Andrew Power
President and Chief Financial Officer at Digital Realty Trust
Thank you, Bill. Let's turn to our leasing activity on Page 7. As Bill noted, we signed total bookings of $167 million with an $11 million contribution from interconnection during the first quarter. This is our second consecutive quarterly record, and the seventh time in the last eight quarters we have delivered bookings over $100 million. While our new business was healthy across product types, larger deals accounted for 70% of the quarter's bookings, while sub-1 megawatt plus interconnection accounted for 30% of the total. The weighted average lease term on new leases was more than seven years. Demand was particularly strong in the Americas with Northern Virginia and Toronto leading the way. Fundamentals continue to tighten in both metros, as reflected by the high levels of pre-leasing on our development pipeline. In EMEA, Frankfurt remains the standout, while in APAC, demand remains robust in Singapore and Japan. Nearly 1/3 of our sub-1-megawatt plus interconnection bookings were exported from one region to another, reflecting the value customers realize from our global platform. North America was the most common export region, with most of those exports landing in EMEA followed by Asia Pacific and Latin America. We landed 128 new logos during the first quarter, maintaining the momentum we have built over the last several quarters, which has been a strong validation of Platform Digital and our global strategy.
In terms of specific wins during the quarter and around the world, Zenlayer, a global edge cloud provider, is expanding on Platform Digital across three continents to improve its geographic coverage, scale and access to customer communities across various industries. A Global 2000 consumer financial services firm continue to expand with Digital Realty, leveraging Platform Digital's full suite of capabilities, including rationalizing data centers, implementing IT controls and interconnecting with key business communities. Box Technologies, a leading innovator of high-performance desktop-as-a-service applications, is deploying on Platform Digital, supporting enterprise data architecture applications, serving the manufacturing, construction and engineering industries. A leading IT company is leveraging our full product spectrum by utilizing our connectivity offerings to support data exchange across three metros in North America and Lat Am to improve performance and scalability and reduce costs. Magnite, a global independent advertising platform is expanding our platform digital in multiple metros across EMEA to enable their hybrid IT transformation. And a Global 2000 reinsurer selected Platform Digital for mainframe migration with seamless connectivity to top cloud providers and robust security being key drivers. Turning to our backlog on page nine.
The current backlog of leases signed but not yet commenced grew by 15% and from $378 million to a record $436 million, driven by the strong first quarter signings, which outpaced commencements. The lag between signings and commencements moderated to seven months with nearly 2/3 of our $436 million backlog scheduled to commence later this year. Moving on to page 10. We signed $177 million of renewal leases during the first quarter at a positive 3.3% cash re-leasing spread. Renewal rates were positive across the board, were spread in the black across product types in all three regions. 2/3 of total renewals were sub-1-megawatt deals, resulting in a smaller sample size for the one-plus megawatt category in the quarter. Excluding one larger short-term extension, our cash renewal spread would have been positive 2.5%. We are encouraged by the positive trajectory on renewal spreads as well as constructive engagement with customers on the current inflationary environment and our highly compelling value proposition. In terms of operating performance, portfolio occupancy ticked down by 30 basis points sequentially, driven by previously reported churn events, most of which has already been re-leased.
Consistent with our full year guidance, same capital cash NOI growth was negative 3.1% in the first quarter, primarily driven by 220 basis points of FX headwinds, the timing of no move-outs and a customer bankruptcy. The U.S. dollar continued to strengthen over the last several months, and FX represented a 200 to 250 basis point drag on the year-over-year growth in our first quarter reported results from the top to the bottom line, as shown on page 11. Our operations, along with our capital funding and locally denominated debt act as a natural hedge, so only our net assets within a given region are exposed to currency risk from an economic perspective. Turning to our risk mitigation strategies on page 12. A little less than 60% of our first quarter operating revenue was denominated in U.S. dollars, followed by approximately 25% in euros and roughly 5% each in Singapore dollars and British pounds. 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 duration of our long-lived assets with long-term fixed rate debt, a 100 basis point move in SOFR would have roughly a 75 basis point impact on full year FFO per share. Our near-term funding and refinancing risk is very well managed, and our capital plan is fully funded.
In terms of earnings growth, first quarter core FFO per share of $1.67 was flat on both a year-over-year and sequential basis. Despite FX headwinds, a $0.01 impact related to a customer bankruptcy and a difficult comp due to the contribution of assets to digital core REIT. In terms of the quarterly run rate, we expect the split between the first half of the year and the second half of the year to be approximately $49.51. In other words, as you can see from the bridge chart on Page 13, we expect to dip down a couple of pennies in the second quarter due to normalized OpEx spending and near-term dilution from closing the Teraco transaction before bouncing back in the second half of the year as leases from a record backlog commenced. Most of the drivers underlying our guidance remain unchanged, but given the improving pricing environment, we are bumping up our outlook for cash re-leasing spreads for the full year to slightly positive compared to flat last quarter. We are maintaining our existing core FFO per share range of $6.80 to $6.90 despite the customer bankruptcy and stiffer FX headwinds. Given the continued strength of the U.S. dollar, we expect currency headwinds could represent a 250 to 300 basis point drag on full year 2022 revenue and core FFO per share growth. Last but certainly not least, let's turn to the balance sheet on page 14. We were active again in the capital markets during the first quarter. We took advantage of favorable OEM market conditions to lock in EUR750 million at 1.375% for 10.5 years.
And later in the quarter, we completed a dual tranche Swiss bond offering, raising a total of CHF250 million at a blended coupon of approximately 1.25%. We used a portion of the net proceeds to redeem 450 million of bonds at 4.75%. Reported leverage ratio is 6.3 times while fixed charge coverage is 5.5 times. Adjusting for the proceeds from the forward equity offering last September, our pro forma leverage ratio drops to 5.9 times, while fixed charge coverage improves to 5.7 times. We continue to execute our financial strategy of maximizing the menu of available capital options while minimizing the related cost and extending the duration of our liabilities to match our long-lived assets. 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 15, our weighted average debt maturity is over six years and our weighted average coupon is 2.2%. A little over 3/4 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 investments outside the U.S. Over 90% of our debt is fixed rate, guarding against a fixed 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 15, 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.
Operator, would you please begin the Q&A session?
