COLUMBIA, MD-Corporate Office Properties Trust sold seven stabilized properties, two vacant properties and a parcel of land for the quarter ending March 31, 2012, realizing net proceeds of $61 million from the transactions. The stabilized buildings totaled an aggregate of 219,000 square feet and were 80% occupied by 63 tenants at the time of the sale.
It has been one year almost to the day that the REIT announced its Strategic Reallocation Plan, under which these transactions occurred. Since that time, it has sold a total of $139 million in properties and land, for net proceeds of $130.6 million. The properties that COPT just sold over the proceeding quarter represented 17.8% of its total leases in place and 5.4% of consolidated operating square feet.
One of the goals of the plan is to shed assets that are more management-intensive due to their smaller average tenant size, says president and CEO Roger A. Waesche, Jr. in a prepared statement. “We’re also improving our balance-sheet flexibility, since we’ve realized significant net proceeds to date, $38 million of which was received in the first quarter from non-revenue generating properties.”
The earnings call in which COPT will detail these and other transactions will be the first over which Waesche will preside. He assumed leadership of the company at the start of the month, with the retirement of Rand Griffin.