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Corporate Office Properties Starts 2 Build-to-Suit Projects


Corporate Office Properties Trust OFC has accomplished two long-term lease deals with a subsidiary of an investment-grade company. With these latest transactions, the Columbia, MD-based real estate investment trust (REIT) closed 335,000 square feet of development leasing. This indicates that the company has executed more than half of its 2017 development leasing goal of 700,000 square feet.

Corporate Office Properties mainly focuses on ownership, management, leasing, acquisition and development of office and data center properties in select locations in the U.S. On Mar 31, the core portfolio of the company included 152 office properties, spanning 16.3 million square feet. As of the same date, its portfolio was 94.2% leased.

With this deal, the company intends to deliver two 148,600-square-foot build-to-suit projects on land in Ashburn, VA, for a strategic tenant. Corporate Office Properties is likely to deliver one building in fourth-quarter 2017 and the second building in the first quarter of 2018.

Currently, Corporate Office Properties has a Zacks Rank #3 (Hold). In the last 30 days, its current-quarter funds from operations (FFO) per share estimates declined 3.9% to 49 cents.

Shares of Corporate Office Properties underperformed the Zacks categorized REIT and Equity Trust – Other industry in the last three months. During this time, while the company’s shares declined 1%, the industry gained 0.4%.

Investors interested in the REIT space, may consider stocks like American Tower Corporation AMT, CareTrust REIT, Inc. CTRE and Equity LifeStyle Properties, Inc. ELS, each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In the last 30 days, American Tower Corporation’s FFO per share for second-quarter 2017 increased 1.3% to $1.55.

In the last 30 days, CareTrust REIT’s FFO per share for second-quarter 2017 remained unchanged at 30 cents.

Equity LifeStyle Properties’ second-quarter 2017 FFO per share estimates decreased 1.2% to 81 cents, in the last 30 days.

Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.

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