Dan Letter

And our customers need to make these decisions long term, and they want to be close to those population centers.

So can't necessarily sit back and wait.

We're going to stick to these 20 countries that we're focused on.

No Mars, Pluto, Earth.

I think there's plenty of opportunity for us for the foreseeable future, but maybe ask me in 10 years.

Well, we do this business 100% on a build-to-suit basis.

So we have leases in place before we put a shovel in the ground, and we have so much opportunity in front of us, we don't need to be thinking about another vector to grow this data center business.

When I think about our core business, the building blocks for our core business is 70% of the U.S.

GDP is consumption.

Our buildings are close to the major population centers in the United States.

So on top of that, there's the e-commerce secular demand driver.

We've been talking about e-commerce for a long time.

Pre-COVID, e-commerce penetration as a percentage retail sales was in the 17-ish percent rate.

Now it's like mid-20s.

We see that growing another 75 to 100 basis points a year through the end of the decade.

That alone is additional demand on top of that.

So there's a big tailwind for our growth.

One thing I forgot to mention is with e-commerce, for every dollar retail sales, it needs 3x the warehouse space.

Because think of all the activities that happen in the brick and mortar, and the returns happen there.

There's the stock in the back.