CORPORATE OFFICE PROPERTIES TRUST
SCHEDULE III - REAL ESTATE DEPRECIATION AND AMORTIZATION
DECEMBER 31, 1999
(DOLLARS IN THOUSANDS)
Initial Cost
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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
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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
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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