Corporate Office Properties Trust aims to sell up to $300.0 million of its common stock from time to time in at-the-market offerings.
The office landlord and its operating partnership on Nov. 13 entered into separate share-sale agreements with Barclays Capital Inc., Robert W. Baird & Co. Inc., Merrill Lynch Pierce Fenner & Smith Inc., BTIG LLC, Capital One Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc. and Wells Fargo Securities LLC as sales agents.
It also entered into a separate master-forward confirmation with Barclays Capital, Merrill Lynch Pierce Fenner & Smith, Citigroup Global Markets, J.P. Morgan Securities, KeyBanc Capital Markets and Wells Fargo Securities as forward purchasers. Under this arrangement, a forward purchaser, at the company's request, will borrow from third parties and sell through an affiliated forward seller a number of shares equal to the number of shares underlying the agreement, not to exceed $300.0 million.
The company plans to contribute the net proceeds to its operating partnership for various purposes, including financing development activities, reducing borrowings under its unsecured revolving credit facility, debt repayment, financing for acquisitions and for general corporate purposes.