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COPT Reports Fourth Quarter and Full Year 2020 Results

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EPS of $0.87 for 2020 Exceeded High End of Guidance by 8-Cents;
FFO per Share, as Adjusted for Comparability, of $2.12 Represented 4.4% Growth over 2019 Results & Exceeded High End of Guidance by 2-Cents

Same-Property Cash NOI Increased 1.6% During the Year

Core Portfolio 94.3% Occupied & 95.0% Leased

Record 1.8 Million SF of 99% Leased Developments Placed into Service During 2020

1.5 Million SF of Active Developments are 84% Leased

Operations Minimally Affected by COVID-19 Shutdowns

Monthly Rent Collections During Pandemic Shutdowns Totaled 99.7%

Rent Relief Totaled 1% of Annualized Rental Revenues

Solid Annual Leasing Activity

Total Leasing of 3.6 Million SF for the Year included 1 Million SF of Development Leasing and 416,000 SF of Vacancy Leasing

Record Tenant Retention of 81% for the Year

GAAP Rents on Renewals Increased 6.5% & Cash Rents Rolled Down 2.1%

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, 2020.

Management Comments

Stephen E. Budorick, COPT’s President & Chief Executive Officer, commented, "Notwithstanding the challenges presented by the COVID-19 pandemic, 2020 was a very strong year for our Company. Our operations were minimally impacted by the pandemic shutdowns, as demonstrated by our 99.7% rent collection rate, the record 1.8 million square feet of fully leased developments we placed in service, and the one million square feet of new development leasing we completed during the year. Additionally, fourth quarter and full-year FFO per share, as adjusted for comparability, outperformed the high ends of guidance by 2-cents due to non-recurring items in the quarter."

He continued, "During 2021, we expect incremental NOI from developments placed in service to drive solid FFO per share growth. The $2.19 midpoint of our 2021 initial guidance is a penny higher than the midpoint implied by the growth guideposts we provided last October and reflects the on-going strength of our operations."

Financial Highlights

4th Quarter Financial Results:

  • Diluted earnings per share ("EPS") was $0.73 for the quarter ended December 31, 2020 as compared to $0.38 for the fourth quarter of 2019.

  • Diluted funds from operations per share ("FFOPS"), as calculated in accordance with Nareit’s definition, was $0.53 for the fourth quarter of 2020 as compared to $0.49 for fourth quarter 2019 results.

  • FFOPS, as adjusted for comparability, was $0.56 in the fourth quarter of 2020 as compared to $0.50 for the fourth quarter of 2019.

Full Year 2020 Financial Results:

  • EPS for the year ended December 31, 2020 was $0.87 as compared to 2019 EPS of $1.71.

  • Per Nareit’s definition, FFOPS for 2020 was $1.50 as compared to $2.02 for 2019.

  • FFOPS, as adjusted for comparability, for 2020 was $2.12 as compared to $2.03 for 2019.

Operating Performance Highlights

Operating Portfolio Summary:

  • At December 31, 2020, the Company’s core portfolio of 179 operating office and data center shell properties was 94.3% occupied and 95.0% leased.

  • During the quarter and the year, the Company placed into service 582,000 and 1.8 million square feet that were 100% and 99% leased, respectively.

Same-Property Performance:

  • At December 31, 2020, COPT’s same-property portfolio of 144 buildings was 92.1% occupied and 93.1% leased.

  • For the quarter and year ended December 31, 2020, the Company’s same-property cash NOI was flat and increased 1.6%, respectively, over the prior year’s comparable periods.

Leasing:

  • Total Square Feet Leased: For the quarter ended December 31, 2020, the Company leased 869,000 total square feet, including 232,000 square feet of renewals, 495,000 square feet in development projects, and 142,000 square feet of new leases on vacant space.

    For the year ended December 31, 2020, the Company executed 3.6 million square feet of total leasing, including 2.2 million square feet of renewals, 1.0 million square feet of development leasing, and 416,000 square feet of vacancy leasing.

  • Renewal Rates: During the quarter and year ended December 31, 2020, the Company respectively renewed 59.0% and 80.6% of total expiring square feet.

  • Cash Rent Spreads & Average Escalations on Renewing Leases: For the quarter and year ended December 31, 2020, cash rents on renewed space decreased 2.6% and 2.1%, respectively. For the same respective periods, annual escalations on renewing leases averaged 2.5% and 2.4%.

  • Lease Terms: In the fourth quarter, lease terms averaged 3.8 years on renewing leases, 15.0 years on development leasing, and 5.3 years on new leasing of vacant space. For the year, lease terms averaged 4.2 years on renewing leases, 14.6 years on development leasing, and 6.2 years on vacancy leasing.

Investment Activity Highlights

  • Development Pipeline: As of December 31, 2020, the Company’s development pipeline consisted of 11 properties totaling 1.5 million square feet that were 84% leased. These projects have a total estimated cost of $613.0 million, of which $324.4 million had been incurred.

Balance Sheet and Capital Transaction Highlights

  • During the fourth quarter, the Company formed a new joint venture with funds affiliated with Blackstone Real Estate ("B RE-COPT JV") and sold a 90% interest in two wholly-owned data center shell properties; in a second transaction, COPT sold a 40% interest in six data center shells properties already owned in a 50-50 joint venture. From these two transactions, COPT received approximately $165 million of equity value and recognized gains on the sales totaling $59.4 million.

  • In October, the Company redeemed the remaining $177.1 million of its 3.70% Senior Notes due in 2021 for $180.9 million plus accrued interest, and recognized a loss on early extinguishment of debt of $4.1 million.

  • Additionally, in December, the Company redeemed all $8.8 million of Series I Preferred Convertible Units and, as a result, had zero preferred equity outstanding at the end of 2020.

  • As of December 31, 2020, the Company’s net debt to adjusted book ratio was 39.1% and its net debt to in-place adjusted EBITDA ratio was 6.2x. For the quarter and year ended December 31, 2020, the Company’s adjusted EBITDA fixed charge coverage ratio was 4.1x.

  • As of December 31, 2020, and including the effect of interest rate swaps, the Company’s weighted average effective interest rate on its consolidated debt portfolio was 3.4% with a weighted average maturity of 3.3 years; additionally, 82.1% of the Company’s debt was subject to fixed interest rates.

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 2020 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/

2021 Guidance

The Company details its initial full year and first quarter guidance, with supporting assumptions, in a separate press release issued concurrently with this press release; that release can be found in the ‘News, Presentations & Event Calendar’ section of COPT’s Investors website: https://investors.copt.com/News/news-releases/default.aspx

Conference Call Information

Management will discuss fourth quarter and year end 2020 results on its conference call tomorrow at 12:00 p.m. Eastern Time, details of which are listed below:

Conference Call Date:

Friday, February 5, 2021

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:

1548922

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 5, through 3:00 p.m. Eastern Time on Friday, February 19. 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 1548922.

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.

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 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, 2020, the Company derived 87% of its core portfolio annualized rental revenue from Defense/IT Locations and 13% from its Regional Office Properties. As of the same date and including 17 properties owned through unconsolidated joint ventures, COPT’s core portfolio of 179 office and data center shell properties encompassed 20.8 million square feet and was 95.0% leased; the Company also owned one wholesale data center with a critical load of 19.25 megawatts that was 86.7% 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, 2019 and subsequent Quarterly Reports on Form 10-Q.

Category: Quarterly Results

Source: Corporate Office Properties Trust

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(dollars and shares in thousands, except per share data)

For the Three Months
Ended December 31,

For the Years Ended
December 31,

2020

2019

2020

2019

Revenues

Revenues from real estate operations

$

139,628

$

131,968

$

538,725

$

527,463

Construction contract and other service revenues

24,400

25,817

70,640

113,763

Total revenues

164,028

157,785

609,365

641,226

Operating expenses

Property operating expenses

52,085

51,098

203,840

198,143

Depreciation and amortization associated with real estate operations

36,653

32,779

138,193

137,069

Construction contract and other service expenses

23,563

24,832

67,615

109,962

Impairment losses

2

1,530

329

General and administrative expenses

7,897

7,043

25,269

27,517

Leasing expenses

1,993

2,293

7,732

7,885

Business development expenses and land carry costs

999

1,292

4,473

4,239

Total operating expenses

123,190

119,339

448,652

485,144

Interest expense

(17,148

)

(16,777

)

(67,937

)

(71,052

)

Interest and other income

3,341

1,917

8,574

7,894

Credit loss recoveries

772

933

Gain on sales of real estate

30,204

20,761

30,209

105,230

Gain on sale of investment in unconsolidated real estate joint venture

29,416

29,416

Loss on early extinguishment of debt

(4,069

)

(7,306

)

Loss on interest rate derivatives

(53,196

)

Income before equity in income of unconsolidated entities and income taxes

83,354

44,347

101,406

198,154

Equity in income of unconsolidated entities

453

426

1,825

1,633

Income tax (expense) benefit

(258

)

104

(353

)

217

Net income

83,549

44,877

102,878

200,004

Net income attributable to noncontrolling interests:

Common units in the Operating Partnership ("OP")

(995

)

(500

)

(1,180

)

(2,363

)

Preferred units in the OP

(69

)

(77

)

(300

)

(564

)

Other consolidated entities

(817

)

(1,515

)

(4,024

)

(5,385

)

Net income attributable to COPT common shareholders

$

81,668

$

42,785

$

97,374

$

191,692

Earnings per share ("EPS") computation:

Numerator for diluted EPS:

Net income attributable to COPT common shareholders

$

81,668

$

42,785

$

97,374

$

191,692

Amount allocable to share-based compensation awards

(280

)

(154

)

(404

)

(623

)

Redeemable noncontrolling interests

44

33

132

Distributions on dilutive convertible preferred units

69

Numerator for diluted EPS

$

81,501

$

42,664

$

96,970

$

191,201

Denominator:

Weighted average common shares - basic

111,817

111,670

111,788

111,196

Dilutive effect of share-based compensation awards

320

293

288

308

Dilutive effect of redeemable noncontrolling interests

117

108

119

Dilutive convertible preferred units

155

Weighted average common shares - diluted

112,409

112,071

112,076

111,623

Diluted EPS

$

0.73

$

0.38

$

0.87

$

1.71

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,

2020

2019

2020

2019

Net income

$

83,549

$

44,877

$

102,878

$

200,004

Real estate-related depreciation and amortization

36,653

32,779

138,193

137,069

Impairment losses on real estate

2

1,530

329

Gain on sales of real estate

(30,204

)

(20,761

)

(30,209

)

(105,230

)

Gain on sale of investment in unconsolidated real estate joint venture

(29,416

)

(29,416

)

Depreciation and amortization on unconsolidated real estate JVs

874

781

3,329

2,703

Funds from operations ("FFO")

61,456

57,678

186,305

234,875

Noncontrolling interests - preferred units in the OP

(69

)

(77

)

(300

)

(564

)

FFO allocable to other noncontrolling interests

(1,091

)

(1,436

)

(15,705

)

(5,024

)

Basic FFO allocable to share-based compensation awards

(272

)

(243

)

(719

)

(905

)

Basic FFO available to common share and common unit holders ("Basic FFO")

60,024

55,922

169,581

228,382

Dilutive preferred units in the OP

69

77

Redeemable noncontrolling interests

44

33

147

132

Diluted FFO available to common share and common unit holders ("Diluted FFO")

60,137

56,032

169,728

228,514

Loss on early extinguishment of debt

4,069

7,306

Loss on interest rate derivatives

53,196

Demolition costs on redevelopment and nonrecurring improvements

104

63

148

Executive transition costs

4

Non-comparable professional and legal expenses

195

681

Dilutive preferred units in the OP

300

FFO allocation to other noncontrolling interests resulting from capital event

11,090

Diluted FFO comparability adjustments allocable to share-based compensation awards

(18

)

(1

)

(327

)

(3

)

Diluted FFO available to common share and common unit holders, as adjusted for comparability

64,188

56,330

241,356

229,344

Straight line rent adjustments and lease incentive amortization

3,438

1,386

4,100

255

Amortization of intangibles included in net operating income

24

(174

)

(162

)

(221

)

Share-based compensation, net of amounts capitalized

1,751

1,735

6,505

6,728

Amortization of deferred financing costs

664

541

2,539

2,136

Amortization of net debt discounts, net of amounts capitalized

504

382

1,733

1,503

Accum. other comprehensive loss on derivatives amortized to expense

79

Replacement capital expenditures

(13,973

)

(19,862

)

(60,944

)

(63,789

)

Other diluted AFFO adjustments associated with real estate JVs

196

(68

)

190

212

Diluted adjusted funds from operations available to common share and common unit holders ("Diluted AFFO")

$

56,792

$

40,270

$

195,317

$

176,247

Diluted FFO per share

$

0.53

$

0.49

$

1.50

$

2.02

Diluted FFO per share, as adjusted for comparability

$

0.56

$

0.50

$

2.12

$

2.03

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,
2020

December 31,
2019

Balance Sheet Data

Properties, net of accumulated depreciation

$

3,562,549

$

3,340,886

Total assets

4,077,023

3,854,453

Debt, per balance sheet

2,086,918

1,831,139

Total liabilities

2,357,881

2,105,777

Redeemable noncontrolling interests

25,430

29,431

Equity

1,693,712

1,719,245

Net debt to adjusted book

39.1

%

36.8

%

Core Portfolio Data (as of period end) (1)

Number of operating properties

179

168

Total operational square feet (in thousands)

20,802

19,016

% Occupied

94.3

%

93.1

%

% Leased

95.0

%

94.6

%

For the Three Months Ended
December 31,

For the Years Ended
December 31,

2020

2019

2020

2019

Payout ratios

Diluted FFO

51.8

%

55.6

%

73.3

%

54.4

%

Diluted FFO, as adjusted for comparability

48.6

%

55.3

%

51.7

%

54.2

%

Diluted AFFO

54.9

%

77.3

%

63.8

%

70.5

%

Adjusted EBITDA fixed charge coverage ratio

4.1

x

3.7

x

3.9

x

3.7

x

Net debt plus preferred equity to in-place adjusted EBITDA ratio (2)

6.2

x

6.1

x

N/A

N/A

Reconciliation of denominators for per share measures

Denominator for diluted EPS

112,409

112,071

112,076

111,623

Weighted average common units

1,239

1,228

1,236

1,299

Redeemable noncontrolling interests

123

Dilutive convertible preferred units

176

Denominator for diluted FFO per share

113,648

113,475

113,435

112,922

Dilutive convertible preferred units

171

Denominator for diluted FFO per share, as adjusted for comparability

113,648

113,475

113,606

112,922

(1)

Represents Defense/IT Locations and Regional Office properties.

(2)

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)

(in thousands)

For the Three Months
Ended December 31,

For the Years
Ended December 31,

2020

2019

2020

2019

Reconciliation of common share dividends to dividends and distributions for payout ratios

Common share dividends - unrestricted shares and deferred shares

$

30,764

$

30,724

$

123,042

$

122,823

Common unit distributions - unrestricted units

341

337

1,362

1,405

Distributions on dilutive preferred units

69

77

Dividends and distributions for diluted FFO payout ratio

31,174

31,138

124,404

124,228

Distributions on dilutive preferred units

300

Dividends and distributions for other payout ratios

$

31,174

$

31,138

$

124,704

$

124,228

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

$

83,549

$

44,877

$

102,878

$

200,004

Interest expense

17,148

16,777

67,937

71,052

Income tax expense (benefit)

258

(104

)

353

(217

)

Real estate-related depreciation and amortization

36,653

32,779

138,193

137,069

Other depreciation and amortization

513

438

1,837

1,834

Impairment losses on real estate

2

1,530

329

Gain on sales of real estate

(30,204

)

(20,761

)

(30,209

)

(105,230

)

Gain on sale of investment in unconsolidated real estate joint venture

(29,416

)

(29,416

)

Adjustments from unconsolidated real estate JVs

1,306

1,206

5,120

4,065

EBITDAre

79,807

75,214

258,223

308,906

Loss on early extinguishment of debt

4,069

7,306

Loss on interest rate derivatives

53,196

Net gain on other investments

(1,218

)

(1

)

(966

)

(401

)

Credit loss recoveries

(772

)

(933

)

Business development expenses

412

512

2,042

1,939

Non-comparable professional and legal expenses

195

681

Demolition costs on redevelopment and nonrecurring improvements

104

63

148

Executive transition costs

4

Adjusted EBITDA

82,298

76,024

$

318,931

$

311,277

Proforma net operating income adjustment for property changes within period

1,459

463

Change in collectability of deferred rental revenue

678

928

In-place adjusted EBITDA

$

84,435

$

77,415

Reconciliation of interest expense to the denominators for fixed charge coverage-Adjusted EBITDA

Interest expense

$

17,148

$

16,777

$

67,937

$

71,052

Less: Amortization of deferred financing costs

(664

)

(541

)

(2,539

)

(2,136

)

Less: Amortization of net debt discounts, net of amounts capitalized

(504

)

(382

)

(1,733

)

(1,503

)

Less: Accum. other comprehensive loss on derivatives amortized to expense

(79

)

COPT’s share of interest expense of unconsolidated real estate JVs, excluding deferred financing costs

422

416

1,749

1,332

Scheduled principal amortization

1,048

1,010

4,125

4,310

Capitalized interest

2,620

3,467

12,060

10,786

Preferred unit distributions

69

77

300

564

Denominator for fixed charge coverage-Adjusted EBITDA

$

20,139

$

20,824

$

81,899

$

84,326

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(in thousands)

For the Three Months
Ended December 31,

For the Years
Ended December 31,

2020

2019

2020

2019

Reconciliations of tenant improvements and incentives, building improvements and leasing costs for operating properties to replacement capital expenditures

Tenant improvements and incentives

$

9,165

$

11,447

$

36,342

$

38,047

Building improvements

7,523

8,826

34,060

26,598

Leasing costs

1,514

2,998

8,432

11,663

Net (exclusions from) additions to tenant improvements and incentives

(370

)

(426

)

1,042

(2,292

)

Excluded building improvements and leasing costs

(3,859

)

(2,983

)

(18,932

)

(10,227

)

Replacement capital expenditures

$

13,973

$

19,862

$

60,944

$

63,789

Same Properties cash NOI

$

74,240

$

74,223

$

292,083

$

287,589

Straight line rent adjustments and lease incentive amortization

(1,831

)

(2,681

)

(5,372

)

(3,584

)

Amortization of acquired above- and below-market rents

99

197

390

312

Amortization of intangibles and other assets to property operating expenses

(23

)

(69

)

(92

)

Lease termination fees, gross

399

417

1,451

2,046

Tenant funded landlord assets and lease incentives

248

754

812

2,206

Same Properties NOI

$

73,155

$

72,887

$

289,295

$

288,477

December 31,
2020

December 31,
2019

Reconciliation of total assets to adjusted book

Total assets

$

4,077,023

$

3,854,453

Accumulated depreciation

1,124,253

1,007,120

Accumulated amortization of real estate intangibles and deferred leasing costs

217,124

212,547

COPT’s share of liabilities of unconsolidated real estate JVs

26,710

50,734

COPT’s share of accumulated depreciation and amortization of unconsolidated real estate JVs

1,489

8,164

Less: Property - operating lease liabilities

(30,746

)

(17,317

)

Less: Property - finance lease liabilities

(28

)

(702

)

Less: Cash and cash equivalents

(18,369

)

(14,733

)

Less: COPT’s share of cash of unconsolidated real estate JVs

(152

)

(498

)

Adjusted book

$

5,397,304

$

5,099,768

Reconciliation of debt outstanding to net debt and net debt plus preferred equity

Debt outstanding (excluding net debt discounts and deferred financing costs)

$

2,127,715

1,893,057

Less: Cash and cash equivalents

(18,369

)

(14,733

)

Less: COPT’s share of cash of unconsolidated real estate JVs

(152

)

(498

)

Net debt

$

2,109,194

$

1,877,826

Preferred equity

8,800

Net debt plus preferred equity

$

2,109,194

$

1,886,626

View source version on businesswire.com: https://www.businesswire.com/news/home/20210204006020/en/

Contacts

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

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