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COPT 1Q 2022 Results Exceed Guidance

1Q22 EPS of $0.52 and FFO per Share of $0.58 Exceeded High-End of Guidance

1.2% Increase in Same-Property Cash NOI During Quarter Outperformed

High-End of Guidance by 20 Basis Points;

Maintain Full-Year Guidance for Change in Same-Property Cash NOI at (2%)-0%

Core Portfolio 92.2% Occupied & 94.1% Leased

283,000 SF of 100% Leased Developments Placed into Service in 1Q22

1.7 Million SF of Active Developments are 96% Leased

Solid Leasing

Total Leasing of 871,000 SF in the Quarter Represents Strong Start to the Year

265,000 SF of Development Leasing in 1Q is On-Track to Meet 2022 Goal of Completing 700,000 SF Goal During the Year

157,000 SF of Vacancy Leasing Represents 157% of First Quarter 5-Year Average

64% Retention Rate In-Line with Expectations;

Full-Year Retention Guidance of 70-75% Unchanged

Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) announced results for the first quarter ended March 31, 2022.

Management Comments

Stephen E. Budorick, COPT’s President & Chief Executive Officer, commented, “Our strategy of prioritizing capital allocation and leasing efforts at our Defense/IT Locations that serve priority missions at U.S. defense installations continues to produce strong, reliable results that are not correlated to traditional office fundamentals. First quarter results represent a strong start to the year, and we remain on-track to achieve our full year operating, leasing, and FFO per share objectives. Same-property results modestly exceeded expectations, and leasing was strong in the operating and development portfolios. The 157,000 square feet of vacancy leasing we achieved exceeded our 5-year average for the quarter. Our 64% tenant retention rate in the quarter reflected the anticipated non-renewal by Transamerica at 100 Light Street, which was included in our full-year retention guidance of 70-to-75%. The 265,000 square foot data center shell lease we executed in the quarter represents nearly 40% of the 700,000 square feet of development leasing we expect to complete this year, and we anticipate a productive second quarter.” He continued, “During the quarter, we placed 283,000 square feet of fully-leased developments into service and, among the 1.7 million square feet of active developments currently underway, we expect to place nearly 800,000 square feet of fully-leased projects into service for the year. Lastly, the mid-point of our full-year guidance implies 2.2% growth in FFO per share, as adjusted for comparability, reduced by roughly 2% from the dilutive sale of DC-6 during the quarter.”

Financial Highlights

1st Quarter Financial Results:

  • Diluted earnings per share (“EPS”) was $0.52 for the quarter ended March 31, 2022 compared to ($0.06) for the first quarter of 2021.
  • Diluted funds from operations per share (“FFOPS”), as calculated in accordance with Nareit’s definition, was $0.58 for the first quarter of 2022 compared to $0.27 for first quarter 2021.
  • FFOPS, as adjusted for comparability, was $0.58 for the first quarter of 2022 compared to $0.56 for the first quarter of 2021.

Operating Performance Highlights

Operating Portfolio Summary:

  • At March 31, 2022, the Company’s 21.8 million square foot core portfolio was 92.2% occupied and 94.1% leased.
  • During the quarter, the Company placed into service 283,000 square feet of developments that were 100% leased.

Same-Property Performance:

  • At March 31, 2022, COPT’s 20.3 million square foot same-property portfolio was 92.0% occupied and 93.9% leased.
  • For the quarter ended March 31, 2022, the Company’s same-property cash NOI increased 1.2%, over the prior year’s comparable period.

Leasing:

  • Total Square Feet Leased: For the quarter ended March 31, 2022, the Company leased 871,000 square feet, including 448,000 square feet of renewals, 157,000 square feet of new leases on vacant space, and 265,000 square feet in development projects.
  • Tenant Retention Rates: During the quarter ended March 31, 2022, the Company renewed 64% of expiring square feet. First quarter non-renewals included a 141,000 square foot lease expiration in the Company’s Regional Office portfolio. This non-renewal was included in management’s original full-year retention guidance of 70-75%.
  • Rent Spreads & Average Escalations on Renewing Leases: For the quarter ended March 31, 2022, straight-line rents on renewals decreased 1.9%, and cash rents on renewed space decreased 5.7%. For the same time period, annual escalations on renewing leases averaged 2.6%.
  • Lease Terms: In the first quarter of 2022, lease terms averaged 3.3 years on renewing leases, 6.4 years on new leasing of vacant space, and 15.0 years on development leasing.

Investment Activity Highlights

  • Development Pipeline: The Company’s development pipeline consists of 11 properties totaling 1.7 million square feet that were 96% leased at March 31, 2022. These projects represent a total estimated investment of $552.7 million, of which $214.3 million has been spent.
  • Dispositions: On January 25, 2022, the Company sold 100% of COPT DC-6 (“DC-6”), the only asset in the Company’s Wholesale Data Center reporting segment, for $223 million. There was no debt on the asset.

Balance Sheet and Capital Transaction Highlights

  • In January and as referenced in the preceding paragraph, the Company sold its wholesale data center for $223 million and used the proceeds to repay unsecured, variable rate debt.
  • For the quarter ended March 31, 2022, the Company’s adjusted EBITDA fixed charge coverage ratio was 5.2x.
  • At March 31, 2022, the Company’s net debt to in-place adjusted EBITDA ratio was 6.6x and its net debt adjusted for fully-leased development to in-place adjusted EBITDA ratio was 6.1x.
  • At March 31, 2022, and including the effect of interest rate swaps, the Company’s weighted average effective interest rate on its consolidated debt portfolio was 2.72% with a weighted average maturity of 6.9 years; additionally, 97.2% of the Company’s debt was subject to fixed interest rates.
  • On April 8, 2022, the Company filed a new universal shelf registration statement with the SEC to replace its expired registration. In conjunction with this filing, the Company will also file a new prospectus supplement in May to attach its $300 million at-the-market (“ATM”) stock offering program to the new shelf registration statement.

Associated Supplemental Presentation

Prior to the call, the Company will post a slide presentation to accompany management’s prepared remarks for its first quarter 2022 conference call; the presentation can be viewed and downloaded from the ‘Financial Info – Financial Results’ section of COPT’s Investors website: https://investors.copt.com/financial-information/financial-results

2022 Guidance

Management is updating its full-year guidance for EPS and FFOPS, per Nareit and as adjusted for comparability, from the prior range of $1.12-$1.20, and $2.30-$2.38, respectively, to new ranges of $1.16-$1.22, and $2.31-$2.37, respectively. Management is establishing second quarter guidance for EPS and FFOPS per Nareit and as adjusted for comparability at $0.22-$0.24 and $0.57-$0.59, respectively. Reconciliations of projected EPS to projected FFOPS, in accordance with Nareit and as adjusted for comparability are as follows:

Reconciliation of EPS to FFOPS, per Nareit and Quarter ending Year ending
As Adjusted for Comparability June 30, 2022   December 31, 2022
Low High Low High
 
EPS

$0.22

 

$0.24

 

$1.16

 

$1.22

Real estate-related depreciation and amortization

0.35

 

0.35

1.40

 

1.40

Gain on sales of real estate

            -  

 

            -  

(0.25)

 

(0.25)

FFOPS, Nareit definition and as adjusted for comparability

$0.57

 

$0.59

$2.31

 

$2.37

Conference Call Information

Management will discuss first quarter 2022 results on its conference call tomorrow at 12:00 p.m. Eastern Time, details of which are listed below:

Conference Call Date:   Friday, April 29, 2022
Time:   12:00 p.m. Eastern Time
Telephone Number: (within the U.S.)   855-463-9057
Telephone Number: (outside the U.S.)   661-378-9894
Passcode:  

7286907

The conference call will also be available via live webcast in the ‘News & Events – IR Calendar’ section of COPT’s Investors website: https://investors.copt.com/news-events/ir-calendar

Replay Information

A replay of the conference call will be immediately available via webcast on the Investors website. Additionally, a telephonic replay of this call will be available beginning at 3:00 p.m. Eastern Time on Friday, April 29, through 3:00 p.m. Eastern Time on Friday, May 13. To access the replay within the United States, please call 855-859-2056; to access it from outside the United States, please call 404-537-3406. In either case, use passcode 7286907.

Definitions

For definitions of certain terms used in this press release, please refer to the information furnished in the Company’s Supplemental Information Package furnished on a Form 8-K which can be found on its website (www.copt.com). Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are included in the attached tables.

About COPT

COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties. The majority of its portfolio is in locations that support the United States Government and its contractors, most of whom are engaged in national security, defense and information technology (“IT”) related activities servicing what the Company believes are growing, durable, priority missions (“Defense/IT Locations”). The Company also owns a portfolio of office properties located in select urban/urban-like submarkets in the Greater Washington, DC/Baltimore region with durable Class-A office fundamentals and characteristics (“Regional Office Properties”). As of March 31, 2022, the Company derived 90% of its core portfolio annualized rental revenue from Defense/IT Locations and 10% from its Regional Office Properties. As of the same date and including 19 properties owned through unconsolidated joint ventures, COPT’s core portfolio of 186 properties encompassed 21.8 million square feet and was 94.1% leased.

Forward-Looking Information

This press release may contain “forward-looking” statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are based on the Company’s current expectations, estimates and projections about future events and financial trends affecting the Company. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Although the Company believes that the expectations, estimates and projections reflected in such forward-looking statements are based on reasonable assumptions at the time made, the Company can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements and the Company undertakes no obligation to update or supplement any forward-looking statements.

The areas of risk that may affect these expectations, estimates and projections include, but are not limited to, those risks described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Source: Corporate Office Properties Trust

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(dollars and shares in thousands, except per share data)

 

 

For the Three Months Ended

March 31,

 

 

2022

 

 

 

2021

 

Revenues

 

 

 

Revenues from real estate operations

$

         142,280

 

 

$

         137,830

 

Construction contract and other service revenues

 

             53,200

 

 

 

             16,558

 

Total revenues

 

           195,480

 

 

 

           154,388

 

Operating expenses

 

 

 

Property operating expenses

 

             57,181

 

 

 

             53,276

 

Depreciation and amortization associated with real estate operations

 

             34,264

 

 

 

             34,500

 

Construction contract and other service expenses

 

             51,650

 

 

 

             15,793

 

General and administrative expenses

 

               6,670

 

 

 

               6,062

 

Leasing expenses

 

               1,874

 

 

 

               2,344

 

Business development expenses and land carry costs

 

                  783

 

 

 

               1,094

 

Total operating expenses

 

           152,422

 

 

 

           113,069

 

Interest expense

 

           (14,424

)

 

 

           (17,519

)

Interest and other income

 

               1,893

 

 

 

               1,865

 

Credit loss recoveries

 

                  316

 

 

 

                  907

 

Gain on sales of real estate

 

                    15

 

 

 

                (490

)

Loss on early extinguishment of debt

 

                (342

)

 

 

           (33,166

)

Income (loss) from continuing operations before equity in income of unconsolidated entities and income taxes

 

             30,516

 

 

 

             (7,084

)

Equity in income of unconsolidated entities

 

                  888

 

 

 

                  222

 

Income tax expense

 

                (153

)

 

 

                  (32

)

Income (loss) from continuing operations

 

             31,251

 

 

 

             (6,894

)

Discontinued operations

 

             29,573

 

 

 

                  815

 

Net Income (loss)

 

             60,824

 

 

 

             (6,079

)

Net (income) loss attributable to noncontrolling interests:

 

 

 

Common units in the Operating Partnership (“OP”)

 

                (856

)

 

 

                    85

 

Other consolidated entities

 

                (649

)

 

 

                (675

)

Net income (loss) attributable to COPT common shareholders

$

           59,319

 

 

$

           (6,669

)

 

 

 

 

Earnings per share (“EPS”) computation:

 

 

 

Numerator for diluted EPS:

 

 

 

Net income (loss) attributable to COPT common shareholders

$

           59,319

 

 

$

           (6,669

)

Amount allocable to share-based compensation awards

 

                (181

)

 

 

                (170

)

Redeemable noncontrolling interests

 

                  (39

)

 

 

                    —

 

Numerator for diluted EPS

$

           59,099

 

 

$

           (6,839

)

Denominator:

 

 

 

Weighted average common shares - basic

 

           112,020

 

 

 

           111,888

 

Dilutive effect of share-based compensation awards

 

                  426

 

 

 

                    —

 

Dilutive effect of redeemable noncontrolling interests

 

                  132

 

 

 

                    —

 

Weighted average common shares - diluted

 

           112,578

 

 

 

           111,888

 

Diluted EPS

$

               0.52

 

 

$

             (0.06

)

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(in thousands, except per share data)

 

 

For the Three Months Ended

March 31,

 

 

2022

 

 

 

2021

 

Net income (loss)

$

           60,824

 

 

$

           (6,079

)

Real estate-related depreciation and amortization

 

             34,264

 

 

 

             37,321

 

Gain on sales of real estate from continuing and discontinued operations

 

           (28,579

)

 

 

                  490

 

Depreciation and amortization on unconsolidated real estate JVs

 

                  526

 

 

 

                  454

 

Funds from operations (“FFO”)

 

             67,035

 

 

 

             32,186

 

FFO allocable to other noncontrolling interests

 

             (1,042

)

 

 

             (1,027

)

Basic FFO allocable to share-based compensation awards

 

                (362

)

 

 

                (162

)

Basic FFO available to common share and common unit holders (“Basic FFO”)

 

             65,631

 

 

 

             30,997

 

Redeemable noncontrolling interests

 

                    (6

)

 

 

                    —

 

Diluted FFO adjustments allocable to share-based compensation awards

 

                    27

 

 

 

                    —

 

Diluted FFO available to common share and common unit holders (“Diluted FFO”)

 

             65,652

 

 

 

             30,997

 

Loss on early extinguishment of debt

 

                  342

 

 

 

             33,166

 

Diluted FFO comparability adjustments for redeemable noncontrolling interests

 

                    —

 

 

 

                  458

 

Diluted FFO comparability adjustments allocable to share-based compensation awards

 

                    (2

)

 

 

                (167

)

Diluted FFO available to common share and common unit holders, as adjusted for comparability

 

             65,992

 

 

 

             64,454

 

Straight line rent adjustments and lease incentive amortization

 

             (3,189

)

 

 

             (3,357

)

Amortization of intangibles and other assets included in net operating income

 

                (372

)

 

 

                    40

 

Share-based compensation, net of amounts capitalized

 

               2,111

 

 

 

               1,904

 

Amortization of deferred financing costs

 

                  597

 

 

 

                  793

 

Amortization of net debt discounts, net of amounts capitalized

 

                  605

 

 

 

                  542

 

Replacement capital expenditures

 

           (17,358

)

 

 

           (12,230

)

Other diluted AFFO adjustments associated with real estate JVs

 

                    39

 

 

 

                  241

 

Diluted adjusted funds from operations available to common share and common unit holders (“Diluted AFFO”)

$

           48,425

 

 

$

           52,387

 

Diluted FFO per share

$

               0.58

 

 

$

               0.27

 

Diluted FFO per share, as adjusted for comparability

$

               0.58

 

 

$

               0.56

 

Dividends/distributions per common share/unit

$

             0.275

 

 

$

             0.275

 

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(Dollars and shares in thousands, except per share data)

 

 

March 31,

2022

 

December 31,

2021

Balance Sheet Data

 

 

 

Properties, net of accumulated depreciation

$

  3,580,281

 

 

$

  3,532,944

 

Total assets

 

    4,132,026

 

 

 

    4,262,452

 

Debt, per balance sheet

 

    2,156,784

 

 

 

    2,272,304

 

Total liabilities

 

    2,414,670

 

 

 

    2,578,479

 

Redeemable noncontrolling interests

 

         26,820

 

 

 

         26,898

 

Equity

 

    1,690,536

 

 

 

    1,657,075

 

Net debt to adjusted book

 

39.7

%

 

 

40.5

%

 

 

 

 

Core Portfolio Data (as of period end) (1)

 

 

 

Number of operating properties

 

              186

 

 

 

              184

 

Total operational square feet (in thousands)

 

         21,849

 

 

 

         21,553

 

% Occupied

 

92.2

%

 

 

92.6

%

% Leased

 

94.1

%

 

 

94.4

%

 

For the Three Months Ended

March 31,

2022

 

2021

Payout ratios

 

 

 

 

 

Diluted FFO

47.6

%

 

100.5

%

Diluted FFO, as adjusted for comparability

47.4

%

 

48.3

%

Diluted AFFO

64.5

%

 

59.5

%

Adjusted EBITDA fixed charge coverage ratio

               5.2

x

 

               4.3

x

Net debt to in-place adjusted EBITDA ratio (2)

               6.6

x

 

               6.6

x

Net debt adj. for fully-leased development to in-place adj. EBITDA ratio (3)

               6.1

x

 

               6.3

x

 

 

 

 

 

 

Reconciliation of denominators for per share measures

 

 

 

 

Denominator for diluted EPS

       112,578

 

 

       111,888

 

Weighted average common units

           1,384

 

 

           1,246

 

Anti-dilutive EPS effect of share-based compensation awards

                 —

 

 

              261

 

Denominator for diluted FFO per share

       113,962

 

 

       113,395

 

Redeemable noncontrolling interests

                 —

 

 

              940

 

Denominator for diluted FFO per share, as adjusted for comparability

       113,962

 

 

       114,335

 

(1)

  Represents Defense/IT Locations and Regional Office properties.

(2)

  Represents net debt as of period end divided by in-place adjusted EBITDA for the period, as annualized (i.e. three month periods are multiplied by four).

(3)

  Represents net debt less costs incurred on properties under development that were 100% leased as of period end divided by in-place adjusted EBITDA for the period, as annualized (i.e. three month periods are multiplied by four).

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(in thousands)

 

 

For the Three Months Ended

March 31,

 

 

2022

 

 

 

2021

 

Reconciliation of common share dividends to dividends and distributions for payout ratios

 

 

 

Common share dividends - unrestricted shares and deferred shares

$

           30,837

 

 

$

           30,805

 

Common unit distributions - unrestricted units

 

                  404

 

 

 

                  347

 

Common unit distributions - dilutive restricted units

 

                    13

 

 

 

                    —

 

Dividends and distributions for payout ratios

$

           31,254

 

 

$

           31,152

 

 

 

 

 

Reconciliation of GAAP net income (loss) to earnings before interest, income taxes, depreciation and amortization for real estate (“EBITDAre”), adjusted EBITDA and in-place adjusted EBITDA

 

 

 

Net income (loss)

$

           60,824

 

 

$

           (6,079

)

Interest expense

 

             14,424

 

 

 

             17,519

 

Income tax expense

 

                  153

 

 

 

                    32

 

Real estate-related depreciation and amortization

 

             34,264

 

 

 

             37,321

 

Other depreciation and amortization

 

                  607

 

 

 

                  555

 

Gain on sales of real estate

 

           (28,579

)

 

 

                  490

 

Adjustments from unconsolidated real estate JVs

 

                  758

 

 

 

                  693

 

EBITDAre

 

             82,451

 

 

 

             50,531

 

Loss on early extinguishment of debt

 

                  342

 

 

 

             33,166

 

Net gain on other investments

 

                (565

)

 

 

                    —

 

Credit loss recoveries

 

                (316

)

 

 

                (907

)

Business development expenses

 

                  326

 

 

 

                  548

 

Adjusted EBITDA

 

             82,238

 

 

 

             83,338

 

Pro forma net operating income adjustment for property changes within period

 

                  579

 

 

 

                  166

 

Change in collectability of deferred rental revenue

 

                    —

 

 

 

                  124

 

In-place adjusted EBITDA

 

             82,817

 

 

 

             83,628

 

 

 

 

 

Reconciliation of interest expense to the denominators for fixed charge coverage-Adjusted EBITDA

 

 

 

Interest expense

$

           14,424

 

 

$

           17,519

 

Less: Amortization of deferred financing costs

 

                (597

)

 

 

                (793

)

Less: Amortization of net debt discounts, net of amounts capitalized

 

                (605

)

 

 

                (542

)

COPT’s share of interest expense of unconsolidated real estate JVs, excluding deferred financing costs

 

                  231

 

 

 

                  234

 

Scheduled principal amortization

 

                  774

 

 

 

                  962

 

Capitalized interest

 

               1,529

 

 

 

               1,805

 

Denominator for fixed charge coverage-Adjusted EBITDA

$

           15,756

 

 

$

           19,185

 

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(in thousands)

 

 

For the Three Months Ended

March 31,

 

 

2022

 

 

 

2021

 

Reconciliations of tenant improvements and incentives, building improvements and leasing costs for operating properties to replacement capital expenditures

 

 

 

Tenant improvements and incentives

$

           10,010

 

 

$

             7,139

 

Building improvements

 

               6,832

 

 

 

               3,628

 

Leasing costs

 

               2,270

 

 

 

               1,129

 

Net additions to tenant improvements and incentives

 

               1,808

 

 

 

               2,900

 

Excluded building improvements and leasing costs

 

             (3,562

)

 

 

             (2,566

)

Replacement capital expenditures

$

           17,358

 

 

$

           12,230

 

 

 

 

 

Same Properties cash NOI

$

           79,567

 

 

$

           78,650

 

Straight line rent adjustments and lease incentive amortization

 

             (1,503

)

 

 

               1,724

 

Amortization of acquired above- and below-market rents

 

                  519

 

 

 

                    99

 

Lease termination fees, net

 

                  221

 

 

 

               1,362

 

Tenant funded landlord assets and lease incentives

 

               1,463

 

 

 

                  228

 

Cash NOI adjustments in unconsolidated real estate JV

 

                    83

 

 

 

                  101

 

Same Properties NOI

$

           80,350

 

 

$

           82,164

 

 

 

March 31,

2022

 

December 31,

2021

Reconciliation of total assets to adjusted book

 

 

 

 

Total assets

 

$

      4,132,026

 

 

$

      4,262,452

 

Accumulated depreciation

 

 

        1,182,652

 

 

 

        1,152,523

 

Accumulated depreciation included in assets held for sale

 

 

                    —

 

 

 

             82,385

 

Accumulated amortization of intangibles on property acquisitions and deferred leasing costs

 

 

           217,607

 

 

 

           215,925

 

Accumulated amortization of intangibles on property acquisitions and deferred leasing costs included in assets held for sale

 

 

                    —

 

 

 

               4,547

 

COPT’s share of liabilities of unconsolidated real estate JVs

 

 

             27,367

 

 

 

             27,312

 

COPT’s share of accumulated depreciation and amortization of unconsolidated real estate JVs

 

 

               4,328

 

 

 

               3,744

 

Less: Property - operating lease liabilities

 

 

           (29,729

)

 

 

           (29,342

)

Less: Cash and cash equivalents

 

 

           (19,347

)

 

 

           (13,262

)

Less: COPT’s share of cash of unconsolidated real estate JVs

 

 

                (458

)

 

 

                (434

)

Adjusted book

 

$

      5,514,446

 

 

$

      5,705,850

 

 

 

 

 

 

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(in thousands)

March 31,

2022

December 31,

2021

March 31,

2021

Reconciliation of debt to net debt, net debt adjusted for fully-leased development and pro forma net debt adjusted for fully-leased development

 

Debt, per balance sheet

$

2,156,784

$

2,272,304

$

2,207,903

Net discounts and deferred financing costs

24,728

25,982

23,701

COPT’s share of unconsolidated JV gross debt

26,250

26,250

26,250

Gross debt

$

2,207,762

$

2,324,536

$

2,257,854

Less: Cash and cash equivalents

(19,347

)

(13,262

)

(36,139

)

Less: COPT’s share of cash of unconsolidated real estate JVs

(458

)

(434

)

(202

)

Net debt

$

2,187,957

$

2,310,840

$

2,221,513

Costs incurred on fully-leased development properties

(154,259

)

(162,884

)

(128,032

)

Net debt adjusted for fully-leased development

$

2,033,698

$

2,147,956

$

2,093,481

Net debt

$

2,187,957

$

2,310,840

$

2,221,513

Debt pay down from Wholesale Data Center sale proceeds

N/A

(216,000

)

N/A

Pro forma net debt

$

2,187,957

$

2,094,840

$

2,221,513

Costs incurred on fully-leased development properties

(154,259

)

(162,884

)

(128,032

)

Pro forma net debt adjusted for fully-leased development

$

2,033,698

$

1,931,956

$

2,093,481

 

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