Digital Realty Trust Inc (DLR) 2020 Q4 法說會逐字稿

Good afternoon, and welcome to the Digital Realty Fourth Quarter 2020 Earnings Call. Please note, this event is being recorded. (Operator Instructions) 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.

下午好，歡迎參加 Digital Realty 2020 年第四季財報電話會議。請注意，此事件正在被記錄。 （操作員指示）我現在想將電話轉給 Digital Realty 投資者關係資深副總裁 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 EVP of Sales and Marketing, 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；銷售和行銷執行副總裁 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, I'd like to hit the tops of the waves on our fourth quarter results. We delivered high-quality quarterly bookings in terms of total volume as well as the product mix, geographic split and the number of new logos landing on PlatformDIGITAL.

在我把電話轉給比爾之前，我想先介紹一下我們第四季的業績。我們在總銷售量、產品組合、地理分佈以及登陸 PlatformDIGITAL 的新商標數量方面提供了高品質的季度預訂。

We extended our global platform, entering Greece with the acquisition of the leading colocation interconnection provider in Southeastern Europe and securing customer growth in existing markets around the world with key land purchases and new builds.

我們擴展了我們的全球平台，透過收購東南歐領先的託管互連提供商進入希臘，並透過關鍵土地購買和新建來確保全球現有市場的客戶成長。

We delivered solid financial results, with core FFO per share $0.08 ahead of consensus, driven by operational outperformance.

在營運表現出色的推動下，我們取得了穩健的財務業績，每股核心 FFO 比共識領先 0.08 美元。

Finally, we further strengthened the balance sheet, lowering our weighted average cost of debt with the redemption of high coupon debt and preferred equity, while extending our weighted average duration with the issuance of attractively priced long-term capital.

最後，我們進一步強化了資產負債表，透過贖回高票息債務和優先股降低了加權平均債務成本，同時透過發行價格有吸引力的長期資本延長了加權平均久期。

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.

謝謝，約翰。下午好，感謝大家加入我們。

The fourth quarter capped off a transformational year for Digital Realty. We acquired several highly connected assets, including the Westin Building in North America and Interxion in EMEA, along with the leading colocation and interconnection providers in Southeastern Europe, significantly expanding our platform in EMEA while trimming noncore assets in North America.

第四季為 Digital Realty 轉型的一年畫下了圓滿的句點。我們收購了多個高度互聯的資產，包括北美的威斯汀大廈和歐洲、中東和非洲的Interxion，以及東南歐領先的託管和互連提供商，顯著擴展了我們在歐洲、中東和非洲的平台，同時削減了北美的非核心資產。

We delivered record bookings for the full year, an extraordinary performance under any set of circumstances, but particularly amid the headwinds of a global pandemic.

我們全年的預訂量創下了紀錄，在任何情況下都表現出色，尤其是在全球大流行的逆風中。

Our business is increasingly global. In 2020, we nearly doubled the number of countries where Digital Realty has a presence, and EMEA accounted for more than half our fourth quarter bookings, the first time ever a majority of our bookings has been outside the Americas. We more than doubled our cross-connect count in 2020, reflecting the growing concentration of network-dense, highly connected assets on PlatformDIGITAL.

我們的業務日益全球化。 2020 年，Digital Realty 開展業務的國家數量幾乎增加了一倍，而歐洲、中東和非洲地區占我們第四季度預訂量的一半以上，這是我們的大部分預訂量首次來自美洲以外地區。 2020 年，我們的交叉連結數量增加了一倍多，這反映出 PlatformDIGITAL 上網路密集、高度連結的資產日益集中。

We landed a record number of new logos in 2020, more than twice as many as our previous record, in fact, driving consistent growth in our enterprise colocation and interconnection business. The vibrant communities on our campus environments are attracting a growing set of new customers, diversifying and solidifying our revenue streams. Service providers and enterprises alike are strengthening their partnership with a select number of trusted global data center partners to help meet their growing needs around the world, and Digital Realty is uniquely well positioned to serve as their partner of choice.

2020 年，我們推出的新商標數量創歷史新高，是先前記錄的兩倍多，事實上，這推動了我們企業託管和互連業務的持續成長。我們校園環境中充滿活力的社區正在吸引越來越多的新客戶，使我們的收入來源多樣化並鞏固。服務供應商和企業都在加強與一些值得信賴的全球資料中心合作夥伴的合作關係，以幫助滿足他們在世界各地不斷增長的需求，而 Digital Realty 具有獨特的優勢，可以成為他們的首選合作夥伴。

Let's turn to our sustainable growth initiatives here on Page 3. In October, we formally committed to reducing direct and indirect emissions by 68% and indirect emissions in our value chain by area by 24% by 2030, in line with a 1.5-degree climate change scenario. We set our target with science-based targets initiative, along with over 1,000 organizations that have committed to reduce emissions. And we also signed the UN Global Compact business ambition for 1.5-degree C, joining leading companies who have committed to ambitious carbon reduction targets.

讓我們轉向第3 頁的永續成長措施。量減少24%改變場景。我們與 1,000 多個致力於減少排放的組織一起，透過基於科學的目標倡議制定了我們的目標。我們還簽署了聯合國全球契約 1.5 攝氏度的商業目標，加入了致力於實現雄心勃勃的碳減排目標的領先公司的行列。

In early December, we announced that our operations in France were on target to achieve a carbon-neutral footprint by the end of the year and are expected to remain carbon neutral through 2030 for both existing facilities and future expansion based on Scope 1 and 2 emissions.

12 月初，我們宣布，我們在法國的業務目標是在年底前實現碳中和，並預計到 2030 年，現有設施和基於範圍 1 和 2 排放的未來擴建將保持碳中和。

In mid-December, we were honored to receive Nareit's Leader in the Light Award for data center sustainability for the fourth consecutive year. In early January, we issued our fifth green bond, extending our lead as the largest U.S. REIT issuer bonds committed to sustainable investments. Our green bond framework is aligned with leading global best practices, including GRESB's green bond principles as well as the UN Sustainable Development Goals. And Sustainalytics has provided an independent second-party opinion concluding that our green bond program is considered robust, credible and transparent.

12 月中旬，我們很榮幸連續第四年榮獲 Nareit 資料中心永續發展之光領袖獎。一月初，我們發行了第五隻綠色債券，擴大了我們作為美國最大的致力於永續投資的 REIT 發行人債券的領先地位。我們的綠色債券框架與全球領先的最佳實踐保持一致，包括 GRESB 的綠色債券原則以及聯合國永續發展目標。 Sustainalytics 提供了獨立的第二方意見，結論是我們的綠色債券計劃被認為是穩健、可信和透明的。

We are committed to minimizing our impact on the environment while simultaneously meeting the needs of our customers, our investors, our employees and the broader society.

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。

In terms of our social efforts, we recently selected diversity, equity and inclusion as 1 of 4 company-wide philanthropic areas of focus in addition to sustainability, disaster relief and STEM education. As you may be aware, Nareit recently instituted a dividend through diversity and inclusion program, which I am honored to be co-chairing along with Tom Baltimore of Park Hotels and Debbie Cafaro of Ventas. Dividends through diversity will promote the recruitment, inclusion and advancement of women, minorities and other underrepresented groups in REITs in the broader commercial real estate industry.

在我們的社會努力方面，除了永續發展、救災和 STEM 教育之外，我們最近選擇多元化、公平和包容性作為全公司範圍內的 4 個慈善重點領域之一。如您所知，Nareit 最近透過多元化和包容性計劃制定了紅利計劃，我很榮幸能與 Park Hotels 的 Tom Baltimore 和 Ventas 的 Debbie Cafaro 共同擔任該計劃的聯合主席。透過多元化帶來的股息將促進更廣泛的商業房地產行業房地產投資信託基金中女性、少數族裔和其他代表性不足群體的招募、包容和進步。

We have also joined leaders across 85 industries in signing the CEO pledge on CEO Action for Diversity & Inclusion, an initiative that aims to rally the business community to advance diversity and inclusion in the workplace and to cultivate a trusting environment where employees feel empowered to have discussions on these topics.

我們還與85 個行業的領導者一起簽署了《首席執行官多元化與包容性行動》的首席執行官承諾書，該倡議旨在團結商界推動工作場所的多元化和包容性，並營造一個信任的環境，讓員工感到有權關於這些主題的討論。

Participating in these programs and others like them is critical to our industry's future because it is the right thing to do and because we serve a broad, diverse community. And we believe that to help our customers prepare for the future, we need industry professionals whose insights and perspectives reflect the communities we serve. We are doing our best to play a constructive, proactive role in advancing our broader goal of delivering sustainable growth for all our stakeholders, investors, customers, employees and the communities we serve around the world.

參與這些計劃和其他類似計劃對於我們行業的未來至關重要，因為這是正確的做法，而且我們服務於廣泛、多元化的社區。我們相信，為了幫助我們的客戶為未來做好準備，我們需要行業專業人士的見解和觀點反映我們所服務的社區。我們正在盡最大努力發揮建設性、積極主動的作用，推動我們更廣泛的目標，即為我們在世界各地所服務的所有利益相關者、投資者、客戶、員工和社區實現永續成長。

Let's turn now to our investment activity on Page 4. We continue to expand our global platform with the acquisition of the leading colocation and interconnection provider in Southeastern Europe, groundbreakings in existing markets across EMEA and strategic land purchase on the continent and in Asia Pacific.

現在讓我們轉向第4 頁的投資活動。我們的全球平台。

In early November, we acquired Lamda Helix, the largest carrier-neutral colocation and interconnection provider in Greece, led by an accomplished management team who will continue to manage the business. As leading service providers continue to expand their footprint, we expect Greece and other parts of Southeastern Europe will be major beneficiaries. We are well positioned to capture the key cloud and connectivity deployments that will accelerate the region's digital transformation.

11 月初，我們收購了 Lamda Helix，這是希臘最大的營運商中立託管和互連供應商，由一支經驗豐富的管理團隊領導，他們將繼續管理這項業務。隨著領先的服務提供者繼續擴大其足跡，我們預計希臘和東南歐其他地區將成為主要受益者。我們處於有利地位，可以抓住關鍵的雲端和連接部署，從而加速該地區的數位轉型。

In Denmark, we began construction on our third data center, adjacent to the 2 existing facilities on our Copenhagen campus and offering direct access to leading global cloud providers, numerous networks, Internet exchanges and a transatlantic subsea cable system.

在丹麥，我們開始建造第三個資料中心，該資料中心毗鄰哥本哈根園區的 2 個現有設施，可直接存取全球領先的雲端供應商、眾多網路、網際網路交換中心和跨大西洋海底電纜系統。

We also broke ground on a new data center in Zurich, where we've seen robust demand from leading global service providers. The expansion of our Zurich campus will provide runway for customer growth at the leading cloud and interconnection hub in Switzerland.

我們也在蘇黎世破土動工了一個新的資料中心，在那裡我們看到了全球領先服務供應商的強勁需求。蘇黎世園區的擴建將為瑞士領先的雲端和互連中心的客戶成長提供跑道。

We also acquired a land parcel within 1 kilometer of our highly interconnected campus in Vienna. And halfway around the globe in Sydney, we are under contract to acquire 2 parcels that will support the development of up to 250 megawatts.

我們還在維也納高度互聯的園區周圍 1 公里範圍內購買了一塊土地。在地球另一端的悉尼，我們簽訂了收購 2 個地塊的合同，這些地塊將支援高達 250 兆瓦的開發。

These strategic land holdings will provide additional capacity, enabling local and global service providers to seamlessly expand adjacent to their existing deployments.

這些戰略性土地持有將提供額外的容量，使本地和全球服務提供者能夠在其現有部署附近無縫擴展。

Let's turn to Page 5 for an update on the Interxion integration. The successful integration of Interxion was our top priority for 2020, and we made excellent progress despite the pandemic. We have built a solid foundation for the assimilation of our businesses, and we are well on our way to achieving the objectives and synergies we outlined when we first announced the transaction. I'm proud of what we've accomplished to date and excited about our prospects as we move into the implementation phase in 2021.

讓我們翻到第 5 頁，以了解有關 Interxion 整合的最新資訊。 Interxion的成功整合是我們2020年的首要任務，儘管受到疫情影響，我們仍取得了良好的進展。我們已經為業務整合奠定了堅實的基礎，並且正在順利實現我們首次宣布交易時概述的目標和協同效應。我對我們迄今為止所取得的成就感到自豪，並對我們進入 2021 年實施階段時的前景感到興奮。

When we announced the transaction, we stated that the combined company would have enhanced capabilities to address and solve the public and hybrid cloud architecture requirements of our global customer base that would allow us to build upon each company's current relationships with leading global customers while also enabling us to effectively compete in the broader target markets.

當我們宣布這項交易時，我們表示，合併後的公司將擁有更強的能力來滿足和解決我們全球客戶群的公共和混合雲架構需求，這將使我們能夠在每家公司目前與全球領先客戶的關係的基礎上發展，同時也使我們能夠在更廣泛的目標市場中有效競爭。

The early results are very promising. We've enjoyed excellent success with global platform providers, and early cross-selling wins have surpassed expectations with numerous referrals between the sales teams.

早期結果非常有希望。我們與全球平台供應商取得了巨大的成功，透過銷售團隊之間的大量推薦，早期的交叉銷售勝利超出了預期。

The significant embedded growth potential was another key element of the Interxion investment thesis. We believe the combined organization has already created significant long-term value by executing on the existing development pipeline, acquiring the freehold to the land under key positions in Frankfurt and Paris and securing land in key markets to support future growth.

巨大的內在成長潛力是 Interxion 投資主題的另一個關鍵要素。我們相信，合併後的組織已經透過執行現有的開發計劃、獲得法蘭克福和巴黎關鍵位置土地的永久業權以及在關鍵市場獲得土地以支持未來的成長，創造了巨大的長期價值。

Let's turn to demand drivers on Page 6. We continue to be fortunate to be operating in a business levered to secular demand drivers. As the leading global data center provider, we have a unique vantage point that enables us to detect secular trends as they emerge. We recently introduced the Data Gravity Index, which measures, quantifies and forecasts the growing intensity of the enterprise data creation life cycle and its gravitational impact on global IT infrastructure. This groundbreaking index is a byproduct of our market intelligence analysis as well as our obsessive focus on understanding customers' deployments and supporting their evolving infrastructure needs.

讓我們轉向第 6 頁的需求驅動因素。作為全球領先的資料中心供應商，我們擁有獨特的優勢，使我們能夠在長期趨勢出現時發現它們。我們最近推出了數據引力指數，該指數衡量、量化和預測企業數據創建生命週期不斷增長的強度及其對全球 IT 基礎設施的引力影響。這項開創性的指數是我們市場情報分析的副產品，也是我們專注於了解客戶的部署並支援他們不斷變化的基礎設施需求的副產品。

Recent third-party research continues to support the growing relevance of Data Gravity. According to the market intelligence firm, IDC, 80% of the world's data will reside within enterprises by the year 2025. A 451 Research global IT leader survey recently found that 87% of IT leaders will need to maintain local copies of critical data at global points of presence to meet regulatory requirements. We continue to see these indicators as enterprises expand their private data infrastructure deployments and integrate data exchange with adjacent business and service provider partners across our global platform.

最近的第三方研究繼續支持數據引力日益增長的相關性。據市場情報公司IDC 稱，到2025 年，全球80% 的數據將駐留在企業內部。資料的本機副本。隨著企業擴展其私有資料基礎架構部署並在我們的全球平台上與鄰近業務和服務供應商合作夥伴整合資料交換，我們將繼續看到這些指標。

Digital Realty recently received Frost & Sullivan's APAC Data Center Strategy Innovator Award, recognizing PlatformDIGITAL for providing an innovative global platform, enabling enterprises to scale digital transformation in a consistent, modular fashion and addressing the unique infrastructure requirements for integrating private data flows across multiple public platforms. We are honored by the strong validation of our platform and our market-leading innovation to meeting the needs of our global data center customer base.

Digital Realty 最近榮獲Frost & Sullivan 亞太資料中心策略創新獎，表彰PlatformDIGITAL 提供的創新全球平台，使企業能夠以一致、模組化的方式擴展數位轉型，並滿足跨多個公共平台整合私人資料流的獨特基礎設施要求。我們很榮幸我們的平台得到了強有力的驗證，我們的市場領先的創新能夠滿足全球資料中心客戶群的需求。

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 8. We signed total bookings of $130 million in the fourth quarter, including a $12 million contribution from interconnection. Network and enterprise-oriented deals of 1 megawatt or less totaled $31 million, building upon the consistent momentum throughout the year and demonstrating the growing success of PlatformDIGITAL as we continue to capture a greater share of enterprise demand.

謝謝你，比爾。讓我們轉向第 8 頁的租賃活動。 1 兆瓦或以下的網路和企業導向交易總計 3,100 萬美元，建立在全年持續增長的勢頭之上，並展示了 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。

The weighted average lease term was over 8 years. We secured 120 new logos during the quarter, with more than half of those new logos landing in EMEA, again, demonstrating the power of our global platform. EMEA accounted for more than half of our fourth quarter bookings, while Asia Pacific contributed over 15%. As Bill mentioned, this was the first time the majority of our bookings were outside the Americas.

加權平均租賃期超過8年。我們在本季度獲得了 120 個新徽標，其中一半以上的新徽標登陸了 EMEA，再次展示了我們全球平台的力量。歐洲、中東和非洲地區占我們第四季預訂的一半以上，而亞太地區則佔 15% 以上。正如比爾所提到的，這是我們大部分的預訂第一次發生在美洲以外的地區。

In terms of specific wins during the quarter and around the world, a rapidly growing cloud-based cybersecurity provider selected PlatformDIGITAL for multiple environments in London and Boston to facilitate modernization and embrace high-performance compute technology while maintaining an exceptional user experience.

就本季和全球範圍內的具體勝利而言，一家快速發展的基於雲端的網路安全供應商為倫敦和波士頓的多個環境選擇了PlatformDIGITAL，以促進現代化並採用高效能運算技術，同時保持卓越的使用者體驗。

In New York, the Digital Realty's team's deep understanding of a global retailer's growth strategy enabled us to tailor a solution for their Americas markets on PlatformDIGITAL. We also overcame lockdowns and international travel restrictions to demonstrate to a digital telecom provider how they can leverage PlatformDIGITAL to meet their current and future growth requirements in existing and targeted markets at their required pace.

在紐約，Digital Realty 團隊對全球零售商成長策略的深入了解使我們能夠在 PlatformDIGITAL 上為其美洲市場量身定制解決方案。我們還克服了封鎖和國際旅行限制，向數位電信供應商展示了他們如何利用 PlatformDIGITAL 以所需的速度滿足現有和目標市場當前和未來的成長要求。

A rapidly growing gaming platform expanded their edge to rewire their network and optimize data exchange with third-party clouds, the growth of their existing footprint with us in Northern Virginia and a new deployment in Chicago. Likewise in Chicago, a global exchange operator leveraged PlatformDIGITAL to extend their access into our highly interconnected community.

快速發展的遊戲平台擴大了其優勢，重新佈線網路並優化與第三方雲端的資料交換，擴大了我們在北維吉尼亞州的現有足跡，並在芝加哥進行了新的部署。同樣，在芝加哥，一家全球交易所營運商利用 PlatformDIGITAL 將其訪問範圍擴展到我們高度互聯的社群。

In Singapore, 2 leading global financial services firms expanded with Digital Realty due to our platform offering and long history of operational excellence, while a software developer selected PlatformDIGITAL to expand their proprietary cloud offering into the region.

在新加坡，由於 Digital Realty 的平台產品和卓越營運的悠久歷史，兩家領先的全球金融服務公司透過 Digital Realty 進行了擴張，而一家軟體開發商則選擇 PlatformDIGITAL 將其專有雲產品擴展到該地區。

Turning to our backlog on Page 10. The current backlog of leases signed but not yet commenced reached an all-time high of $269 million. The step-up from $229 million last quarter reflects $70 million of commencements during the fourth quarter, offset by roughly $118 million of combined space and power leases signed. The lag between signings and commencements was a bit longer than our long-term historical average at 8.5 months.

轉向第 10 頁的積壓訂單。較上季度的 2.29 億美元有所增加，反映了第四季度開工額為 7,000 萬美元，被簽署的空間和電力租賃總額約 1.18 億美元所抵消。簽約和開工之間的滯後時間比我們的長期歷史平均值（8.5 個月）稍長。

Moving on to renewal leasing activity on Page 11. We signed $156 million of renewals during the fourth quarter in addition to new leases signed. The weighted average term loan renewals signed during the fourth quarter was a little over 3 years, reflecting a roughly even split in the mix between deals above and below 1 megawatt.

延續第 11 頁的續約活動。 除了簽署的新租約外，我們在第四季還簽署了 1.56 億美元的續約合約。第四季簽署的加權平均定期貸款續約期限略高於 3 年，反映出 1 兆瓦以上和以下的交易比例大致均勻。

Cash re-leasing spreads on renewals were plus 1%, and cash rents were positive on renewals above and below 1 megawatt, an encouraging sign for pricing. We retained 79% of expiring leases, in line with our long-term historical average.

續租時的現金再租賃價差增加了 1%，續租金額高於或低於 1 兆瓦時，現金租金為正值，這對定價來說是一個令人鼓舞的跡象。我們保留了 79% 的到期租約，與我們的長期歷史平均值一致。

In terms of fourth quarter operating performance, overall portfolio occupancy improved 40 basis points, driven primarily by leases commencing on recent deliveries in Ashburn and the sale of a vacant building in Amsterdam. Same-capital occupancy was down 40 basis points from the third quarter due to no move-outs, partially offset by positive absorption in Silicon Valley and Chicago. Same-capital cash NOI growth has continued to improve since bottoming in 2019 and ticked up slightly to negative 1.6% in the fourth quarter. For the full year, same-capital cash NOI growth was negative 1.9% or a little over 100 basis points better than initially expected.

就第四季度經營業績而言，整體投資組合入住率提高了 40 個基點，這主要是由於阿什本最近交付的租賃開始以及阿姆斯特丹一棟空置建築的出售所致。由於沒有遷出，同資本入住率比第三季下降了 40 個基點，部分被矽谷和芝加哥的積極吸收所抵消。自 2019 年觸底以來，同資本現金 NOI 成長持續改善，並在第四季小幅上升至負 1.6%。全年同資本現金 NOI 成長為負 1.9%，略高於原預期 100 個基點。

As a reminder, the Westin Building, Interxion, Lamda Helix and Altus IT are not yet included in the same-store pool, but we expect each of these acquisitions will be accretive to our organic growth going forward.

提醒一下，威斯汀大廈、Interxion、Lamda Helix 和 Altus IT 尚未納入同店池中，但我們預計這些收購中的每一項都將促進我們未來的有機成長。

Turning to our economic risk mitigation strategies on Page 12. The U.S. dollar softened in the second half of the year, providing a bit of an FX tailwind in the fourth quarter relative to the prior year average. Overall, FX represented roughly a 50 basis point tailwind to the year-over-year growth in our reported results. 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.

轉向第 12 頁的經濟風險緩解策略。下半年美元走軟，相對於去年平均水平，為第四季度的外匯帶來了一定的推動力。總體而言，外匯對我們報告的業績同比增長產生了約 50 個基點的推動力。需要提醒的是，我們透過發行當地計價的債務作為自然對沖來管理貨幣風險，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 terms of vertical concentration, as you can see from the pie chart on the upper right, we are fortunate to be primarily serving customers whose businesses are thriving in the current environment, with limited exposure to the sectors most negatively impacted. Rent collections remain in line with our historical average, and requests for rent relief have largely subsided.

就垂直集中度而言，正如您從右上角的餅圖中看到的那樣，我們很幸運主要為業務在當前環境中蓬勃發展的客戶提供服務，而對受影響最嚴重的行業的敞口有限。租金收取仍與我們的歷史平均值保持一致，租金減免的要求已基本減少。

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 LIBOR would have roughly a 50 basis point impact on our 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的期限與長期固定利率債務相匹配的策略，倫敦銀行同業拆借利率 (LIBOR) 變動 100 個基點將對我們全年每股 FFO 產生約 50 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, the fourth quarter core FFO per share was down 0.6% year-over-year, but $0.08 ahead of consensus, driven primarily by operational outperformance. For the full year, core FFO per share came in $0.22 or nearly 4% ahead of our initial guidance. As previewed on our third quarter call, we expect to deliver double-digit revenue growth driven by a full year contribution from Interxion and the record colocation and interconnection and overall bookings in 2020. We expect the EBITDA margin will remain in line with the fourth quarter throughout 2021.

就獲利成長而言，第四季度核心 FFO 每股同比下降 0.6%，但比市場預期高出 0.08 美元，這主要是由於營運表現出色。全年核心 FFO 每股收益為 0.22 美元，比我們最初的指引高出近 4%。正如我們在第三季電話會議上預覽的那樣，我們預計將在Interxion 的全年貢獻以及創紀錄的託管和互連以及2020 年整體預訂的推動下實現兩位數的收入增長。率將與第四季保持一致整個 2021 年。

As Bill mentioned, we remain on track to achieve the synergies we underwrote on the Interxion transaction, although the rationale for the deal has always been accelerating revenue growth rather than realizing expense synergies.

正如 Bill 所提到的，我們仍有望實現 Interxion 交易中所承諾的協同效應，儘管該交易的理由始終是加速收入成長，而不是實現費用綜效。

We have already made great strides on our financing plans for the year with a highly successful 1 billion green eurobond offering in early January at 5/8, in addition to solid progress on the capital recycling front. As always, we expect to remain nimble for the rest of the year, and we may look to capitalize on favorable market conditions to lock in long-term fixed rate financing at attractive coupons across the currencies that support our assets to proactively manage future liabilities.

除了在資本回收方面取得紮實進展外，我們已經在今年的融資計劃上取得了重大進展，於 1 月初於 5 月 8 日發行了 10 億美元綠色歐元債券，取得了巨大成功。像往常一樣，我們預計今年剩餘時間將保持靈活，並且我們可能會利用有利的市場條件，以各種貨幣的有吸引力的息票鎖定長期固定利率融資，以支持我們的資產主動管理未來負債。

In terms of FFO per share guidance, our forecast is largely unchanged from the preliminary outlook we previewed on the third quarter call, although the year-over-year bar has been raised in the interim, given the outperformance in the fourth quarter. At the midpoint, our 2021 guidance represents growth of approximately 4%, which includes near-term dilution from capital recycling.

就 FFO 每股指引而言，我們的預測與我們在第三季電話會議上預覽的初步前景基本上沒有變化，儘管鑑於第四季度的優異表現，同比標準已在中期提高。我們的 2021 年指引的中期成長率約為 4%，其中包括資本回收帶來的近期稀釋。

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. In other words, as you can see from the bridge chart on Page 13, we expect to dip down by about a $0.05 in the first quarter, then to ramp up fairly steadily over the rest of the year.

從季度運行率來看，我們預計上半年和下半年的差距約為49/51。換句話說，正如您從第 13 頁的橋圖中看到的那樣，我們預計第一季將下降約 0.05 美元，然後在今年剩餘時間內相當穩定地上升。

In terms of the quarterly dividend, the distribution policy is ultimately a Board-level decision. Given the continued growth in our cash flows and taxable income, we would expect to see continued growth in the per share dividend just as we have each and every year since our IPO in 2004.

就季度股利而言，分配政策最終由董事會決定。鑑於我們的現金流量和應稅收入的持續成長，我們預計每股股息將持續成長，就像自 2004 年 IPO 以來每年的成長一樣。

Last but certainly not least, let's turn to the balance sheet on Page 14. During the fourth quarter, we continued to execute on 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.

最後但並非最不重要的一點是，讓我們轉向第14 頁的資產負債表。負債期限延長至與我們的長期資產相符。

Fixed charge coverage reached 5.1x, reflecting the results of our proactive liability management. Net debt to adjusted EBITDA was slightly elevated at 6.1x as of year-end, 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 leases commenced from the record leasing activity in 2020.

固定費用覆蓋率達到5.1倍，反映了我們主動負債管理的結果。截至年底，淨債務與調整後 EBITDA 之比小幅上升至 6.1 倍，但預計透過資產出售收益和現金增長的結合，今年將回落至與我們的長期範圍一致的水平自2020 年創紀錄的租賃活動以來，租賃開始時的流量。

In mid-October, we redeemed GBP 300 million of our 4.75% sterling bonds due in 2023. We also redeemed $250 million of high coupon series D preferred at 5 7/8. In early January, we raised GBP 1 billion of 10.5-year green eurobonds at an all-time low coupon for Digital Realty of 0.625%. We also retired $350 million of 2.75% bonds due in 2023, and we repaid all 3 -- $530 million outstanding on the term loan due in 2023. This successful execution against our financial strategy reflects the strength of our global platform, which provides the 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.

10 月中旬，我們贖回了 3 億英鎊、2023 年到期、利率為 4.75% 的英鎊債券。 1 月初，我們以 Digital Realty 0.625% 的歷史最低票面利率籌集了 10 億英鎊 10.5 年期綠色歐元債券。我們也償還了2023 年到期的3.5 億美元、利率為2.75% 的債券，並償還了所有3 筆2023 年到期的5.3 億美元未償還定期貸款。我們全球平台的實力，該平台提供了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。

As you can see from the chart on Page 14, we've extended our weighted average debt maturity out nearly 7 years while ratcheting our weighted average coupon down to 2.3%. A little over half our debt is Euro-denominated, reflecting the growth of our global platform post Interxion and acting 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.

正如您從第 14 頁的圖表中看到的，我們已將加權平均債務期限延長了近 7 年，同時將加權平均票面利率下調至 2.3%。我們一半以上的債務以歐元計價，反映了Interxion 後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。 ，而我們 98% 的債務都是無擔保的，為資本回收提供了最大的靈活性。

Finally, as you can see from the left side of Page 14, 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 14 頁左側看到的那樣，我們有一條清晰的跑道，名義上的近期債務到期日，並且在未來幾年內沒有過高的門檻。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. Now we will be pleased to take your questions. Andrea, 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。安德里亞，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。

So the first question regards -- is regarding leasing, and you talked about the logo capture, but I wondered, of your largest kind of multi-megawatt deals, any kind of highlights by geography or type of company.

因此，第一個問題是關於租賃，您談到了徽標捕獲，但我想知道您最大的多兆瓦交易，按地理位置或公司類型劃分的任何亮點。

And then the second question kind of gets to M&A and divestitures and new market entry and kind of any kind of highlights to call out in terms of your appetite for any of those types of projects heading into 2021.

然後第二個問題涉及併購、資產剝離、新市場進入以及任何類型的亮點，以表達您對 2021 年任何此類項目的興趣。

Thanks, Jon. I can probably kick it off on the question on the multi-megawatt side, and then I'll probably hand it over to Greg to speak to M&A.

謝謝，喬恩。我可能可以從多兆瓦方面的問題開始，然後我可能會將其交給格雷格來談論併購。

So very pleased with results overall in terms of 4Q. I think the diversity of the platform really shined through in both categories, not only the less than 1 megawatt in interconnection, but also in the scale or hyperscale plus.

對第四季的整體結果非常滿意。我認為該平台的多樣性在這兩個類別中都表現出色，不僅在互連方面小於 1 兆瓦，而且在規模或超大規模方面也是如此。

If you do a quick kind of run through the regions, EMEA, first time, more than 50% of signings. It was very diverse. There were 6 different markets across EMEA that did a north of 1 megawatt deal each. So it was London, Paris, Marseille, and 2 others that escaped my mind. And then over in the Americas, we had both in Ashburn and also in Hillsboro. And the cast of characters for all these are a combination of the major CSPs, SaaS providers and, call it, the B2C hyperscalers as well.

如果你快速瀏覽歐洲、中東和非洲地區，第一次會發現超過 50% 的簽約。這是非常多樣化的。歐洲、中東和非洲地區有 6 個不同的市場，每個市場的交易量都超過 1 兆瓦。所以我忘了倫敦、巴黎、馬賽和另外兩個城市。然後在美洲，我們在阿什本和希爾斯伯勒都有。所有這些的角色都是主要的 CSP、SaaS 提供者以及 B2C 超大規模提供者的組合。

And then last but not least, pleased with the results in both Brazil, and we signed our second customer into Santiago, Chile. In the hyperscale arena, another top CSP. And then last but not least, had a project with a top 3 CSP down in Sydney. So really diverse contribution from numerous major metros.

最後但並非最不重要的一點是，我們對巴西的結果感到滿意，我們在智利聖地亞哥簽下了第二個客戶。在超大規模領域，另一個頂級 CSP。最後但並非最不重要的一點是，在雪梨有一個擁有排名前三的 CSP 的項目。來自眾多主要城市的貢獻確實多種多樣。

And I'll turn it over to Greg to pick up on the M&A piece.

我會把它交給格雷格來處理併購部分。

Actually, just continuing on that. As you look at the pipeline into 2021, whether you, Andy or Corey would want to comment, but is there any kind of change in procurement activity or just dialogue with your customers that gives you particular confidence around repeating some of this recent momentum?

其實，就這樣繼續下去吧。當你展望 2021 年的計劃時，無論你、安迪還是科里都會想發表評論，但採購活動是否有任何變化，或者只是與客戶的對話，讓你對重複最近的一些勢頭有特別的信心？

I'll toss that to Corey.

我會把它扔給科里。

Jonathan, this is Corey. I appreciate it. Just broadly on the sales funnel, I would just tell you that we're happy with the momentum and the success we had in 2020. We see that continuing.

喬納森，這是科里。我很感激。就銷售漏斗而言，我只想告訴您，我們對 2020 年的勢頭和成功感到滿意。

I think Andy mentioned to you the regional variances that we've had, meaning first time that EMEA is our largest region for sales and for bookings there. So that was really good and positive. So we feel good about it.

我想安迪向您提到了我們存在的地區差異，這意味著歐洲、中東和非洲首次成為我們最大的銷售和預訂地區。所以這真的很好而且很積極。所以我們對此感覺良好。

And then regarding the industries that I think you might have asked about, those that are work that are taking advantage of the current work-from-home are doing more and more quickly with us. And so we're happy about that and how we're supporting them.

然後，關於我認為您可能詢問過的行業，那些利用當前在家工作的工作正在與我們合作越來越快。因此，我們對此以及我們如何支持他們感到高興。

And then also, we're seeing strength from those industries that were strong prior to the pandemic: cloud, digital media, et cetera.

此外，我們也看到了疫情爆發前表現強勁的產業的實力：雲端、數位媒體等。

And then those that are being -- kind of suffering a little bit from it, we're seeing them maintain their IT services, and they still got to continue to have our support to go after their mission-critical needs.

然後，那些受到一點影響的人，我們看到他們維護自己的 IT 服務，並且他們仍然需要繼續獲得我們的支援來滿足他們的關鍵任務需求。

So we're happy about it. And as we mentioned earlier, year-on-year record growth from new logos, stand-alone, really good success from digital and Interxion as we combine the 2 groups. So real happy with the funnel.

所以我們對此感到高興。正如我們之前提到的，新標誌帶來的同比創紀錄的增長，獨立的數字和 Interxion 取得了巨大的成功，因為我們將這兩個集團合併在一起。對漏斗非常滿意。

And I'll hand it back to you -- over to Greg. Sorry.

我會把它還給你——交給格雷格。對不起。

Why don't I take it? Okay. Thanks, Corey. Hey, Jon, hope you're well. Let me -- I guess in the order, let's go to M&A first, then we can talk about divestitures, which are somewhat related.

我為什麼不接受它？好的。謝謝，科里。嘿，喬恩，希望你一切都好。讓我——我想按照順序，我們先討論併購，然後我們可以討論資產剝離，這有些相關。

Look, I think with respect to M&A, as we've said before, look, we remain focused on integrating Interxion while doing a few tuck-in acquisitions, as we would call them, like Altus IT in Croatia and Lamda Helix in Greece. Look, we think the M&A is likely to be more episodic than annual. I think we've already said that.

看，我認為就併購而言，正如我們之前所說，看，我們仍然專注於整合 Interxion，同時進行一些我們所說的收購，例如克羅埃西亞的 Altus IT 和希臘的 Lamda Helix。看，我們認為併購可能是偶發性的，而不是年度性的。我想我們已經說過了。

And look, as we look at the M&A environment right now, we would say it's probably gotten more competitive over the past year as additional capitals come into the space, but we also think this could serve to benefit us as we seek to dispose of assets in our capital recycling program.

看，當我們審視現在的併購環境時，我們會說，隨著更多資本進入該領域，過去一年的競爭可能會變得更加激烈，但我們也認為，當我們尋求處置資產時，這可能會讓我們受益在我們的​​資本回收計劃中。

I think, look, with respect to our divestitures or capital recycling, our criteria for asset sales remains consistent with our prior commentary. We're seeking to sell noncore assets in select noncore markets. To date, we follow these criteria and dispose of various PBB assets and other quality stand-alone assets that really just are not part of our connected community -- excuse me, connected campus strategy.

我認為，就我們的資產剝離或資本回收而言，我們的資產出售標準與我們先前的評論保持一致。我們正在尋求在選定的非核心市場出售非核心資產。到目前為止，我們遵循這些標準並處置了各種 PBB 資產和其他優質獨立資產，這些資產實際上不屬於我們互聯社群的一部分——對不起，互聯校園策略。

We're about $1.5 billion through the multiyear guidance we gave, which was to sell a few billion of assets over a few years. The good news for us is we don't need to sell these assets. So we have the ability to be strategic and only offer these assets when it's likely that we're going to receive a fair market value for the assets. And we do expect that these asset sales, that we'll recycle that capital and we'll provide some of the capital needed for our development program this year and going forward.

透過我們提供的多年指導，我們的資產約為 15 億美元，即在幾年內出售數十​​億資產。對我們來說好消息是我們不需要出售這些資產。因此，我們有能力製定策略，僅在我們可能獲得資產的公平市場價值時才提供這些資產。我們確實希望透過這些資產出售，我們將回收這些資本，並為我們今年和未來的發展計劃提供一些所需的資本。

Again, that's really the state of play. Again, tuck-in acquisitions are going to be more focused deals that are strategic, as both Croatian and Greece, where they're highly connected assets in the regions. The assets, combined with the management teams, provide a strong launching pad for further activity in the region, and that's really the way we -- that's the way we look at it. And we'll continue to try to find similar deals like these to the extent we can.

再說一遍，這確實是比賽的狀態。同樣，嵌入式收購將是更具策略性的重點交易，就像克羅埃西亞和希臘一樣，它們是該地區高度關聯的資產。這些資產與管理團隊相結合，為該地區的進一步活動提供了強大的啟動平台，這確實是我們的方式——這就是我們看待它的方式。我們將繼續盡力尋找類似的交易。

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

下一個問題來自美國銀行的麥可‧芬克。

Yes. A few, if I could. First, I noticed the GAAP base rent per square foot stepped down across the regions quarter-over-quarter. Can you comment on that?

是的。如果可以的話，有一些。首先，我注意到該地區公認的會計原則每平方英尺基本租金逐季下降。你能對此發表評論嗎？

Michael, so I think there's a few -- 2 items to note in there, in particular. And I think you're mostly talking about the greater than 1 megawatt because I thought we had pretty strong pricing power on the less than a megawatt category, more enterprise network workloads landing in those sites.

邁克爾，所以我認為其中有兩點需要特別注意。我認為您主要談論的是大於 1 兆瓦的功率，因為我認為我們在小於 1 兆瓦的類別上擁有相當強大的定價能力，更多的企業網路工作負載登陸這些站點。

On the greater than 1 megawatt piece, it's a little bit of apples and oranges in comparing each market quarter-over-quarter. You're probably better off going back to the second quarter in terms of more apples-to-apples comparison volume.

對於超過 1 兆瓦的部分，在逐季度比較每個市場時有點像蘋果和橘子。就更多同類比較量而言，您可能最好回到第二季度。

And then in the fourth quarter, we had a particular deal structure that make that skew, that stat lower in terms of reported results. You may recall a year or 2 ago, in the Ashburn market, we did a almost build-to-suit type project where we built a rather large 36-megawatt shell for a customer that was paying us for that shell on a long-term lease. And then we dropped down, built out a suite in 6-megawatt-or-so increments over time.

然後在第四季度，我們有一個特殊的交易結構，導致這種偏差，就報告的結果而言，統計數據較低。您可能還記得一兩年前，在阿什本市場，我們做了一個幾乎量身定制的項目，我們為一位客戶建造了一個相當大的36 兆瓦外殼，而該客戶長期向我們支付該外殼的費用。然後我們慢慢開始，隨著時間的推移以 6 兆瓦左右的增量建造了一套套件。

So as those -- as take-downs of those suites happen, you're only getting a fraction of the entire economic cost for that customer flowing through our leasing stats because we already recognized the signing and already realizing the return on the shell. And that phenomenon happened actually in North America and also in Asia Pacific, this particular market.

因此，當這些套房被拆除時，透過我們的租賃統計數據，您只能獲得該客戶整個經濟成本的一小部分，因為我們已經認可了簽約並已經實現了外殼回報。這種現像其實發生在北美和亞太地區這個特殊的市場。

Strategically, I mean, it's a great tool in our toolkit that I would say not all competitors can really have. Really giving a customer the runway that they desire and the timing flexibility and digital with its scale and breadth of portfolio and as well as our land banks are able to kind of structure those type of transactions that I think is a strategic advantage for those type of customers.

從戰略上講，我的意思是，它是我們工具箱中的一個很棒的工具，我想說並不是所有競爭對手都能真正擁有。真正為客戶提供他們想要的跑道、時間靈活性和數位化，以及其投資組合的規模和廣度，以及我們的土地銀行能夠建立此類交易，我認為這對於此類交易來說是一種戰略優勢顧客。

And then, Andy, on the FFO growth provided, maybe helpful if you guys could quantify the impact from the potential sales, the $600 million to $1 billion. Can you quantify that for us?

然後，安迪，關於 FFO 的成長，如果你們能夠量化潛在銷售額（6 億美元到 10 億美元）的影響，也許會有所幫助。您能為我們量化一下嗎？

So we reiterated really the same quantity of capital recycling for this year as last year. We feel good near term on the lower end of that range. It's a contributor to the, call it, 4Q to 1Q bridging of the quarterly rhythm of core FFO.

因此，我們重申今年的資本回收量與去年相同。我們近期在該範圍的下端感覺良好。它是核心 FFO 季度節奏的第 4 季到第 1 季度橋樑的貢獻者。

Just kind of rough math. If we kind of just hit the low end of that range, $600 million, use the same type of cap rate we were using for the last outright sale we did, call it, mid- to low 6 cap, you call it about $40 million of NOI and our share count could be as high as 2%. Now that's assuming you sold the entirety of those assets the first day of the year, and you didn't have any redeployment of proceeds. So when you kind of use appropriate calendarization based on our expectations and also redeploy those proceeds, either paying down debt near term or in lieu of really equity, I would kind of ballpark it in a 50- to 100-ish type basis point headwind to our year-over-year growth, that is.

只是一種粗略的數學。如果我們剛剛達到該範圍的低端，即 6 億美元，使用我們上次直接銷售所使用的相同類型的上限利率，稱之為中低 6 上限，你稱之為大約 4000 萬美元NOI，我們的股份數量可能高達2%。現在假設您在今年的第一天就出售了全部這些資產，並且您沒有任何收益的重新部署。因此，當你根據我們的預期使用適當的日曆安排並重新部署這些收益時，要么償還近期債務，要么代替真正的股本，我會將其定為 50 到 100 左右的基點逆風也就是說，我們的年成長。

The next question comes from Matt Niknam of Deutsche Bank.

下一個問題來自德意志銀行的馬特·尼克南。

Maybe just -- so I have one as a follow-up to the prior question and then one other operational one. Maybe as the follow-up, if I think about the $6.45 implied core FFO at the midpoint, that's essentially taking 4Q of $1.61 and annualizing it. So Andy, maybe I want to better understand, the capital recycling, that's assumed but has not happened yet. I just want to clarify. And then secondly, more related to hyperscale in the U.S., if you can -- if someone could just give an update on the pricing competitive backdrop you're seeing within hyperscale and whether deals are getting any more or less competitive than they've been in the past.

也許只是——所以我有一個問題作為前一個問題的後續問題，然後是另一個可操作的問題。也許作為後續行動，如果我考慮中間點的 6.45 美元隱含核心 FFO，這實際上是採用 4Q 的 1.61 美元並將其年化。安迪，也許我想更好地理解資本回收，這是假設的但尚未發生。我只是想澄清一下。其次，如果可以的話，與美國的超大規模更相關——如果有人可以提供有關超大規模內定價競爭背景的最新信息，以及交易的競爭力是否比以前更強或更弱在過去。

Sure. So 2 elements. First, on your base, we definitely had some outperformance in the fourth quarter that we highlighted in the prepared remarks. Some of that was, call it, operational-related, just commencing revenue faster. But some of it was out of our control, and FX was a tailwind as you saw the U.S. dollar kind of plummet and then retrench beginning 2021. So that makes a little bit of an apples and oranges comparison between 4Q and the run rate for 2021.

當然。所以2個元素。首先，在你們的基礎上，我們在第四季度確實取得了一些出色的表現，我們在準備好的評論中強調了這一點。其中一些是與營運相關的，只是更快地開始收入。但其中一些因素是我們無法控制的，外匯是一個順風車，因為你會看到美元暴跌，然後從2021 年開始緊縮。橙子的比較。

The answer to your question on the dispositions, we have -- other than a small one-off asset for, I think, $6 million, we have not executed on any of the next leg of capital recycling yet that we framed as a -- at a low range of $600 million, a high range of $1 billion. And we expect the low end of that range to be executed upon in the pretty near-term future here. Hence, when you sell that quantity of assets at -- even at a 6, 6.5 cap rate, you have immediate loss of that income.

對於你關於處置問題的答案，我們——除了一筆我認為是 600 萬美元的一次性小資產之外，我們還沒有執行我們所定義的下一階段的資本回收——最低範圍為6 億美元，最高範圍為10 億美元。我們預計該範圍的低端將在不久的將來執行。因此，當您以 6、6.5 的上限利率出售該數量的資產時，您會立即損失該收入。

Just to remind you, Matt, and then the broader audience, the dilution near term, we think, a, is offset by longer-term accretion. We're selling noncore, slower growing parts of our portfolio and using that capital often in lieu of equity to fund our growth. And two, that dilution is baked within the approximately 4% year-over-year growth. So we're arriving at that year-over-year growth comparison off a outperformance in the last -- back half of this year and absorbing that dilution. So it's not incremental to the guidance that we've already laid out.

只是提醒你，馬特，還有更廣泛的受眾，我們認為，短期的稀釋會被長期的成長所抵消。我們正在出售投資組合中非核心、成長緩慢的部分，並經常使用這些資本代替股權來為我們的成長提供資金。第二，這種稀釋是在大約 4% 的同比增長範圍內實現的。因此，我們在去年下半年的表現出色的基礎上得出了同比增長比較，並吸收了這種稀釋。因此，這並不是我們已經制定的指南的增量。

Got it. And on the hyperscale?

知道了。那麼在超大規模上呢？

Thank you for reminding me the first question. Matt, your question was about hyperscale pricing and the like?

謝謝你提醒我第一個問題。馬特，你的問題是關於超大規模定價之類的？

Yes, pricing and competitive nature. Because we've heard maybe some anecdotes saying it was maybe on the margin, things were beginning to get a little bit better. But I'm just curious to get your take in terms of what you've seen.

是的，定價和競爭本質。因為我們聽說過一些軼事說它可能處於邊緣狀態，所以事情開始變得好一點。但我只是想知道你對所見所聞有何看法。

Yes, I think the -- a couple of data points that I would say point to our continued confidence in the opportunity set and really differentiated offering that I think allows us to outshine our competitors, especially any fledging or newer competitors.

是的，我認為，我想說的幾個數據點表明我們對機會集和真正差異化的產品持續充滿信心，我認為這使我們能夠超越我們的競爭對手，尤其是任何羽翼未豐或較新的競爭對手。

One, you've seen now a string of quarters in a row where we have a global platform offering for the hyperscalers and to address their pain points, future-proof their growth and deliver operational excellence across now 49 metros, 6 continents, 24 countries. So the trend has been our friend in terms of success there. I think if you look to our development pipeline, that stepped up about 13% quarter-over-quarter. Now 220 megawatts or so under development, still about 55-ish percent preleased. You've got to imagine there's a lot of hyperscale business in that. I think the returns have been pretty steady in that category, if not stepped up in certain regions.

第一，您現在已經連續幾個季度看到，我們為超大規模企業提供全球平台，解決他們的痛點，確保他們的成長面向未來，並在49 個大都市、6 大洲、24 個國家/地區提供卓越營運。因此，就成功而言，趨勢一直是我們的朋友。我想如果你看看我們的開發管道，你會發現季度環比成長了約 13%。目前正在開發約 220 兆瓦，仍有約 55% 左右已預發布。你必須想像其中有很多超大規模的業務。我認為該類別的回報即使在某些地區沒有增加，也相當穩定。

I'm not saying or blushing off that some of this business is competitive. I think our most competitive market is certainly the U.S. In that market, I think our value proposition has allowed us to, even in a challenged market like Ashburn, do particularly well with all of our customers, but hyperscalers, in particular.

我並不是說或否認其中一些業務具有競爭力。我認為我們最具競爭力的市場肯定是美國。得特別好。

And I think if you then look where the pipeline is going and where the growth for our business is going, we're seeing more and more opportunities to generate higher returns from both our colocation and connection offering, but also serving those hyperscalers in places where we have a really differentiated value proposition, certainly, tighter markets like Santa Clara in the U.S., but international markets like Frankfurt, Marseille, Brazil and Singapore as well.

我認為，如果你看看管道的走向以及我們業務的成長走向，我們會看到越來越多的機會從我們的主機託管和連接產品中產生更高的回報，而且還為那些地方的超大規模企業提供服務我們擁有真正差異化的價值主張，當然，美國聖克拉拉等市場緊張，但法蘭克福、馬賽、巴西和新加坡等國際市場也是如此。

So listen, not saying that hyperscale became an easy business overnight, but feel very good about what we're delivering to those customers.

因此，聽著，並不是說超大規模一夜之間成為一項簡單的業務，而是對我們為這些客戶提供的服務感到非常滿意。

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

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

Andy, could you just elaborate on the downtime on vacancy a little bit that's sort of baked into the sequential $0.05 decline you're pointing to on Page 13? I'm not sure if it's factored into the 1.3% churn you saw in the fourth quarter or if that's sort of hitting elsewhere.

Andy，您能否詳細說明您在第 13 頁指出的連續下降 0.05 美元的空缺停機時間？我不確定這是否已計入第四季度 1.3% 的客戶流失率中，或者是否也影響到其他地方。

Yes. I would say that the fourth quarter actually -- and then I'll get to the first part of your question, Jordan. The fourth quarter actually, I was pretty pleased with the customer retention and pricing dynamic in both categories in terms of pricing, in both categories in terms of retention, potentially call it in the 80s and positive mark-to-markets for both above and less than 1 megawatt.

是的。我想說的是，實際上是第四節——然後我會回答你問題的第一部分，喬丹。實際上，我對第四季度在定價方面的兩個類別的客戶保留和定價動態非常滿意，在保留方面，這兩個類別可能會在 80 年代稱之為“積極的市場定價”超過1兆瓦。

The impact that we see hitting 2021, but certainly the first quarter of 2021, really goes back to what I mentioned in my -- our call a quarter ago, we ended the year with our largest amount of nonretained capacity in any given market, be it just under 17 megawatts coming back to us. It literally came back to us the 1st of the year. The customer had both physical and economic occupancy of the suite until the year changed. It's across multiple suites, across numerous campuses in Ashburn. We're going to -- we're refurbing that capacity and getting it back out to the market. Of that 17 megawatts, I can tell you, we've already re-leased to a new customer. They haven't commenced yet, but they've signed for it 2.3 megawatts. We're likely to take another 2.3 megawatt suite and convert that to product-type colocation, given the success of our offering in the market.

我們看到的影響將持續到2021 年，但肯定是2021 年第一季度，這確實可以追溯到我在一個季度前的電話會議中提到的內容，我們以任何特定市場中最大數量的非保留產能結束了這一年，即返回給我們的電量略低於 17 兆瓦。它實際上是在今年第一天回到我們身邊的。直到年份改變之前，客戶都擁有該套房的實際和經濟使用權。它橫跨阿什本眾多校園的多個套房。我們將翻新產能並將其重新投放市場。我可以告訴你，在這 17 兆瓦中，我們已經將其重新出租給了新客戶。他們還沒有開始，但他們已經簽署了 2.3 兆瓦的合約。鑑於我們的產品在市場上的成功，我們可能會採用另一個 2.3 兆瓦套件並將其轉換為產品類型主機託管。

And then we've got a pretty strong pipeline for those other opportunities of vacancy, and it's -- it is a bit serendipitous in our favor that we've had some success in Ashburn despite the broader market challenges, is that we're being able to focus all our efforts in re-leasing that capacity because our newest building doesn't come online until roughly the 1st of July.

然後，我們為其他空缺機會提供了相當強大的管道，儘管面臨更廣泛的市場挑戰，但我們在阿什本取得了一些成功，這對我們來說有點偶然，因為我們正在我們能夠集中精力重新釋放該容量，因為我們最新的大樓大約要到7 月1 日才會上線。

So really, it's that downtime until we get the new customers in new shapes and forms, certainly taking a temporal hit to 2021 in the first quarter.

所以實際上，在我們獲得新形狀和形式的新客戶之前，這就是一段停工期，肯定會在 2021 年第一季受到暫時的打擊。

And what's the biggest chunk of the 17 megs? You mentioned 2.3 has already been re-leased. I don't know if that's contiguous, but biggest contiguous chunk. And then just back to the $0.05, is that -- the bulk of that coming from this departure? And then -- and how will this hit 1Q? Maybe you talk about 1Q and 2021 churn guidance overall.

17 兆中最大的一塊是多少？你提到的2.3已經被重新出租了。我不知道這是否是連續的，但最大的連續區塊。然後回到 0.05 美元，這大部分是來自這次偏離嗎？然後——這將如何影響第一季？也許您會總體談論第一季和 2021 年的流失指引。

So let me try to unpack a few in there. So the biggest hall is the 2.3 megawatts. So -- but there's numerous contiguous halls. So if we wanted -- if a customer wanted to have numerous contiguous halls, which certain customers value that, I think we can string 6 or so of those together. I'm sorry. That can't be right. I'm looking at the wrong schedule here. We can string, I think, 3 of those together, of contiguous data halls, but each pod is roughly a 2.3 pod. That is the largest driver to the $0.05 in terms of quarter-over-quarter step-down.

所以讓我嘗試打開其中的一些內容。所以最大的大廳是2.3兆瓦。所以——但是有許多相鄰的大廳。因此，如果我們想要——如果客戶想要擁有多個連續的大廳，而某些客戶也看重這一點，我認為我們可以將其中 6 個左右串在一起。對不起。那是不對的。我在這裡查看的是錯誤的時間表。我認為，我們可以將其中 3 個連續的資料大廳串在一起，但每個吊艙大約是 2.3 吊艙。這是季度環比下降 0.05 美元的最大推動因素。

And then, Jordan, can you just remind me the second part or the third part of your question there?

然後，喬丹，你能提醒我你問題的第二部分或第三部分嗎？

Just churn. So what do you think -- if churn was 1.3 in 4Q, what would it be in 1Q? And then just maybe full year expectation while we're at it.

只是攪動。那麼您認為，如果第四季的流失率為 1.3，那麼第一季的流失率會是多少？然後，當我們這樣做時，也許只是全年的期望。

The -- so that's in the greater than 1 megawatt capacity churn. Our less than 1 megawatt capacity churn looks like it's going to be basically in line. And I don't have the implied first quarter churn. I think the 80 steps down to -- on a full year basis, to call it like 69% for the full portfolio in the greater than 1 megawatt territory. But you could -- you can use 17 megawatts as a proxy, and you can see our quantities of expirations. I just don't -- I don't have all the ingredients to give you the exact math on the first quarter measurement right here.

- 所以這是在大於 1 兆瓦的容量流失。我們不到 1 兆瓦的容量流失看起來基本上符合預期。而且我沒有隱含的第一季流失狀況。我認為，在全年基礎上，這 80 個步驟可以降低到超過 1 兆瓦領域的整個投資組合的 69%。但你可以——你可以使用 17 兆瓦作為代理，你可以看到我們的到期數量。我只是不知道——我沒有所有的成分來給你第一季測量的精確數學數據。

The next question comes from Jon Petersen of Jefferies.

下一個問題來自傑富瑞 (Jefferies) 的喬恩彼得森 (Jon Petersen)。

Just a couple for me. So the recurring CapEx in the fourth quarter looks a little elevated. I wonder if there's just anything that we should be thinking about there and how it will trend into next year on a quarterly basis.

對我來說只是一對。因此，第四季的經常性資本支出看起來有點高。我想知道我們是否應該考慮一些事情，以及明年每個季度的趨勢如何。

Yes. Not just for recurring CapEx, but I would say some of the OpEx as well, you're seeing some of the COVID fluctuations. If you look at the -- I think it's schedule 28, recurring CapEx stepped down to as low as $34 million in the first quarter of '20, $38 million in the second quarter of '20, then $53 million and $83 million. So we did have a little bit of a catch-up period in terms of, call it, timing.

是的。不只是經常性的資本支出，我想說的是一些營運支出，你會看到一些新冠疫情的波動。如果你看一下——我認為是時間表28，經常性資本支出在20 年第一季降至3,400 萬美元，在20 年第二季降至3,800 萬美元，然後是5,300 萬美元和8,300 萬美元。因此，我們確實有一點時間上的追趕期。

As you can see, Jon, our guidance for recurring CapEx for all of 2020 is roughly the same number as prior year. So $220 million, I believe, or $230-ish million. So we had a little bit of fourth quarter catch-up in there.

Jon，如您所見，我們對 2020 年全年經常性資本支出的指導與去年的數字大致相同。我認為是 2.2 億美元，或者說 2.3 億美元左右。所以我們在第四季有一些追趕。

Just the only major items, we had a -- we had some refreshed capital on some second-generation space that I think we're converting to colocation when a PBB or a TKF customer had exited. So that kind of hits -- that's not first generation. So it hits through the recurring CapEx. I think that's a product of the, call it, maturation of our portfolio and re-customering to new types of customers in different shapes and forms. But I wouldn't -- you can't just annualize that as next year. You got to look to our guidance table for a more appropriate view for the full year 2021.

只是唯一的主要項目，我們在一些第二代空間上有一些更新的資本，我認為當 PBB 或 TKF 客戶退出時我們正在將其轉換為主機託管。所以那種熱門——那不是第一代。因此它會影響經常性資本支出。我認為這是我們產品組合的成熟以及針對不同類型和形式的新型客戶的重新客戶化的產物。但我不會——你不能將其年化為明年。您必須查看我們的指導表，以獲得對 2021 年全年更合適的看法。

Okay. All right. And then I kind of want to ask about market rents. I mean, do you guys have a sense -- maybe if we just think about your greater than 1 megawatt tenant, do you have a sense of where the mark-to-market is on in-place rents versus market rents?

好的。好的。然後我想問市場租金。我的意思是，你們是否有一種感覺 - 也許如果我們只考慮一下您超過 1 兆瓦的租戶，您是否知道按市場計算的就地租金與市場租金的關係如何？

And then I know you talked about your leasing spreads being relatively flat this year. But I mean, based off the market dynamics that you're seeing, what are your expectations for rent growth over this year and over the next few years? Are we to a point where we can start to see rents start to grow again?

然後我知道你談到今年的租賃利差相對穩定。但我的意思是，根據您所看到的市場動態，您對今年和未來幾年的租金成長有何預期？我們是否已經到了可以開始看到租金再次開始成長的地步了？

I think there's a couple of relevant data points to look at that. There's obviously the activity we are seeing coming through our renewal activity, both in the fourth quarter as it trajected throughout the year, and we had consistent progress to the point where we had positive plus 1 megawatt cash renewal spread in 4Q. Some of the stronger markets were renewed and signing through there. Santa Clara was a standout in that renewal.

我認為有幾個相關的數據點可以說明這一點。顯然，我們在第四季度的續訂活動中看到了一些活動，就像全年的軌跡一樣，我們取得了持續的進展，在第四季度我們的現金續訂價差為正+1兆瓦。一些走強的市場透過那裡得到更新和簽約。聖克拉拉是這次重建中的佼佼者。

We have not -- our guidance includes a slightly negative outlook for the cash mark-to-markets. But I know we use the language there instead of exact numbers. I think our language is less conservative than it was last year. So I think we're moving into better territory.

我們沒有－我們的指導包括對現金按市值計價的輕微負面展望。但我知道我們使用的是語言而不是確切的數字。我認為我們的語言不像去年那麼保守。所以我認為我們正在進入更好的領域。

If you look at just the lease expiration schedule in 2021, I think we're getting into a better place, both in volume, mix and mark-to-market relative to recent history. You called out particularly the greater than 1 megawatt category, which is, call it, 7.5-ish percent of our expirations, down from a high of, call it, over 10% at one point. It's pretty diverse with no market other than Ashburn being even greater than 1%. And the mix and geographically, you're seeing a sizable part component from not only Santa Clara or tighter U.S. market, but also our international markets in the coming contract.

如果你只看 2021 年的租賃到期時間表，我認為與最近的歷史相比，無論是在數量、組合還是按市值計算方面，我們都處於一個更好的位置。您特別指出了超過 1 兆瓦的類別，即占我們到期時間的 7.5% 左右，低於曾經超過 10% 的高點。它非常多樣化，除了阿什本之外，沒有任何市場的份額超過 1%。從地理位置來看，您會看到相當大的一部分不僅來自聖克拉拉或更緊張的美國市場，而且在即將簽訂的合約中也來自我們的國際市場。

And then last but not least, just looking at the new signings because I have more of a forward indicator of what to come, the -- by and large, in the greater than megawatt category, I saw -- we saw pretty good firmness in the pricing. And as I say, strengths in the Americas were, call it, New York, Chicago -- I'm looking at the wrong schedule. My bad.

最後但並非最不重要的一點是，只要專注於新簽約，因為我對未來有更多的前瞻性指標，總的來說，在大於兆瓦的類別中，我看到我們看到了相當好的堅定性定價。正如我所說，美洲的優勢是紐約、芝加哥——我看的是錯誤的時間表。我的不好。

In the greater than 1 megawatt, you had pretty much stability in both Northern Virginia and Portland. Again, it goes back to that structure. I mentioned previously where the customer is taking down shelves at precommitted rates at their discretion. So really not room for negotiation there and the desire for them to grow with adjacency. And then EMEA, we saw strength in the greater than megawatt plus category, for Zurich and Marseille were, in particular, stand-out markets. And then last but not least, Singapore, that market has been a star, and I think you're going to see that continue into 2021. And that is certainly a market where we're doing a sizable amount of megawatt plus activity as well.

在超過 1 兆瓦的情況下，北維吉尼亞州和波特蘭都相當穩定。再一次，它又回到了那個結構。我之前提到過，顧客可以自行決定以預先承諾的價格下架。因此，那裡確實沒有談判的餘地，也沒有希望他們與鄰國一起成長。然後是歐洲、中東和非洲地區，我們看到了兆瓦以上類別的實力，因為蘇黎世和馬賽是特別突出的市場。最後但並非最不重要的一點是，新加坡，該市場一直是明星市場，我認為您會看到這種情況持續到 2021 年。

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。

Curious on 2 things, if I could. The first is, if we turn to Page 26 of the supplemental, you provided development yields by regions that you're expecting. And just curious for your take on the movement over the last few quarters where it seems like North America has moved up a little bit; EMEA is down a little bit; Asia Pac, near the level on this page. And where do you see that going over the next couple of years based on the activity and the demand in the pipeline?

如果可以的話，對兩件事感到好奇。第一個是，如果我們翻到補充資料的第 26 頁，您提供了您期望的按地區劃分的開發收益。只是想知道您對過去幾季的走勢有何看法，北美地區似乎有所上升；歐洲、中東和非洲地區略有下降；亞太地區，接近本頁的水平。根據管道中的活動和需求，您認為未來幾年會發生什麼？

And just separately, curious to go back to one of the comments, I think Bill made it at the beginning of the call, describing that some of the larger customers are choosing a select number of global data center partners. I'm curious, just on that theme, are you seeing a greater percentage of your large customers embrace multiple providers? Or are you seeing more of a winner-take-all evolution where one data center provider could take the disproportionate share of business from some of these customers?

另外，出於好奇，我想回到其中一條評論，我認為比爾在電話會議開始時就說過，一些較大的客戶正在選擇一些精選的全球資料中心合作夥伴。我很好奇，就這個主題而言，您是否看到更大比例的大客戶接受多個提供者？或者您看到了更多贏家通吃的演變，其中一個資料中心提供者可以從其中一些客戶那裡奪取不成比例的業務份額？

I'm going to give Bill the honors to answer the second part of the question first, and then I'll come back and do the numbers questions on development cycle on Page 26.

我將榮幸地請 Bill 首先回答問題的第二部分，然後我會回來做第 26 頁上有關開發週期的數字問題。

Yes, thanks for the question. We're definitely seeing a shrinking of the number of participants in the business. I think that, that clearly plays to our strengths. But I think that COVID, in particular, has demonstrated the importance of having a very credible counterparty on the other end of these partnerships. And we've received excellent feedback from our partners, particularly among the hyperscalers, about our procedures around not just COVID, but some of the other social unrest that has occurred in the last several quarters.

是的，謝謝你的提問。我們確實看到了該行業參與者數量的減少。我認為，這顯然發揮了我們的優勢。但我認為，新冠疫情尤其證明了在這些夥伴關係的另一端擁有一個非常可信的交易對手的重要性。我們從合作夥伴（尤其是超大規模提供者）那裡收到了極好的回饋，回饋的內容不僅涉及新冠疫情，還涉及過去幾季發生的其他一些社會動盪。

And then, Michael, on your second question, I mean, I think there's a few observations, and some of this is repetitive. The development pipeline, one, what you're missing from here is because it's a unconsolidated self-managed joint venture. Ascenty is not on the schedule, but we've seen tremendous activity in Latin America, including continued growth in Brazil, not only our first but second customer into Santiago, Chile and probably expect to experience the same in terms of our second customers landing into Mexico City.

然後，邁克爾，關於你的第二個問題，我的意思是，我認為有一些觀察結果，其中一些是重複的。開發管道，第一，你在這裡缺少的是因為它是一家未合併的自我管理合資企業。 Ascenty 不在計劃中，但我們在拉丁美洲看到了巨大的活動，包括巴西的持續增長，不僅是我們的第一個客戶，而且是第二個客戶進入智利聖地亞哥，並且可能期望我們的第二個客戶登陸智利聖地牙哥時也會經歷同樣的情況墨西哥城。

On the schedule, the volume has stepped up about 13% to 221.5 megawatts. The preleasing has remained roughly intact at 55%. If you go market by market, I think you're accurate in seeing this trend of a larger and larger share of our new capacity capital going outside the United States. The Americas region is a little muted because we delivered capacity that was 400% preleased in Ashburn and the shell, which will show up with megawatts on the schedule, I think, in a quarter or so, just hasn't popped in here. But I still think the thesis is constant. And you're seeing also a year-over-year improvement on the yields in the Americas.

按照計劃，發電量增加了約 13%，達到 221.5 兆瓦。預租率大致維持在 55%。如果你逐一市場考察，我認為你會準確地看到我們的新產能資本越來越大份額流向美國以外的趨勢。美洲地區有點安靜，因為我們在阿什本交付了 400% 預發布的容量，我認為，在一個季度左右的時間裡，殼牌將在時間表上以兆瓦的形式出現，但這裡還沒有出現。但我仍然認為這個論點是不變的。您也看到美洲的產量逐年增加。

And I think another relevant data point is the non-U.S. markets are also becoming more diverse. In EMEA, as I rattled off at the very beginning of the call, rather ineloquently, was across 6 different EMEA markets with north of a megawatt signings. You can see on the schedule, from Amsterdam to Zurich, numerous markets with capacity coming online. And I think the same phenomenon is going to happen -- or continue to happen in the APAC region as well.

我認為另一個相關數據點是美國以外的市場也變得更加多樣化。在 EMEA，正如我在電話會議一開始就毫不客氣地滔滔不絕地說的那樣，我在 6 個不同的 EMEA 市場簽署了超過一兆瓦的簽約協議。您可以在時間表上看到，從阿姆斯特丹到蘇黎世，許多市場的容量已上線。我認為同樣的現象將會發生──或繼續在亞太地區發生。

The next question comes from Sami Badri of Credit Suisse.

下一個問題來自瑞士信貸銀行的薩米·巴德里。

The first question is on interconnection. You reported the interconnection in the backlog, but could you just give us some color in terms of how that backlog is mapping to the respective regions? That's the first one.

第一個問題是互聯互通。您報告了待辦事項中的互連情況，但是您能否給我們一些關於待辦事項如何映射到各個區域的資訊？這是第一個。

And then the second one is, maybe Bill, Andy, anyone can really address this, has Digital adopted maybe a different philosophy on speculative construction versus only building with preleases in hand? And has kind of the playbook changed a little bit, just given the very rapid and high-volume leasing that tends to come in pretty big cycles that we've seen as the strategy kind of changed a little bit? And leave it at that.

然後第二個問題是，也許比爾、安迪，任何人都可以真正解決這個問題，數字是否在投機建設上採用了不同的哲學，而不是只在手頭有預發布的情況下進行建設？考慮到非常快速和大量的租賃往往會出現在相當大的周期中，我們已經看到策略發生了一些變化，所以策略是否發生了一些變化？就這樣吧。

Bill, do you want to -- again, we'll try to do the same format, you take the second question first on the strategy, and then I can go back to the interconnection details.

比爾，你想——再次，我們將嘗試採用相同的格式，你先回答關於策略的第二個問題，然後我可以回到互連細節。

Sure. So I would say that the strategy today is we don't really go into any of these new markets without a prelease in hand, without an anchor. So that's what we've done in Chile. That's what we've done in Mexico. Now we did buy existing businesses, obviously, in Croatia and Greece, so that's different. But in general, I think we're looking for one of our good customers that -- and probably more than one to tell us they really want us to go into that market and then they'll sign an anchor lease with us.

當然。所以我想說，今天的策略是，在沒有預發布、沒有錨定的情況下，我們不會真正進入任何新市場。這就是我們在智利所做的。這就是我們在墨西哥所做的。現在我們確實購買了克羅埃西亞和希臘的現有企業，所以這是不同的。但總的來說，我認為我們正在尋找一位好客戶——而且可能不只一位告訴我們他們真的希望我們進入這個市場，然後他們會與我們簽署一份主力租賃合約。

As far as existing markets are concerned, those are almost always expansions with existing customers. And that business, to be quite candid, is fast and furious. In some instances, I would say the challenge is just keeping up with demand in existing markets with -- particularly the hyperscalers.

就現有市場而言，這些幾乎都是對現有客戶的擴展。坦白說，這項業務是快速而激烈的。在某些情況下，我想說的挑戰只是跟上現有市場的需求——尤其是超大規模企業。

And then, Sami, on your question on interconnection, so quite pleased with interconnection signing contribution. Yes, it stepped down quarter-over-quarter, but it was up 4% from the prior quarter. And 3Q was quite a outsized winner in terms of interconnection signings.

然後，薩米，關於你關於互連的問題，我對互連簽署的貢獻感到非常滿意。是的，它環比下降，但比上一季增長了 4%。就互連簽約而言，3Q 是一個巨大的贏家。

The cast of characters are similar in terms of the type of verticals industry-wise that we've experienced in the past. Regionally, some of the star -- I would say, the EMEA region was definitely a standout in this category, not just in the fourth quarter, but on a full year basis. I believe their interconnection revenue was, call it, up into the double digits type growth trajectory.

就我們過去經歷過的垂直行業類型而言，角色陣容是相似的。從地區來看，我想說的是，歐洲、中東和非洲地區絕對是這一類別的佼佼者，不僅是在第四季度，而且是全年。我相信他們的互連收入達到了兩位數的成長軌跡。

I also -- I know you didn't quite ask this question, I also really look at these things part and parcel with the less than 1 megawatt signings because they also often go hand-in-hand in terms of our most interconnection rich type customers day 1 and certainly post landing with digital. I would say we put up the third quarter -- or fourth quarter in a row of consecutive growth in that category off a really strong 3Q. We put a record year up and call the interconnection and less than 1 megawatt of colocation-type signage category. Those are also led by EMEA, but APAC played a great role. We've launched now our colocation offering in Osaka, Singapore and Hong Kong, and our first carrier-neutral offering in Seoul, South Korea are right around the corner. So great early days in that category as well, regionally.

我也——我知道你並沒有問這個問題，我也認真地看待這些與小於 1 兆瓦簽約的重要部分，因為它們也經常與我們最豐富的互連類型齊頭並進客戶第一天肯定會在數字化落地後。我想說的是，我們在第三季或第四季實現了該類別的連續成長，第三季非常強勁。我們將創紀錄的一年稱為互連和小於 1 兆瓦的託管型標誌類別。這些也以歐洲、中東和非洲地區為首，但亞太地區發揮了重要作用。我們現已在大阪、新加坡和香港推出了託管服務，並且即將在韓國首爾推出首個營運商中立服務。從區域來看，該類別的早期發展也非常出色。

So we're definitely expanding the breadth of the product offering across more and more markets and pleased with the success we're seeing in both the interconnection and the, call it, enterprise and network-oriented less than 1 megawatt category.

因此，我們肯定會在越來越多的市場上擴大產品範圍，並對我們在互連以及面向企業和網路的小於 1 兆瓦類別中看到的成功感到高興。

Got it. And actually, just one quick follow-up, and this is pertaining mainly to Europe. And since you guys have now kind of integrated Interxion, and you've looked at some of the pricing in each of the respective markets, do you expect the cadence or at least the stabilization of pricing or -- I mean, maybe that's the wrong way to phrase it. The right way to phrase it is marking it up slightly, right, to reflect pricing that looks more comparable to U.S. markets. Do you guys see the rate at which you guys are increasing? Is that starting to moderate? Or is pricing relatively flat and consistent and not really changing or evolving much in Europe? I just want to understand kind of like what's going on from a local type of pricing perspective. And I think I'm mainly referring to the 0 to 1 megawatt type leases specifically.

知道了。實際上，這只是一個快速後續行動，主要與歐洲有關。既然你們現在已經有了某種整合的 Interxion，並且你們已經研究了每個各自市場的一些定價，你們是否期望定價的節奏或至少穩定，或者——我的意思是，也許這是錯誤的方式來表達它。正確的說法是稍微提高價格，以反映與美國市場更相似的定價。你們看到你們的成長速度了嗎？這是開始緩和了嗎？或者歐洲的定價相對平穩且一致，並沒有真正改變或發展？我只是想從當地的定價角度了解正在發生的事情。我想我主要指的是 0 到 1 兆瓦類型的租賃。

Thanks, Sami. That was a very elegant way of asking if we're going to increase cross-connect prices in Europe, I think. But I'm going to pass this over to Chris in a second. But I think we're very focused on delivering as much value to our customers in terms of increased performance, increased security, increased efficiency, and do that in a global platform offering here at PlatformDIGITAL. So it's not a episodic one market has to match another market. We're very attuned to the customer needs and also supply/demand nature in each market. But maybe, Chris, do you want to talk -- touch a little bit about our product road map and how pricing relates to that?

謝謝，薩米。我認為，這是詢問我們是否要提高歐洲交叉連接價格的一種非常優雅的方式。但我馬上就把這個問題轉給克里斯。但我認為我們非常專注於在提高效能、提高安全性、提高效率方面為客戶提供盡可能多的價值，並透過 PlatformDIGITAL 的全球平台來實現這一目標。因此，一個市場與另一個市場的匹配並不是偶然的。我們非常了解客戶的需求以及每個市場的供需性質。但克里斯，也許你想談談我們的產品路線圖以及定價與此有何關係？

Absolutely. Appreciate it and -- appreciate it, Sami. Definitely, we look at driving value to our customers through our global interconnected platform, which Bill stated in his prepared remarks. But double our cross-connect count in 2020 is pretty impressive. And particularly to EMEA, we are constantly watching exactly how our communities of interest have really grown there with network-dense, highly connected assets as a part of PlatformDIGITAL. But we absolutely align our cross-connect pricing based on the market dynamics within EMEA, and we'll continually evolve our platform to ensure that pricing is aligned with the value that we see these communities of interest continually getting out of the platform.

絕對地。欣賞它，欣賞它，薩米。當然，我們希望透過我們的全球互聯平台為客戶創造價值，比爾在他準備好的演講中指出了這一點。但 2020 年交叉連結數量翻倍是相當令人印象深刻的。特別是在歐洲、中東和非洲地區，我們一直在密切關注我們的利益社區如何透過網路密集、高度互聯的資產作為 PlatformDIGITAL 的一部分在該地區真正成長。但我們絕對會根據歐洲、中東和非洲地區的市場動態來調整交叉連接定價，並且我們將不斷發展我們的平台，以確保定價與我們看到這些感興趣的社區不斷從平台中獲得的價值保持一致。

But one of the things that we're very happy about is we continually see the attach rate within each of these markets continually increasing. And it's core to our platform going forward that we remove complexity from the customers so that they can get access to that value in a more simplistic fashion. So you'll see that play out over the coming year on exactly how we achieved that, but it's something that we're constantly watching and making sure that the customers are getting the true value that they need in a very simplistic fashion.

但我們非常高興的一件事是，我們不斷看到這些市場的附加率不斷增加。我們平台前進的核心是我們消除客戶的複雜性，以便他們能夠以更簡單的方式獲得該價值。因此，您將在未來的一年中看到我們如何實現這一目標，但我們將不斷關注並確保客戶以非常簡單的方式獲得他們所需的真正價值。

That concludes the question-and-answer portion of today's call. I'd 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。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, Andrea. I'd like to wrap up our call today by recapping our highlights for the fourth quarter as outlined here on the last page of our presentation.

謝謝你，安德里亞。我想透過回顧我們簡報最後一頁概述的第四季度的亮點來結束我們今天的電話會議。

First, we further strengthened our connections with our customers, meeting more of their needs beyond the U.S. and reaching a much broader set of enterprise customers with our enhanced colocation and interconnection product offerings. We delivered extremely solid current period financial results, delivering full year FFO per share that was nearly 4% above our initial guidance.

首先，我們進一步加強了與客戶的聯繫，透過我們增強的託管和互連產品來滿足他們在美國以外的更多需求，並覆蓋更廣泛的企業客戶。我們本期的財務表現非常穩健，全年每股 FFO 比我們最初的指導水準高出近 4%。

We extended our global platform, providing customers with a gateway into Southeastern Europe and runway for growth around the world with strategic land purchases and new development starts.

我們擴展了我們的全球平台，透過策略性土地購買和新的開發項目，為客戶提供了進入東南歐的門戶和全球成長的跑道。

And last but not least, we further strengthened our balance sheet, extending our average duration while further ratcheting down our average cost of debt by locking in attractive pricing on long-term capital and retiring high-coupon debt and preferred equity.

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，延長了平均久期，同時透過鎖定長期資本的有吸引力的定價以及取消高息債和優先股，進一步降低了平均債務成本。

I'd like to conclude today's call by saying thank you to the entire Digital Realty family, but particularly our frontline team members and critical data center facility roles who have kept the digital world turning in the midst of this global pandemic.

在今天的電話會議結束時，我想對整個 Digital Realty 大家庭表示感謝，特別是感謝我們的一線團隊成員和關鍵的數據中心設施角色，他們在這場全球大流行中使數位世界保持運轉。

I hope all of you stay safe and healthy, and we hope to see many of you in person again later this year. Thank you.

我希望你們所有人都保持安全和健康，我們希望今年晚些時候再次見到你們中的許多人。謝謝。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。