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Text: For a further discussion of the risks related to our business, please see our 10-K and subsequent filings with the SEC.
Reconciliations to net income are included in the supplemental package furnished to the SEC and available on our website.
We further strengthened connections with customers with $156 million of new bookings with record results in both a zero 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.
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.
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.
As a perpetual capital partner, Digital Realty and Digital Core REIT can continue to work together while providing our customers with a seamless experience.
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.
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.
We also announced two 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.
and Canada, valued at $1.4 billion at a 4.25% cap rate.
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.
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.
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.
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.
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.
Digital Core REIT is led by two longtime 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.
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.
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.
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 has seven state-of-the-art data centers across three 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 facilitates approximately 22,000 interconnections between customers and hosts seven cloud on-ramps and provides direct access to seven 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 two years.
The current development pipeline will expand the existing asset base by over 25%.
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.
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.
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 five-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 No.
1 ranked data center company.
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.
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.
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 two land purchases in Lagos for future development.
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.
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.
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.
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.
The two 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.
In North America, our development pipeline is diversified by product mix, as well as geographically with projects underway in seven 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.
We are bringing capacity online in both these markets, among others, given the robust demand backdrop and our tightening inventory position.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 two continents and expand trading into two new international metros, while approving cloud access and business continuity state side.
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 four new markets.
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.
An IVY League university is expanding on PlatformDIGITAL to exit their own on-premise facility and enhance their access to the healthcare 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.
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.
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.
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 four years.
Renewal rates rolled down 4%, driven by a handful of large deals in North America as negative releasing spreads on greater than 1 megawatt renewals more than offset the positive releasing spreads on the sub-1 megawatt renewals.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 6.1 times, while fixed charge coverage was 5.4 times.
Pro forma for settlement of the $1 billion September forward equity offering, leverage drops to 5.7 times, while fixed charge coverage also improved to 5.7 times.
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 three years and tightening pricing by 5 basis points.
We also incorporated a sustainability-linked pricing component subject to adjustment based on annual performance targets, further demonstrating our commitment to sustainable business practices.
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.
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 six years and our weighted average coupon is just over 2%.
A little over three-quarters 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.
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.
Operator, would you please begin the Q&A session?

user
introduced 2022 core ffo per share outlook of $6.80-$6.90.
reported net income available to common stockholders of $3.71 per share in 4q21.
digital realty reported revenues for q4 of 2021 of $1.1 billion, a 2% decrease from previous quarter.

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