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Pay vs Performance Disclosure - USD ($)

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance

The following tables and discussion summarize the relationship between NEO compensation actually paid

(“Compensation Actually Paid”), as calculated in the manner required by Item 402(v) of Regulation S-K, the

values reported in our Summary Compensation Table, and our financial performance results for our last five

completed fiscal years. The tables and the associated narrative and graphical disclosure should be viewed

together for a more complete presentation of such relationship over the time periods presented.

The calculations and analysis below do not necessarily reflect our approach to aligning executive

compensation with performance. For information concerning our compensation philosophy and how we align

executive compensation with financial performance, refer to the Compensation Discussion and Analysis on

page 22 of this proxy statement.


							Value of initial fixed $100 investment based on:
Year (1)	Summary Compensatio n Table Total for Principal Executive Officer (PEO)	Compensati on Actually Paid to PEO (2)(3)		Average Summary Compensati on Table Total for non-PEO NEOs	Average Compensatio n Actually Paid to non- PEO NEOs (2)(3)		Total Sharehold er Return (9)	Peer Group Total Shareholde r Return (10)	Net Income (Loss)(11) (in thousands)	Core FFO (12) (in thousands)
2024	$5,510,455	$3,526,683	(4)	$1,766,604	$1,345,548	(4)	$110.76	$110.61	$42,657	$126,025
2023	$5,501,420	$5,726,104	(5)	$1,642,651	$1,575,720	(5)	N/A	N/A	$24,042	$128,847
2022	$4,399,528	$4,879,114	(6)	$1,155,974	$1,199,712	(6)	N/A	N/A	$(7,978)	$124,221
2021	$4,894,488	$4,700,748	(7)	$1,308,297	$1,261,201	(7)	N/A	N/A	$402,660	$145,049
2020	$2,517,209	$2,526,458	(8)	$816,932	$819,591	(8)	N/A	N/A	$36,776	$145,119

1.NEOs included in the above compensation columns reflect the following:


Year	PEO	Non-PEOs
2024	Mr. Seton	Ms. Neely, Mr. Flouhouse, Mr. Sajeski and Mr. Labenski
2023	Mr. Seton	Ms. Neely, Mr. Sajeski, Mr. Reed, and Mr. Labenski
2022	Mr. Seton	Ms. Neely, Mr. Sajeski, Mr. Reed, Mr. Labenski, and Mr. Yoakum
2021	Mr. Seton	Ms. Neely, Mr. Sajeski, Mr. Reed, and Mr. Yoakum
2020	Mr. Seton	Ms. Neely, Mr. Sajeski, Mr. Reed, and Mr. Yoakum

2.The dollar amounts reported represent the amount of “Compensation Actually Paid”, as calculated in the manner

required by Item 402(v) of Regulation S-K. Fair value or change in fair value, as applicable, of equity awards in the

“Compensation Actually Paid” columns was determined by reference to (a) for Time-Based RCS (excluding

Performance-Based DSUs), the closing price per share of our common stock on December 31, 2024 and the net

asset value per share of our common stock prior to our listing, in the case of vesting dates, the actual vesting price,

and (b) for Performance-Based DSUs, the same valuation methodology as Time-Based RCS above except year-

end values are multiplied by the probability of achievement, based on the most recent results projected through

the term, as of each such date.

3.For the portion of “Compensation Actually Paid” that is based on the closing price of our common stock on

December 31, 2024, $24.32 was used for the year ended 2024. For the portion of “Compensation Actually Paid”

that is based on year-end net asset value per share of our common stock, the following amounts were used:

$29.92, $32.88, $32.80, and $34.76 for the years-ended 2023, 2022, 2021, and 2020, respectively.

4.2024 "Compensation Actually Paid" to Mr. Seton and the average "Compensation Actually Paid" to non-PEOs

reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:


	PEO	Average Non-PEO NEOs
Total Reported in 2024 Summary Compensation Table (SCT)	$5,510,455	$1,766,604
Less, value of Stock Awards reported in SCT	$(2,275,000)	$(678,996)
Plus, year-end value of awards granted in 2024 that are unvested and outstanding	$1,849,195	$435,060
Plus, change in fair value of awards granted in prior years that are outstanding and unvested	$(978,192)	$(104,102)
Plus, fair value as of vesting date for awards granted and vested in 2024	$—	$77,298
Plus, change in fair value (from prior year-end) of awards granted in prior years that vested in 2024	$(579,775)	$(99,573)
Less, prior year fair value of awards granted in prior years that failed to vest this year	$—	$(50,743)
Total adjustments	$(1,983,772)	$(421,056)
Compensation Actually Paid for Fiscal Year 2024	$3,526,683	$1,345,548

5.2023 “Compensation Actually Paid” to Mr. Seton and the average “Compensation Actually Paid” to non-PEO NEOs

reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:


	PEO	Average Non-PEO NEOs
Total Reported in 2023 Summary Compensation Table (SCT)	$5,501,420	$1,642,651
Less, value of Stock Awards reported in SCT	$(2,275,000)	$(456,250)
Plus, year-end value of awards granted in 2023 that are unvested and outstanding	$2,587,743	$440,773
Plus, change in fair value of awards granted in prior years that are outstanding and unvested	$(377,657)	$(68,035)
Plus, fair value as of vesting date for awards granted and vested in 2023	$—	$41,695
Plus, change in fair value (from prior year-end) of awards granted in prior years that vested in 2023	$289,598	$2,428
Less, prior year fair value of awards granted in prior years that failed to vest this year	$—	$(27,542)
Total adjustments	$224,684	$(66,931)
Compensation Actually Paid for Fiscal Year 2023	$5,726,104	$1,575,720

6.2022 “Compensation Actually Paid” to Mr. Seton and the average “Compensation Actually Paid” to non-PEO NEOs

reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:


	PEO	Average Non-PEO NEOs
Total Reported in 2022 Summary Compensation Table (SCT)	$4,399,528	$1,155,974
Less, value of Stock Awards reported in SCT	$(2,000,000)	$(385,000)
Plus, year-end value of awards granted in 2022 that are unvested and outstanding	$2,471,286	$409,971
Plus, change in fair value of awards granted in prior years that are outstanding and unvested	$8,300	$4,085
Plus, fair value as of vesting date for awards granted and vested in 2022	$—	$22,411
Plus, change in fair value (from prior year-end) of prior year awards that vested in 2022	$—	$—
Less, prior year fair value of awards granted in prior years that failed to vest this year	$—	$(7,729)
Total adjustments	$479,586	$43,738
Compensation Actually Paid for Fiscal Year 2022	$4,879,114	$1,199,712

7.2021 “Compensation Actually Paid” to Mr. Seton and the average “Compensation Actually Paid” to non-PEO NEOs

reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:


	PEO	Average Non-PEO NEOs
Total Reported in 2021 Summary Compensation Table (SCT)	$4,894,488	$1,308,297
Less, value of Stock Awards reported in SCT	$(1,800,000)	$(325,000)
Plus, year-end value of awards granted in 2021 that are unvested and outstanding	$1,719,555	$310,476
Plus, change in fair value of awards granted in prior years that are outstanding and unvested	$(113,295)	$(32,572)
Plus, change in fair value (from prior year-end) of prior year awards that vested in 2021	$—	$—
Less, prior year fair value of awards granted in prior years that failed to vest this year	$—	$—
Total adjustments	$(193,740)	$(47,096)
Compensation Actually Paid for Fiscal Year 2021	$4,700,748	$1,261,201

8.2020 “Compensation Actually Paid” to Mr. Seton and the average “Compensation Actually Paid” to non-PEO NEOs

reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:


	PEO	Average Non-PEO NEOs
Total Reported in 2020 Summary Compensation Table (SCT)	$2,517,209	$816,932
Less, value of Stock Awards reported in SCT	$(2,000,000)	$(575,000)
Plus, year-end value of awards granted in 2020 that are unvested and outstanding	$2,009,249	$577,659
Plus, change in fair value of awards granted in prior years that are outstanding and unvested	$—	$—
Plus, change in fair value (from prior year-end) of prior year awards that vested in 2020	$—	$—
Less, prior year fair value of awards granted in prior years that failed to vest this year	$—	$—
Total adjustments	$9,249	$2,659
Compensation Actually Paid for Fiscal Year 2020	$2,526,458	$819,591

9.For the fiscal year ended December 31, 2024, the return represents the Company’s cumulative TSR with an initial

investment of $100 on June 13, 2024, the first day on which our common stock began trading on the NYSE.

10.For the fiscal year ended December 31, 2024, the return represents the cumulative TSR of the MSCI US REIT Index

with an initial investment of $100 on June 13, 2024, the first day on which our common stock began trading on the

NYSE.

11.Net income for 2020 includes the operations of our data center properties segment. Net income for 2021 includes

the operations of our data center properties segment from January 1, 2021 through July 22, 2021 and the gain on

sale that was recognized as a result of the transaction.

12.Non-GAAP financial measure. For definitions and reconciliations of non-GAAP financial measures to their most

directly comparable GAAP financial measures, see Appendix A.

Company Selected Measure Name

Core FFO

Named Executive Officers, Footnote


Year	PEO	Non-PEOs
2024	Mr. Seton	Ms. Neely, Mr. Flouhouse, Mr. Sajeski and Mr. Labenski
2023	Mr. Seton	Ms. Neely, Mr. Sajeski, Mr. Reed, and Mr. Labenski
2022	Mr. Seton	Ms. Neely, Mr. Sajeski, Mr. Reed, Mr. Labenski, and Mr. Yoakum
2021	Mr. Seton	Ms. Neely, Mr. Sajeski, Mr. Reed, and Mr. Yoakum
2020	Mr. Seton	Ms. Neely, Mr. Sajeski, Mr. Reed, and Mr. Yoakum

PEO Total Compensation Amount

$ 5,510,455

$ 5,501,420

$ 4,399,528

$ 4,894,488

$ 2,517,209

PEO Actually Paid Compensation Amount

$ 3,526,683

5,726,104

4,879,114

4,700,748

2,526,458

Adjustment To PEO Compensation, Footnote

4.2024 "Compensation Actually Paid" to Mr. Seton and the average "Compensation Actually Paid" to non-PEOs

reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:


	PEO	Average Non-PEO NEOs
Total Reported in 2024 Summary Compensation Table (SCT)	$5,510,455	$1,766,604
Less, value of Stock Awards reported in SCT	$(2,275,000)	$(678,996)
Plus, year-end value of awards granted in 2024 that are unvested and outstanding	$1,849,195	$435,060
Plus, change in fair value of awards granted in prior years that are outstanding and unvested	$(978,192)	$(104,102)
Plus, fair value as of vesting date for awards granted and vested in 2024	$—	$77,298
Plus, change in fair value (from prior year-end) of awards granted in prior years that vested in 2024	$(579,775)	$(99,573)
Less, prior year fair value of awards granted in prior years that failed to vest this year	$—	$(50,743)
Total adjustments	$(1,983,772)	$(421,056)
Compensation Actually Paid for Fiscal Year 2024	$3,526,683	$1,345,548

5.2023 “Compensation Actually Paid” to Mr. Seton and the average “Compensation Actually Paid” to non-PEO NEOs

reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:


	PEO	Average Non-PEO NEOs
Total Reported in 2023 Summary Compensation Table (SCT)	$5,501,420	$1,642,651
Less, value of Stock Awards reported in SCT	$(2,275,000)	$(456,250)
Plus, year-end value of awards granted in 2023 that are unvested and outstanding	$2,587,743	$440,773
Plus, change in fair value of awards granted in prior years that are outstanding and unvested	$(377,657)	$(68,035)
Plus, fair value as of vesting date for awards granted and vested in 2023	$—	$41,695
Plus, change in fair value (from prior year-end) of awards granted in prior years that vested in 2023	$289,598	$2,428
Less, prior year fair value of awards granted in prior years that failed to vest this year	$—	$(27,542)
Total adjustments	$224,684	$(66,931)
Compensation Actually Paid for Fiscal Year 2023	$5,726,104	$1,575,720

6.2022 “Compensation Actually Paid” to Mr. Seton and the average “Compensation Actually Paid” to non-PEO NEOs

reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:


	PEO	Average Non-PEO NEOs
Total Reported in 2022 Summary Compensation Table (SCT)	$4,399,528	$1,155,974
Less, value of Stock Awards reported in SCT	$(2,000,000)	$(385,000)
Plus, year-end value of awards granted in 2022 that are unvested and outstanding	$2,471,286	$409,971
Plus, change in fair value of awards granted in prior years that are outstanding and unvested	$8,300	$4,085
Plus, fair value as of vesting date for awards granted and vested in 2022	$—	$22,411
Plus, change in fair value (from prior year-end) of prior year awards that vested in 2022	$—	$—
Less, prior year fair value of awards granted in prior years that failed to vest this year	$—	$(7,729)
Total adjustments	$479,586	$43,738
Compensation Actually Paid for Fiscal Year 2022	$4,879,114	$1,199,712

7.2021 “Compensation Actually Paid” to Mr. Seton and the average “Compensation Actually Paid” to non-PEO NEOs

reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:


	PEO	Average Non-PEO NEOs
Total Reported in 2021 Summary Compensation Table (SCT)	$4,894,488	$1,308,297
Less, value of Stock Awards reported in SCT	$(1,800,000)	$(325,000)
Plus, year-end value of awards granted in 2021 that are unvested and outstanding	$1,719,555	$310,476
Plus, change in fair value of awards granted in prior years that are outstanding and unvested	$(113,295)	$(32,572)
Plus, change in fair value (from prior year-end) of prior year awards that vested in 2021	$—	$—
Less, prior year fair value of awards granted in prior years that failed to vest this year	$—	$—
Total adjustments	$(193,740)	$(47,096)
Compensation Actually Paid for Fiscal Year 2021	$4,700,748	$1,261,201

8.2020 “Compensation Actually Paid” to Mr. Seton and the average “Compensation Actually Paid” to non-PEO NEOs

reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:


	PEO	Average Non-PEO NEOs
Total Reported in 2020 Summary Compensation Table (SCT)	$2,517,209	$816,932
Less, value of Stock Awards reported in SCT	$(2,000,000)	$(575,000)
Plus, year-end value of awards granted in 2020 that are unvested and outstanding	$2,009,249	$577,659
Plus, change in fair value of awards granted in prior years that are outstanding and unvested	$—	$—
Plus, change in fair value (from prior year-end) of prior year awards that vested in 2020	$—	$—
Less, prior year fair value of awards granted in prior years that failed to vest this year	$—	$—
Total adjustments	$9,249	$2,659
Compensation Actually Paid for Fiscal Year 2020	$2,526,458	$819,591

Non-PEO NEO Average Total Compensation Amount

$ 1,766,604

1,642,651

1,155,974

1,308,297

816,932

Non-PEO NEO Average Compensation Actually Paid Amount

$ 1,345,548

1,575,720

1,199,712

1,261,201

819,591

Adjustment to Non-PEO NEO Compensation Footnote

4.2024 "Compensation Actually Paid" to Mr. Seton and the average "Compensation Actually Paid" to non-PEOs

reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:


	PEO	Average Non-PEO NEOs
Total Reported in 2024 Summary Compensation Table (SCT)	$5,510,455	$1,766,604
Less, value of Stock Awards reported in SCT	$(2,275,000)	$(678,996)
Plus, year-end value of awards granted in 2024 that are unvested and outstanding	$1,849,195	$435,060
Plus, change in fair value of awards granted in prior years that are outstanding and unvested	$(978,192)	$(104,102)
Plus, fair value as of vesting date for awards granted and vested in 2024	$—	$77,298
Plus, change in fair value (from prior year-end) of awards granted in prior years that vested in 2024	$(579,775)	$(99,573)
Less, prior year fair value of awards granted in prior years that failed to vest this year	$—	$(50,743)
Total adjustments	$(1,983,772)	$(421,056)
Compensation Actually Paid for Fiscal Year 2024	$3,526,683	$1,345,548

5.2023 “Compensation Actually Paid” to Mr. Seton and the average “Compensation Actually Paid” to non-PEO NEOs

reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:


	PEO	Average Non-PEO NEOs
Total Reported in 2023 Summary Compensation Table (SCT)	$5,501,420	$1,642,651
Less, value of Stock Awards reported in SCT	$(2,275,000)	$(456,250)
Plus, year-end value of awards granted in 2023 that are unvested and outstanding	$2,587,743	$440,773
Plus, change in fair value of awards granted in prior years that are outstanding and unvested	$(377,657)	$(68,035)
Plus, fair value as of vesting date for awards granted and vested in 2023	$—	$41,695
Plus, change in fair value (from prior year-end) of awards granted in prior years that vested in 2023	$289,598	$2,428
Less, prior year fair value of awards granted in prior years that failed to vest this year	$—	$(27,542)
Total adjustments	$224,684	$(66,931)
Compensation Actually Paid for Fiscal Year 2023	$5,726,104	$1,575,720

6.2022 “Compensation Actually Paid” to Mr. Seton and the average “Compensation Actually Paid” to non-PEO NEOs

reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:


	PEO	Average Non-PEO NEOs
Total Reported in 2022 Summary Compensation Table (SCT)	$4,399,528	$1,155,974
Less, value of Stock Awards reported in SCT	$(2,000,000)	$(385,000)
Plus, year-end value of awards granted in 2022 that are unvested and outstanding	$2,471,286	$409,971
Plus, change in fair value of awards granted in prior years that are outstanding and unvested	$8,300	$4,085
Plus, fair value as of vesting date for awards granted and vested in 2022	$—	$22,411
Plus, change in fair value (from prior year-end) of prior year awards that vested in 2022	$—	$—
Less, prior year fair value of awards granted in prior years that failed to vest this year	$—	$(7,729)
Total adjustments	$479,586	$43,738
Compensation Actually Paid for Fiscal Year 2022	$4,879,114	$1,199,712

7.2021 “Compensation Actually Paid” to Mr. Seton and the average “Compensation Actually Paid” to non-PEO NEOs

reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:


	PEO	Average Non-PEO NEOs
Total Reported in 2021 Summary Compensation Table (SCT)	$4,894,488	$1,308,297
Less, value of Stock Awards reported in SCT	$(1,800,000)	$(325,000)
Plus, year-end value of awards granted in 2021 that are unvested and outstanding	$1,719,555	$310,476
Plus, change in fair value of awards granted in prior years that are outstanding and unvested	$(113,295)	$(32,572)
Plus, change in fair value (from prior year-end) of prior year awards that vested in 2021	$—	$—
Less, prior year fair value of awards granted in prior years that failed to vest this year	$—	$—
Total adjustments	$(193,740)	$(47,096)
Compensation Actually Paid for Fiscal Year 2021	$4,700,748	$1,261,201

8.2020 “Compensation Actually Paid” to Mr. Seton and the average “Compensation Actually Paid” to non-PEO NEOs

reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:


	PEO	Average Non-PEO NEOs
Total Reported in 2020 Summary Compensation Table (SCT)	$2,517,209	$816,932
Less, value of Stock Awards reported in SCT	$(2,000,000)	$(575,000)
Plus, year-end value of awards granted in 2020 that are unvested and outstanding	$2,009,249	$577,659
Plus, change in fair value of awards granted in prior years that are outstanding and unvested	$—	$—
Plus, change in fair value (from prior year-end) of prior year awards that vested in 2020	$—	$—
Less, prior year fair value of awards granted in prior years that failed to vest this year	$—	$—
Total adjustments	$9,249	$2,659
Compensation Actually Paid for Fiscal Year 2020	$2,526,458	$819,591