OFC - Corporate Office Properties gets $250M proceeds from ventures with Blackstone

• Corporate Office Properties Trust ( NYSE: OFC ), known as COPT, said Wednesday it formed with Blackstone ( NYSE: BX ) Real Estate two new joint ventures that acquired a 90% interest in five data center shell properties valued at $278M.
• The acquisition was executed through two separate transactions that closed in mid-December and early January. As a result, Corporate Office Properties Trust ( OFC ) received ~$250M of proceeds, which it will use to fund the equity required for its development pipeline.
• With the closings, OFC doesn't anticipate that it will need to raise any additional equity capital in 2023.
• Earlier this month, SA contributor Gen Alpha called COPT ( OFC ) the REIT a value-priced defensive stock.

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