Site acquisition, power procurement and horizontal work precede any revenue by years. Land is among the earliest dollars and the least productive until the facility is energised.
We buy the land and lease it back for 99 years, unsubordinated. The developer keeps the shell, the fit-out, the equipment, the power contracts, the tenant relationships and all of the upside. We are a landlord collecting fixed rent, not a partner in the facility.
Rent is sized off stabilized NOI at 25–30%, capitalized in the mid 6s, fixed, 2% annual, no fair market value resets. Term is 99 years, which comfortably outlives any tenant lease or financing on the improvements.
Stabilized NOI has to be underwritable. Rent is a percentage of income. A site with a power position and no signed offtake has no income to size against, and we are not speculative land capital.
Single-tenant concentration matters. A facility leased to one counterparty concentrates the coverage on that credit. It does not disqualify a deal, but it moves where coverage needs to sit.
Where it fits best: a site with a signed lease or a credible stabilized case, where the developer wants the land basis back rather than carrying it through a long build.
None. We own land and collect rent. Power, interconnection and offtake are entirely the developer's.
Yes, when the lease is unsubordinated with proper mortgagee protections, has fixed ascertainable rent with no reappraisal resets, and runs well past maturity.
We commit the price at closing. On a development we fund the land contract at closing and any improvement contribution through milestone draws after sponsor equity spends first.
Then there is no stabilized NOI to size rent against. Come back when there is a credible underwritable case.
Land checks of roughly $5 to $40 million. Very large hyperscale sites are usually above our band.
Stabilized NOI, total project cost, acreage and the tenancy position. We will tell you what the land is worth and whether we are the right capital.
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