Marc Ganzi: So look, what we have is the results from the fourth quarter, which we shared from you today. Organic growth in 2022 is at record levels across fiber, towers, small cells and data centers. Certain data center verticals are growing faster than others. I think I highlighted this in my PTC conversation in Hawaii. We see private cloud being massively on the rise. And certainly, renewable powered private cloud is on the rise because of just cybersecurity attacks, people wanting that Tier 5 security that Switch has. And certainly, there’s been no abatement and leasing advantage. I mean it’s a real out-leased Equinix and the outleased Digital Realty last year on the public cloud side. So we’ve got the right CEOs. We’ve got the right management teams.
And certainly, they’ve got access to capital. We did a very good job securitizing most of our portfolio companies, as I highlighted in our earnings deck. By having only 1 covenant Jade, which is just a DSCR ratio and no cash traps at those securitizations, our companies are minting free cash flow. And so what we’re doing is harvesting cash down at those 27 digital infrastructure companies. We’re reinvesting back into the businesses, not pushing dividends out to LPs. We think this is the right moment to reinvest in new towers, new data centers. We’re seeing higher rents. Data center rents are up 12% in the public cloud. They’re up 6% globally. And so we’re seeing higher rents, and we’re seeing better returns on a single tenant basis. So we have fully funded business plans for 2023.
We do see CapEx being trimmed by the mobile carriers. We do see CapEx being trimmed in enterprise spend, and we do see CapEx being trimmed in cloud. But all that being said, all of our business plans are pointed to very strong high single-digit, low double-digit organic growth next year. So this is the narrative, Jade, that played out in ’09 and 2010 for us. We had strong liquidity. We lowered our leverage. We had fixed debt in the form of securitized debt and it enabled us to play offense. We’re running that same playbook, not just at one company like we did at Global Tower Partners, but we’re running that playbook at 27 companies. So you’re getting a force multiplier at DigitalBridge, you’re getting to global scale, as Severin said, 5 continents we’re operating today.
It’s a truly remarkable business, and we’re going to see the benefits of having scale, having strong liquidity and having great customer relationships. We anticipate a very strong 2023.
Operator: Our next question is from the line of Michael Elias with Cowen & Company.
Michael Elias: Two, if I may. First, just as we think about the incremental capital that you’re looking to deploy, I know you talked about the verticals that you’re looking to invest in. But maybe if you could just double click on the geographies that are of focus. I believe you flagged Asia earlier on the call, just thinking about how you’re prioritizing deploying capital across regions? And then my second question for you would be one of the key themes at least for the data center space has been a rise in pricing, Marc, which you just talked to, driven in par by supply chain and then also tighter occupancy. Any color on how you see pricing evolving across the verticals of com infra and if you think that could be a further tailwind for your businesses this year?
