Corporate Office Properties Trust Announces Tax Treatment of 2004 Dividend.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. -- 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 67.35 percent of its 2004 Common Share dividend qualifies as ordinary income and 32.65 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 2004 was $0.98 per Common Share; therefore, for 2004, $0.660036 is ordinary income and $0.319964 is return of capital. The table below summarizes the income tax treatment for 2004 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).
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Ordinary
Distribution Taxable Return of
Record Date Payable Date Per Share Dividend Capital
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3/31/2004 4/15/2004 $0.235 $0.158274 $0.076726
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6/30/2004 7/15/2004 $0.235 $0.158274 $0.076726
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9/30/2004 10/15/2004 $0.255 $0.171744 $0.083256
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12/31/2004 1/14/2005 $0.255 $0.171744 $0.083256
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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 2004 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).
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Distribution Per Ordinary Taxable
Record Date Payable Date Share Dividend
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3/31/2004 4/15/2004 $0.6250 $0.6250
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6/30/2004 7/15/2004 $0.6250 $0.6250
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The Company's Series E Preferred Dividends are taxable as ordinary income. The table below summarizes the income tax treatment for 2004 distributions of Corporate Office Properties Trust Series E Preferred Shares (CUSIP# 22002T306).
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Distribution Per Ordinary Taxable
Record Date Payable Date Share Dividend
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3/31/2004 4/15/2004 $0.6406 $0.6406
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6/30/2004 7/15/2004 $0.6406 $0.6406
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9/30/2004 10/15/2004 $0.6406 $0.6406
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12/31/2004 1/14/2005 $0.6406 $0.6406
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The Company's Series F Preferred Dividends are taxable as ordinary income. The table below summarizes the income tax treatment for 2004 distributions of Corporate Office Properties Trust Series F Preferred Shares (CUSIP# 22002T405).
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Distribution Per Ordinary Taxable
Record Date Payable Date Share Dividend
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3/31/2004 4/15/2004 $0.6172 $0.6172
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6/30/2004 7/15/2004 $0.6172 $0.6172
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9/30/2004 10/15/2004 $0.6172 $0.6172
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12/31/2004 1/14/2005 $0.6172 $0.6172
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The Company's Series G Preferred Dividends are taxable as ordinary income. The table below summarizes the income tax treatment for 2004 distributions of Corporate Office Properties Trust Series G Preferred Shares (CUSIP# 22002T504).
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Distribution Per Ordinary Taxable
Record Date Payable Date Share Dividend
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3/31/2004 4/15/2004 $0.5000 $0.5000
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6/30/2004 7/15/2004 $0.5000 $0.5000
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9/30/2004 10/15/2004 $0.5000 $0.5000
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12/31/2004 1/14/2005 $0.5000 $0.5000
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The Company's Series H Preferred Dividends are taxable as ordinary income. The table below summarizes the income tax treatment for 2004 distributions of Corporate Office Properties Trust Series H Preferred Shares (CUSIP# 22002T603).
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Distribution Per Ordinary Taxable
Record Date Payable Date Share Dividend
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3/31/2004 4/15/2004 $0.4688 $0.4688
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6/30/2004 7/15/2004 $0.4688 $0.4688
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9/30/2004 10/15/2004 $0.4688 $0.4688
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12/31/2004 1/14/2005 $0.4688 $0.4688
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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 also pursues selective expansion outside of our core markets to meet anticipated current tenant demand. The Company currently owns 145 office properties totaling 12.0 million rentable square feet, including two properties held through joint ventures. Corporate Development Services 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 to 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 may contain "forward-looking" 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 Company's current expectations, estimates and projections about future events and financial trends affecting the Company. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. can be identified by the use of words such as "may", "will", "should", "expect", "estimate" or other comparable terminology The terminology used in the computer and telecommunications field adds tremendous confusion not only for the lay person, but for the technicians themselves. What many do not realize is that terms are made up by anybody and everybody in a nonchalant, casual manner without any regard or . 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: --the Company's ability to borrow Borrow To obtain or receive money on loan with the promise or understanding that it will be repaid. on favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. terms; --general economic and business conditions, which will, among other things, affect office property demand and rents, tenant creditworthiness Creditworthiness The condition in which the risk of default on a debt obligation by that entity is deemed low. Creditworthiness Eligibility of an individual or firm to borrow money. , interest rates and financing availability; --adverse changes in the real estate markets including, among other things, increased competition with other companies; --risk of real estate acquisition and development, including, among other things, risks that development projects may not be completed on schedule, that tenants may not take occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy or pay rent or that development or operating costs operating costs npl → gastos mpl operacionales may be greater than anticipated; --risks of investing through joint venture structures, including risks that the Company's joint venture partners may not fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. their financial obligations as investors or may take actions that are inconsistent Reciprocally contradictory or repugnant. Things are said to be inconsistent when they are contrary to each other to the extent that one implies the negation of the other. with the Company's objectives; --governmental actions and initiatives; and --environmental requirements. The Company undertakes no obligation to update or supplement any forward-looking statements. For further information, please refer to the Company's filings with the Securities and Exchange Commission, particularly the section entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Risk Factors" in Item 1 of the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December December: see month. 31, 2003. |
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