Full-Cycle Investment Strategy

We like both types of businesses: Platforms (data centers) Going-in FFO accretion Platforms + Greenfield Characteristics Minimal, if any Global Data Center Platform None Impact on growth profile Leverage levels Incorporated in valuation Raises future growth Overstated due to minimal current earnings Undervalued during buildout Significantly higher (35%+ CAGR) Appear high given capex intensity and low current earnings Understated as stabilized multiples are applied to current earnings Brookfield 49 49

View entire presentation