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Corporate Office Properties Trust (NYSE: OFC) has signed three leases totaling 460,000 square feet, including long-term commitments with a Fortune 500 company for two build-to-suit developments in Northern Virginia and a 39,000 square feet lease with the U.S. Government in Huntsville, AL. These transactions help the company fulfill its 2020 objective of leasing one million square feet. The management believes there is strong demand for its properties and anticipates continued success in 2021, supported by a 2.0 million square feet development leasing pipeline.
Corporate Office Properties Trust (COPT) has finalized its joint venture with Blackstone Real Estate, completing the second close announced on November 2, 2020. The Blackstone Funds acquired a 90% interest in six data center shell properties, valued at $203 million, with COPT receiving approximately $84 million for its 40% stake. This follows an earlier acquisition of a 90% interest in two wholly owned data shell properties valued at $90 million. COPT primarily serves the U.S. Government and contractors, with 88% of its rental revenue derived from Defense/IT locations.
Corporate Office Properties Trust (OFC) has appointed Todd Hartman as Executive Vice President and Chief Operating Officer, effective November 30, 2020. Hartman brings over 25 years of commercial real estate experience, including asset and property management. Previously, he was Senior Vice President at Ivanhoe Cambridge, overseeing a diverse office portfolio across major cities. His role at COPT will encompass asset management, leasing, and expanding investment opportunities, particularly in Defense/IT locations. COPT's portfolio primarily supports government-related activities, with 88% of annualized rental revenue derived from these sites.
Corporate Office Properties Trust (OFC) announced a quarterly dividend of $0.275 per common share for Q4 2020, equating to an annualized $1.10 per share. This dividend will be payable on January 15, 2021, to shareholders on record as of December 31, 2020. As of September 30, 2020, COPT's core portfolio comprised 174 properties covering 20.2 million square feet, with 94.6% leased, predominantly located in Defense/IT sectors, driving 88% of its annual rental revenue.
Corporate Office Properties Trust (COPT) has formed new joint ventures with Blackstone Real Estate, acquiring interests in eight data center shell properties valued at $293 million and totaling 1.3 million square feet. Blackstone has acquired a 90% interest in two wholly owned properties worth $90 million, with plans to acquire a further 90% in six other properties. COPT's strategic relationship with Blackstone aims to enhance the value of its data center portfolio, reflecting strong demand growth in the sector due to rising internet traffic and cloud services.
Corporate Office Properties Trust (COPT) has announced the release date and details for its third quarter 2020 results. The results will be released on Thursday, October 29, 2020, after market close, followed by a conference call on Friday, October 30, 2020, at 12:00 p.m. ET. Investors can access the call via telephone at 855-463-9057 (U.S.) or 661-378-9894 (international), using the passcode 8968029. A replay will be available on the company's website starting at 3:00 p.m. ET on October 30.
Corporate Office Properties Trust (COPT) has appointed Letitia A. Long to its Board of Trustees, effective October 1, 2020. Long brings extensive experience from the U.S. intelligence community, including roles at the National Geospatial-Intelligence Agency and the Defense Intelligence Agency. Chairman Thomas F. Brady expressed confidence that her expertise will enhance the company's defense strategy and governance. COPT primarily focuses on office and data center properties, with 88% of its revenue derived from locations supporting national security and defense.