COPT Defense Properties (CDP) 2016年年度报告「NYSE」.pdf

1、ANNUAL REPORTCORPORATE OFFICE PROPERTIES TRUST2016In 2016,we achi eved major mi l estones regardi ng our portf ol i o,bal ance sheet and organi zati on.Havi ng successf ul l y compl eted al l three,we are wel l posi ti oned to capi tal i ze on new busi ness opportuni ti es,especi al l y i n a growi

2、ng def ense spendi ng envi ronment.THE RIGHT PORTFOLIO 2016 marked t he sixt h and final year of programmat ic asset r ecyling aimed at concent r at ing our por t folio in dur able demand locat ions,and eliminat ing non-st rat egic asset s.Bet ween 2011 and 2016,we disposed of$1.5 billion of non-def

3、ense suburban office buildings and land,and invest ed t he majorit y of t he proceeds int o modern,efficient,highly-leased and built-t o-suit development project s for defense cont ract ors and t he U.S.Government (collect ively,our“Defense/IT”t enant s)at our most desirable locat ions.These locat i

4、ons are summarized in Table 1 and include The Nat ional Business Par k at For t Geor ge G.Meade(“Ft.Meade”)in Mar yland,wher e many cr it ical defense missions and U.S.Cyber Command ar e locat ed,and at Redst one Gat eway in Hunt sville,Alabama,near Redst one Arsenal,which houses numerous st rat egi

5、c,priorit y missions.Today,our buildings and land are eit her Mi ssi on-Cent ri c,indicat ing t hey are adjacent t o or very near st rat egic and growing U.S.defense inst allat ions,or Urban-Cent ri c,meaning t hey are in t ransit-served,urban or urban-like locat ions such as Balt imores Inner Harbo

6、r.In short,we ent er 2017 wit h a port folio t hat is posit ioned t o grow,and a focused,low-risk development st rat egy for doing so.APPROPRIATE BALANCE SHEET FOR DEVELOPMENT Achieving our balance sheet goals was our second Company milest one.Dur ing t he last six year s we have significant ly impr