Corporate Office Properties Trust (NYSE:OFC) this quarter sold 18 acres of non-strategic land in the White Marsh submarket of Greater Baltimore, and 217 acres of non-strategic land in Charles County. Total gross proceeds were $28M and the company will book a GAAP gain of about $5.5M.
The sales accounted for 37% of COPT's non-strategic land holdings by acreage. The remaining 394 acres are on the books at a value of $58M.
Total property losses are expected at nearly $2B, with about half housing and the rest from commercial and government sectors.
Franklin Street Properties (FSP -0.2%) is the most exposed, with 14.3% of its current portfolio in the affected area, according to SNL Financial. Next is CoreSite Realty (COR), whose two data center assets in the area account for 13.3% of the company's property count. Next is newly public Independence Realty Trust (IRT +2.2%) - which only owns one property there, but it accounts for 12.5% of its portfolio.
First Potomac Realty Trust (FPO) continues a repositioning to focus on D.C.-area office properties, agreeing to sell 23 industrial properties to Blackstone (BX) for $241.5M. In a separate deal, FPO sells a Haymarket, VA industrial property to Corporate Office Properties Trust (OFC) for $17.5M. (PR)
Corporate Office Properties Trust Inc is a fully-integrated and self-managed real estate investment trust which is along with its subsidiaries serving the specialized requirements of United States Government agencies and defense contractors.