Item 2. Properties
Item 2. Properties.
Our corporate headquarters is 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 five countries across the U.S., Europe and Asia. We believe that our offices are suitable and adequate for conducting our business.
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Investment Properties—Operating Segment
At December 31, 2022, the Company's investment properties in its Operating segment were composed of 13 hyperscale data centers in North America, and 71 colocation data centers across U.S. and Europe, providing a combined 373 megawatts of power capacity and 2.41 million rentable square feet, of which 79% of the total square footage is leased. 49 of the 84 data centers are leasehold properties.
The Company's portfolio included 315,000 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).
Below is an overview of the Company's data center portfolio at December 31, 2022.
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 — 8 529 100 % 122 $ 180
Washington 2 — 2 112 100 % 22 32
Canada 3 — 3 136 85 % 33 40
13 — 13 777 97 % 177 252
Colocation Data Centers
North America
Arizona — 3 3 8 43 % 1 2
California 1 5 6 94 75 % 14 37
Colorado 3 1 4 63 71 % 9 25
Florida — 1 1 11 88 % 2 6
Georgia 2 — 2 124 54 % 15 15
Illinois — 4 4 91 79 % 14 39
Indiana — 2 2 54 90 % 6 21
Kansas 2 1 3 17 62 % 3 12
Maryland (5)
— 1 1 — — % — 13
Massachusetts — 1 1 6 85 % 1 1
Minnesota 1 3 4 72 74 % 7 25
Nevada — 1 1 30 67 % 2 18
New Jersey — 2 2 40 58 % 5 10
New York — 2 2 25 82 % 2 29
Ohio — 1 1 5 56 % — 4
Pennsylvania 1 2 3 74 89 % 7 17
Tennessee — 1 1 6 95 % — 2
Texas 6 7 13 538 65 % 52 151
Utah 5 1 6 183 81 % 35 58
Virginia 1 2 3 97 67 % 13 22
Washington — 2 2 12 73 % 1 3
Europe
France — 5 5 54 77 % 2 11
United Kingdom — 1 1 24 3 % 5 1
22 49 71 1,628 70 % 196 522
35 49 84 2,405 79 % 373 $ 774
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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 colocation site. Revenues earned through data center services.
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The Company's data centers are leased to approximately 2,900 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, 2022 are summarized below.
Customer Industry Number of Properties with Leased Space % of Total Portfolio Annualized MRR
1 Software & Services 13 19.2 %
2 Semiconductors & Semiconductor Equipment 11 5.7 %
3 Telecommunication Services 20 5.5 %
4 Technology Hardware & Equipment 3 2.1 %
5 Capital Goods 1 1.7 %
6 Real Estate 6 1.7 %
7 Media & Entertainment 8 1.5 %
8 Technology Hardware & Equipment 3 1.4 %
9 Technology Hardware & Equipment 1 1.2 %
10 Technology Hardware & Equipment 1 1.0 %
41.0 %
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 19 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