Intrinsic value of Corporate Office Properties Trust - OFC

Previous Close

$31.99

  Intrinsic Value

$3.84

stock screener

  Rating & Target

str. sell

-88%

  Value-price divergence*

-17%

Previous close

$31.99

 
Intrinsic value

$3.84

 
Up/down potential

-88%

 
Rating

str. sell

 
Value-price divergence*

-17%

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.2

 

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
  3.40
  3.56
  3.70
  3.83
  3.95
  4.06
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
Revenue, $m
  574
  594
  615
  637
  662
  688
  716
  746
  777
  811
  846
  884
  924
  966
  1,010
  1,057
  1,106
  1,158
  1,213
  1,271
  1,331
  1,395
  1,463
  1,534
  1,608
  1,686
  1,769
  1,855
  1,946
  2,042
  2,143
Variable operating expenses, $m
 
  399
  413
  428
  445
  462
  481
  501
  522
  545
  569
  594
  621
  649
  679
  710
  743
  778
  815
  854
  895
  938
  983
  1,031
  1,081
  1,133
  1,189
  1,247
  1,308
  1,372
  1,440
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
  399
  413
  428
  445
  462
  481
  501
  522
  545
  569
  594
  621
  649
  679
  710
  743
  778
  815
  854
  895
  938
  983
  1,031
  1,081
  1,133
  1,189
  1,247
  1,308
  1,372
  1,440
Operating income, $m
  51
  195
  202
  209
  217
  226
  235
  245
  255
  266
  278
  290
  303
  317
  331
  347
  363
  380
  398
  417
  437
  458
  480
  503
  527
  553
  580
  609
  638
  670
  703
EBITDA, $m
  186
  335
  346
  359
  373
  388
  403
  420
  438
  457
  477
  498
  521
  544
  569
  596
  623
  653
  684
  716
  750
  786
  824
  864
  906
  950
  997
  1,046
  1,097
  1,151
  1,208
Interest expense (income), $m
  78
  75
  78
  81
  85
  89
  93
  97
  101
  106
  111
  117
  123
  129
  135
  142
  149
  157
  165
  173
  182
  191
  201
  211
  222
  233
  245
  258
  271
  285
  300
Earnings before tax, $m
  -25
  119
  123
  128
  132
  137
  142
  148
  154
  160
  166
  173
  180
  188
  196
  205
  214
  223
  233
  244
  255
  267
  279
  292
  305
  320
  335
  351
  367
  385
  403
Tax expense, $m
  0
  32
  33
  34
  36
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  79
  82
  86
  90
  95
  99
  104
  109
Net income, $m
  -30
  87
  90
  93
  97
  100
  104
  108
  112
  117
  121
  126
  132
  137
  143
  149
  156
  163
  170
  178
  186
  195
  204
  213
  223
  233
  244
  256
  268
  281
  294

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
  3,686
  3,818
  3,959
  4,111
  4,273
  4,447
  4,631
  4,827
  5,035
  5,256
  5,489
  5,736
  5,997
  6,273
  6,563
  6,870
  7,193
  7,533
  7,892
  8,269
  8,667
  9,085
  9,525
  9,988
  10,474
  10,986
  11,524
  12,089
  12,684
  13,308
Adjusted assets (=assets-cash), $m
  3,571
  3,686
  3,818
  3,959
  4,111
  4,273
  4,447
  4,631
  4,827
  5,035
  5,256
  5,489
  5,736
  5,997
  6,273
  6,563
  6,870
  7,193
  7,533
  7,892
  8,269
  8,667
  9,085
  9,525
  9,988
  10,474
  10,986
  11,524
  12,089
  12,684
  13,308
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
  3,412
  3,534
  3,664
  3,805
  3,955
  4,116
  4,286
  4,468
  4,661
  4,865
  5,081
  5,309
  5,551
  5,806
  6,075
  6,359
  6,658
  6,973
  7,305
  7,654
  8,022
  8,409
  8,816
  9,244
  9,695
  10,169
  10,666
  11,190
  11,740
  12,318
Working capital, $m
  0
  -217
  -225
  -233
  -242
  -252
  -262
  -273
  -284
  -297
  -310
  -323
  -338
  -353
  -370
  -387
  -405
  -424
  -444
  -465
  -487
  -511
  -535
  -561
  -589
  -617
  -647
  -679
  -712
  -747
  -784
Total debt, $m
  1,931
  2,003
  2,086
  2,175
  2,271
  2,374
  2,483
  2,600
  2,724
  2,855
  2,995
  3,142
  3,298
  3,463
  3,637
  3,821
  4,015
  4,219
  4,434
  4,661
  4,899
  5,150
  5,415
  5,693
  5,985
  6,293
  6,616
  6,956
  7,314
  7,689
  8,084
Total liabilities, $m
  2,258
  2,330
  2,413
  2,502
  2,598
  2,701
  2,810
  2,927
  3,051
  3,182
  3,322
  3,469
  3,625
  3,790
  3,964
  4,148
  4,342
  4,546
  4,761
  4,988
  5,226
  5,477
  5,742
  6,020
  6,312
  6,620
  6,943
  7,283
  7,641
  8,016
  8,411
Total equity, $m
  1,523
  1,357
  1,405
  1,457
  1,513
  1,573
  1,636
  1,704
  1,776
  1,853
  1,934
  2,020
  2,111
  2,207
  2,308
  2,415
  2,528
  2,647
  2,772
  2,904
  3,043
  3,189
  3,343
  3,505
  3,675
  3,855
  4,043
  4,241
  4,449
  4,668
  4,897
Total liabilities and equity, $m
  3,781
  3,687
  3,818
  3,959
  4,111
  4,274
  4,446
  4,631
  4,827
  5,035
  5,256
  5,489
  5,736
  5,997
  6,272
  6,563
  6,870
  7,193
  7,533
  7,892
  8,269
  8,666
  9,085
  9,525
  9,987
  10,475
  10,986
  11,524
  12,090
  12,684
  13,308
Debt-to-equity ratio
  1.268
  1.480
  1.480
  1.490
  1.500
  1.510
  1.520
  1.530
  1.530
  1.540
  1.550
  1.560
  1.560
  1.570
  1.580
  1.580
  1.590
  1.590
  1.600
  1.600
  1.610
  1.610
  1.620
  1.620
  1.630
  1.630
  1.640
  1.640
  1.640
  1.650
  1.650
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
  87
  90
  93
  97
  100
  104
  108
  112
  117
  121
  126
  132
  137
  143
  149
  156
  163
  170
  178
  186
  195
  204
  213
  223
  233
  244
  256
  268
  281
  294
Depreciation, amort., depletion, $m
  135
  140
  145
  150
  156
  162
  169
  176
  183
  191
  199
  208
  218
  227
  238
  249
  261
  273
  286
  299
  314
  329
  345
  361
  379
  397
  417
  437
  459
  481
  505
Funds from operations, $m
  246
  227
  235
  243
  252
  262
  273
  284
  295
  308
  321
  335
  349
  365
  381
  398
  417
  436
  456
  477
  500
  523
  548
  574
  602
  631
  661
  693
  727
  762
  799
Change in working capital, $m
  13
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
Cash from operations, $m
  233
  234
  243
  252
  261
  272
  283
  294
  307
  320
  334
  348
  364
  380
  397
  416
  435
  455
  476
  498
  522
  547
  573
  600
  629
  659
  691
  725
  760
  797
  836
Maintenance CAPEX, $m
  0
  -135
  -140
  -145
  -150
  -156
  -162
  -169
  -176
  -183
  -191
  -199
  -208
  -218
  -227
  -238
  -249
  -261
  -273
  -286
  -299
  -314
  -329
  -345
  -361
  -379
  -397
  -417
  -437
  -459
  -481
New CAPEX, $m
  -222
  -112
  -121
  -131
  -140
  -150
  -160
  -171
  -182
  -193
  -204
  -216
  -229
  -241
  -255
  -269
  -284
  -299
  -315
  -332
  -349
  -368
  -387
  -407
  -428
  -450
  -474
  -498
  -523
  -550
  -578
Cash from investing activities, $m
  71
  -247
  -261
  -276
  -290
  -306
  -322
  -340
  -358
  -376
  -395
  -415
  -437
  -459
  -482
  -507
  -533
  -560
  -588
  -618
  -648
  -682
  -716
  -752
  -789
  -829
  -871
  -915
  -960
  -1,009
  -1,059
Free cash flow, $m
  304
  -13
  -19
  -24
  -29
  -35
  -40
  -45
  -50
  -56
  -61
  -67
  -73
  -79
  -85
  -91
  -98
  -105
  -112
  -119
  -127
  -135
  -143
  -152
  -161
  -170
  -180
  -190
  -201
  -212
  -224
Issuance/(repayment) of debt, $m
  -117
  72
  83
  89
  96
  103
  110
  117
  124
  132
  139
  148
  156
  165
  174
  184
  194
  204
  215
  227
  239
  251
  264
  278
  292
  308
  323
  340
  357
  376
  395
Issuance/(repurchase) of shares, $m
  107
  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 from financing (excl. dividends), $m  
  -36
  72
  83
  89
  96
  103
  110
  117
  124
  132
  139
  148
  156
  165
  174
  184
  194
  204
  215
  227
  239
  251
  264
  278
  292
  308
  323
  340
  357
  376
  395
Total cash flow (excl. dividends), $m
  268
  59
  64
  65
  67
  68
  70
  72
  73
  76
  78
  80
  83
  86
  89
  92
  96
  99
  103
  107
  112
  116
  121
  126
  132
  138
  144
  150
  157
  164
  171
Retained Cash Flow (-), $m
  22
  -44
  -48
  -52
  -56
  -60
  -64
  -68
  -72
  -77
  -81
  -86
  -91
  -96
  -101
  -107
  -113
  -119
  -125
  -132
  -139
  -146
  -154
  -162
  -170
  -179
  -188
  -198
  -208
  -219
  -230
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
 
  225
  16
  13
  11
  8
  6
  4
  1
  -1
  -3
  -5
  -8
  -10
  -12
  -15
  -17
  -19
  -22
  -25
  -27
  -30
  -33
  -35
  -38
  -41
  -45
  -48
  -51
  -55
  -59
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
 
  207
  13
  10
  7
  5
  3
  2
  1
  0
  -1
  -1
  -1
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

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 -105
Price to Sales 5.5
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 13.5
Price to Free Cash Flow 286.5
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 3.4% 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 99.121 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 $3.2 billion.

RELATED COMPANIES Price Int.Val. Rating
WRE Washington Rea 33.13 3.41  str.sell
GD General Dynami 211.64 203.82  hold
BA Boeing 259.04 75.33  str.sell
KTOS Kratos Defense 12.57 4.52  str.sell
BAH Booz Allen Ham 37.77 32.96  hold
LLL L3 Technologie 187.57 123.79  sell
KEYW KEYW Holding 7.60 109.91  str.buy

COMPANY NEWS

▶ 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]
▶ The Cyber Monday REITs   [Nov-28-16 07:00AM  at Forbes]
▶ COPT Declares Fourth Quarter 2016 Dividends   [Nov-10-16 04:16PM  Business Wire]
▶ COPT Launches Research Platform   [08:00AM  Business Wire]
▶ COPT Reports Third Quarter 2016 Results   [05:00PM  Business Wire]
▶ COPT Announces Third Quarter 2016 Earnings Conference Call   [Oct-13-16 05:32PM  Business Wire]
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.