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10 March 2012 by Yevgeniy Sverdlik - DatacenterDynamics
The chairman of the board of directors of Digital Realty Trust is stepping down to focus on his other business interests, the company said in a document filed with the US Securities and Exchange Commission.
Richard Magnuson told the San Francisco-based company’s board about his decision early this week. “Due to [Magnuson’s] extensive other business interests and time commitments, he will not stand for re-election to the Company’s Board of Directors,” the document read.
His current term as chairman will end on 23rd April, the date of the company’s annual meeting of stockholders. The real estate investment trust’s director Dennis Singleton will replace Magnuson in the interim, until a permanent chairman is found.
Digital Realty Trust is one of the world’s largest wholesale data center operators and developers.
As of mid-February, the company’s real-estate portfolio comprised 101 wholly owned properties and joint-venture stake in three more. Its wholly owned properties, located across North America, Europe. Singapore and Australia, consist of 140 buildings that total about 18.3m sq ft of rentable space.
Digital expands its portfolio through development of new buildings, brownfield re-development and through acquisition of built-out data center properties.
The company announced its most recent expansion in late February. This was a US$123m acquisition of a 168-acre property near Dallas. It holds both data centers and offices and has plenty of room and power to continue building it out.
Digital’s CEO Mike Foust said in an earnings conference call in February that the company had its sights set on continuing to expand its presence in the international markets. The nearest-term expansion outside of the US will be in Hong Kong and Frankfurt, he said.
Digital Realty Trust will be speaking at the DatacenterDynamics New York conference on 13th March.