EX-99.1 2 copt03312022ex991.htm EX-99.1
Exhibit 99.1

Corporate Office Properties Trust
Supplemental Information & Earnings Release - Unaudited
For the Three Months Ended 3/31/22

Overview: |  | Section I |  |
Summary Description |  | 1 |
Equity Research Coverage |  | 2 |
Selected Financial Summary Data |  | 3 |
Selected Portfolio Data |  | 4 |
Financial Statements: |  | Section II |
Consolidated Balance Sheets |  | 5 |
Consolidated Statements of Operations |  | 6 |
Funds from Operations |  | 7 |
Diluted Share and Unit Computations |  | 8 |
Adjusted Funds from Operations |  | 9 |
EBITDAre and Adjusted EBITDA |  | 10 |
Portfolio Information: |  | Section III |
Properties by Segment |  | 11 |
NOI from Real Estate Operations and Occupancy by Property Grouping |  | 12 |
Consolidated Real Estate Revenues and NOI by Segment |  | 13 |
Cash NOI by Segment |  | 14 |
Same Properties Average Occupancy Rates by Segment |  | 15 |
Same Properties Period End Occupancy Rates by Segment |  | 15 |
Same Properties Real Estate Revenues and NOI by Segment |  | 16 |
Same Properties Cash NOI by Segment |  | 17 |
Leasing |  | 18 |
Lease Expiration Analysis |  | 19 |
2022 Core Portfolio Quarterly Lease Expiration Analysis |  | 21 |
Top 20 Tenants |  | 22 |
Investing Activity: |  | Section IV |
Property Dispositions |  | 23 |
Summary of Development Projects |  | 24 |
Development Placed in Service |  | 25 |
Summary of Land Owned/Controlled |  | 26 |
Capitalization: |  | Section V |
Capitalization Overview |  | 27 |
Summary of Outstanding Debt |  | 28 |
Debt Analysis |  | 30 |
Consolidated Real Estate Joint Ventures |  | 31 |
Unconsolidated Real Estate Joint Ventures |  | 32 |  | Please refer to the section entitled “Definitions” for definitions of non-GAAP measures and other terms we use herein that may not be customary or commonly known.
Reconciliations & Definitions |  | Section VI |
Supplementary Reconciliations of Non-GAAP Measures |  | 33 |  |
Definitions |  | 37 |
Earnings Release: |  | i |

Corporate Office Properties Trust
Summary Description
The Company
Corporate Office Properties Trust (the “Company” or “COPT”) is a self-managed real estate investment trust (“REIT”). COPT is listed on the New York Stock Exchange under the symbol “OFC” and is an S&P MidCap 400 Company. We own, manage, lease, develop and selectively acquire office and data center properties. The majority of our 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 we believe are growing, durable, priority missions; we refer to these properties as Defense/IT Locations. We also own 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; these properties are included in a segment referred to as Regional Office Properties. As of March 31, 2022, we derived 90% of our core portfolio annualized rental revenue from Defense/IT Locations and 10% from Regional Office Properties. As of March 31, 2022, our core portfolio of 186 properties, including 19 owned through unconsolidated joint ventures, encompassed 21.8 million square feet and was 94.1% leased.

Management |  | Investor Relations
Stephen E. Budorick, President + CEO |  | Stephanie Krewson-Kelly, VP of IR
Todd Hartman, EVP + COO |  | 443.285.5453 // stephanie.kelly@copt.com
Anthony Mifsud, EVP + CFO |  |
| Michelle Layne, Manager of IR
|  | 443.285.5452 // michelle.layne@copt.com

Corporate Credit Rating
Fitch: BBB- Stable // Moody’s: Baa3 Stable // S&P: BBB- Stable
Disclosure Statement
This supplemental package contains forward-looking statements within the meaning of the Federal securities laws. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate. Although we believe that the expectations, estimates and projections reflected in such forward-looking statements are based on reasonable assumptions at the time made, we can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements and we undertake no obligation to update or supplement any forward-looking statements. The areas of risk that may affect these expectations, estimates and projections include, but are not limited to, those risks described in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021.
1

Corporate Office Properties Trust
Equity Research Coverage

Firm |  | Senior Analyst |  | Phone |  | Email
Bank of America Securities |  | Jamie Feldman |  | 646-855-5808 |  | james.feldman@bofa.com
BTIG |  | Tom Catherwood |  | 212-738-6410 |  | tcatherwood@btig.com
Capital One Securities |  | Chris Lucas |  | 571-633-8151 |  | christopher.lucas@capitalone.com
Citigroup Global Markets |  | Manny Korchman |  | 212-816-1382 |  | emmanuel.korchman@citi.com
Evercore ISI |  | Steve Sakwa |  | 212-446-9462 |  | steve.sakwa@evercoreisi.com
Green Street |  | Daniel Ismail |  | 949-640-8780 |  | dismail@greenstreet.com
Jefferies & Co. |  | Peter Abramowitz |  | 212-336-7241 |  | pabramowitz@jefferies.com
JP Morgan |  | Tony Paolone |  | 212-622-6682 |  | anthony.paolone@jpmorgan.com
KeyBanc Capital Markets |  | Todd Thomas |  | 917-368-2286 |  | tthomas@key.com
Raymond James |  | Bill Crow |  | 727-567-2594 |  | bill.crow@raymondjames.com
Robert W. Baird & Co., Inc. |  | Dave Rodgers |  | 216-737-7341 |  | drodgers@rwbaird.com
SMBC Nikko Securities America, Inc. |  | Rich Anderson |  | 646-521-2351 |  | randerson@smbcnikko-si.com
Truist Securities |  | Michael Lewis |  | 212-319-5659 |  | michael.r.lewis@truist.com
Wells Fargo Securities |  | Blaine Heck |  | 443-263-6529 |  | blaine.heck@wellsfargo.com

With the exception of Green Street, the above-listed firms are those whose analysts publish research material on the Company and whose estimates of our FFO per share can be tracked through Refinitiv (formerly Thomson’s First Call). Any opinions, estimates, or forecasts the above analysts make regarding COPT’s future performance are their own and do not represent the views, estimates, or forecasts of COPT’s management.
2

Corporate Office Properties Trust
Selected Financial Summary Data
(in thousands, except per share data)

|  | Page |  | Three Months Ended |  |
SUMMARY OF RESULTS |  | Refer. |  | 3/31/22 |  | 12/31/21 |  | 9/30/21 |  | 6/30/21 |  | 3/31/21 |  |  |  |
Net income (loss) |  | 6 |  | $ | 60,824 |  |  | $ | 14,965 |  |  | $ | 28,794 |  |  | $ | 43,898 |  |  | $ | (6,079) |  |  |  |  |
NOI from real estate operations |  | 13 |  | $ | 87,188 |  |  | $ | 90,523 |  |  | $ | 90,460 |  |  | $ | 90,780 |  |  | $ | 89,107 |  |  |  |  |
Same Properties NOI |  | 16 |  | $ | 80,350 |  |  | $ | 82,024 |  |  | $ | 84,595 |  |  | $ | 84,426 |  |  | $ | 82,164 |  |  |  |  |
Same Properties cash NOI |  | 17 |  | $ | 79,567 |  |  | $ | 83,688 |  |  | $ | 83,927 |  |  | $ | 83,648 |  |  | $ | 78,650 |  |  |  |  |
Adjusted EBITDA |  | 10 |  | $ | 82,238 |  |  | $ | 84,681 |  |  | $ | 83,991 |  |  | $ | 85,186 |  |  | $ | 83,338 |  |  |  |  |
Diluted AFFO avail. to common share and unit holders |  | 9 |  | $ | 48,425 |  |  | $ | 32,823 |  |  | $ | 53,635 |  |  | $ | 54,781 |  |  | $ | 52,387 |  |  |  |  |
Dividend per common share |  | N/A |  | $ | 0.275 |  |  | $ | 0.275 |  |  | $ | 0.275 |  |  | $ | 0.275 |  |  | $ | 0.275 |  |  |  |  |
Per share - diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EPS |  | 8 |  | $ | 0.52 |  |  | $ | 0.12 |  |  | $ | 0.24 |  |  | $ | 0.38 |  |  | $ | (0.06) |  |  |  |  |
FFO - Nareit |  | 8 |  | $ | 0.58 |  |  | $ | 0.21 |  |  | $ | 0.56 |  |  | $ | 0.35 |  |  | $ | 0.27 |  |  |  |  |
FFO - as adjusted for comparability |  | 8 |  | $ | 0.58 |  |  | $ | 0.58 |  |  | $ | 0.57 |  |  | $ | 0.58 |  |  | $ | 0.56 |  |  |  |  |
Numerators for diluted per share amounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diluted EPS |  | 6 |  | $ | 59,099 |  |  | $ | 13,546 |  |  | $ | 26,933 |  |  | $ | 42,256 |  |  | $ | (6,839) |  |  |  |  |
Diluted FFO available to common share and unit holders |  | 7 |  | $ | 65,652 |  |  | $ | 24,344 |  |  | $ | 63,898 |  |  | $ | 40,212 |  |  | $ | 30,997 |  |  |  |  |
Diluted FFO available to common share and unit holders, as adjusted for comparability |  | 7 |  | $ | 65,992 |  |  | $ | 65,458 |  |  | $ | 65,179 |  |  | $ | 65,605 |  |  | $ | 64,454 |  |  |  |  |
Payout ratios: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diluted FFO |  | N/A |  | 47.6% |  | 128.0% |  | 48.8% |  | 77.5% |  | 100.5% |  |  |  |
Diluted FFO - as adjusted for comparability |  | N/A |  | 47.4% |  | 47.6% |  | 47.8% |  | 47.5% |  | 48.3% |  |  |  |
Diluted AFFO |  | N/A |  | 64.5% |  | 95.0% |  | 58.1% |  | 56.9% |  | 59.5% |  |  |  |
CAPITALIZATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Market Capitalization |  | 27 |  | $ | 5,437,327 |  |  | $ | 5,479,985 |  |  | $ | 5,251,729 |  |  | $ | 5,315,385 |  |  | $ | 5,226,694 |  |  |  |  |
Total Equity Market Capitalization |  | 27 |  | $ | 3,255,815 |  |  | $ | 3,181,699 |  |  | $ | 3,069,056 |  |  | $ | 3,184,310 |  |  | $ | 2,995,090 |  |  |  |  |
Gross debt |  | 28 |  | $ | 2,207,762 |  |  | $ | 2,324,536 |  |  | $ | 2,208,923 |  |  | $ | 2,157,325 |  |  | $ | 2,257,854 |  |  |  |  |
Net debt to adjusted book |  | 30 |  | 39.7% |  | 40.5% |  | 39.4% |  | 39.4% |  | 40.8% |  |  |  |
Adjusted EBITDA fixed charge coverage ratio |  | 30 |  | 5.2x |  | 4.9x |  | 4.8x |  | 4.9x |  | 4.3x |  |  |  |
Net debt to in-place adj. EBITDA ratio |  | 30 |  | 6.6x |  | 6.7x |  | 6.3x |  | 6.3x |  | 6.6x |  |  |  |
Pro forma net debt to in-place adjusted EBITDA ratio (1) |  | 30 |  | N/A |  | 6.3x |  | N/A |  | N/A |  | N/A |  |  |  |
Net debt adjusted for fully-leased development to in-place adj. EBITDA ratio |  | 30 |  | 6.1x |  | 6.2x |  | 5.9x |  | 5.8x |  | 6.3x |  |  |  |
Pro forma net debt adj. for fully-leased development to in-place adj. EBITDA ratio (1) |  | 30 |  | N/A |  | 5.8x |  | N/A |  | N/A |  | N/A |  |  |  |

(1)Includes, for the 12/31/21 period, adjustments associated with the sale on 1/25/22 of our wholesale data center and use of resulting proceeds to repay debt.
3

Corporate Office Properties Trust
Selected Portfolio Data (1)

| 3/31/22 |  | 12/31/21 |  | 9/30/21 |  | 6/30/21 |  | 3/31/21 |
# of Properties |  |  |  |  |  |  |  |  |  |
Total Portfolio | 188 |  | 186 |  | 186 |  | 184 |  | 182 |
Consolidated Portfolio | 169 |  | 167 |  | 167 |  | 165 |  | 165 |
Core Portfolio | 186 |  | 184 |  | 184 |  | 182 |  | 180 |
Same Properties | 176 |  | 176 |  | 176 |  | 176 |  | 176 |
% Occupied |  |  |  |  |  |  |  |  |  |
Total Portfolio | 92.0 | % |  | 92.4 | % |  | 93.3 | % |  | 93.2 | % |  | 93.8 | % |
Consolidated Portfolio | 90.7 | % |  | 91.1 | % |  | 92.2 | % |  | 92.0 | % |  | 92.9 | % |
Core Portfolio | 92.2 | % |  | 92.6 | % |  | 93.5 | % |  | 93.4 | % |  | 94.0 | % |
Same Properties | 92.0 | % |  | 92.6 | % |  | 93.3 | % |  | 93.3 | % |  | 93.6 | % |
% Leased |  |  |  |  |  |  |  |  |  |
Total Portfolio | 93.9 | % |  | 94.2 | % |  | 94.6 | % |  | 94.1 | % |  | 94.7 | % |
Consolidated Portfolio | 92.8 | % |  | 93.2 | % |  | 93.7 | % |  | 93.0 | % |  | 93.9 | % |
Core Portfolio | 94.1 | % |  | 94.4 | % |  | 94.8 | % |  | 94.3 | % |  | 94.9 | % |
Same Properties | 93.9 | % |  | 94.4 | % |  | 94.7 | % |  | 94.2 | % |  | 94.5 | % |
Square Feet (in thousands) |  |  |  |  |  |  |  |  |  |
Total Portfolio | 22,006 |  | 21,710 |  | 21,660 |  | 21,198 |  | 21,006 |
Consolidated Portfolio | 18,824 |  | 18,529 |  | 18,479 |  | 18,016 |  | 18,257 |
Core Portfolio | 21,849 |  | 21,553 |  | 21,503 |  | 21,041 |  | 20,849 |
Same Properties | 20,333 |  | 20,333 |  | 20,333 |  | 20,333 |  | 20,333 |

(1)Includes properties owned through unconsolidated real estate joint ventures (see page 32).
4

Corporate Office Properties Trust
Consolidated Balance Sheets
(in thousands)

| 3/31/22 |  | 12/31/21 |  | 9/30/21 |  | 6/30/21 |  | 3/31/21
Assets |  |  |  |  |  |  |  |  |
Properties, net: |  |  |  |  |  |  |  |  |
Operating properties, net | $ | 3,167,851 |  |  | $ | 3,090,510 |  |  | $ | 3,034,365 |  |  | $ | 2,904,129 |  |  | $ | 2,908,986 |
Development and redevelopment in progress, including land (1) | 194,412 |  |  | 196,701 |  |  | 151,396 |  |  | 201,421 |  |  | 187,290 |
Land held (1) | 218,018 |  |  | 245,733 |  |  | 227,887 |  |  | 230,114 |  |  | 285,266 |
Total properties, net | 3,580,281 |  |  | 3,532,944 |  |  | 3,413,648 |  |  | 3,335,664 |  |  | 3,381,542 |
Property - operating right-of-use assets | 38,566 |  |  | 38,361 |  |  | 38,854 |  |  | 39,333 |  |  | 39,810 |
Property - finance right-of-use assets | 2,230 |  |  | 2,238 |  |  | 40,077 |  |  | 40,082 |  |  | 40,091 |
Assets held for sale, net | — |  |  | 192,699 |  |  | 197,285 |  |  | 196,210 |  |  | 199,028 |
Cash and cash equivalents | 19,347 |  |  | 13,262 |  |  | 14,570 |  |  | 17,182 |  |  | 36,139 |
Investment in unconsolidated real estate joint ventures | 39,440 |  |  | 39,889 |  |  | 40,304 |  |  | 40,586 |  |  | 28,934 |
Accounts receivable, net | 42,596 |  |  | 40,752 |  |  | 33,110 |  |  | 39,951 |  |  | 44,916 |
Deferred rent receivable | 114,952 |  |  | 108,926 |  |  | 102,479 |  |  | 99,006 |  |  | 97,222 |
Intangible assets on property acquisitions, net | 13,410 |  |  | 14,567 |  |  | 15,711 |  |  | 16,877 |  |  | 18,048 |
Lease incentives, net | 52,089 |  |  | 51,486 |  |  | 40,150 |  |  | 37,665 |  |  | 35,100 |
Deferred leasing costs, net | 65,660 |  |  | 65,850 |  |  | 61,939 |  |  | 61,911 |  |  | 56,107 |
Investing receivables, net | 82,417 |  |  | 82,226 |  |  | 75,947 |  |  | 73,073 |  |  | 71,831 |
Prepaid expenses and other assets, net | 81,038 |  |  | 79,252 |  |  | 77,064 |  |  | 54,492 |  |  | 64,180 |
Total assets | $ | 4,132,026 |  |  | $ | 4,262,452 |  |  | $ | 4,151,138 |  |  | $ | 4,052,032 |  |  | $ | 4,112,948 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |
Debt | $ | 2,156,784 |  |  | $ | 2,272,304 |  |  | $ | 2,159,732 |  |  | $ | 2,109,640 |  |  | $ | 2,207,903 |
Accounts payable and accrued expenses | 144,974 |  |  | 186,202 |  |  | 176,636 |  |  | 127,027 |  |  | 96,465 |
Rents received in advance and security deposits | 29,082 |  |  | 32,262 |  |  | 32,092 |  |  | 30,893 |  |  | 30,922 |
Dividends and distributions payable | 31,402 |  |  | 31,299 |  |  | 31,306 |  |  | 31,302 |  |  | 31,305 |
Deferred revenue associated with operating leases | 8,241 |  |  | 9,341 |  |  | 8,704 |  |  | 9,564 |  |  | 10,221 |
Property - operating lease liabilities | 29,729 |  |  | 29,342 |  |  | 29,630 |  |  | 29,909 |  |  | 30,176 |
Interest rate derivatives | 665 |  |  | 3,644 |  |  | 5,562 |  |  | 6,646 |  |  | 7,640 |
Other liabilities | 13,793 |  |  | 14,085 |  |  | 10,691 |  |  | 9,699 |  |  | 15,599 |
Total liabilities | 2,414,670 |  |  | 2,578,479 |  |  | 2,454,353 |  |  | 2,354,680 |  |  | 2,430,231 |
Redeemable noncontrolling interests | 26,820 |  |  | 26,898 |  |  | 26,006 |  |  | 26,040 |  |  | 25,925 |
Equity: |  |  |  |  |  |  |  |  |
COPT’s shareholders’ equity: |  |  |  |  |  |  |  |  |
Common shares | 1,124 |  |  | 1,123 |  |  | 1,123 |  |  | 1,123 |  |  | 1,123 |
Additional paid-in capital | 2,479,119 |  |  | 2,481,539 |  |  | 2,480,412 |  |  | 2,478,416 |  |  | 2,476,807 |
Cumulative distributions in excess of net income | (828,473) |  |  | (856,863) |  |  | (839,676) |  |  | (835,894) |  |  | (847,407) |
Accumulated other comprehensive loss | 164 |  |  | (3,059) |  |  | (5,347) |  |  | (6,415) |  |  | (7,391) |
Total COPT’s shareholders’ equity | 1,651,934 |  |  | 1,622,740 |  |  | 1,636,512 |  |  | 1,637,230 |  |  | 1,623,132 |
Noncontrolling interests in subsidiaries: |  |  |  |  |  |  |  |  |
Common units in the Operating Partnership | 25,285 |  |  | 21,363 |  |  | 21,568 |  |  | 21,604 |  |  | 21,345 |
Other consolidated entities | 13,317 |  |  | 12,972 |  |  | 12,699 |  |  | 12,478 |  |  | 12,315 |
Total noncontrolling interests in subsidiaries | 38,602 |  |  | 34,335 |  |  | 34,267 |  |  | 34,082 |  |  | 33,660 |
Total equity | 1,690,536 |  |  | 1,657,075 |  |  | 1,670,779 |  |  | 1,671,312 |  |  | 1,656,792 |
Total liabilities, redeemable noncontrolling interests and equity | $ | 4,132,026 |  |  | $ | 4,262,452 |  |  | $ | 4,151,138 |  |  | $ | 4,052,032 |  |  | $ | 4,112,948 |

(1)Refer to pages 24 and 26 for detail.
5

Corporate Office Properties Trust
Consolidated Statements of Operations
(in thousands)

| Three Months Ended |  |
| 3/31/22 |  | 12/31/21 |  | 9/30/21 |  | 6/30/21 |  | 3/31/21 |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Lease revenue | $ | 141,389 |  |  | $ | 141,892 |  |  | $ | 138,032 |  |  | $ | 136,454 |  |  | $ | 137,290 |  |  |  |  |
Other property revenue | 891 |  |  | 756 |  |  | 841 |  |  | 765 |  |  | 540 |  |  |  |  |
Construction contract and other service revenues | 53,200 |  |  | 43,284 |  |  | 28,046 |  |  | 19,988 |  |  | 16,558 |  |  |  |  |
Total revenues | 195,480 |  |  | 185,932 |  |  | 166,919 |  |  | 157,207 |  |  | 154,388 |  |  |  |  |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating expenses | 57,181 |  |  | 56,459 |  |  | 52,728 |  |  | 50,914 |  |  | 53,276 |  |  |  |  |
Depreciation and amortization associated with real estate operations | 34,264 |  |  | 34,504 |  |  | 33,807 |  |  | 34,732 |  |  | 34,500 |  |  |  |  |
Construction contract and other service expenses | 51,650 |  |  | 42,089 |  |  | 27,089 |  |  | 19,082 |  |  | 15,793 |  |  |  |  |
General and administrative expenses | 6,670 |  |  | 6,589 |  |  | 7,269 |  |  | 7,293 |  |  | 6,062 |  |  |  |  |
Leasing expenses | 1,874 |  |  | 2,568 |  |  | 2,073 |  |  | 1,929 |  |  | 2,344 |  |  |  |  |
Business development expenses and land carry costs | 783 |  |  | 1,088 |  |  | 1,093 |  |  | 1,372 |  |  | 1,094 |  |  |  |  |
Total operating expenses | 152,422 |  |  | 143,297 |  |  | 124,059 |  |  | 115,322 |  |  | 113,069 |  |  |  |  |
Interest expense | (14,424) |  |  | (16,217) |  |  | (15,720) |  |  | (15,942) |  |  | (17,519) |  |  |  |  |
Interest and other income | 1,893 |  |  | 1,968 |  |  | 1,818 |  |  | 2,228 |  |  | 1,865 |  |  |  |  |
Credit loss recoveries (expense) | 316 |  |  | 88 |  |  | 326 |  |  | (193) |  |  | 907 |  |  |  |  |
Gain on sales of real estate | 15 |  |  | 25,879 |  |  | (32) |  |  | 40,233 |  |  | (490) |  |  |  |  |
Loss on early extinguishment of debt | (342) |  |  | (41,073) |  |  | (1,159) |  |  | (25,228) |  |  | (33,166) |  |  |  |  |
Income (loss) from continuing operations before equity in income of unconsolidated entities and income taxes | 30,516 |  |  | 13,280 |  |  | 28,093 |  |  | 42,983 |  |  | (7,084) |  |  |  |  |
Equity in income of unconsolidated entities | 888 |  |  | 314 |  |  | 297 |  |  | 260 |  |  | 222 |  |  |  |  |
Income tax expense | (153) |  |  | (42) |  |  | (47) |  |  | (24) |  |  | (32) |  |  |  |  |
Income (loss) from continuing operations | 31,251 |  |  | 13,552 |  |  | 28,343 |  |  | 43,219 |  |  | (6,894) |  |  |  |  |
Discontinued operations | 29,573 |  |  | 1,413 |  |  | 451 |  |  | 679 |  |  | 815 |  |  |  |  |
Net income (loss) | 60,824 |  |  | 14,965 |  |  | 28,794 |  |  | 43,898 |  |  | (6,079) |  |  |  |  |
Net (income) loss attributable to noncontrolling interests: |  |  |  |  |  |  |  |  |  |  |  |  |
Common units in the Operating Partnership | (856) |  |  | (181) |  |  | (357) |  |  | (559) |  |  | 85 |  |  |  |  |
Other consolidated entities | (649) |  |  | (1,076) |  |  | (1,336) |  |  | (938) |  |  | (675) |  |  |  |  |
Net income (loss) attributable to COPT common shareholders | $ | 59,319 |  |  | $ | 13,708 |  |  | $ | 27,101 |  |  | $ | 42,401 |  |  | $ | (6,669) |  |  |  |  |
Amount allocable to share-based compensation awards | (181) |  |  | (116) |  |  | (79) |  |  | (125) |  |  | (170) |  |  |  |  |
Redeemable noncontrolling interests | (39) |  |  | (46) |  |  | (89) |  |  | (20) |  |  | — |  |  |  |  |
Numerator for diluted EPS | $ | 59,099 |  |  | $ | 13,546 |  |  | $ | 26,933 |  |  | $ | 42,256 |  |  | $ | (6,839) |  |  |  |  |

6

Corporate Office Properties Trust
Funds from Operations
(in thousands)

| Three Months Ended |  |
| 3/31/22 |  | 12/31/21 |  | 9/30/21 |  | 6/30/21 |  | 3/31/21 |  |  |  |
Net income (loss) | $ | 60,824 |  |  | $ | 14,965 |  |  | $ | 28,794 |  |  | $ | 43,898 |  |  | $ | (6,079) |  |  |  |  |
Real estate-related depreciation and amortization | 34,264 |  |  | 36,346 |  |  | 36,611 |  |  | 37,555 |  |  | 37,321 |  |  |  |  |
Gain on sales of real estate | (28,579) |  |  | (25,879) |  |  | 32 |  |  | (40,233) |  |  | 490 |  |  |  |  |
Depreciation and amortization on unconsolidated real estate JVs (1) | 526 |  |  | 526 |  |  | 525 |  |  | 476 |  |  | 454 |  |  |  |  |
FFO - per Nareit (2)(3) | 67,035 |  |  | 25,958 |  |  | 65,962 |  |  | 41,696 |  |  | 32,186 |  |  |  |  |
FFO allocable to other noncontrolling interests (4) | (1,042) |  |  | (1,458) |  |  | (1,696) |  |  | (1,302) |  |  | (1,027) |  |  |  |  |
Basic FFO allocable to share-based compensation awards | (362) |  |  | (149) |  |  | (313) |  |  | (193) |  |  | (162) |  |  |  |  |
Basic FFO available to common share and common unit holders (3) | 65,631 |  |  | 24,351 |  |  | 63,953 |  |  | 40,201 |  |  | 30,997 |  |  |  |  |
Redeemable noncontrolling interests | (6) |  |  | (13) |  |  | (68) |  |  | 11 |  |  | — |  |  |  |  |
Diluted FFO adjustments allocable to share-based compensation awards | 27 |  |  | 6 |  |  | 13 |  |  | — |  |  | — |  |  |  |  |
Diluted FFO available to common share and common unit holders - per Nareit (3) | 65,652 |  |  | 24,344 |  |  | 63,898 |  |  | 40,212 |  |  | 30,997 |  |  |  |  |
Loss on early extinguishment of debt | 342 |  |  | 41,073 |  |  | 1,159 |  |  | 25,228 |  |  | 33,166 |  |  |  |  |
Loss on interest rate derivatives included in interest expense | — |  |  | 221 |  |  | — |  |  | — |  |  | — |  |  |  |  |
Demolition costs on redevelopment and nonrecurring improvements | — |  |  | (8) |  |  | 129 |  |  | 302 |  |  | — |  |  |  |  |
Diluted FFO comparability adjustments for redeemable noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | 458 |  |  |  |  |
Diluted FFO comparability adjustments allocable to share-based compensation awards | (2) |  |  | (172) |  |  | (7) |  |  | (137) |  |  | (167) |  |  |  |  |
Diluted FFO available to common share and common unit holders, as adjusted for comparability (3) | $ | 65,992 |  |  | $ | 65,458 |  |  | $ | 65,179 |  |  | $ | 65,605 |  |  | $ | 64,454 |  |  |  |  |

(1)FFO adjustment pertaining to COPT’s share of unconsolidated real estate joint ventures reported on page 32.
(2)See reconciliation on page 33 for components of FFO per Nareit.
(3)Refer to the section entitled “Definitions” for a definition of this measure.
(4)Pertains to noncontrolling interests in consolidated real estate joint ventures reported on page 31.
7

Corporate Office Properties Trust
Diluted Share and Unit Computations
(in thousands, except per share data)

| Three Months Ended |  |
| 3/31/22 |  | 12/31/21 |  | 9/30/21 |  | 6/30/21 |  | 3/31/21 |  |  |  |
EPS Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares - basic | 112,020 |  |  | 111,990 |  |  | 111,985 |  |  | 111,974 |  |  | 111,888 |  |  |  |  |
Dilutive effect of share-based compensation awards | 426 |  |  | 386 |  |  | 375 |  |  | 297 |  |  | — |  |  |  |  |
Dilutive effect of redeemable noncontrolling interests | 132 |  |  | 124 |  |  | 138 |  |  | 133 |  |  | — |  |  |  |  |
Weighted average common shares - diluted | 112,578 |  |  | 112,500 |  |  | 112,498 |  |  | 112,404 |  |  | 111,888 |  |  |  |  |
Diluted EPS | $ | 0.52 |  |  | $ | 0.12 |  |  | $ | 0.24 |  |  | $ | 0.38 |  |  | $ | (0.06) |  |  |  |  |
Weighted Average Shares for period ended: |  |  |  |  |  |  |  |  |  |  |  |  |
Common shares | 112,020 |  |  | 111,990 |  |  | 111,985 |  |  | 111,974 |  |  | 111,888 |  |  |  |  |
Dilutive effect of share-based compensation awards | 426 |  |  | 386 |  |  | 375 |  |  | 297 |  |  | 261 |  |  |  |  |
Common units | 1,384 |  |  | 1,259 |  |  | 1,262 |  |  | 1,262 |  |  | 1,246 |  |  |  |  |
Redeemable noncontrolling interests | 132 |  |  | 124 |  |  | 138 |  |  | 133 |  |  | — |  |  |  |  |
Denominator for diluted FFO per share | 113,962 |  |  | 113,759 |  |  | 113,760 |  |  | 113,666 |  |  | 113,395 |  |  |  |  |
Redeemable noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | 940 |  |  |  |  |
Denominator for diluted FFO per share, as adjusted for comparability | 113,962 |  |  | 113,759 |  |  | 113,760 |  |  | 113,666 |  |  | 114,335 |  |  |  |  |
Weighted average common units | (1,384) |  |  | (1,259) |  |  | (1,262) |  |  | (1,262) |  |  | (1,246) |  |  |  |  |
Redeemable noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | (940) |  |  |  |  |
Anti-dilutive EPS effect of share-based compensation awards | — |  |  | — |  |  | — |  |  | — |  |  | (261) |  |  |  |  |
Denominator for diluted EPS | 112,578 |  |  | 112,500 |  |  | 112,498 |  |  | 112,404 |  |  | 111,888 |  |  |  |  |
Diluted FFO per share - Nareit | $ | 0.58 |  |  | $ | 0.21 |  |  | $ | 0.56 |  |  | $ | 0.35 |  |  | $ | 0.27 |  |  |  |  |
Diluted FFO per share - as adjusted for comparability | $ | 0.58 |  |  | $ | 0.58 |  |  | $ | 0.57 |  |  | $ | 0.58 |  |  | $ | 0.56 |  |  |  |  |

8

Corporate Office Properties Trust
Adjusted Funds from Operations
(in thousands)

| Three Months Ended |  |
| 3/31/22 |  | 12/31/21 |  | 9/30/21 |  | 6/30/21 |  | 3/31/21 |  |  |  |
Diluted FFO available to common share and common unit holders, as adjusted for comparability | $ | 65,992 |  |  | $ | 65,458 |  |  | $ | 65,179 |  |  | $ | 65,605 |  |  | $ | 64,454 |  |  |  |  |
Straight line rent adjustments and lease incentive amortization | (3,189) |  |  | (3,835) |  |  | (1,806) |  |  | (1,288) |  |  | (3,357) |  |  |  |  |
Amortization of intangibles and other assets included in NOI | (372) |  |  | 40 |  |  | 41 |  |  | 41 |  |  | 40 |  |  |  |  |
Share-based compensation, net of amounts capitalized | 2,111 |  |  | 2,018 |  |  | 2,048 |  |  | 2,009 |  |  | 1,904 |  |  |  |  |
Amortization of deferred financing costs | 597 |  |  | 640 |  |  | 736 |  |  | 811 |  |  | 793 |  |  |  |  |
Amortization of net debt discounts, net of amounts capitalized | 605 |  |  | 615 |  |  | 567 |  |  | 520 |  |  | 542 |  |  |  |  |
Replacement capital expenditures (1) | (17,358) |  |  | (32,317) |  |  | (13,331) |  |  | (13,095) |  |  | (12,230) |  |  |  |  |
Other | 39 |  |  | 204 |  |  | 201 |  |  | 178 |  |  | 241 |  |  |  |  |
Diluted AFFO available to common share and common unit holders (“diluted AFFO”) | $ | 48,425 |  |  | $ | 32,823 |  |  | $ | 53,635 |  |  | $ | 54,781 |  |  | $ | 52,387 |  |  |  |  |
Replacement capital expenditures (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Tenant improvements and incentives | $ | 10,010 |  |  | $ | 19,724 |  |  | $ | 8,654 |  |  | $ | 8,303 |  |  | $ | 7,139 |  |  |  |  |
Building improvements | 6,832 |  |  | 17,778 |  |  | 7,793 |  |  | 6,771 |  |  | 3,628 |  |  |  |  |
Leasing costs | 2,270 |  |  | 5,863 |  |  | 2,939 |  |  | 2,805 |  |  | 1,129 |  |  |  |  |
Net additions to (exclusions from) tenant improvements and incentives | 1,808 |  |  | (5,093) |  |  | (1,523) |  |  | (988) |  |  | 2,900 |  |  |  |  |
Excluded building improvements and leasing costs | (3,562) |  |  | (5,955) |  |  | (4,532) |  |  | (3,796) |  |  | (2,566) |  |  |  |  |
Replacement capital expenditures | $ | 17,358 |  |  | $ | 32,317 |  |  | $ | 13,331 |  |  | $ | 13,095 |  |  | $ | 12,230 |  |  |  |  |

(1)Refer to the section entitled “Definitions” for a definition of this measure.
9

Corporate Office Properties Trust
EBITDAre and Adjusted EBITDA
(in thousands)

| Three Months Ended |  |
| 3/31/22 |  | 12/31/21 |  | 9/30/21 |  | 6/30/21 |  | 3/31/21 |  |  |  |
Net income (loss) | $ | 60,824 |  |  | $ | 14,965 |  |  | $ | 28,794 |  |  | $ | 43,898 |  |  | $ | (6,079) |  |  |  |  |
Interest expense | 14,424 |  |  | 16,217 |  |  | 15,720 |  |  | 15,942 |  |  | 17,519 |  |  |  |  |
Income tax expense | 153 |  |  | 42 |  |  | 47 |  |  | 24 |  |  | 32 |  |  |  |  |
Real estate-related depreciation and amortization | 34,264 |  |  | 36,346 |  |  | 36,611 |  |  | 37,555 |  |  | 37,321 |  |  |  |  |
Other depreciation and amortization | 607 |  |  | 622 |  |  | 589 |  |  | 1,045 |  |  | 555 |  |  |  |  |
Gain on sales of real estate | (28,579) |  |  | (25,879) |  |  | 32 |  |  | (40,233) |  |  | 490 |  |  |  |  |
Adjustments from unconsolidated real estate JVs | 758 |  |  | 763 |  |  | 763 |  |  | 711 |  |  | 693 |  |  |  |  |
EBITDAre | 82,451 |  |  | 43,076 |  |  | 82,556 |  |  | 58,942 |  |  | 50,531 |  |  |  |  |
Loss on early extinguishment of debt | 342 |  |  | 41,073 |  |  | 1,159 |  |  | 25,228 |  |  | 33,166 |  |  |  |  |
Net gain on other investments | (565) |  |  | — |  |  | — |  |  | (63) |  |  | — |  |  |  |  |
Credit loss (recoveries) expense | (316) |  |  | (88) |  |  | (326) |  |  | 193 |  |  | (907) |  |  |  |  |
Business development expenses | 326 |  |  | 628 |  |  | 473 |  |  | 584 |  |  | 548 |  |  |  |  |
Demolition costs on redevelopment and nonrecurring improvements | — |  |  | (8) |  |  | 129 |  |  | 302 |  |  | — |  |  |  |  |
Adjusted EBITDA | 82,238 |  |  | 84,681 |  |  | 83,991 |  |  | 85,186 |  |  | 83,338 |  |  |  |  |
Pro forma NOI adjustment for property changes within period | 579 |  |  | — |  |  | 3,240 |  |  | (379) |  |  | 166 |  |  |  |  |
Change in collectability of deferred rental revenue | — |  |  | — |  |  | — |  |  | — |  |  | 124 |  |  |  |  |
Other | — |  |  | 1,578 |  |  | — |  |  | — |  |  | — |  |  |  |  |
In-place adjusted EBITDA | 82,817 |  |  | 86,259 |  |  | 87,231 |  |  | 84,807 |  |  | 83,628 |  |  |  |  |
Pro forma NOI adjustment for sale of Wholesale Data Center | N/A |  | (3,074) |  |  | N/A |  | N/A |  | N/A |  |  |  |
Pro forma in-place adjusted EBITDA | $ | 82,817 |  |  | $ | 83,185 |  |  | $ | 87,231 |  |  | $ | 84,807 |  |  | $ | 83,628 |  |  |  |  |

10

Corporate Office Properties Trust
Properties by Segment (1) - 3/31/22
(square feet in thousands)

|  | # of Properties |  | Operational Square Feet |  | % Occupied |  | % Leased
Core Portfolio: |  |  |  |  |  |  |  |
Defense/IT Locations: |  |  |  |  |  |  |  |
Fort Meade/Baltimore Washington (“BW”) Corridor: |  |  |  |  |  |  |  |
National Business Park |  | 32 |  |  | 3,926 |  |  | 93.6% |  | 93.8%
Howard County |  | 35 |  |  | 2,862 |  |  | 85.3% |  | 94.0%
Other |  | 23 |  |  | 1,725 |  |  | 90.6% |  | 92.6%
Total Fort Meade/BW Corridor |  | 90 |  |  | 8,513 |  |  | 90.2% |  | 93.6%
Northern Virginia (“NoVA”) Defense/IT (2) |  | 16 |  |  | 2,501 |  |  | 88.6% |  | 91.0%
Lackland AFB (San Antonio, Texas) |  | 8 |  |  | 1,060 |  |  | 100.0% |  | 100.0%
Navy Support |  | 22 |  |  | 1,260 |  |  | 92.9% |  | 93.6%
Redstone Arsenal (Huntsville, Alabama) |  | 17 |  |  | 1,532 |  |  | 91.3% |  | 92.6%
Data Center Shells: |  |  |  |  |  |  |  |
Consolidated Properties |  | 8 |  |  | 1,822 |  |  | 100.0% |  | 100.0%
Unconsolidated JV Properties (3) |  | 19 |  |  | 3,182 |  |  | 100.0% |  | 100.0%
Total Defense/IT Locations |  | 180 |  |  | 19,870 |  |  | 93.3% |  | 95.2%
Regional Office (2) |  | 6 |  |  | 1,979 |  |  | 81.8% |  | 83.1%
Core Portfolio |  | 186 |  |  | 21,849 |  |  | 92.2% |  | 94.1%
Other Properties |  | 2 |  |  | 157 |  |  | 66.2% |  | 66.2%
Total Portfolio |  | 188 |  |  | 22,006 |  |  | 92.0% |  | 93.9%
Consolidated Portfolio |  | 169 |  |  | 18,824 |  |  | 90.7% |  | 92.8%

(1)This presentation sets forth core portfolio data by segment followed by data for the remainder of the portfolio.
(2)Reflects our reclassification in the quarter ended 3/31/22 of two properties to our NoVA Defense/IT sub-segment from our Regional Office segment.
(3)See page 32 for additional disclosure regarding our unconsolidated real estate JVs.
11

Corporate Office Properties Trust
NOI from Real Estate Operations and Occupancy by Property Grouping - 3/31/22
(dollars and square feet in thousands)

|  | As of Period End |  | NOI from Real Estate Operations |
|  | # of Properties |  | Operational Square Feet |  | % Occupied (1) |  | % Leased (1) |  | Annualized Rental Revenue (2) |  | % of Total Annualized Rental Revenue (2) |  |
Property Grouping |  |  |  |  |  |  |  | Three Months Ended |  |  |
Core Portfolio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same Properties: (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated properties |  | 157 |  |  | 17,426 |  |  | 91.0% |  | 93.2% |  | $ | 525,956 |  |  | 91.4 | % |  | $ | 79,119 |  |  |  |
Unconsolidated real estate JV |  | 17 |  |  | 2,750 |  |  | 100.0% |  | 100.0% |  | 4,002 |  |  | 0.7 | % |  | 926 |  |  |  |
Total Same Properties in Core Portfolio |  | 174 |  |  | 20,176 |  |  | 92.2% |  | 94.1% |  | 529,958 |  |  | 92.1 | % |  | 80,045 |  |  |  |
Properties Placed in Service (4) |  | 10 |  |  | 1,241 |  |  | 89.1% |  | 91.8% |  | 39,742 |  |  | 6.9 | % |  | 5,462 |  |  |  |
Other unconsolidated JV properties (5) |  | 2 |  |  | 432 |  |  | 100.0% |  | 100.0% |  | 647 |  |  | 0.1 | % |  | 156 |  |  |  |
Total Core Portfolio |  | 186 |  |  | 21,849 |  |  | 92.2% |  | 94.1% |  | 570,347 |  |  | 99.1 | % |  | 85,663 |  |  |  |
Wholesale Data Center (6) |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | 955 |  |  |  |
Other |  | 2 |  |  | 157 |  |  | 66.2% |  | 66.2% |  | 5,190 |  |  | 0.9 | % |  | 570 |  |  |  |
Total Portfolio |  | 188 |  |  | 22,006 |  |  | 92.0% |  | 93.9% |  | $ | 575,537 |  |  | 100.0 | % |  | $ | 87,188 |  |  |  |
Consolidated Portfolio |  | 169 |  |  | 18,824 |  |  | 90.7% |  | 92.8% |  | $ | 570,888 |  |  | 99.2 | % |  | $ | 86,108 |  |  |  |
|  | As of Period End |  | NOI from Real Estate Operations |
|  | # of Properties |  | Operational Square Feet |  | % Occupied (1) |  | % Leased (1) |  | Annualized Rental Revenue (2) |  | % of Core Annualized Rental Revenue (2) |  |
Property Grouping |  |  |  |  |  |  |  | Three Months Ended |  |  |
Core Portfolio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Defense/IT Locations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated properties |  | 161 |  |  | 16,688 |  |  | 92.0% |  | 94.3% |  | $ | 507,509 |  |  | 89.0 | % |  | $ | 77,431 |  |  |  |
Unconsolidated real estate JVs |  | 19 |  |  | 3,182 |  |  | 100.0% |  | 100.0% |  | 4,649 |  |  | 0.8 | % |  | 1,080 |  |  |  |
Total Defense/IT Locations |  | 180 |  |  | 19,870 |  |  | 93.3% |  | 95.2% |  | 512,158 |  |  | 89.8 | % |  | 78,511 |  |  |  |
Regional Office |  | 6 |  |  | 1,979 |  |  | 81.8% |  | 83.1% |  | 58,189 |  |  | 10.2 | % |  | 7,152 |  |  |  |
Total Core Portfolio |  | 186 |  |  | 21,849 |  |  | 92.2% |  | 94.1% |  | $ | 570,347 |  |  | 100.0 | % |  | $ | 85,663 |  |  |  |

(1)Percentages calculated based on operational square feet.
(2)With regard to properties owned through unconsolidated real estate joint ventures, we include the portion of Annualized Rental Revenue (“ARR”) allocable to COPT’s ownership interest.
(3)Includes properties stably owned and 100% operational since at least 1/1/21.
(4)Newly developed or redeveloped properties placed in service that were not fully operational by 1/1/21.
(5)Includes two data center shell properties in which we sold ownership interests and retained 10% interests through an unconsolidated real estate JV in 2021.
(6)We sold our Wholesale Data Center on 1/25/22.
12

Corporate Office Properties Trust
Consolidated Real Estate Revenues and NOI by Segment
(in thousands)

| Three Months Ended |  |
| 3/31/22 |  | 12/31/21 |  | 9/30/21 |  | 6/30/21 |  | 3/31/21 |  |  |  |
Consolidated real estate revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Defense/IT Locations: |  |  |  |  |  |  |  |  |  |  |  |  |
Fort Meade/BW Corridor | $ | 67,214 |  |  | $ | 64,805 |  |  | $ | 66,029 |  |  | $ | 64,840 |  |  | $ | 66,446 |  |  |  |  |
NoVA Defense/IT (1) | 18,576 |  |  | 17,965 |  |  | 16,077 |  |  | 15,626 |  |  | 16,185 |  |  |  |  |
Lackland Air Force Base | 14,713 |  |  | 16,994 |  |  | 14,519 |  |  | 13,688 |  |  | 12,555 |  |  |  |  |
Navy Support | 8,169 |  |  | 8,356 |  |  | 8,558 |  |  | 8,445 |  |  | 8,398 |  |  |  |  |
Redstone Arsenal | 9,195 |  |  | 9,555 |  |  | 9,144 |  |  | 8,775 |  |  | 8,253 |  |  |  |  |
Data Center Shells-Consolidated | 7,505 |  |  | 7,812 |  |  | 6,913 |  |  | 8,070 |  |  | 8,787 |  |  |  |  |
Total Defense/IT Locations | 125,372 |  |  | 125,487 |  |  | 121,240 |  |  | 119,444 |  |  | 120,624 |  |  |  |  |
Regional Office (1) | 15,082 |  |  | 15,410 |  |  | 16,024 |  |  | 15,970 |  |  | 15,703 |  |  |  |  |
Wholesale Data Center | 1,980 |  |  | 8,235 |  |  | 7,717 |  |  | 7,204 |  |  | 7,334 |  |  |  |  |
Other | 1,826 |  |  | 1,751 |  |  | 1,609 |  |  | 1,805 |  |  | 1,503 |  |  |  |  |
Consolidated real estate revenues | $ | 144,260 |  |  | $ | 150,883 |  |  | $ | 146,590 |  |  | $ | 144,423 |  |  | $ | 145,164 |  |  |  |  |
NOI |  |  |  |  |  |  |  |  |  |  |  |  |
Defense/IT Locations: |  |  |  |  |  |  |  |  |  |  |  |  |
Fort Meade/BW Corridor | $ | 41,430 |  |  | $ | 41,625 |  |  | $ | 43,073 |  |  | $ | 43,126 |  |  | $ | 41,775 |  |  |  |  |
NoVA Defense/IT (1) | 11,707 |  |  | 11,763 |  |  | 9,747 |  |  | 9,709 |  |  | 9,849 |  |  |  |  |
Lackland Air Force Base | 7,641 |  |  | 7,774 |  |  | 7,584 |  |  | 6,182 |  |  | 5,681 |  |  |  |  |
Navy Support | 4,698 |  |  | 4,853 |  |  | 5,104 |  |  | 5,218 |  |  | 4,965 |  |  |  |  |
Redstone Arsenal | 5,460 |  |  | 6,462 |  |  | 6,141 |  |  | 5,807 |  |  | 5,699 |  |  |  |  |
Data Center Shells: |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | 6,495 |  |  | 6,242 |  |  | 6,256 |  |  | 7,293 |  |  | 7,705 |  |  |  |  |
COPT’s share of unconsolidated real estate JVs | 1,080 |  |  | 1,079 |  |  | 1,060 |  |  | 973 |  |  | 917 |  |  |  |  |
Total Defense/IT Locations | 78,511 |  |  | 79,798 |  |  | 78,965 |  |  | 78,308 |  |  | 76,591 |  |  |  |  |
Regional Office (1) | 7,152 |  |  | 7,066 |  |  | 7,979 |  |  | 8,507 |  |  | 8,499 |  |  |  |  |
Wholesale Data Center | 955 |  |  | 3,074 |  |  | 3,105 |  |  | 3,376 |  |  | 3,511 |  |  |  |  |
Other | 570 |  |  | 585 |  |  | 411 |  |  | 589 |  |  | 506 |  |  |  |  |
NOI from real estate operations | $ | 87,188 |  |  | $ | 90,523 |  |  | $ | 90,460 |  |  | $ | 90,780 |  |  | $ | 89,107 |  |  |  |  |

(1)Includes our retrospective reclassification in the quarter ended 3/31/22 of two properties to our NoVA Defense/IT sub-segment from our Regional Office segment.
13

Corporate Office Properties Trust
Cash NOI by Segment
(in thousands)

| Three Months Ended |  |
| 3/31/22 |  | 12/31/21 |  | 9/30/21 |  | 6/30/21 |  | 3/31/21 |  |  |  |
Cash NOI |  |  |  |  |  |  |  |  |  |  |  |  |
Defense/IT Locations: |  |  |  |  |  |  |  |  |  |  |  |  |
Fort Meade/BW Corridor | $ | 41,271 |  |  | $ | 42,666 |  |  | $ | 42,301 |  |  | $ | 42,514 |  |  | $ | 39,666 |  |  |  |  |
NoVA Defense/IT | 10,150 |  |  | 10,187 |  |  | 10,088 |  |  | 10,205 |  |  | 9,786 |  |  |  |  |
Lackland Air Force Base | 7,711 |  |  | 7,793 |  |  | 6,637 |  |  | 6,122 |  |  | 5,999 |  |  |  |  |
Navy Support | 4,846 |  |  | 4,981 |  |  | 5,381 |  |  | 5,394 |  |  | 4,965 |  |  |  |  |
Redstone Arsenal | 4,593 |  |  | 5,162 |  |  | 5,262 |  |  | 4,890 |  |  | 4,706 |  |  |  |  |
Data Center Shells: |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | 5,468 |  |  | 5,430 |  |  | 5,426 |  |  | 6,261 |  |  | 6,505 |  |  |  |  |
COPT’s share of unconsolidated real estate JVs | 982 |  |  | 975 |  |  | 951 |  |  | 871 |  |  | 816 |  |  |  |  |
Total Defense/IT Locations | 75,021 |  |  | 77,194 |  |  | 76,046 |  |  | 76,257 |  |  | 72,443 |  |  |  |  |
Regional Office | 5,157 |  |  | 6,167 |  |  | 6,675 |  |  | 7,079 |  |  | 6,884 |  |  |  |  |
Wholesale Data Center | 964 |  |  | 3,122 |  |  | 3,138 |  |  | 3,403 |  |  | 3,545 |  |  |  |  |
Other | 599 |  |  | 658 |  |  | 447 |  |  | 659 |  |  | 578 |  |  |  |  |
Cash NOI from real estate operations | 81,741 |  |  | 87,141 |  |  | 86,306 |  |  | 87,398 |  |  | 83,450 |  |  |  |  |
Straight line rent adjustments and lease incentive amortization | 2,921 |  |  | 2,521 |  |  | 2,148 |  |  | 1,692 |  |  | 4,006 |  |  |  |  |
Amortization of acquired above- and below-market rents | 519 |  |  | 100 |  |  | 99 |  |  | 98 |  |  | 99 |  |  |  |  |
Amortization of intangibles and other assets to property operating expenses | (146) |  |  | (139) |  |  | (140) |  |  | (139) |  |  | (139) |  |  |  |  |
Lease termination fees, net | 221 |  |  | (893) |  |  | 853 |  |  | 1,094 |  |  | 1,362 |  |  |  |  |
Tenant funded landlord assets and lease incentives | 1,834 |  |  | 1,689 |  |  | 1,085 |  |  | 535 |  |  | 228 |  |  |  |  |
Cash NOI adjustments in unconsolidated real estate JVs | 98 |  |  | 104 |  |  | 109 |  |  | 102 |  |  | 101 |  |  |  |  |
NOI from real estate operations | $ | 87,188 |  |  | $ | 90,523 |  |  | $ | 90,460 |  |  | $ | 90,780 |  |  | $ | 89,107 |  |  |  |  |

14

Corporate Office Properties Trust
Same Properties (1) Average Occupancy Rates by Segment
(square feet in thousands)

| # of Properties |  | Operational Square Feet |  | Three Months Ended |  |
|  |  | 3/31/22 |  | 12/31/21 |  | 9/30/21 |  | 6/30/21 |  | 3/31/21 |  |  |  |
Core Portfolio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Defense/IT Locations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fort Meade/BW Corridor | 88 |  |  | 8,305 |  |  | 89.9 | % |  | 90.3 | % |  | 89.7 | % |  | 90.5 | % |  | 90.3 | % |  |  |  |
NoVA Defense/IT | 15 |  |  | 2,153 |  |  | 86.8 | % |  | 86.5 | % |  | 85.7 | % |  | 87.2 | % |  | 87.6 | % |  |  |  |
Lackland Air Force Base | 7 |  |  | 953 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  |  |  |
Navy Support | 21 |  |  | 1,242 |  |  | 92.9 | % |  | 95.1 | % |  | 96.7 | % |  | 96.9 | % |  | 96.8 | % |  |  |  |
Redstone Arsenal | 14 |  |  | 1,424 |  |  | 91.0 | % |  | 96.4 | % |  | 99.5 | % |  | 99.6 | % |  | 99.6 | % |  |  |  |
Data Center Shells: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | 7 |  |  | 1,557 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  |  |  |
Unconsolidated JV properties | 17 |  |  | 2,750 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  |  |  |
Total Defense/IT Locations | 169 |  |  | 18,384 |  |  | 92.7 | % |  | 93.4 | % |  | 93.4 | % |  | 93.9 | % |  | 93.9 | % |  |  |  |
Regional Office | 5 |  |  | 1,792 |  |  | 84.0 | % |  | 92.4 | % |  | 92.7 | % |  | 93.0 | % |  | 92.5 | % |  |  |  |
Core Portfolio Same Properties | 174 |  |  | 20,176 |  |  | 91.9 | % |  | 93.3 | % |  | 93.3 | % |  | 93.9 | % |  | 93.8 | % |  |  |  |
Other Same Properties | 2 |  |  | 157 |  |  | 66.2 | % |  | 66.2 | % |  | 66.2 | % |  | 67.0 | % |  | 68.4 | % |  |  |  |
Total Same Properties | 176 |  |  | 20,333 |  |  | 91.7 | % |  | 93.1 | % |  | 93.1 | % |  | 93.7 | % |  | 93.6 | % |  |  |  |
Same Properties (1) Period End Occupancy Rates by Segment (square feet in thousands)
| # of Properties |  | Operational Square Feet |  |  |  |
|  |  | 3/31/22 |  | 12/31/21 |  | 9/30/21 |  | 6/30/21 |  | 3/31/21 |  |  |  |
Core Portfolio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Defense/IT Locations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fort Meade/BW Corridor | 88 |  |  | 8,305 |  |  | 90.5 | % |  | 90.3 | % |  | 90.2 | % |  | 89.9 | % |  | 90.3 | % |  |  |  |
NoVA Defense/IT | 15 |  |  | 2,153 |  |  | 86.8 | % |  | 86.4 | % |  | 85.5 | % |  | 86.5 | % |  | 87.4 | % |  |  |  |
Lackland Air Force Base | 7 |  |  | 953 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  |  |  |
Navy Support | 21 |  |  | 1,242 |  |  | 92.8 | % |  | 93.9 | % |  | 96.5 | % |  | 96.9 | % |  | 96.9 | % |  |  |  |
Redstone Arsenal | 14 |  |  | 1,424 |  |  | 91.7 | % |  | 90.7 | % |  | 99.3 | % |  | 99.6 | % |  | 99.6 | % |  |  |  |
Data Center Shells: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | 7 |  |  | 1,557 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  |  |  |
Unconsolidated JV properties | 17 |  |  | 2,750 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  |  |  |
Total Defense/IT Locations | 169 |  |  | 18,384 |  |  | 93.0 | % |  | 92.9 | % |  | 93.6 | % |  | 93.6 | % |  | 93.9 | % |  |  |  |
Regional Office | 5 |  |  | 1,792 |  |  | 84.0 | % |  | 92.0 | % |  | 92.7 | % |  | 93.1 | % |  | 93.1 | % |  |  |  |
Core Portfolio Same Properties | 174 |  |  | 20,176 |  |  | 92.2 | % |  | 92.8 | % |  | 93.5 | % |  | 93.5 | % |  | 93.8 | % |  |  |  |
Other Same Properties | 2 |  |  | 157 |  |  | 66.2 | % |  | 66.2 | % |  | 66.2 | % |  | 66.2 | % |  | 68.4 | % |  |  |  |
Total Same Properties | 176 |  |  | 20,333 |  |  | 92.0 | % |  | 92.6 | % |  | 93.3 | % |  | 93.3 | % |  | 93.6 | % |  |  |  |

(1)Includes properties stably owned and 100% operational since at least 1/1/21.
15

Corporate Office Properties Trust
Same Properties Real Estate Revenues and NOI by Segment
(in thousands)

| Three Months Ended |  |
| 3/31/22 |  | 12/31/21 |  | 9/30/21 |  | 6/30/21 |  | 3/31/21 |  |  |  |
Same Properties real estate revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Defense/IT Locations: |  |  |  |  |  |  |  |  |  |  |  |  |
Fort Meade/BW Corridor | $ | 65,571 |  |  | $ | 63,196 |  |  | $ | 65,382 |  |  | $ | 64,397 |  |  | $ | 66,003 |  |  |  |  |
NoVA Defense/IT | 16,481 |  |  | 15,870 |  |  | 16,052 |  |  | 15,627 |  |  | 16,101 |  |  |  |  |
Lackland Air Force Base | 13,626 |  |  | 15,951 |  |  | 13,551 |  |  | 13,420 |  |  | 12,555 |  |  |  |  |
Navy Support | 8,155 |  |  | 8,356 |  |  | 8,558 |  |  | 8,445 |  |  | 8,398 |  |  |  |  |
Redstone Arsenal | 8,574 |  |  | 8,967 |  |  | 8,600 |  |  | 8,323 |  |  | 8,053 |  |  |  |  |
Data Center Shells-Consolidated | 7,249 |  |  | 7,813 |  |  | 6,915 |  |  | 6,905 |  |  | 7,106 |  |  |  |  |
Total Defense/IT Locations | 119,656 |  |  | 120,153 |  |  | 119,058 |  |  | 117,117 |  |  | 118,216 |  |  |  |  |
Regional Office | 13,270 |  |  | 13,681 |  |  | 14,335 |  |  | 14,291 |  |  | 14,021 |  |  |  |  |
Other Properties | 659 |  |  | 666 |  |  | 665 |  |  | 652 |  |  | 665 |  |  |  |  |
Same Properties real estate revenues | $ | 133,585 |  |  | $ | 134,500 |  |  | $ | 134,058 |  |  | $ | 132,060 |  |  | $ | 132,902 |  |  |  |  |
Same Properties NOI |  |  |  |  |  |  |  |  |  |  |  |  |
Defense/IT Locations: |  |  |  |  |  |  |  |  |  |  |  |  |
Fort Meade/BW Corridor | $ | 40,048 |  |  | $ | 40,161 |  |  | $ | 42,550 |  |  | $ | 42,828 |  |  | $ | 41,444 |  |  |  |  |
NoVA Defense/IT | 9,972 |  |  | 10,078 |  |  | 9,725 |  |  | 9,708 |  |  | 9,764 |  |  |  |  |
Lackland Air Force Base | 6,610 |  |  | 6,769 |  |  | 6,653 |  |  | 5,924 |  |  | 5,682 |  |  |  |  |
Navy Support | 4,684 |  |  | 4,853 |  |  | 5,104 |  |  | 5,218 |  |  | 4,965 |  |  |  |  |
Redstone Arsenal | 5,106 |  |  | 6,119 |  |  | 5,755 |  |  | 5,495 |  |  | 5,565 |  |  |  |  |
Data Center Shells: |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | 6,240 |  |  | 6,245 |  |  | 6,256 |  |  | 6,263 |  |  | 6,322 |  |  |  |  |
COPT’s share of unconsolidated real estate JV | 926 |  |  | 923 |  |  | 924 |  |  | 923 |  |  | 917 |  |  |  |  |
Total Defense/IT Locations | 73,586 |  |  | 75,148 |  |  | 76,967 |  |  | 76,359 |  |  | 74,659 |  |  |  |  |
Regional Office | 6,459 |  |  | 6,529 |  |  | 7,303 |  |  | 7,686 |  |  | 7,201 |  |  |  |  |
Other Properties | 305 |  |  | 347 |  |  | 325 |  |  | 381 |  |  | 304 |  |  |  |  |
Same Properties NOI | $ | 80,350 |  |  | $ | 82,024 |  |  | $ | 84,595 |  |  | $ | 84,426 |  |  | $ | 82,164 |  |  |  |  |

16

Corporate Office Properties Trust
Same Properties Cash NOI by Segment
(dollars in thousands)

| Three Months Ended |  |
| 3/31/22 |  | 12/31/21 |  | 9/30/21 |  | 6/30/21 |  | 3/31/21 |  |  |  |
Same Properties cash NOI |  |  |  |  |  |  |  |  |  |  |  |  |
Defense/IT Locations: |  |  |  |  |  |  |  |  |  |  |  |  |
Fort Meade/BW Corridor | $ | 40,157 |  |  | $ | 41,943 |  |  | $ | 42,188 |  |  | $ | 42,422 |  |  | $ | 39,564 |  |  |  |  |
NoVA Defense/IT | 10,511 |  |  | 10,596 |  |  | 10,090 |  |  | 10,205 |  |  | 9,701 |  |  |  |  |
Lackland Air Force Base | 6,765 |  |  | 6,870 |  |  | 6,664 |  |  | 6,133 |  |  | 5,999 |  |  |  |  |
Navy Support | 4,833 |  |  | 4,982 |  |  | 5,381 |  |  | 5,394 |  |  | 4,965 |  |  |  |  |
Redstone Arsenal | 4,587 |  |  | 5,381 |  |  | 5,367 |  |  | 5,018 |  |  | 4,768 |  |  |  |  |
Data Center Shells: |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | 5,469 |  |  | 5,433 |  |  | 5,426 |  |  | 5,323 |  |  | 5,249 |  |  |  |  |
COPT’s share of unconsolidated real estate JV | 843 |  |  | 837 |  |  | 832 |  |  | 826 |  |  | 816 |  |  |  |  |
Total Defense/IT Locations | 73,165 |  |  | 76,042 |  |  | 75,948 |  |  | 75,321 |  |  | 71,062 |  |  |  |  |
Regional Office | 6,140 |  |  | 7,286 |  |  | 7,679 |  |  | 7,935 |  |  | 7,269 |  |  |  |  |
Other Properties | 262 |  |  | 360 |  |  | 300 |  |  | 392 |  |  | 319 |  |  |  |  |
Same Properties cash NOI | 79,567 |  |  | 83,688 |  |  | 83,927 |  |  | 83,648 |  |  | 78,650 |  |  |  |  |
Straight line rent adjustments and lease incentive amortization | (1,503) |  |  | (2,607) |  |  | (1,432) |  |  | (1,045) |  |  | 1,724 |  |  |  |  |
Amortization of acquired above- and below-market rents | 519 |  |  | 100 |  |  | 99 |  |  | 98 |  |  | 99 |  |  |  |  |
Lease termination fees, net | 221 |  |  | (893) |  |  | 853 |  |  | 1,094 |  |  | 1,362 |  |  |  |  |
Tenant funded landlord assets and lease incentives | 1,463 |  |  | 1,649 |  |  | 1,057 |  |  | 535 |  |  | 228 |  |  |  |  |
Cash NOI adjustments in unconsolidated real estate JV | 83 |  |  | 87 |  |  | 91 |  |  | 96 |  |  | 101 |  |  |  |  |
Same Properties NOI | $ | 80,350 |  |  | $ | 82,024 |  |  | $ | 84,595 |  |  | $ | 84,426 |  |  | $ | 82,164 |  |  |  |  |
Percentage change in total Same Properties cash NOI (1) | 1.2% |  |  |  |  |  |  |  |  |  |  |  |
Percentage change in Defense/IT Locations Same Properties cash NOI (1) | 3.0% |  |  |  |  |  |  |  |  |  |  |  |

(1)Represents the change between the current period and the same period in the prior year.
17

Corporate Office Properties Trust
Leasing (1)(2)
Quarter Ended 3/31/22
(square feet in thousands)

| Defense/IT Locations |  |  |  |  |  |  |  |
| Ft Meade/BW Corridor |  | NoVA Defense/IT |  |  |  | Navy Support |  | Redstone Arsenal |  | Data Center Shells |  | Total Defense/IT Locations |  | Regional Office |  | Other |  | Total |  |  |  |
Renewed Space |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leased Square Feet | 328 |  |  | — |  |  |  |  | 95 |  |  | 23 |  |  | — |  |  | 447 |  |  | — |  |  | 2 |  |  | 448 |  |  |  |  |
Expiring Square Feet | 417 |  |  | 2 |  |  |  |  | 105 |  |  | 33 |  |  | — |  |  | 557 |  |  | 141 |  |  | 2 |  |  | 700 |  |  |  |  |
Vacating Square Feet | 88 |  |  | 2 |  |  |  |  | 10 |  |  | 11 |  |  | — |  |  | 111 |  |  | 141 |  |  | — |  |  | 252 |  |  |  |  |
Retention Rate (% based upon square feet) | 78.8 | % |  | — | % |  |  |  | 90.9 | % |  | 68.5 | % |  | — | % |  | 80.2 | % |  | — | % |  | 100.0 | % |  | 64.0 | % |  |  |  |
Statistics for Completed Leasing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Per Annum Average Committed Cost per Square Foot | $ | 1.63 |  |  | $ | — |  |  |  |  | $ | 2.57 |  |  | $ | 6.24 |  |  | $ | — |  |  | $ | 2.07 |  |  | $ | — |  |  | $ | 0.82 |  |  | $ | 2.07 |  |  |  |  |
Weighted Average Lease Term in Years | 3.5 |  |  | — |  |  |  |  | 2.5 |  |  | 3.1 |  |  | — |  |  | 3.3 |  |  | — |  |  | 3.0 |  |  | 3.3 |  |  |  |  |
Straight-line Rent Per Square Foot |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Renewal Straight-line Rent | $ | 32.16 |  |  | $ | — |  |  |  |  | $ | 25.61 |  |  | $ | 27.57 |  |  | $ | — |  |  | $ | 30.52 |  |  | $ | — |  |  | $ | 27.44 |  |  | $ | 30.51 |  |  |  |  |
Expiring Straight-line Rent | $ | 33.12 |  |  | $ | — |  |  |  |  | $ | 25.20 |  |  | $ | 26.55 |  |  | $ | — |  |  | $ | 31.09 |  |  | $ | — |  |  | $ | 29.83 |  |  | $ | 31.09 |  |  |  |  |
Change in Straight-line Rent | (2.9) | % |  | — | % |  |  |  | 1.6 | % |  | 3.8 | % |  | — | % |  | (1.8) | % |  | — | % |  | (8.0) | % |  | (1.9) | % |  |  |  |
Cash Rent Per Square Foot |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Renewal Cash Rent | $ | 32.81 |  |  | $ | — |  |  |  |  | $ | 26.30 |  |  | $ | 27.41 |  |  | $ | — |  |  | $ | 31.14 |  |  | $ | — |  |  | $ | 26.50 |  |  | $ | 31.13 |  |  |  |  |
Expiring Cash Rent | $ | 35.24 |  |  | $ | — |  |  |  |  | $ | 26.56 |  |  | $ | 27.77 |  |  | $ | — |  |  | $ | 33.01 |  |  | $ | — |  |  | $ | 29.83 |  |  | $ | 33.00 |  |  |  |  |
Change in Cash Rent | (6.9) | % |  | — | % |  |  |  | (1.0) | % |  | (1.3) | % |  | — | % |  | (5.7) | % |  | — | % |  | (11.2) | % |  | (5.7) | % |  |  |  |
Average Escalations Per Year | 2.6 | % |  | — | % |  |  |  | 2.6 | % |  | 2.6 | % |  | — | % |  | 2.6 | % |  | — | % |  | 3.5 | % |  | 2.6 | % |  |  |  |
New Leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Development and Redevelopment Space |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leased Square Feet | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 265 |  |  | 265 |  |  | — |  |  | — |  |  | 265 |  |  |  |  |
Statistics for Completed Leasing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Per Annum Average Committed Cost per Square Foot | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |
Weighted Average Lease Term in Years | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 15.0 |  |  | 15.0 |  |  | — |  |  | — |  |  | 15.0 |  |  |  |  |
Straight-line Rent Per Square Foot | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 29.01 |  |  | $ | 29.01 |  |  | $ | — |  |  | $ | — |  |  | $ | 29.01 |  |  |  |  |
Cash Rent Per Square Foot | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 25.49 |  |  | $ | 25.49 |  |  | $ | — |  |  | $ | — |  |  | $ | 25.49 |  |  |  |  |
Vacant Space |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leased Square Feet | 94 |  |  | 40 |  |  |  |  | 9 |  |  | 9 |  |  | — |  |  | 151 |  |  | 6 |  |  | — |  |  | 157 |  |  |  |  |
Statistics for Completed Leasing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Per Annum Average Committed Cost per Square Foot | $ | 10.31 |  |  | $ | 12.61 |  |  |  |  | $ | 8.41 |  |  | $ | 4.39 |  |  | $ | — |  |  | $ | 10.46 |  |  | $ | 7.03 |  |  | $ | — |  |  | $ | 10.32 |  |  |  |  |
Weighted Average Lease Term in Years | 6.7 |  |  | 5.8 |  |  |  |  | 5.9 |  |  | 7.7 |  |  | — |  |  | 6.4 |  |  | 5.4 |  |  | — |  |  | 6.4 |  |  |  |  |
Straight-line Rent Per Square Foot | $ | 29.00 |  |  | $ | 33.16 |  |  |  |  | $ | 44.39 |  |  | $ | 20.93 |  |  | $ | — |  |  | $ | 30.49 |  |  | $ | 44.55 |  |  | $ | — |  |  | $ | 31.04 |  |  |  |  |
Cash Rent Per Square Foot | $ | 27.15 |  |  | $ | 32.00 |  |  |  |  | $ | 44.30 |  |  | $ | 21.42 |  |  | $ | — |  |  | $ | 29.05 |  |  | $ | 50.55 |  |  | $ | — |  |  | $ | 29.90 |  |  |  |  |
Total Square Feet Leased | 423 |  |  | 40 |  |  |  |  | 104 |  |  | 32 |  |  | 265 |  |  | 863 |  |  | 6 |  |  | 2 |  |  | 871 |  |  |  |  |
Average Escalations Per Year | 2.7 | % |  | 2.5 | % |  |  |  | 2.6 | % |  | 2.6 | % |  | 2.0 | % |  | 2.2 | % |  | 3.0 | % |  | 3.5 | % |  | 2.3 | % |  |  |  |
Average Escalations Excl. Data Center Shells |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2.7 | % |  |  |  |

(1)Activity excludes owner occupied space, leases with less than a one-year term and expirations associated with space removed from service. Weighted average lease term is based on the lease term defined in the lease assuming no exercise of early termination rights. Committed costs for leasing are reported above in the period of lease execution. Actual capital expenditures for leasing are reported on page 9 in the period such costs are incurred.
(2)Refer to the section entitled “Definitions” for definitions of certain terms on this schedule.
18

Corporate Office Properties Trust
Lease Expiration Analysis as of 3/31/22 (1)
(dollars and square feet in thousands, except per square foot amounts)

Segment of Lease and Year of Expiration (2) |  | Square Footage of Leases Expiring |  | Annualized Rental Revenue of Expiring Leases (3) |  | % of Core/Total Annualized Rental Revenue Expiring (3)(4) |  | Annualized Rental Revenue of Expiring Leases per Occupied Sq. Foot (3) |  |  |  |  |  |  |  |  |  |  |
Core Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ft Meade/BW Corridor |  | 673 |  |  | $ | 24,799 |  |  | 4.3 | % |  | $ | 36.86 |  |  |  |  |  |  |  |  |  |  |  |
NoVA Defense/IT |  | 53 |  |  | 1,689 |  |  | 0.3 | % |  | 31.81 |  |  |  |  |  |  |  |  |  |  |  |
Navy Support |  | 92 |  |  | 3,024 |  |  | 0.5 | % |  | 32.98 |  |  |  |  |  |  |  |  |  |  |  |
Redstone Arsenal |  | 98 |  |  | 2,381 |  |  | 0.4 | % |  | 21.48 |  |  |  |  |  |  |  |  |  |  |  |
Regional Office |  | 126 |  |  | 4,405 |  |  | 0.8 | % |  | 34.74 |  |  |  |  |  |  |  |  |  |  |  |
2022 |  | 1,042 |  |  | 36,299 |  |  | 6.4 | % |  | 34.40 |  |  |  |  |  |  |  |  |  |  |  |
Ft Meade/BW Corridor |  | 1,235 |  |  | 45,805 |  |  | 8.0 | % |  | 37.05 |  |  |  |  |  |  |  |  |  |  |  |
NoVA Defense/IT |  | 160 |  |  | 5,094 |  |  | 0.9 | % |  | 31.74 |  |  |  |  |  |  |  |  |  |  |  |
Navy Support |  | 321 |  |  | 8,131 |  |  | 1.4 | % |  | 25.35 |  |  |  |  |  |  |  |  |  |  |  |
Redstone Arsenal |  | 211 |  |  | 4,918 |  |  | 0.9 | % |  | 23.26 |  |  |  |  |  |  |  |  |  |  |  |
Regional Office |  | 142 |  |  | 3,274 |  |  | 0.6 | % |  | 22.99 |  |  |  |  |  |  |  |  |  |  |  |
2023 |  | 2,069 |  |  | 67,222 |  |  | 11.8 | % |  | 32.45 |  |  |  |  |  |  |  |  |  |  |  |
Ft Meade/BW Corridor |  | 1,166 |  |  | 43,116 |  |  | 7.6 | % |  | 36.94 |  |  |  |  |  |  |  |  |  |  |  |
NoVA Defense/IT |  | 487 |  |  | 17,486 |  |  | 3.1 | % |  | 35.88 |  |  |  |  |  |  |  |  |  |  |  |
Navy Support |  | 318 |  |  | 8,014 |  |  | 1.4 | % |  | 25.18 |  |  |  |  |  |  |  |  |  |  |  |
Redstone Arsenal |  | 43 |  |  | 1,066 |  |  | 0.2 | % |  | 25.01 |  |  |  |  |  |  |  |  |  |  |  |
Data Center Shells-Unconsolidated JV Properties |  | 546 |  |  | 679 |  |  | 0.1 | % |  | 12.44 |  |  |  |  |  |  |  |  |  |  |  |
Regional Office |  | 72 |  |  | 2,193 |  |  | 0.4 | % |  | 30.10 |  |  |  |  |  |  |  |  |  |  |  |
2024 |  | 2,632 |  |  | 72,554 |  |  | 12.7 | % |  | 33.86 |  |  |  |  |  |  |  |  |  |  |  |
Ft Meade/BW Corridor |  | 1,826 |  |  | 64,111 |  |  | 11.2 | % |  | 35.05 |  |  |  |  |  |  |  |  |  |  |  |
NoVA Defense/IT |  | 296 |  |  | 12,222 |  |  | 2.1 | % |  | 41.29 |  |  |  |  |  |  |  |  |  |  |  |
Lackland Air Force Base |  | 703 |  |  | 39,605 |  |  | 6.9 | % |  | 56.36 |  |  |  |  |  |  |  |  |  |  |  |
Navy Support |  | 128 |  |  | 3,173 |  |  | 0.6 | % |  | 24.84 |  |  |  |  |  |  |  |  |  |  |  |
Redstone Arsenal |  | 264 |  |  | 5,825 |  |  | 1.0 | % |  | 21.99 |  |  |  |  |  |  |  |  |  |  |  |
Data Center Shells-Unconsolidated JV Properties |  | 121 |  |  | 162 |  |  | — | % |  | 13.38 |  |  |  |  |  |  |  |  |  |  |  |
Regional Office |  | 95 |  |  | 3,699 |  |  | 0.6 | % |  | 39.03 |  |  |  |  |  |  |  |  |  |  |  |
2025 |  | 3,433 |  |  | 128,796 |  |  | 22.6 | % |  | 38.72 |  |  |  |  |  |  |  |  |  |  |  |
Ft Meade/BW Corridor |  | 687 |  |  | 26,946 |  |  | 4.7 | % |  | 39.22 |  |  |  |  |  |  |  |  |  |  |  |
NoVA Defense/IT |  | 38 |  |  | 1,136 |  |  | 0.2 | % |  | 30.29 |  |  |  |  |  |  |  |  |  |  |  |
Lackland Air Force Base |  | 250 |  |  | 12,345 |  |  | 2.2 | % |  | 49.38 |  |  |  |  |  |  |  |  |  |  |  |
Navy Support |  | 108 |  |  | 3,477 |  |  | 0.6 | % |  | 32.26 |  |  |  |  |  |  |  |  |  |  |  |
Redstone Arsenal |  | 18 |  |  | 432 |  |  | 0.1 | % |  | 24.62 |  |  |  |  |  |  |  |  |  |  |  |
Data Center Shells-Unconsolidated JV Properties |  | 446 |  |  | 756 |  |  | 0.1 | % |  | 16.96 |  |  |  |  |  |  |  |  |  |  |  |
Regional Office |  | 231 |  |  | 7,841 |  |  | 1.4 | % |  | 33.93 |  |  |  |  |  |  |  |  |  |  |  |
2026 |  | 1,778 |  |  | 52,933 |  |  | 9.3 | % |  | 38.48 |  |  |  |  |  |  |  |  |  |  |  |
Thereafter |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated Properties |  | 7,127 |  |  | 209,491 |  |  | 36.8 | % |  | 28.64 |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV Properties |  | 2,069 |  |  | 3,052 |  |  | 0.5 | % |  | 14.75 |  |  |  |  |  |  |  |  |  |  |  |
Core Portfolio |  | 20,150 |  |  | $ | 570,347 |  |  | 100.0 | % |  | $ | 32.64 |  |  |  |  |  |  |  |  |  |  |  |

19

Segment of Lease and Year of Expiration (2) |  | Square Footage of Leases Expiring |  | Annualized Rental Revenue of Expiring Leases (3) |  | % of Core/Total Annualized Rental Revenue Expiring (3)(4) |  | Annualized Rental Revenue of Expiring Leases per Occupied Sq. Foot (3) |  |  |  |  |  |  |  |  |  |  |
Core Portfolio |  | 20,150 |  |  | $ | 570,347 |  |  | 99.1 | % |  | $ | 32.64 |  |  |  |  |  |  |  |  |  |  |  |
Other |  | 104 |  |  | 5,190 |  |  | 0.9 | % |  | 23.80 |  |  |  |  |  |  |  |  |  |  |  |
Total Portfolio |  | 20,254 |  |  | $ | 575,537 |  |  | 100.0 | % |  | $ | 32.59 |  |  |  |  |  |  |  |  |  |  |  |
Consolidated Portfolio |  | 17,072 |  |  | $ | 570,888 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated JV Properties |  | 3,182 |  |  | $ | 4,649 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

Note: As of 3/31/22, the weighted average lease term was 5.5 years for the core and total portfolio and 5.4 years for the consolidated portfolio.
(1)This expiration analysis reflects occupied space of our total portfolio (including consolidated and unconsolidated properties) and includes the effect of early renewals completed on existing leases but excludes the effect of new tenant leases on square feet yet to commence as of 3/31/22 of 407,000 for the core portfolio. With regard to properties owned through unconsolidated real estate joint ventures, the amounts reported above reflect 100% of the properties’ square footage but only reflect the portion of Annualized Rental Revenue that was allocable to COPT’s ownership interest.
(2)A number of our leases are subject to certain early termination provisions. The year of lease expiration is based on the lease term determined in accordance with GAAP.
(3)Total Annualized Rental Revenue is the monthly contractual base rent as of 3/31/22 (ignoring free rent then in effect and rent associated with tenant funded landlord assets) multiplied by 12, plus the estimated annualized expense reimbursements under existing leases. The amounts reported above for Annualized Rental Revenue include the portion of properties owned through unconsolidated real estate joint ventures that was allocable to COPT’s ownership interest.
(4)Amounts reported represent the percentage of our core portfolio for components of such portfolio while other amounts represent the percentage of our total portfolio.
20

Corporate Office Properties Trust
2022 Core Portfolio Quarterly Lease Expiration Analysis as of 3/31/22 (1)
(dollars and square feet in thousands, except per square foot amounts)

Segment of Lease and Quarter of Expiration (2) |  | Square Footage of Leases Expiring |  | Annualized Rental Revenue of Expiring Leases (3) |  | % of Core Annualized Rental Revenue Expiring (3) |  | Annualized Rental Revenue of Expiring Leases per Occupied Sq. Foot |  |  |  |  |  |  |  |  |  |  |
Core Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ft Meade/BW Corridor |  | 160 |  |  | $ | 5,312 |  |  | 0.9 | % |  | $ | 33.24 |  |  |  |  |  |  |  |  |  |  |  |
NoVA Defense/IT |  | 31 |  |  | 991 |  |  | 0.2 | % |  | 32.35 |  |  |  |  |  |  |  |  |  |  |  |
Navy Support |  | 42 |  |  | 1,429 |  |  | 0.3 | % |  | 34.18 |  |  |  |  |  |  |  |  |  |  |  |
Redstone Arsenal |  | 58 |  |  | 1,360 |  |  | 0.2 | % |  | 23.28 |  |  |  |  |  |  |  |  |  |  |  |
Regional Office |  | 34 |  |  | 1,319 |  |  | 0.2 | % |  | 38.82 |  |  |  |  |  |  |  |  |  |  |  |
Q2 2022 |  | 325 |  |  | 10,411 |  |  | 1.8 | % |  | 32.07 |  |  |  |  |  |  |  |  |  |  |  |
Ft Meade/BW Corridor |  | 224 |  |  | 8,333 |  |  | 1.5 | % |  | 37.07 |  |  |  |  |  |  |  |  |  |  |  |
NoVA Defense/IT |  | 2 |  |  | 18 |  |  | — | % |  | 9.82 |  |  |  |  |  |  |  |  |  |  |  |
Navy Support |  | 21 |  |  | 842 |  |  | 0.1 | % |  | 40.32 |  |  |  |  |  |  |  |  |  |  |  |
Regional Office |  | 17 |  |  | 585 |  |  | 0.1 | % |  | 32.95 |  |  |  |  |  |  |  |  |  |  |  |
Q3 2022 |  | 264 |  |  | 9,778 |  |  | 1.7 | % |  | 36.87 |  |  |  |  |  |  |  |  |  |  |  |
Ft Meade/BW Corridor |  | 288 |  |  | 11,153 |  |  | 2.0 | % |  | 38.70 |  |  |  |  |  |  |  |  |  |  |  |
NoVA Defense/IT |  | 21 |  |  | 680 |  |  | 0.1 | % |  | 32.97 |  |  |  |  |  |  |  |  |  |  |  |
Navy Support |  | 29 |  |  | 754 |  |  | 0.1 | % |  | 25.97 |  |  |  |  |  |  |  |  |  |  |  |
Redstone Arsenal |  | 40 |  |  | 1,022 |  |  | 0.2 | % |  | 25.68 |  |  |  |  |  |  |  |  |  |  |  |
Regional Office |  | 75 |  |  | 2,501 |  |  | 0.4 | % |  | 33.31 |  |  |  |  |  |  |  |  |  |  |  |
Q4 2022 |  | 453 |  |  | 16,110 |  |  | 2.8 | % |  | 34.62 |  |  |  |  |  |  |  |  |  |  |  |
|  | 1,042 |  |  | $ | 36,299 |  |  | 6.4 | % |  | $ | 34.40 |  |  |  |  |  |  |  |  |  |  |  |

(1)This expiration analysis reflects occupied space of our total portfolio (including consolidated and unconsolidated properties) and includes the effect of early renewals completed on existing leases but excludes the effect of new tenant leases on square feet yet to commence as of 3/31/22.
(2)A number of our leases are subject to certain early termination provisions. The period of lease expiration is based on the lease term determined in accordance with GAAP.
(3)Total Annualized Rental Revenue is the monthly contractual base rent as of 3/31/22 (ignoring free rent then in effect and rent associated with tenant funded landlord assets) multiplied by 12, plus the estimated annualized expense reimbursements under existing leases.
21

Corporate Office Properties Trust
Top 20 Tenants as of 3/31/22 (1)
(dollars and square feet in thousands)

Tenant |  |  |  | Total Annualized Rental Revenue (2) |  | % of Total Annualized Rental Revenue (2) |  | Occupied Square Feet |  | Weighted Average Remaining Lease Term (3)
United States Government | (4) |  |  | $ | 212,719 |  |  | 37.0 | % |  | 5,127 |  |  | 4.3 |
Fortune 100 Company |  |  |  | 47,189 |  |  | 8.2 | % |  | 5,248 |  |  | 8.7 |
General Dynamics Corporation |  |  |  | 30,743 |  |  | 5.3 | % |  | 752 |  |  | 3.0 |
The Boeing Company |  |  |  | 15,341 |  |  | 2.7 | % |  | 500 |  |  | 2.0 |
CACI International Inc |  |  |  | 14,008 |  |  | 2.4 | % |  | 354 |  |  | 3.0 |
Peraton Corp. |  |  |  | 12,690 |  |  | 2.2 | % |  | 349 |  |  | 6.0 |
Booz Allen Hamilton, Inc. |  |  |  | 10,943 |  |  | 1.9 | % |  | 293 |  |  | 3.3 |
CareFirst Inc. |  |  |  | 10,314 |  |  | 1.8 | % |  | 312 |  |  | 10.0 |
Northrop Grumman Corporation |  |  |  | 8,214 |  |  | 1.4 | % |  | 284 |  |  | 2.8 |
Raytheon Technologies Corporation |  |  |  | 6,701 |  |  | 1.2 | % |  | 186 |  |  | 2.1 |
Wells Fargo & Company |  |  |  | 6,652 |  |  | 1.2 | % |  | 159 |  |  | 6.5 |
Yulista Holding, LLC |  |  |  | 6,633 |  |  | 1.2 | % |  | 368 |  |  | 7.7 |
AT&T Corporation |  |  |  | 6,335 |  |  | 1.1 | % |  | 321 |  |  | 7.5 |
Miles and Stockbridge, PC |  |  |  | 6,313 |  |  | 1.1 | % |  | 160 |  |  | 5.5 |
Morrison & Foerster, LLP |  |  |  | 6,058 |  |  | 1.1 | % |  | 102 |  |  | 15.0 |
Mantech International Corp. |  |  |  | 6,053 |  |  | 1.1 | % |  | 195 |  |  | 2.8 |
Jacobs Engineering Group Inc. |  |  |  | 5,867 |  |  | 1.0 | % |  | 177 |  |  | 6.8 |
The MITRE Corporation |  |  |  | 5,005 |  |  | 0.9 | % |  | 152 |  |  | 4.2 |
University System of Maryland |  |  |  | 4,751 |  |  | 0.8 | % |  | 146 |  |  | 5.7 |
Fortune 100 Company |  |  |  | 4,622 |  |  | 0.8 | % |  | — |  |  | N/A
Subtotal Top 20 Tenants |  |  |  | 427,151 |  |  | 74.4 | % |  | 15,185 |  |  | 6.0 |
All remaining tenants |  |  |  | 148,386 |  |  | 25.6 | % |  | 5,069 |  |  | 3.8 |
Total / Weighted Average |  |  |  | $ | 575,537 |  |  | 100.0 | % |  | 20,254 |  |  | 5.5 |

(1)For properties owned through unconsolidated real estate joint ventures, includes COPT’s share of those properties’ ARR of $4.6 million (see page 32 for additional information).
(2)Total ARR is the monthly contractual base rent as of 3/31/22 (ignoring free rent then in effect and rent associated with tenant funded landlord assets), multiplied by 12, plus the estimated annualized expense reimbursements under existing leases. With regard to properties owned through unconsolidated real estate joint ventures, the amounts reported above reflect 100% of the properties’ square footage but only reflect the portion of ARR that was allocable to COPT’s ownership interest.
(3)Weighted average remaining lease term is based on the lease term determined in accordance with GAAP. The weighting of the lease term was computed based on occupied square feet (excluding leases not associated with square feet, such as ground leases).
(4)Substantially all of our government leases are subject to early termination provisions which are customary in government leases. As of 3/31/22, $5.4 million of our ARR was through the General Services Administration (GSA), representing 2.5% of our ARR from the United States Government and 0.9% of our total ARR.
22

Corporate Office Properties Trust
Property Dispositions
(dollars in thousands)

Property |  | Property Segment |  | Location |  | # of Properties |  |  |  | Operational Megawatts |  | Transaction Date |  | % Occupied on Transaction Date |  | Transaction Value (in millions)
9651 Hornbaker Road (DC-6) |  | Wholesale Data Center |  | Manassas, VA |  | 1 |  |  |  |  | 19.25 |  | 1/25/22 |  | 86.7 | % |  | $ | 223 |

23

Corporate Office Properties Trust
Summary of Development Projects as of 3/31/22 (1)
(dollars and square feet in thousands)

|  |  | Total Rentable Square Feet | % Leased as of 3/31/22 | as of 3/31/22 (2) | Actual or Anticipated Shell Completion Date | Anticipated Operational Date (3)
Anticipated Total Cost | Cost to Date | Cost to Date Placed in Service
Property and Segment | Location
Fort Meade/BW Corridor: |  |  |  |  |  |  |  |  |
560 National Business Parkway | Annapolis Junction, Maryland |  | 183 |  | 100% | $ | 66,325 |  | $ | 44,678 |  | $ | — |  | 3Q 22 | 4Q 22
Navy Support: |  |  |  |  |  |  |  |  |
Expedition VII (4) | St. Mary’s County, Maryland |  | 29 |  | 62% | 9,524 |  | 8,981 |  | 6,376 |  | 1Q 22 | 1Q 23
Redstone Arsenal: |  |  |  |  |  |  |
8000 Rideout Road (5) | Huntsville, Alabama |  | 100 |  | 88% | 27,935 |  | 26,252 |  | 6,602 |  | 2Q 21 | 2Q 22
8300 Rideout Road | Huntsville, Alabama |  | 131 |  | 100% | 51,100 |  | 24,468 |  | — |  | 4Q 22 | 4Q 22
8200 Rideout Road | Huntsville, Alabama |  | 131 |  | 100% | 52,100 |  | 23,510 |  | — |  | 4Q 22 | 4Q 22
6200 Redstone Gateway | Huntsville, Alabama |  | 172 |  | 91% | 54,354 |  | 22,169 |  | — |  | 1Q 23 | 1Q 23
7000 Redstone Gateway | Huntsville, Alabama |  | 46 |  | 46% | 11,477 |  | 2,644 |  | — |  | 1Q 23 | 1Q 24
300 Secured Gateway | Huntsville, Alabama |  | 205 |  | 100% | 68,262 |  | 5,337 |  | — |  | 1Q 24 | 1Q 24
Subtotal / Average |  |  | 785 |  | 93% | 265,228 |  | 104,380 |  | 6,602 |  |  |
Data Center Shells: |  |  |  |  |  |  |  |  |
Oak Grove D | Northern Virginia |  | 265 |  | 100% | 91,000 |  | 44,228 |  | — |  | 4Q 22 | 4Q 22
PS A | Northern Virginia |  | 227 |  | 100% | 65,600 |  | 6,493 |  | — |  | 3Q 23 | 3Q 23
PS B | Northern Virginia |  | 193 |  | 100% | 55,000 |  | 5,545 |  | — |  | 4Q 23 | 4Q 23
Subtotal / Average |  |  | 685 |  | 100% | 211,600 |  | 56,266 |  | — |  |  |
Total Under Development |  |  | 1,682 |  | 96% | $ | 552,677 |  | $ | 214,305 |  | $ | 12,978 |  |  |

(1)Includes properties under, or contractually committed for, development as of 3/31/22.
(2)Cost includes land, development, leasing costs and allocated portion of structured parking and other shared infrastructure, if applicable.
(3)Anticipated operational date is the earlier of the estimated date when leases have commenced on 100% of a property’s space or one year from the cessation of major construction activities.
(4)Although classified as under development, 18,000 square feet were operational as of 3/31/22.
(5)Although classified as under development, 20,000 square feet were operational as of 3/31/22.
24

Corporate Office Properties Trust
Development Placed in Service as of 3/31/22
(square feet in thousands)

|  | Total Property |  |  | Square Feet Placed in Service | Total Space Placed in Service % Leased as of 3/31/22
| Property Segment | % Leased as of 3/31/22 | Rentable Square Feet |  |  | 2022 |
Property and Location | 1st Quarter |  |  |  |
Oak Grove C Northern Virginia | Data Center Shells | 100% | 265 |  |  |  | 265 |  |  |  |  |  |  | 100%
Expedition VII St. Mary’s County, Maryland | Navy Support | 62% | 29 |  |  |  | 18 |  |  |  |  |  |  | 100%
Total Development Placed in Service | 96% | 294 |  |  |  | 283 |  |  |  |  |  |  | 100%

25

Corporate Office Properties Trust
Summary of Land Owned/Controlled as of 3/31/22 (1)
(in thousands)

Location | Acres |  | Estimated Developable Square Feet |  | Carrying Amount
Land owned/controlled for future development |  |  |  |  |
Defense/IT Locations: |  |  |  |  |
Fort Meade/BW Corridor: |  |  |  |  |
National Business Park | 146 |  | 1,816 |  |
Howard County | 19 |  | 290 |  |
Other | 126 |  | 1,338 |  |
Total Fort Meade/BW Corridor | 291 |  | 3,444 |  |
NoVA Defense/IT | 29 |  | 1,171 |  |
Navy Support | 38 |  | 64 |  |
Redstone Arsenal (2) | 310 |  | 2,439 |  |
Data Center Shells | 33 |  | 647 |  |
Total Defense/IT Locations | 701 |  | 7,765 |  |
Regional Office | 10 |  | 900 |  |
Total land owned/controlled for future development | 711 |  | 8,665 |  | $ | 214,530 |
Other land owned/controlled | 43 |  | 638 |  | 3,488 |
Land held, net | 754 |  | 9,303 |  | $ | 218,018 |

(1)This land inventory schedule includes properties under ground lease to us and excludes all properties listed as development as detailed on page 24. The costs associated with the land included on this summary are reported on our consolidated balance sheet in the line entitled “land held.”
(2)This land is controlled under a long-term master lease agreement to LW Redstone Company, LLC, a consolidated joint venture (see page 31). As this land is developed in the future, the joint venture will execute site-specific leases under the master lease agreement. Rental payments will commence under the site-specific leases as cash rents under tenant leases commence at the respective properties.
26

Corporate Office Properties Trust
Capitalization Overview
(dollars, shares and units in thousands)

|  | Wtd. Avg. Maturity (Years) (1) |  | Stated Rate |  | Effective Rate (2)(3) |  | Gross Debt Balance at 3/31/22
Debt |  |  |  |  |  |
Secured debt |  | 3.0 |  |  | 3.42 | % |  | 3.62 | % |  | $ | 120,701 |
Unsecured debt |  | 7.2 |  |  | 2.37 | % |  | 2.67 | % |  | 2,060,811 |
Total Consolidated Debt | 6.9 |  |  | 2.43 | % |  | 2.72 | % |  | $ | 2,181,512 |
Fixed rate debt (3) |  | 7.8 |  |  | 2.58 | % |  | 2.76 | % |  | $ | 2,121,512 |
Variable rate debt |  | 1.7 |  |  | 1.46 | % |  | 1.38 | % |  | 60,000 |
Total Consolidated Debt |  |  |  |  |  |  |  | $ | 2,181,512 |
Common Equity |  |  |  |  |  |  |  |
Common Shares |  |  |  |  |  |  |  | 112,419 |
Common Units (4) |  |  |  |  |  |  |  | 1,660 |
Total Common Shares and Units |  |  |  |  |  | 114,079 |
Closing Common Share Price on 3/31/22 |  |  |  | $ | 28.54 |
Equity Market Capitalization |  |  |  | $ | 3,255,815 |
Total Market Capitalization |  |  |  | $ | 5,437,327 |

(1)Calculated assuming exercise of extension options on our Revolving Credit Facility.
(2)Excludes the effect of deferred financing cost amortization.
(3)Includes the effect of interest rate swaps with notional amounts of $234.1 million that hedge the risk of changes in interest rates on variable rate debt.
(4)Excludes unvested share-based compensation awards subject to market conditions.

| Investment Grade Ratings & Outlook |  | Latest Affirmation
| Fitch |  | BBB- | Stable |  | 10/8/21
| Moody’s |  | Baa3 | Stable |  | 3/3/21
| Standard & Poor’s | BBB- | Stable |  | 3/3/21

27

Corporate Office Properties Trust
Summary of Outstanding Debt as of 3/31/22
(dollars in thousands)

Unsecured Debt | Stated Rate |  | Amount Outstanding | Maturity Date |  |  | Secured Debt | Stated Rate |  | Amount Outstanding | Balloon Payment Due Upon Maturity | Maturity Date |
Revolving Credit Facility | L + 1.10% |  | $ | 160,000 |  | Mar-23 | (1)(2) |  | 7740 Milestone Parkway | 3.96% |  | $ | 16,309 |  | $ | 15,902 |  | Feb-23 |
Senior Unsecured Notes |  |  |  |  |  |  | LW Redstone: |  |  |  |  |  |
2.25% due 2026 | 2.25% |  | 400,000 |  | Mar-26 |  |  | 1000, 1200 & 1100 Redstone |  |  |  |  |  |
2.00% due 2029 | 2.00% |  | 400,000 |  | Jan-29 |  |  | Gateway (3) | 4.47% | (4) | 30,341 |  | $ | 27,649 |  | Jun-24 |
2.75% due 2031 | 2.75% |  | 600,000 |  | Apr-31 |  |  | 4000 & 4100 Market Street and |  |  |  |  |  |
2.90% due 2033 | 2.90% |  | 400,000 |  | Dec-33 |  |  | 8800 Redstone Gateway (2)(3) | L + 1.55% |  | 23,000 |  | $ | 22,100 |  | Mar-25 | (5)
Subtotal - Senior Unsecured Notes | 2.51% |  | $ | 1,800,000 |  |  |  |  | M Square: |  |  |  |  |  |
|  |  |  |  |  |  | 5825 & 5850 University Research |  |  |  |  |  |
Unsecured Bank Term Loans |  |  |  |  |  |  | Court (3) | 3.82% |  | 39,991 |  | $ | 35,603 |  | Jun-26 |
2022 Maturity | L + 1.25% |  | $ | 100,000 |  | Dec-22 | (2) |  | 5801 University Research Court (2)(3) | L + 1.45% |  | 11,060 |  | $ | 10,020 |  | Aug-26 |
Other Unsecured Debt | 0.00% |  | 811 |  | May-26 |  |  | Total Secured Debt | 3.42% |  | $ | 120,701 |  |  |  |
Total Unsecured Debt | 2.37% |  | $ | 2,060,811 |  |  |  |  |  |  |  |  |  |  |
Debt Summary |  |  |  |  |  |  |  |  |  |  |  |  |
Total Unsecured Debt | 2.37% |  | $ | 2,060,811 |  |  |  |  |  |  |  |  |  |  |
Total Secured Debt | 3.42% |  | 120,701 |  |  |  |  |  |  |  |  |  |  |
Consolidated Debt | 2.43% |  | $ | 2,181,512 |  |  |  |  |  |  |  |  |  |  |
Net discounts and deferred financing costs |  | (24,728) |  |  |  |  |  |  |  |  |  |  |
Debt, per balance sheet |  |  | $ | 2,156,784 |  |  |  |  |  |  |  |  |  |  |
Consolidated Debt |  |  | $ | 2,181,512 |  |  |  |  |  |  |  |  |  |  |
COPT’s share of unconsolidated JV gross debt |  | 26,250 |  |  |  |  |  |  |  |  |  |  |
Gross debt |  |  | $ | 2,207,762 |  |  |  |  |  |  |  |  |  |  |

(1)The Company’s $800 million Revolving Credit Facility matures in March 2023 and may be extended for two six-month periods, at our option.
(2)Pre-payable anytime without penalty.
(3)These properties are owned through consolidated joint ventures.
(4)Represents the weighted average rate of three loans on the properties.
(5)The loan maturity may be extended for two one-year periods, provided certain conditions are met.
28

Corporate Office Properties Trust
Summary of Outstanding Debt as of 3/31/22 (continued)
(1)Revolving Credit Facility maturity of $160.0 million scheduled for 2023 is presented assuming our exercise of two six-month extension options.
(2)Includes the effect of $234.1 million in interest rate swaps that hedge the risk of changes in interest rates on variable rate debt.
29

Corporate Office Properties Trust
Debt Analysis
(dollars and square feet in thousands)

|  |  |  |  | As of and for Three Months Ended 3/31/22 |  |  |  | As of and for Three Months Ended 3/31/22
Senior Note Covenants (1) |  |  | Required |  |  | Line of Credit & Term Loan Covenants (1) | Required |
Total Debt / Total Assets |  |  | < 60% |  | 40.2% |  | Total Debt / Total Assets | < 60% |  | 38.6%
Secured Debt / Total Assets |  |  | < 40% |  | 2.2% |  | Secured Debt / Total Assets | < 40% |  | 2.2%
Debt Service Coverage |  |  | > 1.5x |  | 5.5x |  | Adjusted EBITDA / Fixed Charges | > 1.5x |  | 5.0x
Unencumbered Assets / Unsecured Debt |  |  | > 150% |  | 250.0% |  | Unsecured Debt / Unencumbered Assets | < 60% |  | 38.7%
|  |  |  |  |  |  | Unencumbered Adjusted NOI / Unsecured Interest Expense | > 1.75x |  | 5.4x
Debt Ratios (All coverage computations include discontinued operations) |  | Page Refer. |  |  |  | Unencumbered Portfolio Analysis |  |  |
Gross debt |  |  | 28 |  | $ | 2,207,762 |  |  | # of unencumbered properties | 163 |
Adjusted book |  | 36 |  | $ | 5,514,446 |  |  | % of total portfolio | 87 | %
Net debt to adjusted book ratio |  |  |  | 39.7 | % |  | Unencumbered square feet in-service |  | 18,580 |
Net debt |  | 36 |  | $ | 2,187,957 |  |  | % of total portfolio |  | 84 | %
Net debt adj. for fully-leased development |  | 36 |  | $ | 2,033,698 |  |  | NOI from unencumbered real estate operations |  | $ | 82,912 |
In-place adjusted EBITDA |  | 10 |  | $ | 82,817 |  |  | % of total NOI from real estate operations |  | 95 | %
Net debt to in-place adjusted EBITDA ratio | 6.6 | x |  | Adjusted EBITDA from unencumbered real estate operations |  | $ | 78,528 |
Net debt adj. for fully-leased development to in-place adj. EBITDA ratio | 6.1 | x |  | % of total adjusted EBITDA from real estate operations |  | 95 | %
Denominator for debt service coverage |  | 35 |  | $ | 14,227 |  |  | Unencumbered adjusted book |  | $ | 5,229,533 |
Denominator for fixed charge coverage |  | 35 |  | $ | 15,756 |  |  | % of total adjusted book |  | 95 | %
Adjusted EBITDA |  | 10 |  | $ | 82,238 |  |  |  |  |  |  |
Adjusted EBITDA debt service coverage ratio |  |  | 5.8 | x |  |  |  |
Adjusted EBITDA fixed charge coverage ratio |  |  | 5.2 | x |  |  |  |  |  |

(1)The covenants are calculated as defined in the applicable agreements, and the calculations differ between those agreements.
30

Corporate Office Properties Trust
Consolidated Real Estate Joint Ventures as of 3/31/22
(dollars and square feet in thousands)

Operating Properties | Operational Square Feet | % Occupied | % Leased | NOI for the Three Months Ended 3/31/22 (1) |  | Total Assets (2) | Venture Level Debt | COPT Nominal Ownership % |  |  |
Suburban Maryland: |  |  |  |  |  |  |  |  |  |  |
M Square Associates, LLC (4 properties) | 414 |  | 87.0% | 93.3% | $ | 1,559 |  |  | $ | 98,025 |  | $ | 51,051 |  | 50% |  |  |
Huntsville, Alabama: |  |  |  |  |  |  |  |  |  |  |
LW Redstone Company, LLC (16 properties) | 1,395 |  | 90.9% | 91.9% | 5,101 |  |  | 300,592 |  | 53,341 |  | 85% | (3) |  |
Washington, D.C.: |  |  |  |  |  |  |  |  |  |  |
Stevens Place (1 property) | 188 |  | 60.6% | 60.6% | 692 |  |  | 167,047 |  | — |  | 95% |  |  |
Total / Average | 1,997 |  | 87.2% | 89.3% | $ | 7,352 |  |  | $ | 565,664 |  | $ | 104,392 |  |  |  |  |

Non-operating Properties | Estimated Developable Square Feet |  |  | Total Assets (2) | Venture Level Debt | COPT Nominal Ownership % |
Suburban Maryland: |  |  |  |  |  |  |
M Square Research Park | 348 |  |  |  | $ | 5,343 |  | $ | — |  | 50% |
Huntsville, Alabama: |  |  |  |  |  |  |
Redstone Gateway (4) | 3,204 |  |  |  | 211,781 |  | — |  | 85% | (3)
Total | 3,552 |  |  |  | $ | 217,124 |  | $ | — |  |  |

(1)Represents NOI of the joint venture operating properties before allocation to joint venture partners.
(2)Total assets includes the assets of the consolidated joint venture plus any outside investment basis.
(3)Our partner receives an annual priority return of 13.5% on its $9.0 million in contributed equity, plus certain fees for leasing and development, and we expect to receive all other distributions from the JV.
(4)Total assets include $79.1 million in amortized cost basis pertaining to amounts due from the City of Huntsville (including accrued interest) in connection with infrastructure costs funded by the joint venture.
31

Corporate Office Properties Trust
Unconsolidated Real Estate Joint Ventures (1)
(dollars and square feet in thousands)

Joint venture information |  | As of 3/31/22 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
COPT ownership % |  | 10 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
COPT’s investment |  | $ | 39,440 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
# of Properties |  | 19 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Square Feet |  | 3,182 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
% Occupied |  | 100 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
COPT’s share of ARR |  | $ | 4,649 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As of 3/31/22 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance sheet information |  | Total |  | COPT’s Share (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating properties, net |  | $ | 679,533 |  |  | $ | 67,953 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 739,797 |  |  | $ | 73,979 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt |  | $ | 261,728 |  |  | $ | 26,173 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total liabilities |  | $ | 273,673 |  |  | $ | 27,367 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended 3/31/22 |  |  |  |  |  |  |  |  |  |  |  |
Operating information |  | Total |  | COPT’s Share (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 12,798 |  |  | $ | 1,280 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | (1,995) |  |  | (200) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NOI and EBITDA |  | 10,803 |  |  | 1,080 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | (2,323) |  |  | (232) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | (5,715) |  |  | (526) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 2,765 |  |  | $ | 322 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NOI (per above) |  | $ | 10,803 |  |  | $ | 1,080 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight line rent adjustments |  | (502) |  |  | (50) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of acquired above- and below-market rents |  | (476) |  |  | (48) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash NOI |  | $ | 9,825 |  |  | $ | 982 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

(1)Includes equity method investments in three joint ventures that own and operate data center shell properties.
(2)Represents the portion allocable to our ownership interest.
32

Corporate Office Properties Trust
Supplementary Reconciliations of Non-GAAP Measures
(in thousands)

| Three Months Ended |  |
| 3/31/22 |  | 12/31/21 |  | 9/30/21 |  | 6/30/21 |  | 3/31/21 |  |  |  |
NOI from real estate operations (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate revenues | $ | 144,260 |  |  | $ | 150,883 |  |  | $ | 146,590 |  |  | $ | 144,423 |  |  | $ | 145,164 |  |  |  |  |
Property operating expenses | (58,152) |  |  | (61,439) |  |  | (57,190) |  |  | (54,616) |  |  | (56,974) |  |  |  |  |
COPT’s share of NOI in unconsolidated real estate JVs (2) | 1,080 |  |  | 1,079 |  |  | 1,060 |  |  | 973 |  |  | 917 |  |  |  |  |
NOI from real estate operations | 87,188 |  |  | 90,523 |  |  | 90,460 |  |  | 90,780 |  |  | 89,107 |  |  |  |  |
General and administrative expenses | (6,670) |  |  | (6,589) |  |  | (7,269) |  |  | (7,293) |  |  | (6,062) |  |  |  |  |
Leasing expenses | (1,874) |  |  | (2,568) |  |  | (2,073) |  |  | (1,929) |  |  | (2,344) |  |  |  |  |
Business development expenses and land carry costs | (783) |  |  | (1,088) |  |  | (1,093) |  |  | (1,372) |  |  | (1,094) |  |  |  |  |
NOI from construction contracts and other service operations | 1,550 |  |  | 1,195 |  |  | 957 |  |  | 906 |  |  | 765 |  |  |  |  |
Equity in loss of unconsolidated non-real estate entities | 566 |  |  | (2) |  |  | — |  |  | (2) |  |  | (2) |  |  |  |  |
Interest and other income | 1,893 |  |  | 1,968 |  |  | 1,818 |  |  | 2,228 |  |  | 1,865 |  |  |  |  |
Credit loss recoveries (expense) (3) | 316 |  |  | 88 |  |  | 326 |  |  | (193) |  |  | 907 |  |  |  |  |
Interest expense | (14,424) |  |  | (16,217) |  |  | (15,720) |  |  | (15,942) |  |  | (17,519) |  |  |  |  |
Loss on early extinguishment of debt | (342) |  |  | (41,073) |  |  | (1,159) |  |  | (25,228) |  |  | (33,166) |  |  |  |  |
COPT’s share of interest expense of unconsolidated real estate JVs (2) | (232) |  |  | (237) |  |  | (238) |  |  | (235) |  |  | (239) |  |  |  |  |
Income tax expense | (153) |  |  | (42) |  |  | (47) |  |  | (24) |  |  | (32) |  |  |  |  |
FFO - per Nareit (1) | $ | 67,035 |  |  | $ | 25,958 |  |  | $ | 65,962 |  |  | $ | 41,696 |  |  | $ | 32,186 |  |  |  |  |
Real estate revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Lease revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed contractual payments | $ | 112,620 |  |  | $ | 118,924 |  |  | $ | 114,309 |  |  | $ | 113,423 |  |  | $ | 112,425 |  |  |  |  |
Variable lease payments (4) | 30,749 |  |  | 31,203 |  |  | 31,440 |  |  | 30,235 |  |  | 32,199 |  |  |  |  |
Lease revenue | 143,369 |  |  | 150,127 |  |  | 145,749 |  |  | 143,658 |  |  | 144,624 |  |  |  |  |
Other property revenue | 891 |  |  | 756 |  |  | 841 |  |  | 765 |  |  | 540 |  |  |  |  |
Real estate revenues | $ | 144,260 |  |  | $ | 150,883 |  |  | $ | 146,590 |  |  | $ | 144,423 |  |  | $ | 145,164 |  |  |  |  |
Provision for credit losses (recoveries) on billed lease revenue | $ | — |  |  | $ | (13) |  |  | $ | (1) |  |  | $ | (5) |  |  | $ | — |  |  |  |  |

(1)Refer to section entitled “Definitions” for a definition of this measure.
(2)See page 32 for a schedule of the related components.
(3)Excludes credit losses on lease revenue, which are included in lease revenue.
(4)Represents primarily lease revenue associated with property operating expense reimbursements from tenants.
33

Corporate Office Properties Trust
Supplementary Reconciliations of Non-GAAP Measures
(in thousands)

| Three Months Ended |  |
| 3/31/22 |  | 12/31/21 |  | 9/30/21 |  | 6/30/21 |  | 3/31/21 |  |  |  |
Discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 1,980 |  |  | $ | 8,235 |  |  | $ | 7,717 |  |  | $ | 7,204 |  |  | $ | 7,334 |  |  |  |  |
Property operating expenses | (971) |  |  | (4,980) |  |  | (4,462) |  |  | (3,702) |  |  | (3,698) |  |  |  |  |
Depreciation and amortization associated with real estate operations | — |  |  | (1,842) |  |  | (2,804) |  |  | (2,823) |  |  | (2,821) |  |  |  |  |
Gain on sale of real estate | 28,564 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Discontinued operations | $ | 29,573 |  |  | $ | 1,413 |  |  | $ | 451 |  |  | $ | 679 |  |  | $ | 815 |  |  |  |  |
GAAP revenues from real estate operations from continuing operations | $ | 142,280 |  |  | $ | 142,648 |  |  | $ | 138,873 |  |  | $ | 137,219 |  |  | $ | 137,830 |  |  |  |  |
Revenues from discontinued operations | 1,980 |  |  | 8,235 |  |  | 7,717 |  |  | 7,204 |  |  | 7,334 |  |  |  |  |
Real estate revenues | $ | 144,260 |  |  | $ | 150,883 |  |  | $ | 146,590 |  |  | $ | 144,423 |  |  | $ | 145,164 |  |  |  |  |
GAAP property operating expenses from continuing operations | $ | 57,181 |  |  | $ | 56,459 |  |  | $ | 52,728 |  |  | $ | 50,914 |  |  | $ | 53,276 |  |  |  |  |
Property operating expenses from discontinued operations | 971 |  |  | 4,980 |  |  | 4,462 |  |  | 3,702 |  |  | 3,698 |  |  |  |  |
Property operating expenses | $ | 58,152 |  |  | $ | 61,439 |  |  | $ | 57,190 |  |  | $ | 54,616 |  |  | $ | 56,974 |  |  |  |  |
Depreciation and amortization associated with real estate operations from continuing operations | $ | 34,264 |  |  | $ | 34,504 |  |  | $ | 33,807 |  |  | $ | 34,732 |  |  | $ | 34,500 |  |  |  |  |
Depreciation and amortization from discontinued operations | — |  |  | 1,842 |  |  | 2,804 |  |  | 2,823 |  |  | 2,821 |  |  |  |  |
Real estate-related depreciation and amortization | $ | 34,264 |  |  | $ | 36,346 |  |  | $ | 36,611 |  |  | $ | 37,555 |  |  | $ | 37,321 |  |  |  |  |
Gain on sales of real estate from continuing operations | $ | 15 |  |  | $ | 25,879 |  |  | $ | (32) |  |  | $ | 40,233 |  |  | $ | (490) |  |  |  |  |
Gain on sales of real estate from discontinued operations | 28,564 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Gain on sales of real estate | $ | 28,579 |  |  | $ | 25,879 |  |  | $ | (32) |  |  | $ | 40,233 |  |  | $ | (490) |  |  |  |  |

34

Corporate Office Properties Trust
Supplementary Reconciliations of Non-GAAP Measures (continued)
(in thousands)

| Three Months Ended |  |
| 3/31/22 |  | 12/31/21 |  | 9/30/21 |  | 6/30/21 |  | 3/31/21 |  |  |  |
Total interest expense | $ | 14,424 |  |  | $ | 16,217 |  |  | $ | 15,720 |  |  | $ | 15,942 |  |  | $ | 17,519 |  |  |  |  |
Less: Amortization of deferred financing costs | (597) |  |  | (640) |  |  | (736) |  |  | (811) |  |  | (793) |  |  |  |  |
Less: Amortization of net debt discounts, net of amounts capitalized | (605) |  |  | (615) |  |  | (567) |  |  | (520) |  |  | (542) |  |  |  |  |
Less: Loss on interest rate derivatives included in interest expense | — |  |  | (221) |  |  | — |  |  | — |  |  | — |  |  |  |  |
COPT’s share of interest expense of unconsolidated real estate JVs, excluding deferred financing costs and amortization of net debt premium | 231 |  |  | 237 |  |  | 236 |  |  | 236 |  |  | 234 |  |  |  |  |
Denominator for interest coverage | 13,453 |  |  | 14,978 |  |  | 14,653 |  |  | 14,847 |  |  | 16,418 |  |  |  |  |
Scheduled principal amortization | 774 |  |  | 950 |  |  | 989 |  |  | 959 |  |  | 962 |  |  |  |  |
Denominator for debt service coverage | 14,227 |  |  | 15,928 |  |  | 15,642 |  |  | 15,806 |  |  | 17,380 |  |  |  |  |
Capitalized interest | 1,529 |  |  | 1,192 |  |  | 1,763 |  |  | 1,707 |  |  | 1,805 |  |  |  |  |
Denominator for fixed charge coverage | $ | 15,756 |  |  | $ | 17,120 |  |  | $ | 17,405 |  |  | $ | 17,513 |  |  | $ | 19,185 |  |  |  |  |
Common share dividends - unrestricted shares and deferred shares | $ | 30,837 |  |  | $ | 30,814 |  |  | $ | 30,813 |  |  | $ | 30,811 |  |  | $ | 30,805 |  |  |  |  |
Common share dividends - restricted shares and deferred shares | 93 |  |  | 80 |  |  | 70 |  |  | 77 |  |  | 97 |  |  |  |  |
Common unit distributions - unrestricted units | 404 |  |  | 346 |  |  | 347 |  |  | 347 |  |  | 347 |  |  |  |  |
Common unit distributions - restricted units | 65 |  |  | 53 |  |  | 52 |  |  | 52 |  |  | 51 |  |  |  |  |
Total dividends/distributions | $ | 31,399 |  |  | $ | 31,293 |  |  | $ | 31,282 |  |  | $ | 31,287 |  |  | $ | 31,300 |  |  |  |  |
Common share dividends - unrestricted shares and deferred shares | $ | 30,837 |  |  | $ | 30,814 |  |  | $ | 30,813 |  |  | $ | 30,811 |  |  | $ | 30,805 |  |  |  |  |
Common unit distributions - unrestricted units | 404 |  |  | 346 |  |  | 347 |  |  | 347 |  |  | 347 |  |  |  |  |
Common unit distributions - dilutive restricted units | 13 |  |  | 7 |  |  | 6 |  |  | — |  |  | — |  |  |  |  |
Dividends and distributions for payout ratios | $ | 31,254 |  |  | $ | 31,167 |  |  | $ | 31,166 |  |  | $ | 31,158 |  |  | $ | 31,152 |  |  |  |  |

35

Corporate Office Properties Trust
Supplementary Reconciliations of Non-GAAP Measures (continued)
(in thousands)

| 3/31/22 |  | 12/31/21 |  | 9/30/21 |  | 6/30/21 |  | 3/31/21 |  |  |  |
Total assets | $ | 4,132,026 |  |  | $ | 4,262,452 |  |  | $ | 4,151,138 |  |  | $ | 4,052,032 |  |  | $ | 4,112,948 |  |  |  |  |
Accumulated depreciation | 1,182,652 |  |  | 1,152,523 |  |  | 1,122,211 |  |  | 1,104,625 |  |  | 1,082,034 |  |  |  |  |
Accumulated depreciation included in assets held for sale | — |  |  | 82,385 |  |  | 92,715 |  |  | 77,807 |  |  | 75,025 |  |  |  |  |
Accumulated amortization of intangibles on property acquisitions and deferred leasing costs | 217,607 |  |  | 215,925 |  |  | 214,631 |  |  | 215,160 |  |  | 213,346 |  |  |  |  |
Accumulated amortization of intangibles on property acquisitions and deferred leasing costs included in assets held for sale | — |  |  | 4,547 |  |  | 7,650 |  |  | 4,506 |  |  | 4,465 |  |  |  |  |
COPT’s share of liabilities of unconsolidated real estate JVs | 27,367 |  |  | 27,312 |  |  | 27,498 |  |  | 27,529 |  |  | 27,603 |  |  |  |  |
COPT’s share of accumulated depreciation and amortization of unconsolidated real estate JVs | 4,328 |  |  | 3,744 |  |  | 3,161 |  |  | 2,578 |  |  | 2,043 |  |  |  |  |
Less: Property - operating lease liabilities | (29,729) |  |  | (29,342) |  |  | (29,630) |  |  | (29,909) |  |  | (30,176) |  |  |  |  |
Less: Property - finance lease liabilities | — |  |  | — |  |  | (14) |  |  | (18) |  |  | (28) |  |  |  |  |
Less: Cash and cash equivalents | (19,347) |  |  | (13,262) |  |  | (14,570) |  |  | (17,182) |  |  | (36,139) |  |  |  |  |
Less: COPT’s share of cash of unconsolidated real estate JVs | (458) |  |  | (434) |  |  | (530) |  |  | (373) |  |  | (202) |  |  |  |  |
Adjusted book | $ | 5,514,446 |  |  | $ | 5,705,850 |  |  | $ | 5,574,260 |  |  | $ | 5,436,755 |  |  | $ | 5,450,919 |  |  |  |  |
Gross debt (page 28) | $ | 2,207,762 |  |  | $ | 2,324,536 |  |  | $ | 2,208,923 |  |  | $ | 2,157,325 |  |  | $ | 2,257,854 |  |  |  |  |
Less: Cash and cash equivalents | (19,347) |  |  | (13,262) |  |  | (14,570) |  |  | (17,182) |  |  | (36,139) |  |  |  |  |
Less: COPT’s share of cash of unconsolidated real estate JVs | (458) |  |  | (434) |  |  | (530) |  |  | (373) |  |  | (202) |  |  |  |  |
Net debt | 2,187,957 |  |  | 2,310,840 |  |  | 2,193,823 |  |  | 2,139,770 |  |  | 2,221,513 |  |  |  |  |
Costs incurred on fully-leased development properties | (154,259) |  |  | (162,884) |  |  | (119,981) |  |  | (171,453) |  |  | (128,032) |  |  |  |  |
Net debt adjusted for fully-leased development | $ | 2,033,698 |  |  | $ | 2,147,956 |  |  | $ | 2,073,842 |  |  | $ | 1,968,317 |  |  | $ | 2,093,481 |  |  |  |  |
Net debt | $ | 2,187,957 |  |  | $ | 2,310,840 |  |  | $ | 2,193,823 |  |  | $ | 2,139,770 |  |  | $ | 2,221,513 |  |  |  |  |
Pro forma debt pay down from Wholesale Data Center sale proceeds | N/A |  | (216,000) |  |  | N/A |  | N/A |  | N/A |  |  |  |
Pro forma net debt | 2,187,957 |  |  | 2,094,840 |  |  | 2,193,823 |  |  | 2,139,770 |  |  | 2,221,513 |  |  |  |  |
Costs incurred on fully-leased development properties | (154,259) |  |  | (162,884) |  |  | (119,981) |  |  | (171,453) |  |  | (128,032) |  |  |  |  |
Pro forma net debt adjusted for fully-leased development | $ | 2,033,698 |  |  | $ | 1,931,956 |  |  | $ | 2,073,842 |  |  | $ | 1,968,317 |  |  | $ | 2,093,481 |  |  |  |  |

36

Corporate Office Properties Trust
Definitions
Non-GAAP Measures
We believe that the measures defined below that are not determined in accordance with generally accepted accounting principles (“GAAP”) are helpful to investors in measuring our performance and comparing it to that of other real estate investment trusts (“REITs”). Since these measures exclude certain items includable in their respective most comparable GAAP measures, reliance on the measures has limitations; management compensates for these limitations by using the measures simply as supplemental measures that are weighed in balance with other GAAP and non-GAAP measures. These measures should not be used as an alternative to the respective most comparable GAAP measures when evaluating our financial performance or to cash flow from operating, investing and financing activities when evaluating our liquidity or ability to make cash distributions or pay debt service.
Adjusted book
Defined as total assets presented on our consolidated balance sheet, net of lease liabilities associated with property right-of-use assets, and excluding the effect of cash and cash equivalents, accumulated depreciation on real estate properties, accumulated amortization of intangible assets on real estate acquisitions, accumulated amortization of deferred leasing costs, disposed properties included in assets held for sale, unconsolidated real estate joint ventures (“JVs”) cash and cash equivalents, liabilities and accumulated depreciation and amortization (of intangibles on property acquisitions and deferred leasing costs) allocable to our ownership interest in the JVs and the effect of properties serving as collateral for debt in default that we extinguished (or intend to extinguish) via conveyance of such properties.
Adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”)
Adjusted EBITDA is net income adjusted for the effects of interest expense, depreciation and amortization, gain on sales and impairment losses of real estate and investments in unconsolidated real estate JVs, gain or loss on early extinguishment of debt, loss on interest rate derivatives, net gain or loss on other investments, credit loss expense or recoveries, operating property acquisition costs, income taxes, business development expenses, demolition costs on redevelopment and nonrecurring improvements, executive transition costs and certain other expenses that we believe are not closely correlated with our operating performance. Adjusted EBITDA also includes adjustments to net income for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JV. While EBITDA (earnings before interest, taxes, depreciation and amortization) is a universally-defined supplemental measure, Adjusted EBITDA incorporates additional adjustments for gains and losses from investing and financing activities and certain other items that we believe are not closely correlated to (or associated with) our operating performance. We believe that adjusted EBITDA is a useful supplemental measure for assessing our un-levered performance. We believe that net income is the most directly comparable GAAP measure to this non-GAAP measure.
Amortization of acquisition intangibles included in NOI
Represents the amortization of intangible asset and liability categories that is included in net operating income, including amortization of above- or below-market leases and above- or below-market cost arrangements.
Basic FFO available to common share and common unit holders (“Basic FFO”)
This measure is FFO adjusted to subtract (1) preferred share dividends, (2) income attributable to noncontrolling interests through ownership of preferred units in Corporate Office Properties, L.P. (the “Operating Partnership”) or interests in other consolidated entities not owned by us, (3) depreciation and amortization allocable to noncontrolling interests in other consolidated entities, (4) Basic FFO allocable to share-based compensation awards and (5) issuance costs associated with redeemed preferred shares. With these adjustments, Basic FFO represents FFO available to common shareholders and holders of common units in the Operating Partnership (“common units”). Common units are substantially similar to our common shares of beneficial interest (“common shares”) and are exchangeable into common shares, subject to certain conditions. We believe that Basic FFO is useful to investors due to the close correlation of common units to common shares. We believe that net income is the most directly comparable GAAP measure to this non-GAAP measure.
Cash net operating income (“Cash NOI”)
Defined as NOI from real estate operations adjusted to eliminate the effects of: straight-line rental adjustments, amortization of tenant incentives, amortization of intangibles and other assets included in FFO and NOI, lease termination fees from tenants to terminate their lease obligations prior to the end of the agreed upon lease terms and rental revenue recognized under GAAP resulting from landlord assets and lease incentives funded by tenants. Cash NOI also includes adjustments to NOI from real estate operations for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. Under GAAP, rental revenue is recognized evenly over the term of tenant leases (through straight-line rental adjustments and amortization of tenant incentives), which, given the long term nature of our leases, does not align with the economics of when tenant payments are due to us under the arrangements. Also under GAAP, when a property is acquired, we allocate the acquisition to certain intangible components, which are then amortized into NOI over their estimated lives, even though the resulting revenue adjustments are not reflective of our lease economics. In addition, revenue from lease termination fees and tenant-funded landlord improvements, absent an adjustment from us, would result in large one-time lump sum amounts in Cash NOI that we do not believe are reflective of a property’s long-term value. We believe that Cash NOI is a useful supplemental measure of operating performance for a REIT’s operating real estate because it makes adjustments to NOI for the above stated items to be more reflective of the economics of when tenant payments are due to us under our leases and the value of our properties. As is the case with NOI, the measure is useful in our opinion in
37

Corporate Office Properties Trust
Definitions
evaluating and comparing the performance of reportable segments, Same Properties groupings and individual properties. We believe that NOI from real estate operations, our segment performance measure, is the most directly comparable GAAP measure to this non-GAAP measure.
COPT’s share of NOI from unconsolidated real estate JVs
Represents the net of revenues and property operating expenses of real estate operations owned through unconsolidated JVs that are allocable to COPT’s ownership interest. This measure is included in the computation of NOI, our segment performance measure, as discussed below.
Diluted adjusted funds from operations available to common share and common unit holders (“Diluted AFFO”)
Defined as Diluted FFO, as adjusted for comparability, adjusted for the following: (1) the elimination of the effect of (a) noncash rental revenues and property operating expenses (comprised of straight-line rental adjustments, which includes the amortization of recurring tenant incentives, and amortization of acquisition intangibles included in FFO and NOI, both of which are described under “Cash NOI” above), (b) share-based compensation, net of amounts capitalized, (c) amortization of deferred financing costs, (d) amortization of debt discounts and premiums and (e) amortization of settlements of debt hedges; and (2) replacement capital expenditures (defined below). Diluted AFFO also includes adjustments to Diluted FFO, as adjusted for comparability for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We believe that Diluted AFFO is a useful supplemental measure of operating performance for a REIT because it incorporates adjustments for: certain revenue and expenses that are not associated with cash to or from us during the period; and certain capital expenditures for operating properties incurred during the period that do require cash outlays. We believe that net income is the most directly comparable GAAP measure to this non-GAAP measure.
Diluted FFO available to common share and common unit holders (“Diluted FFO”)
Diluted FFO is Basic FFO adjusted to add back any changes in Basic FFO that would result from the assumed conversion of securities that are convertible or exchangeable into common shares. The computation of Diluted FFO assumes the conversion of common units but does not assume the conversion of other securities that are convertible into common shares if the conversion of those securities would increase Diluted FFO per share in a given period. We believe that Diluted FFO is useful to investors because it is the numerator used to compute Diluted FFO per share, discussed below. We believe that net income is the most directly comparable GAAP measure to this non-GAAP measure.
Diluted FFO available to common share and common unit holders, as adjusted for comparability (“Diluted FFO, as adjusted for comparability”)
Defined as Diluted FFO or FFO adjusted to exclude: operating property acquisition costs; gain or loss on early extinguishment of debt; FFO associated with properties that secured non-recourse debt on which we defaulted and, subsequently, extinguished via conveyance of such properties (including property NOI, interest expense and gains on debt extinguishment); loss on interest rate derivatives; demolition costs on redevelopment and nonrecurring improvements; executive transition costs; accounting charges for original issuance costs associated with redeemed preferred shares; allocations of FFO to holders of noncontrolling interests resulting from capital events; and certain other expenses that we believe are not closely correlated with our operating performance. Diluted FFO, as adjusted for comparability also includes adjustments to Diluted FFO for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We believe this to be a useful supplemental measure alongside Diluted FFO as it excludes gains and losses from certain investing and financing activities and certain other items that we believe are not closely correlated to (or associated with) our operating performance. The adjustment for FFO associated with properties securing non-recourse debt on which we defaulted pertains to the periods subsequent to our default on the loan’s payment terms, which was the result of our decision to not support payments on the loan since the estimated fair value of the properties was less than the loan balance. While we continued as the legal owner of the properties during this period, all cash flows produced by them went directly to the lender and we did not fund any debt service shortfalls, which included incremental additional interest under the default rate. We believe that net income is the most directly comparable GAAP measure to this non-GAAP measure.
Diluted FFO per share
Diluted FFO per share is (1) Diluted FFO divided by (2) the sum of the (a) weighted average common shares outstanding during a period, (b) weighted average common units outstanding during a period and (c) weighted average number of potential additional common shares that would have been outstanding during a period if other securities that are convertible or exchangeable into common shares were converted or exchanged. The computation of Diluted FFO per share assumes the conversion of common units but does not assume the conversion of other securities that are convertible into common shares if the conversion of those securities would increase Diluted FFO per share in a given period. We believe that Diluted FFO per share is useful to investors because it provides investors with a further context for evaluating our FFO results in the same manner that investors use earnings per share (“EPS”) in evaluating net income available to common shareholders. We believe that diluted EPS is the most directly comparable GAAP measure to this non-GAAP measure.
38

Corporate Office Properties Trust
Definitions
Diluted FFO per share, as adjusted for comparability
Defined as (1) Diluted FFO available to common share and common unit holders, as adjusted for comparability divided by (2) the sum of the (a) weighted average common shares outstanding during a period, (b) weighted average common units outstanding during a period and (c) weighted average number of potential additional common shares that would have been outstanding during a period if other securities that are convertible or exchangeable into common shares were converted or exchanged. The computation of this measure assumes the conversion of common units but does not assume the conversion of other securities that are convertible into common shares if the conversion of those securities would increase the per share measure in a given period. We believe this to be a useful supplemental measure alongside Diluted FFO per share as it excludes gains and losses from investing and financing activities and certain other items that we believe are not closely correlated to (or associated with) our operating performance. We believe that diluted EPS is the most directly comparable GAAP measure to this non-GAAP measure.
Earnings before interest, income taxes, depreciation and amortization for real estate (“EBITDAre”)
Defined as net income adjusted for the effects of interest expense, depreciation and amortization, gains on sales and impairment losses of real estate and investments in unconsolidated real estate JVs, and income taxes. EBITDAre also includes adjustments to net income for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. While EBITDA (earnings before interest, taxes, depreciation and amortization) is a universally-defined supplemental measure, EBITDAre incorporates additional adjustments for gains and losses from investing activities related to our investments in operating properties. We believe that EBITDAre is a useful supplemental measure for assessing our un-levered performance. We believe that net income is the most directly comparable GAAP measure to this non-GAAP measure.
Funds from operations (“FFO” or “FFO per Nareit”)
Defined as net income computed using GAAP, excluding gains on sales and impairment losses of real estate and investments in unconsolidated real estate JVs (net of associated income tax) and real estate-related depreciation and amortization. FFO also includes adjustments to net income for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We believe that we use the National Association of Real Estate Investment Trust’s (“Nareit”) definition of FFO, although others may interpret the definition differently and, accordingly, our presentation of FFO may differ from those of other REITs. We believe that FFO is useful to management and investors as a supplemental measure of operating performance because, by excluding gains on sales and impairment losses of real estate (net of associated income tax) and real estate-related depreciation and amortization, FFO can help one compare our operating performance between periods. We believe that
net income is the most directly comparable GAAP measure to this non-GAAP measure.
Gross debt
Defined as total consolidated outstanding debt, which is debt reported per our balance sheet adjusted to exclude net discounts and premiums and deferred financing costs, as further adjusted to include outstanding debt of unconsolidated real estate JVs that were allocable to our ownership interest in the JVs.
In-place adjusted EBITDA
Defined as Adjusted EBITDA, as further adjusted for: (1) the removal of NOI pertaining to properties in the quarterly periods in which such properties were disposed or removed from service; (2) the addition of pro forma adjustments to NOI for (a) properties acquired, placed in service or expanded upon subsequent to the commencement of a quarter made in order to reflect a full quarter of ownership/operations and (b) significant mid-quarter occupancy changes associated with properties recently placed in service with no occupancy; and (3) certain adjustments to deferred rental revenue associated with changes in our assessment of collectability and other adjustments included in the period that we believe are not closely correlated with our operating performance. The measure also includes adjustments to Adjusted EBITDA for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We believe that in-place adjusted EBITDA is a useful supplemental measure of performance for assessing our un-levered performance, as further adjusted for changes in operating properties subsequent to the commencement of a quarter and for the items noted above that we believe are not closely correlated with our operating performance. We believe that net income is the most directly comparable GAAP measure to this non-GAAP measure.
Net debt
Defined as Gross debt (total outstanding debt reported per our balance sheet as adjusted to exclude net discounts and premiums and deferred financing costs), as adjusted to subtract cash and cash equivalents as of the end of the period and debt in default that was extinguished via conveyance of properties. The measure also includes adjustments to Gross debt for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs.
Net debt adjusted for fully-leased development
Defined as Net debt less costs incurred on properties under development that were 100% leased.
Net debt to Adjusted book
Defined as Net debt divided by Adjusted book (defined above).
39

Corporate Office Properties Trust
Definitions
Net debt to in-place adjusted EBITDA ratio and Net debt adjusted for fully-leased development to in-place adjusted EBITDA ratio
Defined as Net debt or Net debt adjusted for fully-leased development divided by in-place adjusted EBITDA (defined above) for the three month period that is annualized by multiplying by four.
Net operating income from real estate operations (“NOI”)
NOI, which is our segment performance measure, includes: consolidated real estate revenues from continuing and discontinued operations; consolidated property operating expenses from continuing and discontinued operations; and the net of revenues and property operating expenses of real estate operations owned through unconsolidated real estate JVs that are allocable to COPT’s ownership interest in the JVs. We believe that NOI is an important supplemental measure of operating performance for a REIT’s operating real estate because it provides a measure of the core real estate operations that is unaffected by depreciation, amortization, financing and general, administrative and leasing expenses; we believe this measure is particularly useful in evaluating the performance of reportable segments, Same Properties groupings and individual properties.
NOI debt service coverage ratio and Adjusted EBITDA debt service coverage ratio
These measures divide either NOI from real estate operations or Adjusted EBITDA by the sum of interest expense (excluding amortization of deferred financing costs and amortization of debt discounts and premiums, net of amounts capitalized, gains or losses on interest rate derivatives and interest expense on debt in default to be extinguished via conveyance of properties) and scheduled principal amortization on mortgage loans.
NOI fixed charge coverage ratio and Adjusted EBITDA fixed charge coverage ratio
These measures divide either NOI from real estate operations or Adjusted EBITDA by the sum of (1) interest expense (excluding amortization of deferred financing costs and amortization of debt discounts and premiums, net of amounts capitalized, gains or losses on interest rate derivatives and interest expense on debt in default to be extinguished via conveyance of properties), (2) scheduled principal amortization on mortgage loans, (3) capitalized interest, (4) dividends on preferred shares and (5) distributions on preferred units in the Operating Partnership not owned by us.
NOI interest coverage ratio and Adjusted EBITDA interest coverage ratio
These measures divide either NOI from real estate operations or Adjusted EBITDA by interest expense (excluding amortization of deferred financing costs and amortization of debt discounts and premiums, net of amounts capitalized, gains on losses on interest rate derivatives and interest expense on debt in default to be extinguished via conveyance of properties).
Payout ratios based on: Diluted FFO; Diluted FFO, as adjusted for comparability; and Diluted AFFO
These payout ratios are defined as (1) the sum of dividends on unrestricted common shares and distributions to holders of interests in the Operating Partnership (excluding unvested share-based compensation awards) and dividends on convertible preferred shares when such distributions and dividends are included in Diluted FFO divided by (2) the respective non-GAAP measures on which the payout ratios are based.
Pro forma net debt, pro forma net debt adjusted for fully-leased development, pro forma in-place adjusted EBITDA and associated ratios
In connection with the sale on 1/25/22 of our wholesale data center, these measures and the ratios in which they are used adjust for our NOI from the property and the debt pay down resulting from its sale as of, and for the three months ended, 12/31/21. We believe that these further adjusted versions of these measures/ratios are useful in presenting the effect of the sale on our financial condition.
Replacement capital expenditures
Replacement capital expenditures are defined as tenant improvements and incentives, building improvements and leasing costs incurred during the period for operating properties that are not (1) items contemplated prior to the acquisition of a property, (2) improvements associated with the expansion of a building or its improvements, (3) renovations to a building which change the underlying classification of the building (for example, from industrial to office or Class C office to Class B office), (4) capital improvements that represent the addition of something new to the property rather than the replacement of something (for example, the addition of a new heating and air conditioning unit that is not replacing one that was previously there) or (5) replacements of significant components of a building after the building has reached the end of its original useful life. Replacement capital expenditures excludes expenditures of operating properties included in disposition plans during the period that were already sold or are held for future disposition. For cash tenant incentives not due to the tenant for a period exceeding three months past the date on which such incentives were incurred, we recognize such incentives as replacement capital expenditures in the periods such incentives are due to the tenant. Replacement capital expenditures, which is included in the computation of Diluted AFFO, is intended to represent non-transformative capital expenditures of existing properties held for long-term investment. We believe that the excluded expenditures are more closely associated with our investing activities than the performance of our operating portfolio.
Same Properties NOI and Same Properties cash NOI
Defined as NOI, or Cash NOI, from real estate operations of Same Properties. We believe that these are important supplemental measures of operating performance of Same Properties for the same reasons discussed above for NOI from real estate operations and Cash NOI.
40

Corporate Office Properties Trust
Definitions
Other Definitions
Acquisition Costs — Transaction costs expensed in connection with executed or anticipated acquisitions of operating properties.
Annualized Rental Revenue (“ARR”) — The monthly contractual base rent as of the reporting date (ignoring free rent then in effect and rent associated with tenant funded landlord assets) multiplied by 12, plus the estimated annualized expense reimbursements under existing leases for occupied space. With regard to properties owned through unconsolidated real estate JVs, we include the portion of Annualized Rental Revenue allocable to COPT’s ownership interest.
Average Escalations — Leasing statistic used to report average increase in rental rates over lease terms for leases with a term of greater than one-year.
Straight-line Rent — Includes annual minimum base rents, net of abatements and lease incentives and excluding rent associated with tenant funded landlord assets, on a straight-line basis over the term of the lease, and estimated annual expense reimbursements (as of lease commencement for new or renewed leases or as of lease expiration for expiring leases).
Cash Rent — Includes monthly contractual base rent (ignoring rent abatements and rent associated with tenant funded landlord assets) multiplied by 12, plus estimated annualized expense reimbursements (as of lease commencement for new or renewed leases or as of lease expiration for expiring leases).
Committed cost per square foot — Includes tenant improvement allowance (excluding tenant funded landlord assets), leasing commissions and estimated turn key costs and excludes lease incentives.
Core Portfolio — Represents Defense/IT Locations and Regional Office properties.
Defense/IT Locations — Represents properties in locations that support the United States Government and its contractors, most of whom are engaged in national security, defense and IT related activities servicing what we believe are growing, durable, priority missions.
Development Properties — Properties under, or contractually committed for, development.
First Generation Space — Newly-developed or redeveloped space that has never been occupied.
Operational Space — The portion of a property in operations (excludes portion under development or redevelopment).
Redevelopment Properties — Properties previously in operations on which activities to substantially renovate such properties were underway or approved.
Regional Office Properties — Includes office properties located in select urban/urban-like submarkets in the Greater Washington, DC/Baltimore region with durable Class-A office fundamentals and characteristics.
Same Properties — Operating properties stably owned and 100% operational since at least 1/1/21.
Second Generation Space — Space leased that has been previously occupied.
Total Portfolio — Operating properties, including ones owned through unconsolidated real estate JVs.
Vacant space leased — Includes acquired first generation space, vacated second generation space and leases executed on developed and redeveloped space previously placed in service.
41

| 6711 Columbia Gateway Drive, Suite 300
Columbia, Maryland 21046
Telephone 443-285-5400
Facsimile 443-285-7650
www.copt.com
NYSE: OFC
| NEWS RELEASE
FOR IMMEDIATE RELEASE | IR Contacts: |
| Stephanie Krewson-Kelly | Michelle Layne
| 443-285-5453 | 443-285-5452
| stephanie.kelly@copt.com | michelle.layne@copt.com

COPT 1Q 2022 Results Exceed Guidance
_______________________________________________________________
1Q22 EPS of $0.52 and FFO per Share
of $0.58 Exceeded High-End of Guidance
1.2% Increase in Same-Property Cash NOI During Quarter Outperformed
High-End of Guidance by 20 Basis Points;
Maintain Full-Year Guidance for Change in Same-Property Cash NOI at (2%)-0%
Core Portfolio 92.2% Occupied & 94.1% Leased
283,000 SF of 100% Leased Developments Placed into Service in 1Q22
1.7 Million SF of Active Developments are 96% Leased
_______________________________________________________________
Solid Leasing
Total Leasing of 871,000 SF in the Quarter Represents Strong Start to the Year
265,000 SF of Development Leasing in 1Q is On-Track to Meet 2022 Goal of Completing 700,000 SF Goal During the Year
157,000 SF of Vacancy Leasing Represents 157% of First Quarter 5-Year Average
64% Retention Rate In-Line with Expectations;
Full-Year Retention Guidance of 70-75% Unchanged
_______________________________________________________________
COLUMBIA, MD (BUSINESS WIRE) April 28, 2022 - Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) announced results for the first quarter ended March 31, 2022.
Management Comments
Stephen E. Budorick, COPT’s President & Chief Executive Officer, commented, “Our strategy of prioritizing capital allocation and leasing efforts at our Defense/IT Locations that serve priority missions at U.S. defense installations continues to produce strong, reliable results that are not correlated to traditional office fundamentals. First quarter results represent a strong start to the year, and we remain on-track to achieve our full year operating, leasing, and FFO per share objectives. Same-property results modestly exceeded expectations, and leasing was strong in the operating and development portfolios. The 157,000 square feet of vacancy leasing we achieved exceeded our 5-year average for the quarter. Our 64% tenant retention rate in the quarter reflected the anticipated non-renewal by Transamerica at 100 Light Street, which was included in our full-year retention guidance of 70-to-75%. The 265,000 square foot data center shell lease we executed in the quarter represents nearly 40% of the 700,000 square feet of development leasing we expect to complete this year, and we anticipate a productive second quarter.” He
i

continued, “During the quarter, we placed 283,000 square feet of fully-leased developments into service and, among the 1.7 million square feet of active developments currently underway, we expect to place nearly 800,000 square feet of fully-leased projects into service for the year. Lastly, the mid-point of our full-year guidance implies 2.2% growth in FFO per share, as adjusted for comparability, reduced by roughly 2% from the dilutive sale of DC-6 during the quarter.”
Financial Highlights
1 st Quarter Financial Results:
•Diluted earnings per share (“EPS”) was $0.52 for the quarter ended March 31, 2022 compared to ($0.06) for the first quarter of 2021.
•Diluted funds from operations per share (“FFOPS”), as calculated in accordance with Nareit’s definition, was $0.58 for the first quarter of 2022 compared to $0.27 for first quarter 2021.
•FFOPS, as adjusted for comparability, was $0.58 for the first quarter of 2022 compared to $0.56 for the first quarter of 2021.
Operating Performance Highlights
Operating Portfolio Summary:
•At March 31, 2022, the Company’s 21.8 million square foot core portfolio was 92.2% occupied and 94.1% leased.
•During the quarter, the Company placed into service 283,000 square feet of developments that were 100% leased.
Same-Property Performance:
•At March 31, 2022, COPT’s 20.3 million square foot same-property portfolio was 92.0% occupied and 93.9% leased.
•For the quarter ended March 31, 2022, the Company’s same-property cash NOI increased 1.2%, over the prior year’s comparable period.
Leasing:
•Total Square Feet Leased: For the quarter ended March 31, 2022, the Company leased 871,000 square feet, including 448,000 square feet of renewals, 157,000 square feet of new leases on vacant space, and 265,000 square feet in development projects.
•Tenant Retention Rates: During the quarter ended March 31, 2022, the Company renewed 64% of expiring square feet. First quarter non-renewals included a 141,000 square foot lease expiration in the Company’s Regional Office portfolio. This non-renewal was included in management’s original full-year retention guidance of 70-75%.
•Rent Spreads & Average Escalations on Renewing Leases: For the quarter ended March 31, 2022, straight-line rents on renewals decreased 1.9%, and cash rents on renewed space decreased 5.7%. For the same time period, annual escalations on renewing leases averaged 2.6%.
•Lease Terms: In the first quarter of 2022, lease terms averaged 3.3 years on renewing leases, 6.4 years on new leasing of vacant space, and 15.0 years on development leasing.
Investment Activity Highlights
•Development Pipeline: The Company’s development pipeline consists of 11 properties totaling 1.7 million square feet that were 96% leased at March 31, 2022. These projects represent a total estimated investment of $552.7 million, of which $214.3 million has been spent.
•Dispositions: On January 25, 2022, the Company sold 100% of COPT DC-6 (“DC-6”), the only asset in the Company’s Wholesale Data Center reporting segment, for $223 million. There was no debt on the asset.
Balance Sheet and Capital Transaction Highlights
•In January and as referenced in the preceding paragraph, the Company sold its wholesale data center for $223 million and used the proceeds to repay unsecured variable rate debt.
ii

•For the quarter ended March 31, 2022, the Company’s adjusted EBITDA fixed charge coverage ratio was 5.2x.
•At March 31, 2022, the Company’s net debt to in-place adjusted EBITDA ratio was 6.6x and its net debt adjusted for fully-leased development to in-place adjusted EBITDA ratio was 6.1x.
•At March 31, 2022, and including the effect of interest rate swaps, the Company’s weighted average effective interest rate on its consolidated debt portfolio was 2.72% with a weighted average maturity of 6.9 years; additionally, 97.2% of the Company’s debt was subject to fixed interest rates.
•On April 8, 2022, the Company filed a new universal shelf registration statement with the SEC to replace its expired registration. In conjunction with this filing, the Company will also file a new prospectus supplement in May to attach its $300 million at-the-market (“ATM”) stock offering program to the new shelf registration statement.
Associated Supplemental Presentation
Prior to the call, the Company will post a slide presentation to accompany management’s prepared remarks for its first quarter 2022 conference call; the presentation can be viewed and downloaded from the ‘Financial Info – Financial Results’ section of COPT’s Investors website: https://investors.copt.com/financial-information/financial-results
2022 Guidance
Management is updating its full-year guidance for EPS and FFOPS, per Nareit and as adjusted for comparability, from the prior range of $1.12-$1.20, and $2.30-$2.38, respectively, to new ranges of $1.16-$1.22, and $2.31-$2.37, respectively. Management is establishing second quarter guidance for EPS and FFOPS per Nareit and as adjusted for comparability at $0.22-$0.24 and $0.57-$0.59, respectively. Reconciliations of projected EPS to projected FFOPS, in accordance with Nareit and as adjusted for comparability are as follows:

Reconciliation of EPS to FFOPS, per Nareit, and As Adjusted for Comparability |  | Quarter ending |  | Year ending
| June 30, 2022 |  | December 31, 2022
|  | Low |  | High |  | Low |  | High
EPS |  | $ | 0.22 |  |  | $ | 0.24 |  |  | $ | 1.16 |  |  | $ | 1.22 |
Real estate-related depreciation and amortization |  | 0.35 |  |  | 0.35 |  |  | 1.40 |  |  | 1.40 |
Gain on sales of real estate |  | — |  |  | — |  |  | (0.25) |  |  | (0.25) |
FFOPS, Nareit definition and as adjusted for comparability |  | $ | 0.57 |  |  | $ | 0.59 |  |  | $ | 2.31 |  |  | $ | 2.37 |

Conference Call Information
Management will discuss first quarter 2022 results on its conference call tomorrow at 12:00 p.m. Eastern Time, details of which are listed below:
Conference Call Date: Friday, April 29, 2022
Time: 12:00 p.m. Eastern Time
Telephone Number: (within the U.S.) 855-463-9057
Telephone Number: (outside the U.S.) 661-378-9894
Passcode: 7286907
The conference call will also be available via live webcast in the ‘News & Events – IR Calendar’ section of COPT’s Investors website: https://investors.copt.com/news-events/ir-calendar
Replay Information
A replay of the conference call will be immediately available via webcast on the Investors website. Additionally, a telephonic replay of this call will be available beginning at 3:00 p.m. Eastern Time on Friday, April 29, through 3:00 p.m. Eastern Time on Friday, May 13. To access the replay within the United States, please call 855-859-2056; to access it from outside the United States, please call 404-537-3406. In either case, use passcode 7286907.
Definitions
For definitions of certain terms used in this press release, please refer to the information furnished in the Company’s Supplemental Information Package furnished on a Form 8-K which can be found on its website (www.copt.com). Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are included in the attached tables.
iii

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 the Company 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, 2022, the Company derived 90% of its core portfolio annualized rental revenue from Defense/IT Locations and 10% from its Regional Office Properties. As of the same date and including 19 properties owned through unconsolidated joint ventures, COPT’s core portfolio of 186 properties encompassed 21.8 million square feet and was 94.1% leased.
Forward-Looking Information
This press release may contain “forward-looking” statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are based on the Company’s current expectations, estimates and projections about future events and financial trends affecting the Company. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Although the Company believes that the expectations, estimates and projections reflected in such forward-looking statements are based on reasonable assumptions at the time made, the Company can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements and the Company undertakes no obligation to update or supplement any forward-looking statements.
The areas of risk that may affect these expectations, estimates and projections include, but are not limited to, those risks described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
iv

Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(dollars and shares in thousands, except per share data)

| For the Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
Revenues |  |  |  |  |  |  |
Revenues from real estate operations | $ | 142,280 |  |  | $ | 137,830 |  |  |  |  |
Construction contract and other service revenues | 53,200 |  |  | 16,558 |  |  |  |  |
Total revenues | 195,480 |  |  | 154,388 |  |  |  |  |
Operating expenses |  |  |  |  |  |  |
Property operating expenses | 57,181 |  |  | 53,276 |  |  |  |  |
Depreciation and amortization associated with real estate operations | 34,264 |  |  | 34,500 |  |  |  |  |
Construction contract and other service expenses | 51,650 |  |  | 15,793 |  |  |  |  |
General and administrative expenses | 6,670 |  |  | 6,062 |  |  |  |  |
Leasing expenses | 1,874 |  |  | 2,344 |  |  |  |  |
Business development expenses and land carry costs | 783 |  |  | 1,094 |  |  |  |  |
Total operating expenses | 152,422 |  |  | 113,069 |  |  |  |  |
Interest expense | (14,424) |  |  | (17,519) |  |  |  |  |
Interest and other income | 1,893 |  |  | 1,865 |  |  |  |  |
Credit loss recoveries | 316 |  |  | 907 |  |  |  |  |
Gain on sales of real estate | 15 |  |  | (490) |  |  |  |  |
Loss on early extinguishment of debt | (342) |  |  | (33,166) |  |  |  |  |
Income (loss) from continuing operations before equity in income of unconsolidated entities and income taxes | 30,516 |  |  | (7,084) |  |  |  |  |
Equity in income of unconsolidated entities | 888 |  |  | 222 |  |  |  |  |
Income tax expense | (153) |  |  | (32) |  |  |  |  |
Income (loss) from continuing operations | 31,251 |  |  | (6,894) |  |  |  |  |
Discontinued operations | 29,573 |  |  | 815 |  |  |  |  |
Net Income (loss) | 60,824 |  |  | (6,079) |  |  |  |  |
Net (income) loss attributable to noncontrolling interests: |  |  |  |  |  |  |
Common units in the Operating Partnership (“OP”) | (856) |  |  | 85 |  |  |  |  |
Other consolidated entities | (649) |  |  | (675) |  |  |  |  |
Net income (loss) attributable to COPT common shareholders | $ | 59,319 |  |  | $ | (6,669) |  |  |  |  |
Earnings per share (“EPS”) computation: |  |  |  |  |  |  |
Numerator for diluted EPS: |  |  |  |  |  |  |
Net income (loss) attributable to COPT common shareholders | $ | 59,319 |  |  | $ | (6,669) |  |  |  |  |
Amount allocable to share-based compensation awards | (181) |  |  | (170) |  |  |  |  |
Redeemable noncontrolling interests | (39) |  |  | — |  |  |  |  |
Numerator for diluted EPS | $ | 59,099 |  |  | $ | (6,839) |  |  |  |  |
Denominator: |  |  |  |  |  |  |
Weighted average common shares - basic | 112,020 |  |  | 111,888 |  |  |  |  |
Dilutive effect of share-based compensation awards | 426 |  |  | — |  |  |  |  |
Dilutive effect of redeemable noncontrolling interests | 132 |  |  | — |  |  |  |  |
Weighted average common shares - diluted | 112,578 |  |  | 111,888 |  |  |  |  |
Diluted EPS | $ | 0.52 |  |  | $ | (0.06) |  |  |  |  |

v

Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(in thousands, except per share data)

| For the Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
Net income (loss) | $ | 60,824 |  |  | $ | (6,079) |  |  |  |  |
Real estate-related depreciation and amortization | 34,264 |  |  | 37,321 |  |  |  |  |
Gain on sales of real estate from continuing and discontinued operations | (28,579) |  |  | 490 |  |  |  |  |
Depreciation and amortization on unconsolidated real estate JVs | 526 |  |  | 454 |  |  |  |  |
Funds from operations (“FFO”) | 67,035 |  |  | 32,186 |  |  |  |  |
FFO allocable to other noncontrolling interests | (1,042) |  |  | (1,027) |  |  |  |  |
Basic FFO allocable to share-based compensation awards | (362) |  |  | (162) |  |  |  |  |
Basic FFO available to common share and common unit holders (“Basic FFO”) | 65,631 |  |  | 30,997 |  |  |  |  |
Redeemable noncontrolling interests | (6) |  |  | — |  |  |  |  |
Diluted FFO adjustments allocable to share-based compensation awards | 27 |  |  | — |  |  |  |  |
Diluted FFO available to common share and common unit holders (“Diluted FFO”) | 65,652 |  |  | 30,997 |  |  |  |  |
Loss on early extinguishment of debt | 342 |  |  | 33,166 |  |  |  |  |
Diluted FFO comparability adjustments for redeemable noncontrolling interests | — |  |  | 458 |  |  |  |  |
Diluted FFO comparability adjustments allocable to share-based compensation awards | (2) |  |  | (167) |  |  |  |  |
Diluted FFO available to common share and common unit holders, as adjusted for comparability | 65,992 |  |  | 64,454 |  |  |  |  |
Straight line rent adjustments and lease incentive amortization | (3,189) |  |  | (3,357) |  |  |  |  |
Amortization of intangibles and other assets included in net operating income | (372) |  |  | 40 |  |  |  |  |
Share-based compensation, net of amounts capitalized | 2,111 |  |  | 1,904 |  |  |  |  |
Amortization of deferred financing costs | 597 |  |  | 793 |  |  |  |  |
Amortization of net debt discounts, net of amounts capitalized | 605 |  |  | 542 |  |  |  |  |
Replacement capital expenditures | (17,358) |  |  | (12,230) |  |  |  |  |
Other diluted AFFO adjustments associated with real estate JVs | 39 |  |  | 241 |  |  |  |  |
Diluted adjusted funds from operations available to common share and common unit holders (“Diluted AFFO”) | $ | 48,425 |  |  | $ | 52,387 |  |  |  |  |
Diluted FFO per share | $ | 0.58 |  |  | $ | 0.27 |  |  |  |  |
Diluted FFO per share, as adjusted for comparability | $ | 0.58 |  |  | $ | 0.56 |  |  |  |  |
Dividends/distributions per common share/unit | $ | 0.275 |  |  | $ | 0.275 |  |  |  |  |

vi

C orporate Office Properties Trust
Summary Financial Data
(unaudited)
(Dollars and shares in thousands, except per share data)

| March 31, 2022 |  | December 31, 2021
Balance Sheet Data |  |  |
Properties, net of accumulated depreciation | $ | 3,580,281 |  |  | $ | 3,532,944 |
Total assets | 4,132,026 |  |  | 4,262,452 |
Debt, per balance sheet | 2,156,784 |  |  | 2,272,304 |
Total liabilities | 2,414,670 |  |  | 2,578,479 |
Redeemable noncontrolling interests | 26,820 |  |  | 26,898 |
Equity | 1,690,536 |  |  | 1,657,075 |
Net debt to adjusted book | 39.7 | % |  | 40.5 | %
Core Portfolio Data (as of period end) (1) |  |  |
Number of operating properties | 186 |  |  | 184 |
Total operational square feet (in thousands) | 21,849 |  |  | 21,553 |
% Occupied | 92.2 | % |  | 92.6 | %
% Leased | 94.1 | % |  | 94.4 | %

| For the Three Months Ended March 31, |  |
2022 |  | 2021 |  |  |  |
Payout ratios |  |  |  |  |  |  |
Diluted FFO | 47.6 | % |  | 100.5 | % |  |  |  |
Diluted FFO, as adjusted for comparability | 47.4 | % |  | 48.3 | % |  |  |  |
Diluted AFFO | 64.5 | % |  | 59.5 | % |  |  |  |
Adjusted EBITDA fixed charge coverage ratio | 5.2 | x |  | 4.3 | x |  |  |  |
Net debt to in-place adjusted EBITDA ratio (2) | 6.6 | x |  | 6.6 | x |  |  |  |
Net debt adj. for fully-leased development to in-place adj. EBITDA ratio (3) | 6.1 | x |  | 6.3 | x |  |  |  |
Reconciliation of denominators for per share measures |  |  |  |  |  |
Denominator for diluted EPS | 112,578 |  |  | 111,888 |  |  |  |  |
Weighted average common units | 1,384 |  |  | 1,246 |  |  |  |  |
Anti-dilutive EPS effect of share-based compensation awards | — |  |  | 261 |  |  |  |  |
Denominator for diluted FFO per share | 113,962 |  |  | 113,395 |  |  |  |  |
Redeemable noncontrolling interests | — |  |  | 940 |  |  |  |  |
Denominator for diluted FFO per share, as adjusted for comparability | 113,962 |  |  | 114,335 |  |  |  |  |

(1)Represents Defense/IT Locations and Regional Office properties.
(2)Represents net debt as of period end divided by in-place adjusted EBITDA for the period, as annualized (i.e. three month periods are multiplied by four).
(3)Represents net debt less costs incurred on properties under development that were 100% leased as of period end divided by in-place adjusted EBITDA for the period, as annualized (i.e. three month periods are multiplied by four).
vii

Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(in thousands)

| For the Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
Reconciliation of common share dividends to dividends and distributions for payout ratios |  |  |  |  |  |  |
Common share dividends - unrestricted shares and deferred shares | $ | 30,837 |  |  | $ | 30,805 |  |  |  |  |
Common unit distributions - unrestricted units | 404 |  |  | 347 |  |  |  |  |
Common unit distributions - dilutive restricted units | 13 |  |  | — |  |  |  |  |
Dividends and distributions for payout ratios | $ | 31,254 |  |  | $ | 31,152 |  |  |  |  |
Reconciliation of GAAP net income (loss) to earnings before interest, income taxes, depreciation and amortization for real estate (“EBITDAre”), adjusted EBITDA and in-place adjusted EBITDA |  |  |  |  |  |  |
Net income (loss) | $ | 60,824 |  |  | $ | (6,079) |  |  |  |  |
Interest expense | 14,424 |  |  | 17,519 |  |  |  |  |
Income tax expense | 153 |  |  | 32 |  |  |  |  |
Real estate-related depreciation and amortization | 34,264 |  |  | 37,321 |  |  |  |  |
Other depreciation and amortization | 607 |  |  | 555 |  |  |  |  |
Gain on sales of real estate | (28,579) |  |  | 490 |  |  |  |  |
Adjustments from unconsolidated real estate JVs | 758 |  |  | 693 |  |  |  |  |
EBITDAre | 82,451 |  |  | 50,531 |  |  |  |  |
Loss on early extinguishment of debt | 342 |  |  | 33,166 |  |  |  |  |
Net gain on other investments | (565) |  |  | — |  |  |  |  |
Credit loss recoveries | (316) |  |  | (907) |  |  |  |  |
Business development expenses | 326 |  |  | 548 |  |  |  |  |
Adjusted EBITDA | 82,238 |  |  | 83,338 |  |  |  |  |
Pro forma net operating income adjustment for property changes within period | 579 |  |  | 166 |  |  |  |  |
Change in collectability of deferred rental revenue | — |  |  | 124 |  |  |  |  |
In-place adjusted EBITDA | 82,817 |  |  | 83,628 |  |  |  |  |
Reconciliation of interest expense to the denominators for fixed charge coverage-Adjusted EBITDA |  |  |  |  |  |  |
Interest expense | $ | 14,424 |  |  | $ | 17,519 |  |  |  |  |
Less: Amortization of deferred financing costs | (597) |  |  | (793) |  |  |  |  |
Less: Amortization of net debt discounts, net of amounts capitalized | (605) |  |  | (542) |  |  |  |  |
COPT’s share of interest expense of unconsolidated real estate JVs, excluding deferred financing costs | 231 |  |  | 234 |  |  |  |  |
Scheduled principal amortization | 774 |  |  | 962 |  |  |  |  |
Capitalized interest | 1,529 |  |  | 1,805 |  |  |  |  |
Denominator for fixed charge coverage-Adjusted EBITDA | $ | 15,756 |  |  | $ | 19,185 |  |  |  |  |

viii

Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(in thousands)

| For the Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
Reconciliations of tenant improvements and incentives, building improvements and leasing costs for operating properties to replacement capital expenditures |  |  |  |  |  |  |
Tenant improvements and incentives | $ | 10,010 |  |  | $ | 7,139 |  |  |  |  |
Building improvements | 6,832 |  |  | 3,628 |  |  |  |  |
Leasing costs | 2,270 |  |  | 1,129 |  |  |  |  |
Net additions to tenant improvements and incentives | 1,808 |  |  | 2,900 |  |  |  |  |
Excluded building improvements and leasing costs | (3,562) |  |  | (2,566) |  |  |  |  |
Replacement capital expenditures | $ | 17,358 |  |  | $ | 12,230 |  |  |  |  |
Same Properties cash NOI | $ | 79,567 |  |  | $ | 78,650 |  |  |  |  |
Straight line rent adjustments and lease incentive amortization | (1,503) |  |  | 1,724 |  |  |  |  |
Amortization of acquired above- and below-market rents | 519 |  |  | 99 |  |  |  |  |
Lease termination fees, net | 221 |  |  | 1,362 |  |  |  |  |
Tenant funded landlord assets and lease incentives | 1,463 |  |  | 228 |  |  |  |  |
Cash NOI adjustments in unconsolidated real estate JV | 83 |  |  | 101 |  |  |  |  |
Same Properties NOI | $ | 80,350 |  |  | $ | 82,164 |  |  |  |  |

|  | March 31, 2022 |  | December 31, 2021
Reconciliation of total assets to adjusted book |  |  |  |
Total assets |  | $ | 4,132,026 |  |  | $ | 4,262,452 |
Accumulated depreciation |  | 1,182,652 |  |  | 1,152,523 |
Accumulated depreciation included in assets held for sale |  | — |  |  | 82,385 |
Accumulated amortization of intangibles on property acquisitions and deferred leasing costs |  | 217,607 |  |  | 215,925 |
Accumulated amortization of intangibles on property acquisitions and deferred leasing costs included in assets held for sale |  | — |  |  | 4,547 |
COPT’s share of liabilities of unconsolidated real estate JVs |  | 27,367 |  |  | 27,312 |
COPT’s share of accumulated depreciation and amortization of unconsolidated real estate JVs |  | 4,328 |  |  | 3,744 |
Less: Property - operating lease liabilities |  | (29,729) |  |  | (29,342) |
Less: Cash and cash equivalents |  | (19,347) |  |  | (13,262) |
Less: COPT’s share of cash of unconsolidated real estate JVs |  | (458) |  |  | (434) |
Adjusted book |  | $ | 5,514,446 |  |  | $ | 5,705,850 |

ix

Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(in thousands)

|  | March 31, 2022 |  | December 31, 2021 |  | March 31, 2021
Reconciliation of debt to net debt, net debt adjusted for fully-leased development and pro forma net debt adjusted for fully-leased development |  |  |  |  |  |
Debt, per balance sheet |  | $ | 2,156,784 |  |  | $ | 2,272,304 |  |  | $ | 2,207,903 |
Net discounts and deferred financing costs |  | 24,728 |  |  | 25,982 |  |  | 23,701 |
COPT’s share of unconsolidated JV gross debt |  | 26,250 |  |  | 26,250 |  |  | 26,250 |
Gross debt |  | $ | 2,207,762 |  |  | $ | 2,324,536 |  |  | $ | 2,257,854 |
Less: Cash and cash equivalents |  | (19,347) |  |  | (13,262) |  |  | (36,139) |
Less: COPT’s share of cash of unconsolidated real estate JVs |  | (458) |  |  | (434) |  |  | (202) |
Net debt |  | $ | 2,187,957 |  |  | $ | 2,310,840 |  |  | $ | 2,221,513 |
Costs incurred on fully-leased development properties |  | (154,259) |  |  | (162,884) |  |  | (128,032) |
Net debt adjusted for fully-leased development |  | $ | 2,033,698 |  |  | $ | 2,147,956 |  |  | $ | 2,093,481 |
Net debt |  | $ | 2,187,957 |  |  | $ | 2,310,840 |  |  | $ | 2,221,513 |
Debt pay down from Wholesale Data Center sale proceeds |  | N/A |  | (216,000) |  |  | N/A
Pro forma net debt |  | $ | 2,187,957 |  |  | $ | 2,094,840 |  |  | $ | 2,221,513 |
Costs incurred on fully-leased development properties |  | (154,259) |  |  | (162,884) |  |  | (128,032) |
Pro forma net debt adjusted for fully-leased development |  | $ | 2,033,698 |  |  | $ | 1,931,956 |  |  | $ | 2,093,481 |

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