Stack Infrastructure Issuer LLC's series 2025-1 class A-2 note issuance is a securitization of the real estate and tenant lease payments for space and the electrical capacity in Stack Infrastructure Inc.'s (Stack; the manager) 11 completed and operating wholesale data centers, which are located in Hillsboro, Ore.; San Jose, Calif.; Plano, Texas; Alpharetta, Ga.; Elk Grove Village, Ill.; New Albany, Ohio; and Sterling, Va. The occupied data centers are turnkey facilities, in which 37.5% are triple-net and 62.5% are modified gross leases, based on annualized adjusted base rent (AABR). One new property was added to the master trust since the series 2024-1 issuance in March 2024, and the total appraisal value increased slightly to approximately to $2.95 billion from $2.58
