Corporate Office Properties Trust (NYSE:OFC) Q4 2022 Earnings Conference Call February 10, 2023 12:00 PM ET

Company Participants

Venkat Kommineni - Vice President, Investor Relations

Steve Budorick - President and Chief Executive Officer

Todd Hartman - Executive Vice President and Chief Operating Officer

Anthony Mifsud - Executive Vice President and Chief Financial Officer

Conference Call Participants

Jason Belcher - Wells Fargo

Michael Griffin - Citi

Camille Bonnel - Bank of America

Anthony Paolone - JPMorgan

Tom Catherwood - BTIG

Steve Sakwa - Evercore ISI

Dave Rodgers - R.W. Baird

Operator

Welcome to the Corporate Office Properties Trust Fourth Quarter and Full-Year 2022 Results Conference Call. As a reminder, today's call is being recorded.

At this time, I'll turn the call over to Venkat Kommineni, COPT's Vice President of Investor Relations. Ms. Kommineni, please go ahead.

Venkat Kommineni

Thank you, [Carmen] [ph]. Good afternoon, and welcome to COPT's conference call to discuss fourth quarter and full-year results and guidance for the year. With me today are Steve Budorick, President and CEO; Todd Hartman, Executive Vice President and COO; and Anthony Mifsud, Executive Vice President and CFO. Reconciliations of GAAP and non-GAAP financial measures that management discusses are available on our website in the results press release and presentation and in our supplemental information package.

As a reminder, forward-looking statements made during today's call are subject to risks and uncertainties, which are discussed in our SEC filings. Actual events and results can differ materially from these forward-looking statements, and the company does not undertake a duty to update them. Steve?

Steve Budorick

Good afternoon, and thank you for joining us. Upon [conclusion] [ph] of our strategic reallocation program in 2018, which deeply concentrated in our portfolio and defense IT locations, we entered into what we describe as a new era of growth. Since 2019, we've placed over 5 million square feet of nearly fully leased development projects in service, creating the foundation for long-term growth.

During this period, we raised over $1 billion in capital, mainly from our data center shell portfolio and reinvested into other highly accretive low risk development projects. These activities coupled with a strong leasing in our operating portfolio and strategic debt refinancings delivered 4% compound annual growth FFO growth from 2018 through 2022.

Today, nearly three years after the onset of the COVID-19 pandemic, we feel the strength of our strategy has been fully ratified. Delivering reliable growth through the pandemic era with visible growth for the next four years and progressing to a new era of internally funded development.