Digital Realty Trust Inc (DLR) 2020 Q2 法說會逐字稿

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

下午好，歡迎參加 Digital Realty 2020 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 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；財務長安迪鮑爾 (Andy Power)；首席投資長格雷格·賴特；首席技術長克里斯·夏普；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 second quarter results. We delivered record bookings, more than 50% higher than our previous all-time high. We beat consensus by $0.07, driven by operational outperformance and the beat flowed through to upward revisions to guidance for revenue, EBITDA and core FFO per share. Third, we extended our sustainability leadership with the publication of our second annual ESG report and official recognition as the First Data Center ENERGY STAR Partner of the Year. Last but not least, we further strengthened the balance sheet with the issuance of $645 million of common equity and EUR 500 million of 10.5-year bonds at 1.25%.

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。我們的預訂量創下歷史新高，比之前的歷史最高紀錄高出了 50% 以上。在營運表現出色的推動下，我們比市場預期高出了 0.07 美元，而這項超預期也導致了對每股收入、EBITDA 和核心 FFO 指引的向上修正。第三，我們發布了第二份年度 ESG 報告，並被官方認可為首個年度資料中心能源之星合作夥伴，從​​而擴大了我們在永續發展方面的領導地位。最後但並非最不重要的一點是，我們以 1.25% 的利率發行了 6.45 億美元的普通股和 5 億歐元的 10.5 年期債券，進一步強化了資產負債表。

And 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. Even though we haven't been physically sitting together for the past several months, we've made significant progress strengthening each of these pillars. As John just mentioned, our second quarter bookings were more than 50% better than our previous all-time high, but were also more than double our previous trailing 4-quarter average. We've now seen improvement for 6 consecutive quarters, so we've clearly seen an acceleration in leasing velocity. We are admittedly a bigger organization today, and the bar should be higher following our combination with Interxion and as well Ascenty. But our second quarter results would have been a record for stand-alone digital realty as well.

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。儘管過去幾個月我們沒有坐在一起，但我們在加強這些支柱的每一個方面都取得了重大進展。正如約翰剛才提到的，我們第二季度的預訂量比之前的歷史最高水平高出了 50% 以上，而且也是之前 4 季平均水平的兩倍多。我們現在已經連續 6 個季度看到改善，因此我們明顯看到租賃速度在加速。誠然，我們今天是一個更大的組織，在我們與 Interxion 和 Ascenty 合併後，標準應該更高。但我們第二季的業績也將創下獨立數位房地產業務的紀錄。

A world of remote everything has accelerated digital transformation initiatives, and data center demand has benefited. But I believe these results also reflect the past several years of hard work, putting together a highly attractive diversified global platform, stability and capable leadership within our broader organization, coupled with solid execution.

萬物遠端的世界加速了數位轉型計劃，資料中心需求也從中受益。但我相信這些成果也反映了過去幾年的辛勤工作，在我們更廣泛的組織內建立了一個極具吸引力的多元化全球平台、穩定性和有能力的領導力，再加上紮實的執行力。

In particular, I would like to congratulate Corey Dyer and his entire sales team on their exceptional performance. We do expect the second quarter may be the high watermark for the full year, and we don't necessarily expect to maintain this velocity every quarter, but 2020 is clearly shaping up to be a banner year, and we continue to capitalize on the acceleration of digital transformation strategies to build business resilience, which should continue to drive strong demand going forward. Our confidence in the forward outlook is reflected in the upward revisions to guidance for revenue, EBITDA and core FFO per share.

我要特別祝賀科里·戴爾 (Corey Dyer) 和他的整個銷售團隊的出色表現。我們確實預計第二季度可能是全年的高水位線，而且我們不一定希望每個季度都能保持這種速度，但 2020 年顯然將成為輝煌的一年，我們將繼續利用加速的機會數位轉型策略以增強業務彈性，這將繼續推動未來的強勁需求。我們對未來前景的信心體現在對每股收入、EBITDA 和核心 FFO 指引的上調。

Let's turn to the current environment on Page 3. The COVID-19 global pandemic has changed all our lives. Our hearts go out to the global communities we serve, especially those that have been most impacted. We stand in solidarity with them. And our focus remains unchanged, keeping our employees, customers and partners safe. We are fortunate to have been as well prepared as we possibly could have been for this pandemic. Our 280 data centers in 45 metropolitan areas across 21 countries on 6 continents remain fully operational. We are grateful to be in a position where we can help industries, communities and families around the globe continue to conduct business and stay in contact with each other during these uncertain times. We also want to, again, extend our gratitude to our employees in critical data center roles, who continue to come into work every day at our data centers around the world. They make possible the service and support that we provide our customers.

讓我們轉向第 3 頁的當前環境。COVID-19 全球大流行改變了我們所有人的生活。我們的心與我們所服務的全球社區同在，特別是那些受影響最嚴重的社區。我們與他們站在一起。我們的重點保持不變，即確保員工、客戶和合作夥伴的安全。我們很幸運，為這場大流行病做好了充分的準備。我們位於 6 大洲 21 個國家的 45 個大都會區的 280 個資料中心仍然全面運作。我們很高興能夠幫助全球各行業、社區和家庭在這些不確定的時期繼續開展業務並保持相互聯繫。我們也想再次向擔任關鍵資料中心角色的員工表示感謝，他們每天繼續在我們世界各地的資料中心工作。他們使我們為客戶提供的服務和支援成為可能。

Stepping back, our approach to managing and leading through the COVID-19 pandemic is guided by our ESG strategy depicted on Page 4. We strive to lead the global data center industry in sustainable environmental performance. 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. We take this work seriously because it matters to our customers and because we think it's the right thing to do. Environmental stewardship is incorporated into almost every aspect of our business. Sustainability is a top priority for us year round. The industry, governmental organizations and the press are all taking note.

退一步來說，我們管理和領導應對 COVID-19 大流行的方法以第 4 頁所述的 ESG 策略為指導。我們努力在永續環境績效方面引領全球資料中心產業。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。我們認真對待這項工作，因為它對我們的客戶很重要，而且我們認為這是正確的事情。環境管理幾乎融入了我們業務的各個方面。永續發展是我們全年的首要任務。業界、政府組織和媒體都在關注這一點。

In early April, we were honored to be the first data center provider to receive an EPA Energy Star Partner of the Year Award for Energy Management. In late April, we announced a wind energy agreement to supply approximately 30% of our power needs in the Dallas, Texas area with renewable energy. In early June, Interxion announced that it reduced its cooling system energy consumption by 20% during the first year of an ongoing project with EkkoSense, a data center optimization specialist. In mid-June, we were recognized as a green lease leader by the U.S. Department of Energy's Better Buildings Alliance. We also published our second annual ESG report in mid-June providing transparency on our ESG performance for 2019 as well as a comprehensive overview of our clean energy commitment, resource conservation, community engagement and philanthropic commitments, diversity and inclusion efforts and other sustainable business practices. In terms of our social efforts, since April, we have committed more than $1 million to partnering with charitable organizations globally combating the COVID-19 pandemic as well as efforts to fight racial injustice. We've also begun a doubling down on our employee matching gift program, raising an additional $100,000 on top of our corporate efforts. We are doing our best to play a constructive, proactive role in advancing our broader goal of delivering sustainable growth for all of our stakeholders, investors, customers, employees and the communities that we serve around the world.

4 月初，我們很榮幸成為第一家獲得 EPA 年度能源管理能源之星合作夥伴獎的資料中心供應商。 4 月下旬，我們宣布了一項風能協議，利用再生能源滿足德州達拉斯地區約 30% 的電力需求。 6 月初，Interxion 宣佈在與資料中心優化專家 EkkoSense 合作的專案第一年，其冷卻系統能耗降低了 20%。六月中旬，我們被美國能源部更好建築聯盟評為綠色租賃領導者。我們還在6 月中旬發布了第二份年度ESG 報告，提供了2019 年ESG 績效的透明度，並全面概述了我們的清潔能源承諾、資源節約、社區參與和慈善承諾、多元化和包容性努力以及其他可持續商業實踐。在我們的社會努力方面，自 4 月以來，我們已承諾投入超過 100 萬美元，與全球慈善組織合作，對抗新冠肺炎 (COVID-19) 疫情，並努力消除種族不平等。我們也開始加倍實施員工配對禮物計劃，在公司努力的基礎上額外籌集 10 萬美元。我們正在盡最大努力發揮建設性、積極主動的作用，推動我們的更廣泛目標，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 to our investment activity on Page 5. We continue to expand our global platform with groundbreaking announcements in multiple metros across APAC, the Americas and EMEA. In early July, we announced that we would be building our second data center in Hong Kong, allowing us to cater to diverse multisite workloads. The facility is expected to be built out and ready for global and regional customers by mid-2021. In mid-June, we broke ground on the first carrier-neutral facility in Korea with the Sangam Digital Media City in Northwest Seoul. We've seen significant pent-up customer demand for a carrier-neutral offering in South Korea, and we expect to be open for business in the fourth quarter of 2021. In early June, we announced that Ascenty, our Latin American platform and joint venture with Brookfield infrastructure was entering Mexico with 2 diverse locations, anchored by long-term U.S. dollar-denominated multi-megawatt agreements to support the growth of a leading global cloud provider. In April, Interxion broke ground on Interxion Paris Digital Park, a market expansion project in Paris with up to 85 megawatts of capacity. The first of 4 new data centers on this site will be Interxion's eighth in Paris, and the first phase is scheduled to open in late 2021.

讓我們轉向第 5 頁的投資活動。我們繼續擴大我們的全球平台，在亞太地區、美洲和歐洲、中東和非洲的多個城市發布了突破性的公告。七月初，我們宣布將在香港建造第二個資料中心，使我們能夠滿足多樣化的多站點工作負載。該設施預計將於 2021 年中期建成並為全球和區域客戶做好準備。 6 月中旬，我們在首爾西北部的上岩數位媒體城破土動工了韓國第一個營運商中立設施。我們看到韓國客戶對營運商中立的產品有大量被壓抑的需求，我們預計將於 2021 年第四季開業。6 月初，我們宣布我們的拉丁美洲平台 Ascenty 和聯合公司與Brookfield 基礎設施公司的合資企業正在進入墨西哥，在兩個不同的地點建立了以美元計價的多兆瓦長期協議，以支持全球領先雲端供應商的發展。 4 月，Interxion 巴黎數位園區破土動工，這是巴黎的市場拓展項目，容量高達 85 兆瓦。該網站上的 4 個新資料中心中的第一個將是 Interxion 在巴黎的第八個資料中心，第一階段計劃於 2021 年底開放。

In early July, Interxion announced the opening of the first phase of MRS3, its third data center in Marseille. Interxion's Marseille campus is one of the world's leading digital hubs for intercontinental data traffic with over 150 network service providers. The new facility will offer customers expanded access to the vibrant community in Marseille, including numerous connectivity providers, digital media and cloud segments, along with local as well as global enterprises. Last but not least, in mid-July, we announced that we had acquired the freehold to the land under our Hanauer Landstraße campus in Frankfurt. In addition, we are also under contract to acquire the Neckermann site, a separate parcel within a kilometer of our existing campus, that will support the development of up to 180 megawatts of IT capacity. We believe that we are creating significant value by combining the leasehold and freehold positions on one of the most highly connected campuses in Europe, while the adjacent expansion capacity provides runway to support customer growth in a key European metro for years to come.

7月初，Interxion宣布啟用位於馬賽的第三個資料中心MRS3的第一期。 Interxion 的馬賽園區是全球領先的洲際數據流量數位中心之一，擁有 150 多家網路服務供應商。新設施將為客戶提供更多進入馬賽充滿活力的社區的機會，包括眾多連接提供商、數位媒體和雲端部門以及本地和全球企業。最後但並非最不重要的一點是，7 月中旬，我們宣布獲得了法蘭克福 Hanauer Landstraße 園區下土地的永久業權。此外，我們還簽訂了收購 Neckermann 站點的合同，這是我們現有園區一公里範圍內的一個獨立地塊，將支援高達 180 兆瓦的 IT 容量的開發。我們相信，透過將歐洲聯繫最緊密的園區之一的租賃權和永久業權位置相結合，我們正在創造巨大的價值，而相鄰的擴張能力則為未來幾年支持歐洲主要都會區的客戶增長提供了跑道。

We also made 2 significant announcements advancing our collaboration with NVIDIA. In early May, we announced the PlatformDIGITAL data hub featuring NVIDIA DGX A100 POD infrastructure, a joint engineered solution that brings the world's first 5 Petaflops AI compute system to the enterprise to tackle high-performance computing challenges. Most recently, in late July, we announced the joint development of an AI platform as a service offering on PlatformDIGITAL, combining core scientific plexus AI workflow orchestrator with the NVIDIA data hub solution to address enterprise data lake performance constraints. These announcements validate our strategy of building a portfolio of engineered partner solutions to help enterprises accelerate digital transformation and remove data gravity barriers.

我們也發布了兩個重要公告，以推進我們與 NVIDIA 的合作。 5 月初，我們宣布推出採用 NVIDIA DGX A100 POD 基礎設施的 PlatformDIGITAL 資料中心，這是一個共同設計的解決方案，可為企業帶來全球首個 5 Petaflops AI 運算系統，以應對高效能運算挑戰。最近，即 7 月下旬，我們宣佈在 PlatformDIGITAL 上共同開發 AI 平台即服務產品，將核心科學叢 AI 工作流程協調器與 NVIDIA 資料中心解決方案相結合，以解決企業資料湖效能限制。這些公告驗證了我們建構工程合作夥伴解決方案組合的策略，以幫助企業加速數位轉型並消除資料引力障礙。

Let's turn to Interxion on Page 6. Integration is our top priority for 2020. And despite having to do the hard work of integration virtually during the pandemic, both teams have risen to the occasion. Andy will cover our customer wins in more detail, but we are already seeing the benefits of the significant cross-selling opportunities. We said last quarter that we believe our combination with Interxion has the potential to change the global data center landscape. And in the interim, we've received meaningful third-party validation of our view. In mid-July, Cloudscene gave us the top billing in EMEA on their H1 2020 data center ecosystem leader board, which ranks data center operators based on the composition of their facilities, service providers, network fabrics and cloud on ramps. The combined organization is well placed to meet the growing demand from cloud and content platforms, IT service providers, and enterprises seeking colocation, hybrid cloud and hyperscale data center solutions. These are global long-term opportunities that we are ideally positioned to address. We've made steady progress on our corporate integration efforts and by putting customers first, we've been able to seamlessly come together as one company. There will be more work to do over the next several quarters, but we are pleased with our progress to date.

讓我們轉向第 6 頁的 Interxion。整合是我們 2020 年的首要任務。儘管在大流行期間必須以虛擬方式進行整合的艱苦工作，但兩個團隊都已做好準備。安迪將更詳細地介紹我們的客戶勝利，但我們已經看到了重大交叉銷售機會的好處。我們上季表示，我們相信我們與 Interxion 的合併有可能改變全球資料中心的格局。在此期間，我們的觀點得到了有意義的第三方驗證。 7 月中旬，Cloudscene 在2020 年上半年資料中心生態系統排行榜上為我們提供了歐洲、中東和非洲地區的最高排名，該排行榜根據資料中心營運商的設施、服務供應商、網路結構和坡道雲的組成對資料中心營運商進行排名。合併後的組織能夠很好地滿足雲端和內容平台、IT 服務提供者以及尋求託管、混合雲端和超大規模資料中心解決方案的企業不斷增長的需求。這些都是我們處於有利地位的全球長期機會。我們在企業整合方面取得了穩步進展，透過將客戶放在第一位，我們能夠無縫地整合為一家公司。未來幾季還有更多工作要做，但我們對迄今為止的進展感到滿意。

Let's turn to the macro environment. As we are all aware, the pandemic has pumped the brakes on the global economy. As you've heard me say many times before, data center demand is not directly correlated to job growth, and we are fortunate to be operating in a business levered to secular demand drivers, both growing faster than global GDP growth and somewhat insulated from economic volatility. The current environment is accelerating enterprise's digital transformation strategies, and data gravity is shaping the way enterprises will deploy, host and connect their infrastructure globally. According to IDC, by 2025, enterprises will need to manage the integration of 175 zettabytes of data between their private infrastructure and public clouds. 451 Research conducted a global IT leader survey finding 87% of IT leaders need to maintain local copies of critical data at global points of presence to meet regulatory requirements. We see indicators of enterprises solving data gravity globally across our platform in the volume of new logos as well as expansion bookings within our enterprise vertical.

我們再來看看宏觀環境。眾所周知，疫情給全球經濟踩了煞車。正如您之前多次聽到我說過的那樣，資料中心需求與就業成長並不直接相關，我們很幸運能夠在一個受長期需求驅動因素影響的企業中運營，其成長速度快於全球GDP 成長，並且在一定程度上不受經濟影響。揮發性。當前環境正在加速企業的數位轉型策略，數據引力正在塑造企業在全球部署、託管和連接基礎設施的方式。 IDC 表示，到 2025 年，企業將需要管理其私人基礎設施和公有雲之間 175 ZB 資料的整合。 451 Research 進行了一項全球 IT 領導者調查，發現 87% 的 IT 領導者需要在全球存在點上維護關鍵資料的本地副本，以滿足監管要求。我們看到企業在我們的平台上解決全球數據重力問題的指標包括新徽標的數量以及我們企業垂直領域內的擴展預訂。

Digital Realty was recently named the global leader in GigaOm's market radar for edge co-location. Ranking our strategy as the only outperformer in the platform strategy subsegment, a strong validation of our vision. The road map for PlatformDIGITAL is positioned to capture the enterprise opportunity. Given the resiliency of the demand drivers underpinning our business and the relevance of our portfolio to meeting these needs, we believe we are well positioned to continue to deliver sustainable growth for customers, stakeholders and employees, whatever the macro environment may hold in store.

Digital Realty 最近被評為 GigaOm 邊緣託管市場雷達的全球領導者。將我們的策略列為平台策略細分市場中唯一表現出色的策略，這有力地驗證了我們的願景。 PlatformDIGITAL 的路線圖旨在捕捉企業機會。鑑於支撐我們業務的需求驅動因素的彈性以及我們的產品組合與滿足這些需求的相關性，我們相信，無論宏觀環境如何，我們都能夠繼續為客戶、利害關係人和員工提供可持續成長。

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

說到這裡，我想把電話轉給安迪，讓他向您介紹我們的財務表現。

Thank you, Bill. Let's pick up here on Page 9. As you may have seen from our supplemental reporting package, we have included Interxion's portfolio statistics in the supplemental this quarter. The highlights here on Page 9 of the deck give you a sense for the power of the combined platform. We also implemented the changes to our disclosure package we've telegraphed for the past several quarters. As we've said, we see the lines blurring between product types, and we believe the traditional distinctions have become less meaningful. The changes we've made attempt to more closely align our disclosure with our customers' buying behavior and the way we manage the business. We hope these disclosure enhancements are helpful. We aim to continuously improve the utility and transparency of our financial disclosures, and as always, we welcome additional input from analysts and investors.

謝謝你，比爾。讓我們從第 9 頁開始。正如您可能從我們的補充報告包中看到的那樣，我們在本季度的補充報告中納入了 Interxion 的投資組合統計數據。此牌組第 9 頁的亮點讓您了解組合平台的強大功能。我們也對過去幾季發布的揭露方案進行了更改。正如我們所說，我們看到產品類型之間的界限變得模糊，並且我們相信傳統的區別已經變得不再那麼有意義。我們所做的改變試圖使我們的揭露與客戶的購買行為以及我們管理業務的方式更加緊密地結合。我們希望這些揭露增強功能能夠有所幫助。我們的目標是不斷提高財務揭露的實用性和透明度，並一如既往地歡迎分析師和投資者提供更多意見。

Let's turn to our leasing activity on Page 10. We signed total bookings of $144 million including an $18 million contribution from Interxion. The second quarter also included a $12 million contribution from Interconnection. And along with the $22 million of network and enterprise-oriented deals of a megawatt or less accounted for nearly 25% of total bookings. The weighted average lease term was nearly 11 years. We landed a total of 124 new logos during the second quarter, including 38 sourced by Interxion, again, demonstrating the power of our global platform.

讓我們轉向第 10 頁的租賃活動。我們簽署的總預訂額為 1.44 億美元，其中包括 Interxion 的 1800 萬美元捐款。第二季還包括來自 Interconnection 的 1200 萬美元貢獻。此外，價值 2,200 萬美元的網路和兆瓦級或以下企業導向的交易佔總預訂量的近 25%。加權平均租賃期間近11年。第二季我們總共推出了 124 個新徽標，其中 38 個由 Interxion 提供，再次展示了我們全球平台的力量。

In terms of regions, demand was particularly robust in Northern Virginia, the New York Metro area, the Pacific Northwest and Mexico City in the Americas, as well as Frankfurt, Paris, London and Marseille in EMEA. We leased 48 megawatts in Ashburn during the second the quarter, bringing our trailing 4-quarter total to north of 100 megawatts. This activity has driven lease-up of active development as well as existing inventory. We generated another 70 basis points of positive net absorption within our Northern Virginia in-service portfolio during the second quarter, up from 90% occupied at year-end to 93.8% as of June 30. And our Northern Virginia active development pipeline is now 100% pre-leased. Despite a somewhat crowded playing field in this market, we believe we certainly hit above our weight due to the strength of our global platform and sales force, the large and growing installed customer base seeking growth with adjacency on our connected campuses. And finally, our ability to future-proof our customers' growth with our strategic land holdings, providing the longest runway to support their future growth.

從地區來看，美洲的維吉尼亞北部、紐約都會區、太平洋西北地區和墨西哥城，以及歐洲、中東和非洲的法蘭克福、巴黎、倫敦和馬賽克的需求尤其強勁。第二季我們在阿什本租賃了 48 兆瓦，使我們過去 4 個季度的總租賃量超過 100 兆瓦。這項活動推動了活躍開發項目以及現有庫存的租賃。第二季度，我們在北維吉尼亞州的在役投資組合中又實現了70 個基點的正淨吸收，從年底的90% 上升到截至6 月30 日的93.8%。我們北維吉尼亞州的活躍開發項目現已達100 個% 預租。儘管這個市場的競爭環境有些擁擠，但我們相信，由於我們的全球平台和銷售隊伍的實力，以及龐大且不斷增長的安裝客戶群尋求在我們的互聯園區附近實現增長，我們肯定會超越我們的實力。最後，我們有能力透過我們的戰略土地持有來保證客戶的成長，提供最長的跑道來支持他們的未來成長。

While we have not yet begun to see meaningful improvement in Northern Virginia market rents, the available inventory has been rapidly absorbed, and the pendulum is starting to swing back towards tighter availability and healthy competitive tension. In terms of specific wins during the quarter and around the world, the New York metro area was a standout, not only is the top destination for network and enterprise-oriented deployments during the second quarter but also with the groundbreaking of our newest connected campus in Northern New Jersey, where we will be developing a highly strategic purpose-built new infrastructure solution to help a leading data analytics provider, optimize data exchange for their employees, customers and partners. In Phoenix, a leading Pac-12 university is leveraging our network-dense interconnection hub to optimize their hybrid IT controls.

雖然我們尚未開始看到北維吉尼亞州市場租金的顯著改善，但可用庫存已被迅速吸收，鐘擺開始轉向更緊張的供應和健康的競爭緊張局勢。就本季和全球範圍內的具體勝利而言，紐約都會區表現出色，不僅是第二季度網絡和麵向企業的部署的首選目的地，而且還破土動工了我們最新的互聯園區。新澤西州北部，我們將在那裡開發高度策略性的專用新基礎設施解決方案，以幫助領先的數據分析提供者優化其員工、客戶和合作夥伴的數據交換。在鳳凰城，一所領先的 Pac-12 大學正在利用我們的網路密集互連中心來優化其混合 IT 控制。

As we announced in mid-May, the Shadowserver Foundation, a nonprofit security organization working to make the internet secure for everyone, is streamlining its data center network with Digital Realty in the Bay Area. Our Paris team persuaded [EcoTel], a French global IT service provider, to migrate its infrastructure onto our platform by offering flexible commercials and demonstrating their value as a trusted partner. In London, we added Elite, a local fiber and managed service provider, to our carrier community, which will attract other enterprises, particularly in digital media, who will use Elite for their services.

正如我們在 5 月中旬宣布的那樣，Shadowserver 基金會是一個致力於確保每個人的網路安全的非營利安全組織，正在與 Digital Realty 合作簡化其位於灣區的資料中心網路。我們的巴黎團隊透過提供靈活的廣告並展示其作為值得信賴的合作夥伴的價值，說服了法國全球 IT 服務供應商 [EcoTel] 將其基礎設施遷移到我們的平台上。在倫敦，我們將本地光纖和託管服務提供者 Elite 添加到我們的營運商社區，這將吸引其他企業，特別是數位媒體企業，他們將使用 Elite 提供服務。

In the Netherlands, [Digiting], a fast-growing software company targeting the online gaming community, chose our  Schiphol-Rijk campus in Amsterdam at its worldwide hub due to low latency connections to the rest of Europe and beyond. A leading U.S. semiconductor manufacturing company deployed across multiple metros is demonstrating the diverse product solutions available on PlatformDIGITAL, leveraging fit-for-purpose interconnection and infrastructure capabilities across 3 unique sites on our Dallas-connected campus as well as the Amsterdam Business Park.

在荷蘭，[Digiting] 是一家快速發展的線上遊戲社群軟體公司，由於與歐洲其他地區及其他地區的低延遲連接，選擇了我們位於阿姆斯特丹的 Schiphol-Rijk 園區作為其全球中心。一家在多個城市部署的美國領先半導體製造公司正在演示 PlatformDIGITAL 上提供的多樣化產品解決方案，利用位於達拉斯互聯園區以及阿姆斯特丹商業園區的 3 個獨特站點的適合用途的互連和基礎設施功能。

Finally, Hash Power, a leading global content delivery company headquartered in Portugal, harnessed the power of our combination with Interxion to rewire their network in Madrid and San Francisco.

最後，總部位於葡萄牙的全球領先內容交付公司 Hash Power 利用我們與 Interxion 合併的力量，重新佈線了他們在馬德里和舊金山的網路。

Turning to our backlog on Page 12. The current backlog of leases signed, but not yet commenced stands at a record-high $251 million. The step-up from $122 million last quarter reflects the $44 million backlog inherited from Interxion as well as the $132 million of combined space and power leases signed, offset by $47 million of combined commencements. The lag between signings and commencements was a bit longer than our historical average at a little less than 7 months.

轉向第 12 頁的積壓訂單。目前已簽署但尚未開始的積壓租賃訂單達到創紀錄的 2.51 億美元。較上季度的 1.22 億美元有所增加，反映出從 Interxion 繼承的 4400 萬美元的積壓訂單以及已簽署的 1.32 億美元的空間和電力租賃合同，被已開工的 4700 萬美元的合同所抵消。簽約和開工之間的時間間隔比我們的歷史平均時間稍長一些，不到 7 個月。

Moving on to renewal leasing activity on Page 13. We signed $169 million of renewals during the second quarter in addition to new leases signed. We retained 88% of expiring leases above our long-term trend. The weighted average lease term on renewals signed during the second quarter was a little less than 6 years, while cash rental renewals rolled down 2.8%, in line with expectations. Aside from a few select supply-constrained regions in metro areas, we have yet to see broad-based rental rate growth across most markets. However, we are continuing to make significant progress cycling through peak vintage renewals. The lion's share of our portfolio has recently been leased at current market rents, and we are beginning to see tightening fundamentals and barriers to entry emerging in a growing number of markets around the world. As a result, we expect to see continued gradual improvement on cash releasing spreads into 2020 and beyond.

繼續第 13 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 1.69 億美元的續約合約。我們保留了 88% 的到期租約，高於長期趨勢。第二季簽訂的續租加權平均租期略低於 6 年，而現金續租則下降 2.8%，符合預期。除了都會區的一些供應受限地區外，我們尚未看到大多數市場的租金率廣泛增長。然而，我們正在繼續在高峰年份更新周期中取得重大進展。我們投資組合的大部分最近都是以當前市場租金出租的，我們開始看到全球越來越多的市場出現基本面收緊和進入障礙的情況。因此，我們預期 2020 年及以後現金釋放利差將持續逐步改善。

In terms of second quarter operating performance, overall portfolio occupancy was down 150 basis points to 85.7%, entirely due to consolidation of the embedded upside within the Interxion portfolio in our reported statistics for the first time. Same capital occupancy ticked up 20 basis points for the second quarter and same capital cash NOI growth was better-than-expected at negative 1.2%, including a 60 basis point FX headwind. As we indicated last quarter, barring any unforeseen shocks, we are cautiously optimistic that we put the same-store low watermark for the cycle behind us. As a reminder, Interxion and the Westin Building are not included in the 2020 same-store pool, but we expect both acquisitions will be accretive to our organic growth going forward.

就第二季營運表現而言，整體投資組合入住率下降了 150 個基點，至 85.7%，這完全是由於我們在報告的統計數據中首次整合了 Interxion 投資組合的內嵌優勢。第二季相同資本佔用率上升 20 個基點，相同資本現金 NOI 成長優於預期，為負 1.2%，其中包括 60 個基點的外匯逆風。正如我們上季度所表示的那樣，除非出現任何不可預見的衝擊，否則我們持謹慎樂觀的態度，認為我們已將週期的同店低水位線拋在了身後。提醒一下，Interxion 和威斯汀大廈不包含在 2020 年同店池中，但我們預計這兩項收購將促進我們未來的有機成長。

Turning to our economic risk mitigation strategies on Page 14. The U.S. dollar began to weaken in late May but remained elevated relative to prior year average exchange rates for the full quarter. And FX represented roughly an 80 basis point headwind to the year-over-year growth in our reported results from the top to the bottom line. 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. In terms of vertical concentration, as you can see from the pie chart on the upper right, we have limited exposure to the businesses most directly impacted by the COVID-19 pandemic. Rent collections remain in line with our historical average and the sum total of customers who have reached out to request rent relief represent approximately 3% of total revenue. 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 a roughly 30 basis point impact on full year FFO per share. Our near-term funding and refinancing risk is very well managed, and our capital plan is fully funded.

轉向第 14 頁的經濟風險緩解策略。美元於 5 月下旬開始走弱，但整個季度相對於去年平均匯率仍處於較高水準。在我們報告的業績中，從頂部到底部，外匯對同比增長產生了大約 80 個基點的阻力。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。就垂直集中度而言，正如您從右上角的餅圖中看到的那樣，我們對受 COVID-19 大流行影響最直接的業務的敞口有限。租金收取情況與我們的歷史平均值保持一致，主動要求租金減免的客戶總數約佔總收入的 3%。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 個基點將對全年每股 FFO 產生約 30 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, core FFO per share was down 6% year-over-year, but $0.07 ahead of consensus as well as our internal forecast, driven by a beat on the top line as well as operating expense savings primarily due to lower property level spending in the COVID-19 environment. A portion of the OpEx savings is likely timing related and represents more of a deferral rather than permanent savings. But the operational outperformance is obviously encouraging.

就獲利成長而言，每股核心 FFO 同比下降 6%，但比共識和我們的內部預測領先 0.07 美元，這主要是由於營收成長以及營業費用節省所致。在 COVID-19 環境下的財產支出。部分營運支出節省可能與時間有關，更多的是延期節省，而不是永久節省。但營運表現顯然令人鼓舞。

In terms of the quarterly run rate, as you can see from the bridge chart on Page 15, we still expect to dip back down by $0.05 to $0.10 in the third quarter before rebounding in the fourth quarter and beyond. In early July, we announced that we intend to redeem $800 million of senior notes due in 2022. We expect to fund the redemption by settling the $1 billion forward equity offering in the third quarter and the higher share count, along with the expected catch up and deferred OpEx are primarily responsible for the step back down in the third quarter. As you may have seen from the press release, we are raising the low end of the range for revenue, EBITDA and core FFO per share guidance reflecting the second quarter outperformance as well as the strength of our bookings and backlog. We don't typically provide explicit AFFO per share guidance, but given the magnitude of the beat, we wanted to offer some additional context. As you may have seen from the earnings release, we are maintaining our full year guidance for noncash rent adjustments of $20 million to $30 million as well as our recurring CapEx guidance of $220 million to $230 million, although we are admittedly trending towards the low end of the range. The implication here is that we do expect straight-line rental revenue will continue to moderate over the course of the year, narrowing the delta between cash and GAAP and enhancing the quality of earnings. But we still expect to spend nearly the same recurring CapEx budget for the full year despite the lower spend year-to-date.

就季度運行率而言，正如您從第 15 頁的橋圖中看到的那樣，我們仍然預計第三季將回落 0.05 美元至 0.10 美元，然後在第四季度及以後反彈。 7 月初，我們宣布打算贖回 2022 年到期的 8 億美元優先票據。我們預計透過解決第三季 10 億美元的遠期股票發行和更高的股票數量以及預期的追趕來為贖回提供資金和遞延營運支出是第三季下降的主要原因。正如您可能從新聞稿中看到的那樣，我們正在提高收入、EBITDA 和每股核心 FFO 指導範圍的下限，反映了第二季度的優異表現以及我們的預訂和積壓訂單的實力。我們通常不會提供明確的 AFFO 每股指引，但考慮到波動的幅度，我們希望提供一些額外的背景資訊。正如您可能從收益發布中看到的那樣，我們維持全年非現金租金調整指引為2000 萬至3000 萬美元，以及經常性資本支出指引為2.2 億至2.3 億美元，儘管我們無可否認地趨向於低端的範圍。這意味著我們確實預計直線租金收入將在今年繼續放緩，從而縮小現金與公認會計原則之間的差異並提高獲利品質。但我們仍然預期全年的經常性資本支出預算幾乎相同，儘管年初至今支出較低。

The bottom line on the AFFO per share outlook is similar to core FFO per share. The second quarter beat does flow through the full year forecast, but similar to the OpEx running through the P&L, a portion of the recurring CapEx savings is likely timing related and represents more of a deferral rather than permanent savings. And we expect the quarterly run rate to dip back down in the second half.

AFFO 每股前景的底線與每股核心 FFO 類似。第二季的業績確實貫穿全年預測，但與貫穿損益表的營運支出類似，一部分經常性資本支出節省可能與時間相關，並且更代表延期而不是永久節省。我們預計下半年季度運行率將回落。

Last, but certainly not least, let's turn to the balance sheet on Page 16. The fixed charge coverage remains healthy at 4.6x, while net debt to adjusted EBITDA stood at 5.7x as of the end of the second quarter. Pro forma for the settlement of the $1 billion forward equity offering net debt-to-adjusted EBITDA remains in line with our targeted range at just over 5x, while fixed charge coverage is just under 5x. As a result of our proactive balance sheet management, prior to the redemption of our bonds due in 2022, we have over $4 billion of liquidity to fund our capital spending, including over $500 million of cash on the balance sheet as of June 30, another $1 billion of equity coming in upon settlement of the forward equity offering and $2.5 billion of availability on our global revolving credit facilities. The successful execution against our financing strategy reflects the strength of our global platform, which provides access to the full menu of public as well as private capital, sets us apart from our peers and enables us to prudently fund our growth. As you can see from the chart, our weighted average debt maturity is over 6 years and our weighted average coupon is 3%. A little over 60% of our debt is non-U.S.-dollar denominated, acting as a natural FX hedge for our investments outside the U.S. Over 95% 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.

最後但同樣重要的一點是，讓我們看看第 16 頁的資產負債表。截至第二季末，固定費用覆蓋率保持在 4.6 倍的健康水平，而調整後 EBITDA 的淨債務為 5.7 倍。預計 10 億美元遠期股權發行結算的淨負債與調整後 EBITDA 的比率仍符合我們略高於 5 倍的目標範圍，而固定費用覆蓋率略低於 5 倍。由於我們積極主動的資產負債表管理，在贖回2022 年到期的債券之前，我們擁有超過40 億美元的流動性來為我們的資本支出提供資金，其中包括截至6 月30 日資產負債表上超過5 億美元的現金，另一遠期股權發行結算後將獲得 10 億美元的股權，我們的全球循環信貸額度將獲得 25 億美元的可用資金。我們融資策略的成功執行反映了我們全球平台的實力，該平台提供了獲取公共和私人資本的完整菜單，使我們在同行中脫穎而出，並使我們能夠審慎地為我們的成長提供資金。從圖表中可以看出，我們的加權平均債務期限超過 6 年，加權平均票面利率為 3%。我們60% 多一點的債務是以非美元計價的，作為我們在美國以外的投資的天然外匯對沖。我們95% 以上的債務是固定利率的，以防範利率上升的環境，而我們98% 的債務是以美元計價的。債務無擔保，為資金回收提供了最大的靈活性。

Finally, as you can see from the left side of Page 17, we have a clear runway with virtually no 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 17 頁左側看到的那樣，我們有一條清晰的跑道，幾乎沒有短期債務到期日，而且在未來幾年也沒有過高的門檻。我們的資產負債表已做好應對風暴的準備，同時也能夠根據我們的長期融資策略為全球客戶帶來成長機會。

This concludes our prepared remarks, and now we'll 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 Atkins of RBC Capital Markets.

（操作員說明）我們的第一個問題來自加拿大皇家銀行資本市場的喬恩·阿特金斯。

My first question is on kind of leasing. I wondered, given the strong performance, if there's any kind of credence to the notion that this is sort of a pull forward and kind of your views on that topic and what we might kind of think about in terms of timing first half versus second half on demand. And related to that, you did indicate, Bill, a little bit about pricing, but I wondered, are you within kind of the midpoint, low point, high point of your targeted yield range on the larger deals that you signed in Northern Virginia and other markets? And then I've got a follow-up.

我的第一個問題是關於租賃的類型。我想知道，考慮到強勁的表現，是否有任何證據表明這是一種推動，以及您對該主題的看法，以及我們在上半場與下半場的時間安排方面可能會考慮什麼一經請求。與此相關的是，比爾，你確實指出了一些關於定價的問題，但我想知道，你是否處於你在北弗吉尼亞州簽署的較大交易的目標收益率範圍的中點、低點、高點之內？其他市場？然後我有一個後續行動。

Jon, this is Andy. Maybe I'll start this one off and then hand it over to Corey to talk about 2Q and also kind of more forward-looking in the back half of the year. I can tell you we're always trying to pull forward deals as fast as possible at the end of every month and every quarter. So I don't think there's anything particularly unusual about this quarter's results, which we're certainly quite pleased with. I'd characterize it broadly back to something Bill kind of mentioned in the prepared remarks, really, we worked pretty hard for several years now, putting together a highly attractive highly connected, diverse and truly global portfolio and platform. And that, along with consistent, stable and productive, broad organizational talents and leadership and just solid execution is really kind of what contributed to numerous wins across the board, whether it's the vault leasing signings, volume and well -- as well as mix.

喬恩，這是安迪。也許我會開始這一點，然後將其交給科里來談論第二季度，並且在今年下半年也更具前瞻性。我可以告訴你，我們一直在努力在每個月末和每季盡快推進交易。因此，我認為本季的業績沒有什麼特別不尋常的地方，我們對此感到非常滿意。我將其大致描述為比爾在準備好的發言中提到的一些內容，實際上，我們已經努力工作了幾年，建立了一個極具吸引力的高度互聯、多樣化和真正的全球投資組合和平台。加上一致、穩定和高效、廣泛的組織人才和領導力以及紮實的執行力，確實促成了眾多全面勝利，無論是金庫租賃簽約、數量還是組合。

But I'll let Corey speak to a little bit more of what he saw in the quarter, and then we can come back and talk about returns on the larger deals.

但我會讓科里多談談他在本季度看到的情況，然後我們可以回來討論較大交易的回報。

Yes. Thanks, Andy. And yes, I would say that it really was not a pull forward on COVID. I would tell you that we really had a great quarter that we've been building it, Andy, you mentioned it 5 or 6 consecutive quarters of growth. A lot of work that the team has been doing to build our platform, position us the correct way and really build trust with all of our customers. So I wouldn't view this as a pull forward, even though we pull deals forward all the time. This is really just the fruits of our labor playing out for us.

是的。謝謝，安迪。是的，我想說，這確實不是對新冠疫情的推動。我想告訴你，我們確實度過了一個很棒的季度，我們一直在努力建設它，安迪，你提到它連續 5 或 6 個季度增長。團隊做了很多工作來建立我們的平台，為我們定位正確的方向，並真正與所有客戶建立信任。因此，我不認為這是一種向前推進，儘管我們一直在推進交易。這其實只是我們的勞動成果。

But when you think about the segments that we actually had a ton of success with. So really good success across the hyperscalers. Again, they value our global platform, the geography, all of the work that we've done for them with our trusted set of hands and our ops team that continues to provide support for them. And then really just a heritage of success and relationships that we've got going with them. From an enterprise and a network perspective, investing in the team, our sales team, our go to market, our global capabilities, and then we improved our messaging and our positioning around the value. When we launched PlatformDIGITAL back in November, I think you're starting to see the fruits of that. Customers, media, analysts really just a broad base of people that picked up on that. And then we've had a lot more success with our reps quarter-over-quarter. So a lot more contribution from the reps. And then finally, I would just say that as we look ahead, we think that we're going to really focus on the makeup of our quarter. How do we continue to grow new logos, enterprise wins or communities of interest, interconnection, colocation.

但當你想到我們實際上取得了巨大成功的細分市場時。超大規模企業確實取得了巨大的成功。再次，他們重視我們的全球平台、地理位置，以及我們透過值得信賴的團隊和繼續為他們提供支援的營運團隊為他們所做的所有工作。然後，實際上就是我們與他們之間的成功和關係的傳承。從企業和網路的角度來看，投資於團隊、銷售團隊、市場開拓、全球能力，然後我們圍繞著價值改進了我們的訊息傳遞和定位。當我們在 11 月推出 PlatformDIGITAL 時，我想您已經開始看到其成果了。客戶、媒體、分析師其實只是了解這一點的廣大人群。然後我們的銷售代表每季都取得了更大的成功。因此，代表們做出了更多的貢獻。最後，我想說，展望未來，我們認為我們將真正關注本季的組成。我們如何繼續發展新的商標、企業勝利或利益社群、互連、託管。

And then finally, I think you're also going to see that some of the messaging we've brought out has been -- really picked up and some of the trends that we're driving are starting to drive the industry, and how they're thinking and the thinking in the industry around the importance of centers of data and around the importance of data gravity, which requires some architecture reconsiderations. So we expect to see more and more of the industry following our lead in these areas as well. I think I hit most of it, Andy, but go ahead, if there's something else.

最後，我認為您還會看到我們所傳達的一些訊息確實得到了重視，我們正在推動的一些趨勢正在開始推動整個行業，以及它們如何我們正在思考以及行業中圍繞數據中心的重要性和數據引力的重要性的思考，這需要重新考慮一些架構。因此，我們期望看到越來越多的產業也追隨我們在這些領域的領先地位。安迪，我想我已經完成了大部分內容，但如果還有其他內容，請繼續。

Jon, anything else we should hit?

喬恩，我們還該打什麼？

Yes. Yes, that's good. And then maybe the follow-up on Interxion and maybe the 2 of you again on the -- kind of on the integration side, whether it's systems or IT, integration, Andy, if there's any kind of future milestones to call out? And then for Corey, as you have worked for global organizations in the past and picking up a very valuable kind of European operation, anything you see going forward in ways that you can maybe optimize 1 obvious example is cross-connect pricing, which has seen some nice lift over the last couple of years on the part of one of your major peers.

是的。是的，那很棒。然後也許是 Interxion 的後續行動，也許你們兩個又在集成方面，無論是系統還是 IT、集成，安迪，是否有任何未來的里程碑需要指出？然後，對於科里來說，由於您過去曾在全球組織工作過，並選擇了一種非常有價值的歐洲業務，因此您看到的任何可以優化的方式的未來發展，一個明顯的例子是交叉連接定價，這已經看到了過去幾年裡，你的一位主要同行為你帶來了一些不錯的提升。

Maybe Bill can start off on the integration front.

也許比爾可以從整合方面開始。

Yes, sure. Happy to take part of that, and I'll hand off to Andy. First of all, as you know, we closed the transaction on March 12. So just about the end of the last quarter. And I've said it on several occasions, but the integration of Interxion is our top priority for 2020. And I will tell you that we are absolutely pleased with the progress made to date. Particularly given the impediments created by the pandemic. And I think we've done a good job of identifying synergies, expense synergies, and we're seeing potential revenue synergies as well, which is what we'd hoped but didn't underwrite.

是的，當然。很高興參與其中，我將把工作交給安迪。首先，如您所知，我們在 3 月 12 日結束了交易。所以大約是上個季度末。我已經多次說過，整合 Interxion 是我們 2020 年的首要任務。我會告訴您，我們對迄今為止的進展感到非常滿意。特別是考慮到大流行造成的障礙。我認為我們在識別協同效應、費用協同效應方面做得很好，而且我們也看到了潛在的收入協同效應，這是我們所希望但沒有承諾的。

As I mentioned last quarter, I'm very, very happy with the collaboration that's occurred within the 2 firms. David Ruberg and I speak several times a week. I have the utmost respect for what he brings to the data center business. And I do believe that providing essential services during a global health crisis has had a unifying effect on the -- on both teams. Andy, I'll turn it over to you.

正如我上季度提到的，我對兩家公司之間的合作感到非常非常滿意。大衛魯伯格和我每週都會交談幾次。我非常尊敬他為資料中心業務帶來的貢獻。我確實相信，在全球健康危機期間提供基本服務對兩個團隊都產生了統一的影響。安迪，我會把它交給你。

Just to add a little bit more and then make sure we get to the heart -- the last part of your question about cross-connects. Obviously, we're continuing to progress it despite the technology or not being able to do it in person, hit some key milestones in the last several months of organizational announcements and certainly tiebacks to our global organization, now working on some specific work streams, such as our technology, and how we bring together our IT systems and business processes. And in addition to kind of just the people front. So a lot of great wins there in terms of customer referrals. Cross-selling, multisite bidding and great progress. I think the piece you mentioned on the cross-connect, Jon, obviously, the commercial model for cross-connect has been different in Europe overall. Interxion, over the last several years, moved to a model where there is better commercialization of the cross-connect opportunity. That being said, I look at the combined global portfolio and call it, roughly half of our cross-connects sit in EMEA yet probably only closer to 20% of our interconnection revenue originates from that part of the world, which I think speaks to opportunity to really make sure our customers are getting value from our services overall, and there's an equitable commercial relationship for that value we deliver.

只是添加一點內容，然後確保我們觸及核心——您關於交叉連接的問題的最後一部分。顯然，儘管有技術或無法親自完成，我們仍在繼續取得進展，在過去幾個月的組織公告中達到了一些關鍵里程碑，當然也與我們的全球組織有聯繫，現在正在處理一些特定的工作流程，例如我們的技術，以及我們如何將 IT 系統和業務流程整合在一起。除了人員方面之外。因此，在客戶推薦方面取得了許多巨大的勝利。交叉銷售、多站點投標和巨大進步。我認為你提到的關於交叉連接的文章，喬恩，顯然，交叉連接的商業模式在歐洲總體上是不同的。在過去的幾年裡，Interxion 轉向了一種能夠更好地實現交叉連接機會商業化的模式。話雖這麼說，我看看合併的全球投資組合，並將其稱為，我們大約一半的交叉連接位於歐洲、中東和非洲地區，但我們的互連收入中可能只有接近20% 來自該地區，我認為這說明了機會真正確保我們的客戶從我們的整體服務中獲得價值，並且我們提供的價值存在公平的商業關係。

Corey, I'll hand it over to you to wrap up Jon's point, if you have anything else to add?

科里，我將把喬恩的觀點交給你來總結，你還有什麼要補充的嗎？

No, I think you guys covered it well across the board unless there's something, Jonathan, that you'd like.

不，我認為你們已經全面涵蓋了它，除非有什麼，喬納森，你想要的。

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

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

So first, I just wanted to speak to pricing a little bit. It seems this volume pretty significant. I noticed sequentially domestically or at least in the Americas, pricing seems somewhat stable, maybe even better despite the increased volume. But in Europe, it looks like pricing came down quite a bit. I know maybe not a perfect comp, but I'm curious to what degree was the success achieved in the quarter, a function of maybe more aggressive pricing and maybe in that context, can you talk about what you're doing in terms of thinking in terms of returns and underwriting fee base?

首先，我只想談談定價。看來這個量相當可觀。我注意到，在國內或至少在美洲，儘管銷量有所增加，但價格似乎有些穩定，甚至可能更好。但在歐洲，價格似乎下降了很多。我知道也許不是一個完美的比較，但我很好奇本季取得的成功有多大，這可能是更激進的定價的結果，也許在這種情況下，您能談談您在思考方面所做的事情嗎？在回報和承保費用基礎方面？

Sure, Jordan. So by and large, I would say we did not see much of a change in the pricing dynamic during the second quarter. And I think what's evident of that is you can look at our returns on our development table, which I think barely moved in North America. I think a little -- it's a little bit tough quarter-to-quarter comparisons overall region-by-region because the mix within a region can certainly sway that outcome. But when we stack it up internally and go market by market, deal size by deal size, we did not see a degradation in pricing. I think further evidence of that dynamic that you may have seen in Ashburn, we essentially added another 70 bps of net absorption after close to 300 prior quarter. And our development pipeline is 100% pre-leased for north of 50 megawatts in Ashburn. So when you have a dynamic, when you're literally selling the last kilowatt or megawatt or a project underway, you're certainly not trading price, and you're certainly not doing it in a quarter that had this robustness of overall volume.

當然，喬丹。因此，總的來說，我想說第二季的定價動態沒有太大變化。我認為最明顯的是你可以看看我們的開發表上的回報，我認為在北美幾乎沒有變化。我認為，逐一地區進行季度與季度的比較有點困難，因為一個地區內的混合肯定會影響結果。但當我們在內部將其疊加並逐個市場、逐個交易規模進行考察時，我們並沒有看到定價下降。我認為您可能在阿什本看到了這種動態的進一步證據，在上一季接近 300 個基點之後，我們基本上又增加了 70 個基點的淨吸收。我們的開發管道已 100% 預租阿什本 50 兆瓦以北的項目。因此，當你有動態時，當你真正出售最後一千瓦或兆瓦或正在進行的項目時，你肯定不是在交易價格，而且你肯定不是在總銷量如此強勁的季度內進行交易。

In Europe, I think really just a mix. The prior quarter that we reported signings was just legacy digital. It didn't have larger-scale deals. This quarter, we had the contribution of Interxion, which had 2 good components. It had consistent, more enterprise or network oriented, smaller deals, call it, $10-plus million of that. And then it had some of the cloud computing nodes in a few markets, which are obviously multiple megawatt deals that if you compare EMEA quarter-over-quarter, you would just see a mix shift that would have changed the pricing. So net-net still see pretty good stability in the pricing from what we saw in 2Q.

在歐洲，我認為實際上只是混合。我們報告的上一季的簽約情況只是傳統的數位簽約。它沒有進行更大規模的交易。本季度，我們得到了 Interxion 的貢獻，它有 2 個很好的組件。它有一致的、更面向企業或網路的、規模較小的交易，可以稱之為 10 多萬美元。然後，它在幾個市場擁有一些雲端運算節點，這些交易顯然是數兆瓦的交易，如果你逐季度比較歐洲、中東和非洲地區，你會看到一種混合變化，這會改變定價。因此，從第二季的情況來看，net-net 的定價仍然相當穩定。

Okay. And then sticking with pricing, the releasing spreads, I think in your prepared remarks, you mentioned that you could see some gradual improvements in cash releasing spreads in the second half of 2020, and that dynamic seems to be tightening, but no change in the guidance. And along the same lines, you had a lot of success on the leasing front this quarter. And I would think that, that might translate into increased capital spend or development spend, and that also kind of remained the same. Any sort of commentary on those pieces?

好的。然後堅持定價、釋放利差，我認為在您準備好的發言中，您提到您可能會看到2020 年下半年現金釋放利差逐漸改善，而且這種動態似乎正在收緊，但現金釋放利差沒有變化。指導。同樣，本季度您在租賃方面取得了很大的成功。我認為，這可能會轉化為資本支出或開發支出的增加，而且這也保持不變。對這些作品有什麼評論嗎？

Sure. So a few things. The -- maybe I'll take these in reverse order. The capital spend just to remind everyone, we put out our guidance with the first quarter call. So that number really wasn't stale all the way back to the beginning of the year or the end of last year. So I'd say our progress was somewhat anticipated and quite frankly, it's -- the range of that number is in the hundreds of million dollars type of range. So it's relatively bigger dollars.

當然。所以有幾件事。也許我會以相反的順序來考慮這些。資本支出只是提醒大家，我們在第一季電話會議中發布了我們的指導。所以這個數字其實並沒有一直追溯到今年年初或去年底。所以我想說，我們的進展在某種程度上是預料之中的，坦白說，這個數字的範圍在數億美元的範圍內。所以它的美元相對較大。

With regard to releasing, I would say, in a broader sense, as a reminder, 4 of the past 5 prior years, we've had positive cash releasing spreads. This year, we guided to slightly negative. And we saw that in the second quarter. I would say the preponderance of the actual releasing was in the positive territory. But there was always an exception or 2. The 2 exceptions here, which had good customer and commercial reasoning. One, we did a multisite, multi-geo network node for one of our large global account platform customers, very strategic to being part of our community type customer at an advantageous rate, given the attractiveness of that customer that you see kind of muting what typically is, call it, 2-plus percent increase on those 0 to 1 megawatt-type deployments. And then on a little bit larger, I think just over a megawatt, we had an enterprise customer who did a simultaneous new signing with us in Europe in addition to a renewal with us in our Southeast region. So when you parse those stats, you obviously see the negative on 1 piece, but it contributes to the positive elsewhere. We still think it's a strategic advantage to come to the table with that relationship and those incremental arrows in our quiver. But those were some of the things that contributed to it. And I don't think -- we didn't change the guidance on that, quite frankly, because it's probably 1 of the toughest to predict because it depends when the customer wants to end the renewal of its contract which can be early or can be very much down to the wire. So it's -- you're handicapping not only the outcome or what period it actually happens.

關於釋放，我想說，從更廣泛的意義上來說，作為提醒，過去 5 年中有 4 年，我們的現金釋放利差為正值。今年我們的指引略為負面。我們在第二季度看到了這一點。我想說的是，實際釋放的大部分是在正面的領域。但總有一個或兩個例外。這裡的兩個例外，有很好的客戶和商業理由。第一，我們為我們的一個大型全球帳戶平台客戶建立了一個多站點、多地理網路節點，這對於以有利的價格成為我們社區類型客戶的一部分非常具有戰略意義，考慮到該客戶的吸引力，你會看到某種靜音通常來說，0 到 1 兆瓦類型的部署會增加 2% 以上。然後，在更大一點的情況下，我想只有超過兆瓦，我們有一個企業客戶，除了在東南地區與我們續約之外，還與我們在歐洲同時進行了新簽約。因此，當您解析這些統計數據時，您顯然會看到其中一件的負面影響，但它在其他地方帶來了積極的影響。我們仍然認為，帶著這種關係和我們箭袋中的增量箭頭來到談判桌是一種戰略優勢。但這些都是促成這結果的一些因素。我不認為 - 坦白說，我們沒有改變對此的指導，因為這可能是最難預測的指導之一，因為這取決於客戶何時想要結束合約續約，可以提前或可以非常注重細節。所以，你不僅影響了結果，也影響了它實際發生的時間。

Our next question comes from Matt Niknam of Deutsche Bank.

我們的下一個問題來自德意志銀行的馬特·尼克南。

Just 1 and 1 follow-up. First, on enterprise, if you could share any sort of updates on your discussions with enterprises, how demand is trending? And I guess the ability of PlatformDIGITAL to sustain this type of new logo growth? I think it's been about 120-plus new logos in the last 2 quarters. And then secondly, follow-up, maybe for Andy. I think you've done about $3.07 a share in core FFO, first half of the year. I think the midpoint is about [605]. And so I'm just wondering can you talk about the puts and takes around incremental headwinds embedded in the outlook? And I guess, more specifically, the COVID-19 deferred OpEx that's driving about half of that drop you expect in 3Q?

只有 1 和 1 後續行動。首先，在企業方面，您能否分享一下與企業討論的最新情況，需求趨勢如何？我猜 PlatformDIGITAL 是否有能力維持這種新標誌的成長？我認為過去 2 個季度大約有 120 多個新徽標。其次，後續行動，也許是針對安迪的。我認為今年上半年你在核心 FFO 上的股價約為 3.07 美元。我認為中點大約是[605]。所以我只是想知道您能否談談展望中嵌入的增量逆風的看跌期權和期權？我想，更具體地說，是 COVID-19 推遲的營運支出導致了您預計的第三季下降的一半左右？

Corey, maybe you could hit the first question, and I'll turn it back over to Andy.

科里，也許你可以回答第一個問題，我會把它轉回給安迪。

Yes, sure. I'll take the first question on enterprise demand and what we're seeing and really what's driving it. And I would tell you that, I mean, thanks for the question. There's really been no silver bullet to it. We've had a great team supporting customers, selling the platform and really building out our platform for us. And so I would tell you it's a confluence of all these things coming together. We also had a great message that we -- I mentioned earlier, with PlatformDIGITAL and how that's being taken up by the industry and by customers. Our enhanced go-to-market approach has helped us. So it's a lot of things we did, but we're also encouraged by our rep tenure, we've got better relationships. We've got customers, having better relationships with our employees at longer. We've increased the number of reps making quota. We've got a ton more sites that are happening, multisite deals, multinational deals, average deal size is up.

是的，當然。我將回答關於企業需求以及我們所看到的以及真正推動它的因素的第一個問題。我想告訴你，我的意思是，謝謝你的提問。確實沒有靈丹妙藥。我們擁有一支優秀的團隊來支援客戶、銷售平台並真正為我們建立我們的平台。所以我想告訴你，這是所有這些事情的融合。我們也傳達了一個很好的訊息——我之前提到過，PlatformDIGITAL 以及產業和客戶如何接受這個訊息。我們強化的進入市場方法對我們有幫助。所以我們做了很多事情，但我們的代表任期也讓我們受到鼓舞，我們建立了更好的關係。我們擁有客戶，與我們的員工建立了更長久的更好關係。我們增加了代表配額的數量。我們正在發生大量的網站、多網站交易、跨國交易，平均交易規模也在增加。

So from a demand perspective on enterprises, I really believe that the work we've been doing for the last 5 years and longer as well as the improved messaging and go to market, puts us in a position where we're sustained for it. And then you add on to that, the Interxion adjustment for us and what we've got from an interconnection and a networking capability and platform that really puts us in a really, really well positioned spot to go and help enterprises as they navigate hybrid IT and then navigate through COVID, and really feel like the breadth of customers, the breadth of our geography. There's going to be some customers in the enterprise world right now that are going to maybe slow down, and I've heard that other places. I think because of how many we're helping and the solutions we're bringing to them to help them take advantage of hybrid IT or manage through COVID has really helped us kind of be a little bit insulated from that. Hope that helps, Andy, if you've got something else to add.

因此，從企業需求的角度來看，我真的相信我們在過去 5 年甚至更長時間所做的工作以及改進的訊息傳遞和進入市場，使我們處於能夠持續發展的境地。然後你再補充一點，Interxion 為我們所做的調整以及我們從互連、網絡功能和平台中獲得的東西，這確實使我們處於一個非常非常有利的位置，可以幫助企業駕馭混合 IT然後瀏覽新冠疫情，真正感受到顧客的廣度、我們地理的廣度。現在企業界的一些客戶可能會放慢速度，我在其他地方也聽說過。我認為，由於我們正在幫助許多人，以及我們為他們提供的解決方案來幫助他們利用混合 IT 或透過新冠病毒進行管理，這確實幫助我們稍微避免了這種情況。安迪，如果您還有其他需要補充的內容，希望對您有幫助。

No, I think you nailed it on, but going to your second question, Matt, and welcome back. It's great to have you back covering digital. The question on the $3.07, why can't you just times that by 2, I don't know if you're colluding with our CEO because he asked me that same question as well. I did have to remind him 2 things, one of which you highlighted. One, we are -- we have been doing some strategic capital management matching our sources and uses. And we are redeeming some notes but all along, to fund our capital spend, we were planning to draw down on that $1 billion equity forward. So those shares from the equity forward are not in our share count for the first half of the year, they're going to come into the second half of the year as we close out that in the third quarter.

不，我認為你說得對，但現在談談你的第二個問題，馬特，歡迎回來。很高興您能回來報導數位媒體。關於 3.07 美元的問題，為什麼你不能將其乘以 2，我不知道你是否與我們的執行長串通一氣，因為他也問了我同樣的問題。我確實必須提醒他兩件事，其中一件你強調了。第一，我們一直在進行一些與我們的來源和用途相符的策略資本管理。我們正在贖回一些票據，但一直以來，為了資助我們的資本支出，我們計劃動用這 10 億美元的遠期股本。因此，這些來自股權遠期的股票並不在我們上半年的股票數量中，它們將進入下半年，因為我們將在第三季結束時。

The other piece, COVID-19, maybe I'll take a quick second to really give another tremendous thank you to our operations team globally who have just gone above and beyond. We, obviously, with this crisis, stayed fully operational, but we did scale down our staffing to make sure we put the safety of our customers, employees and partners first and foremost. So we delayed any type of maintenance spend or repairs and maintenance that could be delayed. And that spend, we don't think it's going to be delayed forever. We're working in a safe manner to continue to maintain the equipment. And we expect some of that spend that was thought to be planned and happening in the first half of the year to resume in the second half of the year.

另一件事情是，COVID-19，也許我會花一點時間再次向我們的全球營運團隊表達衷心的感謝，他們的表現非常出色。顯然，在這場危機中，我們保持了全面運營，但我們確實縮減了人員配置，以確保我們將客戶、員工和合作夥伴的安全放在首位。因此，我們推遲了任何類型的維護支出或可能推遲的維修和維護。我們認為這筆支出不會永遠被延後。我們正在以安全的方式繼續維護設備。我們預計，原本計劃在上半年進行的一些支出將在下半年恢復。

Our next question comes from Sami Badri of Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的薩米·巴德里。

My question is mainly to do with the re-leasing spreads on Page 13 of your slide deck. And I know you've touched on elements of this already over the call. But I was just looking at the releasing spreads for leases sized between 0 and 1 megawatts. And I saw that the re-leasing spread is a little bit negative. And just given the dynamics we're seeing with such a big surge in demand coming specifically from enterprises and really the whole spectrum of constituents within the data center ecosystem as far as customers, I guess the perception would be that, that would be a little bit more positive than it would be negative. And is the reason why it's negative potentially because it may be a very large customer that's distributed into multiple locations and in aggregate, they got a discount for releasing? Or maybe you could just give us the puts and takes for customers in that specific size band, what exactly is the case?

我的問題主要與投影片第 13 頁的轉租價差有關。我知道您在電話會議中已經談到了這方面的內容。但我只是查看 0 到 1 兆瓦之間租賃的釋放價差。我發現轉租價差有點負。考慮到我們所看到的需求激增的動態，特別是來自企業以及資料中心生態系統內所有組成部分以及客戶的需求，我想人們的看法是，這會有點積極的一面比消極的多一點。它可能是負面的原因是因為它可能是分佈在多個地點的非常大的客戶，總的來說，他們在發佈時獲得了折扣？或者，也許您可以向我們提供該特定規模範圍內客戶的看跌期權和跌跌期權，具體情況如何？

Sure. Thanks, Sami. You are correct. I mean if you look historically, that category would be closer to 2-plus percent positive, and if you look through what's happening in there, there's numerous renewals happening in there on a very granular basis. The preponderance of those renewals are in the positive territory and you hit the nail on the head with -- there was a specific customer that renewed across 3 or 4 sites globally with network deployments, so small deployments that add up to a larger sizable deployment. And that customer is not only incredibly important to our platform based on its size and scale but also the value it brings to the other community participants and customers here at Digital. So we wanted to make sure that we found the most fair potential outcome for that renewal to secure their future here with Digital. It was a little bit on the longer side for that size of deployment in terms of renewal, it's always the rates are a little bit longer -- lower rates are longer, but really more of a strategic renewal within that category that brought that into the slightly negative cash mark-to-market.

當然。謝謝，薩米。你是對的。我的意思是，如果你從歷史的角度來看，該類別的積極率將接近百分之二以上，如果你仔細研究其中發生的事情，你會發現其中有大量的更新發生在非常細粒度的基礎上。這些續訂的大部分都處於積極的領域，並且您一針見血 - 有一個特定客戶透過網路部署在全球 3 或 4 個站點進行了續訂，因此小型部署加起來就是更大規模的部署。該客戶不僅因其規模和規模而對我們平台極為重要，而且還為 Digital 的其他社群參與者和客戶帶來了價值。因此，我們希望確保為續約找到最公平的潛在結果，以確保他們在數位領域的未來。就更新而言，對於這種規模的部署來說，時間有點長，費率總是有點長——費率越低，時間就越長，但實際上更多的是該類別中的策略更新，將其帶入了現金按市價計算略有負值。

My other question has to do with the interconnection commentary that you gave earlier with EMEA representing about 50% of the portfolio's cross-connects, but only making up about 20% of revenues. I was hoping you could give us maybe like a time frame or a trajectory, some kind of like time-lapse on when you think you would be able to get that 20% of revenue mix, maybe even closer to the 50% of revenues reflecting 50% of cross-connects in Europe, just so we can understand like the pace or the cadence of transition you're having with your customers in EMEA?

我的另一個問題與您之前給出的互連評論有關，歐洲、中東和非洲地區約佔投資組合交叉連接的 50%，但僅佔收入的 20% 左右。我希望你能給我們一個時間框架或軌跡，例如你認為你能夠獲得 20% 的收入組合的延時，甚至可能更接近 50% 的收入反映50% 的交叉連接位於歐洲，只是為了讓我們能夠了解您與EMEA 客戶的過渡速度或節奏？

Sami, I'm going to hand this over to Chris to give you a little bit more color on the history and the trajectory of what we're doing. I'm not going to -- unfortunately, I won't sign up for a raising of the cross-connect prices time line on this call. I don't think David Ruberg would be too pleased with me if I did that. But I can tell you, we're all about bringing value to our global customers now that total 4,000 customers and making sure that we are commercially treated in a fair and equitable way for that value. But Chris, maybe you can chime in a little bit about on the cross tech pricing and trajectory.

薩米，我將把這個問題交給克里斯，讓您對我們正在做的事情的歷史和軌跡有更多的了解。不幸的是，我不會在這次電話會議上同意提高交叉連接價格時間表。如果我這麼做的話，我認為大衛魯伯格不會對我太滿意。但我可以告訴你，我們現在的目標是為全球客戶帶來價值，目前我們的客戶總數已達 4,000 名，並確保我們以公平公正的方式獲得該價值的商業待遇。但是克里斯，也許你可以插嘴一下跨科技的定價和軌跡。

Absolutely, happy to do it, Andy, thank you. And thanks for the question, Sami. So you're absolutely correct. And I'll echo the sentiments throughout the call is that we're very happy with the addition of Interxion into our broader portfolio. And I think what that represents to our customer base is these are major epicenters of value for kind of current and future customers. And so really what's represented within that is these communities of interest and the amount of interconnection that's been generated over the years that exists, and that continues to grow. And I think one of the things that's very important to us, and it's a shared vision within the Interxion team as well is that there has to be a very balanced approach where we want to ensure that we don't stifle our customers' ability to grow and to continue to derive unique value out of this overall PlatformDIGITAL. And so I do think that you'll see a lot of our other existing customer base coming into Europe. So that platform effect will start to build that up. So I think over a period of time, you'll definitely see that grow. But we're really conscientious of taking a balanced approach and having a very open platform so that we can allow customers to grow and continually expand.

當然，很高興這樣做，安迪，謝謝你。謝謝你的提問，薩米。所以你是完全正確的。我在整個電話會議中表達的觀點是，我們非常高興將 Interxion 添加到我們更廣泛的產品組合中。我認為這對我們的客戶群來說意味著這些是現有和未來客戶的主要價值中心。因此，其中真正代表的是這些利益社區以及多年來所產生的互連數量，而這種互連數量仍在不斷增長。我認為對我們來說非常重要的事情之一，也是 Interxion 團隊內部的共同願景，就是必須採取一種非常平衡的方法，確保我們不會扼殺客戶的能力成長並繼續從整個數位平台中獲得獨特的價值。因此，我確實認為您會看到我們的許多其他現有客戶群進入歐洲。因此，平台效應將開始增強。所以我認為經過一段時間，你肯定會看到這種增長。但我們非常認真地採取平衡的方法並擁有一個非常開放的平台，以便我們能夠讓客戶成長並不斷擴展。

And I think a critical element of a lot of this is not only the interconnection element but the multi-market and the unique advantage of our fit-for-purpose product where you can do both smaller colo and larger-scale deployments. So the value of all of that coming together is the unique position that PlatformDIGITAL equips our customers with.

我認為其中的一個關鍵要素不僅是互連要素，而且是多市場以及我們的專用產品的獨特優勢，您可以在其中進行較小的託管和大規模部署。因此，所有這些結合在一起的價值就是 PlatformDIGITAL 為我們的客戶提供的獨特地位。

Our next question comes from Erik Rasmussen of Stifel.

我們的下一個問題來自 Stifel 的 Erik Rasmussen。

I just wanted to get some high-level thoughts. We've obviously had a very strong first half of the year. We saw data before the quarter results started to come out for yourself and peers that Northern Virginia was -- and some of the U.S. markets had a pretty good absorption number so far. We're now seeing it with you guys as well, but what are your thoughts about what sort of could be creeping in in that digestion and maybe us having sort of a repeat performance of what we saw in 2018 and maybe what's different this time around based on what you see today?

我只是想得到一些高層次的想法。顯然，今年上半年我們表現非常強勁。在季度業績開始公佈之前，我們看到了北維吉尼亞州的數據，而美國的一些市場到目前為止的吸收量相當不錯。我們現在也和你們一起看到了這一點，但你們對消化過程中可能會發生什麼有什麼想法，也許我們會重複 2018 年的表現，也許這次會有什麼不同根據你今天所看到的？

Thanks, Eric. So maybe I'll start off and hand it to Corey to kind of take more forward looking here. So I think a few things to your question. I think we had a really strong quarter in Ashburn, but I think we also had a really strong quarter in North America as well. Just quick highlights, New York City metro area, top enterprise network oriented, smaller footprint deployments and connectivity as well as a very strategic build-to-suit project on our Jersey connected campus. Out in the Pacific Northwest, continued support of a hyperscaler on a highly strategic project in the Hillsboro market. Continued great wins in Chicago, both on the connectivity side within the financial services vertical. As well as a different hyperscaler growing on one of our campuses in the Chicago area. So -- and I think that theme speaks to a little bit about your question. If you do rewind the clock back for a second, with the digestion of the last go around, I think our business did quite well, which I think goes back to serving our customers across 6 continents, 20-plus countries, 44-plus metropolitan areas and having that globally diverse 4,000-plus customer base has allowed us to not be wed to a specific market or the ups and downs of one specific customer. And last, I would say, I don't think each of these customers are on the exact same pacing. They're all at different places in their race or different points of their build-outs of their infrastructure, which allows us to kind of help them when 1 customer is maybe taking a pause or looking to grow in different markets. But Corey, please share your thoughts as well.

謝謝，埃里克。所以也許我會先把它交給科里，讓他在這裡做更多的前瞻性工作。所以我對你的問題有幾點看法。我認為我們在阿什本的季度表現非常強勁，但我認為我們在北美的季度也非常強勁。快速強調一下，紐約市都會區、面向頂級企業網絡、更小的佔地面積部署和連接，以及我們澤西互聯園區的一個非常具有戰略意義的定制項目。在太平洋西北地區，一家超大規模企業繼續支持希爾斯伯勒市場的一個高度策略性項目。在芝加哥繼續取得巨大勝利，無論是在金融服務垂直領域的連結方面。以及在我們芝加哥地區的一個園區中成長的另一個超大規模企業。所以——我認為這個主題稍微說明了你的問題。如果你把時間倒回一秒鐘，隨著上一輪的消化，我認為我們的業務做得相當好，我認為這可以追溯到為我們遍布6 大洲、20 多個國家、​​44 多個大都市的客戶提供服務領域以及擁有全球 4,000 多個多元化客戶群，使我們能夠不拘泥於特定市場或某個特定客戶的起伏。最後，我想說，我認為這些客戶的節奏並不完全相同。他們都處於比賽的不同階段，或基礎設施建設的不同點，這使我們能夠在 1 個客戶可能暫停或希望在不同市場發展時為他們提供幫助。但是科里，也請分享你的想法。

Yes. I'll add to it, Andy, from an enterprise demand perspective. And I feel like you touched on a good bit of it. If you think about the power of our comprehensive global platform, and where we're across 4,000 global customers, 20 countries, 33 markets, 44 metros. And then you think through the new ideas and solutions we're bringing to our customers at the same time with this combined Interxion and digital merger that we've done here, it puts us in a really good place to be able to address customers that need and want to continue buying those services. And it really moderates us from any kind of an exposure on an individual or an industry or a geo that's a little bit different. So we're pretty excited about where we are. I also feel like we've got the right kind of funnel and demand going. So we're going to be fine with growing to the cloud, and continue to drive the demand that we're seeing and making investments in the data centers, right? And so I think that it might be possible that some people see some new logos, (inaudible) or maybe a little slowdown there because you're trying to get into new sites that you're not familiar with. But like I said, I think we've got enough customers. We've got enough breadth of our platform and our geography that I think we're insulated from it a good bit. And then when I just look at our pipeline going forward, it definitely supports the numbers that Andy has put forward to everybody. So I think we're in a good place. Hope that helps.

是的。安迪，我將從企業需求的角度來補充。我覺得你已經觸及了其中的一部分。想想我們綜合性全球平台的力量，以及我們遍佈 20 個國家、33 個市場、44 個城市的 4,000 名全球客戶。然後你會思考我們透過 Interxion 和數位化合併為客戶帶來的新想法和解決方案，這使我們處於一個非常好的位置，能夠滿足客戶的需求需要並希望繼續購買這些服務。它確實限制了我們對個人、行業或地理區域的任何類型的接觸，這些接觸有點不同。所以我們對我們所處的位置感到非常興奮。我還覺得我們有正確的管道和需求。因此，我們將很好地發展到雲端，並繼續推動我們所看到的需求並在資料中心進行投資，對吧？因此，我認為有些人可能會看到一些新徽標（聽不清楚），或者可能會出現一些速度減慢的情況，因為您正在嘗試進入您不熟悉的新網站。但正如我所說，我認為我們已經擁有足夠的客戶。我們的平台和地理範圍足夠廣，我認為我們可以很好地避免受到影響。然後，當我看看我們未來的管道時，它絕對支持安迪向每個人提出的數字。所以我認為我們處於一個很好的位置。希望有幫助。

Since 2018, we've added the Ascenty platform in Latin America. We've expanded materially in Europe with the acquisition of Interxion. We've added new markets in Asia, specifically new development sites in Tokyo and so. And I would expect that in the second half of the year, you're going to see additional contributions out of LatAm, EMEA and Asia Pac.

自 2018 年以來，我們在拉丁美洲增加了 Ascenty 平台。透過收購 Interxion，我們在歐洲實現了實質擴張。我們在亞洲增加了新市場，特別是在東京等地的新開發地點。我預計，在今年下半年，您將看到拉丁美洲、歐洲、中東和非洲和亞太地區的額外貢獻。

Yes, really good point. Thanks, Bill. Great.

是的，確實很好。謝謝，比爾。偉大的。

That's helpful. And then maybe just my follow-up. You'd mentioned in, I think, in the press release, there was some marginal construction delays. What sort of impacts it has had on the business? And maybe can you comment on which regions that might stand out for that? And how are you going to resolve those?

這很有幫助。然後也許只是我的後續行動。我想你在新聞稿中提到過，施工出現了一些輕微的延誤。它對業務產生了什麼樣的影響？也許您能評論一下哪些地區可能會脫穎而出？您將如何解決這些問題？

Sure, Erik. So also another big thank you in kudos to our global construction team working day and night and weekends, for sure, in really crazy times. We -- well, I can't say we're able to make up time we've had from some delays from specific jurisdictions like a Toronto or Hillsboro from pulling labor off sites. I can say, globally, we are in a really great spot going forward in terms of getting our teams back to work and delivering on our delivery times. The 1 -- the exception, I'd say, not exceptional, potential spot that we're keeping an eye on, and we're not at full staffing in Singapore. Given the labor situation in that country, we are not at 100% capacity, but we are continuing to make progress. That being said. So I think we're in a much better place today than we were when we reported on that topic a few months ago.

當然，埃里克。因此，也要再次向我們的全球施工團隊表達衷心的感謝，我們的全球施工團隊在非常瘋狂的時期日以繼夜和週末工作。我們——嗯，我不能說我們能夠彌補因多倫多或希爾斯伯勒等特定司法管轄區將勞動力撤出工地而造成的一些延誤所造成的時間。我可以說，在全球範圍內，我們在讓我們的團隊重返工作崗位和按時交付方面處於非常有利的位置。第一個——我想說的是例外，不是例外，我們正在密切關注的潛在地點，而且我們在新加坡的人員配備還不夠。考慮到該國的勞動力狀況，我們尚未達到 100% 的產能，但我們正在繼續取得進展。話雖如此。因此，我認為我們今天的處境比幾個月前報道主題時要好得多。

Our next question comes from Eric Luebchow of Wells Fargo.

我們的下一個問題來自富國銀行的 Eric Luebchow。

So I know, Bill, you kind of said that any meaningful M&A is likely kind of off the table for the remainder of the year. But I just wanted to confirm kind of the plan is obviously integrating Interxion and kind of no near-term plans for any additional acquisitions. And to that degree, if any opportunities did arise? Are there any kind of geographic reasons that would (inaudible)?

所以我知道，比爾，你說過，任何有意義的併購在今年剩餘時間內都可能是不可能的。但我只是想確認該計劃顯然正在整合 Interxion，並且近期沒有任何額外收購的計劃。到了這個程度，是否真的出現了任何機會？是否有任何地理原因（聽不清楚）？

Yes, Eric, no, I'll reiterate and reaffirm that Interxion remains our highest priority, the integration of Interxion. We certainly are acquiring land parcels around the world for development. There may be very, very small tuck-in acquisitions, but that's really for the purposes of new market expansion and/or maybe product enhancement or growing markets. Greg, you might want to add to that?

是的，Eric，不，我會重申並重申 Interxion 仍然是我們的首要任務，即 Interxion 的整合。我們當然正在世界各地收購土地進行開發。可能會有非常非常小的收購，但這實際上是為了新市場擴張和/或產品增強或不斷增長的市場。格雷格，你可能想補充嗎？

No, Bill, look, I think you've covered it. As Bill said, we're going to -- we understand that integration is our top priority, and we really have become more risk-averse in this environment. But as Bill said, we're procuring land, where our customers need to be. And with facilities that really adhere to our PlatformDIGITAL and community of interest strategy. And as Bill said, we're selectively monitoring opportunities in the market where, if an asset is strategic, it will be smaller, and we can create value and get the right return, we'd probably do it. I think a lot of people are speculating in terms of acquisitions in this environment, where we are with respect to distressed opportunities. And quite frankly, we haven't seen any distressed opportunities in this market yet, but we're actively monitoring things. Now longer term, we may see some distressed opportunities for smaller, more thinly capitalized companies that may have debt coming due. But a couple of things.

不，比爾，聽著，我想你已經講完了。正如比爾所說，我們將——我們知道整合是我們的首要任務，在這種環境下我們確實變得更加規避風險。但正如比爾所說，我們正在採購土地，這是我們的客戶需要的地方。並擁有真正符合我們的數位平台和利益社群策略的設施。正如比爾所說，我們正在選擇性地監控市場機會，如果一項資產具有策略性，那麼它會更小，而且我們可以創造價值並獲得適當的回報，我們可能會這樣做。我認為很多人都在猜測在這種環境下的收購，而我們正面臨困境中的機會。坦白說，我們還沒有在這個市場上看到任何不良機會，但我們正在積極監控情況。從長遠來看，我們可能會看到規模較小、資本較薄弱、債務到期的公司面臨一些困境。但有幾件事。

Look, we originally thought that as assets outside of the data spend and center space got hit harder than data centers and became relatively less expensive that we'd see private capital migrate towards those opportunities and decrease competition for data centers. However, what we're starting to see is that the private investment community have come to appreciate really the strong underlying secular trends in our space as well as the creditworthiness of our customers and the growth potential of the sector, and they're becoming more educated and looking to invest. So look, as Bill said, we have we're going to continue with that strategy, and that's where we're focused right now.

看，我們最初認為，隨著資料支出和中心空間之外的資產比資料中心受到更嚴重的打擊，並且變得相對便宜，我們會看到私人資本轉向這些機會並減少資料中心的競爭。然而，我們開始看到的是，私人投資界已經開始真正認識到我們領域強大的潛在長期趨勢以及我們客戶的信譽度和該行業的成長潛力，並且他們變得越來越受過教育並尋求投資。所以，正如比爾所說，我們將繼續實施該策略，這就是我們現在的重點。

Our final question comes from Colby Synesael of Cowen.

我們的最後一個問題來自 Cowen 的 Colby Synesael。

Two questions, if I may. Maybe, Greg, just to stick with you. I was wondering if you could give us an update on potential asset sales if that's something that has been put more on the back burner because of COVID-19, if you're still moving forward, and if there's still a possibility we could see something maybe this year. And then secondly, with the U.S. government threatening to close down specific Chinese social media applications and websites, I believe that they've been a big purchaser of data center services over the last few quarters. I'm just curious how you guys get comfortable underwriting the risk of taking on a customer like that in light of all the geopolitical uncertainty that could be impacting them.

如果可以的話，有兩個問題。也許，格雷格，只是為了和你在一起。我想知道您是否可以向我們提供有關潛在資產出售的最新信息，是否因為 COVID-19 而將其擱置一旁，您是否仍在繼續前進，以及我們是否仍然有可能看到一些東西也許今年。其次，隨著美國政府威脅關閉特定的中國社交媒體應用程式和網站，我相信他們在過去幾季一直是資料中心服務的大買家。我只是好奇你們如何在考慮到可能影響他們的地緣政治不確定性的情況下承擔承擔這樣的客戶的風險。

Greg, do you want to hit the first one, and I can hit the second.

格雷格，你想打第一個嗎，我可以打第二個。

Yes, sure. Look, I think with respect to asset sales, I think it's fair to say that the level of chatter and activity has picked up quite a bit. But what the exact impact will be on pricing for larger deals is still hard to say. It's important to, again, note everything we were saying about investors, how they're viewing the sector in terms of the secular trends, the creditworthiness in the growth potential, which, clearly, I think you're starting to see the data center space migrate to more of a core asset class that investors, particularly through this pandemic, are starting to appreciate. As you know, we just sold the asset in the middle of the pandemic in Europe, and we got the pricing we expected. We continue to believe that our multiyear guidance of a few billion dollars over the few years of noncore assets or noncore markets. We still think that's the right guidance. We've already done about $1.4 billion of that. It's important to note that we're fully funded, and we'll continue to recycle capital opportunistically when it makes sense and the price is right. But it's always good to be in a position where you have no sense of urgency if you can't get fair value. And I think you probably also noted, we gave guidance of $600 million to $1 billion earlier in the year. And with the Mapletree transaction itself, we've already achieved the bottom end of that range. Again, so why we're not expecting -- we weren't expecting COVID-19, but we are comfortable and confident where we are with respect to our capital recycling activity. So -- but look, it's going to continue to change daily, and we'll continue to monitor it, but we feel like we're in a good position.

是的，當然。聽著，我認為就資產銷售而言，我認為可以公平地說，討論和活動的水平已經有所回升。但對於大型交易的定價究竟會產生什麼影響仍然很難說。再次重要的是，請注意我們對投資者所說的一切，他們如何看待該行業的長期趨勢、成長潛力的信譽度，顯然，我認為您開始看到數據中心空間轉向更多的核心資產類別，投資者，特別是透過這次大流行，開始欣賞這種資產類別。如您所知，我們剛剛在歐洲大流行期間出售了資產，並獲得了我們預期的定價。我們仍然相信，我們在幾年內對非核心資產或非核心市場的數十億美元的多年指導。我們仍然認為這是正確的指導。我們已經完成了大約 14 億美元的資金。值得注意的是，我們資金充足，在合理且價格合適的情況下，我們將繼續機會主義地回收資本。但如果你無法獲得公平的價值，處於沒有緊迫感的位置總是好的。我想您可能還注意到，我們在今年早些時候給出了 6 億至 10 億美元的指導。透過豐樹交易本身，我們已經達到了該範圍的底部。再說一次，為什麼我們沒有預料到——我們沒有預料到 COVID-19，但我們對資本回收活動的現狀感到放心和自信。所以，但是看，它每天都會繼續變化，我們將繼續監控它，但我們覺得我們處於有利的位置。

And then, Colby, on your second one, obviously, doesn't have to be specific to a headline in the news, we obviously look at various risks, and that's part of our job and our business, evaluating risk and return. When it comes to Asia Pacific in general, I mean, I think when we go back to is, one, we're a global company across 20-plus countries, 6 continents in numerous markets. And we have a global customer base, 4,000-plus customers and rapidly expanding that 124 outages this quarter. I think the diversity of our offering and the diversity of our revenue streams give us a lot of comfort in evaluating risk. If you look at our top customer list, our top 20 customers totaled just under 48% of our annualized recurring revenue. And if you go down that list, you got to go past #19 to find a non-U. S. company, just given the size and scale of some of the top cloud service providers and hyperscalers that we're doing business with. Or the number of locations, we're doing business with some of the network providers. So you kind of get to like the 1% or less territory when you might run into a customer. So that's a long-winded way of saying we want to welcome all the right customers into our fold. And I think we do the right things in evaluating the right risk, but I think the diversity is what insulates us or protects us to any type of exogenous shots.

然後，科爾比，關於你的第二個問題，顯然不必特定於新聞標題，我們顯然會關注各種風險，這是我們工作和業務的一部分，評估風險和回報。當談到整個亞太地區時，我的意思是，我認為當我們回到第一點時，我們是一家遍布 6 大洲 20 多個國家/地區眾多市場的跨國公司。我們擁有全球客戶群，擁有 4,000 多名客戶，本季的停電數量迅速增加到 124 次。我認為我們產品的多樣性和收入來源的多樣性讓我們在評估風險時更加放心。如果你看一下我們的頂級客戶名單，你會發現我們的前 20 位客戶總計占我們年化經常性收入的 48% 以下。如果你沿著這個列表，你必須越過#19才能找到一個非美國的。美國公司，考慮到與我們開展業務的一些頂級雲端服務供應商和超大規模企業的規模和規模。或地點的數量，我們正在與一些網路供應商開展業務。因此，當您可能遇到客戶時，您可能會喜歡 1% 或更少的區域。這是一個冗長的說法，我們希望歡迎所有合適的客戶加入我們的行列。我認為我們在評估正確的風險時做了正確的事情，但我認為多樣性使我們隔離或保護我們免受任何類型的外源性攻擊。

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.

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。

First, we further strengthened our connections with our customers, prioritizing health and safety, while maintaining service levels and reaching record highs in our bookings and backlog. Two, we delivered solid current period financial results, beating consensus, beating our internal forecast and raising guidance. Third, we also underscored our commitment to delivering sustainable growth for all stakeholders with the publication of our second annual ESG report and our official recognition as the first Data center ENERGY STAR partner of the year. And last but not least, we further strengthened our balance sheet with excellent execution on the raising of $1.2 billion of long-term capital.

首先，我們進一步加強了與客戶的聯繫，優先考慮健康和安全，同時保持服務水平，預訂量和積壓量創歷史新高。第二，我們實現了穩健的本期財務業績，超越了共識，超越了我們的內部預測並提高了指引。第三，我們也透過發布第二份年度 ESG 報告以及官方認可我們作為年度首個資料中心能源之星合作夥伴，強調了我們為所有利害關係人實現永續成長的承諾。最後但並非最不重要的一點是，我們在籌集 12 億美元長期資本方面表現出色，進一步強化了我們的資產負債表。

I'd like to conclude today by saying thank you to the entire Digital Realty family and particularly our frontline team members in critical data center facility roles, who have kept the digital world turning in the midst of a global pandemic. I hope all of you stay safe and healthy. We hope to see many of you in person again soon. Thank you.

最後，我想對整個 Digital Realty 家族表示感謝，特別是我們擔任關鍵資料中心設施角色的第一線團隊成員，他們在全球大流行期間使數位世界保持運轉。我希望你們所有人都安全健康。我們希望很快能再次見到你們中的許多人。謝謝。

The conference has now concluded. Thank you for joining today's presentation 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。