The company completed the acquisition of a majority interest in Teraco, formed joint ventures with GI Partners, TPG Real Estate, and Realty Income, and continued to invest in its development pipeline. This demonstrates a commitment to strategic growth and market expansion.

The company's global data center portfolio now spans 54 metropolitan areas across 28 countries on six continents. This demonstrates a significant global footprint and broad reach to serve diverse customer needs.

As of December 31, 2023, 53.5% of data center activity was pre-leased, which indicates strong demand for the company's data center solutions and a successful strategy of securing customer commitments before project completion.

Management is focused on controlling costs by negotiating expense pass-through provisions in customer agreements, centralizing functions, and optimizing operations. This indicates a proactive approach to managing expenses.

Management believes it has one of the most comprehensive suites of global data center solutions available to customers from a single provider. This indicates a focus on innovation and product development.

Management is focused on addressing sustainability by driving environmental efficiency through the implementation of cost-effective design features and the use of carbon-free and renewable energy. This demonstrates a commitment to responsible business practices.

The company acknowledges its vulnerability to cyberattacks and security breaches, which could materially disrupt operations and compromise data. This indicates an ongoing risk that requires continuous monitoring and mitigation.

The company and its customers may experience supply chain or procurement disruptions, or increased supply chain costs, which may lead to delays. This indicates a potential risk to project timelines and customer satisfaction.

The company faces significant competition from numerous data center providers, which may adversely affect occupancy and rental rates. This indicates a potential risk to revenue and profitability.

The company's global market leadership position and strong industry relationships provide a unique vantage point to detect and capitalize on secular trends as they emerge globally. This indicates a strong competitive advantage.

The company has an expansive global footprint, impressive scale and a full-spectrum fit-for-purpose product offering in key metropolitan areas around the world. This indicates a strong competitive advantage.

The company competes with numerous data center providers globally, many of whom own or operate properties similar to ours in some of the same metropolitan areas. This indicates a significant competitive threat.

The company controls costs by negotiating expense pass-through provisions in customer agreements, centralizing functions, optimizing operations, and improving processes and technologies. This indicates a focus on operational efficiency.

The company believes that expanding its global data center campuses will contribute to operating efficiencies because it expects to achieve economies of scale on its campus environments. This indicates a long-term strategy for improving operational efficiency.

The company implements energy efficiency measures that typically involve HVAC and lighting-related improvements and building commissioning. This indicates a commitment to operational efficiency and sustainability.

Management believes it has one of the most comprehensive suites of global data center solutions available to customers from a single provider. This indicates a focus on innovation and product development.

The company utilizes PlatformDIGITAL®, a global data center platform for scaling digital business, which combines global presence with the Pervasive Data Center Architecture (PDx®) solution methodology. This indicates a focus on innovation and technology.

The company has made, and expects to continue to make, investments to update and modernize both existing and newly acquired Information Systems. This indicates a commitment to technological advancement.

Management believes that the strategic deployment of capital at sufficiently positive spreads above the cost of capital enables the company to increase cash flow and create long-term stockholder value. This indicates a focus on prudent capital allocation.

Management is committed to maintaining a conservative capital structure, with specific goals for debt-to-Adjusted EBITDA ratio, fixed charge coverage and floating rate debt. This indicates a focus on maintaining financial flexibility.

The company has raised approximately $65 billion of capital through common, preferred and convertible preferred equity offerings, exchangeable debt offerings, non-exchangeable bond offerings, Global Revolving Credit Facilities, term loan facilities, a senior notes shelf facility, secured mortgage financings and re-financings, joint venture partnerships and the sale of non-core assets. This indicates a strong ability to access capital markets.

The company has set a global carbon reduction target that has been validated by the Science-Based Target Initiative to reduce Scope 1 and 2 emissions by 68% per square foot and Scope 3 emissions by 24% per square foot by 2030. This indicates a strong commitment to environmental sustainability.

The company is a signatory to the EU Climate Neutral Data Centre Pact, committing to climate neutrality by 2030 and setting additional goals around energy efficiency, carbon-free energy sourcing, water conservation and waste heat recycling. This indicates a commitment to environmental sustainability.

The company has a policy to recruit talent based on skill, knowledge, attitude and experience, without discrimination on the basis of any legally protected characteristic. This indicates a commitment to social responsibility.

The company believes the data center industry is poised for sustainable growth, driven by the digital transformation, explosive data growth, cloud adoption, and IT outsourcing. This indicates a favorable market environment.

The company believes cloud solutions and hybrid cloud solutions will remain significant drivers of demand for data center infrastructure. This indicates a favorable market trend.

The company is exposed to various environmental risks that may result in unanticipated losses and could affect operating results and financial condition. This indicates a potential risk due to environmental factors.