A spokesperson for CapitaLand Ascendas REIT ’s (CLAR) manager says Equinix accounts for less than 1% of CLAR’s GRI. “Equinix is current with rents. We have more than 1,700 tenants and no concentration risk,” the CLAR spokesperson says.
Hindenburg implies that Equinix is overvalued based on its adjusted funds from operations (AFFO) which is similar to our net property income.
“When Equinix transitioned to become a REIT in 2015, it began using AFFO as a key metric in determining executive bonuses,” Hindenburg says. We will not repeat Hindenburg’s assertions but the report is widely available.
