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Corporate Office Properties Trust, 7.375% Series L Cumul Preferred Shares
Ticker Symbol: OFC-L* CUSIP: 22002T884 Exchange: NYSE
* NOTE: This security is no longer trading as of 6/27/2017
Security has been Called for: Tuesday, June 27, 2017
May 11, 2017 — The Board of Trustees called to redeem all 6.9 million shares of the Company’s 7.375% Series L Cumulative Preferred Shares (NYSE: OFCPrL), at a price of $25.3687 per Series L Preferred Share, which includes accrued and unpaid dividends up to but not including the date of redemption. The redemption date for the Series L Preferred Shares will be June 27, 2017. From and after the Redemption Date, dividends on the Series L Preferred Shares shall cease to accrue and holders of the Series L Preferred Shares will have no rights as such holders other than the right to receive the Series L Redemption Price, without interest, upon surrender of the Series L Preferred Shares. The Notice of Redemption and related materials will be mailed to holders of record of the Series L Preferred Shares. Wells Fargo Shareowner Services is acting as the redemption agent. Requests for additional copies of the materials should be directed to COPT’s Investor Relations Department at ir@copt.com.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Corporate Office Properties Trust, 7.375% Series L Cumulative Preferred Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 6/27/2017 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 7.375% per annum ($1.84375 per annum or $0.4609375 per quarter) will be paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on the record date fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Upon the occurrence of a change of control resulting in the common shares of the surviving entity no longer being listed listed on the NYSE, the AMEX or the Nasdaq exchanges, the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will not have the following conversion right. Upon the occurrence of a change of control, and the company has not provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details). Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (CDP)
IPO - 6/21/2012 - 6.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: OFCTP Changed: 6/28/2012
Market Value $150.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 6711 Columbia Gateway Drive, Suite 300, Columbia, MD 21046 |
| Main Phone Number |
443-285-5400 |
| Fax Number |
Not Available |
| Investor Relations
Stephanie Krewson
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443-285-5453
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| CEO - Roger A. Waesche, Jr. |
CFO - Stephen E. Riffee |
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