Corporate Office Properties Trust

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Corporate Office Properties Trust
Public company
Traded as NYSEOFC
S&P 400 component
Industry Real estate investment trust
Founded 1988; 30 years ago (1988)
Founder Clay W. Hamlin III
Headquarters Columbia, Maryland
Key people
Stephen E. Budorick, CEO & President
Thomas F. Brady, Chairman
Anthony Mifsud, CFO
Products Office buildings
Revenue Increase $0.612 billion (2017)
Increase $0.070 billion (2017)
Total assets Decrease $3.578 billion (2017)
Total equity Decrease $1.451 billion (2017)
Number of employees
375 (2017)
Website copt.com
Footnotes / references
[1]

Corporate Office Properties Trust is a real estate investment trust that invests in office buildings, primarily in the suburbs of the Washington, D.C. metropolitan area and primarily leased to the U.S. government or companies in the arms industry.

Investments[edit]

As of December 31, 2017, the company owned 159 office properties totaling 17.3 million square feet, 10 office properties under construction, and approximately 1,000 acres of land held for development.[1]

The company's largest tenants are as follows:[1]

Rank Tenant % of Total Revenue
1 General Services Administration 31.7%
2 Vadata (Amazon.com) 7.6%
3 Boeing 4.2%
4 General Dynamics 3.5%
5 CSRA 2.3%
6 Northrop Grumman 2.2%
7 CareFirst 2.1%
8 Booz Allen Hamilton 2.0%
9 Wells Fargo 1.7%
10 CACI 1.5%

History[edit]

The company was founded in 1988 by Clay W. Hamlin III as Royale Investments, Inc.[2]

In 1991, the company became a public company via an initial public offering.[3]

In 1997, the company merged with Shidler Group, founded by Jay H. Shidler, and changed its name to Corporate Office Properties Trust.[4]

In 1998, the company acquired 16 buildings from Constellation Energy in exchange for a 41.5% stake in the company. Constellation sold its stake in the company in 2002.[5][6]

In 2001, the company acquired an office complex in Chantilly, Virginia for $58.3 million.[7]

In 2005, Randall M. Griffin became chief executive officer of the company.[8] The company also acquired 6 one-story buildings in Columbia, Maryland for $26.0 million[9] and 21 buildings in Baltimore County for $124.5 million.[10]

In 2006, the company acquired 3 office buildings in Colorado for $43.6 million[11] and a 55-property portfolio in Baltimore County for $362.5 million.[12] The company also sold an office and retail complex in Baltimore for $20.3 million.[13]

In 2009, the company acquired Canton Crossing for $125 million.[14]

In 2010, the company acquired 2 buildings in Falls Church, Virginia for $43 million.[15]

In 2015, the company acquired an office building in Baltimore, Maryland for $63.5 million.[16]

In 2016, the company sold an office complex in Blue Bell, Pennsylvania for $142.7 million.[17]

In 2017, the company announced the sale of assets in Virgnia for $53 million.[18]

References[edit]

  1. ^ a b c "Corporate Office Properties Trust 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission. 
  2. ^ "AMENDMENT NO. 1 TO FORM S-11 REGISTRATION STATEMENT". March 31, 1998. 
  3. ^ "PUBLIC COMPANIES: REAL ESTATE". The Washington Post. April 30, 2001. 
  4. ^ "Royale Investments changing its name". American City Business Journals. December 29, 1997. 
  5. ^ Cohn, Meredith (February 16, 2002). "Constellation to sell its 41% stake in REIT". The Baltimore Sun. 
  6. ^ Walker, Andrea K. (March 7, 2002). "Constellation Energy completes the sale of its 41.5% stake in Columbia REIT". The Baltimore Sun. 
  7. ^ Berk, Michele (December 3, 2001). "COPT spends $58.2M for Va. office property". American City Business Journals. 
  8. ^ "Charting the evolution of Corporate Office Properties Trust". American City Business Journals. December 28, 2009. 
  9. ^ "Corporate Office Properties Trust Acquires 188,819 Square Feet in Columbia, Maryland" (Press release). Business Wire. September 20, 2005. 
  10. ^ Harlan, Heather (December 23, 2005). "Ex-Rouse sites sold for $181M". American City Business Journals. 
  11. ^ "COPT buys Colorado buildings". American City Business Journals. May 23, 2006. 
  12. ^ Sernovitz, Daniel J. (December 27, 2006). "COPT to buy Nottingham portfolio for $362.5M". American City Business Journals. 
  13. ^ Leslie, Darryl (October 13, 2006). "COPT Sells Brown's Warf in Fells Point for $20.3M". CoStar Group. 
  14. ^ Sernovitz, Daniel J. (October 29, 2009). "Corporate Office Properties Trust gets Canton Crossing for $125M". American City Business Journals. 
  15. ^ Forbes, Laurie (December 15, 2010). "COPT Closes $43M Purchase of Falls Church Property". CoStar Group. 
  16. ^ Litten, Kevin (March 27, 2015). "250 W. Pratt builds COPT's portfolio". American City Business Journals. 
  17. ^ Sumner, Justin (August 8, 2016). "COPT Divests Arborcrest Corporate Campus in Blue Bell". CoStar Group. 
  18. ^ "COPT Sells $53 Million of Northern Virginia Assets" (Press release). Business Wire. February 21, 2017. 

External links[edit]