Corporate Office Properties Trust (OFC) Q2 2023 Earnings Conference Call July 28, 2023 12:00 PM ET Company Participants Venkat Kommineni - Vice President of Investor Relations Steve Budorick - President and Chief Executive Officer Anthony Mifsud - Executive Vice President and Chief Financial Officer Conference Call Participants Blaine Heck - Wells Fargo Michael Griffin - Citi Camille Bonnel - Bank of America Tom Catherwood - BTIG Jay Poskitt - Evercore ISI Operator Welcome to the Corporate Office Properties ...

RESULTS FOR 2Q 2023 Updated 2023 Guidance Table of Contents Results for 2Q 2023 Appendices: > Pages 3-4 > Pages 26-37 • Safe Harbor – Page 27 Updated ...

Financial Performance - Total revenues for the three months ended March 31, 2023, were $167.5 million, a decrease of 14.3% compared to $195.5 million for the same period in 2022[10]. - Net income attributable to common shareholders for Q1 2023 was $78.8 million, representing an increase of 32.6% from $59.3 million in Q1 2022[10]. - Basic earnings per common share for Q1 2023 were $0.70, up from $0.53 in Q1 2022, reflecting a 32.1% increase[10]. - Comprehensive income attributable to common shareholders for Q1 2023 was $78,061, compared to $62,542 in Q1 2022, indicating a 25% increase[12]. - Net income for the three months ended March 31, 2023, was $80.4 million, an increase of 32.3% compared to $60.8 million for the same period in 2022[19]. - Income from continuing operations for the three months ended March 31, 2023, was $80,398,000, compared to $31,251,000 in the same period of 2022, representing a significant increase of approximately 157.5%[85]. Assets and Liabilities - Total assets as of March 31, 2023, were $4.18 billion, a decrease from $4.26 billion as of December 31, 2022[6]. - Total liabilities decreased to $2.38 billion as of March 31, 2023, from $2.51 billion at the end of 2022, marking a reduction of 5.0%[7]. - The company’s total shareholders' equity increased to $1.73 billion as of March 31, 2023, from $1.68 billion at the end of 2022, indicating a growth of 2.8%[8]. - Total liabilities as of March 31, 2023, were $2.230 billion, with deferred compensation plan liability at $1.875 billion[33]. - Total debt decreased to $2.123 billion as of March 31, 2023, down from $2.232 billion as of December 31, 2022, representing a reduction of approximately 4.9%[56]. Cash Flow and Investments - Cash and cash equivalents increased to $15.2 million as of March 31, 2023, compared to $12.3 million at the end of 2022, showing a growth of 23.1%[6]. - Net cash provided by operating activities was $58,745,000 for the three months ended March 31, 2023, compared to $52,711,000 for the same period in 2022, indicating an increase of 11%[19]. - The company reported a net cash increase of $395,000 for the period, significantly lower than the $6,528,000 increase in the same period last year[17]. - The company ended Q1 2023 with cash and cash equivalents of $16,904, down from $23,844 at the end of Q1 2022[17]. - Net cash provided by investing activities was $85,183 in Q1 2023, down from $104,220 in Q1 2022[17]. Revenue Streams - Revenues from real estate operations increased to $152,273,000 for the three months ended March 31, 2023, compared to $133,550,000 for the same period in 2022, representing a growth of 14%[17]. - Lease revenue for the three months ended March 31, 2023, was $150.56 million, up 6.5% from $141.39 million in the same period of 2022[39]. - Total revenues from real estate operations for the three months ended March 31, 2023, were $151.681 million, an increase from $144.260 million in the same period of 2022, reflecting a growth of 5.5%[80]. - The company recognized a gain on sales of real estate amounting to $49.4 million in Q1 2023, compared to $15,000 in Q1 2022[10]. - The company reported a gain on sales of real estate amounting to $49.378 million for the three months ended March 31, 2023, compared to $15,000 in the same period of 2022[85]. Operating Expenses - Total property operating expenses were $55,753,000, slightly decreased from $56,132,000 in the prior year, showing a reduction of 1%[17]. - Property operating expenses for the three months ended March 31, 2023, were $59,420,000, compared to $58,152,000 for the same period in 2022, indicating a slight increase of about 2.2%[81]. - Operating expenses decreased to $122,106 in Q1 2023, down 19.9% from $152,422 in Q1 2022[10]. Development and Future Plans - The company plans to continue expanding its portfolio and investing in new development projects to drive future growth[10]. - The company has 194 properties totaling 23.0 million square feet, with 9 properties under development expected to total approximately 1.5 million square feet upon completion[22]. - The company controlled approximately 680 acres of land for future development, which could yield approximately 9.0 million square feet of additional space[22]. Shareholder Returns - Common share dividends paid were $30,941,000, consistent with the $30,904,000 paid in the same period last year, indicating stability in dividend distribution[17]. - The company declared dividends per common share of $0.285 for the three months ended March 31, 2023, compared to $0.275 for the same period in 2022, representing a 3.64% increase[71].

Financial Data and Key Metrics Changes - The company reported first quarter FFO per share as adjusted for comparability of $0.59, which is $0.02 higher than the midpoint of guidance [6][15] - Same property cash NOI increased 8.3% year-over-year, the highest level in over a decade, leading to a raised full year guidance by 100 basis points at the midpoint [7][15] - Same-property occupancy ended the quarter at 92.1% and is expected to increase throughout the year [16] Business Line Data and Key Metrics Changes - The Defense/IT segment is 96.7% leased, the highest level since reporting began in 2015 [7][21] - Total leasing volume for the quarter was 788,000 square feet, including 194,000 square feet of renewals [8] - The overall retention rate was 64%, with Defense/IT locations at 78% [9] Market Data and Key Metrics Changes - The fiscal year 2024 budget request calls for a 3.6% year-over-year increase to $827 billion, with a significant focus on cyber-related programs [12][13] - The Department of Defense has committed over $13 billion to cyber activities in 2024, which has driven two million square feet of cyber leasing in the portfolio over the last 24 months [13] Company Strategy and Development Direction - The company continues to project FFO per share growth of roughly 4% on a compound basis between 2023 and 2026 [6][22] - The company plans to self-fund the equity component of its anticipated development investments going forward [19][22] - The focus remains on new development at high-priority defense locations, with a disciplined approach to maximizing shareholder value [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a tenant retention rate in 2023 at or above the 10-year record high of 81% [5] - The company anticipates self-funding its equity requirements for expected development investments through cash flow from operations [19] - Management acknowledged the volatility in the capital markets but emphasized a strong balance sheet with no significant debt maturities until March 2026 [17] Other Important Information - The company completed 99,000 square feet of vacancy leasing with a weighted average lease term of nearly eight years [10] - The unencumbered portfolio now represents 96% of total NOI from real estate operations [17] - The company raised its quarterly dividend by 3.6%, marking the first increase in over a decade [19] Q&A Session Summary Question: Trends in smaller tenant expirations - Management indicated that retention performance on smaller tenants in Defense/IT is expected to be high, but noted the impact of regional office non-renewals [26][27] Question: Guidance on FFO - Management explained that the conservative guidance is influenced by potential interest rate variability, which is beyond their control [31][32] Question: Capital allocation in a volatile environment - Management stated that incremental capital allocation is best placed in new development at high-priority defense locations, emphasizing the value creation through development over acquisitions [34][35] Question: Demand in regional office assets - Management noted that there is some demand in the regional office segment, with a pipeline at 76.5%, but remains cautious about the speed of deal closures [60] Question: Development yields and costs - Management confirmed that development costs have stabilized, and they are targeting yields that are commensurate with the increased cost of capital [63]

RESULTS FOR 1Q 2023 Updated 2023 Guidance April 27, 2023 Table of Contents Results for 1Q 2023 > Pages 3-4 Updated 2023 Guidance > Pages 5-6 Factors Supporting Growth > Pages 7-17 Portfolio Update > Pages 18-21 Continued Growth > Pages 22-24 Appendices: 2 > Pages 25-36 • Safe Harbor – Page 26 • Definitions + Glossary – Pages 27-33 • Reconciliations – Pages 34-36 :: Results for 1Q 2023 . Dod Strong 1Q 2023 Results > FFO per share* of $0.59 exceeded high-end of guidance • Twelve of past thirteen quarters that ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-14023 CORPORATE OFFICE PROPERTIES TRUST (Exact name of registrant as specified in its charter) Maryland 23-2947217 (State or other jurisdi ...

RESULTS FOR 4Q + FY 2022 2023 Guidance February 9, 2023 Table of Contents COPT Overview > Pages 3-7 Factors Supporting Growth > Pages 8-17 Results for 4Q + FY 2022 > Pages 18-19 2023 Guidance > Pages 20-21 Portfolio Update > Pages 22-25 Continued Growth > Pages 26-27 Appendices: 2 > Pages 28-39 • Safe Harbor – Page 29 • Definitions + Glossary – Pages 30-36 • Reconciliations – Pages 37-39 COPT Overview COPT's Strategic Framework • To deliver attractive total returns for shareholders • Allocate capital to dur ...

Corporate Office Properties Trust (OFC) Q4 2022 Earnings Conference Call February 10, 2023 12:00 PM ET Company Participants Venkat Kommineni - Vice President, Investor Relations Steve Budorick - President and Chief Executive Officer Todd Hartman - Executive Vice President and Chief Operating Officer Anthony Mifsud - Executive Vice President and Chief Financial Officer Conference Call Participants Jason Belcher - Wells Fargo Michael Griffin - Citi Camille Bonnel - Bank of America Anthony Paolone - JPMorgan T ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 (Mark one) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-14023 CORPORATE OFFICE PROPERTIES TRUST (Exact name of registrant as specified in its charter) Maryland 23-2947217 (State or oth ...

Corporate Office Properties Trust (OFC) Q3 2022 Earnings Conference Call October 28, 2022 12:00 PM ET Company Participants Michelle Layne - Manager of Investor Relations Steve Budorick - President and Chief Executive Officer Todd Hartman - Executive Vice President and Chief Operating Officer Anthony Mifsud - Executive Vice President and Chief Financial Officer Conference Call Participants Camille Bonnel - Bank of America Anthony Paolone - JPMorgan Michael Griffin - Citi Steve Sakwa - Evercore ISI Blaine Hec ...