Corporate Office Properties Trust / OFC

About Corporate Office Properties Trust

6711 Columbia Gateway Dr., Suite 300, Columbia, Md. 21046
www.copt.com | 443-285-5400 | Founded: 1988

Industry: Real Estate | Category: Public Companies

The company continued its expansion last year while shedding non-core office properties in Baltimore and elsewhere. It purchased $129 million worth of operating properties, which added 1 million square feet to its portfolio. That was short of the company's goal of $300 million in acquisitions by year-end. But early this year, the company closed on a $362 million purchase of the Nottingham offices, making it the largest owner of buildings in Baltimore County. It also paid $5 million for 500 acres of the former Fort Ritchie Army base, which was closed under the government's military realignment plan.
The company ended 2006 with 16 million square feet and owns land for the development of 12 million square feet. The Nottingham acquisition added about 2 million square feet to the firm's portfolio.
The firm grew relatively fast compared with other REITs. Its stock price rose about 46 percent in 2006, and its total market capitalization reached $4.3 billion. Randall M. Griffin, who was named president and chief executive in 2005, said in a conference call with investors that he expects the company to reach a market capitalization of $5 billion this year.
The company continued to expand beyond the Washington area by building in the Colorado Springs market, which it entered in 2005. But it also disposed of non-core properties, selling eight buildings totaling 689,000 square feet for $87.4 million in New Jersey and near Baltimore-Washington International Thurgood Marshall Airport.

President and CEO: Randall M. Griffin

2006 Financial Data

Revenues: $361,403,000 | Net Income: $49,227,000
Asssets: $2,419,601,000 | Earnings Per Share: $0.69
Stockholder Equity: $674,303,000 | Annual Dividend: $1.18
Total employees: 313 | Local employees: 280