COPT Peeling-Off Assets
By: Myles, December 19th, 2011
What does this say about the REIT market?
Corporate Office Properties Trust (OFC) sold its holdings in the Rutherford Business Center in Maryland and the White Marsh Center for a combined $48.8 million, part of a broader asset reallocation plan unveiled earlier this year.
Since April, the real-estate investment trust that focuses on tenants in the U.S. government and defense information technology sectors has sold $76.7 million of properties. The Rutherford assets were sold for $32.5 million, while the White Marsh sale brought in nearly $16.3 million. The buyers were undisclosed.
Chief Executive Randall M. Griffin said the proceeds would be used to help fund the company’s construction pipeline of multistory office buildings.
The company in October 2011 reported that its third-quarter earnings fell 26% amid a prior-year asset-sale gain as revenue rose 13%.
Tags: Asset Sale, COPT
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