DoD Base Budget Estimated at $634 Billion, a 3% Increase over Fiscal Year 2019
COLUMBIA, MD (STL.News) Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) reports that on December 20, 2019, the President of the United States signed the fiscal year 2020 Department of Defense (“DoD”) and Military Construction Appropriations Acts (the “2020 Acts”) into law. The 2020 Acts appropriate an estimated $634 billion for the DoD’s base budget. Importantly, the DoD Appropriations Act received strong bipartisan support, passing the House by a vote of 377-48, and the Senate on December 19th by a vote of 86-8.
COPT’s updated Defense & Intelligence Budgets research report is available in the ‘COPT Research’ section of COPT’s Investors website (https://investors.copt.com/) and as follows: https://investors.copt.com/Cache/1001259509.PDF?O=PDF&T=&Y=&D=&FID=1001259509&iid=103010
COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties 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 it 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 September 30, 2019, the Company derived 88% of its core portfolio annualized revenue from Defense/IT Locations and 12% from its Regional Office Properties. As of the same date and including 13 buildings owned through unconsolidated joint ventures, COPT’s core portfolio of 167 office and data center shell properties encompassed 18.8 million square feet and was 94.5% leased; the Company also owned one wholesale data center with a critical load of 19.25 megawatts.