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L0 · Physical Infrastructure

QTS Realty Trust

QTS Realty Trust provides mega-scale data center solutions for hyperscalers, enterprises, and government across North America and Europe.

Updated April 2026

Overview

Segment
Data Center Operators
Posture
Wholesale / Hyperscale Leasing

Product overview

QTS Realty Trust owns and operates over 9 million sq ft of data centers with 2+ GW critical power, specializing in secure, compliant infrastructure for AI, cloud, and high-density workloads. Customers include hyperscale tech firms, enterprises, and federal entities, supported by carrier-neutral colocation, connectivity, and software-defined platforms. Distinct for its Blackstone backing, operational maturity, supply chain access, and rapid growth driven by generative AI demand.,

Revenue model

Primarily from long-term leases (5-15 years) across hyperscale ($100-150/kW/month, NNN/single-tenant), wholesale colocation ($150-250/kW/month, MG+E/multi-tenant), and retail colocation ($200-400/kW/month), with 30-50% of revenue from power pass-throughs; evidenced by hyperscale deals adding $26M annual rent and securitizations like BX 2025-VOLT ($3.5B, 10 QTS centers).

Moat

  • Proprietary Technology
  • Scale Advantages
  • Cost Advantages
  • Distribution

QTS Realty Trust's key competitive moat stems from its proprietary software platform that enables advanced customer control and management of data infrastructure, complemented by a portfolio of scalable, strategically located data centers with low-cost land and power access.