Corporate Office Properties Trust Stock Price, News & Analysis

Corporate Office Properties Trust (NYSE:OFC) priced an underwritten public offering of $600 million in 2.750% Senior Notes due in 2031. The Offering is set to close on March 11, 2021. The proceeds will primarily fund the purchase of existing 3.600% and 5.250% Senior Notes due in 2023 and 2024, respectively, through tender offers. The Company reaffirms its guidance for funds from operations per share for Q1 and the full year 2021, expecting to file an updated report with the SEC. COPT focuses on office and data center properties supporting the U.S. Government and contractors.

Corporate Office Properties Trust (OFC) has initiated a cash tender offer for its outstanding 3.600% Senior Notes due 2023, totaling $350 million. The offer, detailed in the Offer to Purchase dated today, requires holders to tender their notes by March 9, 2021, to receive Tender Offer Consideration. The settlement date is expected on March 11, 2021. The offer is contingent upon conditions, including the successful completion of a proposed debt financing. D.F. King & Co., Inc. acts as the tender agent, and Wells Fargo Securities serves as the dealer manager.

Corporate Office Properties Trust (NYSE: OFC) has announced a quarterly dividend of $0.275 per common share for Q1 2021, translating to an annualized amount of $1.10 per share. The dividend will be payable on April 15, 2021 to shareholders of record as of March 31, 2021. As of December 31, 2020, COPT's core portfolio comprised 179 properties encompassing 20.8 million square feet, achieving a 95.0% leasing rate, with 87% of rental revenue derived from Defense/IT locations.

Corporate Office Properties Trust (COPT) has set its guidance for the year ending December 31, 2021, projecting diluted EPS between $0.76 and $0.82, and diluted FFO per share between $2.16 and $2.22. For Q1 2021, EPS is estimated at $0.19 to $0.21, with FFOPS of $0.54 to $0.56. Management noted successful leasing activities and a strong defense spending environment, aiming for over 1 million square feet of leased developments. The midpoint of the 2021 guidance is $2.19, reflecting operational strength.

Corporate Office Properties Trust (COPT) reported strong fourth quarter and full-year results for 2020, overcoming COVID-19 challenges with a 99.7% rent collection rate. The Company achieved diluted EPS of $0.73, up from $0.38 in Q4 2019, and FFOPS increased to $0.56 from $0.50 year-over-year. COPT's operating portfolio was 94.3% occupied, with $613 million in ongoing developments. COPT's financial position remains stable, with a 39.1% net debt to adjusted book ratio. The Company anticipates FFO per share growth in 2021, with a midpoint guidance of $2.19, indicating continued operational strength.

Corporate Office Properties Trust (COPT) announced the tax treatment for its Common share distributions for 2020. Shareholders should consult their tax advisors regarding individual tax implications. The distributions, dated December 31, 2020, and paid on January 15, 2021, are considered allocable to 2020. The distribution per share was $0.2750, with a total distribution allocable to 2020 also amounting to $0.2750. Key tax categories include $0.1241 in taxable ordinary dividends and $0.1509 in capital gain distribution. COPT focuses on office and data center properties, primarily serving national security and IT sectors.

Corporate Office Properties Trust (NYSE: OFC) announced the enactment of the fiscal year 2021 National Defense Authorization Act, which provides the Department of Defense with a base budget of $629 billion, reflecting a 1% increase from fiscal year 2020. This bipartisan appropriation passed the House with a 322-87 vote and the Senate with 81-13. COPT also updated its research report on Defense & Intelligence Budgets and capitalization rates for properties, focusing on its portfolio primarily supporting national security and IT activities.

Corporate Office Properties Trust (NYSE: OFC) has announced the release date for its fourth quarter and year-end 2020 financial results, scheduled for Thursday, February 4, 2021, after market closure. A conference call will follow on Friday, February 5, 2021, at 12:00 p.m. Eastern Time. Interested investors can access the call via telephone or through a live webcast on the company's investor website. The company primarily focuses on office and data center properties, heavily servicing sectors related to national security and information technology.