Yulista’s Campus to be Operational by the end of 2020
COLUMBIA, Md.–(BUSINESS WIRE)–Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC)
executed a series of leases to construct a four-building campus at
Redstone Gateway for Yulista Holding LLC (“Yulista”), an aerospace
defense contractor formed in Alaska and headquartered in Huntsville, AL.
Yulista’s campus will consist of a multi-story office building and three
supporting R&D facilities that are scheduled to be shell complete during
the second and third quarters of 2020. Yulista will occupy its campus
before the end of 2020, and has the option to expand.
Josh Herren, Yulista’s CEO & President, stated, “We are proud of our
Alaska roots, but have been part of the Huntsville community since 2002
and are delighted to say that our operational hub is Huntsville, AL.
Consolidating into a campus-like setting located next to our government
partners is good for the company efficiency, great for the team members
of Yulista, better for the customers, and excellent for the community.
We thank COPT for working with us and truly understanding our needs and
highest priorities—warfighters, team members, and shareholders.”
COPT’s Chief Operating Officer, Paul Adkins, stated, “Upon its
completion, Yulista’s campus will increase Redstone Gateway’s
operational square footage to over one million square feet. We value the
trust Yulista has given us in building their new Huntsville headquarters
where they can be adjacent to their DoD customers.”
About Yulista Holding
Yulista provides rapid response aerospace and defense solutions for the
Department of Defense (“DoD”) and other defense customers. A subsidiary
of Calista Corporation, an Alaskan Native Corporation headquartered in
Huntsville, AL, Yulista has been a trusted DoD defense contractor since
2002 and is the holding company for eight different Yulista divisions
that support the DoD in multiple areas, including Aviation, Ground,
Logistics, Training, Base Operations and Maintenance support. For more
information, please refer to https://yulista.com/
Company Information
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
December 31, 2018, 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 six buildings owned
through an unconsolidated joint venture, COPT’s core portfolio of 161
office and data center shell properties encompassed 17.9 million square
feet and was 94.0% leased; the Company also owned one wholesale data
center with a critical load of 19.25 megawatts.
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.
Important factors that may affect these expectations, estimates, and
projections include, but are not limited to:
-
general economic and business conditions, which will, among other
things, affect office property and data center demand and rents,
tenant creditworthiness, interest rates, financing availability and
property values; -
adverse changes in the real estate markets including, among other
things, increased competition with other companies; -
governmental actions and initiatives, including risks associated
with the impact of a prolonged government shutdown or budgetary
reductions or impasses, such as a reduction in rental revenues,
non-renewal of leases, and/or reduced or delayed demand for additional
space by the Company’s strategic customers; - the Company’s ability to borrow on favorable terms;
-
risks of real estate acquisition and development activities,
including, among other things, risks that development projects may not
be completed on schedule, that tenants may not take occupancy or pay
rent or that development or operating costs may be greater than
anticipated; -
risks of investing through joint venture structures, including
risks that the Company’s joint venture partners may not fulfill their
financial obligations as investors or may take actions that are
inconsistent with the Company’s objectives; -
changes in the Company’s plans for properties or views of market
economic conditions or failure to obtain development rights, either of
which could result in recognition of significant impairment losses; -
the Company’s ability to satisfy and operate effectively under
Federal income tax rules relating to real estate investment trusts and
partnerships; - possible adverse changes in tax laws;
- the dilutive effects of issuing additional common shares;
- the Company’s ability to achieve projected results;
-
security breaches relating to cyber attacks, cyber intrusions or
other factors; and - environmental requirements.
The Company undertakes no obligation to update or supplement any
forward-looking statements. For further information, please refer to the
Company’s filings with the Securities and Exchange Commission,
particularly the section entitled “Risk Factors” in Item 1A of the
Company’s Annual Report on Form 10-K for the year ended December 31,
2018.
Contacts
IR Contacts:
Stephanie Krewson-Kelly
443-285-5453
[email protected]
Michelle Layne
443-285-5452
[email protected]
