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Do energy price shocks affect U.S. data center REIT returns?

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  • Khaliq, Abdul
  • Boufous, Sawssan

Abstract

Using monthly data from December 2015 to December 2025, this study assesses the impact of commercial electricity prices (CEP), natural gas price (NGP), crude oil price (COP), geopolitical risk (GPR), market volatility (MV), market returns (MR), and changes in the ten-year Treasury yield (GS10) on data center REITs in the United States. The results show that higher commercial electricity prices are associated with lower data center REIT returns. By contrast, natural gas and oil prices are not statistically significant once broader financial controls are included. Aggregate market returns are positively associated with REIT performance, while increases in the ten-year Treasury yield are negatively associated with returns. These findings suggest that commercial electricity prices and broader financial conditions may have implications for the valuation of data center REITs, with potential relevance for policy discussions on electricity costs, investment conditions, and the financing of digital infrastructure.

Suggested Citation

  • Khaliq, Abdul & Boufous, Sawssan, 2026. "Do energy price shocks affect U.S. data center REIT returns?," Finance Research Letters, Elsevier, vol. 104(C).
    • Handle: RePEc:eee:finlet:v:104:y:2026:i:c:s1544612326007191
    DOI: 10.1016/j.frl.2026.110191
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