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| Leases | Leases Lessor – Operating leases The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s data center properties. Leases generally include a fixed base rent that escalates annually throughout the term of the applicable leases. Certain leases also contain a variable rent component consisting of the reimbursement of operating expenses such as utilities, real estate taxes, insurance, and common area maintenance costs. The following table details the components of operating lease income from leases in which the Company is the lessor.
__________________ (1)Base rent consists of fixed lease payments. (2)Represents lease income related to the excess (deficit) of straight-line rental revenue over fixed lease payments. (3)Consists of reimbursement of common area maintenance (“CAM”), real estate taxes, and utilities. The following table presents the undiscounted future minimum rents the Company expects to receive for its properties classified as operating leases as of December 31, 2025.
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