Amid booming cloud growth, public colocation and wholesale firms also posted solid growth figures for Q2 2021 in their most recent earnings calls.

Equinix continued its run of good results, posting its 74th consecutive quarter of revenue growth. Digital Realty also saw quarterly revenues above a billion dollars. CoreSite and CyrusOne, though at a smaller scale, also saw revenue growth; CyrusOne did so amid another abrupt leadership change. QTS has announced its final earnings report before going private post-Blackstone acquisition and also saw revenue growth. Iron Mountain reported growth in its data center unit.

Cyxtera only closed its SPAC merger last week. In its first earnings report post-merger, the company showed another net loss, but growth in revenue.

Switch Inc announced as part of its results that it was mulling converting into a data center REIT.


Equinix announced quarterly revenues of $1.658 billion, a 13 percent increase on the previous year, and the company’s 74th consecutive quarter of revenue growth. The firm saw $279 million in operating income, a six percent decrease from the previous quarter partly due to new facilities opening, higher utilities expenses, and increased repairs and maintenance spend. EBITDA for the quarter was $797 million.

The company has also approved Phase III expansion of its Instanbul IL2 data center in Turkey, adding 525 racks.

“We have continued to see significant momentum in our business as digital transformation outpaces previous expectations across all industries,” said Equinix CEO Charles Meyers. “Technology spend is accelerating, and we believe Equinix remains uniquely positioned as traditional technology markets continue to shift to as-a-service consumption models and hybrid multi-cloud is widely adopted as the architecture of choice.”

For Q3 the company said it expects revenues to range between $1.668 and $1.688 billion and adjusted EBITDA between $766 million and $786m.

Digital Realty

Digital Realty announced revenues of $1.1 billion for the quarter a 10 percent increase from the same quarter last year. Net income for the quarter was $126 million. Adjusted EBITDA was $603 million, an eight percent increase over the same quarter last year.

Q2 saw the company sign total bookings expected to generate $113 million of annualized GAAP rental revenue; 558,000 sq ft and 58.7MW in total globally, mostly in the Americas. It also signed renewal leases representing $178 million of annualized GAAP rental revenue. Total occupancy across 291 data centers was 84.7 percent.

"Digital Realty's global platform, strong customer relationships, and a healthy demand environment for data center services drove solid second-quarter financial results," said Digital Realty CEO A. William Stein. "Bookings in the quarter reflect the continued adoption of PlatformDIGITAL with strong new logo growth and balanced product sales. By investing to support our customers' growth around the world, we are widening our competitive moat which results in sustainable growth for our shareholders."

Digital Realty closed on the acquisition of a five-acre land parcel in Seoul, South Korea for approximately $66 million, and an 18.5-acre land parcel in Sydney, Australia for $65 million. The company also closed on the sale of a vacant, 240,000 sq ft office and industrial property in Phoenix, Arizona during the quarter for $19 million.

The company has approximately $13.9 billion of total debt outstanding.


CyrusOne announced quarterly revenues of $284.6 million, up 11 percent year on year. Net income was $7.4 million, an 84 percent decrease. Adjusted EBITDA for the period was $141.9 million, an increase of four percent.

Despite announcing the sudden departure of CEO Bruce Duncan, the company leased 21MW and 345,000 sq ft in the second quarter, totaling $41.8 million in annualized GAAP revenue.

During Q2 the company completed construction on 146,000 sq ft and 45MW of capacity across Dublin, London, Northern Virginia, and San Antonio. Total occupancy rate was 83 percent overall, and the company has a total debt of $3.38 billion.

CyrusOne acquired approximately five acres of land in Madrid that will provide an estimated 21MW of power capacity. It also bought a 12-acre site in Frankfurt, providing an estimated 63MW of capacity.

The company also executed its inaugural green senior notes offering, issuing €500 million of 1.125 percent senior notes due 2028 to finance or refinance a portfolio of existing or future green building, renewable energy, energy efficiency, sustainable water, and wastewater management, pollution prevention and control, and clean transportation projects or assets.


CoreSite saw operating revenues to $162.1 million, an increase of 7.7 percent year over year. Adjusted EBITDA to $87.4 million, an increase of 7.1 percent year over year.

The company said it signed 112 new and expansion leases for 33,135 sq ft, and renewed 330 leases for 136,564 sq ft. Churn was 1.3 percent. In total, CoreSite’s data center facilities are 85.2 percent leased.

“We are optimistic about the fundamental market drivers supporting our go-to-market strategy,” said Paul Szurek, CoreSite’s president and chief executive officer. “Technology requiring low-latency, high-performance, hybrid-cloud IT architectures continues to play an increasingly important role in the success of businesses. We believe we are well-positioned to capture a good share of the edge needs in our major metropolitan US markets.”

“We remain focused on targeting retail and scale customers with performance-sensitive applications requiring high-performance interoperability and hybrid-cloud architectures,” added Steve Smith, CoreSite’s chief revenue officer. “We expect these leases to drive higher yields with incremental power margin and interconnection revenues that we typically see through these types of deployments, while we continue to work on a strong funnel of scale opportunities with longer sales cycles.”


In its final earnings call before going private after recently being acquired by Blackstone, QTS announced quarterly revenues of $155.2 million, an increase of 17.9 percent compared to the same period in 2020. Net income was down to $4.19 million, but an adjusted EBITDA of $87.7 million for the quarter was an increase of 20.4 percent compared to 2020.

The company signed new and modified renewal leases during the second quarter of 2021 aggregating to $26.7 million of incremental annualized rent. Its facilities have a total occupancy rate of 92.8 percent.

“QTS’ strong second-quarter results demonstrate the continued momentum of our platform. We remain focused on executing our business plan, leveraging our core differentiators to grow our market share at attractive returns on invested capital,” said Chad Williams, Chairman and CEO of QTS.

Iron Mountain

Iron Mountain reported revenues for the second quarter were $1.12 billion, compared with $982.2 million in the second quarter of 2020, an increase of 14 percent. Net Income for the quarter was $276.5 million, compared with a net loss of $7.1 million in Q2 2020. Adjusted EBITDA for the second quarter was $405.6 million, up 12.8 percent from 2020.

The company's data center business revenue increased 15.3 percent in Q2, or 13.3 percent year over year, excluding the impact of foreign currency exchange. Data centers represent around 7 percent of the company's total product revenue; $77 million revenue and $33.4million adjusted EBITDA for the quarter.

Iron Mountain has executed 12.6MW of new and expansion leasing so far this year, and is increasing its outlook for full-year data center leasing to more than 30MW from previous guidance of 25 to 30 megawatts.

The company has 15 in 13 markets totaling 144.7MW of leaseable capacity. 10 are owned data center facilities and five leased data center facilities with 2.5 million sq ft 600,000 sq ft of floorspace, respectively. Currently, around 83 percent is of that capacity is leased in total.


In its first earnings call since closing its merger with SVAC, Cyxtera announced Q2 quarterly revenues of $175.4 million, up 1.3% year-over-year. The company saw a Net Loss of $93 million, and Adjusted EBITDA of $62.3million (a 5.4 percent year-over-year increase).

“In the second quarter of 2021 our team built on the momentum we created through 2020 and the first quarter this year to again deliver solid results,” said Nelson Fonseca, Cyxtera’s CEO. “With the continued positive trends we’re seeing across our business, we believe that we are well-positioned to continue our growth trajectory and successfully execute on our strategy to deliver innovative, industry-leading solutions for our customers’ digital transformation needs across our global data center platform.”

“We are pleased with our second-quarter performance. In addition, we have completed our business combination with Starboard Value Acquisition Corp, which strengthened our balance sheet and financial position, including the repayment of the second lien, reducing our leverage ratio from 10.0x to 8.0x,” said Carlos Sagasta, Cyxtera’s Chief Financial Officer.


Switch Inc announced revenues of $141.7 million (a nine percent increase on 2020), Net Income of $9.7 million (a 27.4 percent decrease), and Adjusted EBITDA of $79.0 million (a 14.3 percent increase). It also announced it was considering converting into a Real Estate Investment Trust (REIT).

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