Digital Realty Trust, Inc. (NYSE:DLR) Q2 2024 Earnings Conference Call July 25, 2024 5:00 PM ET

Company Participants

Jordan Sadler - SVP, Public and Private IR
Andrew Power - President and CEO
Matthew Mercier - CFO
Christopher Sharp - Chief Technology Officer
Colin McLean - Chief Revenue Officer
Gregory Wright - Chief Investment Officer

Conference Call Participants

Richard Choe - JPMorgan
Irvin Liu - Evercore ISI
Michael Rollins - Citi
Jonathan Atkin - RBC
Jonathan Petersen - Jefferies
Ari Klein - BMO Capital Markets
David Barden - Bank of America
Eric Luebchow - Wells Fargo
James Schneider - Goldman Sachs
Vikram Malhotra - Mizuho
Frank Louthan - Raymond James
Michael Elias - TD Cowen
David Guarino - Green Street
Matthew Niknam - Deutsche Bank
Anthony Hau - Truist Securities
Brandon Nispel - KeyBanc Capital Markets

Operator

Good day, and welcome to the Digital Realty Second Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Mr. Jordan Sadler. Please go ahead.

Jordan Sadler

Thank you, operator, and welcome everyone to Digital Realty's second quarter 2024 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 will be making 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 second quarter. First, we continue to execute within a very favorable demand environment with $164 million of new leasing executed in the quarter, again marking one of the top quarters in our history, which together with last quarter's record leasing drove a record first half of the year.

Second, our operating momentum continued through the second quarter as a record level of commencements translated into meaningful improvement in both total and same capital occupancy, while cash releasing spreads remained firmly positive and continued growth in cross connects drove interconnection revenue to a new record in the quarter.