COPT Defense Properties (CDP) 2017年年度报告「NYSE」.pdf

1、C O R P O R AT E O F F I C E P R O P E RT I E S T R U ST2017 Annual ReportBy many measures,2017 was a very successful year.We achieved record and near-record milestones in total leasing volume,tenant retention rates,and development leasing.Additionally,we completed seven years of programmatic asset

2、sales that improved our portfolio and balance sheet that,we believe,position our Company to deliver steady,high quality cash flow growth to stakeholders in the future.It was also a year of challenges,as a record length Continuing Resolution(“CR”)on the U.S.Governments fiscal year 2017 budget combine

3、d with a very deliberate government appropriation process to delay until 2018 the lease actions on our two development projects held for Government use.1 Despite the protracted CR,demand built throughout the year due in part to tailwinds generated by the eventual passage of the larger than expected

4、fiscal 2017 budget in early May.We completed 3.3 million square feet of total leasing in 2017,the most since 2013.Our 81%tenant retention rate was our highest since 1999 and illustrates the increased strength of the defense economy,and the very durable nature of our portfolio.We renewed 1.9 million

5、square feet,incurring modest average lease costs2 of$2.60 per square foot per year,the lowest figure since 2012.Other New Leasing(i.e.,filling vacant space)totaled 431,000 square feet,and we placed 1.2 million square feet of developments into service that were 98%leased.As Figure 1 shows,we achieved

6、 significant milestones in development leasing,as the 975,000 square feet of development leasing executed in 2017 was the second highest volume in the companys history.Five build-to-suits totaling 743,000 square feet of Data Center Shells drove the bulk of development leasing for the year,and the th