NYSE:OFC

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Corporate Office Properties Trust

Executive Summary

COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties. More Details


Snowflake Analysis

Established dividend payer and fair value.


Similar Companies

Share Price & News

How has Corporate Office Properties Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: OFC has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-8.1%

OFC

-5.0%

US REITs

-5.3%

US Market


1 Year Return

-24.9%

OFC

-18.4%

US REITs

10.4%

US Market

Return vs Industry: OFC underperformed the US REITs industry which returned -18% over the past year.

Return vs Market: OFC underperformed the US Market which returned 12% over the past year.


Shareholder returns

OFCIndustryMarket
7 Day-8.1%-5.0%-5.3%
30 Day-8.0%-4.6%-2.1%
90 Day-15.3%-6.5%1.7%
1 Year-21.5%-24.9%-15.1%-18.4%12.9%10.4%
3 Year-21.3%-30.7%7.8%-4.9%34.3%25.4%
5 Year23.8%1.1%36.0%8.8%73.7%54.3%

Price Volatility Vs. Market

How volatile is Corporate Office Properties Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Corporate Office Properties Trust undervalued compared to its fair value and its price relative to the market?

44.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: OFC ($22.43) is trading below our estimate of fair value ($40.18)

Significantly Below Fair Value: OFC is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: OFC is good value based on its PE Ratio (22.5x) compared to the US REITs industry average (34x).

PE vs Market: OFC is poor value based on its PE Ratio (22.5x) compared to the US market (18.1x).


Price to Earnings Growth Ratio

PEG Ratio: OFC is poor value based on its PEG Ratio (1.5x)


Price to Book Ratio

PB vs Industry: OFC is overvalued based on its PB Ratio (1.6x) compared to the US REITs industry average (1.4x).


Next Steps

Future Growth

How is Corporate Office Properties Trust forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

14.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: OFC's forecast earnings growth (14.8% per year) is above the savings rate (2.2%).

Earnings vs Market: OFC's earnings (14.8% per year) are forecast to grow slower than the US market (22% per year).

High Growth Earnings: OFC's earnings are forecast to grow, but not significantly.

Revenue vs Market: OFC's revenue (2.9% per year) is forecast to grow slower than the US market (10% per year).

High Growth Revenue: OFC's revenue (2.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: OFC's Return on Equity is forecast to be low in 3 years time (6.5%).


Next Steps

Past Performance

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

15.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: OFC has a large one-off gain of $20.4M impacting its June 30 2020 financial results.

Growing Profit Margin: OFC's current net profit margins (18.2%) are lower than last year (27%).


Past Earnings Growth Analysis

Earnings Trend: OFC's earnings have grown by 15.2% per year over the past 5 years.

Accelerating Growth: OFC's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: OFC had negative earnings growth (-31.7%) over the past year, making it difficult to compare to the REITs industry average (8.1%).


Return on Equity

High ROE: OFC's Return on Equity (7.1%) is considered low.


Next Steps

Financial Health

How is Corporate Office Properties Trust's financial position?


Financial Position Analysis

Short Term Liabilities: OFC's short term assets ($260.3M) exceed its short term liabilities ($182.7M).

Long Term Liabilities: OFC's short term assets ($260.3M) do not cover its long term liabilities ($2.1B).


Debt to Equity History and Analysis

Debt Level: OFC's debt to equity ratio (123.7%) is considered high.

Reducing Debt: OFC's debt to equity ratio has reduced from 138.7% to 123.7% over the past 5 years.

Debt Coverage: OFC's debt is not well covered by operating cash flow (12.2%).

Interest Coverage: OFC's interest payments on its debt are not well covered by EBIT (2.6x coverage).


Balance Sheet


Next Steps

Dividend

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

4.90%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: OFC's dividend (4.9%) is higher than the bottom 25% of dividend payers in the US market (1.69%).

High Dividend: OFC's dividend (4.9%) is in the top 25% of dividend payers in the US market (4.78%)


Stability and Growth of Payments

Stable Dividend: OFC's dividends per share have been stable in the past 10 years.

Growing Dividend: OFC's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (56.7%), OFC's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: OFC's dividends in 3 years are forecast to be covered by earnings (52.5% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

9.8yrs

Average management tenure


CEO

Steve Budorick (60 yo)

4.42yrs

Tenure

US$4,319,124

Compensation

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 ...


CEO Compensation Analysis

Compensation vs Market: Steve's total compensation ($USD4.32M) is about average for companies of similar size in the US market ($USD5.63M).

Compensation vs Earnings: Steve's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Stephen Budorick
President4.42yrsUS$4.32m0.13%
$ 3.3m
Anthony Mifsud
Executive VP & CFO5.58yrsUS$1.84m0.045%
$ 1.1m
Gregory Thor
Chief Accounting Officer12.25yrsno datano data
Stephanie Krewson-Kelly
Vice President of Investor Relationsno datano datano data
David Finch
VP, General Counsel & Secretary9.75yrsno datano data
S. Williams
Senior Vice President of Business Development8yrsno datano data
Holly Edington
Senior Vice President of Human Resourcesno datano datano data
Catherine Ward
Senior Vice President of Asset Management & Leasing16.75yrsno datano data
Dean Lopez
Senior Vice President of Development & Constructionno datano datano data
Charles Fiala
Senior Vice President of Operations & Government Servicesno datano datano data
George Marcin
Senior Vice President of Tenant Interiorsno datano datano data
Carl Nelson
Senior Vice President of Development & Construction11.75yrsno datano data

9.8yrs

Average Tenure

56yo

Average Age

Experienced Management: OFC's management team is seasoned and experienced (9.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Stephen Budorick
President4.42yrsUS$4.32m0.13%
$ 3.3m
C. Pickett
Independent Trustee6.83yrsUS$195.72k0.033%
$ 819.6k
Philip Hawkins
Independent Trustee6.75yrsUS$193.72k0.0050%
$ 123.2k
Thomas Brady
Independent Chairman of the Board7.42yrsUS$238.72k0.012%
$ 300.2k
David Jacobstein
Independent Trustee11.17yrsUS$200.22k0.0055%
$ 137.2k
Steven Kesler
Independent Trustee22yrsUS$182.72k0.034%
$ 849.9k
Robert Denton
Independent Trustee21.42yrsUS$201.72k0.24%
$ 5.9m
Letitia Long
Directorno datano data0.0024%
$ 60.2k
Lisa Trimberger
Independent Trustee3yrsUS$180.72k0.018%
$ 452.8k

7.1yrs

Average Tenure

64yo

Average Age

Experienced Board: OFC's board of directors are considered experienced (7.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: OFC insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Corporate Office Properties Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Corporate Office Properties Trust
  • Ticker: OFC
  • Exchange: NYSE
  • Founded: 1988
  • Industry: Office REITs
  • Sector: Real Estate
  • Implied Market Cap: US$2.490b
  • Market Cap: US$2.454b
  • Shares outstanding: 113.42m
  • Website: https://www.copt.com

Number of Employees


Location

  • Corporate Office Properties Trust
  • 6711 Columbia Gateway Drive
  • Suite 300
  • Columbia
  • Maryland
  • 21046
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
OFCNYSE (New York Stock Exchange)YesCommon SharesUSUSDDec 1991
WX7DB (Deutsche Boerse AG)YesCommon SharesDEEURDec 1991

Biography

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 i ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/31 00:42
End of Day Share Price2020/10/30 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


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.