Our business may be adversely affected by the ongoing coronavirus (COVID-19) pandemic or by future outbreaks of highly infectious or contagious diseases or other public health crises.
Our business could be negatively affected as a result of actions by activist stockholders.
If we fail to maintain an effective system of integrated internal controls, we may not be able to accurately and timely report our financial results.
We are exposed to ongoing litigation and other legal and regulatory actions, which may divert management’s time and attention, require us to pay damages and expenses or restrict the operation of our business.
Revenues. Total revenues for the three months ended June 30, 2021 were $155.2 million compared to $131.6 million for the three months ended June 30, 2020. The increase of $23.6 million, or 18%, was largely attributable to growth in our hyperscale and hybrid colocation offerings primarily through increases in revenues at our Ashburn (DC - 1), Atlanta (DC - 1) and Chicago facilities, as well as the opening of our Atlanta (DC - 2) facility.
Property Operating Costs. Property operating costs for the three months ended June 30, 2021 were $45.7 million compared to property operating costs of $40.3 million for the three months ended June 30, 2020, an increase of $5.4 million, or 13%.
The increase in total property operating costs was primarily due to increased utilities expense, repairs and maintenance expense and management fee allocation resulting from ongoing company growth. The increase in utility costs was primarily driven by increased power utility expenses primarily at the Atlanta (DC - 1) and Suwanee facilities, as well as the opening of our Atlanta (DC - 2) facility. Offsetting these increases was a reduction in general bad debt reserves attributable to a higher level of bad debt expense in the prior year associated with the risk of a loss across our portfolio of lease receivables primarily related to customers that experienced business disruptions due to COVID-19 in the second quarter of 2020, which is included in the “Other” line item of the property operating costs table, as well as a reduction in rent expense primarily related to the exit of portions of leased facilities as customers churned, downgraded or migrated to our owned facilities.
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