We kicked off the New Year with a great investor call with the management team of Corporate Office Properties Trust – “COPT”. The company is classified as an office REIT, but as we heard on our call, their tenants aren’t typical office tenants.
Roughly 90% of their Annual Recurring Revenue (ARR) comes from Defense/IT locations – “high security” type tenants. Employees at these locations (for the most part) don’t really have the option to work from home due to the nature of their work. Another interesting fact – these tenants spend a significant amount of money on tenant improvements to meet certain IT/Security requirements.
Having tenants like this is obviously good for COPT. High quality tenants that require employees to work on location… Their team has experience in working with clients like this and the required credentials, too – a big differentiator.
“Thank You” to the COPT team for your time and support. We’re doing great things socially through the success of our business and your support is meaningful!
COPT team: Stephen Budorick, Todd Hartman, Anthony Mifsud, Michelle Layne