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Investments in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2024

Investments in Unconsolidated Entities.

Summary of Financial Information for Unconsolidated Entities

A summary of the Company’s investments in unconsolidated entities accounted for under the equity method of accounting is shown below (in thousands):


		Balance as of			Balance as of
			December 31, 2024			December 31, 2023
Americas⁽¹⁾⁽⁵⁾		$	1,311,950		$	1,363,226
APAC⁽²⁾			615,534			569,996
EMEA⁽³⁾			422,570			28,334
Global⁽⁴⁾			289,746			334,333
Total		$	2,639,800		$	2,295,889

Includes the following unconsolidated entities along with our ownership percentage:

(1)

Ascenty (49%), Blackstone (20%), Clise (50%), GI Partners (20%), Mapletree (20%), Menlo (20%), Mitsubishi (35%), Realty Income (20%), TPG Real Estate (20%), and Walsh (86%).

(2)

Digital Connexion (33%), Lumen (50%), and MC Digital Realty (50%).

(3)

Blackstone (20%), Medallion (60%), and Mivne (50%).

(4)

Digital Core REIT (38%) and Greenfield (35%).

(5) In May 2024, we liquidated our 17% interest in Colovore, generating gross proceeds of approximately $35 million. We realized a gain of approximately $27 million on our original investments, made in 2015 and 2017. The gain is included within Other income, net on our consolidated income statements.

Summarized Financial Information of Investments in Unconsolidated Entities

The subsequent tables provide summarized financial information for all of our investments in unconsolidated entities accounted for using the equity method. Amounts are shown in thousands.


														Net			Net
		Total			Total									Operating			Income
December 31, 2024		Assets			Liabilities			Equity			Revenues			Income			(Loss)
Unconsolidated entities
Americas		$	7,473,799		$	3,532,248		$	3,941,551		$	824,027		$	464,637		$	(336,627)
APAC			2,127,166			823,921			1,303,245			273,833			140,594			55,376
EMEA			1,009,055			740,433			268,622			11,976			5,108			(14,016)
Global			2,007,082			995,721			1,011,361			106,705			66,258			(17,785)
Total Unconsolidated entities		$	12,617,102		$	6,092,323		$	6,524,779		$	1,216,541		$	676,597		$	(313,052)
Our investment in and share of equity in earnings of unconsolidated entities								$	2,639,800								$	(120,138)


														Net			Net
		Total			Total									Operating			Income
December 31, 2023		Assets			Liabilities			Equity			Revenues			Income			(Loss)
Unconsolidated entities
Americas		$	6,627,520		$	3,105,127		$	3,522,393		$	590,264		$	326,042		$	(13,097)
APAC			2,097,115			880,972			1,216,143			257,905			121,053			42,244
EMEA			80,525			83,819			(3,294)			1,601			939			(8,225)
Global			1,542,331			591,470			950,861			112,931			73,390			(60,867)
Total Unconsolidated entities		$	10,347,491		$	4,661,388		$	5,686,103		$	962,701		$	521,424		$	(39,945)
Our investment in and share of equity in loss of unconsolidated entities								$	2,295,889								$	(29,791)


														Net			Net
		Total			Total									Operating			Income
December 31, 2022		Assets			Liabilities			Equity			Revenues						(Loss)
Unconsolidated entities
Americas		$	3,648,169		$	1,350,163		$	2,298,006		$	406,325		$	240,498		$	(38,874)
APAC			1,705,553			541,509			1,164,044			201,405			90,924			25,946
EMEA			121,950			68,223			53,727			1,632			851			(5,475)
Global			1,602,725			551,088			1,051,637			118,233			77,582			(19,455)
Total Unconsolidated entities		$	7,078,397		$	2,510,983		$	4,567,414		$	727,595		$	409,855		$	(37,858)
Our investment in and share of equity in earnings of unconsolidated entities								$	1,991,426								$	(13,497)