Digital Realty Trust, Inc.

Please note this event is being recorded. During today's presentation, all parties will be in a listen-only mode. Following the presentation, we will conduct a question and answer session. Callers will be limited to one question plus a follow-up, and we will conclude promptly at the bottom of the hour. 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.

Thank you, Operator. The speakers on today's call are CEO Bill Stein and CFO Andy Power. Chief Investment Officer Greg Wright, Chief Technology Officer Chris Sharp, and Chief Revenue Officer Corey Dyer are also on the call and will be available for Q&A. 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 further discussion of risks related to our business, 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. Before we turn the call over to Bill, I'd like to hit the tops of the waves on our third quarter results. We further strengthened connections with customers, landing record new logos and delivering our fourth consecutive quarter with over $100 million of bookings. We also continue to deliver for our customers around the world despite volatility in the global supply chain, leveraging our scale, diversification, and strategic procurement processes to continue to deliver on time and on budget for our customers. We continue to enhance our global platform by expanding into new markets with tremendous growth potential while continuing to expand capacity in existing markets around the world. We delivered solid financial results with double-digit revenue growth leading to a beat in the current quarter and a raise to the outlook for the balance of the year. Last but not least, we further strengthened our balance sheet by raising approximately $600 million of low-coupon Swiss green bonds and over $1 billion of common equity to fund our future growth. With that, I'd like to turn the call over to Bill.

Thank you, John. 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 third quarter. We continue to globalize our business with significant bookings and solid performance across regions. Our bookings were diversified by both region and product type, reflecting our unique, full-spectrum global product offer. We also announced our entry into two high potential emerging markets, India and Nigeria, during the third quarter while expanding our connectivity capabilities by working with Xeo to develop the largest open fabric of fabrics that will interconnect key centers of data exchange. We are also extending our capabilities for customers to the edge with the announcement of what will be one of a few strategic partnerships in this arena. Let's discuss our sustainable growth initiatives on page three. In the third quarter, Digital Realty was honored to be recognized by Gresby as an overall global sector leader in the technology and science category for exemplary ESG performance, receiving a coveted five-star rating from this leading global ESG benchmarking organization and reflecting Digital Realty's commitment to being a global leader in ESG. We also became a UN global compact signatory in September, aligning our ESG goals and commitment to the UN sustainable development goals with a global initiative. We also advanced our sustainable financing strategy, raising our first ever Swiss green bonds and publishing the allocation of $440 million of proceeds from our September 2020 Euro green bond, which funded sustainable data center development projects in four countries across three continents certified in accordance with leading sustainable rating standards. We are committed to minimizing our impact on the environment while simultaneously meeting the needs of our customers, our investors, our employees, and broader society, while advancing our goal of delivering sustainable growth for all of these stakeholders. While on the topic of energy, I'm pleased to report that digital reality experienced only a small negative impact from the substantial rise in energy costs during the third quarter. In Europe, where concerns of an energy crisis were most acute, we typically contract for energy supplies a year or more in advance, providing price visibility and certainty for our customers. Elsewhere around the world, energy costs are typically passed through to customers minimizing our direct exposure. We continue to keep a close eye on energy prices, but given the resiliency of our business model, we do not expect rising energy costs to impact our reported results by more than a few pennies. Let's turn to our investment activity on page four. We continue to invest in our global platform. As previously announced, we entered into a joint venture with Brookfield, to expand platform digital into India, a giant underserved market with the fifth largest GDP in the world. Like many emerging markets, India presents some unique challenges underscoring the need for local knowledge and experience. To that end, we were pleased to announce the hiring of Seema Abbastha as CEO for the India Joint Venture. Seema has years of experience in the Indian IT sector broadly and in the data center industry specifically, where she most recently served as a senior executive leader with the NTT NetMagic data center business across India. We believe the India data center market has the potential to experience significant growth over the next decade, and we're thrilled to have such a strong partner and strong leader in this exciting new venture. During the third quarter, We continue to expand iColo, our Kenyan data center operator, acquiring a land parcel in Mozambique to build a facility positioned to land subsea cables and other connectivity-focused customers. We also acquired a controlling interest in Medallion Communications, the leading co-location and interconnection provider in Nigeria, in partnership with our existing African partner, Pambani Remgrove. As the African Internet economy matures, we expect Nigeria will represent a significant growth opportunity given its large and relatively young population, a growing and diversifying economy, as well as a maturing regulatory environment. Given the connectivity to Africa from our existing hub in Marseille, our platform will now offer the market-leading destinations connecting Africa to Europe and beyond. We're also investing to organically expand our capacity. As of September 30, we had 44 projects underway around the world, totaling almost 270 megawatts of incremental capacity, with over 250 megawatts scheduled for delivery before the end of 2022. We continue to invest most heavily in EMEA, where we now have 27 projects underway in 15 different markets totaling 150 megawatts of incremental capacity, most of which is highly connected, including significant expansions in Frankfurt, Marseille, Paris, and Zurich. Our investment in organic development is a reflection of the strength of demand across EMEA. We're being a bit more selective in North America. We're seeing strong demand in Portland, where we have a 30 megawatt facility under construction that is 100% pre-leased and scheduled for delivery in the first quarter of next year, while we also have significant projects underway in Northern Virginia, New York, and Toronto. Finally, in Asia Pacific, we continue to pursue strong organic development, both on our own and with our joint venture partners. We are adding capacity in Hong Kong that will open this quarter and expect to open Korea's first carrier-neutral facility in Seoul in early 2022. We are building a connected campus in Seoul to provide the full spectrum of solutions for our customers. The larger second facility will accommodate up to 64 megawatts of capacity and will be located within 25 kilometers of our first facility. Let's turn to the macro environment on page five. We are fortunate to be operating in a business leveraged to secular demand drivers, and our leadership position provides us with unique vantage point to detect developing trends as they emerge globally on platform digital. Just over a year ago, we introduced the Data Gravity Index, our market intelligence tool that forecasts the growing intensity of the enterprise data creation lifecycle and its gravitational impact on global IT infrastructure. Earlier this year, we published an industry manifesto enabling connected data communities to guide cross-industry collaboration, tackle data gravity head-on, and unlock a new era of growth opportunity. Recent third-party research continues to support the growing relevance of data gravity. According to ITC, the amount of digital data created over the next five years will be greater than twice the amount of data created since the advent of digital storage. This digital data creation is expected to drive exponential growth in enterprise user data aggregation, storage, and exchange, providing a powerful tailwind for data center demand. We continue to see enterprise and service provider customers deploying their own data hubs and using interconnection to securely exchange data in multiple metros on platform digital to accommodate their own data creation growth. Recently, for the second consecutive year, Digital Reality was ranked as the only outperformer and global leader by GigaOM for edge co-location. This ranking reflects our continued innovation and the execution of our platform digital roadmap for delivering global differentiated capabilities and value for our customers and partners. We are honored by the strong validation of our platform and our market-leading innovation to capture the growing global demand opportunity from data-driven businesses. With that, I'd like to turn the call over to Andy to take you through our financial results.