Assets
Data Center · Ashburn

QTS Ashburn Data Center

—, Ashburn
Verified
Current value
$779.0M
▲ 0.0% 1-yr (modeled)
Cap rate
5.93%
▼ 0 bps vs 5.93% submarket
NOI · derived
$46.2M
$626.3M$668.6M$710.8M$753.1M$795.4M2019202020212022202320242025
sourcedmodeled1 of 7 sourced

Ownership & debt

Ownership transparency

Recorded chain
Recorded owners
QTS Data Centers (QTS Realty Trust LLC)
Fee simple · 100% interest
Ultimate beneficial owner — as recorded
QTS Realty Trust, LLC
Beneficial interest
Blackstone Inc. (funds managed by Blackstone acquired QTS in August 2021 for ~$10 billion)
US-DE · Corporation · Beneficial interest
Corporate structures from GLEIF LEI Level-1/Level-2 data (CC0, golden copy 2026-07-26). Methodology

Debt

Citigroup (lead arranger) and three other banks
CMBS single-asset/single-borrower (refinanced ~$667M of existing debt; collateral primarily the two Ashburn-Shellhorn data centers in Loudoun County, ~618K SF)
$800.0M
LTV
102.70%
Debt yield
5.77%
Securitized debt — SEC loan tape
No SEC ABS-EE loan-level filing is matched to this asset. Public loan tapes exist only for SEC-registered CMBS — most large-asset debt is 144A-private, balance-sheet or agency financed and files none.

Financials

Modeled from sourced NOI, debt & rent inputs

Underwriting

Assumptions — user inputs, not sourced data: 5-year hold · exit cap +25 bps vs today · 3.0% NOI growth per year.
Assumptions — user inputs, not sourced data
Hold period
Exit cap vs today
+25 bps
NOI growth / yr
3.0%
Unlevered IRR
8.4%
Exit cap
6.18%
Exit value
$866.5M
Exit NOI
$53.6M
Unlevered IRR sensitivity — exit cap Δ × NOI growth
Exit Δ2.0%2.5%3.0%3.5%4.0%
-25 bps8.8%9.4%9.9%10.4%11.0%
0 bps8.0%8.6%9.1%9.6%10.2%
+25 bps7.3%7.8%8.4%8.9%9.4%
+50 bps6.6%7.1%7.6%8.2%8.7%
+75 bps5.9%6.4%7.0%7.5%8.0%
Modeled output — not investment advice. Derived from the assumptions above, not sourced claims.

Provenance footnotes

  1. Current value: Single source — CoStar · https://www.costar.com/article/1671634861/blackstones-qts-breaks-its-own-record-for-largest-cmbs-data-center-refinancing · observed 2025
  2. Cap rate: Estimated — no sourced claim on file.
  3. NOI: Estimated — no sourced claim on file.
  4. Ownership — QTS Data Centers (QTS Realty Trust LLC): Single source — datacenterfrontier.com · https://www.datacenterfrontier.com/featured/article/11428144/blackstone-to-acquire-qts-in-blockbuster-data-center-m038a-deal
  5. Debt — Citigroup (lead arranger) and three other banks: Single source — bisnow.com · https://www.bisnow.com/national/news/data-center/qts-issues-800m-in-cmbs-to-refinance-data-centers-119062

Modeled figures — LTV, debt yield, DSCR, cash-on-cash, occupancy, WALT, tenant concentration and every underwriting output are derived arithmetic, not sourced claims. Underwriting outputs follow the assumptions printed in the panel — user-editable inputs, not observations. Not investment advice.

Anchoring begins when the asset enters the live ledger.