Data center investing means owning the specialized facilities that house computing and networking infrastructure, the physical backbone of the digital economy, leased to technology companies, cloud providers, and enterprises.
Log in to followWent through an offering package this week for a passive position and started marking up which protections would still mean something if technology company spending pulled back ha…
I've been reading through public filings for the listed data center owners because I wanted to understand what a passive holder actually pays out of the rent before anything reach…
I've been reading the summary on a data center fund and the distribution number they quote includes something they call power and infrastructure reimbursement. As far as I can tel…
Looking at an LP slice in a 9 MW single-tenant facility in a secondary market. The lease is twelve years with two five-year renewals at market. The power side is a seven-year bloc…
Closed this out in the fall and it cost me about $2.4m of principal plus roughly $180k of carry and legal, so I've had time to work out where it actually went wrong. The loan was…
The sheet says: data center ABS, 5 year, investment grade rating, secured by long term leases to investment grade hyperscale tenants, target coupon in the mid 5s. Then underneath…
I've been comparing the two ways I can actually get at this as a passive holder. Listed REITs, where I can read the 10-K, and a non-traded private fund a broker sent me at 1.25% m…
Got a letter, then a call, then a draft option agreement, and I'm out of my depth on the parts that matter. 62 acres, flat, cleared, about a mile and a half from a high voltage tr…
Sponsor wants $6M from us by the 19th and I'm stuck on the phasing. Single asset vehicle, 48 MW of contracted critical load in an emerging Sun Belt market off the I-20 corridor. T…
Small county, mostly pasture and timber. The co-op lineman told my neighbor the transmission upgrade going in on the highway is for a data center campus somebody optioned last yea…
I've got about $150k I want to put toward this sector and two routes on my desk, and after three weeks of reading I still can't articulate the difference in what I'd actually own.…
140 acres, a 345kV line crosses the northeast corner, and the parcel sits about 8 miles off an I-20 interchange. A developer's land team came in with an option: $250 per acre per…
I'm reading a fund deck for a stabilized 32MW facility in a secondary market. Going-in cap 6.1%, 15 year triple net lease to an investment grade cloud tenant, 2.5% fixed escalator…
The deck reached me through someone from my old industry and I have until the 19th to fund or pass. LP minimum is 75k, which is most of what I have set aside, so I would rather be…
Every article about this sector talks in billions and megawatts, and it ranks first for investment demand, so I assumed there was no entry point for someone with a few hundred dol…
Working through the diligence file on a stabilized fund's largest asset and I've spent two days on one exhibit. The asset is described everywhere in the marketing as a 32 MW facil…
Sold this in the spring at $3.35m against a $4.2m basis, 26 months in, and the loss on paper understates it because of what it did to my team's time. The asset: single story purpo…
I spent half a year reading fund decks for data center exposure and I finally admitted I couldn't evaluate any of them. Every deck had a power story I had no way to verify. Minimu…
A friend sent me a lease abstract for a colocation facility because he knows I read this stuff for fun, and almost none of it looks like the leases I'm used to. Rent is quoted per…
Reading a participation offer on a mezz note and the gap is sitting right there in the reserve schedule. Shape of it: 24 MW powered shell under construction in a Sun Belt secondar…