Andrew Power
Chief Financial Officer at Digital Realty Trust
Thank you, Bill. Let's turn to our leasing activity on Page seven. We signed total bookings of $113 million in the second quarter, including a $13 million contribution from interconnection. Network and enterprise-oriented deals of one megawatt or less reached an all-time high of $41 million, demonstrating our consistent momentum and the growing success of PlatformDIGITAL as we continue to capture a greater share of enterprise demand. The weighted average lease term was over eight years.
We landed 109 new logos during the second quarter, with a strong showings across all regions, again, demonstrating the power of our global platform. The geographic and product mix of our new activity was quite healthy, with APAC and EMEA, each contributing approximately 20%; the Americas representing nearly 50%; and interconnection responsible for a little over 10%. The megawatt or less plus interconnection category accounted for almost half of our total bookings with particular strength in the cloud, content, and financial services verticals.
In terms of specific wins during the quarter and around the world, we landed a top-five cloud service provider to anchor our new Tokyo campus. Close on the heels of this magnetic customer deployment, Japan's most popular social media applications selected PlatformDIGITAL on the same campus. NAVER, the leading Korea-based cloud provider serving the greater APAC region, selected our new carrier-neutral facility in Singapore to support data-intensive workloads for their high-performance computing and AI-intensive technology-based platform. A European broadcaster is leveraging PlatformDIGITAL in Vienna and Frankfurt to rewire their network in favor of data-intensive interconnection with benefits in performance, scalability, and cost savings.
A Global 2000 enterprise data platform is adopting PlatformDIGITAL in Amsterdam, Dublin, and Frankfurt to orchestrate workloads across hundreds of ecosystem applications, delivering improved performance, security, cost savings, and simplicity. In London, PlatformDIGITAL is supporting a top three global money center banks fortification of their business continuity capabilities without compromising their data-intensive interconnection requirements.
On the continent, our connectivity and operational capabilities are helping two independent fintech customers improve performance and enhance access to their connected data communities. Finally, in North America, a life sciences digital marketing firm chose PlatformDIGITAL to improve their network architecture and enable future growth.
Turning to our backlog on Page nine. The current backlog of leases signed but not yet commenced ticked down from $307 million to $303 million as commencement slightly eclipsed space and power leases signed during the quarter. The lag between signings and commencements was a bit longer than our long-term historical average at just over seven months.
Moving on to renewal leasing activity on Page 10. We signed $178 million of renewals during the second quarter in addition to new leases signed. The weighted average lease term on renewals signed during the second quarter was just under three years, again, reflecting a greater mix of enterprise deals smaller than one megawatt. We retained 77% of expiring leases, while cash re-leasing spreads on renewals were slightly positive, also reflective of the greater mix of sub-one megawatt renewals in the total.
In terms of second-quarter operating performance, overall portfolio occupancy ticked down by 60 basis points as we brought additional capacity online across six metros during the quarter. Same capital cash NOI growth was negative 1.5% in the second quarter, largely driven by the churn in Ashburn at the beginning of the year. As a reminder, the Westin Building in Seattle, the Interxion platform in EMEA, Lamda Helix in Greece, and Altus IT in Croatia are not yet included in the same-store pool. So these same capital comparisons are less representative of our underlying business today than usual.
Let's turn to our economic risk mitigation strategies on Page 11. The U.S. dollar fluctuated during the second quarter but remained below the prior-year average, providing a bit of an FX tailwind. 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 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 benchmark rates would have roughly a 75 basis point impact on full-year FFO per share.
In terms of earnings growth, second-quarter core FFO per share was flat year-over-year but down 8% from last quarter driven by $0.12 noncash deferred tax charge related to the higher corporate tax rate in the U.K., which came into effect during the second quarter. Excluding the tax charge, which was not previously contemplated in our guidance, we outperformed our internal forecast due to a beat on the top line with a slight assist from FX tailwinds as well as operating expense savings, partially due to lower property-level spending in the COVID-19 environment. For the second time this year, we are raising our full-year outlook for total revenue and adjusted EBITDA to reflect the underlying momentum in our business.
The deferred tax charge does run through core FFO per share. But as you can see from the press release, we are lowering the midpoint by just $0.05, which all else equal, would imply a $0.07 raise excluding the deferred tax charge. Since it is noncash, the deferred tax charge does not hit AFFO. Most of the drivers of our guidance table are unchanged, but I would like to point out that we are lowering our expected recurring capex spend for the remainder of the year, setting a stage for accelerating growth in cash flow.
As you could see from the bridge chart on Page 12, we expect our bottom-line results to improve sequentially over the balance of the year as the deferred tax charge comes out of the quarterly run rate and the momentum in our underlying business continues to accelerate. We do still expect to see some normalization in our cost structure with an increase in property-level operating expenses that have been deferred due to COVID, along with an uptick in G&A expense as we return to the office and resume a more normal travel schedule. So your model should reflect these higher costs.
Last, but certainly not least, let's turn to the balance sheet on Page 13. As you may recall, we closed on the sale of a portfolio of non-core assets in Europe for $680 million late in the first quarter, which impacted second-quarter adjusted EBITDA to the tune of approximately $10 million. As a result, net debt to adjusted EBITDA was slightly elevated six times as of the end of the second quarter but is expected to come back down in line with our long-term range over the course of the year through a combination of proceeds from asset sales and growth in cash flows as signed leases commence.
Fixed-charge coverage ticked down slightly, also reflecting the near-term impact from asset sales, but remains well above our target and close to an all-time high at 5.4 times, reflecting the results of our proactive liability management. We continue to execute 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.
In mid-May, we redeemed $200 million of preferred stock at 6.625%, which brought total preferred equity redemptions over the prior 12 months to $700 million at a weighted average coupon of just over 6.25%, effectively lowering leverage by 0.3 turns.
In mid-June, we issued 0.5 million shares under our ATM program, raising approximately $77 million. In early July, we raised another $26 million with the sale of the balance of our Megaport stock. We also took our first trip to the Swiss bond market in early July, raising approximately $595 million in a dual-tranche offering of Swiss green bonds with a weighted average maturity of a little over 6.5 years and a weighted average coupon of approximately 0.37%. This successful execution against our financial 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, enables us to prudently fund our growth.
As you can see from the chart on Page 13, our weighted average debt maturity is nearly 6.5 years, and our weighted average coupon is down to 2.2%. Over 70% of our debt is non-U.S. dollar-denominated, reflecting the growth of our global platform and serving as a natural FX hedge for our investments outside the U.S. 90% of our debt is fixed rate to guard against a rising rate environment, and 98% 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.
This concludes our prepared remarks, and now we will be pleased to take your questions. Andrew, would you please begin the Q&A session?
