Exhibit 99.1
Press Release
Corporate Office Properties Trust Prices Offering of 2.6 Million Common Shares
COLUMBIA, Md.—(BUSINESS WIRE)—Apr. 1, 2009— Corporate Office Properties Trust (COPT) (NYSE:OFC) announced today the pricing of its public offering of 2.6 million common shares at $24.35 per share.
The offering was increased in size from the originally contemplated 2.1 million common shares. The Company has granted the underwriters an option to purchase up to an additional 390,000 shares during the next 30 days. The Company estimates that the net proceeds from this offering, before offering expenses, will be approximately $63 million or approximately $73 million if the underwriters’ option to purchase additional shares is exercised in full. The offering is expected to close on April 7, 2009, subject to customary closing conditions.
The joint book-running managers for this offering are Merrill Lynch & Co. and KeyBanc Capital Markets.
The Company plans to use the net proceeds from the sale to repay borrowings under its unsecured revolving credit facility and for general corporate purposes.
Copies of the final prospectus supplement and the accompanying prospectus relating to these securities may be obtained, when available, from Merrill Lynch & Co., Attention: Prospectus Department, 4 World Financial Center, New York, New York 10080; and from KeyBanc Capital Markets, Attention: Prospectus Department, 800 Superior Avenue, 17th Floor, Cleveland, Ohio 44114.
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Company Information
Corporate Office Properties Trust (COPT) (NYSE: OFC) is a specialty office real estate investment trust (REIT) that focuses on strategic customer relationships and specialized tenant requirements in the U.S. Government, Defense Information Technology and Data sectors. The Company acquires, develops, manages and leases properties which are typically concentrated in large office parks primarily located adjacent to government demand drivers and/or in growth corridors. As of December 31, 2008, the Company owned 256 office and data properties totaling 19.2 million rentable square feet, which includes 18 properties totaling 769,000 square feet held through joint ventures. The Company’s portfolio primarily consists of technically sophisticated buildings in visually appealing settings that are environmentally sensitive, sustainable and meet unique customer requirements. More information on COPT can be found at www.copt.com.
Forward-Looking 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 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