Digital Realty Trust Inc (DLR) 2023 Q3 法說會逐字稿

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

下午好，歡迎參加 Digital Realty 2023 年第三季財報電話會議。請注意，此事件正在被記錄。 （操作員說明）

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

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

Thank you, operator, and welcome, everyone, to Digital Realty's Third 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.

謝謝業者，歡迎大家參加 Digital Realty 2023 年第三季財報電話會議。與我一起參加今天電話會議的還有總裁兼執行長安迪鮑爾 (Andy Power)；和首席財務長馬特·梅西爾。首席投資長格雷格·賴特；首席技術長克里斯·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.

管理階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。前瞻性陳述是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資訊。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取得。

Before I turn the call over to Andy, let me offer a few key takeaways from our third quarter. First, our customer value proposition continues to resonate. Leasing was strong across both our primary product category with record overall bookings in the 0 to 1 megawatt plus interconnection segment, and an acceleration in our greater than megawatt segment.

在我將電話轉給安迪之前，讓我先介紹一下第三季的一些關鍵要點。首先，我們的顧客價值主張持續引起共鳴。我們的主要產品類別的租賃業務表現強勁，0 至 1 兆瓦及互連領域的整體預訂量創歷史新高，且我們的大於兆瓦領域的租賃業務也在加速成長。

Second, we saw a further continuation of the improvements in our fundamental metrics. Strong demand and tight supply remains supportive of pricing, and this is evident in our results. Same capital cash NOI growth was the best in more than a decade at 9.4%, while cash re-leasing spreads eclipsed 7% in the quarter, which caused us to raise full year guidance for these metrics for the second consecutive quarter.

其次，我們看到基本指標進一步持續改善。強勁的需求和緊張的供應仍然支撐定價，這在我們的結果中顯而易見。相同資本現金 NOI 成長率為 9.4%，是十多年來最好的，而本季現金再租賃利差則超過 7%，這導致我們連續第二季提高了這些指標的全年指引。

Third, we continue to diversify and bolster our balance sheet with almost $4 billion of capital raised to date, including two hyperscale core joint ventures announced in July, and another almost $200 million of noncore sales, bringing total dispositions to $2.5 billion year-to-date. The capital that we've raised this year has enabled us to increase our liquidity and delever while expanding our investment in development that we expect to generate double-digit unlevered returns.

第三，我們繼續多元化並加強我們的資產負債表，迄今為止籌集了近40 億美元的資金，包括7 月宣布的兩家超大型核心合資企業，以及另外近2 億美元的非核心銷售，使今年年初的總處置額達到25 億美元。日期。我們今年籌集的資金使我們能夠增加流動性和去槓桿化，同時擴大我們的開發投資，我們預計將產生兩位數的無槓桿回報。

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執行長 Andy Power。

Thanks, Jordan, and thanks to everyone for joining our call. The third quarter marks 9 months since being appointed to my current role as CEO, and this marks the fourth official earnings call. While there has been about as much volatility in a single year as I can recall from my 20-plus-year career, it has been a privilege and an honor to have the opportunity to visit and work with and to watch my Digital Realty colleagues across the globe execute on behalf of our customers and stakeholders during these extraordinary times.

謝謝喬丹，也謝謝大家加入我們的電話會議。第三季是我被任命為執行長以來的 9 個月，這也是我第四次正式的財報電話會議。儘管在我 20 多年的職業生涯中，一年中的波動性與我記憶中的一樣多，但能夠有機會拜訪、合作並觀察 Digital Realty 各地的同事，我感到非常榮幸。在這些特殊時期，全球代表我們的客戶和利害關係人執行任務。

At the outset of this year, I highlighted three key priorities for our company. While we've got two months left in the year, I am very excited about our progress to date and look forward to finishing strong.

今年年初，我強調了我們公司的三個關鍵優先事項。雖然今年還剩兩個月，但我對我們迄今為止的進展感到非常興奮，並期待著強勁的結束。

As you recall, our key strategic priorities are: first, to demonstrably strengthen our customer value proposition, which means that we are adding connectivity-rich solutions and scale capacity to drive our global meeting place strategy. We are executing this through the addition and launch of new on-ramps, the expansion of our colo capacity in markets and also by providing visibility into longer-term hyperscale capacity in our largest core markets.

您還記得，我們​​的關鍵策略重點是：首先，大幅加強我們的客戶價值主張，這意味著我們正在增加連結豐富的解決方案和擴展容量，以推動我們的全球會議場所策略。我們正在透過增加和啟動新的入口、擴大我們在市場中的託管容量以及提供對我們最大核心市場的長期超大規模容量的可見性來實現這一目標。

We are making strides and our customers are recognizing this by landing and expanding their IT infrastructure within our facilities. For example, over the past few months, we've added on ramps from a number of the largest cloud service providers, including AWS and Oracle.

我們正在取得長足進步，我們的客戶也認識到了這一點，他們在我們的設施內登陸並擴展了他們的 IT 基礎設施。例如，在過去的幾個月裡，我們增加了許多最大的雲端服務供應商（包括 AWS 和 Oracle）的服務。

Our second priority is to integrate and innovate. For the first time, we created an Americas region and formally organized the company into 3 regions to improve overall management and accountability. In addition, we moved global operations under an experienced Digital Realty leader, bringing the standardization and consistency across our global platform. We also reorganized all things technology under our CTO organization.

我們的第二個重點是整合和創新。我們首次創建了美洲區域，並將公司正式劃分為3個區域，以提高整體管理和問責制。此外，我們將全球營運轉移到了一位經驗豐富的 Digital Realty 領導者的領導下，從而在我們的全球平台上實現了標準化和一致性。我們也對 CTO 組織下的所有事物技術進行了重組。

Consistent with our aim to bring innovation to our customers end market, in the third quarter, we announced the launch of our first NVIDIA DGX H100-Ready data center in Osaka, Japan. We also rolled out our new high-density colo offering across 28 global metros to support high-performance compute infrastructure, addressing data and AI-related growth challenges.

為了與我們為客戶終端市場帶來創新的目標一致，我們在第三季宣佈在日本大阪推出首個 NVIDIA DGX H100-Ready 資料中心。我們也在全球 28 個城市推出了新的高密度託管服務，以支援高效能運算基礎設施，以應對與資料和人工智慧相關的成長挑戰。

We are also partnering with other leaders around the world to enhance our open platform. In this vein, we recently added BT and Lumen to our Service Fabric platform, which connects our data centers globally extending the reach of our customers and partners. And we made some nice progress on the sustainability front in the quarter, which I'll circle back to in a moment.

我們也與世界各地的其他領導者合作，增強我們的開放平台。本著這一精神，我們最近將 BT 和 Lumen 添加到我們的 Service Fabric 平台中，該平台連接我們的全球資料中心，擴大了我們的客戶和合作夥伴的覆蓋範圍。本季我們在永續發展方面取得了一些不錯的進展，我稍後會回顧這一點。

Finally, we set out to bolster and diversify our capital sources. And to date, we've reduced leverage by 0.8 turns of EBITDA from the 1Q peak and increased liquidity to $3-plus billion, including $1 billion of cash on hand. We executed on our funding plan that included the completion of 2 stabilized hyperscale JVs this quarter, tapping into some of the deepest pools of private capital, and we remain confident in our ability to add to this progress with development JVs in the near future. If we deliver on our key strategic priorities, we expect that this will translate into better long-term sustainable growth for our customers, team members and in turn, our shareholders.

最後，我們著手加強我們的資本來源並使之多樣化。迄今為止，我們已將 EBITDA 槓桿率較第一季高峰降低了 0.8 倍，並將流動性增加至 3 億美元以上，其中包括 10 億美元的手頭現金。我們執行了融資計劃，其中包括本季完成 2 個穩定的超大型合資企業，利用一些最深厚的私人資本池，我們仍然有信心在不久的將來透過開發合資企業來推動這一進展。如果我們實現關鍵策略重點，我們預計這將為我們的客戶、團隊成員甚至我們的股東帶來更好的長期永續成長。

Digital Realty continues to make progress in the third quarter with further improvement in our operational results highlighted by 9-plus percent same capital cash NOI growth, strong leasing results with record 0 to 1-megawatt signings, the highest greater than 1 megawatt pricing since 2016, record leasing in APAC with broad strength in the Americas, and record interconnection revenue with the strongest growth since 2018.

Digital Realty 在第三季繼續取得進展，營運表現進一步改善，同資本現金 NOI 成長 9% 以上，租賃業績強勁，簽約量為 0 至 1 兆瓦，創 2016 年以來最高的 1 兆瓦以上定價，亞太地區的租賃業務創歷史新高，在美洲也具有廣泛的實力，互連收入也創下了自2018 年以來最強勁的成長紀錄。

The momentum across the data center infrastructure landscape is strong. Demand for our data center capacity remains broad-based both geographically and by product, as reflected in our leasing results. New supply in our top markets remains constrained and is likely to remain so due to limited availability of power, growing supply chain challenges and tighter financial conditions.

整個資料中心基礎設施領域的勢頭強勁。正如我們的租賃結果所反映的那樣，我們的資料中心容量的需求在地理和產品方面仍然具有廣泛的基礎。由於電力供應有限、供應鏈挑戰日益嚴峻以及金融狀況趨緊，我們主要市場的新增供應仍然受到限制，並且很可能會繼續如此。

While the demand drivers we have enjoyed for the last several years, including cloud, digital transformation and hybrid IT remain largely intact. AI applications have added a meaningful new layer, which is just beginning to materialize in our leasing results this quarter, and we are ready for it.

儘管我們過去幾年享有的需求驅動因素（包括雲端、數位轉型和混合 IT）基本上保持不變。人工智慧應用程式增加了一個有意義的新層，這在我們本季的租賃業績中才剛開始實現，我們已經準備好了。

When Chris first started speaking publicly about AI and high-performance compute at our Investor Day in December 2017, we were already in the process of architecting and designing our facilities to support the evolving densities and our most innovative and leading-edge customers.

當 Chris 在 2017 年 12 月的投資者日首次公開談論人工智慧和高效能運算時，我們已經開始建立和設計我們的設施，以支援不斷變化的密度以及我們最具創新性和領先性的客戶。

While there are multiple high-density workloads running in our portfolio since at least that time, in the last quarter alone, we were able to accommodate a handful of high-density compute deployments from one of our service provider customers in a 10-plus year old data center in one of our smallest markets. And we are currently supporting one of our customers' AI infrastructure deployments that will incorporate 32,000 NVIDIA H100 GPUs.

雖然至少從那時起我們的產品組合中就有多個高密度工作負載在運行，但僅在上個季度，我們就能夠在十多年的時間裡容納我們的一個服務提供商客戶的少量高密度計算部署我們最小的市場之一的舊資料中心。我們目前正在支援客戶的人工智慧基礎設施部署之一，該基礎設施將包含 32,000 個 NVIDIA H100 GPU。

This doesn't mean that Digital Realty will be chasing large AI deployments far and wide, as we will continue to assess the longer-term opportunity set of remotely located single-tenant non-differentiated data centers. But it does mean that there has been an increase in demand for our highly connected campuses in core markets. We're being thoughtful in how we approach these opportunities.

這並不意味著 Digital Realty 將廣泛追逐大型人工智慧部署，因為我們將繼續評估遠端單租戶非差異化資料中心的長期機會集。但這確實意味著核心市場對我們高度互聯的園區的需求增加。我們正在深思熟慮地考慮如何抓住這些機會。

As we consider leasing our capacity, I expect that we will seek to support our long-term engaged partners that have become embedded within our meeting place community that value our strategic locations and the connectivity across platform digital. At the same time, in certain markets, we will selectively support customers that have a differentiated product offering as we've always been at the forefront supporting leading technology companies as they push their infrastructure capabilities.

當我們考慮租賃我們的容量時，我預計我們將尋求支持我們的長期合作夥伴，這些合作夥伴已經融入我們的會議場所社區，重視我們的戰略位置和跨數位平台的連接。同時，在某些市場，我們將有選擇地為擁有差異化產品的客戶提供支持，因為我們始終處於支持領先技術公司提升基礎設施能力的最前沿。

Let's move to our third quarter results. This quarter continued to demonstrate the fundamental recovery that we've been highlighting throughout this year. Leasing activity was strong and broad-based across product types and reflected the pricing recovery we have seen throughout our portfolio.

讓我們來看第三季的業績。本季持續展現出我們今年一直強調的基本復甦。各產品類型的租賃活動強勁且廣泛，反映了我們在整個投資組合中看到的價格復甦。

While we routinely lead with our headline leasing figures, it is important to point out the record posted in the 0-1 megawatt plus interconnection segment in the quarter, which increased by more than 9% sequentially and nearly 28% over the prior year period.

雖然我們通常以整體租賃數據領先，但值得注意的是，本季0-1 兆瓦及互連領域創下的紀錄，該數字比上一季度增長了9% 以上，比去年同期增長了近28% 。

Total new leasing during the quarter was $152 million with record 0-1 megawatt signings representing just over 1/3 of total signings. Greater than a megawatt signings moved higher for the second consecutive quarter led by the Americas region, while our team also put up a record quarter in APAC.

本季新租賃總額為 1.52 億美元，創紀錄的 0-1 兆瓦簽約量僅佔總簽約量的 1/3 多一點。超過一兆瓦的簽約量連續第二個季度增長，其中美洲地區領先，而我們的團隊在亞太地區也創造了創紀錄的季度業績。

Pricing remains firm with notable highs achieved across the greater than 1 megawatt segment with strength in the 0-1 megawatt category. Growing recognition of our value proposition, including our comprehensive product offering, along with strong demand trends and reduced availability are supportive of pricing and are helping to drive better core growth and higher returns on investment.

定價依然堅挺，超過 1 兆瓦的細分市場達到了顯著的高點，0-1 兆瓦類別的定價也很強勁。我們的價值主張（包括我們全面的產品供應）日益得到認可，加上強勁的需求趨勢和供應量的減少，都支持了定價，並有助於推動更好的核心成長和更高的投資回報。

In the third quarter, we saw re-leasing spreads climbed to 7.4% on a cash basis contributing to the strongest same capital cash NOI growth in more than a decade. During the third quarter, churn remained low at 1.1%, and we added 117 new customers extending our string of 100-plus new logos per quarter to 3.5 years. Another strong validation of the value that enterprise customers around the world recognize in platform digital. Our focus on deepening the value of our campus has resulted in enhanced cloud access for Digital Realty.

第三季度，我們看到以現金計算的再租賃利差攀升至 7.4%，促成了十多年來最強勁的同資本現金 NOI 成長。第三季度，客戶流失率保持在 1.1% 的低水平，我們增加了 117 名新客戶，將每季 100 多個新商標的使用期限延長到了 3.5 年。全球企業客戶認可平台數位化價值的又一有力驗證。我們致力於深化園區價值，從而增強了 Digital Realty 的雲端存取能力。

Recently, 4 out of 5 top B2B cloud providers completed a multisite on-ramp and edge expansions to serve data-intensive workloads on 2 continents via Platform Digital. In addition, AWS announced a direct connect location in Seoul, the first carrier-neutral facility in the market, while we announced the Oracle FastConnect availability in Madrid to their EU sovereign cloud.

最近，五分之四的頂級 B2B 雲端供應商完成了多站點入口和邊緣擴展，以透過 Platform Digital 為兩大洲的資料密集型工作負載提供服務。此外，AWS 宣佈在首爾設立一個直接連接地點，這是市場上第一個運營商中立的設施，同時我們宣佈在馬德里提供 Oracle FastConnect 與其歐盟主權雲的連接。

Other key wins during the quarter included a speech-to-text AI provider completed their second HD colo deployment in 6 months on Platform Digital, multiple new logos in the health care vertical in the quarter, two Global 2000 health care companies deployed on Platform Digital, one supportive data-intensive AI workloads and the other implementing a 2-site data compliance solution. An international Tier 1 telco added a multi-metro expansion across 2 continents of Platform Digital to support their retail enterprise customers. A Global 2000 Bank is implementing multi-site, multi-region network hub deployments now totaling 15 metros and a Global 2000 insurance company is expanding a distributed data hub on Platform Digital to support M&A data compliance.

本季度的其他關鍵成果包括一家語音轉文本人工智慧提供者在6 個月內完成了在Platform Digital 上的第二次高清託管部署、本季度醫療保健垂直領域的多個新徽標、兩家全球2000強醫療保健公司在Platform Digital 上部署，一個支援資料密集型人工智慧工作負載，另一個實施 2 站點資料合規性解決方案。一家國際一級電信公司在兩大洲的 Platform Digital 上進行了多城域擴展，以支援其零售企業客戶。一家全球 2000 強銀行正在實施多站點、多區域網路中心部署，目前已覆蓋 15 個城市；一家全球 2000 強保險公司正在 Platform Digital 上擴展分散式資料中心，以支援併購資料合規性。

Moving over to our largest market, Northern Virginia. More than a year since we learned the power constraints in this market, we have continued to work constructively with the power providers 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. As discussed on our last earnings call, we've identified almost 100 megawatts of development capacity in Loudoun County that we expect to be able to bring to market prior to 2026. This includes 56 megawatts of available capacity underway within the current development pipeline and the potential to move forward on another 40 megawatts.

轉向我們最大的市場，北維吉尼亞州。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，以確認我們對客戶的承諾，並透過新的開發和精選的客戶流失機會為客戶提供成長能力。正如我們在上次財報電話會議上所討論的那樣，我們已經確定了勞登縣近100 兆瓦的開發容量，我們預計能夠在2026 年之前將其推向市場。這包括當前開發管道中正在進行的56 兆瓦可用容量以及預計再開發 40 兆瓦。

In addition to this (inaudible) focused capacity, we continue to advance the ball on our 192-megawatt development in site in Manassas, and we are now officially underway and will soon be patent ready to support construction for the first of two buildings on the site in early 2024. We are very excited to be able to offer this availability to our customers.

除了這種（聽不清楚）重點產能之外，我們還繼續推進馬納薩斯192 兆瓦的開發項目，我們現已正式啟動，並將很快獲得專利準備，以支持馬納薩斯兩座建築中第一座建築的建設。網站將於 2024 年初上線。我們非常高興能夠為我們的客戶提供此可用性。

Moving on to our investment activity. Digital Realty investment team has already had an extraordinarily productive year, including the $2.3 billion of JVs and noncore asset sales completed in the third quarter. Within the noncore bucket, we sold two facilities during the quarter, including one in the U.K. and the other in Chantilly, Virginia, totaling almost $200 million, including the $150 million noncore disposition in Texas that we completed last quarter, we're tracking well towards our $500 million target for the noncore asset sales in 2023.

繼續我們的投資活動。 Digital Realty 投資團隊已經度過了異常富有成效的一年，包括第三季完成的價值 23 億美元的合資企業和非核心資產銷售。在非核心業務中，我們在本季度出售了兩處設施，其中一處位於英國，另一處位於弗吉尼亞州尚蒂伊，總價值近2 億美元，其中包括我們上季度完成的德克薩斯州1.5 億美元的非核心處置，我們追蹤良好實現 2023 年非核心資產銷售 5 億美元的目標。

We closed two separate stabilized hyperscale joint ventures in July with the contribution of two assets in Chicago and three in Northern Virginia, raising $2.1 billion of proceeds. We've also made substantial progress on the third bucket of our funding plan, the development joint ventures, and we expect to have more to say about this in the fourth quarter.

我們在 7 月關閉了兩家獨立的穩定超大規模合資企業，其中芝加哥的兩項資產和弗吉尼亞州北部的三項資產出資，籌集了 21 億美元的收益。我們在融資計畫的第三部分——開發合資企業方面也取得了實質進展，我們預計將在第四季度對此有更多的進展。

Before turning it over to Matt, I'd like to touch on our ESG progress during the third quarter. We've continued to make progress on our water conservation initiatives, including a water saving initiative for cooling towers and our SIN10 facility in Singapore. The project won the inaugural Green Innovations, Water Solutions Award at the Singapore Environment Council's Environmental Achievement Awards.

在交給 Matt 之前，我想談談我們第三季的 ESG 進度。我們在節水措施方面不斷取得進展，包括冷卻水塔和新加坡 SIN10 設施的節水措施。此計畫榮獲新加坡環境理事會環境成就獎首屆綠色創新水解決方案獎。

The project is expected to save over 1.2 million liters of water each month and improved water usage efficiency by 15%. The solution has now been evaluated for wider rollout across our portfolio.

此專案預計每月可節省超過120萬公升水，提高用水效率15%。該解決方案現已評估，以便在我們的產品組合中更廣泛地推廣。

In the third quarter, we also announced that we are ranked in the top 10 on a U.S. EPA's National Top 100 list of the large green power users from the Green Power partnership. The company also ranked seventh on the EPA's list across technology and telecommunication providers.

第三季度，我們也宣布，我們在美國 EPA 綠色電力合作夥伴全國 100 強綠色電力大用戶名單中名列前 10 名。該公司還在 EPA 的技術和電信提供商名單中排名第七。

We remain committed to minimizing Digital Realty's impact on the environment while delivering sustainable growth for all of our stakeholders.

我們始終致力於最大限度地減少 Digital Realty 對環境的影響，同時為所有利害關係人實現永續成長。

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財務長 Matt Mercier。

Thank you, Andy. Let me jump right into our third quarter results. We signed a total of $152 million of new leases in the third quarter with broad-based strength across each of our two primary product groups and geographic strength in the Americas and APAC. We leased a record $54 million in the 0-1 megawatt plus interconnection category, accounting for 35% of total bookings. This product segment remains a consistent and steady source of growth as we continue to execute on our global meeting place strategy.

謝謝你，安迪。讓我直接進入我們第三季的業績。我們在第三季簽署了總計 1.52 億美元的新租約，在我們的兩個主要產品組中擁有廣泛的實力，並且在美洲和亞太地區具有地域優勢。我們在 0-1 兆瓦及互連類別中租賃了創紀錄的 5,400 萬美元，佔總預訂量的 35%。隨著我們繼續執行我們的全球會議場所策略，該產品領域仍然是持續穩定的成長源。

Interconnection bookings were strong once again at over $12 million as we added another 2,000 cross-connects in the quarter, finishing with 218,000 total cross-connects, greater than a megawatt bookings totaled $97 million in the quarter with outsized contributions from Portland and Hong Kong. This was our highest greater than a megawatt signings quarter since we discussed sharpening the lens with regard to capital allocation decisions one year ago.

互連預訂再次強勁，超過1,200 萬美元，本季又增加了2,000 個交叉連接，交叉連接總數達到218,000 個，本季度預訂總額超過1 兆瓦，總計9,700 萬美元，波特蘭和香港的貢獻巨大。這是自從一年前我們討論加強資本配置決策以來，我們簽約量最高的超過兆瓦的季度。

Our greater focus and increased threshold have resulted in higher average returns in the greater than a megawatt category as implied by the growing expected stabilized returns in the Americas that we present on the development life cycle schedule in our supplemental. Pricing continues to improve across most markets globally with outsized pricing power experienced within the greater than the megawatt segment, which saw pricing on signed leases at the highest level since the first half of 2016.

我們更加關注和提高的門檻導致了大於兆瓦類別的平均回報更高，正如我們在補充資料中的開發生命週期時間表中提出的美洲預期穩定回報不斷增長所暗示的那樣。全球大多數市場的定價持續改善，兆瓦級以上市場的定價能力強勁，已簽署租賃的定價達到 2016 年上半年以來的最高水準。

Turning to our backlog slide. The current backlog of signed but not yet commenced leases increased to a new record of $482 million at quarter end. As commencements of $110 million were more than offset by elevated new leasing volume in the quarter. We expect nearly 15% of the backlog to commence in the fourth quarter with a little over 50% commencing throughout 2024.

轉向我們的待辦事項投影片。截至季末，目前已簽署但尚未開始的積壓租賃增加至 4.82 億美元，創下新紀錄。 1.1 億美元的開工額被本季新增租賃量的增加所抵銷。我們預計近 15% 的積壓將在第四季開始，略高於 50% 的積壓將在 2024 年全年開始。

The lag between signings and commencements in the quarter ticked up to 12 months, driven by new development and build-outs to support larger scale leases. During the third quarter, we signed $156 million of renewal leases with pricing increases of 7.4% on a cash basis, the strongest re-leasing spreads achieved since 2015.

受新開發案和支持更大規模租賃的擴建的推動，本季簽約和開工之間的滯後期長達 12 個月。第三季度，我們簽署了 1.56 億美元的續租合同，現金價格上漲了 7.4%，這是自 2015 年以來最強勁的再租賃價差。

While renewal pricing was strong across product segments and across our 3 regions, the overall result was upwardly skewed by a single transaction within our other category. Excluding this outlier, renewal, re-leasing spreads in the quarter would have been up 4.5% on a cash basis and 6.4% on a GAAP basis. We feel that this is a more representative picture of the renewal spreads that we are seeing throughout the portfolio, which is consistent with the broad-based improvement we've seen throughout this year.

雖然續約定價在各個產品領域和我們的 3 個區域中表現強勁，但整體結果因我們其他類別中的單筆交易而向上傾斜。排除此異常情況，本季的續租、再租賃利差以現金計算將上漲 4.5%，以 GAAP 計算將上漲 6.4%。我們認為，這是我們在整個投資組合中看到的更新利差的更具代表性的情況，這與我們今年看到的廣泛改善是一致的。

With renewal rates trending higher over the first 9 months of the year, we are raising our full year guidance for renewal spreads to reflect the success year-to-date in today's improved fundamental environment. Renewal spreads in the 0-1 megawatt category continued their steady climb with 4.4% growth on a cash basis in the third quarter on $125 million of volume. Greater than a megawatt renewals continued to post strong results, with cash renewals higher by 5.6%, albeit on lighter volume of $19 million in the third quarter.

隨著今年前 9 個月續約率呈上升趨勢，我們正在上調全年續約利差指引，以反映今年以來在當今基本面改善的環境下所取得的成功。 0-1兆瓦類別的續約價差持續穩定攀升，第三季現金基礎成長了4.4%，成交量為1.25億美元。超過兆瓦的續訂量繼續取得強勁業績，現金續約量成長了 5.6%，儘管第三季的交易量減少了 1,900 萬美元。

In terms of earnings growth, we reported third quarter core FFO of $1.62 per share, broadly consistent with consensus expectations, but down $0.06 per share versus the second quarter, primarily reflecting the impact of the asset sales and the equity raised in the quarter and the redeployment of capital into accelerated and increased development. On a constant currency basis, core FFO was $1.60 per share relative to the $1.67 we reported in the third quarter of 2022.

在獲利成長方面，我們報告第三季度核心 FFO 為每股 1.62 美元，與市場普遍預期基本一致，但較第二季度每股下降 0.06 美元，主要反映了本季度資產出售和募集資金以及將資本重新部署到加速和增加的發展。以固定匯率計算，核心 FFO 為每股 1.60 美元，而我們在 2022 年第三季報告的為 1.67 美元。

Total revenue was up 18% year-over-year and 3% sequentially despite the impact of the more than $2 billion of asset sales completed early in the quarter as the benefits of improved pricing are starting to take hold. Importantly, year-over-year revenue growth also continues to be impacted by the significant volatility in utility costs and reimbursements, particularly in Europe. Most of these energy costs are directly passed through to customers.

儘管受到本季初完成的超過 20 億美元的資產出售的影響，但隨著定價改善的好處開始顯現，總收入仍同比增長 18%，環比增長 3%。重要的是，年收入成長也繼續受到公用事業成本和報銷大幅波動的影響，特別是在歐洲。這些能源成本大部分直接轉嫁給客戶。

Excluding the impact of utility and other reimbursements, total revenue was up 13% year-over-year. Interconnection revenue of $107 million marked another quarterly record and was 12% higher than the year ago period. Excluding Teraco, interconnection revenue was up 11% year-over-year, the highest interconnection growth since 2018 and reflects the ongoing organic strength in our core footprint. Quarter-over-quarter interconnection revenue was up almost 3% as 2,000 new cross-connects were added, increasing the total global installed base to 218,000.

剔除公用事業和其他報銷的影響，總收入年增 13%。互連營收達 1.07 億美元，再創季度紀錄，比去年同期成長 12%。不包括 Teraco，互連收入年增 11%，這是自 2018 年以來最高的互連成長，反映了我們核心業務中持續的有機實力。由於增加了 2,000 個新的交叉連接，使全球總安裝基數增加到 218,000 個，互連收入環比增長近 3%。

Moving over to the expense side. Utilities were seasonally high given the warmer summer months and off an already elevated 2023 base. Rental property operating expenses remained essentially flat for the second consecutive quarter, partly reflecting the benefit of the removal of expenses related to the dispositions and joint ventures. However, on the noncontrollable expense front, property taxes spiked higher quarter-over-quarter to $72 million, driven by an elevated reassessment on some of our properties in Chicago. While these expenses will be largely passed on to our underlying customers, it will also be disputed over the coming years.

轉向費用方面。鑑於夏季較為溫暖，且 2023 年基數已經較高，公用事業發電量處於季節性高點。租賃物業營運費用連續第二季基本持平，部分反映了取消與處置和合資企業相關費用的好處。然而，在不可控制的支出方面，由於我們對芝加哥的一些房產進行了更高的重新評估，房產稅環比飆升至 7,200 萬美元。雖然這些費用將大部分轉嫁給我們的基礎客戶，但在未來幾年也將引起爭議。

Net of this movement, adjusted EBITDA increased 10% year-over-year. One nonrecurring item worth noting in the quarter was the $113 million noncash impairment charge related to the lower value of our holdings in digital core REIT stock. The Singapore REIT IPO-ed in December 2021 at $0.88 per share, but was valued at $0.53 per share at the end of September, driving the noncash adjustment in our carrying value of the investment.

扣除此變動後，調整後 EBITDA 年增 10%。本季值得注意的一個非經常性項目是與我們持有的數位核心 REIT 股票價值較低相關的 1.13 億美元非現金減損費用。新加坡房地產投資信託基金於 2021 年 12 月以每股 0.88 美元的價格首次公開募股，但 9 月底的估值為每股 0.53 美元，推動了我們對投資帳面價值的非現金調整。

Improvement in our stabilized same capital operating performance continued in the third quarter, with year-over-year cash NOI up a strong 9.4% but moderating by 1.5% sequentially due to the expected increase in utility bleed during the seasonally warmer months. Even on a constant currency basis, year-over-year cash NOI growth was strong at 6.6%. These results demonstrate the strongest period of organic growth in our same capital pool since 2014, and extends the turn and fundamentals that we have been highlighting throughout this year.

第三季度，我們穩定的相同資本營運表現持續改善，現金 NOI 年比強勁成長 9.4%，但由於季節性溫暖月份公用事業流失預期增加，季減 1.5%。即使以固定匯率計算，現金 NOI 年成長也很強勁，達到 6.6%。這些結果顯示我們同一資本池自 2014 年以來最強勁的有機成長時期，並延續了我們今年一直強調的轉變和基本面。

Turning to the balance sheet. We meaningfully strengthened our balance sheet during the third quarter, driven by the success that we've had on our funding plan. This progress continues today, and as a result, we have raised our full year capital raising target for the second consecutive quarter.

轉向資產負債表。在融資計畫成功的推動下，我們在第三季有意義地加強了我們的資產負債表。這項進展至今仍在繼續，因此我們連續第二季提高了全年融資目標。

In the third quarter, we generated over $2.6 billion proceeds from JV closings, noncore asset sales and settlement of the equity forward. Roughly $1 billion was redeployed into our development program and a little over $500 million was used to repay higher cost USD borrowings on our credit facility. The remaining amount was kept in cash, earning interest at a rate in excess of the remaining borrowings under our credit facility.

第三季度，我們從合資企業關閉、非核心資產出售和股權遠期結算中獲得了超過 26 億美元的收益。大約 10 億美元被重新部署到我們的發展計畫中，略多於 5 億美元的資金被用於償還我們信貸額度中成本較高的美元借款。剩餘金額以現金保存，以高於我們信貸安排下剩餘借款的利率賺取利息。

As a result, at quarter end, we had over $1 billion of cash on our balance sheet and our leverage fell to 6.3x net debt to EBITDA, down from 6.8x at the end of the second quarter and we are now within spitting distance of our near 6x leverage goal that we set out to achieve by year-end. Since the end of the quarter, we paid off CHF 100 million notes that matured in October and are confident in our ability to execute on additional asset sales and development joint ventures that are left in our upwardly revised funding plan.

結果，到季度末，我們的資產負債表上有超過 10 億美元的現金，我們的槓桿率降至 EBITDA 淨債務的 6.3 倍，低於第二季度末的 6.8 倍，我們現在距離我們計劃在年底前實現接近6 倍的槓桿目標。自本季結束以來，我們償還了 10 月到期的 1 億瑞士法郎票據，並對我們執行向上修訂的融資計劃中剩餘的額外資產銷售和開發合資企業的能力充滿信心。

Moving to our debt profile. Our weighted average debt maturity is over 4.5 years, and our weighted average interest rate is 2.9%. Approximately 84% of our debt is non-U.S. dollar denominated, reflecting the growth of our global platform and our FX hedging strategy. Approximately 86% of our net debt is fixed rate and 97% of our debt is unsecured, providing ample flexibility for capital recycling. Finally, we have less than $1 billion of debt maturing in 2024 and beyond that, our maturities remain well laddered through 2032.

轉向我們的債務概況。我們的加權平均負債期間超過4.5年，加權平均利率為2.9%。我們約 84% 的債務以非美元計價，反映了我們全球平台和外匯對沖策略的成長。我們約 86% 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。最後，我們到 2024 年到期的債務不到 10 億美元，除此之外，我們的到期期限仍將保持階梯式成長，直至 2032 年。

Lastly, let's turn to our guidance. We are tightening our core FFO per share guidance range for the full year 2023 by $0.03 at the high and low ends to a new range of $6.58 to $6.62 per share, maintaining the midpoint of $6.60 per share. We are also tightening the range for full year adjusted EBITDA, affirming our full year guidance midpoint of $2.7 billion.

最後，讓我們轉向我們的指導。我們將 2023 年全年核心 FFO 每股指引範圍收緊，上限和下限各為 0.03 美元，至每股 6.58 美元至 6.62 美元的新範圍，維持每股 6.60 美元的中點。我們也收緊了全年調整後 EBITDA 的範圍，確認全年指引中點為 27 億美元。

Our full year revenue guidance range is being adjusted down by about 1% at the midpoint to a new range of $5.475 billion to $5.525 billion to reflect the impact of lower pass-through oriented tenant utility reimbursements given the moderation in electricity pricing in EMEA.

我們的全年營收指引範圍將中點下調約1%，至54.75 億美元至55.25 億美元的新範圍，以反映考慮到歐洲、中東和非洲地區電價調整的影響，以直通為導向的租戶公用事業報銷較低的影響。

Importantly, you'll recall that last quarter's core FFO per share guidance reflected a $0.05 to $0.07 per share impact from a bankrupt customer, including $0.02 that was realized in the second quarter. In the third quarter, we received all of the rent due from this customer across our portfolio, but we did incur a $0.01 write-off related to unpaid utility expenses and we expect that we could see up to another $0.02 of dilution related to this customer in the fourth quarter. In addition, we could see up to $0.01 of drag related to the carryforward of increased Chicago property tax assessment and $0.01 of drag related to the acceleration and increase of development spend as we capitalize on the opportunities we are seeing in front of us.

重要的是，您會記得上一季的核心 FFO 每股指引反映了破產客戶帶來的每股 0.05 至 0.07 美元的影響，其中包括第二季度實現的 0.02 美元。在第三季度，我們收到了該客戶在我們投資組合中的所有應付租金，但我們確實因未付公用事業費用而沖銷了0.01 美元，我們預計我們可能會看到與該客戶相關的另外0.02 美元的攤薄在第四季。此外，當我們利用眼前的機會時，我們可能會看到與增加芝加哥財產稅評估結轉相關的高達 0.01 美元的拖累，以及與開發支出的加速和增加相關的 0.01 美元的拖累。

With the continued improvement 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 of over 5%, up from 4%. Same capital cash NOI growth of 6% to 7%, representing a 200 basis points increase versus prior guidance and a reduction in year-end portfolio occupancy to between 83% and 84%, reflecting the delayed timing of the sale of a vacant non-data center asset in our portfolio.

隨著本季我們基本面的持續改善，我們也正在更新支持全年指引的有機營運指標，包括現金和 GAAP 轉租利差超過 5%，高於 4%。相同的資本現金 NOI 成長 6% 至 7%，比先前的指引增加 200 個基點，年終投資組合佔用率減少至 83% 至 84%，反映出出售空置非物業的時間延遲。我們投資組合中的數據中心資產。

Given the successful leasing executed in the third quarter and the increased level of demand embedded within our pipeline, we are increasing our full year development spend guidance to $2.7 billion to $2.9 billion for 2023, representing the $400 million increase at the midpoint. Similarly, reflecting the continued execution on our funding plan to date, we have also updated our guidance for dispositions and JV capital to $2.7 million to $3.2 billion, representing a $350 million increase at the midpoint, which is in line with the increase in our expected development spend for this year. While development has been an important driver of our growth for the last decade, in the short term, we are experiencing the headwinds from the sharp regime change in interest rates.

鑑於第三季執行的成功租賃以及我們管道內需求水準的增加，我們將 2023 年全年開發支出指引提高至 27 億美元至 29 億美元，相當於中點增加 4 億美元。同樣，為了反映迄今為止我們融資計劃的持續執行，我們還將處置和合資資本指導更新為 270 萬美元至 32 億美元，中間增加了 3.5 億美元，這與我們預期的增長一致。今年的發展支出。儘管發展是過去十年經濟成長的重要動力，但短期內，我們正面臨利率制度急劇變化所帶來的阻力。

This year, we've sold assets at 6 caps, and new borrowings on our liner at similar levels, whereas GAAP requires us to capitalize interest at our weighted average borrowing cost of less than 3%. In other words, increasing our development spend today, to capitalize on the growing opportunities we are seeing is dilutive to near-term earnings.

今年，我們以 6 個上限出售了資產，並以類似的水平在我們的班輪上新增了借款，而 GAAP 要求我們以低於 3% 的加權平均借款成本將利息資本化。換句話說，今天就增加我們的開發支出，以利用我們所看到的不斷增長的機會，會稀釋短期收益。

These projects underway are completed at incrementally higher yields and the relatively low rate of capitalized interest burns off. We expect development completions will become increasingly accretive to core FFO per share. The good news is that fundamentals are helping to mitigate a portion of this dilution.

這些正在進行的項目以逐漸提高的收益率完成，並且相對較低的資本化利息率被消耗殆盡。我們預計開發完成將越來越增加每股核心 FFO 的價值。好消息是，基本面正在幫助緩解部分稀釋效應。

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

我們準備好的演講到此結束，現在我們很樂意回答您的問題。接線生，請開始問答環節。

(Operator Instructions) Our first question comes from Jon Atkin of RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC 資本市場的 Jon Atkin。

So I was interested in the development JVs that you alluded to. It sounds like there's something relatively imminent or maybe a couple of transactions. Can you point to the leverage reduction benefit that we should expect? And then related to that, give us a sense of the tailwinds and the headwinds that might affect core FFO per share for next year.

所以我對你提到的開發合資企業很有興趣。聽起來好像有一些相對迫在眉睫的事情或可能有幾筆交易。您能指出我們應該預期的槓桿降低效益嗎？與此相關的是，讓我們了解可能影響明年核心 FFO 每股的順風和逆風。

Actually, why don't you let Greg touch on his activity, it's been the tip of the spear on our development JVs, which unfortunately, we couldn't time not just 1 but 2 announcements made last quarter, but we haven't been idle and they're making some great progress. But Greg, why don't you give us some color?

事實上，你為什麼不讓格雷格談談他的活動，這是我們開發合資企業的矛尖，不幸的是，我們無法計算上季度發布的 1 項公告和 2 項公告，但我們還沒有閒著，他們正在取得一些巨大的進步。但是格雷格，為什麼不給我們一些顏色呢？

Yes. Thanks, Jon. Look, I think as Andy mentioned, look, last quarter, which we already announced, we were -- we had our two stabilized joint ventures with TPG in Northern Virginia and obviously, GI and Chicago, which generated about $2.2 billion of proceeds. And we -- what we found in that process was demand was very robust to invest in data center assets in the private market, and the same holds true.

是的。謝謝，喬恩。看，我認為正如安迪所提到的，看，上個季度，我們已經宣布了，我們與TPG 在北弗吉尼亞州建立了兩家穩定的合資企業，顯然還有GI 和芝加哥，產生了約22 億美元的收益。我們在這個過程中發現，私人市場對投資資料中心資產的需求非常強勁，這也是如此。

We're continuing to see even more demand for stabilized assets. And I would go as far as to say it's even greater investor demand when you look at the development -- potential development JVs. All I can tell you is we're working hard, and we hope we have something here in relatively short order to report. But right now, no more guidance than that. Other than that, demand remains strong, and we remain encouraged.

我們繼續看到對穩定資產的更多需求。我甚至可以說，當你關注潛在的開發合資企業的開發時，投資者的需求甚至更大。我只能告訴你，我們正在努力工作，我們希望能夠在相對較短的時間內向您報告一些情況。但現在，沒有比這更多的指導了。除此之外，需求仍然強勁，我們仍然受到鼓舞。

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

下一個問題來自美國銀行的大衛‧巴登。

I guess I want to follow up a little bit on the second part of Jonathan's question, which was thinking about 2024. When we began 2023, we were looking at same-store cash NOI growth in the mid-3s and now it's pushing towards 7%. We're talking about a decade level improvements in interconnection and sub-megawatt leasing and greater than 1 megawatt leasing.

我想我想對 Jonathan 問題的第二部分進行一些跟進，即考慮 2024 年。當我們開始 2023 年時，我們關注的是同店現金 NOI 增長在 3 秒左右，現在正在向 7 邁進%。我們正在談論互連和次兆瓦租賃以及大於 1 兆瓦租賃方面的十年級改進。

Andy, you frequently talked over the year about how re-leasing and greater than 1 megawatt, you couldn't confidently say would be greater than zero and here we are. And then we've lapped the first year of the Teraco acquisition, which was supposed to be dilutive in year 1, neutral in year 2, accretive in year 3. So outside of some accounting issues, it kind of feels like all the needles are pointing up into 2024. And before I get too excited, tell me where I'm wrong.

安迪，您一年來經常談論如何重新租賃和大於 1 兆瓦，您不能自信地說將大於零，而我們就在這裡。然後我們已經完成了 Teraco 收購的第一年，它應該在第一年稀釋，在第二年保持中性，在第三年增值。因此，除了一些會計問題之外，感覺所有的針都在展望2024 年。在我太興奮之前，請告訴我哪裡錯了。

Thanks, David. We appreciate the kudos there. Before I hand off to Matt to give you a 2024 guidance on this call, which I can tell you we weren't prepared for. I'll just chime in with just some color. So you're right, the trend has been our friend on multiple fronts. And I think we tried to signal this at the outset of the year, and we were a bit of a show-me story, but we saw our value proposition resonating. We saw the pricing environment firming and continued that momentum, whether it's asking rates, ROIs on our development pipeline at cash mark-to-market in both product sets, and I would say that environment is continuing.

謝謝，大衛。我們很感激那裡的榮譽。在我交給 Matt 為您提供有關此次電話會議的 2024 年指導之前，我可以告訴您我們還沒有為此做好準備。我只是用一些顏色來插話。所以你是對的，趨勢在多個方面都是我們的朋友。我認為我們在今年年初就試圖傳達這一信號，我們有點像是向我展示的故事，但我們看到我們的價值主張產生了共鳴。我們看到定價環境趨於堅挺，並繼續保持這種勢頭，無論是要價還是我們開發管道的投資回報率（以現金盯市的兩種產品），我想說，這種環境正在持續。

But before Matt take the air out of the balloon with no early guidance, I mean there are obviously headwinds that Matt can talk to that we're still working through. But Matt, why don't you share your thoughts?

但在馬特在沒有早期指導的情況下將氣球中的空氣排出之前，我的意思是，馬特可以談論我們仍在努力解決的明顯阻力。但是馬特，為什麼不分享你的想法呢？

Yes, sure. Thanks, David. I mean I think we -- and we kind of talked about this a little bit towards the end of my prepared remarks, but I think, as you know, we've been -- one, we've been pretty clear about a desire to deleverage, which we've made substantial progress on.

是的，當然。謝謝，大衛。我的意思是，我認為我們——我們在我準備好的發言結束時稍微討論了這一點，但我認為，正如你所知，我們一直——一個，我們已經非常明確地表達了一個願望去槓桿，我們已經取得了實質進展。

We started the year close to $7 billion, we're at $6.3 billion. We're making progress on that like I stated at the start of the year. And we're doing that through level of capital recycling asset sales that are going to have an impact not only on this year, but we'll have some follow-through into next year. And we're doing it at a time also where we're looking to take advantage of what we see is a great opportunity in the market where supply-demand fundamentals are about as strong as they've been, and we see opportunities to deploy capital, but that capital is coming at a higher cost today than it was. And therefore, it's dilutive near term until that capacity comes online. And we think it's the prudent thing to do, but that's part of the dynamic that we're dealing with.

今年年初，我們的營收接近 70 億美元，目前已達 63 億美元。正如我在年初所說的那樣，我們正在這方面取得進展。我們正在透過資本回收資產銷售的水平來做到這一點，這不僅會對今年產生影響，而且我們還會在明年進行一些後續行動。我們這樣做的同時，我們也希望利用我們所看到的市場上的一個巨大機會，因為供需基本面與以往一樣強勁，我們看到了部署的機會資本，但如今資本的成本比以前更高。因此，在該產能上線之前，短期內它會被稀釋。我們認為這是謹慎的做法，但這也是我們正在應對的動態的一部分。

The next question comes from Michael Elias of TD Cowen.

下一個問題來自 TD Cowen 的 Michael Elias。

First, could you help us think about the sources of funding? And really what I mean by that is you raised equity at $97 a share, but you didn't raise equity when your stock was at $130. Presumably, the cost of that equity would have been lower than selling assets at, call it, a 9% cap rate. Just wondering how you're thinking about the use of equity as you march towards that, call it, 5.5x leverage target next year? And then I have a follow-up.

首先，您能幫我們考慮一下資金來源嗎？我真正的意思是，你以每股 97 美元的價格籌集了股本，但當你的股票價格為 130 美元時，你沒有籌集股本。據推測，該股權的成本將低於以 9% 上限利率出售資產的成本。只是想知道，當您邁向明年 5.5 倍槓桿目標時，您如何考慮股權的使用？然後我有一個後續行動。

Thanks, Michael. So Jordan is playing by new rules to make sure everyone get at least one question on the call. So we've got one question, but we'll try to get you on the next round for your follow-up. I think our actions are speaking louder than our words hopefully here, whereby we had tremendous success in the first half of the year or dribbling into the month of July on both noncore dispose followed by major hyperscale stabilized assets. And the fact that we haven't moved forward with any additional equity issuance of common stock, I think this speaks to our conviction on the next leg of private capital raisings with the development joint venture or joint ventures being the next leg of the stool.

謝謝，麥可。因此，喬丹正在遵守新規則，以確保每個人至少能在電話會議中得到一個問題。我們有一個問題，但我們會盡力讓您進入下一輪進行後續跟進。我認為我們的行動勝於雄辯，希望我們在今年上半年或進入 7 月在非核心處置和主要超大規模穩定資產方面取得了巨大成功。事實上，我們還沒有推進任何額外的普通股發行，我認為這證明了我們對下一步私人資本籌集的信念，而開發合資企業或合資企業將成為下一步。

So -- and I think those are things that will -- are strategic and different for our company relative to prior experience, where we're going to share the cash flow period of these projects that are large, massive capital-intensive and long-term projects and allow some of these great fundamentals we've seen flow through to the bottom line. That doesn't mean we're 100% averse to ever issuing equity at the right time, in the right quorum, at the right price. But I think we believe we've got some incremental milestones or wins to put on the board here that are in the not-so-distant future before we be ready.

因此，我認為這些事情對於我們公司來說，相對於以往的經驗來說是具有戰略意義和不同的，我們將分享這些大型、大規模資本密集型和長期項目的現金流期。術語項目，並允許我們看到的一些偉大的基本原理流向底線。這並不意味著我們百分之百反對在正確的時間、以正確的法定人數、以正確的價格發行股票。但我認為我們相信，在我們準備好之前，我們已經在不遠的將來將一些漸進的里程碑或勝利放在董事會上。

And this is on the back of tremendous progress. We've taken the balance sheet down, what 0.8 turns of EBITDA, literally in 2 quarters worth of reporting. So -- and so I'm pleased with the progress, and I would say that we have more good news to come.

這是在巨大進步的基礎上實現的。我們已經將資產負債表縮減了，即 EBITDA 減少了 0.8 倍，實際上相當於兩個季度的報告。所以——所以我對進展感到滿意，我想說我們還有更多好消息。

Before -- one last thing. I want to hand over to Greg because you made a comment on the noncore dispose, just -- I think that we should clarify what that really means to us.

之前——最後一件事。我想把時間交給格雷格，因為你對非核心處置發表了評論，只是——我認為我們應該澄清這對我們真正意味著什麼。

Yes. Thanks, Andy. Hi Michael, Look, I don't think it's right to say a 9% -- you're selling an asset at a 9% cap rate versus what your implied multiple is on your company. In our minds, from a capital allocation perspective, those are 2 very different things. One is the assets we sold, they're noncore assets, right? One's in Watford, one's in Chantilly.

是的。謝謝，安迪。你好，邁克爾，聽著，我認為說 9% 是不對的——你以 9% 的上限利率出售資產，而不是你公司的隱含本益比。在我們看來，從資本配置的角度來看，這是兩件截然不同的事情。一是我們出售的資產，它們是非核心資產，對嗎？一個在沃特福德，一個在尚蒂伊。

What does that mean to us? I mean these are noncampus assets with limited connectivity, right? And when you look at Chantilly, Wilson Nova, it's neither of the major markets of Loudoun, Manassas, right? And so when you look at these assets, they're older, they're stand-alone assets.

這對我們意味著什麼？我的意思是這些是連結有限的非校園資產，對吧？當你看看尚蒂伊（Chantilly）、威爾遜諾瓦（Wilson Nova）時，它都不是勞登（Loudoun）、馬納薩斯（Manassas）的主要市場，對吧？因此，當您查看這些資產時，您會發現它們較舊，是獨立資產。

Now this is a very, very small portion of our business. But we call these assets out. So I don't think we can sit here and assess a cap rate on 1 or 2 noncore assets versus selling equity in the business. These are assets that are not part of our core business going forward and nonstrategic to us, that's a very different analysis. So I would just caution folks to say, "Hey, here's a couple of assets that were noncore that were signed as a 9, therefore, that's not the right cost of capital play or the right capital allocation because I think it is.

現在，這只是我們業務中非常非常小的一部分。但我們將這些資產排除在外。因此，我認為我們不能坐在這裡評估 1 或 2 個非核心資產與出售企業股權的上限利率。這些資產不屬於我們未來核心業務的一部分，對我們來說也不是策略性的，這是一個非常不同的分析。因此，我只是提醒人們說，「嘿，這裡有一些非核心資產，它們被標記為 9，因此，這不是正確的資本運作成本或正確的資本配置，因為我認為它是。

The next question comes from David Guarino of Green Street.

下一個問題來自 Green Street 的 David Guarino。

On Page 9 of your presentation you put out today, it feels like those new leasing bars, they just keep reaching to the sky. You think there's a sustainable pace of activity for Digital Realty and maybe even broadly, is it a sustainable pace for the industry as a whole? Or is there a risk maybe that the dirty word digestion phase starts to come back in vocabulary again?

在您今天發布的簡報的第 9 頁上，感覺就像那些新的租賃酒吧，它們一直伸向天空。您認為 Digital Realty 的活動具有可持續的步伐，甚至更廣泛地說，這對整個行業來說是可持續的步伐嗎？或者是否存在臟詞消化階段再次開始出現在詞彙中的風險？

Thanks, David. So I mean, what's great about this quarter is not just the size of that bar, but just what really went into it. And as I said in the prepared remarks, we usually call it historically led off with the top line number, but I think it was even more important to start with a tremendous foundation. Less than a megawatt interconnection signings quantity of customers, broad-based across the regions, including interconnection was at a record. It was up dramatically, not just year-over-year, close to 28%, but 9% quarter-over-quarter and that is that flywheel success that we've been investing in and starting to see more and more harvesting the fruits of our labor.

謝謝，大衛。所以我的意思是，本季的精彩之處不僅在於該長條圖的大小，還在於其真正的內容。正如我在準備好的演講中所說，歷史上我們通常稱之為以頂線數字為主導，但我認為以巨大的基礎開始更為重要。互聯簽約客戶數不足兆瓦，跨區廣泛，其中互聯創歷史新高。它大幅上漲，不僅同比增長接近 28%，而且環比增長 9%，這就是我們一直在投資的飛輪成功，並開始看到越來越多的人收穫成果。我們的勞動。

On the bigger portion of that, it was not one single deal, it is our largest deal not even 1/3 of the total signings. It was broad-based across the geos as well. And these are playing to a continuation of demand trends that have been here for a little while, but certainly not exhausted.

其中更大的一部分，這不是一筆交易，而是我們最大的一筆交易，甚至不到簽約總數的 1/3。它在各個地區也具有廣泛的基礎。這些正在推動需求趨勢的延續，這種趨勢已經存在了一段時間，但肯定還沒有耗盡。

When you look at the pace of how fast the cloud is growing, digital transformation, hybrid IT. You look at our new logo contribution largely enterprise based, 117 from around the globe and artificial intelligence, which is something we've had a hand in supporting for many years in high-performance compute power densities. That is just starting to blossom in our numbers. And I think that is just an incremental tailwind of demand where it doesn't feel like the digestion period is anywhere near coming to the amount of capacity demands we're seeing for the industry overall.

當您觀察雲端、數位轉型和混合 IT 的成長速度。你來看看我們的新商標貢獻主要是基於企業的，來自全球各地的 117 個企業和人工智慧，這是我們多年來在高效能運算能力密度方面支持的東西。我們的人數才剛開始成長。我認為這只是需求的增量推動力，感覺消化期遠未達到我們所看到的整個產業的產能需求量。

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 I wanted to touch on kind of your outlook for renewal spreads, which have been pretty strong the last couple of quarters. So if I look at your expiration schedule, it looks like your in-place rents really start to look even more attractive the further out you look.

因此，我想談談您對續約利差的展望，過去幾季的續約利差相當強勁。因此，如果我看看你的到期時間表，看起來你的就地租金確實開始看起來越遠越有吸引力。

So maybe you can talk about kind of the near-term outlook. Is it going to be a little more subdued as you work through some of these higher in-place rents? And then maybe are there any of your larger footprint contracts that have any contractual terms that may limit your ability to push rents as high as you would like?

所以也許你可以談談近期的前景。當你處理一些較高的就地租金時，它會不會更平靜一些？然後，也許您的佔地面積較大的合約中是否有任何合約條款可能會限制您將租金推高到您想要的水平的能力？

Sure. Thanks. So I think, first off, I think as a note, we feel pretty confident about the pricing environment right now and that I think we demonstrated that with the continued increase in re-leasing spreads that we put into our guidance where we said greater than 5%. And we've had -- we called out some items this year that have been, we'll call it, slight outliers, but we'll -- we still see a strong pricing environment that we're -- and we expect that to continue into the fourth quarter where we expect positive renewal spreads across all of our product types.

當然。謝謝。因此，我認為，首先，我認為，我們對目前的定價環境非常有信心，而且我認為我們已經證明，隨著我們將再租賃利差納入我們的指導，我們說大於5%。我們已經 - 我們今年提出了一些項目，我們稱之為輕微異常值，但我們 - 我們仍然看到一個強大的定價環境 - 我們預計持續到第四季度，我們預計所有產品類型都會出現積極的更新。

I think going into next year, again, not giving guidance, what I would say is come back to the environment that we're in. I mean, there's nothing that suggests that pricing won't continue to be robust and strong across all of our major markets, where things might be different. Again, that you were alluding to is the basis against which those strong pricings are compared against. We are not seeing the same, I still expect that we'll have positive renewal spreads next year. But we'll be able to provide more granularity in terms of the level that, that is once we give guidance next quarter.

我認為進入明年，再次，不提供指導，我想說的是回到我們所處的環境。我的意思是，沒有任何跡象表明定價不會繼續在所有領域保持穩健和強勁。我們的主要市場，情況可能會有所不同。再說一遍，您提到的是與這些強勁定價進行比較的基礎。我們沒有看到同樣的情況，我仍然預計明年我們將有積極的續約價差。但我們將能夠在下個季度給出指導的水平上提供更詳細的資訊。

The next question comes from Frank Louthan of Raymond James.

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

So when you guys are having conversations with a customer that's primarily looking at an AI deal when you win an AI deal, what is it that they're coming to you for versus maybe some of the less expensive campuses kind of the middle of nowhere that we've heard about and that sort of thing. So how are you winning in AI? And what is it they're looking to get from digital versus some of your peers or some of the private players?

因此，當您與主要關注人工智慧交易的客戶進行對話時，當您贏得人工智慧交易時，他們來找您的目的是什麼，而不是一些偏僻的較便宜的校園，我們聽說過類似的事情。那麼你如何在人工智慧領域中獲勝呢？與您的一些同行或一些私人參與者相比，他們希望從數位領域獲得什麼？

I'm going to toss this to Colin in a second. But I just -- there's many shapes and forms of AI, and I will reiterate, this is still early innings of what's going to be a vast build-out of required infrastructure. So our intersection of supporting AI is called in the single megawatt or 2 for enterprise adjacent to the existing workloads, expansion into multiple -- many, many megawatts of contiguous capacity and everything in between. And we're in a world right now where it's about large language model training, obviously, the inference -- the dawn of inference and the implications will hopefully point to incremental location latency-sensitive needs.

我馬上就把這個丟給科林。但我只是——人工智慧有很多種形態和形式，我要重申，這仍然是大規模建設所需基礎設施的早期階段。因此，我們支援人工智慧的交集稱為單兆瓦或 2 兆瓦的企業，毗鄰現有的工作負載，擴展到多個、許多兆瓦的連續容量以及介於兩者之間的一切。我們現在所處的世界是關於大型語言模型訓練的，顯然，是推理——推理的曙光及其影響將有望指向增量位置延遲敏感的需求。

The private consumption of AI or the consumer consumption as well outweighing the enterprise, that's going to change. So I think this is -- this demand case, I think, is going to grow and change and it feels like come in our favor. But Colin, why don't you speak to some of your experience front line with the customers?

人工智慧的私人消費或消費者消費也超過了企業，這種情況將會改變。所以我認為，我認為這種需求案例將會成長和變化，感覺對我們有利。但是科林，你為什麼不與客戶談談你在一線的一些經驗呢？

Sure. Thanks, Andy. Frank. I appreciate the question. I would just amplify what Andy was saying is the demand principles are not monolithic. I mean you're talking about a wide gamut of requirements across the customer platform, which really plays well to our broad-based portfolio. So I think we do as good a job as any to support broad base requirements and contiguous capacity, but also having mixed dynamic requirements in terms of densities.

當然。謝謝，安迪。坦率。我很欣賞這個問題。我只是想強調安迪所說的，需求原則並不是單一的。我的意思是，您談論的是整個客戶平台的廣泛需求，這確實對我們廣泛的產品組合發揮了很好的作用。因此，我認為我們在支持廣泛的基礎要求和連續容量方面做得與任何人一樣好，但在密度方面也有混合的動態要求。

And so what we try to do is to map that right customer, to right market, to right workload. And again, across 300-plus data centers, I think we can serve that pretty well. We also feel pretty strongly that core market orientation, i.e., proximity to eyeballs and GDP is still going to remain a core requirement for much of this AI workload. So we feel like that maps really well to our course of assets across the globe.

因此，我們試圖做的就是將正確的客戶、正確的市場、正確的工作負載映射在一起。再說一遍，在 300 多個資料中心中，我認為我們可以很好地提供服務。我們也強烈感覺到，核心市場導向，即接近眼球和 GDP 仍然是大部分人工智慧工作負載的核心要求。因此，我們認為這非常適合我們在全球的資產路線。

The next question comes from Irvin Liu of Evercore ISI.

下一個問題來自 Evercore ISI 的 Irvin Liu。

So Greg mentioned the strength in demand for both stabilized and development JVs, but in light of a more volatile rate environment, especially in recent weeks, have you sensed any meaningful shifts in the appetite for JVs when you're discussing with potential partners?

因此，格雷格提到了對穩定型合資企業和開發型合資企業的需求強勁，但鑑於利率環境更加波動，特別是最近幾週，當您與潛在合作夥伴討論時，您是否感覺到對合資企業的興趣發生了任何有意義的變化？

Greg, has your phone been ringing any later?

格雷格，你的電話後來響過嗎？

No. Look, it's a good question, but the answer is no. Remember, when investors are out there making investments in different sectors, right? Everything is on a relative basis. And I think when investors look at data centers today, and they look at the quality of the facility, the quality of the customer base, the term of the lease, the strong organic growth in the business today.

不，聽著，這是個好問題，但答案是否定的。還記得嗎，當投資者在不同的行業進行投資時，對嗎？一切都是建立在相對基礎上的。我認為，當投資者今天審視資料中心時，他們會關注設施的品質、客戶群的品質、租賃期限以及當今業務的強勁有機成長。

It's the best place for them to invest. In fact, I would argue that over time, you're going to continue to see data centers becoming more mainstream investing rather than a niche play investing when you look at the level of demand out there, whether it's through pension funds, endowments, sovereign wealth funds and the like.

這是他們投資的最佳地點。事實上，我認為，隨著時間的推移，當你觀察那裡的需求水準時，無論是透過退休基金、捐贈基金、主權基金，你將繼續看到資料中心成為更主流的投資，而不是利基投資。財富基金等。

So no, I mean, it's also an interesting as there's pockets of capital that are driven -- we'll do this unlevered, so they're willing to be patient and wait for leverage and wait for rates to come back down.

所以不，我的意思是，這也很有趣，因為有一小部分資本被驅動——我們將在無槓桿的情況下進行這件事，所以他們願意耐心等待槓桿並等待利率回落。

And I think that also, to your point, Irvin, and I think that's what I mentioned earlier, there's even an outsized demand on the development side. I think the fact that we're in a higher rate environment is driving more demand, if you will, towards development. So -- but no, we have not -- in fact, I would go the other way. I would say that we've seen an acceleration in the demand for development JVs.

我認為，就你的觀點而言，歐文，我認為這就是我之前提到的，開發方面甚至存在著巨大的需求。我認為，如果您願意的話，我們處於更高利率的環境中，這一事實正在推動更多的發展需求。所以——但不，我們沒有——事實上，我會​​走另一條路。我想說的是，我們已經看到了對開發合資企業的需求的加速成長。

The next question comes from Michael Rollins of Citi.

下一個問題來自花旗銀行的麥可‧羅林斯。

When you take the demand that you're seeing, the backlog and the target for the development joint ventures, can you give us a bit of a preview on the range of development capital that digital will place on balance sheet in 2024?

當您考慮到您所看到的需求、積壓的訂單和開發合資企業的目標時，您能給我們一些關於 2024 年數位化將在資產負債表上投入的開發資本範圍的一些預覽嗎？

Thanks, Michael. So I mean -- this isn't new news. And I think I framed this at some of the investor meetings we've had through the fall or even on back to NAREIT. Listen, we are a large -- the largest global player in the space here and we are taking a strategic change to how we're funding the business was one of my three top priorities. And what we're not going to do is tie ourselves to a partner for all time and reduce our flexibility, but we're going to be looking at targeted large-scale projects. These are projects that are supporting or will support customers, we believe in their growth campuses multiple megawatts. So not noncore at all like things that we would invest 100% if we weren't looking to change our funding strategy to drive more bottom line growth.

謝謝，麥可。所以我的意思是——這不是新消息。我想我是在秋季甚至回到 NAREIT 舉行的一些投資者會議上提出這一點的。聽著，我們是該領域最大的全球參與者，我們正在對業務融資方式進行策略變革，這是我的三個首要任務之一。我們不會永遠將自己與合作夥伴捆綁在一起並降低我們的靈活性，但我們將考慮有針對性的大型專案。這些項目正在支持或將支持客戶，我們相信他們的成長園區將達到數兆瓦。因此，如果我們不希望改變我們的融資策略以推動更多的利潤成長，我們就會 100% 投資，這根本不是非核心的事情。

And I think you can think the concentration of those type of projects to date are mostly in North America and Europe, given our business is already in a shared an adventure in Latin America and was a little bit smaller in APAC. And I think it's going to be very targeted trying to find the right capital source that is like-minded in terms of their vision for the asset class and looking for a partner that wants to really invest alongside we think is the best-in-class in this industry.

我認為你可以認為迄今為止此類項目主要集中在北美和歐洲，因為我們的業務已經在拉丁美洲共同冒險，而在亞太地區規模較小。我認為，這將是非常有針對性的，試圖找到在資產類別願景方面志同道合的正確資本來源，並尋找願意真正與我們認為是同類最佳的公司一起投資的合作夥伴在這個行業。

The next question comes from Matt Niknam of Deutsche Bank.

下一個問題來自德意志銀行的馬特·尼克南。

Just one on cash flow. So the accounts receivable looks like it increased another $167 million sequentially, and it's been a drag of over $400 million year-to-date. Just wondering if there's any color you can share on what's driving this? And then maybe how to think about the prospects for any sort of reversal in upcoming quarters?

只有一個關於現金流。因此，應收帳款看起來又增加了 1.67 億美元，今年迄今已拖累超過 4 億美元。只是想知道您是否可以分享一下是什麼推動了這一趨勢？然後，也許如何考慮未來幾季出現任何逆轉的前景？

Yes. Thanks, Matt. This is Matt as well. So yes, we've had what -- I think the important points that I'd call out here are two things. One, the majority of the increase that we've seen over the last couple of quarters in our accounts receivable has been tied to actually VAT receivables as a result of the increased construction that we've had, particularly over internationally in EMEA.

是的。謝謝，馬特。這也是馬特。所以，是的，我們已經做到了——我認為我在這裡要指出的要點是兩件事。第一，過去幾季我們的應收帳款成長大部分與實際應收增值稅有關，這是由於我們的建設增加所致，尤其是在歐洲、中東和非洲地區的國際建設。

When you look at our trade payables, which are really only actually roughly half or a little over half of that balance, we have increased trade payables over the period, but it's also been fairly much in line with our increase in revenue as well. And we've actually been able to bring down our amount of trade payables in the last couple of quarters as well. But again, it doesn't appear that way when the total receivables balance has increased.

當你看到我們的貿易應付帳款時，實際上它實際上只佔該餘額的一半或略多一點，我們在此期間增加了貿易應付帳款，但它也與我們的收入增長相當一致。實際上，我們在過去幾季也減少了應付帳款金額。但同樣，當應收帳款餘額增加時，情況似乎並非如此。

But again, I think the two salient points are only -- roughly only half of our -- that balance is tied to what I call trade receivables, which are actual rent and other billings that are sent to customers. A good chunk is related to VAT receivables tied to our construction, which has been the part that's been growing more substantially, which also has a liability offset as well.

但我再次認為，這兩個要點只是——大約只是我們的一半——該餘額與我所說的貿易應收帳款相關，即實際租金和發送給客戶的其他帳單。很大一部分與我們的建築相關的增值稅應收帳款有關，這部分成長幅度更大，也有負債抵銷。

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

下一個問題來自 BMO 資本市場的 Aryeh Klein。

Maybe following up on the JV question. Fundamentals are really strong. It feels like you believe there's a lot of runway there. Obviously, there are funding considerations. But have you rethought perhaps pursuing a JV versus going at it on your own and essentially keeping the upside to yourself?

也許會跟進合資企業的問題。基礎確實很紮實。感覺就像你相信那裡有很多跑道。顯然，這裡有資金上的考量。但是，您是否重新考慮也許是尋求合資企業，還是自己獨立經營，並基本上將優勢留給自己？

Thanks, Aryeh. so I don't -- I think consistent with what I've shared -- reiterated on this call, we believe that this opportunity when it comes to our space, digital transformation, cloud computing, hybrid IT and now the advent of artificial intelligence really coming to fruition is so large, long-term, capital-intensive that really tapping into both private and public capital in different measures is the right way to maximize value for our shareholders. And we are certainly experiencing an inflection in our operating fundamentals that has built upon good results throughout the year.

謝謝，阿耶。所以我不——我認為與我所分享的內容一致——在這次電話會議上重申，我們相信，當涉及到我們的空間、數位轉型、雲端運算、混合IT 以及現在人工智慧的出現時，這個機會真正實現的成果是如此龐大、長期、資本密集型，真正以不同的方式利用私人和公共資本是為我們的股東最大化價值的正確途徑。我們的營運基本面肯定正在經歷轉變，而這種轉變是建立在全年良好業績的基礎上的。

We've been doing a tremendous amount of deleveraging this year. We'll be, call it, rounding third base on the deleveraging next year, getting back to the targets Matt's laid out. And we also have headwinds when it comes to, call it, some -- a modest amount of debt coming due in terms of refinancing, but we view that the development joint venture remains to be the right move to drive more to the bottom line.

今年我們進行了大量的去槓桿化工作。我們將在明年的去槓桿化取得第三壘，回到馬特所訂定的目標。在再融資方面，我們也遇到了一些阻力，即少量債務即將到期，但我們認為，開發合資企業仍然是推動更多獲利的正確舉措。

And again, as I said in a question or two ago, we are not tying ourselves to this strategy and partner for all time, right? This has allowed us to accelerate those earnings and then have be able to throttle the levers here as to how much we share in terms of development joint ventures with partners down the road.

再說一次，正如我在一兩個問題前所說的那樣，我們不會永遠將自己與這項策略和合作夥伴聯繫起來，對嗎？這使我們能夠加速這些盈利，然後能夠限制我們與合作夥伴在開發合資企業中分享的份額。

The next question comes from Simon Flannery of Morgan Stanley.

下一個問題來自摩根士丹利的西蒙·弗蘭納裡。

If I could just check in on the development CapEx point. Again, you raised the guidance $400 million at the midpoint for this year. We've obviously just got a couple of months left here. Could you just go through a little bit what we're seeing that increase being spent on? Is that higher cost per megawatt coming through on some of your existing projects you're pulling stuff forward from next year, what else might be contributing to the increase?

如果我能檢查一下開發資本支出點就好了。您再次將今年中期的指引提高了 4 億美元。顯然我們只剩下幾個月的時間了。您能否簡單介紹一下我們所看到的增加的支出？您從明年開始推進的一些現有專案的每兆瓦成本是否會更高，還有什麼可能導致成本增加？

It's not budget overruns or anything like that, it is called conviction in the demand landscape. And I mean we can -- Matt can run through it. But I think the biggest piece is Northern Virginia, which goes back to our success in freeing up, call it, 100-plus megawatts in the Loudoun County pinch point and now activating that. But Matt, anything else I'm missing there?

這不是預算超支或類似的問題，而是對需求前景的信心。我的意思是我們可以——馬特可以完成它。但我認為最大的一塊是北維吉尼亞州，這可以追溯到我們成功釋放勞登縣 100 多兆瓦的電力，現在正在啟動它。但馬特，我還缺什麼嗎？

No. I think, Andy, you hit it. I mean the majority of our development pipeline increased the call roughly 60 megawatts. We had 100 megawatts of new starts, vast majority of that was in North America and in Northern Virginia specifically.

不，我想，安迪，你成功了。我的意思是，我們的大部分開發流程增加了約 60 兆瓦的電量。我們有 100 兆瓦的新啟動項目，其中絕大多數位於北美，特別是北維吉尼亞州。

If you look at our supplemental quarter-over-quarter, our cost per megawatt, I think broadly globally has been roughly flat. So it's just a view of new development starts looking to get those completed as quickly as possible. So if we can deliver on time for our customers and take advantage of the market that we're in.

如果你看一下我們季度環比的補充，我認為我們的每兆瓦成本在全球範圍內大致持平。因此，這只是新開發的一個觀點，即開始尋求盡快完成這些開發。因此，如果我們能夠按時為客戶交付並充分利用我們所處的市場。

The next question comes from Nick Del Deo of MoffettNathanson.

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

Andy, you've talked about being more disciplined about returns and the sort of deals you accept. Do you feel like you're successfully winning your targeted share of higher value or more strategic deals at your desired returns for each product? And kind of along those lines, do you feel like customers' perceptions of what you have to offer and where you add value is consistent with how you're trying to reposition the company's assets?

安迪，您談到了對退貨和您接受的交易類型更加嚴格。您是否覺得您正在以每種產品的預期回報成功贏得更高價值或更具策略性交易的目標份額？沿著這些思路，你覺得客戶對你所提供的產品和你增加價值的地方的看法是否與你試圖重新定位公司資產的方式一致？

Thanks, Nick. So I could tell you just yesterday, my team and I were on a, call it, recurring check in with one of our top cloud customers. And that dialogue was multifaceted. It was obviously concentrated on how we can support their growth in their availability zones, how we can commence faster. There's operational elements, it ranges across all the theaters and it also had how we can drive greater consumption to their cloud and their services from our 5,000 existing customers from the 100 plus we added this quarter and the next quarter, how we're integrating them onto our service fabric natively.

謝謝，尼克。所以我可以在昨天告訴你，我和我的團隊正在與我們的一位頂級雲端客戶進行定期檢查。這種對話是多方面的。顯然，重點是我們如何支持他們在可用區域的成長，如何更快開始。其中包括營運要素，涵蓋所有影院，還包括我們如何推動本季和下一季度新增的 100 多個客戶中的 5,000 名現有客戶對他們的雲端和服務的更大消費，以及我們如何整合它們本地到我們的服務結構。

And so I think we are -- and I think you're seeing those results paying dividends in that customer appreciation. And you're seeing that in the litany of, call it, magnetic destinations, be it the on-ramps we announced around the world as well as the pickup in the demand that we characterize as less than megawatt interconnection accelerating.

所以我認為我們是——而且我認為你會看到這些成果在客戶讚賞中帶來紅利。你會看到，在一長串的磁性目的地中，無論是我們在世界各地宣布的入口，還是我們所描述的小於兆瓦互連加速的需求回升。

So I do see a connection there. I think we've delivered a tremendous amount of value to our customers, improving their top line and their bottom lines in a safe, secure fashion. And when obviously, I think some of your question was dovetailed also to some of the larger customers, I think that we're just being transparent and honest with these customers that we're really trying to build a durable business to stand the test of time. And that doesn't mean we try to win 100% of a hyperscales market share, but if we're in 50 metropolitan areas, there's probably 25 or 30 where we have something that they really need, and we can really help them like no other. And that's through our supply chain, our large campuses that future-proof their growth, operational excellence and other value adds and just being a one-stop shop for all their needs. So I think that's a long, long-winded answer to yes.

所以我確實看到了其中的聯繫。我認為我們已經為客戶提供了巨大的價值，以安全可靠的方式提高了他們的收入和利潤。顯然，我認為你的一些問題也與一些較大的客戶相吻合，我認為我們只是對這些客戶保持透明和誠實，我們真的在努力建立一個持久的業務來經受住考驗時間。這並不意味著我們試圖贏得 100% 的超大規模市場份額，但如果我們在 50 個大都市地區，可能有 25 或 30 個地區我們擁有他們真正需要的東西，我們可以真正幫助他們，就像沒有其他。這是透過我們的供應鏈、我們的大型園區來保證他們的成長、卓越的營運和其他增值，並成為滿足他們所有需求的一站式商店。所以我認為這是一個冗長的答案。

The next question comes from Erik Rasmussen of Stifel.

下一個問題來自 Stifel 的 Erik Rasmussen。

Just getting back to the development JV. This is obviously the missing piece in the capital recycling efforts. But -- and I saw that you raised the disposition guidance for the year. Is $750 million still a good range for this? And I guess, from your commentary, it seems like there's more than one deal that this can represent?

剛回到開發合資企業。這顯然是資本回收工作中缺少的一環。但是——我看到你提出了今年的處置指導。 7.5 億美元仍然是一個合適的範圍嗎？我想，從你的評論來看，這似乎可以代表不只一項交易？

Eric, this is Greg. The answer is yes, $750 million is still a good deal. And yes, we are working on more than one.

埃里克，這是格雷格。答案是肯定的，7.5億美元仍然是一筆不錯的交易。是的，我們正在研究不只一項。

The next question is a follow-up from Michael Elias of TD Cowen.

下一個問題是 TD Cowen 的 Michael Elias 的後續問題。

So I wanted to ask about the unlevered return environment, particularly for hyperscale. I think earlier in the call, you mentioned something to the effect of double-digit unlevered yields. When you're thinking about doing some of these larger footprint deals with your top customers, just curious where you're seeing those deals clear? And as part of that, where do you think that this could evolve to over, call it, the next year?

所以我想問無槓桿回報環境，特別是對於超大規模而言。我想在電話會議的早些時候，您提到了兩位數的無槓桿收益率的影響。當您考慮與您的頂級客戶進行一些規模更大的交易時，只是好奇您在哪裡看到這些交易清晰？作為其中的一部分，您認為明年這種情況可能會在什麼情況下結束？

So I think I'd point you to our development schedule, which has now been in the double digits category across the board for the whole portfolio, including an increase in, call it, 65 megawatts quarter-over-quarter. North America, where, I would say, is the current home to the largest deals is in double digit by itself and has moved up dramatically.

因此，我想我想向您介紹我們的開發計劃，整個產品組合目前已全面進入兩位數類別，其中包括季度環比增加 65 兆瓦。我想說的是，北美目前是最大交易的所在地，其交易量本身就達到了兩位數，而且增幅顯著。

I don't -- when we look at the risk award, there's obviously episodic scenarios where returns for big deals with hyperscalers could go higher. But I think that once you kind of ascend into the double digits, given the current state of, call it, cost of capital in general, I think you're in the proverbial end zone in terms of creating value on many ways. So I wouldn't bank on incremental stair stiffs of shifts beyond that.

我不這麼認為——當我們考慮風險獎勵時，顯然存在一些偶發的情況，與超大規模企業的大筆交易的回報可能會更高。但我認為，一旦你上升到兩位數，考慮到目前的整體資本成本狀態，我認為你在許多方面創造價值方面都處於眾所周知的終點區域。因此，我不會指望除此之外的輪班增量樓梯僵硬。

But I think we're in a time in the world where the demand remains robust and diverse, outpacing supply. That dynamic does not feel to be abating. And I think we've got a great hand to support tremendous customers' growth around the globe and create a lot of value for a lot of stakeholders.

但我認為，我們正處於一個需求仍然強勁且多樣化、超過供應的時代。這種動力並沒有減弱的跡象。我認為我們有能力支持全球客戶的巨大成長，並為許多利害關係人創造大量價值。

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

今天電話會議的問答部分到此結束。現在我想將電話轉回給總裁兼執行長安迪鮑爾 (Andy Power)，讓他致閉幕詞。請繼續。

Thank you, Andrea. Digital Realty had a strong third quarter. Our results demonstrate that our value proposition is resonating with our customers. We posted another quarter of strengthening organic operating results with record 0-1 megawatt bookings, strong re-leasing spreads and our best same-capital cash NOI growth in over a decade.

謝謝你，安德里亞。 Digital Realty 第三季業績強勁。我們的結果表明我們的價值主張引起了客戶的共鳴。我們公佈了另一個季度強勁的有機經營業績，預訂量創紀錄的 0-1 兆瓦，強勁的再租賃價差以及十多年來最好的同資本現金 NOI 增長。

During the first 9 months of the year, we've raised over $3.5 billion of new capital, enabling us to meaningfully delever while reinvesting to support our customers' growing needs, and we are not done yet. I'd like to thank everyone for joining us today and express my personal gratitude to our dedicated and exceptional team at Digital Realty to keep the digital world spinning. We look forward to updating you on our progress and meeting with many of you at NAREIT in L.A. in a few weeks. Thank you.

今年前 9 個月，我們籌集了超過 35 億美元的新資本，使我們能夠在進行再投資以支持客戶不斷增長的需求的同時，進行有意義的去槓桿化，而我們的工作還沒有完成。我要感謝大家今天加入我們，並向 Digital Realty 敬業且出色的團隊表達我個人的謝意，他們讓數位世界保持運轉。我們期待向您通報我們的最新進展，並期待幾週後在洛杉磯 NAREIT 與您會面。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。