Document


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
2023 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

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 September 30, 2022, we derived 90% of our core portfolio annualized rental revenue from Defense/IT Locations and 10% from Regional Office Properties. As of September 30, 2022, our core portfolio of 186 properties, including 19 owned through unconsolidated joint ventures, encompassed 21.9 million square feet and was 95.0% leased.

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.

Firm

Senior Analyst

Phone

Bank of America Securities

Camille Bonnel

416-369-2140

camille.bonnel@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.

Jon Petersen

212-284-1705

jpetersen@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



	Page	Three Months Ended										Nine Months Ended
SUMMARY OF RESULTS	Refer.	9/30/22		6/30/22		3/31/22		12/31/21		9/30/21		9/30/22		9/30/21
Net income	6	$	32,316	$	33,595	$	60,824	$	14,965	$	28,794	$	126,735	$	66,613
NOI from real estate operations	13	$	91,096	$	90,210	$	87,188	$	90,523	$	90,460	$	268,494	$	270,347
Same Properties NOI	16	$	82,579	$	82,094	$	80,350	$	82,024	$	84,595	$	245,023	$	251,185
Same Properties cash NOI	17	$	82,711	$	81,641	$	79,567	$	83,688	$	83,927	$	243,919	$	246,225
Adjusted EBITDA	10	$	86,386	$	85,298	$	82,238	$	84,681	$	83,991	$	253,922	$	252,515

Diluted AFFO avail. to common share and unit holders	9	$	53,439	$	50,427	$	48,425	$	32,823	$	53,635	$	152,291	$	160,433
Dividend per common share	N/A	$	0.275	$	0.275	$	0.275	$	0.275	$	0.275	$	0.825	$	0.825

Per share - diluted:
EPS	8	$	0.27	$	0.29	$	0.52	$	0.12	$	0.24	$	1.08	$	0.56
FFO - Nareit	8	$	0.58	$	0.59	$	0.58	$	0.21	$	0.56	$	1.75	$	1.19
FFO - as adjusted for comparability	8	$	0.58	$	0.59	$	0.58	$	0.58	$	0.57	$	1.75	$	1.71

Numerators for diluted per share amounts:
Diluted EPS	6	$	30,806	$	32,205	$	59,099	$	13,546	$	26,933	$	122,107	$	62,431
Diluted FFO available to common share and unit holders	7	$	66,391	$	67,447	$	65,652	$	24,344	$	63,898	$	199,490	$	135,184
Diluted FFO available to common share and unit holders, as adjusted for comparability	7	$	66,595	$	67,584	$	65,992	$	65,458	$	65,179	$	200,171	$	194,868

Payout ratios:
Diluted FFO	N/A	47.1%		46.3%		47.6%		128.0%		48.8%		47.0%		69.2%
Diluted FFO - as adjusted for comparability	N/A	46.9%		46.3%		47.4%		47.6%		47.8%		46.8%		48.0%
Diluted AFFO	N/A	58.5%		62.0%		64.5%		95.0%		58.1%		61.6%		58.3%


CAPITALIZATION
Total Market Capitalization	28	$	4,943,129	$	5,189,816	$	5,437,327	$	5,479,985	$	5,251,729
Total Equity Market Capitalization	28	$	2,650,311	$	2,988,148	$	3,255,815	$	3,181,699	$	3,069,056
Gross debt	29	$	2,319,068	$	2,227,918	$	2,207,762	$	2,324,536	$	2,208,923
Net debt to adjusted book	31	40.3%		39.4%		39.7%		40.5%		39.4%		N/A		N/A



Adjusted EBITDA fixed charge coverage ratio	31	5.1x		5.3x		5.2x		4.9x		4.8x		5.2x		4.7x

Net debt to in-place adj. EBITDA ratio	31	6.7x		6.4x		6.6x		6.7x		6.3x		N/A		N/A
Pro forma net debt to in-place adjusted EBITDA ratio (1)	31	N/A		N/A		N/A		6.3x		N/A		N/A		N/A
Net debt adjusted for fully-leased development to in-place adj. EBITDA ratio	31	5.9x		5.8x		6.1x		6.2x		5.9x		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		N/A		5.8x		N/A		N/A		N/A


	9/30/22		6/30/22		3/31/22		12/31/21		9/30/21
# of Properties
Total Portfolio	188		188		188		186		186
Consolidated Portfolio	169		169		169		167		167
Core Portfolio	186		186		186		184		184
Same Properties	176		176		176		176		176

% Occupied
Total Portfolio	92.7	%	91.6	%	92.0	%	92.4	%	93.3	%
Consolidated Portfolio	91.4	%	90.2	%	90.7	%	91.1	%	92.2	%
Core Portfolio	92.8	%	91.8	%	92.2	%	92.6	%	93.5	%
Same Properties	92.7	%	91.6	%	92.0	%	92.6	%	93.3	%

% Leased
Total Portfolio	94.9	%	93.6	%	93.9	%	94.2	%	94.6	%
Consolidated Portfolio	94.0	%	92.5	%	92.8	%	93.2	%	93.7	%
Core Portfolio	95.0	%	93.7	%	94.1	%	94.4	%	94.8	%
Same Properties	94.9	%	93.6	%	93.9	%	94.4	%	94.7	%

Square Feet (in thousands)
Total Portfolio	22,085		22,089		22,006		21,710		21,660
Consolidated Portfolio	18,903		18,907		18,824		18,529		18,479
Core Portfolio	21,928		21,932		21,849		21,553		21,503
Same Properties	20,330		20,330		20,330		20,330		20,330


	9/30/22		6/30/22		3/31/22		12/31/21		9/30/21
Assets
Properties, net:
Operating properties, net	$	3,169,992	$	3,180,790	$	3,167,851	$	3,090,510	$	3,034,365
Development and redevelopment in progress, including land (1)	320,354		258,222		194,412		196,701		151,396
Land held (1)	201,065		200,739		218,018		245,733		227,887
Total properties, net	3,691,411		3,639,751		3,580,281		3,532,944		3,413,648
Property - operating right-of-use assets	37,541		38,056		38,566		38,361		38,854
Property - finance right-of-use assets	2,214		2,222		2,230		2,238		40,077
Assets held for sale, net	—		—		—		192,699		197,285
Cash and cash equivalents	12,643		20,735		19,347		13,262		14,570
Investment in unconsolidated real estate joint ventures	38,644		39,017		39,440		39,889		40,304
Accounts receivable, net	39,720		31,554		42,596		40,752		33,110
Deferred rent receivable	124,146		121,015		114,952		108,926		102,479
Intangible assets on property acquisitions, net	11,788		12,543		13,410		14,567		15,711
Lease incentives, net	49,083		50,871		52,089		51,486		40,150
Deferred leasing costs, net	68,122		68,004		65,660		65,850		61,939
Investing receivables, net	102,550		84,885		82,417		82,226		75,947

Prepaid expenses and other assets, net	91,467		76,540		81,038		79,252		77,064
Total assets	$	4,269,329	$	4,185,193	$	4,132,026	$	4,262,452	$	4,151,138
Liabilities and equity
Liabilities:
Debt	$	2,269,834	$	2,177,811	$	2,156,784	$	2,272,304	$	2,159,732
Accounts payable and accrued expenses	156,815		177,180		144,974		186,202		176,636
Rents received in advance and security deposits	29,056		27,745		29,082		32,262		32,092
Dividends and distributions payable	31,407		31,400		31,402		31,299		31,306
Deferred revenue associated with operating leases	9,382		8,416		8,241		9,341		8,704

Property - operating lease liabilities	29,088		29,412		29,729		29,342		29,630


Other liabilities	17,634		10,526		14,458		17,729		16,253
Total liabilities	2,543,216		2,462,490		2,414,670		2,578,479		2,454,353
Redeemable noncontrolling interests	25,447		26,752		26,820		26,898		26,006
Equity:
COPT’s shareholders’ equity:

Common shares	1,124		1,124		1,124		1,123		1,123
Additional paid-in capital	2,484,702		2,481,139		2,479,119		2,481,539		2,480,412
Cumulative distributions in excess of net income	(827,072)		(827,076)		(828,473)		(856,863)		(839,676)
Accumulated other comprehensive income (loss)	2,632		1,806		164		(3,059)		(5,347)
Total COPT’s shareholders’ equity	1,661,386		1,656,993		1,651,934		1,622,740		1,636,512
Noncontrolling interests in subsidiaries:
Common units in the Operating Partnership	25,524		25,505		25,285		21,363		21,568

Other consolidated entities	13,756		13,453		13,317		12,972		12,699
Total noncontrolling interests in subsidiaries	39,280		38,958		38,602		34,335		34,267
Total equity	1,700,666		1,695,951		1,690,536		1,657,075		1,670,779
Total liabilities, redeemable noncontrolling interests and equity	$	4,269,329	$	4,185,193	$	4,132,026	$	4,262,452	$	4,151,138


	Three Months Ended										Nine Months Ended
	9/30/22		6/30/22		3/31/22		12/31/21		9/30/21		9/30/22		9/30/21
Revenues
Lease revenue	$	146,481	$	142,277	$	141,389	$	141,892	$	138,032	$	430,147	$	411,776
Other property revenue	1,206		969		891		756		841		3,066		2,146
Construction contract and other service revenues	34,813		42,557		53,200		43,284		28,046		130,570		64,592
Total revenues	182,500		185,803		195,480		185,932		166,919		563,783		478,514
Operating expenses
Property operating expenses	57,663		54,116		57,181		56,459		52,728		168,960		156,918
Depreciation and amortization associated with real estate operations	35,247		34,812		34,264		34,504		33,807		104,323		103,039
Construction contract and other service expenses	33,555		41,304		51,650		42,089		27,089		126,509		61,964

General and administrative expenses	6,558		6,467		6,670		6,589		7,269		19,695		20,624
Leasing expenses	2,340		1,888		1,874		2,568		2,073		6,102		6,346
Business development expenses and land carry costs	552		701		783		1,088		1,093		2,036		3,559
Total operating expenses	135,915		139,288		152,422		143,297		124,059		427,625		352,450
Interest expense	(15,123)		(14,808)		(14,424)		(16,217)		(15,720)		(44,355)		(49,181)
Interest and other income	2,290		1,818		1,893		1,968		1,818		6,001		5,911
Credit loss (expense) recoveries	(1,693)		(225)		316		88		326		(1,602)		1,040
Gain on sales of real estate	16		(19)		15		25,879		(32)		12		39,711

Loss on early extinguishment of debt	—		—		(342)		(41,073)		(1,159)		(342)		(59,553)

Income from continuing operations before equity in income of unconsolidated entities and income taxes	32,075		33,281		30,516		13,280		28,093		95,872		63,992
Equity in income of unconsolidated entities	308		318		888		314		297		1,514		779
Income tax expense	(67)		(4)		(153)		(42)		(47)		(224)		(103)
Income from continuing operations	32,316		33,595		31,251		13,552		28,343		97,162		64,668
Discontinued operations	—		—		29,573		1,413		451		29,573		1,945
Net income	32,316		33,595		60,824		14,965		28,794		126,735		66,613
Net income attributable to noncontrolling interests:
Common units in the Operating Partnership	(476)		(496)		(856)		(181)		(357)		(1,828)		(831)

Other consolidated entities	(919)		(789)		(649)		(1,076)		(1,336)		(2,357)		(2,949)



Net income attributable to COPT common shareholders	$	30,921	$	32,310	$	59,319	$	13,708	$	27,101	$	122,550	$	62,833
Amount allocable to share-based compensation awards	(75)		(75)		(181)		(116)		(79)		(334)		(320)
Redeemable noncontrolling interests	(40)		(30)		(39)		(46)		(89)		(109)		(82)


Numerator for diluted EPS	$	30,806	$	32,205	$	59,099	$	13,546	$	26,933	$	122,107	$	62,431


	Three Months Ended										Nine Months Ended
	9/30/22		6/30/22		3/31/22		12/31/21		9/30/21		9/30/22		9/30/21
Net income	$	32,316	$	33,595	$	60,824	$	14,965	$	28,794	$	126,735	$	66,613
Real estate-related depreciation and amortization	35,247		34,812		34,264		36,346		36,611		104,323		111,487

Gain on sales of real estate	(16)		19		(28,579)		(25,879)		32		(28,576)		(39,711)
Depreciation and amortization on unconsolidated real estate JVs (1)	524		525		526		526		525		1,575		1,455


FFO - per Nareit (2)(3)	68,071		68,951		67,035		25,958		65,962		204,057		139,844



FFO allocable to other noncontrolling interests (4)	(1,348)		(1,178)		(1,042)		(1,458)		(1,696)		(3,568)		(4,025)
Basic FFO allocable to share-based compensation awards	(354)		(357)		(362)		(149)		(313)		(1,073)		(663)
Basic FFO available to common share and common unit holders (3)	66,369		67,416		65,631		24,351		63,953		199,416		135,156

Redeemable noncontrolling interests	(5)		4		(6)		(13)		(68)		(7)		1
Diluted FFO adjustments allocable to share-based compensation awards	27		27		27		6		13		81		27
Diluted FFO available to common share and common unit holders - per Nareit (3)	66,391		67,447		65,652		24,344		63,898		199,490		135,184
Loss on early extinguishment of debt	—		—		342		41,073		1,159		342		59,553


Loss on interest rate derivatives included in interest expense	—		—		—		221		—		—		—

Demolition costs on redevelopment and nonrecurring improvements	—		—		—		(8)		129		—		431
Executive transition costs	206		137		—		—		—		343		—




Diluted FFO comparability adjustments allocable to share-based compensation awards	(2)		—		(2)		(172)		(7)		(4)		(300)
Diluted FFO available to common share and common unit holders, as adjusted for comparability (3)	$	66,595	$	67,584	$	65,992	$	65,458	$	65,179	$	200,171	$	194,868


	Three Months Ended										Nine Months Ended
	9/30/22		6/30/22		3/31/22		12/31/21		9/30/21		9/30/22		9/30/21
EPS Denominator:
Weighted average common shares - basic	112,093		112,082		112,020		111,990		111,985		112,066		111,949
Dilutive effect of share-based compensation awards	433		429		426		386		375		429		285

Dilutive effect of redeemable noncontrolling interests	105		126		132		124		138		121		130


Weighted average common shares - diluted	112,631		112,637		112,578		112,500		112,498		112,616		112,364
Diluted EPS	$	0.27	$	0.29	$	0.52	$	0.12	$	0.24	$	1.08	$	0.56

Weighted Average Shares for period ended:
Common shares	112,093		112,082		112,020		111,990		111,985		112,066		111,949
Dilutive effect of share-based compensation awards	433		429		426		386		375		429		311
Common units	1,477		1,476		1,384		1,259		1,262		1,446		1,257


Redeemable noncontrolling interests	105		126		132		124		138		121		130




Denominator for diluted FFO per share and as adjusted for comparability	114,108		114,113		113,962		113,759		113,760		114,062		113,647
Weighted average common units	(1,477)		(1,476)		(1,384)		(1,259)		(1,262)		(1,446)		(1,257)

Anti-dilutive EPS effect of share-based compensation awards	—		—		—		—		—		—		(26)

Denominator for diluted EPS	112,631		112,637		112,578		112,500		112,498		112,616		112,364
Diluted FFO per share - Nareit	$	0.58	$	0.59	$	0.58	$	0.21	$	0.56	$	1.75	$	1.19
Diluted FFO per share - as adjusted for comparability	$	0.58	$	0.59	$	0.58	$	0.58	$	0.57	$	1.75	$	1.71


	Three Months Ended										Nine Months Ended
	9/30/22		6/30/22		3/31/22		12/31/21		9/30/21		9/30/22		9/30/21
Diluted FFO available to common share and common unit holders, as adjusted for comparability	$	66,595	$	67,584	$	65,992	$	65,458	$	65,179	$	200,171	$	194,868
Straight line rent adjustments and lease incentive amortization	605		(3,198)		(3,189)		(3,835)		(1,806)		(5,782)		(6,451)
Amortization of intangibles and other assets included in NOI	50		49		(372)		40		41		(273)		122
Share-based compensation, net of amounts capitalized	2,188		2,154		2,111		2,018		2,048		6,453		5,961
Amortization of deferred financing costs	540		541		597		640		736		1,678		2,340
Amortization of net debt discounts, net of amounts capitalized	612		608		605		615		567		1,825		1,629

Replacement capital expenditures (1)	(17,528)		(17,717)		(17,358)		(32,317)		(13,331)		(52,603)		(38,656)
Other	377		406		39		204		201		822		620
Diluted AFFO available to common share and common unit holders (“diluted AFFO”)	$	53,439	$	50,427	$	48,425	$	32,823	$	53,635	$	152,291	$	160,433

Replacement capital expenditures (1)
Tenant improvements and incentives	$	8,848	$	10,655	$	10,010	$	19,724	$	8,654	$	29,513	$	24,096
Building improvements	7,477		6,751		6,832		17,778		7,793		21,060		18,192
Leasing costs	3,073		1,748		2,270		5,863		2,939		7,091		6,873
Net (exclusions from) additions to tenant improvements and incentives	(57)		474		1,808		(5,093)		(1,523)		2,225		389
Excluded building improvements and leasing costs	(1,813)		(1,911)		(3,562)		(5,955)		(4,532)		(7,286)		(10,894)


Replacement capital expenditures	$	17,528	$	17,717	$	17,358	$	32,317	$	13,331	$	52,603	$	38,656


	Three Months Ended										Nine Months Ended
	9/30/22		6/30/22		3/31/22		12/31/21		9/30/21		9/30/22		9/30/21
Net income	$	32,316	$	33,595	$	60,824	$	14,965	$	28,794	$	126,735	$	66,613
Interest expense	15,123		14,808		14,424		16,217		15,720		44,355		49,181
Income tax expense	67		4		153		42		47		224		103
Real estate-related depreciation and amortization	35,247		34,812		34,264		36,346		36,611		104,323		111,487
Other depreciation and amortization	602		552		607		622		589		1,761		2,189

Gain on sales of real estate	(16)		19		(28,579)		(25,879)		32		(28,576)		(39,711)

Adjustments from unconsolidated real estate JVs	762		760		758		763		763		2,280		2,167
EBITDAre	84,101		84,550		82,451		43,076		82,556		251,102		192,029
Loss on early extinguishment of debt	—		—		342		41,073		1,159		342		59,553


Net gain on other investments	—		1		(565)		—		—		(564)		(63)
Credit loss expense (recoveries)	1,693		225		(316)		(88)		(326)		1,602		(1,040)
Business development expenses	386		385		326		628		473		1,097		1,605

Demolition costs on redevelopment and nonrecurring improvements	—		—		—		(8)		129		—		431
Executive transition costs	206		137		—		—		—		343		—
Adjusted EBITDA	86,386		85,298		82,238		84,681		83,991		$	253,922	$	252,515
Pro forma NOI adjustment for property changes within period	—		127		579		—		3,240
Change in collectability of deferred rental revenue	13		231		—		—		—
Other	—		—		—		1,578		—
In-place adjusted EBITDA	86,399		85,656		82,817		86,259		87,231
Pro forma NOI adjustment for sale of Wholesale Data Center	N/A		N/A		N/A		$	(3,074)	N/A
Pro forma in-place adjusted EBITDA	$	86,399	$	85,656	$	82,817	$	83,185	$	87,231


	# of Properties	Operational Square Feet	% Occupied	% Leased
Core Portfolio:
Defense/IT Locations:
Fort Meade/Baltimore Washington (“BW”) Corridor:
National Business Park	32	3,925	93.8%	97.2%
Howard County	35	2,861	91.1%	94.6%
Other	23	1,725	90.6%	94.0%
Total Fort Meade/BW Corridor	90	8,511	92.2%	95.7%
Northern Virginia (“NoVA”) Defense/IT	16	2,499	89.9%	91.4%
Lackland AFB (San Antonio, Texas)	8	1,060	100.0%	100.0%
Navy Support	22	1,262	91.5%	91.5%
Redstone Arsenal (Huntsville, Alabama)	17	1,613	88.1%	97.0%
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	19,949	93.9%	96.3%
Regional Office	6	1,979	81.5%	82.2%
Core Portfolio	186	21,928	92.8%	95.0%

Other Properties	2	157	75.5%	75.5%
Total Portfolio	188	22,085	92.7%	94.9%
Consolidated Portfolio	169	18,903	91.4%	94.0%


	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		Nine Months Ended
Core Portfolio:
Same Properties: (3)
Consolidated properties	157	17,424	91.7%	94.3%	$	532,502	90.8	%	$	81,285	$	241,241
Unconsolidated real estate JV	17	2,750	100.0%	100.0%	4,045		0.7	%	919		2,769
Total Same Properties in Core Portfolio	174	20,174	92.9%	95.1%	536,547		91.5	%	82,204		244,010
Properties Placed in Service (4)	10	1,322	89.3%	92.3%	43,780		7.5	%	8,147		21,297
Other unconsolidated JV properties (5)	2	432	100.0%	100.0%	654		0.1	%	153		461
Total Core Portfolio	186	21,928	92.8%	95.0%	580,981		99.1	%	90,504		265,768


Wholesale Data Center (6)	N/A	N/A	N/A	N/A	N/A		N/A		—		1,005
Other	2	157	75.5%	75.5%	5,454		0.9	%	592		1,721
Total Portfolio	188	22,085	92.7%	94.9%	$	586,435	100.0	%	$	91,096	$	268,494
Consolidated Portfolio	169	18,903	91.4%	94.0%	$	581,737	99.2	%	$	90,024	$	265,262

	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		Nine Months Ended
Core Portfolio:
Defense/IT Locations:
Consolidated properties	161	16,767	92.8%	95.6%	$	515,988	88.8	%	$	82,457	$	241,916
Unconsolidated real estate JVs	19	3,182	100.0%	100.0%	4,699		0.8	%	1,072		3,232
Total Defense/IT Locations	180	19,949	93.9%	96.3%	520,687		89.6	%	83,529		245,148
Regional Office	6	1,979	81.5%	82.2%	60,294		10.4	%	6,975		20,620

Total Core Portfolio	186	21,928	92.8%	95.0%	$	580,981	100.0	%	$	90,504	$	265,768


	Three Months Ended										Nine Months Ended
	9/30/22		6/30/22		3/31/22		12/31/21		9/30/21		9/30/22		9/30/21
Consolidated real estate revenues
Defense/IT Locations:
Fort Meade/BW Corridor	$	69,209	$	67,589	$	67,214	$	64,805	$	66,029	$	204,012	$	197,315
NoVA Defense/IT	18,611		18,103		18,576		17,965		16,077		55,290		47,888
Lackland Air Force Base	15,951		15,129		14,713		16,994		14,519		45,793		40,762
Navy Support	8,253		8,085		8,169		8,356		8,558		24,507		25,401
Redstone Arsenal	9,976		9,308		9,195		9,555		9,144		28,479		26,172
Data Center Shells-Consolidated	9,069		9,140		7,505		7,812		6,913		25,714		23,770
Total Defense/IT Locations	131,069		127,354		125,372		125,487		121,240		383,795		361,308
Regional Office	14,739		14,121		15,082		15,410		16,024		43,942		47,697
Wholesale Data Center	—		—		1,980		8,235		7,717		1,980		22,255
Other	1,879		1,771		1,826		1,751		1,609		5,476		4,917
Consolidated real estate revenues	$	147,687	$	143,246	$	144,260	$	150,883	$	146,590	$	435,193	$	436,177

NOI
Defense/IT Locations:
Fort Meade/BW Corridor	$	44,759	$	44,090	$	41,430	$	41,625	$	43,073	$	130,279	$	127,974
NoVA Defense/IT	11,835		11,946		11,707		11,763		9,747		35,488		29,305
Lackland Air Force Base	7,670		7,609		7,641		7,774		7,584		22,920		19,447
Navy Support	4,588		4,755		4,698		4,853		5,104		14,041		15,287
Redstone Arsenal	5,652		5,677		5,460		6,462		6,141		16,789		17,647
Data Center Shells:
Consolidated properties	7,953		7,951		6,495		6,242		6,256		22,399		21,254
COPT’s share of unconsolidated real estate JVs	1,072		1,080		1,080		1,079		1,060		3,232		2,950
Total Defense/IT Locations	83,529		83,108		78,511		79,798		78,965		245,148		233,864
Regional Office	6,975		6,493		7,152		7,066		7,979		20,620		24,985
Wholesale Data Center	—		50		955		3,074		3,105		1,005		9,992
Other	592		559		570		585		411		1,721		1,506
NOI from real estate operations	$	91,096	$	90,210	$	87,188	$	90,523	$	90,460	$	268,494	$	270,347


	Three Months Ended										Nine Months Ended
	9/30/22		6/30/22		3/31/22		12/31/21		9/30/21		9/30/22		9/30/21
Cash NOI
Defense/IT Locations:
Fort Meade/BW Corridor	$	44,723	$	43,613	$	41,271	$	42,666	$	42,301	$	129,607	$	124,481
NoVA Defense/IT	10,197		10,260		10,150		10,187		10,088		30,607		30,079
Lackland Air Force Base	7,757		7,666		7,711		7,793		6,637		23,134		18,758
Navy Support	4,951		4,922		4,846		4,981		5,381		14,719		15,740
Redstone Arsenal	4,631		4,789		4,593		5,162		5,262		14,013		14,858
Data Center Shells:
Consolidated properties	7,020		6,528		5,468		5,430		5,426		19,016		18,192
COPT’s share of unconsolidated real estate JVs	985		988		982		975		951		2,955		2,638
Total Defense/IT Locations	80,264		78,766		75,021		77,194		76,046		234,051		224,746
Regional Office	6,926		6,114		5,157		6,167		6,675		18,197		20,638
Wholesale Data Center	—		50		964		3,122		3,138		1,014		10,086
Other	680		638		599		658		447		1,917		1,684
Cash NOI from real estate operations	87,870		85,568		81,741		87,141		86,306		255,179		257,154
Straight line rent adjustments and lease incentive amortization	(932)		2,859		2,921		2,521		2,148		4,848		7,846
Amortization of acquired above- and below-market rents	97		97		519		100		99		713		296
Amortization of intangibles and other assets to property operating expenses	(147)		(147)		(146)		(139)		(140)		(440)		(418)
Lease termination fees, net	591		399		221		(893)		853		1,211		3,309
Tenant funded landlord assets and lease incentives	3,530		1,342		1,834		1,689		1,085		6,706		1,848
Cash NOI adjustments in unconsolidated real estate JVs	87		92		98		104		109		277		312
NOI from real estate operations	$	91,096	$


Management						Investor Relations
Stephen E. Budorick, President + CEO						Michelle Layne, Manager
Todd Hartman, EVP + COO						443.285.5452 // michelle.layne@copt.com
Anthony Mifsud, EVP + CFO