COPT Announces 1Q 2014 Development Leasing, Including New Development Start for Cyber Tenant

  COPT Announces 1Q 2014 Development Leasing, Including New Development Start
  for Cyber Tenant

Business Wire

COLUMBIA, Md. -- April 1, 2014

Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC)
announced that during the first quarter ended March 31, 2014, the Company
completed 176,000 square feet of development leasing at four distinct
projects, described below.

In Arundel Preserve, COPT’s office park that serves the north gate of Ft.
Meade in Annapolis Junction, Maryland, the Company signed a lease with a Cyber
Security-related tenant for approximately 88,500 square feet. As a result of
this transaction, the Company will commence construction on 7880 Milestone
Parkway, a 120,000 square foot building that is approximately 75% pre-leased
to this cyber tenant. The 10-year lease is anticipated to commence during the
third quarter of 2015.

The Company also completed approximately 40,000 square feet of new leasing at
Arborcrest in the Plymouth Meeting/Blue Bell submarket of Philadelphia,
Pennsylvania, of which 33,800 square feet were previously announced (see press
release dated February 7, 2014).

At 420 National Business Park in Annapolis Junction, the Company completed a
five-year, 29,000 square foot lease that commences in the third quarter of
2014. As a result of this transaction, the building is now 68% leased, up from
48% leased at December 31, 2013.

In Northern Virginia, COPT completed a lease for approximately 18,700 square
feet at 3120 Fairview Park Drive, which was 50% leased at the end of 2013 and
is now 60% leased. This 12-year lease commences in the third quarter of 2014.

Renewal and Other 1Q14 Leasing

The Company will provide a full update on leasing accomplished during the
first quarter of 2014 when it reports results on April 25, 2014. Details for
management’s scheduled conference call are as provided:


Earnings Release Date:            Friday, April 25, 2014 at 6:00 a.m.
                                     Eastern Time
Conference Call Date:                Friday, April 25, 2014
Time:                                12:00 p.m. Eastern Time
Telephone Number: (within the        888-713-4213
U.S.)
Telephone Number: (outside the       617-213-4865
U.S.)
Passcode:                            65527969
                                     

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=PC84V8CXU

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, April 25 at 4:00
p.m. Eastern Time through Friday, May 9 at midnight Eastern Time. To access
the replay within the United States, please call 888-286-8010 and use passcode
50491518. To access the replay outside the United States, please call
617-801-6888 and use passcode 50491518.

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.

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 December 31, 2013, COPT derived 70% of its
annualized revenue from its strategic tenant niche properties and 23% 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 December 31, 2013, the Company’s consolidated portfolio
consisted of 183 office properties totaling 17.4  million 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.

Contact:

Corporate Office Properties Trust
Stephanie Krewson, 443-285-5453
stephanie.krewson@copt.com
or
Michelle Layne, 443-285-5452
michelle.layne@copt.com
 
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