Well it officially happened.
Data Centers are now being packaged into CMBS. Seven in the case. All tenants are confidential. Most fraudulent debt market in history.
The portfolio is 100% occupied by four confidential investment-grade-rated tenants and three small network carrier tenants, with a weighted average remaining lease term (WARLT) of 12.9 years as of September 2026. Confidential Tenant 1, a confidential high investment-grade-rated cloud, IT services and content and digital media tenant, fully occupies three properties (PHX2DC2, PHX2DC3 and DFW1DC4), comprising 40.8% of critical IT load and 42.6% of Fitch base rent across the portfolio.
Confidential Tenant 2, a confidential high investment-grade-rated cloud, IT services and content and digital media tenant, fully occupies two properties (RIC2DC3 and RIC2DC5), comprising 28.4% of critical IT load and 25.9% of Fitch base rent. Confidential Tenant 3, a confidential high investment-grade-rated cloud, IT services and content and digital media tenant, leases 36 MW of capacity at ASH2DC2 and comprises 14.2% of critical IT load and 16.6% of Fitch base rent. Confidential Tenant 4, a confidential investment-grade-rated cloud, IT services and content and digital media tenant, leases 42 MW of capacity at PHX2DC5 and comprises 16.6% of critical IT load and 14.8% of Fitch base rent.
Average in-place rents across the portfolio are 23.0% below the appraiser's weighted average (WA) concluded market rent of $119.08 per kW/month.
$ORCL $CRWV $NBIS