Preliminary Agenda Topics

• Are data center investments private equity cash flow deals, real estate investments, or infrastructure deals?
• Where do good assets go for financing?
• Seeing project finance models utilized, securitized (ABS/CMBS) financings
• Power availability’s impact on underwriting
• Has the time come for secondary markets?
• Supply chain challenges and impact
• Where is the money coming from and what’s the difference
• Demand dynamics

• AI & Power Are #1 & #2 What Else Is On Top Of The List?
• Supply chain bottleneck and infrastructure constraints
• Impact of the ending of remote work and DOGE? Will other demand drivers make up for the negatives?
• AI and compute demand vs. The fallout of deep seek, 9 months later
• The power supply arms race: At what point do data centers get kicked off the grid?
• How are the politics and NIMBY looking?
• How big is big? How big is big in 10 years?
• How much are costs going up?
• Different sub-markets and data center markets going forward
• Investment and M&A trends

• Do you expect multiples to remain high?
• Valuing properties that are future-proofed for higher density servers and other critical developments
• Colo vs. hyperscale
• Lease term and lessee evaluation
• Impact of rising cost of insurance
• Does sustainability impact valuation?
• How are all the mega data centers impacting smaller centers’ valuation?
• JV vs. property vs. company valuation
• Where will value be in ’26?

• Cool cooling, Chips as a service and AI infrastructure advances including clusters that are going to change the market… How are these developments impacting how and where you are building?
• How are you future-proofing your data centers? How much does it cost to put the brakes on a design to future-proof?
• Building your next data center: What are the key factors to decide what will be important 5 years from now?
• The Return of the Jedi vs. and the return of 3 Mile Island: Where are we with nuclear power for data centers?
• Should you be preparing for quantum computing?
• Tier 3 markets and personnel… Are we going to be remoting in?
• Sustainability: A key to getting past the NIMBY crowd?
• How big can we get? How much supply is too much supply?
• BYOP, energy contracting and future efficiencies
• Regional power dynamics, emerging hubs and which tier two markets are going to perform #1?

• What is the growth of this part of the market? Financial strength? New money coming in?
• AI-Driven demand factors and technological evolution
• Hyperscale as sole tenant: How are you managing risk?
• Capital expenditure trends Are you looking to self-build?
• What is your power strategy?
• Using PE: Strategic partnerships and the rest of the capital stack
• What is your exit strategy?
• Consolidation trends and the M&A landscape
• Mega campus strategy
• If I had a billion dollars…

• Comparing different models, markets, exits
• Geographic focus: Tier 1 locations versus emerging markets? What about alternative power-independent sites?
• Investment preference: Chasing hyperscale giants or focusing on mid-sized 10-20MW facilities or the reliable enterprise colocation segment?
• Strategic approaches: Full platform acquisitions vs. joint ventures vs. standalone investments
• Capital allocation toward companies providing services to data center operators
• Critical factors for market dominance and competitive advantage
• Which alternative real estate asset classes are currently attracting your attention?
• Land vs. powered land vs. powered shell vs. turnkey: Which strategy are you pursuing?
• Your equity investors as more and 4x the funds focus on this area
• Getting involved in facilities that would like to expand
• To what extent does your team engage in operational management details?

• Market position and strategic investment approach
• How are you de-risking your projects with PE in this environment of high valuations?
• How are you financing your data center? The infrastructure?
• How are your data centers tackling AI growth?
• Power strategy
• Site selection strategies you and your partners are implementing
• What was the last disagreement with your financing partners? How was it resolved?
• What does your capital stack look like? Exit strategy?

• Where are rates and credit conditions… Are they more competitive to allow new distressed acquisitions?

• Investing in debt vs. equity vs. physical buildings

• Where is hard money at vs. debt funds?

• Raising equity in this market

• Negative leverage and distressed properties

• Considering alternative financing like PACE and ground leases

• Leveraged sources structures and rates

• Considering acquiring debt vs. equity

• What does your distressed buy box look like?

• The keys to securing power, entitlements, local regulations & other site prep
• How are land prices looking?
• How long is entitlement in major markets taking? Other pre-development work?
• Are you spec building?
• How are you finding power? What kind of timing buffer are you building in?
• On sight power: How long to get it together?
• Powered land assemblages: What kind of cost and time frame?
• Financing the prep work
• Your strategies to reduce your timeline, improve procurement and manage material costs

• AI’s impact on design and construction
• Changing rack design
• Shell vs. full turnkey
• Power strategy: Going off-the-grid vs. procuring off-site
• Anatomy of a construction pause and what the lenders did about it?
• The coolest cooling developments
• Construction finance developments for different models
• Going spec: Making it succeed
• What do you think of prefab components?

Rightsizing power potential: The cost vs. need of excess power

• Financing shovel ready vs. construction projects
• How do debt providers underwrite the higher costs?
• Where do good assets go to finance?
• Comparing debt from real estate vs. infrastructure funds
• Credit rating and debt service ratio implications of debt
• Comparing terms of construction to perm vs. stabilized assets vs. refinancing in different markets for hyperscale vs. edge opportunities
• When to hedge
• Is the ABS market maxed out? How are the alternatives looking?
• Looking at the sale leaseback market
• Debt or equity or pref: Where is the value today for the investor vs. owner?

• Joint venture vs. straight equity vs. pref equity waterfalls, promotes and other terms
• What kind of exits exist for data centers and where do you see this market evolving the most?
• Does location matter and how do you assess the energy needs and requirements before making an investment?
• Single tenant user or multi-tenant co-location: Is there a difference in cap rates or how they are financed?
• Land and construction financing vs. stabilized acquisition
• How is oversea equity looking in this political climate? How about pension and other LP monies?
• Considering the tenant and building spec
• Equity requirements for built-to-suit vs. spec vs. stabilized vs. retrofits
• Risk-adjusted return expectations across different data center asset classes

• Financing BTM configurations
• When can you qualify for specialized energy financing programs?
• Accounting for depreciation schedules of longer term and shorter-term equipment
• Power-as-a-service approaches
• Looking for energy credits in all the wrong places? Virtual power purchase agreements
• Living with condominium structures
• Power infrastructure joint ventures
• Pipeline and other financing
• Considerations for upgrading technology

• Anatomy of a strategic alliance, partnership or joint venture between data center operators and electric utilities
• When is on campus the best choice?
• Clean energy practicality and dissecting the greenwashing
• What are your options if you can’t get adequate power delivered before tenant termination rights come up? Can force majeure apply?
• Looking at Tier 1 market challenges
• Examining local power market changes
• Powering AI vs. traditional data centers
• Grid/off-grid combination approaches
• Timeline for getting transformers and substations

• Is your strategy for BYOP more for prime or backup applications?
• Bridge power vs. perm approaches
• Integrating load management: How far can software or other optimization techniques get you?
• Using generators, batteries and renewable sources: What should be the mix?
• Nuclear power beyond the 3-mile hype
• Grid parallel approaches
• Getting a major utility to help back your off-the-grid project
• Using solar and wind as more than warming coffee pots
• Which BYOP strategies are you favoring?

• Is your Lease financeable, and if financeable does it contain terms that adversely affect your interest?
• Yield on cost/powered shell deals: What’s appropriate to be included in costs?
• Purchase options and tenant transfers : when can they be exercised and at what price?
• Landlord guaranties: what’s being guaranteed and what is the necessary credit for that landlord guarantor?
• Powered shell vs. turnkey landlord vs. NNN leases and their cap X and operational responsibility
• Force majeure: SLAs, equipment and power procurement delays
• In colocation leases are you seeing any free rent?
• Service level agreements vs. controlling things out of control
• New, untraditional tenants like GPU, high-performance computing and quantum computing as a service providers, AI model training specialists and edge infrastructure providers
• New technical, infrastructure, operational, risk management and compliance factors to consider in this market

• Risk management and what are the risks of investing in a large AI data center in a tertiary market compared to a primary market? Remember the dot.com bust… How are you protecting yourself against the AI market cratering and market saturation?
• The latest end user requirements for AI-driven data centers
• Will data center clusters be the dominant force shaping campuses?
• Financing, valuing and structuring the AI data center vs. others
• Capital deployment timelines
• Deep seek update, AI inference computing and Chip SAS: How are they changing the data center industry? How is the rest of the AI market evolving and how will that be impacting all facets of the industry?

• 500 MW projects: How are they being handled from a power perspective?
• What would you look to happen in the California markets to increase your new data center builds in California?
• What are some local markets you are looking at that would be a California substitute?
• Best ways to limit local development costs and NIMBY opposition when doing business locally
• PGE’s proposed electric rule 30 and other legislative updates
• The latest power demand growth predictions