Stephen E. Budorick
Executive Vice President & Chief Operating Officer
Corporate Office Properties Trust
Stephen E. Budorick, executive vice president and chief operating officer of Corporate Office Properties Trust, has been instrumental in the three-year transformation accomplished under its new president and CEO, Roger A. Waesche, Jr.
During this period, the Columbia-based company disposed of 6.8 million square feet of non-strategic or under-performing assets, representing a third of its initial portfolio and acquired 3.2 million and 200,000 square feet, respectively, of fully leased, class-A properties. Concurrently, COPT also strengthened its balance sheet, and achieved an investment grade rating in the spring of 2013.
At the end of 2014, the company had 173 operational properties – containing 16.8 million square feet that were 90.9 percent occupied and 92.4 percent leased. When Budorick joined the company, its portfolio was 86.9 percent occupied and 88.7 percent leased.
When COPT completes the 1.5-million-square-feet development projects in progress, the company will have replaced sixty five percent of the square footage sold with Class A fully occupied properties leased to world class tenants. The development success in the past three year will add nearly $50 million in future NOI to the company’s income statement during the 2015 to 2017 period.
In addition, under Budorick’s leadership, COPT has improved its data center portfolio from 650,000 square feet that was 74 percent leased when he joined the company, to 1.6 million square feet that are 99 percent leased today.
Budorick’s other contributions include reorganizing company resources to enhance business development capabilities and success rates, streamlining operations to enhance financial performance, improving energy management and procurement processes.
Budorick is grateful to have been a part of the COPT success story over the past three years and, now that the three year repositioning effort has been completed, is excited to be a part of COPT’s future success.