Digital Realty Trust Inc (DLR) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to the Digital Realty first-quarter 2025 earnings call. Please note, this event is being recorded. (Operator Instructions) I would now like to turn the call over to Jordan Sadler, Digital Realty's Senior Vice President of Public and Private Investor Relations. Jordan, please go ahead.

下午好，歡迎參加 Digital Realty 2025 年第一季財報電話會議。請注意，此事件正在被記錄。（操作員指示）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 Jordan Sadler。喬丹，請繼續。

Thank you, operator, and welcome, everyone, to Digital Realty's First Quarter 2025 Earnings Conference Call. Joining me on today's call are President and CEO, Andy Power; and CFO, Matt Mercier. Chief Investment Officer, Greg Wright; Chief Technology Officer, Chris Sharp; and Chief Revenue Officer, Colin McLean, are also on the call and will be available for Q&A. Management will be making forward-looking statements, including guidance and underlying assumptions on today's call.

謝謝接線員，歡迎大家參加 Digital Realty 2025 年第一季財報電話會議。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 和首席營收長 Colin McLean 也將出席電話會議並回答提問。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. For a further discussion of risks related to our business, see our 10-K and subsequent filings with the SEC. This call will contain non-GAAP financial information. Reconciliations to the most directly comparable GAAP measure are included in the supplemental package furnished to the SEC and available on our website.

前瞻性陳述是基於涉及風險和不確定性的預期，這些風險和不確定性可能導致實際結果大不相同。有關我們業務相關風險的進一步討論，請參閱我們的 10-K 報告以及隨後向美國證券交易委員會提交的文件。本次電話會議將包含非公認會計準則財務資訊。與最直接可比較的 GAAP 指標的對帳已包含在提供給 SEC 的補充資料包中，並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 first-quarter results: first, we posted strong overall leasing in the first quarter of $242 million, consistent with the record pace set in 2024 and driving our backlog of booked-not-billed leases to a new record of $919 million.

在我將電話轉給安迪之前，請允許我介紹一下我們第一季業績的幾個關鍵要點：首先，我們在第一季度實現了強勁的整體租賃，達到 2.42 億美元，與 2024 年創下的紀錄速度一致，並推動我們積壓的已預訂未出賬租賃達到了 9.19 億美元的新紀錄。

Activity was robust across our primary product segments; second, Core FFO per share growth accelerated ahead of our expectations for the quarter and with our record backlog have strong visibility for the remainder of 2025 and growing momentum for 2026; and third, we further evolved our funding model this quarter, following the successful formation of our first US hyperscale fund, enabling us to meet the growing needs of our customers while scaling our balance sheet and enhancing our returns.

我們主要產品部門的活動都很強勁；其次，每股核心 FFO 成長速度超過了我們對本季度的預期，並且憑藉創紀錄的積壓訂單，我們對 2025 年剩餘時間的前景具有很強的預見性，並為 2026年帶來了成長動能；第三，在成功組建我們的第一隻美國超大規模基金之後，我們在本季度進一步改進了我們的融資模式，使我們能夠滿足客戶日益增長的需求，同時擴大我們的資產負債表並提高我們的回報。

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

說完這些，我想把電話轉給我們的總裁兼執行長安迪鮑爾 (Andy Power)。

Thanks, Jordan, and thanks to everyone for joining our call. The first quarter of 2025 was fraught with the tension grabbing headlines focused on advances in AI and the potential implications for the ongoing AI infrastructure build-out. But Digital Realty continued to execute our full spectrum meeting place strategy and posted strong results with the strength of our 1Q results, and the visibility provided by a record backlog, we remain confident in our 2025 growth targets and are encouraged by the 40%-plus increase in our 2026 backlog since the beginning of this year.

謝謝喬丹，也謝謝大家參加我們的電話會議。2025 年第一季充滿了緊張的新聞頭條，主要關注人工智慧的進步以及對正在進行的人工智慧基礎設施建設的潛在影響。但 Digital Realty 繼續執行我們的全方位會議場所策略，並憑藉第一季的強勁業績和創紀錄的積壓訂單所提供的可見性取得了強勁的業績，我們仍然對 2025 年的增長目標充滿信心，並對今年年初以來 2026 年積壓訂​​單增長 40% 以上感到鼓舞。

At 100% share, our backlog of signed but not commenced leases exceeded $1.3 billion at March 31, 2025. Despite the headlines, demand for data center capacity remains strong, and our value proposition continues to resonate, evidenced by nearly $400 million of new leasing completed in the quarter, or $242 million of new leasing at digital share with healthy contributions from both our major product categories. Leasing in our 0-1 megawatt plus interconnection segment was $69 million, our second highest ever behind only last quarter's record. This quarter's total included $15 million of interconnection bookings.

以 100% 的份額計算，截至 2025 年 3 月 31 日，我們已簽署但尚未開始的租賃積壓金額超過 13 億美元。儘管有這些頭條新聞，但對資料中心容量的需求仍然強勁，我們的價值主張繼續引起共鳴，本季度完成的近 4 億美元的新租賃，或 2.42 億美元的數位份額新租賃，都證明了這一點，我們的兩個主要產品類別都做出了健康的貢獻。我們 0-1 兆瓦及以上互連部分的租賃額為 6,900 萬美元，是有史以來第二高，僅次於上個季度的記錄。本季總額包括 1500 萬美元的互連預訂。

The leasing achieved in the first quarter in this segment was ahead of pace relative to last year's record $250 million of leasing, which is a reflection of our team's intense focus and execution on our median place strategy. We completed nearly $325 million of greater than 1 megawatt leasing in quarter, reflecting the demand we are capturing and executing across PlatformDIGITAL in the quarter.

該部門第一季的租賃額高於去年創紀錄的 2.5 億美元租賃額，這反映了我們團隊對中間位置策略的高度關注和執行。我們在本季完成了近 3.25 億美元的 1 兆瓦以上的租賃，反映了我們在本季度透過 PlatformDIGITAL 捕獲和執行的需求。

At our share, greater than megawatt leasing was $172 million. Demand for low capacity blocks remains strong and diverse. Over the past five quarters, we've topped $100 million of leasing volume in the greater than a megawatt category 4x with four different customers signing the largest lease in each of those quarters, including this quarter.

以我們的份額，超過兆瓦的租賃費用為 1.72 億美元。對低容量區塊的需求依然強勁且多樣化。在過去的五個季度中，我們在 4x 兆瓦以上類別中的租賃量已超過 1 億美元，每個季度（包括本季）都有四個不同的客戶簽署了最大的租賃協議。

In fact, the single largest lease in the first quarter of 2025 set a new record for Digital Realty in terms of total annualized rent signed. In our experience, hyperscale customer activity is more like to rhyme rather than repeat. Each customer typically to its own drum. So when some slower pause, others push forward.

事實上，2025 年第一季最大的單筆租約創下了 Digital Realty 簽署的年度租金總額的新紀錄。根據我們的經驗，超大規模客戶活動更像是押韻而不是重複。每個顧客通常都有自己的鼓。因此，當一些較慢的人暫停時，其他人就會向前推進。

Today, we continue to be encouraged by the cellular demand drivers of digital transformation, cloud and AI, which have been in place for the last several quarters, and are supporting consistent interest across our portfolio, including large capacity blocks.

今天，我們繼續受到數位轉型、雲端運算和人工智慧等蜂窩需求驅動因素的鼓舞，這些驅動因素在過去幾個季度中已經存在，並支持了我們對包括大容量模組在內的產品組合的持續興趣。

Reflecting this dynamic, pricing reached a new milestone in the quarter, with the overall rate on new data center leasing reaching $244 per kilowatt per month, up 10% from the prior record, reflecting strength within the greater than a megawatt category.

反映這一動態的是，本季定價達到了一個新的里程碑，新資料中心租賃的總體費率達到每千瓦每月 244 美元，比之前的記錄上漲了 10%，反映了兆瓦以上類別的強勁表現。

Looking ahead, our pipeline remains healthy and diverse. Customer and partner interest and engagement were high throughout the quarter and continued into 2Q. Customers continue to see significant value and contiguous capacity in core markets that can support multiple use cases from network optimization to hybrid clouds to artificial intelligence.

展望未來，我們的產品線依然健康且多樣化。整個季度，客戶和合作夥伴的興趣和參與度都很高，並持續到第二季​​度。客戶繼續看到核心市場的巨大價值和連續容量，這些市場可以支援從網路優化到混合雲到人工智慧的多種用例。

While it is important to acknowledge the risks posed by elevated uncertainty and [cattle] markets volatility, Digital Realty's product pipelines remain near record levels. In the meantime, we continue to focus on serving our 5,000-plus customers in the major markets around the world.

儘管我們必須承認不確定性增加和[牛]市場波動帶來的風險，但 Digital Realty 的產品線仍然接近歷史最高水準。同時，我們持續專注於服務全球主要市場的 5,000 多家客戶。

This quarter, bookings were strongest in North America hyperscale, but we are seeing demand from all regions and for both products. To meet this growing demand, we increased our development pipeline by another 170 megawatts since year-end to 814 megawatts at 100% share.

本季度，北美超大規模的預訂量最為強勁，但我們看到所有地區對這兩種產品的需求都很大。為了滿足日益增長的需求，自年底以來，我們將開發案增加了 170 兆瓦，達到 814 兆瓦，佔比達到 100%。

Of this total, 63% is pre-leased with the lion's share of the remaining hyperscale availability focused in Northern Virginia. We continue to see healthy inter-region activity across our global platform in the first quarter. EMEA was the biggest importer with strong activity from all other regions. We also had very strong enterprise export activity from the Americas and APAC with EMEA as the preferred destination from each region.

其中，63% 已預先租賃，剩餘的超大規模資料中心大部分集中在北維吉尼亞州。第一季度，我們全球平台的跨區域活動持續保持健康。歐洲、中東和非洲地區是最大的進口地區，其他所有地區的進口活動也十分活躍。我們在美洲和亞太地區的企業出口活動也非常強勁，其中歐洲、中東和非洲地區是每個地區的首選目的地。

It is clear that our global full spectrum data center platform is a key differentiator for Digital Realty is a key component of our value proposition as customers may onboard to PlatformDIGITAL with just a cabinet, but can then scale to a case that leverages hyperscale cloud compute and will soon provide access to AI for all customers.

顯然，我們的全球全頻譜資料中心平台是 Digital Realty 的一個關鍵差異化因素，也是我們價值主張的關鍵組成部分，因為客戶可能只用一個機櫃就可以加入 PlatformDIGITAL，但隨後可以擴展到利用超大規模雲端運算的案例，並很快將為所有客戶提供 AI 存取權。

During the first quarter, we added another 119 new logos, including a leading global semiconductor equipment manufacturer, deploying high-performance computing in Paris to take advantage of the developed cloud and network communities along with an emerging AI community on PlatformDIGITAL.

第一季度，我們又增加了 119 個新標識，其中包括一家全球領先的半導體設備製造商，該公司在巴黎部署高效能運算，以利用發達的雲端和網路社群以及 PlatformDIGITAL 上新興的人工智慧社群。

Other key wins in the quarter include a leading high-frequency trading fintech is extending on PlatformDIGITAL, to add private AI by increasing their HPC platform to a new market while improving cloud access and business continuity.

本季的其他主要勝利包括一家領先的高頻交易金融科技公司在 PlatformDIGITAL 上進行擴展，透過將其 HPC 平台擴展到新市場來添加私人 AI，同時改善雲端存取和業務連續性。

And Oracle partner is expanding its footprint on PlatformDIGITAL to Zurich to support Oracle's dedicated region integrated solution for private cloud to address data localization and data sovereignty.

Oracle 合作夥伴正在將其在 PlatformDIGITAL 上的足跡擴展到蘇黎世，以支援 Oracle 針對私有雲的專用區域整合解決方案，解決資料本地化和資料主權問題。

A leading blockchain provider is also expanding to a new metro on PlatformDIGITAL, to deploy infrastructure to support decentralized private and public networks. A Fortune 500 payments and transactions company is expanding their global presence on PlatformDIGITAL into the Nordics to solve compliance and data localization needs.

一家領先的區塊鏈供應商也在 PlatformDIGITAL 上擴展到新的都市圈，部署基礎設施來支援分散的私人和公共網路。一家財富 500 強支付和交易公司正在將其在 PlatformDIGITAL 上的全球業務擴展到北歐，以解決合規性和資料本地化需求。

And an AI inference and training company and a new logo is utilizing the connectivity available on PlatformDIGITAL, to provide a scalable solution for their AI inference applications. We continue to expand the reach and connectivity of PlatformDIGITAL during the first quarter with our entrance into Indonesia.

一家人工智慧推理和訓練公司及其新標誌正在利用 PlatformDIGITAL 上提供的連接，為其人工智慧推理應用提供可擴展的解決方案。第一季度，我們進入印度尼西亞，繼續擴大 PlatformDIGITAL 的覆蓋範圍和連接性。

We partnered with a leading Jakarta-based carrier-neutral data center platform to create Digital Realty Bersama, which will expand its connected campus, offering direct access to a wide array of networks and services including a direct connection to Indonesia's largest Internet exchange provider. Supported by a young and large population, growing cloud adoption and access to multiple subsea cables Jakarta is an attractive expansion location that complements our existing APAC footprint.

我們與位於雅加達的一家領先的運營商中立資料中心平台合作創建了 Digital Realty Bersama，該平台將擴大其互聯園區，提供對各種網路和服務的直接訪問，包括與印尼最大的互聯網交換提供商的直接連接。憑藉其年輕且龐大的人口、日益增長的雲端運算應用以及多條海底電纜的接入，雅加達成為了一個極具吸引力的擴張地點，可以補充我們現有的亞太地區業務。

We also launched our Heraklion 1 data center in Creek earlier this month, which complements our Athens campus and adds a key connectivity hub in the Eastern Mediterranean, strategically linking Europe with Asia, the Middle East and East Africa via a dense network of highly connected subsea cables.

我們也在本月初在克里克啟動了伊拉克利翁 1 號資料中心，該資料中心與我們位於雅典的園區相輔相成，並在東地中海地區增加了一個重要的連接樞紐，透過高度連接的密集海底電纜網路將歐洲與亞洲、中東和東非戰略性地連接起來。

Also during the quarter, Digital Realty and Console Connect announced a strategic collaboration that will expand the reach of service fabric to more than 100 new third-party data centers with access to more than 75 new cloud on-ramps, enriching the global connectivity options available to enterprises across PlatformDIGITAL.

此外，在本季度，Digital Realty 和 Console Connect 宣布了一項策略合作，將服務結構的覆蓋範圍擴展到 100 多個新的第三方資料中心，並可存取 75 多個新的雲端入口，從而豐富了 PlatformDIGITAL 上企業可用的全球連接選項。

And closing out our connectivity-oriented advances, this morning, we announced the addition of three new Azure onramps, one in Atlanta, one in Brussels and one in Vienna. These onramps expand our global relationship with Microsoft as we now host 15 cloud onramps across four continents.

為了結束我們以連接為導向的進步，今天上午，我們宣布增加三個新的 Azure 入口，一個在亞特蘭大，一個在布魯塞爾，一個在維也納。這些入口擴展了我們與微軟的全球關係，因為我們現在在四大洲擁有 15 個雲端入口。

Moving over to the financing side of the business. After more than a year of hard work across our team, this year, we announced our first US hyperscale data center fund, continuing to evolve our funding model and further expanding the pool of capital available to support the growth of hyperscale data center capacity.

轉向業務的融資方面。經過我們團隊一年多的努力，今年，我們宣布了第一個美國超大規模資料中心基金，繼續發展我們的融資模式，進一步擴大可用的資金池，以支持超大規模資料中心容量的成長。

The fund offers a unique opportunity for private institutional investors to invest directly in hyperscale data centers alongside the world's largest data center provider. It is dedicated to investing in high-quality hyperscale data centers located across top-tier US metros, including Northern Virginia, Dallas, Atlanta, Charlotte, New York Metro, and Sillicon Valley.

該基金為私人機構投資者提供了一個獨特的機會，可以與世界上最大的資料中心提供者一起直接投資超大規模資料中心。該公司致力於投資位於美國頂級大都市的高品質超大規模資料中心，包括北維吉尼亞、達拉斯、亞特蘭大、夏洛特、紐約大都會區和矽谷。

We exceeded the portfolio with five operating assets and four land sets for data center development and have received very strong interest and limited partner commitments from some of the world's savviest investors, including sovereign wealth funds, pension funds, insurance companies, endowments, and other institutional investors.

我們的投資組合超出了預期，擁有五項營運資產和四處用於資料中心開發的土地，並獲得了一些全球最精明的投資者的強烈興趣和有限合夥人承諾，其中包括主權財富基金、退休基金、保險公司、捐贈基金和其他機構投資者。

The investors have done their due diligence, committed capital and placed their trust in Digital Realty. We are targeting $2.5 billion of equity commitments from our LPs and we expect to maintain a 20% or greater interest to ensure alignment.

投資者已完成盡職調查，投入資金並對 Digital Realty 充滿信任。我們的目標是從有限合夥人那裡獲得 25 億美元的股權承諾，我們預計將保持 20% 或更高的權益以確保一致性。

All told, the fund will support approximately $10 billion of hyperscale data center investment, enabling us to serve the robust demand of our customers while enhancing our returns through fees. We received more than $1.7 billion of commitments through our first closing, placing us ahead of schedule relative to our year-end target and we continue to feel investor interest.

總而言之，該基金將支持約 100 億美元的超大規模資料中心投資，使我們能夠滿足客戶的強勁需求，同時透過費用提高我們的回報。透過首次交割，我們獲得了超過 17 億美元的承諾，這讓我們提前完成了年底目標，並且我們繼續感受到投資者的興趣。

As Matt will discuss in a moment, our progress puts us well on track to meet our capital recycling guidance for 2025 and to fund growth in 2026 and beyond. Before turning it over to Matt, I'd like to touch on our goal sustainability progress.

正如馬特稍後將討論的那樣，我們的進展使我們有望實現 2025 年的資本回收指導，並為 2026 年及以後的成長提供資金。在交給馬特之前，我想先談談我們的目標永續發展進程。

During the first quarter, we opened Friday team, a 16-megawatt data center, adaptively reusing the historic and iconic site while delivering cutting-edge technology solutions with a deep focus on sustainable performance and water conservation. DFW18 is optimized for AI and high-performance compute applications with advanced liquid corn along with the integration of Service Fabric for enhanced data security and connectivity.

在第一季度，我們啟用了 Friday 團隊，這是一個 16 兆瓦的資料中心，自適應地重新利用了這一歷史性和標誌性的場地，同時提供了尖端的技術解決方案，重點關注可持續性能和節水。DFW18 針對 AI 和高效能運算應用進行了最佳化，採用先進的液體玉米以及 Service Fabric 集成，以增強資料安全性和連接性。

Importantly, this state-of-the-art brownfield development is powered by 100% renewable sources as are all our facilities in EMEA. This sustainable building in Frankfurt continued Digital Realty's leadership in the industry, with high-performance green buildings. We added 190 megawatts of third certified green data centers in 2024.

重要的是，這個最先進的棕地開發項目和我們在歐洲、中東和非洲地區的所有設施一樣，均由 100% 再生能源提供動力。法蘭克福的這座永續建築憑藉高性能綠色建築延續了 Digital Realty 在業界的領先地位。我們在 2024 年增加了 190 兆瓦的第三認證綠色資料中心。

Also in the first quarter, Digital Realty reached 100% renewable energy coverage for our operations in Singapore, a top priority in that market given the country's resource constraints and its Smart Nation initiative. We have installed solar on our facilities over the past couple of years and in the first quarter, signed a PPA with [Tuas Power] for biomass and other really sourced renewables to fully cover our it.

此外，在第一季度，Digital Realty 在新加坡的業務實現了 100% 的可再生能源覆蓋，考慮到該國的資源限制和智慧國家計劃，這是該市場的首要任務。過去幾年，我們在我們的設施上安裝了太陽能，並在今年第一季與大士能源公司 (Tuas Power) 簽署了生物質能和其他真正可再生能源的電力購買協議 (PPA)，以全面覆蓋我們的能源。

This further expands the more than 150 data centers around the world that are matched with 100% renewable electricity and adds to our portfolio of 1.5 gigawatts of contracted renewable capacity.

這進一步擴大了全球 150 多個配備 100% 再生電力的資料中心，並增加了我們 1.5 千兆瓦的合約再生能源容量組合。

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. Digital Realty continued to post healthy results in the first quarter as strong leasing pushed our backlog is signed but not yet commenced leases to a new record, while the formation of our first hyperscale fund added a new horse to our funding stable.

謝謝你，安迪。Digital Realty 在第一季繼續取得良好的業績，強勁的租賃業務推動我們已簽署但尚未開始的積壓租賃合約創下新高，而我們首個超大規模基金的成立為我們的資金儲備增添了一匹新馬。

These milestones enhance our visibility and predictability of earnings growth, improve our returns and further reduce our reliance on any single capital source while enabling digital to responsibly invest to serve the needs of our customers.

這些里程碑提高了我們對獲利成長的可見性和可預測性，提高了我們的回報，並進一步減少了我們對任何單一資本來源的依賴，同時使數位技術能夠負責任地投資以滿足客戶的需求。

In the first quarter, we grew core FFO by 6.1%, posted strong leasing results and increased the capacity under development by another 26% and despite delivering nearly 50 megawatts of new capacity during the quarter, a great start to the year.

在第一季度，我們的核心 FFO 成長了 6.1%，租賃業績強勁，開發中產能又增加了 26%，儘管本季度交付了近 50 兆瓦的新產能，但這仍然是今年的一個好開始。

We signed aggregate leases representing nearly $400 million of annualized rent at 100% share in the first quarter, which was the second highest in Digital Realty's history. At our share, we signed $242 million of new leases in the first quarter, with notable strength across each of our two segments.

我們在第一季簽署了總計近 4 億美元的年租金租賃協議，佔 100%，這是 Digital Realty 史上第二高的租賃協議。以我們的份額計算，我們在第一季簽署了價值 2.42 億美元的新租約，我們的兩個部門都表現強勁。

We completed nearly $69 million of bookings in our 0 to 1 megawatt plus interconnection segment, which marked the second highest quarter for digital following last quarter's record. This activity also exceeded the prior four quarter average bookings by nearly 10%. We also signed $172 million within greater than a megawatt category at our share largely driven by hyperscale leasing in North America.

我們在 0 至 1 兆瓦以上的互連領域完成了近 6,900 萬美元的預訂，這是繼上一季之後數位領域第二高的季度。此次活動的預訂量也比前四個季度的平均預訂量高出近10%。我們還簽署了價值 1.72 億美元的超過兆瓦類別的合同，這主要得益於北美的超大規模租賃。

Consistent with our objective of improving Digital's long-term sustainable growth, more than 85% of bookings included fixed rent escalators of at least 4% over linked to CPI. Our backlog at Digital Realty share totaled $919 million at quarter end, an increase of 7% above our record as $119 million of commencements was more than offset by our strong new bets.

與我們提高 Digital 長期可持續成長的目標一致，超過 85% 的預訂包括與 CPI 掛鉤的至少 4% 以上的固定租金上調。截至本季末，我們在 Digital Realty 股份的積壓訂單總額為 9.19 億美元，比我們的記錄高出 7%，因為 1.19 億美元的開工訂單被我們強勁的新訂單所抵銷。

Looking ahead to the rest of 2025, we expect to see strong commencements in the next two quarters, providing momentum into the end of the year and beyond. For 2026, we currently have $440 million scheduled to commence while another $100 million-plus commences in 2027 and beyond, providing strong visibility for multiyear growth.

展望 2025 年剩餘時間，我們預計未來兩個季度將出現強勁開局，為年底及以後的發展提供動力。到 2026 年，我們目前計劃啟動 4.4 億美元的投資，而另外 1 億多美元的投資將在 2027 年及以後啟動，為多年增長提供了強勁的可見性。

For context, our 2026 backlog is already more than double the backlog we had for 2025 at this time last year. During the first quarter, we signed $147 million of renewal leases at a blended 5.6% increase on a cash basis, consistent with our 40% full year guidance.

具體來說，我們 2026 年的積壓訂單已經是去年此時 2025 年積壓訂​​單的兩倍多。第一季度，我們簽署了價值 1.47 億美元的續租租賃合同，以現金計算綜合成長 5.6%，與我們全年 40% 的預期一致。

Renewals in the first quarter were heavily weighted toward our 1 megawatt category with $127 million of renewals at a 3.8% uplift. Greater than megawatt renewals were relatively sparse at only $5 million with a 4.6% uplift. We remain on track to meet our full year guidance.

第一季的續約主要集中在 1 兆瓦類別，續約金額為 1.27 億美元，成長 3.8%。兆瓦以上的續約數量相對稀少，僅 500 萬美元，漲幅為 4.6%。我們仍有望實現全年目標。

For the quarter, churn declined and ended at 1.5%. As for earnings, we reported first quarter core FFO of $1.77 per share, up 6% year over year, reflecting strong same capital operating results, combined with new commencements over the past year. On a constant currency basis, we reported core FFO per share of $1.79 in the first quarter.

本季度，客戶流失率下降，最終為 1.5%。至於收益，我們報告第一季核心 FFO 為每股 1.77 美元，年成長 6%，反映了強勁的同資本營運業績，加上過去一年的新開始。以固定匯率計算，我們報告第一季每股核心 FFO 為 1.79 美元。

During the quarter, operating expenses were $0.01 to $0.02 lower than expected due to a slower ramp in repair and maintenance spend following an uptick in the fourth quarter, while property taxes benefited from a $0.01 refund in the quarter. Data center revenue was up 7% year over year as the combination of strong renewal spreads rent escalators and new lease commencements more than offset the drag associated with the dispositions completed over the last 12 months.

本季度，營運費用比預期低 0.01 至 0.02 美元，原因是繼第四季度上漲之後維修和維護支出的增長速度有所放緩，而本季度房產稅獲得了 0.01 美元的退稅。資料中心收入年增 7%，因為強勁的續約利差、租金上調和新租約的開始抵消了過去 12 個月完成的處置所帶來的拖累。

Adjusted EBITDA increased by 11% year over year reflecting the growth in data center revenue combined with expense controls. Same-capital cash NOI growth was healthy in the first quarter, increasing by 5% year-over-year on a constant currency basis, driven by 5.7% growth in data center revenue.

調整後的 EBITDA 年成長 11%，反映了資料中心收入的成長和費用控制。第一季同資本現金淨營業收入成長健康，以固定匯率計算年增 5%，這得益於資料中心收入成長 5.7%。

Moving on to our investment activity. During the quarter, we spent approximately $1 billion on development CapEx on a gross basis, including our partner share and roughly $700 million on a net basis to Digital Realty. We delivered nearly 50 megawatts of new capacity, 83% of which was preleased, while we started another 219 megawatts of new projects highlighted by 200 megawatts in Northern Virginia that is 50% preleased.

繼續我們的投資活動。在本季度，我們在開發資本支出上總計花費了約 10 億美元，其中包括合作夥伴的份額，以及支付給 Digital Realty 的約 7 億美元淨額。我們交付了近 50 兆瓦的新容量，其中 83% 已預發布，同時我們又啟動了 219 兆瓦的新項目，其中北維吉尼亞州的 200 兆瓦項目已預發布 50%。

At quarter end, our data center development pipeline increased to $9.3 billion at a 12.5% expected stabilized yield. In addition, as Andy highlighted, we invested approximately $95 million for a 50% interest in Digital Realty Bersama, expanding into a highly connected platform in Indonesia.

截至本季末，我們的資料中心開發資金增加至 93 億美元，預期穩定收益率為 12.5%。此外，正如安迪所強調的，我們投資約 9,500 萬美元，獲得 Digital Realty Bersama 50% 的股權，從而擴展成為印尼一個高度互聯的平台。

We are also pleased to announce the formation of our first US hyperscale data center fund, which has the potential to support up to $10 billion of data center investments. In the second quarter, Digital expects to contribute a portion of five existing operating assets with an aggregate agreed value of more than $1.5 billion, which will satisfy the majority of our disposition guidance for 2025. Turning to the balance sheet. We spent the last 2.5 years positioning digital for the opportunity that lies ahead by deleveraging our balance sheet and bolstering and diversifying our capital sources.

我們也很高興地宣布成立我們的第一個美國超大規模資料中心基金，該基金有可能支持高達 100 億美元的資料中心投資。在第二季度，Digital 預計將貢獻五項現有營運資產的一部分，總協議價值超過 15 億美元，這將滿足我們對 2025 年大部分處置指導的要求。轉向資產負債表。過去兩年半，我們透過降低資產負債表的槓桿率、加強和多樣化資本來源，為未來的數位化機會做好了準備。

Leverage is still well below our long-term target at 5.1 times, while liquidity remained robust at more than $5 billion before considering the capital from our new fund.

槓桿率仍遠低於我們的長期目標 5.1 倍，而流動性在考慮新基金的資本之前仍保持強勁，超過 50 億美元。

Early in the quarter, we raised EUR850 million of 3.875% notes, which was used to pay off the GBP 400 million of maturing 4.25% gilts with the much used to reduce outstandings on our credit facility. This leaves us with EUR250 million of maturing debt through the rest of 2025. Looking further out, our maturities remain well laddered through 2035.

本季度初，我們籌集了 8.5 億歐元的 3.875% 票據，用於償還到期的 4 億英鎊 4.25% 金邊債券，其中大部分用於減少我們的信貸額度的未償還債務。這意味著到 2025 年剩餘時間內，我們將有 2.5 億歐元的債務到期。放眼更遠的未來，我們的到期期限將持續至 2035 年。

Moving on to our debt profile. Our weighted average debt maturity was 4.5 years, and our weighted average interest rate ticked down to 2.6%. Approximately 83% of our debt is non-US dollar denominated, reflecting the growth of our global platform and our FX hedging strategy. Approximately 93% of our net debt is fixed rate and 96% of our debt is unsecured, providing ample flexibility for capital recycling.

繼續討論我們的債務狀況。我們的加權平均債務期限為 4.5 年，加權平均利率下降至 2.6%。我們的債務中約有 83% 是非美元計價的，這反映了我們全球平台和外匯對沖策略的成長。我們的淨債務約有 93% 是固定利率，96% 是無擔保債務，為資本循環提供了充足的彈性。

Let me conclude with our guidance. We are increasing our core FFO guidance range for the full year 2025 by $0.05 to $7.05 to $7.15 per share to reflect our updated FX assumptions for the full year. The new core FFO per share guidance now aligns with our constant currency guidance.

最後，讓我總結一下我們的指導。我們將 2025 年全年核心 FFO 指導範圍上調 0.05 美元至每股 7.05 美元至 7.15 美元，以反映我們對全年更新的外匯假設。新的核心每股 FFO 指引現在與我們的恆定貨幣指引一致。

It is worth noting that while our constant currency core FFO per share is trending toward the high end of the range in the first quarter, we have chosen to maintain this guidance range, given the heightened degree of macro and geopolitical uncertainty today.

值得注意的是，雖然我們的每股恆定貨幣核心 FFO 在第一季趨向於區間的高端，但考慮到當今宏觀和地緣政治不確定性的加劇，我們選擇維持這一指導範圍。

The midpoint of our core FFO per share guidance represents approximately 6% year-over-year growth, reflecting the underlying strength in our business, balanced by a meaningful step-up in development spend and the substantial reduction in leverage year over year.

我們每股核心 FFO 指引的中點代表著同比增長約 6%，反映了我們業務的潛在實力，並與開發支出的顯著增加和槓桿率的同比大幅下降相平衡。

On a normalized and constant currency basis, we continue to anticipate total revenue and adjusted EBITDA growth of more than 10% in 2025, reflecting the strong underlying fundamentals of our business. In accordance with our updated FX assumptions for the year, we are increasing both our revenue and adjusted EBITDA guidance ranges for 2025 by $25 million, while our G&A assumption increased by $5 million. We are maintaining the rest of our guidance assumptions for 2025.

在正常化和恆定匯率基礎上，我們繼續預期 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。根據我們今年更新的外匯假設，我們將 2025 年的收入和調整後的 EBITDA 指導範圍均增加了 2500 萬美元，而 G&A 假設則增加了 500 萬美元。我們維持對 2025 年其餘指導假設不變。

This concludes our prepared remarks. Now we'll be pleased to take your questions. Operator, would you please begin the Q&A session.

我們的準備好的演講到此結束。現在我們很高興回答您的問題。接線生，請您開始問答環節。

(Operator Instructions) Jon Atkin, RBC Capital Markets.

（操作員指示）Jon Atkin，RBC Capital Markets。

So I was wondering, as you factor in the trends that you saw in the first quarter and coupled with some of the recent commentary surrounding hyperscaler demand and the increased uncertainty we've seen over the last several weeks, how do you see the leasing environment over the next several quarters? Thanks.

所以我想知道，考慮到您在第一季看到的趨勢，再加上最近圍繞超大規模需求的一些評論以及過去幾週我們看到的不確定性增加，您如何看待未來幾季的租賃環境？謝謝。

Thanks, Jon. So we're obviously offer a very strong start to the year both in the enterprise colo segment and also in hyperscale. And including in the hyperscale that largest signing we had was signed in the month of March, so not that long ago.

謝謝，喬恩。因此，我們顯然在企業託管領域和超大規模領域都取得了非常強勁的開局。包括超大規模在內，我們最大的簽約是在三月份，所以時間並不長。

Now the backdrop has certainly changed in just the last few weeks, which has certainly created significant market volatility and a fair bit of uncertainty. But despite this, our pipeline across both of those customer segments remains very robust.

過去幾週，背景確實發生了變化，這無疑造成了巨大的市場波動和相當大的不確定性。但儘管如此，我們在這兩個客戶群中的管道仍然非常強勁。

So on the enterprise front, even coming off of now a string of several pretty fantastic quarters, our pipeline is at a record level. And on the hyperscale side of the equation, you can see from what we've disclosed, we have a runway of numerous sites with those large contiguous capacity blocks in sought after locations.

因此，在企業方面，即使已經經歷了幾個相當出色的季度，我們的管道仍然處於創紀錄的水平。在超大規模方面，您可以從我們所揭露的資訊中看到，我們擁有眾多站點，這些站點位於熱門位置，並擁有大型連續容量區塊。

And I can tell you in just the last several days, quotes for those large capacity blocks have been requested by customers and are going out across multiple markets. I think it's important though to remember something that's a differentiating point about our strategy.

我可以告訴你們，就在過去幾天裡，這些大容量區塊的報價已經根據客戶要求發佈到多個市場。我認為，記住我們策略的與眾不同之處是很重要的。

So one, when it comes to the markets, we have and we continue to focus on markets with both robust and diverse demand so enterprise service providers, cloud availability zones for compute and now AI, serving locational and latency-sensitive workloads, and those markets have and we continue to see experiencing supply constraints; two, we never lost our focus or eye on the ball when it came to accelerating our enterprise and colo execution on multiple fronts.

因此，首先，就市場而言，我們已經並將繼續專注於需求強勁且多樣化的市場，因此企業服務提供商、用於計算和現在的人工智慧的雲端可用區，服務於位置和延遲敏感的工作負載，而這些市場已經並且我們將繼續看到供應限制；其次，在加速我們的企業和託​​管在多個方面的執行時，我們從未失去焦點或關注點。

So you see that in the customer wins, the new signings where we're growing, as we highlighted in the prepared remarks, all the way to our latest new country entry with Indonesia.

因此，正如我們在準備好的演講中所強調的那樣，您可以看到，在客戶贏得、新簽約方面我們正在不斷增長，一直到我們最近進入印尼這個新國家。

And then lastly, when it comes to hyperscale we focus on places where we believe we can best serve our hyperscale customers. We're not trying to be all things to all hyperscalers. So be it our tremendous track record for delivery and operational excellence.

最後，當談到超大規模時，我們專注於我們認為能夠最好地為超大規模客戶提供服務的地方。我們並不想滿足所有超大規模企業的需求。這就是我們在交付和卓越營運方面的輝煌記錄。

Having these must-have runways for growth or that boots on the ground experience. This has really allowed us to support those hyperscale customers when they need us most to solve critical capacity problems often in our core markets when others simply cannot.

擁有這些必不可少的成長跑道或實地經驗。這確實使我們能夠在超大規模客戶最需要我們解決關鍵容量問題時為他們提供支持，而這些問題通常是在我們的核心市場中，而其他市場根本無法解決。

Richard Choe, JPMorgan.

摩根大通的理查喬。

I know there's a lot of uncertainty around this question, but the best you could, given current state of things and tariffs come through your supply chain when should we expect to see that in your development costs? And how would you indicate that? Thank you.

我知道這個問題存在著許多不確定性，但您能給出最好的答案嗎？考慮到目前的情況和關稅通過您的供應鏈，我們什麼時候應該在您的開發成本中看到這一點？您會如何表明這一點？謝謝。

Thanks, Richard, for the question. So first off, I think you've got to take a step back as it relates to digital in that question because I don't think the answer is going to be all data center providers is going to be created equal in this category.

謝謝理查提出這個問題。因此，首先，我認為你必須退一步考慮這個問題與數位化的關係，因為我認為答案並不是所有資料中心提供者在這個類別中都是平等的。

As you heard from us for several quarters, if not years, we have, call it, long-standing vendor and partner relationships with vendor managed inventory programs and the consistency building and delivering and operating in our markets call it being our folks at work with consistency, which I don't think I could say that if I was at a different data center provider.

正如您在幾個季度甚至幾年內聽到的，我們與供應商建立了長期的供應商和合作夥伴關係，並製定了供應商管理庫存計劃，在我們的市場中保持一致性地構建、交付和運營，這是我們員工在工作中保持一致性，如果我在不同的數據中心提供商，我想我不會這麼說。

From our standpoint, based on the current facts and services, which we all know are evolving almost minute by minute, we're seeing a very modest, call it, less than 5% impact to potential build costs when it comes to digital. That has a lot to do with how we operate our business.

從我們的角度來看，基於目前的事實和服務（我們都知道它們幾乎每分鐘都在發展），我們看到數位化對潛在建造成本的影響非常小，甚至不到 5%。這與我們的經營業務方式有很大關係。

That has to do with our supply chains being both very US focused as well as if not US, very Mexico and Canada and governed under current USMCA carve-outs from tariff implications, so nothing but very modest numbers. At the same time, we are not sitting idly.

這與我們的供應鏈非常以美國為中心有關，如果不是美國，那就是墨西哥和加拿大，並且受當前 USMCA 關稅豁免的管轄，因此數字非常適中。同時，我們也沒有袖手旁觀。

We have been even leading up to the chain of events that have unfolded been proactively getting out ahead of this and our supply chain team owes a lot of kudos for that in terms of ordering components wherever we could to pull forward components that we need t de-risk potential incremental volatility or outcomes that on the tariff front.

我們甚至在一系列事件發生之前就積極主動地採取了行動，我們的供應鏈團隊在這方面功不可沒，我們盡可能地訂購零件，提前採購我們需要的零件，以降低潛在的增量波動或關稅方面的結果的風險。

So I don't think you'd see this really unfold and probably until call it, several quarters when it comes to actual development cycles, given what you have today under construction, have called actual contractual orders for equipment. And I do think it's going to be pretty modest, assuming there isn't a dramatic tumor of events to what our current understanding of the tariff implications.

因此，我認為你不會看到這種情況真正展開，可能要等到實際開發週期的幾個季度，考慮到你目前正在建設的項目，才會有實際的設備合約訂單。我確實認為，如果事件沒有發生與我們目前對關稅影響的理解相符的戲劇性變化，那麼關稅的影響將會相當溫和。

Aryeh Klein, BMO Capital Markets.

Aryeh Klein，BMO 資本市場。

Thanks. Can you provide a little bit of color on the land acquisitions in Atlanta and Charlotte, but with your markets where you've had a retail presence, but not much of a hyperscale one? I think previously, you've been perhaps a little bit has tenant to expand into the US market. What makes these attractive, particularly Charlotte? Thanks.

謝謝。您能否提供一些有關亞特蘭大和夏洛特土地收購的情況，但貴公司在這兩個市場上有零售業務，但超大規模業務並不多？我認為此前您可能已經有點想進軍美國市場了。是什麼讓這些具有吸引力，尤其是夏洛特？謝謝。

I'll pass it to Greg to touch on our expansion of our capabilities in those markets.

我將把它傳遞給格雷格，談談我們在這些市場的能力擴展。

Yeah. Thanks for the question. Aryeh, let me start with Charlotte. Look, I think it's not surprising. I think all investors on the phone know that traditional markets are expanding.

是的。謝謝你的提問。Aryeh，讓我先從 Charlotte 開始。瞧，我認為這並不奇怪。我想所有透過電話的投資者都知道傳統市場正在擴張。

And Charlotte meets our criteria in terms of a target market. Let me just remind folks, we've operated in Charlotte for a long time. We have the key connectivity hub and what's called Uptown Charlotte. But now we're seeing availability zones coming in from several of the major cloud providers.

就目標市場而言，夏洛特符合我們的標準。我只想提醒大家，我們在夏洛特經營很久了。我們擁有關鍵的連接中心和所謂的夏洛特上城區。但現在我們看到幾家主要的雲端供應商都推出了可用區。

So as we see this, we're creating this campus that's consistent with our traditional connected campus strategy by developing a hyperscale campus that's within 10 miles of a highly connected facility. And again, just to remind folks again, our facility there, we have, I think it's north of roughly 25 networks, significant cross-connect counts, roughly 40 customers, and we've really been awarded an on-ramp.

因此，正如我們所見，我們正在創建與我們傳統的互聯校園策略一致的校園，透過開發距離高度互聯設施 10 英里以內的超大規模校園。再次提醒大家，我們在那裡的設施，我認為它位於大約 25 個網路的北部，具有重要的交叉連接數量，大約有 40 個客戶，而且我們確實獲得了入口。

So when you look at that, look at the components of what makes a market competitive and attractive, we really do believe Charlotte is well on its way to be a Tier 1 market and we have a location that's a latency-sensitive location.

因此，當你看到這一點，看到使市場具有競爭力和吸引力的因素時，我們確實相信夏洛特正在成為一級市場，而且我們的位置對延遲很敏感。

So it checks all those boxes that we tend to like Also, let remind you that Charlotte is home to a large number of enterprises, especially in the financial services business in many of the Fortune 500 companies. And one last point, and then I'll get to Atlanta is that our site in Charlotte has power available on a very competitive basis.

因此，它符合我們喜歡的所有條件。另外，讓我們提醒您，夏洛特是大量企業的所在地，尤其是許多財富 500 強公司的金融服務業務。最後一點，然後我會談到亞特蘭大，那就是我們在夏洛特的站點以非常有競爭力的方式提供電力。

So I guess another way to say it is it's land with precious power time lines, if you will. And most of those points we've made all applied to Atlanta as well. We've purchased a parcel of land that's going to have a mix between hyperscale and local location.

所以我想，如果你願意的話，另一個說法就是，這是一片擁有寶貴電力時間線的土地。我們提出的觀點也大多適用於亞特蘭大。我們購買了一塊土地，將用於超大規模和本地混合用途。

The colocation facility will be within 10 miles of Downtown Atlanta, which we love, obviously, given our ownership of 56 Marietta. And as you know, when you look at the underlying fundamentals of a market like Atlanta, there's a lot -- the vacancies are very low, 1% or less.

該主機託管設施將位於亞特蘭大市中心 10 英里範圍內，鑑於我們擁有 56 Marietta，我們顯然非常喜歡這裡。如你所知，當你觀察亞特蘭大等市場的基本面時，你會發現很多——空置率非常低，為 1% 或更低。

Power, same thing. It's -- the power is in place on a very competitive basis. So when we look at that, we think those are both critical markets for us, and we're really excited to have between those two projects over 600 megawatts of developable capacity.

力量，同樣的事。這是——權力是在非常有競爭力的基礎上形成的。因此，當我們考慮這一點時，我們認為這兩個市場對我們來說都是至關重要的，而且我們非常高興這兩個專案之間的可開發容量超過 600 兆瓦。

Matt Niknam, Deutsche Bank.

德意志銀行的馬特‧尼克納姆 (Matt Niknam)。

Hey, guys. Thanks so much for taking the question. My question relates more to hyperscale. And I guess in recent weeks and months, we've been reading more about deep seek more efficient AI models? And I guess also a little bit more questions around revenue use cases tied to AI.

嘿，大家好。非常感謝您回答這個問題。我的問題更與超大規模有關。我想最近幾周和幾個月裡，我們一直在閱讀有關深度尋求更高效的人工智慧模型的文章？我想還有一些關於與人工智慧相關的收入用例的問題。

And so I'm wondering whether less so macro, but more around recalibration of overall CapEx being invested into AI, whether you're seeing or hearing any evolution in how some of your larger cloud and hyperscale customers are approaching CapEx investment plans?

因此，我想知道，是否不是宏觀層面，而是更多地圍繞對投資於人工智慧的整體資本支出的重新調整，您是否看到或聽到一些大型雲端和超大規模客戶在資本支出投資計劃方面有任何進展？

Thanks, Matt. Maybe I'll start off briefly and then kick it over to Chris to talk a little bit about the evolution of the infrastructure and some of the deep sea early implications. I think -- again, I don't think all hyperscale is equal.

謝謝，馬特。也許我會先簡單介紹一下，然後讓克里斯談談基礎設施的演變以及一些深海早期影響。我認為——再說一次，我認為並非所有超大規模都是平等的。

And I think it comes back to focusing on markets that have diversity of demand, so serving cloud availability zones and AI being incremental use cases to that. I think could also make sure you're not in places with numerous cloud availability zones as we shared in the prepared remarks, the flow of business when one customer may be slowing down, others are called steaming ahead.

我認為，重點還是要放在有多樣化需求的市場，因此服務雲端可用區和人工智慧就是其中的增量用例。我認為還可以確保您不在擁有眾多雲端可用區的地方，正如我們在準備好的評論中所分享的那樣，當一個客戶的業務流程可能正在放緩時，其他客戶的業務流程就會蓬勃發展。

I think you've seen that now in the last, call it, five quarters where we've had robust signings in the four largest of those quarters the largest lease each of those was signed by a different customer. So four different hyperscalers, call it front of the pack for us at digital. And none of those four are actually our top customer. So further emphasizing the diversity of that demand.

我想你已經看到了這一點，在過去的五個季度中，我們在其中最大的四個季度中簽約量強勁，最大的租約都是由不同的客戶簽署的。因此，四種不同的超大規模企業，在數位領域對我們來說是領導者。但這四個人其實都不是我們的頂級客戶。因此進一步強調了需求的多元性。

But Chris, why don't you all speak a little bit to some of the deep simplifications as well.

但克里斯，你們為什麼不也談談一些深層的簡化問題呢？

I appreciate the question, Matt. Yes, so no one hardware or software advancements are going to win. So no single model, no single vintage of GPU it's an amalgamation of multiple capabilities coming together in the market. And I think that's what was represented with DeepSeek. It was a pretty substantial step in efficiencies associated with models coming to market.

我很感謝你提出這個問題，馬特。是的，所以沒有任何一種硬體或軟體的進步能夠獲勝。因此，沒有單一的型號，沒有單一的 GPU 版本，而是市場上多種功能的整合。我認為這就是 DeepSeek 所代表的意義。這是模型上市效率相當重要的一步。

But you're going to see more of these. And I think what's interesting is the capabilities and ecosystems are driving a new utilization unlocking performance across the overall landscape of infrastructure represented in the market today.

但你會看到更多這樣的情況。我認為有趣的是，能力和生態系統正在推動當今市場所代表的基礎設施整體格局的新利用率釋放性能。

I think it's important to really emphasize that we're always focused on enabling inference because the second part of your question is around the monetization of AI. And so inference is where that monetization will happen and also associated with private AI deployments coming into the facility as well.

我認為真正需要強調的是，我們始終專注於實現推理，因為您的問題的第二部分是關於人工智慧的貨幣化。因此，推論就是貨幣化發生的地方，也與進入該設施的私人人工智慧部署有關。

So we're always focused on how can we support the interconnectivity and that broader ecosystem of capabilities coming to market. And that's really what's represented in our portfolio and some of the pipeline that we referenced in the prepared remarks.

因此，我們始終專注於如何支援互聯互通以及更廣泛的市場功能生態系統。這確實就是我們的投資組合和我們在準備好的評論中提到的一些管道所代表的內容。

Alex Waters, Bank of America.

美國銀行的亞歷克斯沃特斯。

Perfect. Thanks so much for taking the question. Maybe just to start off. Andy, you noted in your prepared remarks, you had the largest lease and the greater than 1 megawatt could you help us frame just the size of that? And then what portion of that greater than 1 megawatt was AI related. Thanks.

完美的。非常感謝您回答這個問題。也許只是開始。安迪，您在準備好的演講中提到，您擁有最大的租約，並且超過 1 兆瓦，您能幫助我們確定這個規模嗎？那麼，超過 1 兆瓦的部分與人工智慧有關嗎？謝謝。

So Alex, without going into the nitty gritty of individual customer contracts, let me frame it this. So we did about $400 million total signings, 100% and our share was that $240 million plus. So you can get back into portions flowing into builds or operational capacity that we are delivering and managing on behalf of private capital partners. AI overall was about just over two-thirds, I would say, of our signings. So the new high watermark in terms of contributions.

因此，亞歷克斯，無需深入探討個人客戶合約的細節，讓我這樣表達。因此，我們的簽約總額約為 4 億美元，其中 100% 是我們佔的份額，即 2.4 億美元以上。因此，您可以重新獲得我們代表私人資本合作夥伴交付和管理的建設或營運能力的部分。我想說，AI 總體上占我們簽約人數的三分之二多一點。因此，就貢獻而言，這是新的高水位。

Again, as you look, all of those signings again were into our traditional core markets that we've been serving for some time. So certainly, customers pushing their AI needs into the major markets that also have cloud availability zones.

再說一遍，正如你所看到的，所有這些簽約都進入了我們已經服務了一段時間的傳統核心市場。因此，客戶肯定會將他們的人工智慧需求推向同樣擁有雲端可用區的主要市場。

If you look at the composition of AI wins, I would say more hyperscale driven than enterprise this quarter, in particular, but if you look at the pipeline we have on the enterprise AI use cases, I would say we've seen a step up in size and quality of pipeline, the deal sizes when that obviously not major deals, but they're growing in size as well as power density. So I think that fits well with where our portfolio could help see these customers scale their infrastructure.

如果你看一下人工智慧勝利的構成，我會說本季超大規模驅動的程度比企業驅動的程度更高，但如果你看一下我們在企業人工智慧用例上的管道，我會說我們已經看到渠道規模和品質的提升，交易規模顯然不是重大交易，但它們的規模和功率密度都在增長。因此我認為這與我們的投資組合能夠幫助這些客戶擴展其基礎設施非常契合。

Michael Elias, TD Cowen.

邁克爾·埃利亞斯（Michael Elias），TD Cowen。

Great. Thanks for taking the question and congratulations on the leasing quarter and kudos to you, Greg, for getting the fundraise. Just a blast from the past here, going back to the Teraco and the Ascenty acquisitions that you did, can you just give us a reminder in terms of Teraco, if there is an option for the remaining stake and what the thought is there? And then also just an update on Ascenty and if there's anything that's likely to happen there.

偉大的。感謝您回答這個問題，並祝賀租賃季度取得佳績，同時向您致敬，格雷格，感謝您籌集到資金。這裡只是回顧一下過去，回到您對 Teraco 和 Ascenty 的收購，您能否就 Teraco 的情況提醒我們一下，是否有剩餘股份的選擇權以及您的想法是什麼？然後也只是關於 Ascenty 的更新，看看那裡是否有可能發生什麼事情。

Greg, do you want to hit both those?

格雷格，你想打這兩個嗎？

Yes, sure. Thanks, Michael. I appreciate the kind words. Look, first, in the order of the question, let's go to Teraco. In Teraco there is in 2026, there's a put-call mechanism that may or may not take place.

是的，當然。謝謝，麥可。我很感激這些善意的話語。首先，按照問題的順序，我們來談談 Teraco。Teraco 在 2026 年有一個看跌期權-看漲期權機制，該機制可能會發生，也可能不會發生。

And then that goes on -- originally, it's a put period for two years. And then if that's not exercised, there's a call period after that. So that's a midway through '26. It may be a quarter or so off, but that's roughly the time period there.

然後就這樣繼續下去——最初，這是一個為期兩年的看跌期。如果沒有行使，之後就會有一個贖回期。這就是 26 年的中期。可能相差一刻鐘左右，但大致上就是這個時段。

But look, I think that business continues to perform exceptionally well, and we couldn't be happier with the investment in the management team there. They really do have a dominant position down there in South Africa.

但我認為，業務繼續表現得非常好，我們對那裡的管理團隊的投資感到非常高興。他們在南非確實佔據主導地位。

With respect to Ascenty, again, Ascenty is going well. Partnership with Brookfield is great. Chris Torto and his team continue to execute. We're happy that market remains strong. They've made a lot of progress on the enterprise front down there. Historically, that was a more of a hyperscale play. But Chris and the team have been working really hard they've adopted Andy strategy here at PlatformDIGITAL, and they're doing a great job down there.

關於 Ascenty，Ascenty 的發展情況同樣良好。與 Brookfield 的合作非常棒。克里斯·托托 (Chris Torto) 和他的團隊繼續執行。我們很高興市場保持強勁。他們在那裡的企業方面取得了巨大進展。從歷史上看，這更像是一場超大規模的遊戲。但克里斯和他的團隊一直非常努力，他們在 PlatformDIGITAL 採用了安迪的策略，並且他們在那裡做得很好。

So look, I would say -- and just as with Teraco, we're very pleased with the team, with the assets and the performance. So -- and that -- there's no rights for exit or anything like that. So hopefully, that answers your questions.

所以，我想說——就像 Teraco 一樣，我們對團隊、資產和表現非常滿意。所以 — — 沒有退出的權利或類似的東西。希望這能回答你的問題。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Good afternoon. Thanks for taking my question. I was wondering if you can make a couple of comments. One on the backlog comment you made. I guess you talked about record backlog in enterprise is the hyperscale backlog also at a record? Or has there been any diminution there?

午安.感謝您回答我的問題。我想知道您是否可以發表一些評論。一條是關於您提出的積壓評論。我想您談到的是企業中的創紀錄積壓，超大規模積壓也創下了紀錄嗎？或那裡有任何減少嗎？

And then can you maybe just talk about the current environment and whether any or any activity you're seeing in the current quarter would prevent you from sustaining strong leasing quarters in Q2 and Q3? Thank you.

然後，您能否談談當前的環境，以及您在本季看到的任何活動是否會阻止您在第二季和第三季維持強勁的租賃業績？謝謝。

Thanks, Jim. So -- and just, I think, pipeline, just -- and I will touch on backlog because I think it's important and Matt can amplify that. So pipeline, we did call out record in the enterprise side. I'm not sure if we're at a necessarily a record on the other piece of the equation, but I'll tell you the speed of where the deals have been moving in that category are -- have been exceptionally fast. Including, I think, our largest signing last quarter may have been done in record pacing for -- especially for a large deal.

謝謝，吉姆。所以 — — 我認為只是管道，只是 — — 我會談及積壓，因為我認為這很重要，馬特可以進一步闡述這一點。因此，我們在企業方面確實有管道呼叫記錄。我不確定我們是否一定在等式的另一部分創下了紀錄，但我會告訴你，該類別交易的進展速度非常快。我認為，包括我們上個季度最大的簽約，可能已經以創紀錄的速度完成——尤其是對於一筆大交易而言。

And as I mentioned at the -- in response to the first question, we are actively engaging with customers who are requesting new quotes for those large capacity blocks. You did a -- you did mention backlog, which we probably could touch on as well. I mean we do have a record backlog of signed but not commenced contracts. $1.3 billion in total, our shares just over $900 million. Those are at attractive rates and returns, long-term contracts, attractive escalators, call it either CPI or north of 4% or higher.

正如我在回答第一個問題時提到的那樣，我們正在積極與那些要求獲得這些大容量區塊新報價的客戶接洽。您確實提到了積壓，我們或許也可以談談。我的意思是，我們確實有創紀錄的已簽署但尚未開始的合約積壓。總額為 13 億美元，我們的份額略高於 9 億美元。這些都是具有吸引力的價格和回報、長期合約、有吸引力的自動扶梯，稱之為 CPI 或 4% 或更高。

And we just had to call it -- if you look at the 2026 component, that stepped up about 40% in just the last quarter, which is really is going to help contribute to our algorithm of accelerating our bottom line and generating better long-term sustainable growth per share.

我們必須說——如果你看一下 2026 年的部分，你會發現僅在上個季度，這一數字就增長了約 40%，這確實有助於我們加速盈利並產生更好的長期可持續每股增長的演算法。

Frank Louthan, Raymond James.

法蘭克洛森、雷蒙詹姆斯。

Hey, guys. This is Rob on for Frank. Thank you for taking my question. So you might have touched on this a tad earlier, but -- what would have to change on your end in order to see re-leasing spread dig in? And do you potentially see pricing weakening in any of your markets?

嘿，大家好。這是 Rob 代替 Frank 上場。感謝您回答我的問題。所以您可能早些時候就提到過這一點，但是——為了看到重新租賃利差縮小，您需要做出哪些改變？您是否有可能看到任何市場的價格疲軟？

The -- so let's -- maybe to -- Rob, break that down into the two components. In the 0 to 1 megawatt side, we had it close to 4% cash mark-to-markets on the new steel signing side, the new signing component in a call it, second highest quarter in the company's history off the back of a record quarter back to back.

那麼，讓我們把這個分解成兩個部分。在 0 到 1 兆瓦方面，我們在新鋼鐵簽約方面獲得了接近 4% 的現金按市價計價，新簽約部分創下了公司歷史上第二高的季度業績，這得益於連續兩個季度的創紀錄表現。

We have positive price action in almost every single one of our markets across the board in that 0 to 1 category. So I don't see any lack of momentum continuing there. And on the larger deal side, we also had positive price movement. You can see that by the overall rates we were able to achieve in that category.

在 0 到 1 類別中，我們幾乎每個市場都呈現正面的價格趨勢。因此，我認為那裡不會缺乏任何持續發展的動力。從較大的交易方面來看，我們也看到了正面的價格趨勢。您可以從我們在該類別中實現的總體比率中看到這一點。

And that -- the latter that be it more hyperscale somewhat comes back to supply-demand dynamics. And when you look at where we've concentrated our bets to support those hyperscale customers, we really focused on places like I said previously, that has robust and diverse hyperscale demand where customers need to put those workloads and grow.

而後者，無論規模大小，都多少回歸到了供需動態。當您查看我們集中精力支持超大規模客戶的地方時，我們真正關注的是像我之前所說的那樣，具有強勁和多樣化超大規模需求的地方，客戶需要將這些工作負載放在這些地方並實現成長。

Where they have ability to land large capacity blocks and have future prove growth. And where supply constraints do not seem to be really being relieved to a great extent rapidly. Which all those ingredients together in the places where we're supporting hyperscalers seems to keep pricing from on our behalf.

他們有能力獲得大容量區塊，並且具有未來成長的潛力。而且供應限制似乎並沒有真正迅速而大幅的緩解。在我們支持超大規模企業的地方，所有這些因素似乎都阻礙了我們的定價。

David Guarino, Green Street.

大衛‧瓜裡諾 (David Guarino)，《綠街》。

Thanks. This one probably go to Greg. Given the volatility in interest rates and equity markets we've seen over the past few weeks, have you seen any change in cap rates for stabilized turnkey data centers? And then if you could just comment too. I think you said $1.5 billion of stabilized assets would go to the new fund. What was the cap rate on those? That will be helpful for modeling.

謝謝。這一張可能歸格雷格所有。鑑於過去幾週我們看到的利率和股票市場的波動，您是否看到穩定的交鑰匙資料中心的資本化率有任何變化？然後如果你能評論一下的話。我想您說過 15 億美元的穩定資產將流向新基金。這些的資本化率是多少？這將有助於建模。

Sure. Thanks, Dave. I hope you're well. Well, look, the two points are related. But look, the answer is -- and look, you've seen this and I've seen this over time, cap rates are impacted not just by interest rates but also by growth rates, right?

當然。謝謝，戴夫。我希望你一切都好。嗯，看，這兩點是相關的。但是，答案是——而且，您已經看到了這一點，而且我也看到了這一點，資本化率不僅受利率的影響，還受增長率的影響，對嗎？

So I think when you look at the data center space today, clearly, cap rates have gone up. But I would also say there's been more than the offset in terms of commensurate growth, if you will. So the answer is we have not seen a change in cap rates that's meaningful.

因此我認為，當你今天看看資料中心空間時，顯然資本化率已經上升了。但如果你願意的話，我還想說，就相應的成長而言，已經超過了抵銷部分。所以答案是我們沒有看到資本化率有有意義的變化。

In fact, you see that across the board actually in the different transactions we're seeing in the market, they've remained consistent. Again, rates are higher. But I think people are underwriting greater growth now. So that's the offset. With respect to the cap rate on the -- it's a little north of $1.5 billion of the assets that went into the fund. That was a high 5s cap rate, give or take.

事實上，您會發現，在我們在市場上看到的不同交易中，它們總體上保持一致。利率再次上升。但我認為人們現在正在確保更大的成長。這就是偏移量。就資本化率而言——進入該基金的資產略高於 15 億美元。不管怎樣，這是一個高達 5 秒的資本化率。

Irvin Liu, Evercore ISI.

艾文·劉（Irvin Liu），Evercore ISI。

Hi. Thank you for the question. So I had another one related to pricing for new leases. I think positive trends are mostly broad-based but especially pronounced in the Americas, greater than 1 megawatt segment at $2.57 per kilowatt. So can you just talk about the drivers of pricing strength on some of your new leases, whether there were any one-offs or which markets where these leases were in? So any details on this would be helpful. Thanks.

你好。謝謝你的提問。所以我還有另一個與新租賃定價相關的問題。我認為積極的趨勢大多是廣泛的，但在美洲尤為明顯，超過 1 兆瓦的部分為每千瓦 2.57 美元。那麼，您能否談談一些新租約定價優勢的驅動因素，是否有一次性租約，或者這些租約位於哪些市場？因此有關這方面的任何詳細資訊都會有所幫助。謝謝。

The success recently has been very US focused because you've seen call a compounding of demand from traditional enterprise IT, digital transformation, cloud computing demand, AI training, and the budding of AI inference from hyperscalers. And that's been a heavily US-focused phenomenon to date.

最近的成功主要集中在美國，因為你已經看到傳統企業 IT 需求、數位轉型、雲端運算需求、人工智慧培訓以及超大規模人工智慧推理的萌芽等因素的複合成長。到目前為止，這一直是以美國為重點的現象。

We have, in the last several quarters, captured that in a few markets, including Northern Virginia, Dallas, Chicago and this last quarter was particularly Northern Virginia led. I do think this phenomenon is -- will continue to globalize just like cloud computing globalized on the back of data sovereignty over time.

在過去的幾個季度中，我們已經在幾個市場中捕捉到了這一趨勢，包括北維吉尼亞、達拉斯、芝加哥，而上個季度尤其以北維吉尼亞州為主導。我確實認為這種現象將繼續全球化，就像雲端運算隨著時間的推移在數據主權的支持下實現全球化一樣。

And you're seeing that for numerous countries looking to really invest and grow AI and data center infrastructure. So I think that we are well positioned when that globalization phenomenon starts to bud, but it's what I just described as really driving the situation of pricing in the US in particular.

您會發現許多國家都在尋求真正投資和發展人工智慧和資料中心基礎設施。因此，我認為，當全球化現象開始萌芽時，我們處於有利地位，但這正是我剛才所描述的真正推動美國定價狀況的因素。

Eric Lubchow, Wells Fargo.

艾瑞克‧盧布喬，富國銀行。

Great. I appreciate you taking the question. Andy, I think you mentioned that your enterprise funnel was at record levels, if I heard you. So I wanted to dig into the enterprise segment in the less than 1 megawatt. And I suppose there's some of the larger footprint as well. Obviously, there's been a little concern just in the past few weeks with all the tariff and macro noise, there could be some delayed decision-making at the enterprise level. So I just wanted to confirm you're not really seeing that at this point.

偉大的。感謝您回答這個問題。安迪，如果我沒聽錯的話，我想你有提到你的企業漏斗處於創紀錄的水平。所以我想深入研究低於 1 兆瓦的企業領域。我想也有一些更大的足跡。顯然，過去幾週由於關稅和宏觀噪音，人們有些擔心，企業層面的決策可能會有所延遲。所以我只是想確認你現在並沒有真正看到這一點。

And I think you've talked about growing your less than 1 megawatt bookings this year versus last. Just wanted to make sure that's still on track. Thanks.

我認為您已經談到了今年與去年相比 1 兆瓦以下的訂單量有所增長。只是想確保一切仍在正軌上。謝謝。

Thanks, Eric. I'm going to turn it to Colin, but the one thing I just wanted to highlight, I can't recall if we've mentioned this, it's phenomenal. It's great to be out of the gate strong in that category, in particular. On the backs of two really strong third and fourth quarters to put up a number in the first quarter in the 0.1 megawatt interconnection, but let's call it is 10% above the pacing we did last year, and last year was a great year overall. But I'll let Colin in a little bit to provide some color on what the results we saw in the pipeline ahead.

謝謝，埃里克。我要把它交給科林，但我想強調的一件事是，我不記得我們是否提到過這一點，這太驚人了。尤其是在這一類別中一開始就表現強勁，這真是太棒了。在第三季和第四季表現強勁的帶動下，第一季的 0.1 兆瓦互聯互通量有所提高，可以說比去年的增速高出 10%，總體而言，去年是偉大的一年。但我會讓科林稍微介紹一下我們在未來管道中看到的結果。

Thanks, Eric. Yeah, as Andy highlighted previously, the demand profile continues to be robust and diverse across the regions. In our segments, global large enterprise and commercial, as Andy quickly just highlighted, just a quick reminder on Q1. Second highest booking quarters to date. That's a third straight quarter, 0 to 1 megawatt performance, strong contribution, large enterprise, in particular, that's 53% of the overall bookings.

謝謝，埃里克。是的，正如安迪之前所強調的那樣，各地區的需求狀況依然強勁且多樣化。在我們的細分市場中，全球大型企業和商業，正如安迪剛才所強調的那樣，只是對第一季的一個快速提醒。迄今為止第二高的預訂季度。這是連續第三個季度，0 到 1 兆瓦的表現，貢獻強勁，特別是大型企業，佔整體預訂量的 53%。

We saw 16 industry subsegments book over $1 million and a strong interconnection performance, which speaks really the value of our platform. As it relates to the future pipeline, we have the largest 0 to 1 megawatt pipeline on record.

我們看到 16 個行業細分領域的帳面價值超過 100 萬美元，並且互聯互通性能強勁，這真正說明了我們平台的價值。就未來管道而言，我們擁有有史以來最大的 0 到 1 兆瓦管道。

Regarding the overall opportunity creation within the global accounts, we continue to see multiple use cases emerge across network and compute enterprise at 55% of the overall opportunity and the trend is very much hybrid. On the commercial side, as we define it as $1 billion and below, there's record new logo pipeline performance. So that's all underscored with a really strong partner contribution, which is about 33% of the overall pipeline. Key use cases and characteristics, hybrid cloud continues to emerge.

關於全球帳戶中的整體機會創造，我們繼續看到網路和運算企業中出現了多種用例，佔整體機會的 55%，而且趨勢非常混合。在商業方面，我們將其定義為 10 億美元及以下，新標誌管道的表現創下了紀錄。因此，這一切都突顯了合作夥伴的強大貢獻，約佔整體通路的 33%。關鍵用例和特徵，混合雲不斷湧現。

Data localization, which is really driving distributed architecture is becoming prime and we're seeing early stages of artificial intelligence as part of the overall pipeline. So as it relates to the 0 to 1 megawatt pipeline, we're continuing to see demand really across all our markets.

資料本地化真正推動了分散式架構的發展，並且我們正在將人工智慧的早期階段視為整體流程的一部分。因此，就 0 到 1 兆瓦的管道而言，我們繼續看到所有市場的需求。

Vikram Malhotra, Mizuho.

維克拉姆‧馬洛特拉 (Vikram Malhotra)，瑞穗。

Thanks for taking the question. Just maybe breaking up your thoughts between hyperscale and more cloud or enterprise demand. Can you talk about the visibility you have in both segments from the perspective of historically, perhaps cloud is maybe a little bit more economically sensitive versus maybe on enterprise, it's obviously very specific.

感謝您回答這個問題。也許只是打破了您對超大規模和更多雲端或企業需求之間的想法。您能否從歷史角度談談您對這兩個領域的了解，也許雲端運算對經濟的敏感度比對企業更高一些，這顯然非常具體。

So I'm wondering just in light of your comments last quarter where you talked about delayed decision-making. How do you see both those segments in today's environment? And just if you still believe this year is likely a record year.

因此，我很好奇您上個季度關於延遲決策的評論。在當今環境下，您如何看待這兩個部分？如果你仍然相信今年很可能是創紀錄的一年。

Thanks, Vikram. So maybe parse through that here. So at a high level, going back to the last piece, you're saying, we had a landmark 2024, $1 billion of signings. And within that great composition, both the 0 to 1 and also greater than megawatt great, I think, 600-ish new customers to the fold, great verticals, segmentation, imports and exports. So all in all, great and to be out of the gates now, almost pacing where we were -- in the first quarter is a great start.

謝謝，維克拉姆。所以也許可以在這裡解析一下。因此，從高層次來看，回到上一點，您說我們在 2024 年取得了具有里程碑意義的成就，簽約金額達到 10 億美元。在這個偉大的組合中，我認為，無論是 0 到 1 兆瓦還是大於兆瓦，都有 600 個左右的新客戶，偉大的垂直行業、細分行業、進出口行業。總而言之，現在我們開始行動了，速度幾乎與第一季的速度相同，這是一個很好的開始。

Now we've got several innings left in this game for this year, but I'm quite pleased where we are out of the gates. Maybe I'll let Colin talk to a little bit more about the enterprise versus the hyperscale cloud in terms of buying cycles and any potential thoughts related to the macro environment implications.

今年的這場比賽還剩下幾局，但我對我們的開局感到非常滿意。也許我會讓柯林多談談企業與超大規模雲端在購買週期的比較，以及與宏觀環境影響相關的任何潛在想法。

Sure. Yes. Thanks for the question. As Andy mentioned, hyperscale demand continues to really cement around large contiguous capacity blocks. So we're having active conversations frankly, in our core markets where we have available capacity.

當然。是的。謝謝你的提問。正如安迪所提到的，超大規模需求繼續真正鞏固在大型連續容量塊周圍。因此，坦白說，我們正在我們擁有可用容量的核心市場進行積極的對話。

On the enterprise side, the buying cycle typically is a little bit shorter, although we haven't really seen any real changes, frankly, quarter-over-quarter in terms of time line to make decisions and execute, that's been pretty solid as it relates to enterprise and cloud compute.

在企業方面，購買週期通常會短一些，儘管我們還沒有真正看到任何真正的變化，但坦白說，就決策和執行的時間線而言，與上一季度相比，這在企業和雲端運算方面相當穩固。

Michael Rollins, Citi.

花旗銀行的麥可‧羅林斯。

Good afternoon. Curious if you could discuss the opportunity to try to compress the time frame to bring new development online, especially where there may be energy constraints. And within that context, if you're able to shorten this time frame based on the conversations that you're having with the hyperscalers, do you think that would yield more sales steer or based on the time frames that they're on you're working on a path that's complementary to your current prospects.

午安.我很好奇您是否可以討論嘗試壓縮時間框架以實現新開發的機會，特別是在可能存在能源限制的情況下。在此背景下，如果您能夠根據與超大規模企業的對話縮短這個時間範圍，您認為這會帶來更多的銷售引導嗎？或者根據他們所處的時間範圍，您正在努力走一條與您當前前景互補的道路。

Thanks, Michael. So the compressing time lines is, I think, remains a key attribute to increasing your win probabilities and better outcomes. There's no question about that. And we have been doing that and we continue to do that on multiple fronts. And it obviously, it's a multi-legged stool to do that.

謝謝，麥可。因此，我認為壓縮時間線仍然是增加獲勝機率和獲得更好結果的關鍵因素。毫無疑問。我們一直在這樣做，並將繼續在多個方面這樣做。顯然，要做到這一點，就需要多條腿的凳子。

Having the balance sheet that we've got today with, call it, $5 billion liquidity, the commitments in hand for our first fund to fund that growth.

我們今天的資產負債表上有 50 億美元的流動資金，這是我們第一支基金的承諾，用於資助這項成長。

RP is a key attribute required and allows us to move more expeditiously to seize upon opportunities. Having the supply chains set up and folks on site constructing in a continuous fashion is a key element as well. And having now our development pipeline, call it, $9.5 billion to date, very highly pre-leased, call it, almost 65% overall with the lion's share of the unleased play in the prime markets of like Northern Virginia, that allows us to call it work more nimbly as well.

RP 是必需的關鍵屬性，它使我們能夠更迅速地抓住機會。建立供應鏈並讓現場人員持續施工也是關鍵因素。目前，我們的開發案已投入 95 億美元，預租率非常高，整體而言接近 65%，其中大部分未出租項目位於北維吉尼亞州等主要市場，這讓我們能夠更加靈活地開展工作。

And then lastly, these one of the key attributes that Greg touched on a little bit in a prior question is the land that's been recently acquired, that has been competitively advantaged land that has opportunity to serve customers in the nearest windows.

最後，格雷格在先前的問題中稍微提到的一個關鍵屬性是最近獲得的土地，這是具有競爭優勢的土地，有機會在最近的窗口為客戶提供服務。

So things that are most attractive. And that is a big kudos to our team finding these opportunities, working with utility partners, working with other partners to seize upon them to essentially help customers in more critical locations like we have been doing and delivering the results you've seen in the last several quarters.

所以這些都是最有魅力的東西。這對我們的團隊來說是一個巨大的榮譽，他們找到了這些機會，與公用事業合作夥伴合作，與其他合作夥伴一起抓住這些機會，從本質上幫助更關鍵地區的客戶，就像我們一直在做的那樣，並在過去幾個季度中取得了您所看到的成果。

Nick Del Deo, MoffettNathanson.

尼克·德爾·迪奧，莫菲特·內森森。

Hey. Thanks for taking my question, guys. You've disclosed working with a leading Neo Cloud customer in a couple of locations. Can you talk about what demand you're seeing from Neo Clouds more broadly and how you're thinking about them from a new business perspective and a credit risk perspective? Thanks.

嘿。謝謝你們回答我的問題。您曾透露在多個地方與領先的 Neo Cloud 客戶合作。您能否更廣泛地談談您對 Neo Clouds 的需求，以及您從新的業務角度和信用風險角度如何看待它們？謝謝。

That's correct. We have been -- we have supported -- we have been expanding our customer base to support the Neo Cloud universe. We are I can tell you, we're obviously being judicious like we are with almost any customers to make sure we're curating our customer base and campuses with diverse demand to preserve and create long-term value for us and the customers. And that has been something that's been consistent with us for some time. We've seen demand from those customers called big and small.

沒錯。我們一直在擴大我們的客戶群以支援 Neo Cloud 世界。我可以告訴你，我們顯然是明智的，就像對待幾乎所有客戶一樣，以確保我們管理具有多樣化需求的客戶群和校園，以維護和創造我們和客戶的長期價值。這是我們一直以來堅持的事。我們已經看到了來自大客戶和小客戶的需求。

And we've -- I said one, our fair share of that without being overexposed certainly, and in some instances, we're in environments in the markets where we're serving customers where we already have other major customers that sometimes beat those Neo Clouds to the punch because they sometimes move faster or they want something that is really critical to them, and we would try to help them, and we try to help all of our customers. So I can't say that the Neo Clouds have climbed the ranks with us and some of our other customers have rapidly climbed.

而且我們已經——我說過，我們當然沒有過度曝光，而是承擔了相當一部分份額。在某些情況下，我們所處的市場環境中，我們服務的客戶已經有其他主要客戶，這些客戶有時會搶先一步，因為他們有時行動更快，或者他們想要對他們來說真正重要的東西，我們會盡力幫助他們，盡力幫助我們所有的客戶。因此，我不能說 Neo Clouds 與我們一起晉升，而且我們的其他一些客戶也迅速晉升。

And then last but not least, some of them, not all but have been tremendously successful to date, and we're waiting for them. We want to expand the hyperscale customer base. We want met all of our customer base and allow numerous technology providers to take advantage of the infrastructure they are providing through their GPUs and so on.

最後但並非最不重要的一點是，其中一些（不是全部）迄今為止都取得了巨大的成功，我們正在等待它們。我們希望擴大超大規模客戶群。我們希望滿足所有客戶群，並允許眾多技術供應商利用他們透過 GPU 等提供的基礎設施。

This concludes the Q&A portion of today's call. I'd now like to turn the call back over to President and CEO, Andy Power, for his closing remarks. Andy, please go ahead.

今天電話會議的問答部分到此結束。現在，我想將電話轉回給總裁兼執行長安迪鮑爾 (Andy Power)，請他致閉幕詞。安迪，請繼續。

Thank you, Gary. Digital Realty led off 2025 with strong results in the first quarter, continuing the momentum we demonstrated in 2024. Demand for data center capacity remains resilient and broad-based given the strong secular growth and proliferation of technology across the globe. Digital Realty continues to work to support our customers' growing requirements as evidenced by the substantial growth in our development pipeline and the successful evolution of our funding model.

謝謝你，加里。Digital Realty 在第一季取得了強勁的業績，開啟了 2025 年，延續了我們在 2024 年展現出的強勁勢頭。鑑於全球強勁的長期成長和技術的普及，對資料中心容量的需求仍具有彈性和廣泛性。Digital Realty 持續致力於滿足客戶日益增長的需求，這從我們開發管道的大幅成長和融資模式的成功演變中可見一斑。

We remain focused on our key strategic priorities and expect success to be realized through the acceleration of bottom line growth in 2025 and increased visibility of better long-term sustainable growth. Scaling our business across the globe is a tremendous effort and I am extremely grateful and appreciative of our incredibly talented and dedicated team. I'm excited about the future and remain focused on seeing the opportunity at hand. Thank you all for joining us today.

我們將繼續專注於我們的關鍵策略重點，並期望透過加速 2025 年的底線成長和提高更好的長期可持續成長的可見性來實現成功。在全球擴展我們的業務是一項巨大的努力，我非常感謝並讚賞我們才華橫溢、敬業的團隊。我對未來充滿期待，並將繼續專注於眼前的機會。感謝大家今天的參與。

The conference has now concluded. Thank you for joining today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。