COPT Executes a 265,000 SF Build-To-Suit Lease in Northern Virginia

Rhea-AI Summary

Corporate Office Properties Trust (NYSE: OFC) has secured a long-term lease with a Fortune 500 company for a new 265,000 square foot build-to-suit development in Northern Virginia, expected to be completed by Q2 2022. The company, primarily focused on properties serving governmental and defense contractors, has a portfolio of 180 office and data center properties, with a rental revenue split of 88% from Defense/IT locations and 12% from Regional Office Properties. As of Q1 2021, these properties were 94.9% leased, emphasizing COPT's robust market positioning.

Positive

• Secured long-term lease with a Fortune 500 company, indicating strong demand.
• Development of a significant 265,000 square foot facility enhancing portfolio.
• Core portfolio 94.9% leased as of March 31, 2021, showing high occupancy rates.

Negative

• None.

Corporate Office Properties Trust (NYSE: OFC) (“COPT” or the “Company”) executed a long-term lease with a Fortune 500 company for a 265,000 square foot, build-to-suit development in Northern Virginia. The facility is scheduled for shell completion in the second quarter of 2022.

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 March 31, 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 17 properties owned through unconsolidated joint ventures, COPT’s core portfolio of 180 office and data center shell properties encompassed 20.8 million square feet and was 94.9% leased; the Company also owned one wholesale data center with a critical load 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/20210506005934/en/

FAQ

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

COPT executed a long-term lease with a Fortune 500 company for a 265,000 square foot build-to-suit development in Northern Virginia.

When is the shell completion date for COPT's new facility?

The shell completion for the new facility is scheduled for the second quarter of 2022.

What percentage of COPT's rental revenue comes from Defense/IT locations?

As of March 31, 2021, 88% of COPT's core portfolio annualized rental revenue was derived from Defense/IT locations.

How much of COPT's core portfolio is leased?

COPT's core portfolio was 94.9% leased as of March 31, 2021.