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Baltimore Waterfront Properties

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Baltimore Waterfront Properties Corporate Office Properties Trust PROPERTY TOUR > Baltimore Waterfront Properties December 31, 2020 1 Table of Contents BALTIMORE CITY > COPT’s Investment Thesis page 3 > Baltimore Waterfront Properties pages 4–10 > Pratt Street/Harbor East Submarkets page 11 > 250 W. Pratt Street page 12 > 100 Light Street page 13 > Canton Submarket page 14 > 1501 S. Clinton Street page 15 2 COPT’s Investment Thesis Our Company is known primarily for our concentration of buildings leased to the U.S. Government and defense contractors who support their missions. At December 31, 2020, we derived 87% of our core portfolio annualized rental revenues (ARR) from such Defense/IT Locations. Fundamentally, our corporate mission is to add value for shareholders. As part of that mission, we have invested in select properties outside our Defense/IT Locations, focusing on urban, or urban-like, mass transit-served submarkets that we refer to as our Regional Office portfolio, which at December 31, 2020, generated 13% of our core portfolio ARR. Three of our eight Regional Office assets are in Baltimore’s Inner Harbor submarket, where the investment outlook 5/19/2015 remains solid. Since 2000, Baltimore’s office market fundamentals haveGoogle Mapsbenefitted from decreasing supply and Traffic, Bicycling,increasing Terrain, Directions demand. Between 2000 and 2019, nearly 4.0 million square feet of former Class B and C office space in Baltimore’s downtown and waterfront submarkets that circumscribe the Inner Harbor have been converted into luxury apartments, condominiums and other modern, commercial uses (see Figure 1). Baltimore’s Waterfront Office Markets 250 West Pratt Street 100 Light Street FELLS POINT INNER HARBOR LITTLE ITALY/ HARBOR EAST CAMDEN OTTERBEIN YARDS CANTON M&T BANK STADIUM FEDERAL HILL SOBO SHARP LEADENHALL 1501 South Clinton Street SOUTH BALTIMORE LOCUST POINT COPT FEDERAL HILL/LOCUST POINT HARBOR EAST/ LITTLE ITALY INNER HARBOR CAMDEN YARDS FELLS POINT CANTON PROPERTY Map data©2015 Google 1000 ft https://www.google.com/maps/@39.2783487,-76.592195,15z 3 1/1 Baltimore Waterfront Properties > Baltimore, Maryland 44 MARKET STATISTICS FIGURE 1. DOWNTOWN BALTIMORE OFFICE SF DEMOLISHED & BUILT* 1,250,000 Since 2000, nearly 4 million SF of Baltimore's former office buildings have been demolished for conversion into apartments, hotels, and other commercial uses, and 6 1,000,000 million SF of new office supply has been built. 750,000 500,000 250,000 0 (250,000) Office SF Developed (Demolished) Developed SF Office (500,000) (750,000) (1,000,000) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Office SF Demolished New Supply Source: CoStar & COPT’s IR Department * Aggregated by the year in which former office buildings were demolished or new supply was completed. COMPETITIVE OFFICE MARKET OVERVIEW** BALTIMORE OUTLOOK** The 27 properties that comprise the competitive Class A product along Conversions of obsolete supply and capital reinvestment by new Baltimore’s Waterfront submarkets total 7.2 million SF (the Waterfront landlords have promoted stabile market fundamentals Subset). In the past decade, many suburban tenants have moved to the > COPT’s assets have and continue to outperform the Waterfront Subset, amenity-rich product in the Waterfront Subset, while existing CBD tenants especially since 2018 (see Figure 2). have upgraded to waterfront space. > Supply: Wills Wharf (1201 Wills Street, 236,000 SF) delivered in 2Q20 and is 27% leased. Site grading and utility work has commenced at Port Covington in connection with two new office buildings totaling FIGURE 2. COPT VS. WATERFRONT COMP MARKET RENTS & % LEASED** approximately 450,000 SF (delivery date is TBD). The proposed 75,540 SF 1111 Key Highway project indicates a 2022 delivery, but is not underway. $35 95% $34 > Demand: During the 12-months ended December 31, 2020, the 85% $33 Waterfront Subset enjoyed modestly negative net absorption of -17,800 $32 75% SF. $31 65% > Rents: Gross office rents among the Waterfront Subset have held steady $30 in the past 12-months at approximately $30.50 PSF. 55% $29 $28 45% > Sales: During 4Q19, 100 S. Charles Street sold for $14 million, $27 35% representing $87 PSF and a 5.9% cap rate. No assets traded in 2020. $26 25% $25 ** Source: CoStar & COPT’s IR Department 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 COPT Rents (EOP) Mkt Rents (EOP) COPT % Leased Mkt % Leased ** Source: CoStar & COPT’s IR Department 5 BALTIMORE’S CLASS A WATERFRONT OFFICE BUILDINGS* CBD OFFICE MARKET SF (000S) % LEASED YEAR BUILT/RENOVATED Pratt Street Corridor Micromarket 250 W Pratt St (Pandora Tower) 1 354 91% 1985/2015 100 S Charles St (Tower One) 2 497 53% 1980 1 E Pratt St 3 356 65% 1977/2009 100 Light St (Transamerica Tower)** 4 540 92% 1973/2010 100 E Pratt St 5 663 87% 1976/2007 111 S Calvert St (Harborplace Tower) 6 270 65% 1988 500 E Pratt St 7 280 76% 2004 750 E Pratt St 8 364 87% 2002 621 E Pratt St (Pier IV) 9 122 46% 2003 Pratt Street Corridor Micromarket (9 buildings) 3,478 84% 17 yrs avg Harbor East/Harbor Point Micromarket 100 International Dr (Legg Mason Tower) 10 613 92% 2009 1310 Point St (Exelon Tower) 11 492 100% 2016 1201 Wills St A 236 27% 2020 1300 Thames St (Thames Street Wharf) 12 263 82% 2010 901 S Bond St (Bond Street Wharf) 13 228 86% 2002 1615–1637 Thames St (Brown’s Wharf) 14 104 99% 1868/1988 509 S Exeter St (Bagby Furniture Bldg) 15 94 80% 1904/2009 650 S Exeter St 16 243 86% 2007 1001 Fleet St 17 270 55% 1999 1000 Lancaster St 18 129 73% 1996 Harbor East/Harbor Point Micromarket (10 buildings) 2,672 86% 12 yrs avg Federal Hill/South Baltimore Micromarkets 145 W Ostend St 19 75 33% 2017 1111 Light St 20 34 53% 2012 921 E Fort Ave 21 65 97% 1900/2003 1500 Whetstone Way 22 83 96% 2010 1801 Porter St (McHenry Row III) 23 77 100% 2018 1215 E Fort Ave (McHenry Row II) 24 169 85% 1921/2013 1215 E Fort Ave (Building I) 25 45 100% 1921/2002 1501 S Clinton St (Canton Crossing) 26 476 98% 2006 Fells Point/South Baltimore Micromarkets (8 buildings) 1,022 93% 12 yrs avg Class A Office in Waterfront Markets-total (27 buildings) 7,178 86% 14 yrs avg Other CBD Class-A Office (41 buildings) 7,894 84% 24 yrs avg U.S. Class-A Office Stats 3,036,567 87% --- * Source: CoStar as of February 18, 2021; COPT’s IR Department ** Excludes 30 Light Street, the adjacent 560-space structured parking facility that also contains 10,000 SF of street-level retail. 6 MARKET COMPARISON: EXISTING Competitive Micromarkets* COPT Baltimore PROPERTIES (Excluding COPT) Portfolio Number of Properties 24 3 Total SF 5,779,214 1,380,000** % Leased 87% 93.8% Direct Vacant SF 732,354 86,000 Direct Asking Rents ($/SF) $29–$31 $28–$33 TTM Net Absorption (SF) 27,319 50,313 UNDER CONSTRUCTION PROPERTIES Number of Properties 0 N/A Total SF (% preleased) 0 N/A * Source: CoStar as of December 31, 2020 ** Includes 30 Light Street, a structured parking garage with 10,155 SF of street-level retail. BALTIMORE’S CLASS A WATERFRONT OFFICE BUILDINGS (MAP VIEW) COPT Properties Non-COPT Properties 6 1 2 4 5 7 8 3 9 15 16 17 10 18 11 13 14 A 12 20 26 395 19 21 24 22 25 23 95 7 AMENITIES & ATTRACTIONS IN BALTIMORE’S INNER HARBOR Baltimore is served by numerous mass-transit options and is TRANSPORTATION home to multiple well-known attractions such as Oriole Park at LINKS Camden Yards, and the Baltimore Ravens’ M&T Bank Stadium. > I-395 & I-95 Local demand drivers include the Baltimore Convention Center, Baltimore’s Inner Harbor, and the University of > Light RailLink (Camden Yards) Maryland’s Baltimore campus, to name a few. > MARC Train (Camden Yards) Baltimore is fortunate to have dozens of restaurants to choose > MTA Commuter Bus from as well as numerous hotels. > Charm City Circulator Bus Tourism > 26 million annual tourist visits to the Inner Harbor(a) > 1.3 million annual visitors to The National Aquarium in Baltimore(b) > 500,000+ annual visitors to Maryland Science Center(c) > 513,000+ annual visitors to Baltimore Convention Center(d) > $5.4 billion in annual visitors spending(e) Entertainment > 2 million annual attendees for baseball games at Oriole Park at Camden Yards(f) > Over 565,000 annual attendees for Baltimore Ravens games at M&T Bank Stadium(g) Sources: (d) Baltimore Convention Center (a) Longwoods International (e) Downtown Partnership of Baltimore (b) National Aquarium in Baltimore (f) Major League Baseball (c) Maryland Science Center (g) National Football League Dining + Shopping Hotels ROYAL FARMS Entertainment ARENA 100 Light Street 36,660 AADT E. Lombard Street 250 West Pratt Street W. Pratt Street 18,441 AADT CONVENTION CENTER INNER HARBOR CONVENTION CENTER HOTEL CAMDEN YARDS W. Conway Street CAMDEN STATION MARC TRAIN + LIGHT RAIL 61,910 AADT 61,910 Light Street Light 395 MD SCIENCE M&T BANK STADIUM CENTER 8 LED Ribbon at 250 West Pratt Street AMENITIES & ATTRACTIONS > Oriole Park at Camden Yards > M&T Bank Stadium (Balt. Ravens) > Baltimore Convention Center > Inner Harbor > National Aquarium > Edward A. Garmatz U.S. District Courthouse > Maryland Science Center > Univ. of Maryland/ Hospital/Shock Trauma Center/Medical System HOTELS > Days Inn by Wyndham > Holiday Inn Baltimore Inner Harbor > Hilton Baltimore > Sheraton Inner Harbor > Hyatt Regency Baltimore Inner Harbor RESTAURANTS > Starbucks* > Pratt Street Ale House > Luna Del Sea > Kona Grill > Sullivan’s Steakhouse > Cheesecake Factory > Fogo de Chao Brazilian Steakhouse > Phillips Seafood > Hard Rock Café * One of the two Starbucks in the Pratt Street corridor is located in the lobby of COPT’s 250 West Pratt Street (see page 16) 9 A View from 250 West Pratt Street FUN FACT: 1010 Pratt Street/Harbor East Submarkets STRATEGIC FIT: Regional Office Portfolio LOCATION: Excellent access to I-95 & I-83: > I-95/I-395—250 W.
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