Digital Realty Trust, Inc. (NYSE:DLR) Q3 2023 Earnings Conference Call October 26, 2023 5:00 PM ET

Company Participants

Jordan Sadler - SVP-Public and Private IR

Andrew Power - President and CEO

Matthew Mercier - CFO

Gregory Wright - Chief Investment Officer

Christopher Sharp - Chief Technology Officer

Colin McLean - Chief Revenue Officer

Conference Call Participants

Jonathan Atkin - RBC Capital Markets

David Barden - Bank of America

Michael Elias - TD Cowen

David Guarino - Green Street

Eric Luebchow - Wells Fargo

Frank Louthan - Raymond James

Irvin Liu - Evercore ISI

Michael Rollins - Citi

Matt Niknam - Deutsche Bank

Ari Klein - BMO Capital Markets

Simon Flannery - Morgan Stanley

Nick Del Deo - MoffettNathanson

Erik Rasmussen - Stifel

Operator

Good afternoon, and welcome to the Digital Realty Third Quarter 2023 Earnings Call. Please note, this event is being recorded. [Operator Instructions] And we'll aim to conclude at the bottom of the hour.

I would now like to turn the call over to Jordan Sadler, Digital Realty's Senior Vice President of Public and Private Investor Relations. Jordan, please go ahead.

Jordan Sadler

Thank you, operator, and welcome, everyone, to Digital Realty's third quarter 2023 earnings conference call. Joining me on today's call are President and CEO, Andy Power; and CFO, Matt Mercier; Chief Investment Officer, Greg Wright; Chief Technology Officer, Chris Sharp; and Chief Revenue Officer, Colin McLean, are also on the call and will be available for Q&A.

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. For a 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 I turn the call over to Andy, let me offer a few key takeaways from our third quarter. First, our customer value proposition continues to resonate. Leasing was strong across both our primary product category with record overall bookings in the 0 to 1 megawatt plus interconnection segment, and an acceleration in our greater than megawatt segment.

Second, we saw a further continuation of the improvements in our fundamental metrics. Strong demand and tight supply remains supportive of pricing, and this is evident in our results. Same capital cash NOI growth was the best in more than a decade at 9.4%, while cash releasing spreads eclipsed 7% in the quarter, which caused us to raise full year guidance for these metrics for the second consecutive quarter.