Corporate Office Properties Trust Sells 4.6 Million Common Shares.Business Editors COLUMBIA, Md.--(BUSINESS WIRE)--May 20, 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 today that Legg Mason Founded in 1899, Legg Mason, Inc. (NYSE: LM) is a leading Global Asset Management Firm that serves the institutional, mutual fund and wealth management markets. The firm is headquartered in Baltimore, Maryland, and is located on Lombard and Charles Streets in the Legg Mason Wood Walker Incorporated, jointly with McDonald Investments Inc., purchased 4,600,000 common shares of beneficial interest as underwriters in connection with the public offering of these securities. The sale will generate net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the Company of approximately $69 million or $15.03 per share, representing a 5.8% discount from today's 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. (NYSE) closing price of $15.96. The offering is expected to close on May 27, 2003. The Company plans to use the net proceeds of the sale to acquire a 100% leased, 404,665 square foot office building in Herndon, Virginia Herndon is a town in Fairfax County, Virginia, United States. The population was 21,655 at the 2000 census, which makes it the largest of three towns in the county.[1] History , which is anticipated to close by mid June 2003. The Company has granted the underwriters a thirty-day option to purchase up to 690,000 additional common shares to cover any over-allotments. A copy of the prospectus supplement and base prospectus related to the offering can be obtained from Legg Mason Wood Walker Incorporated, 100 Light Street, Baltimore, MD 21202. This announcement shall not constitute an offer to sell or a solicitation of an offer to buy the Company's securities. 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 submarkets. The Company currently owns 112 office properties totaling 9.1 million rentable square feet, including three properties held through joint ventures. 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 to third party entities. The Company's shares are traded on the New York Stock Exchange under the symbol OFC. More information on Corporate Office Properties Trust can be found on the Internet at www.copt.com. Forward-Looking Information This press release may contain forward-looking information within the meaning of the Private Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. We are making these statements 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. The Company undertakes no obligations to publicly update or revise any 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. , whether as a result of new information, future events or otherwise. For further information, please refer to the Company's filings with the Securities and Exchange Commission. |
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