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COPT Reports Third Quarter 2013 Results



  COPT Reports Third Quarter 2013 Results

Business Wire

COLUMBIA, Md. -- October 25, 2013

Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC)
announced financial and operating results for the third quarter ended
September 30, 2013.

“Driven by strong NOI margins, third quarter results were at the high end of
our expectations. We are increasing our prior guidance range for the fourth
quarter and full year,” stated Roger A. Waesche, Jr., COPT’s President & Chief
Executive Officer. “Looking ahead, we expect stable performance from our
current same office portfolio in 2014 and anticipate that our development
pipeline and property dispositions will add tremendous value for investors,”
he added.

Results:

For the quarter ended September 30, 2013, the Company reported a diluted
earnings per share (“EPS”) loss of $0.09 as compared to an EPS loss of $0.39
in the third quarter of 2012. Diluted funds from operations per share
(“FFOPS”), as adjusted for comparability, was $0.49 for the third quarter
ended September 30, 2013 as compared to $0.53 reported for the third quarter
of 2012. The 7.5% year-over-year decrease reflects the Company’s successful
portfolio repositioning and de-leveraging. Adjustments for comparability
encompass items such as acquisition costs, impairment losses and gains on
non-operating properties, gains (losses) on early extinguishment of debt,
derivative losses and write-offs of original issuance costs for redeemed
preferred stock. Please refer to the reconciliation tables that appear later
in this press release. Per NAREIT’s definition, FFOPS for the third quarter of
2013 was $0.48 versus $0.52 reported in the third quarter of 2012.

Operating Performance:

Portfolio Summary – At September 30, 2013, the Company’s consolidated
portfolio of 210 operating office properties totaled 19.2 million square feet.
The weighted average remaining lease term for the portfolio was 4.3 years and
the average rental rate (including tenant reimbursements) was $28.26 per
square foot. The Company’s consolidated portfolio was 88.5% occupied and 89.7%
leased as of September 30, 2013.

Same Office Performance – The Company’s same office portfolio excludes
properties identified for eventual disposition, including those in its
Strategic Reallocation Plan. For the quarter ended September 30, 2013, COPT’s
same office portfolio represents 76% of the rentable square feet of the
portfolio and consists of 165 properties.

For the third quarter ended September 30, 2013, the Company’s same office
property cash NOI, excluding gross lease termination fees, increased 2.4% as
compared to the third quarter of 2012. The Company’s same office portfolio was
90.3% occupied and 91.5% leased as of September 30, 2013.

Leasing – COPT completed a total of 898,000 square feet of leasing for the
quarter ended September 30, 2013. During this same period, the Company’s
renewal rate was 72%. Consistent with expectations, for the quarter ended
September 30, 2013, total rent on renewed space increased 4.4% on a GAAP basis
and decreased 2.6% on a cash basis.

Investment Activity:

At September 30, 2013, the Company had nine properties totaling 1.3 million
square feet under construction for a total projected cost of $234.0 million,
of which $134.4 million had been incurred. As of the same date, COPT had
235,000 square feet in two properties under redevelopment for a total
projected cost of $44.2 million, of which $30.5 million has been incurred. As
of September 30, 2013, the Company’s nine properties under construction, on
average, were 88% pre-leased, and its redevelopment properties were 51%
pre-leased.

Balance Sheet and Capital Transactions:

As of September 30, 2013, the Company’s debt to adjusted book ratio was 46.6%
and its fixed charge coverage ratio was 2.9x for the three months then ended.
Also, the Company’s weighted average interest rate was 4.2% for the quarter
ended September 30, 2013 and 90% of the Company’s debt was subject to fixed
interest rates, including the effect of interest rate swaps.

In early July, the Company issued 1.5 million shares of common stock through
its at-the-market (“ATM”) stock offering program. The average price per share
was $26.05 and the net proceeds were $38.5 million.

During the quarter, the Company amended the terms of its $800 million line of
credit to extend the maturity date from September 1, 2014, to July 14, 2017
plus a one-year extension option; and lowered the interest rate spread over
30-day LIBOR to 130 basis points. The Company also amended the terms of its
$300 million and $250 million term loan agreements to grant additional
extension options and lower the interest spread over LIBOR.

The Company also completed a registered exchange offer to exchange any and all
of its outstanding 3.6% Senior Notes due 2023, which were issued in a private
placement for an equal principal amount of new 3.6% Senior Notes due 2023 that
have been registered under the Securities Act of 1933.

In September, the Company priced an offering of $250 million aggregate
principal amount of 5.25% senior unsecured notes due February 15, 2024 at a
price equal to 98.783% of the principal amount.

2013 FFO Guidance:

Management is increasing its previous guidance for the fourth quarter and full
year 2013 FFOPS, as adjusted for comparability, from prior ranges of between
$0.45–$0.48 and $1.92–$1.97, respectively, to new ranges of between
$0.47–$0.49 and $1.96–$1.98. A reconciliation of projected diluted EPS to
projected FFOPS for the quarter ending and the year ending December 31, 2013
is provided, as follows:

                                                                    
                                     Quarter Ending      Year Ending
                                     December 31, 2013   December 31, 2013
                                     Low        High     Low         High
                                                                      
EPS                                  $  0.14    $ 0.16   $ (0.01 )   $ 0.01
Real estate depreciation and            0.33      0.33     1.31        1.31
amortization
Impairments and exit costs on           -         -        0.35        0.35   
previously depreciated properties
                                                                              
FFOPS, NAREIT definition                0.47      0.49     1.65        1.67
                                                                      
Net losses on early extinguishment      -         -        0.31        0.31
of debt
Gains on sales of non-operating         -         -        (0.03 )     (0.03 )
properties
Issuance costs on redeemed              -         -        0.03        0.03   
preferred shares
                                                                              
FFOPS, as adjusted for               $  0.47    $ 0.49   $ 1.96      $ 1.98   
comparability
                                                                      

Conference Call Information:

Management will discuss third quarter 2013 earnings results, as well as its
2013 guidance, on its conference call on October 25, 2013 at 12:00 p.m.
Eastern Time, details of which are listed below:

                                  
Earnings Release Date:             Friday, October 25, 2013 at 6:00 a.m.
                                   Eastern Time
 
Conference Call Date:              Friday, October 25, 2013
 
Time:                              12:00 p.m. Eastern Time
 
Telephone Number: (within the      888-679-8018
U.S.)
 
Telephone Number: (outside the     617-213-4845
U.S.)
 
Passcode:                          31730330
                                    

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:
https://www.theconferencingservice.com/prereg/key.process?key=PXHEGMLBC

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 Friday, October 25 at 1:00
p.m. Eastern Time through Friday, November 8 at midnight Eastern Time. To
access the replay within the United States, please call 888-286-8010 and use
passcode 16654891. To access the replay outside the United States, please call
617-801-6888 and use passcode 16654891.

The conference calls will also be available via live webcast in the Investor
Relations section of the Company’s website at www.copt.com. A replay of the
conference calls will be immediately available via webcast in the Investor
Relations section of the Company’s website.

Definitions:

For definitions of certain terms used in this press release, please refer to
the information furnished in our Supplemental Information Package filed as a
Form 8-K which can be found on our website (www.copt.com). Reconciliations of
non-GAAP measures to the most directly comparable GAAP measures are included
in the attached tables.

Company Information

COPT is an office REIT that focuses primarily on serving the specialized
requirements of U.S. Government agencies and defense contractors, most of whom
are engaged in defense information technology and national security-related
activities. The Company generally acquires, develops, manages and leases
office and data center properties concentrated in large office parks primarily
located near knowledge-based government demand drivers and/or in targeted
markets or submarkets in the Greater Washington, DC/Baltimore region. As of
September 30, 2013, the Company’s consolidated portfolio consisted of 210
office properties totaling 19.2  million rentable square feet. COPT is an S&P
MidCap 400 company.

Forward-Looking Information

This press release may contain “forward-looking” statements, as defined in
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, that are based on the Company’s current expectations,
estimates and projections about future events and financial trends affecting
the Company. Forward-looking statements can be identified by the use of words
such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,”
“estimate,” “plan” or other comparable terminology. Forward-looking statements
are inherently subject to risks and uncertainties, many of which the Company
cannot predict with accuracy and some of which the Company might not even
anticipate. Accordingly, the Company can give no assurance that these
expectations, estimates and projections will be achieved. Future events and
actual results may differ materially from those discussed in the
forward-looking statements.

Important factors that may affect these expectations, estimates, and
projections include, but are not limited to:

  * general economic and business conditions, which will, among other things,
    affect office property and data center demand and rents, tenant
    creditworthiness, interest rates, financing availability and property
    values;
  * adverse changes in the real estate markets including, among other things,
    increased competition with other companies;
  * governmental actions and initiatives, including risks associated with the
    impact of a government shutdown or budgetary reductions or impasses, such
    as a reduction in rental revenues, non-renewal of leases, and/or a
    curtailment of demand for additional space by the Company's strategic
    customers;
  * the Company’s ability to borrow on favorable terms;
  * risks of real estate acquisition and development activities, including,
    among other things, risks that development projects may not be completed
    on schedule, that tenants may not take occupancy or pay rent or that
    development or operating costs may be greater than anticipated;
  * the Company’s ability to sell properties included in its Strategic
    Reallocation Plan;
  * risks of investing through joint venture structures, including risks that
    the Company’s joint venture partners may not fulfill their financial
    obligations as investors or may take actions that are inconsistent with
    the Company’s objectives;
  * changes in the Company’s plans for properties or views of market economic
    conditions or failure to obtain development rights, either of which could
    result in recognition of significant impairment losses;
  * the Company’s ability to satisfy and operate effectively under Federal
    income tax rules relating to real estate investment trusts and
    partnerships;
  * the Company's ability to achieve projected results;
  * the dilutive effects of issuing additional common shares; and
  * environmental requirements.

The Company undertakes no obligation to update or supplement any
forward-looking statements. For further information, please refer to the
Company’s filings with the Securities and Exchange Commission, particularly
the section entitled “Risk Factors” in Item 1A of the Company’s Annual Report
on Form 10-K for the year ended December 31, 2012.

                                                    
Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(in thousands, except per share data)
                                                      
                        For the Three Months Ended   For the Nine Months Ended
                        September 30,                September 30,
                        2013           2012          2013          2012
Revenues
Real estate revenues    $  119,040     $ 114,362     $ 355,127     $ 335,231
Construction contract
and other service       16,991         15,283        52,048        53,812     
revenues
Total revenues          136,031        129,645       407,175       389,043    
Expenses
Property operating      43,482         41,474        129,409       122,102
expenses
Depreciation and
amortization            29,210         28,604        86,239        84,633
associated with real
estate operations
Construction contract
and other service       16,306         14,410        49,165        51,302
expenses
Impairment losses       16,300         46,096        16,300        41,260
General and
administrative          6,237          5,062         17,213        20,531
expenses
Leasing expenses        1,790          1,315         5,217         4,266
Business development
expenses and land       1,383          1,632         4,069         4,506      
carry costs
Total operating         114,708        138,593       307,612       328,600    
expenses
Operating income        21,323         (8,948    )   99,563        60,443
(loss)
Interest expense        (21,242    )   (23,239   )   (66,851   )   (71,909   )
Interest and other      (3         )   1,095         2,949         3,152
(loss) income
Loss on early
extinguishment of       (374       )   (768      )   (27,028   )   (937      )
debt
(Loss) income from
continuing operations
before equity in
income (loss) of        (296       )   (31,860   )   8,633         (9,251    )
unconsolidated
entities and income
taxes
Equity in income
(loss) of               44             (246      )   211           (522      )
unconsolidated
entities
Income tax expense      (24        )   (106      )   (61       )   (327      )
(Loss) income from      (276       )   (32,212   )   8,783         (10,100   )
continuing operations
Discontinued            (1,724     )   11,447        (2,594    )   11,410     
operations
(Loss) income before
gain on sales of real   (2,000     )   (20,765   )   6,189         1,310
estate
Gain on sales of real
estate, net of income   —              —             2,683         21         
taxes
Net (loss) income       (2,000     )   (20,765   )   8,872         1,331
Net loss (income)
attributable to
noncontrolling
interests
Common units in the     232            1,533         474           738
Operating Partnership
Preferred units in
the Operating           (165       )   (165      )   (495      )   (495      )
Partnership
Other consolidated      (1,031     )   235           (2,160    )   864        
entities
Net (loss) income       (2,964     )   (19,162   )   6,691         2,438
attributable to COPT
Preferred share         (4,490     )   (6,546    )   (15,481   )   (14,738   )
dividends
Issuance costs
associated with         —              (1,827    )   (2,904    )   (1,827    )
redeemed preferred
shares
Net loss attributable
to COPT common          $  (7,454  )   $ (27,535 )   $ (11,694 )   $ (14,127 )
shareholders
                                                                    
Earnings per share
(“EPS”) computation:
Numerator for diluted
EPS:
Net (loss) income
attributable to         $  (7,454  )   $ (27,535 )   $ (11,694 )   $ (14,127 )
common shareholders
Amount allocable to     (97        )   (111      )   (317      )   (357      )
restricted shares
Numerator for diluted   $  (7,551  )   $ (27,646 )   $ (12,011 )   $ (14,484 )
EPS
                                                                    
Denominator:
Weighted average
common shares - basic   86,760         71,688        84,547        71,590     
and diluted
Diluted EPS             $  (0.09   )   $ (0.39   )   $ (0.14   )   $ (0.20   )
                                                                              

                                                    
Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(in thousands, except per share data)
                                                      
                          For the Three Months       For the Nine Months Ended
                          Ended                      September 30,
                          September 30,
                          2013         2012          2013          2012
Net (loss) income         $ (2,000 )   $ (20,765 )   $ 8,872       $ 1,331
Real estate-related
depreciation and          29,210       30,624        86,397        93,377
amortization
Impairment losses on
previously depreciated    22,074       55,829        31,126        70,016
operating properties
Gain on sales of
previously depreciated    —            (16,913   )   —             (20,936   )
operating properties
Depreciation and
amortization on           —            113           —             346        
unconsolidated real
estate entities
Funds from operations     49,284       48,888        126,395       144,134
(“FFO”)
Noncontrolling
interests - preferred     (165     )   (165      )   (495      )   (495      )
units in the Operating
Partnership
FFO allocable to other
noncontrolling            (833     )   (571      )   (2,830    )   (1,251    )
interests
Preferred share           (4,490   )   (6,546    )   (15,481   )   (14,738   )
dividends
Issuance costs
associated with           —            (1,827    )   (2,904    )   (1,827    )
redeemed preferred
shares
Basic and diluted FFO
allocable to restricted   (178     )   (214      )   (450      )   (728      )
shares
Basic and diluted FFO
available to common
share and common unit     43,618       39,565        104,235       125,095
holders (“Basic and
diluted FFO”)
Operating property        —            222           —             229
acquisition costs
Gain on sales of
non-operating             —            —             (2,683    )   (33       )
properties
Impairment recoveries
on non-operating          —            —             —             (5,246    )
properties
Income tax expense on
impairment recoveries     —            —             —             673
on non-operating
properties
Loss (gain) on early      374          (970      )   27,028        (799      )
extinguishment of debt
Issuance costs
associated with           —            1,827         2,904         1,827      
redeemed preferred
shares
Diluted FFO available
to common share and
common unit holders, as   43,992       40,644        131,484       121,746
adjusted for
comparability
Straight line rent        (980     )   (2,595    )   (6,824    )   (6,631    )
adjustments
Amortization of
intangibles included in   230          251           579           659
net operating income
Share-based
compensation, net of      1,573        1,703         4,869         8,262
amounts capitalized
Amortization of
deferred financing        1,321        1,527         4,292         4,696
costs
Amortization of net
debt discounts, net of    (121     )   683           1,063         2,028
amounts capitalized
Amortization of settled   16           15            46            46
debt hedges
Recurring capital         (10,528  )   (8,518    )   (21,698   )   (16,467   )
expenditures
Diluted adjusted funds
from operations
available to common       $ 35,503     $ 33,710      $ 113,811     $ 114,339  
share and common unit
holders (“Diluted
AFFO”)
Diluted FFO per share     $ 0.48       $ 0.52        $ 1.18        $ 1.65
Diluted FFO per share,
as adjusted for           $ 0.49       $ 0.53        $ 1.49        $ 1.60
comparability
Dividends/distributions   $ 0.2750     $ 0.2750      $ 0.8250      $ 0.8250
per common share/unit
                                                                              

                                                                
Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(Dollars and shares in thousands, except per share data)
                                                                  
                                                 September 30,   December 31,
                                                 2013            2012
Balance Sheet Data
Properties, net of accumulated depreciation      $ 3,239,746     $ 3,163,044
Total assets                                     3,755,588       3,653,759
Debt, net                                        2,135,031       2,019,168
Total liabilities                                2,304,732       2,206,962
Redeemable noncontrolling interest               16,789          10,298
Equity                                           1,434,067       1,436,499
Debt to adjusted book                            46.6        %   45.8        %
Debt to total market capitalization              47.4        %   45.0        %
                                                                  
Consolidated Property Data (as of period end)
Number of operating properties                   210             208
Total net rentable square feet owned (in         19,204          18,831
thousands)
Occupancy %                                      88.5        %   87.8        %
Leased %                                         89.7        %   89.2        %
                                                                  
Reconciliation of total assets to denominator
for debt to adjusted book
Total assets                                     $ 3,755,588     $ 3,653,759
Accumulated depreciation                         612,369         555,975
Accumulated depreciation included in assets      8,845           12,201
held for sale
Accumulated amortization of real estate          195,559         181,834
intangibles and deferred leasing costs
Accumulated amortization of real estate
intangibles and deferred leasing costs           9,224           9,199        
included in assets held for sale
Denominator for debt to adjusted book            $ 4,581,585     $ 4,412,968  
                                                                              

                                                    
                        For the Three Months Ended   For the Nine Months Ended
                        September 30,                September 30,
                        2013            2012         2013          2012
Payout ratios
Diluted FFO             57.6       %    53.1     %   71.4      %   50.3      %
Diluted FFO, as
adjusted for            57.1       %    51.7     %   56.6      %   51.7      %
comparability
Diluted AFFO            70.7       %    62.3     %   65.4      %   55.1      %
Adjusted EBITDA
interest coverage       3.6x            3.4x         3.6x          3.2x
ratio
Adjusted EBITDA fixed   2.9x            2.6x         2.8x          2.6x
charge coverage ratio
Debt to Adjusted        7.4x            7.5x         7.3x          7.6x
EBITDA ratio (1)
                                                                    
Reconciliation of
denominators for
diluted EPS and
diluted FFO per share
Denominator for         86,760          71,688       84,547        71,590
diluted EPS
Weighted average        3,804           4,233        3,832         4,256
common units
Anti-dilutive EPS
effect of share-based   45              73           63            48         
compensation awards
Denominator for         90,609          75,994       88,442        75,894     
diluted FFO per share
                                                                    
Reconciliation of FFO
to FFO, as adjusted
for comparability
FFO, per NAREIT         $  49,284       $ 48,888     $ 126,395     $ 144,134
Gain on sales of
non-operating           —               —            (2,683    )   (33       )
properties
Impairment recoveries
on non-operating        —               —            —             (4,573    )
properties, net of
associated tax
Operating property      —               222          —             229
acquisition costs
Loss (gain) on early
extinguishment of
debt, continuing and    374             (970     )   27,028        (799      )
discontinued
operations
Issuance costs
associated with         —               1,827        2,904         1,827      
redeemed preferred
shares
FFO, as adjusted for    $  49,658       $ 49,967     $ 153,644     $ 140,785  
comparability
                                                                              

(1) Represents debt as of period end divided by Adjusted EBITDA for the
period, as annualized (i.e. three month periods are multiplied by four).

                                                    
Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(Dollars in thousands)
                                                      
                        For the Three Months Ended   For the Nine Months Ended
                        September 30,                September 30,
                        2013           2012          2013          2012
Reconciliation of
common share
dividends to
dividends and
distributions for
payout ratios
Common share            $  24,022      $ 19,837      $ 71,220      $ 59,465
dividends
Common unit             1,094          1,157         3,186         3,498      
distributions
Dividends and
distributions for       $  25,116      $ 20,994      $ 74,406      $ 62,963   
payout ratios
                                                                    
Reconciliation of
GAAP net (loss)
income to adjusted
earnings before
interest, income
taxes, depreciation
and amortization
(“Adjusted EBITDA”)
Net (loss) income       $  (2,000  )   $ (20,765 )   $ 8,872       $ 1,331
Interest expense on     21,242         23,239        66,851        71,909
continuing operations
Interest expense on
discontinued            68             127           199           2,107
operations
Income tax expense      24             106           61            327
Real estate-related
depreciation and        29,210         30,624        86,397        93,377
amortization
Depreciation of
furniture, fixtures     502            624           1,559         1,871
and equipment
Impairment losses       22,074         55,829        31,126        64,770
Loss (gain) on early
extinguishment of
debt on continuing      374            (970      )   27,028        (799      )
and discontinued
operations
Gain on sales of        —              (16,913   )   —             (20,936   )
operating properties
Gain on sales of
non-operational         —              —             (2,683    )   (33       )
properties
Net loss (gain) on
investments in
unconsolidated          1,006          (81       )   (15       )   (597      )
entities included in
interest and other
income
Operating property      —              222           —             229        
acquisition costs
Adjusted EBITDA         $  72,500      $ 72,042      $ 219,395     $ 213,556  
                                                                    
Reconciliation of
interest expense from
continuing operations
to the denominators
for interest
coverage-Adjusted
EBITDA and fixed
charge
coverage-Adjusted
EBITDA
Interest expense from   $  21,242      $ 23,239      $ 66,851      $ 71,909
continuing operations
Interest expense from
discontinued            68             127           199           2,107
operations
Less: Amortization of
deferred financing      (1,321     )   (1,527    )   (4,292    )   (4,696    )
costs
Less: Amortization of
net debt discount,      121            (683      )   (1,063    )   (2,028    )
net of amounts
capitalized
Denominator for
interest                20,110         21,156        61,695        67,292
coverage-Adjusted
EBITDA
Preferred share         4,490          6,546         15,481        14,738
dividends
Preferred unit          165            165           495           495        
distributions
Denominator for fixed
charge                  $  24,765      $ 27,867      $ 77,671      $ 82,525   
coverage-Adjusted
EBITDA
                                                                              

                                                                  
Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(Dollars in thousands)
                                                                    
Reconciliations of
tenant improvements and
incentives, capital
improvements and leasing
costs for operating
properties to recurring
capital expenditures
Tenant improvements and
incentives on operating    $ 4,894      $ 7,774      $ 10,983      $ 11,103
properties
Building improvements on   4,857        4,646        8,995         6,813
operating properties
Leasing costs for          2,260        947          5,114         5,109
operating properties
Less: Nonrecurring
tenant improvements and    (230     )   (3,852   )   (238      )   (4,510    )
incentives on operating
properties
Less: Nonrecurring
building improvements on   (1,266   )   (940     )   (3,113    )   (1,919    )
operating properties
Less: Nonrecurring
leasing costs for          14           (130     )   (36       )   (209      )
operating properties
Add: Recurring capital
expenditures on
operating properties       (1       )   73           (7        )   80         
held through joint
ventures
Recurring capital          $ 10,528     $ 8,518      $ 21,698      $ 16,467   
expenditures
                                                                    
Reconciliation of same
office property net
operating income to same
office property cash net
operating income and
same office property
cash net operating
income, excluding gross
lease termination fees
Same office property net   $ 64,601     $ 63,968     $ 193,324     $ 189,762
operating income
Less: Straight-line rent   (1,029   )   (1,584   )   (3,149    )   (4,992    )
adjustments
Less: Amortization of
deferred market rental     22           (17      )   (43       )   (95       )
revenue
Add: Amortization of
above-market cost          320          371          958           1,095      
arrangements
Same office property
cash net operating         63,914       62,738       191,090       185,770
income
Less: Lease termination    (306     )   (636     )   (1,280    )   (1,507    )
fees, gross
Same office property
cash net operating         $ 63,608     $ 62,102     $ 189,810     $ 184,263  
income, excluding gross
lease termination fees
                                                                              

Contact:

Corporate Office Properties Trust
Stephanie Krewson, 443-285-5453
stephanie.krewson@copt.com
or
Michelle Layne, 443-285-5452
michelle.layne@copt.com
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