OFC Corporate Office Properties Trust

_______________________________________________________________

EPS of $0.70 for 1Q23 and FFO per Share, as Adjusted for Comparability, of $0.59 Exceeded High-End of Guidance

Narrowed 2023 FFO per Share Guidance, Midpoint Unchanged

Core Portfolio 92.9% Occupied and 95.1% Leased

Same-Property Cash NOI Increased 8.3% in the Quarter Raising Same-Property Cash NOI Guidance for the Year by 100 Basis Points, to 3%-5%

1.5 million SF of Active Developments are 92% Leased

_______________________________________________________________

Strong Leasing to Start the Year; On Track to Meet Development and Vacancy Leasing Goals

Total Leasing of 788,000 SF

495,000 SF of Development Leasing

99,000 SF of Vacancy Leasing On Track to Achieve Annual Goal of 400,000 SF

Tenant Retention of 63.9% Raising Tenant Retention Rate Guidance for the Year by 250 Basis Points, to 80%-85%

_______________________________________________________________

Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) announced results for the first quarter ended March 31, 2023.

Management Comments

Stephen E. Budorick, COPT’s President & Chief Executive Officer, commented, “Our Defense/IT investment strategy, which has concentrated our portfolio near priority U.S. defense installations, continues to produce solid results, as evidenced by the 96.7% leased rate in our Defense / IT segment, which accounts for 90% of our core portfolio annualized rental revenue. Our first quarter results were strong as FFO per share exceeded the midpoint of our guidance range by $0.02, though given the uncertain interest rate environment, we are maintaining the midpoint of our full year guidance at $2.38 per share. Same property Cash NOI increased 8.3% year over year, which led us to increase our full year guidance by 100 basis points. We raised our full year retention rate by 250 basis points, which reflects our tenant’s need to execute their missions at our strategic locations. Leasing overall is off to a great start, having already achieved roughly 70% of our full year development leasing goal, while vacancy leasing is right on track with our 400,000 square foot goal. Our investment grade rated balance sheet is well positioned to navigate the challenging capital markets environment as we have no significant debt maturities until 2026.”

“In February, we announced a 3.6% increase to our quarterly dividend, which marks our first dividend increase since 2010. This dividend increase illustrates the high level of confidence we have in our ability to grow our FFO per share, while self-funding the equity required for our expected development pipeline. The outlook for defense spending remains strong, as the FY 2024 Defense budget request calls for a 3.6% year over year increase, which follows the roughly $100 billion increase between FY21-FY23.”

Financial Highlights

1st Quarter Financial Results:

• Diluted earnings per share (“EPS”) was $0.70 for the quarter ended March 31, 2023 compared to $0.52 for the quarter ended March 31, 2022.

• Diluted funds from operations per share (“FFOPS”), as calculated in accordance with Nareit’s definition and as adjusted for comparability, was $0.59 for the quarter ended March 31, 2023 compared to $0.58 for the quarter ended March 31, 2022.

Operating Performance Highlights

Operating Portfolio Summary:

• At March 31, 2023, the Company’s 22.9 million square foot core portfolio was 92.9% occupied and 95.1% leased.

Same-Property Performance:

• At March 31, 2023, the Company’s 20.6 million square foot same-property portfolio was 92.1% occupied and 94.5% leased.

• The Company’s same-property cash NOI increased 8.3% for the three months ended March 31, 2023, compared to the same period in 2022.

Leasing:

• Total Square Feet Leased: For the quarter ended March 31, 2023, the Company leased 788,000 square feet, including 194,000 square feet of renewals, 99,000 square feet of vacancy leasing, and 495,000 square feet in development projects.

• Tenant Retention Rates: During the quarter ended March 31, 2023, the Company renewed 63.9% of expiring square feet. Tenant retention rate guidance for 2023 was increased by 250 basis points at the midpoint to 80%-85% from 75%-85%.

• Rent Spreads & Average Escalations on Renewing Leases: For the quarter ended March 31, 2023, straight-line rents on renewals increased 4.2% and cash rents on renewed space were slightly positive. For the same time period, annual escalations on renewing leases averaged 2.4%.

• Lease Terms: In the quarter ended March 31, 2023, lease terms averaged 2.7 years on renewing leases, 7.9 years on vacancy leasing and 14.3 years on development leasing.

Investment Activity Highlights

• Development Pipeline: The Company’s development pipeline consists of nine properties totaling 1.5 million square feet that were 92% leased at March 31, 2023. These projects represent a total estimated investment of $477.7 million, of which $165.5 million has been spent.

Balance Sheet and Capital Transaction Highlights

• On January 10, 2023, the Company sold three data center shells to a new, 90%/10% joint venture with entities affiliated with Blackstone, generating approximately $190 million of proceeds.

• For the quarter ended March 31, 2023, the Company’s adjusted EBITDA fixed charge coverage ratio was 5.0x.

• At March 31, 2023, the Company’s net debt to in-place adjusted EBITDA ratio was 6.2x and its net debt adjusted for fully-leased development to in-place adjusted EBITDA ratio was 5.8x.

• At March 31, 2023, and including the effect of interest rate swaps, the Company’s weighted average effective interest rate on its consolidated debt portfolio was 3.0% with a weighted average maturity of 6.5 years; additionally, 98.0% of the Company’s debt was subject to fixed interest rates.

Associated Supplemental Presentation

Prior to the call, the Company will post a slide presentation to accompany management’s prepared remarks for its first quarter 2023 conference call; the presentation can be viewed and downloaded from the ‘Financial Info – Financial Results’ section of COPT’s Investors website: https://investors.copt.com/financial-information/financial-results

2023 Guidance

Management is updating its full-year guidance for diluted EPS and diluted FFOPS, per Nareit and as adjusted for comparability, from the prior range of $1.45-$1.53, and $2.34-$2.42, respectively, to new ranges of $1.46-$1.52, and $2.35-$2.41, respectively. Management is establishing second quarter guidance for diluted EPS and diluted FFOPS per Nareit and as adjusted for comparability at $0.67-$0.69 and $0.57-$0.59, respectively. Reconciliations of projected diluted EPS to projected diluted FFOPS, in accordance with Nareit and as adjusted for comparability are as follows:

Reconciliation of Diluted EPS to FFOPS, per Nareit,

and As Adjusted for Comparability

 

Quarter Ending

June 30, 2023

 

Year Ending

December 31, 2023

 

 

Low

 

High

 

Low

 

High

Diluted EPS

 

$

0.67

 

 

$

0.69

 

 

$

1.46

 

 

$

1.52

 

Real estate-related depreciation and amortization

 

 

0.33

 

 

 

0.33

 

 

 

1.32

 

 

 

1.32

 

Gain on sales of real estate

 

 

(0.43

)

 

 

(0.43

)

 

 

(0.43

)

 

 

(0.43

)

Diluted FFOPS, Nareit definition and as adjusted for comparability

 

$

0.57

 

 

$

0.59

 

 

$

2.35

 

 

$

2.41

 

Conference Call Information

Management will discuss first quarter 2023 results on its conference call tomorrow at 12:00 p.m. Eastern Time, details of which are listed below:

Conference Call Date:

Friday, April 28, 2023

Time:

12:00 p.m. Eastern Time

Participants must register for the conference call at the link below to receive the dial-in number and personal pin. Registering only takes a few moments and provides direct access to the conference call without waiting for an operator. You may register at any time, including up to and after the call start time: https://register.vevent.com/register/BI87782b47ac97407ba4fd64c7e403b916

The conference call will also be available via live webcast in the ‘News & Events – IR Calendar’ section of COPT’s Investors website: https://investors.copt.com/news-events/ir-calendar

Replay Information

A replay of the conference call will be immediately available via webcast only on COPT’s Investors website.

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 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 March 31, 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 95.1% 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.

 

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(dollars and shares in thousands, except per share data)

 

 

For the Three Months Ended

March 31,

 

2023

 

2022

Revenues

 

 

 

Lease revenue

$

150,560

 

 

$

141,389

 

Other property revenue

 

1,121

 

 

 

891

 

Construction contract and other service revenues

 

15,820

 

 

 

53,200

 

Total revenues

 

167,501

 

 

 

195,480

 

Operating expenses

 

 

 

Property operating expenses

 

59,420

 

 

 

57,181

 

Depreciation and amortization associated with real estate operations

 

36,995

 

 

 

34,264

 

Construction contract and other service expenses

 

15,201

 

 

 

51,650

 

General and administrative expenses

 

7,996

 

 

 

6,670

 

Leasing expenses

 

1,999

 

 

 

1,874

 

Business development expenses and land carry costs

 

495

 

 

 

783

 

Total operating expenses

 

122,106

 

 

 

152,422

 

Interest expense

 

(16,442

)

 

 

(14,424

)

Interest and other income

 

2,323

 

 

 

1,893

 

Credit loss (expense) recoveries

 

(67

)

 

 

316

 

Gain on sales of real estate

 

49,378

 

 

 

15

 

Loss on early extinguishment of debt

 

—

 

 

 

(342

)

Income from continuing operations before equity in (loss) income of unconsolidated entities and income taxes

 

80,587

 

 

 

30,516

 

Equity in (loss) income of unconsolidated entities

 

(64

)

 

 

888

 

Income tax expense

 

(125

)

 

 

(153

)

Income from continuing operations

 

80,398

 

 

 

31,251

 

Discontinued operations

 

—

 

 

 

29,573

 

Net Income

 

80,398

 

 

 

60,824

 

Net income attributable to noncontrolling interests:

 

 

 

Common units in the Operating Partnership (“OP”)

 

(1,293

)

 

 

(856

)

Other consolidated entities

 

(326

)

 

 

(649

)

Net income attributable to common shareholders

$

78,779

 

 

$

59,319

 

 

 

 

 

Earnings per share (“EPS”) computation:

 

 

 

Numerator for diluted EPS:

 

 

 

Net income attributable to common shareholders

$

78,779

 

 

$

59,319

 

Amount allocable to share-based compensation awards

 

(248

)

 

 

(181

)

Redeemable noncontrolling interests

 

(64

)

 

 

(39

)

Numerator for diluted EPS

$

78,467

 

 

$

59,099

 

Denominator:

 

 

 

Weighted average common shares - basic

 

112,127

 

 

 

112,020

 

Dilutive effect of share-based compensation awards

 

410

 

 

 

426

 

Dilutive effect of redeemable noncontrolling interests

 

91

 

 

 

132

 

Weighted average common shares - diluted

 

112,628

 

 

 

112,578

 

Diluted EPS

$

0.70

 

 

$

0.52

 

 

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(in thousands, except per share data)

 

 

For the Three Months Ended

March 31,

 

2023

 

2022

Net income

$

80,398

 

 

$

60,824

 

Real estate-related depreciation and amortization

 

36,995

 

 

 

34,264

 

Gain on sales of real estate from continuing and discontinued operations

 

(49,378

)

 

 

(28,579

)

Depreciation and amortization on unconsolidated real estate JVs

 

801

 

 

 

526

 

Funds from operations (“FFO”)

 

68,816

 

 

 

67,035

 

FFO allocable to other noncontrolling interests

 

(708

)

 

 

(1,042

)

Basic FFO allocable to share-based compensation awards

 

(466

)

 

 

(362

)

Basic FFO available to common share and common unit holders (“Basic FFO”)

 

67,642

 

 

 

65,631

 

Redeemable noncontrolling interests

 

(30

)

 

 

(6

)

Diluted FFO adjustments allocable to share-based compensation awards

 

39

 

 

 

27

 

Diluted FFO available to common share and common unit holders (“Diluted FFO”)

 

67,651

 

 

 

65,652

 

Loss on early extinguishment of debt

 

—

 

 

 

342

 

Diluted FFO comparability adjustments allocable to share-based compensation awards

 

—

 

 

 

(2

)

Diluted FFO available to common share and common unit holders, as adjusted for comparability

 

67,651

 

 

 

65,992

 

Straight line rent adjustments and lease incentive amortization

 

(3,516

)

 

 

(3,189

)

Amortization of intangibles and other assets included in net operating income (“NOI”)

 

(19

)

 

 

(372

)

Share-based compensation, net of amounts capitalized

 

1,733

 

 

 

2,111

 

Amortization of deferred financing costs

 

632

 

 

 

597

 

Amortization of net debt discounts, net of amounts capitalized

 

618

 

 

 

605

 

Replacement capital expenditures

 

(28,210

)

 

 

(17,358

)

Other

 

(273

)

 

 

39

 

Diluted adjusted funds from operations available to common share and common unit holders (“Diluted AFFO”)

$

38,616

 

 

$

48,425

 

Diluted FFO per share

$

0.59

 

 

$

0.58

 

Diluted FFO per share, as adjusted for comparability

$

0.59

 

 

$

0.58

 

Dividends/distributions per common share/unit

$

0.285

 

 

$

0.275

 

 

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(Dollars and shares in thousands, except per share data)

 

 

March 31,

2023

 

December 31,

2022

Balance Sheet Data

 

 

 

Properties, net of accumulated depreciation

$

3,614,075

 

 

$

3,556,398

 

Total assets

$

4,177,992

 

 

$

4,257,275

 

Debt per balance sheet

$

2,123,012

 

 

$

2,231,794

 

Total liabilities

$

2,383,730

 

 

$

2,509,527

 

Redeemable noncontrolling interests

$

25,448

 

 

$

26,293

 

Total equity

$

1,768,814

 

 

$

1,721,455

 

Debt to assets

 

50.8

%

 

 

52.4

%

Net debt to adjusted book

 

38.1

%

 

 

39.8

%

 

 

 

 

Core Portfolio Data (as of period end)

 

 

 

Number of operating properties

 

192

 

 

 

192

 

Total operational square feet (in thousands)

 

22,863

 

 

 

22,849

 

% Occupied

 

92.9

%

 

 

92.8

%

% Leased

 

95.1

%

 

 

95.3

%

 

 

For the Three Months Ended

March 31,

2023

 

2022

GAAP

 

 

 

Payout ratio:

 

 

 

Net income

40.6%

 

51.6%

Debt ratios:

 

 

 

Net income to interest expense ratio

4.9x

 

4.2x

Debt to net income ratio

6.6x

 

8.9x

Non-GAAP

 

 

 

Payout ratios:

 

 

 

Diluted FFO

47.9%

 

47.6%

Diluted FFO, as adjusted for comparability

47.9%

 

47.4%

Diluted AFFO

83.9%

 

64.5%

Debt ratios:

 

 

 

Adjusted EBITDA fixed charge coverage ratio

5.0x

 

5.2x

Net debt to in-place adjusted EBITDA ratio

6.2x

 

6.6x

Net debt adj. for fully-leased development to in-place adj. EBITDA ratio

5.8x

 

6.1x

 

 

 

 

Reconciliation of denominators for per share measures

 

 

Denominator for diluted EPS

112,628

 

112,578

Weighted average common units

1,489

 

1,384

Denominator for diluted FFO per share and as adjusted for comparability

114,117

 

113,962

 

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(in thousands)

 

 

For the Three Months Ended

March 31,

 

2023

 

2022

Numerators for Payout Ratios

 

 

 

Dividends on unrestricted common and deferred shares

$

31,989

 

 

$

30,837

 

Distributions on unrestricted common units

 

430

 

 

 

404

 

Dividends and distributions on restricted shares and units

 

215

 

 

 

158

 

Total dividends and distributions for GAAP payout ratio

 

32,634

 

 

 

31,399

 

Dividends and distributions on antidilutive shares and units

 

(216

)

 

 

(145

)

Dividends and distributions for non-GAAP payout ratios

$

32,418

 

 

$

31,254

 

 

 

 

 

Reconciliation of net income to earnings before interest, income taxes, depreciation and amortization for real estate (“EBITDAre”), adjusted EBITDA and in-place adjusted EBITDA

 

 

 

Net income

$

80,398

 

 

$

60,824

 

Interest expense

 

16,442

 

 

 

14,424

 

Income tax expense

 

125

 

 

 

153

 

Real estate-related depreciation and amortization

 

36,995

 

 

 

34,264

 

Other depreciation and amortization

 

602

 

 

 

607

 

Gain on sales of real estate from continuing and discontinued operations

 

(49,378

)

 

 

(28,579

)

Adjustments from unconsolidated real estate JVs

 

1,704

 

 

 

758

 

EBITDAre

 

86,888

 

 

 

82,451

 

Loss on early extinguishment of debt

 

—

 

 

 

342

 

Net gain on other investments

 

—

 

 

 

(565

)

Credit loss expense (recoveries)

 

67

 

 

 

(316

)

Business development expenses

 

241

 

 

 

326

 

Executive transition costs

 

247

 

 

 

—

 

Adjusted EBITDA

 

87,443

 

 

 

82,238

 

Pro forma NOI adjustment for property changes within period

 

(318

)

 

 

579

 

Change in collectability of deferred rental revenue

 

899

 

 

 

—

 

In-place adjusted EBITDA

$

88,024

 

 

$

82,817

 

 

 

 

 

Reconciliations of tenant improvements and incentives, building improvements and leasing costs for operating properties to replacement capital expenditures

 

 

 

Tenant improvements and incentives

$

19,986

 

 

$

10,010

 

Building improvements

 

2,141

 

 

 

6,832

 

Leasing costs

 

1,750

 

 

 

2,270

 

Net additions to tenant improvements and incentives

 

4,839

 

 

 

1,808

 

Excluded building improvements and leasing costs

 

(506

)

 

 

(3,562

)

Replacement capital expenditure

$

28,210

 

 

$ 

17,358 

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(in thousands)

 

 

For the Three Months Ended

March 31,

 

2023

 

2022

Reconciliation of interest expense to the denominator for fixed charge coverage-Adjusted EBITDA

 

 

 

Interest expense

$

16,442

 

 

$

14,424

 

Less: Amortization of deferred financing costs

 

(632

)

 

 

(597

)

Less: Amortization of net debt discounts, net of amounts capitalized

 

(618

)

 

 

(605

)

COPT’s share of interest expense of unconsolidated real estate JVs, excluding amortization of deferred financing costs and net debt premium and loss on interest rate derivatives

 

773

 

 

 

231

 

Scheduled principal amortization

 

790

 

 

 

774

 

Capitalized interest

 

770

 

 

 

1,529

 

Denominator for fixed charge coverage-Adjusted EBITDA

$

17,525

 

 

$

15,756

 

 

 

 

 

Reconciliation of net income to NOI from real estate operations, same properties NOI from real estate operations and same properties cash NOI from real estate operations

 

 

 

Net income

$

80,398

 

 

$

60,824

 

Construction contract and other service revenues

 

(15,820

)

 

 

(53,200

)

Depreciation and other amortization associated with real estate operations

 

36,995

 

 

 

34,264

 

Construction contract and other service expenses

 

15,201

 

 

 

51,650

 

General and administrative expenses

 

7,996

 

 

 

6,670

 

Leasing expenses

 

1,999

 

 

 

1,874

 

Business development expenses and land carry costs

 

495

 

 

 

783

 

Interest expense

 

16,442

 

 

 

14,424

 

Interest and other income

 

(2,323

)

 

 

(1,893

)

Credit loss expense (recoveries)

 

67

 

 

 

(316

)

Gain on sales of real estate from continuing operations

 

(49,378

)

 

 

(15

)

Loss on early extinguishment of debt

 

—

 

 

 

342

 

Equity in loss (income) of unconsolidated entities

 

64

 

 

 

(888

)

Unconsolidated real estate JVs NOI allocable to COPT included in equity in income of unconsolidated entities

 

1,642

 

 

 

1,080

 

Income tax expense

 

125

 

 

 

153

 

Discontinued operations

 

—

 

 

 

(29,573

)

Revenues from real estate operations from discontinued operations

 

—

 

 

 

1,980

 

Property operating expenses from discontinued operations

 

—

 

 

 

(971

)

NOI from real estate operations

 

93,903

 

 

 

87,188

 

Non-Same Properties NOI from real estate operations

 

(9,451

)

 

 

(5,762

)

Same Properties NOI from real estate operations

 

84,452

 

 

 

81,426

 

Straight line rent adjustments and lease incentive amortization

 

1,392

 

 

 

(2,291

)

Amortization of acquired above- and below-market rents

 

(166

)

 

 

(519

)

Lease termination fees, net

 

(1,221

)

 

 

(221

)

Tenant funded landlord assets and lease incentives

 

(1,188

)

 

 

(1,510

)

Cash NOI adjustments in unconsolidated real estate JVs

 

(75

)

 

 

(98

)

Same Properties Cash NOI from real estate operations

$

83,194

 

 

$

76,787

 

 

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(in thousands)

 

 

 

March 31,

2023

 

December 31,

2022

Reconciliation of total assets to adjusted book

 

 

 

 

Total assets

 

$

4,177,992

 

 

$

4,257,275

 

Accumulated depreciation

 

 

1,300,430

 

 

 

1,267,434

 

Accumulated depreciation included in assets held for sale

 

 

—

 

 

 

6,014

 

Accumulated amortization of intangibles on property acquisitions and deferred leasing costs

 

 

224,791

 

 

 

222,779

 

COPT’s share of liabilities of unconsolidated real estate JVs

 

 

60,734

 

 

 

52,404

 

COPT’s share of accumulated depreciation and amortization of unconsolidated real estate JVs

 

 

6,936

 

 

 

6,078

 

Less: Property - operating lease liabilities

 

 

(34,896

)

 

 

(28,759

)

Less: Property - finance lease liabilities

 

 

(431

)

 

 

—

 

Less: Cash and cash equivalents

 

 

(15,199

)

 

 

(12,337

)

Less: COPT’s share of cash of unconsolidated real estate JVs

 

 

(881

)

 

 

(456

)

Adjusted book

 

$

5,719,476

 

 

$

5,770,432

 

 

 

 

March 31,

2023

 

December 31,

2022

 

March 31,

2022

Reconciliation of debt to net debt, net debt adjusted for fully-leased development and pro forma net debt adjusted for fully-leased development

 

 

 

 

 

 

Debt per balance sheet

 

$

2,123,012

 

 

$

2,231,794

 

 

$

2,156,784

 

Net discounts and deferred financing costs

 

 

22,250

 

 

 

23,160

 

 

 

24,728

 

COPT’s share of unconsolidated JV gross debt

 

 

52,226

 

 

 

52,100

 

 

 

26,250

 

Gross debt

 

 

2,197,488

 

 

 

2,307,054

 

 

 

2,207,762

 

Less: Cash and cash equivalents

 

 

(15,199

)

 

 

(12,337

)

 

 

(19,347

)

Less: COPT’s share of cash of unconsolidated real estate JVs

 

 

(881

)

 

 

(456

)

 

 

(458

)

Net debt

 

 

2,181,408

 

 

 

2,294,261

 

 

 

2,187,957

 

Costs incurred on fully-leased development properties

 

 

(137,309

)

 

 

(95,972

)

 

 

(154,259

)

Net debt adjusted for fully-leased development

 

$

2,044,099

 

 

$

2,198,289

 

 

$

2,033,698

 

 

 

 

 

 

 

 

Net debt

 

$

2,181,408

 

 

$

2,294,261

 

 

$

2,187,957

 

Pro forma debt adjustments from subsequent event transaction proceeds

 

 

N/A

 

 

 

(189,000

)

 

 

N/A

 

Pro forma net debt

 

 

2,181,408

 

 

 

2,105,261

 

 

 

2,187,957

 

Costs incurred on fully-leased development properties

 

 

(137,309

)

 

 

(95,972

)

 

 

(154,259

)

Pro forma net debt adjusted for fully-leased development

 

$

2,044,099

 

 

$

2,009,289

 

 

$

2,033,698

 

Corporate Office Properties Trust

View source version on businesswire.com: https://www.businesswire.com/news/home/20230427005939/en/

IR Contacts:

Venkat Kommineni, CFA 443-285-5587 venkat.kommineni@copt.com

Michelle Layne 443-285-5452 michelle.layne@copt.com