Digital Realty Trust Inc (DLR) 2022 Q1 法說會逐字稿

Good afternoon, and welcome to the Digital Realty First Quarter 2020 Earnings Call. Please note this event is being recorded. (Operator Instructions) I would now like to turn the call over to Jordan Sadler, Digital Realty's Senior Vice President of Public and Private Investor Relations. Jordan, please go ahead.

下午好，歡迎參加 Digital Realty 2020 年第一季財報電話會議。請注意此事件正在被記錄。 （操作員說明）我現在想將電話轉給 Digital Realty 公共和私人投資者關係高級副總裁 Jordan Sadler。喬丹，請繼續。

Thank you, operator, and welcome, everyone, to Digital Realty's First Quarter 2022 Earnings Conference Call. Joining me on today's call are CEO, Bill Stein; and President and CFO, Andy Power. Chief Investment Officer Greg Wright; Chief Technology Officer Chris Sharp; and Chief Revenue Officer Corey Dyer are also on the call and will be available for Q&A.

謝謝業者，歡迎大家參加 Digital Realty 2022 年第一季財報電話會議。與我一起參加今天電話會議的是執行長比爾·斯坦 (Bill Stein)；以及總裁兼財務長安迪鮑爾 (Andy Power)。首席投資長格雷格·賴特；首席技術長克里斯·夏普；首席營收官科里戴爾 (Corey Dyer) 也將參加電話會議並接受問答。

Management may make forward-looking statements, including guidance and underlying assumptions on today's call. Forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially. For a further discussion of risks related to our business, see our 10-K and subsequent filings with the SEC.

管理階層可能會做出前瞻性陳述，包括對今天電話會議的指導和基本假設。前瞻性陳述是基於涉及風險和不確定性的預期，這些風險和不確定性可能導致實際結果出現重大差異。有關與我們業務相關的風險的進一步討論，請參閱我們向 SEC 提交的 10-K 和後續文件。

This call will contain non-GAAP financial information. Reconciliations to net income are included in the supplemental package furnished to the SEC and available on our website.

本次電話會議將包含非公認會計準則財務資訊。淨利潤調節表包含在向 SEC 提供的補充包中，並可在我們的網站上取得。

Before I turn the call over to Bill, let me offer a few key takeaways from our first quarter. First, we kicked off the year on a high note with record bookings of $167 million, led by strength in the leases greater than 1 megawatt and supported by steady bookings in the 0 to 1 megawatt and interconnection category.

在我把電話轉給比爾之前，讓我先介紹第一季的一些關鍵要點。首先，我們以創紀錄的 1.67 億美元的預訂量開啟了新的一年，這主要得益於超過 1 兆瓦的租賃實力，以及 0 至 1 兆瓦和互連類別的穩定預訂的支持。

Second, we saw a notable and broad-based improvement in our re-leasing spreads in the quarter, reflecting a healthier pricing environment but also the active engagement we are having with customers on the Digital Realty value proposition. Third, we remain poised to continue our expansion in Africa with plans to close our investment in Teraco later this quarter. And finally, our core FFO per share results exceeded consensus' expectations despite FX-related headwinds.

其次，我們看到本季的再租賃價差顯著且廣泛改善，這反映了更健康的定價環境，也反映了我們與客戶就 Digital Realty 價值主張的積極互動。第三，我們仍準備繼續在非洲擴張，並計劃在本季稍後完成對 Teraco 的投資。最後，儘管存在與外匯相關的不利因素，但我們的核心 FFO 每股業績仍超出了普遍預期。

With that, I'd like to turn the call over to our CEO, Bill Stein.

說到這裡，我想將電話轉給我們的執行長比爾·斯坦 (Bill Stein)。

Thanks, Jordan, and welcome to the Digital team. Our formula for long-term value creation is a global, connected, sustainable framework, and we made further progress on each front during the first quarter.

謝謝喬丹，歡迎加入數位團隊。我們的長期價值創造公式是一個全球性的、互聯的、可持續的框架，我們在第一季在各個方面都取得了進一步的進展。

First, we continue to globalize our business with the announcement of our definitive agreement to acquire a majority stake in Teraco in early January. We also continue to grow our business organically around the world. We posted another record quarter of global bookings totaling $167 million of annualized rent, including our second highest quarter in each of the Americas and Asia Pacific regions, together with another solid quarter in EMEA. Bookings this quarter were led by strong results in the greater than 1 megawatt category, particularly in the Americas, while sub-1-megawatt bookings remain steady and in line with our 2021 average.

首先，我們在一月初宣布了收購 Teraco 多數股權的最終協議，繼續推動業務全球化。我們也繼續在世界各地有機地發展我們的業務。我們的全球預訂量再創歷史新高，年化租金總額達 1.67 億美元，其中包括美洲和亞太地區第二高的季度，以及歐洲、中東和非洲地區的另一個穩定季度。本季的預訂量以 1 兆瓦以上類別（尤其是美洲）的強勁業績為主導，而 1 兆瓦以下類別的預訂量保持穩定，與我們 2021 年的平均水平一致。

Let's discuss our sustainable growth initiatives on Page 3 of our earnings presentation. We are committed to minimizing our impact on the environment and simultaneously meeting the needs of our customers, our investors, our employees and broader society while advancing our goal of delivering sustainable growth for all stakeholders.

讓我們在收益報告的第三頁討論我們的永續成長計畫。我們致力於最大限度地減少對環境的影響，同時滿足客戶、投資者、員工和更廣泛社會的需求，同時推動為所有利害關係人實現永續成長的目標。

During the first quarter, Digital Realty was named one of America's Most Just Companies and third overall in the real estate industry by Just Capital and CNBC. We also maintained our status as a member of the FTSE4Good Index, which measures the performance of companies demonstrating strong ESG practices, continuing our record of recognition for our leading sustainability initiatives.

第一季度，Digital Realty 被 Just Capital 和 CNBC 評為美國最公正公司之一，並在房地產行業中排名第三。我們也保持了 FTSE4Good 指數成員的地位，該指數衡量表現出強大 ESG 實踐的公司的業績，繼續我們對領先永續發展舉措的認可記錄。

During the first quarter of 2022, Digital Realty continued our diversity, equity and inclusion efforts through our employee-led DEI council, which seeks to promote inclusion and create opportunities for each of our employee communities. Through the DEI council, Digital Realty has expanded its philanthropy and community engagement activities with strategic donations and partnerships with global charitable organizations.

2022 年第一季度，Digital Realty 透過員工領導的 DEI 委員會繼續進行多元化、公平和包容性工作，該委員會致力於促進包容性並為每個員工社區創造機會。透過 DEI 理事會，Digital Realty 透過策略捐贈以及與全球慈善組織的合作夥伴關係擴大了其慈善事業和社區參與活動。

Digital Realty has also taken a stand in solidarity with the people of Ukraine and those impacted by the Russian vision. We do not have any data centers or operations in Russia or Ukraine, and our company will abide by sanctions against Russia. Until the peaceful and legal resolution of this conflict, we will not invest in Russia. Furthermore, we are funding philanthropic organizations to support Ukrainian refugees, those displaced within Ukraine and the growing humanitarian crisis.

Digital Realty 也表明了與烏克蘭人民和受俄羅斯願景影響的人們團結一致的立場。我們在俄羅斯或烏克蘭沒有任何資料中心或業務，我們公司將遵守對俄羅斯的製裁。在這場衝突得到和平、合法的解決之前，我們不會在俄羅斯投資。此外，我們也資助慈善組織，以支持烏克蘭難民、烏克蘭境內流離失所者以及日益嚴重的人道危機。

Let's turn our investment activity to Page 4. We continue to invest in our global platform. We acquired land in 3 markets for organic development, including the first location for our joint venture with Brookfield in India, along with 2 parcels in Europe to support the strong demand in that region. After the quarter, we purchased 3 additional land parcels in Europe, including a beachhead in Barcelona, marking our organic entry into this complementary Mediterranean metro.

讓我們把投資活動翻到第四頁。我們繼續投資我們的全球平台。我們在 3 個市場購買了土地用於有機開發，包括我們與布魯克菲爾德在印度合資的第一個地點，以及歐洲的 2 個地塊，以支持該地區的強勁需求。本季後，我們在歐洲額外購買了 3 塊地塊，其中包括巴塞隆納的灘頭堡，標誌著我們有機進入這個互補的地中海大都市。

Our active development pipeline reached an all-time high in the quarter with 44 projects underway supporting over 300 megawatts in of IT capacity in 28 metros around the world. 58% of this capacity is already presold, reflecting strong customer demand.

我們的活躍開發項目在本季度達到了歷史最高水平，有 44 個項目正在進行中，為全球 28 個城市的 IT 容量提供了超過 300 兆瓦的支援。其中 58% 的產能已預售，反映了強勁的客戶需求。

We've expanded our development in the Americas, adding further capacity in New York, Northern Virginia and Toronto. Demand remains very strong in EMEA, and we are continuing to invest across this region with active development projects in 17 of our 18 markets. Frankfurt is still the most active development market in EMEA, followed by Paris. We continue to make good progress toward closing the Teraco transaction, which we still expect to close in the first half of this year.

我們擴大了在美洲的發展，進一步增加了紐約、維吉尼亞北部和多倫多的產能。歐洲、中東和非洲地區的需求仍然非常強勁，我們將繼續在該地區進行投資，在 18 個市場中的 17 個市場中開展積極的開發項目。法蘭克福仍然是歐洲、中東和非洲地區最活躍的開發市場，其次是巴黎。我們在完成 Teraco 交易方面繼續取得良好進展，我們仍預計該交易將在今年上半年完成。

Let's turn to the macro environment on Page 5. We are fortunate to be operating in a business levered to secular demand drivers. We are also proactively managing risks to help insulate Digital Realty against the impact of the current inflationary and rising interest rate environment. We are well protected against the impact of rising energy costs given the pass-through nature of substantially all of our customer contracts, and we are effectively managing against rising input costs through our vendor-managed inventory program and the expansion of our prepurchase equipment pool.

讓我們轉向第 5 頁的宏觀環境。我們很幸運能夠在一個利用長期需求驅動因素的企業中運作。我們也積極管理風險，幫助 Digital Realty 免受當前通膨和利率上升環境的影響。鑑於我們幾乎所有客戶合約的傳遞性質，我們得到了很好的保護，免受能源成本上漲的影響，並且我們透過供應商管理的庫存計劃和擴大預購設備池，有效地管理不斷上升的投入成本。

We are constructively engaging with new and existing customers on the impact of rising costs, which is translating into better pricing. This is partly reflected in the broad-based and improved cash leasing spreads we experienced in the first quarter but is also showing up in new lease transactions across most of our markets.

我們正在與新客戶和現有客戶就成本上升的影響進行建設性的接觸，這將轉化為更好的定價。這在一定程度上反映在我們第一季經歷的廣泛且改善的現金租賃利差中，但也體現在我們大多數市場的新租賃交易中。

Our leadership position provides us with a unique vantage point to detect secular trends as they emerge globally on Platform Digital. Our customers continue to solve the most complex IT infrastructure in activity and data integration challenges. We see a growing trend of multinational companies across all segments deploying and connecting large private data infrastructure footprints on platform digital across multiple regions and metros globally.

我們的領導地位為我們提供了獨特的優勢，可以在數位平台上全球出現的長期趨勢中發現這些趨勢。我們的客戶不斷解決最複雜的 IT 基礎架構活動和資料整合挑戰。我們看到，各領域的跨國公司在全球多個地區和城市的數位平台上部署和連接大型私有資料基礎設施的趨勢不斷增長。

Recently, industry research firm, IDC, updated their global data sphere forecast for 2025, Predicting the annual data creation rate will exceed 180 zettabytes per year or roughly triple the '21 rate. IDC concludes that companies of all sizes will need to prioritize data sharing and security to improve business resiliency and create a differentiated experience for their customers.

最近，產業研究公司 IDC 更新了 2025 年全球資料領域的預測，預測每年資料創建率將超過 180 ZB，約為 21 年資料創建率的三倍。 IDC 的結論是，各種規模的公司都需要優先考慮資料共享和安全性，以提高業務彈性並為其客戶創造差異化的體驗。

Earlier this week, we published our inaugural Global Data Insights survey with strategic insights from 7,200 companies across 23 countries and 9 industries about the role of data in their business agenda. According to the survey, 70% of these companies are prioritizing secure data exchange in their current plans. The global data survey will augment our Data Gravity Index to provide telemetry for our customers, partners and their respective industries as they evolve their business platforms to harness the power of data and co-located infrastructure to unlock a new era of growth through connected data communities.

本週早些時候，我們發布了首次全球數據洞察調查，其中包含來自 23 個國家和 9 個行業的 7,200 家公司關於數據在其業務議程中的作用的戰略見解。調查顯示，其中 70% 的公司在目前計畫中優先考慮安全資料交換。全球數據調查將增強我們的數據引力指數，為我們的客戶、合作夥伴及其各自行業提供遙測數據，幫助他們發展業務平台，利用數據和共址基礎設施的力量，透過互聯數據社區開啟增長的新時代。

In addition, Digital Realty recently joined the iMasons Climate Accord as a founding member. This coalition of leading companies is united in their views on carbon reduction in digital infrastructure. The group will establish an independent governing body to define an open standard that provides transparency, traceability and measurement of progress toward reducing carbon from sourced power and embodied carbon found in materials, products and operations of digital infrastructure. This is another great example of our commitment to the continuous innovation and execution of our platform digital road map to provide a sustainable and differentiated value proposition for our customers, partners and the broader industry.

此外，Digital Realty 最近作為創始成員加入了 iMasons 氣候協議。這個領先公司聯盟對於數位基礎設施碳減排的看法是一致的。該組織將建立一個獨立的管理機構來定義一個開放標準，該標準提供透明度、可追溯性和衡量減少來源電力中的碳以及數位基礎設施的材料、產品和營運中的隱含碳的進展。這是我們致力於持續創新和執行平台數位路線圖的另一個很好的例子，旨在為我們的客戶、合作夥伴和更廣泛的行業提供可持續和差異化的價值主張。

Given the resiliency of the demand drivers underpinning our business and the relevance of our platform in meeting these needs, we believe that we are well positioned to continue to deliver sustainable growth for customers, shareholders and employees whatever the macro environment may hold in store.

鑑於支撐我們業務的需求驅動因素的彈性以及我們平台在滿足這些需求方面的相關性，我們相信，無論宏觀環境如何，我們都能夠繼續為客戶、股東和員工提供可持續成長。

With that, I'd like to turn the call over to Andy to take you through our financial results.

說到這裡，我想把電話轉給安迪，讓他向您介紹我們的財務表現。

Thank you, Bill. Let's turn to our leasing activity on Page 7. As Bill noted, we signed total bookings of $167 million with an $11 million contribution from interconnection during the first quarter. This is our second consecutive quarterly record, and the seventh time in the last 8 quarters we have delivered bookings over $100 million.

謝謝你，比爾。讓我們轉向第 7 頁的租賃活動。正如 Bill 指出的，我們在第一季簽署了 1.67 億美元的總預訂量，其中 1,100 萬美元來自互連。這是我們連續第二季創下紀錄，也是過去 8 個季度中我們第七次交付的預訂量超過 1 億美元。

While our new business was healthy across product types, larger deals accounted for 70% of the quarter's bookings, while sub-1 megawatt plus interconnection accounted for 30% of the total. The weighted average lease term on new leases was more than 7 years.

雖然我們的新業務在各個產品類型上都表現良好，但較大的交易占本季預訂量的 70%，而低於 1 兆瓦及互連的交易則佔總數的 30%。新租賃的加權平均租賃期間超過7年。

Demand was particularly strong in the Americas with Northern Virginia and Toronto leading the way. Fundamentals continue to tighten in both metros, as reflected by the high levels of pre-leasing on our development pipeline. In EMEA, Frankfurt remains the standout, while in APAC, demand remains robust in Singapore and Japan. Nearly 1/3 of our sub-1-megawatt plus interconnection bookings were exported from one region to another, reflecting the value customers realize from our global platform. North America was the most common export region, with most of those exports landing in EMEA followed by Asia Pacific and Latin America.

美洲的需求尤其強勁，其中北維吉尼亞州和多倫多處於領先地位。這兩個城市的基本面繼續收緊，我們的開發案中預租的高水準就反映了這一點。在歐洲、中東和非洲地區，法蘭克福仍然表現出色，而在亞太地區，新加坡和日本的需求仍然強勁。我們近 1/3 低於 1 兆瓦以上的互連預訂從一個地區出口到另一個地區，反映了客戶從我們的全球平台實現的價值。北美是最常見的出口地區，其中大部分出口到達歐洲、中東和非洲地區，其次是亞太地區和拉丁美洲。

We landed 128 new logos during the first quarter, maintaining the momentum we have built over the last several quarters, which has been a strong validation of Platform Digital and our global strategy. In terms of specific wins during the quarter and around the world, Zenlayer, a global edge cloud provider, is expanding on Platform Digital across 3 continents to improve its geographic coverage, scale and access to customer communities across various industries.

我們在第一季推出了 128 個新徽標，保持了過去幾季建立的勢頭，這是對 Platform Digital 和我們全球策略的有力驗證。就本季和全球範圍內的具體勝利而言，全球邊緣雲端供應商 Zenlayer 正在三大洲的數位平台上擴展，以改善其地理覆蓋範圍、規模和對各行業客戶社群的訪問。

A Global 2000 consumer financial services firm continue to expand with Digital Realty, leveraging Platform Digital's full suite of capabilities, including rationalizing data centers, implementing IT controls and interconnecting with key business communities.

一家全球 2000 大消費者金融服務公司繼續透過 Digital Realty 進行擴張，利用 Platform Digital 的全套功能，包括合理化資料中心、實施 IT 控制以及與關鍵業務社群的互連。

Box Technologies, a leading innovator of high-performance desktop-as-a-service applications, is deploying on Platform Digital, supporting enterprise data architecture applications, serving the manufacturing, construction and engineering industries.

Box Technologies 是高效能桌面即服務應用程式的領先創新者，正在 Platform Digital 上進行部署，支援企業資料架構應用程序，為製造、建築和工程行業提供服務。

A leading IT company is leveraging our full product spectrum by utilizing our connectivity offerings to support data exchange across 3 metros in North America and Lat Am to improve performance and scalability and reduce costs. Magnite, a global independent advertising platform is expanding our platform digital in multiple metros across EMEA to enable their hybrid IT transformation. And a Global 2000 reinsurer selected Platform Digital for mainframe migration with seamless connectivity to top cloud providers and robust security being key drivers.

一家領先的 IT 公司正在利用我們的完整產品系列，利用我們的連接產品支援北美和拉丁美洲 3 個城市之間的資料交換，以提高效能和可擴展性並降低成本。全球獨立廣告平台 Magnite 正在將我們的平台數位化擴展到歐洲、中東和非洲地區的多個城市，以實現混合 IT 轉型。全球 2000 大再保險公司選擇 Platform Digital 進行大型主機遷移，與頂級雲端供應商的無縫連接和強大的安全性是關鍵驅動因素。

Turning to our backlog on Page 9. The current backlog of leases signed but not yet commenced grew by 15% and from $378 million to a record $436 million, driven by the strong first quarter signings, which outpaced commencements. The lag between signings and commencements moderated to 7 months with nearly 2/3 of our $436 million backlog scheduled to commence later this year.

轉向第 9 頁的積壓訂單。由於第一季簽約量強勁（超過了開工量），目前積壓的已簽署但尚未開始的租賃增長了 15%，從 3.78 億美元增至創紀錄的 4.36 億美元。簽約和開工之間的時間間隔縮短為 7 個月，我們 4.36 億美元積壓訂單中的近 2/3 計劃於今年稍後開始。

Moving on to Page 10. We signed $177 million of renewal leases during the first quarter at a positive 3.3% cash re-leasing spread. Renewal rates were positive across the board, were spread in the black across product types in all 3 regions. 2/3 of total renewals were sub-1-megawatt deals, resulting in a smaller sample size for the 1-plus megawatt category in the quarter.

轉到第 10 頁。第一季度，我們簽署了 1.77 億美元的續約合同，現金再租賃價差為 3.3%。續約率全面呈正值，所有 3 個地區的產品類型均可獲利。總續約量的 2/3 是低於 1 兆瓦的交易，導致本季 1 兆瓦以上類別的樣本量較小。

Excluding one larger short-term extension, our cash renewal spread would have been positive 2.5%. We are encouraged by the positive trajectory on renewal spreads as well as constructive engagement with customers on the current inflationary environment and our highly compelling value proposition.

如果不包括一項較大的短期延期，我們的現金更新利差將為正 2.5%。我們對續約利差的積極軌跡、在當前通膨環境下與客戶的建設性接觸以及我們極具吸引力的價值主張感到鼓舞。

In terms of operating performance, portfolio occupancy ticked down by 30 basis points sequentially, driven by previously reported churn events, most of which has already been re-leased. Consistent with our full year guidance, same capital cash NOI growth was negative 3.1% in the first quarter, primarily driven by 220 basis points of FX headwinds, the timing of no move-outs and a customer bankruptcy.

就營運績效而言，由於先前通報的客戶流失事件（其中大部分已重新出租），投資組合入住率較上月下降了 30 個基點。與我們的全年指引一致，第一季相同資本現金 NOI 成長為負 3.1%，主要是受到 220 個基點的外匯逆風、不遷出的時機以及客戶破產的推動。

The U.S. dollar continued to strengthen over the last several months, and FX represented a 200 to 250 basis point drag on the year-over-year growth in our first quarter reported results from the top to the bottom line, as shown on Page 11. Our operations, along with our capital funding and locally denominated debt act as a natural hedge, so only our net assets within a given region are exposed to currency risk from an economic perspective.

過去幾個月，美元持續走強，而外匯對我們第一季報告結果的同比增長造成了 200 至 250 個基點的拖累，如第 11 頁所示。我們的業務以及我們的資本融資和當地計價的債務起到了自然對沖的作用，因此從經濟角度來看，只有我們在特定地區的淨資產才會面臨貨幣風險。

Turning to our risk mitigation strategies on Page 12. A little less than 60% of our first quarter operating revenue was denominated in U.S. dollars, followed by approximately 25% in euros and roughly 5% each in Singapore dollars and British pounds.

轉向第 12 頁的風險緩解策略。我們第一季營業收入中略低於 60% 的以美元計價，其次是約 25% 的歐元，以及約 5% 的新加坡元和英鎊。

In addition to managing credit risk and foreign currency exposure, we also mitigate interest rate risk by proactively terming out short-term variable rate debt with longer-term fixed rate financing. Given our strategy of matching duration of our long-lived assets with long-term fixed rate debt, a 100 basis point move in SOFR would have roughly a 75 basis point impact on full year FFO per share. Our near-term funding and refinancing risk is very well managed, and our capital plan is fully funded.

除了管理信用風險和外幣風險外，我們還主動以長期固定利率融資償還短期可變利率債務來降低利率風險。鑑於我們將長期資產久期與長期固定利率債務相匹配的策略，SOFR 變動 100 個基點將對全年每股 FFO 產生約 75 個基點的影響。我們的近期融資和再融資風險管理得很好，我們的資本計劃資金充足。

In terms of earnings growth, first quarter core FFO per share of $1.67 was flat on both a year-over-year and sequential basis. Despite FX headwinds, a $0.01 impact related to a customer bankruptcy and a difficult comp due to the contribution of assets to digital core REIT. In terms of the quarterly run rate, we expect the split between the first half of the year and the second half of the year to be approximately $49.51.

就獲利成長而言，第一季核心 FFO 每股 1.67 美元，與去年同期相比持平。儘管存在外匯逆風，但由於客戶破產和資產對數位核心房地產投資信託基金的貢獻而造成的困難，仍產生了 0.01 美元的影響。就季度運行率而言，我們預計上半年和下半年之間的差距約為 49.51 美元。

In other words, as you can see from the bridge chart on Page 13, we expect to dip down a couple of pennies in the second quarter due to normalized OpEx spending and near-term dilution from closing the Teraco transaction before bouncing back in the second half of the year as leases from a record backlog commenced.

換句話說，正如您從第13 頁的橋圖中看到的那樣，由於營運支出支出正常化以及完成Teraco 交易帶來的短期稀釋，我們預計第二季將下降幾美分，然後在第二季度反彈。今年上半年，積壓創紀錄的租賃開始了。

Most of the drivers underlying our guidance remain unchanged, but given the improving pricing environment, we are bumping up our outlook for cash re-leasing spreads for the full year to slightly positive compared to flat last quarter. We are maintaining our existing core FFO per share range of $6.80 to $6.90 despite the customer bankruptcy and stiffer FX headwinds. Given the continued strength of the U.S. dollar, we expect currency headwinds could represent a 250 to 300 basis point drag on full year 2022 revenue and core FFO per share growth.

我們指導的大多數驅動因素保持不變，但鑑於定價環境的改善，我們將全年現金再租賃利差的預期上調至小幅正值，與上季持平。儘管有客戶破產和更嚴峻的外匯不利因素，我們仍將現有的每股核心 FFO 範圍維持在 6.80 美元至 6.90 美元之間。鑑於美元持續走強，我們預計貨幣逆風可能會對 2022 年全年營收和核心 FFO 每股成長造成 250 至 300 個基點的拖累。

Last but certainly not least, let's turn to the balance sheet on Page 14. We were active again in the capital markets during the first quarter. We took advantage of favorable OEM market conditions to lock in EUR 750 million at 1.375% for 10.5 years. And later in the quarter, we completed a dual tranche Swiss bond offering, raising a total of CHF 250 million at a blended coupon of approximately 1.25%. We used a portion of the net proceeds to redeem 450 million of bonds at 4.75%.

最後但同樣重要的一點是，讓我們來看看第 14 頁的資產負債表。第一季我們在資本市場上再次表現活躍。我們利用有利的 OEM 市場條件，以 1.375% 的利率鎖定了 7.5 億歐元，為期 10.5 年。在本季晚些時候，我們完成了雙檔瑞士債券發行，總共籌集了 2.5 億瑞士法郎，混合票面利率約為 1.25%。我們用部分淨收益以4.75%的利率贖回了4.5億美元的債券。

Reported leverage ratio is 6.3x while fixed charge coverage is 5.5x. Adjusting for the proceeds from the forward equity offering last September, our pro forma leverage ratio drops to 5.9x, while fixed charge coverage improves to 5.7x. We continue to execute our financial strategy of maximizing the menu of available capital options while minimizing the related cost and extending the duration of our liabilities to match our long-lived assets.

報告的槓桿率為 6.3 倍，而固定費用覆蓋率為 5.5 倍。根據去年 9 月遠期股票發行的收益進行調整後，我們的備考槓桿率降至 5.9 倍，而固定費用覆蓋率則提高至 5.7 倍。我們繼續執行我們的財務策略，即最大化可用資本選擇的菜單，同時最小化相關成本並延長負債期限以匹配我們的長期資產。

This successful execution against our financing strategy reflects the strength of our global platform, which provides access to the full menu of public as well as private capital, sets us apart from our peers and enables us to prudently fund our growth. As you can see from the chart on Page 15, our weighted average debt maturity is over 6 years and our weighted average coupon is 2.2%. A little over 3/4 of our debt is non-U.S. dollar denominated, reflecting the growth of our global platform while also acting as a natural FX hedge for investments outside the U.S. Over 90% of our debt is fixed rate, guarding against a fixed a rising rate environment, and 99% of our debt is unsecured, providing the greatest flexibility for capital recycling.

我們融資策略的成功執行反映了我們全球平台的實力，該平台提供了獲取公共和私人資本的完整菜單，使我們在同行中脫穎而出，並使我們能夠審慎地為我們的成長提供資金。從第 15 頁的圖表可以看出，我們的加權平均債務期限超過 6 年，加權平均票面利率為 2.2%。我們略多於 3/4 的債務是以非美元計價的，反映了我們全球平台的成長，同時也充當美國以外投資的天然外匯對沖。我們超過 90% 的債務是固定利率，防範固定利率利率上升的環境下，我們99%的債務都是無擔保的，為資本回收提供了最大的彈性。

Finally, as you can see from the left side of Page 15, we have a clear runway with nominal near-term debt maturities and no bar too tall in the out years. Our balance sheet is poised to weather a storm but also positioned to fuel growth opportunities for our customers around the globe, consistent with our long-term financing strategy.

最後，正如您從第 15 頁左側看到的，我們有一條清晰的跑道，名義上的近期債務到期日，並且在未來幾年沒有過高的門檻。我們的資產負債表已做好應對風暴的準備，同時也能夠為全球客戶帶來成長機會，這符合我們的長期融資策略。

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

我們準備好的演講到此結束，現在我們很樂意回答您的問題。接線生，請開始問答環節好嗎？

(Operator Instructions) Our first question will come from Jon Atkin with RBC Capital Markets.

（操作員說明）我們的第一個問題將來自 RBC 資本市場的 Jon Atkin。

Two questions. I wanted to find out a little bit about the elevated demand and the record leasing. And I wondered how much of that you might attribute to in the greater than 1 megawatt category, any kind of a shift in the mix between building, self-building and leasing on the part of the hyperscalers.

兩個問題。我想了解一些有關需求增加和租賃創紀錄的資訊。我想知道在超過 1 兆瓦的類別中，您可能會在多大程度上歸因於超大規模企業在建造、自建和租賃之間的任何形式的轉變。

And then the second question around pricing, given higher costs and some of the developments that you mentioned, do you see this as really having the impact of protecting your target development yields given the higher cost or perhaps aiming to enhance your target yields?

然後是關於定價的第二個問題，考慮到較高的成本和您提到的一些開發，考慮到較高的成本，您是否認為這確實會對保護您的目標開發產量產生影響，或者可能旨在提高您的目標產量？

Well, Corey will start off. Jon, thanks for the question on the ad product demand. I'll pick up hyperscale, and I think Bill will tackle the second part of your question.

好吧，科里要開始了。 Jon，感謝您提出有關廣告產品需求的問題。我將討論超大規模，我認為比爾將解決你問題的第二部分。

Yes. So we'll be pretty comprehensive here with our answer to you, Jonathan. Thanks for the question. I would tell you that with regard to the enterprise demand, we've got customers that are just being driven to the business needs and opportunities that are in front of us. Bill mentioned earlier we just published our Global Data Insights survey with data becoming a critical agenda topic for all the businesses, and it raised really 5 key things. Data was pervasive, it's the business agenda, it requires aggregation and control, and it's localizing, and it's a data first strategy's win.

是的。因此，喬納森，我們將在這裡非常全面地回答您。謝謝你的提問。我想告訴你，就企業需求而言，我們的客戶正在被我們面前的業務需求和機會所驅動。 Bill 先前提到，我們剛剛發布了全球數據洞察調查，數據成為所有企業的重要議程主題，它確實提出了 5 個關鍵問題。資料無所不在，它是業務議程，它需要聚合和控制，它是本地化的，這是資料優先策略的勝利。

And so we're seeing that is really what's driving a lot of the demand across the enterprise. As far as where is it happening from a regional perspective, if you even want to do a baseball analogy, sometimes you guys ask, I'd say North America is probably middle innings with a healthy bullpen that you ought to have in it.

因此，我們發現這確實推動了整個企業的大量需求。至於從區域角度來看它發生在哪裡，如果你甚至想做一個棒球類比，有時你們會問，我會說北美可能是中局，有一個健康的牛棚，你應該在其中擁有。

And then I'd tell you that EMEA is probably third inning, maybe anything behind APAC, a little behind that as customers are still really waking to the data opportunity that's right above all of us, and it was really highlighted in the index that we just did in that survey.

然後我會告訴你，歐洲、中東和非洲可能是第三局，也許落後於亞太地區，稍微落後一點，因為客戶仍然真正意識到高於我們所有人的數據機會，並且在索引中確實強調了我們剛剛在那次調查中做了。

I'd also tell you that we had really strong exports across all regions, which was great. And then we're seeing an uptick in all the multi-market and multi-region wins. So really happy with the enterprise. I'll let Andy give you a little bit of perspective on the hyperscalers.

我還想告訴你，我們在所有地區的出口都非常強勁，這很棒。然後我們看到所有多市場和多地區的勝利都在增加。對這家企業非常滿意。我會讓安迪給你一些關於超大規模的看法。

Thanks again, Jon. The -- I mean I think we've now had a several -- I think in the prepared remarks, 7 or 8 quarters north of $100 million of gap, which speaks to consistent demand in the hyperscale being a major component of that. You had a record, call it -- in the fourth quarter, you had another record and these records, I'll call it, demonstrably higher than the prior, call it, $100 million averages.

再次感謝，喬恩。我的意思是，我認為我們現在已經有幾個了——我認為在準備好的發言中，有七八個季度超過1 億美元的缺口，這表明超大規模的持續需求是其中的一個主要組成部分。你創造了一個紀錄，稱之為——在第四季度，你創造了另一個紀錄，而這些紀錄，我稱之為，明顯高於之前的紀錄，稱之為，1億美元的平均水平。

If your question about the self-build versus procuring through Digital Realty or other providers, I don't think the pendulum has swung to a point where the cell builds off the table. But I would think in times like today, when there's increased volatility, supply chain issues, a war in Eastern Europe, having a global platform to support hyperscaler growth across now 50 metropolitan areas in 26 countries, it's a tremendous value-add to our hyperscale customers. And I think their demand has been consistent for the last several quarters, with some peaks along the way, and we see the forecast remaining quite strong as well.

如果您對自行建造與透過 Digital Realty 或其他提供者採購的問題有疑問，我認為鐘擺尚未擺動到可以自行建造單元的地步。但我認為，在像今天這樣的時代，當波動性加劇、供應鏈問題、東歐戰爭時，擁有一個全球平台來支持26 個國家/地區50 個大都市區的超大規模增長，這對我們的超大規模來說是一個巨大的增值顧客。我認為他們的需求在過去幾個季度中保持一致，並在此過程中出現了一些峰值，我們認為預測也仍然相當強勁。

Relative to pricing, Jon, pricing dynamics are clearly market specific and will depend on both supply and demand in each market. So when demand exceeds supply, we've been able to raise our prices. And this is reflected in our results. So for example, if you look at our first quarter leasing results in Northern Virginia, our average prices were about 6% higher than just last quarter in the fourth quarter. That market is increasingly tightening.

喬恩，相對於定價而言，定價動態顯然是特定於市場的，並且取決於每個市場的供需。因此，當需求超過供應時，我們就能夠提高價格。這反映在我們的結果中。例如，如果你看看我們在北維吉尼亞州第一季的租賃結果，我們第四季的平均價格比上一季高出約 6%。該市場正日益緊張。

We're also fortunate to be in a position where we're well insulated from the increased costs on our current development pipeline, and that's because of our contracts with suppliers and our vendor managed inventory program. So -- and this has obviously helped us not just in terms of cost but to assure that we do have the supply to continue around the world.

我們也很幸運，能夠很好地避免當前開發管道成本增加的影響，這是因為我們與供應商簽訂的合約以及我們的供應商管理庫存計劃。因此，這顯然不僅在成本方面幫助了我們，而且確保了我們確實有在世界範圍內繼續供應的供應。

And then lastly, just on the bankruptcy filing from earlier in April that had some implications for digital core REIT and then kind of a letter of guarantee from you. This has been kind of going on for a couple of years, but any sort of an update with respect to that customer and your direct exposure? Are they current on payments, what are you sort of anticipating with respect to that tenant?

最後，就四月初的破產申請而言，這對數位核心房地產投資信託基金產生了一些影響，然後是您的一份保證書。這種情況已經持續了幾年，但是關於該客戶和您的直接曝光有任何更新嗎？他們是否及時付款，您對該租戶有何期待？

Sure. we'll give you an extra question here. So that customer from a current -- on receivables, they had a very modest amount of called pre-petition outstanding receivables. They were regularly current paying customer, not a late paying customer, and they're fairly pretty well up to date, a couple of million, I would say, and really concentrated in the U.K. was outstanding when they entered bankruptcy.

當然。我們將在這裡給你一個額外的問題。因此，該客戶在目前的應收帳款中，有一小部分稱為申請前未清應收帳款。他們是定期付款的客戶，而不是延遲付款的客戶，而且他們的最新情況相當不錯，我想說，有幾百萬，並且真正集中在英國，當他們破產時，他們的表現非常出色。

Obviously, they're going to go through a process under U.K. administration, in the U.S. and also Canada. That will play out over several months. The -- I think if you take a step back, really what -- I think what's more relevant is that customer obviously got, call it, sideswiped by 2 particular issues.

顯然，他們將在英國政府、美國和加拿大經歷一個程序。這將在幾個月內發揮作用。我認為如果你退後一步，我認為更相關的是客戶顯然被兩個特定問題所困擾。

One, obviously, a part of their business what's not common in our customer base was disaster recovery for office, which has obviously got impacted by the Zoom-ification during the pandemic; and then secondly, the elevated power prices, especially in Europe at incremental liquidity constraints.

顯然，他們業務的一部分在我們的客戶群中並不常見，那就是辦公室的災難恢復，這顯然受到了大流行期間 Zoom 化的影響；其次，電價上漲，尤其是流動性有限的歐洲。

I don't see that as a really recurring theme in our customer base, especially the first piece of what I described. And this customer is going to obviously work through with this bankruptcy process. And I think we've been taking active steps not just related to this customer but in general, to continue to streamline and focus our portfolio on core assets that we have -- we see robust and long-term demand, multicustomer facilities, less single stand-alone facilities.

我不認為這是我們客戶群中真正反覆出現的主題，尤其是我所描述的第一部分。顯然，該客戶將完成破產程序。我認為我們一直在採取積極措施，不僅與該客戶相關，而且總體而言，繼續精簡我們的投資組合並將其重點放在我們擁有的核心資產上——我們看到強勁和長期的需求、多客戶設施、較少的單一資產獨立設施。

And quite frankly, why we entered the colocation interconnection business several years ago was not only was the growth to our business but also to be prepared in the event that some of our colocation resellers ran into financial times and we had to step in and support their end customers only in the event that leases are rejected, obviously.

坦白說，我們幾年前進入託管互連業務的原因不僅是為了我們的業務成長，也是為了做好準備，以防我們的一些託管經銷商陷入財務困境，我們必須介入並支持他們。顯然，只有在租賃被拒絕的情況下，最終客戶才會這樣做。

Our next question will come from Michael Rollins with Citi.

我們的下一個問題將來自花旗銀行的邁克爾·羅林斯。

So one follow-up and one question. So on the follow-up, when you're talking about leasing, can you unpack the opportunities to lease up the existing inventory? And how much of the bookings you're seeing go towards that and where occupancy on the existing portfolio can get over the next 12 to 24 months?

因此，一項後續行動和一個問題。那麼接下來，當您談到租賃時，您能否挖掘出租賃現有庫存的機會？您看到的預訂中有多少是用於此目的？現有投資組合的入住率在未來 12 至 24 個月內可以達到多少？

And then just a second question, I think it's Page 20 in the supplemental, the same-store numbers. How does that look if you were to put that on a constant currency basis in terms of the rental performance on the revenue side? And how does that look over the next 12 months as you talked about the pricing opportunities and some of the positive renewals that you're seeing?

然後是第二個問題，我認為是補充的第 20 頁，同店號碼。如果您將其以固定貨幣為基礎來衡量收入方面的租金表現，情況會如何？當您談到定價機會和您所看到的一些積極的續訂時，您對未來 12 個月的情況有何看法？

Thanks, Michael. So let me try -- there's a couple of numbers questions in there. So let me start and try to get through some of those and then also hand off on the leasing question a little bit to Corey as well. So in reverse, in our earnings deck, we tried to provide both as reported and constant currency. And we also tried to show adjustments for apples and oranges in comparisons on a year-over-year basis.

謝謝，麥可。讓我試試——裡面有幾個數字問題。因此，讓我開始嘗試解決其中的一些問題，然後將租賃問題也交給科里。因此，相反，在我們的損益表中，我們嘗試提供報告貨幣和不變貨幣。我們也嘗試展示蘋果和橘子的同比調整。

So you could see that the second set of bars on that chart has had our as reported same-store cash NOI down negative 3%, which was in line with our guidance. On a constant currency basis, it's down 90 basis points. And the hit I just called out in terms of the bankruptcy customer, call it, $4 million, $5 million or whatever, that was -- I think it's about 60 -- almost 70 basis points of that negative 90. Those are all on an NOI basis. I apologize I don't have the revenue equivalent off the top of my head.

因此，您可以看到該圖表上的第二組長條圖使我們報告的同店現金 NOI 下降了負 3%，這與我們的指導一致。以固定匯率計算，下降了 90 個基點。我剛才提到的破產客戶方面的打擊，稱之為 400 萬美元、500 萬美元或其他什麼，那是——我認為大約是 60——幾乎是負 90 的 70 個基點。這些都是在NOI基礎。抱歉，我的腦子裡沒有同等的收入。

That same pool is also getting impacted by a year-over-year elevated property taxes, which we previously mentioned. And more importantly, we're re-leasing vacated capacity, which I think dovetails with your first question. We've made a concerted effort to focus more and more of our leasing wherever possible and to already build infrastructure given the high flow-through of contribution of that revenue into that capacity, and having an installed base that wants to expand with adjacency or grow in our campuses is always a little bit easier than going out and landing a new customer.

正如我們之前提到的，同一個池也受到財產稅逐年上漲的影響。更重要的是，我們正在重新租賃閒置的產能，我認為這與您的第一個問題相符。我們共同努力，盡可能集中越來越多的租賃業務，並已經建設了基礎設施，因為該收入對容量的貢獻很大，並且擁有希望通過毗鄰擴展或增長的安裝基礎在我們的校園裡總是比出去找新客戶容易一點。

In terms of the leasing into that capacity, if you basically just take the signed already in this quarter or last quarter or 2 that has not commenced to hit our occupancy, and that would bring our same-store occupancy up about 80 basis points by itself, i.e., the leases are signed, they're just literally waiting for the customers to move in throughout the year. That obviously is going to flow through into our '22 results in a partial year period and then a full year period in '23.

就該容量的租賃而言，如果您基本上僅採用本季度或上季度或 2 個尚未開始影響我們入住率的已簽署合同，那麼這將使我們的同店入住率本身提高約 80 個基點，即租約簽訂後，他們實際上只是在等待客戶全年入住。顯然，這將流入我們 22 年部分年份的結果，然後流入 23 年全年的結果。

We are -- as I mentioned, we're very focused on re-leasing that vacant capacity. We're incentivizing wherever possible. And quite honestly, some of the supply-demand dynamics that are playing out industry-wide in addition to execution against our platform are really lending itself to fill that up at a more accelerated pace. I think we did about 20-plus megawatts into that type of vacated capacity, i.e., they weren't the first customer in that suite in the first quarter of this year. And that is a rapidly accelerated pace relative to, call it, prior year velocity.

正如我所提到的，我們非常注重重新租賃空置產能。我們會盡可能地進行激勵。老實說，除了我們平台的執行之外，整個行業範圍內出現的一些供需動態確實有助於以更快的速度填補這一空缺。我認為我們在此類空置容量中投入了大約 20 多兆瓦，也就是說，他們並不是今年第一季該套件的第一個客戶。相對於前一年的速度，這一速度正在迅速加快。

Our next question will come from Matt Niknam with Deutsche Bank.

我們的下一個問題將來自德意志銀行的馬特·尼克南。

Just 2, if I could. First, on some of the strength in hyperscale, I'm just wondering, it's beyond just 1Q. Are you sort of sensing any pull forward of demand from customers given looming concerns around supply chain constraints? Or do you sense that the strength here is more sustainable?

如果可以的話，就2個。首先，關於超大規模的一些優勢，我只是想知道，它超出了 1Q。鑑於供應鏈限制迫在眉睫的擔憂，您是否感覺到客戶的需求提早？還是你覺得這裡的力量比較永續？

And then just to go back to Michael's question also on one of the slides, Slide 11, I think you outlined core FFO per share growth on a normalized sort of constant currency basis this year would be north of 7%. I know, Andy, I think in the past, you've talked about mid- to high single core FFO per share growth on a forward basis. Just wondering, all else equal, as we start thinking about 2023, without giving specific guidance, is that sort of 7-ish percent rate that's on the Slide 22, a good sort of framework or start point to think about as we think beyond this year?

然後回到邁克爾在其中一張幻燈片（幻燈片 11）上提出的問題，我認為您概述了今年在標準化固定貨幣基礎上的核心 FFO 每股增長率將超過 7%。我知道，Andy，我想您過去曾談論過中高單核 FFO 的未來每股成長。只是想知道，在其他條件相同的情況下，當我們開始考慮2023 年時，在沒有給出具體指導的情況下，幻燈片22 上的那種7% 左右的比率是一個很好的框架或起點，可以作為我們思考超越這一點的一個很好的框架或起點年？

Matt, this is Corey. I'll take the first 2 questions, I think, that you had, one being around the supply chain impacts and then also the hyperscale demand. I'll take them in that order, if that helps you out.

馬特，這是科里。我想我會回答你們提出的前兩個問題，一個是供應鏈影響，另一個是超大規模需求。如果這對你有幫助的話，我會按照這個順序來。

And as Andy mentioned kind of at the beginning of the commentary, our sales and marketing engine just continues to build up our demand and our pipeline growth, right? And I would tell you that the supply chain, inflation, energy costs has not really been a factor in that. Our customers really are thinking through what they do and how they source those materials so that they're setting up their commencement dates ahead of it with us. So they're just being really thoughtful about it and thinking through these concerns.

正如安迪在評論開頭提到的那樣，我們的銷售和行銷引擎只是繼續增加我們的需求和管道成長，對吧？我想告訴你，供應鏈、通貨膨脹、能源成本其實不是其中的因素。我們的客戶確實在考慮他們的工作以及如何採購這些材料，以便他們提前與我們確定開始日期。所以他們只是認真考慮並思考這些問題。

And what I think it's done is actually had us create better dialogue with our customers to think through how we're going to solve this and create probably a little bit more demand for us as they think through it, but it hasn't negatively impacted it at all.

我認為它所做的實際上是讓我們與客戶建立更好的對話，思考我們將如何解決這個問題，並在他們思考時為我們創造更多的需求，但這並沒有產生負面影響根本就沒有。

As far as the hyperscale demand, we're really still experiencing really strong demand from the hyperscalers across all regions, right? They work with us to help their speed to market. We're with them increasingly around their business impairs around this data opportunity the CSPs are helping all the enterprises with. We're seeing larger deal sizes at CSPs as they work to keep up with demand. So we have a really healthy pipeline for the remainder of the year. And I'd also say there's probably a dozen or so of these CSPs and more of them emerging in Asia and across the board. It's also helping us increase our demand on our pipeline for it. So really happy with both of those and where we're seeing the trajectory.

就超大規模需求而言，我們確實仍然遇到來自所有地區的超大規模企業的強勁需求，對嗎？他們與我們合作，幫助他們加快上市速度。我們越來越多地與他們一起解決他們的業務受損問題，以及 CSP 正在幫助所有企業利用的數據機會。我們看到通訊服務提供者的交易規模更大，因為他們努力滿足需求。因此，我們在今年剩餘時間內擁有非常健康的管道。我還想說，可能有十幾個這樣的 CSP，其中更多的 CSP 正在亞洲全面興起。它還幫助我們增加對管道的需求。對這兩者以及我們所看到的軌跡感到非常滿意。

And then, Matt, on your second question, I mean we just reported the first 1 quarter of 2022. So obviously, not prepared to put 2023 guidance out just yet. But obviously -- but you can see on a constant currency basis, we're now north of 7% on the bottom line core FFO per share that extraordinary FX headwinds this year, if you look back the last several years, you had, call it, currency fluctuations in the, call it, 2 to 5 or so percent. And this year, the year, call it, soon to be like 9% delta. The headwinds -- or could be a tailwind, usually we're in the 50 to 75 basis points range. And now we're, call it, north of 200 basis points of headwinds.

然後，馬特，關於你的第二個問題，我的意思是我們剛剛報告了 2022 年第一季。很明顯，我們還沒有準備好發布 2023 年指導。但顯然 - 但你可以看到，在固定匯率的基礎上，我們現在每股核心 FFO 的底線已經超過 7%，今年的外匯逆風非常大，如果你回顧過去幾年，你會發現，貨幣波動幅度為2% 至5% 左右。今年，我們稱之為“這一年”，Delta 值很快就會達到 9%。逆風——或者可能是順風，通常我們在 50 到 75 個基點的範圍內。現在，可以說，我們已經面臨 200 個基點的逆風了。

I think -- look, the goal from the beginning of the year as well as last year is to continue to accelerate bottom line's earnings growth. Last year, we came out of the gate with guidance of 4%. We ended up with 5%. This year, we came out with guidance of 5%, which we are affirming in this call, despite these FX headwinds as well despite a customer bankruptcy. And our goal is to kind of again keep consistently putting up mid- to high single digits bottom line growth.

我認為——看，今年年初和去年的目標是繼續加速獲利成長。去年，我們的指導值為 4%。我們最終得到了 5%。今年，我們給出了 5% 的指導，我們在這次電話會議中確認了這一點，儘管存在這些外匯逆風以及客戶破產。我們的目標是再次持續保持中高個位數的底線成長。

Our next question will come from Simon Flannery with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的西蒙·弗蘭納裡。

Andy, I wondered if you could just talk about the balance sheet a little bit. You talked about bringing the pro forma leverage down to 5.9x. How are you thinking about, given the sort of interest rate environment, the uncertainty? Where do you want to have that over the next few years? And I think you still have guidance for dispositions during the year. Again, how are you thinking about both the sizing of dispositions and what vehicles you might use for that?

安迪，我想知道你是否可以簡單談談資產負債表。您談到將預期槓桿率降至 5.9 倍。鑑於這種利率環境，您如何看待不確定性？未來幾年你想在哪裡實現它？我認為您仍然對這一年的處置有指導。再說一次，您如何考慮配置的規模以及您可能使用的工具？

Thanks, Simon. So first and foremost, better to be lucky than smart. We are out of the gates with a sizable EUR 750 million bond literally the first, I think, business day of 2022 and priced 10.5-year paper in the 1-plus percent, call it, category. So pleased with that. Followed that up with even more volatile start of the year, a Swiss bond offering, which, again, both of those, I think, diversifying our source of capital, increasing our FX hedge, locking in long-duration debt at attractive cost of capital.

謝謝，西蒙。因此，首先也是最重要的是，幸運比聰明更好。我認為，在 2022 年的第一個工作日，我們已經發行了規模可觀的 7.5 億歐元債券，其 10.5 年期票據的定價屬於 1% 以上的類別。對此非常滿意。隨後，今年年初的瑞士債券發行更加動盪，我認為這兩者都使我們的資本來源多樣化，增加了我們的外匯對沖，以有吸引力的資本成本鎖定了長期債務。

We also increased our revolving credit facility by an incremental $750-ish million during the quarter, just a full start of liquidity given the broader uncertainty in backdrop. We still have not drawn down or close to $1 billion equity forward just yet. We look to close on Teraco in the next couple of months or so, or actually probably a month or 2, I guess.

我們還在本季增加了 7.5 億美元左右的循環信貸額度，鑑於背景更廣泛的不確定性，這只是流動性的全面開始。我們還沒有提取或接近 10 億美元的遠期股本。我們希望在接下來的幾個月左右完成 Teraco，我想實際上可能是一兩個月。

And then back half of the year in terms of capital sources on the leverage side to again keep us in line in terms of our targeted net debt to EBITDA. We will obviously evaluate equity as an alternative, but right now at these current levels, I think the continued disposition of noncore assets as well as incremental contributions of core assets from our portfolio to digital core REIT in the back half of the year are going to be our primary funding mechanisms. And we made some great progress, obviously getting Digital Realty through its first earnings season and also working on identifying that next leg of assets to continue to grow and diversify and strengthen Digital Realty.

然後，在槓桿方面的資本來源方面，今年下半年再次使我們的目標淨債務與 EBITDA 保持一致。我們顯然會評估股權作為替代方案，但目前在目前的水平上，我認為下半年非核心資產的持續處置以及我們投資組合中核心資產對數位核心房地產投資信託基金的增量貢獻將成為我們的主要籌資機制。我們取得了一些重大進展，顯然讓 Digital Realty 度過了第一個財報季，並致力於確定下一個資產階段，以繼續成長、多元化和加強 Digital Realty。

Great. And how do you -- how are you seeing these sort of M&A multiples given the interest rate environment? Any change there?

偉大的。考慮到利率環境，您如何看待此類併購倍數？那裡有什麼變化嗎？

Yes. Simon, it's Greg. Look, to date, I'd say the private market seems to be lagging the public markets a little bit, and I don't think that's uncommon. I think the public markets usually lead. But look, I think if rates stay up over time, you should start to see multiples come down. But right now, we see a lot of stuff out there, but it feels as though the private market multiples have been a little sticky high at this point.

是的。西蒙，我是格雷格。到目前為止，我想說私募市場似乎有點落後於公開市場，我認為這種情況並不罕見。我認為公開市場通常會領先。但看，我認為如果利率隨著時間的推移持續上升，你應該開始看到市盈率下降。但現在，我們看到了很多東西，但感覺此時私募市場的本益比有點高。

Our next question will come from Eric Rasmussen with Stifel.

我們的下一個問題將來自 Eric Rasmussen 和 Stifel。

So we've heard some very large deals in the first quarter. What's changed in the market that would lead to these massive deals? And then maybe with that, how do you plan for this?

所以我們在第一季聽到了一些非常大的交易。市場發生了什麼變化會導致這些大規模交易？然後也許您對此有何計劃？

Eric, I think -- I assume you're seeing large leases, large multiple megawatt leases. I mean -- I think the theme -- the growth in the sizing of customer requirements on the hyperscale front has been building for some time, not necessarily a completely overnight phenomenon. And I think you witnessed in the first quarter this year or the fourth quarter of last year, other quarters of last year and the year prior.

艾瑞克，我想——我想你會看到大量的租賃，大量的多兆瓦租賃。我的意思是——我認為主題——超大規模方面客戶需求規模的成長已經持續了一段時間，並不一定是完全一夜之間的現象。我想你在今年第一季或去年第四季、去年其他季度和前年都見證了這一情況。

I think you guys are seeing this continued cloud adoption broadly, continued opening of new regions, opening an offering of new services. And you're seeing this digital transformation wave in the cloud customers despite the volatility and the uncertainty of an economic backdrop or the war and the like leaning in and securing infrastructure to future-proof their runway for their end customers.

我認為你們看到了雲端運算的廣泛採用、新區域的不斷開放、新服務的持續開放。儘管經濟背景或戰爭等因素存在波動性和不確定性，但您仍會在雲端客戶中看到這種數位轉型浪潮，但仍會傾斜並保護基礎設施，以便為最終客戶提供面向未來的跑道。

So it doesn't feel like the -- one record quarter after another is a little bit of an unusual outcome. But it doesn't feel like the pace of demand is really slowing on the hyperscale front. And I think what's also helped in that backdrop of this continuing steady demand, it's just become more challenging to be a provider. You have the inflationary pressures, you have supply chain challenges, you have labor challenges and you even have moratoriums in certain parts of the world see some demand.

因此，一個又一個季度創紀錄的結果並不顯得有點不尋常。但超大規模方面的需求步伐並沒有真正放緩。我認為，在需求持續穩定的背景下，成為供應商變得更具挑戰性。通膨壓力、供應鏈挑戰、勞動力挑戰，甚至在世界某些地區出現一些需求暫停。

And I think going to the part of how do you get ahead of this is that you'd be in this business for the long run, with Digital Realty been in this business for almost 20 years. You build a scale and capital sources to support our customers through good times and bad. You make sure you have the runway to future-proof their growth. That's the acres and acres of often contiguous expansion capacity. You secure your supply chains so that you're on time and under budget, wherever possible and be that trusted infrastructure partner. I think those are the key ingredients to our recipe.

我認為，如何取得領先的部分是，從長遠來看，您將長期從事這項業務，Digital Realty 已經從事這項業務近 20 年了。您建立規模和資金來源來支持我們的客戶度過順境和逆境。您要確保您有足夠的跑道來保證他們的成長。這就是通常連續擴展的容量。您可以保護您的供應鏈，以便盡可能按時且在預算範圍內，並成為值得信賴的基礎設施合作夥伴。我認為這些是我們食譜的關鍵成分。

Great. And then maybe just my second question. As it relates to the development pipeline, which is very active, besides the chip shortages, what's happening on the construction side, whether it's getting the right materials or having the proper staffing, especially considering the demand backdrop and maybe even increased competition in some markets that you might be seeing.

偉大的。也許只是我的第二個問題。由於它涉及非常活躍的開發管道，除了晶片短缺之外，施工方面正在發生什麼，無論是獲得合適的材料還是擁有適當的人員配備，特別是考慮到需求背景，甚至某些市場的競爭加劇你可能會看到。

Yes. No. Thanks, Eric. This is Chris. Yes, it's something that we've been constantly looking at. And just to echo Andy's comments a little bit earlier, we've always looked at long-term engagements with our construction teams and with our suppliers. And so the continued development pipeline that we've been putting to market, it's really paid off, right, where we keep the same crews on the projects and we roll into new projects and just watching how that grows.

是的。不，謝謝，艾瑞克。這是克里斯。是的，這是我們一直在關注的事情。為了呼應安迪先前的評論，我們一直關注與我們的施工團隊和供應商的長期合作。因此，我們一直在推向市場的持續開發管道，確實得到了回報，對吧，我們在項目上保留相同的人員，我們投入新項目，只是觀察它如何發展。

I'd also say we have the gold standard in VMI, vendor-managed inventory, for building out a lot of this infrastructure. So even before some of the supply constraints hit us, we started ramping up the budgets for that. And I think one of the other great things with being with digital is we've been able to expand the program to be able to support our customer needs. And so now it's become a differentiator in the market where we're now able to provide customer -- some customer equipment to help them procure their infrastructure.

我還想說，我們在 VMI（供應商管理庫存）方面擁有黃金標準，可用於建立大量此類基礎設施。因此，即使在一些供應限制影響到我們之前，我們就開始增加預算。我認為數位化的另一個好處是我們能夠擴展該計劃以支援我們的客戶需求。因此，現在它已成為市場上的差異化因素，我們現在能夠為客戶提供一些客戶設備，以幫助他們購買基礎設施。

And so it's just something that we've been able to plan ahead of, and we're constantly looking at different routes to market with, particularly the chip shortages and things like that, looking at the secondary markets, where leveraging a lot of secondary equipment that's been refurbished and put a warranty against it. It's been able to allow a lot of customers to overcome some of those challenges. But it's something we're constantly watching and looking at and making sure that we have the best capabilities and, quite frankly, equipment infrastructure available to our customers and for our own builds on a global basis. So that's something that we're very proud about.

因此，這只是我們能夠提前計劃的事情，我們不斷尋找不同的市場途徑，特別是晶片短缺之類的事情，著眼於二級市場，利用大量二級市場經過翻新並提供保固的設備。它能夠幫助許多客戶克服其中一些挑戰。但這是我們不斷觀察和關注的事情，並確保我們擁有最好的能力，坦白說，我們擁有為我們的客戶和我們自己在全球範圍內構建的設備基礎設施。所以這是我們非常自豪的事情。

Our next question will come from Eric Luebchow with Wells Fargo.

我們的下一個問題將來自富國銀行的 Eric Luebchow。

Curious about your development pipeline. It looks like you're almost 60% pre-leased across the entire globe and over 80% in North America. So are you fairly comfortable with your inventory position today? Or if we do see a continuation of this large hyperscale demand, might you end up toward the higher end or even above the development CapEx guide you laid out?

對您的開發流程感到好奇。看起來您在全球的預租率接近 60%，在北美的預租率超過 80%。那麼您對今天的庫存狀況還滿意嗎？或者，如果我們確實看到這種大規模超大規模需求的延續，您最終是否會達到更高端，甚至高於您制定的開發資本支出指南？

Thanks, Eric. I mean that is obviously a constantly evolving schedule where we're adding projects in terms of new starts, and we're subtracting projects that are delivering and being commissioned for customers and opening at high levels of pre-leasing. It's a combination of offices or colocation product as well as our scale and hyperscale dedicated data halls.

謝謝，埃里克。我的意思是，這顯然是一個不斷變化的時間表，我們在新開工方面增加項目，並減少正在為客戶交付和委託以及以高水平預租開放的項目。它是辦公室或託管產品以及我們的大規模和超大規模專用資料大廳的組合。

We're trying to always stay ahead of the game, focusing on the longest lead time parts of development. Obviously, land procurement, hence the acreage I mentioned previously, followed by shelves. And then Chris just touched on our, call it, overall infrastructure and build-outs.

我們努力始終保持領先地位，專注於開發週期最長的部分。顯然，是土地採購，因此是我之前提到的面積，其次是貨架。然後克里斯剛剛談到了我們的整體基礎設施和擴建。

I don't -- I think when you look at the combination of our current stabilized portfolio that has availability that we're actively leasing into our shelves and their delivery schedules and as well as our land, I feel good. There's always a market or 2 that will be a little tighter than I would like, but I feel I think probably more in terms of the hyperscale front that these larger deals, you're often engaging in contracting at very early stages of those projects. So you don't need to necessarily have a finished data hall in order to sell that capacity, hence having that land bank and shelves coming online are very good selling tools by themselves.

我不認為——我認為，當你看到我們當前穩定的投資組合的組合時，我們正在積極租賃貨架、交貨時間表以及我們的土地，我感覺很好。總是會有一個或兩個市場比我想要的更緊張，但我覺得我認為可能更多的是在超大規模方面，這些較大的交易，你經常在這些項目的早期階段參與承包。因此，您不一定需要擁有一個完成的資料大廳才能出售該容量，因此擁有線上的土地儲備和貨架本身就是非常好的銷售工具。

And just 1 follow-up on the renewal spreads on mark-to-market. Do you think we're at the point now where those should continue to only improve after this year? And how much of that might be due to just improving the broadly improving pricing environment or perhaps a kind of better mix of leases in the next couple of years, either more international, more enterprise and fewer above-market leases?

並且僅對按市值計價的續訂利差進行了 1 次後續行動。您認為我們現在的情況是否應該在今年之後繼續改善？其中有多少可能是由於改善了廣泛改善的定價環境，或者可能是未來幾年更好的租賃組合，要么更加國際化，更多企業化，要么更少高於市場的租賃？

Yes. So we've obviously been working through this for some time. I would say, over the last several quarters, the -- call it, the mix was certainly helping us as we've kind of chopped through some of our largest customers, major expirations, as we got through more of the North America and more -- onto more international mix, having the less than a megawatt more highly connected destinations, legacy interaction, Westin, Telx, et cetera, being more -- a bigger piece of the puzzle.

是的。所以我們顯然已經為此努力了一段時間了。我想說，在過去的幾個季度裡，這種組合肯定對我們有幫助，因為我們已經砍掉了一些最大的客戶，主要的到期日，因為我們通過了更多的北美地區和更多地區- 更國際化的組合，擁有不到一兆瓦的更高度連接的目的地、傳統互動、威斯汀、Telx 等等，是更大的拼圖。

And last year, we came in a little bit better than we had guidance but albeit negative. This year, we guided to flat, which is a year-over-year sequential improvement. And I think what you're seeing in this quarter are a few things. On the one hand, I'm not -- I wouldn't say that I can rule out that we'll never have a negative cash mark-to-market on any given product for the next several quarters. I don't think we're at that level of positive yet.

去年，我們的表現比我們的指導好一些，但儘管是負面的。今年，我們的指引是持平的，這是同比的連續改善。我認為您在本季度看到了一些事情。一方面，我不會說我可以排除未來幾季任何特定產品的現金市值都不會出現負值的可能性。我認為我們還沒有達到那種積極的水平。

But you saw positive across the board in the plus less than a megawatt categories. It was -- in the less than a megawatt, which is the largest piece of it, it was up versus the LTM, about 130 basis points, cut north of 2.5%, which is a pretty sizable move. And we've guided now for the full portfolio for 2022, slightly positive.

但在小於兆瓦的類別中，您看到了全面的正面影響。在不到 1 兆瓦（其中最大的部分）中，它比 LTM 上漲了約 130 個基點，削減了 2.5%，這是一個相當大的變化。我們現在已經對 2022 年的完整投資組合進行了指導，略顯積極。

So again, not -- I can't tell you we're fully done with never having a negative cash mark-to-market, but the trend is certainly playing out, which I would say is a combination of mix and also the broader pricing ratch up where the pendulum of pricing is swinging slightly more and more back to Digital Realty.

所以，再說一遍，我不能告訴你，我們已經完全擺脫了現金按市價計價為負的情況，但這種趨勢肯定正在上演，我想說這是組合和更廣泛的因素的結合定價逐漸上升，定價的鐘擺逐漸向Digital Realty 傾斜。

Our next question will come from Frank Louthan with Raymond James.

我們的下一個問題將由弗蘭克·勞森和雷蒙德·詹姆斯提出。

This is Rob on for Frank. Where did you guys end the quarter on a quote of varying heads? And have you seen any hiring issues in sales or across any other parts of the business to help maintain growth?

這是羅布替補弗蘭克。你們在哪裡以不同的觀點結束了這個季度？您是否發現銷售或其他業務部門有任何有助於維持成長的招募問題？

We've got about 130 quota-bearing head. If you think about all the sellers we really have, there's more than that after you get to it because we've got a whole team of SAs and SEs, all of our management team. I'm here looking at it. So it puts us closer to, I'd say, effectively more like 200 when you get to that point. But yes, we're seeing it do really well, and we're excited about the team and how they're performing and how they're engaging with our customers. I'm sorry, was there another follow up?

我們有大約130名配額人頭。如果你考慮我們真正擁有的所有賣家，你會發現，在你了解之後，你會發現不只這些，因為我們有一整套由 SA 和 SE 組成的團隊，以及我們所有的管理團隊。我在這裡看著它。所以我想說，當你達到這個點時，它讓我們更接近 200。但是，是的，我們看到它做得非常好，我們對團隊以及他們的表現以及他們與客戶的互動方式感到興奮。抱歉，還有後續嗎？

I think the hiring and ability to hire for that opportunity.

我認為這個機會的招募和招募能力。

Yes. And so we've been able to hire. And we've -- I think when you look at salespeople and they think about where they're going to come and can we hire them, they look at where are you going to have the most prospects going forward. And the differentiated value that we have with our global platform -- and I would tell you that we're really kind of pulling away from the competition. There's probably 2 of us out there.

是的。所以我們已經能夠招募了。我認為，當你觀察銷售人員時，他們會考慮他們將去哪裡以及我們是否可以僱用他們，他們會考慮未來在哪裡最有前景。我們的全球平台具有差異化的價值——我想告訴你，我們確實在競爭中處於領先地位。那裡可能有我們 2 個人。

So if you're in the data center business or if you're in the internet -- networking business and you want to be successful as a salesperson, this is a great place to be, right? Team's making more money. We're being successful. And I think they look forward in that kind of standpoint. Sorry, I didn't understand the rest of the question, but that's about where we are on it and really happy with it. Thanks.

因此，如果您從事資料中心業務或互聯網網路業務，並且您希望成為一名成功的銷售人員，那麼這裡是一個很好的地方，對吧？團隊賺的錢越來越多了我們正在成功。我認為他們以這種觀點展望未來。抱歉，我不明白問題的其餘部分，但這就是我們目前的情況，並且對此感到非常滿意。謝謝。

Our next question will come from David Guarino with Green Street.

我們的下一個問題將來自 Green Street 的 David Guarino。

Bill, maybe going back to that comment you made earlier, it was really helpful on Nova going up 6% on the rental rate. Did you clarify if that was on renewal or new leases? And assuming it is on new leasing, I just wanted to talk on that healthy pricing environment. Do you think it's just a temporary boost for the sector given we've got this lack of leasable capacity? Or would you say we've truly turned a corner and rental rates are going to start trending higher from here on out?

Bill，也許回到您之前發表的評論，Nova 的租金上漲 6% 確實很有幫助。您是否澄清了這是續租還是新租約？假設是新租賃，我只想談健康的定價環境。鑑於我們缺乏可租賃產能，您認為這只是該產業的暫時提振嗎？或者你會說我們已經真正扭轉了局面，租金率將從現在開始呈現上升趨勢？

David, maybe help just clarify numbers. That was not a cash mark-to-market. That was the like-for-like new rates. So showing progress in the overall market rates and trying to do it as best we could as apples-to-apples in terms of size of deal, all the nuances that go into the deal.

大衛，也許可以幫助澄清數字。這不是按市值計價的現金。這就是同等的新費率。因此，要展示整體市場利率的進展，並盡力在交易規模、交易中的所有細微差別方面做到最好。

I was little -- just down in the market a week ago. And that market is overall experience incredibly robust and continuous demand. And we've done quite well, I can tell you, more than our fair share in that market not just in the last quarter, but over several quarters.

一週前我還很小，剛進入市場。該市場總體上經歷了令人難以置信的強勁和持續的需求。我可以告訴你，我們做得很好，不僅在上個季度，而且在接下來的幾個季度中，都超過了我們在市場上的公平份額。

And that, combined with just overall constraints on bringing on capacity in that market, running up on ability to get power, permitting and the like, I think it's all going to continue to trend in a more positive territory or in terms of healthier rates in that market.

再加上該市場容量的整體限制、獲得電力的能力、許可等方面的限制，我認為這一切都將繼續朝著更積極的領域發展，或者就更健康的費率而言那個市場。

If you look at our just one last data point on that, our operating portfolio in that market is, call it, 91 something in the sub, but that's missing some leases that have signed but not commenced. If you include that, we're like 94% leased on the operating portfolio. And then I think I have 16 out of 86 megawatts left in terms of -- that's not leased that's under construction. We're basically down to, I think, 1 or 2 more buildings in the legacy 3 digital DFT and lab campus and are already moving on to our, call it, Western lands or digital Dulles location for our next layer of growth.

如果你看一下我們的最後一個數據點，我們在該市場的營運投資組合可以稱之為子市場中的 91 種，但這缺少一些已簽署但尚未開始的租賃。如果算上這一點，我們的營運投資組合中大約有 94% 是租賃的。然後我認為 86 兆瓦中還有 16 兆瓦尚未出租，正在興建中。我認為，我們基本上只剩下遺留的3 個數位DFT 和實驗室園區中的1 或2 棟建築，並且已經轉移到我們的西部土地或數位杜勒斯地點，以實現我們的下一層增長。

That's helpful. And I guess the kind of the gist of the question really is we've had these periods historically in the sector where demand goes lumpy for certain periods. And just kind of curious, if that happens again, if we kind of don't repeat this record new levels of industry-wide leasing activity, do you think we resume to downward pressure on asking rents, I guess? I just want to get your perspective on if this is a temporary phenomenon we're seeing this quarter and last quarter?

這很有幫助。我想這個問題的要點實際上是，我們在歷史上曾在該行業經歷過這些時期，在某些時期需求會變得不穩定。只是有點好奇，如果這種情況再次發生，如果我們不重複這種創紀錄的全行業租賃活動新水平，你認為我們會恢復租金要價的下行壓力嗎？我只是想了解您的看法，這是否是我們本季和上季看到的暫時現象？

It feels to me like the lumpiness has subsided. I mean you looked at our quarterly leasing stats for several quarters. It's just been more diverse and more consistent. And based on the last few quarters of demand kind of combined with the broader supply backdrop dynamic, it doesn't feel like there's a -- I feels like the rates are going to be nowhere near peak rates yet. So we got a long way to run back to peak rates but still, I think marching in a more positive trajectory for some time to come.

我覺得腫塊已經消退了。我的意思是，您查看了我們幾個季度的季度租賃統計數據。它只是更加多樣化和更加一致。根據過去幾季的需求以及更廣泛的供應背景動態，我感覺利率還遠遠沒有接近高峰。因此，我們距離回到高峰還有很長的路要走，但我認為在未來一段時間內仍將朝著更積極的軌道前進。

Our next question will come from David Barden with Bank of America.

我們的下一個問題將來自美國銀行的大衛·巴登。

This is Alex on for Dave. Andy, maybe just my first one here. I think last quarter, you noted the Teraco acquisition was going to give around a partial year contribution of $100 million in revenues and $70 million in EBITDA. Just wanted to double-check to see if there are any updates there and just confirm that that's already baked in the guidance?

這是亞歷克斯（Alex）替戴夫（Dave）發言。安迪，也許只是我第一次來這裡。我記得上個季度，您提到收購 Teraco 將帶來約 1 億美元的年度營收貢獻和 7,000 萬美元的 EBITDA 貢獻。只是想仔細檢查是否有任何更新，並確認指南中已經包含了這些更新？

And then secondly, I know we've kind of touched on global M&A before, but just kind of thinking about the state of the market and any specific geographies of interest.

其次，我知道我們之前已經接觸過全球併購，但只是考慮了市場狀況和任何特定的興趣地區。

On the Teraco, I don't think there's any updates. We're still in the same vicinity of closing time period and there's been no change to our underwriting numbers since we announced. I don't -- let us follow up online to triple-check confirm those numbers with you with your model just to make sure because I don't recall what I exactly said a call ago on those numbers in terms of a partial calendar year contribution.

在 Teraco 上，我認為沒有任何更新。我們仍處於截止時間附近，自我們宣布以來，我們的承保數字沒有變化。我不--讓我們在線跟進，透過您的模型與您進行三次檢查確認這些數字，只是為了確定，因為我不記得我之前在電話中就部分日曆年而言對這些數字到底說了些什麼貢獻。

And then your second question, Alex, was that about leasing or M&A? I just want to make sure -- you said the geos. I just want to make sure...

亞歷克斯，你的第二個問題是關於租賃還是併購？我只是想確定一下——你說的是地理。我只是想確定一下...

M&A.

嘛。

Yes. Alex, it's Greg. Look, I think you asked what the state of the M&A, global M&A market is. And like, I would say, it remains robust right now. There's a lot of private capital chasing deals. We've read about them. You see deals still occurring. As I mentioned earlier, multiples are -- have been sticky high on these transactions.

是的。亞歷克斯，這是格雷格。聽著，我想你問的是併購、全球併購市場的狀況。我想說的是，它現在仍然強勁。有很多私人資本在追逐交易。我們已經讀到有關它們的內容。你會看到交易仍在發生。正如我之前提到的，這些交易的本益比一直很高。

But with that said, there is a lot of private capital, and I think you're starting to see these private investors, the infrastructure funds and the like and others starting to see the quality of the asset class, whether it's the credit readiness of the customer, the quality of the assets and the growth prospects of the business. It really feels like it's starting to become more of a core investment asset class relative to some others. There's actually been somewhat of a shift there.

但話雖這麼說，有很多私人資本，我認為你開始看到這些私人投資者、基礎設施基金等以及其他人開始看到資產類別的質量，無論是信貸準備情況客戶、資產質量和業務增長前景。相對於其他資產類別，它確實開始變得更像是核心投資資產類別。實際上那裡已經發生了一些轉變。

In terms of our strategy, our strategy, I would say, this quarter is probably best representative of how we're looking at it and where we see the best risk-adjusted returns. You heard Andy and Corey talked about supply proofing, but we went into 2 new markets through land purchases, 1 in Chennai, 1 in Barcelona this quarter. And then we backfilled the supply proof markets in Zurich, in Paris, in Frankfurt and in Dublin. And if you look at all that together, you're talking about 385 megawatts of total developable capacity.

就我們的策略而言，我想說，本季可能最能代表我們的看法以及我們在哪裡看到最佳的風險調整回報。你聽說安迪和科里談到了供應證明，但本季度我們透過土地購買進入了 2 個新市場，1 個在欽奈，1 個在巴塞隆納。然後我們回填了蘇黎世、巴黎、法蘭克福和都柏林的供應證明市場。如果您將所有這些放在一起，您會發現總可開發容量為 385 兆瓦。

So when we look at that and look at it on a risk-adjusted basis, we think that's the right place for us. But in terms of geographies, I mean, look, we're still looking to selectively backfill in certain areas of Eastern Europe. As we've said previously, we are still working to expand our footprint in APAC and selectively backfill in the Americas. So that's basically how we're thinking about it.

因此，當我們在風險調整的基礎上審視這一點時，我們認為這對我們來說是正確的選擇。但就地理位置而言，我的意思是，我們仍在尋求選擇性地回填東歐的某些地區。正如我們之前所說，我們仍在努力擴大我們在亞太地區的足跡，並有選擇地回填美洲。這基本上就是我們的想法。

Our next question will come from Aryeh Klein with BMO Capital Markets.

我們的下一個問題將來自 BMO 資本市場的 Aryeh Klein。

Just going back to the same-store NOI growth, it was down 3% in the quarter end. It sounds like the trends are supportive of improvement. But the full year guidance suggests that it kind of remains in this down 3% range for the remainder of the year. Is that just FX? Or is there something else at play?

回到同店 NOI 成長，季末下降了 3%。聽起來趨勢支持改進。但全年指引表明，今年剩餘時間裡，這一數字仍將保持在 3% 的下降範圍內。這只是外匯嗎？或者還有其他的事情在起作用嗎？

Well, obviously the FX has gone against our favor for the year, but we've had some success in the first quarter relative to our budget a little bit on the OpEx side, but we are absorbing a customer -- a bankruptcy, which is going to be in your headwind to that. Hence, we're holding our guidance for same-store cash NOI for the year.

嗯，很明顯，今年的外匯對我們不利，但相對於我們的預算，我們在第一季度取得了一些成功，在營運支出方面有一點成功，但我們正在吸收一個客戶——破產，這是這將是你的逆風。因此，我們維持今年同店現金 NOI 的指引。

Got it. And maybe I missed it, but the bankruptcy, is that in the FFO outlook? And what's the impact from that, if it is?

知道了。也許我錯過了，但破產是 FFO 的前景嗎？如果是的話，會產生什麼影響？

Bankruptcy, aside from a, call it, noncore straight-line right add back that's not in core FFO, we basically already absorbed about almost $4 million of a hit for the first quarter due to, call it, pre-petition receivables, which I mentioned earlier on the call.

破產，除了核心 FFO 之外的非核心直線右加回之外，我們基本上已經吸收了第一季度約 400 萬美元的損失，這是由於，所謂的預申請應收賬款，我之前在電話中提到過。

And then we've made an assumption as to additional, call it, $6 million of headwind for the remainder of the year because quite honestly, we're kind of just handicapping the outcome of events because the customer is obviously going to go through the court process and either accept or reject leases. The last time this go around, I think almost all of the leases were accepted. I'm not sure or that will be the case this go around.

然後我們做出了一個假設，即今年剩餘時間將面臨 600 萬美元的逆風，因為老實說，我們只是阻礙了事件的結果，因為客戶顯然會經歷法庭程序並接受或拒絕租賃。上次發生這種情況時，我認為幾乎所有的租約都被接受了。我不確定這是否會是這樣。

And then there's the scenarios as to if a lease is rejected and their end customers could be essentially absorbed by Digital Realty. So $6 million of incremental and on top of the $4 million, taken in the first quarter is our essentially hit or adjustment due to the bankruptcy for the year.

還有一種情況是，如果租賃被拒絕，他們的最終客戶可能基本上會被 Digital Realty 吸收。因此，除了第一季的 400 萬美元之外，我們還增加了 600 萬美元，這是我們因今年破產而受到的重大打擊或調整。

Our next question will come from Irvin Liu with Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Irvin Liu。

Just one for me. Maybe Andy can answer this. I wanted to ask about the FX spot rate movement. You mentioned that bonds denominated in local currencies act as a natural profit hedge. And we do see this reflected on Slide 11. There's a 3-point revenue headwind but only a 2.3-point FFO headwind. Historically, is there any way to think about how well local currency denominated bonds offset some of these FX headwinds for FFO? And would you consider any durative instruments looking ahead to help you smooth out some of these headwinds?

只給我一個。也許安迪可以回答這個問題。我想問外匯即期匯率走勢。您提到以本國貨幣計價的債券可以作為天然的利潤來避險。我們確實在幻燈片 11 中看到了這一點。收入存在 3 個百分點的逆風，但 FFO 僅存在 2.3 個百分點的逆風。從歷史上看，是否有辦法考慮以本國貨幣計價的債券在多大程度上抵消了 FFO 的一些外匯不利因素？您是否會考慮使用任何持久性工具來幫助您消除這些不利因素？

Sure. Thanks, Irvin. So I mean -- and I'm sorry to play the record again because I wanted to touch on this, and I think I hit it on one of the QA. If you look historically, the last 3 years, our business has been roughly 40% international. And prior to this year, the headwinds or tailwinds, because it doesn't always go against you or, call it, in the 50 to 75 basis points, call it, vicinity with much less volatility than we're seeing this year.

當然。謝謝，歐文。所以我的意思是——我很抱歉再次播放這張唱片，因為我想談談這個，而且我想我在其中一個品質檢查中做到了這一點。從歷史上看，過去 3 年我們的業務大約 40% 是國際業務。今年之前，逆風或順風，因為它並不總是對你不利，或者，稱之為，在 50 至 75 個基點附近，波動性比我們今年看到的要小得多。

Essentially, with these not -- by issuing non-U.S. dollar financings be it euro or Swiss francs or sterlings or our multicurrency revolver are going to natural lending sources, often the long durations and essentially creating asset liabilities through the bonds but also cash flow liabilities to offset the euros we received from revenue or the pounds we received from revenue. Given we invested development returns of 9 to 12 or so percent and the rates are so modest right now, there's a leakage.

從本質上講，透過發行非美元融資，無論是歐元、瑞士法郎、英鎊或我們的多幣種左輪手槍，都將進入自然貸款來源，通常期限較長，本質上透過債券創造資產負債，但也創造現金流負債抵消我們從收入中收到的歐元或從收入中收到的英鎊。鑑於我們投資的開發回報率為 9% 至 12% 左右，而且目前的利率如此之低，因此存在洩漏。

We've been migrating more and more of our debt to be non-U.S. dollars. I think 75% of it is non-U.S. dollars today because 100% of our equity is U.S. dollars and 100% of our common dividends are in U.S. dollars. So we have that natural match for our U.S. dollar hedge. I've always been a big fan of this approach because it allows to, call it, have multiple benefits to the strategy of tapping diverse capital sources at attractive rates and create a natural FX hedge. It obviously does not provide 100% P&L volatility elimination.

我們已經將越來越多的債務轉向非美元債務。我認為今天其中 75% 是非美元，因為我們 100% 的股本是美元，100% 的普通股息是美元。因此，我們對美元對沖有著天然的匹配。我一直是這種方法的忠實粉絲，因為它可以為以有吸引力的利率利用不同資本來源並創建自然外匯對沖的策略帶來多重好處。它顯然不能提供 100% 的損益波動消除。

We are continuing to become more international. We are continuing to, in smaller amounts, going to a slightly more volatile markets in terms of currencies, be it Latin America or Africa. So I would say we're not -- our ears are always open to good ideas and we'll continue to evolve our thinking if a time comes to look at incremental types of foreign currency derivatives to further eliminate any P&L volatility from the FX.

我們正在繼續變得更加國際化。我們將繼續以較小的金額進入貨幣波動稍大的市場，無論是拉丁美洲還是非洲。所以我想說我們不是——我們總是願意傾聽好想法，如果有時間考慮增量類型的外幣衍生品以進一步消除外匯的任何損益波動，我們將繼續發展我們的想法。

That concludes the Q&A portion of today's call. I'd now like to turn the call back over to CEO, Bill Stein, for his closing remarks. Bill, please go ahead.

今天電話會議的問答部分到此結束。現在我想將電話轉回給執行長比爾·斯坦 (Bill Stein)，讓他致閉幕詞。比爾，請繼續。

Thank you, Matt. I'd like to wrap up our call today by recapping our highlights for the first quarter as outlined here on the last page of our presentation.

謝謝你，馬特。我想透過回顧我們簡報最後一頁概述的第一季度的亮點來結束今天的電話會議。

Our value proposition is clearly resonating with customers. We posted our second straight record bookings quarter with $167 million of annualized rent while attracting 128 new logos. Our sales momentum is exceedingly strong, and the benefits of Platform Digital continue to grow. Digital Realty's operational excellence is second to none, and customers are relying on us to solve their needs for data center solutions today while providing a clear path for their expanded needs tomorrow. Our customers trust us with their mission-critical application, and digital delivers.

我們的價值主張顯然引起了客戶的共鳴。我們連續第二季創下預訂季度記錄，年化租金達 1.67 億美元，同時吸引了 128 個新標誌。我們的銷售動能極為強勁，數位平台的優勢持續成長。 Digital Realty 的卓越營運是首屈一指的，客戶依靠我們來解決他們今天對資料中心解決方案的需求，同時為他們明天的擴展需求提供清晰的路徑。我們的客戶信任我們的關鍵任務應用程式和數位交付。

We're continuing to extend our global platform. In early January, we announced a definitive agreement to acquire a majority stake in Teraco to establish Digital Realty as the leading colocation and interconnection provider in Africa by positioning ourselves at key points of interconnection and subsea cable landing locations. We are also expanding organically with over 300 megawatts of new capacity under development.

我們正在繼續擴展我們的全球平台。一月初，我們宣布達成最終協議，收購 Teraco 的多數股權，透過將自己定位於互連關鍵點和海底電纜登陸點，將 Digital Realty 打造成非洲領先的託管和互連提供商。我們也正在有機擴張，正在開發超過 300 兆瓦的新產能。

We posted strong core FFO per share results exceeding consensus estimates despite foreign exchange and other headwinds against us. We maintained our core FFO per share guidance for the year, and our constant currency core FFO per share forecast represents more than 7% year-over-year growth.

儘管外匯和其他不利因素對我們不利，但我們公佈的核心 FFO 每股業績強勁，超出了市場普遍預期。我們維持了今年核心 FFO 每股指引，我們對每股核心 FFO 的不變貨幣預測表示年增超過 7%。

Last but not least, we remain very adept at sourcing attractive capital, raising over $1 billion of European debt at a blended 1.3% coupon and weighted average term of 9 years while redeeming higher cost U.S. dollar-denominated debt during the quarter.

最後但並非最不重要的一點是，我們仍然非常擅長尋找有吸引力的資本，以1.3% 的票面利率和9 年的加權平均期限籌集了超過10 億美元的歐洲債務，同時在本季度贖回成本較高的美元計價債務。

I'd like to once again thank the Digital Realty frontline team members in critical data center facility roles who have kept the digital world turning. I hope you all are safe and healthy and we hope to see many of you again in NAREIT and other in-person events. Thank you.

我要再次感謝 Digital Realty 擔任關鍵資料中心設施角色的第一線團隊成員，他們推動了數位世界的發展。我希望你們都安全健康，我們希望在 NAREIT 和其他現場活動中再次見到你們中的許多人。謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。