約翰，我想說，NOVA 市場的事實在輸電線路和公用電力的到達方面保持不變，這確實創造了一個需求遠遠超過供應的環境。我想說，我們現在不太關注那些要到 2026 年才開始的簽約，因為 2026 年權力上升的具體時間還不確定。老實說，確保我們最大限度地利用手頭的機會。該市場的價格大幅上漲。我們已經簽署了較大類別的交易，稱之為每千瓦 140 或更高。同樣，那個市場是在 70 年代，不久之前。

And the good news, as we reported, given our breadth and history in that market, we've been able to work with our utility provider and really cobble together incremental growth capacity for our customers across our campuses. If you add them all up, prior to the 2026 arrival, call it, by 2025, if not sooner, you're approaching, call it, 100 megawatts of growth capacity in Ashburn, which is in addition to our growth capacity that we have in Manassas.

正如我們報導的那樣，好消息是，考慮到我們在該市場的廣度和歷史，我們已經能夠與我們的公用事業提供商合作，並真正為我們整個園區的客戶提供增量增長能力。如果你把它們全部加起來，在 2026 年到來之前，稱之為，到 2025 年，如果不是更早的話，你將接近，稱之為，阿什本 100 兆瓦的增長能力，這是我們現有增長能力之外的在馬納薩斯。

The next question comes from Michael Elias of TD Cowen.

下一個問題來自 TD Cowen 的 Michael Elias。

To start, in recent months, we've seen the volume and size of deals increase. And to that point, there are many requirements on the market right now that are over 100 megawatts. As you consider the strategy moving forward, is it your intention to compete for these deals? And if so, are you willing to pursue these deals with or without a development JV lined up with the understanding that these projects will drive long-term shareholder value? And then I have a follow-up.

首先，近幾個月來，我們看到交易數量和規模都在增加。就這一點而言，目前市場上有許多超過 100 兆瓦的需求。當您考慮未來的戰略時，您是否打算參與這些交易的競爭？如果是這樣，您是否願意在有或沒有開發合資企業的情況下進行這些交易，並了解這些項目將推動長期股東價值？然後我有一個後續行動。

So I can tell you, we didn't sign any 100-megawatt deals in this quarter. We are certainly around some of these opportunities. We're very focused on, call it, maximizing our footprint for its highest and best use in helping our customers the best way we can. Some of those deals obviously have led itself towards the AI domain, for trading models, they need that large scales of contiguous capacity. I can tell you look at our footprint. We have extensive locations around the globe that we can help those types of customers.

所以我可以告訴你，本季度我們沒有簽署任何100兆瓦的交易。我們確實面臨著其中一些機會。我們非常專注於最大限度地利用我們的足跡，以最好的方式幫助我們的客戶。其中一些交易顯然已經進入了人工智能領域，對於交易模型來說，它們需要大規模的連續容量。我可以告訴你看看我們的足跡。我們在全球擁有廣泛的分支機構，可以為這些類型的客戶提供幫助。

We are -- we've made great progress both in our capital sources, as you saw just in literally the month of July, really got back into firmer footing to support our customers' growth. Adding to that a development partner, I think we'll put even more fuel to the fire to support that growth. So I think when it comes to bigger, bigger deals, we got to make sure that they land in the right locations for Digital Realty and make sure we're maximizing the opportunity in terms of our, what I call is really precious capacity in our land bank, in our sales and in our inventory runway.

正如您在 7 月份所看到的那樣，我們在資本來源方面都取得了巨大進步，確實重新站穩了腳跟，以支持我們客戶的增長。除了發展合作夥伴之外，我認為我們將投入更多的燃料來支持這種增長。因此，我認為，當涉及越來越大的交易時，我們必須確保它們落在 Digital Realty 的正確地點，並確保我們最大限度地利用我們的機會，我稱之為真正寶貴的能力。土地儲備、我們的銷售和庫存跑道。

Great. And then just to piggyback on that point about maximizing the opportunity. If I go back to the third quarter of 2022, you guys were clear that you were sharpening the lens to which you looked at investments with the intention of driving a higher risk-adjusted return. As we think about hyperscale deals in which you would lease an entire building to a single hyperscaler on a turnkey basis. Could you give us a framework for thinking about what the appropriate spread between your unlevered development yield and your cost of capital should be to make it worth it to lease it to the hyperscaler?

偉大的。然後再利用這一點來最大化機會。如果我回到 2022 年第三季度，你們很清楚，你們正在銳化投資的視角，目的是推動更高的風險調整回報。當我們考慮超大規模交易時，您可以將整棟建築以交鑰匙方式出租給單個超大規模企業。您能給我們一個框架來思考您的無槓桿開發收益率和資本成本之間的適當價差應該是多少，才值得將其租賃給超大規模企業嗎？

Thanks, Michael. I think Jordan is -- can see the future because he thought you're going to ask this question. But honestly, we haven't been thinking about that because we've been raising the bar and demand has been outpacing the supply where anything that even kind of feels skinny or close to not just reaching our cost of capital is not made it on to where we're investing our dollars. And you can see that in our development life cycle where you have the whole schedule of the 377 plus megawatts underway, north of 10% ROI. That includes the Americas region, North America that it's, call it, and still weighted down by projects that were, call it, open book yield on cost projects, almost legacy in vain that is weighting down those averages.

謝謝，邁克爾。我認為喬丹能夠看到未來，因為他認為你會問這個問題。但老實說，我們還沒有考慮過這一點，因為我們一直在提高標準，需求一直超過供應，任何感覺微不足道或接近不只是達到我們的資本成本的東西都無法實現。我們投資的地方。您可以看到，在我們的開發生命週期中，377 多兆瓦的整個計劃正在進行中，投資回報率超過 10%。這包括美洲地區，即所謂的北美地區，並且仍然受到所謂成本項目的開賬收益率項目的拖累，這些項目幾乎是徒勞的遺產，壓低了這些平均水平。

I can tell you these opportunities we're seeing even for larger capacity blocks in these tight markets, be it a Northern Virginia, be it a Singapore, be it a Frankfurt or elsewhere, we're certainly into the double digits unlevered ROIs, which I think that well exceeds the risk-adjusted of deploying capital and it really is coming down more to supply/demand dynamics than just, call it, premiums. And I think if you look at the great work our investments team did on transacting on some of these JVs and the new partners we brought in the fold and called the 6-ish cap area, I think, you're seeing a lot of value creation in our model.

我可以告訴你，即使是在這些緊張的市場中，即使是更大的容量區塊，我們也看到了這些機會，無論是北弗吉尼亞、新加坡、法蘭克福還是其他地方，我們肯定會達到兩位數的無槓桿投資回報率，這我認為這遠遠超出了資本配置的風險調整，而且它實際上更多地取決於供需動態，而不僅僅是所謂的溢價。我認為，如果您看看我們的投資團隊在一些合資企業和我們引入的新合作夥伴（稱為 6 左右上限區域）的交易中所做的出色工作，我認為您會看到很多價值在我們的模型中進行創造。

The next question comes from Jon Atkin of RBC.

下一個問題來自加拿大皇家銀行的喬恩·阿特金。

A couple of questions. I wondered what -- how to kind of think -- you said you're not going to issue any more debt this year. But given some of the other moving parts around possible asset sales and so forth, are there any more of those to come? And how can we think about the leverage trajectory of getting perhaps into the high 5s or whatnot?

有幾個問題。我想知道你說今年不再發行任何債務，你是怎麼想的。但考慮到可能的資產出售等其他一些變化，還會有更多的變化嗎？我們如何考慮進入高 5 或類似情況的槓桿軌跡？

And then secondly, I was curious just about India. Is your partner contributing any assets prospectively going forward?

其次，我對印度很好奇。您的合作夥伴未來是否會貢獻任何資產？

Matt can speak to the funding in our sources and uses in the guidance and leverage, and then Chris and I can (inaudible) the India piece. [Greg]?

馬特可以談論我們來源中的資金以及指導和槓桿中的用途，然後克里斯和我可以（聽不清）印度部分。 [格雷格]？

Yes. So there's a couple of aspects here, I think, are important. One to reiterate, as of today, we've got $4 billion of liquidity, thanks to the execution of the broader team. If you look at where our funding needs are going forward this year, based on looking at our life cycle, what's remaining to be spent, our guidance in terms of what's left to be spent, we're talking about somewhere in the $1.2 billion to $1.3 billion left to spend this year. So that gives us a pretty significant runway into '24 to be able to fund the continued growth and opportunities that we see going forward.

是的。我認為這裡有幾個方面很重要。需要重申的是，截至今天，我們擁有 40 億美元的流動性，這要歸功於更廣泛團隊的執行力。如果你根據我們的生命週期、剩餘支出以及我們對剩餘支出的指導來了解今年我們的資金需求，我們正在討論的 12 億美元中今年還剩 13 億美元可支出。因此，這為我們進入 24 年提供了一條非常重要的道路，以便能夠為我們未來看到的持續增長和機會提供資金。

On top of that, as we also noted, we're not stopping in terms of the execution on asset sales as well as the potential that we're continuing to seek for development joint venture partners that will give us an even broader access to capital and be able to help us to fund not only some of that capital need into '24, but also potentially this year as well, which rounds out into your question on leverage.

最重要的是，正如我們還指出的那樣，我們不會停止執行資產出售以及我們繼續尋求開發合資夥伴的潛力，這將為我們提供更廣泛的資本獲取渠道並能夠幫助我們不僅為 24 年的部分資本需求提供資金，而且還可能為今年提供資金，這又涉及到您關於槓桿的問題。

We've made considerable progress again on that front as well. As I noted in the prepared remarks, you look at us on a pro forma basis, we're at 6.3% now. So made considerable progress on that. You layer on top of that our expected view of continuing to grow our EBITDA as we've left that guidance line unchanged, again, as well as continue to seek development joint venture partners that will continue to help us on that deleveraging process. So we feel pretty good about progress to date on both liquidity and leverage.

我們在這方面也再次取得了相當大的進展。正如我在準備好的發言中指出的那樣，您以預估的基礎來看我們，我們現在的比例為 6.3%。因此在這方面取得了相當大的進展。除此之外，我們預期繼續增長我們的 EBITDA，因為我們再次保持這一指導方針不變，並繼續尋求開發合資夥伴，以繼續幫助我們去槓桿化進程。因此，我們對迄今為止在流動性和槓桿方面取得的進展感到非常滿意。

And I'll turn it over to Greg on the India JV topic.

我將把有關印度合資企業的話題轉交給格雷格。

Just on India, just -- I mean, I think less about the assets. It's more -- obviously, they're going to be share in development opportunities in a huge market with a lot of growth, but it's really about a great, fantastic new partner to the partnership. And maybe Chris can touch on Jio and what we think they bring to the table here.

就印度而言，我的意思是，我對資產的考慮較少。顯然，更重要的是，他們將在一個巨大的增長迅速的市場中分享發展機會，但這實際上是關於合作夥伴關係中一個偉大的、夢幻般的新合作夥伴。也許 Chris 可以談談 Jio 以及我們認為他們在這裡帶來的​​東西。

Absolutely. I appreciate the conversation, Jon. So it's a culmination of expertise, right, where Brookfield brings local investing expertise. Digital [really], we bring the data center expertise to that market. But I think what really Jio brings is that local operating expertise and maybe many of you already know, but Jio is one of the largest mobile media platforms throughout India. And I think their extensive reach and ability to interconnect critical enterprises or other destinations is something that's going to allow us not to deliver a like-for-like product.

絕對地。我很欣賞這次談話，喬恩。因此，布魯克菲爾德帶來了本地投資專業知識，這是專業知識的頂峰，對吧。 [真正]數字化，我們將數據中心專業知識帶入該市場。但我認為 Jio 真正帶來的是本地運營專業知識，也許你們很多人已經知道，但 Jio 是印度最大的移動媒體平台之一。我認為他們廣泛的影響力和連接關鍵企業或其他目的地的能力將使我們無法提供同類產品。

And I think Greg and I have been talking about this for many years and looking at the fact that we wanted to be able to differentiate our ability to be successful within India. And so that partnership with Reliance, and Jio, has really elevated our ability to service the broader enterprise customer base. which, quite frankly, is unique in that it's a lot of our large hyperscale customers as well. So the amalgamation of that trio coming to market is something that we're excited about. We're still early innings. So you'll see it evolve over time. But pretty excited about the opportunity in India.

我認為格雷格和我多年來一直在討論這個問題，並考慮到我們希望能夠在印度取得成功的能力與眾不同。因此，與 Reliance 和 Jio 的合作確實提高了我們為更廣泛的企業客戶群提供服務的能力。坦率地說，這是獨一無二的，因為它也是我們的許多大型超大規模客戶。因此，這三者的合併進入市場是我們感到興奮的事情。我們還處於早期階段。所以你會看到它隨著時間的推移而演變。但對印度的機會感到非常興奮。

If I could quickly add on interconnect trends and anything to expect going forward in terms of just the trajectory, any particular reason why it might see pressure because of grooming or acceleration because of new use cases and is AI play a role at all in the interconnect at this point?

如果我可以快速添加互連趨勢以及對未來發展軌蹟的任何預期，那麼它可能會因為新用例的整理或加速而面臨壓力的任何特殊原因，以及人工智能在互連中發揮作用嗎？在此刻？

Sure. Appreciate it, Jon. Just to further jump into that. Yes, interconnection, I think, is something that's evolving rather quickly. I think artificial intelligence is definitely evolving, and it's in its early stages to date. I think where we've been watching and what I think has shown through and we referenced in the prepared remarks is the fact that it's the highest 5-year growth, 2 straight quarters, surpassing $100 million. I think that's very unique to us and the platform that we represent in the market.

當然。很欣賞它，喬恩。只是為了進一步跳入其中。是的，我認為互聯是一種發展相當快的東西。我認為人工智能確實在不斷發展，而且迄今為止還處於早期階段。我認為我們一直在關注的地方以及我認為已經顯示出來的以及我們在準備好的評論中提到的事實是，這是 5 年來最高的增長，連續兩個季度超過 1 億美元。我認為這對我們和我們在市場上代表的平台來說非常獨特。

I would also say that some of the activities that we've been doing around ServiceFabric, which quite frankly, is tailored to streamlining the technical kind of barriers that have been placed upon the customers to access all of these destinations where data resides, which at the core of artificial intelligence, where I think your question is at, you have to have access to data.

我還想說，我們圍繞 ServiceFabric 開展的一些活動，坦率地說，是為了簡化客戶訪問數據所在的所有這些目的地而設置的技術障礙而量身定制的。人工智能的核心，我認為你的問題在於，你必須能夠訪問數據。

And so being able to be a part of one of the largest open platforms that quite frankly, allows customers to access these data oceans of both public and private deployments. I think the platform is starting to pay off. And I would say that again, early innings with AI, but we're very excited about what that demand is going to represent inside of our portfolio. And as we evolved and we're stable stay of what we did in the foundation of cloud, you'll see us be able to be at a steady state with a lot of these customers evolving AI as well.

因此，能夠成為最大的開放平台之一的一部分，坦率地說，允許客戶訪問公共和私有部署的這些數據海洋。我認為這個平台已經開始獲得回報。我想再說一遍，人工智能還處於早期階段，但我們對這種需求在我們的產品組合中所代表的內容感到非常興奮。隨著我們的發展以及我們在雲基礎上所做的事情的穩定保持，您將看到我們能夠與許多不斷發展人工智能的客戶保持穩定的狀態。

The next question comes from David Guarino of Green Street.

下一個問題來自 Green Street 的 David Guarino。

So looking at your development tables, you guys are developing assets at 10% stabilized yields and feels like if that stays, you can sell assets at fixed cap rates. That's a pretty healthy spread on the development profit margin. So I guess I was just wondering, since you've already hit your initial disposition target that range you set out why do you see the need to do more JV development at this point? Why not just look to sell more stabilized assets?

因此，看看你們的開發表，你們正在以 10% 的穩定收益率開發資產，感覺如果這種情況持續下去，你們可以以固定上限利率出售資產。這對開發利潤率來說是一個相當健康的差距。所以我想我只是想知道，既然您已經達到了您設定的初始處置目標，為什麼您認為此時需要進行更多的合資開發？為什麼不尋求出售更多穩定資產呢？

David, it's Greg here. Look, I think when you take a look -- as we laid out, and Andy laid out at the beginning of the year, the reason for finding these development partners is, look, when you look at this opportunity in the hyperscale business today, it goes well beyond our balance sheet even at $55 billion. So when you look at that, what it tells you is you got to have third-party capital to meet the customers' needs within -- throughout the globe for that business. So as we sit here today, even though we have, as you said, we've exceeded our guidance on what we were going to do. If you look at this strategically go forward, and we think that's the best way to fund that business to create value for our shareholders. So that's why we're going to continue to fund it through development. And we think that's the most prudent way to move forward with it.

大衛，我是格雷格。聽著，我認為當你看一看時 - 正如我們所闡述的，安迪在今年年初所闡述的，尋找這些開發合作夥伴的原因是，看，當你看到當今超大規模業務中的這個機會時，即使達到 550 億美元，也遠遠超出了我們的資產負債表。因此，當你看到這一點時，它告訴你的是，你必須擁有第三方資本來滿足該業務的全球客戶的需求。因此，當我們今天坐在這裡時，儘管正如您所說，我們已經超出了我們對要做的事情的指導。如果你從戰略上看這一點，我們認為這是為該業務提供資金、為股東創造價值的最佳方式。這就是為什麼我們將繼續通過開發為其提供資金。我們認為這是推進這一計劃的最謹慎的方式。

Okay. And then maybe switching topics on the tenant bankruptcy, Matt, you were talking about, which I think is a former public data center company. Can you walk us through what eventually happens to that space? Are you guys just waiting now to renegotiate with the tenants? And I guess, how soon if that's not the case, can you start releasing that space?

好的。然後也許會切換關於租戶破產的話題，馬特，你正在談論，我認為這是一家前公共數據中心公司。您能否向我們介紹一下該空間最終會發生什麼？你們現在就等著和租戶重新談判嗎？我想，如果不是這種情況，您多久可以開始釋放該空間？

David, just to add on to the last question, and I could -- Matt and I can [hit on] the second part of your question. The -- I think there's been -- our balance sheet today has, call it, north of 3 gigawatts of growth capacity around the world. And we see that expanding and having the balance sheet to be help funded alongside some great partners is another part of becoming more efficient and more quickly driving returns and results to our bottom lines. In a market and an opportunity backdrop that keeps getting bigger, it was large to begin with, cloud computing accelerated that with hyperscale demand. And AI is just an incremental lift to this wave of demand. Hence, we believe, the best way to tackle this opportunity and support our customers while driving results to the bottom line is in partnerships on the capital front.

大衛，補充一下最後一個問題，我可以——馬特和我可以[談到]你問題的第二部分。我認為我們今天的資產負債表已經超過了全球 3 吉瓦的增長能力。我們看到，擴大資產負債表並獲得一些優秀合作夥伴的幫助是提高效率和更快地推動回報和業績達到我們底線的另一部分。在市場和機遇不斷擴大的背景下，雲計算的規模本來就很大，但超大規模的需求加速了這一過程。而人工智能只是這波需求的增量提升。因此，我們相信，抓住這一機遇並支持我們的客戶，同時將業績推向利潤的最佳方式是在資本方面建立合作夥伴關係。

When it comes to the customer bankruptcy, obviously, this customer is in the middle of bankruptcies who can't share too much. The typical playbook is the creditors essentially have to run a process for the assets or the business. And as part of that, make decisions on either accepting or rejecting leases. We have not, to date, had any leases rejected so far. While they have rejected other providers or landlord leases, I don't think you can assume that every one of our leases despite that fact will be accepted. But from a strategic lens, this is why years ago, we increased our capabilities and be able to expand in the colocation interconnection offering and support end customers.

當談到客戶破產時，顯然，該客戶正處於破產之中，無法分享太多。典型的做法是債權人本質上必須為資產或業務運行一個流程。作為其中的一部分，做出接受或拒絕租賃的決定。迄今為止，我們尚未收到任何租約被拒絕的情況。雖然他們拒絕了其他提供商或房東的租約，但我認為您不能假設我們的每一項租約都會被接受。但從戰略角度來看，這就是為什麼我們多年前就提高了能力，能夠擴展託管互連產品並支持最終客戶。

So when -- if and when we sell the customers would have issues, we can essentially step in and support the end customers and have adequate financial outcomes and that they've given our capabilities. So that -- there's a little bit of latency as this customer works his way through bankruptcy, and I think we'll have more to report by the third quarter call.

因此，當我們出售的客戶出現問題時，我們基本上可以介入並支持最終客戶，並獲得足夠的財務成果，並且他們已經賦予了我們能力。因此，當該客戶通過破產程序時，會有一點延遲，我認為到第三季度電話會議時我們將有更多報告。

The next question comes from Mike Rollins of Citi.

下一個問題來自花旗銀行的邁克·羅林斯。

Just a couple of follow-ups. So first, as you're looking at the portfolio, what's the value of data center assets that you own that could be considered for future joint ventures? So what's left in terms of opportunity for recycling? And then also, can you just provide us an update on how you're doing and the opportunities to improve, whether it's overall occupancy or same capital occupancy within the portfolio?

只是幾個後續行動。首先，當您查看投資組合時，您擁有的可以考慮用於未來合資企業的數據中心資產的價值是多少？那麼回收的機會還剩下什麼呢？另外，您能否向我們提供有關您的最新進展以及改進機會的信息，無論是總體佔用率還是投資組合中的相同資本佔用率？

Sure. I mean hyperscale is still a large piece of our business in terms of our installed base and certainly a lot of what's going into our current development pipeline as it stands. I think in conjunction with the creation of Digital Core REIT, we came to an estimation of, call it, $15 billion of value as a round ballpark in terms of things that would fit the bill essentially -- similar to the transactions we just announced in the month of July, fully stabilized, hyperscale-oriented long-weighted average lease length. Honestly, core assets parts of our campus, but the slowest organic growers of our portfolio, less interconnection-rich, less customer rich. I think the more recent portfolios. We've sold had, call it, 10 plus or minus customers in them. We're supporting 5,000 customers here Digital Realty.

當然。我的意思是，就我們的安裝基礎而言，超大規模仍然是我們業務的重要組成部分，當然也包括我們當前開發管道中的很多內容。我認為，在創建數字核心房地產投資信託基金的同時，我們估計了 150 億美元的價值，就基本上符合要求的事物而言，這與我們剛剛宣布的交易類似。 7 月份，超大規模導向的長期加權平均租賃長度完全穩定。老實說，核心資產是我們園區的一部分，但卻是我們投資組合中最慢的有機增長者，互聯程度較低，客戶豐富程度較低。我認為是最近的投資組合。我們已經銷售了大約 10 個左右的客戶。我們為 Digital Realty 的 5,000 名客戶提供支持。

So we still think that there's an opportunity to continue to build on these partnerships like the great partnerships we just announced. And essentially, be able to maintain 100% ownership of the highest growing pieces of our puzzle. When it comes to the same-store growth, Matt, why don't you pick that up in terms of the levers that we've been pushing hard to drive that?

因此，我們仍然認為有機會繼續發展這些合作夥伴關係，就像我們剛剛宣布的偉大合作夥伴關係一樣。從本質上講，能夠保持對我們拼圖中增長最快的部分的 100% 所有權。當談到同店增長時，馬特，你為什麼不利用我們一直在努力推動的槓桿來實現這一點呢？

Yes. So I call out a couple of things. So first, I mean, we have been making what I would say is good to great progress so far. If you look at it versus last year, we're up 80 basis points on our stabilized pool. We're going to continue, we think, to improve that over the course of this year into next year. And that's going to be a mix of essentially twofold, spaces where we believe that there's opportunity for larger customers. We're going to continue to target that given density requirements and the growing need for capacity across a global portfolio that we have, we're going to find opportunities to fill that in.

是的。所以我要指出幾點。首先，我的意思是，到目前為止，我們一直在取得我所說的良好進展。如果你看一下與去年相比，我們的穩定池上升了 80 個基點。我們認為，從今年到明年，我們將繼續改進這一點。這將是一個本質上是雙重的空間的混合體，我們相信這里為大客戶提供了機會。我們將繼續瞄準這一目標，考慮到密度要求以及我們擁有的全球投資組合對容量不斷增長的需求，我們將尋找機會來填補這一點。

But I think part of it and part of why it takes -- it's going to take a little bit more time to continue to improve the overall occupancy is that we're also looking where we can convert some of that space that we do have in the productized colo, at least that over time because we see the growing need for enterprise demand and where we want to be able to capitalize that which is a higher return and a market that we want to be able to penetrate and grow even further from where we are today.

但我認為部分原因和部分原因是——需要更多的時間來繼續改善整體入住率，因為我們也在尋找可以將我們現有的一些空間轉換成新的空間。產品化的託管服務，至少隨著時間的推移，因為我們看到企業需求不斷增長，我們希望能夠利用更高的回報和我們希望能夠滲透並進一步發展的市場我們今天。

The next question comes from Frank Louthan of Raymond James.

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

Can you comment on the situation in Singapore, I guess, with the government allowing a few new players coming in. How do you think that affects the pricing there? And then looking at the capital recycling, kind of where do you go from here? I know you continue to look at other diversification strategies. Is this kind of sort of finish this out? Or what are some other areas of capital sources that you can look at to reach that goal?

我想你能評論一下新加坡的情況嗎？政府允許一些新參與者進入。你認為這會如何影響那裡的定價？然後看看資本回收，您將何去何從？我知道您會繼續考慮其他多元化策略。這件事就這樣結束了嗎？或者您可以考慮哪些其他領域的資金來源來實現該目標？

So on the first one on Singapore, I mean, I think what you're seeing is supply still to get metered out at very small and rational clips. When after the years of no supply, the big unveiling is literally 4 different players getting 20-megawatt increments is relatively modest. I mean our latest data center build in that market was, I think, almost double that size of a need. So -- and this is not only happening with Singapore. You're seeing power constraints, be it from transmission or generation moratoriums, broader nimbyism, environmental concerns, just ratcheting and making the supply constraints to be more rational. That's why we're quite pleased that we have on our balance sheet, a long runway of growth for our customers with our campuses across 50-plus metros on 6 continents and the supply chain to support their growth. And this is all against the backdrop where the demand is outpacing the supply.

因此，關於新加坡的第一個，我的意思是，我認為您所看到的供應仍然以非常小且合理的方式進行計量。在多年沒有供應之後，重大的揭曉實際上是 4 個不同的參與者獲得 20 兆瓦的增量，這相對較小。我的意思是，我認為我們在該市場建造的最新數據中心幾乎是需求規模的兩倍。所以——這不僅發生在新加坡。你會看到電力限制，無論是來自輸電還是發電暫停、更廣泛的鄰避主義、環境問題，都在加劇並使供應限制變得更加合理。這就是為什麼我們非常高興我們的資產負債表上有一條漫長的增長跑道，我們的園區遍布六大洲 50 多個大都市，還有支持他們增長的供應鏈。而這一切都是在需求超過供應的背景下發生的。

Greg, do you want to reiterate where we go next on the capital recycling?

格雷格，您想重申一下我們下一步在資本回收方面的發展方向嗎？

Yes. Thanks. Frank, look, I think as we said, we're going to continue to focus our efforts on the remainder of this year on our development joint ventures we talked about. But to answer your question specifically, you asked about other sources of capital, we're -- how we think about it. Look, I think as a whole, we've done a pretty good job so far. As we said, we have the dedicated core REIT in Singapore. So that's a public vehicle.

是的。謝謝。弗蘭克，聽著，我認為正如我們所說，我們將繼續將今年剩餘時間的精力集中在我們談到的開發合資企業上。但為了具體回答你的問題，你問了其他資本來源，我們是如何看待它的。看起來，我認為總的來說，到目前為止我們做得相當不錯。正如我們所說，我們在新加坡擁有專門的核心房地產投資信託基金。所以這是一輛公共車輛。

We've obviously just announced 2 transactions where we would characterize as distinguished blue chip investment partners in both GI and TPG. And look, we continue to see strong interest across the board, so not just [PE-shops], but we see infrastructure funds, sovereign wealth funds, pension funds, insurance companies and the like. So we're seeing a broad-based demand here, looking at transactions, both stabilized core assets and development assets. So look, we're bullish on that. And when we look at that again, we think that's the prudent way to fund our growth going forward.

顯然，我們剛剛宣布了兩項交易，我們將其視為 GI 和 TPG 的傑出藍籌投資合作夥伴。看，我們繼續看到各方都有濃厚的興趣，所以不僅僅是[私募股權商店]，我們還看到基礎設施基金、主權財富基金、養老基金、保險公司等。因此，我們在這裡看到了廣泛的需求，包括穩定的核心資產和開發資產的交易。所以看，我們對此持樂觀態度。當我們再次審視這一點時，我們認為這是為我們未來的增長提供資金的審慎方式。

The next question comes from Eric Luebchow of Wells Fargo.

下一個問題來自富國銀行的 Eric Luebchow。

So Andy, I think you've talked about getting down to 5.5x leverage longer term. So maybe you could just walk through the path to get there beyond this year. And how much incremental capital recycling or JVs or other forms of capital you think you might need if you look past this year? And is the goal here to ultimately becoming more self-funding so that you can need our share more of the economics yourself instead of using development partners?

安迪，我認為您已經談到了長期將槓桿率降至 5.5 倍。所以也許你可以在今年之後沿著這條路到達那裡。如果回顧今年，您認為可能需要多少增量資本回收或合資企業或其他形式的資本？這裡的目標是最終變得更加自籌資金，以便您可以自己需要我們分享更多的經濟利益，而不是使用開發合作夥伴？

Yes. So this is Matt. I'll take that. I mean we do have -- our longer-term plan is to get down closer to 5.5x. Again, I think we've done a considerable amount of work. We said this year, we'd look to be closer to that 6x. You look at us based on what we've achieved and executed so far with the $2 billion from the joint ventures that we've done on stabilized assets, the $1 billion we've raised in equity so far to date, which has come in. We're at pro forma at 6.3%. And we see the path going forward to getting back even further down as we have backlog and continue to execute on leasing that comes online, our EBITDA continues to grow, and we execute on these development joint ventures. We believe those are going to be 2 of the major components, which are going to help us get down to that 5.5x target as we start to look through '24.

是的。這就是馬特。我會接受的。我的意思是，我們確實有——我們的長期計劃是接近 5.5 倍。再說一遍，我認為我們已經做了相當多的工作。我們說過，今年我們希望更接近 6 倍。你根據我們迄今為止所取得的成就和執行情況來看待我們，其中包括我們在穩定資產上通過合資企業籌集的 20 億美元，以及迄今為止我們通過股本籌集的 10 億美元，這些資金已投入使用。 .我們的預估率為 6.3%。我們看到，隨著我們有積壓訂單並繼續執行在線租賃，我們的 EBITDA 繼續增長，並且我們執行這些開發合資企業，我們看到未來的道路會進一步下降。我們相信這些將成為兩個主要組成部分，當我們開始展望 24 年時，它們將幫助我們實現 5.5 倍的目標。

But we're not in a position at this point in time to give '24 guidance yet, but I think those are the 2 main levers that we're going to be looking at to continue to drive our -- and improve our balance sheet and our leverage position.

但我們目前還不能及時給出 24 年的指導，但我認為這些是我們將要考慮的兩個主要槓桿，以繼續推動我們的資產負債表並改善我們的資產負債表以及我們的槓桿頭寸。

Okay. Great. And then just 1 follow-up. I think you still had some noncore portfolios out in the market today. And I guess given how successful you've been with capital recycling so far, is that kind of becoming less of a priority as you look forward? Or do you still plan to transact on some of those markets that are out there today?

好的。偉大的。然後只有 1 個後續行動。我認為今天市場上仍然有一些非核心投資組合。我想，考慮到迄今為止您在資本回收方面取得的成功，您未來的優先考慮是否會變得不那麼重要？或者您仍然計劃在目前的一些市場上進行交易嗎？

Look, Eric, we -- as you said, we've been fortunate we've had good demand and good execution this year. And look, we're already -- we're 30% of the way through, and we have other transactions we're working on. But as we always said in the past, the good news for us is these noncore assets are all a very, very, very small piece of our portfolio. So we have the benefit of being disciplined and making sure we get, we think is fair value. So we're going to continue with that approach like we have historically and continue to pursue them. But again, we're seeing demand for those assets as well. So we'll continue to work on it, and we'll continue to post you as we have things to talk about.

聽著，埃里克，正如你所說，我們很幸運今年有良好的需求和良好的執行力。看，我們已經完成了 30%，並且我們正在處理其他交易。但正如我們過去常說的那樣，對我們來說好消息是這些非核心資產在我們的投資組合中只佔非常非常小的一部分。因此，我們的優勢在於遵守紀律並確保我們獲得我們認為公平的價值。因此，我們將像歷史上那樣繼續採用這種方法，並繼續追求它們。但我們也看到了對這些資產的需求。因此，我們將繼續努力，並在有事情要討論時繼續向您發布消息。

The next question comes from Irvin Liu of Evercore ISI.

下一個問題來自 Evercore ISI 的 Irvin Liu。

I have 1 and a follow-up. So within your improved bookings this quarter, are you able to call out whether there was any sort of contribution from AI or any AI-related deployments from our customers?

我有 1 個和一個後續。那麼，在本季度預訂量有所改善的情況下，您能否指出人工智能或我們客戶的任何與人工智能相關的部署是否做出了任何貢獻？

Irvin, that's a great question. I'm going to turn it over to our CRO, who really grabbed the baton and ran through the finish line strong, Colin McLean, to talk to what we saw on the AI front and maybe just give a little bit more color on the quarter in terms of bookings and new customers.

歐文，這是一個很好的問題。我將把它交給我們的 CRO，他真正抓住了接力棒，堅強地衝過終點線，科林·麥克萊恩，來談談我們在人工智能方面看到的情況，也許只是給這個季度更多的色彩在預訂和新客戶方面。

Yes. Thanks, Andy. Appreciate the question, Irvin. Yes, certainly, AI is becoming a growing part of our conversation in pipeline overall. Just to revert back a bit on the overall pipeline dynamics we're seeing, I would say, describe it overall, the pipeline is strong, healthy and diverse across the board, particularly strong in the 0-1 megawatt side and growing part of that AI is definitely a part of not just the hyperscale piece of the business, but also the 0-1 megawatt, and we've had some strong contributions on that front.

是的。謝謝，安迪。感謝這個問題，歐文。是的，當然，人工智能正在成為我們整個管道對話中越來越重要的一部分。只是為了回顧一下我們所看到的整體管道動態，我想說，總體描述一下​​，整個管道是強大的、健康的和多樣化的，特別是在 0-1 兆瓦方面以及其中不斷增長的部分。人工智能絕對不僅是超大規模業務的一部分，而且也是 0-1 兆瓦業務的一部分，我們在這方面做出了一些強有力的貢獻。

So overall, we really feel like both the results in the pipeline itself, the demand to be a testimony and validation really of our pivot to serving the entirety of the client needs, network, enterprise and hyperscalers. So I would say both on the AI front and frankly, the cloud and hybrid IT, we're seeing really growing success and growing conversations with clients. So we remain optimistic and serving both the pervasive needs of clients as well as AI. And I think that's going to be a growing part of our portfolio as we move forward.

因此，總的來說，我們真的覺得管道本身的結果，以及成為我們服務整個客戶需求、網絡、企業和超大規模企業的支點的見證和驗證的需求。因此，我想說，無論是在人工智能方面，還是坦率地說，在雲和混合 IT 方面，我們都看到了真正的成功，以及與客戶的對話日益增多。因此，我們保持樂觀並滿足客戶和人工智能的普遍需求。我認為隨著我們的前進，這將成為我們投資組合中不斷增長的一部分。

Got it. So my second question is on the strong pricing that you saw over the past 2 quarters. Can you just share with us how pricing trended quarter-to-quarter and the overall linearity of pricing trends now that we're 1 month into Q3?

知道了。所以我的第二個問題是關於過去兩個季度您看到的強勁定價。您能否與我們分享一下第三季度的定價趨勢以及定價趨勢的整體線性度？第三季度已經過去一個月了？

The -- I would -- Irvin, I would call this a continuation of the commentary that we've been saying now for several quarters and that the pendulum on supply-demand fundamentals has been, call it, wind at our back and growing. Our value proposition with our customers has been more and more well received. That's from our installed base who's been growing with us. Majority of our signings were from the existing customer base. That's also from -- I think it was our second highest new logo quarter of 133 new logos or new customers. And that has been broad-based, as Matt mentioned, across regions and product types.

歐文，我認為這是我們幾個季度以來一直在說的評論的延續，供需基本面的鐘擺一直是我們背後的風，並且不斷增長。我們對客戶的價值主張越來越受到好評。這是來自我們的客戶群，他們一直與我們一起成長。我們的大部分簽約都來自現有客戶群。這也是來自——我認為這是我們 133 個新徽標或新客戶中第二高的新徽標季度。正如馬特提到的那樣，這種情況具有廣泛的基礎，跨地區和產品類型。

In the less than a megawatt category, it's been more steady Eddie, but obviously inflecting, call it, like-for-like increases. And on the greater than megawatt, it's been a little bit more volatile but in a positive fashion. As demand has remained intact, if not further increased and precious, large capacity blocks have become far between and the future of that supply bottlenecks really changing course does not seem to be near term whatsoever.

在小於兆瓦的類別中，埃迪的表現更加穩定，但明顯有變化，稱之為類似的增長。在超過兆瓦的情況下，它的波動性更大一些，但是積極的。由於需求即使沒有進一步增加和珍貴，也保持完好，大產能區塊已經變得遙遠，而且供應瓶頸真正改變方向的未來似乎不會在短期內出現。

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.

今天電話會議的問答部分到此結束。現在我想將電話轉回給總裁兼首席執行官安迪·鮑爾 (Andy Power)，讓他致閉幕詞。

Thank you, Andrea. Digital Realty had a strong second quarter. Our results demonstrate that our meeting place value proposition is resonating with customers. Just since our last call, we raised over $3 billion of new capital, positioning the company for the tremendous opportunities that lie ahead. We posted strong organic operating results with the results confirming the continued inflection in our core data center business.

謝謝你，安德里亞。 Digital Realty 第二季度表現強勁。我們的結果表明，我們的聚會場所價值主張引起了客戶的共鳴。就在我們上次電話會議之後，我們籌集了超過 30 億美元的新資本，使公司能夠抓住未來的巨大機遇。我們發布了強勁的有機經營業績，該結果證實了我們的核心數據中心業務的持續變化。

I'd like to thank everyone for joining us today and recognize our dedicated and exceptional team at Digital Realty, who keep the digital world turning. Thank you.

我要感謝今天加入我們的所有人，並對 Digital Realty 敬業且出色的團隊表示認可，是他們推動了數字世界的發展。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示，您現在可以斷開連接了。