If at any time both (i) the Series J Preferred Shares cease to be listed on the NYSE or the AMEX, or quoted on NASDAQ, and (ii) we cease to be subject to the reporting requirements of the Exchange Act, but the Series J Preferred Shares are outstanding, then the Series J Preferred Shares will be redeemable in whole but not in part at our option, within 90 days of the date upon which the Series J Preferred Shares cease to be listed and we cease to be subject to such reporting requirements, at a cash redemption price of $25.00 per Series J Preferred Share, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption.
Except as set forth above and as necessary to preserve our status as a real estate investment trust, we may not redeem the Series J Preferred Shares prior to July 20, 2011, except as necessary to preserve our status as a real estate investment trust. On or after July 20, 2011, we may, at our option, redeem the Series J Preferred Shares, in whole or from time to time in part, for $25.00 per Series J Preferred Share in cash plus any accrued and unpaid dividends through the date of redemption. The Series J Preferred Shares have no stated maturity, are not subject to any sinking fund and will remain outstanding indefinitely unless we redeem them.
Holders of the Series J Preferred Shares will generally have no voting rights, but will have limited voting rights if we fail to pay dividends for six or more quarterly periods, whether or not consecutive, and in certain other events.
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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. Preferreds: OFC.PRG, OFC.PRH, OFC.PRJ, OFC.PRL Open the OFC Information Page » |
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