The Infrastructure Yield Disconnect: How Variable SOFR Term Curves and Non-Bank Debt Floor Covenants Re-Anchor Data Center REIT Cap Rate Spreads
As the Federal Reserve recalibrates monetary policy, data center REIT yield spreads face an unprecedented decoupling between long-term SOFR swap futures and non-bank debt floor covenants. We analyze the underlying capital stack dynamics driving cap rate adjustments across primary hyperscale markets.
