Exhibit 99.1

a2022_q2xcover.jpg


Corporate Office Properties Trust
Supplemental Information & Earnings Release - Unaudited
For the Three Months Ended 6/30/22

Overview:Section I
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Summary Description
Equity Research Coverage
Selected Financial Summary Data
Selected Portfolio Data
Financial Statements:Section II
Consolidated Balance Sheets
Consolidated Statements of Operations
Funds from Operations
Diluted Share and Unit Computations
Adjusted Funds from Operations
EBITDAre and Adjusted EBITDA
Portfolio Information:Section III
Properties by Segment
NOI from Real Estate Operations and Occupancy by Property Grouping
Consolidated Real Estate Revenues and NOI by Segment
Cash NOI by Segment
Same Properties Average Occupancy Rates by Segment
Same Properties Period End Occupancy Rates by Segment
Same Properties Real Estate Revenues and NOI by Segment
Same Properties Cash NOI by Segment
Leasing
Lease Expiration Analysis
2022 Core Portfolio Quarterly Lease Expiration Analysis
Top 20 Tenants
Investing Activity:Section IV
Property Dispositions
Summary of Development Projects
Development Placed in Service
Summary of Land Owned/Controlled
Capitalization:Section V
Capitalization Overview
Summary of Outstanding Debt
Debt Analysis
Consolidated Real Estate Joint Ventures
Unconsolidated Real Estate Joint Ventures
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 & DefinitionsSection VI
Supplementary Reconciliations of Non-GAAP Measures
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Definitions
Earnings Release:




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 June 30, 2022, we derived 90% of our core portfolio annualized rental revenue from Defense/IT Locations and 10% from Regional Office Properties. As of June 30, 2022, our core portfolio of 186 properties, including 19 owned through unconsolidated joint ventures, encompassed 21.9 million square feet and was 93.7% leased.

ManagementInvestor Relations
Stephen E. Budorick, President + CEO
Michelle Layne, Manager of IR
Todd Hartman, EVP + COO
443.285.5452 // michelle.layne@copt.com
Anthony Mifsud, EVP + CFO
 
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.
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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
BTIGTom Catherwood212-738-6410tcatherwood@btig.com
Capital One SecuritiesChris Lucas571-633-8151christopher.lucas@capitalone.com
Citigroup Global Markets Michael Griffin 212-816-5871 michael.a.griffin@citi.com
Evercore ISISteve Sakwa212-446-9462steve.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
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 Anderson646-521-2351randerson@smbcnikko-si.com
Truist Securities Michael Lewis 212-319-5659 michael.r.lewis@truist.com
Wells Fargo SecuritiesBlaine Heck443-263-6529blaine.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.
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Corporate Office Properties Trust
Selected Financial Summary Data
(in thousands, except per share data)
 PageThree Months EndedSix Months Ended
SUMMARY OF RESULTS Refer.6/30/223/31/2212/31/219/30/216/30/216/30/226/30/21
Net income6$33,595 $60,824 $14,965 $28,794 $43,898 $94,419 $37,819 
NOI from real estate operations13$90,210 $87,188 $90,523 $90,460 $90,780 $177,398 $179,887 
Same Properties NOI16$82,094 $80,350 $82,024 $84,595 $84,426 $162,444 $166,590 
Same Properties cash NOI17$81,641 $79,567 $83,688 $83,927 $83,648 $161,208 $162,298 
Adjusted EBITDA10$85,298 $82,238 $84,681 $83,991 $85,186 $167,536 $168,524 
Diluted AFFO avail. to common share and unit holders9$50,427 $48,425 $32,823 $53,635 $54,781 $98,852 $106,771 
Dividend per common shareN/A$0.275 $0.275 $0.275 $0.275 $0.275 $0.550 $0.550 
Per share - diluted:      
EPS8$0.29 $0.52 $0.12 $0.24 $0.38 $0.81 $0.32 
FFO - Nareit8$0.59 $0.58 $0.21 $0.56 $0.35 $1.17 $0.63 
FFO - as adjusted for comparability8$0.59 $0.58 $0.58 $0.57 $0.58 $1.17 $1.14 
Numerators for diluted per share amounts:
Diluted EPS6$32,205 $59,099 $13,546 $26,933 $42,256 $91,301 $35,504 
Diluted FFO available to common share and unit holders7$67,447 $65,652 $24,344 $63,898 $40,212 $133,099 $71,270 
Diluted FFO available to common share and unit holders, as adjusted for comparability7$67,584 $65,992 $65,458 $65,179 $65,605 $133,576 $129,662 
Payout ratios:      
Diluted FFON/A46.3%47.6%128.0%48.8%77.5%47.0%87.4%
Diluted FFO - as adjusted for comparabilityN/A46.3%47.4%47.6%47.8%47.5%46.8%48.1%
Diluted AFFON/A62.0%64.5%95.0%58.1%56.9%63.2%58.4%
CAPITALIZATION     
Total Market Capitalization28$5,189,816 $5,437,327 $5,479,985 $5,251,729 $5,315,385 
Total Equity Market Capitalization28$2,988,148 $3,255,815 $3,181,699 $3,069,056 $3,184,310 
Gross debt29$2,227,918 $2,207,762 $2,324,536 $2,208,923 $2,157,325 
Net debt to adjusted book3139.4%39.7%40.5%39.4%39.4%N/AN/A
Adjusted EBITDA fixed charge coverage ratio315.3x5.2x4.9x4.8x4.9x5.3x4.6x
Net debt to in-place adj. EBITDA ratio316.4x6.6x6.7x6.3x6.3xN/AN/A
Pro forma net debt to in-place adjusted EBITDA ratio (1)31N/AN/A6.3xN/AN/AN/AN/A
Net debt adjusted for fully-leased development to in-place adj. EBITDA ratio315.8x6.1x6.2x5.9x5.8xN/AN/A
Pro forma net debt adj. for fully-leased development to in-place adj. EBITDA ratio (1)31N/AN/A5.8xN/AN/AN/AN/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.
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Corporate Office Properties Trust
Selected Portfolio Data (1)

 6/30/223/31/2212/31/219/30/216/30/21
# of Properties
Total Portfolio188188186186184
Consolidated Portfolio169169167167165
Core Portfolio186186184184182
Same Properties176176176176176
% Occupied
Total Portfolio91.6 %92.0 %92.4 %93.3 %93.2 %
Consolidated Portfolio90.2 %90.7 %91.1 %92.2 %92.0 %
Core Portfolio 91.8 %92.2 %92.6 %93.5 %93.4 %
Same Properties91.6 %92.0 %92.6 %93.3 %93.3 %
% Leased
Total Portfolio93.6 %93.9 %94.2 %94.6 %94.1 %
Consolidated Portfolio92.5 %92.8 %93.2 %93.7 %93.0 %
Core Portfolio 93.7 %94.1 %94.4 %94.8 %94.3 %
Same Properties93.6 %93.9 %94.4 %94.7 %94.2 %
Square Feet (in thousands)
Total Portfolio22,08922,00621,71021,66021,198
Consolidated Portfolio18,90718,82418,52918,47918,016
Core Portfolio21,93221,84921,55321,50321,041
Same Properties20,33420,33420,33420,33420,334

(1)Includes properties owned through unconsolidated real estate joint ventures (see page 33).

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Corporate Office Properties Trust
Consolidated Balance Sheets
(in thousands)
 6/30/223/31/2212/31/219/30/216/30/21
Assets     
Properties, net:     
Operating properties, net$3,180,790 $3,167,851 $3,090,510 $3,034,365 $2,904,129 
Development and redevelopment in progress, including land (1)258,222 194,412 196,701 151,396 201,421 
Land held (1)200,739 218,018 245,733 227,887 230,114 
Total properties, net3,639,751 3,580,281 3,532,944 3,413,648 3,335,664 
Property - operating right-of-use assets 38,056 38,566 38,361 38,854 39,333 
Property - finance right-of-use assets 2,222 2,230 2,238 40,077 40,082 
Assets held for sale, net— — 192,699 197,285 196,210 
Cash and cash equivalents20,735 19,347 13,262 14,570 17,182 
Investment in unconsolidated real estate joint ventures39,017 39,440 39,889 40,304 40,586 
Accounts receivable, net31,554 42,596 40,752 33,110 39,951 
Deferred rent receivable 121,015 114,952 108,926 102,479 99,006 
Intangible assets on property acquisitions, net12,543 13,410 14,567 15,711 16,877 
Lease incentives, net50,871 52,089 51,486 40,150 37,665 
Deferred leasing costs, net 68,004 65,660 65,850 61,939 61,911 
Investing receivables, net84,885 82,417 82,226 75,947 73,073 
Prepaid expenses and other assets, net76,540 81,038 79,252 77,064 54,492 
Total assets$4,185,193 $4,132,026 $4,262,452 $4,151,138 $4,052,032 
Liabilities and equity     
Liabilities:     
Debt $2,177,811 $2,156,784 $2,272,304 $2,159,732 $2,109,640 
Accounts payable and accrued expenses177,180 144,974 186,202 176,636 127,027 
Rents received in advance and security deposits27,745 29,082 32,262 32,092 30,893 
Dividends and distributions payable31,400 31,402 31,299 31,306 31,302 
Deferred revenue associated with operating leases8,416 8,241 9,341 8,704 9,564 
Property - operating lease liabilities29,412 29,729 29,342 29,630 29,909 
Other liabilities10,526 14,458 17,729 16,253 16,345 
Total liabilities2,462,490 2,414,670 2,578,479 2,454,353 2,354,680 
Redeemable noncontrolling interests26,752 26,820 26,898 26,006 26,040 
Equity:   
COPT’s shareholders’ equity:   
Common shares1,124 1,124 1,123 1,123 1,123 
Additional paid-in capital2,481,139 2,479,119 2,481,539 2,480,412 2,478,416 
Cumulative distributions in excess of net income(827,076)(828,473)(856,863)(839,676)(835,894)
Accumulated other comprehensive income (loss)1,806 164 (3,059)(5,347)(6,415)
Total COPT’s shareholders’ equity1,656,993 1,651,934 1,622,740 1,636,512 1,637,230 
Noncontrolling interests in subsidiaries:     
Common units in the Operating Partnership25,505 25,285 21,363 21,568 21,604 
Other consolidated entities13,453 13,317 12,972 12,699 12,478 
Total noncontrolling interests in subsidiaries38,958 38,602 34,335 34,267 34,082 
Total equity1,695,951 1,690,536 1,657,075 1,670,779 1,671,312 
Total liabilities, redeemable noncontrolling interests and equity$4,185,193 $4,132,026 $4,262,452 $4,151,138 $4,052,032 
(1)Refer to pages 25 and 27 for detail.

5

Corporate Office Properties Trust
Consolidated Statements of Operations
(in thousands)
 Three Months EndedSix Months Ended
 6/30/223/31/2212/31/219/30/216/30/216/30/226/30/21
Revenues     
Lease revenue$142,277 $141,389 $141,892 $138,032 $136,454 $283,666 $273,744 
Other property revenue969 891 756 841 765 1,860 1,305 
Construction contract and other service revenues42,557 53,200 43,284 28,046 19,988 95,757 36,546 
Total revenues185,803 195,480 185,932 166,919 157,207 381,283 311,595 
Operating expenses     
Property operating expenses54,116 57,181 56,459 52,728 50,914 111,297 104,190 
Depreciation and amortization associated with real estate operations34,812 34,264 34,504 33,807 34,732 69,076 69,232 
Construction contract and other service expenses41,304 51,650 42,089 27,089 19,082 92,954 34,875 
General and administrative expenses6,467 6,670 6,589 7,269 7,293 13,137 13,355 
Leasing expenses1,888 1,874 2,568 2,073 1,929 3,762 4,273 
Business development expenses and land carry costs701 783 1,088 1,093 1,372 1,484 2,466 
Total operating expenses139,288 152,422 143,297 124,059 115,322 291,710 228,391 
Interest expense(14,808)(14,424)(16,217)(15,720)(15,942)(29,232)(33,461)
Interest and other income1,818 1,893 1,968 1,818 2,228 3,711 4,093 
Credit loss (expense) recoveries(225)316 88 326 (193)91 714 
Gain on sales of real estate(19)15 25,879 (32)40,233 (4)39,743 
Loss on early extinguishment of debt— (342)(41,073)(1,159)(25,228)(342)(58,394)
Income from continuing operations before equity in income of unconsolidated entities and income taxes33,281 30,516 13,280 28,093 42,983 63,797 35,899 
Equity in income of unconsolidated entities318 888 314 297 260 1,206 482 
Income tax expense(4)(153)(42)(47)(24)(157)(56)
Income from continuing operations33,595 31,251 13,552 28,343 43,219 64,846 36,325 
Discontinued operations— 29,573 1,413 451 679 29,573 1,494 
Net income 33,595 60,824 14,965 28,794 43,898 94,419 37,819 
Net income attributable to noncontrolling interests:     
Common units in the Operating Partnership(496)(856)(181)(357)(559)(1,352)(474)
Other consolidated entities(789)(649)(1,076)(1,336)(938)(1,438)(1,613)
Net income attributable to COPT common shareholders$32,310 $59,319 $13,708 $27,101 $42,401 $91,629 $35,732 
Amount allocable to share-based compensation awards(75)(181)(116)(79)(125)(259)(235)
Redeemable noncontrolling interests(30)(39)(46)(89)(20)(69)
Numerator for diluted EPS$32,205 $59,099 $13,546 $26,933 $42,256 $91,301 $35,504 
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Corporate Office Properties Trust
Funds from Operations
(in thousands)
 Three Months EndedSix Months Ended
 6/30/223/31/2212/31/219/30/216/30/216/30/226/30/21
Net income $33,595 $60,824 $14,965 $28,794 $43,898 $94,419 $37,819 
Real estate-related depreciation and amortization34,812 34,264 36,346 36,611 37,555 69,076 74,876 
Gain on sales of real estate19 (28,579)(25,879)32 (40,233)(28,560)(39,743)
Depreciation and amortization on unconsolidated real estate JVs (1)525 526 526 525 476 1,051 930 
FFO - per Nareit (2)(3)68,951 67,035 25,958 65,962 41,696 135,986 73,882 
FFO allocable to other noncontrolling interests (4)(1,178)(1,042)(1,458)(1,696)(1,302)(2,220)(2,329)
Basic FFO allocable to share-based compensation awards(357)(362)(149)(313)(193)(719)(353)
Basic FFO available to common share and common unit holders (3)67,416 65,631 24,351 63,953 40,201 133,047 71,200 
Redeemable noncontrolling interests(6)(13)(68)11 (2)70 
Diluted FFO adjustments allocable to share-based compensation awards27 27 13 — 54 — 
Diluted FFO available to common share and common unit holders - per Nareit (3)67,447 65,652 24,344 63,898 40,212 133,099 71,270 
Loss on early extinguishment of debt— 342 41,073 1,159 25,228 342 58,394 
Loss on interest rate derivatives included in interest expense— — 221 — — — — 
Demolition costs on redevelopment and nonrecurring improvements— — (8)129 302 — 302 
Executive transition costs137 — — — — 137 — 
Diluted FFO comparability adjustments allocable to share-based compensation awards— (2)(172)(7)(137)(2)(304)
Diluted FFO available to common share and common unit holders, as adjusted for comparability (3)$67,584 $65,992 $65,458 $65,179 $65,605 $133,576 $129,662 

(1)FFO adjustment pertaining to COPT’s share of unconsolidated real estate joint ventures reported on page 33.
(2)See reconciliation on page 34 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 32.

7

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

 Three Months EndedSix Months Ended
 6/30/223/31/2212/31/219/30/216/30/216/30/226/30/21
EPS Denominator:     
Weighted average common shares - basic112,082 112,020 111,990 111,985 111,974 112,052 111,931 
Dilutive effect of share-based compensation awards429 426 386 375 297 427 280 
Dilutive effect of redeemable noncontrolling interests126 132 124 138 133 129 125 
Weighted average common shares - diluted112,637 112,578 112,500 112,498 112,404 112,608 112,336 
Diluted EPS$0.29 $0.52 $0.12 $0.24 $0.38 $0.81 $0.32 
Weighted Average Shares for period ended:       
Common shares112,082 112,020 111,990 111,985 111,974 112,052 111,931 
Dilutive effect of share-based compensation awards429 426 386 375 297 427 280 
Common units1,476 1,384 1,259 1,262 1,262 1,430 1,254 
Redeemable noncontrolling interests126 132 124 138 133 129 125 
Denominator for diluted FFO per share and as adjusted for comparability114,113 113,962 113,759 113,760 113,666 114,038 113,590 
Weighted average common units(1,476)(1,384)(1,259)(1,262)(1,262)(1,430)(1,254)
Denominator for diluted EPS112,637 112,578 112,500 112,498 112,404 112,608 112,336 
Diluted FFO per share - Nareit$0.59 $0.58 $0.21 $0.56 $0.35 $1.17 $0.63 
Diluted FFO per share - as adjusted for comparability$0.59 $0.58 $0.58 $0.57 $0.58 $1.17 $1.14 




8

Corporate Office Properties Trust
Adjusted Funds from Operations
(in thousands)
 Three Months EndedSix Months Ended
 6/30/223/31/2212/31/219/30/216/30/216/30/226/30/21
Diluted FFO available to common share and common unit holders, as adjusted for comparability$67,584 $65,992 $65,458 $65,179 $65,605 $133,576 $129,662 
Straight line rent adjustments and lease incentive amortization(3,198)(3,189)(3,835)(1,806)(1,288)(6,387)(4,645)
Amortization of intangibles and other assets included in NOI49 (372)40 41 41 (323)81 
Share-based compensation, net of amounts capitalized2,154 2,111 2,018 2,048 2,009 4,265 3,913 
Amortization of deferred financing costs541 597 640 736 811 1,138 1,604 
Amortization of net debt discounts, net of amounts capitalized608 605 615 567 520 1,213 1,062 
Replacement capital expenditures (1)(17,717)(17,358)(32,317)(13,331)(13,095)(35,075)(25,325)
Other406 39 204 201 178 445 419 
Diluted AFFO available to common share and common unit holders (“diluted AFFO”)$50,427 $48,425 $32,823 $53,635 $54,781 $98,852 $106,771 
Replacement capital expenditures (1)     
Tenant improvements and incentives$10,655 $10,010 $19,724 $8,654 $8,303 $20,665 $15,442 
Building improvements6,751 6,832 17,778 7,793 6,771 13,583 10,399 
Leasing costs1,748 2,270 5,863 2,939 2,805 4,018 3,934 
Net additions to (exclusions from) tenant improvements and incentives474 1,808 (5,093)(1,523)(988)2,282 1,912 
Excluded building improvements and leasing costs(1,911)(3,562)(5,955)(4,532)(3,796)(5,473)(6,362)
Replacement capital expenditures$17,717 $17,358 $32,317 $13,331 $13,095 $35,075 $25,325 

(1)Refer to the section entitled “Definitions” for a definition of this measure.
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Corporate Office Properties Trust
EBITDAre and Adjusted EBITDA
(in thousands)
 Three Months EndedSix Months Ended
 6/30/223/31/2212/31/219/30/216/30/216/30/226/30/21
Net income $33,595 $60,824 $14,965 $28,794 $43,898 $94,419 $37,819 
Interest expense14,808 14,424 16,217 15,720 15,942 29,232 33,461 
Income tax expense153 42 47 24 157 56 
Real estate-related depreciation and amortization34,812 34,264 36,346 36,611 37,555 69,076 74,876 
Other depreciation and amortization552 607 622 589 1,045 1,159 1,600 
Gain on sales of real estate19 (28,579)(25,879)32 (40,233)(28,560)(39,743)
Adjustments from unconsolidated real estate JVs760 758 763 763 711 1,518 1,404 
EBITDAre84,550 82,451 43,076 82,556 58,942 167,001 109,473 
Loss on early extinguishment of debt— 342 41,073 1,159 25,228 342 58,394 
Net gain on other investments(565)— — (63)(564)(63)
Credit loss expense (recoveries) 225 (316)(88)(326)193 (91)(714)
Business development expenses385 326 628 473 584 711 1,132 
Demolition costs on redevelopment and nonrecurring improvements— — (8)129 302 — 302 
Executive transition costs137 — — — — 137 — 
Adjusted EBITDA85,298 82,238 84,681 83,991 85,186 $167,536 $168,524 
Pro forma NOI adjustment for property changes within period127 579 — 3,240 (379)
Change in collectability of deferred rental revenue231 — — — — 
Other— — 1,578 — — 
In-place adjusted EBITDA85,656 82,817 86,259 87,231 84,807 
Pro forma NOI adjustment for sale of Wholesale Data CenterN/AN/A(3,074)N/AN/A
Pro forma in-place adjusted EBITDA$85,656 $82,817 $83,185 $87,231 $84,807 

10

Corporate Office Properties Trust
Properties by Segment (1) - 6/30/22
(square feet in thousands)
# of
Properties
Operational
Square Feet
% Occupied% Leased
Core Portfolio:
Defense/IT Locations:
Fort Meade/Baltimore Washington (“BW”) Corridor:    
National Business Park32 3,926 93.6%93.8%
Howard County35 2,861 85.5%94.3%
Other23 1,725 91.6%93.3%
Total Fort Meade/BW Corridor90 8,512 90.5%93.8%
Northern Virginia (“NoVA”) Defense/IT 16 2,503 88.2%90.9%
Lackland AFB (San Antonio, Texas)1,060 100.0%100.0%
Navy Support22 1,261 91.3%91.6%
Redstone Arsenal (Huntsville, Alabama)17 1,613 87.7%89.7%
Data Center Shells:
Consolidated Properties1,822 100.0%100.0%
Unconsolidated JV Properties (2)19 3,182 100.0%100.0%
Total Defense/IT Locations180 19,953 92.9%94.9%
Regional Office 1,979 80.2%82.2%
Core Portfolio186 21,932 91.8%93.7%
Other Properties157 75.5%75.5%
Total Portfolio188 22,089 91.6%93.6%
Consolidated Portfolio169 18,907 90.2%92.5%

(1)This presentation sets forth core portfolio data by segment followed by data for the remainder of the portfolio.
(2)See page 33 for additional disclosure regarding our unconsolidated real estate JVs.
chart-6f52fdee0a8843f7b70.jpgchart-134076a64c4d45178a8.jpg
11

Corporate Office Properties Trust
NOI from Real Estate Operations and Occupancy by Property Grouping - 6/30/22
(dollars and square feet in thousands)
 As of Period EndNOI from Real Estate Operations
# of
Properties
Operational Square Feet% Occupied (1)% Leased (1)Annualized
Rental Revenue (2)
% of Total
Annualized
Rental Revenue (2)
Property GroupingThree Months EndedSix Months Ended
Core Portfolio:
Same Properties: (3)
Consolidated properties157 17,427 90.4%92.7%$523,941 90.7 %$80,837 $159,956 
Unconsolidated real estate JV 17 2,750 100.0%100.0%4,023 0.7 %924 1,850 
Total Same Properties in Core Portfolio174 20,177 91.7%93.7%527,964 91.4 %81,761 161,806 
Properties Placed in Service (4)10 1,323 89.3%91.9%43,884 7.6 %7,688 13,150 
Other unconsolidated JV properties (5)432 100.0%100.0%654 0.1 %152 308 
Total Core Portfolio186 21,932 91.8%93.7%572,502 99.1 %89,601 175,264 
Wholesale Data Center (6)N/AN/AN/AN/AN/AN/A50 1,005 
Other157 75.5%75.5%5,396 0.9 %559 1,129 
Total Portfolio 188 22,089 91.6%93.6%$577,898 100.0 %$90,210 $177,398 
Consolidated Portfolio169 18,907 90.2%92.5%$573,221 99.2 %$89,130 $175,238 
As of Period EndNOI from Real Estate Operations
# of
Properties
Operational Square Feet% Occupied (1)% Leased (1)Annualized
Rental Revenue (2)
% of Core
Annualized
Rental Revenue (2)
Property GroupingThree Months EndedSix Months Ended
Core Portfolio:
Defense/IT Locations:
Consolidated properties161 16,771 91.6%93.9%$508,281 88.8 %$82,028 $159,459 
Unconsolidated real estate JVs19 3,182 100.0%100.0%4,677 0.8 %1,080 2,160 
Total Defense/IT Locations180 19,953 92.9%94.9%512,958 89.6 %83,108 161,619 
Regional Office1,979 80.2%82.2%59,544 10.4 %6,493 13,645 
Total Core Portfolio186 21,932 91.8%93.7%$572,502 100.0 %$89,601 $175,264 

(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 EndedSix Months Ended
 6/30/223/31/2212/31/219/30/216/30/216/30/226/30/21
Consolidated real estate revenues     
Defense/IT Locations:
Fort Meade/BW Corridor$67,589 $67,214 $64,805 $66,029 $64,840 $134,803 $131,286 
NoVA Defense/IT 18,103 18,576 17,965 16,077 15,626 36,679 31,811 
Lackland Air Force Base15,129 14,713 16,994 14,519 13,688 29,842 26,243 
Navy Support8,085 8,169 8,356 8,558 8,445 16,254 16,843 
Redstone Arsenal9,308 9,195 9,555 9,144 8,775 18,503 17,028 
Data Center Shells-Consolidated9,140 7,505 7,812 6,913 8,070 16,645 16,857 
Total Defense/IT Locations127,354 125,372 125,487 121,240 119,444 252,726 240,068 
Regional Office 14,121 15,082 15,410 16,024 15,970 29,203 31,673 
Wholesale Data Center— 1,980 8,235 7,717 7,204 1,980 14,538 
Other1,771 1,826 1,751 1,609 1,805 3,597 3,308 
Consolidated real estate revenues$143,246 $144,260 $150,883 $146,590 $144,423 $287,506 $289,587 
NOI     
Defense/IT Locations:
Fort Meade/BW Corridor$44,090 $41,430 $41,625 $43,073 $43,126 $85,520 $84,901 
NoVA Defense/IT 11,946 11,707 11,763 9,747 9,709 23,653 19,558 
Lackland Air Force Base7,609 7,641 7,774 7,584 6,182 15,250 11,863 
Navy Support4,755 4,698 4,853 5,104 5,218 9,453 10,183 
Redstone Arsenal5,677 5,460 6,462 6,141 5,807 11,137 11,506 
Data Center Shells:
Consolidated properties7,951 6,495 6,242 6,256 7,293 14,446 14,998 
COPT’s share of unconsolidated real estate JVs1,080 1,080 1,079 1,060 973 2,160 1,890 
Total Defense/IT Locations83,108 78,511 79,798 78,965 78,308 161,619 154,899 
Regional Office 6,493 7,152 7,066 7,979 8,507 13,645 17,006 
Wholesale Data Center50 955 3,074 3,105 3,376 1,005 6,887 
Other559 570 585 411 589 1,129 1,095 
NOI from real estate operations$90,210 $87,188 $90,523 $90,460 $90,780 $177,398 $179,887 


13

Corporate Office Properties Trust
Cash NOI by Segment
(in thousands)
 Three Months EndedSix Months Ended
 6/30/223/31/2212/31/219/30/216/30/216/30/226/30/21
Cash NOI     
Defense/IT Locations:
Fort Meade/BW Corridor$43,613 $41,271 $42,666 $42,301 $42,514 $84,884 $82,180 
NoVA Defense/IT10,260 10,150 10,187 10,088 10,205 20,410 19,991 
Lackland Air Force Base7,666 7,711 7,793 6,637 6,122 15,377 12,121 
Navy Support4,922 4,846 4,981 5,381 5,394 9,768 10,359 
Redstone Arsenal4,789 4,593 5,162 5,262 4,890 9,382 9,596 
Data Center Shells:
Consolidated properties6,528 5,468 5,430 5,426 6,261 11,996 12,766 
COPT’s share of unconsolidated real estate JVs988 982 975 951 871 1,970 1,687 
Total Defense/IT Locations78,766 75,021 77,194 76,046 76,257 153,787 148,700 
Regional Office6,114 5,157 6,167 6,675 7,079 11,271 13,963 
Wholesale Data Center50 964 3,122 3,138 3,403 1,014 6,948 
Other638 599 658 447 659 1,237 1,237 
Cash NOI from real estate operations85,568 81,741 87,141 86,306 87,398 167,309 170,848 
Straight line rent adjustments and lease incentive amortization2,859 2,921 2,521 2,148 1,692 5,780 5,698 
Amortization of acquired above- and below-market rents97 519 100 99 98 616 197 
Amortization of intangibles and other assets to property operating expenses(147)(146)(139)(140)(139)(293)(278)
Lease termination fees, net399 221 (893)853 1,094 620 2,456 
Tenant funded landlord assets and lease incentives1,342 1,834 1,689 1,085 535 3,176 763 
Cash NOI adjustments in unconsolidated real estate JVs92 98 104 109 102 190 203 
NOI from real estate operations$90,210 $87,188 $90,523 $90,460 $90,780 $177,398