Digital Realty Trust Inc (DLR) 2021 Q2 法說會逐字稿

Good afternoon, and welcome to the Digital Realty Second Quarter 2021 Earnings Call. Please note, this event is being recorded. (Operator Instructions)

下午好，歡迎參加 Digital Realty 2021 年第二季財報電話會議。請注意，此事件正在被記錄。 （操作員說明）

I would now like to turn the call over to John Stewart, Digital Realty's Senior Vice President of Investor Relations. John, please go ahead.

我現在想將電話轉給 Digital Realty 投資者關係高級副總裁約翰·斯圖爾特 (John Stewart)。約翰，請繼續。

Thank you, Andrea. The speakers on today's call are CEO, Bill Stein; 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.

謝謝你，安德里亞。今天電話會議的發言人是執行長 Bill Stein；和財務長安迪·鮑爾。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. 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有重大差異。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, I'd like to hit the tops of the waves on our second quarter results. We continue to enhance our product mix with a record contribution from our sub-1 megawatt plus interconnection category. We extended our sustainability leadership with the publication of our third annual ESG report. We raised revenue and EBITDA guidance for the second quarter in a row, setting the stage for accelerating growth in cash flow. Last but not least, we further strengthened the balance sheet with the redemption of high coupon preferred stock and the issuance of low-cost, long-term fixed rate debt.

在我把電話轉給比爾之前，我想先介紹一下我們第二季的業績。我們持續增強我們的產品組合，低於 1 兆瓦及互連類別的貢獻創歷史新高。透過發布第三份年度 ESG 報告，我們擴大了在永續發展方面的領先地位。我們連續調高第二季的營收和 EBITDA 指引，為現金流加速成長奠定了基礎。最後但並非最不重要的一點是，我們透過贖回高票息優先股和發行低成本長期固定利率債務，進一步強化了資產負債表。

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

說到這裡，我想把電話轉給比爾。

Thanks, John. Good afternoon, and thank you all for joining us. Our formula for long-term value creation is a global, connected, sustainable framework. We continue to advance along these lines during the second quarter. Our business continues to globalize. And once again, we generated solid performance and strong bookings across all regions. Our full spectrum product offering continues to blossom with record sub-1 megawatt bookings in the second quarter and regional highs in both EMEA and APAC. Together with interconnection, the sub-1 megawatt category comprised nearly half of our total bookings, demonstrating customers' enthusiastic adoption of PlatformDIGITAL to help accomplish their digital transformation initiatives.

謝謝，約翰。下午好，感謝大家加入我們。我們創造長期價值的公式是一個全球性的、互聯的、可持續的框架。我們在第二季度繼續沿著這些路線前進。我們的業務繼續全球化。我們再次在所有地區取得了穩健的業績和強勁的預訂量。我們的全系列產品繼續蓬勃發展，第二季的預訂量低於 1 兆瓦，並且在歐洲、中東和非洲 (EMEA) 和亞太地區創下區域新高。加上互連，低於 1 兆瓦類別占我們總預訂量的近一半，表明客戶熱衷於採用 PlatformDIGITAL 來幫助完成其數位轉型計劃。

I'll discuss our sustainable growth initiatives on Page 3. In June, we were awarded the Green Lease Leader Gold award from the Institute for Market Transformation and the U.S. Department of Energy for the third year. We remain the only data center provider to receive this award, which recognizes Digital Realty as a leader in the real estate industry that incorporates green leasing provisions to better align our interest with our customers and drive high performance and healthy buildings.

我將在第 3 頁討論我們的永續成長措施。我們仍然是唯一獲得此獎項的資料中心提供商，該獎項認可Digital Realty 作為房地產行業的領導者，該行業納入了綠色租賃條款，以更好地協調我們與客戶的利益，並推動高性能和健康的建築。

During the second quarter, we published our third annual ESG report, detailing our 2020 sustainability initiatives, including the utilization of renewable energy for 100% of our energy needs across our entire portfolio in Europe as well as our U.S. colocation portfolio and reaching 50% of our global needs.

第二季度，我們發布了第三份年度ESG 報告，詳細介紹了我們2020 年的可持續發展舉措，包括利用再生能源滿足我們在歐洲和美國的整個投資組合的100% 能源需求以及我們的美國託管投資組合的50%。

We also reported progress towards our science-based target, ensuring a deep focus on our renewable energy, energy efficiency and supply chain sustainability initiatives. Our ESG report highlights many of our ongoing initiatives, including our diversity, equity and inclusion efforts along with our community involvement.

我們也報告了我們在實現基於科學的目標方面取得的進展，確保我們專注於我們的再生能源、能源效率和供應鏈永續發展措施。我們的 ESG 報告強調了我們正在進行的許多舉措，包括我們的多元化、公平性和包容性努力以及我們的社區參與。

Digital Realty is committed to being an active member of and giving back to the communities where we operate globally. We encourage and celebrate community involvement and employee engagement activities through our Do Better Together initiative.

Digital Realty 致力於成為我們在全球開展業務的社群的積極成員並回饋社區。我們透過「一起做得更好」計畫鼓勵和慶祝社區參與和員工參與活動。

We also recently underscored our commitment to transparency and accountability on our diversity, equity and inclusion journey with the publication of our EEO-1 report. Events over the past 1.5 years have demonstrated that now more than ever, ESG belongs at the forefront of our business. I'm proud of our leadership in this area as we advance our broader goal of delivering sustainable growth for all of our stakeholders, investors, customers, employees, and the communities we serve around the world.

最近，我們也發布了 EEO-1 報告，強調了我們對多元化、公平和包容之旅的透明度和問責制的承諾。過去 1.5 年發生的事件表明，ESG 現在比以往任何時候都更屬於我們業務的前沿。我為我們在這一領域的領導地位感到自豪，因為我們正在推進更廣泛的目標，即為我們在世界各地的所有利益相關者、投資者、客戶、員工和我們所服務的社區提供可持續增長。

Let's turn to our investment activity on Page 4. We are continuing to invest in our global platform with 39 projects underway around the world as of June 30, totaling nearly 300 megawatts of incremental capacity, most of which is scheduled for delivery over the next 12 months.

讓我們轉向第4 頁的投資活動。交付幾個月。

We are investing most heavily in EMEA with 19 projects totaling over 150 megawatts of capacity under construction. Most of this capacity is highly connected, including projects in Frankfurt, Marseille, Paris and Zurich. Demand remains strong across these metros and each continues to attract service providers as well as enterprise customers from around the world, many of which contributed to a truly standout performance by the region during the second quarter in the up-to-1 megawatt category.

我們在歐洲、中東和非洲地區的投資最多，有 19 個在建項目，總容量超過 150 兆瓦。這些產能大部分都是高度互聯的，包括法蘭克福、馬賽、巴黎和蘇黎世的項目。這些城市的需求仍然強勁，每個城市都繼續吸引來自世界各地的服務提供者和企業客戶，其中許多因素促成了該地區第二季在高達 1 兆瓦類別中真正出色的表現。

In North America, over half of our capacity under construction is concentrated in 2 hot markets, Portland and Toronto that can sometimes be overlooked in favor of more traditional North American data center metros. We've had tremendous recent success in these 2 metros. We have 30 megawatts under construction in Portland, or more specifically, Hillsboro, that are now fully pre-leased, while our Toronto connected campus continues to gain momentum as the premier Canadian hub for global cloud service providers and enterprise customers.

在北美，我們一半以上的在建容量集中在波特蘭和多倫多這兩個熱門市場，這兩個市場有時可能會被忽視，而更傾向傳統的北美資料中心都市。我們最近在這兩個地鐵領域取得了巨大的成功。我們在波特蘭（或更具體地說，希爾斯伯勒）有30 兆瓦的在建發電站，現已完全預租，而我們的多倫多互聯園區作為全球雲端服務提供商和企業客戶的加拿大首要中心，持續保持強勁勢頭。

Finally, in Asia Pacific, we are accelerating our organic growth in this underserved region. We opened our third data center in Singapore, a 50-megawatt facility that received permitting prior to the moratorium on new data center construction. Demand for this scarce capacity is robust, and we have another 18 megawatts largely presold and scheduled to open this quarter. Also coming soon in this region are a pair of MC Digital Realty data centers in Japan.

最後，在亞太地區，我們正在加速這個服務不足地區的有機成長。我們在新加坡開設了第三個資料中心，這是一個 50 兆瓦的設施，在暫停新資料中心建設之前獲得了許可。對這項稀缺產能的需求強勁，我們還有另外 18 兆瓦的產能，大部分已預售併計劃於本季開放。該地區即將在日本設立兩個 MC Digital Realty 資料中心。

With the world's eyes currently on Tokyo for the Olympics, we are opening a new Tokyo facility that's poised to win the gold medal. We are also opening another data center in Osaka this quarter, along with our first data center and the first carrier-neutral offering in Seoul, Korea, during the fourth quarter. We are very excited about the opportunity in Seoul. And earlier this morning, we announced that we've acquired another land parcel to expand our connected campus, enabling us to accommodate the hyperscale demand that has been clamoring for capacity in our first highly connected facility.

目前全世界都在關注東京舉辦奧運會，我們正在開設一個新的東京設施，預計將贏得金牌。本季我們也將在大阪開設另一個資料中心，第四季我們也將在韓國首爾開設第一個資料中心和第一個營運商中立的產品。我們對首爾的機會感到非常興奮。今天早些時候，我們宣布我們已經收購了另一塊地塊來擴大我們的互聯園區，使我們能夠滿足對我們第一個高度互聯設施容量的超大規模需求。

Finally, earlier this month, we announced our intention to enter India in partnership with Brookfield Infrastructure. Given the success of our existing partnership on the Ascenty platform in Latin America, the complementary skills and expertise that we both bring to this partnership and with the significant growth opportunity available in India, we are excited to expand our footprint in this robust and dynamic market.

最後，本月早些時候，我們宣布打算與布魯克菲爾德基礎設施公司合作進入印度。鑑於我們在拉丁美洲Ascenty 平台上的現有合作夥伴關係取得了成功，我們雙方為這種夥伴關係帶來了互補的技能和專業知識，並且印度提供了巨大的增長機會，我們很高興能夠在這個強大而充滿活力的市場中擴大我們的足跡。

Let's turn to the macro environment on Page 5. We are fortunate to be operating in a business levered to secular demand drivers. Our leadership position provides us with a unique vantage point to detect secular trends as they emerge globally on PlatformDIGITAL. The first of these trends is the growing importance of data gravity for Global 2000 enterprises. Last year, we introduced the Data Gravity Index, our market intelligence tool, which forecasts the growing intensity of enterprise data creation life cycle and its gravitational impact on global IT infrastructure between key global markets.

讓我們轉向第 5 頁的宏觀環境。我們的領導地位為我們提供了獨特的優勢，可以在 PlatformDIGITAL 上全球出現的長期趨勢中發現這些趨勢。第一個趨勢是數據引力對於全球 2000 強企業的重要性日益增加。去年，我們推出了市場情報工具——數據引力指數，它可以預測企業數據創建生命週期的強度不斷增長及其對全球主要市場之間的全球 IT 基礎設施的引力影響。

Earlier this year, we took the next step and published an industry manifesto, enabling connected data communities to guide cross-industry collaboration, tackle data gravity head-on and unlock a new era of growth opportunity for all companies.

今年早些時候，我們採取了下一步行動，發布了行業宣言，使互聯數據社群能夠指導跨行業協作，正面應對數據重力，並為所有公司開啟新時代的成長機會。

Earlier this week, we announced a collaboration with Zayo to further interconnection business through the creation of an open fabric-of-fabrics. With data sets exploding and data gravity challenges expanding, this initiative will enable multinational enterprises to connect these data oceans through fabric and orchestration.

本週早些時候，我們宣布與 Zayo 合作，透過創建開放式結構進一步推進互連業務。隨著數據集的爆炸式增長和數據引力挑戰的擴大，該計劃將使跨國企業能夠透過結構和編排連接這些數據海洋。

Third-party research continues to support data gravity's growing importance. Market Intelligence firm, Gartner, recently conducted its 6th annual survey of Chief Data Officers and less than 35% of these executives reported their business have achieved their data sharing objectives, including data exchange with external data sources that drive revenue-generating business outcomes.

第三方研究繼續支持數據引力日益增長的重要性。市場情報公司Gartner 最近對首席資料長進行了第六次年度調查，其中不到35% 的高階主管表示，他們的業務已經實現了資料共享目標，包括與外部資料來源進行資料交換，從而推動創收業務成果。

Issues often arise due to multiple data hosting and processing meeting places together with the need for appropriate security controls and the inability to overcome latency challenges with direct private interconnection between many counterparties. PlatformDIGITAL was designed to solve these problems. Digital transformation is compounding this enterprise data and connectivity problem.

由於多個資料託管和處理會議場所、需要適當的安全控制以及無法透過許多交易對手之間的直接私有互連來克服延遲挑戰，因此經常會出現問題。 PlatformDIGITAL 旨在解決這些問題。數位轉型使企業數據和連接問題變得更加複雜。

Recent research indicates that enterprise workflows utilize an average of 400 unique data sources, while exchanging data with 27 external cloud products. Digital Realty's enterprise and service provider customers are turning to PlatformDIGITAL to overcome these issues by deploying their own data hubs and using interconnection to securely exchange data in and across multiple metros.

最近的研究表明，企業工作流程平均利用 400 個獨特的資料來源，同時與 27 個外部雲端產品交換資料。 Digital Realty 的企業和服務供應商客戶正在轉向 PlatformDIGITAL，透過部署自己的資料中心並使用互連在多個城市之間安全地交換資料來克服這些問題。

Our leadership position is resonating with industry experts and influencers. For the second consecutive year, Digital Realty was named a global leader by IDC MarketScape for data center colocation and interconnection services, further acknowledgment of our consistently improving customer capabilities. This recognition reflects our execution against the PlatformDIGITAL road map, providing unique differentiated value for customers with our fit-for-purpose, full-spectrum global capabilities.

我們的領導地位引起了行業專家和影響者的共鳴。 Digital Realty 連續第二年被 IDC MarketScape 評為資料中心託管和互連服務全球領導者，進一步認可了我們不斷提高的客戶能力。這項認可反映了我們對 PlatformDIGITAL 路線圖的執行，透過我們適合目的的全方位全球能力為客戶提供獨特的差異化價值。

Earlier this month, Cloudscene again ranked Digital Realty as the strongest provider of data center ecosystems in EMEA for the second consecutive year. Digital Realty was ranked second in both North America as well as Latin America and jumped up 3 spots to #7 in Asia. Also in July, GigaOm published their analysis of edge infrastructure capabilities. Digital Realty ranked as an industry leader on multiple criteria across 3 broad categories. Our capabilities were ranked highest in vendor positioning and evaluation metrics comparison and second among the key criteria comparison.

本月早些時候，Cloudscene 再次將 Digital Realty 連續第二年評為歐洲、中東和非洲地區最強大的資料中心生態系統供應商。 Digital Realty 在北美和拉丁美洲排名第二，在亞洲上升 3 至第七。同樣在 7 月，GigaOm 發布了對邊緣基礎設施功能的分析。 Digital Realty 在 3 個大類的多項標準上被評為行業領導者。我們的能力在供應商定位和評估指標比較中排名最高，在關鍵標準比較中排名第二。

Given the resiliency of the demand drivers underpinning our business, and the relevance of our platform to meeting customers' needs, we believe 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，以及我們平台與滿足客戶需求的相關性，我們相信，無論宏觀環境如何，我們都能夠繼續為客戶、股東和員工帶來可持續成長。

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. We signed total bookings of $113 million in the second quarter, including a $13 million contribution from interconnection. Network and enterprise-oriented deals of 1 megawatt or less reached an all-time high of $41 million, demonstrating our consistent momentum and the growing success of PlatformDIGITAL as we continue to capture a greater share of enterprise demand. The weighted average lease term was over 8 years. We landed 109 new logos during the second quarter, with a strong showings across all regions, again, demonstrating the power of our global platform.

謝謝你，比爾。讓我們轉向第 7 頁的租賃活動。 1 兆瓦或以下的網路和企業導向交易達到了 4,100 萬美元的歷史新高，這證明了我們持續的發展勢頭以及 PlatformDIGITAL 隨著我們繼續獲取更大的企業需求份額而取得的日益成功。加權平均租賃期超過8年。我們在第二季推出了 109 個新徽標，在所有地區表現強勁，再次證明了我們全球平台的力量。

The geographic and product mix of our new activity was quite healthy, with APAC and EMEA, each contributing approximately 20%; the Americas representing nearly 50%; and interconnection responsible for a little over 10%. The megawatt or less plus interconnection category accounted for almost half of our total bookings with particular strength in the cloud, content and financial services verticals.

我們新活動的地理和產品組合相當健康，亞太地區和歐洲、中東和非洲地區各佔約 20%；美洲佔近50%；互連佔比略高於10%。兆瓦或以下的互連類別幾乎占我們總預訂量的一半，在雲端、內容和金融服務垂直領域尤其強大。

In terms of specific wins during the quarter and around the world, we landed a top 5 cloud service provider to anchor our new Tokyo campus. Close on the heels of this magnetic customer deployment, Japan's most popular social media applications selected PlatformDIGITAL on the same campus. NAVER, the leading Korea-based cloud provider serving the greater APAC region, selected our new carrier-neutral facility in Singapore to support data-intensive workloads for their high-performance computing and AI-intensive technology-based platform.

就本季和全球範圍內的具體勝利而言，我們找到了一家排名前 5 的雲端服務供應商來支援我們的東京新園區。緊接著這項磁性客戶部署之後，日本最受歡迎的社群媒體應用程式選擇在同一園區內使用 PlatformDIGITAL。 NAVER 是一家服務於大亞太地區的領先韓國雲端供應商，選擇了我們位於新加坡的新的營運商中立設施來支援其高效能運算和人工智慧密集型技術平台的資料密集型工作負載。

A European broadcaster is leveraging PlatformDIGITAL in Vienna and Frankfurt to rewire their network in favor of data-intensive interconnection with benefits in performance, scalability and cost savings. A Global 2000 enterprise data platform is adopting PlatformDIGITAL in Amsterdam, Dublin and Frankfurt to orchestrate workloads across hundreds of ecosystem applications, delivering improved performance, security, cost savings, and simplicity.

一家歐洲廣播公司正在利用維也納和法蘭克福的 PlatformDIGITAL 重新佈線其網絡，以支援資料密集型互連，從而在效能、可擴展性和節省成本方面帶來優勢。 Global 2000 企業資料平台正在阿姆斯特丹、都柏林和法蘭克福採用 PlatformDIGITAL 來協調數百個生態系統應用程式的工作負載，從而提供更高的效能、安全性、成本節約和簡單性。

In London, PlatformDIGITAL is supporting a top 3 global money center banks fortification of their business continuity capabilities without compromising their data-intensive interconnection requirements.

在倫敦，PlatformDIGITAL 正在支援全球三大貨幣中心銀行強化其業務連續性能力，同時不影響其資料密集型互連需求。

On the continent, our connectivity and operational capabilities are helping 2 independent fintech customers improve performance and enhance access to their connected data communities.

在非洲大陸，我們的連接和營運能力正在幫助 2 個獨立的金融科技客戶提高績效並增強對其互聯資料社群的存取。

Finally, in North America, a life sciences digital marketing firm chose PlatformDIGITAL to improve their network architecture and enable future growth.

最後，在北美，一家生命科學數位行銷公司選擇 PlatformDIGITAL 來改善其網路架構並實現未來成長。

Turning to our backlog on Page 9. The current backlog of leases signed but not yet commenced ticked down from $307 million to $303 million as commencement slightly eclipsed space and power leases signed during the quarter. The lag between signings and commencements was a bit longer than our long-term historical average at just over 7 months.

轉向第 9 頁的積壓訂單。簽約和開工之間的滯後時間略長於我們的長期歷史平均值（僅 7 個多月）。

Moving on to renewal leasing activity on Page 10. We signed $178 million of renewals during the second quarter in addition to new leases signed. The weighted average lease term on renewals signed during the second quarter was just under 3 years, again, reflecting a greater mix of enterprise deals smaller than 1 megawatt. We retained 77% of expiring leases, while cash re-leasing spreads on renewals were slightly positive, also reflective of the greater mix of sub-1 megawatt renewals in the total.

接下來是第 10 頁的續約活動。 除了簽署的新租約外，我們在第二季還簽署了 1.78 億美元的續約合約。第二季簽署的續約加權平均租賃期限再次略低於 3 年，反映出小於 1 兆瓦的企業交易組合較多。我們保留了 77% 的到期租約，而續租的現金再租賃利差略有上升，這也反映出總租約中低於 1 兆瓦的續約比例較大。

In terms of second quarter operating performance, overall portfolio occupancy ticked down by 60 basis points as we brought additional capacity online across 6 metros during the quarter. Same capital cash NOI growth was negative 1.5% in the second quarter, largely driven by the churn in Ashburn at the beginning of the year.

就第二季營運表現而言，由於我們在本季在 6 個城市增加了線上容量，整體投資組合入住率下降了 60 個基點。第二季相同資本現金 NOI 成長為負 1.5%，這主要是由於年初阿什本的流失造成的。

As a reminder, the Westin Building in Seattle, the Interxion platform in EMEA, Lamda Helix in Greece and Altus IT in Croatia are not yet included in the same-store pool. So these same capital comparisons are less representative of our underlying business today than usual.

需要提醒的是，西雅圖的威斯汀大廈、歐洲、中東和非洲地區的 Interxion 平台、希臘的 Lamda Helix 和克羅埃西亞的 Altus IT 尚未納入同店池中。因此，這些相同的資本比較比平常更不能代表我們今天的基礎業務。

Let's turn to our economic risk mitigation strategies on Page 11. The U.S. dollar fluctuated during the second quarter but remained below the prior year average, providing a bit of an FX tailwind. As a reminder, we manage currency risk by issuing locally denominated debt to act as a natural hedge so only our net assets within a given region are exposed to currency risk from an economic perspective.

讓我們轉向第 11 頁的經濟風險緩解策略。提醒一下，我們透過發行當地計價的債務作為自然避險來管理貨幣風險，因此從經濟角度來看，只有特定地區內的淨資產才會面臨貨幣風險。

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 the duration of our long-lived assets with long-term fixed-rate debt, a 100 basis point move in benchmark rates would have roughly a 75 basis point impact on full year FFO per share.

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的期限與長期固定利率債務相匹配的策略，基準利率變動 100 個基點將對全年每股 FFO 產生約 75 個基點的影響。

In terms of earnings growth, second quarter core FFO per share was flat year-over-year but down 8% from last quarter driven by $0.12 noncash deferred tax charge related to the higher corporate tax rate in the U.K., which came into effect during the second quarter. Excluding the tax charge, which was not previously contemplated in our guidance, we outperformed our internal forecast due to a beat on the top line with a slight assist from FX tailwinds as well as operating expense savings, partially due to lower property-level spending in the COVID-19 environment.

就獲利成長而言，第二季每股核心 FFO 與去年同期持平，但較上季下降 8%，原因是與英國較高的企業稅率相關的 0.12 美元非現金遞延稅費。排除稅費（我們之前的指導中沒有考慮到這一點），我們的表現超出了我們的內部預測，因為在外匯順風的輕微幫助下，我們的營收超出了預期，而且運營費用也有所節省，部分原因是房地產層面的支出下降。

For the second time this year, we are raising our full year outlook for total revenue and adjusted EBITDA to reflect the underlying momentum in our business. The deferred tax charge does run through core FFO per share. But as you can see from the press release, we are lowering the midpoint by just $0.05, which all else equal, would imply a $0.07 raise excluding the deferred tax charge.

今年我們第二次上調全年總收入和調整後 EBITDA 的預期，以反映我們業務的潛在動力。遞延稅費確實透過每股核心 FFO 計算。但正如您從新聞稿中看到的，我們將中點僅降低了 0.05 美元，在其他條件相同的情況下，這意味著不包括遞延稅費的情況下將增加 0.07 美元。

Since it is noncash, the deferred tax charge does not hit AFFO. Most of the drivers of our guidance table are unchanged, but I would like to point out that we are lowering our expected recurring CapEx spend for the remainder of the year, setting a stage for accelerating growth in cash flow.

由於它是非現金，因此遞延稅費不會影響 AFFO。我們指導表中的大多數驅動因素都沒有改變，但我想指出的是，我們正在降低今年剩餘時間的預期經常性資本支出，為現金流加速成長奠定基礎。

As you could see from the bridge chart on Page 12, we expect our bottom line results to improve sequentially over the balance of the year as the deferred tax charge comes out of the quarterly run rate and the momentum in our underlying business continues to accelerate. We do still expect to see some normalization in our cost structure with an increase in property-level operating expenses that have been deferred due to COVID, along with an uptick in G&A expense as we return to the office and resume a more normal travel schedule. So your model should reflect these higher costs.

正如您從第 12 頁的橋圖中看到的那樣，我們預計我們的底線業績將在今年剩餘時間內連續改善，因為遞延稅費來自季度運行率，並且我們的基礎業務勢頭繼續加速。我們仍然預計我們的成本結構會出現一定程度的正常化，因新冠疫情而推遲的財產層面運營費用會增加，隨著我們返回辦公室並恢復更正常的旅行計劃，一般管理費用也會增加。所以你的模型應該反映這些更高的成本。

Last, but certainly not least, let's turn to the balance sheet on Page 13. As you may recall, we closed on the sale of a portfolio of noncore assets in Europe for $680 million late in the first quarter, which impacted second quarter adjusted EBITDA to the tune of approximately $10 million. As a result, net debt to adjusted EBITDA was slightly elevated 6x as of the end of the second quarter but is expected to come back down in line with our long-term range over the course of the year through a combination of proceeds from asset sales and growth in cash flows as signed leases commence.

最後但並非最不重要的一點是，讓我們來看看第13 頁的資產負債表。這影響了第二季調整後的EBITDA約1000萬美元。因此，截至第二季末，調整後 EBITDA 的淨債務略有上升 6 倍，但預計透過資產出售收益的組合，將在今年內回落至與我們的長期範圍一致的水平隨著簽訂的租賃開始現金流量的成長。

Fixed charge coverage ticked down slightly, also reflecting the near-term impact from asset sales, but remains well above our target and close to an all-time high at 5.4x, reflecting the results of our proactive liability management.

固定費用覆蓋率略有下降，也反映了資產出售的近期影響，但仍遠高於我們的目標，接近 5.4 倍的歷史高點，反映了我們主動負債管理的結果。

We continue to execute our financial strategy of maximizing the menu of available capital options while minimizing the related costs and extending the duration of our liabilities to match our long-lived assets.

我們繼續執行我們的財務策略，即最大限度地增加可用資本選擇的範圍，同時最大限度地減少相關成本，並延長負債期限以匹配我們的長期資產。

In mid-May, we redeemed $200 million of preferred stock at 6.625%, which brought total preferred equity redemptions over the prior 12 months to $700 million at a weighted average coupon of just over 6.25%, effectively lowering leverage by 0.3 turns.

5 月中旬，我們以6.625% 的利率贖回了2 億美元的優先股，這使得過去12 個月的優先股贖回總額達到7 億美元，加權平均票面利率略高於6.25%，有效地將槓桿率降低了0.3 倍。

In mid-June, we issued 0.5 million shares under our ATM program, raising approximately $77 million. In early July, we raised another $26 million with the sale of the balance of our Megaport stock. We also took our first trip to the Swiss bond market in early July, raising approximately $595 million in a dual tranche offering of Swiss green bonds with a weighted average maturity of a little over 6.5 years and a weighted average coupon of approximately 0.37%.

6 月中旬，我們根據 ATM 計畫發行了 50 萬股股票，籌集了約 7,700 萬美元。 7 月初，我們透過出售 Megaport 股票的餘額又籌集了 2,600 萬美元。我們也於 7 月初首次涉足瑞士債券市場，透過雙檔發行瑞士綠色債券籌集了約 5.95 億美元，加權平均期限略高於 6.5 年，加權平均票面利率約為 0.37%。

This successful execution against our financial 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, enables us to prudently fund our growth.

我們財務策略的成功執行反映了我們全球平台的實力，該平台提供了接觸公共和私人資本的完整菜單，使我們在同行中脫穎而出，使我們能夠審慎地為我們的成長提供資金。

As you can see from the chart on Page 13, our weighted average debt maturity is nearly 6.5 years, and our weighted average coupon is down to 2.2%. Over 70% of our debt is non-U.S. dollar-denominated, reflecting the growth of our global platform and serving as a natural FX hedge for our investments outside the U.S. 90% of our debt is fixed rate to guard against a rising rate environment, and 98% of our debt is unsecured, providing the greatest flexibility for capital recycling.

從第13頁的圖表中可以看出，我們的加權平均債務期限接近6.5年，加權平均票面利率降至2.2%。我們超過70% 的債務不是以美元計價的，反映了我們全球平台的成長，並為我們在美國以外的投資提供了天然的外匯對沖。上升的環境，我們98%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 13, 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 13 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. Andrew, 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。安德魯，請開始問答環節好嗎？

(Operator Instructions) And our first question comes from Jon Atkin of RBC.

（操作員說明）我們的第一個問題來自 RBC 的 Jon Atkin。

I got 1 question and then a follow-up. First, on M&A, Interxion is now more than a year under your belt and then you announced kind of the JV expansion into India. Wondered if you could maybe summarize your strategy for inorganic growth as it pertains to the potential purchase of existing platforms or assets? Sometimes there can be assets out there with dislocated valuations. So I thought it would be worth asking about that topic and getting a refresh.

我收到了 1 個問題，然後進行了跟進。首先，在併購方面，Interxion 已經在您的掌控下一年多了，然後您宣布了合資企業擴張到印度的計劃。想知道您是否可以總結一下您的無機成長策略，因為它涉及現有平台或資產的潛在購買？有時可能存在估值錯置的資產。所以我認為值得詢問這個主題並刷新一下。

Sure, John. Happy to provide a refresh. First of all, we don't comment on M&A speculation, particularly as it relates to specific opportunities in the marketplace. But to refresh everyone's memory, we try to do only strategic deals. And by that, I mean we're looking for investments that enhance either our geographic footprint of our product offering. We're thinking about specific deals. When you look back on Interxion, I think we were fortunate, there we were able to do both. We were able to enhance our geographic penetration and add significantly to the colocation mix in Europe.

當然，約翰。很高興提供刷新。首先，我們不對併購投機發表評論，特別是因為它涉及市場中的特定機會。但為了讓大家記住，我們盡量只做策略性交易。我的意思是，我們正在尋找能夠增強我們產品的地理覆蓋範圍的投資。我們正在考慮具體的交易。當你回顧 Interxion 時，我認為我們很幸運，我們能夠做到這兩點。我們能夠提高我們的地理滲透率，並顯著增加歐洲的主機託管組合。

We -- as it relates to the CyrusOne situation, which I think is what you probably were alluding to, we think that's a good platform. We have all this respect in the world for both Bruce Duncan and Steve -- and Dave Ferdman. But it gives us more of what we already have. And so I just don't think that's something that would be of interest to us.

我們——因為它與 CyrusOne 的情況有關，我認為這就是您可能提到的，我們認為這是一個很好的平台。我們對布魯斯鄧肯、史蒂夫——以及戴夫費德曼充滿敬意。但它給了我們更多我們已經擁有的東西。所以我認為這不是我們感興趣的事情。

And then on asset recycling that Andy mentioned towards the end, there was a press item from June about the potential formation of a Singapore REIT. And I wondered if you could give us an update as to what's happening and kind of the rationale.

然後，關於安迪在最後提到的資產回收，六月有一篇關於新加坡房地產投資信託基金組成的新聞報導。我想知道您能否向我們介紹一下正在發生的事情及其基本原理的最新情況。

Thanks, John. So I think there's 2 concepts kind of interlinked in your question. So noncore capital recycling. We've been doing a fair bit of that. Most recently executed our portfolio in EMEA close to $700 million that was not core or strategic to digital, and it's kind of similar to a transaction we did back in, I think, 2019. So call it, focusing our portfolio where we see the most robust and diverse customer growth. So that's 1 leg of the stool that you can see will continue on. We activated this year again in terms of funding our business plan by recycling that capital into more strategic projects.

謝謝，約翰。所以我認為你的問題中有兩個相互關聯的概念。所以非核心資本回收。我們已經做了很多這樣的事情。最近，我們在歐洲、中東和非洲地區執行了接近7 億美元的投資組合，這對數位化來說不是核心或策略性的，這有點類似於我們在2019 年所做的交易。將我們的投資組合集中在我們最重視的地方強勁且多樣化的客戶成長。因此，您可以看到的凳子的一條腿將繼續存在。今年，我們再次啟動了為業務計劃提供資金的活動，將資金回收到更具策略性的專案中。

We've also done what I'd call, private capital partnerships. So similarly with that same transaction back in 2019 with Mapletree, we raised 80% stake in $1 billion of core assets, assets that we would never really want to part with, and we maintain operational control of as a minority partner. So I think you'll see us continue to do both, but there is a big difference in our minds. Noncore are things that we're willing to part with 100%. We wish the new owners well. And core, really keeping those assets as part of our collective platform and just trying to recycle capital on the slower growth assets, both of which I think at the end of the day, hopefully accelerates our growth and allows us to redeploy that capital into higher return opportunities.

我們也進行了我所謂的私人資本合作。因此，與 2019 年與豐樹進行的同一筆交易類似，我們籌集了 10 億美元核心資產 80% 的股份，這些資產是我們永遠不想放棄的，並且我們作為少數合作夥伴保持著營運控制權。所以我想你會看到我們繼續兩者兼而有之，但我們的想法有很大的不同。非核心是我們願意 100% 放棄的東西。我們祝福新主人一切順利。核心的是，真正將這些資產保留為我們集體平台的一部分，並試圖將資本回收到增長較慢的資產上，我認為這兩種資產最終有望加速我們的成長，並使我們能夠將這些資本重新部署到更高的領域。

Anything specifically about the press item from, I think, Bloomberg and Data Center Knowledge about forming a REIT in Singapore?

我認為彭博社和資料中心知識中心關於在新加坡組成房地產投資信託基金的新聞​​報導有什麼具體內容嗎？

I can say that it kind of ties to both the questions. Coincidentally, Singapore REITs have been the buyers of our 2 biggest portfolio sales. They have not been the only buyers. We've also done other one-off assets sales to other private buyers that were noncore.

我可以說這與兩個問題都有關聯。巧合的是，新加坡房地產投資信託基金是我們第二大投資組合銷售的買家。他們並不是唯一的買家。我們也向其他非核心私人買家進行了一次性資產出售。

As it relates to any vehicle that we would do like that, we would only think about that in a core context if we're going to extend our brand and sponsorship to it. So I think I can't comment on what that specific rumor was kind of pointing to, but it kind of is interwoven with both concepts a little bit.

因為它與我們想做的任何車輛有關，所以如果我們要將我們的品牌和贊助擴展到它，我們只會在核心背景下考慮這一點。所以我想我無法評論這個特定的謠言所指的是什麼，但它與這兩個概念有點交織在一起。

The next question comes from Jordan Sadler of KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Jordan Sadler。

So I wanted to follow up a little bit in terms of sort of investment opportunity. Bill, you've talked about strategic, accretive and I think enhancing -- growth enhancing for some of the strategic objectives or criteria for acquisitions. If you can check those boxes, it would seem that an acquisition, even something domestic could make sense. The piece that I'm struggling with a little bit, maybe like the growth enhancing. Strategic makes some sense that even though there's some overlap accretive, I get, we can figure that out. Growth enhancing, the piece I wanted to ask you about was, does market share help in terms of sort of the growth outlook? In other words, if you're controlling certain -- a greater extent as the marketplace is, certainly, these large hyperscale Tier 1 markets in the U.S., do you think that would mitigate some of the downside rent pressure we've seen in that vertical?

所以我想就投資機會進行一些跟進。比爾，你談到了策略性的、增值性的，我認為增強——某些策略目標或收購標準的增強成長。如果你能勾選這些選項，那麼收購，甚至是國內收購似乎都是有意義的。我正在努力解決的問題，也許是促進生長。戰略是有道理的，儘管有一些重疊，但我明白，我們可以解決這個問題。促進成長，我想問你的是，市場佔有率對成長前景有幫助嗎？換句話說，如果你控制著某些——當然，更大程度上是美國這些大型超大規模一級市場，你認為這會減輕我們在該市場看到的一些下行租金壓力嗎？

Yes. Jordan, I guess when I think about, so what we're trying to accomplish here and certainly in recent history, I mean, you saw the press release today, right, where we bought a piece of land in Seoul, Korea, and we already own a carrier-neutral data center in downtown Seoul, and now we're going to build a campus out in the suburbs. And what we're trying to do is replicate in Seoul what we've created in other markets around the world, the connected campus with a carrier-neutral dense network that you can tether the campus back into.

是的。喬丹，我想當我想到的時候，我們在這裡以及在近代歷史上試圖實現的目標，我的意思是，你看到了今天的新聞稿，對吧，我們在韓國首爾購買了一塊土地，我們已經在首爾市中心擁有一個營運商中立的資料中心，現在我們將在郊區建立一個園區。我們正在嘗試做的是在首爾複製我們在世界其他市場創建的內容，即具有運營商中立密集網絡的互聯園區，您可以將園區重新連接到其中。

And I think that when you look around the world today, there just aren't that many platforms. I mean, there's not an Interxion in Asia. And I think that what you're going to more likely see from us is what you're seeing in Seoul. We are, in fact, pursuing similar models in other parts of Asia and in other parts of the world, where we're going into new markets and planting the flag with both network-dense facilities and campuses.

我認為，當你環顧當今世界時，你會發現平台並不多。我的意思是，亞洲沒有 Interxion。我認為您更有可能從我們這裡看到的是您在首爾看到的情況。事實上，我們正​​在亞洲其他地區和世界其他地區推行類似的模式，我們正在進入新市場，並透過網路密集的設施和園區樹立旗幟。

So just to repeat what our criteria is, yes, it has to be strategically important to us in terms of either geography or product added to both. It needs to be -- we'd like it to be accretive to our near-term earnings and certainly accretive to growth, which is what Interxion was and Ascenty, and importantly, prudently financed. So a capitalization that is consistent with how we finance the rest of the business here at Digital. Andy, anything you want to add or...

因此，重複我們的標準，是的，無論是在地理上還是在添加的產品方面，它對我們都具有戰略重要性。它需要——我們希望它能增加我們的短期收益，當然還能增加成長，這就是 Interxion 和 Ascenty 所做的，而且重要的是，謹慎融資。因此，資本化與我們為 Digital 的其他業務融資的方式是一致的。安迪，你想加什麼或...

I got 2 out of 3 right.

我答對了三分之二。

You did. And we -- we're not that levered up in other words. Making...

你做到了。換句話說，我們並沒有那麼槓桿化。製作...

That's better than your high school grades, Jordan.

這比你高中成績好，喬丹。

I hope this wasn't the interview.

我希望這不是採訪。

But to put a finer point on it, we're not going to lever up these assets to make the number works -- the numbers work.

但更具體地說，我們不會利用這些資產來讓數字發揮作用——數字發揮作用。

Okay. Andy, if you have anything else? I have a follow-up.

好的。安迪，你還有什麼事情嗎？我有一個後續行動。

I think the second or the third part of your question was, can you drive pricing power through market share, which I think episodically, there's opportunities to do that. I think if you look back to our DuPont Fabros transaction, that was a market share moving transaction where we up-tiered our relationships with many customers kind of to control near-term supply. And I think that concept maybe works in more overall supply-constrained markets, predominantly outside the U.S. or even like a Santa Clara for that example. I do not -- I'm not confident I think your line of thinking would be other domestically focused larger footprint players, does that M&A create better pricing power? In today's backdrop, I don't see that same events playing out again like such in America.

我認為你問題的第二或第三部分是，你能否透過市場份額來推動定價能力，我偶爾認為，有機會做到這一點。我認為，如果你回顧我們的杜邦法布羅斯交易，那是一項市場份額轉移交易，我們加強了與許多客戶的關係，以控制近期供應。我認為這個概念可能適用於整體供應受限的市場，主要是美國以外的市場，甚至像聖克拉拉這樣的例子。我不——我沒有信心，我認為你的思路是其他專注於國內的較大足跡的參與者，這種併購是否會創造更好的定價能力？在今天的背景下，我認為同樣的事件不會在美國再次上演。

That's helpful. And then coming back, Bill, to sort of being around the world, India. Can you guys potentially just size the India JV opportunity for us, just sort of initial sizing? I mean is this -- do we see a platform purchase like Ascenty? Like is it with Brookfield been there? Or is this going to be a de novo opportunity?

這很有幫助。然後比爾，回到世界各地，印度。你們能否為我們確定印度合資企業機會的規模，只是初步規模？我的意思是——我們是否看到像 Ascenty 這樣的平台購買？布魯克菲爾德去過那裡嗎？或者這將是一個從頭開始的機會？

I'm going to hand that one over to Greg.

我要把那個交給葛瑞格。

Okay. Thanks, Jordan. Look, I think to describe the India joint venture, Jordan, it's actually a hybrid. Look, as you know, we've had a strong relationship with Brookfield. We've had a great experience with Ascenty. But when we purchased Ascenty, we bought -- we came into that platform together and purchased an existing platform that had 14 assets, 8 of which were under construction, 6 of which were operational assets and a team in place.

好的。謝謝，喬丹。看，我認為描述印度合資企業喬丹，它實際上是一個混合體。如您所知，我們與布魯克菲爾德有著密切的關係。我們與 Ascenty 的合作經驗非常愉快。但是，當我們購買 Ascenty 時，我們一起進入該平台併購買了一個現有平台，該平台擁有 14 項資產，其中 8 項正在建設中，其中 6 項是營運資產和一個已到位的團隊。

This is going to be different from that. But we are, again, going in 50-50 joint partners, joint branding and the like, which you've seen in some of our press materials. But here, we're going to be -- and we have some folks that are already residing in the JV, but we're actually going into India here to build a platform. And ultimately, we expect it to be like Ascenty, I mean being a stand-alone platform with a strong management team that drives the business. And I think when we look at India, we're not looking to go into India and just do like-for-like product. We're looking to do differentiated product. And we think Brookfield is a partner here and given their presence in the tower space and given what's happening in India in the mobile market and the like, we think we have a great opportunity to do that. And so -- but the general governance and construct, if you will, is very similar to Ascenty, but the basic premise of going in, we're going in to build a platform, we're not buying a platform. So I'd say that's how I describe it.

這將會與那有所不同。但我們將再次加入 50-50 個聯合合作夥伴、聯合品牌等，您在我們的一些新聞資料中已經看到了這一點。但在這裡，我們將——我們的一些人已經居住在合資企業中，但我們實際上要進入印度建立一個平台。最終，我們希望它像 Ascenty 一樣，我的意思是成為一個獨立的平台，擁有強大的管理團隊來推動業務發展。我認為，當我們關注印度時，我們並不打算進入印度並只生產同類產品。我們希望做差異化的產品。我們認為布魯克菲爾德是這裡的合作夥伴，考慮到他們在塔式空間的存在，以及印度在行動市場等方面發生的情況，我們認為我們有很好的機會做到這一點。所以，如果你願意的話，整體治理和結構與 Ascenty 非常相似，但進入的基本前提是，我們要建立一個平台，而不是購買一個平台。所以我想說這就是我的描述方式。

The next question comes from Sami Badri of Crédit Suisse.

下一個問題來自瑞士信貸銀行的薩米·巴德里。

First question, I just wanted to just run by you guys is maybe you could give us a little bit more color on what's going on in re-leasing spreads because in the greater than 1 megawatt re-leasing spread slide, which is Slide 10, there was meaningful improvement in spreads. And I think we were going from down 11% to just down 1% on -- And I was hoping you can just walk us through this. So that's part 1 of the question. Part 2 is, are we essentially done with a lot of those high negative renewal spread type leases that we've kind of been discussing on the last couple of quarters. Are you guys in the clear? Is this -- are we going to see some lumpiness?

第一個問題，我只是想告訴你們，也許你們可以給我們更多關於再租賃利差方面的情況，因為在大於 1 兆瓦的再租賃利差幻燈片中，即幻燈片 10，利差顯著改善。我認為我們的成長率從下降 11% 降至僅下降 1%，我希望您能引導我們完成這一過程。這是問題的第一部分。第二部分是，我們基本上已經完成了過去幾季我們一直在討論的大量高負續約價差類型的租賃嗎？你們都清楚了嗎？這是──我們會看到一些塊狀的東西嗎？

Sami, let me tackle that. So like-for-like megawatt -- north of 1 megawatt quarter-over-quarter, certainly saw an improvement from down just close to 11% on the prior quarter's 30-ish megs. The 23.5 megs came -- renewed this quarter, came to this quarter basically flat, negative 90 bps. Overall, also improvement basically at 0.1% positive and over 2% positive gap. So definitely moving in the right direction.

薩米，讓我來解決這個問題。因此，同比兆瓦——季度環比超過 1 兆瓦，與上一季約 30 兆瓦相比，下降了近 11%。本季更新為 23.5 兆，本季基本持平，負 90 個基點。整體而言，也基本上以 0.1% 的正向改善和超過 2% 的正向差距改善。所以絕對是朝著正確的方向前進。

At the same time, I wouldn't call it to be standing on the aircraft carrier with a victory flag yet. We're still working through some still -- certain contracts that are above market. Hence, we've maintained our, call it, language around our full year guidance of slightly negative. I did some parsing through both categories in the -- in that category, literally 82% of the megawatts that renewed were positive, so close to 2% positive. So it really was like 1 or 2 negative that drove down the category to be flat. And in the -- and the over to left of that is greater than (inaudible) percent positive cash mark-to-markets in terms of the megawatts renewed.

同時，我也不認為它是站在航空母艦上，舉著勝利的旗幟。我們仍在處理一些仍然高於市場價格的某些合約。因此，我們維持了全年指引的略微負面的措詞。我對這兩個類別進行了一些分析——在該類別中，實際上 82% 的更新兆瓦是積極的，接近 2% 的積極。因此，確實是 1 或 2 個負面因素導致該類別持平。就更新的兆瓦數而言，其左上方大於（聽不清楚）現金市場正值百分比。

So I would call it still episodic, moving in a better direction. And that's a thematic thing that I don't think this 1 quarter was a massive inflection point. We've been gradually getting to better territory this year versus last year, and also feel that same trend kind of continuing based on the mix we see in the future. Sami, can you remind me your second question, though?

所以我認為這仍然是偶發的，朝著更好的方向發展。這是一個主題，我認為這一季度並不是一個巨大的轉折點。與去年相比，今年我們逐漸進入了更好的領域，根據我們未來看到的組合，我們也感覺到同樣的趨勢仍在繼續。薩米，你能提醒我你的第二個問題嗎？

I think you kind of already hit it, but the second part of the question was just kind of have you guys essentially gone into the clear regarding a lot of the high negative renewal spread leases that came with the DFT portfolio? You kind of answered it, but that was the second question.

我想你們已經明白了，但問題的第二部分是你們是否基本上已經清楚了 DFT 投資組合帶來的許多高負續約利差租賃？你有點回答了，但這是第二個問題。

Because I don't think -- I wouldn't kind of go to my victories piece here. I don't think we're fully out of the woods, but we're -- the trend is moving in our direction and we benefit from an incredibly diverse platform. And as you look at our expirations going into this years, rest of this year or 2022 and beyond, the mix is just improving, right? The bars have gotten shorter. The concentration in the greater than megawatt has become more international, a place where we've had greater pricing power. So not fully in the clear, but I feel like we're inching our way into better territory every day.

因為我不認為——我不會在這裡談論我的勝利。我不認為我們已經完全走出困境，但趨勢正在朝著我們的方向發展，我們受益於一個極其多元化的平台。當你看看我們今年、今年剩餘時間或 2022 年及以後的到期時間時，你會發現這種組合正在改善，對嗎？酒吧變得更短了。超過兆瓦級的集中度變得更加國際化，我們在這個領域擁有更大的定價權。所以還不完全清楚，但我覺得我們每天都在慢慢進入更好的領域。

The next question comes from Brendan Lynch of Barclays.

下一個問題來自巴克萊銀行的布倫丹·林奇。

Maybe, Andy, I'll just follow up on that renewal issue. It does seem like things are going better now. Is it possible that a few years out, renewals could actually be a tailwind or the escalators structured so that it's generally neutral at best?

安迪，也許我會跟進續約問題。現在看來事情確實變得更好了。幾年後，更新是否有可能實際上成為順風車或自動扶梯的結構，使其總體上充其量是中性的？

I think there's definitely potential for fewer out cash mark-to-market to be a positive tailwind here. I mean, we -- if you look at the diversity of our product here, we are -- it's a very sticky product. We're typically doing renewals in many markets better than new rates on new deals given the propensity of inertia for our customer to stay. Our interconnection capabilities kind of furthers that stickiness. These markets where we're even bringing on new capacity are running up to physical barriers, whether it's supply of power, access to land, connectivity, government moratoriums are popping up in certain countries. And then the whole concept inflation and its impact to newer incumbents and overall cost structures, all those things point to a world of higher pricing power in this asset and certainly more so for Digital relative to a newer entrant.

我認為以市價計價的現金減少肯定有可能成為這裡的積極推動因素。我的意思是，我們——如果你看看我們產品的多樣性，我們——這是一個非常有黏性的產品。考慮到我們的客戶有留下來的慣性傾向，我們在許多市場上的續約通常比新交易的新費率更好。我們的互連能力在某種程度上增強了這種黏性。我們甚至正在引進新產能的這些市場也遇到了物理障礙，無論是電力供應、土地使用權、連結性，或是某些國家突然出現的政府暫停令。然後整個概念通貨膨脹及其對新的現有企業和整體成本結構的影響，所有這些都表明該資產的定價能力更高，對於數字相對於新進入者來說當然更是如此。

Great. That's helpful. And maybe a question for Chris as well. Chris, maybe you can give us just a little bit of insight on the fabric-of-fabrics platform and kind of simplify that for us, if you can?

偉大的。這很有幫助。也許還有一個問題想問克里斯。克里斯，如果可以的話，也許您可以給我們一些關於織物中織物平台的見解，並為我們簡化一下？

No, absolutely. I appreciate it. Yes. So it's a continuation. We've been investing in PlatformDIGITAL to make it more robust, where we have over 4,000 customers today. And as Andy alluded to earlier and Bill's comments earlier that we're adding 100 new customers every quarter. So what we've talked about with the fabric-of-fabrics and the partnership that we pulled together with Zayo is that these capabilities are proven to be very successful with our enterprise customers.

不，絕對是。我很感激。是的。所以這是一個延續。我們一直在投資 PlatformDIGITAL 以使其更加強大，目前我們在該平台上擁有 4,000 多名客戶。正如 Andy 之前提到的以及 Bill 之前提到的，我們每季都會增加 100 個新客戶。因此，我們所談論的織物中的織物以及我們與 Zayo 的合作夥伴關係是，事實證明，這些功能對於我們的企業客戶來說非常成功。

And I think what we're talking about here today is about expanding those capabilities and those connectivity capabilities to a broader set of customers. And so I think that's one of the core things that we're really starting to drive and it's resonating well with our customers and that a lot of enterprises are out there looking for an open platform to really achieve their goals and remove complexity out of their deployments. And so that's what the PlatformDIGITAL is. And what fabric-of-fabrics means as we pull together a carrier-grade partner with Zayo and they're the first partner that we've executed this with, and you'll see other partners coming online to expand that value focused on our customers' success.

我認為我們今天在這裡討論的是將這些功能和連接功能擴展到更廣泛的客戶群。因此，我認為這是我們真正開始推動的核心事情之一，它與我們的客戶產生了很好的共鳴，許多企業正在尋找一個開放平台來真正實現他們的目標並消除他們的複雜性部署。這就是 PlatformDIGITAL 的意義。當我們與 Zayo 聯合運營商級合作夥伴時，「織物中的織物」意味著什麼，他們是我們執行此操作的第一個合作夥伴，您將看到其他合作夥伴上線以擴展專注於我們的價值客戶的成功。

The next question comes from Mike Funk of Bank of America.

下一個問題來自美國銀行的麥克‧芬克。

Yes. First one is a basic just math question to check my facts. So I think in the first quarter, you did core FFO of $1.67 a share. I think you guided saying kind of down $0.10 sequentially due to a number of factors. But the $0.12 noncash charge wasn't in that guide, right? So if you strip that out, you actually were really only down about $0.01 quarter-over-quarter, right, for the core FFO. And if you think about rolling that forward to the second half of the year saying you really had an $0.08 core FFO beat, why wouldn't that core FFO per share beat excluding the $0.12, why wouldn't that recur in 3Q and 4Q? What's going to change in those 2 quarters stripping out that onetime charge?

是的。第一個是一個基本的數學問題，用來檢查我的事實。所以我認為在第一季度，你的核心 FFO 為每股 1.67 美元。我認為您指導說由於多種因素，連續下降了 0.10 美元。但 0.12 美元的非現金費用並不在該指南中，對吧？因此，如果剔除這一點，核心 FFO 的季度環比實際上只下降了約 0.01 美元，對吧。如果你考慮將其滾動到下半年，說你確實有 0.08 美元的核心 FFO 超過，那麼為什麼每股核心 FFO 不包括 0.12 美元，為什麼不會在第三季度和第四季度再次出現呢？剔除一次性費用後，這兩個季度會發生什麼變化？

So 2 data points. One, we are increasing the guidance net of the $12 million, right? So the $12 million is a noncash deferred tax hit essentially revaluing the liability that due to the U.K. changing its corporate tax rates by 600 basis points, that $35 million to $0.12 flows through onetime and it's noncash, it does not hit at AFFO, which you can see is that I think it's the lowest payout ratio we've had in 5 quarters now. So by the fact that we've increased the guidance, notwithstanding that $0.12, it essentially would have been a raise. And if you backed out the $0.12 to the midpoint of our new guidance, you're close to what would be 6% year-over-year growth on the core FFO. The reason it doesn't all beat in this quarter, to heart of your question, Mike, doesn't all flow through. And some of the beat I would say is OpEx timing. So timing relative to some of our OpEx spend, which got pushed out from 2Q into the back half of the year.

所以有2個數據點。第一，我們正在增加 1200 萬美元的指導淨值，對吧？因此，這1200 萬美元是非現金遞延稅款打擊，本質上是對負債的重估，由於英國將其公司稅率改變了600 個基點，因此3500 萬美元至0.12 美元一次性流過，而且是非現金，不會對AFFO 產生影響，你可以看到的是，我認為這是我們 5 個季度以來的最低派息率。因此，事實上我們提高了指導值，儘管增加了 0.12 美元，但本質上還是上漲了。如果您將 0.12 美元調整為我們新指導的中點，那麼核心 FFO 的同比增長率將接近 6%。麥克，對於你的問題的核心，本季沒有全部成功的原因並沒有全部體現出來。我想說的一些節拍是營運支出時機。因此，相對於我們的一些營運支出支出而言，這些支出從第二季推遲到了今年下半年。

And that was related to some of the deferred OpEx in 2020. Is that still what you're talking about?

這與 2020 年推遲的一些營運支出有關。

Correct. Correct. COVID-related catch up a little bit.

正確的。正確的。與新冠病毒相關的情況有所改善。

Got it. Understood. And then maybe a little bit of commentary on the leasing environment. I know there was a little bit of concern about leasing this quarter for the industry, but came in very strong. Given the visibility you have into the back half of the year, whatever it might be, what are you seeing in terms of demand from hyperscalers and/or demand picking back up from enterprise customers?

知道了。明白了。然後可能是對租賃環境的一些評論。我知道本季該行業對租賃有一些擔憂，但這種擔憂非常強烈。鑑於您對今年下半年的了解，無論情況如何，您對超大規模企業的需求和/或企業客戶的需求回升有何看法？

I think, Corey, why don't you pick this up there?

我想，科里，你為什麼不把這個拿起來呢？

Yes, sure. Thanks a lot. Thanks, Mike, for the question. With regard to enterprise demand, and then Andy, I'll let you handle the hyperscale, I think, was part of his question as well. But in our opening remarks, we mentioned that over $50 million of our business was from the sub-1 megawatt plus interconnection, which is really approaching about 50% of our bookings. That's really a proxy for our enterprise business. On top of that, our best channel quarter ever. We also saw an increase in multisite, multi-region customers, which are all indicative of kind of the strength of the enterprise demand and where we're going.

是的，當然。多謝。謝謝邁克提出這個問題。關於企業需求，然後安迪，我會讓你處理超大規模，我認為這也是他問題的一部分。但在我們的開場白中，我們提到我們超過 5000 萬美元的業務來自 1 兆瓦以下的互連，這實際上接近我們預訂的 50% 左右。這確實是我們企業業務的代表。最重要的是，這是我們有史以來最好的通路季度。我們也看到多站點、多區域客戶的增加，這些都顯示了企業需求的強度和我們的發展方向。

So I would tell you that for the second half, we see strong and sufficient demand across all the regions as they take care of and address the needs for data gravity and hybrid IT architectures, all of which have been driven by enterprise customers across all the regions, We Mentioned the strength in each of the regions, both AP and EMEA as well as North America. So we're seeing that kind of flow through. And looking at our funnel, we see strength across all those regions, multiple industries and verticals, financial services to cloud and others. So we're pretty excited about where we are and confident in demand from the enterprise side. And I feel like that's going to continue. I don't know, Andy, you want to talk to the hyperscale part of it?

因此，我想告訴大家，下半年，我們看到所有地區都有強勁且充足的需求，因為它們照顧並解決了數據引力和混合IT 架構的需求，所有這些都是由各個領域的企業客戶推動的。 我們提到了每個地區的實力，包括亞太地區、歐洲、中東和非洲以及北美。所以我們看到了這種流動。從我們的管道來看，我們看到了所有這些地區、多個產業和垂直領域、雲端金融服務等方面的優勢。因此，我們對我們的現狀感到非常興奮，並對企業方面的需求充滿信心。我覺得這種情況將會持續下去。我不知道，安迪，你想談談它的超大規模部分嗎？

Yes, I'll just add on real quick on the larger hyperscale customers. Strong Americas quarter, which is really largely -- we did have a top 5 CSP land with us in Sao Paulo, but the lion's share was Hillsboro and Toronto. So some great wins from hyperscalers in that market. Top 5 hyperscalers landed, both in Paris and Frankfurt or grew with us in Paris and Frankfurt. And then over in APAC. As I mentioned in the prepared remarks, I had the leading Japanese social media platform, land with us in Tokyo in addition to a top 5 CSP that I think we announced that as the anchor to our Tokyo campus on the prior call.

是的，我將快速增加更多大型超大規模客戶。美洲季度表現強勁，這在很大程度上是——我們確實在聖保羅擁有排名前五的 CSP 土地，但最大的份額是希爾斯伯勒和多倫多。因此，超大規模企業在該市場取得了一些巨大的勝利。排名前 5 名的超大規模企業已登陸巴黎和法蘭克福，或與我們一起在巴黎和法蘭克福成長。然後是亞太地區。正如我在準備好的演講中提到的，我擁有領先的日本社交媒體平台，除了我們在之前的電話會議上宣布的前 5 名 CSP 之外，還與我們一起登陸東京校園。

So I think thematically, 2 things are playing out here. One, the hard work in terms of creating this global platform for these hyperscalers across approaching 50 metropolitan areas on 6 continents, and really trying to be their trusted partner of choice around the globe is certainly benefiting our leasing or signing activity.

所以我認為從主題上講，這裡有兩件事正在發生。第一，為這些跨越六大洲近50 個大都市區的超大規模企業創建這個全球平台的辛勤工作，並真正努力成為他們在全球範圍內值得信賴的合作夥伴，這肯定有利於我們的租賃或簽約活動。

And I would also say, we're making some great inroads to what you call it, next tier or next-gen hyperscalers. I think a couple of quarters ago, we had a hyperscale win with a Singapore-based technology company. I mentioned the Japanese social media company. We mentioned Korean company NAVER. So definitely penetrating a broader cast of customers than just top 5 CSPs at the same time.

我還想說，我們正在向您所說的下一代或下一代超大規模技術取得一些重大進展。我認為幾個季度前，我們與一家新加坡科技公司取得了超大規模的勝利。我提到了日本社群媒體公司。我們提到了韓國公司NAVER。因此，肯定會同時滲透到更廣泛的客戶群體，而不僅僅是排名前 5 名的 CSP。

The next question comes from Michael Rollins of Citi.

下一個問題來自花旗銀行的麥可‧羅林斯。

Just a couple of questions. First, if you look at the bookings trajectory and just some of the commentary we just heard as well as just the backlog position, should 2022 be a better year for organic revenue growth and core FFO per share growth relative to 2021? And then secondly, on a separate topic, just curious, as you have a range of assets in your portfolio, some very young, some older, what are you seeing in terms of the maintenance capital and the pricing on facilities that are a bit more tenured relative to maybe some facilities that are a bit newer in vintage?

只是幾個問題。首先，如果你看看預訂軌跡、我們剛剛聽到的一些評論以及積壓情況，相對於 2021 年，2022 年是否會成為有機收入增長和核心 FFO 每股增長更好的一年？其次，關於一個單獨的主題，只是好奇，因為您的投資組合中有一系列資產，有些非常年輕，有些較老，您在維護資本和設施定價方面看到了什麼？ ，是否有終身任職？

Sure. Sure. Michael, why don't I try to tackle those in reverse order. So in terms of maintenance capital, obviously, the older the facility the more you approach end of life on various components. But that's no different than any piece of infrastructure or real estate. So replacing a roof, placing a chiller, you kind of get to these 20-, 30-year end of life and 1 by one. Now the good thing is we've built this portfolio over many years and essentially keep adding newer product to the mix at the same time. So we've been able to keep our recurring CapEx at a pretty modest hit to our AFFO. We actually dialed it back slightly just this for the year, our guidance table.

當然。當然。邁克爾，我為什麼不嘗試以相反的順序解決這些問題？因此，就維護資本而言，顯然，設施越舊，各種組件的使用壽命就越接近。但這與任何基礎設施或房地產沒有什麼不同。因此，更換屋頂、安裝冷水機，您就可以逐一達到 20 年、30 年的使用壽命。現在的好處是，我們多年來一直在建立這個產品組合，並且基本上同時不斷在組合中添加更新的產品。因此，我們能夠將經常性資本支出保持在對 AFFO 相當適度的打擊範圍內。實際上，我們今年的指導表略有回落。

So I wouldn't say any material uptick. And we do a lot of maintenance throughout the year in terms of fixed repair, preventative and to ensure that there's no looming infrastructure headaches, call it, on the horizon.

所以我不會說任何實質的成長。我們全年進行大量維護工作，包括固定維修、預防性維護，並確保不會出現迫在眉睫的基礎設施問題。

From a pricing standpoint, Obviously, there's smaller nuances, whether it's PUE efficiencies or power densities, which we certainly are innovating and bringing to bear new technologies in terms of legacy facilities. But net-net, the biggest driver is supply and demand in the market. a data center that becomes available for us in Santa Clara or Singapore or Frankfurt or markets that are competitively demand outpacing supply, customers are creating the availability and not looking for the birth date. So I think that's more of a driver of the pricing activity.

從定價的角度來看，顯然，無論是 PUE 效率還是功率密度，都存在較小的細微差別，我們當然正在創新並在遺留設施方面引入新技術。但淨淨來說，最大的推動力還是市場的供需關係。我們可以在聖克拉拉、新加坡、法蘭克福或競爭性供不應求的市場中使用資料中心，客戶正在創造可用性，而不是尋找出生日期。所以我認為這更多的是定價活動的驅動因素。

So on your first question, I mean, on, call it, 2022, I mean we're only, call it, half time here. So not ready to roll out season 2 or whatever. But I would say a couple of things that set us up for accelerating growth overall. One, I spoke a little bit to the cash mark-to-market position, and it's been improving this year relative to last year and see it arise and where it could continue to improve. Two, this year, we took a significant relative to our churn in the Ashburn, we took back a significant amount of capacity that we're chopping wood on re-leasing. So that we're having downtime from that vacant capacity in our numbers here. You can see in our occupancy as well. And you're going to see that come online as we refill that and have a greater contribution to revenue in 2022 than it does in 2021.

所以關於你的第一個問題，我的意思是，就，就這樣，2022 年，我的意思是，我們只是，就這樣，在這裡一半時間。所以還沒準備好推出第二季或其他什麼。但我想說一些有助於我們整體加速成長的事情。第一，我談到了現金按市值計價的情況，與去年相比，今年的情況有所改善，並看到它的出現以及可以繼續改善的地方。第二，今年，我們在阿什本的流失量方面採取了重大措施，我們收回了在重新租賃時砍伐木材的大量產能。這樣我們就可以從這裡的空容量中獲得停機時間。您也可以在我們的住處看到。當我們重新填充時，您將看到它上線，並且對 2022 年收入的貢獻比 2021 年更大。

So I think those elements and the fact that I think we've now put up I should count this, but I think it's close to 8 pretty darn good quarters of consecutive leasing, right? You obviously have to adjust to our pre-interaction days relative to our denominator, but the leasing has been pretty darn consistent for some quarters now. So I think all those things, the picture as well as a pretty attractive development pipeline, which will obviously have a greater contribution to 2022 than '21.

所以我認為這些因素以及我認為我們現在提出的事實我應該算一下，但我認為這已經接近 8 個相當不錯的連續租賃季度了，對吧？顯然，你必須根據我們的分母調整我們的預互動天數，但現在幾季的租賃情況非常穩定。因此，我認為所有這些事情、情況以及相當有吸引力的開發管道，顯然會對 2022 年做出比 21 年更大的貢獻。

The next question comes from Simon Flannery of Morgan Stanley.

下一個問題來自摩根士丹利的西蒙·弗蘭納裡。

Great to see the enterprise coming back this quarter. Do you think we're pretty much back to normal now in terms of your operations? I know there's been COVID picking up again in certain regions. Any comments around supply chain inflationary impacts and how that might be affecting you?

很高興看到該企業本季回歸。您認為我們的營運現在已經基本恢復正常了嗎？我知道新冠疫情在某些地區再次爆發。關於供應鏈通膨影響以及這可能對您有何影響有何評論？

Let me try to divvy up that question because I think there's a couple of great points in here. Maybe Corey, do you want to pick up on enterprise demand. I was really pleased on that front. I mean, north of $19 million in EMEA, 0 to 1 megawatt, close to 50% of our bookings. But Corey can speak to that. And then maybe Chris and I can handle the inflation impacts on our customers and our supply chain.

讓我試著解決這個問題，因為我認為這裡有幾個要點。也許科里，你想滿足企業需求嗎？我在這方面真的很高興。我的意思是，除了歐洲、中東和非洲地區 1900 萬美元之外，0 到 1 兆瓦，接近我們預訂的 50%。但科里可以談論這一點。然後，克里斯和我也許可以應對通貨膨脹對我們的客戶和供應鏈的影響。

Yes. Simon. I went through it a little bit with some of the kind of, I'll say, proxy items for enterprise success and the fact that we've got a strong pipeline. And I'd call it a strong, well-qualified pipeline with quality as well. So we really feel good about where the enterprise is and the follow-on. All of the acceleration in the hybrid IT and the move to, I'll call it, work from home, I think, has just accelerated the enterprise demand and how we're set up with our channel initiatives and what we're doing there are just going to help us continue to build on that.

是的。西蒙.我對一些企業成功的代理商專案以及我們擁有強大管道的事實進行了一些了解。我將其稱為一個強大的、合格的、高品質的管道。因此，我們對企業的現況和後續發展感到非常滿意。我認為，混合 IT 的所有加速以及我稱之為在家工作的轉變，都加速了企業需求以及我們如何建立渠道計劃以及我們在那裡所做的事情我們只會幫助我們在此基礎上繼續發展。

So rather than repeat what I think I answered with Mike earlier, I would just tell you that the enterprise demand is strong, and I think we're in a good place going forward. It's been accelerated a little bit by the pandemic in the last couple of years, but in a good place going forward.

因此，我不想重複我之前對麥克的回答，我只是想告訴你，企業需求很強勁，而且我認為我們正處於一個好的發展階段。過去幾年，這一趨勢因疫情而有所加速，但未來發展勢頭良好。

Yes. No. Thanks, Corey. I appreciate the question, Simon. I think from a supply chain and what we've seen in the industry, we haven't seen any material impacts or delays at this point in time. We work extensively with our customers to understand their needs and their requirements for the infrastructure in their deployments. And so we align their orders to manufacturing dates. There's been some delays, but most of the time, we can signal that right in the beginning of the sales cycle to ensure that they can order them and not miss any kind of delivery dates from that perspective. But again, it's something we constantly watch with the different types of manufacturers out there. And I think, Andy, referenced this earlier, our VMI program with the infrastructure that we leverage in delivering our own services, we're way ahead of that. And I think we've really differentiated ourselves with the weight in the market that we can execute, I think, beyond most of the other companies out there. So it's something that we watch closely, but no material impact to date.

是的。不，謝謝，科里。我很欣賞這個問題，西蒙。我認為從供應鏈以及我們在行業中看到的情況來看，目前我們還沒有看到任何重大影響或延誤。我們與客戶廣泛合作，了解他們的需求以及部署中的基礎設施的要求。因此，我們將他們的訂單與製造日期保持一致。雖然存在一些延遲，但大多數時候，我們可以在銷售週期開始時發出信號，以確保他們可以訂購它們，並且從這個角度來看不會錯過任何類型的交貨日期。但同樣，這是我們不斷關注不同類型製造商的情況。我認為，安迪之前提到過這一點，我們的 VMI 計劃以及我們在提供自己的服務時所利用的基礎設施，我們在這方面遙遙領先。我認為，我們在市場上的執行力確實使自己脫穎而出，超越了大多數其他公司。因此，我們正在密切關注這一問題，但迄今為止尚未產生實質影響。

The next question comes from Erik Rasmussen of Stifel.

下一個問題來自 Stifel 的 Erik Rasmussen。

So Q2 leasing was somewhat steady in the quarter. I know you called out U.S. and hyperscale came back, and then I think there was strength on the less-than-1 megawatt category. But were there any limitations with overall capacity in certain markets? Or is there anything else to sort of call out that could have put a damper on -- or kept a lid on sort of your leasing in the quarter?

因此，第二季的租賃情況較為穩定。我知道你呼籲美國和超大規模回來，然後我認為小於 1 兆瓦類別有實力。但某些市場的整體容量是否有限制？或者還有什麼需要指出的事情可能會抑製或限制您本季的租賃活動？

I mean, in any given quarter, there's always certain markets that are, call it, tighter on the inventory standpoint. I mean we about that, how we run into that in Ashburn. Luckily, it was a good time for us to run into that in Ashburn because the market has softened. What comes to mind right now, Erik, are a few markets that are certainly a little bit on the tighter side. We have -- I don't think we've done much activity in Santa Clara for several quarters now because that market has been so tight, and we're waiting for new capacity to come online.

我的意思是，在任何特定季度，總有某些市場從庫存角度來看更加緊張。我的意思是我們關於這個，我們如何在阿什本遇到這個問題。幸運的是，這是我們在阿什本遇到這種情況的好時機，因為市場已經疲軟。艾瑞克，現在想到的是一些肯定有點緊俏的市場。我認為我們已經有幾個季度沒有在聖克拉拉進行太多活動了，因為該市場非常緊張，我們正在等待新產能的上線。

In Atlanta, where we're really solely focused on colo connectivity, our 56 Marietta, which is most highly connected data center in the Southeast is 100% full. We're waiting for an annex building essentially to bring on to call it, several megawatts of colo capacity. Outside the states, Frankfurt has been a bit of the TETRAS game in terms of fitting the customers in, in certain markets. And in Singapore, that's a market where I don't think we're fully sold out, but it's -- we've raised our rates given the supply demand -- tremendous supply-demand imbalance. We do look at any churn we'll have in that market where we look to re-productize for enterprise colocation and connectivity. Those are the ones -- the name the ones that come top of mind. But I mean, across metros and developing our new capacity, at least half of them, I'm sure there's 1 or 2 out that would be similar.

在亞特蘭大，我們真正專注於託管連接，我們的 56 Marietta（東南部連接程度最高的資料中心）已 100% 滿載。我們正在等待一座附屬建築的建成，以實現數兆瓦的託管容量。在美國以外的地區，法蘭克福在吸引特定市場的客戶方面有點像 TETRAS 遊戲。在新加坡，我認為我們還沒有完全售空，但考慮到供應需求，我們提高了利率，供需嚴重失衡。我們確實會關注該市場中的任何流失情況，我們希望為企業託管和連接進行重新產品化。這些就是那些──最先想到的名字。但我的意思是，在地鐵和開發我們的新產能中，至少有一半，我確信有 1 或 2 個是類似的。

Great. And then maybe just staying with the leasing, Europe seemed to -- there was some lower leasing on the greater-than-1 megawatt category. Has there been any change in sort of the hyperscale side that would suggest that things might be slowing or that we could be hitting a little bit of an air pocket there? Or -- I wouldn't say air pocket, but just slowing. Or is it more of just sort of timing in that market and just the lumpiness nature of overall hyperscale?

偉大的。然後，歐洲似乎只是繼續租賃，超過 1 兆瓦類別的租賃量較低。超大規模方面是否發生了任何變化，表明事情可能會放緩，或者我們可能會遇到一些氣穴？或者──我不會說是氣穴，而是說速度變慢了。或者這更多地只是該市場的時機以及整個超大規模的塊狀性質？

I don't see anything close to an air pocket in Europe. So as a reminder, Europe had a pretty phenomenal 4Q and a pretty strong 1Q. So you're coming off 2 quarters of pretty good leasing and what we're seeing in the back half of the year. I think that trend is going in the north of a megawatt territory is going to continue. It's broad based. It's certainly flat oriented where I talked about Paris and Frankfurt as 2 standout markets, but we're also seeing some great demand outside the flat markets. And we now have a European platform that's across 10, maybe 12 European countries.

我在歐洲沒有看到任何接近氣穴的東西。提醒一下，歐洲第四季的表現非常出色，第一季的表現也相當強勁。因此，您將經歷兩個季度相當不錯的租賃以及我們在今年下半年看到的情況。我認為這種趨勢在兆瓦級地區的北部將會持續下去。它的基礎廣泛。這當然是面向公寓的，我談到巴黎和法蘭克福是兩個突出的市場，但我們也看到公寓市場之外的一些巨大需求。我們現在擁有一個橫跨 10 個甚至 12 個歐洲國家的歐洲平台。

So we're servicing the hyperscalers and some larger enterprise requirements in many of them. But the thing what I hate is Europe didn't have a great -- north of a megawatt quarter because it had a really fantastic less than a megawatt quarter over $19 million and had numerous markets to major contribution in that less than a megawatt interconnection category. So net-net, still really pleased with Europe.

因此，我們正在為超大規模企業和其中許多大型企業的需求提供服務。但我討厭的是歐洲並沒有一個兆瓦級以上的季度，因為它有一個非常出色的不到兆瓦級的季度超過1900 萬美元，並且有許多市場在不到兆瓦級的互連類別中做出了重大貢獻。所以，淨淨，對歐洲仍然非常滿意。

The last question comes from Frank Louthan of Raymond James.

最後一個問題來自 Raymond James 的 Frank Louthan。

Great. On Singapore, what goes up comes down. It's been a real nice boost this year with kind of their -- the way they restricted the supply. But at some point, is that some point that probably resolves itself, what kind of terms are you getting there with the higher prices, signing leases or customers just taking shorter duration terms given the price hikes? And are we looking at some of this pulling back a little bit in 12 or 24 months? Or is -- do you think this is going to be a longer-term situation there?

偉大的。在新加坡，有好有壞。今年他們限制供應的方式確實帶來了很好的推動。但在某些時候，這個問題可能會自行解決，您會以更高的價格獲得什麼樣的條款，簽署租約或客戶在價格上漲的情況下只接受較短的期限條款？我們是否會在 12 或 24 個月內看到這種情況有所回落？或者你認為這會是個長期的情況嗎？

One, I would say the customers are not seeking shorter contract durations because we price those at higher rates. And you saw the activity, the Singapore rates are clearly shown through our APAC rates, which you can see are up again quarter-over-quarter. I don't -- Singapore is 1 part of the world that I have a high degree of confidence what goes up and may not come back down. I mean, one, it's an island state. It is incredibly government-controlled. Everyone is operating under long-term ground leases with the government and they take a very thoughtful and measured approach to supply chain overall, who gets land, who gets to bring data center capacity online. And they're really trying to curate it so they have the right providers and do so in a more environmentally friendly way. That's the genesis of this, right? So that's a market I do not see, in addition to the fact it's an island. So you're going to cut more quickly run out the natural resources in Singapore.

第一，我想說客戶不尋求較短的合約期限，因為我們以更高的價格定價。您看到了這項活動，新加坡費率透過我們的亞太地區費率清楚地顯示出來，您可以看到該費率逐季度再次上漲。我不認為——新加坡是世界上的一個地區，我對經濟的上升和下降充滿信心。我的意思是，第一，它是一個島國。這是令人難以置信的政府控制。每個人都與政府簽訂了長期地面租賃合同，他們對整個供應鏈採取了非常深思熟慮和謹慎的方法，誰獲得土地，誰就可以將數據中心容量上線。他們確實在努力策劃它，以便擁有合適的供應商，並以更環保的方式做到這一點。這就是這個的起源，對嗎？因此，除了它是一個島嶼之外，我還沒有看到這個市場。因此，新加坡的自然資源將會更快耗盡。

This concludes the question-and-answer portion of today's call. I'd now like to turn the call back over to CEO, Bill Stein, for his closing remarks. 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。請繼續。

Thank you, Andrea. I'd like to wrap up our call today by recapping our highlights for the second quarter, as outlined here on the last page of our presentation. One, we continue to enhance our product mix with record bookings within our sub-1 megawatt plus interconnection category, demonstrating the progress we've made in offering the full product spectrum to our customers globally. We are also committed to delivering sustainable growth for all stakeholders and we provided additional transparency with the publication of our third annual ESG report. We've also raised full year revenue and EBITDA guidance in the second quarter in a row, setting the stage for accelerating growth in cash flow. Last, but not least, we further strengthened our balance sheet, redeeming high coupon preferred equity and raising very attractively priced long-term fixed-rate financing to support customer growth around the world.

謝謝你，安德里亞。我想透過回顧第二季的亮點來結束今天的電話會議，正如我們簡報最後一頁所概述的那樣。第一，我們繼續增強我們的產品組合，在低於 1 兆瓦及互連類別中創下了預訂記錄，展示了我們在向全球客戶提供完整產品系列方面所取得的進展。我們也致力於為所有利害關係人實現永續成長，並透過發布第三份年度 ESG 報告提供了額外的透明度。我們也連續第二季提高了全年營收和 EBITDA 指引，為現金流加速成長奠定了基礎。最後但並非最不重要的一點是，我們進一步強化了資產負債表，贖回了高息票優先股，並籌集了價格極具吸引力的長期固定利率融資，以支持全球客戶的成長。

I'd like to wrap up today by saying thank you to the entire Digital Realty family whose hard work and dedication is directly responsible for this consistent execution. I hope all of you stay healthy and safe and enjoy the rest of your summer. We hope to see many of you in person again later this year. Thank you.

作為今天的總結，我想對整個 Digital Realty 家族表示感謝，他們的辛勤工作和奉獻精神直接促成了這一一致的執行。我希望你們所有人都保持健康和安全，並享受剩下的夏天。我們希望今年晚些時候能再次見到你們中的許多人。謝謝。