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Corporate Office Properties Trust

NYSE:OFC
Snowflake Description

Established dividend payer with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
OFC
NYSE
$3B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties 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 last earnings update was 15 days ago. More info.


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OFC Share Price and Events
7 Day Returns
0.2%
NYSE:OFC
1.2%
US REITs
1.6%
US Market
1 Year Returns
2.2%
NYSE:OFC
15.2%
US REITs
2.6%
US Market
OFC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Corporate Office Properties Trust (OFC) 0.2% 4.2% 8.4% 2.2% 5.8% 3.3%
US REITs 1.2% 2.9% 3.3% 15.2% 13.3% 25.8%
US Market 1.6% -1.7% 2.1% 2.6% 38.5% 41.4%
1 Year Return vs Industry and Market
  • OFC underperformed the REITs industry which returned 15.2% over the past year.
Price Volatility
OFC
Industry
5yr Volatility vs Market

Value

 Is Corporate Office Properties Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Corporate Office Properties Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Corporate Office Properties Trust.

NYSE:OFC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:OFC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (60.45%))
0.856
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.86
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.856 * 5.96%)
7.83%

Discounted Cash Flow Calculation for NYSE:OFC using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Corporate Office Properties Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Corporate Office Properties Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:OFC DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.83%)
2019 174.82 Analyst x9 162.12
2020 185.28 Analyst x9 159.35
2021 206.84 Analyst x5 164.98
2022 232.40 Analyst x1 171.90
2023 229.04 Analyst x1 157.11
2024 242.71 Est @ 5.97% 154.40
2025 254.83 Est @ 5% 150.34
2026 265.83 Est @ 4.32% 145.44
2027 276.04 Est @ 3.84% 140.06
2028 285.72 Est @ 3.51% 134.44
Present value of next 10 years cash flows $1,540.13
NYSE:OFC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $285.72 × (1 + 2.73%) ÷ (7.83% – 2.73%)
$5,754.94
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $5,754.94 ÷ (1 + 7.83%)10
$2,707.88
NYSE:OFC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,540.13 + $2,707.88
$4,248.01
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $4,248.01 / 113.30
$38.09
NYSE:OFC Discount to Share Price
Calculation Result
Value per share (USD) From above. $38.09
Current discount Discount to share price of $28.27
= -1 x ($28.27 - $38.09) / $38.09
25.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Corporate Office Properties Trust is available for.
Intrinsic value
26%
Share price is $28.27 vs Future cash flow value of $38.09
Current Discount Checks
For Corporate Office Properties Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Corporate Office Properties Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Corporate Office Properties Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Corporate Office Properties Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Corporate Office Properties Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:OFC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.71
NYSE:OFC Share Price ** NYSE (2019-05-21) in USD $28.27
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.75x
United States of America Market PE Ratio Median Figure of 3,087 Publicly-Listed Companies 17.74x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Corporate Office Properties Trust.

NYSE:OFC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:OFC Share Price ÷ EPS (both in USD)

= 28.27 ÷ 0.71

39.72x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Corporate Office Properties Trust is overvalued based on earnings compared to the US REITs industry average.
  • Corporate Office Properties Trust is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Corporate Office Properties Trust's expected growth come at a high price?
Raw Data
NYSE:OFC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 39.72x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
5.1%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.58x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

NYSE:OFC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 39.72x ÷ 5.1%

7.74x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Corporate Office Properties Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Corporate Office Properties Trust's assets?
Raw Data
NYSE:OFC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $14.44
NYSE:OFC Share Price * NYSE (2019-05-21) in USD $28.27
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,202 Publicly-Listed Companies 1.84x
NYSE:OFC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:OFC Share Price ÷ Book Value per Share (both in USD)

= 28.27 ÷ 14.44

1.96x

* Primary Listing of Corporate Office Properties Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Corporate Office Properties Trust is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Corporate Office Properties Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Corporate Office Properties Trust has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Corporate Office Properties Trust expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Corporate Office Properties Trust expected to grow at an attractive rate?
  • Corporate Office Properties Trust's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Corporate Office Properties Trust's earnings growth is positive but not above the United States of America market average.
  • Corporate Office Properties Trust's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:OFC Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:OFC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 5.1%
NYSE:OFC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 2.7%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.9%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.8%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:OFC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:OFC Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 640 96 1
2022-12-31 640 95 1
2021-12-31 653 93 3
2020-12-31 611 86 4
2019-12-31 596 82 3
NYSE:OFC Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 574 209 76
2018-12-31 581 180 72
2018-09-30 607 183 66
2018-06-30 627 194 68
2018-03-31 630 196 55
2017-12-31 614 230 55
2017-09-30 592 232 67
2017-06-30 577 226 70
2017-03-31 572 245 11
2016-12-31 575 234 14
2016-09-30 576 226 31
2016-06-30 584 206 94

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Corporate Office Properties Trust's earnings are expected to grow by 5.1% yearly, however this is not considered high growth (20% yearly).
  • Corporate Office Properties Trust's revenue is expected to grow by 2.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:OFC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Corporate Office Properties Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:OFC Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.91 0.98 0.81 3.00
2020-12-31 0.83 0.89 0.73 5.00
2019-12-31 0.80 1.04 0.68 5.00
NYSE:OFC Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.71
2018-12-31 0.69
2018-09-30 0.65
2018-06-30 0.67
2018-03-31 0.55
2017-12-31 0.56
2017-09-30 0.68
2017-06-30 0.72
2017-03-31 0.12
2016-12-31 0.15
2016-09-30 0.33
2016-06-30 0.99

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Corporate Office Properties Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Corporate Office Properties Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Corporate Office Properties Trust has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Corporate Office Properties Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Corporate Office Properties Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Corporate Office Properties Trust's year on year earnings growth rate has been positive over the past 5 years.
  • Corporate Office Properties Trust's 1-year earnings growth exceeds its 5-year average (38.6% vs 9.9%)
  • Corporate Office Properties Trust's earnings growth has exceeded the US REITs industry average in the past year (38.6% vs 16%).
Earnings and Revenue History
Corporate Office Properties Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Corporate Office Properties Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:OFC Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 574.29 75.58 35.70
2018-12-31 580.81 71.84 34.74
2018-09-30 607.08 65.79 34.15
2018-06-30 626.68 67.69 34.33
2018-03-31 629.98 54.55 34.92
2017-12-31 614.31 55.23 36.32
2017-09-30 592.08 66.70 37.51
2017-06-30 577.39 69.86 37.80
2017-03-31 571.52 11.26 38.48
2016-12-31 575.08 14.16 38.34
2016-09-30 576.29 31.31 40.26
2016-06-30 584.35 93.68 40.24
2016-03-31 608.79 156.47 40.25
2015-12-31 625.53 163.23 40.77
2015-09-30 629.19 108.88 40.13
2015-06-30 631.63 41.74 39.86
2015-03-31 601.03 31.89 38.58
2014-12-31 586.70 22.09 37.37
2014-09-30 570.41 31.38 36.80
2014-06-30 549.06 17.93 37.56
2014-03-31 545.94 7.31 36.60
2013-12-31 525.47 14.73 36.31
2013-09-30 513.84 15.58 34.81
2013-06-30 511.38 -28.93 33.41
2013-03-31 501.74 -15.56 35.65
2012-12-31 507.59 -14.52 37.61
2012-09-30 516.39 -83.86 42.17
2012-06-30 513.54 -48.00 42.06

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Corporate Office Properties Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Corporate Office Properties Trust used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Corporate Office Properties Trust has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Corporate Office Properties Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Corporate Office Properties Trust has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Corporate Office Properties Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Corporate Office Properties Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Corporate Office Properties Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Corporate Office Properties Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Corporate Office Properties Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Corporate Office Properties Trust Company Filings, last reported 1 month ago.

NYSE:OFC Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,683.56 1,905.94 10.38
2018-12-31 1,653.31 1,830.03 13.68
2018-09-30 1,635.16 1,808.69 20.37
2018-06-30 1,533.03 1,872.09 18.26
2018-03-31 1,505.87 1,866.66 16.85
2017-12-31 1,491.43 1,844.19 15.33
2017-09-30 1,438.05 1,889.95 10.86
2017-06-30 1,442.56 1,914.51 10.72
2017-03-31 1,625.54 1,904.39 226.47
2016-12-31 1,644.23 1,905.57 210.02
2016-09-30 1,523.64 1,891.11 47.57
2016-06-30 1,523.18 2,114.73 13.32
2016-03-31 1,606.21 2,155.28 62.49
2015-12-31 1,635.78 2,080.91 60.36
2015-09-30 1,599.52 2,127.08 3.84
2015-06-30 1,537.05 2,133.29 37.07
2015-03-31 1,548.63 2,003.90 4.43
2014-12-31 1,539.30 1,915.89 6.35
2014-09-30 1,415.94 2,052.23 42.93
2014-06-30 1,418.68 2,102.58 78.37
2014-03-31 1,490.69 1,935.03 23.41
2013-12-31 1,515.01 1,931.01 60.97
2013-09-30 1,450.86 2,138.63 32.51
2013-06-30 1,441.86 2,096.66 16.16
2013-03-31 1,550.90 1,962.70 23.51
2012-12-31 1,446.80 2,025.35 10.59
2012-09-30 1,250.22 2,175.86 5.01
2012-06-30 1,353.35 2,196.25 4.70
  • Corporate Office Properties Trust's level of debt (113.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (130% vs 113.2% today).
  • Debt is not well covered by operating cash flow (11%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.2x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Corporate Office Properties Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Corporate Office Properties Trust has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Corporate Office Properties Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.89%
Current annual income from Corporate Office Properties Trust dividends. Estimated to be 4.15% next year.
If you bought $2,000 of Corporate Office Properties Trust shares you are expected to receive $78 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Corporate Office Properties Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Corporate Office Properties Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.72%).
Upcoming dividend payment

Purchase Corporate Office Properties Trust before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:OFC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2003 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:OFC Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 1.35 2.00
2022-12-31 1.27 2.00
2021-12-31 1.26 6.00
2020-12-31 1.15 12.00
2019-12-31 1.11 12.00
NYSE:OFC Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-09 1.100 3.924
2019-02-26 1.100 4.051
2018-11-29 1.100 4.651
2018-08-07 1.100 3.898
2018-05-10 1.100 3.868
2018-02-22 1.100 4.160
2017-11-09 1.100 3.852
2017-08-11 1.100 3.361
2017-05-11 1.100 3.218
2017-02-07 1.100 3.299
2016-11-10 1.100 3.637
2016-08-25 1.100 3.979
2016-08-02 1.100 3.776
2016-07-28 1.100 3.686
2016-02-10 1.100 4.176
2015-12-10 1.100 5.065
2015-09-10 1.100 4.996
2015-05-07 1.100 4.588
2015-03-05 1.100 3.843
2014-12-11 1.100 3.750
2014-09-18 1.100 4.063
2014-05-08 1.100 3.918
2014-03-06 1.100 4.157
2013-12-05 1.100 4.461
2013-09-12 1.100 4.688
2013-05-09 1.100 4.269
2013-02-28 1.100 3.988
2012-12-17 1.100 4.256
2012-09-13 1.100 4.451
2012-05-10 1.100 4.880
2012-01-12 1.100 4.672
2011-12-07 1.650 7.648
2011-09-15 1.650 7.337
2011-05-12 1.650 5.604
2011-03-03 1.650 4.697
2010-12-02 1.650 4.713
2010-09-16 1.650 4.527
2010-05-13 1.570 4.161
2010-03-04 1.570 3.840
2009-12-03 1.570 4.303
2009-09-17 1.570 4.414

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Corporate Office Properties Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (204.1x coverage).
X
Income/ dividend checks
We assess Corporate Office Properties Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Corporate Office Properties Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Corporate Office Properties Trust has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Corporate Office Properties Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Steve Budorick
COMPENSATION $3,533,047
AGE 58
TENURE AS CEO 3 years
CEO Bio

Mr. Stephen E. Budorick, also known as Steve, has been the Chief Executive Officer and President at Corporate Office Properties Trust since May 12, 2016. Mr. Budorick was elected Trustee at the firm in May 2016. Previously, he served as Chief Operating Officer and Executive Vice President at the firm from September 29, 2011 until May 12, 2016. Mr. Budorick served as an Executive Vice President of Asset Management at Callahan Capital Partners. He also worked in asset management at LaSalle Partners, Inc. from 1988 to 1991 and in facilities management and planning at American Hospital Association from 1983 to 1988. Mr. Budorick served as an Executive Vice President at Trizec Properties, Inc. since March 11, 2004. He served as Senior Vice President of Central Region at Trizec Properties Inc. since February 2002 until March 11, 2004. Since January 1999, Mr. Budorick has served as a Senior Vice President of Central Region at Trizec Properties Inc.'s subsidiary, Trizec Holdings, Inc. He served as a Regional Vice President of Midwest Region of Trizec Properties Inc.'s subsidiary, Trizec Holdings, Inc., from June 1998 to January 1999. Mr. Budorick served as the General Manager/Vice President of Midwest-Sears Tower of Trizec Properties Inc.'s subsidiary, Trizec Holdings, Inc., from December 1997 to June 1998. He served as a Senior Vice President of Miglin Beitler Management Corporation from 1991 to December 1997. Mr. Budorick has been a Trustee at Corporate Office Properties Trust since May 12, 2016. He has several years of commercial real estate leasing and management experience that encompasses property start-ups, dispositions, repositioning activities, receiverships and consulting projects. Since 1998, he was responsible for overall management for Trizec Properties, Inc.'s 15-million-square-foot Central Region portfolio of owned and managed properties located primarily in Chicago (including Sears Tower) and Atlanta. Mr. Budorick earned MBA in Finance from the University of Chicago in 1988 and a B.S. in Industrial Engineering from the University of Illinois-Urbana-Champaign in 1982.

CEO Compensation
  • Steve's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Steve's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Corporate Office Properties Trust management team in years:

6.7
Average Tenure
56
Average Age
  • The average tenure for the Corporate Office Properties Trust management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Steve Budorick

TITLE
President
COMPENSATION
$4M
AGE
58
TENURE
3 yrs

Anthony Mifsud

TITLE
Executive VP & CFO
COMPENSATION
$1M
AGE
54
TENURE
4.3 yrs

Paul Adkins

TITLE
Executive VP & COO
COMPENSATION
$2M
AGE
59
TENURE
2.5 yrs

Greg Thor

TITLE
Chief Accounting Officer
AGE
54
TENURE
10.8 yrs

Stephanie Krewson-Kelly

TITLE
Vice President of Investor Relations

David Finch

TITLE
VP, General Counsel & Secretary
TENURE
8.3 yrs

Jud Williams

TITLE
Senior Vice President of Business Development
TENURE
6.7 yrs

Holly Edington

TITLE
Senior Vice President of Human Resources

Cathy Ward

TITLE
Senior Vice President of Asset Management & Leasing
TENURE
15.3 yrs

Dean Lopez

TITLE
Senior Vice President of Development & Construction
Board of Directors Tenure

Average tenure and age of the Corporate Office Properties Trust board of directors in years:

6
Average Tenure
63.5
Average Age
  • The tenure for the Corporate Office Properties Trust board of directors is about average.
Board of Directors

Tom Brady

TITLE
Chairman of the Board
COMPENSATION
$241K
AGE
68
TENURE
6 yrs

Steve Budorick

TITLE
President
COMPENSATION
$4M
AGE
58
TENURE
3 yrs

Robert Denton

TITLE
COMPENSATION
$204K
AGE
65
TENURE
20 yrs

David Jacobstein

TITLE
COMPENSATION
$203K
AGE
72
TENURE
9.8 yrs

C. Pickett

TITLE
COMPENSATION
$198K
AGE
56
TENURE
5.5 yrs

Phil Hawkins

TITLE
COMPENSATION
$196K
AGE
62
TENURE
5.3 yrs

Steven Kesler

TITLE
COMPENSATION
$185K
AGE
66
TENURE
20.7 yrs

Lisa Trimberger

TITLE
COMPENSATION
$179K
AGE
57
Who owns this company?
Recent Insider Trading
  • Corporate Office Properties Trust insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
21. May 19 Sell David Jacobstein Individual 17. May 19 17. May 19 -3,458 $28.13 $-97,256
15. May 19 Sell Robert Denton Individual 14. May 19 14. May 19 -3,458 $28.21 $-97,549
02. Jan 19 Buy Stephen Budorick Individual 31. Dec 18 31. Dec 18 1,206 $20.74 $25,012
31. Dec 18 Buy Steven Kesler Individual 27. Dec 18 27. Dec 18 500 $20.80 $10,400
26. Dec 18 Buy Stephen Budorick Individual 24. Dec 18 24. Dec 18 1,213 $20.57 $24,951
18. Dec 18 Buy Stephen Budorick Individual 14. Dec 18 14. Dec 18 1,115 $22.42 $24,998
17. Dec 18 Buy Lisa Trimberger Individual 13. Dec 18 13. Dec 18 2,000 $23.16 $46,315
17. Dec 18 Buy Philip Hawkins Individual 14. Dec 18 14. Dec 18 4,500 $22.54 $101,420
13. Dec 18 Buy Stephen Budorick Individual 13. Dec 18 13. Dec 18 1,035 $23.19 $24,002
12. Dec 18 Buy Stephen Budorick Individual 11. Dec 18 11. Dec 18 990 $24.24 $23,998
10. Dec 18 Buy Stephen Budorick Individual 07. Dec 18 07. Dec 18 1,127 $24.35 $27,438
06. Dec 18 Buy Stephen Budorick Individual 06. Dec 18 06. Dec 18 2,070 $24.14 $49,970
20. Nov 18 Buy Stephen Budorick Individual 19. Nov 18 19. Nov 18 4,023 $24.90 $100,183
31. Oct 18 Buy Stephen Budorick Individual 31. Oct 18 31. Oct 18 610 $25.73 $15,697
27. Sep 18 Buy Stephen Budorick Individual 25. Sep 18 25. Sep 18 527 $29.41 $15,499
13. Aug 18 Sell Robert Denton Individual 10. Aug 18 10. Aug 18 -3,000 $29.97 $-89,910
09. Aug 18 Sell David Jacobstein Individual 08. Aug 18 08. Aug 18 -2,500 $30.64 $-76,609
02. Jul 18 Buy Stephen Budorick Individual 28. Jun 18 28. Jun 18 526 $28.34 $14,907
X
Management checks
We assess Corporate Office Properties Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Corporate Office Properties Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Should You Take Comfort From Insider Transactions At Corporate Office Properties Trust (NYSE:OFC)?

See our latest analysis for Corporate Office Properties Trust The Last 12 Months Of Insider Transactions At Corporate Office Properties Trust In the last twelve months, the biggest single purchase by an insider was when Philip Hawkins bought US$101k worth of shares at a price of US$22.54 per share. … Insiders at Corporate Office Properties Trust Have Sold Stock Recently The last quarter saw substantial insider selling of Corporate Office Properties Trust shares. … Insider Ownership of Corporate Office Properties Trust I like to look at how many shares insiders own in a company, to help inform my view of how aligned they are with insiders.

Simply Wall St -

Should You Worry About Corporate Office Properties Trust's (NYSE:OFC) CEO Salary Level?

Steve Budorick has been the CEO of Corporate Office Properties Trust (NYSE:OFC) since 2016. … See our latest analysis for Corporate Office Properties Trust … How Does Steve Budorick's Compensation Compare With Similar Sized Companies?

Simply Wall St -

What You Must Know About Corporate Office Properties Trust's (NYSE:OFC) Beta Value

Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

Based On Its ROE, Is Corporate Office Properties Trust (NYSE:OFC) A High Quality Stock?

By way of learning-by-doing, we'll look at ROE to gain a better understanding of Corporate Office Properties Trust (NYSE:OFC). … Corporate Office Properties Trust has a ROE of 4.8%, based on the last twelve months. … See our latest analysis for Corporate Office Properties Trust?

Simply Wall St -

Should You Invest In Corporate Office Properties Trust (NYSE:OFC)?

Corporate Office Properties Trust is a US$2.9b. … Check out our latest analysis for Corporate Office Properties Trust … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

What Should We Expect From Corporate Office Properties Trust's (NYSE:OFC) Earnings Over The Next Year?

Help shape the future of investing tools and receive a $20 prize! … Based on Corporate Office Properties Trust's (NYSE:OFC) earnings update on 31 December 2018, … analyst consensus outlook appear cautiously subdued,

Simply Wall St -

Will Corporate Office Properties Trust's (NYSE:OFC) Earnings Grow In The Years Ahead?

Help shape the future of investing tools and you could win a $250 gift card! … Corporate Office Properties Trust's (NYSE:OFC) most recent earnings announcement in December 2018a

Simply Wall St -

Why Corporate Office Properties Trust (NYSE:OFC) Could Be Worth Watching

Corporate Office Properties Trust (NYSE:OFC), which is in the reits business, and is based in United States,. … As a mid-cap stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … Let’s examine Corporate Office Properties Trust’s valuation and outlook in more detail to determine if there’s still a bargain opportunity

Simply Wall St -

How Much is Corporate Office Properties Trust's (NYSE:OFC) CEO Getting Paid?

In 2016 Steve Budorick was appointed CEO of Corporate Office Properties Trust (NYSE:OFC). … Check out our latest analysis for Corporate Office Properties Trust? … Our data indicates that Corporate Office Properties Trust is worth US$2.3b, and total annual CEO compensation is US$2.9m.

Simply Wall St -

How Many Insiders Bought Corporate Office Properties Trust (NYSE:OFC) Shares?

So we'll take a look at whether insiders have been buying or selling shares in Corporate Office Properties Trust (NYSE:OFC). … Corporate Office Properties Trust Insider Transactions Over The Last Year. … Overall, Corporate Office Properties Trust insiders were net buyers last year

Simply Wall St -

Company Info

Description

COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties 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 March 31, 2019, the Company derived 89% of its core portfolio annualized revenue from Defense/IT Locations and 11% from its Regional Office Properties. As of the same date and including six buildings owned through an unconsolidated joint venture, COPT’s core portfolio of 163 office and data center shell properties encompassed 18.2 million square feet and was 93.7% leased; the Company also owned one wholesale data center with a critical load of 19.25 megawatts.

Details
Name: Corporate Office Properties Trust
OFC
Exchange: NYSE
Founded: 1988
$3,153,124,500
$3,163,907,131
113,299,479
Website: http://www.copt.com
Address: Corporate Office Properties Trust
6711 Columbia Gateway Drive,
Suite 300,
Columbia,
Maryland, 21046,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE OFC Common Shares New York Stock Exchange US USD 31. Dec 1991
DB WX7 Common Shares Deutsche Boerse AG DE EUR 31. Dec 1991
Number of employees
Current staff
Staff numbers
378
Corporate Office Properties Trust employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/22 03:22
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/05/22
Last earnings filing: 2019/05/07
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.