Description

Corporate Office Properties Trust (COPT) functions as a Real Estate Investment Trust (REIT), primarily involved in the acquisition, development, management, and leasing of office and data center assets. The vast majority of its real estate holdings are strategically positioned to serve the United States Government and its contractors, particularly those operating in essential national security, defense, and information technology (IT) domains, fulfilling what COPT believes are enduring and high-priority objectives. These key areas are designated as "Defense/IT Locations." COPT also possesses a collection of office properties situated in desirable urban and urban-adjacent submarkets across the larger Washington, D.C./Baltimore metropolitan area, referred to as "Regional Office Properties," which are characterized by strong Class-A office fundamentals. As of December 31, 2020, the company's core portfolio derived 87% of its annual rental revenue from Defense/IT Locations, with the remaining 13% coming from its Regional Office Properties. At that same point in time, COPT's core portfolio, encompassing 17 properties held through unconsolidated joint ventures, consisted of 179 office and data center shell properties covering 20.8 million square feet and maintained a 95.0% lease rate. Additionally, the company owned a single wholesale data center featuring a 19.25-megawatt critical load, which was 86.7% leased.