COPT Defense Properties (CDP) 2018年年度报告「NYSE」.pdf

1、2018 ANNUAL REPORTCORPORATE OFFICE PROPERTIES TRUSTDear fellow shareholders,2018 marked our 20th year as a publicly traded office REIT.Two decades ago,our Company consisted of 4.3 million square feet of mostly generic suburban office properties in the Mid-Atlantic region of the United States,and nin

2、e retail properties totaling 639,000 square feet scattered primarily in the Midwest.Our goal back then was to grow as rapidly as possibleand primarily through acquiring more suburban office buildings.That approach generated impressive annual FFO per share growth,but it also left the Company with a 2

3、1 million square foot portfolio that could no longer generate reliable cash flows,a balance sheet that was bloated with debt,and a common dividend that was not sustainable.Upon joining the Company in 2011,I supported my predecessor in launching an ambitious Strategic Reallocation Plan that would tra

4、nsform our portfolio,balance sheet,and corporate culture.Over the next seven years,we sold 11 million square feet,and redeployed the$1.6 billion of proceeds into paying down debt to achieve our investment grade rating,and into developing mission critical properties for the U.S.Government and defense

5、 contractors at our many proven Defense/IT locations.At the end of 2018,our Company owned 18 million square feet:16 million square feet of office properties in locations that directly support our proven U.S.Government demand drivers,such as the agencies at Fort Meade and at Redstone Arsenal;and two

6、million square feet in seven Regional Office buildings located in Baltimores Inner Harbor and at two Metro-served locations in Northern Virginia.Additionally,our balance sheet is strong,and our common dividend is secure.We continue to adhere to the following strategic tenets to create shareholder va