COPT Executes Build-to-Suit Lease with Defense Contractor at The National Business Park

Rhea-AI Summary

Corporate Office Properties Trust (NYSE: OFC) announced a build-to-suit lease with a Fortune 100 defense contractor in The National Business Park, adjacent to Fort George G. Meade, Maryland. The 186,000 square foot development aims for LEED Silver certification, enhancing the park to 4.3 million square feet upon completion. As of June 30, 2022, COPT's core portfolio consisted of 186 properties, totaling 21.9 million square feet, 93.7% leased, with 90% of revenue from Defense/IT locations.

Positive

• Executed a build-to-suit lease with a Fortune 100 defense contractor.
• Development aims for LEED Silver certification.
• Core portfolio includes 186 properties totaling 21.9 million square feet and is 93.7% leased.

Negative

• None.

COLUMBIA, Md.--(BUSINESS WIRE)-- Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) executed a build-to-suit lease with a defense contractor that is a Fortune 100 company at The National Business Park (“NBP”), adjacent to Fort George G. Meade in Annapolis Junction, Maryland. The 186,000 square foot development is designated for LEED Silver and, upon completion, will increase the park to 4.3 million square feet.

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/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, 2022, 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 19 properties owned through unconsolidated joint ventures, COPT’s core portfolio of 186 properties encompassed 21.9 million square feet and was 93.7% 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, 2021.

Source: Corporate Office Properties Trust

View source version on businesswire.com: https://www.businesswire.com/news/home/20220728005967/en/

IR Contact:

Michelle Layne

443-285-5452

michelle.layne@copt.com

Source: Corporate Office Properties Trust

FAQ

What is the significance of Corporate Office Properties Trust's lease with a defense contractor?

The lease is significant as it indicates strong demand for office space supporting national security and defense, which constitutes a major portion of COPT's revenue.

How much space is the new development at The National Business Park?

The new development at The National Business Park is 186,000 square feet.

What is the current leasing status of COPT's core portfolio?

As of June 30, 2022, COPT's core portfolio had a leasing status of 93.7%.

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

90% of COPT's core portfolio annualized rental revenue comes from Defense/IT locations.

What are the future prospects for Corporate Office Properties Trust based on this press release?

The prospects appear favorable due to the lease with a major contractor and the expansion of their development in a strategic location.