COLUMBIA, Md.–(BUSINESS WIRE)–Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC)
announced today that its Board of Trustees declared a regular quarterly
dividend of $0.275 per common share for the second quarter ending June
30, 2019. The second quarter 2019 dividend represents an annualized
amount of $1.10 per share, and is payable on July 15, 2019 to
shareholders of record on June 28, 2019.
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
March 31, 2019, the Company derived 89% of its core portfolio annualized
revenue from Defense/IT Locations and 11% 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 163
office and data center shell properties encompassed 18.2 million square
feet and was 93.7% 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’s financial condition and
operations of its business. 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
Stephanie Krewson-Kelly
443-285-5453
[email protected]
Michelle Layne
443-285-5452
[email protected]
