COPT Reports 4Q and Full Year 2018 Results

COLUMBIA, Md.–(BUSINESS WIRE)–Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC)
announced financial and operating results for the fourth quarter and
full year ended December 31, 2018.

Management Comments

“Our fourth quarter represented a strong finish to a solid year,” stated
Stephen E. Budorick, COPT’s President & Chief Executive Officer.
“Leasing further accelerated during the fourth quarter, resulting in
nearly 250,000 square feet of vacancy leasing, 377,000 square feet of
development leasing, and 700,000 square feet of renewals, resulting in a
robust 82% retention rate. For the year, we leased over 4.2 million
square feet, including nearly 600,000 square feet of vacancy leasing,
and 1.1 million square feet of development leasing—the second highest
level in our 20 year history as a public company.” He continued, “Thus
far in 2019, we have completed the lease for the second floor at 310 NBP
with the U.S. Government, are in advanced negotiations on a significant
level of development leasing, and are on track to register another
strong year of leasing in the operating portfolio.”

Financial Highlights

4th Quarter Financial Results:

  • Diluted earnings per share (“EPS”) was $0.16 for the quarter ended
    December 31, 2018 as compared to $0.10 for the fourth quarter of 2017.
  • Diluted funds from operations per share (“FFOPS”), as calculated in
    accordance with NAREIT’s definition, was $0.47 for the fourth quarter
    of 2018, equal to fourth quarter 2017 results.
  • FFOPS, as adjusted for comparability, was $0.50 for the quarter ended
    December 31, 2018 as compared to $0.53 for the fourth quarter of 2017.

Full Year 2018 Financial Results:

  • EPS for the year ended December 31, 2018 was $0.69 as compared to
    $0.56 for 2017.
  • Per NAREIT’s definition, FFOPS for 2018 was $1.97 as compared to $1.94
    for 2017.
  • FFOPS, as adjusted for comparability, for 2018 was $2.01 as compared
    to $2.02 for 2017.

Adjustments for comparability encompass items such as gains and
impairment losses on non-operating properties, losses on early
extinguishment of debt, derivative gains (losses), issuance costs
associated with redeemed preferred shares, demolition costs of
redevelopment and nonrecurring improvements, and executive transition
costs.

Operating Performance Highlights

Operating Portfolio Summary:

  • At December 31, 2018, the Company’s core portfolio of 161 operating
    office properties was 93.1% occupied and 94.0% leased.

    During
    the quarter, the Company placed two developments aggregating 238,000
    square feet plus our build-to-suit for a defense contractor into
    service; all three developments were 100% leased. During the year, the
    Company placed seven developments totaling 688,000 square feet that
    were 90% leased and the build-to-suit for a defense contractor that
    was 100% leased into service.

Same-Property Performance:

  • At December 31, 2018, COPT’s same-property portfolio of 147 buildings
    was 93.0% occupied and 93.8% leased.
  • For the quarter and year ended December 31, 2018, the Company’s
    same-property cash NOI from Defense/IT locations increased 1.0% and
    2.1%, respectively, over the prior year’s comparable periods. For the
    same time periods, the Company’s total same-property cash NOI
    decreased 1.1% and 0.4%, respectively, over the prior year’s
    comparable periods.

Leasing:

  • Square Feet Leased―For the quarter ended
    December 31, 2018, the Company leased 1.3 million total square feet,
    including 704,000 square feet of renewing leases, 248,000 square feet
    of new leases on vacant space, and 377,000 square feet in development
    projects.

    For the year ended December 31, 2018, the Company
    leased 4.2 million total square feet, including 2.5 million square
    feet of renewing leases, 596,000 square feet of new leases on vacant
    space, and 1.1 million square feet in development projects.

  • Renewal Rates―During the fourth quarter
    and year ended December 31, 2018, the Company renewed 82.2% and 78.4%,
    respectively, of total expiring leases.
  • Rent Spreads & Average Escalations on Renewing
    Leases
    ―For the quarter ended December 31, 2018, rents on
    renewed space increased 3.0% on a GAAP basis and decreased 6.9% on a
    cash basis; average annual escalations on renewing leases in the
    fourth quarter were 2.7%. For the year ended December 31, 2018, rents
    on renewed space increased 6.8% on a GAAP basis and decreased 2.0% on
    a cash basis; average annual escalations on renewing leases for the
    year were 2.6%.
  • Lease Terms―In the fourth quarter, lease
    terms averaged 4.6 years on renewing leases, 8.5 years on new leasing
    of vacant space, and 14.7 years on development leasing. For the year,
    lease terms averaged 3.8 years on renewing leases, 7.4 years on new
    leasing of vacant space, and 12.4 years on development leasing.

Investment Activity Highlights

Development & Redevelopment Projects:

  • Construction Pipeline. At January 2, 2019, the Company’s
    construction pipeline consisted of nine properties totaling 1.1
    million square feet that were 81% leased. These projects have a total
    estimated cost of $332.5 million, of which $162.4 million has been
    incurred.
  • Redevelopment. At the end of the quarter, one project was under
    redevelopment totaling 106,000 square feet that was 0% leased.
    Subsequent to the quarter, the Company executed a 10,000 square foot
    pre-lease, bringing the project to 9% leased. The Company has invested
    $11.6 million of the $25.1 million anticipated total cost.

Balance Sheet and Capital Transaction Highlights

  • As of December 31, 2018, the Company’s net debt plus preferred equity
    to adjusted book ratio was 39.1% and its net debt plus preferred
    equity to in-place adjusted EBITDA ratio was 6.0x. For the same
    period, the Company’s adjusted EBITDA fixed charge coverage ratio was
    3.6x.
  • As of December 31, 2018 and including the effect of interest rate
    swaps, the Company’s weighted average effective interest rate was
    4.1%; additionally, 93% of the Company’s debt was subject to fixed
    interest rates and the consolidated debt portfolio had a weighted
    average maturity of 4.5 years.
  • During the fourth quarter and year ended December 31, 2018, the
    Company issued 1.4 million and 5.9 million common shares under its
    forward equity sale agreement for net proceeds of $40.0 million and
    $172.5 million, respectively. Also during the year, the Company issued
    992,000 common shares through its At-the-Market (“ATM”) program at an
    average gross price of $30.46 per share for net proceeds of $29.8
    million.
  • In October, the Company entered into a new $800 million credit
    agreement to replace its existing $800 million revolving credit
    facility. The new credit facility has a maturity date of March 2023,
    plus two six-month extension options. The new facility’s interest rate
    is calculated as LIBOR plus 77.5—145 basis points; based on the
    Company’s current credit ratings, the initial spread over LIBOR is 110
    basis points.

Associated Supplemental Presentation

Prior to the call, the Company will post a slide presentation to
accompany management’s prepared remarks for its fourth quarter and year
end 2018 conference call, the details of which are provided below. The
accompanying slide presentation can be viewed on and downloaded from the
‘Latest Updates’ section of COPT’s Investors website: https://investors.copt.com/

Conference Call Information

Management will discuss fourth quarter and year end 2018 results on its
conference call tomorrow at 12:00 p.m. Eastern Time, details of which
are listed below:

             
Conference Call Date: Friday, February 8, 2019
Time: 12:00 p.m. Eastern Time
Telephone Number: (within the U.S.) 855-463-9057
Telephone Number: (outside the U.S.) 661-378-9894
Passcode: 1485747
 

The conference call will also be available via live webcast in the
‘Latest Updates’ section of COPT’s Investors website: https://investors.copt.com/

Replay Information

A replay of the conference call will be immediately available via
webcast on the Investors website. Additionally, a telephonic replay of
this call will be available beginning at 3:00 p.m. Eastern Time on
Friday, February 8, through 3:00 p.m. Eastern Time on Friday, February
22. To access the replay within the United States, please call
855-859-2056; to access it from outside the United States, please call
404-537-3406. In either case, use passcode 1485747.

Definitions

For definitions of certain terms used in this press release, please
refer to the information furnished in the Company’s Supplemental
Information Package furnished on a Form 8-K which can be found on its
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 a REIT that owns, manages, leases, develops and selectively
acquires office and data center properties 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
December 31, 2018, the Company derived 88% of its core portfolio
annualized revenue from Defense/IT Locations and 12% from its Regional
Office Properties. As of the same date and including six buildings owned
through an unconsolidated joint venture, COPT’s core portfolio of 161
office and data center shell properties encompassed 17.9 million square
feet and was 94.0% leased; the Company also owned one wholesale data
center with a critical load of 19.25 megawatts.

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.

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;
  • possible adverse changes in tax laws;
  • the dilutive effects of issuing additional common shares;
  • the Company’s ability to achieve projected results;
  • security breaches relating to cyber attacks, cyber intrusions or
    other factors; 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,
2017.

   
Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(in thousands, except per share data)
 

For the Three Months
Ended December 31,

For the Years Ended
December 31,

2018   2017 2018   2017
Revenues
Real estate revenues $ 130,825 $ 127,685 $ 517,253 $ 509,980
Construction contract and other service revenues 7,657   36,882   60,859   102,840  
Total revenues 138,482   164,567   578,112   612,820  
Expenses
Property operating expenses 51,298 47,449 201,035 190,964
Depreciation and amortization associated with real estate operations 36,219 33,938 137,116 134,228
Construction contract and other service expenses 7,111 36,029 58,326 99,618
Impairment losses 2,367 13,659 2,367 15,123
General and administrative expenses 5,105 5,552 22,829 24,008
Leasing expenses 1,976 1,447 6,071 6,829
Business development expenses and land carry costs 1,425   1,646   5,840   6,213  
Total operating expenses 105,501   139,720   433,584   476,983  
Operating income 32,981 24,847 144,528 135,837
Interest expense (18,475 ) (19,211 ) (75,385 ) (76,983 )
Interest and other income 74 1,501 4,358 6,318
Gain on sales of real estate 2,367 4,452 2,340 9,890
Loss on early extinguishment of debt (258 )   (258 ) (513 )
Income before equity in income of unconsolidated entities and income
taxes
16,689 11,589 75,583 74,549
Equity in income of unconsolidated entities 1,577 372 2,697 1,490
Income tax benefit (expense) 190   (953 ) 363   (1,098 )
Net income 18,456 11,008 78,643 74,941
Net income attributable to noncontrolling interests:
Common units in the Operating Partnership (“OP”) (210 ) (314 ) (1,742 ) (1,890 )
Preferred units in the OP (165 ) (165 ) (660 ) (660 )
Other consolidated entities (1,061 ) (908 ) (3,940 ) (3,646 )
Net income attributable to COPT 17,020 9,621 72,301 68,745
Preferred share dividends (6,219 )
Issuance costs associated with redeemed preferred shares       (6,847 )
Net income attributable to COPT common shareholders $ 17,020   $ 9,621   $ 72,301   $ 55,679  
 
Earnings per share (“EPS”) computation:
Numerator for diluted EPS:
Net income attributable to COPT common shareholders $ 17,020 $ 9,621 $ 72,301 $ 55,679
Amount allocable to share-based compensation awards (114 ) (112 ) (462 ) (449 )
Numerator for diluted EPS $ 16,906   $ 9,509   $ 71,839   $ 55,230  
Denominator:
Weighted average common shares – basic 108,528 99,304 103,946 98,969
Dilutive effect of share-based compensation awards 45 68 134 132
Dilutive effect of forward equity sale agreements   215   45   54  
Weighted average common shares – diluted 108,573   99,587   104,125   99,155  
Diluted EPS $ 0.16   $ 0.10   $ 0.69   $ 0.56  
 
   
Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(in thousands, except per share data)
 

For the Three Months
Ended December 31,

For the Years Ended
December 31,

2018   2017 2018   2017
Net income $ 18,456 $ 11,008 $ 78,643 $ 74,941
Real estate-related depreciation and amortization 36,219 33,938 137,116 134,228
Impairment losses on previously depreciated operating properties 6 9,004 6 10,455
Gain on sales of previously depreciated operating properties (2,367 ) (4,452 ) (2,340 ) (4,491 )
Depreciation and amortization on unconsolidated real estate JV 565   563   2,256   2,252  
Funds from operations (“FFO”) 52,879 50,061 215,681 217,385
Preferred share dividends (6,219 )
Issuance costs associated with redeemed preferred shares (6,847 )
Noncontrolling interests – preferred units in the OP (165 ) (165 ) (660 ) (660 )
FFO allocable to other noncontrolling interests (1,011 ) (874 ) (3,768 ) (3,675 )
Basic and diluted FFO allocable to share-based compensation awards (200 ) (198 ) (851 ) (814 )
Basic FFO available to common share and common unit holders (“Basic
FFO”)
51,503 48,824 210,402 199,170
Redeemable noncontrolling interests 331     1,540    
Diluted FFO available to common share and common unit holders
(“Diluted FFO”)
51,834 48,824 211,942 199,170
Gain on sales of non-operating properties (5,399 )
Impairment losses on non-operating properties 2,361 4,655 2,361 4,668
Income tax expense associated with FFO comparability adjustments 800 800
Gain on interest rate derivatives (191 ) (234 )
Loss on early extinguishment of debt 258 258 513
Issuance costs associated with redeemed preferred shares 6,847
Demolition costs on redevelopment and nonrecurring improvements 163 462 294
Executive transition costs 371 793 732
Diluted FFO comparability adjustments allocable to share-based
compensation awards
(13 ) (23 ) (16 ) (35 )
Diluted FFO available to common share and common unit holders, as
adjusted for comparability
54,974 54,065 215,800 207,356
Straight line rent adjustments and lease incentive amortization (46 ) (1,343 ) (1,487 ) 46
Amortization of intangibles included in net operating income 153 342 893 1,344
Share-based compensation, net of amounts capitalized 1,601 1,523 6,193 5,353
Amortization of deferred financing costs 550 443 1,954 2,928
Amortization of net debt discounts, net of amounts capitalized 365 350 1,439 1,379
Accum. other comprehensive loss on derivatives amortized to expense 34 54 135 143
Replacement capital expenditures (14,848 ) (23,475 ) (64,784 ) (63,026 )
Other diluted AFFO adjustments associated with real estate JVs (28 ) (39 ) 121   (210 )
Diluted adjusted funds from operations available to common share and
common unit holders (“Diluted AFFO”)
$ 42,755   $ 31,920   $ 160,264   $ 155,313  
Diluted FFO per share $ 0.47 $ 0.47 $ 1.97 $ 1.94
Diluted FFO per share, as adjusted for comparability $ 0.50 $ 0.53 $ 2.01 $ 2.02
Dividends/distributions per common share/unit $ 0.275 $ 0.275 $ 1.100 $ 1.100
 
     
Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(Dollars and shares in thousands, except per share data)
 

 

December 31,
2018

December 31,
2017

Balance Sheet Data
Properties, net of accumulated depreciation

 

$

3,250,626

$ 3,141,105
Total assets

 

3,656,005

3,595,205
Debt, per balance sheet

 

1,823,909

1,828,333
Total liabilities

 

2,002,697

2,103,773
Redeemable noncontrolling interest

 

26,260

23,125
Equity

 

1,627,048

1,468,307
Net debt to adjusted book

 

38.9

%

40.8 %
 
Core Portfolio Data (as of period end) (1)
Number of operating properties

 

161

156
Total net rentable square feet owned (in thousands)

 

17,937

17,059
Occupancy %

 

93.1

%

94.5 %
Leased %

 

94.0

%

95.1 %
 

For the Three Months
Ended December 31,

For the Years Ended
December 31,

2018   2017 2018 2017
Payout ratios
Diluted FFO 59.0 % 58.7 % 56.0 % 56.8 %
Diluted FFO, as adjusted for comparability 55.6 % 53.0 % 55.0 % 54.6 %
Diluted AFFO 71.5 % 89.7 % 74.1 % 72.9 %
Adjusted EBITDA fixed charge coverage ratio 3.6x 3.7x 3.6x 3.4x
Net debt to in-place adjusted EBITDA ratio (2) 6.0x 6.1x N/A N/A
Net debt plus preferred equity to in-place adjusted EBITDA ratio (3) 6.0x 6.1x N/A N/A
 
 
Reconciliation of denominators for per share measures
Denominator for diluted EPS 108,573 99,587 104,125 99,155
Weighted average common units 1,345 3,252 2,468 3,362
Redeemable noncontrolling interests 1,126       936      
Denominator for diluted FFO per share and as adjusted for
comparability
111,044   102,839     107,529     102,517  
 
 
(1)   Represents Defense/IT Locations and Regional Office properties.
(2) Represents net 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).
(3) Represents net debt plus the total liquidation preference of
preferred equity 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
Ended December 31,

For the Years Ended
December 31,

2018   2017 2018   2017
Reconciliation of common share dividends to dividends and
distributions for payout ratios
Common share dividends – unrestricted shares $ 30,206 $ 27,747 $ 116,285 $ 109,489
Common unit distributions 367   894   2,498   3,661  
Dividends and distributions for payout ratios $ 30,573   $ 28,641   $ 118,783   $ 113,150  
 
Reconciliation of GAAP net income to earnings before interest,
income taxes, depreciation and amortization for real estate
(“EBITDAre”), adjusted EBITDA and in-place adjusted EBITDA
Net income $ 18,456 $ 11,008 $ 78,643 $ 74,941
Interest expense 18,475 19,211 75,385 76,983
Income tax (benefit) expense (190 ) 953 (363 ) 1,098
Depreciation of furniture, fixtures and equipment 404 600 1,947 2,273
Real estate-related depreciation and amortization 36,219 33,938 137,116 134,228
Impairment losses on previously depreciated operating properties 6 9,004 6 10,455
Gain on sales of previously depreciated operating properties (2,367 ) (4,452 ) (2,340 ) (4,491 )
Adjustments from unconsolidated real estate JV 832   829   3,314   3,310  
EBITDAre 71,835 71,091 293,708 298,797
Impairment losses on non-operating properties 2,361 4,655 2,361 4,668
Loss on early extinguishment of debt 258 258 513
Gain on sales of non-operating properties (5,399 )
Net gain on other investments (449 ) (449 )
Business development expenses 661 1,116 3,114 3,786
Demolition costs on redevelopment and nonrecurring improvements 163 462 294
Executive transition costs 371     793   732  
Adjusted EBITDA 75,200 76,862 $ 300,247   $ 303,391  
Proforma net operating income adjustment for property changes within
period
2,052   (578 )
In-place adjusted EBITDA $ 77,252   $ 76,284  
 
Reconciliation of interest expense to the denominators for fixed
charge coverage-Adjusted EBITDA
Interest expense $ 18,475 $ 19,211 $ 75,385 $ 76,983
Less: Amortization of deferred financing costs (550 ) (443 ) (1,954 ) (2,928 )
Less: Amortization of net debt discounts, net of amounts capitalized (365 ) (350 ) (1,439 ) (1,379 )
Less: Accum. other comprehensive loss on derivatives amortized to
expense
(34 ) (54 ) (135 ) (143 )
Gain on interest rate derivatives 191 234
COPT’s share of interest expense of unconsolidated real estate JV,
excluding deferred financing costs
260 260 1,034 1,034
Scheduled principal amortization 1,079 1,034 4,240 4,062
Capitalized interest 1,748 1,032 5,929 5,229
Preferred share dividends 6,219
Preferred unit distributions 165   165   660   660  
Denominator for fixed charge coverage-Adjusted EBITDA $ 20,778   $ 21,046   $ 83,720   $ 89,971  
 
     
Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(Dollars in thousands)
 

For the Three Months
Ended December 31,

For the Years Ended
December 31,

2018 2017 2018   2017
Reconciliations of tenant improvements and incentives, capital
improvements and leasing costs for operating properties to
replacement capital expenditures
Tenant improvements and incentives $ 7,876 $ 14,804 $ 37,502 $ 37,034
Building improvements 9,306 9,241 22,977 22,308
Leasing costs 3,800 3,242 9,847 8,487
Net (exclusions from) additions to tenant improvements and incentives (2,131 ) (2,929 ) 1,577 2,984
Excluded building improvements (3,984 ) (853 ) (7,073 ) (7,757 )
Excluded leasing costs   (19 )   (30 )   (46 )   (30 )
Replacement capital expenditures $ 14,848   $ 23,475   $ 64,784   $ 63,026  
 
Same Properties cash NOI $ 70,923 $ 71,711 $ 283,450 $ 284,470
Straight line rent adjustments and lease incentive amortization (638 ) (1,050 ) (4,287 ) (2,808 )
Amortization of acquired above- and below-market rents (97 ) (287 ) (671 ) (1,123 )
Amortization of below-market cost arrangements (147 ) (147 ) (589 ) (590 )
Lease termination fees, gross 906 828 3,231 2,911
Tenant funded landlord assets and lease incentives 409 1,118 3,421 4,488
Cash NOI adjustments in unconsolidated real estate JV   57     73     254     336  
Same Properties NOI $ 71,413   $ 72,246   $ 284,809   $ 287,684  
 

December 31,
2018

December 31,
2017

Reconciliation of total assets to adjusted book
Total assets $ 3,656,005 $ 3,595,205
Accumulated depreciation 897,903 786,193
Accumulated amortization of real estate intangibles and deferred
leasing costs
204,882 193,151
COPT’s share of liabilities of unconsolidated real estate JV 29,917 29,908
COPT’s share of accumulated depreciation and amortization of
unconsolidated real estate JV
5,446 3,189
Less: Disposed property included in assets held for sale (42,226 )
Less: Cash and cash equivalents (8,066 ) (12,261 )
Less: COPT’s share of cash of unconsolidated real estate JV   (293 )   (371 )
Adjusted book $ 4,785,794   $ 4,552,788  
 
 
Reconciliation of debt outstanding to net debt and net debt plus
preferred equity
Debt outstanding (excluding net debt discounts and deferred
financing costs)
$ 1,868,504 $ 1,872,167
Less: Cash and cash equivalents (8,066 ) (12,261 )
Less: COPT’s share of cash of unconsolidated real estate JV   (293 )   (371 )
Net debt $ 1,860,145 $ 1,859,535
Preferred equity   8,800     8,800  
Net debt plus preferred equity $ 1,868,945   $ 1,868,335  
 

Contacts

IR Contacts:
Stephanie Krewson-Kelly
443-285-5453
stephanie.kelly@copt.com

Michelle Layne
443-285-5452
michelle.layne@copt.com

Read full story here

error: Content is protected !!