COPT Forms $ 119 Million New Data Center Joint Venture With Blackstone Real Estate



COLOMBIA, Maryland – () – The Corporate Office Properties Trust (“COPT” or “Company”) (NYSE: OFC) announces a new joint venture with funds affiliated with Blackstone Real Estate (“Joint Venture”). The joint venture acquired a 90% interest in two single-tenant data center shell properties, totaling 432,000 square feet and valued at $ 119 million. COPT has received approximately $ 107 million in equity capital, which it will channel into active development projects of 1.7 million square feet, 87% of which as of May 31, 2021.

About Blackstone Real Estate

Blackstone is a world leader in real estate investment. Blackstone’s real estate business was founded in 1991 and manages $ 196 billion in investor capital. Blackstone is one of the largest real estate owners in the world, owning and managing assets in all major regions and sectors, including logistics, multifamily and single-family housing, offices, hospitality and retail. Our opportunistic funds seek to acquire poorly managed, well-located assets around the world. Strategy Blackstone Core + invests in substantially stabilized real estate around the world through regional open source funds focused on high quality assets and Blackstone Real Estate Income Trust, Inc. (BREIT), an unlisted REIT that invests in assets that generate income in the United States. Blackstone Real Estate also operates one of the world’s leading real estate lending businesses, providing comprehensive financial solutions across the entire capital structure and risk spectrum, including the management of the Blackstone Mortgage Trust (NYSE: BXMT).

About COPT

COPT is a REIT that owns, operates, leases, develops and selectively acquires office space and data centers. Much of his portfolio is in locations that support the United States government and its contractors, most of which are engaged in national security, defense, and information technology (“IT”) related activities, serving what he believes is growing. reliable and prioritized Defense / IT premises missions). The company also owns a portfolio of office properties located in select urban / urban sub-markets in the Greater Washington DC / Baltimore area with solid foundations and characteristics of Class A office space (“Regional Office Properties”). As of March 31, 2021, 88% of the annual rental revenue in the main portfolio of the company came from the defense / IT divisions, and 12% from the regional office facilities. As of the same date, including 17 properties owned by unconsolidated joint ventures, COPT’s core portfolio of 180 office and data center space was 20.8 million square feet and 94.9% was leased; The company also owned one 19.25 megawatt wholesale critical load data center, 86.7% of which was leased.

Forecast information

This press release may contain “forward-looking” statements as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Stock Exchange Act of 1934, which are based on the Company’s current expectations, estimates and projections regarding future events and financial trends. affecting the Company. Forward-looking statements can be identified by words such as “may,” “will,” “should,” “might,” “believe,” “expect,” “expect,” “estimate,” “plan,” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy, and some of which the Company may not even foresee. Although the Company believes that the expectations, estimates and projections reflected in such forward-looking statements are based on reasonable assumptions made at that time, the Company cannot guarantee that these expectations, estimates and forecasts will be achieved. Future events and actual results could differ materially from those discussed in the forward-looking statements, and the Company assumes no obligation to update or supplement any forward-looking statements.

Areas of risk that may affect these expectations, estimates and projections include, but are not limited to, the risks described in Clause 1A of the Company’s 10-K Annual Report for the year ended December 31, 2020.

Source: Corporate Office Properties Trust.


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