Item 2. PROPERTIES

General

In addition to the information in this Item 2, certain information regarding our portfolio is contained in Schedule III (Financial Statement Schedule) under Part IV, Item 15(a) (2) and which is included in Part II, Item 8.

Our Portfolio

As of December 31, 2020, our portfolio consisted of 291 data centers, including 43 data centers held as investments in unconsolidated joint ventures, and contain a total of approximately 43.6 million rentable square feet, including 5.4 million square feet of space under active development and 2.3 million square feet of space held for development. The following table presents an overview of our portfolio of properties, including the 43 data centers held as investments in unconsolidated joint ventures and developable land, based on information as of December 31, 2020 (dollar amounts in thousands). All data centers are held in fee simple except as otherwise indicated. Please refer to Note 8 in the Notes to

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Index to Financial Statements

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the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K for a description of all applicable encumbrances as of December 31, 2020.

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		​		​		Space Under		​		​	​		​
​	​	Data Center	​	Net Rentable	​	Active	​	Space Held for	​	Annualized		​	Occupancy
Metropolitan Area	​	Buildings	​	Square Feet (1)	​	Development (2)	​	Development (3)	​	Rent (4)		​	Percentage (5)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
North America	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Northern Virginia		24		5,721,264		699,908		78,538	​	$	584,085		94.6	%
Chicago		10		3,427,367		—		148,101	​		299,046		87.6	%
New York		13		2,050,605		233,807		99,955	​		211,307		83.8	%
Silicon Valley		20		2,251,021		65,594		—	​		211,214		96.8	%
Dallas		21		3,530,749		143,051		28,094	​		193,258		81.4	%
Phoenix		3		795,687		—		227,274	​		70,533		71.1	%
San Francisco		4		824,972		23,321		—	​		65,175		71.1	%
Atlanta		4		525,414		—		313,581	​		52,112		94.6	%
Los Angeles		4		798,571		19,908		—	​		43,447		85.5	%
Seattle	​	1		400,369		—		—	​		38,724		87.4	%
Toronto, Canada	(6)	2		316,170		499,839		—	​	​	27,986		83.7	%
Portland	​	2		264,973		336,463		—	​	​	26,544		98.7	%
Boston		4		467,519		—		50,649	​		21,170		47.3	%
Houston		6		392,816		—		13,969	​		15,881		76.5	%
Miami	​	2		226,314		—		—	​	​	8,390		90.0	%
Austin		1		85,688		—		—	​		6,760		63.4	%
Minneapolis/St. Paul		1		328,765		—		—	​		5,957		100.0	%
Charlotte		3		95,499		—		—	​		4,804		89.2	%
North America Total		125		22,503,763		2,021,891		960,161	​		1,886,393		87.0	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Europe									​					​
London, England	(7)	19		1,715,719		—		161,136	​	​	259,830		77.4	%
Frankfurt, Germany	(8)	21		1,627,677		357,733		—	​	​	191,190		88.5	%
Amsterdam, Netherlands	(8)	17		1,442,910		48,490		95,262	​	​	149,828		67.6	%
Paris, France	(8)	12		658,681		376,162		—	​	​	74,845		89.9	%
Vienna, Austria	(8)	2		359,809		—		—	​	​	46,758		84.0	%
Dublin, Ireland	(8)	8		380,739		94,005		—	​	​	45,145		75.0	%
Marseille, France	(8)	4		278,617		161,449		—	​	​	37,813		78.1	%
Madrid, Spain	(8)	3		222,047		—		—	​	​	35,044		77.7	%
Zurich, Switzerland	(9)	3		229,388		315,197		—	​	​	30,614		70.6	%
Brussels, Belgium	(8)	2		132,501		—		—	​	​	23,153		76.1	%
Stockholm, Sweden	(10)	6		164,421		89,276		—	​	​	22,440		73.4	%
Copenhagen, Denmark	(11)	3		164,489		61,342		—	​	​	18,120		76.7	%
Dusseldorf, Germany	(8)	2		105,523		—		—	​	​	16,970		60.2	%
Athens, Greece	(8)	2		55,167		—		—	​	​	6,288		58.0	%
Zagreb, Croatia	(12)	1		19,365		12,538		—	​	​	2,032		49.9	%
Geneva, Switzerland	(9)	1		59,190		—		—	​	​	2,012		100.0	%
Manchester, England	(7)	1		38,016		—		—	​	​	1,863		100.0	%
Europe Total		107		7,654,259		1,516,192		256,398	​		963,945		78.7	%
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Asia Pacific									​					​
Singapore	(13)	3		540,638		344,826		—	​	​	93,438		95.3	%
Sydney, Australia	(14)	4		226,697		222,838		—	​	​	27,733		85.7	%
Melbourne, Australia	(14)	2		146,570		—		—	​	​	17,829		71.3	%
Tokyo, Japan	(15)	1		—		406,664		—	​	​	—		—	%
Osaka, Japan	(15)	1		—		193,535		—	​	​	—		—	%
Seoul, South Korea	(16)	1		—		162,260		—	​	​	—		—	%
Hong Kong	(17)	1		—		—		284,751	​	​	—		—	%
Asia Pacific Total		13		913,905		1,330,123		284,751	​		139,001		89.0	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Africa	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Nairobi, Kenya	(18)	1		15,710		—		—	​	​	1,114		52.2	%
Mombasa, Kenya	(18)	2		9,591		37,025		—	​	​	645		41.7	%
Africa Total	​	3		25,300		37,025		—	​		1,759		48.3	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Non-Data Center Properties		—		263,668		—		—	​		1,254		100.0	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Managed Unconsolidated Joint Ventures									​					​
Northern Virginia		7		1,250,419		—		—	​		93,381		100.0	%
Hong Kong	(17)	1		186,300		—		—	​		19,970		87.3	%
Silicon Valley		4		326,305		—		—	​		13,705		100.0	%
Dallas		3		319,876		—		—	​		5,555		82.4	%
New York		1		108,336		—		—	​		3,460		100.0	%
​		16		2,191,236		—		—	​		136,071		96.4	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

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Index to Financial Statements

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​		​		​		Space Under		​		​	​		​
​	​	Data Center	​	Net Rentable	​	Active	​	Space Held for	​	Annualized		​	Occupancy
Metropolitan Area	​	Buildings	​	Square Feet (1)	​	Development (2)	​	Development (3)	​	Rent (4)		​	Percentage (5)
Non-Managed Unconsolidated Joint Ventures									​					​
Sao Paulo, Brazil	(19)	15		897,625		254,264		201,589	​		119,500		97.9	%
Tokyo, Japan	(15)	2		892,667		—		—	​		64,702		87.8	%
Osaka, Japan	(15)	2		248,906		52,306		30,874	​		45,273		85.6	%
Fortaleza, Brazil	(19)	1		94,205		—		—	​		9,860		100.0	%
Rio De Janeiro, Brazil	(19)	2		72,442		26,781		—	​		10,926		100.0	%
Seattle	​	1		51,000		—		—	​		7,562		100.0	%
Queretaro, Mexico	​	2		—		108,178		376,202	​		—		—	%
Santiago, Chile	(20)	2		67,340		45,209		180,835	​		6,709		68.7	%
​		27		2,324,185		486,738		789,500	​		264,533		92.1	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total		291		35,876,316		5,391,969		2,290,810	​	$	3,392,956		86.3	%

(1)

Net rentable square feet at a building represents the current square feet at that building under lease as specified in the lease agreements plus management’s estimate of space available for lease. We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area. Net rentable square feet includes tenants’ proportional share of common areas but excludes space held for development.

(2)	Space under active development includes current base building and data center projects in progress.

(3)	Space held for development includes space held for future data center development, and excludes space under active development.

(4)	Annualized rent represents the monthly contractual rent (defined as cash base rent before abatements) under existing leases as of December 31, 2020 multiplied by 12.

(5)	Excludes space held for development and space under active development. We estimate the total square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area.

(6)	Rental amounts were calculated based on the exchange rate in effect on December 31, 2020 of $0.79 to 1.00 CAD.

(7)	Rental amounts were calculated based on the exchange rate in effect on December 31, 2020 of $1.37 to £1.00.

(8)	Rental amounts were calculated based on the exchange rate in effect on December 31, 2020 of $1.22 to €1.00.

(9)	Rental amounts were calculated based on the exchange rate in effect on December 31, 2020 of $1.13 to 1.00 Swiss francs.

(10)	Rental amounts were calculated based on the exchange rate in effect on December 31, 2020 of $0.12 to 1.00 Swedish krone.

(11)	Rental amounts were calculated based on the exchange rate in effect on December 31, 2020 of $0.16 to 1.00 Danish krone.

(12)	Rental amounts were calculated based on the exchange rate in effect on December 31, 2020 of $0.16 to 1.00 Croatian kuna.

(13)	Rental amounts were calculated based on the exchange rate in effect on December 31, 2020 of $0.76 to 1.00 SGD.

(14)	Rental amounts were calculated based on the exchange rate in effect on December 31, 2020 of $0.77 to 1.00 AUD.

(15)	Rental amounts were calculated based on the exchange rate in effect on December 31, 2020 of $0.01 to 1.00 JPY.

(16)	Rental amounts were calculated based on the exchange rate in effect on December 31, 2020 of $0.001 to 1.00 South Korean won.

(17)	Rental amounts were calculated based on the exchange rate in effect on December 31, 2020 of $0.13 to 1.00 HKD.

(18)	Rental amounts were calculated based on the exchange rate in effect on December 31, 2020 of $0.01 to 1.00 Kenyan shilling.

(19)	Rental amounts were calculated based on the exchange rate in effect on December 31, 2020 of $0.25 to 1.00 BRL.

(20)	Rental amounts were calculated based on the exchange rate in effect on December 31, 2020 of $0.001 to 1.00 Chilean peso.

We lease space at certain of our data centers from third parties and certain equipment under noncancelable lease agreements. Leases for our data centers expire at various dates through 2065. As of December 31, 2020, certain of our data centers, primarily in Europe and Singapore, are subject to ground leases. As of December 31, 2020, the termination dates of these ground leases range from 2041 to 2981. In addition, our corporate headquarters along with several regional office locations are subject to leases with termination dates ranging from 2021 to 2028.

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Index to Financial Statements

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Customer Diversification

As of December 31, 2020, our portfolio was leased to over 4,000 customers, many of which are internationally recognized firms. The following table sets forth information regarding the 20 largest customers in our portfolio based on annualized recurring revenue as of December 31, 2020 (dollar amounts in thousands).

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​		​		​		​	​		​		Weighted
​	​	​	​	​	​	​	​	​	​	​	Average
​	​	​	​	​	​	​	​	​	​	​	Remaining
​	​	​	​	Number	​	Annualized		​	% of Annualized	​	Lease
​	​	​	​	of	​	Recurring		​	Recurring	​	Term in
​	​	Tenant	​	Locations	​	Revenue (1)		​	Revenue	​	Years
1		Fortune 50 Software Company		53		$	321,760		9.5	%	8.9
2		IBM		40			159,995		4.7	%	3.1
3		Facebook, Inc.		36			146,031		4.3	%	4.0
4		Oracle America, Inc.	​	29			96,751		2.9	%	2.4
5		Equinix		26			94,329		2.8	%	8.4
6		Fortune 25 Investment Grade-Rated Company		25			83,744		2.5	%	2.7
7		Global Cloud Provider		48			79,201		2.3	%	2.0
8		LinkedIn Corporation		8			71,327		2.1	%	3.9
9		Cyxtera Technologies, Inc.		17			67,630		2.0	%	11.3
10		Fortune 500 SaaS Provider		13			65,059		1.9	%	4.9
11		Rackspace		19			62,862		1.9	%	8.7
12		CenturyLink, Inc.		129			59,867		1.8	%	5.0
13		Fortune 25 Tech Company		36			58,177		1.7	%	2.9
14		Social Content Platform		8			55,398		1.6	%	6.3
15		Verizon		101			46,361		1.4	%	3.4
16		Comcast Corporation		27			41,343		1.2	%	5.1
17		AT&T		71			38,079		1.1	%	1.5
18		DXC Technology Company		19			36,426		1.1	%	2.6
19		JPMorgan Chase & Co.		16			35,840		1.1	%	2.8
20		Zayo		117			34,167		1.0	%	6.1
​		Total / Weighted Average	​	​		$	1,654,347		48.9	%	6.1

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on our ownership percentage. Our direct customers may be the entities named in the table above or their subsidiaries or affiliates.

(1)	Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements), and interconnection revenue under existing leases as of December 31, 2020 multiplied by 12.

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Index to Financial Statements

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Lease Distribution

The following table sets forth information relating to the distribution of leases in the properties in our portfolio, based on size (in megawatts), excluding approximately 5.4 million square feet of space under active development and approximately 2.3 million square feet of space held for development at December 31, 2020, under lease as of December 31, 2020 (dollar amounts in thousands).

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​	​	​	​	​	​	​	​	​	​	​
​		​		Percentage		​	​		​
​	​	Total Net	​	of Net	​	​	​	​	Percentage
​	​	Rentable	​	Rentable	​	​	​	​	of
​	​	Square	​	Square	​	Annualized		​	Annualized
Size	​	Feet (1)	​	Feet (1)	​	Rent (2)		​	Rent
Available		4,680,127		14.7	%	​	—		—	​
0 - 1 MW		4,716,419		14.8	%	$	1,054,286		34.9	%
> 1 MW		12,082,358		37.9	%		1,652,690		54.6	%
Other (3)		10,376,129		32.6	%		318,581		10.5	%
Total		31,855,032		100.0	%	$	3,025,558		100.0	%

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on our ownership percentage.

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(1)	We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area.

(2)	Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2020 multiplied by 12.

(3)	Other includes unimproved building shell capacity as well as storage and office space within fully improved data center facilities.

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Index to Financial Statements

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Lease Expirations

The following table sets forth a summary schedule of the lease expirations for leases in place as of December 31, 2020 plus available space for ten calendar years at the properties in our portfolio, excluding approximately 5.4 million square feet of space under active development and approximately 2.3 million square feet of space held for development at December 31, 2020. Unless otherwise stated in the footnotes to the table below, the information set forth in the table assumes that tenants exercise no renewal options and all early termination rights (dollar amounts in thousands).

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	Annualized		​	​	​
​	​	​	​	​	​	​	​	​	Annualized		​	Rent Per		​	​	​
​	​	Square	​	​	​	​	Percentage	​	Rent Per		​	Occupied		​	​	​
​	​	Footage of	​	​	​	​	of	​	Occupied		​	Square		​	Annualized
​	​	Expiring	​	Annualized		​	Annualized	​	Square		​	Foot at		​	Rent at
Year	​	Leases (1)	​	Rent (2)		​	Rent	​	Foot		​	Expiration		​	Expiration
Available		4,680,127		​					​			​			​
Month to Month (3)		371,993		$	56,340		1.9	%	$	151	​	$	151	​	$	56,337
2021		4,890,094			817,901		27.0	%		167	​		168	​		819,973
2022		3,401,680			484,725		16.0	%		142	​		145	​		493,983
2023		2,742,258			328,240		10.8	%		120	​		123	​		337,448
2024		2,660,949			291,519		9.6	%		110	​		116	​		309,259
2025		2,988,107			314,197		10.4	%		105	​		114	​		339,491
2026		1,434,017			156,647		5.2	%		109	​		125	​		179,091
2027		1,111,798			114,081		3.8	%		103	​		118	​		131,168
2028		600,057			51,177		1.7	%		85	​		100	​		60,272
2029		1,080,449			83,573		2.8	%		77	​		91	​		98,702
2030		1,220,243			82,288		2.7	%		67	​		81	​		99,093
Thereafter		4,673,261			244,870		8.1	%		52	​		66	​		310,518
Portfolio Total / Weighted Average		31,855,032		$	3,025,558		100.0	%	$	111	​	$	119	​	$	3,235,336

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on our ownership percentage.

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(1)

For some of our properties, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common area. We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area.

(2)	Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2020 multiplied by 12.

(3)	Includes leases, licenses and similar agreements that upon expiration have been automatically renewed on a month-to-month basis.

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