Business & Finance
Business and Finance
Business and Finance
Thu, May 26, 2011
Wed, May 25, 2011 
COLUMBIA, Md.--([ BUSINESS WIRE ])--Corporate Office Properties Trust (COPT) (NYSE: OFC) announced today that it completed its public offering of 4,600,000 newly issued common shares, which reflects the full exercise by the underwriters of their option to purchase 600,000 shares to cover over-allotments. The offering generated net proceeds, before offering expenses, of approximately $145.7 million.
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Company Information
COPT is a specialty office real estate investment trust (REIT) that focuses primarily on strategic customer relationships and specialized tenant requirements in the U.S. Government and Defense Information Technology sectors and Data Centers serving such sectors. The Company acquires, develops, manages and leases office and data center properties that are typically concentrated in large office parks primarily located adjacent to government demand drivers and/or in strong markets that we believe possess growth opportunities. As of March 31, 2011, the Company owned 272 office properties totaling 21.3million rentable square feet, which includes 20 properties totaling 1.1 million square feet held through joint ventures. The Companya™s portfolio primarily consists of technically sophisticated buildings in visually appealing settings that are environmentally sensitive, sustainable and meet unique customer requirements. COPT is an S&P MidCap 400 company and more information can be found at [ www.copt.com ].
Forward-Looking Information
This press release may contain aforward-lookinga 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 Companya™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 amay,a awill,a ashould,a acould,a abelieve,a aanticipate,a aexpect,a aestimate,a aplana 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.Accordingly, 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.
Important factors that may affect these expectations, estimates, and projections include, but are not limited to:
- general economic and business conditions, which will, among other things, affect office property demand and rents, tenant creditworthiness, interest rates and financing availability;
- adverse changes in the real estate markets including, among other things, increased competition with other companies;
- the Companya™s ability to borrow on favorable terms;
- risks of real estate acquisition and development activities, including, among other things, risks that development projects may not be completed on schedule, that tenants may not take occupancy or pay rent or that development or operating costs may be greater than anticipated;
- risks of investing through joint venture structures, including risks that the Companya™s joint venture partners may not fulfill their financial obligations as investors or may take actions that are inconsistent with the Companya™s objectives;
- changes in our plans for properties or views of market economic conditions or failure to obtain development rights, either of which could result in recognition of impairment losses;
- our ability to satisfy and operate effectively under Federal income tax rules relating to real estate investment trusts and partnerships;
- governmental actions and initiatives, including risks associated with the impact of a government shutdown such as a reduction in rental revenues and non-renewal of leases;
- the dilutive effects of issuing additional common shares; and
- environmental requirements.
The Company undertakes no obligation to update or supplement any forward-looking statements. For further information, please refer to the Companya™s filings with the Securities and Exchange Commission, particularly the section entitled aRisk Factorsa in Item 1A of the Companya™s Annual Report on Form 10-K for the year ended December 31, 2010.
