Exhibit 13.2

 

Corporate Office Properties Trust

Schedule III - Real Estate Depreciation and Amortization

December 31, 2003

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

Initial Cost

 

Property

 

Location

 

Building Type

 

Encumbrances

 

Land

 

Building and Land
Improvements

 

 

 

 

 

 

 

 

 

 

 

 

 

751, 753 760, 785 Jolly Road

 

Blue Bell, PA

 

Office

 

$

8,145

 

$

23,870

 

$

88,707

 

13200 Woodland Park Drive

 

Herndon, VA

 

Office

 

40,000

 

10,428

 

49,476

 

15000 Conference Center Drive

 

Chantilly, VA

 

Office

 

33,242

 

5,193

 

47,639

 

2730 Hercules Road

 

Annapolis Junction, MD

 

Office

 

22,847

 

8,737

 

31,612

 

Lots 21-25 & 30-32, National Business Parkway

 

Annapolis Junction, MD

 

Office

 

24,063

 (1)

28,578

 

1,414

 

2711 Technology Drive

 

Annapolis Junction, MD

 

Office

 

18,834

 

3,055

 

22,096

 

11800 Tech Road

 

Silver Spring, MD

 

Office

 

19,261

 

4,574

 

19,871

 

15049 Conference Center Drive

 

Chantilly, VA

 

Office

 

15,519

 

4,415

 

20,513

 

6731 Columbia Gateway Drive

 

Columbia, MD

 

Office

 

12,776

 

3,948

 

17,508

 

431 Ridge Road

 

Dayton, NJ

 

Office

 

11,952

 

2,782

 

11,128

 

7200 Riverwood Drive

 

Columbia, MD

 

Office

 

1,250

 

4,089

 

16,356

 

14900 Conference Center Drive

 

Chantilly, VA

 

Office

 

15,516

 

3,844

 

16,301

 

2721 Technology Drive

 

Annapolis Junction, MD

 

Office

 

13,353

 

4,605

 

14,633

 

9690 Deereco Road

 

Timonium, MD

 

Office

 

1,190

 

3,431

 

13,724

 

2701 Technology Drive

 

Annapolis Junction, MD

 

Office

 

14,343

 

3,031

 

15,263

 

6950 Columbia Gateway Drive

 

Columbia, MD

 

Office

 

9,843

 

3,596

 

14,269

 

15059 Conference Center Drive

 

Chantilly, VA

 

Office

 

16,000

 

3,154

 

13,878

 

132 National Business Parkway

 

Annapolis Junction, MD

 

Office

 

11,661

 

2,917

 

12,435

 

7000 Columbia Gateway Drive

 

Columbia, MD

 

Office

 

11,800

 

3,131

 

12,179

 

429 Ridge Road

 

Dayton, NJ

 

Office

 

12,597

 

2,932

 

11,729

 

2500 Riva Rd

 

Annapolis, MD

 

Office

 

10,500

 

2,791

 

12,145

 

13454 Sunrise Valley Drive

 

Herndon, VA

 

Office

 

12,483

 

2,772

 

11,700

 

1306 Concourse Drive

 

Linthicum, MD

 

Office

 

9,980

 

2,796

 

11,186

 

6940 Columbia Gateway Drive

 

Columbia, MD

 

Office

 

9,211

 

3,545

 

9,916

 

1304 Concourse Drive

 

Linthicum, MD

 

Office

 

11,572

 

1,999

 

12,142

 

6750 Alexander Bell Drive

 

Columbia, MD

 

Office

 

8,865

 

1,263

 

12,459

 

375 W. Padonia Road

 

Timonium, MD

 

Office

 

818

 

2,604

 

10,415

 

7067 Columbia Gateway Drive

 

Columbia, MD

 

Office

 

9,108

 

1,736

 

11,451

 

133 National Business Parkway

 

Annapolis Junction, MD

 

Office

 

9,613

 

2,517

 

10,068

 

140 National Business Parkway

 

Annapolis Junction, MD

 

Office

 

8,117

 

3,407

 

9,261

 

1615 and 1629 Thames Street

 

Baltimore, MD

 

Office

 

838

 

2,080

 

8,322

 

710 Route 46

 

Fairfield, NJ

 

Office

 

5,469

 

2,154

 

8,615

 

135 National Business Parkway

 

Annapolis Junction, MD

 

Office

 

7,489

 

2,484

 

9,750

 

141 National Business Parkway

 

Annapolis Junction, MD

 

Office

 

7,177

 

2,398

 

9,590

 

870 - 880 Elkridge Landing Road

 

Linthicum, MD

 

Office

 

—

 

2,003

 

9,405

 

920 Elkridge Landing Road

 

Linthicum, MD

 

Office

 

8,763

 

2,101

 

9,734

 

2605 Interstate Drive

 

Harrisburg, PA

 

Office

 

5,100

 

2,089

 

8,355

 

134 National Business Parkway

 

Annapolis Junction, MD

 

Office

 

7,674

 

3,684

 

7,530

 

1302 Concourse Drive

 

Linthicum, MD

 

Office

 

7,417

 

2,078

 

8,313

 

900 Elkridge Landing Road

 

Linthicum, MD

 

Office

 

7,036

 

1,993

 

7,972

 

131 National Business Parkway

 

Annapolis Junction, MD

 

Office

 

5,794

 

1,906

 

7,623

 

14850 Conference Center Drive

 

Chantilly, VA

 

Office

 

8,828

 

1,603

 

8,504

 

2601 Market Place

 

Harrisburg, PA

 

Office

 

5,855

 

1,928

 

7,713

 

6700 Alexander Bell Drive

 

Columbia, MD

 

Office

 

5,051

 

1,755

 

7,019

 

68 Culver Road

 

Dayton, NJ

 

Office

 

8,296

 

861

 

8,794

 

999 Corporate Boulevard

 

Linthicum, MD

 

Office

 

7,610

 

1,187

 

8,326

 

1199 Winterson Road

 

Linthicum, MD

 

Office

 

5,645

 

1,599

 

6,395

 

7467 Ridge Road

 

Hanover, MD

 

Office

 

5,791

 

1,629

 

6,517

 

14840 Conference Center Drive

 

Chantilly, VA

 

Office

 

8,966

 

1,311

 

7,300

 

9140 Route 108

 

Columbia, MD

 

Office

 

14,720

 

1,637

 

5,500

 

1190 Winterson Road

 

Linthicum, MD

 

Office

 

4,714

 

1,335

 

5,340

 

7240 Parkway Drive

 

Hanover, MD

 

Office

 

5,267

 

1,496

 

5,985

 

 

Property

 

Costs Capitalized
Subsequent to
Acquisition

 

Gross Amounts
Carried at Close of
Period

 

Accumulated
Depreciation

 

Year Built or
Renovated

 

Date Acquired

 

Depreciation
Life

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

751, 753 760, 785 Jolly Road

 

$

6

 

$

112,583

 

$

(13,719

)

1966/1996

 

10/14/1997

 

40 Years

 

13200 Woodland Park Drive

 

7

 

59,911

 

(1,002

)

2002

 

6/2/2003

 

40 Years

 

15000 Conference Center Drive

 

911

 

53,743

 

(3,740

)

1989

 

11/30/2001

 

40 Years

 

2730 Hercules Road

 

1

 

40,350

 

(4,153

)

1990

 

9/28/1998

 

40 Years

 

Lots 21-25 & 30-32, National Business Parkway

 

—

 

29,992

 

—

 

(2)

 

11/14/2003

 

N/A

 

2711 Technology Drive

 

3

 

25,154

 

(1,175

)

2002

 

11/13/2000

 

40 Years

 

11800 Tech Road

 

534

 

24,979

 

(1,117

)

1969/1989

 

8/1/2002

 

40 Years

 

15049 Conference Center Drive

 

14

 

24,942

 

(1,131

)

1997

 

8/14/2002

 

40 Years

 

6731 Columbia Gateway Drive

 

26

 

21,482

 

(737

)

2002

 

3/29/2000

 

40 Years

 

431 Ridge Road

 

6,938

 

20,848

 

(3,067

)

1958/1998

 

10/14/1997

 

40 Years

 

7200 Riverwood Drive

 

239

 

20,684

 

(2,151

)

1986

 

10/13/1998

 

40 Years

 

14900 Conference Center Drive

 

2

 

20,147

 

(249

)

1999

 

7/25/2003

 

40 Years

 

2721 Technology Drive

 

6

 

19,244

 

(1,212

)

2000

 

10/21/1999

 

40 Years

 

9690 Deereco Road

 

1,506

 

18,661

 

(1,943

)

1988

 

12/21/1999

 

40 Years

 

2701 Technology Drive

 

7

 

18,301

 

(1,058

)

2001

 

5/26/2000

 

40 Years

 

6950 Columbia Gateway Drive

 

47

 

17,912

 

(1,856

)

1998

 

10/21/1998

 

40 Years

 

15059 Conference Center Drive

 

453

 

17,485

 

(862

)

2000

 

8/14/2002

 

40 Years

 

132 National Business Parkway

 

1,126

 

16,478

 

(1,311

)

2000

 

5/28/1997

 

40 Years

 

7000 Columbia Gateway Drive

 

27

 

15,337

 

(585

)

1999

 

5/31/2002

 

40 Years

 

429 Ridge Road

 

358

 

15,019

 

(1,901

)

1966/1996

 

10/14/1997

 

40 Years

 

2500 Riva Rd

 

1

 

14,937

 

(304

)

2000

 

3/4/2003

 

40 Years

 

13454 Sunrise Valley Drive

 

53

 

14,525

 

(140

)

1998

 

7/25/2003

 

40 Years

 

1306 Concourse Drive

 

489

 

14,471

 

(1,352

)

1990

 

11/18/1999

 

40 Years

 

6940 Columbia Gateway Drive

 

730

 

14,191

 

(1,167

)

1999

 

11/13/1998

 

40 Years

 

1304 Concourse Drive

 

2

 

14,143

 

(592

)

2002

 

11/18/1999

 

40 Years

 

6750 Alexander Bell Drive

 

39

 

13,761

 

(1,235

)

2000

 

12/31/1998

 

40 Years

 

375 W. Padonia Road

 

337

 

13,356

 

(1,063

)

1986

 

12/21/1999

 

40 Years

 

7067 Columbia Gateway Drive

 

7

 

13,194

 

(589

)

2001

 

8/30/2001

 

40 Years

 

133 National Business Parkway

 

510

 

13,095

 

(1,588

)

1997

 

9/28/1998

 

40 Years

 

140 National Business Parkway

 

—

 

12,668

 

—

 

2003

 

12/31/2003

 

40 Years

 

1615 and 1629 Thames Street

 

2,227

 

12,629

 

(1,577

)

1989

 

9/28/1998

 

40 Years

 

710 Route 46

 

1,698

 

12,467

 

(1,859

)

1985

 

5/28/1998

 

40 Years

 

135 National Business Parkway

 

79

 

12,313

 

(1,273

)

1998

 

12/30/1998

 

40 Years

 

141 National Business Parkway

 

313

 

12,301

 

(1,390

)

1990

 

9/28/1998

 

40 Years

 

870 - 880 Elkridge Landing Road

 

737

 

12,145

 

(1,499

)

1981

 

8/3/2001

 

40 Years

 

920 Elkridge Landing Road

 

95

 

11,930

 

(1,095

)

1982

 

7/2/2001

 

40 Years

 

2605 Interstate Drive

 

865

 

11,309

 

(1,533

)

1990

 

10/14/1997

 

40 Years

 

134 National Business Parkway

 

29

 

11,243

 

(915

)

1999

 

11/13/1998

 

40 Years

 

1302 Concourse Drive

 

692

 

11,083

 

(1,098

)

1996

 

11/18/1999

 

40 Years

 

900 Elkridge Landing Road

 

530

 

10,495

 

(1,318

)

1982

 

4/30/1998

 

40 Years

 

131 National Business Parkway

 

937

 

10,466

 

(1,408

)

1990

 

9/28/1998

 

40 Years

 

14850 Conference Center Drive

 

2

 

10,109

 

(173

)

2000

 

7/25/2003

 

40 Years

 

2601 Market Place

 

408

 

10,049

 

(1,324

)

1989

 

10/14/1997

 

40 Years

 

6700 Alexander Bell Drive

 

1,114

 

9,888

 

(547

)

1988

 

5/14/2001

 

40 Years

 

68 Culver Road

 

4

 

9,659

 

(729

)

2000

 

7/9/1999

 

40 Years

 

999 Corporate Boulevard

 

16

 

9,529

 

(744

)

2000

 

8/1/1999

 

40 Years

 

1199 Winterson Road

 

1,008

 

9,002

 

(1,021

)

1988

 

4/30/1998

 

40 Years

 

7467 Ridge Road

 

608

 

8,754

 

(1,069

)

1990

 

4/28/1999

 

40 Years

 

14840 Conference Center Drive

 

2

 

8,613

 

(166

)

2000

 

7/25/2003

 

40 Years

 

9140 Route 108

 

1,278

 

8,415

 

(474

)

1974/1985

 

12/14/2000

 

40 Years

 

1190 Winterson Road

 

1,730

 

8,405

 

(985

)

1987

 

4/30/1998

 

40 Years

 

7240 Parkway Drive

 

750

 

8,231

 

(730

)

1985

 

4/18/2000

 

40 Years

 

 

 

 

 

 

 

 

 

 

 

Initial Cost

 

Property

 

Location

 

Building Type

 

Encumbrances

 

Land

 

Building and Land
Improvements

 

6740 Alexander Bell Drive

 

Columbia, MD

 

Office

 

4,599

 

1,424

 

5,696

 

14502 Greenview Drive

 

Laurel, MD

 

Office

 

4,741

 

1,482

 

5,899

 

849 International Drive

 

Linthicum, MD

 

Office

 

4,788

 

1,356

 

5,426

 

14504 Greenview Drive

 

Laurel, MD

 

Office

 

4,477

 

1,429

 

5,716

 

1099 Winterson Road

 

Linthicum, MD

 

Office

 

4,672

 

1,323

 

5,293

 

6716 Alexander Bell Drive

 

Columbia, MD

 

Office

 

4,013

 

1,242

 

4,969

 

6345 Flank Drive

 

Harrisburg, PA

 

Office

 

4,288

 

1,324

 

5,268

 

6711 Columbia Gateway Drive

 

Columbia, MD

 

Office

 

—

 

3,970

 

2,991

 

911 Elkridge Landing Road

 

Linthicum, MD

 

Office

 

4,290

 

1,215

 

4,861

 

13450 Sunrise Valley Drive

 

Herndon, VA

 

Office

 

6,207

 

1,400

 

5,398

 

104 Interchange Plaza

 

Cranbury, NJ

 

Office

 

4,469

 

1,329

 

5,315

 

101 Interchange Plaza

 

Cranbury, NJ

 

Office

 

3,919

 

1,160

 

4,666

 

4301 Route 1

 

Monmouth Junction, NJ

 

Office

 

534

 

1,208

 

4,832

 

1201 Winterson Road

 

Linthicum, MD

 

Office

 

4,549

 

1,288

 

5,154

 

6340 Flank Drive

 

Harrisburg, PA

 

Office

 

4,128

 

1,274

 

5,071

 

8671 Robert Fulton Drive

 

Columbia, MD

 

Office

 

3,958

 

1,728

 

4,304

 

938 Elkridge Landing Road

 

Linthicum, MD

 

Office

 

4,864

 

1,204

 

4,723

 

901 Elkridge Landing Road

 

Linthicum, MD

 

Office

 

3,899

 

1,151

 

4,327

 

891 Elkridge Landing Road

 

Linthicum, MD

 

Office

 

4,297

 

1,160

 

4,536

 

921 Elkridge Landing Road

 

Linthicum, MD

 

Office

 

3,686

 

1,044

 

4,176

 

5035 Ritter Road

 

Harrisburg, PA

 

Office

 

3,616

 

1,116

 

4,442

 

881 Elkridge Landing Road

 

Linthicum, MD

 

Office

 

3,652

 

1,034

 

4,137

 

6724 Alexander Bell Drive

 

Columbia, MD

 

Office

 

3,159

 

449

 

5,039

 

6400 Flank Drive

 

Harrisburg, PA

 

Office

 

3,541

 

1,093

 

4,350

 

939 Elkridge Landing Road

 

Linthicum, MD

 

Office

 

3,315

 

939

 

3,756

 

7065 Columbia Gateway Drive

 

Columbia, MD

 

Office

 

3,652

 

919

 

4,203

 

8661 Robert Fulton Drive

 

Columbia, MD

 

Office

 

3,476

 

1,519

 

3,785

 

900 International Drive

 

Linthicum, MD

 

Office

 

3,577

 

1,013

 

4,053

 

6760 Alexander Bell Drive

 

Columbia, MD

 

Office

 

2,875

 

890

 

3,561

 

940 Elkridge Landing Road

 

Linthicum, MD

 

Office

 

3,693

 

1,100

 

3,925

 

930 International Drive

 

Linthicum, MD

 

Office

 

3,462

 

981

 

3,922

 

7063 Columbia Gateway Drive

 

Columbia, MD

 

Office

 

3,395

 

902

 

4,126

 

7321 Parkway Drive

 

Hanover, MD

 

Office

 

3,341

 

940

 

3,760

 

1340 Ashton Road

 

Hanover, MD

 

Office

 

3,217

 

905

 

3,620

 

7318 Parkway Drive

 

Hanover, MD

 

Office

 

3,455

 

972

 

3,888

 

7320 Parkway Drive

 

Hanover, MD

 

Office

 

3,300

 

905

 

3,618

 

6360 Flank Drive

 

Harrisburg, PA

 

Office

 

2,951

 

911

 

3,625

 

Washington Tech Park II

 

Chantilly, VA

 

Office

 

—

 

3,500

 

1,234

 

Lot 20, National Business Parkway

 

Annapolis Junction, MD

 

Office

 

—

 

3,757

 

957

 

6708 Alexander Bell Drive

 

Columbia, MD

 

Office

 

2,582

 

897

 

3,588

 

9140 Guilford Road

 

Columbia, MD

 

Office

 

3,098

 

794

 

3,272

 

4851 Stonecroft Boulevard

 

Chantilly, VA

 

Office

 

—

 

466

 

3,641

 

6385 Flank Drive

 

Harrisburg, PA

 

Office

 

2,462

 

811

 

3,242

 

800 International Drive

 

Linthicum, MD

 

Office

 

2,735

 

775

 

3,099

 

7061 Columbia Gateway Drive

 

Columbia, MD

 

Office

 

2,765

 

729

 

3,293

 

1334 Ashton Road

 

Hanover, MD

 

Office

 

2,618

 

736

 

2,946

 

47 Commerce Drive

 

Cranbury, NJ

 

Office

 

2,545

 

756

 

3,025

 

Parcel 3-A, Westfields International Corporate Center

 

Chantilly, VA

 

Office

 

—

 

3,609

 

47

 

437 Ridge Road

 

Dayton, NJ

 

Office

 

3,079

 

717

 

2,866

 

9160 Guilford Road

 

Columbia, MD

 

Office

 

2,748

 

665

 

2,843

 

114 National Business Parkway

 

Annapolis Junction, MD

 

Retail

 

—

 

364

 

3,058

 

6405 Flank Drive

 

Harrisburg, PA

 

Office

 

2,124

 

656

 

2,610

 

5070 Ritter Road- Bldg A

 

Harrisburg, PA

 

Office

 

1,888

 

583

 

2,320

 

6380 Flank Drive

 

Harrisburg, PA

 

Office

 

1,909

 

589

 

2,346

 

1331 Ashton Road

 

Hanover, MD

 

Office

 

2,085

 

587

 

2,347

 

5070 Ritter Road- Bldg B

 

Harrisburg, PA

 

Office

 

1,652

 

510

 

2,030

 

7 Centre Drive

 

Cranbury, NJ

 

Office

 

1,581

 

470

 

1,881

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property

 

Costs Capitalized
Subsequent to
Acquisition

 

Gross Amounts
Carried at Close of
Period

 

Accumulated
Depreciation

 

Year Built or
Renovated

 

Date Acquired

 

Depreciation
Life

 

6740 Alexander Bell Drive

 

1,104

 

8,224

 

(1,247

)

1992

 

12/31/1998

 

40 Years

 

14502 Greenview Drive

 

756

 

8,137

 

(1,086

)

1988

 

9/28/1998

 

40 Years

 

849 International Drive

 

1,028

 

7,810

 

(992

)

1988

 

2/23/1999

 

40 Years

 

14504 Greenview Drive

 

515

 

7,660

 

(926

)

1985

 

9/28/1998

 

40 Years

 

1099 Winterson Road

 

778

 

7,394

 

(1,013

)

1988

 

4/30/1998

 

40 Years

 

6716 Alexander Bell Drive

 

1,140

 

7,351

 

(1,124

)

1990

 

12/31/1998

 

40 Years

 

6345 Flank Drive

 

397

 

6,989

 

(643

)

1989

 

12/3/1999

 

40 Years

 

6711 Columbia Gateway Drive

 

—

 

6,961

 

—

 

(2)

 

9/28/2000

 

N/A

 

911 Elkridge Landing Road

 

820

 

6,896

 

(1,041

)

1985

 

4/30/1998

 

40 Years

 

13450 Sunrise Valley Drive

 

4

 

6,802

 

(31

)

1998

 

7/25/2003

 

40 Years

 

104 Interchange Plaza

 

143

 

6,787

 

(729

)

1990

 

10/30/1998

 

40 Years

 

101 Interchange Plaza

 

895

 

6,721

 

(919

)

1985

 

10/30/1998

 

40 Years

 

4301 Route 1

 

615

 

6,655

 

(862

)

1986

 

6/24/1999

 

40 Years

 

1201 Winterson Road

 

21

 

6,463

 

(735

)

1985

 

4/30/1998

 

40 Years

 

6340 Flank Drive

 

50

 

6,395

 

(524

)

1988

 

12/3/1999

 

40 Years

 

8671 Robert Fulton Drive

 

—

 

6,032

 

—

 

2003

 

12/30/2003

 

40 Years

 

938 Elkridge Landing Road

 

44

 

5,971

 

(314

)

1984

 

7/2/2001

 

40 Years

 

901 Elkridge Landing Road

 

423

 

5,901

 

(366

)

1984

 

7/2/2001

 

40 Years

 

891 Elkridge Landing Road

 

148

 

5,844

 

(347

)

1984

 

7/2/2001

 

40 Years

 

921 Elkridge Landing Road

 

421

 

5,641

 

(660

)

1983

 

4/30/1998

 

40 Years

 

5035 Ritter Road

 

61

 

5,619

 

(466

)

1988

 

12/3/1999

 

40 Years

 

881 Elkridge Landing Road

 

420

 

5,591

 

(630

)

1986

 

4/30/1998

 

40 Years

 

6724 Alexander Bell Drive

 

7

 

5,495

 

(227

)

2002

 

5/14/2001

 

40 Years

 

6400 Flank Drive

 

25

 

5,468

 

(449

)

1992

 

12/3/1999

 

40 Years

 

939 Elkridge Landing Road

 

746

 

5,441

 

(762

)

1983

 

4/30/1998

 

40 Years

 

7065 Columbia Gateway Drive

 

189

 

5,311

 

(683

)

2000

 

8/30/2001

 

40 Years

 

8661 Robert Fulton Drive

 

—

 

5,304

 

—

 

2003

 

12/30/2003

 

40 Years

 

900 International Drive

 

219

 

5,285

 

(600

)

1986

 

4/30/1998

 

40 Years

 

6760 Alexander Bell Drive

 

833

 

5,284

 

(560

)

1991

 

12/31/1998

 

40 Years

 

940 Elkridge Landing Road

 

170

 

5,195

 

(268

)

1984

 

7/2/2001

 

40 Years

 

930 International Drive

 

264

 

5,167

 

(586

)

1986

 

4/30/1998

 

40 Years

 

7063 Columbia Gateway Drive

 

128

 

5,156

 

(684

)

2000

 

8/30/2001

 

40 Years

 

7321 Parkway Drive

 

365

 

5,065

 

(591

)

1984

 

4/16/1999

 

40 Years

 

1340 Ashton Road

 

468

 

4,993

 

(458

)

1989

 

4/28/1999

 

40 Years

 

7318 Parkway Drive

 

91

 

4,951

 

(478

)

1984

 

4/16/1999

 

40 Years

 

7320 Parkway Drive

 

310

 

4,833

 

(258

)

1983

 

4/4/2002

 

40 Years

 

6360 Flank Drive

 

275

 

4,811

 

(489

)

1988

 

12/3/1999

 

40 Years

 

Washington Tech Park II

 

—

 

4,734

 

—

 

(2)

 

11/30/2001

 

N/A

 

Lot 20, National Business Parkway

 

—

 

4,714

 

—

 

(2)

 

1/31/2002

 

N/A

 

6708 Alexander Bell Drive

 

61

 

4,546

 

(234

)

1988

 

5/14/2001

 

40 Years

 

9140 Guilford Road

 

96

 

4,162

 

(219

)

1983

 

4/4/2002

 

40 Years

 

4851 Stonecroft Boulevard

 

—

 

4,107

 

—

 

(2)

 

8/14/2002

 

N/A

 

6385 Flank Drive

 

47

 

4,100

 

(526

)

1995

 

10/14/1997

 

40 Years

 

800 International Drive

 

208

 

4,082

 

(453

)

1988

 

4/30/1998

 

40 Years

 

7061 Columbia Gateway Drive

 

10

 

4,032

 

(341

)

2000

 

8/30/2001

 

40 Years

 

1334 Ashton Road

 

101

 

3,783

 

(434

)

1989

 

4/28/1999

 

40 Years

 

47 Commerce Drive

 

1

 

3,782

 

(391

)

1992/1998

 

10/30/1998

 

40 Years

 

Parcel 3-A, Westfields International Corporate Center

 

—

 

3,656

 

—

 

(3)

 

7/31/2002

 

N/A

 

437 Ridge Road

 

29

 

3,612

 

(456

)

1962/1996

 

10/14/1997

 

40 Years

 

9160 Guilford Road

 

27

 

3,535

 

(226

)

1984

 

4/4/2002

 

40 Years

 

114 National Business Parkway

 

3

 

3,425

 

(138

)

2002

 

6/30/2000

 

40 Years

 

6405 Flank Drive

 

6

 

3,272

 

(268

)

1991

 

12/3/1999

 

40 Years

 

5070 Ritter Road- Bldg A

 

211

 

3,114

 

(330

)

1989

 

12/3/1999

 

40 Years

 

6380 Flank Drive

 

162

 

3,097

 

(285

)

1991

 

12/3/1999

 

40 Years

 

1331 Ashton Road

 

25

 

2,959

 

(275

)

1989

 

4/28/1999

 

40 Years

 

5070 Ritter Road- Bldg B

 

44

 

2,584

 

(236

)

1989

 

12/3/1999

 

40 Years

 

7 Centre Drive

 

143

 

2,494

 

(350

)

1989

 

10/30/1998

 

40 Years

 

 

 

 

 

 

 

 

 

 

 

Initial Cost

 

Property

 

Location

 

Building Type

 

Encumbrances

 

Land

 

Building and Land
Improvements

 

2 Centre Drive

 

Cranbury, NJ

 

Office

 

1,616

 

480

 

1,922

 

95 Shannon Road

 

Harrisburg, PA

 

Office

 

1,436

 

472

 

1,891

 

75 Shannon Road

 

Harrisburg, PA

 

Office

 

1,366

 

450

 

1,799

 

8 Centre Drive

 

Cranbury, NJ

 

Office

 

1,306

 

388

 

1,554

 

1350 Dorsey Road

 

Hanover, MD

 

Office

 

1,398

 

393

 

1,573

 

1344 Ashton Road

 

Hanover, MD

 

Office

 

1,263

 

355

 

1,421

 

6375 Flank Drive

 

Harrisburg, PA

 

Office

 

1,123

 

191

 

1,659

 

9150 Guilford Road

 

Columbia, MD

 

Office

 

1,329

 

319

 

1,358

 

1341 Ashton Road

 

Hanover, MD

 

Office

 

1,087

 

306

 

1,223

 

Gateway 67 Land Parcel

 

Columbia, MD

 

Office

 

919

 

1,004

 

412

 

85 Shannon Road

 

Harrisburg, PA

 

Office

 

842

 

277

 

1,109

 

9130 Guilford Road

 

Columbia, MD

 

Office

 

1,038

 

230

 

978

 

1343 Ashton Road

 

Hanover, MD

 

Office

 

688

 

193

 

774

 

191 National Business Parkway

 

Annapolis Junction, MD

 

Office

 

—

 

—

 

820

 

Commerce 2 Building

 

Harrisburg, PA

 

Office

 

—

 

—

 

768

 

Airport Square XXII

 

Linthicum, MD

 

Office

 

—

 

630

 

8

 

304 National Business Parkway

 

Annapolis Junction, MD

 

Office

 

—

 

—

 

529

 

318 National Business Parkway

 

Annapolis Junction, MD

 

Office

 

—

 

—

 

416

 

Other Developments

 

Various

 

Office

 

—

 

—

 

155

 

1338 Ashton Road

 

Hanover, MD

 

Office

 

36

 

50

 

—

 

 

 

 

 

 

 

737,332

 

$

 270,059

 

$

 971,521

 

 

Property

 

Costs Capitalized
Subsequent to
Acquisition

 

Gross Amounts
Carried at Close of
Period

 

Accumulated
Depreciation

 

Year Built or
Renovated

 

Date Acquired

 

Depreciation
Life

 

2 Centre Drive

 

2

 

2,404

 

(248

)

1989

 

10/30/1998

 

40 Years

 

95 Shannon Road

 

3

 

2,366

 

(209

)

1995

 

8/12/1999

 

40 Years

 

75 Shannon Road

 

107

 

2,356

 

(238

)

1995

 

8/12/1999

 

40 Years

 

8 Centre Drive

 

257

 

2,199

 

(357

)

1986

 

10/30/1998

 

40 Years

 

1350 Dorsey Road

 

218

 

2,184

 

(267

)

1989

 

4/28/1999

 

40 Years

 

1344 Ashton Road

 

198

 

1,974

 

(205

)

1989

 

4/28/1999

 

40 Years

 

6375 Flank Drive

 

—

 

1,850

 

(121

)

2000

 

11/4/1999

 

40 Years

 

9150 Guilford Road

 

29

 

1,706

 

(104

)

1984

 

4/4/2002

 

40 Years

 

1341 Ashton Road

 

79

 

1,608

 

(200

)

1989

 

4/28/1999

 

40 Years

 

Gateway 67 Land Parcel

 

—

 

1,416

 

—

 

(3)

 

12/30/2003

 

N/A

 

85 Shannon Road

 

3

 

1,389

 

(123

)

1995

 

8/12/1999

 

40 Years

 

9130 Guilford Road

 

29

 

1,237

 

(69

)

1984

 

4/4/2002

 

40 Years

 

1343 Ashton Road

 

1

 

968

 

(91

)

1989

 

4/28/1999

 

40 Years

 

191 National Business Parkway

 

—

 

820

 

—

 

(2)

 

Various

 

N/A

 

Commerce 2 Building

 

—

 

768

 

—

 

(2)

 

(4)

 

N/A

 

Airport Square XXII

 

—

 

638

 

—

 

(3)

 

12/19/2001

 

N/A

 

304 National Business Parkway

 

—

 

529

 

—

 

(2)

 

(5)

 

N/A

 

318 National Business Parkway

 

—

 

416

 

—

 

(2)

 

(5)

 

N/A

 

Other Developments

 

—

 

155

 

—

 

(2)

 

Various

 

N/A

 

1338 Ashton Road

 

12

 

62

 

(2

)

(3)

 

4/28/1999

 

40 Years

 

 

 

$

45,486

 

$

1,287,066

 

$

(103,070

)

 

 

 

 

 

 

 

(1) Amount reflects discounts of $1,605 recorded on the mortgage loans encumbering this property.

(2) Under construction or development at December 31, 2003.

(3) Held for future development at December 31, 2003.

(4) Development in progress in anticipation of acquisition.

(5) Construction taking place on Lots 21-25 and 30-32, National Business Parkway, which is separately reported herein.

 

 

The following table summarizes our changes in cost of properties (in thousands):

 

Original balance at December 31, 2002

 

$

1,127,225

 

Adjustments (1)

 

(14,200

)

Adjusted balance at December 31, 2002

 

1,113,025

 

Property acquisitions

 

191,053

 

Building and land improvements

 

23,684

 

Sales

 

(40,696

)

Balance at December 31, 2003

 

$

1,287,066

 

 

The following table summarizes our changes in accumulated depreciation (in thousands):

 

Original balance at December 31, 2002

 

$

76,095

 

Adjustments (1)

 

1,974

 

Adjusted balance at December 31, 2002

 

78,069

 

Depreciation expense

 

29,730

 

Sales

 

(4,729

)

Balance at December 31, 2003

 

$

103,070

 

 

 

(1) Amounts related to 2002 acquisitions were reclassified in 2003 in connection with our accounting under Statement of Financial Accounting Standards No. 141, “Business Combinations.”  For a description of this reclassification, you should refer Note 3 to our Consolidated Financial Statements.

 

 

Report of Independent Auditors on

Financial Statement Schedules

 

 

To the Board of Directors and Shareholders of
Corporate Office Properties Trust:

 

Our audits of the consolidated financial statements referred to in our report dated March 5, 2004 appearing in the 2003 Annual Report to Shareholders of Corporate Office Properties Trust (which report and consolidated financial statements are incorporated by reference in this Annual Report on Form 10-K) also included an audit of the financial statement schedule listed in Item 15(a)(2) of this Form 10-K.  In our opinion, this financial statement schedule presents 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

 

March 5, 2004