Blackstone Digital Infrastructure Trust Inc.

What they do

BXDC was formed to acquire and own mission-critical data center assets. It targets newly constructed, income-generating, stabilized data center properties leased to investment-grade hyperscale tenants on long-term contracts with fixed annual rent escalators and tenant expense reimbursements. The company is externally managed by BX REIT Advisors L.L.C., an affiliate of Blackstone Inc. It commenced operations upon completion of its IPO on May 15, 2026.

Revenue drivers

• Data center rental revenue — The company's intended business model is to earn rental income from stabilized data centers leased to investment-grade hyperscale tenants under long-term contracts with fixed annual escalators and favorable expense reimbursement structures. As of June 30, 2026, it had not acquired any data center assets, and reported quarterly revenue of $0.00.

Recent performance

For the quarter ended June 30, 2026, BXDC reported net income of $7.1 million and net income per share of $0.14. Funds from Operations (FFO) per share were $0.07 and Adjusted Funds from Operations (AFFO) per share were $0.08. Quarterly revenue was $0.00 because the company had not yet acquired any data center assets. The reported results reflect approximately 46 days of operations from the May 15, 2026 IPO closing through June 30, 2026.

Strategy

BXDC's strategy is to acquire newly constructed, stabilized data center properties leased to investment-grade hyperscale tenants in top data center markets. It seeks assets with fixed annual rent escalators and tenant expense reimbursements to provide predictable yields and stable cash flows. The company intends to elect and qualify as a REIT for U.S. federal income tax purposes. It is externally managed by an affiliate of Blackstone, which it says has over $1.3 trillion of assets under management, and management describes the company as having $2 billion of dry powder.

Risks

• No operating history — BXDC was formed on November 21, 2025, commenced operations upon its May 15, 2026 IPO, and as of June 30, 2026 had not acquired any data center assets.
• Dependence on manager — The company is externally managed by BX REIT Advisors L.L.C. and relies on its manager for sourcing and managing investments, as noted in the earnings release risk disclosures.
• Unable to deploy capital — The company may not be able to complete any anticipated future capital-raising initiatives on the anticipated timing or at all, according to its earnings release forward-looking statements.
• Real estate and tenant risks — The company faces risks inherent in the real estate business, including tenant defaults and illiquidity of real estate, as stated in its earnings release risk disclosures.

Outlook

Management stated in the second-quarter 2026 earnings release that the stabilized data center market is rapidly growing with compelling fundamentals, and that BXDC believes it is uniquely positioned to capture this opportunity with $2 billion of dry powder and the resources of Blackstone. The company has not provided specific financial guidance for future periods in the earnings release. It continues to pursue acquisitions of stabilized data center properties in top markets.