COLUMBIA, MD-Corporate Office Properties Trust has priced an offering of $350 million in senior unsecured notes. The REIT plans to use the proceeds to repay its senior unsecured revolving credit facility and for general corporate purposes.

The offering caps off what has been to date a busy year, capital markets-wise, for the REIT. The REIT issued $118 million in common equity in March, and bought back approximately $54 million of its senior exchangeable notes.

All of this activity has improved COPT's balance sheet, Steve Riffee, EVP and CFO, said during the recent earnings call. "As of March 31, the company's debt-to-adjusted EBITDA ratio was 6.9 times, which is significantly better than the 8.7 times ratio in the first quarter of 2012. Our debt-to-adjusted book value also improved to 45.8% in the first quarter of this year versus 55.3% a year ago."

Our big news, he continued was the investment grade rating COPT received from the three rating agencies, as well as a stable outlook. "Obtaining an investment grade rating was an extremely important objective and one we've been working on for over two years," Riffee said.

Riffee also addressed one development with the REIT that might give investors pause: in March, a $146.5 million CMBS loan secured by 9 buildings at Airport Square, and 5 buildings in Colorado Springs was transferred to the special servicer. The loan was transferred, Riffee stressed -- not the properties. "The properties securing the loan are generating sufficient cash flow to fund debt service, but are likely worth less than the debt balance. Accordingly, we requested the transfer of the loan from the master servicer to the special servicer in order to begin discussions about restructuring it."