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Business Wire 7-Feb-2019 4:16 PM
Corporate Office Properties Trust ("COPT" or the "Company") (NYSE:OFC) announced financial and operating results for the fourth quarter and full year ended December 31, 2018.
Management Comments
"Our fourth quarter represented a strong finish to a solid year," stated Stephen E. Budorick, COPT's President & Chief Executive Officer. "Leasing further accelerated during the fourth quarter, resulting in nearly 250,000 square feet of vacancy leasing, 377,000 square feet of development leasing, and 700,000 square feet of renewals, resulting in a robust 82% retention rate. For the year, we leased over 4.2 million square feet, including nearly 600,000 square feet of vacancy leasing, and 1.1 million square feet of development leasing—the second highest level in our 20 year history as a public company." He continued, "Thus far in 2019, we have completed the lease for the second floor at 310 NBP with the U.S. Government, are in advanced negotiations on a significant level of development leasing, and are on track to register another strong year of leasing in the operating portfolio."
Financial Highlights
4th Quarter Financial Results:
Full Year 2018 Financial Results:
Adjustments for comparability encompass items such as gains and impairment losses on non-operating properties, losses on early extinguishment of debt, derivative gains (losses), issuance costs associated with redeemed preferred shares, demolition costs of redevelopment and nonrecurring improvements, and executive transition costs.
Operating Performance Highlights
Operating Portfolio Summary:
Same-Property Performance:
Leasing:
Investment Activity Highlights
Development & Redevelopment Projects:
Balance Sheet and Capital Transaction Highlights
Associated Supplemental Presentation
Prior to the call, the Company will post a slide presentation to accompany management's prepared remarks for its fourth quarter and year end 2018 conference call, the details of which are provided below. The accompanying slide presentation can be viewed on and downloaded from the ‘Latest Updates' section of COPT's Investors website: https://investors.copt.com/
Conference Call Information
Management will discuss fourth quarter and year end 2018 results on its conference call tomorrow at 12:00 p.m. Eastern Time, details of which are listed below:
Conference Call Date: | Friday, February 8, 2019 | |||||||
Time: | 12:00 p.m. Eastern Time | |||||||
Telephone Number: (within the U.S.) | 855-463-9057 | |||||||
Telephone Number: (outside the U.S.) | 661-378-9894 | |||||||
Passcode: | 1485747 | |||||||
The conference call will also be available via live webcast in the ‘Latest Updates' section of COPT's Investors website: https://investors.copt.com/
Replay Information
A replay of the conference call will be immediately available via webcast on the Investors website. Additionally, a telephonic replay of this call will be available beginning at 3:00 p.m. Eastern Time on Friday, February 8, through 3:00 p.m. Eastern Time on Friday, February 22. To access the replay within the United States, please call 855-859-2056; to access it from outside the United States, please call 404-537-3406. In either case, use passcode 1485747.
Definitions
For definitions of certain terms used in this press release, please refer to the information furnished in the Company's Supplemental Information Package furnished on a Form 8-K which can be found on its website (www.copt.com). Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are included in the attached tables.
Company Information
COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties 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, 2018, the Company derived 88% of its core portfolio annualized revenue from Defense/IT Locations and 12% from its Regional Office Properties. As of the same date and including six buildings owned through an unconsolidated joint venture, COPT's core portfolio of 161 office and data center shell properties encompassed 17.9 million square feet and was 94.0% leased; the Company also owned one wholesale data center with a critical load of 19.25 megawatts.
Forward-Looking Information
This press release may contain "forward-looking" statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are based on the Company's current expectations, estimates and projections about future events and financial trends affecting the Company. Forward-looking statements can be identified by the use of words such as "may," "will," "should," "could," "believe," "anticipate," "expect," "estimate," "plan" or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Although the Company believes that the expectations, estimates and projections reflected in such forward-looking statements are based on reasonable assumptions at the time made, the Company can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements.
Important factors that may affect these expectations, estimates, and projections include, but are not limited to:
The Company undertakes no obligation to update or supplement any forward-looking statements. For further information, please refer to the Company's filings with the Securities and Exchange Commission, particularly the section entitled "Risk Factors" in Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2017.
Corporate Office Properties Trust | ||||||||||||||||
Summary Financial Data | ||||||||||||||||
(unaudited) | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
For the Three MonthsEnded December 31, |
For the Years EndedDecember 31, |
|||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenues | ||||||||||||||||
Real estate revenues | $ | 130,825 | $ | 127,685 | $ | 517,253 | $ | 509,980 | ||||||||
Construction contract and other service revenues | 7,657 | 36,882 | 60,859 | 102,840 | ||||||||||||
Total revenues | 138,482 | 164,567 | 578,112 | 612,820 | ||||||||||||
Expenses | ||||||||||||||||
Property operating expenses | 51,298 | 47,449 | 201,035 | 190,964 | ||||||||||||
Depreciation and amortization associated with real estate operations | 36,219 | 33,938 | 137,116 | 134,228 | ||||||||||||
Construction contract and other service expenses | 7,111 | 36,029 | 58,326 | 99,618 | ||||||||||||
Impairment losses | 2,367 | 13,659 | 2,367 | 15,123 | ||||||||||||
General and administrative expenses | 5,105 | 5,552 | 22,829 | 24,008 | ||||||||||||
Leasing expenses | 1,976 | 1,447 | 6,071 | 6,829 | ||||||||||||
Business development expenses and land carry costs | 1,425 | 1,646 | 5,840 | 6,213 | ||||||||||||
Total operating expenses | 105,501 | 139,720 | 433,584 | 476,983 | ||||||||||||
Operating income | 32,981 | 24,847 | 144,528 | 135,837 | ||||||||||||
Interest expense | (18,475 | ) | (19,211 | ) | (75,385 | ) | (76,983 | ) | ||||||||
Interest and other income | 74 | 1,501 | 4,358 | 6,318 | ||||||||||||
Gain on sales of real estate | 2,367 | 4,452 | 2,340 | 9,890 | ||||||||||||
Loss on early extinguishment of debt | (258 | ) | — | (258 | ) | (513 | ) | |||||||||
Income before equity in income of unconsolidated entities and income taxes | 16,689 | 11,589 | 75,583 | 74,549 | ||||||||||||
Equity in income of unconsolidated entities | 1,577 | 372 | 2,697 | 1,490 | ||||||||||||
Income tax benefit (expense) | 190 | (953 | ) | 363 | (1,098 | ) | ||||||||||
Net income | 18,456 | 11,008 | 78,643 | 74,941 | ||||||||||||
Net income attributable to noncontrolling interests: | ||||||||||||||||
Common units in the Operating Partnership ("OP") | (210 | ) | (314 | ) | (1,742 | ) | (1,890 | ) | ||||||||
Preferred units in the OP | (165 | ) | (165 | ) | (660 | ) | (660 | ) | ||||||||
Other consolidated entities | (1,061 | ) | (908 | ) | (3,940 | ) | (3,646 | ) | ||||||||
Net income attributable to COPT | 17,020 | 9,621 | 72,301 | 68,745 | ||||||||||||
Preferred share dividends | — | — | — | (6,219 | ) | |||||||||||
Issuance costs associated with redeemed preferred shares | — | — | — | (6,847 | ) | |||||||||||
Net income attributable to COPT common shareholders | $ | 17,020 | $ | 9,621 | $ | 72,301 | $ | 55,679 | ||||||||
Earnings per share ("EPS") computation: | ||||||||||||||||
Numerator for diluted EPS: | ||||||||||||||||
Net income attributable to COPT common shareholders | $ | 17,020 | $ | 9,621 | $ | 72,301 | $ | 55,679 | ||||||||
Amount allocable to share-based compensation awards | (114 | ) | (112 | ) | (462 | ) | (449 | ) | ||||||||
Numerator for diluted EPS | $ | 16,906 | $ | 9,509 | $ | 71,839 | $ | 55,230 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares - basic | 108,528 | 99,304 | 103,946 | 98,969 | ||||||||||||
Dilutive effect of share-based compensation awards | 45 | 68 | 134 | 132 | ||||||||||||
Dilutive effect of forward equity sale agreements | — | 215 | 45 | 54 | ||||||||||||
Weighted average common shares - diluted | 108,573 | 99,587 | 104,125 | 99,155 | ||||||||||||
Diluted EPS | $ | 0.16 | $ | 0.10 | $ | 0.69 | $ | 0.56 | ||||||||
Corporate Office Properties Trust | ||||||||||||||||
Summary Financial Data | ||||||||||||||||
(unaudited) | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
For the Three MonthsEnded December 31, |
For the Years EndedDecember 31, |
|||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income | $ | 18,456 | $ | 11,008 | $ | 78,643 | $ | 74,941 | ||||||||
Real estate-related depreciation and amortization | 36,219 | 33,938 | 137,116 | 134,228 | ||||||||||||
Impairment losses on previously depreciated operating properties | 6 | 9,004 | 6 | 10,455 | ||||||||||||
Gain on sales of previously depreciated operating properties | (2,367 | ) | (4,452 | ) | (2,340 | ) | (4,491 | ) | ||||||||
Depreciation and amortization on unconsolidated real estate JV | 565 | 563 | 2,256 | 2,252 | ||||||||||||
Funds from operations ("FFO") | 52,879 | 50,061 | 215,681 | 217,385 | ||||||||||||
Preferred share dividends | — | — | — | (6,219 | ) | |||||||||||
Issuance costs associated with redeemed preferred shares | — | — | — | (6,847 | ) | |||||||||||
Noncontrolling interests - preferred units in the OP | (165 | ) | (165 | ) | (660 | ) | (660 | ) | ||||||||
FFO allocable to other noncontrolling interests | (1,011 | ) | (874 | ) | (3,768 | ) | (3,675 | ) | ||||||||
Basic and diluted FFO allocable to share-based compensation awards | (200 | ) | (198 | ) | (851 | ) | (814 | ) | ||||||||
Basic FFO available to common share and common unit holders ("Basic FFO") | 51,503 | 48,824 | 210,402 | 199,170 | ||||||||||||
Redeemable noncontrolling interests | 331 | — | 1,540 | — | ||||||||||||
Diluted FFO available to common share and common unit holders ("Diluted FFO") | 51,834 | 48,824 | 211,942 | 199,170 | ||||||||||||
Gain on sales of non-operating properties | — | — | — | (5,399 | ) | |||||||||||
Impairment losses on non-operating properties | 2,361 | 4,655 | 2,361 | 4,668 | ||||||||||||
Income tax expense associated with FFO comparability adjustments | — | 800 | — | 800 | ||||||||||||
Gain on interest rate derivatives | — | (191 | ) | — | (234 | ) | ||||||||||
Loss on early extinguishment of debt | 258 | — | 258 | 513 | ||||||||||||
Issuance costs associated with redeemed preferred shares | — | — | — | 6,847 | ||||||||||||
Demolition costs on redevelopment and nonrecurring improvements | 163 | — | 462 | 294 | ||||||||||||
Executive transition costs | 371 | — | 793 | 732 | ||||||||||||
Diluted FFO comparability adjustments allocable to share-based compensation awards | (13 | ) | (23 | ) | (16 | ) | (35 | ) | ||||||||
Diluted FFO available to common share and common unit holders, as adjusted for comparability | 54,974 | 54,065 | 215,800 | 207,356 | ||||||||||||
Straight line rent adjustments and lease incentive amortization | (46 | ) | (1,343 | ) | (1,487 | ) | 46 | |||||||||
Amortization of intangibles included in net operating income | 153 | 342 | 893 | 1,344 | ||||||||||||
Share-based compensation, net of amounts capitalized | 1,601 | 1,523 | 6,193 | 5,353 | ||||||||||||
Amortization of deferred financing costs | 550 | 443 | 1,954 | 2,928 | ||||||||||||
Amortization of net debt discounts, net of amounts capitalized | 365 | 350 | 1,439 | 1,379 | ||||||||||||
Accum. other comprehensive loss on derivatives amortized to expense | 34 | 54 | 135 | 143 | ||||||||||||
Replacement capital expenditures | (14,848 | ) | (23,475 | ) | (64,784 | ) | (63,026 | ) | ||||||||
Other diluted AFFO adjustments associated with real estate JVs | (28 | ) | (39 | ) | 121 | (210 | ) | |||||||||
Diluted adjusted funds from operations available to common share and common unit holders ("Diluted AFFO") | $ | 42,755 | $ | 31,920 | $ | 160,264 | $ | 155,313 | ||||||||
Diluted FFO per share | $ | 0.47 | $ | 0.47 | $ | 1.97 | $ | 1.94 | ||||||||
Diluted FFO per share, as adjusted for comparability | $ | 0.50 | $ | 0.53 | $ | 2.01 | $ | 2.02 | ||||||||
Dividends/distributions per common share/unit | $ | 0.275 | $ | 0.275 | $ | 1.100 | $ | 1.100 | ||||||||
Corporate Office Properties Trust | ||||||||||||||
Summary Financial Data | ||||||||||||||
(unaudited) | ||||||||||||||
(Dollars and shares in thousands, except per share data) | ||||||||||||||
|
December 31,2018 |
December 31,2017 |
||||||||||||
Balance Sheet Data | ||||||||||||||
Properties, net of accumulated depreciation |
|
$ |
3,250,626 |
$ | 3,141,105 | |||||||||
Total assets |
|
3,656,005 |
3,595,205 | |||||||||||
Debt, per balance sheet |
|
1,823,909 |
1,828,333 | |||||||||||
Total liabilities |
|
2,002,697 |
2,103,773 | |||||||||||
Redeemable noncontrolling interest |
|
26,260 |
23,125 | |||||||||||
Equity |
|
1,627,048 |
1,468,307 | |||||||||||
Net debt to adjusted book |
|
38.9 |
% |
40.8 | % | |||||||||
Core Portfolio Data (as of period end) (1) | ||||||||||||||
Number of operating properties |
|
161 |
156 | |||||||||||
Total net rentable square feet owned (in thousands) |
|
17,937 |
17,059 | |||||||||||
Occupancy % |
|
93.1 |
% |
94.5 | % | |||||||||
Leased % |
|
94.0 |
% |
95.1 | % | |||||||||
For the Three MonthsEnded December 31, |
For the Years EndedDecember 31, |
|||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||
Payout ratios | ||||||||||||||
Diluted FFO | 59.0 | % | 58.7 | % | 56.0 | % | 56.8 | % | ||||||
Diluted FFO, as adjusted for comparability | 55.6 | % | 53.0 | % | 55.0 | % | 54.6 | % | ||||||
Diluted AFFO | 71.5 | % | 89.7 | % | 74.1 | % | 72.9 | % | ||||||
Adjusted EBITDA fixed charge coverage ratio | 3.6x | 3.7x | 3.6x | 3.4x | ||||||||||
Net debt to in-place adjusted EBITDA ratio (2) | 6.0x | 6.1x | N/A | N/A | ||||||||||
Net debt plus preferred equity to in-place adjusted EBITDA ratio (3) | 6.0x | 6.1x | N/A | N/A | ||||||||||
Reconciliation of denominators for per share measures | ||||||||||||||
Denominator for diluted EPS | 108,573 | 99,587 | 104,125 | 99,155 | ||||||||||
Weighted average common units | 1,345 | 3,252 | 2,468 | 3,362 | ||||||||||
Redeemable noncontrolling interests | 1,126 | — | 936 | — | ||||||||||
Denominator for diluted FFO per share and as adjusted for comparability | 111,044 | 102,839 | 107,529 | 102,517 | ||||||||||
(1) | Represents Defense/IT Locations and Regional Office properties. | |
(2) | Represents net debt as of period end divided by in-place adjusted EBITDA for the period, as annualized (i.e. three month periods are multiplied by four). | |
(3) | Represents net debt plus the total liquidation preference of preferred equity as of period end divided by in-place adjusted EBITDA for the period, as annualized (i.e. three month periods are multiplied by four). | |
Corporate Office Properties Trust | ||||||||||||||||
Summary Financial Data | ||||||||||||||||
(unaudited) | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
For the Three MonthsEnded December 31, |
For the Years EndedDecember 31, |
|||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Reconciliation of common share dividends to dividends and distributions for payout ratios | ||||||||||||||||
Common share dividends - unrestricted shares | $ | 30,206 | $ | 27,747 | $ | 116,285 | $ | 109,489 | ||||||||
Common unit distributions | 367 | 894 | 2,498 | 3,661 | ||||||||||||
Dividends and distributions for payout ratios | $ | 30,573 | $ | 28,641 | $ | 118,783 | $ | 113,150 | ||||||||
Reconciliation of GAAP net income to earnings before interest, income taxes, depreciation and amortization for real estate ("EBITDAre"), adjusted EBITDA and in-place adjusted EBITDA | ||||||||||||||||
Net income | $ | 18,456 | $ | 11,008 | $ | 78,643 | $ | 74,941 | ||||||||
Interest expense | 18,475 | 19,211 | 75,385 | 76,983 | ||||||||||||
Income tax (benefit) expense | (190 | ) | 953 | (363 | ) | 1,098 | ||||||||||
Depreciation of furniture, fixtures and equipment | 404 | 600 | 1,947 | 2,273 | ||||||||||||
Real estate-related depreciation and amortization | 36,219 | 33,938 | 137,116 | 134,228 | ||||||||||||
Impairment losses on previously depreciated operating properties | 6 | 9,004 | 6 | 10,455 | ||||||||||||
Gain on sales of previously depreciated operating properties | (2,367 | ) | (4,452 | ) | (2,340 | ) | (4,491 | ) | ||||||||
Adjustments from unconsolidated real estate JV | 832 | 829 | 3,314 | 3,310 | ||||||||||||
EBITDAre | 71,835 | 71,091 | 293,708 | 298,797 | ||||||||||||
Impairment losses on non-operating properties | 2,361 | 4,655 | 2,361 | 4,668 | ||||||||||||
Loss on early extinguishment of debt | 258 | — | 258 | 513 | ||||||||||||
Gain on sales of non-operating properties | — | — | — | (5,399 | ) | |||||||||||
Net gain on other investments | (449 | ) | — | (449 | ) | — | ||||||||||
Business development expenses | 661 | 1,116 | 3,114 | 3,786 | ||||||||||||
Demolition costs on redevelopment and nonrecurring improvements | 163 | — | 462 | 294 | ||||||||||||
Executive transition costs | 371 | — | 793 | 732 | ||||||||||||
Adjusted EBITDA | 75,200 | 76,862 | $ | 300,247 | $ | 303,391 | ||||||||||
Proforma net operating income adjustment for property changes within period | 2,052 | (578 | ) | |||||||||||||
In-place adjusted EBITDA | $ | 77,252 | $ | 76,284 | ||||||||||||
Reconciliation of interest expense to the denominators for fixed charge coverage-Adjusted EBITDA | ||||||||||||||||
Interest expense | $ | 18,475 | $ | 19,211 | $ | 75,385 | $ | 76,983 | ||||||||
Less: Amortization of deferred financing costs | (550 | ) | (443 | ) | (1,954 | ) | (2,928 | ) | ||||||||
Less: Amortization of net debt discounts, net of amounts capitalized | (365 | ) | (350 | ) | (1,439 | ) | (1,379 | ) | ||||||||
Less: Accum. other comprehensive loss on derivatives amortized to expense | (34 | ) | (54 | ) | (135 | ) | (143 | ) | ||||||||
Gain on interest rate derivatives | — | 191 | — | 234 | ||||||||||||
COPT's share of interest expense of unconsolidated real estate JV, excluding deferred financing costs | 260 | 260 | 1,034 | 1,034 | ||||||||||||
Scheduled principal amortization | 1,079 | 1,034 | 4,240 | 4,062 | ||||||||||||
Capitalized interest | 1,748 | 1,032 | 5,929 | 5,229 | ||||||||||||
Preferred share dividends | — | — | — | 6,219 | ||||||||||||
Preferred unit distributions | 165 | 165 | 660 | 660 | ||||||||||||
Denominator for fixed charge coverage-Adjusted EBITDA | $ | 20,778 | $ | 21,046 | $ | 83,720 | $ | 89,971 | ||||||||
Corporate Office Properties Trust | ||||||||||||||||
Summary Financial Data | ||||||||||||||||
(unaudited) | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
For the Three MonthsEnded December 31, |
For the Years EndedDecember 31, |
|||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Reconciliations of tenant improvements and incentives, capital improvements and leasing costs for operating properties to replacement capital expenditures | ||||||||||||||||
Tenant improvements and incentives | $ | 7,876 | $ | 14,804 | $ | 37,502 | $ | 37,034 | ||||||||
Building improvements | 9,306 | 9,241 | 22,977 | 22,308 | ||||||||||||
Leasing costs | 3,800 | 3,242 | 9,847 | 8,487 | ||||||||||||
Net (exclusions from) additions to tenant improvements and incentives | (2,131 | ) | (2,929 | ) | 1,577 | 2,984 | ||||||||||
Excluded building improvements | (3,984 | ) | (853 | ) | (7,073 | ) | (7,757 | ) | ||||||||
Excluded leasing costs | (19 | ) | (30 | ) | (46 | ) | (30 | ) | ||||||||
Replacement capital expenditures | $ | 14,848 | $ | 23,475 | $ | 64,784 | $ | 63,026 | ||||||||
Same Properties cash NOI | $ | 70,923 | $ | 71,711 | $ | 283,450 | $ | 284,470 | ||||||||
Straight line rent adjustments and lease incentive amortization | (638 | ) | (1,050 | ) | (4,287 | ) | (2,808 | ) | ||||||||
Amortization of acquired above- and below-market rents | (97 | ) | (287 | ) | (671 | ) | (1,123 | ) | ||||||||
Amortization of below-market cost arrangements | (147 | ) | (147 | ) | (589 | ) | (590 | ) | ||||||||
Lease termination fees, gross | 906 | 828 | 3,231 | 2,911 | ||||||||||||
Tenant funded landlord assets and lease incentives | 409 | 1,118 | 3,421 | 4,488 | ||||||||||||
Cash NOI adjustments in unconsolidated real estate JV | 57 | 73 | 254 | 336 | ||||||||||||
Same Properties NOI | $ | 71,413 | $ | 72,246 | $ | 284,809 | $ | 287,684 | ||||||||
December 31, 2018 |
December 31, 2017 |
|||||||||||||||
Reconciliation of total assets to adjusted book | ||||||||||||||||
Total assets | $ | 3,656,005 | $ | 3,595,205 | ||||||||||||
Accumulated depreciation | 897,903 | 786,193 | ||||||||||||||
Accumulated amortization of real estate intangibles and deferred leasing costs | 204,882 | 193,151 | ||||||||||||||
COPT's share of liabilities of unconsolidated real estate JV | 29,917 | 29,908 | ||||||||||||||
COPT's share of accumulated depreciation and amortization of unconsolidated real estate JV | 5,446 | 3,189 | ||||||||||||||
Less: Disposed property included in assets held for sale | — | (42,226 | ) | |||||||||||||
Less: Cash and cash equivalents | (8,066 | ) | (12,261 | ) | ||||||||||||
Less: COPT's share of cash of unconsolidated real estate JV | (293 | ) | (371 | ) | ||||||||||||
Adjusted book | $ | 4,785,794 | $ | 4,552,788 | ||||||||||||
Reconciliation of debt outstanding to net debt and net debt plus preferred equity | ||||||||||||||||
Debt outstanding (excluding net debt discounts and deferred financing costs) | $ | 1,868,504 | $ | 1,872,167 | ||||||||||||
Less: Cash and cash equivalents | (8,066 | ) | (12,261 | ) | ||||||||||||
Less: COPT's share of cash of unconsolidated real estate JV | (293 | ) | (371 | ) | ||||||||||||
Net debt | $ | 1,860,145 | $ | 1,859,535 | ||||||||||||
Preferred equity | 8,800 | 8,800 | ||||||||||||||
Net debt plus preferred equity | $ | 1,868,945 | $ | 1,868,335 | ||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20190207005854/en/