New York— KBRA has assigned preliminary ratings to four classes of notes issued by Flexential Issuer, LLC and Flexential Co-Issuer, LLC under the Series 2026-1 and Series 2026-2 transaction.
According to KBRA, the notes are backed by a portfolio of 28 data centers generating about $663.3 million in annualized revenue and $353.2 million in annualized adjusted net operating income as of October 31, 2025.
The portfolio includes approximately 1.8 million square feet of data center space capable of delivering about 199 megawatts of critical load power. The properties comprise 19 leasehold interests across 11 markets and nine fee-simple owned assets across six markets.
The facilities serve 2,152 customers across 149 industries, with a weighted average remaining contract term of 2.4 years. The largest customer accounts for 8.8 percent of annualized revenue, while the top 20 customers represent about 34.6 percent.
The largest industry segments served by the portfolio include software, business services, and networking software.
