CORPORATE OFFICE PROPERTIES TRUST

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1 CORPORATE OFFICE PROPERTIES TRUST The Mid-Atlantic Suburban Office REIT NAREIT Institutional Investor Forum The Waldorf=Astoria, NYC June 8-10, 2005

DISCLOSURE This presentation contains forward-looking information based upon the Company s current best judgement and expectations. Actual results could vary from those presented herein.

2 DISCLOSURE This presentation contains forward-looking information based upon the Company s current best judgement and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with the forward-looking information include the strength of the commercial office real estate market in which the Company operates, competitive market conditions, general economic growth, interest rates and capital market conditions. The Company undertakes no obligations to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For further information, please refer to the Company s filings with the Securities and Exchange Commission. Defined terms for Non-GAAP measures used throughout may be found in the Disclosure. In addition, a Reconciliation of Non-GAAP measures to the most comparable GAAP measures is included in the Disclosure. 1

3 OVERVIEW Class A Suburban Office (147 Properties, 12.2 mm s.f.) Mid-Atlantic Focus (70% of Properties in Greater Washington, D.C. Region) $2.5 Billion in Total Market Capitalization Secure 3.9% Dividend Yield (54% FFO-Diluted and 173% Earnings Payout Ratios) Core Customer Focus 47% of Revenue is Intelligence and Defense Contractors Tied for 1 st place for the 2004 National Commercial Real Estate Customer Service Award for Excellence for Category I properties, the largest of the categories Expansion/growth within existing markets through acquisition and development and outside existing markets by pursuing core tenant driven opportunities 1 1. Data as of May 5, Balance of data as of March 31,

4 CONSISTENTLY OUTPERFORM Total Shareholder Returns 1 1 Year 3 Year 5 Year (2004) ( ) ( ) Corporate Office Properties Trust 45% 188% 427% Median for Office Peer Group 22% 75% 146% Morgan Stanley REIT Index 31% 86% 167% Dow Jones Industrial 5% 15% 3% S&P % 11% -11% NASDAQ 9% 12% -46% 1. Based on total returns including the closing prices as of December 31 each year and the re-investment of dividends on the ex-dividend date for the calendar years , as compiled by the National Association of Real Estate Investment Trusts. Data as of December 31, 2004 compiled by Stifel Nicolaus. NASDAQ data does not include re-investment of dividends. 3

5 STRONG OUTLOOK 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -8.0% 2.8% % FFO-Diluted Per Share Growth -1.1% % -4.1% % 2005 Projected 1.2% HIGH 2.3% LOW 6.3% Median for Office Peer Group OFC Based on actual FFO-Diluted for 2002, 2003 and 2004 and First Call Estimates for 2005 as of May 2, Data provided by Legg Mason. 2. Based on actual FFO-Diluted for 2002, 2003 and 2004 of $1.44, $1.56 and $1.74 per share, respectively, and the Company s guidance of $ for

6 BRAC UPDATE Pentagon recommends closing ~180 military installations, eliminating +/- 30,000 jobs, saving $50 billion over 20 years Next step September 8 th Commission Recommendation to President Bush MD stands to gain at least 6,000 jobs MD rates second in job gains Corporate Office Properties owns office parks adjacent to bases that will add jobs Fort Meade (The National Business Park) Patuxent River Naval Air Station (St. Mary s County portfolio) Northern VA (Crystal City, Arlington, Roslyn) is expected to lose more than 20,000 employees moving to or adjacent to military bases Need for buildings to meet DoD s security guidelines (Corporate Office Properties is designing and building buildings that meet these guidelines) Need for redundant locations Need to move away from DC locations Fort Ritchie could also gain jobs 5

7 MID-ATLANTIC SUBMARKET DOMINANCE 6

8 MID-ATLANTIC FOCUS Region Submarket s.f. (000s) Our s.f. (000s) Our Market Share Submarket Vacancy- Direct Submarket Vacancy- With Sublease Our Vacancy B/W Corridor 17,116 5,349 31% 7.6% 9.4% 5.6% Northern Virginia Dulles South 8,686 1,230 14% 7.1% 10.2% 3.6% Herndon 10, % 12.8% 15.6% 9.4% Tysons Corner 25, % 10.6% 13.2% 11.6% Blue Bell- 8, % 16.4% 20.6% 0.0% Philadelphia East Shore 4, % 9.08% N/A 13.2% Harrisburg Central 20, % 21.8% 25.5% 27.5% New Jersey Suburban MD 14, % 7.2% 7.2% 18.5% Data as of March 31,

f. 100% of Park Airport Square 23 Buildings 1,700,000 s.f. 65% of Park Patuxent River Office Portfolio 11 Buildings 560,000 s.

9 PREMIERE OFFICE PARKS One Dulles Tower & Dulles Tech Center 3 Buildings 572,000 s.f. Westfields Corporate Center 8 Buildings 1,230,000 s.f. 32% of Park Columbia Gateway 17 Buildings 1,150,000 s.f. 41% of Park The National Business Park 12 Office Buildings 1,458,000 s.f. 100% of Park Airport Square 23 Buildings 1,700,000 s.f. 65% of Park Patuxent River Office Portfolio 11 Buildings 560,000 s.f. 34% of Market Data as of March 31, Dahlgren Technology Center 6 Buildings 205,000 s.f. 8

10 2005 HIGHLIGHTS Occupancy Acquisitions Development 9

11 HIGH OCCUPANCY RATE Occupancy/Leasing Rate At Year/Quarter End 100% 96% 97% 93% 94% 91% 93% 94% 95% 92% 93% 75% 50% 25% 0% Q Occupancy Leased 10

12 ACQUISITION SUMMARY 2001 Acquisitions $141 Million 2002 Acquisitions $107 Million 2003 Acquisitions $165 Million 2004 Acquisitions $264 Million 2005 Acquisitions YTD $74 Million 2005 Goal $200 Million w/$50 million in dispositions 1 Data as of April 7, Represents contractual amount. 11

13 2005 ACQUISITIONS Capital Beltway International Drive Pinnacle Towers San Antonio, Texas 470,000 square feet $30.5 million Acquired March 31,

14 2005 ACQUISITIONS Rockville Corporate Center Rockville, Maryland 221,705 square feet $43.3 million Acquired April 7,

15 DEVELOPMENT 14

16 DEVELOPMENT SUMMARY Under Construction as of March 31, NBP - $ 21.6 million 126,000 s.f. 100% Leased 191 NBP - $ 19.9 million 104,000 s.f. 100% Leased WTP II - $ 38.6 million 213,000 s.f. 0% Leased 304 NBP - $ 28.6 million 162,000 s.f. 100% Leased 306 NBP - $ 26.7 million 160,000 s.f. 0% Leased 8621 Robert Fulton Dr. - $ 12.9 million 85,000 s.f. 77% Leased Expedition 6 - $ 7.9 million 60,000 s.f. 0% Leased 322 NBP - $ 21.4 million 126,000 s.f. 0% Leased 6711 Columbia Gateway - $ 24.3 million 125,000 s.f. 0% Leased Total $ million 1,161,000 s.f. 39% Leased Under Development as of March 31, NBP - $ 22.4 million 126,000 s.f. 302 NBP - $ 30.9 million 160,000 s.f. Total $ 53.3 million 286,000 s.f. Under Re-development as of March 31, Military Drive - $ 7.5 million 470,000 s.f. 100% Leased Long-Term Development Pipeline as of March 31, Acres Wholly-Owned, Joint Ventured or Optioned 3.9 Million s.f. in Potential Office Development 15

17 GROUND CONTROL FOR FUTURE DEVELOPMENT TOTAL ACREAGE POTENTIAL. S.F.. National Business Park Phase II 34 acres 500,000 s.f. One Dulles Tower (second bldg 225,000 s.f.) Herndon, VA Park Center (first building 160,000 s.f.) Chantilly, VA 5 acres 225,000 s.f. 32 acres 674,000 s.f. WTP III and IV Chantilly, VA 17 acres 377,000 s.f. Howard County, MD 27 acres 438,000 s.f. St. Mary s & King George Counties, MD 45 acres 180,000 s.f. Unisys Campus Blue Bell, PA Other 72 acres 44 acres 954,000 s.f. 565,000 s.f. 276 acres 3,913,000 s.f. Data as of March 31,

5% leased Under Construction 191 NBP 104,000 s.f. 318 NBP 126,000 s.f. 304 NBP 162,000 s.f. 306 NBP 160,000 s.f. 322 NBP 126,000 s.

18 NATIONAL BUSINESS PARK DEVELOPMENT 322 NBP 306 NBP The National Business Park Baltimore/Washington, D.C. Corridor 100% owned by COPT Current Operating Portfolio 12 office buildings, 1,448,000 s.f. 99.5% leased Under Construction 191 NBP 104,000 s.f. 318 NBP 126,000 s.f. 304 NBP 162,000 s.f. 306 NBP 160,000 s.f. 322 NBP 126,000 s.f. Under Development 320 NBP 126,000 s.f. 302 NBP 160,000 s.f. Land Owned 34 acres 500,000 s.f. Data as of March 31,

19 NATIONAL BUSINESS PARK 191 NBP 104,000 s.f. 100% Leased to Northrop Grumman 318 NBP 126,000 s.f. 100% Leased 304 NBP 162,000 s.f. 100% Leased to Booz Allen Hamilton 18

WESTFIELDS CORPORATE CENTER Current Operating Portfolio 8 office buildings*, 1,230,000 s.f. 97% leased Under Construction WTP II 213,000 s.f. To Be Built WTP III 325,000 s.

20 WESTFIELDS CORPORATE CENTER Current Operating Portfolio 8 office buildings*, 1,230,000 s.f. 97% leased Under Construction WTP II 213,000 s.f. To Be Built WTP III 325,000 s.f. Park Center 674,000 s.f. * Park Meadow Dr. (not shown) Westfields Corporate Center Chantilly, VA Data as of March 31,

21 WESTFIELDS CORPORATE CENTER Park Center First Building 160,000 s.f. (3 Buildings 674,000 s.f.) Washington Technology Park II 213,000 square feet 20

22 CORPORATE CREDIT TENANTS 21

23 TOP 20 TENANTS 1 TENANT 2 % OF PORTFOLIO ANNUALIZED REVENUE 3 AVG. REMAINING TERM 4 United States of America 13% 4.8 Booz Allen Hamilton, Inc. 5% 7.4 Computer Sciences Corporation 5% 5.8 General Dynamics Corporation 4% 4.6 The Titan Corporation 4% 8.4 Northrop Grumman Corporation 4% 3.1 Unisys 3% 4.3 AT&T Corporation 3% 3.4 The Aerospace Corporation 3% 9.7 Wachovia Bank 2% 13.7 VeriSign, Inc. 2% 9.3 The Boeing Company 2% 3.8 Ciena Corporation 1% 3.1 Commonwealth of Pennsylvania 1% 4.3 Magellan Health Services, Inc. 1% 6.3 PricewaterhouseCoopers 1% 0.9 Johns Hopkins University 1% 2.4 Merck & Co., Inc. (Unisys) 1% 4.3 Carefirst, Inc. and Subsidiaries 1% 2.8 BAE Systems 1% 1.7 Total/ Weighted Average 59% 5.6 Years 1. This list represents our top twenty tenants as of March 31, 2005 based on annualized revenue. 2. Includes affiliated organizations or agencies of tenants, where applicable. 3. See Disclosure for definition. 4. The weighting of the lease term was computed using Total Rental Revenue. 22

24 Kaiser Foundation Health Plan Nucletron Corporation INDUSTRY DIVERSITY 1 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 23 U.S. Federal Gov t Booz Allen Hamilton Computer Sciences Corp Titan Corporation General Dynamics Northrop Grumman Corporation Aerospace Corporation Boeing Company VeriSign, Inc. PricewaterhouseCoopers BAE Systems Lockheed Martin Honeywell International Science Applications International Corp ITT Industries Raytheon Company IBM ADT Security Cadmus Journal Services Ernst & Young Magellan Health Services Merck AT&T Corporation Cowles Enthusiast Media Qwest Communications Comcast Corporation Unisys Ciena Corp Sun Microsystems EVI Technology USinternetworking, Inc. Omniplex World Services Guest Supply, Inc. Comstor Rohde & Schwarz, Inc. Rewardsplus of America Hunton & Williams Carefirst, Inc. Holy Cross Hospital Tessco Technologies McCormick, Taylor & Associates 47% Octagon, Inc. 13% % of Portfolio Annualized Revenue 2 11% 5% 5% Government Defense/ Defense Contractors Consulting/ Professional Services Information/ Communication Computer/ Communications Health Care/ Pharmaceutical 1. As of March 31, See Disclosure for definition.

25 CAPITAL STRUCTURE 24

26 CAPITALIZATION March 31, 2005 ($ in millions) Total Equity Capital $1,385 56% Total Debt Capital (Fixed Rate Debt 67%) 1,092 44% Total Market Capitalization $2, % Equity Capital Preferred Shares and Units (Liquidation Value) $ % Common Shares and Units ($ /Share) Management/Insiders (19% of common stock) % Public (68% Institutional, 13% Retail) Total Market Equity 982 $1,385 71% 100% 1. Based on closing price of $26.48 as of March 31, Debt as of March 31,

27 219% GROWTH IN TOTAL ASSETS ($ in millions) $1,600 $1,500 $1,400 $1,300 $1,200 $1,100 $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 $1,732 $1,799 $1,332 $1,139 $995 $795 $721 $ Q Total Assets as of Period End As of March 31,

28 EARNINGS PER SHARE - DILUTED $0.80 $0.70 $0.60 $0.50 $0.59 $0.63 $0.56 $0.54 $ $0.56 $0.40 $0.30 $0.20 $0.27 $0.10 $ E EPS-Diluted includes one-time charge due to Series C repurchase. Prior to charge, the Company s 2003 EPS-Diluted was $0.66. See Disclosure for further details. 2. Based on 2005 Company s guidance as of March 31,

29 57% GROWTH DILUTED FFO PER SHARE 1 $1.80 $1.60 $1.74 $ $1.85 $1.40 $1.20 $1.00 $1.16 $1.28 $1.44 $1.56 $0.80 $0.60 $0.40 $0.20 $ E* 1. Calculation based on $1.82 for 2005 E. * Based on Company s 2005 guidance. 28

30 55% INCREASE IN DIVIDENDS $1.10 $1.00 $0.90 $0.80 $0.70 $0.74 $0.78 $0.82 $0.86 $0.91 $0.98 $1.02 $0.60 $0.66 $0.50 $0.40 $0.30 $0.20 $0.10 $ First Quarter Annualized 29

31 STRONG PAYOUT RATIOS 100% 75% 79% 74% 81% 83% 78% 50% 63% 58% 57% 56% 54% 25% 0% Q FFO-Diluted AFFO-Diluted 30

32 STRONG PAYOUT RATIOS 350% 300% 328% 250% 200% 150% 100% 126% 150% 178% 173% 50% 0% Q Earnings 31

33 SUMMARY Secure 3.9% Dividend Yield 1 Conservative FFO-Diluted Payout Ratio (54%) for 2005 Q1 Strong Lease Renewal Rate (80%) for 2005 Q1 Consistent Growth 57% Growth in Dividends/Share (December 31, 1998 March 31, 2005) 219% Growth in Total Assets (December 31, March 31, 2005) Excellent Returns 45% Total Return for % Total Return for 3 years ( ) 427% Total Return for 5 years ( ) For more information about the Company, please visit our web site at 1. Data as of March 31,

34 DISCLOSURE Definitions Non-GAAP Measures NAREIT GAAP Funds from Operations (FFO) Basic FFO Diluted FFO National Association of Real Estate Investment Trusts. Generally accepted accounting principles. Under NAREIT's definition, FFO is defined as net income (loss) computed using GAAP, excluding gains (or losses) from sales of real estate, plus real estate-related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. Gains from sales of newly-developed properties less accumulated depreciation, if any, required under GAAP are included in FFO on the basis that development services are the primary revenue generating activity; we believe that inclusion of these development gains is in compliance with the NAREIT definition of FFO, although others may interpret the definition differently. Additionally, the repurchase of the Series C preferred units for an amount in excess of recorded book value was a transaction not contemplated in the NAREIT definition of FFO; we believe that the exclusion of such amount is appropriate. FFO adjusted to (1) subtract preferred share dividends and (2) add back GAAP net income allocated to common units in Corporate Office Properties, L.P. (the "Operating Partnership") not owned by the Company. With these adjustments, Basic FFO represents FFO available to common shareholders and common unitholders. Basic FFO adjusted to add back any convertible preferred share dividends and any other changes in Basic FFO that would result from the assumed conversion of securities that are convertible or exchangeable into common shares. However, the computation of Diluted FFO does not assume conversion of securities that are convertible into common shares if the conversion of those securities would increase Diluted FFO per share in a given period. Diluted FFO is the numerator used to compute Diluted FFO per share. 33

35 DISCLOSURE Definitions Non-GAAP Measures Diluted Adjusted Funds from Operations (AFFO) Deferred Market Rental Revenue Recurring Capital Expenditures Earnings Payout Ratio Diluted FFO adjusted for the following: (1) the elimination of the effect of (a) noncash rental revenues (comprised of straight-line rental adjustments and deferred market rental revenuedefined below) and (b) accounting charges for original issuance costs associated with redeemed preferred shares; and (2) recurring capital expenditures (defined below). Amortization of the value assigned to in-place operating leases of acquired properties in connection with Statement of Financial Accounting Standards No. 141, Business Combinations (SFAS 141). Under SFAS 141, when a property is acquired, in-place operating leases carrying rents above or below market are valued as of the date of the acquisition; such value is then amortized into rental revenue over the lives of the related leases. Capital improvements, tenant improvements and incentives and leasing costs associated with our operating properties that are not (1) items contemplated prior to the acquisition of a property, (2) improvements associated with the expansion of a building or its improvements, (3) renovations to a building which change the underlying classification of the building (for example, from industrial to office or Class C office to Class B office) or (4) capital improvements that represent the addition of something new to the property rather than the replacement of something (for example, the addition of a new heating and air conditioning unit that is not replacing one that was previously there). Total dividends on common shares divided by net income available to common shareholders. EPS-diluted as adjusted for the repurchase of preferred units in excess of recorded book value EPS-diluted adjusted to eliminate the one-time accounting charge associated with the repurchase of the Registrant s Series C Preferred Units in Corporate Office Properties, L.P. for an amount in excess of their recorded book value. 34

36 DISCLOSURE Definitions Non-GAAP Measures Diluted FFO Payout Ratio Diluted AFFO Payout Ratio Straight-line rental adjustments Industry Classifications Annualized Rental Revenue Portfolio Annualized Revenue (1) The sum of (A) dividends on common shares and (B) dividends on restricted common and convertible preferred shares and distributions to holders of interests in the Operating Partnership when such dividends and distributions are included in Diluted FFO, divided by (2) Diluted FFO. (1) The sum of (A) dividends on common shares and (B) dividends on restricted common and convertible preferred shares and distributions to holders of interests in the Operating Partnership when such dividends and distributions are included in Diluted AFFO, divided by (2) Diluted AFFO. The amount by which base rent straight-line exceeds contractual base rent under leases as adjusted for the amortization of recurring tenant incentives. We classify the revenue from our leases into industry groupings based solely on our knowledge of the tenant s operations in the leased space. We do not use independent sources such as Standard Industrial Classification codes. The sum of monthly contractual base rents and estimated monthly expense reimbursements under active leases in our portfolio of properties as of a point in time, multiplied by 12. Annualized rental revenue for our entire portfolio of properties as of a point in time, including both consolidated properties and properties owned through unconsolidated real estate joint ventures. 35

37 DISCLOSURE RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES Three months (Dollars and shares in thousands, except per share data) ended Years ended December 31, March 31, Low High Estimated (1) Net income available to common shareholders $ 19,575 $ 22,350 $ 18,890 $ 7,650 $ 13,167 $ 13,065 $ 11,332 $ 5,386 Convertible preferred share dividends Numerator for earnings per share (EPS)-diluted 19,575 22,350 18,911 7,650 13,711 13,573 11,332 5,386 Real estate-related depreciation and amortization 62,469 62,469 51,391 36,976 30,997 20,702 16,887 14,473 Restricted common share dividends Minority interests-preferred units ,049 2,287 2,287 2,240 - Minority interests-common units 4,790 5,469 5,659 6,712 5,800 6,592 6,322 1,308 Convertible preferred share dividends Gain on sales of real estate, excluding development and redevelopment portion - - (95) (2,897) (268) (416) (107) (24) Expense associated with dilutive options Repurchase of preferred units in excess of recorded book value , Cumulative effect of accounting change Numerator for FFO per share-diluted $ 86,834 $ 90,288 $ 76,248 $ 61,268 $ 52,854 $ 43,001 $ 37,351 $ 21,143 Denominator for EPS-diluted 40,222 40,222 34,982 28,021 24,547 21,623 19,213 38,092 Weighted average common units 8,645 8,645 8,726 8,932 9,282 9,437 9,652 8,544 Restricted common shares Assumed conversion of convertible preferred units ,101 2,421 2,421 2,371 - Assumed conversion of convertible preferred shares , Additional dilutive share options Denominator for FFO per share-diluted 48,867 48,867 43,929 39,294 36,634 33,481 32,154 46,636 EPS-diluted $ 0.49 $ 0.56 $ 0.54 $ 0.27 $ 0.56 $ 0.63 $ 0.59 $ 0.14 FFO per share-diluted $ 1.78 $ 1.85 $ 1.74 $ 1.56 $ 1.44 $ 1.28 $ 1.16 $ 0.45 Numerator for FFO per share-diluted $ 76,248 $ 61,268 $ 52,854 $ 43,001 $ 21,143 Straight-line rent adjustments (8,364) (4,840) (2,389) (3,175) (1,583) Recurring capital expenditures (17,394) (11,456) (6,640) (5,430) (4,734) Amortization of deferred market rental revenue (931) (1,817) (2,342) - (70) Issuance costs associated with redeemed preferred shares 1, AFFO derived from the numerator for FFO per share-diluted $ 51,372 $ 43,155 $ 41,483 $ 34,396 $ 14,756 (1) These estimates are based on Company guidance previously provided. 36

38 DISCLOSURE EPS-Diluted as adjusted for repurchase of preferred units in excess of recorded book value (Dollars and shares in thousands, except per share data) Year ended December 31, 2003 $ Numerator for EPS-diluted 7,650 Repurchase of preferred units in excess of recorded book value 11,224 Convertible preferred share dividends 544 Expense on dilutive options 10 Numerator for EPS-diluted adjusted for repurchase of preferred units in excess of recorded book value $ 19,428 Denominator for EPS-diluted 28,021 Convertible preferred shares 1,197 Assumed conversion of additional share options 43 Denominator for EPS-diluted adjusted for repurchase of preferred units in excess of recorded book value 29,261 EPS-diluted as adjusted for repurchase of preferred units in excess of recorded book value $

39 DISCLOSURE (Dollars in thousands) 1Q Reconciliation of dividends for Earnings Payout Ratio to dividends and distributions for FFO & AFFO Payout Ratio Common share dividends for Earnings Payout Ratio $ 9,339 $ 33,579 $ 25,066 $ 19,732 $ 16,505 Convertible preferred share dividends Common unit distributions 2,179 8,512 8,115 7,921 7,734 Common share dividends on restricted shares Convertible preferred unit distributions - - 1,049 2,287 2,287 Dividends and distributions for FFO & AFFO Payout Ratio $ 11,518 $ 42,494 $ 34,774 $ 30,767 $ 27,034 See Definitions. 38

40 DISCLOSURE Reconciliation of tenant improvements and incentives, capital improvements and leasing costs for operating properties to recurring capital expenditures (Dollars in thousands) Years ended December 31, 1Q Total tenant improvements and incentives on operating properties $ 13,163 $ 14,067 $ 8,588 $ 4,213 $ 5,032 Total capital improvements on operating properties 2,105 10,349 4,415 3,264 3,483 Total leasing costs on operating properties ,718 3,260 4,640 3,582 Less: Nonrecurring tenant improvements and incentives on operating properties (9,551) (3,993) (2,024) (773) (2,366) Less: Nonrecurring capital improvements on operating properties (1,630) (7,100) (2,347) (1,727) (2,681) Less: Nonrecurring leasing costs on operating properties (21) (7,647) (484) (2,977) (1,627) Add: Recurring improvements on operating properties held through joint ventures Recurring capital expenditures $ 4,734 $ 17,394 $ 11,456 $ 6,640 $ 5,430 39

The Greater Washington, DC Suburban Office REIT. Annual Shareholders Meeting May 18, 2006

The Greater Washington, DC Suburban Office REIT Annual Shareholders Meeting May 18, 2006 Disclosure This presentation contains forward-looking information based upon the Company s current best judgement