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Segment and Geographic Information

9 Months Ended

Sep. 30, 2025

Segment and Geographic Information

Segment and Geographic Information

17. Segment and Geographic Information

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A majority of the Company’s largest customers are global entities that transact with the Company across multiple geographies worldwide. In order to better address the needs of these global customers, the Company manages critical decisions around development, operations, and leasing globally based on customer demand considerations. In this regard, the Company manages customer relationships globally in order to achieve consistent sales and delivery experience of our products for our customers throughout the global portfolio. The Company has reiterated its commitment to and implemented strategies to align itself as one global team to help power customers’ digital ambitions.

In order to best accommodate the needs of global customers (and customers that might one day become global), the Company manages its operations as a single global business – with one operating segment and therefore one reporting segment.

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer, who uses net income as a primary measure of operating results on a consolidated basis in making decisions. Net income is computed in accordance with U.S. GAAP. Significant expense categories, including Rental property operating and maintenance, Property taxes and insurance, General and administrative and Interest expense, are regularly provided to the Company’s CODM as components of net income, which are reflected on the condensed consolidated income statements.

The financial information disclosed herein represents all of the financial information related to our one reportable segment, and the segmental presentation is consistent with the information provided to our CODM. These metrics are collectively used to evaluate the performance of the Company’s investments in real estate assets, its operating results and to allocate resources.

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Operating Revenues

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Three Months Ended September 30,

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Nine Months Ended September 30,

(Amounts in millions)

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2025

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2024

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2025

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2024

Inside the United States

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$

804.7

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$

740.2

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$

2,347.0

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$

2,159.7

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Outside the United States

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772.5

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691.0

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2,131.0

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1,959.4

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Revenue Outside of U.S. %

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49.0

%

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48.3

%

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47.6

%

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47.6

%

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Investments in Properties, net

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Operating lease right-of-use assets, net

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As of September 30,

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As of December 31,

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As of September 30,

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As of December 31,

(Amounts in millions)

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2025

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2024

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2025

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2024

Inside the United States

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$

10,237.4

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$

10,592.3

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$

508.7

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$

552.3

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Outside the United States

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15,781.1

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13,528.5

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658.7

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626.6

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Net Assets in Foreign Operations

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$

9,130.1

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$

7,744.8

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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