CORPORATE OFFICE PROPERTIES TRUST SCHEDULE III - REAL ESTATE DEPRECIATION AND AMORTIZATION DECEMBER 31, 1999 (DOLLARS IN THOUSANDS)
Initial Cost --------------------------- Building and Land Property Location Building Type Encumbrances Land Improvements - --------------------------------- ---------------------- ------------- ------------ -------- ----------------- 751, 753 760, 785 Jolly Road Blue Bell, PA Office $ 66,232 $ 22,080 $ 88,320 2730 Hercules Road Annapolis Junction, MD Office 26,447 7,897 31,588 431 Ridge Road Dayton, NJ Office 8,351 2,782 11,128 7200 Riverwood Drive Columbia, MD Office 7,524 4,075 16,300 695 Route 46 Fairfield, NJ Office 6,809 3,730 14,919 6950 Columbia Gateway Drive Columbia, MD Office 12,007 3,586 14,343 6009 - 6011 Oxon Hill Road Oxon Hill, MD Office 6,658 3,432 13,728 9690 Deereco Road Timonium, MD Office 7,060 3,411 13,645 429 Ridge Road Dayton, NJ Office 8,794 2,930 11,719 1306 Concourse Drive Linthicum, MD Office 5,643 2,790 11,159 375 W. Padonia Road Timonium, MD Office 5,358 2,589 10,356 133 National Business Parkway Annapolis Junction, MD Office 8,422 2,515 10,060 135 National Business Parkway Annapolis Junction, MD Office 8,294 2,477 9,907 6940 Columbia Gateway Drive Columbia, MD Office 8,638 3,536 8,572 141 National Business Parkway Annapolis Junction, MD Office 8,022 2,396 9,583 134 National Business Parkway(1) Annapolis Junction, MD Office 8,167 3,672 7,446 710 Route 46 Fairfield, NJ Office 6,214 2,151 8,605 1615 and 1629 Thames Street Baltimore, MD Office 4,302 2,079 8,315 2605 Interstate Drive Harrisburg, PA Office 6,242 2,089 8,355 1302 Concourse Drive Linthicum, MD Office 3,988 2,074 8,294 900 Elkridge Landing Road Linthicum, MD Office 7,499 1,991 7,963 132 National Business Parkway(1) Annapolis Junction, MD Office 4,490 2,907 7,155 131 National Business Parkway Annapolis Junction, MD Office 6,377 1,904 7,617 2601 Market Place Harrisburg, PA Office 5,802 1,928 7,713 7467 Ridge Road Hanover, MD Office 3,085 1,623 6,492 1199 Winterson Road Linthicum, MD Office 6,017 1,597 6,389 14502 Greenview Drive Laurel, MD Office 4,782 1,428 5,712 6740 Alexander Bell Drive Columbia, MD Office 4,921 1,419 5,678 14504 Greenview Drive Laurel, MD Office 4,934 1,480 5,894 1190 Winterson Road Linthicum, MD Office 5,024 1,334 5,334 1099 Winterson Road Linthicum, MD Office 4,979 1,322 5,287 849 International Drive Linthicum, MD Office 5,087 1,350 5,401 911 Elkridge Landing Road Linthicum, MD Office 4,573 1,214 4,856 6345 Flank Drive Harrisburg, PA Office 4,559 1,320 5,254 104 Interchange Plaza Cranbury, NJ Office 2,257 1,323 5,293 8815 Centre Park Drive Columbia, MD Office 4,188 1,251 5,003 1201 Winterson Road Linthicum, MD Office 4,849 1,287 5,149 19 Commerce Cranbury, NJ Office 2,633 1,283 5,130 6340 Flank Drive Harrisburg, PA Office 4,389 1,271 5,058 4301 Route 1 Monmouth Junction, NJ Office 2,671 1,204 4,816 6716 Alexander Bell Drive Columbia, MD Office 4,293 1,238 4,953 101 Interchange Plaza Cranbury, NJ Office 1,730 1,155 4,647 322 Marlboro Street Easton, MD Office 2,825 1,157 4,628 999 Corporate Boulevard(1) Linthicum, MD Office 3,437 1,186 4,464 5035 Ritter Road Harrisburg, PA Office 3,845 1,113 4,432 6400 Flank Drive Harrisburg, PA Office 3,765 1,090 4,339 881 Elkridge Landing Road Linthicum, MD Office 3,892 1,033 4,133 921 Elkridge Landing Road Linthicum, MD Office 3,929 1,043 4,172 930 International Drive Linthicum, MD Office 3,813 980 3,918 Costs Capitalized Gross Amounts Subsequent to Carried at Close of Accumulated Year Built or Date Depreciation Property Acquisition Period Depreciation Renovated Acquired Life - ----------------------------- ----------------- ------------------- ------------ ------------- -------- ------------ 751, 753 760, 785 Jolly Road $ 19 $110,419 $ 4,889 1966/1996 10/14/97 40 Years 2730 Hercules Road -- 39,485 987 1990 9/28/98 40 Years 431 Ridge Road 6,638 20,548 734 1958/1998 10/14/97 40 Years 7200 Riverwood Drive -- 20,375 492 1986 10/13/98 40 Years 695 Route 46 1,230 19,879 625 1990 5/28/98 40 Years 6950 Columbia Gateway Drive -- 17,929 418 1998 10/21/98 40 Years 6009 - 6011 Oxon Hill Road 482 17,642 517 1990 9/28/98 40 Years 9690 Deereco Road -- 17,056 -- 1988 12/21/99 40 Years 429 Ridge Road 268 14,917 671 1966/1996 10/14/97 40 Years 1306 Concourse Drive -- 13,949 35 1990 11/18/99 40 Years 375 W. Padonia Road -- 12,945 -- 1986 12/21/99 40 Years 133 National Business Parkway 229 12,804 361 1997 9/28/98 40 Years 135 National Business Parkway 31 12,415 249 1998 12/30/98 40 Years 6940 Columbia Gateway Drive -- 12,108 35 1999 11/13/98 40 Years 141 National Business Parkway 86 12,065 325 1990 9/28/98 40 Years 134 National Business Parkway(1) -- 11,118 51 (1) 11/13/98 40 Years 710 Route 46 52 10,808 343 1985 5/28/98 40 Years 1615 and 1629 Thames Street 402 10,796 284 1989 9/28/98 40 Years 2605 Interstate Drive 46 10,490 471 1990 10/14/97 40 Years 1302 Concourse Drive -- 10,368 26 1996 11/18/99 40 Years 900 Elkridge Landing Road 177 10,131 383 1982 4/30/98 40 Years 132 National Business Parkway(1) -- 10,062 -- (1) 5/28/99 40 Years 131 National Business Parkway 281 9,802 281 1990 9/28/98 40 Years 2601 Market Place 143 9,784 430 1989 10/14/97 40 Years 7467 Ridge Road 8 8,123 108 1990 4/28/99 40 Years 1199 Winterson Road 41 8,027 269 1988 4/30/98 40 Years 14502 Greenview Drive 111 7,251 194 1988 9/28/98 40 Years 6740 Alexander Bell Drive 234 7,331 159 1992 12/31/98 40 Years 14504 Greenview Drive 317 7,691 209 1985 9/28/98 40 Years 1190 Winterson Road 448 7,116 237 1987 4/30/98 40 Years 1099 Winterson Road 401 7,010 238 1988 4/30/98 40 Years 849 International Drive 196 6,947 119 1988 2/23/99 40 Years 911 Elkridge Landing Road 648 6,718 232 1985 4/30/98 40 Years 6345 Flank Drive 69 6,643 13 1989 12/3/99 40 Years 104 Interchange Plaza 11 6,627 154 1990 10/30/98 40 Years 8815 Centre Park Drive 298 6,552 169 1987 9/28/98 40 Years 1201 Winterson Road 13 6,449 216 1985 4/30/98 40 Years 19 Commerce 34 6,447 149 1989 10/30/98 40 Years 6340 Flank Drive -- 6,329 11 1988 12/3/99 40 Years 4301 Route 1 302 6,322 82 1986 6/24/99 40 Years 6716 Alexander Bell Drive 48 6,239 121 1990 12/31/98 40 Years 101 Interchange Plaza 272 6,074 144 1985 10/30/98 40 Years 322 Marlboro Street 57 5,842 147 1977/1997 9/28/98 40 Years 999 Corporate Boulevard(1) -- 5,650 -- (1) 8/1/99 40 Years 5035 Ritter Road -- 5,545 9 1988 12/3/99 40 Years 6400 Flank Drive -- 5,429 9 1992 12/3/99 40 Years 881 Elkridge Landing Road 73 5,239 176 1986 4/30/98 40 Years 921 Elkridge Landing Road 20 5,235 174 1983 4/30/98 40 Years 930 International Drive 35 4,933 163 1986 4/30/98 40 Years
Initial Cost --------------------------- Building and Land Property Location Building Type Encumbrances Land Improvements - --------------------------------- ---------------------- ------------- ------------ -------- ----------------- 7321 Parkway Drive Hanover, MD Office 1,617 936 3,746 900 International Drive Linthicum, MD Office 3,690 1,012 4,049 221 National Business Parkway(1) Annapolis Junction, MD Office -- 2,945 1,975 7318 Parkway Drive Hanover, MD Office 1,580 968 3,874 939 Elkridge Landing Road Linthicum, MD Office 3,533 938 3,752 6360 Flank Drive Harrisburg, PA Office 3,137 909 3,615 1340 Ashton Road Hanover, MD Office 1,392 902 3,609 6760 Alexander Bell Drive Columbia, MD Office 3,076 887 3,549 6385 Flank Drive Harrisburg, PA Office 2,429 811 3,242 800 International Drive Linthicum, MD Office 2,916 774 3,096 47 Commerce Cranbury, NJ Office 1,279 753 3,013 1334 Ashton Road Hanover, MD Office 1,392 734 2,937 437 Ridge Road Dayton, NJ Office 2,151 717 2,866 2100 S. Broadway Minot, ND Retail 2,475 842 2,503 6405 Flank Drive Harrisburg, PA Office 2,259 654 2,604 5070 Ritter Road- Bldg A Harrisburg, PA Office 2,009 581 2,314 6380 Flank Drive Harrisburg, PA Office 2,030 588 2,339 1331 Ashton Road Hanover, MD Office 1,091 585 2,340 68 Culver Road(1) Dayton, NJ Office -- 857 1,972 5070 Ritter Road- Bldg B Harrisburg, PA Office 1,757 509 2,025 3 Centre Drive Cranbury, NJ Office 1,016 509 2,036 2 Centre Drive Cranbury, NJ Office 940 478 1,914 7 Centre Drive Cranbury, NJ Office 752 468 1,873 95 Shannon Road Harrisburg, PA Office 1,696 470 1,879 75 Shannon Road Harrisburg, PA Office 1,614 447 1,788 1304 Concourse Drive(2) Linthicum, MD Office -- 1,973 36 1350 Dorsey Road Hanover, MD Office 828 392 1,568 6750 Alexander Bell Drive(1) Columbia, MD Office -- 1,263 680 8 Centre Drive Cranbury, NJ Office 828 387 1,547 1344 Ashton Road Hanover, MD Office 715 354 1,417 1341 Ashton Road Hanover, MD Office 470 305 1,220 85 Shannon Road Harrisburg, PA Office 994 275 1,102 1343 Ashton Road Hanover, MD Office 470 193 772 6375 Flank Drive(1) Harrisburg, PA Office -- 191 731 1337 Ashton Road(2) Hanover, MD Office -- 400 12 1338 Ashton Road Hanover, MD Ground Lease 132 50 -- Furniture, Fixtures and Equipment Various N/A -- -- -- -------- -------- -------- $398,085 $148,779 $551,217 -------- -------- -------- -------- -------- -------- Costs Capitalized Gross Amounts Subsequent to Carried at Close of Accumulated Year Built or Date Depreciation Property Acquisition Period Depreciation Renovated Acquired Life - ----------------------------- ----------------- ------------------- ------------ ------------- -------- ------------ 7321 Parkway Drive 313 4,995 78 1984 4/16/99 40 Years 900 International Drive 55 5,116 169 1986 4/30/98 40 Years 221 National Business Parkway(1) -- 4,920 - (1) 10/21/99 40 Years 7318 Parkway Drive 76 4,918 72 1984 4/16/99 40 Years 939 Elkridge Landing Road 80 4,770 158 1983 4/30/98 40 Years 6360 Flank Drive -- 4,524 8 1988 12/3/99 40 Years 1340 Ashton Road -- 4,511 60 1989 4/28/99 40 Years 6760 Alexander Bell Drive 5 4,441 86 1991 12/31/98 40 Years 6385 Flank Drive -- 4,053 179 1995 10/14/97 40 Years 800 International Drive 80 3,950 129 1988 4/30/98 40 Years 47 Commerce -- 3,766 87 1992/1998 10/30/98 40 Years 1334 Ashton Road -- 3,671 49 1989 4/28/99 40 Years 437 Ridge Road 25 3,608 159 1962/1996 10/14/97 40 Years 2100 S. Broadway -- 3,345 401 1993 2/1/94 40 Years 6405 Flank Drive -- 3,258 5 1991 12/3/99 40 Years 5070 Ritter Road- Bldg A 33 2,928 5 1989 12/3/99 40 Years 6380 Flank Drive -- 2,927 5 1991 12/3/99 40 Years 1331 Ashton Road -- 2,925 39 1989 4/28/99 40 Years 68 Culver Road(1) -- 2,829 -- (1) 7/9/99 40 Years 5070 Ritter Road- Bldg B -- 2,534 4 1989 12/3/99 40 Years 3 Centre Drive -- 2,545 59 1987 10/30/98 40 Years 2 Centre Drive -- 2,392 56 1989 10/30/98 40 Years 7 Centre Drive 42 2,383 60 1989 10/30/98 40 Years 95 Shannon Road -- 2,349 20 1995 8/12/99 40 Years 75 Shannon Road -- 2,235 19 1995 8/12/99 40 Years 1304 Concourse Drive(2) -- 2,009 -- (2) 11/18/99 40 Years 1350 Dorsey Road -- 1,960 26 1989 4/28/99 40 Years 6750 Alexander Bell Drive(1) -- 1,943 -- (1) 12/31/98 40 Years 8 Centre Drive -- 1,934 45 1986 10/30/98 40 Years 1344 Ashton Road 1 1,772 24 1989 4/28/99 40 Years 1341 Ashton Road 7 1,532 20 1989 4/28/99 40 Years 85 Shannon Road -- 1,377 11 1995 8/12/99 40 Years 1343 Ashton Road -- 965 13 1989 4/28/99 40 Years 6375 Flank Drive(1) -- 922 -- (1) 11/4/99 40 Years 1337 Ashton Road(2) -- 412 -- (2) 4/28/99 40 Years 1338 Ashton Road -- 50 -- N/A 4/28/99 40 Years Furniture, Fixtures and Equipment 335 335 124 N/A Various 3-5 Years ------- -------- ------- $14,772 $714,768 $18,279 ------- -------- ------- ------- -------- -------
(1) Under construction at December 31, 1999. (2) Held for future development at December 31, 1999. The following table summarizes our changes in cost of properties (in thousands): Balance at December 31, 1998 $ 556,356 Property acquisitions 171,312 Building and land improvements 28,781 Other 3 Sales (41,684) --------- Balance at December 31, 1999 $ 714,768 --------- ---------
The following table summarizes our changes in accumulated depreciation (in thousands): Balance at December 31, 1998 $ 9,469 Depreciation expense 11,811 Sales (3,001) -------- Balance at December 31, 1999 $ 18,279 -------- --------
REPORT OF INDEPENDENT ACCOUNTANTS ON FINANCIAL STATEMENT SCHEDULES To the Board of Trustees and Shareholders of Corporate Office Properties Trust: Our audits of the consolidated financial statements referred to in our report dated January 26, 2000 appearing in the 1999 Annual Report to Shareholders of Corporate Office Properties Trust (which report and consolidated financial statements are incorporated by reference in the Corporate Office Properties Trust 1999 Annual Report on Form 10-K) also included an audit of the financial statement schedules listed in Item 14(a)(2) of the Corporate Office Properties Trust 1999 Annual Report on Form 10-K. In our opinion, these financial statement schedules present fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. /s/ PricewaterhouseCoopers LLP PricewaterhouseCoopers LLP Baltimore, Maryland January 26, 2000