Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sun, August 14, 9:49 PM
|This Slide: #502 of 582|
Slide #502. Corporate Office Properties Trust — Preferred Stock Offering
Corporate Office Properties Trust (NYSE:OFC)
Preferred Stock Offering Details:
Corporate Office Properties Trust (COPT or the Company) (NYSE:OFC) has commenced a public offering of 3,900,000 of its common shares of beneficial interest. The Company intends to use the proceeds to redeem its outstanding 7.625% Series J Cumulative Redeemable Preferred Shares (NYSE:OFCPrJ), repay amounts outstanding under its unsecured revolving credit facility and for general corporate purposes. Completion of the offering is subject to customary closing conditions. BofA Merrill Lynch is acting as the book-running manager for the common share offering, and may offer the common shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.
Corporate Office Properties Trust is a real estate investment trust. Co. owns, manages, leases, develops and acquires office and data center properties. The majority of Co.'s portfolio is in locations that support the U.S. Government and its contractors, that are engaged in national security, defense and information technology related activities servicing. Co. also owns a portfolio of office properties located in select urban/urban-like submarkets in the Greater Washington, DC/Baltimore region. Co. conducts majority of its operations and owns majority of its assets through its operating partnership, Corporate Office Properties, L.P., of which Co. is the sole general partner.
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Buy (3.37 out of 4)
(ranked lower than approx. 53% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com