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Across US CMBS and ABS, JPMorgan projects annual data center securitization issuance could reach $30 billion to $40 billion in both 2026 and 2027.
February 2
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In terms of asset fundamentals, the high-quality tenant committed to a 15-year lease with maturity dates through various end dates in 2040. That includes 2.0% annual rent increases.
October 28
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Switch has a large national network of data center properties, with more than 700 patents and patents pending for designs and operations in the space.
October 20
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HYPER 2025-1 is DataBank Holdings' first hyperscale data center securitization, secured by the data centers in Virginia, Georgia, and New York.
September 11
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Data centers across 20 markets will provide the revenues to support the notes. Also, the largest customer accounts for 6.5% of annualized monthly recurring revenue (AMRR).
August 13
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The data center's highly rated tech-firm tenant remains a mystery.
July 31
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Carlyle Group Inc. expects more than $1.8 trillion of capital will be deployed by 2030 to meet that demand, and a chunk of that can be taken up by the private markets.
May 8
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The notes benefit from various levels of debt service coverage ratio (DSCR) triggers that help support repayment.
April 22
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Sabey 2025-2 will feature a $24.8 million liquidity reserve among other credit enhancement mechanisms, including cash trap and early amortization triggers.
March 27
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A set of performance-related triggers—cash trapping and expense reserve—will help maintain cash flow to the notes.
March 10
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The rating agency covers its bases in preparation for a surge in data center debt
February 12
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Among the deal's main credit strengths is that the real estate assets are protected by robust physical security, and 83.5% of the tenants have investment-grade credit ratings.
February 10
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The deal will sell two series of notes from a new master trust, secured by revenues from three data centers in Phoenix and Toronto.
February 7
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Tenants also have a high average credit quality, with 75.9% of them having at least an investment grade rating, and lease assets underlying the class A notes have a loan-to-value (LTV) ratio limited to 70%.
February 4
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CyrusOne Data Centers Issuer 2023-2 adds a property in Virginia, a state that accounts for a large portion of data center locations.
November 21
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The issuer underwriting (UW) rent for data center space is about 17.9% below the sponsor's market rent estimates, leaving potential opportunities for further rent revenue increases.
August 28
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The data centers have an appraised value of $3.8 billion, with 32 tenants. S&P assigned a value of $1.8 billion to the properties, and an average cap rate of 8.7%.
August 4
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Some 23 tenants occupy the data center complex in Illinois, which accounted for 86.7% of total square footage and 86.8% of rentable power. The property has a net operating income of $62.7 million, and cap rate of 6.70%.
June 28
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The deal has several performance triggers with cash trap reserves, senior note interest and expense reserves, and loan-to-value tests.
June 27
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Among DataBank 2023-1's enhancement features is a turbo principal amortization mechanism that kicks in after the notes' anticipated repayment date.
February 22
