COPT Defense Properties (CDP) 2013年年度报告「NYSE」.pdf

1、 Ready for Growth2013 Annual ReportLetter to ShareholdersSir Winston Churchill,the former Prime Minister of the United Kingdom,said:“Difficulties mastered are opportunities won.”In 2013,our Company completed nearly$300 million of dispositions and strengthened our balance sheet to achieve investment

2、grade status.Having mastered these difficulties,our Company is positioned to capitalize on growth opportunities.Our 2013 asset dispositions marked the completion of the Strategic Reallocation Plan(“SRP”),which we began in April of 2011.In total,we disposed of 5.9 million square feet of properties th

3、at represented nearly$700 million of value,far exceeding the SRPs stated goal of selling$510 million of older,smaller operating properties.During the same time frame,we increased our concentration of Strategic Tenant Niche*properties by acquiring two buildings containing 340,000 square feet and deve

4、loped 2.2 million square feet in our most strategic parks.At December 31,2013,such properties accounted for 70%of our annualized revenues.In April,the Company earned the following investment grade ratings:BBB-from Fitch Ratings,Baa3 from Moodys Investors Service and BBB-from Standard&Poors Ratings S

5、ervices.We later issued$600 million of 10-year senior unsecured notes at an average interest rate of 4.36%.As we close the books on 2013 and look toward 2014,we have a high degree of confidence that our Companys funds from operations per share(“FFOPS”),as adjusted for comparability,is approaching a

6、positive inflection point.In terms of development income,at the end of 2013,we had 10 well-leased development projects that,upon stabilization,will generate roughly 18 cents*of incremental FFOPS by 2016,relative to 2013 results.We also intend to increase future FFOPS by leasing up vacancy in our exi