BALA CYNWYD, Pa.--(BUSINESS WIRE)--May 21, 1999--
Corporate Office Properties Trust (NYSE: OFC) announced today that its Board of Trustees has declared a regular dividend of $0.18 per Common Share of beneficial interest for the second quarter 1999.
The dividend will be paid on July 15, 1999 to shareholders of record on June 30, 1999.
The Board of Trustees also declared a dividend for the quarter ending June 30, 1999 of $0.34375 per Series A Convertible Preferred Share of beneficial interest of the Company payable on July 15, 1999 to holders of record on June 30, 1999.
At the Company's Annual Meeting, shareholders voted overwhelmingly to elect two new trustees to the Board of Trustees. Shareholders elected Betsy Z. Cohen, Chairman and Chief Executive Officer of JeffBanks, Inc., and Robert L. Denton, a Managing Partner for the Shidler Group, each for a term of three years.
The new Trustees replace Vernon R. Beck and Allen C. Gerhke who did not stand for reelection. Shareholders also voted to ratify certain amendments to the Company's 1998 long-term incentive plan.
Mrs. Cohen, age 57, has been Chairman and Chief Executive Officer of JeffBanks, Inc., a bank holding company, since its inception in 1981 and also is Chairman and Chief Executive Officer of its subsidiaries, Jefferson Bank, which she founded in 1974, and Jefferson Bank New Jersey, which she founded in 1987.
Since 1997, Mrs. Cohen also has served as Chairman, Chief Executive Officer and trustee of Resource Asset Investment Trust, a real estate investment trust.
Mr. Denton, age 46, joined The Shidler Group, an investment firm, in 1994 and is currently a Managing Partner and the resident principal in the New York office. Mr. Denton is also a director of CGA Group, Ltd., a holding company whose subsidiary is a AAA-rated financial guarantor based in Bermuda.
"We are grateful for the valued service and contributions from Mr. Beck and Mr. Gerhke during their tenure on the Board," said Clay Hamlin, Chief Executive Officer of Corporate Office Properties.
"We are also very pleased with our shareholders' endorsement of adding Mrs. Cohen and Mr. Denton to the Board. We will undoubtedly benefit from their many years of experience in commercial real estate and the public markets."
Company Information
Corporate Office Properties Trust is a fully-integrated, self-managed real estate investment trust which focuses on the ownership, development, management, and acquisition of suburban office properties located in targeted suburban submarkets in the United States. The Company currently owns 63 properties totaling more than 5 million square feet of space.
The Company's property management company, Corporate Realty Management, manages 17 million square feet for the Company and third parties. Corporate Development Services, the Company's development company, provides a wide range of development and construction management services. More information on Corporate Office Properties Trust can be found on the Internet at http://www.copt.com.
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