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Corporate Office Properties Trust

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By Jamie Smith Hopkins, The Baltimore Sun | December 19, 2011
Corporate Office Properties Trust said Monday that it had sold land and buildings in Baltimore County business parks for almost $49 million. The sales are part of the Columbia-based real estate investment trust's effort to get rid of typical suburban offices to concentrate even more heavily on specialized buildings for government agencies and their contractors, many of which need secure space to deal with classified information. COPT said in April that it intended to increase its revenues produced by government and defense information technology companies from 59 percent to 67 percent by the end of 2013.
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BUSINESS
By Natalie Sherman and The Baltimore Sun | October 3, 2014
A Columbia-based real estate developer wants to build four glassy office buildings on its waterfront property in Canton, a project that could create a kind of Harbor farther East. Corporate Office Properties Trust's proposal calls for shopping, restaurants and four buildings with about 250,000 square feet of offices on top of several stories of parking, said Stephen Budorick, the real estate investment trust's executive vice president and chief operating officer. The company has no time frame for when the project could begin because it is seeking tenants before committing to construction, Budorick said.
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BUSINESS
By Natalie Sherman, The Baltimore Sun | April 25, 2014
Columbia-based office developer Corporate Office Properties Trust on Friday reported a flat performance year-over-year for the three months ended March 31. The real estate investment trust, which counts the U.S. government and major defense contractors as its biggest clients, reported net income of just $251,000 for the latest quarter, down from $8.9 million a year earlier. As a result, it reported no earnings per share, compared to 11 cents a year ago. However, REITS prefer to measure their performance using the funds from operations metric, which does not include depreciation and adjusts for other measures.
BUSINESS
By Natalie Sherman, The Baltimore Sun | April 25, 2014
Columbia-based office developer Corporate Office Properties Trust on Friday reported a flat performance year-over-year for the three months ended March 31. The real estate investment trust, which counts the U.S. government and major defense contractors as its biggest clients, reported net income of just $251,000 for the latest quarter, down from $8.9 million a year earlier. As a result, it reported no earnings per share, compared to 11 cents a year ago. However, REITS prefer to measure their performance using the funds from operations metric, which does not include depreciation and adjusts for other measures.
BUSINESS
By Edward Gunts, The Baltimore Sun | June 29, 2010
Corporate Office Properties Trust of Columbia announced Tuesday that it has acquired The Rappahannock Building, a 152,000-square-foot office building in Tysons Corner, Va., for $40 million. The six-story building at 1550 Westbranch Drive is 100 percent leased to the MITRE Corp. This is COPT's second acquisition in Tysons Corner, after the Pinnacle Towers, which it bought in 2005. COPT now controls about 600,000 square feet of space in Tysons Corner. COPT officials say the latest acquisition is consistent with the company's strategy of developing and acquiring properties leased primarily to tenants in the U. S. government, defense and data sectors.
BUSINESS
By Steve Kilar and The Baltimore Sun | October 17, 2012
Corporate Office Properties Trust, a real estate investment and development firm based in Columbia, sold more than 8.6 million new common stock shares during a public offering over the past week, the company announced Tuesday. The company's net proceeds from the sale, before deducting the offering's expenses, was about $204.9 million, according to a statement from the firm. The offering's underwriters purchased all 1.1 million shares available to them, said COPT, which owns about 230 office buildings, totaling 19.8 million square feet of leasable space.
BUSINESS
By Steve Kilar, The Baltimore Sun | May 2, 2013
Corporate Office Properties Trust, the Columbia-based office real estate investment trust, is issuing $350 million in debt, the sale of which is expected to close next week, the company announced Thursday. The senior unsecured notes are due in ten years and will pay 3.6 percent interest, according to a statement from COPT. The closing is expected on Monday, the firm said. COPT's operating partnership plans to use the funds raised by the offering to repay borrowed funds and for general corporate purposes.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | March 8, 2012
Columbia-based Corporate Office Properties Trust, an office developer that specializes in government and defense tenants, said Thursday that President Roger A. Waesche Jr. would become chief executive officer at the end of the month. The transition plan was previously announced. Waesche, who will replace Randall M. Griffin, who is retiring, is a former chief financial officer and chief operating officer with the company. He has been president since September 2010. COPT, which develops, manages and leases suburban office complexes, has a portfolio of 238 properties.
BUSINESS
By Edward Gunts, The Baltimore Sun | May 19, 2010
Corporate Office Properties Trust, a real estate developer based in Columbia, has gained control of 15 acres in Springfield, Va., and plans to build a multi-structure development called Patriot Ridge with up to 980,000 square feet of space. Construction of the first building, containing about 240,000 square feet, is expected to begin by the end of 2010. Patriot Ridge will be next to the headquarters under construction for the National Geospatial Intelligence Agency, part of the U. S. intelligence community.
BUSINESS
By Steve Kilar, The Baltimore Sun | July 26, 2013
Corporate Office Properties Trust lost $4.4 million in the second quarter of the year, the Columbia real estate investment firm announced Friday. From April through June of 2012, in comparison, the company had net income of $11.9 million. Per share, the 2013 second quarter loss amounted to 16 cents. During last year's second quarter, each share saw a 10 cent gain. Still, in the company's statement, President and CEO Roger A. Waesche said the firm had "a strong second quarter" and that the business is "on-track to exceed our leasing objectives for the year.
BUSINESS
By Natalie Sherman, The Baltimore Sun | February 7, 2014
Profits at Corporate Office Properties Trust, a Columbia-based owner and developer of office parks, rose for the three months that ended Dec. 31, as the real estate investment trust finished repositioning its portfolio. "We have completed the portfolio repositioning and balance sheet improvements that diluted results in recent years," said Roger A. Waesche Jr., COPT's president and CEO, in a statement. The firm, which caters to government and defense-related tenants, saw earnings per share hit 94 cents for the three months ended Dec. 31, compared to 16 cents during the same period in 2012.
BUSINESS
October 25, 2013
Corporate Office Properties Trust, a Columbia-based real estate investment trust, announced Friday that it loss in the third quarter narrowed from last year. The $7.45 million loss in the three months ended Sept. 30 was much lower than the $27.5 million it lost a year earlier. On a per share basis, it lost 9 cents, down from 39 cents. Quarterly revenues rose 5 percent to $136 million. COPT focuses on office real estate leased by the federal government and defense contractors in the greater Washington/Baltimore region.
BUSINESS
The Baltimore Sun | September 10, 2013
Corporate Office Properties L.P., the operating partnership of Columbia-based Corporate Office Properties Trust, will issue $250 million on senior unsecured notes. The notes, due Feb. 15, 2024, will pay an interest rate of 5.25 percent. Corporate Office Properties plans to use proceeds from the sale to repay borrowings under its senior unsecured revolving credit facility and for general corporate purposes. The sale is expected to close on Sept. 16 and is being managed by Wells Fargo Securities, Barclays Capital and Citigroup Global Markets.
BUSINESS
By Steve Kilar, The Baltimore Sun | July 26, 2013
Corporate Office Properties Trust lost $4.4 million in the second quarter of the year, the Columbia real estate investment firm announced Friday. From April through June of 2012, in comparison, the company had net income of $11.9 million. Per share, the 2013 second quarter loss amounted to 16 cents. During last year's second quarter, each share saw a 10 cent gain. Still, in the company's statement, President and CEO Roger A. Waesche said the firm had "a strong second quarter" and that the business is "on-track to exceed our leasing objectives for the year.
BUSINESS
By Steve Kilar, The Baltimore Sun | May 2, 2013
Corporate Office Properties Trust, the Columbia-based office real estate investment trust, is issuing $350 million in debt, the sale of which is expected to close next week, the company announced Thursday. The senior unsecured notes are due in ten years and will pay 3.6 percent interest, according to a statement from COPT. The closing is expected on Monday, the firm said. COPT's operating partnership plans to use the funds raised by the offering to repay borrowed funds and for general corporate purposes.
BUSINESS
By Steve Kilar, The Baltimore Sun | March 19, 2013
Corporate Office Properties Trust, a real estate investment and development firm based in Columbia, on Tuesday completed its public offering of nearly 4.5 million new common shares, the company said in a statement. The offering generated about $118 million in proceeds, the company said. The offering's underwriters purchased all 585,000 shares available to them, said COPT, which owns about 210 office buildings, totaling 18.8 million square feet of leasable space. In a Securities and Exchange Commission filing, the company said it intends to use the proceeds to redeem a series of preferred shares, repay what it owes on an unsecured credit facility and for general corporate purposes.
BUSINESS
The Baltimore Sun | September 10, 2013
Corporate Office Properties L.P., the operating partnership of Columbia-based Corporate Office Properties Trust, will issue $250 million on senior unsecured notes. The notes, due Feb. 15, 2024, will pay an interest rate of 5.25 percent. Corporate Office Properties plans to use proceeds from the sale to repay borrowings under its senior unsecured revolving credit facility and for general corporate purposes. The sale is expected to close on Sept. 16 and is being managed by Wells Fargo Securities, Barclays Capital and Citigroup Global Markets.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | April 4, 2012
Corporate Office Properties Trust said it sold office buildings in White Marsh, Hunt Valley and Hanover as part of $61 million in property and land sales in the first three months of the year. The Columbia-based office real estate investment trust primarily serves government and defense-related tenants. The sales are part of a strategy, announced in April 2011, to shed non-core holdings such as suburban office complexes and focus on high-security buildings designed for government agencies and contractors.
BUSINESS
By Steve Kilar and The Baltimore Sun | October 17, 2012
Corporate Office Properties Trust, a real estate investment and development firm based in Columbia, sold more than 8.6 million new common stock shares during a public offering over the past week, the company announced Tuesday. The company's net proceeds from the sale, before deducting the offering's expenses, was about $204.9 million, according to a statement from the firm. The offering's underwriters purchased all 1.1 million shares available to them, said COPT, which owns about 230 office buildings, totaling 19.8 million square feet of leasable space.
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