News Column

COPT Reports Second Quarter 2014 Results

July 25, 2014

COLUMBIA, Md.--(BUSINESS WIRE)-- Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) announced financial and operating results for the second quarter ended June 30, 2014.

“Second quarter results were at the high end of our guidance range, reflecting better expense management at the property level,” stated Roger A. Waesche, Jr., COPT’s President & Chief Executive Officer. “Based on leasing already executed, and the leasing momentum we are experiencing across the majority of our portfolio, we are highly confident that FFO per share will now trend higher, beginning with this third quarter,” he added.

Results:

Diluted earnings per share (“EPS”) was $0.02 for the quarter ended June 30, 2014 as compared to $(0.16) in the second quarter of 2013. Per NAREIT’s definition, diluted funds from operations per share (“FFOPS”) for the second quarter of 2014 was $0.37 versus $0.25 reported in the second quarter of 2013. FFOPS, as adjusted for comparability, was $0.44 for the quarter ended June 30, 2014 as compared to $0.52 reported for the second quarter of 2013. Adjustments for comparability could encompass items such as acquisition costs, impairment losses and gains on non-operating properties (net of related tax adjustments), losses (gains) on early extinguishment of debt and write-offs of original issuance costs for redeemed preferred stock. Please refer to the reconciliation tables that appear later in this press release.

Operating Performance:

Portfolio Summary – At June 30, 2014, the Company’s total portfolio of 180 operating office properties totaled 16.9 million square feet. The Company’s total portfolio was 89.3% occupied and 91.4% leased as of June 30, 2014. Excluding eight buildings held for sale at June 30, 2014, the Company’s core portfolio of 172 buildings contained 16.6 million square feet that were 90.0% occupied and 92.2% leased.

Same Office Performance – The Company’s same office portfolio for the quarter ended June 30, 2014 represents 91% of the Company’s core rentable square feet and consists of 161 properties. The Company’s same office portfolio was 90.8% occupied at June 30, 2014, up 20 basis points from the second quarter of 2013. For the second quarter ended June 30, 2014, the Company’s same office property cash NOI, excluding gross lease termination fees, decreased 0.4% as compared to the second quarter of 2013.

Leasing – COPT leased approximately 680,000 square feet of office space during the quarter ended June 30, 2014, achieving a 74% renewal rate. For the quarter ended June 30, 2014, rents on renewed space increased 5.9% on a GAAP basis and decreased 4.8% on a cash basis. For the six months ended June 30, 2014, the Company has leased 1.1 million square feet and achieved a 69% renewal rate.

Investment Activity:

Developments – At June 30, 2014, the Company had eight properties totaling 1.1 million square feet under construction for a total projected cost of $271.9 million, of which $131.6 million had been incurred. These eight projects were 50% pre-leased at July 24, 2014.

Redevelopments – As of the same date, COPT had four properties under redevelopment totaling approximately 276,000 square feet that, at June 30, 2014, were 40% pre-leased.

Dispositions – The Company had eight operating properties held for sale, totaling approximately 303,000 square feet that, at June 30, 2014, were 49.9% leased and 48.3% occupied.

Balance Sheet and Capital Transactions:

As of June 30, 2014, the Company’s debt to adjusted book ratio was 43.9% and its adjusted EBITDA fixed charge coverage ratio was 2.5x. Also, the Company’s weighted average interest rate was 4.2% for the quarter ended June 30, 2014 and 92% of the Company’s debt was subject to fixed interest rates, including the effect of interest rate swaps.

During the quarter, the Company issued $300 million of 3.70% senior unsecured notes due June 15, 2021 at a price equal to 99.739% of the principal amount. Also during the quarter, the Company redeemed all of its 2,000,000 outstanding 7.5% Series H Cumulative Redeemable Preferred Shares, at a price of $25.3230 per share including accrued and unpaid dividends through the date of redemption.

2014 FFO Guidance:

Management is narrowing its previously issued guidance for 2014 FFOPS, as adjusted for comparability, from the prior range of $1.85–$1.92, to a new range of $1.86–$1.90. Management is establishing guidance for third quarter 2014 FFOPS, as adjusted for comparability, of $0.46–$0.48, and for the fourth quarter 2014 of $0.48-$0.50. A reconciliation of projected diluted EPS to projected FFOPS for the quarter ending September 30, 2014 and the quarter and year ending December 31, 2014 is provided, as follows:

     
Quarter ending Quarter ending Year ending
September 30, 2014December 31, 2014December 31, 2014
Low   High Low   High Low   High
 
EPS $ 0.03 $ 0.05 $ 0.78 $ 0.80 $ 0.86 $ 0.90
Real estate depreciation and amortization 0.34 0.34 0.34 0.34 1.50 1.50
Gains on sales of previously depreciated properties 0.05 0.05 - - 0.05 0.05
Impairment losses on previously depreciated properties   -     -     -     -     (0.01 )   (0.01 )
FFOPS, NAREIT definition 0.42 0.44 1.12 1.14 2.40 2.44
 
NOI from properties to be conveyed (a) (0.01 ) (0.01 ) (0.01 ) (0.01 ) (0.03 ) (0.03 )
Interest expense on loan secured by properties to be conveyed (a) 0.05 0.05 0.05 0.05 0.15 0.15
Net gains on extinguishment of debt (b) - - (0.68 ) (0.68 ) (0.68 ) (0.68 )
Issuance cost of redeemed preferred shares - - - - 0.02 0.02
           
FFOPS, as adjusted for comparability $ 0.46   $ 0.48   $ 0.48   $ 0.50   $ 1.86   $ 1.90  
 
 
a. The Company expects to transfer two operating properties in satisfaction of non-recourse secured indebtedness. These amounts represent the Company's forecast of net operating income generated by these assets and interest expense (accrued at the default rate) from April 1st through year-end, and assuming a transfer date of December 31, 2014.
b. Represents debt and accrued interest in excess of the book value of the assets to be conveyed.
 


2Q 2014 Conference Call Information:

Management will discuss second quarter 2014 earnings results, as well as its 2014 guidance, on its conference call on July 25, 2014 at 12:00 p.m. Eastern Time, details of which are listed below:

   

Second Quarter 2014:

 

Earnings Release Date: Friday, July 25, 2014 at 6:00 a.m. Eastern Time
Conference Call Date: Friday, July 25, 2014
Time: 12:00 p.m. Eastern Time

Telephone Number: (within the U.S.)

888-713-4213

Telephone Number: (outside the U.S.)

617-213-4865

Passcode: 91072056
 


Please use the following link to pre-register and view important information about this conference call. Pre-registering is not mandatory but is recommended as it will provide you immediate entry into the call and will facilitate the timely start of the conference. Pre-registration only takes a few moments and you may pre-register at anytime, including up to and after the call start time. To pre-register, please click on the below link:

https://www.theconferencingservice.com/prereg/key.process?key=PGHCVH47L

You may also pre-register in the Investor Relations section of the Company’s website at www.copt.com. Alternatively, you may be placed into the call by an operator by calling the number provided above at least 5 to 10 minutes before the start of the call.

A replay of this call will be available beginning Friday, July 25 at 4:00 p.m. Eastern Time through Friday, August 8 at midnight Eastern Time. To access the replay within the United States, please call 888-286-8010 and use passcode 83203581. To access the replay outside the United States, please call 617-801-6888 and use passcode 83203581.

The conference call will also be available via live webcast in the Investor Relations section of the Company’s website at www.copt.com. A replay of the conference calls will be immediately available via webcast in the Investor Relations section of the Company’s website.

Definitions:

For definitions of certain terms used in this press release, please refer to the information furnished in our Supplemental Information Package filed as a Form 8-K which can be found on our 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 an office REIT that focuses primarily on serving the specialized requirements of U.S. Government agencies and defense contractors, most of which are engaged in defense information technology and national security-related activities. As of June 30, 2014, COPT derived 76% of its annualized revenue from its strategic tenant niche properties and 24% from its regional office properties. The Company generally acquires, develops, manages and leases office and data center properties concentrated in large office parks primarily located near knowledge-based government demand drivers and/or in targeted markets or submarkets in the Greater Washington, DC/Baltimore region. As of June 30, 2014, the Company’s consolidated portfolio consisted of 180 office properties totaling 16.9million rentable square feet. COPT is an S&P MidCap 400 company.

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.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:

  • 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;
  • the Company's ability to achieve projected results;
  • the dilutive effects of issuing additional common shares; 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, 2013.

       
    Corporate Office Properties Trust
    Summary Financial Data
    (unaudited)
    (in thousands, except per share data)
     
    For the Three MonthsFor the Six Months
    Ended June 30,Ended June 30,
    2014   20132014   2013
    Revenues
    Real estate revenues $ 115,959 $ 115,732 $ 240,836 $ 227,689
    Construction contract and other service revenues 23,861   20,795   45,651   35,057  
    Total revenues 139,820   136,527   286,487   262,746  
    Expenses
    Property operating expenses 43,772 41,333 93,544 81,721
    Depreciation and amortization associated with real estate operations 30,895 27,673 74,491 54,683
    Construction contract and other service expenses 23,136 19,382 41,760 32,859
    Impairment losses 1,302 1,302
    General and administrative expenses 5,815 4,992 11,973 10,976
    Leasing expenses 1,713 1,591 3,698 3,427
    Business development expenses and land carry costs 1,351   1,327   2,677   2,686  
    Total operating expenses 107,984   96,298   229,445   186,352  
    Operating income 31,836 40,229 57,042 76,394
    Interest expense (23,478 ) (21,102 ) (44,305 ) (41,392 )
    Interest and other income 1,299 2,006 2,584 2,952
    Loss on early extinguishment of debt (270 ) (21,470 ) (270 ) (26,654 )
    Income (loss) from continuing operations before equity in (loss) income of unconsolidated entities and income taxes 9,387 (337 ) 15,051 11,300
    Equity in (loss) income of unconsolidated entities (47 ) 126 13 167
    Income tax expense (92 ) (21 ) (156 ) (37 )
    Income (loss) from continuing operations 9,248 (232 ) 14,908 11,430
    Discontinued operations (198 ) (4,502 ) (187 ) (3,241 )
    Income before gain on sales of real estate 9,050 (4,734 ) 14,721 8,189
    Gain on sales of real estate, net of income taxes   329     2,683  
    Net income (loss) 9,050 (4,405 ) 14,721 10,872
    Net (income) loss attributable to noncontrolling interests
    Common units in the Operating Partnership (158 ) 671 (174 ) 242
    Preferred units in the Operating Partnership (165 ) (165 ) (330 ) (330 )
    Other consolidated entities (837 ) (1,466 ) (1,586 ) (1,129 )
    Net income (loss) attributable to COPT 7,890 (5,365 ) 12,631 9,655
    Preferred share dividends (4,344 ) (4,885 ) (8,834 ) (10,991 )
    Issuance costs associated with redeemed preferred shares (1,769 ) (2,904 ) (1,769 ) (2,904 )
    Net income (loss) attributable to COPT common shareholders $ 1,777   $ (13,154 ) $ 2,028   $ (4,240 )
     
    Earnings per share (“EPS”) computation:
    Numerator for diluted EPS:
    Net income attributable to common shareholders $ 1,777 $ (13,154 ) $ 2,028 $ (4,240 )
    Dilutive effect of common units in the Operating Partnership (671 ) (242 )
    Amount allocable to restricted shares (108 ) (102 ) (229 ) (220 )
    Numerator for diluted EPS $ 1,669   $ (13,927 ) $ 1,799   $ (4,702 )
     
    Denominator:
    Weighted average common shares - basic 87,214 85,425 87,148 83,422
    Dilutive effect of common units in the Operating Partnership 3,801 3,847
    Dilutive effect of share-based compensation awards 201     156    
    Weighted average common shares - diluted 87,415   89,226   87,304   87,269  
    Diluted EPS $ 0.02   $ (0.16 ) $ 0.02   $ (0.05 )
     
       
    Corporate Office Properties Trust
    Summary Financial Data
    (unaudited)
    (in thousands, except per share data)
     
    For the Three MonthsFor the Six Months
    Ended June 30,Ended June 30,
    2014   20132014   2013
    Net income (loss) $ 9,050 $ (4,405 ) $ 14,721 $ 10,872
    Real estate-related depreciation and amortization 30,895 28,935 74,491 57,187
    Impairment losses on previously depreciated operating properties 1,328 7,195 1,329 9,052
    Loss on sales of previously depreciated operating properties     4    
    Funds from operations (“FFO”) 41,273 31,725 90,545 77,111
    Noncontrolling interests - preferred units in the Operating Partnership (165 ) (165 ) (330 ) (330 )
    FFO allocable to other noncontrolling interests (758 ) (1,270 ) (1,519 ) (1,997 )
    Preferred share dividends (4,344 ) (4,885 ) (8,834 ) (10,991 )
    Issuance costs associated with redeemed preferred shares (1,769 ) (2,904 ) (1,769 ) (2,904 )
    Basic and diluted FFO allocable to restricted shares (146 ) (89 ) (351 ) (272 )
    Basic and diluted FFO available to common share and common unit holders (“Basic and diluted FFO”) 34,091 22,412 77,742 60,617
    Gain on sales of non-operating properties (329 ) (2,683 )
    Loss on early extinguishment of debt 363 21,470 386 26,654
    Issuance costs associated with redeemed preferred shares 1,769 2,904 1,769 2,904
    FFO on properties in default to be conveyed 3,629 3,629
    Diluted FFO comparability adjustments allocable to restricted shares (26 )   (26 )  
    Diluted FFO available to common share and common unit holders, as adjusted for comparability 39,826 46,457 83,500 87,492
    Straight line rent adjustments (1,745 ) (2,011 ) (985 ) (5,844 )
    Straight line rent adjustments - properties in default to be conveyed 1 1
    Amortization of intangibles included in net operating income 224 172 441 349
    Share-based compensation, net of amounts capitalized 1,501 1,647 3,056 3,296
    Amortization of deferred financing costs 1,122 1,443 2,289 2,971
    Amortization of deferred financing costs - properties in default to be conveyed (27 ) (27 )
    Amortization of net debt discounts, net of amounts capitalized 229 556 400 1,184
    Amortization of settled debt hedges 15 15 30 30
    Recurring capital expenditures (13,585 ) (5,862 ) (24,637 ) (11,170 )
    Diluted adjusted funds from operations available to common share and common unit holders (“Diluted AFFO”) $ 27,561   $ 42,417   $ 64,068   $ 78,308  
    Diluted FFO per share $ 0.37 $ 0.25 $ 0.85 $ 0.69
    Diluted FFO per share, as adjusted for comparability $ 0.44 $ 0.52 $ 0.92 $ 1.00
    Dividends/distributions per common share/unit $ 0.275 $ 0.275 $ 0.550 $ 0.550
     
       
    Corporate Office Properties Trust
    Summary Financial Data
    (unaudited)
    (Dollars and shares in thousands, except per share data)
     
    June 30,December 31,
    20142013
    Balance Sheet Data
    Properties, net of accumulated depreciation $ 3,254,242 $ 3,214,301
    Total assets 3,709,500 3,629,952
    Debt, net 2,099,343 1,927,703
    Total liabilities 2,290,819 2,114,945
    Redeemable noncontrolling interest 18,901 17,758
    Equity 1,399,780 1,497,249
    Debt to adjusted book 43.9 % 43.6 %
    Debt to total market capitalization 43.3 % 44.3 %
     
    Core Portfolio Data (as of period end) (1)
    Number of operating properties 172 177
    Total net rentable square feet owned (in thousands) 16,620 16,045
    Occupancy % 90.0 % 88.7 %
    Leased % 92.2 % 90.0 %
     

    For the Three Months

    Ended June 30,

    For the Six Months Ended

    June 30,

    2014   201320142013
    Payout ratios
    Diluted FFO 73.8 % 110.0 % 64.8 % 81.3 %
    Diluted FFO, as adjusted for comparability 63.2 % 53.1 % 60.3 % 56.3 %
    Diluted AFFO 91.3 % 58.1 % 78.6 % 62.9 %
    Adjusted EBITDA interest coverage ratio 3.6 x 3.5 x 3.6 x 3.5 x
    Adjusted EBITDA fixed charge coverage ratio 2.5 x 2.4 x 2.5 x 2.4 x
    Adjusted debt to in-place adjusted EBITDA ratio (2) 7.1 x 6.9 x N/A N/A
     
    Reconciliation of denominators for diluted EPS and diluted FFO per share
    Denominator for diluted EPS 87,415 89,226 87,304 87,269
    Weighted average common units 3,912 3,934
    Anti-dilutive EPS effect of share-based compensation awards   96     74  
    Denominator for diluted FFO per share 91,327   89,322   91,238   87,343  
     
    Reconciliation of FFO to FFO, as adjusted for comparability
    FFO, per NAREIT $ 41,273 $ 31,725 $ 90,545 $77,111
    Gain on sales of non-operating properties (329 ) (2,683 )
    Loss on early extinguishment of debt, continuing and discontinued operations 363 21,470 386 26,654
    Issuance costs associated with redeemed preferred shares 1,769 2,904 1,769 2,904
    FFO from properties to be conveyed to extinguish debt in default 3,629     3,629    
    FFO, as adjusted for comparability $ 47,034   $ 55,770   $ 96,329   $103,986  
     
    (1)   Represents operating properties held for long-term investment.
    (2) Represents 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).
     
       
    Corporate Office Properties Trust
    Summary Financial Data
    (unaudited)
    (Dollars in thousands)
     
    For the Three MonthsFor the Six Months Ended
    Ended June 30,June 30,
    2014   20132014   2013
    Reconciliation of common share dividends to dividends and distributions for payout ratios
    Common share dividends $ 24,103 $ 23,604 $ 48,194 $ 47,198
    Common unit distributions 1,072   1,042   2,153   2,092  
    Dividends and distributions for payout ratios $ 25,175   $ 24,646   $ 50,347   $ 49,290  
     
    Reconciliation of GAAP net income to adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) and in-place adjusted EBITDA
    Net income (loss) $ 9,050 $ (4,405 ) $ 14,721 $ 10,872
    Interest expense on continuing operations 23,478 21,102 44,305 41,392
    Interest expense on discontinued operations 2,267 4,348
    Income tax expense 92 21 156 37
    Real estate-related depreciation and amortization 30,895 28,935 74,491 57,187
    Depreciation of furniture, fixtures and equipment 843 527 1,348 1,057
    Impairment losses 1,328 7,195 1,329 9,052
    Loss on early extinguishment of debt on continuing and discontinued operations 363 21,470 386 26,654
    Loss on sales of operating properties 4
    Gain on sales of non-operational properties (329 ) (2,683 )
    Net loss (gain) on investments in unconsolidated entities included in interest and other income 282 (961 ) 302 (1,021 )
    EBITDA on properties in default to be conveyed (531 )   (531 )  
    Adjusted EBITDA $ 65,800 $ 75,822 $ 136,511   $ 146,895  
    Less: Net operating income from properties in quarter of disposition   (45 )
    Adjusted and in-place adjusted EBITDA $ 65,800   $ 75,777  
     

    Reconciliation of interest expense from continuing operations to the denominators for interest coverage-Adjusted EBITDA and fixed charge coverage-Adjusted EBITDA

    Interest expense from continuing operations $ 23,478 $ 21,102 $ 44,305 $ 41,392
    Interest expense from discontinued operations 2,267 4,348
    Less: Amortization of deferred financing costs (1,122 ) (1,443 ) (2,289 ) (2,971 )
    Less: Amortization of net debt discount, net of amounts capitalized 229 (556 ) 400 (1,184 )
    Less: Interest exp. on debt in default to be extin. via conveyance of properties (4,133 )   (4,133 )  
    Denominator for interest coverage-Adjusted EBITDA 18,452 21,370 38,283 41,585
    Scheduled principal amortization 1,582 2,491 3,437 5,003
    Capitalized interest 1,422 2,088 3,011 4,528
    Preferred share dividends 4,344 4,885 8,834 10,991
    Preferred unit distributions 165   165   330   330  
    Denominator for fixed charge coverage-Adjusted EBITDA $ 25,965   $ 30,999   $ 53,895   $ 62,437  
     
     
    Corporate Office Properties Trust
    Summary Financial Data
    (unaudited)
    (Dollars in thousands)
       
    For the Three MonthsFor the Six Months Ended
    Ended June 30,June 30,
    2014   20132014   2013
    Reconciliations of tenant improvements and incentives, capital improvements and leasing costs for operating properties to recurring capital expenditures
    Tenant improvements and incentives on operating properties $ 4,512 $ 3,798 $ 10,831 $ 6,089
    Building improvements on operating properties 6,357 2,538 10,339 4,138
    Leasing costs for operating properties 2,790 1,185 4,318 2,854
    Less: Nonrecurring tenant improvements and incentives on operating properties 483 (23 ) 467 (8 )
    Less: Nonrecurring building improvements on operating properties (519 ) (1,580 ) (1,087 ) (1,847 )
    Less: Nonrecurring leasing costs for operating properties (38 ) (50 ) (231 ) (50 )
    Add: Recurring capital expenditures on operating properties held through joint ventures   (6 )   (6 )
    Recurring capital expenditures $ 13,585   $ 5,862   $ 24,637   $ 11,170  
     
    Reconciliation of same office property net operating income to same office property cash net operating income and same office property cash net operating income, excluding gross lease termination fees
    Same office property net operating income $ 67,056 $ 67,939 $ 132,717 $ 134,269
    Less: Straight-line rent adjustments (938 ) (874 ) (1,480 ) (2,456 )
    Less: Amortization of deferred market rental revenue 15 (34 ) 23 (63 )
    Add: Amortization of below-market cost arrangements 272   319   544   638  
    Same office property cash net operating income 66,405 67,350 131,804 132,388
    Less: Lease termination fees, gross (93 ) (750 ) (605 ) (974 )
    Same office property cash net operating income, excluding gross lease termination fees $ 66,312   $ 66,600   $ 131,199   $ 131,414  
     
    June 30,   December 31,
    20142013
    Reconciliation of total assets to adjusted book
    Total assets $3,709,500 $ 3,629,952
    Accumulated depreciation 655,214 597,649
    Accumulated depreciation included in assets held for sale 3,121
    Accumulated amortization of real estate intangibles and deferred leasing costs 201,627 193,142
    Accumulated amortization of real estate intangibles and deferred leasing costs included in assets held for sale 4,277
    Less: Adjusted book assoc. with properties to be conveyed to extinguish debt in default (130,921 )  
    Adjusted book $4,442,818   $ 4,420,743  
     
    Reconciliation of debt to adjusted debt
    Debt, net $2,099,343 $ 1,927,703
    Less: Debt in default to be extinguished via conveyance of properties (150,000 )  
    Numerator for debt to adjusted book ratio 1,949,343 1,927,703
    Less: Cash and cash equivalents (76,216 ) (54,373 )
    Adjusted debt $1,873,127   $ 1,873,330  
     





    Corporate Office Properties Trust

    IR Contacts:

    Stephanie Krewson, 443-285-5453

    stephanie.krewson@copt.com

    or

    Michelle Layne, 443-285-5452

    michelle.layne@copt.com

    Source: Corporate Office Properties Trust


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