“We're still able to underwrite those mid-teens or better development yields and stabilization.”

In context

“business. Steve Vondran: And on the CapEx for CoreSite, we're not constraining the business. So the business has the opportunity to deploy as much capital as it wants. And so you could see that number grow kind of into that range that you're talking about. And I would also just reiterate that the beauty of how we've constructed our CoreSite entity with our private capital partners is, we have a lot of optionality in terms of how we fund that additional capital growth. So we'll be able to make the determination how much American Tower wants to put in versus how much we rely on our partners kind of real-time as we're looking at the budgets for next year. So it's too early to tell you what the budget is going to be and what percentage we're going to pay. But it's a very good use of capital. We're still able to underwrite those mid-teens or better development yields and stabilization. And because the pre-leasing is at historically high levels, it's a very low risk way to deploy capital. And we actually get a stabilization even sooner. So we think it's a great use of our capital to do that. We'll continue to fund those developments in our campuses as aggressively as we can sell and build. And so we'll let you know kind of when we lay out our expectations for 2025 where that lands, but the numbers that you're suggesting are in the ballpark of something that could be very reasonable for us to do. Simon Flannery: Great. Thanks a lot, Steve. Operator: We'll go next to the line of James Schneider with Goldman Sachs. James Schneider: Good morning. Thanks for taking my question. I guess, first of all strategically, Steve, you laid out some of the attractive qualities of Europe”