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 67 data centers held as investments in unconsolidated entities and developable land, based on information as of December 31, 2023 (amounts in thousands). All data centers are held in fee simple except as otherwise indicated. Please refer to Note 11. “Debt of the Operating Partnership” 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, 2023.


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


North America
Northern Virginia	19	5,043	1,545	265	88.8	%
Chicago	8	2,672	—	113	91.2	%
New York	12	1,722	158	107	71.4	%
Dallas	21	3,065	327	77	83.6	%
Silicon Valley	14	1,524	—	131	90.5	%
Portland	3	863	291	—	99.9	%
Phoenix	2	796	—	—	71.0	%
San Francisco	4	844	—	—	64.3	%
Atlanta	4	557	20	314	96.5	%
Toronto	2	509	218	—	87.0	%
Los Angeles	2	591	31	—	85.4	%
Seattle	1	399	—	—	77.8	%
Boston	3	437	—	51	42.1	%
Houston	6	393	—	14	63.9	%
Miami	2	226	—	—	85.5	%
Austin	1	86	—	—	56.3	%
Charlotte	3	95	—	—	90.7	%
North America Total	107	19,821	2,590	1,071	83.8	%


EMEA
London	15	1,383	—	77	56.5	%
Frankfurt	29	2,134	1,590	—	87.1	%
Amsterdam	12	1,259	222	92	83.2	%
Paris	13	1,042	656	—	71.9	%
Marseille	4	520	—	38	76.8	%
Dublin	9	553	—	—	76.0	%
Vienna	3	356	133	—	84.0	%
Zurich	3	430	166	—	79.5	%
Madrid	4	304	105	—	76.3	%
Brussels	3	258	80	—	66.8	%
Stockholm	6	190	108	—	70.0	%
Copenhagen	3	226	—	99	66.6	%
Dusseldorf	3	142	71	—	58.7	%
Athens	4	55	159	—	92.8	%
Zagreb	1	22	—	13	85.7	%
Johannesburg	5	1,103	1,105	—	71.1	%
Cape Town	2	326	402	—	74.6	%
Durban	1	45	—	—	84.4	%
Nairobi	1	16	75	—	61.9	%
Mombasa	2	35	—	23	17.3	%
Maputo	1	3	—	—	41.6	%
EMEA Total	124	10,402	4,872	342	75.2	%


Asia Pacific
Singapore	3	883	7	—	93.8	%
Sydney	4	361	—	88	92.2	%
Melbourne	2	147	—	—	62.3	%
Seoul	1	162	—	—	7.6	%
Hong Kong	1	99	66	120	2.2	%
Asia Pacific Total	11	1,652	73	207	76.7	%


Non-Data Center Properties	—	329	—	264	—	%

Index to Financial Statements


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


Managed Unconsolidated Entities
Northern Virginia	12	2,418	364	—	97.9	%
Chicago	2	790	—	—	91.3	%
Silicon Valley	2	142	—	—	100.0	%
Hong Kong	1	186	—	—	59.1	%
Toronto	1	104	—	—	55.8	%
Los Angeles	2	197	—	—	100.0	%
Lagos	1	4	—	—	100.0	%
Abuja	1	1	—	—	73.0	%
	22	3,843	364	—	93.7	%


Non-Managed Unconsolidated Entities
Sao Paulo	25	1,366	124	1,198	91.8	%
Tokyo	4	1,272	267	—	76.2	%
Osaka	4	522	62	196	81.4	%
Queretaro	3	105	—	583	100.0	%
Santiago	3	119	118	71	90.1	%
Rio De Janeiro	2	112	—	—	100.0	%
Fortaleza	1	94	—	—	87.0	%
Seattle	1	51	—	—	100.0	%
Bogota	2	—	—	197	—	%
	45	3,641	571	2,246	85.3	%


Total	309	39,688	8,470	4,130	81.7	%

Note: Table excludes data centers held for sale. Individual items may not add up to total due to rounding.

(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 and land held for 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.

Index to Financial Statements

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, 2023 (dollar amounts in thousands).


		Number	Annualized		% of Annualized		Weighted Average
		of	Recurring		Recurring		Remaining Lease
	Tenant	Locations	Revenue (1)		Revenue		Term in Years
1	Fortune 50 Software Company	71	$	418,935	10.9	%	8.2
2	Social Content Platform	25		212,198	5.5	%	4.7
3	Oracle Corporation	38		164,487	4.3	%	6.4
4	Global Cloud Provider	60		156,892	4.1	%	5.0
5	IBM	34		129,569	3.4	%	2.3
6	Equinix	16		93,346	2.4	%	5.9
7	LinkedIn Corporation	7		81,438	2.1	%	1.2
8	Fortune 25 Investment Grade-Rated Company	29		76,737	2.0	%	2.8
9	Fortune 25 Tech Company	53		69,304	1.8	%	3.6
10	Social Media Platform	8		62,117	1.6	%	7.3
11	Fortune 500 SaaS Provider	13		61,889	1.6	%	2.9
12	Meta Platforms, Inc.	48		60,873	1.6	%	3.8
13	Lumen Technologies, Inc.	123		49,804	1.3	%	9.2
14	Cyxtera	11		49,361	1.3	%	7.0
15	AT&T	75		42,096	1.1	%	2.8
16	Comcast Corporation	41		40,436	1.1	%	4.1
17	JPMorgan Chase & Co.	16		39,629	1.0	%	3.5
18	Rackspace	24		38,061	1.0	%	9.5
19	Verizon	89		34,103	0.9	%	11.1
20	Zayo	115		33,781	0.9	%	2.2
	Total / Weighted Average		$	1,915,056	49.9	%	5.9

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, 2023 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 8.5 million square feet of space under active development and approximately 4.1 million square feet of space held for development at December 31, 2023, under lease as of December 31, 2023 (dollar and square feet amounts in thousands).


	Total Net	Percentage of Net
	Rentable Square	Rentable Square		Annualized		Percentage of
Size	Feet(1)	Feet(1)		Rent(2)		Annualized Rent
Available	6,424	19.7	%		—	—
0 - 1 MW	5,008	15.3	%	$	1,280,715	37.4	%
> 1 MW	13,730	42.0	%		1,874,806	54.8	%
Other (3)	7,509	23.0	%		267,172	7.8	%
Total	32,670	100.0	%	$	3,422,692	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, 2023 multiplied by 12.

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

Lease Expirations

The following table sets forth a summary schedule of the lease expirations for leases in place as of December 31, 2023 plus available space for ten calendar years and thereafter at the properties in our portfolio. The table excludes space that is currently under active development or held for 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 early termination rights (amounts in thousands, except per square foot amounts).


										Annualized
								Annualized		Rent Per
		Percentage				Percentage of		Rent Per		Occupied
	Square Footage of	of Net Rentable		Annualized		Annualized		Occupied		Square Foot		Annualized Rent
Year	Expiring Leases (1)	Square Feet (1)		Rent (2)		Rent (2)		Square Foot		at Expiration		at Expiration
Available	6,424	19.7	%
Month to Month (3)	519	1.6	%	$	86,188	2.5	%	$	166	$	167	$	86,476
2024	4,191	12.8	%		940,076	27.5	%		224		225		942,104
2025	3,264	10.0	%		483,000	14.1	%		148		152		495,513
2026	3,074	9.4	%		414,840	12.1	%		135		142		436,400
2027	2,398	7.3	%		323,292	9.4	%		135		143		343,545
2028	1,765	5.4	%		187,792	5.5	%		106		116		204,508
2029	1,827	5.6	%		180,767	5.3	%		99		110		200,780
2030	1,954	6.0	%		224,259	6.6	%		115		126		246,295
2031	1,282	3.9	%		151,694	4.4	%		118		132		168,630
2032	945	2.9	%		109,178	3.2	%		116		134		126,552
2033	614	1.9	%		80,866	2.4	%		132		156		95,764
Thereafter	4,413	13.5	%		240,740	7.0	%		55		65		288,388
Portfolio Total / Weighted Average	32,670	100.0	%	$	3,422,692	100.0	%	$	130	$	138	$	3,634,956

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

Index to Financial Statements

(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, 2023 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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