BLACKSTONE DIGITAL INFRASTRUCTURE (+) : Uniquely positioned DC play, defensive with robust growth

Research evidence excerpt

BLACKSTONE DIGITAL INFRASTRUCTURE (+) : Uniquely positioned DC play, defensive with robust growth

EQUITIES

REAL ESTATE

OUTPERFORM BLACKSTONE DIGITAL INFRASTRUCTURE PRICE* USD21.8  TARGET PRICE USD26 (UPSIDE 19%)

Uniquely positioned DC play, defensive with robust growth

Based on a combination of strong supply/demand dynamics for data centers, numerous external8 JUNE 2026

Securities Research Report opportunities (acquisitions), a strong liquidity position, and a relatively attractive valuation vs REITs,

Production time: 11:12* (London time)

we are positive on the shares. Initiate Outperform with a $26 TP.

Research Analysts & Publishing Entities

Nate Crossett Uniquely situated amongst a very robust supply/demand data center backdrop

BNP Paribas Securities Corp1 At present, BXDC is the only public data center REIT that focuses solely on owning stabilized data

(+)1 646 342 1588

nate.crossett@us.bnpparibas.com center assets, with current targeted tenants exclusively the major hyperscaler providers. We view

the differentiated strategy as attractive, as it offers exposure to strong secular trends, while also

John Paul Flangos

providing the cashflow reliability of high quality tenants.BNP Paribas Securities Corp1

(+1) 646 342 5660

johnpaul.flangos@us.bnpparibas.com Numerous external opportunities to drive overall growth profile

BXDC will be an active acquirer of data center assets with commentary from management supportingMonir Koummal

BNP Paribas Securities Corp1 a solid pipeline of deal flow. In our view, BXDC is well positioned to capitalize on the breadth of

(+1) 646 342 1554 Blackstone’s (external manager) relationships to generate deal flow; at present Blackstone is the

monir.koummal@us.bnpparibas.com

largest investor in digital infrastructure assets in the world.