COPT Executes Agreement with New 3.1 MW User at DC-6
April 30 2020 - 05:27PM
Business Wire
Corporate Office Properties Trust (“COPT” or the “Company”)
(NYSE: OFC) has executed an agreement with a U.S. Government
contractor for 3.1 megawatts (“MW”) at its wholesale data center in
Manassas, Virginia (“DC-6”), effectively back-filling that
facility’s recent small-tenant contractions with a single,
high-credit user. The new user signed a five-year agreement with
one, five-year extension option, and expects to fully commence
operations from DC-6 in the fourth quarter of 2020.
About COPT
COPT is a REIT that owns, manages, leases, develops and
selectively acquires office and data center properties. The
majority of its portfolio is in locations that support the United
States Government and its contractors, most of whom are engaged in
national security, defense and information technology (“IT”)
related activities servicing what it believes are growing, durable,
priority missions (“Defense/IT Locations”). The Company also owns a
portfolio of office properties located in select urban/urban-like
submarkets in the Greater Washington, DC/Baltimore region with
durable Class-A office fundamentals and characteristics (“Regional
Office Properties”). As of March 31, 2020, the Company derived 88%
of its core portfolio annualized rental revenue from Defense/IT
Locations and 12% from its Regional Office Properties. As of the
same date and including 15 buildings owned through unconsolidated
joint ventures, COPT’s core portfolio of 169 office and data center
shell properties encompassed 19.2 million square feet and was 95.2%
leased; the Company also owned one wholesale data center with a
critical load of 19.25 megawatts that was 76.9% leased.
Forward-Looking
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 Securities Exchange Act of 1934, that are based on the
Company’s current expectations, estimates and projections about
future events and financial trends affecting the Company.
Forward-looking statements can be identified by the use of words
such as “may,” “will,” “should,” “could,” “believe,” “anticipate,”
“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 might not even anticipate.
Although the Company believes that the expectations, estimates and
projections reflected in such forward-looking statements are based
on reasonable assumptions at the time made, the Company can give no
assurance that these expectations, estimates and projections will
be achieved. Future events and actual results may differ materially
from those discussed in the forward-looking statements and the
Company undertakes no obligation to update or supplement any
forward-looking statements.
The areas of risk that may affect these expectations, estimates
and projections include, but are not limited to, those risks
described in Item 1A of the Company’s Annual Report on Form 10-K
for the year ended December 31, 2019, as well as risks associated
with uncertainties regarding the impact of the COVID-19 pandemic on
the Company’s business and national, regional and local economic
conditions.
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version on businesswire.com: https://www.businesswire.com/news/home/20200430006036/en/
IR Contacts: Stephanie Krewson-Kelly 443-285-5453
stephanie.kelly@copt.com
Michelle Layne 443-285-5452 michelle.layne@copt.com
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