QTS New Albany 1: establish delivery before estimating returns
FJI source-qualified: four-document gate met, including project-specific government evidence. Qualification evidence and decisions →
Project status: Operator lists DC1 and DC2; commissioned capacity not established here. Capacity scope: Current comparable IT capacity not established in reviewed profile. How we verify evidence.
← Back to project index- Location
- New Albany / Beech Road campus, Ohio
- Readiness
- Existing facility / readiness unverified
- Status
- Operator lists DC1 and DC2; commissioned capacity not established here
- Confirmed companies
- QTS
- Next milestone
- Building-specific completion, electrical acceptance and contracted capacity
- Reviewed
- October 6, 2026
Expanded analysis · Original disclosures linked below · CAD and USD preserved as labeled · Company statements attributed; interpretations labeled.
The one-minute investment takeaway
Our analysis: New Albany 1 requires a building-level evidence chain. The operator provides property identifiers and a campus offering, but not enough information to calculate present rent or utilization. The next useful disclosure is a dated delivery milestone tied to a specific building and power quantity.
Readiness basis: Classification of evidence in the reviewed profile; strongest documented phase, not full-campus completion. Operator lists DC1 and DC2; commissioned capacity not established here Readiness source →
What the sources establish
- Operator / company disclosure Buildings identified. QTS’s New Albany 1 listing identifies DC1 at 1235 Beech Road SW and DC2 at 1225 Beech Road SW. The page uses differing locality labels in repeated address blocks, so the street addresses are the clearer identifiers. Primary source →
- Operator / company disclosure Financial scope discipline. The page describes a USD 3 million commitment over three years to an Ohio household electricity-assistance program. That state-level commitment is not this campus’s construction budget or utility connection cost. Primary source →
- Operator / company disclosure Delivery gap. The listing does not provide commissioned MW or a dated building-level completion announcement, so operating capacity remains unestablished here. Primary source →
Who receives the money?
Our analysis of disclosed roles. Revenue routes are business-model interpretations, not estimates of booked project revenue.
| Company / exposure | Economic role | What investors need to establish |
|---|---|---|
| QTS | Potential wholesale facility rent and service contribution | Building-specific leases and delivered capital; campus marketing is insufficient. |
| Power and infrastructure counterparties | Potential enabling works and electricity receipts | Named service agreements, capacity acceptance and recoverable investment. |
| Construction and equipment suppliers | Potential upfront procurement | Actual awarded contracts and scope; do not derive orders from building count. |
How financially meaningful is it? Analyst interpretation
Our analysis: two buildings may share enabling costs but enter service at different dates. Model each lease commencement separately while including a fair allocation of roads, substations and other common works. A community contribution has a different purpose and scale from construction spending. Investors should avoid both counting that contribution as capital evidence and treating public relations activity as evidence of tenant demand.
Campus development yield = stabilized net property contribution divided by all allocated delivery capital. Financing carry during the gap between spending and accepted delivery lowers the effective return.
Hypothetical illustration: USD 150 million spent before delivery at a 7% annual financing cost incurs USD 10.5 million over a year. A six-month delay adds USD 5.25 million if that balance stays outstanding. These figures are not New Albany financing.
Milestones that would change the assessment
| Milestone | Evidence to watch |
|---|---|
| Property reconciliation | Consistent building identifiers in permits, commissioning and tenant disclosures. |
| Power and occupancy | Dated electrical acceptance, ready-for-service capacity and customer billing commencement. |
| Capital allocation | Construction and common-infrastructure costs reconciled to the delivered phases. |
What could break the investment case?
Our analysis: A campus listing can be mistaken for proof that both buildings are fully commissioned. Utility and customer schedules may diverge, leaving completed capital idle. Regional infrastructure enthusiasm does not establish this property’s customer concentration, tariff or return.
What would change our view?
Our analysis: Dated building completion and enforceable customer commitments would strengthen the case. Unresolved utility timing, speculative fit-out or escalating shared costs would weaken it. Current operating evidence would improve confidence more than a broader market growth statistic.
What remains unknown Not established in this review
Present building status, energized and billable MW, tenants, budget, lease rates, financing, utility capacity agreements and construction awards remain unestablished by the cited listing.
Project research for information, not a buy recommendation. Financial illustrations use assumptions, not disclosed site results or management guidance.
Additional source evidence
Doral Chenoweth / Columbus Dispatch / USA TODAY Network via Imagn; distributedReutersConnect. Original ColumbusDispatch/USA TODAY photojournalism identifies the 1235 Beech Road site in May 2026. This is partner material distributed by Reuters Connect, not Reuters reporting or evidence of commissioned MW. The city report identifies NAL1 DC1/DC2 at 1235/1225 Beech Road; 675 Beech belongs to NAL2.
Company investor information & quarterly statements
Corporate-disclosure certification held: Research packet retains a corporate disclosure hold.; Private participant disclosure/ownership exception remains unresolved.
Blackstone
Investment manager / managed-fund exposure; not a claim that listed parent owns the campus directly
Official investor & shareholder information · Quarterly financial statements: 2026 Q2
QTS: held-public-quarterly-disclosure-not-established
Corporate disclosures provide company-wide context. They do not establish this project’s revenue, spending, profit, ownership share or operating capacity. Disclosure verification records →