Corporate Office Properties Trust Reports Strong First Quarter 2009 Results

Business Wire, April 28, 2009

During the quarter, the Company signed leases for 121,000 square feet of development space. Included in this total are the following:

• 54,000 square feet of the 78,000 square foot property located at 209 Research Boulevard in the North Gate Business Park in Aberdeen, Maryland, leased long-term to The MITRE Corporation. The building is 69% leased.
• 67,000 square feet of the 145,000 square foot recently redeveloped property located at 2900 Towerview Road in Herndon, Virginia, leased long-term to Qwest Corporation. The building is 100% leased.

Subsequent Event

The Company issued approximately 3.0 million common shares in an underwritten public offering made in conjunction with the Company’s inclusion in the S&P MidCap 400 Index on April 1, 2009. The shares were issued at a public offering price of $24.35 per share for net proceeds after underwriting discounts but before offering expenses of $72.1 million. The net proceeds were used to pay down the Company’s Revolving Credit Facility and for general corporate purposes.

Earnings Guidance

On April 1, 2009 the Company was added to the S&P MidCap 400 Index, issued an additional approximate 3.0 million common shares and revised its EPS guidance by $.03 per diluted share and FFO guidance by $.07 per diluted share to reflect dilution resulting from the offering. As a result, the Company’s 2009 EPS range of guidance is $.70 to $.80 and its FFO per share range of guidance is $2.41 to $2.51 per diluted share. This range of FFO per diluted share represents growth of 1% to 5% compared to 2008 FFO per diluted share, as adjusted, of $2.38. The adjusted 2008 results reflect the change in accounting for exchangeable debt as required by the adoption of the FSP regarding APB 14-1 and excludes gains on extinguishment of exchangeable notes.

Conference Call

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Please use the following link to pre-register and view important information about this conference call. Pre-registering is not mandatory but is recommended as it will provide you immediate entry into the call and will facilitate the timely start of the conference. Pre-registration only takes a few moments and you may pre-register at anytime, including up to and after the call start time. To pre-register, please click on the below link:

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You may also pre-register in the Investor Relations section of the Company’s website at www.copt.com. Alternatively, you may be placed into the call by an operator by calling the number provided above at least 5 to 10 minutes before the start of the call. A replay of this call will be available beginning Wednesday, April 29 at 3:00 p.m. Eastern Time through Wednesday, May 13 at midnight Eastern Time. To access the replay within in the United States, please call 888-286-8010 and use passcode 48240508. To access the replay outside the United States, please call 617-801-6888 and use passcode 48240508.