Columbia-based Corporate Office Properties Trust is changing its name to COPT Defense Properties and its ticker symbol for its common shares listed on the New York Stock Exchange from OFC to CDP, effective Sept. 15.
“[During] the past decade, we have executed a strategy which has deeply concentrated our real estate portfolio at locations proximate to, or sometimes containing, priority National Defense missions and mission-critical operations,” said. Stephen Budorick, president and CEO. “This strategy has resulted in a uniquely strong portfolio of assets, with durable demand characteristics, superior tenant credit quality, growing cash flows and consistent development opportunities, despite the fluctuations and uncertainties in the macroeconomic environment.
“Additionally,” said Budorick, “the critical nature of our tenants’ missions insulates the defense/IT portfolio from the headwinds of work from home trends and corporate rightsizing, which are affecting the broader office sector.
The change was made to align with the company’s “investment strategy, and better inform current and future investors of our commitment to our strategy, and the differentiated investment benefits that we believe our strategy has and will continue to deliver to shareholders,” he said. “Our commitment to this strategy is evidenced by the fact that since 2016, 100% of committed capital investment has been to development projects at our Defense/IT Locations.”