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Corporate Office Properties Announces First Quarter Results

COLUMBIA, MD-The REIT says its first-quarter FFO are up 10.7%, that it completed a 78,640-sf development at Columbia Gateway Business Park and raised $12 million in equity.

By Wendy Watkins | Updated on April 27, 2001

COLUMBIA, MD-Corporate Office Properties Trust reports its funds from operation during the first quarter are up 10.7% and that more than 98% of its expiring office leases were renewed, representing 84,972 sf, with an average capital cost of $6.88 per sf.

Among the company’s first quarter results: a 20.4% increase in base rent on new and renewed leases, 13.5% increase in total diluted FFO to $10.1 million and an 8.7% boost in adjusted FFO. During the same time frame, the firm also bought five properties at BWI airport in a joint venture, completed a 78,640 sf development at Columbia Gateway Business Park that is 87% leased and raised $12 million in equity by issuing preferred shares.

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