Digital Realty Trust, Inc. (DLR) 2026 Q3 法說會逐字稿

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

下午好，歡迎參加 Digital Realty 2026 年第三季財報電話會議。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 to Senior Vice President of Public and Private Investor Relations. 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。請開始。

Thank you, operator, and welcome, everyone, to Digital Realty's third 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 年第三季財報電話會議。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，以及營收長 Colin McLean 也在線上，並將在問答環節提供回覆。

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 materially differ.

管理層將在今天的電話會議中作出前瞻性陳述，包括財測指引及其所依據的假設。前瞻性陳述係基於包含風險與不確定性的預期，可能導致實際結果與預期存在重大差異。

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.

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 以及其後向美國證券交易委員會（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 third quarter results. First, exceptionally strong execution across our global platform drove upside to revenues, adjusted EBITDA and core FFO. 11% core FFO per share growth exceeded our expectations and we are raising our full year guidance range by almost 2%, now anticipating nearly 13% bottom line growth.

在我把電話交給 Andy 之前，先分享幾項第三季業績的重點摘要。第一，我們在全球平台上的卓越執行力，帶動營收、調整後 EBITDA 與核心 FFO 超出預期。核心 FFO 每股成長 11% 高於我們的預估，我們也將全年指引區間上調近 2%，目前預期全年底線成長接近 13%。

Second, total leasing for the quarter was a blowout at $855 million, or $627 million at our share with new records set across several metrics. Signings in the 0- to 1-megawatt plus interconnection category exceeded last quarter's record by 40%. Total greater than a megawatt leasing reached [$689 million] or $474 million at our share, driven by a new high watermark in pricing.

第二，本季總租賃簽約金額表現亮眼，達 8.55 億美元；按 Digital Realty 權益份額計為 6.27 億美元，並在多項指標上創下新紀錄。0 至 1 兆瓦加互連（interconnection）類別的簽約金額，較上季創下的紀錄再高出 40%。超過 1 兆瓦的總租賃金額達到 [$689 million]；按我們權益份額計為 4.74 億美元，主要受惠於定價創下新高水位。

Third, these bookings pushed our total backlog to a new record of $2.5 billion or $1.8 billion at Digital Realty share, which provides us with strong visibility through next year and into 2028 bolstering our confidence in our multiyear double-digit growth expectation.

第三，這些訂單推動我們的總積壓訂單（backlog）創下新高，達 25 億美元；按 Digital Realty 權益份額計為 18 億美元，為我們提供了跨越明年並延伸至 2028 年的高度能見度，進一步強化我們對多年期雙位數成長預期的信心。

And lastly, we achieved another important milestone within our strategic private capital initiative in the last week, closing over $1.4 billion of initial cornerstone equity commitments to our new perpetual capital strategy focused on stabilized hyperscale data centers in North America. This capital will further fuel our efforts to support our customers' fast-growing requirements for digital infrastructure.

最後，我們在上週於策略性私募資本計畫方面達成另一項重要里程碑，完成對全新永續資本策略的初始基石股權承諾募資，金額超過 14 億美元；該策略聚焦於北美已穩定營運的超大規模（hyperscale）資料中心。這筆資本將進一步推動我們支持客戶對數位基礎設施快速成長需求的努力。

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. Digital Realty delivered an outstanding quarter, highlighted by strong execution across our global platform, robust results record leasing activity and continued progress against our long-term growth strategy.

謝謝你，Jordan，也感謝各位參加我們的電話會議。Digital Realty 交出一個非常出色的季度成績，亮點包括在全球平台上的強勁執行、穩健的業績、創紀錄的租賃活動，以及在長期成長策略上的持續進展。

The digital infrastructure industry continues to evolve rapidly. The adoption of artificial intelligence is driving unprecedented demand for capacity, while simultaneously increasing the value of highly connected environments, strategic locations and global reach.

數位基礎設施產業仍在快速演進。人工智慧的採用正推動前所未有的容量需求，同時也提升了高度互聯環境、策略性區位與全球覆蓋能力的價值。

As enterprises, cloud providers, network operators and AI innovators continue to expand their digital infrastructure footprints, they increasingly require the partners that can provide capacity and connectivity together with the capital expertise and operational capabilities necessary to execute at scale. Uniquely, our global platform spans six confidence bringing together colocation and connectivity hubs, hyperscale data centers and strategic private capital capabilities.

隨著企業、雲端服務供應商、網路營運商與 AI 創新者持續擴大其數位基礎設施版圖，他們愈來愈需要能同時提供容量與連接性，並具備資本專業與可規模化營運能力的合作夥伴。我們的全球平台具備獨特性，橫跨六大洲，整合機房託管與連接性樞紐、超大規模資料中心，以及策略性私募資本能力。

Over the past several years, we have deliberately strengthened these three core growth pillars to better serve our growing customer base. Together, they create a differentiated platform that combines global scale, connectivity-rich environments, development expertise and capital flexibility, together with a 20-year-plus track record that is increasingly important as development, power procurement, community engagement and operations become more complex.

過去幾年，我們有意識地強化這三大核心成長支柱，以更好地服務不斷成長的客戶群。三者共同打造出差異化平台，結合全球規模、連接性豐富的環境、開發專業與資本彈性，並搭配超過 20 年的實績；在開發、電力採購、社區參與與營運日益複雜之際，這樣的實績愈發重要。

This combination distinguishes Digital Realty in a market where reliable execution, speed to market and connectivity have become just as important as capacity itself. The third quarter's record leasing activity demonstrate the power of this differentiated global platform and the value proposition it delivers to customers around the world.

在一個可靠交付能力、上市速度與連接性已與容量本身同等重要的市場中，這樣的組合使 Digital Realty 脫穎而出。第三季創紀錄的租賃活動展現了這個差異化全球平台的力量，以及其為全球客戶帶來的價值主張。

We achieved record total bookings of approximately $855 million or $627 million at Digital Realty share, driven by record performance in each of our leasing categories. Importantly, demand was broad-based across geographies, customer segments and deployment types, demonstrating the growing appeal of PlatformDIGITAL.

我們達成約 8.55 億美元的總訂單（bookings）新高；按 Digital Realty 權益份額計為 6.27 億美元，主要由各租賃類別的創紀錄表現所帶動。重要的是，需求在各地理區域、客戶族群與部署型態上皆呈現廣泛分布，顯示 PlatformDIGITAL 的吸引力持續提升。

We continue to see the benefits of artificial intelligence, extending well beyond large-scale training deployments and into enterprise adoption, inference workloads, connectivity-rich environments and new geographies. We believe this broadening demand profile further strengthened Digital Realty's competitive position and long-term growth outlook.

我們持續看到人工智慧帶來的效益，且其影響遠不僅止於大規模訓練部署，亦延伸至企業採用、推論（inference）工作負載、連接性豐富的環境以及新興地理市場。我們相信，這種更廣泛的需求輪廓進一步強化了 Digital Realty 的競爭地位與長期成長展望。

Pricing was strong throughout the quarter, particularly within our greater than 1-megawatt category, reflecting robust and sustained demand and growing constraints around the development of new capacity. These results add to already substantial backlog and provide additional visibility into our growth over the next several years.

本季定價表現強勁，尤其是在超過 1 兆瓦的類別，反映出強勁且持續的需求，以及新容量開發所面臨的限制日益增加。這些成果在既有可觀的積壓訂單基礎上再添動能，並為未來數年的成長提供更高能見度。

The strength of our results this quarter reflects contributions from each of our three core growth pillars. Starting with colocation and connectivity. Connectivity is becoming increasingly important digital infrastructure architectures grow more distributed and data intensive.

本季業績的強勁表現，反映了我們三大核心成長支柱各自的貢獻。首先是機房託管與連接性。隨著數位基礎設施架構愈來愈分散且資料密集，連接性的重要性正持續提升。

Today, that trend is being accelerated by AI, cloud adoption, and the increasing need to move, access and exchange data across multiple environments. While AI is often discussed in terms of large-scale compute deployments, the reality is that AI workloads increasingly depend on a broader digital infrastructure architecture that connects compute and storage with cloud platforms, networks, partners and inference locations.

如今，AI、雲端採用，以及在多種環境間移動、存取與交換資料的需求增加，正加速這一趨勢。雖然談到 AI 時常以大規模運算部署為主，但實際上，AI 工作負載愈來愈依賴更廣泛的數位基礎設施架構，將運算與儲存連結至雲端平台、網路、合作夥伴以及推論位置。

As AI deployments become more distributed, connectivity becomes increasingly important to performance, user experience and scalability. AI agent and coding workloads make many round trips per task placing capacity close to end users and cloud zones improves performance and supports in-region data handling.

隨著 AI 部署更趨分散，連接性對效能、使用者體驗與可擴展性的重要性也日益提高。AI 代理與程式碼撰寫工作負載在每項任務中會進行多次往返；將容量部署在更接近終端使用者與雲端區域的位置，可提升效能並支援區域內資料處理。

Today's AI infrastructure build-out is driving the demand for our connected environments in strategic locations around the world. Digital Realty's growing global footprint of connectivity-rich environments and growing roster of more than 6,000 customers position us to help customers deploy increasingly distributed enterprise, cloud and AI architectures. These trends were clearly reflected in our results during the quarter.

當前 AI 基礎設施的建置浪潮，正推動全球各地策略性區位之互聯環境需求。Digital Realty 持續擴大的全球連接性豐富環境版圖，以及超過 6,000 家客戶的日益壯大客戶群，使我們能協助客戶部署愈來愈分散的企業、雲端與 AI 架構。這些趨勢在本季業績中已有清楚反映。

Bookings within our 0- to 1-megawatt plus interconnection category exceeded $150 million (sic – see press release, "$152 million") at Digital Realty share, increasing 80% year-over-year and 40% from the second quarter, marking our fourth consecutive quarterly record in this category. Matt will provide additional details in a few moments. These results reinforce our conviction that colocation and connectivity will continue to be a critical driver of long-term growth.

在 0 至 1 兆瓦加互連類別中，我們按 Digital Realty 權益份額計的訂單金額超過 1.5 億美元（原文誤植，見新聞稿「1.52 億美元」），年增 80%，較第二季成長 40%，並創下該類別連續第四個季度的新紀錄。Matt 將在稍後提供更多細節。這些成果再次強化我們的信念：機房託管與連接性將持續成為長期成長的關鍵驅動力。

Turning to our second growth pillar, hyperscale data centers. Demand for large-scale deployments was exceptionally strong during the quarter, reflecting the continued expansion of cloud platforms, AI infrastructure and larger enterprise deployments. While AI is driving unprecedented levels of demand, delivering that capacity has become increasingly challenging.

接著談到我們的第二個成長支柱：超大規模資料中心。本季對大規模部署的需求異常強勁，反映雲端平台、AI 基礎設施以及更大型企業部署的持續擴張。雖然 AI 正以前所未有的程度推升需求，但要交付這些產能也變得愈來愈具挑戰性。

Customers today increasingly recognize the value of experienced partners with a technological and engineering capabilities, development expertise and financial position required to deliver and operate critical infrastructure at scale.

如今客戶愈來愈認同具備經驗的合作夥伴之價值：其擁有在技術與工程能力、開發專業，以及交付並營運關鍵基礎設施所需的財務實力，能以規模化方式落地。

Our leasing results during the quarter clearly reflected these dynamics. Total hyperscale bookings of $689 million or $474 million at Digital Realty share set another quarterly record. Hyperscale demand was broad-based across our footprint further demonstrating customers' expanding needs for capacity beyond the US.

我們本季的租賃成果清楚反映了這些動態。超大規模訂單總額達 6.89 億美元（或按 Digital Realty 權益份額計為 4.74 億美元），再度創下單季新高。超大規模需求在我們的佈局範圍內呈現廣泛分布，進一步證明客戶對於美國以外地區產能的需求正在擴大。

In addition to two sizable hyperscale leases signed in early July in Northern Virginia, leasing was strong in APAC and exceeded our prior regional record by more than 600%. When combined with the record pricing achieved in this category and our growing backlog of contracted leases, these results provide increased visibility into our future growth.

除 7 月初在北維吉尼亞簽下兩筆可觀的超大規模租約外，亞太地區（APAC）的租賃表現亦十分強勁，較我們先前的區域紀錄高出逾 600%。再加上此類別創紀錄的定價，以及我們持續成長的已簽約租約待履行量（backlog），這些成果提升了我們對未來成長的能見度。

Turning to our third growth pillar, strategic private capital. Unprecedented demand for digital infrastructure and the extraordinary scaling of AI have clearly driven a corresponding increase in capital requirements across our industry. As infrastructure deployments grow larger, more complex and more capital-intensive, access to capital is becoming an increasingly important competitive differentiator.

接著談到我們的第三個成長支柱：策略性私募資本。對數位基礎設施的空前需求，以及 AI 的超高速擴張，顯然推動整個產業的資本需求同步上升。隨著基礎設施部署規模更大、複雜度更高且資本密集度更強，取得資本正成為愈來愈重要的競爭差異化因素。

While newer entrants to the hyperscale data center field have emerged, most lack the scale, balance sheet strength or funding sources necessary to pursue opportunities at the scale required by hyperscale customers today. In this sense, Digital Realty has spent last two decades positioning for the current opportunity.

儘管超大規模資料中心領域出現了新的參與者，但多數缺乏足夠的規模、資產負債表實力或資金來源，難以追求符合當今超大規模客戶所需規模的機會。從這個角度來看，Digital Realty 過去二十年一直在為當前的機會進行布局。

We received our first investment-grade ratings in 2009 and completed our first private capital venture in 2013 and have spent the last four years scaling our strategic private capital franchise to support the massive growth in hyperscaler demand that appeared on the horizon.

我們於 2009 年首次獲得投資級評等，並於 2013 年完成首個私募資本合資案；過去四年，我們持續擴大策略性私募資本事業版圖，以支援地平線上已浮現的超大規模客戶需求之爆發性成長。

For accelerating these efforts, in the third quarter, we closed on the acquisition of Columbia Capital, a 30-year-plus digital infrastructure-focused investment platform. Columbia's experienced investment team and established portfolio to complement Digital Realty's global platform and strengthen investment capabilities to take advantage of the expanding AI infrastructure ecosystem.

為加速這些工作，我們在第三季完成對 Columbia Capital 的收購；該公司是一個深耕數位基礎設施、擁有 30 年以上歷史的投資平台。Columbia 經驗豐富的投資團隊與既有投資組合，將與 Digital Realty 的全球平台形成互補，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。

Today, our strategic private capital platform provides additional sources of capital, enhances our investment flexibility and financing options and enables us to pursue a broader set of opportunities all while accelerating Digital Realty's core FFO growth and maintaining its balance sheet strength.

目前，我們的策略性私募資本平台提供額外資金來源，提升投資彈性與融資選項，使我們能追求更廣泛的機會，同時加速 Digital Realty 的核心 FFO 成長並維持其資產負債表的穩健。

Subsequent to quarter end, we successfully completed our initial cornerstone closing on a new strategy focused on stabilized hyperscale data centers in North America, and we welcome these partners to PlatformDIGITAL. Thank you for your partnership.

在季末之後，我們成功完成一項新策略的首次基石投資人（cornerstone）交割，該策略聚焦於北美已穩定營運的超大規模資料中心；我們也歡迎這些合作夥伴加入 PlatformDIGITAL。感謝各位的合作夥伴關係。

We expect our strategic private capital platform to play an important role in the perpetual capitalization of hyperscale data centers and to drive long-term value creation for both our private institutional partners and Digital Realty shareholders.

我們預期策略性私募資本平台將在超大規模資料中心的長期、持續資本化（perpetual capitalization）中扮演重要角色，並為我們的私募機構合作夥伴與 Digital Realty 股東創造長期價值。

During the third quarter, we continue to see enterprises and hyperscalers expand across PlatformDIGITAL as AI inference continue to emerge around the world. A few examples include a major AI platform is leveraging PlatformDIGITAL's robust interconnection capabilities and global footprint by deploying inference and low-latency edge hubs in 15 different metros to enhance their ability to serve their customers' needs.

在第三季，隨著 AI 推論（inference）持續在全球各地浮現，我們持續看到企業客戶與超大規模客戶在 PlatformDIGITAL 上擴張。舉例而言，一家主要 AI 平台正運用 PlatformDIGITAL 強大的互連能力與全球佈局，在 15 個不同都會區部署推論與低延遲邊緣樞紐，以提升其滿足客戶需求的能力。

The global medical device and services provider is deploying distributed AI data hubs in four locations across our three global regions to enable faster capture and analytics. A global financial services company chose to deploy on PlatformDIGITAL in three major financial centers around the world to meet low latency requirements and support increasing demand from a growing customer base.

一家全球醫療器材與服務供應商，正在我們三大全球區域中的四個地點部署分散式 AI 資料樞紐，以加速資料擷取與分析。一家全球金融服務公司選擇在全球三個主要金融中心於 PlatformDIGITAL 部署，以滿足低延遲需求並支援不斷成長的客戶群所帶來的需求提升。

And native global auto manufacturer is expanding on PlatformDIGITAL to support their immediate growth needs for computing infrastructure while leveraging robust network and cloud connectivity to meet growing demand.

另有一家原生全球化的汽車製造商正在 PlatformDIGITAL 上擴張，以支援其即時的運算基礎設施成長需求，同時運用強健的網路與雲端連線能力以滿足持續上升的需求。

Together, these wins show the value of a single platform that could serve customers wherever demand takes them from large-scale AI capacity to low latency edge and that breadth is what converts today's demand into durable long-term growth.

綜合而言，這些勝利展現了單一平台的價值：無論需求走向何處，都能為客戶提供服務——從大規模 AI 產能到低延遲邊緣；而這種廣度正是將當前需求轉化為可持續長期成長的關鍵。

Before turning the call over to Matt, I'd like to address the increased public attention our industry is receiving and how Digital Realty approaches its responsibility as a member of the communities where we operate. The concerns we hear from communities, elected officials and regulators are understandable, and we welcome these conversations.

在把電話會議交給 Matt 之前，我想談談我們產業近期受到的公眾關注增加，以及 Digital Realty 如何看待並履行我們作為營運所在地社區一員的責任。我們從社區、民選官員與監管機構聽到的疑慮是可以理解的，我們也歡迎這些對話。

The scale of the data center build-out is historic. And it is only natural that people want to know how data centers affect their utility bills, water resources, air quality, noise and the overall fabric of their communities, and they want to understand benefits created by a data center project in their city or town.

資料中心建置擴張的規模具有歷史性。人們自然會想了解資料中心如何影響其公用事業帳單、水資源、空氣品質、噪音以及社區整體面貌，也希望理解資料中心專案在其城市或城鎮所創造的效益。

At Digital Realty, we believe those are the right questions to ask, and we are at the table answering them openly and with transparency. We believe stakeholders should expect responsible development, the highest level of resource stewardship, job opportunities and a committed partner in return for walking us into their community.

在 Digital Realty，我們認為這些都是正確且應該被提出的問題；我們也坐在桌前，以公開且透明的方式回應。我們相信，利害關係人應期待負責任的開發、最高標準的資源管理、就業機會，以及作為回報社區接納我們進入的長期承諾夥伴。

Our perspective is informed by more than 20 years of developing and operating data centers around the world. During that time, we have learned that successful projects are built on transparency, partnership and a commitment to creating tangible community benefits alongside long-term shareholder value.

我們的觀點來自於 20 多年在全球各地開發與營運資料中心的經驗。在此期間，我們了解到成功的專案建立在透明、夥伴關係，以及在創造長期股東價值的同時，承諾帶來可衡量的社區效益。

That experience also led us, together with other like-minded providers to launch infrastructure for America, recognizing the org needs to do a better job of engaging transparently with communities, listing to their concerns and sharing the facts about both the impacts and benefits of digital infrastructure.

這些經驗也促使我們與其他理念相近的供應商共同發起「Infrastructure for America」，認知到該組織需要更透明地與社區互動、傾聽其關切，並分享數位基礎設施在影響與效益兩方面的事實。

One of the most common concerns involves energy consumption and electric grid capacity. It is undisputed that data centers require significant power, which is why we work closely with utilities, regulators and local stakeholders long before construction begins.

最常見的疑慮之一與能源消耗及電網容量有關。資料中心需要大量電力是不爭的事實，因此我們在動工前很久就與公用事業公司、監管機構及地方利害關係人密切合作。

We have also signed the ratepayer protection pledge, reflecting our commitment that the cost of infrastructure required to serve new data center demand should not be borne by residential customers and small businesses.

我們也已簽署「用戶費率保護承諾」（ratepayer protection pledge），反映我們的承諾：為滿足新增資料中心需求所需的基礎設施成本，不應由住宅用戶與小型企業承擔。

We also procure renewable energy to support our operations and continue to invest in solutions that improve efficiency and support grid reliability. Last year, 93% of our global electricity consumption was covered by clean energy. For 25 years, the grid in America has been starved of investment.

我們也採購再生能源以支援營運，並持續投資於提升效率與支援電網可靠度的解決方案。去年，我們全球用電量的 93% 由潔淨能源覆蓋。過去 25 年，美國電網一直缺乏投資。

Today, due to demand for digital products and services, billions of dollars are being invested in the grid across the nation. Everyone will benefit from these infrastructure investments in the form of a stronger and more resilient grid. We can support big reliability during peak demand by relying on on-site backup generation, reducing our demand on the grid, thereby helping preserve capacity for other users.

如今，由於對數位產品與服務的需求，全國各地正有數十億美元投入電網。每個人都將以更強健、更具韌性的電網形式受益於這些基礎設施投資。我們可在尖峰需求期間透過仰賴現場備援發電來支援可靠度、降低我們對電網的需求，從而協助為其他用戶保留容量。

Water usage is another area of focus. Approximately 75% of our data centers utilize highly efficient, closed-loop cooling systems or do not use water for cooling. Closed loop systems are designed to limit the amount of water consumed to cool data centers. As technology continues to evolve, we remain committed to responsible water stewardship and ongoing efficiency improvements across our portfolio.

用水也是另一個重點領域。約 75% 的資料中心採用高效率的閉式循環冷卻系統，或在冷卻上不使用水。閉式循環系統的設計目的在於限制為資料中心降溫所消耗的用水量。隨著技術持續演進，我們仍致力於負責任的水資源管理，並在整體資產組合中持續提升效率。

We also believe the economic benefits of data centers should be tangible and local. Data centers generate substantial recurring property tax revenue while requiring relatively limited ongoing demand for public services. Those revenues support schools, transportation infrastructure, public safety and other community priorities, and these benefits help build and sustain communities for decades.

我們也相信，資料中心帶來的經濟效益應該是可感受且在地的。資料中心能產生可觀且經常性的財產稅收入，同時對公共服務的持續需求相對有限。這些稅收可支持學校、交通基礎設施、公共安全及其他社區優先事項，而這些效益有助於在數十年間建立並維繫社區。

We have seen this firsthand in Loudoun County, Virginia, home to data center alley, the largest concentration of data centers in the world. While many factors contribute to its success, decades of digital infrastructure investment have played an important role in supporting the country's economic strength and tax base.

我們在維吉尼亞州勞登郡（Loudoun County）親眼見證了這一點；該地是「資料中心走廊」所在地，也是全球資料中心最密集的區域。雖然其成功由多項因素共同促成，但數十年來對數位基礎設施的投資，在支撐國家經濟實力與稅基方面扮演了重要角色。

Today, Loudoun County has the highest mean household income in the United States and consistently ranks among the nation's leading communities for schools, quality of life and economic opportunity. Today, at Fort Gillem, Atlanta, Digital Realty is helping transform and remediate a former military installation, returning long unused land to productive use as a major center for technology investment, employment and economic activity.

如今，勞登郡擁有全美最高的家庭平均收入，並且在學校、生活品質與經濟機會等方面，長期名列全國領先社區之列。同樣在今天，於亞特蘭大 Fort Gillem，Digital Realty 正協助改造並整治一處前軍事設施，讓長期閒置的土地回到具生產力的用途，成為科技投資、就業與經濟活動的重要中心。

Similarly, in Soto, Kansas outside of Kansas City, we've engaged with community stakeholders to ensure our development plans for the former Sunflower Army Ammunition Plant site aligned with local priorities and contribute to the community's long-term vision for growth while supporting new infrastructure investment, job creation and economic development opportunities.

同樣地，在堪薩斯城外的堪薩斯州 Soto，我們與社區利害關係人合作，確保我們對前 Sunflower Army Ammunition Plant（向日葵陸軍彈藥廠）基地的開發計畫符合在地優先事項，並在支持新的基礎設施投資、創造就業與經濟發展機會的同時，為社區的長期成長願景作出貢獻。

We're also working to address misconceptions surrounding our industry. Over the last year, we have opened our doors around the world to provide data center tours to policymakers, students, community groups and the media so they can see firsthand all world-class operations and commitment to transparency. We believe this approach will help separate fact from fiction surrounding data centers. In our view, informed dialogue leads to better decisions and better outcomes.

我們也正致力於澄清外界對本產業的誤解。在過去一年中，我們在全球各地開放參觀，為政策制定者、學生、社區團體與媒體提供資料中心導覽，讓他們親眼見證我們世界級的營運與對透明度的承諾。我們相信，這種作法將有助於釐清關於資料中心的真相與迷思。在我們看來，充分知情的對話能帶來更好的決策與更佳的結果。

We remain committed to earning the trust of the communities where we operate through transparency, responsible resource stewardship and measurable local investment. Our annual impact report provides transparency into those efforts and helps hold us accountable for the commitments we make.

我們仍致力於透過透明化、負責任的資源管理，以及可衡量的在地投資，贏得我們營運所在地社區的信任。我們的年度影響力報告揭露這些努力的進展，並協助外界就我們所做的承諾對我們進行監督與問責。

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 better than expected results across the board in the third quarter with the dramatic acceleration in colocation and interconnection leasing and a new record in overall leasing that exceeded the prior record by 20%, which drove an almost 30% sequential increase in our backlog.

謝謝你，Andy。Digital Realty 在第三季各方面的表現均優於預期；主因是機房託管（colocation）與互連（interconnection）租賃大幅加速，以及整體租賃創下新紀錄，較先前紀錄高出 20%，帶動我們的積壓訂單（backlog）較前一季增加近 30%。

We achieved these results while continuing to invest with conviction in future growth, further expanding our development and investment platform, advancing our private capital initiatives and maintaining pro forma leverage below 5 times at quarter end, comfortably below our long-term target.

在取得這些成果的同時，我們仍以堅定信念持續投資於未來成長，進一步擴大我們的開發與投資平台、推進私募資本（private capital）相關計畫，並在季末將備考槓桿（pro forma leverage）維持在 5 倍以下，明顯低於我們的長期目標。

Turning to our operating performance. We continue to see strong momentum across our global platform, supported by healthy customer demand, improving occupancy, favorable renewal spreads and increasing contributions from new leasing commencements. Starting with our same capital portfolio. Cash NOI increased approximately 6% year-over-year in the third quarter, bringing year-to-date constant currency growth to approximately 5%.

接著談營運表現。在健康的客戶需求、入住率改善、有利的續約價差，以及新租約起租帶來的貢獻增加等因素支持下，我們在全球平台持續展現強勁動能。先從我們的同資本（same capital）投資組合談起。第三季現金 NOI 年增約 6%，使年初至今以固定匯率計的成長約為 5%。

The underlying fundamentals remain very strong. Stabilized occupancy increased nearly 90 basis points sequentially to 93.4% and churn reached a record low of just 0.7% and cash re-leasing spreads approach 12%, our third highest quarterly result on record.

基本面仍然非常強勁。穩定資產入住率較前一季提升近 90 個基點至 93.4%；流失率（churn）降至僅 0.7% 的歷史新低；現金再出租價差（cash re-leasing spreads）接近 12%，為我們史上第三高的單季結果。

We also saw notable strength in our 0- to 1-megawatt business which, together with strong retention and favorable pricing is helping drive occupancy gains and organic growth across our existing portfolio. And importantly, that strength extends well beyond our stabilized portfolio.

我們也看到 0 至 1 兆瓦業務展現顯著強勢；在高留存率與有利定價的共同作用下，正推動我們既有投資組合的入住率提升與內生成長。更重要的是，這股強勢遠不僅限於我們的穩定投資組合。

Across our broader global platform, recurring revenue increased nearly 16% year-to-date or more than 14% on a constant currency basis, with double-digit reported growth across all three regions. Taken together, these results highlight the strength and diversity of our multiple drivers of organic growth and expanding portfolio and a substantial backlog of contracted future revenue supporting our confidence in continued bottom line growth.

在更廣泛的全球平台層面，經常性收入年初至今成長近 16%；以固定匯率計成長超過 14%，且三大區域皆呈現兩位數的報告成長。綜合而言，這些結果凸顯我們多元的內生成長動能、持續擴張的投資組合，以及龐大的已簽約未來收入積壓訂單，支撐我們對獲利持續成長的信心。

Turning to leasing activity. Bookings across our platform were robust, highlighted by another record quarter in our 0- to 1-megawatt plus interconnection business and increasingly global demand for hyperscale capacity. In the 0- to 1-megawatt plus interconnection category, we generated a record $165 million of total fees or $151.8 million at DLR share during the quarter, representing a 40% increase over last quarter's record. This segment saw new records across all three regions, demonstrating the importance of highly connected infrastructure around the world.

接著談租賃活動。我們平台的簽約表現強勁，其中亮點包括 0 至 1 兆瓦加互連業務再度創下單季新高，以及對超大規模（hyperscale）容量的需求日益全球化。在 0 至 1 兆瓦加互連類別中，本季我們創下總費用 1.65 億美元的新紀錄；以 DLR 權益份額計為 1.518 億美元，較上季的紀錄再增加 40%。該業務在三大區域皆創新高，顯示全球對高度互聯基礎設施的重要性。

This quarter, the 500 kilowatts to 1-megawatt subsegment was particularly strong, driven by large enterprise and served provider deployments. We also saw a large network architecture deployment by one of the leading AI labs across 15 of our sites in EMEA.

本季 500 千瓦至 1 兆瓦的子區間表現尤其強勁，主要由大型企業與服務供應商（served provider）的部署所帶動。我們也看到一家領先的 AI 實驗室在 EMEA 區域的 15 個據點進行大型網路架構部署。

The sites serve as interconnection hubs, giving the customer direct private connectivity to cloud providers, network carriers and enterprise customers within each region. We expect to see similar space and power deployments across our portfolio as AI inference use cases continue to emerge with two drivers gaining momentum.

這些據點作為互連樞紐，讓客戶在各區域內可直接透過私有連線連接雲端供應商、網路電信業者與企業客戶。隨著 AI 推論（inference）使用情境持續浮現、且兩項驅動因素動能增強，我們預期在整體投資組合中將看到類似的空間與電力部署。

At genic AI, where general-purpose agents are rolling out and massive user uptake is just beginning to unfold and sovereign AI, where governments and regulated enterprises need in-region capacity and connectivity to keep models and data within their borders.

其一是通用型 AI（genic AI），即通用代理（general-purpose agents）正逐步推出，且大量使用者採用才剛開始展開；其二是主權 AI（sovereign AI），即政府與受監管企業需要在區域內的容量與連線能力，以將模型與資料留在其國境之內。

Interconnection bookings totaled a record $23.9 million or $22.2 million at DLR share, exceeding the previous quarterly record by approximately 8%. Importantly, AI inference-related deployments span more than 15 submarkets during the quarter, further demonstrating that AI adoption is accelerating beyond large training deployments and into a broader set of enterprise and inference oriented use cases.

互連簽約金額合計創下 2,390 萬美元的新紀錄；以 DLR 權益份額計為 2,220 萬美元，較先前單季紀錄高出約 8%。重要的是，本季與 AI 推論相關的部署橫跨超過 15 個次市場，進一步顯示 AI 採用正加速從大型訓練部署，擴展到更廣泛的企業與推論導向使用情境。

We also marked a new record in the greater than a megawatt category during the quarter as strong global demand drove $689 million of total bookings or $474 million at Digital Realty share. Activity in this segment was driven by the two previously disclosed hyperscale leases in Northern Virginia as well as record signings in APAC with large leases in Seoul, Chennai and Sydney.

本季我們在大於 1 兆瓦類別也創下新紀錄；在強勁的全球需求帶動下，總簽約金額達 6.89 億美元；以 Digital Realty 權益份額計為 4.74 億美元。該類別的活動主要由先前已揭露的北維吉尼亞兩筆超大規模租約所帶動，並且在 APAC 創下簽約新高，包括首爾、清奈與雪梨的大型租約。

Renewal activity turned out strong once again in the third quarter as well. We signed another $261 million of renewals at a blended average 11.8% cash re-leasing spread, reflecting the value that our customers realize in our facilities, the tight availability in our markets, in our ability to capture pricing as contracts roll.

第三季的續約活動同樣再次表現強勁。我們簽下另外 2.61 億美元的續約，合併平均現金再出租價差為 11.8%，反映客戶在我們設施中所獲得的價值、我們市場供給的緊俏程度，以及我們在合約到期展期時掌握定價的能力。

Year-to-date cash renewal spreads are up over 14%. Combined with limited churn and record new leasing activity, these results continue to demonstrate the favorable supply-demand dynamics across our key markets and support another increase to our full year guidance.

年初至今的現金續約價差已上升至超過 14%。再加上有限的流失率與創紀錄的新租賃活動，這些結果持續證明我們核心市場的供需動態有利，並支持我們再次上調全年財測指引。

Renewals in the 0- to 1-megawatt category accounted for 61% of total renewals and contributed a 4.7% cash mark-to-market. Greater megawatt renewals accounted for 36% of the total and delivered a robust 26.3% mark-to-market, led by multiple hyperscale renewals in Northern Virginia.

0 至 1 兆瓦類別的續約占總續約的 61%，並帶來 4.7% 的現金市價調整（mark-to-market）。大於 1 兆瓦的續約占總續約的 36%，並帶來強勁的 26.3% 市價調整，主要由北維吉尼亞多筆超大規模續約所帶動。

We commenced $207 million of annualized GAAP rent in the third quarter. Consistent with the prior three quarters, providing a steady stream of new rental revenue over the past year. Commencements are expected to accelerate over the next two quarters given an uplift from newly signed 0- to 1-megawatt leases and over 250 megawatts of upcoming pre-leased deliveries. These commencements will continue to drive revenue growth, further supporting the multiyear earnings growth forecast we provided last quarter.

我們在第三季開始計入年化 2.07 億美元的 GAAP 租金。與前面三個季度一致，過去一年持續提供穩定的新租賃收入來源。在新簽 0 至 1 兆瓦租約帶來的提振，以及超過 250 兆瓦即將交付的預租案量推動下，預期未來兩個季度的起租將加速。這些起租將持續帶動營收成長，進一步支撐我們在上季提供的多年期獲利成長預測。

Combining strong leasing activity with minimal churn and steady commencements, our backlog reached a new record of $2.5 billion at quarter end or $1.8 billion at Digital Realty share. Our booked not billed backlog now represents almost 40% of in-place rental revenue.

結合強勁的租賃活動、極低的流失率以及穩定的起租，我們的積壓訂單在季末創下 25 億美元新高，按 Digital Realty 持股比例計為 18 億美元。我們的「已簽約但尚未開立帳單」積壓訂單目前約占既有租賃收入的近 40%。

As for earnings, we reported core FFO of $2.10 per share for the third quarter, an 11% increase year-over-year. This quarter's results reflect strong commencements over the past several quarters, the uplift from the growing mark-to-market opportunity and growing fee income.

就獲利而言，我們第三季每股核心 FFO 為 2.10 美元，年增 11%。本季結果反映過去數季強勁的起租表現、日益擴大的市價重估（mark-to-market）機會所帶來的提振，以及手續費收入的成長。

The third quarter also included a full quarter's impact from the acquisition of a development partner's interest in three assets that closed at the very end of last quarter and nearly half quarter contribution from Columbia Capital. With continued operational momentum and our record backlog, we remain confident in our outlook for the remainder of 2026 and 2027.

第三季亦包含：我們在上季末完成收購某開發合作夥伴於三項資產之權益所帶來的完整一季影響，以及 Columbia Capital 近半季的貢獻。在營運動能持續以及創紀錄的積壓訂單支撐下，我們對 2026 年剩餘期間及 2027 年的展望仍具信心。

Turning to investment activity. We continue to deploy capital in support of the significant demand that we see across our platform. During the third quarter, we invested $1.5 billion in development CapEx bringing year-to-date capital spending to $3.3 billion, net of our partner share.

接著談投資活動。我們持續投入資本，以支援我們在整個平台所見到的顯著需求。第三季我們在開發資本支出（CapEx）投入 15 億美元，使年初至今的資本支出達到 33 億美元（已扣除合作夥伴分攤）。

We continue to acquire sites for future organic development, vesting over $700 million across seven different locations in the US and Europe. These investments include expansion capacity for both colocation and hyperscale, including a 1-gigawatt development in the greater Indianapolis metro area.

我們持續收購用於未來自有開發的基地，在美國與歐洲七個不同地點投入超過 7 億美元。這些投資包含可同時支援機房代管（colocation）與超大規模（hyperscale）擴充的容量，其中包括印第安納波利斯都會區周邊一項 1 吉瓦的開發案。

We also expanded our footprint into Turkey, our 65th global metro through a development joint venture with one of Turkish largest infrastructure development and investment conglomerates. The first project is for 22 megawatts of IT capacity in Ankara with meaningful expansion potential.

我們也透過與土耳其最大基礎建設開發與投資集團之一成立開發合資企業，將版圖擴展至土耳其，成為我們全球第 65 個都會市場。首個專案位於安卡拉，IT 容量為 22 兆瓦，並具備可觀的擴充潛力。

The JV will then focus on expansion into this sample. The addition of Turkey further extends our presence in Southern Europe and the Eastern Mediterranean, providing another avenue for future growth in the strategically important reason. These activities reflect our continued focus on expanding the markets where we see strong customer demand and positioning the platform for future growth.

該合資企業接著將聚焦於在此範例中的擴張。新增土耳其進一步延伸我們在南歐與東地中海的布局，為在此一具策略重要性的地區帶來另一條未來成長途徑。這些活動反映我們持續專注於擴展在客戶需求強勁的市場，並為平台的未來成長做好布局。

During the quarter, we delivered 50 megawatts of new IT capacity, which was 95% pre-leased. We also commenced development of 112 megawatts of capacity including projects in five different countries in APAC, along with other projects in EMEA and the Americas.

本季我們交付了 50 兆瓦的新 IT 容量，其中 95% 已預租。我們也啟動了 112 兆瓦容量的開發，包括亞太地區（APAC）五個不同國家的專案，以及歐洲、中東與非洲（EMEA）與美洲的其他專案。

As a result, our development pipeline expanded to 1.5 gigawatts under construction at a total expected cost of $22 billion, representing a 9% increase quarter-over-quarter. The development pipeline remains 63% pre-leased and an 11.6% average expected stabilized yield.

因此，我們的開發管線擴大至在建 1.5 吉瓦，預期總成本為 220 億美元，季增 9%。開發管線仍有 63% 已預租，平均預期穩定化收益率為 11.6%。

Turning to the balance sheet. Our investment-grade balance sheet seasoned public shareholder base and growing strategic private capital initiatives have developed into a broad, diversified funding model with access to capital that is unique among global data center providers. Over the last several weeks, we accessed capital across the stack, raising approximately $3.5 billion further scaling the quantum of capital available to support our customers' digital and structural requirements.

接著談資產負債表。我們具投資等級的資產負債表、成熟的公開市場股東基礎，以及持續成長的策略性私募資本計畫，已發展成一個廣泛且多元化的融資模式；在全球資料中心供應商中，這種獨特的資本取得能力並不多見。過去幾週，我們在資本結構各層面取得資金，募得約 35 億美元，進一步擴大可用資本規模，以支援客戶的數位化與結構性需求。

During the quarter, we raised $450 million of common equity under the ATM and in early October, we raised $1.7 billion of total debt proceeds at a 4% blended average month from a 10-year euro bond and a multi-tranche Swiss franc bond with a weighted average term of nearly 5.5 years.

本季我們透過 ATM 計畫募集 4.5 億美元普通股權；並於 10 月初，透過一筆 10 年期歐元債與一筆多期別瑞士法郎債，以約 4% 的加權平均票面利率募集合計 17 億美元的債務資金，整體加權平均期限接近 5.5 年。

In the last week, we achieved another important milestone within our strategic private capital business, closing over $1.4 billion of initial cornerstone equity and commitments from a variety of institutional investors, pension funds, insurance companies and consultants, advancing a new perpetual capital strategy, focused on stabilized hyperscale data center in North America.

在上週，我們的策略性私募資本業務達成另一項重要里程碑：完成超過 14 億美元的初始基石股權與承諾資金募集，投資人涵蓋多家機構投資人、退休基金、保險公司與顧問機構，推進一項新的永久資本策略，聚焦於北美已穩定營運的超大規模資料中心。

The strategy leverages the institutional demand for digital infrastructure investments and significantly expands our access to long-term private capital. We view this access to a broad and diverse array of public and private capital sources as a strategic advantage that should continue to create opportunity for Digital Realty. Reflecting the company's balance sheet position and demonstrated access to capital as well as the company's strong operating performance in September, Moody's upgraded our long-term issuer rating to Baa1.

該策略運用機構投資人對數位基礎建設投資的需求，並大幅擴大我們取得長期私募資本的能力。我們將這種可取得廣泛且多元的公募與私募資本來源視為一項策略優勢，並應可持續為 Digital Realty 創造機會。反映公司資產負債表狀況與已證明的資本取得能力，以及公司 9 月的強勁營運表現，穆迪（Moody's）將我們的長期發行人評等上調至 Baa1。

At the end of the third quarter, Digital Realty's leverage adds up to 5.2 times on a headline basis or 4.9 times pro forma for the upcoming stabilization of the three 100% leased Northern Virginia developments we acquired at the end of last quarter.

截至第三季末，Digital Realty 的槓桿倍數按表觀口徑為 5.2 倍；若就我們在上季末收購、且已 100% 出租的北維吉尼亞三個開發案即將進入穩定化所作的備考（pro forma）調整，則為 4.9 倍。

We estimate that Digital Realty maintains over $20 billion of capital available to support future development when combining our current liquidity and leverage capacity as well as funding available through our private development venture, our closed-end fund and our most recent perpetual capital strategy.

我們估計，若合併目前流動性與槓桿承載能力，以及透過私募開發合資企業、封閉式基金與最新的永久資本策略可取得的資金，Digital Realty 可用於支援未來開發的資本超過 200 億美元。

I will conclude with guidance. We are raising our 2026 or FFO per share guidance, excluding net promote income by $0.15 or nearly 2% to a new range of $8.30 to $8.35 per share. The midpoint of the updated range represents almost 13% growth over 2025, which would mark second consecutive year of double-digit core FFO per share growth.

最後我以財測作結。我們將 2026 年每股 FFO 財測（不含淨提成收入）上調 0.15 美元、約近 2%，至每股 8.30 至 8.35 美元的新區間。更新後區間的中點相較 2025 年成長近 13%，這將是連續第二年每股核心 FFO 達到雙位數成長。

We also expect cash renewal spreads of 10% to 12%, up another 100 basis points from last quarter, driven by strong performance year-to-date. Same capital cash NOI growth of 5.25%, 5.75% on a constant currency basis, up 75 basis points at the midpoint.

我們亦預期現金續租價差為 10% 至 12%，較上季再上升 100 個基點，主要受年初至今強勁表現帶動。同店現金 NOI 成長率為 5.25% 至 5.75%（以固定匯率計），中點上調 75 個基點。

CapEx net of partner contributions remains consistent with our prior range at $4.25 billion to $4.75 billion, and we are raising our capital recycling guidance by another $500 million to a range of $1.5 billion to $2 billion to reflect the success of our new perpetual private capital strategy.

扣除合作夥伴出資後的資本支出（CapEx）仍維持先前區間 42.5 億至 47.5 億美元；同時我們將資本回收（capital recycling）財測再上調 5 億美元至 15 億至 20 億美元，以反映我們新的永久私募資本策略的成功。

Importantly, strong execution across the 0- to 1-megawatt category, a record backlog of contractual commencements, expanding development pipeline recent strategic initiatives provide increased confidence in our ability to extend our double-digit core FFO per share growth trajectory into 2027 and beyond.

重要的是，在 0 至 1 兆瓦類別的強勁執行、創紀錄的合約起租積壓訂單、持續擴大的開發管線，以及近期策略性舉措的支撐下，我們對於將每股核心 FFO 的雙位數成長軌跡延伸至 2027 年及更長遠的能力更具信心。

This concludes our prepared remarks. And now we'll 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。接線生，請開始問答環節。

(Operator Instructions)

(接線生指示)

Jon Petersen, Jeffries.

Jon Petersen，Jefferies。

Great. Thank you. Congrats on the strong leasing and the strong quarter. I wanted to ask some questions around the land bank. So you refilled or you added quite a bit to your land bank in Indianapolis. In Charlotte this quarter, and you did a big acquisition in Kansas earlier this year.

很好。謝謝。恭喜租賃表現強勁、季度表現也很強。我想就土地儲備（land bank）問幾個問題。所以你們在印第安納波利斯補充或新增了相當多的土地儲備。本季在夏洛特也是如此，而且你們今年稍早在堪薩斯做了一筆大型收購。

Can you just remind us how you think about which markets you want to go into? And if you can give us maybe some more color on who's selling this land? Do these people intend on building data centers themselves and decided they couldn't do it or something else?

你能否提醒我們，你們是如何思考要進入哪些市場的？另外，如果可以的話，能否再多分享一些是誰在出售這些土地？這些人原本打算自己興建資料中心，但後來決定做不到，還是有其他原因？

Thanks, Jon. So we -- I would call the playbook where we've been growing and expanding our markets is consistent in terms of focusing on places where we see robust and diverse customer demand. That's in terms of workload serving digital transformation to enterprise, cloud computing, and AI, Kansas City, a great example where we see a market where numerous fiber optic routes, a market where the cloud hyperscalers have been landing and expanding with self-builds in a place where we could call it land and essentially create a runway for growth.

謝謝，Jon。就我們而言——我會說，我們在成長並擴張市場時所遵循的作戰手冊（playbook）是一致的，核心是聚焦在我們看到客戶需求強勁且多元的地方。這些需求來自於支援企業數位轉型、雲端運算與 AI 的工作負載；堪薩斯市就是很好的例子：我們看到那是一個有多條光纖路由的市場，也是雲端超大規模業者（hyperscalers）已經進駐並以自建方式擴張的市場；在那裡我們可以取得土地，基本上為成長打造一條跑道。

Our expansion into Charlotte is also a similar example of that. We'd operated in that market with a carrier connectivity location downtown, which we are expanding. But then expanding out by the airport with a larger footprint and had one of our largest leases in the history of the company at the beginning of this year, supporting the inference for a top strong investor grade hyperscaler.

我們擴張到夏洛特也是類似的例子。我們先前在該市場市中心營運一個電信業者互連據點（carrier connectivity location），我們正在擴建。同時也在機場附近以更大的占地規模向外擴張，並且在今年年初簽下公司史上最大租約之一，為一家頂級、信用評等很強的超大規模客戶提供推論（inference）支援。

I'll let Greg touch on who are some of the sellers and what some of the land was before we're going to turn it into data centers, which was also highlighted in our prepared remarks.

我讓 Greg 來談談一些賣方是誰，以及在我們把土地轉作資料中心之前，這些土地原本是做什麼用途的；這點我們在事先準備的講稿中也有提到。

Yeah. Thanks, Andy. Look, I think as Andy touched on, Jon, we've addressed in the past sort of our logic and strategic rationale for both Charlotte Kansas sitting and the like -- but I think when you think about Indiana, it's not dramatically different, right? It's consistent with these other large new market entries.

好的，謝謝，Andy。Jon，你看，正如 Andy 提到的，我們過去已談過我們對夏洛特、堪薩斯市等地的邏輯與策略理由——但我認為談到印第安納，其實並沒有本質上的不同，對吧？它與其他大型新市場進入是一致的。

It's strategically located land in markets where we believe there's going to be multiple use cases, whether it's cloud AI or digital transformation. But in the case Indianapolis, right, you have a robust economy and significant corporate preference -- presence, excuse me.

也就是在我們相信會有多種使用情境的市場中，取得具策略位置的土地，不論是雲端、AI 或數位轉型。但以印第安納波利斯為例，你有強健的經濟，以及顯著的企業偏好——更正，是企業聚集（presence）。

Home to numerous Fortune 500 companies, including companies like Eli Lilly and Cummins, advanced manufacturing is the cornerstone of that economy. It's a $500 billion of economy in that element alone, which makes up 25% of the state's GDP. And it ranks first nationally in terms of manufacturing job per capita and really boast a skilled trade workforce and supplier base.

那裡有許多《財富》500 大企業總部，包括像 Eli Lilly 與 Cummins 這類公司；先進製造業是該經濟體的基石。僅該領域就有 5,000 億美元的經濟規模，占該州 GDP 的 25%。而且以人均製造業工作數來看，全美排名第一，並且確實擁有熟練技術工人與供應商基礎。

But that's sort of the general dynamics or economics -- or excuse me, characteristics. But when you look, Indiana is quickly becoming a top Midwest hyperscale market. You have more than 70 data center facilities there now, and it ranks 6 in the US in terms of number of data centers.

不過那是一些整體動態或經濟——更正，是特徵。但再往下看，印第安納正快速成為中西部頂級的超大規模市場。目前那裡已有超過 70 座資料中心設施，按資料中心數量計算在美國排名第 6。

And if you look back over the last three years, they attracted more than $25 billion of hyperscale investment from the likes of AWS, Microsoft, Google, Meta and others. And then it's also benefiting from the fact that you have these long queues and power constraints across Ohio.

如果回顧過去三年，他們吸引了超過 250 億美元的超大規模投資，投資方包括 AWS、Microsoft、Google、Meta 等。此外也受惠於俄亥俄州各地排隊期很長以及電力受限的情況。

You have numerous moratoriums across Michigan. And for example, you have, Illinois, BIPA legislation is pushing hyperscalers out of that state. So as a result, Indiana and outside of Indianapolis, in particular, has become very well placed to capture these large deployments.

密西根州各地也有許多暫停令（moratoriums）。例如在伊利諾州，BIPA 立法正把超大規模業者推離該州。因此，印第安納，尤其是印第安納波利斯周邊，已處於非常有利的位置來承接這些大型部署。

And finally, back on Andy's latency theme, if you will, you have strong latency, really what I would say is sitting at the crossroads of America. Indiana sits within a day drive of 80% of the US population, and then you have long-haul fiber providers from groups like Zayo, Lumen, great Plains and Meta, which delivers sub-10 millisecond latency to places like Chicago, Indianapolis, Columbus and St. Louis.

最後，回到 Andy 提到的延遲（latency）主題：你有很強的延遲表現；我會說它位於「美國的十字路口」。印第安納在一天車程內可覆蓋美國 80% 的人口；此外還有來自 Zayo、Lumen、Great Plains 與 Meta 等團體的長途光纖供應商，可為芝加哥、印第安納波利斯、哥倫布與聖路易斯等地提供低於 10 毫秒的延遲。

And then finally, it's really a low power cost. So you look at power rates of roughly $0.09 per kilowatt hour, and it's below, in some instances, significantly below most competing markets across the US So that's just a highlight of a couple of points.

再來最後一點，這裡的電力成本確實很低。你看電價大約每度（kWh）0.09 美元；在某些情況下，這低於——而且是顯著低於——美國多數競爭市場。所以以上只是幾個重點。

And just one other thing. You asked about who's selling this land, mean these are great stories where we worked with, call it, local real estate developers specifically Kansas City, Atlanta, taking sites that were industrialized, those two in particular or former call it Army use cases years and years ago and really were able to revitalize community with a great investment that's going to benefit all the broader community there.

另外再補充一點。你問到是誰在賣這些土地；這些其實是很棒的故事：我們與當地不動產開發商合作，特別是在堪薩斯市、亞特蘭大，取得一些已工業化的基地——尤其那兩個案例，很多年前曾是所謂的軍方用途——並且真正能以一筆很好的投資來活化社區，讓當地更廣泛的社區都能受益。

Michael Elias, TD Securities.

Michael Elias，TD Securities。

Perfect. Thanks for taking the question. Andy, on the call, I felt like you focused a lot on connectivity. As I consider the market landscape, I mean, we're seeing edge and network nodes approaching, call it, 40 megawatts for some of the hyperscalers, you have edge AI inference nodes getting as large as 20 megawatts on a distributed basis in a bunch of different markets. And then you're highlighting AI labs doing network nodes with you.

太好了。謝謝讓我提問。Andy，在這通電話會議上，我感覺你把很多重點放在連接性（connectivity）上。當我看市場版圖時，我的意思是，我們看到邊緣與網路節點對某些超大規模業者而言已接近——姑且說——40 兆瓦；你也看到邊緣 AI 推論節點在許多不同市場以分散方式部署，規模可大到 20 兆瓦。然後你又提到 AI 實驗室正在與你們一起做網路節點。

As I consider the form factor of this against the broader landscape of data center developers, it does seem like you're uniquely positioned to capture that opportunity. How do you think about the medium to long-term opportunity on the edge inference side? And as part of that, what does that imply for the interconnection opportunity for digital? Thank you.

當我把這種形態（form factor）放到更廣泛的資料中心開發商版圖中來看，確實感覺你們在捕捉這個機會上有獨特的定位。你們如何看待中長期在邊緣推論（edge inference）方面的機會？以及作為其中一部分，這對 Digital 的互連（interconnection）機會意味著什麼？謝謝。

Hey, thanks, Michael. Michael. I mean, I kind of boiled down the value proposition to the enterprise or the connectivity service provider and relates to prior use cases or AI into three buckets that we check all. One, global reach and scale. We're now with our entry into Turkey up to 65 global markets. We obviously have tremendous scale.

嗨，謝謝你，Michael。Michael。我的意思是，我把對企業或連接服務供應商的價值主張——不論是既有使用情境或 AI——大致歸納成三個我們都能滿足的面向。第一，全球覆蓋與規模。隨著我們進入土耳其，我們現在已達到 65 個全球市場。我們顯然具備非常可觀的規模。

Two, connectivity-rich environments. You could see that in terms of our cross-connect signings, which were a record, call it, $22 million, up 13% year-over-year. And that's both physical and virtual cross-connects. And then three, a trend that I think is around of Digital Realty is called AI-ready infrastructure.

第二，連接性豐富的環境。你可以從我們的 cross-connect 簽約量看出來，創下紀錄，約 2,200 萬美元，年增 13%。而且這同時包含實體與虛擬 cross-connect。第三，我認為 Digital Realty 正在推動的一個趨勢，稱為 AI-ready 基礎設施。

So we've got increasing footprints, increasing power densities and greater needs for liquid cooling. I can tell you today, we're already operationalized live with liquid cooling for the AI use cases and north of 25 different locations, different customers, at least half of that is in the, call it, 500-kilowatt to 5-megawatt size blocks in addition to some of the larger footprints. And what we've called sold but not yet delivered called in that backlog, called doubles those customer counts and location counts and brings us close to one gigawatt of operational expertise in that category.

也就是我們有更大的占地規模、更高的功率密度，以及對液冷的更高需求。我可以告訴你，今天我們已在超過 25 個不同地點、不同客戶的 AI 使用情境中，將液冷實際上線並投入營運；其中至少一半是——姑且說——每個區塊 500 千瓦到 5 兆瓦的規模，此外也有一些更大的占地。而我們所稱「已售出但尚未交付」的積壓訂單（backlog），大約會讓這些客戶數與地點數翻倍，並使我們在該類別的營運專業能力接近 1 吉瓦。

Inside our 0- to 1-megawatt bookings, lots of great records in there for in a row, up 40% quarter-over-quarter, 80% year-over-year. If you unpack the top signing real quickly, number one was actually an enterprise signing, believe it or not, an enterprise signed with us outside the US. Number two, was a traditional hyperscale signing.

在我們 0 至 1 兆瓦的預訂量中，裡面有許多非常亮眼的紀錄，已連續多季表現強勁，季增 40%、年增 80%。如果很快拆解一下最大的一筆簽約，第一名其實是企業客戶的簽約，信不信由你，是一家美國以外的企業與我們簽約。第二名則是傳統的超大規模（hyperscale）簽約。

And number three in the next several were AI use cases, including what we highlighted in the prepared remarks was a 15 site basically backbone build out for one of the major AI labs. So I think we are very well positioned and this quarter really tell the highlights that.

而第三名以及接下來幾筆則是 AI 的使用案例，包括我們在事先準備的講稿中提到的：為某家主要 AI 實驗室進行 15 個站點、基本上屬於骨幹網路的建置擴張。所以我認為我們的布局非常到位，而本季也確實凸顯了這些重點。

Eric Luebchow, Wells Fargo.

Eric Luebchow，富國銀行。

Great. Thanks for taking the question. Maybe just touch on the recent changes in cost of capital that we've seen really the whole industry. And just wondering, if you look at market rent growth today. Do you think that's rising faster than your implied cost of development? It looks like that's around -- averaged around $15 million a megawatt across your global portfolio?

很好。謝謝讓我提問。或許請談談我們近期看到的資本成本變化，基本上是整個產業都在發生。另外想請教，如果你看目前市場租金成長。你認為它的上升速度是否快於你們隱含的開發成本？看起來你們全球投資組合平均約為每兆瓦 1,500 萬美元左右？

And then maybe you could just touch on things you're doing to try to mitigate development cost inflation, whether that comes from procuring long lead time equipment, procuring labor supply or anything else that Digital is doing? Thank you.

另外也請談談你們為了緩解開發成本通膨所做的事情，不論是採購交期較長的設備、確保勞動力供給，或是 Digital 正在做的其他措施？謝謝。

Thanks, Eric. So lots to unpack and to try to tag team this and work it backwards with Matt for a second. You've obviously seen great strength in our rates across our segments, across our geographies always a little bit mixed depending on what the quarter is but definitely seeing pricing increases.

謝謝你，Eric。這裡面有很多可以拆解的，我先和 Matt 搭配一下，倒著從後面講起。你也明顯看到我們在各個業務區隔、各個地理區域的費率都展現出很強的力道；當然每一季會有些差異，但我們確實看到定價在上升。

I look at a high level, our development pipeline is called up, call if, from $10 billion now to $22 billion, so 100% increase or more since just the beginning of the year. And our net yields are really, call it, have gone up, call it, over 11.5%. And our pre-leasing or derisking of that has been maintained, call it, north of 63%. And if you net the [color], which is more of a -- call it, more closer delivery sign and move in, you're probably close to 70% pre-leasing on that pipeline.

從較高層次來看，我們的開發管線規模，從 100 億美元提升到 220 億美元，等於自今年年初以來增加了 100% 以上。而我們的淨收益率（net yields）也確實上升，約提升到 11.5% 以上。同時，我們的預租（pre-leasing）或去風險化程度仍維持在 63% 以上。若把 [color]（更偏向臨近交付、簽約並進駐的部分）納入計算，整體管線的預租率可能接近 70%。

So I think we've been able to press rates to really recognize the value we're delivering with these precious capacity blocks in addition to what we value delivered to our enterprises and outpacing the inflationary environment that we and the broader industry is experiencing.

因此我認為，我們能夠推升費率，真正反映我們所提供的價值：這些珍貴的容量區塊（capacity blocks），以及我們為企業客戶所交付的價值；而且我們的表現也超越了我們與整個產業正在面對的通膨環境。

I think our team is doing a very nice job getting ahead of that on supply chain. Our consistency in markets, we're growing to 65 markets, but we're actually only operating 58. We've got the call in the works, including those recent announcements.

我認為我們團隊在供應鏈方面做得非常好，能夠提前因應。我們在市場上的一致性也很強；我們正在擴張到 65 個市場，但實際營運的是 58 個。我們也正在推進相關計畫，包括近期的那些公告。

We're basically bringing on new capacity in 35 of those. So significant breadth of new growth for our customers. But being consistent, having extended supply chains, vendor management inventory programs, and I think we're faring better than many or most when it comes to that given our scale and breadth of consistency and track record in the capacity.

我們基本上會在其中 35 個市場新增容量。因此對客戶而言，新增成長的廣度相當可觀。而透過維持一致性、延伸供應鏈、供應商管理與庫存管理計畫，我認為以我們的規模、覆蓋廣度、以及在容量交付上的一致性與過往紀錄，我們在這方面的表現優於許多、甚至大多數同業。

I don't think we want to waste time on the broader capital markets dynamic that everyone is seeing with interest rates and the like. But I think Matt can speak to just in the last few weeks or months, what we've done in terms of bolstering our liquidity at fairly attractive cost of capital.

至於大家都在面對的更廣泛資本市場動態，例如利率等，我想我們不需要花太多時間贅述。不過我想 Matt 可以談談，過去幾週或幾個月，我們如何以相當具吸引力的資本成本來強化流動性。

Yeah, Eric. [AI hubs], I mean, it's hopefully saw -- I mean, the fact that we're kept global recent scale has given us an ability to access a diverse set of capital sources bolt-on as recently on the debt side. Hopefully, you saw we raised basically $1.7 billion at an average rate of close to 4%, both through the euro and Swiss market.

好的，Eric。[AI hubs]，我的意思是，希望你有看到——我們維持全球化且具規模的布局，使我們能夠接觸多元的資金來源；就在最近，我們也在債務端進一步加碼。希望你有看到，我們透過歐元與瑞士市場，籌得約 17 億美元，平均利率接近 4%。

On top of that, given the expansion in our -- call it, our private capital strategy, as was noted on the call, raised another $1.4 billion of equity that will be able to be leveraged as well. So it gives us a significant amount, I think, of capital to continue to pursue what has been a great opportunity ahead of us.

此外，隨著我們——姑且稱之為——私募資本策略的擴張，如同本次電話會議所提到的，我們也再募集了 14 億美元的股權資金，後續也能加以運用槓桿。因此我認為，這讓我們擁有相當充足的資本，得以持續把握眼前非常好的機會。

Michael Ng, Goldman Sachs.

Michael Ng，高盛。

Hey, good afternoon. Thank you for the question. I wanted to ask about the stabilized hyperscale data center acquisition strategy. Could you talk a bit about the buy box and opportunities that you have to drive additional returns, whether that be value-add or other things? Thank you.

嗨，午安。謝謝讓我提問。我想問關於成熟（stabilized）的超大規模資料中心收購策略。你能否談談你們的收購範圍（buy box）以及有哪些機會可以帶來額外報酬，例如透過價值提升（value-add）或其他方式？謝謝。

Thanks, Michael. So the -- I think I'll have Greg speak to really what the evolution of our funding model here that's led up to some pretty big milestones from the beginning of this year to just weeks ago to address that question.

謝謝你，Michael。我想我會請 Greg 來談談我們在這裡的資金模式演進，從今年年初到幾週前達成的一些重要里程碑，來回應你的問題。

Yeah, thanks. Thanks, Michael. Look, I think let's look back and just -- I mean this -- where we are right now is really the next evolution of our strategic capital platform as you [we call] we completed our closed-end fund earlier this year with an initial target of $2.5 billion, and we ultimately raised $3.25 billion. That's the strategy for that [Vic] was geared more towards development. It would be more development opportunities like you would expect high 10s, low 20s and the like. So that vehicle is geared towards that kind of risk return.

好的，謝謝。謝謝你，Michael。我想回頭看一下——我們目前所處的位置，確實是我們策略性資本平台的下一階段演進。正如我們所說，我們在今年稍早完成了封閉式基金（closed-end fund），初始目標為 25 億美元，最終募集到 32.5 億美元。那個載體（vehicle）的策略更偏向開發（development）。它會是你所預期的那種開發型機會，報酬率大概落在十幾到二十出頭之類。因此那個載體是針對那類風險報酬特性所設計的。

I think when you look and see what we're doing now, again, this is the next evolution of our strategic private capital platform. And this is focused more on a perpetual life strategy that's designed really to match, call it, long-term duration institutional capital with long-lived stabilized data center assets.

而當你看我們現在在做的事情，同樣地，這是我們策略性私募資本平台的下一階段演進。這一項更聚焦於「永久型」（perpetual life）的策略，目的在於把——姑且稱之為——長期存續期間的機構資金，與壽命長、且已穩定營運的資料中心資產做匹配。

Quite frankly, it gets to partner with an industry leader that's got a 20-year-plus track record. Look, with these initial closings, we're going to continue. And again, it's perpetual. This is just the first closing of a cornerstone process. There'll be several closings between now and the beginning of next -- or excuse me, the first quarter of next year.

坦白說，這也讓投資人能與一個擁有 20 年以上實績的產業領導者合作。你看，隨著這些初始交割（initial closings），我們會持續推進。而且再次強調，這是永久型的。這只是基石投資人（cornerstone）流程的第一次交割。從現在到明年年初——更正，是到明年第一季——之間，還會有數次交割。

But again, as a perpetual strategy, we're going to continue to raise capital around that over time. So it's not just -- it's a living, breathing vehicle as growth opportunities come around. And that will be geared towards more stabilized core plus [hyperscale].

但同樣地，作為一個永久型策略，我們會隨時間持續為其募集資金。所以它不只是——它是一個會隨著成長機會出現而持續運作、持續演進的載體。而它將更偏向於已穩定的核心加（core plus）[hyperscale] 資產。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO 資本市場。

Thanks, and good afternoon. I wanted to follow up just on the 0- to 1-megawatt business. It's clearly inflected higher here in terms of how you see things moving forward and what the -- is this the level which you expect to grow off of? And then just relatedly, your peer talked about some of the pricing opportunities in zero to one specifically. How are you thinking about that or seeing that?

謝謝，午安。我想追問一下 0 至 1 兆瓦的業務。很明顯你們在這裡的趨勢已經向上轉折；就你們對未來走勢的看法，以及——這是否是你們預期會在其上持續成長的基準水準？另外相關地，你們的同業談到在 0 到 1 兆瓦這一塊有一些定價機會。你們怎麼看、或目前觀察到的情況如何？

Thanks, Ari. So I'll have Colin call walk through which was really a fantastic quarter to cap off what's been tremendous progress this year. And we're already out of the gates in 4Q stronger than we ever have been. So Colin, why don't you speak to that?

謝謝你，Ari。所以我會請 Colin 來帶大家回顧一下，這確實是一個非常出色的季度，為我們今年的巨大進展畫下完美句點。而且我們在第四季一開始的表現就比以往任何時候都更強勁。所以 Colin，你要不要談談這部分？

Thanks, Ari, for the question. Appreciate that. Yeah, we're really eased with Q3, obviously, fourth quarter -- fourth consecutive quarter of record bookings, up 40% from a record quarter in Q2. One of the key drivers and that we're seeing in this digital transformation in hybrid cloud are continue to be resilient, use cases, data sovereignty and localization are really standing up. Particularly in EMEA and [Canadian] highlight infrastructure is becoming more and more distributed with higher density requirements across the globe. So that really fits the use case that we support across the globe.

謝謝你，Ari，謝謝你的提問。很感謝。是的，我們對第三季非常滿意；顯然，這是連續第四個季度創下訂單（bookings）新高，較第二季的創紀錄季度再成長40%。我們看到的關鍵驅動因素之一，是混合雲數位轉型持續展現韌性；資料主權與在地化的使用案例確實正在成形並站穩腳步。特別是在歐洲、中東與非洲（EMEA）以及加拿大，基礎設施正變得越來越分散，且全球各地對更高密度的需求也在提升。因此，這非常符合我們在全球所支援的使用情境。

And as it relates to the pipeline of activity, we're seeing more and more partner contribution there. We're really a full solution offering is particularly important with our partners. As we think about pipeline on the whole, remarkably coming off a record quarter, we have a strong pipeline as we've had in the 0- to 1-megawatt category.

至於活動管線（pipeline），我們看到合作夥伴的貢獻越來越多。我們提供完整解決方案的能力，對合作夥伴而言尤其重要。從整體管線來看，即便剛結束一個創紀錄的季度，我們在0到1兆瓦（MW）區間仍維持一如既往的強勁管線。

And that really is across the board commentary that's across all the regions are seeing particular strengths. And as Andy highlighted, that's across all use cases, but just highlight AI is becoming a more and more prevailing piece of that 0- to 1-megawatt conversation. So our bookings in Q3 were associated with AI.

而且這確實是全面性的趨勢；各地區都呈現出特別強勁的表現。如 Andy 所強調的，這涵蓋所有使用案例；但特別要提的是，AI 正在成為0到1兆瓦討論中越來越主流的一部分。因此，我們第三季的訂單與 AI 有關。

So again, we're seeing strength both in current activity and futures and really pleased with what we've seen thus far in Q4, where we're already at 60% of our 0- to 1-megawatt booking number.

所以再次強調，我們在當前活動與未來展望兩方面都看到強勁動能；而且我們對目前第四季迄今的表現非常滿意，因為我們在0到1兆瓦的訂單目標上已經達到60%。

Michael Rollins, Citi.

花旗（Citi）的 Michael Rollins。

Thanks, and good afternoon. Congratulations. If I could just ask about hyperscale for a couple of moments. So on the hyperscale side, curious if you could talk a bit more of the pricing yields that you achieved in the quarter? And whether that's bouncing off point of where things are going or if there are some specific factors that influence the significant level that you achieved on a per kilowatt basis?

謝謝，下午好。恭喜。我想花幾分鐘問一下超大規模（hyperscale）。在 hyperscale 方面，想請你們多談談本季達成的定價收益（pricing yields）？以及這是否是未來走勢的基準點，或是有一些特定因素影響了你們在每千瓦（per kilowatt）基礎上達到的顯著水準？

And then just taking a step back, curious if you could give us an update with the development pipeline now at about 10-gigawatt. Curious if you could frame how much is left to sell for '27 vintage, '28 and '29 vintages as we think about the that flywheel that you're generating on a go-forward basis? Thank you.

另外，退一步來看，想請你們更新一下目前開發管線約在10吉瓦（gigawatt）的情況。想請你們說明一下，當我們思考你們未來持續推動的飛輪效應時，'27 年度、'28 年度與 '29 年度（vintages）還剩多少容量需要銷售？謝謝。

Thanks, Michael. So I mean really standout quarter and a standout year when it comes to hyperscale as well. So I mentioned already the total development pipeline now stands at $22 billion, north of 11.5% ROI, 63% leased. If you look at just the signings, we did $855 million total share signed. That's 18% higher than our prior quarterly record roughly two years ago. If you look at our total signs year-to-date, we call it, up [40%] from the prior full year record, and that's just with three quarters, not four quarter. So really dramatic volumes.

謝謝你，Michael。就 hyperscale 而言，這同樣是一個非常突出的季度與非常突出的年度。我先前提到，整體開發管線目前為220億美元，投資報酬率（ROI）超過11.5%，其中63%已出租。如果只看簽約，我們本季簽下的總額（按持股比例）為8.55億美元。這比我們大約兩年前的上一個季度紀錄高出18%。如果看我們今年迄今的總簽約額（我們這樣稱呼），較上一個完整年度的紀錄成長了[40%]，而且這還只是三個季度，不是四個季度。所以量能真的非常驚人。

Another standout is the weighted average lease length of the total signings for about 16 years. As you know, our enterprise lower on the shorter end, meaning our hyperscaler is on the higher end to blend down to only 16 years, which is another standout.

另一個亮點是，本期所有簽約的加權平均租期約為16年。如你所知，我們的企業客戶（enterprise）租期較短，代表 hyperscaler 的租期更長；在這樣的組合下加權後仍只有16年，這也是另一個非常突出的表現。

Great -- so great customer mix. If you look at the, call it, the last seven quarters, we've had six different great hyperscale customers as our top signing customer. The markets -- I mean the mix throughout the quarter, I think we had the three big lines were each three different contracts, each 60 megawatts-plus each.

所以客戶組合非常好。如果看過去七個季度，我們有六個不同、非常優質的 hyperscale 客戶成為當季簽約額最高的客戶。至於市場組合——本季我想三筆最大的案子分別是三份不同合約，每一份都超過60兆瓦。

We started, as you mentioned -- or you may remember from the last quarter's call with some strong contribution in Northern Virginia. We ended the quarter with some strong contribution in APAC, and we had some great wins in between as well.

我們在本季一開始，如你提到——或你可能還記得上季電話會議——北維吉尼亞有很強的貢獻。我們在季末則在亞太（APAC）看到很強的貢獻，而中間也拿下了一些很棒的案子。

I think this call goes back to really focusing on delivering for the hyperscalers where we can add the most value. We've called state markets where we see robust and diverse demand where supply and constraints are tight and not really improving and making sure we can curate to all these hyperscale customers who are already serving in 30, 40, 50 plus locations, the growth capacity that they really need.

我認為這通電話會議的重點，回到我們如何專注於為 hyperscaler 交付成果、在我們能創造最大價值的地方發揮。我們一直提到一些「核心市場」，也就是我們看到需求強勁且多元、供給與限制都很緊且沒有真正改善的市場；並確保我們能為這些已在30、40、50個以上地點提供服務的 hyperscale 客戶，精準配置他們真正需要的成長容量。

Going to the second part of your question. So our, call it, '27, '28 hyperscale-oriented capacity blocks roughly total just shy of the 1.5 gigawatts that we currently have under development right now. So we've got a lot of conversations going as we speak, as those capacity talks are becoming much more of a focus for our customers.

回到你問題的第二部分。我們所謂 '27、'28 年、以 hyperscale 為導向的容量區塊，加總大致接近但略低於我們目前在建開發中的1.5吉瓦。因此我們現在正進行許多對話，因為這些容量討論正成為客戶更聚焦的重點。

Matt Niknam, Truist.

Truist 的 Matt Niknam。

Hey guys, congrats on a great quarter. Thanks so much for taking the question. High-level question. What's the latest you're seeing on the M&A front in terms of opportunities and valuations? And I guess -- the reason I'm asking is that much cleaner balance sheet than you had several years ago.

各位好，恭喜這麼棒的一季。非常感謝讓我提問。我想問一個較高層次的問題。在併購（M&A）方面，就機會與估值而言，你們最近看到的最新情況是什麼？我之所以這樣問，是因為你們的資產負債表比幾年前乾淨得多。

You've got global scale. And I'm wondering if that affords a more unique opportunity to introduce value through M&A amidst the current market backdrop? Thanks.

你們具備全球規模。我想知道，在目前的市場背景下，這是否讓你們能透過併購以更獨特的方式創造價值？謝謝。

Thanks, Matt. So I mean, I don't think we've got a great -- we're obviously in a very dynamic world with the cost of capital really changing as we speak. We've been very active on all things, inorganic M&A that I'll have Greg walk you through and that all of those have been with a strategic lens for do growth pillars.

謝謝你，Matt。我的意思是，我不認為我們有一個很——我們顯然處在一個非常動態的環境中，資本成本正隨時在變動。我們在所有無機成長的併購事項上一直非常積極；我會請 Greg 帶你了解，而這些行動都以策略視角來對準成長的三大支柱。

Yeah. Thanks, Andy. Thanks, Matt. Look, I think as Andy mentioned, look, our M&A strategy, again, to be clear, has been and will continue to be aligned to the three pillars of growth that Andy outlined, and it's really across the globe with a continued strategic focus on expanding in existing markets and entering new markets.

是的。謝謝你，Andy。謝謝你，Matt。聽著，我想如 Andy 所提到的，我們的併購策略——再次說清楚——一直以來並且未來也會持續與 Andy 所概述的三大成長支柱保持一致；而且是全球範圍內推進，並持續以策略重點放在擴張既有市場與進入新市場。

The first pillar colocation enterprise, as you may recall, just going around the globe in APAC in early '25. We entered Jakarta and Indonesia with a partnership for Bersama Digital Infrastructure. We then in the second quarter of '26 entered into Cyberjaya in Malaysia.

第一個支柱是企業共置（colocation enterprise）。如你可能記得，我們在 '25 年初於亞太（APAC）展開布局。我們透過與 Bersama Digital Infrastructure 的合作夥伴關係，進入雅加達與印尼市場。接著在 '26 年第二季，我們進入馬來西亞的 Cyberjaya。

Going over to EMEA, in the fourth quarter of '25, we entered into Lisbon, Portugal, and then in the first quarter Milan, Italy. Also, in the first quarter of '26, we did a strategic acquisition of a business called Telepoint in Sofia, Bulgaria.

談到 EMEA 地區，在 25 年第四季，我們進入了葡萄牙里斯本，接著在第一季進入義大利米蘭。另外，在 26 年第一季，我們在保加利亞索菲亞策略性收購了一家名為 Telepoint 的企業。

And in this quarter, you saw we entered into Turkey through a partnership with a group called Rönesans Infrastructure which is really a leading infrastructure construction group based in Turkey. We then had existing market expansion in Frankfurt as well as in Creek.

而在本季，各位也看到我們透過與一個名為 Rönesans Infrastructure 的集團合作進入土耳其；該集團是以土耳其為基地、真正領先的基礎建設施工集團。之後我們也在法蘭克福以及在 Creek 進行既有市場的擴張。

Then coming over to the Americas, we had -- you recall, just again, this is on the colocation side. We had expansion in Franklin Park, Chicago in the fourth quarter '24. Uptown Charlotte in the first quarter of '25, again, the expansion in the existing market. A new submarket and with an expansion in Fort Gillem, Atlanta because there's a component there that's colocation as well. And then Vernon, California.

接著來到美洲地區，我們有——各位回想一下，再次強調，這是在機房代管（colocation）這一塊。我們在 24 年第四季於芝加哥 Franklin Park 擴張。在 25 年第一季於夏洛特 Uptown 擴張，同樣是在既有市場的擴張。並在亞特蘭大 Fort Gillem 進行擴張，這是一個新的次級市場，而且那裡也有一部分是機房代管。然後是加州 Vernon。

And then finally -- not finally, but on the hyperscale side, again, good activity in Europe. We -- in the first quarter of '26 went into Milan, Italy. We expanded in Marseille, France in the second quarter of '26. Then this quarter, we acquired a freehold from a large hyperscale asset we have outside of Paris.

然後最後——也不是最後，但在超大規模（hyperscale）這一塊，歐洲同樣有不錯的進展。我們在 26 年第一季進入義大利米蘭。我們在 26 年第二季於法國馬賽擴張。接著在本季，我們從位於巴黎郊外的一個大型超大規模資產中，收購了一塊永久產權（freehold）。

Then in America, we've mentioned this somewhat on the call already, but expansion of our hyperscale business in Charlotte, for Gillem Atlanta. Cartersville, Atlanta in the first quarter of '26, Kansas City. We had the Blackstone acquisitions of the three assets in Northern Virginia. In this quarter, we're expanding again in Charlotte, North Carolina and then the Indianapolis acquisition that I already discussed.

接著在美國，我們在電話會議中已稍微提到：我們的超大規模業務在夏洛特、以及亞特蘭大 Fort Gillem 進行擴張。26 年第一季在亞特蘭大 Cartersville、以及堪薩斯市也有進展。我們完成了 Blackstone 收購北維吉尼亞三項資產的交易。本季我們再次在北卡羅來納州夏洛特擴張，並完成我先前已討論過的印第安納波利斯收購案。

And then finally, for the third leg of the stool, which is the strategic private capital, in the second quarter, as you recall, we acquired strategic acquisition of Columbia Capital. So I would say M&A has been and continues to be an important part of our business, and that's how we align it.

最後，作為第三條支柱，也就是策略性私募資本（strategic private capital），在第二季如各位所記得的，我們策略性收購了 Columbia Capital。因此我會說，併購（M&A）一直是、也將持續是我們業務的重要組成部分，而這就是我們如何將其對齊整體策略。

Michael Funk, Bank of America.

美國銀行（Bank of America）的 Michael Funk。

Great. Thank you all for the question tonight. You widely reported development delays across industry. Curious, Digital Realty seeing any delays? And if you're not, how you're managing in avoiding delays others are experiencing?

很好。感謝各位今晚的提問。業界普遍報導開發進度延宕。想請教 Digital Realty 是否也看到任何延遲？如果沒有，你們是如何管理、避免其他人正在經歷的延誤？

Thanks, Mike. So we really are leaning into our expertise, our heritage and just two-plus decades of solely focused on this. So whether it's an existing market where we've been operating or building for years or new markets, it's making sure that we called get on the ground.

謝謝，Mike。我們確實是更倚重我們的專業、我們的傳承，以及二十多年來專注於這一領域所累積的經驗。因此不論是我們已經營運或建設多年的既有市場，或是新市場，關鍵在於確保我們能夠（我們稱之為）到現場落地。

We work with the local community. We make sure all the benefits that we're going to deliver as a thriving member of that community. Make sure that we are explaining that we're supporting mission-critical infrastructure that is running their daily lives and making sure we're giving back and doing it in a sustainable long-term fashion.

我們與當地社區合作。我們確保我們將以社區中蓬勃發展的一員身分所帶來的所有效益。確保我們能說明：我們是在支援攸關任務的關鍵基礎設施，這些基礎設施支撐著他們的日常生活；同時也確保我們回饋社會，並以可持續的長期方式來做。

It's about making sure our vendors and partners know that we're in this together with them. When hiccups happen, we can respond and use our supply chains and the fact that we're building across so many markets in our various regions. Always gives us call it swing capacity for certain components, whether it's on electrical side or the data center side. And that planning ahead and that expertise has allowed us, by and large, to really call it to keep our track record intact.

同時也要確保我們的供應商與合作夥伴知道，我們與他們是同一陣線。當出現小插曲時，我們能夠回應，並運用我們的供應鏈，以及我們在各區域眾多市場同步建置的事實。這總是能為某些組件提供我們所稱的「調度餘裕」（swing capacity），不論是在電力端或資料中心端。而這種超前規劃與專業能力，讓我們在很大程度上得以（可以這麼說）維持我們一貫的交付紀錄。

Yes, there's always here and there a delay, often a customer needs some type of rework and we'll work with them. But I think this is what our business has really shine and had operational excellence, and that's why we're going to continue to deliver for our customers.

是的，偶爾總會有一些延遲，通常是客戶需要某種返工（rework），我們會與他們一起處理。但我認為這正是我們業務真正發光之處：具備卓越營運能力（operational excellence），這也是我們將持續為客戶交付成果的原因。

Thank you. And this will conclude our Q&A portion of today's call. I would like to turn the call back to Andy Power for his closing remarks.

謝謝。以上為今天電話會議的問答環節結束。我想把電話會議交回給 Andy Power，請他做結語。

Thank you, Carmen. Digital Realty's momentum continued in the third quarter with strong execution, record leasing and double-digit core FFO per share growth that supports another increase to our full year guidance while our record backlog provides strong visibility into 2027 and beyond.

謝謝你，Carmen。Digital Realty 在第三季延續動能，憑藉強勁的執行力、創紀錄的租賃表現，以及核心 FFO 每股兩位數成長，支撐我們再次上調全年財測；同時，我們創紀錄的待履行訂單（backlog）也讓我們對 2027 年及之後具備高度能見度。

We are seeing strong demand across customers, geographies and deployment types with the emergence of AI inference, enterprise adoption and the increasingly distributed architectures. These trends play directly to our strengths in our global full spectrum platform and reinforce our confidence in the opportunity ahead.

我們看到在客戶、地理區域與部署類型上皆有強勁需求，並且隨著 AI 推論（inference）的興起、企業採用增加，以及架構日益分散化。這些趨勢直接呼應我們全球全光譜平台的優勢，也強化了我們對未來機會的信心。

We are also strengthening our ability to capitalize on that opportunity as our scale and strategic private capital platform and investment-grade balance sheet provide the capital needed to support our customers as their requirements grow in size, and complexity.

我們也正在強化把握該機會的能力：我們的規模、策略性私募資本平台，以及投資等級資產負債表，提供了所需資本，以支援客戶在需求規模與複雜度持續提升時的成長。

These results are a team effort, and I am incredibly proud of our talented colleagues around the world. Our momentum is strong, and I've never been more excited about the opportunity ahead. Thank you all for joining us today, and thanks to our dedicated team to keep the Digital world turning.

這些成果是團隊共同努力的結果，我對全球各地才華洋溢的同仁感到無比自豪。我們的動能強勁，而我從未像現在這樣對前方的機會感到振奮。感謝各位今天加入我們，也感謝我們敬業的團隊，讓數位世界持續運轉。

Thank you, ladies and gentlemen, and this concludes our conference. You may now disconnect.

謝謝各位女士先生，本次會議到此結束。您現在可以掛線。