COLUMBIA, Md.--(BUSINESS WIRE)--Corporate Office Properties Trust (NYSE: OFC) announced that its operating partnership, Corporate Office Properties, L.P., priced an underwritten public offering of $400 million of 2.250% Senior Notes due 2026 (the “2026 Notes” or the “Offering”). The Company will fully and unconditionally guarantee the Operating Partnership’s obligations under the 2026 Notes. The Offering is expected to close on September 17, 2020, subject to customary closing conditions.

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

2020 Guidance

The Company is filing with the Securities and Exchange Commission on the date hereof a Current Report on Form 8-K to update its guidance for earnings per share (EPS) and funds from operations per share (FFOPS), as defined by Nareit, for the third and fourth quarters of and full-year 2020. The Company is maintaining its guidance for FFOPS, as adjusted for comparability, for such periods.

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, 2020, 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 15 properties owned through unconsolidated joint ventures, COPT’s core portfolio of 172 office and data center shell properties encompassed 19.6 million square feet and was 94.7% leased; the Company also owned one wholesale data center with a critical load of 19.25 megawatts that was 90.6% leased.