Corporate Office Properties Trust Posts 25.8% Total Shareholder Return for 2002, Highest Among Office REITs; Generates Total Return of 172.2% for Past Four Years.

Business Editors

COLUMBIA, Md.--(BUSINESS WIRE)--Jan. 6, 2003

Corporate Office Properties Trust (NYSE:OFC), the largest suburban office real estate investment trust (REIT) in the Baltimore/Washington Corridor, posted a total shareholder return in 2002 of 25.8%.

This was the highest return among all publicly traded office REITs on the basis of numbers compiled by the National Association of Real Estate Investment Trusts (NAREIT) as of December 31, 2002. The Company's four year total return, as compiled by NAREIT, was 172.2%, which also was the highest among all publicly traded office REITs.

                                            Total Return (1)
                                   -----------------------------------
                                    1-Year   2-Year   3-Year   4-Year
                                    (2002)   (2001-   (2000-   (1999-
                                              2002)    2002)    2002)
Corporate Office Properties Trust    25.8%    62.2%   130.2%   172.2%
Morgan Stanley REIT Index             3.6%    16.9%    48.3%    41.5%
Dow Jones Industrial                (15.1%)  (19.8%)  (23.6%)   (2.7%)
S&P 500                             (22.1%)  (31.3%)  (37.6%)  (24.5%)
NASDAQ                              (31.5%)  (45.9%)  (67.2%)  (39.1%)

    (1) Based on total returns including closing prices as of December
31st each year and the re-investment of dividends on the ex-dividend
date for the calendar years 1999, 2000, 2001 and 2002. NASDAQ data
does not include re-investment of dividends.

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 110 office properties totaling 8.9 million rentable square feet.

Corporate Development Services, the Company's development company, 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 for third party entities. The Company's 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 contains forward-looking information based upon the Company's current best judgment 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. For further information, please refer to the Company's filings with the Securities and Exchange Commission.