3Q 2021 Results + Guidance Update Presentation

CORPORATE OFFICE PROPERTIES TRUST

Results for 3Q 2021 + Guidance Update

October 28, 2021

The Preferred Provider of Mission Critical Real Estate Solutions

Table of Contents

1. Results for 3Q 2021……..…..................Page 3

1. Factors Supporting Growth……………Page 5

1. 2021 Guidance Update…….……….. Page 13

IV. Appendices……………………………...Page 17

1. Definitions & Glossary
2. Reconciliations

Safe Harbor

Unless otherwise noted, information in this presentation represents the Company's consolidated portfolio as of or for the quarter ended September 30, 2021.

This presentation 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. These statements may include, without limitation, statements regarding: our belief that we are well- positioned to maintain relative normal operations through the COVID-19 crisis; our expectations as to renewal leasing, rent relief requests, development leasing and development projects; our liquidity situation; and our dividend. 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. Although the Company believes that expectations, estimates and projections reflected in such forward-looking statements are based on reasonable assumptions at the time made, 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 and the Company undertakes no obligation to update or supplement any forward-looking statements.

The areas of risk that may affect these expectations, estimates and projections include, but are not limited to, those risks described in Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

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1. Results for 3Q 2021

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3Q 2021 Results

			Guidance	Actual
FFOPS*	$0.54	- $0.56	$0.57
Same-Property:
▪	Occupancy	90%	- 92%	92.2%
▪	Cash NOI Growth	3.0%	- 3.5%	4.8%
Leasing:
▪	Tenant Retention:
	»	3Q		--	76%
	»	Nine Months		--	75%
▪ Change in cash rents:
	»	3Q		--	(0.6%)
	»	Nine Months		--	(0.3%)
Development:

• Leasing SF:

»	1Q	--	11,000 SF
»	2Q	--	630,000 SF
»	3Q	--	274,000 SF
»	4Q†	--	263,000 SF
	Total†	1,178,000 SF

• SF Placed in Service (% Leased):

»	1Q	--	46,000 SF (100%)
»	2Q	--	197,000 SF (60%)
»	3Q	--	466,000 SF (100%)
	Total		709,000 SF (89%)

• FFOPS = diluted funds from operations per share, as adjusted for comparability.

† Through October 14, 2021.	4

1. Factors Supporting Growth

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