Digital Realty Trust Inc (DLR) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to the Digital Realty second-quarter 2025 earnings call. Please note this event is being recorded. (Operator Instructions)

下午好，歡迎參加 Digital Realty 2025 年第二季財報電話會議。請注意，此事件正在被記錄。（操作員指示）

I would now like to turn the call over to Jordan Sadler, Digital Realty Senior Vice President of Public and Private Investor Relations. Jordan, please go ahead.

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 second quarter 2025 earnings conference call. Joining me on today's call our 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.

謝謝接線員，歡迎大家參加 Digital Realty 2025 年第二季財報電話會議。參加今天電話會議的還有我們的總裁兼首席執行官安迪·鮑爾 (Andy Power)、首席財務官馬特·梅西爾 (Matt Mercier)、首席投資官格雷格·賴特 (Greg Wright)、首席技術官克里斯·夏普 (Chris Sharp) 和首席營收官科林·麥克萊恩 (Colin Mclean)，他們也將參加電話會議並回答我的提問。

Management will be making forward-looking statements including guidance and underlying assumptions on today's call. Forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially.

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。前瞻性陳述是基於涉及風險和不確定性的預期，可能導致實際結果大不相同。

For further discussion of risks related to our business, see our 10-K and subsequent filings with the SEC. This call will contain certain non-GAAP financial information. Reconciliations to the most directly comparable GAAP measure. Are included in the supplemental package first to the SEC and available on our website.

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。本次電話會議將包含某些非公認會計準則財務資訊。與最直接可比較的 GAAP 指標進行調整。包含在首先提交給美國證券交易委員會的補充包中，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 second quarter results. First, we posted $177 million of new bookings in the quarter at 100% share, including $135 million at Digital Realty share.

在我將電話轉給安迪之前，請容許我介紹我們第二季業績的幾個關鍵要點。首先，本季我們公佈的新訂單量為 1.77 億美元，佔 100%，其中包括 Digital Realty 的 1.35 億美元。

Record performance in the 0 to 1 megawatt plus interconnection product set stole the show in the quarter with $90 million of bookings.

0 至 1 兆瓦以上的互連產品系列創下了歷史新高，訂單額達 9,000 萬美元，成為本季的焦點。

Second, core FFO surged to a record $1.87 per share, outperforming expectations for the quarter and contributing to an increase in our revenue, adjusted EBITDA and core FFO per share guidance for full year 2025.

其次，核心 FFO 飆升至創紀錄的每股 1.87 美元，超出本季度的預期，並推動我們 2025 年全年收入、調整後 EBITDA 和每股核心 FFO 指引的成長。

And third, we continue to extend our runway for better long-term growth with oversubscribed LP Equity Commitments for our first US hyperscale data center fund, additional development site acquisitions in key US markets, and a robust balance sheet that is highlighted by more than $7 billion of liquidity and below target leverage.

第三，我們繼續拓展長期成長的跑道，為我們的第一個美國超大規模資料中心基金提供超額認購的 LP 股權承諾，在美國主要市場進行額外的開發站點收購，並擁有強勁的資產負債表，其特點是超過 70 億美元的流動性和低於目標的槓桿率。

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

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

Thanks, Jordan. Thanks to everyone for joining our call.

謝謝，喬丹。感謝大家參加我們的電話會議。

As enterprise digital transformation, cloud computing, and AI adoption continue to accelerate, Digital Realty's global platform is uniquely positioned to meet the full spectrum of customer needs while delivering differentiated value. With our 20-year track record of execution as a data center operator, 5 gigawatts of development capacity, and more than $15 billion of private capital is supported.

隨著企業數位轉型、雲端運算和人工智慧的採用不斷加速，Digital Realty 的全球平台具有獨特的優勢，可以滿足客戶的各種需求，同時提供差異化的價值。我們作為資料中心營運商擁有 20 年的執行記錄，擁有 5 千兆瓦的開發能力，並獲得超過 150 億美元的私人資本支援。

Digital Realty has the wherewithal to service its growing enterprise and hyperscale customer base for the years to come. Over the past 2.5 years, we have been focused on driving better long-term sustainable growth in core FFO per share.

Digital Realty 擁有充足的資金在未來幾年為其不斷成長的企業和超大規模客戶群提供服務。在過去的兩年半里，我們一直致力於推動每股核心 FFO 實現更好的長期永續成長。

And we are starting to see the [fruits] of our labor. A key pillar of our full spectrum strategy is our 0 to 1 megawatt plus interconnection business, which is anchored by connectivity rich metro campuses. These campuses typically located near where data is created and consumed.

我們開始看到我們勞動的成果。我們的全方位策略的一個關鍵支柱是我們的 0 到 1 兆瓦以上的互連業務，該業務以連接豐富的城域園區為基礎。這些校園通常位於資料創建和使用的地方附近。

Host mission critical deployments that support hybrid multi-cloud IT, vital network infrastructure, industry specific latency sensitive applications and AI inference among other workloads. The common thread across these use cases is connectivity. And we have made it a priority to enhance our interconnection capabilities and services across the platform.

託管支援混合多雲 IT、重要網路基礎架構、行業特定延遲敏感應用程式和 AI 推理等工作負載的關鍵任務部署。這些用例的共同點是連接性。我們已將增強整個平台的互聯互通能力和服務作為優先事項。

Our focus on strengthening the customer value proposition is delivering results. Bookings in our 0 to 1 megawatt plus interconnection products that have seen consistent growth, with momentum accelerating over the past year, even as large AI oriented leases have been in the spotlight.

我們致力於加強客戶價值主張，並且取得了成果。我們的 0 至 1 兆瓦以上的互連產品的預訂量持續增長，並且在過去一年中增長勢頭不斷加快，儘管大型人工智慧租賃一直備受關注。

At the beginning of last year, we set an ambitious goal to double our co-location bookings, and we're well on our way to achieving it. In the second quarter, we signed $177 million of gross leases, including $135 million at share.

去年年初，我們設定了一個雄心勃勃的目標，要將我們的主機託管預訂量翻一番，而且我們正在順利實現這一目標。第二季度，我們簽署了價值 1.77 億美元的總租賃合同，其中包括 1.35 億美元的股票租賃合約。

Digital Realty share of bookings were led by $90 million in our 0 to 1 megawatt plus interconnection category, a record result that is 18% higher than our prior record set only two quarters ago. Over the past four quarters, we have booked over [300] million in this category, up from approximately [200] million in 2023.

Digital Realty 在 0 至 1 兆瓦以上互連類別的訂單份額最高，為 9,000 萬美元，這項創紀錄的成績比我們僅在兩個季度前創下的紀錄高出 18%。在過去的四個季度中，我們在此類別中的預訂量已超過 [3] 億，高於 2023 年的約 [2] 億。

This quarter's success wasn't driven by any single deal or even a dominant metro. Instead, leasing was broad-based with equal contributions from a mayor and the Americas, along with a healthy dose from APAC.

本季的成功並非由任何單一交易或某個主導城市推動。相反，租賃基礎廣泛，市長和美洲的貢獻均等，同時亞太地區的貢獻也相當可觀。

Importantly, we also delivered record in connection bookings in the quarter, as the momentum we've seen in the 0-1 megawatt category is starting to pay off as customers have deployed their gear in our facilities and need to support the underlying workloads with connectivity.

重要的是，我們在本季度還創下了連接預訂量的記錄，因為我們在 0-1 兆瓦類別中看到的勢頭開始顯現，因為客戶已經在我們的設施中部署了他們的設備，並且需要透過連接來支援底層工作負載。

The bottom line output of this success is our core FFO per share growth. We earned a record $1.87 per share this quarter, a robust 13% increase over last year's results, and 6% higher than last quarter. While the rate of acceleration and bottom line growth this quarter is notable and demonstrates the significant momentum we have in our business, our growth will be best measured in years.

這項成功的最終成果是我們每股核心 FFO 的成長。本季我們的每股盈餘達到創紀錄的 1.87 美元，比去年同期強勁成長 13%，比上一季成長 6%。雖然本季的加速率和底線成長率引人注目，並表明我們的業務擁有強勁的發展勢頭，但我們的成長最好以年為單位來衡量。

With our backlog at $826 million, we have strong visibility through the end of 2025 and beyond. Matt will provide details on the financials in a few minutes.

我們的積壓訂單量為 8.26 億美元，因此我們對 2025 年底及以後的前景有很強的預見性。馬特將在幾分鐘內提供有關財務的詳細資訊。

The demand environment for data center capacity remains strong and broad-based, both geographically and by product type. Driven by secular tailwinds in digital transformation, cloud, and AI. Demand for both sub 1 megawatt and large capacity blocks continues unabated.

無論從地域或產品類型來看，資料中心容量的需求環境依然強勁且廣泛。受到數位轉型、雲端運算和人工智慧的長期順風推動。對於 1 兆瓦以下和大容量電池塊的需求持續有增無減。

For sub 1 megawatt capacity, our pipeline is broad and deep across all regions, and as evidenced by a four month book to build this quarter, these deals can typically be deployed much more quickly. We continue to position our large capacity blocks to support the growing needs of our hyper-scale customers as we work to align development deliveries with the availability of power. And this approach has served us well so far.

對於 1 兆瓦以下容量，我們的管道遍布所有地區，並且從本季四個月的訂單量可以看出，這些交易通常可以更快地部署。我們將繼續定位我們的大容量區塊，以支援我們的超大規模客戶日益增長的需求，同時努力使開發交付與電力供應保持一致。到目前為止，這種方法效果很好。

In North America, near-term capacity blocks continue to be the most in demand, and we've had great success in placing our near-term development. So most of the discussions that we are having are focused on late 2026 and early 2027 deliveries.

在北美，近期容量區塊的需求仍然最旺盛，我們在近期開發方面取得了巨大成功。因此，我們的大部分討論都集中在 2026 年末和 2027 年初的交付。

In the demand from AI deployments is growing, but is still well behind the US. Consistent with historical trends, the larger capacity blocks in this region tend to be smaller than those in the US. In APAC, hyperscale demand is expanding particularly in Tokyo and Singapore.

對人工智慧部署的需求正在成長，但仍遠遠落後於美國。與歷史趨勢一致，該地區較大容量區塊的規模往往比美國的規模要小。在亞太地區，超大規模需求正在擴大，尤其是在東京和新加坡。

Similar to (inaudible), AI deployments are growing in APAC, but like the US. Another sign of the strong demand environment is the tremendous success that we have enjoyed in launching our US hyperscale data centerer fund.

與（聽不清楚）類似，亞太地區的人工智慧部署正在成長，但與美國一樣。強勁需求環境的另一個標誌是我們在推出美國超大規模資料中心基金時取得了巨大的成功。

The latest evolution of our strategic objective to bolster and diversify our capital sources. Since our last earnings report, we've continued to receive commitments to the fund from a broad array of global institutions, including sovereign wealth funds, pension funds, insurance companies, endowments, and other institutional investors.

我們策略目標的最新進展是加強和多樣化我們的資本來源。自從我們發布上一份收益報告以來，我們繼續從眾多全球機構獲得對該基金的承諾，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。

We have received more than $3 billion of LP equity commitments to date and are a target for our final closing well ahead of our target rate and our original schedule.

迄今為止，我們已收到超過 30 億美元的 LP 股權承諾，我們的目標是提前完成最終交易，遠遠超出我們的目標利率和原定計劃。

We are truly humbled that so many of the world's leading investors chose to invest their long-term capital in Digital Realty's inaugural fund. The early success of our US hyperscale fund improves our strategic position by enabling us to continue to meet the growing and diverse needs of our hyperscale customers without overtaxing our balance sheet.

我們非常榮幸有如此多的世界頂級投資者選擇將其長期資本投資於 Digital Realty 的首支基金。我們美國超大規模基金的早期成功提高了我們的戰略地位，使我們能夠繼續滿足超大規模客戶日益增長和多樣化的需求，而不會對我們的資產負債表造成過重負擔。

While execution across our co-location and interconnection category will serve as the primary lever for growth in 2025 and 2026, we expect our substantial hydrocele capacity to bolster our backlog and to extend our runway for core FFO growth into 2027 and beyond.

雖然我們在共置和互連類別中的執行情況將成為 2025 年和 2026 年增長的主要槓桿，但我們預計我們大量的鞘膜積液產能將增強我們的積壓訂單，並將我們的核心 FFO 增長跑道延長至 2027 年及以後。

In today's competitive business environment, enterprises need the ability to scale quickly and securely across regions, and that's exactly what PlatformDIGITAL enables. Many of our customers start with a single deployment but rapidly expand across our global footprint to interconnect with clouds, partners, and data at the edge.

在當今競爭激烈的商業環境中，企業需要跨地區快速、安全地擴展的能力，而這正是 PlatformDIGITAL 所能實現的。我們的許多客戶都是從單一部署開始，但迅速擴展到我們的全球業務範圍，以實現與雲端、合作夥伴和邊緣資料的互連。

This seamless scalability is not only sold in real customer challenge challenges, it's also enhancing our value proposition, evidenced by more customers, lower churn, deeper wallet share and growing recurring revenue streams. This strategic advantage continues to set Digital Realty apart, driving the addition of 139 new logos in the second corner.

這種無縫的可擴展性不僅體現在真正的客戶挑戰中，而且還增強了我們的價值主張，這體現在更多的客戶、更低的客戶流失率、更深的錢包份額和不斷增長的經常性收入流。這一戰略優勢繼續使 Digital Realty 脫穎而出，推動第二個角落增加了 139 個新標誌。

Now, as we announced this morning, we're providing enterprises with additional state of the art services through our partnership with Oracle Solution centers to further optimize these deployments and accelerate their hybrid IT and AI adoption.

現在，正如我們今天早上宣布的那樣，我們正在透過與 Oracle 解決方案中心的合作為企業提供更多最先進的服務，以進一步優化這些部署並加速其混合 IT 和 AI 的採用。

Key customers wins in the corner include. A global financial services company is expanding its presence on PlatformDIGITAL to another metro to solve compliance and data localization challenges. A leading blockchain providers deploying edge nodes in multiple locations on PlatformDIGITAL to support decentralized private and public networks.

角落裡贏得的關鍵客戶包括：一家全球金融服務公司正在將其在 PlatformDIGITAL 上的業務擴展到另一個大都市，以解決合規性和資料本地化挑戰。領先的區塊鏈供應商在 PlatformDIGITAL 上的多個位置部署邊緣節點，以支援分散的私有和公共網路。

The healthcare services company is expanding its presence on PlatformDIGITAL to solve its data resiliency and locational challenges.

該醫療服務公司正在擴大其在 PlatformDIGITAL 上的業務，以解決其資料彈性和位置挑戰。

An autonomous vehicle developer is expended to two more metros on PlatformDIGITAL to take advantage of the available cloud and network ecosystems. A global cloud provider is expanding its presence on PlatformDIGITAL by creating a new edge availability zone to support their growing customer base.

自動駕駛汽車開發商被擴展到 PlatformDIGITAL 上的另外兩個大都市，以利用可用的雲端和網路生態系統。一家全球雲端供應商正在透過創建新的邊緣可用區來擴大其在 PlatformDIGITAL 上的影響力，以支援其不斷增長的客戶群。

And having grown up a Star Wars fan, I am particularly delighted to share that Lucasfilms is expanding their presence on PlatformDIGITAL, taking advantage of high performance compute and AI capabilities to solve video rendering, transfer, and editing challenges.

身為一個從小長大的星際大戰粉絲，我特別高興地告訴大家，盧卡斯影業正在擴大其在 PlatformDIGITAL 上的影響力，利用高效能運算和人工智慧功能來解決影片渲染、傳輸和編輯難題。

Before turning it over to Matt, I'd like to briefly highlight on our progress on global sustainability.

在交給馬特之前，我想先簡單介紹一下我們在全球永續發展方面的進展。

In the second quarter, we maintain strong execution against our sustainability goals, and we're once again recognized by time and Statista as one of the world's most sustainable companies of 2025, a reflection of our continued leadership in the space.

在第二季度，我們繼續強力執行永續發展目標，並再次被《時代》和Statista評為2025年全球最具永續發展能力的公司之一，這反映了我們在該領域的持續領導地位。

In late June, we published our 2024 impact report, which showcases digital ongoing commitment to clean energy, resource conservation, and other sustainable business practices.

6 月下旬，我們發布了 2024 年影響報告，展示了數位對清潔能源、資源保護和其他永續商業實踐的持續承諾。

Among the highlights in the report, we further expanded our renewable energy supplies with 185 data centers now matched with 100% renewable energy, while 75% of our global electricity needs were met with renewable energy in 2024, a 9% increase from the prior year.

報告中的亮點包括，我們進一步擴大了再生能源供應，目前 185 個資料中心已配備 100% 再生能源，到 2024 年，我們全球 75% 的電力需求將透過再生能源得到滿足，比前一年增長 9%。

We achieved a 14% year-over-year reduction in water usage intensity in our North American co-location portfolio by implementing water-free-based cooling systems and water conservation projects. We expanded our portfolio of certified sustainable data center developments, adding 1.9 million square feet in 2024 and bringing our global total to a cumulative 15 million square feet.

透過實施無水冷卻系統和節水項目，我們在北美共置資料中心組合中的用水強度較去年同期降低了 14%。我們擴大了經過認證的可持續資料中心開發專案組合，到 2024 年將增加 190 萬平方英尺，使我們的全球總面累積計達到 1500 萬平方英尺。

These initiatives reflect our ongoing commitment to minimize Digital Realty's environmental footprint while delivering sustainable growth for all of our stakeholders.

這些措施體現了我們持續致力於最大限度地減少 Digital Realty 對環境的影響，同時為所有利害關係人實現永續成長。

And with that, I now turn the call over to our CFO, Matt Mercier.

現在，我將電話轉給我們的財務長 Matt Mercier。

Thank you, Andy. Digital Realty posted double-digit growth in revenue, adjusted EBITDA and core FFO this quarter, reflecting the momentum that we've built up over the past year.

謝謝你，安迪。Digital Realty 本季的營收、調整後 EBITDA 和核心 FFO 均實現了兩位數成長，反映了我們在過去一年中累積的勢頭。

These results were driven by record lease commencements, low churn, and higher fee income. We achieved these results while substantially increasing our liquidity, maintaining below target leverage, and also preserving a large backlog and development capacity that provides strong visibility in the second half of the year and beyond.

這些結果是由創紀錄的租賃開始、低流失率和更高的費用收入所推動的。我們在取得這些成果的同時，大幅提高了流動性，維持了低於目標的槓桿率，同時保留了大量的積壓訂單和開發能力，為下半年及以後提供了強大的可預見性。

In the second quarter, core FFO jumped by 13% year-over-year to a new quarterly record, while leasing results were highlighted by a notable new record in our 0 to 1 megawatt plus interconnection category.

第二季度，核心 FFO 年成長 13%，創下季度新高，而租賃業績的亮點在於 0 至 1 兆瓦以上互連類別創下了顯著的新高。

Looking ahead, we've increased our guidance for 2025, and we expect to exit the year with significant momentum and a sizable backlog.

展望未來，我們提高了對 2025 年的預期，並預計今年將以強勁的發展勢頭和大量積壓訂單結束。

Digging a bit deeper on leasing, we signed leases representing $177 million of annualized rent in the second quarter, bringing the year-to-date leasing to $575 million at 100% share.

深入研究租賃情況，我們在第二季簽署了相當於 1.77 億美元年租金的租約，使年初至今的租賃額達到 5.75 億美元，佔 100%。

At Digital Realty share, we signed $135 million of new leases in the second quarter. Of this, $90 million fell within our 0 to 1 megawatt plus interconnection product set, which exceeded our prior quarterly record by 18%.

在 Digital Realty 股份方面，我們在第二季簽署了價值 1.35 億美元的新租約。其中，0 至 1 兆瓦以上的互連產品系列投資了 9,000 萬美元，比我們上一季的記錄高出 18%。

Relative to the prior four quarter average, quarterly leasing in this product set was up by 36%. We signed 45 million within the greater than the megawatt category at our share with leasing spread across our regions. Our top five leases in this segment ranged from 2 to 12 megawatts and saw steady to improved pricing.

相對於前四個季度的平均水平，該產品組的季度租賃量增加了 36%。我們簽署了 4500 萬兆瓦以上類別的租賃合同，租賃範圍遍布我們所在的地區。我們在這一領域的五大租賃範圍從 2 兆瓦到 12 兆瓦，價格保持穩定甚至上漲。

Notably, average pricing in this segment was skewed lower than the quarter by the exercise of an expansion option by a large enterprise customer in North America, which was committed to more than three years ago.

值得注意的是，由於北美一家大型企業客戶三年多前承諾行使擴張選擇權，因此該細分市場的平均定價低於本季。

Consistent with our objective of improving Digital Realty's long-term sustainable growth, more than 70% of bookings included fixed rent escalators of at least 4% or were linked to CPI. Our backlog at Digital Realty share totaled $826 million at quarter end as a record $220 million of commencements was only partially offset by our new bookings.

與我們提高 Digital Realty 長期可持續成長的目標一致，超過 70% 的預訂包含至少 4% 的固定租金上調或與 CPI 掛鉤。截至本季末，我們在 Digital Realty 股份的積壓訂單總額為 8.26 億美元，創紀錄的 2.2 億美元開工訂單僅由我們的新訂單部分抵銷。

Looking ahead to the second half of 2025, we expect another $241 million at leases to commence, which are more heavily weighted toward the fourth quarter.

展望 2025 年下半年，我們預計將有另外 2.41 億美元的租賃合約開始生效，其中第四季的租賃合約佔比更大。

For 2026, we currently have $461 million scheduled to commence, while an incremental $124 million is already slated to commence in 2027 and beyond, providing strong visibility for multi-year growth. During the second quarter, we signed $177 million of renewal leases at a blended 7.3% increase on a cash basis, above the high end of our original 4% to 6% full year guidance.

到 2026 年，我們目前計劃開始投入 4.61 億美元，而增量的 1.24 億美元已計劃在 2027 年及以後開始投入，為多年增長提供了強勁的可見性。在第二季度，我們簽署了價值 1.77 億美元的續約租約，以現金計算綜合成長 7.3%，高於我們最初 4% 至 6% 的全年預期的高端。

Renewals in the second quarter were again heavily weighted toward our 0 to 1 megawatt category with $130 million renewals at a 4.2% uplift. Greater than the megawatt renewals of $41 million saw a robust 14% cash releasing spread. For the quarter, total churn continued to decline to just 1% with negligible churning or greater than a megawatt category.

第二季的續約再次主要集中在 0 至 1 兆瓦類別，續約金額為 1.3 億美元，成長 4.2%。超過 4,100 萬美元的兆瓦續約金額實現了 14% 的強勁現金釋放利差。本季度，總流失率持續下降至僅 1%，流失量可忽略不計，且大於兆瓦級。

As for earnings, We reported record quarterly core FFO of $1.87 per share, of 13% year-over-year, reflecting strong upside from hyper scale commencements, better than expected progress on 0-1 megawatt plus interconnection bookings and $0.03 of FX benefit.

至於收益，我們報告季度核心 FFO 創下每股 1.87 美元的紀錄，年增 13%，反映出超大規模開工帶來的強勁上漲空間、0-1 兆瓦以上互連預訂的進展優於預期，以及 0.03 美元的外匯收益。

On a constant currency basis, we reported core FFO per share of $1.84 in the second quarter. During the quarter, we saw an approximately $0.03 benefit in fee income tied to large scale deliveries of data center capacity, which corresponded with our record leasing commencements.

以固定匯率計算，我們報告第二季每股核心 FFO 為 1.84 美元。在本季度，我們看到與資料中心容量大規模交付相關的費用收入收益約為 0.03 美元，這與我們創紀錄的租賃開始時間相符。

While operating expenses picked back up from last quarter's unusually low levels, the uptick was consistent with our growing book of business, and repair and maintenance expenses remain on pace for seasonal ramp in the second half of the year.

雖然營運費用從上一季異常低的水平回升，但這種上漲與我們不斷增長的業務量相一致，並且維修和維護費用在下半年仍保持季節性增長的步伐。

Data center revenue was up by a robust 11% 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.

資料中心收入年增 11%，因為強勁的續約利差、租金上調和新租約開始的結合足以抵消過去 12 個月完成的處置所帶來的拖累。

The increase in adjusted that was even greater at 13% year-over-year, reflecting the growth in data center revenue and higher fee income. Saving capital, cash and growth was also healthy in the second quarter, increasing by 4.4% year-over-year, driven by 5.9% growth in data center revenue.

調整後的增幅甚至更大，比去年同期成長 13%，反映了資料中心收入的成長和費用收入的增加。第二季度，儲蓄資本、現金和成長也表現良好，年增 4.4%，這得益於資料中心收入成長 5.9%。

On a constant currency basis, same capital cash (inaudible) rose 1.8% in the quarter. Results were influenced by bad debt reserve associated with broader macroeconomic and geopolitical factors and a prior year cash rent payment.

以固定匯率計算，本季相同資本現金（聽不清楚）成長了 1.8%。結果受到與更廣泛的宏觀經濟和地緣政治因素相關的壞帳準備金以及前一年現金租金支付的影響。

For the first half of 2025, same-Capital Cash NOI was up 3.4%. Moving on to our investment activity, during the second quarter, we spent over $900 million on development CapEx on a gross basis, which includes our partner share and approximately $700 million on a net basis to Digital Realty.

2025 年上半年，同資本現金 NOI 成長 3.4%。談到我們的投資活動，在第二季度，我們總計花費了超過 9 億美元的開發資本支出，其中包括我們的合作夥伴份額以及支付給 Digital Realty 的約 7 億美元的淨額。

During the quarter, we delivered a record 96 megawatts of new capacity, 98% of which was pre-leased, while 16 megawatts of new data center projects started construction. Leaving 734 megawatts under construction.

本季度，我們交付了創紀錄的 96 兆瓦新容量，其中 98% 是預租的，同時有 16 兆瓦的新資料中心專案開始建造。仍有 734 兆瓦在建。

At quarter end, our gross data center development pipeline stood at $9 billion and at 12.2% expected stabilized yield. Data center shelves under construction increased to 610 megawatts during the quarter, while our land bank grew to 3.7 gigawatts, extending our runway for capacity growth to a record 5 gigawatts.

截至本季末，我們的資料中心開發總規模為 90 億美元，預期穩定收益率為 12.2%。本季度，在建資料中心架增加到 610 兆瓦，而我們的土地儲備成長到 3.7 千兆瓦，將我們的容量成長空間擴大到創紀錄的 5 千兆瓦。

As Andy noted earlier, we are also pleased with the success we've had to our US hyperscale data center fund, which has the potential to support approximately $10 billion of total data center investment from the existing commitments.

正如安迪之前提到的，我們對美國超大規模資料中心基金的成功也感到高興，該基金有可能從現有承諾中支持約 100 億美元的資料中心總投資。

In the second quarter, Digital contributed a 40% share of the five existing operating assets, along with an 80% share of two development sites, resulting in a $900 million of gross proceeds to Digital Realty.

第二季度，Digital Realty 貢獻了五項現有營運資產的 40% 份額，以及兩個開發地點的 80% 份額，為 Digital Realty 帶來了 9 億美元的總收益。

Subsequent to quarter end, we also sold a non-core data center in Atlanta for $65 million. With the fund contribution and the non-core assets so completed, we exceeded the midpoint of our prior disposition guidance for 2025.

季度末之後，我們還以 6500 萬美元的價格出售了位於亞特蘭大的一個非核心資料中心。隨著基金貢獻和非核心資產的完成，我們超過了 2025 年先前處置指導的中點。

Turning to the balance sheet, by evolving our funding model. We are able to extend our reach and better serve the needs of our hyperscale customers without overly taxing our balance sheet. Leverage remains at 5.1 times, well below our long-term target of 5.5 times, while liquidity remained robust at more than 7 billion, excluding the war chests of private capital we have amassed to support hyperscale development.

透過改進我們的融資模式，轉向資產負債表。我們能夠擴大業務範圍，並更好地滿足超大規模客戶的需求，而不會對我們的資產負債表造成過大的負擔。槓桿率仍為 5.1 倍，遠低於我們 5.5 倍的長期目標，而流動性仍然強勁，超過 70 億美元，這還不包括我們為支持超大規模開發而積累的私人資本。

We raised another EUR850 million of bonds at the same 3.875% coupon as we did in January, but slotted this bond into 2034 to maintain our well laddered maturity schedule. We used most of these funds last week to pay off the EUR650 million of maturing 0.625% Eurobonds. So unfortunately, we'll be facing a 325 basis points refinancing headwind beginning in the third quarter. This finishes off our maturing debt for 2025 with our next maturity arriving in January.

我們又發行了 8.5 億歐元的債券，票面利率與 1 月份相同，為 3.875%，但將該筆債券的到期日安排在 2034 年，以保持我們良好的階梯式到期計劃。我們上週使用了大部分資金來償還即將到期的 6.5 億歐元 0.625% 歐洲債券。因此不幸的是，從第三季開始我們將面臨 325 個基點的再融資逆風。這將結束我們 2025 年到期的債務，下一筆債務將於 1 月到期。

Looking further out, our maturities remain well laddered throughout 2035. Moving on to our debt profile, our weighted average debt maturity increased slightly to 4.6 years, and our weighted average interest rate ticked up to 2.7%. Approximately 84% of our debt is non-US dollar denominated, reflecting the growth of our global platform and our FX hedging strategy.

放眼更遠的未來，我們的到期期限將在 2035 年保持良好。談到我們的債務狀況，我們的加權平均債務期限略微增加至 4.6 年，我們的加權平均利率小幅上升至 2.7%。我們的債務中約有 84% 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。

Approximately 94% of our net debt is fixed rate and 96% of our debt is unsecured, providing ample flexibility for capital recycling. I'll now turn to our guidance. We are increasing our core FFO guidance range for the full year 2025 by $0.10 to $7.15 to $7.25 per share to reflect better than expected operating performance and our updated FX assumptions for the full year.

我們的淨債務約有 94% 為固定利率，96% 為無擔保債務，為資本循環提供了充足的彈性。現在我將轉向我們的指導。我們將 2025 年全年核心 FFO 指導範圍上調 0.10 美元至每股 7.15 美元至 7.25 美元，以反映好於預期的營運業績和我們更新的全年外匯假設。

We are also increasing our constant currency core FFO guidance range by $0.05 to $7.10 to $7.20 per share consistent with the better than expected operating performance. The midpoint of our core FFO per share guidance represents approximately 7% year-over-year growth, reflecting the momentum in our underlying business, balanced by increased development spend and a reduction in leverage year-over-year.

我們還將我們的恆定貨幣核心 FFO 指導範圍提高 0.05 美元至每股 7.10 美元至 7.20 美元，以符合好於預期的營運績效。我們每股核心 FFO 指引的中點代表著約 7% 的同比增長，反映了我們基礎業務的發展勢頭，並與開發支出的同比增加和槓桿率的同比下降相平衡。

As a result of the year-to-date outperformance versus our expectations, strong momentum within our 0 to 1 megawatt business. And better than expected fee income along with our updated FX assumptions for the year. We are increasing our revenue and adjusted EBITDA guidance ranges for 2025 by $100 million and $0.75 million respectively.

由於今年迄今的表現超出我們的預期，我們的 0 至 1 兆瓦業務勢頭強勁。費用收入優於預期，我們更新了今年的外匯假設。我們將 2025 年的營收和調整後的 EBITDA 指引範圍分別提高 1 億美元和 75 萬美元。

We are raising our cash and GAAP, releasing spread guidance ranges to 5% to 6% and 7% to 8% respectively to reflect the performance we have seen year-to-date. We are also increasing our G&A assumption by $15 million while maintaining the rest of our operating assumptions for 2025.

我們正在提高現金和 GAAP，發布利差指導範圍分別至 5% 至 6% 和 7% 至 8%，以反映我們今年迄今為止的表現。我們也將 G&A 成本假設提高 1500 萬美元，同時維持 2025 年其餘營運假設。

In some, Digital Realty is extraordinarily well positioned with ample momentum to continue to drive the business into the future. Consistent with how we framed it nearly 18 months ago, our growth has accelerated so far in 2025 and is poised to continue through '26 and beyond.

在某些領域，Digital Realty 擁有極其有利的地位和充足的動力來繼續推動業務邁向未來。與我們近 18 個月前的規劃一致，到 2025 年為止，我們的成長已經加速，並將持續到 2026 年及以後。

Visibility surrounding our growth potential over the next several quarters is supported by a robust backlog of signed but not yet commenced leases. While Upside will stand for better than expected execution within the co-location product segment.

大量已簽署但尚未開始的租約積壓為我們未來幾季的成長潛力提供了保障。而 Upside 則代表著主機託管產品領域的表現優於預期。

Looking further out, we have crafted a comprehensive funding model for a hyperscale business, including the sourcing of Private Capital to support more than $15 billion of additional hyperscale development capacity, which will help to support our customers' sizable and growing data center infrastructure requirements and extend Digital Realty's runway for growth.

放眼更遠，我們為超大規模業務設計了全面的融資模式，包括尋找私人資本來支援超過 150 億美元的額外超大規模開發能力，這將有助於支持我們客戶龐大且不斷增長的資料中心基礎設施需求，並擴展 Digital Realty 的成長空間。

This concludes our prepared remarks, and 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大家的提問。接線生，請您開始問答環節好嗎？

We will now open up the call for questions. (Operator Instructions)

我們現在開始提問。（操作員指示）

Jon Peterson, Jefferies.

喬恩彼得森，傑富瑞。

Oh great, thank you very much. What do you think is driving the inflection in growth in the 0 to 1 megawatt category? Are we seeing growth in that market overall, or is it mostly DLR capturing market share? And if it's market share, can you break down -- maybe break it down for us, two or three things that DLR has changed and it's go to market strategy to capture more market share?

噢，太好了，非常感謝。您認為是什麼推動了 0 至 1 兆瓦類別的成長轉折點？我們是否看到整個市場都在成長，還是主要是 DLR 佔據了市場份額？如果是市場份額，您能否分解一下——也許可以為我們分解一下，DLR 改變了哪兩件事情，以及它採取什麼市場策略來奪取更多的市場份額？

Hey, thanks, John. Maybe I'll tag team this column here, because I think this has been a priority for the company, that we've doubled down on over the last several years.

嘿，謝謝，約翰。也許我會在這裡為這個專欄加標籤，因為我認為這是公司的首要任務，我們在過去幾年也加倍努力。

And now, it took a long way to get here. We had to put the puzzle pieces together in terms of a global footprint, have the highly connected destinations, revamp our go to market, a whole host of activities that led up to this.

現在，我們走了很長的路才到達這裡。我們必須將全球足跡的各個部分拼湊在一起，擁有高度互聯的目的地，改進我們的行銷方式，以及一系列促成這一目標的活動。

And then I'd say it's been a growing market where we've executed and taken some share over the last several quarters, accelerating with records upon records, and then this quarter is certainly a milestone up I think 18% over the prior record and nearly $90 million.

然後我想說，這是一個不斷增長的市場，在過去的幾個季度裡，我們已經取得了一些成績，並佔據了一定的份額，創下了新的紀錄，而這個季度無疑是一個里程碑，我認為比之前的紀錄增長了 18%，接近 9000 萬美元。

I know Colin and his team have continued to not rest on their laurels coming off a strong 2024. I put some incremental changes through the program, so I'll let him speak to some of those more recent activities.

我知道科林和他的團隊在 2024 年取得優異成績後不會滿足於現狀。我對該計劃進行了一些漸進式的改變，所以我會讓他談談一些最近的活動。

Thanks, Andy. John, I appreciate the question and recognizing the progress here. Yeah, we were really pleased with the quarter overall nearly $90 million in bookings across the platform, strong interconnection, which really speaks to the value of the platform, really strong export quarter across the globe and strong number of customers participate in.

謝謝，安迪。約翰，我很感謝你的提問，也認可這裡的進度。是的，我們對本季整個平台近 9,000 萬美元的預訂量感到非常滿意，強大的互聯互通確實體現了平台的價值，全球出口本季非常強勁，參與的客戶數量也很多。

So you asked the kind of why factor of this. I think our platform itself continues to resonate with clients. So the global reach across core markets, enterprises very much value that core market nature of our portfolio. that we offer the full spectrum of offerings, cabinet cage suite building both central as well as up the suburbs, large capacity blocks, which really matter.

所以你問的是這個問題的「為什麼」。我認為我們的平臺本身會繼續引起客戶的共鳴。因此，對於涵蓋核心市場的全球影響力，企業非常重視我們投資組合的核心市場性質。我們提供全方位的產品，包括位於中心和郊區的櫥櫃籠式套房建築、大容量街區，這些都非常重要。

In this space, we had particularly strong participation, 300 to 600 KW and 600 KW above in the enterprise space and really strong interconnection capabilities, both physical and virtual.

在這個領域，我們的參與度特別高，企業領域的功率為 300 至 600 KW，甚至 600 KW 以上，並且擁有非常強大的物理和虛擬互連能力。

Jonathan Atkin, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的喬納森·阿特金 (Jonathan Atkin)。

Thanks. So I wondered if you could talk a little bit about more broadly interconnection bookings, which I think was a record. Anything you can comment (inaudible) including around pricing as well as how second half bookings environment is shaping up? And I got a quick follow-up.

謝謝。所以我想知道您是否可以更廣泛地談論互連預訂，我認為這是一個記錄。您能評論一下（聽不清楚），包括定價以及下半年預訂環境如何？我很快就得到了後續消息。

I'll take the second part of that, John. Thanks for the question, and I'll hand it to Chris to talk about the interconnection bookings in the quarter, which was a record. I'd say, we're continuing the momentum in the second half, especially in that category. So we didn't pull forward or empty our funnel for the back half of the year off to a good start in just a few weeks in (inaudible) and have a broad-based set of demand in that category from contributions across all the regions, just like the 2Q results penciled with, I believe, it's, number one for the Americas region,

我將負責第二部分，約翰。感謝您的提問，我將把問題交給克里斯來談談本季的互連預訂情況，這是一個記錄。我想說，我們將在下半年繼續保持這一勢頭，尤其是在這一類別上。因此，我們並沒有提前或清空下半年的銷售漏斗，而是在短短幾週內取得了良好的開端（聽不清），並且從所有地區的貢獻中獲得了廣泛的需求，就像第二季度的結果一樣，我相信，這是美洲地區的第一名，

Number one for the EMEA region. I think the number two contribution record for landing into APAC and that's in 0 to 1 megawatt and interconnection.

歐洲、中東和非洲地區第一名。我認為進入亞太地區的第二大貢獻記錄是 0 到 1 兆瓦和互連。

Speaking just to the interconnection results, I'll let Chris highlight some of the key points.

僅就互連結果而言，我會讓克里斯強調一些關鍵點。

Yeah. I appreciate it, Jonathan. So I think there's three key factors that underpin the growth, the record growth that you see here today. So I think the sustained 0 to 1 megawatt bookings that we've had past year, those customers are on a journey, right? So they deploy new deployments, then they go to bookings and that bookings comes in as revenue as they start to activate more and more services across the platforms that's the critical one that we keep seeing that build over momentum over time.

是的。我很感激，喬納森。所以我認為有三個關鍵因素支撐著這種成長，也就是今天所看到的創紀錄的成長。所以我認為，我們去年的持續 0 到 1 兆瓦的預訂量，是那些客戶正在進行的旅程，對嗎？因此，他們部署新的部署，然後進行預訂，當他們開始在平台上啟動越來越多的服務時，預訂就變成了收入，這是我們不斷看到的、隨著時間的推移而不斷累積的關鍵服務。

I think the second piece is just the global pricing standardization. So aligning our interconnection value provides clarity and scale to a lot of our customers. And so you see a lot of that starting to mature into the overall portfolio as well around the globe.

我認為第二部分是全球定價標準化。因此，調整我們的互連價值可以為我們的許多客戶提供清晰度和規模。因此，您會看到其中許多開始成熟並融入全球整體投資組合中。

So not just the single market but all the critical environments that we operate in. And I think the third is just the comprehensive interconnection suite. So that's beyond what just Colin talked about is the physical cross-connects, but those virtual services.

因此，不僅是單一市場，還包括我們營運的所有關鍵環境。我認為第三個就是綜合互連套件。因此，這超出了 Colin 剛才談論的實體交叉連接，也包括虛擬服務。

I think that virtual element is starting to mature and grow and in a great way where it's not only for cloud, it's starting to be resonating for AI. But I think one of the other underpinnings that's very unique to Digital Realty is just the overall bulk fiber and being able to execute on our Pathways Product, where it's driven by multi-megawatt customers that are on this journey both digital transformation, cloud and artificial intelligence where they need that bulk capability to interconnect in a very efficient fashion.

我認為虛擬元素正在開始成熟和發展，並且以一種很好的方式，它不僅適用於雲，還開始對人工智慧產生共鳴。但我認為 Digital Realty 的另一個獨特基礎是整體批量光纖以及能夠在我們的 Pathways 產品上執行，該產品由正在進行數位轉型、雲端運算和人工智慧的多兆瓦客戶驅動，他們需要批量能力以非常高效的方式進行互連。

And so why that's unique to us at Digital Realty is just that campus master planning and an integrated infrastructure design. So we look across the entire portfolio of not only space and power, but interconnection as well.

因此，對於 Digital Realty 來說，我們的獨特之處在於園區總體規劃和綜合基礎設施設計。因此，我們不僅關注空間和電力的整個投資組合，還關注互連。

Thanks. And if I could just squeeze one in. The massive project announcement that one reads about continuing by both existing players and new players as well, financial sponsors and so forth, sovereign wealth funds, gigawatt scale, multibillion. Many of these are in remote locations. But what do you see as the impact on sector and overall competitive dynamics?

謝謝。如果我能擠進一個就好了。人們讀到的大型計畫公告顯示，現有參與者和新參與者、金融贊助商等、主權財富基金、千兆瓦規模、數十億美元都在繼續推進。其中許多位於偏遠地區。但是您認為這會對產業和整體競爭動態產生什麼影響？

Thanks, John. I think your second question is a little cut up there, so I'll just rephrase it. So I think you're saying the big announcements of a big (inaudible) big lease signings and gigawatts in various locations. I think it shows a continued commitment to building out infrastructure for artificial intelligence from numerous diverse players in the landscape.

謝謝，約翰。我認為您的第二個問題有點不完整，所以我將重新表達。所以我認為你說的是有關在各個地方簽署大型（聽不清楚）租賃協議和千兆瓦發電量的重大公告。我認為這顯示了眾多不同參與者對建設人工智慧基礎設施的持續承諾。

And our strategy is quite differentiated when it comes to that. We are continued to focus on major markets with robust and diverse demand. So hyperscale customers, service providers, network providers, and enterprise, not single-threaded for one-off customer islands necessarily. Those major markets are locational and latency-sensitive sensitivity for the workloads and the data. They may be elongating and stretching, but there are true supply barriers to these markets.

在這方面，我們的策略是截然不同的。我們將持續關注需求強勁且多樣化的主要市場。因此，超大規模客戶、服務供應商、網路供應商和企業不一定針對一次性客戶島採用單執行緒。這些主要市場對工作負載和資料的位置和延遲敏感。它們可能正在延伸和拉伸，但這些市場確實存在供應障礙。

We time and time hear from other customers that they have preference for these markets because of the fungibility of demand, i.e., you can use it for cloud computing or machine learning. And we're catering to a broad base of these types of customers.

我們一次又一次聽到其他客戶說，他們偏好這些市場是因為需求的可替代性，即你可以將其用於雲端運算或機器學習。我們正在滿足廣大此類客戶的需求。

So -- and I also would say, I think a lot of the headlines you're seeing is still a continuation of a long series of early innings when it comes to AI. And I do that from -- looking from an enterprise adoption and use cases that still have not fully come to fruition yet today, which I think will further compound the workloads coming back to these centers of data gravity that we've focused on for years.

所以——我還想說，我認為您看到的許多頭條新聞仍然是人工智慧領域一系列早期階段的延續。我這樣做是從企業採用和使用案例的角度來看的，這些案例至今仍未完全實現，我認為這將進一步加劇我們多年來一直關注的這些數據重心的工作負載。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬（Eric Luebchow），富國銀行。

Great. Thanks for taking the question. I wanted to get your sense for kind of the large capacity block market in hyperscale in the US. I think you talked about power availability kind of moving to late 2026 or early '27 and just thinking through the timing of the pre-leased windows, if you expect that to kind of snap back in the second half of the year, there to be more opportunities in markets like Virginia, Charlotte, Atlanta or anywhere else where you see opportunities? Thank you.

偉大的。感謝您回答這個問題。我想了解一下您對美國超大規模大容量區塊市場的看法。我認為您談到了電力供應將推遲到 2026 年末或 2027 年初，並且考慮到預租窗口的時間，如果您預計電力供應將在下半年回升，那麼在弗吉尼亞、夏洛特、亞特蘭大或其他您認為有機會的地方，會有更多機會嗎？謝謝。

Thanks, Eric. So maybe I'll kick it off and Colin can touch on what he shared last quarter and the update. What we're seeing now from the hyperscale customer base. So we at total share did $177 million of leasing this quarter, which was our sixth largest quarter in history of the company. The pro rata share is less than that, but that's a strategic pivot in our funding model, building a private capital business around hyperscale means that some of the leases are falling into ventures that we do not own 100%.

謝謝，埃里克。所以也許我會開始討論，科林可以談談他上個季度分享的內容和更新。我們現在從超大規模客戶群中看到的情況。因此，本季我們的租賃總額為 1.77 億美元，這是該公司歷史上第六大季度。按比例分配的份額要少一些，但這是我們融資模式的一個策略支點，圍繞超大規模建立私人資本業務意味著一些租約落入了我們並非 100% 擁有的企業。

But obviously, are operating on behalf of our customers and garner fees and other economics for doing so. We still see a tremendous runway for growth in that category. As you saw in our current results, we now have a total of 5 gigawatts of call it inventory runway from land to [shell] north of 600 megawatts today in addition to what's under construction and highly pre-leased on the development life cycle.

但顯然，我們代表客戶開展業務，並因此收取費用和其他經濟利益。我們仍然看到該類別具有巨大的成長空間。正如您在我們目前的結果中所看到的，除了正在建造中和在開發生命週期中高度預租的項目外，我們現在共有 5 千兆瓦的庫存跑道，從陸地到 [殼牌] 超過 600 兆瓦。

We're very happy with the success of our inaugural fund, essentially oversubscribed that essentially gives us a, call it, in total, $15 billion-plus of Private Capital for hyperscale to fund that journey. When it comes to the nearest term demands of the customers, they obviously sooner is better.

我們對首支基金的成功感到非常高興，該基金基本上獲得了超額認購，這實際上為我們提供了總計超過 150 億美元的超大規模私人資本來資助這一旅程。當談到客戶的近期需求時，顯然越早越好。

And I'll let Colin talk to some of what he's been talking to those hyperscaler customers about.

我會讓科林談談他與超大規模客戶談論的一些內容。

Thanks, Andy. We've highlighted before that demand overall is very strong. That continues to be as strong. Our pipeline is as strong as we have seen. The nature of that is both diverse by customer and global nature, although it's probably more tilted towards North America where we have the larger capacity blocks.

謝謝，安迪。我們之前強調過，整體需求非常強勁。這一勢頭依然強勁。我們的管道如我們所見一樣強大。其性質因客戶和全球性質而異，儘管它可能更傾向於擁有更大容量區塊的北美。

Use cases still very much resonate around AI and cloud. Cloud is still very much at the forefront of how our customers are growing with us overall.

用例仍然在人工智慧和雲端領域引起強烈共鳴。雲端運算仍然是我們的客戶與我們共同成長的最重要推動力。

So Andy had mentioned, we have about 1 gigawatt of capacity coming online over the next several years, in particular, Northern Virginia, our largest market, where we have 350 megawatts coming online in late '26 and '28. There's very active conversations around this. I highlighted that previously in our last call. Those conversations are very much at the forefront of what we are participating in.

安迪提到，未來幾年我們將有大約 1 千兆瓦的發電容量上線，特別是在我們最大的市場北維吉尼亞州，我們將在 26 年末和 28 年將有 350 兆瓦的發電容量上線。圍繞這一問題的討論非常活躍。我在上次通話中強調了這一點。這些對話是我們所參與的最重要的事。

So we're working really closely with our hyperscale partners to ensure we can provide the maximum value for their use cases. We've mentioned previously the bookings are not always linear, but I can tell you that the pipeline and demand profile continues to very much resonate with our hyperscale partners.

因此，我們正在與超大規模合作夥伴密切合作，以確保我們能夠為他們的用例提供最大的價值。我們之前提到過，預訂並不總是線性的，但我可以告訴你，通路和需求狀況繼續與我們的超大規模合作夥伴產生共鳴。

Michael Funk, Bank of America

麥可‧芬克（Michael Funk），美國銀行

Yeah, thank you for the question. Andy, a quick simple question. So why would re-leasing spreads move lower from the current level? I know you just raised the guidance for the year. Why would they be lower in the future?

是的，謝謝你的提問。安迪，一個簡單的問題。那麼，為什麼轉租利差會從目前水準走低呢？我知道您剛剛提高了今年的業績預期。為什麼未來會更低？

Yeah. Thanks, Michael. So part of this -- a big reason for that is as you can see in the first half of the year, we had some outperformance in our other category, which really pushed probably about 100 basis points of that total that we had for the first half of the year in terms of our overall results.

是的。謝謝，麥可。因此，部分原因在於——正如您所見，在上半年，我們在其他類別中的表現優於其他類別，這實際上推動了我們上半年整體業績的約 100 個基點。

And as we -- so that's why if you strip that out, again, we'd be about 100 basis points lower. We're not expecting in the second half for the same amount of that other, call it, usually that [Shell PVB] type space.

正如我們所說——所以如果你把它去掉，我們就會再低 100 個基點。我們並不期望在下半場出現相同數量的其他空間，通常稱之為 [Shell PVB] 類型的空間。

But we are expecting to continue to see continued strength within not only our 0 to 1, where we put up basically 2% plus 4% over the last few quarters plus as you've seen also stronger results and improving the results we've done greater than a megawatt. But the second half and the majority of the year tends to be weighted towards that 0 to 1, so that's why we're still within that range, but we've pushed up the low end of it.

但我們預計不僅在 0 到 1 的範圍內將繼續看到持續的強勁增長，在過去幾個季度中，我們基本上增長了 2% 到 4%，而且正如您所看到的，我們還取得了更強勁的業績，並且改善了我們超過一兆瓦的業績。但下半年和一年中的大部分時間往往傾向於 0 到 1，因此我們仍然處於該範圍內，但我們已經將其低端推高。

Richard Choe, JP Morgan.

摩根大通的理查喬。

Given the increasing amount of demand and opportunities that you're seeing, how long -- or should we expect the CapEx development range to stay in this $3 billion to $3.5 billion going forward?

鑑於您所看到的需求和機會不斷增加，我們應該預期資本支出開發範圍在未來多久內會維持在 30 億至 35 億美元之間？

Yeah. Thanks for the question. So look, I think -- as we've already increased, if you look back to last year, this year, we've increased our CapEx spend 50%, and that's even considering just our share I think you're starting to see that. We're starting to see us ramp into that, a little lighter than the first half, but we're expecting that to pick up in the second half.

是的。謝謝你的提問。所以，我認為——如果你回顧去年、今年，我們已經增加了資本支出 50%，即使只考慮我們的份額，我想你也開始看到這一點了。我們開始看到我們朝著這個方向邁進，雖然比上半年稍微輕鬆一些，但我們預計下半年會回升。

And as we've amassed a war chest, if you will, of funding that's available for us to be able to capture this growing opportunity set, I think there's clearly the potential for us to continue at a gross level of CapEx to expand that going forward.

而且，我們已經累積了足夠的資金，可以讓我們抓住這個不斷增長的機會，我認為我們顯然有潛力繼續以整體資本支出水準來擴大這一機會。

Richard, I think that's important that last part here. We are obviously owning this 5 gigawatts of supply chain conveyor belt from land to shell to deliver suites be it hyperscale or enterprise [Colo] and we've now created the levers to accelerate CapEx to meet demand timely, accelerate those deliveries for our customers as they need it, build more Colo inventory as they need it and have leverage to fund it through our own balance sheet or through our private capital around hyperscale initiatives, ensuring we continue to accelerate that per share bottom line growth.

理查德，我認為最後一部分很重要。我們顯然擁有這條從陸地到外殼的 5 千兆瓦供應鏈傳送帶，以提供超大規模或企業 [Colo] 套件，現在我們已經創建了加速資本支出的槓桿，以便及時滿足需求，在客戶需要時加速交付，在客戶需要時建立更多的 Colo 庫存，並通過我們自己的資產負債表或通過圍繞超大規模計劃的私人資本為其提供資金，確保我們繼續為其提供資金，確保我們繼續為其提供每股資金計劃的私人資本。

Frank Louthan, Raymond James.

法蘭克洛森、雷蒙詹姆斯。

Great, thank you. I wanted to ask about the executive order for permitting data center infrastructure. And can you give us some idea? I know it's early, but at a high level, and how do you expect that to help your bookings? And does that potentially open additional opportunities for you over the next few years with that more streamlined potential permitting environment.

太好了，謝謝。我想詢問有關允許資料中心基礎設施的行政命令。您能給我們一些想法嗎？我知道現在還為時過早，但水平很高，您希望這對您的預訂有何幫助？在未來幾年內，更簡化的潛在授權環境是否會為您帶來更多機會？

Thanks, Frank. So when I look at the -- what just came out in the last 24 hours or so, I get two takeaways. One, they're looking to reduce regulatory barriers for domestic US data center build-outs, that's one; and two, they're promoting the US AI tech stack has the dominant technology around the world.

謝謝，弗蘭克。因此，當我回顧過去 24 小時左右發生的事情時，我得到了兩個啟示。一是他們希望減少美國國內資料中心建設的監管障礙；二是他們正在推動美國人工智慧技術棧在全球佔據主導地位。

Both of which I see is only positive for the industry in this state of demand and in particular, for digital. On the first one, we're talking about streamlining permitting for data centers, expanding and modernizing the power grid, high-security data center for sensitive military, other use cases, helping us in the workforce and pipelines for infrastructure jobs for AI and data centers are included in that.

我認為這兩者都對處於這種需求狀態的行業，特別是數位產業，是有利的。首先，我們正在討論簡化資料中心的許可，擴大和現代化電網，為敏感軍事建設高安全性資料中心，以及其他用例，幫助我們為人工智慧和資料中心的基礎設施工作提供勞動力和管道。

A host of activities that I think will hopefully grease the skids so that we can bring our infrastructure for our customers on in a more seamless, expedited fashion just as our customers need it. And the second one is really trying to enable some of our top customers to export their capabilities, the full stack for American AI technologies to allies and partners worldwide.

我認為一系列活動將有助於我們順利開展工作，以便我們能夠根據客戶的需求，以更無縫、更快捷的方式為客戶提供基礎設施。第二個目標是真正嘗試讓我們的一些頂級客戶能夠向全球的盟友和合作夥伴輸出他們的能力，即美國人工智慧技術的全端。

And we at Digital are supporting customers, 5,000 customers across 50-plus metros on six continents. Now we've talked a lot about the AI part of that demand being very US heavy recently. But I think the second leg of the stool could certainly further accelerate the globalization of these technology trends, and we're ready for it.

我們 Digital 為遍佈六大洲 50 多個大都市的 5,000 名客戶提供支援。最近我們討論了很多有關美國對人工智慧部分的需求。但我認為，凳子的第二條腿肯定可以進一步加速這些科技趨勢的全球化，我們已經準備好了。

Michael Elias, TD Cowen.

邁克爾·埃利亞斯（Michael Elias），TD Cowen。

Great, thanks for taking the question. Two quick ones, if I can. First, regarding Charlotte, I was wondering if you could give us an update there, specifically around availability of power and then also conversations are tracking there? And then second, how would you describe your enterprise pipeline specifically within the plus 20-megawatt category. Thank you.

太好了，謝謝你回答這個問題。如果可以的話，我快速說兩句話。首先，關於夏洛特，我想知道您是否可以提供最新情況，特別是有關電力供應的情況，以及對話的進展？其次，您如何具體描述 20 兆瓦以上類別的企業管道。謝謝。

The enterprise 20-megawatt pipeline, I didn't expect that question. But Greg, why don't you speak to Charlotte and Colin, you want to tag team on the customer lines in addition to the pipeline question.

企業20兆瓦的管道，我沒有想到這個問題。但是格雷格，你為什麼不和夏洛特和科林談談呢，除了管道問題之外，你還想在客戶線上進行標記團隊。

Yeah. Thanks, Michael. Look, I would say Charlotte continues on track as we originally plan from a permitting standpoint, power, building and otherwise. So again, we remain bullish on that market. As you recall, we love the fact that it's an integral part of our Connected Campus strategy having the network dense facility downtown, with now a large facility that will support 400 megawatts within 10 miles of downtown.

是的。謝謝，麥可。聽著，我想說夏洛特將繼續按照我們最初的計劃從許可的角度、電力、建築和其他方面進行。因此，我們仍然看好該市場。正如您所記得的，我們很高興它是我們互聯校園策略的一個組成部分，在市中心擁有網路密集的設施，現在擁有一個可在市中心 10 英里範圍內支援 400 兆瓦的大型設施。

I guess they call it uptown in Charlotte. So I would say everything remains on track there. And I'll let Colin comment on customer demand. But overall, I'd say it's -- we're very bullish still.

我猜他們稱它為夏洛特的住宅區。所以我想說一切都仍在正常進行中。我會讓科林對客戶需求進行評論。但總的來說，我想說的是——我們仍然非常樂觀。

Thanks, Greg. Michael, regarding your question in terms of conversations, again, get back to my point about large contiguous blocks of capacity. Charlotte is very much top of mind for hyperscalers. As Greg highlighted, they like the architectural design, downtown, densely connected building, scaling out to suburb with large amounts of capacity available. So very much interesting conversations in a growing pipeline with our hyperscalers that variety.

謝謝，格雷格。邁克爾，關於你關於對話的問題，請再次回到我關於大塊連續容量的觀點。對於超大規模企業來說，夏洛特是最重要的考量。正如格雷格所強調的，他們喜歡這裡的建築設計，市中心，建築密集，向郊區擴展，擁有大量可用容量。因此，在與我們的超大規模企業不斷增長的管道中進行的對話非常有趣。

Related to the enterprise overall, again, we highlighted quite a bit of success that we've been building over the last couple of years, executing against our strategy. The $90 million bookings is complemented by a keen effort to try to emphasize the value proposition we have with these enterprise clients.

就整個企業而言，我們再次強調了過去幾年來我們在執行策略過程中所取得的許多成功。9000 萬美元的訂單是我們努力強調對這些企業客戶的價值主張的成果。

Related to future orientation, our enterprise pipeline is the largest on record. That contains both the larger footprint variety I highlighted previously. The bands within the enterprise capacity are seemingly creeping up.

就未來導向而言，我們的企業通路是有史以來最大的。其中包含了我之前強調的較大足跡種類。企業容量內的頻段似乎逐漸上升。

We saw really strong success in 300, 600 and 600 and 1 megawatt. The pipeline also reflects that overall. The megawatt plus business within the enterprise space is a bit more sporadic than I would say the hyperscale overall. We continue to see more conversations on the hyperscale band with our keen hyperscale clients versus enterprise.

我們在 300、600、600 和 1 兆瓦方面取得了非常巨大的成功。管道總體上也反映了這一點。我認為，企業領域內的兆瓦級以上業務比整體超大規模業務更零散。與企業相比，我們熱衷於超大規模的客戶就超大規模頻段進行了更多的對話。

Michael Rollins, Citi.

花旗銀行的麥可‧羅林斯。

Thanks, and, good afternoon. Just wanted to go back to some of your comments about the globalization of your footprint. And I'm curious if you could provide some context on why you're seeing the EMEA and APAC regions trailing behind the US on AI adoption. And are there certain catalysts to watch for or just simply timing for demand in those regions to expand and accelerate for AI workloads.

謝謝，下午好。我只是想回顧一下您關於足跡全球化的一些評論。我很好奇，您是否可以提供一些背景信息，說明為什麼歐洲、中東和非洲地區以及亞太地區在人工智慧採用方面落後於美國。是否存在某些需要關注的催化劑，或者只是這些地區對人工智慧工作負載擴大和加速的需求的時機。

Thanks, Mike. So just to clarify, we had a great global quarter this quarter in particular. So exports overall, i.e., customers headquartered in one country, export into another or another region was a new record for us and a very sizable portion of our total 0 to 1 megawatt interconnection signings.

謝謝，麥克。因此需要澄清的是，本季我們的全球業績表現尤其出色。因此，總體出口，即總部位於一個國家的客戶出口到另一個國家或另一個地區，對我們來說是一個新紀錄，並且占我們總 0 到 1 兆瓦互連簽約量的很大一部分。

And I did call out earlier how -- we had a number one EMEA quarter for landings and the number one -- number two APAC quarter for landings. On the larger capacity blocks side, hyperscale and certainly more AI related, I think you've just seen a preponderance of that activity to be very US heavy. And I think a lot of that -- is contributed from the US multinational hyperscale landscape, first turn to their home country or home court for rapidly scaling big projects.

我之前確實提到過，我們在歐洲、中東和非洲地區 (EMEA) 的著陸量排名第一，亞太地區 (APAC) 的著陸量也排名第二。在更大容量塊方面，超大規模和肯定與更多人工智慧相關，我認為您剛剛看到這些活動的大部分都是美國主導的。我認為，這在很大程度上得益於美國跨國超大規模格局，它們首先轉向本國或本土，以快速擴展大型計畫。

And I don't think that means that the AI will not come to outside the US I think there's examples of that happening in APAC and more to come in EMEA. And we know for a fact that these other countries and continents are making this a priority in terms of, call it, making expedited infrastructure for customers to land on their shores.

但我認為這並不代表人工智慧不會進入美國以外，我認為亞太地區已經出現了這樣的例子，歐洲、中東和非洲地區也會出現更多這樣的例子。我們知道，其他國家和大洲都把這當作優先事項，為乘客在其海岸登陸提供快速的基礎設施。

And it kind of (inaudible) with just how cloud rolled out, started with a very US heavy and then went to a more globalized footprint. And maybe this more recent administrative action on AI is another incremental fuel without fire really making more pervasive for the US multinationals to push more of their gear and infrastructure to our campuses abroad.

這與雲端運算的推廣方式有點類似（聽不清楚），一開始主要集中在美國，然後逐漸擴展到全球化。也許最近針對人工智慧的行政措施是另一個無火之火，實際上使得美國跨國公司更普遍地將更多的設備和基礎設施推向我們海外的園區。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO 資本市場。

Thanks. And you talked a little bit about extending the runway for long-term growth. And I'm hoping maybe you can speak to what that growth could look like. This year will be about 7% with some FX benefit. And it seems like next year maybe could accelerate. But how are you thinking about what sustainable growth could look like over a longer-term, multiyear time frame.

謝謝。您稍微談到了延長長期成長的跑道。我希望您能談談這種增長將會是什麼樣子。今年將達到 7% 左右，並有一些外匯收益。看來明年這股趨勢可能會加速。但是您如何看待長期、多年的永續成長會是什麼樣子呢？

Thank you, Aryeh. If you remember not that long ago, we put out the guidance for this year, which I think we gave probably 18 months prior to that guidance and that guidance was called just over the 5% area. And we've articulated that was not the new bogey.

謝謝你，阿里耶。如果您還記得，不久前我們發布了今年的指導意見，我認為我們可能在該指導意見發布前 18 個月就給出了該指導意見，並且該指導意見被稱為略高於 5% 的區域。我們已經明確表示這不是新的威脅。

That was really the new floor, and we knew we could accelerate from that. We're obviously having a great first half of the year in terms of beating our internal expectations and ultimately raising our guidance to now just shy of, call it, 7%, depending if you look above with or without currency adjustments.

這確實是一個新的底線，我們知道我們可以從那裡加速。顯然，我們上半年的表現非常出色，超出了我們的內部預期，並最終將我們的預期提高到略低於 7%（取決於是否考慮貨幣調整）。

I think the way I'd frame it is we're looking to be a consistent compounder in that area, better than that if we can, but at least in that area for as long as possible. and the tools, our toolkit, in addition to the levers and funding that I described are really near term '25, '26 is about how we continue this momentum and execution in the 0 to 1 megawatt in interconnection.

我認為，我想表達的是，我們希望成為該領域的持續複合成長者，如果可以的話，我們會做得更好，但至少要盡可能長時間地在該領域保持下去。除了我所描述的槓桿和資金之外，我們的工具、工具包實際上是近期的 25、26 年，是關於我們如何在 0 到 1 兆瓦的互連中保持這種勢頭和執行力。

The shortest book-to-bills falling into already built capacity flows through the bottom line quickly like interconnection signings. And the longer term, the '27 and beyond is about those hyperscale bookings. The hyperscale bookings are obviously bigger capacity blocks and they're falling into capacity that's not sitting idle today. So those bookings that we do in hyperscale this quarter, next quarter and the quarter after that, are all about call it, the end of '26, '27, '28 and thereafter.

已建成容量內的最短訂單出貨比與互連簽約一樣迅速流經底線。從長遠來看，27 年及以後將迎來超大規模的預訂。超大規模的預訂顯然是更大的容量塊，而且它們正在進入目前並未閒置的容量。因此，我們本季、下個季度以及下個季度在超大規模資料中心進行的預訂都將在 26、27、28 年底及之後進行。

Irvin Liu, Evercore ISI.

艾文·劉（Irvin Liu），Evercore ISI。

Hi, thank you for the question. I wanted to ask about your US hyperscale fund. So once fully funded and developed, what sort of implications will this have on your financial model longer term? So any thoughts on what the contribution from a fee income perspective and core FFO per share growth perspective longer term would be very helpful. Thanks.

你好，謝謝你的提問。我想詢問一下你們的美國超大規模基金。那麼，一旦獲得充分資助並得到開發，這將對您的長期財務模型產生什麼樣的影響？因此，從費用收入角度和核心每股 FFO 成長角度來看，任何關於長期貢獻的想法都將非常有幫助。謝謝。

Greg, why don't you take the first part in terms of how the fund works, and then Matt can talk to FFO contributions.

格雷格，你先講基金如何運作，然後馬特可以談談 FFO 貢獻。

Sure. Thanks for the question, Irvin. I think as we talked about on prior calls, first of all, how -- what is the makeup of the fund and how is it being funded. As you recall, we contributed five stabilized assets in various markets to provide diversification, which was attractive to investors.

當然。謝謝你的提問，Irvin。我認為，正如我們在先前的電話會議上所討論的那樣，首先，基金的組成是怎樣的，以及基金是如何獲得資金的。您還記得，我們在各個市場投入了五種穩定資產以實現多樣化，這對投資者很有吸引力。

In addition to that, now you remember last May, we contributed 40% of those assets to the fund and the other 40% will come in January of '26, which keeps us with our 20%. In terms of the development assets, you may recall, we contributed four parcels of land upfront, which are going to support seven buildings, again, in these -- as Andy mentioned earlier, in these Tier 1 latency-sensitive product agnostic markets, places like Nova, Dallas, Charlotte, Atlanta.

除此之外，您還記得嗎，去年 5 月，我們將 40% 的資產投入了基金，另外 40% 將於 26 年 1 月到賬，這樣我們就保留了 20% 的資產。在開發資產方面，您可能還記得，我們預先貢獻了四塊土地，這些土地將用於支持七棟建築，正如安迪之前提到的，在這些一級延遲敏感的產品中立市場，如諾瓦、達拉斯、夏洛特、亞特蘭大等地。

So that's what's being contributed today. When you look at our total fund today, I would say about roughly 70% or so is earmarked, which leaves us with about 30%, give or take of discretionary capital to go ahead and deploy in developments that haven't already been identified. So that's what the fund is and where it is.

這就是今天的貢獻。當您查看我們今天的總基金時，我會說大約 70％ 左右是指定用途的，這意味著我們大約有 30％ 左右的可自由支配資本可以繼續部署到尚未確定的發展項目中。這就是該基金的本質和位置。

Maybe I'll turn it over to Matt now to discuss your other part of your question.

也許我現在應該把它交給馬特討論你問題的另一部分。

Yeah, thanks.

是的，謝謝。

Yeah. Thanks. So Irvin, I'd say this kind of two -- I'll break it into two trying to be simple buckets, right? So we've got -- as Greg noted, we've got it to $10 billion ultimately to deploy. That's going to go out over next few years as we continue to develop these data centers.

是的。謝謝。所以歐文，我想說這兩種——我會把它分成兩部分，試著成為簡單的桶，對嗎？因此，正如格雷格所說，我們最終將投入 100 億美元進行部署。隨著我們繼續開發這些資料中心，這一目標將在未來幾年內實現。

And we're going to expect to earn similar returns to what we're seeing, call it, today on our balance sheet as we disclosed in our supplemental. And that development is going to ramp over time, and we'll get our, call it, 20% share of that total ramp over the next few years, but it will be relatively minimal at the start, call it, over the next year and then continue to ramp over the next, call it, three to four.

我們期望獲得與我們今天在資產負債表上看到的類似的回報，正如我們在補充報告中所揭露的那樣。這種發展將會隨著時間的推移而加速，在未來幾年裡，我們將獲得總成長量的 20% 份額，但一開始，也就是明年，這個份額會相對較小，然後在接下來的三到四年裡繼續加速。

The other main side of that is fees, right? And the largest portion of the fees is going to come from our asset management fee, which is based on our committed equity and that's on a market rate, and that will come in sooner. So that's going to give us some of that near-term benefit.

另一個主要方面是費用，對嗎？其中最大一部分費用將來自我們的資產管理費，該費用基於我們承諾的股權，並且按照市場利率計算，而且會更快到達。所以這將為我們帶來一些短期利益。

David Guarino, Green Street.

大衛‧瓜裡諾 (David Guarino)，《綠街》。

Thanks, maybe sticking on the hyperscale fund. Can you talk a little bit about the strategic rationale for keeping a majority stake in the operating assets, but a minority stake in the development assets. And I'm curious, Greg, if maybe that's a fundraising trend you think we'll see across the industry with that structure? Or was that maybe just specific to these assets in this deal?

謝謝，也許會堅持超大規模基金。您能否談談保留營運資產多數股權但保留開發資產少數股權的策略原理？格雷格，我很好奇，您認為這種結構的籌款趨勢是否會在整個行業中出現？或者這可能只是針對這筆交易中的這些資產？

Just to clarify, it's the same ownership stake in both the stabilized assets and development assets. So the end landing is a minority 20% in both the operating and the development assets, David, do you want to ask another question, you can go ahead to --

需要澄清的是，穩定資產和開發資產的所有權股份相同。因此，最終的結果是，營運資產和開發資產中只佔 20% 的少數股權，David，你想問另一個問題嗎？你可以繼續問--

(multiple speakers) the presentation. Yeah. So other one, then maybe we'll kind of switch gears. There's been this trend we've seen probably just the last few quarters or maybe the last year or so about utility companies requiring larger upfront commitments. And I'm wondering, how is that impacting your construction cost per megawatt and would you view that as a net positive or a net negative for a company as large as Digital Realty?

（多位發言者）演講。是的。那麼，也許我們會換個話題。大概是在過去幾季或大約去年，我們看到了這種趨勢，即公用事業公司要求更大的前期承諾。我想知道，這對你們每兆瓦的建設成本有何影響？對於像 Digital Realty 這樣大的公司來說，您認為這是淨利好還是淨利壞？

Thanks, David. Listen, I view that as a maturing of the broader industry around data center infrastructure and power. I mean it's on the back of these utility companies, especially those who are not quite used to seeing prevalent data center demand, carrying numerous inbounds from numerous shops.

謝謝，大衛。聽著，我認為這是資料中心基礎設施和電力領域更廣泛的行業的成熟。我的意思是，這是由這些公用事業公司承擔的，特別是那些不太習慣看到普遍的資料中心需求的公司，他們承擔著來自眾多商店的大量入站業務。

And they -- in my opinion, what they needed to do and have now done is raise the bar for entry, i.e., they made real counterparties that own land, have real commitments to building the infrastructure for their customers and that often requires security deposits or counterparties of substance.

在我看來，他們需要做的和現在已經做的是提高進入門檻，也就是說，他們要找到擁有土地的真正交易對手，真正承諾為客戶建設基礎設施，而這通常需要保證金或實質性的交易對手。

And I think that's a net positive to rationalization and stabilization of the industry. And given Digital's track record, I think we show up in front of these utilities as a really good partner. We never were an issue on this. And now we can call it flush out folks that were maybe in the land flipping game and really try to get to folks that are really dedicated for the long haul and scaling data center infrastructure.

我認為這對行業的合理化和穩定是一個積極的方面。鑑於 Digital 的過往業績，我認為我們在這些公用事業公司面前是一位非常好的合作夥伴。我們在這個問題上從來都不是問題。現在，我們可以稱之為清除那些可能參與土地倒賣遊戲的人，並真正嘗試找到那些真正致力於長期和擴展資料中心基礎設施的人。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Good afternoon. Thanks for taking my question. It's good to see the momentum in the 0 to 1 bookings category. If that sustains itself, I'm just wondering given that there's a smaller blocks of space, do you have availability in your existing installations for 2026 such that you could slot in more of that business into 2026 commencements and potentially drive further upside to 2026 financials? Is that a reasonable assumption?

午安.感謝您回答我的問題。很高興看到 0 到 1 預訂類別的發展勢頭。如果這種情況持續下去，我只是想知道，考慮到空間較小，您現有的設施是否還有 2026 年的空置期，以便您可以將更多的業務安排到 2026 年開始運營，並有可能進一步推動 2026 年財務狀況的上升？這是一個合理的假設嗎？

Thanks, Jim. So we had a record last year in that category that was demonstrably higher than the prior year. We're pacing obviously well ahead in the first half of this year and plan to keep that momentum. And when we set our goals for 2026, albeit being July right now, I can tell you the goals will be another stair-step up in that direct direction. And part and parcel with that is making sure you have the inventory runway for growth.

謝謝，吉姆。因此，我們去年在該類別的記錄明顯高於前一年。我們在今年上半年明顯取得了長足進步，並計劃保持這一勢頭。當我們設定 2026 年的目標時，儘管現在是 7 月，但我可以告訴你，這些目標將朝著這個直接方向邁出又一步。其中最重要的一點就是確保你擁有成長所需的庫存。

So yeah, we have some certainly supply-constrained markets along the way, some of our most sought after markets. But we're in 50-plus metropolitan areas around the world and adding new markets like our recent entry into Indonesia.

是的，我們確實有一些供應受限的市場，其中一些是我們最受追捧的市場。但我們的業務已遍佈全球 50 多個大都市，並且正在拓展新的市場，例如我們最近進入了印尼。

And we also have what we've been playing out, and you see a little bit in our same-store pool, the repurposing for higher and best use of our footprint. So when a customer that has a multi-megawatt hall expires, we look at that and say, you know what, maybe we should be positioning that towards our -- towards for our colo. So we're able to call it self-help in terms of making sure we have homes for our customers to grow.

我們也一直在努力，你可以在我們的同店池中看到一些變化，以更高、更好地利用我們的足跡。因此，當一個擁有多兆瓦大廳的客戶到期時，我們會看著它並說，你知道嗎，也許我們應該將其定位到我們的 - 面向我們的託管。因此，我們可以稱之為自助，以確保我們為客戶提供成長的家。

Vikram Mahotra, Mizuho.

瑞穗的維克拉姆‧馬霍特拉 (Vikram Mahotra)。

Thanks for the question. So I just want to dig in more into the 0 to 1 megawatt kind of pace/capacity. Your peers obviously saying they're building Boulder over the next five years or three years building next two years and hoping to lease up. I guess two parts. One, as you're growing the bookings pace, can you just elaborate, are you taking share? Is it a bigger TAM as you see it?

謝謝你的提問。所以我只是想更深入地研究 0 到 1 兆瓦的速度/容量。您的同行顯然表示他們將在未來五年或三年內建造博爾德，在未來兩年內建造並希望租賃出去。我猜是兩個部分。首先，隨著預訂速度的加快，您能否詳細說明一下，您是否在擴大市場佔有率？您認為 TAM 是否更大？

And then maybe if you can give us a sense of like on a three-year basis, do you anticipate CapEx having to just ramp up in order to take advantage of what may be a much bigger TAM ultimately down the road?

那麼，如果您能讓我們了解三年的情況，您是否預計資本支出必須增加才能利用最終可能更大的 TAM？

Thanks. So I don't want to speak to any specific competitor. But listen, I think there's agreement in the market that this is a very large and attractive addressable market we've invested for years to essentially have a global platform with the capabilities to give a really compelling value to our customers.

謝謝。所以我不想談論任何特定的競爭對手。但聽著，我認為市場一致認為這是一個非常龐大且具有吸引力的可尋址市場，我們多年來一直投資於該市場，本質上是一個全球平台，能夠為我們的客戶提供真正引人注目的價值。

And you've seen that from the 5,000 customers we have today growing with us, they're doing repeat business. You see that from the 139 we added just this quarter, you see that in the testimonials of the customers I laid out in our prepared remarks. And I think if you even just looked at the number one and two in that category, you still see a long tail of business from three on down the list that we're certainly taking share from along the way.

你已經看到，我們今天有 5,000 名客戶，他們正在重複購買我們的產品。您可以看到，我們本季新增了 139 位客戶，您可以在我準備好的評論中列出的客戶評論中看到這一點。我認為，如果你只看這個類別中的第一名和第二名，你仍然會看到名單上第三名之後的業務長尾，我們肯定會從中分得一杯羹。

We made the decision to about 10 years ago to fully embrace the full product spectrum, right, coming from the hyperscaler into the Colo and enterprise world. It took a lot of hard work and investment to get to those capabilities. But I think fully engaging across the full customer spectrum pays dividends. It pays dividends when we look for customers that want to grow in the larger footprints with us on our expansive campuses. It pays dividends when we look for customers that want to increase their power densities where we already were serving another larger customer at a higher power density.

大約 10 年前，我們決定全面擁抱整個產品系列，從超大規模進入 Colo 和企業領域。為了獲得這些能力，我們付出了很多努力和投資。但我認為，全面參與整個客戶群會帶來回報。當我們尋找願意與我們在廣闊的園區內一起在更大範圍內成長的客戶時，它會帶來回報。當我們尋找想要提高功率密度的客戶時，它會帶來回報，而我們之前已經為另一個具有更高功率密度的更大客戶提供服務。

So I think the trend has been our friend along with a lot of investment and hard work and focused execution in that category.

因此，我認為這一趨勢一直是我們的朋友，同時我們也在這一類別上投入了大量的資金、付出了艱苦的努力並集中精力執行。

Nick Del Deo, Nathanson.

尼克·德爾迪奧，內森森。

Andy, earlier in the call, you were talking about your strategy of sticking to Tier 1 markets and your expectation that over time, you'll see demand in those markets compound as enterprise AI adoption picks up. So what's your latest thinking?

安迪，在電話會議早些時候，您談到了堅持一級市場的策略，以及您預期隨著時間的推移，隨著企業人工智慧採用率的提高，您會看到這些市場的需求增加。那你最近的想法是什麼？

And what are you hearing from customers regarding when you think that compounding will really start to kick in. And along those lines, what's your sense as to the share of AI (inaudible) use cases that are going to need to be distributed across key metros for latency or other reasons?

您從客戶那裡聽到了什麼關於您認為複利何時會真正開始發揮作用的信息？並且，您認為由於延遲或其他原因，需要在主要大都市分佈的 AI（聽不清楚）用例份額是多少？

Thanks, Nick. So I'm a big believer in what you just outlined or repeated from what I said earlier. But I think the timing is still unknown. I think our success this quarter, last quarter and several quarters when it comes to the enterprise has been seen very modest AI contribution. We're still capitalizing on the trends of outsourcing of data center infrastructure, hybrid multi IT, digital transformation, getting AI-ready is more the pervasive theme.

謝謝，尼克。所以我非常相信你剛才概述或重複我之前所說的內容。但我認為時機仍不清楚。我認為，我們本季、上個季度以及未來幾季在企業方面的成功都體現了人工智慧的貢獻。我們仍在利用資料中心基礎設施外包、混合多 IT、數位轉型等趨勢，為人工智慧做好準備是更普遍的主題。

Yes, we are doing liquid cooling for trading firms, financial services firms, other industries, pharmaceuticals, but it's just the tip of the iceberg of the potential. And I think it really ties back to corporate enterprise. I don't think as has gotten anywhere near the pervasiveness of AI adoption and use cases, especially in a private set. When we look at the data today, it feels like typical (inaudible) enterprise is using a lot more of its AI testing in the cloud service providers than it's doing the private IT infrastructure. But just like the journey on cloud started that way and came back to hybrid, I think you're going to see the same trend.

是的，我們正在為貿易公司、金融服務公司、其他產業、製藥公司提供液體冷卻服務，但這只是潛力的冰山一角。我認為這確實與企業息息相關。我認為人工智慧的採用和使用案例還遠未普及，特別是在私人領域。當我們查看今天的資料時，感覺典型的（聽不清楚）企業在雲端服務供應商中使用 AI 測試比在私有 IT 基礎架構中使用要多得多。但就像雲端之旅以那種方式開始並回歸混合一樣，我認為你會看到同樣的趨勢。

And we are well positioned when that happen. And between now and whenever that happens, we have a lot of business with both our enterprise and our hyperscaler customers to do in the core markets where we offer and support them.

當這種情況發生時，我們就處於有利地位。從現在到這種情況發生時，我們在核心市場上與我們的企業和超大規模客戶有很多業務要做，我們為他們提供並支援。

This concludes the question-and-answer portion of today's call. I would now like to turn the call back over to President and CEO, Mr. Andy Power, for his closing remarks. Please go ahead, sir.

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·鮑爾先生，請他致閉幕詞。先生，請繼續。

Thank you, Chuck. First off, as a Texas headquartered company, we want to acknowledge the devastating flooding in Central Texas earlier this month. Our hearts go out to all those impacted, including the family and friends of our former colleague, Mark Walker.

謝謝你，查克。首先，作為一家總部位於德克薩斯州的公司，我們要承認本月早些時候德克薩斯州中部發生了毀滅性的洪水。我們向所有受影響的人表示慰問，包括我們前同事馬克沃克的家人和朋友。

Mark played a key role in our investments team and was admired for his pursuit of high standards, intelligence, devotion to its family and (inaudible) He left a lasting impact on many of us.

馬克在我們的投資團隊中扮演著關鍵角色，他追求高標準、聰明才智、對家庭的奉獻精神令人欽佩，並且（聽不清楚）他給我們許多人留下了持久的影響。

Wrapping it up, Digital Realty delivered another strong quarter building on the momentum from earlier this year. We saw record performance in our 0 to 1 megawatt plus interconnection business, underscoring the strength of our global full spectrum platform and the demand for data center infrastructure.

總而言之，Digital Realty 延續了今年早些時候的良好勢頭，在本季再次取得了強勁的業績。我們的 0 至 1 兆瓦以上互連業務取得了創紀錄的業績，凸顯了我們全球全頻譜平台的實力和對資料中心基礎設施的需求。

Our core FFO per share results were at record levels, and our backlog remains strong and well supported by a deep and diverse pipeline that reflects the global demand for data center capacity. We've made meaningful progress in evolving our funding model to support this growth while staying focused on our strategic priorities.

我們的核心每股 FFO 結果達到了創紀錄的水平，我們的積壓訂單依然強勁，並得到了反映全球對資料中心容量的需求的深度和多樣化管道的良好支持。我們在改進融資模式以支持這一成長方面取得了有意義的進展，同時我們仍然專注於我們的策略重點。

These efforts are translating into accelerating bottom line growth and enhancing our visibility into long-term sustainable performance. Scaling our business globally is a team effort, and I am incredibly proud of our talented and dedicated colleagues who continue to execute at an exceptionally high level. I'm excited by the opportunities that lie ahead, yet we remain focused on delivering for our customers, partners and shareholders. Thank you all for joining us today.

這些努力正在轉化為加速底線成長並提高我們對長期可持續業績的可見度。在全球範圍內擴展我們的業務需要團隊的努力，我為我們才華橫溢、敬業奉獻的同事感到無比自豪，他們繼續以極高的水平執行任務。我對未來的機會感到興奮，但我們仍然專注於為我們的客戶、合作夥伴和股東提供服務。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。