Corporate Office Properties Trust (OFC) Prices 3.25 Million Share Public Offering

September 24, 2008 9:36 AM EDT

Corporate Office Properties Trust (COPT) (NYSE: OFC) announced the pricing of its public offering of 3,250,000 newly issued common shares at $39.00 per share. The offering was increased in size from the originally contemplated 2,000,000 shares. The Company has granted the underwriters an option to purchase up to an additional 487,500 shares during the next 30 days to cover over-allotments, if any. The Company estimates that the net proceeds from this offering, before offering expenses, will be approximately $121.0 million or approximately $139.0 million if the underwriters' over-allotment option is exercised in full. The offering is expected to close on September 29, 2008.

The Company plans to use the net proceeds from the sale to fund development costs and other investing activities, as well as for general corporate purposes. Initially, the Company will use the funds to repay amounts outstanding under its unsecured revolving credit facility.[SM]

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