Archetypeunverified
Real estate / infrastructure
Long-lived assets financed with heavy leverage against contracted cash flows.
What changes about the finance work: Financing structure drives returns as much as asset performance
Relationships pointing at this node.
changes these tasks
1The task exists in this business archetype but behaves differently. The note is the point of the edge: it must say how it differs, not merely that it does.
Leverage is applied per asset against contracted cash flows rather than to the enterprise, so capital structure is decided deal by deal at the property level. Debt yield and coverage constraints set by the lender bound the equity return before any operating assumption does.