使用警語：中文譯文來源為 Google 翻譯，僅供參考，實際內容請以英文原文為主
Unidentified Participant
Unidentified Participant
And no, I mean, b, no.
不，我的意思是，b，不。
Okay.
好的。
Okay.
好的。
Okay.
好的。
My name in.
我的名字在.
Good afternoon.
午安.
And welcome to the Digital Realty.
歡迎來到 Digital Realty。
Third, please note this event is being recorded.
第三，請注意此事件正在被記錄。
During today's presentation, all parties will be in listen only mode.
在今天的演示過程中，各方都將處於只聽模式。
Following the presentation, we will conduct a question and answer session.
演講結束後，我們將進行問答環節。
Callers will be limited to one question and we will aim to conclude at the top of the hour.
來電者將被限制提出一個問題，我們的目標是在一小時內結束。
I would now like to turn the call over to Jordan Sadler, Digital Realty's Senior Vice President of Public and Private Investor Relations.
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.
約旦。
Please go ahead.
請繼續。
Thank you, operator, and welcome, everyone, to Digital Realty 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, Chief Technology Officer, Chris Sharp, Chief Revenue Officer, Calum MacLean are also on the call 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Andy Power、財務長Matt Mercier、首席投資長Greg Wright、首席技術長Chris Sharp、首席營收長Calum MacLean，他們也將參加電話會議並進行問答。
Management will be making forward-looking statements, including guidance and underlying assumptions on today's call are forward looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially.
管理階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。
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 and reconciliation to net income are included in the supplemental package furnished the SEC and available on our website.
本次電話會議將包含非 GAAP 財務信息，淨利潤調節表包含在向 SEC 提供並可在我們網站上獲取的補充包中。
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，我們所佔的新增租賃量為5.21億，打破了我們先前的記錄，甚至打破了我們自己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 and all of 2023 pushing our backlog of signed but not commenced.
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，因為該季度的租賃活動超過了已完成的租賃量，並且2023 年全年都推動了我們已簽署但未開始的積壓工作。
Leases up to nearly 860 million was greater than one megawatt leasing was the primary driver of our zero to one megawatt plus interconnection segment also posted record bookings in the quarter.
租賃量高達近 8.6 億，超過一兆瓦租賃是我們零到一兆瓦的主要驅動力，加上互連部分在本季度也創下了預訂記錄。
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，超過兆瓦的新租約費率創歷史新高，大多數新租約上漲4%，漲幅創紀錄的15%本季現金更新利差。
Third, our development pipeline increased by nearly 50% sequentially to 644 megawatts under construction and is now 74% pre-leased that at 12% average expected yield as a result of successful leasing of Shell and laying capacity in North America.
第三，我們的開發案比上一季增加了近50%，在建裝機容量達到644兆瓦，由於成功租賃殼牌並在北美鋪設產能，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 George noted, we posted record results across a broad array of Metrans.
正如喬治所指出的，我們在一系列 Metrans 上發布了創紀錄的業績。
These results on the product of Digital Realty's to capitalizing on a favorable demand backdrop, but are also a testament to our efforts to enhance our value proposition and drive long-term sustainable growth.
這些成果是 Digital Realty 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 remained strong, both for larger capacity blocks in our core markets and to support continued growth.
對資料中心容量的需求依然強勁，既是為了我們核心市場的更大容量塊，也是為了支持持續成長。
There will be dense and a robust land bank that can support three plus gigawatts 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.
將會有密集而強大的土地儲備，可以支持超過三吉瓦的增量開發，以及投資級資產負債表，並由多元化的資本合作夥伴群體以及將其整合在一起並代表運營這些設施的專業知識進行補充。
And then I promise college for the third quarter were a bond 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.
然後我保證第三季的大學債券是一筆債券，其中包括以 Digital Realty 股份簽署的 5.21 億美元新租約，是我們今年第一季之前記錄的兩倍多。
Greater than one 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，北美超過一兆瓦的預訂量領先。
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 one megawatt signings were largely this in our hyperscale development venture image analysis.
我們超過一兆瓦的簽約項目主要包括在我們的超大規模開發風險形象分析中。
Like all of our JVs, we report these leasing results at our share or 20%.
與我們所有的合資企業一樣，我們以我們的份額或 20% 報告這些租賃結果。
In this case, the total leasing into our facilities at 100% share was in excess of seven $100 million in the third quarter, demonstrating the significant appetite for data center capacity.
在這種情況下，第三季我們的設施以 100% 份額租賃的總金額超過 7 億美元，這表明了對資料中心容量的巨大需求。
Given the size of those numbers, it might be easily overlooked a very strategic and important milestone with a sizable record quarter in our zero to one plus the 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 half a megawatt, which accounted for 80% of our German one megawatt leasing not to be forgotten.
考慮到這些數字的規模，它可能很容易被忽視，這是一個非常具有戰略意義和重要的里程碑，我們的零到一加上互連業務在一個季度創下了相當大的記錄，新預訂量超過6,600 萬美元，超過了我們之前在該產品中的記錄類別增長超過 20%，特別是半兆瓦以下的小額交易，占我們德國 1 兆瓦租賃的 80%。
New interconnection bookings also hit a record in the Golar.
戈拉爾地區的新互連預訂量也創下了紀錄。
We view these bookings very favorably as it further validates our full spectrum product strategy and provides us with the growing momentum in assignment 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，並為我們提供了不斷增長的分配動力，具有持久的定價能力和穩步增長的客戶需求。
Our strength in this category was also characterized by a record 149 platform.
我們在這一類別中的優勢還在於創紀錄的 149 個平台。
Digital 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 percent higher year over year, with Americas to ammonia exports leading the way, followed by a packed into the Americas 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 in support of our customers, growing requirements and all of the new leasing accomplished in the quarter.
Digital 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 percent higher year over year, with Americas to ammonia exports leading the way, followed by a packed into the Americas 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 in support of our customers, growing requirements and all of the new leasing accomplished in the四分之一.
We also substantially scaled our development pipeline in the third quarter, increasing the capacity underway by almost 50% to 644 megawatts under construction today.
我們也在第三季大幅擴大了開發管道，將在建產能增加了近 50%，達到目前正在建造的 644 兆瓦。
And we maintain another three gigawatts of buildable IT load capacity in land and shell condition.
我們在陸地和外殼條件下維持另外 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 length 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, develop small molecule of the reactors in the third, executing power purchase agreements to purchase nuclear energy from multiple SMRs that have yet to be built.
我們已經看到了一項重新啟動三座邁爾島核電站的交易，這是另一家與現有公用事業公司合作的超大規模核電站，在第三座核電站中開發小分子反應堆，執行電力購買協議，從多個尚未建成的中小型反應器購買核能。
These agreements are similar and 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.
這些協議是相似的，他們正在尋求長期的無碳能源解決方案，以幫助為不斷增長的數據中心投資組合提供動力，並說明數據中心容量的長期需求前景。
Each of these plans is still years away from beginning to generate power, underscoring the value large-capacity block today and perhaps for the next several years and sourcing available powers.
這些計劃中的每一個都距離開始發電還需要數年時間，這突顯了大容量區塊今天乃至未來幾年的價值以及採購可用電力的價值。
Just one piece of the data center infrastructure puzzle, supply chain management, construction management and operating expertise are all challenges that customers rely on Digital Realty to solve.
只是資料中心基礎設施難題的一小部分，供應鏈管理、施工管理和營運專業知識都是客戶依靠 Digital Realty 來解決的挑戰。
And there are clearly a critical aspect of the overall value proposition that we bring to the table.
我們提出的整體價值主張顯然有一個關鍵面向。
While the large hyperscale deals get plenty of focused customers and partners are recognizing the value the Digital Realty's MeetingPlace can bring to their private cloud and hybrid IT applications around the world.
雖然大型超大規模交易吸引了大量的重點客戶，但合作夥伴正在認識到 Digital Realty 的 MeetingPlace 可以為其全球私有雲和混合 IT 應用程式帶來的價值。
We continue to see a meaningful share of our zero to one megawatt women's influenced by our partners, expanding our reach into more enterprises around the world.
我們繼續看到我們的零到一兆瓦女性計畫受到我們合作夥伴的影響，將我們的影響力擴展到世界各地更多的企業。
Our wins this quarter include a Global 2000 telecom provider to partners with one of our largest customers choosing PlatformDIGITAL to deploy distributed cloud solution to alleviate geographic data, gravity challenges, the 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 and PlatformDIGITAL while maintaining data compliance for personal health information privacy, another new logo and international financial institution critical to global financial and monetary policy chose platform digital to secure their cloud requirements while maintaining global access Global 2000 technology companies expanding their presence on PlatformDIGITAL in support of its autonomous driving solution.
我們本季的勝利包括一家全球2000 強電信提供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數據、重力挑戰、領先的醫療保健提供商以及Digital Realty 的新徽標（該標誌也出現在合作夥伴對我們的基礎設施進行現代化改造，以利用可用的雲端連接和PlatformDIGITAL，同時保持個人健康資訊隱私的數據合規性，另一個新標誌和對全球金融和貨幣政策至關重要的國際金融機構選擇了數位平台來滿足其雲端需求同時保持全球存取權 全球 2000 大科技公司擴大其在 PlatformDIGITAL 上的影響力，以支援其自動駕駛解決方案。
At top, 20, Japanese electronics and semiconductor manufacturer is joining PlatformDIGITAL through another partner as part of an integrated tech refresh initiative were robust.
排在前 20 位的日本電子和半導體製造商正透過另一家合作夥伴加入 PlatformDIGITAL，這是一項強有力的綜合技術更新計劃的一部分。
Connectivity was a critical differentiator and a global cloud optimization provider is deploying additional capacity on platform digital across two continents to support their expanding enterprise customer base who require access to rich and scalable connectivity solutions.
連接性是一個關鍵的差異化因素，一家全球雲端優化供應商正在兩大洲的數位平台上部署額外的容量，以支援其不斷擴大的企業客戶群，這些客戶群需要存取豐富且可擴展的連接解決案。
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 to 170 megawatts certified in the last 12 months, while our Swiss team achieved the first ever Swiss data center efficiency Association, Gold Plus certification for our data centers in Zurich, Digital Realty also continued to be recognized for ESG leadership, including broad groups, Data Cloud global towards 2024 for a data center of the year, the tech Capital's digital infrastructure action global Award 2024 and Frost & Sullivan recognized our Japanese joint venture MC digital capabilities with the 2020 for Japan data center service Company of the Year Award.
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170 兆瓦的認證，同時我們的瑞士團隊獲得了有史以來第一個瑞士數據中心效率協會的金牌認證，我們蘇黎世資料中心的Gold Plus 認證，Digital Realty 也繼續因ESG 領導力而獲得認可，包括廣泛的團體、Data Cloud Global 獲得2024 年年度資料中心獎、Tech Capital 的數位基礎設施行動全球獎2024 以及Frost & Sullivan 認可我們的日本合資企業MC 數位能力以及2020 年日本資料獎年度中心服務公司獎。
Moving to green finance for digital continues to be a leader in the data center industry.
轉向數位化綠色金融仍然是資料中心產業的領導者。
During the quarter, we issued an EUR850 million green bond pad InterDigital's long history of support for Lincoln, its debt to sustainable projects.
本季度，我們發行了 8.5 億歐元的綠色債券，這是 InterDigital 對林肯的長期支持，也是其對永續項目的債務。
Additionally, we maintained a sustainability linked pricing component of our new credit facility, further demonstrating the company's commitment to ESG.
此外，我們在新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 one megawatt category in was heavily weighted toward the Americas.
第三季度，我們簽署了 5.21 億份新租賃合同，其中 4.5 億份屬於超過 1 兆瓦類別，主要集中在美洲。
We also signed $50 million of zero to one megawatt leases and $16 million of interconnection bookings.
我們還簽署了價值 5000 萬美元的零到一兆瓦租賃合約和價值 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，本季新租賃金額大幅超過創紀錄的 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 of $100 million of the backlog is scheduled to commence by the end of this year with another 350 million scheduled to commence next year.
預計今年底前將開始積壓 1 億美元，明年將開始另外 3.5 億美元。
Over 300 million already slated to commence in 2026, setting us up for accelerating multiyear growth.
預計 2026 年啟動的計畫已超過 3 億，為我們加速多年成長做好了準備。
During the third quarter, we signed $258 million of renewal leases at 15.2% increase on a cash basis driving year to date cash renewal spreads to 10.5%, similar to the first quarter.
第三季度，我們簽署了 2.58 億美元的續租合同，以現金計算增長了 15.2%，推動年初至今的現金續租利差達到 10.5%，與第一季度類似。
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.
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 renewables by product category, cash renewal spreads in the zero to one megawatt segment were up a healthy 4.5% in the third quarter, while re-leasing spreads in the greater than one megawatt segment were up by over 30%.
按產品類別細分再生能源，第三季0 到1 兆瓦細分市場的現金續租利差健康成長了4.5%，而超過1 兆瓦細分市場的再租賃利差則成長了30%以上。
Excluding the package deal greater than one megawatt renewals, renewals were is still up 8.6% for the quarter.
不包括超過 1 兆瓦續訂的一攬子交易，本季續約量仍成長 8.6%。
Churn remained low and well controlled at 1.5%.
客戶流失率保持在較低水準並良好控制在 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 real spreads.
由於實際利差改善，資料中心收入較去年同期成長 7.5%。
Rent escalators in year to date commencements more than offset the drag associated with the more than 2.5 billion of capital recycling activities since the middle of 2023.
今年迄今開始的租金自動上升足以抵銷自 2023 年中期以來超過 25 億資本回收活動帶來的拖累。
Pro forma for the transaction activity per year.
每年交易活動的預估。
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 in interconnection revenues with improved pricing, same capital and a wider group 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.
調整後 EBITDA 年成長 11%，主要是由於更高的資料中心互連收入流量以及定價改善、資本相同和更廣泛的集團同比增長 0.8%，利潤率提高了近 200 個基點。營收成長2.5%，但被較高的物業營運成本和該季度約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 Amea in 2023.
今年迄今為止，相同資本現金 NOI 增長了 2.6%，考慮到 2023 年 Amea 公用事業價格上漲，這一情況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 unconsolidated development in the third quarter.
第三季我們花了 6.51 億美元的非合併開發費用。
Gross development spend at 100% figure was 855 million in the quarter.
以 100% 計算，本季開發總支出為 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 a median for an almost 50% increase in our pipeline.
鑑於對資料中心容量的強勁需求，我們將美洲正在進行的開發項目增加了一倍，並增加了更多項目，使我們的項目增加了近 50%。
Ending the quarter was 644 megawatts under construction.
截至本季末，在建裝置容量為 644 兆瓦。
More specifically, we delivered just 36 megawatts of new capacity in the quarter.
更具體地說，我們本季僅交付了 36 兆瓦的新產能。
While we backfill the pipeline with another 244 megawatts of new starts at 100% share, the overall pipeline is now 74% pre-leased, up from 66% at the end of 2Q, with an average expected yield of 12%.
雖然我們以 100% 的份額回填了另外 244 兆瓦的新開工裝機，但目前整個管道已預租 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 pre-leased 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租，預計穩定收益率為 13.6%。
Some development capacity remains at both immediate and A-Pac.
近期和亞太地區仍保留一些開發能力。
Both currently expecting stabilized yields over 10% 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.
目前雙方都預計今年前9 個月的收益率將穩定在10% 以上，我們以100% 的份額在開發資本支出上花費了24 億美元，這已由近9 億合作夥伴的貢獻進行了平衡，使我們保持在正軌並完全在範圍內我們最初的全年支出預期。
Turning to the balance sheet, we continued to strengthen our balance sheet in the third quarter with over 800 million of equity raised on the ATM.
說到資產負債表，第三季我們繼續強化資產負債表，ATM 籌集了超過 8 億股本。
On the debt side, we paid off 250 million gilts in July and added an EUR850 million green bond in September.
在債務方面，我們在 7 月償還了 2.5 億隻英國國債，並在 9 月新增了 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 in our net debt to EBITDA ratio was 5.4 times.
第三季末，我們擁有近50億美元的總流動資金，我們的淨負債與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 for 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85% 的債務以非美元計價，反映了我們全球平台的成長以及我們的外匯對沖策略，約89% 的淨債務為固定利率，96% 的債務為無擔保，為資本提供了充足的靈活性回收。
Finally, we have no remaining debt maturities until early 2025.
最後，我們在 2025 年初之前沒有剩餘債務到期。
Maturities remain well laddered through 2033.
到 2033 年，期限仍保持階梯狀。
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 of 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，將該範圍的下限提高了每股 0.05 美元，並將指導增幅的上限維持在該範圍的中點，這反映了我們今年迄今的租賃和開工率強勁，以及強於預期的續約定價帶來的好處，部分受到今年下半年客戶破產的影響以及資產負債表定位以利用我們所看到的強勁機會的影響所抵消。
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, reflecting our success on cash renewals.
因此，我們也調整了以下營運假設，以反映我們在現金更新方面的成功。
To date, we are increasing the full year range to 8% to 10% from 5% to 7%.
迄今為止，我們將全年範圍從 5% 到 7% 提高到 8% 到 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 to 2.4 billion and maintained our recurring maintenance CapEx ranges.
就 2024 年的投資預期而言，我們將淨股份開發支出範圍收緊至 2.2 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 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 仍將保持成長勢頭，因為年初至今強勁的租賃業務對獲利的貢獻越來越大。
Looking at in 2025 and beyond, Digital Realty's growth remains poised to accelerate for 2024 levels.
展望 2025 年及以後，Digital Realty 的成長仍有望加速至 2024 年的水準。
The fundamental environment for data centers remained strong in our robust backlog commences.
在我們強勁的積壓工作開工過程中，資料中心的基本環境依然強勁。
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？
We will now open up the call for questions.
我們現在將開放提問。
In the interest of time and to allow a larger number of people to ask questions, callers will be limited to one question to ask a question.
為了節省時間並允許更多的人提問，來電者將僅限於一個問題來提問。
You may press star then one on your telephone keypad.
您可以按下電話鍵盤上的星號，然後按一個。
If you are using a speakerphone, please pickup your handset before pressing the keys.
如果您使用免持電話，請在按鍵前拿起聽筒。
To withdraw your question, please press star then two.
若要撤回您的問題，請按星號然後按兩顆。
Our first question is from Michael Rollins with Citi.
我們的第一個問題來自花旗銀行的麥可‧羅林斯。
Please go ahead.
請繼續。
Thanks, Tim.
謝謝，蒂姆。
Good after noon on when we were at getter last in September.
九月最後一次我們在 getter 時的中午之後很好。
And you mentioned there could be yet another record before the end of the year.
你提到年底前可能還會再創紀錄。
Yes.
是的。
This is bigger.
這個更大了。
So congrats to 18 and the team on this.
在此祝賀 18 和團隊。
And maybe the first question with respect to that, how much demand now is that a risk to maybe pulling forward what the natural opportunity for Digital Realty a and for that 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?
也許與此相關的第一個問題是，現在有多少需求可能會帶來風險，可能會推動 Digital Realty a 的自然機會，而目前正在醞釀但尚未開發的容量，其中有多少是電源準備好了嗎？
Thanks.
謝謝。
And thanks, Mike.
謝謝，麥克。
Really appreciate it.
真的很感激。
Some earlier questions on.
一些早期的問題。
Obviously in the core of this magnitude, five, anyone of those sizable deals that slipped a quarter will really change the density of world or Q4 looks like?
顯然，在這種規模的核心中，五筆下滑四分之一的大型交易中的任何一筆都會真正改變世界或第四季的密度嗎？
So I will I won't kill vehicle pull forward, but at the same times, we are far our from anywhere near selling at some of our largest science during the quarter, selling the capacity blocks that are literally adjacent almost identically sized capacity blocks with near Empower deliveries in the figures in more markets we highlighted of analysis and National Bank about one and two and psychology three in terms of our top signings in those specific markets.
因此，我不會殺死車輛向前拉動，但與此同時，我們在本季度的一些最大的科學中還遠未達到銷售目標，銷售的容量塊實際上與幾乎相同大小的容量塊相鄰就我們在這些特定市場的頂級簽約而言，我們強調了分析和國家銀行關於一和二以及心理三的更多市場的數據中的授權交付。
Go to your second question on, they are not ready.
繼續你的第二個問題，他們還沒準備好。
The available capacity in those specific locations that comes next are not necessarily power today.
接下來這些特定地點的可用容量不一定是今天的電力。
Those deliveries are approaching rapidly, and we have those in many markets, the Dallas Santa Clara in the U.S. in May, we have Frankfurt, Paris and Amsterdam, Seoul, South Korea.
這些交付正在迅速臨近，我們在許多市場都有交付，5 月在美國達拉斯聖克拉拉，我們在法蘭克福、巴黎和阿姆斯特丹、韓國首爾都有交付。
And while the similar in South Africa and South America and those all aggregate to north of three gigawatts of capacity, including channel capacity that we can activate quickly.
而南非和南美洲的情況也類似，這些國家的容量總計超過 3 吉瓦，其中包括我們可以快速啟動的通道容量。
So and last but not least, we also have installed in some of the release, we've not been sitting idle.
所以最後但並非最不重要的一點是，我們還安裝了一些版本，我們並沒有閒著。
We've made some very attractive additions, including a parcel little the adjacent to our Richardson campus to Dallas that I think this project 80 megawatts of growth capacity and more to come.
我們做了一些非常有吸引力的補充，包括達拉斯理查森校區附近的一個小地塊，我認為這個項目的成長容量為 80 兆瓦，而且未來還會有更多。
So loans, I don't I don't know.
所以貸款，我不知道。
I wouldn't call this is a massive pull forwards to frankly be scaling up demand.
坦白說，我不認為這是擴大需求的巨大推動。
We're seeing take place here.
我們看到這裡正在發生。
I think it's just overall restrained in from from numerous factors.
我認為它總體上受到多種因素的限制。
The next question is from Jon Petersen with Jefferies.
下一個問題來自傑弗里斯的喬恩彼得森 (Jon Petersen)。
Please go ahead.
請繼續。
Great.
偉大的。
Thanks.
謝謝。
A really impressive quarter because our guys I wanted to ask Salvi clearly, given the size of these leases, it seems like we're probably talking about a I use cases in some of the latest GPU technology out there.
這是一個非常令人印象深刻的季度，因為我想清楚地問薩爾維，考慮到這些租賃的規模，我們似乎正在討論一些最新 GPU 技術的用例。
So you maybe can you give us some more color on some of the design changes that are required to meet these power densities?
那麼您能否給我們更多關於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, but I'm kind of curious if the the build cost side of it is also higher on some of the leases that you signed this quarter.
然後，租金率看起來確實令人印象深刻，但我有點好奇，您本季簽署的一些租約的建築成本是否也更高。
Thanks.
謝謝。
John.
約翰.
Really a massive team effort from obviously, leadership team on the call with the broader Digital Realty efforts towards the second that I'll hand it over to Chris and call to have an effect of AI use cases and contributions from AI. of the yes, we've seen some inflationary trends and build costs of bringing more or higher power density has been part of our heritage.
顯然，領導團隊在電話會議上確實付出了巨大的團隊努力，與更廣泛的 Digital Realty 的努力，我將把它交給 Chris，並呼籲對 AI 用例和 AI 貢獻產生影響。是的，我們已經看到了一些通貨膨脹趨勢，並且帶來更多或更高功率密度的建造成本已經成為我們傳統的一部分。
And that requires incremental CapEx spend for the size of that as a percentage that is built in the call closer to single digit percentile increases, right, additive to what you've seen now in the rental rate movements, setting up well outpace those inflationary elements, but maybe column units give us a little color on the composition from NI and then Chris can chime in on the I think we're doing on the tech infrastructure product.
這需要增加資本支出的規模，即在電話中建立的百分比接近個位數的百分位數增加，對吧，加上您現在在租金率變動中看到的內容，遠遠超過那些通貨膨脹因素，但也許列單元可以讓我們對NI 的構圖有一些了解，然後Chris 可以插話我認為我們正在技術基礎設施產品上做的事情。
Sure.
當然。
Thanks, Mandy.
謝謝，曼迪。
Yes, contribution on would signal at all, about 50% of our overall bookings came from a high of a larger charge capacity, which obviously our heritage comes comes well supported from business have real value.
是的，貢獻完全表明，我們整體預訂的大約 50% 來自較高的充電容量，顯然我們的傳統得到了具有真正價值的業務的大力支持。
You should use cases all suites.
您應該使用所有套件的案例。
The barge capacity blocks are in high demand across our core markets.
我們的核心市場對駁船容量的需求量很大。
And so clients are certainly looking to on take advantage that I would also say it's a growing part of our less than one megawatt framework up.
因此，客戶肯定希望利用這一點，我也想說，這是我們不到一兆瓦的框架中不斷增長的一部分。
Chris and team rolled out a substantial program at HT. co-lo, which you can probably highlighting just a moment that really fits in the sweet spot of where we're taking our platform on the whole.
Chris 和團隊在 HT 推出了一項實質計劃。 co-lo，您可能可以強調真正適合我們整個平台的最佳位置的時刻。
So Chris?
那麼克里斯呢？
Yes.
是的。
No, I appreciate it.
不，我很感激。
And appreciate the question.
並感謝這個問題。
This is something that we've been contemplating for many years, but we've seen a lot of the cloud infrastructure densifying.
這是我們多年來一直在考慮的事情，但我們已經看到許多雲端基礎設施變得更加緻密。
But then as artificial intelligence have come to market, just working on the data center design.
但隨著人工智慧進入市場，人們只專注於資料中心的設計。
And we've talked about this about modularity in the modularity, ranked cooling and be able to maximize the utilization of air.
我們已經討論了模組化中的模組化、分級冷卻以及能夠最大限度地利用空氣。
And I think a lot of certain I understand that liquid is coming into play, which is a core component that we've always anticipated and how we can retrofit and efficient fashion to bring that liquidity to meet this demand on a case-by-case basis.
我認為很多人都知道液體正在發揮作用，這是我們一直期待的核心組成部分，以及我們如何改造和高效的時尚來帶來流動性，以滿足具體情況的需求基礎。
And so I think that's one of the critical elements that we always watched in the market.
所以我認為這是我們在市場上一直關注的關鍵因素之一。
I think the other thing capacity by just the sheer size as, but you just heard Andy to walk you through.
我認為其他事情的容量只是純粹的大小，但你剛剛聽到安迪引導你完成。
So that's also very aligned to what a lot of the AI use cases are looking for.
因此，這也非常符合許多人工智慧用例的需求。
And I think one of the things we're always watching as how inference comes into play, a part of the data center design is also the interconnectivity of that.
我認為我們一直關注的事情之一是推理如何發揮作用，而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. environment to be at inventory and to be a different types of recursive models where how this advanced solutions are coming to market that's core to what we've been watching in understanding at a very granular level.
那麼我們如何允許這些不同類型的人工智慧。環境處於庫存狀態，並成為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並在非常精細的層面上理解的核心。
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. co-lo awhile back.
因此，我們推出了一項名為 HD 的產品。不久前co-lo。
And I think what's interesting about what we're able to do with HD. co-lo across three markets are 30 metros, 170 facilities within 12 weeks were able to build in that capability that takes you to 150 kilowatts per rack.
我認為我們能夠用高清做的事情很有趣。跨越三個市場的 30 個地鐵站、170 個設施在 12 週內就能夠建造這種能力，使每個機架的功率達到 150 千瓦。
And what's important about that to put a little context on it is that supports three in video, H. 100 systems within a single rack.
重要的是要在一個機架內支援三個視訊 H. 100 系統。
And so that's what's really we're seeing in a lot of form factors come into market.
這就是我們在市場上看到的許多外形尺寸的實際情況。
I think for the state of the plate today is the latest GB. two hundreds from and video as well.
我認為今天該盤的狀態是最新的GB。還有兩百個影片。
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。
The next question is from David Barden with Banc of America.
下一個問題來自美國銀行的大衛‧巴登。
Please go ahead.
請繼續。
Hey, guys.
嘿，夥計們。
Thanks so much for taking questions on.
非常感謝您提出問題。
Wow.
哇。
Okay
好的
.
。
With such a great quarter.
有瞭如此出色的季度。
On slide, Andy, I guess a couple questions, if I could.
安迪，如果可以的話，我想在幻燈片上提出幾個問題。
So that this quarter was so strong in the wake of a record quarter in 1Q, a far from record quarter in 2Q on a kind of, I think, scrambles people's expectations about how we think about what's the new normal.
因此，在第一季創紀錄的季度之後，本季的表現如此強勁，而第二季的季度遠未創紀錄，我認為，這在某種程度上擾亂了人們對我們如何看待新常態的期望。
And when we were talking about the first half, we were saying, well, you know, it was a record first half than the average of the first half was about 200 million of new bookings on and now we got this crazy number in the third quarter.
And when we were talking about the first half, we were saying, well, you know, it was a record first half than the average of the first half was about 200 million of new bookings on and now we got this crazy number in the third四分之一.
But just could you level set, people know, now that we've kind of run the Bell about what what is the new normal for this on?
但人們知道，既然我們已經敲響了關於新常態是什麼的警鐘，你能設定一個水平嗎？
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 for the third quarter record quarter is also 50%.
然後第二個問題與我認為我們剛剛聽到的有關，就像第一季創紀錄的季度一樣，人工智慧佔了 50%。第三季的預訂量也創下季度紀錄的50%。
And bookings, which suggests that we're having record everything else to.
還有預訂，這表明我們正在記錄其他一切。
And could you speak to what is driving that?
您能談談是什麼推動了這個趨勢嗎？
Thank you.
謝謝。
Thanks so much.
非常感謝。
I'll tackle the reverse.
我會解決相反的問題。
I think it's very important what you just highlight there where estimated based on numerous data points that we have in terms of infrastructure, customer references, applications, our estimation of a on today that could be changing down the road.
我認為您剛才強調的內容非常重要，這是根據我們在基礎設施、客戶參考、應用程式方面擁有的大量數據點進行估計的，我們對今天的估計可能會在未來發生變化。
This customer, as you can see from all these term, stunning 10 15-year contracts.
正如您從所有這些條款中看到的那樣，該客戶簽訂了令人驚嘆的 10 份 15 年合約。
And we have the ability to retrofit or infrastructure well known what long way.
我們有能力改造或改造眾所周知的基礎設施還有很長的路要走。
But it's important that the core demand fundamentals that preexisted before G&A I came on the scene are still massive and growing digital transformation for enterprise and hybrid IT and cloud computing.
但重要的是，在我加入 G&A 之前就已經存在的核心需求基本面仍然是企業、混合 IT 和雲端運算的大規模且不斷增長的數位轉型。
I hope I'm hopefully a lot more questions on the pilot of $66 million and 0.1 million in the connection.
我希望我能對 6600 萬美元和 10 萬美元的試點提出更多問題。
That's up 20% over our prior record record of 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 it this is not just about just baked large-capacity blocks.
所以這不僅僅是烘焙大容量的塊。
This is what we've been spending many years in the making.
這就是我們花了很多年的時間來打造的。
And certainly our execution has been growing in the fall through in that category has been a major contributor and more to come on that front.
當然，我們的執行力在秋季一直在成長，在該類別中一直是主要貢獻者，在這方面還會有更多貢獻。
Going back to your definition of the new normal, a couple of data points that we highlighted two quarters ago that 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重要的數據點。
First quarter record was based on 10% more megawatts and 60% higher prices this quarter of record on top of that 70% more volume, again, on 30% higher prices versus the prior record we just set.
第一季的紀錄是基於本季發電量增加了 10%，價格上漲了 60%，而銷量增加了 70%，同樣，價格比我們剛剛創下的先前紀錄高了 30%。
So these are pulling levers.
所以這些都是拉桿。
The volume and price are contributing to this growth algorithm.
數量和價格對這種成長演算法有貢獻。
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 the quarter was certainly holidays are approaching us.
我們將無法在第四季度創造這樣的創紀錄季度，特別是在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've talked to offer digital in any regard.
我認為我們還沒有討論過提供數位服務的問題。
That's one thing to a lot of these signings are really called 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 top2 line down the bottom line.
對於許多這樣的簽約來說，這是一回事，實際上被稱為長期合同，合約將在 2025 年末和 2026 年開始大幅升級，並且希望能夠轉化為長期可持續增長，從頂層到下層。 。
That's another big piece of it.
這是其中的另一大塊。
I tried to focus necessarily on just the fluctuations in this of the science, but let's look at our backlog up after a record commencement quarter during the quarter.
我試著將注意力集中在這門科學的波動上，但讓我們看看本季創紀錄的開學季後的積壓情況。
Right, a record backlog that represents 20% of our revenue base today.
是的，創紀錄的積壓訂單占我們今天收入基礎的 20%。
And that is our that record backlog, not necessarily maybe next quarter.
這就是我們創紀錄的積壓，不一定是下個季度。
But I think that record backlog has a lot of potential to keep growing and derisking our revenue run rate for years to come.
但我認為，創紀錄的積壓有很大潛力繼續成長，並降低我們未來幾年收入運行率的風險。
The next question is from Jonathan Atkin with RBC Capital Markets.
下一個問題來自加拿大皇家銀行資本市場部的喬納森‧阿特金 (Jonathan Atkin)。
Please go ahead.
請繼續。
And thank you.
謝謝你。
Also just given the strong backlog and inventory blocks that you talked about, just wonder if you talk about the implications for future CapEx levels, given all the demand and delivery ahead on as well as lower balance sheet from leverage goals?
另外，考慮到您談到的大量積壓和庫存積壓，考慮到未來的所有需求和交付以及槓桿目標帶來的較低資產負債表，您是否談論了對未來資本支出水準的影響？
Thanks, John, and I cannot pass over to Matt to walk you through those elements.
謝謝約翰，我不能讓馬特來引導您完成這些要素。
Sure.
當然。
Thanks.
謝謝。
Thanks out.
謝謝了。
So look, I think in terms of no, I think in terms of CapEx, um, we're sitting here today, our CapEx for 24, we narrow down.
所以看，我認為就資本支出而言，嗯，我們今天坐在這裡，我們 24 的資本支出，我們縮小範圍。
We're still within the range, I think for 25.
我認為我們仍在範圍之內，25。
As we look as we look forward, I mean, we'll obviously give more specific guide guidance as we get to the fourth quarter, um, but just considering where we are in terms of the megawatts under construction, I don't I don't suspect that it will be lower than 4% for 24.
當我們展望未來時，我的意思是，當我們進入第四季度時，我們顯然會提供更具體的指導方針，嗯，但只要考慮到我們在建兆瓦方面的情況，我不知道預計24 日這一數字將低於4%。
And again, we'll give more as we look as we look ahead towards a guidance at the at the start of the year.
再次強調，當我們展望年初的指導時，我們將提供更多資訊。
But I think I think probably somewhat more important and go into your second point from a 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 out our leverage targets.
但我認為我認為可能更重要，從資產負債表的角度進入你的第二點，鑑於我們為使資產負債表恢復正常所做的所有事情，我們今天坐在這裡，我們在哪裡已經超出了我們的槓桿目標。
We've got 5 billion of liquidity.
我們有50億的流動資金。
And ultimately, we think we've got ahead of and we know our plan, we prudently funded, I think, three to 25 with the with a view that we'll be able to stay within those leverage targets as well.
最終，我們認為我們已經領先了，我們知道我們的計劃，我認為我們謹慎地資助了 3 到 25 個項目，以期我們也能夠保持在這些槓桿目標之內。
For the next question is from Richard Choe with JPMorgan.
下一個問題由摩根大通的 Richard Choe 提出。
Please go ahead.
請繼續。
I wanted to follow up on these large package deals you've done to them now, how many more are out there that can be done?
我想跟進您現在對他們所做的這些大型一攬子交易，還有多少可以完成？
And is that driving the 4% escalation in the large deals or this 4% kind of something that you again for all deals that are being done?
這是否推動了大型交易的 4% 升級，或者您對所有正在進行的交易再次進行了 4% 的升級？
Thanks, Richard.
謝謝，理查。
So don't take.
所以不要拿。
And that escalates from first on we're for some time now been looking to push it all the levers on our business.
從一開始，這種情況就不斷升級，一段時間以來，我們一直在尋求推動我們業務的所有槓桿。
And it's whether it's rates, returns, duration contracts.
問題在於利率、報酬、合約期限。
And that was I think I believe we are a leader when CT. I was with escalated kind of bring more CPI. causes into our contracts.
我認為我相信我們在 CT 時是領導者。我認為升級會帶來更多的 CPI。原因納入我們的合約。
And our escalations in especially the larger contracts have been moving up and up for some time now, obviously for the quarter with a handful of larger deals, having those higher escalations certainly helps the weighting of along the way.
我們對大型合約的升級已經持續一段時間了，顯然本季有一些較大的交易，這些更高的升級肯定有助於一路上的權重。
And going to your prior question on package deals, and since this is a this is very episodic, I think the good news is that even if you take off our largest mark-to-markets, were still at cash mark to markets like close to call it, six 7%, I'll call it the high end of our guidance or the cash mark-to-market sale of one specific deal that you referred to doesn't really the on the underlying deals were also great renewals as well.
回到你之前關於一攬子交易的問題，因為這是一個非常偶然的問題，我認為好消息是，即使你取消了我們最大的按市價計價，我們仍然處於現金標價的市場，比如接近稱之為，六7%，我將其稱為我們指導的高端，或者您提到的一項特定交易的現金以市價銷售，實際上，基礎交易也是很棒的續約。
In terms of more of 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 2030, 40, 50, 60, 70 locations around the world to help them.
更重要的是，它是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，我們將在 2030 年在全球 40、50、60、70 個地點擁有客戶來幫助他們。
And in times like today on this, we're seeing some customers having real business needs and urgency around the requirements are and being able to come and table with a holistic solution to help them.
在像今天這樣的時期，我們看到一些客戶有真正的業務需求，並且需求緊迫，並且能夠提供整體解決方案來幫助他們。
That brings kind of these patches that to the table.
這帶來了一些補丁。
So I can't I can't promise them in any given year or any given quarter.
所以我不能在任何特定年份或任何特定季度向他們做出承諾。
But I think it speaks to breadth of relationships and using all the tools at our toolkit to maximize our growth formula.
但我認為這說明了廣泛的關係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。
The next question is from Eric Luebchow with Wells Fargo.
下一個問題來自富國銀行的 Eric Luebchow。
Please go ahead.
請繼續。
Great.
偉大的。
Appreciate you taking the question on.
感謝您提出這個問題。
So just curious, I know you have about three gigawatts of land and shell that haven't been developed yet.
只是好奇，我知道你們還有大約三吉瓦的土地和外殼尚未開發。
But given the size and the speed of the deals that leasing up now, how are you thinking about maintaining that runway either from new land in existing markets, potentially new markets where you could extend your reach even further?
但考慮到目前租賃交易的規模和速度，您如何考慮從現有市場的新土地以及可以進一步擴大業務範圍的潛在新市場來維護這條跑道？
And then separately, I know you touched on it a little bit on Northern Virginia.
另外，我知道您稍微談到了北維吉尼亞州的問題。
I think we've seen some reports results as long as the seven year wait time for power and parts of that footprint.
我認為我們已經看到一些報告結果長達七年的電力等待時間和部分足跡。
I think you said and done and an aspirin.
我想你說了又做了，還有一顆阿斯匹靈。
So maybe just an update on 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。
Thank you.
謝謝。
Thanks, Eric.
謝謝，埃里克。
I'll take the second part first, and I hand it over to Ray to speak to what has been spending a lot of time on this year.
我先講第二部分，然後交給 Ray 來談談今年花了很多時間的事情。
In Northern Virginia.
在維吉尼亞州北部。
I highlighted those are two major that those markets were tumor.
我強調了這兩個主要市場是腫瘤。
Large-capacity signs went into it.
大容量的標示放進去。
And in those markets, we have adjacent buildings, literally identical cycles.
在這些市場中，我們有相鄰的建築物，幾乎相同的週期。
So I know almost 100 megawatt IT load in both our digital CAD and then a similar one Inverness.
因此，我知道我們的數位 CAD 和因弗內斯的類似 CAD 中的 IT 負載接近 100 兆瓦。
And they're coming on in short, we're not necessarily call it early 2010, 25, but one of the one of the to cut it can be brought into late 2025, potentially certainly 2026.
簡而言之，我們不一定將其稱為 2010 年初，25，但其中之一的削減可能會推遲到 2025 年末，可能肯定是 2026 年。
And thereafter, we've got another 230 years in the next series of buildings ration.
此後，我們在下一系列的建築配給中還有另外 230 年的時間。
The power of it will be the liver bid more substations, and it's really cool.
它的力量將是肝臟投標更多的分站，這真的很酷。
It substation components on our end that will push those deliveries clinical use 2027.
它對我們端的組件進行了替換，將推動這些交付在 2027 年投入臨床使用。
So that starts chipping away and come up getting yes, that will up closer to totaled 400 to 4 or 50 additional colors and rounding up 200 megawatts in total analysis that lead, which leaves us another 0.5 gigawatt at lease and digital dollars, not a couple of cotton over 100 megawatts, not being dosed in Northern Virginia, so long runway of growth.
因此，這開始逐漸消失並得到肯定，這將接近總共400 到4 或50 種額外顏色，並在領先的總分析中四捨五入200 兆瓦，這給我們留下了另外0.5 吉瓦的租賃和數位美元，而不是幾個超過 100 兆瓦的棉花，在北維吉尼亞州沒有被施藥，所以增長跑道很長。
And I can say, I would say capacity blocks as their deliveries could get nearer and nearer in times of buying just keeps getting more and more precious.
我可以說，我會說產能封鎖，因為在購買時期，他們的交貨期可能會越來越接近，只會變得越來越珍貴。
I'm Craig, why don't you speak to a little bit of momentum on the adding to that on the other end of our supply chain?
我是克雷格，為什麼不談談在我們供應鏈另一端增加一點動力呢？
Yes.
是的。
Thanks, Andy, and thanks for the question, Eric.
謝謝安迪，也謝謝艾瑞克提出的問題。
Eric, I think the first thing to highlight is Andy's point about our available 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用容量的觀點。
So clearly, we wouldn't existing markets.
很明顯，我們不會現有市場。
We have over three gigawatts of buildable capacity.
我們擁有超過三吉瓦的可建設產能。
So I think when you think about the context of where new gross Can I come from, that's pretty sizable.
所以我認為，當你考慮到新的毛利率來自哪裡時，你會發現這是相當大的。
I think there's probably very few that has that kind of pipeline that we can bring to service in a relatively short period of time.
我認為可能很少有公司擁有我們可以在相對較短的時間內投入使用的這種管道。
So like I guess I would summarize, we're buying land primarily in our existing markets, you know, buying land, purchasing, Power & Light and really across the globe, whether it's North America, South America, Europe, particularly in the flat markets on Africa, particularly South Africa, Johannesburg and Cape Town and then throughout the major markets in A-Pac.
所以就像我想我總結的那樣，我們主要在現有市場購買土地，你知道，在全球範圍內購買土地、採購、電力和照明，無論是北美、南美、歐洲，尤其是在公寓中非洲市場，特別是南非、約翰內斯堡和開普敦，然後是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 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.
話雖如此，我們正在選擇性地尋找新市場，但這不會成為我們成長的主要動力。
On the on the development front.
在發展方面。
Next question is from Frank Louthan with Raymond James.
下一個問題由 Frank Louthan 和 Raymond James 提出。
Please go ahead.
請繼續。
Great.
偉大的。
Thank you.
謝謝。
So you talk to us earlier about the are looking at some markets where you've seen a lot of data center demand popping up in the long-term.
因此，您之前與我們談論過，您正在關註一些長期存在大量資料中心需求的市場。
Visibility is a little bit less clear.
能見度有點不太清晰。
You're kind of avoiding some of those as you're looking at looking at some of these larger deployments.
當您考慮其中一些較大的部署時，您會避免其中的一些。
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 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案籌集資金以及未來 12 個月的資本想法？
Thanks, Frank.
謝謝，弗蘭克。
So I think that dovetails well with Bob.
所以我認為這與鮑勃非常吻合。
Thanks.
謝謝。
Answer stadium.
回答體育場。
What we're doing is continuing to focus on markets that we believe have robust and diverse demand that is called enterprise digital transformation.
我們正在做的是繼續關注我們認為具有強勁且多樣化需求的市場，即企業數位轉型。
And I to demand Sempra's, Verizon do cloud Dominion as well as various stages of a higher demand than certainly we believe that certainly exists and has, for some time in our call it 50 metropolitan areas where we're operating today called runways in addition to offering capacity at our runways for growth exist that three-plus paid what's going on.
我要求 Sempra、Verizon 做雲統治，以及比我們認為肯定存在的更高需求的各個階段，並且在一段時間內，我們稱之為 50 個大都市區，我們今天在其中運營，除了跑道之外我們的跑道上提供的增長能力已經存在，三人以上支付了正在發生的事情。
And we are I think that dovetail BrightPoint, we're expanding into markets where we're operating today, but maybe at a now a bigger scale, a bigger presence, IT 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 and adding to our footprint in those markets.
我認為，與 BrightPoint 相吻合的是，我們正在擴展到我們今天運營的市場，但也許現在規模更大、影響力更大，IT 市場，我們正在考慮我們在哪些領域是主要參與者連接中心或擁有強大的企業實力，但規模要小得多或超大規模計劃，並關注這些並增加我們在這些市場的足跡。
But we're not doing which I think there's even more relevant, but is chasing demand for demand seek to market that we just don't believe are there for the long term.
但我們並沒有做我認為更相關的事情，而是追逐需求，尋求市場，但我們認為這不會長期存在。
I'm not suggesting data centers and demand will be in some of those markets, and there'll be opportunities for one-off bills and contracts with customers.
我並不是說其中一些市場會出現資料中心和需求，並且會有機會與客戶簽訂一次性帳單和合約。
But we've been a company now for just reach of our 20 or as a public company.
但我們現在已經是一家剛滿 20 歲的公司，或者說是上市公司。
We've been through cycles before and we're looking to generate long-term sustainable growth, which is a key element when it comes to that is having a robust and diverse customer demand when renewals do come as you can maintain your pricing power and generate sustainable growth.
我們之前經歷過週期，我們希望實現長期可持續增長，這是一個關鍵因素，當續訂到來時，您可以保持定價能力並保持強勁且多樣化的客戶需求產生可持續增長。
The next question is from Irvin Liu with Evercore ISI.
下一個問題來自 Evercore ISI 的 Irvin Liu。
Please go ahead.
請繼續。
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 are 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。
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，我們該如何考慮你們的中期成長演算法？
Thanks, Everett.
謝謝，埃弗里特。
I'll ask Matt to help unpack the 2025 in the financial algorithm from there.
我會請 Matt 幫忙從那裡解開 2025 年的財務演算法。
Yes.
是的。
Thanks, Arvind.
謝謝，阿爾文德。
I feel like I think I lost the bet because I know for sure the growth question will come before the first first, 15 minutes.
我覺得我輸了，因為我確信成長問題會在第一個 15 分鐘之前出現。
So but the Thanks.
所以，但是謝謝。
So look, I think on I think if you think they've been pretty consistent, I think all all year in terms of our mid single digit growth for 25 and saying that the foundation and keep in mind that's in spite of doing, call it a turning point of of deleveraging over the course of the last 12 to 18 months, we continue to focus on our objective to improve the Company's long-term sustainable growth profile.
所以看，我想，如果你認為他們非常一致，我認為全年我們 25 的中個位數增長，並說基礎並記住，儘管這樣做，稱之為它這是過去12 至18 個月去槓桿化的轉折點，我們將繼續專注於改善公司長期可持續成長狀況的目標。
You've seen that you've seen that in the results.
您已經在結果中看到了這一點。
We put up some some of those things accrue to the bottom line a little faster than the others.
我們把其中一些東西比其他東西更快地增加到底線。
Obviously, our renewal spreads in the zero to one comes comes into the financials a little bit sooner.
顯然，我們從零到一的續約利差更快進入了財務狀況。
The greater than one megawatt takes.
大於一兆瓦需要。
It takes a little bit longer.
需要的時間稍微長一點。
You see most of that in terms of our backlog, which is already at 350 million for for next year.
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。
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 saying that a year ago in terms of where that would work, that would have been kind of in it to your forward view, it's 200 million more.
因此，如果你看一下一年前的說法，就其發揮作用的方面而言，這對你的前瞻性觀點來說是有點重要的，那就是多了 2 億。
So again, this quarter really derisks the plan to achieve the goals that we use that we set out some, which provides a solid foundation for accelerating growth, not only 25, but even further beyond that.
因此，本季度確實消除了實現我們設定的目標的計劃的風險，這為加速成長提供了堅實的基礎，不僅是 25，而且甚至進一步超過這個目標。
And I would say we were we were confident in what we said before about that.
我想說的是，我們對之前所說的話充滿信心。
And we're even though we're even more confident now.
即使我們現在更有信心了。
The next question is from Jim Schneider with Goldman Sachs.
下一個問題來自高盛的吉姆·施奈德。
Please go ahead.
請繼續。
Good afternoon and thanks for taking my question.
下午好，感謝您提出我的問題。
I was wondering if you could maybe talk a little bit about the complexion of the bookings came in the quarter and roughly how many customers kind of were contributing to the sort of the 60 or 53% market that meaning the concentration of customers in that book?
我想知道您是否可以談談本季預訂的情況，以及大約有多少客戶對 60% 或 53% 的市場做出了貢獻，這意味著客戶集中在該書上？
And can we talk to anybody with those customers who are out substantial size were new customers in the quarter?
我們是否可以與本季新客戶規模較大的任何人交談？
Thanks, Jim.
謝謝，吉姆。
So what I call on the call walk through some of the highlights, maybe causing the break down the two categories, although once.
因此，我在電話會議上提出了一些要點，可能會導致這兩個類別的劃分，儘管有一次。
Sure.
當然。
Yes, thanks for the questions.
是的，謝謝您的提問。
Appreciate it.
欣賞它。
Yes, obviously, successful quarter lot of impact across the board, both new customers, existing customers and growth.
是的，顯然，成功的季度會產生全面的影響，包括新客戶、現有客戶和成長。
We have about 1,000 customers book within the platform on in Q2, three on a good chunk of that 100, 49 new logos is predominantly came on the commercial segment.
第二季度，我們有大約 1,000 名客戶在該平台上預訂，其中 100 個中的很大一部分是 3 個，49 個新徽標主要來自商業領域。
We think about the segmentation of customers with a global large enterprise and commercial of a large number of new logo come out of a commercial basis.
我們考慮對全球大型企業的客戶進行細分，並在商業基礎上推出大量新標誌。
But we're put more and more focus on large enterprise.
但我們越來越關注大型企業。
I'm assuming that 66 million of bookings we had about 52% of that have a large enterprise, which is an all-time high.
我假設我們有 6600 萬筆預訂，其中大約 52% 是一家大型企業，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 Dave is talking about the diverse demand that's hitting PlatformDIGITAL across digital transformation, cloud and AI on.
再次，我認為這指的是 Dave 所說的跨數位轉型、雲端和人工智慧對 PlatformDIGITAL 的多樣化需求。
So we continue to see that that characteristics in our pipeline, current pipeline for Q4 aggregate all-time highs, particularly key strong characteristics and the zero to one megawatt variety on maybe a little bit more context as to what we're seeing across the platform, just double down on with the questions that the proximity matters.
因此，我們繼續看到我們的管道中的這些特徵，當前第四季度的管道匯總了歷史最高點，特別是關鍵的強特徵和零到一兆瓦的變化，可能更多地說明了我們在整個平台上看到的情況，只需加倍考慮鄰近性很重要的問題。
So our core networks in terms of bookings, variety, 80 per 80 plus percent of our in our primary markets, our top 20th markets from.
因此，我們的核心網路在預訂量、品種方面，80%以上來自我們的主要市場，也就是我們的前 20 個市場。
So we continue to see strength there continue to see indirect on focus.
因此，我們繼續看到那裡的力量，繼續看到間接的焦點。
So about 26% of our bookings for indirect future pipeline, about 30% of that's going to continue to grow and frankly, our flexibility to support the various density and scalability requirements for our clients.
因此，我們約 26% 的預訂用於未來間接管道，其中約 30% 將繼續成長，坦白說，我們可以靈活地支援客戶的各種密度和可擴展性要求。
We'll continue pretty robust quarter very robust in terms of number of customers, new logos and types of customers.
我們將繼續保持相當強勁的季度，在客戶數量、新標誌和客戶類型方面都非常強勁。
Many of our business.
我們的許多業務。
The next question is from Michael ELISTD. Cowen.
下一個問題來自 Michael ELISTD。考恩.
Please go ahead.
請繼續。
Great.
偉大的。
Thanks for taking the question and congratulations for the whole Digital Realty team on are really exceptional quarter.
感謝您提出問題，並向整個 Digital Realty 團隊表示祝賀，這是一個非常出色的季度。
I wanted to switch focus and actually copy enterprise, the great bookings in the enterprise segment.
我想改變焦點並實際複製企業，即企業領域的出色預訂。
What I'm curious about is kind of what's changed there from the prior run rate of bookings.
我很好奇的是，與之前的預訂運行率相比，發生了什麼變化。
We are you on was it that the enterprise backdrop gotten better or some for you guys?
我們認為，企業背景是否變得更好，或對你們來說有什麼好處？
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發生了一些變化？
And just as part of that, what are you seeing in terms of the with the ability to price up enterprise customers, i.e., what are you seeing on the renewal spread side with them off?
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，您在續訂價差方面看到了什麼？
Are we getting past some of that price hike?
我們是否已經克服了價格上漲的影響？
The peak of my questions and again, thank you.
我的問題達到頂峰，再次謝謝。
Congratulations, guys.
恭喜你們，夥伴們。
Thank you, Michael.
謝謝你，麥可。
Before I can touch a little bit on this in his last question, but I'll turn it back to him.
在我可以在他的最後一個問題中稍微觸及這一點之前，我會將其轉回給他。
Going back to your pricing question, and that's kind of dovetails with I think the Frank asked about spreads and pumps.
回到你的定價問題，我認為這與弗蘭克詢問的點差和泵價是吻合的。
I mean, we've been looking at called making sure we have a strong value proposition for our customers.
我的意思是，我們一直在考慮確保我們為客戶提供強有力的價值主張。
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, but I don't I definitely this will not be a record in that category.
當然，這是一個里程碑式的季度，但我不認為這絕對不會是該類別中的記錄。
We're going to build on that record.
我們將在此基礎上再接再厲。
Let is incredibly important strategic priority to this company.
讓我們成為這家公司極為重要的策略重點。
Given the loss of value and provided to customers and the growth it provides look in general, what megawatt signings category, we've been flattish on the cash mark-to-markets, their I'll call it kind of on 4.5% on an LTM basis.
考慮到價值的損失以及向客戶提供的價值的損失以及它提供的總體增長，兆瓦簽約類別，我們對現金市場持平，我將其稱為 4.5％ LTM 基礎。
I think they're up about 70 basis points this quarter over quarter.
我認為本季較上一季上漲了約 70 個基點。
Um, you can see the asking rates as well.
嗯，你也可以看到要價。
I think we'll have more we have more opportunity go on the interconnection side in terms of continuing to make sure our value we bring to the customers is probably commercialized, and that's even with a record interconnection signings quarter.
我認為我們將在互連方面擁有更多機會，繼續確保我們為客戶帶來的價值可能商業化，即使互連簽約季度創紀錄。
So we're looking to all levers.
所以我們正在尋找所有的槓桿。
And again, it's about giving more value to the customer about their infrastructure.
再說一遍，這是為了為客戶的基礎設施提供更多價值。
And their power density is not helping the connected home pinpoints.
而且它們的功率密度無助於連網家庭的精確定位。
It's about being a one-stop shop from no matter what size, depending on their workflow, the Enterprise Hybrid IT cloud for certainly a I would just starting to percolate in that category of coal and deserves a tremendous amount of credit as well.
無論規模如何，根據其工作流程，企業混合 IT 雲端都將成為一站式商店，我肯定剛開始涉足這一煤炭類別，也值得大量讚譽。
And then I'll turn it over to him to kind of walk through what his insights on the inflation this quarter saw the opportunity appreciated.
然後我會將其轉交給他，讓他詳細介紹他對本季通膨的見解以及對這一機會的重視。
And I think one point to make it is not one quarter or into making this to say this is a multiyear transformation of platform oriented company servicing service providers, enterprises.
我認為有一個重點不是四分之一，也不是說這是面向平台的公司服務提供者、企業的多年轉型。
And the way that you do that as you make your platform more attractive to analysis of on-ramps this quarter, one in Dallas we put in Europe are in Zurich, answering investment material in attracting enterprises.
當你讓你的平台對本季的入口分析更具吸引力時，你這樣做的方式是，我們在歐洲的達拉斯設立了一個，在蘇黎世，回答了吸引企業的投資材料。
80 mentioned that the digital transformation is now in full steam, but we still think it's early innings on.
80 提到數位轉型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 seek value and PlatformDIGITAL one key metric going to leave you with on that, a really good sign of platform-oriented approach of our exports were a record 43% or one megawatt that's material that shows customer sourcing values, but they're expanding across the platform into other geos pump.
因此，我們認為我們的平台將繼續成長，因為企業尋求價值，PlatformDIGITAL 的關鍵指標將為您留下這一點，我們出口的平台導向方法的一個真正好的跡像是創紀錄的43% 或1 兆瓦，這對於顯示了客戶採購價值，但他們正在跨平台擴展到其他 geos 泵。
So again, strong contribution across the board.
再次強調，全面的貢獻。
The team to bring this to fruition.
團隊使這項成果得以實現。
The next question is from George, you think of with Monsanto, please go ahead.
下一個問題是喬治提出的，你想到了孟山都公司，請繼續說。
Hey, thank you for taking my question and congrats on the strong results.
嘿，謝謝您提出我的問題，並祝賀取得了優異的成績。
I just noticed the development yields are now 12%, which is higher compared to the second quarter.
我剛剛注意到現在的開發收益率是 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 and on the development pipeline look like in terms of length and apps on the renewals?
另外，您能否提供更多有關合約和開發流程的長度和續約應用程式的資訊？
Thank you.
謝謝。
Thank you, Jordi.
謝謝你，喬迪。
So this goes back to us.
所以這又回到了我們身上。
The accelerated development CapEx sizably, 50% higher did that based on demand.
根據需求，加速開發的資本支出大幅提高了 50%。
So we should see overall were set closes.
所以我們應該看到整體已經關閉。
North of 75% pre-leased in North America were 97% pre-leased.
北美地區預租率為 75%，預租率為 97%。
Some of the signings in North America in particular actually have called on the long-read over some commencement trails.
特別是北美的一些簽約實際上需要對一些畢業典禮進行長時間的閱讀。
So they were signed in the capacity that the Shell is just getting delivered picked up.
因此，他們是以殼牌剛剛交付接收的身份簽署的。
Last quarter.
上個季度。
We signed a nearly 50 megawatt deal is land state.
我們在陸地上簽署了近 50 兆瓦的協議。
So the polls close to two years.
所以民調已經接近兩年了。
There's a lot gated.
有很多門禁。
So that means we didn't we didn't sell just the nearest term capacity blocks from sold at what the customer needed, given the facts and circumstances home.
因此，這意味著我們並沒有根據國內的事實和情況，只出售與客戶所需的最接近的期限容量塊。
We're doing everything we can to maintain if not improve our yields at the product of making sure we're scaling our infrastructure and our economies of scale and where we deliver and obviously seizing upon the right rates and translate to better returns from as products in that light development lifecycle fell off a rollup in today's market.
我們正在盡一切努力維持甚至提高我們的產品產量，以確保我們正在擴展我們的基礎設施和規模經濟以及我們交付的地方，並明顯抓住正確的利率並轉化為更好的產品回報從這個角度來看，現今市場的開發生命週期不再是一個完整的過程。
We're looking to get all the levers of commercial Zoro in this discussion, rate escalations, real estate tax base stops and certainly renewal options were not there will not entertain a cold capping out when those contracts come to.
我們希望在這次討論中獲得商業佐羅的所有槓桿，利率升級，房地產稅基停止，當然續約選項不存在，當這些合約到來時，不會出現寒冷的上限。
The next question is from Matt Niknam with Deutsche Bank.
下一個問題來自德意志銀行的 Matt Niknam。
Please go ahead.
請繼續。
Hey, thanks for squeezing me in.
嘿嘿，謝謝你拉我進來。
Congrats on the quarter.
恭喜本季。
I will keep it to one question and then I know that we've specified upfront on on the AI. fronts.
我將保留一個問題，然後我知道我們已經在人工智慧上預先指定了。戰線。
I know you mentioned it was about half of your bookings.
我知道您提到這大約是您預訂的一半。
Is there any contribution from enterprise or sovereign players or is it primarily traditional hyperscalers in newer AI model builders?
企業或主權參與者是否有任何貢獻，或者在新的人工智慧模型建構器中主要是傳統的超大規模企業？
Thanks.
謝謝。
First off, Matt, thank you for being a whole follower, really appreciate that.
首先，馬特，感謝你作為一個忠實的追隨者，真的很感激。
Now once Chris, why don't you give us a little bit presents a 50% overall, but how much in the call it enterprise and then gives us a little more color on some of the AI. demand and we've received upon in the quarter.
現在，克里斯，為什麼你不給我們一點總體的 50%，但有多少可以稱為企業，然後給我們一些人工智慧的更多色彩。需求，我們在本季收到了。
And also with me on the annual.
還和我一起過年會。
Appreciate the question, Matt.
感謝這個問題，馬特。
And so there's a lot happening across Asia, which I think is at the core of your question.
因此，亞洲發生了很多事情，我認為這是你問題的核心。
So it's not just it's about the hyperscalers.
所以這不僅僅是關於超大規模的問題。
And I think it's 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, but what are the things that we have great history with them video, right?
其中一個只是一個特別的亮點，我不會談論任何客戶特定的細節，但我們與他們的影片有哪些悠久的歷史，對嗎？
And so we've been VGX certified on the leading providers, 30 plus data centers already pre-certified.
因此，我們已獲得領先供應商的 VGX 認證，30 多個資料中心已獲得預先認證。
But what's important to us is just yesterday, we were able to host Jensen Huang and CEO. of in video from a kickoff of the largest DGX. supercomputer in Europe.
但對我們來說重要的是昨天，我們接待了黃仁勳和執行長。最大的 DGX 啟動影片中的內容。歐洲的超級電腦。
And so it's it's very exciting to support Novo Nordisk foundation in that overall effort and the like, what are the things?
因此，能夠在整體努力等方面支持諾和諾德基金會是非常令人興奮的，具體是什麼？
I think it's pretty interesting that highlighted is that Jensen quota would that it was the factor of intelligent.
我認為很有趣的是，詹森強調這是聰明的因素。
So something like that is fundamental and showing this private AI. deployments are very relevant and coming to our overall portfolio.
因此，類似的東西是基本的，並且展示了這種私人人工智慧。部署非常相關，並涉及我們的整體產品組合。
In the last piece, I'd like to just say just to highlight that the digital really it's foundational on that and we're able to do it in a sustainable way because that facility runs about 100% renewable power.
在上一篇文章中，我想說的只是強調數字確實是其基礎，我們能夠以可持續的方式做到這一點，因為該設施運行大約 100% 可再生能源。
The next question is from David Guarino with Green Street.
下一個問題來自 Green Street 的 David Guarino。
Please go ahead.
請繼續。
Thanks on your greater than one megawatt new leasing in the America rents on a GAAP basis were almost 25 kilowatt.
感謝您在美國的超過 1 兆瓦的新租賃，以 GAAP 計算的租金幾乎為 25 千瓦。
This quarter.
本季。
I'm guessing man assets and Chicago, you called out.
我猜是曼資產和芝加哥，你喊了出來。
We're below that number.
我們低於這個數字。
If it does that suggest that hyperscale rental rates in Ashburn, they're pushing close to that to 25 or maybe even typically it takes a lot number.
如果這確實表明阿什本的超大規模租金率，他們會將其推至接近 25，甚至可能通常需要很多數字。
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 on a GAAP rates, just a reminder.
因此，就公認會計原則而言，只是提醒一下。
So you've got to take the duration of the lease, you know, the drill, David, in terms and the bumps.
所以你必須考慮租約的期限，你知道，演習，大衛，條款和障礙。
So there certainly push them over.
所以肯定有把他們推倒的。
I can tell you in Ashburn, you have multiple customers, I call a facelift rates in the call to one 75 were 200 or higher, just slightly over 200 in core eight megawatts.
我可以告訴你，在阿什本，你有多個客戶，我在電話中對 75 個客戶的整容率是 200 或更高，核心 8 兆瓦略高於 200。
You hire type of capacity blocks of where we go from here.
您可以租用我們從這裡開始的容量區塊類型。
I'm not sure you're going to see this repeated So immediately, but these other markets have been catching up, but I think we'll continue to catch up over time.
我不確定您是否會立即看到這種情況重演，但其他市場已經迎頭趕上，但我認為隨著時間的推移，我們將繼續迎頭趕上。
Certainly comparables in the Chicago, the dialysis that I've always trailed, the Ashburn certainly trailed like the Santa Clara and now Chile in Ashburn.
當然，在芝加哥，我一直落後的透析，阿什本肯定像聖克拉拉和現在阿什本的智利一樣落後。
I do think you're just going to see more and more markets.
我確實認為你會看到越來越多的市場。
Coalesce is hybrids overtime.
合併是加時賽的混合體。
Thanks.
謝謝。
The next question is from Nick Del Deo with MoffettNathanson.
下一個問題由 Nick Del Deo 和 MoffettNathanson 提出。
Please go ahead.
請繼續。
Hi, thanks for squeezing me in on.
你好，謝謝你逼我進來。
You've obviously got a ton of development work under way and that's going to grow is.
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。
Can you talk a little bit about the steps you're taking to ensure that you're able to deliver all that on on-time on budget without hiccups?
您能否談談您為確保能夠按預算按時交付所有內容而沒有出現任何問題所採取的步驟？
Thanks, Nick.
謝謝，尼克。
So first off, it's very important that we just didn't call it the GSA on the income and just get at your Investor Day.
因此，首先，非常重要的是，我們不要稱之為收入上的 GSA，而只是在投資者日到來。
This is this company has been sold on and we've been in these markets that I touched on.
這家公司已經被出售，我們已經進入了我提到的這些市場。
We've been consistently the operating sublingually and a building and delivering for our customers for many, many years and in green to the communities with utility providers.
多年來，我們一直堅持舌下營運、為客戶建造和交付，並為公用事業提供者所在的社區提供綠色服務。
As we saw this opportunity to evolve in scaling certainly came to mind.
當我們看到這個擴展規模的機會時，我們肯定想到了這一點。
That is what we did.
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 set great relationships with vendors and making sure that we are future-proofing those supply chains and being very collaborative with our partners.
我們的團隊呼籲與供應商建立良好的關係，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 retailer you switch gear that we have in one market, we can bring it to another market.
如果一家零售商更換我們在一個市場的裝備，我們可以將其帶到另一個市場。
We're bringing those economies of scale.
我們正在帶來規模經濟。
We're certainly pass scaling of our more our team as well.
我們當然也在擴大我們的團隊。
Operationally, we're delivering a lot of capacity for our customers, and we're investing in our team in our systems and actually the drive train development of our team a lot along the way.
在營運方面，我們正在為客戶提供大量容量，並且我們正在對我們的系統團隊以及實際上我們團隊的傳動系統開發進行大量投資。
And then lastly, the capital up massively capital intensive business and the great work of our organization over the last two year comp to supplement our use of public equity with some great private investment partnerships both have stabilized and development.
最後，大規模資本密集型業務的資本以及我們組織在過去兩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使用所做的偉大工作都已經穩定和發展。
We see a really fantastic run rate of capital tests of growth.
我們看到成長資本測試的運作速度非常好。
Here is you're seeing that routes from our labor in terms of the risks and the returns are bearing fruit this year is playing out for years to come.
您可以看到，我們的勞動力路線在風險和回報方面正在取得成果，並將在未來幾年發揮作用。
And we want to make sure that we have stable of 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 our 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，並表明我們的 Digital Realty 正在應對支援全球客戶的挑戰。
Said a number of records throughout our business raised guidance.
多項記錄表示我們對整個業務提出了指導意見。
We position the Company for accelerating growth in 2025 and beyond.
我們預計公司將在 2025 年及以後加速成長。
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。
For most importantly, we remain focused on seizing on the opportunity at hand.
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, an exceptional team of Digital Realty's to keep the digital world turning.
我要感謝 Digital Realty 的敬業、卓越的團隊，他們讓數位世界不斷發展。
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。