COPT Reports First Quarter 2015 Results
COLUMBIA, Md.--(BUSINESS WIRE)-- Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) announced financial and operating results for the first quarter ended March 31, 2015.
“First quarter results were in line with our guidance, despite having to absorb heavier than expected weather-related expenses,” stated Roger A. Waesche, Jr., COPT’s President & Chief Executive Officer. “During the quarter we placed into service 550,000 square feet of fully leased development projects that were primarily leased to customers in our Strategic Tenant Niche, stabilized COPT DC-6, our wholesale data center in Manassas, Virginia, with an 11.25 mega watt lease and launched the strategic shift of upgrading the composition of our Regional Office portfolio to focus on urban, supply-constrained locations.”
Results:
Diluted earnings per share (“EPS”) was $0.10 for the quarter ended March 31, 2015 as compared to $0.00 in the first quarter of 2014. Per NAREIT’s definition, diluted funds from operations per share (“FFOPS”) for the first quarter of 2015 was $0.43 versus $0.48 reported in the first quarter of 2014. FFOPS, as adjusted for comparability, was $0.45 for the quarter ended March 31, 2015 as compared to $0.48 reported for the first quarter of 2014. Adjustments for comparability could encompass items such as acquisition costs, impairment losses and gains on non-operating properties (net of related tax adjustments), losses (gains) on early extinguishment of debt and write-offs of original issuance costs for redeemed preferred stock. Please refer to the reconciliation tables that appear later in this press release.
Operating Performance:
Portfolio Summary – At March 31, 2015, the Company’s portfolio of 178 operating office properties totaled 17.7 million square feet. The Company’s portfolio was 91.3% occupied and 92.4% leased as of March 31, 2015. During the quarter, the Company placed 550,000 square feet of development in service that was 100% occupied.
Same Office Performance – The Company’s same office portfolio for the quarter ended March 31, 2015 consists of 168 properties and represents 91% of the operating portfolio’s total rentable square feet. The Company’s same office portfolio was 90.7% occupied and 91.9% leased at March 31, 2015. For the first quarter ended March 31, 2015, the Company’s same office property cash NOI, which excludes gross lease termination fees and rent from tenant-funded landlord assets, decreased 1.1% as compared to the first quarter of 2014.
Office Leasing – COPT completed a total of 601,000 square feet of leasing in the quarter ended March 31, 2015 and achieved a 60% renewal rate.
In the quarter, lease terms on renewals averaged 4.7 years and for development and other new leases averaged 10.0 and 5.1 years, respectively.
For the quarter, total rent on renewed space increased 2.7% on a GAAP basis; on a cash basis, renewal rates declined 4.6% compared to the expiring rents.
Wholesale Data Center Leasing – During the quarter, COPT completed a lease with a strategic tenant for 11.25 mega watts (“MW”) at its wholesale data center in Manassas, Virginia (“COPT DC-6”). At March 31, 2015, 17.81 MW, or 92.5%, of the facility’s 19.25 MW’s of capacity were leased.
Investment Activity:
Construction – At March 31, 2015, the Company had seven properties totaling 1.1 million square feet under construction for a total projected cost of $233.5 million, of which $110.1 million had been invested. These seven projects were 65% pre-leased at March 31, 2015. As of the same date, COPT had five properties under redevelopment representing a total projected cost of $60.9 million, of which $35.6 million has been invested. The five redevelopment properties totaled approximately 344,000 square feet that, at March 31, 2015, were 41% pre-leased.
Acquisitions – During the quarter, the Company acquired 250 West Pratt Street, a 367,000 square foot building that is 96% leased in a premium office address in Baltimore, Maryland’s Pratt Street Corridor near the Inner Harbor, for $62 million.
Subsequent to the quarter’s end, COPT acquired Metro Place II, a 240,000 square foot, Class-A office building that is 100% leased to customers in COPT’s Strategic Tenant Niche, for $83 million. The building is located at 2600 Park Tower Drive, a Metro-served, mixed-use and amenity-rich location within the Merrifield sub-market of Northern Virginia.
Dispositions – During the quarter ended March 31, 2015, the Company disposed of 56 acres of non-strategic land in the White Marsh submarket of Greater Baltimore for $18 million and for the quarter ended March 31, 2015, recognized GAAP gains on sales of approximately $4.0 million. The gains are included in FFO per share per NAREIT, but excluded in the Company’s calculation of FFO per share, as adjusted for comparability.
Balance Sheet and Capital Transactions:
As of March 31, 2015, the Company’s debt to adjusted book ratio was 40.3% and its adjusted EBITDA fixed charge coverage ratio was 2.9x. Also, the Company’s weighted average interest rate was 4.0% for the quarter ended March 31, 2015 and 86% of the Company’s debt was subject to fixed interest rates, including the effect of interest rate swaps.
During the quarter ended March 31, 2015, the Company issued $26.6 million of equity from its ATM facility.
2015 FFO Guidance:
Management is narrowing its previously issued guidance for 2015 FFOPS, as adjusted for comparability, from the prior range of $1.97–$2.03, to a new range of $1.99–$2.03. Management is establishing guidance for second quarter 2015 FFOPS, as adjusted for comparability, of $0.48–$0.50. Reconciliations of projected diluted EPS to projected FFOPS are provided as follows:
| Three months ending | Year ending | |||||||||||||||
| June 30, 2015 | December 31, 2015 | |||||||||||||||
| Low | High | Low | High | |||||||||||||
| EPS | $ | 0.11 | $ | 0.13 | $ | 1.25 | $ | 1.29 | ||||||||
| Real estate depreciation and amortization | 0.35 | 0.35 | 1.50 | 1.50 | ||||||||||||
| FFOPS, NAREIT definition | 0.46 | 0.48 | 2.75 | 2.79 | ||||||||||||
| Operating property acquisition costs | -- | -- | 0.01 | 0.01 | ||||||||||||
| NOI from properties to be conveyed (a) | (0.01 | ) | (0.01 | ) | (0.04 | ) | (0.04 | ) | ||||||||
| Interest expense on loan secured by properties to be conveyed(a) | 0.03 | 0.03 | 0.12 | 0.12 | ||||||||||||
| Gains on sales of undepreciated properties | -- | -- | (0.04 | ) | (0.04 | ) | ||||||||||
| Net gains on extinguishment of debt (b) | -- | -- | (0.81 | ) | (0.81 | ) | ||||||||||
| FFOPS, as adjusted for comparability | $ | 0.48 | $ | 0.50 | $ | 1.99 | $ | 2.03 | ||||||||
| a. |
The Company expects to transfer two operating properties in satisfaction of non-recourse secured indebtedness. These amounts represent the Company's forecast of net operating income generated by these assets and interest expense (accrued at the default rate) in 2015, and assuming a transfer date of December 31, 2015. |
|
| b. | Represents debt and accrued interest in excess of the book value of the assets to be conveyed. |
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1Q 2015 Conference Call Information: |
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| Earnings Release Date: | Tuesday, April 28, 2015 at 6:00 a.m. Eastern Time | |
| Conference Call Date: | Tuesday, April 28, 2015 | |
| Time: | 12:00 p.m. Eastern Time | |
| Telephone Number: (within the U.S.) | 888-680-0878 | |
| Telephone Number: (outside the U.S.) | 617-213-4855 | |
| Passcode: | 81054690 | |
Please use the following link to pre-register and view important
information about this conference call. Pre-registering is not mandatory
but is recommended as it will provide you immediate entry into the call
and will facilitate the timely start of the conference. Pre-registration
only takes a few moments and you may pre-register at anytime, including
up to and after the call start time. To pre-register, please click on
the below link:
https://www.theconferencingservice.com/prereg/key.process?key=PY6LVUPLN
You may also pre-register in the Investors section of the Company’s website at www.copt.com. Alternatively, you may be placed into the call by an operator by calling the number provided above at least 5 to 10 minutes before the start of the call.
A replay of this call will be available beginning Tuesday, April 28 at 4:00 p.m. Eastern Time through Tuesday, May 12 at midnight Eastern Time. To access the replay within the United States, please call 888-286-8010 and use passcode 53567548. To access the replay outside the United States, please call 617-801-6888 and use passcode 53567548.
The conference call will also be available via live webcast in the Investor Relations section of the Company’s website at www.copt.com. A replay of the conference calls will be immediately available via webcast in the Investor Relations section of the Company’s website.
Definitions:
For definitions of certain terms used in this press release, please refer to the information furnished in our Supplemental Information Package filed as a Form 8-K which can be found on our website (www.copt.com). Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are included in the attached tables.
Company Information
COPT is an office REIT that focuses primarily on serving the specialized requirements of U.S. Government agencies and defense contractors, most of which are engaged in defense information technology and national security-related activities. As of March 31, 2015, COPT derived 75% of its annualized revenue from its strategic tenant niche properties and 25% from its regional office properties. The Company generally acquires, develops, manages and leases office and data center properties concentrated in large office parks primarily located near knowledge-based government demand drivers and/or in targeted markets or submarkets in the Greater Washington, DC/Baltimore region. As of March 31, 2015, the Company’s consolidated portfolio consisted of 178 office properties totaling 17.7 million rentable square feet. COPT is an S&P MidCap 400 company.
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. Accordingly, 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.
Important factors that may affect these expectations, estimates, and projections include, but are not limited to:
- general economic and business conditions, which will, among other things, affect office property and data center demand and rents, tenant creditworthiness, interest rates, financing availability and property values;
- adverse changes in the real estate markets including, among other things, increased competition with other companies;
- governmental actions and initiatives, including risks associated with the impact of a prolonged government shutdown or budgetary reductions or impasses, such as a reduction in rental revenues, non-renewal of leases, and/or a curtailment of demand for additional space by the Company's strategic customers;
- the Company’s ability to borrow on favorable terms;
- risks of real estate acquisition and development activities, including, among other things, risks that development projects may not be completed on schedule, that tenants may not take occupancy or pay rent or that development or operating costs may be greater than anticipated;
- risks of investing through joint venture structures, including risks that the Company’s joint venture partners may not fulfill their financial obligations as investors or may take actions that are inconsistent with the Company’s objectives;
- changes in the Company’s plans for properties or views of market economic conditions or failure to obtain development rights, either of which could result in recognition of significant impairment losses;
- the Company’s ability to satisfy and operate effectively under Federal income tax rules relating to real estate investment trusts and partnerships;
- the Company's ability to achieve projected results;
- the dilutive effects of issuing additional common shares; and
- environmental requirements.
The Company undertakes no obligation to update or supplement any forward-looking statements. For further information, please refer to the Company’s filings with the Securities and Exchange Commission, particularly the section entitled “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
| Corporate Office Properties Trust | ||||||||
| Summary Financial Data | ||||||||
| (unaudited) | ||||||||
| (in thousands, except per share data) | ||||||||
| For the Three Months | ||||||||
| Ended March 31, | ||||||||
| 2015 | 2014 | |||||||
| Revenues | ||||||||
| Real estate revenues | $ | 122,710 | $ | 124,877 | ||||
| Construction contract and other service revenues | 38,324 | 21,790 | ||||||
| Total revenues | 161,034 | 146,667 | ||||||
| Expenses | ||||||||
| Property operating expenses | 50,681 | 49,772 | ||||||
| Depreciation and amortization associated with real estate operations | 31,599 | 43,596 | ||||||
| Construction contract and other service expenses | 37,498 | 18,624 | ||||||
| General and administrative expenses | 6,250 | 6,158 | ||||||
| Leasing expenses | 1,641 | 1,985 | ||||||
| Business development expenses and land carry costs | 2,790 | 1,326 | ||||||
| Total operating expenses | 130,459 | 121,461 | ||||||
| Operating income | 30,575 | 25,206 | ||||||
| Interest expense | (20,838 | ) | (20,827 | ) | ||||
| Interest and other income | 1,283 | 1,285 | ||||||
| Loss on early extinguishment of debt | (3 | ) | — | |||||
| Income from continuing operations before equity in income of unconsolidated entities and income taxes | 11,017 | 5,664 | ||||||
| Equity in income of unconsolidated entities | 25 | 60 | ||||||
| Income tax expense | (55 | ) | (64 | ) | ||||
| Income from continuing operations | 10,987 | 5,660 | ||||||
| Discontinued operations | (238 | ) | 11 | |||||
| Income before gain on sales of real estate | 10,749 | 5,671 | ||||||
| Gain on sales of real estate, net of income taxes | 3,986 | — | ||||||
| Net income | 14,735 | 5,671 | ||||||
| Net income attributable to noncontrolling interests | ||||||||
| Common units in the Operating Partnership | (398 | ) | (16 | ) | ||||
| Preferred units in the Operating Partnership | (165 | ) | (165 | ) | ||||
| Other consolidated entities | (817 | ) | (749 | ) | ||||
| Net income attributable to COPT | 13,355 | 4,741 | ||||||
| Preferred share dividends | (3,552 | ) | (4,490 | ) | ||||
| Net income attributable to COPT common shareholders | $ | 9,803 | $ | 251 | ||||
| Earnings per share (“EPS”) computation: | ||||||||
| Numerator for diluted EPS: | ||||||||
| Net income attributable to common shareholders | $ | 9,803 | $ | 251 | ||||
| Amount allocable to restricted shares | (122 | ) | (121 | ) | ||||
| Numerator for diluted EPS | $ | 9,681 | $ | 130 | ||||
| Denominator: | ||||||||
| Weighted average common shares - basic | 93,199 | 87,080 | ||||||
| Dilutive effect of share-based compensation awards | 198 | 112 | ||||||
| Weighted average common shares - diluted | 93,397 | 87,192 | ||||||
| Diluted EPS | $ | 0.10 | $ | 0.00 | ||||
| Corporate Office Properties Trust | ||||||||
| Summary Financial Data | ||||||||
| (unaudited) | ||||||||
| (in thousands, except per share data) | ||||||||
|
For the Three Months |
||||||||
| 2015 | 2014 | |||||||
| Net income | $ | 14,735 | $ | 5,671 | ||||
| Real estate-related depreciation and amortization | 31,599 | 43,596 | ||||||
| Impairment losses on previously depreciated operating properties | 233 | 1 | ||||||
| Loss on sales of previously depreciated operating properties | — | 4 | ||||||
| Funds from operations (“FFO”) | 46,567 | 49,272 | ||||||
| Noncontrolling interests - preferred units in the Operating Partnership | (165 | ) | (165 | ) | ||||
| FFO allocable to other noncontrolling interests | (670 | ) | (761 | ) | ||||
| Preferred share dividends | (3,552 | ) | (4,490 | ) | ||||
| Basic and diluted FFO allocable to restricted shares | (183 | ) | (205 | ) | ||||
| Basic and diluted FFO available to common share and common unit holders (“Basic and diluted FFO”) | 41,997 | 43,651 | ||||||
| Operating property acquisition costs | 1,046 | — | ||||||
| Gain on sales of non-operating properties | (3,986 | ) | — | |||||
| Loss on early extinguishment of debt | 3 | 23 | ||||||
| Add: Negative FFO of properties to be conveyed to extinguish debt in default (1) | 4,271 | — | ||||||
| Demolition costs on redevelopment properties | 175 | — | ||||||
| Diluted FFO comparability adjustments allocable to restricted shares | (7 | ) | — | |||||
| Diluted FFO available to common share and common unit holders, as adjusted for comparability | 43,499 | 43,674 | ||||||
| Straight line rent adjustments | (1,271 | ) | 760 | |||||
| Straight line rent adjustments - properties in default to be conveyed | (72 | ) | — | |||||
| Amortization of intangibles included in net operating income | 111 | 217 | ||||||
| Share-based compensation, net of amounts capitalized | 1,552 | 1,555 | ||||||
| Amortization of deferred financing costs | 990 | 1,167 | ||||||
| Amortization of net debt discounts, net of amounts capitalized | 264 | 171 | ||||||
| Amortization of settled debt hedges | — | 15 | ||||||
| Recurring capital expenditures | (7,349 | ) | (11,052 | ) | ||||
| Diluted adjusted funds from operations available to common share and common unit holders (“Diluted AFFO”) |
$ |
37,724 | $ | 36,507 | ||||
| Diluted FFO per share | $ | 0.43 | $ | 0.48 | ||||
| Diluted FFO per share, as adjusted for comparability | $ | 0.45 | $ | 0.48 | ||||
| Dividends/distributions per common share/unit | $ | 0.275 | $ | 0.275 | ||||
| (1) | Interest expense exceeded net operating income from these properties by the amounts in the statement. |
| Corporate Office Properties Trust | ||||||||
| Summary Financial Data | ||||||||
| (unaudited) | ||||||||
| (Dollars and shares in thousands, except per share data) | ||||||||
|
March 31, 2015 |
December 31, 2014 |
|||||||
| Balance Sheet Data | ||||||||
| Properties, net of accumulated depreciation | $ | 3,378,152 | $ | 3,296,914 | ||||
| Total assets | 3,777,155 | 3,670,257 | ||||||
| Debt, net | 1,999,622 | 1,920,057 | ||||||
| Total liabilities | 2,228,530 | 2,130,956 | ||||||
| Redeemable noncontrolling interest | 18,895 | 18,417 | ||||||
| Equity | 1,529,730 | 1,520,884 | ||||||
| Debt to adjusted book | 40.3 | % | 39.7 | % | ||||
| Debt to total market capitalization | 39.3 | % | 39.3 | % | ||||
| Core Portfolio Data (as of period end) (1) | ||||||||
| Number of operating properties | 178 | 173 | ||||||
| Total net rentable square feet owned (in thousands) | 17,706 | 16,790 | ||||||
| Occupancy % | 91.3 | % | 90.9 | % | ||||
| Leased % | 92.4 | % | 92.4 | % | ||||
|
For the Three Months |
||||||||
| 2015 | 2014 | |||||||
| Payout ratios | ||||||||
| Diluted FFO | 64.3 | % | 57.7 | % | ||||
| Diluted FFO, as adjusted for comparability | 62.1 | % | 57.6 | % | ||||
| Diluted AFFO | 71.6 | % | 69.0 | % | ||||
| Adjusted EBITDA interest coverage ratio | 4.2 | x | 3.6 | x | ||||
| Adjusted EBITDA fixed charge coverage ratio | 2.9 | x | 2.6 | x | ||||
| Adjusted debt to in-place adjusted EBITDA ratio (2) | 7.0 | x | 6.8 | x | ||||
| Reconciliation of denominators for diluted EPS and diluted FFO per share | ||||||||
| Denominator for diluted EPS | 93,397 | 87,192 | ||||||
| Weighted average common units | 3,732 | 3,958 | ||||||
| Denominator for diluted FFO per share | 97,129 | 91,150 | ||||||
| Reconciliation of FFO to FFO, as adjusted for comparability | ||||||||
| FFO, per NAREIT | $ | 46,567 | $ | 49,272 | ||||
| Gain on sales of non-operating properties | (3,986 | ) | — | |||||
| Operating property acquisition costs | 1,046 | — | ||||||
| Loss on early extinguishment of debt, continuing and discontinued operations | 3 | 23 | ||||||
| Add: Negative FFO of properties to be conveyed to extinguish debt in default | 4,271 | — | ||||||
| Demolition costs on redevelopment properties | 175 | — | ||||||
| FFO, as adjusted for comparability | $ | 48,076 | $ | 49,295 | ||||
| (1) | Represents operating properties held for long-term investment. | |
| (2) | Represents debt as of period end divided by in-place adjusted EBITDA for the period, as annualized (i.e. three month periods are multiplied by four). |
| Corporate Office Properties Trust | ||||||||
| Summary Financial Data | ||||||||
| (unaudited) | ||||||||
| (Dollars in thousands) | ||||||||
|
For the Three Months |
||||||||
| 2015 | 2014 | |||||||
| Reconciliation of common share dividends to dividends and distributions for payout ratios | ||||||||
| Common share dividends | $ | 25,998 | $ | 24,091 | ||||
| Common unit distributions | 1,012 | 1,081 | ||||||
| Dividends and distributions for payout ratios | $ | 27,010 | $ | 25,172 | ||||
| Reconciliation of GAAP net income to adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) and in-place adjusted EBITDA | ||||||||
| Net income | $ | 14,735 | $ | 5,671 | ||||
| Interest expense on continuing operations | 20,838 | 20,827 | ||||||
| Income tax expense | 55 | 64 | ||||||
| Real estate-related depreciation and amortization | 31,599 | 43,596 | ||||||
| Depreciation of furniture, fixtures and equipment | 492 | 505 | ||||||
| Impairment losses | 233 | 1 | ||||||
| Loss on early extinguishment of debt on continuing and discontinued operations | 3 | 23 | ||||||
| Loss on sales of operating properties | — | 4 | ||||||
| Gain on sales of non-operational properties | (3,986 | ) | — | |||||
| Net loss on investments in unconsolidated entities included in interest and other income | 75 | 20 | ||||||
| Operating property acquisition costs | 1,046 | — | ||||||
| EBITDA of properties to be conveyed to extinguish debt in default | 90 | — | ||||||
| Demolition costs on redevelopment properties | 175 | — | ||||||
| Adjusted EBITDA | $ | 65,355 | $ | 70,711 | ||||
| Proforma net operating income adjustment from property in quarter of acquisition | 737 | — | ||||||
| In-place adjusted EBITDA | $ | 66,092 | $ | 70,711 | ||||
| Reconciliation of interest expense from continuing operations to the denominators for interest coverage-Adjusted EBITDA and fixed charge coverage-Adjusted EBITDA | ||||||||
| Interest expense from continuing operations | $ | 20,838 | $ | 20,827 | ||||
| Less: Amortization of deferred financing costs | (990 | ) | (1,167 | ) | ||||
| Less: Amortization of net debt discount, net of amounts capitalized | (264 | ) | (171 | ) | ||||
| Less: Interest exp. on debt in default to be extin. via conveyance of properties | (4,182 | ) | — | |||||
| Denominator for interest coverage-Adjusted EBITDA | 15,402 | 19,489 | ||||||
| Scheduled principal amortization | 1,649 | 1,855 | ||||||
| Capitalized interest | 2,132 | 1,589 | ||||||
| Preferred share dividends | 3,552 | 4,490 | ||||||
| Preferred unit distributions | 165 | 165 | ||||||
| Denominator for fixed charge coverage-Adjusted EBITDA | $ | 22,900 | $ | 27,588 | ||||
| Corporate Office Properties Trust | ||||||||
| Summary Financial Data | ||||||||
| (unaudited) | ||||||||
| (Dollars in thousands) | ||||||||
|
For the Three Months |
||||||||
| 2015 | 2014 | |||||||
| Reconciliations of tenant improvements and incentives, capital improvements and leasing costs for operating properties to recurring capital expenditures | ||||||||
| Tenant improvements and incentives on operating properties | $ | 4,390 | $ | 6,319 | ||||
| Building improvements on operating properties | 3,203 | 3,982 | ||||||
| Leasing costs for operating properties | 954 | 1,528 | ||||||
| Less: Nonrecurring tenant improvements and incentives on operating properties | (264 | ) | (16 | ) | ||||
| Less: Nonrecurring building improvements on operating properties | (875 | ) | (568 | ) | ||||
| Less: Nonrecurring leasing costs for operating properties | (59 | ) | (193 | ) | ||||
| Recurring capital expenditures | $ | 7,349 | $ | 11,052 | ||||
| Same office property cash NOI | $ | 66,387 | $ | 67,108 | ||||
| Straight line rent adjustments | 580 | (1,395 | ) | |||||
| Add: Amortization of deferred market rental revenue | 57 | (8 | ) | |||||
| Less: Amortization of below-market cost arrangements | (245 | ) | (291 | ) | ||||
| Add: Lease termination fee, gross | 753 | 512 | ||||||
| Add: Cash NOI on tenant-funded landlord assets | — | 3,182 | ||||||
| Same office property NOI | $ | 67,532 | $ | 69,108 | ||||
|
March 31, 2015 |
December 31, 2014 |
|||||||
| Reconciliation of total assets to adjusted book | ||||||||
| Total assets | $ | 3,777,155 | $ | 3,670,257 | ||||
| Accumulated depreciation | 724,539 | 703,083 | ||||||
| Accumulated amortization of real estate intangibles and deferred leasing costs | 219,437 | 214,611 | ||||||
| Less: Adjusted book assoc. with properties to be conveyed to extinguish debt in default | (131,623 | ) | (131,118 | ) | ||||
| Adjusted book | $ | 4,589,508 | $ | 4,456,833 | ||||
| Reconciliation of debt to adjusted debt | ||||||||
| Debt, net | $ | 1,999,622 | $ | 1,920,057 | ||||
| Less: Debt in default to be extinguished via conveyance of properties | (150,000 | ) | (150,000 | ) | ||||
| Numerator for debt to adjusted book ratio | 1,849,622 | 1,770,057 | ||||||
| Less: Cash and cash equivalents | (4,429 | ) | (6,077 | ) | ||||
| Adjusted debt | $ | 1,845,193 | $ | 1,763,980 | ||||
Corporate Office Properties Trust
IR Contacts:
Stephanie
Krewson-Kelly, 443-285-5453
stephanie.kelly@copt.com
or
Michelle
Layne, 443-285-5452
michelle.layne@copt.com
Source: Corporate Office Properties Trust
Released April 28, 2015