COPT Completes Full-Building Lease with U.S. Government
COLUMBIA, Md.--(BUSINESS WIRE)--Sep 9, 2019--
Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) has executed a full building lease with the U.S. Government for 100% of “NoVA C,” an approximate 350,000 rentable square foot office building to be developed in a non-disclosed location in Northern Virginia. Shell construction is anticipated to be completed in the fourth quarter of 2021, with an anticipated lease start date in mid-2022.
Adjusting the Company’s active construction schedule as reported on July 29 th for this transaction only, COPT has 14 projects under development that contain a total of 2.4 million square feet that are 85% pre-leased.
COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties 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, 2019, the Company derived 88% of its core portfolio annualized revenue from Defense/IT Locations and 12% from its Regional Office Properties. As of the same date and including 13 buildings owned through unconsolidated joint ventures, COPT’s core portfolio of 167 office and data center shell properties encompassed 18.8 million square feet and was 94.1% leased; the Company also owned one wholesale data center with a critical load of 19.25 megawatts.
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.
Important factors that may affect these expectations, estimates, and projections include, but are not limited to:
The Company undertakes no obligation to update or supplement any forward-looking statements. For further information, please refer to the Company’s filings with the Securities and Exchange Commission, particularly the section entitled “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.
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CONTACT: IR Contacts:
KEYWORD: MARYLAND VIRGINIA DISTRICT OF COLUMBIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY FINANCE REIT
SOURCE: Corporate Office Properties Trust
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PUB: 09/09/2019 06:00 AM/DISC: 09/09/2019 06:01 AM