COPT Updates Development Leasing Achievement for Recent Transactions
September 08 2020 - 6:00AM
Business Wire
500,000 SF of Development Leasing Completed
To-Date; On-Track to Meet or Beat 2020 Goal
More Than 1 MM SF of Fully Leased Developments
Placed in Service To-Date
Following the completion of several new leases in August and
early September, Corporate Office Properties Trust (“COPT” or the
“Company”) (NYSE: OFC) has executed approximately 500,000 square
feet of development leasing in 2020. Based on 2.2 million square
feet of opportunities in its Development Leasing Pipeline, COPT’s
management remains highly confident it will meet or surpass its
2020 goal of completing one million square feet of development
leasing. Adjusting to include recent development leasing
transactions and net of 400,000 square feet of fully leased
development projects placed in service since June 30 (which brings
the year-to-date total to more than one million square feet placed
in service), COPT’s active development pipeline comprises 1.7
million square feet of projects that are 82% leased.
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 June 30, 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 properties owned through unconsolidated
joint ventures, COPT’s core portfolio of 172 office and data center
shell properties encompassed 19.6 million square feet and was 94.7%
leased; the Company also owned one wholesale data center with a
critical load of 19.25 megawatts that was 90.6% 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 and subsequent Quarterly
Reports on Form 10-Q.
Source: Corporate Office Properties Trust
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200908005117/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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