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Corporate Office Properties Trust (OFC)

Corporate Office Properties Trust (COPT) is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties. The majority of its portfolio is in locations that support the United States Government and its contractors, most of whom are engaged in national security, defense and information technology ('IT') related activities servicing what it believes are growing, durable, priority missions ('Defense/IT Locations'). The Company also owns a portfolio of office properties located in select urban/urban-like submarkets in the Greater Washington, DC/Baltimore region with durable Class-A office fundamentals and characteristics ('Regional Office Properties'). As of December 31, 2020, the Company derived 87% of its core portfolio annualized rental revenue from Defense/IT Locations and 13% from its Regional Office Properties. As of the same date and including 17 properties owned through unconsolidated joint ventures, COPT's core portfolio of 179 office and data center shell properties encompassed 20.8 million square feet and was 95.0% leased; the Company also owned one wholesale data center with a critical load of 19.25 megawatts that was 86.7% leased.

Company profile

Ticker
OFC
Exchange
Website
CEO
Stephen Budorick
Employees
Incorporated
Location
Fiscal year end
Former names
CORPORATE OFFICE PROPERTIES TRUST INC, ROYALE INVESTMENTS INC
SEC CIK
Subsidiaries
COPT Bridge Street Office, LLC • 2100 L Holdings, LLC • Advanced Gateway 7500, LLC • Advanced Gateway 7600, LLC • Advanced Gateway 8600, LLC • Airport Square Holdings • Blue Bell Investment Company, L.P. • COPT Acquisitions, Inc. • COPT BK Holdco, LLC • COPT BK Holdco II, LLC ...
IRS number
232947217

OFC stock data

Calendar

2 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
13 Jun 22 Denton Robert L Common Units-COPLP Common Shares Conversion Dispose C No No 27.184 1,000 27.18K 226,514
6 Jun 22 Denton Robert L Common Units-COPLP Common Shares Conversion Dispose C No No 27.203 4,000 108.81K 227,514
18 May 22 Denton Robert L Common Shares Sell Dispose S No No 26.7446 3,416 91.36K 3,941
12 May 22 Denton Robert L Common Shares Grant Acquire A No No 0 3,941 0 7,357
12 May 22 Long Letitia A Profit Interest Units Common Shares Grant Acquire A No No 0 3,941 0 7,357
13F holders Current Prev Q Change
Total holders 236 254 -7.1%
Opened positions 21 38 -44.7%
Closed positions 39 25 +56.0%
Increased positions 82 97 -15.5%
Reduced positions 99 84 +17.9%
13F shares Current Prev Q Change
Total value 3.28B 3.26B +0.6%
Total shares 114.84M 116.46M -1.4%
Total puts 2.6K 728K -99.6%
Total calls 6.4K 20.7K -69.1%
Total put/call ratio 0.4 35.2 -98.8%
Largest owners Shares Value Change
BLK Blackrock 16.97M $484.33M -4.8%
Vanguard 16.71M $476.98M +1.0%
FMR 6.85M $195.38M +20.4%
STT State Street 6.75M $194.54M +12.9%
Earnest Partners 5.23M $149.36M -8.4%
Barrow Hanley Mewhinney & Strauss 5.08M $145.09M +4.4%
Victory Capital Management 4.46M $127.22M +1.6%
Channing Capital Management 2.54M $72.55M +14.1%
Geode Capital Management 2.31M $65.83M +4.7%
NTRS Northern Trust 2.24M $63.79M -4.6%
Largest transactions Shares Bought/sold Change
Zimmer Partners 2.05M +2.05M NEW
FMR 6.85M +1.16M +20.4%
Norges Bank 0 -1.14M EXIT
Wellington Management 0 -1.07M EXIT
BLK Blackrock 16.97M -860.98K -4.8%
STT State Street 6.75M +769.94K +12.9%
Millennium Management 744.82K +735.43K +7835.4%
Cramer Rosenthal MCGLYNN 0 -596.46K EXIT
Lasalle Investment Management Securities 1.69M +506.53K +42.7%
JHG Janus Henderson 1.65M -492.4K -22.9%

Financial report summary

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Management Discussion
  • We evaluate the operating performance of our properties using NOI from real estate operations, our segment performance measure, which includes real estate revenues and property operating expenses from continuing and discontinued operations and UJV NOI allocable to COPT.  We view our NOI from real estate operations as comprising the following primary categories:
  • •stably owned and 100% operational throughout the current and prior year reporting periods being compared.  We define these as changes from “Same Properties”;
  • •our wholesale data center that we sold on January 25, 2022.

Content analysis

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H.S. sophomore Avg
New words: AOCI, ATM, commence, consecutive, domestic, expansion, experienced, inflationary, predominantly, product, registration, replaced, statement, timeline
Removed: AOCL, breach, tender