Digital Realty Trust Inc (DLR) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to the Digital Realty Third Quarter 2024 Earnings Conference Call.

下午好，歡迎參加 Digital Realty 2024 年第三季財報電話會議。

Please note, this event is being recorded.

請注意，此事件正在被記錄。

(Operator Instructions) I would now like to turn the call over to Jordan Sadler, Digital Realty's Senior Vice President of Public and Private Investor Relations.

（操作員說明）我現在想將電話轉給 Digital Realty 公共和私人投資者關係高級副總裁 Jordan Sadler。

Jordan, please go ahead.

喬丹，請繼續。

Thank you, operator, and welcome, everyone, to Digital Realty's Third Quarter 2024 Earnings Conference Call.

謝謝業者，歡迎大家參加 Digital Realty 2024 年第三季財報電話會議。

Joining me on today's call are President and CEO, Andy Power; and CFO, Matt Mercier; Chief Investment Officer, Greg Wright; and 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還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；技術長 Chris Sharp；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.

管理層將發表前瞻性聲明，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出現重大差異。

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.

本次電話會議將包含非公認會計準則財務資訊。

Reconciliations to net income are included in the supplemental package furnished to the SEC and available on our website.

淨利潤調節表包含在向 SEC 提供的補充包中，並可在我們的網站上取得。

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

在我將電話轉給安迪之前，讓我先介紹一下第三季的一些關鍵要點。

First, new leasing volume of $521 million at our share shattered our prior record and even our own expectations for the realm of possibility in a quarter.

首先，我們所佔份額的新租賃額達到 5.21 億美元，打破了我們先前的記錄，甚至打破了我們對一個季度可能性範圍的預期。

In fact, 3Q leasing was more than a full year's worth by previous standards as activity in the quarter exceeded the leasing completed in all of 2023, pushing our backlog of signed but not commenced leases up to nearly $860 million.

事實上，按照先前的標準，第三季的租賃量超過了全年的價值，因為該季度的活動超過了2023 年全年完成的租賃量，使我們已簽署但未開始的租賃積壓達到近8.6億美元。

While greater-than-a-megawatt leasing was the primary driver, our 0-1 megawatt plus interconnection segment also posted record bookings in the quarter.

雖然超過 1 兆瓦的租賃是主要驅動力，但我們的 0-1 兆瓦及互連部分在本季度也創下了預訂量紀錄。

Second, strong fundamentals translated into improved pricing for data center capacity, and this was evident across both new and renewed leases with record rates on new greater-than-a-megawatt leases, 4% escalators on the majority of new leases and a record 15% uplift in cash renewal spreads in the quarter.

其次，強勁的基本面轉化為資料中心容量定價的改善，這點在新租約和續約租約中都很明顯，新租約超過1 兆瓦的租約費率創歷史新高，大多數新租約利率上升4 %，創紀錄的15%本季現金更新利差增幅百分比。

And third, our development pipeline increased by nearly 50% sequentially to 644 megawatts under construction and is now 74% pre-leased at a 12% average expected yield as a result of successful leasing of shell and land capacity in North America.

第三，我們的開發案比上一季增加了近50%，在建裝置容量達到644 兆瓦，由於成功租賃了北美的空殼和土地產能，目前已預租74%，平均預期收益率為12%。

These results continue to move Digital Realty closer to management's objective to improve longer-term sustainable growth.

這些結果繼續推動 Digital Realty 更接近管理層的目標，即改善長期可持續成長。

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.

謝謝喬丹，也謝謝大家加入我們的電話會議。

I don't often start this way, but this quarter was certainly one for the record books.

我不常以這種方式開始，但這個季度無疑是創紀錄的一個季度。

As Jordan noted, we posted record results across a broad array of metrics.

正如喬丹所指出的，我們在一系列廣泛的指標上發布了創紀錄的結果。

These results are the product of Digital Realty's team, capitalizing on a favorable demand backdrop, but are also a testament to our efforts to enhance our value proposition and to drive long-term sustainable growth.

這些成果是 Digital Realty 團隊利用有利的需求背景所取得的成果，同時也證明了我們為增強價值主張和推動長期永續成長所做的努力。

Demand for data center capacity remains strong, both for larger capacity blocks in our core markets and to support continued growth in both cloud and digital transformation.

對資料中心容量的需求仍然強勁，既是為了我們核心市場中更大的容量塊，也是為了支持雲端和數位轉型的持續成長。

We are well positioned to take advantage of this favorable environment given our full spectrum strategy, our global footprint across six continents and a robust land bank that can support 3 gigawatts-plus of incremental development, together with an investment-grade balance sheet that is complemented by a diverse group of capital partners and the expertise to put it all together and operate these facilities on behalf of the world's leading technology companies and enterprises.

鑑於我們的全方位策略、遍布六大洲的全球足跡以及可支持 3 吉瓦以上增量開發的強大土地儲備，以及補充的投資級資產負債表，我們已做好充分利用這一有利環境的準備由多元化的資本合作夥伴群體和專業知識將其整合在一起並代表世界領先的技術公司和企業運營這些設施。

Highlights for the third quarter were abundant and include $521 million of new leases signed at Digital Realty share, more than double our prior record in the first quarter of this year.

第三季亮點紛呈，其中包括 Digital Realty 股份簽署的價值 5.21 億美元的新租約，是我們今年第一季之前記錄的兩倍多。

Greater-than-a-megawatt bookings in North America led the way, driven by large hyperscale deals in Manassas, Ashburn and Chicago.

在馬納薩斯、阿什本和芝加哥的大型超大規模交易的推動下，北美超過兆瓦的預訂量處於領先地位。

New leasing volume in this segment was up more than 75% from the 1Q record, while pricing moved up nearly 30%.

該細分市場的新增租賃量較第一季記錄增加了 75% 以上，而價格上漲了近 30%。

Included in our greater-than-a-megawatt signings was a large lease in our hyperscale development venture in Manassas.

我們簽署的超過一兆瓦的合約中包括我們在馬納薩斯的超大規模開發企業的大量租賃。

Like all of our JVs, we report these leasing results at our share or 20% in this case.

與我們所有的合資企業一樣，我們以我們的份額或本例中的 20% 報告這些租賃結果。

The total leasing into our facilities at 100% share was in excess of $700 million in the third quarter, demonstrating the significant appetite for data center capacity.

第三季我們的設施以 100% 份額租賃的總金額超過 7 億美元，這顯示了對資料中心容量的巨大需求。

Given the size of those numbers, it might be easy to overlook a very strategic and important milestone with a sizable record quarter in our 0-1-plus interconnection business which saw more than $66 million of new bookings, topping our prior record in this product category by over 20%, with particular strength in small deals under 0.5 megawatt, which accounted for 80% of our 0-1 megawatt leasing.

考慮到這些數字的規模，我們可能很容易忽略一個非常具有戰略意義和重要的里程碑，即我們的0-1+ 互連業務季度創下了相當大的記錄，新預訂量超過6600 萬美元，超過了我們先前在此產品中的記錄類別成長超過 20%，特別是 0.5 兆瓦以下的小額交易，占我們 0-1 兆瓦租賃的 80%。

Not to be forgotten, new interconnection bookings also hit a record in the quarter.

不要忘記，本季新的互連預訂也創下了紀錄。

We view these bookings very favorably as it further validates our full-spectrum product strategy and provides us with growing momentum in a segment with durable pricing power and steadily increasing customer demand.

我們非常看好這些預訂，因為它進一步驗證了我們的全系列產品策略，並為我們在具有持久定價能力和穩步增長的客戶需求的細分市場中提供了成長動力。

Our strength in this category was also characterized by a record 149 new logos for the quarter.

我們在這一類別中的優勢也體現在本季創紀錄的 149 個新標誌。

PlatformDIGITAL offers our customers the convenience and simplicity to manage their global data center needs and is reflected by record export activity in the third quarter, which were 50%-plus higher year-over-year with Americas to EMEA exports leading the way, followed by APAC into the Americas.

PlatformDIGITAL 為我們的客戶提供了管理全球資料中心需求的便利性和簡單性，第三季創紀錄的出口活動反映了這一點，年增率50% 以上，其中美洲至歐洲、中東和非洲的出口領先，其次是亞太地區進入美洲。

With a record $859 million backlog of favorably priced leases, largely commencing over the next two years, we are positioned for accelerating top line and bottom-line growth.

價格優惠的租賃訂單已達創紀錄的 8.59 億美元，大部分在未來兩年內開始，我們已做好了加速營收和利潤成長的準備。

In support of our customers' growing requirements and all of the new leasing accomplished in the quarter, we also substantially scaled our development pipeline in the third quarter, increasing the capacity underway by almost 50% to 644 megawatts under construction today.

為了支持客戶不斷增長的需求和本季完成的所有新租賃，我們也在第三季大幅擴展了開發管道，將在建容量增加了近 50%，達到目前正在建造的 644 兆瓦。

And we maintained another 3 gigawatts of buildable IT load capacity in land and shell condition.

我們在陸地和外殼條件下保持了另外 3 吉瓦的可建造 IT 負載能力。

As we noted last quarter, we also strengthened our value proposition in Europe with the acquisition of a densely connected enterprise data center campus in Slough.

正如我們上季度所指出的，我們也透過收購位於斯勞的密集連接的企業資料中心園區來加強我們在歐洲的價值主張。

During the quarter, we also continued to bolster our balance sheet and diversify our capital sources through a combination of favorable debt and ATM issuances.

本季度，我們也繼續透過優惠債務和 ATM 發行相結合的方式增強資產負債表並實現資本來源多元化。

Matt will provide more details on these activities in a few minutes.

馬特將在幾分鐘內提供有關這些活動的更多詳細資訊。

Over the past few weeks, we've seen several examples of the lengths that some hyperscalers will go to reserve enough power for their fast-growing compute requirements.

在過去的幾周里，我們看到了一些超大規模企業為滿足快速成長的運算需求而保留足夠電力的例子。

We've seen a deal to reactivate Three Mile Island, another hyperscaler partnering with an existing utility to develop small modular reactors and the third, executing power purchase agreements to purchase nuclear energy for multiple SMRs that have yet to be built.

我們已經看到了一項重新啟動三英里島的交易，這是另一家與現有公用事業公司合作開發小型模組化反應器的超大型企業，第三家是執行電力購買協議，為多個尚未建成的中小型反應器購買核能。

These agreements are similar in that they are seeking long-term carbon-free energy solutions to help power growing data center portfolios and speak to the longer-term demand outlook for data center capacity.

這些協議的相似之處在於，它們都在尋求長期的無碳能源解決方案，以幫助為不斷增長的資料中心投資組合提供動力，並說明資料中心容量的長期需求前景。

Yet each of these plants is still years away from beginning to generate power, underscoring the value of large capacity blocks today and perhaps for the next several years.

然而，這些電廠距離開始發電還需要數年時間，這突顯了大容量機組在當今乃至未來幾年的價值。

And sourcing available power is just one piece of the data center infrastructure puzzle.

取得可用電力只是資料中心基礎設施難題的一部分。

Supply chain management, construction management and operating expertise are all challenges that customers rely on Digital Realty to solve, and they are clearly a critical aspect of the overall value proposition that we bring to the table.

供應鏈管理、施工管理和營運專業知識都是客戶依靠 Digital Realty 解決的挑戰，而且它們顯然是我們提出的整體價值主張的關鍵面向。

While the large hyperscale deals get plenty of focus, customers and partners are recognizing the value that Digital Realty's meeting place can bring to their private cloud and hybrid IT applications around the world.

雖然大型超大規模交易受到廣泛關注，但客戶和合作夥伴正在認識到 Digital Realty 的會議場所可以為其全球各地的私有雲和混合 IT 應用程式帶來的價值。

We continue to see a meaningful share of our 0-1-megawatt wins influenced by our partners, expanding our reach into more enterprises around the world.

我們繼續看到我們的 0-1 兆瓦電力項目中很大一部分受到我們合作夥伴的影響，從而將我們的影響力擴展到全球更多企業。

Our wins this quarter include a Global 2000 telecom provider who partners with one of our largest customers choosing PlatformDIGITAL to deploy a distributed cloud solution to alleviate geographic data gravity challenges.

本季我們的勝利包括一家全球 2000 強電信供應商，該供應商與我們最大的客戶之一合作，選擇 PlatformDIGITAL 部署分散式雲端解決方案，以緩解地理資料重力挑戰。

A leading health care provider and a new logo for Digital Realty, which also came to us from a partner, modernizing its infrastructure to take advantage of the cloud connectivity available on PlatformDIGITAL, while maintaining data compliance for personal health information privacy.

一家領先的醫療保健提供者和Digital Realty 的新標誌（該標誌也是由合作夥伴提供給我們的），對其基礎設施進行現代化改造，以利用PlatformDIGITAL 上提供的雲端連接，同時保持個人健康資訊隱私的數據合規性。

Another new logo, an international financial institution critical to global financial and monetary policy, chose PlatformDIGITAL to secure their cloud requirements while maintaining global access.

另一個新標誌是對全球金融和貨幣政策至關重要的國際金融機構，它選擇 PlatformDIGITAL 來滿足其雲端需求，同時保持全球訪問。

A Global 2000 technology company is expanding their presence on PlatformDIGITAL in support of its autonomous driving solution.

一家全球 2000 大科技公司正在擴大其在 PlatformDIGITAL 上的業務，以支援其自動駕駛解決方案。

A top 20 Japanese electronics and semiconductor manufacturer is joining PlatformDIGITAL through another partner as part of an integrated tech-refresh initiative where robust connectivity was a critical differentiator.

日本排名前 20 的電子和半導體製造商正在透過另一家合作夥伴加入 PlatformDIGITAL，作為綜合技術更新計劃的一部分，其中強大的連接性是一個關鍵的差異化因素。

And a global cloud optimization provider is deploying additional capacity on PlatformDIGITAL across two continents to support their expanding enterprise customer base, who require access to rich and scalable connectivity solutions.

一家全球雲端優化供應商正在跨兩大洲的 PlatformDIGITAL 上部署額外容量，以支援其不斷擴大的企業客戶群，這些客戶需要存取豐富且可擴展的連接解決方案。

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

在交給 Matt 之前，我想談談我們第三季的全球 ESG 進度。

We continue to lead the industry in green building IT capacity, the 178 megawatts certified in the last 12 months, while our Swiss team achieved the first-ever Swiss Datacenter Efficiency Association Gold+ certification for our data centers in Zurich.

我們在綠色建築IT 容量方面繼續處於行業領先地位，在過去12 個月內獲得了178 兆瓦的認證，而我們的瑞士團隊為我們位於蘇黎世的數據中心獲得了有史以來第一個瑞士數據中心效率協會Gold+ 認證。

Digital Realty also continued to be recognized for ESG leadership, including BroadGroup's Datacloud Global Awards 2024 for AI Data Centre of the Year and Tech Capital's Digital Infrastructure Action Global Award 2024 and Frost & Sullivan recognized our Japanese joint venture, MC Digital Realty with the 2024 Japan Data Center Services Company of the Year Award.

Digital Realty 也繼續在ESG 領導力方面獲得認可，包括BroadGroup 頒發的2024 年Datacloud 全球獎（年度人工智慧資料中心）和Tech Capital 頒發的2024 年數位基礎設施行動全球獎，Frost & Sullivan 也表彰了我們的日本合資企業MC Digital Realty 與2024 年日本年度資料中心服務公司獎。

Moving to green finance, where Digital continues to be a leader in the data center industry.

轉向綠色金融，Digital 繼續成為資料中心產業的領導者。

During the quarter, we issued EUR850 million green bond, adding to Digital's long history of support for linking its debt to sustainable projects.

本季度，我們發行了 8.5 億歐元的綠色債券，進一步鞏固了 Digital 長期以來對將其債務與永續項目掛鉤的支持。

Additionally, we maintained a sustainability-linked pricing component on our new credit facility, further demonstrating the company's commitment to ESG.

此外，我們在新的信貸安排中保留了與永續發展相關的定價部分，進一步體現了公司對 ESG 的承諾。

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 third quarter results.

讓我直接進入我們第三季的業績。

We signed $521 million of new leases in the third quarter, of which $450 million fell into the greater-than-a-megawatt category and was heavily weighted toward the Americas.

第三季度，我們簽署了 5.21 億美元的新租賃合同，其中 4.5 億美元屬於兆瓦以上類別，並且主要集中在美洲。

We also signed $50 million of 0-1 megawatt leases and $16 million of interconnection bookings.

我們還簽署了 5000 萬美元的 0-1 兆瓦租賃合約和 1600 萬美元的互連預訂。

Each of these figures were new records for Digital Realty.

這些數字都是 Digital Realty 的新紀錄。

Importantly, more than 75% of the dollar volume of leases signed include annual rent escalators of 4% or greater, which bolsters the growth profile associated with our portfolio of long-term hyperscale leases.

重要的是，超過 75% 的已簽署租賃金額包括 4% 或更高的年租金階梯，這增強了我們長期超大規模租賃組合的成長前景。

Our backlog at Digital Realty share increased by more than 60% sequentially to $859 million at the end of September as new leasing dramatically outpaced $180 million of record commencements in the quarter.

截至 9 月底，Digital Realty 的積壓訂單份額環比增長了 60% 以上，達到 8.59 億美元，本季新租賃量大幅超過創紀錄的 1.8 億美元。

To offer some perspective, the backlog now represents 20% of this quarter's annualized data center revenues and we expect more than 85% of these leases to commence by the end of 2026.

從一些角度來看，積壓的訂單目前佔本季資料中心年化收入的 20%，我們預計其中 85% 以上的租賃將在 2026 年底開始。

Looking ahead, $100 million of the backlog is scheduled to commence by the end of this year, with another $350 million scheduled to commence next year and over $300 million already slated to commence in 2026, setting us up for accelerating multiyear growth.

展望未來，積壓的 1 億美元計劃於今年年底開始，另外 3.5 億美元計劃於明年開始，超過 3 億美元已計劃於 2026 年開始，為我們加速多年增長做好準備。

During the third quarter, we signed $258 million of renewal leases at a 15.2% increase on a cash basis, driving year-to-date cash renewal spreads to 10.5%.

第三季度，我們簽署了 2.58 億美元的續租合同，現金基礎上增長了 15.2%，推動年初至今的現金續租利差達到 10.5%。

Similar to the first quarter, these robust re-leasing spreads were driven by a package deal that pulled forward a sizable renewal that was not scheduled to expire for several more years.

與第一季類似，這些強勁的轉租利差是由一攬子交易推動的，該交易推動了預計在幾年內不會到期的大規模續租。

Excluding this package deal, overall renewal spreads were still a healthy 5.8%, which is more consistent with the 5% to 7% guidance we previously provided for 2024.

排除此一攬子交易，整體續約價差仍保持在 5.8% 的健康水平，這與我們之前為 2024 年提供的 5% 至 7% 的指導更為一致。

While the package deals demonstrate the levers available to capitalize on the current pricing environment and also reflect our customers' views of the overall market, they are less predictable in nature.

雖然一攬子交易展示了可利用當前定價環境的槓桿，也反映了客戶對整個市場的看法，但它們本質上不太可預測。

Breaking down renewals by product category, cash renewal spreads in the 0-1 megawatt segment were up a healthy 4.5% in the third quarter.

按產品類別細分續約，第三季 0-1 兆瓦細分市場的現金續約價差健康成長了 4.5%。

While re-leasing spreads in the greater-than-a-megawatt segment were up by over 30%.

而超過 1 兆瓦的再租賃價差則上漲了 30% 以上。

Excluding the package deal, greater-than-a-megawatt renewals were still up 8.6%.

不包括一攬子交易，超過兆瓦的續約量仍成長 8.6%。

For the quarter, churn remained low and well controlled at 1.5%.

本季度，客戶流失率保持在較低水平，並良好控制在 1.5%。

In terms of earnings, we reported third quarter core FFO of $1.67 per share, reflecting continued healthy growth in revenues and adjusted EBITDA.

在收益方面，我們報告第三季核心 FFO 為每股 1.67 美元，反映出營收和調整後 EBITDA 的持續健康成長。

Data center revenue grew by 7.5% year-over-year as the combination of improved renewal spreads, rent escalators and year-to-date commencements more than offset the drag associated with the more than $2.5 billion of capital recycling activity since the middle of 2023.

資料中心收入年增 7.5%，原因是續訂利差改善、租金上漲和年初至今的開工率相結合，足以抵消自 2023 年中期以來超過 25 億美元的資本回收活動帶來的拖累。

Pro forma for the transaction activity, data center revenues were up 10% year-over-year.

預計交易活動資料中心營收年增 10%。

Adjusted EBITDA increased by 11% year-over-year, principally due to a near 200 basis point improvement in margin from the flow-through of higher data center and interconnection revenues with improved pricing.

調整後 EBITDA 年成長 11%，主要是由於資料中心和互連收入增加以及定價改善帶來的利潤率提高了近 200 個基點。

Same capital NOI growth increased by 0.8% year-over-year in the third quarter, as 2.5% growth in data center revenue was offset by higher property operating costs and roughly 200 basis points of bad debt reserves in the quarter.

第三季同資本 NOI 成長年增 0.8%，資料中心營收 2.5% 的成長被較高的物業營運成本和本季約 200 個基點的壞帳準備金所抵銷。

Year-to-date, same-capital cash NOI has increased by 2.6%, which continues to be negatively impacted by about 200 basis points of power margin headwinds year-over-year, given the elevated utility prices in EMEA in 2023.

今年迄今為止，相同資本的現金 NOI 增長了 2.6%，鑑於 2023 年 EMEA 公用事業價格上漲，這一影響繼續受到電力利潤率同比約 200 個基點逆風的負面影響。

Moving on to our investment activity.

繼續我們的投資活動。

We spent $651 million on consolidated development in the third quarter.

第三季我們在整合開發上花了 6.51 億美元。

Gross development spend at 100% share was $855 million in the quarter.

本季 100% 份額的開發總支出為 8.55 億美元。

Given the strong demand for data center capacity, we doubled our development underway in the Americas and added more projects in EMEA for an almost 50% increase in our pipeline, ending the quarter with 644 megawatts under construction.

鑑於對資料中心容量的強勁需求，我們將美洲的開發項目增加了一倍，並在歐洲、中東和非洲地區增加了更多項目，使我們的管道項目增加了近50%，本季度末在建項目達到644 兆瓦。

More specifically, we delivered just 36 megawatts of new capacity in the quarter while we backfilled the pipeline with another 244 megawatts of new starts at 100% share.

更具體地說，我們在本季度僅交付了 36 兆瓦的新產能，同時我們以 100% 的份額回填了另外 244 兆瓦的新啟動產能。

The overall pipeline is now 74% preleased, up from 66% at the end of 2Q with an average expected yield of 12%.

目前，整體管道已預發行 74%，高於第二季末的 66%，平均預期收益率為 12%。

Almost all the development underway in the Americas is preleased with an expected stabilized yield of 13.6%.

美洲正在進行的幾乎所有開發案均已預售，預期穩定收益率為 13.6%。

Some development capacity remains in both EMEA and APAC, with both currently expecting stabilized yields over 10%.

歐洲、中東和非洲和亞太地區仍保留一些開發能力，目前預期收益率將穩定在 10% 以上。

Over the first nine months of the year, we spent $2.4 billion in development CapEx at 100% share, which has been balanced by nearly $900 million of partner contributions, keeping us on track and well within the range of our original full year spending expectations.

今年前9 個月，我們以100% 的份額投入了24 億美元的開發資本支出，並由近9 億美元的合作夥伴貢獻進行了平衡，使我們保持在正軌上，並完全在我們最初的全年支出預期範圍內。

Turning to the balance sheet.

轉向資產負債表。

We continue to strengthen our balance sheet in the third quarter, with over $800 million of equity raised on the ATM.

第三季我們繼續強化資產負債表，透過 ATM 籌集了超過 8 億美元的股本。

On the debt side, we paid off GBP 250 million gilts in July and added an EUR 850 million green bond in September.

在債務方面，我們在 7 月償還了 2.5 億英鎊的國債，並在 9 月增加了 8.5 億歐元的綠色債券。

We also upsized and extended our credit facilities to $4.5 billion in September.

9 月份，我們也擴大並擴大了信貸額度至 45 億美元。

At the end of the third quarter, we had nearly $5 billion of total liquidity, and our net debt-to-EBITDA ratio was 5.4 times.

截至第三季末，我們的流動資金總額接近 50 億美元，淨負債與 EBITDA 的比率為 5.4 倍。

Moving on to our debt profile.

繼續我們的債務狀況。

Our weighted average debt maturity is over four years, and our weighted average interest rate is 2.8%.

我們的加權平均債務期限超過四年，加權平均利率為2.8%。

Approximately 85% of our debt is non-US dollar denominated, reflecting the growth of our global platform and our FX hedging strategy.

我們約 85% 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 89% of our net debt is fixed rate and 96% of our debt is unsecured, providing ample flexibility for capital recycling.

我們約 89% 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, we have no remaining debt maturities until early 2025, and the maturities remained well laddered through 2033.

最後，直到 2025 年初，我們都沒有剩餘債務到期日，而且到 2033 年，到期日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 raising our core FFO guidance range for the full year 2024 to $6.65 to $6.75 per share, increasing the low end of the range by $0.05 per share and maintaining the high end.

我們將 2024 年全年的核心 FFO 指引範圍提高至每股 6.65 美元至 6.75 美元，將該範圍的低端提高了每股 0.05 美元，並維持高端。

The increase in our guide at the midpoint of the range reflects the strength in our year-to-date leasing and commencements and the benefit of stronger-than-expected renewal pricing, partly balanced by the impact of customer bankruptcies in the second half of this year and balance sheet positioning to capitalize on the robust opportunity we are seeing.

我們的指導值在範圍中點的增加反映了我們今年迄今的租賃和開工量的強勁以及強於預期的續訂定價的好處，部分被今年下半年客戶破產的影響所平衡。定位，以利用我們所看到的強勁機會。

We are also adjusting our total revenue guidance to reflect the impact of lower utility expense reimbursements and are increasing our adjusted EBITDA guidance to reflect better-than-expected leasing volumes and higher pricing.

我們也正在調整總收入指引，以反映公用事業費用報銷減少的影響，並提高調整後的 EBITDA 指引，以反映優於預期的租賃量和更高的定價。

Accordingly, we are also adjusting the following operating assumptions.

因此，我們也正在調整以下經營假設。

Reflecting our success on cash renewals to date, we are increasing the full year range to 8% to 10% from 5% to 7%.

為了反映我們迄今為止在現金續約方面的成功，我們將全年範圍從 5% 至 7% 提高到 8% 至 10%。

We are also tightening full year same-store guidance to a range of 2.75% to 3.25%.

我們也將全年同店指引收緊至 2.75% 至 3.25% 的範圍。

In terms of investing expectations for 2024, we tightened the range of our net share development spend to $2.2 billion to $2.4 billion and maintained our recurring maintenance CapEx ranges.

就 2024 年的投資預期而言，我們將淨股票開發支出範圍收緊至 22 億至 24 億美元，並維持經常性維護資本支出範圍。

Lastly, on financing, the EUR850 million bond raise was completed slightly ahead of previous expectations but was mitigated by higher short-term rates than we anticipated at the beginning of this year.

最後，在融資方面，8.5 億歐元的債券發行完成情況略高於先前的預期，但由於短期利率高於我們今年年初的預期，這一情況有所緩解。

Looking to the fourth quarter, core FFO per share remains poised to increase as the momentum from strong year-to-date leasing increasingly contributes to bottom line results.

展望第四季度，每股核心 FFO 仍將成長，因為年初至今強勁的租賃動能日益為獲利做出貢獻。

Looking out in 2025 and beyond, Digital Realty's growth remains poised to accelerate from 2024 levels as the fundamental environment for data centers remain strong, and our robust backlog commences.

展望 2025 年及以後，隨著資料中心的基本環境依然強勁，並且我們強勁的積壓工作開始，Digital Realty 的成長仍有望在 2024 年的基礎上加速。

This concludes our prepared remarks, and now we'll be pleased to take your questions.

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。

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）

Michael Rollins, Citi.

麥可羅林斯，花旗銀行。

Thanks, [Dave] When we were together last in September, and you mentioned there could be another record before the end of the year, this was bigger.

謝謝，[戴夫]去年九月我們在一起時，你提到年底前可能會有另一張唱片，這張唱片更大。

So congrats to you and the team on this.

因此，恭喜您和您的團隊。

Maybe the first question with respect to that is how much of the demand is at a risk of maybe pulling forward what the natural opportunity for Digital Realty is?

也許與此相關的第一個問題是，有多少需求面臨著可能推動 Digital Realty 的自然機會的風險？

And for the capacity that's in the pipeline, but not in development today, how much of that is power ready that's ready to sell into the market?

對於正在建設中但目前尚未開發的產能，其中有多少已準備好並準備出售給市場？

Thanks.

謝謝。

And thanks, Mike.

謝謝，麥克。

Really appreciate it.

真的很感激。

So going to your question, obviously, a quarter of this magnitude, any one of those sizable deals that slipped the quarter will really change the density of what our fourth quarter looks like.

因此，就你的問題而言，顯然，四分之一的規模，本季下滑的任何一筆大規模交易都將真正改變我們第四季的密度。

So I won't say that there was zero pull forward.

所以我不會說前拉力為零。

But at the same time, we are far from anywhere near selling that.

但同時，我們距離出售它還很遠。

Some of our largest signs during the quarter, selling the capacity blocks that are literally adjacent to the most identically sized capacity blocks with nearing power deliveries in the very same markets we highlighted Manassas and Ashburn being one and two, and Chicago being three in terms of our top signings.

本季我們最大的一些跡像是，銷售的容量塊實際上與尺寸最相同的容量塊相鄰，在同一市場中，我們強調馬納薩斯和阿什本分別為一和二，芝加哥為三。我們的頂級簽約。

Those specific markets go to your second question, they are not ready -- the available capacity in those specific locations that comes next or not necessarily powered today, but those deliveries are approaching rapidly.

這些特定市場涉及你的第二個問題，它們還沒有準備好——接下來出現的特定地點的可用容量或不一定今天通電，但這些交付正在迅速接近。

And we have those in many markets, be it Dallas, Santa Clara in the US, EMEA, we have Frankfurt, Paris, Amsterdam, Seoul, South Korea and as well as similar in South Africa and South America.

我們在許多市場都有這些服務，無論是美國的達拉斯、聖克拉拉、歐洲、中東和非洲，或是法蘭克福、巴黎、阿姆斯特丹、首爾、韓國，以及南非和南美洲的類似服務。

And those all aggregate to north of 3 gigawatts of capacity, including shell capacity that we can activate quickly.

這些合計容量超過 3 吉瓦，其中包括我們可以快速啟動的殼容量。

So -- and last but not the least, we also -- as you saw in some of the release, we've not been sitting idle.

因此，最後但並非最不重要的一點是，正如您在某些版本中看到的那樣，我們並沒有閒著。

We've made some very attractive additions including a parcel that will be adjacent to our Richardson campus in Dallas, I think approaches 80 megawatts of growth capacity and more to come.

我們已經做了一些非常有吸引力的補充，包括毗鄰達拉斯理查森園區的一個地塊，我認為成長容量接近 80 兆瓦，而且未來還會有更多。

So I don't -- I wouldn't call this as a massive pull forward.

所以我不認為這是一個巨大的推動。

Quite frankly, the scaling of demand we're seeing take place here, I think, is just overall restrained from numerous factors.

坦白說，我認為，我們在這裡看到的需求規模總體上受到許多因素的限制。

Jon Petersen, Jefferies.

喬恩彼得森，傑弗里斯。

Great.

偉大的。

Thanks.

謝謝。

Really impressive quarter, good job guys.

真是令人印象深刻的季度，幹得好，夥計們。

I wanted to ask, so clearly, given the size of these leases, it seems like we're probably talking about AI use cases and some of the latest GPU technology out there.

我想明確地問，考慮到這些租賃的規模，我們似乎正在談論人工智慧用例和一些最新的 GPU 技術。

So maybe can you give us some more color on some of the design changes that are required to meet these power densities?

那麼，您能否為我們提供更多有關滿足這些功率密度所需的一些設計變更的資訊？

And then also the rental rates were -- looked really impressive.

然後租金率看起來確實令人印象深刻。

But I'm kind of curious if the build cost side of it is also higher on some of the leases that you signed this quarter.

但我有點好奇您本季簽署的某些租賃的建築成本是否也較高。

Thanks, Jon.

謝謝，喬恩。

Really a massive team effort from obviously the leadership team on the call but broader Digital Realty efforts globally to contribute to this type of quarter.

顯然，領導團隊確實付出了巨大的努力，但 Digital Realty 在全球範圍內也做出了更廣泛的努力，為這一季度做出了貢獻。

Going to the second, then I'll hand it over to Chris and Colin to ham and egg the AI use cases and contributions from AI.

接下來，我將把它交給 Chris 和 Colin，以完善 AI 用例和 AI 的貢獻。

Yes, we've seen some inflationary trends and build costs, bringing more higher power densities has been part of our heritage and that requires incremental CapEx spend.

是的，我們已經看到了一些通貨膨脹趨勢和建設成本，帶來更高的功率密度已經成為我們傳統的一部分，這需要增加資本支出。

But the size of that as a percentage of this build is in the, call it, closer to single-digit percentile increases relative to what you've seen now in the rental rate movements that have well outpaced those inflationary elements.

但相對於你現在所看到的租金變動，其在這項建設中所佔的百分比，可以說是接近個位數的百分位增幅，而租金變動的速度遠遠超過了通貨膨脹因素。

But maybe, Colin, can you just give us a little color on the composition from AI and then Chris can chime in on the -- what we're doing on the tech infrastructure front.

但科林，也許你能給我們介紹一下人工智慧的組成，然後克里斯可以插話一下——我們在技術基礎設施方面正在做的事情。

Sure.

當然。

Thanks, Andy.

謝謝，安迪。

Yeah, contribution was significant about 50% of our overall bookings came from AI.

是的，貢獻很大，我們整體預訂的 50% 左右來自人工智慧。

The larger tranche capacity, which obviously our heritage comes well supported from it is a real value in these use cases.

更大的批次容量顯然是我們的傳統得到了很好的支持，這在這些用例中具有真正的價值。

These large capacity blocks are in high demand across our core markets.

我們的核心市場對這些大容量區塊的需求很大。

And so clients are certainly looking to take advantage of that.

因此，客戶肯定希望利用這一點。

I would also say it's a growing part of our less than 1 megawatt framework Chris and team have rolled out a substantial program in HD Colo, which you can probably highlight in just a moment that really fits in the sweet spot of where we're taking our platform on the whole.

我還想說，它是我們小於1 兆瓦框架的一個不斷增長的部分，Chris 和團隊已經在HD Colo 中推出了一個重要的程序，您可能很快就會強調它，它真正適合我們正在採取的最佳位置我們的平台整體而言。

So Chris?

那麼克里斯呢？

Yeah.

是的。

No, I appreciate it.

不，我很感激。

And I appreciate the question.

我很欣賞這個問題。

This is something that we've been contemplating for many years.

這是我們多年來一直在思考的事情。

So we've seen a lot of the cloud infrastructure densifying, but then as artificial intelligence has come to market, just working on the data center design, and we've talked about this about modularity and the modularity around cooling and being able to maximize the utilization of air, and I think a lot of us is starting to understand that liquid is coming into play, which is a core component that we've always anticipated and how we can retrofit in an efficient fashion to bring that liquid in to meet this demand on a case-by-case basis.

因此，我們看到了很多雲端基礎設施的緻密化，但隨著人工智慧進入市場，我們只專注於數據中心設計，我們已經討論了模組化以及圍繞冷卻和能夠最大化的模組化。我想我們很多人都開始明白液體正在發揮作用，這是我們一直期待的核心組成部分，以及我們如何以有效的方式進行改造以使液體滿足這一要求要根據具體情況而定。

And so I think that's one of the critical elements that we've always watched in the market.

所以我認為這是我們一直在市場上關注的關鍵因素之一。

I think the other thing is the capacity block, just the sheer sizes, but you just heard Andy walk you through, that's also very aligned to what a lot of the AI use cases are looking for.

我認為另一件事是容量塊，只是巨大的尺寸，但你剛剛聽到安迪引導你完成，這也與許多人工智慧用例正在尋找的東西非常一致。

And I think one of the things we're always watching is how inference comes into play.

我認為我們一直關注的事情之一是推理如何發揮作用。

And part of the data center design is also the interconnectivity of that.

資料中心設計的一部分也是其互連性。

And so how we allow those different types of AI environments, be it inference, be it different types of recursive models, where -- how this advanced solutions are coming to market, that's core to what we've been watching and understanding at a very granular level.

因此，我們如何允許這些不同類型的人工智慧環境，無論是推理，還是不同類型的遞歸模型，這種先進的解決方案如何進入市場，這是我們一直在觀察和理解的核心內容。

And then to Colin's point, I think it's important for us to understand how that gets fitted out within the data center.

然後就科林的觀點而言，我認為了解如何在資料中心內進行安裝對我們來說很重要。

So we've launched an offering called HD Colo a while back.

因此，我們不久前推出了名為 HD Colo 的產品。

And I think what's interesting about what we're able to do with HD Colo across 30 markets, 30 metros, 170 facilities, within 12 weeks, we're able to build in a capability that takes you to 150 kilowatts a rack.

我認為有趣的是，我們能夠在 30 個市場、30 個城市、170 個設施中使用 HD Colo 在 12 週內實現每機架 150 千瓦的能力。

And what's important about that to put a little context on it is that supports three NVIDIA H100 systems within a single rack.

重要的是要在一個機架中支援三個 NVIDIA H100 系統。

And so that's what's really -- we're seeing in a lot of the form factors coming to market.

這就是我們在市場上看到的許多外形尺寸的實際情況。

And I think the state of the play today is the latest GB200s from NVIDIA as well.

我認為今天的情況也是來自 NVIDIA 的最新 GB200。

We're constantly staying aligned to how we can support a lot of that infrastructure coming to market.

我們始終致力於如何支持大量進入市場的基礎設施。

David Barden, Bank of America.

大衛巴登，美國銀行。

Hey, guys.

嘿，夥計們。

Thanks so much for taking my question.

非常感謝您提出我的問題。

Wow, okay, that's a great quarter.

哇，好吧，這是一個很棒的季度。

But Andy, I guess a couple of questions, if I could.

但是安迪，如果可以的話，我想問幾個問題。

So this quarter was so strong in the wake of a record quarter in 1Q, a far from record quarter in 2Q, it kind of, I think, scrambles people's expectations about how we think about what's the new normal and when we were talking about the first half, we were saying, well, it was a record first half.

因此，在第一季創紀錄的季度、第二季度遠未創紀錄的季度之後，本季度表現如此強勁，我認為，這有點擾亂了人們對我們如何看待新常態以及當我們談論新常態的期望。

And the average of the first half was about $200 million in new bookings.

上半年平均新預訂量約 2 億美元。

And now we got this crazy number in the third quarter.

現在我們在第三季度得到了這個瘋狂的數字。

Just could you level set people now that we've kind of run the bell about what is the new normal for this?

既然我們已經敲響了警鐘，告訴人們什麼是新常態，你能對人們進行水平設定嗎？

And then the second question was just related to, I think what we just heard, which was that like the first quarter, record quarter, which was 50% AI bookings, the third quarter, a record quarter is also 50% AI bookings which suggests that we're having record everything else to?

然後第二個問題與我們剛剛聽到的有關，就像第一季度，創紀錄的季度，人工智慧預訂量為50%，第三季度，創紀錄的季度，人工智慧預訂量也為50%，這表明我們要記錄其他所有內容嗎？

And could you speak to what is driving that?

您能談談是什麼推動了這個趨勢嗎？

Thanks, David.

謝謝，大衛。

So maybe I'll try to tackle in reverse.

所以也許我會嘗試反向解決。

I think it's very important what you just highlight there.

我認為你剛才強調的內容非常重要。

We're estimating based on numerous data points we have in terms of infrastructure, customer references, applications, estimation of AI today.

我們的估算是基於我們在基礎設施、客戶參考、應用程式和當今人工智慧估算方面擁有的大量數據點。

That could be changing down the road.

這可能會在未來發生變化。

These customers, as you can see from our lease terms, starting 10-, 15-year contracts, and we have the ability to retrofit our infrastructure along the way.

正如您從我們的租賃條款中看到的那樣，這些客戶簽訂了 10 年、15 年的合同，我們有能力一路改造我們的基礎設施。

But I think it's important that the core demand fundamentals that preexisted before GenAI came on the scene are still massive and growing, be it digital transformation for enterprise and hybrid IT and cloud computing.

但我認為重要的是，在 GenAI 出現之前就已存在的核心需求基礎仍然龐大且不斷成長，無論是企業數位轉型還是混合 IT 和雲端運算。

I'm hoping to get a lot more questions on the highlight of $66 million in 0-1 megawatt interconnection.

我希望能就價值 6,600 萬美元的 0-1 兆瓦互連專案提出更多問題。

That's up 20% over our prior record nearly 150 new logos.

這比我們之前創下的近 150 個新標誌的記錄增加了 20%。

So this has not just been about just big large capacity blocks.

因此，這不僅僅是大容量區塊的問題。

This is what we've been spending many years in the making and certainly, our execution has been growing and the fall through of that category has been a major contributor and more to come on that front.

這是我們花了很多年的時間來製作的，當然，我們的執行力一直在增長，而該類別的失敗是一個主要的貢獻者，並且在這方面還會有更多的貢獻。

Going back to your definition of the new normal, a couple of data points that we highlighted two quarters ago that I think are important.

回到您對新常態的定義，我們在兩個季度前強調了幾個我認為很重要的數據點。

First quarter record was based on 10% more megawatts and 60% higher prices.

第一季的記錄是基於增加了 10% 兆瓦和增加了 60% 的價格。

This quarter record is on top of that, 70% more volume, again, on 30% higher prices versus the prior record we just set.

除此之外，本季的紀錄比我們剛剛創下的先前紀錄高出 30%，成交量又增加了 70%，價格也高出 30%。

So these -- both levers, the volume and the price are contributing to this growth algorithm.

因此，這些槓桿、數量和價格都對這種成長演算法做出了貢獻。

When I look at it, I think there's two important other takeaways.

當我看到它時，我認為還有兩個重要的收穫。

We're not going to be able to put up a record quarter like this in Q4, especially in a quarter with so many holidays approaching us.

我們將無法在第四季度創造這樣的創紀錄季度，尤其是在一個有這麼多假期即將到來的季度。

There's no question like that.

不存在這樣的問題。

But if you look at our inventory blocks, we do have a runway to repeat this record down the road.

但如果你看看我們的庫存區塊，我們確實有一條跑道可以在未來重複這項記錄。

There's no question.

毫無疑問。

I don't think we top ticked for Digital in any regard, that's one thing.

我不認為我們在任何方面都最重視數位化，這是一回事。

Two, a lot of these signings are really, call it, turning into long-term contracts with great escalations that are going to commence in late 2025 and 2026 and really hopefully translating into long-term sustainable growth that flows from the top line down to the bottom line.

第二，這些簽約中的許多人實際上是，可以說，變成了長期合同，並將在 2025 年末和 2026 年開始大幅升級，並真正有望轉化為長期可持續增長，從收入到收入底線。

That's another big piece of the composition.

這是作品的另一大塊內容。

And lastly, I try not to focus necessarily on just the fluctuations in the signings.

最後，我盡量不只關注簽約的波動。

But let's look at our backlog.

但讓我們看看我們的積壓工作。

After a record commencement quarter -- during the quarter, we're in a record backlog that represents, call it, 20% of our revenue base today.

在創紀錄的開工季度之後——在本季度，我們的積壓訂單達到了創紀錄的水平，相當於我們今天收入基礎的 20%。

And that record backlog not necessarily maybe next quarter, but I think that record backlog has a lot of potential to keep growing and derisking our revenue run rate for years to come.

創紀錄的積壓不一定會在下個季度出現，但我認為創紀錄的積壓有很大潛力繼續增長，並降低我們未來幾年收入運行率的風險。

Jonathan Atkin, RBC Capital Markets.

喬納森‧阿特金，加拿大皇家銀行資本市場部。

Thank you.

謝謝。

So just given the strong backlog and inventory blocks that you've talked about, just wondering if you could talk about the implications for future CapEx levels given all the demand and the delivery ahead as well as balance sheet leverage goals.

因此，鑑於您所談到的大量積壓和庫存積壓，只是想知道您是否可以談談考慮到所有需求和未來交付以及資產負債表槓桿目標對未來資本支出水準的影響。

Thank you.

謝謝。

Thanks, Jon.

謝謝，喬恩。

I'm going to pass it over to Matt to walk you through those elements.

我將把它交給 Matt，讓他帶您了解這些要素。

Sure.

當然。

Thanks, Jon.

謝謝，喬恩。

So look, I think in terms of CapEx, we're sitting here today, our CapEx for '24, we narrowed it down.

所以，我認為就資本支出而言，我們今天坐在這裡，我們縮小了 24 年的資本支出範圍。

We're still within the range.

我們還在範圍之內。

I think for '25, as we look forward, I mean, we'll obviously give more specific guidance as we get to the fourth quarter, but just considering where we are in terms of the megawatts under construction, I don't suspect that it will be lower than what we're seeing for '24 and again, we'll give more as we look ahead towards guidance at the start of the year.

我認為對於 25 年，當我們展望時，我的意思是，當我們進入第四季度時，我們顯然會給出更具體的指導，但只要考慮到我們在建兆瓦方面的情況，我不懷疑它將低於我們在24 年看到的水平，並且在我們展望年初的指導時，我們將提供更多。

But I think probably somewhat more important and going to your second point, from a balance sheet perspective, we're sitting here today, given all the things we've done to put the balance sheet back in place where we're already at our leverage targets.

但我認為可能更重要的是，從資產負債表的角度來看，我們今天坐在這裡，考慮到我們為使資產負債表恢復到我們已經達到的水平而所做的所有事情。

We've got $5 billion of liquidity.

我們有 50 億美元的流動性。

And ultimately, we've -- I think we've got ahead of, and we've -- our plan, we prudently funded, I think through '25 with a view that we'll be able to stay within those leverage targets as well.

最終，我們——我認為我們已經提前了，而且我們——我們的計劃，我們謹慎地資助，我認為到 25 年，我們將能夠保持在這些槓桿目標之內以及。

Richard Choe, JPMorgan.

理查崔，摩根大通。

Hi.

你好。

I wanted to follow up on these large package deals.

我想跟進這些大型一攬子交易。

You've done two of them now.

現在你已經完成了其中兩個。

How many more are out there that can be done?

還有多少事情可以做？

And is that driving the 4% escalation in the large deals?

這是否會導致大宗交易增加 4%？

Or is 4% kind of something that you're looking at for all deals that are being done?

或者您正在為所有正在進行的交易尋找 4% 的比例？

Thanks, Richard.

謝謝，理查。

So taking the escalation first.

所以首先採取升級。

We have, for some time now, been looking to push on all the levers on our business, and it's whether it's rates, returns, duration of contracts.

一段時間以來，我們一直在尋求推動我們業務的所有槓桿，無論是利率、回報還是合約期限。

And that was, I think -- I believe we were a leader when CPI was escalating to kind of bring more CPI clauses into our contracts and our escalations, and especially the larger contracts have been moving up and up for some time now.

我認為，我相信，當 CPI 升級時，我們是領先者，將更多 CPI 條款納入我們的合約和升級中，尤其是較大的合約已經上漲了一段時間了。

Obviously, when you have core handful of larger deals, having the higher escalation certainly helps the weighting along the way.

顯然，當你擁有少數核心的較大交易時，更高的升級肯定有助於一路上的權重。

And going to your prior question on packaged deals.

回到你之前關於打包交易的問題。

Listen, this is very episodic.

聽著，這是非常情境化的。

I think the good news is even if you take off our largest mark-to-market we're still at cash mark-to-market like close to about 6%, 7% on the high end of our guidance on the cash mark-to-market.

我認為好消息是，即使取消我們最大的以市價計價，我們仍然按現金按市價計價，接近我們現金計價指導上限的 6%、7% 左右。

So one specific deal that you referred to doesn't really -- the underlying deals were also great renewals as well.

因此，您提到的一項具體交易實際上並不重要——基礎交易也是很棒的續約。

In terms of more, this is again, it's a product of having a large installed customer base, which you can see from our top customer role, having customers in 20, 30, 40, 50, 60, 70 locations around the world to help them.

就更多而言，這又是一個擁有龐大客戶群的產物，您可以從我們的頂級客戶角色中看到這一點，在全球20、30、40、50、60、70 個地點擁有客戶來提供幫助他們。

And in times like today, we're seeing some customers having real business needs and urgency around their requirements and being able to come to the table with a holistic solution to help them that brings kind of these packages to the table.

在像今天這樣的時代，我們看到一些客戶有真正的業務需求和緊迫性，並且能夠提供整體解決方案來幫助他們將這些軟體包帶到桌面上。

So again, I can't promise them in any given year or any given quarter, but I think it speaks to breadth of relationships and using all the tools in our toolkit to maximize our growth formula.

再說一次，我不能在任何特定年份或任何特定季度向他們做出承諾，但我認為這說明了關係的廣度以及使用我們工具包中的所有工具來最大化我們的成長公式。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬 (Eric Luebchow)，富國銀行。

Great.

偉大的。

Appreciate you taking the question.

感謝您提出問題。

So just curious, I know you have about 3 gigawatts of land and shell that haven't been developed yet.

只是好奇，我知道你們還有大約 3 吉瓦的土地和外殼尚未開發。

But given the size and the speed of the deals that you're leasing up now, how are you thinking about maintaining that runway either from new land and existing markets, potentially new markets where you could extend your reach even further?

但考慮到您現在租賃的交易的規模和速度，您如何考慮從新土地和現有市場以及可以進一步擴大業務範圍的潛在新市場來維持這條跑道？

And then separately, you touched on a little bit on Northern Virginia.

然後，您分別談到了北維吉尼亞州的一些情況。

I think we've seen some reports here as long as a seven-year wait time for power in parts of that footprint.

我想我們已經在這裡看到了一些報告，其中部分區域的電力等待時間長達七年。

I think you said you still have some capacity blocks in Manassas and in Ashburn.

我想你說過你在馬納薩斯和阿什本仍然有一些產能。

So maybe just an update on power delivery within your footprint would be helpful.

因此，也許只需更新您的足跡內的電力傳輸就會有所幫助。

Thanks, Eric.

謝謝，埃里克。

I'll take the second part first and then hand it over to Greg to speak to what he's been spending a lot of time on this year.

我將首先討論第二部分，然後將其交給格雷格，讓他談談他今年花了很多時間做的事情。

In Northern Virginia, I highlighted those are two major -- those markets were two of our largest capacity signings went into and in those markets, we have adjacent buildings literally identical sizes.

在維吉尼亞州北部，我強調了這兩個主要市場——這些市場是我們簽約的兩個最大容量的市場，在這些市場中，我們相鄰的建築尺寸幾乎相同。

So almost 100-megawatt IT load in both our Digital Dallas and then a similar one in Manassas.

因此，我們的數位達拉斯和馬納薩斯的類似 IT 負載幾乎為 100 兆瓦。

And they're coming on in short order not necessarily, call it, early 2025.

它們很快就會出現，不一定是 2025 年初。

But one of the two, I think, can be brought into late 2025, potentially -- certainly 2026.

但我認為，兩者之一可以在 2025 年末實施，有可能——當然是 2026 年。

And thereafter, we've got another 230-ish in the next series of buildings, where actually the power will be delivered with more substation and it's really, call it, substation components on our end that will push those deliveries, call it, closer to 2027.

此後，我們在下一系列建築物中還有另外 230 座左右的建築，實際上，電力將通過更多的變電站進行輸送，我們這邊的變電站組件將推動這些交付，稱之為，更接近。 2027 年。

So that starts chipping away and call it getting -- when you add that all up closer to, call it, 400 to 450 of Digital Dallas and rounding up 200 megawatts in total of Manassas, which leaves us another 0.5 gigawatt at least at Digital Dallas another couple -- we've got another 100 megawatts not in Digital Dallas, in Northern Virginia.

因此，這開始逐漸減少，並稱之為「獲得」——當你將所有這些加起來，稱之為「數位達拉斯」的400 到450 兆瓦，馬納薩斯的總裝置容量為200 兆瓦，這使得我們在數位達拉斯至少剩下0.5 吉瓦另一對——我們還有另外 100 兆瓦，不在維吉尼亞州北部的數位達拉斯。

So long runway of growth and I would say, capacity blocks as their deliveries keep getting near and near and time goes by, it just keeps getting more and more precious.

這麼長的增長跑道，我想說，隨著交付越來越近，隨著時間的推移，產能會受到阻礙，它只會變得越來越珍貴。

Greg, why don't you speak to a little bit of what we've been doing on the -- adding to that on the other end of our supply chain?

格雷格，你為什麼不談談我們在供應鏈另一端所做的一些事情？

Yeah.

是的。

Thanks, Andy.

謝謝，安迪。

Thanks for the question, Eric.

謝謝你的提問，艾瑞克。

Eric, I think the first thing to highlight is Andy's point about our buildable capacity on balance sheet.

艾瑞克，我認為首先要強調的是安迪關於我們資產負債表上可建立能力的觀點。

So clearly, within existing markets, we have over 3 gigawatts of buildable capacity.

很明顯，在現有市場中，我們擁有超過 3 吉瓦的可建造容量。

So I think when you think about the context of where new growth is going to come from, that's pretty sizable.

所以我認為，當你考慮新增長的背景時，你會發現這是相當大的。

I think there's probably very few that have that kind of pipeline, that we can bring to service in a relatively short period of time.

我認為可能很少有這樣的管道，我們可以在相對較短的時間內投入使用。

So look, I guess I would summarize is, we're buying land primarily in our existing markets, buying land, purchasing power and the like and really across the globe, whether it's North America, South America, Europe, particularly in the flat markets, Africa, particularly South Africa, Johannesburg and Cape Town and then throughout the major markets in APAC.

所以，我想我總結的是，我們主要在現有市場購買土地，購買土地、購買力等，實際上是在全球範圍內，無論是北美、南美、歐洲，特別是在平坦市場、非洲，特別是南非、約翰尼斯堡和開普敦，然後遍及亞太地區的主要市場。

So that strategy hasn't changed.

所以這個策略沒有改變。

We still think that's the best risk-adjusted return on our capital.

我們仍然認為這是我們資本的最佳風險調整回報。

And with that said, we're selectively looking at new markets, but that will not be the primary driver of our growth on the development front.

話雖如此，我們正在選擇性地尋找新市場，但這不會成為我們在開發方面成長的主要驅動力。

Frank Louthan, Raymond James.

弗蘭克·勞森，雷蒙德·詹姆斯。

Great.

偉大的。

Thank you.

謝謝。

So you've talked to us earlier about looking at some markets where you've seen a lot of data center demand popping up and the long-term visibility is a little bit less clear, and you're kind of avoiding some of those as you're looking at some of these larger deployments.

因此，您之前曾與我們討論過關註一些市場，在這些市場中，您看到了大量資料中心需求的出現，但長期可見性不太明確，因此您會避免其中一些市場，因為您正在查看其中一些較大的部署。

Are you still holding to that?

你還堅持這一點嗎？

And how should we think about that?

我們該如何思考這個問題？

And then how are you set up for funding for these developments and thoughts on capital for the next 12 months?

那麼，您如何為這些開發提供資金以及未來 12 個月的資本想法？

Thanks, Frank.

謝謝，弗蘭克。

So -- and I think this dovetails well with Greg's answer.

所以——我認為這與格雷格的回答非常吻合。

The -- what we're doing is continuing to focus on markets that we believe have robust and diverse demand.

我們正在做的是繼續關注我們認為具有強勁和多樣化需求的市場。

That is, call it, enterprise, digital transformation, hybrid IT demand, service provider, cloud demand as well as various stages of AI demand.

即企業、數位轉型、混合IT需求、服務供應商、雲端需求以及各階段的AI需求。

We believe that certainly exist and has for some time in our, call it, 50 metropolitan areas where we're operating today, call it runway -- in addition to operating capacity, our runways for growth exists, that 3 gigawatts-plus.

我們相信，這種情況肯定存在，並且已經存在一段時間了，在我們今天運營的50 個大都市地區，我們稱之為跑道——除了運營能力之外，我們的增長跑道也存在，即3 吉瓦以上。

And we are -- I think to dovetail Greg's point, we're expanding into markets where we're operating today, but maybe now at a bigger scale and a bigger presence, i.e., markets we're looking at where we are the major player in the connectivity hubs, or have a strong enterprise hand but a much smaller scale or hyperscale plan and looking at those as adding to our footprint in those markets.

我認為為了與格雷格的觀點相吻合，我們正在擴展到我們今天運營的市場，但現在可能規模更大，影響力更大，即我們正在關注的主要市場連接中心的參與者，或者擁有強大的企業實力，但規模較小或超大規模的計劃，並將這些視為增加我們在這些市場的足跡。

What we're not doing, which I think is even more relevant, is chasing demand for demand's sake to markets that we just don't believe are there for the long term.

我們沒有做的事情，我認為更相關的是，為了需求而追逐需求，進入我們認為不會長期存在的市場。

I'm not suggesting data centers and demand won't be in some of those markets, and there'll be opportunities for one-off builds and contracts with customers.

我並不是說其中一些市場不會出現資料中心和需求，並且會有一次性建設和與客戶簽訂合約的機會。

But we've been a company now for just reaching our 20 years as a public company.

但我們作為一家上市公司剛成立 20 年。

We've been through cycles before.

我們以前經歷過循環。

And we're looking to generate long-term sustainable growth.

我們希望實現長期可持續成長。

And we think a key element when it comes to that is having a robust and diverse customer demand.

我們認為，一個關鍵因素是擁有強勁且多樣化的客戶需求。

So when renewals do come, you can maintain your pricing power and generate that sustainable growth.

因此，當續訂到來時，您可以保持定價能力並實現永續成長。

Irvin Liu, Evercore ISI.

歐文劉，Evercore ISI。

Hi.

你好。

Thank you for the question and congrats on the strong bookings.

感謝您的提問，並祝賀您的預訂量很大。

You indicated that you were positioned for acceleration multiple times in your prepared remarks.

您在準備好的發言中多次表示您處於加速狀態。

And if I recall correctly, you previously also said that 2025 growth should be somewhere closer to mid-single digits.

如果我沒記錯的話，您之前也說過 2025 年的成長應該接近中個位數。

But is it safe to assume that based on where your commencement schedule looks like today, there is potential for upside versus this growth expectation?

但是，根據今天的開學時間表，是否可以安全地假設，與這種成長預期相比，存在上升的潛力？

And if so, how should we be thinking about your medium growth -- medium-term growth algorithm?

如果是這樣，我們應該如何考慮你的中期成長－中期成長演算法？

Thanks, Irvin.

謝謝，歐文。

I'll ask Matt to unpack the 2025 and the financial algorithm from there.

我會請 Matt 從那裡解壓縮 2025 和財務演算法。

Yeah.

是的。

Thanks, Irvin.

謝謝，歐文。

I feel like -- I think I lost the bet because I thought for sure the growth question will come before the first 15 minutes.

我覺得——我想我輸了，因為我確信成長問題會在前 15 分鐘之前出現。

So -- but thanks.

所以——但是謝謝。

So look, I think a few things I've been pretty consistent, I think, all year in terms of our mid-single-digit growth for '25 and setting that as a foundation and keep in mind, that's in spite of doing, call it, 1.5 turns of deleveraging over the course of the last 12 to 18 months.

所以，我認為，就 25 年我們的中個位數成長而言，我認為有一些事情我全年都保持一致，並將其作為基礎，請記住，儘管如此，可以稱之為過去12 至18 個月內1.5 輪去槓桿化。

We continue to focus on our objective to improve the company's long-term sustainable growth profile.

我們持續專注於改善公司長期可持續成長的目標。

You've seen that in the results we put up.

您已經在我們提供的結果中看到了這一點。

Some of those things accrue to the bottom line a little faster than the others.

其中一些事情比其他事情更快地增加到底線。

Obviously, our renewal spreads in the 0-1 comes in the financials a little bit sooner.

顯然，我們以 0-1 的續約價差出現在財務數據中要早一些。

The greater-than-a-megawatt takes a little bit longer, and you see most of that in terms of our backlog, which is already at $350 million for next year.

超過一兆瓦需要更長的時間，您可以從我們的積壓訂單中看到其中大部分，明年的積壓訂單已經達到 3.5 億美元。

And I think even more importantly is at $300 million for 2026.

我認為更重要的是 2026 年達到 3 億美元。

So -- which if you looked at that same step a year ago in terms of where that would have been, kind of in a two-year forward view, it's $200 million more.

因此，如果你以兩年前的眼光來看一年前的同一步驟，你會發現，這會增加 2 億美元。

So again, this quarter really derisks the plan to achieve the goals that we set out. which provides a solid foundation for accelerating growth, not only in '25 but even further beyond that.

因此，本季確實降低了實現我們設定目標的計劃的風險。這為加速成長提供了堅實的基礎，不僅在 25 年，而且在更遠的將來。

And I would say we were confident in what we said before about that, and we're even more confident now.

我想說，我們對之前所說的充滿信心，現在更有信心。

Jim Schneider, Goldman Sachs.

吉姆·施奈德，高盛。

Good afternoon.

午安.

Thanks for taking my question.

感謝您提出我的問題。

I was wondering if you can maybe talk a little bit about the complexion of the bookings in the quarter.

我想知道您是否可以談談本季預訂的情況。

And roughly how many customers kind of were contributing to the sort of the 60% or 50% or 80% mark of that, meaning the concentration of customers in that booking.

大約有多少客戶對 60%、50% 或 80% 的分數做出了貢獻，這意味著客戶集中在該預訂中。

Can you maybe talk to any of the -- whether any of those customers of substantial size were, in fact, new customers in the quarter?

您能否與其中任何一個人交談——是否有任何規模較大的客戶實際上是本季度的新客戶？

Thanks, Jim.

謝謝，吉姆。

So why don't I ask Colin to kind of walk through some of the highlights.

那我為什麼不請科林介紹一下其中的一些亮點呢？

Maybe Colin you can try to break it down to two categories, one by one.

也許科林你可以嘗試將其分為兩類，一一進行。

Sure.

當然。

Yeah.

是的。

Thanks for the question, Jim.

謝謝你的提問，吉姆。

Appreciate it.

欣賞它。

Yeah.

是的。

Obviously, successful quarter, a lot of impact across the board, both new customers, existing customers and growth.

顯然，成功的季度對全面影響很大，包括新客戶、現有客戶和成長。

We have about 1,000 customers booked within the platform in Q3.

第三季度，我們有大約 1,000 名客戶在該平台內預訂。

A good chunk of those 149 were new logos.

這 149 個標誌中很大一部分是新標誌。

This predominantly came in the commercial segment.

這主要來自商業領域。

We think about the segmentation of customers within global large enterprise in commercial, the large number of new logos come out of that commercial basis, but we're putting more and more focus on large enterprise.

我們在商業上考慮全球大型企業內的客戶細分，大量新商標源自於該商業基礎，但我們越來越關注大型企業。

So in that $66 million of bookings, we had about 52% of that on a large enterprise, which is an all-time high.

因此，在這 6,600 萬美元的預訂中，我們大約有 52% 是來自大型企業，這是歷史最高水準。

So again, that's a growing segment with our business.

再說一遍，這是我們業務中不斷成長的部分。

Again, I think that references to what Andy's talking about the diverse demand that's hitting PlatformDIGITAL across digital transformation, cloud and AI.

我再次認為，這指的是安迪所說的跨數位轉型、雲端和人工智慧對 PlatformDIGITAL 產生的多樣化需求。

So we continue to see that characteristics at our pipeline.

因此，我們繼續在我們的管道中看到這種特徵。

Current pipeline for Q4 aggregate all-time high, particularly key strong characteristics in the 0-1 megawatt variety.

目前第四季的在建項目總量創歷史新高，尤其是 0-1 兆瓦品種的關鍵強勁特徵。

Maybe a little bit more context as to what we're seeing across the platform and just double down on one of the questions that proximity matters.

也許更多關於我們在平台上看到的內容的背景信息，並加倍關注鄰近性重要的問題之一。

So our core networks in terms of bookings variety, 80-plus percent we're in our primary markets, our top 20 markets.

因此，就預訂種類而言，我們的核心網絡 80% 以上位於我們的主要市場，即前 20 個市場。

So we continue to see strength there, continue to see indirect focus, so about 26% of our bookings were indirect, future pipeline about 30%, so that's going to continue to grow.

因此，我們繼續看到那裡的實力，繼續看到間接關注，所以我們大約 26% 的預訂是間接的，未來管道大約 30%，所以這將繼續增長。

And frankly, our flexibility to support the various density and scalability requirements for our clients will continue to be a big value proposition for our clients.

坦白說，我們支援客戶各種密度和可擴展性要求的靈活性將繼續成為我們客戶的一大價值主張。

So this adds up to a pretty robust quarter, very robust in terms of number of customers, new logos and types of customers planning up on the business.

因此，這構成了一個相當強勁的季度，在客戶數量、新標誌和規劃業務的客戶類型方面都非常強勁。

Michael Elias, TD Cowen.

邁克爾·埃利亞斯，TD·考恩。

Hey.

嘿。

Thanks for the question and congratulations to the whole Digital Realty team on a really exceptional quarter.

感謝您提出問題，並祝賀整個 Digital Realty 團隊度過了一個非常出色的季度。

I want to switch focus and actually talk about the enterprise.

我想轉移焦點，真正談談企業。

The great bookings in the enterprise segment.

企業領域的預訂量很大。

What I'm curious about is kind of what changed there from the prior run rate of bookings where -- you were on.

我很好奇的是，與您之前的預訂運行率相比，發生了什麼變化。

Was it that the enterprise backdrop got better for you guys?

是不是企業背景對你們來說變得更好了？

Or was it something that you shifted in terms of your go-to-market?

或者是您在進入市場方面做出了一些改變？

And just as part of that, what are you seeing in terms of the ability to price up enterprise customers, i.e., what are you seeing on the renewal spread side with them?

作為其中的一部分，您在為企業客戶定價的能力方面看到了什麼，即您在與他們的續訂價差方面看到了什麼？

Are we getting past some of that price hike fatigue?

我們是否已經擺脫了價格上漲的疲勞？

Those are my questions.

這些都是我的問題。

Thanks.

謝謝。

Congratulations to you guys.

恭喜你們。

Thank you, Michael.

謝謝你，麥可。

Before I -- Colin touched a little bit on this in his last question, but before I turn it back to him, going back to your pricing question, and this kind of dovetails what I think maybe Frank asked about spreads and bumps.

在我——科林在他的最後一個問題中觸及了這一點之前，但在我把它轉回給他之前，回到你的定價問題，這種吻合我認為也許弗蘭克問的關於價差和波動的問題。

I mean we've been looking at, call it, making sure we have a strong value proposition for our customers.

我的意思是，我們一直在考慮，稱之為，確保我們為客戶提供強大的價值主張。

This has been many years in the work and building momentum, and you've seen the success grow.

經過多年的努力和積蓄勢頭，您已經看到了成功的成長。

And certainly, this is a milestone quarter.

當然，這是一個具有里程碑意義的季度。

But I don't -- definitely, this will not be a record in that category.

但我不——當然，這不會是該類別的記錄。

We're going to build on that record.

我們將在此基礎上再接再厲。

That is an incredibly important strategic priority to this company, given the long-term value it provided to customers and the growth it provides.

考慮到它為客戶提供的長期價值及其帶來的成長，這對該公司來說是一個極其重要的策略優先事項。

If you look in the 0–1-megawatt signings category, we've inflected on the cash mark-to-markets.

如果你看看 0-1 兆瓦的簽約類別，我們已經採用了按市值計價的現金。

They're up, call it, on 4.5% on an LTM basis.

可以這麼說，以 LTM 計算，它們上漲了 4.5%。

I think they're up about 70 basis points just quarter-over-quarter.

我認為季度環比上漲了約 70 個基點。

You can see it in the asking rates as well.

您也可以在要價中看到它。

I think we'll have more -- we have more opportunity to go on the interconnection side in terms of continuing to make sure our value we bring to the customers is appropriately commercialized.

我認為我們將有更多的機會在互連方面繼續確保我們為客戶帶來的價值得到適當的商業化。

And that's even with a record interconnection signing in this quarter.

即使本季互連簽約數量創下紀錄，情況也是如此。

So -- we're looking at all levers.

所以——我們正在考慮所有的槓桿。

And again, it's about giving more value to the customer.

再說一遍，這是為了帶給客戶更多價值。

It's about their infrastructure and their power densities.

這與他們的基礎設施和功率密度有關。

It's about helping them connect it all pain points.

這是為了幫助他們連接所有痛點。

It's about being their one-stop global shop from no matter what size of deployment or workload, be it enterprise, hybrid IT, cloud or certainly AI, which is starting to percolate in that category.

無論部署規模或工作負載大小如何，無論是企業、混合 IT、雲端還是 AI，都將成為他們的一站式全球商店，而 AI 已開始滲透到該類別。

Colin deserves a tremendous amount of credit as well.

科林也值得高度讚揚。

And -- but I'll turn it over to him to kind of walk through what his insights on the inflection this quarter as well.

而且 - 但我會將其轉交給他，以介紹他對本季的變化的見解。

Yeah.

是的。

Thanks, Andy.

謝謝，安迪。

I appreciate it.

我很感激。

I think one point to make is this is not one quarter in the making.

我認為需要指出的一點是，這並不是四分之一的製作過程。

This is a multiyear transformation, a platform-oriented company servicing service providers and enterprises.

這是一個多年的轉型，一個為服務提供者和企業服務的平台型公司。

And the way that you do that is you make your platform more attractive.

這樣做的方式就是讓你的平台更具吸引力。

So we announced a couple of lotteries this quarter one in Dallas.

因此，我們第一季在達拉斯宣布了幾項彩票活動。

We did a couple in Europe, in Zurich and Amsterdam.

我們在歐洲的蘇黎世和阿姆斯特丹做了一些。

That's material in attracting enterprises.

這是吸引企業的重要因素。

Andy mentioned that the digital transformation is now in full steam, but we still think it's early innings.

安迪提到，數位轉型目前正在如火如荼地進行，但我們仍然認為這還處於早期階段。

So we think that our platform will continue to grow because enterprises see value in PlatformDIGITAL.

因此，我們認為我們的平台將繼續成長，因為企業看到了 PlatformDIGITAL 的價值。

One key metric that I'll leave you with.

我將留給您一個關鍵指標。

That's a really good sign of a platform-oriented approach of our exports were a record 43% 0-1 megawatt.

這是一個非常好的跡象，表明我們的出口量達到創紀錄的 43% 0-1 兆瓦的平台導向方法。

That's material that shows customers sustain value, but they're expanding across the platform into other geos.

這些材料表明客戶可以維持價值，但他們正在跨平台擴展到其他地區。

So again, strong contribution across the board for the team to bring this to fruition.

再次強調，團隊的全面貢獻使這項成果得以實現。

Georgi Dinkov, Mizuho.

格奧爾基·丁科夫，瑞穗。

Hey. Thank you for taking my question and congrats on the strong results. So I just noticed the development yields are now 12%, which is higher compared to the second quarter.

嘿。感謝您提出我的問題，並對取得的優異成績表示祝賀。所以我剛剛注意到現在的開發報酬率是 12%，比第二季高。

And given the strong market rent growth, can we see development yields move even higher?

鑑於市場租金的強勁成長，我們能否看到開發收益率進一步走高？

And is there a cap on how high they can go?

它們的高度有上限嗎？

And also, can you just provide more color on what the contracts on the development pipeline look like in terms of land and caps on the renewals?

另外，您能否提供更多關於開發管道中的合約在土地和續約上限方面的情況？

Thank you.

謝謝。

Thanks, Georgi.

謝謝，喬治。

So again, this goes back to the accelerated development CapEx sizably 50% higher.

同樣，這又回到了加速開發資本支出大幅提高了 50%。

And we did that based on demand.

我們是根據需求這樣做的。

So you could see, overall, we're close to north of 75% preleased.

所以你可以看到，總的來說，我們已經預發布了接近 75%。

In North America, now 97% preleased.

在北美，現在 97% 已預發布。

Some of the signings in North America, in particular, actually, I've called on the longer end of our (inaudible) So they were -- we signed in a capacity that the shell is just getting delivered.

實際上，特別是在北美的一些簽約，我已經呼籲我們（聽不清）的較長一端，所以他們是 - 我們以外殼剛剛交付的身份簽約。

Last quarter, we signed nearly 50-ish megawatt deal in the land state.

上個季度，我們在州政府簽署了近 50 兆瓦的協議。

So they're close to two years.

所以他們已經接近兩年了。

So they elongated.

所以他們拉長了。

So that means we didn't sell just the nearest-term capacity blocks we sold at what the customer needed given the facts and circumstances.

因此，這意味著我們在考慮到事實和情況的情況下，不僅僅按照客戶所需的價格出售最近期限的容量塊。

We're doing everything we can to maintain, if not improve our yields.

我們正在盡一切努力維持甚至提高我們的產量。

That's a product of making sure we're scaling our infrastructure and economies of scale and where we deliver and obviously, seizing upon the right rates and translating to better returns as products in that development life cycle often roll up.

這是確保我們擴展我們的基礎設施和規模經濟以及我們交付的產品，顯然，隨著開發生命週期中的產品經常滾動，抓住正確的利率並轉化為更好的回報。

In today's market, we're looking to have, again, all the levers of the commercials in the discussion, rates, escalations, real estate tax based tops and certainly, renewal options.

在今天的市場上，我們再次希望在討論中擁有商業廣告的所有槓桿，利率，升級，基於房地產稅的最高限額，當然還有續約選項。

We're not entertaining, call it, capping when those contracts come due.

我們不是在娛樂，稱之為，在這些合約到期時限制。

Matt Niknam, Deutsche Bank.

馬特·尼克南，德意志銀行。

Hey.

嘿。

Thanks for squeezing me in.

謝謝你把我擠進去。

Congrats on the quarter.

恭喜本季。

I will keep it to one question, and I know that was specified upfront.

我將只討論一個問題，而且我知道這是預先指定的。

On the AI front, I know you mentioned there was about half of your bookings.

在人工智慧方面，我知道您提到大約有一半的預訂。

Is there any contribution from enterprise or sovereign players?

企業或主權參與者有貢獻嗎？

Or is it primarily traditional hyperscalers and newer AI model builders?

或者主要是傳統的超大規模和較新的人工智慧模型建構器？

Thank you.

謝謝。

First off, Matt, thank you for being a role follower.

首先，馬特，感謝你成為角色追隨者。

Really appreciate that.

真的很感激。

Chris, why don't you give a little percentage -- 50% overall, but how much in the, call it, enterprise and then give us a little more color on some of the AI demand that we've seen probably in the quarter and also within the pipeline.

克里斯，為什麼不給一點百分比——總體 50%，但在企業中佔多少比例，然後給我們更多關於本季度可能看到的一些人工智慧需求的資訊也在管道內。

Yeah.

是的。

No, I appreciate the question, Matt.

不，我很欣賞這個問題，馬特。

And so there's a lot happening across AI, which I think is at the core of your question.

因此，人工智慧領域發生了很多事情，我認為這是你問題的核心。

So it's not just about the hyperscalers.

因此，這不僅是超大規模企業的問題。

And I think pretty important to understand that the demand is pretty broad across all of the segments.

我認為了解所有細分市場的需求都相當廣泛非常重要。

And one, just a particular highlight, and I don't speak about any customer specific details.

第一，只是一個特別的亮點，我不會談論任何客戶特定的細節。

But one of the things that we have great history with NVIDIA, right?

但其中之一是我們與 NVIDIA 有著悠久的歷史，對吧？

And so we've been DGX certified, one of the leading providers, 30-plus data center is already precertified, but what's important to us is just yesterday, we were able to host Jensen Huang, CEO of NVIDIA, and a kickoff of the largest DGX supercomputer in Europe.

因此，我們已經獲得了DGX 認證，作為領先的提供者之一，30 多個資料中心已經獲得了預先認證，但對我們來說重要的是昨天，我們能夠接待NVIDIA 執行長Jensen Huang，並啟動了歐洲最大的 DGX 超級電腦。

And so it's just very exciting to support Novo Nordisk Foundation in that overall effort.

因此，能夠支持諾和諾德基金會的整體努力是非常令人興奮的。

And like one of the things that I think is pretty interesting that highlight it is that Jensen quoted that it was the factory of intelligence.

就像我認為非常有趣的一件事一樣，詹森引用它是情報工廠。

So something like that is fundamental in showing this private AI deployments are very relevant in coming into our overall portfolio.

因此，類似的事情對於表明這種私有人工智慧部署與我們的整體投資組合非常相關至關重要。

And the last piece I'd like to just say is just to highlight that, that Digital Realty is foundational in that, and we're able to do it in a sustainable way because that facility runs on 100% renewable power.

我想說的最後一點只是想強調一點，Digital Realty 是這方面的基礎，我們能夠以可持續的方式做到這一點，因為該設施使用 100% 可再生能源運作。

David Guarino, Green Street.

大衛瓜裡諾，格林街。

Thanks.

謝謝。

On your greater than 1 megawatt new leasing in the Americas, rents on a GAAP basis were almost 225 a kilowatt this quarter.

在美洲超過 1 兆瓦的新租賃中，本季以 GAAP 計算的租金幾乎為每千瓦 225 美元。

I'm guessing Manassas in Chicago, you called out were below that number.

我猜你在芝加哥的馬納薩斯打電話的人數低於這個數字。

But does that suggest that hyperscale rental rates in Ashburn are pushing close to that 225 or maybe even 250 a kilowatt number?

但這是否表明阿什本的超大規模租金正在接近每千瓦 225 甚至 250？

Just any color you could share on the relative spread between markets would be helpful.

只要您能分享任何有關市場之間相對價差的顏色都會有所幫助。

So those are GAAP rates, just a reminder.

這些是公認會計原則（GAAP）利率，只是提醒一下。

So you got to take the duration of the lease.

所以你必須考慮租約的期限。

You know the drill, David, in terms and the bumps.

大衛，你知道演習的內容和障礙。

So they've certainly pushed them over.

所以他們肯定已經把他們推倒了。

I can tell you in Ashburn, we had multiple customers, call it, face rates, call it, the 175 or 200 or higher, just slightly over 200, and call it, 8 megawatts or higher type of capacity blocks.

我可以告訴你，在阿什本，我們有多個客戶，稱之為 175 或 200 或更高，略高於 200，稱之為 8 兆瓦或更高類型的容量塊。

Where we go from here, I'm not sure you're going to see this repeat itself immediately.

從這裡開始，我不確定您是否會立即看到這種情況重演。

But these other markets have been catching up, but I think we'll continue to catch up over time, certainly, the comparables in the Chicago, the Dallas is that have always trailed, the Ashburn trailing the Santa Clara and now trailing in Ashburn.

但這些其他市場一直在追趕，但我認為隨著時間的推移，我們將繼續追趕，當然，芝加哥、達拉斯的可比市場一直落後，阿什本落後聖克拉拉，現在阿什本落後。

And I do think you're just going to see more and more markets coalesce at these higher rates over time.

我確實認為，隨著時間的推移，你將會看到越來越多的市場以更高的速度合併。

Nick Del Deo, MoffettNathanson.

尼克·德爾·迪奧，莫菲特·內森森。

Hi.

你好。

Thanks for squeezing me in.

謝謝你把我擠進去。

You've obviously got a ton of development work underway that's going to grow.

顯然，您正在進行大量的開發工作，而且這些工作將繼續成長。

I guess can you talk a little bit about the steps you're taking to ensure that you're able to deliver all that on time, on budget without hiccups?

我想您能否談談您為確保能夠按時、按預算順利交付所有內容而採取的步驟？

Thanks, Nick.

謝謝，尼克。

So first off, it's really important that we just didn't, call it, see this AI didn't come in and just get it yesterday.

所以首先，非常重要的是我們沒有打電話給它，看到這個人工智慧沒有進來，只是昨天才得到它。

This company has been solely focused on this business for 20 years now.

該公司20年來一直專注於這項業務。

And we've been -- in these markets that I really touched on, we've been consistently operating, assembling land, building and delivering for our customers for many, many years and ingrained to the communities with the utility providers.

在我真正接觸過的這些市場中，我們多年來一直為我們的客戶持續運作、整合土地、建造和交付，並與公用事業提供者一起深入社區。

As we saw this opportunity evolve in scaling certainly came to mind, and that is what we did.

當我們看到這種擴展的機會時，我們肯定想到了這一點，這就是我們所做的。

That was scaling our supply chain.

那就是擴大我們的供應鏈。

Our teams have called great relationships with their vendors and making sure that we are future-proofing those supply chains and being very collaborative with our partners.

我們的團隊與供應商建立了良好的關係，並確保我們的供應鏈能夠面向未來，並與我們的合作夥伴密切合作。

If one -- if a utility, some switch gear that we have in one market, we can bring it to another market, we're bringing those economies of scale.

如果一個公用事業公司，我們在一個市場擁有的一些開關設備，我們可以將其帶到另一個市場，我們就帶來了規模經濟。

We're certainly scaling up our team as well operationally.

我們當然也在營運上擴大我們的團隊。

We're delivering a lot of capacity for our customers, and we're investing in our team, in our systems and actually the great training development of our team along the way.

我們正在為我們的客戶提供大量的能力，我們正在對我們的團隊、我們的系統進行投資，實際上我們的團隊一路上進行了巨大的培訓發展。

And then lastly, the capital.

最後是首都。

Massively capital-intensive business and the great work of our organization over the last year to supplement our use of public equity with some great private investment partnerships, both on the stabilizing development.

大規模的資本密集型業務以及我們組織在過去一年中透過一些偉大的私人投資夥伴關係補充我們對公共股權的利用的出色工作，都有助於穩定發展。

We see a really fantastic runway of capital intensive growth here.

我們在這裡看到了一條非常奇妙的資本密集型成長跑道。

And I think we're seeing the fruits of our labor in terms of the rates and the returns bearing fruit, and we see this playing out for years to come.

我認為我們正在看到我們的勞動成果在費率和回報方面取得成果，我們看到這種情況將在未來幾年持續顯現。

And we want to make sure that we have stable partners to help fund this business to generate long-term growth for our customers and our shareholders.

我們希望確保我們擁有穩定的合作夥伴來幫助為這項業務提供資金，從而為我們的客戶和股東帶來長期成長。

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

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。

Andy, please go ahead.

安迪，請繼續。

Thank you, Gary.

謝謝你，加里。

Digital Realty posted a remarkable quarter in 3Q, reflecting the strong demand environment and demonstrating how Digital Realty is meeting the challenge to support our customers around the world.

Digital Realty 在第三季取得了出色的業績，反映了強勁的需求環境，並展示了 Digital Realty 如何應對挑戰，為全球客戶提供支援。

We set a number of records throughout our business, raise guidance and position the company for accelerating growth in 2025 and beyond.

我們在整個業務中創造了多項記錄，提高了指導並為公司在 2025 年及以後加速成長做好了定位。

I am extremely proud of how our team executed to deliver this quarter's results.

我對我們的團隊如何交付本季的業績感到非常自豪。

We are excited about the outlook for data center demand and our position in the market.

我們對資料中心需求的前景和我們在市場中的地位感到興奮。

But most importantly, we remain focused on seizing on the opportunity at hand.

但最重要的是，我們仍然專注於抓住手邊的機會。

I'd like to thank everyone for joining us today.

我要感謝大家今天加入我們。

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

我要感謝 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 has now concluded.

會議現已結束。

Thank you for attending 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。