Iron Mountain RBC 2026 Global Communications Infrastructure Conference

Okay. Well, thank you, John. Maybe I will start with that one. First, we are really happy with the recent momentum that the business has built since January this year. As you noted that when we got on the Q2 call at the beginning of August, we had actually leased already something in the third quarter, over 50 megawatts in Mumbai, which brings that land bank down to the 325 that gets energized over in the next 18-24 months that is not leased yet or is leasable. First of all, we feel really good about that. Over the next 18-24 months to have that much energized and permitted, fully permitted land available to talk to our customers about. The pipeline that we see across those assets is both wide and deep.

We feel really good about the momentum that the business is building over the next period. Your question is really what is beyond that? Beyond that is if we think about it as a company, we think about maintaining that kind of freeboard, if you will. The 300 plus megawatts over an 18- to 24-month rolling basis. If we go the next period out, we have another 300 megawatts plus on additional land that is permitted and is committed to be energized by the utilities after that. 200 of which, I should say, is additional capacity coming online in Manassas. If I look forward the next 36 to 48 months, we feel really good.