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FORM 4
__ Check this box if no
longer subject to
Section 16. Form 4
or Form 5 obligations
may continue. See
Instruction 1(b).
(Print or Type Responses)
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f)
of the Investment Company Act of 1940
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OMB Approval
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OMB Number: 3235-0287
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Estimated average burden
hours per response...0.5
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<TABLE>
<CAPTION>
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1. Name and Address of 2. Issuer Name and Ticker or Trading Symbol 6. Relationship of Reporting Person(s) to Issuer
Reporting Person* (Check all applicable)
X Director __ 10% Owner
Officer (give title below) __ Other (specify below)
Walton William H., III Corporate Office Properties Trust - OFC
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(Last) (First) (Middle) 3. I.R.S. or Social 4. Statement for 7. Individual or Joint/Group Filing
Security Number of Month/Year (Check Applicable Line)
Reporting Person X Form Filed by One Reporting Person
(Voluntary) 8/1999 __ Form Filed by More than One Reporting
Person
599 Lexington Avenue, Suite 3800
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(Street) 5. If Amendment,
Date of Original
(Month/Year)
New York NY 10022
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(City) (State) (Zip) Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
<S> <C> <C> <C> <C> <C> <C>
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1. Title of Security 2. Trans- 3. Transaction 4. Securities Acquired (A) 5. Amount of 6. Ownership 7. Nature of
(Instr. 3) action Code (Instr. or Disposed of (D) Securities Form: Indirect
Date 8) (Instr. 3, 4 and 5) Beneficially Direct (D) Beneficial
(Month/ Owned at End or Indirect Ownership
Day/ of Month (I) (Instr. 4)
Year) (Instr. 3 (Instr. 4)
and 4)
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Code V Amount (A) or (D) Price
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Common Shares of Beneficial
Interest, $.01 par value per
share ("Common Shares") 8/4/99 C(1) 372,295 A (1) I(2) (2)
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Common Shares 8/30/99 S(3) 17,400 D $8.25 I(2) (2)
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Common Shares 8/31/99 S(4) 2,200 D $8.25 I(2) (2)
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
</TABLE>
Page 1 of 4
SEC 1475 (3-99)
<PAGE>
<TABLE>
FORM 4 (continued) Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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1. Title 2. Conver- 3. Trans- 4. Trans- 5. Number of 6. Date 7. Title 8. Price 9. Number 10. Owner- 11. Nature of
of sion or action action Derivative Exer- and of of ship Indirect
Deri- Exercise Date Code Securities cisable Amount Deri- Deri- Form Beneficial
vative Price of (Instr. Acquired (A) and Expi- of vative vative of Deri- Ownership
Secu- Deri- (Month/ 8) or Disposed ration Under- Secu- Secu- vative (Instr. 4)
rity vative Day/ of (D) Date Lying rity rities Security:
(Instr. Security Year) (Instr. 3, (Month/ Securi- (Instr. Benefi- Direct
3) 4, and 5) Day/ ties 5) cially (D) or
Year) (Instr. Owned Indirect
3 and 4) at End (I)
of (Instr.
Month 4)
(Instr.
4)
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Code V (A) (D) Date Expir- Title Amount
Exerci- ation or
sable Date Number
of
Shares
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Preferred Partnership
Units in First Common 245,715 245,715 I(5) (5)
Commercial, L.P. ("FCO") Shares (5)
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Common 8/4/99 C(1) 372,295 Common 372,295 0 I(2) (2)
Partnership Shares
Units in FCO
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Options (Right $8.00 5/20/99 A V 5,000 5/20/99 5/20/99 Common 5,000 (6) 12,500 D(6) (6)
to buy) Shares
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Explanation of Responses:
None
** Intentional misstatements or omissions of /s/ WILLIAM H. WALTON III September 10, 1999
facts constitute Federal Criminal -------------------------------------------- ------------------------------
Violations. ** Signature of Reporting Person Date
See 18 U.S.C. and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one
of which must be manually signed.
If space provided is insufficient,
see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained in this form are not required to respond unless form
displays a currently valid OMB number.
</TABLE>
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SEC 1475 (3-99)
<PAGE>
FORM 4 (CONTINUED)
NAME AND ADDRESS OF REPORTING PERSON: William H. Walton III
599 Lexington Avenue, Suite 3800
New York, New York 10022
DATE OF EVENT REQUIRING STATEMENT: 8/1999
ISSUER NAME AND TICKER SYMBOL: Corporate Office Properties Trust - OFC
ATTACHMENT A
1. On August 4, 1999, Westbrook Real Estate Fund I, L.P. ("WREF I")
caused the conversion of 336,121 Common Partnership Units in FCO (the "Common
Units"), Westbrook Real Estate Co-Investment Partnership I, L.P. ("WRECIP I")
caused the conversion of 33,299 Common Units, and Tiger South Brunswick, L.L.C.
("Tiger") caused the conversion of 2,875 Common Units, into a like number, in
each case, of the Common Shares of the issuer (collectively, the "Conversion
Shares").
2. Pursuant to Rule 13d-3 promulgated under the Securities Exchange Act
of 1934, as amended (the "Act"), (a) as the only managing members of Tiger, WREF
I and WRECIP I may be deemed to own beneficially the Common Units and Conversion
Shares owned by Tiger, (b) as the sole general partner of WREF I and WRECIP I,
Westbrook Real Estate Partners Management I, L.L.C. ("WREM I") may be deemed to
own beneficially the Common Units and Conversion Shares owned by WREF I, WRECIP
I and Tiger, (c) as the sole managing member of WREM I, Westbrook Real Estate
Partners, L.L.C. ("WREP") may be deemed to own beneficially the Common Units and
Conversion Shares owned by WREF I, WRECIP I and Tiger, and (d) as a managing
member of WREP, the reporting person may be deemed to own beneficially the
Common Units and Conversion Shares owned by WREF I, WRECIP I and Tiger. Pursuant
to Rule 13d-4 promulgated under the Act, the reporting person disclaims
beneficial ownership of all the securities reported on this statement.
3. On August 30, 1999, WREF I sold 15,710 Conversion Shares, WRECIP I
sold 1,556 Conversion Shares, and Tiger sold 134 Conversion Shares.
4. On August 31, 1999, WREF I sold 1,986 Conversion Shares, WRECIP I
sold 197 Conversion Shares, and Tiger sold 17 Conversion Shares.
5. WREF I is the holder of 221,840 Preferred Partnership Units of FCO
(the "Preferred Units"), WRECIP I is the holder of 21,977 Preferred Units, and
Tiger is the holder of 1,898 Preferred Units. Under certain circumstances
holders of Preferred Units may require FCO to redeem such Preferred Units; and
thereupon the issuer as general partner of FCO may, in its sole and absolute
discretion, assume the redemption obligation of FCO and satisfy such obligation
either (i) by redeeming such Preferred Units or (ii) by exchanging such
Preferred Units for a like number of Common Shares of the issuer. On the basis
of the analysis of Rule 13d-3 under the Act set forth under (2) above, the
reporting person may be deemed to own beneficially the Preferred Units owned by
WREF I, WRECIP I and Tiger and any underlying
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SEC 1475 (3-99)
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Common Shares. Pursuant to Rule 13d-4 promulgated under the Act, the reporting
person disclaims beneficial ownership of all the securities reported on this
statement.
6. The reporting person received these securities pursuant to a grant
of directors' options and has assigned all right, title and interest in such
securities to WREF I and WRECIP I pursuant to a separate agreement. Pursuant to
Rule 13d-4 promulgated under the Act, the reporting person disclaims beneficial
ownership of all the securities reported on this statement.
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SEC 1475 (3-99)
