Corporate Office Properties Trust Declares Quarterly Cash Dividend.BALA CYNWYD, Pa.--(BUSINESS WIRE)--Dec. 8, 1998--Corporate Office Properties Trust (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 Tuesday that its Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. has declared a regular dividend of $0.18 per Common Share of beneficial interest for the fourth quarter 1998. The dividend will be paid on January 15, 1998 to shareholders of record on December 31, 1998. The Board of Trustees also declared a dividend for the quarter ending December 31, 1998 of $0.34375 per Series A Convertible Preferred Share of beneficial interest of the Company payable on January 15, 1999 to holders of record on December 31, 1998. Additionally, the Board voted to pay a proration Proration A situation during a corporate action in which the available cash or shares are not sufficient to satisfy the offers tendered by shareholders. Therefore, a proportion of both cash and shares is granted for each offer tendered. of such dividend amount for the three-day period of September 28, 1998 through September 30, 1998 on January 15, 1999 to the holders of record on December 31, 1998. These 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. are convertible beginning September 28, 2000 on the basis of 1.8748 Common Shares for each Preferred Share. "Our high quality portfolio is 98% leased, has financially strong tenants, little rollover A graphic element in an application or on a Web page that changes its color or shape when the pointer is moved (rolled) over it. See JavaScript rollover. See also n-key rollover. , contractual rent increases and is well positioned to grow," commented Clay W. Hamlin, III, Chief Executive Officer of Corporate Office Properties. "Our markets have low vacancy rates and little new construction. We have a deep and talented management team. For all of these reasons, I am very confident in the strength and security of our dividend." Company Information 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 is a real estate investment trust which focuses on the acquisition, management, ownership and development of suburban office properties located in high-growth submarkets in the United States. The Company presently owns 53 properties totaling 4.7 million square feet of space, primarily situated in Maryland, Pennsylvania, and New Jersey. CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. , the Company's property management subsidiary, manages over 17 million square feet of commercial space. Forward-looking 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. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion