The Weekly DBrief: The Triple Net Data Centers - Who Is Set Up To Win Edition

研报英文原文证据摘录

The Weekly DBrief: The Triple Net Data Centers - Who Is Set Up To Win Edition

6 July 2026

REITs

reporting that more than 300 local governments have enacted bans or

moratoriums since 2023, including more than 275 new restrictions in 2026 alone.

Timber gave back last week’s 5.3% gain, led lower by WY (-7.9%) after the

company lowered its 2Q wood-products outlook shortly after last Thursday’s

close, citing lower sales volumes and higher manufacturing costs.

Weekly DBrief Topics: In this week's edition, we recap our views on the major

news of the week, including: 1) Our view on the emerging data center triple net

space and who in REIT land is set up to win; and 2) Kroger’s agreement to acquire

Giant Eagle and the read-through for Shopping Centers (particularly PECO).

Industry Updates

The Evolving Data Center Triple Net Landscape - Who Is Set Up To Win?

On 06/30, Realty Income Corporation (Realty Income, NYSE: O) announced a

strategic joint venture with Cloud Capital and its affiliates and a global

institutional investor. The joint venture intends to invest in a diversified portfolio

of stabilized hyperscale assets leased to investment-grade tenants under long-

duration, triple-net leases. The joint venture has committed to acquire three data

center assets which are in strategically located markets and leased to hyperscale

tenants (the "Portfolio"). The programmatic nature of the joint venture will provide

a platform for Realty Income to take advantage of future investments in qualifying

data center developments and acquisitions within the United States and Europe.

Realty Income expects to invest up to $1.4 billion that will be funded over time,

with initial investments of approximately $700 million expected to be funded

between the second and third quarter of 2026.