Prepare a development pro forma that accounts for phased construction, power lease-up in $/kW/mo, and invested capital by month. A single capex line does not show these moving parts.
Six blocks to include
- Phased capex schedule: Shell, MEP, and expansion by month, with budget versus actual.
- Power lease-up curve: Contracted MW, ramped MW, billed kW, $/kW/mo rent, and escalations.
- Responsive opex: Occupancy and tenant mix—hyperscale, GPU, or retail colo—rather than a static $/SF assumption.
- Sensitivity levers: Lease rate, timing, and exit cap that update IRR/EM live.
- Returns: IRR, equity multiple, and net profit by tranche with waterfall tiers.
- Audit trail: Who changed what and when, with one-click undo.
A typical 32MW build swings $1.92M/year for every $5/kW/mo move. A template rounding to PSF hides that. Source: CBRE/JLL 2024 ($130–150/kW/mo hyperscale).
Template and platform
A template can be a starting point; a platform can keep the inputs connected. In DIJASOFT, construction spend, lease abstraction, rent roll, and waterfall feed one live model, so the investor report uses the same source of information.
Next step: See Data Center Investment Management Software for the evaluation checklist and comparison table.
*Related: Pro Forma: Excel vs Platform · Underwriting Platform Checklist*