Northbridge Data Hall — development pro forma
"Synthetic sample project. Figures are internally consistent, not market data."

USES OF FUNDS,Amount,$/gross sf,% of total
Land acquisition,7900000.00,125.40,0.0619
Hard cost,91350000.00,1450.00,0.7162
Hard cost contingency (5%),4567500.00,72.50,0.0358
Soft cost (19%),18224325.00,289.27,0.1429
Construction period interest,5500730.16,87.31,0.0431
Total development cost,127542555.16,2024.49,1.0000

SOURCES OF FUNDS,Amount,% of total
Construction loan,70148405.34,0.5500
Sponsor equity,57394149.82,0.4500

OPERATING BASIS,Value
IT load (kW),12000
Rent per kW / month,125.0
Vacancy,0.05
Opex ratio,0.4

STABILIZED OPERATIONS,Amount
Effective gross revenue,17100000.00
Operating expense,6840000.00
Net operating income,10260000.00

RETURNS,Value
Yield on cost,0.080444
Exit capitalisation rate,0.067500
Spread over exit cap (bps),129
Stabilised value,152000000.00
Development profit,24457444.84
Unlevered IRR,0.128834
Levered IRR,0.164511
Equity multiple,2.540

CASH FLOW,Year 0,Year 1,Year 2,Year 3,Year 4,Year 5,Year 6,Year 7
Unlevered,-127542555.16,10542150.00,10832059.13,11129940.75,11436014.12,11750504.51,12073643.38,193104510.77
Levered,-57394149.82,4123570.91,4413480.04,4711361.66,5017435.03,5331925.42,5655064.29,116537526.34