Before I begin, I'd like to remind everyone that the management of Digital Realty may make forward-looking statements on this call. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from expectations. Forward-looking statements may include discussions of strategy, plans, future events or trends, including statements related to supply and demand for data center space, and the company's future financial and other results.For a further discussion of the risks and uncertainties related to our business, see the company's annual report on Form 10-K for the year ended December 31, 2011, and subsequent filings with the SEC including the company's quarterly reports on Form 10-Q. The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Additionally, this call will contain non-GAAP financial information including FFO, AFFO, core FFO, EBITDA, adjusted EBITDA, NOI and same-store NOI. Digital Realty is providing this information as a supplement to information prepared in accordance with GAAP. Explanation of such non-GAAP items and reconciliations to net income are contained in the company's supplemental operating and financial data package for the first quarter of 2012 furnished to the SEC, and this information is available on our website. Now I'd like to introduce Michael Foust, CEO; and Bill Stein, CFO and Chief Investment Officer. Following their remarks, we will open the call to your questions. Questions will be limited to one per caller to manage it in a timely manner. If you have additional questions, please feel free to return to the queue. I'll now turn the call over to Mike. Michael F. Foust Great. Thank you, Pamela. Welcome to the call, everyone. I will begin my remarks today with an overview of our operating results, followed by a brief review of our markets and current acquisition and development activities. Following my prepared comments, Bill Stein will go through our financial results.
Following our record leasing results in the fourth quarter of 2011, we had a relatively modest first quarter, which was in line with our expectations. As I have previously mentioned, our leasing activity tends to be seasonal with stronger results often occurring late in the year. During the quarter, we signed 94,000 square feet of Turn-Key space at an average lease rate of $163 per square foot, with an average rate for U.S. Turn-Key leases at $136 per square foot. Over the past 5 quarters, average rental rates per square foot for Turn-Key in the U.S. have ranged from between $122 to $176 per square foot.Rental rates have historically varied by building and by market and by customer application. Therefore, we do not feel that the sample size of lease in the first quarter indicates a Turn-Key in overall Turn-Key lease rates. Excluding colocation, the average term for leases signed in the first quarter for Datacenter space was 148 months or 12.7 years, exceeding our average range of 7 to 10 years for the second straight quarter. Other leasing highlights during the quarter include a signed lease for an entire 47,000 square foot building at our Datacenter Park Dallas property in Dallas, which continues to be a very good market for us. The building was leased on a PBB basis to a leading information management and data security company. On the West Coast, we signed new leases in San Francisco and Los Angeles with one of our top 10 customers, supporting the growth of their colocation interconnection business. In London, we continued to see steep demand with 2 new leases signed at our Redhill facility where we are now nearly fully leased. In addition, we're on track to complete the first phase of the redevelopment of our Chessington property later this year in suburban London.
In Asia-Pacific, we signed 2 new leases at our Singapore property with a strong funnel of prospects for the balance of the building. We've also signed our first lease in Hong Kong and plan to issue a press release on this in the coming weeks.Read the rest of this transcript for free on seekingalpha.com