Corporate Office Properties Trust Announces Second Quarter 2001 Results With 10.3% Growth in FFO Per Share.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 25, 2001 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 second quarter ended June June: see month. 30, 2001. Second Quarter 2001 Highlights
-- 10.3% increase in second quarter Funds From Operations ("FFO") per diluted
share to $0.32 from $0.29 for second quarter 2000.
-- 8.3% increase in second quarter Adjusted Funds From Operations ("AFFO") per
diluted share to $0.26 from $0.24 in second quarter 2000.
-- 21.4% increase in second quarter earnings per diluted share ("EPS") to $0.17
from $0.14 for second quarter 2000.
-- 76.9% of expiring office leases renewed, representing 186,083 square feet,
with an average capital cost of $5.58 per square foot.
-- 26.2% increase in base rent on renewed and retenanted space during the
quarter.
-- Acquired for $13.0 million, two 100% leased operating properties totaling
110,675 square feet, and one 30,855 square foot redevelopment property in the
Columbia Gateway Business Park, located in Columbia, Maryland.
-- Disposed of one 65,277 square foot property located in Cranbury, New Jersey
for $11.5 million, generating $4.5 million in net proceeds.
-- Completed construction of a 43,785 square foot property located in
Montpelier Research Park, Columbia, Maryland. The property, developed through a
joint venture, is 100% leased to Johns Hopkins University.
Subsequent to Quarter-End -- Acquired for $6.9 million the remaining 60% interest in a joint venture holding five properties totaling 314,594 square feet in the BWI BWI abbr. British West Indies Airport submarket sub·mar·ket n. A geographic, economic, or specialized subdivision of a market. adj. Being below what is usual in a particular market: submarket wages; submarket interest rates. . "We are pleased to report another solid quarter for the company, achieving a 10.3% increase in FFO FFO See: Funds from operations per share," stated Clay W. Hamlin Hamlin may refer to: In places:
execute - execution our focused strategy of increasing our concentration in our existing office parks, acquiring $47 million in assets year-to- date, and we remain on track to achieve 10% FFO growth for this year," he added. 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 for the quarter ended June 30, 2001 totaled $10.6 million, or $0.32 per diluted share, as compared to $9.3 million, or $0.29 per diluted share, for the quarter ended June 30, 2000, representing a 10.3% increase on a per share basis. Diluted AFFO AFFO Adjusted Funds From Operation for the quarter ended June 30, 2001 totaled $8.6 million, or $0.26 per diluted share, as compared to $7.6 million, or $0.24 per diluted share, for the quarter ended June 30, 2000, representing an 8.3% increase on a per share basis. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the quarter ended June 30, 2001 was $0.17 per share as compared to $0.14 per share for the quarter ended June 30, 2000, representing a 21.4% increase. Diluted FFO for the six months ended June 30, 2001 totaled $20.7 million, or $0.63 per diluted share, as compared to $18.2 million, or $0.56 per diluted share, for the six months ended June 30, 2000, representing a 12.5% increase on a per share basis. AFFO for the six months ended June 30, 2001 totaled $16.9 million, or $0.51 per diluted share, as compared to $15.1 million, or $0.47 per diluted share, for the six months ended June 30, 2000, representing an 8.5% increase on a per share basis. Diluted earnings per share for the six months ended June 30, 2001 was $0.31 per share, compared to $0.28 per share for the six months ended June 30, 2000, representing a 10.7% increase. 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 2001 was 62.4%. On an AFFO basis, the Company's payout ratio was 76.7% for the quarter. As of June 30, 2001, the Company had a total market capitalization Total Market Capitalization The total market value of all of a firm's outstanding securities. of $873.3 million, comprised of $298.3 million of common equity, $99.0 million of preferred equity at redemption value Redemption Value refers to the value that is placed on a party's head after they wrong you in some way. It is seen as the payment you are willing to make to get justice. and $476.0 million in debt. At June 30, 2001, the Company had a 54.5% debt-to-total 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. ratio. The Company's total weighted average interest rate was 7.2%, the 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 was 2.64x for the quarter ended June 30, 2001, and the fixed charge coverage was 2.06x. Operating Results At June 30, 2001, the Company's portfolio included 91 office properties totaling 7.0 million square feet located predominately in four 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. ; 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 the 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 submarket. At June 30, 2001, the portfolio was 97% 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 98% leased to more than 400 tenants. During the quarter, 76.9% 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 were 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. , representing 186,083 square feet of office space. The Company achieved a 21.0% increase in cash base rents and a 26.2% 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 on the renewed and retenanted space with an average capital expenditure of $5.58 per square foot, including tenant improvements and leasing commissions. "Our continued 97% occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy level and 77% renewal rate for the quarter demonstrate the stability of our high credit, large tenants and the benefits of our market presence 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," stated 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. . "We continue to proactively work with our tenant base in renewing 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. and releasing space ahead of schedule. At the start of the year we had 11% of our portfolio scheduled to expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. in 2001, which we have now reduced down to only 4%. Additionally, our in-place rents are substantially below market, as was clearly shown by our 26% increase in renewal base rents during the second quarter," he added. Acquisitions/Dispositions The Company acquired for $13.0 million two operating properties totaling 110,675 square feet and one 30,855 square foot redevelopment property in the Columbia Gateway Business Park, Columbia, Maryland Columbia is a census-designated place and planned community in Howard County, Maryland, United States. It is a suburb of Baltimore, and, to a lesser degree, Washington, DC. It began with the idea that a city could enhance its residents' quality of life. . The two buildings are 100% leased, primarily to State Farm Mutual, General Physics Corporation and Arbitron Arbitron (NYSE: ARB) is a radio audience research company in the United States which collects listener data on radio audiences similar to that collected by Nielsen Media Research on television audiences. . Our market share increased to over 30% in the Columbia Gateway Business Park. On June 18, 2001, we sold 19 Commerce Drive, a 65,277 square foot building and development opportunity located in Cranbury, New Jersey for $11.5 million, generating net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $4.5 million. Construction/Development Activity During the quarter, the Company delivered one building totaling 43,785 square feet located in the Montpelier Montpelier, estate, United States Montpelier, estate, central Va., near Charlottesville; formerly the home of President James Madison. The brick mansion was built c.1760 by Madison's father. Madison and his wife are buried nearby. Research Park, Columbia, Maryland. The property is 100% leased to Johns Hopkins University Johns Hopkins University, mainly at Baltimore, Md. Johns Hopkins in 1867 had a group of his associates incorporated as the trustees of a university and a hospital, endowing each with $3.5 million. Daniel C. , and was developed through a joint venture in which the Company holds an 80% interest. During June, the Company signed a ten-year lease with Titan Titan, in astronomy Titan (tī`tən), in astronomy, the largest of the named moons, or natural satellites, of Saturn. Also known as Saturn VI (or S6), Titan is 3,200 mi (5,150 km) in diameter, orbits Saturn at a mean distance of Systems Corporation for 29,741 square feet in the building under construction known as 201 National Business Park. The building is now 77.1% pre-leased. At quarter-end, the Company had eight buildings under construction totaling 702,286 square feet, for a total anticipated investment of $107.5 million, of which four are owned through joint ventures. The buildings are currently 39.1% pre-leased. All eight buildings are located in the Baltimore/Washington corridor. Financing and Capital Transactions In April, the Company raised $28.75 million in gross proceeds through the issuance of 1,150,000 Series E cumulative redeemable Redeemable Eligible for redemption under the terms of an indenture. preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. . The shares have a 10.25% coupon A certificate evidencing the obligation to pay an installment of interest or a dividend that must be cut and presented to its issuer for payment when it is due. Coupons are usually attached to a document, such as a promissory note, bond, share of stock, or a bearer , a liquidation value Liquidation value Net amount that could be realized by selling the assets of a firm after paying the debt. of $25 per share, and may be redeemed re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. at par, at the Company's option, after July July: see month. 15, 2006. During the quarter, the Company closed three permanent loans for $73.8 million with a blended blend v. blend·ed or blent , blend·ing, blends v.tr. 1. To combine or mix so that the constituent parts are indistinguishable from one another: fixed interest rate of 7.13% and an average term of 7.4 years. The net proceeds were utilized to repay existing debt. In June, the Company repaid and retired its revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility with Prudential Prudential is the name of two different companies and buildings named after them: Companies:
The Company paid $0.20 in common dividends per share Dividends per share Dividend paid for the past 12 months divided by the number of common shares outstanding, as reported by a company. The number of shares often is determined by a weighted average of shares outstanding over the reporting term. during the quarter. Subsequent Events In July, the Company acquired for $6.9 million the remaining 60% interest in a joint venture, which owned five properties totaling 314,594 square feet in the BWI Airport submarket, which were initially acquired by the joint venture in March 2001. Conference Call The Company will hold a conference call to discuss the second quarter results on July 26, 2001, 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) 457-2637. The confirmation code for the call is 507300. A replay of the conference call will begin at 7:00 p.m., EDT and will be available through Thursday Thursday: see week. , August 2, 2001 midnight EDT. The telephone number for the replay is (719) 457-0820. 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 91 office properties totaling 7.0 million rentable square feet including one 43,785 square foot property held through a joint venture. 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. 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 Note: This press release contains "forward looking" statements, as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, that are based on the Company's current expectations, estimates and projections about future events and financial trends affecting the financial condition of the business. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . These statements are not guarantees of future performance, events or results and involve potential risks and uncertainties. Accordingly, actual results may differ materially. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the Company's filings with the Securities and Exchange Commission. Additional information pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to the Company's properties and operations as of and for the period ended June 30, 2001, is available in the Company's Supplemental Information package. This supplemental package is filed on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. with the Securities and Exchange Commission and is available upon request or on our website: www.copt.com.
Corporate Office Properties Trust
Summary Financial Data
(Unaudited)
(all amounts in thousands except per share data)
Three Months Ended
--------------------------
June 30, June 30,
2001 2000
-------- --------
Real Estate Operations
Revenues
Rental revenue $ 25,960 $ 23,154
Tenant recoveries
and other revenue 2,951 3,263
-------- --------
Total revenue from
real estate operations 28,911 26,417
-------- --------
Expenses
Property operating 8,558 7,437
Interest 7,762 7,404
Depreciation and
amortization 5,503 4,618
-------- --------
Total expenses from
real estate operations 21,823 19,459
-------- --------
Earnings from real estate
operations before equity in
income of unconsolidated
real estate joint ventures 7,088 6,958
Equity in income of unconsolidated
real estate joint ventures 124 --
-------- --------
Earnings from real estate
operations 7,212 6,958
Earnings (losses) from service
operations 143 (48)
General and administrative (1,329) (1,160)
-------- --------
Income before gain on sales
of properties, minority interests,
income taxes and extraordinary item 6,026 5,750
Gain on sales of properties 1,596 57
-------- --------
Income before minority interests,
income taxes and extraordinary
item 7,622 5,807
Minority interests (2,446) (2,069)
-------- --------
Income before income taxes
and extraordinary item 5,176 3,738
Income tax expense, net (29) --
-------- --------
Income before extraordinary
item 5,147 3,738
Extraordinary item - loss on
early retirement of debt, net (66) (26)
-------- --------
Net income 5,081 3,712
Preferred Share dividends (1,613) (1,119)
-------- --------
Net income available to
Common Shareholders $ 3,468 $ 2,593
======== ========
Earnings per Common Share on
income before extraordinary item
Basic $ 0.18 $ 0.15
======== ========
Diluted (1) $ 0.17 $ 0.14
======== ========
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,
2001 2000
---------- ---------
Income before minority interests,
income taxes and extraordinary item $ 7,622 $ 5,807
Less: Preferred Unit distributions (572) (548)
Less: Gain on sales of rental
properties, excluding redevelopment
portion (2) (416) (57)
Less: Preferred Share dividends (1,613) (1,119)
Minority interests in other
consolidated entities (58) (4)
Income tax expense, gross (44) --
Add: Real estate related depreciation
and amortization 4,933 4,284
---------- ---------
Funds from Operations - basic
("Basic FFO") 9,852 8,363
Add: Preferred Unit distributions 572 548
Add: Convertible Preferred Share
dividends 136 339
---------- ---------
Funds from Operations -
diluted ("Diluted FFO") 10,560 9,250
Less: Straight line rent adjustments (816) (693)
Less: Recurring capital improvements (1,153) (923)
---------- ---------
Adjusted Funds from Operations -
diluted ("Diluted AFFO") $ 8,591 $ 7,634
========== =========
Basic weighted average shares
Weighted average Common Shares 20,077 18,014
Weighted average Common Units 9,335 9,556
---------- ---------
Basic weighted average Common
Shares/Units 29,412 27,570
Assumed conversion of share options 334 181
Assumed conversion of Common Unit
Warrants -- 476
Conversion of weighted average
Conv. Preferred Shares 1,197 1,845
Conversion of Preferred Units 2,421 2,321
---------- ---------
Diluted weighted average Common Shares (3) 33,364 32,393
========== =========
Diluted FFO per Common Share $ 0.32 $ 0.29
========== =========
Diluted AFFO per Common Share $ 0.26 $ 0.24
========== =========
Dividends/distributions per Common
Share/Unit $ 0.20 $ 0.19
========== =========
Diluted FFO payout ratio 62% 66%
========== =========
Diluted AFFO payout ratio 77% 80%
========== =========
----------------------------------------------------------------------
(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, 2001. The effect of the conversions of
Preferred Shares, Preferred Units and Common Units is antidilutive
in calculating earnings per share for the three months ended June
30, 2000.
(2) A portion of the gain from the sale of 19 Commerce Drive in the
second quarter of 2001 is included in FFO since it related to
redevelopment services performed on the property.
(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 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,
2001 2000
--------- ---------
Real Estate Operations
Revenues
Rental revenue $ 51,579 $ 45,060
Tenant recoveries and other revenue 7,033 7,218
--------- ---------
Total revenue from real
estate operations 58,612 52,278
--------- ---------
Expenses
Property operating 17,024 15,045
Interest 15,956 14,338
Depreciation and amortization 10,786 8,797
--------- ---------
Total expenses from real
estate operations 43,766 38,180
--------- ---------
Earnings from real estate
operations before equity in
income of unconsolidated real
estate joint ventures 14,846 14,098
Equity in income of unconsolidated
real estate joint ventures 154 --
--------- ---------
Earnings from real estate operations 15,000 14,098
Losses from service operations (186) (1)
General and administrative (2,775) (2,508)
--------- ---------
Income before gain on sales of
properties, minority interests,
income taxes, extraordinary item
and cumulative effect of
accounting change 12,039 11,589
Gain on sales of properties 1,596 57
--------- ---------
Income before minority interest,
income taxes, extraordinary
item and cumulative effect of
accounting change 13,635 11,646
Minority interests (4,570) (4,258)
--------- ---------
Income before income taxes,
extraordinary item and cumulative
effect of accounting change 9,065 7,388
Income tax benefit, net 52 --
--------- ---------
Income before extraordinary item
and cumulative effect of
accounting change 9,117 7,388
Extraordinary item - loss on
early retirement of debt, net (136) (26)
--------- ---------
Income before cumulative effect
of accounting change 8,981 7,362
Cumulative effect of accounting
change, net (174) --
--------- ---------
Net income 8,807 7,362
Preferred Share dividends (2,494) (2,239)
--------- ---------
Net income available to Common
Shareholders $ 6,313 $ 5,123
========= =========
Earnings per Common Share on
income before extraordinary item
and cumulative effect of
accounting change
Basic $ 0.33 $ 0.29
========= =========
Diluted (1) $ 0.32 $ 0.28
========= =========
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,
2001 2000
--------- -----------
Income before minority
interests, income
taxes, extraordinary
item and cumulative
effect of accounting
change
13,635 $11,646
Less: Preferred Unit
distributions (1,144) (1,096)
Less: Gain on sales of
rental properties,
excluding
redevelopment
portion (2) (416) (57)
Less: Preferred Share
dividends (2,494) (2,239)
Minority interests in
other consolidated
entities (54) (11)
Income tax benefit,
gross 78 --
Add: Real estate
related depreciation
and amortization 9,738 8,134
--------- -----------
Funds from Operations
- basic ("Basic FFO") 19,343 16,377
Add: Preferred Unit
distributions 1,144 1,096
Add: Convertible
Preferred Share
dividends 236 677
--------- -----------
Funds from Operations
- diluted
("Diluted FFO") 20,723 18,150
Less: Straight line
rent adjustments (1,506) (1,435)
Less: Recurring
capital improvements (2,269) (1,652)
Adjusted Funds from
Operations - diluted
("Diluted AFFO")
========= ==========
$16,948 $15,063
Basic weighted average
shares
Weighted average
Common Shares 20,034 17,684
Weighted average
Common Units 9,361 9,918
--------- -----------
Basic weighted average
Common Shares/Units 29,395 27,602
Assumed conversion
of share options 287 119
Assumed conversion
of Common Unit
Warrants -- 476
Conversion of
weighted average
Conv. Preferred
Shares 1,038 1,845
Conversion of
Preferred Units 2,421 2,321
--------- -----------
Diluted weighted
average Common Shares
(3) 33,141 32,363
========= ==========
Diluted FFO per Common
Share $0.63 $0.56
========= ==========
Diluted AFFO per Common
Share $0.51 $0.47
========= ==========
Dividends/distributions
per Common Share/Unit $0.40 $0.38
========= ==========
Diluted FFO payout
ratio 63% 67%
========= ==========
Diluted AFFO payout
ratio 78% 81%
========= ==========
(1) 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, 2001. The effect of the conversions of
Preferred Shares, Preferred Units and Common Units is antidilutive
in calculating earnings per share for the six months ended June
30, 2000.
(2) A portion of the gain from the sale of 19 Commerce Drive in the
second quarter of 2001 is included in FFO since it related to
redevelopment services performed on the property.
(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 Preferred Shares.
Corporate Office Properties Trust
Summary Financial Data
(Unaudited)
June 30, December 31,
2001 2000
------------ -------------
Balance Sheet Data (in
thousands) (as of period
end):
Real estate investments,
net of accumulated
depreciation $792,000 $751,587
Total assets 848,807 794,837
Mortgages payable 475,999 474,349
Total liabilities 514,170 495,549
Minority interests 103,491 105,560
Beneficiaries' equity 231,146 193,728
Debt to Undepreciated
Book Value 57.1% 60.4%
Debt to Total Market
Capitalization 54.5% 57.3%
Interest Coverage (on
EBITDA) 2.64x 2.33x
Property Data, including
joint ventures (as of
period end):
Number of operating
properties owned 91 83
Total net rentable square
feet owned (in
thousands) 6,956 6,473
Occupancy 96.9% 97.0%
Common Share price (as
of period end): $10.00 $9.9375
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