数据中心地产投资完全指南：类型、选址与运营

Equinix/Digital Realty REIT：股息 yield 2%–3%，share price tied to data center demand growth。Direct investment 门槛 $10M+ for colocation facility。

Hyperscale (AWS/Azure lease)：single tenant 10–20 yr NNN，cap 4%–5%，build cost $10M–$15M/MW。Colocation：multi-tenant，rent $100–$200/kW/mo，cap 5%–6.5%。Edge data centers smaller scale，cap 6%–8%。

Power：need 20–100+ MW utility commitment for hyperscale; colocation 2–10 MW initial。Virginia/Texas/Ohio offer tax incentives + competitive power $0.04–$0.07/kWh vs California $0.12–$0.18/kWh。

5 MW colocation at $150/kW/mo = $9M/yr revenue potential at full lease。Fiber：minimum 2 diverse paths to network hub。Disaster risk — avoid FEMA flood zone A/V and seismic Zone 4 without premium insurance。

PUE 1.6 vs 1.3 on 5 MW facility at $0.06/kWh：cooling overhead 60% vs 30% of IT power → annual savings $788K at full load。AI racks at 30–100 kW vs traditional 5–10 kW — air cooling insufficient, liquid/immersion required。

Redundancy pricing：N+1 colocation $120–$150/kW/mo；2N mission-critical $180–$250/kW/mo。Build premium for 2N: +30%–50% capex vs N+1。

Colocation lease：$150/kW/mo base + power pass-through at utility rate + 5%–10% markup。Tenant at 500 kW = $75K/mo base + power bill $25K–$40K/mo (usage-dependent)。Escalation 2%–3%/yr or CPI。

Hyperscale NNN：cloud provider (AWS/Azure/Google) 10–20 yr lease，rent $80–$120/kW/mo all-in or separate power。Fortune 500 enterprise tenant — cap +25–50 bps vs cloud provider。

Core stabilized colocation：cap 4%–6%，5 MW at $45M value，NOI $2.25M–$2.7M。Development：build $10M–$15M/MW，5 MW = $50M–$75M；need yield-on-cost 7%–9% vs stabilized cap 5% → development margin 200–400 bps。

REIT entry：Equinix (EQIX) ~$80B market cap，FFO multiple 20x–25x。Speculative development without pre-lease — equity risk highest，institutional only。

Zoning hearing：community concerns on noise, water, visual impact — approval delay 6–18 mo or denial。Water usage 5 MW cooling: 50M–100M gallons/yr — drought markets (Arizona, Nevada) increasingly restrictive。

Insurance：equipment breakdown (chillers, generators) $5M–$25M limits；business interruption 12–24 mo indemnity；cyber liability for tenant data breach exposure。PPA for renewable energy increasingly required by cloud tenants。

AI cluster：power density 30–100 kW/rack vs traditional 5–10 kW — legacy data centers cannot accommodate without major retrofit ($500K–$2M/MW)。Liquid cooling premium rent +$20–$50/kW/mo。

Edge data centers：500 kW–2 MW facilities near population centers，cap 6%–8%，5G/IoT demand driver。Sustainability：tenants requiring 100% renewable power — PPA adds $0.005–$0.015/kWh but enables premium tenant retention。