3Q20 Results Outperform High-End of
Guidance; Increase Full Year Guidance
COVID-19 Impact on Operations Remain Minimal;
3Q20 Rent Collections Continue to Exceed 99.5%
FFO per share, as adjusted for comparability,
of $0.54 in 3Q Exceeded High-End of Guidance by 1-Cent
Same-Property Cash NOI change of (0.2%) in 3Q20
was at High-End of Guidance
Core Portfolio 94.0% Occupied & 94.6%
Leased
1.2 Million SF of 99% Leased Developments
Placed in Service During First Nine Months of 2020
Raising Full-Year Guidance for FFO per
Share, as Adjusted for Comparability, by 2-Cents at the Mid-Point,
to $2.09
Solid Leasing Volumes
Total Leasing of 1.1 Million SF in 3Q included
244,000 SF of Development Leasing and 61,000 SF of Vacancy
Leasing
Continued Strong Tenant Retention of 89% in 3Q;
84% for First Nine Months of 2020
1.6 Million SF Under Active Development are 84%
Leased
Corporate Office Properties Trust (“COPT” or the “Company”)
(NYSE: OFC) announced financial and operating results for the third
quarter ended September 30, 2020.
Management Comments
Stephen E. Budorick, COPT’s President & Chief Executive
Officer, commented, “Third quarter FFO per share exceeded the
high-end of our guidance, marking the third consecutive quarter of
outperformance. Solid demand throughout our Defense/IT Locations
continued to support strong development leasing volumes, and tenant
retention remains on-track to set a 20-year record. We are in the
process of selling interests in data center shell properties to a
joint venture with an institutional partner. We anticipate
completing two transactions that are expected to raise
approximately $165 million of equity proceeds, which would reduce
our year-end debt-to-EBITDA ratio to between 6.2x and 6.4x.” He
continued, “The Company continues to meet or exceed its 2020 plan
objectives largely unimpeded by restrictions, shutdowns, or tenant
credit issues related to the pandemic, and is raising the mid-point
of 2020 guidance for FFO per share, as adjusted for comparability,
by 2-cents, to $2.09. The nearly 1.8 million square feet of fully
leased development projects we have or will place in service this
year position the Company to generate FFO growth of 3-to-6 percent
in 2021.”
Financial Highlights
3rd Quarter Financial Results:
- Diluted earnings (loss) per share (“EPS”) was ($0.29) for the
quarter ended September 30, 2020 as compared to $0.19 for the third
quarter of 2019.
- Diluted funds from operations per share (“FFOPS”), as
calculated in accordance with Nareit’s definition, was $0.04 for
the third quarter of 2020 as compared to $0.51 for third quarter
2019 results.
- FFOPS as adjusted for comparability of $0.54 in the third
quarter of 2020 was 5.9% higher than the $0.51 reported for the
third quarter of 2019.
Operating Performance
Highlights
Operating Portfolio Summary:
- At September 30, 2020, the Company’s core portfolio of 174
operating office and data center shell properties was 94.0%
occupied and 94.6% leased.
- During the quarter, the Company placed into service 599,000
square feet that were 100% leased, bringing the total for the year
to 1.2 million square feet placed in service that were 99%
leased.
Same-Property Performance:
- At September 30, 2020, COPT’s same-property portfolio of 152
buildings was 92.5% occupied and 93.2% leased.
- For the quarter and nine months ended September 30, 2020, the
Company’s same-property cash NOI decreased 0.2% and increased 2.1%,
respectively, over the prior year’s comparable periods.
Leasing:
- Total Square Feet Leased: For the
quarter ended September 30, 2020, the Company leased 1.1 million
total square feet, including 841,000 square feet of renewals,
244,000 square feet in development projects, and 61,000 square feet
of new leases on vacant space.
For the nine months ended September 30, 2020,
the Company executed 2.7 million square feet of total leasing,
including 1.9 million square feet of renewals, 520,000 square feet
of development leasing, and 274,000 square feet of vacancy
leasing.
- Renewal Rates: During the quarter
and nine months ended September 30, 2020, the Company respectively
renewed 89.0% and 84.3% of total expiring square feet and is
on-track to set a 20-year record for tenant retention.
- Cash Rent Spreads & Average
Escalations on Renewing Leases: For the quarter and nine
months ended September 30, 2020, cash rents on renewed space
decreased 2.0%. For the same time periods, annual escalations on
renewing leases averaged 2.4%.
- Lease Terms: In the third quarter,
lease terms averaged 3.2 years on renewing leases, 11.8 years on
development leasing, and 6.6 years on new leasing of vacant space.
For the nine months, lease terms averaged 4.2 years on renewing
leases, 14.2 years on development leasing, and 6.6 years on vacancy
leasing.
Investment Activity
Highlights
- Development Pipeline: As of
October 7, 2020, the Company’s development pipeline consisted of 11
properties and expansion of one fully operational property totaling
1.6 million square feet that were 84% leased. These projects have a
total estimated cost of $650.9 million, of which $410.1 million had
been incurred as of September 30, 2020.
Balance Sheet and Capital Transaction
Highlights
- As of September 30, 2020, the Company’s net debt plus preferred
equity to adjusted book ratio was 41.1% and its net debt plus
preferred equity to in-place adjusted EBITDA ratio was 6.8x. For
the quarter ended September 30, 2020, the Company’s adjusted EBITDA
fixed charge coverage ratio was 3.9x.
- As of September 30, 2020, and including the effect of interest
rate swaps, the Company’s weighted average effective interest rate
on its consolidated debt portfolio was 3.55% with a weighted
average maturity of 3.3 years; additionally, 94.0% of the Company’s
debt was subject to fixed interest rates.
- During the quarter the Company issued $400 million of 2.25%
senior unsecured notes, the proceeds from which were used to
complete the tender offer for and subsequent redemption of all of
its remaining $300 million of 3.7% senior unsecured notes due in
2021. The redemption was completed on October 19, 2020.
2020 Guidance
Management is increasing its prior full-year guidance ranges
from $0.48-$0.52 for EPS to a new range of $0.77-$0.79. Management
is also increasing its full-year guidance ranges for FFOPS per
Nareit and FFOPS, as adjusted for comparability, to $1.44-$1.46 and
$2.08-$2.10, respectively.
For the fourth quarter ending December 31, 2020, management is
increasing its guidance for EPS from $0.43-$0.45 to a new range of
$0.63-$0.65, lowering its existing guidance for FFOPS, per Nareit,
to $0.48-$0.50, and affirming its existing guidance range of
$0.52-$0.54 for FFOPS, as adjusted for comparability.
Reconciliations of projected diluted EPS to projected FFOPS are as
follows:
Table 1: Reconciliation of EPS to FFOPS, per Nareit
and Quarter ending Year ending
As Adjusted for
Comparability December 31, 2020 December 31, 2020 Low High Low
High EPS
$
0.63
$
0.65
$
0.77
$
0.79
Real estate-related depreciation and amortization
0.36
0.36
1.27
1.27
Gain on sales of real estate
(0.51
)
(0.51
)
(0.51
)
(0.51
)
Impairment losses
-
-
0.01
0.01
FFO allocation to other noncontrolling interests resulting from
capital event
-
-
(0.10
)
(0.10
)
FFOPS, Nareit definition
0.48
0.50
1.44
1.46
FFO allocation to other noncontrolling interests resulting from
capital event
-
-
0.10
0.10
Loss on interest rate derivatives and early extinguishment of debt
0.04
0.04
0.54
0.54
FFOPS, as adjusted for comparability
$
0.52
$
0.54
$
2.08
$
2.10
Associated Supplemental
Presentation
Prior to the call, the Company will post a slide presentation to
accompany management’s prepared remarks for its third quarter 2020
conference call, the details of which are provided below. The
accompanying slide presentation can be viewed on and downloaded
from the ‘Latest Updates’ section of COPT’s Investors website:
https://investors.copt.com/
Conference Call
Information
Management will discuss third quarter 2020 results on its
conference call tomorrow at 12:00 p.m. Eastern Time, details of
which are listed below:
Conference Call Date:
Friday, October 30, 2020
Time:
12:00 p.m. Eastern Time
Telephone Number: (within the U.S.)
855-463-9057
Telephone Number: (outside the U.S.)
661-378-9894
Passcode:
8968029
The conference call will also be available via live webcast in
the ‘Latest Updates’ section of COPT’s Investors website:
https://investors.copt.com/
Replay Information
A replay of the conference call will be immediately available
via webcast on the Investors website. Additionally, a telephonic
replay of this call will be available beginning at 3:00 p.m.
Eastern Time on Friday, October 30, through 2:00 p.m. Eastern Time
on Friday, November 13. To access the replay within the United
States, please call 855-859-2056; to access it from outside the
United States, please call 404-537-3406. In either case, use
passcode 8968029.
Definitions
For definitions of certain terms used in this press release,
please refer to the information furnished in the Company’s
Supplemental Information Package furnished on a Form 8-K which can
be found on its website (www.copt.com). Reconciliations of non-GAAP
measures to the most directly comparable GAAP measures are included
in the attached tables.
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 September 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 174 office and data center
shell properties encompassed 20.2 million square feet and was 94.6%
leased; the Company also owned one wholesale data center with a
critical load of 19.25 megawatts that was 86.7% 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.
Category: Quarterly Results
Source: Corporate Office Properties Trust
Corporate Office Properties
Trust
Summary Financial Data
(unaudited)
(in thousands, except per share
data)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2020
2019
2020
2019
Revenues
Revenues from real estate operations
$
134,443
$
130,734
$
399,097
$
395,495
Construction contract and other service
revenues
20,323
28,697
46,240
87,946
Total revenues
154,766
159,431
445,337
483,441
Operating expenses
Property operating expenses
51,552
49,714
151,755
147,045
Depreciation and amortization associated
with real estate operations
35,332
34,692
101,540
104,290
Construction contract and other service
expenses
19,220
27,802
44,052
85,130
Impairment losses
1,530
327
1,530
327
General and administrative expenses
5,558
6,105
17,372
20,474
Leasing expenses
1,909
1,824
5,739
5,592
Business development expenses and land
carry costs
1,094
964
3,474
2,947
Total operating expenses
116,195
121,428
325,462
365,805
Interest expense
(17,152)
(17,126)
(50,789)
(54,275)
Interest and other income
1,746
1,842
5,233
5,977
Credit loss recoveries
1,465
—
161
—
Gain on sales of real estate
—
—
5
84,469
Loss on early extinguishment of debt
(3,237)
—
(3,237)
—
Loss on interest rate derivatives
(53,196)
—
(53,196)
—
(Loss) income before equity in income of
unconsolidated entities and income taxes
(31,803)
22,719
18,052
153,807
Equity in income of unconsolidated
entities
477
396
1,372
1,207
Income tax (expense) benefit
(16)
131
(95)
113
Net (loss) income
(31,342)
23,246
19,329
155,127
Net loss (income) attributable to
noncontrolling interests:
Common units in the Operating Partnership
(“OP”)
386
(267)
(185)
(1,863)
Preferred units in the OP
(77)
(157)
(231)
(487)
Other consolidated entities
(812)
(1,565)
(3,207)
(3,870)
Net (loss) income attributable to COPT
common shareholders
$
(31,845)
$
21,257
$
15,706
$
148,907
Earnings per share (“EPS”)
computation:
Numerator for diluted EPS:
Net (loss) income attributable to COPT
common shareholders
$
(31,845)
$
21,257
$
15,706
$
148,907
Redeemable noncontrolling interests
—
—
—
100
Amount allocable to share-based
compensation awards
(145)
(118)
(359)
(469)
Numerator for diluted EPS
$
(31,990)
$
21,139
$
15,347
$
148,538
Denominator:
Weighted average common shares - basic
111,811
111,582
111,778
111,036
Dilutive effect of share-based
compensation awards
—
361
278
313
Dilutive effect of redeemable
noncontrolling interests
—
—
—
123
Weighted average common shares -
diluted
111,811
111,943
112,056
111,472
Diluted EPS
$
(0.29)
$
0.19
$
0.14
$
1.33
Corporate Office Properties
Trust
Summary Financial Data
(unaudited)
(in thousands, except per share
data)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2020
2019
2020
2019
Net (loss) income
$
(31,342)
$
23,246
$
19,329
$
155,127
Real estate-related depreciation and
amortization
35,332
34,692
101,540
104,290
Impairment losses on real estate
1,530
327
1,530
327
Gain on sales of real estate
—
—
(5)
(84,469)
Depreciation and amortization on
unconsolidated real estate JVs
819
790
2,455
1,922
Funds from operations (“FFO”)
6,339
59,055
124,849
177,197
Noncontrolling interests - preferred units
in the OP
(77)
(157)
(231)
(487)
FFO allocable to other noncontrolling
interests
(1,074)
(1,429)
(14,614)
(3,588)
Basic FFO allocable to share-based
compensation awards
(119)
(248)
(449)
(662)
Basic FFO available to common share and
common unit holders (“Basic FFO”)
5,069
57,221
109,555
172,460
Redeemable noncontrolling interests
—
34
103
100
Diluted FFO available to common share and
common unit holders (“Diluted FFO”)
5,069
57,255
109,658
172,560
Loss on early extinguishment of debt
3,237
—
3,237
—
Loss on interest rate derivatives
53,196
—
53,196
—
Demolition costs on redevelopment and
nonrecurring improvements
11
—
63
44
Executive transition costs
—
—
—
4
Non-comparable professional and legal
expenses
—
175
—
486
Dilutive preferred units in the OP
77
—
231
—
FFO allocation to other noncontrolling
interests resulting from capital event
—
—
11,090
—
Diluted FFO comparability adjustments for
redeemable noncontrolling interests
34
—
—
—
Diluted FFO comparability adjustments
allocable to share-based compensation awards
(139)
—
(307)
(2)
Diluted FFO available to common share and
common unit holders, as adjusted for comparability
61,485
57,430
177,168
173,092
Straight line rent adjustments and lease
incentive amortization
(1,009)
(515)
662
(1,131)
Amortization of intangibles included in
net operating income
(39)
(59)
(186)
(47)
Share-based compensation, net of amounts
capitalized
1,727
1,697
4,754
4,993
Amortization of deferred financing
costs
658
538
1,875
1,595
Amortization of net debt discounts, net of
amounts capitalized
453
377
1,229
1,121
Accum. other comprehensive loss on
derivatives amortized to expense
—
12
—
79
Replacement capital expenditures
(13,085)
(16,752)
(46,971)
(43,927)
Other diluted AFFO adjustments associated
with real estate JVs
150
66
(6)
280
Diluted adjusted funds from operations
available to common share and common unit holders (“Diluted
AFFO”)
$
50,340
$
42,794
$
138,525
$
136,055
Diluted FFO per share
$
0.04
$
0.51
$
0.97
$
1.53
Diluted FFO per share, as adjusted for
comparability
$
0.54
$
0.51
$
1.56
$
1.53
Dividends/distributions per common
share/unit
$
0.275
$
0.275
$
0.825
$
0.825
Corporate Office Properties
Trust
Summary Financial Data
(unaudited)
(Dollars and shares in thousands,
except per share data)
September 30,
2020
December 31,
2019
Balance Sheet Data
Properties, net of accumulated
depreciation
$
3,586,938
$
3,340,886
Total assets
4,120,189
3,854,453
Debt, per balance sheet
2,181,551
1,831,139
Total liabilities
2,447,031
2,105,777
Redeemable noncontrolling interests
23,522
29,431
Equity
1,649,636
1,719,245
Net debt to adjusted book
41.0
%
36.8
%
Core Portfolio Data (as of period end)
(1)
Number of operating properties
174
168
Total operational square feet (in
thousands)
20,232
19,016
% Occupied
94.0
%
93.1
%
% Leased
94.6
%
94.6
%
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2020
2019
2020
2019
Payout ratios
Diluted FFO
613.6
%
54.2
%
85.1
%
54.0
%
Diluted FFO, as adjusted for
comparability
50.7
%
54.1
%
52.8
%
53.8
%
Diluted AFFO
61.9
%
72.6
%
67.5
%
68.5
%
Adjusted EBITDA fixed charge coverage
ratio
3.9x
3.7x
3.8x
3.7x
Net debt to in-place adjusted EBITDA ratio
(2)
6.8x
6.1x
N/A
N/A
Net debt plus preferred equity to in-place
adjusted EBITDA ratio (3)
6.8x
6.1x
N/A
N/A
Reconciliation of denominators for per
share measures
Denominator for diluted EPS
111,811
111,943
112,056
111,472
Weighted average common units
1,240
1,312
1,235
1,323
Redeemable noncontrolling interests
—
109
125
—
Anti-dilutive EPS effect of share-based
compensation awards
274
—
—
—
Denominator for diluted FFO per share
113,325
113,364
113,416
112,795
Dilutive convertible preferred units
176
—
176
—
Redeemable noncontrolling interests
109
—
—
—
Denominator for diluted FFO per share, as
adjusted for comparability
113,610
113,364
113,592
112,795
(1)
Represents Defense/IT Locations and
Regional Office properties.
(2)
Represents net debt as of period end
divided by in-place adjusted EBITDA for the period, as annualized
(i.e. three month periods are multiplied by four).
(3)
Represents net debt plus the total
liquidation preference of preferred equity as of period end divided
by in-place adjusted EBITDA for the period, as annualized (i.e.
three month periods are multiplied by four).
Corporate Office Properties
Trust
Summary Financial Data
(unaudited)
(Dollars in thousands)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2020
2019
2020
2019
Reconciliation of common share
dividends to dividends and distributions for payout ratios
Common share dividends - unrestricted
shares and deferred shares
$
30,763
$
30,721
$
92,278
$
92,099
Common unit distributions - unrestricted
units
341
338
1,021
1,068
Dividends and distributions for diluted
FFO payout ratio
31,104
31,059
93,299
93,167
Distributions on dilutive preferred
units
77
—
231
—
Dividends and distributions for other
payout ratios
$
31,181
$
31,059
$
93,530
$
93,167
Reconciliation of GAAP net income to
earnings before interest, income taxes, depreciation and
amortization for real estate (“EBITDAre”), adjusted EBITDA and
in-place adjusted EBITDA
Net (loss) income
$
(31,342)
$
23,246
$
19,329
$
155,127
Interest expense
17,152
17,126
50,789
54,275
Income tax expense (benefit)
16
(131)
95
(113)
Real estate-related depreciation and
amortization
35,332
34,692
101,540
104,290
Impairment losses on real estate
1,530
327
1,530
327
Other depreciation and amortization
457
467
1,324
1,396
Gain on sales of real estate
—
—
(5)
(84,469)
Adjustments from unconsolidated real
estate JVs
1,274
1,202
3,814
2,859
EBITDAre
24,419
76,929
178,416
233,692
Loss on early extinguishment of debt
3,237
—
3,237
—
Loss on interest rate derivatives
53,196
—
53,196
—
Net loss (gain) on other investments
250
—
252
(400)
Credit loss recoveries
(1,465)
—
(161)
—
Business development expenses
414
419
1,630
1,427
Non-comparable professional and legal
expenses
—
175
—
486
Demolition costs on redevelopment and
nonrecurring improvements
11
—
63
44
Executive transition costs
—
—
—
4
Adjusted EBITDA
80,062
77,523
$
236,633
$
235,253
Proforma net operating income adjustment
for property changes within period
1,631
—
Change in collectability of deferred
rental revenue
224
—
In-place adjusted EBITDA
$
81,917
$
77,523
Reconciliation of interest expense to
the denominators for fixed charge coverage-Adjusted EBITDA
Interest expense
$
17,152
$
17,126
$
50,789
$
54,275
Less: Amortization of deferred financing
costs
(658)
(538)
(1,875)
(1,595)
Less: Amortization of net debt discounts,
net of amounts capitalized
(453)
(377)
(1,229)
(1,121)
Less: Accum. other comprehensive loss on
derivatives amortized to expense
—
(12)
—
(79)
COPT’s share of interest expense of
unconsolidated real estate JVs, excluding deferred financing
costs
444
403
1,327
916
Scheduled principal amortization
1,033
1,107
3,077
3,300
Capitalized interest
2,908
2,927
9,440
7,319
Preferred unit distributions
77
157
231
487
Denominator for fixed charge
coverage-Adjusted EBITDA
$
20,503
$
20,793
$
61,760
$
63,502
Corporate Office Properties
Trust
Summary Financial Data
(unaudited)
(Dollars in thousands)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2020
2019
2020
2019
Reconciliations of tenant improvements
and incentives, building improvements and leasing costs for
operating properties to replacement capital expenditures
Tenant improvements and incentives
$
6,950
$
10,880
$
27,177
$
26,600
Building improvements
10,400
8,908
26,537
17,772
Leasing costs
1,934
2,722
6,918
8,665
Net additions to (exclusions from) tenant
improvements and incentives
(943)
(2,156)
1,412
(1,866)
Excluded building improvements and leasing
costs
(5,256)
(3,602)
(15,073)
(7,244)
Replacement capital expenditures
$
13,085
$
16,752
$
46,971
$
43,927
Same Properties cash NOI
$
73,910
$
74,071
$
224,709
$
220,063
Straight line rent adjustments and lease
incentive amortization
(1,214)
(572)
(3,294)
(587)
Amortization of acquired above- and
below-market rents
98
82
291
115
Amortization of intangibles and other
assets to property operating expenses
(23)
(23)
(69)
(69)
Lease termination fees, gross
609
823
1,052
1,629
Tenant funded landlord assets and lease
incentives
342
526
564
1,452
Cash NOI adjustments in unconsolidated
real estate JV
48
42
111
147
Same Properties NOI
$
73,770
$
74,949
$
223,364
$
222,750
September 30,
2020
December 31,
2019
Reconciliation of total assets to
adjusted book
Total assets
$
4,120,189
$
3,854,453
Accumulated depreciation
1,095,441
1,007,120
Accumulated amortization of real estate
intangibles and deferred leasing costs
215,651
212,547
COPT’s share of liabilities of
unconsolidated real estate JVs
50,957
50,734
COPT’s share of accumulated depreciation
and amortization of unconsolidated real estate JVs
10,640
8,164
Less: Property - operating lease
liabilities
(26,382)
(17,317)
Less: Property - finance lease
liabilities
(28)
(702)
Less: Cash and cash equivalents
(11,458)
(14,733)
Less: COPT’s share of cash of
unconsolidated real estate JVs
(538)
(498)
Adjusted book
$
5,454,472
$
5,099,768
Reconciliation of debt outstanding to
net debt and net debt plus preferred equity
Debt outstanding (excluding net debt
discounts and deferred financing costs)
$
2,247,523
1,893,057
Less: Cash and cash equivalents
(11,458)
(14,733)
Less: COPT’s share of cash of
unconsolidated real estate JVs
(538)
(498)
Net debt
$
2,235,527
$
1,877,826
Preferred equity
8,800
8,800
Net debt plus preferred equity
$
2,244,327
$
1,886,626
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201029006224/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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