Market Overview

COPT Reports Second Quarter 2018 Results

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Corporate Office Properties Trust ("COPT" or the "Company") (NYSE:OFC)
announced financial and operating results for the second quarter and six
months ended June 30, 2018.

Management Comments

"We had a strong second quarter during which we completed the lease with
the U.S. Government for a 159,000 square foot ATFP-compliant facility
known as ‘NoVA Office B', executed three new contracts for build-to-suit
projects within our Defense/IT segment, and outperformed our quarterly
guidance," stated Stephen E. Budorick, COPT's President & Chief
Executive Officer. "Increased funding for Defense has enabled defense
contractors and U.S. Government agencies to begin planning for new,
strategically located facilities to accommodate mission growth, achieve
operating efficiencies, and comply with security mandates. Based on our
success to date and active opportunities, we are increasing our
development leasing guidance for this year by 200,000 square feet, to
1.1 million square feet."

Financial Highlights

2nd Quarter Financial Results:

  • Diluted earnings per share ("EPS") was $0.19 for the quarter ended
    June 30, 2018 as compared to $0.08 for the second quarter of 2017.
  • Diluted funds from operations per share ("FFOPS"), as calculated in
    accordance with NAREIT's definition, was $0.51 for the second quarter
    of 2018 as compared to $0.42 for the second quarter of 2017.
  • FFOPS, as adjusted for comparability, was $0.51 for the quarter ended
    June 30, 2018 as compared to $0.49 for the second quarter of 2017.

Adjustments for comparability encompass items such as gains and
impairment losses on non-operating properties, executive transition
costs, gains (losses) on early extinguishment of debt, derivative gains
(losses), and write-offs of original issuance costs for redeemed
preferred shares.

Operating Performance Highlights

Operating Portfolio Summary:

  • At June 30, 2018, the Company's core portfolio of 157 operating office
    properties was 91.5% occupied and 93.4% leased.
  • During the quarter, the Company placed 151,000 square feet of
    development into service that was 100% leased. During the six months
    ended June 30, 2018, the Company placed 236,000 square feet into
    service in properties that were 76% leased.

Same-Property Performance:

  • At June 30, 2018, COPT's same-property portfolio of 147 buildings was
    91.2% occupied and 93.3% leased.
  • For the quarter and six months ended June 30, 2018, the Company's
    same-property cash NOI from Defense/IT locations increased 3.4% and
    2.3%, respectively, over the prior year's comparable periods. For the
    same time periods, the Company's total same-property cash NOI
    increased 1.0% and decreased 0.3%, respectively, over the prior year's
    comparable periods.

Leasing:

  • Square Feet Leased―For the quarter ended
    June 30, 2018, the Company leased 1.2 million total square feet,
    including 504,000 square feet of renewing leases, 116,000 square feet
    of new leases on vacant space, and 604,000 square feet in development
    projects. Included in development leasing is the full-building,
    159,000 square foot lease at NoVA Office B with the U.S. Government.

    For
    the six months ended June 30, 2018, the Company leased 2.1 million
    total square feet, including 1.2 million square feet of renewing
    leases, 187,000 square feet of new leases on vacant space, and 675,000
    square feet in development projects.
  • Renewal Rates―During the second quarter,
    the Company renewed 84% of total expiring leases, which increased the
    renewal rate for the six months ended June 30, 2018, to 77%.
  • Rent Spreads & Average Escalations on Renewing
    Leases
    ―For the quarter ended June 30, 2018, rents on renewed
    space increased 6.5% on a GAAP basis and 1.1% on a cash basis; average
    annual escalations on renewing leases in the second quarter were 2.3%.
    For the six months ended June 30, 2018, rents on renewed space
    increased 9.3% on a GAAP basis and 1.1% on a cash basis; average
    annual escalations on renewing leases for the six months were 2.6%.
  • Lease Terms―In the second quarter, lease
    terms averaged 1.6 years on renewing leases, 7.5 years on new leasing
    of vacant space, and 11.4 years on development leasing. For the six
    months, lease terms averaged 3.2 years on renewing leases, 6.7 years
    on new leasing of vacant space, and 11.2 years on development leasing.

Investment Activity Highlights

Development & Redevelopment Projects:

  • Starts. During the second quarter, the Company executed two
    build-to-suit leases totaling 432,000 square feet in its data center
    shell subsegment, as well as a long-term contract with a Fortune 500
    company for a Defense/IT Location project.
  • Construction Pipeline. At July 25, 2018, the Company's
    construction pipeline consisted of eight properties totaling 880,000
    square feet that were 94% leased. These projects have a total
    estimated cost of $186.5 million, of which $91.2 million has been
    incurred.
  • Redevelopment. At the end of the quarter, two projects were
    under redevelopment totaling 128,000 square feet that were 17% leased.
    The Company has invested $15.5 million of the $30.8 million
    anticipated total cost.
  • Pre-Construction. At June 30, 2018, the Company had one
    property under pre-construction. Based on an expected size of 190,000
    square feet, the project is 43% pre-leased. The Company commenced
    construction on the $170 million project in July 2018.

Balance Sheet and Capital Transaction Highlights

  • During the second quarter, the Company issued 1.1 million common
    shares under its forward equity sale agreement for net proceeds of $32
    million.
  • As of June 30, 2018, the Company's net debt plus preferred equity to
    adjusted book ratio was 41.3% and its net debt plus preferred equity
    to in-place adjusted EBITDA ratio was 6.3x. For the same period, the
    Company's adjusted EBITDA fixed charge coverage ratio was 3.6x.
  • As of June 30, 2018 and including the effect of interest rate swaps,
    the Company's weighted average effective interest rate was 4.1%;
    additionally, 91% of the Company's debt was subject to fixed interest
    rates and the debt portfolio had a weighted average maturity of 4.5
    years.

2018 Guidance

Management is increasing the mid-point of its previously issued guidance
range for full year EPS and FFOPS, as adjusted for comparability, to
revised ranges of $0.63―$0.69 and $1.98―$2.04, respectively. Management
also is establishing EPS and FFOPS, as adjusted for comparability,
guidance for the third quarter ending September 30, 2018 at ranges of
$0.15―$0.17 and $0.49―$0.51, respectively, and also for the fourth
quarter ending December 31, 2018, at ranges of $0.13―$0.17 and
$0.48―$0.52, respectively. Reconciliations of projected diluted EPS to
projected FFOPS are as follows:

     
Quarter Ending Quarter Ending Year Ending
September 30, 2018 December 31, 2018 December 31, 2018
Low   High Low   High Low   High
 
EPS $ 0.15 $ 0.17 $ 0.13 $ 0.17 $ 0.63 $ 0.69
Real estate depreciation and amortization   0.34   0.34   0.35   0.35   1.34   1.34
FFOPS, NAREIT definition 0.49 0.51 0.48 0.52 1.97 2.03
Other   -   -   -   -   0.01   0.01
FFOPS, as adjusted for comparability $ 0.49 $ 0.51 $ 0.48 $ 0.52 $ 1.98 $ 2.04
 

Associated Supplemental Presentation

Prior to the call, the Company will post a slide presentation to
accompany management's prepared remarks for its second quarter 2018
conference call, the details of which are provided below. The
accompanying slide presentation can be viewed on and downloaded from the
‘Investors' section of the Company's website (www.copt.com).

Conference Call Information

Management will discuss second quarter 2018 results on its conference
call tomorrow at 12:00 p.m. Eastern Time, details of which are listed
below:

   
Conference Call Date: Friday, July 27, 2018
Time: 12:00 p.m. Eastern Time
Telephone Number: (within the U.S.) 855-463-9057
Telephone Number: (outside the U.S.) 661-378-9894
Passcode: 4378216
 

The conference call will also be available via live webcast in the
‘Investors' section of the Company's website at www.copt.com.

Replay Information

A replay of the conference call will be immediately available via
webcast in the ‘Investors' section of the Company's website.
Additionally, a telephonic replay of this call will be available
beginning at 3:00 p.m. Eastern Time on Friday, July 27, through 3:00
p.m. Eastern Time on Friday, August 10. To access the replay within the
United States, please call 855-859-2056; to access it from outside the
United States, please call 404-537-3406. In either case, use passcode
4378216.

Definitions

For definitions of certain terms used in this press release, please
refer to the information furnished in the Company's Supplemental
Information Package furnished on a Form 8-K which can be found on its
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 a REIT that owns, manages, leases, develops and selectively
acquires office and data center properties in locations that support the
United States Government and its contractors, most of whom are engaged
in national security, defense and information technology ("IT") related
activities servicing what it believes are growing, durable, priority
missions ("Defense/IT Locations"). The Company also owns a portfolio of
office properties located in select urban/urban-like submarkets in the
Greater Washington, DC/Baltimore region with durable Class-A office
fundamentals and characteristics ("Regional Office Properties"). As of
June 30, 2018, the Company derived 88% of its core portfolio annualized
revenue from Defense/IT Locations and 12% from its Regional Office
Properties. As of the same date and including six buildings owned
through an unconsolidated joint venture, COPT's core portfolio of 157
office and data center shell properties encompassed 17.5 million square
feet and was 93.4% leased; the Company also owned one wholesale data
center with a critical load of 19.25 megawatts.

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.
Although the Company believes that the expectations,
estimates and projections reflected in such forward-looking statements
are based on reasonable assumptions at the time made, 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;
  • possible adverse changes in tax laws;
  • 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,
2017.

 
Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(in thousands, except per share data)
   

For the Three Months
Ended June 30,

For the Six Months
Ended June 30,

2018   2017 2018   2017
Revenues
Real estate revenues $ 129,162 $ 128,297 $ 257,440 $ 255,064
Construction contract and other service revenues 17,581   23,138   44,779   36,172  
Total revenues 146,743   151,435   302,219   291,236  
Expenses
Property operating expenses 49,446 48,628 100,397 97,147
Depreciation and amortization associated with real estate operations 33,190 32,793 66,702 65,852
Construction contract and other service expenses 16,941 22,315 43,157 34,801
Impairment losses 1,625 1,625
General and administrative expenses 6,067 6,017 11,928 12,764
Leasing expenses 1,561 1,842 2,992 3,706
Business development expenses and land carry costs 1,234   1,597   2,848   3,290  
Total operating expenses 108,439   114,817   228,024   219,185  
Operating income 38,304 36,618 74,195 72,051
Interest expense (18,945 ) (19,163 ) (37,729 ) (38,157 )
Interest and other income 1,439 1,583 2,798 3,309
Loss on early extinguishment of debt   (513 )   (513 )
Income before equity in income of unconsolidated entities and income
taxes
20,798 18,525 39,264 36,690
Equity in income of unconsolidated entities 373 370 746 747
Income tax expense (63 ) (48 ) (118 ) (88 )
Gain on sales of real estate (23 ) 12   (27 ) 4,250  
Net income 21,085 18,859 39,865 41,599
Net income attributable to noncontrolling interests
Common units in the Operating Partnership ("OP") (608 ) (261 ) (1,152 ) (883 )
Preferred units in the OP (165 ) (165 ) (330 ) (330 )
Other consolidated entities (878 ) (907 ) (1,799 ) (1,841 )
Net income attributable to COPT 19,434 17,526 36,584 38,545
Preferred share dividends (3,039 ) (6,219 )
Issuance costs associated with redeemed preferred shares   (6,847 )   (6,847 )
Net income attributable to COPT common shareholders $ 19,434   $ 7,640   $ 36,584   $ 25,479  
 
Earnings per share ("EPS") computation:
Numerator for diluted EPS:
Net income attributable to COPT common shareholders $ 19,434 $ 7,640 $ 36,584 $ 25,479
Amount allocable to share-based compensation awards (117 ) (117 ) (234 ) (242 )
Numerator for diluted EPS $ 19,317   $ 7,523   $ 36,350   $ 25,237  
Denominator:
Weighted average common shares - basic 101,789 99,036 101,397 98,725
Dilutive effect of share-based compensation awards 119   160   131   158  
Weighted average common shares - diluted 101,908   99,196   101,528   98,883  
Diluted EPS $ 0.19   $ 0.08   $ 0.36   $ 0.26  
 
   
Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(in thousands, except per share data)
 

For the Three Months
Ended June 30,

For the Six Months
Ended June 30,

2018   2017 2018   2017
Net income $ 21,085 $ 18,859 $ 39,865 $ 41,599
Real estate-related depreciation and amortization 33,190 32,793 66,702 65,852
Impairment losses on previously depreciated operating properties 1,610 1,610
Gain on sales of previously depreciated operating properties 23 (12 ) 27 (31 )
Depreciation and amortization on unconsolidated real estate JV 564   563   1,127   1,126  
Funds from operations ("FFO") 54,862 53,813 107,721 110,156
Preferred share dividends (3,039 ) (6,219 )
Issuance costs associated with redeemed preferred shares (6,847 ) (6,847 )
Noncontrolling interests - preferred units in the OP (165 ) (165 ) (330 ) (330 )
FFO allocable to other noncontrolling interests (753 ) (906 ) (1,697 ) (1,884 )
Basic and diluted FFO allocable to share-based compensation awards (224 ) (185 ) (437 ) (401 )
Basic and Diluted FFO available to common share and common unit
holders ("Diluted FFO")
53,720 42,671 105,257 94,475
Gain on sales of non-operating properties (4,219 )
Impairment losses on non-operating properties 15 15
Loss (gain) on interest rate derivatives 444 (9 )
Loss on early extinguishment of debt 513 513
Issuance costs associated with redeemed preferred shares 6,847 6,847
Demolition costs on redevelopment and nonrecurring improvements 9 72 48 294
Executive transition costs 213 31 376 730
Diluted FFO comparability adjustments allocable to share-based
compensation awards
(1 ) (31 ) (2 ) (17 )
Diluted FFO available to common share and common unit holders, as
adjusted for comparability
53,941 50,562 105,679 98,629
Straight line rent adjustments and lease incentive amortization (1,195 ) 1,517 (2,023 ) 1,950
Amortization of intangibles included in net operating income 231 325 587 684
Share-based compensation, net of amounts capitalized 1,550 1,309 3,035 2,558
Amortization of deferred financing costs 468 922 936 1,931
Amortization of net debt discounts, net of amounts capitalized 358 343 712 682
Accum. other comprehensive loss on derivatives amortized to expense 34 36 68 36
Replacement capital expenditures (15,613 ) (11,269 ) (31,133 ) (24,318 )
Other diluted AFFO adjustments associated with real estate JVs (32 ) (58 ) 99   (118 )
Diluted adjusted funds from operations available to common share and
common unit holders ("Diluted AFFO")
$ 39,742   $ 43,687   $ 77,960   $ 82,034  
Diluted FFO per share $ 0.51 $ 0.42 $ 1.00 $ 0.92
Diluted FFO per share, as adjusted for comparability $ 0.51 $ 0.49 $ 1.01 $ 0.96
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,
2018

December 31,
2017

Balance Sheet Data
Properties, net of accumulated depreciation $ 3,183,537 $ 3,141,105
Total assets 3,612,362 3,595,205
Debt, per balance sheet 1,871,445 1,828,333
Total liabilities 2,079,333 2,103,773
Redeemable noncontrolling interest 24,544 23,125
Equity 1,508,485 1,468,307
Net debt to adjusted book 41.1 % 40.8 %
 
Core Portfolio Data (as of period end) (1)
Number of operating properties 157 156
Total net rentable square feet owned (in thousands) 17,498 17,059
Occupancy % 91.5 % 94.5 %
Leased % 93.4 % 95.1 %
 

For the Three Months
Ended June 30,

For the Six Months Ended
June 30,

2018   2017 2018 2017
Payout ratios
Diluted FFO 54.3 % 66.0 % 55.1 % 59.6 %
Diluted FFO, as adjusted for comparability 54.1 % 55.7 % 54.9 % 57.1 %
Diluted AFFO 73.4 % 64.5 % 74.4 % 68.7 %
Adjusted EBITDA fixed charge coverage ratio 3.6 x 3.2 x 3.6 x 3.1 x
Net debt to in-place adjusted EBITDA ratio (2) 6.3 x 6.4 x N/A N/A
Net debt plus preferred equity to in-place adjusted EBITDA ratio (3) 6.3 x 6.4 x N/A N/A
 
Reconciliation of denominators for per share measures
Denominator for diluted EPS 101,908 99,196 101,528 98,883
Weighted average common units 3,197   3,405   3,208   3,425  
Denominator for diluted FFO per share and as adjusted for
comparability
105,105   102,601   104,736   102,308  
 
(1)   Represents Defense/IT Locations and Regional Office properties.
(2) Represents net 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).
(3) Represents net debt plus the total liquidation preference of
preferred equity 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 Months
Ended June 30,

For the Six Months
Ended June 30,

2018   2017 2018   2017
Reconciliation of common share dividends to dividends and
distributions for payout ratios
Common share dividends - unrestricted shares $ 28,284 $ 27,241 $ 56,258 $ 54,460
Common unit distributions 879   936   1,758   1,872  
Dividends and distributions for payout ratios $ 29,163   $ 28,177   $ 58,016   $ 56,332  
 
Reconciliation of GAAP net income to earnings before interest,
income taxes, depreciation and amortization for real estate
("EBITDAre"), adjusted EBITDA and in-place adjusted EBITDA
Net income $ 21,085 $ 18,859 $ 39,865 $ 41,599
Interest expense 18,945 19,163 37,729 38,157
Income tax expense 63 48 118 88
Depreciation of furniture, fixtures and equipment 459 585 982 1,096
Real estate-related depreciation and amortization 33,190 32,793 66,702 65,852
Impairment losses on previously depreciated operating properties 1,610 1,610
Gain on sales of previously depreciated operating properties 23 (12 ) 27 (31 )
Adjustments from unconsolidated real estate JV 828   827   1,652   1,651  
EBITDAre 74,593 73,873 147,075 150,022
Impairment losses on non-operating properties 15 15
Loss on early extinguishment of debt 513 513
Gain on sales of non-operating properties (4,219 )
Business development expenses 757 995 1,780 1,933
Demolition costs on redevelopment and nonrecurring improvements 9 72 48 294
Executive transition costs 213   31   376   730  
Adjusted EBITDA 75,572 75,499 $ 149,279   $ 149,288  
Proforma net operating income adjustment for property changes within
period
418   421  
In-place adjusted EBITDA $ 75,990   $ 75,920  
 
Reconciliation of interest expense to the denominators for fixed
charge coverage-Adjusted EBITDA
Interest expense $ 18,945 $ 19,163 $ 37,729 $ 38,157
Less: Amortization of deferred financing costs (468 ) (922 ) (936 ) (1,931 )
Less: Amortization of net debt discounts, net of amounts capitalized (358 ) (343 ) (712 ) (682 )
Less: Accum. other comprehensive loss on derivatives amortized to
expense
(34 ) (36 ) (68 ) (36 )
(Loss) gain on interest rate derivatives (444 ) 9
COPT's share of interest expense of unconsolidated real estate JV,
excluding deferred financing costs
258 258 513 513
Scheduled principal amortization 1,049 1,005 2,101 2,013
Capitalized interest 1,397 1,611 2,771 3,142
Preferred share dividends 3,039 6,219
Preferred unit distributions 165   165   330   330  
Denominator for fixed charge coverage-Adjusted EBITDA $ 20,954   $ 23,496   $ 41,728   $ 47,734  
 
 
Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(Dollars in thousands)
   

For the Three Months
Ended June 30,

For the Six Months Ended
June 30,

2018 2017 2018   2017
Reconciliations of tenant improvements and incentives, capital
improvements and leasing costs for operating properties to
replacement capital expenditures
Tenant improvements and incentives $ 8,117 $ 6,148 $ 16,732 $ 10,888
Building improvements 5,775 5,972 7,696 9,202
Leasing costs 1,822 1,666 3,102 2,817
Net additions to tenant improvements and incentives 1,315 626 4,604 7,422
Excluded building improvements (1,370 ) (3,143 ) (955 ) (6,011 )
Excluded leasing costs (46 )     (46 )  
Replacement capital expenditures $ 15,613   $ 11,269   $ 31,133   $ 24,318  
 
Same Properties cash NOI $ 71,809 $ 71,102 $ 140,714 $ 141,143
Straight line rent adjustments and lease incentive amortization (1,005 ) (662 ) (2,561 ) (460 )
Amortization of acquired above- and below-market rents (176 ) (270 ) (476 ) (573 )
Amortization of below-market cost arrangements (148 ) (147 ) (295 ) (295 )
Lease termination fees, gross 558 517 1,566 1,223
Tenant funded landlord assets and lease incentives 831 1,470 2,694 2,579
Cash NOI adjustments in unconsolidated real estate JV 68     89   135   181  
Same Properties NOI $ 71,937   $ 72,099   $ 141,777   $ 143,798  
 

June 30,
2018

December 31,
2017

Reconciliation of total assets to adjusted book
Total assets $ 3,612,362 $ 3,595,205
Accumulated depreciation 839,478 786,193
Accumulated amortization of real estate intangibles and deferred
leasing costs
201,645 193,151
COPT's share of liabilities of unconsolidated real estate JV 30,015 29,908
COPT's share of accumulated depreciation and amortization of
unconsolidated real estate JV
4,317 3,189
Less: Disposed property included in assets held for sale (42,226 ) (42,226 )
Less: Cash and cash equivalents (8,472 ) (12,261 )
Less: COPT's share of cash of unconsolidated real estate JV (410 ) (371 )
Adjusted book $ 4,636,709   $ 4,552,788  
 
Reconciliation of debt outstanding to net debt and net debt plus
preferred equity
Debt outstanding (excluding net debt discounts and deferred
financing costs)
$ 1,914,066 $ 1,872,167
Less: Cash and cash equivalents (8,472 ) (12,261 )
Less: COPT's share of cash of unconsolidated real estate JV (410 ) (371 )
Net debt $ 1,905,184 $ 1,859,535
Preferred equity 8,800   8,800  
Net debt plus preferred equity $ 1,913,984   $ 1,868,335  
 

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