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 89 data centers held as investments in unconsolidated entities and developable land, based on information as of December 31, 2025 (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, 2025.

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)
North America
Northern Virginia	16	5,200	309	283	95.1	%
Chicago	7	2,230	565	68	93.9	%
New York	10	1,497	70	28	72.2	%
Dallas	16	2,660	408	246	82.6	%
Portland	3	1,147	—	—	99.9	%
Silicon Valley	11	1,175	13	37	81.7	%
Phoenix	2	783	19	—	75.6	%
Toronto	2	593	—	135	96.5	%
San Francisco	5	844	—	—	60.1	%
Seattle	1	412	—	—	67.5	%
Atlanta	3	154	68	314	76.7	%
Los Angeles	2	750	—	104	86.6	%
Houston	6	393	—	14	69.7	%
Boston	2	336	—	51	39.4	%
Austin	1	86	—	—	60.9	%
Miami	1	150	—	12	85.4	%
Charlotte	3	95	—	—	94.4	%
North America Total	91	18,504	1,452	1,290	85.5	%
EMEA
Frankfurt	24	2,102	1,071	—	81.9	%
London	13	1,348	77	76	65.4	%
Amsterdam	13	1,425	202	19	81.4	%
Paris	12	1,262	622	—	84.4	%
Johannesburg	5	1,681	530	—	83.3	%
Zurich	3	596	—	—	78.2	%
Marseille	4	558	237	378	78.1	%
Dublin	9	555	—	—	76.1	%
Madrid	4	352	56	—	79.1	%
Vienna	3	356	133	—	82.2	%
Cape Town	2	326	402	—	89.3	%
Brussels	3	338	—	—	70.0	%
Copenhagen	3	226	—	99	72.7	%
Stockholm	6	245	—	—	46.4	%
Dusseldorf	3	181	55	—	50.8	%
Athens	4	148	61	—	82.8	%
Durban	1	59	—	—	69.6	%
Mombasa	2	37	—	21	47.3	%
Nairobi	1	16	75	—	66.7	%
Zagreb	1	34	—	—	66.8	%
Maputo	1	3	—	—	45.7	%
Crete	1	11	—	—	6.1	%
Rome	1	0	37	—	100.0	%
Lisbon	—	—	—	44	—	%
Barcelona	—	—	144	—	—	%
EMEA Total	119	11,858	3,701	638	77.9	%
Asia Pacific
Singapore	3	810	—	80	89.9	%
Sydney	4	361	—	88	83.3	%
Hong Kong	1	180	—	104	88.2	%
Melbourne	2	147	—	—	90.3	%
Seoul	1	162	1,025	—	51.5	%
Asia Pacific Total	11	1,660	1,025	272	84.6	%
Non-Data Center Properties	—	—	—	—	—	%
Managed Unconsolidated Entities
Northern Virginia	15	3,581	2,325	—	97.4	%
Chicago	3	1,118	—	—	97.0	%
Frankfurt	5	551	—	—	86.3	%
Dallas	3	463	—	10	99.9	%
Silicon Valley	4	442	—	400	100.0	%
Paris	1	181	90	—	80.5	%
New York	1	144	—	—	100.0	%
Toronto	1	104	—	—	81.4	%
Los Angeles	2	196	—	—	81.9	%
Hong Kong	1	186	—	—	32.7	%
Lagos	3	8	26	—	61.9	%
Accra	1	24	—	—	1.1	%
	40	7,000	2,441	409	93.7	%
Non-Managed Unconsolidated Entities
Sao Paulo	25	1,508	64	1,117	98.8	%
Tokyo	5	1,261	336	—	77.7	%
Osaka	4	644	113	23	86.3	%
Santiago	3	214	47	47	95.4	%
Queretaro	3	105	—	583	100.0	%
Rio De Janeiro	2	112	—	—	100.0	%
Seattle	1	51	—	—	100.0	%
Jakarta	2	135	—	—	38.3	%
Fortaleza	1	94	—	—	15.9	%
Chennai	1	61	—	119	8.5	%
Mumbai	—	—	501	—	—	%
Bogota	2	—	—	197	—	%
	49	4,186	1,061	2,087	85.3	%

Total	310	43,208	9,679	4,696	84.7	%

Index to Financial Statements

Note: Table excludes data centers held for sale. Total amounts may differ 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.

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, 2025 (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	76	$	547,189	11.7	%	9.4
2	Oracle Corporation	42		424,130	9.0	%	10.2
3	Social Content Platform	33		246,602	5.3	%	2.9
4	Global Cloud Provider	64		212,744	4.5	%	3.6
5	IBM	34		109,596	2.3	%	2.6
6	Equinix	14		95,641	2.0	%	4.6
7	LinkedIn Corporation	8		77,088	1.6	%	2.5
8	Meta Platforms, Inc.	49		73,494	1.6	%	2.8
9	Fortune 25 Investment Grade-Rated Company	29		67,366	1.4	%	2.1
10	Social Media Platform	2		63,572	1.4	%	5.4
11	Fortune 25 Tech Company	57		62,971	1.3	%	4.1
12	Specialized Cloud Provider	4		61,554	1.3	%	3.7
13	Lumen Technologies, Inc.	112		56,649	1.2	%	8.2
14	AT&T	75		48,802	1.0	%	2.4
15	Comcast Corporation	43		47,235	1.0	%	2.5
16	JPMorgan Chase & Co.	21		44,326	0.9	%	2.5
17	Quantitative Research and Investment Firm	2		41,524	0.9	%	5.5
18	Morgan Stanley	13		39,944	0.9	%	3.9
19	Rackspace	23		39,768	0.8	%	9.1
20	Global Commerce Platform	13		39,500	0.8	%	5.6
	Total / Weighted Average		$	2,399,695	50.9	%	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, 2025 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 9.7 million square feet of space under active development and approximately 4.7 million square feet of space held for development at December 31, 2025, under lease as of December 31, 2025 (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	5,536	16.8	%		—	—
0 - 1 MW	5,266	16.0	%	$	1,462,012	34.9	%
> 1 MW	15,783	48.1	%		2,505,977	59.7	%
Other (3)	6,273	19.1	%		225,915	5.4	%
Total	32,858	100.0	%	$	4,193,904	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, 2025 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, 2025 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	5,536	16.9	%
Month to Month (3)	443	1.3	%	$	98,605	2.4	%	$	222	$	224	$	99,496
2026	4,939	15.0	%		1,085,764	25.9	%		220		220		1,087,655
2027	2,730	8.3	%		477,097	11.4	%		175		180		490,429
2028	2,858	8.7	%		411,637	9.8	%		144		153		436,190
2029	2,819	8.6	%		413,855	9.9	%		147		158		445,997
2030	2,934	8.9	%		398,188	9.5	%		136		147		432,662
2031	1,510	4.6	%		226,417	5.4	%		150		172		260,147
2032	1,274	3.9	%		196,770	4.7	%		154		175		222,773
2033	643	2.0	%		100,207	2.4	%		156		180		115,358
2034	1,821	5.5	%		182,486	4.4	%		100		116		210,614
2035	1,060	3.2	%		101,160	2.4	%		95		107		113,741
Thereafter	4,292	13.1	%		501,718	12.0	%		117		160		687,420
Portfolio Total / Weighted Average	32,858	100.0	%	$	4,193,904	100.0	%	$	153	$	168	$	4,602,483

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated entities based on our ownership percentage. Total amounts may differ 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, 2025 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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