Data Center Leasing Guidance
Q: Is data center leasing guidance still 100 MW? What's the pipeline?
A: Management confirmed data center leasing guidance of 100 megawatts for the year, with 30 megawatts already leased in the first quarter. They have a very strong pipeline, including building a third site in Phoenix, Arizona, and expect another strong year, benefiting from the growth in AI applications.

ALM Revenue Growth
Q: How did ALM perform between increased volume and pricing?
A: ALM revenue totaled $84 million, with Regency contributing over $32 million. Organically, ALM was up 25%, exceeding expectations by about $10 million. Both volume and price increased, with component pricing rising through the quarter and expected to continue rising.

Data Center CapEx and Land Acquisition
Q: How should we think about future data center CapEx and land needs?
A: Future data center CapEx is within their multi-year plan and fully funded by cash flow and debt capacity. They have multiple land parcels in active negotiations to support growth beyond this year, feeling confident in their land bank strategy.

Data Center Unlevered Yields
Q: What are unlevered yields for new data center expansions?
A: Unlevered yields for hyperscale data centers are around 9-10%, a couple of hundred basis points above historical returns. Spreads remain positive despite higher interest rates, due to strong market demand.

Storage Business Revenue Growth
Q: Can you discuss storage revenue growth and pricing?
A: Storage rental revenue growth in Global RIM was 7.5%. Timing of revenue management actions shifted to a more normal cadence starting in March. They are ahead of expectations, having previously guided Global RIM growth at about 6% for the year.

On-Time Data Center Delivery
Q: How do you deliver data centers on time and budget versus peers?
A: They continue to drive strong deployments across all campuses with no change in ability to plan and execute. Their strong construction team manages supply chain effectively, and customers trust them for on-time, on-budget delivery.

Regency Integration and M&A
Q: How is Regency integration progressing, and are more tuck-ins planned?
A: The integration of Regency is going very well, ahead of plan with operational efficiencies and better margins. They are considering additional tuck-in acquisitions and have a list of opportunities, seeing clear growth aligned with their business.

RIM Volume Expectations
Q: What's the expectation for RIM volumes this year?
A: RIM volumes are expected to be up in the second quarter versus the first and consistent to slightly up for the full year. They have never stored more physical volume than they are storing today.

Government Contracting Competitiveness
Q: How competitive is the sovereign contracting space?
A: They work with governments in the UK, US, Germany, and France, building relationships over a 24-month horizon. It's a strong part of their business that continues to grow across all segments, including data centers.