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COPT Announces Tax Treatment of 2013 Distributions

  COPT Announces Tax Treatment of 2013 Distributions

Business Wire

COLUMBIA, Md. -- January 28, 2014

Corporate Office Properties Trust (COPT or the Company) (NYSE: OFC) announced
the 2013 tax treatment of its Common and Preferred share distributions as
described below. Shareholders are encouraged to consult with their tax
advisors as to their specific tax treatment of COPT Common and Preferred Share
distributions.

The tables below summarize the income tax treatment of 2013 distributions.

                                                                                                                                  
Common Shares (CUSIP #22002T108)
                                                                                                                                  
                              Total            Total                                                                           2013
                                                                2013           2013          2013 Total
Record         Payment        Distribution     Distribution     Taxable        Qualified                      Return of        Unrecaptured
                          per                                                    Capital Gain                 
Date           Date                            Allocable        Ordinary       Dividends                      Capital (1)      Section 1250
                              Share                             Dividends                    Distribution
                                               to 2013                                                                         Gain (2)
                                                                                                              
                                                                                                                                  
12/31/2012     1/15/2013      $   0.2750       $   0.2750       $ 0.197520     $    -        $  0.0616217     $  0.015858      $  0.0565727
3/31/2013      4/15/2013      $   0.2750       $   0.2750       $ 0.197520     $    -        $  0.0616217     $  0.015858      $  0.0565727
6/28/2013      7/15/2013      $   0.2750       $   0.2750       $ 0.197520     $    -        $  0.0616217     $  0.015858      $  0.0565727
9/30/2013      10/15/2013     $   0.2750       $   0.2750       $ 0.197520     $    -        $  0.0616217     $  0.015858      $  0.0565727
12/31/2013     1/15/2014      $   0.2750     $   -          $ -          $    -      $  -           $  -           $  -
                                                                                                                                  
                              $   1.3750     $   1.1000     $ 0.790080   $    -      $  0.246487    $  0.063433    $  0.2262907
                                                                                                                                  
(1) Represents a return of shareholder investment.
(2) Unrecaptured Section 1250 Gain is a subset of, and included in, the 2013 Total Capital Gain Distribution amount.
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
Series H Preferred Shares (CUSIP# 22002T603)
                                                                                                                                  
                              Total            Total                                                          2013
                                                                2013           2013          2013 Total
Record         Payment        Distribution     Distribution     Taxable        Qualified                      Unrecaptured
                          per                                                    Capital Gain  
Date           Date                            Allocable        Ordinary       Dividends                      Section 1250
                              Share                             Dividends                    Distribution
                                               to 2013                                                        Gain (2)
                                                                                                                                  
                                                                                                                                  
12/31/2012     1/15/2013      $   0.4688       $   0.4688       $ 0.357323     $    -        $  0.111477      $  0.1023427
3/31/2013      4/15/2013      $   0.4688       $   0.4688       $ 0.357323     $    -        $  0.111477      $  0.1023427
6/28/2013      7/15/2013      $   0.4688       $   0.4688       $ 0.357323     $    -        $  0.111477      $  0.1023427
9/30/2013      10/15/2013     $   0.4688       $   0.4688       $ 0.357323     $    -        $  0.111477      $  0.1023427
12/31/2013     1/15/2014      $   0.4688     $   -          $ -          $    -      $  -           $  -
                                                                                                                                  
                              $   2.3440     $   1.8752     $ 1.429294   $    -      $  0.445906    $  0.409371
                                                                                                                                  
(2) Unrecaptured Section 1250 Gain is a subset of, and included in, the 2013 Total Capital Gain Distribution amount.
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
Series J Preferred Shares (CUSIP# 22002T702)
                                                                                                                                  
                              Total            Total                                                          2013
                                                                2013           2013          2013 Total
Record         Payment        Distribution     Distribution     Taxable        Qualified                      Unrecaptured
                          per                                                    Capital Gain  
Date           Date                            Allocable        Ordinary       Dividends                      Section 1250
                              Share                             Dividends                    Distribution
                                               to 2013                                                        Gain (2)
                                                                                                                                  
                                                                                                                                  
12/31/2012     1/15/2013      $   0.4766       $   0.4766       $ 0.363269     $    -        $  0.113331      $  0.1040455
3/31/2013      4/15/2013      $   0.4766       $   0.4766       $ 0.363269     $    -        $  0.113331      $  0.1040455
4/24/2013      4/24/2013      $   0.0424       $   0.0424       $ 0.032318     $    -        $  0.010082      $  0.0092563
                                                                                               
                                                                                                                                  
                              $   0.9956     $   0.9956     $ 0.758855   $    -      $  0.236745    $  0.217347
                                                                                                                                  
(2) Unrecaptured Section 1250 Gain is a subset of, and included in, the 2013 Total Capital Gain Distribution amount.
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
Series K Preferred Shares (CUSIP# 22002T801)

                              Total            Total                                                          2013
                                                                2013           2013          2013 Total
Record         Payment        Distribution     Distribution     Taxable        Qualified                      Unrecaptured
                          per                                                    Capital Gain  
Date           Date                            Allocable        Ordinary       Dividends                      Section 1250
                              Share                             Dividends                    Distribution
                                               to 2013                                                        Gain (2)
                                                                                                                                  
                                                                                                                                  
12/31/2012     1/15/2013      $   0.7000       $   0.7000       $ 0.533546     $    -        $  0.166454      $  0.1528155
3/31/2013      4/15/2013      $   0.7000       $   0.7000       $ 0.533546     $    -        $  0.166454      $  0.1528155
6/28/2013      7/15/2013      $   0.7000       $   0.7000       $ 0.533546     $    -        $  0.166454      $  0.1528155
9/30/2013      10/15/2013     $   0.7000       $   0.7000       $ 0.533546     $    -        $  0.166454      $  0.1528155
12/31/2013     1/15/2014      $   0.7000     $   -          $ -          $    -      $  -           $  -
                                                                                                                                  
                              $   3.5000     $   2.8000     $ 2.13418    $    -      $  0.6658      $  0.6113
                                                                                                                                  
(2) Unrecaptured Section 1250 Gain is a subset of, and included in, the 2013 Total Capital Gain Distribution amount.
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
Series L Preferred Shares (CUSIP# 22002T884)
                                                                                                                                  
                              Total            Total                                                          2013
                                                                2013           2013          2013 Total
Record         Payment        Distribution     Distribution     Taxable        Qualified                      Unrecaptured
                          per                                                    Capital Gain  
Date           Date                            Allocable        Ordinary       Dividends                      Section 1250
                              Share                             Dividends                    Distribution
                                               to 2013                                                        Gain (2)
                                                                                                                                  
                                                                                                                                  
12/31/2012     1/15/2013      $   0.4609       $   0.4609       $ 0.351302     $    -        $  0.109598      $  0.1006181
3/31/2013      4/15/2013      $   0.4609       $   0.4609       $ 0.351302     $    -        $  0.109598      $  0.1006181
6/28/2013      7/15/2013      $   0.4609       $   0.4609       $ 0.351302     $    -        $  0.109598      $  0.1006181
9/30/2013      10/15/2013     $   0.4609       $   0.4609       $ 0.351302     $    -        $  0.109598      $  0.1006181
12/31/2013     1/15/2014      $   0.4609     $   -          $ -          $    -      $  -           $  -
                                                                                                                                  
                              $   2.3045     $   1.8436     $ 1.405208   $    -      $  0.4384      $  0.4025
                                                                                                                                  
(2) Unrecaptured Section 1250 Gain is a subset of, and included in, the 2013 Total Capital Gain Distribution amount.
                                                                                                                                  

Company Information

COPT is an office REIT that focuses primarily on serving the specialized
requirements of U.S. Government agencies and defense contractors, most of
which are engaged in defense information technology and national
security-related activities. As of September 30, 2013, COPT derived 64% of its
annualized revenue from its strategic tenant niche properties and 21% from its
regional office properties. The Company generally acquires, develops, manages
and leases office and data center properties concentrated in large office
parks primarily located near knowledge-based government demand drivers and/or
in targeted markets or submarkets in the Greater Washington, DC/Baltimore
region. As of September 30, 2013, the Company’s consolidated portfolio
consisted of 210 office properties totaling 19.2  million rentable square
feet. COPT is an S&P MidCap 400 company.

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,” “could,” “believe,” “anticipate,” “expect,”
“estimate,” “plan” 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 statements.

Important factors that may affect these expectations, estimates, and
projections include, but are not limited to:

  *general economic and business conditions, which will, among other things,
    affect office property and data center demand and rents, tenant
    creditworthiness, interest rates, financing availability and property
    values;
  *adverse changes in the real estate markets including, among other things,
    increased competition with other companies;
  *governmental actions and initiatives, including risks associated with the
    impact of a government shutdown or budgetary reductions or impasses, such
    as a reduction in rental revenues, non-renewal of leases, and/or a
    curtailment of demand for additional space by the Company's strategic
    customers;
  *the Company’s ability to borrow on favorable terms;
  *risks of real estate acquisition and development activities, including,
    among other things, risks that development projects may not be completed
    on schedule, that tenants may not take occupancy or pay rent or that
    development or operating costs may be greater than anticipated;
  *the Company’s ability to sell properties included in its Strategic
    Reallocation Plan;
  *risks of investing through joint venture structures, including risks that
    the Company’s joint venture partners may not fulfill their financial
    obligations as investors or may take actions that are inconsistent with
    the Company’s objectives;
  *changes in the Company’s plans for properties or views of market economic
    conditions or failure to obtain development rights, either of which could
    result in recognition of significant impairment losses;
  *the Company’s ability to satisfy and operate effectively under Federal
    income tax rules relating to real estate investment trusts and
    partnerships;
  *the Company's ability to achieve projected results;
  *the dilutive effects of issuing additional common shares; and
  *environmental requirements.

The Company undertakes no obligation to update or supplement any
forward-looking statements. For further information, please refer to the
Company’s filings with the Securities and Exchange Commission, particularly
the section entitled “Risk Factors” in Item 1A of the Company’s Annual Report
on Form 10-K for the year ended December 31, 2012.

Contact:

Corporate Office Properties Trust
IR Contacts:
Stephanie Krewson, 443-285-5453
stephanie.krewson@copt.com
or
Michelle Layne, 443-285-5452
michelle.layne@copt.com
 
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