Durable Business Drives Cash Flow and Dividend Growth · And Western Europe ~3% Internal Revenue...
Transcript of Durable Business Drives Cash Flow and Dividend Growth · And Western Europe ~3% Internal Revenue...
Durable Business Drives Cash Flow and Dividend GrowthSeptember 2018
Safe Harbor Language and Reconciliation of Non-GAAP Measures
2
This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws and is subject to the safe-harbor created by such Act. Forward-looking statements include, but are not limited to, our financial performance outlook and statements concerning our operations, economic performance, financial condition, goals, beliefs, future growth strategies, investment objectives, plans and current expectations such as 2018 guidance, 2020 Plans and statements about our expected investment and other goals. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors. When we use words such as "believes," "expects," "anticipates," "estimates" or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our ability to remain qualified for taxation as a real estate investment trust for U.S. federal income tax purposes ("REIT"); (ii) the adoption of alternative technologies and shifts by our customers to storage of data through non-paper based technologies; (iii) changes in customer preferences, and demand for our storage and information management services; (iv) the cost to comply with current and future laws, regulations and customer demands relating to data security and privacy issues, as well as fire and safety standards; (v) the impact of litigation or disputes that may arise in connection with incidents in which we fail to protect our customers' information; (vi) changes in the price for our storage and information management services relative to the cost of providing such storage and information management services; (vii) changes in the political and economic environments in the countries in which our international subsidiaries operate and changes in the global political climate; (viii) our ability or inability to manage growth, expand internationally, complete acquisitions on satisfactory terms, to close pending acquisitions and to integrate acquired companies efficiently; (ix) changes in the amount of our growth and maintenance capital expenditures and our ability to invest according to plan; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments or to obtain additional financing to meet our working capital needs; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) changes in the cost of our debt; (xiii) the impact of alternative, more attractive investments on dividends; (xiv) the cost or potential liabilities associated with real estate necessary for our business; (xv) the performance of business partners upon whom we depend for technical assistance or management expertise outside the United States; (xvi) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvii) other risks described more fully in our filings with the Securities and Exchange Commission, including under the caption “Risk Factors” in our periodic reports, or incorporated therein. You should not rely upon forward-looking statements except as statements of our present intentions and of our present expectations, which may or may not occur. Except as required by law, we undertake no obligation to release publicly the result of any revision to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Reconciliation of Non-GAAP Measures:
Throughout this presentation, Iron Mountain will discuss (1) Adjusted EBITDA, (2) Adjusted Earnings per Share (“Adjusted EPS”), (3) Funds from Operations (“FFO Nareit”), (4) FFO (Normalized) and (5) Adjusted Funds from Operations (“AFFO”). These measures do not conform to accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, income (loss) from continuing operations, net income (loss) or cash flows from operating activities from continuing operations (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, and the definitions are included in Supplemental Financial Information. Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition property, plant and equipment (including of real estate) and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful.
Note: All financial projections and forward looking statements included herein are current as of reporting the company’s second quarter results on July 27, 2018. Selected metrics are defined in the appendix of our Q2 2018 Supplemental Financial Information.
Iron Mountain Investor Presentation3
1. OVERVIEW OF THE BUSINESS
2. DURABLE AND CONSISTENT BOX TRENDS
3. DRIVING EBITDA GROWTH
4. REAL ESTATE VALUE CREATION
5. PRUDENT CAPITAL ALLOCATION FRAMEWORK
6. APPENDIX
Leading Global Information Management Brand4
Note: Statistics as of 12/31/17 unless otherwise stated(1) Other revenues include Fulfillment Services, Information Governance and Digital Solutions, Technology Escrow Services, Consulting, Entertainment Services, Fine Art
Storage, Consumer Storage and other ancillary services(2) Annualized Q2 2018 revenue
Global Footprint Business Mix
6 CONTINENTS53 COUNTRIES
225,000+customers
95%Fortune 1000 companies
85MM+SF of real estate
Records Management
63%
Shredding10%
DataProtection
12%
Other(1)
10%
1,400+Facilities
Revenue: $4.2B(2)
Data Center5%
Provider of Mission-Critical Storage and Services5
$17 BILLION+Owned real estate globally
680 MILLION+Cubic feet of hardcopy
records archived
DIGITAL SOLUTIONS627 million images scanned annually
SECURE DESTRUCTION~10% of total global revenue
IRON CLOUDTM
Data protection, preservation,restoration and recovery
30 MILLIONFilm and sound elementsprotected and preserved
98 PERCENTCustomer retention rate
~285 MEGAWATTSExisting and potential data center capacity
# 1 TRUSTED GUARDIAN OF PRECIOUS ASSETS
Balanced Strategy to Drive Growth6
Extend Business Model to Fast-Growing Businesses
Build on Customer Relationships and Trust to Leverage Brand
Sustainable Growth in Cash Flow and
Dividends per Share
Grow Durable High-Margin Business
Sustainable Growth in
Cash Flow and Dividends per Share
Shifting Mix Accelerates EBITDA Growth7
82% Developed Portfolio
North America and Western Europe1H’18: ~3% Internal
Revenue Growth
18% Growth PortfolioEmerging Markets, Data
Center and Adj. Businesses 1H’18: ~7% Internal
Revenue Growth
~4.0%+ Average Internal Adj. EBITDA Growth
1H ’18 Revenue Mix
~3.6% Internal Revenue Growth
70% Developed Portfolio
North America And Western Europe
~3% Internal Revenue Growth
30% Growth Portfolio
Emerging Markets, Data Center and Adj. Businesses
~10% Internal Revenue Growth
~5%+ Average Internal Adj. EBITDA Growth
2020 Revenue Mix
~5% Internal Revenue Growth
Note: Emerging Markets is Other International, excluding Australia and New Zealand
+ Margin Expansion + Margin Expansion
62% of Total Revenue
2.7% 2.4% 2.3% 2.4%3.0%
2013 2014 2015 2016 2017
Internal Storage Revenue GrowthRolling 3-Year Average
Healthy Revenue Growth Trends8
0.5%0.2%
0.8%1.2%
1.7%2.0%
2013 2014 2015 2016 2017 2018E
Internal Total Revenue GrowthRolling 3-Year Average
-2.5% -2.8% -1.5% -0.6% -0.4%
2013 2014 2015 2016 2017
Internal Service Revenue Growth Rolling 3-Year Average
(1) Based on midpoint 2018 of Internal Total Revenue Growth guidance as of 7/27/18
38% of Total Revenue
(1)
Delivering Robust Margin Expansion 9
29.6% 29.7%
30.6%31.0%
32.8%
34.7%
2013 2014 2015 2016 2017 2018E
Total Adjusted EBITDA Margins(1)
21.0%
17.5% 16.5% 17.5%19.5%
10.0%
15.0%
20.0%
25.0%
2013 2014 2015 2016 2017
Service Adjusted EBITDA Margins
67.7%
69.5% 69.7%69.2%
69.7%
2013 2014 2015 2016 2017
Storage Adjusted EBITDA Margins
(1) Based on midpoints of 2018 EBITDA and revenue guidance range as of 7/27/18
(1)
81% of Total Gross Profit
19% of Total Gross Profit
Box Retention Drives Durability10
0%
20%
40%
60%
80%
100%
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Recall divestiture impact
IRM Retention Rate – North America
~35% of boxes that were stored 22 years
ago still remain
Box Age (Years)
Source: Iron Mountain Propriety Safekeeper Plus Inventory Management System, as of 8/31/18
51% of boxes that were stored 15 years
ago still remain
Organic Global Cube Growth Every Year 11
462 469 477 487 495 504 511
34 41 34 41 32 42 35 43 39 48 40 47
2011 2012 2013 2014 2015 2016 2017
Net Volume Growth(CuFt in MM on TTM Basis)
Change Excludes All Business Acquisitions Since 2011
(1) 684 MM CuFt including acquisitions
(1)
12
720
700
480Wholly Un-VendedVendedIn-House with Vended Customers
Large Unvended Opportunity
Total ~1.9 B CuFt with only ~700 M CuFt Vended(1) Excludes government and SMB (<250 employees), except Legal which includes 100+ employees. BCG analysis is as of April 2016. Source: BCG document storage survey; Avention; BCG analysis
These materials were designed for the sole use by Iron Mountain. No other party may or should rely on these materials for any purpose whatsoever. To the fullest extent permitted by law, any party accessing these materials hereby waives any rights and claims it may have at any time with regard to such party's use of and/or reliance on these materials, including the accuracy or completeness thereof.
BCG Estimated Un-vended Opportunity at ~720MM CuFt(1)
Survey of >700 existing and potential respondents, as well as 70 in-depth interviews with large North America customers across six verticals, excluding government
13
Strong Execution of Emerging Markets Strategy
8 910
1517
-4 -4 -5 -8 -10
5 5 5 7 7
2013 2014 2015 2016 2017
STORAGE VOLUME GROWTHCuFt in MM
Intake Loss/Destructions Net Growth
22%19% 21%
25%27%
2013 2014 2015 2016 2017
ADJUSTED EBITDA MARGIN
• Expanding EBITDA margins through targeted investment and leveraging enterprise scale• Executing on value creating M&A to achieve market leadership in major markets
Emerging Markets defined as Other International excluding Australia and New Zealand
7.7% Internal Storage Revenue Growth in 1H 2018
14Data Center Investments Support Business Diversification
• Focused on markets with high absorption (top 10 U.S. and top 10 Globally)
• Presence in 8 U.S. and 3 Int’l markets(1)
• Driven by organic and external growth• Leverage REIT structure• Faster growth and higher margin supports
2020 Plan
• Conservative stabilization assumptions• Projected 10–13% stabilized cash-on-
cash returns• Can address colocation and hyper scale
Multi-prongedScaling
Approach• Pre-stabilized properties with expansion
capacity• Recent M&A to be modestly accretive to
2019 AFFO • Sale-lease-backs with day 1 income and
lower expansion costs• Double digit stabilized cash-on-cash
returns
~10% of TotalEBITDA by2020(1)
Invest inGreenfieldDevelopment
Focus on TopUS and Global
Markets
Executeon Accretive
M&A
(1) Reflects closing of EvoSwitch data center, assumes organic growth.
Competitive and Diversified Data Center Business
15
Phoenix
New Jersey
Boyers and Other
Denver
AmsterdamLondon
NoVASingapore
Geographical Diversification (by Existing Capacity in MW)
• Among Top 10 Data Center Companies Worldwide (by MW)
• Significant potential represented by strong relationships with 17K Data Management customers
• Interconnect capability• Amsterdam – 58 Carriers• Phoenix – 29 Carriers
• Dedicated to sustainable energy sources -100% Green Power at YE 2018
(1) Data Center forecast of ~$220mm of revenue and ~$110mm of normalized Adjusted EBITDA in 2018, as of 7/27/18
2018 PROJECTED REVENUE OF $220M1
1616
Global Data Center Presence in Top Markets
Large Platform with Growth PotentialSnapshot as of 6/30/18
Data Center Expansion Timeline
Fortrust+16MW2
Sep2017
CS Assets+14MW2,3
Mar2018
I/O Data Center+91MW2
Jan2018
Source: Company financials as of 6/30/18(1) Phase 1 of Manassas VA data center facility of 10.5MW; Total development capacity of 60MW(2) Based on existing and potential MW capacity(3) Includes Singapore on long term ground lease and facilities with purchase options(4) Represents Phase 2 development at IO data center facility(5) Source: Eastdil, as of 6/30/18
EvoSwitch+34MW2
May2018
• 12 wholly-owned data center facilities3
spanning the U.S., Europe and Asia
• 100MW current capacity with 288MWtotal potential capacity
• 0.9M+ square feet
• 1,100+ data center customers
• 90.1% occupancy
• Development in progress: 22% preleased
• WALE of 3.4 years
NoVa Facility1
+60MW
Data Center Platform estimated market value of $2.4B5
July2018
Phoenix FacilityExpansion+48MW2,4
1717
(1) Based on Eastdil valuation of U.S. owned RIM properties and IRM valuation of international RIM properties and data centers(2) Includes Singapore on long term ground lease and facilities with purchase options(3) Top MSAs defined as MSAs with the largest populations according to 2010 Census(4) Based on total expected investment as of 6/30/18(5) Based on total 29.8M owned square feet as of 6/30/18
• 315 properties spanning 30M square feet2
• US: 55.3% SF located in the top 25 MSAs and 67.4% SF located in top 50 MSAs3
• Owned facilities larger vs. leased facilities (95K SF vs. 53K SF on avg.)
• Includes wholly-owned data center portfolio of 12 properties2
• $188M of data center development to add 23 MW capacity4
Attractive market locations
Top 5 US Markets# Market SF owned %5
1 Northern New Jersey 2,851 9.6%2 Boston 1,428 4.8%3 Chicago 1,282 4.3%4 Dallas 1,075 3.6%5 Los Angeles 1,040 3.5%
Top 5 Markets 7,676 35.5%Other US Markets 13,967 64.5%Total US Markets 21,643 100.0%
Top 5 International Markets
Owned Portfolio Overview as of 6/30/18
>500K >250k>2,000K >1,000K
Seattle
San FranciscoDenver
Omaha
Atlanta
Louisville NorthernNew Jersey
Boston
PhiladelphiaNew York
Baltimore/ Washington DC
Chicago
Dallas
Los Angeles
Houston
Phoenix
New Hampshire
Hartford
Detroit
SF:
# Market SF owned %5
1 London, UK 1,102 13.5%2 Paris, France 807 9.9%3 Montreal, Canada 552 6.7%4 Buenos Aires, Argentina 470 5.7%5 Mexico City, Mexico 452 5.5%
Top 5 International Markets 3,383 41.3%Other International Markets 4,806 58.7%Total International Markets 8,189 100.0%
Large, High Quality Real Estate Portfolio
Significant Value in Owned Real Estate1
54%
32%
14%
Total Value: $17.2B
US RIM
Data Center(2)
Rest of the
World RIM
(1) Source: Eastdil, as of 6/30/18(2) Includes global data centers; includes Singapore on long term ground lease and facilities with purchase options
• Valuation of US real estate portfolio based on analysis performed by Eastdil
• U.S. RIM buildings ex. racking assumes average market rent of ~$5.50 and 6.3% cap rate
• Non-U.S.RIM buildings ex. racking assumes estimated market rents and cap rates from JLL major market research
• Global racking value based on above-market NOI at 11% cap rate
• Data Center value includes 6.3% cap rate on stabilized NOI; CIP +15%; land value at cost
18
Value Creation Through Capital RecyclingCase study – Disposition of Deanston Wharf Canning Town, London
Warehouse in East London experiencing significant regeneration
Under Contract to sell to residential redeveloper
£35.0M Sale Price, £8.8M NBV
Operations to be relocated at estimated cost of ~£4.0M
Rendering of neighboring Royal Wharf redevelopment
19
Excess or inefficient real
estate
Better/best use –Sale generates outsized return
Capital recycling opportunities
Building improvements
Data center development /
expansion
Emerging market expansion / M&A
Target IRR: 15% Target IRR: 15% Target IRR: >15%
Real Estate capital recycling strategy IRM buys and sells with an ROI focus, and recycles capital to
create long-term value for shareholders
Liquidity recycled into other real estate and data centers
Higher-use real estate alternatives
Iron Mountain Storage Industrial Iron Mountain DC Data Center
Annual Rental Revenue/SF ~$36 ~$5 ~$250 ~$102
Tenant Improvements/SF N/A ~$2 - $4 N/A N/A
Recurring Capex ~3% 8% ~3% 3%
Average Lease Term Large Customers: 3 YrsSmall Customers: 1 Yr ~5 Yrs 3.4 Yrs ~4 Yrs
Customer Retention ~98% ~76% 90-95% ~93%
Customer Concentration Very Low Low Medium Medium
Stabilized Occupancy (Building & Racking Utilization)
Building: 80% to 85%Racking: 90% to 95% 97% 90%+ 90%
EBITDA Margin 70-75% 73% 50% 52%
Storage Compares Favorably vs. Industrial Peers,IMDC Competitive vs. Data Center Peers
20
Source: Company filings as of 12/31/2017.Note: Peer statistics represent FY 2017 numbers. Industrial peer group includes PLD, DRE, FR, EGP and STAG; Data center peer group includes DLR, EQIX, COR, QTS and CONE.(1) IRM non-growth CapEx as a percentage of total revenue. (2) EBITDA Margin for IRM is Storage Gross Margin; (Adjusted) EBITDA Margin for IRM at Q2 2018 was 34.8%.
(1)
(2)
Well-Positioned Capital Structure 21
Source: J.P. Morgan REIT Weekly U.S. Real Estate report July 23, 2018 and company reports. All figures as of 6/30/18.
IRM Weighted Avg. Maturity is 6.6 Years, with 4.8% Avg. Int. Rate, 74% Fixed
Net Leverage Across REIT Sectors
22
$155
$185
$335
$100
$490
$150
DiscretionaryInvestments(3)
Sources(3)
(1) Customer inducements and acquisitions of customer relationships are not deducted from AFFO as they represent discretionary growth investment (2) Includes core growth racking and excludes Northern Virginia Data Center development under capital lease (3) Excludes price of IO Data Centers acquisition, which closed on January 10, 2018 and possible future data center acquisitions.(4) Based on guidance as of 7/27/18Note: Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful.
$ in MM
Adjusted EBITDA 1,435$ 1,485$ Non-cash stock compensation / other (including non-cash permanent withdrawal fees)
45 45
Adjusted EBITDA and non-cash expenses 1,480$ 1,530$
Less: Amortization of capitalized sales commissions 20 20 Cash interest and normalized cash taxes 500 480 Total maintenance CapEx and non-real estate investment 165 155 Customer inducements and acquisition of customer relationships(1) 60 60Cash available for dividends and investments 735$ 815$ Expected common dividend to be declared 675 675Cash available for core and discretionary investments 60$ 140$
2018E
$335
$100
$650
$200
$75
$140 Base Acquisitions
Real Estate Inv. Net of Sales; Innovation2
Credit Suisse and EvoSwitch Data
Center Acquisitions
Incremental Capital Needed
for2018
Discretionary Investments
from Borrowings
and ATM
Data Center Expansion
in $MM
Prudent Investment for Future Growth
(4)
Key Takeaways 23
Leading Global Information Management Brand with a Durable, Growing Business
Strong Cash Flow Generation with Increasing Margins
Increasing Exposure to High Growth Markets with Powerful Secular Tailwinds
Strategic Plan Drives Sustainable Dividend Growth and Future Investments
Disciplined Capital Allocation Designed to Maximize Returns
Appendix
2020 Plan(1): Profitable, Sustainable Growth25
(1) Updated to reflect 2017 actuals and 2018 Guidance as of 7/27/18, including adoption of revenue recognition standards and expansion of data center business. 2020 ranges at 2018 C$ rates. (2) Assumes Real Estate and Non-Real Estate Maintenance CapEx and Non-Real Estate Investment of 4% of Total Revenue for 2020.(3) Assumes 287 million shares outstanding for 2018 increasing to 295 to 300 million shares outstanding in 2020, reflecting long-term incentive comp and potential issuances under existing ATM program.
Projected Lease Adjusted Leverage Ratio – YE
5.5x ~5.0x
2018E 2020E
$1,260
$1,680 –$1,760
2017 Actual 2020E
$3,846
$4,600 –$4,750
2017 Actual 2020E
Worldwide Revenue ($ in MM)
Adjusted EBITDA ($ in MM)
$2.35 $2.54
2018E 2020E
Projected Minimum Dividend per Share(3)
$752$1,000 -$1,070
2017 Actual 2020E
AFFO Growth(2) ($ in MM)
Q2 2018 Financial Performance Snapshot26
Growth
(1) Reflects adjusted gross profit, excluding Significant Transaction Costs; reconciliation can be found in the Supplemental Financial Information on Page 5(2) Reconciliation for Adjusted EBITDA and AFFO to their respective GAAP measures can be found in the Supplemental Financial Information on Pages 13 and 15, respectively
$ and shares in mm Q2-17 Q2-18 R$ C$ Internal Growth
Revenue $950 $1,061 11.7% 10.8% 4.1% / 4.6% excl. term fee(1)
Storage $590 $655 11.0% 10.1% 1.9% / 2.7% excl. term fee(1)
Service $360 $405 12.7% 11.8% 7.6%
Adjusted Gross Profit(2) $541 $611 13.1%
Adjusted Gross Profit Margin(2) 56.9% 57.6% 70 bps
Income from Continuing Operations $83 $94 12.9%
Adjusted EBITDA(3) $318 $369 16.2% 14.8%
Adjusted EBITDA Margin(3) 33.5% 34.8% 130 bps
Net Income $81 $94 15.3%
AFFO(3) $217 $230 5.8%
Dividend/Share $0.550 $0.588 6.8%
Fully Diluted Shares Outstanding 265 287 8.2%
1H 2018 Financial Performance Snapshot27
Growth
(1) Internal growth figures excluding impact of early lease termination fee recorded in data center business in Q2’17(2) Reflects adjusted gross profit, excluding Significant Transaction Costs; reconciliation can be found in the Supplemental Financial Information on Page 5(3) Reconciliation for Adjusted EBITDA and AFFO to their respective GAAP measures can be found in the Supplemental Financial Information on Pages 14 and 16, respectively
$ and shares in mm YTD-17 YTD-18 R$ C$ Internal Growth
Revenue $1,889 $2,103 11.4% 9.4% 3.3% / 3.6% excl. term fee(1)
Storage $1,163 $1,307 12.4% 10.4% 2.8% / 3.2% excl. term fee(1)
Service $726 $797 9.7% 7.7% 4.2%
Adjusted Gross Profit(2) $1,061 $1,205 13.6%
Adjusted Gross Profit Margin(2) 56.2% 57.3% 110 bps
Income from Continuing Operations $142 $140 (1.7%)
Adjusted EBITDA(3) $611 $712 16.7% 14.4%
Adjusted EBITDA Margin(3) 32.3% 33.9% 160 bps
Net Income $140 $139 (0.7%)
AFFO(3) $388 $451 16.3%
Dividend/Share $1.1000 $1.1750 6.8%
Fully Diluted Shares Outstanding 265 286 8.1%
28Significant Data Center Expansion Opportunity
Significant expansion capacity
(MW as of 6/30/18) Existing Capacity Under Construction (12-18 months) Planned and Future Expansion Total Potential Capacity
Boyers and Other 11.9 2.3 8.2 22.3
Denver 9.6 1.0 5.6 16.2
Northern Virginia 3.0 7.5 49.5 60.0
Sub-Total as of 12/31/17 24.5 10.8 63.3 98.5
CS – London 3.2 - 5.6 8.8
CS – Singapore 1.0 - 4.5 5.5
CS Sub-Total (closed 03/08/18) 4.2 - 10.1 14.3
IO – Phoenix 38.1 28.0 36.0 102.1
IO – Scottsdale 7.3 - - 7.3
IO – New Jersey 15.1 3.0 12.0 30.1
IO – Ohio 1.9 - - 1.9
IO Sub-Total (closed 01/10/18) 62.4 15.0 62.0 139.4
EvoSwitch (closed 5/25/18) 10.3 1.9 21.9 34.1
Total Data Center Portfolio 101.4 43.7 143.3 288.3