Equinix, Inc. EQIX announced the development of a purpose-built data center in Singapore with an initial investment of $144 million, expanding its Platform Equinix.The new facility will be named SG5 and is scheduled to open in the first half of 2021.The new International Business Exchange (“IBX”) facility will span nine floors and will be located at the Tanjong Kling data center park. With four of the company’s data centers already present across the island, the new development will strengthen its cross-island presence and location diversity.The first phase of SG5 is anticipated to offer an initial capacity of 1,300 cabinets and colocation space, spanning 18,400 square feet. At full build-out, the facility will provide 5,000 cabinets and 129,000 square feet of colocation space. This will help the company to cater to the increasing needs for cloud connectivity for enterprises stemming from accelerations in their digital transformations.Notably, Singapore's Smart Nation initiative supports accelerations in cloud adoption and digital transformations. This, in turn, is increasing reliance on hybrid and multi-cloud ecosystems. Hence, with Singapore becoming a center for digital connectivity, Equinix’s efforts to expand in the region is a strategic fit.Markedly, of late, the company has been firing on all cylinders with a focus on data-center capacity expansion in key markets on the back of acquisitions and developments. In late November, it fortified its presence in Osaka, with a new IBX data-center development. With an initial investment of $55 million, the facility will be named OS3 and is scheduled to open in fourth-quarter 2021. Such efforts will enable Equinix to strengthen its competitive positioning and global reach.However, such moves require huge capital outlays and given the company’s significant debt obligations, these capital-intensive activities are concerning. The growing debt burden will likely adversely impact the operating results as interest expenses would go up. It should be noted that at the end of third-quarter 2020, Equinix had cash and cash equivalents of $2.6 billion, while total debt principal outstanding was $12.4 billion.Shares of this Zacks Rank #3 (Hold) company have rallied 29% over the past year against the real estate market’s decline of 7.4%. Stocks to ConsiderInnovative Industrial Properties, Inc.’s IIPR funds from operations (FFO) per share estimates for 2020 have been revised upward by 5.8% to $5.11 over the past month. The company carries a Zacks Rank of 2 (Buy), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Extra Space Storage Inc’s EXR Zacks Consensus Estimate for 2020 FFO per share has moved up marginally to $5.02 over the past 30 days. The company currently carries a Zacks Rank of 2.City Office REIT, Inc.’s CIO Zacks Consensus Estimate for 2020 FFO per share has improved 2.6% to $1.17 in a month’s time. The company has a Zacks Rank of 2 at present.Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.Just Released: Zacks’ 7 Best Stocks for TodayExperts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.These 7 were selected because of their superior potential for immediate breakout.See these time-sensitive tickers now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Innovative Industrial Properties, Inc. (IIPR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research