Item 2. Properties
Item 2. Properties.
Our corporate headquarters are located in Boca Raton, Florida, where we lease approximately 31,500 square feet of office space. We also lease office space for the remaining eight corporate locations in four countries across the U.S., Europe and Asia. We believe that our offices are suitable and adequate for conducting our business.
Investment Properties
At December 31, 2021, the Company's investment properties were composed of 13 hyperscale data centers in North America, and 65 colocation data centers across U.S. and Europe, providing a combined 326 megawatts of power capacity and 1.95 million rentable square feet, of which 80% of the total square footage is leased. 50 of the 78 data centers are leasehold properties.
The Company's portfolio included 322,000 square feet of pre-stabilized data centers (properties with more than 5% of rentable square feet currently under development or expected to be under development in the next 12 months).
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Below is an overview of the Company's data center portfolio at December 31, 2021.
Number of Properties Maximum Critical IT Square Feet (1)
('000)
Leased % (2)
Power Capacity
mW (3)
Annualized MRR (4)
($ in millions)
Location Owned Leased Total
Hyperscale Data Centers
North America
California 8 — 8 529 92 % 122 $ 165
Washington 2 — 2 112 100 % 22 32
Canada 3 — 3 136 87 % 26 37
13 — 13 777 92 % 170 234
Colocation Data Centers
North America
Arizona — 3 3 7 33 % 1 3
California 1 5 6 77 73 % 14 36
Colorado 2 2 4 63 75 % 9 51
Florida — 1 1 11 90 % 2 6
Georgia 2 — 2 70 56 % 10 13
Illinois — 4 4 91 76 % 14 38
Indiana — 2 2 45 83 % 8 20
Kansas 2 1 3 18 51 % 3 15
Maryland (5)
— 1 1 — — % — 15
Massachusetts — 1 1 6 80 % 1 1
Minnesota 1 3 4 75 68 % 9 20
Nevada — 1 1 20 82 % 2 17
New Jersey — 2 2 50 66 % 4 12
New York — 2 2 25 86 % 1 31
Ohio — 1 1 5 52 % — 2
Pennsylvania 1 2 3 69 67 % 7 15
Tennessee — 1 1 4 81 % — 2
Texas 2 7 9 221 74 % 24 72
Utah 4 1 5 145 82 % 26 52
Virginia — 2 2 82 70 % 13 20
Washington — 2 2 10 56 % 1 2
Europe
France — 5 5 54 77 % 2 12
United Kingdom — 1 1 24 3 % 5 2
15 50 65 1,172 72 % 156 457
28 50 78 1,949 80 % 326 $ 691
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(1) Represents rentable square footage with available power capacity.
(2) Percentage of rentable square footage under lease contracts, including leases that have not commenced billing.
(3) Represents power capacity that has been installed and available to support customer information technology load.
(4) Monthly recurring revenue ("MRR") is revenue from ongoing services that is generally fixed in price and contracted for longer than 30 days. Annualized MRR is calculated as MRR for the last month of the period multiplied by 12.
(5) Not a co-location site. Revenues earned through data center services.
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The Company's data centers are leased to over 2,500 customers, with its largest customers in the information technology and communications sectors. The Company's top 10 customers based upon annualized MRR as of December 31, 2021 are summarized below.
Customer Industry Number of Properties with Leased Space % of Total Portfolio Annualized MRR
1 Software & Services 11 19.6 %
2 Semiconductors & Semiconductor Equipment 8 5.6 %
3 Software & Services 18 5.5 %
4 Semiconductors & Semiconductor Equipment 5 2.5 %
5 Capital Goods 1 1.9 %
6 Real Estate 6 1.8 %
7 Media & Entertainment 8 1.5 %
8 Software & Services 2 1.5 %
9 Technology Hardware & Equipment 3 1.3 %
10 Technology Hardware & Equipment 10 1.2 %
42.4 %
A listing of the Company's investment properties is also included in Schedule III. Real Estate and Accumulated Depreciation in Item 15. "Exhibits and Financial Statement Schedules" of this Annual Report.
Item 3. Legal Proceedings.
The information set forth under " Litigation " in Note 21 to the consolidated financial statements in Item 15 of this
Annual Report is incorporated herein by reference.
Item 4. Mine Safety Disclosures.
Not applicable.
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PART II—OTHER INFORMATION