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Corporate Office Properties Trust Declares Dividend, Prices $250M Note Offering

COPTCorporate Office Properties Trust (NYSE:OFC) has declared a quarterly dividend of $0.275 per common share of beneficial interest for the third quarter of 2013.

According to a company statement on September 12, the dividend is payable on October 15 to shareholders of record as of September 30, 2013.

Series H, K and L preferred shares of beneficial interest will be payable on that same day.

Series H will carry a $0.4688 dividend, Series K a $0.70 dividend and Series L a $0.4609 dividend.

The company’s operating partnership has also priced an offering of $250 million senior unsecured notes  due February 15, 2024 at a price equal to 98.783 percent of the principal amount, according to a company statement.

The net proceeds will be used for to repay borrowings under its senior unsecured revolving credit facility and for general business purposes.

Wells Fargo Securities, Barclays Capital Inc. and Citigroup Global Markets Inc. acted as joint book-running managers for the offering of the notes.

The notes will be senior unsecured obligations of the operating partnership and are guaranteed by COPT.

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