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@brad_D6 Nope. For the legacy data centers if you replace a piece of equipment (the HVAC goes down) and can convince your internal/external auditors that you can raise rents/attract new tenants-it’s considered “growth” capex. Which is ridiculous if the HVAC has to be replaced in any case. @brad_D6 (2) For example, $DLR would have you believe that “recurring” capex for the LTM was less than $400M on a $50B capital base. Over 100-yr life…?! https://t.co/VaLZuY5Ylh