Intrinsic value of Corporate Office Properties Trust - OFC

Previous Close

$29.36

  Intrinsic Value

$13.34

stock screener

  Rating & Target

str. sell

-55%

Previous close

$29.36

 
Intrinsic value

$13.34

 
Up/down potential

-55%

 
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

Revenue (in 2017), $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 2.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
Revenue, $m
  654
  697
  741
  787
  836
  886
  938
  993
  1,050
  1,109
  1,171
  1,236
  1,303
  1,374
  1,448
  1,526
  1,607
  1,692
  1,781
  1,874
  1,971
  2,074
  2,181
  2,293
  2,411
  2,534
  2,664
  2,800
  2,942
  3,092
Variable operating expenses, $m
  547
  582
  618
  656
  695
  737
  779
  824
  871
  919
  959
  1,013
  1,068
  1,126
  1,187
  1,250
  1,317
  1,386
  1,459
  1,535
  1,615
  1,699
  1,787
  1,879
  1,975
  2,077
  2,183
  2,294
  2,411
  2,533
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
  547
  582
  618
  656
  695
  737
  779
  824
  871
  919
  959
  1,013
  1,068
  1,126
  1,187
  1,250
  1,317
  1,386
  1,459
  1,535
  1,615
  1,699
  1,787
  1,879
  1,975
  2,077
  2,183
  2,294
  2,411
  2,533
Operating income, $m
  107
  115
  123
  131
  140
  149
  159
  168
  179
  189
  211
  223
  235
  248
  262
  276
  290
  306
  322
  338
  356
  375
  394
  414
  435
  458
  481
  506
  531
  558
EBITDA, $m
  522
  557
  592
  629
  667
  707
  749
  793
  838
  886
  935
  987
  1,041
  1,098
  1,157
  1,219
  1,283
  1,351
  1,422
  1,497
  1,575
  1,656
  1,742
  1,832
  1,926
  2,024
  2,128
  2,236
  2,350
  2,469
Interest expense (income), $m
  78
  77
  78
  80
  81
  83
  85
  86
  88
  90
  92
  94
  96
  98
  100
  103
  105
  108
  111
  114
  117
  120
  123
  127
  130
  134
  138
  142
  147
  151
  156
Earnings before tax, $m
  31
  37
  43
  50
  57
  65
  72
  80
  89
  98
  118
  127
  137
  148
  159
  170
  182
  195
  208
  222
  236
  251
  267
  284
  301
  320
  339
  359
  380
  402
Tax expense, $m
  8
  10
  12
  14
  15
  17
  20
  22
  24
  26
  32
  34
  37
  40
  43
  46
  49
  53
  56
  60
  64
  68
  72
  77
  81
  86
  91
  97
  103
  109
Net income, $m
  22
  27
  32
  37
  42
  47
  53
  59
  65
  71
  86
  93
  100
  108
  116
  124
  133
  142
  152
  162
  172
  183
  195
  207
  220
  233
  247
  262
  277
  294

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  -846
  -901
  -959
  -1,019
  -1,081
  -1,146
  -1,214
  -1,284
  -1,358
  -1,435
  -1,515
  -1,599
  -1,686
  -1,778
  -1,874
  -1,974
  -2,079
  -2,189
  -2,304
  -2,424
  -2,550
  -2,683
  -2,821
  -2,966
  -3,119
  -3,279
  -3,446
  -3,622
  -3,806
  -3,999
Adjusted assets (=assets-cash), $m
  -846
  -901
  -959
  -1,019
  -1,081
  -1,146
  -1,214
  -1,284
  -1,358
  -1,435
  -1,515
  -1,599
  -1,686
  -1,778
  -1,874
  -1,974
  -2,079
  -2,189
  -2,304
  -2,424
  -2,550
  -2,683
  -2,821
  -2,966
  -3,119
  -3,279
  -3,446
  -3,622
  -3,806
  -3,999
Revenue / Adjusted assets
  -0.773
  -0.774
  -0.773
  -0.772
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
  -0.773
Average production assets, $m
  4,043
  4,307
  4,581
  4,867
  5,165
  5,475
  5,798
  6,135
  6,487
  6,854
  7,237
  7,638
  8,056
  8,494
  8,952
  9,431
  9,932
  10,457
  11,006
  11,582
  12,185
  12,817
  13,479
  14,173
  14,901
  15,664
  16,465
  17,304
  18,185
  19,109
Working capital, $m
  -2,183
  -2,325
  -2,473
  -2,628
  -2,788
  -2,956
  -3,130
  -3,312
  -3,502
  -3,700
  -3,907
  -4,124
  -4,350
  -4,586
  -4,833
  -5,091
  -5,362
  -5,645
  -5,942
  -6,253
  -6,578
  -6,920
  -7,277
  -7,652
  -8,045
  -8,457
  -8,889
  -9,342
  -9,818
  -10,317
Total debt, $m
  89
  91
  93
  95
  97
  98
  101
  103
  105
  107
  110
  112
  115
  117
  120
  123
  126
  130
  133
  137
  141
  145
  149
  153
  158
  162
  167
  173
  178
  184
Total liabilities, $m
  25
  27
  29
  31
  32
  34
  36
  39
  41
  43
  45
  48
  51
  53
  56
  59
  62
  66
  69
  73
  77
  80
  85
  89
  94
  98
  103
  109
  114
  120
Total equity, $m
  -872
  -928
  -988
  -1,049
  -1,113
  -1,180
  -1,250
  -1,323
  -1,398
  -1,478
  -1,560
  -1,647
  -1,737
  -1,831
  -1,930
  -2,033
  -2,141
  -2,254
  -2,373
  -2,497
  -2,627
  -2,763
  -2,906
  -3,055
  -3,212
  -3,377
  -3,549
  -3,730
  -3,920
  -4,119
Total liabilities and equity, $m
  -847
  -901
  -959
  -1,018
  -1,081
  -1,146
  -1,214
  -1,284
  -1,357
  -1,435
  -1,515
  -1,599
  -1,686
  -1,778
  -1,874
  -1,974
  -2,079
  -2,188
  -2,304
  -2,424
  -2,550
  -2,683
  -2,821
  -2,966
  -3,118
  -3,279
  -3,446
  -3,621
  -3,806
  -3,999
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  22
  27
  32
  37
  42
  47
  53
  59
  65
  71
  86
  93
  100
  108
  116
  124
  133
  142
  152
  162
  172
  183
  195
  207
  220
  233
  247
  262
  277
  294
Depreciation, amort., depletion, $m
  415
  441
  469
  498
  527
  558
  591
  624
  659
  696
  724
  764
  806
  849
  895
  943
  993
  1,046
  1,101
  1,158
  1,218
  1,282
  1,348
  1,417
  1,490
  1,566
  1,646
  1,730
  1,819
  1,911
Funds from operations, $m
  437
  468
  501
  534
  569
  605
  643
  683
  724
  767
  810
  857
  906
  957
  1,011
  1,067
  1,126
  1,188
  1,252
  1,320
  1,391
  1,465
  1,543
  1,625
  1,710
  1,800
  1,894
  1,992
  2,096
  2,205
Change in working capital, $m
  -137
  -143
  -148
  -154
  -161
  -167
  -174
  -182
  -190
  -198
  -207
  -216
  -226
  -236
  -247
  -259
  -271
  -283
  -297
  -311
  -326
  -341
  -358
  -375
  -393
  -412
  -432
  -453
  -475
  -499
Cash from operations, $m
  574
  611
  649
  688
  730
  773
  818
  865
  914
  966
  1,017
  1,073
  1,132
  1,194
  1,258
  1,326
  1,397
  1,471
  1,549
  1,631
  1,716
  1,806
  1,901
  1,999
  2,103
  2,212
  2,326
  2,446
  2,571
  2,703
Maintenance CAPEX, $m
  -379
  -404
  -431
  -458
  -487
  -516
  -548
  -580
  -614
  -649
  -685
  -724
  -764
  -806
  -849
  -895
  -943
  -993
  -1,046
  -1,101
  -1,158
  -1,218
  -1,282
  -1,348
  -1,417
  -1,490
  -1,566
  -1,646
  -1,730
  -1,819
New CAPEX, $m
  -255
  -264
  -275
  -286
  -298
  -310
  -323
  -337
  -352
  -367
  -383
  -400
  -419
  -438
  -458
  -479
  -501
  -525
  -550
  -576
  -603
  -632
  -662
  -694
  -728
  -763
  -800
  -840
  -881
  -924
Cash from investing activities, $m
  -634
  -668
  -706
  -744
  -785
  -826
  -871
  -917
  -966
  -1,016
  -1,068
  -1,124
  -1,183
  -1,244
  -1,307
  -1,374
  -1,444
  -1,518
  -1,596
  -1,677
  -1,761
  -1,850
  -1,944
  -2,042
  -2,145
  -2,253
  -2,366
  -2,486
  -2,611
  -2,743
Free cash flow, $m
  -59
  -58
  -57
  -56
  -55
  -54
  -53
  -52
  -51
  -50
  -52
  -51
  -51
  -50
  -49
  -48
  -47
  -47
  -46
  -45
  -45
  -44
  -43
  -43
  -42
  -42
  -41
  -40
  -40
  -39
Issuance/(repayment) of debt, $m
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
Issuance/(repurchase) of shares, $m
  -56
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -94
  -99
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -199
Cash from financing (excl. dividends), $m  
  -54
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -139
  -146
  -152
  -160
  -168
  -176
  -184
  -193
Total cash flow (excl. dividends), $m
  -113
  -113
  -114
  -115
  -117
  -119
  -120
  -122
  -125
  -127
  -132
  -135
  -138
  -141
  -145
  -148
  -152
  -157
  -161
  -166
  -171
  -176
  -182
  -188
  -194
  -201
  -208
  -216
  -224
  -232
Retained Cash Flow (-), $m
  56
  57
  59
  62
  64
  67
  70
  73
  76
  79
  83
  86
  90
  94
  99
  103
  108
  113
  118
  124
  130
  136
  143
  150
  157
  165
  173
  181
  190
  199
Prev. year cash balance distribution, $m
  816
  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
  759
  57
  59
  62
  64
  67
  70
  73
  76
  79
  83
  86
  90
  94
  99
  103
  108
  113
  118
  124
  130
  136
  143
  150
  157
  165
  173
  181
  190
  199
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  719
  51
  49
  48
  46
  44
  42
  40
  37
  34
  32
  29
  26
  23
  20
  18
  15
  13
  11
  9
  7
  6
  4
  3
  2
  2
  1
  1
  1
  0
Current shareholders' claim on cash, %
  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 -96.4
Price to Sales 5
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 12.4
Price to Free Cash Flow 262.9
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 $613 million for the last fiscal year's total revenue generated by Corporate Office Properties Trust. The default revenue input number comes from 2017 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 6.7% 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 5.6%, 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 83.7%.

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 87.6% 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 618.1%.

Life of production assets of 10 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 -333.7%. 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 - $0 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 100 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 $2.9 billion.

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COMPANY NEWS

▶ COPT Announces Second Quarter 2018 Earnings Conference Call   [Jul-02-18 08:00AM  Business Wire]
▶ COPT Completes Full-Building Lease of NoVA B   [Jun-27-18 04:16PM  Business Wire]
▶ Akridge, partners and D.C. finally break ground on Stevens School project   [Jun-19-18 08:13AM  American City Business Journals]
▶ COPT to Present at the 2018 NAREIT Investor Conference   [May-31-18 04:16PM  Business Wire]
▶ COPT Declares 82nd Consecutive Common Dividend   [May-10-18 04:16PM  Business Wire]
▶ COPT Executes Two Build-to-Suit Leases   [May-07-18 06:00AM  Business Wire]
▶ Here's how much more CEOs at Baltimore public companies make than their employees   [May-05-18 08:43AM  American City Business Journals]
▶ Corporate Office Properties: 1Q Earnings Snapshot   [Apr-26-18 05:13PM  Associated Press]
▶ COPT Reports First Quarter 2018 Results   [04:17PM  Business Wire]
▶ COPT Announces First Quarter 2018 Earnings Conference Call   [Apr-12-18 08:00AM  Business Wire]
▶ Lennar Is One of 6 Stocks Poised to Change Direction   [Apr-09-18 01:00PM  TheStreet.com]
▶ Starbucks, restaurant eyed by COPT for redesigned front porch of 250 W. Pratt St.   [Mar-19-18 12:07PM  American City Business Journals]
▶ COPT Declares 81st Consecutive Common Dividend   [Feb-22-18 04:16PM  Business Wire]
▶ Corporate Office Properties reports 4Q results   [Feb-08-18 06:31PM  Associated Press]
▶ COPT Establishes 2018 and 1Q18 Guidance   [04:21PM  Business Wire]
▶ COPT Reports 4Q and Full Year 2017 Results   [04:16PM  Business Wire]
▶ COPT Announces Tax Treatment of 2017 Distributions   [Jan-26-18 04:16PM  Business Wire]
▶ COPT Publishes 2017 Sustainability Report   [Jan-25-18 04:16PM  Business Wire]
▶ 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]
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