“But all in, we're exceptionally pleased with the way the data center business is performing. And we do think staying in that between 300 to 360 in and around that area is the right place in terms of ensuring we have the capacity available to meet the demand in our current facilities.”

In context

“rpose for our CAPEX program, of course, is really to make sure that we have the adequate capacity available to satisfy the new business and the demand in the backlog. So you can see from the chart, we have an average backlog of about $53 million, which will be deployed over the next 18 to 24 months or so. So we are ensuring that we have that capacity available. So that $360 million really is going into the 28 locations we have, the campuses either adding buildings into those campuses or adding conditioned space within existing buildings to make sure that we're keeping pace with the demand that we see. And the demand is robust. So certainly, there's opportunities to deploy even a little bit more capital. We'll continue to evaluate the returns and the growth rates and those sorts of things. But all in, we're exceptionally pleased with the way the data center business is performing. And we do think staying in that between 300 to 360 in and around that area is the right place in terms of ensuring we have the capacity available to meet the demand in our current facilities. Eric Luebchow: Great, thank you for the questions. Operator: Next, we move to Simon Flannery with Morgan Stanley. Please go ahead. Simon Flannery: Thank you very much. Good morning. Rod, I wanted to come back to the balance sheet if we could. Good updates on the floating rate debt and the leverage. You said in there, you want to continue to delever and I guess this also brings in Tom. You haven't done a lot of deals since the CoreSite deal. And I know you've been in this kind of focus on the balance sheet kind of period. So perhaps you just talk about what does -- where you want to get to on the leverage side of things and are you starting to think about being more opportunistic on the M&A side and maybe any commentary on the bid offer spreads, I know you talked about the India deal a l”