Exhibit 99.1

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Corporate Office Properties Trust

Supplemental Information & Earnings Release - Unaudited

For the Three Months Ended 6/30/22

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						20
2022 Core Portfolio Quarterly Lease Expiration Analysis						22
Top 20 Tenants						23
Investing Activity:						Section IV
Property Dispositions						24
Summary of Development Projects						25
Development Placed in Service						26
Summary of Land Owned/Controlled						27
Capitalization:						Section V
Capitalization Overview						28
Summary of Outstanding Debt						29
Debt Analysis						31
Consolidated Real Estate Joint Ventures						32
Unconsolidated Real Estate Joint Ventures						33						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						34
Definitions						38
Earnings Release:						i

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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.

Management						Investor 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

BTIG

Tom Catherwood

212-738-6410

tcatherwood@btig.com

Capital One Securities

Chris Lucas

571-633-8151

christopher.lucas@capitalone.com

Citigroup Global Markets

Michael Griffin

212-816-5871

michael.a.griffin@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

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.

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Corporate Office Properties Trust

Selected Financial Summary Data

(in thousands, except per share data)

						Page						Three Months Ended																														Six Months Ended
SUMMARY OF RESULTS						Refer.						6/30/22						3/31/22						12/31/21						9/30/21						6/30/21						6/30/22						6/30/21
Net income						6						$	33,595					$	60,824					$	14,965					$	28,794					$	43,898					$	94,419					$	37,819
NOI from real estate operations						13						$	90,210					$	87,188					$	90,523					$	90,460					$	90,780					$	177,398					$	179,887
Same Properties NOI						16						$	82,094					$	80,350					$	82,024					$	84,595					$	84,426					$	162,444					$	166,590
Same Properties cash NOI						17						$	81,641					$	79,567					$	83,688					$	83,927					$	83,648					$	161,208					$	162,298
Adjusted EBITDA						10						$	85,298					$	82,238					$	84,681					$	83,991					$	85,186					$	167,536					$	168,524
Diluted AFFO avail. to common share and unit holders						9						$	50,427					$	48,425					$	32,823					$	53,635					$	54,781					$	98,852					$	106,771
Dividend per common share						N/A						$	0.275					$	0.275					$	0.275					$	0.275					$	0.275					$	0.550					$	0.550
Per share - diluted:
EPS						8						$	0.29					$	0.52					$	0.12					$	0.24					$	0.38					$	0.81					$	0.32
FFO - Nareit						8						$	0.59					$	0.58					$	0.21					$	0.56					$	0.35					$	1.17					$	0.63
FFO - as adjusted for comparability						8						$	0.59					$	0.58					$	0.58					$	0.57					$	0.58					$	1.17					$	1.14
Numerators for diluted per share amounts:
Diluted EPS						6						$	32,205					$	59,099					$	13,546					$	26,933					$	42,256					$	91,301					$	35,504
Diluted FFO available to common share and unit holders						7						$	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 comparability						7						$	67,584					$	65,992					$	65,458					$	65,179					$	65,605					$	133,576					$	129,662
Payout ratios:
Diluted FFO						N/A						46.3%						47.6%						128.0%						48.8%						77.5%						47.0%						87.4%
Diluted FFO - as adjusted for comparability						N/A						46.3%						47.4%						47.6%						47.8%						47.5%						46.8%						48.1%
Diluted AFFO						N/A						62.0%						64.5%						95.0%						58.1%						56.9%						63.2%						58.4%
CAPITALIZATION
Total Market Capitalization						28						$	5,189,816					$	5,437,327					$	5,479,985					$	5,251,729					$	5,315,385
Total Equity Market Capitalization						28						$	2,988,148					$	3,255,815					$	3,181,699					$	3,069,056					$	3,184,310
Gross debt						29						$	2,227,918					$	2,207,762					$	2,324,536					$	2,208,923					$	2,157,325
Net debt to adjusted book						31						39.4%						39.7%						40.5%						39.4%						39.4%						N/A						N/A
Adjusted EBITDA fixed charge coverage ratio						31						5.3x						5.2x						4.9x						4.8x						4.9x						5.3x						4.6x
Net debt to in-place adj. EBITDA ratio						31						6.4x						6.6x						6.7x						6.3x						6.3x						N/A						N/A
Pro forma net debt to in-place adjusted EBITDA ratio (1)						31						N/A						N/A						6.3x						N/A						N/A						N/A						N/A
Net debt adjusted for fully-leased development to in-place adj. EBITDA ratio						31						5.8x						6.1x						6.2x						5.9x						5.8x						N/A						N/A
Pro forma net debt adj. for fully-leased development to in-place adj. EBITDA ratio (1)						31						N/A						N/A						5.8x						N/A						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.

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Corporate Office Properties Trust

Selected Portfolio Data (1)

			6/30/22						3/31/22						12/31/21						9/30/21						6/30/21
# of Properties
Total Portfolio			188						188						186						186						184
Consolidated Portfolio			169						169						167						167						165
Core Portfolio			186						186						184						184						182
Same Properties			176						176						176						176						176
% Occupied
Total Portfolio			91.6		%				92.0		%				92.4		%				93.3		%				93.2		%
Consolidated Portfolio			90.2		%				90.7		%				91.1		%				92.2		%				92.0		%
Core Portfolio			91.8		%				92.2		%				92.6		%				93.5		%				93.4		%
Same Properties			91.6		%				92.0		%				92.6		%				93.3		%				93.3		%
% Leased
Total Portfolio			93.6		%				93.9		%				94.2		%				94.6		%				94.1		%
Consolidated Portfolio			92.5		%				92.8		%				93.2		%				93.7		%				93.0		%
Core Portfolio			93.7		%				94.1		%				94.4		%				94.8		%				94.3		%
Same Properties			93.6		%				93.9		%				94.4		%				94.7		%				94.2		%
Square Feet (in thousands)
Total Portfolio			22,089						22,006						21,710						21,660						21,198
Consolidated Portfolio			18,907						18,824						18,529						18,479						18,016
Core Portfolio			21,932						21,849						21,553						21,503						21,041
Same Properties			20,334						20,334						20,334						20,334						20,334

(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)

			6/30/22						3/31/22						12/31/21						9/30/21						6/30/21
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, net			3,639,751						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 equivalents			20,735						19,347						13,262						14,570						17,182
Investment in unconsolidated real estate joint ventures			39,017						39,440						39,889						40,304						40,586
Accounts receivable, net			31,554						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, net			12,543						13,410						14,567						15,711						16,877
Lease incentives, net			50,871						52,089						51,486						40,150						37,665
Deferred leasing costs, net			68,004						65,660						65,850						61,939						61,911
Investing receivables, net			84,885						82,417						82,226						75,947						73,073
Prepaid expenses and other assets, net			76,540						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 expenses			177,180						144,974						186,202						176,636						127,027
Rents received in advance and security deposits			27,745						29,082						32,262						32,092						30,893
Dividends and distributions payable			31,400						31,402						31,299						31,306						31,302
Deferred revenue associated with operating leases			8,416						8,241						9,341						8,704						9,564
Property - operating lease liabilities			29,412						29,729						29,342						29,630						29,909
Other liabilities			10,526						14,458						17,729						16,253						16,345
Total liabilities			2,462,490						2,414,670						2,578,479						2,454,353						2,354,680
Redeemable noncontrolling interests			26,752						26,820						26,898						26,006						26,040
Equity:
COPT’s shareholders’ equity:
Common shares			1,124						1,124						1,123						1,123						1,123
Additional paid-in capital			2,481,139						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’ equity			1,656,993						1,651,934						1,622,740						1,636,512						1,637,230
Noncontrolling interests in subsidiaries:
Common units in the Operating Partnership			25,505						25,285						21,363						21,568						21,604
Other consolidated entities			13,453						13,317						12,972						12,699						12,478
Total noncontrolling interests in subsidiaries			38,958						38,602						34,335						34,267						34,082
Total equity			1,695,951						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.

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Corporate Office Properties Trust

Consolidated Statements of Operations

(in thousands)

			Three Months Ended																														Six Months Ended
			6/30/22						3/31/22						12/31/21						9/30/21						6/30/21						6/30/22						6/30/21
Revenues
Lease revenue			$	142,277					$	141,389					$	141,892					$	138,032					$	136,454					$	283,666					$	273,744
Other property revenue			969						891						756						841						765						1,860						1,305
Construction contract and other service revenues			42,557						53,200						43,284						28,046						19,988						95,757						36,546
Total revenues			185,803						195,480						185,932						166,919						157,207						381,283						311,595
Operating expenses
Property operating expenses			54,116						57,181						56,459						52,728						50,914						111,297						104,190
Depreciation and amortization associated with real estate operations			34,812						34,264						34,504						33,807						34,732						69,076						69,232
Construction contract and other service expenses			41,304						51,650						42,089						27,089						19,082						92,954						34,875
General and administrative expenses			6,467						6,670						6,589						7,269						7,293						13,137						13,355
Leasing expenses			1,888						1,874						2,568						2,073						1,929						3,762						4,273
Business development expenses and land carry costs			701						783						1,088						1,093						1,372						1,484						2,466
Total operating expenses			139,288						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 income			1,818						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 taxes			33,281						30,516						13,280						28,093						42,983						63,797						35,899
Equity in income of unconsolidated entities			318						888						314						297						260						1,206						482
Income tax expense			(4)						(153)						(42)						(47)						(24)						(157)						(56)
Income from continuing operations			33,595						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)						7
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 Ended																														Six Months Ended
			6/30/22						3/31/22						12/31/21						9/30/21						6/30/21						6/30/22						6/30/21
Net income			$	33,595					$	60,824					$	14,965					$	28,794					$	43,898					$	94,419					$	37,819
Real estate-related depreciation and amortization			34,812						34,264						36,346						36,611						37,555						69,076						74,876
Gain on sales of real estate			19						(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			4						(6)						(13)						(68)						11						(2)						70
Diluted FFO adjustments allocable to share-based compensation awards			27						27						6						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 costs			137						—						—						—						—						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.

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Corporate Office Properties Trust

Diluted Share and Unit Computations

(in thousands, except per share data)

			Three Months Ended																														Six Months Ended
			6/30/22						3/31/22						12/31/21						9/30/21						6/30/21						6/30/22						6/30/21
EPS Denominator:
Weighted average common shares - basic			112,082						112,020						111,990						111,985						111,974						112,052						111,931
Dilutive effect of share-based compensation awards			429						426						386						375						297						427						280
Dilutive effect of redeemable noncontrolling interests			126						132						124						138						133						129						125
Weighted average common shares - diluted			112,637						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 shares			112,082						112,020						111,990						111,985						111,974						112,052						111,931
Dilutive effect of share-based compensation awards			429						426						386						375						297						427						280
Common units			1,476						1,384						1,259						1,262						1,262						1,430						1,254
Redeemable noncontrolling interests			126						132						124						138						133						129						125
Denominator for diluted FFO per share and as adjusted for comparability			114,113						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 EPS			112,637						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

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Corporate Office Properties Trust

Adjusted Funds from Operations

(in thousands)

			Three Months Ended																														Six Months Ended
			6/30/22						3/31/22						12/31/21						9/30/21						6/30/21						6/30/22						6/30/21
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 NOI			49						(372)						40						41						41						(323)						81
Share-based compensation, net of amounts capitalized			2,154						2,111						2,018						2,048						2,009						4,265						3,913
Amortization of deferred financing costs			541						597						640						736						811						1,138						1,604
Amortization of net debt discounts, net of amounts capitalized			608						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)
Other			406						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 improvements			6,751						6,832						17,778						7,793						6,771						13,583						10,399
Leasing costs			1,748						2,270						5,863						2,939						2,805						4,018						3,934
Net additions to (exclusions from) tenant improvements and incentives			474						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 Ended																														Six Months Ended
			6/30/22						3/31/22						12/31/21						9/30/21						6/30/21						6/30/22						6/30/21
Net income			$	33,595					$	60,824					$	14,965					$	28,794					$	43,898					$	94,419					$	37,819
Interest expense			14,808						14,424						16,217						15,720						15,942						29,232						33,461
Income tax expense			4						153						42						47						24						157						56
Real estate-related depreciation and amortization			34,812						34,264						36,346						36,611						37,555						69,076						74,876
Other depreciation and amortization			552						607						622						589						1,045						1,159						1,600
Gain on sales of real estate			19						(28,579)						(25,879)						32						(40,233)						(28,560)						(39,743)
Adjustments from unconsolidated real estate JVs			760						758						763						763						711						1,518						1,404
EBITDAre			84,550						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			1						(565)						—						—						(63)						(564)						(63)
Credit loss expense (recoveries)			225						(316)						(88)						(326)						193						(91)						(714)
Business development expenses			385						326						628						473						584						711						1,132
Demolition costs on redevelopment and nonrecurring improvements			—						—						(8)						129						302						—						302
Executive transition costs			137						—						—						—						—						137						—
Adjusted EBITDA			85,298						82,238						84,681						83,991						85,186						$	167,536					$	168,524
Pro forma NOI adjustment for property changes within period			127						579						—						3,240						(379)
Change in collectability of deferred rental revenue			231						—						—						—						—
Other			—						—						1,578						—						—
In-place adjusted EBITDA			85,656						82,817						86,259						87,231						84,807
Pro forma NOI adjustment for sale of Wholesale Data Center			N/A						N/A						(3,074)						N/A						N/A
Pro forma in-place adjusted EBITDA			$	85,656					$	82,817					$	83,185					$	87,231					$	84,807

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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 Park						32						3,926						93.6%						93.8%
Howard County						35						2,861						85.5%						94.3%
Other						23						1,725						91.6%						93.3%
Total Fort Meade/BW Corridor						90						8,512						90.5%						93.8%
Northern Virginia (“NoVA”) Defense/IT						16						2,503						88.2%						90.9%
Lackland AFB (San Antonio, Texas)						8						1,060						100.0%						100.0%
Navy Support						22						1,261						91.3%						91.6%
Redstone Arsenal (Huntsville, Alabama)						17						1,613						87.7%						89.7%
Data Center Shells:
Consolidated Properties						8						1,822						100.0%						100.0%
Unconsolidated JV Properties (2)						19						3,182						100.0%						100.0%
Total Defense/IT Locations						180						19,953						92.9%						94.9%
Regional Office						6						1,979						80.2%						82.2%
Core Portfolio						186						21,932						91.8%						93.7%
Other Properties						2						157						75.5%						75.5%
Total Portfolio						188						22,089						91.6%						93.6%
Consolidated Portfolio						169						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.

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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 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						Six Months Ended
Core Portfolio:
Same Properties: (3)
Consolidated properties						157						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 Portfolio						174						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)						2						432						100.0%						100.0%						654						0.1		%				152						308
Total Core Portfolio						186						21,932						91.8%						93.7%						572,502						99.1		%				89,601						175,264
Wholesale Data Center (6)						N/A						N/A						N/A						N/A						N/A						N/A						50						1,005
Other						2						157						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 Portfolio						169						18,907						90.2%						92.5%						$	573,221					99.2		%				$	89,130					$	175,238
						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						Six Months Ended
Core Portfolio:
Defense/IT Locations:
Consolidated properties						161						16,771						91.6%						93.9%						$	508,281					88.8		%				$	82,028					$	159,459
Unconsolidated real estate JVs						19						3,182						100.0%						100.0%						4,677						0.8		%				1,080						2,160
Total Defense/IT Locations						180						19,953						92.9%						94.9%						512,958						89.6		%				83,108						161,619
Regional Office						6						1,979						80.2%						82.2%						59,544						10.4		%				6,493						13,645
Total Core Portfolio						186						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.

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Corporate Office Properties Trust

Consolidated Real Estate Revenues and NOI by Segment

(in thousands)

			Three Months Ended																														Six Months Ended
			6/30/22						3/31/22						12/31/21						9/30/21						6/30/21						6/30/22						6/30/21
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 Base			15,129						14,713						16,994						14,519						13,688						29,842						26,243
Navy Support			8,085						8,169						8,356						8,558						8,445						16,254						16,843
Redstone Arsenal			9,308						9,195						9,555						9,144						8,775						18,503						17,028
Data Center Shells-Consolidated			9,140						7,505						7,812						6,913						8,070						16,645						16,857
Total Defense/IT Locations			127,354						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
Other			1,771						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 Base			7,609						7,641						7,774						7,584						6,182						15,250						11,863
Navy Support			4,755						4,698						4,853						5,104						5,218						9,453						10,183
Redstone Arsenal			5,677						5,460						6,462						6,141						5,807						11,137						11,506
Data Center Shells:
Consolidated properties			7,951						6,495						6,242						6,256						7,293						14,446						14,998
COPT’s share of unconsolidated real estate JVs			1,080						1,080						1,079						1,060						973						2,160						1,890
Total Defense/IT Locations			83,108						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 Center			50						955						3,074						3,105						3,376						1,005						6,887
Other			559						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

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Corporate Office Properties Trust

Cash NOI by Segment

(in thousands)

			Three Months Ended																														Six Months Ended
			6/30/22						3/31/22						12/31/21						9/30/21						6/30/21						6/30/22						6/30/21
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/IT			10,260						10,150						10,187						10,088						10,205						20,410						19,991
Lackland Air Force Base			7,666						7,711						7,793						6,637						6,122						15,377						12,121
Navy Support			4,922						4,846						4,981						5,381						5,394						9,768						10,359
Redstone Arsenal			4,789						4,593						5,162						5,262						4,890						9,382						9,596
Data Center Shells:
Consolidated properties			6,528						5,468						5,430						5,426						6,261						11,996						12,766
COPT’s share of unconsolidated real estate JVs			988						982						975						951						871						1,970						1,687
Total Defense/IT Locations			78,766						75,021						77,194						76,046						76,257						153,787						148,700
Regional Office			6,114						5,157						6,167						6,675						7,079						11,271						13,963
Wholesale Data Center			50						964						3,122						3,138						3,403						1,014						6,948
Other			638						599						658						447						659						1,237						1,237
Cash NOI from real estate operations			85,568						81,741						87,141						86,306						87,398						167,309						170,848
Straight line rent adjustments and lease incentive amortization			2,859						2,921						2,521						2,148						1,692						5,780						5,698
Amortization of acquired above- and below-market rents			97						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, net			399						221						(893)						853						1,094						620						2,456
Tenant funded landlord assets and lease incentives			1,342						1,834						1,689						1,085						535						3,176						763
Cash NOI adjustments in unconsolidated real estate JVs			92						98						104						109						102						190						203
NOI from real estate operations			$	90,210					$	87,188					$	90,523					$	90,460					$	90,780					$	177,398