Dan Letter

Yeah, well, first, thanks for having me.

Great to be here with you, too.

I look at the macro environment right now and I think about all the chaos and turbulence our customers have been through going back to COVID.

Six years ago, the world was shut down, right?

Over the course of these six years,

Think of all the geopolitical events, post-COVID, the rate hikes and how that impacted our customers.

And I actually look at these customers and I realize they've built a lot of endurance.

They actually, this turbulence is more of a feature of the environment that we're living in today.

And I look back to a conference where we were talking to investors a couple weeks ago, actually right after the weekend of the original Iran bombing.

We were telling our customers, 2026 started really strong.

2025 was our second largest leasing year ever, and we were seeing that go into 2026.

Does that continue?

So what we see at this time is customers don't necessarily pull back.

I look back to last year at this time, we had expressed a little caution that led into what was Liberation Day, right?

And you see customers just look around and see what's going on and then

lean in they make long-term decisions five seven ten year decisions when they're working with us right and so they're really kind of seeing through that noise and when you look at these decisions they're making it's really only three to five percent of the overall cost of the supply chain so no people who were maybe going to sign a contract that backed out or anything like that well we hadn't seen that and it's really just a matter of they digest it and then they um it comes in different forms maybe you end up seeing some short-term leasing or but certainly no pullback

So our data center business was really born from our higher and better use business.

When you have 6,000 buildings, 14,000 acres of land, close to 78% of the world GDP,

That is where the next wave of the economy is.

That's where data centers need to be.