John Medina

But the push to support and bring some of these projects into some locations is often at the state or sovereign level, right?

A higher level of government.

And then when it comes down to actually building the project and coming to local resources, the locals may be against it or may not be, you know, for it.

Now you're seeing outreach to the communities.

You're seeing, hey, we're going to build this here.

We're going to provide water.

We're going to work with you on a new water treatment plant to help the community as well as ourselves.

So you're seeing more partnerships in that regard.

Same thing on the power side, because nobody wants to do all of the development costs and then not be able to finish your project.

I think all of the projects, I don't want to say are highly leveraged because it's infrastructure.

Infrastructure is a highly leveraged asset class in general because they last a long time.

These are 50-year assets, generally speaking, as long as you upgrade it and keep them up and running.

So there's definitely a risk in terms of who's going to pay for that.

If I have to put more leverage into my asset and I can't recover it from higher rents, then that's a problem.

Or if I can't upgrade my facility because my tenant needs the newest cooling equipment,

then maybe I don't have my tenant anymore, right?

Maybe they don't renew their lease or maybe they go somewhere else.

So it's a balance in this space more than other spaces because the technology changes a little bit quicker, right?

So like we say our old malls or new malls or old hotels or new hotels, they're not that different.

Data centers are notably different when they change the types of internal compute.