Corporate Office Properties Trust Announces 6.3% Per Share FFO Growth for Second Quarter 2002; Maintains 94% Occupancy for the Quarter.Business Editors COLUMBIA Columbia, cities, United States Columbia (kəlŭm`bēə). 1 City (1990 pop. 75,883), Howard co., central Md., between Washington, D.C., and Baltimore. , Md.--(BUSINESS WIRE)--July 24, 2002 Corporate Office Properties Trust Corporate Office Properties Trust Inc. (COPT) (NYSE: OFC) is a publicly-traded real estate investment trust (REIT) corporation that specializes in office development, and describes itself as "a fully integrated, self-managed real estate investment trust that focuses on the (NYSE NYSE See: New York Stock Exchange :OFC OFC Office OFC Officer OFC Of Course OFC Oxygen Free Copper OFC Oceania Football Confederation (soccer) OFC Optical Fiber Cable OFC Optical Fiber Communications OFC Optical Fiber Conference ) announced today financial and operating results for the quarter ended June June: see month. 30, 2002. Highlights
-- 16.8% increase in second quarter total diluted Funds From Operations ("FFO") to $12.3 million from $10.6 million for second quarter 2001.
-- 6.3% increase in second quarter FFO per diluted share to $0.34 from $0.32 for second quarter 2001.
-- 15.9% increase in second quarter total diluted Adjusted Funds From Operations ("AFFO") to $10.0 million from $8.6 million for second quarter 2001.
-- 3.8% increase in second quarter AFFO per diluted share to $0.27 from $0.26 for second quarter 2001.
-- 94% occupied, 95% leased for total portfolio as of June 30, 2002.
-- 383,118 square feet of leases executed during the second quarter.
-- 64.4% renewal rate on expiring leases.
-- 159,523 square feet of properties under development leased year to date; 304,064 square feet of development space placed into service year to date.
-- 5.6% increase in straight-line base rent and 10.4% increase in straight-line total rent for renewed and re-tenanted leases.
-- $33 million of building acquisitions completed year to date.
-- 60.5% FFO payout ratio and a 74.9% AFFO payout ratio.
Clay W. Hamlin Hamlin may refer to: In places:
Financial Results Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. FFO FFO See: Funds from operations for the quarter ended June 30, 2002 totaled $12.3 million, or $0.34 per diluted share, as compared to $10.6 million, or $0.32 per diluted share, for the second quarter ended June 30, 2001, representing a 6.3% increase on a per share basis. Diluted AFFO AFFO Adjusted Funds From Operation for the second quarter ended June 30, 2002 totaled $10.0 million, or $0.27 per diluted share, as compared to $8.6 million, or $0.26 per diluted share, for the second quarter ended June 30, 2001, representing a 3.8% increase on a per share basis. Earnings per common share on income before extraordinary item for the second quarter 2002 declined to $0.14 per diluted share from $0.17 for the second quarter 2001, primarily due to an increase in share count. Revenues from real estate operations for the quarter ended June 30, 2002 increased to $36.5 million as compared to revenue for the quarter ended June 30, 2001 of $28.6 million. The Company's diluted FFO payout ratio Payout Ratio The percentage of earnings paid out in dividends. It is calculated by dividing dividends per share by earnings per share. Notes: The payout ratio indicates how well earnings support the dividend payments: the lower the ratio, the more secure the dividend. for the second quarter 2002 was 60.5%. On an AFFO basis, the Company's payout ratio was 74.9% for the quarter. As of June 30, 2002, the Company had a total market capitalization Total Market Capitalization The total market value of all of a firm's outstanding securities. of $1.2 billion, with $633.5 million in debt outstanding. As of June 30, 2002, the Company's debt to market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. was 51%. The Company's total quarterly weighted average interest rate was 6.47% for the second quarter 2002. The Company achieved an EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become interest coverage ratio of 2.7x and an EBITDA fixed charge coverage ratio of 2.0x for the second quarter. Operating Results At June 30, 2002, the Company's portfolio included 108 office properties totaling 8.4 million square feet located in five Mid-Atlantic Adj. 1. mid-Atlantic - of a region of the United States generally including Delaware; Maryland; Virginia; and usually New York; Pennsylvania; New Jersey; "mid-Atlantic states" middle Atlantic submarkets: Baltimore/Washington Corridor The Baltimore/Washington corridor is between Washington, D.C. and Baltimore, MD, consisting principally of Anne Arundel, Howard, Montgomery and Prince George's counties. ; Dulles Dul·les , Allen Welsh 1893-1969. American public official. Director of the CIA (1953-1961), he resigned after the failed invasion of the Bay of Pigs. Noun 1. South, Northern Virginia Northern Virginia (NoVA) consists of Arlington, Fairfax, Loudoun, and Prince William counties and the independent cities of Alexandria, Falls Church, Fairfax, Manassas, and Manassas Park. ; Blue Bell, Pennsylvania Blue Bell is a census-designated place (CDP) in Whitpain Township in Montgomery County, Pennsylvania, in the United States. As of the 2000 census, its population was 6,395. ; Harrisburg, Pennsylvania This article is about the capital city of the Commonwealth of Pennsylvania. For other places named Harrisburg, see Harrisburg (disambiguation). Harrisburg is the capital of the Commonwealth of Pennsylvania, a state of the United States of America. ; and Princeton, New Jersey
Princeton, New Jersey is located in Mercer County, New Jersey, United States. Princeton University has been sited in the town since 1756. - Exit 8A. At June 30, 2002, the portfolio was 94% occupied oc·cu·py tr.v. oc·cu·pied, oc·cu·py·ing, oc·cu·pies 1. To fill up (time or space): a lecture that occupied three hours. 2. To dwell or reside in. 3. and 95% leased. During the quarter, the Company renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. 184,974 square feet of expiring ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. leases, representing a 64.4% renewal rate. The Company achieved a 5.6% increase in straight-line straight-line adj. 1. Lying in a straight line. 2. Relating to a device whose linkage produces or copies motion in straight lines. 3. base rents and a 10.4% increase in straight-line total rents on the renewed and re-tenanted space with an average capital expenditure of $4.35 per square foot, including tenant improvements and leasing commissions. Randall Randall may refer to the following: In places:
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. stated, "Given our strong market presence and focus in the defense and intelligence sectors, we continue to experience good leasing activity, as is evidenced by our ability to maintain a solid 94% portfolio occupancy rate Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) . Importantly, we continue to strengthen our tenant base through signing additional leases with the U.S. Government, and other strong investment grade rated corporations such as Northrop Grumman Northrop Grumman Corporation (NYSE: NOC) is an aerospace and defense conglomerate that is the result of the 1994 purchase of Grumman by Northrop. The company is the third largest defense contractor for the U.S. , Lockheed Martin For the former company, see . Lockheed Martin (NYSE: LMT) is a leading multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation with Martin Marietta. , and Allstate This article is about the American insurance company. For the line of automobiles, see Allstate (automobile). The Allstate Corporation NYSE: ALL is the largest publicly held personal lines insurer in the United States. Insurance." Mr. Griffin added, "Today, 32% of our total revenue is derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from defense and intelligence sector tenants, up from approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 26% at the beginning of 2002, and we expect this percentage to increase as demand from these types of tenants continues to grow." Acquisition/Disposition Activity During the quarter, the Company acquired six buildings for $32.7 million adding 312,431 square feet to the portfolio. The properties are located in the B/W B/W Black and White B/W Between B/W be with B/W Bundled With B/W Backed With (recording industry) B/W backwash B/W B-Wing (Star Wars) B/W Back of Walk Corridor and are 99% occupied. The Company also acquired the remaining 50% joint venture interest in 2711 Technology Drive for $6.4 million. Development Activity For the quarter, the Company executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. four leases aggregating 75,712 square feet at 6731 Columbia Gateway Drive and 6724 Alexander Bell Drive. Additionally, the Company placed into service 293,407 square feet. This total was comprised of 152,000 square feet at 2711 Technology Drive, 100% leased to Computer Sciences Corporation; 54,088 square feet at 1304 Concourse Drive, leased to Northrop Grumman; 71,243 square feet at 6731 Columbia Gateway, leased primarily to Group Health (50,000 square feet), a subsidiary of CareFirst, Inc.; and the remaining 16,076 square feet at 6724 Alexander Bell Drive, leased to Lurgi Lurgi can refer to:
Financing and Capital Transactions During the quarter, the Company closed on a $34 million, five-year loan at a fixed rate of 6.91%. Proceeds were utilized to repay a $25 million loan scheduled to mature in November November: see month. 2002, with the remaining $9 million in proceeds used to pay down the revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. . Subsequent Events Subsequent to June 30th, the Company purchased, for $3.6 million, a 32.8-acre parcel in Northern Virginia, which can support approximately 500,000 square feet of development. The parcel is located in the Westfields Business Park in close proximity PROXIMITY. Kindred between two persons. Dig. 38, 16, 8. to the Company's existing 470,000 square foot building. On July July: see month. 17, 2002, the company sold 8815 Centre Park for $7.2 million. This 53,782 square foot building located in Howard County Howard County is the name of seven counties in the United States of America:
Conference Call The Company will hold an investor/analyst conference call on July 25, 2002, beginning at 4:00 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . The conference call may be joined by dialing (719) 457-2645. The confirmation code for the call is 113340. A replay of the conference call will begin at 7:00 p.m., EDT and will be available through Thursday Thursday: see week. , August 1, midnight EDT. The telephone number for the replay is (719) 457-0820. You will then need to enter the confirmation code. Company Information Corporate Office Properties Trust is a fully-integrated, self-managed real estate investment trust which focuses on the ownership, management, leasing, acquisition and development of suburban office properties located in select Mid-Atlantic submarkets. The Company currently owns 107 office properties totaling 8.4 million rentable square feet. Corporate Development Services, the Company's development company, provides a wide range of development and construction management services. In addition, Corporate Office Services provides land planning, design/build services, consulting and merchant development to third party entities. The Company's shares are traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol OFC. More information on Corporate Office Properties Trust can be found on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.copt.com. Forward-Looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. Information This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with the forward-looking information include the strength of the commercial office real estate market in which the Company operates, competitive market conditions, general economic growth, interest rates and capital market conditions. For further information, please refer to the Company's filings with the Securities and Exchange Commission. Financial Tables Attached
Corporate Office Properties Trust
Summary Financial Data
(Unaudited)
(all amounts in thousands except per share data)
Three Months Ended
--------------------
June 30, June 30,
2002 2001
Real Estate Operations -------- --------
Revenues
Rental revenue $ 32,922 $ 25,684
Tenant recoveries and other revenue 3,589 2,953
-------- --------
Revenue from real estate operations 36,511 28,637
-------- --------
Expenses
Property operating 10,268 8,472
Interest 9,002 7,680
Depreciation and amortization 7,256 5,460
-------- --------
Expenses from real estate operations 26,526 21,612
-------- --------
Earnings from real estate operations before
equity in (loss) income of unconsolidated
real estate joint ventures 9,985 7,025
Equity in (loss) income of unconsolidated
real estate joint ventures (22) 124
-------- --------
Earnings from real estate operations 9,963 7,149
Earnings (losses) from service operations (104) 143
General and administrative expense (1,940) (1,329)
-------- --------
Income before gain on sales of real estate,
minority interests, income taxes,
discontinued operations and
extraordinary item 7,919 5,963
Gain on sales of real estate -- 1,596
-------- --------
Income before minority interests, income
taxes, discontinued operations and
extraordinary item 7,919 7,559
Minority interests (2,061) (2,425)
-------- --------
Income before income taxes, discontinued
operations and extraordinary item 5,858 5,134
Income tax benefit (expense), net 25 (29)
-------- --------
Income before discontinued operations
and extraordinary item 5,883 5,105
Discontinued operations, net 110 42
-------- --------
Income before extraordinary item 5,993 5,147
Extraordinary item - loss on early
retirement of debt, net (109) (66)
-------- --------
Net income 5,884 5,081
Preferred Share dividends (2,534) (1,613)
-------- --------
Net income available to Common
Shareholders $ 3,350 $ 3,468
======== ========
Earnings per Common Share on income
before extraordinary item
Basic $ 0.15 $ 0.18
======== ========
Diluted (1) $ 0.14 $ 0.17
======== ========
Corporate Office Properties Trust
Summary Financial Data
(Unaudited)
(all amounts in thousands except per share data and ratios)
Three Months Ended
----------------------
June 30, June 30,
2002 2001
-------- --------
Income before minority interests, income
taxes, discontinued operations and
extraordinary item $ 7,919 $ 7,559
Add: Real estate related depreciation
and amortization 6,616 4,933
Add: Discontinued operations, gross 159 63
Less: Preferred Share dividends (2,534) (1,613)
Less: Preferred Unit distributions (572) (572)
Less: Gain on sales of real estate,
excluding redevelopment portion (2) -- (416)
Minority interests in other
consolidated entities (14) (58)
Income tax benefit (expense), gross 37 (44)
-------- --------
Funds from Operations - basic
("Basic FFO") 11,611 9,852
Add: Preferred Unit distributions 572 572
Add: Convertible Preferred Share
dividends 136 136
Expense associated with dilutive
options 12 --
-------- --------
Funds from Operations - diluted
("Diluted FFO") 12,331 10,560
Less: Straight line rent
adjustments (991) (816)
Less: Recurring capital improvements (1,382) (1,153)
-------- --------
Adjusted Funds from Operations -
diluted ("Diluted AFFO") $ 9,958 $ 8,591
======== ========
Basic weighted average shares
Weighted average Common Shares 22,704 20,077
Weighted average Common Units 9,391 9,335
-------- --------
Basic weighted average Common
Shares/Units 32,095 29,412
Conversion of share options 1,040 334
Conversion of weighted average
Conv. Preferred Shares 1,197 1,197
Conversion of Preferred Units 2,421 2,421
-------- --------
Diluted weighted average Common
Shares (3) 36,753 33,364
======== ========
Diluted FFO per Common Share $ 0.34 $ 0.32
======== ========
Diluted AFFO per Common Share $ 0.27 $ 0.26
======== ========
Dividends/distributions per
Common Share/Unit $ 0.21 $ 0.20
======== ========
Diluted FFO payout ratio 60% 62%
======== ========
Diluted AFFO payout ratio 75% 77%
======== ========
----------------------------------------------------------------------
(1) The effect of the conversions of Preferred Units and Common
Units is antidilutive in calculating diluted earnings per
share for the three months ended June 30, 2002 and 2001.
(2) A portion of the gain from the sale of real estate that is
attributable to development services performed on the
properties is included in FFO.
(3) The Company reports a diluted FFO, which assumes the exercise
of any outstanding in-the-money options and the conversion of
the Company's Operating Partnership's Preferred Units and
Common Unit Warrants, and the Company's convertible Preferred
Shares.
Corporate Office Properties Trust
Summary Financial Data
(Unaudited)
(all amounts in thousands except per share data)
Six Months Ended
--------------------
June 30, June 30,
2002 2001
-------- --------
Real Estate Operations
Revenues
Rental revenue $ 63,162 $ 51,029
Tenant recoveries and other revenue 7,582 7,002
-------- --------
Revenue from real estate operations 70,744 58,031
-------- --------
Expenses
Property operating 20,368 16,848
Interest 17,569 15,792
Depreciation and amortization 14,383 10,684
-------- --------
Expenses from real estate
operations 52,320 43,324
-------- --------
Earnings from real estate operations
before equity in (loss) income of
unconsolidated real estate joint
ventures 18,424 14,707
Equity in (loss) income of
unconsolidated real estate joint
ventures (1) (4) 154
-------- --------
Earnings from real estate operations 18,420 14,861
Losses from service operations (194) (186)
General and administrative expense (4,110) (2,775)
-------- --------
Income before gain on sales of real
estate, minority interests, income
taxes, discontinued operations,
extraordinary item and cumulative
effect of accounting change 14,116 11,900
Gain on sales of real estate (1) 946 1,596
-------- --------
Income before minority interests,
income taxes, discontinued operations,
extraordinary item and cumulative
effect of accounting change 15,062 13,496
Minority interests (3,972) (4,523)
-------- --------
Income before income taxes,
discontinued operations, extraordinary
item and cumulative effect of
accounting change 11,090 8,973
Income tax benefit, net 52 52
-------- --------
Income before discontinued operations,
extraordinary item and cumulative
effect of accounting change 11,142 9,025
Discontinued operations, net (1) 174 92
-------- --------
Income before extraordinary item and
cumulative effect of accounting change 11,316 9,117
Extraordinary item - loss on early
retirement of debt, net (137) (136)
-------- --------
Income before cumulative effect of
accounting change 11,179 8,981
Cumulative effect of accounting
change, net -- (174)
-------- --------
Net income 11,179 8,807
Preferred Share dividends (5,067) (2,494)
-------- --------
Net income available to
Common Shareholders $ 6,112 $ 6,313
======== ========
Earnings per Common Share on income
before extraordinary item and
cumulative effect of accounting change
Basic $ 0.29 $ 0.33
======== ========
Diluted (2) $ 0.27 $ 0.32
======== ========
Corporate Office Properties Trust
Summary Financial Data
(Unaudited)
(all amounts in thousands except per share data and ratios)
Six Months Ended
---------------------
June 30, June 30,
2002 2001
-------- --------
Income before minority interests,
income taxes, discontinued
operations, extraordinary item
and cumulative effect of
accounting change $ 15,062 $ 13,496
Add: Real estate related
depreciation and amortization 13,218 9,738
Add: Discontinued operations,
gross 254 139
Less: Preferred Share dividends (5,067) (2,494)
Less: Preferred Unit distributions (1,144) (1,144)
Less: Gain on sales of real estate,
excluding redevelopment
portion (3) (93) (416)
Minority interests in other
consolidated entities (45) (54)
Income tax benefit, gross 77 78
-------- --------
Funds from Operations - basic
("Basic FFO") 22,262 19,343
Add: Preferred Unit distributions 1,144 1,144
Add: Convertible Preferred Share
dividends 272 236
Expense associated with dilutive
options 26 --
-------- --------
Funds from Operations - diluted
("Diluted FFO") 23,704 20,723
Less: Straight line rent
adjustments (1,205) (1,506)
Less: Recurring capital
improvements (3,000) (2,269)
-------- --------
Adjusted Funds from Operations -
diluted ("Diluted AFFO") $ 19,499 $ 16,948
======== ========
Basic weighted average shares
Weighted average Common Shares 21,801 20,034
Weighted average Common Units 9,499 9,361
-------- --------
Basic weighted average Common
Shares/Units 31,300 29,395
Conversion of share options 915 287
Conversion of weighted average
Conv. Preferred Shares 1,197 1,038
Conversion of Preferred Units 2,421 2,421
-------- --------
Diluted weighted average Common
Shares (4) 35,833 33,141
======== ========
Diluted FFO per Common Share $ 0.66 $ 0.63
======== ========
Diluted AFFO per Common Share $ 0.54 $ 0.51
======== ========
Dividends/distributions per Common
Share/Unit $ 0.42 $ 0.40
======== ========
Diluted FFO payout ratio 63% 63%
======== ========
Diluted AFFO payout ratio 76% 78%
======== ========
----------------------------------------------------------------------
(1) In the first quarter of 2002, the Company sold a land parcel
and an interest in a real estate joint venture; the income and
gains on sale derived from these assets were classified as
discontinued operations in the first quarter's Form 10-Q filed
with the Securities and Exchange Commission and the earnings
press release issued by the Company. In the above referenced
summary financial data, the Company reclassified the income
earned from the real estate joint venture prior to its sale
from the line entitled discontinued operations to the line
entitled equity in income of unconsolidated real estate joint
ventures; the Company also reclassified the gain on sales of
these assets from the line entitled discontinued operations to
the line entitled gain on sales of real estate. These
reclassifications were made as a result of recent
interpretations of Statements of Financial Accounting
Standards No. 144, "Accounting for the Impairment of Disposal
of Long-Lived Assets."
(2) The effect of the conversions of Preferred Units and Common
Units is antidilutive in calculating diluted earnings per
share for the six months ended June 30, 2002 and 2001.
(3) A portion of the gain from the sale of real estate that is
attributable to development services performed on the
properties is included in FFO.
(4) The Company reports a diluted FFO, which assumes the exercise
of any outstanding in-the-money options and the conversion of
the Company's Operating Partnership's Preferred Units and
Common Unit Warrants, and the Company's convertible Preferred
Shares.
Corporate Office Properties Trust
Summary Financial Data
(Unaudited)
June 30, December 31,
2002 2001
---------- ----------
Balance Sheet Data (in thousands)
(as of period end):
Real estate investments, net of
accumulated depreciation $ 995,311 $ 927,053
Total assets 1,051,340 984,210
Mortgages payable 633,498 573,327
Total liabilities 659,253 615,507
Minority interests 103,746 104,782
Beneficiaries' equity 288,341 263,921
Debt to Undepreciated Book Value 59.9% 58.6%
Debt to Total Market
Capitalization 51.0% 53.7%
Interest Coverage for the Quarter
Ended (on EBITDA) 2.69x 2.68x
Property Data, including joint
ventures (as of period end):
Number of operating properties
owned 108 98
Total net rentable square feet
owned (in thousands) 8,404 7,801
Occupancy 94.1% 96.1%
Common Share price (as of
period end): $ 14.59 $ 11.87
Top Twenty Office Tenants as of June 30, 2002
(Dollars and Square Feet in thousands)
Percentage
Total of Total
Number of Occupied Occupied
Tenant Leases Square Feet Square Feet
------ ------ ----------- -----------
United States of America (3) 21 896,012 11.30%
AT&T Local Services (4) 7 451,498 5.70%
Unisys (5) 3 741,284 9.40%
Dyncorp Information Systems, LLC 1 244,522 3.10%
Computer Sciences Corporation 2 207,232 2.60%
General Dynamics Government Corp. 3 173,486 2.20%
Ciena Corporation (6) 5 298,482 3.80%
Magellan Behavioral Health, Inc. 2 150,622 1.90%
Booz-Allen & Hamilton 4 151,960 1.90%
Northrop Grumman Systems 3 125,913 1.60%
Commonwealth of Pennsylvania (4) 9 185,353 2.30%
Merck & Co., Inc. (5) 1 219,065 2.80%
CareFirst, Inc. and Subsidiaries 3 94,223 1.20%
Bookham Technology, Inc. 1 150,000 1.90%
Johns Hopkins University (4) 4 81,935 1.00%
Genuity, Inc. 2 47,344 0.60%
Sun Microsystems, Inc. 2 60,730 0.80%
First American Credit Management
Solutions, Inc. 1 70,982 0.90%
Honeywell International 1 145,806 1.80%
Deutsche Banc Alex. Brown 1 84,354 1.10%
Subtotal Top 20 Office Tenants 76 4,580,803 57.90%
All remaining tenants 380 3,327,554 42.10%
--- --------- ------
Total/Weighted Average 456 7,908,357 100.00%
=== ========= =======
Percentage Weighted
Total of Total Average
Rental Rental Remaining
Tenant Revenue(1) Revenue Lease Term(2)
------ ---------- ------- -------------
United States of America (3) $16,710 11.90% 4
AT&T Local Services (4) 9,159 6.50% 6
Unisys (5) 7,444 5.30% 7
Dyncorp Information Systems, LLC 5,384 3.80% 8.5
Computer Sciences Corporation 4,779 3.40% 7.5
General Dynamics Government Corp. 4,080 2.90% 6.6
Ciena Corporation (6) 4,007 2.90% 3.5
Magellan Behavioral Health, Inc. 3,259 2.30% 1.6
Booz-Allen & Hamilton 3,084 2.20% 3
Northrop Grumman Systems 2,922 2.10% 5.6
Commonwealth of Pennsylvania (4) 2,624 1.90% 6.1
Merck & Co., Inc. (5) 2,237 1.60% 7
CareFirst, Inc. and Subsidiaries 2,044 1.50% 5.5
Bookham Technology, Inc. 1,900 1.40% 5.6
Johns Hopkins University (4) 1,798 1.30% 4.2
Genuity, Inc. 1,641 1.20% 1.9
Sun Microsystems, Inc. 1,484 1.10% 3.5
First American Credit Management
Solutions, Inc. 1,374 1.00% 6.4
Honeywell International 1,334 1.00% 3.6
Deutsche Banc Alex. Brown 1,327 0.90% 1.9
Subtotal Top 20 Office Tenants 78,590 56.00% 5.3
All remaining tenants 61,838 44.00% 3.4
------ ------ ---
Total/Weighted Average $140,428 100.00% 4.4
======== ======
(1) Total Rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. Revenue is the monthly contractual base rent as of June 30, 2002 multiplied mul·ti·ply 1 v. mul·ti·plied, mul·ti·ply·ing, mul·ti·plies v.tr. 1. To increase the amount, number, or degree of. 2. Mathematics To perform multiplication on. by 12 plus the estimated annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. expense reimbursements under existing office leases. (2) The weighting of the lease term was computed using Total Rental Revenue. (3) Many of our government leases are subject to early termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. provisions which are customary to government leases. The weighted average remaining lease term was computed assuming no exercise of such early termination rights. (4) Includes affiliated af·fil·i·ate v. af·fil·i·at·ed, af·fil·i·at·ing, af·fil·i·ates v.tr. 1. To adopt or accept as a member, subordinate associate, or branch: organizations or agencies. (5) Merck Merck may refer to:
Unisys' 960,349 leased rentable square feet. (6) In addition to the 298,482 square feet directly leased, Ciena Corporation also subleases 107,064 rentable square feet from various tenants in our portfolio over different lease terms. |
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