The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Nathan Daniel Crossett - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: More of a big picture question. How are you guys thinking about the edge? Is it a risk to your business at all? And have you guys done any analysis
in terms of whether workloads that are currently in your campuses could move closer to the edge over time?
Question: Nathan Daniel Crossett - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Okay. That's helpful. And then I just had one question on pricing. The renewal guidance is 0% to 2%. And if you're looking forward, kind of the next
4 years, it looks like the lease expirations are at a higher rate than what you did in 2020. So I'm just kind of wondering, should we expect kind of
pressure on pricing going forward? Can that 0% to 2% range, even go negative?
Question: Nicholas Ralph Del Deo - MoffettNathanson LLC - Analyst
: First, just a follow-up on that leverage question. It sounds like you expect the leverage ratio to kind of remain in the same zone as it is today over
the course of 2021. Now as we look out a little further, and kind of bake in the potential cost of SV9, is there any potential for equity issuances? Or
do you feel comfortable that, that would not be required?
Question: Nicholas Ralph Del Deo - MoffettNathanson LLC - Analyst
: Okay. Okay. That's helpful. And then maybe one more on Northern Virginia. I think you guys mentioned that leasing in that market was the best
since -- I believe you said 2015. Can you comment on how you feel about the sustainability of that performance? And how the return attributes of
the deals you've been signing there have been trending since that's something you've noted has presented some challenges in the past?
Question: Aryeh Klein - BMO Capital Markets Equity Research - Analyst
: And maybe just going back to the churn and (inaudible), it seems like if we adjust for some of the moving parts this year, it will be somewhere in
the range of 5% to 7%. Is that kind of the right way to think about it moving forward beyond this year, as far as churn?
Question: Aryeh Klein - BMO Capital Markets Equity Research - Analyst
: Got it. That's helpful. And then maybe just on the capacity front, you seem to be in a much better position today than you were maybe the last
year or two, but how are you thinking about the need or how much capacity kind of do you want to have on hand moving forward? A lot of it will
obviously be dictated by the leasing that's done, but is there a right amount of capacity that you consistently want to have on hand and available?
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