Dan Letter

And then with e-commerce, there's been that proliferation of SKUs.

And all of us, we're looking for speed and we're looking for choice.

And so that's been a big driver.

And you may see flat retail sales, but you'll see e-commerce penetration.

That e-commerce penetration is great news for logistics real estate.

Well, we've long been developing on our balance sheet, but now look at our development business.

We can build $43 billion more of logistics space in our land bank alone, not buying any more land.

On top of that, we have this data center business.

So we have $230 billion worth of AUM today at the end of last quarter.

We can build another $43 billion of logistics buildings on our 14,000 acres of land.

That's $240 million square feet.

We can grow the company 18% without buying another piece of land.

then we have this data center business.

Think about it from a megawatt perspective, if you build a powered shell, that's on the continuum, powered shell over here, that's about two and a half to three million dollars a megawatt.

You go out this side of the continuum, and that's a turnkey, that's everything soup to nuts built out, that's 15 million a megawatt.

So think about how big that data center

development could be.

So we're looking at diversifying our capital stack there.

And our partners, great to have a new partner with GIC here, they want a piece of this development business.

And we're doing that to help build bigger relationships globally.