COLUMBIA, Md.--(BUSINESS WIRE)--
Yulista’s Campus to be Operational by the end of 2020
Corporate Office Properties Trust (“COPT” or the “Company”) (OFC) executed a series of leases to construct a four-building campus at Redstone Gateway for Yulista Holding LLC (“Yulista”), an aerospace defense contractor formed in Alaska and headquartered in Huntsville, AL. Yulista’s campus will consist of a multi-story office building and three supporting R&D facilities that are scheduled to be shell complete during the second and third quarters of 2020. Yulista will occupy its campus before the end of 2020, and has the option to expand.
Josh Herren, Yulista’s CEO & President, stated, “We are proud of our Alaska roots, but have been part of the Huntsville community since 2002 and are delighted to say that our operational hub is Huntsville, AL. Consolidating into a campus-like setting located next to our government partners is good for the company efficiency, great for the team members of Yulista, better for the customers, and excellent for the community. We thank COPT for working with us and truly understanding our needs and highest priorities—warfighters, team members, and shareholders.”
COPT’s Chief Operating Officer, Paul Adkins, stated, “Upon its completion, Yulista’s campus will increase Redstone Gateway’s operational square footage to over one million square feet. We value the trust Yulista has given us in building their new Huntsville headquarters where they can be adjacent to their DoD customers.”
About Yulista Holding
Yulista provides rapid response aerospace and defense solutions for the Department of Defense (“DoD”) and other defense customers. A subsidiary of Calista Corporation, an Alaskan Native Corporation headquartered in Huntsville, AL, Yulista has been a trusted DoD defense contractor since 2002 and is the holding company for eight different Yulista divisions that support the DoD in multiple areas, including Aviation, Ground, Logistics, Training, Base Operations and Maintenance support. For more information, please refer to https://yulista.com/
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.
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 reduced or delayed 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, 2018.