Corporate Office Properties Trust Rebrands to COPT Defense Properties
September 05 2023 - 7:00AM
Business Wire
Announces New Name and Logo to Align with
Defense and Mission Critical Sector Focus
Corporate Office Properties Trust (NYSE: OFC) (“COPT” or the
“Company”) today announced that the Company is changing its name to
COPT Defense Properties (“COPT Defense”) and its ticker
symbol for its common shares listed on the New York Stock Exchange
from “OFC” to “CDP” effective September 15, 2023.
Stephen E. Budorick, President & Chief Executive Officer,
commented, “Over the past decade, we have executed a strategy which
has deeply concentrated our real estate portfolio at locations
proximate to, or sometimes containing, priority National Defense
missions, and mission critical operations. This strategy has
resulted in a uniquely strong portfolio of assets, with durable
demand characteristics, superior tenant credit quality, growing
cash flows, and consistent development opportunities, despite the
fluctuations and uncertainties in the macroeconomic environment.
Additionally, the critical nature of our tenants’ missions
insulates the Defense/IT portfolio from the headwinds of work from
home trends and corporate rightsizing, which are affecting the
broader office sector.
“We decided to change the Company name to COPT Defense
Properties to align our name with our investment strategy, and
better inform current and future investors of our commitment to our
strategy, and the differentiated investment benefits that we
believe our strategy has and will continue to deliver to
shareholders. Our commitment to this strategy is evidenced by the
fact that since 2016, 100% of committed capital investment has been
to development projects at our Defense/IT Locations.
“We elected to retain the acronym COPT, to be used as a proper
name, because our tenants have used this name for the Company for
over 25-years. Our team has built an incredible track record of
development and operating excellence associated with COPT, which
translates to immense brand value with our Defense customers. We
look forward to continuing to deliver development and operating
excellence to priority defense mission customers, and creating
shareholder value for our investors, as we have for the past three
decades serving the United States Government and its defense
contractors.
“We are incredibly proud of the role we play in providing
mission critical facilities that support the priority defense
missions of our country, and the value we have created for our
shareholders.”
No action is needed from the Company’s current shareholders in
relation to the name or ticker symbol change.
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 the Company believes are growing,
durable, priority missions (“Defense/IT Locations”). The Company
also owns a portfolio of office properties located in select urban
submarkets in the Greater Washington, DC/Baltimore region with
durable Class-A office fundamentals and characteristics (“Regional
Office Properties”). As of June 30, 2023, the Company derived 90%
of its core portfolio annualized rental revenue from Defense/IT
Locations and 10% from its Regional Office Properties. As of the
same date and including 24 properties owned through unconsolidated
joint ventures, COPT’s core portfolio of 192 properties encompassed
22.9 million square feet and was 95% 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, 2022.
Source: Corporate Office Properties Trust
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version on businesswire.com: https://www.businesswire.com/news/home/20230905340963/en/
IR Contacts: Venkat Kommineni, CFA 443-285-5587
venkat.kommineni@copt.com Michelle Layne 443-285-5452
michelle.layne@copt.com
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