Digital Realty Trust
Q1 2023 Earnings Call
Apr 27, 2023, 5:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good afternoon, and welcome to the Digital Realty first quarter 2023 earnings call. Please note this event is being recorded. During today's presentation, all parties will be in 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 aim to conclude at the bottom of the hour. I would like to turn the call over to Jordan Sadler, Digital Realty's senior vice president of public and private investor relations. Please go ahead.
Jordan Sadler -- Senior Vice President, Public and Private Investor Relations
Thank you, operator, and welcome, everyone, to Digital Realty's first 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, 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 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 certain 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 first quarter. First, our customer value proposition is resonating as we delivered yet another strong quarter of nearly $50 million of leasing in our zero to one-plus interconnection segment, including our second strongest quarter of bookings in EMEA and record interconnection bookings, helping to push interconnection revenue over $100 million in the quarter for the first time. Second, the first quarter delivered on the inflection and fundamentals we have guided to for 2023 as demonstrated by 4.5% releasing spreads on renewals and a 3.4% increase in stabilized portfolio cash NOI growth. And third, we remain confident in our funding plan for 2023.
We are deeply engaged in the process with multiple institutional buyers, including new and existing partners, and we'll update you on specifics once we finalize the transactions. With that, I'd like to turn the call over to our president and CEO, Andy Power.