☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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77-0487526
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(State of incorporation)
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(IRS Employer Identification No.)
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Title of each class
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Trading Symbol
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Name of each exchange on which registered
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Common Stock, $0.001
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EQIX
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The NASDAQ Stock Market LLC
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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ITEM 1.
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Business
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Equinix formed the Joint Venture with GIC to develop and operate xScale data centers in Europe.
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Data center expansions included five new IBX sites in the following metros: Seoul, Singapore, Sydney, Tokyo and Helsinki, with an additional new market entry announced in Muscat, Oman.
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Equinix closed transactions that will broaden its Europe and Latin America markets:
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One data center in Amsterdam acquired from Switch Datacenters (closed in April 2019), bringing Equinix's Amsterdam footprint to a total of eight Amsterdam facilities to serve European markets.
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Three data centers in Mexico acquired from Axtel S.A.B. de C.V. on January 8, 2020, bringing Equinix’s Latin America footprint to ten data centers.
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Equinix announced an agreement to acquire leading bare metal automation company Packet Host, Inc. on January 14, 2020. After the closing of this acquisition, which is expected in 2020, bare metal as a service will allow enterprises and services providers to avoid the capital expenditures and operational requirements of owning hardware by accessing bare metal servers on demand in Equinix’s global data centers.
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Digital business transformation: Real-time interactions between people, things, locations, clouds and data require proximity and direct connections.
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Urbanization: This is creating large, global population centers which require companies to locate digital services close to users to deliver great user experiences. These same concentrations of people provide an economy of scale which makes distributing applications, data, content and networking to serve these locations cost effective.
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Cybersecurity: A cybersecurity breach is one of the most serious risks facing companies today, and many of the most serious breaches actually occur via a penetration of a company’s business partners’ networks. To protect against this, businesses need to distribute their security controls out to the edge where most traffic exchange is happening.
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Data compliance: To meet new regulations, companies need to deploy data storage, analytics and clouds within the same jurisdiction, and then replicate this across multiple global locations.
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Business ecosystems: Digital trade flows involve an increasing variety of customers, partners and employees. To enable this, companies deploy a digital presence in close physical proximity to an industry exchange point and then connect to it directly. In the aggregate, these form a business ecosystem. These ecosystems are expanding in depth and number.
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IBX Data Centers - The more than 200 IBX vendor-neutral colocation data centers worldwide provide our customers with secure, reliable and robust environments that are necessary to aggregate and distribute information and connect digital and business ecosystems globally. IBX data centers provide access to vital ecosystems where enterprises, network, cloud and SaaS providers, and business partners directly and securely interconnect to each other.
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xScale Data Centers - xScale data centers are designed to serve the unique core workload deployment needs of a targeted group of hyperscale companies, which include the world's largest cloud service providers. With xScale data centers, hyperscale customers add to their core hyperscale data center deployments and existing customer access points at Equinix, allowing streamlined expansion with a single global vendor.
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Cross Connects - Provide a point-to-point cable link between two customers in the same IBX data center. They deliver fast, convenient, affordable and highly reliable connectivity and data exchange with business partners and service providers within the Equinix ecosystem.
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Equinix Cloud Exchange Fabric™ ("ECX Fabric™") - Directly, securely and dynamically connects distributed infrastructure and ecosystems across Equinix data centers globally using software-defined interconnection. Customers can establish data center-to-data center network connections on demand between any two ECX Fabric locations within a metro or globally and move information within a dense digital and business ecosystem.
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Equinix Internet Exchange™ - Enables networks, content providers and large enterprises to exchange internet traffic through the largest global peering solution. Service providers can aggregate traffic to multiple counterparties, called peers, on one physical port and handle multiple small peers while moving high-traffic peers to private interconnections. This reduces latency for end-users when accessing content and applications.
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Network Edge - Allows customers to modernize networks quickly, by deploying network functions virtualization ("NFV") from multiple vendors across Equinix metros. Companies can select, deploy and connect virtual network services at the edge quickly, with no additional hardware requirements.
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Equinix SmartKey™ - Helps customers simplify data protection across any cloud architecture via a global SaaS-based, hardware security module management and cryptography service that provides on-premises and hybrid multicloud cloud encryption key management.
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Bare Metal - Equinix’s announced acquisition of Packet on January 14, 2020, once completed, and our own organic bare metal service also in development, are expected to help enterprises more seamlessly deploy hybrid multicloud architectures on Platform Equinix. Enterprises and services providers will be able to avoid the capital expenditures and operational requirements of owning hardware by accessing bare metal servers on demand in Equinix’s global data centers.
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Equinix Infrastructure Services - Combines Equinix data center expertise with the skills and scale of certified technology partners worldwide. Our colocation expertise helps customers achieve an efficient data center deployment design that optimizes space and enables easy service access.
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Equinix Professional Services - Helps enterprises and service providers design and deploy IT solutions. Our global teams of network transformation, hybrid multicloud and digital edge solution experts help companies design and manage technology solutions which are deployed on our global platform.
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ITEM 1A.
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Risk Factors
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the possible disruption of our ongoing business and diversion of management's attention by acquisition, transition and integration activities, particularly when multiple acquisitions and integrations are occurring at the same time;
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our potential inability to successfully pursue or realize some or all of the anticipated revenue opportunities associated with an acquisition or investment;
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the possibility that we may not be able to successfully integrate acquired businesses, or businesses in which we invest, or achieve anticipated operating efficiencies or cost savings;
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the possibility that announced acquisitions may not be completed, due to failure to satisfy the conditions to closing as a result of:
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an injunction, law or order that makes unlawful the consummation of the acquisition;
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inaccuracy or breach of the representations and warranties of, or the non-compliance with covenants by, either party;
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the nonreceipt of closing documents; or
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for other reasons;
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the possibility that there could be a delay in the completion of an acquisition, which could, among other things, result in additional transaction costs, loss of revenue or other negative effects resulting from uncertainty about completion of the respective acquisition;
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the dilution of our existing stockholders as a result of our issuing stock as consideration in a transaction or selling stock in order to fund the transaction;
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the possibility of customer dissatisfaction if we are unable to achieve levels of quality and stability on par with past practices;
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the possibility that we will be unable to retain relationships with key customers, landlords and/or suppliers of the acquired businesses, some of which may terminate their contracts with the acquired business as a result of the acquisition or which may attempt to negotiate changes in their current or future business relationships with us;
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the possibility that we could lose key employees from the acquired businesses before integrating them;
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the possibility that we may be unable to integrate or migrate IT systems, which could create a risk of errors or performance problems and could affect our ability to meet customer service level obligations;
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the potential deterioration in our ability to access credit markets due to increased leverage;
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the possibility that our customers may not accept either the existing equipment infrastructure or the "look-and-feel" of a new or different IBX data center;
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the possibility that additional capital expenditures may be required or that transaction expenses associated with acquisitions may be higher than anticipated;
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the possibility that required financing to fund an acquisition may not be available on acceptable terms or at all;
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the possibility that we may be unable to obtain required approvals from governmental authorities under antitrust and competition laws on a timely basis or at all, which could, among other things, delay or prevent us from completing an acquisition, limit our ability to realize the expected financial or strategic benefits of an acquisition or have other adverse effects on our current business and operations;
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the possible loss or reduction in value of acquired businesses;
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the possibility that future acquisitions may present new complexities in deal structure, related complex accounting and coordination with new partners, particularly in light of our desire to maintain our qualification for taxation as a REIT;
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the possibility that we may not be able to prepare and issue our financial statements and other public filings in a timely and accurate manner, and/or maintain an effective control environment, due to the strain on the finance organization when multiple acquisitions and integrations are occurring at the same time;
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the possibility that future acquisitions may trigger property tax reassessments resulting in a substantial increase to our property taxes beyond that which we anticipated;
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the possibility that future acquisitions may be in geographies and regulatory environments to which we are unaccustomed and we may become subject to complex requirements and risks with which we have limited experience;
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the possibility that carriers may find it cost-prohibitive or impractical to bring fiber and networks into a new IBX data center;
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the possibility of litigation or other claims in connection with, or as a result of, an acquisition, including claims from terminated employees, customers, former stockholders or other third parties;
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the possibility that asset divestments may be required in order to obtain regulatory clearance for a transaction;
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the possibility of pre-existing undisclosed liabilities, including, but not limited to, lease or landlord related liability, environmental liability or asbestos liability, for which insurance coverage may be insufficient or unavailable, or other issues not discovered in the diligence process; and
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the possibility that we receive limited or incorrect information about the acquired business in the diligence process. For example, we sometimes do not receive all of the customer contracts associated with our acquisitions in the diligence process, which affects our visibility into customer termination rights and could expose us to additional liabilities.
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we may not have the right to exercise sole decision-making authority regarding the properties, partnership, joint venture or other entity;
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if our partners become bankrupt or fail to fund their share of required capital contributions, we may choose to or be required to contribute such capital;
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our partners may have economic, tax or other business interests or goals which are inconsistent with our business interests or goals, and may be in a position to take actions contrary to our policies or objectives;
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our joint venture partners may take actions that are not within our control, which could require us to dispose of the joint venture asset, transfer it to a taxable REIT subsidiary ("TRS") in order for Equinix to maintain its qualification for taxation as a REIT, or purchase the partner's interests or assets at an above-market price;
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our joint venture partners may take actions unrelated to our business agreement but which reflect poorly on Equinix because of our joint venture;
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disputes between us and our partners may result in litigation or arbitration that would increase our expenses and prevent our management from focusing their time and effort on our day-to-day business; and
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we may in certain circumstances be liable for the actions of our third-party partners or guarantee all or a portion of the joint venture's liabilities, which may require the company to pay an amount greater than its investment in the joint venture.
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require us to dedicate a substantial portion of our cash flow from operations to make interest and principal payments on our debt and in respect of other off-balance sheet arrangements, reducing the availability of our cash flow to fund future capital expenditures, working capital, execution of our expansion strategy and other general corporate requirements;
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increase the likelihood of negative outlook from our credit rating agencies, or of a downgrade to our current rating;
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make it more difficult for us to satisfy our obligations under our various debt instruments;
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increase our cost of borrowing and even limit our ability to access additional debt to fund future growth;
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increase our vulnerability to general adverse economic and industry conditions and adverse changes in governmental regulations;
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limit our flexibility in planning for, or reacting to, changes in our business and industry, which may place us at a competitive disadvantage compared with our competitors;
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limit our operating flexibility through covenants with which we must comply;
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limit our ability to borrow additional funds, even when necessary to maintain adequate liquidity, which would also limit our ability to further expand our business; and
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make us more vulnerable to increases in interest rates because of the variable interest rates on some of our borrowings to the extent we have not entirely hedged such variable rate debt.
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the costs of customizing IBX data centers for foreign countries;
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protectionist laws and business practices favoring local competition;
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greater difficulty or delay in accounts receivable collection;
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difficulties in staffing and managing foreign operations, including negotiating with foreign labor unions or workers' councils;
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difficulties in managing across cultures and in foreign languages;
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political and economic instability;
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fluctuations in currency exchange rates;
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difficulties in repatriating funds from certain countries;
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our ability to obtain, transfer or maintain licenses required by governmental entities with respect to our business;
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unexpected changes in regulatory, tax and political environments such as the United Kingdom's withdrawal from the European Union ("Brexit");
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our ability to secure and maintain the necessary physical and telecommunications infrastructure;
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compliance with anti-bribery and corruption laws;
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compliance with economic and trade sanctions enforced by the Office of Foreign Assets Control of the U.S. Department of Treasury; and
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compliance with evolving governmental regulation with which we have little experience.
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our operating results or forecasts;
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new issuances of equity, debt or convertible debt by us, including issuances through our ATM Program;
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increases in market interest rates and changes in other general market and economic conditions, including inflationary concerns;
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changes to our capital allocation, tax planning or business strategy;
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our qualification for taxation as a REIT and our declaration of distributions to our stockholders;
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changes in U.S. or foreign tax laws;
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changes in management or key personnel;
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developments in our relationships with customers;
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announcements by our customers or competitors;
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changes in regulatory policy or interpretation;
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governmental investigations;
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changes in the ratings of our debt or stock by rating agencies or securities analysts;
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our purchase or development of real estate and/or additional IBX data centers;
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our acquisitions of complementary businesses; or
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the operational performance of our IBX data centers.
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human error;
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equipment failure;
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physical, electronic and cyber security breaches;
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fire, earthquake, hurricane, flood, tornado and other natural disasters;
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extreme temperatures;
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water damage;
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fiber cuts;
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power loss;
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terrorist acts;
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sabotage and vandalism;
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global pandemics or health emergencies, such as the coronavirus; and
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failure of business partners who provide our resale products.
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construction delays;
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lack of availability and delays for data center equipment, including items such as generators and switchgear;
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unexpected budget changes;
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increased prices for building supplies, raw materials and data center equipment;
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labor availability, labor disputes and work stoppages with contractors, subcontractors and other third parties;
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unanticipated environmental issues and geological problems;
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delays related to permitting from public agencies and utility companies; and
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delays in site readiness leading to our failure to meet commitments made to customers planning to expand into a new build.
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fluctuations of foreign currencies in the markets in which we operate;
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the timing and magnitude of depreciation and interest expense or other expenses related to the acquisition, purchase or construction of additional IBX data centers or the upgrade of existing IBX data centers;
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demand for space, power and solutions at our IBX data centers;
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changes in general economic conditions, such as an economic downturn, or specific market conditions in the telecommunications and internet industries, both of which may have an impact on our customer base;
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charges to earnings resulting from past acquisitions due to, among other things, impairment of goodwill or intangible assets, reduction in the useful lives of intangible assets acquired, identification of additional assumed contingent liabilities or revised estimates to restructure an acquired company's operations;
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the duration of the sales cycle for our offerings and our ability to ramp our newly-hired sales persons to full productivity within the time period we have forecasted;
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additions and changes in product offerings and our ability to ramp up and integrate new products within the time period we have forecasted;
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restructuring charges or reversals of restructuring charges, which may be necessary due to revised sublease assumptions, changes in strategy or otherwise;
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acquisitions or dispositions we may make;
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the financial condition and credit risk of our customers;
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the provision of customer discounts and credits;
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the mix of current and proposed products and offerings and the gross margins associated with our products and offerings;
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the timing required for new and future IBX data centers to open or become fully utilized;
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competition in the markets in which we operate;
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conditions related to international operations;
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increasing repair and maintenance expenses in connection with aging IBX data centers;
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lack of available capacity in our existing IBX data centers to generate new revenue or delays in opening new or acquired IBX data centers that delay our ability to generate new revenue in markets which have otherwise reached capacity;
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changes in rent expense as we amend our IBX data center leases in connection with extending their lease terms when their initial lease term expiration dates approach or changes in shared operating costs in connection with our leases, which are commonly referred to as common area maintenance expenses;
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the timing and magnitude of other operating expenses, including taxes, expenses related to the expansion of sales, marketing, operations and acquisitions, if any, of complementary businesses and assets;
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the cost and availability of adequate public utilities, including electricity;
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changes in employee stock-based compensation;
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overall inflation;
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increasing interest expense due to any increases in interest rates and/or potential additional debt financings;
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changes in our tax planning strategies or failure to realize anticipated benefits from such strategies;
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changes in income tax benefit or expense; and
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changes in or new GAAP as periodically released by the Financial Accounting Standards Board ("FASB").
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ownership limitations and transfer restrictions relating to our stock that are intended to facilitate our compliance with certain REIT rules relating to share ownership;
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authorization for the issuance of "blank check" preferred stock;
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the prohibition of cumulative voting in the election of directors;
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limits on the persons who may call special meetings of stockholders;
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limits on stockholder action by written consent; and
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advance notice requirements for nominations to the Board of Directors or for proposing matters that can be acted on by stockholders at stockholder meetings.
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we will not be allowed a deduction for distributions to stockholders in computing our taxable income;
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we will be subject to federal and state income tax on our taxable income at regular corporate income tax rates; and
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we would not be eligible to elect REIT status again until the fifth taxable year that begins after the first year for which we failed to qualify for taxation as a REIT.
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ITEM 1B.
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Unresolved Staff Comments
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ITEM 2.
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Properties
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AMERICAS
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Metro
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Leased (1)
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Owned (1) (2)
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Atlanta
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●
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●
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Bogota
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●
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Boston
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●
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●
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Chicago
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●
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●
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Culpeper
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●
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Dallas
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●
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●
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Washington DC/Ashburn
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●
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●
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Denver
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●
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●
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Houston
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●
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Los Angeles
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●
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●
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Mexico City
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●
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Miami
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●
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●
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Monterrey
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●
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New York
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●
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●
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Philadelphia
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●
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Rio de Janeiro
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●
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●
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Sao Paulo
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●
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●
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Seattle
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●
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●
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Silicon Valley
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●
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●
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Toronto
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●
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●
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EMEA
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Metro
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Leased (1)
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Owned (1) (2)
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Abu Dhabi
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●
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Amsterdam
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●
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●
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Barcelona
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●
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Dubai
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●
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Dublin
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●
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●
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Dusseldorf
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●
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East Netherlands
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●
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Frankfurt
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●
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●
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Geneva
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●
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Helsinki
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●
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●
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Istanbul
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●
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Lisbon
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●
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London
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●
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●
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Madrid
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●
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Manchester
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●
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Milan
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●
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●
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Munich
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●
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Paris
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●
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●
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Seville
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●
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Sofia
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●
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Stockholm
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●
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●
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Warsaw
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●
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Zurich
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●
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●
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(1)
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"●" denotes locations with one or more data centers.
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(2)
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Owned sites include IBX data centers subject to long-term ground leases.
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# of IBXs (1)
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Total Cabinet Capacity (2)
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Cabinets Billed
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Cabinet Utilization % (3)
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MRR per Cabinet (4)
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||||||
Americas
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86
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110,900
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85,000
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77
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%
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$
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2,384
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EMEA
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73
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120,300
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101,200
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84
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%
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1,456
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Asia-Pacific
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45
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65,800
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49,600
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75
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%
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1,824
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Total
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204
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297,000
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235,800
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(1)
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Excludes three data centers held by unconsolidated entities (i.e. two xScale data centers and the JK1 IBX data center) and three Mexico data centers acquired in January 2020.
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(2)
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Cabinets represent a specific amount of space within an IBX data center. Customers can combine and use multiple adjacent cabinets within an IBX data center, depending on their space requirements.
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(3)
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The cabinet utilization rate represents the percentage of cabinet space billed versus total cabinet capacity, taking into consideration power limitations.
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(4)
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MRR per cabinet represents average monthly recurring revenue recognized divided by the average number of cabinets billing during the fourth quarter of the year. Americas MRR per cabinet excludes Brazil, Colombia and Infomart non-IBX tenant income and Asia-Pacific MRR per Cabinet excludes Bit-isle MIS.
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Property
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Property Location
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Target Open Date
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Sellable Cabinets
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Total Capex
(in Millions) (1)
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Americas:
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|||
BO2 phase II
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Boston
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Q2 2020
|
|
550
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|
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$
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32
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|
CH3 phase VI
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Chicago
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Q2 2020
|
|
1,225
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|
|
31
|
|
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DA11 phase I
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Dallas
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Q2 2020
|
|
1,975
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|
|
138
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|
|
DC15 phase I
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Washington D.C.
|
|
Q2 2020
|
|
1,600
|
|
|
111
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|
|
SP4 phase III
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|
São Paulo
|
|
Q2 2020
|
|
1,025
|
|
|
59
|
|
|
TR2 phase III
|
|
Toronto
|
|
Q2 2020
|
|
725
|
|
|
21
|
|
|
DC21 phase I
|
|
Washington D.C.
|
|
Q4 2020
|
|
925
|
|
|
95
|
|
|
SP3 phase III
|
|
São Paulo
|
|
Q4 2020
|
|
1,050
|
|
|
25
|
|
|
LA7 phase II
|
|
Los Angeles
|
|
Q2 2021
|
|
750
|
|
|
54
|
|
|
SV11 phase I
|
|
Silicon Valley
|
|
Q2 2021
|
|
1,450
|
|
|
142
|
|
|
SP5x phase I
|
|
São Paulo
|
|
Q1 2022
|
|
500
|
|
|
52
|
|
|
|
|
|
|
|
|
11,775
|
|
|
760
|
|
|
EMEA:
|
|
|
|
|
|
|
|
|
|||
AM4 phase III
|
|
Amsterdam
|
|
Q1 2020
|
|
975
|
|
|
26
|
|
|
HH1 phase I
|
|
Hamburg
|
|
Q1 2020
|
|
375
|
|
|
27
|
|
|
WA3 phase I
|
|
Warsaw
|
|
Q1 2020
|
|
550
|
|
|
34
|
|
|
ZH5 phase III
|
|
Zurich
|
|
Q1 2020
|
|
475
|
|
|
91
|
|
|
AM7 phase II-B
|
|
Amsterdam
|
|
Q2 2020
|
|
475
|
|
|
6
|
|
|
MC1 phase I
|
|
Muscat
|
|
Q2 2020
|
|
250
|
|
|
28
|
|
|
FR5 phase IV
|
|
Frankfurt
|
|
Q2 2020
|
|
350
|
|
|
25
|
|
|
PA2 phase IV
|
|
Paris
|
|
Q3 2020
|
|
250
|
|
|
8
|
|
|
HE7 phase II
|
|
Helsinki
|
|
Q4 2020
|
|
600
|
|
|
28
|
|
|
ML5 phase I
|
|
Milan
|
|
Q4 2020
|
|
500
|
|
|
48
|
|
|
PA9x phase I
|
|
Paris
|
|
Q4 2020
|
|
1,200
|
|
|
112
|
|
|
AM7 phase III
|
|
Amsterdam
|
|
Q1 2021
|
|
1,425
|
|
|
63
|
|
|
LD7 phase II
|
|
London
|
|
Q1 2021
|
|
875
|
|
|
30
|
|
|
LD11x phase I
|
|
London
|
|
Q1 2021
|
|
1,450
|
|
|
135
|
|
|
FR9x phase I
|
|
Frankfurt
|
|
Q1 2021
|
|
1,325
|
|
|
121
|
|
|
MU4 phase I
|
|
Munich
|
|
Q3 2021
|
|
825
|
|
|
69
|
|
|
|
|
|
|
|
|
11,900
|
|
|
851
|
|
|
Asia-Pacific:
|
|
|
|
|
|
|
|
|
|||
HK4 phase III
|
|
Hong Kong
|
|
Q2 2020
|
|
1,000
|
|
|
47
|
|
|
SG5 phase I
|
|
Singapore
|
|
Q3 2020
|
|
1,300
|
|
|
144
|
|
|
TY12x phase I
|
|
Tokyo
|
|
Q4 2020
|
|
950
|
|
|
147
|
|
|
TY11 phase II
|
|
Tokyo
|
|
Q1 2021
|
|
1,225
|
|
|
58
|
|
|
OS2x phase I
|
|
Osaka
|
|
Q4 2021
|
|
1,350
|
|
|
156
|
|
|
|
|
|
|
|
|
5,825
|
|
|
552
|
|
|
Total
|
|
|
|
|
|
29,500
|
|
|
$
|
2,163
|
|
|
(1)
|
Capital expenditures are approximate and may change based on final construction details.
|
ITEM 3.
|
Legal Proceedings
|
ITEM 4.
|
Mine Safety Disclosure
|
|
|
|
|
|
ITEM 5.
|
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
•
|
the S&P 500 Index;
|
•
|
the NASDAQ Composite Index; and
|
•
|
the FTSE NAREIT All REITs Index.
|
ITEM 6.
|
Selected Financial Data
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
(dollars in thousands, except per share data)
|
||||||||||||||||||
Revenues
|
$
|
5,562,140
|
|
|
$
|
5,071,654
|
|
|
$
|
4,368,428
|
|
|
$
|
3,611,989
|
|
|
$
|
2,725,867
|
|
Costs and operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues
|
2,810,184
|
|
|
2,605,475
|
|
|
2,193,149
|
|
|
1,820,870
|
|
|
1,291,506
|
|
|||||
Sales and marketing
|
651,046
|
|
|
633,702
|
|
|
581,724
|
|
|
438,742
|
|
|
332,012
|
|
|||||
General and administrative
|
935,018
|
|
|
826,694
|
|
|
745,906
|
|
|
694,561
|
|
|
493,284
|
|
|||||
Transaction costs
|
24,781
|
|
|
34,413
|
|
|
38,635
|
|
|
64,195
|
|
|
41,723
|
|
|||||
Impairment charges
|
15,790
|
|
|
—
|
|
|
—
|
|
|
7,698
|
|
|
—
|
|
|||||
Gain on asset sales
|
(44,310
|
)
|
|
(6,013
|
)
|
|
—
|
|
|
(32,816
|
)
|
|
—
|
|
|||||
Total costs and operating expenses
|
4,392,509
|
|
|
4,094,271
|
|
|
3,559,414
|
|
|
2,993,250
|
|
|
2,158,525
|
|
|||||
Income from operations
|
1,169,631
|
|
|
977,383
|
|
|
809,014
|
|
|
618,739
|
|
|
567,342
|
|
|||||
Interest income
|
27,697
|
|
|
14,482
|
|
|
13,075
|
|
|
3,476
|
|
|
3,581
|
|
|||||
Interest expense
|
(479,684
|
)
|
|
(521,494
|
)
|
|
(478,698
|
)
|
|
(392,156
|
)
|
|
(299,055
|
)
|
|||||
Other income (expense)
|
27,778
|
|
|
14,044
|
|
|
9,213
|
|
|
(57,924
|
)
|
|
(60,581
|
)
|
|||||
Loss on debt extinguishment
|
(52,825
|
)
|
|
(51,377
|
)
|
|
(65,772
|
)
|
|
(12,276
|
)
|
|
(289
|
)
|
|||||
Income from continuing operations before income taxes
|
692,597
|
|
|
433,038
|
|
|
286,832
|
|
|
159,859
|
|
|
210,998
|
|
|||||
Income tax expense
|
(185,352
|
)
|
|
(67,679
|
)
|
|
(53,850
|
)
|
|
(45,451
|
)
|
|
(23,224
|
)
|
|||||
Net income from continuing operations
|
507,245
|
|
|
365,359
|
|
|
232,982
|
|
|
114,408
|
|
|
187,774
|
|
|||||
Net income from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
12,392
|
|
|
—
|
|
|||||
Net income
|
507,245
|
|
|
365,359
|
|
|
232,982
|
|
|
126,800
|
|
|
187,774
|
|
|||||
Net loss attributable to non-controlling interest
|
205
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net income attributable to Equinix
|
$
|
507,450
|
|
|
$
|
365,359
|
|
|
$
|
232,982
|
|
|
$
|
126,800
|
|
|
$
|
187,774
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per share ("EPS") attributable to Equinix:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic EPS from continuing operations
|
$
|
6.03
|
|
|
$
|
4.58
|
|
|
$
|
3.03
|
|
|
$
|
1.63
|
|
|
$
|
3.25
|
|
Basic EPS from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
0.18
|
|
|
—
|
|
|||||
Basic EPS
|
$
|
6.03
|
|
|
$
|
4.58
|
|
|
$
|
3.03
|
|
|
$
|
1.81
|
|
|
$
|
3.25
|
|
Weighted-average shares for basic EPS
|
84,140
|
|
|
79,779
|
|
|
76,854
|
|
|
70,117
|
|
|
57,790
|
|
|||||
Diluted EPS from continuing operations
|
$
|
5.99
|
|
|
$
|
4.56
|
|
|
$
|
3.00
|
|
|
$
|
1.62
|
|
|
$
|
3.21
|
|
Diluted EPS from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
0.17
|
|
|
—
|
|
|||||
Diluted EPS
|
$
|
5.99
|
|
|
$
|
4.56
|
|
|
$
|
3.00
|
|
|
$
|
1.79
|
|
|
$
|
3.21
|
|
Weighted-average shares for diluted EPS
|
84,679
|
|
|
80,197
|
|
|
77,535
|
|
|
70,816
|
|
|
58,483
|
|
|||||
Dividends per share (1)
|
$
|
9.84
|
|
|
$
|
9.12
|
|
|
$
|
8.00
|
|
|
$
|
7.00
|
|
|
$
|
17.71
|
|
|
|
As of December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Consolidated Balance Sheet Data:
|
(in thousands)
|
||||||||||||||||||
Cash, cash equivalents and short-term and long-term investments
|
$
|
1,879,939
|
|
|
$
|
610,706
|
|
|
$
|
1,450,031
|
|
|
$
|
761,927
|
|
|
$
|
2,246,297
|
|
Accounts receivable, net
|
689,134
|
|
|
630,119
|
|
|
576,313
|
|
|
396,245
|
|
|
291,964
|
|
|||||
Property, plant and equipment, net
|
12,152,597
|
|
|
11,026,020
|
|
|
9,394,602
|
|
|
7,199,210
|
|
|
5,606,436
|
|
|||||
Total assets
|
23,965,615
|
|
|
20,244,638
|
|
|
18,691,457
|
|
|
12,608,371
|
|
|
10,356,695
|
|
|||||
Finance lease liabilities, less current portion
|
1,430,882
|
|
|
1,441,077
|
|
|
1,620,256
|
|
|
1,410,742
|
|
|
1,287,139
|
|
|||||
Mortgage and loans payable, less current portion
|
1,289,434
|
|
|
1,310,663
|
|
|
1,393,118
|
|
|
1,369,087
|
|
|
472,769
|
|
|||||
Senior notes, less current portion
|
8,309,673
|
|
|
8,128,785
|
|
|
6,923,849
|
|
|
3,810,770
|
|
|
3,804,634
|
|
|||||
Total stockholders' equity
|
8,840,382
|
|
|
7,219,279
|
|
|
6,849,790
|
|
|
4,365,829
|
|
|
2,745,386
|
|
ITEM 7.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
Overview
|
•
|
Results of Operations
|
•
|
Non-GAAP Financial Measures
|
•
|
Liquidity and Capital Resources
|
•
|
Contractual Obligations and Off-Balance-Sheet Arrangements
|
•
|
Critical Accounting Policies and Estimates
|
•
|
Recent Accounting Pronouncements
|
•
|
premium data center colocation;
|
•
|
interconnection and data exchange solutions;
|
•
|
edge services for deploying networking, security and hardware; and
|
•
|
remote expert support and professional services.
|
•
|
In March, we issued and sold 2,985,575 shares of common stock for net proceeds of approximately $1,213.4 million, after underwriting discounts, commissions and offering expenses. See Note 12 within the Consolidated Financial Statements.
|
•
|
In April, we completed the acquisition of Switch Datacenters' AMS1 data center business in Amsterdam, Netherlands (the "AM11 data center"), for a cash purchase price of approximately €30.6 million, or approximately $34.3 million. See Note 3 within the Consolidated Financial Statements.
|
•
|
In October, we closed our Joint Venture with GIC to develop and operate xScale data centers in Europe. Upon closing, we sold certain data center facilities in Europe to the Joint Venture. See Note 5 and Note 6 within the Consolidated Financial Statements.
|
•
|
In November, we issued $2.8 billion in Senior Notes due 2024, 2026 and 2029 with a weighted average interest rate of 2.93% and redeemed $1.9 billion in Senior Notes due 2022, 2023 and 2025 with a weighted average interest rate of 5.47% in November and December 2019. See Note 11 within the Consolidated Financial Statements.
|
•
|
By the end of December, we had sold 903,555 shares of our common stock for approximately $447.7 million in proceeds, net of payment of commissions and other offering expenses, under our current ATM program. See Note 12 within the Consolidated Financial Statements.
|
|
Years Ended December 31,
|
|
% Change
|
||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
Actual
|
|
Constant Currency
|
||||
Americas:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Recurring revenues
|
$
|
2,456,368
|
|
|
44%
|
|
$
|
2,357,326
|
|
|
46%
|
|
4%
|
|
5%
|
Non-recurring revenues
|
131,359
|
|
|
3%
|
|
127,408
|
|
|
3%
|
|
3%
|
|
4%
|
||
|
2,587,727
|
|
|
47%
|
|
2,484,734
|
|
|
49%
|
|
4%
|
|
5%
|
||
EMEA:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Recurring revenues
|
1,680,746
|
|
|
30%
|
|
1,467,492
|
|
|
29%
|
|
15%
|
|
12%
|
||
Non-recurring revenues
|
125,698
|
|
|
2%
|
|
95,145
|
|
|
2%
|
|
32%
|
|
39%
|
||
|
1,806,444
|
|
|
32%
|
|
1,562,637
|
|
|
31%
|
|
16%
|
|
14%
|
||
Asia-Pacific:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Recurring revenues
|
1,101,072
|
|
|
20%
|
|
951,684
|
|
|
19%
|
|
16%
|
|
17%
|
||
Non-recurring revenues
|
66,897
|
|
|
1%
|
|
72,599
|
|
|
1%
|
|
(8)%
|
|
(6)%
|
||
|
1,167,969
|
|
|
21%
|
|
1,024,283
|
|
|
20%
|
|
14%
|
|
16%
|
||
Total:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Recurring revenues
|
5,238,186
|
|
|
94%
|
|
4,776,502
|
|
|
94%
|
|
10%
|
|
10%
|
||
Non-recurring revenues
|
323,954
|
|
|
6%
|
|
295,152
|
|
|
6%
|
|
10%
|
|
13%
|
||
|
$
|
5,562,140
|
|
|
100%
|
|
$
|
5,071,654
|
|
|
100%
|
|
10%
|
|
10%
|
•
|
approximately $10.6 million of incremental revenues from the Infomart Dallas acquisition;
|
•
|
$52.6 million of incremental revenues generated from our recently-opened IBX data centers or IBX data center expansions; and
|
•
|
an increase in orders from both our existing customers and new customers during the period.
|
•
|
approximately $76.0 million of incremental revenues generated from our recently-opened IBX data centers or IBX data center expansions;
|
•
|
an increase in orders from both our existing customers and new customers during the period; and
|
•
|
a net increase of $110.6 million of realized cash flow hedge gains from foreign currency forward contracts.
|
•
|
approximately $16.6 million of incremental revenues from the Metronode acquisition;
|
•
|
approximately $35.4 million of incremental revenues generated from our recently-opened IBX data centers or IBX data center expansions; and
|
•
|
an increase in orders from both our existing customers and new customers during the period.
|
|
Years Ended December 31,
|
|
% Change
|
||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
Actual
|
|
Constant Currency
|
||||
Americas
|
$
|
1,146,639
|
|
|
41%
|
|
$
|
1,113,854
|
|
|
43%
|
|
3%
|
|
4%
|
EMEA
|
1,017,580
|
|
|
36%
|
|
916,751
|
|
|
35%
|
|
11%
|
|
12%
|
||
Asia-Pacific
|
645,965
|
|
|
23%
|
|
574,870
|
|
|
22%
|
|
12%
|
|
14%
|
||
Total
|
$
|
2,810,184
|
|
|
100%
|
|
$
|
2,605,475
|
|
|
100%
|
|
8%
|
|
9%
|
•
|
$11.3 million of higher utilities costs driven by IBX data center expansions, increased utility usage and utility price increases;
|
•
|
$10.0 million of higher bandwidth costs in support of our business growth;
|
•
|
approximately $9.9 million of incremental cost of revenues from the Infomart Dallas acquisition;
|
•
|
$8.6 million of higher compensation costs, including salaries, bonuses, and stock-based compensation; and
|
•
|
$7.2 million of higher depreciation expense primarily due to IBX expansion activity.
|
•
|
$8.9 million of reduced property tax expenses, primarily due to accrual releases based on tax appeal settlements; and
|
•
|
$6.9 million of reduced office expenses.
|
•
|
a net increase of $40.6 million of realized cash flow hedge losses from foreign currency forward contracts;
|
•
|
$30.5 million of higher utilities costs driven by increased utility usage to support IBX data center expansions and utility price increases, primarily in Germany, the Netherlands and the United Kingdom;
|
•
|
$21.3 million of higher costs from increased equipment resale activities, primarily in Germany and the United Kingdom;
|
•
|
$7.9 million of higher depreciation expenses driven by IBX data center expansions in London, Frankfurt and Amsterdam; and
|
•
|
$7.2 million of higher compensation costs, including salaries, bonuses, stock-based compensation and headcount growth.
|
•
|
$5.9 million of reduced outside services consulting expenses.
|
•
|
$45.3 million of higher rent and facility costs and utilities costs, primarily driven by expansions and higher utility usage in Hong Kong, Singapore, Australia and Japan;
|
•
|
$20.5 million of higher depreciation expense, primarily from IBX data center expansions in Singapore, Japan, Australia and Hong Kong;
|
•
|
approximately $11.2 million of incremental cost of revenues from the Metronode acquisition; and
|
•
|
$4.3 million of higher outside services consulting expenses.
|
•
|
$12.8 million of reduced costs due to lower equipment resale activities in the current period as compared to the prior year.
|
|
Years ended December 31,
|
|
% Change
|
||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
Actual
|
|
Constant Currency
|
||||
Americas
|
$
|
401,034
|
|
|
62%
|
|
$
|
391,386
|
|
|
62%
|
|
2%
|
|
3%
|
EMEA
|
157,718
|
|
|
24%
|
|
152,336
|
|
|
24%
|
|
4%
|
|
4%
|
||
Asia-Pacific
|
92,294
|
|
|
14%
|
|
89,980
|
|
|
14%
|
|
3%
|
|
4%
|
||
Total
|
$
|
651,046
|
|
|
100%
|
|
$
|
633,702
|
|
|
100%
|
|
3%
|
|
3%
|
•
|
$7.4 million of higher compensation costs, including sales compensation, salaries and stock-based compensation and headcount growth; and
|
•
|
$3.7 million of higher travel and entertainment expenses.
|
•
|
a net increase of $7.2 million of realized cash flow hedge losses from foreign currency forward contracts; and
|
•
|
$5.6 million increase in compensation costs, including sales compensation, salaries and stock-based compensation and headcount growth.
|
•
|
$6.2 million of reduced amortization expense driven by certain intangibles being fully amortized in the current year.
|
|
Years Ended December 31,
|
|
% Change
|
||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
Actual
|
|
Constant Currency
|
||||
Americas
|
$
|
641,261
|
|
|
69%
|
|
$
|
554,169
|
|
|
67%
|
|
16%
|
|
16%
|
EMEA
|
198,892
|
|
|
21%
|
|
184,364
|
|
|
22%
|
|
8%
|
|
7%
|
||
Asia-Pacific
|
94,865
|
|
|
10%
|
|
88,161
|
|
|
11%
|
|
8%
|
|
9%
|
||
Total
|
$
|
935,018
|
|
|
100%
|
|
$
|
826,694
|
|
|
100%
|
|
13%
|
|
13%
|
•
|
$51.1 million of higher compensation costs, including salaries, bonuses, stock-based compensation, and headcount growth;
|
•
|
$22.3 million of higher depreciation expense associated with the implementation of certain systems to support the integration and growth of our business; and
|
•
|
$10.7 million of higher consulting expenses in support of our business growth.
|
•
|
a net increase of $8.8 million of realized cash flow hedge losses from foreign currency forward contracts; and
|
•
|
$3.9 million of higher compensation costs, including salaries, bonuses, stock-based compensation and headcount growth.
|
•
|
$3.8 million of higher compensation costs, including salaries, bonuses, stock-based compensation and headcount growth.
|
|
Years Ended December 31,
|
|
% Change
|
||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
Actual
|
|
Constant Currency
|
||||
Americas
|
$
|
413,936
|
|
|
35%
|
|
$
|
412,610
|
|
|
42%
|
|
—%
|
|
1%
|
EMEA
|
421,786
|
|
|
36%
|
|
312,163
|
|
|
32%
|
|
35%
|
|
24%
|
||
Asia-Pacific
|
333,909
|
|
|
29%
|
|
252,610
|
|
|
26%
|
|
32%
|
|
35%
|
||
Total
|
$
|
1,169,631
|
|
|
100%
|
|
$
|
977,383
|
|
|
100%
|
|
20%
|
|
17%
|
•
|
$17.1 million of loss on debt extinguishment as a result of amendments to leases impacting the related financing obligations;
|
•
|
$19.5 million of loss on debt extinguishment from the settlement of financing obligations as a result of the Infomart Dallas acquisition;
|
•
|
$12.6 million of loss on debt extinguishment as a result of the settlement of financing obligations for properties purchased; and
|
•
|
$2.2 million of loss on debt extinguishment as a result of the redemption of the Japanese Yen Term Loan.
|
|
Years Ended December 31,
|
|
% Change
|
||||||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
Actual
|
|
Constant Currency
|
||||||||
Americas
|
$
|
1,237,622
|
|
|
46
|
%
|
|
$
|
1,183,831
|
|
|
49
|
%
|
|
5
|
%
|
|
5
|
%
|
EMEA
|
827,980
|
|
|
31
|
%
|
|
698,280
|
|
|
29
|
%
|
|
19
|
%
|
|
17
|
%
|
||
Asia-Pacific
|
622,125
|
|
|
23
|
%
|
|
531,129
|
|
|
22
|
%
|
|
17
|
%
|
|
19
|
%
|
||
Total
|
$
|
2,687,727
|
|
|
100
|
%
|
|
$
|
2,413,240
|
|
|
100
|
%
|
|
11
|
%
|
|
12
|
%
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Income from operations
|
$
|
1,169,631
|
|
|
$
|
977,383
|
|
|
$
|
809,014
|
|
Depreciation, amortization, and accretion expense
|
1,285,296
|
|
|
1,226,741
|
|
|
1,028,892
|
|
|||
Stock-based compensation expense
|
236,539
|
|
|
180,716
|
|
|
175,500
|
|
|||
Transaction costs
|
24,781
|
|
|
34,413
|
|
|
38,635
|
|
|||
Impairment charges
|
15,790
|
|
|
—
|
|
|
—
|
|
|||
Gain on asset sales
|
(44,310
|
)
|
|
(6,013
|
)
|
|
—
|
|
|||
Adjusted EBITDA
|
$
|
2,687,727
|
|
|
$
|
2,413,240
|
|
|
$
|
2,052,041
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
$
|
507,245
|
|
|
$
|
365,359
|
|
|
$
|
232,982
|
|
Net loss attributable to non-controlling interests
|
205
|
|
|
—
|
|
|
—
|
|
|||
Net income attributable to Equinix
|
507,450
|
|
|
365,359
|
|
|
232,982
|
|
|||
Adjustments:
|
|
|
|
|
|
||||||
Real estate depreciation
|
845,798
|
|
|
883,118
|
|
|
754,351
|
|
|||
(Gain) loss on disposition of real estate property
|
(39,337
|
)
|
|
4,643
|
|
|
4,945
|
|
|||
Adjustments for FFO from unconsolidated joint ventures
|
645
|
|
|
—
|
|
|
85
|
|
|||
FFO
|
$
|
1,314,556
|
|
|
$
|
1,253,120
|
|
|
$
|
992,363
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
FFO
|
$
|
1,314,556
|
|
|
$
|
1,253,120
|
|
|
$
|
992,363
|
|
Adjustments:
|
|
|
|
|
|
||||||
Installation revenue adjustment
|
11,031
|
|
|
10,858
|
|
|
24,496
|
|
|||
Straight-line rent expense adjustment
|
8,167
|
|
|
7,203
|
|
|
8,925
|
|
|||
Contract cost adjustment
|
(40,861
|
)
|
|
(20,358
|
)
|
|
—
|
|
|||
Amortization of deferred financing costs and debt discounts and premiums
|
13,042
|
|
|
13,618
|
|
|
24,449
|
|
|||
Stock-based compensation expense
|
236,539
|
|
|
180,716
|
|
|
175,500
|
|
|||
Non-real estate depreciation expense
|
242,761
|
|
|
140,955
|
|
|
111,121
|
|
|||
Amortization expense
|
196,278
|
|
|
203,416
|
|
|
177,008
|
|
|||
Accretion expense (adjustment)
|
459
|
|
|
(748
|
)
|
|
(13,588
|
)
|
|||
Recurring capital expenditures
|
(186,002
|
)
|
|
(203,053
|
)
|
|
(167,995
|
)
|
|||
Loss on debt extinguishment
|
52,825
|
|
|
51,377
|
|
|
65,772
|
|
|||
Transaction costs
|
24,781
|
|
|
34,413
|
|
|
38,635
|
|
|||
Impairment charges
|
15,790
|
|
|
—
|
|
|
—
|
|
|||
Income tax expense adjustment
|
39,676
|
|
|
(12,420
|
)
|
|
371
|
|
|||
Adjustments for AFFO from unconsolidated joint ventures
|
2,080
|
|
|
—
|
|
|
(17
|
)
|
|||
AFFO
|
$
|
1,931,122
|
|
|
$
|
1,659,097
|
|
|
$
|
1,437,040
|
|
•
|
approximately $9,029.2 million of principal from our senior notes;
|
•
|
approximately $1,506.1 million from our finance lease liabilities; and
|
•
|
$1,371.9 million of principal from our loans payable and mortgage.
|
•
|
issued $2,800.0 million in Senior Notes due 2024, 2026 and 2029;
|
•
|
redeemed $1,906.3 million of Senior Notes due 2022, 2023 and 2025;
|
•
|
repaid $300.0 million of 5.0% Infomart Senior Notes according to their repayment terms;
|
•
|
issued and sold 2,985,575 shares of common stock in a public equity offering and received net proceeds of approximately $1,213.4 million, net of underwriting discounts, commissions and offering expenses; and
|
•
|
issued and sold 903,555 shares of common stock under our ATM Program, for proceeds of approximately $447.5 million, net of payment of commissions to sales agents and other offering expenses.
|
|
Years Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(in thousands)
|
||||||
Net cash provided by operating activities
|
$
|
1,992,728
|
|
|
$
|
1,815,426
|
|
Net cash used in investing activities
|
(1,944,567
|
)
|
|
(3,075,528
|
)
|
||
Net cash provided by financing activities
|
1,202,082
|
|
|
470,912
|
|
•
|
the issuance of $2,800.0 million in Senior Notes due 2024, 2026 and 2029;
|
•
|
the sale and issuance of 2,985,575 shares of common stock in a public equity offering and receipt of net proceeds of approximately $1,213.4 million, net of underwriting discounts, commissions and offering expenses;
|
•
|
the sale of 903,555 shares under our ATM Program, for net proceeds of $447.5 million; and
|
•
|
proceeds from employee awards of $52.0 million.
|
•
|
the redemption of $1,906.3 million in Senior Notes due 2022, 2023 and 2025;
|
•
|
the repayment of $300.0 million of 5.0% Infomart Senior Notes according to the repayment terms;
|
•
|
dividend distributions of $836.2 million;
|
•
|
repayments of capital lease and other financing obligations totaling $126.5 million;
|
•
|
repayments of mortgage and loans payable totaling $73.2 million;
|
•
|
payments of debt extinguishment costs of $43.3 million, primarily related to redemption premium paid related to the redemption of Senior Notes due 2022, 2023 and 2025; and
|
•
|
payments of debt issuance costs of $23.3 million.
|
•
|
the issuance of €750.0 million 2.875% Euro Senior Notes due 2024, or approximately $929.9 million in U.S. dollars, at the exchange rate in effect on March 14, 2018;
|
•
|
borrowing of the JPY Term Loan of ¥47.5 billion, or approximately $424.7 million at the exchange rate effective on July 31, 2018;
|
•
|
the sale of 930,934 shares under our ATM Program, for net proceeds of $388.2 million; and
|
•
|
proceeds from employee awards of $50.1 million.
|
•
|
dividend distributions of $738.6 million;
|
•
|
repayments of capital lease and other financing obligations of $103.8 million;
|
•
|
repayments of mortgage and loans payable of $447.5 million, primarily related to the prepayment of the remaining principal of our existing Japanese Yen Term Loan;
|
•
|
payments of debt extinguishment costs of $20.6 million; and
|
•
|
payments of debt issuance costs of $12.2 million.
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
||||||||||||||
Term loans and other loans payable (1)
|
$
|
77,603
|
|
|
$
|
77,654
|
|
|
$
|
1,180,017
|
|
|
$
|
6,683
|
|
|
$
|
6,214
|
|
|
$
|
23,715
|
|
|
$
|
1,371,886
|
|
Senior notes (1)
|
643,711
|
|
|
150,000
|
|
|
—
|
|
|
—
|
|
|
1,841,500
|
|
|
6,394,000
|
|
|
9,029,211
|
|
|||||||
Interest (2)
|
359,383
|
|
|
333,710
|
|
|
327,222
|
|
|
303,722
|
|
|
291,496
|
|
|
574,633
|
|
|
2,190,166
|
|
|||||||
Finance leases (3)
|
173,994
|
|
|
176,357
|
|
|
176,992
|
|
|
178,289
|
|
|
177,338
|
|
|
1,739,235
|
|
|
2,622,205
|
|
|||||||
Operating leases (3)
|
193,663
|
|
|
191,954
|
|
|
183,908
|
|
|
168,353
|
|
|
156,502
|
|
|
1,106,944
|
|
|
2,001,324
|
|
|||||||
Other contractual commitments (4)
|
1,133,948
|
|
|
256,508
|
|
|
51,137
|
|
|
33,587
|
|
|
30,267
|
|
|
277,739
|
|
|
1,783,186
|
|
|||||||
Asset retirement obligations (5)
|
2,081
|
|
|
4,667
|
|
|
12,365
|
|
|
5,442
|
|
|
6,978
|
|
|
70,882
|
|
|
102,415
|
|
|||||||
|
$
|
2,584,383
|
|
|
$
|
1,190,850
|
|
|
$
|
1,931,641
|
|
|
$
|
696,076
|
|
|
$
|
2,510,295
|
|
|
$
|
10,187,148
|
|
|
$
|
19,100,393
|
|
|
(1)
|
Represents principal of senior notes, term loans and other loans payable, as well as premium on mortgage payable.
|
(2)
|
Represents interest on mortgage payable, senior notes, term loan facilities and other loans payable based on their approximate interest rates as of December 31, 2019, as well as the credit facility fee for the revolving credit facility.
|
(3)
|
Represents lease payments under finance and operating lease arrangements, including renewal options that are certain to be exercised.
|
(4)
|
Represents unaccrued contractual commitments. Other contractual commitments are described below.
|
(5)
|
Represents liability, net of future accretion expense.
|
•
|
Accounting for income taxes;
|
•
|
Accounting for business combinations;
|
•
|
Accounting for impairment of goodwill;
|
•
|
Accounting for property, plant and equipment; and
|
•
|
Accounting for leases.
|
Description
|
Judgments and Uncertainties
|
Effect if Actual Results Differ from Assumptions
|
Accounting for Income Taxes.
Deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying value of assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards on a taxing jurisdiction basis. We measure deferred tax assets and liabilities using enacted tax rates that will apply in the years in which we expect the temporary differences to be recovered or settled.
The accounting standard for income taxes requires a reduction of the carrying amounts of deferred tax assets by recording a valuation allowance if, based on the available evidence, it is more likely than not (defined by the accounting standard as a likelihood of more than 50%) that such assets will not be realized.
A tax benefit from an uncertain income tax position may be recognized in the financial statements only if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authority's widely understood administrative practices and precedents. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax benefit (expense) in the consolidated statements of operations.
|
The valuation of deferred tax assets requires judgment in assessing the likely future tax consequences of events that have been recognized in our financial statements or tax returns. Our accounting for deferred tax consequences represents our best estimate of those future tax consequences. In assessing the need for a valuation allowance, we consider both positive and negative evidence related to the likelihood of realization of the deferred tax assets. If, based on the weight of that available evidence, it is more likely than not the deferred tax assets will not be realized, we record a valuation allowance. The weight given to the positive and negative evidence is commensurate with the extent to which the evidence may be objectively verified. This assessment, which is completed on a taxing jurisdiction basis, takes into account a number of types of evidence, including the following: 1) the nature, frequency and severity of current and cumulative financial reporting losses, 2) sources of future taxable income and 3) tax planning strategies. In assessing the tax benefit from an uncertain income tax position, the tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For purposes of the quarterly REIT asset tests, we estimate the fair market value of assets within our QRSs and TRSs using a discounted cash flow approach, by calculating the present value of forecasted future cash flows. We apply discount rates based on industry benchmarks relative to the market and forecasting risks. Other significant assumptions used to estimate the fair market value of assets in QRSs and TRSs include projected revenue growth, projected operating margins and projected capital expenditure. We revisit significant assumptions periodically to reflect any changes due to business or economic environment. |
As of December 31, 2019 and 2018, we had net total deferred tax liabilities of $211.4 million and $189.6 million, respectively. As of December 31, 2019 and 2018, we had a total valuation allowance of $57.8 million and $57.0 million, respectively. If and when we reduce our remaining valuation allowances, it may have a favorable impact to our financial position and results of operations in the periods when such determinations are made. We will continue to assess the need for our valuation allowances, by jurisdiction, in the future.
During the year ended December 31, 2019, we released the full valuation allowances against the deferred tax assets of one of our Brazilian legal entities due to the evidence of achieving sustainable profitability. For the Metronode Acquisition, we increased the valuation allowance that was assessed in prior year as a result of finalizing the provisional estimates related to the realizability of certain deferred tax assets.
During the year ended December 31, 2018, we released the full or partial valuation allowances against the deferred tax assets in certain jurisdictions in the Americas, Asia-Pacific and EMEA regions. As part of the purchase accounting determination for the Metronode Acquisition, we provided full valuation allowance against certain deferred tax assets in Australia that are not expected to be realizable in the foreseeable future.
As of December 31, 2019 and 2018, we had unrecognized tax benefits of $173.7 million and $150.9 million, respectively, exclusive of interest and penalties. During the year ended December 31, 2019, the unrecognized tax benefit increased by $22.8 million primarily due to integrations, which was partially offset by the recognition of unrecognized tax benefits related to the Company’s tax positions in France as a result of a lapse in statutes of limitations and the partial payment of the Metronode pre-acquisition tax audit assessment which was fully indemnified by the seller. During the year ended December 31, 2018, the unrecognized tax benefits increased by $68.5 million primarily due to the Metronode Acquisition and the reorganization of the Spanish entities from the Itconic acquisition. The unrecognized tax benefits of $173.7 million as of December 31, 2019, if subsequently recognized, will affect our effective tax rate favorably at the time when such a benefit is recognized, of which $30.8 million is subject to an indemnification agreement.
|
ITEM 7A.
|
Quantitative and Qualitative Disclosures About Market Risk
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
|
Carrying
Value (1)
|
|
Fair Value
|
|
Carrying
Value (1)
|
|
Fair Value
|
||||||||
Mortgage and loans payable
|
$
|
1,370,118
|
|
|
$
|
1,378,429
|
|
|
$
|
1,388,524
|
|
|
$
|
1,389,632
|
|
Senior notes
|
9,029,211
|
|
|
9,339,497
|
|
|
8,500,125
|
|
|
8,422,211
|
|
|
(1)
|
The carrying value is gross of debt issuance cost, debt discount and debt premium.
|
•
|
a cash flow hedging program to hedge the forecasted revenues and expenses in our EMEA region;
|
•
|
a balance sheet hedging program to hedge the remeasurement of monetary assets and liabilities denominated in foreign currencies; and
|
•
|
a net investment hedging program to hedge the long term investments in our foreign subsidiaries.
|
ITEM 8.
|
Financial Statements and Supplementary Data
|
ITEM 9.
|
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
|
ITEM 9A.
|
Controls and Procedures
|
ITEM 9B.
|
Other Information
|
|
|
|
|
|
ITEM 10.
|
Directors, Executive Officers and Corporate Governance
|
ITEM 11.
|
Executive Compensation
|
ITEM 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
ITEM 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
ITEM 14.
|
Principal Accountant Fees and Services
|
|
|
|
|
|
ITEM 15.
|
Exhibits, Financial Statement Schedules
|
|
|
|
|
Incorporated by Reference
|
|
|
||||
Exhibit Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date/
Period End Date
|
|
Exhibit
|
|
Filed
Herewith
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
5/29/2015
|
|
2.1
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
5/29/2015
|
|
2.2
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-K
|
|
12/31/2015
|
|
2.3
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
12/6/2016
|
|
2.1
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-K
|
|
12/31/2016
|
|
2.5
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
5/1/2017
|
|
2.1
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-Q
|
|
8/8/2018
|
|
2.7
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-K/A
|
|
12/31/2002
|
|
3.1
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incorporated by Reference
|
|
|
||||
Exhibit Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date/
Period End Date
|
|
Exhibit
|
|
Filed
Herewith
|
|
|
8-K
|
|
6/14/2011
|
|
3.1
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
6/11/2013
|
|
3.1
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-Q
|
|
6/30/2014
|
|
3.4
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-K/A
|
|
12/31/2002
|
|
3.3
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
3/29/2016
|
|
3.1
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.1
|
|
Reference is made to Exhibits 3.1, 3.2, 3.3, 3.4, 3.5 and 3.6.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
3/5/2013
|
|
4.3
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.3
|
|
Form of 5.375% Senior Note due 2023 (see Exhibit 4.2).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
11/20/2014
|
|
4.1
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
11/20/2014
|
|
4.2
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.6
|
|
Form of 5.375% Senior Note due 2022 (see Exhibit 4.5).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
11/20/2014
|
|
4.4
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.8
|
|
Form of 5.750% Senior Note due 2025 (see Exhibit 4.7).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
12/4/2015
|
|
4.2
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.10
|
|
Form of 5.875% Senior Note due 2026 (see Exhibit 4.9).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
3/22/2017
|
|
4.2
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.12
|
|
Form of 5.375% Senior Notes due 2027 (see Exhibit 4.11).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incorporated by Reference
|
|
|
||||
Exhibit Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date/
Period End Date
|
|
Exhibit
|
|
Filed
Herewith
|
|
|
8-K
|
|
9/20/2017
|
|
4.2
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.14
|
|
Form of 2.875% Senior Notes due 2025 (see Exhibit 4.13).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
12/5/2017
|
|
4.1
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
12/5/2017
|
|
4.2
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.17
|
|
Form of 2.875% Senior Notes due 2026 (see Exhibit 4.16).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
3/14/2018
|
|
4.2
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.19
|
|
Form of 2.875% Senior Notes due 2024 (see Exhibit 4.18).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
4/3/2018
|
|
4.2
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.21
|
|
Form of 5.00% Senior Notes due April 2020 (see Exhibit 4.20).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.22
|
|
Form of 5.00% Senior Notes due October 2020 (see Exhibit 4.20).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.23
|
|
Form of 5.00% Senior Notes due April 2021 (see Exhibit 4.20).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
11/18/2019
|
|
4.2
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.25
|
|
Form of 2.625% Senior Notes due 2024 (See Exhibit 4.26).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
11/18/2019
|
|
4.4
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.27
|
|
Form of 2.900% Senior Notes due 2026 (See Exhibit 4.28).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
11/18/2019
|
|
4.6
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.29
|
|
Form of 3.200% Senior Notes due 2029 (See Exhibit 4.30)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incorporated by Reference
|
|
|
||||
Exhibit Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date/
Period End Date
|
|
Exhibit
|
|
Filed
Herewith
|
|
|
10-K
|
|
12/31/2014
|
|
4.13
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
10.1**
|
|
|
S-4 (File No. 333-93749)
|
|
12/29/1999
|
|
10.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.2**
|
|
|
10-K
|
|
12/31/2016
|
|
10.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.3**
|
|
|
10-K
|
|
12/31/2016
|
|
10.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.4**
|
|
|
10-K
|
|
12/31/2016
|
|
10.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.5**
|
|
|
10-Q
|
|
6/30/2014
|
|
10.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.6**
|
|
|
S-1/A
(File No. 333-137607) filed by Switch & Data Facilities Company
|
|
2/5/2007
|
|
10.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.7**
|
|
|
10-Q
|
|
6/30/2019
|
|
10.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.8**
|
|
|
10-Q
|
|
3/31/2017
|
|
10.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.9**
|
|
|
10-Q
|
|
3/31/2017
|
|
10.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.10**
|
|
|
10-Q
|
|
3/31/2017
|
|
10.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.11**
|
|
|
10-Q
|
|
3/31/2018
|
|
10.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.12**
|
|
|
10-Q
|
|
3/31/2018
|
|
10.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.13**
|
|
|
10-Q
|
|
3/31/2018
|
|
10.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.14**
|
|
|
10-Q
|
|
3/31/2019
|
|
10.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.15**
|
|
|
10-Q
|
|
3/31/2019
|
|
10.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.16**
|
|
|
10-Q
|
|
3/31/2019
|
|
10.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.17**
|
|
|
10-Q
|
|
3/31/2019
|
|
10.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incorporated by Reference
|
|
|
||||
Exhibit Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date/
Period End Date
|
|
Exhibit
|
|
Filed
Herewith
|
|
|
10-Q
|
|
9/30/2014
|
|
10.67
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-Q
|
|
6/30/2016
|
|
10.55
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-K
|
|
12/31/2017
|
|
10.40
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-Q
|
|
8/8/2018
|
|
10.35
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-Q
|
|
8/8/2018
|
|
10.36
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-Q
|
|
6/30/2019
|
|
10.34
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
10.24**
|
|
|
10-K
|
|
2/22/2019
|
|
10.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incorporated by Reference
|
|
|
||||
Exhibit Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date/
Period End Date
|
|
Exhibit
|
|
Filed
Herewith
|
10.25**
|
|
|
10-Q
|
|
9/30/2019
|
|
10.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.26**
|
|
|
10-Q
|
|
9/30/2019
|
|
10.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.27**
|
|
|
10-Q
|
|
9/30/2019
|
|
10.27
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10.28**
|
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|
10-Q
|
|
9/30/2019
|
|
10.28
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10.29**
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10-Q
|
|
9/30/2019
|
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10.29
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10.30**
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10-Q
|
|
9/30/2019
|
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10.30
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10.31**
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|
10-Q
|
|
9/30/2019
|
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10.31
|
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10.32**
|
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|
10-Q
|
|
9/30/2019
|
|
10.32
|
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|
10.33**
|
|
|
10-Q
|
|
9/30/2019
|
|
10.33
|
|
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|
10.34**
|
|
|
10-Q
|
|
9/30/2019
|
|
10.34
|
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|
10.35**
|
|
|
10-Q
|
|
9/30/2019
|
|
10.35
|
|
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|
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|
10.36**
|
|
|
10-Q
|
|
9/30/2019
|
|
10.36
|
|
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|
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|
10.37**
|
|
|
10-Q
|
|
9/30/2019
|
|
10.37
|
|
|
|
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|
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|
10.38**
|
|
|
10-Q
|
|
9/30/2019
|
|
10.38
|
|
|
|
|
|
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|
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|
|
10.39**
|
|
|
10-Q
|
|
9/30/2019
|
|
10.39
|
|
|
|
|
|
|
|
|
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|
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|
|
10.40**
|
|
|
10-Q
|
|
9/30/2019
|
|
10.4
|
|
|
|
|
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|
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|
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X
|
||
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
Incorporated by Reference
|
|
|
||||
Exhibit Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date/
Period End Date
|
|
Exhibit
|
|
Filed
Herewith
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
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|
|
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|
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|
|
|
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|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
101.SCH
|
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
101.CAL
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
101.DEF
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
101.LAB
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
101.PRE
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
104
|
|
Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
|
|
|
|
|
X
|
(b)
|
Exhibits.
|
(c)
|
Financial Statement Schedule.
|
ITEM 16.
|
Form 10-K Summary
|
|
|
EQUINIX, INC.
(Registrant)
|
|
|
|
February 21, 2020
|
By
|
/s/ CHARLES MEYERS
|
|
|
Charles Meyers
|
|
|
Chief Executive Officer and President
|
Signature
|
Title
|
Date
|
/s/ CHARLES MEYERS
|
Chief Executive Officer and President (Principal Executive Officer)
|
February 21, 2020
|
Charles Meyers
|
||
/s/ KEITH D. TAYLOR
|
Chief Financial Officer (Principal Financial Officer)
|
February 21, 2020
|
Keith D. Taylor
|
||
/s/ SIMON MILLER
|
Chief Accounting Officer (Principal Accounting Officer)
|
February 21, 2020
|
Simon Miller
|
||
/s/ PETER F. VAN CAMP
|
Executive Chairman
|
February 21, 2020
|
Peter F. Van Camp
|
||
/s/ THOMAS A. BARTLETT
|
Director
|
February 21, 2020
|
Thomas A. Bartlett
|
||
/s/ NANCI CALDWELL
|
Director
|
February 21, 2020
|
Nanci Caldwell
|
||
/s/ ADAIRE FOX-MARTIN
|
Director
|
February 21, 2020
|
Adaire Fox-Martin
|
||
/s/ GARY F. HROMADKO
|
Director
|
February 21, 2020
|
Gary F. Hromadko
|
||
/s/ SCOTT G. KRIENS
|
Director
|
February 21, 2020
|
Scott G. Kriens
|
||
/s/ WILLIAM K. LUBY
|
Director
|
February 21, 2020
|
William K. Luby
|
||
/s/ IRVING F. LYONS, III
|
Director
|
February 21, 2020
|
Irving F. Lyons, III
|
||
/s/ CHRISTOPHER B. PAISLEY
|
Director
|
February 21, 2020
|
Christopher B. Paisley
|
||
/s/ SANDRA RIVERA
|
Director
|
February 21, 2020
|
Sandra Rivera
|
Exhibit
Number
|
|
Description of Document
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
101.INS
|
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
|
101.SCH
|
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.CAL
|
|
Inline XBRL Taxonomy Extension Calculation Document.
|
|
|
|
101.DEF
|
|
Inline XBRL Taxonomy Extension Definition Document.
|
|
|
|
101.LAB
|
|
Inline XBRL Taxonomy Extension Labels Document.
|
|
|
|
101. PRE
|
|
Inline XBRL Taxonomy Extension Presentation Document.
|
|
|
|
104
|
|
Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Assets
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,869,577
|
|
|
$
|
606,166
|
|
Short-term investments
|
10,362
|
|
|
4,540
|
|
||
Accounts receivable, net of allowance for doubtful accounts of $13,026 and $15,950
|
689,134
|
|
|
630,119
|
|
||
Other current assets
|
303,543
|
|
|
274,857
|
|
||
Total current assets
|
2,872,616
|
|
|
1,515,682
|
|
||
Property, plant and equipment, net
|
12,152,597
|
|
|
11,026,020
|
|
||
Operating lease right-of-use assets
|
1,475,367
|
|
|
—
|
|
||
Goodwill
|
4,781,858
|
|
|
4,836,388
|
|
||
Intangible assets, net
|
2,102,389
|
|
|
2,333,296
|
|
||
Other assets
|
580,788
|
|
|
533,252
|
|
||
Total assets
|
$
|
23,965,615
|
|
|
$
|
20,244,638
|
|
Liabilities and Stockholders' Equity
|
|||||||
Current liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
760,718
|
|
|
$
|
756,692
|
|
Accrued property, plant and equipment
|
301,535
|
|
|
179,412
|
|
||
Current portion of operating lease liabilities
|
145,606
|
|
|
—
|
|
||
Current portion of finance lease liabilities
|
75,239
|
|
|
77,844
|
|
||
Current portion of mortgage and loans payable
|
77,603
|
|
|
73,129
|
|
||
Current portion of senior notes
|
643,224
|
|
|
300,999
|
|
||
Other current liabilities
|
153,938
|
|
|
126,995
|
|
||
Total current liabilities
|
2,157,863
|
|
|
1,515,071
|
|
||
Operating lease liabilities, less current portion
|
1,315,656
|
|
|
—
|
|
||
Finance lease liabilities, less current portion
|
1,430,882
|
|
|
1,441,077
|
|
||
Mortgage and loans payable, less current portion
|
1,289,434
|
|
|
1,310,663
|
|
||
Senior notes, less current portion
|
8,309,673
|
|
|
8,128,785
|
|
||
Other liabilities
|
621,725
|
|
|
629,763
|
|
||
Total liabilities
|
15,125,233
|
|
|
13,025,359
|
|
||
Commitments and contingencies (Note 15)
|
|
|
|
||||
Equinix stockholders' equity:
|
|
|
|
||||
Preferred stock, $0.001 par value per share: 100,000,000 shares authorized in 2019 and 2018; zero shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value per share: 300,000,000 shares authorized in 2019 and 2018; 85,700,953 issued and 85,308,386 outstanding in 2019 and 81,119,117 issued and 80,722,258 outstanding in 2018
|
86
|
|
|
81
|
|
||
Additional paid-in capital
|
12,696,433
|
|
|
10,751,313
|
|
||
Treasury stock, at cost; 392,567 shares in 2019 and 396,859 shares in 2018
|
(144,256
|
)
|
|
(145,161
|
)
|
||
Accumulated dividends
|
(4,168,469
|
)
|
|
(3,331,200
|
)
|
||
Accumulated other comprehensive loss
|
(934,613
|
)
|
|
(945,702
|
)
|
||
Retained earnings
|
1,391,425
|
|
|
889,948
|
|
||
Total Equinix stockholders' equity
|
8,840,606
|
|
|
7,219,279
|
|
||
Non-controlling interests
|
(224
|
)
|
|
—
|
|
||
Total stockholders' equity
|
8,840,382
|
|
|
7,219,279
|
|
||
Total liabilities and stockholders' equity
|
$
|
23,965,615
|
|
|
$
|
20,244,638
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues
|
$
|
5,562,140
|
|
|
$
|
5,071,654
|
|
|
$
|
4,368,428
|
|
Costs and operating expenses:
|
|
|
|
|
|
||||||
Cost of revenues
|
2,810,184
|
|
|
2,605,475
|
|
|
2,193,149
|
|
|||
Sales and marketing
|
651,046
|
|
|
633,702
|
|
|
581,724
|
|
|||
General and administrative
|
935,018
|
|
|
826,694
|
|
|
745,906
|
|
|||
Transaction costs
|
24,781
|
|
|
34,413
|
|
|
38,635
|
|
|||
Impairment charges
|
15,790
|
|
|
—
|
|
|
—
|
|
|||
Gain on asset sales
|
(44,310
|
)
|
|
(6,013
|
)
|
|
—
|
|
|||
Total costs and operating expenses
|
4,392,509
|
|
|
4,094,271
|
|
|
3,559,414
|
|
|||
Income from operations
|
1,169,631
|
|
|
977,383
|
|
|
809,014
|
|
|||
Interest income
|
27,697
|
|
|
14,482
|
|
|
13,075
|
|
|||
Interest expense
|
(479,684
|
)
|
|
(521,494
|
)
|
|
(478,698
|
)
|
|||
Other income
|
27,778
|
|
|
14,044
|
|
|
9,213
|
|
|||
Loss on debt extinguishment
|
(52,825
|
)
|
|
(51,377
|
)
|
|
(65,772
|
)
|
|||
Income before income taxes
|
692,597
|
|
|
433,038
|
|
|
286,832
|
|
|||
Income tax expense
|
(185,352
|
)
|
|
(67,679
|
)
|
|
(53,850
|
)
|
|||
Net income
|
507,245
|
|
|
365,359
|
|
|
232,982
|
|
|||
Net loss attributable to non-controlling interests
|
205
|
|
|
—
|
|
|
—
|
|
|||
Net income attributable to Equinix
|
$
|
507,450
|
|
|
$
|
365,359
|
|
|
$
|
232,982
|
|
|
|
|
|
|
|
||||||
Earnings per share ("EPS") attributable to Equinix:
|
|
|
|
|
|
||||||
Basic EPS
|
$
|
6.03
|
|
|
$
|
4.58
|
|
|
$
|
3.03
|
|
Weighted-average shares for basic EPS
|
84,140
|
|
|
79,779
|
|
|
76,854
|
|
|||
Diluted EPS
|
$
|
5.99
|
|
|
$
|
4.56
|
|
|
$
|
3.00
|
|
Weighted-average shares for diluted EPS
|
84,679
|
|
|
80,197
|
|
|
77,535
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
$
|
507,245
|
|
|
$
|
365,359
|
|
|
$
|
232,982
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||
Foreign currency translation adjustment ("CTA") gain (loss), net of tax effects of $(51), $4,419 and $0
|
(58,334
|
)
|
|
(421,743
|
)
|
|
454,269
|
|
|||
Net investment hedge CTA gain (loss), net of tax effects of $10, $1,358 and $0
|
73,294
|
|
|
219,628
|
|
|
(235,292
|
)
|
|||
Unrealized gain on available-for-sale securities, net of tax effects of $0, $0 and $(10)
|
—
|
|
|
—
|
|
|
14
|
|
|||
Unrealized gain (loss) on cash flow hedges, net of tax effects of $2,938, $(14,557) and $18,542
|
(3,842
|
)
|
|
43,671
|
|
|
(54,895
|
)
|
|||
Net actuarial gain (loss) on defined benefit plans, net of tax effects of $(9), $(15) and $39
|
(48
|
)
|
|
55
|
|
|
(143
|
)
|
|||
Total other comprehensive income (loss), net of tax
|
11,070
|
|
|
(158,389
|
)
|
|
163,953
|
|
|||
Comprehensive income, net of tax
|
518,315
|
|
|
206,970
|
|
|
396,935
|
|
|||
Net loss attributable to non-controlling interests
|
205
|
|
|
—
|
|
|
—
|
|
|||
Other comprehensive loss attributable to non-controlling interests
|
19
|
|
|
—
|
|
|
—
|
|
|||
Comprehensive income attributable to Equinix
|
$
|
518,539
|
|
|
$
|
206,970
|
|
|
$
|
396,935
|
|
EQUINIX, INC.
Consolidated Statements of Stockholders’ Equity and Other Comprehensive Income (Loss)
For the Three Years Ended December 31, 2019
(in thousands, except share data)
|
|||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
AOCI (Loss)
|
|
Retained
Earnings
|
|
Equinix
Stockholders' Equity |
|
Non-controlling Interests
|
|
Total Stockholders' Equity
|
||||||||||||||||||||
|
Common stock
|
|
Treasury stock
|
|
Additional
Paid-in Capital
|
|
Accumulated
Dividends
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Balance as of December 31, 2016
|
71,817,430
|
|
|
$
|
72
|
|
|
(408,415
|
)
|
|
$
|
(147,559
|
)
|
|
$
|
7,413,519
|
|
|
$
|
(1,969,645
|
)
|
|
$
|
(949,142
|
)
|
|
$
|
18,584
|
|
|
$
|
4,365,829
|
|
|
$
|
—
|
|
|
$
|
4,365,829
|
|
Adjustment from adoption of new accounting standard
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,123
|
|
|
1,123
|
|
|
—
|
|
|
1,123
|
|
|||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
232,982
|
|
|
232,982
|
|
|
—
|
|
|
232,982
|
|
|||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
163,953
|
|
|
—
|
|
|
163,953
|
|
|
—
|
|
|
163,953
|
|
|||||||||
Issuance of common stock in public offering of common stock, net
|
6,069,444
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
2,126,333
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,126,339
|
|
|
—
|
|
|
2,126,339
|
|
|||||||||
Issuance of common stock and release of treasury stock for employee equity awards
|
790,329
|
|
|
1
|
|
|
6,073
|
|
|
1,239
|
|
|
40,449
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41,689
|
|
|
—
|
|
|
41,689
|
|
|||||||||
Issuance of common stock under ATM Program
|
763,201
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
355,082
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
355,082
|
|
|
—
|
|
|
355,082
|
|
|||||||||
Dividend distribution on common stock, $8.00 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(612,085
|
)
|
|
—
|
|
|
—
|
|
|
(612,085
|
)
|
|
—
|
|
|
(612,085
|
)
|
|||||||||
Settlement of accrued dividends on vested equity awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,280
|
|
|
(890
|
)
|
|
—
|
|
|
—
|
|
|
3,390
|
|
|
—
|
|
|
3,390
|
|
|||||||||
Accrued dividends on unvested equity awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,172
|
)
|
|
—
|
|
|
—
|
|
|
(10,172
|
)
|
|
—
|
|
|
(10,172
|
)
|
|||||||||
Stock-based compensation, net of estimated forfeitures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
181,660
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
181,660
|
|
|
—
|
|
|
181,660
|
|
|||||||||
Balance as of December 31, 2017
|
79,440,404
|
|
|
79
|
|
|
(402,342
|
)
|
|
(146,320
|
)
|
|
10,121,323
|
|
|
(2,592,792
|
)
|
|
(785,189
|
)
|
|
252,689
|
|
|
6,849,790
|
|
|
—
|
|
|
6,849,790
|
|
|||||||||
Adjustment from adoption of new accounting standard
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,124
|
)
|
|
271,900
|
|
|
269,776
|
|
|
—
|
|
|
269,776
|
|
|||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
365,359
|
|
|
365,359
|
|
|
—
|
|
|
365,359
|
|
|||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(158,389
|
)
|
|
—
|
|
|
(158,389
|
)
|
|
—
|
|
|
(158,389
|
)
|
|||||||||
Issuance of common stock and release of treasury stock for employee equity awards
|
747,779
|
|
|
1
|
|
|
5,483
|
|
|
1,159
|
|
|
48,976
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50,136
|
|
|
—
|
|
|
50,136
|
|
|||||||||
Issuance of common stock under ATM Program
|
930,934
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
388,171
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
388,172
|
|
|
—
|
|
|
388,172
|
|
|||||||||
Dividend distribution on common stock, $9.12 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(727,448
|
)
|
|
—
|
|
|
—
|
|
|
(727,448
|
)
|
|
—
|
|
|
(727,448
|
)
|
|||||||||
Settlement of accrued dividends on vested equity awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,319
|
|
|
(876
|
)
|
|
—
|
|
|
—
|
|
|
1,443
|
|
|
—
|
|
|
1,443
|
|
|||||||||
Accrued dividends on unvested equity awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,084
|
)
|
|
—
|
|
|
—
|
|
|
(10,084
|
)
|
|
—
|
|
|
(10,084
|
)
|
|||||||||
Stock-based compensation, net of estimated forfeitures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
189,799
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
189,799
|
|
|
—
|
|
|
189,799
|
|
|||||||||
Noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
725
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
725
|
|
|
—
|
|
|
725
|
|
EQUINIX, INC.
Consolidated Statements of Stockholders’ Equity and Other Comprehensive Income (Loss) - continued
For the Three Years Ended December 31, 2019
(in thousands, except share data)
|
|||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
AOCI (Loss)
|
|
Retained
Earnings
|
|
Equinix
Stockholders' Equity |
|
Non-controlling Interests
|
|
Total Stockholders' Equity
|
||||||||||||||||||||
|
Common stock
|
|
Treasury stock
|
|
Additional
Paid-in Capital
|
|
Accumulated
Dividends
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Balance as of December 31, 2018
|
81,119,117
|
|
|
81
|
|
|
(396,859
|
)
|
|
(145,161
|
)
|
|
10,751,313
|
|
|
(3,331,200
|
)
|
|
(945,702
|
)
|
|
889,948
|
|
|
7,219,279
|
|
|
—
|
|
|
7,219,279
|
|
|||||||||
Adjustment from adoption of new accounting standard
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,973
|
)
|
|
(5,973
|
)
|
|
—
|
|
|
(5,973
|
)
|
|||||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
507,450
|
|
|
507,450
|
|
|
(205
|
)
|
|
507,245
|
|
|||||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,089
|
|
|
—
|
|
|
11,089
|
|
|
(19
|
)
|
|
11,070
|
|
|||||||||
Issuance of common stock and release of treasury stock for employee equity awards
|
692,706
|
|
|
1
|
|
|
4,292
|
|
|
905
|
|
|
51,111
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52,017
|
|
|
—
|
|
|
52,017
|
|
|||||||||
Issuance of common stock for equity offering
|
2,985,575
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
1,213,431
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,213,434
|
|
|
—
|
|
|
1,213,434
|
|
|||||||||
Issuance of common stock under ATM Program
|
903,555
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
447,541
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
447,542
|
|
|
—
|
|
|
447,542
|
|
|||||||||
Dividend distribution on common stock, $9.84 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(825,893
|
)
|
|
—
|
|
|
—
|
|
|
(825,893
|
)
|
|
—
|
|
|
(825,893
|
)
|
|||||||||
Settlement of accrued dividends on vested equity awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
308
|
|
|
(688
|
)
|
|
—
|
|
|
—
|
|
|
(380
|
)
|
|
—
|
|
|
(380
|
)
|
|||||||||
Accrued dividends on unvested equity awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,688
|
)
|
|
—
|
|
|
—
|
|
|
(10,688
|
)
|
|
—
|
|
|
(10,688
|
)
|
|||||||||
Stock-based compensation, net of estimated forfeitures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
232,729
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
232,729
|
|
|
—
|
|
|
232,729
|
|
|||||||||
Balance as of December 31, 2019
|
85,700,953
|
|
|
$
|
86
|
|
|
(392,567
|
)
|
|
$
|
(144,256
|
)
|
|
$
|
12,696,433
|
|
|
$
|
(4,168,469
|
)
|
|
$
|
(934,613
|
)
|
|
$
|
1,391,425
|
|
|
$
|
8,840,606
|
|
|
$
|
(224
|
)
|
|
$
|
8,840,382
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
507,245
|
|
|
$
|
365,359
|
|
|
$
|
232,982
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation
|
1,088,559
|
|
|
1,024,073
|
|
|
865,472
|
|
|||
Stock-based compensation
|
236,539
|
|
|
180,716
|
|
|
175,500
|
|
|||
Amortization of intangible assets
|
196,278
|
|
|
203,416
|
|
|
177,008
|
|
|||
Amortization of debt issuance costs and debt discounts and premiums
|
13,042
|
|
|
13,618
|
|
|
24,449
|
|
|||
Provision for allowance for doubtful accounts
|
8,459
|
|
|
7,236
|
|
|
5,627
|
|
|||
Impairment charges
|
15,790
|
|
|
—
|
|
|
—
|
|
|||
Gain on asset sales
|
(44,310
|
)
|
|
(6,013
|
)
|
|
—
|
|
|||
Loss on debt extinguishment
|
52,825
|
|
|
51,377
|
|
|
65,772
|
|
|||
Other items
|
11,620
|
|
|
19,660
|
|
|
(11,243
|
)
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Accounts receivable
|
(26,909
|
)
|
|
(52,931
|
)
|
|
(161,774
|
)
|
|||
Income taxes, net
|
32,495
|
|
|
(10,670
|
)
|
|
(34,936
|
)
|
|||
Other assets
|
(100,144
|
)
|
|
(47,635
|
)
|
|
20,180
|
|
|||
Operating lease right-of-use assets
|
149,031
|
|
|
—
|
|
|
—
|
|
|||
Operating lease liabilities
|
(152,091
|
)
|
|
—
|
|
|
—
|
|
|||
Accounts payable and accrued expenses
|
(27,928
|
)
|
|
35,495
|
|
|
74,488
|
|
|||
Other liabilities
|
32,227
|
|
|
31,725
|
|
|
5,708
|
|
|||
Net cash provided by operating activities
|
1,992,728
|
|
|
1,815,426
|
|
|
1,439,233
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Purchases of investments
|
(60,909
|
)
|
|
(65,180
|
)
|
|
(57,926
|
)
|
|||
Sales and maturities of investments
|
40,386
|
|
|
85,777
|
|
|
46,421
|
|
|||
Business acquisitions, net of cash and restricted cash acquired
|
(34,143
|
)
|
|
(829,687
|
)
|
|
(3,963,280
|
)
|
|||
Purchases of real estate
|
(169,153
|
)
|
|
(182,418
|
)
|
|
(95,083
|
)
|
|||
Purchases of other property, plant and equipment
|
(2,079,521
|
)
|
|
(2,096,174
|
)
|
|
(1,378,725
|
)
|
|||
Proceeds from sale of assets, net of cash transferred
|
358,773
|
|
|
12,154
|
|
|
47,767
|
|
|||
Net cash used in investing activities
|
(1,944,567
|
)
|
|
(3,075,528
|
)
|
|
(5,400,826
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Proceeds from employee equity awards
|
52,018
|
|
|
50,136
|
|
|
41,696
|
|
|||
Payment of dividends and special distribution
|
(836,164
|
)
|
|
(738,600
|
)
|
|
(621,497
|
)
|
|||
Proceeds from public offering of common stock, net of issuance costs
|
1,660,976
|
|
|
388,172
|
|
|
2,481,421
|
|
|||
Proceeds from senior notes, net of debt discounts
|
2,797,906
|
|
|
929,850
|
|
|
3,628,701
|
|
|||
Proceeds from loans payable
|
—
|
|
|
424,650
|
|
|
2,056,876
|
|
|||
Repayment of senior notes
|
(2,206,289
|
)
|
|
—
|
|
|
(500,000
|
)
|
|||
Repayment of finance lease liabilities
|
(126,486
|
)
|
|
(103,774
|
)
|
|
(93,470
|
)
|
|||
Repayment of mortgage and loans payable
|
(73,227
|
)
|
|
(447,473
|
)
|
|
(2,277,798
|
)
|
|||
Debt extinguishment costs
|
(43,311
|
)
|
|
(20,556
|
)
|
|
(26,122
|
)
|
|||
Debt issuance costs
|
(23,341
|
)
|
|
(12,218
|
)
|
|
(81,047
|
)
|
|||
Other financing activities
|
—
|
|
|
725
|
|
|
(900
|
)
|
|||
Net cash provided by financing activities
|
1,202,082
|
|
|
470,912
|
|
|
4,607,860
|
|
|||
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash
|
8,766
|
|
|
(33,907
|
)
|
|
31,187
|
|
|||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
1,259,009
|
|
|
(823,097
|
)
|
|
677,454
|
|
|||
Cash, cash equivalents and restricted cash at beginning of period
|
627,604
|
|
|
1,450,701
|
|
|
773,247
|
|
|||
Cash, cash equivalents and restricted cash at end of period
|
$
|
1,886,613
|
|
|
$
|
627,604
|
|
|
$
|
1,450,701
|
|
Supplemental cash flow information
|
|
|
|
|
|
||||||
Cash paid for taxes
|
$
|
136,583
|
|
|
$
|
93,375
|
|
|
$
|
72,641
|
|
Cash paid for interest
|
$
|
553,815
|
|
|
$
|
496,795
|
|
|
$
|
444,793
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
1,869,577
|
|
|
$
|
606,166
|
|
|
$
|
1,412,517
|
|
Current portion of restricted cash included in other current assets
|
7,090
|
|
|
10,887
|
|
|
26,919
|
|
|||
Non-current portion of restricted cash included in other assets
|
9,946
|
|
|
10,551
|
|
|
11,265
|
|
|||
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows
|
$
|
1,886,613
|
|
|
$
|
627,604
|
|
|
$
|
1,450,701
|
|
|
|
|
|
|
|
•
|
Switch Datacenters' AMS1 data center business in Amsterdam, Netherlands from April 18, 2019;
|
•
|
Metronode from the Ontario Teachers' Pension Plan Board (the "Metronode Acquisition") from April 18, 2018;
|
•
|
Infomart Dallas, including its operations and tenants, from ASB Real Estate Investments (the "Infomart Dallas Acquisition") from April 2, 2018;
|
•
|
Itconic, a data center business in Spain and Portugal from October 9, 2017;
|
•
|
Zenium's data center business in Istanbul from October 6, 2017;
|
•
|
certain colocation business from Verizon Communications Inc. ("Verizon") consisting of 29 data center buildings located in the United States ("U.S."), Brazil and Colombia (the "Verizon Data Center Acquisition") from May 1, 2017;
|
•
|
IO UK's data center operating business in Slough, United Kingdom ("IO Acquisition") from February 3, 2017.
|
|
2019
|
|
2018
|
|
2017
|
|||
Americas
|
47
|
%
|
|
49
|
%
|
|
50
|
%
|
EMEA
|
32
|
%
|
|
31
|
%
|
|
31
|
%
|
Asia-Pacific
|
21
|
%
|
|
20
|
%
|
|
19
|
%
|
Core systems
|
3-40 years
|
Buildings
|
12-58 years
|
Leasehold improvements
|
12-40 years
|
Personal Property
|
3-10 years
|
•
|
Non-financial assets and non-financial liabilities initially measured at fair value in a business combination or other new basis event, but not measured at fair value in subsequent reporting periods;
|
•
|
Reporting units and non-financial assets and non-financial liabilities measured at fair value for goodwill impairment tests;
|
•
|
Indefinite-lived intangible assets measured at fair value for impairment assessments;
|
•
|
Non-financial long-lived assets or asset groups measured at fair value for impairment assessments or disposal; and
|
•
|
Asset retirement obligations initially measured at fair value but not subsequently measured at fair value.
|
Balance Sheet
|
|
Balances at December 31, 2018
|
|
Adjustments due to adoption of Topic 842
|
|
Balances at January 1, 2019
|
||||||
Assets
|
|
|
|
|
|
|
||||||
Other current assets
|
|
$
|
274,857
|
|
|
$
|
(15,949
|
)
|
|
$
|
258,908
|
|
Property, plant and equipment, net
|
|
11,026,020
|
|
|
(293,111
|
)
|
|
10,732,909
|
|
|||
Operating lease right-of-use assets
|
|
—
|
|
|
1,468,762
|
|
|
1,468,762
|
|
|||
Intangible assets, net
|
|
2,333,296
|
|
|
(23,205
|
)
|
|
2,310,091
|
|
|||
Other assets
|
|
533,252
|
|
|
(63,468
|
)
|
|
469,784
|
|
|||
Liabilities
|
|
|
|
|
|
|
||||||
Current portion of operating lease liabilities
|
|
—
|
|
|
144,405
|
|
|
144,405
|
|
|||
Current portion of finance lease liabilities
|
|
—
|
|
|
70,795
|
|
|
70,795
|
|
|||
Current portion of capital lease and other financing obligations
|
|
77,844
|
|
|
(77,844
|
)
|
|
—
|
|
|||
Other current liabilities
|
|
126,995
|
|
|
(6,455
|
)
|
|
120,540
|
|
|||
Operating lease liabilities, less current portion
|
|
—
|
|
|
1,312,262
|
|
|
1,312,262
|
|
|||
Finance lease liabilities, less current portion
|
|
—
|
|
|
1,165,188
|
|
|
1,165,188
|
|
|||
Capital lease and other financing obligations, less current portion
|
|
1,441,077
|
|
|
(1,441,077
|
)
|
|
—
|
|
|||
Other liabilities
|
|
629,763
|
|
|
(88,272
|
)
|
|
541,491
|
|
|||
Equity
|
|
|
|
|
|
|
||||||
Retained Earnings
|
|
889,948
|
|
|
(5,973
|
)
|
|
883,975
|
|
2.
|
Revenue Recognition
|
|
Accounts receivable, net
|
|
Contract asset, current
|
|
Contract asset, non-current
|
|
Deferred revenue, current
|
|
Deferred revenue, non-current
|
||||||||||
Beginning balances as of January 1, 2019
|
$
|
630,119
|
|
|
$
|
9,778
|
|
|
$
|
16,396
|
|
|
$
|
73,143
|
|
|
$
|
46,641
|
|
Closing balances as of December 31, 2019
|
689,134
|
|
|
10,033
|
|
|
31,521
|
|
|
76,193
|
|
|
46,555
|
|
|||||
Increase/(decrease)
|
$
|
59,015
|
|
|
$
|
255
|
|
|
$
|
15,125
|
|
|
$
|
3,050
|
|
|
$
|
(86
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balances as of January 1, 2018 (1)
|
$
|
576,313
|
|
|
$
|
9,002
|
|
|
$
|
16,186
|
|
|
$
|
71,085
|
|
|
$
|
53,101
|
|
Closing balances as of December 31, 2018
|
630,119
|
|
|
9,778
|
|
|
16,396
|
|
|
73,143
|
|
|
46,641
|
|
|||||
Increase/(decrease)
|
$
|
53,806
|
|
|
$
|
776
|
|
|
$
|
210
|
|
|
$
|
2,058
|
|
|
$
|
(6,460
|
)
|
|
(1)
|
Includes cumulative adjustments made to these accounts on January 1, 2018 from the adoption of Topic 606.
|
3.
|
Acquisitions
|
|
Metronode
|
|
Infomart Dallas
|
||||
Cash and cash equivalents
|
$
|
3,206
|
|
|
$
|
17,432
|
|
Accounts receivable
|
8,318
|
|
|
637
|
|
||
Other current assets
|
9,421
|
|
|
395
|
|
||
Property, plant and equipment
|
297,092
|
|
|
362,023
|
|
||
Intangible assets
|
128,229
|
|
|
65,847
|
|
||
Goodwill
|
410,188
|
|
|
197,378
|
|
||
Other assets (1)
|
44,373
|
|
|
—
|
|
||
Total assets acquired
|
900,827
|
|
|
643,712
|
|
||
Accounts payable and accrued liabilities
|
(17,104
|
)
|
|
(5,056
|
)
|
||
Other current liabilities
|
(2,038
|
)
|
|
(2,141
|
)
|
||
Deferred tax liabilities
|
(31,281
|
)
|
|
—
|
|
||
Other liabilities (1)
|
(45,851
|
)
|
|
(4,723
|
)
|
||
Net assets acquired
|
$
|
804,553
|
|
|
$
|
631,792
|
|
|
(1)
|
In connection with the Metronode Acquisition, the Company recorded indemnification assets of $44.4 million, which represented the seller's obligation under the purchase agreement to reimburse pre-acquisition tax liabilities settled after the acquisition.
|
Intangible Assets
|
|
Fair Value
|
|
Estimated Useful Lives (Years)
|
|
Weighted-average Estimated Useful Lives (Years)
|
||
Customer relationships (Metronode)
|
|
$
|
128,229
|
|
|
20.0
|
|
20.0
|
Customer relationships (Infomart Dallas)
|
|
35,860
|
|
|
20.0
|
|
20.0
|
|
In-place leases (Infomart Dallas)
|
|
19,960
|
|
|
3.6 - 7.5
|
|
6.8
|
|
Trade names (Infomart Dallas)
|
|
9,552
|
|
|
20.0
|
|
20.0
|
|
Favorable leases (Infomart Dallas)
|
|
475
|
|
|
3.6 - 7.5
|
|
7.0
|
|
Certain Verizon Data Center Assets
|
||
Cash and cash equivalents
|
$
|
1,073
|
|
Accounts receivable
|
2,019
|
|
|
Other current assets
|
7,319
|
|
|
Property, plant and equipment
|
840,335
|
|
|
Intangible assets (1)
|
1,693,900
|
|
|
Goodwill
|
1,095,262
|
|
|
Total assets acquired
|
3,639,908
|
|
|
Accounts payable and accrued liabilities
|
(1,725
|
)
|
|
Other current liabilities
|
(2,020
|
)
|
|
Capital lease and other financing obligations
|
(17,659
|
)
|
|
Deferred tax liabilities
|
(18,129
|
)
|
|
Other liabilities
|
(5,689
|
)
|
|
Net assets acquired
|
$
|
3,594,686
|
|
|
(1)
|
The nature of the intangible assets acquired is customer relationships with an estimated useful life of 15 years. Included in this amount is a customer relationship intangible asset for Verizon totaling $245.3 million. Pursuant to the acquisition agreement, the Company formalized agreements to provide pre-existing space and services to Verizon at the acquired data centers.
|
|
Itconic
|
|
Zenium
data center
|
|
IO UK's
data center |
||||||
Cash and cash equivalents
|
$
|
15,659
|
|
|
$
|
692
|
|
|
$
|
1,388
|
|
Accounts receivable
|
16,429
|
|
|
198
|
|
|
7
|
|
|||
Other current assets
|
1,885
|
|
|
6,430
|
|
|
1,082
|
|
|||
Property, plant and equipment
|
64,499
|
|
|
58,931
|
|
|
40,251
|
|
|||
Intangible assets
|
101,755
|
|
|
7,900
|
|
|
6,252
|
|
|||
Goodwill
|
127,711
|
|
|
21,834
|
|
|
15,804
|
|
|||
Deferred tax assets
|
—
|
|
|
—
|
|
|
6,714
|
|
|||
Other assets
|
4,025
|
|
|
313
|
|
|
3,396
|
|
|||
Total assets acquired
|
331,963
|
|
|
96,298
|
|
|
74,894
|
|
|||
Accounts payable and accrued liabilities
|
(15,846
|
)
|
|
(1,012
|
)
|
|
(439
|
)
|
|||
Other current liabilities
|
(12,374
|
)
|
|
(451
|
)
|
|
(168
|
)
|
|||
Capital lease and other financing obligations
|
(30,666
|
)
|
|
—
|
|
|
(33,091
|
)
|
|||
Loans payable
|
(3,253
|
)
|
|
—
|
|
|
(4,067
|
)
|
|||
Deferred tax liabilities
|
(3,198
|
)
|
|
(2,227
|
)
|
|
—
|
|
|||
Other liabilities
|
(7,515
|
)
|
|
(614
|
)
|
|
(828
|
)
|
|||
Net assets acquired
|
$
|
259,111
|
|
|
$
|
91,994
|
|
|
$
|
36,301
|
|
4.
|
Earnings Per Share
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
$
|
507,245
|
|
|
$
|
365,359
|
|
|
$
|
232,982
|
|
Net loss attributable to non-controlling interests
|
205
|
|
|
—
|
|
|
—
|
|
|||
Net income attributable to Equinix
|
$
|
507,450
|
|
|
$
|
365,359
|
|
|
$
|
232,982
|
|
|
|
|
|
|
|
||||||
Weighted-average shares used to calculate basic EPS
|
84,140
|
|
|
79,779
|
|
|
76,854
|
|
|||
Effect of dilutive securities:
|
|
|
|
|
|
||||||
Employee equity awards
|
539
|
|
|
418
|
|
|
681
|
|
|||
Weighted-average shares used to calculate diluted EPS
|
84,679
|
|
|
80,197
|
|
|
77,535
|
|
|||
|
|
|
|
|
|
||||||
EPS attributable to Equinix:
|
|
|
|
|
|
||||||
Basic EPS
|
$
|
6.03
|
|
|
$
|
4.58
|
|
|
$
|
3.03
|
|
Diluted EPS
|
$
|
5.99
|
|
|
$
|
4.56
|
|
|
$
|
3.00
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Common stock related to employee equity awards
|
21
|
|
|
265
|
|
|
63
|
|
Total
|
21
|
|
|
265
|
|
|
63
|
|
5.
|
Assets Held for Sale
|
6.
|
Equity Method Investments
|
7.
|
Balance Sheet Components
|
|
2019
|
|
2018
|
||||
Cash and cash equivalents:
|
|
|
|
||||
Cash
|
$
|
983,030
|
|
|
$
|
486,648
|
|
Cash equivalents:
|
|
|
|
||||
Money market funds
|
886,547
|
|
|
119,518
|
|
||
Total cash and cash equivalents
|
1,869,577
|
|
|
606,166
|
|
||
Short-term investments:
|
|
|
|
||||
Certificates of deposit
|
7,583
|
|
|
2,823
|
|
||
Publicly traded equity securities
|
2,779
|
|
|
1,717
|
|
||
Total short-term investments
|
10,362
|
|
|
4,540
|
|
||
Total cash, cash equivalents and short-term investments
|
$
|
1,879,939
|
|
|
$
|
610,706
|
|
|
2019
|
|
2018
|
||||
Accounts receivable
|
$
|
702,160
|
|
|
$
|
646,069
|
|
Allowance for doubtful accounts
|
(13,026
|
)
|
|
(15,950
|
)
|
||
Accounts receivable, net
|
$
|
689,134
|
|
|
$
|
630,119
|
|
Balance as of December 31, 2016
|
$
|
15,675
|
|
Provision for allowance for doubtful accounts
|
5,627
|
|
|
Net write-offs
|
(4,546
|
)
|
|
Impact of foreign currency exchange
|
1,472
|
|
|
Balance as of December 31, 2017
|
18,228
|
|
|
Provision for allowance for doubtful accounts
|
7,236
|
|
|
Net write-offs
|
(8,396
|
)
|
|
Impact of foreign currency exchange
|
(1,118
|
)
|
|
Balance as of December 31, 2018
|
15,950
|
|
|
Provision for allowance for doubtful accounts
|
8,459
|
|
|
Net write-offs
|
(11,341
|
)
|
|
Impact of foreign currency exchange
|
(42
|
)
|
|
Balance as of December 31, 2019
|
$
|
13,026
|
|
|
2019
|
|
2018
|
||||
Prepaid expenses
|
$
|
55,954
|
|
|
$
|
70,433
|
|
Taxes receivable
|
122,823
|
|
|
98,245
|
|
||
Restricted cash, current
|
7,090
|
|
|
10,887
|
|
||
Other receivables
|
36,350
|
|
|
12,611
|
|
||
Derivative instruments
|
25,426
|
|
|
62,170
|
|
||
Contract asset, current
|
10,033
|
|
|
9,778
|
|
||
Other current assets (1)
|
45,867
|
|
|
10,733
|
|
||
Total other current assets
|
$
|
303,543
|
|
|
$
|
274,857
|
|
|
(1)
|
The December 31, 2019 balance included $34.3 million representing the current portion of the fair value of the contingent consideration from the sale of xScale data center facilities to the Joint Venture. See Note 5 for further discussion.
|
|
2019
|
|
2018
|
||||
Core systems
|
$
|
8,131,835
|
|
|
$
|
7,073,912
|
|
Buildings
|
5,398,525
|
|
|
4,822,501
|
|
||
Leasehold improvements
|
1,764,058
|
|
|
1,637,133
|
|
||
Construction in progress
|
1,002,104
|
|
|
974,152
|
|
||
Personal property
|
1,009,701
|
|
|
857,585
|
|
||
Land
|
781,024
|
|
|
631,367
|
|
||
|
18,087,247
|
|
|
15,996,650
|
|
||
Less accumulated depreciation
|
(5,934,650
|
)
|
|
(4,970,630
|
)
|
||
Property, plant and equipment, net
|
$
|
12,152,597
|
|
|
$
|
11,026,020
|
|
|
2019
|
|
2018
|
||||
Goodwill:
|
|
|
|
||||
Americas
|
$
|
1,741,689
|
|
|
$
|
1,745,804
|
|
EMEA
|
2,426,306
|
|
|
2,474,164
|
|
||
Asia-Pacific
|
613,863
|
|
|
616,420
|
|
||
|
$
|
4,781,858
|
|
|
$
|
4,836,388
|
|
Intangible assets, net:
|
|
|
|
||||
Intangible assets - customer relationships
|
$
|
2,712,701
|
|
|
$
|
2,733,864
|
|
Intangible assets - trade names
|
46,601
|
|
|
71,778
|
|
||
Intangible assets - favorable leases
|
—
|
|
|
35,969
|
|
||
Intangible assets - in-place leases
|
33,295
|
|
|
33,671
|
|
||
Intangible assets - licenses
|
9,697
|
|
|
9,697
|
|
||
Intangible assets - other
|
6,402
|
|
|
—
|
|
||
|
2,808,696
|
|
|
2,884,979
|
|
||
Accumulated amortization - customer relationships
|
(646,632
|
)
|
|
(467,111
|
)
|
||
Accumulated amortization - trade names
|
(37,885
|
)
|
|
(62,585
|
)
|
||
Accumulated amortization - favorable leases
|
—
|
|
|
(9,986
|
)
|
||
Accumulated amortization - in-place leases
|
(14,329
|
)
|
|
(8,118
|
)
|
||
Accumulated amortization - licenses
|
(4,529
|
)
|
|
(3,883
|
)
|
||
Accumulated amortization - other
|
(2,932
|
)
|
|
—
|
|
||
|
(706,307
|
)
|
|
(551,683
|
)
|
||
Total intangible assets, net
|
$
|
2,102,389
|
|
|
$
|
2,333,296
|
|
|
Americas
|
|
EMEA
|
|
Asia-Pacific
|
|
Total
|
||||||||
Balance as of December 31, 2017
|
$
|
1,561,512
|
|
|
$
|
2,610,899
|
|
|
$
|
239,351
|
|
|
$
|
4,411,762
|
|
Purchase accounting - Infomart Dallas acquisition
|
197,378
|
|
|
—
|
|
|
—
|
|
|
197,378
|
|
||||
Purchase accounting - Metronode acquisition
|
—
|
|
|
—
|
|
|
413,871
|
|
|
413,871
|
|
||||
Purchase accounting - other acquisitions
|
333
|
|
|
1,357
|
|
|
—
|
|
|
1,690
|
|
||||
Impact of foreign currency exchange
|
(13,419
|
)
|
|
(138,092
|
)
|
|
(36,802
|
)
|
|
(188,313
|
)
|
||||
Balance as of December 31, 2018
|
1,745,804
|
|
|
2,474,164
|
|
|
616,420
|
|
|
4,836,388
|
|
||||
Purchase accounting - acquisition
|
—
|
|
|
25,863
|
|
|
(3,683
|
)
|
|
22,180
|
|
||||
Asset sales - xScale data center facilities
|
—
|
|
|
(59,246
|
)
|
|
—
|
|
|
(59,246
|
)
|
||||
Asset sales - NY12 data center
|
(950
|
)
|
|
—
|
|
|
—
|
|
|
(950
|
)
|
||||
Impact of foreign currency exchange
|
(3,165
|
)
|
|
(14,475
|
)
|
|
1,126
|
|
|
(16,514
|
)
|
||||
Balance as of December 31, 2019
|
$
|
1,741,689
|
|
|
$
|
2,426,306
|
|
|
$
|
613,863
|
|
|
$
|
4,781,858
|
|
|
Americas
|
|
EMEA
|
|
Asia-Pacific
|
|
Total
|
||||||||
Balance as of December 31, 2016
|
$
|
40,117
|
|
|
$
|
562,361
|
|
|
$
|
116,753
|
|
|
$
|
719,231
|
|
Verizon Data Center acquisition
|
1,693,900
|
|
|
—
|
|
|
—
|
|
|
1,693,900
|
|
||||
Other 2017 acquisitions
|
—
|
|
|
112,645
|
|
|
—
|
|
|
112,645
|
|
||||
Write-off of intangible asset
|
—
|
|
|
(725
|
)
|
|
—
|
|
|
(725
|
)
|
||||
Amortization of intangibles
|
(84,749
|
)
|
|
(79,105
|
)
|
|
(13,154
|
)
|
|
(177,008
|
)
|
||||
Impact of foreign currency exchange
|
(2,895
|
)
|
|
36,043
|
|
|
3,781
|
|
|
36,929
|
|
||||
Balance as of December 31, 2017
|
1,646,373
|
|
|
631,219
|
|
|
107,380
|
|
|
2,384,972
|
|
||||
Infomart Dallas acquisition
|
65,847
|
|
|
—
|
|
|
—
|
|
|
65,847
|
|
||||
Metronode acquisition
|
—
|
|
|
—
|
|
|
128,229
|
|
|
128,229
|
|
||||
Other acquisitions
|
—
|
|
|
8,342
|
|
|
—
|
|
|
8,342
|
|
||||
Write-off of intangible asset
|
(334
|
)
|
|
(1,661
|
)
|
|
(3
|
)
|
|
(1,998
|
)
|
||||
Amortization of intangibles
|
(125,683
|
)
|
|
(62,283
|
)
|
|
(15,450
|
)
|
|
(203,416
|
)
|
||||
Impact of foreign currency exchange
|
(7,232
|
)
|
|
(31,757
|
)
|
|
(9,691
|
)
|
|
(48,680
|
)
|
||||
Balance as of December 31, 2018
|
1,578,971
|
|
|
543,860
|
|
|
210,465
|
|
|
2,333,296
|
|
||||
ASC 842 adoption adjustment
|
(108
|
)
|
|
(20,692
|
)
|
|
(2,405
|
)
|
|
(23,205
|
)
|
||||
Switch AMS1 data center acquisition
|
—
|
|
|
4,889
|
|
|
—
|
|
|
4,889
|
|
||||
Asset sales - NY12 data center
|
(8,412
|
)
|
|
—
|
|
|
—
|
|
|
(8,412
|
)
|
||||
Other
|
—
|
|
|
1,096
|
|
|
472
|
|
|
1,568
|
|
||||
Amortization of intangibles
|
(125,390
|
)
|
|
(54,432
|
)
|
|
(16,456
|
)
|
|
(196,278
|
)
|
||||
Impact of foreign currency exchange
|
(1,769
|
)
|
|
(8,157
|
)
|
|
457
|
|
|
(9,469
|
)
|
||||
Balance as of December 31, 2019
|
$
|
1,443,292
|
|
|
$
|
466,564
|
|
|
$
|
192,533
|
|
|
$
|
2,102,389
|
|
Years ending:
|
|
||
2020
|
$
|
190,222
|
|
2021
|
182,765
|
|
|
2022
|
178,780
|
|
|
2023
|
178,513
|
|
|
2024
|
177,733
|
|
|
Thereafter
|
1,194,376
|
|
|
Total
|
$
|
2,102,389
|
|
|
2019
|
|
2018
|
||||
Deferred tax assets, net
|
$
|
35,806
|
|
|
$
|
58,300
|
|
Prepaid expenses
|
61,690
|
|
|
125,158
|
|
||
Debt issuance costs, net
|
6,395
|
|
|
8,532
|
|
||
Deposits
|
56,567
|
|
|
54,986
|
|
||
Restricted cash
|
9,946
|
|
|
10,551
|
|
||
Derivative instruments
|
32,280
|
|
|
10,904
|
|
||
Contract assets, non-current
|
31,521
|
|
|
16,396
|
|
||
Contract costs
|
229,205
|
|
|
188,200
|
|
||
Equity method investments
|
59,737
|
|
|
10,000
|
|
||
Other assets
|
57,641
|
|
|
50,225
|
|
||
Total other assets
|
$
|
580,788
|
|
|
$
|
533,252
|
|
|
2019
|
|
2018
|
||||
Accounts payable
|
$
|
52,232
|
|
|
$
|
96,980
|
|
Accrued compensation and benefits
|
241,361
|
|
|
235,697
|
|
||
Accrued interest
|
103,345
|
|
|
126,142
|
|
||
Accrued taxes (1)
|
135,099
|
|
|
118,818
|
|
||
Accrued utilities and security
|
107,404
|
|
|
78,547
|
|
||
Accrued professional fees
|
20,741
|
|
|
17,010
|
|
||
Accrued repairs and maintenance
|
10,699
|
|
|
10,736
|
|
||
Accrued other
|
89,837
|
|
|
72,762
|
|
||
Total accounts payable and accrued expenses
|
$
|
760,718
|
|
|
$
|
756,692
|
|
|
(1)
|
Includes income taxes payable of $57.7 million and $67.9 million, respectively, as of December 31, 2019 and 2018.
|
|
2019
|
|
2018
|
||||
Deferred revenue, current
|
$
|
76,193
|
|
|
$
|
73,143
|
|
Customer deposits
|
16,707
|
|
|
20,430
|
|
||
Derivative instruments
|
31,596
|
|
|
8,812
|
|
||
Deferred rent
|
—
|
|
|
6,466
|
|
||
Dividends payable
|
9,029
|
|
|
8,795
|
|
||
Asset retirement obligations
|
2,081
|
|
|
6,776
|
|
||
Other current liabilities
|
18,332
|
|
|
2,573
|
|
||
Total other current liabilities
|
$
|
153,938
|
|
|
$
|
126,995
|
|
|
2019
|
|
2018
|
||||
Asset retirement obligations
|
$
|
100,334
|
|
|
$
|
89,887
|
|
Deferred tax liabilities, net
|
247,179
|
|
|
247,849
|
|
||
Deferred revenue, non-current
|
46,555
|
|
|
46,641
|
|
||
Deferred rent
|
—
|
|
|
108,693
|
|
||
Accrued taxes
|
146,046
|
|
|
116,735
|
|
||
Dividends payable
|
7,108
|
|
|
6,545
|
|
||
Customer deposits
|
9,306
|
|
|
9,671
|
|
||
Derivative instruments
|
4,017
|
|
|
928
|
|
||
Other liabilities (1)
|
61,180
|
|
|
2,814
|
|
||
Total other liabilities
|
$
|
621,725
|
|
|
$
|
629,763
|
|
|
(1)
|
The balance as of December 31, 2019 includes $41.4 million of liabilities recorded upon the closing of the Joint Venture, which represents the Company’s obligation to pay for future construction that was not completed at the close of the transaction. See Note 5 for further discussion.
|
Asset retirement obligations as of December 31, 2016
|
$
|
103,015
|
|
Additions
|
17,736
|
|
|
Adjustments (1)
|
(34,576
|
)
|
|
Accretion expense
|
7,335
|
|
|
Impact of foreign currency exchange
|
5,029
|
|
|
Asset retirement obligations as of December 31, 2017
|
98,539
|
|
|
Additions
|
5,126
|
|
|
Adjustments (1)
|
(11,288
|
)
|
|
Accretion expense
|
6,285
|
|
|
Impact of foreign currency exchange
|
(1,999
|
)
|
|
Asset retirement obligations as of December 31, 2018
|
96,663
|
|
|
Additions
|
6,980
|
|
|
Adjustments (1)
|
(7,969
|
)
|
|
Accretion expense
|
6,290
|
|
|
Impact of foreign currency exchange
|
451
|
|
|
Asset retirement obligations as of December 31, 2019
|
$
|
102,415
|
|
|
(1)
|
The ARO adjustments are primarily due to lease amendments and acquisition of real estate assets, as well as other adjustments.
|
8.
|
Derivatives and Hedging Instruments
|
|
(1)
|
Included component represents foreign exchange spot rates.
|
(2)
|
Excluded component represents cross-currency basis spread and interest rates.
|
Amount of gain or (loss) recognized in accumulated other comprehensive income:
|
|
|
|||||||||||
|
|
|
Years Ended December 31,
|
||||||||||
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Foreign currency forward and option contracts (included component) (1)
|
|
$
|
(9,945
|
)
|
|
$
|
58,227
|
|
|
$
|
(73,437
|
)
|
|
Foreign currency option contracts (excluded component) (2)
|
|
(1,807
|
)
|
|
—
|
|
|
—
|
|
||||
Treasury locks
|
|
4,972
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
(6,780
|
)
|
|
$
|
58,227
|
|
|
$
|
(73,437
|
)
|
|
|
|||||||||||||
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income:
|
|||||||||||||
|
|
|
Years Ended December 31,
|
||||||||||
|
Location of gain or (loss)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Foreign currency forward contracts
|
Revenues
|
|
$
|
80,046
|
|
|
$
|
(30,603
|
)
|
|
$
|
20,845
|
|
Foreign currency forward contracts
|
Costs and operating expenses
|
|
(41,262
|
)
|
|
15,341
|
|
|
(11,183
|
)
|
|||
Treasury locks
|
Interest Expense
|
|
79
|
|
|
—
|
|
|
—
|
|
|||
Total
|
|
|
$
|
38,863
|
|
|
$
|
(15,262
|
)
|
|
$
|
9,662
|
|
|
|
|
|
|
|
|
|
||||||
Amount of gain or (loss) excluded from effectiveness testing and included in income:
|
|||||||||||||
|
|
|
Years Ended December 31,
|
||||||||||
|
Location of gain or (loss)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Foreign currency forward contracts
|
Other income (expense)
|
|
$
|
88
|
|
|
$
|
16,470
|
|
|
$
|
3,805
|
|
Foreign currency option contracts (excluded component) (2)
|
Revenues
|
|
(1,082
|
)
|
|
—
|
|
|
—
|
|
|||
Total
|
|
|
$
|
(994
|
)
|
|
$
|
16,470
|
|
|
$
|
3,805
|
|
|
(1)
|
Included component represents foreign exchange spot rates.
|
(2)
|
Excluded component represents option's time value.
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
|
Assets (1)
|
|
Liabilities (2)
|
|
Assets (1)
|
|
Liabilities (2)
|
||||||||
Designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward and option contracts
|
$
|
24,853
|
|
|
$
|
5,898
|
|
|
$
|
38,606
|
|
|
$
|
865
|
|
Net investment hedges
|
|
|
|
|
|
|
|
||||||||
Cross-currency interest rate swaps
|
26,251
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total designated as hedging
|
51,104
|
|
|
5,898
|
|
|
38,606
|
|
|
865
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Embedded derivatives
|
4,595
|
|
|
2,268
|
|
|
4,656
|
|
|
2,426
|
|
||||
Economic hedges of embedded derivatives
|
1,367
|
|
|
—
|
|
|
525
|
|
|
180
|
|
||||
Foreign currency forward contracts
|
641
|
|
|
27,446
|
|
|
29,287
|
|
|
6,269
|
|
||||
Total not designated as hedging
|
6,603
|
|
|
29,714
|
|
|
34,468
|
|
|
8,875
|
|
||||
Total Derivatives
|
$
|
57,707
|
|
|
$
|
35,612
|
|
|
$
|
73,074
|
|
|
$
|
9,740
|
|
|
(1)
|
As presented in the Company's condensed consolidated balance sheets within other current assets and other assets.
|
(2)
|
As presented in the Company's condensed consolidated balance sheets within other current liabilities and other liabilities.
|
|
Gross Amounts Offset in
Consolidated Balance Sheet
|
|
|
|
|
||||||||||||||
|
Gross Amounts
|
|
Gross Amounts Offset in the Balance Sheet
|
|
Net Amounts
|
|
Gross Amounts not Offset in the Balance Sheet
|
|
Net
|
||||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative assets
|
$
|
76,640
|
|
|
$
|
—
|
|
|
$
|
76,640
|
|
|
$
|
(37,820
|
)
|
|
$
|
38,820
|
|
Derivative liabilities
|
45,832
|
|
|
—
|
|
|
45,832
|
|
|
(37,820
|
)
|
|
8,012
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative assets
|
$
|
73,074
|
|
|
$
|
—
|
|
|
$
|
73,074
|
|
|
$
|
(6,517
|
)
|
|
$
|
66,557
|
|
Derivative liabilities
|
9,740
|
|
|
—
|
|
|
9,740
|
|
|
(6,517
|
)
|
|
3,223
|
|
9.
|
Fair Value Measurements
|
|
Fair Value at
December 31,
|
|
Fair Value
Measurement Using
|
||||||||
|
2019
|
|
Level 1
|
|
Level 2
|
||||||
Assets:
|
|
|
|
|
|
||||||
Money market and deposit accounts
|
$
|
886,547
|
|
|
$
|
886,547
|
|
|
$
|
—
|
|
Publicly traded equity securities
|
2,779
|
|
|
2,779
|
|
|
—
|
|
|||
Certificates of deposit
|
7,583
|
|
|
—
|
|
|
7,583
|
|
|||
Derivative instruments
|
57,707
|
|
|
—
|
|
|
57,707
|
|
|||
|
$
|
954,616
|
|
|
$
|
889,326
|
|
|
$
|
65,290
|
|
Liabilities:
|
|
|
|
|
|
||||||
Derivative instruments
|
$
|
35,612
|
|
|
$
|
—
|
|
|
$
|
35,612
|
|
|
Fair Value at
December 31,
|
|
Fair Value
Measurement Using
|
||||||||
|
2018
|
|
Level 1
|
|
Level 2
|
||||||
Assets:
|
|
|
|
|
|
||||||
Money market and deposit accounts
|
$
|
119,518
|
|
|
$
|
119,518
|
|
|
$
|
—
|
|
Publicly traded equity securities
|
1,717
|
|
|
1,717
|
|
|
—
|
|
|||
Certificates of deposit
|
2,823
|
|
|
—
|
|
|
2,823
|
|
|||
Derivative instruments
|
73,074
|
|
|
—
|
|
|
73,074
|
|
|||
|
$
|
197,132
|
|
|
$
|
121,235
|
|
|
$
|
75,897
|
|
Liabilities:
|
|
|
|
|
|
||||||
Derivative instruments
|
$
|
9,740
|
|
|
$
|
—
|
|
|
$
|
9,740
|
|
10.
|
Leases
|
|
Twelve Months Ended December 31, 2019
|
||
Finance lease cost
|
|
||
Amortization of right-of-use assets (1)
|
$
|
82,893
|
|
Interest on lease liabilities
|
110,688
|
|
|
Total finance lease cost
|
193,581
|
|
|
|
|
||
Operating lease cost
|
219,021
|
|
|
Total lease cost
|
$
|
412,602
|
|
|
|
Twelve Months Ended December 31, 2019
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
||
Operating cash flows from finance leases
|
$
|
107,000
|
|
Operating cash flows from operating leases
|
210,848
|
|
|
Financing cash flows from finance leases
|
126,486
|
|
|
|
|
||
Right-of-use assets obtained in exchange for lease obligations: (1)
|
|
||
Finance leases
|
$
|
387,808
|
|
Operating leases
|
145,025
|
|
|
|
|
||
|
As of December 31, 2019
|
||
Weighted-average remaining lease term - finance leases (2)
|
15 years
|
|
|
Weighted-average remaining lease term - operating leases (2)
|
13 years
|
|
|
Weighted-average discount rate - finance leases
|
9
|
%
|
|
Weighted-average discount rate - operating leases
|
4
|
%
|
|
Finance lease assets (3)
|
$
|
1,277,614
|
|
|
|
Operating Leases
|
|
Finance Leases
|
|
Total
|
||||||
2020
|
$
|
193,663
|
|
|
$
|
173,994
|
|
|
$
|
367,657
|
|
2021
|
191,954
|
|
|
176,357
|
|
|
368,311
|
|
|||
2022
|
183,908
|
|
|
176,992
|
|
|
360,900
|
|
|||
2023
|
168,353
|
|
|
178,289
|
|
|
346,642
|
|
|||
2024
|
156,502
|
|
|
177,338
|
|
|
333,840
|
|
|||
Thereafter
|
1,106,944
|
|
|
1,739,235
|
|
|
2,846,179
|
|
|||
Total lease payments
|
2,001,324
|
|
|
2,622,205
|
|
|
4,623,529
|
|
|||
Plus amount representing residual property value
|
—
|
|
|
18,164
|
|
|
18,164
|
|
|||
Less imputed interest
|
(540,062
|
)
|
|
(1,134,248
|
)
|
|
(1,674,310
|
)
|
|||
Total
|
$
|
1,461,262
|
|
|
$
|
1,506,121
|
|
|
$
|
2,967,383
|
|
|
Capital Lease
Obligations
|
|
Other
Financing
Obligations (1)
|
|
Total Capital Lease and Other Financing Obligations
|
|
Operating Leases
|
||||||||
2019
|
$
|
103,859
|
|
|
$
|
80,292
|
|
|
$
|
184,151
|
|
|
$
|
187,280
|
|
2020
|
97,326
|
|
|
73,266
|
|
|
170,592
|
|
|
179,515
|
|
||||
2021
|
95,414
|
|
|
73,672
|
|
|
169,086
|
|
|
166,159
|
|
||||
2022
|
94,954
|
|
|
73,856
|
|
|
168,810
|
|
|
158,115
|
|
||||
2023
|
95,463
|
|
|
69,423
|
|
|
164,886
|
|
|
147,677
|
|
||||
Thereafter
|
878,755
|
|
|
722,496
|
|
|
1,601,251
|
|
|
1,130,494
|
|
||||
Total minimum lease payments
|
1,365,771
|
|
|
1,093,005
|
|
|
2,458,776
|
|
|
1,969,240
|
|
||||
Plus amount representing residual property value
|
—
|
|
|
389,643
|
|
|
389,643
|
|
|
—
|
|
||||
Less amount representing interest
|
(602,026
|
)
|
|
(727,472
|
)
|
|
(1,329,498
|
)
|
|
—
|
|
||||
Present value of net minimum lease payments
|
763,745
|
|
|
755,176
|
|
|
1,518,921
|
|
|
1,969,240
|
|
||||
Less current portion
|
(43,498
|
)
|
|
(34,346
|
)
|
|
(77,844
|
)
|
|
—
|
|
||||
Total
|
$
|
720,247
|
|
|
$
|
720,830
|
|
|
$
|
1,441,077
|
|
|
$
|
1,969,240
|
|
|
11.
|
Debt Facilities
|
|
2019
|
|
2018
|
||||
Term loans
|
$
|
1,287,151
|
|
|
$
|
1,344,482
|
|
Mortgage payable and other loans payable
|
82,967
|
|
|
44,042
|
|
||
|
1,370,118
|
|
|
1,388,524
|
|
||
Less the amount representing unamortized debt discount and debt issuance cost
|
(4,849
|
)
|
|
(6,614
|
)
|
||
Add the amount representing unamortized mortgage premium
|
1,768
|
|
|
1,882
|
|
||
|
1,367,037
|
|
|
1,383,792
|
|
||
Less current portion
|
(77,603
|
)
|
|
(73,129
|
)
|
||
|
$
|
1,289,434
|
|
|
$
|
1,310,663
|
|
|
|
|
|
|
|
2019
|
|
2018
|
||||||||||
Senior Notes
|
|
Issuance Date
|
|
Maturity Date
|
|
Amount
|
|
Effective Rate
|
|
Amount
|
|
Effective Rate
|
||||||
5.000% Infomart Senior Notes
|
|
April 2018
|
|
April 2019 - April 2021
|
|
$
|
450,000
|
|
|
4.46
|
%
|
|
$
|
750,000
|
|
|
4.40
|
%
|
5.375% Senior Notes due 2022
|
|
November 2014
|
|
January 2022
|
|
343,711
|
|
|
5.56
|
%
|
|
750,000
|
|
|
5.56
|
%
|
||
5.375% Senior Notes due 2023
|
|
March 2013
|
|
April 2023
|
|
—
|
|
|
—
|
%
|
|
1,000,000
|
|
|
5.51
|
%
|
||
2.625% Senior Notes due 2024
|
|
November 2019
|
|
November 2024
|
|
1,000,000
|
|
|
2.79
|
%
|
|
—
|
|
|
—
|
%
|
||
2.875% Euro Senior Notes due 2024
|
|
March 2018
|
|
March 2024
|
|
841,500
|
|
|
3.08
|
%
|
|
859,125
|
|
|
3.08
|
%
|
||
5.750% Senior Notes due 2025
|
|
November 2014
|
|
January 2025
|
|
—
|
|
|
—
|
%
|
|
500,000
|
|
|
5.88
|
%
|
||
2.875% Euro Senior Notes due 2025
|
|
September 2017
|
|
October 2025
|
|
1,122,000
|
|
|
3.04
|
%
|
|
1,145,500
|
|
|
3.04
|
%
|
||
2.900% Senior Notes due 2026
|
|
November 2019
|
|
November 2026
|
|
600,000
|
|
|
3.04
|
%
|
|
—
|
|
|
—
|
%
|
||
5.875% Senior Notes due 2026
|
|
December 2015
|
|
January 2026
|
|
1,100,000
|
|
|
6.03
|
%
|
|
1,100,000
|
|
|
6.03
|
%
|
||
2.875% Euro Senior Notes due 2026
|
|
December 2017
|
|
February 2026
|
|
1,122,000
|
|
|
3.04
|
%
|
|
1,145,500
|
|
|
3.04
|
%
|
||
5.375% Senior Notes due 2027
|
|
March 2017
|
|
May 2027
|
|
1,250,000
|
|
|
5.51
|
%
|
|
1,250,000
|
|
|
5.51
|
%
|
||
3.200% Senior Notes due 2029
|
|
November 2019
|
|
November 2029
|
|
1,200,000
|
|
|
3.30
|
%
|
|
—
|
|
|
—
|
%
|
||
|
|
|
|
|
|
9,029,211
|
|
|
|
|
8,500,125
|
|
|
|
||||
Less amount representing unamortized debt discount and debt issuance cost
|
|
(78,030
|
)
|
|
|
|
(75,372
|
)
|
|
|
||||||||
Add amount representing unamortized debt premium
|
|
|
|
1,716
|
|
|
|
|
5,031
|
|
|
|
||||||
|
|
|
|
|
|
8,952,897
|
|
|
|
|
8,429,784
|
|
|
|
||||
Less current portion
|
|
|
|
|
|
(643,224
|
)
|
|
|
|
(300,999
|
)
|
|
|
||||
|
|
|
|
|
|
$
|
8,309,673
|
|
|
|
|
$
|
8,128,785
|
|
|
|
•
|
purchase, redeem or retire capital stock or subordinated debt;
|
•
|
incur liens (1);
|
•
|
enter into sale-leaseback transactions (1);
|
•
|
make investments; and
|
•
|
merge or consolidate with any other person (1).
|
|
(1)
|
The supplemental indentures for the 5.000% Infomart Senior Notes, 2.875% Euro Senior Notes due 2024, 2.625% Senior Notes due 2024, 2.875% Euro Senior Notes due 2026, 2.900% Senior Notes due 2026, and 3.200% Senior Notes due 2029 only contain covenants footnoted with (1).
|
Senior Notes Description
|
Early Equity Redemption Price (1)
|
First Scheduled Redemption Date (2)
|
First Scheduled Redemption Price
|
Second Year Redemption Price
|
Third Year Redemption Price
|
Fourth Year
(if scheduled) Redemption Price
|
5.375% Senior Notes due 2022
|
105.375%
|
January 1, 2018
|
104.031%
|
102.688%
|
101.344%
|
100.000%
|
2.875% Euro Senior Notes due 2024
|
102.875%
|
September 15, 2020
|
101.438%
|
100.719%
|
100.000%
|
|
2.875% Euro Senior Notes due 2025
|
102.875%
|
October 1, 2020
|
101.438%
|
100.719%
|
100.000%
|
|
5.875% Senior Notes due 2026
|
105.875%
|
January 15, 2021
|
102.938%
|
101.958%
|
100.979%
|
100.000%
|
2.875% Euro Senior Notes due 2026
|
102.875%
|
February 1, 2021
|
101.438%
|
100.719%
|
100.000%
|
|
5.375% Senior Notes due 2027
|
105.375%
|
May 15, 2022
|
102.688%
|
101.792%
|
100.896%
|
100.000%
|
|
(1)
|
Within 90 days of the closing of one or more equity offerings and at any time prior to the first scheduled redemption date, the Company may redeem up to 35% of the aggregate principal amount of any series of senior notes outstanding, at the respective early equity redemption price, plus accrued and unpaid interest to the redemption date, provided that at least 65% of the aggregate principal amount of the senior notes issued in such series remains outstanding immediately after such redemption(s).
|
(2)
|
On or after the first scheduled redemption date, the Company may redeem all or a part of a series of senior notes at the first scheduled redemption price plus accrued and unpaid interest thereon, if redeemed during the 12 month period beginning on the first scheduled redemption date and at reduced scheduled redemption prices during the 12 or 18 month periods beginning on the anniversaries of the first scheduled redemption date.
|
•
|
$52.9 million of loss on debt extinguishment from the tender and subsequent redemption of the 2022, 2023 and 2025 Notes, which included $43.3 million tender and redemption premium that was paid in cash and $9.6 million related to the write-off of unamortized debt issuance costs.
|
•
|
$17.1 million of loss on debt extinguishment as a result of amendments to leases impacting the related financing obligations;
|
•
|
$19.5 million of loss on debt extinguishment from the settlement of financing obligations as a result of the Infomart Dallas Acquisition;
|
•
|
$12.6 million of loss on debt extinguishment as a result of the settlement of financing obligations for properties purchased; and
|
•
|
$2.2 million of loss on debt extinguishment as a result of the redemption of the Japanese Yen Term Loan.
|
•
|
$14.6 million of loss on debt extinguishment from the redemption of senior notes, which included $12.2 million redemption premium that was paid in cash and $2.4 million related to the write-off of unamortized debt issuance costs;
|
•
|
$22.5 million of loss on debt extinguishment from the redemption of term loans;
|
•
|
$16.7 million of loss on debt extinguishment as a result of amendments to leases and financing obligations; and
|
•
|
$12.0 million of loss on debt extinguishment from the settlement of financing obligations as a result of properties purchased.
|
Years ending:
|
|
||
2020
|
$
|
721,314
|
|
2021
|
227,654
|
|
|
2022
|
1,180,017
|
|
|
2023
|
6,683
|
|
|
2024
|
1,847,714
|
|
|
Thereafter
|
6,417,715
|
|
|
|
$
|
10,401,097
|
|
|
2019
|
|
2018
|
||||
Mortgage and loans payable
|
$
|
1,378,429
|
|
|
$
|
1,389,632
|
|
Senior notes
|
9,339,497
|
|
|
8,422,211
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Interest expense
|
$
|
479,684
|
|
|
$
|
521,494
|
|
|
$
|
478,698
|
|
Interest capitalized
|
32,173
|
|
|
19,880
|
|
|
22,625
|
|
|||
Interest charges incurred
|
$
|
511,857
|
|
|
$
|
541,374
|
|
|
$
|
501,323
|
|
12.
|
Stockholders' Equity
|
Common stock options and restricted stock units
|
3,334,130
|
|
Common stock employee purchase plans
|
2,973,785
|
|
Total
|
6,307,915
|
|
|
December 31, 2016
|
|
Net
Change |
|
December 31, 2017
|
|
Net
Change |
|
Cumulative Effect Adjustment
|
|
December 31, 2018
|
|
Net
Change |
|
December 31, 2019
|
||||||||||||||||
Foreign currency translation adjustment ("CTA") gain (loss)
|
$
|
(1,031,129
|
)
|
|
$
|
454,269
|
|
|
$
|
(576,860
|
)
|
|
$
|
(421,743
|
)
|
|
$
|
—
|
|
|
$
|
(998,603
|
)
|
|
$
|
(58,315
|
)
|
|
$
|
(1,056,918
|
)
|
Unrealized gain (loss) on cash flow hedges (1)
|
30,704
|
|
|
(54,895
|
)
|
|
(24,191
|
)
|
|
43,671
|
|
|
—
|
|
|
19,480
|
|
|
(3,842
|
)
|
|
15,638
|
|
||||||||
Net investment hedge CTA gain (loss) (1)
|
49,989
|
|
|
(235,292
|
)
|
|
(185,303
|
)
|
|
219,628
|
|
|
—
|
|
|
34,325
|
|
|
73,294
|
|
|
107,619
|
|
||||||||
Unrealized gain (loss) on available for sale securities (2)
|
2,110
|
|
|
14
|
|
|
2,124
|
|
|
—
|
|
|
(2,124
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Net actuarial gain (loss) on defined benefit plans (3)
|
(816
|
)
|
|
(143
|
)
|
|
(959
|
)
|
|
55
|
|
|
—
|
|
|
(904
|
)
|
|
(48
|
)
|
|
(952
|
)
|
||||||||
|
$
|
(949,142
|
)
|
|
$
|
163,953
|
|
|
$
|
(785,189
|
)
|
|
$
|
(158,389
|
)
|
|
$
|
(2,124
|
)
|
|
$
|
(945,702
|
)
|
|
$
|
11,089
|
|
|
$
|
(934,613
|
)
|
|
(1)
|
Refer to Note 8 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income.
|
(2)
|
Upon adoption of ASU 2016-01 during the three months ended March 31, 2018, the Company recorded a net cumulative effect adjustment of $2.1 million from accumulated other comprehensive loss to retained earnings. The realized gains and losses reclassified from accumulated other comprehensive loss to net income as a result of sale of available for sale securities were not significant for the years ended December 31, 2017 and 2016.
|
(3)
|
The Company has a defined benefit pension plan covering all employees in one country where such plans are mandated by law. The Company does not have any defined benefit plans in any other countries. The unamortized gain (loss) on defined benefit plans includes gains or losses resulting from a change in the value of either the projected benefit obligation or the plan assets resulting from a change in an actuarial assumption, net of amortization.
|
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Total Distribution (1)
|
|
Nonqualified Ordinary Dividend (2)
|
|
Total Distribution Amount
|
||||||
|
|
|
|
|
|
(per share)
|
|
(in thousands)
|
||||||||
Fiscal 2019
|
|
|
|
|
|
|
|
|
|
|
||||||
2/13/2019
|
|
2/27/2019
|
|
3/20/2019
|
|
$
|
2.460000
|
|
|
$
|
2.460000
|
|
|
$
|
198,933
|
|
5/1/2019
|
|
5/22/2019
|
|
6/19/2019
|
|
2.460000
|
|
|
2.460000
|
|
|
207,949
|
|
|||
7/31/2019
|
|
8/21/2019
|
|
9/18/2019
|
|
2.460000
|
|
|
2.460000
|
|
|
209,226
|
|
|||
10/30/2019
|
|
11/20/2019
|
|
12/11/2019
|
|
2.460000
|
|
|
2.460000
|
|
|
209,785
|
|
|||
Total
|
|
|
|
|
|
$
|
9.840000
|
|
|
$
|
9.840000
|
|
|
$
|
825,893
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fiscal 2018
|
|
|
|
|
|
|
|
|
|
|
||||||
2/14/2018
|
|
2/26/2018
|
|
3/21/2018
|
|
$
|
2.280000
|
|
|
$
|
2.280000
|
|
|
$
|
180,640
|
|
5/2/2018
|
|
5/23/2018
|
|
6/20/2018
|
|
2.280000
|
|
|
2.280000
|
|
|
181,207
|
|
|||
8/8/2018
|
|
8/22/2018
|
|
9/19/2018
|
|
2.280000
|
|
|
2.280000
|
|
|
182,304
|
|
|||
11/1/2018
|
|
11/14/2018
|
|
12/12/2018
|
|
2.280000
|
|
|
2.280000
|
|
|
183,297
|
|
|||
Total
|
|
|
|
|
|
$
|
9.120000
|
|
|
$
|
9.120000
|
|
|
$
|
727,448
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fiscal 2017
|
|
|
|
|
|
|
|
|
|
|
||||||
2/15/2017
|
|
2/27/2017
|
|
3/22/2017
|
|
$
|
2.000000
|
|
|
$
|
2.000000
|
|
|
$
|
143,275
|
|
4/26/2017
|
|
5/24/2017
|
|
6/21/2017
|
|
2.000000
|
|
|
2.000000
|
|
|
155,824
|
|
|||
8/2/2017
|
|
8/23/2017
|
|
9/20/2017
|
|
2.000000
|
|
|
2.000000
|
|
|
156,055
|
|
|||
11/1/2017
|
|
11/15/2017
|
|
12/13/2017
|
|
2.000000
|
|
|
2.000000
|
|
|
156,931
|
|
|||
Total
|
|
|
|
|
|
$
|
8.000000
|
|
|
$
|
8.000000
|
|
|
$
|
612,085
|
|
|
(1)
|
Common stock dividends are characterized for federal income tax purposes as nonqualified ordinary dividend, qualified ordinary dividend, capital gains or return of capital. During the years ended December 31, 2019, 2018 and 2017, the Company did not classify any portion of the distributions as qualified ordinary dividend, capital gains or return of capital.
|
(2)
|
All 2019 and 2018 nonqualified ordinary dividends are eligible for the 20% deduction generally allowable to non-corporate shareholders under Internal Revenue Code Section 199A.
|
13.
|
Stock-Based Compensation
|
•
|
2000 Equity Incentive Plan: Under the 2000 Equity Incentive Plan, nonstatutory stock options, restricted shares, restricted stock units and stock appreciation rights may be granted to employees, outside directors and consultants at not less than 85% of the fair value on the date of grant, and incentive stock options may be granted to employees at not less than 100% of the fair value on the date of grant. Equity awards granted under the 2000 Equity Incentive Plan generally vest over 4 years.
|
•
|
2000 Director Option Plan: Under the 2000 Director Option Plan, each non-employee board member who was not previously an employee of the Company would receive an automatic initial nonstatutory stock option grant as well as an annual non-statutory stock option grant on the date of the Company's regular Annual Meeting of Stockholders. On December 18, 2008, the Company's Board of Directors passed resolutions eliminating all automatic stock option grant mechanisms under the 2000 Director Option Plan and replaced them with an automatic restricted stock unit grant mechanism under the 2000 Equity Incentive Plan.
|
•
|
2001 Supplemental Stock Plan: Under the 2001 Supplemental Stock Plan, non-statutory stock options and restricted shares/restricted stock units may be granted to consultants and employees who are not executive officers or board members, at not less than 85% of the fair value on the date of grant. Current stock options granted under the 2001 Supplemental Stock Plan generally vest over 4 years.
|
•
|
2004 Employee Stock Purchase Plan (2004 Purchase Plan): The 2004 Purchase Plan permits eligible employees to purchase common stock on favorable terms via payroll deductions of up to 15% of the employee's cash compensation, subject to certain share and statutory dollar limits. Two overlapping offering periods commence during each calendar year, on each February 15 and August 15 or such other periods or dates as determined by the Compensation Committee from time to time, and the offering periods last up to 24 months with a purchase date every 6 months. The price of each share purchased is 85% of the lower of a) the fair value per share of common stock on the last trading day before the commencement of the applicable offering period or b) the fair value per share of common stock on the purchase date.
|
|
Shares reserved
|
|
Shares available for grant
|
||
2000 Equity Incentive Plan
|
16,636,172
|
|
|
1,255,261
|
|
2000 Director Option Plan
|
594,403
|
|
|
505,646
|
|
2001 Supplemental Stock Plan
|
1,494,275
|
|
|
260,498
|
|
2004 Purchase Plan
|
5,392,206
|
|
|
2,973,785
|
|
|
Number of Shares Outstanding
|
|
Weighted Average Grant Date Fair Value per Share
|
|
Weighted Average Remaining Contractual Life (Years)
|
|
Aggregate Intrinsic Value (1) (Dollars in Thousands)
|
|||||
Restricted stock units outstanding, December 31, 2016
|
1,347,879
|
|
|
$
|
192.59
|
|
|
|
|
|
|
|
Restricted stock units granted
|
658,196
|
|
|
389.60
|
|
|
|
|
|
|
||
Restricted stock units released, vested
|
(606,064
|
)
|
|
260.75
|
|
|
|
|
|
|
||
Special distribution shares released
|
(15,667
|
)
|
|
243.06
|
|
|
|
|
|
|
||
Restricted stock units canceled
|
(79,451
|
)
|
|
313.83
|
|
|
|
|
|
|
||
Special distribution shares canceled
|
(1,002
|
)
|
|
282.49
|
|
|
|
|
|
|
||
Restricted stock units outstanding, December 31, 2017
|
1,303,891
|
|
|
252.30
|
|
|
|
|
|
|
||
Restricted stock units granted
|
704,249
|
|
|
387.31
|
|
|
|
|
|
|
||
Restricted stock units released, vested
|
(593,528
|
)
|
|
299.07
|
|
|
|
|
|
|
||
Special distribution shares released
|
(13,880
|
)
|
|
283.14
|
|
|
|
|
|
|
||
Restricted stock units canceled
|
(173,460
|
)
|
|
336.75
|
|
|
|
|
|
|
||
Special distribution shares canceled
|
(485
|
)
|
|
295.77
|
|
|
|
|
|
|
||
Restricted stock units outstanding, December 31, 2018
|
1,226,787
|
|
|
361.22
|
|
|
|
|
|
|
||
Restricted stock units granted
|
779,478
|
|
|
448.16
|
|
|
|
|
|
|
||
Restricted stock units released, vested
|
(549,259
|
)
|
|
362.66
|
|
|
|
|
|
|
||
Special distribution shares released
|
(1,781
|
)
|
|
295.31
|
|
|
|
|
|
|
||
Restricted stock units canceled
|
(142,477
|
)
|
|
364.42
|
|
|
|
|
|
|
||
Special distribution shares canceled
|
(23
|
)
|
|
297.04
|
|
|
|
|
|
|
||
Restricted stock units outstanding, December 31, 2019
|
1,312,725
|
|
|
$
|
411.99
|
|
|
1.29
|
|
$
|
766,238
|
|
|
(1)
|
The intrinsic value is calculated based on the market value of the stock as of December 31, 2019.
|
|
2019
|
|
2018
|
|
2017
|
||||||
Weighted-average purchase price per share
|
$
|
354.72
|
|
|
$
|
341.48
|
|
|
$
|
250.65
|
|
Weighted average grant-date fair value per share of shares purchased
|
$
|
104.84
|
|
|
$
|
90.04
|
|
|
$
|
72.21
|
|
Number of shares purchased
|
146,640
|
|
|
145,346
|
|
|
162,076
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Range of dividend yield
|
2.07 - 2.09%
|
|
|
1.97 - 2.00%
|
|
|
2.10 - 2.31%
|
|
Range of risk-free interest rate
|
1.55 - 2.58%
|
|
|
1.79 - 2.68%
|
|
|
0.70 - 1.35%
|
|
Range of expected volatility
|
19.27 - 25.55%
|
|
|
19.04 - 24.33%
|
|
|
16.42 - 24.27%
|
|
Weighted-average expected volatility
|
22.95
|
%
|
|
20.74
|
%
|
|
20.30
|
%
|
Weighted average expected life (in years)
|
1.24
|
|
|
1.43
|
|
|
1.52
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cost of revenues
|
$
|
25,355
|
|
|
$
|
18,247
|
|
|
$
|
13,621
|
|
Sales and marketing
|
56,719
|
|
|
53,448
|
|
|
50,094
|
|
|||
General and administrative
|
154,465
|
|
|
109,021
|
|
|
111,785
|
|
|||
Total
|
$
|
236,539
|
|
|
$
|
180,716
|
|
|
$
|
175,500
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Restricted stock units
|
$
|
217,541
|
|
|
$
|
165,141
|
|
|
$
|
164,321
|
|
Employee stock purchase plan
|
18,998
|
|
|
15,575
|
|
|
11,179
|
|
|||
Total
|
$
|
236,539
|
|
|
$
|
180,716
|
|
|
$
|
175,500
|
|
14.
|
Income Taxes
|
|
2019
|
|
2018
|
|
2017
|
||||||
Domestic
|
$
|
328,806
|
|
|
$
|
298,009
|
|
|
$
|
148,500
|
|
Foreign
|
363,791
|
|
|
135,029
|
|
|
138,332
|
|
|||
Income before income taxes
|
$
|
692,597
|
|
|
$
|
433,038
|
|
|
$
|
286,832
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
(17,906
|
)
|
|
$
|
7,085
|
|
|
$
|
9,346
|
|
State and local
|
(4,624
|
)
|
|
(2,663
|
)
|
|
(849
|
)
|
|||
Foreign
|
(135,356
|
)
|
|
(118,175
|
)
|
|
(109,032
|
)
|
|||
Subtotal
|
(157,886
|
)
|
|
(113,753
|
)
|
|
(100,535
|
)
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
(7,459
|
)
|
|
(27,874
|
)
|
|
9,684
|
|
|||
State and local
|
(1,775
|
)
|
|
(1,165
|
)
|
|
2,018
|
|
|||
Foreign
|
(18,232
|
)
|
|
75,113
|
|
|
34,983
|
|
|||
Subtotal
|
(27,466
|
)
|
|
46,074
|
|
|
46,685
|
|
|||
Income tax expense
|
$
|
(185,352
|
)
|
|
$
|
(67,679
|
)
|
|
$
|
(53,850
|
)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Federal tax at statutory rate
|
$
|
(145,445
|
)
|
|
$
|
(90,938
|
)
|
|
$
|
(100,391
|
)
|
State and local tax (expense) benefit
|
(5,852
|
)
|
|
(3,616
|
)
|
|
1,000
|
|
|||
Deferred tax assets generated in current year not benefited
|
(5,398
|
)
|
|
(3,777
|
)
|
|
(7,643
|
)
|
|||
Foreign income tax rate differential
|
(11,610
|
)
|
|
(4,072
|
)
|
|
26,151
|
|
|||
Non-deductible expenses
|
(1,021
|
)
|
|
(756
|
)
|
|
(2,629
|
)
|
|||
Stock-based compensation expense
|
(2,105
|
)
|
|
(2,308
|
)
|
|
(616
|
)
|
|||
Change in valuation allowance
|
(2,870
|
)
|
|
38,684
|
|
|
(716
|
)
|
|||
Foreign financing activities
|
(18,738
|
)
|
|
(17,548
|
)
|
|
1,319
|
|
|||
Loss on debt extinguishment
|
—
|
|
|
—
|
|
|
(1,604
|
)
|
|||
Loss on divestments
|
(3,277
|
)
|
|
—
|
|
|
—
|
|
|||
Uncertain tax positions reserve
|
(35,724
|
)
|
|
(20,440
|
)
|
|
(66
|
)
|
|||
Tax adjustments related to REIT
|
63,614
|
|
|
32,189
|
|
|
41,973
|
|
|||
Enactment of the US tax reform
|
—
|
|
|
—
|
|
|
(6,513
|
)
|
|||
Change in deferred tax adjustments
|
(10,574
|
)
|
|
—
|
|
|
—
|
|
|||
Other, net
|
(6,352
|
)
|
|
4,903
|
|
|
(4,115
|
)
|
|||
Total income tax expense
|
$
|
(185,352
|
)
|
|
$
|
(67,679
|
)
|
|
$
|
(53,850
|
)
|
|
2019
|
|
2018
|
||||
Deferred tax assets:
|
|
|
|
||||
Reserves and accruals
|
$
|
7,670
|
|
|
$
|
24,136
|
|
Stock-based compensation expense
|
2,675
|
|
|
2,524
|
|
||
Unrealized losses
|
6,492
|
|
|
1,471
|
|
||
Operating loss carryforwards
|
59,735
|
|
|
49,169
|
|
||
Gross deferred tax assets
|
76,572
|
|
|
77,300
|
|
||
Valuation allowance
|
(57,812
|
)
|
|
(57,003
|
)
|
||
Total deferred tax assets, net
|
18,760
|
|
|
20,297
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Property, plant and equipment
|
(85,729
|
)
|
|
(50,610
|
)
|
||
Intangible assets
|
(144,404
|
)
|
|
(159,237
|
)
|
||
Total deferred tax liabilities
|
(230,133
|
)
|
|
(209,847
|
)
|
||
Net deferred tax liabilities
|
$
|
(211,373
|
)
|
|
$
|
(189,550
|
)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Beginning balance
|
$
|
57,003
|
|
|
$
|
84,573
|
|
|
$
|
29,167
|
|
Amounts from acquisitions
|
(2,707
|
)
|
|
33,070
|
|
|
25,283
|
|
|||
Divested balances
|
(351
|
)
|
|
—
|
|
|
—
|
|
|||
Amounts recognized into income
|
2,870
|
|
|
(38,684
|
)
|
|
716
|
|
|||
Current increase (decrease)
|
697
|
|
|
(13,086
|
)
|
|
28,431
|
|
|||
Impact of foreign currency exchange
|
300
|
|
|
(8,870
|
)
|
|
976
|
|
|||
Ending balance
|
$
|
57,812
|
|
|
$
|
57,003
|
|
|
$
|
84,573
|
|
Expiration Date
|
|
Federal (1)
|
|
State
|
|
Foreign (2) (3)
|
|
Total
|
||||||||
2020
|
|
$
|
78,458
|
|
|
$
|
—
|
|
|
$
|
9,739
|
|
|
$
|
88,197
|
|
2021 to 2023
|
|
149,057
|
|
|
—
|
|
|
6,191
|
|
|
155,248
|
|
||||
2024 to 2026
|
|
15,564
|
|
|
—
|
|
|
19,867
|
|
|
35,431
|
|
||||
2027 to 2029
|
|
6,065
|
|
|
—
|
|
|
14,383
|
|
|
20,448
|
|
||||
2030 to 2032
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
2033 to 2035
|
|
—
|
|
|
197
|
|
|
—
|
|
|
197
|
|
||||
Thereafter
|
|
—
|
|
|
—
|
|
|
322,729
|
|
|
322,729
|
|
||||
|
|
$
|
249,144
|
|
|
$
|
197
|
|
|
$
|
372,909
|
|
|
$
|
622,250
|
|
|
(1)
|
The total amount of NOL carryforwards that will not be available to offset the Company's future taxable income after dividend paid deduction due to Section 382 limitations was $241.8 million for federal.
|
(2)
|
In certain jurisdictions, the net operating loss carryforwards can only be used to offset a percentage of taxable income in a given year.
|
(3)
|
If certain substantial changes in the entity's ownership occur or have determined to have occurred, there may be a limitation on the amount of the carryforwards that can be utilized.
|
|
2019
|
|
2018
|
|
2017
|
||||||
Beginning balance
|
$
|
150,930
|
|
|
$
|
82,390
|
|
|
$
|
72,187
|
|
Gross increases related to prior year tax positions
|
—
|
|
|
33,436
|
|
|
6,095
|
|
|||
Gross decreases related to prior year tax positions
|
(1,160
|
)
|
|
—
|
|
|
—
|
|
|||
Gross increases related to current year tax positions
|
31,332
|
|
|
48,685
|
|
|
19,832
|
|
|||
Decreases resulting from expiration of statute of limitation
|
(2,112
|
)
|
|
(1,276
|
)
|
|
(15,410
|
)
|
|||
Decreases resulting from settlements
|
(5,264
|
)
|
|
(12,305
|
)
|
|
(314
|
)
|
|||
Ending balance
|
$
|
173,726
|
|
|
$
|
150,930
|
|
|
$
|
82,390
|
|
15.
|
Commitments and Contingencies
|
16.
|
Related Party Transactions
|
17.
|
Segment Information
|
|
Twelve Months Ended December 31, 2019
|
||||||||||||||
|
Americas (2)
|
|
EMEA
|
|
Asia-Pacific
|
|
Total
|
||||||||
Colocation (1)
|
$
|
1,769,654
|
|
|
$
|
1,395,544
|
|
|
$
|
857,009
|
|
|
$
|
4,022,207
|
|
Interconnection
|
576,709
|
|
|
161,552
|
|
|
155,328
|
|
|
893,589
|
|
||||
Managed infrastructure
|
90,262
|
|
|
113,631
|
|
|
88,735
|
|
|
292,628
|
|
||||
Other (1)
|
19,743
|
|
|
10,019
|
|
|
—
|
|
|
29,762
|
|
||||
Recurring revenues
|
2,456,368
|
|
|
1,680,746
|
|
|
1,101,072
|
|
|
5,238,186
|
|
||||
Non-recurring revenues
|
131,359
|
|
|
125,698
|
|
|
66,897
|
|
|
323,954
|
|
||||
Total
|
$
|
2,587,727
|
|
|
$
|
1,806,444
|
|
|
$
|
1,167,969
|
|
|
$
|
5,562,140
|
|
|
(1)
|
Includes some leasing and hedging activities. For further information on revenue recognition, see Note 1 and Note 2 above.
|
(2)
|
Includes revenues of $2.4 billion attributed to the U.S.
|
|
Twelve Months Ended December 31, 2018
|
||||||||||||||
|
Americas (2)
|
|
EMEA
|
|
Asia-Pacific
|
|
Total
|
||||||||
Colocation (1)
|
$
|
1,732,998
|
|
|
$
|
1,201,769
|
|
|
$
|
735,404
|
|
|
$
|
3,670,171
|
|
Interconnection
|
532,163
|
|
|
138,874
|
|
|
130,928
|
|
|
801,965
|
|
||||
Managed infrastructure
|
75,595
|
|
|
118,685
|
|
|
85,352
|
|
|
279,632
|
|
||||
Other (1)
|
16,570
|
|
|
8,164
|
|
|
—
|
|
|
24,734
|
|
||||
Recurring revenues
|
2,357,326
|
|
|
1,467,492
|
|
|
951,684
|
|
|
4,776,502
|
|
||||
Non-recurring revenues
|
127,408
|
|
|
95,145
|
|
|
72,599
|
|
|
295,152
|
|
||||
Total
|
$
|
2,484,734
|
|
|
$
|
1,562,637
|
|
|
$
|
1,024,283
|
|
|
$
|
5,071,654
|
|
|
(1)
|
Includes some leasing and hedging activities. For further information on revenue recognition, see Note 1 and Note 2 above.
|
(2)
|
Includes revenues of $2.3 billion attributed to the U.S.
|
|
Twelve Months Ended December 31, 2017
|
||||||||||||||
|
Americas (2)
|
|
EMEA
|
|
Asia-Pacific
|
|
Total
|
||||||||
Colocation (1)
|
$
|
1,518,929
|
|
|
$
|
1,063,543
|
|
|
$
|
595,673
|
|
|
$
|
3,178,145
|
|
Interconnection
|
469,268
|
|
|
104,891
|
|
|
107,014
|
|
|
681,173
|
|
||||
Managed infrastructure
|
68,937
|
|
|
88,122
|
|
|
88,110
|
|
|
245,169
|
|
||||
Other (1)
|
5,218
|
|
|
10,415
|
|
|
—
|
|
|
15,633
|
|
||||
Recurring revenues
|
2,062,352
|
|
|
1,266,971
|
|
|
790,797
|
|
|
4,120,120
|
|
||||
Non-recurring revenues
|
110,408
|
|
|
79,285
|
|
|
58,615
|
|
|
248,308
|
|
||||
Total
|
$
|
2,172,760
|
|
|
$
|
1,346,256
|
|
|
$
|
849,412
|
|
|
$
|
4,368,428
|
|
|
(1)
|
Includes some leasing and hedging activities. For further information on revenue recognition, see Note 1 and Note 2 above.
|
(2)
|
Includes revenues of $2.0 billion attributed to the U.S.
|
|
2019
|
|
2018
|
|
2017
|
||||||
Adjusted EBITDA:
|
|
|
|
|
|
||||||
Americas
|
$
|
1,237,622
|
|
|
$
|
1,183,831
|
|
|
$
|
1,034,694
|
|
EMEA
|
827,980
|
|
|
698,280
|
|
|
582,697
|
|
|||
Asia-Pacific
|
622,125
|
|
|
531,129
|
|
|
434,650
|
|
|||
Total adjusted EBITDA
|
2,687,727
|
|
|
2,413,240
|
|
|
2,052,041
|
|
|||
Depreciation, amortization and accretion expense
|
(1,285,296
|
)
|
|
(1,226,741
|
)
|
|
(1,028,892
|
)
|
|||
Stock-based compensation expense
|
(236,539
|
)
|
|
(180,716
|
)
|
|
(175,500
|
)
|
|||
Transaction costs
|
(24,781
|
)
|
|
(34,413
|
)
|
|
(38,635
|
)
|
|||
Impairment charges
|
(15,790
|
)
|
|
—
|
|
|
—
|
|
|||
Gain on asset sales
|
44,310
|
|
|
6,013
|
|
|
—
|
|
|||
Income from operations
|
$
|
1,169,631
|
|
|
$
|
977,383
|
|
|
$
|
809,014
|
|
|
2019
|
|
2018
|
||||
Americas (1)
|
$
|
5,400,287
|
|
|
$
|
5,010,507
|
|
EMEA
|
4,051,701
|
|
|
3,726,596
|
|
||
Asia-Pacific
|
2,700,609
|
|
|
2,288,917
|
|
||
Total Property, plant and equipment, net
|
$
|
12,152,597
|
|
|
$
|
11,026,020
|
|
|
(1)
|
Includes $4.8 billion and $4.6 billion, respectively, of property, plant and equipment, net attributed to the U.S. as of December 31, 2019 and 2018.
|
|
2019
|
|
2018
|
||||
Americas (1)
|
$
|
387,598
|
|
|
$
|
—
|
|
EMEA
|
521,129
|
|
|
—
|
|
||
Asia-Pacific
|
566,640
|
|
|
—
|
|
||
Total Operating lease right-of-use assets
|
$
|
1,475,367
|
|
|
$
|
—
|
|
|
(1)
|
Includes $373.7 million of operating lease right-of-use assets attributed to the U.S. as of December 31, 2019.
|
18.
|
Subsequent Events
|
19.
|
Quarterly Financial Information (Unaudited)
|
|
2019
|
||||||||||||||
|
Quarters Ended
|
||||||||||||||
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
Revenues
|
$
|
1,363,218
|
|
|
$
|
1,384,977
|
|
|
$
|
1,396,810
|
|
|
$
|
1,417,135
|
|
Gross profit
|
681,188
|
|
|
686,798
|
|
|
692,471
|
|
|
691,499
|
|
||||
Net income attributable to Equinix
|
118,078
|
|
|
143,527
|
|
|
120,850
|
|
|
124,995
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per share attributable to Equinix:
|
|
|
|
|
|
|
|
||||||||
Basic
|
1.44
|
|
|
1.70
|
|
|
1.42
|
|
|
1.47
|
|
||||
Diluted
|
1.44
|
|
|
1.69
|
|
|
1.41
|
|
|
1.46
|
|
|
2018
|
||||||||||||||
|
Quarters Ended
|
||||||||||||||
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
Revenues
|
$
|
1,215,877
|
|
|
$
|
1,261,943
|
|
|
$
|
1,283,751
|
|
|
$
|
1,310,083
|
|
Gross profit
|
593,447
|
|
|
610,142
|
|
|
623,442
|
|
|
639,148
|
|
||||
Net income attributable to Equinix
|
62,894
|
|
|
67,618
|
|
|
124,825
|
|
|
110,022
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per share attributable to Equinix:
|
|
|
|
|
|
|
|
||||||||
Basic
|
0.79
|
|
|
0.85
|
|
|
1.56
|
|
|
1.37
|
|
||||
Diluted
|
0.79
|
|
|
0.85
|
|
|
1.55
|
|
|
1.36
|
|
|
Initial Costs to Company (1)
|
|
Costs Capitalized Subsequent to Acquisition or Lease
|
|
Total Costs
|
|
|
||||||||||
|
Encumbrances
|
|
Land
|
|
Buildings and Improvements (2)
|
|
Land
|
|
Buildings and Improvements (2)
|
|
Land
|
|
Buildings and Improvements (2)
|
|
Accumulated Depreciation (3)
|
|
Date of Acquisition or Lease (4)
|
Americas:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AT1 ATLANTA (METRO)
|
$—
|
|
$—
|
|
$—
|
|
$—
|
|
$147,120
|
|
$—
|
|
$147,120
|
|
$(60,777)
|
|
2010
|
AT2 ATLANTA (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
39,988
|
|
—
|
|
39,988
|
|
(23,173)
|
|
2010
|
AT3 ATLANTA (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
4,571
|
|
—
|
|
4,571
|
|
(2,638)
|
|
2010
|
AT4 ATLANTA (METRO)
|
—
|
|
5,400
|
|
20,209
|
|
—
|
|
16,914
|
|
5,400
|
|
37,123
|
|
(8,279)
|
|
2017
|
AT5 ATLANTA (METRO)
|
—
|
|
—
|
|
5,011
|
|
—
|
|
1,962
|
|
—
|
|
6,973
|
|
(3,193)
|
|
2017
|
BG1 BOGOTÁ (METRO), COLOMBIA
|
—
|
|
—
|
|
8,779
|
|
899
|
|
4,859
|
|
899
|
|
13,638
|
|
(3,097)
|
|
2017
|
BO1 BOSTON (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
10,770
|
|
—
|
|
10,770
|
|
(8,928)
|
|
2010
|
BO2 BOSTON (METRO)
|
—
|
|
2,500
|
|
30,383
|
|
—
|
|
19,941
|
|
2,500
|
|
50,324
|
|
(9,841)
|
|
2017
|
CH1 CHICAGO (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
153,749
|
|
—
|
|
153,749
|
|
(95,232)
|
|
1999
|
CH2 CHICAGO (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
110,736
|
|
—
|
|
110,736
|
|
(60,803)
|
|
2005
|
CH3 CHICAGO (METRO)
|
—
|
|
9,759
|
|
—
|
|
351
|
|
319,029
|
|
10,110
|
|
319,029
|
|
(121,456)
|
|
2006
|
CH4 CHICAGO (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
22,444
|
|
—
|
|
22,444
|
|
(12,658)
|
|
2009
|
CH7 CHICAGO (METRO)
|
—
|
|
670
|
|
10,564
|
|
—
|
|
5,077
|
|
670
|
|
15,641
|
|
(3,679)
|
|
2017
|
CU1 CULPEPER (METRO)
|
—
|
|
1,019
|
|
37,581
|
|
—
|
|
4,523
|
|
1,019
|
|
42,104
|
|
(10,596)
|
|
2017
|
CU2 CULPEPER (METRO)
|
—
|
|
1,244
|
|
48,000
|
|
—
|
|
7,813
|
|
1,244
|
|
55,813
|
|
(11,365)
|
|
2017
|
CU3 CULPEPER (METRO)
|
—
|
|
1,088
|
|
37,387
|
|
—
|
|
1,010
|
|
1,088
|
|
38,397
|
|
(8,692)
|
|
2017
|
CU4 CULPEPER (METRO)
|
—
|
|
1,372
|
|
27,832
|
|
—
|
|
32,477
|
|
1,372
|
|
60,309
|
|
(6,588)
|
|
2017
|
DA1 DALLAS (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
70,861
|
|
—
|
|
70,861
|
|
(38,772)
|
|
2000
|
DA2 DALLAS (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
80,240
|
|
—
|
|
80,240
|
|
(28,647)
|
|
2010
|
DA3 DALLAS (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
96,101
|
|
—
|
|
96,101
|
|
(37,901)
|
|
2010
|
DA4 DALLAS (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
17,206
|
|
—
|
|
17,206
|
|
(8,878)
|
|
2010
|
DA6 DALLAS (METRO)
|
—
|
|
—
|
|
20,522
|
|
—
|
|
162,223
|
|
—
|
|
182,745
|
|
(30,483)
|
|
2012
|
DA7 DALLAS (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
29,417
|
|
—
|
|
29,417
|
|
(10,489)
|
|
2015
|
DA9 DALLAS (METRO)
|
—
|
|
610
|
|
15,398
|
|
—
|
|
4,212
|
|
610
|
|
19,610
|
|
(4,730)
|
|
2017
|
DA10 DALLAS (METRO)
|
—
|
|
—
|
|
117
|
|
—
|
|
4,633
|
|
—
|
|
4,750
|
|
(3,105)
|
|
2017
|
DA11 DALLAS (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
107,889
|
|
—
|
|
107,889
|
|
—
|
|
2018
|
INFOMART BUILDING DALLAS (METRO)
|
—
|
|
24,380
|
|
337,643
|
|
—
|
|
9,111
|
|
24,380
|
|
346,754
|
|
(19,765)
|
|
2018
|
DC1 WASHINGTON, DC (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
4,762
|
|
—
|
|
4,762
|
|
(1,245)
|
|
1999
|
DC2 WASHINGTON, DC (METRO)
|
—
|
|
—
|
|
—
|
|
5,047
|
|
124,621
|
|
5,047
|
|
124,621
|
|
(95,146)
|
|
1999
|
DC3 WASHINGTON, DC (METRO)
|
—
|
|
—
|
|
37,451
|
|
—
|
|
50,453
|
|
—
|
|
87,904
|
|
(52,127)
|
|
2004
|
DC4 WASHINGTON, DC (METRO)
|
—
|
|
1,906
|
|
7,272
|
|
—
|
|
72,553
|
|
1,906
|
|
79,825
|
|
(53,710)
|
|
2005
|
DC5 WASHINGTON, DC (METRO)
|
—
|
|
1,429
|
|
4,983
|
|
—
|
|
89,414
|
|
1,429
|
|
94,397
|
|
(63,448)
|
|
2005
|
|
Initial Costs to Company (1)
|
|
Costs Capitalized Subsequent to Acquisition or Lease
|
|
Total Costs
|
|
|
||||||||||
|
Encumbrances
|
|
Land
|
|
Buildings and Improvements (2)
|
|
Land
|
|
Buildings and Improvements (2)
|
|
Land
|
|
Buildings and Improvements (2)
|
|
Accumulated Depreciation (3)
|
|
Date of Acquisition or Lease (4)
|
DC6 WASHINGTON, DC (METRO)
|
—
|
|
1,429
|
|
5,082
|
|
—
|
|
92,078
|
|
1,429
|
|
97,160
|
|
(49,377)
|
|
2005
|
DC7 WASHINGTON, DC (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
18,939
|
|
—
|
|
18,939
|
|
(12,156)
|
|
2010
|
DC8 WASHINGTON, DC (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
4,598
|
|
—
|
|
4,598
|
|
(4,495)
|
|
2010
|
DC10 WASHINGTON, DC (METRO)
|
—
|
|
—
|
|
44,601
|
|
—
|
|
76,413
|
|
—
|
|
121,014
|
|
(72,826)
|
|
2011
|
DC11 WASHINGTON, DC (METRO)
|
—
|
|
1,429
|
|
5,082
|
|
—
|
|
181,683
|
|
1,429
|
|
186,765
|
|
(50,834)
|
|
2005
|
DC12 WASHINGTON, DC (METRO)
|
—
|
|
—
|
|
101,783
|
|
—
|
|
64,510
|
|
—
|
|
166,293
|
|
(17,654)
|
|
2017
|
DC13 WASHINGTON, DC (METRO)
|
—
|
|
5,500
|
|
25,423
|
|
—
|
|
9,680
|
|
5,500
|
|
35,103
|
|
(10,464)
|
|
2017
|
DC14 WASHINGTON, DC (METRO)
|
—
|
|
2,560
|
|
33,511
|
|
—
|
|
9,565
|
|
2,560
|
|
43,076
|
|
(8,427)
|
|
2017
|
DC15 WASHINGTON, DC (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
91,836
|
|
—
|
|
91,836
|
|
—
|
|
2018
|
DC21 WASHINGTON, DC (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
15,176
|
|
—
|
|
15,176
|
|
—
|
|
2019
|
DC97 WASHINGTON, DC (METRO)
|
—
|
|
—
|
|
2,021
|
|
—
|
|
971
|
|
—
|
|
2,992
|
|
(1,108)
|
|
2017
|
DE1 DENVER (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
9,764
|
|
—
|
|
9,764
|
|
(8,662)
|
|
2010
|
DE2 DENVER (METRO)
|
—
|
|
5,240
|
|
23,053
|
|
—
|
|
29,163
|
|
5,240
|
|
52,216
|
|
(11,831)
|
|
2017
|
HO1 HOUSTON (METRO)
|
—
|
|
1,440
|
|
23,780
|
|
—
|
|
32,179
|
|
1,440
|
|
55,959
|
|
(11,094)
|
|
2017
|
LA1 LOS ANGELES (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
107,714
|
|
—
|
|
107,714
|
|
(67,186)
|
|
1999
|
LA2 LOS ANGELES (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
10,904
|
|
—
|
|
10,904
|
|
(8,869)
|
|
2000
|
LA3 LOS ANGELES (METRO)
|
—
|
|
—
|
|
34,727
|
|
3,959
|
|
21,283
|
|
3,959
|
|
56,010
|
|
(46,154)
|
|
2005
|
LA4 LOS ANGELES (METRO)
|
—
|
|
19,333
|
|
137,630
|
|
—
|
|
47,458
|
|
19,333
|
|
185,088
|
|
(85,994)
|
|
2009
|
LA7 LOS ANGELES (METRO)
|
—
|
|
7,800
|
|
33,621
|
|
—
|
|
7,584
|
|
7,800
|
|
41,205
|
|
(10,070)
|
|
2017
|
MI1 MIAMI (METRO)
|
—
|
|
18,920
|
|
127,194
|
|
—
|
|
94,472
|
|
18,920
|
|
221,666
|
|
(42,736)
|
|
2017
|
MI2 MIAMI (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
23,223
|
|
—
|
|
23,223
|
|
(13,246)
|
|
2010
|
MI3 MIAMI (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
32,602
|
|
—
|
|
32,602
|
|
(15,320)
|
|
2012
|
MI6 MIAMI (METRO)
|
—
|
|
4,750
|
|
23,017
|
|
—
|
|
8,286
|
|
4,750
|
|
31,303
|
|
(9,083)
|
|
2017
|
NY1 NEW YORK (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
71,186
|
|
—
|
|
71,186
|
|
(41,346)
|
|
1999
|
NY2 NEW YORK (METRO)
|
—
|
|
—
|
|
—
|
|
17,859
|
|
204,510
|
|
17,859
|
|
204,510
|
|
(130,020)
|
|
2000
|
NY4 NEW YORK (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
352,069
|
|
—
|
|
352,069
|
|
(188,961)
|
|
2006
|
NY5 NEW YORK (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
269,478
|
|
—
|
|
269,478
|
|
(67,199)
|
|
2010
|
NY6 NEW YORK (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
66,897
|
|
—
|
|
66,897
|
|
(12,312)
|
|
2010
|
NY7 NEW YORK (METRO)
|
—
|
|
—
|
|
24,660
|
|
—
|
|
167,514
|
|
—
|
|
192,174
|
|
(123,495)
|
|
2010
|
NY8 NEW YORK (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
11,267
|
|
—
|
|
11,267
|
|
(7,928)
|
|
2010
|
NY9 NEW YORK (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
50,868
|
|
—
|
|
50,868
|
|
(33,241)
|
|
2010
|
NY11 NEW YORK (METRO)
|
—
|
|
2,050
|
|
58,717
|
|
—
|
|
10,940
|
|
2,050
|
|
69,657
|
|
(17,997)
|
|
2017
|
NY13 NEW YORK (METRO)
|
—
|
|
—
|
|
31,603
|
|
—
|
|
6,463
|
|
—
|
|
38,066
|
|
(11,081)
|
|
2017
|
PH1 PHILADELPHIA (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
43,724
|
|
—
|
|
43,724
|
|
(16,725)
|
|
2010
|
RJ1 RIO DE JANEIRO (METRO), BRAZIL
|
—
|
|
—
|
|
—
|
|
—
|
|
22,642
|
|
—
|
|
22,642
|
|
(15,816)
|
|
2011
|
RJ2 RIO DE JANEIRO (METRO), BRAZIL
|
—
|
|
—
|
|
2,012
|
|
1,635
|
|
56,081
|
|
1,635
|
|
58,093
|
|
(18,176)
|
|
2012
|
SE2 SEATTLE (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
27,912
|
|
—
|
|
27,912
|
|
(23,071)
|
|
2010
|
|
Initial Costs to Company (1)
|
|
Costs Capitalized Subsequent to Acquisition or Lease
|
|
Total Costs
|
|
|
||||||||||
|
Encumbrances
|
|
Land
|
|
Buildings and Improvements (2)
|
|
Land
|
|
Buildings and Improvements (2)
|
|
Land
|
|
Buildings and Improvements (2)
|
|
Accumulated Depreciation (3)
|
|
Date of Acquisition or Lease (4)
|
SE3 SEATTLE (METRO)
|
—
|
|
—
|
|
1,760
|
|
—
|
|
99,026
|
|
—
|
|
100,786
|
|
(48,609)
|
|
2011
|
SE4 SEATTLE (METRO)
|
—
|
|
4,000
|
|
12,903
|
|
—
|
|
30,171
|
|
4,000
|
|
43,074
|
|
(4,990)
|
|
2017
|
SP1 SÃO PAULO (METRO), BRAZIL
|
—
|
|
—
|
|
10,188
|
|
—
|
|
20,427
|
|
—
|
|
30,615
|
|
(24,774)
|
|
2011
|
SP2 SÃO PAULO (METRO), BRAZIL
|
—
|
|
—
|
|
—
|
|
3,979
|
|
67,644
|
|
3,979
|
|
67,644
|
|
(52,426)
|
|
2011
|
SP3 SÃO PAULO (METRO), BRAZIL
|
—
|
|
9,998
|
|
72,997
|
|
—
|
|
33,856
|
|
9,998
|
|
106,853
|
|
(21,392)
|
|
2017
|
SP4 SÃO PAULO (METRO), BRAZIL
|
—
|
|
—
|
|
22,027
|
|
—
|
|
46,673
|
|
—
|
|
68,700
|
|
(8,156)
|
|
2017
|
SV1 SILICON VALLEY (METRO)
|
—
|
|
—
|
|
—
|
|
15,545
|
|
142,396
|
|
15,545
|
|
142,396
|
|
(92,746)
|
|
1999
|
SV2 SILICON VALLEY (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
150,225
|
|
—
|
|
150,225
|
|
(85,449)
|
|
2003
|
SV3 SILICON VALLEY (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
80,591
|
|
—
|
|
80,591
|
|
(38,156)
|
|
1999
|
SV4 SILICON VALLEY (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
25,031
|
|
—
|
|
25,031
|
|
(21,991)
|
|
2005
|
SV5 SILICON VALLEY (METRO)
|
—
|
|
6,238
|
|
98,991
|
|
—
|
|
98,181
|
|
6,238
|
|
197,172
|
|
(73,271)
|
|
2010
|
SV6 SILICON VALLEY (METRO)
|
—
|
|
—
|
|
15,585
|
|
—
|
|
28,778
|
|
—
|
|
44,363
|
|
(33,612)
|
|
2010
|
SV8 SILICON VALLEY (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
51,084
|
|
—
|
|
51,084
|
|
(32,480)
|
|
2010
|
SV10 SILICON VALLEY (METRO)
|
—
|
|
12,646
|
|
123,594
|
|
—
|
|
85,811
|
|
12,646
|
|
209,405
|
|
(19,993)
|
|
2017
|
SV11 SILICON VALLEY (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
2,809
|
|
—
|
|
2,809
|
|
—
|
|
2019
|
SV12 SILICON VALLEY (METRO)
|
—
|
|
20,313
|
|
—
|
|
—
|
|
6,925
|
|
20,313
|
|
6,925
|
|
—
|
|
2015
|
SV13 SILICON VALLEY (METRO)
|
—
|
|
—
|
|
3,828
|
|
—
|
|
73
|
|
—
|
|
3,901
|
|
(2,459)
|
|
2017
|
SV14 SILICON VALLEY (METRO)
|
—
|
|
3,638
|
|
5,503
|
|
—
|
|
3,742
|
|
3,638
|
|
9,245
|
|
(1,768)
|
|
2017
|
SV15 SILICON VALLEY (METRO)
|
—
|
|
7,651
|
|
23,060
|
|
—
|
|
1,188
|
|
7,651
|
|
24,248
|
|
(5,827)
|
|
2017
|
SV16 SILICON VALLEY (METRO)
|
—
|
|
4,271
|
|
15,018
|
|
—
|
|
1,384
|
|
4,271
|
|
16,402
|
|
(4,237)
|
|
2017
|
SV17 SILICON VALLEY (METRO)
|
—
|
|
—
|
|
17,493
|
|
—
|
|
3,805
|
|
—
|
|
21,298
|
|
(10,830)
|
|
2017
|
TR1 TORONTO (METRO), CANADA
|
—
|
|
—
|
|
—
|
|
—
|
|
90,620
|
|
—
|
|
90,620
|
|
(30,501)
|
|
2010
|
TR2 TORONTO (METRO), CANADA
|
—
|
|
—
|
|
21,113
|
|
104,289
|
|
120,080
|
|
104,289
|
|
141,193
|
|
(19,385)
|
|
2015
|
OTHERS (5)
|
—
|
|
77,527
|
|
21,580
|
|
227
|
|
36,770
|
|
77,754
|
|
58,350
|
|
(2,876)
|
|
Various
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AD1 ABU DHABI (METRO), UNITED ARAB EMIRATES
|
—
|
|
—
|
|
—
|
|
—
|
|
353
|
|
—
|
|
353
|
|
(108)
|
|
2017
|
AM1 AMSTERDAM (METRO), THE NETHERLANDS
|
—
|
|
—
|
|
—
|
|
—
|
|
86,937
|
|
—
|
|
86,937
|
|
(42,564)
|
|
2008
|
AM2 AMSTERDAM (METRO), THE NETHERLANDS
|
—
|
|
—
|
|
—
|
|
—
|
|
80,238
|
|
—
|
|
80,238
|
|
(30,339)
|
|
2008
|
AM3 AMSTERDAM (METRO), THE NETHERLANDS
|
—
|
|
—
|
|
27,099
|
|
—
|
|
125,459
|
|
—
|
|
152,558
|
|
(52,150)
|
|
2011
|
AM4 AMSTERDAM (METRO), THE NETHERLANDS
|
—
|
|
—
|
|
—
|
|
—
|
|
190,025
|
|
—
|
|
190,025
|
|
(14,637)
|
|
2016
|
AM5 AMSTERDAM (METRO), THE NETHERLANDS
|
—
|
|
—
|
|
92,199
|
|
—
|
|
12,882
|
|
—
|
|
105,081
|
|
(25,529)
|
|
2016
|
AM6 AMSTERDAM (METRO), THE NETHERLANDS
|
—
|
|
6,616
|
|
50,876
|
|
437
|
|
81,635
|
|
7,053
|
|
132,511
|
|
(18,039)
|
|
2016
|
|
Initial Costs to Company (1)
|
|
Costs Capitalized Subsequent to Acquisition or Lease
|
|
Total Costs
|
|
|
||||||||||
|
Encumbrances
|
|
Land
|
|
Buildings and Improvements (2)
|
|
Land
|
|
Buildings and Improvements (2)
|
|
Land
|
|
Buildings and Improvements (2)
|
|
Accumulated Depreciation (3)
|
|
Date of Acquisition or Lease (4)
|
AM7 AMSTERDAM (METRO), THE NETHERLANDS
|
—
|
|
—
|
|
7,397
|
|
—
|
|
62,235
|
|
—
|
|
69,632
|
|
(5,773)
|
|
2016
|
AM8 AMSTERDAM (METRO), THE NETHERLANDS
|
—
|
|
—
|
|
—
|
|
—
|
|
11,060
|
|
—
|
|
11,060
|
|
(4,178)
|
|
2016
|
AM11 AMSTERDAM (METRO), THE NETHERLANDS
|
—
|
|
—
|
|
6,405
|
|
410
|
|
1,314
|
|
410
|
|
7,719
|
|
(410)
|
|
2019
|
BA1 BARCELONA (METRO), SPAIN
|
—
|
|
—
|
|
9,443
|
|
—
|
|
6,785
|
|
—
|
|
16,228
|
|
(3,710)
|
|
2017
|
DB1 DUBLIN (METRO), IRELAND
|
—
|
|
—
|
|
—
|
|
—
|
|
3,597
|
|
—
|
|
3,597
|
|
(2,446)
|
|
2016
|
DB2 DUBLIN (METRO), IRELAND
|
—
|
|
—
|
|
12,460
|
|
—
|
|
3,734
|
|
—
|
|
16,194
|
|
(6,469)
|
|
2016
|
DB3 DUBLIN (METRO), IRELAND
|
—
|
|
3,334
|
|
54,387
|
|
220
|
|
14,652
|
|
3,554
|
|
69,039
|
|
(15,205)
|
|
2016
|
DB4 DUBLIN (METRO), IRELAND
|
—
|
|
—
|
|
26,875
|
|
—
|
|
14,977
|
|
—
|
|
41,852
|
|
(6,898)
|
|
2016
|
DU1 DÜSSELDORF (METRO), GERMANY
|
—
|
|
—
|
|
—
|
|
8,117
|
|
30,189
|
|
8,117
|
|
30,189
|
|
(18,332)
|
|
2000
|
DX1 DUBAI (METRO), UNITED ARAB EMIRATES
|
—
|
|
—
|
|
—
|
|
—
|
|
89,340
|
|
—
|
|
89,340
|
|
(25,114)
|
|
2008
|
DX2 DUBAI (METRO), UNITED ARAB EMIRATES
|
—
|
|
—
|
|
—
|
|
—
|
|
653
|
|
—
|
|
653
|
|
(175)
|
|
2017
|
EN1 ENSCHEDE (METRO), THE NETHERLANDS
|
—
|
|
—
|
|
—
|
|
—
|
|
31,702
|
|
—
|
|
31,702
|
|
(21,705)
|
|
2008
|
FR1 FRANKFURT (METRO), GERMANY
|
—
|
|
—
|
|
—
|
|
—
|
|
4,151
|
|
—
|
|
4,151
|
|
(3,800)
|
|
2007
|
FR2 FRANKFURT (METRO), GERMANY
|
—
|
|
—
|
|
—
|
|
24,342
|
|
497,924
|
|
24,342
|
|
497,924
|
|
(126,263)
|
|
2007
|
FR4 FRANKFURT (METRO), GERMANY
|
—
|
|
11,578
|
|
9,307
|
|
764
|
|
80,031
|
|
12,342
|
|
89,338
|
|
(28,865)
|
|
2009
|
FR5 FRANKFURT (METRO), GERMANY
|
30,310
|
|
—
|
|
—
|
|
14,002
|
|
189,912
|
|
14,002
|
|
189,912
|
|
(41,597)
|
|
2012
|
FR6 FRANKFURT (METRO), GERMANY
|
—
|
|
—
|
|
—
|
|
—
|
|
135,071
|
|
—
|
|
135,071
|
|
(16,536)
|
|
2016
|
FR7 FRANKFURT (METRO), GERMANY
|
—
|
|
—
|
|
43,634
|
|
—
|
|
27,003
|
|
—
|
|
70,637
|
|
(18,717)
|
|
2016
|
GV1 GENEVA (METRO), SWITZERLAND
|
—
|
|
—
|
|
—
|
|
—
|
|
15,117
|
|
—
|
|
15,117
|
|
(3,841)
|
|
2004
|
GV2 GENEVA (METRO), SWITZERLAND
|
—
|
|
—
|
|
—
|
|
—
|
|
24,648
|
|
—
|
|
24,648
|
|
(21,916)
|
|
2009
|
HE1 HELSINKI (METRO), FINLAND
|
—
|
|
—
|
|
—
|
|
—
|
|
3,626
|
|
—
|
|
3,626
|
|
(2,541)
|
|
2016
|
HE3 HELSINKI (METRO), FINLAND
|
—
|
|
—
|
|
—
|
|
—
|
|
13,920
|
|
—
|
|
13,920
|
|
(8,134)
|
|
2016
|
HE4 HELSINKI (METRO), FINLAND
|
—
|
|
—
|
|
29,092
|
|
—
|
|
5,841
|
|
—
|
|
34,933
|
|
(13,389)
|
|
2016
|
HE5 HELSINKI (METRO), FINLAND
|
—
|
|
—
|
|
7,564
|
|
—
|
|
5,856
|
|
—
|
|
13,420
|
|
(3,627)
|
|
2016
|
HE6 HELSINKI (METRO), FINLAND
|
—
|
|
—
|
|
17,204
|
|
1,571
|
|
25,830
|
|
1,571
|
|
43,034
|
|
(8,828)
|
|
2016
|
HE7 HELSINKI (METRO), FINLAND
|
—
|
|
7,348
|
|
6,946
|
|
1,019
|
|
16,128
|
|
8,367
|
|
23,074
|
|
(1,310)
|
|
2018
|
HH1 HAMBURG (METRO), GERMANY
|
|
|
3,612
|
|
5,360
|
|
549
|
|
26,734
|
|
4,161
|
|
32,094
|
|
(290)
|
|
2018
|
IL2 ISTANBUL (METRO), TURKEY
|
—
|
|
14,460
|
|
39,289
|
|
—
|
|
12,428
|
|
14,460
|
|
51,717
|
|
(4,603)
|
|
2017
|
LD3 LONDON (METRO), UNITED KINGDOM
|
—
|
|
—
|
|
—
|
|
—
|
|
17,513
|
|
—
|
|
17,513
|
|
(15,831)
|
|
2000
|
LD4 LONDON (METRO), UNITED KINGDOM
|
—
|
|
—
|
|
23,044
|
|
—
|
|
119,830
|
|
—
|
|
142,874
|
|
(43,675)
|
|
2007
|
LD5 LONDON (METRO), UNITED KINGDOM
|
—
|
|
—
|
|
16,412
|
|
—
|
|
181,903
|
|
—
|
|
198,315
|
|
(88,458)
|
|
2010
|
LD6 LONDON (METRO), UNITED KINGDOM
|
—
|
|
—
|
|
—
|
|
—
|
|
138,942
|
|
—
|
|
138,942
|
|
(27,330)
|
|
2013
|
LD7 LONDON (METRO), UNITED KINGDOM
|
—
|
|
—
|
|
—
|
|
—
|
|
130,759
|
|
—
|
|
130,759
|
|
(3,320)
|
|
2018
|
|
Initial Costs to Company (1)
|
|
Costs Capitalized Subsequent to Acquisition or Lease
|
|
Total Costs
|
|
|
||||||||||
|
Encumbrances
|
|
Land
|
|
Buildings and Improvements (2)
|
|
Land
|
|
Buildings and Improvements (2)
|
|
Land
|
|
Buildings and Improvements (2)
|
|
Accumulated Depreciation (3)
|
|
Date of Acquisition or Lease (4)
|
LD8 LONDON (METRO), UNITED KINGDOM
|
—
|
|
—
|
|
107,544
|
|
—
|
|
37,898
|
|
—
|
|
145,442
|
|
(38,935)
|
|
2016
|
LD9 LONDON (METRO), UNITED KINGDOM
|
—
|
|
—
|
|
181,431
|
|
—
|
|
152,279
|
|
—
|
|
333,710
|
|
(58,823)
|
|
2016
|
LD10 LONDON (METRO), UNITED KINGDOM
|
—
|
|
—
|
|
40,251
|
|
—
|
|
98,955
|
|
—
|
|
139,206
|
|
(3,115)
|
|
2017
|
LS1 LISBON (METRO), PORTUGAL
|
—
|
|
—
|
|
7,374
|
|
3,467
|
|
4,061
|
|
3,467
|
|
11,435
|
|
(2,313)
|
|
2017
|
MA1 MANCHESTER (METRO), UNITED KINGDOM
|
—
|
|
—
|
|
—
|
|
—
|
|
10,480
|
|
—
|
|
10,480
|
|
(4,260)
|
|
2016
|
MA2 MANCHESTER (METRO), UNITED KINGDOM
|
—
|
|
—
|
|
—
|
|
—
|
|
10,211
|
|
—
|
|
10,211
|
|
(5,824)
|
|
2016
|
MA3 MANCHESTER (METRO), UNITED KINGDOM
|
—
|
|
—
|
|
44,931
|
|
—
|
|
5,883
|
|
—
|
|
50,814
|
|
(20,007)
|
|
2016
|
MA4 MANCHESTER (METRO), UNITED KINGDOM
|
—
|
|
—
|
|
6,697
|
|
—
|
|
2,403
|
|
—
|
|
9,100
|
|
(6,634)
|
|
2016
|
MD1 MADRID (METRO), SPAIN
|
—
|
|
—
|
|
7,917
|
|
10,961
|
|
1,086
|
|
10,961
|
|
9,003
|
|
(3,074)
|
|
2017
|
MD2 MADRID (METRO), SPAIN
|
—
|
|
—
|
|
40,952
|
|
—
|
|
29,913
|
|
—
|
|
70,865
|
|
(18,467)
|
|
2017
|
ML2 MILAN (METRO), ITALY
|
—
|
|
—
|
|
—
|
|
—
|
|
18,941
|
|
—
|
|
18,941
|
|
(8,119)
|
|
2016
|
ML3 MILAN (METRO), ITALY
|
—
|
|
—
|
|
—
|
|
3,564
|
|
41,678
|
|
3,564
|
|
41,678
|
|
(11,036)
|
|
2016
|
ML4 MILAN (METRO), ITALY
|
—
|
|
—
|
|
—
|
|
—
|
|
8,978
|
|
—
|
|
8,978
|
|
(4,812)
|
|
2016
|
ML5 MILAN (METRO), ITALY
|
—
|
|
7,741
|
|
20,952
|
|
—
|
|
—
|
|
7,741
|
|
20,952
|
|
—
|
|
2019
|
MU1 MUNICH (METRO), GERMANY
|
—
|
|
—
|
|
—
|
|
—
|
|
26,282
|
|
—
|
|
26,282
|
|
(15,088)
|
|
2007
|
MU3 MUNICH (METRO), GERMANY
|
—
|
|
—
|
|
—
|
|
—
|
|
4,759
|
|
—
|
|
4,759
|
|
(2,001)
|
|
2010
|
PA1 PARIS (METRO), FRANCE
|
—
|
|
—
|
|
—
|
|
—
|
|
21,810
|
|
—
|
|
21,810
|
|
(11,154)
|
|
2007
|
PA2 & PA3 PARIS (METRO), FRANCE
|
—
|
|
—
|
|
29,615
|
|
25,290
|
|
286,113
|
|
25,290
|
|
315,728
|
|
(121,808)
|
|
2007
|
PA4 PARIS (METRO), FRANCE
|
—
|
|
1,598
|
|
9,503
|
|
—
|
|
225,703
|
|
1,598
|
|
235,206
|
|
(61,380)
|
|
2011
|
PA5 PARIS (METRO), FRANCE
|
—
|
|
—
|
|
16,554
|
|
—
|
|
442
|
|
—
|
|
16,996
|
|
(5,081)
|
|
2016
|
PA6 PARIS (METRO), FRANCE
|
—
|
|
—
|
|
—
|
|
—
|
|
66,720
|
|
—
|
|
66,720
|
|
(25,375)
|
|
2016
|
PA7 PARIS (METRO), FRANCE
|
—
|
|
—
|
|
—
|
|
—
|
|
18,611
|
|
—
|
|
18,611
|
|
(7,477)
|
|
2016
|
PA9x PARIS (METRO), FRANCE
|
—
|
|
—
|
|
—
|
|
—
|
|
54,834
|
|
—
|
|
54,834
|
|
—
|
|
2019
|
SA1 SEVILLE (METRO), SPAIN
|
—
|
|
—
|
|
1,567
|
|
—
|
|
809
|
|
—
|
|
2,376
|
|
(1,459)
|
|
2017
|
SK1 STOCKHOLM, (METRO), SWEDEN
|
—
|
|
—
|
|
15,495
|
|
—
|
|
7,865
|
|
—
|
|
23,360
|
|
(7,424)
|
|
2016
|
SK2 STOCKHOLM, (METRO), SWEDEN
|
—
|
|
—
|
|
80,148
|
|
3,775
|
|
59,319
|
|
3,775
|
|
139,467
|
|
(20,755)
|
|
2016
|
SK3 STOCKHOLM, (METRO), SWEDEN
|
—
|
|
—
|
|
—
|
|
—
|
|
15,769
|
|
—
|
|
15,769
|
|
(3,738)
|
|
2016
|
SO1 SOFIA (METRO), BULGARIA
|
—
|
|
—
|
|
5,236
|
|
—
|
|
2,471
|
|
—
|
|
7,707
|
|
(1,780)
|
|
2016
|
SO2 SOFIA (METRO), BULGARIA
|
—
|
|
2,719
|
|
—
|
|
—
|
|
17,074
|
|
2,719
|
|
17,074
|
|
(454)
|
|
2017
|
WA1 WARSAW (METRO), POLAND
|
—
|
|
—
|
|
5,950
|
|
—
|
|
10,951
|
|
—
|
|
16,901
|
|
(5,390)
|
|
2016
|
WA2 WARSAW (METRO), POLAND
|
—
|
|
—
|
|
4,709
|
|
—
|
|
8,536
|
|
—
|
|
13,245
|
|
(3,528)
|
|
2016
|
WA3 WARSAW (METRO), POLAND
|
—
|
|
2,784
|
|
—
|
|
—
|
|
33,930
|
|
2,784
|
|
33,930
|
|
(67)
|
|
2017
|
ZH1 ZURICH (METRO), SWITZERLAND
|
—
|
|
—
|
|
—
|
|
—
|
|
36
|
|
—
|
|
36
|
|
—
|
|
2007
|
ZH2 ZURICH (METRO), SWITZERLAND
|
—
|
|
—
|
|
—
|
|
—
|
|
3,158
|
|
—
|
|
3,158
|
|
(2,579)
|
|
2002
|
ZH4 ZURICH (METRO), SWITZERLAND
|
—
|
|
—
|
|
11,284
|
|
—
|
|
23,137
|
|
—
|
|
34,421
|
|
(23,774)
|
|
2009
|
|
Initial Costs to Company (1)
|
|
Costs Capitalized Subsequent to Acquisition or Lease
|
|
Total Costs
|
|
|
||||||||||
|
Encumbrances
|
|
Land
|
|
Buildings and Improvements (2)
|
|
Land
|
|
Buildings and Improvements (2)
|
|
Land
|
|
Buildings and Improvements (2)
|
|
Accumulated Depreciation (3)
|
|
Date of Acquisition or Lease (4)
|
ZH5 ZURICH (METRO), SWITZERLAND
|
—
|
|
—
|
|
—
|
|
7,613
|
|
122,801
|
|
7,613
|
|
122,801
|
|
(20,735)
|
|
2009
|
ZW1 ZWOLLE (METRO), THE NETHERLANDS
|
—
|
|
—
|
|
—
|
|
—
|
|
9,934
|
|
—
|
|
9,934
|
|
(6,829)
|
|
2008
|
OTHERS (5)
|
—
|
|
16,652
|
|
7,956
|
|
16,763
|
|
54,557
|
|
33,415
|
|
62,513
|
|
(3,756)
|
|
Various
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia-Pacific:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AE1 ADELAIDE (METRO), AUSTRALIA
|
—
|
|
2,654
|
|
1,015
|
|
—
|
|
1,689
|
|
2,654
|
|
2,704
|
|
(400)
|
|
2018
|
BR1 BRISBANE (METRO), AUSTRALIA
|
—
|
|
3,159
|
|
1,053
|
|
—
|
|
1,712
|
|
3,159
|
|
2,765
|
|
(249)
|
|
2018
|
CA1 CANBERRA (METRO), AUSTRALIA
|
—
|
|
—
|
|
18,410
|
|
—
|
|
1,416
|
|
—
|
|
19,826
|
|
(1,397)
|
|
2018
|
HK1 HONG KONG (METRO), CHINA
|
—
|
|
—
|
|
—
|
|
—
|
|
217,236
|
|
—
|
|
217,236
|
|
(102,231)
|
|
2003
|
HK2 HONG KONG (METRO), CHINA
|
—
|
|
—
|
|
—
|
|
—
|
|
230,373
|
|
—
|
|
230,373
|
|
(117,462)
|
|
2010
|
HK3 HONG KONG (METRO), CHINA
|
—
|
|
—
|
|
—
|
|
—
|
|
137,773
|
|
—
|
|
137,773
|
|
(70,771)
|
|
2012
|
HK4 HONG KONG (METRO), CHINA
|
—
|
|
—
|
|
—
|
|
—
|
|
67,853
|
|
—
|
|
67,853
|
|
(7,278)
|
|
2012
|
HK5 HONG KONG (METRO), CHINA
|
—
|
|
—
|
|
70,002
|
|
—
|
|
36,845
|
|
—
|
|
106,847
|
|
(13,545)
|
|
2017
|
ME1 MELBOURNE (METRO), AUSTRALIA
|
—
|
|
14,926
|
|
—
|
|
—
|
|
83,929
|
|
14,926
|
|
83,929
|
|
(18,291)
|
|
2013
|
ME2 MELBOURNE (METRO), AUSTRALIA
|
—
|
|
—
|
|
—
|
|
—
|
|
74,262
|
|
—
|
|
74,262
|
|
(130)
|
|
2018
|
ME4 MELBOURNE (METRO), AUSTRALIA
|
—
|
|
3,426
|
|
84,175
|
|
—
|
|
7,387
|
|
3,426
|
|
91,562
|
|
(10,436)
|
|
2018
|
ME5 MELBOURNE (METRO), AUSTRALIA
|
—
|
|
6,655
|
|
4,094
|
|
—
|
|
3,523
|
|
6,655
|
|
7,617
|
|
(1,167)
|
|
2018
|
OS1 OSAKA (METRO), JAPAN
|
—
|
|
—
|
|
14,876
|
|
—
|
|
97,754
|
|
—
|
|
112,630
|
|
(26,774)
|
|
2013
|
OS2x OSAKA (METRO), JAPAN
|
—
|
|
12,023
|
|
—
|
|
651
|
|
4,255
|
|
12,674
|
|
4,255
|
|
—
|
|
2018
|
PE1 PERTH (METRO), AUSTRALIA
|
—
|
|
1,348
|
|
1,337
|
|
—
|
|
1,064
|
|
1,348
|
|
2,401
|
|
(184)
|
|
2018
|
PE2 PERTH (METRO), AUSTRALIA
|
—
|
|
—
|
|
16,327
|
|
—
|
|
12,344
|
|
—
|
|
28,671
|
|
(3,003)
|
|
2018
|
SG1 SINGAPORE (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
173,068
|
|
—
|
|
173,068
|
|
(116,934)
|
|
2003
|
SG2 SINGAPORE (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
293,336
|
|
—
|
|
293,336
|
|
(188,277)
|
|
2008
|
SG3 SINGAPORE (METRO)
|
—
|
|
—
|
|
34,844
|
|
—
|
|
210,664
|
|
—
|
|
245,508
|
|
(50,346)
|
|
2013
|
SG4 SINGAPORE (METRO)
|
—
|
|
—
|
|
54,602
|
|
—
|
|
72,084
|
|
—
|
|
126,686
|
|
(287)
|
|
2019
|
SG5 SINGAPORE (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
24,320
|
|
—
|
|
24,320
|
|
—
|
|
2019
|
SH2 SHANGHAI (METRO), CHINA
|
—
|
|
—
|
|
—
|
|
—
|
|
5,037
|
|
—
|
|
5,037
|
|
(1,919)
|
|
2012
|
SH3 SHANGHAI (METRO), CHINA
|
—
|
|
—
|
|
7,066
|
|
—
|
|
9,950
|
|
—
|
|
17,016
|
|
(5,570)
|
|
2012
|
SH5 SHANGHAI (METRO), CHINA
|
—
|
|
—
|
|
11,284
|
|
—
|
|
20,369
|
|
—
|
|
31,653
|
|
(11,965)
|
|
2012
|
SH6 SHANGHAI (METRO), CHINA
|
—
|
|
—
|
|
16,545
|
|
—
|
|
12,469
|
|
—
|
|
29,014
|
|
(1,448)
|
|
2017
|
SL1 SEOUL (METRO), SOUTH KOREA
|
—
|
|
—
|
|
29,236
|
|
—
|
|
4,729
|
|
—
|
|
33,965
|
|
(1,306)
|
|
2019
|
SY1 SYDNEY (METRO), AUSTRALIA
|
—
|
|
—
|
|
—
|
|
—
|
|
28,195
|
|
—
|
|
28,195
|
|
(17,494)
|
|
2003
|
SY2 SYDNEY (METRO), AUSTRALIA
|
—
|
|
—
|
|
3,080
|
|
—
|
|
23,572
|
|
—
|
|
26,652
|
|
(20,289)
|
|
2008
|
SY3 SYDNEY (METRO), AUSTRALIA
|
—
|
|
—
|
|
8,712
|
|
—
|
|
140,746
|
|
—
|
|
149,458
|
|
(68,935)
|
|
2010
|
SY4 SYDNEY (METRO), AUSTRALIA
|
—
|
|
—
|
|
—
|
|
—
|
|
160,001
|
|
—
|
|
160,001
|
|
(28,402)
|
|
2014
|
SY5 SYDNEY (METRO), AUSTRALIA
|
—
|
|
82,091
|
|
—
|
|
—
|
|
167,426
|
|
82,091
|
|
167,426
|
|
(374)
|
|
2018
|
SY6 SYDNEY (METRO), AUSTRALIA
|
—
|
|
8,859
|
|
64,197
|
|
—
|
|
5,540
|
|
8,859
|
|
69,737
|
|
(5,847)
|
|
2018
|
|
Initial Costs to Company (1)
|
|
Costs Capitalized Subsequent to Acquisition or Lease
|
|
Total Costs
|
|
|
||||||||||
|
Encumbrances
|
|
Land
|
|
Buildings and Improvements (2)
|
|
Land
|
|
Buildings and Improvements (2)
|
|
Land
|
|
Buildings and Improvements (2)
|
|
Accumulated Depreciation (3)
|
|
Date of Acquisition or Lease (4)
|
SY7 SYDNEY (METRO), AUSTRALIA
|
—
|
|
2,745
|
|
47,350
|
|
—
|
|
3,057
|
|
2,745
|
|
50,407
|
|
(3,921)
|
|
2018
|
SY8 SYDNEY (METRO), AUSTRALIA
|
—
|
|
—
|
|
1,073
|
|
—
|
|
367
|
|
—
|
|
1,440
|
|
(487)
|
|
2018
|
TY1 TOKYO (METRO), JAPAN
|
—
|
|
—
|
|
—
|
|
—
|
|
23,400
|
|
—
|
|
23,400
|
|
(18,214)
|
|
2000
|
TY2 TOKYO (METRO), JAPAN
|
—
|
|
—
|
|
—
|
|
—
|
|
90,190
|
|
—
|
|
90,190
|
|
(65,613)
|
|
2006
|
TY3 TOKYO (METRO), JAPAN
|
—
|
|
—
|
|
—
|
|
—
|
|
78,646
|
|
—
|
|
78,646
|
|
(39,806)
|
|
2010
|
TY4 TOKYO (METRO), JAPAN
|
—
|
|
—
|
|
—
|
|
—
|
|
75,422
|
|
—
|
|
75,422
|
|
(26,281)
|
|
2012
|
TY5 TOKYO (METRO), JAPAN
|
—
|
|
—
|
|
102
|
|
—
|
|
57,228
|
|
—
|
|
57,330
|
|
(13,578)
|
|
2014
|
TY6 TOKYO (METRO), JAPAN
|
—
|
|
—
|
|
37,941
|
|
—
|
|
11,992
|
|
—
|
|
49,933
|
|
(25,728)
|
|
2015
|
TY7 TOKYO (METRO), JAPAN
|
—
|
|
—
|
|
13,175
|
|
—
|
|
5,958
|
|
—
|
|
19,133
|
|
(11,043)
|
|
2015
|
TY8 TOKYO (METRO), JAPAN
|
—
|
|
—
|
|
53,848
|
|
—
|
|
7,981
|
|
—
|
|
61,829
|
|
(22,012)
|
|
2015
|
TY9 TOKYO (METRO), JAPAN
|
—
|
|
—
|
|
106,710
|
|
—
|
|
20,043
|
|
—
|
|
126,753
|
|
(63,550)
|
|
2015
|
TY10 TOKYO (METRO), JAPAN
|
—
|
|
—
|
|
69,881
|
|
—
|
|
17,422
|
|
—
|
|
87,303
|
|
(20,679)
|
|
2015
|
TY11 TOKYO (METRO), JAPAN
|
—
|
|
—
|
|
22,099
|
|
—
|
|
134,708
|
|
—
|
|
156,807
|
|
(3,320)
|
|
2018
|
TY12x TOKYO (METRO), JAPAN
|
—
|
|
10,285
|
|
—
|
|
101
|
|
66,560
|
|
10,386
|
|
66,560
|
|
—
|
|
2018
|
OTHERS (5)
|
—
|
|
14,536
|
|
875
|
|
—
|
|
14,593
|
|
14,536
|
|
15,468
|
|
(8,213)
|
|
Various
|
TOTAL LOCATIONS
|
$30,310
|
|
$509,259
|
|
$3,777,257
|
|
$277,406
|
|
$12,363,410
|
|
$786,665
|
|
$16,140,667
|
|
$(5,329,182)
|
|
|
|
(1)
|
The initial cost was $0 if the lease of the respective IBX was classified as an operating lease.
|
(2)
|
Building and improvements include all fixed assets except for land.
|
(3)
|
Buildings and improvements are depreciated on a straight line basis over estimated useful live as described under described in Note 1 within the Consolidated Financial Statements.
|
(4)
|
Date of lease or acquisition represents the date the Company leased the facility or acquired the facility through purchase or acquisition.
|
(5)
|
Includes various IBXs that are under initial development and costs incurred at certain central locations supporting various IBX functions.
|
|
2019
|
|
2018
|
|
2017
|
||||||
Balance, beginning of period
|
$
|
15,020,198
|
|
|
$
|
12,947,735
|
|
|
$
|
9,855,811
|
|
ASC 842 adoption impact (1)
|
(276,671
|
)
|
|
—
|
|
|
—
|
|
|||
Additions (including acquisitions and improvements)
|
2,632,472
|
|
|
2,756,218
|
|
|
2,508,333
|
|
|||
Disposals
|
(463,485
|
)
|
|
(289,157
|
)
|
|
(78,886
|
)
|
|||
Foreign currency transaction adjustments and others
|
14,818
|
|
|
(394,598
|
)
|
|
662,477
|
|
|||
Balance, end of year
|
$
|
16,927,332
|
|
|
$
|
15,020,198
|
|
|
$
|
12,947,735
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Balance, beginning of period
|
$
|
(4,517,016
|
)
|
|
$
|
(3,980,198
|
)
|
|
$
|
(3,175,972
|
)
|
ASC 842 adoption impact (1)
|
(7,846
|
)
|
|
—
|
|
|
—
|
|
|||
Additions (depreciation expense)
|
(926,046
|
)
|
|
(882,848
|
)
|
|
(748,942
|
)
|
|||
Disposals
|
128,352
|
|
|
261,928
|
|
|
65,922
|
|
|||
Foreign currency transaction adjustments and others
|
(6,626
|
)
|
|
84,102
|
|
|
(121,206
|
)
|
|||
Balance, end of year
|
$
|
(5,329,182
|
)
|
|
$
|
(4,517,016
|
)
|
|
$
|
(3,980,198
|
)
|
|
(1)
|
Upon the adoption of Topic 842 on January 1, 2019, the Company de-recognized certain fixed assets under built-to-suite leases due to the conversion of certain build-to-suit leases to operating leases. See Note 1 within the Consolidated Financial Statements.
|