What is the total revenue of the company in the last quarter? 
u are still able to expand on 1% EBITDA margin. I think with the recent carbon-neutral initiative by the government, what is our plan on the renewable side and how would that impact our cost in terms of developing and would that have any impact on our MSR?
And just quickly on -- Dan, I think you mentioned about the acquisition was inorganic. It seems to me that inorganic has been stepping up since the past 12 months. Is it because the projects are being more mature in towns and cities, or the prices have been coming off? Is there any trend that you could share with us? Thank you.
Daniel Newman -- Chief Financial Officer
Hi, John. Thanks for initiation. I think John you're the most recent one to initiate on GDS, very good report, if I may say. We'll publish our first ESG report next year and until then, I don't want to come out and set any expectations, because I think there's a lot of irresponsibility in this area where companies talk about targets without giving any timeline or any metrics, and it just looks to me like marketing. We've established a team -- we haven't -- we are enhancing our expertise in the power sector to try to manage this better. And it requires ingenuity and creativity to be able to increase the proportion of our data centers which use renewable energy. And we're working hard to do that. So, take it very seriously.
You said the inorganic proportion seems to have stepped up and we've done, I think, with the Shanghai 19 acquisition, which we announced today, that was the 11th acquisition which we've done since, I think, second quarter of 2016, was the first M&A deal. There has been around two deals per annum, some of those deals have been larger, for example, one of the deals in 2019 was Beijing 10, 11, 12. So, it's like three data centers. And the deals that we've done in 2020, like Beijing 13 was 20,000 square meters. In fact, we hope soon to announce that we've been able to upscale that quite significantly. And Beijing 14, which hopefully will move forward in five definitive agreements and close next year, that's also 20,000 square meters. So, I think we're still doing around two deals per annum. And hope to maintain that, or if not, more.
You made a comment about acquisition multiples, I think, we've seen two kinds of M&A opportunity in terms of stage of development. Most of our deals have been projects which are under construction or at least when we sign a sale and purchase agreement, there is still a substantial amount of work to be done to complete those projects. And in that case, we've been mining projects at single-digit multiples of estimated -- stabilized EBITDA, factoring in what we pay and the cost to complete. Shanghai 19, you can do the math from what we've disclosed, definitely fits into that category. But then there have been a couple where we've acquired data centers, which were already complete. And as I mentioned before, there's more competition for those kind of opportunities, including from financial investors. We will do those deals when we see very strong strategic rationale, of course, the multiples are at double digits now. But I'm interested to see when the REIT market in China develops, which will be long now. And in respect to data centers, I'm interested to see what kind of cap rates data center REITs will command. And my expectation it's going to be way below the level at which we've done our deals, even the more advanced or mature deals.
John Choi -- Daiwa Capital Markets -- Analyst
Great. Thank you.
Operator
As there are no further questions, I'd like now to turn the call back over to the Company for closing remarks.
Laura Chen -- Head of Investor Relations
Thank you, everyone, once again for joining us today. If you have further questions, please feel free to contact GDS' Investor Relations through the contact information on our website or The Piacente Group Investor Relations. See you next quarter.
Operator
[Operator Closing Remarks]
Duration: 66 minutes
Call participants:
Laura Chen -- Head of Investor Relations
William Wei Huang -- Founder, Chairman and Chief Ex
u are still able to expand on 1% EBITDA margin. I think with the recent carbon-neutral initiative by the government, what is our plan on the renewable side and how would that impact our cost in terms of developing and would that have any impact on our MSR?
And just quickly on -- Dan, I think you mentioned about the acquisition was inorganic. It seems to me that inorganic has been stepping up since the past 12 months. Is it because the projects are being more mature in towns and cities, or the prices have been coming off? Is there any trend that you could share with us? Thank you.
Daniel Newman -- Chief Financial Officer
Hi, John. Thanks for initiation. I think John you're the most recent one to initiate on GDS, very good report, if I may say. We'll publish our first ESG report next year and until then, I don't want to come out and set any expectations, because I think there's a lot of irresponsibility in this area where companies talk about targets without giving any timeline or any metrics, and it just looks to me like marketing. We've established a team -- we haven't -- we are enhancing our expertise in the power sector to try to manage this better. And it requires ingenuity and creativity to be able to increase the proportion of our data centers which use renewable energy. And we're working hard to do that. So, take it very seriously.
You said the inorganic proportion seems to have stepped up and we've done, I think, with the Shanghai 19 acquisition, which we announced today, that was the 11th acquisition which we've done since, I think, second quarter of 2016, was the first M&A deal. There has been around two deals per annum, some of those deals have been larger, for example, one of the deals in 2019 was Beijing 10, 11, 12. So, it's like three data centers. And the deals that we've done in 2020, like Beijing 13 was 20,000 square meters. In fact, we hope soon to announce that we've been able to upscale that quite significantly. And Beijing 14, which hopefully will move forward in five definitive agreements and close next year, that's also 20,000 square meters. So, I think we're still doing around two deals per annum. And hope to maintain that, or if not, more.
 You made a comment about acquisition multiples, I think, we've seen two kinds of M&A opportunity in terms of stage of development. Most of our deals have been projects which are under construction or at least when we sign a sale and purchase agreement, there is still a substantial amount of work to be done to complete those projects. And in that case, we've been mining projects at single-digit multiples of estimated -- stabilized EBITDA, factoring in what we pay and the cost to complete. Shanghai 19, you can do the math from what we've disclosed, definitely fits into that category. But then there have been a couple where we've acquired data centers, which were already complete. And as I mentioned before, there's more competition for those kind of opportunities, including from financial investors. We will do those deals when we see very strong strategic rationale, of course, the multiples are at double digits now. But I'm interested to see when the REIT market in China develops, which will be long now. And in respect to data centers, I'm interested to see what kind of cap rates data center REITs will command. And my expectation it's going to be way below the level at which we've done our deals, even the more advanced or mature deals.
John Choi -- Daiwa Capital Markets -- Analyst
Great. Thank you.
Operator
As there are no further questions, I'd like now to turn the call back over to the Company for closing remarks.
Laura Chen -- Head of Investor Relations
Thank you, everyone, once again for joining us today. If you have further questions, please feel free to contact GDS' Investor Relations through the contact information on our website or The Piacente Group Investor Relations. See you next quarter.
Operator
[Operator Closing Remarks]
Duration: 66 minutes
Call participants:
Laura Chen -- Head of Investor Relations
William Wei Huang -- Founder, Chairman and Chief Ex