Sector Hub · 5 Property Types

Infrastructure Real Estate Analytics.

Infrastructure real estate covers cell towers (macro + small cell + DAS), solar farms (utility-scale + community solar), EV charging stations (DC fast charging + Level 2), billboards (static + digital + transit advertising), ground leases (50-99 year long-term land leases), airports, and transit hubs. Performance is measured in carrier-tenant count for towers (each additional carrier is high-margin incremental revenue), capacity factor for solar (typical 20-30% for utility-scale), utilization + kWh dispensed for EV charging, sell-through rate for billboards, and annual ground rent + escalator structure for ground leases. Public REIT comparables include American Tower (AMT), Crown Castle (CCI), and SBA Communications (SBAC) for towers; Hannon Armstrong (HASI) and yieldcos Brookfield Renewable (BEP), NextEra Energy Partners (NEP), and Clearway (CWEN) for renewable energy; Lamar (LAMR) and Outfront (OUT) for billboards; and Safehold (SAFE) for ground leases. Ilora.ai ingests carrier master leases, PPA contracts, host site agreements, interconnection studies, and ground-lease escalator schedules.

Property Types: 5
KPIs Tracked: 12
Canonical KPIs: 9
AI Agents: 347

Property Types

5 property types in INFRASTRUCTURE.

Canonical KPIs

9 core KPIs anchor infrastructure analysis.

NOINet Operating Income: Total revenue minus operating expenses (excludes financing and capital costs). The primary measure of property-level profitability.NOI = Revenue − Operating Expenses
Cap RateCapitalization Rate: Net Operating Income divided by current property value. Expresses unleveraged annual yield as a percentage.Cap Rate = NOI ÷ Property Value
DSCRDebt Service Coverage Ratio: Net Operating Income divided by total annual debt service. Lender-required cushion measure; below 1.0 means NOI cannot cover debt.DSCR = NOI ÷ Annual Debt Service
TenantsCarrier Tenant Count: Number of carriers leasing on a single cell tower. Each additional tenant is high-margin incremental revenue.
CFCapacity Factor: Actual energy generated divided by theoretical maximum. Solar farm productivity measure.

Common Questions

Frequently asked questions about infrastructure real estate.

What property types does infrastructure real estate include?

Cell towers, solar farms, EV charging stations, billboards, ground leases, airports, and transit hubs — seven property types that support digital, energy, and transportation infrastructure with real-estate-like cash flows.

How are cell towers valued?

Cell towers are valued on TCF (Tower Cash Flow) — annual carrier rent net of ground rent + opex — capitalized at 25-30x for high-quality portfolios. Each carrier tenant is high-margin incremental revenue (90%+ contribution margin), so a 3-tenant tower is worth 2-2.5× a 1-tenant tower.

What is capacity factor in solar?

Capacity factor is actual energy generated divided by theoretical maximum if the system ran at nameplate capacity 24/7. US utility-scale solar typically runs 20-30% — varying with latitude, weather, and tracker vs fixed-tilt configuration. Tracker systems achieve 25-28%; fixed-tilt 18-22%.

Which REITs benchmark infrastructure real estate?

Towers: AMT, CCI, SBAC. Renewable energy: HASI, BEP / BEPC, NEP, CWEN, AES. Billboards: LAMR, OUT, CCO. Ground leases: SAFE (Safehold). Airports: AENA (Spain), ADP (France) — no US public airport REIT.

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