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Corporate Office Properties Trust, 7.625% Cumul Redeem Preferred Shares J
Ticker Symbol: OFC-J* CUSIP: 22002T702 Exchange: NYSE
* NOTE: This security is no longer trading as of 4/22/2013
Security has been Called for: Monday, April 22, 2013
March 20, 2013--Corporate Office Properties Trust (COPT or the Company) (NYSE: OFC) announced that it has called for redemption all of its 3,390,000 outstanding 7.625% Series J Cumulative Redeemable Preferred Shares (NYSE: OFCPrJ), at a price of $25.0424 per Series J Preferred Share, which includes accrued and unpaid dividends through the date of redemption (the Series J Redemption Price). The redemption date for the Series J Preferred Shares will be April 22, 2013 From and after the Redemption Date, dividends on the Series J Preferred Shares shall cease to accrue and holders of the Series J Preferred Shares will have no rights as such holders other than the right to receive the Series J Redemption Price, without interest, upon surrender of the Series J Preferred Shares. Redeeming the Series J Preferred Shares will result in a second quarter 2013 reduction of $2.9 million to net earnings available to common shareholders for the Series J Preferred Shares’ initial offering costs. The impact of the redemption is included in the earnings guidance issued by the Company on March 13, 2013. The Notice of Redemption and related materials are being mailed to holders of record of the Series J Preferred Shares. Wells Fargo Shareowner Services is acting as the redemption agent. Requests for additional copies of the materials should be directed to COPT’s Investor Relations Department at ir@copt.com.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Corporate Office Properties Trust, 7.625% Series J Cumulative Redeemable Preferred Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 7/20/2011 at $25 per share plus accrued and unpaid dividends, with no stated maturity, and with distributions of 7.625% ($1.90625) per annum paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on the date fixed by the board, not more than 60 days or less than 10 days prior to the payment date. Dividends paid by preferreds issued by REITs are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (CDP)
IPO - 7/14/2006 - 3.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: OFCYP Changed: 7/24/2006
Market Value $75.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 6711 Columbia Gateway Drive, Suite 300, Columbia, MD 21046 |
| Main Phone Number |
443-285-5400 |
| Fax Number |
Not Available |
| Investor Relations
Stephanie Krewson
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443-285-5453
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| CEO - Roger A. Waesche, Jr. |
CFO - Stephen E. Riffee |
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