1. Office REITs Rand Griffin Mary Ellen Fowler President and CEO
Senior Vice President and Treasurer
March 21, 2009

2. COPT Overview Class A Office (256 Properties, 19.2 mm s.f.)1
Presented to:
COPT Overview
Class A Office (256 Properties, 19.2 mm s.f.)1
Greater Washington, DC Region (64% of Wholly Owned Properties)2
#1 Equity REIT for Total Shareholder Return (10 years); #1 in Office Peer Group
for Total Shareholder Return (2008)
55% FFO-Diluted and 166% Earnings Payout Ratios3
Core Customer Focus – 55% of total Revenues from real estate operations from
assets containing US Government, Defense Information Technology
Contractors and Data sector tenants3
Winner of the 2008 National Commercial Real Estate Customer Service Award
for Excellence for Category I properties, the largest of the categories –
Winner for the 5th year in a row
A leader in developing Green Buildings since 2003
Expansion/growth within existing markets through acquisition and
development and outside existing markets by pursuing core tenant
driven opportunities
(PHOTO)
1. Data as of December 31, 2008, includes 18 properties and 769,000 square feet held through joint ventures. 2. Measured using square feet.
3. Data as of December 31, 2008.

3. 2008 – 2010 COPT Business Strategy
* 55% & 65% of total Revenues from real estate operations from assets containing US Government, Defense Information Technology Contractors and Data sector tenants

4. COPT Premiere Office Parks Dahlgren Technology Center
North Gate
Business Park
56 Acres
Fort Ritchie
591 Acres.
White Marsh
1,548,000 s.f.
Columbia Gateway
2,234,000 s.f.
Airport Square
1,631,000 s.f.
One Dulles Tower &
Dulles Tech Center
571,000 s.f.
Business Park
The National
2,408,000 s.f.
Westfields Corporate
Center
1,454,000 s.f.
M Square
49 Acres
Patuxent River
Office Portfolio
620,000 s.f.
Dahlgren Technology Center
205,000 s.f.
Data as of December 31, 2008.

5. What to Look for in REITs
Presented to:
What to Look for in REITs
Sector and market operate in
Debt maturities versus capital available
History of raising dividends and current dividend policy
Transactional versus operational model
Earnings (FFO) growth
Payout ratios
(PHOTO)

6. REIT Dividend Yield Spread
Source: Bloomberg, ThomsonOne

7. Presented to:
2008 REIT Dividend Policy
Stocks that increased dividends in 2008 outperformed
2008 Equity REIT Total Returns Grouped by Dividend Policy
(PHOTO)
Total Return
Source: SNL, FactSet Research Systems Inc., Stifel Nicolaus Research

8. Office REIT Takeaways
15 Office REITs
Product Differentiation – Suburban vs. Urban or Specialty (niche)
Longer term leases
More capital intensive (More TI)
Need to understand geography, niche,
market impacts
5 office/industrial REITs

9. What are we seeing in the Office Sector?
Rising unemployment affects demand
Business to Government – Growing
Business to Business – Under Stress
Business to Consumer – Cardiac Arrest
New supply should exceed absorption; declining
occupancy in 2009
Poor performance in financial sector
Rent growth is decelerating
Occupancy is under pressure

10. What is COPT seeing in 2009?
Insulated by location – Greater Washington region
Continue to develop to meet core tenant demand
Lease renewals will be challenging in
Impact of BRAC starting
Yields are well protected (FFO & AFFO payout ratios)
Earnings growth through development supported by
continued tenant demand
Stable capital position with manageable debt maturities
Balance sheet strength
Stable dividend policy
(PHOTO)

11. Presented to:
Looking forward
Stocks with increasing dividends will outperform again in 2009
Office, Industrial & Grocery-anchored shopping centers will
outperform in 2009
Little office development expected after 2009 deliveries
Little projected FFO growth ( )
Look for stability from office REITs
Stable core portfolio
Low relative leverage
Manageable maturities
(PHOTO)
Source: Stifel Nicolaus Research

12. REITs are at historically low prices
Presented to:
Key Takeaways
REITs are at historically low prices
Earnings will generally be under pressure in 2009
Watch job growth and consumer spending for
recovery signs
Need to choose selectively – niche REITs will do well
Timing of investment will be important
(PHOTO)