Corporate Office Properties Trust Was the Winner of the 2009 National Commercial Real Estate Customer Service Award for Excellence for the Sixth Year in a Row
COLUMBIA, Md.--(BUSINESS WIRE)-- Corporate Office Properties Trust (COPT) (NYSE: OFC) announced today that it has achieved the "Best In The Industry" ranking for 2009 by CEL & Associates, Inc. for commitment to the highest level of quality and service to their tenants. The Company won the 2009 National Commercial Real Estate Customer Service Award for Excellence for Category I portfolios, also referred to as the "A List" Award. Category I is for companies owning over 100 properties, the largest of the categories. CEL & Associates, Inc. is the nation's largest surveyor of tenant satisfaction within the real estate industry. This is the sixth year in a row that the Company has been the winner in the largest owner category.
In addition, the Company has 157 buildings that received the property level "A List" Award. To qualify for the "A List" Award, each property must achieve a 50% minimum tenant response rate and a Service Index score of 85 or above which is based on specific success factors: readiness to solve problems, responsiveness and follow-through, quality of management services, relationship rating and renewal retention.
"We are honored to win this award for the sixth year in a row. During the economic downturn this past year, many landlords decided to reduce their level of customer service, but COPT did just the opposite," stated Randall M. Griffin, President and Chief Executive Officer for Corporate Office Properties Trust. "COPT's team worked very hard to institute a thorough review of its services and create new and innovative processes. The result was that we were able to increase scores in each category," he stated.
Company Information
Corporate Office Properties Trust (COPT) (NYSE: OFC) is a specialty office real estate investment trust (REIT) that focuses on strategic customer relationships and specialized tenant requirements in the U.S. Government, Defense Information Technology and Data sectors. The Company acquires, develops, manages and leases properties which are typically concentrated in large office parks primarily located adjacent to government demand drivers and/or in growth corridors. As of December 31, 2009, the Company owned 269 office and data properties totaling 20.2 million rentable square feet, which includes 20 properties totaling 1.1 million square feet held through joint ventures. The Company's portfolio primarily consists of technically sophisticated buildings in visually appealing settings that are environmentally sensitive, sustainable and meet unique customer requirements. COPT is an S&P MidCap 400 company and more information can be found at www.copt.com.
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", "expect", "estimate" 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:
-- the Company's ability to borrow on favorable terms;
-- general economic and business conditions, which will, among other
things, affect office property demand and rents, tenant
creditworthiness, interest rates and financing availability;
-- adverse changes in the real estate markets including, among other
things, increased competition with other companies;
-- risk of real estate acquisition and development, 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;
-- our ability to satisfy and operate effectively under federal income tax
rules relating to real estate investment trusts and partnerships;
-- governmental actions and initiatives; 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, 2009.
Source: Corporate Office Properties Trust (COPT)
Released April 9, 2010