President and Chief Financial Officer at Digital Realty Trust
Thank you, Bill. Let's turn to our leasing activity on Page seven. As Bill noted, we signed total bookings of $113 million with a $12 million contribution from interconnection during the second quarter. New business was healthy across product types as sub-one megawatt plus interconnection accounted for 42% of the quarter's bookings, while deals larger than a megawatt accounted for 57% of this quarter's bookings. The weighted average lease term on new leases was more than seven years. EMEA accounted for well over half of this quarter's new business as Frankfurt continued to set the pace in the region, while Paris was also a meaningful contributor.
Leasing was also geographically broad based during the quarter with significant contributions from Northern Virginia, Athens, Zurich, Tokyo, Sao Paulo, New York, Dublin and Amsterdam. Reflecting the strength of demand from our customers, we grew the size of our development pipeline to more than 360 megawatts under construction as we started over 100 megawatts of new projects in EMEA and North America, including 35 megawatts in Frankfurt and 38 megawatts in Paris.
Nearly 1/3 of our sub-one 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. During the second quarter, we added another 108 new customers, bringing the total to more than 1,000 new logos since closing the Interxion transaction a little over two years ago. We see a growing trend of multinational companies deploying and connecting large private data infrastructure footprints on platform digital across multiple regions and metros globally.
In terms of specific customer wins during the quarter, a leading IT service provider has experienced the full range of benefits of PlatformDIGITAL from greater performance and scalability to cost savings. These customers expanded their capabilities across three metros in two geographic regions, emphasizing hybrid IT by integrating bare metal and cloud storage. Two, leading Global 2000 financial services firms chose PlatformDIGITAL for multi-set deployments in multiple metros across North America and Asia Pacific. One of the world's leading video game developers is expanding on PlatformDIGITAL to access our global footprint, scalability and low latency performance.
A Global 2000 reinsurer is expanding on PlatformDIGITAL with full-spectrum benefits from the strong community to top cloud providers and robust security being key drivers. And a life sciences organization is switching to PlatformDIGITAL in two markets across North America to reduce network costs while implementing artificial intelligence and high-performance computing applications. Turning to our backlog on Page nine.
The current backlog of signed, but not yet commenced leases, tapered at $393 million by quarter end as record level of commenced leases outpaced new signings. A lag between signings and commencements moved up to 13 months due to one larger signing into a new campus development in Frankfurt. Excluding that lease, the sign of commencement period was more in line with our recent experience of about eight months. Moving on to Page 10. We signed $173 million of renewal leases during the second quarter at a positive 3.4% cash re-leasing spreads compared to 3.3% positive last quarter. Renewal rates were positive in each product segment and also in each of our three regions.
The majority of total renewals were sub-one megawatt deals, reflecting the higher unit price contracts that are characteristic of that segment. These renewals climbed by 3% during the second quarter. Among larger deals, rates increased by 1.1%. We are encouraged by the positive trajectory of renewal spreads as well as our constructive engagement with customers on the current inflationary environment and our highly compelling value proposition. In terms of operating performance, total portfolio occupancy rebounded by 60 basis points sequentially, driven by the strong commencements from our record backlog.
These improvements in our occupancy come despite our active intention to grow our global colocation inventory in order to meet the growing demand of our expanding customer base who continue to solve for complex IT infrastructure connectivity and data integration challenges. Same capital cash NOI growth fell 5.5% in the second quarter, primarily driven by a 400 basis point FX headwind in the last leg of a previously discussed sizable churn event. Most of this space has already been re-leased and will more fully commence over the next several quarters, which should drive an improved trend in revenue growth on a constant currency basis.
Turning to our risk mitigation strategies on Page 11. 57% of our second quarter operating revenue was denominated in U.S. dollars, with 22% in euros, and 7% in Singapore dollars, 6% British pounds and 2% in Japanese yen. We have also actively mitigated interest rate risk by proactively terming out short-term variable rate debt or longer-term fixed-rate financing. Turning back to currency. The U.S. dollar continued to strengthen over the last several months, and FX represented a 400 to 450 basis point drag on year-over-year growth in our second quarter reported results from a top to the bottom line, as shown in our constant currency analysis on Page 12.
As we've highlighted in the past, currency fluctuations has more typically served as a 50 to 100 basis point headwind or tailwind to earnings in periods of lower volatility. While the outsized depreciation of the euro this year has been a major driver of the headwinds for our P&L, it also represents the lion's share of our $4 billion-plus development pipeline. To be clear, we are operating and then investing locally rather than repatriating proceeds into U.S. dollars. Our operations and our investment pipeline along with our capital funding and locally denominated debt serve as a natural hedge.
Of course, given the growth of our global portfolio, along with the heightened FX volatility, we will continue to evaluate our hedging strategy on an ongoing basis. In terms of earnings growth, second quarter core FFO per share of $1.72 was 12% higher on a year-over-year basis and 3% higher sequentially, despite increased FX headwinds. The outperformance versus our prior expectations for the quarter was principally a function of lower-than-expected's opex spend and a short delay in the closing of the Teraco transaction. Looking forward, we expect core FFO per share will remain under pressure from stiffer than expected FX headwinds given the appreciation of the U.S. dollar.
As you can see from the bridge chart on Page 13, we expect FFO will dip down a couple of pennies in the third quarter, principally due to FX, but also as a result of the delayed normalization of opex spend, near-term dilution from closing the Teraco transaction and higher interest rates. Accordingly, we have adjusted our underlying guidance assumptions that remain under pressure from foreign currency exchange and interest rates.
We are also updating our core FFO per share guidance range for the full year 2022 to $6.75 to $6.85, reflecting a $0.05 per share adjustment at the low and high end of the range. Importantly, we are reaffirming our constant currency core FFO per share range of $6.95 to $7.05 for 2022. Given the continued strength of the U.S. dollar, we expect currency headwinds could represent a 300 to 400 basis point drag on full year 2022 revenue and core FFO per share growth. Lastly, let's turn to the balance sheet on Page 14.
Our reported leverage ticked down to 6.2 times as of June 30, while fixed charge coverage increased to 6.0 times. Adjusting for the proceeds from the last September's forward equity offering, our pro forma leverage drops to 5.8 times, while fixed charge coverage improved to 6.2 times. We remain focused on our financial strategy of maximizing the menu of available capital options while minimizing the related cost of our liabilities.
The execution against this 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 the pack and enables us to prudently fund our strategic objectives. As you can see from the chart on Page 15, our weighted average debt maturity is nearly six years, and our weighted average coupon is 2.2%. Approximately 3/4 of our debt is non-U.S. dollar denominated, reflecting the growth of our global platform.
Nearly 90% of our debt is fixed rate 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 modest near-term debt maturities and a well-laddered maturity schedule for the foreseeable future. Our balance sheet is poised to weather the 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'll be pleased to take your questions. Operator, would you please begin the Q&A session?