Quarterly Selected Financial Summary Data

(dollars in thousands, except per share data)

	2009			2008 (as adjusted)
	March 31			December 31			September 30			June 30			March 31

Revenues from real estate operations	$	106,844		$	103,599		$	101,086		$	97,946		$	97,002

Total revenues	181,733			168,944			191,088			120,370			107,616

Combined net operating income	67,811			66,813			65,223			64,063			62,543

EBITDA	64,539			70,509			62,372			60,327			60,150

Net income	18,166			21,437			13,788			13,910			12,181
Net income attributable to noncontrolling interests	(2,019		)	(2,594		)	(1,542		)	(1,748		)	(1,467		)
Preferred share dividends	(4,025		)	(4,026		)	(4,025		)	(4,026		)	(4,025		)
Net income available to common shareholders	$	12,122		$	14,817		$	8,221		$	8,136		$	6,689

Diluted EPS	$	0.23		$	0.28		$	0.17		$	0.17		$	0.14

Diluted EPS, excluding gain on early extinguishment of debt	$	0.23		$	0.15		$	0.17		$	0.17		$	0.14

FFO	$	44,817		$	48,886		$	39,533		$	37,778		$	35,909

Basic and diluted FFO available to common share and common unit holders	$	40,071		$	44,176		$	35,038		$	33,082		$	31,296

Diluted FFO per share	$	0.67		$	0.74		$	0.62		$	0.59		$	0.56

Diluted FFO per share, excluding gain on early extinguishment of debt	$	0.67		$	0.61		$	0.62		$	0.59		$	0.56

Diluted AFFO available to common share and common unit holders	$	33,366		$	25,638		$	25,453		$	24,840		$	24,216

Payout ratios:

Earnings payout	167.2		%	130.1		%	233.3		%	199.1		%	241.8		%

Diluted FFO payout	55.8		%	50.3		%	63.4		%	57.3		%	60.5		%

Diluted AFFO payout	67.0		%	86.7		%	87.2		%	76.4		%	78.2		%

Total dividends/distributions	$	26,539		$	26,420		$	26,394		$	23,160		$	23,134

Quarterly Consolidated Balance Sheets

(dollars in thousands)

	2009			2008 (as adjusted)
	March 31			December 31			September 30			June 30			March 31

Assets
Properties, net
Operating properties, net	$	2,291,484		$	2,283,870		$	2,241,412		$	2,245,003		$	2,208,101
Properties under construction or development	517,928			494,596			497,287			457,402			410,029
Properties, net	2,809,412			2,778,466			2,738,699			2,702,405			2,618,130

Cash and cash equivalents	12,702			6,775			21,316			12,857			37,607
Restricted cash	15,408			13,745			15,534			23,066			16,712
Accounts receivable, net	12,737			13,684			13,044			23,452			19,832
Deferred rent receivable	65,346			64,131			62,137			59,238			56,330
Intangible assets on real estate acquisitions, net	85,774			91,848			98,282			104,136			102,647
Deferred charges, net	47,350			51,801			51,371			48,286			47,871
Prepaid and other assets	88,561			93,789			100,448			37,934			38,321
Total assets	$	3,137,290		$	3,114,239		$	3,100,831		$	3,011,374		$	2,937,450

Liabilities and shareholders’ equity
Liabilities:
Mortgage and other loans payable	$	1,715,144		$	1,704,123		$	1,656,280		$	1,704,351		$	1,645,968
3.5% Exchangeable Senior Notes	153,488			152,628			186,806			185,779			184,766
Accounts payable and accrued expenses	111,135			93,625			93,676			82,526			66,210
Rents received in advance and security deposits	31,524			30,464			26,372			32,569			33,169
Dividends and distributions payable	25,891			25,794			25,774			22,548			22,519
Deferred revenue associated with acquired operating leases	9,880			10,816			11,832			12,762			10,665
Distributions in excess of investment in unconsolidated real estate joint ventures	4,809			4,770			4,668			4,506			4,215
Other liabilities	8,793			9,596			7,059			8,820			10,171
Total liabilities	2,060,664			2,031,816			2,012,467			2,053,861			1,977,683

Commitments and contingencies	—			—			—			—			—

COPT’s shareholders’ equity:
Preferred shares (aggregate liquidation preference of $216,333)	81			81			81			81			81
Common shares	544			518			515			477			476
Additional paid-in capital	1,148,424			1,112,734			1,107,053			977,528			974,317
Cumulative distributions in excess of net income	(170,714		)	(162,572		)	(158,106		)	(147,145		)	(139,084		)
Accumulated other comprehensive loss	(3,256		)	(4,749		)	(1,676		)	(2,615		)	(4,368		)
Total COPT shareholders’ equity	975,079			946,012			947,867			828,326			831,422
Noncontrolling interests
Common units in the Operating Partnership	81,793			117,356			121,528			110,128			111,124
Preferred units in the Operating Partnership	8,800			8,800			8,800			8,800			8,800
Other consolidated real estate joint ventures	10,954			10,255			10,169			10,259			8,421
Total noncontrolling interests	101,547			136,411			140,497			129,187			128,345
Total equity	1,076,626			1,082,423			1,088,364			957,513			959,767
Total liabilities and equity	$	3,137,290		$	3,114,239		$	3,100,831		$	3,011,374		$	2,937,450

Quarterly Consolidated Statements of Operations

(in thousands, except per share data)

	2009			2008 (as adjusted)
	March 31			December 31			September 30			June 30			March 31

Revenues
Rental revenue	$	89,522		$	87,018		$	85,060		$	83,154		$	81,710
Tenant recoveries and other real estate operations revenue	17,322			16,581			16,026			14,792			15,292
Construction contract revenues	74,539			64,920			89,653			21,899			10,136
Other service operations revenues	350			425			349			525			478
Total revenues	181,733			168,944			191,088			120,370			107,616

Expenses
Property operating expenses	39,033			36,786			35,854			33,957			34,542
Depreciation and amortization associated with real estate operations	26,491			27,290			25,583			24,955			24,892
Construction contract expenses	72,898			63,623			87,111			21,472			9,905
Other service operations expenses	425			429			546			454			602
General and administrative expenses	6,189			7,257			6,103			6,036			5,933
Total operating expenses	145,036			135,385			155,197			86,874			75,874

Operating income	36,697			33,559			35,891			33,496			31,742
Interest expense	(19,424		)	(21,290		)	(22,503		)	(21,162		)	(21,915		)
Interest and other income	1,078			1,146			559			170			195
Gain on early extinguishment of debt	—			8,101			—			—			—

Income from continuing operations before equity in (loss) income of unconsolidated entities and income taxes	18,351			21,516			13,947			12,504			10,022
Equity in (loss) income of unconsolidated entities	(115		)	20			(57		)	(56		)	(54		)
Income tax (expense) benefit	(70		)	(99		)	(97		)	107			(112		)
Income from continuing operations	18,166			21,437			13,793			12,555			9,856
Discontinued operations, net of income taxes	—			—			(9		)	1,314			1,266
Income before gain on sales of real estate	18,166			21,437			13,784			13,869			11,122
Gain on sales of real estate, net of income taxes	—			—			4			41			1,059

Net income	18,166			21,437			13,788			13,910			12,181
Less net income attributable to noncontrolling interests
Common units in the Operating Partnership	(1,804		)	(2,389		)	(1,467		)	(1,461		)	(1,202		)
Preferred units in the Operating Partnership	(165		)	(165		)	(165		)	(165		)	(165		)
Other consolidated entities	(50		)	(40		)	90			(122		)	(100		)

Net income attributable to COPT	16,147			18,843			12,246			12,162			10,714
Preferred share dividends	(4,025		)	(4,026		)	(4,025		)	(4,026		)	(4,025		)

Net income available to common shareholders	$	12,122		$	14,817		$	8,221		$	8,136		$	6,689

For diluted EPS computations:
Numerator for diluted EPS
Net income available to common shareholders	$	12,122		$	14,817		$	8,221		$	8,136		$	6,689
Amount allocable to restricted shares	(268		)	(200		)	(192		)	(166		)	(170		)
Numerator for diluted EPS	$	11,854		$	14,617		$	8,029		$	7,970		$	6,519

Denominator:
Weighted average common shares - basic	51,930			51,120			47,273			47,110			47,001
Dilutive effect of stock option awards	498			567			779			790			704
Weighted average common shares - diluted	52,428			51,687			48,052			47,900			47,705

Diluted EPS	$	0.23		$	0.28		$	0.17		$	0.17		$	0.14

Quarterly Consolidated Reconciliations of FFO, AFFO, EPS

and as adjusted amounts

(in thousands, except per share data)

	2009			2008 (as adjusted)
	March 31			December 31			September 30			June 30			March 31

Net income	$	18,166		$	21,437		$	13,788		$	13,910		$	12,181
Combined real estate related depreciation and amortization	26,491			27,290			25,583			24,955			24,944
Depreciation and amortization of unconsolidated real estate entities	160			159			162			163			164
Gain on sales of operating properties, net of income taxes	—			—			—			(1,250		)	(1,380		)
FFO	44,817			48,886			39,533			37,778			35,909

Noncontrolling interests - preferred units in the Operating Partnership	(165		)	(165		)	(165		)	(165		)	(165		)
Noncontrolling interests - other consolidated entities	(50		)	(40		)	90			(122		)	(100		)
Preferred share dividends	(4,025		)	(4,026		)	(4,025		)	(4,026		)	(4,025		)
Depreciation and amortization allocable to noncontrolling interests in other consol. entities	(53		)	(72		)	(74		)	(75		)	(49		)
Basic and diluted FFO allocable to restricted shares	(453		)	(407		)	(321		)	(308		)	(274		)
Basic and diluted FFO available to common share and common unit holders	40,071			44,176			35,038			33,082			31,296

Straight line rent adjustments	(1,140		)	(1,927		)	(2,850		)	(2,778		)	(2,656		)
Amortization of deferred market rental revenue	(380		)	(606		)	(555		)	(458		)	(445		)
Recurring capital expenditures	(5,883		)	(8,682		)	(7,008		)	(5,821		)	(4,782		)
Amortization of discount on Exchangeable Senior Notes, net of amounts capitalized	698			778			828			815			803
Gain on early extinguishment of debt	—			(8,101		)	—			—			—
Diluted AFFO available to common share and common unit holders	$	33,366		$	25,638		$	25,453		$	24,840		$	24,216

Preferred dividends	$	4,025		$	4,026		$	4,025		$	4,026		$	4,025
Preferred distributions	165			165			165			165			165
Common distributions	2,085			2,946			3,021			2,772			2,771
Common dividends	20,264			19,283			19,183			16,197			16,173
Total dividends/distributions	$	26,539		$	26,420		$	26,394		$	23,160		$	23,134

Denominator for diluted EPS	52,428			51,687			48,052			47,900			47,705
Common units	7,253			7,993			8,130			8,151			8,154
Denominator for diluted FFO per share	59,681			59,680			56,182			56,051			55,859

Diluted FFO available to common share and common unit holders	$	40,071		$	44,176		$	35,038		$	33,082		$	31,296
Gain on early extinguishment of debt	—			(8,101		)	—			—			—
Gain on early extinguishment of debt allocable to restricted shares	—			75			—			—			—
Diluted FFO available to common share and common unit holders, excluding gain on early extinguishment of debt	$	40,071		$	36,150		$	35,038		$	33,082		$	31,296
Diluted FFO per share, excluding gain on early extinguishment of debt	$	0.67		$	0.61		$	0.62		$	0.59		$	0.56

Numerator for diluted EPS computation	$	11,854		$	14,617		$	8,029		$	7,970		$	6,519
Gain on early extinguishment of debt	—			(8,101		)	—			—			—
Minority interests share of gain on early extinguishment of debt	—			1,123			—			—			—
Numerator for diluted EPS computation, excluding gain on early extinguishment of debt	$	11,854		$	7,639		$	8,029		$	7,970		$	6,519
Diluted EPS, excluding gain on early extinguishment of debt	$	0.23		$	0.15		$	0.17		$	0.17		$	0.14

Quarterly Consolidated Reconciliations of EBITDA, Combined NOI, Discontinued Operations,

Gains on Sales of Real Estate and Certain Non-GAAP Measures

(in thousands)

	2009			2008 (as adjusted)
	March 31			December 31			September 30			June 30			March 31

Net income	$	18,166		$	21,437		$	13,788		$	13,910		$	12,181
Combined interest expense	19,424			21,290			22,503			21,172			21,956
Combined income tax expense (benefit) (1)	70			99			97			(102		)	685
Depreciation of furniture, fixtures and equipment (FF&E)	388			393			401			392			384
Combined real estate related depreciation and other amortization	26,491			27,290			25,583			24,955			24,944
EBITDA	$	64,539		$	70,509		$	62,372		$	60,327		$	60,150
Add back:
General and administrative	6,189			7,257			6,103			6,036			5,933
Depreciation of FF&E included in general and administrative expense	(388		)	(393		)	(401		)	(392		)	(384		)
Income from service operations	(1,566		)	(1,293		)	(2,345		)	(498		)	(107		)
Interest and other income	(1,078		)	(1,146		)	(559		)	(170		)	(195		)
Gain on sales of depreciated real estate properties	—			—			—			(1,250		)	(1,276		)
Gain on early extinguishment of debt	—			(8,101		)	—			—			—
Non-operational property sales and real estate services	—			—			(4		)	(46		)	(1,632		)
Equity in loss (income) of unconsolidated entities	115			(20		)	57			56			54
Combined net operating income (“NOI”)	$	67,811		$	66,813		$	65,223		$	64,063		$	62,543

Discontinued Operations
Revenues from real estate operations	$	—		$	—		$	3		$	85		$	270
Property operating expenses	—			—			(12		)	(11		)	(187		)
Depreciation and amortization	—			—			—			—			(52		)
Income taxes	—			—			—			—			—
Interest	—			—			—			(10		)	(41		)
Gain on sales of depreciated real estate properties	—			—			—			1,250			1,276
Discontinued operations, net	$	—		$	—		$	(9	)	$	1,314		$	1,266

Gain on sales of real estate, net, per statements of operations	$	—		$	—		$	4		$	41		$	1,059
Add income taxes	—			—			—			5			573
Gain on sales of real estate from discontinued operations	—			—			—			1,250			1,276
Combined gain on sales of real estate	—			—			4			1,296			2,908
Non-operational property sales and real estate services	—			—			(4		)	(46		)	(1,632		)
Gain on sales of depreciated real estate properties	$	—		$	—		$	—		$	1,250		$	1,276

(1) Includes income taxes from continuing operations, discontinued operations and gains on other sales of real estate (see components on page 35).

Quarterly Equity Analysis

(Dollars and shares in thousands except per share data)

	2009			2008 (as adjusted)
	March 31			December 31			September 30			June 30			March 31
Common Equity - End of Quarter
Common Shares	54,371			51,790			51,530			47,702			47,616
Common Units	5,598			7,908			8,111			8,151			8,151
Total	59,969			59,698			59,641			55,853			55,768
End of Quarter Common Share Price	$	24.83		$	30.70		$	40.35		$	34.33		$	33.61
Market Value of Common Shares/Units	$	1,489,030		$	1,832,729		$	2,406,514		$	1,917,433		$	1,874,353

Common Shares Trading Volume
Average Daily Volume (Shares)	1,571			1,289			649			438			548
Average Daily Volume	$	39,397		$	35,680		$	24,908		$	16,222		$	16,981
As a Percentage of Weighted Average Common Shares	3.0		%	2.5		%	1.4		%	0.9		%	1.2		%

Common Share Price Range (price per share)
Quarterly High	$	30.92		$	39.84		$	43.50		$	40.00		$	36.16
Quarterly Low	$	20.49		$	20.39		$	32.00		$	33.65		$	25.43
Quarterly Average	$	25.08		$	27.68		$	38.37		$	37.05		$	30.97

Convertible Preferred Equity - End of Quarter
Convertible Series I Preferred Units Outstanding	352			352			352			352			352
Conversion Ratio	0.5000			0.5000			0.5000			0.5000			0.5000
Common Shares Issued Assuming Conversion	176			176			176			176			176

Convertible Series K Preferred Shares Outstanding	532			532			532			532			532
Conversion Ratio	0.8163			0.8163			0.8163			0.8163			0.8163
Common Shares Issued Assuming Conversion	434			434			434			434			434

Nonconvertible Preferred Equity - End of Quarter
Redeemable Series G Shares Outstanding	2,200			2,200			2,200			2,200			2,200
Redeemable Series H Shares Outstanding	2,000			2,000			2,000			2,000			2,000
Redeemable Series J Shares Outstanding	3,390			3,390			3,390			3,390			3,390
Total Nonconvertible Preferred Equity	7,590			7,590			7,590			7,590			7,590
Convertible Preferred Equity
Convertible Series K Shares Outstanding	884			884			884			884			884
Total Preferred Equity	8,474			8,474			8,474			8,474			8,474

Nonconvertible Preferred Equity ($25 par value)
Redeemable Series G Shares	$	55,000		$	55,000		$	55,000		$	55,000		$	55,000
Redeemable Series H Shares	50,000			50,000			50,000			50,000			50,000
Redeemable Series J Shares	84,750			84,750			84,750			84,750			84,750
Total Nonconvertible Preferred Equity	$	189,750		$	189,750		$	189,750		$	189,750		$	189,750

Convertible Preferred Equity ($25 par value)
Convertible Series I Units	$	8,800		$	8,800		$	8,800		$	8,800		$	8,800
Convertible Preferred Equity ($50 par value)
Convertible Series K Shares	26,583			26,583			26,583			26,583			26,583
Total Convertible Preferred Equity	$	35,383		$	35,383		$	35,383		$	35,383		$	35,383
Total Recorded Book Value of Preferred Equity	$	225,133		$	225,133		$	225,133		$	225,133		$	225,133

Weighted Average Shares:
Common Shares Outstanding	51,930			51,120			47,273			47,110			47,001
Dilutive effect of share-based compensation awards	498			567			779			790			704
Common Units	7,253			7,993			8,130			8,151			8,154
Denominator for funds from operations per share - diluted	59,681			59,680			56,182			56,051			55,859

Capitalization
Recorded Book Value of Preferred Shares/Units	$	225,133		$	225,133		$	225,133		$	225,133		$	225,133
Market Value of Common Shares/Units	1,489,030			1,832,729			2,406,514			1,917,433			1,874,353
Total Equity Market Capitalization	$	1,714,164		$	2,057,862		$	2,631,648		$	2,142,567		$	2,099,487

Total Debt	$	1,868,632		$	1,856,751		$	1,843,086		$	1,890,130		$	1,830,734

Total Market Capitalization	$	3,582,796		$	3,914,613		$	4,474,734		$	4,032,697		$	3,930,221

Debt to Total Market Capitalization	52.2		%	47.4		%	41.2		%	46.9		%	46.6		%
Debt to Total Assets	59.6		%	59.6		%	59.4		%	62.8		%	62.3		%
Debt to Undepreciated Book Value of Real Estate Assets	57.4		%	57.8		%	58.0		%	60.4		%	60.5		%

Quarterly Debt Analysis

(Dollars in thousands)

	2009			2008 (as adjusted)
	March 31			December 31			September 30			June 30			March 31
Debt Outstanding
Mortgage Loans	$	1,157,252		$	1,189,767		$	1,193,659		$	1,099,830		$	1,144,879
Construction Loans (1)	133,892			121,856			82,121			139,521			104,089
Unsecured Revolving Credit Facility (2)	424,000			392,500			380,500			465,000			397,000
Exchangeable Senior Notes	153,488			152,628			186,806			185,779			184,766
	$	1,868,632		$	1,856,751		$	1,843,086		$	1,890,130		$	1,830,734

Interest Rate Data
Fixed-Mortgage Loans	$	935,852		$	968,367		$	972,259		$	1,065,330		$	1,110,379
Fixed-Exchangeable Senior Notes	153,488			152,628			186,806			185,779			184,766
Variable	459,292			485,756			534,021			489,021			385,589
Variable Subject to Interest Rate Protection (3)	320,000			250,000			150,000			150,000			150,000
	$	1,868,632		$	1,856,751		$	1,843,086		$	1,890,130		$	1,830,734

% of Fixed Rate Loans (3)	75.42		%	73.84		%	71.03		%	74.13		%	78.94		%
% of Variable Rate Loans (3)	24.58		%	26.16		%	28.97		%	25.87		%	21.06		%
	100.00		%	100.00		%	100.00		%	100.00		%	100.00		%

Average Contract Interest Rates
Mortgage & Construction Loans	5.38		%	5.44		%	5.50		%	5.60		%	5.81		%
Unsecured Revolving Credit Facility	2.79		%	3.89		%	4.25		%	4.24		%	4.93		%
Exchangeable Senior Notes (4)	3.50		%	3.50		%	3.50		%	3.50		%	3.50		%
Total Weighted Average	4.82		%	5.00		%	5.11		%	5.11		%	5.42		%

Coverage Ratios (excluding capitalized interest) — All coverage computations include the effect of discontinued operations
Interest Coverage - Combined NOI	3.69		x	3.30		x	3.05		x	3.16		x	2.95		x
Interest Coverage - EBITDA	3.51		x	3.48		x	2.92		x	2.97		x	2.84		x
Debt Service Coverage - Combined NOI	3.19		x	2.89		x	2.63		x	2.69		x	2.50		x
Debt Service Coverage - EBITDA	3.04		x	3.05		x	2.52		x	2.53		x	2.41		x
Fixed Charge Coverage - Combined NOI	3.00		x	2.73		x	2.55		x	2.62		x	2.47		x
Fixed Charge Coverage - EBITDA	2.86		x	2.88		x	2.44		x	2.46		x	2.37		x

(1) Includes $93.3 million due under our Revolving Construction Facility at March 31, 2009. This facility provides for the borrowing of up to $225.0 million to finance construction of the Company’s wholly owned buildings.

(2) As of March 31, 2009, our borrowing capacity under the Revolving Credit Facility was $600.0 million, of which $159.8 million was available.

(3) Includes the effect of the following interest rate swaps in effect during certain of the periods set forth above that hedge the risk of changes in interest rates on certain of our one-month LIBOR-based variable rate debt:

Notional		One-Month		Effective	Expiration
Amount		Libor Base		Date	Date
$	25,000	5.232	%	5/1/06	5/1/09
$	25,000	5.232	%	5/1/06	5/1/09
$	50,000	4.330	%	10/23/07	10/23/09
$	100,000	2.510	%	11/3/08	12/31/09
$	120,000	1.760	%	1/2/09	5/1/2012

(4) Rate is on the stated face amount of the note.

Debt Maturity Schedule - March 31, 2009

(Dollars in thousands)

		Non-Recourse Debt (1)								Recourse Debt (1)
Year of Maturity		Annual Amortization of Monthly Payments			Balloon Payments Due on Maturity			Weighted Average Interest Rate of Amounts Maturing (2)		Annual Amortization of Monthly Payments			Balloon Payments Due on Maturity			Weighted Average Interest Rate of Amounts Maturing (2)		Revolver (3)			Total Scheduled Payments

April - June		2,467			116			8.63	%	195			41,339			2.00	%	—			44,116
July - September		2,259			22,477			7.18	%	199			—			0.00	%	—			24,935
October - December		2,245			—			0.00	%	205			—			0.00	%	—			2,449
Total 2009		$		6,970	$		22,593	7.19	%	$		598	$		41,339	2.00	%	$		—	$		71,500

2010	(4)	$		9,103	$		52,177			$		272	$		12,481			$		—	$		74,033
2011	(5)	7,309			102,264					241			93,303					424,000			627,117
2012		5,816			257,523					260			—					—			263,600
2013		2,593			134,843					282			—					—			137,718
2014	(6)	890			8,212					305			—					—			9,407
2015		552			114,558					329			—					—			115,440
2016		321			113,169					356			—					—			113,846
2017		193			300,610					385			—					—			301,188
2018		—			—					417			—					—			417
2019		—			—					373			39					—			412
2020		—			—					—			—					—			—
		$	33,747		$	1,105,950				$	3,819		$	147,161				$	424,000		$	1,714,676

Net premium to adjust to fair value of debt	468
Mortgage and Other Loans Payable	$	1,715,144

Exchangeable Senior Notes	$	162,500
Net discount to adjust to fair value of debt	$	(9,012	)
Exchangeable Senior Notes (7)	$	153,488

Total Debt	$	1,868,632

Notes:

(1) Certain mortgages contain extension options, generally either for a period of six months or one year, subject to certain conditions. The maturity dates presented above in the table assume that the extension options have not been exercised.

(2) For the variable rate loans expiring in 2009, the interest rate used for this calculation was the rate at March 31, 2009.

(3) As of March 31, 2009, our borrowing capacity under the Revolving Credit Facility was $600.0 million, of which $159.8 million was available.

(4) Includes $8.5 million maturing on a non-recourse loan that matures in September 2025 but will be called in October 2010.

(5) Includes $424.0 million due under our Revolving Credit Facility at March 31, 2009 that may be extended by us for a one-year period, subject to certain conditions. Also includes $93.3 million due under our Revolving Construction Facility at March 31, 2009 that may be extended by us for a one-year period, subject to certain conditions; this facility provides for the borrowing of up to $225.0 million to finance construction of the Company’s wholly owned buildings.

(6) We have a $4.8 million non-recourse loan maturing in March 2034 that may be prepaid in March 2014, subject to certain conditions. The above table includes $4.3 million due on maturity of this loan in 2014.

(7) Exchangeable Senior Notes mature in September 2026 but are subject to a put by the holders in September 2011 and every five years thereafter.

Quarterly Operating Ratios

(Dollars in thousands except per share data and ratios)

	2009			2008 (as adjusted)
	March 31			December 31			September 30			June 30			March 31

OPERATING RATIOS – All computations include the effect of discontinued operations

Net Income as a % of Combined Real Estate Revenues
(Net Income / Combined Real Estate Revenues)	17.00		%	20.69		%	13.64		%	14.19		%	12.52		%

Combined NOI as a % of Combined Real Estate Revenues
(Combined NOI / Combined Real Estate Revenues)	63.47		%	64.49		%	64.52		%	65.35		%	64.30		%

EBITDA as a % of Combined Real Estate Revenues
(EBITDA / Combined Real Estate Revenues)	60.40		%	68.06		%	61.70		%	61.54		%	61.84		%

G&A as a % of Net Income
(G&A / Net Income)	34.07		%	33.85		%	44.26		%	43.39		%	48.71		%

G&A as a % of Combined Real Estate Revenues
(G&A / Combined Real Estate Revenues)	5.79		%	7.00		%	6.04		%	6.16		%	6.10		%

G&A as a % of EBITDA
(G&A / EBITDA)	9.59		%	10.29		%	9.78		%	10.01		%	9.86		%

Recurring Capital Expenditures	$	5,883		$	8,682		$	7,008		$	5,821		$	4,782

Recurring Capital Expenditures per average square foot of wholly owned properties	$	0.32		$	0.47		$	0.38		$	0.32		$	0.27

Recurring Capital Expenditures as a % of NOI (Combined NOI)	8.68		%	12.99		%	10.74		%	9.09		%	7.65		%

Quarterly Dividend Analysis

	2009			2008 (as adjusted)
	March 31			December 31			September 30			June 30			March 31
Common Share Dividends
Dividends per share/unit	$	0.3725		$	0.3725		$	0.3725		$	0.3400		$	0.3400
Increase over prior quarter	0.0		%	0.0		%	9.6		%	0.0		%	0.0		%

Common Dividend Payout Ratios
Earnings Payout	167.2		%	130.1		%	233.3		%	199.1		%	241.8		%

Diluted FFO Payout	55.8		%	50.3		%	63.4		%	57.3		%	60.5		%

Diluted AFFO Payout	67.0		%	86.7		%	87.2		%	76.4		%	78.2		%

Dividend Coverage - Diluted FFO	1.79x			1.99x			1.58x			1.74x			1.65x

Dividend Coverage - Diluted AFFO	1.49x			1.15x			1.15x			1.31x			1.28x

Common Dividend Yields
Dividend Yield	6.00		%	4.85		%	3.69		%	3.96		%	4.05		%

Series I Preferred Unit Distributions
Preferred Unit Distributions Per Unit	$	0.46875		$	0.46875		$	0.46875		$	0.46875		$	0.46875
Preferred Unit Distributions Yield	7.500		%	7.500		%	7.500		%	7.500		%	7.500		%
Quarter End Recorded Book Value	$	25.00		$	25.00		$	25.00		$	25.00		$	25.00

Series G Preferred Share Dividends
Preferred Share Dividends Per Share	$	0.50000		$	0.50000		$	0.50000		$	0.50000		$	0.50000
Preferred Share Dividend Yield	8.000		%	8.000		%	8.000		%	8.000		%	8.000		%
Quarter End Recorded Book Value	$	25.00		$	25.00		$	25.00		$	25.00		$	25.00

Series H Preferred Share Dividends
Preferred Share Dividends Per Share	$	0.46875		$	0.46875		$	0.46875		$	0.46875		$	0.46875
Preferred Share Dividend Yield	7.500		%	7.500		%	7.500		%	7.500		%	7.500		%
Quarter End Recorded Book Value	$	25.00		$	25.00		$	25.00		$	25.00		$	25.00

Series J Preferred Share Dividends
Preferred Share Dividends Per Share	$	0.47656		$	0.47656		$	0.47656		$	0.47656		$	0.47656
Preferred Share Dividend Yield	7.625		%	7.625		%	7.625		%	7.625		%	7.625		%
Quarter End Recorded Book Value	$	25.00		$	25.00		$	25.00		$	25.00		$	25.00

Series K Preferred Share Dividends
Preferred Share Dividends Per Share	$	0.70000		$	0.70000		$	0.70000		$	0.70000		$	0.70000
Preferred Share Dividend Yield	5.600		%	5.600		%	5.600		%	5.600		%	5.600		%
Quarter End Recorded Book Value	$	50.00		$	50.00		$	50.00		$	50.00		$	50.00

Investor Composition and Analyst Coverage

(as of March 31, 2009)

			As if Converted		Diluted
	Common	Common	Preferred		Ownership
	Shares	Units	Shares / Units	Total	% of Total
SHAREHOLDER CLASSIFICATION
Insiders	1,029,044	4,722,152	—	5,751,196	9.49	%
Non-insiders	53,341,503	875,467	610,014	54,826,984	90.51	%
	54,370,547	5,597,619	610,014	60,578,180	100.00	%

	March 31,	December 31,	September 30,	June 30,	March 31,
	2009	2008	2008	2008	2008
RESEARCH COVERAGE
BMO Capital Markets	x	x	x	x	x
Citigroup Global Markets	x	x	x	x	x
Ferris, Baker Watts, Incorporated	n/a	n/a	n/a	n/a	x
Friedman Billings Ramsey & Co.	x	x	x	x	x
Green Street Advisors	x	x	x	x	x
Bank of America Merrill Lynch	x	x	x	x	x
RBC Capital Markets	x	x	x	x	x
Raymond James	x	x	x	x	x
Robert W. Baird & Co. Incorporated	x	x	x	x	x
Stifel, Nicolaus & Company, Incorporated	x	x	x	x	x
Wachovia Securities	x	x	x	x	x
Macquarie Securities	x	x	n/a	n/a	n/a

Property Summary by Region - March 31, 2009

Wholly Owned Properties

Operating Property Count		Submarket	Business Park	Year Built or Renovated	S or M	Total Operational Square Feet	Total Square Feet Under Construction / Redevelopment
	Office Properties

	Baltimore /Washington Corridor

1	2730 Hercules Road	BWI Airport	NBP	1990	M	240,336
	300 Sentinel Drive (300 NBP)	BWI Airport	NBP		M		185,719
2	304 Sentinel Drive (304 NBP)	BWI Airport	NBP	2005	M	162,498
3	306 Sentinel Drive (306 NBP)	BWI Airport	NBP	2006	M	157,896
4	2720 Technology Drive (220 NBP)	BWI Airport	NBP	2004	M	156,730
5	302 Sentinel Drive (302 NBP)	BWI Airport	NBP	2007	M	155,731
6	2711 Technology Drive (211 NBP)	BWI Airport	NBP	2002	M	152,112
7	320 Sentinel Way (320 NBP)	BWI Airport	NBP	2007	M	125,681
8	318 Sentinel Way (318 NBP)	BWI Airport	NBP	2005	M	125,681
9	322 Sentinel Way (322 NBP)	BWI Airport	NBP	2006	M	125,568
10	140 National Business Parkway	BWI Airport	NBP	2003	M	119,904
11	132 National Business Parkway	BWI Airport	NBP	2000	M	118,598
12	2721 Technology Drive (221 NBP)	BWI Airport	NBP	2000	M	117,447
13	2701 Technology Drive (201 NBP)	BWI Airport	NBP	2001	M	117,450
14	2691 Technology Drive (191 NBP)	BWI Airport	NBP	2005	M	103,683
15	134 National Business Parkway	BWI Airport	NBP	1999	M	93,482
16	135 National Business Parkway	BWI Airport	NBP	1998	M	87,422
17	133 National Business Parkway	BWI Airport	NBP	1997	M	87,401
18	141 National Business Parkway	BWI Airport	NBP	1990	M	87,206
19	131 National Business Parkway	BWI Airport	NBP	1990	M	69,021
20	114 National Business Parkway	BWI Airport	NBP	2002	S	9,908
21	314 Sentinel Way (314 NBP)	BWI Airport	NBP	2008	S	4,462
						2,418,217	185,719

1	1306 Concourse Drive	BWI Airport	APS	1990	M	114,046
2	870-880 Elkridge Landing Road	BWI Airport	APS	1981	M	105,151
3	1304 Concourse Drive	BWI Airport	APS	2002	M	101,753
4	900 Elkridge Landing Road	BWI Airport	APS	1982	M	97,261
5	1199 Winterson Road	BWI Airport	APS	1988	M	96,636
6	920 Elkridge Landing Road	BWI Airport	APS	1982	M	96,566
7	1302 Concourse Drive	BWI Airport	APS	1996	M	85,117
8	881 Elkridge Landing Road	BWI Airport	APS	1986	M	73,572
9	1099 Winterson Road	BWI Airport	APS	1988	M	70,569
10	1190 Winterson Road	BWI Airport	APS	1987	M	69,127
11	849 International Drive	BWI Airport	APS	1988	M	68,791
12	911 Elkridge Landing Road	BWI Airport	APS	1985	M	68,296
13	1201 Winterson Road	BWI Airport	APS	1985	M	67,903
14	999 Corporate Boulevard	BWI Airport	APS	2000	M	67,455
15	891 Elkridge Landing Road	BWI Airport	APS	1984	M	58,454
16	901 Elkridge Landing Road	BWI Airport	APS	1984	M	57,617
17	930 International Drive	BWI Airport	APS	1986	S	57,409
18	800 International Drive	BWI Airport	APS	1988	S	57,379
19	900 International Drive	BWI Airport	APS	1986	S	57,140
20	921 Elkridge Landing Road	BWI Airport	APS	1983	M	54,175
21	939 Elkridge Landing Road	BWI Airport	APS	1983	M	53,218
22	938 Elkridge Landing Road	BWI Airport	APS	1984	M	52,988
						1,630,623	—

1	7467 Ridge Road	BWI Airport	Comm./Pkwy.	1990	M	74,326
2	7240 Parkway Drive	BWI Airport	Comm./Pkwy.	1985	M	74,160
3	7272 Park Circle Drive	BWI Airport	Comm./Pkwy.	1991/1996	M	59,436
4	7318 Parkway Drive	BWI Airport	Comm./Pkwy.	1984	S	59,204
5	7320 Parkway Drive	BWI Airport	Comm./Pkwy.	1983	S	57,928
6	1340 Ashton Road	BWI Airport	Comm./Pkwy.	1989	S	46,400
7	1362 Mellon Road	BWI Airport	Comm./Pkwy.	2006	M	43,295
8	1334 Ashton Road	BWI Airport	Comm./Pkwy.	1989	S	37,565
9	1331 Ashton Road	BWI Airport	Comm./Pkwy.	1989	S	29,153
10	1350 Dorsey Road	BWI Airport	Comm./Pkwy.	1989	S	19,992
11	1344 Ashton Road	BWI Airport	Comm./Pkwy.	1989	M	17,062
12	1341 Ashton Road	BWI Airport	Comm./Pkwy.	1989	S	15,841
13	1343 Ashton Road	BWI Airport	Comm./Pkwy.	1989	S	9,962
14	1348 Ashton Road	BWI Airport	Comm./Pkwy.	1988	S	3,108
						547,432	—

57	Subtotal (continued on next page)					4,596,272	185,719

The S or M notation indicates single story or multi-story, respectively.

Property Summary by Region - March 31, 2009 (continued)

Wholly Owned Properties

Operating
Property
Count

Submarket

Business Park

Year Built or
Renovated

S or M

Total Operational
Square Feet

Total Square Feet
Under
Construction /
Redevelopment

Subtotal (continued from prior page)

4,596,272

185,719

5520 Research Park Drive (UMBC) (1)

BWI Airport

bwtech@UMBC

27,862

78,102

5522 Research Park Drive (UMBC) (1)

BWI Airport

bwtech@UMBC

2007

23,500

51,362

78,102

2500 Riva Road

Annapolis

2000

155,000

Old Annapolis Road

Howard Co. Perimeter

Oakland Ridge

1985

171,436

7125 Columbia Gateway Drive

Howard Co. Perimeter

Columbia Gateway

1973/1999

612,109

7000 Columbia Gateway Drive

Howard Co. Perimeter

Columbia Gateway

1999

145,806

6721 Columbia Gateway Drive

Howard Co. Perimeter

Columbia Gateway

131,451

6731 Columbia Gateway Drive

Howard Co. Perimeter

Columbia Gateway

2002

123,911

6711 Columbia Gateway Drive

Howard Co. Perimeter

Columbia Gateway

2006-2007

123,599

6940 Columbia Gateway Drive

Howard Co. Perimeter

Columbia Gateway

1999

109,003

6950 Columbia Gateway Drive

Howard Co. Perimeter

Columbia Gateway

1998

107,778

7067 Columbia Gateway Drive

Howard Co. Perimeter

Columbia Gateway

2001

86,055

8621 Robert Fulton Drive

Howard Co. Perimeter

Columbia Gateway

2005-2006

86,033

6750 Alexander Bell Drive

Howard Co. Perimeter

Columbia Gateway

2001

77,331

6700 Alexander Bell Drive

Howard Co. Perimeter

Columbia Gateway

1988

74,852

6740 Alexander Bell Drive

Howard Co. Perimeter

Columbia Gateway

1992

63,480

7015 Albert Einstein Drive

Howard Co. Perimeter

Columbia Gateway

1999

61,203

8671 Robert Fulton Drive

Howard Co. Perimeter

Columbia Gateway

2002

56,350

6716 Alexander Bell Drive

Howard Co. Perimeter

Columbia Gateway

1990

52,203

8661 Robert Fulton Drive

Howard Co. Perimeter

Columbia Gateway

2002

49,307

7142 Columbia Gateway Drive

Howard Co. Perimeter

Columbia Gateway

1994

47,668

7130 Columbia Gateway Drive

Howard Co. Perimeter

Columbia Gateway

1989

46,460

6708 Alexander Bell Drive

Howard Co. Perimeter

Columbia Gateway

1988

39,203

7065 Columbia Gateway Drive

Howard Co. Perimeter

Columbia Gateway

2000

38,560

7138 Columbia Gateway Drive

Howard Co. Perimeter

Columbia Gateway

1990

38,225

7063 Columbia Gateway Drive

Howard Co. Perimeter

Columbia Gateway

2000

36,813

6760 Alexander Bell Drive

Howard Co. Perimeter

Columbia Gateway

1991

36,440

7150 Columbia Gateway Drive

Howard Co. Perimeter

Columbia Gateway

1991

35,812

7061 Columbia Gateway Drive

Howard Co. Perimeter

Columbia Gateway

2000

29,910

6724 Alexander Bell Drive

Howard Co. Perimeter

Columbia Gateway

2001

28,420

7134 Columbia Gateway Drive

Howard Co. Perimeter

Columbia Gateway

1990

21,991

6741 Columbia Gateway Drive

Howard Co. Perimeter

Columbia Gateway

2008

4,592

2,233,114

131,451

7200 Riverwood Drive

Howard Co. Perimeter

Rivers Corporate Park

1986

160,000

7160 Riverwood Drive

Howard Co. Perimeter

Rivers Corporate Park

2000

62,084

9140 Guilford Road

Howard Co. Perimeter

Rivers Corporate Park

1983

41,511

7150 Riverwood Drive

Howard Co. Perimeter

Rivers Corporate Park

2000

41,382

9160 Guilford Road

Howard Co. Perimeter

Rivers Corporate Park

1984

37,034

7170 Riverwood Drive

Howard Co. Perimeter

Rivers Corporate Park

2000

29,162

9150 Guilford Road

Howard Co. Perimeter

Rivers Corporate Park

1984

18,592

10280 Old Columbia Road

Howard Co. Perimeter

Rivers Corporate Park

1988/2001

16,796

10270 Old Columbia Road

Howard Co. Perimeter

Rivers Corporate Park

1988/2001

16,686

9130 Guilford Road

Howard Co. Perimeter

Rivers Corporate Park

1984

13,700

10290 Old Columbia Road

Howard Co. Perimeter

Rivers Corporate Park

1988/2001

10,890

447,837

—

9720 Patuxent Woods Drive

Howard Co. Perimeter

Owen Brown South

1986/2001

40,004

9740 Patuxent Woods Drive

Howard Co. Perimeter

Owen Brown South

1986/2001

38,292

9700 Patuxent Woods Drive

Howard Co. Perimeter

Owen Brown South

1986/2001

31,275

9730 Patuxent Woods Drive

Howard Co. Perimeter

Owen Brown South

1986/2001

31,012

9710 Patuxent Woods Drive

Howard Co. Perimeter

Owen Brown South

1986/2001

15,229

155,812

—

9020 Mendenhall Court

Howard Co. Perimeter

Sieling Business Park

1982/2005

49,217

105

Total Baltimore/Washington Corridor

7,860,050

395,272

The S or M notation indicates single story or multi-story building, respectively.

(1) This property is a land-lease property.

Property Summary by Region - March 31, 2009 (continued)

Wholly Owned Properties

Operating
Property
Count

Submarket

Business Park

Year Built or
Renovated

S or M

Total
Operational
Square Feet

Total Square Feet
Under
Construction /
Redevelopment

St. Mary’s & King George Counties

22309 Exploration Drive

St. Mary’s County

Exploration Park

1984/1997

98,860

22289 Exploration Drive

St. Mary’s County

Exploration Park

2000

61,059

22299 Exploration Drive

St. Mary’s County

Exploration Park

1998

58,231

22300 Exploration Drive

St. Mary’s County

Exploration Park

1997

44,830

262,980

—

46579 Expedition Drive

St. Mary’s County

Expedition Park

2002

61,156

46591 Expedition Drive

St. Mary’s County

Expedition Park

2005-2006

59,483

120,639

—

44425 Pecan Court

St. Mary’s County

Wildewood Tech Park

1997

59,055

44408 Pecan Court

St. Mary’s County

Wildewood Tech Park

1986

50,532

23535 Cottonwood Parkway

St. Mary’s County

Wildewood Tech Park

1984

46,656

44417 Pecan Court

St. Mary’s County

Wildewood Tech Park

1989

29,053

44414 Pecan Court

St. Mary’s County

Wildewood Tech Park

1986

25,444

44420 Pecan Court

St. Mary’s County

Wildewood Tech Park

1989

25,200

235,940

—

16480 Commerce Drive

King George County

Dahlgren Technology Center

2000

70,728

16541 Commerce Drive

King George County

Dahlgren Technology Center

1996

36,053

16539 Commerce Drive

King George County

Dahlgren Technology Center

1990

32,076

16442 Commerce Drive

King George County

Dahlgren Technology Center

2002

25,518

16501 Commerce Drive

King George County

Dahlgren Technology Center

2002

22,833

16543 Commerce Drive

King George County

Dahlgren Technology Center

2002

17,370

204,578

—

Total St. Mary’s & King George Counties

824,137

—

Northern Virginia

15000 Conference Center Drive

Dulles South

Westfields Corporate Center

1989

470,406

15010 Conference Center Drive

Dulles South

Westfields Corporate Center

2006

223,610

15059 Conference Center Drive

Dulles South

Westfields Corporate Center

2000

145,224

15049 Conference Center Drive

Dulles South

Westfields Corporate Center

1997

145,053

14900 Conference Center Drive

Dulles South

Westfields Corporate Center

1999

127,857

14280 Park Meadow Drive

Dulles South

Westfields Corporate Center

1999

114,126

4851 Stonecroft Boulevard

Dulles South

Westfields Corporate Center

2004

88,094

14850 Conference Center Drive

Dulles South

Westfields Corporate Center

2000

69,711

14840 Conference Center Drive

Dulles South

Westfields Corporate Center

2000

69,710

1,453,791

—

13200 Woodland Park Road

Herndon

Woodland Park

2002

404,665

13454 Sunrise Valley Road

Herndon

Dulles Tech

1998

112,633

13450 Sunrise Valley Road

Herndon

Dulles Tech

1998

53,728

166,361

—

1751 Pinnacle Drive

Tysons Corner

1989/1995

260,469

1753 Pinnacle Drive

Tysons Corner

1976/2004

186,707

447,176

—

2900 Towerview Road

Route 28 South

Renaissance Park

1982/2008

144,837

Total Northern Virginia

2,616,830

—

Other

11751 Meadowville Lane

Richmond Southwest

Meadowville Technology Park

2007

193,000

201 Technology Park Drive

Southwest Virginia

Russell Regional Business Tech Park

2007

102,842

14303 Lake Royer Drive

Fort Ritchie

1990/2007

9,829

304 Castle Drive

Fort Ritchie

1993/2008

3,014

504 Greenhow Street

Fort Ritchie

2009

1,521

14316 Lake Royer Drive

Fort Ritchie

1953

864

15,228

—

Total Other

311,070

—

The S or M notation indicates single story or multi-story building, respectively.

Property Summary by Region - March 31, 2009 (continued)

Wholly Owned Properties

Operating
Property
Count

Submarket

Business Park

Year Built or
Renovated

S or M

Total
Operational
Square Feet

Total Square Feet
Under
Construction /
Redevelopment

Greater Philadelphia

753 Jolly Road

Blue Bell

Unisys campus

1992

418,430

785 Jolly Road

Blue Bell

Unisys campus

1996

219,065

760 Jolly Road

Blue Bell

Unisys campus

1994

208,854

751 Jolly Road

Blue Bell

Unisys campus

1991

114,000

Total Greater Philadelphia

960,349

—

Central New Jersey

431 Ridge Road

Exit 8A — Cranbury

Princeton Tech Cntr.

1998

171,200

437 Ridge Road

Exit 8A — Cranbury

Princeton Tech Cntr.

1996

30,000

Total Central New Jersey

201,200

—

San Antonio, Texas

7700 Potranco Road

San Antonio Northwest

1982/1985

508,412

7700-1 Potranco Road

San Antonio Northwest

2007

8,674

517,086

—

1560 Cable Ranch Road - Building B

San Antonio Northwest

151 Technology Center

1985/2006

77,040

1560 Cable Ranch Road - Building A

San Antonio Northwest

151 Technology Center

1985/2007

45,935

122,975

—

Total San Antonio, Texas

640,061

—

Colorado Springs, Colorado

655 Space Center Drive

Colorado Springs East

Patriot Park

2008

103,970

985 Space Center Drive

Colorado Springs East

Patriot Park

1989

102,812

565 Space Center Drive

Colorado Springs East

Patriot Park

89,773

745 Space Center Drive

Colorado Springs East

Patriot Park

2006

51,500

980 Technology Court

Colorado Springs East

Patriot Park

1995

33,190

525 Babcock Road

Colorado Springs East

Patriot Park

1967

14,000

305,472

89,773

1055 North Newport Road

Colorado Springs East

Aerotech Commerce Park

2007-2008

59,763

3535 Northrop Grumman Point

Colorado Springs East

Colorado Springs Airport

2008

124,305

1670 North Newport Road

Colorado Springs East

1986-1987

67,500

1915 Aerotech Drive

Colorado Springs East

1985

37,946

1925 Aerotech Drive

Colorado Springs East

1985

37,946

143,392

—

10807 New Allegiance Drive

I-25 North Corridor

InterQuest Office

145,723

9965 Federal Drive

I-25 North Corridor

InterQuest Office

1983/2007

74,749

9945 Federal Drive

I-25 North Corridor

InterQuest Office

73,940

9950 Federal Drive

I-25 North Corridor

InterQuest Office

2001

66,222

9925 Federal Drive

I-25 North Corridor

InterQuest Office

43,721

10,024

9960 Federal Drive

I-25 North Corridor

InterQuest Office

2001

46,948

231,640

229,687

5775 Mark Dabling Boulevard

Colorado Springs Northwest

1984

109,678

5725 Mark Dabling Boulevard

Colorado Springs Northwest

1984

108,976

5755 Mark Dabling Boulevard

Colorado Springs Northwest

1989

105,997

324,651

—

Total Colorado Springs, Colorado

1,189,223

319,460

The S or M notation indicates single story or multi-story building, respectively.

Property Summary by Region - March 31, 2009 (continued)

Wholly Owned Properties

Operating
Property
Count

Submarket

Business Park

Year Built or
Renovated

S or M

Total
Operational
Square Feet

Total Square Feet
Under
Construction /
Redevelopment

Suburban Maryland

11800 Tech Road

North Silver Spring

Montgomery Industrial

1989

228,179

400 Professional Drive

Gaithersburg

Crown Point

2000

129,355

110 Thomas Johnson Drive

Frederick

1987/1999

121,201

45 West Gude Drive

Rockville

1987

108,588

15 West Gude Drive

Rockville

1986

106,694

215,282

—

Total Suburban Maryland

694,017

—

Suburban Baltimore

11311 McCormick Road

Hunt Valley/Rte 83 Corridor

Hunt Valley Business Comm.

1984/1994

215,364

200 International Circle

Hunt Valley/Rte 83 Corridor

Hunt Valley Business Comm.

1987

127,196

226 Schilling Circle

Hunt Valley/Rte 83 Corridor

Hunt Valley Business Comm.

1980

98,640

201 International Circle

Hunt Valley/Rte 83 Corridor

Hunt Valley Business Comm.

1982

78,461

11011 McCormick Road

Hunt Valley/Rte 83 Corridor

Hunt Valley Business Comm.

1974

57,550

216 Schilling Circle

Hunt Valley/Rte 83 Corridor

Hunt Valley Business Comm.

1988/2001

36,003

222 Schilling Circle

Hunt Valley/Rte 83 Corridor

Hunt Valley Business Comm.

1978/1997

28,805

224 Schilling Circle

Hunt Valley/Rte 83 Corridor

Hunt Valley Business Comm.

1978/1997

27,376

11101 McCormick Road

Hunt Valley/Rte 83 Corridor

Hunt Valley Business Comm.

1976

24,232

693,627

—

10150 York Road

Hunt Valley/Rte 83 Corridor

1985

178,286

9690 Deereco Road

Hunt Valley/Rte 83 Corridor

1988

134,167

375 West Padonia Road

Hunt Valley/Rte 83 Corridor

1986

110,378

422,831

—

7210 Ambassador Road

Baltimore County Westside

Rutherford Business Center

1972

83,435

7152 Windsor Boulevard

Baltimore County Westside

Rutherford Business Center

1986

57,855

21 Governor’s Court

Baltimore County Westside

Rutherford Business Center

1981/1995

56,714

7125 Ambassador Road

Baltimore County Westside

Rutherford Business Center

1985

50,604

7104 Ambassador Road

Baltimore County Westside

Rutherford Business Center

1988

30,257

17 Governor’s Court

Baltimore County Westside

Rutherford Business Center

1981

14,619

15 Governor’s Court

Baltimore County Westside

Rutherford Business Center

1981

14,568

7127 Ambassador Road

Baltimore County Westside

Rutherford Business Center

1985

11,630

7129 Ambassador Road

Baltimore County Westside

Rutherford Business Center

1985

11,075

7108 Ambassador Road

Baltimore County Westside

Rutherford Business Center

1988

9,018

7102 Ambassador Road

Baltimore County Westside

Rutherford Business Center

1988

8,879

7106 Ambassador Road

Baltimore County Westside

Rutherford Business Center

1988

8,858

7131 Ambassador Road

Baltimore County Westside

Rutherford Business Center

1985

7,453

364,965

—

502 Washington Avenue

Towson

1984

91,081

102 West Pennsylvania Avenue

Towson

1968/2001

49,091

100 West Pennsylvania Avenue

Towson

1952/1989

18,715

109-111 Allegheny Avenue

Towson

1971

18,431

177,318

—

Subtotal (continued on next page)

1,658,741

—

The S or M notation indicates single story or multi-story building, respectively.

Property Summary by Region - March 31, 2009 (continued)

Wholly Owned Properties

Operating Property Count		Submarket	Business Park	Year Built or Renovated	S or M	Total Operational Square Feet	Total Square Feet Under Construction / Redevelopment

29	Subtotal (continued from prior page)					1,658,741	—

1	4940 Campbell Boulevard	White Marsh	Campbell Corporate Center	1990	M	49,888

1	8140 Corporate Drive	White Marsh	Corporate Place	2003	M	76,116
2	8110 Corporate Drive	White Marsh	Corporate Place	2001	M	75,687
						151,803	—

1	9910 Franklin Square Drive	White Marsh	Franklin Ridge	2005	S	56,271
2	9920 Franklin Square Drive	White Marsh	Franklin Ridge	2006	S	43,574
3	9930 Franklin Square Drive	White Marsh	Franklin Ridge	2001	S	39,750
4	9900 Franklin Square Drive	White Marsh	Franklin Ridge	1999	S	33,912
5	9940 Franklin Square Drive	White Marsh	Franklin Ridge	2000	S	32,293
						205,800	—

1	8020 Corporate Drive	White Marsh	McLean Ridge	1997	S	51,600
2	8094 Sandpiper Circle	White Marsh	McLean Ridge	1998	S	50,812
3	8098 Sandpiper Circle	White Marsh	McLean Ridge	1998	S	47,680
4	8010 Corporate Drive	White Marsh	McLean Ridge	1998	S	38,778
						188,870	—

1	5325 Nottingham Ridge Road	White Marsh	Nottingham Ridge	2002	S	36,626

1	7941-7949 Corporate Drive	White Marsh	Tyler Ridge	1996	S	57,600
2	8007 Corporate Drive	White Marsh	Tyler Ridge	1995	S	43,068
3	8019 Corporate Drive	White Marsh	Tyler Ridge	1990	S	33,274
4	8013 Corporate Drive	White Marsh	Tyler Ridge	1990	S	30,003
5	8003 Corporate Drive	White Marsh	Tyler Ridge	1999	S	18,327
6	8015 Corporate Drive	White Marsh	Tyler Ridge	1990	S	16,610
7	8023 Corporate Drive	White Marsh	Tyler Ridge	1990	S	9,486
						208,368	—

1	5020 Campbell Boulevard	White Marsh	White Marsh Business Center	1986-1988	S	44,362
2	5024 Campbell Boulevard	White Marsh	White Marsh Business Center	1986-1988	S	33,858
3	5026 Campbell Boulevard	White Marsh	White Marsh Business Center	1986-1988	S	30,868
4	5022 Campbell Boulevard	White Marsh	White Marsh Business Center	1986-1988	S	27,358
						136,446	—

1	10001 Franklin Square Drive	White Marsh	White Marsh Commerce Center	1997	S	217,714

1	8114 Sandpiper Circle	White Marsh	White Marsh Health Center	1986	S	45,008

1	4979 Mercantile Road	White Marsh	White Marsh Hi-Tech Center	1985	S	50,498
2	4969 Mercantile Road	White Marsh	White Marsh Hi-Tech Center	1983	S	47,574
						98,072	—

1	7939 Honeygo Boulevard	White Marsh	White Marsh Professional Center	1984	M	28,114
2	8133 Perry Hall Boulevard	White Marsh	White Marsh Professional Center	1988	M	27,860
3	7923 Honeygo Boulevard	White Marsh	White Marsh Professional Center	1985	M	24,054
						80,028	—

1	8031 Corporate Drive	White Marsh		1988/2004	S	66,000
2	8615 Ridgely’s Choice Drive	White Marsh		2005	M	37,840
3	8029 Corporate Drive	White Marsh		1988/2004	S	25,000
						128,840	—

63	Total Suburban Baltimore					3,206,204	—

240	TOTAL WHOLLY-OWNED PORTFOLIO					18,503,141	714,732

The S or M notation indicates single story or multi-story building, respectively.

Property Summary by Region - March 31, 2009

Joint Venture Properties

Operating
Property
Count

Submarket

Business Park

Year Built or
Renovated

S or M

Total
Operational
Square Feet

Total Square Feet
Under
Construction /
Redevelopment

Unconsolidated Joint Venture Properties

Greater Harrisburg

2605 Interstate Drive

East Shore

Commerce Park

1990

79,456

2601 Market Place

East Shore

Commerce Park

1989

65,411

144,867

—

6345 Flank Drive

East Shore

Gtwy Corp. Ctr.

1989

69,443

6340 Flank Drive

East Shore

Gtwy Corp. Ctr.

1988

68,200

6400 Flank Drive

East Shore

Gtwy Corp. Ctr.

1992

52,439

6360 Flank Drive

East Shore

Gtwy Corp. Ctr.

1988

46,500

6385 Flank Drive

East Shore

Gtwy Corp. Ctr.

1995

32,921

6380 Flank Drive

East Shore

Gtwy Corp. Ctr.

1991

32,668

6405 Flank Drive

East Shore

Gtwy Corp. Ctr.

1991

32,000

95 Shannon Road

East Shore

Gtwy Corp. Ctr.

1999

21,976

75 Shannon Road

East Shore

Gtwy Corp. Ctr.

1999

20,887

6375 Flank Drive

East Shore

Gtwy Corp. Ctr.

2000

19,783

85 Shannon Road

East Shore

Gtwy Corp. Ctr.

1999

12,863

409,680

—

5035 Ritter Road

West Shore

Rossmoyne Bus. Ctr.

1988

56,556

5070 Ritter Road - Building A

West Shore

Rossmoyne Bus. Ctr.

1989

32,309

5070 Ritter Road - Building B

West Shore

Rossmoyne Bus. Ctr.

1989

28,347

117,212

—

Total Greater Harrisburg

671,759

—

Total Unconsolidated Joint Venture Properties

671,759

—

Consolidated Joint Venture Properties

Suburban Maryland

5825 University Research Court

College Park

M Square Business Park

2008

116,083

—

5850 University Research Court

College Park

M Square Business Park

123,464

116,083

123,464

4230 Forbes Boulevard

Lanham

Forbes 50

2003

55,866

Total Suburban Maryland

171,949

123,464

Baltimore/Washington Corridor

7468 Candlewood Road

BWI Airport

Baltimore Commons

1979/1982

356,000

7740 Milestone Parkway

BWI Airport

Arundel Preserve

8,626

139,504

Total Baltimore/Washington Corridor

8,626

495,504

Total Consolidated Joint Venture Properties

180,575

618,968

TOTAL JOINT VENTURE PORTFOLIO

852,334

618,968

The S or M notation indicates single story or multi-story building, respectively.

Property Occupancy Rates by Region by Quarter

Wholly Owned Properties

	Baltimore /								St. Mary’s &
	Washington		Northern		Suburban		Suburban		King George		Colorado		San		Greater		Central				Total
	Corridor		Virginia		Baltimore		Maryland		Counties		Springs		Antonio		Philadelphia		New Jersey		Other		Portfolio

March 31, 2009

Number of Buildings	105		15		63		5		18		17		5		4		2		6		240
Rentable Square Feet	7,860,050		2,616,830		3,206,204		694,017		824,137		1,189,223		640,061		960,349		201,200		311,070		18,503,141
Occupied %	93.26	%	95.80	%	82.67	%	97.43	%	95.13	%	94.31	%	100.00	%	100.00	%	100.00	%	99.29	%	92.85	%
Leased %	93.80	%	98.34	%	84.38	%	97.43	%	97.21	%	95.37	%	100.00	%	100.00	%	100.00	%	99.29	%	93.89	%

December 31, 2008

Number of Buildings	104		15		63		5		18		17		5		4		2		5		238
Rentable Square Feet	7,834,175		2,609,030		3,207,050		690,619		824,137		1,189,232		640,061		960,349		201,200		306,090		18,461,943
Occupied %	93.35	%	97.36	%	83.14	%	97.72	%	95.17	%	94.26	%	100.00	%	100.00	%	100.00	%	100.00	%	93.21	%
Leased %	93.74	%	97.40	%	85.01	%	97.72	%	96.07	%	94.26	%	100.00	%	100.00	%	100.00	%	100.00	%	93.74	%

September 30, 2008

Number of Buildings	103		14		63		5		18		17		5		4		2		4		235
Rentable Square Feet	7,830,380		2,471,993		3,205,153		694,476		824,137		1,189,023		600,643		960,349		201,200		305,226		18,282,580
Occupied %	92.38	%	99.20	%	84.28	%	97.18	%	93.48	%	95.30	%	100.00	%	100.00	%	100.00	%	100.00	%	93.17	%
Leased %	93.33	%	99.34	%	87.81	%	97.18	%	95.31	%	95.30	%	100.00	%	100.00	%	100.00	%	100.00	%	94.29	%

June 30, 2008

Number of Buildings	103		14		63		5		18		16		5		4		2		4		234
Rentable Square Feet	7,824,771		2,466,923		3,205,931		690,575		824,137		1,144,724		600,643		960,349		201,200		305,226		18,224,479
Occupied %	92.48	%	99.34	%	85.49	%	97.58	%	92.98	%	94.90	%	100.00	%	100.00	%	100.00	%	100.00	%	93.40	%
Leased %	93.35	%	99.34	%	87.16	%	97.73	%	95.26	%	95.32	%	100.00	%	100.00	%	100.00	%	100.00	%	94.20	%

March 31, 2008

Number of Buildings	101		14		64		5		18		14		3		4		3		4		230
Rentable Square Feet	7,778,724		2,466,923		3,245,225		690,575		824,683		916,449		477,668		960,349		242,598		305,226		17,908,420
Occupied %	91.89	%	99.34	%	83.84	%	97.58	%	93.20	%	96.73	%	100.00	%	100.00	%	100.00	%	100.00	%	92.89	%
Leased %	93.39	%	99.34	%	86.57	%	97.58	%	94.09	%	96.73	%	100.00	%	100.00	%	100.00	%	100.00	%	94.07	%

Property Occupancy Rates by Region by Quarter

Joint Venture Properties

	Unconsolidated		Consolidated
	Greater		Baltimore/Wash		Suburban		Northern		Total
	Harrisburg		Corridor		Maryland		Virginia		Portfolio

March 31, 2009

Number of Buildings	16		1		2		—		19
Rentable Square Feet	671,759		8,626		171,949		—		852,334
Occupied %	87.06	%	100.00	%	65.62	%	0.00	%	82.86	%
Leased %	87.54	%	100.00	%	65.62	%	0.00	%	82.86	%

December 31, 2008

Number of Buildings	16		—		2		—		18
Rentable Square Feet	671,759		—		97,366		—		769,125
Occupied %	89.38	%	—		94.79	%	0.00	%	90.07	%
Leased %	89.88	%	—		94.79	%	0.00	%	90.50	%

September 30, 2008

Number of Buildings	16		—		2		1		19
Rentable Square Feet	671,759		—		97,366		78,171		847,296
Occupied %	89.90	%	—		90.68	%	100.00	%	90.92	%
Leased %	90.40	%	—		94.79	%	100.00	%	91.79	%

June 30, 2008

Number of Buildings	16		—		2		1		19
Rentable Square Feet	671,759		—		97,366		78,171		847,296
Occupied %	89.88	%	—		86.32	%	100.00	%	90.41	%
Leased %	89.88	%	—		86.32	%	100.00	%	90.41	%

March 31, 2008

Number of Buildings	16		—		1		1		18
Rentable Square Feet	671,759		—		55,866		78,171		805,796
Occupied %	89.64	%	—		76.15	%	100.00	%	89.71	%
Leased %	89.88	%	—		76.15	%	100.00	%	89.91	%

Reconciliation of Wholly Owned Properties to Entire

Portfolio as of March 31, 2008

		Square
	Count	Feet	Occupied %		Leased %

Wholly Owned Properties	240	18,503,141	92.85	%	93.89	%
Add: Consolidated Joint Venture Properties	3	180,575	67.26	%	67.26	%
Subtotal	243	18,683,716	92.60	%	93.64	%
Add: Unconsolidated Joint Venture Properties	16	671,759	87.06	%	87.54	%
Entire Portfolio	259	19,355,475	92.41	%	93.43	%

Top Twenty Office Tenants of Wholly Owned Properties as of March 31, 2009 (1)

(Dollars in thousands)

					Percentage of		Total		Percentage		Weighted
				Total	Total		Annualized		of Total		Average
			Number of	Occupied	Occupied		Rental		Annualized Rental		Remaining
Tenant			Leases	Square Feet	Square Feet		Revenue (2) (3)		Revenue		Lease Term (4)

United States of America	(5	)	66	2,583,040	15.0	%	$	67,011	17.0	%	6.1
Northrop Grumman Corporation	(6	)	15	1,135,594	6.6	%	28,886		7.3	%	7.5
Booz Allen Hamilton, Inc.			8	710,692	4.1	%	20,949		5.3	%	5.4
Computer Sciences Corporation	(6	)	4	454,645	2.6	%	12,371		3.1	%	2.3
L-3 Communications Holdings, Inc.	(6	)	5	267,354	1.6	%	9,865		2.5	%	5.0
Unisys Corporation	(7	)	5	760,145	4.4	%	9,097		2.3	%	4.5
General Dynamics Corporation	(6	)	10	293,329	1.7	%	8,089		2.1	%	1.4
The Aerospace Corporation			3	245,598	1.4	%	7,477		1.9	%	5.8
Wachovia Corporation	(6	)	4	183,577	1.1	%	6,992		1.8	%	9.4
ITT Corporation	(6	)	9	290,312	1.7	%	6,782		1.7	%	5.5
Comcast Corporation	(6	)	11	342,266	2.0	%	6,632		1.7	%	2.9
AT&T Corporation	(6	)	8	306,988	1.8	%	5,860		1.5	%	4.2
The Boeing Company	(6	)	4	143,480	0.8	%	4,383		1.1	%	4.5
Ciena Corporation			4	229,848	1.3	%	4,316		1.1	%	4.2
The Johns Hopkins Institutions	(6	)	4	128,827	0.7	%	3,202		0.8	%	7.5
BAE Systems PLC	(6	)	7	212,339	1.2	%	3,173		0.8	%	3.6
Science Applications International Corp.	(6	)	9	137,142	0.8	%	3,127		0.8	%	0.1
Merck & Co., Inc. (Unisys)	(6)	(7)	2	225,900	1.3	%	2,722		0.7	%	3.3
KETTLER			2	81,186	0.5	%	2,651		0.7	%	7.9
Magellan Health Services, Inc.			2	113,727	0.7	%	2,619		0.7	%	2.3

Subtotal Top 20 Office Tenants			182	8,845,989	51.5	%	216,204		55.0	%	5.4
All remaining tenants			776	8,334,158	48.5	%	177,099		45.0	%	3.6
Total/Weighted Average			958	17,180,147	100.0	%	$	393,303	100.0	%	4.6

(1)	Table excludes owner occupied leasing activity which represents 149,601 square feet with a weighted average remaining lease term of 6.3 years as of March 31, 2009.
(2)	Total Annualized Rental Revenue is the monthly contractual base rent as of March 31, 2009, multiplied by 12, plus the estimated
	annualized expense reimbursements under existing office leases.
(3)	Order of tenants is based on Annualized Rent.
(4)	The weighting of the lease term was computed using Total Rental Revenue.
(5)	Many of our government leases are subject to early termination provisions which are customary to government leases.
	The weighted average remaining lease term was computed assuming no exercise of such early termination rights.
(6)	Includes affiliated organizations or agencies.
(7)	Merck & Co., Inc. subleases 219,065 rentable square feet from Unisys’ 960,349 leased rentable square feet in our Greater Philadelphia region.

Combined Real Estate Revenue by Geographic Region by Quarter

(Dollars in thousands)

	2009			2008
	March 31			December 31			September 30			June 30			March 31

Office Properties:

Baltimore/Washington Corridor	$	49,592		$	48,317		$	46,139		$	46,426		$	45,577
Northern Virginia	22,359			19,563			19,523			18,927			19,004
Suburban Baltimore	13,828			13,475			13,912			13,502			13,910
Suburban Maryland	5,037			4,889			4,966			4,907			4,584
Colorado Springs	4,878			5,897			5,612			4,691			4,172
St. Mary’s and King George Counties	3,410			3,317			3,328			3,134			3,160
San Antonio	2,945			2,763			2,641			1,999			1,908
Greater Philadelphia	2,506			2,506			2,507			2,506			2,506
Central New Jersey	621			638			591			586			752
Other	2,698			3,099			2,775			2,257			2,577
Subtotal	107,874			104,464			101,994			98,935			98,150
Eliminations / other	(1,030		)	(865		)	(905		)	(904		)	(878		)

Combined Real Estate Revenue	$	106,844		$	103,599		$	101,089		$	98,031		$	97,272

Combined Net Operating Income by Geographic Region by Quarter

(Dollars in thousands)

	2009			2008
	March 31			December 31			September 30			June 30			March 31

Office Properties:

Baltimore/Washington Corridor	$	30,950		$	31,208		$	29,676		$	30,740		$	29,362
Northern Virginia	14,497			11,801			12,005			11,672			12,020
Suburban Baltimore	7,126			7,503			7,918			7,811			7,587
Suburban Maryland	2,978			3,036			2,968			3,320			2,920
Colorado Springs	3,566			3,791			3,753			2,953			2,590
St. Mary’s and King George Counties	2,538			2,417			2,471			2,387			2,418
San Antonio	2,108			1,909			1,945			1,556			1,475
Greater Philadelphia	2,408			2,451			2,464			2,466			2,442
Central New Jersey	585			599			533			548			543
Other	1,872			2,299			2,039			1,343			1,838
Subtotal	68,628			67,014			65,772			64,796			63,195
Eliminations / other	(817		)	(201		)	(549		)	(733		)	(652		)

Combined NOI	$	67,811		$	66,813		$	65,223		$	64,063		$	62,543

Same Office Property Cash Net Operating Income by Quarter

(Dollars in thousands)

	2009			2008
	March 31			December 31			September 30			June 30			March 31

Office Properties: (1)

Baltimore/Washington Corridor	$	29,737		$	29,816		$	28,430		$	29,335		$	27,997
Northern Virginia	15,051			11,468			11,235			11,055			11,309
Suburban Baltimore	6,608			7,187			7,344			7,271			7,066
Suburban Maryland	2,709			2,652			2,852			2,754			2,679
Colorado Springs	2,253			2,035			2,166			2,104			2,359
St. Mary’s and King George Counties	2,474			2,329			2,400			2,352			2,360
San Antonio	26			25			27			22			41
Greater Philadelphia	2,683			2,725			2,739			2,688			2,665
Central New Jersey	583			595			525			535			547
Other	1,864			2,096			1,896			1,495			1,728
Total Office Properties	$	63,988		$	60,928		$	59,614		$	59,611		$	58,751
Less: Lease termination fees, gross	(3,660		)	(201		)	(209		)	(59		)	(99		)
Same Office Cash NOI, adjusted for lease termination fees	$	60,328		$	60,727		$	59,405		$	59,552		$	58,652

Same Office Property GAAP Net Operating Income by Quarter

(Dollars in thousands)

	2009			2008
	March 31			December 31			September 30			June 30			March 31

Office Properties: (1)

Baltimore/Washington Corridor	$	30,191		$	30,703		$	29,227		$	30,356		$	29,071
Northern Virginia	14,401			11,594			11,811			11,418			11,794
Suburban Baltimore	7,188			7,533			7,964			7,779			7,530
Suburban Maryland	2,861			2,835			3,037			2,963			2,920
Colorado Springs	2,289			2,083			2,228			2,174			2,499
St. Mary’s and King George Counties	2,539			2,418			2,472			2,388			2,420
San Antonio	32			31			34			31			50
Greater Philadelphia	2,410			2,452			2,465			2,469			2,446
Central New Jersey	589			600			539			554			565
Other	2,132			2,463			2,230			1,746			2,045

Total Office Properties	$	64,632		$	62,712		$	62,007		$	61,878		$	61,340

GAAP net operating income for same office properties	$	64,632		$	62,712		$	62,007		$	61,878		$	61,340
Less: Straight-line rent adjustments	(435		)	(1,348		)	(2,009		)	(1,905		)	(2,218		)
Less: Amortization of deferred market rental revenue	(209		)	(436		)	(384		)	(362		)	(371		)
Cash net operating income for same office properties	$	63,988		$	60,928		$	59,614		$	59,611		$	58,751
Less: Lease termination fees, gross	(3,660		)	(201		)	(209		)	(59		)	(99		)
Cash net operating income for same office properties adjusted for lease termination fees	$	60,328		$	60,727		$	59,405		$	59,552		$	58,652

(1)	Same office properties represent buildings owned and 100% operational for a minimum of five reporting quarters. Amounts
	reported do not include the effects of eliminations.

Average Occupancy Rates by Region for Same Office Properties for Quarter (1)

									St.Mary’s
	Baltimore /								and King
	Washington		Northern		Suburban		Suburban		George		Colorado		San		Greater		Central				Total
	Corridor		Virginia		Baltimore		Maryland		Counties		Springs		Antonio		Philadelphia		New Jersey		Other		Office

1st Quarter 2009 Average

Number of Buildings	100		14		63		6		18		12		1		4		2		3		223
Rentable Square Feet	7,620,662		2,471,993		3,206,596		747,618		824,137		782,715		8,674		960,349		201,200		303,779		17,127,723
Percent Occupied	94.19	%	98.25	%	82.85	%	97.13	%	95.15	%	91.35	%	100.00	%	100.00	%	100.00	%	99.71	%	93.19	%

4th Quarter 2008 Average

Number of Buildings	100		14		63		6		18		12		1		4		2		3		223
Rentable Square Feet	7,626,179		2,471,993		3,206,476		746,456		824,137		782,724		8,674		960,349		201,200		302,212		17,130,400
Percent Occupied	94.10	%	99.60	%	82.64	%	97.09	%	94.41	%	92.15	%	100.00	%	100.00	%	100.00	%	100.00	%	93.31	%

3rd Quarter 2008 Average

Number of Buildings	100		14		63		6		18		12		1		4		2		3		223
Rentable Square Feet	7,624,392		2,470,303		3,206,439		747,741		824,137		782,130		8,674		960,349		201,200		302,212		17,127,577
Percent Occupied	93.65	%	99.29	%	84.98	%	96.23	%	93.78	%	92.98	%	100.00	%	100.00	%	100.00	%	100.00	%	93.48	%

2nd Quarter 2008 Average

Number of Buildings	100		14		63		6		18		12		1		4		2		3		223
Rentable Square Feet	7,620,701		2,466,923		3,213,666		746,441		824,319		781,937		8,674		960,349		201,200		302,212		17,126,422
Percent Occupied	93.26	%	99.34	%	84.80	%	95.98	%	92.83	%	92.43	%	100.00	%	100.00	%	100.00	%	100.00	%	93.19	%

1st Quarter 2008 Average

Number of Buildings	100		14		63		6		18		12		1		4		2		3		223
Rentable Square Feet	7,620,849		2,466,428		3,205,354		746,441		824,683		781,937		8,674		960,349		201,200		302,212		17,118,127
Percent Occupied	92.58	%	99.34	%	83.94	%	96.18	%	92.42	%	96.17	%	100.00	%	100.00	%	100.00	%	100.00	%	92.89	%

(1)

Same office properties represent buildings owned and 100% operational for a minimum of five reporting quarters.

Office Lease Expiration Analysis by Year for Wholly Owned Properties

As of March 31, 2009 (1)

												Total
							Total Annualized			Percentage		Annual. Rental
		Square					Rental			of Total		Revenue of
Year and Region	Number	Footage	Percentage of		Percentage of		Revenue of			Annualized Rental		Expiring Leases
of Lease	of Leases	of Leases	Annual Occupied		Total Occupied		Expiring			Revenue		per Occupied
Expiration (2)	Expiring	Expiring	Square Feet		Square Feet		Leases (3)			Expiring		Square Foot
							(000’s)

Baltimore/Washington Corridor	73	1,203,838	49.6	%	7.0	%	$		23,444	6.0	%	$		19.47
Northern Virginia	15	194,103	8.0	%	1.1	%	5,427			1.4	%	27.96
Suburban Baltimore	41	320,104	13.2	%	1.9	%	6,022			1.5	%	18.81
Suburban Maryland	9	167,781	6.9	%	1.0	%	4,235			1.1	%	25.24
St. Mary’s and King George Cos.	7	100,964	4.2	%	0.6	%	1,524			0.4	%	15.09
Greater Philadelphia	1	292,793	12.1	%	1.7	%	2,986			0.8	%	10.20
Colorado Springs	9	145,346	6.0	%	0.8	%	2,971			0.8	%	20.44
Other	1	864	0.0	%	0.0	%	4			0.0	%	4.75
2009	156	2,425,793	100.0	%	14.1	%	46,612			11.9	%	19.22

Baltimore/Washington Corridor	72	996,905	39.7	%	5.8	%	25,378			6.5	%	25.46
Northern Virginia	21	601,598	24.0	%	3.5	%	15,807			4.0	%	26.28
Suburban Baltimore	60	242,730	9.7	%	1.4	%	5,527			1.4	%	22.77
Suburban Maryland	4	184,522	7.4	%	1.1	%	3,620			0.9	%	19.62
St. Mary’s and King George Cos.	12	180,597	7.2	%	1.1	%	2,962			0.8	%	16.40
Greater Philadelphia	1	239,637	9.6	%	1.4	%	2,444			0.6	%	10.20
Colorado Springs	6	55,350	2.2	%	0.3	%	1,085			0.3	%	19.60
Other	3	7,612	0.3	%	0.0	%	128			0.0	%	16.82
2010	179	2,508,951	100.0	%	14.6	%	56,951			14.5	%	22.70

Baltimore/Washington Corridor	51	847,783	48.4	%	4.9	%	18,264			4.6	%	21.54
Northern Virginia	10	89,964	5.1	%	0.5	%	2,854			0.7	%	31.72
Suburban Baltimore	73	492,881	28.1	%	2.9	%	10,275			2.6	%	20.85
Suburban Maryland	8	51,605	2.9	%	0.3	%	1,501			0.4	%	29.08
St. Mary’s and King George Cos.	7	69,622	4.0	%	0.4	%	1,143			0.3	%	16.41
Colorado Springs	11	200,480	11.4	%	1.2	%	3,563			0.9	%	17.77
2011	160	1,752,335	100.0	%	10.2	%	37,599			9.6	%	21.46

Baltimore/Washington Corridor	41	1,164,797	43.9	%	6.8	%	30,322			7.7	%	26.03
Northern Virginia	17	129,475	4.9	%	0.8	%	3,831			1.0	%	29.59
Suburban Baltimore	48	657,955	24.8	%	3.8	%	12,328			3.1	%	18.74
Suburban Maryland	4	42,511	1.6	%	0.2	%	1,110			0.3	%	26.12
St. Mary’s and King George Cos.	10	280,709	10.6	%	1.6	%	5,054			1.3	%	18.00
Greater Philadelphia	1	219,065	8.3	%	1.3	%	2,565			0.7	%	11.71
Colorado Springs	8	76,488	2.9	%	0.4	%	1,601			0.4	%	20.93
San Antonio	2	78,359	3.0	%	0.5	%	955			0.2	%	12.19
Other	1	1,521	0.1	%	0.0	%	23			0.0	%	15.00
2012	132	2,650,880	100.0	%	15.4	%	57,790			14.7	%	21.80

Baltimore/Washington Corridor	53	1,109,383	60.3	%	6.5	%	32,324			8.2	%	29.14
Northern Virginia	7	104,339	5.7	%	0.6	%	2,979			0.8	%	28.55
Suburban Baltimore	35	396,691	21.6	%	2.3	%	7,284			1.9	%	18.36
Suburban Maryland	2	7,066	0.4	%	0.0	%	204			0.1	%	28.87
St. Mary’s and King George Cos.	6	99,094	5.4	%	0.6	%	1,555			0.4	%	15.70
Colorado Springs	5	120,982	6.6	%	0.7	%	2,560			0.7	%	21.16
Other	1	3,014	0.2	%	0.0	%	—			0.0	%	0.00
2013	109	1,840,569	100.0	%	10.7	%	46,906			11.9	%	25.48

Baltimore/Washington Corridor	82	1,981,761	33.4	%	11.5	%	53,680			13.6	%	27.09
Northern Virginia	25	1,383,238	23.3	%	8.1	%	43,759			11.1	%	31.64
Suburban Baltimore	58	520,330	8.8	%	3.0	%	10,205			2.6	%	19.61
Suburban Maryland	9	222,696	3.7	%	1.3	%	5,191			1.3	%	23.31
St. Mary’s and King George Cos.	7	43,597	0.7	%	0.3	%	907			0.2	%	20.81
Greater Philadelphia	2	208,854	3.5	%	1.2	%	3,129			0.8	%	14.98
Colorado Springs	10	522,911	8.8	%	3.0	%	9,747			2.5	%	18.64
San Antonio	4	561,702	9.5	%	3.3	%	8,925			2.3	%	15.89
Central New Jersey	2	201,200	3.4	%	1.2	%	2,340			0.6	%	11.63
Other	2	295,842	5.0	%	1.7	%	8,687			2.2	%	29.36
Thereafter	201	5,942,131	100.0	%	34.6	%	146,571			37.3	%	24.67

Other (4)	21	59,488	100.0	%	0.3	%	876			0.2	%	14.73

Total / Average	958	17,180,147			100.0	%	$	393,305		100.0	%	$	22.89

NOTE: As of March 31, 2009, the weighted average lease term for the wholly owned properties is 4.6 years.

(1)	This expiration analysis includes the effect of early renewals completed on existing leases but excludes the effect of new tenant leases on 182,648 square feet yet to commence as of March 31, 2009.

(2)	Many of our government leases are subject to certain early termination provisions which are customary to government leases. The year of lease expiration was computed assuming no exercise of such early termination rights.

(3)	Total Annualized Rental Revenue is the monthly contractual base rent as of March 31, 2009 multiplied by 12 plus the estimated annualized expense reimbursements under existing office leases.

(4)	Other consists primarily of amenities, including cafeterias, concierge offices and property management space. In addition, month-to-month leases and leases which have expired but the tenant remains in holdover are included in this line as the exact expiration date is unknown.

Quarterly Office Renewal Analysis for Wholly Owned Properties as of March 31, 2009

	Baltimore/ Washington Corridor			Northern Virginia			Suburban Baltimore			Suburban Maryland			St. Mary’s and King George Counties			Colorado Springs			Other			Total Office

Quarter Ended March 31, 2009:

Expiring Square Feet	258,863			4,218			78,089			2,925			28,932			17,838			1,466			392,331
Vacated Square Feet	20,836			—			40,221			—			7,946			—			—			69,003
Renewed Square Feet	238,027			4,218			37,868			2,925			20,986			17,838			1,466			323,328
Retention Rate (% based upon square feet)	91.95		%	100.00		%	48.49		%	100.00		%	72.54		%	100.00		%	100.00		%	82.41		%

Renewed Space Only:
Average Committed Cost per Square Foot	$	2.67		$	2.97		$	3.69		$	4.49		$	2.56		$	3.95		$	—		$	2.86
Weighted Average Lease Term in years	3.1			3.0			4.5			3.0			1.9			5.3			—			3.3

Change in Total Rent - GAAP	8.07		%	-12.89		%	-7.00		%	1.79		%	7.06		%	15.52		%	32.72		%	6.19		%
Change in Total Rent - Cash	3.80		%	-17.71		%	-12.90		%	2.82		%	5.02		%	0.00		%	32.72		%	1.36		%

Renewed & Retenanted Space:
Average Committed Cost per Square Foot	$	4.05		$	2.97		$	11.49		$	4.49		$	5.40		$	4.41		$	—		$	5.35
Weighted Average Lease Term in years	3.2			3.0			4.8			3.0			3.4			5.3			—			3.7

Change in Total Rent - GAAP	8.64		%	-12.89		%	-15.70		%	1.79		%	3.08		%	9.52		%	32.72		%	3.89		%
Change in Total Rent - Cash	4.32		%	-17.71		%	-19.03		%	2.82		%	-11.25		%	-0.10		%	32.72		%	-1.52		%

Notes:	No renewal or retenanting activity transpired in our San Antonio, Central New Jersey or Greater Philadelphia regions.
	Activity is exclusive of owner occupied space and leases with less than a one-year term.
	Expiring square feet includes early renewals and excludes leases terminated greater than 12 months prior to lease expiration.

Development Summary as of March 31, 2009

(Dollars in thousands)

		Wholly													Actual or
		Owned	Total												Anticipated
		or Joint	Rentable				Anticipated						Outstanding		Construction	Anticipated
		Venture	Square		Percentage		Total			Cost			Loan as of		Completion	Operational
Property and Location	Submarket	(JV)	Feet		Leased		Cost (1)			to date			3/31/2009		Date (2)	Date (3)

Under Construction

5850 University Research Court College Park, Maryland	College Park	JV	123,464		100	%	$		25,431	$		10,760	—		4Q 09	1Q 10

324 Sentinel Way (324 NBP) Annapolis Junction, Maryland	BWI Airport	Owned	125,129		0	%	27,732			5,664			—		2Q 10	4Q 10

8000 Potranco Road San Antonio, Texas	San Antonio Northwest	Owned	125,005		0	%	24,104			5,154			—		2Q 10	4Q 10

8030 Potranco Road San Antonio, Texas	San Antonio Northwest	Owned	125,005		0	%	24,104			5,511			—		2Q 10	4Q 10

Subtotal Government			498,603		25	%	$	101,370		$	27,089		$	—
% of Total Drivers			33	%

6721 Columbia Gateway Drive Columbia, Maryland	Howard Co. Perimeter	Owned	131,451		100	%	$		34,485	$		33,645	24,766		4Q 08	2Q 09

10807 New Allegiance Drive (Epic One) Colorado Springs, Colorado	I-25 North Corridor	Owned	145,723		23	%	31,319			23,167			16,193		2Q 09	2Q 10

300 Sentinel Drive (300 NBP) Annapolis Junction, Maryland	BWI Airport	Owned	185,719		39	%	49,710			33,149			18,454		2Q 09	2Q 10

565 Space Center Drive (Patriot Park 7) Colorado Springs, Colorado	Colorado Springs East	Owned	89,773		0	%	18,251			12,111			8,544		2Q 09	2Q 10

209 Research Boulevard Aberdeen, Maryland	Harford County	Owned	78,220		69	%	18,641			2,475			—		2Q 10	2Q 11

Subtotal Defense Information Technology			630,886		38	%	$	152,406		$	104,547		$	67,957
% of Total Drivers			42	%

7740 Milestone Parkway Hanover, Maryland (4)	BWI Airport	JV	148,130		6	%	$		35,485	$		28,264	—		3Q 08	3Q 09

9945 Federal Drive (Hybrid I) Colorado Springs, Colorado	I-25 North Corridor	Owned	73,940		0	%	12,217			8,504			5,797		3Q 08	3Q 09

9925 Federal Drive (Hybrid II) Colorado Springs, Colorado (5)	I-25 North Corridor	Owned	53,745		91	%	8,333			7,919			5,643		3Q 08	3Q 09

Subtotal Market Demand			275,815		21	%	$	56,035		$	44,687		$	11,440
% of Total Drivers			18	%

5520 Research Park Drive (UMBC) Baltimore, Maryland	BWI Airport	Land Lease	105,964		26	%	21,278			17,609			13,906		3Q 08	3Q 09

Subtotal Research Park			105,964		26	%	$	21,278		$	17,609		$	13,906
% of Total Drivers			7	%

Total Under Construction			1,511,268		33	%	$	331,089		$	193,932		$	93,303

	% of Total		Total Rentable	Percentage
Regions	Regions		Square Feet	Leased
Baltimore/Washington Corridor	46	%	696,393	35	%
Suburban Maryland	13	%	201,684	88	%
Colorado Springs	24	%	363,181	23	%
San Antonio	17	%	250,010	0	%
Total Under Construction by Region	100	%	1,511,268	33	%

(1) Anticipated Total Cost includes land, construction and leasing costs.

(2) Actual or anticipated construction completion date is the estimated date of completion of the building shell.

(3) Anticipated operational date is the estimated date when leases have commenced on 100% of a property’s space or one year from the cessation of major construction activities.

(4) Although classified as “Under Construction,” 8,626 square feet are operational.

(5) Although classified as “Under Construction,” 43,721 square feet are operational.

Demand Driver Categories (as classified by COPT management):

Defense Information Technology: Development opportunity created through our current and future relationships with defense information technology contractors and, possibly, minor Government tenancy.

Government: Development opportunity created through our existing and future relationship with various agencies of the government of the United States of America. Excludes Government tenancy included in Defense Information Technology.

Market Demand: Development opportunity created through perceived unfulfilled space requirements within a specific submarket; potential submarket demand exceeds existing supply.

Research Park: Development opportunity created through specific research park relationship.

Development Summary as of March 31, 2009 (continued)

(Dollars in thousands)

Wholly

Actual or

Owned

Total

Anticipated

or Joint

Rentable

Anticipated

Construction

Anticipated

Venture

Square

Percentage

Total

Cost

Completion

Operational

Property and Location

Submarket

(JV)

Feet

Leased

Cost (1)

to date

Date (2)

Date (3)

Redevelopment

7468 Candlewood Road
Hanover, Maryland

BWI Airport

356,000

43,554

28,326

3Q 09

3Q 10

Total Redevelopment

356,000

43,554

28,326

Under Development

Riverwood I & II
Columbia, Maryland

Howard Co. Perimeter

Owned

70,000

22,365

2,238

1Q 11

1Q 12

Subtotal Government

70,000

22,365

2,238

% of Total Drivers

308 Sentinel Drive (308 NBP) Annapolis Junction, Maryland

BWI Airport

Owned

161,200

39,200

4,165

4Q 10

4Q 11

North Gate Business Park (Lot C) Aberdeen, Maryland

Harford County

Owned

78,650

19,000

2,014

3Q 10

3Q 11

Military Drive Business Park (Bldg A) San Antonio, Texas

San Antonio Northwest

Owned

90,000

16,000

1,704

4Q 10

4Q 11

430 National Business Parkway Annapolis Junction, Maryland

BWI Airport

Owned

125,000

28,750

1,800

3Q 11

3Q 12

Subtotal Defense Information Technology

454,850

102,950

9,683

% of Total Drivers

Total Under Development

524,850

125,315

11,921

	% of Total		Total Rentable
Regions	Regions		Square Feet
Baltimore/Washington Corridor	68	%	356,200
Suburban Maryland	15	%	78,650
San Antonio	17	%	90,000
Total Under Development by Region	100	%	524,850

(1) Anticipated Total Cost includes land, construction and leasing costs.

(2) Actual or anticipated construction completion date is the estimated date of completion of the building shell.

(3) Anticipated operational date is the estimated date when leases have commenced on 100% of a property’s space or one year from the cessation of major construction activities.

Demand Driver Categories (as classified by COPT management):

Defense Information Technology: Development opportunity created through our current and future relationships with defense information technology contractors and, possibly, minor Government tenancy.

Market Demand: Development opportunity created through perceived unfulfilled space requirements within a specific submarket; potential submarket demand exceeds existing supply.

Research Park: Development opportunity created through a specific research park relationship.

Land Inventory as of March 31, 2009

			Non-Wholly Owned				Wholly Owned
					Developable			Developable
Location	Submarket	Status	Acres		Square Feet	Acres		Square Feet

Westfields Corporate Center	Dulles South	owned	—		—	23		400,460
Westfields — Park Center	Dulles South	owned	—		—	33		674,163
Woodland Park	Herndon	owned	—		—	5		225,000
Total Northern Virginia			—		—	61		1,299,623

National Business Park (Phase II)	BWI Airport	owned	—		—	26		565,000
National Business Park (Phase III)	BWI Airport	owned	—		—	173		1,367,000
1243 Winterson Road (AS 22)	BWI Airport	owned	—		—	2		30,000
940 Elkridge Landing Road (AS 7)	BWI Airport	owned	—		—	3		53,941
Arundel Preserve	BWI Airport	under contract/JV	56	up to	1,651,870	—		—
1460 Dorsey Road	BWI Airport	owned	—		—	6		60,000
Columbia Gateway Parcel T-11	Howard Co. Perimeter	owned	—		—	14		220,000
7125 Columbia Gateway Drive	Howard Co. Perimeter	owned	—		—	5		120,000
Total Baltimore / Washington Corridor			56		1,651,870	230		2,415,941

White Marsh	White Marsh	owned	—		—	152		1,692,000
37 Allegheny Avenue	Towson	owned	—		—	0.3		40,000
North Gate Business Park	Harford County	owned	—		—	45		600,464
Total Suburban Baltimore			—		—	197		2,332,464

110 Thomas Johnson Drive	Frederick	owned	—		—	6		170,000
Route 15 / Biggs Ford Road	Frederick	owned	—		—	107		1,000,000
Rockville Corporate Center	Rockville	owned	—		—	10		220,000
M Square Research Park	College Park	JV - 45% ownership	49		510,453	—		—
Total Suburban Maryland			49		510,453	123		1,390,000

Unisys Campus	Blue Bell	owned	—		—	45		600,000
Total Greater Philadelphia			—		—	45		600,000

Princeton Technology Center	Exit 8A - Cranbury	owned	—		—	19		250,000
Total Central New Jersey			—		—	19		250,000

Dahlgren Technology Center	King George County	owned	—		—	39		122,000
Expedition Park	St. Mary’s County	owned	—		—	6		60,000
Total St. Mary’s & King George Counties			—		—	46		182,000

InterQuest	I-25 North Corridor	owned	—		—	113		1,626,592
9965 Federal Drive	I-25 North Corridor	owned	—		—	4		30,000
Patriot Park	Colorado Springs East	owned	—		—	71		756,257
Aerotech Commerce	Colorado Springs East	owned	—		—	6		90,000
Total Colorado Springs			—		—	194		2,502,849

San Antonio	San Antonio Northwest	owned	—		—	9		125,000
San Antonio	San Antonio Northwest	owned	—		—	31		375,000
San Antonio	San Antonio Northwest	owned	—		—	25		410,000
Westpointe Business Center	San Antonio Northwest	owned	—		—	15		250,000
Total San Antonio			—		—	80		1,160,000

Indian Head	Charles County, MD	JV- 75% ownership	192		967,250	—		—
Fort Ritchie (1)	Fort Ritchie	owned	—		—	591		1,700,000
Total Other			192		967,250	591		1,700,000

TOTAL			297		3,129,573	1,584		13,832,877

This land inventory schedule excludes all properties listed as under construction, redevelopment or under development as detailed on pages 30 and 31.

(1) The Fort Ritchie acquisition includes 283,565 square feet of existing office space targeted for future redevelopment and 110 existing usable residential units.

Joint Venture Summary as of March 31, 2009

(Dollars in thousands)

Consolidated Properties

Joint Venture

Option to

Interest

Consolidated

Acquire

Held By

Square

Total

Debt as

Recourse

Partner’s

Property and Location

COPT

Status

Feet

Acreage

Assets (1)

of 3/31/09

to COPT

Interest

4230 Forbes Boulevard

Lanham, Maryland

50.0

Operating

55,866

5 acres

4,605

—

N/A

Yes

7468 Candlewood Road (2)

Hanover, Maryland

92.5

Redevelopment

356,000

19 acres

28,366

—

N/A

Yes

Indian Head Technology Center Business Park

Indian Head, Maryland

75.0

Land Inventory

827,250

169 acres

6,808

—

N/A

7740-7744 Milestone Parkway (3)

Construction/

Hanover, Maryland

50.0

Land Inventory

451,730

23 acres

28,696

—

N/A

5825 University Research Court

College Park, Maryland

45.0

Construction

116,083

8 acres

20,532

—

N/A

5850 University Research Court

College Park, Maryland

45.0

Construction

123,464

8 acres

12,429

—

N/A

M Square Research Park

College Park, Maryland

45.0

Land Inventory

510,453

49 acres

3,247

—

N/A

TOTAL

104,683

—

Unconsolidated Properties

Joint Venture

Option to

Interest

Off-Balance

Acquire

Held By

Square

COPT

Sheet Debt as

Recourse

Partner’s

Property and Location

COPT

Status

Feet

Investment

of 3/31/09

to COPT

Interest

Greater Harrisburg Portfolio

Harrisburg and Mechanicsburg, Pennsylvania

20.0

Operating

671,759

(4,809

)

66,600

(1) Total assets includes any outside investment basis related to the applicable joint venture plus the total assets recorded on the books of the consolidated joint venture.

(2) The 7468 Candlewood Road project is currently being redeveloped into approximately 356,000 rentable square feet of warehouse/flex space.

(3) In this joint venture entity, one building totaling 151,800 square feet is currently under construction.

Reconciliations of Non GAAP Measurements

(Dollars in thousands)

	2009			2008 (as adjusted)
	March 31			December 31			September 30			June 30			March 31

Total Assets or Denominator for Debt to Total Assets	$	3,137,290		$	3,114,239		$	3,100,831		$	3,011,374		$	2,937,450
Accumulated depreciation	362,318			343,110			339,429			320,879			303,709
Intangible assets on real estate acquisitions, net	85,774			91,848			98,282			104,136			102,647
Assets other than assets included in investment in real estate	(327,878		)	(335,773		)	(362,132		)	(308,969		)	(319,320		)
Denominator for Debt to Undepreciated Book Value of Real Estate Assets	$	3,257,504		$	3,213,424		$	3,176,410		$	3,127,420		$	3,024,486

GAAP revenues from real estate operations	$	106,844		$	103,599		$	101,086		$	97,946		$	97,002
Revenues from discontinued operations	—			—			3			85			270
Combined real estate revenues	$	106,844		$	103,599		$	101,089		$	98,031		$	97,272

GAAP revenues from real estate operations	$	106,844		$	103,599		$	101,086		$	97,946		$	97,002
Property operating expenses	(39,033		)	(36,786		)	(35,854		)	(33,957		)	(34,542		)
Revenues from discontinued operations	—			—			3			85			270
Property operating expenses from discontinued operations	—			—			(12		)	(11		)	(187		)
Combined net operating income	$	67,811		$	66,813		$	65,223		$	64,063		$	62,543

Depreciation and amortization	$	26,491		$	27,290		$	25,583		$	24,955		$	24,892
Depreciation and amortization from discontinued operations	—			—			—			—			52
Combined real estate related depreciation and other amortization	$	26,491		$	27,290		$	25,583		$	24,955		$	24,944

Total tenant improvements and incentives on operating properties	$	4,225		$	5,472		$	6,305		$	4,731		$	3,847
Total capital improvements on operating properties	1,513			4,434			3,179			2,631			1,017
Total leasing costs for operating properties	1,626			1,269			999			520			1,245
Less: Nonrecurring tenant improvements and incentives on operating properties	(41		)	(1,615		)	(1,995		)	(1,287		)	(795		)
Less: Nonrecurring capital improvements on operating properties	(588		)	(836		)	(1,299		)	(866		)	(502		)
Less: Nonrecurring leasing costs for operating properties	(900		)	(49		)	(217		)	(22		)	(30		)
Add: Recurring improvements on operating properties held through joint ventures	48			7			36			114			—
Recurring capital expenditures	$	5,883		$	8,682		$	7,008		$	5,821		$	4,782

Interest expense from continuing operations	$	19,424		$	21,290		$	22,503		$	21,162		$	21,915
Interest expense from discontinued operations	—			—			—			10			41
Combined interest expense	$	19,424		$	21,290		$	22,503		$	21,172		$	21,956
Less: Amortization of deferred financing costs	(1,024		)	(1,038		)	(1,143		)	(885		)	(777		)
Denominator for interest coverage	$	18,400		$	20,252		$	21,360		$	20,287		$	21,179
Scheduled principal amortization	2,847			2,858			3,424			3,566			3,820
Denominator for Debt Service Coverage	$	21,247		$	23,110		$	24,784		$	23,853		$	24,999
Scheduled principal amortization	(2,847		)	(2,858		)	(3,424		)	(3,566		)	(3,820		)
Preferred dividends - redeemable non-convertible	4,025			4,026			4,025			4,026			4,025
Preferred distributions	165			165			165			165			165
Denominator for Fixed Charge Coverage	$	22,590		$	24,443		$	25,550		$	24,478		$	25,369

Common dividends for Earnings Payout Ratio	$	20,264		$	19,283		$	19,183		$	16,197		$	16,173
Common distributions	2,085			2,946			3,021			2,772			2,771
Dividends and distributions for FFO and AFFO Payout Ratio	$	22,349		$	22,229		$	22,204		$	18,969		$	18,944

Income tax expense from continuing operations	$	70		$	99		$	97		$	(107	)	$	112
Income tax expense from gain on sales of discontinued operations	—			—			—			—			—
Income tax expense from gain on other sales of real estate	—			—			—			5			573
Combined income tax expense	$	70		$	99		$	97		$	(102	)	$	685

Supplemental Information

March 31, 2009

Page

Highlights and Discussion

Financial Statements

Selected Financial Analyses

Portfolio Summary

Operations

	Page
Highlights and Discussion
Reporting Period Highlights — Quarter Ended March 31, 2009	1
Forward-Looking Statements	2

Financial Statements
Quarterly Selected Financial Summary Data	4
Quarterly Consolidated Balance Sheets	5
Quarterly Consolidated Statements of Operations	6
Quarterly Consolidated Reconciliations of Funds From Operations (FFO), Adjusted FFO (AFFO), Earnings Per Share (EPS) and as adjusted amounts	7
Quarterly Consolidated Reconciliations of Earnings Before Interest, income Taxes, Depreciation and Amortization (EBITDA), Combined Net Operating Income (NOI), Discontinued Operations, Gains on Sales of Real Estate and Certain Non-GAAP Measures	8

Selected Financial Analyses
Quarterly Equity Analysis	9
Quarterly Debt Analysis	10
Debt Maturity Schedule — March 31, 2009	11
Quarterly Operating Ratios	12
Quarterly Dividend Analysis	13
Investor Composition and Analyst Coverage	14

Portfolio Summary
Property Summary by Region — March 31, 2009 — Wholly Owned Properties	15
Property Summary by Region — March 31, 2009 — Joint Venture Properties	21
Property Occupancy Rates by Region by Quarter — Wholly Owned Properties	22
Property Occupancy Rates by Region by Quarter — Joint Venture Properties	23
Top Twenty Office Tenants of Wholly Owned Properties as of March 31, 2009	24
Combined Real Estate Revenue and Combined Net Operating Income by Geographic Region by Quarter	25
Same Office Property Cash and GAAP Net Operating Income by Quarter	26
Average Occupancy Rates by Region for Same Office Properties for Quarter	27
Office Lease Expiration Analysis by Year for Wholly Owned Properties	28
Quarterly Office Renewal Analysis for Wholly Owned Properties as of March 31, 2009	29
Development Summary as of March 31, 2009	30
Total Development Placed into Service as of March 31, 2009	32
Land Inventory as of March 31, 2009	33
Joint Venture Summary as of March 31, 2009	34
Reconciliations of Non GAAP Measurements	35