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 78 data centers held as investments in unconsolidated entities and developable land, based on information as of December 31, 2024 (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, 2024.


			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	18	5,372	1,571	254	92.8	%
Dallas	19	3,126	408	110	84.0	%
Chicago	7	2,262	553	48	92.6	%
New York	11	1,553	87	100	73.7	%
Silicon Valley	13	1,524	—	—	87.9	%
Portland	3	1,147	—	—	98.9	%
San Francisco	4	844	—	—	61.6	%
Phoenix	2	796	—	—	76.7	%
Los Angeles	2	611	11	—	79.4	%
Toronto	2	593	130	135	96.1	%
Atlanta	4	542	15	314	96.7	%
Boston	3	437	—	51	38.1	%
Seattle	1	397	—	—	73.8	%
Houston	6	393	—	14	69.7	%
Miami	2	226	—	—	86.0	%
Charlotte	3	95	—	—	92.4	%
Austin	1	86	—	—	59.7	%
North America Total	101	20,004	2,775	1,025	85.5	%

EMEA
Frankfurt	24	1,722	1,488	—	87.2	%
London	13	1,412	13	76	61.0	%
Amsterdam	13	1,332	222	92	86.2	%
Johannesburg	5	1,263	945	—	81.7	%
Paris	12	977	285	—	82.8	%
Marseille	4	558	237	378	75.4	%
Dublin	9	553	—	—	71.3	%
Zurich	3	496	92	—	85.2
Vienna	3	356	133	—	82.6
Brussels	3	338	—	—	69.7
Cape Town	2	326	402	—	87.3
Madrid	4	308	100	—	76.4	%
Stockholm	6	245	—	—	57.7	%
Copenhagen	3	226	—	99	69.2	%
Athens	4	148	61	—	81.9	%
Dusseldorf	3	142	—	71	59.8	%
Durban	1	59	—	—	69.7	%
Mombasa	2	37	—	21	39.6	%
Zagreb	1	24	10	—	94.6	%
Nairobi	1	16	75	—	64.6	%
Maputo	1	3	—	—	41.6	%
Rome	1	0	37	—	100.0	%
Barcelona	—	—	144	—	—	%
Crete	—	—	11	—	—	%
EMEA Total	118	10,540	4,254	738	78.1	%

Asia Pacific
Singapore	3	793	—	97	91.1	%
Sydney	4	361	—	88	83.3	%
Melbourne	2	147	—	—	90.6	%
Seoul	1	162	—	—	25.2	%
Hong Kong	1	114	66	104	73.3	%
Asia Pacific Total	11	1,577	66	289	81.2	%


Non-Data Center Properties	—	—	—	—	—	%

Managed Unconsolidated Entities

Index to Financial Statements

Northern Virginia	12	2,793	792	—	97.0	%
Chicago	3	1,118	—	—	96.3	%
Frankfurt	5	551	—	—	81.0	%
Dallas	2	364	—	—	100.0	%
Los Angeles	2	197	—	—	80.0	%
Hong Kong	1	186	—	—	44.3	%
Silicon Valley	2	142	—	400	100.0	%
Toronto	1	104	—	—	54.5	%
Paris	1	91	179	—	60.1	%
Lagos	2	5	26	—	93.3	%
Accra	—	—	24	—	—	%
Abuja	—	—	—	—	—	%
	31	5,552	1,022	400	91.8	%

Non-Managed Unconsolidated Entities
Sao Paulo	25	1,416	75	1,198	92.0	%
Tokyo	5	1,118	479	—	76.2	%
Osaka	4	583	116	80	82.0	%
Santiago	3	119	118	71	90.1	%
Rio De Janeiro	2	112	—	—	100.0	%
Queretaro	3	105	—	583	100.0	%
Fortaleza	1	94	—	—	22.0	%
Chennai	1	55	—	104	2.5	%
Seattle	1	51	—	—	100.0	%
Bogota	2	—	—	197	—	%
	47	3,654	787	2,234	83.0	%

Total	308	41,326	8,904	4,686	84.1	%

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, 2024 (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	73	$	475,081	11.5	%	8.9
2	Oracle Corporation	39		266,603	6.4	%	9.7
3	Social Content Platform	30		229,771	5.5	%	3.7
4	Global Cloud Provider	63		189,147	4.6	%	4.8
5	IBM	36		119,145	2.9	%	2.8
6	Equinix	17		98,128	2.4	%	5.0
7	LinkedIn Corporation	7		84,509	2.0	%	3.2
8	Fortune 25 Investment Grade-Rated Company	29		64,371	1.6	%	1.9
9	Meta Platforms, Inc.	49		64,157	1.5	%	3.6
10	Social Media Platform	5		63,168	1.5	%	6.4
11	Specialized Cloud Provider	2		58,322	1.4	%	4.7
12	Lumen Technologies, Inc.	130		55,529	1.3	%	8.2
13	Fortune 25 Tech Company	54		54,008	1.3	%	3.3
14	Cyxtera	77		49,890	1.2	%	2.5
15	Comcast Corporation	44		43,900	1.1	%	3.5
16	Fortune 500 SaaS Provider	10		42,462	1.0	%	2.8
17	JPMorgan Chase & Co.	19		40,101	1.0	%	3.4
18	Rackspace	23		37,599	0.9	%	8.9
19	Morgan Stanley	13		37,276	0.9	%	4.4
20	Verizon	88		33,554	0.8	%	12.1
	Total / Weighted Average		$	2,106,721	50.8	%	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, 2024 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 8.9 million square feet of space under active development and approximately 4.7 million square feet of space held for development at December 31, 2024, under lease as of December 31, 2024 (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	5,680	17.2	%		—	—
0 - 1 MW	5,029	15.2	%	$	1,316,096	35.5	%
> 1 MW	14,819	44.9	%		2,149,122	57.9	%
Other (3)	7,471	22.7	%		243,541	6.6	%
Total	32,999	100.0	%	$	3,708,758	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, 2024 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, 2024 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	5,680	17.2	%
Month to Month (3)	380	1.2	%	$	70,085	1.9	%	$	184	$	184	$	69,917
2025	4,330	13.1	%		947,948	25.6	%		219		220		950,561
2026	3,359	10.2	%		469,943	12.7	%		140		144		483,057
2027	2,600	7.9	%		401,463	10.8	%		154		163		423,610
2028	2,318	7.0	%		265,374	7.2	%		114		123		285,176
2029	2,950	8.9	%		371,322	10.0	%		126		139		409,651
2030	2,240	6.8	%		257,889	7.0	%		115		130		291,802
2031	1,169	3.5	%		171,662	4.6	%		147		171		200,498
2032	1,013	3.1	%		132,461	3.6	%		131		149		150,482
2033	710	2.2	%		103,000	2.8	%		145		171		121,367
2034	1,902	5.8	%		176,901	4.8	%		93		110		208,656
Thereafter	4,347	13.1	%		340,711	9.2	%		78		100		436,675
Portfolio Total / Weighted Average	32,999	100.0	%	$	3,708,758	100.0	%	$	136	$	148	$	4,031,452

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated entities based on our ownership percentage. Individual items may not add up to total due to rounding.

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, 2024 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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