Csquare, Inc. (CSQR) Due Diligence Questions

Research evidence excerpt

Csquare, Inc. (CSQR) Due Diligence Questions

July 6, 2026

○Would you potentially have a core FFO metric? For example, would you adjust for non-operating or

transaction-specific items such as bargain purchase gain, transaction and other costs, and losses on debt

extinguishment to provide a clearer view of core earnings?

○Would you provide an AFFO metric? As you may know, DLR's headline metric is Core FFO, and EQIX AFFO.

●Your prospectus provides terrific detail on how you think of your potential growth going forward. You believe you

can produce Adjusted EBITDA growth CAGR over 14%:

○As you may know, this is considerably higher than the growth forecast of other data center REITs (for

context, EQIX in their analyst day last year provided a medium term growth rate expectation of 5%-9% on

AFFO). Why do you think Csquare can sustainably deliver a double digit EBITDA growth rate when larger,

more mature competitors are projecting high-single-digit long-term earnings growth?

○Growth is forecast from the following components:

■3% to 5% on organic growth net of churn. How would you decompose this between mark to market,

escalations and churn?

■7% to 9% EBITDA growth on an annual basis during that period as a result of under-roof growth,

consisting of brownfield projects.

■Can you speak more to what "under roof growth" is?

■You have a targeted 4x to 6x build multiple which would lead to some of the best yields in all of

commercial real estate. Other data center REITs have given these type of yield goals but have been

unable to produce them. What timeframe do you think it will take to produce these returns?

■4% or more EBITDA growth on an annual basis through strategic lease buyouts, site level mergers

and acquisitions and optimization of our balance sheet.