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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED
  STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, DC&#160; 20549</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
  
  <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT
  REPORT</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Pursuant
  to Section&nbsp;13 or 15(d)&nbsp;of<br>
  the Securities Exchange Act of 1934</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of report (Date of earliest event
  reported)<b> May&nbsp;7, 2008 (May&nbsp;6, 2008)</b></font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">CORPORATE
  OFFICE PROPERTIES TRUST</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in its
  charter)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <div align="center">
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Maryland</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1-14023</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">23-2947217</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other jurisdiction of<br>
    incorporation)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission<br>
    File Number)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer<br>
    Identification Number)</font></p>
    </td>
   </tr>
  </table>
  
  </div>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6711 Columbia Gateway Drive, Suite&nbsp;300<br>
  Columbia, Maryland 21046</font></b><br>
  (Address of principal executive offices)</p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(443) 285-5400</font></b><br>
  (Registrant&#146;s telephone number, including area code)</p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8-K
  filing is intended to simultaneously satisfy the filing obligation of the
  registrant under any of the following provisions (see General Instruction A.2
  below):</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font face="Times New Roman"> Written
  communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR
  230.425)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font face="Times New Roman">
  Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR
  240.14a-12)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 9.0pt;text-indent:-9.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font face="Times New Roman">
  Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the
  Exchange Act (17 CFR 240.14d-2(b))</font></p>
  
  <p style="margin:0in 0in .0001pt 9.0pt;text-indent:-9.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 9.0pt;text-indent:-9.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font face="Times New Roman">
  Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the
  Exchange Act (17 CFR 240.13e-4(c))</font></p>
  
  <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">
  
  <p style="border:none;margin:0in 0in .0001pt 9.0pt;padding:0in;text-indent:-9.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  </div>
  
  <p style="margin:0in 0in .0001pt 9.0pt;text-indent:-9.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105568\08-13706-1\task2919462\13706-1-ba-01.htm',USER='105568',CD='May  7 06:46 2008' -->
  
  
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  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 2.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Results of Operations and
  Financial Condition</font></b></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;text-indent:.25in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">On May&nbsp;6, 2008, the Registrant
  issued a press release relating to its financial results for the three months
  ended March&nbsp;31, 2008.&#160; A copy of the
  press release is included as Exhibit&nbsp;99.1 to this report and is
  incorporated herein by reference.</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;text-indent:.25in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;text-indent:.25in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The information included herein,
  including the exhibits, shall not be deemed &#147;filed&#148; for any purpose, including
  the purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as
  amended (the &#147;Exchange Act&#148;), or subject to liabilities of that Section.&#160; The information included herein, including
  the exhibits, shall also not be deemed incorporated by reference into any
  filing under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), or
  the Exchange Act regardless of any general incorporation language in such
  filing.</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;text-indent:.25in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;text-indent:.25in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The Registrant uses non-GAAP
  financial measures in earnings press releases and information furnished to the
  Securities and Exchange Commission.&#160; The
  Registrant believes that these measures are helpful to investors in measuring
  its performance and comparing such performance to other real estate investment
  trusts (&#147;REITs&#148;).&#160; Descriptions of these
  measures are set forth below.</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;text-indent:.25in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Funds from operations (&#147;FFO&#148;)</font></u></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">FFO is defined as net income computed using GAAP, excluding
  gains (or losses) from sales of real estate, plus real estate-related
  depreciation and amortization after adjustments for unconsolidated partnerships
  and joint ventures.&#160; Gains from the sale
  of real estate that are attributable to sales of non-operating properties are
  included in FFO.&#160; Gains from sales of
  newly-developed properties less accumulated depreciation, if any, required
  under GAAP are also included in FFO on the basis that development services are
  the primary revenue generating activity; the Registrant believes that inclusion
  of these development gains is in accordance with the National Association of
  Real Estate Investment Trusts&#146; (&#147;NAREIT&#148;) definition of FFO, although others
  may interpret the definition differently.</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Accounting for real estate assets using historical cost
  accounting under GAAP assumes that the value of real estate assets diminishes
  predictably over time.&#160; NAREIT stated in
  its April&nbsp;2002 White Paper on Funds from Operations that &#147;since real
  estate asset values have historically risen or fallen with market conditions,
  many industry investors have considered presentations of operating results for
  real estate companies that use historical cost accounting to be insufficient by
  themselves.&#148;&#160; As a result, the concept of
  FFO was created by NAREIT for the REIT industry to &#147;address this problem.&#148;&#160; The Registrant agrees with the concept of FFO
  and believes that FFO is useful to management and investors as a supplemental
  measure of operating performance because, by excluding gains and losses related
  to sales of previously depreciated operating real estate properties and
  excluding real estate-related depreciation and amortization, FFO can help one
  compare the Registrant&#146;s operating performance between periods.&#160; In addition, since most equity REITs provide
  FFO information to the investment community, the Registrant believes that FFO
  is useful to investors as a supplemental measure for comparing its results to
  those of other equity REITs. The Registrant believes that net income is the
  most directly comparable GAAP measure to FFO.</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Since FFO excludes certain items
  includable in net income, reliance on the measure has limitations; management
  compensates for these limitations by using the measure simply as a supplemental
  measure that is weighed in the balance with other GAAP and non-GAAP
  measures.&#160; FFO is not necessarily an
  indication of the Registrant&#146;s cash flow available to fund cash needs.&#160; Additionally, it should not be used as an
  alternative to net income when evaluating the Registrant&#146;s financial
  performance or to cash flow from operating, investing and financing activities
  when evaluating the </font></p>
  
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">2</font></p>
  
  <div align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\105568\08-13706-1\task2919462\13706-1-ba-01.htm',USER='105568',CD='May  7 06:46 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Registrant&#146;s liquidity or ability
  to make cash distributions or pay debt service.&#160;
  The FFO presented by the Registrant may not be comparable to the FFO
  presented by other REITs since they may interpret the current NAREIT definition
  of FFO differently or they may not use the current NAREIT definition of FFO.</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Funds from operations-Basic (&#147;Basic FFO&#148;)</font></u></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Basic FFO is FFO adjusted to (1)&nbsp;subtract (a)&nbsp;preferred
  share dividends and (b)&nbsp;issuance costs associated with redeemed preferred
  shares and (2)&nbsp;add back GAAP net income allocated to common units in
  Corporate Office Properties, L.P. (the &#147;Operating Partnership&#148;) not owned by
  the Registrant.&#160; With these adjustments,
  Basic FFO represents FFO available to common shareholders and common
  unitholders.&#160; Common units in the
  Operating Partnership are substantially similar to common shares of beneficial
  interest in the Registrant (&#147;common shares&#148;); common units in the Operating
  Partnership are also exchangeable into common shares, subject to certain
  conditions.&#160; The Registrant believes that
  Basic FFO is useful to investors due to the close correlation of common units
  to common shares.&#160; The Registrant
  believes that net income is the most directly comparable GAAP measure to Basic
  FFO. Basic FFO has essentially the same
  limitations as FFO; management compensates for these limitations in essentially
  the same manner as described above for FFO.</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Diluted funds from operations or funds from
  operations-diluted (&#147;Diluted FFO&#148;)</font></u></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Diluted FFO is Basic FFO
  adjusted to add back any changes in Basic FFO that would result from the
  assumed conversion of securities that are convertible or exchangeable into
  common shares.&#160; However, the computation
  of Diluted FFO does not assume conversion of securities other than common units
  in the Operating Partnership that are convertible into common shares if the
  conversion of those securities would increase Diluted FFO per share in a given
  period.&#160; The Registrant believes that
  Diluted FFO is useful to investors because it is the numerator used to compute
  Diluted FFO per share, discussed below.&#160;
  In addition, since most equity REITs provide Diluted FFO information to
  the investment community, the Registrant believes that Diluted FFO is a useful
  supplemental measure for comparing the Registrant to other equity REITs.&#160; The Registrant believes that the numerator
  for diluted EPS is the most directly comparable GAAP measure to Diluted
  FFO.&#160; Since Diluted FFO excludes certain
  items includable in the numerator to diluted EPS, reliance on the measure has limitations;
  management compensates for these limitations by using the measure simply as a
  supplemental measure that is weighed in the balance with other GAAP and
  non-GAAP measures.&#160; Diluted FFO is not
  necessarily an indication of the Registrant&#146;s cash flow available to fund cash
  needs.&#160; Additionally, it should not be
  used as an alternative to net income when evaluating the Registrant&#146;s financial
  performance or to cash flow from operating, investing and financing activities
  when evaluating the Registrant&#146;s liquidity or ability to make cash distributions
  or pay debt service.&#160; The Diluted FFO
  presented by the Registrant may not be comparable to the Diluted FFO presented
  by other REITs.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">FFO per diluted share or diluted FFO per common share (&#147;Diluted
  FFO per share&#148;)</font></u></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Diluted FFO per share is (1)&nbsp;Diluted FFO divided by (2)&nbsp;the
  sum of the (a)&nbsp;weighted average common shares outstanding during a period,
  (b)&nbsp;weighted average common units outstanding during a period and (c)&nbsp;weighted
  average number of potential additional common shares that would have been outstanding
  during a period if other securities that are convertible or exchangeable into
  common shares were converted or exchanged.&#160;
  However, the computation of Diluted FFO per share does not assume
  conversion of securities other than common units in the Operating Partnership
  that are convertible into common shares if the conversion of those securities
  would increase Diluted FFO per share in a given period.&#160; The Registrant believes that Diluted FFO per
  share is useful to investors because it provides investors with a further
  context for evaluating the Registrant&#146;s FFO results in the same manner that
  investors use earnings per share (&#147;EPS&#148;) in evaluating net income available to
  common shareholders.&#160; In addition, since
  most equity REITs provide Diluted FFO per share </font></p>
  
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">3</font></p>
  
  <div align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
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  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">information to the investment community, the Registrant
  believes that Diluted FFO per share is a useful supplemental measure for
  comparing the Registrant to other equity REITs.&#160;
  The Registrant believes that diluted EPS is the most directly comparable
  GAAP measure to Diluted FFO per share.&#160;
  Diluted FFO per share has most
  of the same limitations as Diluted FFO (described above); management
  compensates for these limitations in essentially the same manner as described
  above for Diluted FFO.</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Adjusted funds from operations-diluted (&#147;Diluted AFFO&#148;)</font></u></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Diluted AFFO is Diluted FFO adjusted
  for the following: (1)&nbsp;the elimination of the effect of (a)&nbsp;noncash
  rental revenues (comprised of straight-line rental adjustments, which includes
  the amortization of recurring tenant incentives, and amortization of deferred
  market rental revenue, both of which are described under &#147;Cash NOI&#148; below) and (b)&nbsp;accounting
  charges for original issuance costs associated with redeemed preferred shares;
  and (2)&nbsp;recurring capital expenditures (defined below).&#160; The Registrant believes that Diluted AFFO is
  an important supplemental measure of liquidity for an equity REIT because it
  provides management and investors with an indication of its ability to incur
  and service debt and to fund dividends and other cash needs.&#160; In addition, since most equity REITs provide
  Diluted AFFO information to the investment community, the Registrant believes
  that Diluted AFFO is a useful supplemental measure for comparing the Registrant
  to other equity REITs.&#160; The Registrant
  believes that the numerator to diluted EPS is the most directly comparable GAAP
  measure to Diluted AFFO.&#160; Since Diluted AFFO excludes certain items
  includable in the numerator to diluted EPS, reliance on the measure has
  limitations; management compensates for these limitations by using the measure
  simply as a supplemental measure that is weighed in the balance with other GAAP
  and non-GAAP measures.&#160; In addition, see
  the discussion below regarding the limitations of recurring capital
  expenditures, which is used to derive Diluted AFFO.&#160; Diluted AFFO is not necessarily an indication
  of the Registrant&#146;s cash flow available to fund cash needs.&#160; Additionally, it should not be used as an
  alternative to net income when evaluating the Registrant&#146;s financial
  performance or to cash flow from operating, investing and financing activities
  when evaluating the Registrant&#146;s liquidity or ability to make cash
  distributions or pay debt service.&#160; The
  Diluted AFFO presented by the Registrant may not be comparable to similar
  measures presented by other equity REITs.</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Recurring capital expenditures</font></u></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Recurring capital expenditures are defined as capital
  improvements, tenant improvements and incentives and leasing costs associated
  with operating properties that are not (1)&nbsp;items contemplated prior to the
  acquisition of a property, (2)&nbsp;improvements associated with the expansion
  of a building or its improvements, (3)&nbsp;renovations to a building which
  change the underlying classification of the building (for example, from
  industrial to office or Class&nbsp;C office to Class&nbsp;B office) or (4)&nbsp;capital
  improvements that represent the addition of something new to the property
  rather than the replacement of something (for example, the addition of a new
  heating and air conditioning unit that is not replacing one that was previously
  there).&#160; The Registrant believes that
  recurring capital expenditures is an important measure of performance for a REIT
  because it provides a measure of the capital expenditures that the Registrant
  can expect to incur on an ongoing basis, which is significant to how the
  Registrant manages its business since these expenditures are funded using cash
  flow from operations.&#160; As a result, the
  measure provides a further indication of the cash flow from operations that is
  available to fund other uses.&#160; The
  Registrant believes that tenant improvements and incentives, capital
  improvements and leasing costs associated with operating properties are the
  most directly comparable GAAP measures.&#160;
  Recurring capital expenditures do not reflect all capital expenditures
  incurred by the Registrant for the periods reported; the Registrant compensates
  for this limitation by also using the comparable GAAP measure.&#160; The recurring
  capital expenditures presented by the
  Registrant may not be comparable to the recurring capital expenditures
  presented by other REITs.</font></p>
  
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">4</font></p>
  
  <div align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
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  <br clear="all" style="page-break-before:always;">
  <div>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Net operating income (&#147;NOI&#148;)</font></u></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">NOI is total revenue from real estate operations, including
  rental revenue and tenant recoveries and other revenue, reduced by total
  property expenses associated with real estate operations, including
  discontinued operations; total property expenses, as used in this definition,
  do not include depreciation, amortization or interest expense associated with
  real estate operations.&#160; The Registrant
  believes that NOI is an important supplemental measure of operating performance
  for a REIT&#146;s operating real estate because it provides a measure of the core
  real estate operations, rather than factoring in depreciation and amortization
  or corporate financing and general and administrative expenses; this measure is
  particularly useful in the opinion of the Registrant in evaluating the
  performance of geographic segments, same-office property groupings and
  individual properties.&#160; The Registrant
  believes that net income is the most directly comparable GAAP measure to
  NOI.&#160; The measure excludes many items
  that are includable in net income, including construction contract and other
  service operations revenues, as well as expenses including those mentioned
  above; management compensates for this
  limitation by using the measure simply as a supplemental measure that is
  weighed in the balance with other GAAP and non-GAAP measures.&#160; It
  should not be used as an alternative to net income when evaluating the
  Registrant&#146;s financial performance or to cash flow from operating, investing
  and financing activities when evaluating the Registrant&#146;s liquidity or ability
  to make cash distributions or pay debt service.&#160;
  NOI presented by the Registrant may not be comparable to NOI
  presented by other equity REITs that define the measure differently.</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Cash net operating income (&#147;Cash NOI&#148;)</font></u></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Cash NOI is NOI (defined above) adjusted to eliminate the
  effects of noncash rental revenues (comprised of straight-line rental
  adjustments, which includes the amortization of recurring tenant incentives,
  and amortization of deferred market rental revenue).&#160; Under GAAP, rental revenue is recognized
  evenly over the term of tenant leases.&#160;
  Many leases provide for contractual rent increases and the effect of
  accounting under GAAP for such leases is to accelerate the recognition of lease
  revenue.&#160; Since some leases provide for
  periods under the lease in which rental concessions are provided to tenants,
  the effect of accounting under GAAP is to allocate rental revenue to such
  periods.&#160; Also under GAAP, when a
  property is acquired, in-place operating leases carrying rents above or below
  market are valued as of the date of the acquisition; such value is then
  amortized into rental revenue over the lives of the related leases.</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The Registrant believes that Cash NOI is an important
  supplemental measure of operating performance for a REIT&#146;s operating real
  estate because it makes adjustments to NOI for revenue that is not associated
  with cash to the Registrant.&#160; As is the
  case with NOI, the measure is useful in the opinion of the Registrant in
  evaluating and comparing the performance of geographic segments, same-office
  property groupings and individual properties, although, since it adjusts for
  noncash items, it provides management and investors with a further indication
  of the Registrant&#146;s ability to incur and service debt and to fund dividends and
  other cash needs.&#160; The Registrant
  believes that net income is the most directly comparable GAAP measure to Cash
  NOI.&#160; The measure excludes many items
  that are includable in net income; management
  compensates for this limitation by using the measure simply as a supplemental
  measure that is weighed in the balance with other GAAP and non-GAAP measures.&#160; It
  should not be used as an alternative to net income when evaluating the
  Registrant&#146;s financial performance or to cash flow from operating, investing
  and financing activities when evaluating the Registrant&#146;s liquidity or ability
  to make cash distributions or pay debt service.&#160;
  The Cash NOI that the Registrant presents may not be comparable
  to similar measures presented by other equity REITs.</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Cash NOI adjusted for lease termination fees</font></u></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">This measure is Cash NOI (defined above) adjusted to
  eliminate the effects of lease termination fees paid by tenants to terminate
  their lease obligations prior to the end of the agreed lease terms.&#160; Lease </font></p>
  
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">5</font></p>
  
  <div align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
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  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">termination fees are often recognized as revenue in large
  one-time lump sum amounts upon the termination of tenant leases.&#160; The Registrant believes that Cash NOI
  adjusted for lease termination fees is a useful supplemental measure of
  operating performance in evaluating same-office property groupings because it
  provides a means of evaluating the effect that lease terminations had on the
  performance of the property groupings.&#160; As
  in the case of Cash NOI, since the measure adjusts for noncash items, it also
  provides management and investors with a further indication of the Registrant&#146;s
  ability to incur and service debt and to fund dividends and other cash
  needs.&#160; The Registrant believes that net
  income is the most directly comparable GAAP measure to Cash NOI adjusted for
  termination fees.&#160; The measure has essentially the same limitations as Cash
  NOI as well as the further limitation of not reflecting the effect of
  lease termination fees in accordance with GAAP.&#160; Management compensates for these
  limitations by using the measure simply as a supplemental measure that is
  weighed in the balance with other GAAP and non-GAAP measures.</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><u><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Earnings Before Interest, Income Taxes, Depreciation and
  Amortization (&#147;EBITDA&#148;)</font></u></p>
  
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">EBITDA is net income adjusted for the effects of interest expense,
  depreciation and amortization, income taxes and minority interests.&#160; The Registrant believes that EBITDA is an
  important measure of performance for a REIT because it provides a further tool
  to evaluate the Registrant&#146;s ability to incur and service debt and to
  fund dividends and other cash needs that supplements the previously described
  non-GAAP measures and to compare the Registrant&#146;s operating performance with that
  of other companies.&#160; The Registrant
  believes that net income is the most directly comparable GAAP measure to
  EBITDA.&#160; EBITDA excludes items that are
  included in net income, including some that require cash outlays; management
  compensates for this limitation by using the measure simply as a supplemental
  measure that is weighed in the balance with other GAAP and non-GAAP
  measures.&#160; </font>&#160;It
  should not be used as an alternative to net income when evaluating the
  Registrant&#146;s financial performance or to cash flow from operating, investing
  and financing activities when evaluating the Registrant&#146;s liquidity or ability
  to make cash distributions or pay debt service.&#160;
  </font>Additionally,
  EBITDA as reported by the Registrant may not be comparable to EBITDA reported
  by other equity REITs.</p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EBITDA Interest Coverage Ratio</font></u></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This measure divides EBITDA by interest expense on continuing and
  discontinued operations.&#160; The Registrant
  believes that this ratio is a useful measure in evaluating the relationship of
  earnings to the total cash flow requirements for interest on loans associated
  with operating properties and, as such, is an important tool in the Registrant&#146;s
  finance policy management.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EBITDA Fixed Charge Coverage Ratio</font></u></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This measure divides EBITDA by the sum of (1)&nbsp;interest expense on
  continuing and discontinued operations, (2)&nbsp;dividends on preferred shares
  and (3)&nbsp;distributions on preferred units in the Operating Partnership not
  owned by the Registrant.&#160; The Registrant
  believes that this ratio is a useful measure in evaluating the relationship of
  earnings to the cash flow requirements of (1)&nbsp;interest expense on loans
  associated with operating properties and (2)&nbsp;dividends to preferred equity
  holders and, as such, is an important tool in the Registrant&#146;s finance policy
  management.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Diluted FFO Payout Ratio and Diluted AFFO
  Payout Ratio</font></u></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These measures are defined as (1)&nbsp;the sum of (A)&nbsp;dividends on
  common shares and (B)&nbsp;dividends on restricted common and convertible
  preferred shares and distributions to holders of interests in the Operating
  Partnership when such dividends and distributions are included in Diluted FFO
  and Diluted AFFO, divided by (2)&nbsp;either Diluted FFO or Diluted AFFO.&#160; The Registrant believes that these ratios are
  useful to investors as supplemental measures of its ability to make
  distributions to investors.&#160; In addition,
  since most equity REITs provide these ratios, the Registrant believes they are
  useful </font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='6',FILE='C:\JMS\105568\08-13706-1\task2919462\13706-1-ba-03.htm',USER='105568',CD='May  7 06:57 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">supplemental measures for comparing the Registrant to other equity
  REITs.&#160; The Registrant believes that Earnings
  Payout Ratio is the most comparable GAAP measure.&#160; Earnings Payout Ratio is defined as dividends
  on common shares divided by net income available to common shareholders.&#160; Since Payout-FFO Diluted and Payout-AFFO
  Diluted are derived from Diluted FFO and Diluted AFFO, they share the
  limitations previously discussed for those measures; management compensates for
  these limitations by using the measures simply as supplemental measures that
  are weighed in the balance with other GAAP and non-GAAP measures.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Debt to Undepreciated Book Value of Real
  Estate Assets</font></u></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This measure is defined as mortgage loans payable divided by net investment
  in real estate presented on the Registrant&#146;s consolidated balance sheet excluding
  the effect of accumulated depreciation incurred to date on such real
  estate.&#160; The Registrant believes that
  this measure is useful to management and investors as a supplemental measure of
  its borrowing levels.&#160; In addition, since
  most equity REITs provide Debt to Undepreciated Book Value of Real Estate Asset
  information, the Registrant believes that this measure is a useful supplemental
  measure for comparing the Registrant to other equity REITs.&#160; The Registrant believes that the measure of
  Debt to Total Assets, defined as mortgage loans payable divided by total
  assets, is the most comparable GAAP measure.&#160;
  Debt to Undepreciated Book Value of Real Estate Assets excludes the
  effect of accumulated depreciation, other assets and other liabilities;
  management compensates for these limitations by using the measure simply as a
  supplemental measure that is weighed with the comparable GAAP measure and other
  GAAP and non-GAAP measures.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financial
  Statements and Exhibits</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <h4 style="font-size:10.0pt;font-weight:normal;margin:0in .3in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Financial
  Statements of Businesses Acquired</font></h4>
  
  <h4 style="font-weight:normal;margin:0in .3in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <h4 style="font-size:10.0pt;font-weight:normal;margin:0in .3in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Pro Forma
  Financial Information</font></h4>
  
  <h4 style="font-weight:normal;margin:0in .3in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <h4 style="font-size:10.0pt;font-weight:normal;margin:0in .3in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Shell
  Company Transactions</font></h4>
  
  <h4 style="font-weight:normal;margin:0in .3in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <h4 style="font-size:10.0pt;font-weight:normal;margin:0in .3in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Exhibits</font></h4>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.76%;">
    <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><!-- SET mrlNoTableShading --><b><font size="1" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;Number</font></b></p>
    </td>
    <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.16%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="83%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:83.08%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;Title</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.76%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.16%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="83%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:83.08%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.76%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
    </td>
    <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.16%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.08%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press
    release dated May&nbsp;6, 2008 for Corporate Office Properties Trust.</font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='7',FILE='C:\JMS\105568\08-13706-1\task2919462\13706-1-ba-03.htm',USER='105568',CD='May  7 06:57 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
  to the requirements of the Securities Exchange Act of 1934, the Registrant has
  duly caused this Report to be signed on its behalf by the undersigned hereunto
  duly authorized.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated: May&nbsp;7, 2008</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="49%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:49.74%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CORPORATE OFFICE
    PROPERTIES TRUST</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.26%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.48%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.26%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.48%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
    </td>
    <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.48%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Randall M. Griffin</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
    </td>
    <td width="43%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:43.48%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Randall M. Griffin</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
    </td>
    <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.48%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief
    Executive Officer</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.48%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.48%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
    </td>
    <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.48%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Stephen E. Riffee</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
    </td>
    <td width="43%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:43.48%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stephen E. Riffee</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
    </td>
    <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.48%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President and <br>
    Chief Financial Officer</font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>
  
  <div style="margin:0in 0in .0001pt;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='8',FILE='C:\JMS\105568\08-13706-1\task2919462\13706-1-ba-03.htm',USER='105568',CD='May  7 06:57 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT INDEX</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;Number</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="83%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:83.34%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;Title</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="14%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:14.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="83%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:83.34%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press release dated May&nbsp;6, 2008 for
    Corporate Office Properties Trust.</font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>
  
  <div style="margin:0in 0in .0001pt;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='9',FILE='C:\JMS\105568\08-13706-1\task2919462\13706-1-ba-03.htm',USER='105568',CD='May  7 06:57 2008' -->
  
  
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "a08-13706_18k.htm", "description": "8-K", "secsgml_size_bytes": 68521}]
metadata_filer: {"company-data": {"conformed-name": "CORPORATE OFFICE PROPERTIES TRUST", "cik": "0000860546", "assigned-sic": "6798", "irs-number": "232947217", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-14023", "film-number": "08808622"}, "business-address": {"street1": "8815 CENTRE PARK DR", "street2": "SUITE 400", "city": "COLUMBIA", "state": "MD", "zip": "21045", "phone": "6105381800"}, "mail-address": {"street1": "8815 CENTRE PARK DR", "street2": "SUITE 400", "city": "COLUMBIA", "state": "MD", "zip": "21045"}, "former-company": [{"former-conformed-name": "CORPORATE OFFICE PROPERTIES TRUST INC", "date-changed": "19980105"}, {"former-conformed-name": "ROYALE INVESTMENTS INC", "date-changed": "19930328"}, {"former-conformed-name": "ROYALE REIT INC", "date-changed": "19600201"}]}
text: UNITED
  STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, DC  20549
  FORM 8-K
  CURRENT
  REPORT
  Pursuant
  to Section 13 or 15(d) of
  the Securities Exchange Act of 1934
  Date of report (Date of earliest event
  reported)
  May 7, 2008 (May 6, 2008)
  CORPORATE
  OFFICE PROPERTIES TRUST
  (Exact name of registrant as specified in its
  charter)
  Maryland
  1-14023
  23-2947217
  (State or other jurisdiction of
  incorporation)
  (Commission
  File Number)
  (IRS Employer
  Identification Number)
  6711 Columbia Gateway Drive, Suite 300
  Columbia, Maryland 21046
  (Address of principal executive offices)
  (443) 285-5400
  (Registrant's telephone number, including area code)
  Check the appropriate box below if the Form 8-K
  filing is intended to simultaneously satisfy the filing obligation of the
  registrant under any of the following provisions (see General Instruction A.2
  below):
  o
  Written
  communications pursuant to Rule 425 under the Securities Act (17 CFR
  230.425)
  o
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
  240.14a-12)
  o
  Pre-commencement communications pursuant to Rule 14d-2(b) under the
  Exchange Act (17 CFR 240.14d-2(b))
  o
  Pre-commencement communications pursuant to Rule 13e-4(c) under the
  Exchange Act (17 CFR 240.13e-4(c))
  Item 2.02.                      Results of Operations and
  Financial Condition
  On May 6, 2008, the Registrant
  issued a press release relating to its financial results for the three months
  ended March 31, 2008.  A copy of the
  press release is included as Exhibit 99.1 to this report and is
  incorporated herein by reference.
  The information included herein,
  including the exhibits, shall not be deemed "filed" for any purpose, including
  the purposes of Section 18 of the Securities Exchange Act of 1934, as
  amended (the "Exchange Act"), or subject to liabilities of that Section.  The information included herein, including
  the exhibits, shall also not be deemed incorporated by reference into any
  filing under the Securities Act of 1933, as amended (the "Securities Act"), or
  the Exchange Act regardless of any general incorporation language in such
  filing.
  The Registrant uses non-GAAP
  financial measures in earnings press releases and information furnished to the
  Securities and Exchange Commission.  The
  Registrant believes that these measures are helpful to investors in measuring
  its performance and comparing such performance to other real estate investment
  trusts ("REITs").  Descriptions of these
  measures are set forth below.
  Funds from operations ("FFO")
  FFO is defined as net income computed using GAAP, excluding
  gains (or losses) from sales of real estate, plus real estate-related
  depreciation and amortization after adjustments for unconsolidated partnerships
  and joint ventures.  Gains from the sale
  of real estate that are attributable to sales of non-operating properties are
  included in FFO.  Gains from sales of
  newly-developed properties less accumulated depreciation, if any, required
  under GAAP are also included in FFO on the basis that development services are
  the primary revenue generating activity; the Registrant believes that inclusion
  of these development gains is in accordance with the National Association of
  Real Estate Investment Trusts' ("NAREIT") definition of FFO, although others
  may interpret the definition differently.
  Accounting for real estate assets using historical cost
  accounting under GAAP assumes that the value of real estate assets diminishes
  predictably over time.  NAREIT stated in
  its April 2002 White Paper on Funds from Operations that "since real
  estate asset values have historically risen or fallen with market conditions,
  many industry investors have considered presentations of operating results for
  real estate companies that use historical cost accounting to be insufficient by
  themselves."  As a result, the concept of
  FFO was created by NAREIT for the REIT industry to "address this problem."  The Registrant agrees with the concept of FFO
  and believes that FFO is useful to management and investors as a supplemental
  measure of operating performance because, by excluding gains and losses related
  to sales of previously depreciated operating real estate properties and
  excluding real estate-related depreciation and amortization, FFO can help one
  compare the Registrant's operating performance between periods.  In addition, since most equity REITs provide
  FFO information to the investment community, the Registrant believes that FFO
  is useful to investors as a supplemental measure for comparing its results to
  those of other equity REITs. The Registrant believes that net income is the
  most directly comparable GAAP measure to FFO.
  Since FFO excludes certain items
  includable in net income, reliance on the measure has limitations; management
  compensates for these limitations by using the measure simply as a supplemental
  measure that is weighed in the balance with other GAAP and non-GAAP
  measures.  FFO is not necessarily an
  indication of the Registrant's cash flow available to fund cash needs.  Additionally, it should not be used as an
  alternative to net income when evaluating the Registrant's financial
  performance or to cash flow from operating, investing and financing activities
  when evaluating the
  2
  Registrant's liquidity or ability
  to make cash distributions or pay debt service. 
  The FFO presented by the Registrant may not be comparable to the FFO
  presented by other REITs since they may interpret the current NAREIT definition
  of FFO differently or they may not use the current NAREIT definition of FFO.
  Funds from operations-Basic ("Basic FFO")
  Basic FFO is FFO adjusted to (1) subtract (a) preferred
  share dividends and (b) issuance costs associated with redeemed preferred
  shares and (2) add back GAAP net income allocated to common units in
  Corporate Office Properties, L.P. (the "Operating Partnership") not owned by
  the Registrant.  With these adjustments,
  Basic FFO represents FFO available to common shareholders and common
  unitholders.  Common units in the
  Operating Partnership are substantially similar to common shares of beneficial
  interest in the Registrant ("common shares"); common units in the Operating
  Partnership are also exchangeable into common shares, subject to certain
  conditions.  The Registrant believes that
  Basic FFO is useful to investors due to the close correlation of common units
  to common shares.  The Registrant
  believes that net income is the most directly comparable GAAP measure to Basic
  FFO. Basic FFO has essentially the same
  limitations as FFO; management compensates for these limitations in essentially
  the same manner as described above for FFO.
  Diluted funds from operations or funds from
  operations-diluted ("Diluted FFO")
  Diluted FFO is Basic FFO
  adjusted to add back any changes in Basic FFO that would result from the
  assumed conversion of securities that are convertible or exchangeable into
  common shares.  However, the computation
  of Diluted FFO does not assume conversion of securities other than common units
  in the Operating Partnership that are convertible into common shares if the
  conversion of those securities would increase Diluted FFO per share in a given
  period.  The Registrant believes that
  Diluted FFO is useful to investors because it is the numerator used to compute
  Diluted FFO per share, discussed below. 
  In addition, since most equity REITs provide Diluted FFO information to
  the investment community, the Registrant believes that Diluted FFO is a useful
  supplemental measure for comparing the Registrant to other equity REITs.  The Registrant believes that the numerator
  for diluted EPS is the most directly comparable GAAP measure to Diluted
  FFO.  Since Diluted FFO excludes certain
  items includable in the numerator to diluted EPS, reliance on the measure has limitations;
  management compensates for these limitations by using the measure simply as a
  supplemental measure that is weighed in the balance with other GAAP and
  non-GAAP measures.  Diluted FFO is not
  necessarily an indication of the Registrant's cash flow available to fund cash
  needs.  Additionally, it should not be
  used as an alternative to net income when evaluating the Registrant's financial
  performance or to cash flow from operating, investing and financing activities
  when evaluating the Registrant's liquidity or ability to make cash distributions
  or pay debt service.  The Diluted FFO
  presented by the Registrant may not be comparable to the Diluted FFO presented
  by other REITs.
  FFO per diluted share or diluted FFO per common share ("Diluted
  FFO per share")
  Diluted FFO per share is (1) Diluted FFO divided by (2) the
  sum of the (a) weighted average common shares outstanding during a period,
  (b) weighted average common units outstanding during a period and (c) weighted
  average number of potential additional common shares that would have been outstanding
  during a period if other securities that are convertible or exchangeable into
  common shares were converted or exchanged. 
  However, the computation of Diluted FFO per share does not assume
  conversion of securities other than common units in the Operating Partnership
  that are convertible into common shares if the conversion of those securities
  would increase Diluted FFO per share in a given period.  The Registrant believes that Diluted FFO per
  share is useful to investors because it provides investors with a further
  context for evaluating the Registrant's FFO results in the same manner that
  investors use earnings per share ("EPS") in evaluating net income available to
  common shareholders.  In addition, since
  most equity REITs provide Diluted FFO per share
  3
  information to the investment community, the Registrant
  believes that Diluted FFO per share is a useful supplemental measure for
  comparing the Registrant to other equity REITs. 
  The Registrant believes that diluted EPS is the most directly comparable
  GAAP measure to Diluted FFO per share. 
  Diluted FFO per share has most
  of the same limitations as Diluted FFO (described above); management
  compensates for these limitations in essentially the same manner as described
  above for Diluted FFO.
  Adjusted funds from operations-diluted ("Diluted AFFO")
  Diluted AFFO is Diluted FFO adjusted
  for the following: (1) the elimination of the effect of (a) noncash
  rental revenues (comprised of straight-line rental adjustments, which includes
  the amortization of recurring tenant incentives, and amortization of deferred
  market rental revenue, both of which are described under "Cash NOI" below) and (b) accounting
  charges for original issuance costs associated with redeemed preferred shares;
  and (2) recurring capital expenditures (defined below).  The Registrant believes that Diluted AFFO is
  an important supplemental measure of liquidity for an equity REIT because it
  provides management and investors with an indication of its ability to incur
  and service debt and to fund dividends and other cash needs.  In addition, since most equity REITs provide
  Diluted AFFO information to the investment community, the Registrant believes
  that Diluted AFFO is a useful supplemental measure for comparing the Registrant
  to other equity REITs.  The Registrant
  believes that the numerator to diluted EPS is the most directly comparable GAAP
  measure to Diluted AFFO.  Since Diluted AFFO excludes certain items
  includable in the numerator to diluted EPS, reliance on the measure has
  limitations; management compensates for these limitations by using the measure
  simply as a supplemental measure that is weighed in the balance with other GAAP
  and non-GAAP measures.  In addition, see
  the discussion below regarding the limitations of recurring capital
  expenditures, which is used to derive Diluted AFFO.  Diluted AFFO is not necessarily an indication
  of the Registrant's cash flow available to fund cash needs.  Additionally, it should not be used as an
  alternative to net income when evaluating the Registrant's financial
  performance or to cash flow from operating, investing and financing activities
  when evaluating the Registrant's liquidity or ability to make cash
  distributions or pay debt service.  The
  Diluted AFFO presented by the Registrant may not be comparable to similar
  measures presented by other equity REITs.
  Recurring capital expenditures
  Recurring capital expenditures are defined as capital
  improvements, tenant improvements and incentives and leasing costs associated
  with operating properties that are not (1) items contemplated prior to the
  acquisition of a property, (2) improvements associated with the expansion
  of a building or its improvements, (3) renovations to a building which
  change the underlying classification of the building (for example, from
  industrial to office or Class C office to Class B office) or (4) capital
  improvements that represent the addition of something new to the property
  rather than the replacement of something (for example, the addition of a new
  heating and air conditioning unit that is not replacing one that was previously
  there).  The Registrant believes that
  recurring capital expenditures is an important measure of performance for a REIT
  because it provides a measure of the capital expenditures that the Registrant
  can expect to incur on an ongoing basis, which is significant to how the
  Registrant manages its business since these expenditures are funded using cash
  flow from operations.  As a result, the
  measure provides a further indication of the cash flow from operations that is
  available to fund other uses.  The
  Registrant believes that tenant improvements and incentives, capital
  improvements and leasing costs associated with operating properties are the
  most directly comparable GAAP measures. 
  Recurring capital expenditures do not reflect all capital expenditures
  incurred by the Registrant for the periods reported; the Registrant compensates
  for this limitation by also using the comparable GAAP measure.  The recurring
  capital expenditures presented by the
  Registrant may not be comparable to the recurring capital expenditures
  presented by other REITs.
  4
  Net operating income ("NOI")
  NOI is total revenue from real estate operations, including
  rental revenue and tenant recoveries and other revenue, reduced by total
  property expenses associated with real estate operations, including
  discontinued operations; total property expenses, as used in this definition,
  do not include depreciation, amortization or interest expense associated with
  real estate operations.  The Registrant
  believes that NOI is an important supplemental measure of operating performance
  for a REIT's operating real estate because it provides a measure of the core
  real estate operations, rather than factoring in depreciation and amortization
  or corporate financing and general and administrative expenses; this measure is
  particularly useful in the opinion of the Registrant in evaluating the
  performance of geographic segments, same-office property groupings and
  individual properties.  The Registrant
  believes that net income is the most directly comparable GAAP measure to
  NOI.  The measure excludes many items
  that are includable in net income, including construction contract and other
  service operations revenues, as well as expenses including those mentioned
  above; management compensates for this
  limitation by using the measure simply as a supplemental measure that is
  weighed in the balance with other GAAP and non-GAAP measures.  It
  should not be used as an alternative to net income when evaluating the
  Registrant's financial performance or to cash flow from operating, investing
  and financing activities when evaluating the Registrant's liquidity or ability
  to make cash distributions or pay debt service. 
  NOI presented by the Registrant may not be comparable to NOI
  presented by other equity REITs that define the measure differently.
  Cash net operating income ("Cash NOI")
  Cash NOI is NOI (defined above) adjusted to eliminate the
  effects of noncash rental revenues (comprised of straight-line rental
  adjustments, which includes the amortization of recurring tenant incentives,
  and amortization of deferred market rental revenue).  Under GAAP, rental revenue is recognized
  evenly over the term of tenant leases. 
  Many leases provide for contractual rent increases and the effect of
  accounting under GAAP for such leases is to accelerate the recognition of lease
  revenue.  Since some leases provide for
  periods under the lease in which rental concessions are provided to tenants,
  the effect of accounting under GAAP is to allocate rental revenue to such
  periods.  Also under GAAP, when a
  property is acquired, in-place operating leases carrying rents above or below
  market are valued as of the date of the acquisition; such value is then
  amortized into rental revenue over the lives of the related leases.
  The Registrant believes that Cash NOI is an important
  supplemental measure of operating performance for a REIT's operating real
  estate because it makes adjustments to NOI for revenue that is not associated
  with cash to the Registrant.  As is the
  case with NOI, the measure is useful in the opinion of the Registrant in
  evaluating and comparing the performance of geographic segments, same-office
  property groupings and individual properties, although, since it adjusts for
  noncash items, it provides management and investors with a further indication
  of the Registrant's ability to incur and service debt and to fund dividends and
  other cash needs.  The Registrant
  believes that net income is the most directly comparable GAAP measure to Cash
  NOI.  The measure excludes many items
  that are includable in net income; management
  compensates for this limitation by using the measure simply as a supplemental
  measure that is weighed in the balance with other GAAP and non-GAAP measures.  It
  should not be used as an alternative to net income when evaluating the
  Registrant's financial performance or to cash flow from operating, investing
  and financing activities when evaluating the Registrant's liquidity or ability
  to make cash distributions or pay debt service. 
  The Cash NOI that the Registrant presents may not be comparable
  to similar measures presented by other equity REITs.
  Cash NOI adjusted for lease termination fees
  This measure is Cash NOI (defined above) adjusted to
  eliminate the effects of lease termination fees paid by tenants to terminate
  their lease obligations prior to the end of the agreed lease terms.  Lease
  5
  termination fees are often recognized as revenue in large
  one-time lump sum amounts upon the termination of tenant leases.  The Registrant believes that Cash NOI
  adjusted for lease termination fees is a useful supplemental measure of
  operating performance in evaluating same-office property groupings because it
  provides a means of evaluating the effect that lease terminations had on the
  performance of the property groupings.  As
  in the case of Cash NOI, since the measure adjusts for noncash items, it also
  provides management and investors with a further indication of the Registrant's
  ability to incur and service debt and to fund dividends and other cash
  needs.  The Registrant believes that net
  income is the most directly comparable GAAP measure to Cash NOI adjusted for
  termination fees.  The measure has essentially the same limitations as Cash
  NOI as well as the further limitation of not reflecting the effect of
  lease termination fees in accordance with GAAP.  Management compensates for these
  limitations by using the measure simply as a supplemental measure that is
  weighed in the balance with other GAAP and non-GAAP measures.
  Earnings Before Interest, Income Taxes, Depreciation and
  Amortization ("EBITDA")
  EBITDA is net income adjusted for the effects of interest expense,
  depreciation and amortization, income taxes and minority interests.  The Registrant believes that EBITDA is an
  important measure of performance for a REIT because it provides a further tool
  to evaluate the Registrant's ability to incur and service debt and to
  fund dividends and other cash needs that supplements the previously described
  non-GAAP measures and to compare the Registrant's operating performance with that
  of other companies.  The Registrant
  believes that net income is the most directly comparable GAAP measure to
  EBITDA.  EBITDA excludes items that are
  included in net income, including some that require cash outlays; management
  compensates for this limitation by using the measure simply as a supplemental
  measure that is weighed in the balance with other GAAP and non-GAAP
  measures.
  It
  should not be used as an alternative to net income when evaluating the
  Registrant's financial performance or to cash flow from operating, investing
  and financing activities when evaluating the Registrant's liquidity or ability
  to make cash distributions or pay debt service.
  Additionally,
  EBITDA as reported by the Registrant may not be comparable to EBITDA reported
  by other equity REITs.
  EBITDA Interest Coverage Ratio
  This measure divides EBITDA by interest expense on continuing and
  discontinued operations.  The Registrant
  believes that this ratio is a useful measure in evaluating the relationship of
  earnings to the total cash flow requirements for interest on loans associated
  with operating properties and, as such, is an important tool in the Registrant's
  finance policy management.
  EBITDA Fixed Charge Coverage Ratio
  This measure divides EBITDA by the sum of (1) interest expense on
  continuing and discontinued operations, (2) dividends on preferred shares
  and (3) distributions on preferred units in the Operating Partnership not
  owned by the Registrant.  The Registrant
  believes that this ratio is a useful measure in evaluating the relationship of
  earnings to the cash flow requirements of (1) interest expense on loans
  associated with operating properties and (2) dividends to preferred equity
  holders and, as such, is an important tool in the Registrant's finance policy
  management.
  Diluted FFO Payout Ratio and Diluted AFFO
  Payout Ratio
  These measures are defined as (1) the sum of (A) dividends on
  common shares and (B) dividends on restricted common and convertible
  preferred shares and distributions to holders of interests in the Operating
  Partnership when such dividends and distributions are included in Diluted FFO
  and Diluted AFFO, divided by (2) either Diluted FFO or Diluted AFFO.  The Registrant believes that these ratios are
  useful to investors as supplemental measures of its ability to make
  distributions to investors.  In addition,
  since most equity REITs provide these ratios, the Registrant believes they are
  useful
  6
  supplemental measures for comparing the Registrant to other equity
  REITs.  The Registrant believes that Earnings
  Payout Ratio is the most comparable GAAP measure.  Earnings Payout Ratio is defined as dividends
  on common shares divided by net income available to common shareholders.  Since Payout-FFO Diluted and Payout-AFFO
  Diluted are derived from Diluted FFO and Diluted AFFO, they share the
  limitations previously discussed for those measures; management compensates for
  these limitations by using the measures simply as supplemental measures that
  are weighed in the balance with other GAAP and non-GAAP measures.
  Debt to Undepreciated Book Value of Real
  Estate Assets
  This measure is defined as mortgage loans payable divided by net investment
  in real estate presented on the Registrant's consolidated balance sheet excluding
  the effect of accumulated depreciation incurred to date on such real
  estate.  The Registrant believes that
  this measure is useful to management and investors as a supplemental measure of
  its borrowing levels.  In addition, since
  most equity REITs provide Debt to Undepreciated Book Value of Real Estate Asset
  information, the Registrant believes that this measure is a useful supplemental
  measure for comparing the Registrant to other equity REITs.  The Registrant believes that the measure of
  Debt to Total Assets, defined as mortgage loans payable divided by total
  assets, is the most comparable GAAP measure. 
  Debt to Undepreciated Book Value of Real Estate Assets excludes the
  effect of accumulated depreciation, other assets and other liabilities;
  management compensates for these limitations by using the measure simply as a
  supplemental measure that is weighed with the comparable GAAP measure and other
  GAAP and non-GAAP measures.
  Item 9.01.              Financial
  Statements and Exhibits
  (a)
  Financial
  Statements of Businesses Acquired
  None
  (b)
  Pro Forma
  Financial Information
  None
  (c)
  Shell
  Company Transactions
  None
  (d)
  Exhibits
  Exhibit Number
  Exhibit Title
  99.1
  Press
    release dated May 6, 2008 for Corporate Office Properties Trust.
  7
  SIGNATURES
  Pursuant
  to the requirements of the Securities Exchange Act of 1934, the Registrant has
  duly caused this Report to be signed on its behalf by the undersigned hereunto
  duly authorized.
  Dated: May 7, 2008
  CORPORATE OFFICE
    PROPERTIES TRUST
  By:
  /s/ Randall M. Griffin
  Name:
  Randall M. Griffin
  Title:
  President and Chief
    Executive Officer
  By:
  /s/ Stephen E. Riffee
  Name:
  Stephen E. Riffee
  Title:
  Executive Vice President and
  Chief Financial Officer
  8
  EXHIBIT INDEX
  Exhibit Number
  Exhibit Title
  99.1
  Press release dated May 6, 2008 for
    Corporate Office Properties Trust.
  9