Company Website:
http://www.copt.com
COLUMBIA, Md. -- (Business Wire)
Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC)
announced the acquisition of a 368,200 square foot building for $63.5
million. The 24-story building is 95% leased and is located at 250 West
Pratt Street, a premium office address in Baltimore, Maryland’s Pratt
Street Corridor near the Inner Harbor.
“This acquisition enhances the quality of our regional office portfolio
by increasing our ownership of urban, in-fill buildings in amenity- and
transportation-rich submarkets,” stated Roger A. Waesche, Jr., COPT’s
President and Chief Executive Officer.
Please refer to the presentation, which can be found on the ‘Investors’
tab of the Company’s corporate website, www.copt.com,
for more information on this acquisition. The presentation will be
available until midnight Eastern Time on April 3, 2015.
Company Information
COPT is an office REIT that focuses primarily on serving the specialized
requirements of U.S. Government agencies and defense contractors, most
of which are engaged in defense information technology and national
security-related activities. As of December 31, 2014, COPT derived 77%
of its annualized revenue from its strategic tenant niche properties and
23% from its regional office properties. The Company generally acquires,
develops, manages and leases office and data center properties
concentrated in large office parks primarily located near
knowledge-based government demand drivers and/or in targeted markets or
submarkets in the Greater Washington, DC/Baltimore region. As of
December 31, 2014, the Company’s consolidated office portfolio consisted
of 173 office properties totaling 16.8million rentable square
feet. COPT is an S&P MidCap 400 company.
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.Accordingly, 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:
- general economic and business conditions, which will, among other
things, affect office property and data center demand and rents,
tenant creditworthiness, interest rates, financing availability and
property values;
- adverse changes in the real estate markets including, among other
things, increased competition with other companies;
- governmental actions and initiatives, including risks associated
with the impact of a prolonged government shutdown or budgetary
reductions or impasses, such as a reduction in rental revenues,
non-renewal of leases, and/or a curtailment of demand for additional
space by the Company's strategic customers;
- the Company’s ability to borrow on favorable terms;
- risks of real estate acquisition and development activities,
including, among other things, risks that development projects may not
be completed on schedule, that tenants may not take occupancy or pay
rent or that development or operating costs may be greater than
anticipated;
- risks of investing through joint venture structures, including
risks that the Company’s joint venture partners may not fulfill their
financial obligations as investors or may take actions that are
inconsistent with the Company’s objectives;
- changes in the Company’s plans for properties or views of market
economic conditions or failure to obtain development rights, either of
which could result in recognition of significant impairment losses;
- the Company’s ability to satisfy and operate effectively under
Federal income tax rules relating to real estate investment trusts and
partnerships;
- the Company's ability to achieve projected results;
- the dilutive effects of issuing additional common shares; and
- environmental requirements.
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,
2014.
Contacts:
Corporate Office Properties Trust
Stephanie Krewson-Kelly,
443-285-5453
stephanie.kelly@copt.com
or
Michelle
Layne, 443-285-5452
michelle.layne@copt.com
Source: Corporate Office Properties Trust
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