COPT Declares 98th Consecutive Common Dividend

Rhea-AI Summary

Corporate Office Properties Trust (NYSE: OFC) has declared a regular quarterly dividend of $0.275 per common share for the second quarter ending June 30, 2022. This dividend reflects an annualized amount of $1.10 per share and will be payable on July 15, 2022, to shareholders on record as of June 30, 2022. COPT primarily focuses on properties that support U.S. Government operations, with 90% of its rental revenue from Defense/IT locations. As of March 31, 2022, the company reported a portfolio of 186 properties, encompassing 21.8 million square feet, with a leasing rate of 94.1%.

Positive

• Declared a quarterly dividend of $0.275 per share, indicating confidence in financial health.
• Annualized dividend amount of $1.10 per share enhances shareholder income.
• Core portfolio includes 186 properties, covering 21.8 million square feet, showcasing strong asset base.

Negative

• Reliance on government contracts may expose the company to regulatory risks.
• Potential market fluctuations could impact rental revenue from Defense/IT locations.

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 second quarter ending June 30, 2022. The second quarter 2022 dividend represents an annualized amount of $1.10 per share and is payable on July 15, 2022, to shareholders of record on June 30, 2022.

About 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 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 March 31, 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 21.8 million square feet and was 94.1% 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/20220512006008/en/

IR Contacts:

Stephanie Krewson-Kelly

443-285-5453

stephanie.kelly@copt.com

Michelle Layne

443-285-5452

michelle.layne@copt.com

Source: Corporate Office Properties Trust

FAQ

What is the dividend amount declared by OFC for the second quarter of 2022?

Corporate Office Properties Trust declared a dividend of $0.275 per common share for Q2 2022.

When will the dividend for OFC be paid out?

The dividend will be payable on July 15, 2022.

What are the rental revenue sources for Corporate Office Properties Trust?

COPT derives 90% of its annualized rental revenue from Defense/IT locations and 10% from Regional Office Properties.

What is the leasing rate of COPT's portfolio as of March 31, 2022?

As of March 31, 2022, COPT's leasing rate was 94.1% across its core portfolio.

How many properties does Corporate Office Properties Trust own?

COPT owns a total of 186 properties within its core portfolio.