Digital Realty Trust Inc (DLR) 2023 Q4 法說會逐字稿

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

下午好，歡迎參加 Digital Realty 2023 年第四季財報電話會議。請注意，此事件正在被記錄。 （操作員說明）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 Fourth 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 年第四季財報電話會議。與我一起參加今天電話會議的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 will be making forward-looking statements, including guidance and underlying assumptions on today's call. Forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially. For a further discussion of risks related to our business, see our 10-K and subsequent filings with the SEC. This call will also contain non-GAAP financial information. Reconciliations to net income are included in the supplemental package furnished to the SEC and available on our website.

管理層將發表前瞻性聲明，包括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。此次電話會議也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 fourth quarter and our full year. First, we are seeing a robust wave of demand across our platform, and we are optimistic about our ability to execute. Leasing in the quarter was healthy, highlighted by strong volume in the 0 to 1 megawatt plus interconnection segment, record pricing in the greater than a megawatt category and the second highest quarter ever of new logos added.

在我把電話轉給安迪之前，讓我先介紹一下我們第四季和全年的一些關鍵要點。首先，我們看到整個平台上出現了強勁的需求浪潮，我們對我們的執行能力感到樂觀。本季度的租賃狀況良好，突出表現在 0 至 1 兆瓦及互連部分的強勁銷量、大於 1 兆瓦類別的創紀錄定價以及有史以來第二高的季度新增標識。

Second, our fundamental metrics capped off the year on a high note with the strongest cash re-leasing spreads and same capital cash NOI growth we've seen in years as our unique and differentiated value proposition continued to resonate. And lastly, in the fourth quarter alone, we announced nearly $8 billion of new development joint ventures and completed over $1 billion of equity issuance under our ATM, bringing total capital sources raised during the year to more than $12 billion and reducing pro forma leverage below our year-end 2023 target.

其次，我們的基本指標以高調結束了這一年，現金再租賃利差和資本現金 NOI 增長與我們多年來看到的相同，因為我們獨特和差異化的價值主張繼續引起共鳴。最後，光是在第四季度，我們就宣布了近80 億美元的新開發合資企業，並在我們的ATM 下完成了超過10 億美元的股票發行，使全年籌集的總資金來源超過120 億美元，並將備考槓桿率降至以下水準我們的 2023 年底目標。

The execution on our funding and capital plan in 2023 has positioned Digital Realty to be able to support our customers' data center infrastructure needs as the next generation technology unfolds.

2023 年融資和資本計畫的執行使 Digital Realty 能夠隨著下一代技術的發展而支援客戶的資料中心基礎設施需求。

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. 2023 was a milestone year for Digital Realty as we made strong progress toward our strategic objectives despite significant volatility in financial conditions and broader uncertainty around the world. For me, 2023 will be remembered as the year of AI's arrival to the data center forefront, ushering in an unprecedented new wave of data center demand, driving a step function of change across the industry's landscape. The year that Digital Realty enhanced its customer value proposition by adding connectivity-rich solutions, while also scaling our capacity for hyperscale and AI workloads.

謝謝喬丹，也謝謝大家加入我們的電話會議。 2023 年對 Digital Realty 來說是具有里程碑意義的一年，儘管全球金融狀況大幅波動且存在更廣泛的不確定性，但我們在實現戰略目標方面取得了強勁進展。對我來說，2023 年將被銘記為人工智慧進入資料中心前沿的一年，迎來了前所未有的新一波資料中心需求，推動了整個產業格局的階躍變革。這一年，Digital Realty 透過添加豐富的連接解決方案增強了其客戶價值主張，同時也擴展了超大規模和人工智慧工作負載的容量。

We expanded our footprint with new connectivity-oriented locations around the Mediterranean and elsewhere; enhanced our joint venture in India with the addition of Reliance Jio and increased the number of direct access points on our campuses to the leading cloud and service providers. We accelerated the growth of ServiceFabric with more than 70 discrete services added to the platform and over 100 unique services available by year-end and enhance its capabilities with new composites like service directory.

我們在地中海和其他地方建立了新的連結性為導向的地點，擴大了我們的足跡；透過增加 Reliance Jio 增強了我們在印度的合資企業，並增加了我們園區內領先雲端和服務供應商的直接存取點數量。我們加速了 ServiceFabric 的發展，在年底前向平台添加了 70 多項離散服務，並提供了 100 多項獨特服務，並透過服務目錄等新組合增強了其功能。

We also added 9,000 new cross connects in the year, indicative of our growing connected data communities. 2023 was a year that we integrated and innovated at a faster pace than ever before. We strengthened our leadership team and aligned our platform to 3 regions to be consistently structured around the world. We adapted our product portfolio to meet market demand, evolving our offering to efficiently support next-generation chips like the NVIDIA H-100 in numerous data centers.

今年我們還新增了 9,000 個交叉連接，這表明我們的互聯數據社群不斷成長。 2023 年是我們以前所未有的速度整合和創新的一年。我們加強了領導團隊，並將我們的平台與 3 個地區進行了調整，以便在全球範圍內保持一致的結構。我們調整了我們的產品組合以滿足市場需求，不斷改進我們的產品以有效支援眾多資料中心中的下一代晶片，例如 NVIDIA H-100。

Our high-density colo capability deployed across 32 markets spending all 3 regions is equipped to handle 3x the H-100 requirements. And we continue to add green energy solutions to power many of these power-dense applications, like our large solar PPA in Germany and our agreement supporting 100% renewable power in Texas, San Francisco, New Jersey and Sydney.

我們在 32 個市場部署的高密度託管能力涵蓋所有 3 個地區，能夠滿足 3 倍於 H-100 的要求。我們繼續添加綠色能源解決方案，為許多此類電力密集型應用提供電力，例如我們在德國的大型太陽能購電協議以及我們在德克薩斯州、舊金山、新澤西州和悉尼支持100% 可再生能源的協議。

And 2023 was the year that Digital Realty took decisive action to strengthen our balance sheet by developing a portfolio of private capital partnerships and vehicles that diversified our capital sources while enabling us to support our customers' fast-growing requirements. And we did all of that while continuing to provide the operational excellence that is expected of a global data center leader and that our customers rightfully demand.

2023 年，Digital Realty 採取果斷行動，透過開發私人資本合作夥伴關係和工具組合來增強我們的資產負債表，使我們的資本來源多樣化，同時使我們能夠支持客戶快速增長的需求。我們在做到這一切的同時，繼續提供全球資料中心領導者所期望的卓越營運以及我們的客戶的合理需求。

On this call a year ago, I outlined the plan to Bolster and diversify our capital sources. Our goals were to reduce our leverage towards 6x by the end of the year. Increase our liquidity to fund our development program and diversify our capital sources to limit our reliance on the capital markets, increasing our ability to meet the accelerating demand for data center capacity and to enhance our returns on invested capital.

在一年前的電話會議上，我概述了加強和多元化我們資本來源的計畫。我們的目標是到年底將槓桿率降低至 6 倍。增加我們的流動性，為我們的發展計劃提供資金，並使我們的資本來源多樣化，以限制我們對資本市場的依賴，提高我們滿足資料中心容量不斷增長的需求的能力，並提高我們的投資資本報酬率。

We outperformed on each of these goals, sourcing over $12 billion of new capital and commitments for new investment and debt repayment, reducing pro forma leverage to just 5.8x when adjusted for transactions that have been announced or closed since year-end. We also ended the year with 5 new JV partners and expanded some of our existing relationships. To round out the year, we announced 3 significant transactions in the fourth quarter, including 2 development joint ventures and the successful resolution to our relationship with Cyxtera. We also raised $1.2 billion of equity under our ATM since the end of September. I will quickly run through the highlights of these transactions.

我們在每個目標上都取得了優異的成績，籌集了超過120 億美元的新資本，並承諾進行新投資和債務償還，根據自年底以來已宣布或結束的交易進行調整後，預計槓桿率降至僅5.8 倍。今年年底，我們也與 5 個新的合資夥伴合作，並擴大了我們的一些現有關係。為了結束這一年，我們在第四季度宣布了 3 項重大交易，包括 2 家開發合資企業以及成功解決我們與 Cyxtera 的關係。自 9 月底以來，我們也透過 ATM 籌集了 12 億美元的股本。我將快速回顧一下這些交易的要點。

In early January, Greg completed his famed Triple Lindy with the Cyxtera transaction by selling $275 million of assets to Brookfield along with the purchase of Cyxtera's leasehold positions in Singapore and Frankfurt for $55 million, yielding net cash of $220 million to Digital Realty. In addition, Brookfield assumed 3 existing leases and amended 3 others in our portfolio to accelerate their expiration to the end of September 2024.

1 月初，Greg 完成了著名的Triple Lindy 與Cyxtera 交易，向Brookfield 出售了2.75 億美元的資產，並以5,500 萬美元購買了Cyxtera 在新加坡和法蘭克福的租賃權，為Digital Realty 帶來了2.2 億美元的淨現金。此外，Brookfield 承擔了 3 項現有租約，並修改了我們投資組合中的其他 3 項租約，以將其到期時間加快至 2024 年 9 月底。

Finally, Digital Realty obtained and exercised an option to purchase a Cyxtera data center and the [cloud] readiness state, adding one of London's highly sought-after submarkets to PlatformDIGITAL's connectivity and enterprise colo offering. This transaction remains subject to customary closing conditions and is expected to close towards the end of the first quarter.

最後，Digital Realty 獲得並行使了購買 Cyxtera 資料中心和[雲端]就緒狀態的選擇權，將倫敦備受追捧的子市場之一添加到 PlatformDIGITAL 的連接和企業託管服務中。該交易仍需遵守慣例成交條件，預計在第一季末完成。

In November, Realty Income purchased an 80% interest in 2 [$400,000,000] data centers that are under development and leased to an investment-grade financial services company. The tenant has the option to expand the facility up to an estimated potential cost of $800 million. We received $200 million upon closing and reduced our funding obligations for the remainder of this project to just 20% of the total capital, enabling us to reinvest the capital in higher-return projects.

11 月，Realty Income 購買了 2 個 [4 億美元] 正在開發的資料中心 80% 的權益，並將這些資料中心出租給投資等級金融服務公司。租戶可以選擇擴建該設施，預計潛在成本高達 8 億美元。交易完成後，我們收到了 2 億美元，並將該專案剩餘部分的融資義務減少至總資本的 20%，使我們能夠將資本再投資於回報率更高的專案。

Finally, the $7 billion development joint venture with Blackstone is our largest and most forward-looking transaction and accelerates the monetization of nearly 20% of our 3-plus gigawatt land bank. This JV involves the sale of an 80% interest in nearly 500 megawatts of capacity across 4 campuses in Paris, Frankfurt and Northern Virginia and enables us to better support our hyperscale customers' needs.

最後，與 Blackstone 成立的 70 億美元開發合資企業是我們規模最大、最具前瞻性的交易，加速了我們 3 多吉瓦土地儲備中近 20% 的貨幣化。該合資企業涉及出售巴黎、法蘭克福和北維吉尼亞州 4 個園區近 500 兆瓦容量的 80% 權益，使我們能夠更好地支持超大規模客戶的需求。

Approximately 20% of venture's total potential data center capacity is expected to be delivered through 2025. We will retain a 20% interest in these developments and earn fees for developing, leasing, operating and managing these facilities. All told, in 2023, we announced or completed joint ventures and asset sales driving leverage down roughly 1.3 turns from the first quarter peak, accelerating our ability to deliver needed capacity to our customers and enhancing our returns on invested capital.

預計到 2025 年，預計將交付風險企業資料中心總潛在容量的約 20%。我們將保留這些開發項目 20% 的權益，並透過開發、租賃、營運和管理這些設施賺取費用。總而言之，到2023 年，我們宣布或完成了合資企業和資產出售，使槓桿率較第一季高峰下降了約1.3 倍，加快了我們向客戶提供所需產能的能力，並提高了我們的投資資本回報率。

I would also be remiss if I did not mention Digital Core REIT's successful $120 million follow-on equity offering last week, which will support the REIT's planned acquisition of an incremental 24.9% interest in our jointly owned asset in Frankfurt for $125 million.

如果我沒有提到 Digital Core REIT 上週成功的 1.2 億美元後續股權發行，這將支持 REIT 計劃以 1.25 億美元收購我們在法蘭克福的共同擁有資產的 24.9% 權益，那我也算是失職了。

Let's shift to a brief recap of our results and offer some insights into the trends we are seeing across our business. I'm pleased with our results for 2023, which helped to lay the foundation for an acceleration in long-term sustainable growth in earnings and free cash flow that should take shape as we head into 2025. Our fourth quarter results were broadly consistent with the first 3 quarters of 2023 with continued strength in our operating performance KPIs and incremental improvement in our financial position as we continue to execute on our value proposition with the goal to support the increased demand for data center capacity.

讓我們簡要回顧一下我們的結果，並對我們在整個業務中看到的趨勢提供一些見解。我對 2023 年的業績感到滿意，這有助於為盈利和自由現金流的長期可持續增長的加速奠定基礎，而這種增長應在我們進入 2025 年時形成。我們第四季度的業績與2023年前3 季度，我們的營運績效KPI 持續強勁，財務狀況逐步改善，我們繼續執行我們的價值主張，目標是支持資料中心容量不斷增長的需求。

Leasing remained healthy, especially in our targeted 0 to 1 plus interconnection segment with 134 new logos, bringing our total new levels for 2023 to a new annual record of more than 500. Renewal spreads were strong for the fifth consecutive quarter, remaining positive across product types and regions. Same capital cash NOI growth continue to demonstrate the underlying strength of our business with 9.9% year-over-year growth in the quarter.

租賃保持健康，特別是在我們的目標0 到1+ 互連領域，有134 個新徽標，使我們2023 年的總新水平達到超過500 個新的年度記錄。續訂價差連續第五個季度強勁，整個產品保持正值類型和地區。相同的資本現金 NOI 成長繼續證明了我們業務的潛在實力，本季同比增長 9.9%。

And churn remained low and well controlled at 1%, while occupancy was impacted by the delivery of significant vacant development capacity. The combination of cloud and AI is driving unprecedented demand for scale and hyperscale capacity alongside the steady enterprise and connectivity-oriented demand we're experiencing within our 0 to 1 megawatt plus interconnection segment.

客戶流失率維持在較低水準並良好控制在 1%，而入住率則受到大量空置開發能力交付的影響。雲端和人工智慧的結合正在推動對規模和超大規模容量的前所未有的需求，以及我們在 0 到 1 兆瓦及互連領域所經歷的穩定的企業和連接導向的需求。

Supply constraints driven by limited availability of power and global supply chain delays have continued to drive the pricing pendulum in our favor, while our growing value proposition is increasing interest in our existing inventory and the new development that we have underway. Ongoing conversations with customers portend a significant potential acceleration of leasing and development, and we believe we are well positioned.

電力供應有限和全球供應鏈延誤導致的供應限制繼續推動定價擺向對我們有利的方向，而我們不斷增長的價值主張正在增加人們對我們現有庫存和我們正在進行的新開發的興趣。與客戶的持續對話預示著租賃和開發的潛在加速，我們相信我們處於有利地位。

The demand seems to be spilling across most markets, particularly for larger capacity blocks, though there are a few pockets of strength worth noting, including Northern Virginia, Santa Clara, New Jersey, Paris, Frankfurt, Singapore and Seoul. Our new capacity is concentrated in core markets aligned with our global meeting place strategy. While the scale of data center infrastructure opportunities has increased alongside AI's arrival, we remain disciplined and thoughtful, prioritizing locations that enhance PlatformDIGITAL connectivity and our connected campus communities.

需求似乎正在蔓延到大多數市場，特別是對於較大容量的區塊，不過也有一些值得注意的強勢區域，包括北維吉尼亞州、聖克拉拉、新澤西州、巴黎、法蘭克福、新加坡和首爾。我們的新產能集中在與我們的全球會議場所策略一致的核心市場。雖然資料中心基礎設施機會的規模隨著人工智慧的到來而增加，但我們仍然保持紀律和深思熟慮，優先考慮增強 PlatformDIGITAL 連接性和互聯校園社區的位置。

During the fourth quarter, Digital demonstrated the benefits of collaborating with our partners with the signing of an Oracle Cloud Infrastructure dedicated region deployment by a financial services customer, showcasing the potential of the collaboration between Oracle and Digital Realty to fulfill enterprise customers' hybrid cloud requirements.

第四季度，Digital 透過與金融服務客戶簽署 Oracle 雲端基礎架構專用區域部署協議，展現了與合作夥伴合作的優勢，展現了 Oracle 與 Digital Realty 之間合作滿足企業客戶混合雲端需求的潛力。

Other customers are recognizing the growing value of PlatformDIGITAL's broad and open structure. An AI service provider leveraged PlatformDIGITAL's pre-provisioned high-density colo offering to improve their time to market in order to extend our North America and AI cloud offering that provides managed AI as a service for a global manufacturing client.

其他客戶也認識到 PlatformDIGITAL 廣泛且開放的結構不斷增長的價值。一家 AI 服務供應商利用 PlatformDIGITAL 預先配置的高密度託管產品來縮短上市時間，從而擴展我們的北美和 AI 雲端產品，為全球製造客戶提供託管 AI 即服務。

A global service provider and partner targeting enterprise's customers added more connectivity for their hybrid offerings on PlatformDIGITAL, enabling them to upgrade their IT environments to a consumption-based IT infrastructure and managed services model. A Global 2000 leader in material sciences for industrial and scientific applications needed a data center provider with global interconnectivity and access to cloud providers in Seoul and shows PlatformDIGITAL to enable them to deploy and interconnect a private AI node.

一家針對企業客戶的全球服務供應商和合作夥伴在 PlatformDIGITAL 上為其混合產品添加了更多連接，使他們能夠將 IT 環境升級到基於消費的 IT 基礎設施和託管服務模型。工業和科學應用材料科學領域的全球 2000 強領導者需要一家具有全球互連性並可訪問首爾雲提供商的數據中心提供商，並展示了 PlatformDIGITAL，使他們能夠部署和互連私有 AI 節點。

A Global 50 financial services company is migrating from an on-prem data center to PlatformDIGITAL and utilizing ServiceFabric to improve sustainability, resiliency, scalability, security and carrier diversity. And a leading Global 2000 consumer goods manufacturer grew their presence on PlatformDIGITAL by adding 2 additional metros to support their IT workloads and cloud connectivity.

一家全球 50 大金融服務公司正在從本地資料中心遷移到 PlatformDIGITAL，並利用 ServiceFabric 來提高永續性、彈性、可擴展性、安全性和營運商多樣性。一家領先的全球 2000 強消費品製造商透過增加 2 個額外的城域來支援其 IT 工作負載和雲端連接，從而擴大了在 PlatformDIGITAL 上的影響力。

Moving over to a quick update on our largest market, Northern Virginia. We have over 100 megawatts available for lease today in Loudoun County and nearly 200 megawatts of capacity available for lease in Manassas. We are currently in active negotiations with a handful of customers for substantially all of our capacity in Loudoun, though, in contrast with the rumor mill, nothing has been finalized just yet. Beyond this capacity, we have another 900 megawatts of buildable capacity at Digital Dallas, which we are cautiously optimistic will gain access to power in 2026 and beyond. We also expect to benefit from the active and ongoing management of our existing 500-megawatt portfolio in this market over time.

接下來快速介紹我們最大的市場北維吉尼亞州的最新情況。目前，我們在勞登縣有超過 100 兆瓦的電力可供租賃，在馬納薩斯有近 200 兆瓦的電力可供租賃。目前，我們正在與少數客戶就勞登的幾乎所有產能進行積極談判，但與謠言相反，目前還沒有任何最終決定。除此之外，我們在 Digital Dallas 還擁有另外 900 兆瓦的可建造容量，我們對 2026 年及以後獲得電力持謹慎樂觀態度。我們也期望隨著時間的推移，我們將從該市場現有 500 兆瓦投資組合的積極和持續管理中受益。

Before turning it over to Matt, I'd like to touch on our ESG progress during the fourth quarter. We continue to be recognized for our strong ESG performance in the fourth quarter and in 2024. We placed second on Sustainability Magazine's list of top 10 Sustainable Data Center Providers. We improved to #8 on the U.S. EPA's Green Power Partnership National Top 100 for renewable energy use and we were named as a Top Rated Regional Performer in North America by a leading global ESG ratings provider. We remain committed to minimizing Digital Realty's impact on the environment while delivering sustainable growth for all of our stakeholders.

在交給 Matt 之前，我想談談我們第四季的 ESG 進度。我們在第四季度和 2024 年繼續因其強勁的 ESG 表現而獲得認可。我們在永續發展雜誌的十大永續資料中心提供者名單中排名第二。我們在美國 EPA 綠色電力合作夥伴國家再生能源使用 100 強中排名上升至第 8 名，並被全球領先的 ESG 評級提供者評為北美地區最佳地區表現者。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 over the call 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 fourth quarter results. We signed a total of $110 million of new leases in the fourth quarter with $53 million of 0 to 1 megawatt plus interconnection leasing, led by strength in the EMEA region. Interconnection bookings rebounded sequentially to $13.5 million, and we finished the year with 220,000 cross-connects despite continued network grooming.

謝謝你，安迪。讓我直接進入我們第四季的業績。第四季度，我們簽署了總計 1.1 億美元的新租賃合同，其中 0 至 1 兆瓦及互連租賃合約金額為 5,300 萬美元，其中歐洲、中東和非洲地區的實力領先。互連預訂量連續反彈至 1,350 萬美元，儘管我們不斷進行網路疏導，但全年互連預訂量仍然達到 22 萬個。

Turning to our backlog slide. The current backlog of signed by not-yet commenced leases increased to a new record of $495 million at quarter end as new leasing outran $84 million of commencements in the quarter. We expect commencements to pick up as nearly 2/3 of the backlog is scheduled to commence in 2024, with the majority coming in the second half of the year. During the fourth quarter, we signed $210 million of renewal leases with pricing increases of 8.2% on a cash basis, setting the high watermark for the year, though this was skewed over 100 basis points by shorter-term renewals in 1 market.

轉向我們的待辦事項投影片。截至季末，尚未開始的租賃合約已簽署的積壓金額增加至 4.95 億美元，創下新紀錄，因為本季新租賃金額超過了 8,400 萬美元的起始金額。我們預計開工量將有所增加，因為近 2/3 的積壓訂單計劃於 2024 年開始，其中大部分將在今年下半年開始。第四季度，我們簽署了2.1 億美元的續租合同，以現金計算的價格上漲了8.2%，創下了今年的高水位，儘管這一數字因1 個市場的短期續租而傾斜了100 個基點以上。

For the full year, cash renewal spreads were up 6.8% or 5.5% when normalizing for short-term extensions. Re-leasing spreads were positive across product, market and region in 2023, setting the foundation for an acceleration in long-term sustainable growth. In 2024, we expect the pricing environment to remain firm and renewal spreads to remain positive, principally reflecting the near 80% weighting of lease expirations in the 0 to 1 megawatt segment. In terms of earnings growth, we reported fourth quarter core FFO of $1.63 per share and $6.59 for the full year within our guidance range.

全年現金續約利差上升 6.8%，短期延期正常化時則上升 5.5%。 2023 年，各個產品、市場和地區的轉租利差均為正值，為長期可持續成長的加速奠定了基礎。到 2024 年，我們預計定價環境將保持堅挺，續約利差將保持正值，這主要反映了 0 至 1 兆瓦細分市場租賃到期權重接近 80%。在獲利成長方面，我們報告第四季度核心 FFO 為每股 1.63 美元，全年為 6.59 美元，均在我們的指導範圍內。

Earnings reflect the continued strong organic results, together with the impact from capital recycling, deleveraging and increased development spending throughout the year, as discussed on our third quarter call. Total revenue was up 11% year-over-year despite the incremental drag from the stabilized JV contributions and the noncore asset sales that closed in the third quarter. As we also noted last quarter, year-over-year revenue growth continued to be positively impacted by the significant volatility in utility costs and reimbursements, particularly in Europe. Energy dynamics proved to be a tailwind for our results in 2023. Assuming more normalized energy prices, we expect the related upside impact will moderate in 2024. Interconnection revenue was $106 million, up 9% year-over-year, reflecting continued unit growth and price increases.

正如我們在第三季電話會議上所討論的那樣，收益反映了持續強勁的有機業績，以及全年資本回收、去槓桿化和開發支出增加的影響。儘管穩定的合資企業貢獻和第三季完成的非核心資產銷售帶來了增量拖累，但總收入仍年增 11%。正如我們上季度也指出的那樣，年比收入成長繼續受到公用事業成本和報銷大幅波動的積極影響，特別是在歐洲。能源動態被證明是我們2023 年業績的動力。假設能源價格更加正常化，我們預期相關的上行影響將在2024 年減弱。互連收入為1.06 億美元，年成長9%，反映出單位數量的持續成長和價格上漲。

Moving over to the expense side. Utilities were 5% lower sequentially, reflecting the joint venture contributions over the summer, combined with seasonal impacts. Operating expenses increased due to seasonally elevated maintenance spending in the fourth quarter. Property taxes fell back toward normalized levels, reflecting the onetime property tax reassessment experienced in the third quarter. Net of this movement, adjusted EBITDA increased 9% year-over-year.

轉向費用方面。公用事業業務環比下降 5%，反映了夏季合資企業的貢獻以及季節性影響。由於第四季維護支出季節性增加，營運費用增加。財產稅回落至正常水平，反映了第三季經歷的一次性財產稅重新評估。扣除此變動後，調整後 EBITDA 年增 9%。

Improvement in our stabilized same capital operating performance continued in the fourth quarter with a year-over-year cash NOI up a strong 9.9% and up 7.7% on a constant currency basis. For the full year, results were also strong with cash NOI growth of 7.5% and 6.5% on a constant currency basis. Focusing on investment activity, we spent $3 billion on development in 2023, net of the proceeds received from our first development JV closing in November, and we delivered over 230 megawatts of new capacity across the globe.

第四季度，我們穩定的資本營運表現持續改善，現金 NOI 年比強勁成長 9.9%，以固定匯率計算成長 7.7%。全年業績也表現強勁，以固定匯率計算，現金 NOI 成長 7.5% 和 6.5%。專注於投資活動，扣除 11 月關閉的第一家開發合資企業的收益後，我們在 2023 年投入了 30 億美元用於開發，並在全球交付了超過 230 兆瓦的新產能。

Turning to the balance sheet. We continued to strengthen our balance sheet since the end of the third quarter with the sale of $1.2 billion of equity through the ATM at an average price of $133 per share, achieving our goal of lowering our leverage towards 6x in finishing the year at 6.2x. After year-end, we made further progress on the balance sheet with the closings of the Cyxtera transactions in the first phase of the Blackstone joint venture. GI Partners also exercised their option and closed on an additional 15% share of the 2 stabilized assets in our Chicago JV, bringing their stake to 80%.

轉向資產負債表。自第三季末以來，我們繼續強化資產負債表，透過ATM 以每股133 美元的平均價格出售12 億美元的股權，實現了將槓桿率降低至6 倍的目標，並在年底將槓桿率降至6.2 倍。年底後，隨著 Blackstone 合資企業第一階段 Cyxtera 交易的完成，我們的資產負債表取得了進一步進展。 GI Partners 也行使其選擇權，獲得了我們芝加哥合資企業 2 項穩定資產的額外 15% 股份，使持股比例達到 80%。

Pro forma for these activities' year-end leverage was 5.8x. S&P recognized our progress in December and upgraded our outlook. Early in the fourth quarter, we paid off our $100 million Swiss franc notes and closed the Realty Income joint venture, which generated $200 million of gross proceeds and reduced our CapEx commitments for the remainder of the project's development. We continue to keep significant cash on the balance sheet with over $1.6 billion at year-end as we continue to prioritize liquidity and to support ongoing development spend.

這些活動的預期年末槓桿率為 5.8 倍。標準普爾認可了我們 12 月的進展並上調了我們的展望。第四季初，我們還清了1 億美元的瑞士法郎票據，並關閉了Realty Income 合資企業，該合資企業產生了2 億美元的總收益，並減少了我們對該項目剩餘開發的資本支出承諾。截至年底，我們繼續在資產負債表上保留超過 16 億美元的大量現金，同時繼續優先考慮流動性並支持持續的開發支出。

Moving on to our debt profile. Our weighted average debt maturity is nearly 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 85% 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接近 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 85% 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 less than $1 billion of debt maturing in 2024. And beyond that, our maturities remained well laddered through 2032. I'll finish with guidance. We are providing an initial core FFO per share guidance range for the full year 2024 of $6.60 to $6.75, reflecting the underlying growth of our business, offset by the impact of the deleveraging activities we completed or announced in 2023. As a reminder, over the course of 2024 and 2025, we expect that our $6 billion development pipeline will become increasingly accretive as higher-yielding projects deliver.

最後，我們到 2024 年到期的債務不到 10 億美元。除此之外，到 2032 年我們的到期期限仍保持良好階梯狀。我將在最後給出指導。我們為 2024 年全年提供每股 6.60 美元至 6.75 美元的初始核心 FFO 指導範圍，反映了我們業務的潛在增長，並被我們在 2023 年完成或宣布的去槓桿化活動的影響所抵消。到2024年和2025 年，我們預計隨著高收益專案的交付，我們60 億美元的開發管道將變得越來越增值。

For 2024, we expect total revenue to grow by 2% and adjusted EBITDA to grow by 4% at the midpoint of our guidance ranges. When normalizing this growth for the impact of capital recycling, total revenue and adjusted EBITDA are anticipated to grow by 7% and 10%, respectively, in 2024. We expect both our cash and GAAP re-leasing spreads, along with same capital cash NOI growth to remain solidly positive, while occupancy is expected to improve steadily throughout the year as our record backlog commences and available capacity is leased.

到 2024 年，我們預計總收入將成長 2%，調整後 EBITDA 將成長 4%，達到我們指導範圍的中點。當資本回收影響的成長正常化時，預計 2024 年總收入和調整後 EBITDA 將分別成長 7% 和 10%。我們預計我們的現金和 GAAP 轉租利差以及相同的資本現金 NOI成長將保持穩健的正值，而隨著我們創紀錄的積壓開始和可用容量的租賃，預計全年入住率將穩步提高。

Specifically, cash re-leasing spreads are expected to increase by 4% to 6% in 2024. Same capital cash NOI is expected to grow by 2% to 3%, given the tougher base year comparison versus last year's 7.5% growth and our expectations for FX and energy pricing in our colo segment. Total portfolio occupancy is expected to improve by 100 to 200 basis points by the end of 2024 while total occupancy slipped to 81.7% in the fourth quarter of 2023. This was predominantly driven by the delivery of substantial vacant development capacity that is slated to be occupied as same-capital occupancy was stable quarter-over-quarter.

具體而言，現金再租賃利差預計將在2024 年增加4% 至6%。考慮到與去年7.5% 的成長相比更為嚴格的基準年比較以及我們的預期，相同資本現金NOI 預計將成長2% 至3%我們託管業務的外匯和能源定價。到 2024 年底，投資組合總入住率預計將提高 100 至 200 個基點，而 2023 年第四季度總入住率將下滑至 81.7%。這主要是由於交付了預計將被佔用的大量空置開發能力。相同資本佔用率環比穩定。

We also expect to continue to recycle capital in 2024 with noncore asset sales and stabilized joint ventures raising $1.25 billion at the midpoint of our guidance range. Nearly 1/3 of this activity was completed in early January, while the balance should close throughout this year. Along with cash on hand and retained cash flow from operations, this capital is expected to be the primary funding source of our $2 billion to $2.5 billion net development CapEx program for 2024.

我們也預計到 2024 年將繼續透過非核心資產出售和穩定合資企業來回收資本，籌集 12.5 億美元的資金（達到我們指導範圍的中位數）。活動的近 1/3 已於 1 月初完成，其餘活動應在今年全年完成。連同手頭現金和營運留存現金流，這筆資金預計將成為我們 2024 年 20 億至 25 億美元淨開發資本支出計畫的主要資金來源。

To be clear, this approximately 25% reduction in development spend year-over-year represents Digital Realty's share of CapEx spend. The total development spend on these projects will be higher when including our partners' pro rata share. This concludes our prepared remarks, and now we'll be pleased to take your questions. Operator, would you please begin the Q&A session?

需要明確的是，開發支出比去年同期減少了約 25%，這代表了 Digital Realty 在資本支出支出中所佔的份額。如果包括我們合作夥伴按比例的份額，這些項目的總開發支出將會更高。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，請開始問答環節好嗎？

(Operator Instructions) The first question today comes from Michael Rollins with Citi.

（操作員說明）今天的第一個問題來自花旗銀行的麥可‧羅林斯（Michael Rollins）。

Thanks, and good afternoon. A couple of questions. First, in terms of -- you were just describing the shift in same capital cash NOI growth from 7.5% to 2% to 3%, can you unpack more of what you're seeing in '24 relative to '23? And how pricing kind of comes into the expectation for 2024?

謝謝，下午好。有幾個問題。首先，就您剛剛描述的相同資本現金 NOI 成長率從 7.5% 到 2% 到 3% 的變化而言，您能否解釋一下您在 24 年相對於 23 年所看到的更多情況？定價如何符合 2024 年的預期？

Thanks, Mike. So we'll try to weave that into 1 answer in sort of trying to stick to 1 question and get through the whole roster and maybe loop back. But I'll turn it to Matt to call -- give you the bridge from -- on a same-store basis.

謝謝，麥克。因此，我們將嘗試將其編織成 1 個答案，以嘗試堅持 1 個問題並瀏覽整個名單，也許還會循環回來。但我會把它轉給馬特，讓他在同一家商店的基礎上打電話給你。

Sure. Thanks, Mike. So a couple of things that I would call out. First, in terms of, call it, the re-leasing spreads and their influence, first off, I think as we know, not all of our leases roll within the calendar year. So we roll roughly, call it, 20% to 25% of our portfolio in the year. And of that, 80% is in the 0 to 1 megawatt category, which is influenced by inflation or CPI, which we've seen come down over the course of the year, and therefore, part of the mark-to-market pricing within that segment.

當然。謝謝，麥克。我要指出一些事情。首先，就再租賃價差及其影響而言，首先，我認為據我們所知，並非我們所有的租賃都在日曆年內滾動。因此，我們今年粗略地滾動了我們投資組合的 20% 到 25%。其中，80% 屬於 0 到 1 兆瓦類別，這受到通貨膨脹或 CPI 的影響，我們看到 CPI 在一年中有所下降，因此，按市場定價的一部分那段。

Then when you flip over the other 20%, which is in the greater than a megawatt category, we're seeing, in '24, expiring rents that are higher than what we saw in '23, which creates a tougher comp in terms of the role despite strong market rents and overall growth. So that's on the spread side. The other part that I would call out is in '23, we saw benefits or tailwinds from FX as well as power pricing, which we're not seeing in '24. And lastly, in '24, we are expecting higher property tax expense. So putting all those together kind of is why you're seeing sort of the still positive, but not as positive, this '23 results for same-store portfolio in '24.

然後，當你翻轉另外 20%（大於兆瓦類別）時，我們會看到，在 24 年，到期租金高於我們在 23 年看到的租金，這在儘管市場租金強勁且總體增長強勁，但該角色仍發揮重要作用。所以這是在傳播方面。我要指出的另一部分是在 23 年，我們看到了外匯和電力定價的好處或順風，而我們在 24 年沒有看到這些。最後，我們預計 24 年財產稅支出將會上升。因此，將所有這些放在一起就是為什麼您會看到 23 年同店投資組合在 24 年的結果仍然積極，但不那麼積極。

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

下一個問題來自美國銀行的大衛‧巴登。

Maybe first, last night, we heard from one of your peers that the higher power prices in 2023 have created some sort of lagged crowding out effect in terms of budgeting and decision-making. And I was wondering if you could kind of talk a little bit about that. Kind of something like maybe you're hearing or seeing some of that in your colo business, but it wasn't crystal. And then just as a follow-up, if I could. Matt, can you break down that $1.25 billion in kind of -- or the rest of the $1.25 billion that's closing this year? What is -- how does it all breakdown and the cadence of that?

也許首先，昨晚，我們從一位同行那裡聽說，2023 年較高的電價在預算和決策方面造成了某種滯後的擠出效應。我想知道你是否可以談談這一點。有點像你在託管業務中聽到或看到的一些東西，但它不是水晶。如果可以的話，然後作為後續行動。馬特，你能詳細分析一下這 12.5 億美元嗎？或者今年關閉的 12.5 億美元中的其餘部分？這一切是如何分解的以及其節奏是什麼？

Thanks, Dave. This is Andy. I don't think we're experiencing the same exact dynamics on power as what you heard last night, quite honestly. I think what Matt -- you just heard from Matt is the comps on a growth basis in the same-store pool are not as -- we benefited in '23 from power, and we're not going to have that kind of benefit repeat itself in 2024 -- and I think this all is going to be washed out once we say goodbye to '25, assuming we don't go back into this -- another, call it, very volatile power environment, so it's almost onetime in nature.

謝謝，戴夫。這是安迪。老實說，我認為我們所經歷的電力動態與您昨晚聽到的並不完全相同。我認為馬特 - 你剛剛從馬特那裡聽到的是同店池中增長基礎上的比較並不像 - 我們在 23 年從權力中受益，而且我們不會重複這種好處到2024 年——我認為，一旦我們告別25 年，這一切都將被沖走，假設我們不再回到這個——另一個，稱之為，非常不穩定的電力環境，所以它幾乎是一次性的自然。

I don't believe that it's impacted buyer behavior. And I don't believe we're suffering or benefiting depending on the period to the same degree of what was described. Maybe that's due to the market mix, overall business and in our hedging strategy, which are not identical. I can tell you, from a business standpoint, and you can see this in the results, we capped off a very strong year, let's call it, focused on the enterprise colo connectivity segment. Record overall new logos, north of 500; strong quarters of new signings. You had a very strong interconnection quarter, both in new signings and also a flow through the P&L, which has been accelerating and net absorption, certainly in that category, that was strong in the fourth quarter and through the year. So I don't see the power flowing through.

我不認為這會影響買家的行為。我不認為我們所遭受的痛苦或受益取決於時期的程度與所描述的相同。也許這是由於市場組合、整體業務和我們的對沖策略並不相同。我可以告訴你，從業務的角度來看，你可以在結果中看到這一點，我們結束了非常強勁的一年，讓我們稱之為，專注於企業託管連接領域。新標誌總數創紀錄，超過 500 個；新簽約的強勁季度。你有一個非常強勁的互連季度，無論是在新簽約方面還是在損益表的流量方面，它一直在加速和淨吸收，當然在該類別中，這在第四季度和全年都很強勁。所以我看不到能量流過。

I know we're trying to get to one question per se and then rotate back, so as we move there, Greg, why don't you just touch on the components of the $1.25 billion in our guidance for data?

我知道我們正試圖解決一個問題本身，然後再回過頭來，所以當我們轉向那裡時，格雷格，你為什麼不直接談談我們數據指南中 12.5 億美元的組成部分呢？

Sure. Thanks, Andy. Look, I think, again, there are 2 components there. It's really -- it's a stabilized joint ventures, and it's our sort of noncore asset disposition. And when you look at that, call it, $1.250 billion or a range of $1 billion to $1.5 billion, call it, I think it's important to note that over 1/3 of that has already been announced and is either closed or is pending close. So obviously, we feel good about that number. And it's clearly much less in the context of last year.

當然。謝謝，安迪。看，我想，那裡有兩個組成部分。這確實是一家穩定的合資企業，也是我們的非核心資產處置方式。當你看到這一點時，稱之為 12.5 億美元或 10 億至 15 億美元的範圍，稱之為，我認為重要的是要注意其中超過 1/3 已經宣布，並且已經關閉或正在等待關閉。顯然，我們對這個數字感覺很好。與去年相比，這一數字顯然要少得多。

The next question comes from Michael Elias with CB Cowen.

下一個問題來自 Michael Elias 和 CB Cowen。

So Andy, we're in the middle of one of the strongest hyperscale demand environment that we've seen in recent history. I was wondering, can you talk about the go-forward demand pipeline and the relative strength of the pipeline versus last year. And as part of that, can you talk about the opportunity set for the pricing for new leasing, specifically, is -- do you see there being a governor on pricing given the supply-demand backdrop that we're seeing?

安迪，我們正處於近代史上最強勁的超大規模需求環境之一。我想知道，您能否談談未來的需求管道以及該管道與去年相比的相對強度。作為其中的一部分，您能談談新租賃定價的機會嗎？具體來說，考慮到我們所看到的供需背景，您是否認為有一個定價調控者？

Thanks, Michael. So I would say, on a year-over-year basis, we're -- the dynamics has changed tremendously on so many fronts. Overall, the pipeline for hyperscale has continued to grow to new heights. I view the AI demand is a new wave of demand, incremental call enterprise; hybrid IT, certainly an incremental to hyperscale cloud compute. And this has all played out in the backdrop of tightening supply-demand dynamics that has called -- as we've described, over several quarters now, moved the pendulum on pricing more and more in the favor of providers like Digital Realty.

謝謝，麥可。所以我想說，與去年同期相比，我們在許多方面都發生了巨大的變化。總體而言，超大規模的管道繼續增長到新的高度。我認為AI需求是新一波需求，增量調用企業；混合IT，當然是超大規模雲端運算的增量。這一切都是在供需動態趨緊的背景下發生的，正如我們所描述的，在過去的幾個季度裡，定價的鐘擺越來越有利於像 Digital Realty 這樣的供應商。

Is there a ceiling? Listen, I think we've seen rates run tremendously. We, just this quarter, reported in that segment north of a megawatt, call it, our highest GAAP rate ever at $145 million. We are continuing to see -- it's almost like some of these customers, who are often on calendar fiscal years just like Digital Realty, wrapped up one budget cycle and got a budget refresh and came back in 2024 with the incremental appetite for demand.

有上限嗎？聽著，我想我們已經看到利率大幅上漲。就在本季度，我們報告稱，該領域的 GAAP 率達到了 1.45 億美元，這是我們有史以來最高的 GAAP 比率。我們正在繼續看到——這幾乎就像其中一些客戶一樣，他們通常像 Digital Realty 一樣處於日曆會計年度，結束了一個預算週期並更新了預算，並在 2024 年帶著增量需求回歸。

These customers are seeking some of the same things. When we intersect with that demand, it's in our large-scale hyperscale campuses that are in our major markets and especially with larger capacity blocks that have contiguous capacity or the most sought after. And those rates continue to run in terms of what we've signed and where we put up quotes. And I think we're very well positioned.

這些客戶正在尋求一些相同的東西。當我們與這種需求相交時，我們的主要市場中的大型超大規模園區，尤其是具有連續容量或最受歡迎的較大容量區塊。這些費率將繼續按照我們簽署的內容和報價的方式運作。我認為我們處於非常有利的位置。

If you look at our footprint, you can see a lot of it on development capacity life cycle, which is just a portion of what we activate in Northern Virginia right now, but some of the other major markets as well, to capture a good -- more than our fair share of that demand.

如果你看看我們的足跡，你可以看到很多關於開發能力生命週期的內容，這只是我們目前在弗吉尼亞州北部激活的一部分，但也包括其他一些主要市場，以捕獲良好的- - 超過了我們應得的份額。

And lastly, I think there's a broader acknowledgment whether it is hyperscale compute or AI workloads that these customers -- our time to market, many of them are trying to land precious GPUs that are just enormous business opportunities for these customers. And our rent, even historically, but certainly today, plays a very small economic piece in that equation relative to their ability to launch their services and be first to market many times.

最後，我認為無論是超大規模運算還是人工智慧工作負載，這些客戶（我們的上市時間）都得到了更廣泛的認可，他們中的許多人都在嘗試獲得寶貴的GPU，這對這些客戶來說是巨大的商機。而我們的租金，即使在歷史上，但在今天，相對於他們推出服務並多次率先上市的能力而言，在這個等式中所佔的經濟份額非常小。

The next question comes from Jonathan Atkin with RBC.

下一個問題來自加拿大皇家銀行的喬納森·阿特金。

I was wondering if you could talk a little bit about where we might end the year kind of in terms of leverage. What are some of the outcomes there and the role of ATM issuances, equity issuance as part of that?

我想知道您是否可以談談我們在槓桿方面可能會在今年結束時的情況。其中有哪些結果以及 ATM 發行、股票發行作為其中一部分的角色？

Sure. Thanks, Jonathan. So look, I think you've seen the results of the work we've done in '23, where we talked about getting down to the 6x area. And the execution that, not only Greg's team on -- did with the transactions that we closed, but also sales on the ATM that we did early in the year and then more recently, getting to that point and actually breaking through that. When you look at it on a pro forma basis, we're at 5.8x.

當然。謝謝，喬納森。所以看，我想您已經看到了我們在 23 年所做的工作的結果，當時我們談到了深入 6x 區域。不僅格雷格的團隊對我們完成的交易進行了執行，而且我們在今年年初和最近的 ATM 上進行了銷售，達到了這一點並實際上取得了突破。當你從預估的基礎來看，我們的本益比是 5.8 倍。

And we -- and so we continue to want to get down towards that 5.5x area, which is the same messaging we've had since the start of '23, and we've executed on that path. And we think that the plan that we've laid out here in terms of our guidance will enable us -- to get us there where we're continuing some level of capital recycling given the broad and diverse sources of capital that we've got available to us. And that's the plan we're going to continue to go down in terms of marching towards that 5.5% area, which is a smaller task than what we did in '23.

我們 - 因此我們繼續希望朝著 5.5 倍的方向前進，這與我們自 23 年初以來一直傳達的訊息相同，並且我們已經在這條道路上執行了。我們認為，鑑於我們擁有廣泛而多樣化的資本來源，我們在此制定的指導計劃將使我們能夠繼續進行一定程度的資本回收。可供我們使用。這就是我們將繼續推進的計劃，朝著 5.5% 的區域邁進，這是一個比我們 23 年所做的任務要小的任務。

Next question comes from Irvin Liu with Evercore ISI.

下一個問題來自 Evercore ISI 的 Irvin Liu。

I'll stick to one. Andy, you mentioned demand for large blocks of capacity in several key markets such as NOVA and Silicon Valley among some of the other major markets. At an aggregate level, I think overall supply remains very low in some of these markets. But specifically for you, has lower available capacity been a gating factor for your greater than 1 megawatt signings performance?

我會堅持一個。 Andy，您提到了幾個主要市場對大容量產能的需求，例如 NOVA 和矽谷以及其他一些主要市場。總體而言，我認為其中一些市場的整體供應量仍然非常低。但對您來說，較低的可用容量是否是您超過 1 兆瓦簽約業績的限制因素？

Thanks, Irvin. The -- we certainly have a really great opportunity to intersect with these large capacity block needs of our customers, be it for AI or hyperscale. It is, I would say, maybe potentially unparalleled in what we can offer in Northern Virginia today in terms of available capacity in a market that's shut down in terms of new power until 2026.

謝謝，歐文。我們當然有一個非常好的機會來滿足客戶的這些大容量塊需求，無論是人工智慧還是超大規模。我想說，在 2026 年之前新電力供應將關閉的市場中，就可用容量而言，我們今天在北維吉尼亞州所能提供的服務可能是無與倫比的。

But the list goes beyond that, whether it's Dallas, Santa Clara, Paris, Frankfurt, Amsterdam, Seoul or parts of Japan, not to mention some of our joint ventures in Latin America and South Africa. We've taken our approach, quite honestly, where many of these capacity blocks, for ourselves and many providers, were at the early stages of development. They were wetland, weren't pad-ready. Shelves are coming online and just the first suites were coming online. And throughout 2023, we took a more, call it, approach whereby we didn't go run after the first deal out of the gate for some of these customers, because we knew we weren't losing a revenue opportunity because the capacity wasn't even being able to be moved into or at least commenced.

但名單不僅限於此，無論是達拉斯、聖克拉拉、巴黎、法蘭克福、阿姆斯特丹、首爾或日本部分地區，更不用說我們在拉丁美洲和南非的一些合資企業了。老實說，我們採取了我們的方法，其中許多能力塊，對於我們自己和許多提供者來說，都處於開發的早期階段。它們是濕地，還沒準備好墊子。貨架即將上線，而第一批套房也即將上線。在整個 2023 年，我們採取了更多的方法，即我們不會在為其中一些客戶完成第一筆交易後就逃跑，因為我們知道我們不會因為產能不足而失去收入機會。甚至無法搬入或至少開始。

And in hindsight, that's proven fortuitous, because as the year has played out, and certainly as 2024 has gotten off out of those gates, we've continue to see what we're offering is becoming much more and more attractive to an even broader and diverse set of customers. So I don't think we'll be able to spend -- it'd be late -- too long in 2024. We obviously now have some capacity blocks that are actually live and we can commence rent on, so we do have some urgency to get that going. But I think our patience and prudence here and approach allowed us to prove right.

事後看來，這被證明是偶然的，因為隨著這一年的結束，當然，隨著2024 年已經走出這些大門，我們不斷看到我們提供的產品對更廣泛的人群變得越來越有吸引力。和多樣化的客戶群。所以我不認為我們能夠在 2024 年花費太久的時間——這會太晚了。顯然，我們現在有一些實際可用的產能區塊，我們可以開始出租，所以我們確實有一些實現這一目標的緊迫性。但我認為我們的耐心和謹慎以及方法使我們證明是正確的。

Listen, sometimes it's better to be lucky than smart. If I would have known Ashford would have ran out of power years ago, I would have -- we wouldn't have sold all that capacity we had to release at the time. But this time, we're -- the luck was on our side.

聽著，有時候幸運比聰明好。如果我早知道阿什福德幾年前就會耗盡電力，我就會——我們就不會出售當時必須釋放的所有容量。但這一次，運氣站在了我們這一邊。

The next question comes from David Guarino with Green Street.

下一個問題來自 Green Street 的 David Guarino。

Andy, on your comments, at least how I heard on a potentially very high ceiling for rental rates, as I kind of take that into consideration and look across the lease expiration table in the greater than 1 megawatt category, it appears you guys have a pretty favorable mark-to-market rent opportunity over the next few years. Am I fair to make that assumption? Or is there a chance that some of your leases might have clauses that could limit how much you're able to participate in the upside?

安迪，根據你的評論，至少我聽說租金上限可能非常高，因為我考慮到了這一點，並查看了超過 1 兆瓦類別的租賃到期表，看來你們有一個未來幾年按市價計算的租金機會非常有利。我做出這樣的假設公平嗎？或者您的某些租約是否有可能包含限制您能夠參與上漲的條款？

Thanks, David. So the -- I think you heard me loud and clear on where rates have come from and where they've gone or where they're likely to continue to move and some of these markets haven't even hit peak historical rates if you look at the whole span of data center capacity, so I don't think we're at a rent bubble or near that necessarily.

謝謝，大衛。因此，我認為您已經清楚地聽到了我關於利率從何而來、去向何處或利率可能繼續走向何方的問題，如果您看一下，其中一些市場甚至還沒有達到歷史峰值在整個數據中心容量範圍內，所以我認為我們不一定處於租金泡沫或接近泡沫。

And it's been on the back of real constraints and build costs that's -- have inflated and issues. So they are -- I believe these rental moves are justified. I think you will continue to see the cash mark-to-markets flow through in our favor. We did call out in -- throughout last year and in the script for this quarter, that we had some episodic short-term renewals inflated our cash mark-to-market, but we think being, call it, 4% to 6% in that category overall is pretty in our favor.

這是在實際的限制和建設成本的支持下——已經膨脹的問題。所以他們是——我相信這些租金措施是合理的。我認為您將繼續看到以市價計價的現金對我們有利。我們確實在去年全年和本季的劇本中指出，我們進行了一些間歇性的短期續約，導致我們的現金按市值計價膨脹，但我們認為，我們的現金增長率為 4% 至 6%。總體而言，該類別對我們非常有利。

And to your question on the bigger deals where you're going to have these potential roll-ups, yes, we do have subsections of our contracts that have clauses that are certainly in the favor of our customer. When the market was quite the opposite of what it was today and it was filling vacant capacity, we certainly had to succumb to some of those clauses that our customers. But they all often are very narrowly defined in terms of fixed duration of renewal time period and other bells and whistles. And when a customer, which they often do, wants to negotiate outside of that box, that opens up the contract renegotiation. And we try to collaborate with our customers to come into a mutually agreeable outcome.

對於您關於可能進行這些潛在匯總的更大交易的問題，是的，我們的合約中確實有一些條款，其中的條款肯定有利於我們的客戶。當市場與今天完全相反並且正在填補空缺產能時，我們當然不得不屈服於我們的客戶的一些條款。但它們在更新時間段的固定持續時間和其他附加功能方面的定義通常非常狹窄。當客戶（他們經常這樣做）想要跳出這個框框進行談判時，就會開啟合約重新談判。我們嘗試與客戶合作，以達成雙方都滿意的結果。

So that's a long-winded way of saying, I don't think we'll be able to roll every one of those, call it, sub 100-plus megawatts directly up to the 140 or 150 or 160 or wherever we're going in the market. But I think we'll -- I do think there is going to be a positive mark-to-market in that category for some years to come.

所以這是一種冗長的說法，我不認為我們能夠將其中每一個，稱之為，低於 100 多兆瓦直接提高到 140 或 150 或 160 或任何我們要去的地方在市場上。但我認為我們會——我確實認為在未來幾年該類別中將會出現正面的市價。

Next question comes from Aryeh Klein with BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Aryeh Klein。

Andy, there's a lot of moving parts that are impacting the 2024 guidance that I think Matt mentioned 10% EBITDA growth normalized for the deleveraging activity. I guess as you move past some of the headwinds creating dilution, and as you noted, it seems like pricing and mark-to-market tailwinds should be here for a while, what kind of growth do you think you can deliver beyond 2024 on the bottom line from a longer-term standpoint?

安迪，有很多變化因素正在影響 2024 年的指導，我認為馬特提到了去槓桿化活動標準化的 10% EBITDA 成長。我想，當你克服一些造成稀釋的逆風時，正如你所指出的，定價和按市價計價的順風似乎應該會持續一段時間，你認為你可以在 2024 年之後實現什麼樣的增長？從更長遠的角度來看，底線是什麼？

Matt, do you want to start us off on that one?

馬特，你想讓我們從這個開始嗎？

Sure. Yes. So a couple of things. So Aryeh, thanks. As we did mention, on a normalized basis in '24, for a lot of the -- for the transactional activity that hit in '23 and some -- and what we expect in '24, I do want to reiterate, we're looking at normalized growth at 7% on revenue and 10% on EBITDA as you noted.

當然。是的。有幾件事。所以阿耶，謝謝。正如我們確實提到的，在 24 年正常化的基礎上，對於很多——對於 23 年和一些交易活動——以及我們對 24 年的預期，我確實想重申，我們正在正如您所指出的，預計營收成長7%，EBITDA 成長10%。

And so '24 is seeing the impact from the timing of those transactions and close, where in '23, they were in the second half of the year. In '24, we're expecting them, as Greg noted earlier, where we've already got a decent portion of that under contract, those are closed in the first part of '24, so creating some of that impact on '24 bottom line. And we did all that at the same time, again, just as a reminder, that we're delevering over a turn.

因此，24 年我們看到了這些交易和結束時間的影響，而在 23 年，它們是在下半年。正如格雷格之前指出的那樣，我們預計在 24 年，我們已經在合約下獲得了相當大的一部分，這些在 24 年上半年就關閉了，因此對 24 年底部產生了一些影響線。我們同時做了所有這些事情，再次提醒大家，我們正在去槓桿化。

If you look through all that, what we would expect is that we look at it in sort of 2 buckets in terms of cost -- the growth algorithm. First one being, we would expect on our stabilized same-store pool to have -- see growth in that 3% to 4% area. On top of that, looking at our development pipeline, favorable pricing, better yields. And as those start to deliver in '24 and '25, we would expect to see another 1% to 2% on top of that, too. Together, that gets us to kind of the mid- to high single digits that we should expect to see in '25 and beyond.

如果你仔細觀察所有這些，我們會期望我們從成本方面將其分為兩類——成長演算法。第一個是，我們預計穩定的同店池將出現 3% 至 4% 的成長。最重要的是，看看我們的開發管道、優惠的定價和更好的收益率。隨著這些在 24 和 25 年開始交付，我們預計還會看到另外 1% 到 2%。總而言之，這使我們達到了我們應該在 25 年及以後看到的中高個位數。

The next question comes from Frank Louthan with Raymond James. Please go ahead.

下一個問題來自 Frank Louthan 和 Raymond James。請繼續。

Sorry about that. I heard from several of your peers and some equipment companies and so forth about some macro issues that they're seeing with some elongated sales cycles and squeezing some IT budgets, you mentioned some cross-connect grooming you've seen. Are you seeing anything like that from your enterprise business or elsewhere from any sort of macro pressures in part of your business?

對於那個很抱歉。我從您的幾位同行和一些設備公司等那裡聽說了一些宏觀問題，他們看到了一些拉長的銷售週期和擠壓了一些 IT 預算，您提到了您所看到的一些交叉連接修飾。您是否在您的企業業務或其他業務中看到過類似的情況，因為您的部分業務面臨任何宏觀壓力？

Thanks, Frank. I want to have Colin tackle what we're seeing in the, I'll call it, enterprise sales cycle.

謝謝，弗蘭克。我想讓科林解決我們在我稱之為企業銷售週期中所看到的問題。

Yes. Thanks, Frank, for the question. Appreciate it. As Andy highlighted, the pipeline across the board is robust and that's both above and below 1 megawatt. We certainly see our customers engaging consistently with this related to growing their platform globally. So that $53 million back to back strong quarters, I think, is a testimony to how we're supporting their needs pretty well. In fact, 1,000-plus companies landed with us in Q4, which, again, I think is a strong growth testimony.

是的。謝謝弗蘭克的提問。欣賞它。正如 Andy 所強調的，整個管道都很穩健，無論是高於還是低於 1 兆瓦。我們當然看到我們的客戶始終致力於在全球範圍內發展他們的平台。因此，我認為，連續兩個季度的 5,300 萬美元收入證明了我們如何很好地滿足他們的需求。事實上，第四季有超過 1,000 家公司與我們合作，我認為這又是一個強勁的成長見證。

In terms of time to close overall, I think we had highlighted previously a couple of hiccups, maybe early in the year, Q1, Q2 in terms of expanded time to close. We haven't really seen that, honestly, to date. It's really flattened out. And so I really think it's a byproduct of us engaging showing up differently.

就整體關閉時間而言，我認為我們之前已經強調了一些問題，可能是在今年年初，第一季、第二季度，在延長關閉時間方面。老實說，到目前為止我們還沒有真正看到這一點。真的是被壓扁了所以我真的認為這是我們以不同的方式表現出來的副產品。

The new logo engagement, I think, overall has been particularly strong. We did 134 new logos last quarter. So on the enterprise side, on the whole, I think we've seen pretty strong interest, pipeline and then execution on the whole.

我認為，新標誌的參與度總體上特別強。上季我們設計了 134 個新商標。因此，在企業方面，總的來說，我認為我們已經看到了相當強烈的興趣、管道和執行力。

Right. And one thing I'd like to spread a bit more detail on the equipment. With the offering that we launched last year around the high-density colo in anticipation of a lot of private AI type of deployments coming to market, a part of that program is, not only that the 32 markets and 3 regions being able to do 70 kilowatts a rack, what we're really doing is pre-buying a lot of the technology to support that power density to allow our customers to deploy in a very timely fashion, but also expedites a bit of that higher end kind of new AI capability coming to market.

正確的。我想詳細介紹一下設備的一件事。去年，我們圍繞高密度託管伺服器推出了產品，預計大量私有 AI 類型的部署即將進入市場，該計劃的一部分不僅在於 32 個市場和 3 個地區能夠執行 70千瓦一個機架，我們真正要做的是預先購買大量技術來支援該功率密度，以便我們的客戶能夠非常及時地進行部署，同時也加快了一些更高端的新人工智慧功能的發展即將上市。

The next question comes from Matt Niknam with Deutsche Bank.

下一個問題來自德意志銀行的馬特·尼克南。

Financial question. So with leverage now back under 6 turns on a pro forma basis, how do you now think about the dividend and potential forward growth relative to incremental investments in the business and/or potential M&A?

財務問題。因此，預計槓桿率現已回到 6 倍以下，您現在如何看待相對於業務增量投資和/或潛在併購的股息和潛在未來成長？

Thanks, Matt. So multifaceted, I'm going to hand to Matt to explain how the dividend call works in terms of taxable income and distribution and why the dividend is set where it is set. Because I think the topic of M&A, I mean, you could look at the linear press releases or just recent events we've done in just the last several months through resolving our relationship to Cyxtera to growing our platform in India with the addition of Reliance Jio. We also just had a big announcement with a leader in the GPU space recently to disposing of some noncore assets, JVs, stabilized assets and adding strategically to our landholdings across key markets. So we've been incredibly active on pieces of that.

謝謝，馬特。如此多方面，我將請馬特解釋股息電話在應稅收入和分配方面如何運作，以及為什麼將股息設定在設定的位置。因為我認為併購主題，我的意思是，您可以查看線性新聞稿或最近幾個月我們通過解決與 Cyxtera 的關係以及增加 Reliance 來發展我們在印度的平台​​所完成的事件吉奧。最近，我們也剛與 GPU 領域的一位領導者發布了一項重大聲明，宣佈出售一些非核心資產、合資企業、穩定資產，並策略性地增加我們在主要市場的土地持有量。所以我們在這方面非常積極。

I think more -- the broader context of M&A, I think the most critical puzzle pieces have kind of been picked over. And most of our activity from here are, really, call it, extending our strategic advantages and bolt-on in nature to what we have. I don't see any, like, key gems out there that would be really additive to our global platform at [speed]. Matt, why don't you hit on the dividend because Matt brought that up?

我想得更多——在更廣泛的併購背景下，我認為最關鍵的拼圖已經被挑選出來了。我們從這裡開始的大部分活動實際上都是將我們的策略優勢和補充性優勢擴展到我們所擁有的。我沒有看到任何類似的關鍵寶石能夠以[速度]真正增加我們的全球平台。馬特，你為什麼不考慮股息，因為馬特提出了這個問題？

Sure. I mean, similar to what we've talked about in '23, I mean, there are 2 major components in terms of the dividend and related to taxable income. There's our ordinary income that we get from operations, and then there's also the income that's generated from transactions and the related gains that we have from executing those, which we had a sizable amount on the '23.

當然。我的意思是，類似於我們在 23 年討論的內容，我的意思是，股息和與應稅收入相關的兩個主要組成部分。我們從營運中獲得普通收入，然後還有交易產生的收入以及我們從執行這些交易中獲得的相關收益，我們在 23 年獲得了相當大的金額。

Now we're looking at less transaction size in '24, but as you just saw in the guide, we talked about $1 billion to $1.5 billion, so we expect that there'll still be related income from that. And we still have cash flow even after dividend and we think we'll be able to support where we are. And ultimately, our goal and target is that we grow the dividend as AFFO and as our cash flow grows, which we expect we'll start to see over the long term related to the growth algorithm that I talked about earlier.

現在我們正在考慮減少 24 年的交易規模，但正如您剛剛在指南中看到的那樣，我們談到了 10 億至 15 億美元，因此我們預計仍會從中產生相關收入。即使在股息之後我們仍然有現金流，我們認為我們將能夠支持我們的現狀。最終，我們的目標是隨著 AFFO 和現金流的成長而增加股息，我們預計從長遠來看，我們將開始看到與我之前談到的成長演算法相關的情況。

The next question comes from Simon Flannery with Morgan Stanley.

下一個問題來自摩根士丹利的西蒙·弗蘭納裡。

I wanted to just talk about the mix between the 0 to 1 and the greater than 1 megawatt. It looks like you had almost 50% coming from 0 to 1 plus interconnection. That's been gradually rising over the last few quarters. So how do we think about this going forward? Your focus on -- should that mix trend higher than the 50-50? Or is it going to be jumping around as it has done in the past?

我只想談談 0 到 1 和大於 1 兆瓦之間的混合。看起來幾乎 50% 來自 0 到 1 加互連。在過去幾個季度中，這一數字逐漸上升。那我們要如何看待這個問題的未來呢？您關注的焦點是—這種混合趨勢是否應該高於 50-50？還是會像過去那樣跳來跳去？

Thanks, Simon. So one of our top, top, top priorities is to continue to focus on delivering an acceleration in that 0 to 1 megawatt interconnection cohort, enterprise connectivity to our customers, the most granular and the largest volume of over 5,000 customers as well as our new logos. So by and large, the more quarters where that represents a larger and increasing piece of the mix and continues to accelerate like it has done recently, that is filling our existing vacant capacity. It's wins at our highest rates, it's multi-market, multi-geo enterprise customers and is the place where we believe we can deliver the greatest value to our customers, most consistently, in long-term and durable.

謝謝，西蒙。因此，我們的首要任務之一是繼續專注於加速 0 到 1 兆瓦的互連隊列、與客戶的企業連接、超過 5,000 個客戶的最細粒度和最大數量以及我們的新徽標。因此，總的來說，更多的季度代表著組合中更大且不斷增長的部分，並且像最近一樣繼續加速，這正在填補我們現有的空缺產能。這是我們以最高的比率贏得勝利的地方，它是多市場、多地域的企業客戶，我們相信在這裡我們能夠以最一致、長期和持久的方式為客戶提供最大的價值。

There will be episodic quarters where that will be a lower percentage. But that's likely not because we've faltered at our execution. That's likely because we've also are supporting some of the largest hyperscalers around the world. We're bringing our capacity in over half of our 50-plus metropolitan areas, places where we can really add value to those customers, where they've already landed their compute or [Az], where they want to grow at our continuous capacity with operational excellence, where we have that long runway of growth that they can get from no one else.

在某些季度，這一比例將會較低。但這可能並不是因為我們在執行上會猶豫不決。這可能是因為我們也支持世界上一些最大的超大規模企業。我們正在將我們的容量擴展到50 多個大都市區中的一半以上，在這些地方我們可以真正為這些客戶增加價值，他們已經在那裡獲得了計算或[Az]，他們希望在我們的持續容量成長的地方憑藉著卓越的運營，我們擁有他們無法從其他人那裡獲得的漫長增長跑道。

And those would be quarters where we'll be signing larger, lumpier deals, obviously, into those capacity blocks. So we think both of these are large addressable markets where we have a distinct value proposition and a competitive moat that we'll continue to focus on executing each and every day.

顯然，在這些季度，我們將簽署更大、更不穩定的協議，進入這些產能區塊。因此，我們認為這兩個都是大型潛在市場，我們擁有獨特的價值主張和競爭護城河，我們將繼續專注於每天的執行。

The next question comes from Erik Rasmussen with Stifel.

下一個問題來自 Stifel 的 Erik Rasmussen。

Maybe just on AI. It seems most of the demand in the early stages is expected to come from training versus inferencing. But we heard from Microsoft on their earnings call, and they said that most of the AI strength that they were seeing for Azure was, in fact, from inferencing workloads. Are you seeing the same as it relates to sort of the demand patterns from your customers? And then maybe, any way to quantify how much AI has contributed or the size of the opportunity?

也許只是在人工智慧上。看來早期階段的大部分需求預計來自訓練而不是推理。但我們在微軟的財報電話會議上獲悉，他們表示，他們看到的 Azure 的大部分人工智慧優勢實際上來自推理工作負載。您是否看到與客戶需求模式相關的相同內容？那麼也許有什麼方法可以量化人工智慧的貢獻或機會的大小？

Thanks, Erik. Let me just touch on this a little bit and then hand it to Chris to walk you through chapter and verse. I look at where our heritage is as a company. This AI opportunity is tremendously in our wheelhouse. We came with this from a hyperscale piece of the business and build the colo connectivity capabilities organically and inorganically. We are often taking larger halls that are at higher power densities and using our engineering prowess to work for enterprise customers and pushing their boundaries on power densities. I can tell you, AI workloads were at Digital before I joined over 9 years ago.

謝謝，埃里克。讓我稍微談談這一點，然後交給克里斯來引導您完成章節和詩句。我看看我們作為一家公司的傳統在哪裡。這個人工智慧機會在我們的掌控之中。我們從超大規模業務中獲得了這一點，並有機和無機地建立了託管連接功能。我們經常採用功率密度較高的較大大廳，並利用我們的工程能力為企業客戶服務，突破他們的功率密度界限。我可以告訴你，在我 9 年前加入之前，人工智慧工作負載就在 Digital。

We've done retrofits on existing deployments just to fit out for customers needing AI just this year. At the end of last year, I was touring one of our Paris facilities, where one of our partner customers have fitted out a liquid cooling for a multinational financial services company, live environments which meant that they had to get going on that years ago to be live at the end of last year.

我們對現有部署進行了改造，只是為了滿足今年需要人工智慧的客戶。去年年底，我參觀了我們在巴黎的設施，我們的一位合作夥伴客戶在那裡為一家跨國金融服務公司安裝了液體冷卻系統，現場環境意味著他們必須在幾年前就開始進行這項工作去年年底上線。

So this is right in our wheelhouse, and we've been winning in that category in the last year in the, call it, several hundred kilowatt domain to the 30-plus megawatt piece of this, and you've seen some testimonials on that. Chris, why don't you give a little bit of color as to some of the verticals we've been winning and where do you see this going as well?

所以這正是我們的駕駛室，去年我們在該類別中贏得了數百千瓦到 30 多兆瓦的領域，並且您已經看到了一些關於這方面的推薦。克里斯，為什麼不對我們一直在贏得的一些垂直領域進行一些說明？你認為這將走向何方？

Yes. It's a great question and appreciate it, Erik. I think there are a couple of dynamics that you touched on. The training to inference. That's something that we've been watching for some time. And we're selective with some of the training environments just because we're looking for a long-term durable workload being deployed into the asset.

是的。這是一個很好的問題，我很感激，艾瑞克。我認為您提到了一些動態。推理訓練。這是我們已經觀察了一段時間的事情。我們對某些培訓環境進行了選擇性，只是因為我們正在尋找部署到資產中的長期持久工作負載。

And so a lot of the customers we see today are actually doing training or inference inside of their training just because of sheer availability of the GPUs and time to market, but we definitely see the long tail of that value happening in inference and then also kind of another section of private AI. And so we're seeing customers come to market with these types of requirements where, Andy alluded to this at a high level, coming from our heritage of scale and then being able to evolve and support a colo type of capability, if you will, allows us to support a higher power density need with our versatile designs.

因此，我們今天看到的許多客戶實際上只是在訓練中進行訓練或推理，只是因為 GPU 的絕對可用性和上市時間，但我們確實看到了推理中發生的價值的長尾，然後也是如此私人人工智慧的另一部分。因此，我們看到客戶帶著這些類型的需求進入市場，安迪在高水平上提到了這一點，來自我們的規模傳統，然後能夠發展和支持託管類型的功能，如果你願意的話，使我們能夠透過多功能設計滿足更高的功率密度需求。

And so being highly focused on that with a lot of the hyperscale customers and being foundational for their cloud services has been top of mind. And then I think another element that may be overlooked is a lot of this inference is embedded in a lot of our top customers today as capabilities. So when you read about, and I think you referenced Microsoft and the work that they've been doing with Copilot, a lot of that AI is embedded in enhancing their current product capabilities.

因此，高度關注許多超大規模客戶並為其雲端服務奠定基礎一直是首要任務。然後我認為另一個可能被忽視的因素是，許多這種推論作為功能嵌入到我們今天的許多頂級客戶中。因此，當您閱讀時，我想您提到了 Microsoft 以及他們在 Copilot 方面所做的工作，其中許多人工智慧都嵌入到增強他們當前的產品功能中。

And so we're constantly watching how that evolves, but being proximate to the AI, being proximate to the existing infrastructure and workload is absolutely something that we're very excited about because that inference benefits from the data oceans that exist within Digital Realty, their current infrastructure and how all that culminates together. So it's something you'll see play out over this year.

因此，我們一直在關注它是如何發展的，但接近人工智慧、接近現有基礎設施和工作負載絕對是我們非常興奮的事情，因為這種推理受益於 Digital Realty 中存在的數據海洋，他們當前的基礎設施以及所有這些如何最終實現。所以今年你會看到這一點。

I think we just had a really good case study with KakaoBank where that's highlighted private AI deployment where they're able to generate and do a little bit of R&D around new product offerings for a financial vertical. So these are the things you're going to see play out in 2024 that we're very excited about.

我認為我們剛剛與 KakaoBank 進行了一個非常好的案例研究，其中強調了私人人工智慧部署，他們能夠圍繞金融垂直領域的新產品進行一些研發。這些是您將在 2024 年看到的事情，我們對此感到非常興奮。

The next question comes from Nick Del Deo with MoffettNathanson .

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

I was wondering if you could expand a little bit on the assumptions you're making about the broader lease environment and the pricing environment to get to the 4% to 6% range for cash renewal spreads. Are you just basically taking current prices as a given? Or are you kind of assuming further increases or other changes? And can you share anything about how the expected renewal spreads look for 0 to 1 versus greater 1 categories?

我想知道您是否可以稍微擴展一下您對更廣泛的租賃環境和定價環境所做的假設，以達到 4% 至 6% 的現金更新利差範圍。您基本上只是將當前價格視為給定的嗎？或者您是否假設進一步增加或其他變化？您能否分享一下 0 到 1 與更大 1 類別的預期續訂價差如何？

Sure. Matt, why don't you take that?

當然。馬特，你為什麼不接受這個？

Yes. So thanks, Nick. With regard to -- I think I'll go back to some of the comments I had, I think, from one of the first questions. So with regard to 0 to 1 megawatt, that's on both the escalation and renewals tends to be influenced by inflation where CPI is coming in. So that's going to be spread across the leases that are rolling, whether they be in North America versus EMEA. And those have come down since last year and more in that 3% to 4% range.

是的。謝謝，尼克。關於——我想我會回到我從第一個問題中得到的一些評論。因此，就 0 到 1 兆瓦而言，升級和續約往往會受到 CPI 出現的通貨膨脹的影響。因此，這將分佈在滾動的租賃中，無論是在北美還是歐洲、中東和非洲。自去年以來，這些數字已有所下降，甚至在 3% 至 4% 的範圍內下降。

And now on the greater than a megawatt, as I mentioned, we're assuming, call it, current market pricing and that's more heavily influenced by where the expiring rates are versus that. So that's within the greater than the megawatt segment, which we're assuming is still positive and resulting in the 4% to 6% total that we've guided towards.

現在，正如我所提到的，對於大於兆瓦的電力，我們假設，稱之為當前市場定價，這在很大程度上受到到期費率與到期費率的影響。因此，這屬於大於兆瓦級的部分，我們假設這仍然是正面的，並導致我們指導的總量達到 4% 到 6%。

The next question comes from Brandon Nispel with KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Brandon Nispel。

Just a quick question. I think in the guidance for development capital, this is the first time it's actually been guided to, net of capital contributions. Can you maybe talk about what your total capital outlay will look like in '24 versus '23 on a like-for-like basis?

只是一個簡單的問題。我認為在發展資本指導中，這是第一次實際指導扣除資本貢獻。您能否談談您在 24 年與 23 年的比較基礎上的總資本支出會是什麼樣子？

Sure. Yes. So, I mean, obviously, the net is -- given the development joint ventures that we've established over '23, and that will also close -- that are under contract in throughout '24, in particular with the one we announced with Blackstone, Phase 1 is already closed and Phase 2 is later in the year. And if you're looking at it from a gross basis in comparison, we're expecting, in '24, on a gross basis, we'd be spending north of $3.5 billion in terms of total CapEx and it would be -- which would be roughly 15% higher than the amount that we spent in 2023.

當然。是的。所以，我的意思是，顯然，考慮到我們在 23 年建立的開發合資企業，也將關閉，該網絡在整個 24 年都簽訂了合同，特別是與我們宣布的合資企業Blackstone 第一階段已經結束，第二階段將於今年稍後完成。如果你從總的基礎上進行比較，我們預計，在 24 年，我們的總資本支出將超過 35 億美元，這將是——比我們 2023 年的支出高出約 15%。

That concludes the Q&A 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執行長安迪鮑爾 (Andy Power)，讓他致閉幕詞。

Thank you, Betsy. Digital Realty capped off a transformative 2023 with a strong fourth quarter that was highlighted by 3 key elements: first, we sourced over $12 billion of new capital and commitments from an array of hyperscale private capital partners, deleveraging our balance sheet and positioning the company for the future. Second, we posted another quarter of improving organic operating results with the best same-capital cash NOI growth in nearly a decade, and we are just on the cusp of the AI wave of demand. Third, we continue to grow our footprint and capacity around the world with record deliveries in 2023 to meet the accelerating needs of our growing customer base.

謝謝你，貝特西。 Digital Realty 以強勁的第四季為2023 年的變革畫上了圓滿的句號，該季度的表現有3 個關鍵要素：首先，我們從一系列超大型私人資本合作夥伴處獲得了超過120 億美元的新資本和承諾，從而降低了我們的資產負債表槓桿，並將公司定位為：未來。其次，我們公佈了又一個季度有機經營業績的改善，同資本現金 NOI 增長達到近十年來的最佳水平，而我們正處於人工智能需求浪潮的風口浪尖。第三，我們繼續擴大我們在全球的足跡和產能，並在 2023 年交付創紀錄的交付量，以滿足不斷增長的客戶群不斷增長的需求。

These customers look to us to help enable their IT solutions, whether that is AI, cloud or even enterprises along their digital transformation journeys. Our value proposition is resonating. I'd like to thank everyone for joining us today with a special thank you to our dedicated and exceptional team at Digital Realty, who keeps the digital world turning. Thank you.

這些客戶希望我們幫助他們實現 IT 解決方案，無論是人工智慧、雲端或企業數位轉型之旅。我們的價值主張引起了共鳴。我要感謝大家今天加入我們，特別感謝 Digital Realty 敬業且出色的團隊，是他們推動了數位世界的發展。謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。