The CEO and president of a Maryland-based developer of data center facilities commented about the company’s recent land acquisition in Van Meter during an announcement of third-quarter earnings results.

COPT Defense Properties, a publicly traded real estate investment trust based in Columbia, Md., acquired 365 acres of farmland in Van Meter in early October. The acquired land is north of the Raccoon River and west of R Avenue. The company did not respond to requests for comment at the time of the acquisition.

During this week’s third-quarter earnings call, Stephen Budorick, the company’s CEO and president, said this about the acquisition:

“We are especially excited to announce the acquisition of a 365-acre land parcel near Des Moines, Iowa, which is a significant opportunity for us to expand our data center shell program to a new market. Des Moines, the fifth-largest hyperscale market in the country, is home to several of the largest hyperscalers, which are drawn to the market given attractive land values, power availability with abundant access to renewable energy and long-haul fiber lines, and tax incentives enacted by supportive state and local governments.

“We expect this investment to fuel our development pipeline in the medium to long-term, and result in long-term accretion to [funds from operations], [adjusted funds from operations] and [net asset value] per share. As we build out the parcel in phases, we plan to self-fund development of the site on a leverage-neutral basis.”

COPT is a provider of real estate services to the federal government and defenses and information technology, or IT contractors, according to its website. The company owns and operates about 6.3 million square feet of space in over 30 data centers, most of which are located in northern Virginia, according to its website.

In the annual report, COPT wrote that the company’s ability to develop future data center shells is limited without the acquisition of additional land. The proposed development would be the second data center project in Van Meter. In January, technology giant Microsoft Corp. acquired nearly 400 acres in Van Meter’s Vision Park, an industrial business park located south of 360th Street. Microsoft officials have indicated they want to start construction on the project soon, said Liz Faust, Van Meter’s city administrator.