O‘s Cloud Capital JV - Hyperscale Exposure, Net Lease Discipline

Research evidence excerpt

O‘s Cloud Capital JV - Hyperscale Exposure, Net Lease Discipline

in the largest data center market in the world. Per . 2019 2020 2021 2022 2023 2024 2025 2026E 2027E

CBRE, NoVA's wholesale inventory stands at 4,182 MW with vacancy compressed to a record-low Source: Jefferies,FactSet

0.3% in Q1 – effectively every megawatt delivered was absorbed despite >1.1 GW of new supply. Exhibit 2 - Total Installed Data Center MW in

Net absorption of 1,148.3 MW was the greatest of any market since CBRE began publishing in NoVA (Hyperscaler Self Builds + Leased Data

2023. We think power constraints, supply chain dynamics, and NIMBYism throttling new supply Centers)

make that scarcity durable, while NoVA's dense enterprise and interconnect footprint anchors long- 10,0009,000 50%45%

35%term relevance – making O's assets less speculative than AI builds in remote power markets and (MW) 8,0007,0006,000 40% 30% %

5,000 25% Growthpositioning O to benefit whether the next demand leg is cloud, enterprise, or AI-driven. Capacity 4,000 20%

Installed 3,0002,000 15%10% YoY

Discipline embedded in the JV. Management was explicit that O will remain confined to Tier 1 1,000 5%

markets where power is the binding constraint (we don’t see O chasing deals in West Texas), 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0%

.

while Cloud Capital’s European operations gives the platform a natural runway into O's targeted Source: Jefferies, Aterio

expansion markets abroad. The two development assets in NoVA are 100% pre-leased with clear

line of sight to power, meaningfully de-risking construction and lease-up. Yields are expected in line

with recent Tier 1 NoVA transactions (mid to high single digits range). The programmatic structure