Digital Realty Trust Inc (DLR) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to the Digital Realty fourth quarter 2024 earnings call.

下午好，歡迎參加 Digital Realty 2024 年第四季財報電話會議。

Please note, this event is being recorded.

請注意，此事件正在被記錄。

(Operator Instructions)

（操作員指令）

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

現在，我想將電話轉給 Digital Realty 公共和私人投資者關係高級副總裁喬丹·薩德勒 (Jordan Sadler)。

Jordan, please go ahead.

喬丹，請繼續。

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

謝謝接線員，歡迎大家參加 Digital Realty 2024 年第四季財報電話會議。

Joining me on today's call are President and CEO, Andy Power; and CFO, Matt Mercier; Chief Investment Officer, Greg Wright; Chief Technology Officer, Chris Sharp; and Chief Revenue Officer, Colin McLean, are also on the call and will be available for Q&A.

參加今天電話會議的還有總裁兼執行長安迪鮑爾 (Andy Power)；和財務長 Matt Mercier；首席投資長 Greg Wright；技術長 Chris Sharp；和首席營收官科林麥克萊恩（Colin McLean）也將參加電話會議並回答提問。

Management will be making forward-looking statements, including guidance and underlying assumptions on today's call.

管理層將在今天的電話會議上做出前瞻性陳述，包括指導和基本假設。

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會導致實際結果大不相同。

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

有關我們業務的風險的進一步討論，請參閱我們的 10-K 報告以及隨後向美國證券交易委員會 (SEC) 提交的文件。

This call will contain certain non-GAAP financial information.

本次電話會議將包含某些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.

淨收入對帳表包含在提交給美國證券交易委員會的補充文件中，可在我們的網站上查閱。

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

在我將電話轉給安迪之前，讓我先介紹一下我們第四季業績的幾個關鍵要點。

First, we posted a second consecutive quarter of record leasing in our 0-1 megawatt plus interconnection segment, contributing to a record $1 billion of total leasing completed in 2024.

首先，我們連續第二季在 0-1 兆瓦以上互連領域創下了租賃記錄，為 2024 年完成的 10 億美元總租賃創下了紀錄。

The 0-1 megawatt product continues to be a significant focus for Digital Realty, and we are encouraged by the growing strength and momentum of our execution.

0-1 兆瓦產品繼續成為 Digital Realty 的重點，我們不斷增強的執行力和勢頭令我們感到鼓舞。

Second, in the quarter, we raised over $2 billion of new debt and equity capital as well as over $500 million of net proceeds from asset sales and JV contributions, boosting our liquidity to over $6 billion and reducing our leverage to 4.8 times at year-end.

其次，本季度，我們籌集了超過 20 億美元的新債務和股權資本，以及超過 5 億美元的資產出售和合資企業出資淨收益，使我們的流動性增加到超過 60 億美元，並將我們的槓桿率在年底降低至 4.8 倍。

And third, we posted 6% core FFO per share growth in the fourth quarter, foreshadowing our expectations for 2025.

第三，我們第四季每股核心 FFO 成長 6%，預示了我們對 2025 年的預期。

With that, I'd like to turn the call over to our President and CEO, Andy Power.

接下來，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. 2024 was a breakout year for Digital Realty, as we capitalized on a surge in demand for data center infrastructure positions the company for the opportunity that lies ahead and continue to execute on the key strategic priorities that we outlined on this call 2 years ago to enhance our long-term sustainable growth.

謝謝喬丹，也謝謝大家參加我們的電話會議。 2024 年是 Digital Realty 突破的一年，因為我們利用資料中心基礎設施需求的激增，為公司帶來了未來的機遇，並繼續執行我們兩年前在這次電話會議上概述的關鍵戰略重點，以增強我們的長期可持續增長。

Back then, we said that we would strengthen our customer value proposition, and we are doing just that.

當時我們說過，我們要加強我們的客戶價值主張，現在我們正在這樣做。

The evidence from 2024 lies in over $1 billion of bookings, a convincing new record for us, the few several hyperscale transactions and nearly $250 million from the 0-1 megawatt plus interconnection category, another record.

2024 年的證據在於超過 10 億美元的預訂量，這對我們來說是一個令人信服的新紀錄，為數不多的幾筆超大規模交易以及 0-1 兆瓦以上互連類別的近 2.5 億美元，這是另一項紀錄。

Not to be outdone by new bookings, we also saw record lease renewal activity in 2024 which also approached $1 billion with cash rents rolling up 9% on average.

我們不甘於新的預訂量，也看到 2024 年的租約續約活動創下了紀錄，金額也接近 10 億美元，現金租金平均上漲 9%。

We added a record number of new logos during the year, nearly 600, while expanding our connectivity-rich solutions.

我們在這一年中增加了創紀錄數量的新標誌，接近 600 個，同時擴展了我們的連接性豐富的解決方案。

We expanded the capacity of our total portfolio by over 200 megawatts in 2024, while scaling our development pipeline by over 75% to $7-plus billion of projects underway that are 70% pre-leased in order to serve our customers' growing data center needs.

為了滿足客戶日益增長的資料中心需求，我們在 2024 年將總投資組合的容量擴大了 200 兆瓦以上，同時將開發管道擴大了 75% 以上，在建項目的價值達到 70 億美元以上，其中 70% 已預租。

I also talked about innovating and integrating across our unmatched global portfolio, and we've rolled out new products and services, such as high-density colo 2.0, the cooling solution to support densities of up to 150 kilowatts per rack, the expansion of ServiceFabric to 38 metros around the world, and Private AI Exchange, an open platform available through ServiceFabric, which enables enterprises to seamlessly integrate their data with AI capabilities and other technology solutions.

我還談到了我們無與倫比的全球產品組合的創新和整合，我們推出了新的產品和服務，例如高密度 colo 2.0、支援每機架高達 150 千瓦密度的冷卻解決方案、將 ServiceFabric 擴展到全球 38 個大都市，以及透過 ServiceFabric 提供的開放平台 Private AI，使企業能夠將其無縫解決方案與其他技術和其他功能解決方案。

By combining these leading-edge solutions with our global full spectrum strategy of connected campuses and offer colo, scale and hyperscale capacity, customers can count on Digital Realty to meet all of their data center needs.

透過將這些尖端解決方案與我們全球全方位互聯園區策略相結合，並提供託管、擴展和超大規模容量，客戶可以依靠 Digital Realty 滿足其所有資料中心需求。

Finally, we vow to diversify and bolster our capital sources to expand our capacity to support our customers growing requirements, improve capital efficiency, and reduce our leverage while increasing the returns to Digital Realty's shareholders.

最後，我們承諾實現資本來源多元化並加強資本來源，以擴大我們支持客戶不斷增長的需求的能力，提高資本效率，降低槓桿率，同時增加 Digital Realty 股東的回報。

We've done this by adding to the menu of debt and equity capital options, opportunistically recycling capital out of stabilized and noncore assets and partnering with a diverse and high-quality list of private capital providers.

我們透過增加債務和股權資本選項菜單、從穩定和非核心資產中擇機回收資本以及與多元化高品質私人資本提供者合作來實現這一目標。

Some of these activities have resulted in short-term headwinds to our results, but all of them have enhanced our operating momentum and financial position, enabling us to accelerate our bottom line per share growth.

其中一些活動在短期內對我們的業績造成了不利影響，但所有這些活動都增強了我們的經營勢頭和財務狀況，使我們能夠加快每股底線的成長。

But there is still tremendous opportunity to be seized upon as we lead this dynamic in an increasingly global industry.

但當我們在日益全球化的行業中引領這一動態時，仍然有巨大的機會可以抓住。

Demand for data center capacity remains robust, both for larger AI-oriented and capacity blocks and to support growth in cloud and digital transformation while data center supply remains tight.

對資料中心容量的需求仍然強勁，包括更大規模的面向人工智慧的容量塊，以及在資料中心供應仍然緊張的情況下支援雲端和數位轉型的成長。

Highlights for the fourth quarter include $100 million of new leases signed at Digital Realty share, driven by a 16% sequential uplift in the 0-1 megawatt plus interconnection bookings for a new record of $76 million.

第四季的亮點包括 Digital Realty 簽署了價值 1 億美元的新租約，這得益於 0-1 兆瓦以上的互連預訂量環比增長 16%，達到 7,600 萬美元的新紀錄。

Unsurprisingly, greater-than-a-megawatt bookings dipped sequentially following last quarter's blowout, though the pipeline remains strong.

毫不奇怪，儘管訂單量依然強勁，但上個季度超過一兆瓦的訂單量環比下降。

Looking inside our 0-1 megawatt bookings, we experienced strong and balanced growth in both the Americas and in EMEA, with both regions pursuing new records in the quarter.

縱觀我們的0-1兆瓦訂單，我們在美洲和歐洲、中東和非洲地區都經歷了強勁而均衡的增長，兩個地區在本季度都創下了新紀錄。

We continue to some a growing healthy mix on various size deployments within our 0-1 megawatt business, reflecting how our full spectrum strategy enable Digital to provide solutions for large and small deployments along with everything in between.

我們繼續在 0-1 兆瓦業務中對各種規模的部署進行不斷增長的健康組合，這反映了我們的全方位策略如何使 Digital 能夠為大型和小型部署以及介於兩者之間的一切部署提供解決方案。

Some customers might simply need a network node to utilize our robust connectivity in the central city hub, while smaller enterprises might choose to locate a sub 1-megawatt deployment for compute or storage requirements in a facility outside of the city center.

有些客戶可能只需要一個網路節點來利用我們在中心城市樞紐的強大連接，而較小的企業可能會選擇在市中心以外的設施中定位低於 1 兆瓦的部署以滿足計算或儲存需求。

Interconnection bookings were also strong at $15 million, nearly matching last quarter's record.

互連預訂量也表現強勁，達到 1,500 萬美元，幾乎與上一季的記錄持平。

Finally, the strength and breadth of data center demand and the progress of our go-to-market initiatives are also reflected in our addition of a record 166 new logos.

最後，我們新增了創紀錄的 166 個新標識，這也反映了資料中心需求的強度和廣度以及我們進入市場計畫的進展。

We continue to see healthy inter-region activity across our global platform.

我們繼續看到全球平台上健康的跨區域活動。

Hyperscalers drove a portion of this activity with our largest global customers driving record export activity to other regions around the world.

超大規模企業推動了部分此類活動，我們最大的全球客戶推動了向世界其他地區創紀錄的出口活動。

EMEA exports were again at record levels with heightened transatlantic bookings for deployments landed in the Americas.

歐洲、中東和非洲地區的出口再次創下歷史新高，跨大西洋航線部署訂單量大幅增加。

Our record bookings in 2024 pushed our backlog of booked but not yet billed leases up to roughly $800 million at year-end, providing strong revenue visibility for this year and beyond.

我們在 2024 年的創紀錄預訂量使我們已預訂但尚未付款的租賃積壓量在年底達到約 8 億美元，為今年及以後的收入提供了強勁的可預見性。

As Jordan mentioned, we also continue to bolster our balance sheet and diversify our capital sources during the fourth quarter with support from asset sales, hyperscale development joint ventures, and highly successful debt and equity raises.

正如喬丹所提到的，我們還將在第四季度透過資產出售、超大規模開發合資企業以及非常成功的債務和股權融資的支持，繼續增強我們的資產負債表並實現資本來源多元化。

These activities helped to push leverage below 5 times.

這些活動有助於將槓桿率降至5倍以下。

Matt will provide more details on these activities in just 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 have seen commitments for data center spending continue to grow.

在過去幾週，我們看到資料中心支出的承諾持續成長。

New administration announced a $500 billion effort to support American-based AI development and others around the world are following suit.

新政府宣布投入 5,000 億美元支持美國的人工智慧發展，世界各國也跟進。

Earlier this week, I was pleased to join French President, Emmanuel Macron, in Paris, along with US Vice President, J.D. Vance and many other heads of state and industry leaders for France's AI Action Summit, which was geared toward convening the international community to discuss the use of AI for the common good.

本週早些時候，我很高興與法國總統馬克宏、美國副總統J.D.萬斯以及許多其他國家元首和行業領袖一起在巴黎參加法國人工智慧行動峰會，此次峰會旨在召集國際社會共同探討如何利用人工智慧造福共同利益。

As I highlighted a few years ago, on my first earnings call as CEO, technology begets technology.

正如我幾年前在擔任執行長後的第一次財報電話會議上所強調的那樣，技術催生技術。

In the past, innovation has typically led to greater efficiencies that ultimately spur incremental demand.

過去，創新通常會提高效率，最終刺激增量需求。

At the time, we noted that we are at the precipice of the next wave of innovation that we thought might drive the next decade of data center demand. 2024 we saw data center leases that were 80% higher than the next highest year, driven by steady growth in cloud and digital transformation as well as a surge in AI-related use cases.

當時，我們注意到我們正處於下一波創新的頂峰，我們認為這可能會推動未來十年的資料中心需求。 2024 年，我們看到資料中心租賃價格比第二高年份高出 80%，這得益於雲端運算和數位轉型的穩定成長以及人工智慧相關用例的激增。

Today, we see a similar dynamic playing out to what we've witnessed in the past as the race for innovation remains in full effect, while recent efficiency gains appears poised to facilitate the proliferation of AI to the enterprise.

今天，我們看到了與過去類似的動態，因為創新競賽仍在全面展開，而最近的效率提升似乎有望促進人工智慧在企業中的普及。

We heard from hyperscalers earlier in this reporting season, and none seem ready to moderate the pace of investment as data center infrastructure remains a critical resource to support AI innovation.

在本報告季早些時候，我們聽取了超大規模企業的意見，似乎沒有一家企業準備減緩投資步伐，因為資料中心基礎設施仍然是支援人工智慧創新的關鍵資源。

Within our sales organization, we continue to see robust demand for data center capacity, including large capacity blocks driven by digital transformation, cloud and AI.

在我們的銷售組織中，我們繼續看到對資料中心容量的強勁需求，包括由數位轉型、雲端和人工智慧驅動的大容量塊。

AI innovation is occurring on both the hardware and software side, and Digital Realty is pleased to support and enable this innovation.

人工智慧創新正在硬體和軟體兩個方面發生，Digital Realty 很高興支持和實現這項創新。

One of our wins this quarter was (technical difficulty) , a developer of scalable AI accelerators for both cloud and edge computing.

我們本季的勝利之一是（技術難度），一家為雲端運算和邊緣運算開發可擴展 AI 加速器的開發人員。

During the fourth quarter, test store leveraged PlatformDIGITAL to host their R&D labs in a 2-megawatt high-density colocation suite in a new metro that addresses their stringent engineering and time-to-market requirements.

第四季度，測試商店利用 PlatformDIGITAL 在新都市的 2 兆瓦高密度主機代管套件中設立了研發實驗室，以滿足其嚴格的工程和上市時間要求。

As they develop their leading-edge chips, 10store works with a number of partners, consistent with our medium-pay strategy, they improve their efficiency by interconnecting with their partners on PlatformDIGITAL.

在開發尖端晶片的同時，10store與多家合作夥伴合作，與我們的中等付費策略一致，透過在PlatformDIGITAL上與合作夥伴互聯互通，提高效率。

So together, we partnered to deploy an AI hosted desktop solution for AI model development and testing that included another 10 store partner, resulting in another new logo to PlatformDIGITAL.

因此，我們合作部署了一個 AI 託管桌面解決方案，用於 AI 模型開發和測試，其中包括另外 10 家商店合作夥伴，為 PlatformDIGITAL 帶來了另一個新標誌。

That's an example of the network effect of being the meeting place.

這就是聚會場所的網路效應的一個例子。

Other key wins in the quarter included a Global 2000 international banking group expanding on PlatformDIGITAL to improve cloud connectivity and localizing data for hybrid cloud.

本季的其他重要勝利包括全球 2000 強國際銀行集團在 PlatformDIGITAL 上擴展，以改善雲端連接並為混合雲端本地化資料。

A world-renowned research and cultural institution was brought to us by a partner as they update their HPC infrastructure supporting biology and physics research workloads by taking advantage of PlatformDIGITAL's high-density colocation capabilities.

一家世界知名的研究和文化機構的合作夥伴將我們帶到了我們這裡，他們利用 PlatformDIGITAL 的高密度主機託管功能更新了支援生物學和物理學研究工作負載的 HPC 基礎設施。

And a Global 2000 insurance and reinsurance provider has expanded their presence on platform digital to take advantage of robust networks and cloud ecosystems.

一家全球 2000 大保險和再保險提供商擴大了在數位平台上的業務，以利用強大的網路和雲端生態系統。

Before turning over to Matt, I'd like to touch on our global ESG progress.

在交給馬特之前，我想談談我們全球 ESG 的進展。

During the fourth quarter, Teraco, our South African affiliate started construction on a 120-megawatt Global EST progress solar power plant, the first time a data center operator will own and utilize a solar power plant to support its data center alone.

第四季度，我們的南非分公司 Teraco 開始建造一座 120 兆瓦的 Global EST 進步太陽能發電廠，這是資料中心營運商首次擁有並利用太陽能發電廠來單獨支援其資料中心。

The plant is expected to begin generating power in late 2026.

該發電廠預計將於 2026 年底開始發電。

This project will upgrade existing transmission infrastructure and enable the plan to add renewable energy into the grid and to be distributed to Teraco's campuses, improving digital liability and keeping Teraco on course to meet its clean energy goals.

該項目將升級現有的輸電基礎設施，使再生能源能夠加入電網並分配到 Teraco 的校園，從而提高數位責任並確保 Teraco 能夠實現其清潔能源目標。

In Chicago, we sought community solar agreements for a share of three separate solar projects totaling nearly 20 megawatts under the Illinois Science program.

在芝加哥，我們尋求社區太陽能協議，以分享伊利諾伊州科學計畫下三個獨立太陽能計畫的份額，總計近 20 兆瓦。

This new and local clean energy supply for our data centers in Chicago supports our 100% clean and renewable energy coverage there.

這種為我們位於芝加哥的數據中心提供的全新本地清潔能源供應支持了我們在那裡實現 100% 清潔和可再生能源覆蓋。

Both actions in the fourth quarter add to Digital Realty's leadership and commitment to renewable energy.

第四季的這兩項措施增強了 Digital Realty 在再生能源領域的領導地位和承諾。

We now have more than 150 data centers around the world that are matched with a 100% renewable electricity with more than 1.5 gigawatts of contracted solar and wind capacity.

我們目前在全球擁有 150 多個資料中心，這些資料中心均採用 100% 再生電力，簽約的太陽能和風能發電容量超過 1.5 千兆瓦。

But sustainability is not just about renewable energy.

但永續性不僅涉及再生能源。

We are also excited about our collaboration with Ecolab to deploy an AI-driven water conservation solution in 35 of our US data centers to further enhance our water use efficiency.

我們也很高興與藝康合作，在我們位於美國的 35 個資料中心部署人工智慧驅動的節水解決方案，以進一步提高我們的用水效率。

We expect this solution to reduce water use by up to 15% at those sites while also extending the life of our equipment.

我們預計該解決方案可以使這些站點的用水量減少高達 15%，同時延長我們設備的使用壽命。

Finally, Digital Realty was awarded Nareit's Leader in the Light award for the eighth consecutive year, while our VP of Sustainability, Aaron Binkley will serve as Chair of Nareit's Real Estate Sustainability Council in 2025.

最後，Digital Realty 連續第八年榮獲 Nareit 的「領導者之光」獎，而我們的永續發展副總裁 Aaron Binkley 將在 2025 年擔任 Nareit 房地產永續發展委員會主席。

Big congratulations to Aaron.

熱烈祝賀 Aaron。

And with that, I'm pleased to turn the call over to our CFO, Matt Mercier.

現在，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。

As Andy noted earlier, 2024 was a transformative year for Digital Realty.

正如安迪之前所說，2024 年是 Digital Realty 轉型的一年。

Over the past 12 months, we posted record leasing results and increased the capacity under development by over 75%, while at the same time reducing our leverage from 6.2 times to 4.8 times.

在過去的12個月中，我們的租賃業績創下了歷史新高，開發中的產能增加了75%以上，同時將槓桿率從6.2倍降低到了4.8倍。

This achievement was a direct result of our strategy to bolster and diversify our capital sources.

這項成就直接歸功於我們加強和多樣化資本來源的策略。

By recycling capital out of stabilized, slower growth hyperscale and noncore assets and bringing in private capital to support hyperscale development, combined with the support of our public shareholders, we were able to simultaneously accomplish seemingly incompatible goals.

透過從穩定、成長較慢的超大規模和非核心資產中回收資本，並引入私人資本支持超大規模發展，再加上我們的公共股東的支持，我們能夠同時實現看似不相容的目標。

We dramatically ramp development to better serve the needs of our customers while delevering the balance sheet below our long-term leverage target and by the fourth quarter, meaningfully accelerating our bottom line growth.

我們大力推動開發，以更好地滿足客戶的需求，同時將資產負債表的槓桿率降低至長期槓桿率目標以下，並在第四季度顯著加快我們的盈利增長。

As we sit here today, with more than $6 billion of liquidity, below target leverage and a broad and diverse array of capital sources we are positioned to fund the investments that are underway and the attractive opportunities that we continue to see ahead.

今天，我們在這裡，擁有超過 60 億美元的流動資金、低於目標的槓桿率以及廣泛而多樣的資本來源，我們有能力為正在進行的投資以及我們繼續看到的未來​​誘人機會提供資金。

Like other challenges, this achievement took a tremendous amount of teamwork.

與其他挑戰一樣，這項成就需要大量的團隊合作。

So I want to thank my fellow Digital Realty teammates for their efforts in 2024.

所以我要感謝我的 Digital Realty 隊友們在 2024 年的努力。

Let's jump into fourth quarter results.

讓我們來看看第四季的業績。

We signed $100 million of new leases in the fourth quarter, led by a record $76 million of bookings at our 0-1 megawatt plus interconnection segment, which exceeded the prior quarter's record by 16%.

我們在第四季度簽署了價值 1 億美元的新租約，其中 0-1 兆瓦以上互連部門的預訂量創下了 7,600 萬美元的紀錄，比上一季的記錄高出 16%。

We also signed $23 million within the greater-than-megawatt category which was mostly weighted toward EMEA and APAC following last quarter's outsized strength in the Americas.

我們還簽署了價值 2,300 萬美元的兆瓦以上類別的合同，由於上個季度美洲地區的業務表現強勁，該類別主要集中在歐洲、中東和非洲地區和亞太地區。

Pricing in our 0-1 megawatt category was strong, led by transactions in APAC and Americas while pricing in the greater-than-a-megawatt category reflected the modest sample size and market mix.

0-1 兆瓦類別的定價強勁，由亞太地區和美洲的交易主導，而大於 1 兆瓦類別的定價則反映了適度的樣本量和市場組合。

Importantly, nearly 60% of leases signed include annual rent escalators of 4% or greater, or are linked to CPI, which bolsters our objective to drive better long-term sustainable growth.

重要的是，近 60% 簽訂的租約包含 4% 或更高的年度租金上漲率，或與 CPI 掛鉤，這支持了我們推動更好的長期永續成長的目標。

Our backlog at Digital Realty share totaled $797 million at year-end, modestly below the third quarter record as $147 million of commencements exceeded new bookings.

截至年底，我們在 Digital Realty 股份的積壓訂單總額為 7.97 億美元，略低於第三季的記錄，因為 1.47 億美元的開工量超過了新訂單量。

Looking ahead of the nearly $400 million backlog that is scheduled to commence in 2025, about 2/3 is slated to commence by midyear, with the balance starting in the second half.

展望計畫於 2025 年開始的近 4 億美元積壓訂單，約有三分之二預計將於年中開始，其餘將於下半年開始。

Looking further out, we are already -- we already have over $300 million scheduled to commence in 2026 and another $100 million slated to commence in 2027, setting a strong foundation for multiyear growth.

放眼長遠，我們已經——已經有超過 3 億美元的計劃於 2026 年開始實施，另外 1 億美元的計劃於 2027 年開始實施，為多年的增長奠定了堅實的基礎。

During the quarter, we signed $250 million on renewal leases at a blended 4.7% increase on a cash basis.

本季度，我們簽署了價值 2.5 億美元的續約租約，以現金計算綜合成長 4.7%。

Renewals were fairly straightforward and largely consistent with the original 4% to 6% uplift in cash re-leasing spreads in our original 2024 guidance provided 1 year ago.

續約相當簡單，並且與我們一年前提供的 2024 年原始指引中現金再租賃利差 4% 至 6% 的原始提升基本一致。

For full year 2024, re-leasing spreads were 9%, aided by packaged deals that we have highlighted on prior calls.

就 2024 年全年而言，轉租利差為 9%，這得益於我們在先前的電話會議上強調的打包交易。

Excluding those deals, our full year renewal spreads were still a healthy 5.2%, which is consistent with the guidance that we are issuing for 2025.

除掉這些交易外，我們全年的續保利差仍然保持健康的 5.2%，這與我們發布的 2025 年指引一致。

Breaking down renewals by product category, cash renewal spreads in the 0-1 megawatt were a healthy 4.9% in the fourth quarter, while re-leasing spreads in the greater-than-a-megawatt segment were up by 3.7%.

依產品類別細分續約情況，第四季0-1兆瓦領域的現金續約利差處於健康的4.9%，而1兆瓦以上領域的轉租利差則上漲了3.7%。

For the quarter, churn remained well controlled at 2%.

本季度，客戶流失率仍被很好地控制在 2%。

In terms of earnings, we reported fourth quarter core FFO of $1.73 per share up 6.1% year-over-year, reflecting continued healthy growth in revenue and adjusted EBITDA.

在收益方面，我們報告第四季度核心 FFO 為每股 1.73 美元，年增 6.1%，反映出收入和調整後 EBITDA 持續健康成長。

Data center revenue growth accelerated to 8% year-over-year as the combination of strong renewal spreads rent escalators and new lease commencements more than offset the drag associated with more than $1 billion of dispositions throughout 2024.

資料中心收入成長率加速至 8%，因為強勁的續約利差、租金上漲和新租約開始的結合，抵消了 2024 年超過 10 億美元的處置帶來的拖累。

Adjusted EBITDA increased by 7.4% year-over-year, broadly consistent with our growth in data center revenue.

調整後 EBITDA 年成長 7.4%，與我們的資料中心營收成長基本一致。

Normalized total revenue and adjusted EBITDA growth were 10% and 13%, respectively, in full year 2024.

2024年全年標準化總收入和調整後EBITDA成長率分別為10%和13%。

Same capital cash NOI growth increased by 1.4% year-over-year in the fourth quarter as 2.5% growth in data center revenue was partially offset by higher property operating costs in the quarter.

第四季同資本現金淨營運收入年增 1.4%，因為資料中心收入 2.5% 的成長被本季更高的物業營運成本部分抵銷。

For all of 2024, same capital cash NOI increased by 2.8%, which was approximately 200 basis points higher when normalized for the outsized utility margin realized in 2023.

就 2024 年全年而言，相同資本現金淨營運收入增加了 2.8%，如果以 2023 年實現的超額效用利潤率作為標準，則大約高出 200 個基點。

Moving on to our investment activity.

繼續討論我們的投資活動。

During 2024, we spent approximately $3 billion on development CapEx on a gross basis, including our partner share and roughly $2 billion on a net basis to Digital Realty.

2024 年，我們在開發資本支出總額上花費了約 30 億美元，其中包括合作夥伴的份額，以及支付給 Digital Realty 的約 20 億美元淨額。

In the fourth quarter, given the strong demand for data center capacity, we backfilled all of our deliveries with new starts, ending the year with the same 644 megawatts under construction.

第四季度，鑑於對資料中心容量的強勁需求，我們用新開工專案填補了所有交付，年底在建容量仍為 644 兆瓦。

More specifically, we delivered 42 megawatts of new capacity in the quarter while we added another 42 megawatts of new starts.

更具體地說，我們在本季交付了 42 兆瓦的新產能，同時增加了 42 兆瓦的新開工量。

The overall pipeline is 70% pre-leased with average expected yields hedging up to 12.1%.

總體而言，70% 的項目已被預租，平均預期收益率高達 12.1%。

Consistent with the third quarter's record bookings, almost all the development underway in the Americas today is pre-leased with expected stabilized yields ticking up slightly to 13.7%.

與第三季的創紀錄預訂量一致，目前美洲地區正在建造的開發案幾乎全部已預租，預期穩定收益率小幅上升至 13.7%。

Some development capacity remains available both EMEA and APAC, with both currently expecting double-digit stabilized deals.

歐洲、中東和非洲地區以及亞太地區仍有一定的開發能力，目前預計這兩個地區都將實現兩位數的穩定交易量。

Turning to the balance sheet.

轉向資產負債表。

We continue to strengthen our balance sheet in the fourth quarter, driving leverage below our long-term target and substantially enhancing our liquidity with nearly $3 billion of fresh capital raised since the end of September.

我們在第四季度繼續加強資產負債表，將槓桿率控制在長期目標以下，並透過自 9 月底以來籌集的近 30 億美元新資本大幅增強了我們的流動性。

On the debt side, in November, we successfully issued $1.15 billion of 1.875% 5-year exchangeable notes, and we repaid the remaining $500 million outstanding on our US dollar term loan.

在債務方面，11月份，我們成功發行了11.5億美元1.875%的5年期可交換票據，並償還了剩餘5億美元美元定期貸款未償還金額。

We also raised over $900 million of equity under our prior ATM program during the fourth quarter.

我們還在第四季度根據先前的 ATM 計劃籌集了超過 9 億美元的股本。

In January, we issued another EUR850 million of 3.875% notes during 2035 and then repaid 400 million gilts at 4.25%.

今年 1 月份，我們又在 2035 年發行了另外 8.5 億歐元、利率為 3.875% 的票據，然後以 4.25% 的利率償還了 4 億歐元的英國政府債券。

This leaves us with only EUR650 million of maturing debt through the rest of 2025.

這意味著到 2025 年剩餘時間，我們僅剩 6.5 億歐元的債務到期。

Looking further out, our maturities remain well laddered through 2035.

放眼未來，我們的債務到期期限仍可延續至 2035 年。

Our net debt-to-adjusted-EBITDA ratio fell to 4.8 times by year-end 2024, and today, we have over $6 billion of total liquidity available.

到 2024 年底，我們的淨負債與調整後 EBITDA 比率下降至 4.8 倍，目前，我們擁有超過 60 億美元的總流動資金。

Moving on to our debt profile.

接下來討論我們的債務狀況。

At year-end, our weighted average debt maturity was over 4 years, and our weighted average interest rate ticked down to 2.7%.

截至年底，我們的加權平均債務期限超過4年，加權平均利率小幅下降至2.7%。

Approximately 83% of our debt is non-US dollar denominated, reflecting the growth of our global platform and our FX hedging strategy.

我們的約 83% 債務是非美元計價的，反映了我們全球平台和外匯對沖策略的成長。

Approximately 91% of our net debt is fixed rate and 96% of our debt is unsecured, providing ample flexibility for capital recycling.

我們的淨債務中約有 91% 是固定利率，96% 的債務是無擔保的，為資本循環提供了充足的靈活性。

Let me conclude with our guidance.

最後，讓我總結一下我們的指導。

We are establishing our core FFO guidance range for the full year 2025 at $7.05 to $7.15 per share on a constant currency basis.

我們根據固定匯率計算，將 2025 年全年核心 FFO 指引範圍設定為每股 7.05 美元至 7.15 美元。

The midpoint represents 5.7% year-over-year growth reflecting the underlying strength in our business, balanced by a meaningful acceleration in development spend, along with a substantial reduction in our overall leverage.

中間點代表著年增 5.7%，反映了我們業務的潛在實力，同時開發支出也顯著加速，以及整體槓桿率大幅下降。

On a normalized and constant currency basis, we anticipate total revenue and adjusted EBITDA growth of more than 10% in 2025, reflecting the strong underlying fundamentals of our business.

在正常化和恆定匯率基礎上，我們預計 2025 年總營收和調整後 EBITDA 成長率將超過 10%，這反映了我們業務強勁的基本面。

Same capital cash NOI is expected to grow 3.5% to 4.5% on a constant currency basis.

以固定匯率計算，相同資本現金淨營運收入預計將成長 3.5% 至 4.5%。

As for other guidance items, we expect the positive operating environment for data centers to continue.

至於其他指導項目，我們預計資料中心的積極營運環境將持續存在。

Cash renewals are again expected to be up approximately 4% to 6% as upside is partially mitigated by relatively high expiring rates in our greater-than-a-megawatt portfolio.

現金續約預計將再次上漲約 4% 至 6%，因為我們大於一兆瓦的投資組合中相對較高的到期利率部分抵消了上行空間。

Occupancy should improve by another 100 to 200 basis points.

入住率將再提高 100 至 200 個基點。

CapEx, net of partner contributions are expected to rise to between $3 billion and $3.5 billion, while gross CapEx will reach approximately $4.5 billion, with development yields expected to remain in double digits.

扣除合作夥伴貢獻的資本支出預計將增至 30 億至 35 億美元，而總資本支出將達到約 45 億美元，開發收益率預計將保持在兩位數。

And we will also continue to recycle capital with $500 million to $1 billion of dispositions and JV capital expected this year.

我們也將繼續回收資本，預計今年將處置 5 億至 10 億美元的資產並注資合資企業。

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

我們的準備好的演講到此結束，現在我們很樂意回答大家的問題。

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

接線生，請您開始問答環節好嗎？

(Operator Instructions)

（操作員指令）

David Barden, Bank of America.

美國銀行的戴維·巴登（David Barden）。

Hey, guys.

嘿，大家好。

Thank you so much.

太感謝了。

I really appreciate it.

我非常感激。

I guess I'd like to start, maybe if Chris is available, to kind of get, Chris, your perspective on how -- again, we should be talking about DeepSeek in the year.

我想首先，如果 Chris 有空的話，我想聽聽你對今年我們應該討論 DeepSeek 的看法。

You referenced this roughly in some of the prepared remarks at the beginning.

您在一開始的一些準備好的發言中粗略地提到了這一點。

But we've historically talked about a framework tokens to watts to dollars.

但我們歷史上討論過從代幣到瓦特到美元的框架。

And I guess, it would just be great to hear kind of how your conversations with the hyperscalers subsequent to their reporting and their growing their CapEx outlook, how this all fits together to make the outlook for Digital Realty better as opposed to maybe more concerning?

我想，如果能聽到您在超大規模企業報告和其資本支出成長前景之後與他們進行的對話，了解這一切如何結合起來，使 Digital Realty 的前景變得更好，而不是更令人擔憂，那將是多麼美妙的事情。

Thanks, Dave.

謝謝，戴夫。

I'll hand to Chris for a second to talk through some of those elements.

我將讓克里斯花一點時間來討論其中的一些要素。

But I think you hit the nail on the head, we're just on the heels of DeepSeek news had the opportunity to listen from several of our top customers and really heard nothing but consistency in terms of, yes, this is a great accomplishment.

但我認為你說到了點子上，我們剛剛發布 DeepSeek 新聞，有機會聽取了幾位頂級客戶的意見，我們確實聽到了一致的意見，是的，這是一個偉大的成就。

This is a new player in the arena driving more efficiency to the model, but that doesn't take us off the course of the tremendous investment our top customers need to make on building out their AI infrastructure.

這是該領域的一個新參與者，致力於提高模型效率，但這並沒有使我們偏離我們的頂級客戶在構建其人工智慧基礎設施方面所需進行的巨大投資的方向。

And I think the CapEx tallied up is north $300 billion compounding a tremendous rate year-over-year for now several years.

我認為累計的資本支出已超過 3000 億美元，並且幾年來年復一年地以驚人的速度增長。

And so we've heard that publicly on earnings call about this, and we've obviously heard it from our team, we've had a lot of contact with our customers over the last several weeks, pre-DeepSeek and certainly at post-DeepSeek so I don't seze there's a waiver in the course here of overall demand coming to Digital.

我們在財報電話會議上公開表示過，顯然我們的團隊也表示過，過去幾週，我們與客戶進行過多次聯繫，無論是 DeepSeek 之前還是之後，所以我不認為數位化的整體需求會受到任何影響。

But Chris, why don't you expand upon some more...?

但是克里斯，你為什麼不進一步闡述一下呢……？

I appreciate the question, David.

我很感謝你提出這個問題，大衛。

It's just -- I agree with you the tokens, watts, dollars is a good way and a good framework to look at the overall industry.

只是——我同意你的觀點，代幣、瓦特、美元是觀察整個產業的好方法和好框架。

I think we're going to continue to see AI being democratized not only through software models such as DeepSeek in which they represented the efficiencies, but also with like GPUs and there's going to be step functions that we'll continue to see in the industry, but this will drive higher and higher AI utilization to more and more customers ultimately creating more and more demand for our facilities.

我認為，我們將繼續看到人工智慧不僅透過諸如 DeepSeek 之類的軟體模型（它們代表了效率）實現民主化，而且還透過 GPU 實現民主化，並且我們將繼續在行業中看到階梯式功能，但這將推動越來越多的客戶使用越來越高的人工智慧，最終對我們的設施產生越來越多的需求。

And I would emphasize that a lot of our facilities, as we've talked about in the past, are AI-ready, with HD Colo and some of the elements that Andy mentioned in his prepared remarks, these will continue to be in a place where we can continue to support as inference comes to market or even private AI.

我想強調的是，正如我們過去談到的那樣，我們的許多設施都為人工智慧做好了準備，配備了 HD Colo 和安迪在準備好的發言中提到的一些元素，隨著推理進入市場甚至私人人工智慧，這些設施將繼續處於我們可以繼續支持的位置。

And essentially, at the end of the day, we believe Jevons paradox will outpace Moore's law essentially.

從本質上講，我們相信傑文斯悖論最終將超越摩爾定律。

Richard Choe, JPMorgan.

摩根大通的理查德喬 (Richard Choe)。

I wanted to ask about the cash renewal outlook.

我想詢問一下現金更新的前景。

It was 4% to 6% for this year.

今年的這一比例為4%至6%。

That's where you started off last year, but you ended up at 9%.

去年你的起點就是這個數字，但最終卻只達到了 9%。

Could we see a similar result?

我們能看到類似的結果嗎？

Or would that take more packaged deals to get there?

或者是否需要更多一攬子交易才能達到這個目標？

Yeah.

是的。

Thanks for the question.

謝謝你的提問。

So as you noted, the last year, we started out our guidance.

正如您所說，去年我們開始了我們的指導。

We were at that 4% to 6%, as you noted, we're in a similar position here for 2025 and our guidance today.

正如您所說，我們的成長率處於 4% 到 6% 之間，對於 2025 年以及我們今天的指導，我們也處於類似的位置。

And the reason we outperformed in '24, getting to that 9% was we had package deals that we were able to pull forward from outer year expirations into '24.

我們之所以在 24 年表現出色並達到 9% 的成長率，是因為我們擁有一攬子交易，並且能夠將其從去年到期提前到 24 年。

Our guidance does not assume that there's any of that within our 4% to 6% number for 2025.

我們的指導並沒有假設 2025 年 4% 到 6% 的數字內有任何這種情況。

And similar to along the lines of discussions we've had in '24, you're still seeing somewhat of an elevated rate expiry rates in '25.

與我們在 24 年討論的情況類似，您仍然會看到 25 年的利率到期率上升。

So we're still seeing positive mark-to-market there, but you're going to be seeing and improving mark-to-market environment as you go out into outer years.

因此，我們仍然看到積極的市價調整，但隨著進入未來幾年，您將看到並改善市價調整環境。

Irvin Liu, Evercore ISI.

艾文·劉（Irvin Liu），Evercore ISI。

Hi, thank you for the question.

你好，謝謝你的提問。

So I wanted to ask about your bookings.

所以我想詢問您的預訂情況。

Your bookings expectations looking ahead.

展望您的預訂預期。

And I understand that bookings by nature is a very lumpy metric, and that's not something that you necessarily or you guided to, but you did do $1 billion this year or a little bit above that. based on what you're seeing in the current pipeline and your 3.5 gigawatts of buildable capacity, do you think this $1 billion annual bookings rate is repeatable over any future 12-month period?

我知道預訂量本質上是一個非常不明確的指標，這不是您必然會達到或預計達到的水平，但今年您的預訂量確實達到了 10 億美元，或者略高於這個數字。根據您所看到的目前的管道和3.5千兆瓦的可建造容量，您認為這個10億美元的年預訂率在未來12個月內可以重複嗎？

Thanks, Irvin.

謝謝，歐文。

So I think you've really got to divide these into the larger capacity blocks and everything else categories.

因此我認為你真的必須將它們劃分為更大容量的區塊和其他所有類別。

We've obviously got to a record $1 billion in new selling last year, which was close to 2 times on prior record that has really created a development pipeline now that calls them portability 70% pre-leased at just over 12 ROI, and you can see from our bookings backlog, it's part of roll out in 2025, but then a lot more of it starts to hitting our PO down in 2026 and full year contributions come thereafter.

去年，我們的新銷售額顯然達到了創紀錄的 10 億美元，幾乎是之前記錄的兩倍，這確實創造了一條發展渠道，現在稱之為可移植性的 70% 預租率略高於 12 的投資回報率，你可以從我們的預訂積壓中看到，這是 2025 年推出的一部分，但隨後更多的貢獻將在 2026 年全年到來，我們全年的貢獻將開始影響我們的訂單。

We are on the larger capacity loss, when you do so much leasing, the next batch of your leasing kind of goes into the deliveries that are just further out.

我們正面臨更大的產能損失，當你進行如此多的租賃時，下一批租賃將會用於更遠距離的交付。

And you can see that our unleased development pipeline, the megawatts in there, call it, 40% of that is colo megawatts.

您可以看到，我們未租賃的開發管道，其中的兆瓦數，40％是託管兆瓦數。

So they're not going to get pre-leased all that forward advance.

所以他們不會預租所有的預付款。

We'll have 500 megawatts at shelf either already built and ready, which is fantastic, and that will be the next batch.

我們將擁有 500 兆瓦的現成發電能力，這些發電能力要么已經建成，要么已經準備就緒，這真是太棒了，這將是下一批發電能力。

But you can see our delivery schedules, they're not going to deliver until the end of the year into 2026.

但您可以看到我們的交貨時間表，他們要到 2026 年底才會交付。

So we're not necessarily in a panicky rush to fill those.

所以我們沒有必要急於填補這些空缺。

We need to make sure that we're curating these to the customers and the right outcomes to build thriving and diverse campuses help our customers wherever possible.

我們需要確保為客戶精心挑選這些內容，並獲得正確的結果，以建立繁榮和多樣化的校園，盡可能地幫助我們的客戶。

And the sooner they deliver, the more precious they are to those customers.

他們交付得越快，對客戶來說就越珍貴。

Meanwhile, on the other end of the curve in our 0-1 megawatt and interconnection category, we were delighted to put up a record in 3Q.

同時，在 0-1 兆瓦和互連類別曲線的另一端，我們很高興在第三季創下了紀錄。

We put up another record on $76 million in 4Q.

我們在第四季又創下了 7,600 萬美元的紀錄。

That was up 16% quarter-over-quarter, contributing to a record full year.

該數字比上一季成長 16%，創下全年銷售記錄。

And that is a place where we have ample capacity if you can start into and put incremental records on in 2025 as well.

如果您能在 2025 年開始並新增增量記錄，那麼我們就有足夠的容量。

Jonathan Atkin, RBC.

喬納森·阿特金（Jonathan Atkin），加拿大皇家銀行。

Thanks.

謝謝。

So you've been kind of messaging last year, the guide that you gave today kind of in the mid-single digits, and you also had indicated that you do expect this trend to accelerate.

所以您去年就傳達了這樣的訊息，您今天給出的指導數字是在個位數的中間水平，而且您還表示您確實預計這種趨勢會加速。

So as we look forward beyond this year, what sort of acceleration curve, should we accelerate, should we think about when it comes to core FFO per share given the conversion of your significant bookings to billings over the next several quarters?

那麼，當我們展望今年以後的時候，考慮到未來幾季大量訂單轉化為帳單，我們應該加速什麼樣的加速曲線，當談到每股核心 FFO 時，我們應該考慮什麼樣的加速曲線？

Thanks, John.

謝謝，約翰。

I mean I'll turn it to Matt to give you a much of the puzzle pieces for the call thereafter 2025.

我的意思是，我將把它交給馬特，讓他給你 2025 年以後通話的大部分拼圖碎片。

But we stand by what we said earlier in the year, and I think you see that in the guidance here, which is, call it, normalized growth at the top line and EBITDA line in double digits flowing down to a bottom line mid-single digits or even better on a constant currency basis.

但我們堅持今年早些時候所說的話，我想你也可以在我們給出的指引中看到這一點，也就是說，按固定匯率計算，營收和 EBITDA 的正常化增長率將達到兩位數，而利潤將下降到中等個位數甚至更好的水平。

And Matt can give you some of the puzzle pieces of where we go from there, offer '25 into 2026 with acceleration.

馬特可以提供你一些關於下一步計畫的線索，加速實現 2025 年到 2026 年的目標。

Yeah.

是的。

Thanks for your question, John.

謝謝你的提問，約翰。

I mean this is a -- which I think is a good thing.

我的意思是，我認為這是一件好事。

We're consistent with what the messaging has been.

我們傳達的訊息是一致的。

We're delivering on the mid-single digits growth in '25, and we have a view to, as we've noted before, continued improvement in growth in years beyond them.

我們在25年實現了中等個位數的成長，正如我們之前所指出的，我們預計未來幾年的成長將繼續改善。

And I think a lot of what we did in '24 has really set the stage for that improving growth.

我認為我們在24年所做的很多事情確實為經濟成長的改善奠定了基礎。

When you consider we've got the inventory to do it.

當您考慮到我們有庫存可以做這件事時。

We've got 200 megawatts available under development today with 500 megawatts of shell behind it.

目前，我們正在開發 200 兆瓦的電力，其後還有 500 兆瓦的電力儲備。

We've got $700 million of backlog set to commence just over the next 2 years.

我們有 7 億美元的積壓訂單將在未來兩年內開始處理。

And as a new (inaudible) product, we've got an improving mark-to-market outlook as we look at towards expiring leases, which is part of what you're seeing in also improving same-store growth as well.

作為一種新的（聽不清楚）產品，隨著租約即將到期，我們的市值前景有所改善，這也是您所看到的同店成長改善的一部分。

So on top of that, we put ourselves in a position where we've got $6 billion of liquidity and below leverage targets.

因此，最重要的是，我們的流動性達到 60 億美元，且槓桿率低於目標。

So I think all that puts together into the mixing bowl to put us in a great position to continue to build on what has been improving bottom line growth in '24, '25 and beyond.

所以我認為，所有這些因素加在一起，將使我們處於一個有利的位置，能夠在2024年、2025年及以後不斷提高的底線增長的基礎上繼續努力。

Michael Rollins, Citi.

花旗銀行的麥可‧羅林斯。

Thanks and Good afternoon.

謝謝，下午好。

Two topics.

兩個主題。

First, just digging a little bit more into the under 1 megawatt business.

首先，我們對 1 兆瓦以下的業務進行更深入的探討。

When you look at the improving performance and the back-to-back records that you recorded on leasing, do you see that as a rising tide that's just lifting all boats, including yours?

當您看到租賃業務的業績不斷提升，以及連續創下的記錄時，您是否認為這是一股水漲船高、惠及所有船隻的潮流，包括您的船隻？

Or do you see digital taking share?

或者您認為數位化會佔據更大份額嗎？

And if you can expand on the characteristics within each of those?

能詳細闡述每個特徵嗎？

And then, just secondly, on the net debt leverage coming down.

其次，淨債務槓桿率下降。

As you look at the incremental capacity that you have, is this solely directed at organic development opportunities?

當您審視所擁有的增量產能時，這是否僅僅針對有機發展機會？

Or are you preserving some flexibility for some potential inorganic activity at some point?

或者您是否在某些時候為某些潛在的無機活動保留一定的彈性？

Mike.

麥克風。

So I'll hand it over to Colin, but maybe just in reverse order.

因此我會將其交給科林，但可能只是以相反的順序。

We're very focused on using our now very ample liquidity and strong balance sheet as well as numerous levers to continue to fund organic development activities.

我們非常注重利用我們現在非常充足的流動性和強大的資產負債表以及眾多槓桿來繼續為有機發展活動提供資金。

So that is the main priority.

所以這是首要任務。

When it goes to the under 1 megawatt, I mean, you're really just seeing this momentum unlock throughout 2024, and I believe it's going to continue into 2025.

當發電量低於 1 兆瓦時，你實際上會看到這種勢頭在 2024 年逐漸增強，而且我相信這種勢頭會持續到 2025 年。

It was broad-based.

它是廣泛的。

It was the Number 1 quote for Americas and EMEA, in addition to a Number 1 quarter overall.

它是美洲和歐洲、中東和非洲地區排名第一的報價，並且總體而言是第一季的報價。

It had great diversity of wins on different size breaks.

不同大小的破發都帶來了多樣的勝利。

The price action was strong on the new signings.

新簽約的球員價格走勢強勁。

The price action is also strong, almost 5% on the renewals in that category.

價格走勢也很強勁，該類別的續訂率幾乎達到 5%。

I'll let Colin speak a little bit about the diversity of the demand and the outlook as well.

我會讓科林稍微談談需求和前景的多樣性。

Thanks, Michael, for the question.

謝謝邁克爾提出這個問題。

And I appreciate the comments on the quarter overall.

我很欣賞對本季整體的評論。

We are really pleased on the 0-1 megawatt segment.

我們對0-1兆瓦段感到非常滿意。

That's really, like, it's manifesting well our strategy and how it comes off as the full spectrum of offerings to our clients.

這確實很好地體現了我們的策略以及如何為客戶提供全方位的服務。

And I think our clients are really recognizing global reach in core markets and large contiguous blocks really matter.

我認為我們的客戶確實認識到核心市場的全球影響力以及大型連續區塊確實很重要。

And we saw that diversity demand across the board.

我們看到了全面存在的多元化需求。

This was one of the large enterprise segments of the business.

這是該業務的大型企業部門之一。

We've seen over 50% of the 0-1 megawatt bookings came out this segment.

我們發現0-1兆瓦的訂單中有超過50%來自這一領域。

We also had a really strong service provider quarter as well.

我們的服務供應商季度表現也十分強勁。

So again, these two customer types play off each other.

所以，這兩種客戶類型再次互相影響。

So enterprises attract service providers and vice versa.

因此，企業吸引服務提供者，反之亦然。

And we're also pleased with our focus on the channel side.

我們也很高興能夠關注通路方面。

So 2024 is a landmark year for channel, and we expect that to continue into the future.

因此，2024 年對於通路來說是一個具有里程碑意義的一年，我們預計這種情況將持續下去。

Matt Niknam, Deutsche Bank.

德意志銀行的馬特·尼克納姆（Matt Niknam）。

Hey guys, thanks for taking my question.

嘿夥計們，謝謝你們回答我的問題。

More of a clarification.

更加清楚。

As you think about growth for next year, you talked about sort of organic growth, it's 10% plus.

當您考慮明年的成長時，您談到了某種有機成長，即 10% 以上。

I'm just wondering maybe for Matt, if we can think through what's embedded in the 5.8 to 5.9 around FX headwinds, potentially lower utility reimbursements and any other factors maybe mitigating some of the reported growth next year?

我只是想知道，對於馬特來說，我們是否可以仔細考慮一下 5.8 到 5.9 之間包含哪些外匯逆風、潛在的公用事業補償金降低以及任何其他可能減輕明年報告的增長的因素？

Yeah.

是的。

So in terms of -- I mean, you saw what we put in terms of our constant currency.

所以就——我的意思是，你看到了我們在恆定貨幣方面所投入的內容。

So we're looking at it, from an FX perspective, we're looking at roughly 200 basis points of headwind kind of from a, probably from a P&L perspective, that winds its way down to a little less than a percent down to core FFO.

因此，從外匯的角度來看，我們看到大約 200 個基點的逆風，從損益表的角度來看，它會逐漸下降到核心 FFO 的不到百分之一。

The other -- so that all leads into, I think what Andy mentioned in terms of when you're looking at top line revenue down to adjusted EBITDA, we're really looking at '25, 10-plus percent on a normalized basis.

另一個 — — 所以這一切都導致了，我認為安迪提到的當你查看頂線收入到調整後的 EBITDA 時，我們實際上看到的是‘25，在正常化基礎上增加 10% 以上。

And so that normalized basis is really comprised of two main elements.

因此，標準化基礎實際上由兩個主要元素組成。

There's FX, which I just mentioned, was around, call it, 200 basis points.

我剛才提到的外匯匯率大約在 200 個基點左右。

And then we're also normalizing for disposition joint venture transactional activity, which we had both and what closed in 2024.

然後，我們也正在規範處置合資交易活動，我們已經擁有並於 2024 年完成交易。

We had some of that in the fourth quarter as well as some in the first quarter, but also what we're expecting to happen in 2025, which is related to the disposition private capital that we have in our guide of $500 million to $1 billion.

我們在第四季和第一季都實現了部分成長，但我們預計 2025 年也會出現類似的成長，這與我們指導的 5 億至 10 億美元的私人資本配置有關。

So I think long term, we're looking to maintain that call it, top line to adjusted EBITDA of 10-plus percent growth.

因此我認為，從長期來看，我們希望保持這一水平，即調整後 EBITDA 成長率達到 10% 以上。

Aryeh Klein, BMO.

Aryeh Klein，BMO。

Thank you.

謝謝。

There's been a lot of talk within the industry around inference, particularly post DeepSeek.

業界對推理有很多討論，特別是在 DeepSeek 之後。

And I was hoping maybe you can describe how you see that potential demand around influence evolving and whether you'd expect it to be more beneficial to your 0-1 megawatt business or greater than 1 megawatt business?

我希望您能描述一下您如何看待影響力發展帶來的潛在需求，以及您是否認為它對您的 0-1 兆瓦業務或大於 1 兆瓦的業務更有利？

Thanks, Ari.

謝謝，阿里。

I'll hand it back to Chris.

我會將其交還給克里斯。

I start, we didn't put in the prepared remarks.

首先，我們沒有提交準備好的發言。

We forgot to call out, I think 38% megawatts we signed during the quarter were AI related.

我們忘了說了，我認為我們在本季簽署的 38% 兆瓦與人工智慧有關。

And obviously, we had a very much enterprise heavy quarter given the record countries is in the 0-1 megawatt interconnection category.

顯然，由於創紀錄的國家處於 0-1 兆瓦的互連類別，因此我們本季的企業業務非常繁忙。

So certainly starting to see more fair share of AI coming to the core markets coming to enterprise and certainly coming to inference, but I believe we're still at the tip of an iceberg here, and I'll let Chris expand upon this.

因此，肯定會開始看到更多公平份額的人工智慧進入核心市場、進入企業並進入推理領域，但我相信我們仍然處於冰山一角，我將讓克里斯對此進行擴展。

Yeah.

是的。

Certainly.

當然。

Appreciate the question, Aryeh.

非常感謝你提出這個問題，Aryeh。

Definitely early innings of AI, right?

這肯定是人工智慧的早期階段，對吧？

And so I think a lot of the inference we see today is around augmenting current capabilities.

因此我認為我們今天看到的許多推論都與增強當前的能力有關。

So I think as you see some of these newer feature sets coming through by modal, where you're seeing video and other things coming to market, that's going to drive a higher and higher demand in the overall blocks required so these capacity blocks that Colin was referencing earlier, become more and more important.

因此，我認為，當您看到一些較新的功能集通過模式出現時，您會看到視頻和其他東西進入市場，這將推動對所需整體塊的需求越來越高，因此 Colin 之前提到的這些容量塊變得越來越重要。

So maybe it doesn't fall in that sub 1 megawatt because we're actually seeing that these will be larger capacity blocks that may be larger than a megawatt.

因此，也許它不會落入 1 兆瓦以下，因為我們實際上看到這些將是更大的容量塊，可能大於 1 兆瓦。

But just to kind of press upon the demand of inference, it will still have more and more in proximity to the end consumer.

但只是為了滿足推理的需求，它仍然會越來越接近最終消費者。

I think that's the important piece that we always look at and where we apply our capital is that long-term durability of where that inference matures because that's where the actual consumption or monetization of the AI will happen.

我認為這是我們始終關注的重要部分，我們應用資本的地方是推理成熟的長期持久性，因為那才是人工智慧的實際消費或貨幣化發生的地方。

And that's why we're very excited about how that will be maturing over time.

這就是為什麼我們對它隨著時間的推移而不斷成熟感到非常興奮。

I would also be remiss not to mention the other element of this that we're very excited about is private AI, right?

我如果不提及令我們非常興奮的另一個元素那就是私人人工智慧，那我就是疏忽了，對吧？

So inference, you'll see that coming from a lot of the hyperscalers bringing their capabilities to the market.

因此推斷，你會看到很多超大規模企業將其能力推向市場。

But then on the inference of that, you're going to see a lot of private AI capabilities coming in, that too has an inference element to it, but we're very excited about our AI-ready capabilities in our facilities to support that broad spectrum of not only capacity blocks but power density demand as well.

但基於此推斷，您將會看到大量私人人工智慧功能的湧現，這也包含推理元素，但我們對我們的設施中的人工智慧就緒功能感到非常興奮，它不僅支援廣泛的容量塊，還支援功率密度需求。

David Guarino, Green Street.

大衛‧瓜裡諾 (David Guarino)，《綠街》。

Thanks.

謝謝。

I want to go back to that less than 1 megawatt in leasing activity.

我想回顧一下不到1兆瓦的租賃活動。

Can you comment maybe on the majority of the deals signed?

您能對簽署的大部分協議發表評論嗎？

Were those in legacy assets, which will hopefully provide a much needed boost to same store occupancy when the leases commence?

這些是否是遺留資產，預計在租約開始時為同店入住率提供急需的推動力？

Or were the majority of those deals signed and maybe the newer construction assets that are better catered towards the current deployment requirements today?

或者大多數交易是否已經簽署，也許較新的建設資產更能滿足目前的部署要求？

Thanks, Dave.

謝謝，戴夫。

I mean it's pretty broad-based.

我的意思是它的基礎相當廣泛。

I mean, if you look at the top markets were Northern Virginia, London, Los Angeles, Frankfurt, Chicago globally.

我的意思是，如果你看看全球的頂級市場，分別是北維吉尼亞、倫敦、洛杉磯、法蘭克福、芝加哥。

I can tell you, in Los Angeles and Chicago, those are not -- I mean you -- it's under West Seventh -- that's even also -- our whole funded portfolio, whether in the Docklands or --, we've had much more enterprise play there.

我可以告訴你，在洛杉磯和芝加哥，那些不是——我的意思是——它在西七街——那甚至也是——我們整個資助的投資組合，無論是在碼頭區還是——，我們在那裡有更多的企業參與。

We've not built a new brand-new asset in a long, long time.

我們已經很久沒有建立新的全新資產了。

Probably till I started at Digital close to 10 years ago.

可能直到近 10 年前我開始從事 Digital 工作時才有。

So the colo, obviously loaded with use cases across numerous business segments, financial services, insurance, health care, we quoted a few along the way.

因此，colo 顯然在眾多業務領域、金融服務、保險、醫療保健等領域具有用例，我們在過程中引用了一些。

So -- and when I look at the overall quality of signings, signing the one into call it first generation or second generation, that has been pretty consistent, if not a little higher to round up the year.

所以 — — 當我查看簽約的整體品質時，簽約成為第一代或第二代，簽約品質一直很穩定，如果不是在全年結束時略高的話。

You did bring up the point in same-store occupancy, we did almost have a little self-inflicted wound there, I think, one of the revenant of six stairs transactions converted from 100% lease PV suite to we get back the vacancy to us not were near full customer base there, but that creates an opportunity.

您確實提到了同店入住率的問題，我認為，我們確實在那裡幾乎受到了一點自我傷害，六級交易的後果之一就是從 100％ 租賃 PV 套房轉換為我們收回的空置率，儘管我們當時並沒有接近滿員的客戶群，但這創造了一個機會。

And I know we're actively quoting to refill that capacity, obviously, a much better economic outcome along with calling our core priorities and building out our enterprise customer base on plan.

我知道我們正在積極地補充產能，顯然，這將帶來更好的經濟效益，同時我們也會優先考慮核心業務，並按計劃建立我們的企業客戶群。

Frank Louthan, Raymond James.

法蘭克洛森、雷蒙詹姆斯。

Thank you.

謝謝。

Can you give us an idea going forward, so what percentage of your facilities you're going to set aside sort of less than 1 megawatt.

您能否給我們一個未來的想法，那麼您將把多少比例的設施留出少於 1 兆瓦的電力？

Where do you see that going?

您認為這將會帶來什麼結果？

And within that less than 1 megawatt, what percentage of that floor space are you building that is for high-power density compute versus just regular machines?

在不到 1 兆瓦的功率範圍內，您建造的用於高功率密度計算而非普通機器的佔地面積佔多少比例？

Thanks, Frank.

謝謝，弗蘭克。

I mean not just very recently, but for a long time now, the last couple of years, we have been prioritizing making sure our customers see the enterprise global capabilities, it network-oriented or private cloud or high-performance computing, pushing the power densities, have ample runway to grow within our portfolio.

我的意思是，不只是最近，而是很長一段時間以來，過去幾年，我們一直優先確保我們的客戶看到企業的全球能力、面向網路或私有雲或高效能運算、推動功率密度，並在我們的產品組合內擁有充足的成長空間。

There are certain places that are clearly network-oriented like a $56 million we ended up winning, for example.

有些地方明顯是以網路為導向的，例如我們最終贏得的 5600 萬美元。

But on our campuses, we're building with the modulators and flexibility to spin their powers needs.

但在我們的校園裡，我們正在建造調節器和靈活性來滿足他們的電力需求。

So -- and we're often now moving towards places where we can get to scale and build a sizable building given how much success we've had in the category in various markets to have dedicated to those customers on the same campus, as well as the dedicated buildings for those customers and have a little bit less mix and matching within switching within a building.

所以 — — 考慮到我們在各個市場中取得的巨大成功，我們現在經常轉向可以擴大規模並建造一座相當大的建築的地方，以便在同一園區為這些客戶提供專用服務，以及為這些客戶提供專用建築，並且在建築物內的切換中混合和匹配的程度會稍微減少。

So that's a priority.

所以這是優先事項。

We've been doing more of that.

我們一直在做更多這樣的事。

You're going to continue to see us do more of that.

您將會繼續看到我們做更多這樣的事。

And that's why -- that's how we're going to get this growth we've been putting up call it, what, 22%-ish growth in that signing category just as last year and looking for further acceleration next year.

這就是為什麼——這就是我們將要實現的成長，我們一直認為，簽約類別的成長率與去年一樣，為 22% 左右，並且預計明年將進一步加速。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施奈德。

Good afternoon.

午安.

Thanks for taking my question.

感謝您回答我的問題。

Andy, I think at the top of the script, you mentioned the study announcement.

安迪，我想在劇本的開頭你提到了研究公告。

Some of your customers are directly or indirectly involved in that announcement on some of your largest customers, in fact.

事實上，您的一些客戶直接或間接地參與了針對一些最大客戶的公告。

So what conversations have you had with some of these customers since the announcement about their interest in sort of maintaining or expanding the relationship with Digital Realty in the future, then can we make a broader comment on hyperscalers and their willingness to look out even further into the future in terms of pre-leasing capacity?

那麼，自從這些客戶宣布有意在未來維持或擴大與 Digital Realty 的關係以來，您與這些客戶進行了哪些交流？

Do you think that's kind of on the margin a little bit greater or lesser than it was maybe 3 months ago?

您認為這一幅度比 3 個月前是稍微大了一點還是小了一點？

Thanks, Jim.

謝謝，吉姆。

So the start of the announcement, I would say, twofold really was partial announcement of activity that transpired quarters a month ago and also I put it on category of conviction from top customers to continue to deploy significant dollars towards infrastructure.

因此，我想說，宣布的開始有兩方面，一方面實際上是對幾個季度前發生的活動的部分宣布，另一方面，我也把它歸為頂級客戶的信念類別，即繼續向基礎設施投入大量資金。

I don't think that -- some of that was transparent, while we were signing with some of our biggest customers.

我不認為——當我們與一些最大的客戶簽約時，其中的一些是透明的。

Just last year, I think I've been previously that of the three quarters where we had record signings during the year, we had a different top hyperscale customer be a record signing customers each quarter.

就在去年，我想我以前就曾經歷過，在我們全年簽約創紀錄的三個季度中，每個季度都有不同的頂級超大規模客戶成為簽約創紀錄的客戶。

So there's diversity, and based on what I've seen things go this year, I think we could add a different customer to lay the horse in any given quarter as we work into 2025.

所以存在多樣性，並且根據我今年看到的情況，我認為在 2025 年的任何一個季度，我們都可以增加不同的客戶。

I will say though that at the same time, the size of this demand is getting to a place where the spicket of demand is not running at full blast, 24 hours a day, 7 days a week, 365 days a year.

但我想說的是，同時，這種需求的規模已經達到一個地步，就是每天 24 小時、每週 7 天、每年 365 天，需求脈衝無法全速運轉。

These packages with more expensive GPUs and infrastructure on larger capacity blocks are going up to the highest level of the big companies' Boards for approval, and they don't do that every other week.

這些包含更昂貴的 GPU 和更大容量模組上的基礎設施的套餐正在提交給大公司董事會的最高層批准，而他們並不是每隔一周就這樣做。

So while this past week, we see it continue up in the right, there'll certainly be a week or two a month, we'll see a lull, and they're going to come back. which is part and parcel of exactly what we saw transpire in 2024.

因此，儘管過去一周我們看到它繼續向右上漲，但每月肯定會有一兩週的時間，我們會看到一段平靜期，然後它們會回來。這正是我們在 2024 年看到發生的事情的一部分。

And I think we're very well positioned to obviously supply those customers in some of the large capacity blocks, which you can see, we have delivering called significant data capacity in our development pipeline, 500 megawatts in cell , and we just grossed up on land poolings with some near-term derivative opportunities to about over 3 gigawatts of growth.

而且我認為，我們完全有能力為這些客戶提供一些大容量區塊，正如您所看到的，我們已經在開發管道中提供了所謂的大量數據容量，500兆瓦的電池容量，而且我們剛剛透過土地池和一些短期衍生機會將總容量增加到約3千兆瓦以上的增長。

Eric Luebchow, Wells Fargo.

富國銀行的 Eric Luebchow。

I appreciate it.

我很感激。

I just wanted to touch on the capital recycling or JV picture for the year.

我只是想談談今年的資本循環或合資情況。

I know you talked about $500 million to $1 billion.

我知道您談到了 5 億到 10 億美元。

Maybe you could maybe touch a little bit on the potential mix of outright dispositions, JVs and then new programmatic fund like structures that you've alluded to in the past, how we think about the mix of that this year versus using other sources of capital, like issuing equity?

也許您可以稍微談談您過去提到的直接處置、合資企業以及新的程序性基金等結構的潛在組合，我們如何考慮今年這些組合與使用其他資本來源（如發行股票）的組合？

Thanks, Eric.

謝謝，埃里克。

Why don't Matt give you a quick breakdown of the numbers and then flip it over to Greg to give you a quick high level on where we are on our strategic capital initiatives?

馬特為什麼不給你快速分析一下這些數字，然後讓格雷格快速地為你介紹一下我們的策略資本計畫的進展呢？

Yeah.

是的。

Thanks, Eric.

謝謝，埃里克。

So I mean, simplistically, we're looking at -- if you just break it down, we're looking at roughly $300 million to $400 million of that is going to be associated with continued efforts around our noncore asset disposition.

所以我的意思是，簡單地說，如果你把它分解一下，我們會發現其中大約有 3 億到 4 億美元將與我們繼續努力處置非核心資產有關。

And the remainder of that will be targeted towards the continued expansion of our private capital efforts.

剩餘資金將用於繼續擴大我們的私人資本努力。

And for that, maybe I'll turn it over to Greg to give a little bit more color.

為此，也許我會把它交給 Greg 來提供更多細節。

Thanks, Matt, and thanks, Eric.

謝謝，馬特，謝謝，艾瑞克。

Look, I think there's a couple of things.

瞧，我認為有幾件事。

One is Andy and Matt have told investors for some time now as we look to diversify and bolster our capital sources as you mentioned, the fund is clearly the next logical step in this progression.

一是安迪和馬特已經告訴投資者一段時間了，正如你所提到的，我們希望實現資金來源多元化並加強資金來源，而基金顯然是這一進程中的下一個合乎邏輯的步驟。

I think all we'd say at this point is it's going very well.

我想我們現在可以說的是一切都很順利。

And as we continue to make progress and have more to report, we look forward to talking to you about it.

隨著我們不斷取得進展並有更多內容要報告，我們期待與您討論此事。

But again, we think it is the next logical step and like the flexibility associated.

但我們再次認為這是下一個合乎邏輯的步驟，並且具有相關的靈活性。

Erik Rasmussen, Stifel.

埃里克·拉斯穆森（Erik Rasmussen），Stifel。

Yeah, thanks for taking my question.

是的，感謝您回答我的問題。

So you laid out mid-single digit core FFO constant currency growth in 2025, and it sounds like there's a lot of momentum in the business for acceleration beyond that.

因此，您預計 2025 年核心 FFO 恆定匯率成長率將達到中等個位數，而且聽起來業務還有很大的加速動力。

But what are some of the factors that maybe could derail this thesis as you think about some of the things that might impact the business?

但是，當您考慮一些可能影響業務的因素時，哪些因素可能會破壞這個論點？

Thanks

謝謝

You look at our components here, most of the big signings are not flow through to 2025.

你看看我們這裡的組成部分，大多數大型簽約都不會延續到 2025 年。

So any big signs we do from here which we anticipate doing are really building out growth in 2026 and '27.

因此，我們目前預計的任何重大跡像都將真正促進 2026 年和 2027 年的成長。

So our near-term execution opportunity goes back to what we've been very successful recently and need to continue in the 0-1 megawatt interconnection, filling that vacancy in our portfolio that does not have that pre-leased window of that scale, continue to execute our commercialization, we've delivered tremendous amount of value to our customers.

因此，我們的近期執行機會可以追溯到我們最近取得的非常成功的成果，並且需要繼續進行 0-1 兆瓦的互連，填補我們投資組合中沒有那麼大規模預租窗口的空缺，繼續執行我們的商業化，我們已經為客戶帶來了巨大的價值。

And obviously, we need to make sure the commercials are adequately rewarding, which you see through on cash mark-to-market.

顯然，我們需要確保商業廣告有足夠的回報，這可以透過現金市價看出來。

Continue to expand the value prop to interconnection sidings, which in a strong fourth quarter, come off a record third quarter, but continue on that.

繼續擴大互連側線的價值支撐，互連側線在第四季度表現強勁，創下了第三季的記錄，但仍將繼續保持這一勢頭。

And then obviously, making sure we use these tools that we built over the last 18 months in terms of how we fund this business, in terms of continuing to be able to spend and accelerating $4.5 billion of gross CapEx, but use our own liquidity, retain capital and obviously, development capital partnerships as well to make sure this all flows on the bottom line like we are guiding in 2025, and looking to do better than that in 2026.

然後顯然，我們要確保使用過去 18 個月構建的工具來為這項業務提供資金，以便能夠繼續支出並加速 45 億美元的總資本支出，但要使用我們自己的流動資金，保留資本，顯然還要開發資本合作夥伴關係，以確保所有這些都像我們在 2025 年指導的那樣流入底線，並期待在 2026 年做得更好。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

Evening, Thanks for taking my question.

晚上好，感謝您回答我的問題。

I guess I just want to clarify two things you mentioned.

我想我只是想澄清你提到的兩件事。

So one is just the rush or the velocity of deals that tenants are wanting to sign and you're wanting to engage in.

因此，一個原因是租戶想要簽署協議，而你又想要參與其中，所以交易的速度或壓力也很大。

It sounds like in the less than 1 megawatt segment, there's like a, I don't want to call it a renewed rush, but certainly an upward trajectory.

聽起來，在小於 1 兆瓦的領域，有一種，我不想稱之為新一輪的熱潮，但肯定是一種上升軌跡。

And hopefully, that continues.

希望這種情況能夠持續下去。

But in the larger than 1 megawatt, it's very lumpy, like you said.

但是在大於 1 兆瓦時，就像您說的，它非常不均勻。

And I'm just wondering the combination of those two, does that put like just hypothetically, the next 2, 3 years in a different ZIP code of velocity and size of your bookings?

我只是想知道這兩者的結合，是否只是假設，未來 2 至 3 年您的預訂速度和規模在不同郵遞區號中會有所不同？

I'm not looking for a number.

我不是尋找數字。

I'm just trying to think over the next 3 years versus the last, call it, 7 years, and then same question on pricing power.

我只是試著思考未來 3 年與過去 7 年相比的情況，然後思考定價權的問題。

With all this velocity, can you expand a little bit about how you're viewing your own pricing power going forward?

在如此快的速度下，您能否稍微闡述一下您如何看待自己未來的定價權？

Thank you, Vikram.

謝謝你，維克拉姆。

A lot to unpack in there.

裡面有很多東西要解開。

Let me try do something, The other one may go enterprise colocation, interconnection, we see a growing market where we're taking more and more share. and we will continue to do that with a very compelling value proposition.

讓我試著做點什麼，另一個可能是企業主機託管、互連，我們看到一個不斷成長的市場，我們佔據了越來越多的份額。我們將繼續透過極具吸引力的價值主張來做到這一點。

We have the power densities and runway for growth for our customers to win and expand with us across 50 metropolis areas and the connectivity solutions for today and tomorrow for these customers.

我們擁有足夠的功率密度和成長空間，幫助客戶與我們一起在 50 個大都市地區贏得勝利和擴張，我們也為這些客戶提供適合當前和未來的連接解決方案。

So I think you're going to continue to see that called stair-stepping of improvement blocking and tackling in a positive spectrum robust background, even before, I think the days of inference becoming tremendously robust where the enterprise happens.

因此，我認為您將繼續看到這種所謂的逐步改進，在積極的、穩健的背景下阻止和解決問題，甚至在企業發生的推理變得極其穩健之前。

Greater-than-a-megawatt is certainly going to be lumpy because when you sign a 100-megawatt deal, a 50-megawatt deal in 1 quarter versus another, it swings it.

大於一兆瓦的交易肯定會很不穩定，因為當你在一個季度簽署一份 100 兆瓦的交易和在另一個季度簽署一份 50 兆瓦的交易時，情況就會發生波動。

The point I was just trying to make is, based on the deliveries of our inventory timing, there isn't a panicky rush to trade off volume for commercials right?

我只是想說明的觀點​​是，根據我們庫存時間的交付情況，沒有必要為了商業廣告而急於犧牲銷量，對嗎？

So we are trying to cater to the way customers and the financial outcomes for that inference capacity blocks because we've seen as time goes by, the sooner the capacity delivers, the more value that becomes and helpful to those customers.

因此，我們正努力滿足客戶的需求以及推理容量塊的財務結果，因為我們已經看到，隨著時間的推移，容量交付得越早，對這些客戶的價值和幫助就越大。

On the pricing power, I don't have a lot of data points given the composition's very little on signings in the quarter.

關於定價權，由於本季的簽約量很少，所以我沒有很多數據點。

But I can tell you, our most large market, we're still growing to multiple customers or large capacity blocks, call it, 200-ish type rates for what we view is incredibly valuable to these customers.

但我可以告訴你，在我們最大的市場上，我們仍在向多個客戶或大容量區塊發展，我們可以稱之為 200 型費率，因為我們認為這些客戶非常有價值。

And the smaller you have a one category, I think you can see cash flow to market close to just under 5%.

類別越小，我認為市場現金流越接近 5%。

And our pricing's helped in there pretty firmly on the back of a big step-up in volume in that category.

而我們的定價在很大程度上得益於該類別銷售的大幅成長。

Simon Flannery, Morgan Stanley.

摩根士丹利的西蒙·弗蘭納裡。

Thank you very much.

非常感謝。

Good evening.

晚安.

I wonder if you could just talk a little bit on the supply chain side of things.

我想知道您是否可以稍微談談供應鏈方面的情況。

What's the latest situation with getting power to your new developments and the other items in the supply chain you're generally able to hit your timelines, hit your cost per megawatts?

您新開發專案和供應鏈其他專案的電力供應的最新情況如何？

And any color around that would be great.

周圍的任何顏色都很好。

Thank you, Simon.

謝謝你，西蒙。

I mean the supply chain, in my opinion, first and foremost, with power remains incredibly tight and everybody wants something sooner than it can seasonally get delivered in almost all markets.

我認為，首先，電力供應鏈仍然非常緊張，幾乎所有市場的每個人都希望能比季節性交貨更快獲得貨物。

We are, call it, using our relationships, we're using our scale, we've been creative to find out ways to sell solutions for those customers wherever possible.

我們利用我們的關係，利用我們的規模，盡可能創造性地尋找向這些客戶銷售解決方案的方法。

But my sense is that it's more power we delivered to where we house our campuses sooner.

但我的感覺是，我們可以更快地為校園提供更多的電力。

We have more demand as customers needed.

由於客戶需要，我們的需求也隨之增加。

The broader supply chain and physical elements kind of ties -- first tie back in.

更廣泛的供應鏈和實體元素之間的聯繫 — — 首先是聯繫。

I mean, we have today own and own 3.5 gigawatts, 3.6 gigawatts of land and shell.

我的意思是，我們今天擁有並擁有3.5千兆瓦、3.6千兆瓦的土地和貝殼。

We're not going to look for that, that is on our balance sheet.

我們不會去找這個，這個就在我們的資產負債表上。

Much of that's been on our balance sheet for quite a while now.

其中大部分已經在我們的資產負債表上存在相當長一段時間了。

It's not like we just tied it up and after -- super front-end , which puts us in a great position to make sure that we're able to keep delivering.

這並不是說我們只是把它綁起來然後——超級前端，這使我們處於有利地位，以確保我們能夠繼續交付。

Our supply chain is, I think, with the vendors is on a tight side as well, and we'll see what happens when the talk of tariffs comes to data center and in terms of impact on our current rate of that outlook is we look like we're pretty well insulated given how we've gone ahead in terms of supply chain procurement.

我認為，我們與供應商之間的供應鏈也處於緊張狀態，我們將看看當關稅談判涉及資料中心時會發生什麼，就對我們當前利率的影響而言，考慮到我們在供應鏈採購方面取得的進展，我們看起來已經很好地受到了影響。

Nick Del Deo, MoffettNathanson.

尼克·德爾迪奧、莫菲特·納森森。

Hey, thanks for taking my question.

嘿，謝謝你回答我的問題。

Your development yield in the Americas is almost 14% now.

您在美洲的發展收益率現在已接近14%。

That stepped up pretty nicely last quarter, you're sort of in the 10% to 11% zone in EMEA and APAC.

上個季度，這一數字成長相當不錯，在歐洲、中東和非洲地區以及亞太地區，這一數字處於 10% 到 11% 之間。

Should we expect to see the development yields in EMEA and APAC start to move up and narrow that gap some versus the Americas?

我們是否應該預期歐洲、中東和非洲地區以及亞太地區的開發收益率開始上升，並縮小與美洲地區的差距？

Or do you see there being factors that restrain where you can get in those regions?

或者您認為存在一些因素限制您在這些地區的業務開展？

Thanks, Nick.

謝謝，尼克。

So I mean, as a product of the Americas region of having the most essentialated from being, well outpacing supplies on the larger capacity blocks.

所以我的意思是，作為美洲地區最必要的產品，其供應量遠遠超過更大容量區塊的供應量。

Now we do have a sizable colo footprint in EMEA, which is obviously a higher ROI piece of our business.

現在我們在歐洲、中東和非洲地區確實擁有相當大的託管業務，這顯然是我們業務中投資回報率較高的部分。

But when we look at the megawatt, it's the learning capacity blocks that right now we're swinging rates and returns.

但是當我們看兆瓦時，學習能力阻礙了我們現在改變利率和回報。

So I believe that you're going to see AI globalize.

所以我相信你會看到人工智慧全球化。

I don't know if it'll be the same extent of growth in what I've seen or we'll see in the United States.

我不知道它是否會達到我所見或我們在美國所看到的相同程度的增長。

But based on, including meetings as part of this week, dialogue with customers, I think that you're going to see and kind of following the footsteps of cloud and data sovereignty and cloud for cloud, you're going to see that go up.

但基於本週的會議以及與客戶的對話，我認為您將會看到並追隨雲端和資料主權以及雲端對雲端的腳步，您會看到這一趨勢上升。

And I can tell you that does come to fruition, it's going to come to fruition in markets that have the same issues as the United States in terms of power transmission and other supply chain elements.

我可以告訴你，這確實會實現，在電力傳輸和其他供應鏈要素方面與美國存在相同問題的市場中，這將會實現。

Michael Elias, TD Cowen.

邁克爾·埃利亞斯（TD Cowen）。

Great.

偉大的。

Thanks for squeezing me here.

謝謝你把我擠到這裡。

Andy, you've done a great job expanding yields, and we're getting to 13.7% yield in the Americas.

安迪，你在擴大收益方面做得很好，我們在美洲的收益已經達到了 13.7%。

If I ask you to put your prognostication hat on, where do you see development yields?

如果我請您進行預測，您認為發展收益會是多少？

And as part of that spot market pricing for hyperscale data center deals going, particularly in light of where the private market is clearing deals.

作為超大規模資料中心交易現貨市場定價的一部分，特別是考慮到私人市場清算交易的情況。

Any color there would be great.

任何顏色都很棒。

Thanks, Mike.

謝謝，麥克。

I mean it's -- I'm sure there is a private market competitor that will settle for a low development yield than we have in our North America schedule as we speak.

我的意思是——我確信有一個私人市場競爭對手會接受比我們北美計劃中更低的開發收益。

I don't -- we're very blessed that we have numerous private capital partners to have some good intelligence on this.

我不知道——我們很幸運，我們有許多私人資本合作夥伴，能夠對此提供一些良好的情報。

So I don't think they're all that much lower in terms of returns, and they still look healthy and profitable returns.

因此，我認為它們的回報率並沒有低很多，而且看起來仍然健康且有利可圖。

I think we'll be able to outshine that is because we potentially pick our spots.

我認為我們能夠脫穎而出，因為我們有可能選擇自己的位置。

We're not just chasing volume at the denture on price and return, which has allowed us to keep our returns probably a couple of hundred basis points higher than the average Joe data center.

我們不只是追求價格和回報上的數量，這使我們的回報保持比普通資料中心高出幾百個基點。

Brandon Nispel, KeyBanc.

布蘭登‧尼斯佩爾 (Brandon Nispel)，KeyBanc。

Yeah.

是的。

Thanks for taking my question.

感謝您回答我的問題。

Quick question for Matt.

問馬特一個快速問題。

What type of core FFO contribution do you expect from the JV portfolio in '25?

您預計 25 年合資企業投資組合將帶來何種核心 FFO 貢獻？

And then I saw you recently closed Blackstone Phase 2.

然後我看到您最近關閉了 Blackstone 第二階段。

Maybe could you give us an update on how you're expecting that JV to impact the JV metrics in '25?

或許您可以向我們介紹一下您預計該合資企業將如何影響 25 年的合資企業指標？

Sure.

當然。

So I'll answer it in terms of like the broader disposition, JV Capital.

因此，我將從更廣泛的角度，即合資資本來回答這個問題。

So we're not expecting that to have a material impact on our bottom line core FFO growth in 2025.

因此，我們預計這不會對我們 2025 年的底線核心 FFO 成長產生重大影響。

That's a mix of, call it, timing, size and when things might come to fruition.

這就是時機、規模以及事情何時可能實現等因素的綜合。

So there's some variability there.

因此，這裡存在一些可變性。

So we're not including a material impact there.

因此，我們沒有將實質影響納入其中。

As it relates to, I think, maybe to your point on the broader joint venture private capital, you've seen -- I think where you see that come through as you've seen our fee income line pick up, you saw that in the fourth quarter, which was largely tied to the closing of our Blackstone Phase 2 and the fees that we got from that more from the development side.

就我而言，也許與您提到的更廣泛的合資私人資本有關，您已經看到——我認為您看到了我們的費用收入線的回升，您在第四季度看到了這一點，這在很大程度上與我們黑石第二階段的結束以及我們從開發方面獲得的費用有關。

We also closed on a acquisition within our SREIT.

我們也完成了 SREIT 內部的一項收購。

So that had some impact with our fee income as well.

所以這對我們的費用收入也產生了一定的影響。

And as we now have the full Blackstone closed and we look to expand on that.

現在，我們已經完全關閉了黑石集團，我們希望進一步擴大業務。

I think you'll see additional fee income contribute to our 2025 growth in particular, as those assets start to stabilize and we transition from development fees to more, call it, asset management, property management type recurring fees.

我認為，隨著這些資產開始穩定並且我們從開發費用轉向更多的資產管理、物業管理類型的經常性費用，您將看到額外的費用收入對我們 2025 年的成長做出貢獻。

So that's how we're taking a look at that for next year -- for this year.

這就是我們對明年和今年的看法。

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 Andy Powers for his closing remarks.

現在我想將電話轉回給安迪鮑爾斯，請他作最後發言。

Andy, please go ahead.

安迪，請說。

Thank you, operator.

謝謝您，接線生。

Digital Realty had a remarkable 2024, reflecting strong demand from cloud, digital transformation and AI.

Digital Realty 在 2024 年取得了非凡的成績，反映出雲端運算、數位轉型和人工智慧的強勁需求。

Digital Realty is ready to support these customers' requirements as well as private AI and a potential avalanche of AI inference demand we anticipate around the world.

Digital Realty 已準備好支援這些客戶的需求以及私人 AI 和我們預計全球可能出現的大量 AI 推理需求。

We set a number of new records throughout our business, executed our key priorities and positioned the company for an acceleration of bottom line growth in 2025 and beyond.

我們在整個業務中創下了多項新紀錄，執行了我們的關鍵優先事項，並為公司在 2025 年及以後加速實現盈利增長做好了準備。

I am extremely proud of how our team executed to deliver this year's results, and I'm excited about the future and remain focused on seizing the opportunity and end.

我對我們團隊今年所取得的成績感到非常自豪，我對未來充滿期待，並將繼續專注於抓住機會和成果。

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

我想感謝大家今天的出席。

I would 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，他們讓數位世界不斷運轉。

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。