Infrastructure & Digital REITs Primer
Tower and data centre REIT primer with an Excel valuation model. Covers escalators, churn, bookings, power constraints, P/AFFO and rate sensitivity.
PDF Only
The full primer in PDF format
£25 / ~$32- ✓ 40-page sector primer
- ✓ Worked valuations
- ✓ Screening thresholds
Excel Model
Plug-and-play valuation template
£45 / ~$58- ✓ Pre-built valuation model
- ✓ Sensitivity tables
- ✓ Scenario toggles
PDF + Model
Everything you need in one package
- ✓ 40-page sector primer
- ✓ Valuation model (.xlsx)
- ✓ Save £11 vs buying separately
Three primers, three Excel models
Equity, Mortgage, and Infrastructure & Digital REITs. Everything at ~25% off
Inside the primer
The 15-section contents, a worked valuation page, and the Excel dashboard.
Table of Contents
- 01 How Infrastructure and Digital REITs Make Money
- 02 Listed Company Types
- 03 The Asset Lifecycle
- 04 Segments and Sub-Markets
- 05 Revenue Drivers: Generic Build
- 06 Cost Structure: AFFO, Churn and Leverage
- 07 Valuation Frameworks
- 08 Worked Example: Organic Growth Identity
- 09 Worked Example: Two-Stage AFFO Discount Model
- 10 Applied Cases: Tower Economics
- 11 Applied Cases: Data Centre Economics
- 12 The Companies in This Primer
- 13 Key Metrics and Screening
- 14 Risks, Benchmarks and Case Study
- 15 Glossary and Cheat Sheet
40 pages · 15 sections · 2 worked valuations
The Excel model
Educational material for professional use. This primer and its model are not investment advice or a recommendation to buy or sell any security, and they are not personalised. Worked valuations use illustrative calibrations, not fair-value estimates for any company.
Towers and data centres share a REIT wrapper but earn differently. Tower landlords compound tenant billings through contractual escalators and colocation on built steel; data-centre landlords convert signed bookings into energised megawatts after construction and grid interconnection. Both trade on AFFO per share, not property NAV, and both sit at the rate-sensitive end of the REIT spectrum because the cash flows are long-dated. Standard equity-REIT toolkit (cap rates, same-store NOI) misses the escalator identity, the churn definition traps, and the bookings-to-revenue lag that drive these names.
The primer builds from how the two machines make money through company types, asset lifecycle, and segment economics, before opening the AFFO, churn, and leverage screens. Two worked examples carry the method: the organic growth identity for towers, and a two-stage AFFO discount model for valuation and rate stress. Applied cases walk tower and data-centre economics in turn; a peer set, screening thresholds, and a risks chapter close the framework.
Free guides on tower lease escalators, churn definitions, AFFO for towers, the power constraint, and colocation vs hyperscale feed the same vocabulary. Research profiles for AMT, CCI, SBAC, EQIX, and DLR run the screens on filed results.
The companion Excel model runs ten sheets, from the tower and data-centre AFFO models to a rate-sensitivity screen, with the rate assumptions set on one sheet. Build the tower or data-centre path, then read the valuation and rate-stress outputs on any name in the sector.
Sheets: Quick Start, Instructions, Assumptions, Organic Growth & Churn, Tower REIT, Data-Centre REIT, Valuation Summary, Rate Sensitivity, Implied Multiple, Dashboard.
See this methodology applied to a real company:
American Tower (AMT) →