Item 2. PROPERTIES

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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

The following table presents an overview of our portfolio of properties, including the 50 data centers held as investments in unconsolidated entities and developable land, based on information as of December 31, 2021 (dollar amounts in thousands). All data centers are held in fee simple except as otherwise indicated. Please refer to Note 11 in the Notes to 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, 2021.

Index to Financial Statements


			Space Under
	Data Center	Net Rentable	Active	Space Held for	Occupancy
Metropolitan Area	Buildings	Square Feet (1)	Development (2)	Development (3)	Percentage (4)

North America
Northern Virginia	22	5,404,662	780,016	128,694	91.1	%
Chicago	10	3,428,169	—	148,101	89.1	%
New York	13	2,103,114	147,753	106,407	82.4	%
Dallas	21	3,550,639	136,445	8,204	79.8	%
Silicon Valley	15	1,591,835	—	130,752	97.4	%
Phoenix	2	795,697	—	—	72.1	%
San Francisco	4	843,339	—	—	66.1	%
Atlanta	4	525,414	41,661	313,581	95.1	%
Seattle	1	398,735	—	—	85.3	%
Los Angeles	2	580,764	37,713	—	83.3	%
Portland	2	399,095	756,483	—	98.4	%
Toronto	2	300,307	427,050	—	85.6	%
Boston	3	437,119	—	50,649	49.9	%
Houston	6	392,816	—	13,969	70.4	%
Miami	2	226,314	—	—	89.9	%
Minneapolis	1	328,765	—	—	100.0	%
Austin	1	85,688	—	—	52.5	%
Charlotte	3	95,499	—	—	89.5	%
North America Total	114	21,487,970	2,327,121	900,357	85.4	%

Europe
London	16	1,433,240	64,274	95,832	68.0	%
Frankfurt	27	1,893,266	1,327,522	—	80.1	%
Amsterdam	13	1,220,639	46,240	95,262	70.2	%
Paris	10	598,536	314,876	—	82.7	%
Marseille	4	389,484	165,435	—	74.0	%
Vienna	2	351,418	—	—	79.5	%
Dublin	8	440,917	112,135	—	77.3	%
Zurich	3	284,671	258,240	—	82.5	%
Madrid	4	218,282	225,140	—	76.1	%
Brussels	4	171,470	186,464	—	62.6	%
Stockholm	6	205,304	48,492	—	63.7	%
Copenhagen	3	162,182	163,696	—	78.7	%
Dusseldorf	3	105,523	107,600	—	59.7	%
Athens	3	55,170	92,536	—	74.4	%
Zagreb	1	19,105	12,801	—	55.3	%
Europe Total	107	7,549,209	3,125,451	191,094	74.6	%

Asia Pacific
Singapore	3	882,847	—	—	84.3	%
Sydney	4	226,697	222,838	—	86.4	%
Melbourne	2	146,570	—	—	62.8	%
Hong Kong	1	99,129	185,622	—	—	%
Seoul	1	—	162,260	—	—	%
Osaka	1	—	235,532	—	—	%
Asia Pacific Total	12	1,355,243	806,252	—	76.2	%

Africa
Nairobi	1	15,710	—	—	61.9	%
Mombasa	2	10,115	37,025	—	53.2	%
Maputo	1	—	3,940	—	—	%
Africa Total	4	25,825	40,965	—	58.5	%

Non-Data Center Properties	—	263,668	—	—	100.0	%

Managed Unconsolidated Entities
Northern Virginia	8	1,482,337	—	—	93.8	%
Silicon Valley	4	414,267	—	—	100.0	%
Hong Kong	1	186,300	—	—	87.3	%
Toronto	1	104,308	—	—	100.0	%
Los Angeles	2	196,517	—	—	100.0	%
	16	2,383,729	—	—	95.2	%

Non-Managed Unconsolidated Entities
Sao Paulo	20	1,022,251	183,498	1,033,967	96.9	%
Osaka	3	277,031	248,590	—	94.5	%
Tokyo	3	980,916	318,415	—	70.3	%
Fortaleza	1	94,205	—	—	100.0	%
Rio De Janeiro	2	72,442	26,781	—	100.0	%
Seattle	1	51,000	—	—	100.0	%
Santiago	2	67,340	45,209	180,835	68.7	%
Queretaro	2	—	108,178	376,202	—	%
	34	2,565,185	930,670	1,591,004	86.0	%

Total	287	35,630,828	7,230,460	2,682,456	83.6	%

(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

Index to Financial Statements

	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)	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.

We lease space from third parties under noncancellable leases for: our corporate headquarters, several regional office locations, certain data centers, and certain equipment. In addition, we are subject to ground leases at certain data centers primarily in Europe and Singapore.

Customer Diversification

The following table sets forth information regarding the 20 largest customers in our portfolio based on annualized recurring revenue as of December 31, 2021 (dollar amounts in thousands).


							Weighted
							Average
							Remaining
		Number	Annualized		% of Annualized		Lease
		of	Recurring		Recurring		Term in
	Tenant	Locations	Revenue (1)		Revenue		Years
1	Fortune 50 Software Company	56	$	340,515	10.0	%	8.9
2	IBM	36		138,065	4.1	%	2.3
3	Oracle America, Inc.	29		114,935	3.4	%	3.2
4	Global Cloud Provider	51		110,186	3.2	%	3.3
5	Facebook, Inc.	38		106,583	3.1	%	4.0
6	Fortune 25 Investment Grade-Rated Company	25		94,292	2.8	%	4.5
7	Equinix	21		87,739	2.6	%	8.0
8	LinkedIn Corporation	8		78,298	2.3	%	2.9
9	Social Content Platform	11		72,253	2.1	%	5.5
10	Fortune 500 SaaS Provider	15		66,522	2.0	%	4.3
11	Cyxtera Technologies, Inc.	15		62,080	1.8	%	10.2
12	Rackspace	20		61,921	1.8	%	10.7
13	Fortune 25 Tech Company	44		59,258	1.7	%	3.1
14	Lumen Technologies, Inc.	129		54,197	1.6	%	4.7
15	Comcast Corporation	32		42,132	1.2	%	4.3
16	JPMorgan Chase & Co.	17		40,898	1.2	%	2.5
17	Verizon	99		40,582	1.2	%	3.1
18	AT&T	75		37,000	1.1	%	2.9
19	Social Media Platform	7		34,680	1.0	%	8.9
20	Zayo	124		33,290	1.0	%	2.0
	Total / Weighted Average		$	1,675,426	49.2	%	6.1

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated entities 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, 2021 multiplied by 12.

Index to Financial Statements

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 7.2 million square feet of space under active development and approximately 2.7 million square feet of space held for development at December 31, 2021, under lease as of December 31, 2021 (dollar amounts in thousands).


		Percentage
	Total Net	of Net				Percentage
	Rentable	Rentable				of
	Square	Square		Annualized		Annualized
Size	Feet(1)	Feet(1)		Rent(2)		Rent
Available	5,402,030	17.2	%		—	—
0 - 1 MW	4,783,464	15.2	%	$	1,038,685	34.3	%
> 1 MW	12,795,157	40.8	%		1,732,620	57.1	%
Other (3)	8,477,013	26.8	%		264,448	8.6	%
Total	31,457,664	100.0	%	$	3,035,753	100.0	%

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

(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, 2021 multiplied by 12.

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

Index to Financial Statements

Lease Expirations

The following table sets forth a summary schedule of the lease expirations for leases in place as of December 31, 2021 plus available space for ten calendar years at the properties in our portfolio. The table excludes space that is currently under active development or held for active development. 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).


										Annualized
		Percentage						Annualized		Rent Per
	Square	of Net				Percentage		Rent Per		Occupied
	Footage of	Rentable				of		Occupied		Square		Annualized
	Expiring	Square		Annualized		Annualized		Square		Foot at		Rent at
Year	Leases (1)	Feet (1)		Rent (2)		Rent (2)		Foot		Expiration		Expiration
Available	5,402,030	17.2	%
Month to Month (3)	289,908	0.9	%	$	59,640	2.0	%	$	206	$	206	$	59,790
2022	3,829,739	12.2	%		806,656	26.6	%		211		211		807,409
2023	3,646,102	11.6	%		436,432	14.4	%		120		122		446,393
2024	2,508,237	8.0	%		328,223	10.8	%		131		136		340,148
2025	2,968,276	9.4	%		320,496	10.5	%		108		114		339,329
2026	2,649,679	8.4	%		280,903	9.2	%		106		115		304,869
2027	1,619,483	5.1	%		191,929	6.3	%		119		127		205,520
2028	780,358	2.5	%		71,685	2.4	%		92		105		82,262
2029	1,413,025	4.5	%		104,843	3.4	%		74		89		126,247
2030	1,255,507	4.0	%		92,704	3.1	%		74		86		107,772
2031	1,042,453	3.3	%		121,364	4.0	%		116		134		139,803
Thereafter	4,052,868	12.9	%		220,878	7.3	%		54		64		259,784
Portfolio Total / Weighted Average	31,457,664	100.0	%	$	3,035,753	100.0	%	$	117	$	124	$	3,219,325

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

(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, 2021 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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