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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
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DataBank, sponsored by an affiliate of Colony Capital, is pooling ownership and leasehold stakes in 15 data centers in six cities, including the Salt Lake City market that is in high demand with West Coast companies diversifying and expanding data-center operations.
February 22
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The agency plans to issue an advance notice of proposed rulemaking dealing with efforts by fintechs and data aggregators to leverage a consumer's bank account information.
July 24
