- ---------------------------- FORM 4 __ Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). (Print or Type Responses) - ---------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940 - ------------------------------------- OMB Approval - ------------------------------------- OMB Number: 3235-0287 Expires: December 31, 2001 Estimated average burden hours per response...0.5 - -------------------------------------
- --------------------------------------------------- ------------------------------------------------------ ------------------------- 1. Name and Address of 2. Issuer Name and Ticker or Trading Symbol 6. Relationship of Reporting Person(s) to Issuer Reporting Person* (Check all applicable) X Director __ 10% Owner Officer (give title below) __ Other (specify below) Walton William H., III Corporate Office Properties Trust - OFC - ------------------------------------------------------------------------------------------------------------------------------------ (Last) (First) (Middle) 3. I.R.S. or Social 4. Statement for 7. Individual or Joint/Group Filing Security Number of Month/Year (Check Applicable Line) Reporting Person X Form Filed by One Reporting Person (Voluntary) 8/1999 __ Form Filed by More than One Reporting Person 599 Lexington Avenue, Suite 3800 - ------------------------------------------- ------------------ (Street) 5. If Amendment, Date of Original (Month/Year) New York NY 10022 - ------------------------------------------------------------------------------------------------------------------------------------ (City) (State) (Zip) Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned - ------------------------------------------ ------------- ----------------- --------------------------------------------------------- 1. Title of Security 2. Trans- 3. Transaction 4. Securities Acquired (A) 5. Amount of 6. Ownership 7. Nature of (Instr. 3) action Code (Instr. or Disposed of (D) Securities Form: Indirect Date 8) (Instr. 3, 4 and 5) Beneficially Direct (D) Beneficial (Month/ Owned at End or Indirect Ownership Day/ of Month (I) (Instr. 4) Year) (Instr. 3 (Instr. 4) and 4) - ------------------------------------------------------------------------------------------------------------------------------------ Code V Amount (A) or (D) Price - ------------------------------------------------------------------------------------------------------------------------------------ Common Shares of Beneficial Interest, $.01 par value per share ("Common Shares") 8/4/99 C(1) 372,295 A (1) I(2) (2) - ------------------------------------------------------------------------------------------------------------------------------------ Common Shares 8/30/99 S(3) 17,400 D $8.25 I(2) (2) - ------------------------------------------------------------------------------------------------------------------------------------ Common Shares 8/31/99 S(4) 2,200 D $8.25 I(2) (2) - ------------------------------------------------------------------------------------------------------------------------------------ Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. * If the form is filed by more than one reporting person, see Instruction 4(b)(v).
Page 1 of 4 SEC 1475 (3-99) FORM 4 (continued) Table II -- Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) - ------------------------------------------------------------------------------------------------------------------------------------ 1. Title 2. Conver- 3. Trans- 4. Trans- 5. Number of 6. Date 7. Title 8. Price 9. Number 10. Owner- 11. Nature of of sion or action action Derivative Exer- and of of ship Indirect Deri- Exercise Date Code Securities cisable Amount Deri- Deri- Form Beneficial vative Price of (Instr. Acquired (A) and Expi- of vative vative of Deri- Ownership Secu- Deri- (Month/ 8) or Disposed ration Under- Secu- Secu- vative (Instr. 4) rity vative Day/ of (D) Date Lying rity rities Security: (Instr. Security Year) (Instr. 3, (Month/ Securi- (Instr. Benefi- Direct 3) 4, and 5) Day/ ties 5) cially (D) or Year) (Instr. Owned Indirect 3 and 4) at End (I) of (Instr. Month 4) (Instr. 4) -------------------------------------------------- Code V (A) (D) Date Expir- Title Amount Exerci- ation or sable Date Number of Shares --------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------------ Preferred Partnership Units in First Common 245,715 245,715 I(5) (5) Commercial, L.P. ("FCO") Shares (5) - ------------------------------------------------------------------------------------------------------------------------------------ Common 8/4/99 C(1) 372,295 Common 372,295 0 I(2) (2) Partnership Shares Units in FCO - ------------------------------------------------------------------------------------------------------------------------------------ Options (Right $8.00 5/20/99 A V 5,000 5/20/99 5/20/99 Common 5,000 (6) 12,500 D(6) (6) to buy) Shares - ------------------------------------------------------------------------------------------------------------------------------------ Explanation of Responses: None ** Intentional misstatements or omissions of /s/ WILLIAM H. WALTON III September 10, 1999 facts constitute Federal Criminal -------------------------------------------- ------------------------------ Violations. ** Signature of Reporting Person Date See 18 U.S.C. and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure. Potential persons who are to respond to the collection of information contained in this form are not required to respond unless form displays a currently valid OMB number.
Page 2 of 4 SEC 1475 (3-99) FORM 4 (CONTINUED) NAME AND ADDRESS OF REPORTING PERSON: William H. Walton III 599 Lexington Avenue, Suite 3800 New York, New York 10022 DATE OF EVENT REQUIRING STATEMENT: 8/1999 ISSUER NAME AND TICKER SYMBOL: Corporate Office Properties Trust - OFC ATTACHMENT A 1. On August 4, 1999, Westbrook Real Estate Fund I, L.P. ("WREF I") caused the conversion of 336,121 Common Partnership Units in FCO (the "Common Units"), Westbrook Real Estate Co-Investment Partnership I, L.P. ("WRECIP I") caused the conversion of 33,299 Common Units, and Tiger South Brunswick, L.L.C. ("Tiger") caused the conversion of 2,875 Common Units, into a like number, in each case, of the Common Shares of the issuer (collectively, the "Conversion Shares"). 2. Pursuant to Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended (the "Act"), (a) as the only managing members of Tiger, WREF I and WRECIP I may be deemed to own beneficially the Common Units and Conversion Shares owned by Tiger, (b) as the sole general partner of WREF I and WRECIP I, Westbrook Real Estate Partners Management I, L.L.C. ("WREM I") may be deemed to own beneficially the Common Units and Conversion Shares owned by WREF I, WRECIP I and Tiger, (c) as the sole managing member of WREM I, Westbrook Real Estate Partners, L.L.C. ("WREP") may be deemed to own beneficially the Common Units and Conversion Shares owned by WREF I, WRECIP I and Tiger, and (d) as a managing member of WREP, the reporting person may be deemed to own beneficially the Common Units and Conversion Shares owned by WREF I, WRECIP I and Tiger. Pursuant to Rule 13d-4 promulgated under the Act, the reporting person disclaims beneficial ownership of all the securities reported on this statement. 3. On August 30, 1999, WREF I sold 15,710 Conversion Shares, WRECIP I sold 1,556 Conversion Shares, and Tiger sold 134 Conversion Shares. 4. On August 31, 1999, WREF I sold 1,986 Conversion Shares, WRECIP I sold 197 Conversion Shares, and Tiger sold 17 Conversion Shares. 5. WREF I is the holder of 221,840 Preferred Partnership Units of FCO (the "Preferred Units"), WRECIP I is the holder of 21,977 Preferred Units, and Tiger is the holder of 1,898 Preferred Units. Under certain circumstances holders of Preferred Units may require FCO to redeem such Preferred Units; and thereupon the issuer as general partner of FCO may, in its sole and absolute discretion, assume the redemption obligation of FCO and satisfy such obligation either (i) by redeeming such Preferred Units or (ii) by exchanging such Preferred Units for a like number of Common Shares of the issuer. On the basis of the analysis of Rule 13d-3 under the Act set forth under (2) above, the reporting person may be deemed to own beneficially the Preferred Units owned by WREF I, WRECIP I and Tiger and any underlying Page 3 of 4 SEC 1475 (3-99) Common Shares. Pursuant to Rule 13d-4 promulgated under the Act, the reporting person disclaims beneficial ownership of all the securities reported on this statement. 6. The reporting person received these securities pursuant to a grant of directors' options and has assigned all right, title and interest in such securities to WREF I and WRECIP I pursuant to a separate agreement. Pursuant to Rule 13d-4 promulgated under the Act, the reporting person disclaims beneficial ownership of all the securities reported on this statement. Page 4 of 4 SEC 1475 (3-99)