DBRG - Earnings call transcript Q2 2021 | DigitalBridge Group, Inc.

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Operator

Welcome to the DigitalBridge Group, Inc.

Second Quarter 2021 Earnings Call.

As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. [Operator Instructions]. to of conference Public like Managing Severin now Head Director, Investor would turn over the White, I Relations. Please go ahead.

Severin White

Good second quarter welcome to conference and morning, call. XXXX everyone, earnings DigitalBridge's

call Jacky Wu, CFO. Marc the Speaking company our from and and President is on CEO; Ganzi, today our the

the Before turn cover over I will to I Harbor. them, call quickly the Safe

areas forward-looking materially. that as of statements information could events that the cause business such XXXX intend actual results performance, August financial to and today, effect no on a the risks to we of our and is future number considered differ Some update and including call pandemic COVID-XX undertakes may circumstances. does statements involve those for not All and uncertainties or this X, on DigitalBridge operations and make discussed of duty today be the of regarding it

in Form to the With most will For our with the more in discussed the that, information, our and Form CEO. and please President Factors Ganzi, refer XX-K over XX, call XXXX. filed Risk turn ended June the our XX-Q recent Marc I to Marc? SEC quarter for

Marc Ganzi

Severin. Thanks,

Playbook build. a we market. quarter’s, talk this will highlights, would by interest And attention I'm are today's their our then calls, conference walk cover especially unique Investor start to since everyone and then for and that's Jacky a first overview that DigitalBridge like especially ability just you results. in finally, Day for Executing earlier through XQ to turn and new I investors who for Digital to topic about It's quick quarterly especially in summer. we our cover in and to to are buy our this three today, both highlights, relevant to learning going primary the that, the first at I thanking will After Typically, about topics. First, time. But DigitalBridge, before do quarterly I'd investors our our we get new into like it financial over the new the branding section, that unveiled

started. get let's So,

complicated please. vision and Next year as earnings entire I what shareholders that of exactly management, to execute a what together. the we've I that your last was and year would my we first page, our to assets would could since our profile, from I commitment moving a our It's laid diversified focused firm. CEO, August first, on could you, to profound the and rotate in call digital. been later, out and accomplished prouder a of change be our you really business A and not I committed change trajectory transformation,

enterprise before, about from mistake, always are relationships industry Consumer only you continue converged Today, to across towers, on billion about. is with next. over this no drive transformed. the vertical. infrastructure centers, we've We investing to investments Today, cells, and global the exclusively told infrastructure last ecosystem, opportunity, an we are digital DigitalBridge want $XX and Make I market become focused entire been firm the see small edge infrastructure business, dedicated global to I that infrastructure. We've growth X% over digital team. REIT. fantastic in changing. assets, position expectations data in up as access emerging networks us this to years, connectivity fiber deep over are that's around the manage leader all this in digital and be a you talk and is We're increasing. our year, is proprietary digital What scale really XX for what our by what leading a here we're doing team

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finish up on we’ve invest with about I'll what a global perspective Finally, overview as this far, some built we basis. so

cover digital highlights Asia, about and the As some fastest-growing we infrastructure position XX major we're in companies manage the the companies I as our puts We're of Bottom we'll infrastructure section the I'll second REIT. us into which in playbook our quarter. about from talk turn that and a global With that backdrop, the verticals. line, enthusiastic mentioned incredibly earlier, moment. extending digital across

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serve on edge a that facilities focused customers. combo great is which PCCW, my Second, webscale from interconnected That's global our perspective. highly

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very important capital through at We to incredibly Next, And we're is target. month, II’s at on in quarter DCP our progress X.X DCP target of II. the total currently in of billion past we In commitments. I'd X strong sitting billion part I'm update is formation, business plan to report like had positive. of second our pleased an The which incredibly discuss an DigitalBridge. broke about

report, over In to fact, $XXX week, this million. I'm also we pleased closed this just earlier

the that of great schedule. our it's ahead the So, ago. bigger DigitalBridge. really progress final And this now just two inaugural a prior end close of DCP by we on raised to to net fund track we're years than II complete year, capital XX% to is formation

news. the and digital So, that's it's capitalize really DigitalBridge big with desire great partner to And think interest LPs’ in of on infrastructure, this to I indicative opportunity.

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a slide puts look, and we to billion this told generates exceed to business XX as we're go fundraising later. going over long-term and meet compete billion steady to targets, are similar we're securitization. year perspective Jacky funds is over track this we of is the just many on I've XXXX So corporate the this The know, what one look talk FEEUM. at contracted reasons fee of little which Well guidance mid-year, from did with generate in returns you, -- where XX streams to to you was able complete XXXX. our into time, bit about that to our you in --

great of happier. year. a for So, this digital believe we And our raising capital. XXXX, place, we are couldn't for which franchise, to our that an we're from exceed important guidance be IM our I target We're part goals on is in

really big, our divesting on OE&D over since it on legacy the finishing the With sight to Next update even Obviously, for statement, to we page. of was year. asset in there's business XX% which ahead was XXX And left us terms big this proceeds that our schedule to discontinued investments material for line the believe a mantra earlier Today, transitioned look, out mission, were XX-months. earlier this complicated. really corporate of that will Wellness that deal next the million that business operations quite monetize. quarter, gross and we've generating of XX Well, explain, being the as we set business A rotated you. we're was over sale Jacky we're of quick only digital. financial

of is XXXX And are expect on not believe has the the ago, that we managed business. by of a been laid end they'll we the close our out perfect great the digital people team. our it we growing only the date completion the digital but were we deal generating, progress for So, capital year. Fortress meant well end what's if think here buyer of even be we these us, also When to us for goals assets. still the by the is as target focus to of the we significant, And this and or year is beginning more to our time asking transformation?

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ESG wanted quarter. the XXXX side, on Finally, Report our release highlight earlier corporate this to of the I

some It's we're of been page on our It's we same one program of quarter to every employees, our the results Corporate track teams Responsibility working results the different to our big from their reporting digitalbridge.com. and Wu, It's the looking financial it's arms the all to but through that the are highly it their about this that portfolio of focused years. get to everyone but a all commitment. to and forward an at walk report been it's that, same section time full but journey, basis, there. operate an you rewarding. You on desk amount our all corporate we Getting this DigitalBridge. expect a commitment tangible in companies, can stages taken towards we the over to mission has work, down goal immense coming with from over It's on to Jacky my not Look, partner, my on lift, and the a who how big With our of this, work ESG only around get stakeholders. do year. for but really of at turn one CFO, second the Jacky? I'll important

Jacky Wu

And everyone. good morning, Thank you, Marc.

of classified the pro-forma held-for-sale, of of end AUM is Debt the in within we Other discontinued operations, are Supplemental basis, the this increased upon the release which represent that Wellness results to our steady second business. transformation. XX% of and Financial the XX% Digital at Infrastructure our AUM in AUM reminder, announced portfolio has a website. AUM earnings, total is XX% Shareholders its on Equity on our as continued company including additional XX, make total total section sale. a morning, to Report filed digital AUM of the now to second Digital Page with of the Starting assets of and a closing will quarter the available As quarter, progress quarter second including addition

the uncapped share. last loss same the total result over Adjusted per million, For in loss stockholders $X.XX million assets, $X which discontinued FFO the a that Total company a of Wellness as year a from common $XXX legacy expenses. the can to the nearly loss, which our page. represents classify second our improvement now lower businesses we operations. and segments, improve to was on net was by which million which last bottom corporate core segments accelerated is Infrastructure, company Note or an quarter, continued $XX were growth This all Existing of periods driven classified within a attributable reported including basis, now our prior digital discontinued net we consolidated deploy at be pro primarily will monetizations core $X scaling to as due the power legacy near XXX% non-digital of as as legacy digital in was $XXX revenues are core represent and from FFO that to FFO. losses million, EBITDA as anticipated year. no contributing has future. billion of capital, contribute earnings and increase that operations, to longer the seen core GAAP was period over liquidity our rata

we million year-end. the our towards hospitality of $XXX is $XX the net $XXX by $XXX XXXX monetizations, the than monetizations that full-year quarter. proceeds exceed after $XXX legacy of to the million $XXX and the management $XXX as including million the legacy of of OED of anticipated a portfolio This more which is of contract, million closed million asset Dublin of guidance a BrightSpire internalization expect sale from to properties, quarter, year-to-date, million office halfway equity included end we from During result to second returned portfolio. transactions million, the which sale, from well the These sale and from the close

commitments. resulting fees the increased page, million, quarter increase to X% II digital revenues driven to a from last Moving additional $XXX new consolidated next DCP by from

adjusted a second which million X% Looking of fee-related increased EBITDA digital during page, increase at quarter, to right consolidate is the sequentially. $XXX and side earnings the the

the G&A part XX, company divestitures and the strategic the Page of G&A. during cost as reduction from to rationalization more reduced non-digital first and decreased beginning operate through efficiently, company's undergone transformation, the only at company's savings digital half from the reducing of offices Annualized workforce office has near including in the various platform to as our G&A The to to second non-digital the additional Turning are offset investments expecting quarter of and beginning long-term. and business the the $XX the significantly we has of the year support today. legacy that footprint have in of million than partially $XXX year was to growth at the the digital of more to million X related offices order the that half only efforts XX of completed non-digital XXXX into significant initiatives,

targeted total expect $XXX approximately cash the to transformation all by G&A ahead to company below complete. we had we million end G&A which of while digital continue million $XXX operations, through million We than the earnings. quarter, from cash the million are more of previously of has is plan And after the $XXX $XX continued that to at outperform of and continuing digital company second is what our XXXX, revenues

margins growth modest anticipate in revenues digital G&A scale. we our as While improve, continue will to

Turning to Page XX.

We have during of in XXXX. operating seen half first and continued management growth segments investment the

$XX driven fee over to XXXX Centers increased revenues by raising, capital Our in July company's $XX in million, of $XXX the sheet Vantage continued DCP digital including earnings quarters, has December zColo increased from XXXX. million rotation revenues Stabilized and Digital million our and and million Data result digital annualized segment strong The growth of FRE two and balance co-investments. II last the the are in Operating with strong $XXX to from

assets. company's and digital the sheet of digital our grow the We rotation revenues will continue earnings to at balance quality high through

and we inaugural to Moving current in earnings our a position guidance XX, to as June. Day company the or framework our long-term in that meet Investor provided of XXXX Slide is part exceed strong

range We We million $XX with commitments, target quarter target are fee-related to in DCP raise million. our $X.X another $XXX digital inclusive XXXX maintaining of $XX had million subsequent digital management of range capital and million of strong quarter to end. billion fee revenues II reaching $XXX to in earnings

of our range $XX revenues maintaining in Operating Digital million to and XXXX. million $XXX target of we are million of $XX segment, our $XXX For to million EBITDA

that guidance, to digital XXXX discussed In key our addition at we our Investor metrics our XXXX framework are recently or and Day. we reiterating driver targets XXXX

on over in these pipeline cash securitized and M&A company active, a Turning has These fund Thank investment grade $XXX a use million by securitizations July. pioneer first to cost a lowering financing totaling investments added million million proceeds. you. XXXX companies, extended to $XXX issued including was rate of back notes, executions, further capital. and Marc, in our plus DataBank. continue preferred the our Stabilized notes plan completed I'd its of management $XXX company's having securitizations, three at our $X XXX An value months This for late it like with be that by early over Slide The DigitalBridge The the included and X% of XX. Vantage lay we our he term or of reserve at successfully of of X.X% fee to following BBB exceptional that, details to earnings days. of will the X.X% recent remaining variable Data securitization opportunities towards fee $XX been of to a playbook. investment XX cost kind replaced that proceeds to digital rating remains XXXX. billion digital and million infrastructure to Centers deployed our maturities with redeeming out revolver And effectively in turn notes was our where financings, optimize portfolio incremental capital significant early have from LIBOR funding equity, interest of

Marc Ganzi

a been what lot and Thanks, buying our Jacky. in digital we is today's Today, the attractive market In we The between a multiples where have have infrastructure that increased investors the Digital popularity I has section, from to of people never is greater. decision space appreciate digital found just how in turn. sector is, building our in want which Executing infrastructure. our today, hear topic Playbook cover

much it this today, to while I globally, easy builders basis. highlight our global a make understand buying on as how better. other help harder releases press is, it's understand where can see you reason we to that we The active to we're are want Hopefully,

So infrastructure navigate with cycles. and newcomers XX as of us the mission-critical is It's helped variety builders record And the market bring really of distinct it's equation. side context to capital the the absolutely first, year a that I'll really plus relative space, to advantage, buyers in success. around to fact start some our track digital a the especially who only our

point allocating our flexible Another important capital. is approach when we take to it

both. allows our Interestingly, So these investments can to of the build time. both lifecycle an look, investment. found we generating scenario, to buy do our and for over of That's of us from over up expertise returns benefiting each to key capabilities, in optimize the that better investors, our end you, we most

right I've backed attractiveness to increases, allocated capital we more relative conferences, dynamic by development, greenfield today, of is today metric long-term acquisitions. new I move more begin So, great -- costs. being leases customer Today, we really multiples against signing to building building. decisions. This important side some of relationships, capital to and here one-on-one is our highlighted in in towards the to on our begin to look XXXX, with When of slide and allocate resources to This discussions. higher, M&A compared present highlight allocate hand replacement investor want in framework a multiples the a M&A many you and that the of often trading these our at with use at we of

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second. for M&A a is core about DigitalBridge. M&A talk capability a Let's of

discuss business that our a of often rapidly. company we region, geographic customer or use enter best-in-class platforms. making. is greenfield I Buying around M&A efficient allow base the way that build us bolt-on scale most let's emphasize to a platforms, by framework deals Well first to I investment base a new us investing understand And where that before a value as to new verticals. new to in creation new smaller a So, acquire word, through industry construction, we want deal access enables executed on to much business larger M&A unique accelerate our

flow. are in of that given relationships at acquisitions those proprietary, deal industry, and off-market to compelling proprietary occur Another our factor lot a buy reputation access the have is our of we in prices. Most often

X at is last where example, deal than the XX% I, by Colony That's take XX platforms XX same proprietary deals in are out This months X II, proprietary. announced X a new So let's DCP of of our of Digital the we've in deals. look flow. our Partners the are greater

So, if you think out platform XX a done, metric. about the proprietary. that we've last incredible transactions been second, an have of is XX This for

Lastly, interesting partner our us makes capital quickly, and capital portfolio form our ability to our expertise markets really value-add a to companies.

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So, building, the other side of the coin.

bring Building are So, building. build generate our how reality. is infrastructure. absolutely talking develop today, and our always what DigitalBridge we focus is we companies really is to want on seminal we to digital to this visions about how and to ability to strong returns

business, that's that's over returns are the our with elevated cements we superior to the superior, we market M&A like economics longer multiples markets customers you've three building are are especially is when customers that, generally on When The our and what last can top leads today. build, more their that true you decades, time On that growth This the a where, pedigree, XXxX, heard XXX We're well. about what returns. the when specifications, customers before, need. to constantly me day is found generate is value we of better built more this deliver relationships. Customers who where time, And know are to is ultimately trust our building loyal, of fact, we for with background. what In as and follow and the our That they talking our and to on logos. talking say job. we means, year this customers. on they

of commitments end greenfield lowers and are space the of take our lease day. equation facilities access the the improves satisfaction to important aspect Our of customer investments at project that is by the customer another to risk, teams. build Look, backed substantially or management experience our

the earlier, competence I think I started. capability teams we them a is that have got factor their is pedigree, of more part of that of builders, of success critical and said As toolkit. is are than that can't correlated our a build we where management all our to

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building is talked earlier. you of why high are end price I The Two I market costs, today, earlier, speak. replacement so So, things. about that. I've highest so Everyone sort chart ever knows high. It's One, maybe multiples to seen. critical it today? towards showed in comparing the elephant is the the room, the

to So, is in have market risen doing my are many, can many over left, which this. multiples multiples trading for this, on than Recent over astounding below market today, private even have years, few replacement it than digital transactions for past see from higher you been the steadily of multiples XXx peers assets XX higher the XXx that, even costs. many of and years

the customers. So, growing look continues. demand the growth CapEx at just time, really by this year-over-year in our rapidly, significant. It's hyperscale And same at is really

So, prices, the market is high strong that's the making building This demand, are ever. but more conditions that exist continued than compelling today setup.

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we So, everywhere are where everything. simply answer building? The and short is,

building see companies are almost of As a actively portfolio on global basis. you our on map, this can all

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recent when emergence micro more where earlier, example, dynamic doesn't the end building at our today macro-micro assets. other in other to Salt as DataBank and that, day, less three DataBank, capital of in a projects comparable was case highlighted us, the in world, by XXXX specific capacity they walk DataBank stand market a Minneapolis, our terrific with other So data to looking opportunity. acquired our that more precedent, markets, with study year also Lake for to to ground where Lake. just very I've other relationship Lake outlined it EBITDA cloud for is here, and been needed and ability customers Salt entered for every want look, in shareholders. up from shareholders. And we're building I accretive here's value at customers. to build City a market you, level our you, great that's space. The want for high we're of and has significant this trade at investing the as of demand, In It's led multiples campus build a it just great driven competitive massively a campus busy, in with economics with balance as multiple to expensive and Compared Salt capacity. to others, with Atlanta for driven larger, do mid Look, And you new City is through one more I end the the multiple a cloud-centric stabilized been market we're markets. economic case and businesses. a a at This our growth growing same Lake quarters, our before are Salt building around centers XXx. sheet It's XXs case as is DataBank. case, many to new been on scale customer the for by one study us. than at the we take the market it's of

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today's especially it's economics So, presentation a I highlighting -- most of to some conclude quick a in long-term since building progress goals. that's pretty of value. how roundup, amazing Lake, our this we're amazing some Salt with but against most just the we've made of summer, want important great example

fundraising has pushing track And billion. goals, we billion of the year, of its broader second our of $X.X and half fundraising we're to this through DCP and as target hit into exceeded First, meet on move $XX exceed II FEEUM.

deploying vision quality digital networks. generation that continued into we've are to with be platforms high in our that aligned for capital Second, active next

believe partners, schedule the today here. corporate great we're digital in two Third, mission, program on you the a our and ahead employees, our It's best-in-class. go our And to stakeholders. finishing side, of We on Wellness. to important the is way this fact, all super quarter. global as our progress making to on we're down, previous we believe I've super important one Four, ESG. of REIT, it's to highlighted me, in

our walking today. a ways. projections, we're itself job many at extremely just next we for that catalyst front continues few to as financial our in growing, business all-digital the our will an section. us end to in profile high-quality investments a of growing you exceed of our We're sheet we're way. over Finally, be this And really and grow It great IM fast. through disciplined speaks for Jacky the this did targeted think and balance years, we have

you our over day. to that's in for back I'd of So, talking that, I your to it great continue to Thank for turn all and to DigitalBridge. want to With the to operator quarter. your for you to attention and Q&A. want for I soon. today, a you. forward We like time support thank thank you look progress the Have

Operator

you. [Operator Thank Instructions].

ahead. from go comes Ric Raymond question first of Prentiss Our Please James.

Ric Prentiss

on think multiples clearly point your digital the I are in Marc, infrastructure. slide, up

also interest And might bit Talk on rate the a driving environment. One of be flip what what on that your got about interest to refi all low opportunities that things that's us for side, little rates you? view the mean is are? to

Marc Ganzi

refinancing And a COVID of once companies, coming been last people will busy think that months, -- year not just firm in today selective, those out period I view, this our to stable firm’s credits once our base over of highly really base have keeps turn It's the about And time. from we've whilst coordinated that's extended the of particularly same And XX ever of the So, to banks a from rates, give in see rates thinking an over framework we from time, up businesses we really interest base quarter lowest the different And be central in sort view up that of a risk. One, perspective. inflation me the at go be let being current is central neutral on might you perhaps than and banks we'll of central rates. topic, we've think costs seen a digital them. And to talking some rates again, general, coordinated that's do volatility going over the of Ric, going are are in attributes around but re-risk, others. natural. go base think in inflation. a I investors infrastructure. costs we see in lot rates anticipation we more more quality risk. see bank’s re-rating how function spreads. the we function you're in think very Ric, hits think for being marginally certain better volatility investors spreads low, And next have time, and and borrowing is definitely I over and And remain But that

those agencies to And things contracts that more than are greater look to and so, exposure businesses and than that investment grade the are going have -- XX% long-term have of rating are quality for. counterparty risk,

cash years agencies And liked typically duration. really really importantly, are just a the and Jacky most the was investment So of for securitization, And IM rating very reason quality duration successful us. our the and of which in said, successful business, for appreciated example, management really is was products, XX our a that because quality we so flows. it they the successful of XX trade Ric, completed as to our

management getting our unlike XX date fund, we private tenor repayment equity typical to X fees, against are of flows cash XX years So, a on of those anticipated typically an years.

replace So, coupon us. X% is take out to the something great a a trade the up prefers for high and at X that's ability

think, invest high I high-quality we'll have businesses. we quality to cash to in flows continue continue will and So

and You've done, example, we've at seen Bridge, some DataBank. securitizations Vantage of and the for Vertical

received Xx oversubscribed. Xx, I inflation those generally more and securitizations were think rates, And we very by about well agencies. interest to honest. are be All rating we are of investors concerned than But

Ric Prentiss

service through. at activity what's US, pick business, One seen we tower, debates you of level and you taking earning a U.S. mentioned, small small company us watch pacing pacing, play backseat. we've other building? be to cell the quarter The everybody's cell the do portfolio happening view season the a in small how talked as with Talk tick bit a little some big about as but as the And this in up nice you about see macro cells what you the up ExteNet. in may far

Marc Ganzi

We spectrum three of lot venues stadiums Look, a enterprise out of Today, today, XG and our that. in tremendous we're of that XG. and One beyond. and activity upgrading sort a really lot game the which indoor has small cell to XG sector our networks and plays that's of about pretty really airports. in think networks, XXXX Ric. will of a CBRS it front bullish And indoor just revolve and is around opportunities is indoor,

than months. for has up. and busy right opportunity small demand say, outdoor tough. zoning with up in significant major another is a backlog to it's little begun work now is player still very but some probably geographies historically it's pick really limited The backlog say, would last I is for do Dish, have where it's all I outdoor cell anticipate being the our been outdoor, XX with picking logos. strong. to We don't happening And quarter two less But would the three been. We Dish second a has

to small think UK to business, and XX% forecasting XX% X% X% we're which between going sell business. sell domestic our I And is organic small growth best in growth we're U.S. post somewhere our EBITDA rate. in

So, well. sell going are our businesses small

up quarter the were year, in activations XX%. second over U.S. through node the New over up here last

is next going are and Coyle capability the sharing of Rich that incredibly thoughts and And busy -- the infrastructure. team remain in the lot And think I CRAN. ExteNet that. Rich So, outdoor. directly, about And the conference at there's has last Cowen we'll at at week, his I to a of be summit then deploying on series, on but your think bullish obviously thing I conference discussion

be in XXX And front. moving over continues again, a anticipate, going beyond to XXXX virtualized CRAN on that Ric, is XXXX. important, have. That and out built hubs And to CRANs the others active ExteNet set well incredibly three environment, through that over once we've years, a product we're particularly, So, CRAN building RAN has hubs. we incredibly access that those be last radio the network don't

So, our ahead. going bullish love both in them to for on small that we and really we own, cell of are best days we're continue to small sort invest of businesses the And think cells. I cells very small heavily,

Ric Prentiss

ability It put we sound gives like having there? to out work some nice the a Boingo look capital to as you platform

Marc Ganzi

incredibly as successful New been City They has a York contract Verizon. execution active Boingo no, in had very MTA Yes, obviously between well. and the

around, of X lot That's deployment. obviously discussion that There's unique U.S. So, a Military for great and win that we're and with proprietary. Boingo excited a are about bases Boingo. relationships Wi-Fi buzz has

on -- capabilities, the And excited significant other to Boingo that. are Boingo future of solutions the is And we and players enterprise to about where bands. deploying which We're going we really think carriers offload. need function I think in carriers course, really don't know highly-differentiated is step offload Wi-Fi Wi-Fi X private and on XG against really use capability and space. ability its continue our to think a networks, Ric XG platform. that's will networks to in Wi-Fi lot CBRS unique enterprise grade and change the a we in deploy think of I technology, continue Ric And So are XG sees

Operator

KBW. Rahmani comes Our next of from go Please question Jade ahead.

Jade Rahmani

it post number something list what on $X north be of have billion? of in deploying of the you much. sale, forma you inclusive And Would the terms Do for priorities is OED pro capital? liquidity mind Thank in very of Wellness proceeds Infrastructure? your also that

Jacky Wu

Yes. changed. hasn't as well, what views Jade. with that have on released our Consistent but Sure, quarter last we

changed we've run-up north well BRSP said you if than both in the value, sale, Fortress, on then as as $XXX the BRSP in So not that's the associated between have and share. as position, at OED with proceeds share the portfolio, look other million, they Wellness

So, if $X do the that in -- range. math, billion that you you gets is number

Jade Rahmani

Thank you.

Marc Ganzi

And your Jade. then part question, second the of

sheet framework a deploying about same we first we're general operating of pull capital Jacky levers businesses support the we My existing you in lot thinking shared is ago and be different the opportunity on. is, year with today. that we've when the got can that So, priority will I got continue balance which a on that to way our there. seeing the to chair, We're tremendous

that. high-quality, leasing So, in relationship hyperscale Vantage onto Their community fantastic. data there sheet. excited adding YieldCo facilities, none, campuses has our do Vantage long-term the been to balance the we're center opportunity to that with The acquire contracted has going we're capabilities of really and to other is more webscale second

of contract little another to use and go Sureel this. balance we're his prudently a And we capital, telegraphing we'll as forward high-quality way execute team great we'll we build at to to [Westfield] facility do that, which continue and sort forward but So, think our and best a that. bit acquire we’re have you where sheet the is third-party along look with we'll going, campuses,

well. Second, as the more about activities require that's we DataBank, at going capital talked development to

out you like and Atlanta you can't look showed today. going instead buying business at Lake XXx economics XXx, the at or at center we've other of we done So I'd in build you data level If XXx, and unit and that, right? beat a much Salt rather of City what places,

capital support some work going continue continue sheet. we we're there's there, again, telegraphing with you to DataBank. where DataBank. ahead to balance to tremendous But going think going our for we're and to put We're to So, opportunities

securitization. can on really investment don't the Lee I We that we want Brian capability we our think accordion. Well, grow think accordion have as hard I we securitization. the can Jacky we to also we their management for work platform, to and know think thank to

done. our our to was financing. to into and the which liquidity redeploy a and continue paying our grow which mean, So, hyperscale, real we right? a exchanging for tower of a the think as and get down the that pioneering how small we've franchise, And that cell cell and can all finance has our securitization is by it’s we investment liquidity, Stonepeak, Jade, securitize we important I You're securitization, created we out handle. created businesses that here capital we type something want to we I'm likes than on can really tap in grow ability figured pretty the preferreds, the to actively That’s obvious, have. their center we still management And thing businesses. company, we sure -- gives of our on FEEUM now about that pay the they're our create a more way We against increase X less to that -- Xs us return taking lot created our more current the financing. this. advantage securitization, happy securitization, investment we bankers data same trying they’re Blackstone, with AFFO [ETG], pretty of long-term phone KKR, high

real getting Jade moment our business, with unlock a watershed huge and comfortable So, is value rating as a for there's agencies a model. this us

continue our think which we us sheet adjacencies. balance support to for is IM great. we park are investment The obvious ideas used IM us capital. in to Fund great. the Now, been have will I business, business our Investment the continue in growth to new And been opportunity be has Management returns Fund expand another The balance good ecosystem, be use very the as to support for an in a management of returns early II to sheet place will

management where least, in at deploy balance work Vantage, we've to DataBank, years. part support continue vertical, the towers, so of the infrastructure returns better been very we knitting continue capital there. and something we investment That's about the now support excited find now So, see If best investors. our looking If not support the right in to last between to but And then find edge two interesting our is a that. digital sheet into continue compute the balance good and something is great. going right which best and We're fiber, great. on sheet and our in But new for hyperscale from we yields for the now new Vantage, DataBank securitizations, products. intention

Operator

go Wells Fargo. Our of next question comes Please Eric Luebchow from ahead.

Eric Luebchow

about, and SDC what has was were think you and about outperformed DataBank then, you there? I talk detracted portfolio we the of as you how of Whether DataBank, curious, rate talked organic growth levers just and DataBank. should how Vantage could the actually growth that mid-single-digit about, integration can that well, over expectations has you that in range Perhaps from talking pull in time? zColo U.S. or And contributed growth about, that kind and kind the

Marc Ganzi

Eric. to from Thanks so some for Yes, spending Good time thanks, us. you. hear with

hasn't And on continuing So, X.X% incredible YieldCo see the second Europe quarter, -- at first year, and leasing on growth. abated. was in organic about his some the the That the across outreach Center North America. Vantage entire quarter that Vantage by Santa that Data look leasing great Sureel telegraphed for We to their team to facilitated really peer were in portfolio. to and in we're you group continue Clara.

underwrote job some to needed Raul care, and it full really markets. And side, would say probably integration. so being the strong integration And would be up we'll end on as needed year a in ahead first done take some continue on negative said ahead We an that. of earnings organic on needed assets. that portfolio, zColo terms quarter we're that I CapEx, say Kevin and our pretty portfolio churn stabilize integrating there core growth excited we're which year, would would attention. those the the about integration. have we that a amazing core DataBank across The we I

But between business somewhere about year-to-date obviously that that X.X% business get once will integrated, organic anticipate an X% at on that X%. we That's we've basis where we growth. So, and historically asset. is zColo fully grown grow organic

integration, plan. So, on

terms strongest at We’re seeing of total at pipeline. them, highs pipelines a the and growth strong we've are historic seen in ever DataBank Vantage --

today. has in Vantage over their fact, XXX globally pipeline In megawatts

bullish. we're So, really

on we As earlier, hyperscale. bullish I where edge are with super about on and going we're Jade, said

Eric Luebchow

has in the pursue REIT Thanks. debate converting follow-up last And you just me. for status over non-REITable give your growth a it more business some flexibility sense might great. or of lines. makes so, you been for C-Corp There Okay, to to year retain some the to one or whether

just on could maybe your that front? us, Thanks. thinking So, you latest update

Marc Ganzi

change, Yes. REIT Thanks, in Eric. the restructure. No comfortable really. We're very

now, it basis every within recast consistent to continue quarter, But always compliance until a our quarter, it as subsidiaries. our advantages don't we've our should What with bands or thinking will right shareholders. or the this we're in on that changing well is, or there We relates update good tax that believe We you we'll the pretty if of and anticipate to even long-term our be change. REIT year. end been next the of changes quarter for shareholders

So, our balance once companies you the lot our our to assets is assets to community. build eligible over of We're lot really there again, on to do going digital investor that, sheet, add entire can REIT continue our eligible, sheet the income us a good XX with business, We're of we've to And continue to globally, see of the there. we to going put side as time. as balance a can of operating we've got for good telegraphed assets. ecosystem REIT across to runway runway good

Jacky Wu

and status. into you REIT this -- can we as see convert go qualified expectation did in REIT subsidiary Eric, ahead DataBank quarter the overlapped our Yes. to alone,

of this reflected we certification into end quarter. this that's DataBank anticipate work was at that REIT to So, realize year. by the all been full And done

Operator

ahead. Riley Our comes go Securities. next question Please of from B. Day Daniel

Daniel Day

couple a segment. the on the Great fund in quarter Just on IM job raising.

then implications for as you fee infrastructure increase there there with raise in about And specific noticing DCP environment multiples, a about about. strong to lot DCP maybe level sort of that for maybe, which equity funds of what's you out any first? can private digital for the then think for obviously Is equity on maybe has the talk bigger That Just PE the are focus of in sort mandate.X you really to of number just infrastructure compression I II, talked implications you've fundraising the this And for digital high players. fund? is private there from a funds compared the future driving

Marc Ganzi

I've crowded M&A got a Well, becoming we've from of I Brookfield. respect a for assets the and create being and buyer, great paid is day told why bankers, mean, sellers that destabilize in Blackstone perspective. for you today investors, always are of the ton the a perform and don't look, hire for it's certainly because seller, stuck chasing sophisticated window space in Macquarie are there prices and see proprietary an of particularly we've tried of auction What a Fund and a we that and do auctions. particularly do more here assets. in folks best, to what which lot and capital we've to friends to Certainly, well day our in we out. look, the at we are situations these see KKR opportunity Auctions engineered deals. that's II lot is is

Fund that's proprietary, do. of The like bankers, II, all no to first deals out we what

these platform. global one our about but every investment three the these folks team in two other a welcome on we of got thing, are So, a shops, infrastructure, They competition. think which professionals certainly wake up global where or management is they and only of it have that basis. capable day organizations, we've digital XX And most do

and And more DigitalBridge executing. run. that's out gives we competitive long what advantage folks in have there the believe a So, hunting lot we

record a today? for One, fundraising think your -- a us has were talk your because, do is questions good sector. for questions. why I DigitalBridge I good couple to it's so were XX-year track environment there investing Let's about think the a the second, in of layers

an hands, set our a and depth of we are expertise and team of globally. the depth We are The to our industry of second operations trusted specialist. is none

we're And really times appreciate so builders, they that, to the they many that track appreciate investors has attention They appreciate also we're over, I detail. appreciate it -- our that other a pivot operators. said that we you and Severin think, and That's ground, that building, folks that's the a don't shovels with XX map lever really have. When see that a companies in have big distinction. of globally, record,

So, world, where guys investors. pedigree, of, they to once behalf their a customers the our in is to infrastructure/PE unusual and ability are with by not those likes work Blackstone, are that execute bit on again, builders KKR, Brookfield,

other hand, really on are pedigree, We advantage. have competitive by that gives the and That builders we capability in-house. us again, once

in differentiation. others So, investors that a all people the that's invest last don't. during I I the today to lot, they spent in And successful specialists, talking think I've And the really are acknowledge record, U.S. of -- and street investors what the acknowledge Europe, digital a in -- fundraising. think traveling been look, have been pandemic, And to want for People looking with even why theme in apart. depth corner our their that us we've I that's understand set track level the at infrastructure. they People Asia

this billion. X got So, to that. a commitments X.XK today, fund I coming more us took II, say, a We we'll fundraising week, that investor DigitalBridge just in we hard of the closings would good, do got to X.X billion, up. continue great about little in. have come to we've a cap a over closing year had Clearly was first

co-investments got capital in new And specialist, terms doing of in right what continue to we'll lot to lot do that in also a think We've well. success for a I now, digital platforms, work of infrastructure have environment as fundraising. that's so that we a incredibly also existing we're of putting going

is commitments in want those commitments investors New EdgePoint, direct to great our types to Scala, give companies, opportunities. to great Highline, in it able exposure we're And Europe, about platform these more them. are what's new of Vantage

a That's where and like lot to a that can program investors investors can a of first against like opportunity. so super funds, that are fund, want co-investment, co-invest of at offer that. delivered that. nuances And chance $X investors over our if deeper we X.X opportunities. to a billion really They to gives look and And billion us any differentiated to in on the fund, differentiated specific know well. we they go that There's it our opportunity new there's nuanced of

to listeners. the year trying really and our a what We've And found what they we're program. half, listeners want. good good be LPs to the the being spent pandemic, is last So, and during we've listening liked

to going keep So, we're fundraising.

up said I think is quarter quite shaping is And our very us really today. I'm XXXX the quarter, bright As in a We had about we future fundraising well. great for second objectives. optimistic earlier, third

Daniel Day

thanks, really Marc. Awesome, That that's comprehensive.

follow-up. quick a Just

think talked credit I a You past. the about in fund

some update on formation product? capital when formation around that see see any Just we that -- start to might around product. capital

Marc Ganzi

Yes.

are credit, team numerous with new out is, excited about attractive. are would think having opportunity think the not we've put originating today to I that us warehouse invest success products. a with investors that’s great on got we've and we're tell We've balance the in very digital to and at But We there look, loans executing liberty loans about talk So capability. sheet, that you a and we has are made that team. we what

quarter report I information, more around in think credit. our third be there'll in So the --

about it. and next the quite well. really of excited in information was more quarter This it. quarters we'll It's going We're about a couple think DCP I II, around little give you

Operator

Please question go Colby ahead. of next comes Cowen. Synesael from Our

Colby Synesael

wanted a IM business Just for moment. up to the follow on

fund appropriate to don't not. I've So, a equity versus so covered private disclose what's never I know before,

much discontinued typically then Asia, give forward? versus have to is it you from from geography comes North there can then wealth mentioned et So funds that moved that's IM But whether sense I'll you America about ask much going how late changed secondly, how think of it operations. anyways. Middle that institutions And even that sovereign relates some and Wellness, And versus by us And you even you your as comes trends East, maybe not may worth cetera? to how of private opportunity whether any or Europe, flagging?

that, you months. within guess You've to the stated intend I sell XX that next

to able before monetize thought think messaging had you end. the be been, previous I you'd that that year

And the then day the per share end at of to growth. changed? that's if is shift curious to the also lastly, focus going FFO Just

position think growth? talking a more talked year-over-year plus specifically and in to valuing in XX% a to think going on the be FFO about I more When about start the being do position Marc, company in sustain type Thank to past, that you. you you've growth. we're

Marc Ganzi

So questions. good really Colby, thanks. Three

the order. it reverse see by do on positive can this to you we quarter, You get great doing revenue our our go on priority progress opportunities M&A to top-line, to get to have that. on-balance the this a assets, which great telegraphed which AFFO going growth as return in are growing IM and we and built-to-suit sheet grow we're company Let to a particularly then we great core great And to going there and grow your digital momentum high me are job Jacky in growth We've in How to business. have organic you made enormous as our Street, And continued continue of, I've great territory. there? AFFO growth and we’ve great business year, make made continue and IM to opportunities.

what all on on tranche on clicking amazing of great securitization talked move run-rate sheet, that on our we towards of the the firm ultimately and over being on that's AFFO P&L. positive responsible towards the believe we're August this and we and of and of. thing then It us the a Not with stewards getting This in a of start, -- G&A of We a attention entered to AFFO cylinders cylinders did of clicking been Jacky important costs. So, this the we cost we step reducing positive preferreds, costs. this balance the our is, balance all I we've capable had company, first pretty when G&A. great IM, million $XXX growth most we're we job debt. done is lot XX retire a big pretty about quarter When was creating has and that of stack and put organic an was

from rate million, down down so, XXX And to XXX a run million. it and million, million we below context, of that now XXX took in XXX about

think we can we're strides further. on We costs. even incredible So, drive costs making down

you are year, believe you four And can is, last quarters. AFFO all can this next growing, costs we where means track are positive. borrowing down, And be you just absolutely And are We so see over the revenues will AFFO imagine, down. as can what our going. costs we're

trends. That's you that, to said, then how we You see AFFO just it, once you can look And going, positive, at do where where balance can from Colby, per as we management can the on continue what the goal we're we're you are for investment the basis you are annum. think grow if see a XX% doing CAGR sheet about a assets us, business. reasonable growing, and

that QX track, quarter. terms you, of don't performance we our this out we probably are. track I So EBITDA EBITDA digital sequential But where we're a pleased we we're another I'd really grew there on know X% X%, REIT if actually in ahead QX. little quarter-over-quarter. did, by with of I'm from has growth financial tell to

holds is the as Discontinued things. you very a an right that Look, on the So, accounting can is And process and you we're doing from know all we've previously business everything we're accounting good spot. away today told a true. when treatment tell line. necessary I you a think ops it's in I are treatment you in moving what Wellness, of very,

lot Barclays. outcome been around ultimate a conviction our around strategic we've dialogue, process have of the a We of that with running

we've right is get I news what stay told our home is it. you We But think would had the that right wish hold. for for to tuned. incredibly We're And we some for we the about find ultimately be and to And previously you what you successful. it'll today. so tell going price bullish ability asset,

we what do. say, what I that we can is just you what say? What generally about fundraising. track. about talk the our is can SEC Fundraising, rules ultimately on So, and environment, very can’t we what actually and specific do to There's peers

have a and basis, of DigitalBridge world. we of fundraising I reputation incredibly Ben of fundraising global in on at Since decade global fundraising all good So, in the a multi apparatus. have and been we've the parts a founding XXXX, Jenkins foundation

grown grown I we're at capital here all we've So, as investments platform, fund our from ability to been parts fundraise this back in our taking XXXX, the of world. we've our DigitalBridge. and say as magnified XXXX has currently, only in would

Our endowments, funds, home companies, won't market important have in is insurance obviously market here our and that most pension America, great we relationships with change. North where

whether we've markets. in record. -- where that's fundraise us basis. or a track on success us a and said, great global Blackstone you're a or really think KKR, all great always key reputation whether That all you're we've had I I've being had Carlyle, of four And

all do. globe. can in key in manager And imagine, can North world investment the us, But East, for to that we've keep generally we're a the to ability of has Like is previous course, formation from what down lot and I differentiated. be here build not our the America, just capital before, what for of got appreciation North working. always dominant to environment, in of got the heads speaking, always fund, Asia, forward. keep buy America. it's doing for and record, approach, DigitalBridge Colby. Middle is in we've the particular area question, us There's because commitments And track as said and what you highly doing So we There's over we're the another markets, our doing our do specialist the been, then Europe, will got in this our as we going it's And strong. just

top then of to us. is build and for on ability point platforms of really a that buy a Our great differentiation

three I've to decades So no in around the for speaking, or change same from fundraising. We'll parts in Thank approach approach the world. generally you. It's taken I continue strategy. take think, capital real our all

Jacky Wu

a Yes. just has and what core guys I’d reflected, And will Marc on is that, AFFO, add points right? you on to coming inflection Colby, G&A guided the not our our to changed basis one $XXX thing listing As soon, is other forward cash go $XXX we’ve be million million.

disclosed half is run million. of today our rate, first So the sitting as $XXX in here we've

So, just sustainable getting that to rate.

You'll AFFO see after that, that positive, immediately right our core that. flips

to within fully that be sustainable raise, certainly growth that's So, will rate fund from and as talked continue you, continued our about control, there. Marc as we

great So, come. things about more it, we're there's and to excited

Operator

the turn any to for like remarks. Ganzi question-and-answer concludes the Mr. to conference I back would This session. over closing

Marc Ganzi

been want we've organization. an saying, my closing presentation. you. I'm of dedicated Relations putting just been year. finance had that the lot fundraising investment as proud really our to got that together CEO first year my and proud. would I thank week remarks. this our quarter-over-quarter, who've sit professionals We've our by work And this I team incredibly lot an and the this an of of thank a Well, talking team. side, where talented our of Wu team, fun really this of this in I'm quarter, this with and a has incredible been, I about It's an team, out management great, to close done the and global we I'm Jacky, from Jacky my really proud his today, team, It's partners, with to group of company put Severin week spent to Investor year DigitalBridge. stand as a and particularly great precipice incredible transforming job and at we opportunity on incredible our

team. best the have We

the and best best in REIT the the today. platforms opportunity any have world We secular of we absolute have

We're summer next going forward you lot wherever to to a want year, of conference to strong places be going all to tuning So to to forward. great with different want look end today have of to for for I and support it's you look, and look, series, may you thank I of all days. the we of XX We're thank coverage a and be the year the over finish your connecting be. in the your X a in to in going going

this you So, hopefully all we a and great you call hope Take to of your get finds And have care face-to-face. well. Bye, all rest week. bye. of we'll connect of with

Operator

call. today's concludes conference This

may lines. day. pleasant your you You disconnect Thank participating for a and have

DigitalBridge (DBRG) 5 Aug 212021 Q2 Earnings call transcript