Intrinsic value of Corporate Office Properties Trust - OFC

Previous Close

$27.62

  Intrinsic Value

$3.49

stock screener

  Rating & Target

str. sell

-87%

Previous close

$27.62

 
Intrinsic value

$3.49

 
Up/down potential

-87%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as OFC.

We calculate the intrinsic value of OFC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -8.16
  10.60
  10.04
  9.54
  9.08
  8.67
  8.31
  7.98
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
Revenue, $m
  574
  635
  699
  765
  835
  907
  982
  1,061
  1,142
  1,227
  1,315
  1,406
  1,501
  1,600
  1,703
  1,810
  1,921
  2,037
  2,158
  2,284
  2,416
  2,553
  2,696
  2,846
  3,002
  3,166
  3,337
  3,516
  3,703
  3,899
  4,104
Variable operating expenses, $m
 
  427
  469
  514
  561
  610
  660
  713
  768
  824
  884
  945
  1,009
  1,075
  1,144
  1,216
  1,291
  1,369
  1,450
  1,535
  1,623
  1,716
  1,812
  1,912
  2,018
  2,127
  2,242
  2,363
  2,488
  2,620
  2,758
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  523
  427
  469
  514
  561
  610
  660
  713
  768
  824
  884
  945
  1,009
  1,075
  1,144
  1,216
  1,291
  1,369
  1,450
  1,535
  1,623
  1,716
  1,812
  1,912
  2,018
  2,127
  2,242
  2,363
  2,488
  2,620
  2,758
Operating income, $m
  51
  208
  229
  251
  274
  298
  322
  348
  375
  402
  431
  461
  492
  525
  559
  594
  630
  668
  708
  749
  792
  837
  884
  933
  985
  1,038
  1,094
  1,153
  1,215
  1,279
  1,346
EBITDA, $m
  186
  358
  394
  431
  470
  511
  554
  598
  644
  692
  741
  793
  846
  902
  960
  1,020
  1,083
  1,148
  1,216
  1,287
  1,362
  1,439
  1,520
  1,604
  1,692
  1,784
  1,881
  1,982
  2,087
  2,198
  2,313
Interest expense (income), $m
  78
  75
  84
  94
  104
  115
  126
  138
  150
  162
  175
  189
  203
  217
  232
  248
  264
  281
  299
  318
  337
  357
  378
  400
  423
  447
  472
  498
  525
  554
  584
Earnings before tax, $m
  -25
  133
  145
  157
  169
  182
  196
  210
  225
  240
  256
  273
  290
  308
  326
  346
  366
  387
  409
  432
  455
  480
  506
  533
  562
  592
  623
  655
  689
  725
  762
Tax expense, $m
  0
  36
  39
  42
  46
  49
  53
  57
  61
  65
  69
  74
  78
  83
  88
  93
  99
  104
  110
  117
  123
  130
  137
  144
  152
  160
  168
  177
  186
  196
  206
Net income, $m
  -30
  97
  106
  114
  124
  133
  143
  154
  164
  175
  187
  199
  212
  225
  238
  252
  267
  282
  298
  315
  332
  351
  370
  389
  410
  432
  454
  478
  503
  529
  556

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  210
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,781
  3,943
  4,339
  4,753
  5,184
  5,634
  6,102
  6,589
  7,095
  7,621
  8,167
  8,735
  9,325
  9,939
  10,577
  11,242
  11,933
  12,654
  13,405
  14,187
  15,004
  15,857
  16,746
  17,676
  18,648
  19,663
  20,726
  21,837
  23,000
  24,217
  25,492
Adjusted assets (=assets-cash), $m
  3,571
  3,943
  4,339
  4,753
  5,184
  5,634
  6,102
  6,589
  7,095
  7,621
  8,167
  8,735
  9,325
  9,939
  10,577
  11,242
  11,933
  12,654
  13,405
  14,187
  15,004
  15,857
  16,746
  17,676
  18,648
  19,663
  20,726
  21,837
  23,000
  24,217
  25,492
Revenue / Adjusted assets
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
Average production assets, $m
  3,300
  3,650
  4,016
  4,399
  4,799
  5,215
  5,648
  6,099
  6,567
  7,054
  7,559
  8,085
  8,631
  9,199
  9,790
  10,405
  11,045
  11,712
  12,407
  13,132
  13,888
  14,677
  15,500
  16,361
  17,260
  18,200
  19,183
  20,212
  21,288
  22,415
  23,595
Working capital, $m
  0
  -232
  -256
  -280
  -305
  -332
  -360
  -388
  -418
  -449
  -481
  -515
  -549
  -586
  -623
  -662
  -703
  -746
  -790
  -836
  -884
  -934
  -987
  -1,042
  -1,099
  -1,159
  -1,221
  -1,287
  -1,355
  -1,427
  -1,502
Total debt, $m
  1,931
  2,165
  2,415
  2,677
  2,950
  3,234
  3,530
  3,837
  4,157
  4,489
  4,835
  5,193
  5,566
  5,954
  6,358
  6,778
  7,215
  7,670
  8,145
  8,639
  9,156
  9,694
  10,257
  10,844
  11,458
  12,100
  12,772
  13,474
  14,209
  14,978
  15,784
Total liabilities, $m
  2,258
  2,492
  2,742
  3,004
  3,277
  3,561
  3,857
  4,164
  4,484
  4,816
  5,162
  5,520
  5,893
  6,281
  6,685
  7,105
  7,542
  7,997
  8,472
  8,966
  9,483
  10,021
  10,584
  11,171
  11,785
  12,427
  13,099
  13,801
  14,536
  15,305
  16,111
Total equity, $m
  1,523
  1,451
  1,597
  1,749
  1,908
  2,073
  2,246
  2,425
  2,611
  2,804
  3,005
  3,214
  3,432
  3,657
  3,892
  4,137
  4,391
  4,657
  4,933
  5,221
  5,522
  5,835
  6,163
  6,505
  6,862
  7,236
  7,627
  8,036
  8,464
  8,912
  9,381
Total liabilities and equity, $m
  3,781
  3,943
  4,339
  4,753
  5,185
  5,634
  6,103
  6,589
  7,095
  7,620
  8,167
  8,734
  9,325
  9,938
  10,577
  11,242
  11,933
  12,654
  13,405
  14,187
  15,005
  15,856
  16,747
  17,676
  18,647
  19,663
  20,726
  21,837
  23,000
  24,217
  25,492
Debt-to-equity ratio
  1.268
  1.490
  1.510
  1.530
  1.550
  1.560
  1.570
  1.580
  1.590
  1.600
  1.610
  1.620
  1.620
  1.630
  1.630
  1.640
  1.640
  1.650
  1.650
  1.650
  1.660
  1.660
  1.660
  1.670
  1.670
  1.670
  1.670
  1.680
  1.680
  1.680
  1.680
Adjusted equity ratio
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -30
  97
  106
  114
  124
  133
  143
  154
  164
  175
  187
  199
  212
  225
  238
  252
  267
  282
  298
  315
  332
  351
  370
  389
  410
  432
  454
  478
  503
  529
  556
Depreciation, amort., depletion, $m
  135
  150
  165
  180
  197
  214
  231
  250
  269
  289
  310
  331
  354
  377
  401
  426
  453
  480
  508
  538
  569
  602
  635
  671
  707
  746
  786
  828
  872
  919
  967
Funds from operations, $m
  246
  247
  270
  295
  320
  347
  375
  403
  433
  465
  497
  530
  565
  602
  639
  679
  720
  762
  807
  853
  902
  952
  1,005
  1,060
  1,118
  1,178
  1,241
  1,307
  1,376
  1,448
  1,523
Change in working capital, $m
  13
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -65
  -69
  -72
  -75
Cash from operations, $m
  233
  269
  294
  319
  346
  373
  402
  432
  463
  495
  529
  564
  600
  638
  677
  718
  760
  805
  851
  899
  950
  1,002
  1,057
  1,115
  1,175
  1,238
  1,303
  1,372
  1,444
  1,519
  1,598
Maintenance CAPEX, $m
  0
  -135
  -150
  -165
  -180
  -197
  -214
  -231
  -250
  -269
  -289
  -310
  -331
  -354
  -377
  -401
  -426
  -453
  -480
  -508
  -538
  -569
  -602
  -635
  -671
  -707
  -746
  -786
  -828
  -872
  -919
New CAPEX, $m
  -222
  -350
  -366
  -383
  -400
  -416
  -433
  -450
  -468
  -487
  -506
  -526
  -546
  -568
  -591
  -615
  -640
  -667
  -695
  -725
  -756
  -789
  -824
  -860
  -899
  -940
  -983
  -1,029
  -1,076
  -1,127
  -1,180
Cash from investing activities, $m
  71
  -485
  -516
  -548
  -580
  -613
  -647
  -681
  -718
  -756
  -795
  -836
  -877
  -922
  -968
  -1,016
  -1,066
  -1,120
  -1,175
  -1,233
  -1,294
  -1,358
  -1,426
  -1,495
  -1,570
  -1,647
  -1,729
  -1,815
  -1,904
  -1,999
  -2,099
Free cash flow, $m
  304
  -216
  -222
  -228
  -234
  -239
  -245
  -250
  -255
  -260
  -266
  -271
  -278
  -284
  -291
  -298
  -306
  -315
  -324
  -334
  -344
  -356
  -368
  -381
  -395
  -410
  -426
  -443
  -461
  -480
  -500
Issuance/(repayment) of debt, $m
  -117
  234
  250
  262
  273
  284
  296
  308
  320
  332
  345
  359
  373
  388
  403
  420
  437
  455
  475
  495
  516
  539
  562
  588
  614
  642
  671
  702
  735
  769
  806
Issuance/(repurchase) of shares, $m
  107
  41
  40
  38
  35
  32
  29
  26
  22
  18
  14
  10
  6
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -36
  275
  290
  300
  308
  316
  325
  334
  342
  350
  359
  369
  379
  389
  403
  420
  437
  455
  475
  495
  516
  539
  562
  588
  614
  642
  671
  702
  735
  769
  806
Total cash flow (excl. dividends), $m
  268
  59
  68
  71
  74
  77
  80
  83
  87
  90
  94
  97
  101
  105
  113
  122
  131
  141
  151
  161
  172
  183
  194
  207
  219
  232
  246
  260
  274
  290
  306
Retained Cash Flow (-), $m
  22
  -138
  -146
  -152
  -159
  -165
  -172
  -179
  -186
  -193
  -201
  -209
  -217
  -226
  -235
  -244
  -255
  -265
  -276
  -288
  -301
  -314
  -328
  -342
  -358
  -374
  -391
  -409
  -428
  -448
  -469
Prev. year cash balance distribution, $m
 
  210
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  131
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -103
  -107
  -112
  -116
  -121
  -122
  -123
  -124
  -124
  -126
  -127
  -129
  -131
  -133
  -136
  -139
  -142
  -145
  -149
  -154
  -158
  -164
Discount rate, %
 
  8.60
  9.03
  9.48
  9.96
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.42
  27.74
  29.12
  30.58
  32.11
  33.71
  35.40
PV of cash for distribution, $m
 
  121
  -66
  -62
  -58
  -54
  -49
  -45
  -40
  -35
  -31
  -26
  -22
  -19
  -15
  -12
  -9
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.4
  97.1
  95.9
  95.0
  94.2
  93.5
  93.0
  92.6
  92.2
  92.0
  91.9
  91.8
  91.8
  91.8
  91.8
  91.8
  91.8
  91.8
  91.8
  91.8
  91.8
  91.8
  91.8
  91.8
  91.8
  91.8
  91.8
  91.8
  91.8
  91.8

Corporate Office Properties Trust is a fully-integrated and self-managed real estate investment trust (REIT). The Company owns, manages, leases, develops and acquires office and data center properties. The Company's segments are Defense/IT Locations; Regional Office; operating wholesale data center, and other. As of December 31, 2016, the Company's properties included 164 operating office properties totaling 17.2 million square feet, including 13 triple-net leased, single-tenant data center properties; 11 office properties under construction or redevelopment; 1,028 acres of land controlled for future development, and a wholesale data center with a critical load of 19.25 megawatts. The Company conducts all of its operations through Corporate Office Properties, L.P. (COPLP) and subsidiaries (collectively, the Operating Partnership). COPLP owns real estate both directly and through subsidiary partnerships and limited liability companies (LLCs).

FINANCIAL RATIOS  of  Corporate Office Properties Trust (OFC)

Valuation Ratios
P/E Ratio -90.7
Price to Sales 4.7
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 11.7
Price to Free Cash Flow 247.3
Growth Rates
Sales Growth Rate -8.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -54.7%
Cap. Spend. - 3 Yr. Gr. Rate -2.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 126.8%
Total Debt to Equity 126.8%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.2%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital -0.8%
Ret/ On T. Cap. - 3 Yr. Avg. 1.1%
Return On Equity -2%
Return On Equity - 3 Yr. Avg. 2.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 57.7%
Gross Margin - 3 Yr. Avg. 54.1%
EBITDA Margin 32.8%
EBITDA Margin - 3 Yr. Avg. 42.8%
Operating Margin 8.9%
Oper. Margin - 3 Yr. Avg. 20.8%
Pre-Tax Margin -4.4%
Pre-Tax Margin - 3 Yr. Avg. 7%
Net Profit Margin -5.2%
Net Profit Margin - 3 Yr. Avg. 5.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio -393.3%

OFC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OFC stock intrinsic value calculation we used $574 million for the last fiscal year's total revenue generated by Corporate Office Properties Trust. The default revenue input number comes from 2016 income statement of Corporate Office Properties Trust. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our OFC stock valuation model: a) initial revenue growth rate of 10.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.6%, whose default value for OFC is calculated based on our internal credit rating of Corporate Office Properties Trust, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Corporate Office Properties Trust.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of OFC stock the variable cost ratio is equal to 67.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for OFC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.9% for Corporate Office Properties Trust.

Corporate tax rate of 27% is the nominal tax rate for Corporate Office Properties Trust. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the OFC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for OFC are equal to 574.9%.

Life of production assets of 24.4 years is the average useful life of capital assets used in Corporate Office Properties Trust operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for OFC is equal to -36.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1523 million for Corporate Office Properties Trust - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 109.247 million for Corporate Office Properties Trust is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Corporate Office Properties Trust at the current share price and the inputted number of shares is $3.0 billion.

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COMPANY NEWS

▶ COPT Research Adds Resource on Cap Rates in Its Markets   [Jan-10-18 04:16PM  Business Wire]
▶ COPT Executes Two Build-to-Suit Leases   [Jan-08-18 06:00AM  Business Wire]
▶ Weekly Top Insider Buys Highlight for the Week of Dec. 29   [Dec-31-17 09:55AM  GuruFocus.com]
▶ 2 REIT Picks From Bank Of America   [Dec-04-17 04:18PM  Benzinga]
▶ COPT Declares 80th Consecutive Common Dividend   [Nov-09-17 04:16PM  Business Wire]
▶ Amazon Web Services' East Coast headquarters building for sale   [Nov-06-17 12:24PM  American City Business Journals]
▶ COPT Closes Offering of Common Shares   [Nov-02-17 05:13PM  Business Wire]
▶ COPT Announces Offering of Common Shares   [04:01PM  Business Wire]
▶ Corporate Office Properties reports 3Q results   [Oct-26-17 05:19PM  Associated Press]
▶ COPT Reports Third Quarter 2017 Results   [04:51PM  Business Wire]
▶ COPT Corrects False News; No Stock Offering   [Oct-18-17 01:04PM  Business Wire]
▶ COPT Elects Lisa G. Trimberger to Board of Trustees   [Aug-29-17 04:16PM  Business Wire]
▶ COPT Declares Third Quarter 2017 Common Dividend   [Aug-11-17 11:30AM  Business Wire]
▶ COPT sells last of its White Marsh properties for $47.5M   [Jul-31-17 04:01PM  American City Business Journals]
▶ 3Q17 Sales Complete COPTs Exit from White Marsh   [Jul-28-17 01:30PM  Business Wire]
▶ Corporate Office Properties reports 2Q results   [01:06AM  Associated Press]
▶ COPT Reports Second Quarter 2017 Results   [Jul-27-17 05:26PM  Business Wire]
▶ COPT Announces Second Quarter 2017 Earnings Conference Call   [Jul-03-17 06:59AM  Business Wire]
▶ COPT to Present at the 2017 NAREIT Investor Forum   [Jun-01-17 06:59AM  Business Wire]
▶ COPT Commences 300,000 SF of Build-to-Suit Projects   [May-12-17 06:59AM  Business Wire]
▶ COPT Adds Property Tour Books to Website   [May-02-17 04:16PM  Business Wire]
▶ Corporate Office Properties reports 1Q results   [Apr-27-17 06:00PM  Associated Press]
▶ COPT Reports First Quarter 2017 Results   [04:44PM  Business Wire]
▶ COPT Publishes 2016 Sustainability Report   [Apr-10-17 07:00AM  Business Wire]
▶ COPT Announces First Quarter 2017 Earnings Conference Call   [Apr-05-17 07:00AM  Business Wire]
▶ Nordstrom Rack is coming to Canton Crossing   [Feb-15-17 03:27PM  at bizjournals.com]
▶ Nordstrom Rack is coming to Canton Crossing   [03:27PM  American City Business Journals]
▶ COPT Reports 4Q and Full Year 2016 Results   [04:53PM  Business Wire]
▶ COPT Declares First Quarter 2017 Dividends   [Feb-07-17 04:16PM  Business Wire]
▶ COPT Announces Tax Treatment of 2016 Distributions   [Jan-25-17 04:16PM  Business Wire]
▶ COPT sells $54.1M in assets in fourth quarter   [Jan-03-17 12:03PM  at bizjournals.com]
▶ COPT Reports 4Q16 Dispositions   [08:00AM  Business Wire]
▶ Do Hedge Funds Love Corporate Office Properties Trust (OFC)?   [Dec-10-16 08:19AM  at Insider Monkey]
Financial statements of OFC
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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