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COPT Sells $75 Million Of Assets In First Quarter Of 2012

Corporate Office Properties Trust (COPT) (NYSE: OFC), an office real estate investment trust (REIT) that focuses primarily on serving the specialized requirements of U.S. Government and Defense Information Technology tenants, announced that during the quarter ended March 31, 2012, it sold seven stabilized properties, two vacant properties and a land parcel for net proceeds of approximately $61 million. The stabilized buildings contained an aggregate of 219,000 square feet and were 80% occupied (63 leases) at the time of sale.

         

 

  Details of the 1Q12 Asset Sales:    
 
Square Feet
Address Submarket (000s)
8114 Sandpiper Circle White Marsh, MD 46
8615 Ridgely's Choice Drive White Marsh, MD 38
7939 Honeygo Boulevard White Marsh, MD 28
8133 Perry Hall Boulevard White Marsh, MD 28
7923 Honeygo Boulevard White Marsh, MD 23
222, 224 Schilling Circle Hunt Valley, MD 56
Total Stabilized Properties Sold 219
 
1101 Sentry Gateway San Antonio, TX 95
Candlewood Drive Hanover, MD 356
Total Vacant Properties Sold 451
 
Total Properties Sold 670
           

Since announcing its Strategic Reallocation Plan (SRP) in April 2011, COPT has sold a total of $139 million of properties and adjacent land containing approximately 1.2 million of operational square feet, realizing net proceeds of $130.6 million. The properties sold through March 31, 2012 represent 17.8% of COPT’s total leases in place at March 31, 2011 (the last reporting period before the SRP was announced), but only 5.4% of consolidated operating square feet at that time.

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