Year to Date Selected Financial Summary Data

(dollars in thousands, except per share data)

	Nine Months Ended September 30,
	2009			2008

Real estate revenues from continuing operations	$	317,405		$	296,034

Total revenues from continuing operations	$	590,939		$	419,074

NOI	$	202,627		$	191,829

EBITDA	$	194,182		$	182,849

Net income	$	51,753		$	39,879
Net income attributable to noncontrolling interests	(4,512		)	(4,757		)
Preferred share dividends	(12,076		)	(12,076		)
Net income available to common shareholders	$	35,165		$	23,046

Diluted EPS	$	0.62		$	0.47

FFO	$	134,145		$	113,220

Basic and diluted FFO available to common share and common unit holders	$	120,040		$	99,416

Diluted FFO per share	$	1.94		$	1.77

Diluted AFFO available to common share and common unit holders (“diluted AFFO”)	$	97,415		$	74,509

Payout ratios:

Earnings payout ratio	184.0		%	223.7		%

Diluted FFO payout ratio	58.9		%	60.5		%

Diluted AFFO payout ratio	72.6		%	80.7		%

Total dividends/distributions	$	83,257		$	72,688

Quarterly Selected Financial Summary Data

(dollars in thousands, except per share data)

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

Real estate revenues from continuing operations	$	104,843		$	105,718		$	106,844		$	103,599		$	101,086

Total revenues from continuing operations	$	200,164		$	209,042		$	181,733		$	168,944		$	191,088

NOI	$	66,260		$	68,556		$	67,811		$	66,813		$	65,223

EBITDA	$	63,739		$	65,904		$	64,539		$	70,509		$	62,372

Net income	$	15,536		$	18,051		$	18,166		$	21,437		$	13,788
Net income attributable to noncontrolling interests	(1,081		)	(1,412		)	(2,019		)	(2,594		)	(1,542		)
Preferred share dividends	(4,025		)	(4,026		)	(4,025		)	(4,026		)	(4,025		)
Net income available to common shareholders	$	10,430		$	12,613		$	12,122		$	14,817		$	8,221

Diluted EPS	$	0.18		$	0.22		$	0.23		$	0.28		$	0.17

Diluted EPS, excluding gain on early extinguishment of debt	$	0.18		$	0.22		$	0.23		$	0.15		$	0.17

FFO	$	42,408		$	46,920		$	44,817		$	48,886		$	39,533

Basic and diluted FFO available to common share and common unit holders	$	37,772		$	42,197		$	40,071		$	44,176		$	35,038

Diluted FFO per share	$	0.60		$	0.67		$	0.67		$	0.74		$	0.62

Diluted FFO per share, excluding gain on early extinguishment of debt	$	0.60		$	0.67		$	0.67		$	0.61		$	0.62

Diluted AFFO available to common share and common unit holders	$	27,846		$	36,203		$	33,366		$	25,638		$	25,453

Payout ratios:

Earnings payout ratio	219.1		%	171.2		%	167.2		%	130.1		%	233.3		%

Diluted FFO payout ratio	65.8		%	55.7		%	55.8		%	50.3		%	63.4		%

Diluted AFFO payout ratio	89.2		%	64.9		%	67.0		%	86.7		%	87.2		%

Total dividends/distributions	$	29,036		$	27,682		$	26,539		$	26,420		$	26,394

Quarterly Consolidated Balance Sheets

(dollars in thousands)

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

Assets
Properties, net
Land - operational	$	434,693		$	429,064		$	423,985		$	423,985		$	421,311
Land - development	214,147			219,775			222,242			220,863			221,066
Construction in progress	266,117			293,787			295,686			273,733			276,221
Buildings and improvements	2,355,875			2,293,895			2,229,817			2,202,995			2,159,530
Less: accumulated depreciation	(402,125		)	(382,385		)	(362,318		)	(343,110		)	(339,429		)
Properties, net	2,868,707			2,854,136			2,809,412			2,778,466			2,738,699

Cash and cash equivalents	9,981			11,931			12,702			6,775			21,316
Restricted cash	16,779			17,879			15,408			13,745			15,534
Accounts receivable, net	14,004			13,776			12,737			13,684			13,044
Deferred rent receivable	69,816			67,137			65,346			64,131			62,137
Intangible assets on real estate acquisitions, net	75,506			81,090			85,774			91,848			98,282
Deferred charges, net	52,551			48,812			47,350			51,801			51,371
Prepaid and other assets	123,303			103,914			88,561			93,789			100,448
Total assets	$	3,230,647		$	3,198,675		$	3,137,290		$	3,114,239		$	3,100,831

Liabilities and shareholders’ equity
Liabilities:
Mortgage and other loans payable	$	1,742,604		$	1,677,351		$	1,715,144		$	1,704,123		$	1,656,280
3.5% Exchangeable Senior Notes	155,248			154,362			153,488			152,628			186,806
Accounts payable and accrued expenses	113,416			142,734			111,135			93,625			93,676
Rents received in advance and security deposits	33,322			29,936			31,524			30,464			26,372
Dividends and distributions payable	28,411			27,057			25,891			25,794			25,774
Deferred revenue associated with acquired operating leases	8,044			8,926			9,880			10,816			11,832
Distributions in excess of investment in unconsolidated real estate joint ventures	4,966			4,873			4,809			4,770			4,668
Other liabilities	8,453			7,029			8,793			9,596			7,059
Total liabilities	2,094,464			2,052,268			2,060,664			2,031,816			2,012,467

Commitments and contingencies	—			—			—			—			—

COPT’s shareholders’ equity:
Preferred shares (aggregate liquidation preference of $216,333)	81			81			81			81			81
Common shares	583			580			544			518			515
Additional paid-in capital	1,234,910			1,229,931			1,148,424			1,112,734			1,107,053
Cumulative distributions in excess of net income	(192,119		)	(179,698		)	(170,714		)	(162,572		)	(158,106		)
Accumulated other comprehensive loss	(2,291		)	(1,176		)	(3,256		)	(4,749		)	(1,676		)
Total COPT’s shareholders’ equity	1,041,164			1,049,718			975,079			946,012			947,867
Noncontrolling interests
Common units in the Operating Partnership	75,657			76,873			81,793			117,356			121,528
Preferred units in the Operating Partnership	8,800			8,800			8,800			8,800			8,800
Other consolidated real estate joint ventures	10,562			11,016			10,954			10,255			10,169
Total noncontrolling interests	95,019			96,689			101,547			136,411			140,497
Total equity	1,136,183			1,146,407			1,076,626			1,082,423			1,088,364
Total liabilities and equity	$	3,230,647		$	3,198,675		$	3,137,290		$	3,114,239		$	3,100,831

Year to Date Consolidated Statements of Operations

(in thousands, except per share data)

	Nine Months Ended September 30,
	2009			2008

Revenues
Rental revenue	$	265,501		$	249,924
Tenant recoveries and other real estate operations revenue	51,904			46,110
Construction contract revenues	272,254			121,688
Other service operations revenues	1,280			1,352
Total revenues	590,939			419,074

Expenses
Property operating expenses	114,778			104,353
Depreciation and amortization associated with real estate operations	81,911			75,430
Construction contract expenses	266,995			118,488
Other service operations expenses	1,294			1,602
General and administrative expenses	17,275			17,608
Business development	1,550			464
Total operating expenses	483,803			317,945

Operating income	107,136			101,129
Interest expense	(59,088		)	(65,580		)
Interest and other income	4,949			924

Income from continuing operations before equity in loss of unconsolidated entities and income taxes	52,997			36,473
Equity in loss of unconsolidated entities	(1,075		)	(167		)
Income tax expense	(169		)	(102		)
Income from continuing operations	51,753			36,204
Discontinued operations, net of income taxes	—			2,571
Income before gain on sales of real estate	51,753			38,775
Gain on sales of real estate, net of income taxes	—			1,104
Net income	51,753			39,879
Less net income attributable to noncontrolling interests
Common units in the Operating Partnership	(4,032		)	(4,130		)
Preferred units in the Operating Partnership	(495		)	(495		)
Other consolidated entities	15			(132		)
Net income attributable to COPT	47,241			35,122
Preferred share dividends	(12,076		)	(12,076		)
Net income available to common shareholders	$	35,165		$	23,046

For diluted EPS computations:
Numerator for diluted EPS
Net income available to common shareholders	$	35,165		$	23,046
Amount allocable to restricted shares	(763		)	(528		)
Numerator for diluted EPS	$	34,402		$	22,518

Denominator:
Weighted average common shares - basic	55,366			47,128
Dilutive effect of stock option awards	506			765
Weighted average common shares - diluted	55,872			47,893

Diluted EPS	$	0.62		$	0.47

Year to Date Consolidated Reconciliations of EBITDA, NOI, Discontinued Operations,

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

(in thousands)

	Nine Months Ended September 30,
	2009			2008

Net income	$	51,753		$	39,879
Interest expense on continuing and discontinued operations	59,088			65,631
Total income tax expense (1)	169			680
Depreciation of furniture, fixtures and equipment (FF&E)	1,261			1,177
Real estate-related depreciation and other amortization	81,911			75,482
EBITDA	$	194,182		$	182,849
Add back:
General and administrative	17,275			17,608
Business development	1,550			464
Depreciation of FF&E included in general and administrative expense	(1,261		)	(1,177		)
Income from construction contracts and other service operations	(5,245		)	(2,950		)
Interest and other income	(4,949		)	(924		)
Gain on sales of operating properties	—			(2,526		)
Non-operational property sales and real estate services	—			(1,682		)
Equity in loss of unconsolidated entities	1,075			167
NOI	$	202,627		$	191,829

Discontinued Operations
Revenues from real estate operations	$	—		$	358
Property operating expenses	—			(210		)
Depreciation and amortization	—			(52		)
Interest	—			(51		)
Gain on sales of depreciated real estate properties	—			2,526
Discontinued operations, net	$	—		$	2,571

Gain on sales of real estate, net, per statements of operations	$	—		$	1,104
Add income taxes	—			578
Gain on sales of real estate from discontinued operations	—			2,526
Gain on sales of real estate from continuing and discontinued operations	—			4,208
Non-operational property sales and real estate services	—			(1,682		)
Gain on sales of operating properties	$	—		$	2,526

(1) Includes income taxes from continuing operations, discontinued operations and gains on other sales of real estate (see components on page 43).

Quarterly Consolidated Statements of Operations

(in thousands, except per share data)

	2009									2008
	September 30			June 30			March 31			December 31			September 30
Revenues
Rental revenue	$	87,653		$	88,326		$	89,522		$	87,018		$	85,060
Tenant recoveries and other real estate operations revenue	17,190			17,392			17,322			16,581			16,026
Construction contract revenues	94,962			102,753			74,539			64,920			89,653
Other service operations revenues	359			571			350			425			349
Total revenues	200,164			209,042			181,733			168,944			191,088

Expenses
Property operating expenses	38,583			37,162			39,033			36,786			35,854
Depreciation and amortization associated with real estate operations	26,712			28,708			26,491			27,290			25,583
Construction contract expenses	93,450			100,647			72,898			63,623			87,111
Other service operations expenses	355			514			425			429			546
General and administrative expenses	5,898			5,834			5,543			6,488			5,904
Business development expenses	458			446			646			769			199
Total operating expenses	165,456			173,311			145,036			135,385			155,197

Operating income	34,708			35,731			36,697			33,559			35,891
Interest expense	(20,986		)	(18,678		)	(19,424		)	(21,290		)	(22,503		)
Interest and other income	2,619			1,252			1,078			1,146			559
Gain on early extinguishment of debt	—			—			—			8,101			—

Income from continuing operations before equity in (loss) income of unconsolidated entities and income taxes	16,341			18,305			18,351			21,516			13,947
Equity in (loss) income of unconsolidated entities	(758		)	(202		)	(115		)	20			(57		)
Income tax expense	(47		)	(52		)	(70		)	(99		)	(97		)
Income from continuing operations	15,536			18,051			18,166			21,437			13,793
Discontinued operations, net of income taxes	—			—			—			—			(9		)
Income before gain on sales of real estate	15,536			18,051			18,166			21,437			13,784
Gain on sales of real estate, net of income taxes	—			—			—			—			4
Net income	15,536			18,051			18,166			21,437			13,788
Less net income attributable to noncontrolling interests
Common units in the Operating Partnership	(956		)	(1,272		)	(1,804		)	(2,389		)	(1,467		)
Preferred units in the Operating Partnership	(165		)	(165		)	(165		)	(165		)	(165		)
Other consolidated entities	40			25			(50		)	(40		)	90
Net income attributable to COPT	14,455			16,639			16,147			18,843			12,246
Preferred share dividends	(4,025		)	(4,026		)	(4,025		)	(4,026		)	(4,025		)
Net income available to common shareholders	$	10,430		$	12,613		$	12,122		$	14,817		$	8,221

For diluted EPS computations:
Numerator for diluted EPS
Net income available to common shareholders	$	10,430		$	12,613		$	12,122		$	14,817		$	8,221
Amount allocable to restricted shares	(253		)	(242		)	(268		)	(200		)	(192		)
Numerator for diluted EPS	$	10,177		$	12,371		$	11,854		$	14,617		$	8,029

Denominator:
Weighted average common shares - basic	57,470			56,637			51,930			51,120			47,273
Dilutive effect of stock option awards	485			546			498			567			779
Weighted average common shares - diluted	57,955			57,183			52,428			51,687			48,052

Diluted EPS	$	0.18		$	0.22		$	0.23		$	0.28		$	0.17

Quarterly Consolidated Reconciliations of FFO, AFFO, EPS

and as adjusted amounts

(in thousands, except per share data)

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

Net income	$	15,536		$	18,051		$	18,166		$	21,437		$	13,788
Real estate-related depreciation and amortization	26,712			28,708			26,491			27,290			25,583
Depreciation and amortization on unconsolidated real estate entities	160			161			160			159			162
FFO	42,408			46,920			44,817			48,886			39,533

Noncontrolling interests - preferred units in the Operating Partnership	(165		)	(165		)	(165		)	(165		)	(165		)
Noncontrolling interests - other consolidated entities	40			25			(50		)	(40		)	90
Preferred share dividends	(4,025		)	(4,026		)	(4,025		)	(4,026		)	(4,025		)
Depreciation and amortization allocable to noncontrolling interests in other consol. entities	(91		)	(107		)	(53		)	(72		)	(74		)
Basic and diluted FFO allocable to restricted shares	(395		)	(450		)	(453		)	(407		)	(321		)
Basic and diluted FFO available to common share and common unit holders	37,772			42,197			40,071			44,176			35,038

Straight line rent adjustments	(2,665		)	(1,718		)	(1,140		)	(1,927		)	(2,850		)
Amortization of deferred market rental revenue	(451		)	(616		)	(380		)	(606		)	(555		)
Recurring capital expenditures	(7,572		)	(4,383		)	(5,883		)	(8,682		)	(7,008		)
Amortization of discount on Exchangeable Senior Notes, net of amounts capitalized	762			723			698			778			828
Gain on early extinguishment of debt	—			—			—			(8,101		)	—
Diluted AFFO available to common share and common unit holders	$	27,846		$	36,203		$	33,366		$	25,638		$	25,453

Preferred dividends	$	4,025		$	4,026		$	4,025		$	4,026		$	4,025
Preferred distributions	165			165			165			165			165
Common distributions	1,995			1,894			2,085			2,946			3,021
Common dividends	22,851			21,597			20,264			19,283			19,183
Total dividends/distributions	$	29,036		$	27,682		$	26,539		$	26,420		$	26,394

Denominator for diluted EPS	57,955			57,183			52,428			51,687			48,052
Common units	5,084			5,483			7,253			7,993			8,130
Denominator for diluted FFO per share	63,039			62,666			59,681			59,680			56,182

Diluted FFO available to common share and common unit holders	$	37,772		$	42,197		$	40,071		$	44,176		$	35,038
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	$	37,772		$	42,197		$	40,071		$	36,150		$	35,038
Diluted FFO per share, excluding gain on early extinguishment of debt	$	0.60		$	0.67		$	0.67		$	0.61		$	0.62

Numerator for diluted EPS computation	$	10,177		$	12,371		$	11,854		$	14,617		$	8,029
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	$	10,177		$	12,371		$	11,854		$	7,639		$	8,029
Diluted EPS, excluding gain on early extinguishment of debt	$	0.18		$	0.22		$	0.23		$	0.15		$	0.17

Quarterly Consolidated Reconciliations of EBITDA, NOI, Discontinued Operations,

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

(in thousands)

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

Net income	$	15,536		$	18,051		$	18,166		$	21,437		$	13,788
Interest expense on continuing and discontinued operations	20,986			18,678			19,424			21,290			22,503
Total income tax expense (1)	47			52			70			99			97
Depreciation of FF&E	458			415			388			393			401
Real estate-related depreciation and other amortization	26,712			28,708			26,491			27,290			25,583
EBITDA	$	63,739		$	65,904		$	64,539		$	70,509		$	62,372
Add back:
General and administrative	5,898			5,834			5,543			6,488			5,904
Business development	458			446			646			769			199
Depreciation of FF&E included in general and administrative expense	(458		)	(415		)	(388		)	(393		)	(401		)
Income from construction contracts and other service operations	(1,516		)	(2,163		)	(1,566		)	(1,293		)	(2,345		)
Interest and other income	(2,619		)	(1,252		)	(1,078		)	(1,146		)	(559		)
Gain on early extinguishment of debt	—			—			—			(8,101		)	—
Non-operational property sales and real estate services	—			—			—			—			(4		)
Equity in loss (income) of unconsolidated entities	758			202			115			(20		)	57
NOI	$	66,260		$	68,556		$	67,811		$	66,813		$	65,223

Discontinued Operations
Revenues from real estate operations	$	—		$	—		$	—		$	—		$	3
Property operating expenses	—			—			—			—			(12		)
Discontinued operations, net	$	—		$	—		$	—		$	—		$	(9	)

Gain on sales of real estate, net, per statements of operations	$	—		$	—		$	—		$	—		$	4
Non-operational property sales and real estate services	—			—			—			—			(4		)
Gain on sales of operating properties	$	—		$	—		$	—		$	—		$	—

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

Quarterly Equity Analysis

(Dollars and shares in thousands except per share data)

	2009									2008
	September 30			June 30			March 31			December 31			September 30
Common Equity - End of Quarter
Common Shares	58,250			58,017			54,371			51,790			51,530
Common Units	5,084			5,084			5,598			7,908			8,111
Total	63,334			63,101			59,969			59,698			59,641
End of Quarter Common Share Price	$	36.88		$	29.33		$	24.83		$	30.70		$	40.35
Market Value of Common Shares/Units	$	2,335,758		$	1,850,752		$	1,489,030		$	1,832,729		$	2,406,514

Common Shares Trading Volume
Average Daily Volume (Shares)	953			1,520			1,571			1,289			649
Average Daily Volume	$	33,091		$	44,187		$	39,397		$	35,680		$	24,908
As a Percentage of Weighted Average Common Shares	1.7		%	2.7		%	3.0		%	2.5		%	1.4		%

Common Share Price Range (price per share)
Quarterly High	$	40.59		$	33.14		$	30.92		$	39.84		$	43.50
Quarterly Low	$	26.87		$	23.13		$	20.49		$	20.39		$	32.00
Quarterly Average	$	34.72		$	29.07		$	25.08		$	27.68		$	38.37

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 for quarter ended:
Common Shares Outstanding	57,470			56,637			51,930			51,120			47,273
Dilutive effect of share-based compensation awards	485			546			498			567			779
Common Units	5,084			5,483			7,253			7,993			8,130
Denominator for funds from operations per share - diluted	63,039			62,666			59,681			59,680			56,182

Capitalization
Recorded Book Value of Preferred Shares/Units	$	225,133		$	225,133		$	225,133		$	225,133		$	225,133
Market Value of Common Shares/Units	2,335,758			1,850,752			1,489,030			1,832,729			2,406,514
Total Equity Market Capitalization	$	2,560,891		$	2,075,886		$	1,714,164		$	2,057,862		$	2,631,648

Total Debt	$	1,897,852		$	1,831,713		$	1,868,632		$	1,856,751		$	1,843,086

Total Market Capitalization	$	4,458,743		$	3,907,599		$	3,582,796		$	3,914,613		$	4,474,734

Debt to Total Market Capitalization	42.6		%	46.9		%	52.2		%	47.4		%	41.2		%
Debt to Total Assets	58.7		%	57.3		%	59.6		%	59.6		%	59.4		%
Debt to Undepreciated Book Value of Real Estate Assets	56.7		%	55.2		%	57.4		%	57.8		%	58.0		%

Quarterly Debt Analysis

(Dollars in thousands)

	2009									2008
	September 30			June 30			March 31			December 31			September 30
Debt Outstanding
Mortgage Loans	$	1,454,240		$	1,204,437		$	1,157,252		$	1,189,767		$	1,193,659
Construction Loans (1)	60,364			115,914			133,892			121,856			82,121
Unsecured Revolving Credit Facility (2)	228,000			357,000			424,000			392,500			380,500
Exchangeable Senior Notes	155,248			154,362			153,488			152,628			186,806
	$	1,897,852		$	1,831,713		$	1,868,632		$	1,856,751		$	1,843,086

Interest Rate Data
Fixed-Mortgage Loans	$	1,182,967		$	933,037		$	935,852		$	968,367		$	972,259
Fixed-Exchangeable Senior Notes	155,248			154,362			153,488			152,628			186,806
Variable	289,637			474,314			459,292			485,756			534,021
Variable Subject to Interest Rate Swaps (3)	270,000			270,000			320,000			250,000			150,000
	$	1,897,852		$	1,831,713		$	1,868,632		$	1,856,751		$	1,843,086

% of Fixed Rate Loans (3)	84.74		%	74.11		%	75.42		%	73.84		%	71.03		%
% of Variable Rate Loans (3)	15.26		%	25.89		%	24.58		%	26.16		%	28.97		%
	100.00		%	100.00		%	100.00		%	100.00		%	100.00		%

Average Contract Interest Rates
Mortgage & Construction Loans	5.10		%	5.04		%	5.38		%	5.44		%	5.50		%
Unsecured Revolving Credit Facility	2.82		%	2.85		%	2.79		%	3.89		%	4.25		%
Exchangeable Senior Notes (4)	3.50		%	3.50		%	3.50		%	3.50		%	3.50		%
Total Weighted Average	4.85		%	4.68		%	4.82		%	5.00		%	5.11		%

Coverage Ratios (excluding capitalized interest) — All coverage computations include the effect of discontinued operations
NOI interest coverage ratio	3.32		x	3.88		x	3.69		x	3.30		x	3.05		x
EBITDA interest coverage ratio	3.20		x	3.73		x	3.51		x	3.48		x	2.92		x
NOI debt service coverage ratio	2.93		x	3.37		x	3.19		x	2.48		x	2.63		x
EBITDA debt service coverage ratio	2.82		x	3.24		x	3.04		x	2.62		x	2.52		x
NOI fixed charge coverage ratio	2.75		x	3.14		x	3.00		x	2.73		x	2.55		x
EBITDA fixed charge coverage ratio	2.64		x	3.01		x	2.86		x	2.88		x	2.44		x

(1) Includes $43.6 million due under our Revolving Construction Facility at September 30, 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 September 30, 2009, our borrowing capacity under the Revolving Credit Facility was $600.0 million, of which $372.0 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
$	50,000	5.036	%	3/28/06	3/30/09
$	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 - September 30, 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

October - December		3,009		—		0.00	%	332		750		5.95	%	—		4,091
Total 2009		$	3,009	$	—	0.00	%	$	332	$	750	5.95	%	$	—	$	4,091

2010	(4)	$	13,216	$	52,177			$	798	$	12,481			$	—	$	78,672
2011	(5)	11,730		102,264				805		60,364				228,000		403,164
2012		10,569		257,523				865		—				—		268,958
2013		7,703		134,843				930		—				—		143,476
2014	(6)	5,611		90,670				640		47,066				—		143,988
2015		4,508		114,558				329		—				—		119,396
2016		3,481		274,605				356		—				—		278,442
2017		193		300,610				385		—				—		301,188
2018		—		—				417		—				—		417
2019		—		—				373		39				—		412
2020		—		—				—		—				—		—
		$	60,020	$	1,327,251			$	6,232	$	120,699			$	228,000	$	1,742,203

				Net premium												401
				Mortgage and Other Loans Payable												$	1,742,604

				Exchangeable Senior Notes-Face Amount												$	162,500
				Net discount												$	(7,252	)
				Exchangeable Senior Notes (7)												$	155,248

				Total Debt												$	1,897,852

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 September 30, 2009.

(3) As of September 30, 2009, our borrowing capacity under the Revolving Credit Facility was $600.0 million, of which $372 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 $228.0 million due under our Revolving Credit Facility at September 30, 2009 that may be extended by us for a one-year period, subject to certain conditions. Also includes $43.6 million due under our Revolving Construction Facility at September 30, 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
	September 30			June 30			March 31			December 31			September 30
OPERATING RATIOS — All computations include the effect of discontinued operations
Net income as a % of Real estate revenues from cont. and discont. operations
(Net income / Real estate revenues from cont. and discont. operations)	14.82		%	17.07		%	17.00		%	20.69		%	13.64		%

NOI as a % of Real estate revenues from cont. and discont. operations
(NOI / Real estate revenues from cont. and discont. operations)	63.20		%	64.85		%	63.47		%	64.49		%	64.52		%

EBITDA as a % of Real estate revenues from cont. and discont. operations
(EBITDA / Real estate revenues from cont. and discont. operations)	60.79		%	62.34		%	60.40		%	68.06		%	61.70		%

G&A as a % of Net income
(G&A / Net income)	37.96		%	32.32		%	30.51		%	30.27		%	42.82		%

G&A as a % of Real estate revenues from cont. and discont. operations
(G&A / Real estate revenues from cont. and discont. operations)	5.63		%	5.52		%	5.19		%	6.26		%	5.84		%

G&A as a % of EBITDA
(G&A / EBITDA)	9.25		%	8.85		%	8.59		%	9.20		%	9.47		%

Recurring Capital Expenditures	$	7,572		$	4,383		$	5,883		$	8,682		$	7,008
Recurring Capital Expenditures per average square foot of consolidated properties	$	0.40		$	0.23		$	0.32		$	0.47		$	0.38
Recurring Capital Expenditures as a % of NOI	11.43		%	6.39		%	8.68		%	12.99		%	10.74		%

Quarterly Dividend Analysis

	2009									2008
	September 30			June 30			March 31			December 31			September 30
Common Share Dividends
Dividends per share/unit	$	0.3925		$	0.3725		$	0.3725		$	0.3725		$	0.3725
Increase over prior quarter	5.4		%	0.0		%	0.0		%	0.0		%	9.6		%

Common Dividend Payout Ratios
Earnings Payout	219.1		%	171.2		%	167.2		%	130.1		%	233.3		%

Diluted FFO Payout	65.8		%	55.7		%	55.8		%	50.3		%	63.4		%

Diluted AFFO Payout	89.2		%	64.9		%	67.0		%	86.7		%	87.2		%

Dividend Coverage - Diluted FFO	1.52		x	1.80		x	1.79		x	1.99		x	1.58		x

Dividend Coverage - Diluted AFFO	1.12		x	1.54		x	1.49		x	1.15		x	1.15		x

Common Dividend Yields
Dividend Yield	4.26		%	5.08		%	6.00		%	4.85		%	3.69		%

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 September 30, 2009

			As if Converted		Diluted
	Common	Common	Preferred		Ownership
SHAREHOLDER CLASSIFICATION	Shares	Units	Shares / Units	Total	% of Total

Insiders	1,026,925	4,212,152	—	5,239,077	8.19	%
Non-insiders	57,223,370	871,467	610,014	58,704,851	91.81	%
	58,250,295	5,083,619	610,014	63,943,928	100.00	%

	September 30,	June 30,	March 31,	December 31,	September 30,
RESEARCH COVERAGE	2009	2009	2009	2008	2008

Bank of America Merrill Lynch	n/a	n/a	x	x	x
BMO Capital Markets	x	x	x	x	x
Citigroup Global Markets	x	x	x	x	x
Friedman Billings Ramsey & Co.	x	x	x	x	x
Green Street Advisors	x	x	x	x	x
ISI Group	x	x	n/a	n/a	n/a
Macquarie Securities	x	x	x	x	n/a
Raymond James	x	x	x	x	x
RBC Capital Markets	x	x	x	x	x
Robert W. Baird & Co. Incorporated	x	x	x	x	x
Stifel, Nicolaus & Company, Incorporated	x	x	x	x	x
Wells Fargo Securities	x	x	x	x	x

Property Summary by Region - September 30, 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
2	300 Sentinel Drive (300 NBP)	BWI Airport	NBP	2009	M	45,422	147,332
3	304 Sentinel Drive (304 NBP)	BWI Airport	NBP	2005	M	162,647
4	306 Sentinel Drive (306 NBP)	BWI Airport	NBP	2006	M	155,883
5	2720 Technology Drive (220 NBP)	BWI Airport	NBP	2004	M	156,730
6	302 Sentinel Drive (302 NBP)	BWI Airport	NBP	2007	M	155,669
7	2711 Technology Drive (211 NBP)	BWI Airport	NBP	2002	M	152,196
8	320 Sentinel Way (320 NBP)	BWI Airport	NBP	2007	M	125,681
9	318 Sentinel Way (318 NBP)	BWI Airport	NBP	2005	M	125,681
10	322 Sentinel Way (322 NBP)	BWI Airport	NBP	2006	M	125,568
11	140 National Business Parkway	BWI Airport	NBP	2003	M	119,904
12	132 National Business Parkway	BWI Airport	NBP	2000	M	118,598
13	2721 Technology Drive (221 NBP)	BWI Airport	NBP	2000	M	118,093
14	2701 Technology Drive (201 NBP)	BWI Airport	NBP	2001	M	117,450
15	2691 Technology Drive (191 NBP)	BWI Airport	NBP	2005	M	103,683
16	134 National Business Parkway	BWI Airport	NBP	1999	M	93,482
17	135 National Business Parkway	BWI Airport	NBP	1998	M	87,422
18	133 National Business Parkway	BWI Airport	NBP	1997	M	87,401
19	141 National Business Parkway	BWI Airport	NBP	1990	M	87,206
20	131 National Business Parkway	BWI Airport	NBP	1990	M	69,336
21	114 National Business Parkway	BWI Airport	NBP	2002	S	9,908
22	314 Sentinel Way (314 NBP)	BWI Airport	NBP	2008	S	4,462
						2,462,758	147,332

1	1306 Concourse Drive	BWI Airport	APS	1990	M	116,101
2	870-880 Elkridge Landing Road	BWI Airport	APS	1981	M	105,151
3	1304 Concourse Drive	BWI Airport	APS	2002	M	101,792
4	900 Elkridge Landing Road	BWI Airport	APS	1982	M	100,824
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	84,053
8	881 Elkridge Landing Road	BWI Airport	APS	1986	M	73,572
9	1099 Winterson Road	BWI Airport	APS	1988	M	70,583
10	1190 Winterson Road	BWI Airport	APS	1987	M	68,899
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	66,837
15	891 Elkridge Landing Road	BWI Airport	APS	1984	M	57,912
16	901 Elkridge Landing Road	BWI Airport	APS	1984	M	58,035
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	54,211
22	938 Elkridge Landing Road	BWI Airport	APS	1984	M	52,988
						1,635,253	—

1	7467 Ridge Road	BWI Airport	Comm./Pkwy.	1990	M	74,136
2	7240 Parkway Drive	BWI Airport	Comm./Pkwy.	1985	M	74,153
3	7272 Park Circle Drive	BWI Airport	Comm./Pkwy.	1991/1996	M	59,888
4	7318 Parkway Drive	BWI Airport	Comm./Pkwy.	1984	S	59,204
5	7320 Parkway Drive	BWI Airport	Comm./Pkwy.	1983	S	56,964
6	1340 Ashton Road	BWI Airport	Comm./Pkwy.	1989	S	46,400
7	1362 Mellon Road	BWI Airport	Comm./Pkwy.	2006	M	43,283
8	1334 Ashton Road	BWI Airport	Comm./Pkwy.	1989	S	37,317
9	1331 Ashton Road	BWI Airport	Comm./Pkwy.	1989	S	28,998
10	1350 Dorsey Road	BWI Airport	Comm./Pkwy.	1989	S	19,718
11	1344 Ashton Road	BWI Airport	Comm./Pkwy.	1989	M	16,964
12	1341 Ashton Road	BWI Airport	Comm./Pkwy.	1989	S	15,947
13	1343 Ashton Road	BWI Airport	Comm./Pkwy.	1989	S	9,962
14	1348 Ashton Road	BWI Airport	Comm./Pkwy.	1988	S	3,108
						546,042	—

58	Subtotal (continued on next page)					4,644,053	147,332

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

Property Summary by Region - September 30, 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)

4,644,053

147,332

5520 Research Park Drive (UMBC) (1)

BWI Airport

bwtech@UMBC

2009

105,363

5522 Research Park Drive (UMBC) (1)

BWI Airport

bwtech@UMBC

2007

23,500

128,863

—

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

611,379

7000 Columbia Gateway Drive

Howard Co. Perimeter

Columbia Gateway

1999

145,806

6721 Columbia Gateway Drive

Howard Co. Perimeter

Columbia Gateway

2009

131,451

6731 Columbia Gateway Drive

Howard Co. Perimeter

Columbia Gateway

2002

123,847

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

86,027

8621 Robert Fulton Drive

Howard Co. Perimeter

Columbia Gateway

2005-2006

86,033

6750 Alexander Bell Drive

Howard Co. Perimeter

Columbia Gateway

2001

76,134

6700 Alexander Bell Drive

Howard Co. Perimeter

Columbia Gateway

1988

75,028

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

52,131

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

36,472

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

2,362,309

—

7200 Riverwood Drive

Howard Co. Perimeter

Rivers Corporate Park

1986

160,000

7160 Riverwood Drive

Howard Co. Perimeter

Rivers Corporate Park

2000

61,984

9140 Guilford Road

Howard Co. Perimeter

Rivers Corporate Park

1983

41,180

7150 Riverwood Drive

Howard Co. Perimeter

Rivers Corporate Park

2000

39,496

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

16,195

10270 Old Columbia Road

Howard Co. Perimeter

Rivers Corporate Park

1988/2001

15,910

9130 Guilford Road

Howard Co. Perimeter

Rivers Corporate Park

1984

13,700

10290 Old Columbia Road

Howard Co. Perimeter

Rivers Corporate Park

1988/2001

10,263

443,516

—

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

31,220

9730 Patuxent Woods Drive

Howard Co. Perimeter

Owen Brown South

1986/2001

30,485

9710 Patuxent Woods Drive

Howard Co. Perimeter

Owen Brown South

1986/2001

15,229

155,230

—

9020 Mendenhall Court

Howard Co. Perimeter

Sieling Business Park

1982/2005

49,217

107

Total Baltimore/Washington Corridor

8,109,624

147,332

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 - September 30, 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

58,676

22299 Exploration Drive

St. Mary’s County

Exploration Park

1998

58,363

22300 Exploration Drive

St. Mary’s County

Exploration Park

1997

44,830

260,729

—

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

58,981

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

235,866

—

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

821,812

—

Northern Virginia

15000 Conference Center Drive

Dulles South

Westfields Corporate Center

1989

471,440

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

145,706

14900 Conference Center Drive

Dulles South

Westfields Corporate Center

1999

127,329

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

1,454,950

—

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

53,776

166,409

—

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

139,877

Total Northern Virginia

2,613,077

—

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

14310 Castle Avenue

Fort Ritchie

1993/2008

3,014

24949 Lake Wastler

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 - September 30, 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

125,637

292,793

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

458,702

501,647

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

7700-5 Potranco-Warehouse

San Antonio Northwest

2009

25,056

7700-1 Potranco Road

San Antonio Northwest

2007

8,674

542,142

—

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

665,117

—

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

1,949

87,824

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

307,421

87,824

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

2009

38,456

107,267

12515 Academy Ridge View

I-25 North Corridor

InterQuest Office

2006

61,372

9965 Federal Drive

I-25 North Corridor

InterQuest Office

1983/2007

74,749

9945 Federal Drive

I-25 North Corridor

InterQuest Office

2009

74,004

9950 Federal Drive

I-25 North Corridor

InterQuest Office

2001

66,222

9925 Federal Drive

I-25 North Corridor

InterQuest Office

2008

53,745

9960 Federal Drive

I-25 North Corridor

InterQuest Office

2001

46,948

415,496

107,267

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

1,375,028

195,091

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

Property Summary by Region - September 30, 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

122,491

45 West Gude Drive

Rockville

1987

108,588

15 West Gude Drive

Rockville

1986

106,694

215,282

—

Total Suburban Maryland

695,307

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

28,747

224 Schilling Circle

Hunt Valley/Rte 83 Corridor

Hunt Valley Business Comm.

1978/1997

27,574

11101 McCormick Road

Hunt Valley/Rte 83 Corridor

Hunt Valley Business Comm.

1976

23,844

693,379

—

10150 York Road

Hunt Valley/Rte 83 Corridor

1985

178,286

9690 Deereco Road

Hunt Valley/Rte 83 Corridor

1988

134,268

375 West Padonia Road

Hunt Valley/Rte 83 Corridor

1986

110,378

422,932

—

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

30,081

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

8,811

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

364,582

—

502 Washington Avenue

Towson

1984

90,813

102 West Pennsylvania Avenue

Towson

1968/2001

48,808

100 West Pennsylvania Avenue

Towson

1952/1989

18,715

109-111 Allegheny Avenue

Towson

1971

18,431

176,767

—

Subtotal (continued on next page)

1,657,660

—

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

Property Summary by Region - September 30, 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)					1,657,660	—

1	4940 Campbell Boulevard	White Marsh	Campbell Corporate Center	1990	M	50,393

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	42,767
3	9930 Franklin Square Drive	White Marsh	Franklin Ridge	2001	S	39,750
4	9900 Franklin Square Drive	White Marsh	Franklin Ridge	1999	S	33,801
5	9940 Franklin Square Drive	White Marsh	Franklin Ridge	2000	S	32,242
						204,831	—

1	8020 Corporate Drive	White Marsh	McLean Ridge	1997	S	50,089
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	38,487
						187,068	—

1	5325 Nottingham Ridge Road	White Marsh	Nottingham Ridge	2002	S	35,678

1	7941-7949 Corporate Drive	White Marsh	Tyler Ridge	1996	S	57,600
2	8007 Corporate Drive	White Marsh	Tyler Ridge	1995	S	41,810
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	17,599
6	8015 Corporate Drive	White Marsh	Tyler Ridge	1990	S	15,669
7	8023 Corporate Drive	White Marsh	Tyler Ridge	1990	S	9,486
						205,441	—

1	5020 Campbell Boulevard	White Marsh	White Marsh Business Center	1986-1988	S	43,791
2	5024 Campbell Boulevard	White Marsh	White Marsh Business Center	1986-1988	S	33,710
3	5026 Campbell Boulevard	White Marsh	White Marsh Business Center	1986-1988	S	30,163
4	5022 Campbell Boulevard	White Marsh	White Marsh Business Center	1986-1988	S	26,747
						134,411	—

1	10001 Franklin Square Drive	White Marsh	White Marsh Commerce Center	1997	S	218,215

1	8114 Sandpiper Circle	White Marsh	White Marsh Health Center	1986	S	45,806

1	4979 Mercantile Road	White Marsh	White Marsh Hi-Tech Center	1985	S	51,198
2	4969 Mercantile Road	White Marsh	White Marsh Hi-Tech Center	1983	S	47,132
						98,330	—

1	7939 Honeygo Boulevard	White Marsh	White Marsh Professional Center	1984	M	28,206
2	8133 Perry Hall Boulevard	White Marsh	White Marsh Professional Center	1988	M	27,995
3	7923 Honeygo Boulevard	White Marsh	White Marsh Professional Center	1985	M	23,482
						79,683	—

1	8031 Corporate Drive	White Marsh		1988/2004	S	66,000
2	8615 Ridgely’s Choice Drive	White Marsh		2005	M	37,764
3	8029 Corporate Drive	White Marsh		1988/2004	S	25,000
						128,764	—

63	Total Suburban Baltimore					3,198,083	—

246	TOTAL WHOLLY-OWNED PORTFOLIO					18,449,020	844,070

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

Property Summary by Region - September 30, 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

46,589

6385 Flank Drive

East Shore

Gtwy Corp. Ctr.

1995

32,671

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

409,519

—

5035 Ritter Road

West Shore

Rossmoyne Bus. Ctr.

1988

56,556

5070 Ritter Road - Building A

West Shore

Rossmoyne Bus. Ctr.

1989

31,710

5070 Ritter Road - Building B

West Shore

Rossmoyne Bus. Ctr.

1989

28,347

116,613

—

Total Greater Harrisburg

670,999

—

Total Unconsolidated Joint Venture Properties

670,999

—

Consolidated Joint Venture Properties

Suburban Maryland

5825 University Research Court

College Park

M Square Business Park

2008

118,519

5850 University Research Court

College Park

M Square Business Park

—

123,464

118,519

123,464

4230 Forbes Boulevard

Lanham

Forbes 50

2003

55,883

Total Suburban Maryland

174,402

123,464

Baltimore/Washington Corridor

7468 Candlewood Road

BWI Airport

Baltimore Commons

1979/1982

356,000

7740 Milestone Parkway

BWI Airport

Arundel Preserve

143,939

—

Total Baltimore/Washington Corridor

143,939

356,000

Total Consolidated Joint Venture Properties

318,341

479,464

TOTAL JOINT VENTURE PORTFOLIO

989,340

479,464

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

September 30, 2009

Number of Buildings	107		15		63		5		18		21		6		3		2		6		246
Rentable Square Feet	8,109,624		2,613,077		3,198,083		695,307		821,812		1,375,028		665,117		458,702		201,200		311,070		18,449,020
Occupied %	90.64	%	97.02	%	81.95	%	92.03	%	97.32	%	87.07	%	100.00	%	100.00	%	100.00	%	99.29	%	90.94	%
Leased %	91.31	%	97.11	%	82.69	%	92.32	%	97.79	%	87.21	%	100.00	%	100.00	%	100.00	%	99.57	%	91.42	%

June 30, 2009

Number of Buildings	106		15		63		5		18		19		5		4		2		6		243
Rentable Square Feet	7,992,471		2,616,302		3,206,243		694,017		824,137		1,293,770		640,061		960,349		201,200		311,070		18,739,620
Occupied %	92.99	%	94.70	%	82.13	%	92.78	%	97.52	%	92.97	%	100.00	%	100.00	%	100.00	%	99.29	%	92.34	%
Leased %	93.54	%	97.40	%	83.32	%	92.78	%	99.12	%	93.12	%	100.00	%	100.00	%	100.00	%	99.29	%	93.23	%

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	%

Property Occupancy Rates by Region by Quarter

Joint Venture Properties

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

September 30, 2009

Number of Buildings	16		1		2		—		19
Rentable Square Feet	670,999		143,939		174,402		—		989,340
Occupied %	79.75	%	6.02	%	69.39	%	0.00	%	67.20	%
Leased %	79.75	%	100.00	%	75.81	%	0.00	%	68.33	%

June 30, 2009

Number of Buildings	16		1		2		—		19
Rentable Square Feet	671,763		8,626		171,949		—		852,338
Occupied %	86.21	%	100.00	%	65.62	%	0.00	%	82.20	%
Leased %	86.21	%	100.00	%	65.62	%	0.00	%	82.20	%

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	%

Reconciliation of Wholly Owned Properties to Entire

Portfolio as of September 30, 2009

		Square
	Count	Feet	Occupied %		Leased %

Wholly Owned Properties	246	18,449,020	90.94	%	91.42	%
Add: Consolidated Joint Venture Properties	3	318,341	40.73	%	44.25	%
Subtotal	249	18,767,361	89.79	%	90.33	%
Add: Unconsolidated Joint Venture Properties	16	670,999	79.75	%	79.75	%
Entire Portfolio	265	19,438,360	89.73	%	90.25	%

Top Twenty Office Tenants of Wholly Owned Properties as of September 30, 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	)	67	2,649,894	15.8	%	75,570		18.7	%	6.2
Northrop Grumman Corporation	(6	)	15	1,135,642	6.8	%	30,218		7.5	%	6.0
Booz Allen Hamilton, Inc.			9	738,284	4.4	%	21,545		5.3	%	5.5
Computer Sciences Corporation	(6	)	3	454,986	2.7	%	12,475		3.1	%	1.8
L-3 Communications Holdings, Inc.	(6	)	5	266,943	1.6	%	9,877		2.4	%	4.5
General Dynamics Corporation	(6	)	10	299,153	1.8	%	8,302		2.1	%	1.3
Wells Fargo & Company	(6	)	7	218,199	1.3	%	7,764		1.9	%	8.4
The Aerospace Corporation	(6	)	3	245,935	1.5	%	7,523		1.9	%	5.3
ITT Corporation	(6	)	8	305,689	1.8	%	7,223		1.8	%	4.8
Integral Systems, Inc.	(6	)	4	241,504	1.4	%	6,062		1.5	%	10.4
Comcast Corporation	(6	)	7	306,123	1.8	%	6,011		1.5	%	4.1
AT&T Corporation	(6	)	5	306,932	1.8	%	5,955		1.5	%	3.7
Unisys Corporation			2	258,498	1.5	%	4,631		1.1	%	0.5
The Boeing Company	(6	)	4	144,227	0.9	%	4,467		1.1	%	4.0
Ciena Corporation			4	229,842	1.4	%	4,391		1.1	%	3.7
BAE Systems PLC	(6	)	7	211,805	1.3	%	3,235		0.8	%	5.8
The Johns Hopkins Institutions	(6	)	4	128,827	0.8	%	3,234		0.8	%	3.1
Merck & Co., Inc.	(6	)	2	225,900	1.3	%	2,772		0.7	%	7.0
Lockheed Martin Corporation			5	143,943	0.9	%	2,683		0.7	%	2.8
Magellan Health Services, Inc.			2	113,727	0.7	%	2,681		0.7	%	2.6

Subtotal Top 20 Office Tenants			173	8,626,053	51.4	%	226,619		56.2	%	5.3
All remaining tenants			702	8,151,421	48.6	%	176,721		43.8	%	3.6
Total/Weighted Average			875	16,777,474	100.0	%	$	403,340	100.0	%	4.5

(1)	Table excludes owner occupied leasing activity which represents 164,257 square feet with a weighted average remaining lease term of 5.8 years as of September 30, 2009.
(2)	Total Annualized Rental Revenue is the monthly contractual base rent as of September 30, 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.

Real Estate Revenues from Continuing and Discontinued Operations

(Dollars in thousands)

	Nine Months Ended September 30,
	2009			2008

Office Properties:

Baltimore/Washington Corridor	$	148,691		$	138,142
Northern Virginia	60,728			57,454
Suburban Baltimore	42,161			41,324
Suburban Maryland	14,970			14,457
Colorado Springs	16,956			14,475
St. Mary’s and King George Counties	10,433			9,622
San Antonio	9,761			6,548
Greater Philadelphia	6,356			7,519
Central New Jersey	1,823			1,929
Other	8,326			7,609
Subtotal	320,205			299,079
Eliminations / other	(2,800		)	(2,687		)

Real estate revenues from cont. and discont. operations	$	317,405		$	296,392

NOI by Geographic Region

(Dollars in thousands)

	Nine Months Ended September 30,
	2009			2008
Office Properties:

Baltimore/Washington Corridor	$	94,718		$	89,778
Northern Virginia	37,905			35,697
Suburban Baltimore	23,857			23,316
Suburban Maryland	8,814			9,208
Colorado Springs	12,129			9,296
St. Mary’s and King George Counties	7,904			7,276
San Antonio	6,730			4,976
Greater Philadelphia	5,683			7,372
Central New Jersey	1,697			1,624
Other	5,731			5,220
Subtotal	205,168			193,763
Eliminations / other	(2,541		)	(1,934		)

NOI	$	202,627		$	191,829

Real Estate Revenues from Continuing and Discontinued Operations

by Quarter

(Dollars in thousands)

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

Office Properties:

Baltimore/Washington Corridor	$	49,568		$	49,531		$	49,592		$	48,317		$	46,139
Northern Virginia	19,158			19,211			22,359			19,563			19,523
Suburban Baltimore	14,540			13,793			13,828			13,475			13,912
Suburban Maryland	4,754			5,179			5,037			4,889			4,966
Colorado Springs	6,275			5,803			4,878			5,897			5,612
St. Mary’s and King George Counties	3,545			3,478			3,410			3,317			3,328
San Antonio	3,269			3,547			2,945			2,763			2,641
Greater Philadelphia	1,343			2,507			2,506			2,506			2,507
Central New Jersey	601			601			621			638			591
Other	2,731			2,897			2,698			3,099			2,775
Subtotal	105,784			106,547			107,874			104,464			101,994
Eliminations / other	(941		)	(829		)	(1,030		)	(865		)	(905		)

Real estate revenues from cont. and discont. operations	$	104,843		$	105,718		$	106,844		$	103,599		$	101,089

NOI by Geographic Region by Quarter

(Dollars in thousands)

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

Office Properties:

Baltimore/Washington Corridor	$	31,731		$	32,037		$	30,950		$	31,208		$	29,676
Northern Virginia	11,707			11,701			14,497			11,801			12,005
Suburban Baltimore	8,756			7,975			7,126			7,503			7,918
Suburban Maryland	2,687			3,149			2,978			3,036			2,968
Colorado Springs	4,479			4,085			3,565			3,791			3,753
St. Mary’s and King George Counties	2,680			2,686			2,538			2,417			2,471
San Antonio	2,038			2,584			2,108			1,909			1,945
Greater Philadelphia	769			2,506			2,408			2,451			2,464
Central New Jersey	558			554			585			599			533
Other	1,834			2,024			1,873			2,299			2,039
Subtotal	67,239			69,301			68,628			67,014			65,772
Eliminations / other	(979		)	(745		)	(817		)	(201		)	(549		)

NOI	$	66,260		$	68,556		$	67,811		$	66,813		$	65,223

Same Office Property Cash NOI by Year to Date Period

(Dollars in thousands)

	Nine Months Ended September 30,
	2009			2008

Office Properties: (1)

Baltimore/Washington Corridor	$	90,574		$	85,761
Northern Virginia	37,726			33,600
Suburban Baltimore	22,495			21,682
Suburban Maryland	8,077			8,285
Colorado Springs	6,490			6,629
St. Mary’s and King George Counties	7,685			7,112
San Antonio	206			91
Greater Philadelphia	1,897			1,875
Central New Jersey	1,692			1,606
Other	5,670			5,119
Total Office Properties	$	182,512		$	171,760
Less: Lease termination fees, gross	(5,184		)	(368		)
Same office property cash NOI, excluding gross lease termination fees	$	177,328		$	171,392

Same Office Property GAAP NOI by Year

(Dollars in thousands)

	Nine Months Ended September 30,
	2009			2008

Office Properties: (1)

Baltimore/Washington Corridor	$	90,864		$	88,655
Northern Virginia	37,406			35,022
Suburban Baltimore	24,032			23,274
Suburban Maryland	8,486			8,920
Colorado Springs	6,743			6,901
St. Mary’s and King George Counties	7,909			7,281
San Antonio	227			115
Greater Philadelphia	1,787			1,714
Central New Jersey	1,708			1,658
Other	6,498			6,020
Total Office Properties	$	185,660		$	179,560

GAAP net operating income for same office properties	$	185,660		$	179,560
Less: Straight-line rent adjustments	(2,204		)	(6,683		)
Less: Amortization of deferred market rental revenue	(944		)	(1,117		)
Same office property cash NOI	$	182,512		$	171,760
Less: Lease termination fees, gross	(5,184		)	(368		)
Same office property cash NOI, excluding gross lease termination fees	$	177,328		$	171,392

(1)	Same office properties represent buildings owned and 100% operational since January 1, 2008. Amounts reported do not include the effects of eliminations.

Same Office Property Cash NOI by Quarter

(Dollars in thousands)

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

Office Properties: (1)

Baltimore/Washington Corridor	$	31,145		$	31,021		$	30,359		$	30,473		$	28,851
Northern Virginia	11,236			11,440			15,051			11,468			11,235
Suburban Baltimore	8,299			7,587			6,608			7,187			7,344
Suburban Maryland	2,472			2,896			2,709			2,652			2,852
Colorado Springs	3,250			3,681			3,469			3,460			3,298
St. Mary’s and King George Counties	2,655			2,556			2,474			2,329			2,400
San Antonio	339			759			246			286			371
Greater Philadelphia	634			686			577			628			632
Central New Jersey	556			553			583			595			525
Other	1,904			1,895			1,853			2,090			1,895
Total Office Properties	$	62,490		$	63,074		$	63,929		$	61,168		$	59,403
Less: Lease termination fees, gross	(966		)	(558		)	(3,660		)	(201		)	(209		)
Same Office Property Cash NOI, excluding gross lease termination fees	$	61,524		$	62,516		$	60,269		$	60,967		$	59,194

Same Office Property GAAP NOI by Quarter

(Dollars in thousands)

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

Office Properties: (1)

Baltimore/Washington Corridor	$	30,765		$	31,301		$	30,846		$	31,341		$	29,727
Northern Virginia	11,426			11,579			14,401			11,594			11,811
Suburban Baltimore	8,812			8,032			7,188			7,533			7,964
Suburban Maryland	2,591			3,034			2,861			2,835			3,037
Colorado Springs	3,523			3,974			3,683			3,684			3,596
St. Mary’s and King George Counties	2,681			2,688			2,539			2,418			2,472
San Antonio	421			842			330			375			461
Greater Philadelphia	647			624			516			567			570
Central New Jersey	561			558			589			600			539
Other	2,181			2,191			2,128			2,463			2,235
Total Office Properties	$	63,608		$	64,823		$	65,081		$	63,410		$	62,412

GAAP net operating income for same office properties	$	63,608		$	64,823		$	65,081		$	63,410		$	62,412
Less: Straight-line rent adjustments	(733		)	(1,207		)	(847		)	(1,711		)	(2,529		)
Less: Amortization of deferred market rental revenue	(385		)	(542		)	(305		)	(531		)	(480		)
Same office property cash NOI	$	62,490		$	63,074		$	63,929		$	61,168		$	59,403
Less: Lease termination fees, gross	(966		)	(558		)	(3,660		)	(201		)	(209		)
Same office property cash NOI, excluding gross lease termination fees	$	61,524		$	62,516		$	60,269		$	60,967		$	59,194

(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

3rd Quarter 2009 Average

Number of Buildings	103		14		63		6		18		16		3		1		2		4		230
Rentable Square Feet	7,823,614		2,472,989		3,198,184		751,173		821,816		1,145,502		131,649		219,065		201,200		308,685		17,073,877
Percent Occupied	92.07	%	96.92	%	82.59	%	91.24	%	96.98	%	90.40	%	100	%	100	%	100.00	%	99.28	%	91.47	%

2nd Quarter 2009 Average

Number of Buildings	103		14		63		6		18		16		3		1		2		4		230
Rentable Square Feet	7,828,397		2,471,817		3,206,205		749,883		824,137		1,145,502		131,649		219,065		201,200		308,685		17,086,540
Percent Occupied	92.59	%	97.64	%	82.53	%	95.51	%	97.21	%	94.27	%	100.00	%	100.00	%	100.00	%	99.28	%	92.26	%

1st Quarter 2009 Average

Number of Buildings	103		14		63		6		18		16		3		1		2		4		230
Rentable Square Feet	7,828,793		2,471,993		3,206,596		747,618		824,137		1,145,502		131,649		219,065		201,200		306,793		17,083,346
Percent Occupied	93.29	%	98.25	%	82.85	%	97.13	%	95.15	%	94.09	%	100.00	%	100.00	%	100.00	%	99.72	%	92.69	%

4th Quarter 2008 Average

Number of Buildings	103		14		63		6		18		16		3		1		2		4		230
Rentable Square Feet	7,829,797		2,471,993		3,206,476		746,456		824,137		1,145,511		131,649		219,065		201,200		305,226		17,081,510
Percent Occupied	93.28	%	99.60	%	82.64	%	97.09	%	94.41	%	94.64	%	100.00	%	100.00	%	100.00	%	100.00	%	92.85	%

3rd Quarter 2008 Average

Number of Buildings	103		14		63		6		18		16		3		1		2		4		230
Rentable Square Feet	7,827,994		2,470,303		3,206,439		747,741		824,137		1,144,917		131,649		219,065		201,200		305,226		17,078,671
Percent Occupied	92.35	%	99.29	%	84.98	%	96.23	%	93.78	%	95.21	%	100.00	%	100.00	%	100.00	%	100.00	%	92.78	%

(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 September 30, 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	33	545,028	68.8	%	3.2	%	$	8,584		2.1	%	$		15.75
Northern Virginia	3	21,249	2.7	%	0.1	%	635			0.2	%	29.89
Suburban Baltimore	14	54,059	6.8	%	0.3	%	1,254			0.3	%	23.21
Suburban Maryland	—	—	0.0	%	0.0	%	—			0.0	%	0.00
St. Mary’s and King George Cos.	4	80,960	10.2	%	0.5	%	1,184			0.3	%	14.62
Greater Philadelphia	—	—	0.0	%	0.0	%	—			0.0	%	0.00
Colorado Springs	7	89,950	11.4	%	0.5	%	1,789			0.4	%	19.89
Other	1	864	0.1	%	0.0	%	4			0.0	%	4.75
2009	62	792,110	100.0	%	4.7	%	13,451			3.3	%	16.98

Baltimore/Washington Corridor	91	957,109	38.9	%	5.7	%	24,172			6.0	%	25.25
Northern Virginia	38	723,180	29.4	%	4.3	%	19,013			4.7	%	26.29
Suburban Baltimore	61	330,756	13.4	%	2.0	%	6,954			1.7	%	21.03
Suburban Maryland	11	233,045	9.5	%	1.4	%	4,242			1.1	%	18.20
St. Mary’s and King George Cos.	15	187,968	7.6	%	1.1	%	3,182			0.8	%	16.93
Greater Philadelphia	—	—	0.0	%	0.0	%	—			0.0	%	0.00
Colorado Springs	5	23,437	1.0	%	0.1	%	461			0.1	%	19.66
Other	3	7,612	0.3	%	0.0	%	128			0.0	%	16.82
2010	224	2,463,107	100.0	%	14.7	%	58,151			14.4	%	23.61

Baltimore/Washington Corridor	69	893,901	51.2	%	5.3	%	20,160			5.0	%	22.55
Northern Virginia	10	79,141	4.5	%	0.5	%	2,547			0.6	%	32.19
Suburban Baltimore	80	451,472	25.9	%	2.7	%	9,577			2.4	%	21.21
Suburban Maryland	8	51,605	3.0	%	0.3	%	1,539			0.4	%	29.81
St. Mary’s and King George Cos.	9	73,302	4.2	%	0.4	%	1,244			0.3	%	16.97
Colorado Springs	10	195,451	11.2	%	1.2	%	3,472			0.9	%	17.77
2011	186	1,744,872	100.0	%	10.4	%	38,540			9.6	%	22.09

Baltimore/Washington Corridor	74	1,207,974	44.2	%	7.2	%	31,683			7.9	%	26.23
Northern Virginia	18	129,475	4.7	%	0.8	%	3,983			1.0	%	30.76
Suburban Baltimore	67	693,699	25.4	%	4.1	%	13,274			3.3	%	19.14
Suburban Maryland	4	42,510	1.6	%	0.3	%	1,128			0.3	%	26.53
St. Mary’s and King George Cos.	18	283,986	10.4	%	1.7	%	5,199			1.3	%	18.31
Greater Philadelphia	2	219,065	8.0	%	1.3	%	2,616			0.6	%	11.94
Colorado Springs	8	76,488	2.8	%	0.5	%	1,633			0.4	%	21.35
San Antonio	3	78,359	2.9	%	0.5	%	1,540			0.4	%	19.66
Other	1	1,521	0.1	%	0.0	%	23			0.0	%	15.00
2012	195	2,733,077	100.0	%	16.3	%	61,079			15.1	%	22.35

Baltimore/Washington Corridor	88	1,106,877	60.8	%	6.6	%	34,733			8.6	%	31.38
Northern Virginia	7	104,339	5.7	%	0.6	%	3,024			0.7	%	28.99
Suburban Baltimore	42	387,070	21.3	%	2.3	%	7,150			1.8	%	18.47
Suburban Maryland	3	7,069	0.4	%	0.0	%	215			0.1	%	30.39
St. Mary’s and King George Cos.	10	105,753	5.8	%	0.6	%	1,753			0.4	%	16.57
Colorado Springs	6	105,491	5.8	%	0.6	%	2,232			0.6	%	21.16
Other	1	3,014	0.2	%	0.0	%	45			0.0	%	15.00
2013	157	1,819,613	100.0	%	10.8	%	49,152			12.2	%	27.01

Baltimore/Washington Corridor	165	2,624,175	36.5	%	15.6	%	71,973			17.8	%	27.43
Northern Virginia	83	1,476,750	20.6	%	8.8	%	46,286			11.5	%	31.34
Suburban Baltimore	83	685,321	9.5	%	4.1	%	13,820			3.4	%	20.17
Suburban Maryland	22	305,687	4.3	%	1.8	%	6,847			1.7	%	22.40
St. Mary’s and King George Cos.	13	64,023	0.9	%	0.4	%	1,369			0.3	%	21.38
Greater Philadelphia	2	239,637	3.3	%	1.4	%	4,079			1.0	%	17.02
Colorado Springs	42	706,377	9.8	%	4.2	%	13,580			3.4	%	19.22
San Antonio	4	586,758	8.2	%	3.5	%	13,377			3.3	%	22.80
Central New Jersey	2	201,200	2.8	%	1.2	%	2,350			0.6	%	11.68
Other	3	295,842	4.1	%	1.8	%	8,796			2.2	%	29.73
Thereafter	419	7,185,770	100.0	%	42.8	%	182,476			45.2	%	25.39

Other (4)	13	38,925	100.0	%	0.2	%	495			0.1	%	12.72

Total / Average	1,256	16,777,474			100.0	%	$		403,344	100.0	%	$	24.04

NOTE: As of September 30, 2009, the weighted average lease term for the wholly owned properties is 4.5 years.

(1) This expiration analysis includes the effect of early renewals completed on existing leases but excludes the effect of new tenant leases on 89,332 square feet yet to commence as of September 30, 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 September 30, 2009 multiplied by 12 plus the estimated annualized expense reimbursements under existing office leases.

(4) 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.

Quarter and Year to Date Office Renewal Analysis for Wholly Owned Properties as of September 30, 2009

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

Quarter Ended September 30, 2009:

Expiring Square Feet	434,103			18,613			235,807			37,541			39,756			11,813			—			777,633
Vacated Square Feet	148,383			14,000			36,939			37,541			—			11,813			—			248,676
Renewed Square Feet	285,720			4,613			198,868			—			39,756			—						528,957
Retention Rate (% based upon square feet)	65.82		%	24.78		%	84.34		%	0.00		%	100.00		%	0.00		%	0.00		%	68.02		%

Renewed Space Only:
Average Committed Cost per Square Foot	$	7.55		$	1.05		$	2.52		$	—		$	0.11		$	—		$	—		$	5.04
Weighted Average Lease Term in years	4.0			1.0			2.0			—			1.2			—			—			3.0

Change in Total Rent - GAAP	-7.82		%	5.49		%	2.45		%	0.00		%	4.95		%	0.00		%	0.00		%	-3.64		%
Change in Total Rent - Cash	-12.04		%	5.49		%	-1.54		%	0.00		%	2.50		%	0.00		%	0.00		%	-7.66		%

Renewed & Retenanted Space:
Average Committed Cost per Square Foot	$	8.62		$	2.66		$	4.38		$	0.76		$	0.11		$	5.53		$	—		$	6.09
Weighted Average Lease Term in years	4.0			1.7			2.3			1.0			1.2			5.1			—			3.2

Change in Total Rent - GAAP	-8.10		%	4.36		%	1.35		%	-41.14		%	4.95		%	-8.05		%	—			-6.28		%
Change in Total Rent - Cash	-12.23		%	2.76		%	-2.94		%	-43.92		%	2.50		%	-36.86		%	0.00		%	-11.90		%

Nine Months Ended September 30, 2009:

Expiring Square Feet	1,062,769			71,578			416,703			150,765			103,250			78,332			1,466			1,884,863
Vacated Square Feet	237,741			51,795			147,263			73,684			11,452			11,813			—			533,748
Renewed Square Feet	825,028			19,783			269,440			77,081			91,798			66,519			1,466			1,351,115
Retention Rate (% based upon square feet)	77.63		%	27.64		%	64.66		%	51.13		%	88.91		%	84.92		%	100.00		%	71.68		%

Renewed Space Only:
Average Committed Cost per Square Foot	$	6.45		$	10.42		$	2.82		$	3.66		$	8.55		$	14.01		$	—		$	6.14
Weighted Average Lease Term in years	3.5			3.6			2.5			4.9			2.6			5.9			—			3.4

Change in Total Rent - GAAP	3.23		%	24.40		%	-0.21		%	4.79		%	13.30		%	12.93		%	32.72		%	4.04		%
Change in Total Rent - Cash	-3.42		%	9.79		%	-5.26		%	-3.67		%	7.36		%	1.50		%	32.72		%	-2.70		%

Renewed & Retenanted Space:
Average Committed Cost per Square Foot	$	7.64		$	13.91		$	6.53		$	2.83		$	10.67		$	9.53		$	—		$	7.67
Weighted Average Lease Term in years	3.5			3.7			3.2			3.8			3.3			5.5			—			3.6

Change in Total Rent - GAAP	2.47		%	-5.84		%	-0.70		%	-9.05		%	9.86		%	4.43		%	32.72		%	1.47		%
Change in Total Rent - Cash	-3.80		%	-12.64		%	-9.95		%	-15.83		%	-1.11		%	-12.28		%	32.72		%	-6.37		%

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 September 30, 2009

(Dollars in thousands)

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

Under Construction

5850 University Research Court College Park, Maryland		College Park	JV	123,464		100	%	$	25,813	$	23,982	—		4Q 09	1Q 10

324 Sentinel Way (324 NBP) Annapolis Junction, Maryland		BWI Airport	Owned	125,129		0	%	27,437		17,274		—		1Q 10	3Q 10

8000 Potranco Road San Antonio, Texas		San Antonio Northwest	Owned	125,005		0	%	24,104		13,955		—		2Q 10	4Q 10

8030 Potranco Road San Antonio, Texas		San Antonio Northwest	Owned	125,005		0	%	24,104		16,334		—		2Q 10	4Q 10

Subtotal Government				498,603		25	%	$	101,457	$	71,545	$	—
% of Total Drivers				43	%

10807 New Allegiance Drive (Epic One) Colorado Springs, Colorado	(4)	I-25 North Corridor	Owned	145,723		32	%	31,213		24,669		—		2Q 09	2Q 10

300 Sentinel Drive (300 NBP) Annapolis Junction, Maryland	(5)	BWI Airport	Owned	192,754		39	%	50,243		40,267		21,162		2Q 09	2Q 10

565 Space Center Drive (Patriot Park 7) Colorado Springs, Colorado	(6)	Colorado Springs East	Owned	89,773		2	%	17,266		12,621		8,544		2Q 09	2Q 10

209 Research Boulevard Aberdeen, Maryland		Harford County	Owned	78,220		69	%	18,033		6,207		—		2Q 10	2Q 11

308 Sentinel Drive (308 NBP) Annapolis Junction, Maryland		BWI Airport	Owned	150,843		0	%	32,193		5,519		—		4Q 10	4Q 11

Subtotal Defense Information Technology				657,313		27	%	$	148,948	$	89,283	$	29,706
% of Total Drivers				57	%

Total Under Construction				1,155,916		26	%	$	250,405	$	160,828	$	29,706

	% of Total		Total Rentable	Percentage
Regions	Regions		Square Feet	Leased
Baltimore/Washington Corridor	41	%	468,726	16	%
Suburban Maryland	11	%	123,464	100	%
Suburban Baltimore	7	%	78,220	69	%
Colorado Springs	20	%	235,496	21	%
San Antonio	22	%	250,010	0	%
Total Under Construction by Region	100	%	1,155,916	26	%

(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,” 38,456 square feet are operational.
(5)	Although classified as “Under Construction,” 45,422 square feet are operational.
(6)	Although classified as “Under Construction,” 1,949 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 September 30, 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

28,643

3Q 10

3Q 11

Subtotal Baltimore/Washington Corridor

356,000

43,554

28,643

760 Jolly Road (Lakeside I)
Blue Bell, PA

Greater Philadelphia

Owned

208,854

30,395

4,546

3Q 10

3Q 11

Subtotal Greater Philadelphia

208,854

30,395

4,546

Total Redevelopment

564,854

73,949

33,189

Under Development

316 Sentinel Way (316 NBP)
Annapolis Junction, Maryland

BWI Airport

Owned

125,000

26,500

3,504

4Q 10

4Q 11

Riverwood
Columbia, Maryland

Howard Co. Perimeter

Owned

70,000

17,100

2,246

2Q 11

2Q 12

Subtotal Government

195,000

43,600

5,750

% of Total Drivers

North Gate Business Park (Lot C)
Aberdeen, Maryland

Harford County

Owned

78,856

16,445

3,545

4Q 10

4Q 11

North Gate Business Park (Lot D)
Aberdeen, Maryland

Harford County

Owned

120,000

27,500

1,750

1Q 11

1Q 12

North Gate Business Park (Lot I)
Aberdeen, Maryland

Harford County

Owned

120,000

24,000

1,750

1Q 11

1Q 12

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

San Antonio Northwest

Owned

85,000

14,875

2,019

4Q 10

4Q 11

430 National Business Parkway
Annapolis Junction, Maryland

BWI Airport

Owned

110,000

27,500

3,831

1Q 11

1Q 12

Subtotal Defense Information Technology

513,856

110,320

12,895

% of Total Drivers

Total Under Development

708,856

153,920

18,645

	% of Total		Total Rentable
Regions	Regions		Square Feet
Baltimore/Washington Corridor	43	%	305,000
Suburban Baltimore	45	%	318,856
San Antonio	12	%	85,000
Total Under Development by Region	100	%	708,856

(1)	Anticipated Total Cost includes land, construction and leasing costs except for properties that we previously operated prior to placing into redevelopment in which case only incremental costs of redevelopment are included.
(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.

Total Development Placed into Service as of September 30, 2009

(Dollars in thousands)

		Wholly	Total					Percentage of
		Owned or	Rentable	Development Square Feet Placed Into Service				Development Square
		Joint Venture	Square		Year 2009			Feet Placed Into
Property and Location	Submarket	(JV)	Feet	Year 2008	1st Quarter	2nd Quarter	3rd Quarter	Service Leased

5825 University Research Court College Park, Maryland	College Park	JV	118,519	41,500	77,019	—	—	64	%

7740 Milestone Parkway Hanover, Maryland	BWI Airport	JV	143,939	—	8,659	—	135,280	6	%

6721 Columbia Gateway Drive Columbia, Maryland	Howard Co. Perimeter	Owned	131,451	—	—	131,451	—	100	%

10807 New Allegiance Drive (Epic One) Colorado Springs, Colorado	I-25 North Corridor	Owned	145,723	—	—	33,809	4,647	100	%

9925 Federal Drive (Hybrid II) Colorado Springs, Colorado	I-25 North Corridor	Owned	53,745	43,721	—	10,024	—	91	%

9945 Federal Drive (Hybrid I) Colorado Springs, Colorado	I-25 North Corridor	Owned	74,004	—	—	—	74,004	0	%

5520 Research Park Drive (UMBC) Baltimore, Maryland	BWI Airport	Land Lease	105,670	—	29,112	—	76,558	28	%

565 Space Center Drive (Patriot Park 7) Colorado Springs, Colorado	Colorado Springs East	Owned	89,773	—	—	—	1,949	100	%

300 Sentinel Drive (300 NBP) Annapolis Junction, Maryland	BWI Airport	Owned	192,754	—	—	—	45,422	100	%

Total Development Placed Into Service			1,055,578	85,221	114,790	175,284	337,860	53	%

Land Inventory as of September 30, 2009

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

National Business Park (Phase II)	BWI Airport	owned	—		—	16	345,000
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	219	2,195,941

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

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	—		—	33	367,900
Total Suburban Baltimore			—		—	185	2,099,900

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

Arborcrest	Blue Bell	owned	—		—	8	160,000
Total Greater Philadelphia			—		—	8	160,000

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
Northwest Crossroads	San Antonio Northwest	owned	—		—	31	375,000
Military Drive Business Park	San Antonio Northwest	owned	—		—	40	660,000
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	1,524	12,940,313

This land inventory schedule excludes all properties listed as under construction, redevelopment or under development as detailed on pages 38 and 39.

(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 September 30, 2009

(Dollars in thousands)

Consolidated Properties

	Joint Venture
	Interest							Consolidated
	Held By			Square		Total		Debt as
Property and Location	COPT		Status	Feet	Acreage	Assets (1)		of 9/30/09

4230 Forbes Boulevard
Lanham, Maryland	50.0	%	Operating	55,866	5 acres	$	3,802	$	—

7468 Candlewood Road (2)
Hanover, Maryland	92.5	%	Redevelopment	356,000	19 acres	28,749		—

Indian Head Technology Center Business Park
Indian Head, Maryland	75.0	%	Land Inventory	967,250	192 acres	7,045		—

7740-7744 Milestone Parkway (3)			Construction/
Hanover, Maryland	50.0	%	Land Inventory	451,730	23 acres	30,066		16,753

5825 University Research Court
College Park, Maryland	45.0	%	Construction	118,519	8 acres	20,939		—

5850 University Research Court
College Park, Maryland	45.0	%	Construction	123,464	8 acres	22,264		—

M Square Research Park
College Park, Maryland	45.0	%	Land Inventory	508,017	49 acres	3,235		—

TOTAL						$	116,100	$	16,753

Unconsolidated Properties

Joint Venture

Interest

Off-Balance

Held By

Square

COPT

Sheet Debt as

Property and Location

COPT

Status

Feet

Investment

of 9/30/09

Greater Harrisburg Portfolio

Harrisburg and Mechanicsburg, Pennsylvania

20.0

Operating

670,999

(4,966

)

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 143,939 square feet was fully placed in service during the third quarter 2009.

Reconciliations of Year to Date Non GAAP Measurements

(Dollars in thousands)

	Nine Months Ended September 30,
	2009			2008

GAAP revenues from real estate operations from continuing operations	$	317,405		$	296,034
Revenues from discontinued operations	—			358
Real estate revenues from continuing and discontinued operations	$	317,405		$	296,392

GAAP revenues from real estate operations from continuing operations	$	317,405		$	296,034
Property operating expenses	(114,778		)	(104,353		)
Revenues from discontinued operations	—			358
Property operating expenses from discontinued operations	—			(210		)
NOI	$	202,627		$	191,829

Depreciation and amortization assoc. with real estate operations from continuing operations	$	81,911		$	75,430
Depreciation and amortization from discontinued operations	—			52
Real estate-related depreciation and amortization	$	81,911		$	75,482

Total tenant improvements and incentives on operating properties	$	11,604		$	14,883
Total capital improvements on operating properties	6,763			6,827
Total leasing costs for operating properties	4,431			2,764
Less: Nonrecurring tenant improvements and incentives on operating properties	(2,780		)	(4,077		)
Less: Nonrecurring capital improvements on operating properties	(1,340		)	(2,667		)
Less: Nonrecurring leasing costs for operating properties	(916		)	(269		)
Add: Recurring capital expenditures on operating properties held through joint ventures	76			150
Recurring capital expenditures	$	17,838		$	17,611

Interest expense from continuing operations	$	59,088		$	65,580
Interest expense from discontinued operations	—			51
Total interest expense	$	59,088		$	65,631
Less: Amortization of deferred financing costs	(3,089		)	(2,805		)
Denominator for interest coverage	$	55,999		$	62,826
Scheduled principal amortization	8,200			10,810
Denominator for debt service coverage	$	64,199		$	73,636
Scheduled principal amortization	(8,200		)	(10,810		)
Preferred dividends - redeemable non-convertible	12,076			12,076
Preferred distributions	495			495
Denominator for fixed charge coverage	$	68,570		$	75,397

Common dividends for earnings payout ratio	$	64,712		$	51,553
Common distributions	5,974			8,564
Dividends and distributions for FFO and AFFO payout ratios	$	70,686		$	60,117

Income tax expense from continuing operations	$	169		$	102
Income tax expense from gain on other sales of real estate	—			578
Total income tax expense	$	169		$	680

Reconciliations of Quarter to Date Non GAAP Measurements

(Dollars in thousands)

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

Total Assets or Denominator for Debt to Total Assets	$	3,230,647		$	3,198,675		$	3,137,290		$	3,114,239		$	3,100,831
Accumulated depreciation	402,125			382,385			362,318			343,110			339,429
Intangible assets on real estate acquisitions, net	75,506			81,090			85,774			91,848			98,282
Assets other than assets included in properties, net	(361,940		)	(344,539		)	(327,878		)	(335,773		)	(362,132		)
Denominator for Debt to Undepreciated Book Value of Real Estate Assets	$	3,346,338		$	3,317,611		$	3,257,504		$	3,213,424		$	3,176,410

GAAP revenues from real estate operations from continuing operations	$	104,843		$	105,718		$	106,844		$	103,599		$	101,086
Revenues from discontinued operations	—			—			—			—			3
Real estate revenues from continuing and discontinued operations	$	104,843		$	105,718		$	106,844		$	103,599		$	101,089

GAAP revenues from real estate operations from continuing operations	$	104,843		$	105,718		$	106,844		$	103,599		$	101,086
Property operating expenses	(38,583		)	(37,162		)	(39,033		)	(36,786		)	(35,854		)
Revenues from discontinued operations	—			—			—			—			3
Property operating expenses from discontinued operations	—			—			—			—			(12		)
NOI	$	66,260		$	68,556		$	67,811		$	66,813		$	65,223

Depreciation and amortization assoc. with real estate operations from continuing operations	$	26,712		$	28,708		$	26,491		$	27,290		$	25,583
Depreciation and amortization from discontinued operations	—			—			—			—			—
Real estate-related depreciation and amortization	$	26,712		$	28,708		$	26,491		$	27,290		$	25,583

Total tenant improvements and incentives on operating properties	$	3,553		$	3,826		$	4,225		$	5,472		$	6,305
Total capital improvements on operating properties	2,927			2,323			1,513			4,434			3,179
Total leasing costs for operating properties	1,855			950			1,626			1,269			999
Less: Nonrecurring tenant improvements and incentives on operating properties	(711		)	(2,028		)	(41		)	(1,615		)	(1,995		)
Less: Nonrecurring capital improvements on operating properties	(58		)	(694		)	(588		)	(836		)	(1,299		)
Less: Nonrecurring leasing costs for operating properties	—			(16		)	(900		)	(49		)	(217		)
Add: Recurring capital expenditures on operating properties held through joint ventures	6			22			48			7			36
Recurring capital expenditures	$	7,572		$	4,383		$	5,883		$	8,682		$	7,008

Interest expense from continuing operations	$	20,986		$	18,678		$	19,424		$	21,290		$	22,503
Interest expense from discontinued operations	—			—			—			—			—
Total interest expense	$	20,986		$	18,678		$	19,424		$	21,290		$	22,503
Less: Amortization of deferred financing costs	(1,056		)	(1,009		)	(1,024		)	(1,038		)	(1,143		)
Denominator for interest coverage	$	19,930		$	17,669		$	18,400		$	20,252		$	21,360
Scheduled principal amortization	2,691			2,662			2,847			6,678			3,424
Denominator for debt service coverage	$	22,621		$	20,331		$	21,247		$	26,930		$	24,784
Scheduled principal amortization	(2,691		)	(2,662		)	(2,847		)	(6,678		)	(3,424		)
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	$	24,120		$	21,860		$	22,590		$	24,443		$	25,550

Common dividends for earnings payout ratio	$	22,851		$	21,597		$	20,264		$	19,283		$	19,183
Common distributions	1,995			1,894			2,085			2,946			3,021
Dividends and distributions for FFO and AFFO payout ratios	$	24,846		$	23,491		$	22,349		$	22,229		$	22,204

	Submarket	Acquisition Date	Building Count	Square Feet at 9/30/09	Occupancy Percentage at Acquisition		Contractual Purchase Price

12515 Academy Ridge	Colorado Springs Northeast	6/26/2009	1	60,714	100.0	%	$	12,500

Total			1	60,714			$	12,500

		Page
Highlights and Discussion
Reporting Period Highlights – Periods Ended September 30, 2009		1
Forward-Looking Statements		3

Financial Statements
Year to Date Selected Financial Summary Data		5
Quarterly Selected Financial Summary Data		6
Quarterly Consolidated Balance Sheets		7
Year to Date Consolidated Statements of Operations		8
Year to Date Consolidated Reconciliations of Funds From Operations (FFO), Adjusted FFO (AFFO), Earnings Per Share (EPS)		9
Year to Date Consolidated Reconciliations of Earnings Before Interest, income Taxes, Depreciation and Amortization (EBITDA), Net Operating Income (NOI), Discontinued Operations, Gains on Sales of Real Estate and Certain Non-GAAP Measures		10
Quarterly Consolidated Statements of Operations		11
Quarterly Consolidated Reconciliations of FFO, AFFO, EPS and as adjusted amounts		12
Quarterly Consolidated Reconciliations of EBITDA, NOI, Discontinued Operations, Gains on Sales of Real Estate and Certain Non-GAAP Measures		13

Selected Financial Analyses
Quarterly Equity Analysis		14
Quarterly Debt Analysis		15
Debt Maturity Schedule – September 30, 2009		16
Quarterly Operating Ratios		17
Quarterly Dividend Analysis		18
Investor Composition and Analyst Coverage		19

Portfolio Summary
Property Summary by Region – September 30, 2009 – Wholly Owned Properties		20
Property Summary by Region – September 30, 2009 – Joint Venture Properties		26
Property Occupancy Rates by Region by Quarter – Wholly Owned Properties		27
Property Occupancy Rates by Region by Quarter – Joint Venture Properties		28
Top Twenty Office Tenants of Wholly Owned Properties as of September 30, 2009		29
Real Estate Revenues from Continuing and Discontinued Operations and Net Operating Income by Geographic Region by Year to Date Period		30
Real Estate Revenues from Continuing and Discontinued Operations and Net Operating Income by Geographic Region by Quarter		31
Same Office Property Cash and GAAP Net Operating Income by Year to Date Period		32
Same Office Property Cash and GAAP Net Operating Income by Quarter		33
Average Occupancy Rates by Region for Same Office Properties for Quarter		34
Office Lease Expiration Analysis by Year for Wholly Owned Properties		35
Quarterly Office Renewal Analysis for Wholly Owned Properties as of September 30, 2009		36
Year to Date Wholly Owned Acquisition Summary		37
Development Summary as of September 30, 2009		38
Total Development Placed into Service as of September 30, 2009		40
Land Inventory as of September 30, 2009		41
Joint Venture Summary as of September 30, 2009		42
Reconciliations of Year to Date Non GAAP Measurements		43
Reconciliations of Quarter to Date Non GAAP Measurements		44

Supplemental Information

September 30, 2009

Operations