Corporate Office Properties Trust Receives Energy Award for Improvements at Westfields Corporate Center.Business Editors COLUMBIA, Md.--(BUSINESS WIRE)--March 17, 2003 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. Electric Cooperative Cites Company for Outstanding Results in Energy Conservation Program 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 ) has been honored by the Northern Virginia Electric Cooperative (NOVEC NOVEC Northern Virginia Electric Cooperative ) for efforts and achieved results to conserve energy at Washington Technology Park, a 470,000 square foot office building located in Westfields Corporate Center in Chantilly, Virginia Chantilly is an unincorporated community located in western Fairfax County and southeastern Loudoun County of Northern Virginia. Recognized by the U.S. Census Bureau as a census designated place (CDP), the community population was 41,041 as of the 2000 census. . NOVEC, an electric distribution system that provides energy and services to nearly 110,000 customers in the Northern Virginia area, presented its "2003 Outstanding Achievement in Energy Management Award" to the Company. The investment in new lighting and equipment, implemented during first quarter 2002, netted nearly $300,000 in cost savings for year-end 2002, with kilowatt hour demand dropping by 10.4%. The energy conservation efforts were focused on the replacement of approximately 5,000 fluorescent light fixtures, and the installation of variable speed drives that increase overall efficiency. The program was performed by Corporate Realty Management (CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ), the property management subsidiary of Corporate Office Properties. The lighting improvements, in addition to reducing operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , also enhanced the interior office spaces with increased light output, decreased the energy load on the HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free system and created a modernized business environment. CRM is making plans to implement additional retrofits this year. "We consider it our corporate responsibility to continually look for new methods to conserve energy," stated Michael D. Kaiser, President of Corporate Realty Management. "The remarkably successful program at Westfields Corporate Center benefits the tenants, our shareholders, and the residents and businesses throughout the Northern Virginia region. The Company intends to utilize this program as a model to achieve similar results throughout our office portfolio," he added. 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 111 office properties totaling 9.1 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 at www.copt.com. Forward-Looking 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. |
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