Prospectus excerpt:  Corporate Office Properties Trust is a real estate investment trust that owns and operates suburban office properties located in the Mid-Atlantic region. As of September 30, 2003, we owned a total of 118 suburban office properties, including three properties owned through joint ventures, encompassing 9.9 million rentable square feet.

We will pay quarterly cumulative dividends, in arrears, on the Series H Preferred Shares from the date of original issue. These dividends will be payable on January 15, April 15, July 15 and October 15 of each year, when and as declared, beginning on January 15, 2004, at a yearly rate of 71/2% of the $25.00 liquidation preference, or $1.875 per Series H Preferred Share per year. We may not redeem the Series H Preferred Shares prior to December 18, 2008, except as necessary to preserve our status as a real estate investment trust. On or after December 18, 2008, we may, at our option, redeem the Series H Preferred Shares, in whole or from time to time in part, for $25.00 per Series H Preferred Share in cash plus any accrued and unpaid dividends through the date of redemption. The Series H Preferred Shares have no stated maturity, are not subject to any sinking fund and will remain outstanding indefinitely unless we redeem them.