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

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Brianna Mills
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1 The Greater Washington, DC Suburban Office REIT Annual Shareholders Meeting May 18, 2006

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 measurements used throughout may be found in the Addendum. In addition, a Reconciliation of Non GAAP measures to the most comparable GAAP measure is included in the Addendum.

Development - 784,000 SF placed in Service 9.

3 2005 Accomplishments 25% Total Shareholder Return Presented to: (PHOTO) 6.9% Increase in Diluted FFO/Share Occupancy 94% Year End Acquisitions - $364 Million Closed Development - 784,000 SF placed in Service 9.8% Increase in Common Dividends Paid $2 Billion in Equity CEL & Associates, Inc. Survey 1st place for Tenant Satisfaction NAIOP s First National Green Building Award

4 Consistently Outperform Total Shareholder Returns April 28, 1 Year 3 Year 5 Year COPT 18% 25% 189% 365% Median for Office Peer Group 10% 11% 73% 96% Morgan Stanley REIT Index 10% 9% 96% 129% Dow Jones Industrial 7% 1% 38% 11% S&P 500 6% 5% 50% 3% NASDAQ 5% 1% 65% -11% 1. Based on total returns including the closing prices as of December 31 each year and the re-investment of dividends on the exdividend date for the calendar years , as compiled by the National Association of Real Estate Investment Trusts. Data Year- To-Date as of April 28, 2006, compiled by Stifel Nicolaus. NASDAQ data does not include re-investment of dividends.

5 High Occupancy Rate Occupancy/Leasing Rate At Year End 100% 75% 96% 97% 93% 94% 91% 93% 94% 95% 94% 95% 50% 25% 0% Occupancy Leased

6 Acquisition Summary 2001 Acquisitions $141 Million 2002 Acquisitions $107 Million 2003 Acquisitions $165 Million 2004 Acquisitions $264 Million Acquisitions $364 Million 2 Data as of March 31, Represents contractual amount. 2. Includes $49 million for land acquisitions and $31 million for Opportunity Invest joint ventures.

Acquired April 7, 2005 110 Thomas Johnson Drive

7 2005 Acquisitions Rockville Corporate Center Rockville, MD 2 buildings 221,702 square feet Acquired April 7, Thomas Johnson Drive Frederick, MD 110,803 square feet Acquired October 24, 2005

8 2005 Acquisitions Gateway Crossing 95 Columbia Gateway Business Park Columbia Gateway Drive Columbia, MD 6 buildings 188,819 square feet Acquired September 20, 2005

9 2005 Acquisitions Rutherford Business Center Woodlawn, MD 14 buildings 402,000 square feet Acquired December 23, 2005 Hunt Valley Business Community Hunt Valley, MD 7 buildings 705,000 square feet Acquired December 23, 2005

10 Tenant Centric Expansion San Antonio, Texas 2 buildings 470,000 square feet Acquired March 31, 2005 Data as of March 31, 2006.

11 Tenant Centric Expansion Operating Properties 5 buildings 317,000 s.f. Redevelopment 1 building 60,000 s.f. Construction 1 building 50,000 s.f. Development 1 building 90,000 s.f. Colorado Springs Portfolio Land Control 184 acres 1.5 million s.f. Data as of March 31, 2006.

12 Joint Ventures Herndon, Virginia 140,000 s.f. (office) 55,000 s.f. (warehouse) $12 million (purchase price) $10 million (construction cost) $22 million COPT Opportunity Invest, LLC First Phase Investment Value -- $300 million Hanover, Maryland 325,000 s.f. $18.8 million (purchase price) $33.6 million (construction cost) $52.4 million Data as of March 31, 2006.

2691 Technology Drive 318 Sentinel Drive 8611 Military Drive (2 buildings)

13 2005 Development: Into Service 784,000 square feet 100% leased 2691 Technology Drive Annapolis Junction, MD 103,683 square feet Properties: 2691 Technology Drive 318 Sentinel Drive 8611 Military Drive (2 buildings) 8621 Robert Fulton Drive 318 Sentinel Drive Annapolis Junction, MD 125,681 square feet

14 9.8% Increase In Dividends 70% for 7 Years $1.20 $1.10 $1.00 $1.07 $1.12 $0.90 $0.80 $0.70 $0.74 $0.78 $0.82 $0.86 $0.91 $0.98 $0.60 $0.66 $0.50 $0.40 $0.30 $0.20 $0.10 $ Annualized 1. Dividend increased in September 2005 (paid October 15, 2005) by 9.8% to $.28 per quarter.

Real Estate Customer Service Award for Excellence (also known as the A List

(companies owning over 100 properties), the largest of the categories 89

15 CEL & Associates, Inc. Survey Presented to: (PHOTO) Awarded 1st place for the 2005 National Commercial Real Estate Customer Service Award for Excellence (also known as the A List Award) "Best In The Industry" ranking for 2005 by CEL & Associates, Inc. For Category I properties (companies owning over 100 properties), the largest of the categories 89 buildings - "A List" Award CEL & Associates, Inc. is the nation's largest surveyor of tenant satisfaction within the real estate industry

2006 Goals Presented to: FFO Per Share Growth: 6.5 10.

75 Billion Acquire: $300 Million Properties Sell: $100 Million

16 2006 Goals Presented to: FFO Per Share Growth: % (PHOTO) EPS: $ $0.57 Occupancy: 95% Enterprise Value: $3.75 Billion Acquire: $300 Million Properties Sell: $100 Million Properties Development Deliver 758,000 s.f. Start 700,000 s.f. Expand Core Customer Expansion Strategy

17 COPT TODAY

18 Overview Presented to: Class A Suburban Office (182 Properties, 14.6 Million s.f.) (PHOTO) Mid-Atlantic Focus (71% of Properties in Greater Washington, D.C. Region) $3.5 Billion in Total Enterprise Value Secure 2.5% Dividend Yield Expansion/growth within existing markets through acquisition and development outside existing markets by pursuing core tenant driven opportunities 1. Data as of March 31, 2006, includes 19 properties and 963,000 square feet held through joint ventures.

f. 100% of Park Airport Square 22 Buildings 1,630,000 s.f. 78% of Park Patuxent River Office Portfolio 12 Buildings 570,000 s.

19 Premiere Office Parks One Dulles Tower & Dulles Tech Center 3 Buildings 571,000 s.f. Westfields Corporate Center 8 Buildings 1,230,000 s.f. 32% of Park Columbia Gateway 24 Buildings 1,470,000 s.f. 34% of Park The National Business Park 15 Office Buildings 1,841,000 s.f. 100% of Park Airport Square 22 Buildings 1,630,000 s.f. 78% of Park Patuxent River Office Portfolio 12 Buildings 570,000 s.f. 34% of Market Dahlgren Technology Center 6 Buildings 205,000 s.f. Data as of March 31, 2006.

20 Top 20 Tenants 1 TENANT 2 % OF PORTFOLIO ANNUALIZED REVENUE 3 AVG. REMAINING TERM 4 United States of America 16.0% 6.1 Booz Allen Hamilton, Inc. 5.3% 7.6 Northrop Grumman Corporation 4.2% 3.0 Computer Sciences Corporation 3.6% 5.2 L-3 Communications Holdings, Inc. 1.9% 7.4 Unisys 5.8% 3.3 General Dynamics Corporation 2.2% 3.7 The Aerospace Corporation 1.7% 8.7 Wachovia Bank 1.4% 12.4 AT&T Corporation 1.9% 2.2 The Boeing Company 1.3% 3.0 Ciena Corporation 1.7% 4.5 VeriSign, Inc. 0.8% 8.3 Magellan Health Services, Inc. 1.1% 5.3 Lockheed Martin 1.3% 3.2 Johns Hopkins University 0.8% 1.5 Merck & Co., Inc. (Unisys) 1.7% 3.3 Wyle Laboratories, Inc. 1.4% 6.3 BAE Systems PLC 1.6% 0.9 Comcast Corporation 0.8% 3.5 Total / Weighted Average 56.5% 5.6 Years 1. This list represents our top twenty tenants as of March 31, 2006 based on annualized revenue for wholly owned properties only. 2. Includes affiliated organizations or agencies of tenants, where applicable. 3. See Company Web Site for definition. 4. The weighting of the lease term was computed using Total Rental Revenue.

21 55% 50% 45% 40% 35% 30% AT&T Corporation Broadwing Corporation Magellan Health Services Applera Corporation Unisys Ciena Corp Sun Microsystems USinternetworking, Inc. Comstor Seagate Technology, LLC VeriSign, Inc. IBM Cadmus Journal Services Morgan Franklin Corporation 25% Comcast Corporation MCI WorldCom, Inc. Carefirst, Inc. Holy Cross Hospital Kaiser Foundation Health Plan Advanced Radiology, LLC Tessco Technologies Omniplex World Services Rewardsplus of America Hunton & Williams Octagon, Inc. 20% 15% Merck 10% 5% 0% Industry Diversity 52% Government Defense/ Defense Contractors Consulting/ Professional Services 10% 10% 1 % of Wholly Owned Portfolio Annualized Revenue 2 U.S. Federal Gov t Booz Allen Hamilton Computer Sciences Corp L-3 Communications Titan Corp. General Dynamics Northrop Grumman Corporation Aerospace Corporation Boeing Company Wyle Laboratories, Inc. BAE Systems Lockheed Martin Honeywell International Science Applications International Corp ITT Industries Raytheon Company Praxis Engineering Technologies EVI Technology Harris Corporation Technology 6% Health Care/ Pharmaceutical 4% Information Communication 1. As of March 31, See Company website for definition.

22 High Occupancy Rate Occupancy/Leasing Rate At Year/Quarter End (Wholly Owned) 100% 75% 96% 97% 93% 94% 91% 93% 94% 95% 94% 95% 93% 94% 50% 25% 0% Q Occupancy Leased

23 Long-term, Stable Leases % of Portfolio Annualized Revenue Expiring 1 100% 75% 50% 25% 6% 12% 12% 17% 14% 6% 24% 0% Thereafter 1. See Disclosure for definition of Portfolio Annualized Revenue. Data as of March 31, 2006.

24 2006 Acquisitions 9965 Federal Drive Colorado Springs, CO 60,000 square feet Acquired January 23, 2006

25 Development Summary Presented to: Under Construction $199.1 Million, 9 Buildings (PHOTO) 1.1 Million Square Feet, 41% Leased Under Development $155.3 Million, 7 Buildings 780,000 Square Feet Under Re-development $84.5 Million, 4 Buildings 727,000 Square Feet, 76% Leased Long-Term Development Pipeline 576 Acres Owned or Optioned 8.1 Million Square Feet in Potential Office Development Data as of March 31, Includes Opportunity Invest joint ventures.

26 National Business Park Development Current Operating Portfolio 15 office buildings, 1,841,000 s.f. 100% occupied, 100% leased 322 NBP 306 NBP The National Business Park Baltimore/Washington, D.C. Corridor 100% owned by COPT Under Construction 320 NBP 126,000 s.f. 302 NBP 157,000 s.f. 306 NBP 157,000 s.f. 322 NBP 126,000 s.f. Under Development 300 NBP 202,000 s.f. 316 NBP 125,000 s.f. Land Owned 19 acres 628,000 s.f. Data as of March 31, 2006.

27 Ground Control For Future Development TOTAL ACREAGE National Business Park Phase II 19 acres 628,000 s.f. Three Dulles Tower 5 acres 225,000 s.f. Herndon, VA Westfields Corporate Center 68 acres 1,298,000 s.f. Chantilly, VA Howard County, MD 18 acres 280,000 s.f. St. Mary s & King George Counties 38 acres 125,000 s.f. Unisys Campus 45 acres 600,000 s.f. Blue Bell, PA Colorado Springs, CO 56 acres 590,000 s.f. San Antonio, TX 58 acres 725,000 s.f. Other (Including JV Land) 269 acres 3,651,000 s.f. 576 acres 8,122,000 s.f. Data as of March 31, 2006.

28 Capitalization March 31, 2006 Total Equity Capital Total Debt Capital (Fixed Rate Debt 71%) Total Market Capitalization ($ in millions) $2,407 1,360 $3,767 64% 36% 100% Equity Capital Preferred Shares and Units (Liquidation Value) Common Shares and Units ($ /Share) Management/Insiders (17% of stock/units) Public (83% of stock/units) Total Market Equity $ ,841 $2,407 7% 16% 77% 100% 1. Based on closing price of $45.74 as of March 31, Debt as of March 31, 2006.

29 Strong Payout Ratios 100% 75% 79% 74% 81% 83% 79% 72% 50% 63% 58% 57% 56% 56% 56% 25% 0% Q FFO-Diluted AFFO-Diluted

30 Strong Payout Ratios 350% 300% 328% 250% 200% 150% 100% 126% 150% 178% 167% 179% 50% 0% Q Earnings

31 Summary Presented to: 1 Secure 2.7% Dividend Yield Conservative FFO-Diluted Payout Ratio (56%) for Q (PHOTO) Consistent Growth 44% Growth in Dividends/Share (December 31, Annualized) 9.8% Dividend Increase in September 2005 Excellent Returns 1 18% Total Return for 2006 YTD 189% Total Return for 3 years ( ) 365% Total Return for 5 years ( ) For more information about the Company, please visit our web site at 1. Data as of April 28, 2006.

32 Thank You

33 Disclosure Three Months Ended (Dollars and shares in thousands, except per share data) Years ended December 31, March 31, Low High Estimated (1) Net income available to common shareholders $ 21,450 $ 24,450 $ 24,416 $ 18,890 $ 7,650 $ 13,167 $ 13,065 $ 6,283 Convertible preferred share dividends Numerator for earnings per share (EPS)-diluted 21,450 24,450 24,416 18,911 7,650 13,711 13,573 6,283 Real estate-related depreciation and amortization 78,539 78,539 62,918 51,391 36,976 30,997 20,702 19,120 Restricted common share dividends Minority interests-preferred units ,049 2,287 2,287 - Minority interests-common units 4,610 5,255 5,889 5,659 6,712 5,800 6,592 1,406 Convertible preferred share dividends Gain on sales of real estate, excluding development and redevelopment portion (2,484) (2,484) (4,422) (95) (2,897) (268) (416) (2,459) 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 $ 102,115 $ 105,760 $ 88,801 $ 76,248 $ 61,268 $ 52,854 $ 43,001 $ 24,350 Denominator for EPS-diluted 43,194 43,194 38,997 34,982 28,021 24,547 21,623 41,510 Weighted average common units 8,490 8,490 8,702 8,726 8,932 9,282 9,437 8,520 Restricted common shares Assumed conversion of convertible preferred units ,101 2,421 2,421 - Assumed conversion of convertible preferred shares , Additional dilutive share options Denominator for FFO per share-diluted 51,684 51,684 47,699 43,929 39,294 36,634 33,481 50,030 EPS-diluted $ 0.50 $ 0.57 $ 0.63 $ 0.54 $ 0.27 $ 0.56 $ 0.63 $ 0.15 FFO per share-diluted $ 1.98 $ 2.05 $ 1.86 $ 1.74 $ 1.56 $ 1.44 $ 1.28 $ 0.49 Numerator for FFO per share-diluted $ 88,801 $ 76,248 $ 61,268 $ 52,854 $ 43,001 $ 24,350 Straight-line rent adjustments (6,763) (8,364) (4,840) (2,389) (3,175) (2,122) Recurring capital expenditures (18,198) (17,394) (11,456) (6,640) (5,430) (2,808) Amortization of deferred market rental revenue (426) (931) (1,817) (2,342) - (555) Issuance costs associated with redeemed preferred shares - 1, AFFO derived from the numerator for FFO per share-diluted $ 63,414 $ 51,372 $ 43,155 $ 41,483 $ 34,396 $ 18,865 (1) These estimates are based on Company guidance previously provided. The estimates exclude any impact on EPS-diluted and FFO-diluted from the write-off of issuance costs associated with potential redemptions of our Series E & F Preferred Shares.

34 Disclosure (Dollars in thousands) Reconciliation of dividends for Earnings Payout Ratio to dividends and distributions for FFO & AFFO Payout Ratio Q 06 Common share dividends for Earnings Payout Ratio $ 16,505 $ 19,732 $ 25,066 $ 33,579 $ 40,755 $ 11,257 Common unit distributions 7,733 7,921 8,115 8,512 9,222 2,374 Convertible preferred unit distributions 2,288 2,287 1, Convertible preferred share dividends Common share dividends on restricted shares Dividends and distributions for FFO & AFFO Payout Ratio $ 27,034 $ 30,767 $ 34,774 $ 42,494 $ 49,977 $ 13,631

35 Disclosure (Dollars in thousands) Reconciliation of tenant improvements and incentives, capital improvements and leasing costs for operating properties to recurring capital expenditures Q 06 Total tenant improvements and incentives on operating properties $ 30,452 $ 14,067 $ 8,588 $ 4,213 $ 5,032 $ 2,873 Total capital improvements on operating properties 9,782 10,349 4,415 3,264 3,483 3,123 Total leasing costs incurred on operating properties 9,843 11,718 3,260 4,640 3, Less: Nonrecurring tenant improvements and incentives on operating properties (21,505) (3,993) (2,024) (773) (2,366) (1,281) Less: Nonrecurring capital improvements on operating properties (4,522) (7,100) (2,347) (1,727) (2,681) (2,519) Less: Nonrecurring leasing costs incurred on operating properties (6,040) (7,647) (484) (2,977) (1,627) (358) Add: Recurring improvements on operating properties held through joint ventures Recurring capital expenditures $ 18,198 $ 17,394 $ 11,456 $ 6,640 $ 5,430 $ 2,808

CORPORATE OFFICE PROPERTIES TRUST

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