Paul Kudrowski

piece of real estate into a functioning shell into which I can insert GPUs.

And all of them are delighted to be participating in this.

But then there's the perverse fact that like...

You, as an individual investor, might say, well, you know what?

Let them all burn.

If this goes bad, it's their problem.

Carrier or these private equity firms or the private credit firms or even Meta and whoever else.

But yet, it's not going to work out that way.

And the reason why it's not going to work out that way is in part because it's driving economic growth.

And we've talked about that a little bit.

But it's also because...

increasingly, these investments in special purpose vehicles and other related data center spending is showing up inside of things like REITs, so real estate income trusts.

If you look inside at any large REIT in the United States today, somewhere between 10% and 22% of it is already directly data center related.

If you're a conservative investor,

with a REIT in your portfolio, because you're saying, you know what?

I don't care about any of that crazy tech stuff.

I'm going to be over here safe as houses, commercial real estate or whatever else, getting real estate income.

Go have a look inside your REIT.

See what's actually in there today.

Two years ago, there was nothing in there that was related to data centers.