Digital Realty Trust Inc (DLR) 2024 Q2 法說會逐字稿

Good day, and welcome to the Digital Realty second quarter 2024 earnings conference call.

美好的一天，歡迎參加 Digital Realty 2024 年第二季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Mr. Jordan Sadler.

現在我想把會議交給喬丹·薩德勒先生。

Please go ahead.

請繼續。

Thank you operator and welcome everyone to Digital Realty's second quarter 2024 earnings conference call.

感謝營運商，並歡迎大家參加 Digital Realty 的 2024 年第二季財報電話會議。

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.

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)；財務長 Matt Mercier；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.

管理層將做出前瞻性聲明，包括今天電話會議的指導和基本假設。

Forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially.

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有重大差異。

For a further discussion of risks related to our business, see our 10-K and subsequent filings with the SEC.

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 GAAP 財務訊息，淨利潤調節表包含在向 SEC 提供的補充包中，並可在我們的網站上取得。

Before I turn the call over to Andy, let me offer a few key takeaways from our second quarter.

在我把電話轉給安迪之前，讓我先介紹一下第二季的一些關鍵要點。

First, we continue to execute within a very favorable demand environment with $164 million of new leasing executed in the quarter, again marking one of the top quarters in our history, which together with last quarter's record leasing drove a record first half of the year.

首先，我們繼續在非常有利的需求環境中執行任務，本季執行了1.64 億美元的新租賃，再次創下我們歷史上最高的季度之一，加上上個季度創紀錄的租賃量，推動了今年上半年創紀錄的成長。

Second, our operating momentum continued through the second quarter as a record level of commencements translated into meaningful improvement in both total and same capital occupancy, while cash releasing spreads remained firmly positive and continued growth in cross connects drove interconnection revenue to a new record in the quarter.

Second, our operating momentum continued through the second quarter as a record level of commencements translated into meaningful improvement in both total and same capital occupancy, while cash releasing spreads remained firmly positive and continued growth in cross connects drove interconnection revenue to a new record in the四分之一.

And third, through capital recycling and demand-driven equity issuance in the quarter, we reduced our leverage to 5.3 times at quarter end, below our long-term target level, helping to position Digital Realty for the opportunity that we continue to see in front of us.

第三，透過本季的資本回收和需求驅動的股票發行，我們在季度末將槓桿率降低至 5.3 倍，低於我們的長期目標水平，幫助 Digital Realty 抓住我們繼續看到的機會我們。

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.

感謝喬丹，也感謝大家加入我們的電話會議。

The momentum we experienced in the first quarter continued in the second quarter.

我們在第一季經歷的勢頭在第二季度得到延續。

In the first half of 2024, our new leasing was up over 100% from the activity we saw in the first half of 2023, with a strong and steady contribution from our 0-1 megawatt plus interconnection segment.

2024 年上半年，我們的新租賃量比 2023 年上半年成長了 100% 以上，其中 0-1 兆瓦及互連領域做出了強勁而穩定的貢獻。

Demand for data center capacity remains as strong as we've ever seen, especially for larger capacity blocks in our core markets.

對資料中心容量的需求仍然一如既往地強勁，尤其是我們核心市場中較大容量的區塊。

We are well-positioned to take advantage of this favorable demand environment given our track record of execution across six continents, a robust land bank and shell capacity that could support 3 gigawatts plus of incremental development, reduced leverage, and our growing and diverse array of capital partners.

鑑於我們在六大洲的執行記錄、強大的土地儲備和殼容量（可支持3 吉瓦以上的增量開發）、槓桿率的降低以及我們不斷增長和多樣化的產品系列，我們已做好充分利用這一有利需求環境的準備。

During the second quarter, we remain focused on our key priorities.

在第二季度，我們仍然專注於我們的關鍵優先事項。

We signed $164 million of new leasing in the second quarter, which excluded another $16 million of bookings within one of our newest hyperscale private capital ventures.

我們在第二季度簽署了 1.64 億美元的新租賃合同，其中不包括我們最新的超大型私人資本企業之一的另外 1600 萬美元的預訂。

While bookings integrated a megawatt category were once again the primary driver, there was no contribution from our largest hyperscale market, Northern Virginia, as Dallas led the way in the second quarter.

雖然兆瓦級的預訂量再次成為主要驅動力，但我們最大的超大規模市場北維吉尼亞州沒有做出任何貢獻，因為達拉斯在第二季度處於領先地位。

Importantly, we posted one of our strongest quarters ever in the 0 to 1 megawatt plus interconnection segment with record new logos and near-record bookings in each of the 0 to 1 megawatt and interconnection categories.

重要的是，我們在0 到1 兆瓦及互連領域發布了有史以來最強勁的季度之一，在每個0 到1 兆瓦和互連類別中都創下了創紀錄的新徽標和接近記錄的預訂量。

This leasing strength is a positive reflection of the value that our 5,000 and growing base of customers realize from our full spectrum product strategy.

這種租賃優勢積極反映了我們的 5,000 名客戶以及不斷增長的客戶群從我們的全方位產品策略中實現的價值。

We also delivered strong operating results with 13% data center revenue growth year-over-year pro forma for the capital recycling activity completed over the last year.

我們也取得了強勁的營運業績，由於去年完成的資本回收活動，資料中心收入預計將年增 13%。

In addition, we have enjoyed healthy growth in recurring fee income associated with our new hyperscale ventures.

此外，我們與新的超大規模企業相關的經常性費用收入也實現了健康成長。

In the first half, fee income was up 26% over the first half of 2023, primarily reflecting the formation of almost $10 billion of institutional private capital ventures over the last year.

上半年，費用收入較 2023 年上半年成長 26%，主要反映了去年近 100 億美元的機構私人資本風險投資的形成。

And we would expect this line item to continue to gather momentum.

我們預計該訂單項目將繼續累積動力。

With the record commencements in the second quarter and the healthy backlog of favorably priced leases ready to commence in the second half, we are well positioned for accelerating top line and bottom line growth for the remainder of 2024 and into 2025.

隨著第二季創紀錄的開工量以及準備在下半年開始的大量價格優惠的租賃，我們已做好充分準備，在 2024 年剩餘時間和 2025 年加速收入和利潤增長。

Subsequent to quarter end, we also strengthened our value proposition in Europe through our entrance into the sought submarket of London.

季度末後，我們也透過進入備受追捧的倫敦子市場，強化了我們在歐洲的價值主張。

With the acquisition of a densely connected enterprise data center campus, which we expect to be highly complementary to our existing co-location capabilities in the City and the Docklands.

透過收購密集連接的企業資料中心園區，我們預期園區將與我們在城市和港區現有的主機代管能力形成高度互補。

The new campus supports an existing community of more than 150 customers, utilizing over 2,000 cross-connects.

新園區利用 2,000 多個交叉連接，為擁有 150 多個客戶的現有社區提供支援。

Consistent with our key priorities, we continue to innovate and integrate as we unveiled our HD Colo 2.0 offering in the second quarter with advanced high-density deployment support for liquid-to-chip cooling across 170 of our data centers globally.

與我們的關鍵優先事項一致，我們繼續創新和集成，在第二季度推出了 HD Colo 2.0 產品，為全球 170 個數據中心的液體到晶片冷卻提供先進的高密度部署支援。

In addition, just last week, we announced the deployment of a new Microsoft Azure ExpressRoute Cloud On-Ramp at our Dallas campus, along with the launch of the new Azure Express Route Metro Service in the Amsterdam and Zurich market.

此外，就在上週，我們宣佈在達拉斯園區部署新的 Microsoft Azure ExpressRoute 雲端入口，並在阿姆斯特丹和蘇黎世市場推出新的 Azure Express Route 地鐵服務。

We also bolstered our balance sheet and significantly diversified our capital sources, availing Digital Realty of more than $10 billion of private capital over the past year through our new hyperscale ventures and non-core dispositions.

我們也增強了我們的資產負債表，並顯著多元化了我們的資本來源，在過去的一年裡，透過我們新的超大規模企業和非核心資產，Digital Realty 獲得了超過100 億美元的私人資本。

During the quarter, we expanded our existing Chicago Hyperscale venture with the sale of a 75% interest in CH2, the remaining stabilized data center on our Elk Grove campus.

本季度，我們透過出售 CH2 75% 的權益，擴大了現有的芝加哥超大規模企業，CH2 是埃爾克格羅夫園區剩餘的穩定資料中心。

We also sold an additional 24.9% interest in a data center in Frankfurt to Digital Core REIT, increasing their total position in the campus to just under 15%.

我們也向 Digital Core REIT 出售了法蘭克福資料中心 24.9% 的額外權益，將園區內的總持股比例增加到略低於 15%。

These two transactions together raised over $0.5 billion.

這兩筆交易總共籌集了超過 5 億美元。

Finally, we raised approximately $2 billion of equities since our last earnings call, including the $1.7 billion fallout offering in early May and proceeds raised under our ATM.

最後，自上次財報電話會議以來，我們籌集了約 20 億美元的股票，其中包括 5 月初的 17 億美元的後續發行以及透過 ATM 籌集的資金。

These transactions together with the others of the past year have positioned our balance sheet to capitalize on this unique environment and construct the capacity that our customers demand.

這些交易以及去年的其他交易使我們的資產負債表能夠利用這個獨特的環境並建立客戶所需的能力。

Artificial intelligence innovation is reshaping the global data center landscape.

人工智慧創新正在重塑全球資料中心格局。

As new applications are developed and proliferate across industries and around the world, AI is driving the incremental wave of demand for robust computing infrastructure.

隨著新應用程式在各行業和世界各地的開發和擴散，人工智慧正在推動對強大運算基礎設施的需求不斷增長。

According to Gartner, global spending on public cloud services is projected to grow over 20% to reach $675 billion in 2024 and is forecast to grow another 22% in 2025 with AI-related workloads driving a significant portion of this growth.

據 Gartner 稱，全球公有雲服務支出預計將成長 20% 以上，到 2024 年達到 6,750 億美元，預計 2025 年將再成長 22%，其中人工智慧相關工作負載將推動這一成長的很大一部分。

Digital transformation, cloud, and AI are fueling demand for data center capacity worldwide.

數位轉型、雲端和人工智慧正在推動全球資料中心容量的需求。

Traditional data centers were already being pushed to their limits on demand for cloud and digital transformation.

傳統資料中心對雲端和數位轉型的需求已經達到極限。

Whereas demand for AI-oriented data center infrastructure is being accommodated in upgraded suites in our existing facilities and in newly built facilities.

而對面向人工智慧的資料中心基礎設施的需求正在透過我們現有設施和新建設施的升級套件來滿足。

These AI workloads are taking place on specialized hardware with massive parallel processing capabilities and lighting fast data transfer speeds.

這些人工智慧工作負載發生在具有大規模並行處理能力和極快資料傳輸速度的專用硬體上。

Fortunately, Digital Realty's modular data center design can accommodate these evolving requirements.

幸運的是，Digital Realty 的模組化資料中心設計可以滿足這些不斷變化的需求。

The growth in demand is global.

需求的成長是全球性的。

We're seeing strong demand across our North American metros first, but it is spread and beyond with interest in locations like London, Amsterdam, and Paris in EMEA, and Singapore and Tokyo in APAC.

我們首先看到北美大都市的強勁需求，但隨著歐洲、中東和非洲地區的倫敦、阿姆斯特丹和巴黎以及亞太地區的新加坡和東京等地的興趣，這種需求已經蔓延到其他地區。

Our global footprint is well-suited to capture this growing demand, whether it'd be for major cloud service providers adding to an availability zone, a major enterprise digitizing their business processes, or an AI model being trained or be it or put into production.

我們的全球足跡非常適合滿足這種不斷增長的需求，無論是主要雲端服務供應商添加可用區、大型企業將其業務流程數位化，還是正在訓練或投入生產的人工智慧模式。

However, this exponential growth in data center demand is not without its challenges.

然而，資料中心需求的指數成長並非沒有挑戰。

The environmental impact of these energy-intensive facilities is growing alongside the scaling of user requirements.

隨著使用者需求的擴大，這些能源密集設施對環境的影響也越來越大。

According to the IEA, data centers consumed almost 2% of global electricity in 2022, a figure that could double by 2026, absent significant efficiency improvements.

根據 IEA 的數據，到 2022 年，資料中心消耗的電力將佔全球電力的近 2%，如果效率沒有顯著提高，這一數字到 2026 年可能會翻倍。

I will touch on Digital Realty's latest sustainability highlights in a moment.

稍後我將介紹 Digital Realty 的最新永續發展亮點。

As we look to the future, the interplay between AI advancements and data center evolution will continue to shape the global technology landscape.

展望未來，人工智慧進步和資料中心發展之間的相互作用將繼續塑造全球技術格局。

IDC predicts that by 2027, worldwide spending on digital transformation will reach nearly $4 trillion, driven by AI, further accelerating the demand for data center infrastructure.

IDC預測，到2027年，在人工智慧的推動下，全球數位轉型支出將達到近4兆美元，進一步加速對資料中心基礎設施的需求。

We believe that the providers who can officially scale their capacity while addressing sustainability concerns will be best positioned to benefit from these three key drivers, digital transformation, cloud, and AI in the years to come.

我們相信，能夠在解決永續發展問題的同時正式擴大產能的供應商將最有可能在未來幾年從數位轉型、雲端和人工智慧這三個關鍵驅動因素中受益。

Customers and partners are recognizing the value that Digital Realty can bring to their applications around the world.

客戶和合作夥伴正在認識到 Digital Realty 可以為其世界各地的應用程式帶來的價值。

During the second quarter, we added 148 new logos, marking a new quarterly record.

第二季度，我們新增了 148 個新徽標，創下了新的季度記錄。

A growing number of these new logos are being sourced by our partners who have officially expanded our sales team to reach into enterprises and around the world.

我們的合作夥伴正在採購越來越多的新徽標，他們已正式擴大我們的銷售團隊，以覆蓋企業和世界各地。

The wins this quarter include Global 2000 advanced engineering and research enterprise developing a private AI Sandbox on PlatformDIGITAL to enable experimentation and development by federal agencies and brought to us by one of our large connectivity partners, Lumen Technologies.

本季的勝利包括全球 2000 強先進工程和研究企業在 PlatformDIGITAL 上開發私人 AI 沙盒，以支持聯邦機構進行實驗和開發，並由我們的大型連接合作夥伴之一 Lumen Technologies 為我們帶來。

Another partner bought a new logo that is an AI-enabled SaaS provider repatriating all public cloud to save costs and enable growth.

另一個合作夥伴購買了一個新徽標，表示人工智慧支援的 SaaS 供應商將所有公有雲撤回以節省成本並促進成長。

That same partner was also assisting two large financial institutions to increase their capacity on PlatformDIGITAL in APAC and North America.

該合作夥伴也協助兩家大型金融機構提高亞太地區和北美 PlatformDIGITAL 的能力。

And yet another example of our growing partnerships, an AI SaaS provider and recognized leader in natural language speech synthesis is growing their commitment to PlatformDIGITAL with an expansion of current AI workloads where proximity is the driving requirement.

我們不斷發展的合作夥伴關係的另一個例子是，一家AI SaaS 供應商和自然語言語音合成領域公認的領導者正在透過擴展當前的AI 工作負載（其中鄰近性是驅動要求）來增強對PlatformDIGITAL 的承諾。

A Global 2000 manufacturer is rearchitecting their network on PlatformDIGITAL with a regional hub to improve efficiency, lower their network costs, and implement controls while eliminating the capital cost of maintaining their own facilities.

一家全球 2000 強製造商正在 PlatformDIGITAL 上透過區域中心重新建構其網絡，以提高效率、降低網路成本並實施控制，同時消除維護自己設施的資本成本。

And two leading financial services firms are both leveraging PlatformDIGITAL to extend their respective virtual desktop infrastructure environments to improve performance and user experience across their North American and EMEA employee base.

兩家領先的金融服務公司都在利用 PlatformDIGITAL 擴展各自的虛擬桌面基礎設施環境，以提高北美和歐洲、中東和非洲員工群的效能和使用者體驗。

Before turning it over to Matt, I'd like to touch on our ESG progress during the second quarter.

在交給 Matt 之前，我想談談我們第二季的 ESG 進度。

We continue to make meaningful progress on ESG performance.

我們繼續在 ESG 績效方面取得有意義的進展。

We were recognized by TIME and Statista as one of the world's most sustainable companies of 2024.

我們被《時代》雜誌和 Statista 評為 2024 年全球最具永續發展能力的公司之一。

We also released our Annual ESG Report in June, highlighting our ongoing efforts to develop and operate responsibly.

我們也在六月發布了年度 ESG 報告，強調了我們為負責任的開發和營運所做的持續努力。

As described in our ESG report, we further increased our renewable energy supplies with 152 data centers now matched with 100% renewable energy.

正如我們的 ESG 報告中所述，我們進一步增加了再生能源供應，152 個資料中心現已配備 100% 再生能源。

We improved water efficiency and expanded the use of recycled water, which accounted for 43% of our total water consumption last year.

提高用水效率，擴大再生水使用，去年再生水佔總用水量的43%。

We also launched a new supplier engagement program to drive sustainability and decarbonization through our supply chain.

我們還啟動了一項新的供應商參與計劃，以透過我們的供應鏈推動永續發展和脫碳。

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.

謝謝你，安迪。

Let me jump right into our second-quarter results.

讓我直接進入我們的第二季業績。

We signed $164 million of new leases in the second quarter with two-thirds of that falling into the greater than megawatt category, the majority of which landed in the Americas, with healthy contributions from both EMEA and APAC.

第二季度，我們簽署了 1.64 億美元的新租賃合同，其中三分之二屬於兆瓦級以上類別，其中大部分位於美洲，歐洲、中東和非洲和亞太地區都做出了可觀的貢獻。

Not to be overlooked, however, was the $40 million of 0 to 1 megawatt leasing and a standout $14 million of interconnection bookings.

然而，不容忽視的是 4000 萬美元的 0 至 1 兆瓦租賃和 1400 萬美元的互連預訂。

Our fourth consecutive quarter exceeding $50 million in our 0 to 1 megawatt plus interconnection segment.

我們的 0 至 1 兆瓦及互連領域連續第四個季度超過 5,000 萬美元。

Turning to our backlog, we commenced a record $176 million of new leases this quarter, which was largely balanced by the strong second-quarter leasing.

談到我們的積壓訂單，我們本季啟動了創紀錄的 1.76 億美元新租賃，這在很大程度上被第二季強勁的租賃所平衡。

As such, the $527 million backlog of signed and not yet commenced leases moderated by only 2% from last quarter's peak and remains robust at more than 9% of our total revenue guidance for the full year 2024.

因此，已簽署但尚未開始的 5.27 億美元的積壓租賃僅比上季高峰減少了 2%，並且仍然強勁，占我們 2024 年全年總收入指引的 9% 以上。

Looking ahead, we have over $175 million scheduled to commence through the remainder of this year with over $230 million already scheduled to commence next year.

展望未來，我們計劃在今年剩餘時間內啟動超過 1.75 億美元，其中已計劃在明年啟動超過 2.3 億美元。

During the second quarter, we signed $215 million of renewal leases at a 4% increase on a cash basis, driving year-to-date renewal spreads to 8.2%.

第二季度，我們簽署了 2.15 億美元的續租合同，現金基礎上成長了 4%，將年初至今的續租價差推至 8.2%。

Re-leasing spreads were once again positive across products and regions.

各產品和地區的再租賃價差再次呈現正值。

Last quarter, we noted that the underlying renewal spread after stripping out two outliers was 3.4%.

上季度，我們注意到剔除兩個異常值後的基本續約價差為 3.4%。

Our cash renewal spreads in the 0 to 1 megawatt segment were up 3.8% in the second quarter, while the greater than 1 megawatt segment was up 3.9%.

第二季度，我們在 0 至 1 兆瓦細分市場的現金更新利差成長了 3.8%，而超過 1 兆瓦細分市場則成長了 3.9%。

As a reminder, the 0 to 1 megawatt segment is the primary driver of our overall re-leasing spreads, given the heavier weighting of lease expirations in this category, which are typically shorter-term leases with inflationary or better escalators. 0 to 1 megawatt deals renew reliably and predictably, making them track closer to market over time, thereby reducing the outsized movements that can come with larger or longer-term lease renewals.

需要提醒的是，0 至1 兆瓦細分市場是我們整體再租賃利差的主要驅動力，因為該類別中租賃到期的權重較大，通常是具有通貨膨脹或更好的自動扶梯的短期租賃。 0 到 1 兆瓦的交易可靠且可預測地續簽，使它們隨著時間的推移更接近市場，從而減少更大或更長期的租賃續約可能帶來的大幅變動。

On the greater than 1 megawatt side, renewals reflected the strong pricing environment with leases renewed at $159 per kilowatt compared to the $133 per kilowatt achieved on greater than 1 megawatt renewals last quarter.

在超過 1 兆瓦方面，續租反映了強勁的定價環境，續租價格為每千瓦 159 美元，而上季度超過 1 兆瓦續租的租約約為每千瓦 133 美元。

The key difference between the quarters was the rate on the expiring leases.

各季度之間的主要差異在於到期租約的利率。

This quarter, leases in this segment expired at $153 per kW, while last quarter's leases expired at an average of $112 per kilowatt.

本季度，該細分市場的租賃到期價格為每千瓦 153 美元，而上季度的租賃到期價格平均為每千瓦 112 美元。

For the quarter, churn remained low and well-controlled at 1.6% and our largest termination was immediately backfilled at an improved rate.

本季度，客戶流失率保持在較低水平並得到良好控制，為 1.6%，我們最大的終止立即以更高的速度回填。

In terms of earnings growth, we reported second quarter core FFO of $1.65 per share, reflecting continued healthy organic operating results, partly balanced by the impact of the meaningful deleveraging and capital-raising activity executed over the course of the last year.

在獲利成長方面，我們報告第二季度核心 FFO 為每股 1.65 美元，反映了持續健康的有機經營業績，部分平衡了去年執行的有意義的去槓桿化和融資活動的影響。

Revenue growth in the quarter was tempered by the decline in utility expense reimbursements, a comparison that is likely to persist throughout this year, given the decline in electricity rates in EMEA year-over-year, along with the impact of substantial capital recycling activity.

本季的營收成長受到公用事業費用報銷下降的影響，考慮到歐洲、中東和非洲地區電價年減以及大量資本回收活動的影響，這種比較可能會持續到今年。

Despite the deleveraging headwinds, rental revenue plus interconnection revenues were up 5% on a combined basis year-over-year.

儘管存在去槓桿化的不利因素，但租賃收入加上互連收入合計比去年同期成長了 5%。

Adjusted EBITDA also increased 5% year-over-year through the first half and remains well on track to meet our 2024 guidance.

上半年調整後 EBITDA 也年增 5%，並有望達到我們 2024 年的指導目標。

Pro forma for the capital recycling completed since last July, rental plus interconnection revenue and adjusted EBITDA grew by 13% and 14% year-over-year, respectively, in the second quarter.

從去年 7 月以來完成的資本回收預計來看，第二季租金加互連收入和調整後 EBITDA 分別年增 13% 和 14%。

Stabilized same capital operating performance saw continued growth in the second quarter with year-over-year cash NOI up 2% as 3.6% growth in data center revenue was offset by a catch-up in rental property operating costs, which were flat last quarter.

穩定的資本營運業績在第二季度持續成長，現金 NOI 年增 2%，資料中心收入 3.6% 的成長被租賃物業營運成本的追趕所抵消，而上季持平。

Year-to-date, same capital cash NOI has increased by 3.5%.

年初至今，相同資本現金 NOI 成長了 3.5%。

And as we have previously highlighted, same capital NOI growth is expected to be impacted by nearly 200 basis points of power margin headwinds year-over-year, given the elevated utility prices in EMEA in 2023.

正如我們先前強調的，鑑於 2023 年 EMEA 公用事業價格上漲，預計相同的資本 NOI 成長將受到電力利潤率同比近 200 個基點的不利影響。

Moving on to our investment activity, we spent $532 million on consolidated development in the second quarter, plus another $90 million for our share of unconsolidated JV spending.

繼續我們的投資活動，第二季度我們在合併開發上花費了 5.32 億美元，另外還花費了 9000 萬美元用於我們在未合併合資企業支出中的份額。

We delivered 72 megawatts of new capacity across the globe for our customers in the quarter, while we backfilled the pipeline with 71 megawatts of new starts.

本季度，我們在全球範圍內為客戶交付了 72 兆瓦的新產能，同時我們也用 71 兆瓦的新啟動產能回填了管道。

The blended average yield on our overall development pipeline moderated 20 basis points sequentially to 10.4% as a result of a market mix-shift of completions and starts in North America during the quarter.

由於本季北美竣工和開工市場的混合變化，我們整體開發項目的混合平均收益率環比下降了 20 個基點，至 10.4%。

In the first half of the year, we spent a bit over $1 billion in development CapEx, tracking closely towards our full-year guidance.

今年上半年，我們在開發資本支出上花費了略多於 10 億美元的資金，與我們的全年指引密切相關。

As the second half should see a ramp from newly commenced projects along with the typical seasonal uplift.

下半年，新開工工程將隨著典型的季節性成長而成長。

Turning to the balance sheet, we continued to strengthen our balance sheet in the second quarter with the closing of the two transactions in April that we disclosed during last quarter's earnings report and was referenced earlier by Andy.

談到資產負債表，我們在第二季度繼續加強我們的資產負債表，四月完成了兩筆交易，我們在上季度的收益報告中披露了這一點，安迪早些時候也提到過。

Together, these two transactions raised just over $500 million of gross proceeds.

這兩筆交易總共籌集了超過 5 億美元的總收益。

Additionally, since our last earnings report, we sold 14.7 million shares, including a 12.1 million share follow-on offering in early May and incremental ATM issuance raising $2 billion of net proceeds while using cash-on-hand to pay off a €600 million bond that matured in April and a GBP250 million that matured last Friday.

此外，自上次收益報告以來，我們出售了 1,470 萬股，其中包括 5 月初的 1,210 萬股後續發行以及增量 ATM 發行，籌集了 20 億美元的淨收益，同時使用手頭現金償還了 - 6 億債券於4 月到期，2.5 億英鎊債券於上週五到期。

At the end of the second quarter, we had more than $4 billion of total liquidity and our net debt to EBITDA ratio fell to 5.3 times, which is below our long-term target.

截至第二季末，我們的流動資金總額超過 40 億美元，淨負債與 EBITDA 的比率降至 5.3 倍，低於我們的長期目標。

Moving on to our debt profile, our weighted average debt maturity is over four years and our weighted average interest rate is 2.9%.

繼續我們的債務狀況，我們的加權平均債務期限超過四年，加權平均利率為 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.

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。

Approximately 86% of our net debt is fixed rate and 96% of our debt is unsecured, providing ample flexibility for capital recycling.

我們約 86% 的淨債務為固定利率，96% 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 euro notes in April and Sterling notes last week, we have zero remaining debt maturities through year-end.

最後，在還清 4 月的歐元票據和上週的英鎊票據後，到年底我們的剩餘債務期限為零。

Beyond that, our maturities remain well laddered through 2032.

除此之外，到 2032 年，我們的期限仍然保持良好的階梯狀。

Let me conclude with our guidance.

讓我以我們的指導作為結束語。

We are maintaining our core FFO guidance range for the full year of 2024 of $6.60 to $6.75 per share, reflecting the continued strength in our core business, partly balanced by the front-half weighted capital recycling and funding activity, which helped to reduce our reported leverage by a full turn to better position the company to fund development in 2024 and beyond.

我們將2024 年全年的核心FFO 指導範圍維持在每股6.60 美元至6.75 美元，這反映了我們核心業務的持續強勁，部分由上半年加權資本回收和融資活動平衡，這有助於減少我們報告的充分發揮槓桿作用，使公司能夠更好地為 2024 年及以後的發展提供資金。

We are also maintaining our total revenue and adjusted EBITDA guidance ranges for 2024, as well as the operating, investing, and financing expectations that we previously provided.

我們也維持 2024 年的總收入和調整後 EBITDA 指引範圍，以及我們先前提供的營運、投資和融資預期。

Looking forward to the balance of 2024, core FFO per share remains poised to increase in the second half as the backlog commences and the impact of prior deleveraging moderates.

展望 2024 年的剩餘時間，隨著積壓訂單的開始以及先前去槓桿化的影響減弱，每股核心 FFO 仍有望在下半年成長。

This concludes our prepared remarks.

我們準備好的演講到此結束。

And now we will be pleased to take your questions.

現在我們很樂意回答您的問題。

Operator, would you please begin the Q&A session?

接線生，請開始問答環節好嗎？

(Operator Instructions)

（操作員說明）

Richard Choe, JPMorgan.

理查崔，摩根大通。

Hi.

你好。

I wanted to ask about the long-term pipeline, you're seeing over 1 megawatt category.

我想問長期管道，你看到的是超過 1 兆瓦的類別。

I think there is some concerns that right now we might be in a kind of pull-forward or kind of elevated cycle.

我認為有人擔心我們現在可能處於一種前移或上升的周期。

And just wanted to get your sense of how far out this pipeline of deals that you're looking at in the current environment could last.

只是想了解您正在考慮的交易在當前環境下能持續多久。

Thank you.

謝謝。

Hi.

你好。

Thanks, Richard.

謝謝，理查。

So I would say in the greater than 1-megawatt category, we're seeing a continuation of the trends we've been playing out for the last several quarters.

因此，我想說，在大於 1 兆瓦的類別中，我們看到了過去幾季的趨勢的延續。

The biggest customers are desiring, one, contiguous capacity blocks that are very large; two, they want them right now or as soon as possible; and three, the desire of fungible markets, i.e., markets where they can service certainly GenAI workloads, trading ultimately inference, but also if they miss the measure, they can support their cloud computing needs as well.

最大的客戶需要，第一，非常大的連續容量區塊；第二，第二，他們現在或盡快想要它們；第三，可替代市場的願望，即他們可以服務於 GenAI 工作負載、交易最終推理的市場，如果他們錯過了這一措施，他們也可以支持他們的雲端運算需求。

So we have not seen the ease in terms of the demand for those attributes in the market.

因此，我們還沒有看到市場對這些屬性的需求有緩解。

Irvin Liu, Evercore ISI.

歐文劉，Evercore ISI。

.

。

Sorry, I was muted.

抱歉，我被靜音了。

So I wanted to double-click on renewal rates.

所以我想雙擊續訂率。

So, I guess, a couple of items stood out.

所以，我想，有幾個項目很突出。

One, in the Americas, the $146 per kilowatt monthly rate and for the greater than 1 megawatt segment, that marked a sequential decline.

第一，在美洲，對於超過 1 兆瓦的部分，每月每千瓦電費為 146 美元，這標誌著連續下降。

Similarly, you know we've seen rates on new leases decline sequentially as well.

同樣，您知道我們也看到新租賃費率也連續下降。

So can you help us understand what's driving the sequential declines versus a quarter ago?

那麼您能否幫助我們了解是什麼導致了與季度前相比連續下降？

Was this step-down mostly a function of markets and mix or were there other sort of industry dynamics that we should be thinking about?

這種下降主要是市場和組合的函數，還是我們應該考慮其他類型的產業動態？

Hi, thanks, Irvin.

嗨，謝謝，歐文。

So I think the one big deal or the one market you were pointing to is just the North America greater than 1 megawatt.

因此，我認為您所指的一件大事或一個市場就是北美超過 1 兆瓦。

Now just a mix of composition of deals.

現在只是交易組合的混合。

This quarter, in particular, Dallas market really led the way.

特別是本季度，達拉斯市場確實處於領先地位。

It's had outside strength and this is actually a quarter where we didn't actually have any signings into our Northern Virginia market, which was not a lack of demand for that market, and we still have some great options for customers available at large capacity blocks in two parts of that market, but we just didn't penned anything in this particular quarter.

它具有外部實力，實際上在這個季度我們實際上沒有任何簽約進入北弗吉尼亞市場，這並不是該市場缺乏需求，而且我們仍然為大容量區塊的客戶提供了一些不錯的選擇在該市場的兩個部分，但我們只是在這個特定季度沒有寫任何東西。

So if you look more broadly, I think almost all the other, call it regions in both segments had an uptick in rates and that's always on apples-to-apples that the mix in the region could be different metros like that one example I just gave you, but that would be only outlier is the one that I just discussed

因此，如果你看得更廣泛，我認為幾乎所有其他地區，即這兩個細分市場的地區，其費率都有所上升，而且該地區的混合可能是不同的都會區，就像我剛剛舉的一個例子給了你，但這只是我剛才討論的異常值

Michael Rollins, Citi.

麥可羅林斯，花旗銀行。

Please go ahead.

請繼續。

Thanks and good afternoon.

謝謝，下午好。

Curious if you could talk about some of the ideas that you shared in the past around working on ways to participate in private capital recycling, whether it's trying to establish mechanisms to be able to react to when some of your private capital partners are going to hit their kind of maturity dates of those investments, what to do with those as well as maybe other opportunities in the category where there is private investments in other data center assets?

我很好奇您是否可以談談您過去分享的一些關於如何參與私人資本回收的想法，是否試圖建立機制，以便能夠在一些私人資本合作夥伴受到打擊時做出反應這些投資的到期日是什麼，如何處理這些投資以及其他資料中心資產的私人投資類別中的其他機會？

Thanks, Michael.

謝謝，麥可。

Maybe I'll kick it off and then Greg can expand upon this.

也許我會先開始，然後格雷格可以對此進行擴展。

So this topic is not new.

所以這個話題並不新鮮。

I think we have embarked on this journey at least a year and a half ago and made great progress, call it accumulating north of $10 billion or call it hyperscale private ventures with numerous parties.

我認為我們至少在一年半前就開始了這一旅程，並取得了巨大進展，可以稱之為積累超過 100 億美元，或者稱之為擁有眾多參與者的超大規模私人企業。

You've seen that few places, which we called out in the prepared remarks, we've seen our fee revenue having a step up of a recurring revenue basis in the P&L.

您已經看到，我們在準備好的評論中指出，我們的費用收入在損益表中的經常性收入基礎上有所提高。

Two, you've seen that in the balance sheet.

第二，你已經在資產負債表中看到了這一點。

Those private capital initiatives have obviously certainly moved our balance sheet from a defensive posture to an offensive posture and allow us to now pull forward some of these great projects in our land bank that's north of 3 gigawatts of runway of growth for our customers.

這些私人資本舉措顯然已經將我們的資產負債表從防禦姿態轉變為進攻姿態，並使我們現在能夠在我們的土地儲備中推進一些偉大的項目，這些項目位於為我們的客戶提供3 吉瓦增長跑道以北的地方。

And maybe I'll ask Greg just to give you a slightest preview of what's next in that evolution when it comes to our private strategic product accounting initiatives.

也許我會請格雷格向您簡要介紹我們私人策略產品會計計劃的下一步發展。

Yes.

是的。

Thanks, Andy.

謝謝，安迪。

Thanks for the question, Michael.

謝謝你的提問，麥可。

I think the first thing I would say is consistent with as Andy said, we laid out a year ago, January.

我認為我要說的第一件事與安迪所說的一致，我們在一年前，即一月份制定了計劃。

We're going to continue to bolster and diversify these private capital sources and that's just what we're doing.

我們將繼續支持這些私人資本來源並使之多樣化，而這正是我們正在做的事情。

And as he said, we did a lot of transactions over the last 18 months.

正如他所說，過去 18 個月我們進行了大量交易。

We're continuing to evolve that strategy.

我們正在繼續發展這一戰略。

And when we have something to report, we will.

當我們有事情要報告時，我們會的。

I think it's important to note that the importance of that capital because if you take a look at the demand profile for the business right now, the hyperscale business in and of itself between now and 2030 is expected to grow almost three times and that includes AI hyperscale and non-AI hyperscale.

我認為值得注意的是該資本的重要性，因為如果你看一下目前業務的需求概況，從現在到 2030 年，超大規模業務本身預計將增長近三倍，其中包括人工智慧超大規模和非人工智慧超大規模。

So look, we think that the strategy that Andy laid out and that we embarked upon was the right strategy, but we're not done yet.

因此，我們認為安迪所製定的策略以及我們開始實施的策略是正確的，但我們還沒有完成。

And as we said, it's continuing to evolve.

正如我們所說，它正在不斷發展。

And when we have something to report on that front, we'll tell you.

當我們有這方面的報告時，我們會告訴你。

Jon Atkin, RBC.

喬恩‧阿特金，加拿大皇家銀行。

Yes, good afternoon.

是的，下午好。

I wonder about kind of the speed at which you can kind of deliver on your new starts that you've commenced recently, supply chain, access to energy, access to heavy equipment, and so forth.

我想知道你們能以什麼樣的速度交付最近開始的新專案、供應鏈、能源取得、重型設備等等。

Any kind of color there?

那裡有什麼顏色嗎？

Thanks, Jon.

謝謝，喬恩。

So I mean, if you almost think it was like a continuous conveyor belt of trying to deliver timely product for end customers' needs, that's certainly playing out in our enterprise colocation markets model.

所以我的意思是，如果您幾乎認為它就像一條連續的傳送帶，試圖為最終客戶的需求提供及時的產品，那麼這肯定會在我們的企業託管市場模型中發揮作用。

And now apply more than ever on the larger capacity blocks.

現在比以往任何時候都更應用於更大容量的區塊上。

This quarter, the book to sign a commencement was elongated out to about 20-ish months.

本季度，簽署畢業典禮的時間延長至約 20 個月左右。

That was based on one particular customer that we serviced and they had a very locational sensitive need than a radius restriction.

這是基於我們服務的特定客戶，他們對位置的需求非常敏感，而不是半徑限制。

And the only thing where we had in that radius was the land state.

在這個半徑內我們唯一擁有的就是陸地狀態。

Luckily, it was on a cadence where we own the land and we were ready to get moving on.

幸運的是，我們擁有這片土地，我們已經準備好繼續前進。

So that obviously elongated to be called delivery timeline for that particular signing.

因此，這顯然被延長為該特定簽名的交付時間表。

We excluded that, where we were basically call signing commencing like 4.5 type months.

我們排除了這一點，我們基本上是從 4.5 個類型的月份開始進行呼叫簽名。

So we're continuously obviously delivering capacity and adding new capacity, whether it's from land to sell active suites and making sure we're maintaining our production slots and vendor relationships from that time of delivery in our 50 plus metros around the world.

因此，我們不斷地明顯地提供產能和增加新產能，無論是從土地到銷售活躍的套房，還是確保我們從交付時起在全球 50 多個大都市保持我們的生產位置和供應商關係。

Jon Petersen, Jefferies.

喬恩彼得森，傑弗里斯。

Okay.

好的。

Thank you.

謝謝。

I was hoping you could talk about some of the larger greater than 1 megawatt lease expirations that are coming up in the coming quarters.

我希望您能談談未來幾季即將到期的一些超過 1 兆瓦的租賃到期情況。

How many of those have fixed renewal options and how much can be mark-to-market rents?

其中有多少有固定的續租選擇，有多少可以按市值計算租金？

And if I can sneak in a follow-up question, I think there is a $168 million impairment in the income statement.

如果我能偷偷提出一個後續問題，我認為損益表中有 1.68 億美元的減損。

Just curious what that is really into.

只是好奇那到底是什麼。

Yes.

是的。

Sure.

當然。

Thanks, Jonathan.

謝謝，喬納森。

So in terms of lease expirations, so what I'd say is less than half of our or greater than 1 megawatt leases have options with total fixed increases on them.

因此，就租賃到期而言，我想說的是，不到一半或超過 1 兆瓦的租賃具有總固定增量的選項。

But I would call that significantly less than that are typically renewed pursuant to those options.

但我認為這比根據這些選項通常更新的要少得多。

And that's generally for a few reasons.

這通常有幾個原因。

One, our customers must provide us notice of renewal within the proper period and that doesn't always happen to renewals must come in essence without any changes.

第一，我們的客戶必須在適當的期限內向我們提供續訂通知，但這並不總是發生，續訂本質上必須沒有任何變化。

So if there's any additional space, term, anything changes that opens up the contract.

因此，如果有任何額外的空間、期限或任何變更，都會導致合約生效。

I think as we've talked about in the past and third, some of those customers also end up churning.

我認為正如我們在過去和第三次討論的那樣，其中一些客戶最終也會流失。

So that all gives us an ability to be able to bring those contracts to market for the majority of what ends up rolling within a given period.

因此，這一切使我們有能力將這些合約推向市場，大部分最終在給定的時間內滾動。

On your second point on impairment, yes, we did have impairment associated with a few of our non-core assets, which are part of our disposition plans and those are all located in the secondary market.

關於你關於減損的第二點，是的，我們確實對一些非核心資產進行了減值，這些資產是我們處置計畫的一部分，並且全部位於二級市場。

We -- and I'd also put that in context to the fact that we've generated, call it, close to I think over $1.3 billion of gains from the capital recycling efforts that we've done over the last year.

我們——我也將其與我們去年所做的資本回收工作中產生的收益（我認為接近 13 億美元）這一事實聯繫起來。

Aryeh Klein, BMO Capital Markets.

Aryeh Klein，BMO 資本市場。

Thank you.

謝謝。

I guess, just the comments on the pipeline coming off two very strong quarters of leasing and with the development pipeline, 66% leased, including 80% in the Americas.

我想，只是對租賃和開發管道的兩個非常強勁的季度的評論，66% 已出租，其中 80% 在美洲。

How should we expect CapEx to trend from here?

我們該如何預期資本支出的趨勢？

And then what's your appetite to add new domestic markets given what seems like a broadening of demand?

那麼考慮到需求的擴大，您對增加新的國內市場有何興趣？

Hi, thanks, Ari.

嗨，謝謝，阿里。

Why don't I first let Colin just speak to the pipeline overall and then we can kind of talk about a little bit development side of that as well as new markets?

為什麼我不先讓 Colin 談談整個管道，然後我們可以談談管道的一些開發方面以及新市場？

Yes.

是的。

Thanks, Ari.

謝謝，阿里。

I appreciate the question.

我很欣賞這個問題。

Andy highlighted strong performance over 1-megawatt pipeline overall for 1-megawatt trending positively below 1 megawatt, which we deem as important as heading in the right direction as well, record pipeline driven from digital transformation, cloud, and AI.

Andy 強調了 1 兆瓦管道整體表現強勁，因為 1 兆瓦趨勢正低於 1 兆瓦，我們認為這與朝著正確方向前進一樣重要，記錄由數位轉型、雲端和人工智慧驅動的管道。

And you saw that trending positively in our results, both directly and indirectly.

您在我們的結果中看到了直接和間接的正面趨勢。

Indirect execution has picked up the last quarter and we're now 23% of our pipeline being indirect, which we think is a positive sign on value proposition there.

上個季度間接執行增加，現在我們的管道中有 23% 是間接的，我們認為這是價值主張的正面跡象。

One of the things that Andy highlighted is the key value of metros.

安迪強調的事情之一是地鐵的關鍵價值。

With the demand cycle, we're seeing enterprises and hyperscalers like zero value of proximity and the metro play that we have in key metros across the globe being particularly important.

隨著需求週期的推移，我們看到企業和超大規模企業（例如零價值接近度）以及我們在全球主要地鐵中的地鐵業務尤其重要。

Finally, the ability both for enterprise and hyper scalers to grow in scale and capacity is of keen value really across the spectrum of low and above 1 megawatt.

最後，企業和超大規模企業在規模和容量方面的成長能力在低至 1 兆瓦以上的範圍內確實具有巨大的價值。

Then Ari, on the second part of your question, I would say, we remain very focused on our core markets, north of 50 of them around the world, nearly 30 countries on six continents.

那麼阿里，關於你問題的第二部分，我想說，我們仍然非常關注我們的核心市場，除了全球 50 個核心市場之外，還有六大洲的近 30 個國家。

Those markets we continuously see robust and diverse customer demand.

我們不斷看到這些市場強勁且多樣化的客戶需求。

I'm talking cloud commute from the numerous CSPs, enterprise, hybrid, IT, and service providers in markets where we see really long-term barriers.

我說的是來自眾多 CSP、企業、混合、IT 和服務供應商的雲端通勤，在這些市場中我們看到了真正的長期障礙。

And to be speaking to our actions on those, a sizable piece of our activation in shells moving from our 3-plus gigawatt land bank into shells and ultimately to be delivered in suites is all in those same core markets

談到我們在這些方面的行動，我們在殼中的很大一部分活動從我們超過 3 吉瓦的土地儲備轉移到殼中，並最終以套房形式交付，都是在這些相同的核心市場中

David Barden, Bank of America.

大衛巴登，美國銀行。

Hi guys.

嗨，大家好。

Thanks a lot.

多謝。

So I guess, two, if I could.

所以我想，如果可以的話，兩個。

Andy, I guess last quarter you talked about how 50% of these record bookings were roughly 50% were AI-related.

安迪，我想上個季度您談到了這些唱片預訂中的 50% 大約有 50% 與人工智慧相關。

It obviously stepped down sequentially.

顯然是依序下台的。

But to your point about the lengthening of the delivery period, it seems like there is still some very large customers in what was the new leasing number this quarter.

但就你所說的延長交貨期的觀點來看，本季新增的租賃數量中似乎仍然有一些非常大的客戶。

Could you kind of revisit on an apples-on-apples basis, how 2Q unfolded versus 1Q from an AI versus non-AI type of new leasing pattern?

您能否在同類的基礎上重新審視一下人工智慧與非人工智慧類型的新租賃模式在第二季與第一季的發展？

And how do we think about this?

我們如何看待這個問題？

Is there going to be a seasonality to this sort of thing?

這類事情會有季節性嗎？

That would be kind of my first question.

這是我的第一個問題。

And then the second question is, I was just going back to 2019, you guys generated $6.65 of core FFO, which is kind of what you're guiding to for 2024.

第二個問題是，我剛回到 2019 年，你們產生了 6.65 美元的核心 FFO，這就是你們為 2024 年所訂定的目標。

And I know that you've laid out a hope that there will be growth -- more meaningful growth in the forward-looking periods.

我知道你們已經寄望未來的成長——更有意義的成長。

Also, you said that your balance sheet is now less in a defensive and more in an offensive position.

另外，您說您的資產負債表現在處於防禦地位，而更多處於進攻地位。

And historically, when you've been offensive, it's meant dilution to secure future growth opportunities.

從歷史上看，當你表現出進攻性時，就意味著稀釋以確保未來的成長機會。

So I was wondering if you could kind of, Andy, revisit the bull case for growth to take all these great things that are happening with the top line and turn them into bottom line growth?

所以我想知道，安迪，你是否可以重新審視成長的牛市案例，將營收中發生的所有這些偉大的事情轉化為利潤成長？

Thank you.

謝謝。

Thanks, Dave.

謝謝，戴夫。

So obviously posted apples-to-apples from a 50% contribution last quarter to this quarter is probably closer a quarter of our science.

因此，顯然，從上個季度 50% 的貢獻率到本季的比較結果可能更接近我們科學的四分之一。

We would say, we really pin on AI use cases.

我們會說，我們確實非常重視人工智慧用例。

But I would caveat that in a few ways.

但我會在幾個方面警告這一點。

One, that's in a quarter that's not our record quarter, but I think the top four quarter overall signings, great contribution of both 0 to 1 and plus 1 megawatt, as well as a near record in interconnection signings.

第一，這個季度不是我們創紀錄的季度，但我認為前四個季度的整體簽約量，0 到 1 和+ 1 兆瓦的巨大貢獻，以及互連簽約量的接近記錄。

And that means we're still winning with the traditional demand drivers of digital transformation, cloud computing, and the like, that though that demand is not nearly exhausted shelf or played out.

這意味著我們仍然憑藉數位轉型、雲端運算等傳統需求驅動因素獲勝，儘管這種需求還沒有接近耗盡或耗盡。

I would also say that there was certainly a deal that I didn't count in the category of AI that is certainly pushing the envelope on power density and post-ink drawing, already thinking about evolving that capacity block or signed with them in towards what will ultimately be supporting AI down the road is my guess, which I think speaks to the modularity of design and how we're able to scale infrastructure to the demands of our customers as they needed.

我還想說，肯定有一項我沒有算在人工智慧類別中的交易，它肯定會推動功率密度和後墨水繪圖的極限，已經在考慮發展該能力塊或與他們簽署協議以實現什麼目標我的猜測是，最終將支援人工智慧，我認為這說明了設計的模組化以及我們如何能夠根據客戶的需求擴展基礎設施。

The second part of your question, I don't want to confuse the word offense with M&A.

你問題的第二部分，我不想將“進攻”一詞與“併購”混淆。

I think we've not done any real M&A or external growth for several years now.

我認為我們已經好幾年沒有進行任何真正的併購或外部成長了。

You can maybe save the resolution of the Cyxtera relationship, but that was I think making lemonade out of lemons more than anything.

你也許可以挽救 Cyxtera 關係的解決方案，但我認為用檸檬製作檸檬水比什麼都重要。

And when I use the word offense, I mean, that's converting this 3 plus gigawatt land bank, which we've assembled over the years, i.e., we didn't just go buy that yesterday and turning that into a great product for our customers to land and expand at great returns on our investment.

當我使用進攻這個詞時，我的意思是，這正在轉換我們多年來積累的3 吉瓦以上的土地儲備，也就是說，我們不是昨天才去購買並將其變成為我們的客戶提供的優質產品落地並擴張，為我們的投資帶來豐厚的回報。

And you've been seeing that play out now with our ROIs and development schedule, crescending into the double-digits.

您現在已經看到我們的投資報酬率和開發計劃逐漸達到兩位數。

You've seen that in the pricing power and you've seen our value proposition really resonate in all of our customer segments across our core markets.

您已經在定價能力中看到了這一點，並且您已經看到我們的價值主張確實在我們核心市場的所有客戶群中產生了共鳴。

And lastly, our eye is on the price of accelerating the bottom line.

最後，我們關注的是加速獲利的代價。

That's where we reoriented our strategy 18 months ago about our value proposition, integrated, innovating, bolstering, diversifying our capital sources.

18 個月前，我們就價值主張重新調整了策略，整合、創新、支持和多元化我們的資本來源。

And all those things were about, call it making sure we're driving FFO per share growth that's accelerating and it's going to be continuously compounding for years to come.

所有這些事情都是為了確保我們推動 FFO 每股成長加速，並且在未來幾年將持續複合成長。

So there is been no divergence in that conviction of what comes next for the rest of 2024 and what we've said about 2025, next year.

因此，對於 2024 年剩餘時間的情況的信念與我們對 2025 年（明年）的看法沒有分歧。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬 (Eric Luebchow)，富國銀行。

I appreciate it.

我很感激。

Thanks for taking the questions.

感謝您提出問題。

So Andy, could you maybe comment on what type of market rent growth you're seeing right now in some of your key metros on an apples-to-apples basis relative to last year and whether that continues to evolve as this year has progressed?

那麼安迪，您能否評論一下您現在在一些主要大都市中看到的市場租金增長情況，與去年相比，情況是否相同，以及這種情況是否會隨著今年的進展而繼續發展？

And then as you look out into the future, do you see an opportunity for market rent growth to continue to outstrip your development costs and we can see the kind of 10% to 12% development yields you have in your pipeline move even higher?

然後，當您展望未來時，您是否認為市場租金成長有機會繼續超過您的開發成本，並且我們可以看到您的管道中 10% 至 12% 的開發收益率甚至更高？

Thank you.

謝謝。

Thanks, Eric.

謝謝，埃里克。

I mean, I would outcast that market rent growth is continuing to move in our favor.

我的意思是，我不認為市場租金成長繼續對我們有利。

You've seen two elements happening, the most precious capacity blocks in the key markets like in Northern Virginia continue to set new records in terms of rates.

您已經看到了兩個因素的發生，例如北維吉尼亞州等關鍵市場中最寶貴的產能區塊繼續在費率方面創下新紀錄。

And you've also seen a catch-up phenomenon where other markets in North America or outside of the U.S. are catching up a fair bit in terms of their trajectory of growth.

您還看到了一種追趕現象，北美或美國以外的其他市場在成長軌跡方面正在追趕。

Listen, I look at this, you've got these waves of demand being cloud computing and digital transformation, hybrid IT, and now AI that are just getting going in some of these.

聽著，我看看這個，雲端運算和數位轉型、混合 IT 以及現在人工智慧的需求浪潮剛開始出現在其中一些領域。

They're large and dynamic and it's happening in a supply constraint backdrop from numerous avenues of supply constraint.

它們規模龐大、充滿活力，而且是在多種供應限制途徑的供應限制背景下發生的。

And those elements are ultimately resulting in the increases in rate that we've been able to execute on for several quarters and I believe will be three quarters in common.

這些因素最終導致我們能夠在幾個季度中執行的利率增加，我相信將是四分之三的共同點。

And I also believe they will likely outstrip the inflationary cost we see in terms of build costs and at least maintain these ROIs, if not continue to notch it up slightly higher.

我還相信，它們可能會超過我們在建造成本方面看到的通貨膨脹成本，並且至少維持這些投資回報率，如果不繼續稍微提高的話。

Jim Schneider, Goldman Sachs.

吉姆·施奈德，高盛。

Good afternoon, and thanks for taking my question.

下午好，感謝您提出我的問題。

On the topic of power constraints and supply environment you see relative to transmission.

關於電力限制和供電環境的主題，您會看到與傳輸相關的內容。

With the time horizon, let's say, 12 to 18 months, do you think the outlook for power availability is getting more constrained, less constrained, or staying about the same relative to new projects you have either under development or contemplating?

從時間範圍來看，假設是 12 到 18 個月，您認為電力可用性的前景是變得更加受限、較少受限，還是相對於您正在開發或考慮的新專案保持不變？

Jim, I think that there is a few phenomenons happening.

吉姆，我認為正在發生一些現象。

One, we're getting closer, I mean, some of these constraints popped up now a years in a rearview mirror.

一，我們越來越接近，我的意思是，其中一些限制在一年後就出現在後視鏡中。

And we're obviously inching our way close to destinations of resolutions, be it in Northern Virginia, which I think 2026 is supposedly above or within like in Santa Clara and there is other non-U.S. markets as well.

顯然，我們正在慢慢接近決議的目的地，無論是在北維吉尼亞州，我認為 2026 年應該會高於或在聖克拉拉的範圍內，還有其他非美國市場。

At the same time as we approach the power constraints, there is obviously a good potential that the delivery dates may not deliver on time.

同時，當我們接近電力限制時，顯然很可能無法按時交付。

These are multifaceted projects that require easement, substations, construction projects.

這些是多方面的項目，需要地役權、變電所、建設項目。

At the same time, the demand didn't standstill while the power was constrained.

同時，需求並沒有因為電力受到限製而停滯。

The second phenomenon I think they're seeingVikram Malhotra with Mizuho this is becoming a more pervasive topic.

我認為第二個現像是 Vikram Malhotra 與 Mizuho 的合作，這正在成為一個更普遍的話題。

It was very focused on one cloud center of the universe market with Northern Virginia and we're hearing more and more about other markets.

它非常專注於北維吉尼亞州這個宇宙市場的雲端中心，我們也聽到越來越多其他市場的消息。

And lastly, I wouldn't pin it just on power.

最後，我不會僅僅將其歸咎於電源。

Yes, the power has got broader generation issues in the economy that we're trying to green.

是的，電力在經濟中帶來了更廣泛的發電問題，我們正在努力解決這些問題。

It's got transmission issues that navigate municipalities and substation deliveries and transmission lines cutting through the backyards of folks that rather not have them there.

它存在著輸送問題，這些問題需要引導市政當局和變電站進行輸送，而輸電線路則穿過人們的後院，而這些人寧願不在那裡。

But there are also other elements of sustainability concerns, moratoriums in certain parts of the world.

但還有其他一些永續發展議題，例如世界某些地區的暫停。

And so I think that this is a multifaceted supply constraint, which I would also mention that even if it does get fixed, has a propensity that could -- history could repeat itself here.

因此，我認為這是一個多方面的供應限制，我還要提到，即使它確實得到解決，也有可能——歷史可能會在這裡重演。

So I think this is going to make our value proposition with what we deliver to our customers even more compelling and valuable at the end of the day.

因此，我認為這最終將使我們向客戶提供的價值主張變得更加引人注目和有價值。

Vikram Malhotra, Mizuho

維克拉姆·馬爾霍特拉，瑞穗

Hi, good afternoon or evening.

嗨，下午好或晚上好。

Thanks for taking the question.

感謝您提出問題。

I guess just a bigger picture, you've talked about leasing spreads in greater than 1 megawatt improving over time given the differential of what's expiring versus, I guess, market, but you also referenced market rent growth improving quite a bit.

我想只是從更大的角度來看，您談到了租賃價差隨著時間的推移而改善，超過1 兆瓦，因為我想，考慮到即將到期的租金與市場的差異，但您也提到市場租金成長也有很大改善。

So with that and just some recent comments from hyperscalers, just talking about the risk of oversupply or just too much CapEx.

因此，加上超大規模企業最近的一些評論，只是談論供應過剩或資本支出過多的風險。

Can you sort of just frame the near-term opportunity set in the greater than 1 megawatt from -- maybe bookings, but more so pricing standpoint versus the puts and takes over time just from a demand-supply?

您能否將短期機會設定為大於 1 兆瓦——也許是預訂，但更重要的是從定價角度與看跌期權相比，並僅從供需角度考慮時間？

I'm just wondering, is there a risk that you see the spreads theoretically improve, but there is a lot of supply coming down the pipe?

我只是想知道，理論上價差是否有改善，但有大量供應正在流入，是否有這樣的風險？

I'll take mainly the first and second part of your question, I'll ask Matt to comment on our outlook on leasing spreads and really kind of talk about the stairstep in our exploration schedule, which call it, become even more attractive in its coming years.

我將主要回答你問題的第一部分和第二部分，我將請馬特評論我們對租賃利差的展望，並真正談論我們勘探計劃中的階梯，即所謂的，變得更具吸引力未來幾年。

But I think the heart of your second question is the broader AI theme question you're hearing more in the mainstream media over AI overdone, this is a bubble, what could come next?

但我認為你的第二個問題的核心是更廣泛的人工智慧主題問題，你在主流媒體上聽到更多關於人工智慧過度的問題，這是一個泡沫，接下來會發生什麼？

I think some of that is not unnecessarily 100% germane to what we're seeing.

我認為其中一些與我們所看到的情況並非沒有必要 100% 相關。

And the reason I say that is in our business, when it comes to AI, we are signing long-term contracts, I'm talking 15 years with some of the largest, most established technology companies ever.

我這麼說的原因是在我們的業務中，當談到人工智慧時，我們正在簽署長期合同，我說的是與一些有史以來最大、最成熟的技術公司簽訂的 15 年合約。

Two, and I mentioned before, we're doing that, we're not chasing this out to unproven territories.

第二，我之前提到過，我們正在這樣做，我們不會將其追逐到未經證實的領域。

We're focused on core markets with robust and diverse customer demand where traditional use cases, be it cloud commuting from numerous CSPs, enterprise, hybrid IT, and service provider demand are continuing to grow over time, and even if the AI has peaks and valleys.

我們專注於客戶需求強勁且多樣化的核心市場，其中傳統用例（無論是來自眾多CSP、企業、混合IT 和服務提供商的雲端通勤）的需求隨著時間的推移而持續增長，即使人工智慧出現了峰值和山谷。

And we're doing it in markets that we believe are real long-term supply constraints.

我們正在我們認為真正存在長期供應限制的市場中這樣做。

And lastly, all this is happening probably in the most supply-constrained moment in the last 20 years of data centers.

最後，這一切可能發生在過去 20 年資料中心供應最緊張的時刻。

So I don't -- I'm not sure or convinced that even if AI takes a breather on its long-term innovation trajectory.

所以我不——我不確定或不相信人工智慧是否會在其長期創新軌跡上稍作喘息。

I think that volatility -- we are somewhat insulated in our sector from that volatility based on how we're pursuing it.

我認為波動性——根據我們追求波動的方式，我們的行業在某種程度上不受這種波動性的影響。

But Matt, why don't you hit on the question?

但是馬特，你為什麼不直接提出這個問題呢？

Sure.

當然。

So what I look, what I call it is -- if you look at the greater than 1-megawatt leases that are expiring, call it the next 18 months, the rate -- average rate on that in the 140 to 145 area.

所以我所看到的，我所說的是——如果你看看即將到期的超過 1 兆瓦的租約，稱之為未來 18 個月的費率——140 到 145 區域的平均費率。

But then it steps down pretty gradually to as low as 111 by the time you get to 2029.

但到 2029 年時，它會逐漸下降至 111。

So I think you're going to see a continued positive trajectory on our leasing spreads, not only in the greater than 1-megawatt category, but I think also across all the categories.

因此，我認為您將看到我們的租賃價差持續呈正面趨勢，不僅在大於 1 兆瓦的類別中，而且在所有類別中也是如此。

So I think you'd also recall within our 0 to 1 spreads have been positive.

所以我想你還記得我們 0 比 1 的利差是正值。

I think throughout our history, those are typically more regular steady inflationary type increases or better.

我認為縱觀我們的歷史，這些通常是更定期、穩定的通膨型成長或更好。

So I think this puts us in a -- I think in a good position considering where market rates are, where some of the supply constraints are to where we'll see market rates now continue to remain positive and grow and continue to accrue benefits to our releasing spreads as we go through time.

因此，我認為這使我們處於一個有利的位置，考慮到市場利率在哪裡，一些供應限制在哪裡，我們將看到市場利率現在繼續保持正值並增長，並繼續為人們帶來好處。時間的推移，我們的釋放會蔓延。

Frank Louthan, Raymond James.

弗蘭克·勞森，雷蒙德·詹姆斯。

Great.

偉大的。

Thank you.

謝謝。

So in talking before, you mentioned you're prioritizing retail Colo over hyperscale.

因此，在先前的談話中，您提到您優先考慮零售 Colo，而不是超大規模。

How should we think about that practically and kind of track that?

我們應該如何實際思考並追蹤它？

Is that part of the reason the sub of megawatt bookings have remained a little bit elevated?

這是否是兆瓦級以下預訂量維持在高水準的部分原因？

How should we think about that trend going forward?

我們該如何看待未來的趨勢？

Colin, I think that's a great question because we are obviously spending a lot of time on the bigger deals right now.

科林，我認為這是一個很好的問題，因為我們現在顯然在更大的交易上花費了大量時間。

But Colin, why don't you walk-through on the highlights of the quarter?

但是科林，你為什麼不回顧一下本季的亮點呢？

Sure.

當然。

Frank, thanks for the question.

弗蘭克，謝謝你的提問。

I'm not sure I'd use the word prioritize.

我不確定我是否會使用“優先”這個詞。

We definitely want to emphasize a full platform to have an offering set.

我們肯定想強調一個完整的平台來提供產品集。

So as highlighted in Andy's opening remarks, performance in Q2 was particularly strong 0 to 1, fourth consecutive quarter over $50 million, which I think which is in also the third highest ever from 0 to 1.

因此，正如 Andy 在開場白中所強調的那樣，第二季度的業績特別強勁（0 比 1），連續第四個季度超過 5000 萬美元，我認為這也是有史以來第三高的 0 比 1。

We think this consistency is really driven from our ability to serve the full spectrum of requirements for our enterprisers and service providers across the Global 5000 focus of customer set.

我們認為，這種一致性實際上是由我們為全球 5000 強客戶群的企業家和服務提供者提供全方位需求的能力所驅動的。

New logos are also pretty strong as well, most solid ever in terms of 148% with 40% of that coming from the indirect side.

新標誌也相當強大，有史以來最可靠的，佔 148%，其中 40% 來自間接方面。

Channel also which I highlighted earlier was a particularly strong point with over 20% booking contribution from the indirect side overall.

我之前強調的管道也是一個特別強的點，整體預訂貢獻超過 20%。

So we view this segment as continuing on our value proposition out to our client set.

因此，我們認為該細分市場是我們繼續向客戶群提供價值主張的部分。

And a lot of the drivers Andy talked about around digital transformation, cloud, and AI are also playing out in 0-1 segment across enterprises and service providers.

安迪談到的許多有關數位轉型、雲端和人工智慧的驅動因素也在企業和服務提供商的 0-1 細分市場中發揮作用。

And Andy highlighted a couple of those key wins on opening remarks, namely Fortune 5,000 clients, excuse me, offering their virtual desktop requirements and the global manufacturing win we had on the enterprise side.

Andy 在開場白中強調了一些關鍵的勝利，即財富 5,000 強客戶，請提供他們的虛擬桌面需求，以及我們在企業方面取得的全球製造勝利。

I also want to highlight the particular highlight of the Microsoft ExpressRoute launch into Dallas, which we feel like is a presumably strong representation of our platform.

我還想強調在達拉斯推出 Microsoft ExpressRoute 的特別亮點，我們認為這大概是我們平台的有力代表。

Michael Elias, TD Cowen.

邁克爾·埃利亞斯，TD·考恩。

Great.

偉大的。

Thanks for taking the questions guys.

感謝你們提出問題。

Andy, in the past, you've talked about CapEx being an accordion that you expand and contract to the end of solving for consistent bottom line growth.

安迪，過去，您曾談到資本支出是一個手風琴，您可以擴展和收縮它，直到解決持續的底線增長問題。

So as I'm thinking about it, given the leasing success that you've had over the last two quarters and also as part of that like the market opportunity in both hyperscale and enterprise.

因此，正如我正在考慮的那樣，考慮到過去兩個季度租賃所取得的成功，以及超大規模和企業市場機會等其中的​​一部分。

Is now the time to be expanding that Accordion and really hitting the gap on CapEx?

現在是擴展 Accordion 並真正彌補資本支出差距的時候了嗎？

And if so, I just want to be clear, what is the explicit FFO per share that you guys are solving for as part of that algorithm?

如果是這樣，我只是想澄清一下，作為該演算法的一部分，你們正在解決的每股顯式 FFO 是什麼？

Thank you.

謝謝。

Thanks, Michael.

謝謝，麥可。

So just to clarify, I would say, CapEx is the core and I think it's how we funded, which I think the same concept you're outlining in your question.

因此，為了澄清，我想說，資本支出是核心，我認為這就是我們的融資方式，我認為這與您在問題中概述的概念相同。

The CapEx intensity is being pulled forward, right?

資本支出強度正在向前拉動，對嗎？

We talked about this of greenlining more shell capacity, ultimately suites in a super highly pre-leased development pipeline at very attractive returns.

我們討論了綠化更多空殼產能的問題，最終以非常有吸引力的回報在超高度預租的開發管道中提供套房。

So we're seeing the CapEx intensity increase.

所以我們看到資本支出強度增加。

We're intersecting at great rates, great returns for our business and supporting great customers in numerous markets.

我們以很高的速度相交，為我們的業務帶來巨大的回報，並為眾多市場的優秀客戶提供支援。

And we've now positioned ourselves in a balance sheet position of greater strength, not only just from our leverage standpoint but from our liquidity and our diverse sources of capital.

現在，我們的資產負債表處於更強大的位置，不僅從我們的槓桿角度來看，而且從我們的流動性和多樣化的資本來源來看。

And what we're trying to do is essentially use the levers of using our public capital and our private capital to get back to, call it mid-single digits, call it floor to our growth next year and then it's further acceleration on top of that.

我們想做的本質上是利用我們的公共資本和私人資本的槓桿，回到中個位數，稱之為明年成長的底線，然後進一步加速那。

And do that in a consistent method of compounding that growth for numerous years to come.

並以一致的方法做到這一點，在未來的許多年裡實現複合成長。

So it's really those levers of using public and private capital to drive that bottom line to new levels and on a consistent framework.

因此，這實際上是利用公共和私人資本的槓桿，在一致的框架下將底線推向新的水平。

David Guarino, Green Street.

大衛瓜裡諾，格林街。

Thanks.

謝謝。

I appreciate the industry statistics you guys included in your investor presentation.

我很欣賞你們在投資者演講中提供的行業統計數據。

And I wanted to ask specifically about the declining global vacancy you highlighted, which it's around 6%.

我想具體詢問您所強調的全球職缺率不斷下降的情況，約為 6%。

But when I look at your stabilized portfolio, the vacancy level is about three times higher than that.

但當我查看你們穩定的投資組合時，空缺水平大約是這個水平的三倍。

So I guess, first, why is it so much higher?

所以我想，首先，為什麼它這麼高？

And then second, given the record demand we're seeing across the industry, how long do you think it's going to take before digital's portfolio resembles more like the industry is?

其次，考慮到我們在整個行業中看到的創紀錄的需求，您認為數位產品組合需要多長時間才能更像產業？

I think Dave, you got to remember that our portfolio call it hyperscale.

我認為戴夫，你必須記住我們的投資組合稱之為超大規模。

And the hyperscale portion of this business can literally be 100% leased in many buildings or markets, right?

該業務的超大規模部分實際上可以在許多建築物或市場中 100% 出租，對吧？

And my gut is that chart, which I think data center walk, which they're doing the best they can, is very much about more of a hyperscale lens.

我的直覺是這張圖表，我認為資料中心的行走，他們正在盡最大努力，更多是關於超大規模的鏡頭。

I was actually pretty pleased on the occupancy front.

事實上，我對入住率感到非常滿意。

We're up 100 basis points in the same-store occupancy quarter-over-quarter and we have a big same-store pool.

我們的同店入住率較上季成長了 100 個基點，我們擁有龐大的同店池。

It's not mountain.

這不是山。

We're also actively taking it one step backwards sometimes on occupancy to take two, three, four steps forward when suites come back and scale and we convert those to Colo and really support our customers' Colo growth as well.

當套房回歸並擴大規模時，我們也會積極地在入住率方面向後退一步，有時會向前邁出兩步、三步、四步，我們將它們轉換為託管，並真正支持客戶的託管增長。

So this was the year we said that with occupancy, we're going to be moving the needle and we have been moving the needle.

因此，今年我們說，隨著入住率的提高，我們將取得進展，而且我們一直在取得進展。

We got more to do in that arena.

我們在這個領域還有更多工作要做。

So I think we'll be see it move up.

所以我認為我們會看到它上升。

And if you look at, you can also look to get a number of apples-to-apples.

如果你看一下，你也可以得到一些同類的結果。

If you look at their occupancy, we show by markets.

如果你看看他們的入住率，我們是按市場來顯示的。

There are certain markets of way less than 60% vacancy that are just very much heavily weighted towards our hyperscale business.

有些市場的空缺率遠低於 60%，而這些市場對我們的超大規模業務來說非常重要。

They just have a much, much smaller a footprint like Northern Virginia, where if you parse through it, especially on a megawatt basis.

它們只是像北維吉尼亞州一樣，佔地面積小得多，如果你仔細分析的話，尤其是在兆瓦的基礎上。

I wish, I had that type of vacancy to sell right now and we just don't.

我希望我現在有這樣的空缺可以出售，但我們沒有。

Matt Niknam, Deutsche Bank.

馬特·尼克南，德意志銀行。

Hi, guys.

嗨，大家好。

Thanks for getting me on.

謝謝你讓我上來。

I had two follow-ups.

我有兩次後續行動。

First, on the Colo side, so you cited the record new logo is 148 this quarter.

首先，在科羅拉多州方面，您引用的新標誌本季創紀錄的是 148 個。

I'm just wondering from a macro perspective, any change in terms of macro impacts across different customer sizes within that sub 1 megawatt base?

我只是想從宏觀角度來看，在低於 1 兆瓦的基數內，不同客戶規模的宏觀影響有何變化？

And then secondly, you talked about leverage getting back under 5.5 turns, the prospect of improving bottom line growth from next year.

其次，您談到槓桿率回到 5.5 倍以下，即明年開始改善利潤成長的前景。

How do you think about the dividend and the potential for forward growth in the dividend relative to some potential incremental investments in the business?

您如何看待股息以及股息相對於業務中一些潛在增量投資的未來成長潛力？

Thanks.

謝謝。

Matt, why don't you hit the dividend question first and Colin, and I can hit a little bit on what we're seeing in the enterprise demand piece of the puzzle?

馬特，為什麼不先解決股息問題，科林，我可以談談我們在企業需求拼圖中看到的一些內容？

Yes, sure.

是的，當然。

So thanks, Matt.

所以謝謝，馬特。

So in terms of the dividend, look I think it's back to kind of what we've said historically.

因此，就股息而言，我認為這又回到了我們歷史上所說的。

I think we've got a unique opportunity here to take advantage of what we see as a tremendous growth opportunity throughout our global portfolio and one of the easiest and cheapest forms of capital within that is internally generated funds.

我認為我們在這裡有一個獨特的機會，可以利用我們所認為的整個全球投資組合的巨大成長機會，以及內部產生的資金是最簡單、最便宜的資本形式之一。

And so we continue to look to try to maximize our cash flow as part of our funding strategy on that front.

因此，我們繼續尋求最大化現金流，作為我們這方面融資策略的一部分。

And on top of that, I think as we've also mentioned throughout this call, we're keenly focused on growing the bottom line and accelerating that growth in outer years.

最重要的是，我認為正如我們在這次電話會議中也提到的那樣，我們非常專注於增加利潤並加速未來幾年的成長。

So as we grow the bottom line, which is going to benefit and accrue benefits to not only core FFO but then on to AFFO, we then look to keep our dividend growth in line with that bottom line per share growth as well.

因此，當我們增加利潤時，這不僅會為核心 FFO 帶來好處，而且還會為 AFFO 帶來好處，我們希望股息成長也能與每股獲利成長保持一致。

Great.

偉大的。

On the new logo question, a couple of trends just maybe to highlight in that question.

關於新標誌的問題，有幾個趨勢可能會在這個問題中突出顯示。

So first, we really believe it's in the hybrid world.

首先，我們確實相信這是在混合世界。

So we're seeing that continued trend in the new logo base, hybrid work, cloud, data that our new logo requirements really are served well across our global platform.

因此，我們看到新徽標庫、混合工作、雲端、數據的持續趨勢，我們的新徽標要求確實在我們的全球平台上得到了很好的滿足。

Number two is the mix of that 148 was very much split between commercial and Global 5000 accounts.

第二，這 148 個帳戶主要分為商業帳戶和全球 5000 強帳戶。

So we're seeing continued interest in the platform across the larger customers who buy with more frequency in the smaller area of the spectrum.

因此，我們看到較大的客戶對該平台持續感興趣，他們在較小的頻譜範圍內更頻繁地購買。

Not sure that we can necessarily point to a growing density in that particular base of clients yet or capacity.

不確定我們是否一定能指出該特定客戶群或容量的密度正在不斷增長。

But I can tell you this particular base of clients sees real value, as I mentioned in our global platform, which really serves well across their requirements.

但我可以告訴您，正如我在我們的全球平台中提到的那樣，這個特定的客戶群看到了真正的價值，該平台確實很好地滿足了他們的需求。

And just one, Chris, why don't you just chime in on the early reads on the HD Colo 2.0, I would say an uptick in the enterprise segment?

克里斯，為什麼不插話一下 HD Colo 2.0 的早期讀物，我想說的是企業區隔市場的成長？

No, so I think I agree with you, Andy, on the macro trend of what we're doing with HD Colo is just really aligning the right capability to cool some of these higher-power density requirements coming into the market.

不，所以我想我同意你的觀點，安迪，我們對 HD Colo 所做的事情的宏觀趨勢只是真正調整正確的功能，以冷卻進入市場的一些更高功率密度的要求。

And so we see a lot of the capabilities that we brought in across the 170 facilities.

因此，我們看到了我們在 170 個設施中引入的許多功能。

We can execute these higher-density solutions in 12 weeks or less.

我們可以在 12 週或更短的時間內執行這些更高密度的解決方案。

And I think what's interesting about that is the capacity blocks are getting larger, but like the capabilities that customers are trying to bring to market are definitely challenging for a lot of your traditional Colo offerings where we've really started to see that come to market about six to seven months ago.

我認為有趣的是，容量塊正在變得越來越大，但是就像客戶試圖推向市場的功能一樣，對於許多傳統的託管產品來說肯定是具有挑戰性的，我們已經真正開始看到這些產品進入市場大約六到七個月前。

And so we've been able to pre-procure a lot of these capabilities to get ahead of that challenge.

因此，我們已經能夠預先採購許多此類功能來應對這項挑戰。

But just kind of current rack densities in the market today are 6 to 8 kilowatts.

但目前市面上的機架密度僅 6 至 8 千瓦。

And I think one of the things I think you're really hitting on is like what are some of these new requirements coming in.

我認為您真正關注的一件事是其中一些新的要求是什麼。

And so healthcare, we're seeing 10 kilowatts of rack.

在醫療保健方面，我們看到了 10 千瓦的機架。

I mean, gaming, we're seeing 15 kilowatts of rack this last quarter.

我的意思是，就遊戲而言，上個季度我們看到了 15 千瓦的機架。

And then some of the AI software capabilities, 40 kilowatts.

然後是一些AI軟體能力，40千瓦。

But at the end of the day, we can meet a customer requirement of 150 kilowatts.

但最終，我們可以滿足客戶 150 千瓦的需求。

So we have a lot of runway with that.

所以我們有很多跑道。

And to put a little context to it, in the most recent state-of-the-art NVIDIA GB200, we can support that requirement in an under 12-week fashion with our current HD Colo offering.

簡單介紹一下，在最新的最先進的 NVIDIA GB200 中，我們可以透過我們目前的 HD Colo 產品在 12 週內支援該要求。

So definitely seeing a lot of growth in that market.

因此，該市場肯定會出現很大的成長。

Anthony Hau, Truist.

安東尼·豪，真理主義者。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

I noticed that the weighted average commencement period for new leases are 20 months away.

我注意到新租約的加權平均開始期還有 20 個月。

I'm assuming most of these leases are probably for 2026 deliveries, but are customers looking to sign leases for 2027?

我假設這些租賃中的大部分可能是在 2026 年交付的，但客戶是否希望簽署 2027 年的租賃？

If they are, what type of customers are looking to pick up space thus far out?

如果是的話，目前為止什麼類型的客戶正在尋求租用空間？

Thanks.

謝謝。

So I mean customers, especially when it comes to larger capacity blocks, they're really trying to future proof and that's where our 3 gigawatts of growth comes in handy.

所以我的意思是客戶，特別是當涉及到更大容量的區塊時，他們確實在努力證明未來的能力，而這正是我們 3 吉瓦的成長派上用場的地方。

So the nearest-term deliveries are precious, but I think in the years ahead.

因此，最近的交付是寶貴的，但我認為在未來的幾年裡。

Now that particular example, as I mentioned, the 20 months was elongated because that one particular customer had very much their eyesight on a particular market and then various restrictions about where they could grow and where we can support that growth, we are literally their capacity.

現在，正如我所提到的，這個特定的例子，20 個月被延長，因為某個特定客戶對特定市場非常有眼光，然後對他們可以成長的地方以及我們可以支持這種成長的地方有各種限制，我們實際上是他們的能力。

So that we were able to do deliver as fast as we could, but it certainly elongated.

這樣我們就能夠盡可能地快速交付，但時間肯定會延長。

Look, excluding that one outlier, we're close to 4.5 months.

看，排除那個異常值，我們已經接近 4.5 個月了。

And I think I wouldn't count on those outliers consistently popping up, they'll be more sporadic.

我認為我不會指望這些異常值會不斷出現，它們會更加零星。

Brandon Nispel, KeyBanc Capital Markets.

布蘭登‧尼斯佩爾 (Brandon Nispel)，KeyBanc 資本市場。

Hi, thanks for taking the question.

您好，感謝您提出問題。

Question for Matt.

問馬特的問題。

Can you talk about not updating the guidance at all?

能談談根本不更新指南嗎？

Maybe there is some moving pieces from FX and the recent acquisition that you call out.

也許 FX 和您提到的最近的收購有一些令人感動的事情。

Just as I was looking at it, if you look at the first half of the year and annualize it, revenue really need to accelerate while adjusted EBITDA would need to be backwards, actually to hit the midpoint of your guide.

正如我所看到的，如果你看看上半年並將其年化，收入確實需要加速，而調整後的 EBITDA 則需要向後，實際上才能達到指南的中點。

So I guess, the question is, is the EBITDA FFO guidance is conservative?

所以我想，問題是，EBITDA FFO 指導是否保守？

Are there some uncertainty in terms of timing of commencements, unusual expenses?

開工時間、異常費用是否有不確定性？

Hoping you could just unpack that for us.

希望你能為我們打開它。

Thanks.

謝謝。

Sure. look I would, again, I'd probably focus kind of on the bottom line.

當然。看起來，我可能會再次關注底線。

If you look at where we are halfway through the year, we're a little less than halfway through the midpoint of our core FFO guidance.

如果你看看我們今年過半的情況，你會發現我們還不到核心 FFO 指導方針的中點。

And we talked about -- we expected this quarter would have a little bit of pressure because of the capital recycling efforts that where we've concluded with closing CH2 and having the related income from that come out this quarter.

我們談到——我們預計本季會面臨一些壓力，因為我們已經完成了關閉 CH2 的資本回收工作，並在本季度產生了相關收入。

And so look what we're going to see is in the second half, growth we're expecting to improve and accelerate as the backlog of deals and signings come online.

因此，看看我們將在下半年看到的情況，隨著交易和簽約的積壓，我們預計成長將得到改善和加速。

And as we haven't changed the guidance, we've obviously given a wide range.

由於我們沒有改變指導方針，因此我們顯然給出了廣泛的範圍。

But I think where we are this year and the expectations for accelerating in the back half, which I think will set us up very nicely for 2025.

但我認為我們今年所處的位置以及下半年加速的預期，我認為這將為我們 2025 年做好準備。

We feel pretty good about the midpoint of guidance and being able to achieve that.

我們對指導的中點以及能夠實現這一目標感到非常滿意。

Thank you.

謝謝。

That concludes the Q&A portion of today's call.

今天電話會議的問答部分到此結束。

I'd like to now turn the call back over to President and CEO, Andy Power, for closing remarks.

我現在想將電話轉回給總裁兼執行長安迪鮑爾 (Andy Power)，讓其致閉幕詞。

Andy, please go ahead.

安迪，請繼續。

Thank you.

謝謝。

Digital Realty posted another strong quarter in 2Q with record leasing in the first half, demonstrating how Digital Realty is positioned to support the elevated level of demand we continue to see for data center infrastructure.

Digital Realty 在第二季再次表現強勁，上半年的租賃量創歷史新高，這表明 Digital Realty 如何能夠支援我們持續看到的資料中心基礎設施不斷增長的需求水準。

Fundamental strength continued through the second quarter with robust leasing volume, healthy pricing, and record commencements poised to drive an acceleration in bottom line growth.

第二季基本面持續強勁，強勁的租賃量、健康的定價和創紀錄的開工率將推動利潤加速成長。

We continue to innovate and integrate with the rollout of HD Colo 2.0 and the addition of new cloud on-ramps to PlatformDIGITAL in the quarter.

我們繼續創新和集成，推出了 HD Colo 2.0，並在本季度為 PlatformDIGITAL 添加了新的雲端入口。

Then we have repositioned the balance sheet by recycling capital out of stabilized assets, diversifying our capital sources, and reducing our leverage.

然後，我們透過從穩定資產中回收資本、實現資本來源多角化並降低槓桿來重新定位資產負債表。

All of this was done with an eye towards improving our growth profile while supporting our customers' growing needs.

所有這一切都是為了改善我們的成長狀況，同時支援客戶不斷增長的需求。

We are excited about this quarter's results and remain optimistic about the outlook for data center demand and our position in the market.

我們對本季的業績感到興奮，並對資料中心需求的前景和我們在市場中的地位保持樂觀。

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

我要感謝大家今天加入，並感謝 Digital Realty 敬業且出色的團隊，是他們推動了數位世界的發展。

Thank you.

謝謝。

The conference is now concluded.

會議現已結束。

Thank you for joining today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。