<SEC-DOCUMENT>0001104659-20-103948.txt : 20200910
<SEC-HEADER>0001104659-20-103948.hdr.sgml : 20200910
<ACCEPTANCE-DATETIME>20200910161826
ACCESSION NUMBER:		0001104659-20-103948
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200910
DATE AS OF CHANGE:		20200910

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORPORATE OFFICE PROPERTIES TRUST
		CENTRAL INDEX KEY:			0000860546
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				232947217
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-230764
		FILM NUMBER:		201168875

	BUSINESS ADDRESS:	
		STREET 1:		6711 COLUMBIA GATEWAY DRIVE
		STREET 2:		SUITE 300
		CITY:			COLUMBIA
		STATE:			MD
		ZIP:			21046
		BUSINESS PHONE:		4432855400

	MAIL ADDRESS:	
		STREET 1:		6711 COLUMBIA GATEWAY DRIVE
		STREET 2:		SUITE 300
		CITY:			COLUMBIA
		STATE:			MD
		ZIP:			21046

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORPORATE OFFICE PROPERTIES TRUST INC
		DATE OF NAME CHANGE:	19980105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYALE INVESTMENTS INC
		DATE OF NAME CHANGE:	19930328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYALE REIT INC
		DATE OF NAME CHANGE:	19600201

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Corporate Office Properties, L.P.
		CENTRAL INDEX KEY:			0001577966
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				232930022
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		6711 COLUMBIA GATEWAY DRIVE
		STREET 2:		SUITE 300
		CITY:			COLUMBIA
		STATE:			MD
		ZIP:			21046
		BUSINESS PHONE:		443-285-5400

	MAIL ADDRESS:	
		STREET 1:		6711 COLUMBIA GATEWAY DRIVE
		STREET 2:		SUITE 300
		CITY:			COLUMBIA
		STATE:			MD
		ZIP:			21046
</SEC-HEADER>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FREE WRITING PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Final Term Sheet dated September 10, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Free Writing Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule 433<BR>
Dated September 10, 2020<BR>
Relating to<BR>
Preliminary Prospectus Supplement dated September 10, 2020 to</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Prospectus dated April 8, 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration Statement No. 333-230764</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Final Term Sheet</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2030402d6_fwpimg001.jpg" ALT="" STYLE="height: 79px; width: 132px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2.250% Senior Notes due 2026</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; padding-bottom: 5pt; text-align: justify"><B>Issuer:</B></TD>
    <TD STYLE="width: 55%; padding-bottom: 5pt; text-align: justify">Corporate Office Properties, L.P.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Guarantor:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">Corporate Office Properties Trust</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Format: </B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">SEC Registered</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>Expected Ratings (Moody&rsquo;s/S&amp;P/Fitch):*</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">Baa3 / BBB- / BBB-</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Principal Amount:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">$400,000,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Title of Securities:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">2.250% Senior Notes due 2026</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Trade Date:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">September 10, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Original Issue Date (Settlement Date):</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">September 17, 2020 (T+5)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Maturity Date:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">March 15, 2026</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Interest Payment Dates:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">Semi-annually in arrears on each March 15 and September 15, commencing March 15, 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Benchmark Treasury:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">0.250% due August 31, 2025</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Benchmark Treasury Price/Yield:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">99-29 &frac34; / 0.264%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Spread to Benchmark Treasury:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">T + 210 basis points</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Yield to Maturity:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">2.364%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Coupon (Interest Rate):</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">2.250% per annum</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Public Offering Price:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">99.416% of the principal amount</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Optional Redemption Provisions:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; padding-left: 21.8pt; text-align: justify"><B>Make-Whole Call:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">Prior to February 15, 2026, T+35 basis points</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; padding-left: 21.8pt; text-align: justify"><B>Par Call:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">On or after February 15, 2026</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>CUSIP / ISIN:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">22003B AL0&nbsp;&nbsp;/ US22003BAL09 </TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify; text-indent: 0.95pt; width: 45%"><B>Joint Book-Running Managers:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify; text-indent: 0.95pt; width: 55%">Wells Fargo Securities, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify; text-indent: 0.95pt">J.P. Morgan Securities LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify; text-indent: 0.95pt">Barclays Capital Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify; text-indent: 0.95pt">BofA Securities, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify; text-indent: 0.95pt">Citigroup Global Markets Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify; text-indent: 0.95pt">KeyBanc Capital Markets Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Senior Co-Managers:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify; text-indent: 0.95pt">Capital One Securities, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify; text-indent: 0.95pt">Jefferies LLC </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify; text-indent: 0.95pt">Regions Securities LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Co-Managers:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify; text-indent: 0.95pt">M&amp;T Securities, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify; text-indent: 0.95pt">TD Securities (USA) LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify; text-indent: 0.95pt">U.S. Bancorp Investments, Inc.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>*Note:</B> A securities rating is not
a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The issuer has filed a registration statement (including
a prospectus) and a preliminary prospectus supplement dated September 10, 2020 with the SEC for the offering to which this communication
relates. Before you invest, you should read the prospectus in that registration statement, the related preliminary prospectus supplement
and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may
get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or
any dealer participating in the offering will arrange to send you the prospectus supplement and accompanying prospectus if you
request it by calling Wells Fargo Securities, LLC toll-free at 1-800-645-3751 or J.P. Morgan Securities LLC collect at 1-212-834-4533.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Any disclaimers or other notices that may
appear below are not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically
generated as a result of this communication being sent via Bloomberg or another email system.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
