Digital Realty Trust Inc (DLR) 2025 Q3 法說會逐字稿

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

下午好，歡迎參加 Digital Realty 2025 年第三季財報電話會議。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's 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 Third 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.

謝謝接線員，歡迎大家參加 Digital Realty 2025 年第三季財報電話會議。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。

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

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，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。

This call will contain certain 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.

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 third quarter results. First, we posted $1.89 in core FFO per share, a quarterly record and 13% higher than the third quarter of last year. Constant currency core FFO per share was $1.85, 11% higher than last year. Other profitability metrics surged as well with AFFO per share and adjusted EBITDA up 16% and 14% year-over-year, respectively. These strong earnings results were comfortably ahead of expectations, resulting in our third quarterly guidance increased so far this year.

在我將電話轉給安迪之前，請容許我介紹我們第三季業績的幾個關鍵要點。首先，我們公佈的每股核心 FFO 為 1.89 美元，創下季度新高，比去年第三季高出 13%。以固定匯率計算，每股核心 FFO 為 1.85 美元，比去年高出 11%。其他獲利指標也大幅上漲，每股 AFFO 和調整後 EBITDA 分別較去年同期成長 16% 和 14%。這些強勁的獲利結果遠超預期，導致我們今年迄今的第三季業績指引有所上調。

Second, we have strong visibility to continued growth given our near-record backlog and crisp execution. Our backlog grew to $852 million, with the lion's share slated to commence through the end of next year, while organic growth continues to accelerate as demonstrated by 8% same capital cash NOI growth year-over-year.

其次，鑑於我們接近創紀錄的積壓訂單量和出色的執行力，我們對持續成長有著強烈的預見性。我們的積壓訂單成長至 8.52 億美元，其中大部分預計將於明年年底開始，而有機成長持續加速，同資本現金 NOI 較去年同期成長 8% 就是明證。

Third, we continue to execute across the full product spectrum and our footprint with over $200 million of bookings at 100% share, near record 0-1 megawatt plus interconnection bookings in the quarter with a leading power bank of 5 gigawatts of IT load to support our customers and Digital Realty's future growth.

第三，我們繼續在整個產品系列和業務範圍內執行，訂單額超過 2 億美元，佔比 100%，本季互連訂單接近創紀錄的 0-1 兆瓦以上，並擁有領先的 5 千兆瓦 IT 負載行動電源，以支持我們的客戶和 Digital Realty 的未來成長。

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. As digital transformation, cloud and AI continue to grow, our ability to deliver scalable connected infrastructure across key metros worldwide is more critical than ever.

謝謝喬丹，也謝謝大家參加我們的電話會議。隨著數位轉型、雲端運算和人工智慧的不斷發展，我們在全球主要大都市提供可擴展互聯基礎設施的能力比以往任何時候都更加重要。

PlatformDIGITAL's global reach and full spectrum product offering are key differentiators, enabling us to support the evolving needs of cloud providers, enterprises and service partners around the world.

PlatformDIGITAL 的全球影響力和全方位產品供應是關鍵的差異化因素，使我們能夠支援全球雲端供應商、企業和服務合作夥伴不斷變化的需求。

Over the past two years, the data center industry has experienced unprecedented demand fueled by the digitization of enterprise business processes, the expansion of cloud and the ongoing proliferation of AI, resulting in complex hybrid IT architectures.

在過去的兩年中，資料中心產業經歷了前所未有的需求，這得益於企業業務流程的數位化、雲端的擴展以及人工智慧的持續普及，從而產生了複雜的混合 IT 架構。

Demand for scalable connected infrastructure remains robust across a wide range of customer segments from global cloud platforms to regional service providers and multinational enterprises. Meeting this demand within our markets, however, is becoming increasingly challenging. Power availability, permitting challenges and infrastructure constraints are making it harder to bring new supply online at the pace our customers require.

從全球雲端平台到區域服務供應商和跨國企業，廣泛的客戶群對可擴展互聯基礎架構的需求仍然強勁。然而，滿足我們市場中的這種需求變得越來越具有挑戰性。電力供應、許可挑戰和基礎設施限制使得按照客戶要求的速度提供新供應變得更加困難。

Digital Realty's established presence in the world's leading metros, deep relationships with utilities and local governments and proven development track record give us a distinct advantage in navigating these challenges and delivering capacity efficiently and reliably where and when our customers need it.

Digital Realty 在全球主要大都市的穩固地位、與公用事業公司和地方政府的深厚關係以及經過驗證的開發記錄，使我們在應對這些挑戰以及在客戶需要的時間和地點高效可靠地提供容量方面具有獨特的優勢。

In an attempt to help frame how we see the abundance of data center infrastructure announcements we are all seeing in the market, I want to make a few comments. It is clear that the world is engaged in a full-scale technology race with a handful of key players aiming to build the most advanced AI models or perhaps even AGI.

為了幫助我們理解市場上大量資料中心基礎設施公告的發布情況，我想發表一些評論。顯然，世界正在進行一場全面的技術競賽，少數關鍵參與者的目標是建立最先進的人工智慧模型，甚至是通用人工智慧 (AGI)。

Three years post launch, ChatGPT holds the title of the fastest-growing app and is already among the most highly used applications in the world with more than 800 million weekly users. Several others, including Meta, Google, Baidu and xAI have also developed AI with meaningful scale.

在推出三年後，ChatGPT 成為成長最快的應用程序，並且已成為全球使用率最高的應用程式之一，每週用戶超過 8 億。Meta、Google、百度和 xAI 等其他幾家公司也開發出了具有一定規模的人工智慧。

With each passing week, we continue to see massive investment announcements and partnerships aimed at scaling the infrastructure necessary to support the world's most powerful AI training models.

每週，我們都會看到大量的投資公告和合作夥伴關係，旨在擴大支援世界上最強大的人工智慧訓練模式所需的基礎設施。

Given the scale of these announcements, the ongoing development and proliferation of AI offerings, the opportunity still appears to be in the very early innings. The preponderance of gigawatt campus announcements to date have generally fallen outside of the major metro markets in Digital Realty's strategic footprint as model builders and their providers have urgently sought locations that offer readily available and abundant power as power is the limiting factor for scaling AI.

鑑於這些公告的規模、人工智慧產品的持續發展和普及，機會似乎仍處於早期階段。迄今為止，大多數千兆瓦園區公告通常都位於 Digital Realty 戰略足跡中的主要大都市市場之外，因為模型建構者及其供應商迫切尋找能夠提供隨時可用且充足電力的地點，因為電力是擴展 AI 的限制因素。

The anticipated pace and scale of these developments are largely unprecedented. Given our experience and track record in the space, we are intrigued as several new market entrants have launched the development of massive and complex remote campuses, often to support a single use case, workload or customer. These facilities hold the promise of developing life-changing technologies, and we are optimistic about their prospects.

這些發展的預期速度和規模在很大程度上是前所未有的。鑑於我們在該領域的經驗和業績，我們很感興趣，因為一些新的市場進入者已經開始開發大規模和複雜的遠端校園，通常是為了支援單一用例、工作負載或客戶。這些設施有望開發出改變生活的技術，我們對它們的前景持樂觀態度。

Training workloads geared toward developing the AI models can be described as latency tolerant as the development of the AI takes precedent over the utilization of the technology, at least for now.

開發人工智慧模型的訓練工作負載可以被描述為延遲容忍，因為人工智慧的發展優先於技術的利用，至少目前是如此。

Now based on conversations that we are having with our customers and industry participants, Al as well as what we are seeing in our broad portfolio, we are increasingly confident that connectivity will become increasingly important over time as model success drives implementation and usage requiring lower latency, inference oriented deployments.

現在，根據我們與客戶和行業參與者的對話，以及我們在廣泛的產品組合中看到的情況，我們越來越有信心，隨著時間的推移，連接性將變得越來越重要，因為模型的成功推動了需要更低延遲、面向推理的部署的實施和使用。

Digital Realty has landed a meaningful share of AI-oriented deployments over the last two years. Since mid-2023, AI has averaged more than 50% of our quarterly bookings, and we continue to expect that the 5 gigawatts of IT load that we have in our power bank will be significantly weighted toward AI workloads over the next several years.

過去兩年，Digital Realty 在面向人工智慧的部署領域佔據了相當大的份額。自 2023 年中期以來，人工智慧平均占我們季度訂單的 50% 以上，我們繼續預計，未來幾年，我們行動電源中的 5 千兆瓦 IT 負載將顯著偏向人工智慧工作負載。

Critically, our data center capacity is situated in and around the world's most highly connected cloud zonal markets with the highest concentration of population and GDP, and we currently maintain 5 gigawatts of large continuous capacity blocks situated across 40 of our strategic metros across the globe. It's harder to build in these locations for a growing list of reasons, and we expect this capacity will continue to be highly sought after as new applications and use cases continue to evolve.

至關重要的是，我們的資料中心容量位於世界上連接最緊密、人口和 GDP 最集中的雲端區域市場及其周圍，我們目前在全球 40 個戰略大都市中維護著 5 千兆瓦的大型連續容量區塊。由於越來越多的原因，在這些地方建設變得越來越困難，我們預計，隨著新應用和新用例的不斷發展，這種容量將繼續受到高度追捧。

Our conviction in our portfolio and in our markets continue to be evidenced through our daily engagement with our 5,000-plus customers.

我們對我們的產品組合和市場的信心透過我們與 5,000 多名客戶的日常互動得到證明。

Digital Realty continues to see a robust pipeline of demand from AI-oriented use cases. And even without a record hyperscale lease like the one we signed in March of 2025, 50% of our bookings were related to AI use cases in the third quarter.

Digital Realty 繼續看到來自人工智慧導向用例的強勁需求。即使沒有像我們在 2025 年 3 月簽署的創紀錄的超大規模租約，我們第三季 50% 的預訂也與人工智慧用例相關。

In Q3, we again delivered strong operational and financial performance, underscored by record interconnection bookings, near record new logos and the second highest level of bookings ever in our 0-1 megawatt plus interconnection product set.

在第三季度，我們再次實現了強勁的營運和財務業績，其中包括創紀錄的互連預訂量、接近創紀錄的新標誌以及 0-1 兆瓦以上互連產品系列中第二高的預訂量。

Core FFO per share set a record $1.89 and a robust 13% above last year's third quarter. These strong earnings were driven by 10% operating revenue growth and continued expansion of our high-margin fee income together with disciplined expense management, resulting in the third consecutive guidance increase this year.

每股核心 FFO 創下 1.89 美元的歷史新高，比去年第三季成長 13%。這些強勁的收益是由 10% 的營業收入成長、高利潤費用收入的持續擴大以及嚴格的費用管理所推動的，從而導致今年連續第三次提高指引。

Bookings in the third quarter were $201 million at 100% share or $162 million at Digital Realty share. Like last quarter, our 0-1 megawatt plus interconnection category was a strong contributor to our leasing strength with $85 million in new leases, along with a healthy $76 million of greater than a megawatt lease image.

第三季的預訂額為 2.01 億美元（以 100% 份額計算）或 1.62 億美元（以 Digital Realty 份額計算）。與上一季一樣，我們的 0-1 兆瓦以上互連類別對我們的租賃實力做出了巨大貢獻，新租賃額為 8500 萬美元，同時還有 7600 萬美元以上的兆瓦以上租賃額。

Leasing was globally diversified, broadly consistent with our existing rent roll with notable activity in the Americas, in EMEA and in APAC. We also added a near record 156 new logos.

租賃業務在全球範圍內多樣化，與我們現有的租金收入大致一致，在美洲、歐洲、中東和非洲地區以及亞太地區均有顯著活動。我們還增加了近 156 個新標誌，創下了歷史新高。

Interconnection leasing of $20 million marked a second consecutive record quarter, which was 13% higher than the last quarter's record, underscoring the growing recognition of our connectivity-driven value proposition. Interconnect and leasing was buoyed by strength in our AI-oriented fiber offering, reflecting an increased demand for high volume movement of data amongst customers as well as momentum in our Service Fabric product. Matt will provide more details on our results in a few moments.

2,000 萬美元的互連租賃金額連續第二季創下紀錄，比上一季的紀錄高出 13%，凸顯了我們以互連為導向的價值主張日益受到認可。互連和租賃業務受到我們面向人工智慧的光纖產品優勢的推動，這反映了客戶對大量資料傳輸的需求不斷增長，以及我們的服務結構產品的發展勢頭。馬特稍後將提供有關我們結果的更多詳細資訊。

While there's been significant market focus on large-scale AI deployments, Digital Realty's pull of highly sought after larger contiguous capacity blocks are slated to come online in late 2026, 2027 and beyond. We remain actively engaged with hyperscale customers on our largest future leasing opportunities, and we continue to see strong momentum in our colocation and connectivity product offering.

儘管市場非常關注大規模人工智慧部署，但 Digital Realty 備受追捧的更大連續容量區塊預計將於 2026 年底、2027 年及以後上線。我們將繼續積極與超大規模客戶合作，尋求未來最大的租賃機會，我們將繼續看到主機託管和連接產品供應的強勁勢頭。

Enterprise demand for data center infrastructure continues to grow as organizations transition away from traditional on-prem IT environments toward more flexible cloud connected architectures available within Digital Realty data centers. This shift is driven by the need to improve scalability, reduce costs and enable faster innovation. Enterprises are increasingly deploying workloads in colocation and hybrid environments to gain proximity to cloud platforms, partners and end users while maintaining control over mission-critical applications and data.

隨著企業從傳統的本地 IT 環境轉向 Digital Realty 資料中心內更靈活的雲端連線架構，企業對資料中心基礎架構的需求持續成長。這種轉變是由提高可擴展性、降低成本和實現更快創新的需求所驅動的。企業越來越多地在主機託管和混合環境中部署工作負載，以接近雲端平台、合作夥伴和最終用戶，同時保持對關鍵任務應用程式和資料的控制。

Digital Realty's full-spectrum product offering, combined with our global footprint allows us to support this transition, provide the infrastructure and connectivity enterprises need to modernize their IT strategies accelerate digital transformation and AI implementation.

Digital Realty 的全方位產品組合加上我們的全球影響力使我們能夠支援這一轉變，提供企業實現 IT 策略現代化、加速數位轉型和人工智慧實施所需的基礎設施和連接。

We're seeing these trends play out across our customer base as enterprises increasingly turn to Digital Realty to support the evolving -- their involving infrastructure needs. Whether it's enabling real-time data exchange across global operations, integrating with multiple cloud platforms or deploying AI workloads at the edge, our customers are leveraging platform digital to solve complex challenges and accelerate their digital transformation.

隨著企業越來越多地轉向 Digital Realty 來支援其不斷發展的基礎設施需求，我們看到這些趨勢在我們的客戶群中發揮作用。無論是實現全球營運的即時數據交換、與多個雲端平台集成，還是在邊緣部署人工智慧工作負載，我們的客戶都在利用平台數位化來解決複雜的挑戰並加速他們的數位轉型。

Let me share a few examples that illustrate how our platform is helping enterprises unlock new capabilities and drive meaningful business outcomes.

讓我分享幾個例子來說明我們的平台如何幫助企業釋放新功能並推動有意義的業務成果。

In September, I was honored to join the CEO and CEO of Oxford Quantum Circuits for an important milestone during their recent deployment of New York's first Quantum AI computer in our JFK 10 data center. Oxford Quantum Circus is taking advantage of Platform Digital's colocation and connectivity capabilities to expand their AI capabilities at scale, solving for efficiency and resource constraints. A leading global technology company chose PlatformDIGITAL to deploy their global presence, taking advantage of liquid cooling capabilities required for their HPC AI environments.

9 月，我很榮幸能與牛津量子電路公司的執行長和執行長一起見證他們最近在我們的 JFK 10 資料中心部署紐約第一台量子人工智慧電腦的重要里程碑。牛津量子環島 (Oxford Quantum Circus) 正在利用 Platform Digital 的主機託管和連接能力來大規模擴展其人工智慧能力，解決效率和資源限制問題。一家全球領先的科技公司選擇 PlatformDIGITAL 來部署其全球業務，利用其 HPC AI 環境所需的液體冷卻功能。

A leading health care analytics and technology solutions company is expanding its Geographic presence on PlatformDIGITAL to solve data localization and sovereignty challenges. A leading higher education research institute is taking advantage of PlatformDIGITAL's liquid cooling capabilities required for their HPC and AI deployment. A leading European technology and network provider is expanding on PlatformDIGITAL, deploying a sovereign cloud solution in the US to support their customers' compliance needs. A global payments provider and new logo for Digital Realty chose PlatformDIGITAL to deploy infrastructure in multiple markets to utilize network and cloud ecosystems while solving for scalability and compliance requirements.

一家領先的醫療分析和技術解決方案公司正在擴大其在 PlatformDIGITAL 上的地理影響力，以解決資料在地化和主權挑戰。一家領先的高等教育研究機構正在利用 PlatformDIGITAL 的液體冷卻功能來滿足其 HPC 和 AI 部署的需求。一家領先的歐洲技術和網路供應商正在擴展 PlatformDIGITAL，在美國部署主權雲端解決方案以支援其客戶的合規需求。一家全球支付供應商和 Digital Realty 的新標誌選擇 PlatformDIGITAL 在多個市場部署基礎設施，以利用網路和雲端生態系統，同時解決可擴展性和合規性要求。

And a multinational financial services company is expanding on PlatformDIGITAL, taking advantage of Digital Realty's leading financial and network ecosystems.

一家跨國金融服務公司正在 PlatformDIGITAL 上擴展業務，利用 Digital Realty 領先的金融和網路生態系統。

Before I turn it over to Matt, I'd like to briefly highlight our progress on global sustainability. In the third quarter, we received the EcoVadis Gold rating, the prestigious international recognition for business sustainability. This recognition places us in the 97th percentile of all companies assessed, highlighting our position among the top sustainability performers worldwide.

在將發言權交給馬特之前，我想先簡單介紹一下我們在全球永續發展方面取得的進展。第三季度，我們獲得了 EcoVadis 金牌評級，這是企業永續性領域享有盛譽的國際認可。這項認可使我們在所有受評公司中位列第 97 位，彰顯了我們在全球可持續發展表現最佳的公司中的地位。

We expanded our renewable energy commitment in Illinois by signing additional contracts that support high-impact local community solar projects being developed by Soltage. These locally sourced solar energy projects will help support local power grids and benefit residents in the communities in and around our data centers.

我們簽署了額外的合同，支持 Soltage 正在開發的具有高影響力的當地社區太陽能項目，從而擴大了我們在伊利諾伊州的可再生能源承諾。這些本地太陽能計畫將有助於支持當地電網，並使我們資料中心及其周邊社區的居民受益。

Additionally, in the third quarter, we announced long-term renewable energy agreements with Current Hydro to procure 500 gigawatt hours of clean baseload hydro power from three projects along the Ohio River. These agreements highlight our commitment to sourcing new firm 24/7, carbon-free energy in the regions where we operate, enabling us to support our customers' needs.

此外，在第三季度，我們宣布與 Current Hydro 達成長期可再生能源協議，從俄亥俄河沿岸的三個項目採購 500 吉瓦時的清潔基載水力發電。這些協議凸顯了我們致力於在營運地區全天候採購新的無碳能源的承諾，使我們能夠滿足客戶的需求。

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

現在，我將把電話轉給我們的財務長 Matt Mercier。

Thank you, Andy. For the second consecutive quarter, Digital Realty posted double-digit growth in revenue, adjusted EBITDA and core FFO per share, reflecting the momentum in our business, driven by commencements from our substantial backlog strong releasing spreads, modest churn and growing fee income. We achieved these record results while reducing our leverage and maintaining significant liquidity to invest in data center projects across our 5 gigawatt runway of buildable IT capacity.

謝謝你，安迪。連續第二個季度，Digital Realty 的營收、調整後 EBITDA 和核心每股 FFO 均實現兩位數成長，反映了我們業務的良好勢頭，這得益於我們大量積壓訂單的開始、強勁的釋放利差、適度的客戶流失和不斷增長的費用收入。我們在實現這些創紀錄的業績的同時，也降低了槓桿率，並保持了充足的流動性，用於投資我們 5 千兆瓦可建造 IT 容量的資料中心專案。

In the third quarter, core FFO per share grew by an attractive 13% year-over-year to a new quarterly record while leasing results were highlighted by their geographic and product breadth as well as continued strength in the 0-1 megawatt plus interconnection category.

第三季度，每股核心 FFO 年成長 13%，創下季度新高，而租賃業績則因其地域和產品廣度以及 0-1 兆瓦以上互連類別的持續強勁表現而備受矚目。

Looking ahead to the fourth quarter, we increased guidance for the full year once again and expect to begin 2026 with significant momentum in the sizable backlog which extends our runway for long-term growth.

展望第四季度，我們再次提高了全年業績預期，並預計在 2026 年伊始，大量積壓訂單將帶來強勁成長勢頭，從而延長我們的長期成長空間。

As Andy touched on, we signed leases representing $201 million of annualized rent in the third quarter, bringing year-to-date leasing to $776 million at 100% share. At Digital Realty share, we signed $162 million of new leases in the third quarter, which is well distributed across our three reasons.

正如安迪所提到的，我們在第三季簽署了相當於 2.01 億美元年租金的租約，使年初至今的租賃總額達到 7.76 億美元，佔 100%。在 Digital Realty 股份方面，我們在第三季簽署了價值 1.62 億美元的新租約，這在我們的三個原因中分佈均勻。

Our 0-1 megawatt plus interconnection product set continued to demonstrate the strong momentum we have been highlighting, posting $85 million of new bookings in the quarter, led by record bookings in the Americas and strength in EMEA.

我們的 0-1 兆瓦以上互連產品系列繼續展現出我們一直強調的強勁勢頭，本季新訂單額達 8500 萬美元，其中美洲的創紀錄訂單和歐洲、中東和非洲地區的強勁表現尤為突出。

We also posted record AI bookings in this segment this past quarter, demonstrating the continued emergence of AI-oriented demand among our enterprise customers.

上個季度，我們也在該領域創下了創紀錄的人工智慧訂單量，顯示我們的企業客戶對人工智慧的需求持續成長。

Interconnection bookings also marked a new record, vesting last quarter's record by 13%. Pricing in the 0-1 megawatt plus interconnection category was strong, led by leasing in one of our most highly connected facilities in the US. Over the past four quarters, we've leased a robust $319 million in this product set.

互連預訂量也創下了新紀錄，比上一季的紀錄高出 13%。0-1 兆瓦以上互連類別的定價強勁，主要由我們在美國互連程度最高的設施之一的租賃所帶動。在過去的四個季度中，我們在該產品系列上的租賃收入已達 3.19 億美元。

We signed $76 million within the greater than the megawatt category at our share while leasing spread across our regions but notable strength in EMEA. Pricing in the greater than megawatt product was strong, averaging over $200 per kilowatt in the quarter and reflected activity in our top three performing markets, Silicon Valley, Amsterdam and Singapore.

我們在大於兆瓦類別的領域簽署了價值 7600 萬美元的租賃合同，租賃業務遍布各地區，但在歐洲、中東和非洲地區表現突出。兆瓦以上產品的定價強勁，本季平均每千瓦超過 200 美元，反映了我們表現最好的三大市場——矽谷、阿姆斯特丹和新加坡的活動。

Building on our leasing momentum, our backlog at Digital Realty share increased to $852 million at quarter end, with $137 million of commencements more than offset by our new bookings. Looking ahead to the fourth quarter, we expect another $165 million of leases to commence with another $555 million scheduled to commence throughout 2026. Our large backlog provides us with strong visibility and predictability for the next several quarters.

憑藉租賃勢頭，我們在 Digital Realty 份額的積壓訂單在季度末增加至 8.52 億美元，其中 1.37 億美元的開工訂單被我們的新訂單所抵消。展望第四季度，我們預計將有另外 1.65 億美元的租賃合約開始生效，另有 5.55 億美元的租賃合約計劃於 2026 年生效。我們大量的積壓訂單為我們未來幾季提供了強大的可見度和可預測性。

During the third quarter, we signed $192 million of renewal leases at a blended 8% increase on a cash basis. Renewals in the third quarter were again heavily weighted toward our 0-1 megawatt category with $138 million of renewals at a 4.2% uplift.

第三季度，我們簽署了價值 1.92 億美元的續租合同，以現金計算成長了 8%。第三季的續約再次主要集中在 0-1 兆瓦類別，續約金額為 1.38 億美元，成長 4.2%。

Greater than the megawatt renewals of $49 million saw an exceptional 20% cash re-leasing spread, driven by deals in Singapore, Chicago, Northern Virginia and New Jersey. Year-to-date, cash renewals averaged 7%. For the quarter, total churn remained low at 1.6%.

受新加坡、芝加哥、北維吉尼亞和新澤西交易的推動，超過 4,900 萬美元的兆瓦續約交易實現了 20% 的現金再租賃利差。年初至今，現金續約率平均為 7%。本季度，總客戶流失率仍維持在 1.6% 的低點。

As for earnings, we reported record core FFO of $1.89 per share, up 13% year-over-year, reflecting strong upside from commencements and positive re-leasing spreads continued growth in fee income and an FX benefit versus last year. On a constant currency basis, we reported core FFO per share of $1.85 in the third quarter or 11% growth year-over-year.

至於收益，我們報告的核心 FFO 達到創紀錄的每股 1.89 美元，同比增長 13%，反映了開工帶來的強勁上漲空間和積極的再租賃利差、費用收入的持續增長以及與去年相比的外匯收益。以固定匯率計算，我們報告第三季每股核心 FFO 為 1.85 美元，年增 11%。

Data center revenue was up 9% year-over-year, but adjusted EBITDA was even greater at 14% year-over-year, driven by the growth in data center revenue and higher fee income.

資料中心營收年增 9%，但調整後的 EBITDA 年成長 14%，這得益於資料中心收入的成長和費用收入的增加。

During the quarter, operating expenses continued to increase, reflecting both the growing scale of our business, rising employment costs and seasonal effects. As we head toward the end of the year, we expect to see the typical seasonal increase in repairs and maintenance expenses along with the seasonal decline in utility expenses and related reimbursements.

本季度，營運費用持續增加，反映了我們業務規模的擴大、勞動力成本的上升以及季節性的影響。隨著年底的臨近，我們預計維修和維護費用將出現典型的季節性增長，而公用事業費用和相關報銷費用將出現季節性下降。

Same capital cash NOI growth was strong in the third quarter, increasing by 8% year-over-year, driven by 7.8% growth in data center revenue. On a constant currency basis, same-capital cash NOI rose 5.2% in the quarter. For the nine months, same capital cash NOI grew by 4.5% on a constant-currency basis, which prompted us to notch our full year guidance range up to 4.25% to 4.75%.

第三季同資本現金 NOI 成長強勁，較去年同期成長 8%，這得益於資料中心營收成長 7.8%。以固定匯率計算，本季同資本現金淨營業收入成長 5.2%。在這九個月中，以固定匯率計算，相同資本現金 NOI 成長了 4.5%，這促使我們將全年指引範圍上調至 4.25% 至 4.75%。

Moving on to our investment activity. During the third quarter, we spent over $900 million on development CapEx when including our partner share and approximately $700 million on a net basis to Digital Realty. During the quarter, we delivered about 50 megawatts of new capacity, 85% of which was pre-leased. While we started about 50 megawatts of net new data center projects leaving 730 megawatts under construction.

繼續我們的投資活動。在第三季度，我們在開發資本支出上花費了超過 9 億美元（包括合作夥伴份額）以及約 7 億美元的淨額（Digital Realty）。本季度，我們交付了約 50 兆瓦的新容量，其中 85% 是預租的。我們啟動了約 50 兆瓦的新資料中心項目，但仍有 730 兆瓦的資料中心項目正在建設中。

At quarter end, our gross data center development pipeline stood at $9.7 billion at an 11.6% expected stabilized yield. Our runway for future growth including land, shell and ongoing development stands at roughly 5 gigawatts of sellable IT load. For clarification, IT load difference from the gross utility feed figures being tiered by newer entrants to the data center development world as utility feed must also be used to cool a data center and to provide redundancy.

截至本季末，我們的資料中心開發總規模為 97 億美元，預期穩定收益率為 11.6%。我們未來成長的跑道包括土地、外殼和持續開發，可銷售的 IT 負載約為 5 千兆瓦。需要澄清的是，IT 負載與總公用事業供電資料之間的差異是由資料中心開發領域的新進入者分層計算的，因為公用事業供電也必須用於冷卻資料中心並提供冗餘。

During the third quarter, we pruned a few small noncore facilities in Atlanta, Boston and Miami for a total of $90 million. And earlier in October, sold a noncore facility in Dallas for $33 million. We redeployed $67 million of that capital into land in Chicago and Los Angeles to bolster our development capacity.

第三季度，我們削減了亞特蘭大、波士頓和邁阿密的一些小型非核心設施，總計花費 9,000 萬美元。10月初，該公司以3,300萬美元的價格出售了位於達拉斯的一家非核心設施。我們將其中 6,700 萬美元的資本重新投入到芝加哥和洛杉磯的土地上，以增強我們的開發能力。

Turning to the balance sheet, leverage fell to 4.9 times, well below our long-term target of 5.5 times while balance sheet liquidity remained robust at nearly $7 billion. which excludes the $15 billion of private capital we have arranged to support hyperscale development and investment through our joint ventures and new US hyperscale data center fund.

談到資產負債表，槓桿率降至 4.9 倍，遠低於我們 5.5 倍的長期目標，而資產負債表流動性仍然強勁，接近 70 億美元。這還不包括我們透過合資企業和新的美國超大規模資料中心基金安排的用於支持超大規模開發和投資的 150 億美元私人資本。

Our next debt maturity is EUR 1.1 billion notes at 2.5% in January 2026. Beyond that, we have a smaller CHF 275 million note at 0.2% that matures in the second half of next year. Looking further out, our maturities remain well laddered through 2035.

我們的下一筆債務將於 2026 年 1 月到期，發行利率為 2.5% 的 11 億歐元票據。除此之外，我們還有一張規模較小的 2.75 億瑞士法郎票據，利率為 0.2%，將於明年下半年到期。放眼更遠的未來，我們的到期期限將持續至 2035 年。

Let me conclude with our guidance. We are increasing our core FFO guidance range for the full year 2025 by roughly 2% at the midpoint to a new range of $7.32 to $7.38 per share to reflect better-than-expected operating performance and updated FX assumptions for the full year. We are also increasing the midpoint of our constant currency core FFO guidance range by 2% to $7.25 to $7.30 per share.

最後，讓我總結一下我們的指導。我們將 2025 年全年核心 FFO 指導範圍中位數上調約 2%，達到每股 7.32 美元至 7.38 美元的新範圍，以反映好於預期的全年經營業績和更新的外匯假設。我們也將固定匯率核心 FFO 指引範圍的中點提高 2%，至每股 7.25 美元至 7.30 美元。

Despite our enthusiasm and outperformance in the quarter, we expect fourth quarter core FFO per share to be tempered by seasonally higher repairs and maintenance expenses, headwinds from a noncore asset sale and lower interest income associated with lower rates and cash balances.

儘管我們在本季表現熱情高漲且表現出色，但我們預計第四季度每股核心 FFO 將受到季節性較高的維修和維護費用、非核心資產出售帶來的阻力以及因利率和現金餘額降低而導致的利息收入減少的影響。

The midpoint of our increased core FFO per share guidance represents approximately 10% year-over-year growth, reflecting the momentum in our underlying business and the benefit of the weaker US dollar year-to-date.

我們增加的每股核心 FFO 指引的中點代表著同比增長約 10%，反映了我們基礎業務的勢頭以及年初至今美元走弱的好處。

On a constant currency basis, core FFO per share growth is expected to be over 8% at the midpoint, reflecting a 200-plus basis point improvement from the growth that we forecasted at the beginning of this year.

以固定匯率計算，每股核心 FFO 成長率預計中位數超過 8%，比我們今年年初預測的成長高出 200 多個基點。

Supporting the bottom line improvements in guidance, we are increasing the midpoint of our revenue and adjusted EBITDA guidance ranges for 2025 by $75 million a piece. We are raising the midpoint of our cash and GAAP re-leasing spread guidance ranges to 6% and 8%, respectively, to reflect the continued strength in market fundamentals. We are also increasing our constant currency same-capital cash NOI growth assumption by 50 basis points at the midpoint to 4.5%. Lastly, we are increasing the midpoint of our G&A assumption by $7.5 million for full year 2025.

為了支持指導中的底線改善，我們將 2025 年收入中點和調整後的 EBITDA 指導範圍分別提高 7500 萬美元。我們將現金和 GAAP 再租賃利差指導範圍的中點分別提高至 6% 和 8%，以反映市場基本面的持續強勁。我們也將以固定貨幣計算的同資本現金 NOI 成長假設中位數提高了 50 個基點，達到 4.5%。最後，我們將 2025 年全年的 G&A 假設中位數提高 750 萬美元。

In summary, we are very proud of our third quarter performance and the continued momentum across our platform. The strength of 0-1 megawatt plus interconnection product set, combined with disciplined execution across our 5 gigawatt power bank and a growing backlog positions us well to deliver durable growth through the rest of 2025 and 2026. We remain focused on executing our strategy to deliver the capacity that our customers require and to maintain the financial discipline to drive long-term value for our stakeholders.

總而言之，我們對第三季的業績以及整個平台的持續發展勢頭感到非常自豪。0-1 兆瓦及互連產品組合的優勢，加上我們 5 千兆瓦行動電源的嚴格執行以及不斷增長的積壓訂單，使我們能夠在 2025 年剩餘時間和 2026 年實現持久增長。我們將繼續專注於執行我們的策略，以提供客戶所需的能力，並保持財務紀律，為我們的利害關係人創造長期價值。

This concludes our prepared remarks. And now we would 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，請您開始問答環節好嗎？

(Operator Instructions)

（操作員指示）

Ari Klein, BMO Capital Markets.

Ari Klein，BMO 資本市場。

Thanks and good afternoon. I guess maybe just with the guidance increase on the core growth of 9.5% this year, I realize you're not providing 2026 guidance and there is some FX benefit, but can you just talk to the puts and takes for next year and the ability to stay or even accelerate from current growth levels while balancing development and investment requirements?

謝謝，下午好。我想也許只是今年核心成長率的指導增加 9.5%，我知道您沒有提供 2026 年的指導，並且有一些外匯收益，但您能否談談明年的利弊以及在平衡發展和投資要求的同時保持甚至加速當前增長水平的能力？

Thanks, Sorry. I'll have Matt hit on that.

謝謝，抱歉。我會讓馬特來解決這個問題。

Yes, Aryeh. So look, I think I'd start off with, obviously, we're proud of the results this year and the beat and raise that we put them now for a few quarters, which is resulting in where we are today on a constant currency basis, which is around 8.5% for the year.

是的，阿里耶。所以，我想首先，我們顯然對今年的業績感到自豪，並且我們對幾個季度的業績進行了調整和提升，這使得我們今天的水平（按固定匯率計算）達到了全年 8.5% 左右的水平。

And looking ahead into 2026, we're on the path to start on a strong footing, looking at continuing to target 10% top line growth, that's supported by our healthy backlog that we've got of over $550 million and the robust fundamentals that continue to support our business.

展望 2026 年，我們正走在堅實的起步之路上，繼續致力於實現 10% 的營收成長目標，這得益於我們擁有的超過 5.5 億美元的健康積壓訂單以及繼續支持我們業務的強勁基本面。

I'd say some of the things to note that are you could say or some of the headwinds that we'll see in the first very early in 2026, we do have about $1.5 billion of debt maturing in January that's at roughly 2.5%. We're also planning to contribute the remaining 40% of the $1.5 billion of stabilized assets to our relatively new North America hyperscale fund. And given the expectation for rate cuts into 2026, which you would usually say is going to be a benefit. But for us, we have relatively considerable cash holdings, that's going to result in likely some lower interest income. All that said, we feel like we have been on a great path here in de-risking our 2026 plan and feel good about continuing our growth going forward.

我想說需要注意的一些事情，或者說我們將在 2026 年初看到的一些不利因素，我們確實有大約 15 億美元的債務將於 1 月份到期，利率約為 2.5%。我們還計劃將剩餘的 15 億美元穩定資產的 40% 投入到我們相對較新的北美超大規模基金。考慮到 2026 年利率將會降低的預期，你通常會說這將是一個好處。但對我們來說，我們持有相對大量的現金，這可能會導致利息收入減少。綜上所述，我們感覺我們在降低 2026 年計劃風險方面已經走上了一條良好的道路，並且對未來繼續增長感到樂觀。

Jon Peterson, Jefferies.

喬恩‧彼得森，傑富瑞集團。

Oh great, thank you. I was hoping you could talk a little bit more about what you're seeing from hyperscalers in terms of demand in the major metro markets. I think in your prepared remarks, Andy, you mentioned their focus on gigawatt campuses. But are you starting to see examples of any latency-sensitive hyperscaler AI applications coming to DLR markets that you can speak of?

噢，太好了，謝謝你。我希望您能多談談您對超大規模企業在主要城市市場的需求的看法。安迪，我想在您準備好的發言中，您提到了他們對千兆瓦校園的關注。但是，您是否開始看到任何對延遲敏感的超大規模 AI 應用程式進入 DLR 市場的例子？

Thanks, John. I'll kick this off and then ask Colin to speak to what we're seeing on the customer dialogue with the hyperscalers, so obviously, we're off to a strong start to the year or three or four quarters. This quarter, on a total share, we're at the fourth largest quarter, north of $200 million of signings. I think what's been unique or great about it is in the major markets where we're supporting their growth, be it cloud computing and AI. We've seen tremendous diversity of demand.

謝謝，約翰。我將開始討論這個問題，然後請科林談談我們在客戶與超大規模企業對話中看到的情況，顯然，我們今年或三、四個季度的開局強勁。本季度，以總份額計算，我們處於第四大季度，簽約金額超過 2 億美元。我認為它的獨特之處或偉大之處在於我們支持其成長的主要市場，無論是雲端運算還是人工智慧。我們看到了龐大的需求多樣性。

So I think the last seven quarters, our top signings, single signings was with a different customer. So tremendous diversity of demand. In fact, our two largest signings this quarter were two customers that hadn't signed big deals with us in a while. We're continuing to ready significant capacity blocks that are coming in the most prized locations are more strategic to our customers' locations. And I'll let Colin speak to some of the dialogues he's having on those capacity blocks.

所以我認為過去七個季度中，我們最大的簽約、單一簽約都是與不同的客戶進行的。需求極為多樣化。事實上，我們本季簽約的兩位最大客戶已經有一段時間沒有與我們簽訂大宗交易了。我們正在繼續準備位於最珍貴地點的大量容量區塊，這對我們的客戶來說更具戰略意義。我會讓科林談談他對這些容量塊進行的一些對話。

Thanks, Andy. Yes, John, appreciate the question. Q3 bookings, obviously, diverse in nature across our three regions. And in terms of conversations with our hyperscalers, I'd say it's a robust dialogue that's leading to the largest pipeline and record for us. So our large contiguous footprint continues to have real value.

謝謝，安迪。是的，約翰，我很感謝你的提問。顯然，我們三個地區的第三季預訂情況存在差異。就與我們的超大規模企業的對話而言，我想說這是一次有力的對話，它將為我們帶來最大的管道和記錄。因此，我們龐大的連續足跡仍然具有真正的價值。

So they're seeing interest in dialogue for us across our 5 gigawatts that we have across our markets that we identified previously.

因此，他們對我們之前確定的 5 千兆瓦市場中的對話很感興趣。

So our customers are now starting to look really hard into our '26 and '27 deliveries, which are coming online, in the near term. And so that's really producing, I think, some real interest to continue discussions really across AI, but also cloud continues to be a consistent dialogue that we're having with our clients.

因此，我們的客戶現在開始認真關注我們即將上線的 26 年和 27 年交付的產品。因此，我認為這確實引起了一些真正的興趣，讓我們能夠繼續討論人工智慧領域，而且雲端運算仍然是我們與客戶持續進行的對話。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克。

Yeah, thank you for taking the questions tonight, guys. So Andy, can you address the 2026 expirations and how you're thinking about the capacity to increase the re-leasing spreads on those?

是的，謝謝大家今晚回答問題。那麼安迪，您能談談 2026 年到期的問題嗎？您如何考慮增加這些到期合約的再租賃利差？

Sure. Thanks, Mike. So I think we're continuing to see more of the same what we've seen for now several consecutive quarters. If you kind of cut it into the two main categories, we call discussed the business in, we're continuing to see strong pricing power in the less than a megawatt category. I think our cash mark-to-market were 4.2% or 4.3% in the quarter we think that pricing is going to hold and stay in that territory.

當然。謝謝，麥克。因此我認為我們將繼續看到與連續幾個季度相同的情況。如果你把它分成兩個主要類別，我們稱之為討論業務，我們繼續看到少於一兆瓦的類別具有強大的定價能力。我認為本季我們的現金市價比為 4.2% 或 4.3%，我們認為定價將保持在該範圍內。

And then the bigger stuff you can see, we start to see continued step down, not just 2026, but for a few years, a step down, I think, until about 2029 in our expiring rates. I think they get as low as like 12-ish, and you can see from our new signings in the bigger deal category, we're obviously signing a healthier market rates than that.

然後，您可以看到更大的事情，我們開始看到持續的下降，不僅僅是 2026 年，而是幾年，我認為，直到 2029 年左右我們的到期利率都會下降。我認為它們會低至 12 左右，而且你可以從我們在更大交易類別中的新簽約中看到，我們顯然簽署了比這更健康的市場價格。

And I think we're working the way through that and moving customers to market and the value of the capacity blocks we're offering. And that's a product of our portfolio, our value-add, but some of that's just a product of the supply/demand dynamics in these markets that are extremely tight. And the backdrop around it is the tightness of these markets feels like it's going to be continuing for some time.

我認為我們正在努力解決這個問題，並將客戶推向市場，並實現我們提供的容量塊的價值。這是我們的產品組合和增值的產物，但其中一些只是這些極其緊張的市場供需動態的產物。而其背景是這些市場的緊張局面似乎還會持續一段時間。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬（Eric Luebchow），富國銀行。

Thanks for taking the question, guys. And just curious on the kind of the large capacity blocks. If you could talk about kind of the diversity of hyperscalers you're talking to. There's a lot of and/or intents, whether it's neo clouds, the model developers, the chip companies? Or are you kind of focusing on the big four or five that you have historically? And then maybe if you could also just touch on CapEx, I mean, to the extent you start to win some of these larger requirements.

謝謝大家回答這個問題。我只是對大容量塊的種類感到好奇。如果您可以談論您所談論的超大規模企業的多樣性。有很多和/或意圖，無論是 Neo Clouds、模型開發人員還是晶片公司？或者您是否專注於歷史上的四大或五大？然後也許你也可以談談資本支出，我的意思是，在某種程度上你開始贏得一些更大的需求。

How should we think about funding it in the managed funds between cash on the balance sheet could that kind of raise the CapEx expectations above the $3 billion to $3.5 billion level? Thank you.

我們應該如何考慮在資產負債表上的現金之間用管理基金來為其提供資金，這樣是否可以將資本支出預期提高到 30 億美元至 35 億美元的水平之上？謝謝。

Thanks, Eric. So I'll hand the funding piece to Matt and even talk to the numerous levers we've now assembled here through our successful hyperscale fund or joint venture partnerships, the balance sheet liquidity, if you add it all up, it seems to a significant amount of liquidity and dry powder to fund the growth of our platform.

謝謝，埃里克。因此，我將把資金部分交給馬特，甚至談談我們現在透過成功的超大規模基金或合資夥伴關係、資產負債表流動性在這裡聚集的眾多槓桿，如果把它們加起來，似乎有大量的流動性和乾粉來資助我們平台的增長。

But on the customer front, by and large, the bigger the capacity block, the higher the credit quality the larger the size of the counterparty and the more established the business. We are certainly supporting some of the neo clouds, but I would say our work with them, and it's been in, not in the big, big deal arena. We supported them in, call it, megawatt, 2-megawatt type edge type locations and smaller capacity blocks. So when you think about those, call it, the big and nearest term the 25, the 50s, the 100s or even larger, I think the dialogue we're having is with a diverse array of, call it, more traditional hyperscale customers that are called the household names in our top customer roster.

但從客戶角度來看，整體而言，容量塊越大，信用品質越高，交易對手的規模越大，業務越成熟。我們當然支持一些 Neo Cloud，但我想說的是，我們與他們的合作已經進入了，而不是進入了大交易領域。我們為他們提供了所謂的兆瓦、2兆瓦類型的邊緣位置和較小容量塊的支援。因此，當您考慮這些時，稱之為大而最近的術語 25、50、100 甚至更大，我認為我們正在進行的對話是與各種各樣的更傳統的超大規模客戶進行的，這些客戶被稱為我們頂級客戶名單中的家喻戶曉的名字。

Yes. Eric, on the funding. So as you noted, we're we guided this year at 3% to 3.5%. We're trending on target with that. And while we haven't given specific guidance for next year.

是的。艾瑞克，關於資金問題。正如您所說，我們今年的預期成長率為 3% 至 3.5%。我們正朝著這個目標前進。雖然我們還沒有給出明年的具體指引。

What I can tell you is that I expect our -- in particular, at our gross level, we're going to be spending more in 2026.

我可以告訴你的是，我預計我們的——特別是在總體水平上，我們將在 2026 年支出更多。

Now I'd say a broader portion of that is going to be within our private capital groups. But I still expect that when you come down to even our share level that you'll see a slight increase or an increase to what we're spending this year as we start to really hit kind of a sweet spot in terms of projects that we have underway to be able to deliver incremental capacity, especially in the back half of '26 into '27.

現在我想說的是，其中更大一部分將屬於我們的私人資本集團。但我仍然預計，當你降到我們的份額水平時，你會看到我們今年的支出會略有增加，或者有所增加，因為我們在進行的項目方面開始真正達到最佳狀態，能夠提供增量產能，特別是在 2026 年下半年到 2027 年。

Michael Rollins, Citi.

花旗銀行的麥可‧羅林斯。

Thanks and good afternoon. Just off the topic of how much you're putting into the JVs and off-balance sheet partnerships relative to what you're doing on your own? How are you thinking about the mix going forward? And are there opportunities to revisit what the right target leverage should be for digital to take more projects on balance sheet and create that more of that accretion for shareholders. Thanks.

謝謝，下午好。剛才問一下，相對於您自己所做的，您在合資企業和表外合作夥伴關係中投入了多少資金？您對於未來的組合有何看法？是否有機會重新審視數位化的正確目標槓桿應該是什麼，以便在資產負債表上納入更多項目並為股東創造更多價值。謝謝。

Thanks, Michael. So the metal speak to target leverage, but I don't think we've changed our stripes on that. And one great thing about call it, tapping in these sources of private capital, including our oversubscribed $3-plus billion hyperscale fund in the US is we can deploy different leverage quantities at different project levels alongside that private capital to generate the returns suitable for the project.

謝謝，麥可。因此，金屬代表了目標槓桿，但我認為我們對此並沒有改變。利用這些私人資本來源（包括我們在美國超額認購的 30 多億美元超大規模基金）的一大好處是，我們可以在不同的項目層面部署不同的槓桿數量以及私人資本，以產生適合項目的回報。

This is a reminder. This is called an evolution of our funding model here, right, and started down the road of joint ventures, one-off stabilized assets and then moved on to development. And then our first inaugural fund is a combination of both, and it's really the beginning of the scaling of our strategic private capital initiatives. And that's in the backdrop of we see a demand landscape that is just quite tremendous, right? You look at the numbers of the gigawatts that are stated to be needed to call it continue the growth of digital transformation to continue the rollout of cloud computing and to really even get off the ground AI and built and commercialized.

這是一個提醒。這就是我們融資模式的演變，從合資企業、一次性穩定資產開始，然後轉向開發。然後，我們的第一個創始基金就是兩者的結合，這實際上是我們策略私人資本計畫規模化的開始。這是我們看到的一個需求前景相當巨大的背景，對嗎？你看一下據稱需要多少千兆瓦來繼續推動數位轉型的成長，繼續推廣雲端運算，甚至真正啟動人工智慧的建設和商業化。

And yet we being an $80-plus billion company still believe that having that private capital business, especially dedicated around hyperscaler is allows us to fuel our growth for our customers and balance that in terms of generating an accelerating bottom line per share growth for our shareholders at digital. So I think it's kind of a best of both worlds allowing us to do more with our platform and fund effectively.

然而，作為一家價值 800 多億美元的公司，我們仍然相信，擁有私人資本業務，特別是專注於超大規模的業務，可以讓我們為客戶推動成長，並在為股東創造每股底線成長方面實現平衡。所以我認為這是兩全其美的辦法，讓我們能夠利用我們的平台做更多的事情並有效地籌集資金。

Yes. Maybe, Michael, I'll just add briefly, Look, I think our target leverage 5.5% is a good place to be in terms of balancing our overall cost of capital and where we are today and where we seek to fund in the future. Maybe I'd also add, look, we're at 4.9 today, and so that gives us some ability to go up in and potentially go down when necessary based on the capital market environment so that we can continue to fund what is larger builds going forward and a pretty good demand profile that we have.

是的。也許，邁克爾，我只是想簡單補充一下，你看，我認為我們的目標槓桿率 5.5% 是一個很好的位置，可以平衡我們的總體資本成本、我們目前的狀況以及我們未來尋求融資的地方。也許我還要補充一點，你看，我們今天的利率是 4.9，因此，根據資本市場環境，這讓我們有能力在必要時上升或下降，以便我們能夠繼續為未來更大規模的建設提供資金，並滿足我們相當好的需求狀況。

David Guarino, Green Street.

大衛‧瓜裡諾 (David Guarino)，《綠街》。

Hey, thanks. Andy, I just wanted to clarify on the comments you made given these multi-hundred megawatt deals in tertiary markets. Is that something where you'd reconsider chasing that sort of demand, whether it's on balance sheet or through the fund? Or is the playbook to continue sticking the primary markets for Digital Realty?

嘿，謝謝。安迪，我只是想澄清一下你對第三級市場數百兆瓦交易的評論。您是否會重新考慮追逐這種需求，無論是在資產負債表上還是透過基金？或者說，這個策略是讓 Digital Realty 繼續堅守主要市場？

Thanks, David. So I think the comment was trying to get a few themes that are hopefully apparent but want to provide our thoughts on: one, it's certainly showing an incredible conviction for the infrastructure needed to launch this technology. And as you go through these lists of announcements, you're still seeing numerous mega announcements that are just talking about training, right? Not even really evolving to inference or certainly commercialization and the use of AI use cases. You're also seeing a diversity of players in that arena, which I think is healthy.

謝謝，大衛。因此，我認為該評論試圖表達幾個主題，希望這些主題顯而易見，但我們希望提供我們的想法：第一，它確實顯示出對推出這項技術所需的基礎設施的堅定信念。當你瀏覽這些公告清單時，你仍然會看到許多只是在談論培訓的大型公告，對嗎？甚至還沒有真正發展到推理或商業化以及人工智慧用例的使用。你還會看到該領域中存在著各種各樣的球員，我認為這是健康的。

It's not necessarily single threaded to just only 1 major player building that infrastructure.

它不一定是單線程的，不一定只有一個主要參與者來建立該基礎設施。

When it comes to digital, I think we've had great success being across the full product spectrum, call it, from supporting our growing enterprise business all the way to our hyperscale customers. We focus on markets. We received not just diversity and robustness of demand but locational and latency sensitivity to the workload. So the answer to your question is we're certainly keeping our eyes on. I can tell you our team is across tremendous amount of these opportunities.

談到數位化，我認為我們在整個產品領域都取得了巨大的成功，從支援不斷成長的企業業務一直到支援超大規模客戶。我們專注於市場。我們不僅獲得了需求的多樣性和穩健性，還獲得了對工作負載的位置和延遲敏感度。所以對於你的問題，我們的答案是，我們當然會密切注意。我可以告訴你們，我們的團隊面臨著大量這樣的機會。

I think our intersection of that would be much more akin to our strategy. Like I said earlier, these cloud availability zone markets, the Northern Virginia, the Santa Clara's the Frankfurt's and around the world, they are tight markets and they may be tight for a long time. And I think the adjacencies to those markets make the most sense is because we want to be investing in infrastructure that we believe in for the really, really long term. And so that's how we're thinking about it today.

我認為我們的交集與我們的策略更為相似。就像我之前說的，這些雲端可用區市場，北維吉尼亞、聖克拉拉、法蘭克福以及世界各地，都是緊張的市場，而且可能會持續很長一段時間。我認為與這些市場的相鄰是最有意義的，因為我們希望投資我們相信的長期基礎設施。這就是我們今天對此的看法。

John Hodulik, UBS.

瑞銀集團的約翰·霍杜利克（John Hodulik）。

Thank you. Andy, quick question on the [power] side. Given the constraints you're seeing in terms of accessing the grid? Any odd to moving to behind-the-meter power solution in some of your new projects? Thanks.

謝謝。安迪，關於[權力]方面，我快速問一個問題。考慮到您在存取電網方面遇到的限制？在您的一些新專案中，轉向電錶後電力解決方案有什麼奇怪的嗎？謝謝。

Thanks, John. So it was not that long ago, we made a bigger announcement in, actually in South Africa, where we're building solar in a market, which is akin to that same concept. And that's obviously a market that is an incredibly fragile grid. So we're able to really extend our moat in that market with our platform in a supplemental power that is essentially behind the meter. I can tell you we're looking at this in numerous markets and the context is much more in a bridge fashion.

謝謝，約翰。不久前，我們在南非發布了一個更大的公告，我們正在一個市場上建造太陽能，這類似於相同的概念。顯然，這是一個極其脆弱的市場。因此，我們能夠利用我們的平台，透過本質上位於電錶後面的補充電力，真正擴大我們在該市場的護城河。我可以告訴你，我們正在眾多市場上研究這個問題，而且背景更多的是以橋樑的方式。

We don't -- we're uncertain how long that bridge may be, but we hear from our customers the preference in the long run for utility given the diversity of the power sources, the redundancy of that, but we're happy to help our utility partners with bridge solutions. And you think about that in some markets that have been challenged with shortages, delays in power sources.

我們不確定這座橋樑有多長，但我們從客戶那裡聽說，考慮到電源的多樣性和冗餘性，從長遠來看，他們更傾向於使用公用事業，但我們很樂意幫助我們的公用事業合作夥伴提供橋樑解決方案。想想看，一些市場面臨電力短缺和延遲的挑戰。

Michael Elias, TD Cowen.

邁克爾·埃利亞斯（Michael Elias），TD Cowen。

Great. Thanks for taking the question. Just building on that point, I'm curious, when I think of your portfolio, you obviously have very valuable capacity in Northern Virginia at Dulles, is it feasible for you to bring gas to that site to expedite the delivery of additional buildings? And then maybe as part of that, just on the M&A side, there are a lot of companies out there that may have some facilities leased, but they have some land banks. How are you thinking about the M&A opportunity in this landscape.

偉大的。感謝您回答這個問題。基於這一點，我很好奇，當我想到您的投資組合時，您顯然在北弗吉尼亞的杜勒斯擁有非常寶貴的產能，您是否可以將天然氣輸送到該地點以加快其他建築物的交付？然後也許作為其中的一部分，僅在併購方面，就有很多公司可能租賃了一些設施，但他們也有一些土地儲備。您如何看待這種情勢下的併購機會？

Thank you.

謝謝。

So thanks, Michael. So just touching brief, we're just thinking about all the markets where there's shortages or delays or frustration around the power infrastructure. So it's not just a 1 site, not just 1 submarket or market, we're thinking about that trying to make the solution work. And we're trying to do it in a thoughtful manner, right? We want -- we are long-term committed, have been in these markets for many years.

所以謝謝你，麥可。簡單來說，我們只是考慮所有存在電力基礎設施短缺、延誤或挫折的市場。因此，這不僅僅是一個站點，不僅僅是一個子市場或市場，我們正在考慮嘗試使解決方案發揮作用。我們正在嘗試以一種深思熟慮的方式來做這件事，對嗎？我們希望－我們長期致力於此，並且已經在這些市場耕耘多年。

We'll continue to be in these markets. We want to be good stewards to the community, to our customers. But it's not just 1 any given market. It's numerous markets where this could be a tool in our toolkit to accelerate infrastructure deployments.

我們將繼續留在這些市場。我們希望成為社區和客戶的好管家。但它並不只是任何一個特定的市場。在眾多市場中，這可以成為我們工具包中加速基礎架構部署的工具。

I'll turn it over to Greg to kind of give us thoughts on the M&A market.

我將把這個主題交給格雷格，讓他談談對併購市場的看法。

Yes. Thanks, Andy. Thanks, Michael. Michael, I'd say our strategy today is consistent with where it has been. And we continue to see what opportunities in the market that's going to provide us with the best risk-adjusted returns.

是的。謝謝，安迪。謝謝，麥可。邁克爾，我想說我們今天的策略與以往的策略是一致的。我們將繼續觀察市場中哪些機會能為我們提供最佳的風險調整回報。

So today, we're looking at buying land and developing. We're looking at buying buildings it's strategically significant. And we look at buying companies that strategically significant or there's industrial logic to it. So I would say we haven't changed anything in terms of our strategy. And I would say in today's market, we have opportunities across all three of those growth probes, if you will, and we continue to assess them.

所以今天，我們正在考慮購買土地並進行開發。我們正在考慮購買具有戰略意義的建築。我們考慮收​​購具有戰略意義或產業邏輯的公司。所以我想說我們的策略沒有任何改變。我想說，在當今市場，我們在所有這三個成長探測中都有機會，如果你願意的話，我們會繼續評估它們。

Irvin Liu, Evercore ISI.

艾文·劉（Irvin Liu），Evercore ISI。

Hi, thank you for the question. Andy, I wanted to ask about the 5 gigawatts of future development capacity. Can you help us understand the timetable or the time line needed for this developable capacity to be, become available for lease? How much of this is available for lease, if any? And any sort of customer conversations that you had related to this capacity?

你好，謝謝你的提問。安迪，我想問未來 5 千兆瓦的發展能力。您能否協助我們了解該可開發容量可供出租所需的時間表或時間軸？其中有多少可供出租（如果有）？您與客戶進行過與此容量相關的任何對話嗎？

Thank you.

謝謝。

Sure. Thanks, Irvin. So I'll touch on the most, call it, front of the queue, capacity box, and then I'll let Colin touch on the customer dialogue. But they are -- they do go a little bit kind of together is that what we've seen is there is a continuous focus on the here and now. And we saw this as we've navigated our way through 2024 and put up $1 billion-plus of new signings includes some large capacity blocks.

當然。謝謝，歐文。因此，我將談及最多的，稱之為隊列前面的容量框，然後我將讓科林談及客戶對話。但它們確實有點相似，我們所看到的是，它們持續關注此時此地。我們在 2024 年取得了進展，並簽署了價值 10 多億美元的新協議，其中包括一些容量較大的區塊，我們看到了這一點。

And as we got closer and closer to deliveries of power and of our infrastructure and data centers, the interest continued to ratchet up. And we were able to intersect that with a great diversity of customers at attractive rates and ultimately, returns given how valuable these locations are, these are strategically important to our customers. These are often in the locations where our customers are landing major customers inside their facilities, be it cloud or other services that are highly profitable to them and they're unique in that nature.

隨著我們越來越接近電力、基礎設施和資料中心的交付，人們的興趣也不斷增加。我們能夠以極具吸引力的價格為各種各樣的客戶提供服務，最終獲得回報，因為這些地點非常有價值，對我們的客戶來說具有戰略重要性。這些地點通常位於我們的客戶在其設施內吸引主要客戶的地方，無論是雲端運算還是其他對他們來說利潤豐厚的服務，而且它們在這方面都是獨一無二的。

And just like what transpired a year ago, I think the seasonal as mature of this as we approach the late '26 vintage or the 2027 vintage or 2028 shortly thereafter, the attractiveness becomes more and more attractive to those customers and that uses and the dialogue can we'll touch on. That is playing out, excuse me, in Northern Virginia, be it Manassas, Digital Dulles or call it adjacent to our existing Loudoun campus, that's playing out in Charlotte in Atlanta, in Dallas and Santa Clara, that's playing out outside the US in the major, call it, flat markets in Europe or in the major Tokyo Sacomarks in Asia, and I'm just rattling off a few. So there's numerous markets that have those called the near-term larger contiguous capacity and vintage that the customers are seeking. But go ahead, Colin. Thanks.

就像一年前發生的那樣，我認為隨著我們接近 2026 年末或 2027 年或 2028 年的年份，季節性因素會逐漸成熟，對那些顧客的吸引力會越來越大，我們可以在對話中談到這一點。對不起，這些舉措正在弗吉尼亞州北部推行，無論是馬納薩斯、數位杜勒斯還是我們現有的勞登園區附近，這些舉措正在亞特蘭大的夏洛特、達拉斯和聖克拉拉推行，這些舉措正在美國以外主要的歐洲平板市場或亞洲主要的東京薩科馬克推行，我只是列舉幾個例子。因此，有許多市場都擁有客戶所尋求的近期更大的連續容量和年份。但繼續吧，科林。謝謝。

Yes. Thanks, Andy. I think we're very much in that window of prioritization that Andy talked about. This leasing activity for 2026, 2027, 2028 is very much here now. I highlighted before the largest pipeline that we've had on record.

是的。謝謝，安迪。我認為我們正處於安迪所說的優先考慮階段。2026、2027、2028 年的租賃活動目前已基本完成。我之前強調過，這是我們有史以來最大的管道。

By the way, that also suggests a lot of momentum on the 0-1 as well, which we saw in our bookings number. But the conversations across this large capacity blocks that Greg secured for us across North American in the flat markets is really becoming a consistent conversation in the core markets, which as Andy talked about, these cloud zonal areas are resilient to having consistent demand pop up. So we're pleased with the conversations and the pipeline that we've generated.

順便說一句，這也表明 0-1 有很大的發展勢頭，我們在預訂數量中看到了這一點。但是，格雷格在北美平坦市場為我們爭取到的有關大容量區塊的對話，實際上正在成為核心市場的一致對話，正如安迪所說的那樣，這些雲端區域能夠抵禦持續出現的需求。因此，我們對所進行的對話和所建立的管道感到非常滿意。

David Cho,JPMorgan.

摩根大通的 David Cho。

Hi, it's Richard. Just wanted to follow up on that. Given that the long lead times in the industry for capacity, both building and demand for it, as we look since most of your 2026 capacity is sold out, as you kind of look for the development table in 2027, how big can that be relative to '26 given that you've been kind of planning this for a while and seeing the demand pipeline?

你好，我是理查。只是想跟進一下這一點。鑑於該行業產能的建設和需求的準備時間很長，正如我們所見，由於 2026 年的大部分產能已售罄，當您查看 2027 年的發展表時，考慮到您已經計劃了一段時間並看到了需求渠道，那麼相對於 26 年來說，這個數字能有多大？

Thank you.

謝謝。

Yes. These are big capacity blocks. And the concept is the customers really just almost want to get going with the build, right? They don't need to be powered on with the entire 100 megawatts or 200 megawatts and a date certain in 2026 or 2027. It's just they want the ramping to start commencing, which is a product of power delivery of the site and obviously our delivery alongside it, which we're trying to time out.

是的。這些是大容量塊。這個概念是，客戶實際上只是想開始構建，對嗎？它們不需要在 2026 年或 2027 年確定某個日期，投入全部 100 兆瓦或 200 兆瓦的電力。他們只是希望開始加速，這是站點電力輸送的產物，顯然也是我們同時進行的輸送，我們正在嘗試超時。

So I don't -- this is a sizable now to that 5 gigawatts when they add it all up. I mean just those markets I just wrote off across North America and a handful outside the US or call it, hundreds and hundreds of megawatts by themselves. And I didn't really touch on our capabilities and call it Latin America or in South Africa when you add to those numbers.

所以，我不認為——當他們把所有東西加起來時，這個數字對於 5 千兆瓦來說已經相當大了。我指的是我剛剛提到的北美市場以及美國以外的一些市場，這些市場本身就有數百兆瓦的容量。我並沒有真正觸及我們的能力，也沒有將這些數字加到拉丁美洲或南非。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Good evening. Thanks for taking my question. Relative to some of the larger capacity hyperscale AI deployments you talked about is prospects for commencement in '26 and '27. Can you maybe talk about some of the technical requirements underpinning those. I think we know that Rubin and generations beyond from NVIDIA are going to require 800-volt architectures plus liquid cooling, and that's assuming it's something that's not present in most of your existing capacity today. So how are you thinking about planning both your new facilities for that? And are you thinking about potential for retrofitting any of your prior for your existing facilities to accommodate those new requirements?

晚安.感謝您回答我的問題。相對於您談到的一些更大容量的超大規模人工智慧部署，預計在 26 年和 27 年開始。您能否談談其中的一些技術要求？我認為我們知道，Rubin 和 NVIDIA 之後的幾代產品將需要 800 伏特架構和液體冷卻，而且這是假設這是目前大多數現有產能中不存在的東西。那麼，您打算如何規劃這兩個新設施呢？您是否考慮過對現有設施進行改造以滿足這些新要求？

Thank you.

謝謝。

Thanks, Jim. So Chris, I'll talk to that. Chris, why don't you start off in terms of what we've done so far, being, call it, AI ready, coolant ready. And then I mean if you don't touch, I can about just recent anecdotes of, we've had churn and customers. We're doing air cool swiss to liquid with the next generation just kind of -- to answer Jim's question.

謝謝，吉姆。克里斯，我會談論這個。克里斯，你為什麼不先介紹一下我們目前所做的工作呢，例如人工智慧就緒、冷卻劑就緒。然後我的意思是，如果你不碰，我可以談談最近的軼事，我們已經有了客戶流失。我們正在用下一代技術將空氣冷卻瑞士轉化為液體，只是為了回答吉姆的問題。

Yes. No, I appreciate the question. And I love the way you're thinking about it with like new and old because that's exactly the way that we have different tool sets and different capabilities that we're looking to deploy, but we've been a partner of NVIDIA's for many, many years with our DGX precertified program. We're one of the leading partners there. We continue to work with them on even, you said it right, like not the chipset today, but what's going to be out there two and three years out.

是的。不，我很感謝你提出這個問題。我喜歡你用新舊來思考這個問題的方式，因為這正是我們想要部署的不同工具集和不同功能的方式，但多年來，我們一直是 NVIDIA 的合作夥伴，並擁有 DGX 預認證計劃。我們是那裡的主要合作夥伴之一。我們甚至會繼續與他們合作，您說得對，例如不只是今天的晶片組，還有兩三年後的產品。

And so we're always looking at that.

因此我們一直在關注這一點。

And the power distribution piece for the rest of the people on the call an 800-volt, we've been across that for some time now on different types of electrical distribution capabilities that are going to be required, and that's a lot for the new build. And we're always looking at evolving our modular designs, right? And that modular design is not only in our new footprint, but it's been deployed for many, many years in our existing footprint. So we're always looking at how we bring liquid and quite frankly, our architecture for these new builds allows us to align to the densification of that chipset in a very granular fashion.

對於其他人來說，配電部分是 800 伏，我們已經討論了一段時間了，需要不同類型的配電能力，這對於新建築來說已經很多了。我們一直在尋求改進我們的模組化設計，對嗎？這種模組化設計不僅適用於我們的新足跡，而且已經在我們現有的足跡中部署了很多年。因此，我們一直在研究如何帶來流動性，坦白說，我們針對這些新構建的架構使我們能夠以非常精細的方式與該晶片組的緻密化保持一致。

And so for a part of the retrofit, been talking about it for a while called HD Colo. And so the HD Colo capability is something that we've really been working on, and it's available across 30 metros, 170 facilities and you can deploy it in roughly 14 weeks.

因此，對於改造的一部分，我們已經討論了一段時間，稱為 HD Colo。因此，HD Colo 功能是我們一直在努力開發的功能，目前該功能已覆蓋 30 個大都市、170 個設施，您可以在大約 14 週內完成部署。

What that allows us to do with our customers is to densify up to 150 kilowatts. And that will support the Rubin. It will support a lot of the Grace Black wells. So we have a lot of runway in our existing facilities to align when our customers need us to. And so we're always watching exactly how that's going to be coming to market.

這使我們能夠為客戶實現高達 150 千瓦的密度。這將支援魯賓。它將為許多 Grace Black 井提供支援。因此，當客戶需要時，我們現有的設施中有足夠的空間來滿足需求。因此，我們一直在關注該產品將如何進入市場。

I think you might have seen some of the press releases and some of the customer announcements around our Digital Realty Innovation Lab.

我想您可能已經看到了有關我們的 Digital Realty 創新實驗室的一些新聞稿和一些客戶公告。

Why that was built is to allow us to bring all of our partners together inside of an environment where the data center, unfortunately, today is the point of integration. And so we're trying to pre-engineer and set a bunch of standards so that our customers are able to get outcomes out of this infrastructure as they bring it to market. So as you understand, we've really been ahead of the curve with a lot of these partners and making sure that we can build a kind of outcome for our customers on a global basis.

建立這個系統的目的是讓我們能夠將所有合作夥伴聚集在一個環境中，不幸的是，今天的資料中心是整合點。因此，我們正在嘗試預先設計並建立一系列標準，以便我們的客戶能夠在將該基礎設施推向市場時獲得成果。所以正如你所了解的，我們與許多合作夥伴確實走在了前列，並確保我們能夠在全球範圍內為我們的客戶創造某種成果。

Frank Louthan, Raymond James.

法蘭克洛森、雷蒙詹姆斯。

Great, thank you. Can you walk us through what is your average size deployment that you're seeing for enterprises now? And do you think that you're gaining share in that, and then can you give us an idea of what percentage of your new bookings are for AI inferencing workloads? Thanks.

太好了，謝謝。您能否向我們介紹一下您目前看到的企業部署的平均規模是多少？您是否認為您在其中獲得了份額？然後您能否告訴我們，您的新訂單中有多少百分比是用於人工智慧推理工作負載的？謝謝。

Thanks, Frank. So I'll try to tackle this in a few parts. So we, overall, of our total signings, we have about 50% was AI-related. This quarter in particular, just the 0-1 megawatt. So predominantly enterprise oriented.

謝謝，弗蘭克。因此我將嘗試分成幾個部分來解決這個問題。因此，總體而言，我們簽約的全部合約中，約有 50% 與人工智慧相關。特別是本季度，只有 0-1 兆瓦。因此主要以企業為導向。

We did see a new high watermark of north of 18% of those signings being, call it, AI-related so we're high-performance compute. So -- and that number in that category by itself has probably hovered closer to single digits or high single digits for some time. So we are seeing a pickup in that. You're seeing certain sectors, financial services, manufacturing, certain customer types, I would say, moving closer to proof-of-concept and evolving.

我們確實看到了 18% 以上的簽約與人工智慧相關的新高水位，所以我們是高效能運算。因此 — — 該類別中的數字本身可能在一段時間內徘徊在接近個位數或高個位數的水平。因此，我們看到了這種情況的回升。我想說，你會看到某些行業、金融服務業、製造業、某些客戶類型正在越來越接近概念驗證並不斷發展。

I still believe this word inference is beyond nascency, quite honestly, based on the fact that the adoption of this in a commercialized call it, corporate private data center data site setting is, we're not even scratching the surface of what we can do with this technology, right? I believe the B2C applications are way out running what that's going to happen on enterprise, so I don't think -- I think our data centers in our markets that are supporting the cloud and enterprise will ultimately be the home for that in applications, but I think we still got a good runway to get there, especially when people are just putting out press releases that are talking about training today because if it's a press release now, it's not a data center for a good while.

我仍然相信這個詞的推論已經超越了它的初衷，老實說，基於在商業化、企業私人數據中心數據站點設置中採用這一技術的事實，我們甚至還沒有觸及這項技術所能做的事情的表面，對吧？我相信 B2C 應用程式的運作方式遠遠超出企業，所以我不認為——我認為我們市場上支援雲端和企業的資料中心最終將成為應用程式的所在地，但我認為我們仍然有一條良好的跑道可以到達那裡，特別是當人們只是發布新聞稿談論今天的培訓時，因為如果它現在是新聞稿，那麼它在很長一段時間內都不是資料中心。

On average size, we did see, I'd say, size of deals or catching up or getting a little bit bigger than the enterprise size. They're definitely getting a little more power dense, which is playing into our wheelhouse. And we've been supporting four enterprises liquid cooling well before we were talking about ChatGPT or GPUs. So we have a lot of experience in that.

就平均規模而言，我想說，我們確實看到交易規模趕上或比企業規模稍大。它們確實變得更加強大了，這對我們有很大幫助。在我們討論 ChatGPT 或 GPU 之前，我們就已經為四家企業提供液體冷卻支援。我們在這方面有很多經驗。

And then lastly, when it comes to taking market share, the answer is yes, in my opinion.

最後，說到佔領市場份額，我認為答案是肯定的。

Joe Osha, Guggenheim Partners.

古根漢合夥公司的喬‧奧沙 (Joe Osha)。

Hi there. My question is pretty simple. If I look at the spreads on the 1 megawatt plus side, it's two back-to-back quarters now double-digit in the most recent ones almost 20%. And are we just seeing maybe a temporary artifact there? Or is this kind of the new normal with those spreads being at that level going forward? Thanks.

你好呀。我的問題很簡單。如果我看一下 1 兆瓦以上的價差，那麼連續兩季的價差都達到了兩位數，最近幾季更是達到了近 20%。我們是否只是在那裡看到了一個臨時的文物？或者說，這種利差在未來維持在該水準會成為一種新常態嗎？謝謝。

Yes. Thanks, Joe. Look, I think you're seeing -- starting to see like what we're expecting as we start to look forward and we see the the rates that start to drop down over the next several years, as Andy mentioned earlier. I mean this, I would say, this year was a relative, or year-to-date, it's been a relatively light year in terms of renewals within the greater than 1 megawatt. We'll start to see that pick up in '26 and '27 as you look at our expiration schedule.

是的。謝謝喬。你看，我想你開始看到——正如我們開始展望未來時所預期的那樣，我們看到利率在未來幾年開始下降，正如安迪之前提到的。我的意思是，我想說，今年是相對而言的，或者說從年初至今，就 1 兆瓦以上的續約而言，這是相對輕鬆的一年。從我們的到期時間表來看，我們將在 26 年和 27 年開始看到這種回升。

But we've also had this year, even this quarter, in particular, you'll see that, the average rate, if you look at this quarter was, I think, north of 18, which reflects the markets that we were in. And despite that, we were still able to get higher rates and robust re-leasing spreads.

但今年，特別是本季度，你會看到，如果你看本季度，平均利率我認為在 18% 以上，這反映了我們所處的市場。儘管如此，我們仍然能夠獲得更高的利率和強勁的轉租利差。

So I think we're -- again, we're in a robust supply constrained market. And we think looking forward, our mark-to-market opportunity is in a good position.

所以我認為我們——再次，我們處於一個強勁的供應受限的市場。我們認為，展望未來，我們的以市價計價機會處於良好狀態。

Cameron McVeigh, Morgan Stanley.

摩根士丹利的卡梅倫·麥克維。

Hi, thanks for taking my question. Just wanted to ask about future CapEx spend. And do you envision CapEx spend going forward? Do you expect it to be geared more towards retrofitting existing data centers for denser deployments or maybe expanding new capacity? And then secondly, do you see this incremental CapEx or to capture more growth in the 0-1 segment or the 1 plus segment going forward?

你好，謝謝你回答我的問題。只是想詢問未來的資本支出。您是否預見了未來的資本支出？您是否希望它更適合改造現有資料中心以實現更密集的部署或擴展新容量？其次，您是否認為這種增量資本支出或未來在 0-1 段或 1+ 段中會獲得更多成長？

Thanks.

謝謝。

Thanks, Cameron. So I think Matt touched on this a little bit. I mean, I think, just to paraphrase, we believe, given the opportunity and the conversion of our, call it, shells or delivery of our suites under construction, shells in the data centers and colo holes and land in the shelves and ultimate data centers, CapEx can likely to reflect higher on both the total and our share basis. So that's based on really success driven.

謝謝，卡梅倫。所以我認為馬特稍微談到了這一點。我的意思是，我認為，換句話說，我們相信，考慮到我們的機會和轉換，稱之為外殼或在建的套件的交付，數據中心的外殼和託管孔以及貨架和最終數據中心的土地，資本支出可能會在總額和我們的份額基礎上反映得更高。所以這是基於真正的成功驅動。

And when it comes to where the money is going, by and large, the dollars are going towards new capacity. The new capacity is well outpatient. We're still doing a great job maintaining retrofitting where necessary our existing fleet. But the dollars for building a new data center are dwarfing the dollars needed that we need for our portfolio.

至於資金的去向，整體而言，資金都流向了新產能。新的門診容量很好。我們仍在努力對現有車隊進行必要的維護和改造。但建造新資料中心所需的資金遠遠超過我們投資組合所需的資金。

And when it comes to the types of CapEx that, yes, the dollar amounts are certainly bigger when you call it slant towards bigger deals, 1,500, 200-megawatt deals. But we've made this strategically the priority at this company to make sure that we don't go dark for our enterprise colo customers and 50-plus in growing metros around the world.

當涉及資本支出的類型時，是的，當你稱之為傾向於更大的交易，1,500、200兆瓦的交易時，金額肯定會更大。但我們已將此作為公司的戰略重點，以確保我們的企業託管客戶和全球 50 多個不斷發展的大都市的客戶不會陷入停頓。

And those enterprises are landing with us with private IT for the digital transformation, hybrid cloud, and they're then connecting to our top cloud customers. So that virtuous cycle, we're building for all the customers that land and expand with digital is part of our value prop.

這些企業透過私人 IT 與我們合作，實現數位轉型和混合雲，然後與我們的頂級雲端客戶建立聯繫。因此，我們為所有透過數位化登陸和擴展的客戶所建構的良性循環是我們價值主張的一部分。

Maher Yaghi, Scotiabank.

Maher Yaghi，豐業銀行。

Great. Thank you for taking my question. Great. I wanted to ask you, I mean, since February, you've increased guidance and signed many new contracts. Certainly, we've seen the number of projects in construction in the US overall increased significantly. But when I look at your development CapEx guidance, it has not changed.

偉大的。感謝您回答我的問題。偉大的。我想問你，我的意思是，自二月以來，你增加了指導並簽署了許多新合約。當然，我們看到美國在建項目數量總體大幅增加。但是當我查看您的開發資本支出指導時，它並沒有改變。

I'm not suggesting you should spend more, but do you think the drive to build bigger and bigger campuses is moving projects to private developers and reducing your tariff what you typically might get.

我並不是建議你應該花更多的錢，但你是否認為建造越來越大的校園的動力是將專案轉移給私人開發商並降低你通常可以獲得的關稅。

And the second question is, could you qualify maybe the credit quality of the new mega projects that are being built, do you see the returns being commensurate with taking on much bigger projects with a lower customer count that might not have the same cash flow level that your traditional Fortune 500 companies might have currently?

第二個問題是，您能否評估一下正在建設中的新大型項目的信用質量，您是否認為這些項目的回報與承接更大的項目相稱，這些項目的客戶數量較少，而且可能不會擁有與傳統財富 500 強公司目前相同的現金流水平？

Thank you.

謝謝。

Sure. So a lot to unpack in there for, I think that's our last question. I'll try to hit it. So our development, we're posing about in total on the development life cycle. So maybe the dollars going out the door, we're only, call it, pushing towards the high end of our guidance, which is a decent range of guidance.

當然。這裡面有很多問題需要解決，我想這是我們的最後一個問題。我會盡力打中它。因此，我們的開發總體上圍繞著開發生命週期。因此，也許我們支出的資金只是朝著指導的高端推進，這是一個不錯的指導範圍。

But we're definitely leaning towards bigger, and it's not a static thing for us, right? Projects are delivering. We have, I think, record commencements last quarter. We have sizable commencements this quarter, meaning projects are moving off that schedule, and new products are getting added to that schedule.

但我們肯定傾向於規模更大，而且這對我們來說並不是一成不變的，對嗎？項目正在交付。我認為，上個季度我們的開工率創下了紀錄。本季度我們有大量專案開工，這意味著專案正在按照計劃進行，並且新產品正在添加到計劃中。

We've been intersecting as addressed in a prior question, this primarily in the major markets where we saw diversity of demand from enterprise to hyperscale where also locationally in latency-sensitive workloads. We've not necessarily to chase that out to the one-off locations, but we're very much cognizant of those opportunities and see in a world where the markets where we're having a distinguished position and are expanding and stretching. And I think that's where you'd likely see us next to support those types of customers' growth.

如同先前的問題所述，我們一直在進行交叉，這主要是在主要市場中，我們看到了從企業到超大規模的需求多樣性，並且對延遲敏感的工作負載也存在位置差異。我們不一定要追到一次性地點，但我們非常清楚這些機會，並且看到我們在這個世界上佔據著突出地位的市場正在不斷擴大和延伸。我認為，您很可能會看到我們下一步支持這類客戶的成長。

For us -- I can't speak to others, but for us, when you talk like these large-scale locations being in our major markets or otherwise, we are aligned with making sure the counterparty risk fits the project. So certainly leaning towards the larger, call it, $1 trillion type companies that are investment grade. And that doesn't mean we don't do business with what I would say the neo clouds, but we've not been involved with major one-off projects to those names to date.

對我們來說——我不能和其他人說話，但對我們來說，當你談論這些大型地點位於我們的主要市場或其他地方時，我們都會確保交易對手風險適合該項目。因此，我們肯定傾向於規模較大、價值 1 兆美元的投資級公司。這並不意味著我們不與 Neo Clouds 開展業務，但迄今為止我們還沒有參與過這些名稱的大型一次性專案。

That concludes The Q&A portion of today's call. I would 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, Nick. Digital Realty delivered another strong quarter, building on our momentum throughout this year. We saw continued strength in our 0-1 megawatt plus iX business with record interconnection bookings, underscoring the strength of our global full spectrum platform. Our backlog grew and now sits at 20% of data center revenue. Our pipeline is at a record level and we are well positioned for better long-term sustainable growth.

謝謝你，尼克。Digital Realty 在本季再次表現出色，延續了我們今年全年的良好勢頭。我們的 0-1 兆瓦以上 iX 業務持續保持強勁勢頭，互連預訂量創下紀錄，凸顯了我們全球全頻譜平台的實力。我們的積壓訂單不斷增加，目前佔資料中心收入的 20%。我們的管道處於創紀錄的水平，我們已準備好實現更好的長期可持續增長。

This is a special time in our industry. Demand has never been stronger. We've positioned the company to meet the challenges of this moment with a strong and growing value proposition, enhanced innovation and an evolved funding strategy that enables us to better meet the needs of our customers while improving our overall returns.

這是我們行業的一個特殊時期。需求從未如此強勁。我們已為公司定位，以強大且不斷增長的價值主張、增強的創新和不斷發展的融資策略來應對當前的挑戰，這使我們能夠更好地滿足客戶的需求，同時提高我們的整體回報。

I'm incredibly proud of our talented and dedicated colleagues who continue to execute at an exceptionally high level, and I thank you all for your hard work.

我為我們才華橫溢、敬業奉獻的同事們感到無比自豪，他們繼續以極高的水平執行工作，我感謝大家的辛勤工作。

I'm excited by the opportunity that lies ahead and remain focused on delivering for our customers, partners and shareholders. Thank you all for joining us today.

我對未來的機會感到興奮，並將繼續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。