Digital Realty Trust Inc (DLR) 2024 Q1 法說會逐字稿

Good afternoon, and welcome to the Digital Realty First Quarter 2024 Earnings Call. Please note that this event is being recorded. (Operator Instructions)

下午好，歡迎參加 Digital Realty 2024 年第一季財報電話會議。請注意，該事件正在被記錄。 （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 First Quarter 2024 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 2024 年第一季財報電話會議。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；和首席營收長；科林麥克萊恩 (Colin McLean) 也會接聽電話並接受問答。

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.

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。

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 first quarter. First, our customer value proposition continues to resonate as reflected by an AI-driven acceleration in leasing activity that drove our overall leasing volume to a new record. First quarter leasing was more than 40% above our prior record, principally driven by an improvement in pricing.

在我把電話轉給安迪之前，讓我先介紹第一季的一些關鍵要點。首先，我們的客戶價值主張繼續引起共鳴，人工智慧驅動的租賃活動加速反映了這一點，推動我們的整體租賃量創下新紀錄。第一季的租賃量比之前的記錄高出 40% 以上，這主要是由於定價的改善。

Second, our fundamental strength picked up where 2023 left off with record cash re-leasing spreads and strong, stabilized same-capital cash NOI growth of 4.7%, reflecting continued strength in data center fundamentals combined with the benefit of the improvements that we have made to our portfolio over the past year.

其次，我們的基本面實力在2023 年的基礎上有所回升，現金再租賃利差創歷史新高，同資本現金NOI 增長強勁、穩定，達到4.7%，反映出數據中心基本面的持續強勁以及我們所取得的改進的好處過去一年我們的投資組合。

And third, we've made meaningful progress on our 2024 funding plan [already], with just over $1 billion of fresh capital raised from asset sales and joint ventures to date, putting us above the low end of our guidance range for 2024, just 1/3 of the way through the year.

第三，我們已經在 2024 年融資計劃上取得了有意義的進展，迄今為止，透過資產出售和合資企業籌集了超過 10 億美元的新資本，使我們高於 2024 年指導範圍的下限，僅一年過去了1/3。

As a result of our efforts, reported leverage fell from 6.2x at year-end to 6.1x at March 31 and remains at 5.8x on a pro forma basis, reflecting completed and announced transactions.

經過我們的努力，報告的槓桿率從年底的 6.2 倍下降到 3 月 31 日的 6.1 倍，預計槓桿率仍保持在 5.8 倍，反映了已完成和宣布的交易。

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. Following the successful course we set in 2023, Digital Realty experienced accelerating momentum in the first quarter of 2024, headlined by a collection of multifaceted AI opportunities that drove a number of new leasing records as demand for our capacity in core markets remains elevated while visibility surrounding competitive new supply remains cloudy.

謝謝喬丹，也謝謝大家加入我們的電話會議。繼我們在2023 年設定的成功路線之後，Digital Realty 在2024 年第一季經歷了加速成長的勢頭，以一系列多方面的人工智慧機會為主導，這些機會推動了許多新的租賃記錄，因為我們在核心市場的產能需求持續上升，而周遭的知名度有競爭力的新供應仍然陰雲密佈。

At Digital, we continue to focus on our strategic priorities and on delivering on behalf of our expanding list of 5,000-plus customers across our 50-plus markets in 25-plus countries on 6 continents.

在 Digital，我們繼續專注於我們的策略重點，並代表我們在六大洲 25 多個國家的 50 多個市場中不斷擴大的 5,000 多名客戶提供服務。

During the first quarter, we posted record leasing results surpassing our prior record by more than 40% and exceeding our leasing results for all of 2019 in just this 1 quarter. We also delivered strong operating results as evidenced by healthy stabilized same-capital growth and the highest re-leasing spreads in the company history.

第一季度，我們發布了創紀錄的租賃業績，比之前的記錄高出了 40% 以上，僅在這個季度就超過了 2019 年全年的租賃業績。我們也實現了強勁的經營業績，健康穩定的同資本成長和公司歷史上最高的再租賃利差證明了這一點。

We continue to innovate and integrate a further expansion of ServiceFabric through the launch of our Service Directory marketplace, which has seen the addition of over 90 members offering more than 150 services, including secure and direct connections to over 225 global cloud on ramps, creating a vibrant community for [seamless], interconnection and collaboration.

我們透過推出 Service Directory 市場繼續創新和整合 ServiceFabric 的進一步擴展，該市場已增加了 90 多個成員，提供 150 多種服務，包括與超過 225 個全球雲端坡道的安全直接連接，從而創建了一個充滿活力的社區，實現[無縫]、互連和協作。

And just last week, we launched Private AI Exchange powered by ServiceFabric, which enables enterprise data to be at the center of an AI architecture, directly adjacent and interconnected with AI capabilities. This architecture are leading the data [crafted] barriers that emerge as data is generated and exchange with multiple applications across end-to-end AI-enabled digital workflows.

就在上週，我們推出了由 ServiceFabric 提供支援的 Private AI Exchange，它使企業資料能夠成為 AI 架構的中心，與 AI 功能直接相鄰並互連。這種架構正在引領資料[精心設計]的障礙，這些障礙是隨著資料的產生以及跨端到端人工智慧數位工作流程與多個應用程式的交換而出現的。

We also continued down the path of bolstering our balance sheet and diversifying our capital sources with the expansion of one of our stabilized hyperscale joint ventures and the addition of a new hyperscale development JV, together with our first transaction with our perpetual capital partner, Digital Core REIT and well over the year. These transactions help to fund development pipeline capacity that our customers are seeking while reducing our overall leverage.

我們也繼續走上加強資產負債表和實現資本來源多元化的道路，擴大了我們穩定的超大規模合資企業之一，並增加了一家新的超大規模開發合資企業，以及我們與永久資本合作夥伴Digital Core 的第一筆交易REIT 全年表現良好。這些交易有助於為我們的客戶尋求的開發管道能力提供資金，同時降低我們的整體槓桿率。

Operating and financial results in the first quarter were encouraging. We posted sequential growth in our core data center revenues while growing adjusted EBITDA and core FFO per share. Development returns also continued to improve and we further enhanced the product mix of our portfolio while maintaining strong liquidity and lower leverage.

第一季的營運和財務表現令人鼓舞。我們的核心資料中心營收持續成長，同時調整後的每股 EBITDA 和核心 FFO 也在成長。發展回報也持續改善，我們進一步增強了投資組合的產品組合，同時保持了強勁的流動性和較低的槓桿率。

Bookings and renewal results were even better with a number of metrics reaching new records, reflecting a strong demand environment and limited new capacity. Total bookings were $252 million, well ahead of our prior quarterly record of $176 million, reflecting the impact from the acceleration of AI and the improved pricing environment.

預訂和續約結果甚至更好，多項指標達到新紀錄，反映出強勁的需求環境和有限的新增產能。總預訂量為 2.52 億美元，遠高於我們先前的季度記錄 1.76 億美元，反映了人工智慧加速發展和定價環境改善的影響。

Importantly, when comparing this quarter's leasing to the prior record set in 3Q 2022, we leased an incremental 10% of IT load capacity while REITs in a greater than 1 megawatt segment for approximately 60% higher than those achieved 18 months prior.

重要的是，將本季的租賃量與2022 年第三季創下的先前記錄進行比較時，我們租賃的IT 負載容量增加了10%，而超過1 兆瓦細分市場的REIT 租賃量比18 個月前高出約60%。

Perhaps have been overshadowed by these record-setting results was another strong quarter in our 0 to 1 megawatt plus interconnection segment, which delivered a third straight quarter of over $50 million. Demand for connectivity-oriented capacity remains healthy and pricing remains firm.

也許被這些創紀錄的業績所掩蓋的是我們的 0 到 1 兆瓦及互連領域的另一個強勁季度，該領域連續第三個季度交付超過 5000 萬美元。連結性容量的需求仍然健康，價格也保持堅挺。

Our mark-to-market renewal spreads were up by 11.8%, aided by a record 18.5% increase in our greater than 1 megawatt category. Churn remained low and well controlled at 1.7% for the quarter.

我們的按市值計算的續約價差上升了 11.8%，這得益於我們超過 1 兆瓦類別的創紀錄的 18.5% 增長。本季客戶流失率維持在較低水準且控制在 1.7%。

Same capital cash NOI growth also remained healthy, growing by 4.7% year-over-year in the quarter. And marking our fifth consecutive quarter of positive same capital growth. A year ago, data center demand was strong, driven by the growth of cloud and digital transformation while supply was tightening in power transmission constraints, supply chain delays and other factors. Since then, AI has become a significant driver of demand as hyperscalers race to develop, deploy and implement the technology while enterprise begins to explore the potential of this wave of technological evolution.

同資本現金 NOI 成長也保持健康，本季年增 4.7%。這標誌著我們連續第五個季度實現相同的資本正成長。一年前，在雲端運算和數位轉型成長的推動下，資料中心需求強勁，而輸電限制、供應鏈延誤等因素導致供應趨緊。從那時起，人工智慧已成為需求的重要驅動力，超大規模企業競相開發、部署和實施該技術，而企業也開始探索這波技術演進的潛力。

McKinsey recently forecasted data center demand growth at a double-digit CAGR through 2030. This growing secular demand is broad and deep and both enterprises and service providers need a significant new data center capacity to accommodate their expanding needs, fueled by trends such as enterprise AI adoption, AI as a service, IoT and the relentless growth in data creation.

麥肯錫最近預測，到2030 年，資料中心需求將以兩位數的複合年增長率成長。商都需要大量的新資料中心容量來滿足其不斷擴大的需求。

Reflecting these trends, I want to highlight 2 highly strategic AI signs that came to fruition during the quarter. First, we were selected to host one of the most powerful AI supercomputers in one of our data centers in Copenhagen in a collaboration spearheaded on the Novo Nordisk Foundation and the Export and Investment Fund of Denmark where researchers from Denmark's public and private sectors, access to a cutting-edge NVIDIA-powered AI supercomputer in addition to NVIDIA's software platforms, training and expertise.

為了反映這些趨勢，我想強調本季取得成果的兩個高度策略性的人工智慧標誌。首先，我們被選中在哥本哈根的一個數據中心託管最強大的人工智慧超級電腦之一，這是諾和諾德基金會和丹麥出口和投資基金牽頭的合作，來自丹麥公共和私營部門的研究人員可以存取除了 NVIDIA 的軟體平台、培訓和專業知識之外，還有一台由 NVIDIA 提供支援的尖端 AI 超級電腦。

Second, Digital Realty further strengthened its collaboration with Oracle to accelerate the growth and adoption of AI among enterprises, aiming to develop hybrid integrated solutions that address data gravity challenges, expedite time to market for enterprise deploying next-generation AI services and unlock data and AI-based business outcomes. Oracle will deploy critical GPU-based infrastructure with Digital Realty that leverages PlatformDIGITAL's open, purpose-built global data center solution and caters to enterprise and AI customers critical NVIDIA and AMD deployments among others.

其次，Digital Realty進一步加強與甲骨文的合作，加速人工智慧在企業中的發展和採用，旨在開發混合整合解決方案，應對數據重力挑戰，加快企業部署下一代人工智慧服務的上市時間，並解鎖數據和人工智慧是基於業務成果。 Oracle 將與 Digital Realty 一起部署基於 GPU 的關鍵基礎設施，該基礎設施利用 PlatformDIGITAL 的開放式專用全球資料中心解決方案，並滿足企業和 AI 客戶的關鍵 NVIDIA 和 AMD 部署等需求。

Our 0 to1 plus interconnection customers also continue to recognize our demonstrable strength and value proposition whether that related to power dense applications, a network of globally-connected data centers or other critical infrastructure requirements.

我們的 0 到 1+ 互連客戶也繼續認可我們明顯的實力和價值主張，無論是與功率密集型應用程式、全球連接的資料中心網路或其他關鍵基礎設施要求相關。

During the first quarter, we added over 128 new logos. Our wins included a leading Fortune 500 AI component maker, is expanding their presence on PlatformDIGITAL to a new EMEA market to support their streaming service capabilities.

第一季度，我們新增了超過 128 個新商標。我們的勝利包括一家領先的財富 500 強人工智慧組件製造商，正在將 PlatformDIGITAL 上的業務擴展到新的 EMEA 市場，以支援其串流服務功能。

A global cloud computing and content distribution provider are leveraging the leading connectivity proposition of PlatformDIGITAL in Mombasa to support their global edge pop expansion project. A global 120 manufacturing company is building an AI HPC environment in Frankfurt to support its autonomous vehicle project.

一家全球雲端運算和內容分發提供商正在利用蒙巴薩 PlatformDIGITAL 的領先連接主張來支持其全球邊緣流行擴展項目。一家全球 120 家製造公司正在法蘭克福建立 AI HPC 環境，以支援其自動駕駛汽車專案。

A leading French cloud service provider is deploying on PlatformDIGITAL to build out its edge cloud offering across the globe to support their enterprise customers' hybrid infrastructure by delivering low latency performance while retaining mobile data residency.

一家領先的法國雲端服務供應商正在 PlatformDIGITAL 上部署，以在全球範圍內建置其邊緣雲端產品，透過提供低延遲效能同時保留行動資料駐留來支援其企業客戶的混合基礎設施。

Fortune 500 technology distributor in (inaudible), IT service provider chose PlatformDIGITAL and Phoenix to support data exchange and interconnect with key partners. And a Fortune 500 health benefits provider has expanded into 2 additional North America metros to take advantage of cloud and network (inaudible) available on PlatformDIGITAL.

財富 500 強技術分銷商（聽不清楚）、IT 服務供應商選擇 PlatformDIGITAL 和 Phoenix 來支援與關鍵合作夥伴的資料交換和互連。財富 500 強健康福利提供者已擴展到另外 2 個北美都市，以利用 PlatformDIGITAL 上提供的雲端和網路（聽不清楚）。

Moving over to a quick update on our largest market, Northern Virginia. During the first quarter, we leased approximately 80 megawatts of capacity in a supply-constrained quarter in Eastern Loudoun County. Demand for our capacity remains strong. And while hyperscale leasing is typically lumpy, we continue to see healthy traction on the remaining capacity, and we are focused on helping our customers and partners source the incremental data center infrastructure that they require.

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。第一季度，我們在東勞登縣供應受限的季度租賃了約 80 兆瓦的容量。對我們產能的需求依然強勁。儘管超大規模租賃通常不穩定，但我們繼續看到剩餘容量的健康成長，並且我們專注於幫助我們的客戶和合作夥伴購買他們所需的增量資料中心基礎設施。

During the first quarter, we worked with Dominion Energy to help address the transmission [model] at Ashburn by providing them with a easement to land a southern line at the Mars substation that they plan to construct on a quarter parcel, along 450-acre Digital Dallas campus.

在第一季度，我們與Dominion Energy 合作，幫助解決阿什本的輸電[模型]問題，為他們提供了火星變電站南線的地役權，他們計劃在450 英畝數字土地上的四分之一地塊上建造該變電站。

We remain cautiously optimistic about getting access to additional power with Dominion's current forecast for completion of the Southern Line transmission project by late 2025.

Dominion 目前預測南線輸電計畫將於 2025 年底完工，我們對獲得額外電力仍持謹慎樂觀態度。

Today, we have roughly 80 megawatts of remaining capacity available for lease within our first building on our Digital Dallas campus in Loudoun known as Building 7. And we have almost 200 megawatts available for development for our [regular] campus in Manassas, which was contributed to our JV with last (inaudible) in the first quarter. As a reminder, Manassas is currently outside of the constrained area and (inaudible) is accessible there.

如今，我們位於勞登的數位達拉斯園區的第一棟建築（稱為7 號樓）內還有大約80 兆瓦的剩餘容量可供租賃。瓦的可用容量可供開發，這是由我們貢獻的我們的合資企業在第一季最後一次（聽不清楚）。提醒一下，馬納薩斯目前位於限制區域之外，並且（聽不清楚）可以從那裡進入。

Before turning it over to Matt, I'd like to touch on our ESG progress during the first quarter. We continue to make meaningful progress and be recognized for our strong ESG performance in 2024. We went live with a switch to 100% renewable energy supplies for our Texas, New Jersey, and Sydney data center portfolios, benefiting 30 sites and addressing more than 10% of our mobile electricity footprint.

在交給 Matt 之前，我想談談我們第一季的 ESG 進度。我們繼續取得有意義的進展，並因2024 年強勁的ESG 表現而獲得認可。受益並解決了10 多個問題占我們行動電力足跡的%。

We are recognized by the EPA as Energy Star Partner of the Year with sustained excellence for the fourth year, and we added a new green building certification at our MRS 4 development at Marseille, France. We also announced a partnership with a leading global energy solution provider to use our UPS systems to support Ireland's transition to renewable energy.

我們連續第四年憑藉持續卓越的表現被 EPA 評為年度能源之星合作夥伴，並且我們在法國馬賽的 MRS 4 開發項目還獲得了新的綠色建築認證。我們也宣布與一家全球領先的能源解決方案供應商建立合作夥伴關係，使用我們的 UPS 系統支援愛爾蘭向再生能源的過渡。

And we've announced a significant expansion of our use of HVO diesel, a cleaner fuel made from waste, cooking oils and fats to power our backup generators. This will up our use of HVO to 20 global sites and 15% of our global portfolio by IT capacity.

我們也宣布大幅擴大 HVO 柴油的使用，這是一種由廢物、食用​​油和脂肪製成的清潔燃料，為我們的備用發電機提供動力。這將使我們對 HVO 的全球站點使用量增加到 20 個，以 IT 容量計算，將占我們全球產品組合的 15%。

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 first quarter results. We signed a record $252 million of new leases in the first quarter, led by $175 million of greater than a megawatt leasing in the Americas and another $53 million of 0 to 1 megawatt plus interconnection leasing, with interconnection bookings remaining firm at $13 million.

謝謝你，安迪。讓我直接進入我們第一季的業績。第一季度，我們簽署了創紀錄的2.52 億美元新租賃合同，其中美洲1.75 億美元以上的兆瓦級租賃和另外5300 萬美元的0 至1 兆瓦以上互連租賃，其中互連預訂量仍保持在1300 萬美元。

Turning to our backlog. Given the record leasing, the backlog of signed but not yet commenced leases swelled to a new record of $541 million at quarter end, with new leasing outstripping a record $156 million of commencements during the quarter. Looking ahead, more than half of the record backlog is slated to commence during the remainder of 2024, indicating that commencements are likely to remain elevated.

轉向我們的積壓工作。鑑於創紀錄的租賃量，已簽署但尚未開始的租賃積壓在季度末激增至 5.41 億美元的新紀錄，其中新租賃超過了本季度創紀錄的 1.56 億美元的開始租賃量。展望未來，超過一半的創紀錄積壓預計將在 2024 年剩餘時間內啟動，這表明開工量可能會保持在較高水準。

During the first quarter, we signed a record $248 million of renewal leases at a record increase of 11.8% on a cash basis. Re-leasing spreads were once again positive across products and regions, with particular strength in the Americas. Re-leasing spreads have been increasing steadily for well over a year now, and while we expect that they will remain very healthy, they're likely to moderate in this quarter's record given the significant weighting of lease expirations in the 0 to 1-megawatt segment for the remainder of the year.

第一季度，我們簽署了創紀錄的 2.48 億美元續租合同，按現金計算增長了 11.8%，創歷史新高。各個產品和地區的再租賃利差再次呈正值，其中美洲尤其強勁。轉租利差一年多來一直在穩步增長，雖然我們預計它們將保持非常健康的水平，但考慮到租賃到期在0 到1 兆瓦範圍內的重要權重，本季度的轉租利差可能會放緩。

In addition, we think it is important to consider a normalized view of the headline renewal spreads as 2 separate items skew our reported spreads higher in the first quarter. First, there was a notable outlier in the other category that should not be considered recurring or repeatable and removing this transaction would reduce our overall reported spreads by 250 basis points to 9.3% for the quarter.

此外，我們認為考慮對總體更新利差進行標準化處理非常重要，因為有兩個單獨的項目使我們報告的第一季利差走高。首先，其他類別中有一個顯著的異常值，不應被視為經常性或可重複性，並且刪除該交易將使我們報告的本季度總體利差減少 250 個基點至 9.3%。

Second, there was a significant early renewal transaction in our greater than 1 megawatt segment that was part of a large package deal as we work to support this customer's broader data center capacity needs in one of our tightest markets. While this transaction enabled us to opportunistically pull forward some of our below-market expirations from the outer years, our forward year lease expiration schedule remains dominated by our 0 to 1 megawatt segment, which tends to experience spreads in the low to mid-single digits, akin to what we saw in the first quarter.

其次，我們超過1 兆瓦的部分有一項重要的早期續約交易，這是一項大型一攬子交易的一部分，因為我們致力於支持該客戶在我們最緊張的市場之一的更廣泛的數據中心容量需求。雖然這項交易使我們能夠機會性地將一些低於市場水平的到期期限從外部年份提前，但我們的遠期租賃到期時間表仍然以我們的0 至1 兆瓦細分市場為主，該細分市場往往會經歷低至中個位數的價差，類似於我們在第一季看到的情況。

Excluding both the outlier transaction and the packaged deal renewal, re-leasing spreads in the quarter would have been up 3.4% on a cash basis. We feel that this is a more predictable aspect of our portfolio, that we will continue to see opportunities and may periodically be able to capture the growing mark-to-market opportunity in our greater than 1 megawatt portfolio.

排除異常交易和打包交易續約，以現金計算，本季的轉租價差將上漲 3.4%。我們認為這是我們投資組合中更可預測的方面，我們將繼續看到機會，並且可能定期能夠在我們超過 1 兆瓦的投資組合中抓住不斷增長的按市場計價的機會。

In terms of earnings growth, we reported first quarter core FFO of $1.67 per share, reflecting strong organic operating results, partly balanced by dilution associated with the stabilized asset sales and JV contributions completed early in the year and the ongoing deleveraging of our balance sheet.

在獲利成長方面，我們報告第一季核心FFO 為每股1.67 美元，反映了強勁的有機經營業績，部分透過與年初完成的穩定資產銷售和合資企業貢獻相關的稀釋以及我們資產負債表的持續去槓桿化來平衡。

And normalizing for the sale or JV of $3 billion of stabilized assets completed since the beginning of last year, total revenue growth was 7% year-over-year in the first quarter due to the benefit of improved leasing spreads, along with favorable new leasing. Revenue growth in the quarter was tempered by the decline in utility expense reimbursements as electricity rates fell sharply in EMEA year-over-year.

自去年初以來完成的 30 億美元穩定資產的出售或合資正常化，得益於租賃利差改善以及有利的新租賃，第一季總收入同比增長 7% 。由於歐洲、中東和非洲地區電費較去年同期大幅下降，公用事業費用報銷下降，抑制了本季的營收成長。

Normalized adjusted EBITDA increased 9% year-over-year, reflecting the strong revenue growth and modest increase in operating expenses. As Andy noted earlier, stabilized same-capital operating performance saw continued strength in the first quarter, with year-over-year cash NOI up 4.7% driven by 4% growth in rental plus interconnection revenues and further supported by expense control.

正常化調整後 EBITDA 年成長 9%，反映出強勁的營收成長和營運支出的小幅成長。正如安迪早些時候指出的，穩定的同資本營運業績在第一季持續強勁，在租金加互連收入增長 4% 的推動下，現金 NOI 同比增長 4.7%，並得到費用控制的進一步支持。

Moving on to our investment activity. We spent $550 million on consolidated development for the first quarter, plus another $23 million for our share of managed unconsolidated JV spending while delivering 32 megawatts of new capacity across the globe for our customers.

繼續我們的投資活動。第一季我們花了5.5 億美元進行綜合開發，另外還花費了2,300 萬美元用於我們管理的非綜合合資企業支出份額，同時為我們的客戶在全球範圍內提供了32 兆瓦的新產能。

It's worth mentioning, the approximate $300 million of sequential decline in our development spending this quarter which highlights the effects of the contributions of our 3 development JVs. However, seasonal and other timing-related factors also contributed to less CapEx spending in the first quarter.

值得一提的是，本季我們的開發支出環比下降了約 3 億美元，這凸顯了我們 3 個開發合資企業的貢獻的影響。然而，季節性和其他時間相關因素也導致第一季資本支出減少。

Turning to the balance sheet. We continue to strengthen our balance sheet in the first quarter with the closing of previously disclosed transactions, including the Cyxtera transaction, the first phase of the Blackstone hyperscale development JV and the sale of an additional 50% share of the 2 stabilized hyperscale assets in our Chicago JV to GI Partners.

轉向資產負債表。隨著先前揭露的交易的完成，我們在第一季度繼續強化我們的資產負債表，包括Cyxtera 交易、Blackstone 超大規模開發合資企業的第一階段以及出售我們的2 項穩定超大規模資產的額外50%份額。

During the quarter, we also completed a hyperscale development JV with Mitsubishi for 2 assets in the Dallas Metro. In terms of new news, we also sold a piece of land in Sydney, Australia for $65 million, and we provided an easement to Dominion Energy to build the Mars substation on our Digital Dulles campus for $92 million, which all contributed to a reduction in our reported leverage to 6.1x at the end of the first quarter versus 6.2x at the end of 2023.

本季度，我們也與三菱完成了達拉斯地鐵 2 項資產的超大規模開發合資企業。新消息方面，我們還以6500 萬美元的價格出售了澳大利亞悉尼的一塊土地，並以9200 萬美元的價格向Dominion Energy 提供了在我們的數位杜勒斯園區建設火星變電站的地役權，這些都有助於減少我們報告的第一季末槓桿率為 6.1 倍，而 2023 年底為 6.2 倍。

Then in April, we continue to recycle capital by selling 75% of CH2, the third and final stabilized hyperscale facility on our Elk Grove campus at a 6.5 cap rate to GI Partners, raising nearly $400 million. And we sold to Digital Core REIT, an additional 24.9% interest in our Frankfurt site where Digital Core REIT previously owned 25%, raising another $129 million.

然後在4 月份，我們繼續循環利用資本，以6.5 的上限利率向GI Partners 出售CH2 的75%，CH2 是我們埃爾克格羅夫園區的第三個也是最後一個穩定的超大規模設施，籌集了近4 億美元。我們將法蘭克福工廠另外 24.9% 的權益出售給 Digital Core REIT，Digital Core REIT 先前持有 25% 的股份，又籌集了 1.29 億美元。

In addition, we used some of our cash on hand to pay off the $600 million of maturing euro notes. After adjusting for these transactions, along with the anticipated closing of Phase 2 of the Blackstone transaction later this year, pro forma leverage is 5.8x.

此外，我們還使用了部分手頭現金償還了即將到期的 6 億美元歐元票據。在對這些交易進行調整後，加上 Bl​​stone 交易第二階段預計於今年稍後完成，預計槓桿率為 5.8 倍。

We continue to keep significant cash on the balance sheet with approximately $1.2 billion on hand and over $3 billion of total liquidity at March 31 to support ongoing investment opportunities.

我們繼續在資產負債表上保留大量現金，截至 3 月 31 日，手頭現金約為 12 億美元，流動性總額超過 30 億美元，以支持持續的投資機會。

Moving on to our debt profile. Our weighted average debt maturity is over 4 years, and our weighted average interest rate is 2.9%. Approximately 85% 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.

繼續我們的債務狀況。我們的加權平均負債期間超過4年，加權平均利率為2.9%。我們大約 85% 的債務是以非美元計價的，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。

Finally, after paying off the [earnouts] in April, we have $316 million of debt maturing through year-end 2024. Beyond that, our maturities remained well [levered] through 2032.

最後，在 4 月還清 [收益] 後，我們還有 3.16 億美元的債務在 2024 年底到期。

I'll finish with guidance. We are maintaining our core FFO guidance range for the full year 2024 of between $6.60 and $6.75 per share, reflecting the continued improvement we are seeing in our core business. Positive underlying operating trends are partly balanced by potential acceleration in development spending and additional capital recycling, as we move our leverage down towards the long-term target and position the company for the accelerating opportunity in front of us.

我將在指導下完成。我們將 2024 年全年的核心 FFO 指引範圍維持在每股 6.60 美元至 6.75 美元之間，反映了我們核心業務的持續改善。積極的基本營運趨勢在一定程度上被開發支出和額外資本回收的潛在加速所平衡，因為我們將槓桿率降低到長期目標，並使公司能夠抓住眼前的加速機會。

We are maintaining our total revenue and adjusted EBITDA guidance ranges for 2024, so we are notching up our cash and GAAP re-leasing spreads along with our same capital cash NOI growth expectations, reflecting better-than-expected execution on the leasing front in the first quarter, and the strength in fundamental conditions that we continue to see across our portfolio.

我們維持 2024 年的總收入和調整後 EBITDA 指導範圍，因此我們提高了現金和 GAAP 重新租賃利差以及相同的資本現金 NOI 增長預期，反映出 2024 年租賃方面的執行情況好於預期第一季度，以及我們在整個投資組合中繼續看到的基本面狀況的強勁。

Specifically, cash re-leasing spreads are now expected to increase 5% to 7% in 2024, up 100 basis points at the midpoint from the prior 4% to 6% range. And same-capital cash NOI is now expected to increase by 2.5% to 3.5%, up 50 basis points from the 2% to 3% range we provided in February.

具體而言，目前預計現金再租賃利差將在 2024 年增加 5% 至 7%，較先前 4% 至 6% 範圍的中點上升 100 個基點。目前，同資本現金 NOI 預計將成長 2.5% 至 3.5%，比我們 2 月提供的 2% 至 3% 範圍上升 50 個基點。

Highlighted in our investor presentations, excluding the nearly 200 basis points of power margin headwinds that we have previously discussed, our same-capital cash NOI growth for 2024 would be 4.5% to 5.5%. While these improvements and stronger core FFO per share realized in the first quarter bode well for the balance of the year, there are a few mitigating factors to consider as you're refining your models. First, we will see a modest drag on the $500-plus million of capital recycling completed in April. Second, we are only 1/3 of the way into the year, and there is still significant potential for both development spend and asset sales guidance to reach the high end of their guidance ranges.

我們在投資者演示中強調，排除我們之前討論過的近 200 個基點的電力利潤率逆風，我們 2024 年相同資本的現金 NOI 增長率將為 4.5% 至 5.5%。雖然第一季實現的這些改進和每股核心 FFO 的增強預示著今年剩餘時間的好兆頭，但在完善模型時需要考慮一些緩解因素。首先，我們將看到 4 月完成的 5 億多美元資本回收受到適度拖累。其次，今年才剛過去 1/3，開發支出和資產銷售指導仍有很大潛力達到指導範圍的高端。

In addition, it is worth pointing out that the interest rate outlook and curve have changed considerably since we provided guidance and remains another source of uncertainty for the balance of this year.

此外，值得指出的是，自從我們提供指引以來，利率前景和曲線已經發生了很大變化，仍然是今年餘額的另一個不確定性來源。

Just one final reminder and update. Over the course of 2024 and 2025, we expect that our $6 billion development pipeline will become increasingly accretive as higher-yielding projects are completed and stabilized. The expected yield on our stabilized pipeline ticked up another 20 basis points sequentially, reflecting the addition of higher-yielding projects and the completion or contribution to joint ventures of lower-yielding projects.

只是最後一次提醒和更新。在 2024 年和 2025 年期間，隨著高收益專案的完成和穩定，我們預計 60 億美元的開發管道將變得越來越增值。我們穩定管道的預期收益率持續上升 20 個基點，反映出高收益項目的增加以及低收益項目合資企業的竣工或貢獻。

To help provide increased transparency around this important and evolving aspect of our company, we have enhanced our development life cycle schedule on Page 25 of our supplemental to: one, reflect our proportionate share of total data center development, including our unconsolidated joint ventures; and two, to provide increased disclosure around our available developable capacity in terms of [IQ logo]. We hope you find this helpful.

為了幫助提高公司這一重要且不斷發展的方面的透明度，我們在補充資料第25 頁上增強了我們的開發生命週期時間表：第一，反映我們在整個資料中心開發中所佔的比例份額，包括我們未合併的合資企業；第二，在 [IQ 標誌] 方面更揭露我們可用的可開發能力。我們希望您覺得這有幫助。

This concludes our prepared remarks. And now we will be pleased to take your questions. Operator, could you 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，可以開始問答環節嗎？

(Operator Instructions) Today's first question comes from Jon Petersen with Jefferies.

（操作員說明）今天的第一個問題來自 Jefferies 的 Jon Petersen。

Great. I guess I could start with -- actually, let me start on the leasing side. So the -- I was curious how much of the leasing that was done this quarter was inside of some of the joint ventures, like maybe the Blackstone joint venture, that you did.

偉大的。我想我可以從——實際上，讓我從租賃方面開始。因此，我很好奇本季完成的租賃有多少是在一些合資企業內部進行的，例如你們所做的黑石合資企業。

And in terms of the yield on development in Northern Virginia -- or North America, I noticed that was up 200 basis points to 12.3% as your expected yield from last quarter. I guess, is that kind of a good number to think about of what new developments you're signing today are as kind of in the 12-plus percent range.

就北維吉尼亞州或北美的開發收益率而言，我注意到比上季度的預期收益率上升了 200 個基點，達到 12.3%。我想，考慮一下您今天簽署的新開發項目是否在 12% 以上的範圍內，這個數字是不是很好。

So John, thanks for the question. So I'd say the lion's share of high, high percentage was not done into any of the JVs. I don't have the exact stat given we have now numerous strategic capital partners across our hyperscale platform, be it stabilized JVs. But I'm very confident that none of the leasing we reported in this quarter went into the deal you identified with Blackstone. We are seeing great traction on those projects. But this quarter, none of that lease went inside.

約翰，謝謝你的提問。所以我想說，高比例的大部分都沒有進入任何合資企業。鑑於我們現在在超大規模平台上擁有眾多策略資本合作夥伴（無論是穩定的合資企業），我沒有確切的統計數據。但我非常有信心，我們在本季度報告的所有租賃都沒有涉及您與 Blackstone 達成的交易。我們看到這些項目具有巨大的吸引力。但本季度，這些租約都沒有進入。

On your second question in terms of improvement in ROIs, in particular in North America, I would say we've definitely moved the needle quite dramatically on that category from some of our build-to-suit projects that we'll call closer to 7% that we joint ventured to now north of 12% ROIs. And we're still working through projects that are obviously weighing that down a little bit, and we have projects that are entering that schedule on the higher side as well given the rapid improvement in the rate environment.

關於你的第二個問題，即投資回報率的提高，特別是在北美，我想說，我們肯定已經在這一類別上從我們的一些定制項目中取得了相當大的進展，我們將其稱為接近 7我們合資的投資報酬率目前已超過 12%。我們仍在研究顯然會造成一點壓力的項目，考慮到利率環境的快速改善，我們也有一些項目進入了較高的時間表。

And our next question today comes from Jon Atkin with RBC Capital Markets.

今天我們的下一個問題來自加拿大皇家銀行資本市場的喬恩·阿特金。

So you mentioned rate environment and maybe continuing on that theme a little bit in terms of pricing. As we think about next year's core FFO per share growth rate, you gave a little bit of commentary on that in the last call. And any updated thoughts in terms of what we should be considering around puts and takes as that number potentially goes higher, whether it's execution of leases or pricing or renewals or whatnot?

所以你提到了利率環境，也許在定價方面繼續討論這個主題。當我們考慮明年核心 FFO 每股成長率時，您在上次電話會議中對此發表了一些評論。當這個數字可能會更高時，我們應該考慮看跌期權和看跌期權，是否有更新的想法，無論是執行租賃、定價、續約還是其他什麼？

Thanks, Jon. Maybe I'll speak to market rates and where we are able to execute on new leases signed and also renewals first and then hand it over to Matt in terms of FFO trajectory into next year.

謝謝，喬恩。也許我會談談市場價格，以及我們能夠首先執行已簽署的新租約和續約的情況，然後將其移交給 Matt，以了解明年的 FFO 軌跡。

As you saw from our results, we're obviously benefiting from overall supply/demand dynamic with robust demand trends be it enterprise digital transformation, cloud computing and now AI on top of that, that's playing out in our 0 to 1-megawatt category as well as our greater than megawatt category. And that's all having a backdrop of supply constraints from numerous sources. And we were able to continue to push rate both on the existing contracts that were coming up for renewal as well as on new contracts to higher and higher levels. That is, obviously, you see in the leasing results and believe that trend is going to remain intact for some time.

正如您從我們的結果中看到的那樣，我們顯然受益於整體供需動態以及強勁的需求趨勢，無論是企業數位轉型、雲端運算還是現在的人工智慧，這都在我們的0 到1 兆瓦類別中發揮作用以及我們大於兆瓦的類別。而這一切都是在眾多來源的供應限制的背景下發生的。我們能夠繼續將即將續約的現有合約以及新合約的利率推至越來越高的水平。也就是說，顯然，您在租賃結果中看到並相信這種趨勢將在一段時間內保持不變。

Matt, why don't you speak to the FFO trajectory, please?

馬特，為什麼不談談 FFO 軌跡呢？

Sure. Thanks, Jon. So what I would say is I think we're -- based on our first quarter results, we -- our optimism is improved -- has improved in terms of our -- what we expect to see and what we talked about last quarter in terms of improving growth as we look to 2025.

當然。謝謝，喬恩。所以我想說的是，我認為我們——根據我們第一季的業績，我們——我們的樂觀情緒有所改善——在我們期望看到的以及我們上季度談論的內容方面有所改善。展望2025 年，成長將有所改善。

And a big part of that, I would say, is driven by the successful leasing execution that we saw this quarter, $250 million and the shorter signed commence lag, which is at 7 months, it really sets us up for accelerating revenue and therefore, bottom line growth as we exit this year and into next year.

我想說，其中很大一部分是由我們本季看到的 2.5 億美元的成功租賃執行和較短的簽約開始滯後（7 個月）推動的，這確實為我們加速收入奠定了基礎，因此，當我們今年退出並進入明年時，利潤將會成長。

But from boiling all that down, I would say that the growth algorithm is generally similar to what I discussed last quarter, which is we'd expect to see, call it, plus 4% related to our stabilized same-store portfolio. On top of that, you'd add another, call it, 2-plus percent as we deliver developments into our operating portfolio at yields that are continuing to improve. There'll be some offset, call it, in the 1% area, given higher rates and the debt refinancing that we have over the next couple of years. And I think that kind of sets us up for mid-single-digit and greater growth going forward.

但歸結起來，我想說的是，成長演算法總體上與我上個季度討論的類似，我們預計會看到，稱之為，加上與我們穩定的同店投資組合相關的 4%。最重要的是，當我們以持續提高的收益率將開發項目交付到我們的營運投資組合中時，您還可以添加另一個，稱之為2%以上。考慮到未來幾年更高的利率和債務再融資，在 1% 的範圍內將會有一些抵銷。我認為這為我們未來實現中個位數和更大的成長奠定了基礎。

And our next question today comes from Eric Luebchow with Wells Fargo.

今天我們的下一個問題來自富國銀行的 Eric Luebchow。

I wanted to dive into Northern Virginia a little bit. Can you maybe just provide an update on the timing of the Dominion transmission upgrades and when you think you can get even more capacity into that market? And then on rental rates in Northern Virginia, I think that probably had a big influence on the 170-plus you reported in North America. Could you just talk about where you're seeing rental rates in that very supply-constrained market and what that kind of -- how that influences your yields, your underwriting and your development table?

我想深入了解北維吉尼亞州。您能否提供有關 Dominion 傳輸升級時間的最新資訊以及您認為何時可以獲得更多容量進入該市場？然後是北維吉尼亞州的租金率，我認為這可能對您報告的北美 170 多個地區產生了很大影響。您能否談談在這個供應非常有限的市場中您所看到的租金率，以及它如何影響您的收益率、核保和開發表？

Sure. Thanks, Eric. So Northern Virginia, obviously, has been a highly dynamic market for some time here. We were very pleased to come together and support our partner at Dominion with a very strategic easement to be the landing of the Mars substation, which we are -- it is our understanding, they are on track to be delivering power and bring power back online by the beginning of 2026 from that southern line. So there's not been a divergence in terms of timing what that was previously expressed to us.

當然。謝謝，埃里克。顯然，北維吉尼亞州一段時間以來一直是一個高度活躍的市場。我們非常高興能夠齊聚一堂，為我們在 Dominion 的合作夥伴提供非常具有戰略意義的地役權，以登陸火星變電站，這是我們的理解，他們正在按計劃提供電力並恢復供電。從該南線開始。因此，先前向我們表達的內容在時間上沒有分歧。

We definitely benefited from the increase in rates in that market. Our largest signing was in that market as well as a few other decent-sized signings, although we also had some very great signings in the London market, and north of a megawatt signings also in Copenhagen. So they were not the only contributors in the plus the megawatt category.

我們確實受益於該市場利率的上漲。我們最大的簽約是在該市場以及其他一些較大的簽約，儘管我們在倫敦市場也有一些非常出色的簽約，在哥本哈根也有兆瓦級的簽約。因此，他們並不是兆瓦級以上的唯一貢獻者。

The rates, I would say, the market rates in general are call it, continue to improve in that market and as the precious capacity becomes more and more finite, as you saw on that slide, we now have -- are turning our attention to really 80 megawatts remaining at Digital Dallas as well as the Manassas campus, which is not impacted by the power delays. And I'd say rates in both Manassas and Loudoun County are converging right at this moment, call it in the 165, call it to almost 180 type area on a market basis. That'd be the cash rate, not a GAAP rate that we report.

我想說的是，市場利率在該市場中繼續改善，隨著寶貴的產能變得越來越有限，正如您在幻燈片上看到的那樣，我們現在正在將注意力轉向Digital Dallas 和馬納薩斯園區其實剩下80 兆瓦，不受電力延遲的影響。我想說，馬納薩斯縣和勞登縣的費率目前正在趨同，在市場基礎上將其稱為 165，將其稱為近 180 類型區域。這將是現金利率，而不是我們報告的公認會計原則利率。

And our next question today comes from David Barden with Bank of America.

今天我們的下一個問題來自美國銀行的大衛巴登。

I guess if I could just explore, Andy, the commentary around how AI is contributing already to your business. A lot of the retail data center-centric companies have kind of said that's not really a thing for them yet. So could you kind of elaborate a little bit on within that greater than 1 megawatt category, how much of that is the hyperscale? Is it really hyperscale? Or is it these maybe more bespoke Copenhagen Nordisk Foundation engines that are coming online? And what do these builds look like, in what way are they different than maybe what you've been doing historically? And how is that informing how your development is evolving?

安迪，我想我是否可以探討一下有關人力智慧如何為您的業務做出貢獻的評論。許多以零售資料中心為中心的公司都表示，這對他們來說還不是真正的事。那麼您能否詳細說明一下在大於 1 兆瓦的類別中，其中有多少是超大規模的？它真的是超大規模的嗎？或者是這些可能更客製化的哥本哈根諾德基金會引擎即將上線？這些構建是什麼樣子的，它們與您過去所做的有什麼不同？這如何告訴你你的發展是如何演變的？

Sure. Thanks, David. So let me just give you the tops of the ways then I'm going to turn it to Chris on how we're tapping our infrastructure capabilities to really excel in this category.

當然。謝謝，大衛。因此，讓我向您介紹最重要的方法，然後我將向 Chris 介紹我們如何利用我們的基礎設施能力在這一類別中真正脫穎而出。

Obviously, the data points are smaller in the more enterprise-oriented wins, but they are there. We, I would say, call it, less than 0.5 megawatt supported through a partner, a global manufacturing company, on its AI journey in Europe. You noted the slightly larger than that, but still not -- certainly not hyperscale. The great win we had with Novo Nordisk supporting them in their NVIDIA-backed chips with a real landmark win with a supercomputer in their market.

顯然，在更多面向企業的勝利中，數據點較小，但它們確實存在。我想說，在歐洲的人工智慧之旅中，我們透過合作夥伴（一家全球製造公司）為其提供了不到 0.5 兆瓦的支援。您注意到比這稍大一些，但仍然不是——當然不是超大規模。我們與諾和諾德 (Novo Nordisk) 取得了巨大的勝利，為他們提供 NVIDIA 支持的晶片支持，並在其市場上推出了超級計算機，取得了真正具有里程碑意義的勝利。

And then for some time, we've seen the emergence of the hyperscalers with larger capacity block needs. And the largest of our wins in the quarter, I would characterize as an AI win as well. And all in all, it's probably close to 50% of this quarter's signs, which is up relative to prior quarters. And I think there's a lot about what our platform offers that really allows us to capture this demand, maybe even earlier in the an evolution of AI than some others, but Chris can speak to that as well.

一段時間以來，我們看到了具有更大容量塊需求的超大規模的出現。我認為本季最大的勝利也是人工智慧的勝利。總而言之，這可能接近本季跡象的 50%，相對於前幾季有所上升。我認為我們的平台提供的許多功能確實使我們能夠抓住這種需求，甚至可能比其他一些人更早處於人工智慧的發展階段，但克里斯也可以談到這一點。

Yes. No, I appreciate it, David. This is Chris Sharp. And so a couple of comments. I think you're thinking about it correctly in that there's 2 lenses, right? There's kind of that hyperscale lens that has AI built within it. And then there's this other pocket that we kind of look at that's definitely emerging with private AI. And so these are these larger deployments that we're seeing come out from multiple types of enterprises.

是的。不，我很感激，大衛。這是克里斯夏普。等等一些評論。我認為您的想法是正確的，因為有 2 個鏡頭，對吧？有一種內建人工智慧的超大規模鏡頭。然後我們看到的另一個領域肯定是隨著私人人工智慧的出現而出現的。我們看到這些是來自多種類型企業的更大規模的部署。

And I think it's important to understand from a design perspective, it kind of starts with a little bit broader in how we master plan our campuses. And so I think the work that we've been doing around building out substations and doing a long-term plan within the market has allowed us to then bring a very large capacity block design to market, which is very modular. And I think in that modularity, it's something that we continue to ideate with our customers to be able to support the varying power densities.

我認為從設計的角度理解很重要，它從我們如何總體規劃校園的更廣泛的角度開始。因此，我認為我們圍繞著建造變電站和在市場內製定長期計劃所做的工作使我們能夠將非常大容量的模組設計推向市場，這是非常模組化的。我認為在模組化方面，我們繼續與客戶共同構想，以便能夠支援不同的功率密度。

And I think we talked last call about HD colo and being able to do what we're very proud about wit 70 kilowatts, but then you'll see us start to evolve over the next quarter here, the ability to even support 150 kilowatts. And so being able to support these densities, which is representative of the AI workload is absolutely paramount to our modular designs and be able to do that very efficiently.

我想我們在上次電話會議中談到了 HD colo 以及能夠做我們非常自豪的 70 千瓦的事情，但是接下來您會看到我們在下個季度開始發展，甚至能夠支持 150 千瓦。因此，能夠支援這些代表人工智慧工作負載的密度對於我們的模組化設計絕對是至關重要的，並且能夠非常有效地做到這一點。

And then I think the last piece is the heritage. The heritage of the team on a global basis, being able to really meet and ideate with these customer bases is what's really building a distinct differentiator for us to not only capture that hyperscale AI, which we see growing and burgeoning, which you see in the prepared remarks with Oracle and some of those customers.

然後我認為最後一塊是遺產。該團隊在全球範圍內的傳統，能夠真正與這些客戶群會面並進行構思，真正為我們建立了獨特的差異化因素，不僅可以捕捉超大規模人工智慧，我們看到超大規模人工智慧正在不斷增長和蓬勃發展，你可以在準備了與 Oracle 和其中一些客戶的演講。

But then I think directly to your point, David, these smaller, if you will, from a hyperscale perspective, private AI around Novo Nordisk Foundation and just we really are at the cusp of a lot of this AI demand coming into the PlatformDIGITAL globally.

但我直接想到你的觀點，大衛，如果你願意的話，從超大規模的角度來看，諾和諾德基金會周圍的私人人工智慧，而我們確實正處於全球數位平台的大量人工智慧需求的風口浪尖。

And our next question today comes from Irvin Liu with Evercore ISI.

今天我們的下一個問題來自 Evercore ISI 的 Irvin Liu。

Maybe to piggyback on the prior question related to retail and enterprise. Do you see potential for AI tailwinds to perhaps drive meaningful acceleration to your 0 to 1 megawatt segment, similar to what you saw in the greater than 1 megawatt segment this quarter just as AI workloads begin to evolve towards private AI and inferencing?

也許是藉用之前與零售和企業相關的問題。您是否認為人工智慧的順風車可能會推動0 到1 兆瓦細分市場的有意義的加速，類似於您本季在超過1 兆瓦細分市場中看到的情況，就像人工智慧工作負載開始向私有人工智慧和推理發展一樣？

Sure, Irvin. So I mean, the here and now I think AI is having a numerous positive implications for the sector. And I'll have Chris speak into what's next because I don't think we're really at what's next, be it inference, private data sets, enterprise consumption. But the here and now you have a backdrop of big existing customers with desires to have immediate [see] around the capacity.

當然，歐文。所以我的意思是，此時此地，我認為人工智慧正在對該行業產生許多積極影響。我會讓克里斯談談接下來會發生什麼，因為我認為我們還沒有真正關注接下來會發生什麼，無論是推理、私人資料集還是企業消費。但此時此地，您面臨現有大客戶的背景，他們希望立即[查看]產能。

There's still -- we're winning that in our core markets where we see robust and diverse demand. We are not falling. We're chasing this demand into unproven locations. We're intersecting it, we're supporting availability zones or on ramps, where there's network density and not in unproven markets.

我們仍然在核心市場贏得了這一點，我們看到了強勁且多樣化的需求。我們沒有跌倒。我們正在將這種需求追逐到未經證實的地點。我們正在交叉它，我們正在支援可用性區域或坡道，那裡有網路密度，而不是在未經驗證的市場。

You're also seeing new players pop up that obviously are not front of queue for those larger capacity blocks who are going to try to get their hands on what we have and are often able to fit in some of the more challenging places in our portfolio to sell, but they're going to take it because they have urgency around their business models and bringing their AI models on. That's the right now, the last quarter, the next quarter, but there's more to come here in this AI story. And I'll let Chris expand upon it in terms of the next chapter.

你還會看到新玩家的出現，他們顯然不在那些容量更大的區塊的隊列前面，他們會嘗試獲得我們所擁有的東西，並且通常能夠適應我們產品組合中一些更具挑戰性的地方出售，但他們會接受，因為他們對自己的商業模式和引入人工智慧模型有緊迫感。這是現在、上個季度、下個季度，但這個人工智慧故事還有更多內容。我將讓克里斯在下一章中對其進行擴展。

Yes. Thanks, Irvin. Absolutely. And I think one of the things that we really have thought about for some time now is the data is at the core of a lot of these AI kind of capabilities coming to market. So being to able place that algorithm right next to the data in that market, I think is everything that we've been looking at and doing that algorithm in proximity to the data is absolutely paramount for a lot of these kind of 0 to 1 megawatt offerings.

是的。謝謝，歐文。絕對地。我認為我們已經考慮了一段時間的一件事是，數據是許多即將推出的人工智慧功能的核心。因此，能夠將該演算法放置在該市場的數據旁邊，我認為這就是我們一直在研究的一切，並且在數據附近執行該演算法對於許多此類0 到1 兆瓦的電力來說絕對是至關重要的供品。

And so what we've been thinking about with HD colo and why I talk about on a rack by rack basis, is allowing our customers to leverage a lot of their existing kind of inventory and architecture to bring AI in proximity to that capability. And I think that's where, even recently, we talked about private AI exchange, that's really focused on removing that technical barrier. So customers can get the right state-of-the-art infrastructure, be it NVIDIA, be it AMD and being able to support those power densities in an existing environment. So we do see the future of that coming to market in that fashion.

因此，我們一直在考慮 HD 託管，以及為什麼我逐個機架地談論，是允許我們的客戶利用大量現有的庫存和架構來使 AI 接近該功能。我認為這就是我們最近談論私人人工智慧交換的地方，它真正專注於消除技術障礙。因此，客戶可以獲得合適的最先進的基礎設施，無論是 NVIDIA 還是 AMD，並且能夠在現有環境中支援這些功率密度。所以我們確實看到了這種方式進入市場的未來。

I will tell you that -- you brought up inference. Inference is being done within training today just because of time to market, but we do see inference picking up and being a longer-term demand cycle over the years, which I think PlatformDIGITAL is well positioned to continue to support.

我會告訴你──你提出了推論。今天，推理是在培訓中完成的，只是因為上市時間的原因，但我們確實看到推理正在回升，並且多年來成為一個長期的需求週期，我認為 PlatformDIGITAL 處於有利地位，可以繼續支持這一點。

Our next question today comes from Richard Choe with JPMorgan.

今天我們的下一個問題來自摩根大通的 Richard Choe。

You noted a pull forward of leases in Northern Virginia. Do you have other -- are you having other conversations? And should we expect to see more of those?

您注意到北維吉尼亞州的租約有所提前。你們還有其他的談話嗎？我們是否應該期待看到更多這樣的情況？

Thanks, Richard. Maybe I'll hand it to Colin here in a second to talk about the broader backdrop for both the enterprise and also the hyperscale AI side. But I wouldn't call our Northern Virginia activity as a pull forward. As you could see, they're signed to commence time, materially step down, there is urgency around the capacity blocks. We still have significant runway of precious capacity in the Northern Virginia market between now and 2026 that our numerous customers have desires for and we're in various stages of negotiation.

謝謝，理查。也許我稍後會交給 Colin 來談談企業和超大規模人工智慧的更廣泛背景。但我不會將我們在北維吉尼亞州的活動稱為向前推進。正如你所看到的，他們已經簽署了開始時間，實質上辭職，產能封鎖存在緊迫性。從現在到 2026 年，我們在北維吉尼亞市場仍然擁有大量寶貴的產能，這是我們眾多客戶所渴望的，而且我們正處於不同的談判階段。

And it's not just in Northern Virginia story. We have the similar types of opportunities in other parts of the North America portfolio, be it Santa Clara, Dallas, New Jersey. And we'll also have the equivalent in the major flat markets in Europe, and in parts of Asia Pacific. So -- and I think this trend is going to continue for some time. Now again, you can't predict some of these large capacity blocks executing on consecutive quarters necessarily but I believe it's going to continue. But Colin, why don't you speak a little bit about the pipeline we see on both sides?

這不僅僅是北維吉尼亞州的故事。我們在北美投資組合的其他地區也有類似的機會，無論是聖克拉拉、達拉斯或新澤西州。我們也將在歐洲的主要平板市場和亞太地區的部分地區擁有同等的產品。所以——我認為這種趨勢將持續一段時間。現在，你無法預測其中一些大容量區塊一定會連續幾個季度執行，但我相信它會繼續下去。但是科林，你為什麼不談談我們在雙方看到的管道呢？

Thanks, Andy. Appreciate the question. Yes, I mean, overall, I would say our pipeline kind of reflects some of the same characteristics or bookings this quarter. So pretty AI heavy, as Andy highlighted, of 50% of our bookings this quarter were AI. I would say our pipeline is representative of that. But honestly, it's a pretty diverse characterization overall between enterprise, namely hybrid, IT, cloud compute and then AI. So I think it's a pretty robust platform across the globe, and you saw that in some of our bookings, in particular, London really jumped up this quarter.

謝謝，安迪。感謝這個問題。是的，我的意思是，總的來說，我想說我們的管道反映了本季的一些相同的特徵或預訂。正如 Andy 所強調的那樣，人工智慧非常重要，本季我們的預訂中有 50% 是人工智慧。我想說我們的管道就是這一點的代表。但老實說，企業之間的整體特徵相當不同，即混合、IT、雲端運算和人工智慧。因此，我認為這是一個在全球範圍內非常強大的平台，您可以在我們的一些預訂中看到，特別是倫敦，本季的預訂量確實有所上升。

If you look at the sub-1-megawatt, and really what's going on in the digital transformation story, the explosion of data and really the IT spend, you're seeing a pretty pervasive enterprise activation going on where that is really taking place really across the globe in a big way. That's, in our view, enabled by channel, which this quarter, we had about 22% of our business go through channel, which was, I think, substantive. And those channel partners are really helping us tap into new logos, which you might have seen was 128 this quarter, which I think was fourth highest on record. So I think that's substantial.

如果你看看 1 兆瓦以下的電力，以及數位轉型故事中正在發生的事情、數據爆炸以及 IT 支出，你會看到一種相當普遍的企業激活正在真正發生的地方大規模地跨越全球。在我們看來，這是透過管道實現的，本季度，我們大約 22% 的業務透過管道進行，我認為這是實質性的。這些通路合作夥伴確實在幫助我們利用新徽標，您可能已經看到本季有 128 個新徽標，我認為這是有史以​​來的第四高。所以我認為這很重要。

So overall, I'm pretty pleased with the balance we're seeing across the portfolio and the pipeline and hope to see that continue in the future.

總的來說，我對我們在產品組合和通路中看到的平衡感到非常滿意，並希望看到這種情況在未來繼續下去。

And our next question comes from Michael Rollins with Citi.

我們的下一個問題來自花旗銀行的麥可‧羅林斯。

Just curious if you take a step back, where does the overall mark-to-market it for the portfolio and the anticipated duration over which you could achieve that if pricing were to stay at current levels?

只是好奇如果您退後一步，投資組合的整體按市價計算在哪裡，以及如果定價保持在當前水平，您可以實現這一目標的預期持續時間？

I think you asked the overall mark-to-market on the portfolio, Mike?

我想你問的是投資組合的整體市價，麥克？

Yes.

是的。

So as I think you can get the -- obviously, you look at the in-place rates even pro forma for our recent positive cash mark-to-market on our schedule. I think that question provide more focus on the greater than megawatt category, which we've seen the greatest resurgence or uptick that it does tick down, call it lower for the next few years, call it down to the 130s and then it even hits 100 upon exploration as the low watermark in a few years' time.

因此，我認為您可以獲得 - 顯然，您可以查看就地匯率，甚至是我們最近按市值計價的正現金匯率的形式。我認為這個問題更關注大於兆瓦的類別，我們已經看到了最大的復甦或上升，它確實下降了，在接下來的幾年裡將其稱為較低，將其稱為130 年代，然後甚至達到了頂峰探索後的 100 是幾年後的低水位線。

And I just commented on the Northern Virginia rates, if they call it, 155 to 180. Not all markets are at Northern Virginia. There are some markets that are ahead of Northern Virginia. But it does feel like big deals are gravitating towards that mid-100s type area pretty quickly and universally and it does not seem like that trend is taking any cessation or pause.

我剛剛評論了北弗吉尼亞州的利率（如果他們稱之為 155 至 180）。有些市場領先於北維吉尼亞州。但確實感覺大筆交易正迅速而普遍地被吸引到 100 年代中期的區域，而且這種趨勢似乎並沒有停止或暫停。

And our next question today comes from Frank Louthan with Raymond James.

今天我們的下一個問題來自弗蘭克·勞森和雷蒙德·詹姆斯。

Great. And kind of to that point, when you're looking at new investment and expansion, how much are you focused on retail colo expansion versus wholesale? And what's kind of pushing you in one direction or the other?

偉大的。就這一點而言，當您考慮新的投資和擴張時，與批發相比，您對零售託管擴張的關注程度如何？是什麼推動你朝一個方向或另一個方向？

Frank, it's Greg right here. Look, I think consistent with past practice, we continue to play across the product spectrum, and it's going to vary by market, right? I mean, as we've mentioned, we're using our third-party capital model to continue to support our hyperscale customers and grow that element of the business. As you know, demand for that business is projected to increase 2.7x between now and 2030.

法蘭克，格雷格就在這裡。看，我認為與過去的做法一致，我們繼續在整個產品範圍內發揮作用，並且會因市場而異，對嗎？我的意思是，正如我們所提到的，我們正在使用第三方資本模型來繼續支持我們的超大規模客戶並發展該業務要素。如您所知，從現在到 2030 年，對該業務的需求預計將增長 2.7 倍。

And then when you look over at the colocation in the enterprise segment of the product spectrum, that's still supposed to grow. It's still a very large market. People forget about how large that market is, and the solid growth in that market, too, is still like 2.3x. So I mean, we're not sitting here today saying, hey, it's a zero-sum game. We're only going to do enterprise/colo versus hyperscale. It's going to vary by market and what our customer needs are. But we're actually pretty bullish and optimistic on both right now in terms of underlying fundamentals and potential for rent growth.

然後，當您查看產品系列的企業部分中的主機託管時，您會發現這一數字仍然應該增長。這仍然是一個非常大的市場。人們忘記了這個市場有多大，而這個市場的穩健成長仍然是 2.3 倍左右。所以我的意思是，我們今天不會坐在這裡說，嘿，這是一場零和遊戲。我們只會做企業/託管而不是超大規模。它會根據市場和客戶需求而有所不同。但實際上，我們目前對基本面和租金成長潛力都非常樂觀。

And our next question comes from Simon Flannery of Morgan Stanley.

我們的下一個問題來自摩根士丹利的西蒙·弗蘭納裡。

Great. Great to see the leasing in Loudoun County. It looks like the Americas was about 80% of your leasing. Could you just talk a little bit about Europe and Asia Pac? It seems like AI is sort of starting off in the U.S. You talked about Copenhagen as well. But just help us think about broadening this out beyond the kind of key U.S. markets. And then, Matt, on the leverage. Could you just update us on getting -- once you get to the 5.8, what's the plan from there?

偉大的。很高興看到勞登縣的租賃。看來美洲佔了你們租賃量的 80% 左右。能簡單談談歐洲和亞太地區嗎？人工智慧似乎在美國剛起步。但請幫助我們考慮將其擴展到美國主要市場之外。然後，馬特，關於槓桿。您能否向我們介紹一下最新情況——一旦您進入 5.8，接下來的計劃是什麼？

Thanks, Simon. So I'll do the quick non-U.S. world tour. You're correct, Americas had put up some record results in contribution, and that was not just in the greater than megawatt category. It was also a major contributor in our less than megawatt category, which is great to see.

謝謝，西蒙。所以我會進行快速的美國以外的世界巡迴演唱會。你是對的，美洲在貢獻方面取得了一些創紀錄的成績，而且這不僅僅是在兆瓦級以上的領域。它也是我們小於兆瓦類別的主要貢獻者，這是很高興看到的。

Outside the U.S., starting in EMEA on the 0 to 1 megawatt category, Frankfurt, Amsterdam and London shined. And on the greater than 1 megawatt category, which Colin, I think touched on, London turned out to be a big contributor this quarter, which has not been for a while, which is also great to see. We saw a fair bit of importing business into Europe from outside of Europe, on both sides and firm pricing.

在美國以外，從歐洲、中東和非洲 (EMEA) 0 到 1 兆瓦類別開始，法蘭克福、阿姆斯特丹和倫敦表現出色。我認為科林提到過，在超過 1 兆瓦的類別中，倫敦在本季度做出了巨大的貢獻，雖然已經有一段時間沒有出現了，但這也很令人高興。我們看到大量從歐洲以外地區進口到歐洲的業務，無論是雙方或定價都堅挺。

In APAC, while this particular quarter, we did not have a significant contribution from the greater than megawatt category, we did have strong results both in pricing and volume on the 0 to 1 megawatt category with Singapore, Hong Kong and Seoul leading the way. And I would just say that the greater than megawatt category is just the fact that there's just fewer markets in APAC that we're landing big deals into so it's not as consistent of every single quarter being a major contributor. But all in all, I agree with your sentiment that AI is certainly landed on the U.S. shores sooner than the rest of the globe, and I think it has a great propensity to likely globalize as did cloud.

在亞太地區，雖然這個特定季度，我們沒有從兆瓦級以上的類別中做出重大貢獻，但我們在0 到1 兆瓦類別的定價和銷量方面確實取得了強勁的成果，其中新加坡、香港和首爾處於領先地位。我只想說，大於兆瓦類別的事實是，我們在亞太地區進行大額交易的市場較少，因此每季都不是主要貢獻者。但總而言之，我同意你的觀點，即人工智慧肯定比全球其他地區更早登陸美國，我認為它很可能像雲端一樣全球化。

Yes. Makes sense. So on the leverage front, I mean, just to take a little step back. I mean, hopefully, as you've seen, we've made some considerable progress. You go back a year ago, we were at a little over 7x. We're now at a reported 6.1x, so a full turn of leverage that we've taken out in the last year, thanks to all the work and execution that the broader team has done.

是的。說得通。因此，在槓桿方面，我的意思是，退一步。我的意思是，希望正如您所看到的，我們已經取得了一些相當大的進展。回顧一年前，我們的成長率略高於 7 倍。據報道，我們現在的收益率為 6.1 倍，這是我們去年的槓桿率的全面轉變，這要歸功於更廣泛的團隊所做的所有工作和執行。

We continue that. As Greg is seeing, even subsequent to the quarter, we brought in another $500 million of proceeds from some additional JV activities as well as transaction within our Digital Core REIT showing the diversity of capital sources we have. We're going to continue to see as a result of the strong operating fundamentals, continue to increase our overall EBITDA and we're now sitting at approximately $3 billion of liquidity.

我們繼續這樣做。正如格雷格所見，即使在本季之後，我們也從一些額外的合資活動以及我們的數位核心房地產投資信託內部的交易中獲得了另外5 億美元的收益，這表明我們擁有的資本來源的多樣化性。由於強勁的營運基本面，我們將繼續看到整體 EBITDA 繼續增加，目前我們的流動性約為 30 億美元。

So we're well on our way, and we feel confident about being able to achieve our goal of getting down to 5.5x leverage this year. And I think we've done a lion's share of the work. So we'll continue to execute and feel pretty good about it.

因此，我們進展順利，我們對今年能夠實現槓桿率降至 5.5 倍的目標充滿信心。我認為我們已經完成了大部分工作。所以我們會繼續執行並且感覺非常好。

And our next question today comes from Aryeh Klein with BMO Capital Markets.

今天我們的下一個問題來自 BMO 資本市場的 Aryeh Klein。

I guess one of your larger customers is at risk of a potential ban in the U.S. Can you maybe talk a little bit about how you perceive the risks around that? And maybe the potential mark-to-market opportunity if it came to that.

我猜你的一個大客戶在美國面臨潛在禁令的風險。如果涉及到這一點，也許還有潛在的以市價計價的機會。

Thanks, Aryeh. So on all scenarios, we don't want to speak to confidential customer information whatsoever. Obviously, anyone who's picked up a newspaper can refer to the scenario you're talking about. 2 comments: first one, which is just from the cheap seats, I would -- my personal opinion is not to jump up to any draconian conclusions on outcomes just yet. There's a lot of innings left in that game and a lot of outcomes that could happen. So I won't jump to a doomsday scenario for Digital, depending on what plays out in ensuing months.

謝謝，阿耶。因此，在所有情況下，我們都不想談論任何機密的客戶資訊。顯然，任何拿起報紙的人都可以參考您正在談論的場景。 2 則評論：第一個評論只是來自便宜的座位，我個人的觀點是，目前還不要對結果做出任何嚴厲的結論。這場比賽還剩很多局，可能會發生很多結果。因此，我不會跳到數位世界的末日場景，這取決於接下來幾個月的情況。

And even under that scenario, I would group them among all of our hyperscale customers that have maximized the pricing curve when markets were less softer and have contracts that are, like all our hyperscale customers, some of the best contracts on the books in terms of markup opportunities, certainly, on the south of 100 side rather than the north of 100 side, by and large. So if the doomsday draconian scenario was to play out, which I'm discounting, we would have some churn to refill, but probably couldn't come at a better time with a better mark-to-market opportunity for the company.

即使在這種情況下，我也會將它們歸入我們所有的超大規模客戶中，這些客戶在市場不太疲軟時已經最大化了定價曲線，並且與我們所有的超大規模客戶一樣，他們的合同是帳面上最好的合約總的來說，加價機會當然是在 100 邊的南邊，而不是 100 邊的北邊。因此，如果世界末日的嚴酷場景真的發生（我不這麼認為），我們將會有一些流失需要補充，但可能沒有比這更好的時間了，為公司提供了更好的按市值計價的機會。

And our next question comes from Matt Niknam with Deutsche Bank.

我們的下一個問題來自德意志銀行的馬特·尼克南。

Just bigger picture question. With pricing seeing the type of growth it's seeing, supply chain constraints that I think largely plagued the industry a couple of years back are now largely resolved. Can you help us frame what you're seeing in terms of new hyperscale builds that are in-sourced relative to outsourced to partners like yourself?

只是更大的問題。隨著定價的成長，我認為幾年前困擾該行業的供應鏈限制現在已基本解決。您能否幫助我們建立您所看到的新型超大規模構建的框架，這些構建是內包的還是外包給像您這樣的合作夥伴？

And I guess, more importantly, how Digital can enhance the utility it offers its larger customers in what's looking like a firmer pricing backdrop that's likely to persist for some time.

我想，更重要的是，在看起來可能會持續一段時間的更堅挺的定價背景下，數位公司如何增強其為更大客戶提供的效用。

Matt, so I would not characterize the world of supply constraints or just hindrances to supply as being in the rearview mirror in general. And maybe we're not talking about the proverbial waiting for your refrigerators COVID supply chain equivalent. But the friction to supply, whether it is power transmission, power generation, supply chains on data center components or just positions in queue for production or components for substations, broader sustainability concerns, nimbyism in general, that friction is existing, and it's happening in a backdrop where I think we can add more and more value to our customers than probably ever before.

馬特，所以我不會將供應限製或供應障礙描述為總體上的後視鏡。也許我們談論的不是眾所周知的等待冰箱的新冠供應鏈。但供應方面的摩擦，無論是輸電、發電、資料中心組件的供應鏈，還是只是排隊生產或變電站組件、更廣泛的可持續發展問題、普遍的鄰避主義，這種摩擦確實存在，而且發生在我認為我們可以為客戶增加比以往更多的價值。

And even despite historical preferences or to often do it yourself, I think by and large, the customer base is seeing having the benefit of global outsourced trusted partner with 20 years of experience operationally, delivery-wise, and really turn in to Digital in their times of need and really at a time or it could be continuing of urgency around those capacity blocks. And that's certainly been highlighted in the Northern Virginia market, but I think that's a broader Americas phenomenon and a growing global phenomena.

儘管有歷史偏好或經常自己動手，但我認為總體而言，客戶群正在看到全球外包值得信賴的合作夥伴的優勢，這些合作夥伴在運營和交付方面擁有20 年的經驗，並且真正在他們的業務中轉向數位化。這當然在北維吉尼亞市場得到了強調，但我認為這是一個更廣泛的美洲現象和日益增長的全球現象。

And our next question today comes from Michael Elias with TD Cowen.

今天我們的下一個問題來自 TD Cowen 的 Michael Elias。

Congrats, guys, on a record leasing quarter. Just a quick one for me. I know it's been a while since you guys have done an acquisition. Maybe for Andy or Greg, curious how you're thinking about the potential for M&A, particularly given where your stock is trading right now?

恭喜夥計們，租賃季度創紀錄。對我來說只是一個快速的。我知道你們已經有一段時間沒有進行收購了。也許對於安迪或格雷格來說，好奇您如何看待併購的潛力，特別是考慮到您的股票目前的交易？

Going to Greg on that one, Michael. Thank you for the compliment.

邁克爾，去格雷格那裡。謝謝你的誇獎。

Yes. Thanks, Michael. Look, I think right now, our appetite for acquisitions, unless they're smaller tuck-in strategic acquisitions. Michael, I think we've discussed this before. It's not that great right now.

是的。謝謝，麥可。看看，我認為現在我們對收購的興趣，除非它們是規模較小的策略性收購。邁克爾，我想我們之前已經討論過這個問題了。現在情況不太好。

When we look across most markets, we think we already have the footprint and the product and the team to continue to drive our business and succeed. And as you know, most of our legacy M&A activity was either gaining access to markets, to product or to teams in select markets where we didn't have a real presence. We don't have nearly as much of that today, particularly when you look across the Americas and EMEA.

當我們縱觀大多數市場時，我們認為我們已經擁有了足夠的足跡、產品和團隊來繼續推動我們的業務並取得成功。如您所知，我們的大部分傳統併購活動要么是為了進入市場、產品，要么是為了進入我們並未真正涉足的特定市場中的團隊。如今，我們還沒有那麼多這樣的東西，特別是當你放眼整個美洲和歐洲、中東和非洲時。

Over time, would we continue to look in markets through APAC to potentially grow, yes, but there's not a lot of those platforms, if you will, for example, there's not the logical interaction sitting in APAC for us to try to do a strategic transaction. So while you never say never, I think we look at things today. And Matt and Andy and the team laid out where we are in our development yields and the like. And you look at this on a risk-adjusted basis. And we still prefer right now, at least given current conditions, to buy land and build organically. And we think that's a better risk-adjusted return than what multiples would imply in the M&A market. So I don't think you're going to see a lot. But again, you never say never.

隨著時間的推移，我們是否會繼續透過亞太地區尋找潛在成長的市場，是的，但是這樣的平台並不多，如果你願意的話，例如，亞太地區沒有邏輯互動可供我們嘗試進行策略性的合作。因此，雖然你永遠不會說永遠，但我認為我們今天要看看事情。馬特和安迪以及團隊列出了我們在開發產量等方面的情況。你會在風險調整的基礎上看待這個問題。至少在目前的條件下，我們現在仍然更傾向於購買土地並進行有機建設。我們認為，這比併購市場中的本益比意味著更好的風險調整回報。所以我認為你不會看到很多。但話又說回來，你永遠不會說永遠。

And our next question comes from Nick Del Deo with MoffettNathanson.

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

Andy, earlier you said that you're not going to chase demand into unproven markets, which you're seeing a fair bit of demand today. I guess what sort of thresholds would those markets have to cross before they might become interesting in your eyes, especially if power constraints in key markets remain exceedingly tight or even get worse? Or are they like so far down the list of priorities that we really shouldn't be thinking about them?

安迪，早些時候您說過您不會將需求追逐到未經證實的市場，但今天您看到了相當多的需求。我猜想這些市場必須跨越什麼樣的門檻才能引起您的關注，特別是如果關鍵市場的權力限制仍然非常嚴格甚至變得更糟的話？或者說，它們是否在優先事項清單中太靠後了，我們真的不應該考慮它們？

Thanks, Nick. So I think if you look at our strategy, we're focused on supporting workloads, be it enterprise, digital transformation or hybrid or hyperscale cloud or AI in markets with robust and diverse demand and supporting applications with latency and locational sensitivity.

謝謝，尼克。因此，我認為如果你看看我們的策略，我們會專注於支援工作負載，無論是企業、數位轉型還是混合或超大規模雲端或人工智慧，在需求強勁且多樣化的市場中，並支援具有延遲和位置敏感性的應用程式。

The cloud has been around for a long time and did not put [AZs] as in every single NFL city in America or it's equivalents around the globe. They picked locations where GDP, population, infrastructure and data are essentially there, which I think lends itself to greater longevity and sustainable growth in our asset class and our strategy and our business.

雲端已經存在很長時間了，並且沒有像美國的每個 NFL 城市或全球類似城市那樣將 [AZ] 放在其中。他們選擇了國內生產毛額、人口、基礎設施和數據基本上存在的地點，我認為這有助於我們的資產類別、我們的策略和業務的更長久和可持續成長。

Now there's markets that have been added to that list over time. They didn't get -- put chiseled in stone and put away on a shelf years and years ago. But -- so I think new markets for us would have to give us the similar conviction we have, invest in our core markets to want us to go there. So that could happen. That certainly could happen in a rapidly changing world, with power becoming such a precious resource as well as other precious resources. But anything we're thinking about is investing in -- we're not in this [risk trade], we're investing in this for the long term, for long-term sustainable growth.

現在，隨著時間的推移，一些市場已被添加到該清單中。他們並沒有在很多年前就被鑿在石頭上並放在架子上。但是——所以我認為我們的新市場必須給我們同樣的信念，投資我們的核心市場，希望我們進入那裡。所以這可能會發生。在一個快速變化的世界中，這種情況肯定會發生，因為權力和其他寶貴資源一樣成為一種寶貴的資源。但我們考慮的任何事情都是投資——我們不是在進行這種[風險交易]，我們是為了長期、為了長期可持續成長而進行投資。

And we're fortunate, if you can look at our newly tweaked and disclosure on our development cycle, we've got north of 3 gigawatts of growth in land capacity or shell capacity in those core markets. So we've got a lot of runway to harvest that demand before even feeling the urgency to chase into less proven markets.

我們很幸運，如果你能看看我們最新調整和揭露的開發週期，我們在這些核心市場的土地容量或空殼容量增加了超過 3 吉瓦。因此，在迫切需要進入尚未成熟的市場之前，我們有許多管道來滿足這種需求。

And our final question today comes from Erik Rasmussen at Stifel.

今天我們的最後一個問題來自 Stifel 的 Erik Rasmussen。

Obviously, North America is very strong, greater than 1 megawatt. And I think based on your commentary, a lot of that was AI driven. And then also, it seems like it's going to -- AI will sort of follow a similar pattern as we saw with cloud. So would you expect -- I mean I wouldn't expect similar levels of quarterly leasing, but would you expect sort of a similar outperformance throughout the year in North America, especially the greater than 1 megawatt based on sort of the other regions? Just want to get a sense of sort of how the year could be shaping up in terms of the bookings.

顯然，北美非常強大，大於1兆瓦。我認為根據你的評論，其中很多都是由人工智慧驅動的。而且，人工智慧似乎將遵循與我們在雲端中看到的類似的模式。所以你會期望——我的意思是我不會期望類似的季度租賃水平，但你會期望北美全年會有類似的表現，特別是基於其他地區的超過 1 兆瓦嗎？只是想了解今年的預訂狀況。

Thanks, Erik. So just more on the tactical on the quarterly bookings. I mean, we're out of the gates here with a great start on both the less-than-megawatt category, call it north of 50 for several consecutive quarters now. I think 2 in a row, north of 53, great new logos contribution and obviously, an overall record which we discussed. By and large, I wouldn't say usually another record follows the prior record on the one hand. But on the other, we're certainly in a different territory right now in terms of demand. We have the large capacity blocks that are deeply sought after. We have a team focused on executing, and we got 3 more at bats in 2024 to put those results up.

謝謝，埃里克。所以更多的是關於季度預訂的戰術。我的意思是，我們已經在小於兆瓦類別上取得了良好的開端，現在已經連續幾個季度超過 50。我認為連續 2 個，超過 53 個，這是偉大的新徽標貢獻，顯然，這是我們討論的總體記錄。總的來說，一方面，我不會說通常會在前一個記錄之後再建立另一個記錄。但另一方面，就需求而言，我們現在肯定處於不同的領域。我們擁有深受追捧的大容量區塊。我們有一支專注於執行的團隊，並且在 2024 年我們又增加了 3 名擊球手來取得這些成果。

Bigger backdrop. If you look back at cloud globalizing, it's one of those things that the famous quote "It happened slowly and then it happened really fast." I can remember years of the thesis being it's going to globalize forever and ever, and then it really took off. So I'm not -- I wouldn't -- I couldn't pound the table and say 2024 year is the year that AI globalizes like cloud. But signs do point that it should follow a similar trend over time.

更大的背景。如果你回顧一下雲端全球化，你會發現這就是那句名言「它發生得很慢，然後又發生得非常快」的事情之一。我記得多年來，我的論文一直認為它將永遠全球化，然後它就真正起飛了。所以我不會——我不會——我不能拍桌子說 2024 年是人工智慧像雲端一樣全球化的一年。但確實有跡象表明，隨著時間的推移，它應該遵循類似的趨勢。

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. Andy, 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。安迪，請繼續。

Thank you all for dialing in. We really appreciate it. Digital Realty had a strong first quarter with record leasing results that reflected the growing impact of AI on our business. Fundamental strength continued through the first quarter with healthy same-capital organic growth and robust re-leasing spreads.

感謝大家撥通我們的電話。 Digital Realty 第一季表現強勁，租賃業績創歷史新高，反映出人工智慧對我們業務的影響日益增長。第一季基本面持續強勁，同資本有機成長和強勁的再租賃利差。

We've continued to innovate with the expansion of ServiceFabric, new products like our Private AI Exchange, along with modular designs to accommodate increasingly power dense workloads.

我們透過 ServiceFabric 的擴展、Private AI Exchange 等新產品以及模組化設計來不斷創新，以適應日益增長的功率密集型工作負載。

Finally, we've closed a number of transactions already this year bringing in additional private capital and enhancing our ability to deliver new capacity to meet our customers' growing needs. We are excited about this quarter's results and look ahead with continued optimism. The 3 key demand drivers, AI, cloud and enterprise digital transformation are showing no signs of letting up, and we are well positioned with over 300 data centers across the key markets around the world.

最後，我們今年已經完成了多項交易，引入了更多私人資本，並增強了我們提供新產能以滿足客戶不斷增長的需求的能力。我們對本季的業績感到興奮，並以持續樂觀的態度展望未來。人工智慧、雲端和企業數位轉型這三大關鍵需求驅動因素並未顯示出放緩的跡象，我們在全球主要市場擁有 300 多個資料中心，處於有利地位。

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

我要感謝今天加入我們的所有人，並感謝 Digital Realty 敬業且出色的團隊，他們讓數位世界保持運轉。謝謝。

Thank you. This conference has now concluded, and we thank you for joining today's presentation. You may now disconnect your lines, and have a wonderful afternoon.

謝謝。本次會議現已結束，我們感謝您參加今天的演講。您現在可以斷開線路，度過一個美好的下午。