Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Corporate Office Properties Trust (NYSE:OFC)

Citi Global Property Conference Call

March 3, 2014 1:35 PM ET

Executives

Roger A. Waesche, Jr., President & Chief Executive Officer

Stephen E. Budorick, Executive Vice President & Chief Operating Officer

Stephen E. Riffee, Executive Vice President & Chief Financial Officer

Stephanie Krewson – Vice President of Investors Relations.

Analysts

Joshua H. Attie – Citigroup Global Markets Inc.

Joshua H. Attie – Citigroup Global Markets Inc.

Welcome to the Citi Global – 2014 Global Property CEO Conference. This section is for investing clients only, if media or other individuals on the line, please disconnect now. Disclosures are available, appear, and on the webcast on the disclosure tab. We’re very pleased to have with us Corporate Office Properties Trust and CEO, Roger Waesche.

Roger, I’ll turn it over to you to introduce your team and make any opening remarks you have and then we can turn it over to Q&A.

Roger A. Waesche, Jr.

Great, thank you, Josh. To my left is Steve Budorick, who is our EVP and COO; to my right is Steve Riffee, our EVP and CFO; and further to the right is Stephanie Krewson, our VP of Investors Relations.

Many of you in the room know us, but some of you don’t, so let me just give a brief background about the company. We are headquartered in Columbia, Maryland, which is equally distance between Baltimore and Washington. We’re an office company with two distinguishing features. The first is, we’re one of the few preferred providers of real estate solution serving divisions of the U.S. government and defense contractors engaged in national security related activities.

What’s important to note is that these customers which we refer to as our strategic tenant niche focus on fulfilling the Hi-Tech in R&D, our aspects of defense, namely information communications, intelligence, surveillance, reconnaissance, and importantly today cyber. Their missions are not tied to troops or to the production of weapons. Our strategic tenant niche represents about 70% of our revenues today.

Before I talk about the other 30% of our portfolio in the foot book that you all have or it’s in the back of the room and certainly you can see it on our website. We’ve got a slide that, on Slide 8 this reflects the strong geographic alignment between our portfolio and the location of government demand drivers whose mission is through cyber related, because of the high concentration of cyber activity in the food meat area, the area has now been dubbed cyber valley.

We currently have five office parks, it serve food meat, these parks total 8.1 million square feet and almost 50% of our square footage. Importantly, in the same region, we have lands sufficient to build $3.5 million square feet, which is important, because over the last couple of years, we have actually leased about 1 million square feet to tenants directly related to cyber.

In terms of our – the 30% of our portfolio, we labeled that our regional office portfolio. These buildings represent more traditional office tenants in the healthcare, education, professional business services and financial services. What differentiates the regional portfolio is its concentration in select submarkets of the Baltimore, Washington region. It’s this concentration that allows us to gain a sharpshooter advantage that puts us in the flow of market information for winning new leases and also for pursuing off-market growing opportunities.

We achieved our current portfolio by a process over the last three years of asset reallocation. During these three years, we sold $5.9 million square feet of what was a 20.6 million square foot portfolio in March of 2011. During the same time, we’ve added $2.2 million square feet of newly constructed strategic product in our operating portfolio, and we also purchased 300,000 square feet after strategic acquisitions.

And we just didn’t improve our portfolio during this time, we also attacked our balance sheet. We’ve reduced leverage by 700 basis points and obtained investment grade ratings from S&P, Moody’s, and Fitch, and we’re able to access the unsecured bond markets for $600 million at a bonded interest rate of 4.36%.

So let me conclude our remarks with some color about leasing. As you all know, for the last several years, our customers were caught up in the federal government spending issues. Our regional office tenants suffered from a stagnant economy, but also because it was made worse by the lack of budget clarity in the Washington D.C. region. And our defense contractors began right-sizing their real estate needs to preserve profit margin in a budget that at the time was going backwards.

Recently, the local economy has been slowly improving, and most recently, the outlook for defense contractors has greatly improved with the passage of Bipartisan Budget agreement in 2013. That act restored $22 billion to the DoD’s fiscal 2014 spending base budget.

So for 2014 and 2015, the budget for base defense will be approximately $500 billion, which is equivalent to what we had in 2013. Importantly, the defense spending removed, the act removed, the act removed defense spending from the political chessboard that was taking place in our situation.

Just as important the law removed the across-the-board requirement that is they were going to cut, defensive is going to be across-the-board as opposed to allocating resources, where the government wanted to and cutting other sectors in the DoD vigor.

Most recent news is, last week Defense Secretary Hagel came out and gave a preview of the defense budget that is supposed to be released tomorrow. What he said is that the budget that they will submit will be compliant with the budget Bipartisan Budget agreement that was signed in December. The roadmap calls for reducing the military’s reliance on manpower heavy troop building – build-ups, investing instead in more agile Special Forces and cyber warriors.

For example, the army force structure will be cut from 430,000 today to, I’m sorry 520,000 today to about 450,000 in the upcoming years. There will also be cuts to the Army National Guard, and Army Reserves. Additionally, certain weapon systems will be retried and mothballed and other weapon systems will be – we’ll have a slower procurement.

Hi-Tech defense were our budget, where our company is tied to in the budget will largely be protected and Cyber security will increase. So although we’ve had challenges for the last few years, we have been able to backfill our space and more importantly during the time, we leased 2.1 million square feet of development that was strategic even during a period when the defense budget was under pressure.

It’s the development, that we’ve done over the last couple of years and what we’re projecting going forward that is going to grow the company. So today, for example, we have $21 million of NOI in place from signed leases on 10 buildings. That will be – that will run into the operating statement over the next three years.

Currently, in calendar 2014, we expect $9 million of that $21 million and the other $12 million will come in 2015 and 2016. It’s this NOI that gives us confidence that our earnings are approaching an important positive inflection report and at this point and that the second quarter will mark the bottom for our earnings.

We have two other potential opportunities along the development front. During the past year and a half, we’ve put five buildings into service and the NOI that we think we can achieve from the full lease after these buildings is another $9 million, that will take couple of years to do. And then finally, we’re tracking on a shadow development pipeline four deals totaling little over 600,000 square feet that we think we’ll generate about $14 million of NOI.

So in summary, the company has completed its repositioning. Our core portfolio is stable and improving. Our quarterly FFO per share run rate is approaching a positive inflection point, after which development will create value and grow our earnings going forward. And our balance sheet today is in a position to handle our future development needs.

And with that, we’ll open it up to questions.

Question-and-Answer Session

Joshua H. Attie - Citigroup Global Markets Inc.

Thanks, Roger. We’ll start with the question that we’re asking all the companies at the conference. What do you think is the most misunderstood aspect of OFC and what can you do to address it?

Roger A. Waesche, Jr.

I think the most important thing is that investors for the past number of years have been correlating us one for one with Washington D.C. and we are tied to unique in differentiating demand drivers, that don’t correlate one for one with the overall [indiscernible] and DC or the fact that the economy has not been growing.

As I said earlier, we’ve done 2 million square feet of development leasing in the past couple of years, and that couldn’t have happened if we were one the same cycle as Washington D.C. as a whole. And that represents a material part of our 17 million square feet today.

So as a percentage and if you take it half of the 5.9 million that we sold beginning with the 20.6 million square foot portfolio at March of 2011, you take that down to 14.7 million square feet, we’ve done 2.1 million square feet of development leasing on a 14.7 million square foot base.. So it’s a very significant part of our company. And so I think hopefully the senate will change with the bipartisan budget agreement that happened, but we have not been as affected as I think it’s been understood in the market or thought to be in our market.

Joshua H. Attie – Citigroup Global Markets Inc.

The $9 million of potential NOI from the unstabilized assets you have in that and your portfolio, does that include the large data center asset, power lost or COPT DC-6 and if it doesn’t can you elaborate on that asset and give us an update on where you are?

Roger A. Waesche, Jr.

Sure. The $9 million does not include any incremental income from COPT DC-6 and update on where we are in 2013, we did 2.3 megawatts of leasing bringing our total lease to 6.4 megawatts. Those three tenants are progressing through their development and ramp up schedule. So we are currently building at about 4 megawatts on the asset.

Joshua, you recall a year ago or so when we were sitting in these chairs, I talked to you about changing our bringing the market strategy for this asset. We are initially we had invested in it and had a joint venture with an entrepreneurial group and started developing it, marketing the asset primarily.

In 2012, we’ve got that back and we’ve built our own COPT data center solutions marketing team we brought everything in house. Since then we’ve done 3.3 megawatts and we felt like we are competing very effectively in that marketplace.

As we speak, we are highly optimistic about three particular deals that we are in the late stages of negotiating those seven initial deployments of a little over 4 megawatts with potential to be 8. And then behind that we have another 4 to 6 megawatts in pipeline opportunities.

And then a third element of excitement for us as we have really tried to take our target audience for this asset and directed towards government contractors doing government IT outsource work. And that marketplace has been somewhat slower but the same budget environment, that has challenged some of our contractor leasing, but we are really excited about, where we have been able to bring our relationship with various contractors competing for government IT outsource that we think that will show some success. Later in this year, that will be very meaningful.

Joshua H. Attie – Citigroup Global Markets Inc.

Would you think the reasonable timeframe is for people to expect that asset to be stabilized and is it breaking even today?

Roger A. Waesche, Jr.

Yes, it is generating positive NOI, we are not happy with the yield yet, but an asset like this, you really have to loaded it up with sufficient heat load to get the operating leverage out of the systems that are built to support that heat. And then in terms of time we hope to have a very meaningful leasing experience this year and then with another year of that kind of production we think will be well up into the occupancy we would like to be.

Joshua H. Attie – Citigroup Global Markets Inc.

And can you remind us now, that you are doing that asset for a period of time, you have changed the marketing strategy is that an asset that wants us leased up, you feel is core to the company and the strategy or is that recycling candidate.

Roger A. Waesche, Jr.

I talked about our third element of excitement, pairing with government contracts to do government work, we think that’s a marketplace its going to grow with the federal mandate to consolidate data centers and the private solutions that kept put on hold in 2011, there is still lots of consolidation that needs to happen. And essentially with that business strategy does as it takes the very tenant that act by big chunk of our office building portfolio and makes some of our tenant in the data center. So the extent that we have achieved that Josh, I think we have an real business segment that we can grow. To the extent that this becomes more just general commercial, then we evaluate and I think.

Joshua H. Attie – Citigroup Global Markets Inc.

Yes, you spoke a lot about growing through development, are you is acquisitions part of the strategy is that something you spend anytime looking at.

Stephen E. Riffee

We do have a couple of people in the organization who are in the market everyday, looking at opportunities where we underwrite, probably 30, 40 acquisitions a year meaningfully I mean we put them through screen, so lot of things never make it that for. Right now we find the core in our region to be, I don’t know if this miss prices too extreme, but certainly to aggressively priced. And right now when we try to stack it up against our development opportunities, it – development, clearly it has a much higher priority.

We don’t have any acquisitions in our business model for this year or for next year in terms of creating earnings. But we are constantly in the market and we think periodically things will fall through the cracks, because we’re there everyday and sometimes we’ll have an opportunity there underwrite something more favorably than others because of our understanding of a specific building, specific tenant, and their relationship with surrounding demand drivers for instance.

Joshua H. Attie – Citigroup Global Markets Inc.

In your opening remarks I think you kind of, you painted a picture of – on the conference call as well, the second quarter really being the bottom for FFO and then sort of growth going forward. And I know that a number of things have improved in your markets have changed for the positive recently. But I guess when you think about the next 12 months, the next 24 months, do you think the demand environment and kind of the dynamics of your portfolio are kind of a straight line up in terms of growth, or do you think is it more choppy, where you are going to have fits and starts in your markets over the next couple of years?

Roger A. Waesche, Jr.

Josh, we’re really feeling like we’re on a positive trajectory that should have some lakes and run for quite a well. The last two years without a budget deal, we just saw short-term decisions, customers trying to put off leasing commitments for a year or two years or have high flexibility. And since we has the budget deal, we are starting to see more and more willingness and comfort in committee long-term.

We’ve had a couple of tenants that had held off and long-term renewals have now proceeded and those were in anticipation of the budget resolution in our fourth quarter. And then this is an anecdote I’ve been sharing today. In September of 2013, we got to very advanced stages of preleased for 120,000 square foot build-to-suite with contractor doing business with Maryland.

Ultimately, the contractor got nervous about the budget environment, while we get through January to see what occurred, not only we have a budget resolution, we are back working with them and finalizing the paper work that would allow us to kickoff another development at least 50% prelease.

I think that’s emblematic. But what we think is going to be happening throughout our portfolio where we had new development assets waiting for longer-term commitments, because that’s what it’s going to required to move into lot of space, that we’re trying to lease them in short-term decision environment. So we’re pretty bullish now.

Joshua H. Attie – Citigroup Global Markets Inc.

And now that you have a little bit better visibility on 2014 expirations, then we think about even 2015, are there any spaces or buildings in the portfolio, where you think you could see a move out that would cause you to taken asset and redevelop it like what happened in Blue Bell, are there any kind of big areas of the portfolio that when you look at the expiration schedule make you nervous over the next couple of years?

Roger A. Waesche, Jr.

Looking forward no, actually in our early handicap of 2015 numbers, we’re estimating above the 70% renewal, it’s actually a good number, I just don’t want to be quoted with it, we don’t want to tune it. And we think we’re moving to the end of that. We do get one big, 150,000 square foot full building move out in November of this year, but that’s not an answer, we would consider redeveloping, and it’s actually a highly improved asset.

We do have two small properties that we are actively redeveloping, where we’ve incurred the vacancy a while back, and we’re doing that as part of the strategy to create a high overall value for the property long-term for those of you occasional and small, not significant.

Joshua H. Attie – Citigroup Global Markets Inc.

Now when you think about the same-store portfolio and occupancy growth from here, it seems like a lot of the vacancy is in suburban Maryland, where you are in the low 80s, and that seems like it’s the biggest opportunity in terms of lease up. Can you just talk about that that market and those assets are assets that still have a little more downside in them, or do you see those assets having growth going forward?

Roger A. Waesche, Jr.

We just had a meeting with investor in our office that we talked about those two portfolios that we see incremental gains this year on our occupancy in driving that through 2013. This is also a point of focus I think if you listen to our call and you hear us talk about stubborn vacancy that really refers to inventory management practices and getting vacant space in a condition that successfully leasing quicker than we have traditionally in the past.

We started that program about a year ago, this year we produced 368,000 square feet of leasing in those kind of assets that have been vacant for sometime. So it is a point of emphasis for us and overall, we spent a goal of getting into the 93% in two years, but three at a minimum.

Joshua H. Attie – Citigroup Global Markets Inc.

Can you spend a little bit time on Huntsville, I know, I think you mentioned earlier that weapon were an area that the government was cutting, and I don't remember exactly, but I think Huntsville was near weapons related facility?

Roger A. Waesche, Jr.

Well, Huntsville was really a much more dynamic base than any one thing. I’ll remind you that one of the major demand drivers is NASA, but then also army material command is a major command that’s on the base that procures everything that the army procures. Anything a solider could possibly require is purchase through army material command, so start really tied to a specific weapon system. Moreover, there is a lot of research development, development testing and evolution that occurs on that base. So it’s very much a high-tech center.

And when you think about a budget constraint environment, where we no longer going to procure new weapon systems, you’ve got to extend the useful life of the weapon systems we have a great technology that improve their lethal and their useful life. That’s where you should be thinking about when you think about [indiscernible].

Joshua H. Attie – Citigroup Global Markets Inc.

So Huntsville being negatively impacted by the trend that that you mentioned earlier?

Roger A. Waesche, Jr.

Well, there is, there could be certain aspects of Huntsville that can’t go to the side temporarily, but it is as Steve said, it’s a DoD Center of Excellence to joint base among of other different groups in the department. And we see a bright future and what the campus we built for Boeing that’s because they want two blockbuster contracts in the last couple years; one NASA related and one missile defense related. They are the only, they and say Lockheed are the only groups capable on those particular contracts, and that they are largest contractor in Huntsville and we think growing.

Joshua H. Attie – Citigroup Global Markets Inc.

Can you spend sometime on the balance sheet and funding, I think you have enough cash to fund and debt capacity to fund what you want to develop this year. As you think out in the next couple of years and you think that the shadow pipeline that you talked about, how do you expect that to be funded and or do you want – you’re happy with where leverage is today, would you like to see leverage come down?

Roger A. Waesche, Jr.

Well, as you said for this year our guidance assumes that with the debt capacity that’s created by the second CMBS one that we expect to be resolved by giving the properties back that we will be able to keep our balance sheet metrics at least as good as they were as we ended 2013 and still fund our development pipeline.

Now after this year, we haven’t given guidance on future years. We do think that they will still be some opportunistic asset sales, just calling the portfolio. But we would intend to capitalize the balance sheet in terms of advertising growth, so that our metrics won’t go down. When you look at our debt-to-EBITDA in those ratios, as you put that development in service to 21 plus the nine and then the other 2014 of NOI and EBITDA coming from the development pipeline, that’s going to strengthen and naturally delevers, as well as taking the same office from 89 and increments up to approaching 93% over the next two years to three years. But we – I think our metrics we ended this year just, for instance, our-debt-to-EBITDA under seven, and I think we will naturally strengthen those ratios over the next two or three years.

Joshua H. Attie – Citigroup Global Markets Inc.

What do you think meets early 93 from I think you’re in the high 80s now, correct in terms of occupancy going from and you mentioned going into 93 over the next couple of years. The core portfolio is pretty well leased, I guess how do you think about the past to 93, it seems like that implies a lot of lease up in some of your weaker markets?

Roger A. Waesche, Jr.

Yes, it implies improving our occupancy in White Marsh, Airport Square, and then essentially finishing our 2014 plan and gave me a little ground in Northern Virginia, where we have two large assets that again our new development where we didn’t have much market for that. And then, we’re going to get some space to return to us in Huntsville from another contracting. The biggest customer in our portfolio, who contract over the last three years and we’re establishing that occupancy in the best building in Huntsville.

Joshua H. Attie – Citigroup Global Markets Inc.

And Steve, how do you think about new equity in terms of funding development. The stocks fund really well, published since bottom in December and in the lunch panel we’ve heard people talk about, I think in the REIT industry taking capital and you can get it because gain retain a lot just what’s your thoughts on using equity to fund development and also to fund kind of future development.

Stephen E. Riffee

I mean I think it’s good to have our currency back us, we strengthen the company and build the confidence. We laid out our base plan this year, that so we can fund the growth and keep our metrics strong without having to issue any equities that’s the base plan assumption I think as Roger said if we had an opportunity uniquely for other growth opportunities and acquisitions that only we have the advantage or one of the unique advantages of underwriting. Then it might make sense well equitized [ph] that kind of growth in all if we have the currency in all two, but that’s again no acquisitions are in this year’s plan at this point.

Joshua H. Attie – Citigroup Global Markets Inc.

Can you remind us the yields that you’re getting both on the current pipeline and also the four projects that are in the shadow pipeline what level of returns we should expect?

Stephen E. Riffee

We’ve been averaging 9% as low as 8% are some of the build to suites we did on the data. And then, as high as 10 on some of the NBP assets. So we have been averaging 9% and for the four assets that we’re looking at going-forward. I think it’s comfortable that those yields will average 9%.

Joshua H. Attie – Citigroup Global Markets Inc.

And you’ve been really focused on either build to suite or things that leased up within one quarter or being added to the pipeline, does the shadow pipeline have those kind of characteristics, or are you taking more preleasing risk?

Roger A. Waesche, Jr.

It has that kind of characteristics there are four buildings and we anticipate four buildings users for and one would have a minimum of 50% prelease.

Joshua H. Attie – Citigroup Global Markets Inc.

Can you also talk about some of the rent economics you’re seeing you mentioned that in some of your weaker markets that you are starting to see demand get better, if you spend some time on the market rents and also kind of this type of spreads you would see, or your mark-to-market in – let’s say - suburban Maryland and some of the 30% of the portfolio that’s not strategic?

Roger A. Waesche, Jr.

We’re anticipating over the next 12 months our cash and GAAP spreads will be about where they have been which is 3% to 4% negative on a cash, 4% to 5% positive on a GAAP. And having said a disproportionate amount of our portfolio is in Maryland and we’re seeing better relationships on the Maryland side.

Last year if you looked at all our leases fully 46% of them are well positive on a cash basis. Things are a little tougher on the Virginia side and getting slightly more rolled on there in that 3% to 4% in Northern Virginia, but that’s kind of affecting our overall spreads, it’s about 70% of our portfolio.

Joshua H. Attie – Citigroup Global Markets Inc.

And you mentioned Roger, you mentioned that the assets are priced rich and it’s difficult for you to make acquisitions, what’s left to sell in the portfolio today, how much of that is would you consider to be non-core, I guess two wasn’t, how much would you consider to be a non-core and of that how much is net – is it the right time to sell, versus the pricing may not be vary yet?

Roger A. Waesche, Jr.

So today we consider our whole company to be core that this is the company and we’re not in a midst of a repositioning, we will be a financial seller versus the strategic seller going forward. So we’ll opportunistically sell as assets get to high valuations because of lease up or other situations.

So we still have some assets to sell in Suburban Baltimore, two buildings in San Antonio and a few – just a few buildings here and there and ultimately we will sell out of our Blue Bell position, but we’re going to go through the value creation process first.

Joshua H. Attie – Citigroup Global Markets Inc.

What is the timing on that value creation process for Blue Bell in terms of how much times you think you need to just do the work to redevelop it and then when can you kind of start the leasing process?

Roger A. Waesche, Jr.

Four buildings are leased, but one of them will not take occupancy until the Spring of 2015. The fifth building we’re just getting back from Merck in the midst of determining what level of our redevelopment to do to that asset. But we are looking to do preleasing like we’ve been able to do on the other buildings. So it could be several years, if we find that the first four buildings are highly stable and there’s a core buyer for them at a good price, we would be willing to sell those off and sell off the Merck building separately.

Joshua H. Attie – Citigroup Global Markets Inc.

How liquid is that market?

Roger A. Waesche, Jr.

It's very liquid, I mean, it’s the Philadelphia market is doing a lot better and – we fortunately we were able to sign long-term leases, one of the leases is 17 years, one is 15 years and the majority of the other size of the leases are 10 years. So we are going to have a lot of term to sell and I think we will have no problem of finding an institutional buyer to a pay a good price for those assets.

Joshua H. Attie – Citigroup Global Markets Inc.

Sure it’s a tough question because I hear you was talking now, you want to sell the assets, but what do you think, how should we think about what a good price is for those assets, in your minds are those.

Roger A. Waesche, Jr.

No.

Joshua H. Attie – Citigroup Global Markets Inc.

What type of assets, are they 6.5 cap assets leased out.

Stephen E. Riffee

I think even the credit and giving the long-term nature of the assets of seven, seven in the quarter cap rate is a good number.

Joshua H. Attie – Citigroup Global Markets Inc.

Okay, three rapid fire questions before we finish. What do you think same store NOI growth will be for the office sector 2015.

Stephen E. Riffee

Plus 3%.

Joshua H. Attie – Citigroup Global Markets Inc.

There is a little redundant in the question that I asked you on asset sales, but I’m mean ask you anyway, if you can snap your fingers today and sell a portion of your assets with no tax consequences or earnings dilution related to reinvestment, what percentage of portfolio would that be, I guess looked another way, what percentage of the portfolio would you kind of consider be non-core longer-term.

Stephen E. Riffee

10%.

Joshua H. Attie – Citigroup Global Markets Inc.

Do you think cap rates are higher or lower one year from now?

Stephen E. Riffee

Lower.

Joshua H. Attie – Citigroup Global Markets Inc.

Thank you.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Corporate Office Properties Trust's CEO Presents at Citi Global Property Conference (Transcript)
This Transcript
All Transcripts