Digital Realty Trust, Inc. (DLR) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to the Digital Realty second-quarter 2026 earnings call. Please note, this event is being recorded. (Operator Instructions)

下午好，歡迎參加 Digital Realty 2026 年第二季財報電話會議。請注意，本活動將被錄音。（接線員指示）

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.

現在我想把電話交給 Digital Realty 公私募投資人關係資深副總裁 Jordan Sadler。Jordan，請開始。

Thank you, operator, and welcome, everyone, to Digital Realty's second-quarter 2026 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，也歡迎各位參加 Digital Realty 2026 年第二季財報電話會議。今天與我一同出席的有總裁暨執行長 Andy Power，以及財務長 Matt Mercier；投資長 Greg Wright、技術長 Chris Sharp 與營收長 Colin McLean 也在線上，並將在問答環節提供回應。

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. This call will contain certain non-GAAP financial information. Reconciliations to the most directly comparable GAAP measures are included in the supplemental package furnished to the SEC and available on our website.

管理層將在今天的電話會議中作出前瞻性陳述，包括財測指引及其基礎假設。前瞻性陳述係基於包含風險與不確定性的預期，可能導致實際結果出現重大差異。如需進一步了解與本公司業務相關的風險，請參閱我們的 10-K 以及其後向 SEC 提交的文件。本次電話會議將包含若干非 GAAP 財務資訊。與最直接可比的 GAAP 指標之調節表，已收錄於提交給 SEC 的補充資料包中，並可於我們的網站取得。

Before I turn the call over to Andy, let me offer a few key takeaways from our second-quarter results. First, we had an extraordinarily productive quarter, reflecting strong execution across our key growth vectors, which translated into meaningful upside versus our expectations across revenues, adjusted EBITDA, and core FFO. Core FFO, excluding net promote income reached $2.13 per share in the second quarter, exceeding our expectations in delivering 14% year-over-year growth. Accordingly, we are once again raising our 2026 core FFO per share guidance range, implying 10% constant currency growth at the midpoint.

在我把電話交給 Andy 之前，先分享幾項第二季業績的重點摘要。第一，我們本季表現極為亮眼，反映我們在關鍵成長向量上的強勁執行力，並使營收、調整後 EBITDA 與核心 FFO 均較我們原先預期出現顯著上行。第二季核心 FFO（不含淨提成收入 net promote income）達到每股 2.13 美元，超出我們預期，並實現年增 14%。因此，我們再次上調 2026 年核心 FFO 每股指引區間，以中位數計算，代表以固定匯率計年增 10%。

Second, Bookings in the quarter were impressive overall with record 01-megawatt plus interconnection signings that surpassed the $100 million mark. But the real standout this quarter was renewal spreads, which surged to a record 25%-plus. And just after quarter end, we signed two hyperscale leases, further demonstrating the momentum in our greater than a megawatt category.

第二，本季整體簽約表現亮眼，其中 0 至 1 兆瓦以上的互連（interconnection）簽約創下紀錄，並突破 1 億美元大關。但本季最突出的亮點是續約價差（renewal spreads），飆升至創紀錄的 25% 以上。且在季後不久，我們簽下兩筆超大規模（hyperscale）租約，進一步展現我們在大於 1 兆瓦類別的動能。

Third, strong bookings pushed our total backlog to a new record of $1.9 billion at 100% share or $1.4 billion at Digital Realty share before accounting for the post quarter signings. The backlog was roughly 30% of in-place data center revenue at the end of June, which should support multiple years of double-digit growth.

第三，強勁的簽約推動我們的總待履約訂單（backlog）創新高，按 100% 權益計達 19 億美元；按 Digital Realty 權益份額計，在未計入季後簽約前為 14 億美元。截至 6 月底，待履約訂單約相當於既有資料中心營收的 30%，可望支撐未來多年維持雙位數成長。

And finally, we announced four strategic transactions across our four growth pillars of colo and connectivity, hyperscale and strategic private capital. These transactions strengthen Digital Realty's value proposition and are expected to bolster Digital Realty's runway for growth for years to come.

最後，我們宣布了四項策略性交易，涵蓋我們四大成長支柱：機房代管（colo）與連接性、超大規模（hyperscale）以及策略性私募資本。這些交易強化了 Digital Realty 的價值主張，並預期將在未來多年提升 Digital Realty 的成長跑道。

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

接下來，我想把電話交給我們的總裁暨執行長 Andy Power。

Thanks, Jordan, and thanks to everyone for joining our call. There's a lot of good news to share this quarter, driven by broad-based momentum across our business, our global full spectrum strategy, and our team's incredible execution. Our business is firing on all cylinders, and this quarter showcases the strength and scalability of our platform.

謝謝你，Jordan，也感謝各位參加本次電話會議。本季有許多好消息可以分享，這些成果來自我們業務的全面性動能、全球全光譜策略，以及團隊卓越的執行力。我們的業務火力全開，而本季也展現了我們平台的實力與可擴展性。

Over the last several years, we've been planning and executing to deliver full spectrum data center infrastructure solutions to our large and growing customer base. These efforts are clearly bearing fruit. And at the same time, we continue to sell the seeds to deliver the capacity our customers require and to capture the opportunity for which Digital Realty is uniquely positioned.

過去幾年，我們一直在規劃並執行，為我們龐大且持續成長的客戶群提供全光譜資料中心基礎設施解決方案。這些努力顯然已開始開花結果。同時，我們也持續播下種子，以交付客戶所需的容量，並把握 Digital Realty 具備獨特優勢的機會。

Digital Realty delivered record results in the second quarter of 2026, reflecting continued execution across multiple regions, products, and customer segments. We also continue to benefit from the strongest development and leasing pipelines in the company's history, providing confidence in our ability to meet future customer requirements well beyond 2026. Our strategic focus is on our three core pillars of growth: Colocation and Connectivity, hyperscale, and strategic private capital. Together, these complementary components are driving strong performance today and fortifying our foundation for the long term, while enhancing our ability to support the robust demand for digital infrastructure and AI around the world.

Digital Realty 在 2026 年第二季交出創紀錄的成果，反映我們在多個地區、產品與客戶區隔的持續執行力。我們也持續受惠於公司史上最強的開發與租賃管線，讓我們對於滿足 2026 年以後的客戶需求更具信心。我們的策略重點聚焦於三大核心成長支柱：機房代管與連接性（Colocation and Connectivity）、超大規模（hyperscale）以及策略性私募資本。這些互補的組成要素共同推動當前的強勁表現並鞏固長期基礎，同時提升我們在全球支援數位基礎設施與 AI 強勁需求的能力。

Let me begin by focusing on Colocation and Connectivity, which remains one of the most differentiated aspects of the Digital Realty platform. As AI deployments continue to evolve, we believe customers increasingly value environments that combine power, proximity, and connectivity. During the second quarter, we delivered yet another bookings record in our colocation and Interconnection business. Approximately two years ago, bookings in our 0 to 1 megawatt plus Interconnection business were averaging about 50 million per quarter.

我先從機房代管與連接性談起，這仍是 Digital Realty 平台最具差異化的面向之一。隨著 AI 部署持續演進，我們相信客戶愈來愈重視能同時結合電力、鄰近性與連接性的環境。在第二季，我們的機房代管與互連業務再次創下簽約紀錄。約兩年前，我們 0 至 1 兆瓦以上互連業務的簽約額平均每季約 5,000 萬美元。

We set a goal of doubling that level over time by focusing on the growing importance of highly connected digital infrastructure. During the second quarter, we achieved that objective for the first time, delivering 108 million of bookings in our 0 to 1 megawatt plus Interconnection business and marking a third consecutive quarterly record. This milestone reflects strong demand and continued success in capturing highly connected enterprise and service provider deployments.

我們設定目標，隨時間推進，透過聚焦高度互連的數位基礎設施日益重要的趨勢，將該水準翻倍。在第二季，我們首次達成此目標，在 0 至 1 兆瓦以上互連業務中實現 1.08 億美元的簽約，並連續第三季刷新季度紀錄。此一里程碑反映強勁需求，以及我們在掌握高度互連的企業與服務供應商部署方面的持續成功。

Today, our customers can access a global community of approximately 6,000 cloud, network, enterprise, and service provider customers across more than 300 data centers worldwide. We are also seeing increasing levels of engagement from customers deploying AI-enabled applications. Many AI deployments require organizations to connect data, networks, cloud platforms, and end users in efficient and scalable ways and this dynamic plays directly to the strengths of PlatformDIGITAL.

目前，我們的客戶可在全球超過 300 座資料中心中，連結約 6,000 家雲端、網路、企業與服務供應商客戶所構成的全球社群。我們也看到部署 AI 應用的客戶參與度持續提升。許多 AI 部署需要組織以高效率且可擴展的方式連結資料、網路、雲端平台與終端使用者，而這一動態正好契合 PlatformDIGITAL 的優勢。

Turning to hyperscale. Demand for large-scale deployments remains healthy and increasingly global, though the pace and scale of activity vary across regions. Activity during the quarter was led by the Americas with particularly strong contributions from South America, while APAC continues to support a growing pipeline of larger opportunities. We also continue to see customer engagement across Europe albeit a generally smaller scale, reinforcing the broad-based nature of demand for digital infrastructure.

接著談超大規模（hyperscale）。大型部署需求仍然健康，且日益全球化，儘管各地區的活動節奏與規模有所不同。本季活動由美洲地區領先，其中南美洲貢獻尤為強勁；同時，亞太地區（APAC）持續支撐更大型機會的成長管線。我們也持續看到歐洲客戶的參與，雖然整體規模普遍較小，但進一步印證數位基礎設施需求的廣泛性。

Subsequent to quarter end, we signed two additional hyperscale leases in the US representing another $410 million of annualized GAAP base rent at 100% share or $205 million at Digital Realty share. While hyperscale leasing can be episodic from quarter to quarter, we remain encouraged by both the breadth of customer activity and the strength of our pipeline.

在季後，我們於美國額外簽下兩筆超大規模租約，按 100% 權益計，新增年化 GAAP 基礎租金（base rent）4.10 億美元；按 Digital Realty 權益份額計為 2.05 億美元。雖然超大規模租賃在各季度之間可能呈現間歇性，但我們仍對客戶活動的廣度以及管線的強度感到鼓舞。

In late June, we announced the acquisition of Blackstone's ownership interest in three fully leased hyperscale data centers in Northern Virginia, totaling 288 megawatts of IT capacity. The transaction accretively increased our ownership in a set of best-in-class facilities that we have designed, constructed and leased and does so at an attractive entry point while continuing to partner with Blackstone on the remaining 400-plus megawatts in our development venture.

在 6 月下旬，我們宣布收購 Blackstone 在維吉尼亞州北部三座已全數出租的超大規模資料中心之持股權益，合計 IT 容量為 288 兆瓦。該交易以增益方式（accretively）提高了我們在一組同級最佳設施中的持股比例；這些設施由我們設計、建造並出租；同時也在具吸引力的進場點完成，並持續與 Blackstone 就我們開發合資案中其餘 400 兆瓦以上的容量維持合作。

Also in late June, we announced the expansion into the Kansas City Metro securing 600 megawatts of utility power that begins to ramp in early 2028 with a long-term runway of up to 2 gigawatts of utility power. The timing of power delivery aligns well with customer deployment requirements and reflects the importance of proactively securing capacity ahead of demand.

此外，在六月下旬，我們宣布擴展至堪薩斯城都會區，確保取得600兆瓦的公用事業電力，將於2028年初開始逐步提升供電，並具備長期發展跑道，公用事業電力最高可達2吉瓦。電力交付時點與客戶部署需求高度契合，並反映出在需求到來之前主動鎖定容量的重要性。

Kansas City benefits from strong connectivity supported by extensive long-haul fiber infrastructure, more than 25 network providers and less than 10 millisecond latency to more than 50% of the US population. Combined with its central location and substantial power availability, this market is proving an important hub for AI and cloud workloads with several hyperscaler self-build deployments already underway. Together, these actions enhance our growth trajectory and extend our development runway. Coupled with the strength of our leasing pipeline, they reinforce our ability to support the expanding hyperscale cloud and AI infrastructure needs around the world.

堪薩斯城受惠於強大的連線能力，背後有廣泛的長途光纖基礎設施支撐、超過25家網路供應商，以及對美國超過50%人口低於10毫秒的延遲。結合其中心地理位置與充足的電力供應，該市場正證明是AI與雲端工作負載的重要樞紐，且已有多個超大規模業者（hyperscaler）的自建部署正在進行中。綜合而言，這些行動強化了我們的成長軌跡並延長了我們的開發跑道。再加上我們租賃管線的強勁表現，進一步鞏固我們支援全球不斷擴張之超大規模雲端與AI基礎設施需求的能力。

Turning to our strategic private capital business. Digital Realty has employed private capital to fuel the company's growth for over a decade through a series of financial and strategic joint ventures and more recently, the successful formation of our $3.25 billion US hyperscale data center fund that closed earlier this year.

接著談談我們的策略性私募資本業務。Digital Realty 透過一系列財務與策略性合資企業，運用私募資本推動公司成長已逾十年；而近年來，我們也成功成立了32.5億美元的美國超大規模資料中心基金，並於今年稍早完成募資結案。

Using private capital Digital Realty can scale hyperscale development capacity beyond the limits of our balance sheet to better serve the needs of our largest customers. This approach delivers near-term growth through fee income, expands our product availability and investment capacity, and enhances the return on invested capital to DLR shareholders.

透過私募資本，Digital Realty 能將超大規模開發產能擴展至超越資產負債表限制，以更好地滿足最大客戶的需求。此一作法可透過費用收入帶來短期成長，擴大我們的產品供給與投資能力，並提升DLR股東的投入資本報酬率。

In June, we entered into an agreement to acquire 100% of Columbia Capital, a 30-plus year leading asset management platform in the digital infrastructure space. The Columbia Capital transaction will meaningfully scale our private capital platform, adding more than $9 billion of fund commitments and a well-established base of hundreds of investors, including sovereign wealth funds, pension funds, insurance companies, endowments and other institutional investors. Strategically, Columbia Capital expands our expertise and visibility into adjacent sectors that underpin our data center business, including fiber, mobility and enterprise technology, while allowing us to participate in those opportunities alongside third-party capital rather than relying solely on our balance sheet.

六月，我們達成協議，將收購 Columbia Capital 100%股權；該公司是在數位基礎設施領域深耕逾30年的領先資產管理平台。Columbia Capital 交易將大幅擴充我們的私募資本平台，新增超過90億美元的基金承諾額，並帶來由數百位投資人組成、成熟且穩固的投資人基礎，包括主權財富基金、退休金基金、保險公司、捐贈基金及其他機構投資人。在策略面，Columbia Capital 擴大了我們在支撐資料中心業務之相鄰領域的專業能力與能見度，包括光纖、行動通訊與企業科技；同時也讓我們能與第三方資本共同參與這些機會，而非僅依賴我們自身的資產負債表。

Columbia's experienced investment team and established portfolio complement Digital Realty's global operating platform and will strengthen investment capabilities to take advantage of the expanding AI infrastructure ecosystem. Lastly, this transaction will strengthen our earnings profile and position Digital Realty to drive additional long-term value creation.

Columbia 經驗豐富的投資團隊與既有投資組合，將與 Digital Realty 的全球營運平台形成互補，並強化投資能力，以把握持續擴張的AI基礎設施生態系所帶來的機會。最後，這筆交易將強化我們的獲利結構，並使 Digital Realty 得以推動更多長期價值創造。

During the second quarter, we continue to see both enterprises and hyperscalers expand across PlatformDIGITAL. A few examples include: a multinational financial firm is growing its PlatformDIGITAL footprint, by deploying private AI inference capabilities to enable data exchange across financial, network and cloud ecosystem partners. A GPU as a service provider, together with a global AI infrastructure company, are deploying in PlatformDIGITAL's new data center in Barcelona to increase networking capacity and reduce costs while creating a distributed inference AI-ready ecosystem to support advanced AI workloads for growing enterprise demand.

在第二季期間，我們持續看到企業客戶與超大規模業者在 PlatformDIGITAL 上擴張。舉幾個例子：一家跨國金融機構正擴大其 PlatformDIGITAL 佈局，部署私有AI推論能力，以促進其金融、網路與雲端生態系夥伴之間的資料交換。一家GPU即服務供應商，與一家全球AI基礎設施公司合作，正在 PlatformDIGITAL 位於巴塞隆納的新資料中心部署，以提升網路容量並降低成本，同時打造分散式、可支援AI推論且具備AI就緒能力的生態系，以因應企業需求成長下的先進AI工作負載。

A global financial services company chose PlatformDIGITAL to support next-generation AI infrastructure and inference enabled workloads, leveraging interconnected digital ecosystems. In a global cloud computing and content distribution provider is expanding into a new metro by leveraging the leading connectivity propositions available on PlatformDIGITAL.

一家全球金融服務公司選擇 PlatformDIGITAL 來支援下一代AI基礎設施與具備推論能力的工作負載，並運用互聯的數位生態系。一家全球雲端運算與內容傳遞供應商，正藉由 PlatformDIGITAL 所提供的領先連線價值主張，擴展至新的都會市場。

Before turning the call over to Matt, I'd like to spend a moment on the increased public tension that data centers are receiving and how Digital Realty is doing its part to engage constructively and operate responsibly and sustainably. As an industry, we are becoming significantly more visible. That's understandable. Demand for digital infrastructure continues to grow rapidly and data centers are increasingly recognized as critical infrastructure. Despite the growing role data centers play in our daily lives and the fact that we've been operating as a public company focused on data centers for more than two decades. Most people have never visited one and may not fully appreciate the critical role these facilities play in enabling modern society.

在把電話會議交給 Matt 之前，我想花點時間談談資料中心近期面臨的公眾關注與緊張情緒升高，以及 Digital Realty 如何盡一己之力，以建設性的方式參與溝通，並以負責任且永續的方式營運。就整個產業而言，我們正變得更加顯眼。這是可以理解的。對數位基礎設施的需求持續快速成長，而資料中心也日益被視為關鍵基礎設施。儘管資料中心在我們日常生活中的角色愈來愈重要，而且我們作為一家專注於資料中心的上市公司已營運超過二十年。大多數人從未親自參觀過資料中心，可能也未能充分理解這些設施在支撐現代社會運作上所扮演的關鍵角色。

The reality is that Digital Realty data centers support nearly every aspect of the modern economy. Every cloud application, video call, online class, financial transaction, AI query, streaming service, health care record and social media interaction ultimately depends on digital infrastructure. Whether you're working remotely, connecting with your family across the world, ordering and paying for coffee, food or anything else through an app or online, navigating the globe, using connected devices to track calories, glucose levels, or overall wellness, monitoring your home via doorbell cam, keep a track of your finances in the market, or running a small, medium, or large business, data centers provide the physical foundation that makes those experiences possible.

事實上，Digital Realty 的資料中心支援現代經濟幾乎每一個面向。每一個雲端應用、視訊通話、線上課程、金融交易、AI查詢、串流服務、醫療照護紀錄與社群媒體互動，最終都仰賴數位基礎設施。無論你是在遠端工作、與世界各地的家人聯繫、透過App或線上訂購並支付咖啡與食物或任何其他商品、在全球各地導航、使用連網裝置追蹤熱量、血糖數值或整體健康狀態、透過門鈴攝影機監控住家、追蹤你在市場中的財務狀況，或經營小型、中型或大型企業，資料中心都提供了使這些體驗得以實現的實體基礎。

For Digital Realty, that's something to be proud of. Digital Realty data centers increasingly support economic growth innovation, education, health care, communication, and national competitiveness. They also create high-quality jobs, generate substantial tax revenue for local municipalities that support schools, public safety, support improved resiliency for the utility grid and often serve as a catalyst for broader economic development within the communities where they operate.

對 Digital Realty 而言，這是值得自豪的事。Digital Realty 的資料中心正日益支援經濟成長、創新、教育、醫療照護、通訊以及國家競爭力。它們也創造高品質就業機會，為地方政府帶來可觀稅收以支援學校與公共安全，提升公用事業電網的韌性，並且往往成為其營運所在社區更廣泛經濟發展的催化劑。

In our two decades operating data centers, we have seen these benefits firsthand across the markets we serve around the world. As the data center market grows, we believe it is equally important that our industry continues to grow responsibly. At Digital Realty, we are committed to partnering with our customers, communities, utilities, and policymakers, and we believe our recently published impact report provides transparency on our performance and serves as a useful scorecard for how we're performing against those objectives.

在我們營運資料中心的二十年間，我們已在全球所服務的各個市場親眼見證這些效益。隨著資料中心市場成長，我們認為同樣重要的是，產業必須以負責任的方式持續成長。在 Digital Realty，我們致力於與客戶、社區、公用事業單位與政策制定者合作；我們也相信近期發布的影響力報告，能就我們的表現提供透明度，並作為衡量我們達成這些目標情況的實用記分卡。

Let me touch on a few highlights from the report. During 2025, we achieved 93% renewable energy coverage globally. Matched 25 sites with 100% renewable and emissions-free energy and expanded our contracted renewable energy portfolio to approximately 1.7 gigawatts. These efforts reflect our commitment to supporting customer growth, while remaining a responsible partner to the communities and energy systems in which we operate. Our data centers also play a constructive role in supporting grid reliability, mitigating risks during periods of peak demand, and helping ensure the grid remains reliable for everyone.

我簡要分享報告中的幾個重點。在2025年期間，我們在全球達成93%的再生能源覆蓋率。我們讓25個據點達成100%再生能源與零排放能源的匹配，並將已簽約的再生能源組合擴大至約1.7吉瓦。這些努力反映我們在支持客戶成長的同時，也致力於成為我們營運所在社區與能源系統的負責任夥伴。我們的資料中心也在支持電網可靠性方面扮演建設性角色，在尖峰需求期間降低風險，並協助確保電網對所有人都維持可靠。

In other words, we're not simply consumers of electricity, we also support the resiliency of the broader energy system when it is most needed. From 2023 to 2025, we expanded our portfolio capacity by more than 24% while limiting water consumption growth to just 3% with nearly half of our water source from non-potable supplies. Our 300-plus data centers globally use less water than 18 California golf courses, while there are 16,000 golf courses in the US alone. We are proving that digital infrastructure can scale sustainably while using resources more efficiently.

換言之，我們不僅是用電者；在最需要的時候，我們也支持更廣泛能源系統的韌性。從2023年至2025年，我們在將投資組合容量擴增超過24%的同時，將用水量成長限制在僅3%，且近一半的用水來源為非飲用水。我們在全球300多座資料中心的用水量，少於加州18座高爾夫球場；而僅美國就有16,000座高爾夫球場。我們正在證明，數位基礎設施可以在更有效率使用資源的同時，以永續方式擴張。

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

接下來，我把電話會議交給我們的財務長 Matt Mercier。

Thank you, Andy. Digital Realty delivered double-digit growth across virtually every major operating and financial metrics during the second quarter, reflecting continued momentum in our colocation and Interconnection business, substantial commencements from our growing backlog, exceptional re-leasing spreads, modest churn and increasing fee income. We achieved these results while continuing to invest with conviction in future growth, expanding our development and investment platform and simultaneously maintaining leverage at 4.7 times at quarter end, well below our long-term threshold.

謝謝你，Andy。Digital Realty 在第二季於幾乎所有主要營運與財務指標上皆實現兩位數成長，反映我們機房託管（colocation）與互連（Interconnection）業務動能持續、來自不斷擴大的積壓訂單（backlog）的大量啟租（commencements）、卓越的續租價差、溫和的流失率（churn）以及不斷增加的費用收入。我們在取得這些成果的同時，仍以堅定信念持續投資於未來成長，擴大我們的開發與投資平台，並在季末將槓桿維持在 4.7 倍，明顯低於我們的長期門檻。

Overall, the strong operating environment and our favorable positioning continued to translate into better-than-expected results. We are seeing the strength reflected not only in current earnings but also in our growing backlog and expanding development pipeline, which have improved visibility into future revenue and earnings growth.

整體而言，強勁的營運環境與我們有利的市場定位，持續轉化為優於預期的表現。我們看到這股強勢不僅反映在當期獲利，也反映在持續成長的積壓訂單與擴大的開發管線上，進一步提升我們對未來營收與獲利成長的能見度。

Turning to leasing activity. We posted another strong quarter of bookings across our platform highlighted by record signings in our 0 to 1 megawatt plus Interconnection business and robust demand across our hyperscale product set. In the 0 to 1 megawatt plus interconnection category, we generated a record 108 million of bookings during the quarter representing an 11% increase over the prior record set last quarter.

接著談租賃活動。我們在整個平台再度繳出強勁的一季簽約（bookings）表現，其中以 0 至 1 兆瓦以上的互連業務創下簽約新高，以及超大規模（hyperscale）產品組合需求強勁為亮點。在 0 至 1 兆瓦互連類別中，我們本季創下 1.08 億美元的簽約紀錄，較上季剛創下的前一項紀錄再增加 11%。

Leasing activity in this segment was strong across all three regions, though EMEA achieved a new quarterly record. In contrast to the first quarter, the smallest power bands were the most prominent driver in 2Q with record levels of activity in our sub 300-kilowatt band. The 0 to 1 megawatt business continues to provide an attractive combination of near-term revenue conversion, pricing power and recurring growth.

此分項在三大區域的租賃活動皆強勁，其中 EMEA 更創下新的單季紀錄。與第一季不同的是，第二季最小的電力級距成為最主要的驅動因素，我們在 300 千瓦以下級距的活動量創下紀錄。0 至 1 兆瓦業務持續提供近端營收轉換、定價能力與經常性成長的吸引人組合。

Interconnection bookings of 20.5 million in the quarter also marked a new record, up 18% from the prior year as these bookings benefit from the overall growth in our 0 to 1 megawatt category. The greater than 1 megawatt product category also saw healthy leasing activity in the quarter, led by the Americas, including a record contribution from Sao Paulo. Customer engagements remain robust across this vertical and we continue to source and action capacity throughout our global portfolio. Subsequent to quarter end, we signed two additional hyperscale leases, representing approximately $410 million of annualized rent or $205 million at Digital Realty share.

本季互連簽約達 2,050 萬美元，同樣創下新高，較去年同期成長 18%，主要受惠於我們 0 至 1 兆瓦類別的整體成長。1 兆瓦以上產品類別本季租賃活動亦維持健康，並由美洲地區領軍，其中聖保羅貢獻創下紀錄。此垂直領域的客戶洽談仍相當熱絡，我們也持續在全球資產組合中尋找並落實可用容量。在季末之後，我們又簽署兩筆額外的超大規模租約，折算年化租金約 4.10 億美元，或以 Digital Realty 持股比例計約 2.05 億美元。

Renewal activity was exceptional during the quarter. We signed over $261 million of renewals with cash re-leasing spreads over 25%, reflecting the growing supply-demand imbalance in certain markets, the embedded value within our portfolio and our ability to capture pricing as contracts roll. Combined with the modest churn and strong new leasing activity, these spreads should continue to support attractive organic growth.

本季續約活動表現卓越。我們簽署超過 2.61 億美元的續約，現金續租價差（cash re-leasing spreads）超過 25%，反映部分市場供需失衡加劇、我們資產組合的內含價值，以及我們在合約到期滾動時掌握定價的能力。結合溫和的流失率與強勁的新租賃活動，這些價差應可持續支撐具吸引力的內生成長。

Renewals in the 0 to 1 megawatt category accounted for 55% of total renewals and were also a strong contributor with 5.2% cash mark-to-market. Greater than megawatt renewals accounted for 44% of the total and delivered a remarkable 66.7% mark-to-market. Renewal strength was strongest in the APAC region with outsized spreads realized in Singapore. These renewals highlight the continued imbalance between supply and demand for premium data center capacity and underscore the attractive repricing opportunities that are periodically presented to us in our most highly constrained markets. While the second quarter reflects an exceptional renewal outcome, it also provides a compelling illustration of the value embedded within our lease expiration schedule and the pricing opportunities available in our most -- constrained markets.

0 至 1 兆瓦類別的續約占總續約的 55%，亦有顯著貢獻，現金市價調整（cash mark-to-market）為 5.2%。1 兆瓦以上續約占總續約的 44%，並帶來驚人的 66.7% 市價調整。續約動能以 APAC 區域最強，其中新加坡實現特別突出的價差。這些續約凸顯高品質資料中心容量供需持續失衡，並強調在我們供給最受限的市場中，會不時出現具吸引力的重新定價機會。雖然第二季反映了極為出色的續約成果，但也有力說明我們租約到期時程中所蘊含的價值，以及在我們最—受限市場中可取得的定價機會。

Moving to the backlog, our total backlog reached a new record of $1.9 billion at the end of the second quarter, further enhancing our visibility of future revenue growth. This excludes the benefit of the new $410 million of hyperscale leases signed in July. At Digital Realty share, the backlog increased by 75% since the beginning of the year to a record $1.4 billion. This backlog now represents approximately 30% of our in-place data center rent, highlighting the potential growth that will unfold in the coming years as developments are successfully delivered.

再看積壓訂單，我們在第二季末的總積壓訂單達到 19 億美元的新高，進一步提升我們對未來營收成長的能見度。此數字尚未包含 7 月簽署新增 4.10 億美元超大規模租約的效益。以 Digital Realty 持股比例計，積壓訂單自年初以來增加 75%，達到 14 億美元的新高。目前積壓訂單約相當於我們既有資料中心租金（in-place data center rent）的 30%，凸顯未來幾年隨著開發案成功交付而逐步展開的成長潛力。

During the quarter, we commenced $208 million of annualized rent, marking our third strongest commencement quarter on record. Looking ahead, commencements will accelerate meaningfully as $635 million of annualized rent is scheduled to commence in the second half of 2026 with 45% starting in the third quarter and 55% in the fourth.

本季我們啟租的年化租金達 2.08 億美元，為史上第三強的單季啟租表現。展望未來，啟租將明顯加速，因為 2026 年下半年預計將有 6.35 億美元年化租金開始啟租，其中 45% 於第三季開始、55% 於第四季開始。

Looking into 2027, we have $480 million scheduled to commence with another $312 million already slated for 2028 and beyond. These future commencements reflect continued strong execution across our leasing, development and delivery platforms enhanced by the strategic transactions completed during the second quarter. With the substantial portion of future revenue already under contract, we entered second half of 2026 with a high degree of confidence in our growth outlook and a strong foundation for continued earnings growth into 2027 and 2028.

展望 2027 年，我們預計將有 4.80 億美元開始啟租，另有 3.12 億美元已排定於 2028 年及以後啟租。這些未來啟租反映我們在租賃、開發與交付平台上的持續強勁執行力，並受第二季完成的策略性交易所強化。由於相當大部分的未來營收已在合約中鎖定，我們以高度信心進入 2026 年下半年，對成長展望具備堅實把握，並為 2027 與 2028 年持續的獲利成長奠定強勁基礎。

As for earnings, we reported core FFO of $2.65 per share for the second quarter, including a $0.52 benefit from net promote income. Excluding net promote income, core FFO was a record $2.13 per share, up 14% year over year, reflecting strong execution, elevated commencements, growing fee income associated with our strategic private capital platform and seasonally low repair and maintenance expenses. Core FFO also included $0.02 of upside from FX and a $0.07 per share net benefit from business interruption insurance proceeds from lost rent related to an incident in Singapore.

就獲利而言，我們第二季每股核心 FFO 為 2.65 美元，其中包含淨分成收益（net promote income）帶來的 0.52 美元貢獻。若排除淨分成收益，核心 FFO 創下每股 2.13 美元的紀錄，年增 14%，反映強勁執行、較高的啟租量、與我們策略性私募資本平台相關且持續成長的費用收入，以及季節性偏低的修繕與維護費用。核心 FFO 亦包含匯率（FX）帶來的每股 0.02 美元上行，以及因新加坡事件導致租金損失而取得的營業中斷保險理賠所帶來的每股 0.07 美元淨收益。

Let me provide some additional detail. As noted, we benefited from two significant sources of upside in the quarter. First, we received $113 million of proceeds or $94 million net of tax associated with an insurance recovery from an event and claim made in 2024. This recovery reflects the final settlement and most significant portion of that claim that was recognized during the quarter.

我再補充一些細節。如前所述，本季我們受惠於兩項重要的上行來源。第一，我們收到與 2024 年某事件及其提出的理賠相關的保險理賠款 1.13 億美元，或扣稅後 9,400 萬美元。此理賠反映該理賠案的最終和解，亦為本季認列的該理賠案中最重要的一部分。

In terms of financial statement geography, the $113 million recovery was recognized in interest and other income whereas the related $19 million tax liability was recorded as income tax expense. Of the $94 million net gain, approximately $67 million was related to property damage and therefore, excluded from core FFO. The remaining $27 million or approximately $0.07 per share represented the business interruption component or payment for lost rent, which was included in core FFO. The $0.07 was contemplated in our full year guidance, the timing was imprecise.

就財報科目歸類而言，1.13 億美元的理賠認列於利息及其他收入，而相關的 1,900 萬美元稅負則記錄為所得稅費用。在 9,400 萬美元的稅後淨收益中，約 6,700 萬美元與財產損害相關，因此自核心 FFO 中排除。其餘 2,700 萬美元（約每股 0.07 美元）為營業中斷部分，即對租金損失的補償，並納入核心 FFO。每股 0.07 美元已納入我們全年指引中，但入帳時點並不精確。

Second, Digital Realty realized roughly $200 million of promote income associated with the Blackstone transaction this quarter, reflecting the value creation generated through the development and lease-up of the three joint venture assets. The $188 million or $0.52 per share recognized in our core FFO reconciliation is net of $14 million of related expenses. The gross promote income was recognized in fee income and therefore, included in total revenue, whereas the related expenses are reflected in other expenses.

第二，Digital Realty 本季因 Blackstone 交易認列約 2.00 億美元的分成收益（promote income），反映透過三項合資資產的開發與出租所創造的價值。在我們的核心 FFO 調節表中認列的 1.88 億美元（或每股 0.52 美元）已扣除 1,400 萬美元的相關費用。分成收益總額認列於費用收入，因此納入總營收；而相關費用則反映於其他費用。

While promote income is new to Digital Realty, it should be viewed as a value creation-oriented gain, reflecting successful outcomes for our JV partners and investors that may be realized periodically over time. The promote demonstrates the value creation potential from combining our development capabilities and operating platform with our strategic private capital business.

雖然「促成收益」（promote income）對 Digital Realty 而言是新項目，但應將其視為以價值創造為導向的收益，反映我們合資（JV）夥伴與投資人成功的成果，並可能隨時間推移而在不同期間逐步實現。該促成收益展現了將我們的開發能力與營運平台，結合我們策略性私募資本業務所帶來的價值創造潛力。

Given the potential for additional promote income in the future, it is judged as core FFO. However, since this promote was not reflected in our 2026 guidance, we have presented core FFO results both including and excluding impact. Looking forward to the third quarter, we expect reported core FFO excluding promote to moderate slightly as strong commencements are partly balanced by the seasonal ramp in net utility and R&M expenses, a pickup in CapEx spending and asset recycling activity as well as elimination of the $0.02 FX benefit we enjoyed in 2Q.

鑑於未來可能產生額外的促成收益，因此其被判定為核心 FFO 的一部分。然而，由於此項促成收益未反映於我們的 2026 年指引中，我們同時呈列了包含與不包含其影響的核心 FFO 結果。展望第三季，我們預期在排除促成收益後的已揭露核心 FFO 將略為趨緩，因強勁的起租（commencements）部分將被公用事業淨成本與維修與保養（R&M）費用的季節性上升、資本支出（CapEx）支出增加與資產循環（asset recycling）活動回升，以及我們在第二季享有的 0.02 美元外匯（FX）利多消失所抵銷。

Same capital cash NOI growth strengthened further in the second quarter, increasing 8.9% year over year, driven by 8.2% revenue growth and disciplined expense management. On a constant currency basis, same capital cash NOI increased 7.2%, reflecting higher occupancy, robust renewal spreads and strength in interconnection.

第二季同資本口徑的現金 NOI 成長進一步走強，年增 8.9%，主要受 8.2% 的營收成長與嚴謹的費用管理所帶動。以固定匯率基礎計算，同資本現金 NOI 增加 7.2%，反映更高的入住率、強勁的續約價差（renewal spreads）以及互連（interconnection）業務的強勢表現。

Moving on to investment activity. We invested $1.1 billion in development CapEx during the quarter, net of our partner share, bringing year-to-date capital spending to $2 billion. We also completed a handful of meaningful land acquisitions in the quarter in Kansas City, Marseille, and Atlanta that expanded our future development capacity along with the acquisition of operating and development assets in Malaysia. These activities reflect our continued focus on disciplined capital allocation, expanding capacity in markets where we see the strongest customer demand, and positioning the platform for future growth.

接著談投資活動。本季我們在開發資本支出上投資 11 億美元（扣除合作夥伴分攤後），使年初至今的資本支出達到 20 億美元。我們亦於本季完成數筆具意義的土地收購，地點包括堪薩斯市、馬賽與亞特蘭大，擴充我們未來的開發量能，並同時收購馬來西亞的營運與開發資產。這些活動反映我們持續聚焦於嚴謹的資本配置，在我們看到客戶需求最強勁的市場擴充產能，並為平台的未來成長做好布局。

During the quarter, we delivered 76 megawatts of new IT capacity, approximately 60% of which was preleased. At the same time, we commenced development of 312 megawatts of capacity including significant available inventory in Northern Virginia and Marseille to support future customer deployments. These development starts reflect both the strength of customer demand and our confidence in the opportunities we see across the platform. As a result, our development pipeline expanded to 1.4 gigawatts under construction at a total cost of $20 billion, representing a 100% increase during the first half of 2026.

本季我們交付了 76 兆瓦的新 IT 容量，其中約 60% 已預租。同時，我們啟動了 312 兆瓦的開發，包括北維吉尼亞與馬賽大量可用庫存，以支援未來客戶部署。這些開工案反映客戶需求的強勁，以及我們對平台各項機會的信心。因此，我們的開發管線擴大至 1.4 吉瓦在建規模，總成本 200 億美元，代表 2026 年上半年增加 100%。

Pro forma, the hyperscale leasing completed in July, the development pipeline is now 63% pre-leased at an 11.5% average expected stabilized yield. More than 80% of our active development pipeline is located in the Americas, reflecting outsized demand from hyperscale cloud and AI-oriented workloads. While Northern Virginia remains our largest development market, we also have significant activity underway in Charlotte, Atlanta, and Sao Paulo and expect to begin construction in Kansas City during the second half of the year, further expanding our capacity in markets where we see the strongest long-term demand. Collectively, these projects provide both near-term deployment opportunities and substantial runway for future growth.

以備考（pro forma）計，包含 7 月完成的超大規模（hyperscale）租賃後，開發管線目前已預租 63%，平均預期穩定化收益率為 11.5%。我們現行開發管線中超過 80% 位於美洲地區，反映超大規模雲端與 AI 導向工作負載帶來的超額需求。雖然北維吉尼亞仍是我們最大的開發市場，但我們在夏洛特、亞特蘭大與聖保羅亦有顯著進展，並預期於下半年在堪薩斯市開始施工，進一步在我們認為長期需求最強的市場擴充產能。整體而言，這些專案同時提供短期部署機會與可觀的未來成長跑道。

Turning to the Blackstone transaction. We paid $1.2 billion in cash and issued 12.3 million shares valued at approximately $2.3 billion for Blackstone's blended from 64% equity interest, three fully leased hyperscale data centers, Northern Virginia, totaling 288 megawatts of capacity. We also assumed our partner share of a $725 million loan and the remaining CapEx necessary to finalize the construction and fit out of these assets.

接著談黑石（Blackstone）交易。我們以 12 億美元現金支付，並發行 1,230 萬股、價值約 23 億美元的股票，收購黑石所持有之混合計算的 64% 股權權益，標的為位於北維吉尼亞、三座已全數出租的超大規模資料中心，合計 288 兆瓦容量。我們亦承擔合作夥伴分攤的 7.25 億美元貸款，以及完成這些資產建造與機電裝修（fit out）所需的剩餘資本支出。

From a timing perspective, we expect the first two facilities to fully stabilize during the first half of 2027. And with the third expected to stabilize during the first half of 2028. Despite closing on these assets pre stabilization, we are still raising full year 2026 guidance by another 1.5%. We also expect this transaction to be accretive to core FFO per share in both 2027 and 2028 to help support our outlook for multiple years of double-digit core FFO per share growth. In addition to this transaction, we also announced our plans to acquire a 16% interest in Teraco for roughly $650 million of DLR common stock and Columbia Capital for approximately $485 million, which are expected to close in the second half of the year.

就時程而言，我們預期前兩座設施將於 2027 年上半年完全達到穩定化。第三座則預期於 2028 年上半年穩定化。儘管我們在這些資產尚未穩定化前即完成交割，我們仍將 2026 全年指引再上調 1.5%。我們亦預期此交易在 2027 與 2028 年皆將對每股核心 FFO 具增益（accretive），以支持我們對未來多年每股核心 FFO 兩位數成長的展望。除本交易外，我們也宣布計畫以約 6.5 億美元的 DLR 普通股收購 Teraco 16% 權益，並以約 4.85 億美元收購 Columbia Capital，預期將於下半年完成交割。

Turning to the balance sheet, the second quarter was highlighted by a continued multiyear trough in leverage as debt to adjusted EBITDA remained at just 4.7 times at quarter end despite completing nearly $6 billion of net new investment activity during the quarter. Notably, leverage falls below 4.6 times when adjusting for the timing of the Blackstone JV transaction, which closed on the last day of the second quarter.

接著談資產負債表。第二季的重點在於槓桿率持續處於多年低點：儘管本季完成近 60 億美元的淨新增投資活動，期末債務對調整後 EBITDA 仍僅為 4.7 倍。值得注意的是，若就黑石 JV 交易的時點進行調整（該交易於第二季最後一日完成交割），槓桿率將降至 4.6 倍以下。

Over the past 12 months, leverage has declined by approximately 0.4 turns reflecting the strength of our operating performance, increased retained capital, tactical equity issuance to support our expanded opportunity set. We maintain approximately $6 billion of liquidity today and an ample incremental borrowing capacity below our long-term 5.5 times leverage threshold.

過去 12 個月，槓桿率約下降 0.4 倍，反映我們營運表現強勁、留存資本增加，以及為支持擴大的機會集合而進行的策略性股權發行。目前我們維持約 60 億美元的流動性，且在長期 5.5 倍槓桿門檻以下仍有充足的額外借款能力。

We also continue to expand our strategic private capital platform as we build investment capacity to support the significant hyperscale opportunity ahead of us. Along with the dry powder that remains with our hyperscale development joint venture, we estimate that we have over $12 billion of remaining capacity to support hyperscale data center development. Taken together, these initiatives strengthen our ability to support customer demand, fund our expanding development pipeline and capitalize on future growth opportunities while maintaining financial flexibility and balance sheet strength.

我們也持續擴大策略性私募資本平台，建立投資量能，以支援我們面前龐大的超大規模機會。連同我們超大規模開發合資企業仍保有的可用資金（dry powder），我們估計仍有超過 120 億美元的剩餘量能可用於支持超大規模資料中心開發。綜合而言，這些舉措強化我們在維持財務彈性與資產負債表穩健的同時，支援客戶需求、為擴大的開發管線提供資金，並把握未來成長機會的能力。

Let me conclude with guidance. We are raising our 2026 core FFO per share guidance, excluding net promote income by $0.15 at the low end and $0.10 at the high end to a new range of $8.15 to $8.20 per share, reflecting the continued strong execution across our data center portfolio and our high visibility for the remainder of the year. The midpoint of the updated range represents double-digit growth over 2025, which would mark our second consecutive year of double-digit core FFO per share growth.

最後以指引作結。我們上調 2026 年每股核心 FFO 指引（不含淨促成收益），低端上調 0.15 美元、高端上調 0.10 美元，至每股 8.15 至 8.20 美元的新區間，反映我們在資料中心投資組合上的持續強勁執行力，以及對今年剩餘期間的高度能見度。更新後區間的中點相較 2025 年代表兩位數成長，這將是我們連續第二年達成每股核心 FFO 兩位數成長。

We also expect cash renewal spreads of 9% to 11%, up another 250 basis points from last quarter, driven by strong performance year-to-date with a healthy outlook for the remainder of the year. Same capital cash NOI growth of 4.25% to 5.25% on a constant currency basis, up 25 basis points. CapEx, net of partner contributions is expected to increase by $750 million from last quarter to [$4.25 billion] to $4.75 billion, driven by our recent leasing success and the strong demand outlook.

我們亦預期現金續約價差為 9% 至 11%，較上季再提高 250 個基點，主要受年初至今的強勁表現與對今年剩餘期間的健康展望所帶動。以固定匯率基礎計算，同資本現金 NOI 成長為 4.25% 至 5.25%，上調 25 個基點。資本支出（CapEx）在扣除合作夥伴出資後，預期較上季增加 7.5 億美元至 [$4.25 billion] 至 47.5 億美元，主要由近期租賃成功與強勁的需求展望所驅動。

And we are also continuing to recycle capital to fund this new investment and have added another $500 million to our dispositions and JV capital guidance. Importantly, our current backlog of contracted commencements, development pipeline and recent strategic transactions give us increased confidence in our ability to extend our double-digit core FFO per share growth runway into 2027 and beyond.

同時，我們也持續透過資本循環來為這些新投資提供資金，並將處分與 JV 資本指引再增加 5 億美元。重要的是，我們目前已簽約的起租待履約量（backlog of contracted commencements）、開發管線以及近期策略性交易，使我們更有信心能將每股核心 FFO 兩位數成長的跑道延伸至 2027 年及更遠。

This concludes our prepared remarks, and now we will be pleased to take your questions. Operator, would you please begin the Q&A session?

以上為我們預先準備的發言，接下來我們很樂意回答各位的提問。接線員，請開始問答環節。

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

好的。我們現在開放來電提問。(接線員指示)

Eric Luebchow, Wells Fargo.

Eric Luebchow，富國銀行。

Hi. Thanks for the question, guys. Maybe we could just touch on your comment, Matt, about double-digit FFO growth for multiple years to come, and you could kind of just help us walk through some of the puts and takes. First of all, obviously, the Blackstone Teraco, Columbia Capital deals, you talked about meaningful accretion starting to next year. So if you could walk through any of the accretion math for us there.

嗨。謝謝讓我提問，各位。也許我們可以先談談你剛才的評論，Matt，關於未來數年將維持兩位數的 FFO 成長，你能否協助我們梳理一下其中的利多與利空因素。首先，顯然 Blackstone Teraco、Columbia Capital 這些交易，你提到從明年開始會有顯著的增益（accretion）。所以如果可以的話，請帶我們走一遍那邊的增益計算。

And then it certainly sounds like given the success you've had in leasing year-to-date that CapEx is going to be meaningfully higher next year. So just if you could kind of talk through the balancing act between accretion on deals, continued growth and then capital funding to hit that double-digit growth target, that would be helpful.

另外，聽起來鑑於你們今年迄今在租賃上的成功，明年的資本支出（CapEx）將會明顯更高。所以如果你能談談在交易增益、持續成長，以及為了達成兩位數成長目標所需的資金籌措之間如何取得平衡，會很有幫助。

Yeah. Thanks, Eric. Look, I think, look, we've set the stage in terms of our growth algorithm that you're seeing happen this year with our guidance raise is now putting this 10%, last year, delivering 10%. And really, we're ultimately we're executing across several growth levers to stack up these multiple years of 10% growth.

是的。謝謝你，Eric。我想，我們已經就你今年看到的成長演算法鋪陳好了舞台；隨著我們上調指引，今年現在是 10%，去年也交出 10%。而且最終我們是在多個成長槓桿上同時執行，疊加起來形成未來多年的 10% 成長。

And again, taking some examples. We got renewal execution this quarter that gives us an opportunity to drive higher value out of our operating portfolio in a very supply-constrained environment. We continue to execute on our hyperscale leasing, which is building a deeper multiyear backlog.

再舉幾個例子。本季我們在續約執行上表現出色，讓我們在供給高度受限的環境下，有機會從既有營運資產組合中創造更高價值。我們也持續推進超大規模（hyperscale）租賃，建立更深的多年期積壓訂單（backlog）。

We're also setting another record in our 0 to 1 and interconnection demand, which is driving more -- not only more immediate revenue growth, but also improving our long-term revenue base. And then you add the capital, which is giving us an ability to fund additional capacity while also generating fee income. So it's all these things coming together that you've seen this year that, again, goes back to giving us confidence in our ability to extend that double-digit core FFO growth per share into not only this year, but into '27 and beyond.

我們在 0 到 1 以及互連（interconnection）需求方面也再創紀錄，這不僅帶來更即時的營收成長，也改善我們的長期營收基礎。再加上資本端的投入，使我們既能為新增容量提供資金，同時也能產生費用收入。因此，正是這些因素在今年共同發力，也再次讓我們有信心把每股核心 FFO 的兩位數成長延伸到不僅是今年，還包括 2027 年及以後。

Nick Del Deo, MoffettNathanson.

Nick Del Deo，MoffettNathanson。

All right, thanks for taking my question. Looking out over the next several years, how should we think about the evolution of your asset mix kind of split between network dense colo, on balance sheet, hyperscale or large footprint facilities and assets held in various off-balance sheet vehicles. You're obviously pushing hard in all three areas. I'm kind of curious as to how that is going to shift if we look out three years or five years or whatever you think the appropriate time frame is.

好的，謝謝讓我提問。展望未來幾年，我們應該如何看待你們資產組合的演變，例如在網路密集型共置（colo）資產、資產負債表內的 hyperscale 或大型園區設施，以及持有於各種表外載體中的資產之間的分配？你們顯然在這三個領域都很積極。我想了解的是，如果我們往後看三年、五年，或你認為合適的時間範圍，這個結構會如何改變。

Hey, thanks, Nick. So as you can see, these items are all firing on all cylinders here. So first and foremost, colo connectivity, that's been a part of, call it, rolling out incremental inventory in our core markets. We've also added numerous markets in the recent quarters, be it entering to Malaysia or Indonesia or in Europe going to Lisbon. We had a great signing into our Barcelona data center that we built from the ground up on the enterprise colo front.

嗨，謝謝你，Nick。如你所見，這些項目目前都在全面發力。首先也是最重要的，共置連接性（colo connectivity）一直是我們在核心市場逐步釋出新增庫存的一部分。我們在最近幾季也新增了多個市場，例如進入馬來西亞或印尼，或是在歐洲進入里斯本。在企業共置方面，我們從零開始建置的巴塞隆納資料中心也簽下了很好的合約。

Rome is coming up as well as Milan. And so entering more markets, more places for enterprise customers to land as well as our connectivity customers and then within that increasing of our addressable market execution. So three consecutive quarters in a row of records in the 0 to 1 megawatt category.

羅馬也即將推出，米蘭亦然。因此，我們進入更多市場，為企業客戶以及連接性客戶提供更多落地點，同時在此基礎上擴大可服務市場（addressable market）的執行。因此在 0 到 1 兆瓦類別，我們已連續三季創下紀錄。

This quarter was certainly a milestone of 20% year over year. But if you literally go back two years ago in this quarter, we're about 2x in the productivity and signings in that category. And all that activity by and large, is really on balance sheet. So increasing our mix in that category. As we add new customers, 142 new logos this quarter, expand to new markets and new services with existing customers.

本季年增 20% 當然是一個里程碑。但如果你回頭看兩年前同一季，我們在該類別的生產力與簽約量大約是當時的 2 倍。而這些活動大體上都在資產負債表內。因此我們提高了該類別的占比。同時，我們也在新增客戶（本季新增 142 個新客戶標誌）、拓展新市場，以及為既有客戶提供新服務。

At the same time, we've also been able to expand and support our hyperscale customers. They're off to a great start to the year with, call it, really $1.4 billion of signings including the $400 million signing we signed in the first days of July, which is already eclipsing basically what we did for the entirety of a total size basis of last year, and we're just at call it half time of 2026. That hyperscale, obviously, hasn't even hit our P&L, but a lot of those signings go into our development pipeline.

同時，我們也能擴張並支援 hyperscale 客戶。他們今年開局非常好，簽約金額約 14 億美元，其中包含 7 月初幾天內簽下的 4 億美元合約；這基本上已超過我們去年全年的總規模，而現在我們才大約在 2026 年的上半場。這些 hyperscale 合約顯然尚未反映在我們的損益表（P&L）上，但其中許多簽約會進入我們的開發管線。

And we are looking at raising private capital to essentially create recycling vehicles. And a great example of that was our inaugural US hyperscale fund with $3.25 billion upsized call it, $10 billion of total dry powder and spend just by itself, and we see it at about $1 billion of assets. So you can see the playbook. We're supporting the full customer spectrum and using the private capital as a lever for to call it, better funding our capital base and supporting our customers.

我們也在考慮募集私募資本，以建立資產循環（recycling）載體。一個很好的例子是我們首支美國 hyperscale 基金，規模增至 32.5 億美元；若以總可用資金（dry powder）與投入來看，合計約 100 億美元，而就其本身而言，我們看到約 10 億美元的資產。所以你可以看到這套打法。我們支援完整的客戶光譜，並把私募資本作為槓桿，用於更好地為我們的資本基礎提供資金並支援客戶。

Michael Rollins, Citi.

Michael Rollins，花旗。

Thanks and good afternoon. I'm curious if you could help us appreciate the timing for the development pipeline that you have, how much power has been like fully committed to you guys and is coming on for each of the next few years. Just to understand like how much is left that you have to sell and over which periods?

謝謝，下午好。我想請你們協助我們理解你們開發管線的時程：有多少電力容量已經完全承諾給你們，並會在未來幾年各自上線？也就是想了解還剩多少需要你們去銷售，以及分布在哪些期間？

And then also, you mentioned the strength of the fee income and the opportunity going forward. Is there a simple algorithm you can walk us through on how that fee income should scale for Digital Realty over the next few years?

另外，你提到費用收入（fee income）的強勁以及未來機會。是否有一個簡單的演算法可以帶我們理解，未來幾年 Digital Realty 的費用收入應該如何擴張？

Hey, thanks, Mike. I'll touch on the development first, and then I'll hand it off to Matt to kind of walk through some of the sequencing in the fee income, which you can see has been ramping over the last several quarters, and we'll continue to do so as asset management fees, property management fees, construction fees come online for various projects in these vehicles.

嗨，謝謝你，Mike。我先談開發部分，然後把問題交給 Matt，請他說明費用收入的一些節奏；你可以看到過去幾季費用收入一直在爬升，未來也會持續，因為在這些載體中的各個專案，資產管理費、物業管理費、建設費等將陸續開始貢獻。

But going to development, so today, as of 6/30, we have about north of $20 billion of projects under development at full share. That's a 11.5% ROI. The leasing we did just in early July was actually into that $20 billion, and that raised the preleasing of that capacity to call it 63 and change percent pre-leased. That is, call it, 1.4 gigawatts.

回到開發部分，截至 6/30，以全額持股口徑（full share）計算，我們目前有超過 200 億美元的在建專案。投資報酬率（ROI）為 11.5%。我們在 7 月初完成的租賃其實就包含在這 200 億美元之中，並將該容量的預租率提高到約 63% 多。這相當於約 1.4 吉瓦（gigawatts）。

Obviously, all powered ready to go. We're building the buildings and leasing into them. If you look at that, that's about a 45% expansion of just over 3 gigawatts we operate today. So big needle-moving capacity, highly preleased, strong returns, great customers, diversified over numerous markets, as you can see, and a very strong contribution to growth of new units coming online.

顯然，全部都已通電、隨時可投入使用。我們正在興建這些建築，並將其出租。如果你看這個，這大約相當於在我們目前營運的略高於 3 吉瓦基礎上，擴張約 45%。因此這是能顯著帶動成長的龐大產能，高度預租、報酬強勁、客戶優質，且如你所見，分散於多個市場，並對新機組上線帶來非常強的成長貢獻。

That $1.4 million of growth capacity is within an overall envelope of now, it stands at 9 gigawatts of growth runway for Digital Realty's customers around the world, which we recently added to with some of the markets that we had in the prepared remarks. The nearest term segments of, call it, let's just call it the what's up next in our customers are talking to us about, we're in active dialogue on is probably, call it, close to 1.5 gig of the '27 and 2028 deliveries. So that's certainly on the forefront.

這 140 萬美元的成長產能，位於一個更大的整體框架之內：目前我們為 Digital Realty 全球客戶所提供的成長跑道已達 9 吉瓦；我們最近也把先前在準備稿中提到的一些市場納入其中。就近期區段而言，姑且稱之為客戶接下來在跟我們討論、我們也正積極對話的項目，可能接近 2027 與 2028 年交付的約 1.5 吉瓦。所以這確實是目前的重點。

But this is something is also a moving target. If you look at just 90 days ago at our first quarter results, we signed the largest lease in history of the company, 200 megawatts, and that was into the Charlotte market, where we essentially have called closed on the land roughly 18 months prior. So we're continuing to support the runway of growth for our customers and build that development pipeline, which ultimately drives that backlog of revenue that Matt walked you through.

但這同時也是一個會變動的目標。如果你回看僅 90 天前我們第一季的結果，我們簽下了公司史上最大的一筆租約：200 兆瓦，落在夏洛特市場；而我們在大約 18 個月前就已基本完成該地塊的交割。因此我們持續支援客戶的成長跑道並建立開發管線，最終推動 Matt 先前向各位說明的那個營收積壓（backlog）。

Matt, do you want to talk about fee income?

Matt，你要談一下費用收入嗎？

Yeah. Mike, on the fee income. So I think maybe a good place to start, which I think Andy hit on is when you look at the major components of our fee income, we've got management fee income, development, call it construction fee income. And then we have fit out the income, which can be more episodic. But the first two, I'd say, are -- generally, we're starting to hit more of a recurring phase as we expand our private capital business.

好。Mike，關於費用收入。我想也許一個好的切入點（我認為 Andy 也提到過）是：當你看我們費用收入的主要組成，我們有管理費收入、開發（也就是建設）費用收入。另外還有裝修（fit-out）收入，這部分可能比較具偶發性。但前兩項，我會說——一般而言，隨著我們擴大私募資本業務，我們正開始進入更偏經常性的階段。

In the second quarter, when you normalize for the promote, we're around -- we were around $45 million, a little bit above that of fee income. When I think about what is going to drive that going forward, it's going to be roughly the, call it, $10 billion, $12 billion of capital that we have available to deploy within those within that private capital structure.

在第二季，若將超額分成（promote）因素正規化後，我們的費用收入約在 4,500 萬美元左右，略高於此。當我思考未來將驅動這項收入的因素，主要會是我們在該私募資本架構下可用來部署的大約 100 億到 120 億美元資金。

I expect that probably goes out over the next, let's say, call it, one to two years as we start to bring those assets online from a construction standpoint that's going to drive our development income, and then that's going to transition to more of an operating management fee income. So I think we've got some run rate to continue that even within the private capital vehicles today. And then add on top of that for future private capital initiatives that we may pursue as well.

我預期這些資金大概會在接下來一到兩年內逐步投入；隨著這些資產在施工層面開始上線，將帶動我們的開發收入，之後再轉為更偏營運端的管理費收入。所以我認為即便僅看目前的私募資本載體，我們也有一定的續航動能可以延續這個 run rate。此外，未來我們可能也會推動新的私募資本計畫，進一步疊加貢獻。

Madison Rezaei, Bernstein.

Madison Rezaei，Bernstein。

Hey, guys. Thanks for taking the question. As the AI build-out broadens beyond the sort of traditional cloud majors, are you signing leases with a wider set of who we would consider hyperscale counterparties thinking sort of neo clouds, platforms, sovereign guys. Or are you still concentrating that greater than 1 megawatt book in the same short list of IG names? And I guess, to the extent you're broadening this at, how are you underwriting the contracts given that sort of giant spread in credit profiles?

嗨，各位。謝謝讓我提問。隨著 AI 建置從傳統雲端巨頭之外擴展，你們是否正在與更廣泛的一組、我們會視為超大規模（hyperscale）對手方的客戶簽租約——例如新型雲（neo clouds）、平台型業者、主權（sovereign）類客戶？還是你們仍把超過 1 兆瓦的那本租約主要集中在同一小份投資級（IG）名單上？另外，如果你們確實在擴大客群，鑑於信用體質差異很大，你們在承作（underwrite）合約時是如何評估的？

Thanks, Madison. So when it comes to more diverse, often less than a megawatt network-oriented deployments or enterprises that want to use private AI and call it water service provider ecosystem that's AI, which was a strong contributor. I think it was 0 to 1 megawatt category had the largest dollar volume of AI-related wins this quarter, roughly 20% of that $108 million. We are certainly supporting that, and we view that as additive to essentially our ecosystem on multiple markets driving demand, driving connectivity and attractiveness to our platform.

謝謝你，Madison。就更分散、通常小於 1 兆瓦、偏網路導向的部署，或是企業想使用私有 AI，以及所謂的「水務服務供應商生態系」這類 AI 相關需求而言——這部分是強勁的貢獻來源。我想本季 0 到 1 兆瓦類別的 AI 相關勝出案（wins）在美元金額上是最大宗，約占那 1.08 億美元的 20%。我們當然在支援這些需求，並且我們認為這能為我們的生態系加分：在多個市場帶動需求、帶動連結性，並提升我們平台的吸引力。

When it comes to, I think, the heart of your question, the larger footprint capacity blocks. By and large, we have really supported the more traditional strong investment-grade credit names customers. Now we've done that in a more curated fashion with real diverse customer hyperscale demand.

至於我認為你問題的核心——更大規模的容量區塊。整體而言，我們確實主要支援較傳統、信用強健的投資級客戶。不過我們是以更精選（curated）的方式來做，同時面對非常多元的超大規模客戶需求。

I can tell you the last 10 quarters, our top signing was from six different top hyperscalers. All of that called strong investment-grade category, names with multifaceted businesses, often cloud computing being a big piece of it in addition to AI. They landed across six different markets across those 10 quarters. And in fact, the largest starting this quarter in 2Q '26, that is a top customer of ours.

我可以告訴你，過去 10 個季度，我們最大的一筆簽約來自 6 家不同的頂級超大規模客戶。這些都屬於信用強健的投資級類別，企業業務面向多元，通常雲端運算是其中一大塊，並且還包含 AI。在這 10 個季度裡，它們分布在 6 個不同市場。事實上，本季（2026 年第二季）最大的一筆簽約，就是我們的一位頂級客戶。

The that top customer of ours had been at the podium for our largest signing in probably seven quarters back. So I would say sticking to supporting the more traditional hyperscale comes when it comes to really large footprints but doing it really making sure numerous customers can grow on our campus fashion.

而這位頂級客戶，大概在 7 個季度前也曾站上我們最大簽約的「頒獎台」。所以我會說，在真正的大型足跡需求上，我們仍以支援較傳統的超大規模客戶為主，但同時也確保有多個客戶能以園區（campus）模式在我們的平台上成長。

Jonathan Atkin, RBC Capital Markets.

Jonathan Atkin，RBC Capital Markets。

Yeah. Related to that, and then leading into my question, but just as you think about customer credit and doing business with LLMs and a broader array of new clouds, are you in principle open to it? Or are you looking through looking for like a look through into the underlying customer is thoughts on that philosophically? And then as you look at your sales pipeline, any new trends to call out around demand verticals, types of workloads that are contributing to what you see as your near-term sales pipeline?

是的。延續剛才的話題並引出我的問題：當你們思考客戶信用、以及與 LLM 業者和更廣泛的新型雲端客群做生意時，你們原則上是否願意開放？還是你們會去穿透（look-through）到其底層客戶來判斷？想聽聽你們在理念上的看法。另外，當你們看銷售管線時，是否有任何新趨勢值得指出——例如需求的垂直領域、工作負載類型——對你們所看到的近期銷售管線有何貢獻？

Thanks, John. I'll tackle the first one, and then I'll ask Colin to touch on the sales trends because I think there's lots of good data and news to report on that front. Really, your question is more hypothetical than reality for us. Like I said, we are supporting the network nodes, the smaller deployments, enterprises doing private AI on digital and those in a very diverse and fashion across numerous markets, but nothing of any sizable concentration single site or single customer.

謝謝你，John。我先回答第一個，然後我會請 Colin 談談銷售趨勢，因為我認為那方面有很多不錯的數據和消息可以分享。就我們而言，你的問題更偏假設性，而不是我們的現實狀況。如我所說，我們確實在支援網路節點、小型部署、企業在 Digital 上做私有 AI；而且在多個市場以非常多元的方式進行，但沒有任何單一站點或單一客戶形成顯著的集中度。

So when you look at that, call it, $1.4 billion of signings in, call it, first half plus days of July, that's all really the more traditional hyperscalers. So we haven't -- we've not been booking any material extent that some of those hypothetical scenarios you mentioned. Colin, why don't you pick up on the trends.

因此當你看所謂上半年加上 7 月前幾天合計約 14 億美元的簽約，那些其實全部都是更傳統的超大規模客戶。所以我們並沒有在你提到的那些假設情境上，進行任何具實質規模的承作或入帳。Colin，你來接著談趨勢吧。

Great. Thanks, Andy. I appreciate the question, Jonathan. Yes, just Andy highlighted, we're really pleased with our 0 to 1 megawatt and our over 1 megawatt progress in supporting the customer needs a little bit of color, 0 to 1. Again, the third straight quarter of record bookings, four to five, where we're really taking market share, we're seeing that demand profile really across geographies and use cases. So that overall demand funnel has become much more durable.

好的。謝謝你，Andy。Jonathan，謝謝你的提問。是的，正如 Andy 強調的，我們對於在 0 到 1 兆瓦以及超過 1 兆瓦兩個區間支援客戶需求的進展感到非常滿意；補充一點背景，0 到 1 兆瓦方面。同樣地，這已是連續第三個季度創下訂單（bookings）新高；在過去四到五個季度裡，我們確實在取得市占，我們看到這種需求型態橫跨不同地理區域與使用情境。因此整體需求漏斗已變得更為穩健、可持續。

A couple of key trends to highlight. While certainly, AI gets the headlines and Andy mentioned, it's certainly a growing part of our overall pipeline of bookings. Digital transformation and cloud just continues to be very resilient. So you're seeing quite a bit of data localization, sovereignty, greater emphasis on repatch -- in private and public cloud are really standing out.

有幾個關鍵趨勢值得強調。當然，AI最吸睛，正如Andy提到的，它確實正成為我們整體預訂管線中日益成長的一部分。數位轉型與雲端則持續展現高度韌性。因此你會看到相當多的資料在地化、主權需求，以及對重新修補（repatch）的更高重視——無論在私有雲或公有雲都特別突出。

I also want to highlight interconnection becoming a greater part of the overall solution proposition so you'll note, we had record bookings for interconnection in the quarter, service fabric, which really helps build up the platform strategy around self-service capabilities becoming more consistent conversation with clients as we switch together solutions.

我也想強調，互連（interconnection）正成為整體解決方案主張中更重要的一環；你會注意到，我們本季互連預訂創下紀錄。Service Fabric 也同樣如此，它確實有助於強化平台策略，圍繞自助式能力的建置，並在我們把解決方案組合在一起時，成為與客戶更一致的對話主題。

And for us, we're seeing greater sales motion, the channel centric orientation of the way that we're delivering value to our clients. So we had a record channel quarter, nearly 40% of our bookings across the platform. And last but not least, really strong new logo contributions. Now we're now up to north of 6,000 customers who are participating in PlatformDIGITAL.

對我們而言，我們也看到更強的銷售動能，以及以通路為中心的導向，這是我們向客戶交付價值的方式。因此我們創下通路季度紀錄，通路預訂占我們平台總預訂將近40%。最後但同樣重要的是，新客戶（new logo）貢獻非常強勁。目前參與 PlatformDIGITAL 的客戶數已超過6,000家。

Jon Petersen, Jefferies.

Jon Petersen，Jefferies。

Oh, great. Thank you. Good evening, guys. I wanted to ask a bit about Kansas City. So I guess the first part of the question is you talked about the 600 megawatts. So maybe can you help us out on timing of how quickly you could potentially sign a lease and deliver capacity there.

太好了。謝謝。各位晚安。我想問一下關於堪薩斯市（Kansas City）的情況。我想問題的第一部分是，你們提到600兆瓦。所以也許你們能協助說明一下時程：你們可能多快能在那裡簽下租約並交付容量？

But more broadly, that's a new market for you guys. I'm curious how -- if we should take that as a review that DLR is broadening your definition of markets you'd be interested in and whether some of these more secondary market locations or what you might have historically considered secondary market or now your core opportunities.

但更廣泛來看，那對你們來說是個新市場。我很好奇——我們是否應將此視為DLR正在擴大你們對「有興趣的市場」的定義？以及這些較次級的市場地點，或你們過去可能視為次級市場的地點，現在是否成為你們的核心機會？

Thanks, Jon. I'm going to have Greg hit on to that -- hit on that one. But I mean, I would say, albeit new, very analogous to what we just saw in our expansion in the Charlotte market, which bore fruit very quickly. But Greg, why don't you speak to Kansas City, please?

謝謝你，Jon。我會請Greg來回答——來談談這題。不過我的意思是，我會說，雖然是新的，但它與我們剛在夏洛特（Charlotte）市場的擴張非常類似，而那次很快就開花結果。但Greg，請你談談堪薩斯市，好嗎？

Yeah. Thanks, Jon. Thanks, Andy. Jon, look, I think when we look at this market, like any market, we did a lot of work around it before we went into it. Focusing on things like digitization metrics.

好的。謝謝你，Jon。謝謝你，Andy。Jon，你看，我認為我們在評估這個市場時，跟任何市場一樣，在進入之前做了大量工作。重點放在像是數位化指標等面向。

When you look at it, you see it's centrally located within the US, which enables low latency and connectivity. I think you can cover half the country within a very low latency metric. There's plenty of fiber, as Andy mentioned in his prepared remarks. And when we look at this market, our belief is that this is going to quickly become the seventh largest data center market in the US.

你看這個市場，它位於美國中部，這使得它能提供低延遲與良好的連線能力。我認為你可以在非常低的延遲指標下覆蓋全國一半的區域。如Andy在事先準備的談話中提到的，這裡有充足的光纖。而當我們看這個市場時，我們相信它將很快成為美國第七大資料中心市場。

So as we look at this, as Andy said, it's very analogous to Charlotte. But we're seeing very strong customer demand here. And it's really becoming what I would say is really a hyperscale hub or maybe a Midwest hub for both AI and cloud workloads. So as we look at it, we're excited about it.

因此當我們看待這件事時，如Andy所說，它與夏洛特非常類似。但我們在這裡看到非常強勁的客戶需求。而且它正逐步成為我所說的超大規模（hyperscale）樞紐，或許是同時承載AI與雲端工作負載的中西部樞紐。所以就我們的觀察而言，我們對此感到非常興奮。

In terms of the ramp to power you asked about, the ramp is starting in '28 and it's going linear from there on out. And you're talking about over 1,400 acres here, which we're going to ultimately provide over 2 gigawatts of power. So we're very excited about this market, and we think our customers are, too.

就你問到的電力爬坡（ramp to power）而言，爬坡將從2028年開始，之後會線性成長。而你談的是超過1,400英畝的土地，我們最終將提供超過2吉瓦的電力。所以我們對這個市場非常興奮，也認為我們的客戶同樣如此。

Michael Eng, Goldman Sachs.

Michael Eng，高盛（Goldman Sachs）。

Hey, good afternoon. Thank you very much for the question. I wanted to ask about the very strong cash rental rate renewals in the greater than 1 megawatt. I think you talked a little bit about some of the outsized spreads realized in Singapore.

嗨，午安。非常感謝讓我提問。我想問一下在大於1兆瓦（>1MW）部分，非常強勁的現金租金續約（cash rental rate renewals）。我想你們稍微提到在新加坡實現了一些特別突出的價差（spreads）。

I was just wondering if there was something unusual about that market, perhaps leases expiring at kind of unusually lower rate? Or is this really just a function of supply/demand tightness and we could see cash rental rate renewals at this magnitude in other places in the future?

我只是想知道那個市場是否有什麼不尋常之處，例如到期租約的租金水準是否異常偏低？或者這其實只是供需緊俏的結果，未來我們也可能在其他地區看到同等幅度的現金租金續約？

Yeah, thanks, Michael. So I think there's probably two things. So first off, though, I would say the overall theme here is that this is an example of a very supply-constrained market in high demand and where customers continue to want to be as high connectivity and we had an ability on a few different leases to be able to price that according to market.

好的，謝謝你，Michael。我想大概有兩點。首先，我會說整體主軸是：這是一個供給受限、需求旺盛的市場案例，客戶仍然希望待在高連線性的地點；而我們在幾份不同的租約上，具備依市場水準定價的能力。

In fact, one of them was actually a customer that had to fix renewal rate and term, but they wanted to longer term. So that enabled us to negotiate to where market was. But I think this is an example of something that I've talked about or we've talked about for probably the last several quarters, if not years, and that as a result of this overall supply-demand imbalance, we see an improving mark-to-market opportunity throughout our operating portfolio.

事實上，其中一份租約的客戶原本有固定的續約租金與期限，但他們希望拉長租期。因此這讓我們能夠談判，把條件調整到符合市場水準。但我認為這也是我或我們在過去幾季、甚至幾年一直在談的例子：由於整體供需失衡，我們在整個營運資產組合中看到更好的按市價重估（mark-to-market）機會。

Even further noted by the fact that our expiring rates continue to drop over the next several years, while market rates continue to march up. So while we might not see this every quarter, especially at this outsized percentage, I would say we definitely see a healthy opportunity to reprice our contracts going forward on a regular basis.

更進一步的佐證是：未來幾年我們的到期租金水準持續下降，而市場租金水準則持續上升。所以雖然我們未必每一季都會看到這麼高的百分比、尤其是如此突出的幅度，但我會說，我們確實看到一個健康的機會，能在未來以規律的方式重新定價我們的合約。

Richard Choe, JPMorgan.

Richard Choe，摩根大通（JPMorgan）。

Hi. I wanted to follow up on the kind of connectivity and interconnection part. What are you seeing in terms of connectivity and interconnection needs with AI inference or maybe agents? And how does that also -- or it's probably early days, but how does that apply to maybe the private AI deployments that you are seeing? And how do you think that might change as that evolves?

嗨。我想追問一下關於連線（connectivity）與互連（interconnection）的部分。就AI推論（inference）或可能的代理（agents）而言，你們看到在連線與互連需求上有哪些變化？以及這也——或許還在早期，但這如何適用於你們正在看到的私有AI部署？你們認為隨著其演進，這可能會如何改變？

Hey, thanks, Richard. I'll tag team this with Chris. I mean really excited about the contribution from interconnection a record by itself, up 17% year over year, north of $20 million. We've just had a great string of quarters now and records in that category. And it's definitely been a combination of what was touched on before about Service Fabric being a larger contributor where our value is really shining there.

嗨，謝謝你，Richard。我會和Chris一起搭配回答。我們對互連的貢獻非常興奮，單季就創下紀錄，同比成長17%，超過2,000萬美元。我們在這個類別已經連續好幾季表現很強並創下紀錄。這確實是多重因素的組合，包括先前提到的Service Fabric成為更大的貢獻來源，我們的價值在那裡真正發光。

I think we had demonstrable increases in customer adoption on Service Fabric and then use its even, call it, 2x the customers added and then AI, which you hit on. And maybe I'll let Chris talk to some of the elements going on there.

我認為我們在Service Fabric的客戶採用上有可觀的提升，使用量甚至可以說——新增客戶數大約是2倍，然後還有你提到的AI。接下來也許我讓Chris談談其中一些正在發生的要素。

Yeah. So appreciate it, Richard. There's a couple of things playing out here. And I think your question is spot on that we're kind of early innings, right, where there's been a lot of build-out in transition into inference, which in 2026, there's more inference tokens being produced than actual training. And that next step is agentic. And that agentic requires a different type of capability, which is bidirectional.

是的。非常感謝你，Richard。這裡有幾件事正在發展。我認為你的問題非常到位：我們還在相對早期的階段，對吧？目前已經有大量建置從訓練轉向推理；到了 2026 年，產生的推理 token 將多於實際訓練。而下一步就是代理式（agentic）。而代理式需要不同類型的能力，也就是雙向的。

And so what's nice is a lot of the product offerings that we have across that full spectrum of digital transformation, cloud, AI and private AI we have the ability to meet them with the right product offering. So a lot of the early innings has been around both fiber and so this is where a lot of these big build-outs have been coming in and have been represented in some of our record bookings this quarter. But what you're also starting to see is exactly what you're pointing out is the monetization of this inference.

所以很棒的是，我們在涵蓋完整數位轉型光譜的眾多產品方案——雲端、AI 與私有 AI——都有能力以合適的產品方案滿足客戶需求。因此，早期階段很大一部分圍繞著光纖；這也是許多大型建置案的來源，並在本季我們創紀錄的訂單中有所體現。但你也開始看到的，正如你所指出的，就是這些推理的變現。

So the consumption of agentic in these inference capabilities and ultimately, services being delivered to customers which is what's represented inside of our broad ecosystem of the enterprise hyperscaler and AI, all meeting in a very unique place. And so what that ultimately represents to our customer base is a unique environment that matches the ability to deliver power which is absolutely a critical component, all married with interconnection.

也就是在這些推理能力中對代理式的消耗，最終把服務交付給客戶；這正體現在我們廣泛的生態系中：企業級超大規模雲端（hyperscaler）與 AI 在一個非常獨特的場域匯聚。因此，對我們的客戶群而言，這最終代表的是一個獨特的環境：既能提供電力（這絕對是關鍵組成），同時也與互連能力相結合。

And so it's both of those elements coming together, which really represent a unique value proposition that our customers are very excited about being able to execute in a very short time frame. And I think that's what Colin alluded to in the supply/demand and what we're seeing in our customer base, being able to engineer these capabilities with both power and interconnection, is allowing us to meet a very unique value proposition in the market.

因此，這兩個要素的結合，確實形成了一個獨特的價值主張；我們的客戶對於能在很短的時間內落地執行感到非常興奮。我認為這也是 Colin 在供需面所提到的，以及我們在客戶群中看到的：能以電力與互連兩者來工程化這些能力，讓我們得以在市場上提供非常獨特的價值主張。

Joseph Osha, Guggenheim.

Joseph Osha，Guggenheim。

Hi. Thanks for taking my question. Further to this question of strength in renewal spreads, just looking at your disclosures, it seems to me like the math actually gets better not worse in '27 and into '28, if I just look at the magnitude of rolling leases and the price. So just wondered your reaction to that, it seems like the comps get easier, not harder next year. And just as a related question, I'm wondering if some of this political activity in New York State and Loudoun County, Manassas, might potentially provide an additional tailwind to pricing in those regions?

你好。謝謝讓我提問。延續關於續約價差（renewal spreads）強勁的問題，從你們的揭露來看，如果我只看到期續租的租約規模與價格幅度，似乎到了 2027 年、並進入 2028 年，數學上其實是更好而不是更差。所以想請教你們對此的看法；看起來明年的比較基期會更容易，而不是更困難。另外一個相關問題是，我想知道紐約州以及 Loudoun County、Manassas 的一些政治活動，是否可能在那些地區對價格形成額外的順風？

Thanks, Joseph. I mean I think you're spot on, the -- we do have the attractiveness of the mark-to-market opportunity increasing in a backdrop where our expirations are stepping down but also market rates continue to be on the run. And we've been putting up new records in relative various markets, even on our largest lease contracts in terms of a rate standpoint.

謝謝你，Joseph。我的意思是，我認為你說得非常準——在我們到期合約逐步下降、但市場租金仍持續走高的背景下，按市價重估（mark-to-market）的機會確實更具吸引力、而且在增加。而且我們在多個市場都創下新紀錄，即使是在我們最大筆的租賃合約上，就費率角度來看也是如此。

I do agree with you, the broader backdrop we're living in is that it's becoming more and more challenging to deliver the critical digital infrastructure that we provide to our customers, which makes our installed base and our capabilities even more precious and valuable to those customers. And that is the world we're living in. We're doing our best to make sure the broader communities we operate in understand our value and contribution and the totality of the workloads we're supporting and it also goes back to our team at digital and our experience for multiple decades now solely focused on delivering this digital infrastructure for our customers and call it, raising -- continue to raise our game as the challenges come our way.

我也同意你：我們所處的更大環境是，交付我們提供給客戶的關鍵數位基礎設施正變得越來越具挑戰性，這使得我們的既有裝置基礎（installed base）與能力對客戶而言更加珍貴且更有價值。這就是我們所處的世界。我們正盡最大努力，確保我們營運所在的更廣泛社區理解我們的價值與貢獻，以及我們所支援工作負載的整體性；這也回到我們 Digital 團隊——我們已經有數十年的經驗，專注於為客戶交付這些數位基礎設施，並且可以說，隨著挑戰迎面而來，我們會持續提升水準。

Thank you. 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.

謝謝。今天電話會議的問答環節到此結束。接下來我想把電話交回給總裁兼執行長 Andy Power，請他做結語。Andy，請開始。

Thank you, operator. Digital Realty's momentum accelerated in the second quarter with record core FFO per share, supporting another increase to our full year guidance. Strong operating performance, a record backlog and healthy customer demand gives us increasing confidence in our ability to deliver double-digit earnings growth in 2027 and beyond.

謝謝你，接線員。Digital Realty 在第二季的動能加速，核心 FFO 每股創下新高，並支持我們再次上調全年指引。強勁的營運表現、創紀錄的在手訂單（backlog）以及健康的客戶需求，讓我們對於在 2027 年及之後實現兩位數獲利成長的能力更具信心。

We delivered record 0 to 1 megawatt plus interconnection bookings and generated strong hyperscale leasing in the quarter that continued into July, which drove our backlog to a new all-time high, derisking future growth. We also announced a few meaningful and strategic investments that will strengthen our three core pillars of growth. Collectively, these actions will enhance our ability to serve our customers, fund future growth, and create long-term value for our shareholders.

我們創下 0 到 1 兆瓦加上互連的訂單（bookings）紀錄，並在本季達成強勁的超大規模（hyperscale）租賃，且延續到 7 月，推動我們的在手訂單升至新的歷史高點，降低未來成長的不確定性。我們也宣布了幾項重要且具策略性的投資，將強化我們三大核心成長支柱。整體而言，這些行動將提升我們服務客戶的能力、為未來成長提供資金，並為股東創造長期價值。

These outstanding results are a team effort, and I am incredibly proud of our talented colleagues around the world who continue to execute at a high level. I'm excited about the opportunity ahead and confident in Digital Realty's ability to deliver value for our customers, partners, and shareholders. Thank you all for joining us today, and thank you to our dedicated team -- dedicated and exceptional team who keep the digital world turning.

這些傑出成果是團隊共同努力的結果，我為全球各地才華洋溢的同仁感到無比自豪，他們持續以高水準執行。我對前方的機會感到振奮，並對 Digital Realty 為客戶、合作夥伴與股東創造價值的能力充滿信心。感謝各位今天參與，也感謝我們敬業的團隊——敬業且卓越的團隊——讓數位世界持續運轉。

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

本次電話會議到此結束。感謝您參與今天的簡報。您現在可以掛線。