Digital Realty PDX12 Colocation: Capacity, Status and Tax Exposure

FJI source-qualified: four-document gate met, including project-specific government evidence. Qualification evidence and decisions →

Project status: Existing marketed colocation facility; current occupancy and AI-specific capacity undisclosed. Capacity scope: 546,000 square feet building size; MW not disclosed on cited facility page. How we verify evidence.

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PDX12 colocation at a glance

Operator specifications →

The one-minute investment takeaway

Our analysis: PDX12 is an existing colocation asset whose investor questions center on accepted capacity, leasing and retained cash flow. A court-recorded tax dispute adds a concrete cost question: which property expenses remain with the owner after lease recoveries? Certifications and building size do not answer that question or establish AI utilization.

What the scan establishes

• PDX12 colocation: Digital Realty lists 5870 NE Schaaf Street, Hillsboro, 546,000 square feet, cabinet-to-private-suite offerings and N+1 UPS/cooling redundancy. No MW, rack-density or vacancy figure is stated. Source →
• Digital Realty includes PDX12 in its Portland offering. Metro customer and connectivity figures must not be allocated to this facility. Source →
• EPA lists PDX12 at 5870 NE Schaaf St with ENERGY STAR certification years 2024 and 2025, 552,862 square feet and year built 2022. The listing does not establish current MW, occupancy or AI workloads. Source →
• Oregon Tax Court decision TC-MD 240646N identifies Beaver Ventures LLC as wholly owned by Digital Realty Trust, L.P. Its Phase 2 corresponds to PDX12. The decision records USD 3,415,744 additional tax for denied Phase 2 exemption in tax year 2024–25 and rules against the taxpayer. Later appeal, payment and tenant recovery remain unverified. Source →
• Colliers lists PDX12 at the matching address among 2023 deliveries, with 560,000 square feet and N+1 power/cooling. Delivery classification does not establish full leasing or accepted IT capacity. Source →
• DCD reported Digital Realty was deploying HVO backup-generator fuel at PDX12, SC1 and LAX12. The reported emissions saving covers the rollout, not PDX12 alone. Source →
• Bloomberg Law’s accessible introduction reports a USD 3.42 million property-tax bill for a Digital Realty unit after exemption paperwork was rejected. The full article is subscription restricted. Source →

Delivery history: targets versus evidence

The court quotes a 2023 authorization describing eight PDX12 suites, with initial availability targeted for Q1 2023 and full occupancy anticipated by Q4 2024. Those dates remain historical expectations. Colliers classifies the property as a 2023 delivery; EPA lists later certifications. None establishes current suite occupancy or accepted IT MW.

Why the area figures differ

Use 546,000 square feet as the current operator specification. EPA records 552,862 square feet; Colliers’ historical RBA is 560,000. The reviewed documents use different labels and dates without a reconciliation. We retain each figure and infer neither physical expansion nor additional capacity.

Who receives the money?

Digital Realty markets the colocation service; the court identifies Beaver Ventures LLC as wholly owned by Digital Realty Trust, L.P. PDX12 customers, lease prices and supplier contract values remain undisclosed in the reviewed evidence. The HVO report’s Schneider Electric work concerns a separate Paris facility and does not establish a PDX12 contract.

How financially meaningful is it?

Our analysis: Test net rent and retained service income after power, property taxes, maintenance and fit-out capital. The court-recorded assessment is a historical tax exposure, not project investment or an annual recurring expense. Its present cash effect cannot be calculated without later disposition, payment and lease recovery records.

Digital Realty quarterly context — portfolio level

Digital Realty reported $307 million annualized rental bookings at 100% share and a $1.9 billion signed-but-not-commenced rent backlog in Q2 2026. These are portfolio figures. Its next results are scheduled for October 29, 2026; neither disclosure establishes PDX12 revenue, occupancy or AI capacity. Q2 results → · Q3 schedule →

Milestones that would change the assessment

• Phase-specific accepted IT MW, current occupancy and high-density technical specifications.
• Any later tax-court disposition, payment, subsequent exemption treatment and tenant recovery.
• Site income and additional cooling/electrical capital needed for contracted workloads.

What could break the investment case?

Our analysis: Unrecovered taxes, costly retrofits or slow lease commencement could reduce retained returns. Confirming favorable tax treatment would not by itself establish customer demand; confirming demand would not establish affordable delivery.

What remains unknown

Current delivered/energized IT MW, suite occupancy, AI tenants, liquid-cooling capability, utility service contract/tariff, measured PUE/WUE, phase acceptance and site cash flows remain unverified. The January 2026 tax decision was read; later appeal, payment, subsequent exemption years and tenant recovery were not established. Direct city permit documents were inaccessible. Size figures use different source bases; no expansion is inferred. Map pin remains representative.

Public-source scan completed; whole-project certification remains open. Original review and historical source dates preserved. Area, tax exposure and historical targets remain outside operating-MW and actual-spending totals. This is research enrichment, not a new October project milestone. Map coordinates remain representative.

Fjord Journal research for information; no site earnings estimate or buy recommendation.