COPT Announces July Dispositions of $179 Million and a $50 Million Strategic Acquisition
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, subsequent to June 30, 2012, it completed the disposition of 24 operating properties and the Fort Ritchie development for gross proceeds of approximately $179 million. The operating properties contained an aggregate of 1.5 million square feet and were 83.8% occupied (90 leases) at the time of sale. (Please refer to Table 1 for detail.)
Year to date through July 24, 2012, COPT has sold a total of $317 million of properties and adjacent land containing approximately 2.3 million operational square feet and 162 leases that were 83.2% leased at the time of sale, realizing net proceeds of $253 million.
Since announcing its Strategic Reallocation Plan (SRP) in April 2011, COPT has disposed of $394 million of properties containing approximately 3.2 million operational square feet and adjacent land, realizing net proceeds after closing adjustments and repayment of property-specific debt of approximately $323 million. These properties represent 31% of COPT's total leases but only 15% of its consolidated operating square feet that were in place at March 31, 2011 (the last reporting period before the SRP was announced).
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