COPT Executes Full-Building Lease with Defense Contractor at Redstone Gateway

Rhea-AI Summary

Corporate Office Properties Trust (NYSE: OFC) signed a full-building lease with a Fortune 100 defense contractor for a 121,000 square foot LEED Silver building located at 1200 Redstone Gateway in Huntsville, AL. This lease underscores COPT’s commitment to supporting national security and defense through its strategically positioned properties, primarily focusing on Defense/IT locations. As of June 30, 2022, 90% of its annualized rental revenue derived from these sectors, with a core portfolio totaling 186 properties and a leasing rate of 93.7%.

Positive

• Executed full-building lease at 1200 Redstone Gateway with a Fortune 100 defense contractor.
• Strengthens portfolio focused on national security and defense sectors.
• Core portfolio boasts 186 properties covering 21.9 million square feet at 93.7% leased.

Negative

• None.

COLUMBIA, Md.--(BUSINESS WIRE)-- Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) executed a full-building lease with a defense contractor that is a Fortune 100 company at 1200 Redstone Gateway, a 121,000 square foot LEED Silver building in Huntsville, AL.

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/20220908005996/en/

IR Contact:

Michelle Layne

443-285-5452

michelle.layne@copt.com

Source: Corporate Office Properties Trust

FAQ

What recent lease agreement did OFC announce?

OFC executed a full-building lease with a Fortune 100 defense contractor at 1200 Redstone Gateway in Huntsville, AL.

What is the significance of the new lease for OFC's portfolio?

The lease emphasizes OFC's focus on national security and defense sectors, crucial for its business strategy.

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

As of June 30, 2022, 90% of OFC's core portfolio annualized rental revenue derived from Defense/IT locations.

How large is OFC's core portfolio?

OFC's core portfolio consists of 186 properties totaling 21.9 million square feet.

What is the leasing status of OFC's properties?

OFC's core portfolio is 93.7% leased as of June 30, 2022.