The top five data center real estate investment trusts (REITs) have a combined market cap approaching $100 billion, while aggregated revenues for the top 10 biggest data center operators are around $18 billion, according to Hoya Capital.
The company defines wholesale data centers as those that serve large customers with leases of five to 15 years and states that data center REITs own roughly one-third of investment-grade data centers in the U.S. and one-fifth globally.