Corporate Office Properties Trust Sells 182,000 Square Foot Constellation Centre Building and Sells an Ownership Interest in 695 Route 46, Fairfield, New Jersey Building.Business Editors COLUMBIA, Md.--(BUSINESS WIRE)--April 11, 2003 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 ), the largest owner of office space in the Baltimore/Washington Corridor, announced today the sale of Constellation Centre, a 182,000 square foot office building and two development land parcels for $21.3 million. The sale closed on March 31, 2003. Constellation Centre is located at 6009 Oxon Hill Road in Southern Prince George's County, Maryland
Prince George's County is located in the U.S. state of Maryland located immediately north, east, and south of Washington, D.C. . In addition, the Company announced the sale of an 80% ownership interest in 695 Route 46, a 157,000 square foot building, for $20.0 million. The building is located in Fairfield, New Jersey. The sale closed on March 14, 2003. The Company recognized an approximate $3.4 million gain on the Constellation Centre sale. The gain on the 695 Route 46 transaction will be deferred due to the Company's remaining investment. "Both Constellation Centre and 695 Route 46 are located outside of our core markets. Our plan is to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose non-core assets and re-deploy the $12 million of 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). generated by the sales into higher yielding assets located within our core markets," stated Randall M. Griffin, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "In the case of Constellation Centre, the Company does not own any other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. within Southern Prince George's County, and does not consider this a core market area. The sale of a partial interest in the 695 Route 46 building will allow the Company to recycle equity from the building to be available for investment into acquisitions and new development, while at the same time maintaining management of the building," 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 110 office properties totaling 9.0 million rentable square feet, including one 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. 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. The Company undertakes no obligation to update or supplement forward-looking statements. For further information, please refer to the Company's filings with the Securities and Exchange Commission. |
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