Corporate Office Properties Trust Announces Dividend Return of Capital.Business Editors COLUMBIA Columbia, cities, United States Columbia (kəlŭm`bēə). 1 City (1990 pop. 75,883), Howard co., central Md., between Washington, D.C., and Baltimore. , Md.--(BUSINESS WIRE)--Jan. 13, 2003 Corporate Office Properties Trust Corporate Office Properties Trust Inc. (COPT) (NYSE: OFC) is a publicly-traded real estate investment trust (REIT) corporation that specializes in office development, and describes itself as "a fully integrated, self-managed real estate investment trust that focuses on the (NYSE NYSE See: New York Stock Exchange :OFC OFC Office OFC Officer OFC Of Course OFC Oxygen Free Copper OFC Oceania Football Confederation (soccer) OFC Optical Fiber Cable OFC Optical Fiber Communications OFC Optical Fiber Conference ) announced that 59.47 percent of its 2002 Common Share dividend qualifies as ordinary income, 6.96 percent qualifies as a 20 percent long-term capital gain Long-term capital gain A profit on the sale of a security or mutual fund share that has been held for more than one year. , 2.35 percent qualifies as a 25 percent Section 1250 gain and 31.22 percent qualifies as a return of capital. Shareholders benefit from the return of capital by deferring income taxes on that portion of the dividend until a share is sold or otherwise transferred. The Company's total common dividend for 2002 was $0.86 per Common Share; therefore, for 2002, $0.511414 is ordinary income, $0.059828 is 20 percent long term capital gain, $0.020222 is 25 percent Section 1250 gain and $0.268536 is return of capital. The table below summarizes the income tax treatment for 2002 distributions for the Common Shares of Corporate Office Properties Trust (CUSIP CUSIP See: Committee on Uniform Securities Identification Procedures CUSIP See Committee on Uniform Securities Identification Procedures. # 22002T108).
Distri-
bution Ordinary Long-term
Record Payable Per Taxable Capital Section Return of
Date Date Share Dividend Gain 1250 Gain Capital
---------- ---------- ----- --------- --------- --------- ---------
3/29/2002 4/15/2002 $0.21 $0.124880 $0.014609 $0.004938 $0.065573
---------- ---------- ----- --------- --------- --------- ---------
6/28/2002 7/15/2002 $0.21 $0.124880 $0.014609 $0.004938 $0.065573
---------- ---------- ----- --------- --------- --------- ---------
9/30/2002 10/15/2002 $0.22 $0.130827 $0.015305 $0.005173 $0.068695
---------- ---------- ----- --------- --------- --------- ---------
12/31/2002 1/15/2003 $0.22 $0.130827 $0.015305 $0.005173 $0.068695
---------- ---------- ----- --------- --------- --------- ---------
The Company's Series B Preferred Dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) are taxable as ordinary income. The table below summarizes the income tax treatment for 2002 distributions of Corporate Office Properties Trust Series B Preferred Shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. (CUSIP# 22002T207).
Ordinary
Distribution Taxable
Record Date Payable Date Per Share Dividend
----------- ------------ ------------ --------
3/29/2002 4/15/2002 $0.6250 $0.6250
----------- ------------ ------------ --------
6/28/2002 7/15/2002 $0.6250 $0.6250
----------- ------------ ------------ --------
9/30/2002 10/15/2002 $0.6250 $0.6250
----------- ------------ ------------ --------
12/31/2002 1/15/2003 $0.6250 $0.6250
----------- ------------ ------------ --------
The Company's Series E Preferred Dividends are taxable as ordinary income. The table below summarizes the income tax treatment for 2002 distributions of Corporate Office Properties Trust Series E Preferred Shares (CUSIP# 22002T306).
Ordinary
Distribution Taxable
Record Date Payable Date Per Share Dividend
----------- ------------ ------------ --------
3/29/2002 4/15/2002 $0.6406 $0.6406
----------- ------------ ------------ --------
6/28/2002 7/15/2002 $0.6406 $0.6406
----------- ------------ ------------ --------
9/30/2002 10/15/2002 $0.6406 $0.6406
----------- ------------ ------------ --------
12/31/2002 1/15/2003 $0.6406 $0.6406
----------- ------------ ------------ --------
The Company's Series F Preferred Dividends are taxable as ordinary income. The table below summarizes the income tax treatment for 2002 distributions of Corporate Office Properties Trust Series F Preferred Shares (CUSIP# 22002T405).
Ordinary
Distribution Taxable
Record Date Payable Date Per Share Dividend
----------- ------------ ------------ --------
3/29/2002 4/15/2002 $0.6172 $0.6172
----------- ------------ ------------ --------
6/28/2002 7/15/2002 $0.6172 $0.6172
----------- ------------ ------------ --------
9/30/2002 10/15/2002 $0.6172 $0.6172
----------- ------------ ------------ --------
12/31/2002 1/15/2003 $0.6172 $0.6172
----------- ------------ ------------ --------
Company Information Corporate Office Properties Trust is a fully integrated, self-managed real estate investment trust which focuses on the ownership, management, leasing, acquisition and development of suburban office properties located in select Mid-Atlantic Adj. 1. mid-Atlantic - of a region of the United States generally including Delaware; Maryland; Virginia; and usually New York; Pennsylvania; New Jersey; "mid-Atlantic states" middle Atlantic submarkets. The Company currently owns 110 office properties totaling 9.0 million rentable square feet. Corporate Development Services, the Company's development company, provides a wide range of development and construction management services. In addition, Corporate Office Services provides land planning, design/build services, consulting and merchant development for third party entities. The Company's shares are traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol OFC. More information on Corporate Office Properties Trust can be found on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.copt.com. Forward-Looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. Information This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with the forward-looking information include the strength of the commercial office real estate market in which the Company operates, competitive market conditions, general economic growth, interest rates and capital market conditions. For further information, please refer to the Company's filings with the Securities and Exchange Commission. |
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