According to the announcement, Digital Realty seeded the joint venture, which was formed in late September, with nine data centers totaling 1.06 million square feet and valued at approximately $366.4 million, plus closing costs. The properties are expected to generate cash net operating income of approximately $24.5 million in 2013, representing a 6.7 percent cap rate. The properties are 100 percent leased, with an average remaining lease term of approximately nine years. The Prudential-managed fund will take an 80 percent interest in the joint venture and Digital Realty will retain a 20 percent interest.