v3.25.4
Schedule III - Real Estate and Accumulated Depreciation
 9 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - Real Estate and Accumulated Depreciation
Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2025
(Dollars in thousands)
Initial Cost (1)
Costs Capitalized
Subsequent to Acquisition (1) (2)
Gross Amounts Carried at the Close of Period (1)
LocationNumber of
Properties		Land and
Land Improvements		Buildings
and
Improvements		Land and
Land Improvements		Buildings
and
Improvements		Land and
Land Improvements		Buildings
and
Improvements
Accumulated
Depreciation (3)
Year
Acquired
Data Center Properties
Atlanta, GA1 $6,936 $128,233 $— $— $6,936 $128,233 $(592)2025
Elk Grove Village, IL1 31,734 209,423 — 5,025 31,734 214,448 (528)2025
Elk Grove Village, IL1 26,111 407,187 — (530)26,111 406,657 (1,374)2025
Plano, TX1 19,506 358,372 — 161 19,506 358,533 (1,405)2025
Dallas, TX1 8,793 103,435 — 19 8,793 103,454 (349)2025
New Albany, OH1 16,676 53,419 — 210 16,676 53,629 (294)2025
Sterling, VA1 91,007 321,626 — 92 91,007 321,718 (988)2025
Hillsboro, OR1 10,123 100,101 — 12 10,123 100,113 (366)2025
Hillsboro, OR1 20,910 471,082 — 377 20,910 471,459 (1,521)2025
San Jose, CA1 21,181 137,713 — 251 21,181 137,964 (627)2025
San Jose, CA1 36,915 690,208 — 2 36,915 690,210 (1,960)2025
Total Portfolio11 $289,892 $2,980,799 $— $5,619 $289,892 $2,986,418 $(10,004)
(1) Buildings and Improvements includes infrastructure, tenant improvements, FF&E, and construction in process.
(2) Costs capitalized subsequent to acquisition include the impact of construction in process and assets that were disposed during the period.
(3) Refer to Note 2 – Summary of Significant Accounting Policies and Estimates for details of depreciable lives.
The aggregate cost basis of real estate owned as of December 31, 2025 for federal income tax purposes was approximately $1,991,494 (unaudited).
The following table reconciles the historical cost and accumulated depreciation of the Company’s investments in real estate for financial reporting purposes for the period ended December 31, 2025 (in thousands).
December 31, 2025
Real Estate:
Balance at Inception$— 
Additions during period:
Land and land improvements289,892 
Buildings and improvements2,911,118 
Construction in process74,302 
Balance at the end of the period$3,275,312 
Accumulated Depreciation:
Balance at Inception$— 
Accumulated depreciation(10,004)
Balance at the end of the period$(10,004)