Digital Realty Trust Inc (DLR) 2021 Q4 法說會逐字稿

Good afternoon, and welcome to the Digital Realty Fourth Quarter 2021 Earnings Call. Please note, this event is being recorded. (Operator Instructions). I would now like to turn the call over to Jim Huseby, Digital Realty's Vice President of Investor Relations. Please go ahead.

下午好，歡迎參加 Digital Realty 2021 年第四季度財報電話會議。請注意，此事件正在記錄中。 （操作員說明）。我現在想把電話轉給 Digital Realty 的投資者關係副總裁 Jim Huseby。請繼續。

Thank you, operator, and welcome, everyone, to Digital Realty's Fourth Quarter 2021 Earnings Conference Call. Joining me on today's call are CEO, Bill Stein; and President and CFO, Andy Power; Chief Investment Officer, Greg Wright; Chief Technology Officer, Chris Sharp; and Chief Revenue Officer, Corey Dyer are also on the call, and they will be available for Q&A.

謝謝運營商，歡迎大家參加 Digital Realty 的 2021 年第四季度收益電話會議。和我一起參加今天電話會議的還有 CEO Bill Stein；總裁兼首席財務官 Andy Power；首席投資官格雷格·賴特；首席技術官，克里斯·夏普；首席營收官 Corey Dyer 也在電話中，他們將接受問答。

Management may make forward-looking statements, including guidance and underlying assumptions on today's call. Forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially.

管理層可能會做出前瞻性陳述，包括對今天電話會議的指導和基本假設。前瞻性陳述基於涉及可能導致實際結果出現重大差異的風險和不確定性的預期。

For a further discussion of the risks related to our business, please see our 10-K and subsequent filings with the SEC. 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.

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 及後續文件。本次電話會議將包含非公認會計原則財務信息。對淨收入的調節包含在提供給 SEC 的補充包中，可在我們的網站上找到。

Before I turn the call over to Bill, I'd like to hit the tops of the waves on our fourth quarter results. We further strengthened connections with customers with $156 million of new bookings with record results in both a 0 to 1 megawatt and greater than a megawatt category and ended the year with $500 million in new bookings, a 15% increase over the prior year.

在我將電話轉給比爾之前，我想在第四季度的業績中達到高潮。我們進一步加強了與客戶的聯繫，新增訂單達 1.56 億美元，在 0 到 1 兆瓦和大於 1 兆瓦類別中均創下歷史新高，到年底新訂單達 5 億美元，比上年增長 15%。

We also continue to enhance our global platform with the completion of organic development projects in multiple metros despite the continued challenges presented by the pandemic and the global supply chain in addition to strategic investments, establishing Digital Realty as the leading pan-African provider.

儘管大流行和全球供應鏈帶來了持續挑戰，除了戰略投資外，我們還通過在多個大都市完成有機開發項目來繼續增強我們的全球平台，從而將 Digital Realty 確立為領先的泛非供應商。

Financially, we had a solid quarter with full year results above the high end of the guidance range that we provided this time last year. And finally, we continue to strengthen our balance sheet by raising equity capital through the establishment of Digital Core REIT in a highly successful IPO on the Singapore Stock Exchange and the related sale of a 90% interest in 10 fully utilized core data centers.

在財務方面，我們有一個穩健的季度，全年業績高於我們去年這個時候提供的指導範圍的高端。最後，我們通過在新加坡證券交易所非常成功的首次公開募股中成立 Digital Core REIT 以及相關出售 10 個充分利用的核心數據中心 90% 的權益來籌集股本，從而繼續加強我們的資產負債表。

As a perpetual capital partner, Digital Realty and Digital Core REIT can continue to work together while providing our customers with a seamless experience. And with that, I'd like to turn the call over to Bill.

作為永久資本合作夥伴，Digital Realty 和 Digital Core REIT 可以繼續合作，同時為我們的客戶提供無縫體驗。有了這個，我想把電話轉給比爾。

Thanks, Jim. Good afternoon, and thank you all for joining us. Our formula for long-term value creation is a global, connected, sustainable framework. And we made further progress on each front during the fourth quarter.

謝謝，吉姆。下午好，感謝大家加入我們。我們的長期價值創造公式是一個全球性的、相互關聯的、可持續的框架。在第四季度，我們在各個方面都取得了進一步的進展。

First, we continue to globalize our business with record global bookings and strength across all regions and all product types, including quarterly highs in both our sub-1 megawatt and greater than 1 megawatt categories.

首先，我們繼續以創紀錄的全球預訂量和所有地區和所有產品類型的實力使我們的業務全球化，包括我們低於 1 兆瓦和大於 1 兆瓦類別的季度高點。

We also announced 2 significant global initiatives. First, in December, we announced the successful listing of Digital Core REIT as a stand-alone publicly traded company on the Singapore Stock Exchange. Digital Realty contributed a 90% interest in a portfolio of 10 core data centers concentrated in top-tier markets across the U.S. and Canada, valued at $1.4 billion at a 4.25% cap rate.

我們還宣布了兩項重要的全球舉措。首先，在 12 月，我們宣布 Digital Core REIT 作為獨立上市公司在新加坡證券交易所成功上市。 Digital Realty 在集中在美國和加拿大頂級市場的 10 個核心數據中心的投資組合中貢獻了 90% 的權益，價值 14 億美元，上限率為 4.25%。

We generated net proceeds of over $950 million from the transaction, and we retained a 35% equity interest in the publicly traded REIT. The offering was very well received, and Digital Core REIT has traded up approximately 30% since the IPO, enhancing the gain on our remaining ownership stake.

我們從交易中獲得了超過 9.5 億美元的淨收益，我們保留了公開交易的房地產投資信託基金 35% 的股權。此次發行廣受好評，Digital Core REIT 自首次公開募股以來已上漲約 30%，提高了我們剩餘所有權股份的收益。

In addition to providing investors a stable cash flow stream from a portfolio of high-quality core data centers, Digital Core REIT offers key strategic benefits to Digital Realty. First, Digital Core REIT is a perpetual capital partner. It has a long-term investment horizon and a global mandate to invest in stabilized income-producing data centers.

除了為投資者提供來自高質量核心數據中心組合的穩定現金流外，Digital Core REIT 還為 Digital Realty 提供了關鍵的戰略優勢。首先，Digital Core REIT 是永久資本合夥人。它具有長期的投資視野，並在全球範圍內投資於穩定的創收數據中心。

Second, Digital Core REIT has been carefully crafted to provide a seamless customer experience. Digital Core REIT is sponsored by and externally managed by Digital Realty. We will continue to manage the properties providing the same level of operational excellence, and we will earn fees for asset and property management as well as acquisitions, dispositions and development. From a customer perspective, nothing changes when we contribute an asset to Digital Core REIT.

其次，Digital Core REIT 經過精心設計，可提供無縫的客戶體驗。 Digital Core REIT 由 Digital Realty 贊助和外部管理。我們將繼續管理提供同等卓越運營水平的物業，我們將通過資產和物業管理以及收購、處置和開發賺取費用。從客戶的角度來看，當我們向 Digital Core REIT 貢獻資產時，沒有任何改變。

Third, Digital Core REIT is an ideal partner vehicle for Digital Realty. We expect to contribute additional stabilized core assets to Digital Core REIT in the future, and we may also co-invest alongside Digital Core REIT on future investment activity.

第三，Digital Core REIT 是 Digital Realty 的理想合作夥伴。我們預計未來將向 Digital Core REIT 貢獻更多穩定的核心資產，我們也可能與 Digital Core REIT 共同投資於未來的投資活動。

Finally, our interests are aligned. As mentioned, Digital Realty will continue to own a 10% direct ownership stake in each of the assets in addition to 35% in the publicly traded vehicle.

最後，我們的利益是一致的。如前所述，Digital Realty 將繼續擁有每項資產 10% 的直接所有權股權，此外還持有公開交易車輛的 35%。

Digital Core REIT is led by 2 long-time Digital Realty team members, John Stewart, who most of you know well, along with an Dan Tith. We are excited about their opportunity to create value for Digital Core REIT unitholders, including Digital Realty.

Digital Core REIT 由 2 位長期的 Digital Realty 團隊成員 John Stewart 和 Dan Tith 領導，他們大多數人都很熟悉。我們很高興他們有機會為 Digital Core REIT 單位持有人（包括 Digital Realty）創造價值。

Our second global initiative, which we announced just after quarter end, is the definitive agreement to acquire roughly a 55% stake in Teraco, Africa's leading carrier-neutral colocation provider.

我們在季度末剛剛宣布的第二個全球計劃是收購非洲領先的運營商中立託管服務提供商 Teraco 大約 55% 的股權的最終協議。

This acquisition immediately establishes Digital Realty as the leading colocation and interconnection provider on the high-growth African continent and builds upon our earlier investments in Africa with iColo, in both Kenya and Mozambique and in Medallion in Nigeria.

此次收購立即將 Digital Realty 確立為高增長非洲大陸領先的託管和互連供應商，並建立在我們之前在非洲、肯尼亞和莫桑比克以及尼日利亞 Medallion 的 iColo 投資的基礎上。

Teraco complements these investments as well as our highly connected facilities in the Mediterranean by hosting the key strategic landing endpoints for subsea cables circling Africa. From Marseille and Athens in the North; Mombasa and Maputo along the east; Durban and Cape Town in the South; and Lagos along the Western Coast, PlatformDIGITAL is supporting the growth of our customers as well as the broader digital transformation of the entire African continent.

Teraco 通過託管環繞非洲的海底電纜的關鍵戰略著陸點，補充了這些投資以及我們在地中海的高度連接設施。來自北部的馬賽和雅典；東邊的蒙巴薩和馬普托；南部的德班和開普敦；和西海岸的拉各斯，PlatformDIGITAL 正在支持我們客戶的增長以及整個非洲大陸更廣泛的數字化轉型。

Teraco has 7 state-of-the-art data centers across 3 key metros in South Africa and serves over 600 customers, including more than 275 connectivity providers, over 25 cloud and content platforms and approximately 300 enterprises.

Teraco 在南非的 3 個主要城市擁有 7 個最先進的數據中心，為超過 600 家客戶提供服務，其中包括超過 275 家連接提供商、超過 25 個雲和內容平台以及大約 300 家企業。

Teraco facilitates approximately 22,000 interconnections between customers and hosts 7 cloud on-ramps and provides direct access to 7 subsea cables. Teraco has historically generated healthy double-digit growth in revenue and EBITDA. In addition, more than half of Teraco's in-service portfolio was developed within the past 2 years. The current development pipeline will expand the existing asset base by over 25%.

Teraco 促進了大約 22,000 個客戶之間的互連，並擁有 7 個雲入口，並提供對 7 條海底電纜的直接訪問。 Teraco 歷來在收入和 EBITDA 方面實現了兩位數的健康增長。此外，Teraco 超過一半的在用產品組合是在過去 2 年內開發的。目前的開發管道將使現有資產基礎擴大 25% 以上。

And Teraco owns land adjacent to its highly connected campuses in Johannesburg and Cape Town that will support another doubling of the in-place capacity, representing significant embedded growth potential and providing considerable runway to support our customers' growth.

Teraco 在其位於約翰內斯堡和開普敦的高度互聯園區附近擁有土地，這將支持就地產能再翻一番，代表著巨大的嵌入式增長潛力，並為支持我們客戶的增長提供了可觀的跑道。

Leading global cloud and content platforms have recently begun making significant investments in Africa, given the existing capacity within the in-service portfolio, the incremental capacity currently under construction and the strategic landholdings to support future expansion. Teraco is uniquely positioned to support the expected growth of digital infrastructure in Africa over the next several years.

鑑於服務組合中的現有容量、目前正在建設的增量容量以及支持未來擴張的戰略性土地，領先的全球雲和內容平台最近開始在非洲進行重大投資。 Teraco 具有獨特的優勢，可以支持未來幾年非洲數字基礎設施的預期增長。

Let's discuss our sustainable growth initiatives on Page 3. During the fourth quarter, Digital Realty earned Nareit's Leader in the Light Award for the fifth consecutive year, complementing the company's 5-star GRESB rating and top ranking within the technology and science sector. Digital Realty was also named one of America's Most Responsible Companies by Newsweek and was the #1 ranked data center company.

讓我們在第 3 頁討論我們的可持續增長計劃。在第四季度，Digital Realty 連續第五年獲得 Nareit 的領導者光獎，補充了公司在技術和科學領域的 5 星 GRESB 評級和最高排名。 Digital Realty 還被新聞周刊評為美國最負責任的公司之一，並且是排名第一的數據中心公司。

We continue to advance our sustainable financing strategy, recasting and upsizing our credit facility with improved terms while incorporating a sustainability-linked pricing component with pricing subject to adjustment based on annual performance against certain green targets.

我們繼續推進我們的可持續融資戰略，通過改進條款重新調整和擴大我們的信貸額度，同時納入與可持續發展掛鉤的定價部分，定價會根據某些綠色目標的年度業績進行調整。

We are committed to minimizing our impact on the environment, while simultaneously meeting the needs of our customers, our investors and our employees, along with the broader society and advancing our goal of delivering sustainable growth for all these stakeholders.

我們致力於最大限度地減少對環境的影響，同時滿足客戶、投資者和員工以及更廣泛社會的需求，並推進我們為所有這些利益相關者實現可持續增長的目標。

Let's turn to our investment activity on Page 4. We continue to invest in the expansion of our global platform. In addition to the Teraco transaction, we've grown our presence along the Eastern Coast of Africa with iColo and supplemented our acquisition of Medallion data centers in Nigeria with 2 land purchases in Lagos for future development.

讓我們轉向第 4 頁的投資活動。我們將繼續投資於擴展我們的全球平台。除了 Teraco 交易之外，我們還通過 iColo 擴大了我們在非洲東海岸的影響力，並通過在拉各斯購買了 2 處土地用於未來發展，補充了我們對尼日利亞 Medallion 數據中心的收購。

Over the next decade, we expect to see huge opportunity for global businesses to tap into Africa's rapidly growing internet economy, and Digital Realty is uniquely positioned to enable this growth.

在接下來的十年中，我們預計全球企業將有巨大的機會進入非洲快速增長的互聯網經濟，而 Digital Realty 具有獨特的優勢來實現這一增長。

We also continue to invest in the organic growth of our platform. We spent $580 million on growth CapEx in the fourth quarter, our largest quarterly growth CapEx investment to date. We currently have 44 projects underway, totaling more than 250 megawatts of IT capacity in 27 metros around the world. This capacity was 46% presold as of year-end.

我們還繼續投資於我們平台的有機增長。我們在第四季度的增長資本支出上花費了 5.8 億美元，這是我們迄今為止最大的季度增長資本支出投資。我們目前有 44 個項目在進行中，在全球 27 個地鐵站的 IT 容量總計超過 250 兆瓦。截至年底，該容量已預售了 46%。

Geographically, we continue to invest most heavily in EMEA with 27 projects underway, totaling more than 140 megawatts across 16 metros. In Asia Pacific, we delivered several development projects during the fourth quarter, including facilities in Singapore and Hong Kong.

從地域上看，我們繼續在歐洲、中東和非洲地區進行最大的投資，有 27 個項目正在進行中，在 16 個大都市的總發電量超過 140 兆瓦。在亞太地區，我們在第四季度交付了多個開發項目，包括在新加坡和香港的設施。

In January, we opened Digital Seoul 1, our first data center in South Korea and the first carrier-neutral facility in the country. This facility will serve as a connectivity gateway for latency-sensitive customer workloads, but can be connected to hyperscale applications hosted in our second facility in Korea, totaling over 60 megawatts of capacity currently under construction just outside the city center.

1 月，我們開設了 Digital Seoul 1，這是我們在韓國的第一個數據中心，也是該國第一個運營商中立的設施。該設施將作為對延遲敏感的客戶工作負載的連接網關，但可以連接到我們在韓國的第二個設施中託管的超大規模應用程序，目前在市中心外正在建設的總容量超過 60 兆瓦。

The 2 facilities will be tied together with fiber to create a connected campus and will complement each other by providing solutions for the full customer spectrum, from small performance sensitive co-location customers to huge hyperscale deployments.

這兩個設施將與光纖連接在一起以創建一個連接的園區，並將通過為從小型性能敏感的託管客戶到大型超大規模部署的整個客戶範圍提供解決方案來相互補充。

In North America, our development pipeline is diversified by product mix as well as geographically with projects underway in 7 different markets. We continue to see strong hyperscale demand in Hillsboro, while we are expanding in Downtown Atlanta to bring on additional colocation capacity at one of the most highly connected destinations in the Southeastern United States.

在北美，我們的開發渠道因產品組合和地域而多樣化，項目在 7 個不同的市場進行中。我們繼續在希爾斯伯勒看到強勁的超大規模需求，同時我們正在亞特蘭大市中心擴張，以在美國東南部連接最緊密的目的地之一帶來額外的託管能力。

We are bringing capacity online in both these markets, among others, given the robust demand backdrop and our tightening inventory position.

鑑於強勁的需求背景和我們緊縮的庫存狀況，我們正在將這兩個市場的產能上線。

Let's turn to the macro environment on Page 5. We're fortunate to be operating in a business levered to secular demand drivers. Our leadership position provides us with a unique vantage point to detect secular trends as they emerge globally on platformDIGITAL.

讓我們轉向第 5 頁的宏觀環境。我們很幸運能夠在一個利用長期需求驅動因素的業務中運營。我們的領導地位為我們提供了一個獨特的優勢，可以在平台DIGITAL 上發現全球出現的長期趨勢。

Our customers continue to solve some of the most complex IT infrastructure connectivity and data integration challenges. We are witnessing a growing trend of multinational companies across all segments, deploying and connecting large, private data infrastructure footprints on PlatformDIGITAL across multiple regions and metros globally.

我們的客戶繼續解決一些最複雜的 IT 基礎設施連接和數據集成挑戰。我們見證了跨國公司在所有領域的增長趨勢，在全球多個地區和都市圈部署和連接 PlatformDIGITAL 上的大型私有數據基礎設施足跡。

Industry research firm Gartner recently updated their global IT spending forecast for 2022, projecting a 5.1% increase to $4.5 trillion, driven by companies investing in digital data growth strategies. Additionally, Gartner believes that by 2024, 75% of organizations will have deployed multiple data hubs to drive mission-critical data analytics sharing and governance in support of digital data growth strategies.

行業研究公司 Gartner 最近更新了他們對 2022 年全球 IT 支出的預測，預計在公司投資於數字數據增長戰略的推動下，將增長 5.1% 至 4.5 萬億美元。此外，Gartner 認為，到 2024 年，75% 的組織將部署多個數據中心來推動關鍵任務數據分析共享和治理，以支持數字數據增長戰略。

These forecasts are consistent with our view of where the puck is headed. Our market intelligence tool, the Data Gravity Index, forecasts similar growth in the intensity of data creation and its gravitational pull on global IT infrastructure.

這些預測與我們對冰球走向的看法一致。我們的市場情報工具 Data Gravity Index 預測數據創建的強度及其對全球 IT 基礎設施的引力會出現類似的增長。

In addition, our industry manifesto, enabling connected data communities serves as the global playbook for industry collaboration to tackle data gravity challenges head on and unlock a new era of growth opportunity for all companies.

此外，我們的行業宣言，使互聯數據社區成為行業合作的全球手冊，以應對數據引力挑戰，為所有公司開啟新的增長機會時代。

Digital Realty was recently named Company of the Year by Frost & Sullivan for North American data center best practices. This award reflects our continued focus on operational excellence, underpinned by continuous innovation and execution of the PlatformDIGITAL road map.

Digital Realty 最近被 Frost & Sullivan 評為北美數據中心最佳實踐年度公司。該獎項反映了我們對卓越運營的持續關注，並以 PlatformDIGITAL 路線圖的持續創新和執行為基礎。

We are honored by the strong validation of the differentiated value proposition we are creating for customers and partners. Given the resiliency of the demand drivers underpinning our business, and the relevance of our platform in meeting these needs, we believe we are well positioned to continue to deliver sustainable growth for customers, shareholders and employees, whatever the macro environment may hold in store.

我們為客戶和合作夥伴創造的差異化價值主張得到了強有力的驗證，我們對此感到榮幸。鑑於支撐我們業務的需求驅動因素的彈性，以及我們的平台在滿足這些需求方面的相關性，我們相信我們有能力繼續為客戶、股東和員工提供可持續增長，無論宏觀環境如何。

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

有了這個，我想把電話轉給安迪，讓你了解我們的財務業績。

Thank you, Bill. Let's turn to our leasing activity on Page 7. As Bill noted, we delivered record bookings of $156 million with an $11 million contribution from interconnection during the fourth quarter.

謝謝你，比爾。讓我們轉到第 7 頁的租賃活動。正如比爾指出的，我們在第四季度交付了創紀錄的 1.56 億美元的預訂，其中互連貢獻了 1100 萬美元。

Volume was elevated across both of our primary reporting categories in the quarter with a healthy mix between enterprise and hyperscale business. For the full year, we booked $0.5 billion of new business with roughly a 60-40 split between greater than 1 megawatt and less than 1 megawatt plus interconnection.

本季度我們兩個主要報告類別的交易量都有所提高，企業和超大規模業務之間的健康組合。全年，我們預訂了 5 億美元的新業務，其中大於 1 兆瓦和小於 1 兆瓦以及互連之間的比例約為 60-40。

The EMEA region had a particularly strong quarter accounting for approximately 60% of total bookings led by Frankfurt with standout performance across product types. The fourth quarter was also notable for the strength of cross-selling between regions.

歐洲、中東和非洲地區的季度表現尤為強勁，佔法蘭克福主導的總預訂量的約 60%，在各種產品類型中表現出色。第四季度也因地區間交叉銷售的強勁勢頭而引人注目。

Nearly 30% of our sub-1 megawatt plus interconnection bookings were exported from one region to another, a strong indication of the value customers derive from our global platform. Not surprisingly, the Americas was our biggest exporter with most deals landing in EMEA, followed by APAC.

我們近 30% 的低於 1 兆瓦以上的互連預訂從一個地區出口到另一個地區，這有力地表明了客戶從我們的全球平台中獲得的價值。毫不奇怪，美洲是我們最大的出口國，在歐洲、中東和非洲地區的交易最多，其次是亞太地區。

Both EMEA and APAC had strong export quarters as well, with over 15% of their sub-1-megawatt plus interconnection bookings landing out of region. The weighted average lease term was nearly 10 years primarily driven by hyperscale pre-leasing in EMEA.

歐洲、中東和非洲地區和亞太地區的出口季度也表現強勁，超過 15% 的低於 1 兆瓦的外加互連預訂落在了該地區之外。加權平均租賃期接近 10 年，主要受歐洲、中東和非洲地區超大規模預租賃的推動。

We landed over 130 new logos during the fourth quarter, our second best quarterly result and just shy of last quarter's record 140 for our full year total of 480 new logos. We are encouraged by the consistent organic growth of our customer base, and we view these results as strong validation of platform digital and our global strategy.

我們在第四季度獲得了 130 多個新徽標，這是我們第二好的季度業績，僅略低於上一季度創紀錄的 140 個，因為我們全年共有 480 個新徽標。我們對客戶群的持續有機增長感到鼓舞，我們認為這些結果是對平台數字化和我們全球戰略的有力驗證。

In terms of specific wins during the quarter and around the world, Graphcore, a British semiconductor company that develops accelerators and systems for AI and machine learning, selected PlatformDIGITAL to address their density, security and scale requirements.

就本季度和全球範圍內的具體勝利而言，為人工智能和機器學習開發加速器和系統的英國半導體公司 Graphcore 選擇了 PlatformDIGITAL 來滿足其密度、安全性和規模要求。

The initial deployment will land in Amsterdam to be followed by a global rollout, and we are also collaborating on solution engineering and joint go-to-market activities. A leading high-frequency trading shop is expanding on PlatformDIGITAL to extend their high-performance computing platform across 2 continents and expand trading into 2 new international metros, while approving cloud access and business continuity state side.

最初的部署將在阿姆斯特丹登陸，隨後將在全球推廣，我們還在解決方案工程和聯合上市活動方面進行合作。一家領先的高頻交易商店正在 PlatformDIGITAL 上進行擴展，以將其高性能計算平台擴展到 2 個大洲，並將交易擴展到 2 個新的國際大都市，同時批准雲訪問和業務連續性狀態。

A Global 2000 U.S. energy provider is expanding with Digital Realty, consolidating their own on-premise facilities and using PlatformDIGITAL to scale their business across multiple metros. A leading aerospace manufacturing and services company is expanding on PlatformDIGITAL, leveraging dense interconnection to support data exchange across 4 new markets.

一家全球 2000 強的美國能源供應商正在通過 Digital Realty 進行擴張，整合他們自己的內部設施，並使用 PlatformDIGITAL 在多個城市擴展他們的業務。一家領先的航空製造和服務公司正在擴展 PlatformDIGITAL，利用密集互連來支持 4 個新市場的數據交換。

A Global 2000 insurance brokerage is consolidating their data center footprint and has adopted PlatformDIGITAL to remove data gravity barriers and interconnect with clouds across multiple metros.

一家全球 2000 強的保險經紀公司正在鞏固他們的數據中心足跡，並採用 PlatformDIGITAL 來消除數據重力障礙並與跨多個城市的雲互連。

An IVY League university is expanding on PlatformDIGITAL to exit their own on-premise facility and enhance their access to the health care provider community for data exchange. And finally, a major APAC food services organization selected PlatformDIGITAL to improve cloud connectivity and leverage the local centers of data exchange in Japan.

常春藤聯盟大學正在擴展 PlatformDIGITAL 以退出他們自己的內部設施，並增強他們與醫療保健提供者社區進行數據交換的訪問。最後，一家主要的亞太地區食品服務組織選擇了 PlatformDIGITAL 來改善雲連接並利用日本當地的數據交換中心。

Turning to our backlog on Page 9. The current backlog of leases signed but not yet commenced rose from $330 million to $378 million as our fourth -- record fourth quarter signings more than offset commencements.

談到我們在第 9 頁上的積壓。目前已簽署但尚未開始的租賃積壓從 3.3 億美元上升到 3.78 億美元，這是我們第四季度的記錄——創紀錄的第四季度簽約量超過了開工量。

The lag between signings and commencements was unusually high at nearly 14 months, primarily driven by long-term leases on recent development starts in EMEA as customers accelerated efforts to secure a long-term runway for growth against a backdrop of steadily dwindling inventory.

簽約和開工之間的延遲異常高，接近 14 個月，主要是由於在庫存穩步減少的背景下，客戶加速努力確保長期增長的跑道，歐洲、中東和非洲地區近期開發項目啟動的長期租賃。

Moving on to renewal leasing activity on Page 10. We signed $151 million of renewal leases during the fourth quarter in addition to the record new leases signed. The weighted average lease term on renewals signed during the fourth quarter was nearly 4 years.

繼續第 10 頁的續租活動。我們在第四季度簽署了 1.51 億美元的續租租約，此外還簽署了創紀錄的新租約。第四季度簽訂的續約加權平均租期接近 4 年。

Renewal rates rolled down 4%, driven by a handful of large deals in North America as negative re-leasing spreads on greater than 1 megawatt renewals more than offset the positive releasing spreads on the sub-1 megawatt renewals.

續租率下降了 4%，受北美少數大宗交易的推動，超過 1 兆瓦續租的負再租賃利差抵消了低於 1 兆瓦續租的正釋放利差。

In terms of operating performance, overall portfolio occupancy ticked down 60 basis points, almost entirely due to development deliveries placed in service during the quarter. Same capital cash NOI growth was negative 6.6% in the fourth quarter, primarily driven by churn in North America as well as higher property operating and net utilities expense.

在經營業績方面，整體投資組合入住率下降了 60 個基點，幾乎完全是由於本季度交付的開發項目。第四季度相同資本現金 NOI 增長為負 6.6%，主要受北美客戶流失以及物業運營和淨公用事業費用增加的推動。

As a reminder, the 2021 same-store pool did not include the Westin Building in Seattle, the Interxion platform in Rijk, Lamda Hellix in Greece or Altus IT in Croatia. Each of these businesses will be included in the same-store pool beginning in the first quarter of 2022, and each is expected to contribute to improving same-store growth going forward, partially offset by higher property taxes as well as FX headwinds expected in 2022.

提醒一下，2021 年的同店池不包括西雅圖的威斯汀大廈、Rijk 的 Interxion 平台、希臘的 Lamda Hellix 或克羅地亞的 Altus IT。從 2022 年第一季度開始，這些業務中的每一項都將被納入同店池，預計每項業務都將有助於改善未來的同店增長，部分被更高的財產稅以及 2022 年預計的外匯逆風所抵消.

Turning to our economic risk mitigation strategies on Page 11. The U.S. dollar strengthened during the fourth quarter relative to prior year exchange rates, and FX represented roughly a 130 basis point headwind to the year-over-year growth in our reported results from the top to the bottom line.

轉向我們在第 11 頁的經濟風險緩解策略。第四季度美元相對於去年的匯率走強，而外匯對我們報告的最高業績的同比增長構成了大約 130 個基點的逆風到底線。

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 the currency risk from an economic perspective.

提醒一下，我們通過發行以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，只有我們在特定區域內的淨資產才會面臨貨幣風險。

In addition to managing credit risk and foreign currency exposure, we also mitigate interest rate risk by proactively terming out short-term variable rate debt with longer-term fixed rate financing.

除了管理信用風險和外匯風險外，我們還通過長期固定利率融資主動終止短期浮動利率債務來降低利率風險。

Given our strategy of matching the duration of our long-lived assets with long-term fixed-rate debt, a 100 basis point move in base rates 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 with a well-diversified menu of public and private capital sources available to fund the growth of our business.

鑑於我們將長期資產的期限與長期固定利率債務相匹配的策略，基準利率變動 100 個基點將對我們全年每股 FFO 產生大約 50 個基點的影響。我們的近期融資和再融資風險得到了很好的管理，擁有多元化的公共和私人資本來源菜單，可用於為我們的業務增長提供資金。

In terms of earnings growth, fourth quarter core FFO per share was up 4% year-over-year and up 1% sequentially, driven by solid operational execution, cost controls and a reduction in financing costs due to proactive balance sheet management over the past 12 months.

在盈利增長方面，第四季度每股核心 FFO 同比增長 4%，環比增長 1%，這得益於穩健的運營執行、成本控制以及過去積極的資產負債表管理降低了融資成本12個月。

For the full year, core FFO per share was up 5% year-over-year and came in $0.03 above the high end of our initial guidance range, which did not contemplate the contribution of $1.4 billion of assets through Digital Core REIT in early December.

全年，每股核心 FFO 同比增長 5%，比我們最初指導範圍的高端高 0.03 美元，該指導範圍沒有考慮在 12 月初通過 Digital Core REIT 貢獻 14 億美元的資產.

As a reminder, full year core FFO per share excludes the $20 million promote fee on the Prudential joint venture in the third quarter as well as the $25 million PPA settlement in the first quarter.

提醒一下，全年每股核心 FFO 不包括第三季度 Prudential 合資企業的 2000 萬美元推廣費以及第一季度 2500 萬美元的 PPA 和解費。

Looking ahead to 2022, we expect core FFO per share will be between $6.80 and $6.90, including the 1% dilution from Teraco as well as 100 to 200 basis points of expected FX headwinds due to the strength of the dollar relative to 2021. We expect to deliver revenue between $4.7 billion and $4.8 billion in 2022 and adjusted EBITDA of approximately $2.5 billion.

展望 2022 年，我們預計每股核心 FFO 將在 6.80 美元至 6.90 美元之間，包括來自 Teraco 的 1% 稀釋以及由於美元相對於 2021 年走強導致的 100 至 200 個基點的預期外匯逆風。我們預計到 2022 年實現 47 億至 48 億美元的收入，調整後的 EBITDA 約為 25 億美元。

Given the tightened supply environment, we expect flat cash renewal rates in 2022, up from slightly negative in 2021. And we expect overall portfolio occupancy to remain within the current range despite the significant new capacity scheduled to come online during the year in addition to the embedded lease-up potential within the Teraco portfolio.

鑑於供應環境趨緊，我們預計 2022 年現金續訂率持平，高於 2021 年的小幅負值。我們預計整體投資組合入住率將保持在當前範圍內，儘管除在 Teraco 投資組合中嵌入了租賃潛力。

We are off to a great start on our financing plans for the year with a highly successful 750 million bond offering in early January of 10.5-year paper at 1.375% coupon. Finally, we expect to raise $500 million to $1 billion from capital recycling whether through contributions to Digital Core REIT, noncore asset sales to third parties or a combination of both.

我們今年的融資計劃有了一個良好的開端，1 月初以 1.375% 的票面利率發行了 7.5 億美元的 10.5 年期債券，非常成功。最後，我們預計從資本回收中籌集 5 億至 10 億美元，無論是通過向 Digital Core REIT 捐款、向第三方出售非核心資產或兩者兼而有之。

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 had each and every year since our IPO in 2004.

就季度股息而言，分配政策最終是董事會層面的決定。鑑於我們的現金流和應稅收入的持續增長，我們預計每股股息將持續增長，就像我們自 2004 年首次公開募股以來每年的情況一樣。

Last, but certainly not least, let's turn to the balance sheet on Page 12. As of year-end, our reported leverage ratio stood at 6.1x, while fixed charge coverage was 5.4x. Pro forma for settlement of the $1 billion September forward equity offering, leverage drops to 5.7x, while fixed charge coverage also improved to 5.7x.

最後但同樣重要的是，讓我們看看第 12 頁的資產負債表。截至年底，我們報告的槓桿率為 6.1 倍，而固定費用覆蓋率為 5.4 倍。 9 月 10 億美元遠期股票發行結算的備考，槓桿率降至 5.7 倍，而固定費用覆蓋率也提高至 5.7 倍。

We continue 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. As Bill previously mentioned, we recast our credit facility during the fourth quarter, upsizing from $2.35 billion to $3 billion, extending the maturity by 3 years and tightening pricing by 5 basis points.

我們將繼續執行我們的財務戰略，即最大限度地增加可用資本選擇的菜單，同時最大限度地降低相關成本並延長我們的負債期限以匹配我們的長期資產。正如比爾之前提到的，我們在第四季度重新調整了我們的信貸額度，從 23.5 億美元增加到 30 億美元，將期限延長了 3 年，並將定價收緊了 5 個基點。

We also incorporated a sustainability-linked pricing component subject to adjustment based on annual performance targets, further demonstrating our commitment to sustainable business practices.

我們還納入了一個與可持續發展相關的定價部分，可根據年度績效目標進行調整，進一步表明我們對可持續商業實踐的承諾。

Subsequent to quarter end, we raised approximately $850 million from the 10.5-year euro bonds at 1.375%, and we used a portion of the proceeds to redeem all $450 million of our outstanding 4.75% U.S. dollar bonds due 2025.

在季度末之後，我們以 1.375% 的利率從 10.5 年期歐元債券中籌集了約 8.5 億美元，我們用部分收益贖回了 2025 年到期的全部 4.5 億美元的未償 4.75% 美元債券。

This successful execution against our financing strategy reflects the strength of our global platform, which provides access to the full menu of public as well as private capital, sets us apart from our peers and enables us to prudently fund our growth. As you can see from the chart on Page 13, our weighted average debt maturity is over 6 years and our weighted average coupon is just over 2%.

此次成功執行我們的融資戰略，反映了我們全球平台的實力，該平台提供了對公共和私人資本的全部訪問權限，使我們在同行中脫穎而出，並使我們能夠審慎地為我們的增長提供資金。從第 13 頁的圖表中可以看出，我們的加權平均債務期限超過 6 年，加權平均息票率剛剛超過 2%。

A little over 3/4 of our debt is non-U.S. dollar denominated, reflecting the growth of our global platform while also acting as a natural FX hedge for our investments outside the U.S. 94% of our debt is fixed rate, guarding against a rising rate environment, and 99% of our debt is unsecured, providing the greatest flexibility for capital recycling.

我們超過 3/4 的債務以非美元計價，這反映了我們全球平台的增長，同時也為我們在美國以外的投資提供了天然的外匯對沖功能 我們 94% 的債務為固定利率，以防止上漲利率環境，我們99%的債務是無抵押的，為資金循環提供了最大的靈活性。

Finally, as you can see from the left side of Page 13, we have a clear runway with nominal near-term debt maturities and no bar too tall in the out years. Our balance sheet is poised to weather a storm, but also positioned to fuel growth opportunities for our customers around the globe, consistent with our long-term financing strategy.

最後，正如您從第 13 頁左側看到的那樣，我們有一條清晰的跑道，名義上的近期債務到期，並且在未來幾年沒有太高的門檻。我們的資產負債表已準備好經受住風暴，但也為我們的全球客戶提供增長機會，這與我們的長期融資戰略相一致。

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

我們準備好的評論到此結束。現在我們很樂意回答您的問題。接線員，請您開始問答環節嗎？

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

（操作員說明）我們的第一個問題將來自 RBC Capital Markets 的 Jon Atkin。

I wondered if you could talk a little bit about supply chain. Last call, you talked about kind of on time and on budget in terms of delivery of turnkey inventory. Any update on that? And did that play a role in the slightly more elongated commencement time frame associated with your leasing of 14 months compared to what you've done in the past?

我想知道你能否談談供應鏈。上次電話會議，您談到了交鑰匙庫存交付方面的準時和預算。有什麼更新嗎？與您過去所做的相比，這是否在與您的 14 個月租賃相關的稍微延長的開始時間框架中發揮了作用？

Thanks, John. We are seeing some effects on the supply chain. Clearly, most of the equipment is strained in terms of availability, including data center infrastructure, servers and network gear and shortages in things like chips and fans are impacting many industries, not just ours.

謝謝，約翰。我們看到了對供應鏈的一些影響。顯然，大多數設備在可用性方面都很緊張，包括數據中心基礎設施、服務器和網絡設備，而芯片和風扇等設備的短缺正在影響許多行業，而不僅僅是我們的行業。

Our VMI program, the vendor-managed inventory program, utilizes our knowledge and market way to overcome some of these disruptions. I believe that we're the gold standard for managing vendors and for forecasting. And this gives us priority for production slots with our suppliers.

我們的 VMI 計劃，即供應商管理的庫存計劃，利用我們的知識和市場方式來克服其中一些干擾。我相信我們是管理供應商和預測的黃金標準。這使我們優先考慮與供應商的生產時段。

This program has allowed us to reduce lead times by an average of 70% versus standard. Increased -- we increased the VMI pool when COVID hit. So I think we're pretty well prepared for the current disruptions. And we're evaluating the program to expand it even further to better support our programs.

與標準相比，該計劃使我們能夠將交貨時間平均縮短 70%。增加 - 當 COVID 發生時，我們增加了 VMI 池。所以我認為我們已經為當前的中斷做好了充分的準備。我們正在評估該計劃以進一步擴展它以更好地支持我們的計劃。

Steel, aluminum and copper is also rising, which affects some fit-out by cages and cabinets. This is only -- this really only comes into play, though, for projects that are scheduled for completion in the next 6 to 12 months. And in those cases, we're working closely with our customers to order gear early to lock in the pricing and avoid any shipment delays.

鋼、鋁和銅也在上漲，這影響了籠子和櫥櫃的一些裝修。這只是——不過，這實際上只適用於計劃在未來 6 到 12 個月內完成的項目。在這種情況下，我們正與客戶密切合作，儘早訂購設備以鎖定價格並避免任何發貨延遲。

Let me hand it over to Andy to address the relationship to delay in construction and anything else that he might want to add.

讓我把它交給安迪來解決與延遲建設的關係以及他可能想要添加的任何其他內容。

Sure. I think Bill covered it. But just on the -- John, the elongated book-to-bill or time line which had nothing really to do with supply chain. Two factors there: one, you can see in the Americas region, we did a powered base shell deal, obviously, a longer lead time to develop that and bring that online. And then in Europe, where we have the concentration of our long deals obviously, stand out quarter for EMEA across the board.

當然。我認為比爾涵蓋了它。但就在約翰，延長的帳單或時間線與供應鏈沒有任何關係。那裡有兩個因素：一個，你可以看到在美洲地區，我們做了一個強大的基礎外殼交易，顯然，更長的時間來開發它並將它上線。然後在歐洲，我們顯然集中了我們的長期交易，在歐洲、中東和非洲地區全面脫穎而出。

Some of the plus megawatt deals were rather large in size and takedowns. And I think there's a project or 2 where we're literally at land state and the customers are looking to really just book that future runway to growth. So that was kind of what drugged the overall time line out for sign to commence.

一些超兆瓦級交易的規模和撤資規模相當大。而且我認為有一兩個項目我們實際上處於陸地狀態，客戶希望真正預訂未來的增長跑道。所以這就是讓整個時間線為標誌開始的原因。

And then maybe more broadly, I wondered if you could maybe comment on the willingness to flex your -- your CapEx budget to a higher level. You accelerated compared to last year. But given all the demand that's out there and all the aggressive investment by some of your peers in order to maintain your share, what is your thought about flexing the CapEx budget higher?

然後也許更廣泛地說，我想知道您是否可以評論將您的資本支出預算提高到更高水平的意願。與去年相比，你加速了。但是，考慮到所有的需求以及一些同行為了維持您的份額而進行的所有積極投資，您對提高資本支出預算有何想法？

And any kind of updated thoughts on financing mix as to how you might do that? It seems like that would really affect 2022 CapEx. But further out, any kind of broad thoughts on that would be appreciated.

以及關於如何做到這一點的任何關於融資組合的最新想法？這似乎真的會影響 2022 年的資本支出。但更進一步，任何關於此的廣泛想法都會受到讚賞。

Sure. So we finished 2021 at south of $2.2 billion of development CapEx or so. Our guidance range is a step-up of $2.3 billion to $2.5 billion of CapEx. You can just look at our press release throughout the year.

當然。因此，我們在 2021 年完成了 22 億美元左右的開發資本支出。我們的指導範圍是 23 億美元至 25 億美元的資本支出。你可以看看我們全年的新聞稿。

We've been opening new markets, expand market, building out the pipeline from land to shells to finish suites to colo and connectivity inventory. I don't think we're looking to change our posture. We really go market by market supply chain -- or excuse me, market-by-market supply-demand view.

我們一直在開拓新市場，擴大市場，建設從土地到貝殼到成品套房到託管和連接庫存的管道。我不認為我們想要改變我們的姿勢。我們真的是逐個市場供應鏈去市場——或者對不起，逐個市場的供需觀點。

And we think we're positioning ahead of our competitors. And I don't think there's a really necessary reactionary flex needed into our business. But if the opportunity presents itself, we look at that, and we'll make those investments. And as I mentioned in my prepared remarks, we've got a diverse menu of capital sources to fuel our growth.

我們認為我們的定位領先於競爭對手。而且我認為我們的業務不需要真正必要的反動彈性。但是，如果機會出現，我們會考慮這一點，然後進行這些投資。正如我在準備好的講話中提到的那樣，我們擁有多樣化的資金來源來推動我們的增長。

The next question comes from Michael Rollins of Citi.

下一個問題來自花旗的邁克爾·羅林斯。

Was curious, first, if you can unpack the guidance for the same capital cash NOI growth of down 2.5% to 3.5%? Maybe some of the puts and takes in there and how that might play out over the course of the year? I can share the follow-up after this one.

很好奇，首先，您是否可以解開相同資本現金 NOI 增長率下降 2.5% 至 3.5% 的指導？也許那裡的一些看跌期權以及在一年中可能會如何發揮作用？我可以分享這個之後的後續。

Sure. Thanks, Michael. So just a quick backdrop on same capital. So -- last year, we guided slightly negative on same capital or -- and we came in at 4.4% same-capital cash, almost negative. This was slightly worse than the year prior.

當然。謝謝，邁克爾。因此，這只是同一資本的快速背景。所以 - 去年，我們對相同資本的指引略為負，或者 - 我們以 4.4% 的相同資本現金進入，幾乎為負。這比前一年略差。

As I mentioned, that was a real subset of the pool that we reported in 2021. You flip to 2022, you call it almost 80% of our company is in that pool with the addition of the Westin Building, Interxion, Lamda Helix and Altus IT in Croatia. So you get a much larger sample set and an improving complexion.

正如我所提到的，這是我們在 2021 年報告的池的一個真正子集。你翻到 2022 年，你稱之為我們公司幾乎 80% 的人都在這個池中，加上威斯汀大廈、Interxion、Lamda Helix 和 Altus它在克羅地亞。因此，您可以獲得更大的樣本集和改善的膚色。

So from negative 4.4%, we guided to, call it, negative 3% at the midpoint. It's really being impacted by 2 elements: one, currency we hedge to the balance sheet. So all the currency fluctuations are hitting that pool, if you call -- look at that on a constant currency, you're probably closer to negative 1%.

因此，從負 4.4%，我們引導至中點負 3%。它確實受到兩個因素的影響：第一，我們對沖資產負債表的貨幣。所以所有的貨幣波動都在衝擊這個池子，如果你打電話——看看恆定貨幣，你可能更接近負 1%。

And then if you peel back the onion on that, it's really strong positives -- several -- like 3% or so in that APAC close to flat in EMEA due to the utilities being elevated and then the negative contribution largely focused in the Americas region, where we are getting hit by what looks like it would be a property tax increase that's going to hit us in that year -- or excuse me, in 2022, but not continue in '23 and beyond.

然後，如果你把洋蔥去掉，這是非常積極的——有幾個——比如 3% 左右的亞太地區在歐洲、中東和非洲地區接近持平，因為公用事業正在提高，然後負面貢獻主要集中在美洲地區，我們受到的打擊似乎是那一年將打擊我們的財產稅增加——或者對不起，在 2022 年，但不會在 23 年及以後繼續。

And the major driver of still not being more firmly into positive, although improving really is downtime for releasing of some of the larger nonretentions. We've been working away at that and making good activity actually re-leasing it.

儘管改善確實是釋放一些較大的非保留的停機時間，但仍然沒有更加堅定地轉向積極的主要驅動力。我們一直在努力解決這個問題，並讓良好的活動實際上重新出租它。

And then moving those customers into that space, it just takes time, not because of supply chain politics, more of that 1 5-megawatt customer leads and a new 5-megawatt customer refills, the refurbs, the new PDUs, et cetera, it just takes time.

然後將這些客戶轉移到那個領域，這只是需要時間，而不是因為供應鏈政治，更多的是 1 5 兆瓦的客戶線索和新的 5 兆瓦客戶補充、翻新、新的 PDU 等等，它只是需要時間。

And for those chunky deals, you lose a month or 2 or rent in a year, that's just -- it won't flow through until you get into 2023. So net-net, not in pository firmly on a reported basis yet, but heading that way.

而對於那些大筆交易，你會損失一兩個月或一年的租金，這只是 - 它不會在你進入 2023 年之前通過。所以 net-net，還沒有在報告的基礎上牢固地存在，但是朝那個方向走。

And just to follow up on some comments that you and the team have provided earlier on just pricing. Can you give us an update on the pricing strategy, the opportunities to leverage price, whether it's because of the inflationary backdrop or some of the other macro factors that you're dealing with? And then how that would affect the financial performance over time?

只是為了跟進您和團隊之前就定價提供的一些評論。您能否向我們提供有關定價策略、槓桿價格機會的最新信息，無論是由於通貨膨脹背景還是您正在處理的其他一些宏觀因素？那麼隨著時間的推移，這將如何影響財務業績？

Sure. So I mean, pricing from 2 lenses. Obviously, you saw in the guidance, the -- we're guiding towards flat releasing spreads on our renewals for 2020. So that's not new news. We've been mentioning that we've been working our way into that positive territory partly due to mix of expirations, but certainly, I would say, pricing related and then also, call it, pricing on new deals.

當然。所以我的意思是，從 2 個鏡頭開始定價。顯然，您在指南中看到了——我們正在指導我們在 2020 年的續訂中平緩釋放利差。所以這不是新消息。我們一直在提到，我們一直在努力進入這個積極的領域，部分原因是到期的混合，但我肯定會說，定價相關，然後也稱它為新交易的定價。

Holistically, I think our supply chain team has done a really and -- design and structure team has done a really good job insulating us given our scale, our consistency in market. I don't think that's industry-wide.

從整體上講，我認為我們的供應鏈團隊做得非常好——考慮到我們的規模和市場的一致性，設計和結構團隊在隔離我們方面做得非常好。我不認為這是全行業的。

And if you're a newer, smaller, more fledgling or regional competitor that's creating disruptions from an inflation standpoint and there's just overall strains on delivery of capacity, whether it's moratoriums in certain countries or the ability to deliver power.

如果你是一個更新、更小、更初出茅廬或區域性的競爭對手，從通貨膨脹的角度來看，它正在製造混亂，並且在交付能力方面存在整體壓力，無論是某些國家的暫停還是交付電力的能力。

All of these elements, I'd say, add up together to, I think, be an incremental benefit to our value proposition, to our customer of having this incumbent platform of 26 countries, 50 metros with one way for growth that the pricing pendulum feels like it's continuing to slowly swing more and more in our favor.

我想說，所有這些元素加起來，我認為，對我們的價值主張，對我們的客戶來說，擁有這個由 26 個國家/地區、50 個大都市組成的現有平台，以及定價鐘擺的一種增長方式，是一個增量收益感覺它繼續緩慢地擺動，越來越有利於我們。

The next question comes from Eric Luebchow of Wells Fargo.

下一個問題來自富國銀行的 Eric Luebchow。

I wanted to talk about the strength you had in the less than 1 megawatt category. Maybe you could break down where you're seeing the most success, whether it's traditional enterprise, smaller hyperscale edge nodes? And do you think that study improvement you've had is sustainable going forward?

我想談談你在小於 1 兆瓦類別中的實力。也許您可以細分您認為最成功的地方，無論是傳統企業還是較小的超大規模邊緣節點？你認為你所取得的學習進步是可持續的嗎？

And then my second question was on the asset disposition front. Andy, I think in the past, you said you don't have a lot left to do on noncore. So should we assume that on a heavier weighting towards SREIT contributions throughout the course of the year?

然後我的第二個問題是關於資產處置方面的。安迪，我想過去，你說過你在非核心方面沒有太多事情要做。那麼我們是否應該假設在整個一年中對 SREIT 貢獻的權重更大？

And related to that, where do you think your leverage slightly north of 6x, should we expect it to remain elevated? Or are you looking to drive that down with the Teraco financing and potentially other asset sales?

與此相關的是，您認為您的槓桿率略高於 6 倍，我們是否應該期望它保持較高水平？或者您是否希望通過 Teraco 融資和可能的其他資產出售來降低這一點？

Well, I'll have Corey start us off on the enterprise less-than-megawatt interconnection category. And then I can fill in any factoids and talk about source and uses on your second question.

好吧，我將讓 Corey 讓我們從企業級小於兆瓦的互連類別開始。然後我可以填寫任何事實，並在您的第二個問題上討論來源和用途。

Yes. Thanks, Eric, for the question. I'll tell you that we're really happy and feel good about the healthy demand that we're getting out of the sub-1 megawatt spot space. You seem to be consistent about kind of where we're growing that and how it's been building.

是的。謝謝，埃里克，這個問題。我會告訴你，我們真的很高興並且對我們從低於 1 兆瓦的現貨空間中獲得的健康需求感覺良好。你似乎對我們在哪裡發展以及它是如何建立的一致。

We mentioned the enterprise demand and just where it's coming across. It's coming across from a lot of our customers trying to take advantage of hybrid IT environments. And so we're seeing that come across the board.

我們提到了企業需求以及它遇到的地方。我們的許多客戶都在嘗試利用混合 IT 環境。所以我們看到它全面出現。

Across the globe, we have really strong demand in pipeline. And the nice thing about it is it's coming from an enterprise perspective from us, 2/3 of that pipeline is coming through as enterprise. And we're also getting good channel progress from it.

在全球範圍內，我們對管道的需求非常強勁。它的好處是它來自我們的企業視角，該管道的 2/3 是作為企業通過的。我們也從中獲得了良好的渠道進展。

So from a sub-1 megawatt perspective, is it sustainable? Is it something that we're going to continue. I think you're going to see it continue. And we're happy with where we're seeing that demand across all regions and coming through the channel specifically and then also enterprises. So we're happy about where that is, and I think it's going to continue.

那麼從低於 1 兆瓦的角度來看，它是否可持續？這是我們要繼續的事情嗎？我想你會看到它繼續下去。我們很高興看到所有地區的需求，特別是通過渠道，然後是企業。所以我們對它的位置感到高興，我認為它會繼續下去。

Just to add a couple of more regional tidbits, Eric. So EMEA was an absolute standout for the less than 1 megawatt, as you saw in the numbers. Frankfurt, London, Paris, Amsterdam Marseille, big contributors. Over half of our new logos actually came out of that region. In the Americas, New York, Chicago, Dallas, Atlanta were the top markets and Singapore is obviously the standout in APAC.

只是為了添加一些更多的區域花絮，埃里克。因此，正如您在數字中看到的那樣，歐洲、中東和非洲絕對是 1 兆瓦以下的佼佼者。法蘭克福，倫敦，巴黎，阿姆斯特丹馬賽，大貢獻者。我們超過一半的新徽標實際上來自該地區。在美洲，紐約、芝加哥、達拉斯、亞特蘭大是最大的市場，而新加坡顯然是亞太地區的佼佼者。

And do you -- Eric, do you mind just repeating the second part of your question about the sourcing? I just -- I heard the first part about it, which is noncore versus contribution to the SREIT. What was the second part of your question?

你——埃里克，你介意重複你關於採購問題的第二部分嗎？我只是 - 我聽說過它的第一部分，即非核心與對 SREIT 的貢獻。你問題的第二部分是什麼？

And just how we should think about your leverage throughout the year? You're a little above 6x. I know you have the equity forward, you have the Teraco financing. Just how we should think about the cadence of leverage this year? That would be helpful.

我們應該如何看待您全年的槓桿率？你比6倍多一點。我知道你有股權，你有 Teraco 融資。我們應該如何看待今年的槓桿節奏？那會很有幫助。

Sure. As so you see in the guidance table, we put about $0.5 billion to $1 billion of, call it, capital recycling, which would be both of these categories. We ended the year with really a 60 -- a one-off asset for $60 million that will be likely redeveloped into a residential project in San Jose.

當然。正如您在指導表中看到的那樣，我們投入了大約 5 億至 10 億美元的資金回收，這將是這兩個類別。我們以 60 美元結束了這一年——這是一筆價值 6000 萬美元的一次性資產，很可能會在聖何塞重新開發成一個住宅項目。

And there are, call it, a short list of whittling down of incremental noncore dispositions that could happen during the year. It would be a piece of that. And then I think looking for incremental contributions to digital core REIT would probably be the larger segment of that source of capital. That's obviously been a great success. John Stewart, after 32 earnings calls, hung up the HP 12C, is now looking to grow that vehicle.

並且有一個簡短的清單，列出了年內可能發生的增量非核心配置。這將是其中的一部分。然後我認為尋找對數字核心房地產投資信託基金的增量貢獻可能是該資本來源的更大部分。這顯然是一個巨大的成功。約翰斯圖爾特在 32 次財報電話會議後掛斷了 HP 12C，現在正在尋求發展該車輛。

In terms of funding for the year, -- we finished out the year with about almost $1 billion of proceeds if you include that one-off asset plus digital core REIT in December. That all put the back on 12/31 with $140-ish million of cash, 400 million of -- excuse me, $400 million drawn on a $3.3 billion credit facility.

就今年的資金而言，如果將一次性資產加上 12 月份的數字核心 REIT 包括在內，我們在這一年結束時的收益約為 10 億美元。這一切都讓 12/31 背上了 1.4 億美元的現金，4 億美元——對不起，4 億美元來自 33 億美元的信貸額度。

We got lucky and beat the rate march with a $850 million euro bond beginning of the year. That's probably an incremental $500 million proceeds. We still have the $1 billion undrawn forward that will take down. So those combinations of sources and uses will essentially fund the closing of the $1.7 billion purchase of Teraco.

我們很幸運，在年初發行了 8.5 億歐元的債券，擊敗了利率上漲。這可能是增加了 5 億美元的收益。我們還有 10 億美元的未提取遠期資金將被取消。因此，這些來源和用途的組合基本上將為完成以 17 億美元收購 Teraco 提供資金。

And then obviously, those incremental noncore dispose or incremental contributions in the back half of the year will be the, call it, the replenishing of the capital stack, and we'll look to leverage to, call it, stay -- to move more in line to our targeted leverage levels below times for sure, as we move through the year.

然後很明顯，那些在下半年增加的非核心處置或增加的貢獻將是，稱之為，資本堆棧的補充，我們將尋求利用，稱之為，留下 - 移動更多隨著我們全年的發展，這肯定符合我們低於倍數的目標槓桿水平。

The next question comes from Simon Flannery of Morgan Stanley.

下一個問題來自摩根士丹利的西蒙弗蘭納里。

Andy, I just wanted to continue on the Digital Core REIT. How should we think about what to expect there for 2022? Is this going to be something where it will potentially do more deals with you? And how are those? Is it really North America focused today and in the near term? Or could we see assets from Europe or elsewhere go in there?

安迪，我只是想繼續數字核心房地產投資信託基金。我們應該如何思考 2022 年的預期？這是否會成為可能與您進行更多交易的事情？那些怎麼樣？今天和短期內真的專注於北美嗎？或者我們可以看到來自歐洲或其他地方的資產進入那裡嗎？

And you mentioned the stock price appreciation. Is there any magic -- is 35% a magic number in terms of your stake? Or could you get -- use that as a source of funding as well to take your stake down in the Teraco.

你提到了股價上漲。有什麼魔力嗎？ 35% 對你的股份來說是一個神奇的數字嗎？或者你能得到 - 用它作為資金來源以及降低你在 Teraco 的股份。

Yes. So the -- this was essentially an evolution of our capital sources here. It date back to probably the origins when Bill created a prudential JV that just actually ran its course, and we recognized a promote in the fall. Perpetual externally managed public vehicle with a global mandate, although albeit originally a North America portfolio.

是的。所以 - 這本質上是我們這裡的資本來源的演變。它可能可以追溯到比爾創建一個審慎的合資企業的起源，該合資企業實際上只是在運行，我們在秋天發現了一個晉升。具有全球授權的永久性外部管理公共工具，儘管最初是北美投資組合。

So over time, I would expect it to -- through contributions of assets from Digital Realty, and they can also and can also acquire third-party assets, diversify its portfolio geographically. But really with core assets, data centers that Digital Realty believes in for the long run, that have really long-term weighted average lease terms, high occupancy is core to our strategy.

因此，隨著時間的推移，我希望它能夠通過 Digital Realty 的資產貢獻，他們也可以而且也可以收購第三方資產，使其投資組合在地域上多樣化。但實際上，對於 Digital Realty 長期信賴的核心資產和數據中心，具有真正長期加權平均租賃期限的數據中心，高入住率是我們戰略的核心。

We don't have a set exact dollar amount or time of 2022, where we're looking to do a contribution, we'll work collaboratively with John and his team to position that at the right time for Digital Core REIT and its shareholders and Digital Realty's funding plans. But I would think it will diversify over time and continue to scale, and it's been well received to date. And I think that we'll be able to build upon that success.

我們沒有確定 2022 年的確切金額或時間，我們希望在哪裡做出貢獻，我們將與 John 及其團隊合作，為 Digital Core REIT 及其股東和Digital Realty 的融資計劃。但我認為它會隨著時間的推移而多樣化並繼續擴大規模，迄今為止它一直很受歡迎。我認為我們將能夠在這一成功的基礎上再接再厲。

And your 35% stake?

你的 35% 股份呢？

I'm sorry, that -- there's no magic to that. That was really just a product of the size of the initial portfolio, the conservative leverage we've put on the vehicle day 1 in a modest IPO size. We -- the underwriters' lockup tactically expires in the next several months. So not -- it's right around the corner. We have no interest to sell down.

對不起，那 - 沒有魔法。這實際上只是初始投資組合規模的產物，我們在第一天以適度的 IPO 規模對車輛施加的保守槓桿。我們——承銷商的鎖定策略將在未來幾個月內到期。所以不是 - 它就在拐角處。我們沒有興趣拋售。

We can sell down if we want to. More likely, over time, I could see us being diluted down as Digital Core REIT buys for cash more assets and Digital Realty makes room for incremental investors both institutional and retail to participate in the growth of the vehicle.

如果我們願意，我們可以賣掉。隨著時間的推移，我更有可能看到我們被稀釋，因為 Digital Core REIT 以現金購買更多資產，而 Digital Realty 為機構和散戶的增量投資者提供了參與該工具增長的空間。

The next question comes from Eric Rasmussen of Stifel.

下一個問題來自 Stifel 的 Eric Rasmussen。

New logos were quite strong. I think you highlighted in your record in the quarter. Maybe just talk about what's behind the success there? And then maybe do you see that momentum sustaining into the new year?

新標誌非常強大。我認為您在本季度的記錄中強調了這一點。也許只是談談那裡成功的背後是什麼？然後也許你看到這種勢頭會持續到新的一年嗎？

Yes. So that was our second -- so first of all, thanks for the question and also thanks for just the acknowledgment of the success we're having around new logos. Second highest quarter in new logos yet, our highest year in new logos at $480 million. It's really with customers coming to a hybrid IT and a data-centric kind of mindset around what they're going to do, that's what we're seeing come through on the new logos.

是的。那是我們的第二次——首先，感謝您提出問題，也感謝您對我們在新徽標方面取得的成功的認可。新徽標的第二高季度，我們新徽標的最高年份為 4.8 億美元。這真的是隨著客戶來到混合 IT 和圍繞他們將要做什麼的以數據為中心的心態，這就是我們在新徽標上看到的。

We've got a lot of customers now picking us consistently in making those decisions on it. Where we've seen kind of an outside growth from the new logos is around our channel. We went from channel sales of 15% up to -- I'm sorry, from 10% in 2020 to 15% in 2021. But the new logos we're getting are close to 20% to 25% on a quarterly basis from the channel.

我們有很多客戶現在一直選擇我們來做出這些決定。我們在頻道周圍看到了新徽標帶來的外部增長。我們的渠道銷售額從 15% 上升到 - 對不起，從 2020 年的 10% 上升到 2021 年的 15%。但我們獲得的新標識每季度從渠道。

So when you ask where it's coming from, it's coming across the whole globe. We also think through our exports. We mentioned that 30% of our export business -- or 30% of our business is growing export, meaning across regions and landing in EMEA at 60%. So really good progress across the globe on new logos supported by strong success with the channel. And I think we're going to see that continue as well. So thanks for the question, Eric.

所以當你問它來自哪裡時，它會傳遍全球。我們還考慮我們的出口。我們提到我們 30% 的出口業務——或 30% 的業務是出口增長，這意味著跨地區並以 60% 的比例登陸歐洲、中東和非洲。因此，在頻道取得巨大成功的支持下，新標識在全球範圍內取得了非常好的進展。我認為我們也會看到這種情況繼續下去。所以謝謝你的問題，埃里克。

Great. And then maybe just -- my follow-up, obviously, hyperscale was strong. But maybe talk about the types of hyperscalers you're seeing. Is there a shift in the customer makeup? And what's driving that demand?

偉大的。然後也許只是 - 我的後續行動，顯然，超大規模很強大。但也許談談你看到的超大規模的類型。客戶構成是否有變化？是什麼推動了這種需求？

So I would maybe go region by region real quickly. I just saw there wasn't a lot of activity in APAC this particular quarter, but we had a great 2021 overall in that region across all product types, but certainly including hyperscale and we're seeing significant demand continue. And really excited with the introduction of Seoul 1, which we just opened up as well as significant activity across the Japanese market.

所以我可能會很快地逐個地區去。我剛剛看到這個特定季度在亞太地區沒有很多活動，但我們在該地區的所有產品類型中總體上 2021 年都表現出色，但肯定包括超大規模，我們看到巨大的需求仍在繼續。對我們剛剛開放的首爾 1 號的推出以及在日本市場的重大活動感到非常興奮。

In EMEA, we had 4 of the 5 top CSPs, all signed new business with us during the quarter. A lot of activity in Frankfurt, both in the East with the legacy interaction campus in the West, with the likes of digital campus, Zurich, Marseille, Madrid and Paris were also contributors as well as Amsterdam.

在歐洲、中東和非洲地區，我們有 5 家頂級 CSP 中的 4 家，都在本季度與我們簽訂了新業務。法蘭克福有很多活動，無論是在東部還是在西部的傳統互動校園，數字校園、蘇黎世、馬賽、馬德里和巴黎以及阿姆斯特丹都是貢獻者。

In North America, in the -- I would say, the social media category has been a contributor and Ashburn was probably the standout for the quarter where we've remained incredibly tight during the recovering market and continue to see strong demand.

在北美，我想說，社交媒體類別一直是貢獻者，而 Ashburn 可能是本季度的佼佼者，在市場復甦期間我們仍然非常緊張，並且繼續看到強勁的需求。

The next question comes from David Barden of Bank of America.

下一個問題來自美國銀行的大衛巴登。

Two, if I could, please. One was, Andy, you talked about co-investment with the Singapore core REIT. And I'm wondering now, given -- I think we're looking at about a 3.7% cap rate implied on the market cap now.

二，如果可以的話，請。一個是，安迪，你談到了與新加坡核心房地產投資信託基金的共同投資。我現在想知道，鑑於 - 我認為我們現在正在考慮市值隱含的 3.7% 的上限利率。

Whether this -- how this affects how you guys think about mergers and acquisitions, and we've seen a lot of partnership models emerge across all sorts of digital infrastructure asset classes. I'd be interested in kind of hearing a little bit more about what you meant by that.

這是否 - 這如何影響你們對併購的看法，我們已經看到許多合作模式出現在各種數字基礎設施資產類別中。我很想多聽聽你的意思。

And then Bill, look, I'm a long-time listener, first-time caller. It's not gone unnoticed that John is taking over as CEO of Singapore core REIT. Andy has become President, you've moved to Austin. I mean, we're all big fans of what you've done, what are we -- should we be expecting something? And I'd love to hear your thoughts on succession right now.

然後比爾，看，我是一個長期傾聽者，第一次來電。約翰接任新加坡核心房地產投資信託基金的首席執行官並沒有被忽視。安迪已成為總統，您已搬到奧斯汀。我的意思是，我們都是你所做的事情的忠實粉絲，我們是什麼——我們應該期待什麼嗎？我現在很想听聽您對繼任的看法。

David, it's Greg Wright. Let me take the first question. Your question with respect to the SREIT and how we think about it in terms of our M&A strategy. I mean, look, I think when you look at the mandate that John and his team have for that vehicle, it's clearly -- it's a yield-driven vehicle.

大衛，我是格雷格·賴特。讓我回答第一個問題。您對 SREIT 的問題以及我們在併購戰略方面的看法。我的意思是，看，我認為當您查看約翰和他的團隊對該車輛的授權時，很明顯 - 它是一種收益驅動的車輛。

And obviously, we assess that cost of capital for that vehicle like we do Digital Realty stand-alone. And those assets that are going to go into that, they're not going to be development, they're going to be stabilized.

顯然，我們評估該車輛的資本成本，就像我們單獨評估 Digital Realty 一樣。那些將要投入其中的資產，它們不會被開發，它們會被穩定下來。

You've heard John's pitch in terms of the types of assets they're looking for that to put it into that vehicle. Well, as we do -- if we do future M&A or anything like that, and there happens to be those kinds of assets, they will be a natural home for that.

你已經聽過約翰關於他們正在尋找將其放入該車輛的資產類型的說法。好吧，就像我們所做的那樣——如果我們將來進行併購或類似的事情，並且恰好有這些資產，它們將成為它的天然家園。

Now we obviously have a partner to pursue those transactions simultaneously and be able to bifurcate the assets and to get the best cost of capital. So that's how we think about it from an M&A standpoint.

現在我們顯然有一個合作夥伴可以同時進行這些交易，並能夠分叉資產並獲得最佳的資本成本。這就是我們從併購的角度來考慮它的方式。

But in terms of cost of capital, we still go back, we do our underwrites, we're going to go out and do DCFs and take a look at the projections and take a look at the risk of the asset and we're going to price it accordingly. And obviously, having a vehicle that's got a better cost of capital is helpful. But that's generally the approach we'll use for M&A.

但就資本成本而言，我們仍然回去，我們做我們的承銷，我們將出去做 DCF，看看預測，看看資產的風險，我們要去相應地定價。顯然，擁有一輛資本成本更高的汽車是有幫助的。但這通常是我們用於併購的方法。

The only thing I would add to that question, John -- sorry, David, was -- listen, Singapore is opening up its moratorium in a very rational and prudent way. Now with the development of, call it, 3 new data center locations. I can't think of a better partner to be 1 of the 3 given our experience in this business, 4,000 global customers. Leadership and sustainability, experience in region.

約翰——對不起，大衛，我唯一要補充的就是——聽著，新加坡正在以一種非常理性和審慎的方式開放其暫停令。現在隨著 3 個新的數據中心位置的發展。鑑於我們在這項業務中的經驗以及 4,000 名全球客戶，我想不出比這三個合作夥伴更好的合作夥伴了。領導力和可持續性，在該地區的經驗。

And last but not least, having a partner, Digital Core REIT, listed on the Singapore Exchange that could be an eventual owner of that asset allow all the citizens of Singapore to participate in the digital transformation of that country in the region. So that's a unique incremental attribute that could play in the future.

最後但並非最不重要的一點是，在新加坡交易所上市的合作夥伴 Digital Core REIT 可能成為該資產的最終所有者，這使新加坡的所有公民都可以參與該地區該國的數字化轉型。所以這是一個獨特的增量屬性，可以在未來發揮作用。

Relative to the move to Austin, I am not the only person who has moved to Austin. We moved the corporate headquarters to Austin. January of last year. And I'm surrounded by people who have also moved to Austin.

相對於搬到奧斯汀，我並不是唯一一個搬到奧斯汀的人。我們把公司總部搬到了奧斯汀。去年一月。我周圍的人也搬到了奧斯汀。

On my right is my Chief of Staff, Bill Bradley; on my left is my Chief Investment Officer, Greg Wright. I'm looking down the table here at our Chief Operating Officer, Eric Sanchack. So we have quite a few people who have moved. Andy Power is planning to move at the end of the year. So this is the corporate headquarters. We made a conscious decision to leave California for a number of reasons. I think we've articulated that.

我的右邊是我的參謀長比爾布拉德利；在我的左邊是我的首席投資官 Greg Wright。我正在向下看我們的首席運營官 Eric Sanchack。所以我們有不少人搬家了。 Andy Power 計劃在年底搬家。所以這裡是公司總部。出於多種原因，我們有意識地決定離開加利福尼亞。我想我們已經闡明了這一點。

We're going to be moving our staffs out of California and New York. We've announced that. We have downsized in California our offices there. We moved from Four Embarcadero Center up the block to a space at -- on California Street, and we're going to be downsizing in New York as well. So there's nothing about this move to Austin that is related to succession.

我們將把我們的員工遷出加利福尼亞和紐約。我們已經宣布了。我們已經縮小了在加利福尼亞的辦公室。我們從街區的四個 Embarcadero 中心搬到了加利福尼亞街的一個空間，我們也將在紐約縮小規模。因此，搬到奧斯汀的這一舉動與繼任無關。

Relative to the movement of Andy into the President's log, I think that's your question. Our -- my goal and the goal of the Board is to try to give our top-performing executives as much experience and different experience as we possibly can. So this gives Andy an opportunity to spend time in operations as well as working with Chris Sharp on the networking side, the product development side, the innovation side.

關於安迪進入總統日誌的動作，我認為這是你的問題。我們——我的目標和董事會的目標是盡可能地為我們表現最好的高管提供盡可能多的經驗和不同的經驗。因此，這讓安迪有機會花時間在運營上，並在網絡方面、產品開發方面和創新方面與 Chris Sharp 合作。

We have a number of very capable executives that work for this company that report to me. And I think many of them are potential candidates to succeed me. My obligation to the Board is to make sure that they have choices. And I'm trying to provide for that.

我們有許多為這家公司工作的非常有能力的高管向我匯報。我認為他們中的許多人都是接替我的潛在候選人。我對董事會的義務是確保他們有選擇權。我正在努力提供這一點。

And so when the time is right for me to move into retirement, I'd like our Board to be able to look at a number of potential candidates inside the company and potentially consider candidates outside the company as well. But I have no plans to step down at any point in the near future. I like what I do. And I think we're pretty good at it.

因此，當我退休的時機成熟時，我希望我們的董事會能夠考慮公司內部的一些潛在候選人，並可能考慮公司外部的候選人。但我沒有計劃在不久的將來任何時候下台。我喜歡我所做的。我認為我們很擅長。

The next question comes from Brendan Lynch of Barclays.

下一個問題來自巴克萊銀行的 Brendan Lynch。

Maybe this one is for Chris. With your growing pool of colo assets, do you have any interest in creating an internal software-defined network? And if so, what would that entail? And what competitive advantages would that provide to you?

也許這個是給克里斯的。隨著您的託管資產池不斷增長，您是否有興趣創建內部軟件定義網絡？如果是這樣，那意味著什麼？這將為您提供哪些競爭優勢？

Yes. Thanks, Brendan. I appreciate the question. Absolutely, right? That's what the customers are looking for. And I just want to go back a little bit on what Eric had asked Corey on what's driving that sub-1 megawatt.

是的。謝謝，布倫丹。我很欣賞這個問題。絕對正確？這就是客戶正在尋找的。我只想回顧一下 Eric 曾問過 Corey 是什麼推動了低於 1 兆瓦的動力。

It's a sweet spot where customers are starting to outgrow colo. So it's very beneficial to our asset class to be able to support that growing need and allow them to land and expand even beyond the 1 megawatt and start to go to more market. But that all requires an SDN, just a software-defined networking, for the broader group, that capability to tie it all together.

這是一個甜蜜的地方，客戶開始超過 colo。因此，能夠支持不斷增長的需求並允許它們登陸和擴展甚至超過 1 兆瓦並開始進入更多市場，這對我們的資產類別非常有利。但這一切都需要一個 SDN，只是一個軟件定義的網絡，對於更廣泛的群體來說，能夠將它們捆綁在一起。

And so one of the things you're going to hear about later in the year is we are absolutely bringing to market 1 of 2 platforms in the world that is purpose built for orchestrating at a higher level, that type of capability on our customer behalf, right?

因此，您將在今年晚些時候聽到的一件事是，我們絕對會將世界上 2 個平台中的 1 個推向市場，該平台專為更高級別的編排而設計，代表我們客戶的這種能力， 正確的？

And I'll just impress upon everybody, it's not improving on a 10-year-old product. It's definitely purpose-built. And at the core of that is enhancing our customer experience where we're removing that technical complexity that a lot of customers are impacted by around interconnection and making it easier for them to procure and deploy in all of these locations.

而且我只想給每個人留下深刻印象，它並沒有在一個 10 年前的產品上有所改進。它絕對是專門設計的。其核心是增強我們的客戶體驗，我們正在消除許多客戶受到互連影響的技術複雜性，並使他們更容易在所有這些地點採購和部署。

And that's why that new logo growth is starting to grow at record numbers, and you'll see that continually feed off of itself because they're getting a big benefit out of the community of interest that's being created around the globe.

這就是為什麼新徽標的增長開始以創紀錄的數字增長，你會看到它不斷地自食其力，因為它們從全球範圍內創建的利益社區中獲得了巨大的利益。

But again, at the end of the day, it's about open access and unfettered customer experience, which allows all of our customers to access the right partners throughout the globe. And this fabric, again, will facilitate the easiest route to all destinations.

但同樣，歸根結底，它是關於開放訪問和無拘無束的客戶體驗，這使我們所有的客戶都能在全球範圍內訪問合適的合作夥伴。而且，這種面料將再次為通往所有目的地的最簡單路線提供便利。

Great. And maybe you could give a little color on the type of investment that, that will take?

偉大的。也許您可以對將採取的投資類型進行一些說明？

Yes, absolutely, Brendan. And we had referenced a while back, we had acquired a smaller firm that was some of the leading software developers out in the market. And it's something that Andy and I constantly talk about on the right amount of capital. And so we have a dedicated software team that is purpose built in delivering that capability.

是的，絕對是，布倫丹。不久前我們提到過，我們收購了一家較小的公司，該公司是市場上一些領先的軟件開發商。這是安迪和我經常談論的適當數量的資本。因此，我們有一個專門的軟件團隊，專門為提供該功能而構建。

And so I wouldn't say it's material as of yet, and we're not disclosing the details around the investment, but the impact that we get with having that team dedicated to building not only an SDN capability, but that broader orchestration is absolutely going to be beneficial, and we already have some great conversations with beta customers that are driving the direction of what those feature functionalities are going to be.

所以我不會說它是實質性的，我們也沒有披露有關投資的細節，但我們得到的影響是讓該團隊致力於構建 SDN 能力，但更廣泛的編排絕對是將是有益的，我們已經與測試版客戶進行了一些很好的對話，這些對話正在推動這些功能的發展方向。

And Brendan, I can confirm that the cost CapEx otherwise is included and not material to the guidance we have on the sub today.

布倫丹，我可以確認，其他方面的成本資本支出也包括在內，對我們今天對潛艇的指導並不重要。

The next question will come from Matt Nickman of Deutsche Bank.

下一個問題將來自德意志銀行的馬特尼克曼。

I'll keep this brief. Maybe 2 for Andy. First off, does the 2022 guide, can you quantify what's embedded in there from Teraco, just thinking about revenue, EBITDA and core FFO? And then secondly, maybe dovetailing on that. Typically, you'll give some directional color on how to think about forward quarter core FFO. I'm just wondering if there are any puts and takes for 1Q core FFO per share that you would flag to be mindful of?

我會保持簡短。安迪也許是 2 個。首先，2022 年指南是否可以量化 Teraco 中嵌入的內容，僅考慮收入、EBITDA 和核心 FFO？其次，也許與此相吻合。通常，您會給出一些關於如何考慮前向四分之一核心 FFO 的方向性顏色。我只是想知道是否有任何你會標記為註意的每股 1Q 核心 FFO 的看跌期權？

Sure. So just working backwards. So -- we didn't -- I don't think we have like our famous bar charts without numbers on them for you in terms of the weighted distribution. We do have a pretty decent moving part here with the timing of Teraco, which I can't remember if Greg mentioned this yet, but I mean we're working through the closing conditions and really the process for, call it, competition community review.

當然。所以只是向後工作。所以——我們沒有——我認為我們沒有像我們著名的條形圖那樣沒有數字，就加權分佈而言。在 Teraco 的時間安排上，我們確實有一個相當不錯的移動部分，我不記得 Greg 是否提到過這一點，但我的意思是我們正在研究結束條件，以及真正的過程，稱之為競爭社區審查.

But feels like it's going to happen in call it the early -- very early second quarter to a couple of months in the second quarter time frame. So that does put a little bit of puts and takes from a quarterly blend. It is -- just to confirm, the dilution from Teraco is included in our guidance table in the sub.

但是感覺它會在第二季度的早期 - 非常早期的第二季度到第二季度的幾個月內發生。因此，這確實會帶來一些看跌期權，並從季度混合中獲取。這是 - 只是為了確認，來自 Teraco 的稀釋包含在我們的子指南表中。

So at the bottom line, our midpoint is call it growing, call it, 5%, which is about 100 basis points increase from our guidance a year ago, which we did beat by 140 bps. We also are absorbing, call it, 100 to 200 basis points of FX headwinds. And so if you normalize for those items, you call it close to the 6.5%, call it core FFO per share growth.

因此，最重要的是，我們的中點是增長，稱之為 5%，這比一年前我們的指導增加了約 100 個基點，我們確實超過了 140 個基點。我們也在吸收，稱之為 100 到 200 個基點的外匯逆風。因此，如果你對這些項目進行標準化，你稱之為接近 6.5%，稱之為每股核心 FFO 增長。

The components of Teraco, I would call it, ballpark for a rough swag, a partial year contribution to revenue and a EBITDA basis, call it, 100-ish of revenue and 70-ish of EBITDA contribution, rough swags.

Teraco 的組成部分，我會稱之為粗略的贓物，對收入的部分年度貢獻和 EBITDA 基礎，稱之為 100-ish 的收入和 70-ish 的 EBITDA 貢獻，粗略的贓物。

Just a reminder, a data point, our year-over-year revenue and EBITDA growth is deflated when you just look at our reported financials. Remember that we had a PPA in a settlement, NH promote, in 2021. So that plus -- really that plus FX calls it has what you, call it, 9.3% growth on a revenue basis on a constant currency basis.

只是一個提醒，一個數據點，當您查看我們報告的財務數據時，我們的同比收入和 EBITDA 增長就會縮水。請記住，我們在 2021 年在新罕布什爾州推廣的和解中有一個 PPA。所以加上 - 真的加上 FX 所說的，它有你所說的，在固定貨幣基礎上的收入增長 9.3%。

And then as a reminder, we're also losing revenue from our contribution to the Singapore REIT, Digital Core REIT. So that puts you up another 100 or 150 basis points higher on the revenue standpoint from a constant currency basis.

然後提醒一下，我們也因對新加坡房地產投資信託（Digital Core REIT）的貢獻而失去收入。因此，在固定貨幣基礎上，從收入的角度來看，這會讓你再高出 100 或 150 個基點。

That 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。我現在想把電話轉回給首席執行官比爾·斯坦因他的閉幕詞。請繼續。

Thank you. I'd like to wrap up our call today by recapping our highlights for 2021, as outlined here on the last page of our presentation. Our value proposition is clearly resonating with customers. We booked over $0.5 billion of new business in 2021, a 15% increase over the prior year, while attracting nearly 500 new logos.

謝謝你。我想總結一下我們在 2021 年的亮點，以結束我們今天的電話會議，正如我們演示文稿最後一頁所概述的那樣。我們的價值主張顯然引起了客戶的共鳴。我們在 2021 年預訂了超過 5 億美元的新業務，比上一年增長 15%，同時吸引了近 500 個新徽標。

Digital Realty's operational excellence is second to none, whether it be uninterrupted performance during a record Texas ice storm or on-time delivery of new capacity despite a global pandemic and the resulting strain on global supply chains. Our customers trust us with mission-critical applications and Digital delivers.

Digital Realty 的卓越運營是首屈一指的，無論是在創紀錄的德克薩斯冰風暴期間的不間斷性能，還是在全球大流行和由此給全球供應鏈造成壓力的情況下按時交付新產能。我們的客戶信任我們的關鍵任務應用程序和數字交付。

We're expanding our global platform, establishing Digital Realty as the unquestioned leading colocation interconnection provider in Africa and positioning PlatformDIGITAL at key points of interconnection as subsea cable landing stations.

我們正在擴展我們的全球平台，將 Digital Realty 打造成非洲無可爭議的領先託管互連提供商，並將 PlatformDIGITAL 定位在互連的關鍵點，作為海底電纜登陸站。

We announced our expansion into India, together with our partner, Brookfield, and we invested in AtlasEdge, gaining exposure to the European edge market, all while investing over $2 billion in organic development around the world.

我們宣布與合作夥伴 Brookfield 一起向印度擴張，並投資 AtlasEdge，進入歐洲邊緣市場，同時在全球投資超過 20 億美元用於有機發展。

We posted solid financial results and core FFO revenue and adjusted EBITDA above the high end of our initial guidance. Our 2022 guidance represents mid-single-digit growth in core FFO per share despite absorbing headwinds from FX, Teraco and capital recycling. Constant currency guidance for CFFO, if we were to exclude Teraco, would be in high single digits.

我們公佈了穩健的財務業績和核心 FFO 收入，調整後的 EBITDA 高於我們最初指導的高端。儘管吸收了來自外匯、Teraco 和資本回收的不利因素，但我們的 2022 年指導代表每股核心 FFO 的中位數增長。如果我們將 Teraco 排除在外，CFFO 的恆定貨幣指導將是高個位數。

Last but not least, we further strengthened our balance sheet, raising $1 billion of proceeds from asset sales all the while positioning ourselves as the leading global provider of the full spectrum of data center solutions.

最後但同樣重要的是，我們進一步加強了資產負債表，從資產出售中籌集了 10 億美元的收益，同時將自己定位為全方位數據中心解決方案的全球領先供應商。

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

我要再次感謝 Digital Realty 一線團隊成員擔任關鍵數據中心設施的角色，他們讓數字世界保持運轉。我希望你們所有人都保持安全和健康，我們希望很快能再次見到你們中的許多人。謝謝你。

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。