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COPT Completes CEO Succession

COLUMBIA, Md., May 12, 2016 (BUSINESS WIRE) -- Corporate Office Properties Trust (“COPT” or the “Company”) OFC, +0.82% has completed its previously announced CEO succession. Effective today, Stephen E. Budorick has been appointed President and Chief Executive Officer, succeeding Roger A. Waesche, Jr. and Mr. Waesche has also concluded his service as a Trustee on COPT’s Board. The Board of Trustees has appointed Mr. Budorick to a one year term on the Board.

“I am proud of what we have achieved together during my tenure at COPT and grateful to have worked with so many talented individuals. I am excited to watch the Company continue to succeed with Steve at the helm,” said Mr. Waesche.

“On behalf of the Board of Trustees, I want to thank Roger for his extraordinary service over 30 years at the Company, including the last four as CEO,” stated Thomas F. Brady, Chairman of COPT’s Board of Trustees. “Roger led COPT through substantial upgrades to its portfolio and balance sheet. We are grateful for his decades of contributions that have positioned COPT for long-term success.”

Mr. Budorick has served as COPT’s Executive Vice President and Chief Operating Officer since September 2011. Prior to joining COPT, Mr. Budorick was Executive Vice President of Asset Management at Callahan Capital Partners and also served as Executive Vice President at Trizec Properties, Inc. and Executive Vice President in charge of third-party management and leasing at Miglin Beitler Management Company.

Company Information

COPT is an office REIT that owns, manages, develops and selectively acquires office and data center properties in locations that support United States Government agencies and their contractors, most of whom are engaged in national security, defense and information technology (“IT”) related activities servicing...