Corporate Office Properties Trust Announces Tax Treatment of 2005 Distributions.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 ), a real estate investment trust, announced that 70.69 percent of its 2005 Common Share distributions qualifies as ordinary income, 17.78 percent qualifies as capital gain (including 10.55 percent qualifying as unrecaptured Section 1250 gain) and 11.53 percent qualifies as return of capital. Shareholders generally benefit from the return of capital by deferring income taxes on that portion of the distribution until a share is sold or otherwise transferred. The Company also announced that 79.91 percent of its distributions paid to 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. in 2005 qualifies as ordinary income and 20.09 percent qualifies as capital gain (including 11.93 percent qualifying as unrecaptured Section 1250 gain). Shareholders are encouraged to consult with their tax advisors A tax advisor is a financial expert especially trained in tax law. Some countries require tax advisors to verify the balance sheets of companies above a certain size. Individuals usually require tax advisors to minimize taxation, to avoid learning the details of tax law in as to their specific tax treatment for Corporate Office Properties Trust Common and Preferred Share distributions. The table below summarizes the income tax treatment for 2005 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).
Ordinary Total Return of Unrecap
Record Payable Distribution Taxable Capital Capital Sec. 1250
Date Date Per Share Dividend Gain (1) Gain (2)
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3/31/2005 4/15/2005 $0.255 $0.180258 $0.045330 $0.029412 $0.026912
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6/30/2005 7/15/2005 $0.255 $0.180258 $0.045330 $0.029412 $0.026912
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9/30/2005 10/14/2005 $0.280 $0.197930 $0.049774 $0.032296 $0.029551
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12/31/2005 1/13/2006 $0.280 $0.197930 $0.049774 $0.032296 $0.029551
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(1) Represents a return of shareholder investment.
(2) Represents additional characterization of amounts included in
Total Capital Gain.
The table below summarizes the income tax treatment for 2005 distributions of Corporate Office Properties Trust Series E Preferred Shares (CUSIP# 22002T306).
Ordinary Total Unrecap
Payable Distribution Taxable Capital Sec. 1250
Record Date Date Per Share Dividend Gain Gain (1)
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3/31/2005 4/15/2005 $0.6406 $0.511876 $0.128724 $0.076422
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6/30/2005 7/15/2005 $0.6406 $0.511876 $0.128724 $0.076422
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9/30/2005 10/14/2005 $0.6406 $0.511876 $0.128724 $0.076422
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12/31/2005 1/13/2006 $0.6406 $0.511876 $0.128724 $0.076422
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(1) Represents additional characterization of amounts included in
Total Capital Gain.
The table below summarizes the income tax treatment for 2005 distributions of Corporate Office Properties Trust Series F Preferred Shares (CUSIP# 22002T405).
Ordinary Total Unrecap
Payable Distribution Taxable Capital Sec. 1250
Record Date Date Per Share Dividend Gain Gain (1)
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3/31/2005 4/15/2005 $0.6172 $0.493178 $0.124022 $0.073631
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6/30/2005 7/15/2005 $0.6172 $0.493178 $0.124022 $0.073631
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9/30/2005 10/14/2005 $0.6172 $0.493178 $0.124022 $0.073631
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12/31/2005 1/13/2006 $0.6172 $0.493178 $0.124022 $0.073631
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(1) Represents additional characterization of amounts included in
Total Capital Gain.
The table below summarizes the income tax treatment for 2005 distributions of Corporate Office Properties Trust Series G Preferred Shares (CUSIP# 22002T504).
Ordinary Total Unrecap
Payable Distribution Taxable Capital Sec. 1250
Record Date Date Per Share Dividend Gain Gain (1)
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3/31/2005 4/15/2005 $0.5000 $0.399528 $0.100472 $0.059649
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6/30/2005 7/15/2005 $0.5000 $0.399528 $0.100472 $0.059649
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9/30/2005 10/14/2005 $0.5000 $0.399528 $0.100472 $0.059649
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12/31/2005 1/13/2006 $0.5000 $0.399528 $0.100472 $0.059649
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(1) Represents additional characterization of amounts included in
Total Capital Gain.
The table below summarizes the income tax treatment for 2005 distributions of Corporate Office Properties Trust Series H Preferred Shares (CUSIP# 22002T603).
Ordinary Total Unrecap
Payable Distribution Taxable Capital Sec. 1250
Record Date Date Per Share Dividend Gain Gain (1)
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3/31/2005 4/15/2005 $0.4688 $0.374598 $0.094202 $0.055927
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6/30/2005 7/15/2005 $0.4688 $0.374598 $0.094202 $0.055927
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9/30/2005 10/14/2005 $0.4688 $0.374598 $0.094202 $0.055927
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12/31/2005 1/13/2006 $0.4688 $0.374598 $0.094202 $0.055927
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(1) Represents additional characterization of amounts included in
Total Capital Gain.
Company Information Corporate Office Properties Trust (COPT) is a fully integrated, self-managed real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) that focuses on the ownership, management, leasing, acquisition and development of suburban office properties primarily 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 is among the largest owners of suburban office properties in the Greater Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , DC region. The Company currently owns 183 office properties totaling 14.6 million rentable square feet, which includes 18 properties totaling 885,019 square feet held through joint ventures. The Company has implemented a core customer expansion strategy that is built around meeting, through acquisitions and development, the multi-location requirements of the Company's existing strategic tenants. The Company's property management services team provides comprehensive property and asset management to company owned properties and select third party clients. The Company's development and construction services team provides a wide range of development and construction management services for company owned properties, as well as land planning, design/build services, consulting, and merchant development to select third party clients. 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. 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 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; --our ability to satisfy and operate effectively under federal income tax rules relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc real estate investment trusts and partnerships; --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, 2004. |
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