COPT Executes 67,800 SF Lease with the U.S. Government at 310 Sentinel Way in The National Business Park

Rhea-AI Summary

Corporate Office Properties Trust (NYSE: OFC) has signed a lease with the U.S. Government for 67,800 square feet at 310 Sentinel Way, increasing the property’s lease status to 65%. COPT primarily focuses on office and data center properties supporting the U.S. Government and related contractors, particularly in defense and IT sectors. As of September 30, 2021, COPT's portfolio consists of 184 properties covering 21.5 million square feet, with a 94.8% occupancy rate. The company derives 88% of its rental revenue from defense and IT locations.

Positive

• Executed lease with the U.S. Government for 67,800 square feet, increasing occupancy at 310 NBP to 65%.
• Portfolio of 184 office and data center properties with a total of 21.5 million square feet and 94.8% leased.

Negative

• None.

COLUMBIA, Md.--(BUSINESS WIRE)-- Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) executed a lease with the U.S. Government for 67,800 square feet at 310 Sentinel Way (“310 NBP”). With this transaction, 310 NBP is now 65% leased.

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, 2021, 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 19 properties owned through unconsolidated joint ventures, COPT’s core portfolio of 184 office and data center shell properties encompassed 21.5 million square feet and was 94.8% leased; the Company also owned one wholesale data center with a capacity 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, 2020.

Source: Corporate Office Properties Trust

View source version on businesswire.com: https://www.businesswire.com/news/home/20211028006099/en/

IR Contacts:

Stephanie Krewson-Kelly

443-285-5453

stephanie.krewson@copt.com

Michelle Layne

443-285-5452

michelle.layne@copt.com

Source: Corporate Office Properties Trust

FAQ

What recent lease did Corporate Office Properties Trust (OFC) sign?

Corporate Office Properties Trust signed a lease with the U.S. Government for 67,800 square feet at 310 Sentinel Way.

What percentage of 310 NBP is now leased after the recent lease?

With the new lease, 310 NBP is now 65% leased.

What is the occupancy rate of Corporate Office Properties Trust's portfolio as of September 30, 2021?

As of September 30, 2021, Corporate Office Properties Trust's core portfolio was 94.8% leased.

What portion of COPT's rental revenue comes from defense and IT locations?

COPT derives 88% of its core portfolio annualized rental revenue from defense and IT locations.