SPY391.77+4.27 1.10%
DIA319.53+4.14 1.31%
IXIC13,597.97+132.77 0.99%

Press Release: COPT Reports Fourth Quarter and -4-

· 02/04/2021 16:16
CONTACT: IR Contacts:Less: Amortization of net debt discounts, net of amounts capitalized (504) (382) (1,733) (1,503) Less: Accum. other comprehensive loss on derivatives amortized to expense -- -- -- (79) COPT's share of interest expense of unconsolidated real estate JVs, excluding deferred financing costs 422 416 1,749 1,332 Scheduled principal amortization 1,048 1,010 4,125 4,310 Capitalized interest 2,620 3,467 12,060 10,786 Preferred unit distributions 69 77 300 564 ------- ------- -------- -------- Denominator for fixed charge coverage-Adjusted EBITDA $20,139 $20,824 $ 81,899 $ 84,326 ====== ====== ======= ======= Corporate Office Properties Trust Summary Financial Data (unaudited) (in thousands) For the Three Months Ended For the Years December 31, Ended December 31, ------------------ ---------------------- 2020 2019 2020 2019 -------- -------- --------- ----------- Reconciliations of tenant improvements and incentives, building improvements and leasing costs for operating properties to replacement capital expenditures Tenant improvements and incentives $ 9,165 $11,447 $ 36,342 $ 38,047 Building improvements 7,523 8,826 34,060 26,598 Leasing costs 1,514 2,998 8,432 11,663 Net (exclusions from) additions to tenant improvements and incentives (370) (426) 1,042 (2,292) Excluded building improvements and leasing costs (3,859) (2,983) (18,932) (10,227) ------- ------- -------- -------- Replacement capital expenditures $13,973 $19,862 $ 60,944 $ 63,789 ====== ====== ======= ======= Same Properties cash NOI $74,240 $74,223 $292,083 $287,589 Straight line rent adjustments and lease incentive amortization (1,831) (2,681) (5,372) (3,584) Amortization of acquired above- and below-market rents 99 197 390 312 Amortization of intangibles and other assets to property operating expenses -- (23) (69) (92) Lease termination fees, gross 399 417 1,451 2,046 Tenant funded landlord assets and lease incentives 248 754 812 2,206 ------- ------- -------- -------- Same Properties NOI $73,155 $72,887 $289,295 $288,477 ====== ====== ======= ======= December 31, December 31, 2020 2019 -------------- ---------------- Reconciliation of total assets to adjusted book Total assets $ 4,077,023 $ 3,854,453 Accumulated depreciation 1,124,253 1,007,120 Accumulated amortization of real estate intangibles and deferred leasing costs 217,124 212,547 COPT's share of liabilities of unconsolidated real estate JVs 26,710 50,734 COPT's share of accumulated depreciation and amortization of unconsolidated real estate JVs 1,489 8,164 Less: Property - operating lease liabilities (30,746) (17,317) Less: Property - finance lease liabilities (28) (702) Less: Cash and cash equivalents (18,369) (14,733) Less: COPT's share of cash of unconsolidated real estate JVs (152) (498) ------------- ------------- Adjusted book $ 5,397,304 $ 5,099,768 ========= ========= Reconciliation of debt outstanding to net debt and net debt plus preferred equity Debt outstanding (excluding net debt discounts and deferred financing costs) $ 2,127,715 1,893,057 Less: Cash and cash equivalents (18,369) (14,733) Less: COPT's share of cash of unconsolidated real estate JVs (152) (498) ------------- ------------- Net debt $ 2,109,194 $ 1,877,826 Preferred equity -- 8,800 ------------- ------------- Net debt plus preferred equity $ 2,109,194 $ 1,886,626 ========= =========

View source version on businesswire.com: https://www.businesswire.com/news/home/20210204006020/en/

Stephanie Krewson-Kelly

443-285-5453

stephanie.kelly@copt.com

Michelle Layne

443-285-5452

michelle.layne@copt.com

(END) Dow Jones Newswires

February 04, 2021 16:16 ET (21:16 GMT)