COPT Defense Properties

Last updated
COPT Defense Properties
FormerlyCorporate Office Properties Trust
Company type Public company
Industry Real estate investment trust
Founded1988;37 years ago (1988)
FounderClay W. Hamlin III
Headquarters Columbia, Maryland, U.S.
Key people
Stephen E. Budorick (CEO & President)
Thomas F. Brady (Chairman)
Anthony Mifsud (CFO)
Products Office buildings
RevenueIncrease2.svg US$753 million (2024)
Increase2.svg US$138 million (2024)
Total assets Increase2.svg US$4.254 billion (2024)
Total equity Decrease2.svg US$1.493 billion (2023)
Number of employees
427 (2024)
Website www.copt.com
Footnotes /references
[1]

COPT Defense Properties is a real estate investment trust that invests in office buildings, mostly in the suburbs of the Washington, D.C. metropolitan area. It primarily leases to the U.S. government or companies in the arms industry. As of December 31, 2024, the company owned 164 office buildings comprising 16.5 million square feet and 31 single-tenant data centers comprising 5.9 million square feet. [1]

Contents

History

Previous logo Corporate Office Properties Trust logo.png
Previous logo

The company was founded in 1988 by Clay W. Hamlin III as Royale Investments, Inc. [2] In 1991, the company became a public company via an initial public offering. [3] In 1997, the company merged with Shidler Group, founded by Jay H. Shidler, and changed its name to Corporate Office Properties Trust. [4] In 1998, the company acquired 16 buildings from Constellation Energy in exchange for a 41.5% stake in the company. Constellation sold its stake in the company in 2002. [5] [6] In 2005, Randall M. Griffin became chief executive officer of the company. [7] In September 2023, the Company changed its name from Corporate Office Properties Trust to COPT Defense Properties. [8]

Tenants

The company's largest tenants are as follows: [1]

RankTenant % of total 2024 revenue
1 General Services Administration 35.9%
2 Amazon.com 9.8%
3 General Dynamics 4.8%
4 Northrop Grumman 2.2%
5 Boeing 2.1%
6 CACI 2.1%
7 Peraton 2.0%
8 Booz Allen Hamilton 1.8%
9Undisclosed1.7%
10 Morrison & Foerster 1.4%

References

  1. 1 2 3 "COPT Defense Properties 2024 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "AMENDMENT NO. 1 TO FORM S-11 REGISTRATION STATEMENT". March 31, 1998.
  3. ↑ "PUBLIC COMPANIES: REAL ESTATE". The Washington Post . April 30, 2001.
  4. ↑ "Royale Investments changing its name" . American City Business Journals . December 29, 1997.
  5. ↑ Cohn, Meredith (February 16, 2002). "Constellation to sell its 41% stake in REIT". The Baltimore Sun .
  6. ↑ Walker, Andrea K. (March 7, 2002). "Constellation Energy completes the sale of its 41.5% stake in Columbia REIT". The Baltimore Sun .
  7. ↑ "Charting the evolution of Corporate Office Properties Trust" . American City Business Journals . December 28, 2009.
  8. ↑ Borchersen-Keto, Sarah (September 5, 2023). "COPT Rebrands to Reflect Defense, Mission Critical Focus". National Association of Real Estate Investment Trusts .
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