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The leading colocation data center providers, Equinix, Digital Realty, American Tower, and Iron Mountain, have released their financial results for the third quarter of 2024. Each of these digital infrastructure giants continues to show revenue growth, with expansion projects underway to meet rising global demand.
Equinix: A Strategic Shift in Data Center Construction
Equinix reported revenues of $2.2 billion, representing a 2% increase compared to the previous quarter and a 7% year-over-year rise. The company also achieved a milestone of 87 consecutive quarters of revenue growth, marking a record in gross bookings. Its CEO and President, Adaire Fox-Martin, highlighted the demand for digital infrastructure driven by AI among clients across various industries.
In the third quarter, Equinix opened data centers in New York, Tokyo, and expanded its operations in Melbourne and Bordeaux. The company also approved new projects in Lagos and Johor, and Fox-Martin announced a strategic shift toward building larger facilities, reducing the development phases.
According to Keith Taylor, CFO of Equinix, this decision responds to increased demand for large contracts, making smaller, phased developments inefficient in the current market context.
Equinix’s capital investment for the quarter reached $724 million, spread across 57 large projects in 35 markets across 22 countries.
Digital Realty: Record Lease Contracts in the Third Quarter
Digital Realty reported revenues of $1.4 billion, a 5% increase compared to the previous quarter and a 2% year-over-year growth. The company signed new leases worth a record $521 million, including $450 million from the Americas. Andy Power, CEO of Digital Realty, emphasized that the volume of contracts demonstrates strong support for the company’s long-term growth.
Digital Realty also acquired land in Richardson, Texas, for $15 million, to add over 80MW of capacity. Digital Realty’s development capacity now totals 644MW under construction, with another 3GW in planning.
Iron Mountain: Revenue Growth and Asset Acquisition
Iron Mountain achieved revenues of $1.6 billion and reported adjusted EBITDA of $568.1 million. Iron Mountain’s data center business recorded revenues of $150.8 million, a year-over-year increase of 21.9%. The company signed new contracts totaling 9.2MW and began construction on 72MW leases.
The expansion included the acquisition of land in Richmond, Virginia, for a campus that will operate with a capacity of over 200MW. Additionally, Iron Mountain acquired two IT asset disposal companies in Europe and Australia, strengthening its capabilities in technology asset management.
American Tower: Consolidation and Expansion of CoreSite
American Tower reported revenues of $2.522 billion, and although it experienced a decline in net earnings, its data center unit generated $234 million in revenue. Steven Vondran, CEO of American Tower, highlighted growth driven by 5G deployments in the U.S. and Europe. CoreSite, its data center unit, recorded another strong quarter in new leases, driven by demand for hybrid IT deployments and AI-related workloads.
American Tower also purchased land in Los Angeles to expand its existing campus and plans potential expansions in secondary U.S. markets.
Looking Ahead
The third quarter of 2024 highlights an expanding market, with colocation data center providers investing in new capabilities and adopting growth strategies to meet the demand for digital infrastructure and AI services. These strategic investments ensure that companies continue to lead in a sector critical to technological advancement and global economic development.
source: DCD