Corporate Office Properties Announces Second Quarter Earnings Conference Call.

COLUMBIA, Md. -- Corporate Office Properties Trust (NYSE:OFC) will report financial results for the second quarter after the market close on Wednesday, July 28, 2004. On Thursday, July 29, 2004, please join Clay W. Hamlin, III, Chief Executive Officer, Randall M. Griffin, President and Chief Operating Officer, and Roger A. Waesche, Jr., Executive Vice President and Chief Financial Officer, for a conference call and live webcast to discuss these results.

Conference Call and Webcast Date: Thursday, July 29, 2004

    Time: 4:00 p.m., ET

    Telephone Number: [phone]

    Confirmation Code: 710087

Please dial in to the conference 5 to 10 minutes before the start of the call. A replay of this call will be available beginning Thursday, July 29th at 7:00 p.m., ET through Thursday, August 12th at midnight ET. To access the replay, please call [phone]. You will then need to enter the confirmation code.

Company Information

Corporate Office Properties Trust is a fully integrated, self-managed real estate investment trust, which focuses on the ownership, management, leasing, acquisition and development of suburban office properties located in select Mid-Atlantic submarkets. The Company currently owns 131 office properties, including one property owned through an unconsolidated joint venture, totaling over 10.8 million rentable square feet. Corporate Development Services, provides a wide range of development and construction management services. In addition, Corporate Office Services provides land planning, design/build services, consulting and merchant development to third party entities. The Company's common shares are traded on the New York Stock Exchange under the symbol OFC. More information on Corporate Office Properties Trust can be found on the Internet at www.copt.com.

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", "expect", "estimate" 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:

--the Company's ability to borrow on favorable terms;

--general economic and business conditions, which will, among other things, affect office property demand and rents, tenant creditworthiness, interest rates and financing availability;

--adverse changes in the real estate markets including, among other things, increased competition with other companies;

--risk of real estate acquisition and development, 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;

--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;

--governmental actions and initiatives;

--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 1 of the Company's Annual Report on Form 10-K for the year ended December 31, 2003.