Except as set forth below and as necessary to preserve our status as a real estate investment trust, we may not redeem the Series L Preferred Shares prior to June 27, 2017. On and after June 27, 2017, we may, at our option, redeem the Series L Preferred Shares, in whole or from time to time in part, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption.
In addition, upon the occurrence of a change of control that as a result of which our shares of common shares of beneficial interest, par value $0.01 per share ("common shares"), and the common securities of the acquiring or surviving entity (or American Depositary Receipts ("ADRs") representing such securities) are not listed on the New York Stock Exchange (the "NYSE"), the NYSE Amex Equities (the "NYSE Amex"), or the NASDAQ Stock Market ("NASDAQ"), or listed or quoted on a successor exchange or quotation system, we may, at our option, redeem the Series L Preferred Shares, in whole or in part and within 120 days after the date on which such change of control occurred, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. If we exercise any of our redemption rights relating to the Series L Preferred Shares, the holders of Series L Preferred Shares will not have the conversion right described below. The Series L Preferred Shares have no maturity date and will remain outstanding indefinitely unless redeemed or repurchased by us or converted in connection with a change of control by the holders of the Series L Preferred Shares.
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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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