COPT Declares 100th Consecutive Common Dividend

Rhea-AI Summary

Corporate Office Properties Trust (NYSE: OFC) announced a quarterly dividend of $0.275 per common share for Q4 2022, totaling an annualized amount of $1.10 per share. This dividend will be payable on January 17, 2023, to shareholders on record as of December 30, 2022. As of September 30, 2022, COPT's core portfolio includes 186 properties with 21.9 million square feet and a 95.0% leasing rate, primarily focusing on Defense/IT locations that comprise 90% of its rental revenue.

Positive

• Declared a quarterly dividend of $0.275 per share, indicating confidence in cash flow.
• Annualized dividend of $1.10 per share enhances shareholder income.
• High leasing rate of 95.0% across a core portfolio of 186 properties demonstrates strong demand.

Negative

• None.

COLUMBIA, Md.--(BUSINESS WIRE)-- Corporate Office Properties Trust (NYSE: OFC) (“COPT” or the “Company”) announced today that its Board of Trustees declared a regular quarterly dividend of $0.275 per common share for the fourth quarter ending December 31, 2022. The fourth quarter 2022 dividend represents an annualized amount of $1.10 per share and is payable on January 17, 2023, to shareholders of record on December 30, 2022.

COPT
COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties. The majority of its portfolio is 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 the Company 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 September 30, 2022, the Company derived 90% of its core portfolio annualized rental revenue from Defense/IT Locations and 10% from its Regional Office Properties. As of the same date and including 19 properties owned through unconsolidated joint ventures, COPT’s core portfolio of 186 properties encompassed 21.9 million square feet and was 95.0% leased.

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. 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 and the Company undertakes no obligation to update or supplement any forward-looking statements.

The areas of risk that may affect these expectations, estimates and projections include, but are not limited to, those risks described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Source: Corporate Office Properties Trust

View source version on businesswire.com: https://www.businesswire.com/news/home/20221110005945/en/

IR Contact:

Michelle Layne

443-285-5452

michelle.layne@copt.com

Source: Corporate Office Properties Trust

FAQ

What is the dividend amount for OFC for Q4 2022?

The dividend amount for OFC for Q4 2022 is $0.275 per common share.

When is the dividend payment date for OFC?

The dividend payment date for OFC is January 17, 2023.

What percentage of COPT's revenue comes from Defense/IT locations?

COPT derives 90% of its core portfolio annualized rental revenue from Defense/IT locations.

What is COPT's leasing rate as of September 30, 2022?

COPT's core portfolio leasing rate is 95.0% as of September 30, 2022.