COLUMBIA, MD—Corporate Office Properties Trusthas announced that it has sold 18 acres of non-strategic land inthe White Marsh submarket and 217 acres of non-strategic land inCharles County. It realized gross proceeds of $28million from the transactions and for the third quarterwill recognize a GAAP gain on sale of approximately $5.5million.


The dispositions represented 37% of COPT's non-strategic landholdings by acreage, the remaining 394 acres of which have a bookvalue of $58 million.


COPT has been on a mission to divest itself of non-strategicassets for several years in order to realign its portfolio. Whileit has made a number of sales along these lines, the REIT still has"some fixing to do in [its] existing portfolio, CEO RogerWaesche said in the company's most recent earnings callthis summer.


"We need to get our occupancy up from around 90% to 93% which wethink is a structural, stabilized number. We need to lease our datacenter up to stabilization. We need to sell non-strategic land.We've got $80 million so we need to sell that."

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