Corporate Office Properties Prices $400 Million of 2.000% Senior Notes due 2029

Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) announced that its operating partnership, Corporate Office Properties, L.P. (“COPLP” or the “Operating Partnership”), priced an underwritten public offering (the “Offering”) of $400 million of 2.000% Senior Notes due 2029 (the “2029 Notes”). The Company will fully and unconditionally guarantee the Operating Partnership’s obligations under the 2029 Notes. The Offering is expected to close on August 11, 2021, subject to customary closing conditions.

J.P. Morgan Securities LLC, Barclays Capital Inc., KeyBanc Capital Markets Inc., Wells Fargo Securities, LLC, BofA Securities, Inc., Capital One Securities, Inc., Citigroup Global Markets Inc., and PNC Capital Markets LLC are acting as joint book-running managers for the Offering. Additionally, M&T Securities, Inc., Regions Securities LLC, TD Securities (USA) LLC, and U.S. Bancorp Investments, Inc. are acting as co-managers for the Offering.

The Operating Partnership intends to use the net proceeds from the Offering to fund the repayment of a portion of an unsecured term loan facility and for general corporate purposes, including, without limitation, paying down amounts outstanding on the Operating Partnership’s revolving credit facility and other debt.

The 2029 Notes will be issued pursuant to a prospectus supplement and an accompanying prospectus filed as part of an effective shelf registration statement filed with the Securities and Exchange Commission on Form S-3. A written prospectus and prospectus supplement relating to the Offering, when available, may be obtained by contacting:

• J.P. Morgan Securities LLC, at 383 Madison Avenue, New York, NY 10179 Attn: Investment Grade Syndicate Desk, or by calling collect at 1- 212-834-4533;
• Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by calling 1-888-603-5847, or by emailing barclaysprospectus@broadridge.com;
• KeyBanc Capital Markets Inc., Attn: Debt Syndicate, 127 Public Square, 4th Floor, Cleveland, OH 44114, or by calling 1-866-227-6479; or
• Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000 Minneapolis, MN 55402 Attn: WFS Customer Service, by calling 1-800-645-3751, or by emailing wfscustomerservice@wellsfargo.com.

You may also get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.

This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities, blue sky or other laws of any such state or other jurisdiction.

About COPT

COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties. The majority of its portfolio is in locations that support the United States Government and its contractors, most of whom are engaged in national security, defense and information technology (“IT”) related activities servicing what it believes are growing, durable, priority missions (“Defense/IT Locations”). The Company also owns a portfolio of office properties located in select urban/urban-like submarkets in the Greater Washington, DC/Baltimore region with durable Class-A office fundamentals and characteristics (“Regional Office Properties”). As of June 30, 2021, the Company derived 88% of its core portfolio annualized rental revenue from Defense/IT Locations and 12% from its Regional Office Properties. As of the same date and including 19 properties owned through unconsolidated joint ventures, COPT’s core portfolio of 181 office and data center shell properties encompassed 21.0 million square feet and was 94.6% leased; the Company also owned one wholesale data center with a critical load of 19.25 megawatts that was 86.7% leased.

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. Although the Company believes that the expectations, estimates and projections reflected in such forward-looking statements are based on reasonable assumptions at the time made, 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 and the Company undertakes no obligation to update or supplement any forward-looking statements.

The areas of risk that may affect these expectations, estimates and projections include, but are not limited to, those risks described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Source: Corporate Office Properties Trust

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